Q1 financials: Pilipinas Shell, Keppel, AC Energy, Manila Water

PILIPINAS Shell Petroleum Corp. ( PSPC) reported 1,613,444,202 outstanding common shares with par value of P1 per share. Its liabilities totaled P59.119 billion, down from P59.548 billion in 2019, according to an unaudited financial statement for the first three months of 2020, up P428 million from P59.548 billion total debts in 2019.

As of Mar. 31, 2020, it had total assets of P93.412 billion against total liabilities of P59.119 billion. Of the company’s total assets and liabilities, it valued its total current assets at P34.088 billion against total current liabilities of P34.981 billion.

In the first three months of 2020, Pilipinas Shell’s retained earnings totaled P6.392 billion. The company had net income of P11.938 billion based on a year-end audited financial filing. Translated, it means each of the holders of 57,618,319 outstanding common shares would be entitled to P110.933 in dividends, either in cash or in stock, which, of course, is not the way a stock corporation works.

A public ownership report (POR) as of June 30, 2019 listed two principal stockholders: Shell Overseas Investments B.V., 890,860,233 PSPC common shares, or 55.215 percent of 1,613,444,202 outstanding common shares; and The Insular Life Assurance Co. Ltd., 263,887,095 common shares, or 16.356 percent. (The outstanding excludes 67,614,089 treasury shares.)

***** Keppel Philippine Holdings Inc. ( KPH) reported P495.305 million retained earnings, which it classified as “attributable to equity holders of the parent” in 2020 first quarter unaudited financials. The company reported retained earnings of P489.293 million in the first three months of 2019.

In a quarterly filing, Keppel said its net income totaled P8.267 million, up P103,792 in the first quarter from P8.163 million in the same period in 2019. It had total current assets of P333.344 million in the period under review. As of year-end 2019, the company had total current assets of P327.191 million, according to an audited financial statement.

On the website of the Philippine Stock Exchange (PSE), Keppel had 36,065,970 outstanding common shares, which are only A shares and 20,439,263 listed common shares. It said KPH had 38,840,970 issued shares.

Keppel’s seven- person board held 44 common A and common B shares as of Mar. 31, 2020, according to the company’s POR. It sold to the public 10,191,258 common shares, or 17.688 percent of 57,618,319 outstanding common A and common B shares.

Keppel peaked at a 30-day high of P5.50 on Mar. 16, 2020 when KPH opened at P5.21, dropped to P5.21 and closed at P5.21. It fell to a 30-day low of P4 on Mar. 23, 2020 when it traded at P4 from opening to close of session.

***** Manila Water Corp. ( MWC) has 3.1-billion authorized capital stock (ACS) with P1 par value consisting of common shares. Of the authorized, MWC reported 2,064,839,617 outstanding common shares. In a consolidated financial filing, it listed 400 million preferred shares. Thus, MWC’s outstanding totaled 6,688,182 000, including P4.595 billion additional paid-in capital, or APIC.

In an unaudited financial filing for the first three months of 2020, MWC had P49.027 billion retained earnings. Of the amount, the company appropriated P35.495 billion, or 72.399 percent in the first quarter. It earmarked the same amount based on audited financial statement as of Dec. 31, 2019.

A first three-month financial filing showed the company having grossed P5.539 billion, up from P5.071 billion in the same period in 2019: water and sewer revenues totaled P5.233 billion in 2020 and P4.595 billion in 2019 and P305.976 million in other operating income in 2020, which went up to P475.354 million in other operating income in 2019.

Of the total gross revenue in the first quarter of 2020, MWC spent P2.048 billion and P1.804 billion on Mar. 31, 2019. These gross revenues resulted in gross profit of P3.491 billion compared with P3.267 billion, respectively.

On pse.com.ph, MWC peaked at a 30-day high of P13.10 on May 11, 2020 when it opened at P12.70, dropped to P12.50 and closed at its low of P12.50. It fell to 30-day low of P9.31 on Mar. 31, 2020 when the stock opened at P9.31, hit a high of P9.69 and closed at P9.52.

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AC Energy Philippines Inc. (ACEPH), formerly Phinma Energy Corp., increased its retained earnings to P3.230 billion from P2.922 billion as of Dec. 31, 2019. It said in the financial disclosure that it recorded P311.564-million net income in the first three months against P146.227-million net loss in the same period in 2019.

In the first quarter of 2020, an unaudited financial filing showed ACEPH having grossed P4.205 billion from sale of electricity and spent P3.672 billion. In the same period in 2019, it grossed P3.387 billion for total gross of P7.592 billion in the two comparative quarters but spent P7.168 billion.

Said an unaudited financial disclosure placed ACEPH’s net income at P311.564 million in the first quarter of 2020 against a net loss of P146.227 million in the first three months of 2019.

In a filing, ACEPH said that, as of May 5, 2020, it had bought back 13.6 million common shares, which reduced its outstanding to 7,508,174,922 common shares. Of the total P1-billion budget for stock buyback plan, the company said it had spent P26.690 million.

A POR as of Mar. 31, 2020 listed ACEPH’s principal stockholder as AC Energy Inc. as indirect owner of 4,990,260,640 common shares, or 66.408 percent of 7,514,493,922 outstanding common shares. In said filing, it listed 7.281 million treasury shares.

On pse.com.ph, ACEPH peaked at a 30-day high of P2.44, first on Apr. 21, 2020 when it opened at P2.25, dropped to P2.11 and closed at P2.34. It fell to a 30-day low of P1.93 on Mar. 31, 2020 when the stock opened at P1.93, hit a high of P2.04 and closed at P2.