Ayala Corp. · PSE:AC
Ayala — Q1 2005 Earnings Presentation
16 slides from Ayala's earnings presentation, May 12, 2005
Slide 1: First Quarter Analysts' Briefing
First Quarter Analysts’ Briefing 12 May 2005 pioneering the future
Slide 2: Highlights of First Quarter Results
Highlights of First Quarter Results: Net Income of % Subsidiaries/Affiliates 1Q05 1Q04 Change Ayala Land 1,162 496 134% Bank of the Phil. Islands 1,977 1,618 22% Globe Telecom 3,022 2,993 1% AC Capital Manila Water 484 309 57% Integrated Microelectronics 313 249 26% Ayala Automotive 44 69 (36%) Ayal
Slide 3: 1Q05 Highlights: Consolidated Income Statement
1Q05 Highlights: Consolidated Income Statement (in P millions) 1Q05 1Q04 % Change Revenues Sales & services 8,146 7,009 16% Equity in net earnings, interest rental & other investment income 6,054 2,010 201% of w/c: Equity earnings in affiliates 2,636 1,878 40% Others 165 143 15% Costs & expenses 6,2
Slide 4: 1Q05 Highlights: Consolidated Balance Sheet
1Q05 Highlights: Consolidated Balance Sheet (in P millions) Mar 05 Dec 04 % change Cash & cash equivalents 28,749 34,935 (18%) of w/c Parent 21,053 24,431 (14%) Total debt 63,671 74,269 (14%) of w/c Parent 50,510 60,589 (17%) Stockholders' Equity 55,649 52,930 5% Net debt 34,922 39,334 (11%) of w/c
Slide 5: Parent Debt Level and Maturity Profile
Parent Debt Level and Maturity Profile (as of March 31, 2005) * Total debt in USD equivalent at AC/ACIFL level With preferred shares Debt Maturity Profile In US$m (with preferred shares) Total Debt Net Debt In US$m 1,084 332 933 932 706 734 221 631 646 542 127 134 118 2002 2003 2004 1Q05 2005 2006 2
Slide 6: Cash Dividends Received from Subsidiaries
Cash Dividends Received from Subsidiaries In billion pesos 6 5.25 5 4.71 4 3 2.65 2.76 2.16 2 1.51 1 0 2000 2001 2002 2003 2004 1Q05 ALI AC Capital BPI Globe pioneering the future
Slide 7: Ayala Land - 1Q05 highlights
Ayala Land - 1Q05 highlights è Net income of P1.16 B, up 134% year-on-year è Revenues of P6.9 billion up 88% due to: • 13% growth in leasing business with higher GLA, rental and room rates • 12% increase in development revenues residential/industrial sales bookings • 50% increase in service revenues
Slide 8: Bank of the Phil. Islands - 1Q05 Highlights
Bank of the Phil. Islands - 1Q05 Highlights è Net Income of P2 billion, up 22% è Revenues grew 25% driven by higher net interest income and non- interest income Ÿ Net interest income up 23%, fueled by a 51-basis point improvement in net interest margin to 4.74% and a 10% expansion in average asset b
Slide 9: Globe Telecom - 1Q05 highlights
Globe Telecom – 1Q05 highlights è Net Income flat year-on-year Wireless Subscribers In ‘000 at P3.02B, net service 12,514 12,900 revenues up 5% to P13.5B 11,714 10,542 9,137 è Total wireless subscribers up 8,860 3% to 12.9M, net adds of 0.4M in 1Q05 è Operating costs increased 4Q03 1Q04 2Q04 3Q04 4Q
Slide 10: AC Capital - 1Q05 highlights
AC Capital - 1Q05 highlights Contribution to Equity Earnings Globe Globe 36% AC AC 49% Capital Capital 15%* ALI 14% BPI 26% BPI ALI 23% 21% 16% 1Q05 1Q04 *excludes one-time gains In m million pesos 2500 2000 1500 1000 500 0 2001 2002 2003 2004 pioneering the future
Slide 11: AC Capital - Manila Water
1Q05 highlights AC Capital - MANILA WATER è Net income of P484M, up 57% versus same period last year è Revenue growth of 29% to P1.3 B driven by: • 9% increase in billed volume • Tariff hike implemented in January • Further reduction in NRW to 40.7% as of end March 2005 from 43.4% YE04 è Successfull
Slide 12: AC Capital - Integrated Microelectronics Inc
1Q05 highlights AC Capital - INTEGRATED MICROELECTRONICS INC è Net income of P 313 million, up 26% Export Customer Profile year-on-year on revenues of P2.19B Europe Others 3% è 1% Strong revenue growth due to USA 17% expansion of Panasonic business, conversion of some consignment business into turnk
Slide 13: AC Capital - Ayala Automotive
1Q05 highlights AC Capital - AYALA AUTOMOTIVE è Contributed net income of P44M, 36% lower than 1Q04 è Auto industry sales posted marginal year-on-year growth in 1Q05 with the introduction of new models è Ayala remained leading dealership network with 52% and 26% share of Honda and Isuzu nationwide d
Slide 14: AC Capital - Ayala International
1Q05 highlights AC Capital - AYALA INTERNATIONAL è Net income of P18M down 68% in the absence of any one- time gains è Focus on increasing recurring income from US projects è 86% take-up rate at Amanta Ratchada, first Bangkok project è New company formed in Shanghai Project Mix Total Portfolio of US
Slide 15: Outlook for 2005
Outlook for 2005 è Recurring earnings from subsidiaries to drive growth for the remainder of the year è Pursue commitment to further reduce debt level è Strong cash flow generation from subsidiaries pioneering the future
Slide 16: First Quarter Analysts' Briefing
First Quarter Analysts’ Briefing 12 May 2005 pioneering the future