FI FIRST T QUARTER RTER 2017 17 FI FINANCIAL ANCIAL RES ESULT ULTS S ANALYSTS’ BRIEFING 03 May 2017 1
CAUTIONARY STATEMENTS Ticker: PSE:MPI This presentation was prepared solely and exclusively for discussion purposes. This presentation and/or any part American Depositary Receipts thereof may not be reproduced, disclosed or used without the prior written consent of Metro Pacific Investments ADR Ticker: MPCIY Corporation (the “Company”). CUSIP: US59164L2007 Ratio: 1 ADR : 100 Ordinary This presentation, as well as discussions arising therefrom, may contain statements relating to future Shares 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,” Depositary Bank: “anticipate,” “continue,””estimate,” “expect,” “may,” “will,” or other similar words. These statements are: ( i) Deutsche Bank Trust Company presented on the basis of current assumptions which the company’s management team believes to be Americas reasonable and presumed correct based on available data at the time these were made, (ii) based on ADR Broker Helpline: assumptions regarding the Company’s present and future business strategies, and the environment in which it will +1 212 250 9100 (New York) operate in the future, (iii) a reflection of our current views with respect to future events and not a guarantee of +44 207 547 6500 (London) 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 E-mail: adr@db.com made by the Company or any persons acting on its behalf are deemed qualified in their entirety by these ADR Website: www.adr.db.com cautionary statements. Depositary Bank’s Local Custodian: Deutsche Bank Manila 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 (investorrelations@mpic.com.ph) 10/F MGO Building, Legazpi corner Dela Rosa Streets, AVP Investor Relations – Maricris C. Aldover - Ysmael (mdaldover@mpic.com.ph) IR Specialist – Diane A. Martinez (bamartinez@mpic.com.ph) Legazpi Village, Makati 0721 Philippines Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Official Website: www.mpic.com.ph 2
1Q2017 CORE INCOME UP 14% TO P3.1B Expanded presence in the Power Industry and strong growth from Toll Roads and Hospitals In Millions of Pesos 1Q 2017 1Q 2016 % Change 14 % increase in Core Income was driven by: MPIC share Expanded Power portfolio through increased Power 2,108 1,621 30% investment in Meralco and Global Business 833 14% Toll Roads 946 Power Corporation (GBPC) in May 2016 Water 716 843 -15% Robust traffic growth for the toll roads Hospitals 182 134 36% 78 -12% Rail 69 Continuing growth in the Hospitals business Others (15) (28) 46% Share in operating income 4,006 3,481 15% Head office expenses - net (311) (283) 10% Increase in interest expense due to new debt drawdowns amounting to P7.5 billion in 2016 Interest expense - net (562) (459) 22% (proceeds were primarily used to fund additional Core income 3,133 2,739 14% investments in Meralco) and interest accretion on Non-core expenses - net (126) (111) 14% P9.2 billion payable to PCEV for the step up in Reported income 3,007 2,628 14% Beacon In Centavos 9.81 1% Diluted EPS on Core Income 9.93 3
CO CONTRIB NTRIBUTIO UTION N UP B UP BY 3 Y 30% T % TO O P2.1B 2.1B POWER Dee eepe pene ned d pa participa ticipation in tion in the the Phili Philipp ppine ine Power er secto sector In Millions 30% increase in contribution from the Power CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % Meralco (from 32.5% to 41.2%) 1,491 1,895 27% business was driven by: Global Business Power (42.0%)* - 212 N/A Increase in effective ownership in Meralco from Beacon (from 50.0% to 75.0%) 197 -61% 76 32.5% to 41.2% in 27 May 2016 Fair value adjustments (67) 12% (75) 2,108 1,621 30% Contribution from Global Business Power Corporation – acquired in May 2016 STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % MERALCO Higher share in dividend income from Beacon Revenues 66,576 60,173 11% preferred shares offset by increase in interest Core EBITDA 7,922 8,151 -3% expense Core income 4,598 4,590 0% Reported income 4,817 4,547 6% Capital expenditure 2,670 1,836 45% Key Performance Indicators Energy sales (in GWh) 9,077 3% 9,317 System loss 6.53% 6.23% N/A GLOBAL BUSINESS POWER CORP.* Revenues 4,732 3,913 21% Core EBITDA 1,994 1,778 12% Core income 505 422 20% Reported income 508 397 28% Key Performance Indicators Energy sales (in GWh) 841 909 8% *Acquired 42% effective interest of GBPC under Beacon PowerGen on 27 May 2016; an additional 5.8% effective interest is held under Meralco 4
CO CONTRIB NTRIBUTIO UTION N UP B UP BY Y 14% T 4% TO O TOLL ROADS P94 946M 6M Sur Surging ging tr traf affic fic growth th In Millions 14% increase in contribution from the Toll CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % Roads business was driven by: Metro Pacific Tollways (99.9%) 957 845 13% Fair value adjustments (11) (12) -8% Strong traffic growth on all roads and 946 833 14% favorable vehicle mix STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % Lower operator’s fee to TMC driven by METRO PACIFIC TOLLWAYS CORPORATION renegotiated O&M contract Revenues 2,881 8% 3,102 Core EBITDA 1,803 2,126 18% Core income 747 958 28% Reported income 757 940 24% Key Performance Indicators Average Daily Vehicle Entries NLEX 229,633 214,105 7% CAVITEX 135,047 124,414 9% SCTEX 51,128 42,486 20% Don Muang / CII Bridges & Roads 150,938 145,680 4% Capital expenditure 1,019 725 41% 5
CO CONTRIB NTRIBUTIO UTION N DO DOWN WN BY BY 15 15% % TO O WATER P71 716M 6M Fla lat t volume olume s sales ales an and high d higher op er oper erating ting exp xpen enses ses In Millions 15% decrease in contribution from the Water CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % business was driven by: Maynilad (52.8%) 780 901 -13% Fair value adjustments (58) (42) 38% 14% decrease in Maynilad’s Core Income Metropac Water Investments Corp. (6) (16) 63% 716 843 -15% 3% decline in Revenues due to reduced consumption per connection reflecting lower STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % temperatures MAYNILAD WATER SERVICES INC. Revenues 4,788 4,935 -3% - Flat volume due to one less billing day in Core EBITDA 3,156 3,347 -6% the quarter and bill cycle rationalization Core income 1,477 1,708 -14% Reported income 1,208 1,639 -26% Increase in utility costs Key Performance Indicators Higher amortization expenses from Billed volume (In MCM) 120 121 0% Non-revenue water % - average 30.6% 33.2% 8% completed capital expenditure Non-revenue water % - period end 30.4% 8% 32.9% Capital expenditure 2,446 1,241 *Cost-out programs improve full year outlook 97% 6
CONTRI CO NTRIBUTIO UTION N UP BY 3 UP BY 36% T % TO O HOSPITALS P18 182M 2M Str Stron ong g growth th an and d co continu ntinuing e ing exp xpan ansi sion on In Millions CONTRIBUTION TO MPIC 1Q 2017 1Q 2016 % 36% increase in contribution from the Hospital Metro Pacific Hospital Holdings (60.0%) 201 147 37% business was driven by: Hospital admin and fair value adjustments (19) (13) 46% 12% is attributable to contributions from new 182 134 36% hospital acquisitions – Sacred Heart Hospital and STAND-ALONE PERFORMANCE 1Q 2017 1Q 2016 % Marikina Valley Medical Center HOSPITALS (AGGREGATED) 24% is attributable to organic growth driven by Revenues 5,358 4,615 16% Core EBITDA 1,242 1,014 cost savings from purchasing synergies and 22% Core income 408 544 33% increasing patient revenues across all hospitals Reported income 407 547 34% Key Performance Indicators Total beds available 2,893 2,637 10% Average standard occupancy rate 67.1% 65.3% -3% No. of in-patients 41,120 36,721 12% No. of out-patients 604,358 23% 741,405 7
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