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FIRST PHILIPPINE HOLDINGS IS A CORPORATION THAT IS CONSTANTLY IN ACTION. WE’RE ALWAYS TRYING TO FIND WAYS TO DELIVER FOR OUR STAKEHOLDERS AND THE FILIPINO PEOPLE.

2010

MR. CHAIRMAN,

FELLOW SHAREHOLDERS,
GOOD AFTERNOON,

Over the past two and a half years we have made substantial changes in First Holdings to take advantage of the opportunities to grow our various businesses, as well as address our debt problem.

In 2008, we sold our tollroad business, First Philippine Infrastructure Inc.  More conspicuously, we have divested a substantial portion of our ownership in Meralco down to the current level of 6.6%. We have since made additional investments in First Gen, Rockwell Land and First Solar.

In July 2009, First Holdings sold 223 million common shares of Meralco (about 20% of the outstanding stock) to Piltel for P20.07 billion, which resulted in a net gain of P7.2 billion.  In March 2010, we completed the sale of 74.7 million common shares of Meralco (approximately 6.6% of the outstanding stock) to the Metro Pacific Group for a total price of P22.4 billion.  This resulted in a net gain of P23.6 billion, which is included in our results of operations for the first quarter of 2010.

These developments allowed us to deliver solid financial results.  First Holdings ended 2009 with a net income attributable to equity holders of the Parent amounting to P8.5 billion, or P13.40 per diluted share.  This is the second highest level of net income we have ever attained.

2009  income was significantly better than the P1.2 billion registered the previous year due to the P7.2 billion net gain from sale of our 20% interest in Meralco, lower finance costs and foreign exchange losses, as well as higher earnings posted by most of our subsidiaries and associates.  Even without the gain, recurring income for 2009 improved over last year.  You will hear more about the earnings of our major subsidiaries and associates later.

(To view the entire speech and presentation of Mr. Ibañez please click on the files below.)

FPHC President’s Remarks at 48th Annual Meeting
FPHC President’s Report