the message of the chairman to the shareholders for a listed company.
we want the writing style similar to below:
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
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,
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
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.
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
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
PDIPI will continue
its current mix of
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
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
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
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
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
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
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
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
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.
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
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
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
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
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
Small Island Sustainable Development
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
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
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
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
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.
On behalf of your Board of Directors, our most
sincere appreciation to you, our shareholders, for
your continued support and to our customers for
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.
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