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    AEV   PHY0001Z1040

ABOITIZ EQUITY VENTURES, INC.

(AEV)
  Report
End-of-day quote Philippines Stock Exchange  -  2022-11-24
56.50 PHP   +1.07%
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Aboitiz Equity Ventures Inc : AP Renewables, Inc.'s official statement on the indefinite suspension of power deliveries to Abra Electric Cooperative

12/10/2012 | 08:32pm EST

Tuesday, December 11, 2012


AP Renewables Inc. (APRI) announced the indefinite suspension of power deliveries to Abra Electric Cooperative (Abreco) due to the cooperative's unsettled financial obligations to the independent power producer effective 12:01 pm, December 10, 2012.

APRI provides 100% of the power supply for Abreco, which serves the whole province of Abra, and its 27 municipalities.

"As much as we want to continue to provide electricity to Abreco for the benefit of the people of Abra, the cooperative's continued failure to settle their financial obligations could affect the sustainability of our operations and our capacity to serve the rest of our customers in Luzon," APRI SVP-Corporate Services Juan Alfonso said.

Abreco, which started sourcing its power supply from APRI's geothermal power plants in December 2011, has obligations amounting to around P20.2 million (mn) to as of December 10, 2012 inclusive of the current month's power bill. Aside from this, Abreco has yet to settle the P32 mn security deposit that was required to be paid in January 2012.

"When Abreco came to us needing power for Abra, we immediately worked to supply power, even temporarily waiving the P32 mn required security deposit, just so we could immediately serve the people of Abra," Alfonso said.

"We have extended assistance to Abreco for several instances to help them restructure their pending obligations. We have also been coordinating with the local leaders of the province of Abra. Unfortunately, despite these efforts, Abreco has not fully complied with all the agreements, hence we are forced to finally enforce this 4th disconnection notice."

A disconnection notice was first issued to Abreco last June 1 due to pending obligations amounting to P64.5 mn, which accumulated since January 2012. APRI immediately negotiated a restructuring program with the management team of Abreco. Both parties agreed to Abreco's schedule of payments for past obligations, and a commitment to fully pay current monthly obligations.

As a show of support and to ease its obligations APRI also immediately credited P23 mn to Abreco last August 2012 due to the difference in the contract and Energy Regulatory Commission-approved rates. APRI also agreed to restructure the initial obligations of the cooperative.

APRI even offered to assist Abreco join the Wholesale Electricity Spot Market so it can diversify its power sources, but the initiative is still pending.

Unfortunately, Abreco had once again failed to comply with the agreements of the restructuring program. During the 11-month duration of the supply agreement, a total of 15 checks bounced.

"We sincerely hope for the immediate resolution of this issue, and as always, we are willing to work with Abreco provided they show sincerity to finally comply with the agreements to avoid this situation." Alfonso said.

Ria Calleja
AVP - Corporate Branding & Communication
+ 63 917 882 5835

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Financials
Sales 2022 266 B 4 679 M 4 679 M
Net income 2022 20 129 M 355 M 355 M
Net Debt 2022 - - -
P/E ratio 2022 15,8x
Yield 2022 1,98%
Capitalization 318 B 5 605 M 5 605 M
Capi. / Sales 2022 1,20x
Capi. / Sales 2023 1,14x
Nbr of Employees 12 908
Free-Float 34,0%
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Technical analysis trends ABOITIZ EQUITY VENTURES, INC.
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Mean consensus HOLD
Number of Analysts 3
Last Close Price 56,50 PHP
Average target price 54,68 PHP
Spread / Average Target -3,23%
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Managers and Directors
Sabin M. Aboitiz Second Vice President
Manuel Ramirez Lozano CFO, SVP & Chief Corporate Information Officer
Enrique M. Aboitiz Chairman
Manuel Alberto R. Colayco Secretary, Chief Legal & Compliance Officer, SVP
Robert McGregor Executive Director-Chief Investments Officer
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