March 10, 2020

via PSE EDGE

PHILIPPINE STOCK EXCHANGE, INC.
PSE Tower, 28th Street cor. 5th Avenue,
Bonifacio Global City, Taguig City

ATTENTION : MS. JANET A. ENCARNACION

Head, Disclosure Department

via electronic mail

PHILIPPINE DEALING & EXCHANGE CORP.
Market Regulatory Services Group
29th Floor BDO Equitable Tower
8751 Paseo de Roxas, Makati City 1226

ATTENTION : ATTY. MARIE ROSE M. MAGALLEN-LIRIO

Head – Issuer Compliance and Disclosures Department

Gentlemen:

Please see attached Press Release.

Kindly acknowledge receipt hereof.

Thank you.

Very truly yours,

ABOITIZ POWER CORPORATION

By:

MAILENE M. DE LA TORRE
Assistant Corporate Secretary
PRESS RELEASE
10 March 2020

AboitizPower posts P17.3 billion net income in 2019

Aboitiz Power earned ₱17.3 billion in net income for 2019, 20% lower compared to the ₱21.7
billion recorded in 2018.

The company recognized non-recurring gains of ₱702 million, versus 2018’s losses of ₱2.1
billion; due to net foreign exchange gains from the revaluation of dollar-denominated debts
and derivatives, and Aseagas’ value-added tax recoveries and gains on land appraisal.

Without these one-off gains, AboitizPower’s core net income for 2019 was ₱16.6 billion, 30%
lower than the ₱23.8 billion recorded in 2018. This was mostly due to the outages experienced
during 2019, higher replacement power costs, lower spot market sales, increased interest
expense, and increased depreciation expense.

“While market conditions had an effect on our 2019 financial result, we acknowledge that it
was primarily driven by operational issues. Having done all the necessary measures to address
these technical realities, we are positive about a much stronger operational performance and
attaining our targets this year,” said Emmanuel V. Rubio, AboitizPower President and Chief
Operating Officer.

“We are also confident that our incoming capacities from GNPower Dinginin and full-year
operations of Therma Visayas and Hedcor Bukidnon will contribute to our 2020 bottom line,”
Rubio added.

AboitizPower’s generation and retail supply business recorded earnings before interest, taxes,
depreciation, and amortization (EBITDA) of ₱36.2 billion in 2019, 16% lower than the ₱43
billion recorded for 2018.

This was primarily due to the outages experienced by the company’s coal facilities during 2019
and exacerbated by the need to purchase replacement power at higher spot market prices.
Replacement power was also purchased from the spot market as the company had contracted
ahead in anticipation of TVI’s incoming capacity. Decreased spot market sales further eroded
year-on-year earnings.

Capacity sold for 2019 increased by 1% to 3,184 megawatts (MW) from 3,154 MW in 2018.

AboitizPower’s distribution business recorded EBITDA of ₱8.2 billion, which was flat YoY.
The company saw energy sales increase in 2019 to 5,851 gigawatt-hours (GWh), 6% higher
than the 5,540 GWh recorded in 2018. The increase in earnings, however, was mitigated by
lost margins from the decommissioning of Davao Light’s Bajada power plant.

About AboitizPower

AboitizPower is the holding company for the Aboitiz Group’s investments in power
generation, distribution, and retail electricity services. It advances business and communities
by providing reliable and ample power supply at a reasonable and competitive price, and with
the least adverse effects on the environment and host communities.

The company is one of the largest power producers in the Philippines with a balanced
portfolio of assets located across the country. It is a major producer of Cleanergy, its brand
for clean and renewable energy with several hydroelectric, geothermal, and solar power
generation facilities. It also has various thermal power plants in its generation portfolio to
support the baseload and peak energy demands of the country.

The company also owns distribution utilities that operate in high-growth areas in Luzon,
Visayas, and Mindanao, including the second and third largest private utilities in the country.

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For further queries on this Press Release, please contact:

MARIA LEENE CAMO

Corporate Communication
ABOITIZ POWER CORPORATION
maria.leene.camo@aboitiz.com
+639917 8683125