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Consumer Non-Durables

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 full range of banking and other financial services to corporate, middle market and retail customers. The Distilled Spirits segment involves 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 of cigarettes, casings, tobacco, packaging, labels and filters. The Property Development segment engages in 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 2018 PHPUSD
Revenue75,559.42M1,434.23M
Gross Profit36,673.32M696.11M
Operating income8,425.03M159.91M
Income before tax25,548.03M484.94M
Net income15,974.80M303.22M
EBITDA12,628.16M239.70M
Diluted EPS1.490.02
Dividends Per Share0.150.00
Total Assets1,097.77B20,876.23M
Total liabilities866,586.42M16,479.72M
Total equity172,966.69M3,289.27M
Operating cash flow40,776.10M773.99M
Currency in PHPCurrency in USD

Historical Data

 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 52,125.47M 51,473.18M 57,800.00M 63,727.07M 75,559.42M
Gross Profit 25,062.35M 27,606.08M 29,627.40M 31,586.31M 36,673.32M
Operating income 2,449.15M 6,081.23M 3,855.61M 7,194.96M 8,425.03M
Income before tax 8,312.51M 12,217.53M 12,935.65M 18,000.06M 25,548.03M
Net income 4,410.23M 6,312.69M 9,342.67M 10,830.77M 15,974.80M
EBITDA 6,004.15M 9,073.18M 7,117.57M 10,910.52M 12,628.16M
Diluted EPS 0.41 0.61 0.82 1.00 1.49
Dividends Per Share 0.15 0.15 0.15 0.15 0.15
Total Assets 702,363.92M 755,136.79M 834,466.97M 917,095.68M 1,097.77B
Total liabilities 539,641.72M 585,378.70M 655,862.39M 721,780.27M 866,586.42M
Total equity 124,227.89M 128,876.01M 136,097.98M 148,314.50M 172,966.69M
Operating cash flow -25,010.84M 3,672.20M 33,837.97M 5,711.62M 40,776.10M
 Dec 2014Dec 2015Dec 2016Dec 2017Dec 2018
Revenue 1,174.29M 1,130.45M 1,217.16M 1,264.05M 1,434.23M
Gross Profit 564.61M 606.28M 623.89M 626.53M 696.11M
Operating income 55.17M 133.55M 81.19M 142.71M 159.91M
Income before tax 187.26M 268.32M 272.40M 357.04M 484.94M
Net income 99.35M 138.63M 196.73M 214.83M 303.22M
EBITDA 135.26M 199.26M 149.88M 216.41M 239.70M
Diluted EPS 0.00 0.01 0.01 0.01 0.02
Dividends Per Share 0.00 0.00 0.00 0.00 0.00
Total Assets 15,701.42M 16,047.96M 16,785.85M 18,371.30M 20,876.23M
Total liabilities 12,063.75M 12,440.30M 13,193.10M 14,458.73M 16,479.72M
Total equity 2,777.12M 2,738.83M 2,737.70M 2,971.04M 3,289.27M
Operating cash flow -563.45M 80.64M 712.56M 113.29M 773.99M

Valuation Measures

Dec 2018
PER11.08
ROA1.58%
ROE9.94%
Operating margin11.15%
Profit margin21.14%

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
  • Deputy Chief Financial Officer: Nestor C. Mendones

Shareholders

  • Tangent Holdings Corp. (74.3%)
  • Dragon Castle Holdings Ltd. (1.8%)
  • FIL Investment Management (Singapore) Ltd. (1.4%)
  • Hinner Resources Ltd. (1.4%)
  • Advance Goal Ltd. (1.4%)
  • Absolute Classic Ltd. (0.8%)
  • Eastspring Investments (Singapore) Ltd. (0.8%)
  • The Vanguard Group, Inc. (0.8%)
  • Conqueror Vision Ltd. (0.7%)
  • FIL Investment Management (Hong Kong) Ltd. (0.4%)

Contact Details

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

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Competitors

  • San Miguel Corp.
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  • Robinsons Land Corp.
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  • Vitasoy International Holdings Limited
  • Japan Tobacco Inc.
  • PT Kalbe Farma Tbk
  • Coca-Cola Company
  • Taisho Pharmaceutical Holdings Co., Ltd.
  • Lam Soon (Thailand) Public Co. Ltd.
  • JG Summit Holdings Inc.
  • Top Frontier Investment Holdings, Inc.
  • Alliance Global Group Inc.
  • San Miguel Food & Beverage, Inc.
  • SM Investments Corporation
  • BDO Leasing & Finance, Inc.
Last Updated on 19 Sep, 2019

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