First Pacific Co. Ltd. · HKEX:142
First Pacific — Metro Pacific Investments — 9M 2022 Earnings Presentation
31 slides from First Pacific's earnings presentation, Nov 9, 2022
Slide 1: Nine Months 2022 Financial and Operational Results
NINE MONTHS 2022 FINANCIAL AND OPERATIONAL RESULTS ANALYSTS’ BRIEFING 09 NOVEMBER 2022
Slide 2: Contents
CONTENTS The MPIC Way APPENDIX Consolidated Income Statement Nine Months 2022 Financial Highlights Share in Operating Core Income Core Earnings Contribution Mix Condensed Income Statement of Operating Group Volume Dashboard Companies Debt Profile Stand-alone Performance of Operating Companies Balanc
Slide 3: Forging the Path as the Leading Catalyst for Sustainability in the Philippines
FORGING THE PATH AS THE LEADING CATALYST FOR SUSTAINABILITY IN THE PHILIPPINES The MPIC Way : Doing well while doing good E ECONOMIC E ENVIRONMENT S SOCIAL G GOVERNANCE Fortifying financial Heeding the call for climate Reinforcing an organizational Pioneering high standards of resilience and solidif
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS Economic recovery and resolution of regulatory overhangs propel growth In Billions 9M2022 9M2021 % 1H22 vs. 1H21 AGGREGATE GROUPWIDE REVENUES* ₱383.1 ₱297.9 29% 25% CORE EBITDA ₱70.1 ₱62.1 13% 12% MPIC SHARE SHARE IN OPERATING CORE INCOME ₱15.3 ₱13.1 17% 15% P CORE I
Slide 5: Core Earnings Contribution Mix
CORE EARNINGS CONTRIBUTION MIX In ₱ Millions In Millions of Pesos 9M 2022 9M 2021 % 153 1% POWER ₱8,886 ₱8,410 6% 2,236 15% TOLL ROADS 4,064 2,671 52% 2,196 17% WATER 2,236 2,196 2% 4,064 26% Power LIGHT RAIL (243) (321) 24% 2,671 20% Toll Roads OTHERS 396 174 128% Water SHARE IN OPERATING
Slide 6: Group Volume Dashboard
GROUP VOLUME DASHBOARD 2020 2021 2022 MPTC AVERAGE DAILY TRAFFIC MERALCO ENERGY SALES LIGHT RAIL MANILA In Thousands In GWh AVERAGE DAILY RIDERSHIP North Luzon Expressway In Thousands 247 293 299 303 303 303 294 295 297 4,464 4,167 4,268 4,193 4,213 4,179 3,793 3,770 Jan Feb Mar Apr May Jun Jul Aug
Slide 7: Stand-alone Performance of Operating Companies
STAND-ALONE PERFORMANCE OF OPERATING COMPANIES
Slide 8: Manila Electric Company
MANILA ELECTRIC COMPANY 9M 2022 HIGHLIGHTS FINANCIAL HIGHLIGHTS (In Billions) REVENUES ₱314.9 36% CORE EBITDA ₱37.2 1% CORE INCOME ₱19.6 9% ENERGY SALES 2022 2021 CAPITAL EXPENDITURE ₱20.8 12% In GWh 4,268 4,464 4,167 4,193 4,213 4,179 3,793 3,770 OPERATIONAL HIGHLIGHTS 3,506 Total energy sa
Slide 9: Metro Pacific Tollways Corporation
METRO PACIFIC TOLLWAYS CORPORATION 9M 2022 HIGHLIGHTS FINANCIAL HIGHLIGHTS (In Billions) TOLL REVENUES ₱16.4 33% CORE EBITDA ₱11.6 39% CORE INCOME ₱4.1 51% DOMESTIC AVERAGE DAILY TRAFFIC 2022 2021 CAPITAL EXPENDITURE ₱15.3 8% In Thousands 568 OPERATIONAL HIGHLIGHTS 457 551 583 578 585 573 57
Slide 10: Maynilad Water Services, Inc.
MAYNILAD WATER SERVICES, INC. 9M 2022 HIGHLIGHTS FINANCIAL HIGHLIGHTS (In Billions) REVENUES ₱17.1 3% CORE EBITDA ₱11.6 3% CORE INCOME ₱4.7 1% CAPITAL EXPENDITURE ₱10.3 99% BILLED VOLUME 48 2022 2021 In MCM 46 46 45 OPERATIONAL HIGHLIGHTS 43 Total billed volume (In MCM) 393.7 1% 40 44 Resi
Slide 11: Light Rail Manila and Metro Pacific Health
LIGHT RAIL MANILA AND METRO PACIFIC HEALTH 9M 2022 HIGHLIGHTS FINANCIAL HIGHLIGHTS (In Millions) FINANCIAL HIGHLIGHTS (In Millions) REVENUES ₱1,260 58% REVENUES ₱14,796 4% CORE EBITDA (₱26) 95% CORE EBITDA ₱3,147 12% CORE INCOME (₱494) 29% CORE INCOME ₱785 34% CAPITAL EXPENDITURE ₱2,038
Slide 12: Growth, Expansion, and Recent Developments
GROWTH, EXPANSION, AND RECENT DEVELOPMENTS
Slide 13: Toll Roads Expansion Projects
TOLL ROADS EXPANSION PROJECTS Continued execution on value-accretive projects despite pandemic challenges Length Construction Cost(a) Target Toll Road Projects (In Km) (In Billions) Completion(b) Expansions to existing roads CAVITEX – CALAX Link (previously CAVITEX 1.2 ₱2.4 2023 Segment 4 Extension)
Slide 14: Metro Pacific Hospitals Rebrands with a New Identity
METRO PACIFIC HOSPITALS REBRANDS WITH A NEW IDENTITY Going beyond traditional Hospital Infrastructure ▪ The new MPH brand unifies all 19 hospitals under the group’s umbrella ▪ To encompass the overall healthcare ecosystem, including insurance, pharma, digitalization and other initiatives ▪ The rebra
Slide 15: MWell Sets New Standards in Digital Health Apps
MWELL SETS NEW STANDARDS IN DIGITAL HEALTH APPS PH 1st HEALTH APP RECOGNIZED PH 1st AFFORDABLE TELEMEDICINE W/ PH 1st AVAILABLE GLOBALLY PH 1st NATIONWIDE GLOBALLY FREE INSURANCE FOR MIGRANT WORKERS DIGITAL MEDICAL MISSION PH 1st to OFFER A FREE WELLNESS SCORE PH 1st PORTABLE MOBILE CLINIC FOR PH 1s
Slide 16: Sustainability at MPIC
PACIFIC INVESTMENTS SUSTAINABILITY AT MPIC Oe®DOOO
Slide 17: Integrating Sustainability with Business Strategy
INTEGRATING SUSTAINABILITY WITH BUSINESS STRATEGY Meralco expands renewable energy projects The amenities building of MPT South Hive received the Leadership in in Rizal and Ilocos Norte Energy and Environmental Design (LEED) Certification NLEX installs LRMC deploys additional solar panels resource-s
Slide 18: Investing in Environmental Protection Programs
INVESTING IN ENVIRONMENTAL PROTECTION PROGRAMS MPIC, together with Huawei Philippines, Maynilad, the Laguna Lake Development Authority (LLDA), and the City Government of Muntinlupa, provided boats to eight (8) fishing barangays under the LAWA advocacy. Maynilad also turned over three (3) solar paddl
Slide 19: Aligning with Global Best Practices on Sustainability
ALIGNING WITH GLOBAL BEST PRACTICES ON SUSTAINABILITY MPIC won the most coveted finance for the future award, bested giants in the global arena after a rigorous three-stage judging process based solely on merit; in depth interviews conducted from top executives to 4 levels down The Finance for the F
Slide 20: Aligning with Global Best Practices on Sustainability
ALIGNING WITH GLOBAL BEST PRACTICES ON SUSTAINABILITY MPIC maintained the highest level ‘A’ rating in the Global Listed Infrastructure Organization/Global Real Estate Sustainability Benchmark ESG Index for Infrastructure for the second straight year – sole recipient in emerging markets category ` ▪
Slide 21: Aligning with Global Best Practices on Sustainability
ALIGNING WITH GLOBAL BEST PRACTICES ON SUSTAINABILITY MPIC spearheaded the first MVP Group Sustainability Summit held virtually on November 4 and assembled an impressive line- up of global EESG experts that talked about the following: ▪ How can Supply Chains balance Resiliency and Sustainability ▪ G
Slide 22: Appendix
PACIFIC INVESTMENTS APPENDIX Oe®DOOO
Slide 23: Consolidated Income Statement
CONSOLIDATED INCOME STATEMENT Core Income for 9M 2022 increased by 25% to ₱11.83 billion In Millions of Pesos 9M 2022 9M 2021 % POWER ₱8,886 ₱8,410 6% KEY DRIVERS OF PERFORMANCE TOLL ROADS 4,064 2,671 52% ❑ Core Income increased by 25% due to: WATER 2,236 2,196 2% ▪ Higher toll contribution wi
Slide 24: Share in Operating Core Income
SHARE IN OPERATING CORE INCOME In Millions POWER 9M 2022 9M 2021 % LIGHT RAIL 9M 2022 9M 2021 % Meralco(a) (47.5%) ₱9,001 ₱8,212 10% LRMC (35.8%) (₱178) (₱250) 29% GBPC(b) - 325 100% Consolidation adjustments (65) (71) 8% Beacon/FV and accounting (₱243) (₱321) 24% (115) (127) 9% adjustme
Slide 25: Condensed Statements of Income
CONDENSED STATEMENTS OF INCOME In Millions of Pesos 1Q 2022 2Q 2022 3Q 2022 In Millions of Pesos 1Q 2022 2Q 2022 3Q 2022 Electricity 83,272 110,469 112,274 Net toll revenues 4,850 5,692 5,902 Non-Electricity 2,633 3,232 3,004 Cost of services (1,892) (2,316) (2,168) Gross profit 85,905 113,701 115,2
Slide 26: Condensed Statements of Income
CONDENSED STATEMENTS OF INCOME In Millions of Pesos 1Q 2022 2Q 2022 3Q 2022 In Millions of Pesos 1Q 2022 2Q 2022 3Q 2022 Revenues 5,292 5,913 5,923 Rail revenue 344 423 493 Cost of services (2,047) (2,286) (2,329) Cost of services (352) (443) (428) Gross profit 3,245 3,627 3,594 Gross profit (8) (20
Slide 27: Debt Profile
DEBT PROFILE MPIC PARENT MPIC maintains its low cost of capital in a rising interest rate environment 2022 2021 In ₱ Billions • Debt ratios have ample leeway vs covenant hurdle rates 83.2 • Maturity profile skewed to longer dated, with more than 53.7% of loans due Debt (net of DIC) 83.5 2028 onwards
Slide 28: Balance Sheet Highlights
BALANCE SHEET HIGHLIGHTS In Billions 9M22 vs. FY21 CONSOLIDATED MPIC PARENT ASSETS ASSETS Cash and short-term investments ₱38.3 – 23% Cash and short-term investments ₱9.4 – 56% Receivables and other assets 74.5 + 14% Investments and advances 223.8 + 5% Investments and advances 180.2 + 6% Other asset
Slide 29: Illustrative Capital Expenditure and Cash Flows
ILLUSTRATIVE CAPITAL EXPENDITURE AND CASH FLOWS CAPITAL EXPENDITURE CASH FLOW INDICATORS 2021 2022 In Billions 2021 2022 MPIC Stand-alone MPIC Share Stand-alone Beginning cash ₱22.5 ₱21.3 In Billions Share TOLL ROADS ₱19.2 ₱-(a) ₱26.2 ₱-(a) Proceeds from asset 14.3 0.6 POWER 27.9 3.3(b) 57.2 8.0(c)
Slide 30: Cautionary Statements
CAUTIONARY STATEMENTS This report 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
Slide 31: Metro Pacific Investments
METRO PACIFIC Net INVESTMENTS
Metro Pacific Investments — 9M 2022 Earnings Presentation on 6ix