Cash flow Manila Electric Company

Equities

MER

PHY5764J1483

Electric Utilities

Market Closed - Philippines S.E. Other stock markets 01:58:54 2025-01-21 am EST			5-day change	1st Jan Change
493.00 ^PHP	-0.40%		+2.92%	+1.02%

Jan. 06	Meralco's Affiliate Secures Rights to Build CCGT Facility in Singapore	MT
Dec. 08	Manila Electric Company acquired 5% stake in CIS Bayad Center, Inc. from Densan System Holdings Co., Ltd. for approximately PHP 240 million.	CI

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Published financial data: MANILA ELECTRIC COMPANY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues - (Utility Template)	318B	275B	319B	427B	444B
Total Revenues	318B	275B	319B	427B	444B
Fuel & Purchased Power	241B	204B	234B	345B	344B
Operations And Maintenance	-	-	1.1B	1.91B	1.88B
Selling General & Admin Expenses, Total	358M	222M	200M	278M	337M
Depreciation & Amortization - (IS) - (Collected)	8.73B	8.56B	12.5B	16.03B	16.62B
Provision for Bad Debts	-	-	-	-	998M
Provision For Loan Losses - (Ins. / REIT / Utility Templates)	-	-1.83B	-506M	-2.5B	-
Other Operating Expenses	26.84B	23.76B	31.02B	34.58B	36.21B
Total Operating Expenses	277B	239B	279B	401B	400B
Operating Income (REIT / Utility Template)	41.36B	36.52B	39.51B	26.01B	43.18B
Interest Expense, Total	-1.56B	-1.53B	-3.58B	-4.1B	-4.55B
Interest and Investment Income	3.15B	2.18B	1.83B	1.92B	3.17B
Net Interest Expenses	1.59B	645M	-1.74B	-2.18B	-1.38B
Income (Loss) on Equity Invest.	-1.49B	1.23B	3.13B	12.04B	11.48B
Currency Exchange Gains (Loss)	-508M	-839M	487M	1.01B	-44M
Other Non Operating Income (Expenses)	-9.04B	-15.14B	-8.39B	-1.64B	-6.45B
EBT, Excl. Unusual Items	31.92B	22.42B	33B	35.24B	46.79B
EBT, Incl. Unusual Items	31.92B	22.42B	33B	35.24B	46.79B
Income Tax Expense	8.54B	6.27B	8.91B	6.65B	8.11B
Earnings From Continuing Operations	23.37B	16.15B	24.08B	28.59B	38.68B
Net Income to Company	23.37B	16.15B	24.08B	28.59B	38.68B
Minority Interest	-87M	167M	-585M	-157M	-655M
Net Income - (IS)	23.28B	16.32B	23.5B	28.43B	38.02B
Net Income to Common Incl Extra Items	23.28B	16.32B	23.5B	28.43B	38.02B
Net Income to Common Excl. Extra Items	23.28B	16.32B	23.5B	28.43B	38.02B
Per Share Items
Net EPS - Basic	20.66	14.48	20.85	25.23	33.74
Basic EPS - Continuing Operations	20.66	14.48	20.85	25.23	33.74
Basic Weighted Average Shares Outstanding	1.13B	1.13B	1.13B	1.13B	1.13B
Net EPS - Diluted	20.66	14.48	20.85	25.23	33.74
Diluted EPS - Continuing Operations	20.66	14.48	20.85	25.23	33.74
Diluted Weighted Average Shares Outstanding	1.13B	1.13B	1.13B	1.13B	1.13B
Normalized Basic EPS	17.62	12.58	17.78	19.4	25.37
Normalized Diluted EPS	17.62	12.58	17.78	19.4	25.37
Dividend Per Share	10.57	12.52	15.28	16.83	19.76
Payout Ratio	48.62	102.94	58.51	59.41	57.05
American Depositary Receipts Ratio (ADR)	2	2	2	2	2
Supplemental Items
Utility Revenues	310B	268B	309B	414B	430B
Non Utility Revenues	8.22B	7.36B	9.31B	12.58B	13.43B
EBITDA	49.4B	44.63B	51.29B	41.62B	59.38B
EBITA	41.39B	36.56B	40.44B	27.5B	44.61B
EBIT	41.36B	36.52B	39.51B	26.01B	43.18B
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	318B	275B	319B	427B	444B
Effective Tax Rate - (Ratio)	26.77	27.95	27.01	18.87	17.34
Current Domestic Taxes	-	-	-	-	-
Total Current Taxes	11.5B	10.3B	8.73B	4.12B	9.15B
Deferred Domestic Taxes	-	-	-	-	-
Total Deferred Taxes	-2.96B	-4.03B	184M	2.53B	-1.04B
Normalized Net Income	19.86B	14.18B	20.04B	21.87B	28.59B
Interest Capitalized	247M	276M	304M	398M	563M
Interest on Long-Term Debt	880M	777M	2.62B	3.29B	3.81B
Non-Cash Pension Expense	110M	343M	583M	377M	189M
Supplemental Operating Expense Items
Advertising Expense	358M	222M	200M	278M	337M
Selling and Marketing Expenses	358M	222M	200M	278M	337M
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	38.26B	50.91B	55.01B	55.83B	82.79B
Short Term Investments - (Utility / Insurance Templates)	33.11B	8.02B	17.56B	18B	7.54B
Accounts Receivable, Total	30.61B	53.95B	41.16B	48.93B	42.14B
Other Receivables	2B	4.17B	3.86B	5.76B	6.25B
Accounts Receivable (Summary Subtotal)	32.61B	58.12B	45.01B	54.68B	48.4B
Inventory - (Utility Template)	4.56B	5.48B	9.82B	10.63B	11.18B
Prepaid Expenses	4.05B	3.75B	5.61B	7.68B	6.42B
Other Current Assets, Total	5.1B	2.1B	4B	7.47B	6.44B
Total Current Assets	118B	128B	137B	154B	163B
Gross Property Plant And Equipment	245B	264B	362B	358B	398B
Accumulated Depreciation	-93.52B	-99.9B	-135B	-114B	-128B
Net Property Plant And Equipment	151B	164B	226B	244B	271B
Goodwill	35M	35M	35M	35M	-
Other Intangibles, Total	1.76B	2.23B	15.39B	21.69B	53.35B
Long-Term Investments - (Utility Template)	45.07B	48.74B	56.26B	55.53B	52.62B
Accounts Receivable Long-Term	-	-	-	-	-
Deferred Tax Assets Long-Term (Collected)	23.44B	28.94B	27.23B	22.66B	24.63B
Other Long-Term Assets, Total	17.58B	18.14B	21.21B	20.76B	21.94B
Total Assets	357B	390B	483B	519B	586B
Liabilities
Accounts Payable, Total	39.52B	47.8B	54.49B	72.12B	75.98B
Accrued Expenses, Total	17.7B	21.4B	24.91B	29.3B	33.87B
Short-Term Borrowings	23.39B	23.37B	28.83B	29.49B	27.58B
Current Portion of Long-Term Debt	5.12B	1.96B	9.11B	5.58B	9.59B
Current Portion of Leases	-	-	-	-	2.68B
Current Income Taxes Payable	2.34B	3.06B	1.64B	92M	1.55B
Unearned Revenue, Current	994M	1.1B	7.69B	9.09B	6.34B
Other Current Liabilities - (Bank / Utility Template)	38.5B	43.9B	34.9B	60.05B	75.68B
Total Current Liabilities	128B	143B	162B	206B	233B
Long-Term Debt	12.74B	14.81B	52.72B	68.76B	62.27B
Pension & Other Post Retirement Benefits	8.88B	15.33B	10.26B	2.89B	10.26B
Deferred Tax Liability Non-Current	84M	316M	5.72B	5.43B	8.69B
Other Non Current Liabilities, Total	123B	136B	148B	112B	104B
Total Liabilities	272B	310B	378B	395B	419B
Common Stock, Total	11.27B	11.27B	11.27B	11.27B	11.27B
Additional Paid In Capital	4.11B	4.11B	4.11B	4.11B	4.11B
Retained Earnings	67.11B	66.41B	75.39B	85.76B	102B
Treasury Stock	-11M	-11M	-11M	-11M	-11M
Comprehensive Income and Other	1.75B	-2.55B	4.44B	8.54B	5.18B
Total Common Equity	84.23B	79.24B	95.2B	110B	122B
Minority Interest	1.01B	1.49B	10.24B	14.44B	45.02B
Total Equity	85.24B	80.73B	105B	124B	167B
Total Liabilities And Equity	357B	390B	483B	519B	586B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.13B	1.13B	1.13B	1.13B	1.13B
ECS Total Common Shares Outstanding	1.13B	1.13B	1.13B	1.13B	1.13B
Book Value / Share	74.73	70.3	84.47	97.3	108.5
Tangible Book Value	82.43B	76.97B	79.78B	87.94B	68.94B
Tangible Book Value Per Share	73.14	68.29	70.79	78.02	61.17
Total Debt	41.25B	40.14B	90.67B	104B	102B
Net Debt	-30.12B	-18.79B	18.1B	30B	11.79B
Debt Equivalent of Unfunded Proj. Benefit Obligation	5.63B	12.01B	5.62B	1.57B	7.18B
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	1.01B	1.49B	10.24B	14.44B	45.02B
Equity Method Investments, Total	14.96B	15.69B	23.45B	31.89B	38.39B
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Others	4.76B	5.69B	10.02B	10.87B	12.14B
Land - (BS)	15.41B	15.75B	17.7B	18.81B	28.64B
Buildings, Total	7.05B	7.4B	14.89B	15.71B	16.48B
Machinery, Total	200B	208B	296B	279B	303B
Full Time Employees	5.76K	5.82K	-	-	-
Assets under Capital Lease - Gross	-	779M	565M	973M	894M
Accumulated Allowance for Doubtful Accounts (Supple)	2.38B	4.28B	5.66B	6.66B	7.75B

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	23.28B	16.32B	23.5B	28.43B	38.02B
Depreciation, Depletion & Amortization	8.01B	8.07B	10.85B	14.12B	14.77B
Amortization of Goodwill and Intangible Assets - (CF)	33M	43M	930M	1.49B	1.43B
Total Depreciation, Depletion & Amortization	8.04B	8.11B	11.78B	15.61B	16.2B
Amortization of Deferred Charges, Total	717M	471M	770M	546M	619M
Total Asset Writedown	-	-	-	2.6B	-1.18B
(Income) Loss On Equity Investments - (CF)	1.49B	-1.23B	-3.13B	-12.04B	-11.48B
Provision and Write-off of Bad Debts	-	-	557M	2.55B	998M
Change in Accounts Receivable	-2.64B	-27.92B	11.13B	-15.08B	1.59B
Change In Inventories	-746M	-926M	-2.14B	-812M	-753M
Change in Accounts Payable	1.42B	18.22B	-12.83B	18.25B	-2.96B
Change in Other Net Operating Assets (Collected)	2.2B	2.96B	1.51B	-4.32B	7.26B
Other Operating Activities	8.67B	13.88B	12.04B	-10.56B	9.66B
Cash from Operations	42.43B	29.87B	43.18B	25.18B	57.97B
Capital Expenditure	-19.44B	-19.66B	-26.26B	-33.66B	-24.8B
Sale of Property, Plant, and Equipment	490M	353M	161M	914M	7M
Cash Acquisitions	-	-	-17.84B	-	-5.85B
Divestitures	69M	651M	-	4.16B	454M
Purchase / Sale of Intangible Assets	-547M	-896M	-976M	-8.53B	-4.14B
Sale (Purchase) of Real Estate Properties (Collected)	-1M	-	-1M	-3M	-2M
Investment in Marketable and Equity Securities, Total	-4.91B	19.2B	-8.51B	8.97B	22.67B
Other Investing Activities, Total	3.94B	3.13B	3.96B	6.07B	13.23B
Cash from Investing	-20.39B	2.78B	-49.47B	-22.08B	1.57B
Short Term Debt Issued, Total	10.18B	179M	22.88B	2.92B	1.33B
Long-Term Debt Issued, Total	28M	2.58B	24.51B	32.51B	2.8B
Total Debt Issued	10.21B	2.76B	47.39B	35.43B	4.13B
Short Term Debt Repaid, Total	-283M	-199M	-17.42B	-2.26B	-3.24B
Long-Term Debt Repaid, Total	-8.71B	-3.67B	-7.39B	-18.68B	-8.5B
Total Debt Repaid	-9B	-3.87B	-24.81B	-20.94B	-11.74B
Issuance of Common Stock	-	-	-	-	-
Common Dividends Paid	-11.32B	-16.8B	-13.75B	-16.89B	-21.69B
Common & Preferred Stock Dividends Paid	-11.32B	-16.8B	-13.75B	-16.89B	-21.69B
Special Dividend Paid	-6.69B	-	-	-	-
Other Financing Activities, Total	-3.45B	-2.38B	2.02B	132M	-3.31B
Cash from Financing	-20.25B	-20.29B	10.86B	-2.27B	-32.6B
Foreign Exchange Rate Adjustments	-	293M	-480M	-	19M
Miscellaneous Cash Flow Adjustments	-	-	-	-3M	-
Net Change in Cash	1.79B	12.65B	4.1B	825M	26.96B
Supplemental Items
Cash Interest Paid	1.62B	1.45B	215M	241M	4.56B
Cash Income Tax Paid (Refund)	8.44B	7.61B	6.9B	3.32B	1.52B
Net Debt Issued / Repaid	1.21B	-1.11B	22.59B	14.48B	-7.6B
Levered Free Cash Flow	13.05B	4.97B	19.14B	19.8B	43.31B
Unlevered Free Cash Flow	14B	5.9B	21.32B	22.23B	45.96B
Change In Net Working Capital	595M	4.92B	-11.36B	-32.14B	-31.29B

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	7.46	6.11	5.65	3.24	4.88
Return on Total Capital	20.73	18.45	15.58	7.67	10.84
Return On Equity %	27.8	19.46	25.87	24.92	26.54
Return on Common Equity	28.01	19.96	26.94	27.76	32.78
Margin Analysis
Gross Profit Margin %	22.19	22.78	23.91	16.05	19.67
SG&A Margin	4.23	4.55	5.05	3.78	3.8
EBITDA Margin %	15.52	16.21	16.1	9.76	13.39
EBITA Margin %	13	13.28	12.7	6.45	10.06
EBIT Margin %	12.99	13.26	12.4	6.1	9.73
Income From Continuing Operations Margin %	7.34	5.87	7.56	6.7	8.72
Net Income Margin %	7.32	5.93	7.38	6.67	8.57
Net Avail. For Common Margin %	7.32	5.93	7.38	6.67	8.57
Normalized Net Income Margin	6.24	5.15	6.29	5.13	6.44
Levered Free Cash Flow Margin	4.1	1.8	6.01	4.64	9.76
Unlevered Free Cash Flow Margin	4.4	2.14	6.69	5.21	10.36
Asset Turnover
Asset Turnover	0.92	0.74	0.73	0.85	0.8
Fixed Assets Turnover	2.19	1.75	1.63	1.81	1.72
Receivables Turnover (Average Receivables)	10.76	6.51	6.7	9.47	9.74
Inventory Turnover (Average Inventory)	59.18	42.34	31.68	35.03	32.68
Short Term Liquidity
Current Ratio	0.92	0.9	0.85	0.75	0.7
Quick Ratio	0.82	0.82	0.73	0.62	0.59
Operating Cash Flow to Current Liabilities	0.33	0.21	0.27	0.12	0.25
Days Sales Outstanding (Average Receivables)	33.91	56.21	54.49	38.54	37.47
Days Outstanding Inventory (Average Inventory)	6.17	8.64	11.52	10.42	11.17
Average Days Payable Outstanding	56.63	74.84	75.67	64.38	72.58
Cash Conversion Cycle (Average Days)	-16.55	-9.99	-9.66	-15.42	-23.95
Long Term Solvency
Total Debt/Equity	48.4	49.73	85.99	83.66	61.04
Total Debt / Total Capital	32.61	33.21	46.23	45.55	37.9
LT Debt/Equity	14.95	18.34	50	55.4	37.22
Long-Term Debt / Total Capital	10.08	12.25	26.88	30.16	23.11
Total Liabilities / Total Assets	76.12	79.31	78.19	76.1	71.45
EBIT / Interest Expense	26.46	23.87	11.05	6.35