full year 2016 financial results analysts’ briefing · 2018. 5. 4. · this presentation was...

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FULL YEAR 2016 FINANCIAL RESULTS ANALYSTS’ BRIEFING

01 March 2017

CAUTIONARY STATEMENTS

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.

ABOUT MPIC

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

infrastructure, with holdings in Manila Electric Company, Maynilad Water Services, Inc., MetroPac Water Investments Corporation, Metro

Pacific Tollways Corporation, Metro Pacific Hospital Holdings Inc., Light Rail Manila Corporation and MetroPac Movers Inc..

HEADQUARTERS INVESTOR RELATIONS ([email protected])

10/F MGO Building, Legazpi corner Dela Rosa Streets, AVP Investor Relations – Maricris C. Aldover - Ysmael ([email protected])

Legazpi Village, Makati 0721 Philippines IR Specialist – Diane A. Martinez ([email protected])

Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813

Official Website: www.mpic.com.ph

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

2

mailto:[email protected]


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


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

FY2016 CORE INCOME UP 17% TO P12.1B

On the back of strong growth from all business lines

3

17% increase in Core Income was driven by:

Expanded Power portfolio through effectively

increased investment in Meralco and Global

Business Power Corporation (GBPC)

Robust traffic growth for the toll roads

Continuing growth in the Hospital business

Full year contribution from Light Rail Manila (LRT1)

Profitable entry into the Logistics sector

In Millions of Pesos 2016 2015 % Change

MPIC share

Power 7,229 4,543 59%

Water 3,564 4,819 -26%

Toll Roads 3,517 2,828 24%

Hospitals 589 473 25%

Rail 273 41 566%

Others (39) (60) -35%

Share in operating income 15,133 12,644 20%

Head office expenses - net (915) (1,022) -10%

Interest expense - net (2,112) (1,276) 66%

Core income 12,106 10,346 17%

Non-core expenses - net (650) (800) -19%

Reported income 11,456 9,546 20%

Decrease in head office expense is due to

a) Management fee income from affiliate; b) Commitment

fees for undrawn debt lines incurred only in 2015

Increase in interest expense due to new debt drawdowns

totaling P31 billion starting June 2015; proceeds were

primarily used to fund additional investments in Meralco

and Global Business Power

Faster growth in reported income driven by reduced

expected future tax liabilities related to Maynilad (18%

effective tax rate from use of OSD method vs projected

30% income tax rate) and foreign exchange fluctuations

(In Centavos)

Dividends per share 2016 2015 %

Interim dividend 3.2 3.2 0%

Final dividend 6.8 6.1 11%

Total 10.0 9.3 8%

POWER

4

CONTRIBUTION UP BY 59% TO P7.2B

Deepened participation in the Philippine Power sector

*Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May 2016;

an additional 5.8% effective interest is held under Meralco

59% increase in contribution from the Power

business was driven by:

Increase in effective ownership in Meralco from

32.5% to 41.2% in 27 May 2016

4% growth in Meralco Core Income

Contribution from Global Business Power

Corporation from June to December 2016

Higher dividend income from Beacon preferred

shares

Lower interest expense at Beacon - P1.3 billion

in 2016 versus P1.8 billion in 2015

In Millions

CONTRIBUTION TO MPIC 2016 2015 %

Meralco (from 32.5% to 41.2%) 7,374 5,867 26%

Global Business Power (42.0%)* 814 - N/A

Beacon (from 50.0% to 75.0%) (647) (1,067) -39%

Fair value adjustments (312) (257) 21%

7,229 4,543 59%

STAND-ALONE PERFORMANCE 2016 2015 %

Revenues 257,181 258,399 0%

Core EBITDA 33,956 30,926 10%

Core income 19,583 18,887 4%


Capital expenditure 11,394 11,303 1%

Key Performance Indicators

Energy sales (in GWh) 40,142 37,124 8%

System loss 6.35% 6.47% N/A

Revenues 17,637 18,481 -5%

Core EBITDA 8,597 8,291 4%

Core income 2,843 2,903 -2%

Reported income 2,644 2,950 -10%


Energy sales (in GWh) 3,646 3,637 0%

MERALCO

GLOBAL BUSINESS POWER CORP.*

WATER

5

CONTRIBUTION DOWN BY 26% TO P3.6B

Stable volume growth offset by income tax expense

In Millions


Maynilad (52.8%) 3,786 5,113 -26%

Fair value adjustments (170) (230) -26%

Metropac Water Investments Corp. (52) (64) -19%

3,564 4,819 -26%


Revenues 20,224 19,098 6%

Core EBITDA 14,403 13,896 4%

Core income 7,171 9,683 -26%

Reported income 6,748 9,551 -29%


Billed volume (In MCM) 499 482 4%

Non-revenue water % - average 29.9% 31.0% -4%

Non-revenue water % - period end 30.6% 29.3% 4%


MAYNILAD WATER SERVICES INC.

26% decrease in contribution from the Water


26% decrease in Maynilad’s Core Income

4% growth in billed volume and 2% increase

in average effective tariff offset by:

o Expiry of Maynilad’s Income Tax Holiday

– 18% effective income tax rate from the

use of the Optional Standard Deduction

method

o Higher expenses from increased

sanitation and water tankering services

due to water quality issues

TOLL ROADS

6

24% increase in contribution from the Toll

Roads business was driven by:

Strong traffic growth on all roads and

favorable vehicle mix

Full year contribution from SCTEX versus

only three months in 2015

Lower interest expense due to repayment of

MNTC loans

CONTRIBUTION UP BY 24%

TO P3.5B Surging traffic growth

In Millions


Metro Pacific Tollways (99.9%) 3,557 2,870 24%

Fair value adjustments (40) (42) -5%

3,517 2,828 24%


Revenues 11,902 9,691 23%

Core EBITDA 7,625 6,582 16%

Core income 3,276 2,571 27%



Average Daily Vehicle Entries

NLEX 220,064 201,722 9%

CAVITEX 128,137 119,477 7%

SCTEX 45,200 38,620 17%

Don Muang / CII Bridges & Roads 145,180 132,452 10%


METRO PACIFIC TOLLWAYS CORPORATION

HOSPITALS

7

In Millions


Metro Pacific Hospital Holdings (60.0%) 646 503 28%


589 473 25%


Revenues 19,641 15,272 29%

Core EBITDA 4,315 3,415 26%

Core income 1,756 1,309 34%



Total beds available 2,839 2,210 28%

Average standard occupancy rate 69.2% 63.0% 10%

No. of in-patients 160,581 127,441 26%

No. of out-patients 2,702,996 2,009,526 35%

HOSPITALS (AGGREGATED)

CONTRIBUTION UP BY 25% TO

P589M Strong growth and continuing expansion

25% increase in contribution from the Hospital


11% is attributable to new hospital acquisitions –

Manila Doctors Hospital, Sacred Heart Hospital

of Malolos and Marikina Valley Medical Center

14% is attributable to organic growth driven by

lower interest expense, cost savings from

purchasing synergies and increasing patient

revenues

8

RAIL, LOGISTICS AND OTHERS

Expansion and rehabilitation to cater to fast growing demand

RAIL

Significant growth in contribution from the Rail


Full-year contribution versus only four months in

2015

5% growth in average daily ridership

In Millions

RAIL


Light Rail Manila (55.0%)(a)

278 44 532%


273 41 566%


Revenues 3,016 897 236%

Core EBITDA 734 109 573%

Core income 505 80 531%

Reported income 511 87 487%


Average daily ridership 409,412 389,478 5%

OTHERS


AF Payments Inc. (20.0%)(b)

(127) (74) 72%

Metropac Movers Inc. (76.0%)(c)

49 - N/A

Indra Philippines (25.0%)(d)

39 14 179%

(39) (60) -35%

LIGHT RAIL MANILA CORPORATION*

a) Take-over of LRT1 operations in September 2015

b) Launched operations in July 2015

c) Acquired in May 2016

d) Acquired in October 2015

REVENUE LOSS / UNRECORDED CLAIMS

9

WATER

• Pending increase – 10%

• Ongoing arbitration – government to abide by ruling

• Target award of final judgement in 1H 2017

TOLL ROADS

• Cumulative pending tariff increases

o NLEX – 20%

o CAVITEX

R1 – 25%

R1 Extension – 42%

o SCTEX – 48%

• Ongoing negotiations on proposed tariff catch up plan

RAIL

• Cumulative pending tariff increase – 20%

• Currently working with the government in establishing

mechanisms for offset available in the concession

agreement

POWER

• Rate Rebasing process continues to be delayed;

possible roll-forward to 2019

• Power supply agreements being challenged in

Supreme Court

• Status of participation in Open Access and Retail

Electricity – granted approval for RES license

REVENUE LOSS

In Peso Billions2012 2013 2014 2015 2016 TOTAL

WATER – Maynilad - 1.6 2.1 2.5 2.0 **8.2

ROADS – NLEX* - 0.8 0.8 1.2 1.3 4.1

ROADS – CAVITEX* 0.1 0.1 0.2 0.3 0.3 1.0

ROADS – SCTEX* - - - 0.1 0.4 0.5

RAIL – LRMC - - - 0.3 0.4 0.7

TOTAL 0.1 2.5 3.1 4.4 4.4 14.5

MPIC Share

(Net of Tax)0.1 1.1 1.4 1.9 2.0 6.5

* Net of Government share

** 2013 and 2014 may be dealt with

through OCP in the next rebasing

GROWTH STRATEGY

10

Leading pure infrastructure business in the Philippines – position built through successive rounds

of capital raising, acquisitions and new project wins

Major direction in the next five years:

EXECUTE on new toll road construction for traffic growth, network gains and value development

► Close valuation gap with analysts

EXECUTE on new power generation projects (coal and renewables), SUCCEED in the Retail

Electricity Sales market, and SOLIDIFY position as the Philippines leading Power company

CRYSTALIZE value in the water concession in Manila to fund toll roads expansion and new water

supply projects outside Manila

DEVELOP high growth smaller business such as Hospitals and Logistics

FUND on fixed capital base via MAXIMUM safe use of leverage, eventual IPO of hospitals, SELL-

DOWN of Maynilad and REGULATORY RESOLUTION to boost cash flows

PURSUE new solicited / unsolicited infrastructure projects – PPP or other models

11

STAND-ALONE PORTFOLIO COMPANY RESULTS

AND KEY PRIORITIES

POWER

12

MERALCO FY 2016 HIGHLIGHTS

In Millions 2016 2015 %

Electricity 249,206 249,773 0%

Non-Electricity 7,975 8,626 -8%

Total revenues 257,181 258,399 0%

Purchased power (189,853) (192,117) -1%

Operating expenses (41,620) (42,874) -3%

Other income 1,214 1,207 1%

Provision for income tax (7,175) (5,637) 27%

Non-controlling interests (164) (91) 80%

Core income 19,583 18,887 4%

Non-core income (expense) (407) 211 -293%

Reported net income 19,176 19,098 0%

Core EBITDA Computation:

Core income 19,583 18,887 4%

Depreciation and amortization 7,312 6,910 6%

Interest income - net (737) (322) 129%

Provision for income tax 7,175 5,637 27%

Others 623 (186) -435%

Core EBITDA 33,956 30,926 10%


Stand-alone Core Income 19,583 18,887 4%

Meralco (32.5% - 41.2%) 7,374 5,867 26%

Fair Value Adjustments (339) (257) 32%

Beacon Electric (295) (1,067) -72%

MPIC Share 6,740 4,543 48%

Electricity Revenues was flat due to:

8% growth in total energy sales from 37,124 GWh to 40,142

GWh (12% ↑ residential, 8% ↑ commercial and 4% ↑

industrial sector)

4% growth in number of customers from 5.8M to 6.0M

Offset by:

4% decrease in average consolidated distribution rate from

P1.48/kWh to P1.42/kWh

1% decrease in pass-through charges (generation,

transmission and others) from lower WESM, fuel and natural

gas costs

8% decline in Non-electricity Revenues due to delayed awarding

of projects

Core EBITDA grew faster due to cost efficiencies and lower

provisions

Slower growth in Core Income due to higher share in expenses

from associates

Reported income further declined due to impairment of investment

in Pacific Light Power in Singapore

POWER KEY METRICS AND PRIORITIES

MERALCO POWER GENERATION UPDATESKEY METRICS 2016 2015

12-MMA System Loss 6.35% 6.47%

System Average Interruption

Frequency Index2.18 times 2.43 times

Customer Average Interruption

Duration Index103.39 min 92.87 min

Number of customers 6.04M 5.78M

Capital Expenditure (excluding

Singapore Plant)P11,394M P11,303M

Energy Sales

Residential 12,444 11,121

Commercial 15,867 14,654

Industrial 11,697 11,216

Streetlights 134 133

Total (in GWh) 40,142 37,124

Projects Under Construction

San Buenaventura Power, Mauban, Quezon (Target completion in 2019)

• Awarded the EPC contract to a Korean and Japanese consortium

Mariveles Power Generation Corporation, Mariveles, Bataan (Target

completion of Unit 1 in 2019

• 4 x 132MW (net) coal-fired power plant with SMC Global Power Holdings

Corporation

• Equipment supply and erection contract awarded to FHI of Taiwan

Projects Under Development

Redondo Peninsula Energy, Subic (Target completion of Phase 1 in 2020)

• Executed EPC contracts with Doosan Heavy Industries & Construction Co.

Ltd. and Azul Torre Construction Inc.

• Issued limited Notice to Proceed for work activities

• ROW for Phase 1 transmission line secured

Atimonan One Energy, Quezon (Target completion of Unit 1 in 2021)

• Environmental Compliance Certificate issued in October 2015

• Ongoing evaluation of three short-listed EPC contractors – target award by

2Q 2017

• Site preparation works – target to start by mid 2017

St. Raphael Power Generation Corporation, Calaca, Batangas

• 2 x 350MW (net) coal plant JV agreement with Semirara Mining and Power

Corporation

• Ongoing development activities

GLEDC, Luna, La Union

• 2 x 300MW (net) Super Critical Coal Fired power plant

• Early stage of development, target commissioning by 2021

POWER

14

GLOBAL BUSINESS POWER

FY 2016 HIGHLIGHTS

Revenues for 2016 declined due to lower power

market prices, fuel and other pass-through costs

Core EBITDA grew due to better plant efficiency

(reduced forced downtime related to the fuel source

issue) with lower corrective maintenance costs and

reduced replacement power purchases from WESM

Core Income declined due to higher depreciation

expense from TPC1A (Toledo)

Reported Income in 2015 included insurance

recoveries of P331 million

In Millions 2016

Stand-alone Core Income 2,843

GBPC (42%) 814

Fair Value Adjustments (35)

Beacon PowerGen (290)

MPIC Share 489


Power billings 17,530 18,392 -5%

Coal sales 107 89 20%

Total revenues 17,637 18,481 -5%

Power plant costs (6,311) (7,726) -18%

Operating expenses (5,108) (4,597) 11%

Interest expense - net (2,088) (2,094) 0%

Other income 143 144 -1%

Provision for income tax (41) (33) 24%

Non-controlling interests (1,389) (1,272) 9%

Core income 2,843 2,903 -2%

Non-core income (expense) (199) 47 -523%

Reported net income 2,644 2,950 -10%


Core income 2,843 2,903 -2%


Interest expense - net 2,088 2,094 0%

Provision for income tax 41 33 24%

Non-controlling interests 1,389 1,272 9%

Core EBITDA 8,597 8,291 4%

Represents MPIC’s share in GBPC’s operations beginning June 2016

POWER

15

POWER GENERATION UPDATES

KEY METRICS 2016 2015

Volume Sold (in GWh)

Bilateral - Generation 3,214 3,174

Bilateral - WESM 250 313

WESM - Spot Sales 182 150

Total 3,646 3,637

150 MW CFB Plant (Iloilo)

• Project Cost: US$330 million

• Undergoing final acceptance

• Supported by a 70MW EPPA contract from Meralco

30 MW Biomass Co-Gen Project (La Carlota, Negros

Occidental)


• Target completion in December 2017

140 MW Pump Storage Project



670 MW Super Critical Coal Power Plant (La Union,

Pangasinan)

• Project Cost: US$1.4 billion


• Pending ERC approval of 600MW EPPA contract from Meralco

KEY METRICS AND PRIORITIES

WATER

16

MAYNILAD FY 2016 HIGHLIGHTS

MAYNILAD

Revenues increased by 6% due to:

4% increase in billed volume from 481.5 MCM to 498.6 MCM

4% increase in billed customers from 1,265,625 to

1,312,223

2% increase in average effective tariff

Core EBITDA grew slower due to a) increased sanitation and

tankering services due to water quality issues; b) 2015 included a

higher reversal of provision for doubtful accounts

Core Income dropped significantly due to higher tax expense as a

result of the expiration of the Income Tax Holiday

Reported income declined faster due to deferred tax remeasurement

(from 30% to 18% effective tax rate) on Maynilad’s OSD election

Other Businesses – Stand-alone

PhilHydro – Gross Revenues of P195 million and Operating

Income of P26 million; billed volume increased from 32.6 MLD to

34.4 MLD

Subic Water – Gross Revenues of P642 million and Net Income of

P188 million


Revenues 20,224 19,098 6%

Cost of services (5,847) (4,967) 18%

Gross profit 14,377 14,131 2%


Other expense - net (159) (453) 65%

Interest expense - net (1,658) (1,818) -9%

Provision for income tax (2,951) (96) 2974%

Core income 7,171 9,683 -26%

Non-core expenses (423) (132) 220%

Reported net income 6,748 9,551 -29%


Core income 7,171 9,683 -26%


Interest expense - net 1,658 1,818 -9%

Provision for income tax 2,951 96 2974%

Core EBITDA 14,403 13,896 4%


Stand-alone Core Income 7,171 9,683 -26%

Maynilad (52.8%) 3,786 5,113 -26%

Fair Value Adjustments (170) (230) -26%

Metropac Water Investments (52) (64) -19%

MPIC Share 3,564 4,819 -26%

WATER

17

KEY METRICS AND PRIORITIES

SIGNIFICANT EVENTS: APPLICATION FOR TARIFF INCREASE

20 February

2015

Maynilad calls on Government’s (Department of

Finance) undertaking to indemnify concessionaire

for losses caused by delays in implementation of

tariff

09 March 2015 Maynilad sends a follow-up letter to the DOF

27 March 2015 Maynilad serves Notice of Arbitration to the

Philippine Republic

14 May 2015 MWSS board approves Maynilad’s request for

CPI increase

22 October 2015 Arbitral Tribunal for Arbitration with Philippine

Republic is constituted

December 2016 Commencement of Arbitration hearings

1H 2017 Target award of final judgment


NRW

Average 29.9% 31.0%

Period end 30.6% 29.3%

Coverage

Total population 9.89M 9.79M

Population coverage 9.33M 9.16M

24hr availability 98% 100%

Minimum 16 psi* 76% 95%

Customer Mix

Residential 81% 81%

Commercial 19% 19%

Capital Expenditure P9,536M P8,005M*Starting 2016, Maynilad increased their service ob ligation to 16 psi

from 7 psi last year. 2016 over 7 psi is approximately 100%.

TOLL ROADSIn Millions 2016 2015 %


MPTC (99.9%) 3,557 2,870 24%

Fair Value Adjustments (40) (42) -5%

MPIC Share 3,517 2,828 24%

18

MPTC FY 2016 HIGHLIGHTS

Net Toll Revenues increased due to:

NLEX

• Revenues up by 10% from P8,189 million to P8,969 million

• 9% increase in average daily vehicle entries (open & closed systems) from

201,722 to 220,064 – Class 3 grew fastest at 12%

• 9% increase in average daily kilometers travelled from 3.96M to 4.33M – Class

3 grew fastest at 11%

CAVITEX

• Revenues up by 10% from P1,238 million to P1,364 million

• 7% increase in average daily vehicle entries from 119,477 to 128,137 – R1

extension traffic grew fastest at 18%

SCTEX

• Full year 2016 revenues versus three months in 2015 amounting to P1,569

million and P264 million, respectively – take-over in October 2015

Slower growth in Core EBITDA primarily due to higher Government revenue share

(SCTEX at 50% vs NLEX at 6%)

Faster growth in Core Income due to lower interest expense from loan repayments

Don Muang Tollway

Contribution amounted to P425 million net of financing costs

12% increase in average daily vehicles entries for Original Tollway from 85,886

to 96,265

11% increase in average daily vehicle entries for North Extension from 50,811 to

56,505

CII Bridges & Roads – acquired stake in March 2015

Equity interest in earnings equivalent to P134 million

5% increase in average daily vehicle entries from 46,566 to 48,915


Net toll revenues 11,902 9,691 23%

Cost of services (4,816) (3,829) 26%

Gross profit 7,086 5,862 21%


Other income - net 335 388 -14%

Share in earnings of associates 606 476 27%

Interest expense - net (1,106) (1,232) -10%

Provision for income tax (1,251) (999) 25%

Non-controlling interest (1,002) (815) 23%

Core income 3,276 2,571 27%

Non-core expenses (173) (291) -41%



Core income 3,276 2,571 27%

Depreciation and amortization 990 965 3%

Interest expense - net 1,106 1,232 -10%

Provision for income tax 1,251 999 25%

Non-controlling interest 1,002 815 23%

Core EBITDA 7,625 6,582 16%

TOLL ROADSKEY METRICS AND

PRIORITIES


Class 1 169,293 154,460

Class 2 31,881 30,343

Class 3 18,890 16,919

Total 220,064 201,722

Class 1 3,199 2,915

Class 2 683 644

Class 3 443 400

Total 4,325 3,959

Class 1 114,144 105,663

Class 2 9,575 9,590

Class 3 4,418 4,224

Total 128,137 119,477

Class 1 36,715 31,433

Class 2 5,463 4,669

Class 3 3,022 2,518

Total 45,200 38,620

Capital Expenditure P8,856M P6,588M

SCTEX (Class 1 Tariff: P2.8/km)


NLEX (Class 1 Tariff: Open system - P40.2/entry / Closed system - P2.4/km)

Average Daily Vehicle Entries (Open & Closed)

Average Daily Kilometers Travelled (In thousands of kms)

CAVITEX (Class 1 Tariff/entry: R1 - P21.4 / R1 extension - P57.1)


PROJECTS Length Project

Cost

Target

CompletionStatus

Philippines (In Kms) (In Billions)

Expansions to existing roads

NLEX Lane Widening Phase 2 N/A 1.6 TBD Detailed engineering design

(DED) - Completed and

approved by Toll Regulatory

Board (TRB)

NLEX R10 Ramp 2.6 6.0 2Q 2018 Pending TRB approval

NLEX Harbour Link (Segment 10) 5.8 10.5 1Q 2018 Ongoing construction, 54%

completed

CAVITEX Segment 4 1.3 1.2 2020 Ongoing DED

CAVITEX - C5 South Link 7.7 12.7 2020 Ongoing DED & right-of-way

(ROW) acquisition

NLEX Citi Link 7.5 8.0 2021 DED - Completed &

approved by TRB; Ongoing

ROW acquisition

New road projects awarded

Cebu Cordova Link Expressway 8.3 27.9 2020 Ongoing DED; Pending

Enviromental Compliance

Certificate (ECC) Permit,

TRB & PRA approval

Cavite Laguna Expressway 44.6 19.0 2020 Target start of construction

by 2Q 2017

NLEX-SLEX Connector Road 8.0 21.8 2021 Ongoing DED - 70%

accomplished; Ongoing

ROW acquisition

TOTAL 85.8 108.7

CII Bridges and Roads ( P 24.7 billion project cost)

38 kilometers completed/acquired – start of operations in 1Q 2017

38 kilometers under construction – target completion in 2019

23 kilometers under development

PROJECTS UNDER CONSTRUCTION / DEVELOPMENT

Vietnam

HOSPITALSIn Millions 2016 2015 %


Hospitals 646 503 28%

MPHHI Parent and Fair value adjustments (57) (30) 90%

MPIC Share 589 473 25%

20

HOSPITAL GROUP FY 2016

HIGHLIGHTS


Gross revenues 19,641 15,272 29%

Discounts (1,820) (1,342) 36%

Net revenues 17,821 13,930 28%

Cost of supplies (7,336) (5,935) 24%

Gross profit 10,485 7,995 31%


Interest expense (239) (265) -10%

Other income 422 345 22%


Core income 1,756 1,309 34%

Non-core expenses 3 (65) -105%



Core income 1,756 1,309 34%


Interest expense 239 265 -10%


Core EBITDA 4,315 3,415 26%

Hospitals Stand-alone Core Income MPIC Share

(In Millions) 2016 2015 % 2016 2015 %

Asian Hospital 379 380 0% 195 195 0%

Cardinal Santos 210 157 34% 126 94 32%

Riverside 185 171 8% 86 71 21%

Makati Med 326 289 13% 65 58 13%

Davao Doctors 234 208 13% 49 43 15%

East Manila Hospital 56 41 37% 34 25 37%

Manila Doctors 196 - N/A 24 - N/A

Marikina Valley 44 - N/A 25 - N/A

De Los Santos 70 42 2% 21 13 65%

Central Luzon 34 30 0% 10 9 13%

West Metro & Sacred 22 (9) 2% 11 (5) (300%)

Total 1,756 1,309 34% 646 503 28%

Hospital Admin/FV adjustments (57) (30) 90%


Core Income grew faster at 34% due to cost containment from

economies of scale and decrease in financing costs. 19% of Core

Income growth came from newly-acquired hospitals (15% solely from

Manila Doctors) while 15% came from existing hospitals.

Stand-alone Core Income and MPIC share breakdown as follows:

HOSPITALS KEY METRICS AND

PRIORITIES

Invest in more hospitals to expand the chain – Target of 5,000 beds and better coverage

Improve existing hospitals through investments in new equipment and renovations / expansions

Harvest synergies across the network

Group-wide policies and protocols on equipment and other purchases

Centralized laboratory – JV under negotiation

Integrate into one chain and build centers of excellence across the network

Cancer center network

Specialist cardiologist center

Address changes in healthcare delivery

Nonhospital-based primary care centers – in partnership with Sanitas International

Non-invasive surgery training center

KEY PRIORITIES


Total number of beds 2,839 2,210

Number of accredited doctors 7,420 5,869

Average number of enrollees 5,836 4,938

Average standard occupancy rate 69% 63%

Number of patients

In patient 160,581 127,441

Out patient 2,702,996 2,009,526

RAIL

22

LRMC FY 2016 HIGHLIGHTS

Rail revenues:

Take-over of LRT1 operations beginning September 2015

5% growth in average daily ridership to 409,412

Improvements on existing LRT1 line:

Restored 23 LRVs, bringing total in operation to 100

Commenced installation of new rails from Baclaran to 5th Avenue

stations – 45% accomplished; target completion by 2H 2017

Stations improvement plan ongoing – target completion by 4Q 2017

Unified Central Station

Agreement signed by DOTr, DPWH and relevant mall and rail

operators in 18 January 2017

Discussions on cost allocation ongoing

South extension project

Secured financing and EPC contract

On-going right-of-way acquisition

Target groundbreaking by March 2017


Rail revenue 3,016 897 236%

Cost of services (1,850) (478) 287%

Gross profit 1,166 419 178%

Operating expenses (544) (335) 62%

Other income and expense - net 75 18 317%

Interest income 19 13 46%



Non-core income - net 6 7 -14%

Reported net income 511 87 487%



Depreciation and amortization 37 7 429%

Interest income (19) (13) 46%


Core EBITDA 734 109 573%


Stand-alone Core Income 505 80 531%

LRMC (55%) 278 44 532%

MPLRC / LRMH (5) (3) 67%


23

QUARTERLY ANALYSIS

POWER MERALCO QUARTERLY HIGHLIGHTS

(IN MILLIONS OF PESOS)

1Q 2Q 3Q 4Q %

Total Revenues 60,173 68,631 66,360 62,017 -6.5%

Core EBITDA 8,151 9,800 8,266 7,739 -6.4%

Core Income 4,590 5,798 4,578 4,617 0.9%

Reported Income 4,547 6,221 4,908 3,500 -28.7%

System Loss (12 mo. moving average) 6.53% 6.46% 6.40% 6.35% -0.8%

Number of customers 5.84M 5.91M 5.98M 6.04M 1.0%

Energy Sales

Residential 2,714 3,459 3,239 3,032 -6.4%

Commercial 3,620 4,138 4,098 4,011 -2.1%

Industrial 2,709 3,010 3,016 2,962 -1.8%

Streetlights 34 33 33 34 3.0%

Total (in gWh) 9,077 10,640 10,386 10,039 -3.3%

FINANCIAL HIGHLIGHTS

KEY METRICS

WATER

25

MAYNILAD QUARTERLY HIGHLIGHTS


1Q 2Q 3Q 4Q %

Revenues 4,935 5,185 5,100 5,004 -1.9%

Core EBITDA 3,347 4,199 3,505 3,352 -4.4%

Core Income 1,708 1,895 1,788 1,780 -0.4%

Reported Income 1,639 1,371 1,791 1,947 8.7%

Billed volume (In MCM) 120.3 127.3 126.6 124.4 -1.8%

Billed customers 1,275,902 1,289,223 1,301,619 1,312,223 0.8%

Non-revenue water

Average 30.6% 28.0% 30.4% 30.6% 0.5%

Period end 30.4% 27.8% 30.6% 30.6% 0.0%

Service levels

24-hour coverage 99.7% 92.1% 96.6% 98.2% 1.7%

Minimum 16 psi 73.7% 67.5% 73.4% 75.8% 3.3%


KEY METRICS

TOLL ROADS MPTC QUARTERLY HIGHLIGHTS


1Q 2Q 3Q 4Q %

Net Revenues 2,881 3,065 2,848 3,108 8.5%

Core EBITDA 1,803 1,991 1,818 2,013 9.8%

Core Income 747 878 740 911 19.5%

Reported Income 757 793 630 923 37.0%

NLEX

Average Daily Vehicle Entries (Open & Closed)

Class 1 165,644 172,521 162,625 176,378 8.5%

Class 2 30,661 32,243 31,433 33,178 5.6%

Class 3 17,800 19,775 18,918 19,063 0.8%

Total 214,105 224,539 212,976 228,619 7.3%

Average Daily Kilometers Travelled (In thousands of kms)

Class 1 3,232 3,327 2,910 3,330 14.4%

Class 2 664 691 660 717 8.6%

Class 3 421 466 442 442 0.0%

Total 4,317 4,484 4,012 4,489 11.9%

CAVITEX


Class 1 110,961 116,110 114,166 115,330 1.0%

Class 2 9,300 9,624 9,635 9,737 1.1%

Class 3 4,153 4,504 4,435 4,577 3.2%

Total 124,414 130,238 128,236 129,644 1.1%

SCTEX


Class 1 34,834 37,620 34,467 39,931 15.9%

Class 2 5,088 5,484 5,309 5,966 12.4%

Class 3 2,564 2,975 3,173 3,371 6.2%

Total 42,486 46,079 42,949 49,268 14.7%


KEY METRICS

HOSPITALS HOSPITAL GROUP

QUARTERLY HIGHLIGHTS


1Q 2Q 3Q 4Q %

Revenues 4,615 4,649 5,318 5,059 -4.9%

Core EBITDA 1,014 952 1,277 1,072 -16.1%

Core Income 408 358 567 423 -25.4%

Reported Income 407 360 568 424 -25.4%

Total number of beds 2,637 2,602 2,814 2,839 0.9%

Number of accredited doctors 6,882 7,126 7,347 7,420 1.0%

Number of enrollees 5,793 4,912 5,543 5,836 5.3%


KEY METRICS

RAIL

28

LRMC QUARTERLY HIGHLIGHTS


1Q 2Q 3Q 4Q %

Net Revenues 746 732 746 792 6%

Core EBITDA 211 151 195 177 -9%

Core Income 144 154 126 81 -35%

Reported Income 147 155 126 83 -34%

LRMC - Average Daily Ridership 419,081 392,649 401,841 423,590 5%


KEY METRICS

29

BALANCE SHEET AND CASH FLOW STATEMENTS

(Tentative)

METRO PACIFIC INVESTMENTS CORPORATION –

PARENT

BALANCE SHEET BALANCE SHEET (continued)

In PhP Mill ions Dec 2016 Dec 2015 In PhP Mill ions Dec 2016 Dec 2015

ASSETS Noncurrent Liabilities

Current Assets Noncurrent portion of long-term debt 36,382 29,296

Cash and short-term investments 4 ,162 3,463 Due to related parties 6 ,726 -

Receivables - net 76 876 Other noncurrent liabilities 861 3,917

Other current assets 401 2,185 Total Noncurrent Liabilities 43,969 33,213

Total Current Assets 4 ,639 6,524

Total Liabilities 47,207 43,785

Noncurrent Assets

Investments and advances to subs., associates & JVs 165,311 133,971 EQUITY

Other noncurrent assets 533 598 Capital stock 31,619 27,935

Total Noncurrent Assets 165,844 134,569 Additional paid-in capital 68,438 49,981

Treasury shares (167)

TOTAL ASSETS 170,483 141,093 Other reserves 149 108

Retained earnings 23,237 19,284

LIABILITIES AND EQUITY Total Equity 123,276 97,308

Current Liabilities

Accounts payable and other current liabilities 877 1,381 TOTAL LIABILITIES AND EQUITY 170,483 141,093

Due to related parties 2 ,004 8,809

Current portion of long-term debt 357 382

Total Current Liabilities 3 ,238 10,572

As of As of

METRO PACIFIC INVESTMENTS CORPORATION –

CONSOLIDATED




Current Assets Noncurrent portion of concession fees payable

Cash and short-term investments 21,901 26,350 long-term debt and others 121,458 108,884

Receivables 5 ,171 4,441 Due to related parties 6 ,726 -

Other current assets 4 ,728 5,555 Deferred tax liabilities 3 ,925 4,610

Total Current Assets 31,800 36,346 Other noncurrent liabilities 4 ,368 3,996

Total Noncurrent Liabilities 136,477 117,490

Noncurrent Assets

Investments and advances 126,556 96,202 Total Liabilities 163,521 151,403

Goodwill 21,004 18,308

Service concession assets 152,693 135,760 EQUITY

Property and equipment 10,480 8,016 Capital stock 31,619 27,935

Other noncurrent assets 9 ,069 7,548 Additional paid-in capital 68,438 49,980

Total Noncurrent Assets 319,802 265,834 Treasury shares (167) -

Other equity adjustments and reserves 8 ,253 6,758

TOTAL ASSETS 351,602 302,180 Retained earnings 43,889 35,149

Total equity attributable to owners of Parent 152,032 119,822

LIABILITIES AND EQUITY Non-controlling interest 36,049 30,955

Current Liabilities Total Equity 188,081 150,777

Accounts payable and other current liabilities 15,431 15,174

Due to related parties 1 ,713 8,550 TOTAL LIABILITIES AND EQUITY 351,602 302,180

Current portion of concession fees payable

long-term debt and others 9 ,900 10,189

Total Current Liabilities 27,044 33,913

As of As of

MAYNILAD WATER SERVICES INC. & SUBSIDIARIES



ASSETS LIABILITIES AND EQUITY

Current Assets Current Liabilities

Cash and short-term investments 8 ,066 9,182 Accounts payable and other current liabilities 10,893 11,327

Receivables 2 ,493 2,429 Current portion of interest-bearing loans 1,808 1,742

Other current assets 3 ,470 3,216 Current portion of service concession obligation 1 ,329 1,358

Total Current Assets 14,029 14,827 Total Current Liabilities 14,030 14,427

Noncurrent Assets Noncurrent Liabilities

Service concession assets 69,297 62,488 Interest-bearing loans - net of current portion 24,880 23,337

Deferred tax assets 1 ,003 2,140 Service concession obligation - net of current portion 6 ,500 6,737

Property and equipment 1 ,254 834 Other noncurrent liabilities 1 ,478 1,313

Other noncurrent assets 1 ,567 1,064 Total Noncurrent Liabilities 32,858 31,387

Total Noncurrent Assets 73,121 66,526

Total Liabilities 46,888 45,814

TOTAL ASSETS 87,150 81,353

Equity

Capital stock 4 ,547 4,547

Additional paid-in capital 10,021 9,980

Other equity adjustments and reserves (307) (240)

Retained earnings 26,001 21,252

Total Equity 40,262 35,539

TOTAL LIABILITIES AND EQUITY 87,150 81,353

As of As of

MAYNILAD WATER SERVICES INC. & SUBSIDIARIES

CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)


Cash F lows from Operating Activities Cash F lows from Investing Activities

Income before income tax 9,999 9,618 Additions to service concession assets (9,061) (7,732)

Adjustments for: Acquisitions of property and equipment (715) (286)

Interest expense 1,811 1,983 Increase in other noncurrent assets (100) (14)

Amortization of service concession assets 2,344 2,038 Proceeds from sale of property and equipment 16 2

Interest income (120) (135) Dividends received 10 14

Depreciation and amortization 291 260 Acquisition of subsidiary - (29)

Others 73 218 Net cash used in investing activities (9,850) (8 ,045)

Operating income before working capital changes 14,398 13,982

Decrease (increase) in: Cash F lows from Financing Activities

Short-term investments 3,048 (3,174) Proceeds from availment of interest-bearing loans 3,173 2,540

Receivables 8 (295) Payments of:

Other current assets (254) (572) Dividends (2,000) (2,000)

Increase (decrease) in other current liabilities (571) 473 Loans (1,742) (1,692)

Cash generated from operations 16,629 10,414 Service concession obligation payable (1,209) (1,027)

Interest received 131 119 Interest (1,405) (1,426)

Income taxes paid (1,654) (46) Increase (decrease) in other noncurrent liabilities 84 74

Net cash provided by operating activities 15,106 10,487 Acquisition of treasury shares (33) (6)

Others (192) -

Net cash used in financing activities (3,324) (3,537)

Net increase (decrease) in cash and cash equivalents 1,932 (1,095)

Cash and cash equivalents at beginning of period 3,093 4,188

Cash and cash equivalents at end of period 5,025 3,093

METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES




Current Assets Long-term debt - net of current portion 31,309 28,242

Cash and short-term investments 2 ,733 5,606 Service concession obligation 18,551 15,354

Receivables 689 768 Deferred tax liabilities 1 ,072 978

Other current assets 1 ,301 1,277 Other noncurrent liabilities 741 894

Total Current Assets 4 ,723 7,651 Total Noncurrent Liabilities 51,673 45,468

Noncurrent Assets Total Liabilities 57,401 51,484

Service concession assets 61,828 52,987

Goodwill 4 ,979 4,979 Equity

Investment in associates 11,318 4,381 Capital stock 12,718 12,684

Other noncurrent assets 3 ,268 3,464 Additional paid-in capital 17,583 13,720

Total Noncurrent Assets 81,393 65,811 Other equity adjustments and reserves (9 ,822) (9,997)

Retained earnings 5 ,859 3,452

TOTAL ASSETS 86,116 73,462 Total Equity Attributable to Equity Holders of Parent 26,338 19,859

Non-controlling interest 2 ,377 2,119

LIABILITIES AND EQUITY Total Equity 28,715 21,978

Current Liabilities

Accounts payable and accrued liabilities 3 ,784 2,931 TOTAL LIABILITIES AND EQUITY 86,116 73,462

Current portion of long-term debt 1 ,047 1,332

Other current liabilities 897 1,753


As of As of

METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES



Cash F lows from Operating Activities Additions to:

Income before income tax 5,403 4,348 Service concession assets (6,315) (12,116)

Adjustments for: Investment property (13,343) (9,528)

Interest expense 1,200 1,372 Property and equipment (128) (57)

Amortization of service concession assets 789 748 Intangible assets (11) (6)

Interest income (94) (100) Proceeds from:

Equity in net earning of associate (460) (476) Disposal/Maturity of AFS/investment 9,914 9,206

Depreciation and amortization 53 57 Sale of property and equipment 4 3

Others 24 (335) Net cash used in investing activities (8,872) (12,030)

Operating income before working capital changes 6,915 5,614

Decrease (increase) in: Cash F lows from Financing Activities

Restricted cash (36) 43 Issuance of new shares 3,931 7,798

Receivables (50) 116 Proceeds from availment of loans 2,000 7,200

Other current assets (232) (498) Payments of:

Increase in accounts payable and other current liabilities 974 144 Loan (1,371) (4,306)

Cash generated from operations 7,571 5,419 Dividends (3,329) (1,691)

Income tax paid (1,153) (894) Interest (1,237) (1,313)

Net cash provided by operating activities 6,418 4,525 Transaction costs and others (15) (11)

Acquisition for non-controlling interests (23)

Cash F lows from Investing Activities Net cash provided by (used in) financing activities (44) 7,677

Increase in restricted cash

Dividends received 903 454 Effect of exchange rate changes on cash - (7)

Interest received 96 91

Decrease (Increase) in other noncurrent assets 8 (77) Net increase (decrease) in cash and cash equivalents (2,498) 165

Cash and cash equivalents at beginning of period 3,989 3,824

Cash and cash equivalents at end of period 1,491 3,989

MEDICAL DOCTORS INC. AND SUBSIDIARIES




Current Assets Deferred income tax liabilities 920 820

Cash and cash equivalents 706 531 Retirement benefit obligation 106 66

Receivables - net 563 620 Loans payable 1,018 931

Inventories - net 251 222 Provisions 103 109

Other current assets 73 52 Total Noncurrent Liabilities 2 ,147 1,926

Total Current Assets 1 ,593 1,425

Total Liabilities 3 ,376 3,008

Noncurrent Assets

Property and Equipment - net 7,915 7,343 Equity

Other noncurrent assets 132 48 Capital stock 336 334

Total Noncurrent Assets 8 ,047 7,391 Capital in excess of par value 1 ,572 1,543

Other equity adjustments 2 ,445 2,205

TOTAL ASSETS 9 ,640 8,816 Retained earnings 1 ,903 1,714

Treasury Stock (15) (15)

LIABILITIES AND EQUITY Total Equity Attributable to Equity Holders of Parent 6 ,241 5,781

Current Liabilities Non-controlling interest 23 27

Accounts payable and accrued expenses 1,011 861 Total Equity 6 ,264 5,808

Current portion of long-term liabilities 214 149

Other current liabilities 4 72 TOTAL LIABILITIES AND EQUITY 9 ,640 8,816


As of As of

MEDICAL DOCTORS INC. AND SUBSIDIARIES




Income before income tax 484 315 Acquisitions of property and equipment (683) (384)

Adjustments for: Increase in other noncurrent assets (88) (7)

Provisions 93 167 Net cash used in investing activities (771) (391)

Depreciation and amortization 478 452

Retirement benefit expense 47 34 Cash F lows from Financing Activities

Interest expense 64 60 Proceeds from:

Interest income (4) (2) Loans 300 -

Operating income before working capital changes 1,162 1,026 Issuance of capital stock 31 31

Increase in: Payment of loan (149) (19)

Receivables (40) (31) Interest paid (62) (58)

Inventories (30) (3) Dividends paid (125) (132)

Prepayments (59) (13) Net cash used in financing activities (5) (178)

Increase (decrease) in:

Accounts payable and accrued expenses 26 (67) Net increase in cash and cash equivalents 175 193

Refundable deposits and other liabilities - (2)

Cash generated from operations 1,059 910 Cash and cash equivalents at beginning of period 531 338

Contributions to the retirement fund (20) (24)

Income taxes paid (91) (126) Cash and cash equivalents at end of period 706 531


Net cash provided by operating activities 952 762

COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)




Current Assets Retirement plan 21 20

Cash and cash equivalents 212 222 Lease payable 658 647

Receivables - net 193 172 Other noncurrent liabilities - 30

Inventories - net 99 78 Total Noncurrent Liabilities 679 697

Other current assets 29 37

Total Current Assets 533 509 Total Liabilities 1 ,385 1,267

Noncurrent Assets Equity

Property and Equipment - net 1 ,243 1,052 Capital stock 50 20

Deferred income tax assets 132 108 Other comprehensive income 3 3

Other noncurrent assets 6 6 Retained earnings 476 385

Total Noncurrent Assets 1 ,381 1,166 Total Equity 529 408

TOTAL ASSETS 1 ,914 1,675 TOTAL LIABILITIES AND EQUITY 1 ,914 1,675

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and accrued expenses 661 539

Due to related parties 26 12

Other current liabilities 19 19

Total Current Liabilities 706 570

As of As of

COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)



Cash F lows from Operating Activities Cash F low from an Investing Activity


Adjustments for:

Provisions 6 11 Cash F lows from Financing Activities

Depreciation and amortization 199 193 Loans payable (92) (133)

Interest expense 102 101 Issuance of capital stock - 45

Interest income (2) (1) Dividend payments (120) (50)

Operating income before working capital changes 603 527 Net cash provided by (used in) financing activities (212) (138)

Decrease (increase) in:

Receivables (27) (52) Net increase (decrease) in cash and cash equivalents (10) 95

Inventories (21) (8)

Prepayments 7 2 Cash and cash equivalents at beginning of period 222 127


Accounts payable and accrued expenses 27 (94) Cash and cash equivalents at end of period 212 222

Refundable deposits and other liabilities 1 4

Cash generated from operations 590 379



DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES




Current Assets Retirement benefit obligations 47 46

Cash and cash equivalents 228 272 Other noncurrent liabilities 11 14

Receivables, net 274 211 Total Noncurrent Liabilities 58 60

Inventory, net 114 92

Prepaid expenses 25 18 Total Liabilities 410 371

Total Current Assets 641 593

Equity

Noncurrent Assets Capital stock 91 91

Property and Equipment - net 1 ,172 1,037 Capital in excess of par value 49 48

Deferred income tax assets 19 25 Treasury shares (7) (7)

Other noncurrent assets 68 59 Other equity adjustments 32 30

Total Noncurrent Assets 1 ,259 1,121 Retained earnings 1 ,325 1,181

Total Equity 1 ,490 1,343

TOTAL ASSETS 1 ,900 1,714

TOTAL LIABILITIES AND EQUITY 1 ,900 1,552


Current Liabilities


Other current liabilities - 10


As of As of

DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES





Adjustments for: Increase in noncurrent assets 4 (10)

Depreciation 173 156 Net cash used in investing activities (314) (205)

Pension 10 9

Interest income (2) (3) Cash F lows from Financing Activities

Provision for bad debts 8 24 Dividends paid (90) (90)

Operating income before working capital changes 518 479 Decrease in other noncurrent liabilities - 3

Increase in: Net cash used in financing activities (90) (87)

Receivables (72) (50)

Inventories (22) (15) Net increase (decrease) in cash and cash equivalents (44) 26

Prepayments and others (19) (16)

Accounts payable and accrued expenses 43 8 Cash and cash equivalents at beginning of period 272 247


Income tax paid (84) (89) Cash and cash equivalents at end of period 228 272

Contributions to retirement fund (6) -



RIVERSIDE MEDICAL CENTER GROUP




Current Assets Long-term debt - net of current 4 98

Cash and cash equivalents 355 566 Deferred income tax liabilities 76 71

Receivables - net 270 210 Accrued retirement costs 7 7

Inventories - net 106 110 Other noncurrent liabilities 15 19

Other current assets 7 10 Total Noncurrent Liabilities 102 195


Total Liabilities 572 673

Noncurrent Assets

Property and Equipment - net 1 ,093 901 Equity

Pension Asset 23 23 Capital stock 62 39

Other noncurrent assets 28 18 Additional paid-in capital stock 377 -

Total Noncurrent Assets 1 ,144 942 Deposit for future stock subscription - 400

Other equity adjustments 167 172

TOTAL ASSETS 1 ,882 1,838 Retained earnings 708 558

Treasury Stock (4) (4)

LIABILITIES AND EQUITY Total Equity 1 ,310 1,165

Current Liabilities

Accounts payable and accrued expenses 362 370 TOTAL LIABILITIES AND EQUITY 1 ,882 1,838


Unearned tuition and other school fees 64 61

Income tax payable 9 19



As of As of

RIVERSIDE MEDICAL CENTER GROUP





Adjustments for: Proceed from sale of property and equipment (5) -

Depreciation 75 78 Increase in investments/other noncurrent assets (5) -

Interest expense 3 5 Net cash used in investing activities (286) (116)

Interest income (6) (5)

Others 13 7 Cash F lows from Financing Activities

Operating income before working capital changes 334 319 Issuance of shares of stock - 400

Decrease (increase) in: Payment of long-term debt (116) (25)

Receivables (60) (48) Dividend payments (34) (50)

Inventories 4 (15) Others 2 2

Other assets 1 2 Net cash provided by (used in) financing activities (148) 327

Increase in:

Accounts payable and accrued expenses 24 73 Net increase (decrease) in cash and cash equivalents (211) 449


Cash generated from operations 307 337 Cash and cash equivalents as of beginning of period 566 117


Income taxes paid (65) (52) Cash and cash equivalents at end of the period 355 566

Interest paid (3) (19)

Retirement payment (22) (31)


EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)




Current Assets Accrued retirement 27 19

Cash and cash equivalents 65 46 Other noncurrent liabilities 316 246

Receivables - net 70 68 Total Noncurrent Liabilities 343 265

Inventories - net 43 34



Equity


Property and Equipment - net 295 167 Other equity adjustments 5 6

Deferred income tax 111 316 Retained earnings 118 93

Other noncurrent assets 155 45 Total Equity 173 149

Total Noncurrent Assets 561 528

TOTAL LIABILITIES AND EQUITY 743 677

TOTAL ASSETS 743 677


Current Liabilities



Due to related parties 12 11



As of As of

EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)





Adjustments for: Increase in other noncurrent assets (10) (24)

Depreciation 69 51 Net cash used in investing activities (46) (184)

Provision for doubtful accounts 7 5

Interest expense 1 - Cash F lows from Financing Activity

Operating income before working capital changes 157 118 Loan payment (20) -

Decrease (increase) in: Dividend payment (30) -

Receivables (9) (12) Increase (decrease) in:

Inventories (9) 10 Due to related parties 1 5

Other current assets (3) (2) Other noncurrent liabilities (2) -

Increase (decrease) in: Net cash provided by (used in) financing activities (51) 5

Accounts payable and accrued expenses (4) (8)

Retirement fund obligation 8 5 Net increase (decrease) in cash and cash equivalents 19 (76)


Income taxes paid (24) (8) Cash and cash equivalents as of beginning of period 46 122


Cash and cash equivalents at end of the period 65 46

ASIAN HOSPITAL INC.





Cash and cash equivalents 347 410 Accounts payable and accrued expenses 638 684

Receivables - net 291 269 Accrued interest 22 25

Inventories - net 127 106 Long-term debts, currently due 309 258

Other current assets 18 11 Refundable deposits and other current liabilities 47 55

Prepaid expenses 18 8 Total Current Liabilities 1 ,016 1,022


Noncurrent Liabilities

Noncurrent Assets Long-term debt - net of current - 306

Property and equipment, net 3 ,655 3,657 Other non-current liabilities 58 68

Deferred income tax 122 128 Total Noncurrent Liabilities 58 374

Computer software - net 3 5

Other non-current assets 15 13 Total Liabilities 1 ,074 1,396

Total Noncurrent Assets 3 ,795 3,803

Equity

TOTAL ASSETS 4 ,596 4,607 Capital stock 1 ,937 1,937

Capital stock in excess of par value 185 185

Subscription receivable (4) (5)

Other equity adjustments (3) (12)

Retained earnings 1 ,407 1,106



As of As of

ASIAN HOSPITAL INC.





Adjustments for:


Depreciation 290 254 Payment of long-term debt (260) (260)

Amortization of capitalized borrowing cost 2 3 Dividends paid (77) (77)

Interest expense 55 77 Interest paid (58) (78)

Others (2) (16) Net cash used in financing activities (395) (415)

Operating income before working capital changes 909 892

Increase in: Net increase (decrease) in cash and cash equivalents (63) 3

Receivables (42) (36)

Inventories (21) (21) Cash and cash equivalents as of beginning of period 410 407

Other current assets (17) (5)

Increase (decrease) in: Cash and cash equivalents at end of the period 347 410

Accounts payable and accrued expenses (115) -

Other current liabilities (22) 44


DELOS SANTOS MEDICAL CENTER






Receivables - net 69 93 Due to related parties 3 -

Inventories - net 42 54 Long-term debts, currently due 200 115

Prepaid expenses 17 15 Refundable deposits and other current liabilities 34 -

Total Current Assets 182 183 Total Current Liabilities 330 301

Noncurrent Assets Noncurrent Liability

Property and equipment, net 596 539 Retirement Liability 29 28

Deferred income tax 24 17

Other non-current assets 14 17 Total Liabilities 359 329

Total Noncurrent Assets 634 573

Equity

TOTAL ASSETS 816 756 Capital stock 114 114


Other equity adjustments 2 -

Retained earnings 100 72

Total Equity 457 427


As of As of

DELOS SANTOS MEDICAL CENTER





Adjustments for:


Depreciation 76 54 Proceeds from long term debt 85 115

Interest expense-net 5 3 Interest paid (5) (3)

Operating income before working capital changes 166 118 Dividends paid (27) (12)

Decrease (increase) in: Net cash provided by financing activities 53 100

Receivables 3 (47)

Inventories - (14) Net increase in cash and cash equivalents 33 2

Other current assets (6) (2)

Increase (decrease) in: Cash and cash equivalents as of beginning of period 21 19

Accounts payable and accrued expenses (62) 86

Other liabilities 14 4 Cash and cash equivalents at end of the period 54 21


Income tax paid (26) (15)


CENTRAL LUZON DOCTORS’ HOSPITAL




Current Assets Retirement Liability 7 6

Cash and cash equivalents 49 87 Deferred Income Tax 27 28

Receivables - net 74 57 Total Noncurrent Liabilities 34 34

Inventories - net 31 30



Equity


Property and equipment, net 328 274 Additional Paid-in Capital 82 76

Other non-current assets 21 - Treasury stock (3) (3)

Total Noncurrent Assets 349 274 Other equity adjustments 81 80


TOTAL ASSETS 504 452 Total Equity 353 321

LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 504 452

Current Liabilities

Accounts payable and

accrued expenses 106 86

Dividends payable 11 11


As of As of

CENTRAL LUZON DOCTORS’ HOSPITAL





Adjustments for depreciation 34 33 Increase in noncurrent assets (21) -

Operating income before working capital changes 83 75 Net cash used in investing activities (109) (67)

Decrease (increase) in:

Receivables (15) (15) Cash F lows from Financing Activities

Inventories (2) (6) Dividends payment (12) -

Other current assets 1 - Subscription receivable 9 5

Increase (decrease) in: Net cash provided by (used in) financing activities (3) 5


Other current liabilities 1 (2) Net decrease in cash and cash equivalents (38) (12)


Cash and cash equivalents as of beginning of period 87 99


MEGA CLINIC






Receivables - net 59 41 Loans payable 5 20

Inventories - net 4 3 Due to related parties 13 18

Prepaid expenses 14 30 Total Current Liabilities 85 99


Noncurrent Liability

Noncurrent Assets Retirement Liability 1 1

Property and equipment, net 34 33

Deferred income tax 7 10 Total Liabilities 86 100

Other non-current assets 19 9

Total Noncurrent Assets 60 52 Equity

Capital stock 66 66

TOTAL ASSETS 148 144 Retained earnings (4) (22)

Total Equity 62 44


As of As of

MEGA CLINIC





Adjustments for: Decrease (increase) in noncurrent assets 3 (1)

Provisions (11) 7 Net cash used in investing activities (8) (21)

Depreciation 10 8

Operating income before working capital changes 26 20 Cash F lows from Financing Activities

Decrease (increase) in: Due to related parties (5) (4)

Receivables 6 (15) Availment of loans - 20

Inventories (4) - Payment of loans (15) (4)

Prepayments (2) - Net cash provided by (used in) financing activities (20) 12


Accounts payable and accrued expenses (28) 3 Net increase (decrease) in cash and cash equivalents (30) 4

Other current liabilities - 5

Net cash provided by (used in) operating activities (2) 13 Cash and cash equivalents as of beginning of period 41 14


WEST METRO MEDICAL CENTER






Receivables - net 14 5 Other non-current assets 1

Inventories - net 54 9 Total Current Liabilities 58 18

Prepaid expenses 2 -

Total Current Assets 105 18 Noncurrent Liability

Retirement Liability 1 2

Noncurrent Assets

Property and equipment, net 87 5 Total Liabilities 59 20

Other non-current assets 112 86

Total Noncurrent Assets 199 91 Equity

Capital stock 75 75

TOTAL ASSETS 304 109 Deposit for future stock subscriptions 166 25

Other equity 3 -

Retained earnings 1 (11)

Total Equity 245 89


As of As of

WEST METRO MEDICAL CENTER




Income before income tax 16 (13) Acquisitions of property and equipment (87) (5)

Adjustments for depreciation 5 - Increase in noncurrent assets (28) (81)

Operating income (loss) before working capital changes 21 (13) Net cash used in investing activities (115) (86)

Increase in:

Receivables (9) (5) Cash F low from a F inancing Activity

Inventories (43) (9) Equity Infusion 141 100

Other current assets (1) -

Increase (decrease) in: Net increase in cash and cash equivalents 31 4


Other current liabilities (3) - Cash and cash equivalents as of beginning of period 4 -

Net cash provided by (used in) operating activities 5 (10)


MANILA DOCTORS, INC.






Receivables - net 291 174 Long-term debts, currently due - 23

Inventories - net 112 130 Other current liabilities 423 17

Other current assets 8 1 Total Current Liabilities 804 374

Prepaid expenses 5 5

Total Current Assets 551 367 Noncurrent Liability

Other non-current liabilities 60 1

Noncurrent Assets

Property and equipment, net 1 ,510 1,038 Total Liabilities 864 375

Deferred income tax 30 14

Other non-current assets 13 5 Equity

Total Noncurrent Assets 1 ,553 1,057 Capital stock 198 198


TOTAL ASSETS 2 ,104 1,424 Other equity adjustments 3 33




As of As of

MANILA DOCTORS, INC.


In PhP Mill ions Dec 2016 In PhP Mill ions Dec 2016


Income before income tax 280 Acquisitions of property and equipment (600)

Adjustments for: Increase in noncurrent assets (350)

Provisions 11 Net cash used in investing activities (950)

Depreciation 142

Operating income before working capital changes 433 Cash F low from a F inancing Activity

Decrease (increase) in: Availment of loan 378

Receivables (117)

Inventories 18 Net increase in cash and cash equivalents 78

Other current assets 9

Increase (decrease) in: Cash and cash equivalents as of beginning of period 57

Accounts payable and accrued expenses (33)

Other current liabilities 340 Cash and cash equivalents at end of the period 135

Net cash provided by operating activities 650

SACRED HEART HOSPITAL

BALANCE SHEET As of BALANCE SHEET (continued) As of



Current Assets Current Liability

Cash and cash equivalents 142 Accounts payable and accrued expenses 65

Receivables - net 26

Inventories - net 13 Noncurrent Liability

Prepaid expenses 1 Retirement Liability 3

Total Current Assets 182

Total Liabilities 68

Noncurrent Assets

Property and equipment, net 166 Equity

Other non-current assets 3 Capital stock 225

Total Noncurrent Assets 169 Retained earnings 58

Total Equity 283

TOTAL ASSETS 351

TOTAL LIABILITIES AND EQUITY 351

SACRED HEART HOSPITAL


In PhP Millions Dec 2016 In PhP Millions Dec 2016


Income before income tax 17 Acquisitions of property and equipment (52)

Adjustments for depreciation 16

Operating income before working capital changes 33 Cash F low from a F inancing Activity

Increase in: Equity Infusion 150

Receivables (2)

Inventories (2) Net increase in cash and cash equivalents 112

Decrease in Accounts payable and accrued expenses (15)

Net cash provided by operating activities 14 Cash and cash equivalents as of beginning of period 30

Cash and cash equivalents at end of the period 142

MARIKINA VALLEY MEDICAL CENTER

BALANCE SHEET As of BALANCE SHEET (continued) As of




Cash and cash equivalents 191 Accounts payable and accrued expenses 71

Receivables - net 53 Other current liabilities 106

Inventories - net 16 Total Noncurrent Liabilities 177

Prepaid expenses 1

Total Current Assets 261 Noncurrent Liabilities

Retirement Liability 8

Noncurrent Assets Other noncurrent liabilities 1

Property and equipment, net 278 Total Noncurrent Liabilities 9

Deferred income tax 6

Other non-current assets 3 Total Liabilities 186

Total Noncurrent Assets 287

Equity

TOTAL ASSETS 548 Capital stock 222

Deposit for future stock subscription 1

Retained earnings 139

Total Equity 362

TOTAL LIABILITIES AND EQUITY 548

MARIKINA VALLEY MEDICAL CENTER


In PhP Millions Dec 2016 In PhP Millions Dec 2016


Income before income tax 63 Acquisitions of property and equipment 35

Adjustments for:

Provisions 4 Net increase in cash and cash equivalents 156

Depreciation 10

Operating income before working capital changes 77 Cash and cash equivalents as of beginning of period 35

Decrease in:

Receivables 74 Cash and cash equivalents at end of the period 191

Other current assets 5

Accounts payable and accrued expenses (35)

Net cash provided by operating activities 121

full year 2016 financial results analysts’ briefing · 2018. 5. 4. · this presentation was...

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