FULL YEAR 2017 FINANCIAL RESULTS ANALYSTS’ BRIEFING · acquisitions –Marikina Valley Medical Center, Jesus Delgado Memorial Hospital and St. Elizabeth Hospital 11% is attributable

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


Expansion Updates 7

WATER


Expansion Updates 9

HOSPITALS


Expansion Updates 11

RAIL, LOGISTICS AND OTHERS


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%


Capital expenditure 12,127 11,584 5%

Key Performance Indicators

Energy sales (in GWh) 42,102 40,142 5%


Revenues 23,794 17,637 35%

Core EBITDA 9,184 8,597 7%

Core income 2,883 2,843 1%


Capital expenditure 1,374 4,131 -67%


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


Metro Pacific Tollways (99.9%) 3,931 3,557 11%

Fair value adjustments (30) (40) -25%

3,901 3,517 11%



Revenues 13,107 11,902 10%

Core EBITDA 8,607 7,020 23%

Core income 3,935 3,276 20%


Capital expenditure 4,425 8,856 -50%


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



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%



Revenues 20,774 20,224 3%

Core EBITDA 14,136 14,403 -2%

Core income 7,379 7,171 3%




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


Metro Pacific Hospital Holdings (60.0%) 778 646 20%

Hospital admin and fair value adjustments (93) (57) 63%

685 589 16%



Revenues 22,464 19,641 14%

Core EBITDA 4,924 4,315 14%

Core income 2,046 1,756 17%




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


RAIL


Light Rail Manila (55.0%) 283 278 2%

Holding company admin - (5) -100%

283 273 4%

STAND-ALONE

PERFORMANCE2017 2016

%


Farebox revenues 3,155 3,016 5%

Core EBITDA 961 734 31%

Core income 514 505 2%

Reported income 507 511 -1%



Average daily ridership 435,199 409,595 6%

OTHERS


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%


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



GBPC (42.0%-62.4%)* 1,560 813 92%


Beacon PowerGen (572) (290) 97%

MPIC Share 427 489 -13%


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%


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%



Core income 2,883 2,843 1%


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



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


Net toll revenues 13,107 11,902 10%

Cost of services (4,810) (4,816) 0%

Gross profit 8,297 7,086 17%


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%



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


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)


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)


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 %


Maynilad (52.8%) 3,896 3,786 3%


Metropac Water Investments 24 (52) -146%

MPIC Share 3,733 3,564 5%


Revenues 20,774 20,224 3%

Cost of services (6,324) (5,847) 8%

Gross profit 14,450 14,377 1%


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%



Core income 7,379 7,171 3%


Interest expense - net 1,659 1,658 0%

Provision for income tax 2,313 2,951 -22%

Core EBITDA 14,136 14,403 -2%


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:



Metro Pacific Hospital Holdings (60.0%) 778 646 20%

Admin and fair value adjustments (93) (57) 63%

MPIC Share 685 589 16%


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%


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%



Core income 2,046 1,756 17%


Interest expense 201 238 -16%

Provision for income tax 890 747 19%

Core EBITDA 4,924 4,315 14%


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


Stand-alone Core Income 514 505 2%

LRMC (55%) 283 278 2%

Holding company admin 0 (5) -106%

MPIC Share 283 273 4%


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%


Non-core income (expenses) (7) 6 -217%

Reported net income 507 511 -1%



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


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


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


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


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


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


KEY METRICS

LIGHT RAIL MANILA 1Q 2017 2Q 2017 3Q 2017 4Q 2017


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


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



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




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


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



Other equity adjustments and reserves (10,186) (9,822)


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


As of As of

WATER

32

MAYNILAD WATER SERVICES INC. AND SUBSIDIARIES





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


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 ASSETS 92,705 87,179

Equity



Other equity adjustments and reserves (602) (307)




As of As of

HOSPITALS MEDICAL DOCTORS INC. AND SUBSIDIARIES

33



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


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)


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





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


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


As of As of

HOSPITALS COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)

36





Adjustments for: Increase in other noncurrent assets 11 -


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


Refundable deposits and other liabilities (64) 1 Cash and cash equivalents at end of period 212 212

Cash generated from operations 581 590



HOSPITALS DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES

37




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 ASSETS 2,224 1,900 Non-controlling interest 0 0


LIABILITIES AND EQUITY

Current Liabilities TOTAL LIABILITIES AND EQUITY 2,224 1,900


Total Current Liabilities 523 352

As of As of

HOSPITALS DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES

38





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)


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




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 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


TOTAL ASSETS 2,150 1,882 Treasury Stock (4) (4)



Current Liabilities TOTAL LIABILITIES AND EQUITY 2,150 1,882


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


As of As of

HOSPITALS RIVERSIDE MEDICAL CENTER GROUP

40





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)


Cash generated from operations 384 275 Cash and cash equivalents as of beginning of period 355 566


Income taxes paid (64) (45) Cash and cash equivalents at end of the period 352 355

Interest paid (1) (3)

Retirement payment (16) (8)


HOSPITALS EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)

41




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


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


Current Liabilities


Current portion of long-term debt - 70

Due to related parties 19 12



As of As of

HOSPITALS EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)

42





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






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


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


TOTAL ASSETS 4,658 4,596 Capital stock in excess of par value 185 185

Subscription receivable (4) (4)

Other equity adjustments (5) (3)




As of As of

HOSPITALS

44





Adjustments for: Increase in noncurrent assets - -


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


Accounts payable and accrued expenses (134) (115) Cash and cash equivalents at end of the period 232 347

Other current liabilities 6 (22)


ASIAN HOSPITAL INC.

HOSPITALS

45


In PhP Millions Sept 2017 Dec 2016 In PhP Millions Sept 2017 Dec 2016




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


Property and equipment, net 636 596 Retirement Liability 31 29


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




As of As of

DELOS SANTOS MEDICAL CENTER

HOSPITALS DELOS SANTOS MEDICAL CENTER

46





Adjustments for: Proceeds from disposal of assets - -


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


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






Receivables - net 84 74 Loans payable 100

Inventories - net 43 31 Dividends payable 11 11

Prepaid expenses 45 - Total Noncurrent Liabilities 248 118



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 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




As of As of

HOSPITALS CENTRAL LUZON DOCTORS’ HOSPITAL

48





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)


Other current liabilities 7 1 Cash and cash equivalents as of beginning of period 49 87


Cash and cash equivalents at end of the period 33 49

HOSPITALS WEST METRO MEDICAL CENTER

49






Receivables - net 30 14 Loans payable 40

Inventories - net 39 54 Other non-current assets - 1

Prepaid expenses - 2 Total Current Liabilities 79 58



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




As of As of

HOSPITALS WEST METRO MEDICAL CENTER

50





Adjustments for: Increase in noncurrent assets (68) (28)


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


Cash and cash equivalents at end of the period 24 35

HOSPITALS MANILA DOCTORS, INC.

51






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


Other non-current assets 28 67 Total Liabilities 1,230 919


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



As of As of

HOSPITALS MANILA DOCTORS, INC.

52





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


Other current liabilities 1 (31)


HOSPITALS

53


In PhP Mill ions Dec 2017 Dec 2016 In PhP Mill ions Dec 2017 Dec 2016




Receivables - net 31 26 Other current liabilities 21 22

Inventories - net 15 13 Total Noncurrent Liabilities 55 65



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


Equity

TOTAL ASSETS 364 352 Capital stock 225 225




As of As of

SACRED HEART HOSPITAL

HOSPITALS SACRED HEART HOSPITAL

54





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






Receivables - net 84 38 Other current liabilities 23 29

Inventories - net 37 16 Total Noncurrent Liabilities 346 295



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)




As of As of

MARIKINA VALLEY MEDICAL CENTER

HOSPITALS MARIKINA VALLEY MEDICAL CENTER

56




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



Other current liabilities (6) -


HOSPITALS JESUS DELGADO MEMORIAL HOSPITAL

57


In PhP Millions Dec 2017 In PhP Millions Dec 2017



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




Income before income tax 5 Acquisitions of property and equipment (30)


Provisions 2 Net cash used in investing activities (33)

Depreciation 4


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






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 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


As of As of

HOSPITALS

60





Adjustments for: Increase in noncurrent assets -

Provisions 1 Net cash used in financing activities (2)

Depreciation 6


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


In PhP Mill ions Dec 2017 In PhP Mill ions Dec 2017




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


As of As of

HOSPITALS MEGA CLINIC

62


In PhP Mill ions Dec 2017 In PhP Mill ions Dec 2017

Cash F lows from Operating Activities Cash F lows from Investing Activities



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





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 ASSETS 13,818 8,836

Equity


Other equity adjustments and reserves (20) (21)

Retained earnings 1,097 590



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

mailto:[email protected]


http://www.mpic.com.ph/


http://www.adr.db.com/

Documents

FULL YEAR 2017 FINANCIAL RESULTS ANALYSTS’ BRIEFING · acquisitions –Marikina Valley Medical Center, Jesus Delgado Memorial Hospital and St. Elizabeth Hospital 11% is attributable