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Secondary

ABOITIZ POWER CORPORATION

Second Quarter / First Half 2015

Financial & Operating Results

30 July 2015

Secondary

812 916 828

3,5732,844

4,030

1Q2015 2Q2015 2Q2014

QUARTERLY BREAKDOWN

1,446 1,729

7,5916,418

1H2014 1H2015

NET INCOME (in million pesos)

30 July 2015

Aboitiz Power Corporation First Hlaf/ Second Quarter 2015 Financial & Operating Results2

8,030EPS = P1.09

10%

-15%

+20%

8,946EPS = P1.22

DistributionGeneration AP Parent & Others

4,768

3,683

4,347

23%15%

Secondary

812 916 828

3,5613,021 3,462

1Q2015 2Q2015 2Q2014

QUARTERLY BREAKDOWN

1,446 1,729

7,247 6,581

1H2014 1H2015

CORE NET INCOME (in million pesos)

30 July 2015


8,172EPS = P1.11

5%

-9%

+20%

8,624EPS = P1.17


4,2353,837

4,335

9%11%

Non-Recurring Items1H2014 1H2015

AP Parent (21) 21

AP -Gen 344 (163)

Total Gains/(Losses) 323 (143)

Non-Recurring Items1Q2015 2Q2015 2Q2014

AP Parent (1) 22 (34)

AP -Gen 13 (176) 568

Total Gains/(Losses) 11 (154) 534

Secondary

1,265 1,411 1,379

7,2396,129

6,900

1Q2015 2Q2015 2Q2014

QUARTERLY BREAKDOWN

2,487 2,676

14,431 13,368

1H2014 1H2015

BENEFICIAL EBITDA (in million pesos)

30 July 2015


16,1024%

-7%

+8%

16,847


8,2397,571

8,531 8%11%

Secondary

FINANCIAL CONDITION

30 July 2015


BALANCE SHEET

(In million Pesos)

Cash and Equivalents

YE2014

Total Assets

Total Interest Bearing Debt

Total Liabilities

Net Debt

Total Equity

Current Ratio

Net Debt to Equity

20,161

91,367

9,902

22,385

-

68,982

1.7x

-0.2x

Investments and Advances 70,012

End June 2015

8,648

80,394

9,906

22,384

-

58,010

0.8x

0.02x

70,499

PARENT

YE2014

40,232

216,761

97,347

120,681

57,115

96,080

3.4x

0.6x

24,816

End June 2015

39,504

223,099

103,577

131,529

64,073

91,570

2.1x

0.7x

25,812

CONSOLIDATED

Secondary

OPERATING HIGHLIGHTS: GENERATION

30 July 2015


346 309

778 784

434 471

208 231

1H14 1H15

Capacity Sales Breakdown by Fuel Type (MW)

Coal

Geothermal

Oil

Hydro

199 158

527 557

925 944

116 136

1H14 1H15

Capacity Sales Breakdown by Profile (MW)

Spot Market Energy Contracts Bilateral Contracts Ancillary

Peso/kWh 1H2014 1H2015

Bilateral 5.17 3.72

Spot Market 5.19 4.93

1,7951,766

1,7951,766 2%

Secondary


30 July 2015


Energy Sales(GWh)

VarianceCapacity Sold

FactorChange in %

Points

1H14 1H15 1H14 1H15

Mini Hydro 244 206 -38 33% 31% -2

Large Hydro 292 319 27 50% 59% 9

SNAP Magat 159 133 -26 38% 40% 2

SNAP Benguet 133 186 53 68% 89% 21

Geothermal 1,503 1,342 -161 87% 77% -10

Coal 2,657 2,900 243 94% 95% 1

Therma Luzon 2,329 2,418 89 94% 94% -

Oil 859 944 85 96% 97% 1

Secondary


30 July 2015


Peso/kWh Bilateral Contracts

Spot Market

WeightedAverage

1H14 1H15 1H14 1H15 1H14 1H15

AP Generation Group 5.17 3.72 5.19 4.93 5.18 3.84

SNAP Magat 4.99 5.09 5.06 7.15 5.02 5.36

SNAP Benguet 5.17 4.76 9.96 9.50 6.39 5.01

Therma Luzon* 4.15 3.87 5.87 5.33 4.42 4.03

APRI** 4.80 4.43 3.66 4.13 4.52 4.35

Average Selling Price

Note: Fuel cost and purchased power:*TLI: P1.56/kWh (1H2015) versus P1.95/kWh (1H2014)**APRI: P1.69/kwh (1H2015) versus P1.91/kWh (1H2014)

Secondary

Accepted & Billed Capacity(in GW/h)

274360

414

548

1H14 1H15

572782

1,1971,160

1H14 1H15

OPERATING HIGHLIGHTS: ANCILLARY SERVICES

30 July 2015


SNAP MAGAT & SNAP BENGUET ANCILLARY SERVICES (at 100%)

Ancillary Revenues(in million pesos)

SNAP Magat

SNAP Benguet

1,942688

908

10%1,769

1H2014 1H2015

Peso/kWh 2.57 2.14

32%

Secondary

OPERATING HIGHLIGHTS: ANCILLARY SERVICES

30 July 2015


ANCILLARY SERVICES – Nomination and Acceptance (GW/h)

Source: SNAP Magat & SNAP Benguet

Secondary

584

1,754

2,338

548

1,546

2,122

Residential Commercial & Industrial Total Power Sales

1H2014 1H2015

OPERATING HIGHLIGHTS: DISTRIBUTION

30 July 2015


BENEFICIAL POWER SALES (Gwhr)

BENEFICIAL GWH SALES GROWTH(BY CUSTOMER TYPE)

PEAK DEMAND (MW)

6%

2,790 3,142 3,322 3,606 3,727 3,934 4,076 4,480

2,122 2,338

2007 2008 2009 2010 2011 2012 2013 2014 1H2014 1H2015

10%

10%

7%

14%

330 459

23 96 96

22 28 0

1,055

354 462

25 99 102

22 30 26

1,119

Davao Light VECO CotabatoLight

SFELAPCO SEZ MEZ BEZ LEZ Total

1H2014 1H2015

Secondary

OPERATING HIGHLIGHTS: DISTRIBUTION

30 July 2015


0%

1%1%

4%

7% 7%

8% 8%

2%

1% 1%

3%

7%

6%

7% 8%

SYSTEMS LOSSGROSS MARGIN / KWH SALE

SFELAPCOSEZ Davao Light VECO CotabatoLight

MEZ BEZ

1.25

1.44

1.60

1.77 1.71

1.57

2010 2011 2012 2013 2014 1H2015

1H2014

1H2015

Gov’t Cap – 8.50%

LEZ

Secondary

BUSINESS UPDATES

13Aboitiz Power Corporation First Hlaf/ Second Quarter 2015 Financial & Operating Results

30 July 2015

• Income Tax holiday of Binga Plant to expire this August 2015

• Open Access - contestability threshold expanded

• Eyeing to bid for STEAG

Secondary

PROJECT UPDATES

30 July 2015


Hedcor Sabangan

• 14-MW run-of-river hydroelectric power plant located in Mt. Province.

• Began commercial operations in June 2015

Therma South – Davao Coal

• Unit 2: • Replacement parts will arrive within the month • Target Commissioning: First quarter 2016

• Unit 1: • Testing program adjusted to assist the Mindanao Grid

amid tight supply situation• Full testing should be completed as soon as the grid

stabilizes

Secondary

Annex A: EARNINGS BREAKDOWN

30 July 2015


(in million pesos) YEAR - TO - DATE FOR THE QUARTER

INVESTEE ACTUAL ACTUAL ACTUAL ACTUAL

2015 2014 2015 2014

Parent & Others (116.79) (91.00) (77.67) (89.56)

Power Generation Group:

ARI (Parent & others) 18.10 (4.49) 12.68 (0.05)

HEDCOR INC (183.08) (133.21) (75.49) (36.39)

HEDCOR SIBULAN 374.23 392.04 195.54 192.28

HEDCOR TUDAYA 41.51 46.26 23.09 33.33

HEDCOR TAMUGAN 0.00 0.00 0.00 0.00

HEDCOR SABANGAN 6.83 (3.74) 9.65 (3.66)

HEDCOR BUKIDNON (0.91) 0.00 (0.91) 0.00

LUZON HYDRO 13.75 81.93 5.72 54.45

MORE (5.08) 3.90 (2.71) 3.37

SNAP MAGAT 220.59 129.32 (23.24) (75.80)

SNAP BENGUET 395.96 665.49 263.83 392.32

SPPC 35.74 27.07 18.08 14.94

WMPC 81.02 63.98 42.18 30.34

CPPC 121.46 127.18 64.24 68.19

EAUC 73.56 76.81 47.57 31.74

THERMA MOBILE 177.84 188.15 104.69 156.57

THERMA MARINE 312.53 440.77 150.68 290.13

STEAG 116.13 (71.92) 56.70 (76.29)

ABOVANT HOLDINGS (CEDC) 246.31 263.82 130.05 145.77

RP ENERGY (3.46) (3.74) (2.20) (1.92)

THERMA (Parent & Others) 3.32 (2.15) 3.34 (0.42)

THERMA SOUTH (23.72) 15.33 (12.97) 2.60

THERMA LUZON 2,190.05 2,566.34 674.73 1,489.63

THERMA VISAYAS (2.62) (1.14) (1.46) (1.14)

PAGBILAO ENERGY (15.10) (2.06) (11.78) (2.06)

AP RENEWABLES 2,222.71 2,725.07 1,172.26 1,321.98

Sub-Total Power Generation 6,417.66 7,591.00 2,844.27 4,029.91

Power Distribution Group:

COTABATO LIGHT & POWER 55.41 34.06 26.66 22.54

DAVAO LIGHT & POWER 866.37 708.44 437.79 371.59

VISAYAN ELECTRIC CO. 466.84 450.93 265.41 279.90

SFELAPCO 52.16 72.07 32.94 47.32

LIMA ENERZONE 79.39 0.00 44.17 0.00

SUBIC ENERZONE 143.62 129.05 76.04 75.47

MACTAN ENERZONE 31.83 23.08 16.00 16.27

BALAMBAN ENERZONE 33.15 28.79 17.47 14.92

Sub-Total Power Distribution 1,728.78 1,446.42 916.48 828.02

TOTAL NET INCOME 8,029.65 8,946.42 3,683.07 4,768.38

NET INCOME TO COMMON 8,029.65 8,946.42 3,683.07 4,768.38

% increase (decrease) -10.25% -22.76%

RECURRING NET INCOME 8,172.20 8,623.78 3,837.01 4,234.69

% increase (decrease) -5.24% -9.39%

Secondary

432 492

1 ,134 967

1,969 2,155

16

1H2014 1H2015

104 32

369 375

366 267

1H2014 1H2015

Annex B: OPERATING HIGHLIGHTS - GENERATION

30 July 2015


322 478

819 907

1H2014 1H2015

CONTRACTED (ENERGY) CONTRACTED (CAPACITY)

SPOT MARKET

2%3,55121%

21%

Geothermal

Hydro

Coal

Oil

1,386

685

863

3,639

*Figures are in GWh

1,141

Secondary

Thank you

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