Second Quarter / First Half 2011 Financial & Operating ... · Food Group • Iligan and Tarlac Feed...

Second Quarter / First Half 2011Financial & Operating Results

29 July 2011

• Overview

• Review of Business Units

• Pilmico Foods Corporation

• City Savings Bank

• Union Bank of the Philippines

• Aboitiz Power Corporation

• AEV Financials

• Q&A

2

AGENDA

• Overview






• AEV Financials

• Q&A

3

AGENDA

• Overview






• AEV Financials

• Q&A

4

AGENDA

FINANCIAL HIGHLIGHTS

9M 2006REVENUE (in million pesos)

Flour Feeds Swine

5

7,2916,154 18%

3,565 3,725

3,227

4% 15%

QUARTERLY BREAKDOWN


NET INCOME (in million pesos)

Flour Feeds Swine

6

650

86725%

282

367

49530% 26%

QUARTERLY BREAKDOWN


EBITDA (in million pesos)

Flour Feeds Swine

7

989

1,25721%

448

542

71821% 25%

QUARTERLY BREAKDOWN

OUTLOOK

8

Food Group• Iligan and Tarlac Feed milling plants were recommended for HACCP and ISO

9001:2008 Certification in July 2011.

Flour• Iligan port dredging in preparation for bigger wheat vessels is now 60% completed

as of June 2011. This will prepare the port to accommodate bigger international vessels.

• Rehabilitation of the unloading facility with a pneumatic unloader, 60% completed.

Swine• Construction of Farm 5, with 7,200 heads growing capacity was completed end of

June 2011. • A fourth growing-finishing farm, with the same capacity as that of Farm 5 is

scheduled to start on September 2011 and is expected to be completed on April 2012.

• An expansion of an existing growing-finishing farm will begin in mid-July 2011. This project intends to increase the farm’s capacity from 4,800 heads to 7,200 heads by December 2011.

• Overview






• AEV Financials

• Q&A

9

AGENDA

Robust lending continues to enhance bottomline performance

31%35%

34%

Net Income(in Million Pesos)

Net Interest Income(in Million Pesos)

Operating Expenses(in Million Pesos)

10

Healthy loan growth driven by branch expansion and increase in average loan per borrower

32%

Loan Portfolio(in Million Pesos)

13%

22%

Branch Network

Average Loan Per Borrower(in Thousand Pesos)

11

46%

Total Resources(in Million Pesos)

37%

Total Deposits(in Million Pesos)

52%

Capital Funds(in Million Pesos)

12

Revenue to OverheadCapital Adequacy Ratio NPL Coverage Ratio

13

• Overview






• AEV Financials

• Q&A

14

AGENDA

58%

Net income growth driven by higher securities trading gains

29%

15

Expanding earning assets and lower funding costs partially offset decline in yields

4%10%

51bps 10%

6M 2010 6M 201116

Non interest income bolstered by trading gains

2,091

3,3342,649

1,274

17

Operating expenses rose in support of business expansion and booking of profit sharing

9%

17%

18

Deposits: Slowing growth momentum to match securities sales

7%

19

Credit portfolio: Growth in consumer finance and commercial businesses

18%

15

33

42

64 62

73

20

Key financial ratios strengthened

21

Capital ratios supportive of growth

22

UBP stock outperforming PSE and Financial Sector indices

23

• Overview






• AEV Financials

• Q&A

24

AGENDA

12,714EPS = P1.73ROE = 77%

10,594EPS = P1.44ROE = 42%

17%

NET INCOME (in million pesos)

-20%

+74%

25

5,1065,488 5,285

QUARTERLY BREAKDOWN

7% 4%

Distribution Generation AP Parent

26

CORE NET INCOME (in million pesos)

12,871EPS = P1.75ROE = 78%

9,924EPS = P1.35ROE = 40%

23%

-27%

+74%

4,651

5,2735,845

QUARTERLY BREAKDOWN

13% 10%


Non-Recurring Items1H2010 1H2011

FX gains/(loss) - Parent 42 (41) FX gains/(loss) - Generation (198) 184 TMI Revenue Adjustment 348 STEAG NPC reimbursement - 179

(156) 670

Non-Recurring Items1Q2011 2Q2011 2Q2010

FX gains/(loss) - Parent (47) 6 35 FX gains/(loss) - Generation 154 30 (595) TMI Revenue Adjustment 348 - - STEAG NPC Reimbursement - 179 -

455 215 (560)

27

CORE NET INCOME, Ex Pagbilao Effect (in million pesos)


Pagbilao Finance Lease Effect1H2010 1H2011

Accreted Interest Expense 2,524 2,683 Depreciation 547 547 PSALM Monthly Payments (563) (549)

2,508 2,682

Pagbilao Finance Lease Effect1Q2011 2Q2011 2Q2010

Accreted Interest Expense 1,331 1,352 1,274 Depreciation 274 274 274 PSALM Monthly Payments (276) (274) (281)

1,330 1,352 1,266

15,379EPS = P2.09ROE = 94%

12,606EPS = P1.71ROE = 50%

18%

-22%

+74%

5,981

6,6257,112

QUARTERLY BREAKDOWN

11% 7%

28

PROFORMA EBITDA (in million pesos)

18,905

16,38513%

-18%

+61%

8,019 8,3678,991

QUARTERLY BREAKDOWN

4% 7%


814 788

2,857 3,172

1,314 680

1H2010 1H2011

OPERATING HIGHLIGHTS: GENERATION

4,9844,6407%

ENERGY SALES BREAKDOWN (GWh)

Contracted (Capacity) Contracted (Energy) Spot Market

29

+11%

-3%

-48%15%

68%

17%

26%

57%

16%

(6,000)

(4,000)

(2,000)

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

Jan-

08

Feb-

08

Mar

-08

Apr-0

8

May

-08

Jun-

08

Jul-0

8

Aug-

08

Sep-

08

Oct

-08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar

-09

Apr-0

9

May

-09

Jun-

09

Jul-0

9

Aug-

09

Sep-

09

Oct

-09

Nov-

09

Dec-

09

Jan-

10

Feb-

10

Mar

-10

Apr-1

0

May

-10

Jun-

10

Jul-1

0

Aug-

10

Sep-

10

Oct

-10

Nov-

10

Dec-

10

Jan-

11

Feb-

11

Mar

-11

Apr-1

1

May

-11

Jun-

11

Peak Off Peak All Hours Note: 1. Calculated based on raw data downloaded from the WESM website as of July 2011. July

26 – October 25, 2008 prices are reflective of NPC TOU rates.

Source: WESM, SNAP

WESM AVERAGE PRICES (P/MWh)

OPERATING HIGHLIGHTS: 1H2011 WESM HIGHLIGHTS

30

YTD PricesPeak Off Peak All Hours

2010 7,681 3,827 5,898 June 10 9,048 5,169 7,245 June 11 4,298 2,183 3,284

• Gas curtailments• Low Hydro• High Outages• Fuel limitations

• Forced outages of Masinloc, StaRita, Malaya & Ilijan

• High Outage: 1 unit of Sual and Calaca on outage

• Hydros still on minimal output

Typhoon Pepeng

Typhoon Ondoy

2,526

1,698 1,704

1,355

384

1,128

1,251

847

645727

614 563

January February March April May June

2010 2011

AVERAGE CAPACITY ON OUTAGE (in MW)

Source: WESM, SNAP31


3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

7,500

8,000

w1 w2 w3 w4 w5 w6 w7 w8 w9 w10 w11 w12 w13 w14 w15 w16 w17 w18 w19 w20 w21 w22 w23 w24 w25 w26

WEEKLY SYSTEM PEAK DEMAND (in MW)

Source: WESM 32


20102011

202

366

1H2010 1H2011

81%

ATTRIBUTABLE ENERGY SALES

(GWh)

1H20101H2011

OPERATING HIGHLIGHTS: HYDRO

CONTRACTED ENERGY (GWh), at 100%

SPOT MARKET (GWh), at 100%

NET CAPACITY FACTOR

33

25 35 55

141 96 51 71

211

Hedcor Sibulan HEDCOR LHC SNAP Magat

30 57

90

11

SNAP Magat SNAP Benguet

39%

21% 18%5%

13%

52%32%

23% 16%2%

Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet

140

150

160

170

180

190

200

2010 Water Level

2011 Water Level

Magat Rule Curve (meter)

Critical

MAGAT’S WATER LEVEL VS. RULE CURVE (in MASL)

Source: SNAP1Q 2Q 4Q3Q

34


10.60

12.60

3.49 3.87

SNAP Magat SNAP Benguet

AVERAGE SELLING PRICE (in P/kWh)

1H20101H2011

CONTRACTED ENERGY SPOT MARKET

35


4.83 4.20

3.23

4.43

5.04 4.80

2.51

4.57

H Sibulan HEDCOR LHC SNAP Magat


36

SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES(at 100%)

Ancillary Revenues(in million pesos)

Accepted & Billed Capacity(in GW/h)

1,331

3,870

1,260

1H2010 1H2011

231

1,011

362

1H2010 1H2011

SNAP MagatSNAP Benguet

1,331

5,130

231

1,373285% 495%

1,395 1,355

365 332

1H2010 1H2011

4.47 4.80

6.66

2.76

4.92 4.40

1H2010 1H2011

BCQ

WESM

WTD Ave

OPERATING HIGHLIGHTS: GEOTHERMAL

37

Energy Sales(in GWh)

Average Selling Prices (P/kWh)

Steam Vented (GWh)

AP RENEWABLES (Tiwi-Makban)

25 26

1H2010 1H2011

4%1,760 1,687

BCQ

WESM

Steam Cost @ P1.22/kWh

Net Capacity Factor

86% 82%

Steam Cost @ P1.06/kWh

833

1,918

118

2,232

745

1,795

604

2,208

STEAG TLI CEDC Total

ENERGY SALES (GWh)

NET CAPACITY FACTOR

1H20101H2011

1%

Attributable Energy Sales

38

OPERATING HIGHLIGHTS: COAL

91%

63%39%

82%55% 64%

STEAG TLI CEDC

5.64

8.66

7.07

BCQ WESM WTD Ave

THERMA LUZON (Pagbilao)1H2010 Average Selling Price

P/kWh

39

OPERATING HIGHLIGHTS: COAL

Energy Sales(in GWh)

1,012 1,503

905 292

1H2010 1H2011

5.53

4.04

5.28

BCQ WESM WTD Ave

1H2011 Average Selling PriceP/kWh

Coal Cost + Energy Fee = P1.82/kWhCoal Cost = P1.67/kWh

Coal Cost + Energy Fee = P2.41/kWhCoal Cost = P2.23/kWh

1,7951,9186%

BCQ

WESM

121 166 176

286

537

790

59 52 135

224 248 380

EAUC CPPC SPPC WMPC Therma Marine

52%ENERGY SALES (GWh)

AttributableEnergy Sales

NET CAPACITY FACTOR

1H20101H2011

40

OPERATING HIGHLIGHTS: OIL

49% 48%

75% 67%92%

8% 16%

58% 53%29%

EAUC CPPC SPPC WMPC Therma Marine

LAKE LANAO WATER LEVEL (in MASL)

41

OPERATING HIGHLIGHTS: OIL

698.00

698.50

699.00

699.50

700.00

700.50

701.00

701.50

702.00

1 10 19 28 37 46 55 64 73 82 91 100 109 118 127 136 145 154 163 172 181 190 199 208 217 226 235 244 253 262 271 280 289 298 307 316 325 334 343 352 361

2010 2011 critical level shutdown

17,947

14,796

1H2010 1H20111,079

10,385 11,464

1,065

5,577 6,641

Oil Coal Total Beneficial EBITDA

1H2010

1H2011

Amounts in Million Pesos

RENEWABLE PLANTS26%

OPERATING HIGHLIGHTS: GENERATION

PF BENEFIClAL EBITDA

42

42%THERMAL PLANTS

18%

961

5,523 6,484

3,378 4,778

8,155

Hydro Geothermal Total Benef icial EBITDA

1H2010

1H2011

1,896 1,971 2,127 2,419 2,461 2,507 2,790 3,142 3,322 3,606

1,753 1,814

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H2010 1H2011

489

1,264

1,753

485

1,329

1,814

Residential Commercial & Industrial

Total Power Sales

1H2010 1H2011

BENEFICIAL POWER SALES (Gwhr)

3%

BENEFICIAL GWH SALES GROWTH(BY CUSTOMER TYPE)

3%

PEAK DEMAND (MW)

3%

1%5%

OPERATING HIGHLIGHTS: DISTRIBUTION

43

294 378

25 81 81

22 24

904

271 407

23 88 83

25 29

927

DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total

1H2010 1H2011

1% 1%

3%

8%8%

9.6% 9.9%

1% 1%

4%

6%

8%9.2%

10.0%

SYSTEMS LOSSGROSS MARGIN / KWH SALE


* Adjusted for timing of transmission charge recovery ** 12 month moving average

44

SFELAPCOSEZ Davao Light

Visayan Electric

Cotabato Light

MEZ BEZ

1H20101H2011

Gov’t Cap – 8.50%

0.96

1.05 1.07

1.03 1.14 1.20

1.28 1.27

1.21 1.16

1.25

1.44

* ***

61%

PF BENEFICIAL EBITDA


Amounts in Million Pesos

1H20101H2011

45

397 332

66 48 123 52 32

1,051 1,018

347 53 68 119 48 42

1,695

Davao Light VECO Cotabato Light San Fernando Electric

Subic Enerzone

Mactan Enerzone

Balamban Enerzone

Total Beneficial EBITDA

FINANCIAL CONDITION

46

BALANCE SHEET(In million Pesos)

Cash and Equivalents

YE2010

Total Assets

Total Interest Bearing Debt

Total Liabilities

Net Debt

Total Equity

Current Ratio

Net Debt to Equity

11,082

40,487

13,073

16,427

1,991

24,060

4.70

0.08

Investments and Advances 28,949

1H2011

9,016

41,114

16,752

17,048

7,736

24,066

74.64

0.32

29,541

PARENT

YE2010

18,302

134,557

67,065

76,823

48,763

57,734

2.58

0.84

28,799

1H2011

20,220

144,335

73,277

85,250

53,056

59,085

2.75

0.90

27,972

CONSOLIDATED

FINANCIAL CONDITION

47

BALANCE SHEET(In million Pesos) YE2010

Total Interest Bearing Debt

Net Debt

Equity*

Net Debt to Equity

86,953

62,921

57,330

1.10

1H2011

94,290

68,811

58,570

1.17

BENEFICIAL

Cash 24,033 25,479

*Equity Attributable to Parent

Net Debt to EBITDA 1.72

48

OUTLOOK: Generation Business

LUZON GRID Ambuklao Hydro 30 MW

Binga Hydro 20 MW

Tiwi-Makban 17 MW

Subic Coal 600 MW

Magat Hydro 90 MW

MINDANAO GRID Tamugan Hydro 11.5 MW

Tudaya 1&2 Hydro13.6 MW

Davao Coal 300 MW

IPP Administrator (IPPA) Contracts Unified Leyte Geothermal plants

(EDC) 550 MW, Visayas Grid

BROWN/GREENFIELD PRIVATIZATION

Earliest by July 2011 IPPA: Caliraya-Botokan-Kalayaan

(J Power) 728 MW, Luzon Grid

Asset sale: Agus Hydro 727 MW & Pulangi Hydro 255 MW, Mindanao Grid

− Restricted capacity per EPIRA

PROJECT UPDATE

49

AMBUKLAO-BINGA REHABILITATION

Total combined project cost of $280 million- $189 million for 75 MW Ambuklao + $10 million for new

headrace tunnel

- $81 million for 100 MW Binga

Target completion dates for Ambuklao- All three units by 3Q2011

- To increase capacity to 105 MW

Target completion dates for Binga - Unit 1: 2011

- Unit 2: 2012

- Unit 3: 2013

- Unit 4: 2014

- To increase capacity to 120 MW

Capex spent as of end-1H2011 at $247.7 million

PROJECT UPDATE: Generation Business

49

TIWI-MAKBAN REHABILITATION• At Makban

• Completion rate at 86% as of end-1H2011

• Estimated completion date by March 2012

• At Tiwi

• Completion rate at 53% as of end-1H2011

• Estimated completion date by May 2012

• Total actual capex spent at P2.2 billion (roughly $51 million, out of the combined project cost of roughly $120 million)

• After completion, combined production capacity is estimated at 484 MW (taking into account current steam supply and decline rates), with improvements in plant efficiency, reliability and availability

PROJECT UPDATEPROJECT UPDATE: Generation Business

50Makban Plant E

Tiwi Geothermal Field

PROJECT UPDATE

51

242 MW NAVOTAS POWER BARGES

To undergo rehabilitation, which involves:– Overhaul of engines

– Repair of barge super-structure and deck

– Possible dry docking

– Construction of new transmission line

Total rehab cost estimated at ~$30 million

Projected rehab timeline– 4Q2011: 123 MW

– 1Q2012: 52 MW

– 2Q2012: 67 MW

Off-take– Merchant

– Possible contracts for peaking capacity

PROJECT UPDATE: Generation Business

51

Annex A: EARNINGS BREAKDOWN

52

(in million pesos) YEAR - TO - DATE FOR THE QUARTERINVESTEE ACTUAL ACTUAL ACTUAL ACTUAL

2011 2010 2011 2010Parent & Others (595) (657) (329) (325)Power Generation Group: HEDCOR, INC. (64) (133) (10) (57) HEDCOR SIBULAN 151 39 101 19 LUZON HYDRO 38 25 52 10 SNAP - MAGAT 1,923 68 1,189 (152) SNAP - BENGUET 392 67 169 9 SOUTHERN PHILS. POWER 29 23 17 10 WESTERN. MINDANAO POWER 87 107 48 64 CEBU PRIVATE POWER CORP. 114 101 55 48 EAST ASIA UTILITIES CORP. 93 83 37 46

THERMA MARINE 560 454 136 342 STEAG 696 410 483 259 ABOVANT 116 16 75 25 THERMA LUZON 1,768 6,504 723 2,204 AP RENEWABLES, INC. 4,255 4,997 2,162 2,410 OTHERS 8 22 10 5

Sub-Total Power Generation 10,167 12,784 5,249 5,241Power Distribution Group: COTABATO LIGHT & POWER 19 31 10 39 DAVAO LIGHT & POWER 642 208 296 112 VISAYAN ELECTRIC CO. 184 179 165 116 SFELAPCO 35 21 24 24 SUBIC ENERZONE 65 73 34 38 MACTAN ENERZONE 43 46 23 24 BALAMBAN ENERZONE 35 28 17 15

Sub-Total Power Distribution 1,023 587 569 369TOTAL NET INCOME 10,594 12,714 5,488 5,285

NET INCOME TO COMMON 10,594 12,714 5,488 5,285% increase (decrease) -17% 4%

RECURRING NET INCOME 9,924 12,871 5,273 5,845% increase (decrease) -23% -10%

RECURRING INCOME ex Pagbilao 12,606 15,379 6,625 7,112% increase (decrease) -18% -7%

43 52 365 332

905

292 4

1H2010 1H2011

159 314

1,395 1,355

1,044 1,503

259

1H2010 1H2011

283 413

530 376

1H2010 1H2011

CONTRACTED (ENERGY) CONTRACTED (CAPACITY)

SPOT MARKET

11%

3,172

3%

48%

Geothermal

Hydro

Coal

Oil

814 788

1,314

680

2,857

Annex B: OPERATING HIGHLIGHTS – GENERATION

53

*Figures are in GWh

Annex C: DEBT PROFILE – AP PARENT

Maturity Profile - PhPM(As of June 2011)

Breakdown by Tenor(As of June 2011)

Breakdown by Currency(As of June 2011)

54

Breakdown by Interest Rate(As of June 2011)

6 711

3,336

7,300

526

5,000

2011 2012 2013 2014 2015 2016

Long Term

99.97%

Short Term0.03%

Peso100%

Fixed100%

Annex D: DEBT PROFILE – AP BENEFICIAL

Maturity Profile - PhPM(As of June 2011)

Breakdown by Tenor(As of June 2011)

Breakdown by Currency(As of June 2011)

55

Breakdown by Interest Rate(As of June 2011)

3,735 5,354

11,121

14,316

7,659

11,727

7,346 5,216 4,833

8,000

3,638 3,328 2,782 2,517 1,251 194

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Long Term96%

Short Term4%

Peso66%

Dollar34%

JPY0%

Fixed97%

Floater3%

• Overview






• AEV Financials

• Q&A

56

AGENDA

CONSOLIDATED PROFIT & LOSS (In Million Pesos)

Revenues

Equity Earnings

EBITDA

Net Income

Core Net Income

2Q2010 2Q2011

24,436 18,777

1,021 3,151

10,054 9,895

5,035 5,612

% Ch

-23%

209%

-2%

11%

5,463 5,447 0%

1H2010 1H2011

47,180 35,888

1,973 4,807

20,579 18,518

11,281 10,217

% Ch

-24%

144%

-10%

-9%

11,401 9,705 -15%

Core Net Income(Ex Pagbilao Effect)

6,430 6,480 1% 13,317 11,754 -12%

57

3,901 4,193 4,038

422 1,013

585

(10)

282

367 495

1Q2011 2Q2011 2Q2010

NET INCOME (In Million Pesos)

Power Banking Transport Food Parent & Others58

4,6055,612

22% 11%

5,035

QUARTERLY BREAKDOWN

9,714 8,094

964

1,434

(120)

867

650

1H2010 1H2011

10,217EPS = P1.85ROE = 35%9%

11,281EPS = P2.04ROE = 53%

CORE NET INCOME (In Million Pesos)

59

3,554 4,029 4,466

422 1,013 585

(10)

282

367 495

1Q2011 2Q2011 2Q2010

28% 0.3%

Power Banking Transport Food Parent & Others

4,258

5,447 5,463

QUARTERLY BREAKDOWN

Non-Recurring Items1H2010 1H2011

Parent (0.5) (0.0) Power (119) 512 Total Gains/(Losses) (120) 512

Non-Recurring Items1Q2011 2Q2011 2Q2010

Parent (0.0) (0.2) (0.2) Power 347 165 (428) Total Gains/(Losses) 347 164 (428)

15%

11,401EPS = P2.06ROE = 53% 9,705

EPS = P1.76ROE = 34%

4,569 5,062 5,434

422

1,013 585

(10)

282

367 495

1Q2011 2Q2011 2Q2010

60

CORE NET INCOME , Ex Pagbilao Effect (In Million Pesos)

5,273

23% 1%

6,480

QUARTERLY BREAKDOWN

Power Banking Transport Food Parent & Others

Pagbilao Finance Lease Effect1H2010 1H2011

Accreted Interest Expense 1,928 2,050 Depreciation 418 418 PSALM Monthly Payments (430) (420)

1,916 2,049

Pagbilao Finance Lease Effect1Q2011 2Q2011 2Q2010

Accreted Interest Expense 1,017 1,033 973 Depreciation 209 209 209 PSALM Monthly Payments (211) (209) (215)

1,016 1,033 968

11,750

9,631

964

1,434

(120)

867

650

1H2010 1H2011

12%11,754EPS = P2.13ROE = 41%

13,317EPS = P2.41ROE = 62%

6,430

20,579

17,334 18,518

15,611

EBITDA (Consolidated) EBITDA (Proforma)

1H2010 1H2011

EBITDA (In Million Pesos)

61

10%

10%

6,100 5,495

FY2010 YTD June '11

PARENT NET DEBT (In Million Pesos)

Parent net debt up by 46%

5,554 4,699

FY2010 YTD June '11

Cash & Equivalents

Long-term Debt

62

15%

10%

546

796

FY2010 YTD June 2011

(In Million Pesos, except ratios)

Cash and Cash Equivalents

YE 2010 YTD June 2011 % Change

Total AssetsTotal Liabilities

Total Equity

Book Value Per ShareCurrent RatioDebt to EquityNet Debt to Equity

26,097

174,96796,650

78,317

11.652.361.230.70

28,868

186,697106,170

80,527

11.972.921.320.72

11%

7%10%

3%

CONSOLIDATED BALANCE SHEET / KEY RATIOS

63

Equity Attributable to Parent 64,313 66,105 3%

ANNEX A: EARNINGS CONTRIBUTION (In Million Pesos)

64

Aboitiz Power Corp.

City Savings Bank

Union Bank

ATSC

Pilmico

2Q2010 2Q2011

4,038 4,193

35 108

550 905

(10) --

% Ch

4%

209%

64%

--

Net Income

Parent & Others

5,463 5,447 0%Core Net Income

5,035 5,612 11%

(73) 39 --

495 367 -26%

1H2010 1H2011

9,714 8,094

61 211

903 1,224

(120) --

% Ch

-17%

246%

36%

--

11,401 9,705 -15%

11,281 10,217 -9%

(143) 39 --

867 650 -25%

6,430 6,480 1%Core Net Income(Ex Pagbilao Effect)

13,317 11,754 -12%

• Overview






• AEV Financials

• Q&A

65

AGENDA

Second Quarter / First Half 2011Financial & Operating Results

29 July 2011

Second Quarter / First Half 2011 Financial & Operating ... · Food Group • Iligan and Tarlac Feed...

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