Slide 1: FY/4Q 2023 Briefing, 15 March 2024
Briefing 15 March 2024 4:00 PM PHT Aboitiz 282), 612028 - Together we are building the PH's first techglomerate
Slide 2: Disclaimer
DISCLAIMER This presentation and the information contained herein (this "Presentation") are the sole and exclusive property of Aboitiz Power Corporation (“AboitizPower”) and shall only be used for the purpose intended herein and may not be used, published or redistributed without the prior written c
Slide 3: AP Video
AP VIDEO 3
Slide 4: AboitizPower navigates the energy transition with a strong purpose
AboitizPower navigates the energy transition with a strong purpose External Forces Energy Trilemma Our Purpose 1 Decarbonization Energy Security 2 Digitalization 3 Decentralization Energy Energy Equity Sustainability 4 Development
Slide 5: The First 1,200 MW
20 MW Sablan Hydro 159 MWp* Laoag Solar Q3 2025 Q2 2024 The First 1,200 MW 45 MWp* Armenia Solar 12 MW Magat BESS Phase 1 Q4 2024 Commissioned Dec 2023 106 MW energized in 2023 212 MWp* Olongapo Solar 94 MWp* Cayanga Solar Q3 2025 Energized Oct 2023 17 MW Tiwi Binary 196 MWp* Luzon Solar 1H 2024 176
Slide 6: Our 94 MWp Cayanga Solar Power will operate by Q2 2024
Our 94 MWp Cayanga Solar Power will operate by Q2 2024 Battery room SCADA room Control building Auxiliary Switchgear room Transformer Charger room Diesel generator NGCP relay room Control room
Slide 7: Our 159 MWp Laoag Solar Power Project will be fully energized by Q2 2024
Our 159 MWp Laoag Solar Power Project will be fully energized by Q2 2024 7
Slide 8: Our 24 MW Magat Battery Energy Storage System started operations
Our 24 MW Magat Battery Energy Storage System started its operations on 26 Jan 2024 8
Slide 9: Target energization of our 17 MW Binary Geothermal Power Project within 1H24
Target energization of our 17 MW Binary Geothermal Power Project is within 1H24
Slide 10: The Next 1,700 MW
169 MWp* Cagayan Solar 140 MWp* Laoag Solar Q3 2028 Q1 2028 The Next 1,700 MW 8 MW Magat BESS Phase 2 125 MW Ilocos Wind Q2 2026 Q3 2028 5 MW Magat Floating Solar 230 MW Q1 2027 under construction 175 MWp* Luzon Solar Q3 2026 40 MW Benguet BESS Ph 1: Q2 2026 Ph 2: Q2 2027 1,437 MW 161 MWp* Zambales
Slide 11: AP forays into LNG
AP forays into LNG Therma NatGas Meralco PowerGen ● The assets are cumulatively valued at Power Inc Corp a subsidiary of $3.3b. TNGP will fund its portion of the AboitizPower investment through a mix of internally generated cash and debt. 60% 40% ● Upon completion of the transaction, AboitizPower, t
Slide 12: Energy sold increased by 17% YoY in 2023
Energy sold increased by 17% YoY in 2023 Energy Sold 17% in GWh 30,251 35,372 Note: GWh is Gigawatt hours
Slide 13: AP's availability factor has improved significantly
AP’s availability factor has improved significantly Notes: EAF is Equivalent Availability Factor; NERC is North American Reliability Corporation Chart includes GMEC, GNPD and JV plants
Slide 14: Capacity utilization increased YoY
Capacity utilization increased YoY Notes: MW is megawatts; BCQ is Bilateral Contract Quantity
Slide 15: Gross margin increased by 16% YoY
Quarterly Breakdown Gross margin increased by 16% YoY in Php m in Php m 9% 8% 1% 16% 14% in GWh 7% 20% in GWh 45% 3%
Slide 16: Margin rate in 2023 was flat YoY despite lower revenue rates
Margin rate in 2023 was flat YoY despite lower revenue rates 1%
Slide 17: Average year to date LWAP decreased
Average year to date LWAP decreased Q42022 Ave LWAP P8.73 (P/kWh) Q32022 Ave LWAP Q22023 Ave LWAP P8.43 (P/kWh) P7.73 (P/kWh) Q12023 Ave LWAP P6.60 (P/kWh) Q22022 Ave LWAP Q32023 Ave LWAP Q12022 Ave LWAP P 5.61 (P/kWh) P6.99(P/kWh) Q42023 Ave LWAP P6.74(P/kWh) P 5.08 (P/kWh) FY 2023 Ave LWAP P6.25(P
Slide 18: Beneficial power sales from the DU rose by 6% YoY
Beneficial power sales from the DU rose by 6% YoY Beneficial Power Sales 6% in GWh Customer Type in GWh 6% 6% 8% 18
Slide 19: Beneficial EBITDA was up by 16% YoY
Beneficial EBITDA was up by 16% YoY 16% The 16% YoY increase in beneficial EBITDA is mainly attributable to the power generation segment, which was driven by the higher availability of our coal plants and full-year contributions from GPND. +15% 4Q23 EBITDA was 13% lower QoQ and flat YoY due to the o
Slide 20: Core income increased by 29% YoY
Core income increased by 29% YoY Php m FY2022 FY2023 Change EBITDA 55,813 64,619 16% Less: Net Interest Expense 12,859 12,398 -4% Depcn. & Amort. 11,853 12,668 7% Tax & Others* 6,305 7,555 20% Core Income 24,796 31,998 29% Net Income 25,998 33,102 27% EPS 3.53 4.54 ROE 19% 21% *Includes non-recurrin
Slide 21: Balance sheet remains strong
Balance sheet remains strong CONSOLIDATED (Php m) December 31, 2022 December 31, 2023 Cash and Cash Equivalents 64,764 54,539 Investments and advances 77,928 91,641 The 18% increase in Property, Plant and Equipment 206,858 209,727 investments and advances Total Assets 477,376 487,023 was primarily d
Slide 22: Majority of our PHP73 billion CAPEX budget in 2024 is for RE
Majority of our PHP73 billion CAPEX budget in 2024 is for RE Renewable, 65% Renewable, 72%Others, 35% Others, P56 28% bn PHP 73 b* PHP 26 b PHP 18 b PHP 14 b *Translates to beneficial figure of PHP 56 b Others - Thermal, DU, AP Parent, RES
Slide 23: We are paying out the highest dividend per share in AP history
We are paying out the highest dividend per share in AP history Payout Ratio: 1/2 of previous year’s consolidated net income 2024 Dividend Yield: Computed based on March 5, 2024 closing price (P37.80)
Slide 24: Key Takeaways
Key Takeaways ● AboitizPower is doing well, but our focus is bigger than profits. ● We have a clear plan to transform energy for a better world. ● Our partnerships help us achieve our goals. 24
Slide 25: We are among the top-performing power companies in Sustainability and ESG in the Philippines
We are among the top-performing power companies in terms of Sustainability and ESG in the Philippines Score Reference 2023 0 (lowest) - 100 (highest) 51 ↑ The higher the better 76th percentile 0 (negligible) - 40+ (severe) 28.7 The lower the better Medium Risk [2022] D - (lowest) - A (highest) Clima
Slide 26: AboitizPower
ssa 612025 20 AboitizPower