FULL YEAR FULL YEAR 20 2017 17 FIN FINANCIA ANCIAL L RESUL RESULTS TS ANALYSTS’ BRIEFING 01 01 MARCH H 20 2018 18 1
TABLE OF CONTENTS Consolidated Financial Highlights Page 3 Stand-alone Portfolio Company Results and Key Page 17 Metrics POWER POWER Financial Highlights 4 MERALCO FY 2017 Highlights and Key Metrics 18 Expansion Updates 5 GBPC FY 2017 Highlights 19 TOLLROADS TOLLROADS 6 Financial Highlights MPTC FY 2017 Highlights 20 Expansion Updates 7 Key Metrics and Priorities 21 WATER WATER Financial Highlights 8 Maynilad FY 2017 Highlights and Key Metrics 22 Expansion Updates 9 HOSPITALS HOSPITALS 23 MPHHI FY 2017 Highlights and Key Metrics Financial Highlights 10 RAIL Expansion Updates 11 LRMC FY 2017 Highlights and Key Metrics 24 RAIL, LOGISTICS AND OTHERS Quarterly Highlights 25-26 Financial Highlights 12 Balance Sheet and Cash Flow Statements 28-63 RAIL - Expansion Updates 13 Ninoy Aquino Int’l Airport Consortium 14 Regulatory Matters 15-16 2
FY 2017 CORE INCOME UP 17% TO P14.1 BILLION Earnings fueled by increased investment growth CONSOLIDATED FINANCIAL HIGHLIGHTS In Millions of Pesos 2017 2016 % Change MPIC Group Aggregated Revenues grew by 11% from MPIC share P335.0 billion to P373.0 billion Power 9,378 7,229 30% 17% increase in Core Income was driven by: Toll Roads 3,901 3,517 11% Expanded Power portfolio through increased Water 3,733 3,564 5% investments in MERALCO and Global Business Power Hospitals 685 589 16% Corporation Rail 283 273 4% Others (133) (39) 241% Robust traffic growth on all toll roads Share of operating income 17,847 15,133 18% Continuing growth in the Hospitals business Head office expenses (1,074) (915) 17% Interest expense (2,669) (2,112) 26% Increase in interest expense is due to a) new debt drawdowns amounting to P10.5 billion in 2017 (proceeds were primarily Core income 14,104 12,106 17% used to fund additional investments in Power and Toll Roads); Non-core expenses (953) (650) 47% and b) interest accretion on payable to PCEV for the additional Reported income 13,151 11,456 15% stake in Beacon In Centavos Non-core expenses in 2017 are primarily made up of Diluted EPS on core income 44.69 40.22 11% refinancing expenses, project expenses and separation costs 12% Final dividend per share 7.60 6.80 resulting from Maynilad’s redundancy program, largely offset by a gain on sale of shares in MERALCO EARNINGS CONTRIBUTION MIX 2017 2016 Toll Roads Toll Roads 22% 23% Water Water 21% 24% Power Power 52% Hospitals and Hospitals and 48% Others Others 5% 5% 3
CONTRIB CONTRIBUTIO TION N UP BY UP BY 30 30% T % TO O P9.4B 9.4B POWER Deepened participa De icipation ion in t in the Phil Philipp ippine ine Power sec sector CONTRIBUTION TO MPIC 2017 2016 % 30% increase in contribution from the Power business was MERALCO (from 41.2% to 45.5%) 7,375 8,761 19% driven by: GBPC (from 42.0 to 62.4%)* 813 1,560 92% MERALCO Beacon (from 75.0% to 100.0%)** (616) 480 -178% Fair value / accounting adjustments (1,423) (343) 315% Increase in effective ownership from 41.2% to 45.5% 9,378 7,229 30% 3% growth in Core Income STAND-ALONE PERFORMANCE 2017 2016 % o 5% growth in energy sales across all customer classes MERALCO GLOBAL BUSINESS POWER CORPORATION Financial Highlights Revenues 282,556 257,181 10% First full year contribution (acquired in May 2016) Core EBITDA 34,638 33,956 2% BEACON ELECTRIC Core income 20,213 19,583 3% Reported income 20,384 19,176 6% Higher share in dividend income from preferred shares offset Capital expenditure 12,127 11,584 5% by increase in interest expense Key Performance Indicators Energy sales (in GWh) 40,142 42,102 5% GLOBAL BUSINESS POWER CORPORATION 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) 3,646 4,465 22% *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 4
POWER EXP EXPANSIO ANSION N UPD UPDATE TES 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 5
CONTRIB CONTRIBUTIO TION N UP BY UP BY 11% T 1% TO O TOLL ROADS P3.9B 3.9B Sur Surging ing traffic fic growth In Millions of Pesos CONTRIBUTION TO MPIC 2017 2016 % 11% increase in contribution from the Toll Roads business was driven by: Metro Pacific Tollways (99.9%) 3,931 3,557 11% Fair value adjustments (30) (40) -25% Strong traffic growth on all roads and favorable vehicle mix 3,901 3,517 11% o Growth in NLEX and SCTEX traffic was a result of the integration of these two roads in 2016 STAND-ALONE PERFORMANCE 2017 2016 % METRO PACIFIC TOLLWAYS CORPORATION o Increase in CAVITEX traffic was due to the growth in Financial Highlights residential communities in Cavite and tourism in Revenues 13,107 11,902 10% Batangas Core EBITDA 7,020 8,607 23% o 64% increase in system-wide average daily vehicle Core income 3,935 3,276 20% entries to 903,525 due to investment in PT Nusantara Reported income 5,423 3,103 75% Infrastructure in November 2017 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% 6
TOLL ROADS EXP EXPANSIO ANSION N UPD UPDATE TES PHILIPPINES Citi Link Existing Roads – expansion to meet rising demand (8 kms) ● NLEX Lane Widening Project – additional 64 lane kilometers part of NLEX Harbour Link concession ● Completed rehabilitation of SCTEX pavement from Tipo to Tarlac and (11 kms) part of NLEX C5 South Link modernization of the SCTEX and CAVITEX Traffic Control Room concession (8 kms) ● Diversified electronic payment options part of CAVITEX NLEX-SLEX concession Connector Road (8 kms) New Roads CAVITEX (14 kms) Ongoing Construction ● Harbour Link Segment 10 – expected to be completed in 2Q 2018 CALA ● CAVITEX C5 Link – target completion in 2020 Expressway ● Cavite Laguna Expressway (Laguna segment) – target completion in 2019 (47 kms) 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 REGIONAL INVESTMENTS 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 7
CONTRIB CONTRIBUTIO TION N UP BY UP BY 5% T % TO O P3.7B 3.7B WATER High igher bil illed led v volume lume and tigh ight control l of operating ing expenses ses In Millions of Pesos CONTRIBUTION TO MPIC 2017 2016 % 5% increase in contribution from the Water business was Maynilad (52.8%) 3,896 3,786 3% driven by: Fair value adjustments (187) (170) 10% 3% increase in Maynilad’s Core Income Metropac Water Investments Corp. (MWIC) 24 (52) -146% 3,733 3,564 5% o 3% growth in billed volume o Tight control of operating expenses STAND-ALONE PERFORMANCE 2017 2016 % MAYNILAD WATER SERVICES INC. Contribution from MWIC – impact of earnings from Eco- Financial Highlights system Technologies (acquired in June 2016) 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) 499 512 3% Non-revenue water % - average* 29.9% 32.3% 8% Non-revenue water % - period end* 30.6% 31.7% 4% *NRW increased due to abnormality in water production in connection with last year’s El Niño phenomenon 8
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