C01035-2017

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 23, 2017
2. SEC Identification Number
91447
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
632-8883000/8883055
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 1,065,286,430
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 4-30 - Material Information/Transactions References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Results of Board of Directors Meeting
Background/Description of the Disclosure

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, 2016.

Accordingly, Consolidated Net Income After Tax (NIAT) amounted to PHP12.04 billion, 42% higher than 2015’s of PHP8.47 billion. Consolidated EPS is at PHP11.30, from 2015 EPS of PHP 7.94. The net contribution to the bottom line by coal, Sem-Calaca Power Corporation (SCPC), and Southwest Luzon Power Generation Corporation (SLPGC), after eliminations, are PHP5.42 billion, PHP2.87 billion, and PHP3.71 million, respectively.

Before eliminations, the coal segment's NIAT of PHP10.00 billion, posted an increase of 48% from PHP6.74 billion in 2015 with higher sales volume. This is inclusive of the dividend income from SCPC of PHP1.5 billion and PHP2.5 billion in 2015 and 2016, respectively. Production and coal sales set new record highs at 12.8 M tons, coal production is inclusive of 900 K tons of low-grade coal. Composite average price of coal posted at PHP1,885/ton, 9% down from PHP1,943/ton in 2015. Low-grade coal sold to own power plants more than doubled in 2016 at 1.95M tons from 955K tons in 2015, thus pulling down average price.

On a stand-alone basis, SCPC posted a Net Income After Tax of PHP¬1.41 billion, down by 57% from last year’s PHP3.28 billion. Decreased availability of plants due to more downtimes dragged total gross generation down by 27% at 2,909 GWh from 3,959 GWh last year. As a result, total energy sold dropped by 12% to 3,322 GWh in 2016 from 3,754 GWh in 2015. ASP also dropped by 3% at PHP3.31/KWh from PHP3.42/KWh last year. Meanwhile, cost of energy sold increased by 32% to PHP2.24/KWhr from PHP1.69KWhr in 2015.

On the other hand, SLPGC’s 2x150MW plants started contributing this year with a PHP3.22 B stand-along NIAT, as against PHP40 M last year. Gross generation posted a 555% growth YoY at 1,383 GWh from 211 GWh in 2015. The plants’ power supply contracts were already effective, and total volume sold soared by 510% to 1,478 GWh from 242 GWh in 2015. ASP is also higher by 46% this year at PHP4.42/KWh, compared to last year’s PHP3.03/KWh. SLPGC’s NIAT is more than double compared to SCPC’s.

2. Re-appointment of External Auditor

The Board recommended the re-appointment of SyCip Gorres Velayo & Co. as the Corporation’s Independent External Auditor for the year 2017.
Other Relevant Information

None.
Filed on behalf by:
Name John Sadullo
Designation Vice President - Legal and Corporate Secretary