Let’s Move Forward FIRST HALF 2016 FINANCIAL RESULTS ANALYSTS’ BRIEFING August 3, 2016 1
DISCLA CLAIM IMER ER 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 Ticker: er: PSE:MPI :MPI 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 Amer eric ican an Depos osit itar ary Receip ipts ts basis of current assumptions which the company’s management team believes to be ADR Ticker: MPCIY reasonable and presumed correct based on available data at the time these were made, (ii) CUSIP: US59164L2007 based on assumptions regarding the Company’s present and future business strategies, and Ratio: 1 ADR : 100 Ordinary Shares the environment in which it will operate in the future, (iii) a reflection of our current views with Depositary Bank: respect to future events and not a guarantee of future performance, and (iv) subject to certain Deutsche Bank Trust Company Americas factors which may cause some or all of the assumptions not to occur or cause actual results ADR Broker Helpline: to diverge significantly from those projected. Any and all forward looking statements made by +1 212 250 9100 (New York) the Company or any persons acting on its behalf are deemed qualified in their entirety by +44 207 547 6500 (London) these cautionary statements. E-mail: adr@db.com This presentation is solely for informational purposes and should in no way be construed as a ADR Website: www.adr.db.com solicitation or an offer to buy or sell securities or related financial instruments of the Company Depositary Bank’s Local Custodian: and/ or any of its subsidiaries and/or affiliates. Deutsche Bank Manila ABOUT OUT MPIC IC Metro o Pacif ific c Inves estmen ments Corpor poration ion (PSE:MPI) is a Philippine-based, publicly listed investment and management company, focused in infrastructure, with holdings in Manila Electric Company, Maynilad Water Services, Inc., Metro Pacific Tollways Corporation, Metro Pacific Hospital Holdings, Inc. and Light Rail Manila Corporation. HEADQU QUARTERS INVESTOR OR RELATIO IONS TEAM (inves estorr orrelations elations@mpic.co mpic.com. m.ph) ph) 10/F MGO Building, Legazpi corner Dela Rosa Streets, VP Investor Relations – Albert WL Pulido (awlpulido@mpic.com.ph) Legazpi Village, Makati 0721 Philippines AVP Investor Relations – Maricris C. Aldover – Ysmael (mdaldover@mpic.com.ph) Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Investor Relations Specialist – Baby Diane A. Martinez (bamartinez@mpic.com.ph) Email: investorrelations@mpic.com.ph Official Website: www.mpic.com.ph 2
FI FINANC NCIAL IAL HIGHL HLIGHT IGHTS 19 19% % growth in MPIC Share driven by: POWER Meralco alco – 11% ↑ in energy sales; increased shareholding in Meralco from 32.5% to 41.2% in May 2016; dividend income from Beacon preferred shares (18 months in 1H 2016 vs 6 In Millions of Pesos 1H 2016 1H 2015 % Change months in 1H 2015); and lower interest expense at Beacon MPIC share GBPC – One month contribution from Global Business Power net of financing costs Power WATER – 4% ↑ in billed volume and 5% ↑ in average effective Meralco - Beacon 4,073 2,937 39% tariff offset by higher tax expense due to expiration of Maynilad’s GBPC - BPHI 120 120 - N/A Income Tax Holiday in December 2015 Water (Maynilad) 1,799 2,418 -26% TOLLRO ROAD ADS – 21% of increase coming from NLEX backed by Toll Roads (MPTC / DMT) 1,792 1,355 32% 9% ↑ in average daily traffic and 10% ↑ in average kilometers Hospitals 249 249 187 33% travelled; remaining 11% increase coming mainly from Rail 159 159 (25) 736% contributions from SCTEX (October 2015) – 9% of the increase Others (43) (18) 139% HOSPITAL ALS – 25% organic growth with increased patients served on all hospitals – 9% 9% from RMCI with increased ownership from Share of operating income 8,149 6,854 19% 19% 58% to78% (October 2015) and 5% 5% from AHI given its lower Head office expenses (539) (554) -3% interest cost; remaining 8% % ↑ coming from contributions of Interest expense (966) (416) 132% newly-acquired hospitals – 5% 5% from Manila Doctors Core income 6,644 5,884 13% 13% RAIL – LRT1 only started operations in September 2015 Non-core income (expenses) 336 336 (321) -205% Increase in interest expense due to new debt drawdowns totaling Reported income 6,980 5,563 25% 25% P25 billion, starting June 2015 Faster growth in reported income driven by reduced expected In Centavos future tax liabilities related to Maynilad (projected 30% income tax Dividend income per share 3.20 3.20 0% rate vs 18% effective tax rate from use of OSD method) Diluted EPS on Core Income 23.23 21.40 9% 3 3
19% % GROWTH TH IN MPI PIC SHARE RE OF F OPE PERA RATING TING INCOME ME 1H 2015 1H 2016 Hospital als / Rail / Hospital als / Rail / Others Others 4% 4% 2% 2% Water Toll Road ads 22% 22% Toll Road ads 20% 20% Water 22% 22% 35% 35% Power Power 43% 43% 52% 52% P8,149M 49M P6,854M 854M *In Millions 1H 2016 **In Millions 1H 2015 Hospitals 249 Hospitals 187 Rail 159 Rail (25) Others (43) Others (18) 365 365 144 144 Total Total 4 4
STAND-AL ALONE ONE CORE INCOME ME VS VS MPIC SHARE RE POWER 19% Growt wth h in MPIC IC Share re from m 1H 2016 1H 2015 In Millions % Meralco Stand-alone Core Income 10,388 11,640 -11% P6.9B B to P8.1B B GBPC Stand-alone Core Income 404 358 13% Meralco (41.22% - 32.48%) 3,584 3,513 2% HOSPITALS GBPC (42%) 170 - N/A In Millions 1H 2016 1H 2015 % Fair Value Adjustments - Meralco (140) (123) 14% Stand-alone Core Income 766 766 565 36% Fair Value Adjustments - GBPC (13) ( 13) - N/A Hospitals 274 274 213 29% Beacon 629 (453) 239% MPHHI Parent and Fair value adjustments (25) (26) -4% BPHI ( (37) 37) - N/A MPIC Share 249 249 187 33% MPIC Share 4,193 2,937 43% RAIL WATER In Millions 1H 2016 1H 2015 % 1H 2016 1H 2015 In Millions % Stand-alone Core Income 298 (54) 651% Stand-alone Core Income 3,603 4,825 -25% LRMC (55%) 164 (30) 645% Maynilad (52.8%) 1,903 2,547 -25% MPLRC/ LRMH (5) ( 5) 5 -193% DMWC Parent and Fair Value Adjustments (70) ( 70) (113) -38% MPIC Share 159 (25) 736% - - MPWIC/ MWCI (34) ( 34) (16) 113% OTHERS MPIC Share 1,799 2,418 -26% In Millions 1H 2016 1H 2015 % AFPI ( (64) 64) (18) 256% TOLL ROADS MMI/MLCI 15 15 - N/A In Millions 1H 2016 1H 2015 % Indra Phil. 6 6 - N/A Stand-alone Core Income 1,625 1,244 31% MPIC Share ( (43) 43) (18) 100% MPTC (99.9%) 1,623 1,243 31% Fair Value Adjustments (24) ( 24) (18) 33% Don Muang Tollways 193 130 48% MPIC Share 1,792 1,355 32% 5 5
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