Semirara Mining & Power Corp. · PSE:SCC
Semirara Mining & Power — Q4 2024 Earnings Presentation
53 slides from Semirara Mining & Power's earnings presentation, Mar 3, 2025
Slide 1: Q4/FY 2024 Analysts' Briefing
Q4/FY 2024 Analysts’ Briefing 03 March 2025 Makati City via remote communication
Slide 2: Q4 2024 Group Highlights
Q4 2024 GROUP HIGHLIGHTS Cooling energy markets weigh on group earnings § Net income and EPS down 26% to § Coal contributions contracted 36% to § Power contributions uptick (3%) Php 3.92 bn and Php 0.92/share, Php 2.58 bn on weaker selling prices, to Php 1.33 bn on mixed respectively, amid normalizi
Slide 3: FY 2024 Group Highlights
FY 2024 GROUP HIGHLIGHTS SMPC hits record shipments, production and generation § Net income and EPS fell 30% to § Coal contributions down 38% to § Power contributions dropped 15% to Php 19.63 bn and Php 4.62/share; Php 11.14 bn on weaker selling prices, Php 8.49 bn on lower ASP, return on equity at
Slide 4: Coal Market Snapshot
COAL MARKET SNAPSHOT Asian prices ease amid oversupply, trade war risks 500 High China 450 and Europe Forecast Indonesia 400 stockpiles Ave. Q1 2025 Export Ban NEWC: US$104.8 350 Winter China ICI4: US$46.7 stocking and Indonesia New Russian sanctions, economic In US$/ton 300 increased mining normali
Slide 5: Power Market Snapshot
POWER MARKET SNAPSHOT Spot prices dip as supply outpaces demand 2,700MW+ Forecast: Reintegration and additional Peak Luzon Q1 2025 NEWC peak: $433.9 Malampaya Peak Luzon Heat additional baseload 18,000 Brent peak: $121.6 outage Index: 48°C capacity of major baseload plants Heat Index: La Niña season
Slide 6: Group Earnings Breakdown and Review
GROUP EARNINGS BREAKDOWN AND REVIEW Power segment steady as coal market normalizes In PHP mn Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Key Takeaways Coal 2,583 4,027 -36% 11,134 17,993 -38% ● Q4 and FY net income fell on weaker coal contribution; SCPC 1,362 900 51% 5,767 7,854 -27% improved SLPG
Slide 7: Group Income Statement Highlights
GROUP INCOME STATEMENT HIGHLIGHTS Healthy margins as debt reaches 16-year low In PHP mn Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Key Takeaways Revenues 15,523 20,760 -25% 65,194 76,961 -15% ● Q4 revenues declined on lower ASP and Cash Cost* 9,336 12,938 -28% 37,442 41,213 -9% reduced shipments,
Slide 8: Coal Standalone Financial Highlights
COAL STANDALONE FINANCIAL HIGHLIGHTS In PHP mn Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Key Takeaways Revenues 11,804 17,376 -32% 47,070 59,819 -21% ● Q4 revenues fell on combined effect of reduced COS – Cash Cost 4,533 7,409 -39% 21,366 22,499 -5% shipments and ASP; FY revenues receded on weak
Slide 9: Coal Operating Highlights
COAL OPERATING HIGHLIGHTS Q4 Q4 Key Takeaways Change 2024 2023 ● Higher aggregate S/R and lower production due to pre-stripping in Strip Ratio (S/R) Narra* mine (NB 4 and WB 2) led to Php 1.36 bn in capitalized Aggregate** 20.7 13.2 57% costs, expected to benefit operations until 2026 Effective*** 1
Slide 10: SCPC Standalone Financial Highlights
SCPC STANDALONE FINANCIAL HIGHLIGHTS In PHP mn Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Key Takeaways Revenues 3,742 2,855 31% 15,390 16,910 -9% ● Q4 revenues grew double digits on increased power Cash Cost* 2,379 1,816 31% 8,925 9,099 -2% sales, offsetting lower ASP; FY topline slipped due to
Slide 11: SCPC Operating Highlights
SCPC OPERATING HIGHLIGHTS Q4 2024 Q4 2023 Change Key Takeaways Plant Availability (in %) 83% 81% 2% ● Plant availability improved as outage days decreased to 32 (from 36); Unit 1 73% 76% -4% Unit 1 availability affected by planned maintenance and 4-day forced Unit 2 92% 85% 8% outage due to Typhoon
Slide 12: SLPGC Standalone Financial Highlights
SLPGC STANDALONE FINANCIAL HIGHLIGHTS In PHP mn Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Key Takeaways Revenues 1,336 1,771 -25% 8,099 7,488 8% ● Q4 revenues contracted on lower plant availability and Cash Cost* 1,352 1,210 12% 4,659 4,798 -3% weaker selling prices; FY topline up on improved pl
Slide 13: SLPGC Operating Highlights
SLPGC OPERATING HIGHLIGHTS Q4 2024 Q4 2023 Change Key Takeaways Plant Availability (in %) 60% 78% -23% ● Overall plant availability dropped as outage days increased from 40 Unit 1 82% 78% 5% to 74, driven by Unit 2’s 68-day planned maintenance and an 11-day Unit 2 37% 78% -53% forced outage cause by
Slide 14: Outlook
OUTLOOK Executing on controllable levers as market steadies DRIVERS § Growing domestic requirements § Election and summer season demand § Foreign demand for mid-to-low calorific coal § Strategic supply contracting § Mine site production efficiency § Efficient fuel management RISKS § Water seepages §
Slide 15: Key Takeaways
Key Takeaways ● Q4 and FY earnings declined as selling prices normalized; higher shipments and power sales helped cushion the impact ● Record-high coal shipments and total power generation, with production hitting the ECC limit for third consecutive year ● Global coal oversupply and rising baseload
Slide 16: Annex
Annex • Coal Segment Updates • Power Segment Updates • ESG Updates • Market Outlook • Consolidated Capex • Debt Profile • Power Segment Highlights • 2024 Plant Outages Summary • Statements of Income and Financial Position 16
Slide 17: 2025 Coal Segment Guidance
2025 Coal Segment Guidance Shipments Pricing Target Mix Target Quality Mix Income Tax Holiday Non- Domestic Spot Indexed and Fixed commercial Grade Narra Mine 61% 16 39% 61% 38% Extended up to May 2025 MMT Eligible to apply for (1) more bonus year, subject to BOI approval Commercial Grade 62% Export
Slide 18: 2025 Power Segment Guidance
2025 Power Segment Guidance Potential Supply Target Additional Contracted Planned Outages 2025 Contracts Capacity 2026 108.1 MW 30 July 2025 13 December 2025 SLPGC Unit 1 SLPGC Unit 2 SCPC 486.0 169 MW 206.5 18.5 261.0 25 days 30 days SLPGC 45.4 89.6 135.0 270.0 7 October 2025 20 January 2026 Under
Slide 19: Climate - Nature Stewardship
Climate - Nature Stewardship PROTECTION AND RESTORATION TERRESTRIAL BIODIVERSITY AND HABITATS Fauna Protected 16** 19** 69*** BIRD SPECIES IN BIRDS SPECIES IN ENDEMIC PHILIPPINE ENDANGERED VULNERABLE BOX TURTLE IN STATUS STATUS ENDANGERED STATUS *All figures as of December 2024 1,173 ha 2.15 M **Bas
Slide 20: Climate - Nature Stewardship
Climate - Nature Stewardship PROTECTION AND RESTORATION MARINE BIODIVERSITY AND HABITATS 1,772 ha 461 HABITATS ANIMALS PROTECTED AND MANAGED AND RESTORED CARED FOR 191,159 85 GIANT CLAMS REEF BALLS PROPAGATED DEPLOYED SINCE 2010 *All figures as of December 2024 20 UPDATES • OUTLOOK • CAPEX • DEBT PR
Slide 21: Social Inclusion
Social Inclusion REDUCING POVERTY EMPLOYMENT AND LIVELIHOOD 4,873 381 1,379 100 125 181 DIRECT FEMALE DIRECT INDIRECT AVERAGE TRAINING AVERAGE TRAINING AVERAGE EMPLOYEES EMPLOYEES EMPLOYEES HOURS (PER EMPLOYEE) HOURS (MALE) TRAINING HOURS FOR 2024 FOR 2024 (FEMALE) FOR 2024 0.03 0.06 107 Q4 LTIFR Q4
Slide 22: Social Inclusion
Social Inclusion REDUCING POVERTY EMPLOYMENT AND LIVELIHOOD 1,903 103 776 Employees from Tenants in Registered MSMEs Host Communities Semirara Food in Semirara Island Court and Market *All figures as of December 2024 22 UPDATES • OUTLOOK • CAPEX • DEBT PROFILE • OPERATING HIGHLIGHTS • FINANCIALS 22
Slide 23: Social Inclusion
Social Inclusion BROADER ACCESS EDUCATION AND WELLNESS 54 1,811 150 SCHOLARSHIPS STCI GRADUATES CLASSROOMS GRANTED FROM 2006 BUILT 4,968 92 DWSSII GRADUATES ALTERNATIVE LEARNING SINCE 2003 SYSTEM ENROLLEES SINCE 2003 *All figures as of December 2024 23 UPDATES • OUTLOOK • CAPEX • DEBT PROFILE • OPER
Slide 24: Social Inclusion
Social Inclusion BROADER ACCESS EDUCATION AND WELLNESS 15 223K 18.1K INFIRMARY BEDS PATIENTS SERVED ORGANIC CROPS BY COMPANY PRODUCED INFIRMARY SINCE (IN KG) 2016 *All figures as of December 2024 24 UPDATES • OUTLOOK • CAPEX • DEBT PROFILE • OPERATING HIGHLIGHTS • FINANCIALS 24
Slide 25: Social Inclusion
Social Inclusion SUSTAINABLE PARTNERSHIPS PEOPLE GROUPS 2 23.3K UNIFORMS PURCHASED FROM LOCAL WOMEN’S SEMIRARA WOMEN’S ORGANIZATIONS ORGANIZATION SINCE 2021 SUPPORTED 160 12 TOTAL LOCAL LOCAL COMMUNITY SEAWEED FARMERS PARTNERSHIPS FORGED SUPPORTED *All figures as of December 2024 25 UPDATES • OUTLOO
Slide 26: Social Inclusion
Social Inclusion STRONGER CONNECTIONS INFRASTRUCTURE AND TRANSPORTATION 51 km 180K 7.9K DAILY ROADS BUILT AND PASSENGERS PASSENGERS MAINTAINED TRANSPORTED BY MV OF FREE SHUTTLE MA. CRISTINA SINCE SYSTEM 2016 *All figures as of December 2024 26 UPDATES • OUTLOOK • CAPEX • DEBT PROFILE • OPERATING HIG
Slide 27: Awards & Recognition
Awards & Recognition SMPC among the Philippines’ 2025 Growth Champions SMPC has earned the 23rd spot in the 2025 edition of the Philippines’ Growth Champions list, published by international market research firm Statista in collaboration with the Philippine Daily Inquirer. This prestigious ranking c
Slide 28: Awards & Recognition
Awards & Recognition SMPC Chairman and CEO Receives AIM Triple A Award Isidro A. Consunji, Chairman and CEO of DMCI Holdings and Semirara Mining and Power Corporation, has been honored with the prestigious Alumni Achievement Award (Triple A) by the Asian Institute of Management (AIM). Presented duri
Slide 29: Awards & Recognition
Awards & Recognition SMPC's first interactive report wins silver at 60th Anvil awards SMPC has been honored with a Silver Anvil at the 60th Anvil Awards for its 2023 Annual and Sustainability Report in the PR Tools category. Titled "Reimagining Our Shared Purpose," this report marks SMPC's inaugural
Slide 30: Awards & Recognition
Awards & Recognition SCPC and SLPGC honored at the Blood Donors' Recognition Ceremony SCPC and SLPGC were recognized by the Philippine Red Cross for their outstanding support in promoting blood donation services at the Blood Donors' Recognition Ceremony held on September 27, 2024. 28 UPDATES • OUTLO
Slide 31: Awards & Recognition
Awards & Recognition SCPC and SLPGC recognized at TESDA’s Convocation of Partners The Technical Education And Skills Development Authority (TESDA) Calabarzon recognized SCPC and SLPGC for their support and partnership in helping upskill the people in their host communities. During the event, both co
Slide 32: ESG News & Updates: Education
ESG News & Updates: Education 98 scholars graduate from STCI The Semirara Training Center Inc. (STCI) celebrated the graduation 2024 Class, honoring 98 students for their hard work and dedication in earning certifications across various technical and vocational programs. STCI is a TESDA-accredited t
Slide 33: ESG News & Updates: Emergency Preparedness
ESG News & Updates: Emergency Preparedness 1,215 households affected by Typhoon Kristine receive relief supplies SCPC and SLPGC, in partnership with Maynilad, local authorities and barangay officials, distributed relief supplies to 1,215 households affected by Typhoon Kristine last November 2024 in
Slide 34: ESG News & Updates: Economic Empowerment
ESG News & Updates: Economic Empowerment LTO AND SMPC open a new sub-office for easier access to licensing services SMPC, in partnership with the Land Transportation Office (LTO), inaugurated the new LTO sub-office in Semirara Island last October 14, 2024, making licensing more accessible to island
Slide 35: ESG News & Updates: Social Inclusion
ESG News & Updates: Social Inclusion SMPC supports Caluya athletes at the Antique sports meet SMPC, through MV Ma. Cristina, provided free transportation to 345 student-athletes of Semirara Island and Caluya Municipality to support their participation in the Antique Provincial Association Meet 2024
Slide 36: ESG News & Updates: Social Inclusion
ESG News & Updates: Social Inclusion 36 women receive free cervical cancer screening in SMPC's Q3 medical mission In collaboration with the Provincial Health Office of Antique, SMPC conducted a Medical Mission last October 5, 2024, offering cervical cancer screening to 36 women from Semirara Island.
Slide 37: ESG News & Updates: Environmental Stewardship
ESG News & Updates: Environmental Stewardship SCPC and SLPC participate in Calaca Coastal Clean-up Drive SCPC and SLPGC participated in the "Calingaplaya: Coastal Clean-up Drive" to support the City Government of Calaca in promoting its "Character City Program". October celebrates the trait of Respe
Slide 38: Market Outlook
Market Outlook Newcastle Prices (in USD/MT) Indonesian Coal Index 4 (in USD/MT) WESM Spot Prices (in Php/KWh) 77 7.32 248 6.23 6.91 65 5.07 59 4.83 5.23 161 148 138 4.61 57 52 4.66 3.82 138 140 138 52 52 4.34 126 52 3.85 120 125 3.18 105 105 49 49 49 49 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2019 2020
Slide 39: Consolidated Capex
Consolidated Capex In PHP bn Q4 Q4 Change 2024 2023 Change Key Takeaways 2024 2023 Coal 1.0 0.6 83% 3.5 3.0 17% ● Higher Q4 group capital spending (capex) driven by coal segment re-fleeting and Acacia mine exploration; power SCPC 0.3 0.3 0% 1.4 0.8 75% segment capex flattish, aligned with SCPC Unit
Slide 40: Debt Profile
Debt Profile In Php bn Loans and Cash Position Loan Maturity Schedule 63% December 2024 63% 35% 2% 2.6 Total Loans 7.1 December 2023 61% 24% 14% 50% <1 year 1 to 2 years 2 to 4 ye ars More than 4 years 9.5 Cash and cash equivalents 19.0 *rounding may cause total not to match the sum of parts 43% Flo
Slide 41: Coal Operating Highlights
COAL OPERATING HIGHLIGHTS FY FY Key Takeaways Change 2024 2023 ● Effective S/R fell on easier access to six Narra mine blocks; Strip Ratio (S/R) aggregate S/R rose with pre-stripping in North Block 4 and Aggregate* 14.1 13.1 8% West Block 2 Effective** 12.2 13.1 -7% Production (in MMT) 16.0 16.0 0%
Slide 42: SCPC Operating Highlights
SCPC OPERATING HIGHLIGHTS FY 2024 FY 2023 Change Key Takeaways Plant Availability (in %) 81% 91% -11% ● Planned availability fell as total outage days rose from 68 to 141, Unit 1 88% 91% -3% mainly due to Unit 2’s 77-day planned outage in March and Unit 1’s Unit 2 73% 91% -20% 31-day maintenance in
Slide 43: SLPGC Operating Highlights
SLPGC OPERATING HIGHLIGHTS FY 2024 FY 2023 Change Key Takeaways Plant Availability (in %) 79% 71% 11% ● Plant availability, average capacity, gross generation and sales Unit 1 78% 62% 26% improved as outage days fell from 211 to 155, with less deration Unit 2 80% 80% 0% across both plants Average Ca
Slide 44: Overall Power Segment Operating Results
Overall Power Segment Operating Results Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Plant Availability (in %) 71% 79% -10% 80% 81% -1% SCPC 83% 81% 2% 81% 91% -11% SLPGC 60% 78% -23% 79% 71% 11% Average Capacity* (in MW) 778 682 14% 764 672 14% SCPC 506 396 28% 477 402 19% SLPGC 272 286 -5% 287 27
Slide 45: Historical Power Plant Performance
Historical Power Plant Performance SCPC SLPGC Gross Generation (in GWh) Gross Generation (in GWh) 3,192 3,370 2,022 3,123 1,892 1,988 1,698 1,554 1,349 2,067 1,387 1,613 963 1,713 1,019 337 1,112 759 999 258 1,774 1,730 1,455 1,805 1,757 1,059 969 795 780 699 2020 2021 2022 2023 2024 2020 2021 2022
Slide 46: 2024 Plant Outages Summary
2024 Plant Outages Summary As of February 2025 Unit 1 Unit 2 Unit 1 Unit 2 Actual Total • July 27 to • November 14, • December 11, 2024 Planned • March 6 to May 22 September 10 2024 to January 190 days to January 11, 2025 21, 2025 • July 7 to 11 • January 1 to 3 • May 23 to 24 • March 30 to April •
Slide 47: Overall Power Segment Financial Results
Overall Power Segment Financial Results in Php mn Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change Revenues 5,078 4,626 10% 23,489 24,398 -4% COS (2,527) (1,976) 28% (9,567) (10,413) -8% OPEX (1,204) (1,050) 15% (4,017) (3,484) 15% Cash cost (3,731) (3,026) 23% (13,584) (13,897) -2% Core EBITDA 1,347 1
Slide 48: Standalone Statements of Income
Standalone Statements of Income Q4 2024 Q4 2023 In Php millions % COAL SCPC SLPGC CHP Others Combined COAL SCPC SLPGC Others Combined Revenues 11,804 3,742 1,336 - 524 17,406 17,376 2,855 1,771 73 22,075 -21% COS (4,533) (1,833) (694) - (499) (7,559) (7,409) (1,240) (736) (67) (9,452) -20% Govt Shar
Slide 49: Standalone Statements of Income
Standalone Statements of Income FY 2024 FY 2023 In Php millions % COAL SCPC SLPGC CHP Others Combined COAL SCPC SLPGC Others Combined Revenues 47,070 15,390 8,099 - 1,366 71,925 59,819 16,910 7,488 295 84,512 -15% COS (21,366) (6,597) (2,970) - (1,323) (32,256) (22,499) (7,216) (3,197) (248) (33,160
Slide 50: Consolidated Statements of Income
Consolidated Statements of Income Q4 2024 Q4 2023 In Php millions % COAL SCPC SLPGC CHP Others Conso COAL SCPC SLPGC Others Conso Revenues 9,935 3,742 1,336 - 510 15,523 16,061 2,855 1,771 73 20,760 -25% COS (3,681) (1,235) (546) - (485) (5,947) (6,792) (903) (493) (67) (8,255) -28% Govt Share (1,99
Slide 51: Consolidated Statements of Income
Consolidated Statements of Income FY 2024 FY 2023 In Php millions % COAL SCPC SLPGC CHP Others Conso COAL SCPC SLPGC Others Conso Revenues 40,353 15,390 8,099 - 1,352 65,194 52,268 16,910 7,488 295 76,961 -15% COS (18,012) (4,699) (2,236) - (1,309) (26,256) (19,491) (4,255) (2,241) (248) (26,235) 0%
Slide 52: Consolidated Statements of Financial Position
Consolidated Statements of Financial Position In Php millions SMPC SCPC SLPGC CHP Others Dec 2024 SMPC SCPC SLPGC Others Dec 2023 % Cash and cash equivalents 5,203 2,215 1,517 - 532 9,467 12,131 4,511 2,125 221 18,988 -50% Receivables 4,180 2,084 909 - 397 7,570 7,333 2,135 1,256 43 10,767 -31% Inve
Slide 53: Disclaimer Contact Information
Disclaimer Neither Semirara Mining & Power Corporation (SCC) nor its advisors make any representation regarding, and assumes no responsibility or liability for, the accuracy or completeness of, or any errors or omissions in any information contained herein. Such information is subject to change with
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