Manila Water Company

Investor Relations

Investor Guide

Operational Highlights

In Million Liters per Day
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
440 594 645 706 758 751 767 825 864 948 1,040

Number of Households in Thousands
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
325 340 382 418 457 543 634 717 809 909 986

* Adjusted based on latest field survey

In % Non-Revenue Water (NRW)
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
63.0% 55.2% 53.0% 51.0% 52.0% 54.0% 50.7% 43.4% 35.5% 30.3% 23.9%


Water Availability (Dec 2007)


Financial Overview

The following table presents a summary of Manila Water's financials. The information presented below for the four (4) consecutive years ending December 31, 2002, 2003, 2004, 2005 and 2006 was derived from the financial statements of the Company, audited by SGV and Co. in accordance with Philippine Financial Reporting Standards.


  As of and for the year ended December 31
  2002 2003 2004 2005 2006
  (Pesos Millions)
Total Revenues 2,682.5 3,777.9 4,293.1 5,834.9 6,784.7
Costs and Expenses (1) 2,124.1 2,627.4 2,961.5 3,823.4 4,558.8
EBITDA (2) 929.8 1,813.5 2,023.0 2,955.3 3,507.3
Net Income 558.4 1,150.5 1,331.6 2,011.5 2,394.2
Current Assets 2,147.4 2,392.4 2,193.2 3,593.8 7,496.3
Non-Current Assets 5,698.4 7,290.2 10,549.8 14,335.5 16,766.4
Total Assets 7,845.8 9,682.6 12,743.0 17,929.3 24,262.7
Current Liabilities 1,110.9 1,264.1 2,220.8 3,308.2 4,650.4
Non-Current Liabilities 3,997.4 5,031.2 5,401.3 4,497.6 7,738.4
Total Liabilities 5,108.3 6,295.3 7,622.1 7,805.8 12,388.8
Stockholders' Equity 2,737.5 3,387.3 5,120.9 10,123.5 11,873.9
           
Earnings Per Share (3) 0.28 0.60 0.85 0.94 (4) 1.05

* 2004 figures have been restated as a result of the company's adoption of PAS and PFRS.


(1) Includes interest expenses.

(2) EBITDA represents earnings before interest, taxes, depreciation and amortization calculated as total revenue minus interest income minus cost and expenses except depreciation and amortization and interest expense. The Company's computation of EBITDA may differ from similarly titled computations of other companies. EBITDA should not be considered by an investor as an alternative to net income or as an indicator of the Company's operating performance, or as an alternative to cash flows as a measure of liquidity.

(3) Computed as net income less cumulative dividends on participating preferred shares and redeemable preferred shares divided by weighted average number of common shares issued and participating preferred shares issued and outstanding during the year. The participating preferred shares participate in the earnings in the same rate as the common shares.


Dividend Policy

Under the Company's cash dividend policy, Common Shares shall be entitled to annual cash dividends equivalent to 35% of the prior year's net income, payable semiannually in the first and third quarter of the year.

Date Cash Dividends per share Total Cash dividend paid to Common (in M pesos)
Sept 2005 PhP 0.070 167
March 2006 PhP 0.105 251
Sept 2006 PhP 0.105 254
March 2007 PhP 0.15 362
September 2007 PhP 0.15 362

Board of Directors

Please click on the link to go to Board of Directors page.

Management Team

Please click on the link to go to Management Team page

Table of Organization

Please click on the link to download the companys table of organization

Outstanding Shares

As of Dec 2007, Manila Water had a total of 6,015,248,965 outstanding voting shares broken down into 4,000,000,000 preferred shares and 2,015,248,965 common shares.


Ownership Structure

Ayala Group 32.3%
United Utilities 11.7%
Mitsubishi Corporation 7.8%
International Finance Corporation 7.3%
Public/Employees 40.9%

Sustainable Development Programs

Manila Water Company puts a very high premium on sustainable development and as much as practicable, integrates the principles of sustainable development into its business processes. With this in mind, the Company embarked on a comprehensive sustainable development program anchored on four major objectives: help build communities, safeguard health and safety, protect the environment and contribute to local and national economies.

Please click on the link to know more about the companies sustainable development programs.


Employee Stock Options

Manila Water has adopted its first phase of employee stock option program (ESOP) in 1998 to conform with the provision in the concession agreement which ensures that regular employees shall have ownership of the company equivalent to six percent of the outstanding capital stock. The Company also has an Executive Stock Option Plan under which Common Shares are distributed to deserving officers as an incentive or reward.

Growth Strategy


Manila Water's future growth will be focused on the improvement and expansion of water services in the East Zone, its core business area. Growth in this area is expected to come from the increased demand brought about by the population growth and expansion of water and sanitation service commitments to unserved and underserved areas. The Company also regularly explores the possibility of bringing its services in areas outside the East Zone. Manila Water is considering new concessions, acquisitions or partnerships with other water districts, sanitation projects as well as management service contracts in selected countries in the Asian region.

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