First Quarter 2012Financial & Operating Results
May 4, 2012
2
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Aboitiz Power Corporation
• Union Bank of the Philippines
• City Savings Bank
• AEV Financials
• Q&A
3
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Aboitiz Power Corporation
• Union Bank of the Philippines
• City Savings Bank
• AEV Financials
• Q&A
FINANCIAL HIGHLIGHTS
9M 2006REVENUE (in million pesos)
Flour Feeds Swine
4
3,7153,5654%
FINANCIAL HIGHLIGHTS
EBITDA (in million pesos)
Flour Feeds Swine
5
379448
15%
FINANCIAL HIGHLIGHTS
NET INCOME (in million pesos)
Flour Feeds Swine
6
219282
22%
7
OUTLOOK
Flour Port dredging and rehabilitation of the unloading facility
Pneumatic unloader
Pier expansion
Feeds Construction of additional steel silos (Iligan) and finished goods warehouse (Tarlac)
Planning for 3rd Feedmill Plant
Farms Increase sow level: from 6,500 to 8,350 heads by 2014
To be completed in 2012: Nursery Farm & 2 Growing-Finishing Farms
To be completed in 2013: Breeder Farm & 2 Growing-Finishing Farms
• Review of Business Units
• Pilmico Foods Corporation
• Aboitiz Power Corporation
• Union Bank of the Philippines
• City Savings Bank
• AEV Financials
• Q&A
8
AGENDA
5,106EPS = P0.69ROE = 41%
5,600EPS = P0.76ROE = 39%
10%
NET INCOME (in million pesos)
3%
61%
9
Distribution Generation AP Parent
10
CORE NET INCOME (in million pesos)
4,651EPS = P0.63ROE = 37% 9%
4%
61%
Distribution Generation AP Parent
Non-recurring gain of P455 million
Parent • FX loss of P47 mn
Generation• FX gain of P154 mn• TMI revenue adjustment of P348 mn
Non-recurring gain of P517 million
Parent • FX loss of P5 mn
Generation• FX gain of P508 mn• Gain from share redemption of P14 mn
5,083EPS = P0.69ROE = 36%
759 1,182
7,310 7,312
1Q2011 1Q2012
11
PROFORMA EBITDA (in million pesos)
8,0198,449
5%
Distribution Generation AP Parent
OPERATING HIGHLIGHTS: GENERATION
12
ENERGY SALES BREAKDOWN (GWh)
1,471 1,807
329 389 368 256
1Q2011 1Q2012
Energy contracts Capacity contracts Spot market
CAPACITY SALES BREAKDOWN (MW)
2,1682,452
P/kWh 1Q2011 1Q2012
Bilateral 5.34 5.37
Spot Market 3.30 4.05
680 826
292
370 170
117 160
170
1Q2011 1Q2012Energy contracts Capacity contractsSpot market Ancillary
1,302
1,483
13% 14%
(6,000)
(4,000)
(2,000)
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
Jan-
08Fe
b-08
Mar
-08
Apr-0
8M
ay-0
8Ju
n-08
Jul-0
8Au
g-08
Sep-
08O
ct-0
8No
v-08
Dec-
08Ja
n-09
Feb-
09M
ar-0
9Ap
r-09
May
-09
Jun-
09Ju
l-09
Aug-
09Se
p-09
Oct
-09
Nov-
09De
c-09
Jan-
10Fe
b-10
Mar
-10
Apr-1
0M
ay- 1
0Ju
n-10
Jul -1
0Au
g-10
Sep-
10O
ct-1
0No
v-10
Dec-
10Ja
n-11
Feb-
11M
ar-1
1Ap
r-11
May
-11
Jun-
11Ju
l-11
Aug-
11Se
p-11
Oct
-11
Nov-
11De
c-11
Jan-
12Fe
b-12
Mar
-12
Peak Off Peak All Hours
WESM AVERAGE PRICES (P/MWh)
OPERATING HIGHLIGHTS: 1Q2012 WESM HIGHLIGHTS
13
Note: 1. Calculated based on raw data provided by WESM as of April 2012. July 26 – October 25,
2008 prices are reflective of NPC TOU rates.
Source: WESM, SNAP
• Gas curtailments• Low Hydro• High Outages• Fuel limitations
• Forced outages of Masinloc, StaRita, Malaya & Ilijan
• High Outage: 1 unit of Sual and Calaca on outage
• Hydros still on minimal output
Typhoon Pepeng
Typhoon Ondoy
• Shutdown of Malampaya pipeline
• Maintenance shutdown of Sual and Pagbilao
YTD PricesPeak Off Peak All Hours
2010 7,681 3,827 5,898 2011 4,796 2,035 3,508 Mar 11 3,334 2,027 2,735 Mar 12 5,128 2,374 3,660
AVERAGE CAPACITY ON OUTAGE (in MW)
Source: WESM, SNAP14
OPERATING HIGHLIGHTS: 1Q2012 WESM HIGHLIGHTS
1,251
847
645
727
614563
809
1,130
1,510 1,549
1,126
1,363
1,461
895
791
January February March April May June July August September October November December
2011 2012
OPERATING HIGHLIGHTS: 1Q2012 WESM HIGHLIGHTS
15Source: www.accuweather.com
AVERAGE TEMPERATURE (in oC)
26.6
27.1
27.7
29.2
29.8
28.6
27.8
27.3
27.5
27.2
26.6 26.6
25.8
26.6 26.6
27.7
28.3
27.6 27.1 27.1
27.5 27.6
26.9 26.7 27.0 27.5
Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec
20102011
2012
WEEKLY SYSTEM PEAK DEMAND (in MW)
Source: WESM 16
OPERATING HIGHLIGHTS: 1Q2012 WESM HIGHLIGHTS
3000
3500
4000
4500
5000
5500
6000
6500
7000
7500
8000
w1 w3 w5 w7 w9 w11 w13 w15 w17 w19 w21 w23 w25 w27 w29 w31 w33 w35 w37 w39 w41 w43 w45 w47 w49 w51
7,425 MW7,529 MW
20102011
2012
136 160
1Q2011 1Q2012
18%
ATTRIBUTABLE ENERGY SALES
(GWh)
1Q20111Q2012
OPERATING HIGHLIGHTS: HYDRO
CONTRACTED ENERGY (GWh), at 100%
SPOT MARKET (GWh), at 100%
CAPACITY SOLD FACTOR
17
42 18 15
84
46
16
87
45
Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet
42
9
38
26
SNAP Magat SNAP Benguet
46%
22%10%
78%
102%
49%
17%
0%
101%
32%
Hedcor Sibulan HEDCOR LHC SNAP Magat SNAP Benguet
2.84 3.27
3.19
9.20
SNAP Magat SNAP Benguet
AVERAGE SELLING PRICE (in P/kWh)
1Q20111Q2012
CONTRACTED ENERGY SPOT MARKET
18
OPERATING HIGHLIGHTS: HYDRO
5.04 4.87
2.91
4.61
5.17 4.60 4.93
6.41
H Sibulan HEDCOR LHC SNAP Magat SNAP Benguet
OPERATING HIGHLIGHTS: HYDRO
19
SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES(at 100%)
Ancillary Revenues(in million pesos)
Accepted & Billed Capacity(in GW/h)
1,520
2,585
656
258
1Q2011 1Q2012
478 670
211
70
1Q2011 1Q2012
SNAP MagatSNAP Benguet
2,176
2,843 689 74131% 7%
1Q2011 1Q2012
P/kW/h 3.16 3.84
MAGAT’S WATER LEVEL VS. RULE CURVE (in MASL)
Source: SNAP20
OPERATING HIGHLIGHTS: HYDRO
140.00
150.00
160.00
170.00
180.00
190.00
200.00
2010 Water Level
2011 Water Level
2012 Water Level
Magat Rule Curve (meter)
Critical Level
1Q 2Q 4Q3Q
4.85 4.92
2.70 3.05
4.28 4.83
1Q2011 1Q2012
BCQ WESM WTD Ave
629 833
225 38
1Q2011 1Q2012
OPERATING HIGHLIGHTS: GEOTHERMAL
21
Energy Sales(in GWh)
Average Selling Prices (P/kWh)
Steam Vented (GWh)
AP RENEWABLES (Tiwi-Makban)
5
4
1Q2011 1Q2012
2%855 871
BCQ
WESM
Steam Cost @ P1.07/kWh
Capacity Sold Factor
86% 86%
Steam Cost @ P1.34/kWh
359
848
269
1,041
393
1,023
364
1,253
STEAG TLI CEDC Total
ENERGY SALES (GWh)
CAPACITY SOLD FACTOR
1Q20111Q2012
20%
Attributable Energy Sales
22
OPERATING HIGHLIGHTS: COAL
95%
56% 51%
95%
67%
86%
STEAG TLI CEDC
5.59
4.53
5.44
BCQ WESM WTD Ave
THERMA LUZON (Pagbilao)1Q2011 Average Selling Price
P/kWh
23
OPERATING HIGHLIGHTS: COAL
Energy Sales(in GWh)
732 844
116
179
1Q2011 1Q2012
5.43
3.78
5.14
BCQ WESM WTD Ave
1Q2012 Average Selling PriceP/kWh
Coal Cost + Energy Fee = P2.46/kWhCoal Cost = P2.28/kWh
Coal Cost + Energy Fee = P2.48/kWhCoal Cost = P2.33/kWh
1,023
84821%
BCQ
WESM
36 23
63 100
73
137
12 26
74
126 106
168
EAUC CPPC SPPC WMPC Therma Marine
22%ENERGY SALES (GWh)
AttributableEnergy Sales
CAPACITY SOLD FACTOR
1Q20111Q2012
24
OPERATING HIGHLIGHTS: OIL
100% 94% 100% 100%
51%67%
96% 100% 100%83%
EAUC CPPC SPPC WMPC Therma Marine
LAKE LANAO WATER LEVEL (in MASL)
25
OPERATING HIGHLIGHTS: OIL
698.00
698.50
699.00
699.50
700.00
700.50
701.00
701.50
702.00
1 10 19 28 37 46 55 64 73 82 91 100 109 118 127 136 145 154 163 172 181 190 199 208 217 226 235 244 253 262 271 280 289 298 307 316 325 334 343 352 361
2010
2011
2012
critical level
shutdown
1,391
2,355
3,747
2,019 2,381
4,397
Hydro Geothermal Total Benef icial EBITDA
1Q2011
1Q2012
7,310 7,312
1Q2011 1Q2012 730
2,834
3,564
331
2,602 2,915
Oil Coal Total Benef icial EBITDA
1Q20111Q2012
Amounts in Million Pesos
RENEWABLE PLANTS17%
OPERATING HIGHLIGHTS: GENERATION
PF BENEFIClAL EBITDA
26
18%THERMAL PLANTS
1,896 1,971 2,127 2,419 2,461 2,507 2,790 3,142 3,322 3,606 3,727
889 950
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 1Q2011 1Q2012
234
655
889
249
701 950
Residential Commercial & Industrial
Total Power Sales
1Q2011 1Q2012
BENEFICIAL POWER SALES (GWh)
7%
BENEFICIAL GWH SALES GROWTH(BY CUSTOMER TYPE)
7%
PEAK DEMAND (MW)
5%
6%
7%
OPERATING HIGHLIGHTS: DISTRIBUTION
27
266 379
23 88 83 21 27
887
285 402
21 88 87 20 32
934
DLPC VECO CLPC SFELAPCO SEZ MEZ BEZ Total
1Q2011 1Q2012
1% 1%
4%
7% 7%
9.8%
8.7%
1% 2%
4% 4%
8%9.5%
11.2%
SYSTEMS LOSSGROSS MARGIN / KWH SALE
OPERATING HIGHLIGHTS: DISTRIBUTION
* Adjusted for timing of transmission charge recovery ** 12 month moving average
28
SFELAPCOSEZ Davao Light
Visayan Electric
Cotabato Light
MEZ BEZ
1Q20111Q2012
Gov’t Cap – 8.50%
0.96
1.05 1.07
1.03 1.14 1.20
1.28 1.27
1.21 1.16
1.25
1.44
1.53
* *
**
56%
PF BENEFICIAL EBITDA
OPERATING HIGHLIGHTS: DISTRIBUTION
Amounts in Million Pesos
1Q20111Q2012
29
541
66 23 25 60 23 21
759 682
295 33 39 91 20 22
1,182
Davao Light VECO Cotabato Light San Fernando Electric
Subic Enerzone Mactan Enerzone
Balamban Enerzone
Total Benef icial EBITDA
FINANCIAL CONDITION
30
BALANCE SHEET(In million Pesos)
Cash and Equivalents
YE2011
Total Assets
Total Interest Bearing Debt
Total Liabilities
Net Debt
Total Equity
Current Ratio
Net Debt to Equity
7,900
65,499
13,457
13,692
5,557
51,807
8.8x
0.1x
Investments and Advances 56,990
QE Mar 2012
11,201
68,836
13,463
13,626
2,262
55,210
13.3x
0.04x
57,045
PARENT
YE2011
23,392
153,528
73,198
83,336
49,806
70,192
3.5x
0.7x
29,122
QE Mar 2012
28,574
159,442
73,168
83,620
44,594
75,822
4.1x
0.6x
30,160
CONSOLIDATED
FINANCIAL CONDITION
31
BALANCE SHEET(In million Pesos) YE2011
Total Interest Bearing Debt
Net Debt
Equity*
Net Debt to Equity
93,043
61,743
68,928
0.90
QE Mar 2012
92,423
56,520
74,080
0.76
BENEFICIAL
Cash 31,300 35,904
*Equity Attributable to Parent
Net Debt to EBITDA 1.74
32
OUTLOOK: Generation Business
LUZON GRID Binga Hydro 15 MW (2013)
Subic Coal 600 MW (2015)
Sabangan Hydro 13 MW
Magat Hydro 90-115 MW
Pagbilao Coal 380-400 MW
MINDANAO GRID Mindanao Hydro 54 MW (2014-15)
Davao Coal 300 MW (2015)
Unified Leyte Geothermal plants (EDC) 550 MW, Visayas Grid
IPPA: Caliraya-Botokan-Kalayaan Hydro (J Power) 728 MW, Luzon Grid
IPPA: Casecnan Hydro, 150 MW, Luzon Grid
Asset Sale: Agus Hydro 727 MW & Pulangi Hydro 255 MW, Mindanao Grid
BROWN/GREENFIELD PRIVATIZATION
Annex A: EARNINGS BREAKDOWN
33
(in million pesos) % %
INVESTEE OWNED OWNED ACTUAL ACTUALDEC 31/2011 Mar 31/2012 2012 2011
Parent & Others (216) (266)Power Generation Group: HEDCOR INC 100% 100% (94) (54) HEDCOR SIBULAN 100% 100% 35 50 LUZON HYDRO 50% 100% 82 (15) SNAP MAGAT 50% 50% 1,269 734 SNAP BENGUET 50% 50% 176 222 SPPC 20% 20% 14 12 WMPC 20% 20% 33 39 CPPC 60% 60% 78 60 EAUC 50% 50% 33 56 THERMA MOBILE 100% 100% (14) (0) THERMA MARINE 100% 100% 78 423 STEAG 34% 34% 92 213 ABOVANT HOLDINGS (CEDC) 60% 60% 124 41 RP ENERGY 50% 25% (6) (3) THERMA LUZON 100% 100% 1,067 1,045 AP RENEWABLES 100% 100% 2,151 2,093 OTHERS (37) 1
Sub-Total Power Generation 5,083 4,918Power Distribution Group: COTABATO LIGHT & POWER 100% 100% 15 9 DAVAO LIGHT & POWER 100% 100% 429 346 VISAYAN ELECTRIC CO. 55% 55% 177 19 SFELAPCO 44% 44% 21 11 SUBIC ENERZONE 100% 100% 56 31 MACTAN ENERZONE 100% 100% 16 20 BALAMBAN ENERZONE 100% 100% 18 18
Sub-Total Power Distribution 733 454TOTAL NET INCOME 5,600 5,106NET INCOME TO COMMON 5,600 5,106% increase (decrease) 10%CORE NET INCOME 5,083 4,651% increase (decrease) 9%CORE NET INCOME bef Finance Lease Acctng 6,524 5,981% increase (decrease) 9%
YEAR - TO - DATE
34
Annex B: CORE NET INCOME, Ex Pagbilao Effect (in million pesos)
5,981EPS = P0.81ROE = 48%
6,524EPS = P0.89ROE = 46%
9%
5%
61%
Distribution Generation AP Parent
Pagbilao Finance Lease Effect
+ P1,441 mn of accreted interest expense+ P274 mn of depreciation- P273 mn of PSALM monthly payments
Or total of P1,441 mn
Pagbilao Finance Lease Effect
+ P1,331 mn of accreted interest expense+ P274 mn of depreciation- P276 mn of PSALM monthly payments
Or total of P1,330 mn
26 32
225 38
116
181
1Q2011 1Q2012
110 127
629 833
732 844
3
1Q2011 1Q2012
193 228
136 161
1Q2011 1Q2011
CONTRACTED (ENERGY) CONTRACTED (CAPACITY)
SPOT MARKET
23%
1,807
18%
30%
Geothermal
Hydro
Coal
Oil
329389
368
256
1,471
Annex C: OPERATING HIGHLIGHTS – GENERATION
35*Figures are in GWh
Annex D: DEBT PROFILE – AP PARENT
Maturity Profile - PhPM(As of March 2012)
Breakdown by Tenor(As of March 2012)
Breakdown by Currency(As of March 2012)
36
Breakdown by Interest Rate(As of March 2012)
711 6
7,300
526
5,000
2012 2013 2014 2015 2016
Long Term95%
Short Term5%
Peso100%
Fixed100%
Annex E: DEBT PROFILE – AP BENEFICIAL
Maturity Profile - PhPM(As of March 2012)
Breakdown by Tenor(As of March 2012)
Breakdown by Currency(As of March 2012)
37
Breakdown by Interest Rate(As of March 2012)
6,009
8,505
14,966
8,337
12,324
7,877
5,703 5,276
8,388
4,068 3,642 3,084 2,788 1,423
194
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Long Term96%
Short Term4%
Peso65%
Dollar35%
JPY0%
Fixed97%
Floater3%
PROJECT UPDATE
38
AMBUKLAO-BINGA REHABILITATION
Total combined project cost of $280 million- $189 million for 75 MW Ambuklao + $10 million for new
headrace tunnel
- $81 million for 100 MW Binga
Target completion dates for Ambuklao- All three units done by 3Q2011
- Rated capacity currently at 105 MW
Target completion dates for Binga - Unit 1: done in December 2011
- Unit 2: 3Q2012
- Unit 3: 1Q2013
- Unit 4: 4Q2013
- To increase capacity to 120 MW
Capex spent as of end-1Q2012 at roughly $262million
Annex F: PROJECT UPDATE
38
TIWI-MAKBAN REHABILITATION• At Makban
• Estimated completion date within 1Q2013
• At Tiwi
• Estimated completion date within 3Q2012
• As of end-1Q2012, total actual capex spent at P4.2 billion (roughly $97.5 million)
• Enhancements in the plants’ availability rate are expected following the completion of the refurbishment, rehabilitation and resource improvments
PROJECT UPDATEAnnex F: PROJECT UPDATE (cont’d)
39
Makban Plant A
Tiwi Rehab Activity
PROJECT UPDATE
40
242 MW NAVOTAS POWER BARGES
To undergo rehabilitation, which involves:– Overhaul of engines
– Repair of barge super-structure and deck
– Possible dry docking
– Construction of new transmission line
Total rehab cost estimated at ~$30 million– Capex spent as of end-1Q2012 at P596.5
million (or ~$14 million)
Estimated rehab timeline– 4Q2011: 123 MW
– 3Q2012: 67 MW
– 4Q2012: 52 MW, including switchyard
Off-take– Merchant
– Possible contracts for peaking capacity
40
Annex F: PROJECT UPDATE (cont’d)
Pre-Acquisition
Post-Acquisition
• Review of Business Units
• Pilmico Foods Corporation
• Aboitiz Power Corporation
• Union Bank of the Philippines
• City Savings Bank
• AEV Financials
• Q&A
41
AGENDA
Net income boosted by exceptional trading gains
42
Non interest income driven by sustained vigilance in trading opportunities
685
3,204
43
Net interest income supported by improvement in net interest margin and increasing share of earning assets
1%
5 bps 3%
44
Realignment of deposits to low cost funds
13%7%
45
Operating expenses rose in support of business expansion
32%
46
Credit portfolio expanded on sustained growth in consumer finance and commercial businesses
70
87
24%
+44%+50%
-8%
+33%
+50%
+50%
47
Key financial ratios reflectedexceptional earnings performance
48
Capital ratios remained healthy and supportive of future expansion and growth
49
UBP stock performed strongly, outpacing the PSE and Financial Sector indices
Source: Bloomberg, 3/31/11= 100
50
51
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Aboitiz Power Corporation
• Union Bank of the Philippines
• City Savings Bank
• AEV Financials
• Q&A
Slight decline in bottomline due to increased operating expenses resulting from expansion program and other initiatives
4%
19%
27%
Net Income(in Million Pesos)
Net Interest Income(in Million Pesos)
Operating Expenses(in Million Pesos)
52
53
Additional branches and increased average loan take up fueled loan growth
63%
Loan Portfolio(in Million Pesos)
19%
46%
Branch Network
Average Loan Per Borrower(in Thousand Pesos)
54
21%
Total Resources(in Million Pesos)
20%
Total Deposits(in Million Pesos)
2%
Capital Funds(in Million Pesos)
55
Revenue to OverheadCapital Adequacy Ratio NPL Coverage Ratio
KEY RATIOS
56
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Aboitiz Power Corporation
• Union Bank of the Philippines
• City Savings Bank
• AEV Financials
• Q&A
CONSOLIDATED PROFIT & LOSS (In Million Pesos)
57
Revenues
Equity Earnings
EBITDA
Net Income
1Q2011 1Q2012 % Change
17,111 19,579 14%
8,623 9,825
96%1,655 3,247
14%
4,605 5,855 27%
Core Net Income 4,258 5,458 28%
Core Net Income(Ex Pagbilao Effect)
5,273 6,566 25%
NET INCOME (In Million Pesos)
Power Banking Food Parent & Others
58
4,605EPS = P0.83ROE = 32%
5,855EPS = P1.06ROE = 33%
27%
84%
9%6%
73%
23%4%
CORE NET INCOME (In Million Pesos)
59
5,458EPS = P0.99ROE = 31%
28%
Non-recurring income of P347 mn
Power:• P82 mn FX gain• P266 mn TMI revenue
adjustment
Non-recurring income of P396 mn
ParentP0.6 mn FX loss
Power• P386 mn FX gain • P11 mn gain on share
redemption
4,258EPS = P0.77ROE = 29%
83%
10%7%
72%
24%4%
Power Banking Food Parent & Others
1Q2011 1Q2012
EBITDA (In Million Pesos)
60
8,623
7,376
9,825
8,416
EBITDA (Consolidated) EBITDA (Proforma)
14% 14%
PARENT NET DEBT (In Million Pesos)
Parent net debt increased by 74% YoYCash & Equivalents
Long-term Debt
61
34%
(In Million Pesos, except ratios)
Cash and Cash Equivalents
YE 2011 QE Mar 2012 % Change
Total AssetsTotal Liabilities
Total Equity
Book Value Per ShareCurrent RatioDebt to EquityNet Debt to Equity
29,543
200,992106,014
94,978
13.962.961.120.59
34,803
207,888107,180
100,708
14.803.491.060.50
18%
3%1%
6%
CONSOLIDATED BALANCE SHEET / KEY RATIOS
62
Equity Attributable to Parent 77,078 81,727 6%
63
Annex A: CORE NET INCOME, Ex Pagbilao (In Million Pesos)
6,566EPS = P1.19ROE = 37%
25%
AEV’s Share of Pagbilao Finance Lease Effect at P1,107 mn
+ P1,107 mn in accreted interest expense + P210 mn in depreciation expense- P210 mn PSALM payments
5,273EPS = P0.95ROE = 37%
AEV’s Share of Pagbilao Finance Lease Effect at P1,016 mn
+ P1,017 mn in accreted interest expense + P209 mn in depreciation expense- P210 mn PSALM payments
87%
8%5%
76%
20%3%
Power Banking Food Parent & Others
Annex B: EARNINGS CONTRIBUTION (In Million Pesos)
64
Aboitiz Power Corp.
City Savings Bank
Pilmico
1Q2011 1Q2012
3,901 4,302
102 99
282 219
% Change
10%
-4%
-22%
4,605 5,855 27%Net Income
Parent & Others -- 4 --
4,258 5,458 28%Core Net Income
Union Bank 319 1,230 285%
5,273 6,566 25%Core Net Income (Ex Pagbilao Effect)
65
AGENDA
• Review of Business Units
• Pilmico Foods Corporation
• Aboitiz Power Corporation
• Union Bank of the Philippines
• City Savings Bank
• AEV Financials
• Q&A
First Quarter 2012Financial & Operating Results
May 4, 2012