Manila Water Co. Inc. · PSE:MWC
Manila Water — 9M 2023 Earnings Presentation
18 slides from Manila Water's earnings presentation, Nov 13, 2023
Slide 1: 9M Analysts' Briefing
9M ANALYSTS’ BRIEFING November 13, 2023
Slide 2: 9M 2023 Financial and Operating Highlights
9M 2023 Financial and Operating Highlights Billed Consolidated EBITDA NIAT CAPEX Volume Revenues +59% +61% Php11.1 Bn NIAT Margin EZ YTD: Php9.5 Bn +4% +39% EBITDA Margin +8 ppts +4 ppts NEZ-PH YTD: Php1.6 Bn • Continued billed volume recovery and implemented tariff increases in EZ and NEZ PH busine
Slide 3: Consolidated Financial Performance
Consolidated Financial Performance Consolidated NIAT up 61% with significant (in Million Php) 9M 2022 9M 2023 % Change topline recovery; NIAT margin up 4 ppts Operating Revenues 16,649 23,144 39% • Consolidated revenues up 39% with continued COS and Operating Expenses (7,496) (8,390) 12% BV recovery
Slide 4: Consolidated Financial Performance: Net income contribution per SBU
Consolidated Financial Performance Net income contribution per SBU (in million Php) 7,263 6,438 4,522 3,832 -32 586 223 155 Parent NEZ - Philippines NEZ - International Conso YTD 9M 2022 YTD 9M 2023 • Parent Company: Higher revenues from continued BV recovery and strong support from implemented tari
Slide 5: Capital Expenditures
Capital Expenditures YTD 9M 2022 YTD 9M 2023 NEZ-PH NEZ-PH Php1,155 million (8%) Php1,606 million (14%) Php14.0 billion Php11.1 billion EZ Php12,874 million EZ (92%) Php9,548 million (86%) EZ NEZ EZ NEZ • Relative decrease in CAPEX with the purchase of land (Php2.6 billion) in EZ during same period
Slide 6: Capital Expenditures: East Zone
Capital Expenditures: East Zone Water Treatment Plants Note: status as of Sep 2023 (80 MLD) Wawa-Calawis Wastewater 95% Completed (50 MLD) San Mateo – Rodriguez System Treatment Plants 26% Completed (300 MLD) Kaliwa Commencing (60 MLD) Manda West – SJ South – QC South 66% Completed (50 MLD) East Bay
Slide 7: Capital Expenditures: Non-East Zone
Capital Expenditures: Non-East Zone Water Treatment Plants Note: status as of Sep 2023 Water Treatment Plant, Ilagan Water Wastewater 67% Completed (20 MLD) BNR STP Upgrade, Clark Water Treatment Plants 67% Completed Cabuyao Expansion, Laguna Water P4: 94%, P5: 78% BNR Upgrade of Hollow Fiber Membra
Slide 8: Balance Sheet Highlights
Balance Sheet Highlights Dec 2022 9M 2023 ASSETS LIABILITIES AND EQUITY Key Balance Sheet Items (in Mn Php) Cash & Cash Equivalents 8,812 7,645 194,803 204,345 194,803 204,345 CAPEX 22,415 11,154 7,465 Bank Debt 84,923 86,643 8,812 Cash and Cash 32,728 33,762 73,452 77,764 Equivalents Debt Profile 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, 9M 2022 9M 2023 % Change with commercial + industrial accounts leading the way in line with continued recovery of businesses Billed Volume (in MCM) 373.3 389.0 4% • NRW in step with increased production Ave
Slide 11: Parent Company: Financial Highlights
Parent Company: Financial Highlights (in Million Php) 9M 2022 9M 2023 % Change 12,554 18,144 45% Parent NIAT up 68% driven by higher tariff Operating Revenues and billed volume recovery, NIAT Margin at 35% COS and Operating Expenses (4,885) (5,739) 17% Other Income (expenses) - net 15 88 487% • High
Slide 12: Non-East Zone Philippines
Non-East Zone Philippines
Slide 13: NEZ-PH: Consolidated Financial Highlights
NEZ-PH: Consolidated Financial Highlights NEZ-PH sustains its turnaround with tariff (in Million Php) 9M 2022 9M 2023 % Change increases in several BUs and steady BV growth Operating Revenues 4,096 5,270 29% COS and Operating Expenses (2,498) (2,806) 12% • Revenues up 29% driven by implemented tarif
Slide 14: Non-East Zone International
Non-East Zone International
Slide 15: NEZ-INTL: Operating & Financial Highlights
NEZ-INTL: Operating & Financial Highlights (in Million Php) 9M 2022 9M 2023 % Change NEZ-INTL NIAT down 30% with lower share in net income of associates Equity share in net income of 447 409 9% associates • Positive performance of key Vietnam businesses and IWP offset by higher interest expense on T
Slide 16: Sustainability + ESG Highlights
Sustainability + ESG Highlights Protect the Environment Help Communities Thrive Build a Culture of Care and Trust Equip Communities thru Sustainable Improved ESG Risk Rating Elevates MWC to Transition Towards a Low Carbon Economy Livelihood Top Spot in APAC MWF1 launched Project Buho, MWC achieves t
Slide 17: Summary
Summary • Continued billed volume recovery and implemented tariff increases in EZ and NEZ PH businesses drive solid topline growth • EBITDA increases 59% to Php15.2 billion, and EBITDA margin improves 8 ppts to 66%. COS and OPEX at Php8.4 billion in line with the continued recovery of economic activ
Slide 18: Manila Water: Care in Every Drop
.\, MANILA WATER CARE IN EVERY DROP