Manila Electric Company (PSE: MER)

Manila Electric Company Income Statement

Financials in millions PHP. Fiscal year is January - December.

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	463,804	443,612	426,529	318,547	275,304	318,315
Revenue Growth (YoY)	3.79%	4.01%	33.90%	15.71%	-13.51%	4.55%
Fuel & Purchased Power	354,051	344,381	345,222	233,708	204,420	241,032
Operations & Maintenance	2,216	1,881	1,906	1,103	-	-
Selling, General & Admin	438	337	278	200	222	358
Depreciation & Amortization	17,737	16,625	16,031	12,499	8,555	8,730
Provision for Bad Debts	819	998	2,498	506	-	-
Other Operating Expenses	38,407	36,209	34,582	31,017	23,763	26,402
Total Operating Expenses	413,668	400,431	400,517	279,033	238,787	276,957
Operating Income	50,136	43,181	26,012	39,514	36,517	41,358
Interest Expense	-4,672	-4,549	-4,096	-3,524	-508	-1,536
Interest Income	3,750	3,170	1,915	1,831	2,175	3,150
Net Interest Expense	-922	-1,379	-2,181	-1,693	1,667	1,614
Income (Loss) on Equity Investments	8,967	11,479	12,035	3,127	1,233	-1,486
Currency Exchange Gain (Loss)	-448	-44	1,011	487	-839	-508
Other Non-Operating Income (Expenses)	-3,284	-6,448	-1,641	-8,440	-16,163	-9,063
EBT Excluding Unusual Items	54,449	46,789	35,236	32,995	22,415	31,915
Pretax Income	54,449	46,789	35,236	32,995	22,415	31,915
Income Tax Expense	10,142	8,111	6,648	8,912	6,266	8,543
Earnings From Continuing Ops.	44,307	38,678	28,588	24,083	16,149	23,372
Minority Interest in Earnings	-928	-655	-157	-585	167	-87
Net Income	43,379	38,023	28,431	23,498	16,316	23,285
Net Income to Common	43,379	38,023	28,431	23,498	16,316	23,285
Net Income Growth	17.01%	33.74%	20.99%	44.02%	-29.93%	1.16%
Shares Outstanding (Basic)	1,127	1,127	1,127	1,127	1,127	1,127
Shares Outstanding (Diluted)	1,127	1,127	1,127	1,127	1,127	1,127
EPS (Basic)	38.49	33.74	25.23	20.85	14.48	20.66
EPS (Diluted)	38.49	33.74	25.23	20.85	14.48	20.66
EPS Growth	17.01%	33.74%	20.99%	44.02%	-29.93%	1.18%
Free Cash Flow	14,865	33,174	-8,481	16,921	10,210	22,738
Free Cash Flow Per Share	13.19	29.44	-7.53	15.01	9.06	20.18
Dividend Per Share	21.530	19.755	16.840	15.290	12.520	10.568
Dividend Growth	10.13%	17.31%	10.14%	22.12%	18.47%	6.32%
Profit Margin	9.35%	8.57%	6.67%	7.38%	5.93%	7.32%
Free Cash Flow Margin	3.21%	7.48%	-1.99%	5.31%	3.71%	7.14%
EBITDA	67,091	59,382	41,625	52,013	45,072	49,398
EBITDA Margin	14.47%	13.39%	9.76%	16.33%	16.37%	15.52%
D&A For EBITDA	16,955	16,201	15,613	12,499	8,555	8,040
EBIT	50,136	43,181	26,012	39,514	36,517	41,358
EBIT Margin	10.81%	9.73%	6.10%	12.40%	13.26%	12.99%
Effective Tax Rate	18.63%	17.34%	18.87%	27.01%	27.95%	26.77%
Revenue as Reported	463,804	443,612	426,529	318,547	275,304	318,315

Source: S&P Capital IQ. Utility template. Financial Sources.