SMC Investors Briefing for 2016 First Quarter Results
Transcription
SMC Investors Briefing for 2016 First Quarter Results
C02705-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) May 12, 2016 2. SEC Identification Number 31171 3. BIR Tax Identification No. 000-168-801 4. Exact name of issuer as specified in its charter PETRON CORPORATION 5. Province, country or other jurisdiction of incorporation Philippines 6. Industry Classification Code(SEC Use Only) 7. Address of principal office San Miguel Head Office Complex, 40 San Miguel Avenue, Mandaluyong City Postal Code 1550 8. Issuer's telephone number, including area code (63 2) 886-3888, 884-9200 9. Former name or former address, if changed since last report N/A 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding COMMON (PCOR) 9,375,104,497 PREFERRED SERIES 2A (PRF2A) 7,122,320 PREFERRED SERIES 2B (PRF2B) 2,877,680 TOTAL DEBT AS OF MARCH 31, 2016 (IN MILLIONS) 11. Indicate the item numbers reported herein Item 9. 202,545 The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party. Petron Corporation PCOR PSE Disclosure Form 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and Sections 4.1 and 4.4 of the Revised Disclosure Rules Subject of the Disclosure Materials for the Investors' Briefing for 2016 First Quarter Results of San Miguel Group Background/Description of the Disclosure Materials for the Investors' Briefing for 2016 First Quarter Results of San Miguel Group Other Relevant Information Please see attached letter dated May 12, 2016. Filed on behalf by: Name Jhoanna Jasmine Javier-Elacio Designation Legal Manager and Assistant Corporate Secretary May 12, 2016 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department 3rd Floor, Philippine Stock Exchange Center Ayala Triangle, Ayala Avenue Makati City Attention: Ms. Janet A. Encarnacion Head, Disclosure Department Subject: SMC Investors’ Briefing for 2016 First Quarter Results Gentlemen: We are forwarding the materials that were distributed to the attendees at the Investors’ Briefing of San Miguel Corporation (“SMC”) this afternoon. The Company is among the subsidiaries of SMC reported. Very truly yours, JOEL ANGELO C. CRUZ VP - General Counsel & Corporate Secretary INVESTORS’ BRIEFING 2016 First Quarter Results 12 May 2016 SIGNIFICANT DEVELOPMENTS 1 MRT 7 Project 2 SMC Global Power Retail Bond Offering investors’ briefing 2016 first quarter results 2 SAN MIGUEL CORPORATION IN MILLION PESOS 1Q 2016 1Q 2015 CHANGE Net Sales 159,625 157,751 1% Income from Operations 22,822 16,555 38% Net Income 13,539 6,107 122% EBITDA 31,474 22,427 40% investors’ briefing 2016 first quarter results 3 SAN MIGUEL BREWERY INC. IN MILLION PESOS 1Q 2016 1Q 2015 CHANGE Net Sales 23,267 18,883 23% Income from Operations 6,050 5,166 17% Net Income 4,018 3,265 23% investors’ briefing 2016 first quarter results 4 GINEBRA SAN MIGUEL INC. IN MILLION PESOS 1Q 2016 1Q 2015 CHANGE 3,934 3,667 7% Income from Operations 188 94 100% Net Income 54 (29) 288% Net Sales investors’ briefing 2016 first quarter results 5 SAN MIGUEL PURE FOODS COMPANY INC. IN MILLION PESOS 1Q 2016 1Q 2015 CHANGE Net Sales 25,980 25,091 4% Income from Operations 1,776 1,468 21% Net Income 1,218 911 34% investors’ briefing 2016 first quarter results 6 SAN MIGUEL PURE FOODS COMPANY INC. Agro-Industrial IN MILLION PESOS INCOME FROM O P E R AT I O N S +78.0% REVENUE +6.2% 17,227 1Q 2015 18,301 863 485 1Q 2015 1Q 2016 1Q 2016 Vo l u me G ro w t h Poultry & Fresh Meats investors’ briefing 2016 first Feeds 8% quarter results 5% 7 SAN MIGUEL PURE FOODS COMPANY INC. Milling IN MILLION PESOS INCOME FROM O P E R AT I O N S -28.1% REVENUE -11.4% 2,667 1Q 2015 2,363 648 1Q 2016 1Q 2015 Ave. Selling Prices of Basic Flour investors’ briefing 2016 first Ave. Wheat Cost 12% quarter results 466 1Q 2016 7% 8 SAN MIGUEL PURE FOODS COMPANY INC. IN MILLION PESOS Branded Value - Added INCOME FROM O P E R AT I O N S +63.2% REVENUE +5.3% 5,408 1Q 2015 5,694 256 1Q 2016 1Q 2015 418 1Q 2016 Brand Building investors’ briefing 2016 first quarter results 9 SAN MIGUEL PURE FOODS COMPANY INC. Food Service investors’ briefing 2016 first quarter results Convenience stores Pizza Chains Fast Food Chains Hotels & Restaurants 10 SAN MIGUEL PURE FOODS COMPANY INC. As of March 2016 As of December 2015 Total Assets 61,198 61,038 Cash 10,077 9,284 Interest-bearing Debt 2,994 3,641 Current Ratio 1.92x 1.89x Debt-to-Equity Ratio 0.54x 0.56x Interest-bearing Debt to Equity Ratio 0.08x 0.09x IN MILLION PESOS investors’ briefing 2016 first quarter results 11 SAN MIGUEL PACKAGING GROUP IN MILLION PESOS Net Sales Income from Operations investors’ briefing 2016 first quarter 1Q 2016 1Q 2015 CHANGE 6,503 5,811 12% 597 479 25% results 12 SMC GLOBAL POWER HOLDINGS CORP. IN MILLION PESOS 1Q 2016 1Q 2015 CHANGE Net Sales 19,931 19,757 1% Income from Operations 7,310 6,834 7% investors’ briefing 2016 first quarter results 13 GREENFIELD POWER PROJECTS M A L I T A 2 X 15 0 M W POWER PLANT L I M A Y 2 X 15 0 M W POWER PLANT investors’ briefing 2016 first quarter results 14 PETRON CORP. PRICE DIFFERENTIALS VS. DUBAI 120 1Q15 Dubai: $51.8 Brent: $53.9 Crude Prices, USD/bbl 100 80 1Q16 Dubai: $30.6 Brent: $33.9 60 40 Dubai 20 Jan 21 2016 Dubai $22.8 Brent Jan-15 Mar May Jul Sep Nov - Jan Dubai crude price at a low of $23/bbl due to persistent oversupply - Support in prices began in February due to market expectation of production drop o Continued reduction in shale oil rigs o Possible cooperation of major oil producers to cap production briefing 2016 first GASOLINE 25 20 15 10 5 0 quarter results 10 5 0 (5) (10) (15) (20) (25) 1Q15 2Q15 3Q15 4Q15 1Q16 20 DIESEL 15 10 5 0 1Q15 2Q15 3Q15 4Q15 1Q16 Jan-16 March • Oil price begin to recover in Feb, following a crude price bottom in Jan. investors’ Differentials vs. Dubai, USD /bbl CRUDE PRICES NAPHTHA LPG 1Q15 40 35 30 25 20 15 10 2Q15 3Q15 4Q15 1Q16 3Q15 4Q15 1Q16 PETROCHEMICALS 1Q15 2Q15 Sustained strong margins of Gasoline, LPG, Naphtha and Petrochemicals - Strong demand spurred by low prices x Continued Weakness on Diesel prices - Diesel producing refiners coming on stream 15 PETRON CORP. Operating Performance SALES VOLUME PERFORMANCE (‘000 BARRELS/DAY) 250 225 200 175 150 125 100 75 50 25 - 160.7 1Q15 MY 173.1 1Q16 94.3 105.5 1Q15 1Q16 Crude Run in , in MBD 150 ~85% • Reduction in Debt Levels 190 ~90% ~75% 120 90 60 30 180 170 160 150 140 1Q15 0 1H15 investors’ • Declaration of RMP-2 commercial operation in Jan 2016 • Introduction of Blaze 100 Euro 4M in Malaysia BATAAN REFINERY UTILIZATION 180 - PH driven by strong growth in gasoline, diesel and lubricants. - MY driven by high Industrial growth Gross Debt In Billions, PHP PH • Strong sales volumes growth in all major segments briefing 2H15 2016 first 2Q15 3Q15 4Q15 1Q16 1Q16 quarter results 16 PETRON CORP. IN MILLION PESOS 1Q 2016 1Q 2015 CHANGE Net Sales 76,857 86,744 -11% Gross Margins 8,942 5,757 55% Rate 12% 7% Income From Operations 5,764 2,968 94% Net Income 2,758 257 high Volume (in million barrels) 25.3 23.2 9% investors’ briefing 2016 first quarter results 17 SAN MIGUEL HOLDINGS CORP. INFRASTRUCTURE BUSINESS IN MILLION PESOS 1Q 2016 1Q 2015* CHANGE Net Sales 4,692 4,030 16% Income from Operations 2,429 2,091 16% 1Q 2016 1Q 2015 CHANGE SLEX 295,696 265,500 11% Skyway Stages 1 and 2 245,013 238,001 3% STAR Tollway 46,485 39,152 19% TPLEX 15,124 11,671 30% TRAFFIC VOLUME (no. of vehicles) *Infrastructure tolling revenues consolidated in SMC group for 1Q 2015 was P1.5 billion and operating income was about P659 million, given consolidation of SLEX and Skyway Stages 1 and 2 only started in March. investors’ briefing 2016 first quarter results 18 SAN MIGUEL HOLDINGS CORP. INFRASTRUCTURE BUSINESS NAIA EXPRESSWAY SKYWAY STAGE 3 BORACAY AIRPORT investors’ briefing 2016 first quarter results 19 SAN MIGUEL HOLDINGS CORP. INFRASTRUCTURE BUSINESS BULACAN BULK WATER MRT -7 investors’ briefing 2016 first quarter results 20 SMC FINANCIAL POSITION As of March 2016 As of December 2015 1,274 1,246 Cash 201 181 Interest –bearing Debt 500 515 Current Ratio 1.49 1.32x Total Liabilities to Equity Ratio 2.01 2.24x Interest-bearing Debt to Equity Ratio 1.18 1.34x Net-Debt-to-EBITDA 2.16 2.61x IN BILLION PESOS Total Assets investors’ briefing 2016 first quarter results 21 VISIT OUR WEBSITES San Miguel Corporation San Miguel Brewery Inc. Ginebra San Miguel Inc. San Miguel Pure Foods Co. Inc. Petron Corporation THANK YOU. www.sanmiguel.com.ph www.sanmiguelbrewery.com.ph www.ginebrasanmiguel.com www.sanmiguelpurefoods.com www.petron.com CONTACT US SMC Investor Relations +632 632 3752 +632 632 3422
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