Download - Metro Pacific FY2014

1

FULL YEAR 2014

FINANCIAL RESULTS

ANALYSTS’ BRIEFING

26 February 2015

2

ABOUT MPIC

Metro Pacific Investments Corporation (PSE:MPI) is a Philippine-based, publicly listed investment and management company, focused in infrastructure,

with holdings in Manila Electric Company, Maynilad Water Services, Inc., Metro Pacific Tollways Corporation, Makati Medical Center, Cardinal Santos

Medical Center, Asian Hospital, Davao Doctors Hospital, Riverside Medical Center, Lourdes Hospital, De Los Medical Center and Central Luzon Doctors

Hospital.

HEADQUARTERS INVESTOR RELATIONS TEAM ([email protected])

10/F MGO Building, Legazpi corner Dela Rosa Streets, VP Investor Relations – Albert WL Pulido ([email protected])

Legazpi Village, Makati 0721 Philippines Investor Relations Manager – Maricris C. Aldover ([email protected])

Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Investor Relations Assistant – Ma. Isabel O. Acuzar ([email protected])

Email: [email protected]

Official Website: www.mpic.com.ph

DISCLAIMER

This presentation was prepared solely and exclusively for discussion purposes. This

presentation and/or any part thereof may not be reproduced, disclosed or used without the

prior written consent of Metro Pacific Investments Corporation (the “Company”).

This presentation, as well as discussions arising therefrom, may contain statements relating

to future expectations and/or projections of the Company by its management team, with

respect to the Company and its portfolio companies. These statements are generally identified

by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,””estimate,”

“expect,” “may,” “will,” or other similar words. These statements are: (i) presented on the

basis of current assumptions which the company’s management team believes to be

reasonable and presumed correct based on available data at the time these were made, (ii)

based on assumptions regarding the Company’s present and future business strategies, and

the environment in which it will operate in the future, (iii) a reflection of our current views with

respect to future events and not a guarantee of future performance, and (iv) subject to certain

factors which may cause some or all of the assumptions not to occur or cause actual results

to diverge significantly from those projected. Any and all forward looking statements made by

the Company or any persons acting on its behalf are deemed qualified in their entirety by

these cautionary statements.

This presentation is solely for informational purposes and should in no way be construed as a

solicitation or an offer to buy or sell securities or related financial instruments of the Company

and/ or any of its subsidiaries and/or affiliates.

Ticker: PSE:MPI

American Depositary Receipts

ADR Ticker: MPCIY

CUSIP: US59164L2007

Ratio: 1 ADR : 100 Ordinary Shares

Depositary Bank:

Deutsche Bank Trust Company Americas

ADR Broker Helpline:

+1 212 250 9100 (New York)

+44 207 547 6500 (London)

E-mail: [email protected]

ADR Website: www.adr.db.com

Depositary Bank’s Local Custodian:

Deutsche Bank Manila

http://www.mpic.com.ph/

mailto:[email protected]

http://www.adr.db.com/

33

18% growth in MPIC Share driven by:

WATER - 4% ↑ in billed volume of Maynilad and

4% ↑ in average effective tariff (lower provisioning

through better collection)

POWER - 3% ↑ in energy sales, 403 bps lower

interest rate at Beacon due to refinancing;

increased shareholding in MERALCO from 24.98%

to 27.48%; and increase in Non-electricity

Revenues

TOLLROADS - 7% ↑ in average daily traffic and in

average kilometers traveled in NLEX, 8% ↑ in

average daily traffic in CAVITEX; contribution from

Don Muang Tollways; and increased shareholding

in MNTC from 67.1% to 75.6% in July 2014

HOSPITALS - Increasing number of patients, offset

by lower effective ownership with entry of GIC as

an investor in July 2014

Slower growth in Reported Income due to Maynilad

arbitration costs; and various tollroads / rail project

expenses in 2014

FINANCIAL HIGHLIGHTS

In Mill ions of Pesos 2014 2013 % Change

MPIC share

Maynilad 4,376 3,789 15%

MERALCO / Beacon 3,027 2,333 30%

MPTC 2,239 1,874 19%

Hospitals 465 581 -20%

Rail (28) - 100%

Share of operating income 10,079 8,577 18%

Head off ice expenses (1,025) (917) 12%

Interest expense (546) (431) 27%

Core income 8,508 7,229 18%

Non-core expenses (568) (20)

Reported income 7,940 7,209 10%

Dividend per share

In Centavos 10.30 3.70 178%

44

18% GROWTH IN MPIC SHARE OF OPERATING INCOME

P10,079M P8,577M

WaterWater

Toll Roads

Hospitals

Power

Toll Roads

Hospitals

FY 2014 FY 2013

Maynilad

44%

Meralco/

Beacon 27%

MPTC

22%

Hospitals 7%

Maynilad

43%

Meralco/

Beacon 30%

MPTC

22%

Hospitals 5%

* Chart above does not include Pre-operating Rail Expenses

55

STAND-ALONE CORE INCOME VS MPIC SHARE

18% Growth in MPIC Share from P8.6B to P10.1B

In Mill ions 2014 2013 % In Mill ions 2014 2013 %

Stand-alone Core Income 8,777 7,530 17% Stand-alone Core Income 18,128 17,023 6%

Maynilad (52.8%) 4,634 4,012 16% MERALCO (26.2%-24.5%) 4,735 4,168 14%

DMWC Parent and FVA (235) (223) 5% Fair Value Adjustments (217) (201) 8%

MPWIC/ MWCI (23) - 100% Beacon (1,491) (1,634) -9%

MPIC Share 4,376 3,789 15% MPIC Share 3,027 2,333 30%

In Mill ions 2014 2013 % In Mill ions 2014 2013 %

Stand-alone Core Income 2,154 1,963 10% Stand-alone Core Income 1,007 879 15%

MPTC (99.9%) 2,151 1,961 10% Hospitals 469 510 -8%

Fair Value Adjustments (40) (87) -54% Fair value adjustments (4) 71 -106%

Don Muang Tollways/ AIF 128 - 100% MPIC Share 465 581 -20%

MPIC Share 2,239 1,874 19%

WATER POWER

TOLLROADS HOSPITALS

66

CURRENT PENDING ISSUES / OPPORTUNITIES

Rate rebasing

Power plant projects

POWER WATERTOLL ROADS RAIL

Connector Road – Swiss

Challenge within 2015

Delayed tariff increases

o NLEX – due January

2013 & 2015

o CAVITEX – due January

2012 & 2015

Timing of completion of

Segment 9 / Harbour Link

Regional investments

Timing of arbitration

decision implementation

Increase in maximum

fare of 45% announced

by DOTC - Concession

called for 60% increase

Turn-over of existing

LRT1 operations and

start of construction

AFCS operational by

September 2015

77

PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES

8

MAYNILAD FY 2014 HIGHLIGHTS

MAYNILAD

Revenues increased by 9% due to:

4% increase in billed volume from 443.8 MCM to

463.2 MCM

• 5% increase in billed customers from 1,129,497 to

1,190,062

4% increase in average effective tariff from lower

provisioning through better collection

Gross Profit and EBITDA grew faster as savings from the

right sizing program start to bear fruit

Faster growth in Reported Net Income due to lower non-core

expenses for 2014. Those expenses, which include

Maynilad’s right-sizing program and arbitration cost, are

lower than the refinancing cost incurred in 2013

Other Businesses – Stand-alone

PhilHydro – Gross Revenues of P135 million and Core

Income of P2 million; billed volumes were marginally lower

at 27.8 MLD

Subic Water – Gross Revenues of P563 million and Net

Income of P187 million

In Millions 2014 2013 %

Stand-alone Core Income 8,777 7,530 17%

Maynilad (52.8%) 4,634 4,012 16%

DMWC Parent and FVA (235) (223) 5%

MPWIC/ MWCI (23) - 0%

MPIC Share 4,376 3,789 15%


Revenues 18,363 16,895 9%

Cost of services (4,966) (4,702) 6%

Gross prof it 13,397 12,193 10%

Operating expenses (2,072) (2,391) -13%

Other income and expense - net (530) (515) 3%

Interest expense (2,082) (2,039) 2%

Benefit from income tax 64 282 -77%

Core income 8,777 7,530 17%

Non-core expenses (522) (594) -12%

Reported net income 8,255 6,936 19%

Core EBITDA Computation:

Core income 8,777 7,530 17%

Depreciation and amortization 2,062 1,796 15%

Interest expense 2,082 2,039 2%

Benefit from income tax (64) (282) -77%

Core EBITDA 12,857 11,083 16%

9

KEY METRICS AND KEY PRIORITIES

KEY METRICS 2014 2013

NRW

Average 33.9% 38.7%

Period end 32.9% 35.4%

Coverage

Total population 9.68M 9.69M

Population coverage 8.87M 8.40M

24hr availability 100% 98%

Over 7 psi 100% 100%

Customer Mix

Residential 80% 80%

Commercial 20% 20%

Capital Expenditure P4,345M P5,558M

NON-REVENUE WATER

January 2015Arbitration panel upheld Maynilad’s rate hike

application

February 2015Submitted letter calling on the performance

undertaking of the Philippine Government

Significant Events:

Seasonality of water consumption affects NRW

100

102

104

106

108

110

112

114

116

118

120

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14

Billed Volume (MCM) Average NRW Period End NRW

IMPLEMENTATION OF ARBITRATION DECISION

10

MERALCO FY 2014 HIGHLIGHTS

Consolidated Electricity Revenues decreased due to (a)

the loss of pass-through supply revenue component on

the electricity of contestable customers who switched

their sourcing of power to other retail electricity

suppliers under Retail Competition and Open Access,

and (b) the P 9.3 billion downward adjustment in the

Wholesale Electricity Market bill for December 2013

supply volumes

Non-Electricity Revenues up by 21% due to higher

revenues of subsidiaries

Growth in EBITDA was a function of higher energy sales

and increased revenues of subsidiaries

3% growth in total energy sales from 34,084 GWh

to 35,160 GWh (1.3% ↑ residential, 3.9% ↑

commercial and 4.2% ↑ industrial sector) offset by

a 3.0% decrease in average distribution rate from

P1.65/kWh to P1.60/kWh


Electricity 261,740 294,849 -11%

Non-Electricity 4,596 3,787 21%

Total revenues 266,336 298,636 -11%

Purchased power (203,242) (238,198) -15%

Operating expenses (36,948) (36,288) 2%

Other income 413 (11) -3855%

Provision for income tax (8,353) (7,054) 18%

Non-controlling interests (78) (62) 26%

Core income 18,128 17,023 6%

Non-core income (expense) (75) 188 -140%



Core income 18,128 17,023 6%


Net Interest income 691 307 125%

Provision for income tax 8,353 7,054 18%

Others (93) 343 -127%

Core EBITDA 33,172 30,845 8%



MERALCO (26.2% - 24.5%) 4,735 4,168 14%

Fair Value Adjustments (217) (201) 8%

Beacon (1,491) (1,634) -9%

MPIC Share 3,027 2,333 30%

11


POWER GENERATION UPDATES

Baseload

San Buenaventura Power, Quezon (Online by 2018)

• Final stages of discussion with preferred EPC contractor; will issue

Notice to Proceed upon ERC approval of PSA between San

Buenaventura and Meralco

Redondo Peninsula Energy, Subic

• Environmental case resolved

• Proceed with the completion of all remaining development activities

and commence construction within the year 2015

Atimonan One Energy

• Evaluating 1,200MW coal powerplant

• An experienced international engineering firm has been engaged as

Owner’s Engineer. EPC prequalification process has commenced

Other Investments

2 x 400MW combined cycle LNG plant in Jurong Island, Singapore –

28% effective ownership for MERALCO

• Officially launched on 3 June 2014

MGen raises stake to 22% stake in Global Business Power

Corporation

• Largest IPP in Visayas with 627MW gross capacity (410MW coal

and 217MW diesel)

• Commenced operations of a 1 x 82MW CFB coal-fired plant in

December 2014; another 1 x 150MW CFB coal-fired plant is being

built with target COD in 3Q 2016


System Loss 6.49% 6.92%

System Average Interruption

Frequency Index 2.66 times 3.36 times

Customer Average

Interruption Duration Index

94.09

minutes

97.65

minutes

Number of customers 5.57M 5.37M

Capital Expenditure

(excluding Singapore Plant)P12,350M P10,187M

Energy Sales

Residential 10,364 10,235

Commercial 13,814 13,302

Industrial 10,850 10,417

Streetlights 132 130

Total (in GWh) 35,160 34,084

12



MPTC (99.9%) 2,151 1,961 10%

Fair Value Adjustments (40) (87) -54%

Don Muang Tollways/ AIF 128 - 100%

MPIC Share 2,239 1,874 19%

MPTC FY 2014 HIGHLIGHTS

Net Toll Revenues increased due to:

NLEX

• 7% increase in average daily vehicle entries (open &

closed systems) to 185,297

• 7% increase in average kilometers travelled to 3.51M

• Revenues up by 6% to P7,516 million

CAVITEX

• 8% increase in average daily vehicle entries to 110,393

• Revenues up by 7% to P1,125 million

Core EBITDA’s slower growth primarily due to higher Operator’s

Fees and normalization of CAVITEX expenses

Faster growth in Core Income due to a 9% increase in

shareholding in MNTC; lower amortization of concession

assets driven by the adoption of UOP method; and higher

income from advertisements

Don Muang Tollway

Revenues increased by 5% to THB2,133 million

Core Income up by 13% to THB914 million

Average daily vehicle entries

• 5% increase for Original Tollway to 80,698

• 3% increase for North Extension to 49,645


Net toll revenues 8,641 8,154 6%

Operating and maintenance costs (3,533) (3,305) 7%

Gross prof it 5,108 4,849 5%

Operating expenses (820) (742) 11%

Interest expense (1,112) (934) 19%

Non-controlling interest (722) (792) -9%

Share in earnings of associates 290 247 17%

Provision for income tax (860) (865) -1%

Other income 270 200 35%

Core income 2,154 1,963 10%

Non-core income (expenses) (92) 38 -342%



Core income 2,154 1,963 10%

Depreciation and amortization 940 986 -5%

Interest expense 1,112 934 19%

Non-controlling interest 722 792 -9%

Provision for income tax 860 865 -1%

Core EBITDA 5,788 5,540 4%

13


NORTH

NLEX Harbour Link

Segment 9 (P1.5 billion project cost)

• Ongoing construction – operational by 1Q 2015

Segment 10 (P10.7 billion project cost)

• Ongoing construction – operational by 2017

NLEX Citi Link (P7.5 billion project cost)

Final alignment undergoing evaluation – operational by 2020

Connector Road / Metro Expressway Link (P14.2 billion project cost)

Swiss Challenge to be conducted within 2015 – MPIC will have the right to match the

best bid

SCTEX

Received Notice of Award from BCDA on 9 February 2015 – P4.1 billion to be paid in

March 2015

Concession until 2043

SOUTH

Cavitex (P8.0 billion project cost)

Preparation of detail engineering design for expansion plans ongoing; construction to

begin by 2015

CEBU

Cebu-Cordova Bridge Project (P16.9 billion project cost)

Granted Original Proponent Status – target project award by 2Q 2015

VIETNAM

CII Bridges and Roads (P4.1 billion investment)

16 kilometers under construction and 39 kilometers to be constructed

Other projects under development

PROJECT UPDATESKEY METRICS 2014 2013

NLEX

Average Daily Vehicle Entries (Open & Closed)

Class 1 139,560 129,484

Class 2 29,697 28,773

Class 3 16,040 14,810

Total 185,297 173,067

Average Kilometers Travelled (In thousands of kms)

Class 1 2,509 2,305

Class 2 618 608

Class 3 379 360

Total 3,506 3,273

CAVITEX

Average Daily Vehicle Entries

Class 1 96,768 88,774

Class 2 9,655 9,859

Class 3 3,970 3,647

Total 110,393 102,280

Capital expenditure P2,592M P401M

14

HOSPITAL GROUP FY 2014 HIGHLIGHTS

Increase in gross revenues due to:

15% increase in Gross Revenues from Cardinal Santos

Medical Center, 14% from Davao Doctors, 7% from Our

Lady of Lourdes and Asian Hospital, 6% from Makati

Medical and Riverside Medical Center

Full year impact of Delos Santos Medical Center and

Central Luzon Doctors Hospital

Higher Core Income growth than Core EBITDA due to lower

interest expense in Asian Hospital

Slower growth in Core EBITDA due to the normalization of

Senior Citizen refunds and higher costs in Makati Med due

to the implementation of a new information system and JCI

accreditation

MPIC’s lower share due to entry of GIC as an investor in

the beginning of July 2014


Gross revenues 14,096 12,493 13%

Discounts (1,276) (1,044) 22%

Net revenues 12,820 11,449 12%

Cost of supplies (5,571) (4,916) 13%

Gross prof it 7,249 6,533 11%

Operating expenses (5,809) (5,226) 11%

Interest expense (282) (288) -2%

Other income 293 272 8%

Provision for income tax (444) (412) 8%

Core income 1,007 879 15%

Non-core income 4 7 -47%

Reported net income 1,011 886 14%


Core income 1,007 879 15%


Interest expense 282 288 -2%

Provision for income tax 444 412 8%

Core EBITDA 2,946 2,656 11%


Stand-alone Core Income 1,007 879 15%

Hospitals 469 510 -8%

Fair value adjustments (4) 71 -106%

MPIC Share 465 581 -20%

15


Invest in more hospitals to expand the chain –

Target of 3,700 beds and better coverage

Implement synergies across the network - group-

wide policies and protocols on equipment and other

purchases

Invest in new equipment and renovations /

expansions in existing hospitals

Strive to integrate into one chain and build centers

of excellence across the network

Address changes in healthcare delivery

Mall-based diagnostic centers

KEY PRIORITIES


Total number of beds (Period end) 2,134 2,021

Number of accredited doctors 5,367 5,418

Average number of enrollees (YTD) 4,228 3,897

Average occupancy rate (YTD) 66.8% 72.0%

Number of patients

In patient 124,467 115,570

Out patient 1,849,301 1,626,017

1616

QUARTERLY ANALYSIS

17

MAYNILAD QUARTERLY HIGHLIGHTS (In Millions of Pesos)

1Q 2Q 3Q 4Q

Revenues 4,391 4,605 4,577 4,790

Core EBITDA 2,985 3,336 2,761 3,775

Core Income 2,109 2,391 1,866 2,411

Reported Income 2,046 1,934 1,817 2,458

Billed volume (In MCM) 111.6 117.9 116.5 117.2

Billed customers 1,145,934 1,162,959 1,176,010 1,190,062

Non-revenue water

Average 35.8% 34.4% 34.1% 33.9%

Period end 35.3% 31.1% 34.1% 32.9%

Service levels

24-hour coverage 98.2% 97.7% 98.6% 100.0%

Over 7 psi 100% 100% 100.0% 100.0%

KEY METRICS


Growth in revenues driven by increase in billed volume and

reduced provisioning for regularly unpaid bills reflecting better

collections

Core EBITDA grew faster due to revenue growth and decrease in

headcount

Slower Core Income growth due to higher amortization of

concession assets and higher interest expense

Reported Income grew faster due to the adjustment of arbitration

costs in 4Q

18

MERALCO QUARTERLY HIGHLIGHTS (In Millions of Pesos)

1Q 2Q 3Q 4Q

Total Revenues 55,109 77,059 70,722 63,446

Core EBITDA 7,503 9,893 9,204 6,572

Core Income 4,088 5,782 4,416 3,842

Reported Income 4,008 5,629 4,671 3,745

System Loss 6.59% 6.68% 6.67% 6.49%

Number of customers 5.42M 5.48M 5.53M 5.57M

Energy Sales

Residential 2,209 2,938 2,649 2,568

Commercial 3,119 3,634 3,525 3,536

Industrial 2,547 2,787 2,747 2,769

Streetlights 33 32 33 34

Total (in GWh) 7,908 9,391 8,954 8,907


KEY METRICS

Combined effects of net lower pass-through generation charge,

lower average distribution tariff and unrealized sales due to

weather disturbances in Meralco’s franchise area slowed down

the pace of Revenues this quarter

19

MPTC QUARTERLY HIGHLIGHTS (In Millions of Pesos)

1Q 2Q 3Q 4Q

Net Revenues 2,108 2,220 1,970 2,343

Core EBITDA 1,428 1,510 1,245 1,605

Core Income 546 615 388 605

Reported Income 538 575 359 590

Average Daily Vehicle

Entries

Class 1 136,757 142,429 132,466 146,559

Class 2 29,544 29,824 28,975 30,442

Class 3 16,025 15,924 15,745 16,464

Total 182,326 188,177 177,186 193,465

Average Kilometers Travelled (In thousands of kms)

Class 1 2,446 2,671 2,254 2,665

Class 2 621 626 586 638

Class 3 384 384 371 379

Total 3,451 3,681 3,211 3,682

Average Daily Vehicle

Entries

Class 1 95,225 97,297 94,193 100,329

Class 2 9,858 9,688 9,425 9,652

Class 3 3,908 3,871 3,972 4,127

Total 108,991 110,856 107,590 114,108


KEY METRICS

NLEX

CAVITEX

Growth in revenues driven by increase in average

daily vehicle entries in NLEX and CAVITEX

Higher growth in Core EBITDA due to lower O&M

costs and operating expenses

Faster growth in Core Income due to lower finance

cost and income tax

Growth of Reported Income due to the reversal of

provision for heavy maintenance

20

HOSPITAL GROUP QUARTERLY HIGHLIGHTS (In Millions of Pesos)

1Q 2Q 3Q 4Q

Revenues 3,456 3,411 3,746 3,483

Core EBITDA 731 664 822 729

Core Income 253 205 311 238

Reported Income 254 204 312 241

Total number of beds 2,075 2,109 2,068 2,134

Number of accredited

doctors5,446 5,393 5,401 5,367

Number of enrollees 4,188 3,439 3,972 4,228


KEY METRICS

Lower Revenues this quarter attributed to seasonality during

the Christmas holidays

Core Income slowed down significantly due to higher

depreciation from purchasing new medical equipment

2121

BALANCE SHEETS AND CASH FLOWS

2222

METRO PACIFIC INVESTMENTS CORPORATION – PARENT

BALANCE SHEET BALANCE SHEET (continued)

In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013

ASSETS LIABILITIES AND EQUITY

CURRENT ASSETS CURRENT LIABILITIES

Cash and short-term investments 4,088 4,529 Accounts payable and other current liabilities 819 567

Receivables - net 98 573 Due to related parties 7,547 362

Other current assets 1,712 551 Current portion of long-term debt 65 65

Total Current Assets 5,898 5,653 Total Current Liabilit ies 8,431 994

NONCURRENT ASSETS NONCURRENT LIABILITIES

Investments and advances to subs., associates & JVs 94,905 77,863 Long-term debts - net of current portion 6,318 6,383

Receivables - 588 Other noncurrent liabilities 1,186 172

Due from related parties - 51 Total Noncurrent Liabilit ies 7,504 6,555

Other noncurrent assets 967 1,457

Total Noncurrent Assets 95,872 79,959 Total Liabilit ies 15,935 7,549

TOTAL ASSETS 101,770 85,612 EQUITY

Capital stock 26,096 26,076

Additional paid-in capital 42,993 42,933

Other reserves 106 281

Retained earnings 16,640 8,773

Total Equity 85,835 78,063

TOTAL LIABILITIES AND EQUITY 101,770 85,612

As of As of

2323

METRO PACIFIC INVESTMENTS CORPORATION – PARENT

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)

In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013

Cash Flows from Operating Activit ies Increase in other non-current assets (226) (129)

Income before income tax 10,183 8,013 Proceeds from sale of AFS financial assets - 11

Adjustments for: Proceeds from:

Interest expense 673 607 Hospital selldown 6,533 -

Dividend income (6,750) (9,554) Sale of AFS investments 458 -

Interest income (160) (211) Proceeds from disposal of other assets - 2

Others (5,102) 294 Net cash used in investing activities 649 (4,399)

Operating loss before working capital changes (1,156) (851)

Decrease (increase) in: Cash Flows from Financing Activit ies

Receivables (18) 8 Proceeds from:

Due from related parties 251 (171) Issuance of capital stock - 6,118

Other current assets (389) 204 Subscription arising from ESOP 58 225

Increase (decrease) in accounts payable and other liabilities 268 (340) Payments of:

Net cash used in operations (1,044) (1,150) Notes payable - (4,700)

Dividend received 2,365 9,241 Transaction costs - (140)

Interest paid (494) (651) Refinancing cost - (397)

Income tax paid (18) (21) Long-term debt (64) (66)

Interest received 416 120 Dividends (2,298) (915)

Net cash provided by operating activities 1,225 7,539 Due to related parties - (2)

Net cash provided by (used in) financing activities (2,304) 123

Cash Flows from Investing Activit ies

Acquisition/purchase of: Effect of foreign exchange rate changes (11) 11

Investments and advances (6,087) (4,243)

Other non-current assets (29) (40) Net increase (decrease) in cash and cash equivalents (441) 3,274

(Forward)

Cash and cash equivalents at beginning of period 4,529 1,255

Cash and cash equivalents at end of period 4,088 4,529

*Tentative

2424

METRO PACIFIC INVESTMENTS CORPORATION – CONSOLIDATED



ASSETS NONCURRENT LIABILITIES

CURRENT ASSETS Long-term debts - net of current portion 57,494 47,536

Cash and short-term investments 28,125 17,090 Service concession fees payable 7,271 7,909

Receivables and other current assets 6,274 7,799 Deferred tax and other noncurrent liabilities 10,475 9,238

34,399 24,889 Total Noncurrent Liabilit ies 75,240 64,683

Asset held for sale 1,370 -

Total Current Assets 35,769 24,889 Total Liabilit ies 104,440 87,304

NONCURRENT ASSETS EQUITY

Investments and advances 65,175 48,854 Capital stock 26,096 26,076

Goodwill 18,308 18,308 Additional paid-in capital 42,993 42,933

Service concession assets 98,260 94,540 Other Reserves 7,081 3,570

Property and equipment - net 7,368 6,859 Retained earnings 27,525 21,882

Other noncurrent assets 9,132 7,134 Total equity attributable to owners of Parent 103,695 94,461

Total Noncurrent Assets 198,243 175,695 Non-controlling interest 25,877 18,819

Total Equity 129,572 113,280

TOTAL ASSETS 234,012 200,584


LIABILITIES AND EQUITY

CURRENT LIABILITIES

Accounts payable and other current liabilities 12,049 13,829

Current portion of Concession fees payable,

long-term debt and others 17,151 8,792

Total Current Liabilit ies 29,200 22,621

As of As of

25

MAYNILAD WATER SERVICES INC. & SUBSIDIARIES



ASSETS Non-current Liabilit ies

Current Assets Interest-bearing loans - net of current portion 22,509 23,638

Cash and short-term investments 7,104 6,491 Noncurrent portion of service concession obligation 7,041 7,915

Trade and other receivables 2,048 2,010 Pension liability 282 193

Other current assets 2,675 2,393 Deferred credits and other noncurrent liabilities 1,723 1,406

Total Current Assets 11,827 10,894 Total Noncurrent Liabilit ies 31,555 33,152

Non-current Assets Total Liabilit ies 44,675 48,037

Service concession assets - net 56,926 54,561

Deferred tax assets - net 2,161 2,073 Equity

Property and equipment - net 810 548 Capital stock 4,547 4,547

Other noncurrent assets - net 818 654 Additional paid-in capital 9,980 9,980

Total Noncurrent Assets 60,715 57,836 Other equity adjustments (362) (280)


TOTAL ASSETS 72,542 68,730 Total Equity 27,867 20,693

LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 72,542 68,730

Current Liabilit ies

Trade and other payables 10,334 12,226

Current portion of interest-bearing loans 1,692 1,704

Current portion of service concession obligation 1,094 955

Total Current Liabilit ies 13,120 14,885

As of As of

26

MAYNILAD WATER SERVICES INC. & SUBSIDIARIES



Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies

Income before income tax 8,225 6,529 Acquisitions of property and equipment (526) (400)

Adjustments for: Acquisitions of available-for-sale financial assets - (211)

Interest expense 2,163 2,571 Cash paid on acquisition of subsidiary (57) (195)

Amortization of service concession assets 1,804 1,566 Proceeds from sale of property and equipment 11 2

Interest income (81) (91) Decrease (increase) other noncurrent assets (51) (63)

Depreciation and amortization 257 231 Net cash used in investing activities (623) (867)

Others (59) 116

Operating income before working capital changes 12,309 10,922 Cash Flows from Financing Activit ies

Decrease (increase): Payments of:

Short-term investments 712 (3,613) Service concession obligation payable (1,184) (1,253)

Trade and other receivables (247) 529 Interest-bearing loans (1,721) (22,459)

Service concession assets (4,170) (5,154) Dividends (1,000) (13,494)

Other current assets (282) (597) Proceeds from availment of interest-bearing loans 654 26,241

Increase in trade and other payables (1,795) (388) Reissuance (acquisition) of treasury shares (94) 6

Cash generated from operations 6,527 1,699 Proceeds from increase in capital stock - 10,366

Interest received 77 84 Increase (decrease) in:

Income taxes paid (62) (3) Other noncurrent liabilities 194 81

Net cash provided by operating activities 6,542 1,780 Interest paid (1,443) (1,443)

Net cash provided used in financing activities (4,594) (1,955)

Net decrease in cash and cash equivalents 1,325 (1,042)

Cash and cash equivalents at beginning of period 2,864 3,906


*Tentative

27

METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES




Current Assets Current Liabilit ies

Cash and cash equivalents 4,258 3,298 Accounts payable and accrued expenses 2,536 1,799

Receivables 699 245 Current portion of long term debt 1,220 1,158

Inventories 50 50 Other current liabilities 873 883

Due from related parties 109 108 Total Current Liabilit ies 4,629 3,840

Other current assets 5,472 2,446

Total Current Assets 10,588 6,147 Noncurrent Liabilit ies

Long-term debt - net of current portion 25,456 16,586

Noncurrent Assets Deferred tax liabilities 703 526

Service concession assets 26,309 24,448 Other noncurrent liabilities 1,659 1,891

Due from related parties - 65 Total Noncurrent Liabilit ies 27,818 19,003

Available for sale investments 2,012 1,850

Property and equipment 182 164 Total Liabilit ies 32,447 22,843

Investment in an associate 273 178

Goodwill 4,979 4,979 Equity

Other noncurrent assets 1,946 905 Capital Stock 11,837 11,837

Total Noncurrent Assets 35,701 32,589 Other equity adjustments (3,182) (763)


TOTAL ASSETS 46,289 38,736

Total Equity Attributable to Equity Holders of

Parent 11,845 13,423

Non-controlling interest 1,997 2,470



As of As of

28

METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES



Cash Flows from Operating Activit ies Acquisition of subsidiary, net of cash acquired - 746

Income before income tax 3,731 3,515 Advances for future stock subscription (103) -

Adjustments for: Additions to:

Interest expense and other finance costs 1,214 1,086 Service concession assets (2,500) (411)

Amortization of service concession assets 646 757 Property and equipment (65) (64)

Equity in net earnings of an associate (291) (247) Intangible assets (118) (4)

Interest income (91) (132) Acquisition of AFS financial assets (4,051) (4,012)

Depreciation 47 42 Proceeds from:

Others (168) (71) Sale of property and equipment 2 4

Operating income before working capital changes 5,088 4,950 Sale of AFS financial assets 867 1,077

Decrease (increase): Maturity in investment in bonds - 51

Receivables (448) (72) Net cash used in investing activities (6,460) (2,260)

Inventories - (5)

Due from related parties (1) 4 Cash Flows from Financing Activit ies

Advances to contractors and consultants 98 (211) Payments of:

Other current assets (73) (40) Dividends (1,868) (1,685)

Input VAT - (5) Interest (954) (1,152)

Increase (decrease): Loans (1,236) (6,342)

Accounts payable and other liabilities 525 (418) Swap termination cost - (175)

Due to related parties (1) - Debt issue cost (93) (116)

Long-term incentive plan payable 30 (63) Cost on issuance of preferred shares - (34)

Unearned toll revenue 10 3 Acquisition for non-controlling interest (3,116) -

Income tax paid (790) (717) Proceeds from loans 10,250 8,300

Net cash provided by operating activities 4,438 3,426 Net cash used in financing activities 2,983 (1,204)

Cash Flows from Investing Activit ies Effect of exchange rate changes on cash (1) 1

Decrease (increase) in other noncurrent assets (916) 7

Dividends received 360 243 Net increase (decrease) in cash and cash equivalents 960 (37)

Interest received 64 103

(Forward) Cash and cash equivalents at beginning of period 3,298 3,335


*Tentative

29

MEDICAL DOCTORS INC. AND SUBSIDIARIES



ASSETS Noncurrent Liabilit ies

Current Assets Deferred income tax liabilities 997 861

Cash and cash equivalents 338 369 Retirement benefit obligation 44 58

Receivables - net 640 550 Loans payable 1,081 368

Inventories - net 219 203 Total Noncurrent Liabilit ies 2,122 1,286

Other current assets 41 30

Total Current Assets 1,239 1,151 Total Liabilit ies 3,082 2,690

Noncurrent Assets Equity

Property and Equipment - net 7,798 7,094 Capital stock 332 330

Other noncurrent assets 37 14 Capital in excess of par value 1,514 1,483

Total Noncurrent Assets 7,835 7,108 Other equity adjustments 2,535 2,207


TOTAL ASSETS 9,073 8,259 Treasury Stock (15) (15)

Total Equity Attributable to Equity Holders of

Parent 5,960 5,534

LIABILITIES AND EQUITY Non-controlling interest 31 35

Current Liabilit ies Total Equity 5,992 5,569

Accounts payable and accrued expenses 848 901

Current portion of long-term liabilities 19 404 TOTAL LIABILITIES AND EQUITY 9,073 8,259

Other current liabilities 93 99 0.00 (0)

Total Current Liabilit ies 960 1,403

As of As of

30

MEDICAL DOCTORS INC. AND SUBSIDIARIES




Income before income tax 322 398 Acquisitions of property and equipment (377) (280)

Adjustments for: Construction in progress (294) (360)

Provisions 66 74 Increase in other noncurrent assets (24) (3)

Depreciation and amortization 416 397 Others 0 3

Retirement benefit expense 34 28 Net cash used in investing activities (695) (640)

Interest expense 50 32

Interest income (1) (3) Cash Flows from Financing Activit ies

Others 2 (3) Proceeds from:

Operating income before working capital changes 890 925 Loans 392 400

Decrease (increase): Issuance of capital stock 34 19

Receivables (122) (183) Payment of loan (64) (246)

Inventories (16) (7) Interest paid (45) (34)

Prepayments (21) 20 Dividends paid (164) (157)

Increase (decrease) in: Net cash used in financing activities 153 (19)

Accounts payable and accrued expenses (201) (72)

Refundable deposits and other liabilities (2) (17) Net increase (decrease) in cash and cash equivalents (31) (5)

Cash generated from operations 528 667

Contributions to the retirement fund (18) (17) Cash and cash equivalents at beginning of period 369 374

Interest received 1 3

Net cash provided by operating activities 511 653 Cash and cash equivalents at end of period 338 369

0 (0) - (0)

*Tentative -

31

COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)

BALANCE SHEET (restated) BALANCE SHEET (continued)




Cash and cash equivalents 127 104 Accounts payable and accrued expenses 505 482

Receivables - net 149 138 Due to related parties 10 22

Inventories - net 70 77 Loans payable, current 65 125

Other current assets 39 31 Other current liabilities 17 15

Total Current Assets 385 349 Total Current Liabilit ies 597 644

Noncurrent Assets Noncurrent Liabilit ies

Property and Equipment - net 1,097 1,166 Retirement plan 17 18

Deferred income tax assets 79 61 Lease payable 615 626

Other noncurrent assets 6 6 Total Noncurrent Liabilit ies 632 644

Total Noncurrent Assets 1,182 1,233

Total Liabilit ies 1,229 1,287

TOTAL ASSETS 1,567 1,582

Equity

Capital stock 5 5

1,000,000 Retained earnings 333 289

Total Equity 338 294


(0) (0.00)

As of As of

32

COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)





Adjustments for: Increase in other noncurrent assets - (1)

Provisions 6 4 Net cash used in investing activities (116) (332)

Depreciation and amortization 185 162


Interest income (0) 1 Cash Flows from Financing Activit ies

Operating income before working capital changes 469 442 Loans payable (171) (62)

Decrease (increase): Dividend payments (80) (20)

Receivables (17) (50) Net cash provided by (used in) financing activities (251) (82)

Inventories 6 (1)

Prepayments (8) (24) Net increase (decrease) in cash and cash equivalents 23 (30)

Increase (decrease) in:

Accounts payable and accrued expenses (64) 15 Cash and cash equivalents at beginning of period 104 135

Refundable deposits and other liabilities 3 2

Cash generated from operations 389 384 Cash and cash equivalents at end of period 127 104

Interest received - (1) 0

Net cash provided by operating activities 389 383 0

*Tentative 1,000,000

18

33

DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES




Current Assets Retirement benefit obligations 39 32

Cash and cash equivalents 227 171 Other noncurrent liabilities 8 9

Receivables, net 132 157 Total Noncurrent Liabilit ies 48 41

Inventory, net 79 68

Prepaid expenses 5 7 Total Liabilit ies 291 302

Total Current Assets 442 403

Equity

Noncurrent Assets Capital stock 91 91

Property and Equipment - net 1,011 953 Capital in excess of par value 48 47

Deferred income tax assets 20 21 Treasury shares (7) (7)

Other noncurrent assets 47 42 Retained earnings 1,097 985

Total Noncurrent Assets 1,078 1,016 Total Equity 1,229 1,117

TOTAL ASSETS 1,520 1,419 TOTAL LIABILITIES AND EQUITY 1,520 1,419




Other current liabilities 30 18

Total Current Liabilit ies 243 261

As of As of

34

DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES





Adjustments for: Increase in noncurrent assets (5) (2)

Depreciation 131 117 Net cash used in investing activities (194) (235)

Provision for bad debts 8 28

Operating income before working capital changes 431 362 Cash Flows from Financing Activit ies

Decrease (increase): Dividends paid (90) (90)

Receivables 22 (2) Decrease in other noncurrent liabilities (3) (11)

Inventories (10) (2) Net cash used in financing activities (93) (101)

Prepayments and others 1 (3)

Increase (decrease) in: Net increase in cash and cash equivalents 56 (8)

Accounts payable and accrued expenses (108) (9)

Deferred tax asset 2 (7) Cash and cash equivalents at beginning of period 171 180

Other non current liabilities 4 (10)

Net cash provided by operating activities 342 328 Cash and cash equivalents at end of period 227 171

(0) 0

*Tentative

1,000,000

35

RIVERSIDE MEDICAL CENTER GROUP




Current Assets Long-term debt - net of current 123 83

Cash and cash equivalents 117 67 Deferred income tax liabilities 71 71

Receivables - net 162 183 Accrued retirement costs 21 31

Inventories - net 94 84 Other noncurrent liabilities 21 9

Other current assets 10 6 Total Noncurrent Liabilit ies 236 194


Total Liabilit ies 641 630

Noncurrent Assets

Property and Equipment - net 874 823 Equity

Pension Asset 23 21 Capital stock 39 39

Other noncurrent assets 10 8 Other equity adjustments 176 175

Total Noncurrent Assets 906 852 Retained earnings 437 352

Treasury Stock (4) (4)

TOTAL ASSETS 1,289 1,192 Total Equity 648 562

LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 1,289 1,192



Current portion of long-term debt 25 79 (0.00)

Unearned tuition and other school fees 44 40

Income tax payable 9 6

Other current liabilities 24 -


As of As of

36

RIVERSIDE MEDICAL CENTER GROUP





Adjustments for: Proceed from sale of property and equipment - 1



Interest income (1) (1) Cash Flows from Financing Activit ies

Others 11 8 Proceeds of long-term debt 65 80

Operating income before working capital changes 270 240 Payment of long-term debt (79) (55)

Decrease (increase) : Dividend payments (40) (30)

Receivables 21 (40) Others 7 (0)

Inventories (10) (3) Net cash used in financing activities (47) (5)

Other assets (6) (3)

Increase (decrease) in: Net increase (decrease) in cash and cash equivalents 50 (13)


Other current liabilities 8 11 Cash and cash equivalents as of beginning of period 67 80

Cash generated from operations 289 228

Interest received 1 1 Cash and cash equivalents at end of the period 117 67

Income taxes paid (48) (44) 0 0

Interest paid (6) (7) (0)

Retirement payment (22) (20)

Net cash provided by operating activities 214 158

- -

*Tentative 1,000,000

37

EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)




Current Assets Accrued retirement 19 11

Cash and cash equivalents 117 112 Loans payable - 90

Receivables - net 61 53 Other noncurrent liabilities 259 255

Inventories - net 38 26 Total Noncurrent Liabilit ies 278 355

Prepaid expenses 1 -

Total Current Assets 217 192 Total Liabilit ies 488 487

Noncurrent Assets Equity

Property and Equipment - net 183 145 Capital stock 50 13

Deferred income tax 31 24 Other equity adjustments 2 4

Other noncurrent assets 179 189 Retained earnings 70 45

Total NonCurrent Assets 393 358 Total Equity 122 62

TOTAL ASSETS 610 549 TOTAL LIABILITIES AND EQUITY 610 549




Current portion of long-term debt 90 -

Other current liabilities 1 1


As of As of

38

EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)





Adjustments for: Decrease (Increase) in other noncurrent assets 3 1


Provision for doubtful accounts 6 10

Interest expense 4 5 Cash Flows from Financing Activity

Operating income before working capital changes 100 95 Proceeds from subscription receivable 38 -

Increase: Increase (decrease) in:

Receivables (14) (10) Due to related parties (11) 9

Inventories (11) (1) Other noncurrent liabilities 4 4

Other current assets (1) (0) Net cash provided by financing activities 31 13

Increase in:

Accounts payable and accrued expenses (20) 9 Net increase in cash and cash equivalents 5 58

Retirement fund obligation 5 (1)

Other current liabilities - (2) Cash and cash equivalents as of beginning of period 112 54


Income taxes paid - (9) Cash and cash equivalents at end of the period 117 112


*Tentative - -

39

ASIAN HOSPITAL INC.






Receivables - net 238 289 Accrued interest 27 32

Inventories - net 85 79 Long-term debts, currently due 257 256

Other current assets 8 7 Refundable deposits and other current liabilities 71 87

Prepaid expenses 6 4 Total Current Liabilit ies 833 802


Noncurrent Liabilit ies

Noncurrent Assets Long-term debt - net of current 562 818

Property and equipment, net 3,455 3,483 Other non-current liabilities 55 41

Deferred income tax 135 129 Total Noncurrent Liabilit ies 617 859

Computer software - net 5 2 Total Liabilit ies 1,450 1,661

Other non-current assets 13 14

Total Noncurrent Assets 3,608 3,628 Equity

Capital stock 1,937 1,937

TOTAL ASSETS 4,353 4,359 Capital stock in excess of par value 185 185

Subscription receivable (5) (6)

Other equity adjustments (8) (3)

Retained earnings 794 584


1000000 TOTAL LIABILITIES AND EQUITY 4,353 4,359

As of As of

40

ASIAN HOSPITAL INC.





Adjustments for: Increase in noncurrent assets 2 4

Provisions 29 (10) Net cash used in investing activities (246) (269)

Depreciation 275 288

Amortization of capitalized borrowing cost 4 5 Cash Flows from Financing Activit ies

Interest expense 98 120 Payment of long-term debt (260) (260)

Loss on disposal of property and equipment 1 5 Dividends paid (58) (39)

Others (10) (24) Interest paid (99) (121)

Operating income before working capital changes 779 678 Net cash used in financing activities (417) (419)

Decrease (increase) :

Receivables 48 26 Net increase (decrease) in cash and cash equivalents 55 80

Inventories (6) (10)

Other current assets (4) (6) Cash and cash equivalents as of beginning of period 352 271


Accounts payable and accrued expenses (87) 31 Cash and cash equivalents at end of the period 407 352

Other current liabilities (13) 48 (0) (1)

Net cash provided by operating activities 718 768 (0)

*Tentative

1,000,000

41

DELOS SANTOS MEDICAL CENTER







Inventories - net 40 39 Long-term debts, currently due 0 10

Prepaid expenses 12 13 Refundable deposits and other current liabilities 24 10

Total Current Assets 127 221 Total Current Liabilit ies 100 128

Noncurrent Assets Noncurrent Liabilit ies

Property and equipment, net 370 198 Retirement Liability 26 25

Deferred income tax 23 10

Other non-current assets 13 12 Total Liabilit ies 127 153

Total Noncurrent Assets 407 220

Equity

TOTAL ASSETS 533 441 Capital stock 79 79

Capital stock in excess of par value 160 160

Deposit for future stock subscription 117 22

Other equity adjustments 1 -


1,000,000 Total Equity 407 288

TOTAL LIABILITIES AND EQUITY 533 441

As of As of

42

DELOS SANTOS MEDICAL CENTER





Adjustments for: Proceeds from disposal of assets 19 -

Provisions 5 2 Net cash used in investing activities (201) (47)

Depreciation 47 15

Operating income before working capital changes 97 54 Cash Flows from Financing Activit ies

Decrease (increase) : Payment of long-term debt (9) (7)

Receivables (6) (34) Equity Infusion 95 22

Inventories (1) (20) Dividends (6) -

Other current assets (0) (11) Net cash used in financing activities 79 15


Accounts payable and accrued expenses (34) 17 Net increase (decrease) in cash and cash equivalents (64) (20)

Other liabilities 3 5

Net cash provided by operating activities 57 12 Cash and cash equivalents as of beginning of period 83 103

Cash and cash equivalents at end of the period 19 83

(0) (0)

*Tentative 0

1,000,000

43

CENTRAL LUZON DOCTORS’ HOSPITAL






Receivables - net 44 45

Inventories - net 24 19 Noncurrent Liabilit ies

Prepaid expenses 5 3 Retirement Liability 8 13

Total Current Assets 172 183 Deferred Income Tax 24 20

Dividends payable 176 175

Noncurrent Assets Total Noncurrent Liabilit ies 208 208

Property and equipment, net 240 217

Total Noncurrent Assets 240 217 Total Liabilit ies 289 284

TOTAL ASSETS 413 400 Equity

Capital stock 99 98

Additional Paid-in Capital 70 67

Treasury stock (3) (3)

Other equity adjustments (84) (83)


Total Equity 124 117

1000000 TOTAL LIABILITIES AND EQUITY 413 401

As of As of

44

CENTRAL LUZON DOCTORS’ HOSPITAL




Income before income tax 22 (4) Acquisitions of property and equipment (48) -

Adjustments for:

Depreciation 24 - Cash Flows from Financing Activit ies

Operating income before working capital changes 46 (4) Dividends payment (8) -

Decrease (increase) :

Receivables 1 - Net increase (decrease) in cash and cash equivalents (17) (4)

Inventories (5) -

Other current assets (2) - Cash and cash equivalents as of beginning of period 116 120

Increase (decrease) in: -

Other current liabilities (2) - Cash and cash equivalents at end of the period 99 116

Net cash provided by operating activities 38 (4) (0.34)

-

*Tentative

45

MEGA CLINIC







Inventories - net 2 - Total Current Liabilit ies 66 63

Prepaid expenses 9 27


Noncurrent Liabilit ies

Noncurrent Assets Retirement Liability 1 1

Property and equipment, net 18 14 Due to related parties 4 9

Deferred income tax 4 4 Total Noncurrent Liabilit ies 5 10

Other non-current assets 17 8 Total Liabilit ies 71 73

Total Noncurrent Assets 39 26

Equity

TOTAL ASSETS 111 110 Capital stock 66 66

Retained earnings (26) (29)

1000000 Total Equity 40 37

TOTAL LIABILITIES AND EQUITY 111 110

As of As of

46

MEGA CLINIC


In PhP Mill ions Dec 2014* Dec 2013 In PhP Mill ions Dec 2014* Dec 2013

Cash Flows from Operating Activities Cash Flows from Investing Activities

Income before income tax (1) (1) Acquisitions of property and equipment (4) (1)

Adjustments for: Net cash used in investing activities (4) (1)

Provisions 10 (2)

Depreciation 1 - Cash Flows from Financing Activities

Operating income before working capital changes 9 (3) Due to related partties (6) 11

Decrease (increase) : Payment of Loans (3) (12)

Receivables (12) 8 Net cash used in financing activities (10) (1)

Inventories (0) 1

Prepayments (3) 1 Net increase (decrease) in cash and cash equivalents (7) 4


Accounts payable and accrued expenses 12 - Cash and cash equivalents as of beginning of period 19 15


Cash and cash equivalents at end of the period 12 19

0

*Tentative (0)

1,000,000

Download - Metro Pacific FY2014

Top Related