1
FULL YEAR 2017 FINANCIAL RESULTS ANALYSTS’ BRIEFING
01 MARCH 2018
2
TABLE OF CONTENTS
Consolidated Financial Highlights Page 3
POWER
Financial Highlights 4
Expansion Updates 5
TOLLROADS
Financial Highlights 6
Expansion Updates 7
WATER
Financial Highlights 8
Expansion Updates 9
HOSPITALS
Financial Highlights 10
Expansion Updates 11
RAIL, LOGISTICS AND OTHERS
Financial Highlights 12
RAIL - Expansion Updates 13
Ninoy Aquino Int’l Airport Consortium 14
Regulatory Matters 15-16
Stand-alone Portfolio Company Results and Key
Metrics
Page 17
POWER
MERALCO FY 2017 Highlights and Key Metrics 18
GBPC FY 2017 Highlights 19
TOLLROADS
MPTC FY 2017 Highlights 20
Key Metrics and Priorities 21
WATER
Maynilad FY 2017 Highlights and Key Metrics 22
HOSPITALS
MPHHI FY 2017 Highlights and Key Metrics 23
RAIL
LRMC FY 2017 Highlights and Key Metrics 24
Quarterly Highlights 25-26
Balance Sheet and Cash Flow Statements 28-63
FY 2017 CORE INCOME UP 17% TO P14.1 BILLIONEarnings fueled by increased investment growth
3
17% increase in Core Income was driven by:
Expanded Power portfolio through increased
investments in MERALCO and Global Business Power
Corporation
Robust traffic growth on all toll roads
Continuing growth in the Hospitals business
Increase in interest expense is due to a) new debt drawdowns
amounting to P10.5 billion in 2017 (proceeds were primarily
used to fund additional investments in Power and Toll Roads);
and b) interest accretion on payable to PCEV for the additional
stake in Beacon
Non-core expenses in 2017 are primarily made up of
refinancing expenses, project expenses and separation costs
resulting from Maynilad’s redundancy program, largely offset
by a gain on sale of shares in MERALCO
CONSOLIDATED FINANCIAL HIGHLIGHTS
MPIC Group Aggregated Revenues grew by 11% from
P335.0 billion to P373.0 billion
Toll Roads22%
Water21%
Hospitals and Others
5%
Power52%
EARNINGS CONTRIBUTION MIX
2017
Toll Roads23%
Water24%
Hospitals and Others
5%
Power48%
2016
In Millions of Pesos 2017 2016 % Change
MPIC share
Power 9,378 7,229 30%
Toll Roads 3,901 3,517 11%
Water 3,733 3,564 5%
Hospitals 685 589 16%
Rail 283 273 4%
Others (133) (39) 241%
Share of operating income 17,847 15,133 18%
Head office expenses (1,074) (915) 17%
Interest expense (2,669) (2,112) 26%
Core income 14,104 12,106 17%
Non-core expenses (953) (650) 47%
Reported income 13,151 11,456 15%
In Centavos
Diluted EPS on core income 44.69 40.22 11%
Final dividend per share 7.60 6.80 12%
POWER
4
CONTRIBUTION UP BY 30% TO P9.4BDeepened participation in the Philippine Power sector
*Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May
2016; stepped-up to 62% beginning 27 June 2017
**Increased economic interest from 50% to 75% in May 2016, increased further to
100% in June 2017
30% increase in contribution from the Power business was
driven by:
MERALCO
Increase in effective ownership from 41.2% to 45.5%
3% growth in Core Income
o 5% growth in energy sales across all customer classes
GLOBAL BUSINESS POWER CORPORATION
First full year contribution (acquired in May 2016)
BEACON ELECTRIC
Higher share in dividend income from preferred shares offset
by increase in interest expense
CONTRIBUTION TO MPIC 2017 2016 %
MERALCO (from 41.2% to 45.5%) 8,761 7,375 19%
GBPC (from 42.0 to 62.4%)* 1,560 813 92%
Beacon (from 75.0% to 100.0%)** 480 (616) -178%
Fair value / accounting adjustments (1,423) (343) 315%
9,378 7,229 30%
STAND-ALONE PERFORMANCE 2017 2016 %
Financial Highlights
Revenues 282,556 257,181 10%
Core EBITDA 34,638 33,956 2%
Core income 20,213 19,583 3%
Reported income 20,384 19,176 6%
Capital expenditure 12,127 11,584 5%
Key Performance Indicators
Energy sales (in GWh) 42,102 40,142 5%
Financial Highlights
Revenues 23,794 17,637 35%
Core EBITDA 9,184 8,597 7%
Core income 2,883 2,843 1%
Reported income 2,808 2,644 6%
Capital expenditure 1,374 4,131 -67%
Key Performance Indicators
Energy sales (in GWh) 4,465 3,646 22%
MERALCO
GLOBAL BUSINESS POWER CORPORATION
POWER
5
EXPANSION UPDATES
Quezon City Waste to Energy Project (P15.1
billion project cost for Phase 1)
● Aims to convert approximately 3,000 tons of
waste to 42 MW of energy
● Granted original proponent status; awaiting
swiss challenge in 2018
● Detailed discussion on concession
framework ongoing
GBPC – Acquisition of 50% of Alsons
Thermal Energy Corporation
● Completed acquisition in November 27,
2017
1x455MW (net) San Buenaventura Power,
Quezon (Target completion in 2019)
● Ongoing construction proceeding as scheduled
● Capacity is contracted under ERC-approved
power supply agreement with MERALCO
2x600MW (net) Atimonan One Energy, Quezon
(Target completion in 2021/2022)
● Awaiting approval of power supply agreement –
necessary for the issuance of “Notice to
Proceed” for the engineering, procurement and
construction
● Entire capacity is contracted by MERALCO
TOLL ROADS
6
11% increase in contribution from the Toll Roads business
was driven by:
Strong traffic growth on all roads and favorable vehicle mix
o Growth in NLEX and SCTEX traffic was a result of the
integration of these two roads in 2016
o Increase in CAVITEX traffic was due to the growth in
residential communities in Cavite and tourism in
Batangas
o 64% increase in system-wide average daily vehicle
entries to 903,525 due to investment in PT Nusantara
Infrastructure in November 2017
CONTRIBUTION UP BY 11% TO
P3.9B Surging traffic growth
In Millions of Pesos
CONTRIBUTION TO MPIC 2017 2016 %
Metro Pacific Tollways (99.9%) 3,931 3,557 11%
Fair value adjustments (30) (40) -25%
3,901 3,517 11%
STAND-ALONE PERFORMANCE 2017 2016 %
Financial Highlights
Revenues 13,107 11,902 10%
Core EBITDA 8,607 7,020 23%
Core income 3,935 3,276 20%
Reported income 5,423 3,103 75%
Capital expenditure 4,425 8,856 -50%
Key Performance Indicators
Average Daily Vehicle Entries
NLEX 237,046 220,010 8%
CAVITEX 139,208 128,137 9%
SCTEX 54,566 45,025 21%
METRO PACIFIC TOLLWAYS CORPORATION
TOLL ROADS
7
EXPANSION UPDATES
CAVITEX(14 kms)
Harbour Link(11 kms)
part of NLEX
concession
NLEX-SLEX
Connector Road(8 kms)
Citi Link(8 kms)
part of NLEX
concession
C5 South Link(8 kms)
part of CAVITEX
concession
CALA
Expressway(47 kms)
PHILIPPINES
REGIONAL INVESTMENTS
Existing Roads – expansion to meet rising demand
● NLEX Lane Widening Project – additional 64 lane kilometers
● Completed rehabilitation of SCTEX pavement from Tipo to Tarlac and
modernization of the SCTEX and CAVITEX Traffic Control Room
● Diversified electronic payment options
New Roads
Ongoing Construction
● Harbour Link Segment 10 – expected to be completed in 2Q 2018
● CAVITEX C5 Link – target completion in 2020
● Cavite Laguna Expressway (Laguna segment) – target completion in 2019
Ongoing Right-of-Way Acquisition
● NLEX Harbour Link Radial Road 10 – to begin construction in 2Q 2018; target
completion in 2019
● NLEX-SLEX Connector Road – to begin construction in 3Q 2018; target
completion in 2020
● Cavite Laguna Expressway – target completion in 2020 including the Cavite
segment
● Cebu-Cordova Link Expressway – ground breaking held in March 2017; target
completion in 2021
Acquisition of 48.3% of PT Nusantara Infrastructure
● Listed Indonesian infrastructure company with investments in toll roads and other
non-core assets such as telecom towers, water, ports and energy
➢ Toll roads account for 80% of Core Income
WATER
8
CONTRIBUTION UP BY 5% TO P3.7B Higher billed volume and tight control of operating expenses
In Millions of Pesos
CONTRIBUTION TO MPIC 2017 2016 %
Maynilad (52.8%) 3,896 3,786 3%
Fair value adjustments (187) (170) 10%
Metropac Water Investments Corp. (MWIC) 24 (52) -146%
3,733 3,564 5%
STAND-ALONE PERFORMANCE 2017 2016 %
Financial Highlights
Revenues 20,774 20,224 3%
Core EBITDA 14,136 14,403 -2%
Core income 7,379 7,171 3%
Reported income 6,853 6,748 2%
Capital expenditure 12,006 9,664 24%
Key Performance Indicators
Billed volume (In MCM) 512 499 3%
Non-revenue water % - average* 32.3% 29.9% 8%
Non-revenue water % - period end* 31.7% 30.6% 4%
MAYNILAD WATER SERVICES INC.
5% increase in contribution from the Water business was
driven by:
3% increase in Maynilad’s Core Income
o 3% growth in billed volume
o Tight control of operating expenses
Contribution from MWIC – impact of earnings from Eco-
system Technologies (acquired in June 2016)
*NRW increased due to abnormality in water production in connection with last
year’s El Niño phenomenon
WATER
9
EXPANSION UPDATES
EXISTING BUSINESSES
Metro Iloilo Bulk Water Supply Corp.
● Commenced operations on 5 July 2016
● Potential capacity of up to 170 million liters per day of treated bulk
water over a term of 25 years, renewable for another 25 years
● Ongoing rehabilitation of water facility; target completion by 3Q 2018
Laguna Water District Aquatech Resources Corporation
● Commenced operation and management of the distribution network
of the Laguna Water District on 1 January 2016
● Expanded coverage to additional barangays in Nagcarlan, increased
water pressure in several locations and improved 24/7 water
availability coverage from 57% pre-takeover to 95%
Cagayan de Oro Bulk Water Inc.
● Commenced operations on 31 December 2017
● Potential capacity of up to 100 million liters per day of treated bulk
water over a term of 30 years, renewable for another 20 years
subject to certain conditions
BUSINESS DEVELOPMENT
Iloilo Full Concession Project
● Awarded in December 2017
● 2Q 2018 target signing of the JV Agreement for the rehabilitation, O&M and
expansion of the water distribution system and provision of wastewater services
in the Metro Iloilo Water District’s service area
Pampanga Bulk Water Supply Project
● Granted original proponent status in August 2017 by the Office of the Governor
of Pampanga
● Detailed discussion on concession framework ongoing
Phu Ninh Water (Vietnam)
● Share Purchase Agreement to acquire 45% of BOO Phu Ninh Water (PNW) was
signed in November 2017
● PNW has a license to serve clean water demand in the Chu Lai Open Economic
Zone and adjacent areas in Quang Nam province
● Potential capacity of up to 300 MLD
● Targeted closing by March 2018
EXPANSION PIPELINE
TARGET# OF
PROJECTS
POP.
(In Millions)
POTENTIAL
VOLUME
(In MLD)
EST. 2018-2022
EQUITY
REQUIREMENT
(In Php Millions)
Full Concession 7 4.2 792 3,037
Bulk Water 11 7.5 910 3,320
Others 8 8.4 960 5,192
TOTAL 26 20.1 2,662 11,549
HOSPITALS
10
CONTRIBUTION TO MPIC 2017 2016 %
Metro Pacific Hospital Holdings (60.0%) 778 646 20%
Hospital admin and fair value adjustments (93) (57) 63%
685 589 16%
STAND-ALONE PERFORMANCE 2017 2016 %
Financial Highlights
Revenues 22,464 19,641 14%
Core EBITDA 4,924 4,315 14%
Core income 2,046 1,756 17%
Reported income 2,052 1,759 17%
Capital expenditure 3,509 3,018 16%
Key Performance Indicators
Total beds available 3,211 2,839 13%
Average standard occupancy rate 68.3% 69.2% -1%
No. of in-patients 173,939 160,581 8%
No. of out-patients 3,085,638 2,702,996 14%
HOSPITALS (AGGREGATE)
CONTRIBUTION UP BY 16% TO
P685M Strong growth and continuing expansion
16% increase in contribution from the Hospital
business was driven by:
5% is attributable to contributions from the new hospital
acquisitions – Marikina Valley Medical Center, Jesus
Delgado Memorial Hospital and St. Elizabeth Hospital
11% is attributable to organic growth driven by:
o Lower interest expense
o Cost savings from purchasing synergies
o Increasing patient revenues across all hospitals
HOSPITALS
11
EXPANSION UPDATES
Dr. Jesus C. Delgado Memorial Hospital
● 69 bed capacity
● Acquired 65% ownership in January 2017
St. Elizabeth Hospital
● 248 bed capacity
● Acquired 54% ownership in October 2017; increased
to 80% ownership in December 2017
Top Health Medical Clinic
● Full service, multi-diagnostic medical facility located in
SM San Lazaro
Cancer Center – Batangas
● Joint venture with Lipa Medix
Una Konsulta
● Riverside’s satellite multi-diagnostic clinic in SM
Bacolod
12
RAIL, LOGISTICS AND OTHERS
RAIL
4% growth in contribution from the Rail business was a function
of:
6% growth in average daily ridership
Higher advertising income and lower repairs and maintenance
expense
In Millions of Pesos
RAIL
CONTRIBUTION TO MPIC 2017 2016 %
Light Rail Manila (55.0%) 283 278 2%
Holding company admin - (5) -100%
283 273 4%
STAND-ALONE
PERFORMANCE2017 2016
%
Financial Highlights
Farebox revenues 3,155 3,016 5%
Core EBITDA 961 734 31%
Core income 514 505 2%
Reported income 507 511 -1%
Capital expenditure 4,558 1,223 273%
Key Performance Indicators
Average daily ridership 435,199 409,595 6%
OTHERS
CONTRIBUTION TO MPIC 2017 2016 %
Indra Philippines (25.0%) 45 39 15%
AF Payments Inc. (20.0%) (68) (127) -46%
Metropac Movers Inc. (76.0%)* (100) 49 -304%
Others (10) -
(133) (39) 241%
LIGHT RAIL MANILA CORPORATION
*Acquired in May 2016
RAIL
13
EXPANSION UPDATES
LRT1
Existing Line
● Track replacement – to be completed by 2Q 2018; will increase track speed from 40
kph to 60 kph, shorten travel time and add more trips per day
● Station improvement project – to be completed by 4Q 2018
LRT 1 South Extension Project
● On-going right-of-way acquisition
● To start construction in mid-2018
MRT 3 – Unsolicited Proposal
● Received original proponent status in September 2017
A. Full Rehabilitation – capex commitment of P12.5 billion
● Replacement of tracks and signaling equipment - Increase track speed from 40kph
to 65 kph and reduce headway from 4 minutes to 2.5 minutes
● Station upgrade; depot rehabilitation
B. 30-year Operations and Maintenance Contract – ensure KPIs are at par with best
practices in railway operations
Due diligence on the line is largely complete and MPIC will be ready to take up
operations as soon as May 2018
CONSORTIUM PROPONENTS
NINOY AQUINO INTERNATIONAL AIRPORT CONSORTIUM
14
Asia’s Emerging Dragon Corp.
Unsolicited Proposal
● Submission date: February 2018
● Estimated project cost: P350 billion over the life of the concession
● Involves the rehabilitation, operation, and maintenance of the Ninoy Aquino
International Airport
o Phase 1: Improvement and expansion of terminals in the current NAIA land
area
o Phase 2: Development of an additional runway, taxiways, passenger
terminals and associated support infrastructure
● Potential growth:
o 11 million additional passengers
o Increase hourly aircraft movement from 40 to 48 movements per hour
Source: www.manila-airport.net
WATER ARBITRATION BETWEEN MAYNILAD
AND REPUBLIC OF THE PHILIPPINES
TIMELINE OF EVENTS
30 MAR 2012 –
12 SEP 2013
Rate rebasing exercise for
Fourth Rebasing Period –
MWSS approves a negative
4.8% adjustment
4 OCT 2013 Maynilad files Dispute Notice
commencing Rate Rebasing
Arbitration before Appeals Panel
29 DEC 2014 Appeals Panel issues Final
Award ruling which allows the
inclusion of Corporate Income
Tax in future cash flows and
upholds Maynilad’s proposed
rebasing adjustment of 13.4%
20 FEB 2015 Maynilad calls on Republic’s
undertaking to indemnify
concessionaire for losses
caused by delays in
implementation of tariff
27 MAR 2015 Maynilad serves Notice of
Arbitration to the Republic
22 OCT 2015 Arbitral Tribunal is constituted
DEC 2016 Completion of arbitration
hearings
24 JUL 2017 Arbitral Tribunal upholds
Maynilad’s claim on Republic’s
Letter of Undertaking
09 FEB 2018 Republic Seeks to Set Aside
Arbitral Award with the High
Court of Singapore15
RECENT EVENTS:
On 09 February 2018, the Philippine Republic filed an application with the High Court of
Singapore to set aside the Arbitral Award dated 24 July 2017 issued by a unanimous Tribunal in
the arbitration between Maynilad and the Republic. Furthermore, the Republic also filed an
interlocutory application for the Court files of the main setting aside application to be sealed.
The Arbitral Award upheld the validity of Maynilad’s claim and ordered the Republic, through the
Department of Finance, to compensate Maynilad for its revenue losses from 11 March 2015
onwards. These losses resulted from the refusal of the MWSS to implement Maynilad’s relevant
tariffs.
NEXT STEPS / TIMELINE:
RATE REBASING IMPLICATIONS:
This case has no direct impact to current Rate Rebasing timeline – proceeding as expected
(target completion by 3Q 2018)
Latest tariff application assumes that the Republic will settle its obligations from the Arbitral
Award in cash
NEXT STEPSINDICATIVE
TIMELINENOTES
Pre-trial
conference
March 1 Court will ask parties to estimate length of substantive hearing.
Filing of
affidavits
March to April All evidence which parties intend to use for the hearing of the case must be
adduced by way of affidavit.
Substantive
hearing
April / May 1-3 full hearing days may be required. After the hearing is conducted, the Court
may choose to issue a decision immediately. If the Court reserves judgement after
hearing parties, there is no set timeframe by which it must release a decision. It
would be unusual, however, if a decision took more than three months.
Court decision As early as April
or as late as
August
The above timeframes do not include any appeals to the Court of Appeal against the
first instance decision made by a Judge.
REGULATORY MATTERS
16
PENDING INCREASE
(%)
REVENUE LOSS / CLAIMSTOTAL
2012 2013 2014 2015 2016 2017
WATER (10%)
MPIC Share
-
-
1.8
0.7
2.3
0.9
2.8
1.0
2.2
0.8
2.3
0.8
11.4
4.2
TOLL ROADS*
NLEX (20%)
CAVITEX (25% - 42%)
SCTEX (48%)
MPIC Share
-
0.1
-
0.1
0.8
0.1
-
0.5
0.8
0.2
-
0.6
1.1
0.3
0.1
0.8
1.3
0.3
0.4
1.1
2.0
0.3
0.5
1.5
6.0
1.3
1.0
4.6
RAIL (20%)
MPIC Share
-
-
-
-
-
-
0.2
0.1
0.3
0.1
0.4
0.2
0.9
0.4
TOTAL
MPIC Share
0.1
0.1
2.7
1.2
3.3
1.5
4.5
1.9
4.5
2.0
5.5
2.5
20.6
9.2
*Net of government share
Resolution of our various regulatory challenges is necessary for us to remain on track with our investment program
In Billions of Pesos
17
STAND-ALONE PORTFOLIO COMPANY RESULTS
AND KEY METRICS
POWER
18
MERALCO FY 2017 HIGHLIGHTS
AND KEY METRICS
10% increase in Electricity Revenues was a function of:
5% growth in total energy sales from 40,142 GWh to 42,102 GWh (4.6% ↑
commercial, 5.0% ↑ residential, and 5.2% ↑ industrial sector)
5% growth in number of customers from 6.04M to 6.33M
12% increase in pass-through generation charges driven by the scheduled
shutdown of Malampaya gas facilities; extended maintenance on other plants; and
higher fuel prices and depreciation of the Peso versus US dollar
7% decline in Non-electricity Revenues was due to fewer projects completed by
MIESCOR and MSERV; and lower turn-out of insurance renewal coverages in RSIC
Flat EBITDA driven by higher contracted services and provisions
Faster growth in Core Income than Core EBITDA was a result of reduced losses from
FPM Power
In Millions of Pesos 2017 2016 %
Stand-alone Core Income 20,213 19,583 3%
Meralco (41.2% - 45.5%) 8,761 7,375 19%
Fair Value Adjustments (862) (309) 179%
Beacon Electric (75.0% - 100.0%) 1,052 (326) -423%
MPIC Share 8,951 6,740 33%
In Millions of Pesos 2017 2016 %
Electricity 275,172 249,206 10%
Non-Electricity 7,384 7,975 -7%
Total revenues 282,556 257,181 10%
Purchased power (214,558) (189,853) 13%
Operating expenses (41,620) (41,620) 0%
Other income 1,310 1,392 -6%
Provision for income tax (7,360) (7,353) 0%
Non-controlling interests (115) (164) -30%
Core income 20,213 19,583 3%
Non-core income 171 (407) -142%
Reported net income 20,384 19,176 6%
Core EBITDA Computation:
Core income 20,213 19,583 3%
Depreciation and amortization 7,520 7,312 3%
Interest income - net (658) (737) -11%
Provision for income tax 7,360 7,175 3%
Others 203 623 -67%
Core EBITDA 34,638 33,956 2%
KEY METRICS 2017 2016
Number of customer
accounts
6.33M 6.04M
Capital Expenditure 12,127 11,584
Energy Sales
Residential 13,060 12,444
Commercial 16,597 15,867
Industrial 12,309 11,697
Streetlights 136 134
Total (in GWh) 42,102 40,142
POWER
19
GBPC FY 2017 HIGHLIGHTS
AND KEY METRICS
Revenue growth was mainly driven by the start of commercial operations of PEDC3
in January 2017
Slower growth in Core Income than EBITDA due to expiry of the Income Tax Holiday
of CEDC and PEDC (1&2) in November 2016 and March 2017, respectively, and
reduced capital recovery and O&M fees
In Millions of Pesos 2017 2016 %
Stand-alone Core Income 2,883 2,843 1%
GBPC (42.0%-62.4%)* 1,560 813 92%
Fair Value Adjustments (561) (34) 1550%
Beacon PowerGen (572) (290) 97%
MPIC Share 427 489 -13%
In Millions of Pesos 2017 2016 %
Power billings 23,589 17,530 35%
Coal sales 205 107 92%
Total revenues 23,794 17,637 35%
Power plant costs (11,192) (6,311) 77%
Operating expenses (5,977) (5,108) 17%
Interest expense - net (1,817) (2,088) -13%
Other income 256 143 79%
Provision for income tax (1,208) (41) 2846%
Non-controlling interests (973) (1,389) -30%
Core income 2,883 2,843 1%
Non-core expense (75) (199) -62%
Reported net income 2,808 2,644 6%
Core EBITDA Computation:
Core income 2,883 2,843 1%
Depreciation and amortization 2,303 2,236 3%
Interest expense - net 1,817 2,088 -13%
Provision for income tax 1,208 41 2846%
Non-controlling interests 973 1,389 -30%
Core EBITDA 9,184 8,597 7%
*Acquired 42% effective interest of GBPC under Beacon
PowerGen in May 2016; stepped-up to 62% beginning 27 June
2017
VOLUME SOLD
(In GWh)
REVENUES
(In Millions of Pesos)
2017 2016 2017 2016
CEDC (Cebu) 1,724 1,723 8,752 7,966
TPC (Toledo) 852 590 3,644 2,293
PEDC (Panay) 1,747 1,193 9,442 6,152
PPC (Panay) 101 159 958 1,327
GBH (Mindoro) 42 40 307 247
GESC (RES) 408 149 2,298 608
GTERC (TCITRC) - - 328 135
Others/Elimination (409) (208) (1,935) (1,092)
TOTAL 4,465 3,646 23,794 17,637
TOLL ROADS
20
MPTC FY 2017 HIGHLIGHTS
PHILIPPINES
Net Toll Revenues increased due to:
NLEX - Revenues up by 8% from P9.0 billion to P9.7 billion
• 8% increase in average daily vehicle entries (open & closed systems)
• 8% increase in average daily kilometers travelled
CAVITEX - Revenues up by 12% from P1.4 billion to P1.5 billion
• 9% increase in average daily vehicle entries
SCTEX - Revenues up by 19% from P1.6 billion to P1.9 billion
• 21% increase in average daily vehicle entries
Faster growth in Core EBITDA due to lower renegotiated operators fee for TMC
from January to March 2017 and consolidation of TMC starting April 2017
Slower growth in Core Income due to financing costs from new loans and higher
amortization of concession assets
Reported income was boosted by a non-cash accounting gain from the step-up
acquisitions of TMC and Easytrip
REGIONAL
In Millions of Pesos 2017 2016 %
Stand-alone Core Income 3,935 3,276 20%
MPTC (99.9%) 3,931 3,557 11%
Fair Value Adjustments (30) (40) -25%
MPIC Share 3,901 3,517 11%
*Includes Don Muang Tollway contribution
In Millions of Pesos 2017 2016 %
Net toll revenues 13,107 11,902 10%
Cost of services (4,810) (4,816) 0%
Gross profit 8,297 7,086 17%
Operating expenses (1,417) (1,392) 2%
Other income and expense - net 421 335 26%
Share in earnings of associates 648 606 7%
Interest expense - net (1,399) (1,106) 26%
Provision for income tax (1,437) (1,251) 15%
Non-controlling interest (1,178) (1,002) 18%
Core income 3,935 3,276 20%
Non-core income (expenses) 1,488 (173) -960%
Reported net income 5,423 3,103 75%
Core EBITDA Computation:
Core income 3,935 3,276 20%
Depreciation and amortization 1,306 990 32%
Interest expense - net 1,399 1,106 26%
Provision for income tax 1,437 1,251 15%
Non-controlling interest 1,178 1,002 18%
Others (648) (605) 7%
Core EBITDA 8,607 7,020 23%
FY 2017 CII BR DMT NUS
Toll Revenues(a) 1,253 4,429 1,495
Core Income 91 2,088 545
Traffic (In ‘000) 53 98 307
Length (In km)(b) 144.8 21.9 34.5
FY 2016 CII BR DMT NUS
Toll Revenues(a) 952 3,975 1,430
Core income 304 2,016 571
Traffic (In ‘000) 49 96 290
Length (In km)(b) 144.8 21.9 34.5
% Traffic Growth 8% 2% 6%
(a) Represents full year data, note that MPTC acquired 48% of PT
Nusantara Infrastructure only in November 2017(b) CII BR includes roads under pre- and on-going construction
TOLL ROADS KEY METRICS AND
PRIORITIES
21
KEY METRICS 2017 2016
NLEXClass 1 Tariff: Open system - P40.6/entry
/ Closed system - P2.6/km
Average Daily Vehicle Entries (Open & Closed)
Class 1 183,577 169,301
Class 2 33,328 31,843
Class 3 20,141 18,866
Total 237,046 220,010
Average Daily Vehicle Entries (Open)
Class 1 140,395 130,515
Class 2 26,862 25,655
Class 3 15,737 14,725
Total 182,994 170,895
Average Daily Kilometers Travelled (In 000 km)
Class 1 3,492 3,201
Class 2 709 683
Class 3 463 442
Total 4,664 4,326
CAVITEX
Class 1 Tariff/entry: R1 - P21.4 / R1 extension - P57.1)
Average Daily Vehicle Entries
Class 1 124,107 114,144
Class 2 10,033 9,575
Class 3 5,068 4,418
Total 139,208 128,137
SCTEX (Class 1 Tariff: P2.7/km)
Average Daily Vehicle Entries
Class 1 44,665 36,566
Class 2 6,152 5,450
Class 3 3,749 3,009
Total 54,566 45,025
PROJECTS UNDER CONSTRUCTION / DEVELOPMENT
PROJECTS Length Project Cost Target
Completion
Status
Philippines (In Kms) (In Billions)
EXPANSIONS TO EXISTING ROADS
NLEX Harbour Link
(Segment 10)
5.8 10.5 2Q 2018 Ongoing construction
NLEX Widening
(Phase 2)
N/A 2.0 2019 Investment proposal for
submission in 1Q 2018
NLEX Harbour Link
(Radial Road 10)
2.6 6.0 2019 Awaiting approval of
investment proposal
CAVITEX Segment 4 1.3 1.3 2020 Ongoing pre-construction
activities
CAVITEX - C5 South
Link
7.7 12.6 2020 Seg. 3A Ph.1 - Ongoing
construction; Seg. 3A Ph.2
and 3B; Seg. 2 – Ongoing
review of detailed engineering
design
NLEX Citi Link 7.5 8.0 2021 Ongoing ROW acquisition
NEW ROAD PROJECTS AWARDED
NLEX-SLEX Connector
Road
8.0 23.3 2020 Ongoing ROW acquisition; to
begin construction by 2018
Cebu Cordova Link
Expressway
8.3 26.3 2021 EPC contract awarded in
November 2017
Cavite Laguna
Expressway
44.6 16.9 2020 Laguna segment - Ongoing
construction; Ongoing ROW
acquisition
TOTAL 85.8 106.9
WATER
22
MAYNILAD FY 2017 HIGHLIGHTS
AND KEY METRICS
MAYNILAD
Revenues increased by 3% due to:
3% growth in billed volume from 498.6 MCM to 511.7 MCM
• 4% increase in billed customers from 1,312,223 to 1,358,758
Decline in Core EBITDA due to higher personnel and utility costs
Growth in Core Income due to lower deferred tax expense from Optional
Standard Deduction regimeIn Millions of Pesos 2017 2016 %
Stand-alone Core Income 7,379 7,171 3%
Maynilad (52.8%) 3,896 3,786 3%
Fair Value Adjustments (187) (170) 10%
Metropac Water Investments 24 (52) -146%
MPIC Share 3,733 3,564 5%
In Millions of Pesos 2017 2016 %
Revenues 20,774 20,224 3%
Cost of services (6,324) (5,847) 8%
Gross profit 14,450 14,377 1%
Operating expenses (2,841) (2,438) 17%
Other income and expense - net (258) (159) 62%
Interest expense - net (1,659) (1,658) 0%
Provision for income tax (2,313) (2,951) -22%
Core income 7,379 7,171 3%
Non-core expenses (526) (423) 24%
Reported net income 6,853 6,748 2%
Core EBITDA Computation:
Core income 7,379 7,171 3%
Depreciation and amortization 2,785 2,623 6%
Interest expense - net 1,659 1,658 0%
Provision for income tax 2,313 2,951 -22%
Core EBITDA 14,136 14,403 -2%
KEY METRICS 2017 2016
NRW
Average 32.3% 29.9%
Period end 31.7% 30.6%
Coverage
Total population 10.06M 9.89M
Population coverage 9.40M 9.33M
24hr availability 98% 98%
Minimum 16 psi* 71% 76%
Customer Mix
Residential 81% 81%
Commercial 19% 19%
Capital Expenditure 12,006 9,664
HOSPITALS
23
MPHHI FY 2017 HIGHLIGHTS
AND KEY METRICS
In Millions of PesosStand-alone Core Income MPIC Share
2017 2016 % 2017 2016
Asian Hospital 461 379 22% 237 195
Cardinal Santos 251 210 20% 151 126
Riverside 192 185 4% 90 86
Makati Medical 409 326 25% 81 65
Davao Doctors 237 234 1% 50 49
Marikina Valley 104 44 136% 58 25
Manila Doctors 191 196 -3% 23 24
Others 201 182 10% 88 76
Total 2,046 1,756 17% 778 646
Hospital Admin/FV adjustments (93) (57)
MPIC Share 685 589
Core Income grew 17% due to increased number of patients served across all
hospitals and cost savings from synergy activities and lower financing costs. 13%
of Core Income growth came from existing hospitals while 4% came from the
newly-acquired hospitals (Marikina Valley Medical Center, Jesus Delgado Memorial
Hospital and St. Elizabeth Hospital)
Stand-alone Core Income and MPIC share breakdown as follows:
In Millions of Pesos 2017 2016 %
Stand-alone Core Income 2,046 1,756 17%
Metro Pacific Hospital Holdings (60.0%) 778 646 20%
Admin and fair value adjustments (93) (57) 63%
MPIC Share 685 589 16%
In Millions of Pesos 2017 2016 %
Gross revenues 22,464 19,641 14%
Discounts (2,090) (1,820) 15%
Net revenues 20,374 17,822 14%
Cost of supplies (8,752) (7,336) 19%
Gross profit 11,622 10,486 11%
Operating expenses (8,972) (8,170) 10%
Interest expense (201) (238) -16%
Noncontrolling interest (5) - N/A
Other income 492 425 16%
Provision for income tax (890) (747) 19%
Core income 2,046 1,756 17%
Non-core income 6 3 100%
Reported net income 2,052 1,759 17%
Core EBITDA Computation:
Core income 2,046 1,756 17%
Depreciation and amortization 1,787 1,574 14%
Interest expense 201 238 -16%
Provision for income tax 890 747 19%
Core EBITDA 4,924 4,315 14%
KEY METRICS 2017 2016
Total number of beds 3,211 2,839
Number of accredited doctors 8,057 7,420
Number of enrollees 6,640 5,836
Average standard occupancy rate 68.3% 69.2%
Number of patients
In-patient 173,939 160,581
Out-patient 3,085,638 2,702,996
RAIL
24
LRMC FY 2017 HIGHLIGHTS
AND KEY METRICS
Rail Revenues increased due to:
6% growth in average daily ridership from 409,595 to 435,199
9% increase in LRVs from 100 to 109 – number of LRVs started at
77 from handover in September 2015
Core EBITDA grew faster due to higher advertising income and lower
repairs and maintenance expense
Slower growth in Core Income due to higher effective tax rate in 2017
In Millions of Pesos 2017 2016 %
Stand-alone Core Income 514 505 2%
LRMC (55%) 283 278 2%
Holding company admin 0 (5) -106%
MPIC Share 283 273 4%
In Millions of Pesos 2017 2016 %
Rail revenue 3,155 3,016 5%
Cost of services (1,773) (1,850) -4%
Gross profit 1,382 1,166 19%
Operating expenses (582) (544) 7%
Other income and expense - net 97 75 29%
Interest income (expense) - net (6) 19 -132%
Provision for income tax (377) (211) 79%
Core income 514 505 2%
Non-core income (expenses) (7) 6 -217%
Reported net income 507 511 -1%
Core EBITDA Computation:
Core income 514 505 2%
Depreciation and amortization 64 37 73%
Interest expense (income) - net 6 (19) -132%
Provision for income tax 377 211 79%
Core EBITDA 961 734 31%
25
QUARTERLY HIGHLIGHTS
QUARTERLY HIGHLIGHTS
26
METRO PACIFIC TOLLWAYS 1Q 2017 2Q 2017 3Q 2017 4Q 2017
FINANCIAL HIGHLIGHTS (In Millions of Pesos)
Net Revenues 3,102 3,358 3,145 3,502
Core EBITDA 2,126 2,092 2,041 2,348
Core Income 958 1,100 966 911
Reported Income 940 2,691 876 916
KEY METRICS
NLEX
Average Daily Vehicle Entries (Open & Closed)
Class 1 176,848 184,553 179,202 193,569
Class 2 32,813 33,125 33,291 34,071
Class 3 19,973 19,948 20,210 20,426
Total 229,633 237,626 232,703 248,067
Average Daily Kilometers Travelled (In thousands of kms)
Class 1 3,338 3,734 3,222 3,675
Class 2 700 714 691 731
Class 3 465 469 462 456
Total 4,503 4,917 4,375 4,862
CAVITEX
Average Daily Vehicle Entries
Class 1 120,273 123,874 123,613 128,583
Class 2 10,025 9,973 9,962 10,171
Class 3 4,749 5,224 5,146 5,145
Total 135,047 139,071 138,721 143,899
SCTEX
Average Daily Vehicle Entries
Class 1 41,564 48,590 40,717 47,761
Class 2 5,846 6,215 5,978 6,564
Class 3 3,717 4,006 3,595 3,679
Total 51,128 58,811 50,290 58,004
MERALCO 1Q 2017 2Q 2017 3Q 2017 4Q 2017
FINANCIAL HIGHLIGHTS (In Millions of Pesos)
Total Revenues 66,576 74,456 73,357 68,167
Core EBITDA 7,922 9,293 9,053 8,370
Core Income 4,598 5,520 5,252 4,843
Reported Income 4,817 5,684 5,427 4,456
KEY METRICS
Number of customers 6.11M 6.17M 6.25M 6.33M
Energy Sales
Residential 2,746 3,587 3,482 3,245
Commercial 3,742 4,303 4,337 4,215
Industrial 2,795 3,097 3,210 3,207
Streetlights 34 34 34 34
Total (in gWh) 9,317 11,021 11,063 10,701
27
MAYNILAD 1Q 2017 2Q 2017 3Q 2017 4Q 2017
FINANCIAL HIGHLIGHTS (In Millions of Pesos)
Revenues 4,788 5,454 5,336 5,196
Core EBITDA 3,156 3,982 3,626 3,372
Core Income 1,477 2,199 1,899 1,804
Reported Income 1,208 1,989 1,908 1,748
KEY METRICS
Billed volume (In MCM) 120.7 131.8 131.0 128.2
Billed customers 1,323,063 1,336,566 1,347,747 1,358,758
Non-revenue water
Average 33.2% 31.2% 32.2% 32.4%
Period end 32.9% 31.2% 32.5% 31.7%
Service levels
24-hour coverage 98.2% 98.0% 98.2% 98.3%
Minimum 16 psi 70.1% 70.6% 70.1% 70.5%
HOSPITALS - AGGREGATE 1Q 2017 2Q 2017 3Q 2017 4Q 2017
Revenues 5,358 5,253 5,919 5,994
Core EBITDA 1,242 1,045 1,342 1,298
Core Income 544 383 583 533
Reported Income 547 386 585 532
Total number of beds 2,893 2,873 2,967 3,211
Number of accredited doctors 7,667 7,710 7,781 7,951
Number of enrollees 6,671 5,390 6,236 6,640
FINANCIAL HIGHLIGHTS (In Millions of Pesos)
KEY METRICS
LIGHT RAIL MANILA 1Q 2017 2Q 2017 3Q 2017 4Q 2017
FINANCIAL HIGHLIGHTS (In Millions of Pesos)
Net Revenues 799 729 799 828
Core EBITDA 192 154 244 371
Core Income 124 97 159 134
Reported Income 124 97 151 135
KEY METRIC
Average Daily Ridership 443,492 416,410 433,934 446,120
QUARTERLY HIGHLIGHTS
28
BALANCE SHEET AND CASH FLOW STATEMENTS(Tentative)
29
METRO PACIFIC INVESTMENTS
CORPORATION – PARENT
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
CURRENT ASSETS CURRENT LIABILITIES
Cash and short-term investments 14,545 4,162 Accounts payable and other current liabilities 1,147 877
Receivables - net 102 76 Due to related parties 4,165 2,004
Other current assets 378 401 Current portion of long-term debt 971 357
Total Current Assets 15,025 4,639 Total Current Liabilities 6,283 3,238
NONCURRENT ASSETS NONCURRENT LIABILITIES
Investments and advances to subs., associates & JVs 173,582 165,311 Noncurrent portion of long-term debt 45,850 36,382
Other noncurrent assets 715 523 Due to related parties 11,767 6,726
Total Noncurrent Assets 174,297 165,834 Other noncurrent liabilities 1,287 862
Total Noncurrent Liabilities 58,904 43,970
TOTAL ASSETS 189,322 170,473
Total Liabilities 65,187 47,208
EQUITY
Capital stock 31,626 31,619
Additional paid-in capital 68,465 68,438
Treasury shares (167) (167)
Other reserves 249 152
Retained earnings 23,962 23,223
Total Equity 124,135 123,265
TOTAL LIABILITIES AND EQUITY 189,322 170,473
As of As of
30
METRO PACIFIC INVESTMENTS
CORPORATION – CONSOLIDATED
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS NONCURRENT LIABILITIES
CURRENT ASSETS Noncurrent portion of concession fees payable
Cash and short-term investments 53,364 21,901 long-term debt and others 204,489 121,458
Receivables 10,899 5,171 Due to related parties 11,767 6,726
Other current assets 10,682 4,728 Deferred tax liabilities 6,836 3,925
Total Current Assets 74,945 31,800 Other noncurrent liabilities 10,103 4,368
Total Noncurrent Liabilities 233,195 136,477
NONCURRENT ASSETS
Investments and advances 150,971 126,556 Total Liabilities 288,072 163,521
Goodwill 25,384 21,004
Service concession assets 168,783 152,693 EQUITY
Property, plant and equipment 67,606 10,480 Capital stock 31,626 31,619
Other noncurrent assets 16,062 9,069 Additional paid-in capital 68,465 68,438
Total Noncurrent Assets 428,806 319,802 Treasury shares (167) (167)
Other equity adjustments and reserves 7,426 8,253
TOTAL ASSETS 503,751 351,602 Retained earnings 53,894 43,889
Total equity attributable to owners of Parent 161,244 152,032
LIABILITIES AND EQUITY Non-controlling interest 54,435 36,049
CURRENT LIABILITIES Total Equity 215,679 188,081
Accounts payable and other current liabilities 28,557 15,431
Due to related parties 3,879 1,713 TOTAL LIABILITIES AND EQUITY 503,751 351,602
Current portion of concession fees payable
long-term debt and others 22,441 9,900
Total Current Liabilities 54,877 27,044
As of As of
TOLL ROADS
31
METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and short-term investments 6,070 2,733 Accounts payable and accrued liabilities 4,520 3,801
Receivables 679 689 Current portion of long-term debt 5,318 1,047
Other current assets 1,354 1,301 Other current liabilities 2,058 882
Total Current Assets 8,103 4,723 Total Current Liabilities 11,896 5,730
Noncurrent Assets Noncurrent Liabilities
Service concession assets 66,122 61,828 Long-term debt - net of current portion 37,224 31,309
Goodwill 8,477 4,979 Service concession obligation 19,645 18,551
Investment in associates 17,921 11,318 Deferred tax liabilities 1,102 1,072
Other noncurrent assets 4,221 3,268 Other noncurrent liabilities 1,063 739
Total Noncurrent Assets 96,741 81,393 Total Noncurrent Liabilities 59,034 51,671
TOTAL ASSETS 104,844 86,116 Total Liabilities 70,930 57,401
Equity
Capital stock 12,786 12,718
Additional paid-in capital 18,945 17,583
Other equity adjustments and reserves (10,186) (9,822)
Retained earnings 9,685 5,859
Total Equity Attributable to Equity Holders
of Parent 31,230 26,338
Non-controlling interest 2,684 2,377
Total Equity 33,914 28,715
TOTAL LIABILITIES AND EQUITY 104,844 86,116
As of As of
WATER
32
MAYNILAD WATER SERVICES INC. AND SUBSIDIARIES
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and short-term investments 5,019 8,066 Accounts payable and other current liabilities 13,050 10,893
Receivables 2,602 2,493 Current portion of interest-bearing loans 1,217 1,808
Other current assets 4,074 3,470 Current portion of service concession obligation 1,816 1,329
Total Current Assets 11,695 14,029 Total Current Liabilities 16,083 14,030
Non-current Assets Non-current Liabilities
Service concession assets 78,392 69,297 Interest-bearing loans - net of current portion 25,281 24,880
Deferred tax assets 428 1,032 Service concession obligation - net of current portion 6,243 6,500
Property and equipment 1,409 1,254 Other noncurrent liabilities 1,278 1,507
Other noncurrent assets 781 1,567 Total Noncurrent Liabilities 32,802 32,887
Total Noncurrent Assets 81,010 73,150
Total Liabilities 48,885 46,917
TOTAL ASSETS 92,705 87,179
Equity
Capital stock 4,547 4,547
Additional paid-in capital 10,021 10,021
Other equity adjustments and reserves (602) (307)
Retained earnings 29,854 26,001
Total Equity 43,820 40,262
TOTAL LIABILITIES AND EQUITY 92,705 87,179
As of As of
HOSPITALS MEDICAL DOCTORS INC. AND SUBSIDIARIES
33
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS Noncurrent Liabilities
Current Assets Deferred income tax liabilities 891 919
Cash and cash equivalents 573 729 Retirement benefit obligation 147 106
Receivables - net 690 573 Loans payable 789 1,018
Inventories - net 260 251 Provisions 117 103
Other current assets 72 57 Total Noncurrent Liabilities 1,944 2,146
Total Current Assets 1,595 1,610
Total Liabilities 3,284 3,393
Noncurrent Assets
Property and Equipment - net 8,094 7,915 Equity
Other noncurrent assets 133 133 Capital stock 338 336
Total Noncurrent Assets 8,227 8,048 Capital in excess of par value 1,617 1,572
Other equity adjustments 2,412 2,444
TOTAL ASSETS 9,822 9,658 Retained earnings 2,167 1,905
Treasury Stock (15) (15)
LIABILITIES AND EQUITY Total Equity Attributable to Equity Holders of Parent 6,519 6,242
Current Liabilities Non-controlling interest 19 23
Accounts payable and accrued expenses 1,099 1,021 Total Equity 6,538 6,265
Current portion of long-term liabilities 229 214
Other current liabilities 12 12 TOTAL LIABILITIES AND EQUITY 9,822 9,658
Total Current Liabilities 1,340 1,247
As of As of
HOSPITALS MEDICAL DOCTORS INC. AND SUBSIDIARIES
34
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 589 484 Acquisitions of property and equipment (658) (683)
Adjustments for: Increase in other noncurrent assets 9 (88)
Provisions 92 93 Net cash used in investing activities (649) (771)
Depreciation and amortization 496 478
Retirement benefit expense 35 47 Cash Flows from Financing Activities
Interest expense 61 64 Proceeds from:
Interest income (2) (4) Loans - 300
Others 1 0 Issuance of capital stock 48 31
Operating income before working capital changes 1,272 1,162 Payment of loan (214) (149)
Increase in: Interest paid (60) (62)
Receivables (211) (46) Dividends paid (149) (125)
Inventories (8) (30) Net cash used in financing activities (376) (5)
Prepayments (15) (43)
Increase in: Net increase (decrease) in cash and cash equivalents (156) 198
Accounts payable and accrued expenses 25 56
Refundable deposits and other liabilities 12 - Cash and cash equivalents at beginning of period 729 531
Cash generated from operations 1,075 1,099
Contributions to the retirement fund (27) (20) Cash and cash equivalents at end of period 573 729
Income taxes paid (181) (109)
Interest received 3 4
Net cash provided by operating activities 869 974
HOSPITALS COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)
35
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 212 212 Accounts payable and accrued expenses 809 662
Receivables - net 261 193 Due to related parties 7 25
Inventories - net 97 99 Loans payable, current - -
Other current assets 35 28 Other current liabilities 20 19
Total Current Assets 605 532 Total Current Liabilities 836 706
Noncurrent Assets Noncurrent Liabilities
Property and Equipment - net 1,314 1,242 Retirement plan 30 21
Deferred income tax assets 149 133 Lease payable - 658
Other noncurrent assets 20 7 Other noncurrent liabilities 650 -
Total Noncurrent Assets 1,483 1,382 Total Current Liabilities 680 679
TOTAL ASSETS 2,088 1,914 Total Liabilities 1,516 1,385
Equity
Capital stock 50 50
Other comprehensive income 4 3
Retained earnings 518 476
Total Equity 572 529
TOTAL LIABILITIES AND EQUITY 2,088 1,914
As of As of
HOSPITALS COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)
36
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 356 298 Acquisitions of property and equipment (309) (390)
Adjustments for: Increase in other noncurrent assets 11 -
Provisions 4 6 Net cash used in investing activities (298) (390)
Depreciation and amortization 237 199
Interest expense 102 102 Cash Flows from Financing Activities
Interest income (1) (2) Payment of loans payable (73) (92)
Operating income before working capital changes 698 603 Dividend payments (200) (120)
Decrease (increase): Net cash used in financing activities (273) (212)
Receivables (132) (27)
Inventories 2 (21) Net increase (decrease) in cash and cash equivalents - (10)
Prepayments 41 7
Increase (decrease) in: Cash and cash equivalents at beginning of period 212 222
Accounts payable and accrued expenses 36 27
Refundable deposits and other liabilities (64) 1 Cash and cash equivalents at end of period 212 212
Cash generated from operations 581 590
Interest received 1 2
Net cash provided by operating activities 582 592
HOSPITALS DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES
37
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS Noncurrent Liabilities
Current Assets Retirement benefit obligations 41 47
Cash and cash equivalents 154 228 Other noncurrent liabilities 12 11
Receivables, net 315 274 Total Noncurrent Liabilities 53 58
Inventory, net 146 114
Prepaid expenses 16 25 Total Liabilities 576 410
Total Current Assets 631 641
Equity
Noncurrent Assets Capital stock 91 91
Property and Equipment - net 1,509 1,172 Capital in excess of par value 49 49
Deferred income tax assets 18 19 Treasury shares (7) (7)
Other noncurrent assets 66 68 Other equity adjustments 34 32
Total Noncurrent Assets 1,593 1,259 Retained earnings 1,481 1,325
Total Equity 1,648 1,490
TOTAL ASSETS 2,224 1,900 Non-controlling interest 0 0
Total Equity 1,648 1,490
LIABILITIES AND EQUITY
Current Liabilities TOTAL LIABILITIES AND EQUITY 2,224 1,900
Accounts payable and accrued expenses 523 352
Total Current Liabilities 523 352
As of As of
HOSPITALS DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES
38
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 331 329 Acquisitions of property and equipment (525) (319)
Adjustments for: Increase in noncurrent assets 49 2
Depreciation 189 120 Net cash used in investing activities (476) (317)
Provision for bad debts - 1
Operating income before working capital changes 520 450 Cash Flows from Financing Activities
Decrease (increase): Dividends paid (81) (90)
Receivables (87) (137) Decrease in other noncurrent liabilities - -
Inventories (32) (5) Net cash used in financing activities (81) (90)
Prepayments and others 9 (9)
Increase in: Net increase in cash and cash equivalents (74) (44)
Accounts payable and accrued expenses 73 64
Net cash provided by operating activities 483 363 Cash and cash equivalents at beginning of period 228 272
Cash and cash equivalents at end of period 154 228
HOSPITALS RIVERSIDE MEDICAL CENTER GROUP
39
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS Noncurrent Liabilities
Current Assets Long-term debt - net of current 33 4
Cash and cash equivalents 352 355 Deferred income tax liabilities 83 76
Receivables - net 297 270 Accrued retirement costs - 7
Inventories - net 129 106 Other noncurrent liabilities 17 15
Other current assets 14 7 Total Noncurrent Liabilities 133 102
Total Current Assets 792 738
Total Liabilities 679 572
Noncurrent Assets
Property and Equipment - net 1,253 1,093 Equity
Investment in associate 43 Capital stock 62 62
Pension Asset 35 23 Additional paid-in capital stock 377 377
Other noncurrent assets 27 28 Deposit for future stock subscription - -
Total Noncurrent Assets 1,358 1,144 Other equity adjustments 171 167
Retained earnings 865 708
TOTAL ASSETS 2,150 1,882 Treasury Stock (4) (4)
Total Equity 1,471 1,310
LIABILITIES AND EQUITY
Current Liabilities TOTAL LIABILITIES AND EQUITY 2,150 1,882
Accounts payable and accrued expenses 437 362
Current portion of long-term debt 2 2
Unearned tuition and other school fees 57 64
Income tax payable 11 9
Other current liabilities 39 33
Total Current Liabilities 546 470
As of As of
HOSPITALS RIVERSIDE MEDICAL CENTER GROUP
40
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 262 249 Acquisitions of property and equipment (254) (285)
Adjustments for: Investments in associates (43) -
Depreciation 93 56 Proceed from sale of property and equipment (3) -
Interest expense 1 3 Increase in investments/other noncurrent assets (3) -
Interest income (4) (5) Net cash used in investing activities (303) (285)
Others 15 9
Operating income before working capital changes 367 312 Cash Flows from Financing Activities
Decrease (increase) : Availment of loans 31
Receivables 9 (4) Payment of long-term debt (2) (116)
Inventories (23) 43 Dividend payments (36) (34)
Other assets (7) 4 Net cash used in financing activities (7) (150)
Increase (decrease) in:
Accounts payable and accrued expenses 31 (82) Net decrease in cash and cash equivalents (3) (211)
Other current liabilities 7 2
Cash generated from operations 384 275 Cash and cash equivalents as of beginning of period 355 566
Interest received 4 5
Income taxes paid (64) (45) Cash and cash equivalents at end of the period 352 355
Interest paid (1) (3)
Retirement payment (16) (8)
Net cash provided by operating activities 307 224
HOSPITALS EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)
41
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS Noncurrent Liabilities
Current Assets Accrued retirement 33 27
Cash and cash equivalents 37 65 Other noncurrent liabilities 313 316
Receivables - net 85 70 Total Noncurrent Liabilities 346 343
Inventories - net 40 43
Prepaid expenses 2 4 Total Liabilities 548 570
Total Current Assets 164 182
Equity
Noncurrent Assets Capital stock 50 50
Property and Equipment - net 320 295 Reserves 8 5
Deferred income tax 116 111 Retained earnings 138 118
Other noncurrent assets 144 155 Total Equity 196 173
Total NonCurrent Assets 580 561
TOTAL LIABILITIES AND EQUITY 744 743
TOTAL ASSETS 744 743
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses 182 144
Current portion of long-term debt - 70
Due to related parties 19 12
Other current liabilities 1 1
Total Current Liabilities 202 227
As of As of
HOSPITALS EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)
42
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 93 80 Acquisitions of property and equipment (77) (38)
Adjustments for: Increase in other noncurrent assets (7) -
Depreciation 63 68 Net cash used in investing activities (84) (38)
Provision for doubtful accounts 8 7
Interest expense 31 32 Cash Flows from Financing Activity
Operating income before working capital changes 195 187 Loan payment (70) (20)
Decrease (increase) in: Dividend payment (40) (20)
Receivables (22) (7) Increase (decrease) in:
Inventories 3 (7) Due to related parties 7 -
Other current assets 2 (2) Other noncurrent liabilities (1) -
Increase (decrease) in: Net cash used in financing activities (104) (40)
Accounts payable and accrued expenses 9 (48)
Retirement fund obligation 6 6 Net increase in cash and cash equivalents (28) 19
Other current liabilities - 2
Net cash provided by operating activities 193 131 Cash and cash equivalents as of beginning of period 65 46
Income taxes paid (33) (34)
Net cash provided by operating activities 160 97 Cash and cash equivalents at end of the period 37 65
HOSPITALS ASIAN HOSPITAL INC.
43
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 232 347 Accounts payable and accrued expenses 708 638
Receivables - net 370 291 Accrued interest - 22
Inventories - net 153 127 Long-term debts, currently due - 309
Other current assets 15 18
Refundable deposits and other current
liabilities 48 47
Prepaid expenses 16 18 Total Current Liabilities 756 1,016
Total Current Assets 786 801
Noncurrent Liabilities
Noncurrent Assets Long-term debt - net of current - -
Property and equipment, net 3,741 3,655 Other non-current liabilities 62 58
Deferred income tax 109 122
Computer software - net 5 3 Total Liabilities 818 1,074
Other non-current assets 17 15
Total Noncurrent Assets 3,872 3,795 Equity
Capital stock 1,937 1,937
TOTAL ASSETS 4,658 4,596 Capital stock in excess of par value 185 185
Subscription receivable (4) (4)
Other equity adjustments (5) (3)
Retained earnings 1,727 1,407
Total Equity 3,840 3,522
TOTAL LIABILITIES AND EQUITY 4,658 4,596
As of As of
HOSPITALS
44
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 665 541 Acquisitions of property and equipment (365) (360)
Adjustments for: Increase in noncurrent assets - -
Provisions 16 23 Net cash used in investing activities (365) (360)
Depreciation 291 290
Amortization of capitalized borrowing cost 1 2 Cash Flows from Financing Activities
Interest expense 13 55 Payment of long-term debt (309) (260)
Loss on disposal of property and equipment (1) - Dividends paid (145) (77)
Others (9) (2) Interest paid (35) (58)
Operating income before working capital changes 976 909 Net cash used in financing activities (489) (395)
Decrease (increase) :
Receivables (88) (42) Net decrease in cash and cash equivalents (115) (63)
Inventories (27) (21)
Other current assets 6 (17) Cash and cash equivalents as of beginning of period 347 410
Increase (decrease) in:
Accounts payable and accrued expenses (134) (115) Cash and cash equivalents at end of the period 232 347
Other current liabilities 6 (22)
Net cash provided by operating activities 739 692
ASIAN HOSPITAL INC.
HOSPITALS
45
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 56 54 Accounts payable and accrued expenses 89 74
Receivables - net 97 69 Due to related parties 4 4
Inventories - net 47 42 Long-term debts, currently due 200 200
Prepaid expenses 25 17 Refundable deposits and other current 83 51
Total Current Assets 225 182 Total Current Liabilities 376 329
Noncurrent Assets Noncurrent Liabilities
Property and equipment, net 636 596 Retirement Liability 31 29
Deferred income tax 25 24
Other non-current assets 14 14 Total Liabilities 407 358
Total Noncurrent Assets 675 634
Equity
TOTAL ASSETS 900 816 Capital stock 114 114
Capital stock in excess of par value 241 241
Other equity adjustments 2 2
Retained earnings 136 101
Total Equity 493 458
TOTAL LIABILITIES AND EQUITY 900 816
As of As of
DELOS SANTOS MEDICAL CENTER
HOSPITALS DELOS SANTOS MEDICAL CENTER
46
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 88 72 Acquisitions of property and equipment (170) (109)
Adjustments for: Proceeds from disposal of assets - -
Provisions 10 13 Net cash used in investing activities (170) (109)
Depreciation 85 76
Interest expense-net 7 5 Cash Flows from Financing Activities
Operating income before working capital changes 190 166 Proceeds from long term debt 100 85
Decrease (increase) : Payment of long term debt
Receivables (48) 3 Interest paid (7) (5)
Inventories (16) - Dividends (29) (27)
Other current assets (19) (6) Net cash provided by financing activities 64 53
Increase (decrease) in:
Accounts payable and accrued expenses 23 (62) Net increase in cash and cash equivalents 32 33
Other liabilities 38 14
Cash generated from operations 168 115 Cash and cash equivalents as of beginning of period 54 21
Income tax paid (30) (26)
Net cash provided by operating activities 138 89 Cash and cash equivalents at end of the period 86 54
HOSPITALS CENTRAL LUZON DOCTORS’ HOSPITAL
47
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 33 49 Accounts payable and accrued expenses 137 107
Receivables - net 84 74 Loans payable 100
Inventories - net 43 31 Dividends payable 11 11
Prepaid expenses 45 - Total Noncurrent Liabilities 248 118
Total Current Assets 205 154
Noncurrent Liabilities
Noncurrent Assets Retirement Liability 9 7
Property and equipment, net 485 328 Deferred Income Tax 41 27
Other non-current assets 35 23 Total Noncurrent Liabilities 50 34
Total Noncurrent Assets 520 351
Total Liabilities 298 152
TOTAL ASSETS 725 505
Equity
Capital stock 109 106
Additional Paid-in Capital 88 82
Treasury stock (3) (3)
Other equity adjustments 119 81
Retained earnings 114 87
Total Equity 427 353
TOTAL LIABILITIES AND EQUITY 725 505
As of As of
HOSPITALS CENTRAL LUZON DOCTORS’ HOSPITAL
48
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 56 49 Acquisitions of property and equipment (145) (88)
Adjustments for: Investment in joint venture (13) (21)
Provisions Net cash used in investing activities (158) (109)
Depreciation 43 34
Interest expense Cash Flows from Financing Activities
Operating income before working capital changes 99 83 Proceeds from loans 100 -
Decrease (increase) : Dividends payment (13) (12)
Receivables (10) (15) Subscription receivable 9 9
Inventories (12) (2) Net cash provided by (used in) financing activities 96 (3)
Other current assets (45) 1
Increase in: Net decrease in cash and cash equivalents (16) (38)
Accounts payable and accrued expenses 7 15
Other current liabilities 7 1 Cash and cash equivalents as of beginning of period 49 87
Net cash provided by operating activities 46 83
Cash and cash equivalents at end of the period 33 49
HOSPITALS WEST METRO MEDICAL CENTER
49
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 24 35 Accounts payable and accrued expenses 39 57
Receivables - net 30 14 Loans payable 40
Inventories - net 39 54 Other non-current assets - 1
Prepaid expenses - 2 Total Current Liabilities 79 58
Total Current Assets 93 105
Noncurrent Liabilities
Noncurrent Assets Retirement Liability 1 1
Property and equipment, net 115 87 Deferred Income Tax - -
Other non-current assets 182 112 Total Noncurrent Liabilities 1 1
Total Noncurrent Assets 297 199 Total Liabilities 80 59
TOTAL ASSETS 390 304 Equity
Capital stock 75 75
Deposit for future stock subscriptions 207 166
Other equity 2 3
Retained earnings 26 1
Total Equity 310 245
TOTAL LIABILITIES AND EQUITY 390 304
As of As of
HOSPITALS WEST METRO MEDICAL CENTER
50
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 36 16 Acquisitions of property and equipment (45) (87)
Adjustments for: Increase in noncurrent assets (68) (28)
Provisions 2 1 Net cash used in investing activities (113) (115)
Depreciation 17 5
Interest expense - Cash Flows from Financing Activities
Operating income before working capital changes 55 22 Proceeds rom Loans 40 -
Decrease (increase) : Advances from Shareholders 41 -
Receivables (18) (9) Equity Infusion - 141
Inventories 15 (45) Net cash provided by financing activities 81 141
Other current assets 1 (1)
Increase (decrease) in: Net increase (decrease) in cash and cash equivalents (11) 31
Accounts payable and accrued expenses (13) 38
Other current liabilities (19) - Cash and cash equivalents as of beginning of period 35 4
Net cash provided by operating activities 21 5
Cash and cash equivalents at end of the period 24 35
HOSPITALS MANILA DOCTORS, INC.
51
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 119 136 Accounts payable and accrued expenses 560 431
Receivables - net 5 236 Long-term debts, currently due 222 150
Inventories - net 253 112 Other current liabilities - 13
Other current assets 159 1 Total Current Liabilities 782 594
Prepaid expenses 133 13
Total Current Assets 669 498 Noncurrent Liabilities
Long-term debt - net of current 350 250
Noncurrent Assets Other non-current liabilities 98 75
Property and equipment, net 1,900 1,530 Total Noncurrent Liabilities 448 325
Deferred income tax 28 28
Other non-current assets 28 67 Total Liabilities 1,230 919
Total Noncurrent Assets 1,956 1,625
Equity
TOTAL ASSETS 2,625 2,123 Capital stock 206 198
Capital stock in excess of par value 48 56
Subscription receivable -
Other equity adjustments (7) (7)
Retained earnings 1,148 957
Total Equity 1,395 1,204
TOTAL LIABILITIES AND EQUITY 2,625 2,123
As of As of
HOSPITALS MANILA DOCTORS, INC.
52
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 272 280 Acquisitions of property and equipment (535) (634)
Adjustments for:
Provisions 15 12 Cash Flows from Financing Activities
Depreciation 164 142 Availment of loan 172 388
Operating income before working capital changes 451 434
Decrease (increase) in: Net increase (decrease) in cash and cash equivalents (17) 79
Receivables (19) (61)
Inventories (20) 17 Cash and cash equivalents as of beginning of period 136 57
Other current assets (107) (6)
Increase (decrease) in: Cash and cash equivalents at end of the period 119 136
Accounts payable and accrued expenses 40 (28)
Other current liabilities 1 (31)
Net cash provided by operating activities 346 325
HOSPITALS
53
BALANCE SHEET BALANCE SHEET (continued)
In PhP Mill ions Dec 2017 Dec 2016 In PhP Mill ions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 130 142 Accounts payable and accrued expenses 34 43
Receivables - net 31 26 Other current liabilities 21 22
Inventories - net 15 13 Total Noncurrent Liabilities 55 65
Prepaid expenses 1 1
Total Current Assets 177 182 Noncurrent Liabilities
Retirement Liability 4 3
Noncurrent Assets Total Noncurrent Liabilities 4 3
Property and equipment, net 182 166
Other non-current assets 5 4 Total Liabilities 59 68
Total Noncurrent Assets 187 170
Equity
TOTAL ASSETS 364 352 Capital stock 225 225
Retained earnings 80 59
Total Equity 305 284
TOTAL LIABILITIES AND EQUITY 364 352
As of As of
SACRED HEART HOSPITAL
HOSPITALS SACRED HEART HOSPITAL
54
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 36 17 Acquisitions of property and equipment (43) (59)
Adjustments for: Net cash used in investing activities (43) (59)
Provisions
Depreciation 26 23 Cash Flows from Financing Activities
Interest expense Equity Infusion - 200
Operating income before working capital changes 62 40 Dividend payments (5) -
Increase in: Net cash provided by (used in) financing activities (5) 200
Receivables (6) (2)
Inventories (2) - Net increase (decrease) in cash and cash equivalents (12) 112
Other current assets - -
Decrease in: Cash and cash equivalents as of beginning of period 142 30
Accounts payable and accrued expenses (18) (67)
Other current liabilities - - Cash and cash equivalents at end of the period 130 142
Net cash provided by (used in) operating activities 36 (29)
HOSPITALS
55
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 285 218 Accounts payable and accrued expenses 323 266
Receivables - net 84 38 Other current liabilities 23 29
Inventories - net 37 16 Total Noncurrent Liabilities 346 295
Prepaid expenses 11 16
Total Current Assets 417 288 Noncurrent Liabilities
Retirement Liability 7 8
Noncurrent Assets Total Noncurrent Liabilities 7 8
Property and equipment, net 303 279
Deferred income tax 11 6 Total Liabilities 353 303
Other non-current assets 1 2
Total Noncurrent Assets 315 287 Equity
Capital stock 126 126
TOTAL ASSETS 732 575 Additional paid in capital 96 96
Other equity adjustments 1 (2)
Retained earnings 156 52
Total Equity 379 272
TOTAL LIABILITIES AND EQUITY 732 575
As of As of
MARIKINA VALLEY MEDICAL CENTER
HOSPITALS MARIKINA VALLEY MEDICAL CENTER
56
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 152 63 Acquisitions of property and equipment (59) 35
Adjustments for: Increase in noncurrent assets (4)
Provisions 12 4 Net cash provided by (used in) investing activities (63) 35
Depreciation 34 10
Interest expense Net increase in cash and cash equivalents 67 183
Operating income before working capital changes 198 77
Decrease (increase) in: Cash and cash equivalents as of beginning of period 218 35
Receivables (57) 74
Inventories (21) - Cash and cash equivalents at end of the period 285 218
Other current assets 4 32
Increase (decrease) in:
Accounts payable and accrued expenses 12 (35)
Other current liabilities (6) -
Net cash provided by operating activities 130 148
HOSPITALS JESUS DELGADO MEMORIAL HOSPITAL
57
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 In PhP Millions Dec 2017
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 108 Accounts payable and accrued expenses 56
Receivables - net 20 Other current liabilities 8
Inventories - net 11 Total Noncurrent Liabilities 64
Prepaid expenses 10
Total Current Assets 148 Noncurrent Liabilities
Retirement Liability 8
Noncurrent Assets Other noncurrent liabilities 10
Property and equipment, net 94 Total Noncurrent Liabilities 18
Other non-current assets 1
Total Noncurrent Assets 95 Total Liabilities 82
TOTAL ASSETS 243 Equity
Capital stock 149
Retained earnings 12
Total Equity 161
TOTAL LIABILITIES AND EQUITY 243
As of As of
HOSPITALS JESUS DELGADO MEMORIAL HOSPITAL
58
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 In PhP Millions Dec 2017
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 5 Acquisitions of property and equipment (30)
Adjustments for: Increase in noncurrent assets (3)
Provisions 2 Net cash used in investing activities (33)
Depreciation 4
Interest expense - Cash Flows from Financing Activities
Operating income before working capital changes 11 Loan payments (10)
Decrease (increase) : Equity infusion 133
Receivables (19) Interest paid -
Inventories (7) Net cash provided by financing activities 123
Other current assets (11)
Increase (decrease) in: Net increase in cash and cash equivalents 92
Accounts payable and accrued expenses 27
Other current liabilities 1 Cash and cash equivalents as of beginning of period 16
Net cash provided by operating activities 2
Cash and cash equivalents at end of the period 108
HOSPITALS ST. ELIZABETH HOSPITAL
59
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 In PhP Millions Dec 2017
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 480 Accounts payable and accrued expenses 217
Receivables - net 103 Loans payable 31
Inventories - net 27 Other current liabilities 1
Prepaid expenses 1 Total Noncurrent Liabilities 249
Total Current Assets 611
Noncurrent Liabilities
Noncurrent Assets Retirement Liability 39
Property and equipment, net 220 Other noncurrent liabilities 21
Other non-current assets 26 Total Noncurrent Liabilities 60
Total Noncurrent Assets 246
Total Liabilities 309
TOTAL ASSETS 857
Equity
Capital stock 442
Retained earnings 106
Total Equity 548
TOTAL LIABILITIES AND EQUITY 857
As of As of
HOSPITALS
60
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2017 In PhP Millions Dec 2017
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax 10 Acquisitions of property and equipment (2)
Adjustments for: Increase in noncurrent assets -
Provisions 1 Net cash used in financing activities (2)
Depreciation 6
Interest expense - Cash Flows from Financing Activities
Operating income before working capital changes 17 Equity infusion 422
Increase in : Interest paid -
Receivables (20) Net cash provided by financing activities 422
Inventories (5)
Other current assets (10) Net increase in cash and cash equivalents 422
Increase in:
Accounts payable and accrued expenses 19 Cash and cash equivalents as of beginning of period 58
Other current liabilities 1
Net cash provided by operating activities 2 Cash and cash equivalents at end of the period 480
ST. ELIZABETH HOSPITAL
HOSPITALS MEGA CLINIC
61
BALANCE SHEET BALANCE SHEET (continued)
In PhP Mill ions Dec 2017 In PhP Mill ions Dec 2017
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 56 Accounts payable and accrued expenses 83
Receivables - net 65 Other current liabilities 1
Inventories - net 7 Total Noncurrent Liabilities 84
Prepaid expenses 22
Total Current Assets 150 Noncurrent Liabilities
Retirement Liability 2
Noncurrent Assets Other noncurrent liabilities 2
Property and equipment, net 34 Total Noncurrent Liabilities 4
Other non-current assets 108
Total Noncurrent Assets 142 Total Liabilities 88
TOTAL ASSETS 292 Equity
Capital stock 249
Retained earnings (45)
Total Equity 204
TOTAL LIABILITIES AND EQUITY 292
As of As of
HOSPITALS MEGA CLINIC
62
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Mill ions Dec 2017 In PhP Mill ions Dec 2017
Cash F lows from Operating Activities Cash F lows from Investing Activities
Income before income tax 21 Acquisitions of property and equipment (9)
Adjustments for: Increase in noncurrent assets (73)
Provisions 3 Net cash used in investing activities (82)
Depreciation 12
Interest expense - Cash F lows from Financing Activities
Operating income before working capital changes 36 Equity infusion 95
Increase in: Interest paid -
Receivables (13) Net cash provided by financing activities 95
Inventories (3)
Other current assets (3) Net increase in cash and cash equivalents 14
Decrease in:
Accounts payable and accrued expenses (6) Cash and cash equivalents as of beginning of period 42
Other current liabilities (10)
Net cash provided by operating activities 1 Cash and cash equivalents at end of the period 56
RAIL
63
LIGHT RAIL MANILA CORPORATION
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2017 Dec 2016 In PhP Millions Dec 2017 Dec 2016
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilities
Cash and cash equivalents 1,174 1,143 Accounts payable and other current liabilities 649 509
Receivables 104 88 Income tax payable 94 25
Other current assets 490 239 Total Current Liabilities 743 534
Total Current Assets 1,768 1,470
Non-current Liabilities
Non-current Assets Service concession obligation 3,194 3,005
Service concession assets 9,142 6,362 Loans payable 4,566 645
Property and equipment 258 179 Other noncurrent liabilities 188 33
Other noncurrent assets 2,650 825 Total Noncurrent Liabilities 7,948 3,683
Total Noncurrent Assets 12,050 7,366
Total Liabilities 8,691 4,217
TOTAL ASSETS 13,818 8,836
Equity
Capital stock 4,050 4,050
Other equity adjustments and reserves (20) (21)
Retained earnings 1,097 590
Total Equity 5,127 4,619
TOTAL LIABILITIES AND EQUITY 13,818 8,836
As of As of
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, Head, Investor Relations – Maricris C. Aldover - Ysmael ([email protected])
Legazpi Village, Makati 0721 Philippines IR Manager – Owen Kieffer D. Ocampo ([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
64