1 0 0 0 0 0 0 0 9 1 4 4 7 SEC Registration Number S E M I R A R A M I N I N G A N D P O W E R C O R P O R A T I O N (Company’s Full Name) 2 n d F l o o r D M C I P L A Z A 2 2 8 1 D O N C H I N O R O C E S A V E N U E M A K A T I C I T Y (Business Address: No. Street City/Town/Province) John R. Sadullo (632) 888-3000/3055 (Contact Person) (Company Telephone Number) 1 2 3 1 1 7 - C (Form Type) Month Day (Fiscal Year) (Annual Meeting) (Secondary License Type, If Applicable) Corporate Finance Dept. Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes. COVER SHEET
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
1
0 0 0 0 0 0 0 9 1 4 4 7
SEC Registration Number
S E M I R A R A M I N I N G A N D P O W E R
C O R P O R A T I O N
(Company’s Full Name)
2 n d F l o o r D M C I P L A Z A
2 2 8 1 D O N C H I N O R O C E S A V E N U E
M A K A T I C I T Y
(Business Address: No. Street City/Town/Province)
John R. Sadullo (632) 888-3000/3055 (Contact Person) (Company Telephone Number)
1 2 3 1 1 7 - C
(Form Type) Month Day (Fiscal Year) (Annual Meeting)
(Secondary License Type, If Applicable)
Corporate Finance Dept. Dept. Requiring this Doc. Amended Articles Number/Section
Total Amount of Borrowings
Total No. of Stockholders Domestic Foreign
To be accomplished by SEC Personnel concerned
File Number LCU
Document ID Cashier
S T A M P S
Remarks: Please use BLACK ink for scanning purposes.
COVER SHEET
2
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. November 26, 2015 Date of Report 2. SEC Identification No.: 91447 3. BIR Tax Identification No.: 000-190-324-000
4. SEMIRARA MINING AND POWER CORPORATION
Exact name of issuer as specified in its charter 5. Philippines 6. (SEC Use Only)
Province, country or other jurisdiction of incorporation
8. (632) 888-3000/3055 Fax No. (632) 888-3955 Issuer's telephone number, including area code
9. Semirara Mining Corporation
Former name or former address, if changed since last report 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)
Common Shares 1,068,750,000 11. Indicate the item numbers reported herein: Item 9.
Further to our disclosure dated November 17, 2015 regarding the scheduled Analyst
Briefing today, November 26, 2015, please find attached copy of the Company’s Financial
Highlights for your immediate reference.
SIGNATURES
Pursuant to the requirements of the Securities Regulation Code, the issuer has duly
caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Issuer : Semirara Mining and Power Corporation
Signature and Title : JOHN R. SADULLO
VP-Legal & Corporate Secretary
Date : November 26, 2015
Q3 2015 Briefing 26 November 2015
CONSOLIDATED FINANCIAL HIGHLIGHTS In million Php, except ratios
NIAT (In million pesos) 3,811 3,091 -19% 92 3,101 3285%
Cash Balance End (In million pesos) 1,386 1,863 34% 1,116 1,089 -2%
Interest Bearing Loans (In million pesos) 5,592 6,475 16% 7,065 2,691 -62%
CAPEX (In million pesos) 1,270 1,917 51% 931 322 -65%
Retained Earnings, End (In million
pesos)
10,178 10,833 6% 2,073 6,155 197%
Working Capital 2,798 1,710 -39% 1,617 1,424 -12%
EBITDA 8,350 5,597 -33% 993 5,286 433%
SCPCCoal
2015 VOLUME SOLD vs COST OF SALES
2,404 1,826 1,898
2,906
2,132 2,446
1,209 1,168
1,289
-
200
400
600
800
1,000
1,200
1,400
0
500
1,000
1,500
2,000
2,500
3,000
3,500
Q1 Q2 Q3
COAL
Volume Sold ('000 MTs)
Cost of Sales (million PHP)
Cost of Sales/MT
982
1,096
957
1,536 1,545
1,200
1.56
1.41
1.25
-
0.20
0.40
0.60
0.80
1.00
1.20
1.40
1.60
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
Q1 Q2 Q3
SCPC
Volume Sold (GWh)
Cost of Sales (million PHP)
Cost of Sales/KWh
Excluding waste coal sold to own power plants, YTD cost of coal sold / MT is P1,320. This is inclusive of the one-time, non-recurring, slide-related cost incurred in Q3 amounting to around PHP400 million.
3.18
1.14
0.76 4.86
(0.03)
0.21
(1)
-
1
2
3
4
5
6
7
NIAT
SMC SCPC SLPGC
11.96 8.90
8.60
10.35
-
5
10
15
20
25
YTD Q3 2014 YTD Q3 2015
Gross Revenues
CONSOLIDATED REVENUES AND NIAT YTD Q3 2014 vs YTD Q3 2015
YTD Q3 2014 YTD Q3 2015
6% in revenues, 59% in NIAT. Consolidated profitability improved this year as both operating units contributed significantly to profits, unlike last year when SCPC incurred losses of Php 2.1 B from purchase of replacement power. SLPGC also contributed minimally this year from sales of power generated during testing and commissioning.
18% in materials moved, 21% in coal production. A slide in the northern wall of Panian on 17 July resulted to around 2 months suspension of operations in the current period. Total materials moved is excluding around 10 million bcm of materials which is non-production related.
1% in volume sold, 6% ASP. Gross Revenues dropped 7% due to slightly lower volume and continuous softening of global coal prices. 2015 coal sales is inclusive of 475 MTs of waste/washable coal sold to own power plants.
YTD Q3 2014 vs YTD Q3 2015
46% 14% 6%
34%
Power Cement Others Export
YTD Q3 2014 YTD Q3 2015
6.13 M MT 6.19 M MTs
Php 12.80 B Php 13.74 B
25%
10%
5%
60% 47% 13% 5%
35%
21%
11%
7%
61%
off-take of power plants . Market share of power plants increased to 47% of sales volume and 46% of gross revenues in 2015, displacing export sales, due to higher availability of Units 1 & 2. While mining operations were suspended after the slide in Q3, export deliveries were halted to prioritize local demand.
COAL SALES MIX YTD Q3 2014 vs YTD Q3 2015
44%
80%
0%
20%
40%
60%
80%
100%
YTD Q3 2014 YTD Q3 2015
Capacity Factor, Total Plant
238 292
233 242
-
100
200
300
400
500
600
YTD Q3 2014 YTD Q3 2015
Ave. Capacity, Total Plant
Unit 2 Unit 1
539
1,763 1,209
1,400
(300)
200
700
1,200
1,700
2,200
2,700
3,200
YTD Q3 2014 YTD Q3 2015
Gross Gen, Total Plant
POWER PLANTS’ PERFORMANCE
*Unit 1 Ideal Norm for Capacity Utilization is more than 80% or 240MWhr *Unit 2 Ideal Norm for Capacity Utilization is more than 90% or 270MWhr
*Ideal Norm for Capacity Factor is more than 64%
81%
81%
13%
YTD Q3 2014 vs YTD Q3 2015
ENERGY GENERATION In GWH
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
19
84
19
85
19
86
19
87
19
88
19
89
19
90
19
91
19
92
19
93
19
94
19
95
19
96
19
97
19
98
19
99
20
00
20
01
20
02
20
03
20
04
20
05
20
06
20
07
20
08
20
09
20
10
20
11
20
12
20
13
20
14
YTD
Q3
…
Total energy generation in the first 9 months of 2015 records all time high for the power units, already higher than 2014 full year generation.
Unit 1 = used blended coal (imported/local) Acquired
9% in ASP, 32% volume sold. Despite drop in composite average price/kwh, revenues increased by 20% due to increase in volume sold. Improved generation, due to higher plants’ availability, increased spot sales in 2015.
YTD Q3 2014 vs YTD Q3 2015
78%
4% 9%
8% 1%
Meralco Batelec I Trans Asia Spot Others
81%
5% 8% 5% 1%
89%
5% 4% 1% 1%
YTD Q3 2014 YTD Q3 2015
3,035 GWH 2,292 GWH
PHP 10.35 B PHP 8.60 B
86%
4% 5% 4% 1%
Meralco remains to be the single biggest customer of the Company, accounting for 81% of sales volume and 78% of revenues.
ENERGY SALES MIX YTD Q3 2014 vs YTD Q3 2015
SLPGC 2 X 150 MW PHASE 1 EXPANSION
Milestones Unit 1 Unit 2
Backfeed Power 14 Feb 15 14 Feb 15
Boiler 1st Firing 19 Mar 2015 3 Jun 2015
Steam Blowing 7-13 Apr 2015 5-10 Jun 2015
Steam Admission 5 May 2015 7 Aug 2015
1st Synchronization 7 Jul 2015 16 Aug 2015
Target Restart 7 Dec 2015 20 Nov 2015
Target Commercial Operations* Q1 2016 Q1 2016
*Commercial Operation will be dependent on the successful completion of 72-hour Reliability Test Run (RTR) (with no interruption), Load Rejection and Performance Test
Production Performance Unit 1 Unit 2
Total Gross Generation 159.8 GWh 8.2 GWh
Running Hours 1,465 150
Maximum Capacity Achieved 150 MW 75 MW
Bilateral Contracts Signed Term (Years) MW
Meralco 5 120
VECO 3 50
GN Power 2 43
KEY TAKEAWAYS
• After the 2-month suspension of mining operations, mining schedule is only behind by 20 days
• To maximize returns, higher grade coal will be sold to external customers, while lower grade coal will be used internally
• Power generation recorded all-time high in the first three quarters of 2015
• Sem-Calaca Unit 2 has been operating steadily at maximum capacity of 300 MW with less breakdowns.
• New contracts for SLPGC are priced around higher than current contracts
•The information contained in this document is strictly confidential. Neither Semirara Mining and Power Corporation (SMPC), 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 contained herein. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning SMPC. •In addition, this document contains certain financial information and results of operation, and may also contain certain projections, plans, strategies, and objectives of SMPC, that are not statements of historical fact which would be treated as forward looking statements within the meaning of applicable law. Forward looking statements are subject to risks and uncertainties that may cause actual events and SMPC’s future results to be materially different than expected or indicated by such statements. No assurance can be given that the results anticipated by SMPC, or indicated by any such forward looking statements, will be achieved. •This document is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended (the “Securities Act”) or an exemption from such registration. This document is not an offer to sell securities or a solicitation of an offer to buy securities in any jurisdiction where such offer or sale is not permitted.