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Write a Report

the message of the chairman to the shareholders for a listed company.

we want the writing style similar to below:

CHAIRMAN’S

MESSAGE

THE ECONOMIC PICTURE

Gross Domestic Product (GDP) grew at a slower

pace, from 7.2% in 2013 to 6.1% in 2014. The

slowdown was due to the services’ sector and

government spending. Government expenditure

decelerated and public construction fell,

reflecting cautious spending by its agencies over

alleged misuse of funds. Areas of concern for

the year also included the ever present need to

tackle poverty, governance, peace and order,

disaster preparedness and the need to attract

more direct foreign capital investment.

During the year, the Philippines posted a balance

of payment deficit of US$2.88 billion, caused

by investment money outflows in anticipation of

the ending of the U.S. Federal Reserve’s easy

monetary policy.

On a positive note, the 2014 inflation rate stood

at 4.1% reflecting the downward trend of food

and oil prices. The stable to depreciating peso

against the US dollar during the last few months

of 2014 helped grow exports.

2014 FINANCIAL PERFORMANCE

Your Company generated a consolidated net

income of E2.04 billion, 50% higher than last

year’s net profit of E1.36 billion. This was largely

the result of higher consolidated revenues of

E4.26 billion, representing a 21% increase from

the E3.53 billion of 2013.

Anscor’s financial assets saw gains from the sale

of marketable securities amounting to E1.67 billion,

52% better than last year’s E1.10 billion. The

sale of these securities occurred mostly in the

4th quarter of the year to fund the purchase of

60% of Phelps Dodge International Philippines,

Inc. (PDIPI).

Our core investments in traded shares—which

include Aboitiz Power Corporation, Aboitiz

Equity Ventures, International Container Terminal

Services, Inc., iPeople and other marketable

equity holdings, contributed dividend income

of E260.9 million, higher than the E238.0 million

of 2013. Interest income of E96.4 million was

slightly better than the previous year.

The decline in the market value of investments

carried at fair value through profit and loss was

E9.5 million. This amount recovered from a loss of

E102.8 million in 2013 with the improved market

prices of equity funds and bonds managed by a

third party.

With the slight loss in value of the peso

against the US dollar and the euro in 2014,

the peso value of _______'s foreign currency denominated

investments improved. This gain

was offset by the Group’s dollar-denominated

loans, resulting in a consolidated foreign

exchange loss of E10.0 million against a gain

of E32.7 million in 2013.

_________'s operating investments contributed

E147.1 million in equity earnings, 36% below last

year’s E228.9 million. The favorable performances

of PDIPI and Cirrus Medical Staffing, Inc. were

offset by a share in the losses of AG&P and

Seven Seas Resorts and Leisure, Inc.

___________'s financial

assets continued

to perform well

during the year.

On November 20, 2014, your Company declared

cash dividends of E0.25 per share to stockholders

of record as of December 5, 2014, which were

paid on January 7, 2015.

On December 22, 2014, your Company acquired,

for E3.0 billion, General Cable’s 60% stake in

PDIPI, increasing _________'s ownership to 100%.

As a result of this acquisition, existing accounting

standards required us to revalue_____'s original

40% holding in PDIPI, which led to a step up

gain of E700 million. We took this opportunity

to provide valuation allowances to some of our

investments for conservatism.

As of December 31, 2014, your Company’s book

value per share stood at E11.94 versus E10.82

in 2013.

GROUP OPERATIONS

PHELPS DODGE INTERNATIONAL

PHILIPPINES, INC. (PDIPI)

Sales and net income hit all-time highs in another

good year for PDIPI. Revenues rose across

all business sectors: commercial, industrial,

manufacturing and energy with PDIPI’s net sales

revenue reaching E6.6 billion, a 14% increase

over 2013 levels. Net income grew 23% to

E535.5 million.

PDIPI will continue

to strengthen

servicing customer

requirements with

its current mix of

products, business

solutions and

services.

New product lines continue to drive the company’s

growth. Access to high-quality high-voltage

lines, and a reputation for reliable engineering

services, enabled PDIPI to secure several large

and important orders. The company’s ability to

offer a variety of standard and new product lines

and new business solutions has made Phelps

Dodge become a leader in the country’s wire and-cable

industry.

Supported by a network of capable dealers,

Phelps Dodge expanded its customer base.

Continuous market research and sharing of

information made the partnership between PDIPI

and its dealers highly effective.

The improved net income, despite lower

average copper prices during the year, was the

result of continual operating improvements and

productivity gains.

Moving forward, PDIPI will strengthen its delivery

of customer requirements with its current mix of

products, business solutions and services. Its

continuing access to leading technology, new

product offerings and research through a new

technical agreement with General Cable should

strengthen the Company’s ability to carry out its

growth plans.

SEVEN SEAS RESORTS AND LEISURE INC.

(Owner of Amanpulo Resort)

With the memory of the catastrophic typhoon

Yolanda receding, Amanpulo is starting to attract

foreign tourists again. The Resort reported an

8% increase in revenue, from E445.3 million in

2013 to E480.1 million in 2014. Occupancy rates

reached 34.4% with average room rates rising

from US$1,057 to US$1,168. Room revenue

also benefited from the depreciation of the peso

by an average of 10.5%.

The combined share of villa revenue and fees

from villa operations increased 19.9% due

to better villa occupancy and villa rates. The

second batch of the Resort’s renovated casitas

was completed in the last semester of 2014. The

Resort was closed in the month of June for major

renovation and replacement of the roofs of all

casitas, the beach club and the main clubhouse.

Gross operating profit amounted to E57.0 million,

at par with that of last year, tempered by higher

depreciation and management fees. Last year’s

net loss of E16.4 million increased to E32.3 million

in 2014. Management fees to Aman rose to

E36.5 million in 2014 from E19.6 million in 2013.

Seven Seas completed paving the runway

and the construction of seawall on the eastern

side of the island; plugging the east reef hole;

and expanding the laundry and housekeeping

stations. The company also extended and

completely renovated the kitchen of the beach

club. We are pleased with the informal and formal

feedback from both repeat and first time guests

on the casita renovation and the redesigned

interiors.

During the year, the builders turned over to

Amanpulo, two of the five villas under construction

for private owners. Completion of the remaining

three villas will be in the first quarter of 2015. The

two remaining available villas were sold with a

completion date by middle of 2016.

This will bring our total room inventory to 103,

comprised of the original 40 casitas and 63

rooms of the 16 villas.

Amanpulo’s capital investments continue to

focus on improving the guest experience and

efficiencies, lowering cost and shifting to more

environmentally-friendly technologies. The

Resort’s electric golf carts run on solar power.

Studies on reef protection and regeneration are

among on-going environmental initiatives.

Amanpulo received several tourism awards in

2014, among them that of being the ‘Leading

Resort in the Philippines’ from the World Travel

Awards. The Resort was also nominated for

the “World’s Leading Private Island Resort” and

“Asia’s Leading Villa Resort”.

CIRRUS MEDICAL STAFFING, INC.

Demand for temporary health-care staff in the

United States strengthened throughout 2014,

driven by an increase in hospital admissions as

the Affordable Health Act begun to take effect.

The increase in patient volumes helped drive

strong demand in most areas of healthcare

staffing.

For 2014, the company reported E1.2 billion in

consolidated revenue, a 6% increase over that of

2013. Sales growth was underpinned by growth

in Travel Nursing, Cirrus’ largest segment, and

the International and Direct-Hire divisions.

Regulatory changes in Medicare reimbursement,

and the continued consolidation of rehabilitation

facilities and agencies, resulted in the continued

decline in Travel Therapy.

Consolidated operating income was E51.9 million,

compared to an operating loss of E13.6 million

in 2013. Improved profitability was driven by a

10% increase in gross margin and a reduction in

overhead expenses.

2015 has started well and Cirrus expects that

the increased demand and the productivity

improvement that have been in place will continue

to bear fruit.

AG&P INTERNATIONAL HOLDINGS LTD.

AG&P revenues grew by 75% to US$214.34 million

in 2014, as the Bechtel Gladstone LNG project was

completed and the Ichthys LNG project gathered

momentum.

Despite higher revenues, AG&P’s 2014 gross

profit of US$46.4 million was 3% below that of

2013 and operating expenses were higher by

18%, as the company added staff to prepare

for future growth. In addition, AG&P terminated

the incubation of Energy City, a domestic LNG

project, which resulted in the write down of

US$7.0 million. The company also secured

modularization work for the Yamal LNG project,

which commenced in late 2014.

The focus for 2015 will be on progressing the

Ichthys project to completion, finishing the

first modules for Yamal LNG Project, achieving

greater operational efficiencies and building a

healthy sales pipeline.

ENDERUN COLLEGES, INC.

For its fiscal year June 1, 2013 to May 31, 2014

Enderun Colleges posted a consolidated net income

of E64.2 million on revenues of E456.6 million. The

company also tracks its financial performance by

reporting its adjusted EBITDA (operating income

plus depreciation expenses and non-cash rental

accruals). Enderun’s adjusted EBITDA for fiscal

year 2013-2014 was E120.4 million, 26% higher

than that of the previous year.

As of May 31, 2014, the company’s cash position

stood at E91.8 million and the College is debtfree.

During the year, it paid cash dividends of

E59.94 million of which E12.45 million accrued

to Anscor.

Enderun’s student population has grown to over

1,100 full-time college and certificate students,

spread almost evenly across the school’s three

main degree offerings in Hospitality Management,

Business Administration and Entrepreneurship.

There is a steady growth in Enderun’s continuing

education unit, Enderun Extension. Its revenues

rose 10.9% year-on-year to E64.5 million. The

school’s Food & Beverage unit has also grown

significantly: its revenues rising 41.5% to

E77.4 million from E54.7 million in 2013.

Enderun continues to bolster its reputation in

the market for higher education, particularly in

hospitality and business management. Enderun

has established itself as the top-quality institution

in hotel administration and the culinary arts, as

evidenced by its expanding student population

and its growing base of industry partners.

The College’s career-focus business program

and hands-on entrepreneurship program are

attracting top faculty members, and a growing

population of highly-motivated students.

The College recently established a hotel

management and consultancy arm, Enderun

Hospitality Management (EHM). Through EHM,

the company now manages five hotel properties

and provides consultancy services to two other

hotels in the Philippines.

PROPLE LIMITED

Consolidated full-year revenues for Prople

Limited grew three times from E168.0 million

in 2013 to E538.0 million in 2014. This was a

direct result of Prople’s acquisition on November

26, 2013 of 100% of the non-audit business of

US-based Kellogg and Andelson Accountancy

Corporation (K&A).

Founded in 1939, K&A is an established US

accounting firm, providing tax, general accounting

and consulting services to thousands of smallto-medium-sized

companies in California and

the Midwest.

Prople’s profit performance improved with

consolidated operational EBITDA reaching

E64.8 million and net income of E15.9 million,

excluding the one-time closing costs associated

with the acquisition.

Following its acquisition of K&A, Prople now

employs 373 people serving over 5,500 clients

from operations located in six cities worldwide.

Moving forward, its K&A partnership gives

Prople heavier weight, reach and capability, and

positions it to capture market opportunities in the

high-growth business segments of finance and

accounting, human resources and information

services globally. Cross-selling and the shift of

some of the US-based work to Manila assures

Prople of continued growth in 2015.

KSA REALTY CORPORATION

In 2012 and 2013, KSA Realty Corporation

experienced strong performances in its leasing

operations with rising occupancy rates and rental

yields.

While Management remained positive that the

building would be able to maintain its momentum,

2014 started with quite a challenge. The terms of

almost a quarter of the building’s leasable spaces

were due to expire and competing office supply

continued to rise in the Makati Central Business

District and Fort Global City.

KSA successfully renewed more than 90% of

expiring leases and most of its remaining vacant

spaces were taken on by new and existing

tenants. The building’s occupancy rate remained

at 98% and average rental yield increased by 8%

to E921 per sq.m. at the end of 2014.

To confirm the confidence that the tenants have

shown by renewing their tenancy and to remain

current with the competition, KSA took on an

upgrading project with a budget of E400.0 million.

This endeavor will update the common areas of

this 15-year old building, upgrade its facilities

and maintain its reputation as one of the premiere

office buildings in the metropolis.

2014 was a good year for KSA with a gross rental

income reaching over E900.0 million. Net income

rose to a high of E690.0 million. These results

permitted the declaration of cash dividends of

E800.0 million, of which E91.4 million accrued to

__________.

Predictive Edge Technologies, LLC

Predictive Edge Technologies is an early stage

technology company. Currently, the company

has eight patents pending or awarded.

Its subsidiary, Behavior Matrix LLC, is a world

class emotional and behaviour analytics platform

that gives companies and organizations a unique

way to understand their respective audiences.

Through the use of advanced mathematics,

analytical algorithms and big data harvesting,

Behaviour Matrix provides clients with insights to

guide their business intelligence and marketing

strategies.

In 2014, Behavior Matrix achieved a year-overyear

growth in sales of over 200% with sales of

$1,953,705 up from $641,500 in the prior year.

CORPORATE SOCIAL RESPONSIBILITY

The Foundation continues

to undertake community-development programs

in the isolated and disadvantaged areas of Northeastern

Palawan, also offers various forms of aid

and comfort to cancer patients and victims of

natural disasters, sustained by its many partners

and donors.

Small Island Sustainable Development

Program

The Foundation’s Coastal Resource Management

Project supports 12 marine sanctuaries.

The Foundation’s yearly Health Caravan provided

2,533 medical services to 2,125 patients, and

supported 385 malnourished children.

Its community-based Tuberculosis Directly

Observed Treatment Short Course project began

full operation in 2014. These health initiatives

were supported by the SHARE Foundation of

Portugal, a long time donor.

A birthing clinic in Cocoro Island, Municipality

of Magsaysay, was built in partnership with the

Zuellig Family Foundation.

ASF built ten pre-school classrooms for public

elementary schools, in addition to six rehabilitated

Day Care Centers. It is supervising three preschool

centers on islands without public schools

this school term.

An ASF full academic scholar from Manamoc

Island graduated in April 2014 with a degree in

Accountancy. Fourteen technical-vocational

scholars completed the six-month course and

started their on-the-job training.

A two-classroom school building was constructed

in Concepcion to replace school buildings

damaged by Typhoon Yolanda.

In partnership with Solar Energy Foundation, ASF

received 250 units of solar lamps and four units

of solar suitcases for health stations and birthing

clinics.

ASF’s livelihood programs helped victims of

Typhoon Yolanda set up 69 micro-enterprises on

Quiniluban Island. A partnership with Amanpulo by

the Manamoc Livelihood Association generated

E4.5 million in the sale of local products, 11%

better than last year’s performance, benefitting

more than 300 families.

Cancer Care Program

In ASF’s specialized oncology-nursing course,

22 registered and full-time duty nurses sent by

six hospitals in the Western Visayas are officially

enrolled in the course’s pilot implementation.

In partnership with the Philippine General Hospital

Cancer Institute, the Foundation continues to

provide maintenance chemotherapy medicines

for 45 indigent breast-cancer patients.

Disaster Relief and Rehabilitation Activities

For Typhoon Yolanda relief and rehabilitation

efforts, ASF received nearly E10.0 million in cash

and in-kind donations. More than 3,090 relief

packs were distributed to Barangays Algeciras,

Concepcion and Manamoc.

ASF provided more than 200 GI sheets donated

by its trustee to residents with partially-damaged

houses and school buildings in these barangays.

In addition, the Foundation built 300 core shelter

units for indigent families whose houses were

totally-damaged. All units were completed and

turned over in November 2014.

OUTLOOK AND STRATEGY

In 2014, taking our most promising opportunities,

we raised our stake in Phelps Dodge International

Philippines, Inc.

Through Prople, our business-solutions provider,

we also acquired K&A, a US-based accounting

firm, to help expand our BPO-services business.

Growing our businesses is vital to Anscor’s

long-term success. We keep a tight watch on

our existing portfolio of businesses and new

opportunities as they emerge.

In 2014, we were able to increase revenue,

manage expenses, and improve business

margins and profitability of most of our operating

units.

Our country’s most valuable asset is its well

educated and industrious people. Filipinos and

the Filipino Family values are themselves the

strongest drivers of the economy.

Given that the majority of Anscor’s businesses

compete in technical knowledge-process

outsourcing and service-oriented industries, we

believe that, we are well placed to take advantage

of emerging trends. The improved outlook for

both the Philippine and the global economy are

encouraging signs.

It is in this environment that your Company

reflects on 2014 with thanks and looks forward

to 2015 with the fundamentals in place to be

able to grow as a holding company, and for each

company in the Group to expand.

ACKNOWLEDGMENT

On behalf of your Board of Directors, our most

sincere appreciation to you, our shareholders, for

your continued support and to our customers for

their patronage.

Our achievements would not have been possible

without the dedication and loyal support of all

our employees and partners. On behalf of the

Board and myself, Thank You.

Beceriler: Rapor Yazma

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