October 29, 2014

SECURITIES AND EXCHANGE COMMISSION

SEC Building, EDSA Greenhills,
Mandaluyong City, Metro Manila

ATTENTION : MR. VICENTE GRACIANO P. FELIZMENIO, JR.
Director, Markets and Securities Regulation Department


PHILIPPINE STOCK EXCHANGE, INC.
3rd Floor, Philippine Stock Exchange Plaza
Ayala Triangle, Ayala Avenue
Makati City

ATTENTION : MS. JANET ENCARNACION
Head, Disclosure Department


PHILIPPINE DEALING & EXCHANGE CORP.
Market Regulatory Services Group
37/F Tower 1, The Enterprise Center
6766 Ayala Avenue corner Paseo de Roxas
Makati City

ATTENTION : MS. VINA VANESSA S. SALONGA
Head Issuer Compliance and Disclosures Department

Gentlemen:

Please see attached the SEC Form 17-C (Current Report) of Aboitiz Equity Ventures, Inc.

Kindly acknowledge receipt hereof.

Thank you.


Very truly yours,

ABOITIZ EQUITY VENTURES, INC.
By




CATHERINE R. ATAY
Assistant Corporate Secretary





COVER SHEET


C E O 2 5 3 6

S.E.C. Registration Number
A B O I T I Z E Q U I T Y V E N T U R E S , I N C .




( Company's Full Name )
3 2 N D S T R E E T , B O N I F A C I O G L O B A L

C I T Y , T A G U I G C I T Y , M E T R O M A N I L A
P H I L I P P I N E S
(Business Address: No. Street City / Town / Province )
M. JASMINE S. OPORTO

02- 886-2800
Contact Person
Contact Person


Company Telephone Number



3rd Monday of
May
1 2 3 1

1 7 - C

0 5 1 9
Month Day

FORM TYPE

Month Day
Fiscal Year

Annual Meeting


N/A


Secondary License Type, if Applicable

SEC

N/A
Dept. Requiring this Doc

Amended Articles Number/Section


x


Total No. of Stockholders Domestic Foreign
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To be accomplished by SEC Personnel concerned




File Number LCU





Document I.D. Cashier


S T A M P S





Remarks = Pls. use black ink for scanning purposes

SECURITIES & EXCHANGE COMMISSION


SEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE (SRC)
AND SRC RULE 17.2(c) THEREUNDER

1. October 29, 2014
Date of Report (Date of earliest event reported)

2. SEC Identification Number CEO2536 3. BIR TIN 003-828-269-V

4. ABOITIZ EQUITY VENTURES, INC.
Exact name of registrant as specified in its charter

5. Philippines 6.
Province, country or other jurisdiction Industry Classification Code
of incorporation

7. 32
nd
Street, Bonifacio Global City, Taguig City, Metro Manila, Philippines 1634
Address of principal office Postal Code

8. (02) 886-2800
Registrants telephone number, including area code

9. N.A.
Former name or former address, if changed since last report

10. Securities registered pursuant to Sections 4 and 8 of the RSA

Title of Each Class Number of Shares of Common Stock
Outstanding and Amount of Debt Outstanding
(as of September 30, 2014)

Common Stock P1 Par Value 5,538,581,307

Amount of Debt Outstanding P112,701,955,000.00

11. Indicate the item numbers reported herein: 9

Item 9: Other Events

Aboitiz Equity Ventures, Inc. (AEV or the Company) ended the third quarter of 2014 with a
consolidated net income of P4.8 billion (bn), recording an increase of 3% year-on-year
(YoY). Out of the total earnings contributions from the Companys strategic business units
(SBU), Power accounted for 68% while the income contribution of the Banking, Food and
Real Estate SBUs were at 18%, 6%, and 8%, respectively.

For the three-month period in review, the Company registered a non-recurring loss of
amounting to P406 million (mn). This was mainly due to the revaluation of the Power SBUs
consolidated dollar-denominated liabilities and placements. Adjusting for these one-offs,
AEV closed the quarter with a core net income of P5.2 bn, higher by 9% YoY.

On a year-to-date (YTD) basis, AEVs consolidated net income declined by 14% YoY to P14.3
bn from P16.6 bn. This translates to P2.58 in earnings per share. Power accounted for 72%,
followed by the Banking, Food and Real Estate SBUs with income contributions of 17%, 7%,
and 4%, respectively.

For the period ending September 30, 2014, the Company incurred a non-recurring gain of
P380 mn (versus last years P128 mn), which resulted from the revaluation of the Power
SBUs consolidated dollar-denominated liabilities and placements and a one-off gain of
P634 mn from the sale of a couple of the Groups investments. In addition, the Power SBU
booked a non-recurring cost for the acquisition of Lima Enerzone Corporation (formerly
Lima Utilities Corporation) (Lima Enerzone). Adjusting for these one-offs, AEVs core net
income amounted to P13.9 bn, which is 16% lower than last year.

Strategic Business Units

Power

For the first nine months of 2014, Aboitiz Power Corporation (AboitizPower) registered
income contribution of P10.1 bn, registering an 8% decrease when compared to the previous
years P11.0 bn. When adjusted for non-recurring items, the Power SBU recorded a 15% YoY
decline in its earnings share, from P12.1 bn to P10.3 bn.

AboitizPowers generation group registered an 11% YoY decline in its income contribution
from P9.3 bn to P8.3 bn. The decline is attributed to the full-year impact of the
implementation of the Geothermal Resource Supply Contract (GRSC) of the Tiwi-Makban
plants, limited operations of Magat plant due to low water levels, and the expiration of the
Pagbilao plants income tax holiday starting January 2014. Netting out one-off items, the
income contribution of AboitizPowers generation business amounted to P11.0 bn for the
period, which was 19% lower than last year.

For the first nine months of 2014, AboitizPowers attributable net generation rose by 2%
YoY, from 8,245 GWh to 8,395 GWh, as electricity sold through bilateral contracts, which
made up 85% of total energy sold during the period, expanded by 5% to 7,129 GWh. On the
other hand, spot market sales decreased by 15% from 1,484 GWh to 1,266 GWh as low water
levels constrained the operations of the Magat, Ambuklao, and Binga plants. In terms of
capacity, higher sales through bilateral contracts and ancillary services resulted to a 13%
YoY increase in AboitizPowers attributable sales to 1,782 MW. While ancillary sales were
weak in the second quarter due to the dry season, the increase in water levels in the third
quarter as a result of the typhoons has led to an uptick in ancillary sales during the period.

In addition to ongoing works on the 14 MW Sabangan run-of-river hydro plant and 300 MW
Davao coal plant, AboitizPower has also begun construction of its 420 MW Pagbilao
expansion last September. Meanwhile, the Company is targeting start of construction of the
300 MW Cebu Coal project and 68 MW Manolo Fortich hydro project before end of the year.

Meanwhile, AboitizPowers distribution group registered income contribution of P1.9 bn for
the first nine months of 2014, up 2% from the same period last year. Spearheaded by a
growth in industrial sales, total attributable electricity sales increased by 9% YoY from 3,024
GWh to 3,299 GWh. The acquisition of Lima Enerzone last June 2014 also provided a modest
contribution to the improvement in sales. However, during the same period, the groups
YTD gross margin on a per kwh basis declined by 4% YoY to 1.66 kWh. The unfavorable
variance was brought about by the higher direct costs registered due to the lag in recovery
of Visayan Electric Company, Inc.s (VECO) cost of purchased power and the additional costs
incurred by Davao Light & Power Company, Inc. (Davao Light) and Cotabato Light & Power
Company (Cotabato Light) due to the running of their embedded plants to cover for the
energy shortfall in the Mindanao grid.

Banking

The Banking SBUs income contribution for the period ending September 30, 2014 recorded
a 28% decrease YoY, from P3.3 bn to P2.4 bn.

Net interest income for the first nine months of the year grew by 25% to P8.0 bn, in view of
the robust expansion in average earning assets alongside the continuous reduction in
average costs of interest bearing liabilities. Total other income dropped by 44% to P5.9 bn,
principally due to exceptionally hefty trading gains earned during the first half of last year.
Total operating expenses fell by 11% to P7.3 bn, largely due to lower trust fund contribution
attributable to the reduced level of pre-need sales.

Union Bank of the Philippines' (UnionBank) resources dipped slightly by 2% to settle at
P388.5 bn as of end-September 2014 from the year-end 2013 level of P396.1 bn. This was
predicated mainly on the P18.6 bn or 13% decline in net loans and other receivables to
P123.5 bn, as the reduction in securities purchased under reverse repurchase agreements
muted the substantial expansion in receivables from customers. Total deposits improved
marginally to P300.8 bn, as the increases in both demand and savings were partially offset
by the decrease in time deposits. Total capital funds went up by 9% to end the period in
review at P49.0 bn.

Food

AEVs Food unit, Pilmico Foods Corporation (PFC), recorded a 1% YoY increase in its income
contribution for the first nine months of 2014, from P932.1 mn to P942.2 mn. The slow
growth in earnings was due to the weak performance of the Feeds division, which registered
a net income of P282 mn for the first nine months of the year as a result of the decline in
margins and expiration of the income tax holiday of Iligan Feedmill. Meanwhile, the Farms
business recorded a 65% or P97 mn year-on-year growth in income contribution as a result
of the increase in volume sales due to the ramp up in sow level and better average selling
price. The Flour division also improved income by 19% year-on-year coming from operating
efficiency and increase in income contribution from its by-products.

Real Estate

AEVs Property unit, Aboitiz Land, Inc. (AboitizLand), registered YoY growth of 247% in its
net income contribution for the period ending September 30, 2014 from P162.8 mn to
P565.4 mn. Buoyed by the strong performance of its business units, revenues breached the
P2.0 bn mark for the first time, almost triple from the same period last year. Industrial
revenues are up by 473% YoY mainly from the contribution of Lima Land, Inc. (LLI) in
Batangas, which was fully acquired by the property SBU last February. Its sales for the
period have now surpassed its full year budget. Meanwhile, the residential segment has
posted a 57% revenue growth, as the construction of its projects is now in full swing.
Commercial revenues have grown as well, with higher occupancy levels and the addition of
The Outlets in Mactan Island, Cebu.

Financial Condition

As of September 30, 2014, the Companys consolidated assets amounted to P269.8 bn,
reflecting a 9% increase as compared to the year-end 2013 level. Cash and cash equivalents
was at P43.2 bn, 20% higher than the year-end 2013 level of P36.1 bn. Consolidated
liabilities amounted to P141.8 bn while Equity Attributable to Equity Holders of the Parent
increased by 6% to P102.9 bn. Current ratio as of September 30, 2014 was at 2.8x (versus
year-end 2013s 2.6x), while the net debt-to-equity ratio was at 0.5x (versus year-end
2012s 0.5x).

SIGNATURE (S)

Pursuant to the requirements of the Securities Regulation Code, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.

ABOITIZ EQUITY VENTURES, INC.
By




CATHERINE R. ATAY
Assistant Corporate Secretary

Date: October 29, 2014