Meralco boosts operational efficiency of Allegro Microsystems Philippines, Inc.Date Published: June 14, 2013
Higher rates from IPPs, WESM cause rise in power billsDate Published: June 10, 2013
MVP Message at the 2013 Annual Stockholders MeetingDate Published: May 30, 2013
Warm greetings to our shareholders.
Two words describe how Meralco and our people performed in 2012.
“Outperform” suitably characterizes how Meralco delivered in the past year. In 2012, your company achieved a gain in market value of 15 billion pesos over 2011—when our share price improved from 247 pesos to 260 pesos. That gain has since risen by 140 billion pesos as of yesterday—May 27. If we look further back 4 years ago, the rise in Meralco’s market value accruing to our shareholders has grown twice – from 231 billion pesos in 2009 to 434 billion pesos today.
In addition, our shareholders have been the beneficiary of robust cash dividends since 2009. In the past 4 years, cash dividends paid to shareholders have totaled 35.3 billion pesos—out of core profits aggregating 50.3 billion.
That said, Meralco’s share price is currently trading at an historic high – about 26 times 2012 trailing earnings. The exuberant stock market has however attracted warnings of caution. In order to align Meralco’s price-to-earnings multiple to more rational levels, it is imperative that we continue to raise our core profitability in 2013, and in future years.
The second word that bespeaks of 2012 is “gratitude.” It is entirely proper therefore to thank our shareholders for their support, and our board of directors for their guidance and encouragement. Our appreciation must also go to our management who are with us in this theater today—and the rest of our people at Meralco—for delivering sterling results. We cannot ask for more.
The rewards they received are truly deserved, and well merited. They represent after all the fruits of their own labor, spirit, and purpose – not the product of patronage or of gratuity.
Let me conclude by saying that i look forward to seeing you next Year, when we can report improved 2013 performance numbers. The future of our industry will require extraordinary innovation and operational efficiencies – a time where we as the incumbent must also be emergent. The Meralco of today is built for sustained growth and strong results in that future – we have a growth agenda, a culture of innovation and meritocracy, and a social awareness that makes us relate with the communities we serve. Most importantly, our people are motivated and driven to deliver.
May the good Lord bless all of you, and guide this company in 2013 – and in the years beyond.
Meralco holds Annual Stockholders MeetingDate Published: May 29, 2013
Meralco held its Annual Meeting of Stockholders (ASM/AGM) on Tuesday, May 28, 2013 at 10:00 AM at the Meralco Theatre.
In his message to shareholders, Chairman of the Board of Directors, Mr. Manuel V. Pangilinan, remarked that as the Company outperformed prior years' business results, a word of gratitude goes to our shareholders and stakeholders - management and employees -- who were with us as we delivered sterling results year after year.
Meralco President & CEO Mr. Oscar S. Reyes reported on the Company’s 2012 performance including the robust numbers, growth pillars particularly on power generation and retail electricity supply, innovation-driven initiatives and corporate citizenship.
The shareholders, representing 992,725,792 or 88.08% of the total capital stock as of record date for the AGM, were given ample time to ask questions and raise their concerns during the meeting. The shareholders voted on all resolutions in the agenda, including the election of the members of the Company's 11-seat Board. SyCip Gorres Velayo & Co. (SGV & Co.) was appointed as the Company's external auditors. Shareholders also approved the grant of additional compensation to directors and the amendment of the corresponding provision in the Company’s By Laws, Section 7, Article II, "Compensation, Board of Directors". Reyes Tacandong & Co. was the independent party appointed to validate the votes at the AGM.