C01041-2024

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Feb 27, 2024
2. SEC Identification Number
0000091447
3. BIR Tax Identification No.
000190324000
4. Exact name of issuer as specified in its charter
SEMIRARA MINING AND POWER CORPORATION
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
2/F DMCI Plaza, 2281 Don Chino Roces Avenue, Makati City Postal Code 1231
8. Issuer's telephone number, including area code
632-88883000
9. Former name or former address, if changed since last report
-
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 4,250,547,620
11. Indicate the item numbers reported herein
9

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Semirara Mining and Power CorporationSCC

PSE Disclosure Form 4-31 - Press Release References: SRC Rule 17 (SEC Form 17-C)
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

SMPC net income down 30% to P27.9B in 2023;
Q4 earnings up 36% to P5.3B
Background/Description of the Disclosure

PRESS RELEASE
February 27, 2024 (Tuesday)


SMPC net income down 30% to P27.9B in 2023;
Q4 earnings up 36% to P5.3B

Integrated energy company Semirara Mining and Power Corporation (SMPC) posted P27.9 billion in consolidated net income in 2023, a 30-percent drop from P39.9 billion the previous year but still the second highest in its history.

All-time high coal shipments and record electricity sales softened the impact of weaker selling prices for both coal and electricity.

“Last year, we expected energy prices to stabilize so we focused on boosting our mine and plant outputs. Our people played a crucial role in helping us manage the challenges of a fluctuating energy market,” said SMPC President and COO Maria Cristina C. Gotianun.

Coal sales volume increased by 7 percent, from 14.8 million metric tons (MMT) to 15.8 MMT, driven by a 14-percent rise in exports from 7.1 MMT to 8.1 MMT, which compensated for the stagnant domestic sales at 7.7 MMT.

Average selling price (ASP) of Semirara coal fell by 26 percent from P5,136 to P3,796, as index prices retreated due to an oversupply from Indonesia, a warm winter and subdued global economic growth.

Meanwhile, combined electricity sales from SMPC subsidiaries SEM-Calaca Power Corporation (SCPC) and Southwest Luzon Power Generation Corporation expanded by 26 percent from 3,596 gigawatt hours (GWh) to 4,515 GWh, driven by 86-percent upturn in SCPC gross generation from 1,713 GWh to 3,192 GWh.

Electricity ASP narrowed by 5 percent from P5.67 to P5.40 on the combined impact of higher demand, entry of new capacity and interconnection of the Visayas and Mindanao grids.

For the fourth quarter alone, SMPC recorded a 36-percent jump in consolidated net income from P3.9 billion to P5.3 billion primarily due to higher coal shipments.

Coal sales from October to December surged by 77 percent from 3.0 MMT to 5.3 MMT, as exports more than tripled (218%) from 1.1 MMT to 3.5 MMT.

During the same period, ASP of Semirara coal declined by 32 percent from P4,861 to P3,305 due to correcting market prices.

The power segment reported a 32-percent increase in electricity sales as spot sales more than doubled (118%) from 335 GWh to 731 GWh on higher gross generation and reduced bilateral contracts.

Electricity ASP contracted by 27 percent from P5.84/KWh to P4.29/KWh on ample supply margins and receding fuel costs.

###
Other Relevant Information

In accordance with SEC Notice issued on March 17, 2020, attached herewith is SEC Form 17-C for your immediate reference.
Filed on behalf by:
Name John Sadullo
Designation Vice President - Legal and Corporate Secretary