Semirara Mining & Power Corp. · PSE:SCC
Semirara Mining & Power — FY2015 Earnings Presentation
25 slides from Semirara Mining & Power's earnings presentation, Mar 18, 2016
Slide 1: Full Year 2015 Briefing
Full Year 2015 Briefing 18 March 2016
Slide 2: Consolidated Financial Highlights
CONSOLIDATED FINANCIAL HIGHLIGHTS In million Php, except ratios Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD Variance 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 Revenues 6,639 7,340 6,581 8,025 28,585 7,245 6,472 5,535 5,428 24,680 -14% Coal 4,772 4,279 2,908 4,318 16,277 3,752 2,773 2,374 2,882 11,782 -2
Slide 3: Segment Financial Highlights
SEGMENT FINANCIAL HIGHLIGHTS Operating businesses Coal SCPC FY 2014 FY 2015 Variance FY 2014 FY 2015 Variance Revenue from coal and power sales 18,906 16,383 -13% 12,308 12,797 4% (In million pesos) Ave. Price 2,127 1,943 -9% 3.64 3.41 -6% Cost of Sales - MT/Kwhr 1,376 1,024 -26% 2.75 1.69 -39% Gros
Slide 4: 2015 Volume Sold vs Cost of Sales
2015 VOLUME SOLD vs COST OF SALES COAL SCPC 1,371 1.90 3,500 1,400 2,000 2.00 1,207 1,247 1.69 1,800 1.80 3,000 1,200 1.58 1.56 1,600 1.60 2,500 1,000 1,400 1.40 2,000 800 1,200 1.20 1,000 1,867 1.00 1,500 600 1,851 2,901 2,602 800 1,509 0.80 2,277 2,300 371 1,000 2,404 400 600 1,121 0.60 1,826 1,89
Slide 5: Consolidated Revenues and NIAT
CONSOLIDATED REVENUES AND NIAT 2014 vs 2015 Gross Revenues NIAT 35 9 14% 0.09 8 24% 30 7 25 0.10 6 12.31 5.50 5 3.24 20 12.80 4 15 3 10 2 3.64 16.28 2.91 1 5 11.78 - (0.02) - (1) 2014 2015 2014 2015 Coal SCPC SLPGC 14% in revenues, 24% in NIAT. Consolidated profitability improved this year as bo
Slide 6: Cash Generation & Utilization - Consolidated
CASH GENERATION & UTILIZATION - CONSOLIDATED 2015 25.0 20.0 Debt Availment Debt Repayment Php9.88 Php10.08 15.0 In Billion PHP Capex and others Php5.13 10.0 Cash Generation Php10.68 Cash Dividend Php4.28 5.0 Cash End Php4.75 Cash Beg Php3.68 - GENERATION UTILIZATION
Slide 7: Audited Consolidated Assets, Liabilities, & Equity
AUDITED CONSOLIDATED ASSETS, LIABILITIES, & EQUITY 2014 vs 2015 10% 4% 18% ASSETS LIABILITIES EQUITY 70 60 0 50 0 22 40 20 30 - 0 20 0 21 12 14 9 20 5 5 4 10 18 18 11 15 12 12 - (0) (0) (0) (10) 12.31.14 12.31.15 12.31.14 12.31.15 12.31.14 12.31.15 Coal SCPC SLPGC Others
Slide 8: Coal Production
COAL PRODUCTION 2014 vs 2015 Materials Moved Product Coal 120.0 9.0 103.3 8.08 7.98 S/R S/R 8.0 100.0 12.26 1.1 88.6 10.39 7.0 26.0 2.4 80.0 6.0 2.1 25.0 22.7 5.0 1.2 60.0 9.5 4.0 2.5 2.1 40.0 26.4 27.8 3.0 2.0 20.0 28.1 26.3 1.0 2.3 2.3 - - 2014 2015 2014 2015 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 14% in mater
Slide 9: Coal Sales
COAL SALES 2014 vs 2015 20 18 REVENUE (billion pesos) / VOLUME (million MT) 16 14 ASP ASP 11.4 5.9 12 2,127 1,943 10 1.0 8 2.3 1.4 5.2 3.1 6 1.9 0.4 4 0.4 7.2 1.0 2 4.2 0.9 3.9 2.3 0 Rev 2014 Vol 2014 Rev 2015 Vol 2015 Php18.9 B 8.9M MT Php16.4 B 8.4 M MT POWER CEMENT OTHERS EXPORT 5% in volume so
Slide 10: Coal Sales Mix
COAL SALES MIX 2014 vs 2015 2014 2015 26% 37% 59% 10% 47% 4% 12% 5% 8.89 M MTs 8.43 M MT 22% 36% 60% 10% 44% 6% 14% 7% Php 18.91 B Php 16.38 B Power Cement Others Export off-take of power plants . Market share of power plants increased to 47% of sales volume and 44% of gross revenues in 2015, disp
Slide 11: Power Plants' Performance
POWER PLANTS’ PERFORMANCE 2014 vs 2015 Gross Gen, Total Plant Ave. Capacity, Total Plant 4,000 3,500 39% 600 6% 3,000 1,819 500 2,500 400 228 230 2,000 1,698 300 1,500 1,000 2,140 200 259 291 500 1,141 100 - - 2014 2015 2014 2015 Unit 2 Unit 1 *Unit 1 Ideal Norm for Capacity Utilization Capacity Fac
Slide 12: Energy Generation
ENERGY GENERATION In GWH 1,500 1,092 1,151 1,014 998 1,000 855 795 Unit 2 500 489 404 Unit 1 - Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 4,500 Unit 1 = used blended coal (imported/local) 4,000 Acquired 3,500 by SCC 3,000 2,500 2,000 1,500 1,000 500 0 1984 1998 1985 1986 1987 1988 1989
Slide 13: Power Plants' Availability & Outages
POWER PLANTS’ AVAILABILITY & OUTAGES 2014 vs 2015 Availability 18,000 16,000 TP 87% 30% 14,000 12,000 TP 67% 91% Planned Outage, Hrs 2014 2015 Variance 10,000 8,000 84% Unit I 360 - 6,000 Unit II 3,791 744 -80% 4,000 Total Plant 3,791 1,104 -71% 84% 2,000 50% - Unplanned Outage, Hrs 2014 2015 Varian
Slide 14: SCPC Energy Sales
SCPC ENERGY SALES 2014 vs 2015 2014 2015 Variance BCQ Revenue in Pesos, Net 11,818 11,925 1% BCQ Volume Sold 3,330 3,581 8% BCQ, Ave Price 3.55 3.33 -6% Spot Sale in Pesos 490 872 78% Spot Volume Sold 53 173 226% Spot Sales, Ave Price 9.25 5.05 -45% Total Revenue in Pesos 12,308 12,797 4% Total Volu
Slide 15: Energy Sales Mix
ENERGY SALES MIX 2014 vs 2015 2014 2015 4% 5% 2% 8% 5% 1% 1% 5% 88% 82% 3,383 GWH 3,754 GWH 6% 4% 1% 9% 7% 1% 4% 4% 85% 79% PHP 12.31 B PHP 12.80 B Meralco Batelec I Trans Asia Spot Others Meralco remains to be the single biggest customer of the Company, accounting for 82% of sales volume and 79% of
Slide 16: SLPGC 2 x 150 MW Phase 1 Expansion
SLPGC 2 X 150 MW PHASE 1 EXPANSION Milestones Unit 1 Unit 2 Backfeed Power 14 Feb 15 14 Feb 15 Boiler 1st Firing 19 Mar 2015 3 Jun 2015 Steam Blowing 7-13 Apr 2015 5-10 Jun 2015 Steam Admission 5 May 2015 7 Aug 2015 1st Synchronization 7 Jul 2015 16 Aug 2015 Target Restart 7 Dec 2015 20 Nov 2015 NGC
Slide 17: Key Takeaways
KEY TAKEAWAYS • Despite the 2-month suspension in mining operations, production target was met • SCPC recorded a new power generation historical high of 3,959 GWh • 2 x 150 MW plants, although experiencing technical issues, reached maximum rated capacity of 150 MW in 2015 • Two power supply contract
Slide 18: Appendix
APPENDIX
Slide 19: Audited Comparative Statements of Comprehensive Income - Coal
AUDITED COMPARATIVE STATEMENTS OF COMPREHENSIVE INCOME - COAL For the period ending December (in million Php) Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015 Variance Revenue 5,462 4,736 3,536 5,172 18,906 5,554 3,653 3,090 4,076 16,373 -13% Costs of Sales 3,152 2,2
Slide 20: Audited Comparative Statements of Comprehensive Income - SCPC
AUDITED COMPARATIVE STATEMENTS OF COMPREHENSIVE INCOME - SCPC For the period ending December (in million Php) Q1 2014 Q2 2014 Q3 2014 Q4 2014 YTD 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 YTD 2015 Variance Revenue 1,884 3,075 3,705 3,758 12,421 3,519 3,730 3,194 2,480 12,923 502 Contracted Energy 1,817 2
Slide 21: Audited Comparative Statements of Comprehensive Income - Consolidated
AUDITED COMPARATIVE STATEMENTS OF COMPREHENSIVE INCOME - CONSOLIDATED For the period ending December (in million Php) SMC SCPC SLPGC 2014 SMC SCPC SLPGC 2015 Coal 16,277 - - 16,277 11,782 - - 11,782 Power - 12,308 - 12,308 - 12,797 101 12,898 REVENUE 16,277 12,308 - 28,585 11,782 12,797 - 24,680 Coa
Slide 22: Audited Comparative Statements of Financial Position - Consolidated
AUDITED COMPARATIVE STATEMENTS OF FINANCIAL POSITION - CONSOLIDATED As of December 2015 vs 2014 – In million pesos SMCSCPC SLPGC SBPG SRPG SCS SEU SCRC SCIP CONSOLIDATED 100% 100% 100% 100% 100% 100% 100% 100% PARENT 2015 2014 DIRECT DIRECT DIRECT DIRECT DIRECT DIRECT INDIRECT DIRECT ASSETS Current
Slide 23: Audited Comparative Statements of Financial Position - Consolidated
AUDITED COMPARATIVE STATEMENTS OF FINANCIAL POSITION - CONSOLIDATED As of December 2015 vs 2014 – In million pesos SMC SCPC SLPGC SBPG SRPG SCS SEU SCRC SCIP CONSOLIDATED 100% 100% 100% 100% 100% 100% 100%INDI PARENT 100% DIRECT 2015 2014 DIRECT DIRECT DIRECT DIRECT DIRECT DIRECT RECT LIABILITIES Cu
Slide 24: Consolidated Loan Profile
CONSOLIDATED LOAN PROFILE In Millions Business Dec Jan-Dec Dec Segment 2014 Availment Payment 2015 Coal (USD) 115.2 108.2 136.3 87.2 Coal (PHP Equivalent) 5,152 4,971 6,315 4,101 Coal (PHP) 2,107 2,107 Total Coal (PHP) 5,152 7,078 6,315 6,209 SCPC Short-Term (PHP) - 1,800 1,800 - SCPC Long-Term (PHP
Slide 25: Disclaimer
DISCLAIMER •Semirara Mining and Power Corporation (the “Company”) and its advisors assumes no responsibility or liability regarding actions or decision that may be taken regarding any information resulting from unintentional errors or omissions contained in this document. •In addition, this document
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