Manila Water Co. Inc. · PSE:MWC
Manila Water — FY2023 Earnings Presentation
19 slides from Manila Water's earnings presentation, Feb 29, 2024
Slide 1: FY23 Analysts' Briefing
FY23 ANALYSTS’ BRIEFING February 29, 2024
Slide 2: For questions and comments, e-mail invrel@manilawater.com
For questions and comments, you may send us an e-mail at: invrel@manilawater.com
Slide 3: FY 2023 Financial and Operating Highlights
FY 2023 Financial and Operating Highlights Billed Consolidated EBITDA Core NIAT CAPEX Volume Revenues +60% +74% Php21.6 Bn NIAT +3% +35% EBITDA Margin +11 ppts -6% EZ: Php19.2 Bn NEZ-PH: Php2.4 Bn • Continued billed volume recovery and implemented tariff increases in EZ and NEZ PH businesses drive s
Slide 4: Consolidated Financial Performance
Consolidated Financial Performance (in Million Php) FY 2022 FY 2023 % Change Core NIAT surges by 74% with strong topline Operating Revenues 22,799 30,710 35% recovery and cost management; NIAT tapers by COS and Operating Expenses (10,824) (10,794) - 6% with impairment provision 812 597 26% Other inc
Slide 5: Consolidated Financial Performance: Net income contribution per SBU
Consolidated Financial Performance Net income contribution per SBU 8,809 (in million Php) 5,499 5,921 5,593 137 750 155 (3,961) Parent NEZ - Philippines NEZ - International Conso Dec 2022 Dec 2023 • Parent Company: Higher revenues from continued BV recovery and strong support from implemented tariff
Slide 6: Capital Expenditures
Capital Expenditures Dec 2022 Dec 2023 CAPEX Highlights 2023 NEZ-PH NEZ-PH Php2.3 billion Php2.4 billion East Zone: Php19.2 billion (9%) (11%) • East Bay 1 and 2 – Php4.8 Bn • Manda West and Calawis – Php2.8 Bn • CPF and WS Reliability – Php2.2 Bn • Kaliwa and Hinulugang Taktak – Php1.6 Bn Php25.0 b
Slide 7: Capital Expenditures: East Zone
Capital Expenditures: East Zone Water Treatment Plants Note: status as of Dec 2023 (80 MLD) Wawa-Calawis Wastewater 96% Completed (50 MLD) San Mateo – Rodriguez System Treatment Plants 20% Completed (300 MLD) Kaliwa Commencing (60 MLD) Manda West – SJ South – QC South 59% Completed (50 MLD) East Bay
Slide 8: Capital Expenditures: NEZ - Philippines
Capital Expenditures: NEZ - Philippines Water Treatment Plants Note: status as of Dec 2023 Water Treatment Plant, Ilagan Water Wastewater 75% Completed (20 MLD) BNR STP Upgrade, Clark Water Treatment Plants 68% Completed Cabuyao Expansion, Laguna Water P4: 83%, P5: 82% BNR Upgrade of Hollow Fiber Me
Slide 9: Balance Sheet Highlights
Balance Sheet Highlights Dec Dec ASSETS 2022 2023 LIABILITIES AND EQUITY Key Balance Sheet Items (in Php millions) 194,803 209,687 194,803 209,687 Cash & Cash Equivalents 8,812 10,753 CAPEX 25,015 21,585 10,753 Cash and Cash 8,812 27,608 Bank Debt 84,923 99,383 Equivalents 33,761 70,120 73,452 Other
Slide 10: Parent Company (East Zone Concession)
Parent Company (East Zone Concession)
Slide 11: Parent Company: Operating Highlights
Parent Company: Operating Highlights • Continued recovery of consumption across all segments, Dec 2022 Dec 2023 % Change with commercia l+ industrial accounts leading the way in line with continued recovery of businesses Billed Volume (in MCM) 501.3 516.4 3% • NRW in step with increased production A
Slide 12: Parent Company: Financial Highlights
Parent Company: Financial Highlights Parent NIAT up by 60% driven by higher tariff (in Php Millions) Dec 2022 Dec 2023 % Change and billed volume recovery, NIAT Margin at Operating Revenues 17,131 24,106 41% 37% COS and Operating Expenses (7,182) (7,165) - • Higher revenues driven by RR tariff adjus
Slide 13: Non-East Zone Philippines
Non-East Zone Philippines
Slide 14: NEZ-PH: Consolidated Financial Highlights
NEZ-PH: Consolidated Financial Highlights NEZ-PH completes its positive turnaround driven (in Php Millions) Dec 2022 Dec 2023 % Change by tariff increases in several BUs Operating Revenues 5,827 6,990 20% COS and Operating Expenses (3,467) (3,848) 11% • Revenues up by 20% driven by implemented tarif
Slide 15: Non-East Zone International
Non-East Zone International
Slide 16: NEZ-INTL: Operating & Financial Highlights
NEZ-INTL: Operating & Financial Highlights NEZ-INTL NIAT down with lower share in net income (in Php Millions) Dec 2022 Dec 2023 % Change of associates and impairment provision Equity share in net income of 520 499 4% associates • Positive performance of key Vietnam businesses and IWP offset by high
Slide 17: Sustainability + ESG Highlights FY 2023
Sustainability + ESG Highlights FY 2023 Protect the Environment Help Communities Thrive Build a Culture of Care and Trust Wastewater Treatment + Biodiversity Community Empowerment Improved ESG Ratings + Investor Confidence 8K tons of organic pollution removed by treating 76.8MCM of 2021 2023 1,267MC
Slide 18: Summary
Summary • Continued billed volume recovery and implemented tariff increases in EZ and NEZ PH businesses drive solid topline growth • EBITDA reaches record high of Php20.5 billion, with COS and OPEX held steady at Php10.8 billion. EBITDA margin improves by 11 ppts to 67%. • NIAT at Php5.6 billion wit
Slide 19: Manila Water - Care in Every Drop
a \ MANILA WATER CARE IN EVERY DROP