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Our Service Continues Our Service Continues 2020 ANNUAL REPORT ABOUT THE COVER – OUR TABLE OF CONTENTS SERVICE CONTINUES 1 Company Profile 1 Mission, Vision and Values In these unprecedented times we are reminded of the 2 Joint Leadership Message critical role that infrastructure 10 Core Assets – Simplified Ownership Structure plays in the lives of millions. 11 Consolidated Financial Highlights By powering commerce 12 Portfolio Company Highlights and households, delivering 12 Meralco clean and affordable water, 14 Global Business Power Corporation (GBP) connecting people and places, and making excellent 16 Metro Pacific Tollways Corporation (MPTC) healthcare available to everyone, MPIC is doing its humble 18 Maynilad Water Services, Inc. (Maynilad) part in contributing to national progress and improving the 20 Light Rail Manila Corporation (LRMC) quality of life of Filipinos. 22 Metro Pacific Hospital Holdings Inc. (MPHHI) This year, focus was purposely directed on service 24 Positive Community Advocacies and Programs continuity amidst the pandemic. Together with partners 28 MPIC Heroes in Government, MPIC worked tirelessly to ensure that 32 Sustainability every Filipino has access to the essential services we offer 35 Corporate Governance especially at the height of this crisis, 39 Risk Management 40 Leadership ABOUT THIS REPORT 40 Board of Directors 44 Senior Management This report focuses on the essential information our 45 Management Teams investors need to make informed decisions about our business. This should be read in conjunction with our 47 Financial Review 47 Management’s Discussion and Analysis of Financial SEC Form 17A and our 2020 Information Statement, Condition and Results of Operations among others. 91 Statement of Management’s Responsibility for Consolidated Financial Statements Details about MPIC’s management approaches to 93 Independent Auditor’s Report Environmental, Social and Governance issues are outlined 101 Consolidated Statements of Financial Position in our 2020 Sustainability Report. In that separate report, 103 Consolidated Statements of Comprehensive Income we have disclosed key performance indicators that help us 105 Consolidated Statements of Changes in Equity quantify and evaluate our impacts in these areas. 108 Consolidated Statements of Cash Flows 110 Notes To Consolidated Financial Statements For more information, please refer to our: • Investor Presentation – available upon request through [email protected] • Corporate Website – www.mpic.com.ph Quarterly Reports, Annual Reports, Annual Corporate Governance Reports, SEC Form 17A, Information Statement, Sustainability Report Company Profile Metro Pacific Investments Corporation (MPIC) is MISSION, VISION, AND VALUES a Philippine-based, publicly listed investment management and holding company registered with Our Mission the Philippine Securities and Exchange Commission We are the leading Philippine infrastructure investment (SEC) on March 20, 2006. firm. We manage, transform and grow our companies while continuously seeking investment opportunities to Through acquisitions and strategic partnerships, create long-term value for our shareholders. we seek to create value by upgrading infrastructure, improving operational efficiency, increasing customer Our Vision coverage, and working closely with regulators and We have a stellar portfolio of infrastructure assets, each other partners in government. The overarching being the dominant player in its field. We are admired objective of our investment and management globally for excellence in investing in and transforming strategy is to contribute to national progress and infrastructure. We attract, retain and develop world- improve the lives of Filipinos while creating value class talent. Through our companies and foundation, we for our stakeholders by achieving long-term significantly contribute to the economic development economic success. of the Philippines and thereby uplift the quality of life of every Filipino. We operate in a number of highly-regulated sectors within a framework of national laws and Our Values regulations including various concession and franchise agreements. We work hard to uphold our Teamwork And Empowerment commitments under these agreements, and continue • We recognize the diverse strength and abilities within to deliver on our promises to rehabilitate, maintain, the team. strengthen and improve vital services that help • We enable and inspire people to achieve superior to form the backbone of the Philippine economy results. and society. Integrity And Transparency Through our operating companies, we strive to • We adhere to the highest ethical and corporate deliver high quality and affordable services for governance standards. customers, provide safe workplaces and merit- based opportunities for employees, and generate Entrepreneurship reasonable returns for business partners and other • We innovate, take risks, act quickly and decisively, and stakeholders. We make a difference to the lives are customer focused. of millions of Filipinos, powering commerce and households, connecting people and places, delivering Financial Discipline and Accountability clean and affordable water, and making excellent • We employ rigorous financial analysis to arrive at sound healthcare available to all. business decisions. • We are results driven and meet our commitments. 1 Joint Leadership Message Chaye A. Cabal – Revilla Manuel V. Pangilinan Jose Ma. K. Lim Chief Finance Officer and Chairman of the Board President and Chief Chief Sustainability Officer of Directors Executive Officer To our fellow shareholders, We will certainly remember 2020 as one of the most challenging. We started the year with much enthusiasm after having successfully completed the transaction with KKR and an affiliate of GIC for our Hospitals business. Armed with a stronger balance sheet, we were prepared to embrace our strategic role in Philippine infrastructure through innovative and inclusive solutions in power, water, transportation, and other services. Then the pandemic happened, and we found ourselves even more determined to make a difference. 2 In these unprecedented times we are reminded of as restrictions were eased. For the fourth quarter in the critical role that infrastructure plays in the lives particular, contributions from the Power and Toll Roads of millions. By powering commerce and households, businesses have already recovered to its pre-pandemic delivering clean and affordable water, connecting levels. The water business however has been affected people and places, and making excellent healthcare by low water production driven by higher turbidity available to everyone, we are doing our humble part levels caused by successive typhoons. Growth also in contributing to national progress and improving the generally slowed down because of usual year-end quality of life of Filipinos. adjustments to the books. While earnings – for the first time in our history – have POWER been less than ideal, we purposely directed our focus on service continuity amidst the pandemic. Together Our power business contributed P10.5 billion to with our partners in Government, we worked tirelessly earnings. This is 9% lower than 2019, with reduced to ensure that every Filipino has access to the essential contributions from both Meralco and Global Business services we offer especially at the height of this crisis. Power. FY2020 FINANCIAL RESULTS Meralco’s Core Income declined 9% to P21.7 billion, driven mainly by a 7% decrease in total energy sales MPIC reported consolidated Core Income of and higher provisions for doubtful accounts due to the P10.2 billion pesos for the year 2020, down 34% current strain on the economy. Residential volumes rose from P15.6 billion in 2019 owing largely to the 13% due to the shift to work-from-home set-up and economic contraction stemming from the Philippine online learning; and accounted for 38% of total sales Government’s response to COVID-19. volume. Commercial and Industrial sales volumes fell 20% and 11%, respectively. The various quarantine measures implemented throughout the year reduced toll road traffic, mandated Global Business Power recorded a 13% decline in Core the suspension and subsequent reduction in ridership Income to P2.4 billion. Energy sales increased 2% to capacity for our light rail services, and decreased 4,929 gigawatt hours on the strength of additional commercial and industrial demand for water and power supply and ancillary service agreements that power resulting in a 26% decline in contribution from commenced in the latter part of 2019. Despite the operations. increase in energy sales, revenues declined 13% to P21.1 billion due to lower WESM prices and demand. Our earnings contribution mix was as follows: Power accounted for P10.5 billion or 69% of operating WATER income, Water contributed P3.1 billion or 20%, and Toll roads contributed P2.4 billion or 16%. MPIC’s other The water segment’s contribution to Core Income businesses, mainly Hospitals, Light Rail, and Logistics, decreased 14% to P3.1 billion. Revenues slipped 4% incurred an overall loss of P709 million. to P22.9 billion due to lower average tariffs on flat volumes. Core Income fell 15% to P6.5 billion because As expected, quarterly performance shows that of higher amortization and depreciation expenses as operations were hardest hit at the height of the a consequence of its substantial investment in Non- quarantine measures in the second quarter but started Revenue Water reduction and continuing upgrades to
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