Manila Water Co. Inc. · PSE:MWC
Manila Water — Q1 2024 Earnings Presentation
18 slides from Manila Water's earnings presentation, May 14, 2024
Slide 1: 1Q2024 Analysts' Briefing
1Q2024 ANALYSTS’ BRIEFING May 14, 2024
Slide 2: 1Q 2024 Financial and Operating Highlights
1Q 2024 Financial and Operating Highlights Billed Consolidated EBITDA NIAT CAPEX Volume Revenues +29% +37% Php4.6 Bn NIAT margin +2% +19% EBITDA Margin +5 ppts +4 ppts EZ: Php4.2 Bn NEZ-PH: Php0.4 Bn • Consolidated revenues up by 19% driven by sustained billed volume growth and implemented tariff ad
Slide 3: Consolidated Financial Performance
Consolidated Financial Performance (in Million Php) 1Q 2023 1Q 2024 % Change NIAT up by 37% with billed volume and Operating Revenues 7,383 8,818 19% implemented tariff adjustments COS and Operating Expenses (2,779) (2,719) 2% Other income - net 176 88 50% • Consolidated revenues up by 19% with sust
Slide 4: Consolidated Financial Performance: Net income contribution per SBU
Consolidated Financial Performance Net income contribution per SBU (in million Php) 3,124 2,790 2,285 2,077 141 248 76 7 Parent NEZ - Philippines NEZ - International Conso 1Q 2023 1Q 2024 • Parent Company: Higher revenues from continued BV recovery and strong support from implemented tariff increase
Slide 5: Capital Expenditures
Capital Expenditures 1Q 2023 1Q 2024 CAPEX Highlights 1Q 2024 NEZ-PH NEZ-PH Php 479 million Php375 million East Zone: Php4.2 billion (15%) (18%) • East Bay 2 – Php2.1 Bn • Wawa – Php0.3 Bn • Manda West– Php0.2 Bn • Others (Hinulugang Taktak, Ilugin) – Php1.5 Php3.2 billion Php4.6 billion Bn NEZ – PH
Slide 6: Capital Expenditures: East Zone
Capital Expenditures: East Zone (80 MLD) Wawa-Calawis Ph1 (25 MLD) San Mateo – Rodriguez System 96% Completed 30% Completed Wastewater Water Treatment Plants Treatment Plants (438 MLD) Wawa-Calawis Ph 2 13% Completed (220 MLD package) (60 MLD) Manda West – SJ South – QC South 51% Completed (50 MLD)
Slide 7: Capital Expenditures: NEZ - Philippines
Capital Expenditures: NEZ - Philippines Wastewater Water Treatment Plants (20 MLD) BNR STP Upgrade, Clark Water Treatment Plants 68% Completed Water Treatment Plant, Ilagan Water 90% Completed BNR Upgrade of Hollow Fiber Membrane, Boracay Water 96% Completed Cabuyao Expansion, Laguna Water P4: 85%,
Slide 8: Balance Sheet Highlights
Balance Sheet Highlights Dec as of 1Q ASSETS 2023 2024 LIABILITIES AND EQUITY Key Balance Sheet Items (in Php millions) 209,688 211,739 Cash & Cash Equivalents 10,753 8,227 209,688 211,739 CAPEX 21,585 4,571 Cash and Cash 10,753 8,227 28,834 40,314 Bank Debt 99,383 97,318 Equivalents 27,609 70,119 O
Slide 9: Parent Company (East Zone Concession)
Parent Company (East Zone Concession)
Slide 10: Parent Company: Operating Highlights
Parent Company: Operating Highlights • Continued recovery of consumption across all segments, 1Q 2023 1Q 2024 % Change with commercial + industrial accounts leading the way in line with continued recovery of businesses Billed Volume (in MCM) 124.8 129.4 4% • Average tariff increased by 23% with the
Slide 11: Parent Company: Financial Highlights
Parent Company: Financial Highlights Parent NIAT up by 34% driven by higher tariff (in Php Millions) 1Q 2023 1Q 2024 % Change and billed volume recovery, NIAT Margin at Operating Revenues 5,756 6,985 21% 40% COS and Operating Expenses (1,822) (1,891) 4% • Higher revenues driven by RR tariff adjustme
Slide 12: Non-East Zone Philippines
Non-East Zone Philippines
Slide 13: NEZ-PH: Consolidated Financial Highlights
NEZ-PH: Consolidated Financial Highlights NEZ-PH completes its positive turnaround driven (in Php Millions) 1Q 2023 1Q 2024 % Change by tariff increases in several BUs Operating Revenues 1,654 1,902 15% COS and Operating Expenses (930) (929) - • Revenues up by 15% driven by implemented tariff increa
Slide 14: Non-East Zone International
Non-East Zone International
Slide 15: NEZ-INTL: Operating & Financial Highlights
NEZ-INTL: Operating & Financial Highlights NEZ-INTL NIAT down with lower share in net income (in Php Millions) 1Q 2023 1Q 2024 % Change of associates Equity share in net income of 159 85 47% associates • Decline in performance of East Water and lower contribution HQ expenses (83) (78) 6% from key Vi
Slide 16: Sustainability + ESG Highlights Q1-2024
Sustainability + ESG Highlights Q1-2024 Protect the Environment Help Communities Thrive Build a Culture of Care and Trust Driving Innovation Wastewater ReUse Maintaining Transparent Disclosures Activated 4 purple hydrants Launched pilot of the i- that utilize treated Released the externally TECH Pac
Slide 17: Summary
SUMMARY • Consolidated revenues up by 19% driven by sustained billed volume growth and implemented tariff adjustments in the EZ and several key NEZ PH businesses. • EBITDA improves by 29% to Php6.2 billion, with COS and OPEX down by 2% with lower direct costs. EBITDA margin improves by 5 ppts to 70%
Slide 18: Thank You
Thank You