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Finance

LT Group, Inc.

Company Background

LT Group was formed through the consolidation of businesses controlled by Lucio Tan, the Philippines' second-richest man in 2013, according to Forbes magazine. The listed conglomerate was previously known as Tanduay Holdings, which held Tan's spirits business. In 2012, shareholders approved the company's transformation from a liquor maker into a holding company called LT Group.

In addition to its liquor business, operated by its Tanduay subsidiary, LT is also active in tobacco, through its Fortune Tobacco unit, financial services, through Philippine National Bank, and real estate development, through Eton Properties Philippines. Tan, through companies he own, also has majority ownership in flag carrier Philippine Airlines and in-flight service provider MacroAsia Corp., but these companies are not yet included in LT Group.

Tan holds a chemical engineering from Far Eastern University in Manila. Known for his philanthropy, Tan has also been involved in legal disputes with the government, particularly over tax issues. LT Group is managed by Tan's son, Michael, who serves as president of the conglomerate. The younger Tan previously ran Asia Brewery.

Business Summary

LT Group, Inc. engages in diversified business activities, including distilled spirits, beverages, tobacco, property development and banking. It operates through five segments: Banking, Distilled Spirits, Beverage, Tobacco, and Property Development. The Banking segment provides a range of banking and other financial services to corporate, middle market and retail customers. The Distilled Spirits segment is involved in manufacturing, compounding, bottling, importing, buying and selling of rum, brandy, whiskey, gin, and other liquor products. The Beverage segment engages in brewing and soft drinks and bottled water manufacturing in the Philippines. The Tobacco segment supplies and manufactures cigarettes, casings, tobacco, packaging, labels and filters. The Property Development segment includes the ownership, development, leasing and management of residential properties. The company was founded on May 27, 1937 and is headquartered in Taguig, Philippines.

Financial Highlights

Dec 2022 PHPUSD
Revenue100,871.92M1,850.14M
Gross Profit45,532.36M835.13M
Operating income9,689.30M177.71M
Income before tax20,509.02M376.16M
Net income25,137.40M461.05M
EBITDA15,657.91M287.18M
Diluted EPS2.320.04
Dividends Per Share0.150.00
Total Assets1,272.98B22,842.96M
Total liabilities996,319.47M17,878.41M
Total equity198,844.85M3,568.16M
Operating cash flow27,581.09M505.87M
Currency in PHPCurrency in USD

Historical Data

 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 75,629.89M 94,150.85M 94,427.93M 91,173.31M 100,871.92M
Gross Profit 36,731.45M 44,003.49M 47,841.93M 44,629.52M 45,532.36M
Operating income 6,987.93M 12,925.14M 3,199.59M 6,384.79M 9,689.30M
Income before tax 17,384.73M 16,329.54M 3,971.70M 9,241.04M 20,509.02M
Net income 16,194.77M 23,060.15M 20,983.83M 20,234.82M 25,137.40M
EBITDA 11,203.41M 18,160.96M 8,834.35M 12,119.25M 15,657.91M
Diluted EPS 1.49 2.13 1.94 1.87 2.32
Dividends Per Share 0.15 0.15 0.15 0.15 0.15
Total Assets 1,097.77B 1,265.83B 1,353.12B 1,316.80B 1,272.98B
Total liabilities 866,586.42M 1,011.82B 1,097.58B 1,053.26B 996,319.47M
Total equity 172,966.69M 186,921.54M 185,413.93M 190,071.40M 198,844.85M
Operating cash flow 41,253.86M 56,038.20M 107,869.65M 6,156.57M 27,581.09M
 Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022
Revenue 1,435.57M 1,818.27M 1,903.76M 1,849.55M 1,850.14M
Gross Profit 697.21M 849.81M 964.54M 905.36M 835.13M
Operating income 132.64M 249.61M 64.50M 129.52M 177.71M
Income before tax 329.98M 315.36M 80.07M 187.46M 376.16M
Net income 307.40M 445.34M 423.05M 410.48M 461.05M
EBITDA 212.65M 350.73M 178.11M 245.85M 287.18M
Diluted EPS 0.02 0.04 0.03 0.03 0.04
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 20,876.23M 24,994.18M 28,176.25M 25,823.51M 22,842.96M
Total liabilities 16,479.72M 19,978.73M 22,855.14M 20,655.37M 17,878.41M
Total equity 3,289.27M 3,690.81M 3,860.90M 3,727.43M 3,568.16M
Operating cash flow 783.06M 1,082.22M 2,174.76M 124.89M 505.87M

Valuation Measures

Dec 2022
PER3.95
ROA1.94%
ROE12.92%
Operating margin9.60%
Profit margin24.92%

Key executives

  • Chairman & Chief Executive Officer: Lucio Chua Tan
  • President, COO & Executive Director: Michael Gonzales Tan
  • Chief Financial & Risk Officer: Jose Gabriel D. Olives
  • Secretary & Compliance Officer: Maria Cecilia L. Pesayco
  • Assistant Secretary & Compliance Officer: Marivic T. Moya

Shareholders

  • Tangent Holdings Corp. (74.3%)
  • The Vanguard Group, Inc. (0.7%)
  • Dimensional Fund Advisors LP (0.2%)
  • BlackRock Fund Advisors (0.1%)
  • Invesco Capital Management LLC (0.1%)
  • Charles Schwab Investment Management, Inc. (0.0%)
  • Mackenzie Investments Corp. (United States) (0.0%)
  • SSgA Funds Management, Inc. (0.0%)
  • Andbank Wealth Management SGIIC SAU (0.0%)
  • Mackenzie Financial Corp. (0.0%)

Contact Details

  • Website:http://www.ltg.com.ph
  • Address: Bench Tower, 30th Street Corner Rizal Drive, Taguig, 1634, Philippines
  • Phone: +63.2.808.1266

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Last Updated on 31 May, 2023

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