FULL FULL YEAR YEAR 2019 2019 FIN FINANCIA ANCIAL L RESUL RESULTS TS ANALYSTS’ BRIEFING 26 6 Febr brua uary 2020 2020 1 1
TABLE OF CONTENTS Consolidated Financial Highlights Page 3 Stand-alone Portfolio Company Results and Key Page 10 Metrics POWER POWER Financial Highlights 4 MERALCO FY 2019 Highlights and Key Metrics 11 TOLL ROADS GBPC FY 2019 Highlights and Key Metrics 12 Financial Highlights 5 Expansion Updates 13 Expansion Updates 6 TOLL ROADS WATER MPTC FY 2019 Highlights 14 Financial Highlights 7 Key Metrics and Priorities 15 HOSPITALS Regulatory Matters 16 Financial Highlights 8 WATER LIGHT RAIL, LOGISTICS AND OTHERS Maynilad FY 2019 Highlights and Key Metrics 18 Financial Highlights 9 MetroPac Water Investments 19 Regulatory Matters 20 HOSPITALS MPHHI FY 2019 Highlights and Key Metrics 21 LIGHT RAIL LRMC FY 2019 Highlights and Key Metrics 22 Quarterly Highlights 23 Statements of Financial Position 26 2 2
FY201 FY2 019 9 CORE CORE INCOME INCOME UP UP 4% T 4% TO O P15 15.6B .6B Core Net Income Caps Decade of Uninterrupted Earnings Growth 7% increase in Operating Income was driven by: CONSOLIDATED FINANCIAL HIGHLIGHTS Substantial Core Income growth from Manila Electric 2019 2018 % Change In Millions of Pesos Company (MERALCO) MPIC share Power Continued traffic growth and tariff adjustments on 11,571 10,823 7% domestic toll roads of Metro Pacific Tollways (MPTC) Toll Roads 5,236 4,423 18% Water 3,569 3,794 -6% Strong patient numbers at Metro Pacific Hospitals Hospitals 867 771 12% (MPHHI) Light Rail 319 394 -19% Increase in interest expense is due to loan drawdowns amounting to ₱20.0 billion (proceeds were used to fund Others (671) (642) 5% various investments of the group). Weighted average Share of operating income 20,891 19,563 7% interest rate as at 31 December 2019 is 6.35% and Head office expenses (1,164) (1,133) 3% weighted average debt maturity is 7.6 years Interest expense (4,125) (3,370) 22% Increase in Non- Core Income is a result of the ₱ 30.1 billion Core income 15,602 15,060 4% Hospital deal with KKR & Co. which was completed in Non-core income (expense) 8,254 (930) -988% December 2019 Reported income 23,856 14,130 69% EARNINGS CONTRIBUTION MIX Hospitals In Centavos Hospitals and Others and Others Diluted EPS on core income 49.44 47.71 4% Water 3% 3% 17% Water Dividend per share 7.60 7.60 0% Toll Roads Toll Roads 19% 23% 25% Power Power 55% 55% 2019 2018 3 3
PO POWER WER CONTRIB CONTRIBUT UTION ION UP BY UP BY 7% % TO O P11 11.6B .6B Driv riven en by by str trong r ong res esults ults at M t MERAL RALCO CO In Millions of Pesos CONTRIBUTION TO MPIC 2019 2018 % 7% increase in contribution from the Power business MERALCO (45.5%) 10,188 10,835 6% was driven by: GBPC (62.4%) 1,533 1,699 11% Beacon/FV and accounting adj. (898) (963) 7% MERALCO 11,571 10,823 7% 6% growth in energy sales GE STAND-ALONE PERFORMANCE 2019 2018 % Lower borrowing costs on lower outstanding debt and MERALCO higher investment returns Financial Highlights Revenues 318,315 304,454 5% Core EBITDA 38,026 37,165 2% GLOBAL BUSINESS POWER CORPORATION Core income 23,832 22,408 6% Reported income 23,285 23,017 1% Higher margins on increased WESM prices and Capital expenditure 20,233 13,669 48% ancillary service agreements Key Performance Indicators Increase in contribution from Alsons Thermal Energy Energy sales (in GWh) 44,313 46,871 6% Corporation GLOBAL BUSINESS POWER CORPORATION (GBPC) Financial Highlights Offset by: Revenues 24,223 26,822 -10% Core EBITDA 9,871 9,159 Decline in Revenues due to the end of various power 8% Core income 2,725 2,458 supply agreements 11% Reported income 2,628 2,431 8% Rising depreciation and interest expenses from Panay Capital expenditure 708 514 38% Energy Development Corporation’s 150 MW plant from Key Performance Indicators 1 June 2018 Energy sales (in GWh) 4,818 4,822 0% 4 4
TOL OLL R ROADS ADS CON CONTRIB TRIBUT UTION ION UP UP BY BY 18% T % TO O P5.2 .2B B Continued traf Continued tr affic ic growth in th in Philippine hilippine toll toll roads oads and toll and toll rate incr te increas eases es In Millions of Pesos CONTRIBUTION TO MPIC 2019 2018 % 18% increase in contribution from the Toll Roads business was Metro Pacific Tollways (99.9%) 5,258 4,443 18% driven by: Fair value adjustments (22) (20) 10% Strong traffic growth on all domestic roads 5,236 4,423 18% • Exceptional traffic growth from CAVITEX at 24% due to 2019 2018 STAND-ALONE PERFORMANCE % the opening of C5 South link in July 2019 and CAVITEX METRO PACIFIC TOLLWAYS CORPORATION R1 Enhancement Financial Highlights Revenues 18,503 15,486 19% Implemented toll rate increases Core EBITDA 13,267 10,474 27% • Core income 5,265 4,450 18% NLEX (Open System: 20%; Closed System: 7%) - March Reported income 4,926 4,274 15% 2019 Capital expenditure 26,172 11,795 122% • SCTEX (19%) - June 2019 Key Performance Indicators Average Daily Vehicle Entries • CAVITEX (4%) - October 2019 NLEX 283,296 265,530 7% CAVITEX 181,656 146,315 24% Consolidation of Nusantara (starting July 2018) SCTEX 70,551 62,684 13% DMT / CII / NUS 412,205 438,572 -6% 5 5
TOLL OLL R ROADS ADS EXP EXPANSION ANSION UPD UPDATE TES S PHILIPPINES PHILIPP INES PROJECTS UNDER CONSTRUCTION / DEVELOPMENT PROJECTS Length Construction Cost Target Right-of-way Status (In Km) (In P Billions) Completion Progress EXPANSIONS TO EXISTING ROADS NLEX Harbour Link 2.60 6.70 2020 94% Partially opened; Ongoing (Radial Road 10) construction NLEX Lane Widening N/A 1.60 2020 N/A Ongoing construction of Segment 7 (Phase 2) (part of NLEX Lane Widening) 85% Ongoing ROW acquisition CAVITEX Segment 4 Extension 1.23 1.52 2022 CAVITEX - C5 South Link 73% Seg. 3A-1 - Opened in July 2019 7.70 12.65 2022 NLEX Citi Link 11.50 18.80 2024 0% Ongoing ROW acquisition NEW ROAD PROJECTS NLEX-SLEX Connector Road 8.00 23.30 2021 Section 1 Ongoing pre-construction works and (Caloocan) - 78%; ROW acquisition (Manila) - 58%; Section 2 - 74% 100% Ongoing construction Cebu Cordova Link Expressway 8.50 26.60 2021 Cavite Laguna Expressway 44.67 14.10 2022 54% Partially opened; Ongoing construction and ROW acquisition TOTAL 84.20 105.27 COMPLETED PROJECTS NLEX Harbour Link (Radial Road 10) o Partially opened in February 2020; full completion by March 2020 C5 South Link Segment 3A-1 (2.2 km) o Began operations in July 2019 Cavite Laguna Expressway (10.7 km) o Mamplasan Road to Sta. Rosa-Tagaytay road (subsections 6 – 8) began operations in February 2020 6 6
WATE WA TER R CONTRIB CONTRIBUT UTION ION DO DOWN WN BY BY 6% T % TO O P3.6B 3.6B Volume olume growth and tarif th and tariff incr increas eases es at M t May aynilad nilad of offset by et by cos costs ts a at t Metr etroP oPac ac Water ter In Millions of Pesos 6% decline in contribution from the Water business CONTRIBUTION TO MPIC 2019 2018 % Maynilad (52.8%) 4,078 4,082 0% was due to: Fair value adjustments (219) (198) 11% METRO PACIFIC WATER Metropac Water Investments Corp. (290) (90) 222% 3,569 3,794 -6% Higher financing costs Higher concession asset amortization expense from STAND-ALONE PERFORMANCE 2019 2018 % regional projects MAYNILAD WATER SERVICES INC. Financial Highlights Revenues 23,992 22,024 9% Core EBITDA 16,294 15,454 5% MAYNILAD WATER SERVICES, INC. Core income 7,723 7,731 0% 2% volume growth Reported income 7,316 -1% 7,368 Capital expenditure 12,380 4% 11,944 Implemented tariff increases Key Performance Indicators • Billed volume (In MCM) 527 535 2% Inflation-linked: 5.7% in January 2019 *Non-revenue water % - average 29.8% 26.4% -11% • Basic: 2.7% in October 2018 *Non-revenue water % - period end 27.1% 25.3% -6% *Measured at the District Metered Area level Offset by: Higher amortization and depreciation expense driven by investments in Non-Revenue Water Reduction Program and continuing facilities upgrades 7 7
HO HOSP SPIT ITAL ALS S CON CONTRI TRIBUTI UTION ON UP UP BY BY 12% % TO O P867M M Robus obust t growth th in in pa patient number tient numbers In Millions of Pesos CONTRIBUTION TO MPIC 2019 2018 % 12% increase in contribution from the Hospital Metro Pacific Hospital Holdings 999 893 12% business was a function of: Hospital admin and fair value adjustments (132) (122) 8% Higher patient census across hospitals driven by high 867 771 12% impact cases and new services offered STAND-ALONE PERFORMANCE 2019 2018 % Price adjustments in some hospitals HOSPITALS (AGGREGATE) Financial Highlights Revenues 28,802 25,655 12% Core EBITDA 6,506 5,559 17% Core income 2,685 2,357 14% Reported income 2,683 2,363 14% Capital expenditure 4,040 3,755 8% Key Performance Indicators Total beds available 3,235 3,200 1% Average standard occupancy rate 71.5% 67.9% 5% No. of in-patients 201 194 4% No. of out-patients 3,687 3,323 11% 8 8
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