1
FULL YEAR 2014
FINANCIAL RESULTS
ANALYSTS’ BRIEFING
26 February 2015
2
ABOUT MPIC
Metro Pacific Investments Corporation (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, Makati Medical Center, Cardinal Santos
Medical Center, Asian Hospital, Davao Doctors Hospital, Riverside Medical Center, Lourdes Hospital, De Los Medical Center and Central Luzon Doctors
Hospital.
HEADQUARTERS INVESTOR RELATIONS TEAM ([email protected])
10/F MGO Building, Legazpi corner Dela Rosa Streets, VP Investor Relations – Albert WL Pulido ([email protected])
Legazpi Village, Makati 0721 Philippines Investor Relations Manager – Maricris C. Aldover ([email protected])
Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 Investor Relations Assistant – Ma. Isabel O. Acuzar ([email protected])
Email: [email protected]
Official Website: www.mpic.com.ph
DISCLAIMER
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.
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
33
18% growth in MPIC Share driven by:
WATER - 4% ↑ in billed volume of Maynilad and
4% ↑ in average effective tariff (lower provisioning
through better collection)
POWER - 3% ↑ in energy sales, 403 bps lower
interest rate at Beacon due to refinancing;
increased shareholding in MERALCO from 24.98%
to 27.48%; and increase in Non-electricity
Revenues
TOLLROADS - 7% ↑ in average daily traffic and in
average kilometers traveled in NLEX, 8% ↑ in
average daily traffic in CAVITEX; contribution from
Don Muang Tollways; and increased shareholding
in MNTC from 67.1% to 75.6% in July 2014
HOSPITALS - Increasing number of patients, offset
by lower effective ownership with entry of GIC as
an investor in July 2014
Slower growth in Reported Income due to Maynilad
arbitration costs; and various tollroads / rail project
expenses in 2014
FINANCIAL HIGHLIGHTS
In Mill ions of Pesos 2014 2013 % Change
MPIC share
Maynilad 4,376 3,789 15%
MERALCO / Beacon 3,027 2,333 30%
MPTC 2,239 1,874 19%
Hospitals 465 581 -20%
Rail (28) - 100%
Share of operating income 10,079 8,577 18%
Head off ice expenses (1,025) (917) 12%
Interest expense (546) (431) 27%
Core income 8,508 7,229 18%
Non-core expenses (568) (20)
Reported income 7,940 7,209 10%
Dividend per share
In Centavos 10.30 3.70 178%
44
18% GROWTH IN MPIC SHARE OF OPERATING INCOME
P10,079M P8,577M
WaterWater
Toll Roads
Hospitals
Power
Toll Roads
Hospitals
FY 2014 FY 2013
Maynilad
44%
Meralco/
Beacon 27%
MPTC
22%
Hospitals 7%
Maynilad
43%
Meralco/
Beacon 30%
MPTC
22%
Hospitals 5%
* Chart above does not include Pre-operating Rail Expenses
55
STAND-ALONE CORE INCOME VS MPIC SHARE
18% Growth in MPIC Share from P8.6B to P10.1B
In Mill ions 2014 2013 % In Mill ions 2014 2013 %
Stand-alone Core Income 8,777 7,530 17% Stand-alone Core Income 18,128 17,023 6%
Maynilad (52.8%) 4,634 4,012 16% MERALCO (26.2%-24.5%) 4,735 4,168 14%
DMWC Parent and FVA (235) (223) 5% Fair Value Adjustments (217) (201) 8%
MPWIC/ MWCI (23) - 100% Beacon (1,491) (1,634) -9%
MPIC Share 4,376 3,789 15% MPIC Share 3,027 2,333 30%
In Mill ions 2014 2013 % In Mill ions 2014 2013 %
Stand-alone Core Income 2,154 1,963 10% Stand-alone Core Income 1,007 879 15%
MPTC (99.9%) 2,151 1,961 10% Hospitals 469 510 -8%
Fair Value Adjustments (40) (87) -54% Fair value adjustments (4) 71 -106%
Don Muang Tollways/ AIF 128 - 100% MPIC Share 465 581 -20%
MPIC Share 2,239 1,874 19%
WATER POWER
TOLLROADS HOSPITALS
66
CURRENT PENDING ISSUES / OPPORTUNITIES
Rate rebasing
Power plant projects
POWER WATERTOLL ROADS RAIL
Connector Road – Swiss
Challenge within 2015
Delayed tariff increases
o NLEX – due January
2013 & 2015
o CAVITEX – due January
2012 & 2015
Timing of completion of
Segment 9 / Harbour Link
Regional investments
Timing of arbitration
decision implementation
Increase in maximum
fare of 45% announced
by DOTC - Concession
called for 60% increase
Turn-over of existing
LRT1 operations and
start of construction
AFCS operational by
September 2015
77
PORTFOLIO COMPANY RESULTS AND KEY PRIORITIES
8
MAYNILAD FY 2014 HIGHLIGHTS
MAYNILAD
Revenues increased by 9% due to:
4% increase in billed volume from 443.8 MCM to
463.2 MCM
• 5% increase in billed customers from 1,129,497 to
1,190,062
4% increase in average effective tariff from lower
provisioning through better collection
Gross Profit and EBITDA grew faster as savings from the
right sizing program start to bear fruit
Faster growth in Reported Net Income due to lower non-core
expenses for 2014. Those expenses, which include
Maynilad’s right-sizing program and arbitration cost, are
lower than the refinancing cost incurred in 2013
Other Businesses – Stand-alone
PhilHydro – Gross Revenues of P135 million and Core
Income of P2 million; billed volumes were marginally lower
at 27.8 MLD
Subic Water – Gross Revenues of P563 million and Net
Income of P187 million
In Millions 2014 2013 %
Stand-alone Core Income 8,777 7,530 17%
Maynilad (52.8%) 4,634 4,012 16%
DMWC Parent and FVA (235) (223) 5%
MPWIC/ MWCI (23) - 0%
MPIC Share 4,376 3,789 15%
In Millions 2014 2013 %
Revenues 18,363 16,895 9%
Cost of services (4,966) (4,702) 6%
Gross prof it 13,397 12,193 10%
Operating expenses (2,072) (2,391) -13%
Other income and expense - net (530) (515) 3%
Interest expense (2,082) (2,039) 2%
Benefit from income tax 64 282 -77%
Core income 8,777 7,530 17%
Non-core expenses (522) (594) -12%
Reported net income 8,255 6,936 19%
Core EBITDA Computation:
Core income 8,777 7,530 17%
Depreciation and amortization 2,062 1,796 15%
Interest expense 2,082 2,039 2%
Benefit from income tax (64) (282) -77%
Core EBITDA 12,857 11,083 16%
9
KEY METRICS AND KEY PRIORITIES
KEY METRICS 2014 2013
NRW
Average 33.9% 38.7%
Period end 32.9% 35.4%
Coverage
Total population 9.68M 9.69M
Population coverage 8.87M 8.40M
24hr availability 100% 98%
Over 7 psi 100% 100%
Customer Mix
Residential 80% 80%
Commercial 20% 20%
Capital Expenditure P4,345M P5,558M
NON-REVENUE WATER
January 2015Arbitration panel upheld Maynilad’s rate hike
application
February 2015Submitted letter calling on the performance
undertaking of the Philippine Government
Significant Events:
Seasonality of water consumption affects NRW
100
102
104
106
108
110
112
114
116
118
120
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14
Billed Volume (MCM) Average NRW Period End NRW
IMPLEMENTATION OF ARBITRATION DECISION
10
MERALCO FY 2014 HIGHLIGHTS
Consolidated Electricity Revenues decreased due to (a)
the loss of pass-through supply revenue component on
the electricity of contestable customers who switched
their sourcing of power to other retail electricity
suppliers under Retail Competition and Open Access,
and (b) the P 9.3 billion downward adjustment in the
Wholesale Electricity Market bill for December 2013
supply volumes
Non-Electricity Revenues up by 21% due to higher
revenues of subsidiaries
Growth in EBITDA was a function of higher energy sales
and increased revenues of subsidiaries
3% growth in total energy sales from 34,084 GWh
to 35,160 GWh (1.3% ↑ residential, 3.9% ↑
commercial and 4.2% ↑ industrial sector) offset by
a 3.0% decrease in average distribution rate from
P1.65/kWh to P1.60/kWh
In Millions 2014 2013 %
Electricity 261,740 294,849 -11%
Non-Electricity 4,596 3,787 21%
Total revenues 266,336 298,636 -11%
Purchased power (203,242) (238,198) -15%
Operating expenses (36,948) (36,288) 2%
Other income 413 (11) -3855%
Provision for income tax (8,353) (7,054) 18%
Non-controlling interests (78) (62) 26%
Core income 18,128 17,023 6%
Non-core income (expense) (75) 188 -140%
Reported net income 18,053 17,211 5%
Core EBITDA Computation:
Core income 18,128 17,023 6%
Depreciation and amortization 6,093 6,118 0%
Net Interest income 691 307 125%
Provision for income tax 8,353 7,054 18%
Others (93) 343 -127%
Core EBITDA 33,172 30,845 8%
In Millions 2014 2013 %
Stand-alone Core Income 18,128 17,023 6%
MERALCO (26.2% - 24.5%) 4,735 4,168 14%
Fair Value Adjustments (217) (201) 8%
Beacon (1,491) (1,634) -9%
MPIC Share 3,027 2,333 30%
11
KEY METRICS AND KEY PRIORITIES
POWER GENERATION UPDATES
Baseload
San Buenaventura Power, Quezon (Online by 2018)
• Final stages of discussion with preferred EPC contractor; will issue
Notice to Proceed upon ERC approval of PSA between San
Buenaventura and Meralco
Redondo Peninsula Energy, Subic
• Environmental case resolved
• Proceed with the completion of all remaining development activities
and commence construction within the year 2015
Atimonan One Energy
• Evaluating 1,200MW coal powerplant
• An experienced international engineering firm has been engaged as
Owner’s Engineer. EPC prequalification process has commenced
Other Investments
2 x 400MW combined cycle LNG plant in Jurong Island, Singapore –
28% effective ownership for MERALCO
• Officially launched on 3 June 2014
MGen raises stake to 22% stake in Global Business Power
Corporation
• Largest IPP in Visayas with 627MW gross capacity (410MW coal
and 217MW diesel)
• Commenced operations of a 1 x 82MW CFB coal-fired plant in
December 2014; another 1 x 150MW CFB coal-fired plant is being
built with target COD in 3Q 2016
KEY METRICS 2014 2013
System Loss 6.49% 6.92%
System Average Interruption
Frequency Index 2.66 times 3.36 times
Customer Average
Interruption Duration Index
94.09
minutes
97.65
minutes
Number of customers 5.57M 5.37M
Capital Expenditure
(excluding Singapore Plant)P12,350M P10,187M
Energy Sales
Residential 10,364 10,235
Commercial 13,814 13,302
Industrial 10,850 10,417
Streetlights 132 130
Total (in GWh) 35,160 34,084
12
In Millions 2014 2013 %
Stand-alone Core Income 2,154 1,963 10%
MPTC (99.9%) 2,151 1,961 10%
Fair Value Adjustments (40) (87) -54%
Don Muang Tollways/ AIF 128 - 100%
MPIC Share 2,239 1,874 19%
MPTC FY 2014 HIGHLIGHTS
Net Toll Revenues increased due to:
NLEX
• 7% increase in average daily vehicle entries (open &
closed systems) to 185,297
• 7% increase in average kilometers travelled to 3.51M
• Revenues up by 6% to P7,516 million
CAVITEX
• 8% increase in average daily vehicle entries to 110,393
• Revenues up by 7% to P1,125 million
Core EBITDA’s slower growth primarily due to higher Operator’s
Fees and normalization of CAVITEX expenses
Faster growth in Core Income due to a 9% increase in
shareholding in MNTC; lower amortization of concession
assets driven by the adoption of UOP method; and higher
income from advertisements
Don Muang Tollway
Revenues increased by 5% to THB2,133 million
Core Income up by 13% to THB914 million
Average daily vehicle entries
• 5% increase for Original Tollway to 80,698
• 3% increase for North Extension to 49,645
In Millions 2014 2013 %
Net toll revenues 8,641 8,154 6%
Operating and maintenance costs (3,533) (3,305) 7%
Gross prof it 5,108 4,849 5%
Operating expenses (820) (742) 11%
Interest expense (1,112) (934) 19%
Non-controlling interest (722) (792) -9%
Share in earnings of associates 290 247 17%
Provision for income tax (860) (865) -1%
Other income 270 200 35%
Core income 2,154 1,963 10%
Non-core income (expenses) (92) 38 -342%
Reported net income 2,062 2,001 3%
Core EBITDA Computation:
Core income 2,154 1,963 10%
Depreciation and amortization 940 986 -5%
Interest expense 1,112 934 19%
Non-controlling interest 722 792 -9%
Provision for income tax 860 865 -1%
Core EBITDA 5,788 5,540 4%
13
KEY METRICS AND KEY PRIORITIES
NORTH
NLEX Harbour Link
Segment 9 (P1.5 billion project cost)
• Ongoing construction – operational by 1Q 2015
Segment 10 (P10.7 billion project cost)
• Ongoing construction – operational by 2017
NLEX Citi Link (P7.5 billion project cost)
Final alignment undergoing evaluation – operational by 2020
Connector Road / Metro Expressway Link (P14.2 billion project cost)
Swiss Challenge to be conducted within 2015 – MPIC will have the right to match the
best bid
SCTEX
Received Notice of Award from BCDA on 9 February 2015 – P4.1 billion to be paid in
March 2015
Concession until 2043
SOUTH
Cavitex (P8.0 billion project cost)
Preparation of detail engineering design for expansion plans ongoing; construction to
begin by 2015
CEBU
Cebu-Cordova Bridge Project (P16.9 billion project cost)
Granted Original Proponent Status – target project award by 2Q 2015
VIETNAM
CII Bridges and Roads (P4.1 billion investment)
16 kilometers under construction and 39 kilometers to be constructed
Other projects under development
PROJECT UPDATESKEY METRICS 2014 2013
NLEX
Average Daily Vehicle Entries (Open & Closed)
Class 1 139,560 129,484
Class 2 29,697 28,773
Class 3 16,040 14,810
Total 185,297 173,067
Average Kilometers Travelled (In thousands of kms)
Class 1 2,509 2,305
Class 2 618 608
Class 3 379 360
Total 3,506 3,273
CAVITEX
Average Daily Vehicle Entries
Class 1 96,768 88,774
Class 2 9,655 9,859
Class 3 3,970 3,647
Total 110,393 102,280
Capital expenditure P2,592M P401M
14
HOSPITAL GROUP FY 2014 HIGHLIGHTS
Increase in gross revenues due to:
15% increase in Gross Revenues from Cardinal Santos
Medical Center, 14% from Davao Doctors, 7% from Our
Lady of Lourdes and Asian Hospital, 6% from Makati
Medical and Riverside Medical Center
Full year impact of Delos Santos Medical Center and
Central Luzon Doctors Hospital
Higher Core Income growth than Core EBITDA due to lower
interest expense in Asian Hospital
Slower growth in Core EBITDA due to the normalization of
Senior Citizen refunds and higher costs in Makati Med due
to the implementation of a new information system and JCI
accreditation
MPIC’s lower share due to entry of GIC as an investor in
the beginning of July 2014
In Millions 2014 2013 %
Gross revenues 14,096 12,493 13%
Discounts (1,276) (1,044) 22%
Net revenues 12,820 11,449 12%
Cost of supplies (5,571) (4,916) 13%
Gross prof it 7,249 6,533 11%
Operating expenses (5,809) (5,226) 11%
Interest expense (282) (288) -2%
Other income 293 272 8%
Provision for income tax (444) (412) 8%
Core income 1,007 879 15%
Non-core income 4 7 -47%
Reported net income 1,011 886 14%
Core EBITDA Computation:
Core income 1,007 879 15%
Depreciation and amortization 1,213 1,077 13%
Interest expense 282 288 -2%
Provision for income tax 444 412 8%
Core EBITDA 2,946 2,656 11%
In Millions 2014 2013 %
Stand-alone Core Income 1,007 879 15%
Hospitals 469 510 -8%
Fair value adjustments (4) 71 -106%
MPIC Share 465 581 -20%
15
KEY METRICS AND KEY PRIORITIES
Invest in more hospitals to expand the chain –
Target of 3,700 beds and better coverage
Implement synergies across the network - group-
wide policies and protocols on equipment and other
purchases
Invest in new equipment and renovations /
expansions in existing hospitals
Strive to integrate into one chain and build centers
of excellence across the network
Address changes in healthcare delivery
Mall-based diagnostic centers
KEY PRIORITIES
KEY METRICS 2014 2013
Total number of beds (Period end) 2,134 2,021
Number of accredited doctors 5,367 5,418
Average number of enrollees (YTD) 4,228 3,897
Average occupancy rate (YTD) 66.8% 72.0%
Number of patients
In patient 124,467 115,570
Out patient 1,849,301 1,626,017
1616
QUARTERLY ANALYSIS
17
MAYNILAD QUARTERLY HIGHLIGHTS (In Millions of Pesos)
1Q 2Q 3Q 4Q
Revenues 4,391 4,605 4,577 4,790
Core EBITDA 2,985 3,336 2,761 3,775
Core Income 2,109 2,391 1,866 2,411
Reported Income 2,046 1,934 1,817 2,458
Billed volume (In MCM) 111.6 117.9 116.5 117.2
Billed customers 1,145,934 1,162,959 1,176,010 1,190,062
Non-revenue water
Average 35.8% 34.4% 34.1% 33.9%
Period end 35.3% 31.1% 34.1% 32.9%
Service levels
24-hour coverage 98.2% 97.7% 98.6% 100.0%
Over 7 psi 100% 100% 100.0% 100.0%
KEY METRICS
FINANCIAL HIGHLIGHTS
Growth in revenues driven by increase in billed volume and
reduced provisioning for regularly unpaid bills reflecting better
collections
Core EBITDA grew faster due to revenue growth and decrease in
headcount
Slower Core Income growth due to higher amortization of
concession assets and higher interest expense
Reported Income grew faster due to the adjustment of arbitration
costs in 4Q
18
MERALCO QUARTERLY HIGHLIGHTS (In Millions of Pesos)
1Q 2Q 3Q 4Q
Total Revenues 55,109 77,059 70,722 63,446
Core EBITDA 7,503 9,893 9,204 6,572
Core Income 4,088 5,782 4,416 3,842
Reported Income 4,008 5,629 4,671 3,745
System Loss 6.59% 6.68% 6.67% 6.49%
Number of customers 5.42M 5.48M 5.53M 5.57M
Energy Sales
Residential 2,209 2,938 2,649 2,568
Commercial 3,119 3,634 3,525 3,536
Industrial 2,547 2,787 2,747 2,769
Streetlights 33 32 33 34
Total (in GWh) 7,908 9,391 8,954 8,907
FINANCIAL HIGHLIGHTS
KEY METRICS
Combined effects of net lower pass-through generation charge,
lower average distribution tariff and unrealized sales due to
weather disturbances in Meralco’s franchise area slowed down
the pace of Revenues this quarter
19
MPTC QUARTERLY HIGHLIGHTS (In Millions of Pesos)
1Q 2Q 3Q 4Q
Net Revenues 2,108 2,220 1,970 2,343
Core EBITDA 1,428 1,510 1,245 1,605
Core Income 546 615 388 605
Reported Income 538 575 359 590
Average Daily Vehicle
Entries
Class 1 136,757 142,429 132,466 146,559
Class 2 29,544 29,824 28,975 30,442
Class 3 16,025 15,924 15,745 16,464
Total 182,326 188,177 177,186 193,465
Average Kilometers Travelled (In thousands of kms)
Class 1 2,446 2,671 2,254 2,665
Class 2 621 626 586 638
Class 3 384 384 371 379
Total 3,451 3,681 3,211 3,682
Average Daily Vehicle
Entries
Class 1 95,225 97,297 94,193 100,329
Class 2 9,858 9,688 9,425 9,652
Class 3 3,908 3,871 3,972 4,127
Total 108,991 110,856 107,590 114,108
FINANCIAL HIGHLIGHTS
KEY METRICS
NLEX
CAVITEX
Growth in revenues driven by increase in average
daily vehicle entries in NLEX and CAVITEX
Higher growth in Core EBITDA due to lower O&M
costs and operating expenses
Faster growth in Core Income due to lower finance
cost and income tax
Growth of Reported Income due to the reversal of
provision for heavy maintenance
20
HOSPITAL GROUP QUARTERLY HIGHLIGHTS (In Millions of Pesos)
1Q 2Q 3Q 4Q
Revenues 3,456 3,411 3,746 3,483
Core EBITDA 731 664 822 729
Core Income 253 205 311 238
Reported Income 254 204 312 241
Total number of beds 2,075 2,109 2,068 2,134
Number of accredited
doctors5,446 5,393 5,401 5,367
Number of enrollees 4,188 3,439 3,972 4,228
FINANCIAL HIGHLIGHTS
KEY METRICS
Lower Revenues this quarter attributed to seasonality during
the Christmas holidays
Core Income slowed down significantly due to higher
depreciation from purchasing new medical equipment
2121
BALANCE SHEETS AND CASH FLOWS
2222
METRO PACIFIC INVESTMENTS CORPORATION – PARENT
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS LIABILITIES AND EQUITY
CURRENT ASSETS CURRENT LIABILITIES
Cash and short-term investments 4,088 4,529 Accounts payable and other current liabilities 819 567
Receivables - net 98 573 Due to related parties 7,547 362
Other current assets 1,712 551 Current portion of long-term debt 65 65
Total Current Assets 5,898 5,653 Total Current Liabilit ies 8,431 994
NONCURRENT ASSETS NONCURRENT LIABILITIES
Investments and advances to subs., associates & JVs 94,905 77,863 Long-term debts - net of current portion 6,318 6,383
Receivables - 588 Other noncurrent liabilities 1,186 172
Due from related parties - 51 Total Noncurrent Liabilit ies 7,504 6,555
Other noncurrent assets 967 1,457
Total Noncurrent Assets 95,872 79,959 Total Liabilit ies 15,935 7,549
TOTAL ASSETS 101,770 85,612 EQUITY
Capital stock 26,096 26,076
Additional paid-in capital 42,993 42,933
Other reserves 106 281
Retained earnings 16,640 8,773
Total Equity 85,835 78,063
TOTAL LIABILITIES AND EQUITY 101,770 85,612
As of As of
2323
METRO PACIFIC INVESTMENTS CORPORATION – PARENT
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Increase in other non-current assets (226) (129)
Income before income tax 10,183 8,013 Proceeds from sale of AFS financial assets - 11
Adjustments for: Proceeds from:
Interest expense 673 607 Hospital selldown 6,533 -
Dividend income (6,750) (9,554) Sale of AFS investments 458 -
Interest income (160) (211) Proceeds from disposal of other assets - 2
Others (5,102) 294 Net cash used in investing activities 649 (4,399)
Operating loss before working capital changes (1,156) (851)
Decrease (increase) in: Cash Flows from Financing Activit ies
Receivables (18) 8 Proceeds from:
Due from related parties 251 (171) Issuance of capital stock - 6,118
Other current assets (389) 204 Subscription arising from ESOP 58 225
Increase (decrease) in accounts payable and other liabilities 268 (340) Payments of:
Net cash used in operations (1,044) (1,150) Notes payable - (4,700)
Dividend received 2,365 9,241 Transaction costs - (140)
Interest paid (494) (651) Refinancing cost - (397)
Income tax paid (18) (21) Long-term debt (64) (66)
Interest received 416 120 Dividends (2,298) (915)
Net cash provided by operating activities 1,225 7,539 Due to related parties - (2)
Net cash provided by (used in) financing activities (2,304) 123
Cash Flows from Investing Activit ies
Acquisition/purchase of: Effect of foreign exchange rate changes (11) 11
Investments and advances (6,087) (4,243)
Other non-current assets (29) (40) Net increase (decrease) in cash and cash equivalents (441) 3,274
(Forward)
Cash and cash equivalents at beginning of period 4,529 1,255
Cash and cash equivalents at end of period 4,088 4,529
*Tentative
2424
METRO PACIFIC INVESTMENTS CORPORATION – CONSOLIDATED
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS NONCURRENT LIABILITIES
CURRENT ASSETS Long-term debts - net of current portion 57,494 47,536
Cash and short-term investments 28,125 17,090 Service concession fees payable 7,271 7,909
Receivables and other current assets 6,274 7,799 Deferred tax and other noncurrent liabilities 10,475 9,238
34,399 24,889 Total Noncurrent Liabilit ies 75,240 64,683
Asset held for sale 1,370 -
Total Current Assets 35,769 24,889 Total Liabilit ies 104,440 87,304
NONCURRENT ASSETS EQUITY
Investments and advances 65,175 48,854 Capital stock 26,096 26,076
Goodwill 18,308 18,308 Additional paid-in capital 42,993 42,933
Service concession assets 98,260 94,540 Other Reserves 7,081 3,570
Property and equipment - net 7,368 6,859 Retained earnings 27,525 21,882
Other noncurrent assets 9,132 7,134 Total equity attributable to owners of Parent 103,695 94,461
Total Noncurrent Assets 198,243 175,695 Non-controlling interest 25,877 18,819
Total Equity 129,572 113,280
TOTAL ASSETS 234,012 200,584
TOTAL LIABILITIES AND EQUITY 234,012 200,584
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts payable and other current liabilities 12,049 13,829
Current portion of Concession fees payable,
long-term debt and others 17,151 8,792
Total Current Liabilit ies 29,200 22,621
As of As of
25
MAYNILAD WATER SERVICES INC. & SUBSIDIARIES
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS Non-current Liabilit ies
Current Assets Interest-bearing loans - net of current portion 22,509 23,638
Cash and short-term investments 7,104 6,491 Noncurrent portion of service concession obligation 7,041 7,915
Trade and other receivables 2,048 2,010 Pension liability 282 193
Other current assets 2,675 2,393 Deferred credits and other noncurrent liabilities 1,723 1,406
Total Current Assets 11,827 10,894 Total Noncurrent Liabilit ies 31,555 33,152
Non-current Assets Total Liabilit ies 44,675 48,037
Service concession assets - net 56,926 54,561
Deferred tax assets - net 2,161 2,073 Equity
Property and equipment - net 810 548 Capital stock 4,547 4,547
Other noncurrent assets - net 818 654 Additional paid-in capital 9,980 9,980
Total Noncurrent Assets 60,715 57,836 Other equity adjustments (362) (280)
Retained earnings 13,702 6,446
TOTAL ASSETS 72,542 68,730 Total Equity 27,867 20,693
LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 72,542 68,730
Current Liabilit ies
Trade and other payables 10,334 12,226
Current portion of interest-bearing loans 1,692 1,704
Current portion of service concession obligation 1,094 955
Total Current Liabilit ies 13,120 14,885
As of As of
26
MAYNILAD WATER SERVICES INC. & SUBSIDIARIES
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 8,225 6,529 Acquisitions of property and equipment (526) (400)
Adjustments for: Acquisitions of available-for-sale financial assets - (211)
Interest expense 2,163 2,571 Cash paid on acquisition of subsidiary (57) (195)
Amortization of service concession assets 1,804 1,566 Proceeds from sale of property and equipment 11 2
Interest income (81) (91) Decrease (increase) other noncurrent assets (51) (63)
Depreciation and amortization 257 231 Net cash used in investing activities (623) (867)
Others (59) 116
Operating income before working capital changes 12,309 10,922 Cash Flows from Financing Activit ies
Decrease (increase): Payments of:
Short-term investments 712 (3,613) Service concession obligation payable (1,184) (1,253)
Trade and other receivables (247) 529 Interest-bearing loans (1,721) (22,459)
Service concession assets (4,170) (5,154) Dividends (1,000) (13,494)
Other current assets (282) (597) Proceeds from availment of interest-bearing loans 654 26,241
Increase in trade and other payables (1,795) (388) Reissuance (acquisition) of treasury shares (94) 6
Cash generated from operations 6,527 1,699 Proceeds from increase in capital stock - 10,366
Interest received 77 84 Increase (decrease) in:
Income taxes paid (62) (3) Other noncurrent liabilities 194 81
Net cash provided by operating activities 6,542 1,780 Interest paid (1,443) (1,443)
Net cash provided used in financing activities (4,594) (1,955)
Net decrease in cash and cash equivalents 1,325 (1,042)
Cash and cash equivalents at beginning of period 2,864 3,906
Cash and cash equivalents at end of period 4,189 2,864
*Tentative
27
METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilit ies
Cash and cash equivalents 4,258 3,298 Accounts payable and accrued expenses 2,536 1,799
Receivables 699 245 Current portion of long term debt 1,220 1,158
Inventories 50 50 Other current liabilities 873 883
Due from related parties 109 108 Total Current Liabilit ies 4,629 3,840
Other current assets 5,472 2,446
Total Current Assets 10,588 6,147 Noncurrent Liabilit ies
Long-term debt - net of current portion 25,456 16,586
Noncurrent Assets Deferred tax liabilities 703 526
Service concession assets 26,309 24,448 Other noncurrent liabilities 1,659 1,891
Due from related parties - 65 Total Noncurrent Liabilit ies 27,818 19,003
Available for sale investments 2,012 1,850
Property and equipment 182 164 Total Liabilit ies 32,447 22,843
Investment in an associate 273 178
Goodwill 4,979 4,979 Equity
Other noncurrent assets 1,946 905 Capital Stock 11,837 11,837
Total Noncurrent Assets 35,701 32,589 Other equity adjustments (3,182) (763)
Retained earnings 3,190 2,349
TOTAL ASSETS 46,289 38,736
Total Equity Attributable to Equity Holders of
Parent 11,845 13,423
Non-controlling interest 1,997 2,470
Total Equity 13,842 15,893
TOTAL LIABILITIES AND EQUITY 46,289 38,736
As of As of
28
METRO PACIFIC TOLLWAYS CORPORATION AND SUBSIDIARIES
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Acquisition of subsidiary, net of cash acquired - 746
Income before income tax 3,731 3,515 Advances for future stock subscription (103) -
Adjustments for: Additions to:
Interest expense and other finance costs 1,214 1,086 Service concession assets (2,500) (411)
Amortization of service concession assets 646 757 Property and equipment (65) (64)
Equity in net earnings of an associate (291) (247) Intangible assets (118) (4)
Interest income (91) (132) Acquisition of AFS financial assets (4,051) (4,012)
Depreciation 47 42 Proceeds from:
Others (168) (71) Sale of property and equipment 2 4
Operating income before working capital changes 5,088 4,950 Sale of AFS financial assets 867 1,077
Decrease (increase): Maturity in investment in bonds - 51
Receivables (448) (72) Net cash used in investing activities (6,460) (2,260)
Inventories - (5)
Due from related parties (1) 4 Cash Flows from Financing Activit ies
Advances to contractors and consultants 98 (211) Payments of:
Other current assets (73) (40) Dividends (1,868) (1,685)
Input VAT - (5) Interest (954) (1,152)
Increase (decrease): Loans (1,236) (6,342)
Accounts payable and other liabilities 525 (418) Swap termination cost - (175)
Due to related parties (1) - Debt issue cost (93) (116)
Long-term incentive plan payable 30 (63) Cost on issuance of preferred shares - (34)
Unearned toll revenue 10 3 Acquisition for non-controlling interest (3,116) -
Income tax paid (790) (717) Proceeds from loans 10,250 8,300
Net cash provided by operating activities 4,438 3,426 Net cash used in financing activities 2,983 (1,204)
Cash Flows from Investing Activit ies Effect of exchange rate changes on cash (1) 1
Decrease (increase) in other noncurrent assets (916) 7
Dividends received 360 243 Net increase (decrease) in cash and cash equivalents 960 (37)
Interest received 64 103
(Forward) Cash and cash equivalents at beginning of period 3,298 3,335
Cash and cash equivalents at end of period 4,258 3,298
*Tentative
29
MEDICAL DOCTORS INC. AND SUBSIDIARIES
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS Noncurrent Liabilit ies
Current Assets Deferred income tax liabilities 997 861
Cash and cash equivalents 338 369 Retirement benefit obligation 44 58
Receivables - net 640 550 Loans payable 1,081 368
Inventories - net 219 203 Total Noncurrent Liabilit ies 2,122 1,286
Other current assets 41 30
Total Current Assets 1,239 1,151 Total Liabilit ies 3,082 2,690
Noncurrent Assets Equity
Property and Equipment - net 7,798 7,094 Capital stock 332 330
Other noncurrent assets 37 14 Capital in excess of par value 1,514 1,483
Total Noncurrent Assets 7,835 7,108 Other equity adjustments 2,535 2,207
Retained earnings 1,595 1,529
TOTAL ASSETS 9,073 8,259 Treasury Stock (15) (15)
Total Equity Attributable to Equity Holders of
Parent 5,960 5,534
LIABILITIES AND EQUITY Non-controlling interest 31 35
Current Liabilit ies Total Equity 5,992 5,569
Accounts payable and accrued expenses 848 901
Current portion of long-term liabilities 19 404 TOTAL LIABILITIES AND EQUITY 9,073 8,259
Other current liabilities 93 99 0.00 (0)
Total Current Liabilit ies 960 1,403
As of As of
30
MEDICAL DOCTORS INC. AND SUBSIDIARIES
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 322 398 Acquisitions of property and equipment (377) (280)
Adjustments for: Construction in progress (294) (360)
Provisions 66 74 Increase in other noncurrent assets (24) (3)
Depreciation and amortization 416 397 Others 0 3
Retirement benefit expense 34 28 Net cash used in investing activities (695) (640)
Interest expense 50 32
Interest income (1) (3) Cash Flows from Financing Activit ies
Others 2 (3) Proceeds from:
Operating income before working capital changes 890 925 Loans 392 400
Decrease (increase): Issuance of capital stock 34 19
Receivables (122) (183) Payment of loan (64) (246)
Inventories (16) (7) Interest paid (45) (34)
Prepayments (21) 20 Dividends paid (164) (157)
Increase (decrease) in: Net cash used in financing activities 153 (19)
Accounts payable and accrued expenses (201) (72)
Refundable deposits and other liabilities (2) (17) Net increase (decrease) in cash and cash equivalents (31) (5)
Cash generated from operations 528 667
Contributions to the retirement fund (18) (17) Cash and cash equivalents at beginning of period 369 374
Interest received 1 3
Net cash provided by operating activities 511 653 Cash and cash equivalents at end of period 338 369
0 (0) - (0)
*Tentative -
31
COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)
BALANCE SHEET (restated) BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilit ies
Cash and cash equivalents 127 104 Accounts payable and accrued expenses 505 482
Receivables - net 149 138 Due to related parties 10 22
Inventories - net 70 77 Loans payable, current 65 125
Other current assets 39 31 Other current liabilities 17 15
Total Current Assets 385 349 Total Current Liabilit ies 597 644
Noncurrent Assets Noncurrent Liabilit ies
Property and Equipment - net 1,097 1,166 Retirement plan 17 18
Deferred income tax assets 79 61 Lease payable 615 626
Other noncurrent assets 6 6 Total Noncurrent Liabilit ies 632 644
Total Noncurrent Assets 1,182 1,233
Total Liabilit ies 1,229 1,287
TOTAL ASSETS 1,567 1,582
Equity
Capital stock 5 5
1,000,000 Retained earnings 333 289
Total Equity 338 294
TOTAL LIABILITIES AND EQUITY 1,567 1,582
(0) (0.00)
As of As of
32
COLINAS VERDES (CARDINAL SANTOS MEDICAL CENTER)
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 173 171 Acquisitions of property and equipment (116) (331)
Adjustments for: Increase in other noncurrent assets - (1)
Provisions 6 4 Net cash used in investing activities (116) (332)
Depreciation and amortization 185 162
Interest expense 106 104
Interest income (0) 1 Cash Flows from Financing Activit ies
Operating income before working capital changes 469 442 Loans payable (171) (62)
Decrease (increase): Dividend payments (80) (20)
Receivables (17) (50) Net cash provided by (used in) financing activities (251) (82)
Inventories 6 (1)
Prepayments (8) (24) Net increase (decrease) in cash and cash equivalents 23 (30)
Increase (decrease) in:
Accounts payable and accrued expenses (64) 15 Cash and cash equivalents at beginning of period 104 135
Refundable deposits and other liabilities 3 2
Cash generated from operations 389 384 Cash and cash equivalents at end of period 127 104
Interest received - (1) 0
Net cash provided by operating activities 389 383 0
*Tentative 1,000,000
18
33
DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS Noncurrent Liabilit ies
Current Assets Retirement benefit obligations 39 32
Cash and cash equivalents 227 171 Other noncurrent liabilities 8 9
Receivables, net 132 157 Total Noncurrent Liabilit ies 48 41
Inventory, net 79 68
Prepaid expenses 5 7 Total Liabilit ies 291 302
Total Current Assets 442 403
Equity
Noncurrent Assets Capital stock 91 91
Property and Equipment - net 1,011 953 Capital in excess of par value 48 47
Deferred income tax assets 20 21 Treasury shares (7) (7)
Other noncurrent assets 47 42 Retained earnings 1,097 985
Total Noncurrent Assets 1,078 1,016 Total Equity 1,229 1,117
TOTAL ASSETS 1,520 1,419 TOTAL LIABILITIES AND EQUITY 1,520 1,419
LIABILITIES AND EQUITY
Current Liabilit ies
Accounts payable and accrued expenses 213 243
Other current liabilities 30 18
Total Current Liabilit ies 243 261
As of As of
34
DAVAO DOCTORS HOSPITAL, INC. AND SUBSIDIARIES
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 292 216 Acquisitions of property and equipment (188) (233)
Adjustments for: Increase in noncurrent assets (5) (2)
Depreciation 131 117 Net cash used in investing activities (194) (235)
Provision for bad debts 8 28
Operating income before working capital changes 431 362 Cash Flows from Financing Activit ies
Decrease (increase): Dividends paid (90) (90)
Receivables 22 (2) Decrease in other noncurrent liabilities (3) (11)
Inventories (10) (2) Net cash used in financing activities (93) (101)
Prepayments and others 1 (3)
Increase (decrease) in: Net increase in cash and cash equivalents 56 (8)
Accounts payable and accrued expenses (108) (9)
Deferred tax asset 2 (7) Cash and cash equivalents at beginning of period 171 180
Other non current liabilities 4 (10)
Net cash provided by operating activities 342 328 Cash and cash equivalents at end of period 227 171
(0) 0
*Tentative
1,000,000
35
RIVERSIDE MEDICAL CENTER GROUP
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS Noncurrent Liabilit ies
Current Assets Long-term debt - net of current 123 83
Cash and cash equivalents 117 67 Deferred income tax liabilities 71 71
Receivables - net 162 183 Accrued retirement costs 21 31
Inventories - net 94 84 Other noncurrent liabilities 21 9
Other current assets 10 6 Total Noncurrent Liabilit ies 236 194
Total Current Assets 383 340
Total Liabilit ies 641 630
Noncurrent Assets
Property and Equipment - net 874 823 Equity
Pension Asset 23 21 Capital stock 39 39
Other noncurrent assets 10 8 Other equity adjustments 176 175
Total Noncurrent Assets 906 852 Retained earnings 437 352
Treasury Stock (4) (4)
TOTAL ASSETS 1,289 1,192 Total Equity 648 562
LIABILITIES AND EQUITY TOTAL LIABILITIES AND EQUITY 1,289 1,192
Current Liabilit ies
Accounts payable and accrued expenses 304 311
Current portion of long-term debt 25 79 (0.00)
Unearned tuition and other school fees 44 40
Income tax payable 9 6
Other current liabilities 24 -
Total Current Liabilit ies 406 436
As of As of
36
RIVERSIDE MEDICAL CENTER GROUP
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 176 150 Acquisitions of property and equipment (118) (167)
Adjustments for: Proceed from sale of property and equipment - 1
Depreciation 79 76 Net cash used in investing activities (118) (166)
Interest expense 6 7
Interest income (1) (1) Cash Flows from Financing Activit ies
Others 11 8 Proceeds of long-term debt 65 80
Operating income before working capital changes 270 240 Payment of long-term debt (79) (55)
Decrease (increase) : Dividend payments (40) (30)
Receivables 21 (40) Others 7 (0)
Inventories (10) (3) Net cash used in financing activities (47) (5)
Other assets (6) (3)
Increase (decrease) in: Net increase (decrease) in cash and cash equivalents 50 (13)
Accounts payable and accrued expenses 8 22
Other current liabilities 8 11 Cash and cash equivalents as of beginning of period 67 80
Cash generated from operations 289 228
Interest received 1 1 Cash and cash equivalents at end of the period 117 67
Income taxes paid (48) (44) 0 0
Interest paid (6) (7) (0)
Retirement payment (22) (20)
Net cash provided by operating activities 214 158
- -
*Tentative 1,000,000
37
EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS Noncurrent Liabilit ies
Current Assets Accrued retirement 19 11
Cash and cash equivalents 117 112 Loans payable - 90
Receivables - net 61 53 Other noncurrent liabilities 259 255
Inventories - net 38 26 Total Noncurrent Liabilit ies 278 355
Prepaid expenses 1 -
Total Current Assets 217 192 Total Liabilit ies 488 487
Noncurrent Assets Equity
Property and Equipment - net 183 145 Capital stock 50 13
Deferred income tax 31 24 Other equity adjustments 2 4
Other noncurrent assets 179 189 Retained earnings 70 45
Total NonCurrent Assets 393 358 Total Equity 122 62
TOTAL ASSETS 610 549 TOTAL LIABILITIES AND EQUITY 610 549
LIABILITIES AND EQUITY
Current Liabilit ies
Accounts payable and accrued expenses 110 110
Current portion of long-term debt 90 -
Other current liabilities 1 1
Total Current Liabilit ies 211 131
As of As of
38
EAST MANILA HOSPITAL MANAGERS CORP. (LOURDES)
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 38 34 Acquisitions of property and equipment (87) (37)
Adjustments for: Decrease (Increase) in other noncurrent assets 3 1
Depreciation 53 46 Net cash used in investing activities (85) (36)
Provision for doubtful accounts 6 10
Interest expense 4 5 Cash Flows from Financing Activity
Operating income before working capital changes 100 95 Proceeds from subscription receivable 38 -
Increase: Increase (decrease) in:
Receivables (14) (10) Due to related parties (11) 9
Inventories (11) (1) Other noncurrent liabilities 4 4
Other current assets (1) (0) Net cash provided by financing activities 31 13
Increase in:
Accounts payable and accrued expenses (20) 9 Net increase in cash and cash equivalents 5 58
Retirement fund obligation 5 (1)
Other current liabilities - (2) Cash and cash equivalents as of beginning of period 112 54
Net cash provided by operating activities 59 89
Income taxes paid - (9) Cash and cash equivalents at end of the period 117 112
Net cash provided by operating activities 59 81
*Tentative - -
39
ASIAN HOSPITAL INC.
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilit ies
Cash and cash equivalents 407 352 Accounts payable and accrued expenses 478 427
Receivables - net 238 289 Accrued interest 27 32
Inventories - net 85 79 Long-term debts, currently due 257 256
Other current assets 8 7 Refundable deposits and other current liabilities 71 87
Prepaid expenses 6 4 Total Current Liabilit ies 833 802
Total Current Assets 745 731
Noncurrent Liabilit ies
Noncurrent Assets Long-term debt - net of current 562 818
Property and equipment, net 3,455 3,483 Other non-current liabilities 55 41
Deferred income tax 135 129 Total Noncurrent Liabilit ies 617 859
Computer software - net 5 2 Total Liabilit ies 1,450 1,661
Other non-current assets 13 14
Total Noncurrent Assets 3,608 3,628 Equity
Capital stock 1,937 1,937
TOTAL ASSETS 4,353 4,359 Capital stock in excess of par value 185 185
Subscription receivable (5) (6)
Other equity adjustments (8) (3)
Retained earnings 794 584
Total Equity 2,904 2,698
1000000 TOTAL LIABILITIES AND EQUITY 4,353 4,359
As of As of
40
ASIAN HOSPITAL INC.
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 383 295 Acquisitions of property and equipment (248) (273)
Adjustments for: Increase in noncurrent assets 2 4
Provisions 29 (10) Net cash used in investing activities (246) (269)
Depreciation 275 288
Amortization of capitalized borrowing cost 4 5 Cash Flows from Financing Activit ies
Interest expense 98 120 Payment of long-term debt (260) (260)
Loss on disposal of property and equipment 1 5 Dividends paid (58) (39)
Others (10) (24) Interest paid (99) (121)
Operating income before working capital changes 779 678 Net cash used in financing activities (417) (419)
Decrease (increase) :
Receivables 48 26 Net increase (decrease) in cash and cash equivalents 55 80
Inventories (6) (10)
Other current assets (4) (6) Cash and cash equivalents as of beginning of period 352 271
Increase (decrease) in:
Accounts payable and accrued expenses (87) 31 Cash and cash equivalents at end of the period 407 352
Other current liabilities (13) 48 (0) (1)
Net cash provided by operating activities 718 768 (0)
*Tentative
1,000,000
41
DELOS SANTOS MEDICAL CENTER
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilit ies
Cash and cash equivalents 19 83 Accounts payable and accrued expenses 73 86
Receivables - net 55 86 Due to related parties 3 22
Inventories - net 40 39 Long-term debts, currently due 0 10
Prepaid expenses 12 13 Refundable deposits and other current liabilities 24 10
Total Current Assets 127 221 Total Current Liabilit ies 100 128
Noncurrent Assets Noncurrent Liabilit ies
Property and equipment, net 370 198 Retirement Liability 26 25
Deferred income tax 23 10
Other non-current assets 13 12 Total Liabilit ies 127 153
Total Noncurrent Assets 407 220
Equity
TOTAL ASSETS 533 441 Capital stock 79 79
Capital stock in excess of par value 160 160
Deposit for future stock subscription 117 22
Other equity adjustments 1 -
Retained earnings 50 27
1,000,000 Total Equity 407 288
TOTAL LIABILITIES AND EQUITY 533 441
As of As of
42
DELOS SANTOS MEDICAL CENTER
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 44 37 Acquisitions of property and equipment (220) (47)
Adjustments for: Proceeds from disposal of assets 19 -
Provisions 5 2 Net cash used in investing activities (201) (47)
Depreciation 47 15
Operating income before working capital changes 97 54 Cash Flows from Financing Activit ies
Decrease (increase) : Payment of long-term debt (9) (7)
Receivables (6) (34) Equity Infusion 95 22
Inventories (1) (20) Dividends (6) -
Other current assets (0) (11) Net cash used in financing activities 79 15
Increase (decrease) in:
Accounts payable and accrued expenses (34) 17 Net increase (decrease) in cash and cash equivalents (64) (20)
Other liabilities 3 5
Net cash provided by operating activities 57 12 Cash and cash equivalents as of beginning of period 83 103
Cash and cash equivalents at end of the period 19 83
(0) (0)
*Tentative 0
1,000,000
43
CENTRAL LUZON DOCTORS’ HOSPITAL
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilit ies
Cash and cash equivalents 99 116 Accounts payable and accrued expenses 81 76
Receivables - net 44 45
Inventories - net 24 19 Noncurrent Liabilit ies
Prepaid expenses 5 3 Retirement Liability 8 13
Total Current Assets 172 183 Deferred Income Tax 24 20
Dividends payable 176 175
Noncurrent Assets Total Noncurrent Liabilit ies 208 208
Property and equipment, net 240 217
Total Noncurrent Assets 240 217 Total Liabilit ies 289 284
TOTAL ASSETS 413 400 Equity
Capital stock 99 98
Additional Paid-in Capital 70 67
Treasury stock (3) (3)
Other equity adjustments (84) (83)
Retained earnings 41 38
Total Equity 124 117
1000000 TOTAL LIABILITIES AND EQUITY 413 401
As of As of
44
CENTRAL LUZON DOCTORS’ HOSPITAL
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Millions Dec 2014* Dec 2013 In PhP Millions Dec 2014* Dec 2013
Cash Flows from Operating Activit ies Cash Flows from Investing Activit ies
Income before income tax 22 (4) Acquisitions of property and equipment (48) -
Adjustments for:
Depreciation 24 - Cash Flows from Financing Activit ies
Operating income before working capital changes 46 (4) Dividends payment (8) -
Decrease (increase) :
Receivables 1 - Net increase (decrease) in cash and cash equivalents (17) (4)
Inventories (5) -
Other current assets (2) - Cash and cash equivalents as of beginning of period 116 120
Increase (decrease) in: -
Other current liabilities (2) - Cash and cash equivalents at end of the period 99 116
Net cash provided by operating activities 38 (4) (0.34)
-
*Tentative
45
MEGA CLINIC
BALANCE SHEET BALANCE SHEET (continued)
In PhP Millions Dec 2014 Dec 2013 In PhP Millions Dec 2014 Dec 2013
ASSETS LIABILITIES AND EQUITY
Current Assets Current Liabilit ies
Cash and cash equivalents 12 19 Accounts payable and accrued expenses 50 42
Receivables - net 47 38 Due to related parties 16 20
Inventories - net 2 - Total Current Liabilit ies 66 63
Prepaid expenses 9 27
Total Current Assets 71 84
Noncurrent Liabilit ies
Noncurrent Assets Retirement Liability 1 1
Property and equipment, net 18 14 Due to related parties 4 9
Deferred income tax 4 4 Total Noncurrent Liabilit ies 5 10
Other non-current assets 17 8 Total Liabilit ies 71 73
Total Noncurrent Assets 39 26
Equity
TOTAL ASSETS 111 110 Capital stock 66 66
Retained earnings (26) (29)
1000000 Total Equity 40 37
TOTAL LIABILITIES AND EQUITY 111 110
As of As of
46
MEGA CLINIC
CASH FLOW STATEMENT CASH FLOW STATEMENT (continued)
In PhP Mill ions Dec 2014* Dec 2013 In PhP Mill ions Dec 2014* Dec 2013
Cash Flows from Operating Activities Cash Flows from Investing Activities
Income before income tax (1) (1) Acquisitions of property and equipment (4) (1)
Adjustments for: Net cash used in investing activities (4) (1)
Provisions 10 (2)
Depreciation 1 - Cash Flows from Financing Activities
Operating income before working capital changes 9 (3) Due to related partties (6) 11
Decrease (increase) : Payment of Loans (3) (12)
Receivables (12) 8 Net cash used in financing activities (10) (1)
Inventories (0) 1
Prepayments (3) 1 Net increase (decrease) in cash and cash equivalents (7) 4
Increase (decrease) in:
Accounts payable and accrued expenses 12 - Cash and cash equivalents as of beginning of period 19 15
Net cash provided by operating activities 6 6
Cash and cash equivalents at end of the period 12 19
0
*Tentative (0)
1,000,000
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