SCC: We advise that at today’s meeting the Board of Directors of Semirara Mining and Power Corporation (the “Corporation” or “SCC”), approved the following: 1. Annual Audited Consolidated Financial Statements The board reviewed and approved the Corporation’s audited consolidated financial statements for the year ended December 31, 2018. Integrated energy company Semirara Mining and Power Corp. (SMPC) reported a decline in consolidated net income after tax by 15 percent to P12.0 billion from P14.2 billion last year. In its coal segment, production slightly slowed by 2 percent to 12.9 million metric tons (MT) from 13.2 million MT registered in the same period last year. Continuous heavy rains in July and August caused slowdown in production in the third quarter. With the lower production, coal sales dropped to 11.6 million MT, 12 percent lower than last year’s 13.1 million MT. Uptake by domestic customers dropped two percent while coal exports sales declined by 22 percent due to lower production. 18% higher average selling price per ton offset the drop in sales volume, resulting to an increase in coal revenues by four percent to P30.7 billion from P29.7 billion last year. SMPC’s coal segment booked core profits of P9.7 billion, eight percent better than last year’s P9.0 billion. SEM-Calaca Power Corp.’s (SCPC) gross generation declined seven percent year-on-year to 3,282 GWH from 3,515 GWH. Unit 2 was on maintenance shutdown for the first three months of the year, and the maintenance activities spilled over up to the first week of April. Following a brief shutdown in March, Unit 1 ran continuously, save for a four-day shutdown in June, it ran continuously for 201 days before it was shut down in December 30 to start its Life Extension Program.
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