First Gen Corporation · PSE:FGEN
First Gen — Shareholder Meeting (May 2007)
14 slides from First Gen's shareholder meeting presentation, May 9, 2007
Slide 1: Annual Stockholders' Meeting
Annual Stockholders’ Meeting 09 May 2007
Slide 2: Events and Accomplishments That Shaped Your Company in 2006
Events and Accomplishments That Shaped Your Company in 2006 2
Slide 3: First Gen IPO
FIRST GEN IPO IN 2006, FIRST GEN BECAME THE FIRST ‘PURE PLAY’ POWER GENERATION COMPANY TO BE LISTED ON THE PSE First Gen IPO Proceeds P9.1 billion (~US$173 million) Free Float 24% of common shares at P47/share Investors 80% foreign 20% domestic International UBS AG and CLSA Limited Underwriters Dome
Slide 4: Shareholding Structure and Contractual Arrangements
S h a r e h o ld in g S tr u c tu r e a n d C o n tr a c tu a l A r r a n g e m e n ts BGCH 6 0 .0 0 % 4 0 .0 0 % FG HC 1 0 0 .0 0 % E P C C o n tra c t O & M A g re e m e n t V it o l a n d FG PC T r a f ig u r a S h a r e d F a c il it i e s A g r e e m e n t L a n d U s e R ig h ts A g re e m e n
Slide 5: Dispute Resolution
DISPUTE RESOLUTION THE RESOLUTION OF THE DISPUTES POSITIVELY IMPACTED FIRST GEN’S FINANCIALS. THE COMPANY’S BALANCE SHEET IS STRONGER THAN EVER. Gas Take-or-Pay Siemens Arbitration (US$ million) (US$ million) 99 231 5 83 13 135 85 94 ‘04 Write-off ’05 ToP ‘05 ‘06 Award Write-off Other Credits Income
Slide 6: Pantabangan Hydroelectric Plant - 100 MW
Pantabangan Hydroelectric Plant - 100 MW 6
Slide 7: Masiway Hydroelectric Plant - 12 MW
Masiway Hydroelectric Plant - 12 MW 7
Slide 8: Other Growth Initiatives
FY 2006 OTHER GROWTH INITIATIVES FIRST GEN ACTIVELY WORKED ON OTHER GROWTH INITIATIVES LAST YEAR Growth Initiative Major Steps PSALM Assets First Gen bid for the 360MW Magat Hydroelectric Plant. The Company’s bid price was US$420 million in contrast to AEV’s, the highest bidder, US$530 million – a 2
Slide 9: Movements in Key Value Drivers: Gas Plants at All-Time High Dispatch
FY 2006 MOVEMENTS IN KEY VALUE DRIVERS THE GAS PLANTS ACHIEVING “ALL-TIME HIGH” DISPATCH RATES Value Drivers NDC Dispatch Availability Reliability 998 81% 100% 995 77% 90% 97% 94% 958 Sta. Rita The Santa Rita Guarantee highest in the Target ‘06 ’05 ‘06 ’05 ‘06 Target ‘06 Luzon Grid 81% 99% 503 498 7
Slide 10: Movements in Key Value Drivers: PMHC and Bauang
FY 2006 MOVEMENTS IN KEY VALUE DRIVERS PMHC’S CAPACITY UTILIZATION AVERAGED 72% SINCE ITS TAKEOVER AND BAUANG’S DISPATCH INCREASED TO 8% Value Drivers NDC Dispatch Availability Reliability 72% 100% 90% 97% 94% 112 PMHC 102 n/a ’05 ‘06 ’05 ‘06 Target ‘06 Target ‘06 97% 96% 96% 96% 238 238 8% Bauang 2
Slide 11: Financial Highlights: Five Power Plant Portfolio
FY 2006 FINANCIAL HIGHLIGHTS FIRST GEN’S FIVE POWER PLANT PORTFOLIO CONTINUES TO EXHIBIT STRONG PERFORMANCE (in US$ MM) Santa San PMHC^ Agusan Bauang* Rita Lorenzo Revenues 683 334 13 1 53 Net 92 48 7 0 25 Income Net 55 29 7 0 9 CONTRIBUTION TO FGEN NET INCOME Income to Others First Gen PMHC 2% ^PMH
Slide 12: Financial Highlights: Net Income Up 7% at US$93 Million
FY 2006 FINANCIAL HIGHLIGHTS NET INCOME UP 7%, AT US$93 MILLION, ON ACCOUNT OF PANTABANGAN-MASIWAY’S OPERATIONS AND LOWER EXPENSES Headline 2006 2005 Difference Revenues 992 828 164 (+20%) EBITDA 275 261 14 (+5%) Net Income 93 87 6 (+7%) Total Assets 1,732 1,482 250 (+17%) Total Liabilities 1,026 1,
Slide 13: Q1 2007 Financial Results
Q1 2007 FINANCIAL RESULTS NET INCOME WAS ALSO UP QUARTER-ON-QUARTER AT US$34 MILLION DUE MAINLY TO THE OPERATIONS OF PMHC, HIGHER INTEREST AND OTHER INCOME Headline Q1 2007 Q1 2006 Difference Revenues 264 217 47 (+22%) EBITDA 86 69 17 (+25%) Net Income 34 25 8 (+33%) Total Assets 1,720 1,694 25 (+2%
Slide 14: End of Presentation
END OF PRESENTATION visit us at www.firstgen.com.ph 14