MPIC Investor Presentation 2216

8/16/2019 MPIC Investor Presentation 2216

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Let’s Move Forward

INVESTOR

PRESENTATIONFebruary 2016


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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 SantosMedical Center, Asian Hospital, Davao Doctors Hospital, Riverside Medical Center, Lourdes Hospital, De Los Medical Center, MegaClinic 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 Group Investor Relations Manager – Maricris C. Aldover ([email protected])

Phone: (+632) 888-0888 / Facsimile: (+632) 888-0813 IR Specialist – Diane A. Martinez ([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, withrespect 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

http://www.mpic.com.ph/mailto:[email protected]://www.adr.db.com/http://www.adr.db.com/mailto:[email protected]://www.mpic.com.ph/


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CONTENTS

METRO PACIFIC INVESTMENTS CORPORATION

THE PORTFOLIO

GROWTH DRIVERS

NET ASSET VALUE ILLUSTRATIONS

TOLLROADS

POWER

WATER

HOSPITALS

RAIL

FUNDING ILLUSTRATION

PPP PROJECTS

PENDING ISSUES AND OPPORTUNITIES

APPENDICES


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Well-positioned for agreed regulatory returns

Service obligations met or exceeded

Track-record of exercising financial discipline

Existing assets purchased at a discount to Net Asset Value Debts refinanced at parent and portfolio level to achieve optimal tenor and interest rates

Bids for new projects were all for reasonable rates of return

Geared for growth

Significant opportunities within current portfolio

Further outlets in PPP and overseas investments

Infrastructure-focused investment and management company – part of First Pacific Company Ltd.

Toll roads Power Water Hospitals Rail

Previously indicated P8.5 billion in Core Income and 25 Dividend Pay-out ratio by 2015 – exceeded Core Incometarget, on track to meet or exceed dividend pay-out target

3.9

5.1

6.6

7.2

8.5

10.0

3.5

5.5

7.5

9.5

2010 2011 2012 2013 2014 2015*

* Estimates -

Include impact

of inflation

adjustment to

aynilad’s tariff

CORE INCOME

In Billions of Pesos

13 12

13

13 20 25

ividend Pay-Out Ratio


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THE PORTFOLIO

75.60

100.00

NLEX & SCTEX

29.45

DON MUANG

TOLLWAY

34.96

Remaining 50% owned by PLDT

52.80

60.00

METRO PACIFIC HOSPITAL

HOLDINGS, INC.

10 hospitals,

1 mall-based clinic20.00 *

AF PAYMENTS,

INC.

55.00

LIGHT RAIL

MANILA

* MVP Group interest in consortium is a total of 50%

50.00

15.00

direct

45.00

CII BRIDGES

& ROADS

100.00

100.00

CALA

EXPRESSWAY

100.00

CEBU CORDOVA

BRIDGE

4 Bulk Water Supply

Projects


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GROWTH DRIVERS – CURRENT PORTFOLIO (GDP +)

POWER WATERROADS HOSPITALS

water distributionconcession

800 thousand

un-served

customers in

Maynilad

New projects

outside the

concession

power distributionfranchise

Power generation

Open access and

retail competition

Philippines–

NLEX,SCTEX and CAVITEX

Regional – Don Muang

Tollways and CII

Bridges & Roads

Expansion of

current concessions

Building of CALA

Expressway / Cebu

Cordova Bridge

Traffic gains from

connection to new

roads

Bidding / auction

for new roads

Tariff progression

10 hospitals, 1 mall-based clinic,

over 2,500 beds

4,000 total bed

target

Synergies

RAIL

automated farecollection system

project

LRT1 South

Extension Project


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NET ASSET VALUE ILLUSTRATIONS

In PHP BillionsYear of

Entry

Net Invested

Capital*

Analysts'

Consensus

Internal

Valuation

Valuation Method

Toll Roads 2008 22.4 58.3 122.6 DCFPower

2009 67.0 93.2 110.3 DCF + Terminal Value

Water

2007 10.8 47.0 54.9 DCF

Hospitals

2007 (0.8) 17.1 31.4 25x EBITDA

Rail 2015 2.3 5.7 5.8 DCF

Total 101.7 221.3 325.0

Net Debt (14.2) **(31.3)

Holding Company Discount (30.4) ***(23.2)

Total Equity Value 176.7 270.5

Per Share

6.39 9.70

GLOBAL ASSUMPTIONS

• WACC at 8.3%*

• Long-term inflation rate of 4.0%

• Outstanding number of shares – 27,867

WACC – 8.3

• 7% pre-tax cost of debt

• 5.7% risk-free rate based on 20 year

Government Bonds

• Target gearing of 50:50

* Net of sale proceeds and accounting treatment adjustments

** Debt will increase to P57.6 billion over the next few years to fund these projects

*** Holding company discount equivalent to recurring expenses


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COMPARISON OF VALUATION CONSIDERATIONS

Analysts' Consensus Internal Valuation

Toll Roads All Analysts

• NLEX

• CAVITEX

Valued by some analysts:

• SCTEX

• Harbour Link

• DMT / CII

• NLEX

• CAVITEX

• SCTEX• Harbour Link

• DMT / CII / CALAEX (valued at initial investment)

• Traffic gains from Connector Road and CALAEX

• No value attached yet to Cebu Cordova Bridge

project

Power All Analysts

• Distribution Utility

Valued by some analysts:

• Power Generation

• Retail Electricity Sales

• Distribution Utility – WACC at 10.8%

• Power Generationo Quezon Power, Subic (300MW) - DCF / 15% ROEo GBP and Pacific Light Power -Valued at cost

• Retail Electricity Sales – 100% roll-out, 50% market

share, 4% maximum margins

Water Maynilad West Zone Concession • Maynilad West Zone Concession – Arbitration WIN

by September 2016

• MWIC investment in Rio Verde (valued at cost)

Hospitals

Various P/E assumptions • 25x 2016 EBITDA less Net Debt

Rail Based on assumed bid case • Updated assumptions – P47.9 project cost

• Starting fare of P11.00/boarding and P1.0/km


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Metro Pacific Tollways Corporation

9

Philippines66%

Thailand20%

Vietnam14%

of Total Toll Road Investment


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TOLL ROADS MAPS - PHILIPPINES

LUZON

CEBU CORDOVA BRIDGE


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TOLL ROADS KEY PRIORITIES - PHILIPPINES

Resolution of Tariff Implementation Delays

Toll road Projects

NLEX Harbour Link

• First phase – 2.4 kms (P1.6B project cost)

o Began operations in March 2015

• Second phase– 8.2 kms (P10.5B project cost)

o Ongoing construction – target completion in 2017

NLEX Citi Link (8.0 kms, P8.2B investment)

•

Final alignment undergoing evaluation• Target completion in 2020

CAVITEX

(13.8 kms - built in two segments running from

Manila to Cavite)

• C5 Link (P10.0B project cost) – target completion in

2020

Connector Road / Metro Expressway Link (8.2 kms,P17.8B project cost – net of common alignment)

• Approved by the National Economic and Development

Authority

• Awaiting Swiss Challenge

CALA Expressway (47kms connecting Sta Rosa City to

Cavite, P23.3B project cost plus P27.B bid premium)

• Concession agreement signed on 10 July 2015

•

Target completion in 2020• Caters for rapidly increasing development and

population to the South of Metro Manila

SCTEX

(93.8 kms)

• Officially turned-over on 27 October 2015

• Concession until 2043

Cebu-Cordova Bridge Project (8.3 kms, P27.9B projectcost)

• Granted Original Proponent Status

• Swiss Challenge conducted in December 2015

• Received Notice of Award on 05 January 2016

Increase proportion of non-toll revenues

•

Upside to valuation – approximately 3% of revenuesas of 2014


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CEBU CORDOVA BRIDGE

Project Specifications Swiss Challenge Case

Start of Operations 2021

Project Cost P27.9B

Toll Rate

P89.00

Toll Rate/Km P10.70

Equity IRR

12.06%

Total Length - 8.25km

Number of Lanes - 2 x 2 or a total of 4 lanes

Height of Bridge - 50 meters

Concession Period - 35 years (inclusive of construction period)

Design Speed - 80 - 90 kph

Alignment

• Connection to Cebu City side via on- and off-ramps along Cebu South Coastal Road and another set along the

Guadalupe River

• Main bridge spanning the navigation path to Shell Island

• Viaduct that brings the bridge to the level of the causeway

• Causeway which leads to Pilipog in Cordova

• At-grade road connecting to the Mactan Circumferential Road


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DON MUANG TOLLWAYS – THAILAND / 29.5 STAKE

STAND-ALONE

FINANCIAL RESULTS

(In Peso Millions)

9M 2015 9M 2014

Revenues 2,543 2,116

EBITDA

2,066 1,684

Core Income

1,204 928

Reported Income 1,204 928

AVERAGE DAILY

TRAFFIC

9M 2015 9M 2014

Original Tollway 83,236 78,668 6%

Northern Extension

49,352 48,591 2%

21.9 km elevated tollroad from Dindaeng in central

Bangkok, and passes through the Don Muang Airport,

to the National Monument north of the capital

27 year concession until 11 September 2034

In THB Original Tollway Northern Extension

Dec 2014 60 25

2015 70 30

2020 80 35

2025 90 40

2030 100 45

TOLL RATE SCHEDULE

Don Muang Tollways contributed P204 million to MPIC’s earnings as of 9M 2015


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CII BRIDGES & ROADS – VIETNAM / 45.0 STAKE

CURRENT

PROJECTS

EXISTING PROJECTS

Average Daily

Vehicles

Y-O-Y Growth

as of 9M 2015

New Rach Chiec Bridge - 736m / 6 lanes

Operation from Jun 2013 to Jun 201823,348 1%

NH1A (Phan Rang - Thap Cham) - 8.4kms / 6

lanes

Operation from May 2013 to Dec 2023

5,926 9%

Rach Mieu Bridge - 8.3kms / 2 lanes

Operation from Feb 2009 to Aug 20238,836 17%

DT741 - 49.7kms / 4 lanes

Operation from Aug 2006 to Mar 20328,469 16%

Sai Gon 2 Bridge – 987m / 5 lanes

Build – Transfer Project – payments to be

received from Jun 2014 to 2018

Received first

payment of

VND197B

N/A

PROJECTS IN THE PIPELINE Project Cost of Completion

Target

Completion

Hanoi Highway Expansion -

15.7kms/ 8 – 10 lanesUS $170M 48% 4Q 2017

NH1A Expansion – 37 kms US $80M 60% 4Q 2017

Bin Trieu 2 Bridge – 2.2kms

/ 4 lanesUS $65M

BOT contract

under

negotiation

2Q 2017

CII Bridges Roads contributed P36 million to MPIC’s earnings as of 9M 2015


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TOLL ROADS REGULATORY FRAMEWORK - PHILIPPINES

Existing Roads PPP / Greenfield Projects

NLEX – concession until 2037

CAVITEX – first section until 2033 / second section until

2046

SCTEX – concession until 2043

• Tariff set and on-going adjustments based on:

– CPI

– Per agreed schedule (CAVITEX)

• Drivers of growth in revenues will be:

– Number of cars on the road

– Number of miles travelled

– Mix of vehicles on the road

•In order to preserve or improve margins:

– Control operating expenses

– Manage maintenance and heavy CAPEX

• Investment in expansions allowed the original return

given the concession

• Winning bids / proposals based on Tariff or Premium

Payment to Government

• In both cases, the proponent submits a Tariff or

Payment sufficient to meet its return requirements

given its traffic expectations

• Note – where a Premium determines the winning bid,

tariff is fixed and the reverse is true if tariff is the

deciding factor

Maximize traffic on existing roads and accurately forecast traffic on greenfield projects


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TOLL ROADS VALUATION SUMMARY

100% 59.9 8.2 36.4 16.1 14.6 8.9 23.8 7.6 15.2 5.5 4.2 3.5 203.9

MPTC 45.3 6.2 27.5 12.2 5.5 6.8 23.8 5.7 7.0 5.5 4.2 3.5 153.2

Net debt (8.5)

Equity value 144.7

MPIC share 144.5

Discount – regulatory friction, project delays etc. (15%) (21.9)

Attributable value 122.6

NLEX

Citi Link

Incremental

traffic fromConnector

Cavitex

SCTEX

TMC

CALAEx

DMT

CII

NLEX

Road

WideningIn PHP Billions

Harbour

Link 1

Harbour

Link 2

TOTAL NLEX at 100 - P144.1B

TOTAL NLEX at MPTC – P103.5B


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TOLL ROADS VALUATION ASSUMPTIONS

Road

CAPEX

(PhP Bn)

Start of

Operations

End of

Concession

Periodic

Adjustment

Basis of Adjustment

NLEX

Phase 1, Seg. 7 and Seg. 8.1 - 2008 2037 Every 2 years CPI / Minimum base escalation of 1.25%Segment 9

2.0 2015 2037 Every 2 years CPI / Minimum base escalation of 1.25%

Segment 10 + R10 Spur 16.2 2017 2037 Every 2 years CPI / Minimum base escalation of 1.25%

NLEX Road widening

5.5 2017 / 2019 2037

Cit i L ink / S egment 8.2

8.2 2020 2037 Every 2 years CPI / Minimum base escalation of 1.25%

Cavitex

R1 Expressway - 2012 2033 Every 3 years CPI and Forex

R1 Extension - 2012 2046 Every 3 years CPI and Forex

C5 Link (Segment 2 3) 9.7 2017 2050 Every 3 years CPI and Forex

C5 Link (Segment 5)

1.0 2020 2050 Every 3 years CPI and Forex

SCTEX 5.0 2016 2043 Every year Minimum base escalation of 6%

TMC (DDM)

- 2008 N/A N/A N/A

CALAEX (at init ial investment)

23.3 2020 2050 Every 2 years CPI

CII (at cost) - Various Various

DMT (at cost) - 2014 2034 Every 5 years THB 10 for Original Tollway / THB5 for

Northern Extension70.9


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TOLL ROADS VALUATION ASSUMPTIONS

T R A F F I C

2 0 1 4 / B a s e

Tra f f i c

F i r s t

y e a r s

Y e a r 6

o n w a r d s

N L E X

O p e n s y st e m 1 2 7 , 8 4 5 2.2% 1.6%

C l o s e d s y s t e m

k m s )

3 , 5 0 5 , 8 3 3 2.2% 1.7%

Se gm e n t 8 .1 1 6 ,3 6 6 1.7% 1.5%

Se gm e n t 9 4 ,9 1 7 2.8% 1.7%

S e g m e n t 1 0 w i t h

R 1 0 s p u r

6 , 4 0 2 4.8% 2.1%

C i t i L i n k / S e g m e n t

8 .2

2 1 , 4 6 3 5.8% 1.7%

C a v i t e x

R 1 E x p r e s s w a y 8 5 , 9 2 0 6.2% 4.8%

R 1 E x te n s io n 1 7 ,2 0 1 10.5% 3.7%

C 5 L i n k

Se gm e n t 2 3 0 ,2 3 1 3.0% 2.9%

Se gm e n t 3 3 9 ,9 1 3 4.1% 4.1%

Se gm e n t 5 1 0 ,6 8 0 8.3% 6.2%

SC TE X 3 5 ,3 5 6 7.3% 3.5%

C A L A E X 6 8 , 8 8 2 6.0% 3.3%

A v e r a g e T r a f f i c

G r o w t h

CLASS 1 TOLL RATES - In PhP

Exclusive of Value-Added Tax)

2015 2016 2017 2018 2019 2020

NLEX

er entry

Open system, beginning tariff 41.00 41.00 41.00 67.00 67.00 75.00

Periodic adjustment - - 13.11 - 8.00 -

Segment 9 - - - - - -

Segment 10 (with R10 spur) - - 12.89 - - -

Citi Link - Segment 8.2 - - - - - 4.00

Open system, ending tarif f 41 .00 41.00 67.00 67.00 75.00 79.00

er kilometer travel led

Closed system, beginning tariff 2.38 2.38 2.38 3.67 3.67 4.60

Periodic adjustment - - 0.93 - 0.45 -

Road widening - - 0.36 - 0.48 -

Closed system, ending tari f f 2.38 2.38 3.67 3.67 4.60 4.60

CAVITEX Per entry)

R1 Expressway, beginning tariff 22.00 22.00 22.00 27.00 28.00 28.00

Periodic adjustment - - 5.00 1.00 - -

R1 Expressway, ending tarif f 22 .00 22.00 27.00 28.00 28.00 28.00

R1 Extension, beginning tariff 57.00 57.00 57.00 68.00 68.00 68.00

Periodic adjustment - - 11.00 - - -

R1 Ext ension, ending t ar if f 57 .00 57.00 68.00 68.00 68.00 68.00

Beginning Tol l Rate

Segment 2 12.50

Segment 3 40.00

Segment 5 5.65

TOLL R TE MULTIPLIER NLEX SC TEX C VITEX

Class 1 1.00 1.00 1.00

Class 2 2.50 2.00 2.00

Class 3 3.00 3.00 3.00

ILLUSTRATIVE TOLL RATE ADJUSTMENTS

Full coverage of area


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Manila Electric Company

19

Full coverage of area

Partial coverage of area

LUZON


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MERALCO – LARGEST DISTRIBUTOR IN THE COUNTRY

4 year Rate Rebasing

Current rebasing – 1 July 2011 to 30 June 2015 (delayed)

Sets returns

•

Allowable Tariff = ((RAB x WACC) + OPEX + Depreciation + Other Taxes,Levies and Duties)/Projected Volume

• WACC –Equity and Debt cost inputs based on survey of utility firms by

regulator – currently 14.97% effective 1 July 2011

• Inflation protection

– Revalues RAB to replacement cost with adjustments for age and

utilization

– Expenses recovered on 1 for 1 basis with adjustment for inflation

• Volume consumption projected over 4 years – Meralco takes volume risk

• CAPEX spend drives RAB on yearly basis

Yearly Review of Maximum Average Price

Adjusted for change in customer mix

Performance metrics rewards or penalties

Extraordinary adjustments

Returns at the Distribution Utility are capped by a regulator determined

return on assets employed to distribute electricity

RAB (P129B)

Assets used to

distribute electricity

x

WACC

Regulator assumes

D:E of 40:60

=

Maximum

Pre-Tax Return

• Franchise until June 2028 to

distribute to 5.6M customers

• Distributes 55 of the total

electricity consumed in the

Philippines – growing at 3 in 2014

to 35,160gWH

•Growing customer base - 4 in

2014, to 5.6 million customers;

Demand mix : Residential (30 ) ,

Commercial (39 ), and Industrial

(31 )

REGULATORY FRAMEWORK


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2015 RATE REBASING - PROCESS DELAYED

INTERIM TARIFF APPLICATION

MERALCO applies for interim tariff while awaiting the rate rebasing

Impact of fully recovering 2nd regulatory period under-recoveries are as follows:

Calculation: P1.58/kWh => Average of the final determination of the

(0.19)/kWh 3rd regulatory period

Calculatio P1.39/kWh

EXPECTED IMPACT ON CURRENT TARIFF

Lower interest rates => WACC from 14.97% to 10.80% - like for like

Volume sold 11% higher than regulatory forecasts

Seeking to recover previously disallowed maintenance and pension costs

Asset revaluation

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Possible SMART Grid upgrades

=================================================

PROFIT AND LOSS IMPLICATIONS

Meralco has fully provided for legacy issues, hence, tariff reduction does not

translate to reduction in profit


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POWER INDUSTRY IN THE PHILIPPINES

GENERATION

RETAIL ELECTRICITY SUPPLIER

DISTRIBUTION CUSTOMERSTRANSMISSION

PRE OPEN ACCESS AND RETAIL COMPETITION

POST OPEN ACCESS AND RETAIL COMPETITION

* Voluntary basis for those consuming 1MW and above


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MERALCO KEY PRIORITIES

DISTRIBUTION UTILITY

• 2015 Rate Rebasing

• Study acquisition of surrounding

distribution concessions

RETAIL COMPETITION AND OPEN ACCESS

• Potential margins (benchmarked) of 7% at

full roll out but keeping only 50% market

shareTODAY

LONG-TERM OUTLOOK

Distribution – 100 Distribution – 49

Open Access – 36

Generation – 16

POWER GENERATION (Model 50/50 MERALCO / Power Gen Partner)

Target Returns:

15% ROE for new power projects

• Baseload

− 460MW San Buenaventura Power Limited (groundbreaking in December 2015; online by 2019)

− 2 x 300MW (phased) Redondo Peninsula Energy Project – environmental case resolved; EPC contract and

financing to be renegotiated (online by 2019)

− Evaluating 2 x 600MW coal plant in Atimonan, Quezon (online by 2020)• Others - 22% stake in Global Business Power (part of GT Cap) – 709MW Gross Capacity with another 150MW

under construction / P7.3B investment

• Overseas Investment – 800MW combined cycle LNG plant in Singapore / P8.8B investment - 28% effective

ownership

Launched in June 2014

CONTRIBUTION TO PROFITABILITY


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POWER VALUATION SUMMARY AND ASSUMPTIONS

MERALCO - 100

NAV

(In Php Bn)

NAV/sh

Distribution 174.4 154.79

Retail electricity sales 124.5 110.43

Generation 52.8 46.88

Net cash 6.4 5.68

358.1 317.78

MPIC SHARE – 32.48

NAV

(In Php Bn)

NAV/sh

Distribution 56.7 2.03

Retail electricity sales 40.4 1.45Generation 17.1 0.62

Net cash (MER) 2.1 0.07

Net debt at Beacon (6.0) (0.22)

110.3 3.95

Rate Rebasing Assumptions

Regulatory annual growth 3.50%Average annual capex PhP11.8bn

Regulatory WACC 10.80%

Regulatory asset base

PhP138.0bn

POWER GENERATION

RETAIL ELECTRICITY SALES

• Gradual roll-out to 100% of contestable market

• MERALCO market share of 50%

• Maximum margins of 4% - based on discounting

margins of 7% benchmarked around the world for

retail electricity sellers

Power Plant Capacity

Cost

(PhP Bn)

Valuation Method

San Buenaventura

(Quezon)

460MW 41.4 DCF based on

15% ROE

RP Energy (Subic) 300MW* 27.0 DCF based on

15% ROE

Global Business

Power

709MW 7.3 Acquisition Cost

Pacific Light 800MW 8.8 Acquisition Cost* Upside of additional 300MW not included


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Maynilad Water Services, Inc.

25

GRE TER

M NIL

RE


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9M2015 Comparison Maynilad

Manila

Water

(East Zone)

Billed Volume (In

MLD)1,336 1,281

NRW (period end) 29.4% 11.7%

Revenue

(in PHP millions)14,243 11,246

EBITDA 10,119 7,930

Core Income 7,160 4,063

Population 9.8M 6.8M

Population Served 92% 99%

Average Daily

Consumption –

population served

136 liters 188 liters

Analysts’ Consensus /

Market CapP47.0B P46.6B

MAYNILAD WATER SERVICES

Metro Manila West Zone Concession to 2037

– As of 9M 2015, 9.8M population, 9.0M served

– Long-term regulatory NRW targets:

2017 – 30%

2022 and beyond – 20%

Opportunity for growth at Maynilad

– 800 thousand un-served

WATER CONCESSION AND DISTRIBUTION RIGHTS

OTHER WATER PROJECTS

PHILHYDRO INC. -

100% ownership by Maynilad

• With current bulk water supply and distribution projects inAlbay, Bulacan, Nueva Vizcaya and Nueva Ecija; total

population approx. 610 thousand; target capacity of

135MLD

• 9M 2015 - Revenues of P129 million and Operating Income

of P26 million

SUBIC WATER – 10% ownership by Maynilad

• Population of approx. 230 thousand with 36 thousand

service connections

• 66.5 MLD capacity

• 9M 2015 - Revenues of P464 million and Net Income of

P136 million


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MAYNILAD REGULATORY FRAMEWORK

Tariff set to realize revenues sufficient to get a regulated return on the excess of cash spent over revenues collected

5 Year Rate Rebasing

Tariff = PV of Future Revenues / Projected Billed Volume• Volume of water sold (biggest factor affecting tariff)

• Projected spend

• Rate of return

Real post-tax returns calculated based on cost of debt and

equity for comparable companies – 9.3% (2008-2012) and

7.89% (2013-2017*)

• Based on 50:50 debt to equity split and cost of 10 year

debt

• Adjusted yearly for inflation and quarterly for Forex

• Applied to Excess of cash spent (Operating Expenses,

Taxes, Concession Fees) versus revenues collected

― Opening Cash Position (OCP) = Prior period balances

brought forward by inflation and rate of return for

relevant period

• Independent of volume of water sold

Key Success Factors – meeting regulatory targets, spread of

rate of return to capital costs, amount of cash spent, point of

free cash flow surplus

Opening Cash Position

Approved 2008 – (P33.7B)

2012 – (P66.0B) *may be challenged in 2018 Rate

Rebasing

|NOMINAL

|-------------------------REAL

----------------------------------|

2007 2012 2017 2022 2027 2032

Opening cash position

Cash revenues

Cash expenses


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28

MAYNILAD ARBITRATION

TARIFF IMPLICATIONS

Base Case

Status Quo)

Favorable

Outcome

2013 Average basic tariff 31.25 31.25

Less: 2013 CPI - (0.97)

31.25 30.28

2013 Tariff adjustment* - 4.06

Proforma 2013 basic tariff 31.25 34.34

2014 CPI (2.5%) - 0.86

2015 CPI (4.9%) - 1.72

2015 Average basic tariff 31.25 36.92

CERA 1.00 -

Environmental charge (20%) 6.45 7.38

VAT (12%) 4.64 5.32

Total 43 .34 49.62

BASIS OF TARIFF INCREASE:

Recovery of corporate income tax is

allowed

May be challenged in 2018 Rate Rebasing:

Appropriate discount rate: 7.89

Opening cash position: P66 billion

Total capital expenditure commitment

(2013 to 2017): P59 billion

Total operating expenses (2013 to 2017):

P31 billion

TIMELINE OF EVENTS

20 February 2015

Maynilad calls on Government’s (Department of Finance) undertaking to

indemnify concessionaire for losses caused by delays in implementation of tariff

09 March 2015

Maynilad sends a follow-up letter to the DOF

27 March 2015 Maynilad serves Notice of Arbitration to the Philippine Republic

14 May 2015 MWSS board approves Maynilad’s request for CPI increase

22 October 2015

Arbitral Tribunal for Arbitration with Philippine Republic is constituted


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29

WATER VALUATION SUMMARY

WATER

Enterprise value 119.8

Net debt (17.7)Equity value 102.1

MPIC ownership 52.8%

Attributable share - Maynilad 53.9

MWIC (at initial investment cost) 1.0

Total attributable share 54.9

Rate Rebasing Assumptions (Amounts in PhP Billion)

ADR (2018 onwards) 8.3%

2013 Opening cash position P66.0Long-term inflation rate 4.0%

Concession Fees

2013 to 2017 P6.0

2013 to 2037 P21.5

Capital Expenditure Commitment

2013 to 2017 P59.0

2013 to 2037 P239.0

Operating Expenses

2013 to 2017 P31.0

2013 to 2037 P183.0

• Assumes 2016 and 2017 inflation

adjustments are implemented

• Rate rebasing adjustment to be

implemented in 2018 based on

latest benchmarking

METROPAC WATER INVESTMENTS CORPORATION


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30

CARMEN BULK WATER SUPPLY – 20% effective ownership

• JV with Manila Water for Bulk Water Supply Project for Metro Cebu Water District; in partnership with Provincial

Government of Cebu

• Population of approx. 2.4 million; target capacity of 35 MLD

• 30 year contract; began operations on 5 January 2015

RIO VERDE WATER CONSORTIUM INC. (Cagayan de Oro) – Operations and Maintenance Contract

• 100 MLD bulk water assets and 27 km transmission lines

• Current billed volume of 40MLD; population of approx. 639 thousand

METRO ILOILO BULK WATER

• 30 year, 170 MLD Bulk Water Joint Venture (JV) with Metro Iloilo Water District

• JV to rehabilitate, expand, maintain, and operate 40 MLD of existing production facilities

• Franchise population of approx. 778,000

EQUIPACIFIC HOLDCO INC.

- 30% effective ownership

•25 year Joint Venture for the rehabilitation, expansion, operation and maintenance of the water supply systemof Laguna Water District

• 2015 Billed Volume approximately 20,000 CMD; 30,000 connections; 45% service coverage

• Franchise population of approx. 300,000


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31

Hospital Group

HOSPITALS


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32

Hospitals Description Ownership

No. of

Beds

Annualized

Revenues

METRO MANILA

Makati Medical Center

Services the primary central business district in

Metro Manila33.2% 534 P4.9B

Asian Hospital

Premiere medical facility which caters to the

growing communities South of Metro Manila85.6% 305 P2.2B

Our Lady of Lourdes

Mid-market hospital which services communities in

East Manila

100%

(Lease)190 P0.6B

Cardinal Santos

Leading hospital which targets the affluentcommunities in the middle of Metro Manila

100%(Lease)

217 P2.0B

De Los Santos

Mid-market teaching and training hospital in Quezon

City, the largest city in Metro Manila51.0% 135 P0.5B

Mega Clinic

Mall-based diagnostic center 51.0% N/A P0.1B

Manila Doctors Hospital

Tertiary hospital in the City of Manila 20.0% 300 P2.0B

PROVINCES

Riverside Medical

Preeminent hospital in Bacolod 69.9% 266 P1.2B

Davao Doctors

Leading medical institution in Mindanao 34.8% 316 P1.2B

Central Luzon Doctors Hospital

Largest tertiary hospital in Tarlac 51.0% 171 P0.4B

West Metro Medical Center Second largest tertiary hospital in Zamboanga100%

(Lease)122 P0.2B

Operates the largest private hospital network in the Philippines with over 2,500 beds. Present in all the major island

groups, the majority of which target the A & B market

HOSPITALS / HEALTHCARE KEY PRIORITIES


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33

2016 EBITDA 3.3

Multiple 25.0

Enterprise value 83.0

Add: Net cash 3.1

Equity value 86.04

MPPHHI share 52.4

MPIC ownership 60.0%

31 4

HOSPITALS VA LUATION SUMMARY

In PhP Billi ons)

Invest in more hospitals to expand the chain – Target of 4,000 beds and better coverage

Harvest synergies across the network - group-wide policies and protocols on equipment and other purchases

Improve existing hospitals through investments in new equipment and renovations / expansions

Integrate into one chain and build centers of excellence across the network

Address changes in healthcare delivery

• Nonhospital-based diagnostic centers

• Non-invasive surgery training center

• Specialist cardiology center

25x 2016 EBITDA

(based on indicative IPO guidelines

from investment bankers)


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34

AFCS / RAIL


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35

AUTOMATED FARE COLLECTION SYSTEM (AFCS)

Completed roll-out of Beep Cards for LRT1, LRT2 and MRT3

Ownership Structure:

AF Consortium Structure:

Project Cost: P1.72 billion

Project Description:

• Finance, design, construct and install AFCS for LRT1, LRT 2 andMRT3

• Ensure full system integration and full system acceptance allowing inclusion of other transport modes

• Operate and maintain AFCS for a concession period of ten (10) years – full roll out within 18 months from signing of

Concession Agreement

Benefits:

• Existing magnetic ticketing system will be upgraded to a contactless system which will increase passenger throughputfrom 2 passengers/turnstile/minute to 35

• Payment Cards may be loaded anytime and place through mobile network

• Payment Cards may eventually be used in Malls, Toll Roads and other merchants

Ayala Group First Pacific Group

BPI Card – 20% + 1 share Metro Pacific – 20% - 1 share

Globe – 20% SMART – 20%

AC Infrastructure – 10% FinServe – 10%

RAIL : LRT1 SOUTH EXTENSION PROJECT


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36

Project Cost:

P48 billion (increase mainly due to higher rehabilitation costs and rolling stock capex) – maximum

equity call on MPIC of P14 billion

Extension Construction Start Date:

1 June 2017

Target Completion Date:

31 Mar 2021

Tariff Assumptions:

• Base tariffs of P11 boarding fare + P1/km distance fare

• 10% increase bi-annually beginning August 2016

Base Case Equity IRR:

11.8%

Initial Ridership (2015):

• Daily ridership – approx. 449,000

• Daily passenger kilometers – approx. 3.3 million

Project Description:

The consortium will operate and maintainLRT1 for 32 years. Upon completion of the

extension, the system will stretch 32.4

kilometers (from its current 20.7

kilometers). The extension will serve future

high growth centers in the South like Cavite.

Existing operations were turned-over to Light Rail Manila Corporation on 12 September 2015

KEY CONSIDERATIONS:

• Existing train system is severely deteriorated

• Only 77 of the existing light rail vehicles were

in running condition - new up to 86

• LRMC will begin works starting with

improvements in the facilities on all the

stations for the safety and security of

customers. Nine of the eleven substations are

also in line for rehabilitation to help ensure

more reliable train services

FUNDING ILLUSTRATION – NO ASSET DILUTION


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3737

PROJECTS NOT YET INCLUDED IN

FUNDING MAP

• Connector Road

• Airport Projects – P116B Total Project

Cost for both packages; pending bid

parameters (capital contribution overa number of years)

DEBT COVENANTS

1.Debt-to-equity ratio not to exceed

70:30

2.Debt-service coverage ratio at a

minimum of 1.3x

EXPANSION REQUIRES FURTHER

INTERNAL EQUITY FUNDING –TO BE

SOURCED FROM CRYSTALLIZATION OF

VALUE IN EXISTING ASSETS

1. Higher dividends from MERALCO

2. Possible partner for CALAExpressway

3. Maynilad sell-down; post

arbitration resolution

4. Possible Hospital Group IPO

5. Dilution of Tollroads ownership

ILLUSTRATIV E CASH FLOW 2015 2016 2017 2018

Dividend income(a) 4.4 6.0 7.5 7.6

Net interest, overhead and fees (2.1) (4.3) (4.1) (5.0)

Net cash for dividend / debt / investment 2.3 1.7 3.4 2.6

Allocation for investments (b) (33.1) (12.0) (7.0) (8.5)

New equity infusion / ESOP exercise 8.8 - - 0.6

Net new borrowings 23.3 11.7 6.7 9.4

Dividend commitment (1.9) (2.5) (2.5) (2.5)

Net movement in cash (0.6) (1.1) 0.6 1.6

Beginning cash balance 4.1 3.5 2.4 3.0

End ing cash balance 3.5 2. 4 3. 0 4. 6

MPIC Paren t Level Debt 29.7 41.3 47.9 57.6

DIVIDEND INCOME

a )

2015 2016 2017 2018

Water 1.1 1.1 1.1 1.1

Power 2.0 2.6 4.6 4.7

Tollroads 1.2 2.3 1.7 1.7

Hospitals 0.1 - 0.1 0.1

4. 4 6. 0 7. 5 7. 6

ALLOCATION FOR INVESTMENTS

b )

2015 2016 2017 2018

Power 23.1 4.4 - -

Tollroads 7.9 2.0 3.9 3.4

Rail 1.6 1.2 2.5 4.7

Water 0.2 4.1 0.5 0.4

Others 0.3 0.3 0.1 -

33.1 12.0 7. 0 8. 5

STAND-ALONE LEVERAGE METRICS


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3838

* Additional debt:

a) Beacon (held 50 )

–

P18.4B

b) Don Muang Tollway – P2.5B

100 STAND ALONE - 9M 2015 PA R E NT TOLL R OA DS POWE R WA TE R HOSPITA LS

L E VE R A G E

Cash P3.8B P7.0B P75.6B P8.5B P4.9B

Gross debt P28.2B* P28.1B P29.9B P24.8B P2.0B Equity P97.6B P14.3B P79.0B P32.9B P11.9B

2014 EBITDA N/A P5.8B P33.2B P12.9B P2.9B

CAPEX

Average - operational

N/A P0.5B P11.0B P12.0B P0.7B

OTHER PROJECTS – PPP & UNSOLICITED PROPOSALS


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3939

Project

Estimated

Cost

Description

ppp.gov.ph

Status MPI View

Connector Road P17.8 billionConstruction, operation and maintenance of an 8.2

km road which will connect NLEX to SLEX

Granted original

proponent status

Award date

uncertain pending

timetable for Swiss

Challenge

MRT 3 P13.5 billion Expansion of operations of existing MRT3 lineFor re-submission

of proposal

Iloilo Airport

Bacolod Airport

P30.4 billion

P20.3 billion

30-year operations and maintenance,

implementation of immediate expansion required

to cater to future demand

For bid submission

on 1Q 2016

Pre-qualified to

participate

Davao Airport

Laguindingan Airport

New Bohol Airport

P40.6 billion

P14.6 billionP4.6 billion

30-year operations and maintenance,

implementation of immediate expansion requiredto cater to future demand

For bid submissionon 1Q 2016

Pre-qualified to

participate

Makati-Pasay-Taguig

Mass Transit System

Loop

P378.3

billion

Financing, design, construction, operation and

maintenance of the mass transit system

For NEDA Board

approval

Interested to

participate

North-South Railway

Project

P179.2

billion

Upgrade of existing railway to provide improved

transport and logistics services to currently

underserved areas and encourage more productive

activities

For NEDA Board

approval

Interested to

participate

PENDING ISSUES


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4040

POWER WATER TOLL ROADS

Maynilad calls on the

Government’s

Undertaking to

indemnify

concessionaire forlosses caused by delays

in tariff implementation

Ongoing arbitration -

Arbitral Tribunal was

constituted on October

22

Memo by Department of

Energy on DU

participation in Open

Access

Joint resolution from DOE

and ERC enjoining all DUs

to conduct Competitive

Selection Process in the

procurement of supply for

their captive market

Delayed rate rebasing

Delayed tariff increases

o NLEX – due January

2013 & 2015

o CAVITEX – due January2012 & 2015 for R1 and

January 2014 for R1

extension

o Issued a Demand Letter

to the Philippine Republic

for the delayed toll

increase implementation

on August 26

Connector Road Swiss

Challenge

RAIL

Filed Claim from Grantors

for various LRT1 costs

(shortfall payments,

compliance with

maintenance, availabilityof LRVs, cycle time,

premature system

degradation etc.) on

October 26

Right of Way acquisition –

ongoing preparation work

APPENDICES


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4141

MANAGEMENT TEAM

FINANCIAL & OPERATIONAL HIGHLIGHTS

MPIC MANAGEMENT TEAM


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4242

MPIC

Manuel V. Pangilinan Jose Ma. K. Lim

David J. Nicol

MAYNILADERALCO MPTC HOSPITALS

Chairman

Concurrently Chairman of PLDT,

Philex and Meralco; and Managing

Director of First Pacific

President

Concurrently President of Beacon Electric

Asset Holdings, Director of MERALCO, Former

CEO of CMMTC Skyway and CFO of FBDC,

Chairman of Davao Doctors Hospital, Riverside

Hospital, ; 20 years with Metro Pacific Group

President & CEO

Former Philippine Country Head

for Shell; Chairman Pepsi-Cola

Products Philippines, Inc.

President & CEO

Formerly the head of International

& Carrier Business PLDT/Smart, 18

years experience in materials

management, industrial marketing

and sales

President & CEO

Long experience in financial

structuring and M&A with First

Pacific (over 30 years) and its

portfolio companies

CFO

Former CFO & CEO in packaging, waste

management and social housing

infrastructure; 10 yrs. with PWC, 15 yrs.

with First Pacific, extensive M&A

experience

Oscar S. Reyes

Augusto P.

Palisoc Jr.

Ramoncito S.

Fernandez

Rodrigo E.

Franco

President & CEO

Over 13 years experience in toll

road business; concurrently serves

as CEO of MNTC; 20 years

commercial and investment

banking experience in JPMorgan

and Chase Manhattan Bank


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4343

FINANCIAL AND OPERATIONAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS


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4444

29 growth in MPIC Share driven by:

POWER - 5 ↑ in energy sales, increased

shareholding in MERALCO from 27.5% to 32.5%; and

higher Non-electricity Revenues

WATER - 4 ↑ in billed volume of Maynilad; improved

collection performance; and lower personnel cost

TOLLROADS - 9 ↑ in average daily traffic and 12

↑ in average kilometers travelled in NLEX, 10 ↑ in

average daily traffic in CAVITEX; contribution from

Don Muang Tollways and CII; and increased

shareholding in MNTC from 71.0% 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

Increase in interest expense due to new debt drawdownin June 2015 and accretion of interest arising from

payable to Beacon for the acquisition of MERALCO

shares

Reported income growth reflects reduced non-core

expenses from various business development costs

In Millions of Pesos 9M 2015 9M 2014 Change

MPIC share

M ay n i lad 3,563

3,177 12%

M E R A L CO / B eacon 3,905

2,478 58%

M P TC / DM T 2,145

1,588 35%

Hosp i tals 319

400 -20%

Rai l (73)

(15) 387%

Sh are of op erati n g in com e 9,859 7,628 29

Head of f ice exp en ses (804) (810) -1%

In terest exp en se (809)

(356) 127%

Core in com e 8,246 6,462 28

N on -core exp en ses (452) (475) -5%

R ep orted in come 7,794 5,987 30

FULL YEAR 2015

CORE INCOME GUIDANCE

P10.0 billion



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4545

CONSOLIDATED

In Peso Millions 2008 2009 2010 2011 2012* 2013 2014

MPIC share

Maynilad 308 1,540 2,394 3,101 3,548 3,789 4,376

MERALCO / Beacon - 212 1,486 1,686 2,213 2,333 3,027

MPTC 166 1,279 1,434 1,455 1,570 1,874 2,239

Hospitals 110 174 172 248 507 581 465

Others - (15) - - - - 28)

Share of operating income 584 3,190 5,486 6,490 7,838 8,577 10,079

Head of fice expenses (156) (291) (498) (973) (903) (917) 1,025)

Interest expense (81) (852) (1,132) (416) (371) (431) 546)

Core income 347 2,047 3,856 5,101 6,564 7,229 8,508

Non-core expenses 179 253 (985) (42) (657) (20) 568)

Reported income 526 2,300 2,871 5,059 5,907 7,209 7,940

Diluted EPS - Core Income 6.57 16.09 19.10 22.26 26.61 27.80 32.63

*Restated

FINANCIAL AND OPERATIONAL HIGHLIGHTS - ANNUAL


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4646

METRO PACIFIC TOLLWAYS CORP.

FINANCIAL HIGHLIGHTS * Restated

(In Peso Millions) 2010 2011* 2012* 2013 2014

Revenues 5,858 6,465 6,784 8,154 8,641

Core EBITDA 3,692 4,144 4,438 5,540 5,788Core Income 1,465 1,480 1,575 1,963 2,154

Reported Income 996 1,258 1,474 2,001 2,062

Assets 19,329 19,484 27,592 38,736 46,289

Total Debt 9,354 9,051 8,906 17,744 26,676

Equity 8,101 8,179 8,440 15,893 13,842

Contribution to MPIC 1,434 1,456 1,570 1,874 2,239

OPERATIONAL HIGHLIGHTS

NORTH LUZON EXPRESS WAY 2010 2011 2012 2013 2014

Open and Closed System (in vehicle entries)

Class 1 121,583 119,890 121,686 129,484 139,560

Class 2 26,055 26,122 27,550 28,773 29,697

Class 3 12,244 12,330 14,126 14,810 16,040

Total 159,882 158,342 163,362 173,067 185,297

Closed System (in vehicle-kilometers travelled) - in thousands

Class 1 2,246 2,160 2,192 2,305 2,509

Class 2 544 549 582 608 618

Class 3 326 305 351 360 379

Total 3,116 3,014 3,125 3,273 3,506

CAVITEX EXPRES SWAY (in vehicle entr ies) 2010 2011 2012 2013 2014

Class 1 80,579 88,774 96,769

Class 2 9,912 9,859 9,655

Class 3 3,209 3,647 3,970

Total 93,700 102,280 110,394



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4747

MERALCO

F IN A N C IA L H IG H L IG H T S * Restated

(In Pe so M illio ns ) 2 01 0 2 0 1 1* 20 1 2 * 20 1 3 2 01 4

Revenues 240,933 256,808 285,270 298,636 266,336

C o re E B IT D A 25,089 26,824 26,846 30,845 33,172 C o re In c o me

12,155 14,887 16,265 17,023 18,128

R e p o r t e d In c o me

9,685 13,260 17,117 17,211 18,053

Assets

178,968 211,088 216,891 264,004 269,913

Tota l Debt

21,221 24,443 24,613 33,591 30,042

Equity

63,196 66,869 68,150 75,335 79,474

Contr ibu t ion to MPIC 1,486 1,711 2,213 2,333 3,027

OPERATION AL H IG H LIG H TS 2 01 0 2 0 11 2 0 1 2 20 1 3 2 01 4

Energy sales ( in gWh)

Residential 9,540 9,344 9,779 10,235 10,364

Commercial 11,830 12,027 12,749 13,302 13,814

Industrial 8,734 9,080 10,111 10,417 10,850

Streetlights 143 141 132 130 1 3 2

Total 30,247 30,592 32,771 34,084 35,160

Number o f cus tomers ( in thousands)

Residential 4,412 4,580 4,735 4,9015,097

Commercial 421 433 440 4534 6 4

Industrial 10 10 10 101 0

Streetlights 4 4 4 44

Total 4,847 5,027 5,189 5,368 5,575

System loss per formance 7.94% 7.35% 7.04% 6.92% 6.49

System ave rage in terrupt ion f requency

index(number o f t imes)

6.52 4.8 3.9 3.4 2 .7

Customer average in terrupt ion

f requency index (number o f m inutes )

141.3 116.7 103.3 97.7 94.0



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4848

MAYNILAD


* Restated

(In Peso Millions) 2010 2011* 2012* 2013 2014

Revenues 12,050 13,769 15,883 16,895 18,363 Core EBITDA

7,907 9,361 10,456 11,083 12,857

Core Income

4,835 5,974 6,800 7,530 8,777

Reported Income 4,780 5,833 6,380 6,936 8,255

Assets

42,590 55,366 61,467 68,730 72,542

Total Debt

16,091 22,538 21,655 25,342 26,676

Equity

7,944 12,311 16,718 20,693 27,867

Contr ibution to MPIC

2,394 3,082 3,548 3,789 4,376

OPERATIONAL H IG HLIGH TS 2010 2011 2012 2013 2014

Bil led vo lume ( in MCM)

374 405 428 444463

Bil led customers

903,682 1,005,350 1,073,508 1,129,4971,190,062

Non-revenue water

Average

53.40% 47.80% 43.40% 38.70%33.90

Period end

51.00% 42.20% 41.00% 35.40%32.90

Service levels

24-hour coverage

71.00% 84.00% 96.00% 97.80%100.00

Over 7 psi 86.00% 96.00% 99.80% 99.90% 100.00

Pipes laid ( in kms)

During the period

456 375 234 221152

Total network

6,476 6,851 7,085 7,3067,458



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4949

HOSPITALS


* Restated

In Peso Millions) 2010 2011* 2012* 2013 2014

Revenues 6,991 8,485 11,329 12,493 14,096 Core EBITDA

1,274 1,626 2,328 2,656 2,946

Core Income

480 559 720 879 1,007

Reported Income 386 674 713 886 1,011

Assets

10,018 15,633 16,464 18,527 19,469

Total Debt 921 2,569 2,209 2,233 2,331

Equity 5,840 9,200 9,740 10,912 11,804

Contribution to MPIC

172 242 507 581 46 5

OPERATIONAL HIGHLIGHTS 2010 2011 2012 2013 2014

Total beds available

1,599 1,812 1,806 2,021 2,134

Number of patients

Out-patient 905,884 1,198,658 1,500,274 1,626,017 1,849,301

In-patient

78,330 95,056 112,060 115,570 124,467

Number of doctors 2,390 4,333 4,546 5,418 5,367

FINANCIAL AND OPERATIONAL HIGHLIGHTS - QUARTERLY


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5050

M PTC 1 Q 2 Q 3 Q

Ne t R e v e n u e s

2,272 2,398 2,301 - 4 . 0

C o r e E B I T D A

1,597 1,618 1,621 0 . 2

C o r e I n c o m e 628 616 728 1 8 . 2

R e p o r t e d I n c o m e

591 593 614 3 . 5

Average Da i l y Vehic le Ent r ies (Open & C losed)

Class 1 148,845 158,155 149,514 - 5 . 5

Class 2 30,195 30,514 29,675 - 2 . 7

Class 3 17,018 16,964 16,710 - 1 . 5

Tota l 196,058 205,633 195,899 - 4 . 7

Average Da i l y K i lometers Trave l led ( In thousands of kms)

Class 1 2,794 3,121 2,616 - 1 6 . 2

Class 2 637 651 613 - 5 . 8

Class 3 397 404 390 - 3 . 5

Tota l 3,828 4,176 3,619 - 1 3 . 3

Average Da i l y

Vehic le Ent r ies

Class 1 104,367 107,933 105,030 - 2 . 7

Class 2 9,747 9,848 9,658 - 1 . 9

Class 3 4,321 4,410 4,236 - 3 . 9

Tota l 118,435 122,191 118,924 - 2 . 7

K E Y M E T R I C S

NLEX

VITEX

F I NA NC I A L H I G H L I G H T S

MERALCO 1Q 2Q 3Q

Total Revenues

62,589 71,419 63,039 -11.7

Core EBITDA

8,227 11,403 7,476 -34.4

Core Income

4,416 7,224 4,155 -42.5

Reported Income

4,421 7,326 4,402 -39.9

System Loss 6.50% 6.60%6.56 -0.6

Number of customers 5.63M 5.68M5.74M 1.1

Energy Sales

Residential 2,262 3,027 2,951 -2.5

Commercial 3,213 3,784 3,852 1.8

Industrial2,584 2,817 2,907 3.2

Streetlights 33 33 33 0.0

Total (in gWh) 8,092 9,661 9,743 0.8


KEY METRICS

FINANCIAL AND OPERATIONAL HIGHLIGHTS - QUARTERLY


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5151

MAYNILAD 1Q 2Q 3Q

Revenues 4,487 4,849 4,907 1.2%

Core EBITDA 3,171 3,546 3,402 -4.1%

Core Income 2,250 2,574 2,336 -9.2%

Reported Income 2,219 2,538 2,314 -8.8%

Billed volume In MCM) 114.7 123.8 122.2 -1.3%

Billed customers 1,211,954 1,229,198 1,247,204 1.5%

Non-revenue water

Average 34.1% 30.5% 30.7 0.6%

Period end 32.7% 30.0% 29.4 -2.0%

Service levels

24-hour coverage 99.7% 97.4% 62.8 -35.5%

Over 7 psi 100% 99% 56.3 -43.4%


KEY METRICS

H OS PITA LS 1 Q 2 Q 3 Q

Re v e n ue s

3,683 3,713 4 , 0 6 5

9.5%

Co r e E BITDA

801 771 9 2 9

20.5%

Co r e In co me 293 272 3 8 1 40.1%

Re po r t e d In co me 292 275 3 8 6 40.4%

To t a l n umbe r o f be ds 2,135 2,127 2 , 2 5 6 6.1%

Numbe r o f accr e d i t e d do ct o r s 5,477 5,437 5 , 8 4 3 7.5%

Numbe r o f e n r o l le e s 4,972 4,045 4 , 6 4 7

14.9%

F I N A N C I A L H I G H L I G H T S

KE Y M E TRICS


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MPIC Investor Presentation 2216

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Transcript of MPIC Investor Presentation 2216