SEPTEMBER 2017 www.lopezlink.ph Out in full force for WTT@11! Story on page 10. http://www.facebook.com/lopezlinkonline www.twitter.com/lopezlinkph Asian Eye covers all bases AS the country observed Sight Saving Month in August, a news report placed the number of bilaterally blind Filipinos at more than 330,000, with cataracts, errors of refraction (EOR) and glaucoma as the leading causes of blindness. Bilateral low vision due to EOR and cataract is more prevalent, with more than 2 million Filipino sufferers. Turn to page 6 1H financials: RNIs Alisa de los Reyes, Grand …page 2 …page 12 stable …pagesocial 9 worker gestures Lopezlink September 2017 Lopezlink September 2017 Biz News JANUARY TO JUNE 2017 FINANCIAL RESULTS (UNAUDITED, CONSOLIDATED) Total revenues Net income attributable to equity First Gen recurring net income holders of the parent company First Gen-PREHC PLP remembered 2016 2017 % change 2016 2017 % change slightly lower at $84M FIRST Gen Corporation re- ty increased to $851 million for tal consolidated revenues (see tender offer agreement ABS-CBN P20.990B P19.344B -8 P2.273B P1.455B -36 ported recurring net income the first half of 2017 compared related story). By Joel Gaborni EDC P17.005B P17.747B +4 P4.923B P4.615B -6 at midyear review attributable to equity holders to $804 million for the same The 132-MW Pantabangan- By Carla Paras-Sison First Gen $804.311M $850.935M +6 $113.009M $57.993M -49 of the parent of $84 million for period last year. Masiway hydroelectric plants’ FPH P44.142B P51.482B +17 P3.512B P2.516B -28 the first semester of 2017. This The natural gas portfolio ac- revenues decreased by 32% to LOPEZ Group chairman Marcos time was about. We Lopez Holdings P44.142B P51.482B +17 P2.668B P1.763B -34 was moderately lower by 4% counted for $490 million, or 58% $22 million, or 3% of First Gen’s Manuel M. Lopez (MML) would do well to emulate her ROCK P4.331B P6.754B +56 P705.2M P1.036B +47 compared to the $87 million it of First Gen’s total consolidated total consolidated revenues. As paid tribute to his sister, the late in the way she lived the Lopez earned last year. The company’s revenues. Their revenues were expected, FG Hydro registered Presentacion L. Psinakis (PLP), Values, especially integrity, or merchant power plants par- 11% higher for the first semester a decline in revenues of $11 who was chair of the family- doing as we say and saying as tially recovered from the losses of 2017 mainly due to the fresh million for the first semester of owned Lopez Inc. when she we do.” Recurring net incomes stable reported in the first quarter contributions of the 97-MW 2017 upon the expiry of its an- passed away on July 25, 2017. Traversing dual tracks Despite lower attributable in- of 2017. FPH and Energy De- on-year. Meanwhile, higher pre- with higher electricity prices at Avion Peaking Power Plant and cillary service contract in Feb- Lopez Inc. is majority owner In the same meeting, FPH comes, First Philippine Hold- velopment Corporation posted sales and the substantial com- the Wholesale Electricity Spot the 420-MW San Gabriel Flex ruary 2017. Consequently, the of Lopez Holdings Corpora- chairman and chief execu- ings Corporation (FPH) and increases in attributable RNI of pletion of The Proscenium led to Market in the second quarter. Plant, though partially offset by recurring attributable earnings tion and is the ultimate parent tive officer Federico R. Lopez associates posted stable attrib- 23% and 11%, respectively. First higher earnings from residential The company’s attributable the lower combined dispatch contribution of FG Hydro was company of First Philippine (FRL) told executives about utable recurring net incomes Gen Corporation’s RNI for the development for Rockwell Land net income for the first semes- of the 1,000-MW Santa Rita lower by $4 million at $7 million Holdings Corporation (FPH) the need for Lopez Group (RNIs) for the first six months period was only 4% lower year- Corporation. (CPS) ter of 2017 was $58 million. At- and the 500-MW San Lorenzo in the first six months of 2017. and ABS-CBN Corporation, companies to plan along “dual tributable net income was low- power plants at 69% in the first “As one-off events like the among others. tracks.” er than recurring net income by semester of 2017 versus 84% in Batangas and Leyte earth- Speaking to top executives The first track is to man- Lopez Holdings attributable $26 million due to the one-time 2016. quakes affect our revenues this and senior officers at the mid- age core businesses well and effect of the break funding costs The total recurring earnings year, our power plants have year performance review on to continue sustaining innova- incurred as a result of the $500- contribution from First Gen’s proven resilient by finding ways August 23, MML called PLP tions, which entails “listening First Gen chairman Federico R. Lopez (3rd from left) and Macquarie senior managing director David Luboff (2nd netBy Carla Paras-Sison income at P1.763B million refinancing of Santa natural gas portfolio decreased to deliver power to consumers “a very devoted housewife to the needs of existing markets Rita’s long-term debt in May by $11 million to $48 million in despite these trying events. We from left) shake hands after announcing the tender offer agreement between First Gen and PREHC. Flanking them to her children and her hus- and creating products for their Lopez Group chairman Manuel M. are Energy Development Corporation president Richard Tantoco (left) and First Gen president Giles Puno (right) LOPEZ Holdings Corporation Associate First Philippine consolidated recurring net in- 2017 as well as the premium the first half of 2017 due to lesser look forward to a better second band.” current and future needs.” FRL Lopez reported P1.763 billion in net Holdings Corporation (FPH) come increased by 14% due paid for Energy Development volumes of power sold year-to- half as initiatives like our debt He added: “Unknown to said companies should continue income attributable to equity posted a 28% decrease in net in- to higher profits from energy, Corporation’s (EDC) partial date. San Gabriel did not operate reduction program, the EDC FIRST Gen Corporation and tion (EDC), representing ap- tender offer, the bidder will be many, she was a freedom fighter to manage costs smartly, attend Disrupting innovations “cre- holders of the parent for the first come attributable to equity hold- real estate and manufacturing buyback of its dollar-denomi- during the 20-day Malampaya tender offer of Macquarie and Macquarie Infrastructure and proximately 23.5% to 31.7% of indirectly held by a consortium who fought for democracy dur- to regulatory issues and inno- ate new markets distinct from six months of 2017. This is 34% ers of the parent. FPH booked units. nated bond, among others. All outage in February, while all of GIC of Singapore, and the Real Assets (MIRA) recently an- EDC’s total outstanding voting of investors comprising funds ing the martial law years from vate on digital platforms. the mainstream and which are lower than the P2.668 billion in one-off losses totaling P1.0 billion Meanwhile, investee ABS- these initiatives are in line with the gas plants temporarily halted contracting of San Gabriel’s nounced a tender offer agreement shares. managed by MIRA and Arran the 1970s to the 1980s up to The second track is to “sys- likely unknowable in the early net income attributable to equi- related to the debt extinguishment CBN Corporation registered the company’s program to de- operations due to the earthquake output fall into place. This is a between First Gen and Philip- First Gen benefits by agreeing Investment Pte. Ltd., an affili- the EDSA Revolution. They tematically find and build dis- days of the concept.” ty holders of the parent reported of its operating units in 1H2017, a 41% decrease in net income leverage and reduce its foreign that hit Batangas in April. positive period of transforma- pines Renewable Energy Hold- to participate in the offer by ten- ate of GIC. (Psinakis family) lived in ex- ruptive growth engines…al- FRL said the Lopez Group’s in the first half of 2016, on ac- while it booked P1.3 billion liqui- during the period. ABS-CBN currency debt exposure. EDC’s geothermal, wind tion for the company,” First ings Corporation (PREHC). dering 10.6% of total outstand- MIRA is a unit of the Mac- ile in the US. And she gave up lowing iterative and emergent core businesses have grown count primarily of one-off losses dated damages from a contractor airtime revenues decreased by First Gen’s consolidated rev- and solar revenues accounted Gen president and COO Giles Under the agreement, PRE- ing common shares in EDC, quarie Group of Australia and is her material wealth to help the strategy to flourish, learn through sustaining innovation and the absence of one-off gains in 1H2016. The absence of such 21% while total costs and ex- enues from the sale of electrici- for $333 million, or 39% of to- Puno said. HC as the bidder agrees to subject to scale-back provisions the world’s largest infrastructure Movement for a Free Philip- quickly from small mistakes for decades. However, disrupt- at its associate. one-off gain, higher finance costs penses decreased by 2%. acquire, through a tender offer, under applicable regulations. asset manager with more than pines (MFP), which was head- and pivot quickly toward delib- ing innovations affect the way Unaudited consolidated rev- and unfavorable forex movement As of June 30, 2017, Lopez EDC attributable recurring net income up by 11% a minimum of 6.6 billion com- This sale will deliver proceeds 20 years’ experience.