Dmci Holdings Inc. · PSE:DMC
Dmci — Q1 2019 Earnings Presentation
22 slides from Dmci's earnings presentation, May 16, 2019
Slide 1: 1Q19 Financial & Operating Results
1Q19 FINANCIAL & OPERATING RESULTS 16 May 2019
Slide 2: Contents
CONTENTS • DMCI Holdings Inc.: Net Income 1Q 2018 vs. 1Q 2019 • 1Q 2019 Business Unit Performance Coal & On-Grid Power (Semirara) Real Estate Development (DMCI Homes) Construction (DMCI) Nickel (DMCI Mining) Off-Grid Power (DMCI Power) Water Concession (Maynilad) • Parent Balance Sheet as of 31 Marc
Slide 3: Drivers of Core Net Income
DRIVERS OF CORE NET INCOME (In Million Php) 1Q 2019 1Q 2018 Change % % of Core Semirara 1,417 2,761 -1,344 -49% 48% Real Estate Development* 481 460 21 5% 16% Construction 359 336 23 7% 12% DMCI Mining 103 45 58 129% 3% DMCI Power 100 76 24 32% 3% Maynilad (25% effective) 436 387 49 13% 15% Parent &
Slide 4: Semirara Consolidated
Semirara Consolidated (In Million Php) 1Q 2019 1Q 2018 % Revenues -15% 9,738 11,430 COS & Operating Expenses (Cash) (5,514) (4,745) 16% EBITDA -37% 4,224 6,685 Depreciation & Amortization 2% (1,801) (1,774) Interest Expense 26% (280) (222) Interest Income -65% 14 40 Other Income (Expense) -152% 59 (
Slide 5: Semirara Coal
Semirara Coal (In Million Php) 1Q 2019 1Q 2018 % Coal Revenues 6,986 8,354 -16% COS & Operating Expenses (cash) (3,757) (3,726) 1% EBITDA 3,229 4,628 -30% Depreciation & Amortization (995) (871) 14% Interest Expense (138) (98) 41% Interest Income 1 21 -95% Other Income (Expense) 30 (101) -130% Benef
Slide 6: Semirara Power (SCPC & SLPGC)
Semirara Power (SCPC & SLPGC) (In Million Php) 1Q 2019 1Q 2018 % Power Revenues 2,752 3,076 -11% COS & Operating Expenses (Cash) (1,757) (1,019) 72% EBITDA 995 2,057 -52% Depreciation & Amortization (806) (903) -11% Interest Expense (142) (124) 15% Interest Income 13 19 -32% Other Income (Expense) 2
Slide 7: Semirara Power (SCPC)
Semirara Power (SCPC) (In Million Php) 1Q 2019 1Q 2018 % Power Revenues 1,616 2,102 -23% COS & Operating Expenses (Cash) (1,229) (782) 57% EBITDA 387 1,320 -71% Depreciation & Amortization (480) (607) -21% Interest Expense (60) (74) -19% Interest Income - 5 -100% Other Income (Expense) 13 (17) -176%
Slide 8: Semirara Power (SLPGC)
Semirara Power (SLPGC) (In Million Php) 1Q 2019 1Q 2018 % Power Revenues 1,136 974 17% COS & Operating Expenses (Cash) (528) (237) 123% EBITDA 608 737 -18% Depreciation & Amortization (326) (296) 10% Interest Expense (82) (50) 64% Interest Income 13 14 -7% Other Income (Expense) 16 5 220% Benefit (P
Slide 9: Real Estate Development
Real Estate Development (In Million Php) 1Q 2019 1Q 2018* % Restated per PFRS 15 Real Estate Revenues -2% 4,438 4,551 COS & Operating Expenses (Cash) (3,810) (4,001) -5% EBITDA 14% 628 550 Depreciation & Amortization (94) -34% (62) Interest Expense (74) 58% (117) Interest Income 44% 112 78 Other Inc
Slide 10: 2019 Launch Calendar
2019 Launch Calendar Total Sales Value of Prospective Launch Calendar: PHP 104BN # of BUILDINGS MONTH PROJECT / TYPE February CAMERON RESIDENCES, QUEZON CITY 1x high rise, 46-story 1x high rise, 50-story THE CRESTMONT, Paranaque May 2x high rise, 32-story BELLEZA TOWERS, Paranaque 1x high rise, 34-s
Slide 11: Real Estate Development
Real Estate Development Php (in 1Q 2019 1Q 2018 % Change millions) Units PHP 9,976 13,772 -28% Parking 1,074 1,344 -20% Total PHP 11,050 15,116 -27% 1Q 2019 1Q 2018 % Change # of Units 2,091 3,104 -33% # of Parking 1,456 1,852 -21% Php (in 1Q 2019 1Q 2018 % Change millions) Price / Unit PHP 4.77 PHP
Slide 12: Construction
CONSTRUCTION (In Million Php) 1Q 2019 1Q 2018 % Construction Revenues 3,885 3,176 22% COS and Operating Expenses (Cash) (3,260) (2,541) 28% EBITDA 625 635 -2% Depreciation & Amortization (164) (173) -5% Interest Expense - - 0% Interest Income 3 2 50% Other Income (Expense) 10 (23) -143% Benefit (Pro
Slide 13: Construction Backlog
CONSTRUCTION Backlog December as of Product Line % of Total ‘18 Newly Change 31 March Revenue ’19 Awarded Order Buildings 42% 11,169 992 (127) 1,120 10,915 Infra 40% 11,132 904 (228) 1,535 10,274 Power 8% 2,678 17 36 602 2,129 Utilities 10% 2,929 278 (310) 404 2,493 Total 100% 27,909 2,191 (627) 3,6
Slide 14: Nickel Mining
NICKEL MINING (In Million Php) 1Q 2019 1Q 2018 % Nickel Ore Revenues 501 308 63% COS and Operating Expenses (Cash) (262) (193) 36% EBITDA 239 115 108% Depreciation & Amortization (52) (17) 206% Interest Expense - (2) -100% Interest Income 2 - 100% Other Income (Expense) 20 8 150% Benefit (Provision)
Slide 15: Nickel Mining
NICKEL MINING Period on Period 1Q 2019 1Q 2018 % Shipment (in WMT) 338,499 155,570 118% Average Nickel Grade 1.59% 1.70% -6% Average Selling Price (in USD) 29 usd 38 usd -25% Revenue (in PHP millions) 501 308 63% Total Cash Cost (in USD) $15 $25 -42% 15
Slide 16: Off-Grid Power
OFF-GRID POWER (In Million Php) 1Q 2019 1Q 2018 % Power Revenues 31% 982 749 COS and Operating Expenses (Cash) (799) (594) 35% EBITDA 18% 183 155 Depreciation & Amortization (48) (55) -13% Interest Expense (10) (6) 67% Interest Income - - 0% Other Income (Expense) - - 0% Benefit (Provision) for Inco
Slide 17: Off-Grid Power
OFF-GRID POWER Operational Indicators 1Q 2019 1Q 2018 % Sales Volume, GwH *excluding Sultan Kudarat Masbate 26.64 23.76 12% Palawan 33.21 27.83 19% Mindoro 15.87 11.39 39% Sultan Kudarat 0.00 0.01 -100% Average Selling Price (ASP), Php/kWh 12.97 11.77 10% Masbate 15.41 13.67 13% Palawan 11.62 10.59
Slide 18: Water Concession (Maynilad)
*Figures presented are taken from MAYNILAD HOLDINGS (not Maynilad stand-alone) WATER CONCESSION (MAYNILAD*) (In Million Php) 1Q 2019 1Q 2018 % Revenues 5,686 5,246 8% COS & Operating Expenses (Cash) (1,742) (1,634) 7% EBITDA 3,944 3,612 9% Depreciation & Amortization (981) (833) 18% Interest Expense
Slide 19: Water Concession (Maynilad)
*Figures presented are taken from MAYNILAD (stand-alone) WATER CONCESSION (MAYNILAD*) (In Million Php) 1Q 2019 1Q 2018 % Revenues 8% 5,686 5,246 COS & Operating Expenses (Cash) (1,633) 7% (1,742) EBITDA 9% 3,944 3,613 Depreciation & Amortization (869) (719) 21% Interest Expense (497) (709) -30% Inte
Slide 20: Holdings' Balance Sheet
HOLDINGS’ BALANCE SHEET (In Million Php) 31 March ‘19 31 Dec ‘18 % Cash & Cash Equivalents* 6,352 4,625 37% 6,149 1,528 302% Receivables** 15,450 15,450 0% Investments in subsidiaries and associates 56 72 -22% Other assets 28,007 21,675 29% Total assets 18 28 -36% Accounts payable 11 12 -8% Other li
Slide 21: Summary
SUMMARY • 1Q19 earnings show positive results YoY for all our subsidiaries with exception of Semirara (SCC). • DMCI Mining (+129%) and Power (+32%) both registered outstanding performance in comparison with 1Q18 • DMCI Homes and Maynilad both continue to provide steady streams of income. • DMCI Home
Slide 22: Disclaimer
DISCLAIMER The information contained in this document is strictly confidential. Neither DMCI Holdings, Inc. (DMCI), 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 conta