Into the Future

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Into the Future INTO THE FUTURE INTO THE FUTURE a The transformation of grassland into the Makati Central Business District was led by Col. Joseph McMicking after World War II. AYALA CORPORATION IS MOVING INTO THE FUTURE To transform our businesses and harness disruptive innovation, so we can create more shared value. The faster we keep moving, the sooner we can generate more opportunities, reach other markets, and help improve lives. Integrated Report 2017 2017 Integrated Report INTO THE FUTURE 1 ABOUT THIS INTEGRATED REPORT Ayala remains committed to sustainability and integrated thinking with the publication of this Integrated Report. To further improve the quality of our reporting, we re-evaluated our capitals, value creation, risks, strategy, and performance for a more cohesive presentation. We provide a more in-depth look at our organization’s strategy, governance, performance, and outlook, in the context of our external environment. Finally, this report also allows us to present the alignment and contributions of our businesses to the United Nations Sustainable Development Goals. The development of this year’s 179. Furthermore, the table on pages Learn more about the IIRC and Integrated Report was a more 176-177 outlines the companies and integrated reporting at rigorous process, enabling us to better the scope of data that is included in www.integratedreporting.org and the understand and apply the principles this report. GRI at www.globalreporting.org. of materiality towards improving data collection. We undertook an Our previous integrated report Our approach to external assessment of how our diverse published in 2017 and additional assurance (102-56) businesses create and deliver value to references for targeted stakeholders Our Board’s Audit Committee oversees society, while meeting our financial are all available online at the performance of external and targets. Financial and non-financial www.ayala.com.ph. internal auditors. It is mandated performance analysis conducted for to review and approve the audit, this report allowed us to take better Reporting standards (102-54) audit-related, and non-audit services stock of our accomplishments, as Ayala Corporation adopted global best rendered by the company’s external well as identify opportunities for practices in reporting non-financial auditor. Our senior management scaled impact moving forward. All information. This report has been is involved in the decision and information presented was reviewed prepared according to the integrated appointment of the independent by the group’s Investor Relations and reporting <IR> guidelines provided by external assurer. Sustainability Councils, and approved the International Integrated Reporting by Ayala’s management and Board Council. We engaged BlackSun Asia On our financial statements before publication. Pacific, an independent consultant SyCip Gorres Velayo & Co. is the that assists organizations in corporate external auditor of the company’s Reporting scope (102-50, 102-51, 102-52) reporting in line with the <IR> financial statements, with Lucy L. This report details the value framework, to provide guidance on Chan as the partner-in-charge. In created by the conglomerate for the quality of our integrated report. accordance with regulations issued our key stakeholders through our We also aligned reporting on our by the Securities and Exchange consolidated financial, economic, sustainability performance with the Commission, the audit partner social, and environmental standards of the Global Reporting principally handling the company’s performance, including both listed Initiative. This report has been account is rotated every five years. and unlisted subsidiaries and affiliates, prepared in accordance with the GRI More information about our audit from January 1, 2017 to December Standards: Core option. process is found on pages 166-167, 31, 2017. All necessary notes, while our Management’s Discussion explanations, and definitions are By preparing our 2017 Integrated and Analysis of Financial Condition provided in the text or accompanying Report in line with these global and Results of Operation can be found tables. More metrics have also been standards, we have been able to on pages 172-175. included from unlisted subsidiaries present our value creation and outlook and affiliates as they pursued further in a clearer, more cohesive, and more expansion. A summary of 2016 data transparent manner. restatements is found on pages 178- 2 2017 Ayala Corporation Integrated Report A copy of our 2017 Statement From The Board (102-32) financial statements The Board acknowledges its The integrated report contains responsibility in ensuring the certain forward-looking statements can be accessed at integrity of this report, which which, by their nature, involve risk www.ayala.com.ph. includes the fair representation of and uncertainty because they relate performance and impact on key to future events and circumstances material topics. The Board was that may be beyond Ayala’s control. In supported by Ayala management, addition, regulations of the Philippine which convened internal teams with Stock Exchange prohibit making the relevant skills and experience price sensitive forecasts without On our sustainability to undertake the reporting process. considerable independent review and performance Internal parties have devoted process. The directors therefore advise Senior management appointed significant effort to ensure that the readers to use caution regarding DNV GL, an independent Ayala story is presented the best interpreting any forward-looking organization and global provider of way possible. Ayala also engaged statements in this report. certification, assurance assessment, external parties to validate and and training services, for the assure financial and non-financial The Board unanimously approved third consecutive year to validate disclosures to improve accuracy, this report on 9 March 2018, and the figures and information we objectivity, and overall report quality. authorized its release on 20 April presented pertaining to our The report was prepared under the 2018. sustainability performance and supervision of the Chief Finance, <IR> frameworks presented in Risk, and Sustainability Officer, Jose this report. The external assurance Teodoro K. Limcaoco. process was completed in two weeks, which included interview sessions between DNV-GL auditors and senior executives in the conglomerate. JAIME AUGUSTO ZOBEL DE AYALA FERNANDO ZOBEL DE AYALA CHAIRMAN AND CEO PRESIDENT AND COO The Independent Assurance Statement found on pages 189-192 outlines the assurer’s findings and recommendations. JOSE TEODORO K. LIMCAOCO CHIEF FINANCE, RISK, AND Feedback (102-53) SUSTAINABILITY OFFICER We are committed to building stronger stakeholder relationships and welcome any inquiries or NOTE ON FORWARD-LOOKING STATEMENTS comments to help us improve our This report contains statements describing the company’s objectives, corporate reporting in the years projections, estimates, and expectations, which may be “forward-looking ahead. Please send your feedback to statements” within the meaning of applicable securities laws and regulations. [email protected] and Actual results could differ materially from those expressed or implied. [email protected]. Important factors that could make a difference to the company’s operations include, among others, economic conditions affecting demand or supply and price conditions in the domestic and overseas markets in which the company operates, changes in government regulations, tax laws, and other statutes and incidental factors. INTO THE FUTURE 3 VISION We will be the most relevant, innovative, and enduring Philippine-based business group, enabling shared value and prosperity for the many stakeholders we serve. MISSION Anchored on values of integrity, long-term vision, empowering leadership, and with a strong commitment to national development, Ayala fulfills its mission to ensure long-term profitability and value creation. Ayala creates synergies as it builds mutually-beneficial partnerships and alliances with those who share its philosophy and values. Ayala continues to develop Makati to enable connectivity and mobility. 4 2017 Ayala Corporation Integrated Report TABLE OF CONTENTS 19 OUR LEADERSHIP 37 OUR VALUE CREATION 111 BUSINESS REVIEW 157 OUR CORPORATE GOVERNANCE 171 ANNEXES INTO THE FUTURE 5 AYALA AT A GLANCE (102-2, 102-3, 102-6) Ayala Corporation is one of the largest and most diversified business groups in the Philippines, with business interests in real estate, banking, telecommunications, water, power, industrial technologies, infrastructure, healthcare, and education. Its social commitment arm, Ayala Foundation, has programs that focus on education, youth leadership, sustainable livelihood, and the promotion of arts and culture. With headquarters in Makati City and operations mainly in the Philippines, it continues to grow its regional and global footprint, serving millions of customers across all market segments. NET INCOME (IN BILLION PESOS) 30.3 26 22.3 18.6 12.8 2013 2014 2015 2016 2017 13.2 12.6 12.2 12.1 9.8 2013 2014 2015 2016 2017 6 2017 Ayala Corporation Integrated Report 22% 11.5% 22% Six-year net Six-year average Six-year TSR income CAGR return on CAGR common equity P266.8B P64.3B P1 T Revenues Cash and cash Total assets equivalents 1.31 23.2% P46.67 Current ratio Six-year market Earnings per capitalization share (in pesos) CAGR 63.4M 410.3 GWH 139,074 Globe customers Renewable energy
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