Analyst BriefingFY2020 Operating and Financial Results

Unaudited Financial Statements15 April 2021

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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

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CONSOLIDATED INCOME STATEMENT

In PhP M FY2020 FY2019 YoY% REMARKS

Total Revenues 12,923 19,882 (35%)

Construction 10,842 15,309 (29%) Suspension of activities

Airport Operations 1,109 3,691 (70%) Impact of travel bans

Airport Merchandising 70 326 (79%)

Landport Operations 902 555 62% Lease commencement

Direct Costs 10,405 15,228 (32%)

Construction 9,394 13,292 (29%) In line with revenue performance

Airport Operations 635 1,537 (59%) Rightsizing and optimization

Airport Merchandising 21 88 (76%)

Landport Operations 356 312 17% Start of commercial operations

Gross Profit 2,511 4,654 (46%)

Other Operating Expenses 1,536 1,810 (15%) Rationalized expenses

Operating Profit 975 2,843 (66%)

Net Other Income (Charges) (1,592) (1,408) 13% Additional loan drawdowns*

Profit before tax (610) 1,435 (142%)

Tax Expense 256 324 (21%) Due to deferred tax expense

Income / (Loss) before Non-Controlling Interest (865) 1,111 (178%)

Non-Controlling Interest (476) 252 (289%) Net loss of airport operations

NIAT/(Loss) Attributable to Equity Holders (389) 859 (145%)2

* Due to loan drawdowns availed by PITX in the later part of 2019

FINANCIAL HIGHLIGHTS

-

BREAKDOWN

PERFORMANCE

(865)

MerchandisingAirportConstruction Landport3

508102

529

-1,184

80

-6

-6

222

FY 2019 FY 2020

NET INCOME / (LOSS) (PhP M)

15,30910,842

3,691

1,109

326

70

555

902

FY 2019 FY 2020

REVENUE (PhP M)

2,2511,825

2,329

193

121

5748

FY 2019 FY 2020

EBITDA (PhP M)

12,923

4,807 1,11119,882

2,771

-12%

137%

1% -26%

NET LOSS

66%7%0%

27%

EBITDA

84%

9%

1%

7%

REVENUE

In PhP M FY2020 FY 2019 FY2018 REMARKS

Gross Profit Margin 19% 23% 26%

Construction 13% 13% 15% Resumption of construction activities

Airport Operations 43% 58% 69% Travel ban impact

Airport Merchandising 70% 73% 76%

Terminal Operations 61% 44% - Lease commencement of assets

EBITDA Margin 21% 24% 28%

Construction 17% 15% 17% Optimized operations

Airport Operations1 17% 63% 70% In line with the decrease in GP

Airport Merchandising 7% 37% 43%

Terminal Operations 83% 19% - In line with GP margin improvement

Net Income Margin -7% 6% 12%

Construction 1% 3% 7% Impact of non-cash and debt servicing

Airport Operations2 -107% 14% 31% Impact of amortization and debt servicing

Airport Merchandising -8% 24% 34%

Terminal Operations 25% -1% In line with normal operations

1Computed as operating income + depreciation and amortization expense2Due to the impact of depreciation and amortization and financing charges of Airport operations

INFECTED MARGINS

4

In PhP M 31 December 2020 31 December 2019 Change %

Cash & Financial Assets 7,226 6,519 708 11%

Other Current Assets 29,219 28,947 272 1%

Current Assets 36,446 35,466 980 3%

Concession Assets 29,929 29,437 492 2%

Non Current Assets 44,911 45,299 (387) -1%

Total Assets 81,357 80,764 592 1%

Current Liabilities 26,215 28,000 (1,785) -6%

Non Current Liabilities 34,611 34,766 (155) 0%

Total Liabilities 60,825 62,766 (1,941) -3%

Equity 20,532 17,999 2,533 14%

STABLE FINANCIAL CONDITION

5

1Gross D-E covenant 2.33X under Parent level2Under project finance/ with separate D/E computation as agreed with the lenders 3Net debt: FY19 – P41.2B3Net debt: FY20 – P38.7B

In PhP M 31 December 2020 31 December 2019

Parent1 GMCAC2 Conso Parent1 GMCAC2 Conso

Cash/financial assets 5,705 979 7,226 3,592 1,169 6,519

Total Debt 18,146 23,864 45,920 19,573 24,278 47,753

Equity 15,823 8,138 20,532 12,300 9,322 17,999

D-E Ratio 1.15x 2.93x 2.24x 1.59x 2.60x 2.65x

Net D-E Ratio3 0.79x 2.81x 1.88x 1.30x 2.48x 2.29x

Debt Covenant 2.33x - - 2.33x - -

RELAXED LEVERAGE RATIOS

6

7

2021E 2022F 2023F 2024F 2025F 2026F

MANAGEABLE MATURITY TOWERS

INITIATIVES:

• 2021: Revisit capital markets to redeem

Series 1 maturity

• Optimize favourable interest rate

environment for refinancing

• Push back maturity towers to 2025

• Execute a more relaxed debt servicing

schedule

P4B Series 1 Preferred Shares Redemption 4Q2021

Planned Refinancing Maturity

ENGINEERING,

PROCUREMENT &

CONSTRUCTION

SAFETY MEASURES IN PLACE

SAFETY MEASURES IN PLACE:

• Regular testing of personnel

• Proper PPE upon entry

• Expanded barracks & services

• Natural distancing from pre-cast

system

• Lock-in status

• 80% workforce availability

• Concentration on live projects

9

BREAK EVEN AMID RESTRICTIONS

10

3,737 3,626

2,989

2,336 2,568

3,616

4,342

4,783

3,799

1,063

2,551

3,430

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20

QUARTERLY PERFORMANCE (PhP M)

12,688

15,309

10,842857

508

102

-500

0

500

1000

1500

2000

2500

3000

3500

4000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

2018 2019 2020

ANNUAL REVENUE & NET INCOME (PhP M)

Office, Commercial and Industrial, 52%

Infra and Facilities,15%

Residential, 33%

SEGMENT

Visayas 14%

Other Luzon14%

Metro Manila72%

AREA

0-20%, 86%

20-80%, 13%

80-100%, 1%

% COMPLETION

HEALTHY AND DIVERSE ORDER BOOK

39.1 38.532.6

50.1 52.4

68.4

5037 41 43

3021

0

20

40

60

80

100

2015 2016 2017 2018 2019 2020

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

80.0

ORDER BACKLOG

Order Book (PhP B)No. of Projects

11

*

* Includes P8.9B contract of MCRP under equity method

AIRPORT

OPERATIONS

SAFETY MEASURES IN PLACE:

• COVID testing facility, free for

OFWs (results <24 hours)

• Contactless interaction

• Cashless purchases

• Physical distancing

• Floor markings and safety

signages

• Single Terminal

(T2 for Int’l Arrivals)

SAFE AND SOUND TRAVELS

13

646

676

857

816 892

904

918 978

80

3

85

110

111

1Q182Q183Q184Q181Q192Q193Q194Q191Q202Q203Q204Q20

QUARTERLY PERFORMANCE (PhP M)

Note: Numbers do not include airport merchandising revenues

TRAVEL BAN EFFECT

14

2,996

3,691

1,109

2018 2019 2020

ANNUAL REVENUES (PhP M)

Domestic71%

Int'l29%

PASSENGER TYPE

PSC, 44%

Non-Aero, 44%

Aero, 12%

REVENUE BREAKDOWN

DOMESTIC-PASSENGER AND PSC DRIVEN

15

44%

BREAKDOWN

P487M

-76% YoY

TRAVEL RESTRICTED

16

INTERNATIONAL

DOMESTIC

-81%

789K

-77%

1.93M

PASSENGER VOLUME

5.2 5.9 6.4 6.8 7.7 8.3 1.9

1.7 2.0

2.5 3.1

3.8 4.2

0.8

6.9 8.0

8.9 9.9

11.5 12.6

2.7

2014 2015 2016 2017 2018 2019 2020

ANNUAL TRAFFIC(in millions)

Dom Int'l

AIR TRAFFIC MOVEMENT CONFINED

17

AIR TRAFFIC MOVEMENT

-79%

6.0K

-73%

20.5K

DOMESTIC

INTERNATIONAL

12%

44%

BREAKDOWN

P132M

-70% YoY

44.7 48.9 56.2 65.3 74.2 77.3 20.5

11.6 13.4

16.4

21.3

25.3 28.4

6.0

56.3 62.3

72.6

9.9

99.5 105.7

26.5

2014 2015 2016 2017 2018 2019 2020

ANNUAL ATMs(in millions)

Dom Int'l

18

44%

BREAKDOWN

P490M

-61% YoY

21%23%

28%31% 32%

34%

44%

2014 2015 2016 2017 2018 2019 2020

NON-AERO SHARE TO TOTAL

GROWTH IN NON-AERO REVENUE SHARE

LANDPORT

OPERATIONS

SAFETY PROTOCOLS IMPLEMENTED

SAFETY MEASURES IN PLACE:

• Automated temperature reading

• Sanitizing stations

• Physical distancing

• Roving guards and ushers

• Seat and floor markers

• Safety reminders on PA system

• Advanced booking through PITX

app

20

ADAPTING TO NEW NORMAL

21

93

199

24186

26653

34 31

21

4Q2019 1Q2020 2Q2020 3Q2020* 4Q2020

QUARTERLY RENTAL REVENUE (in Php M)

Office Commercial

*PAS adjustment of –P80M

18

555

902

1

2018 2019 2020

ANNUAL REVENUE (in Php M)

OFFICE (72K sqms)

• 75% leased out

• P1,000/sqm/month (ave)

RETAIL (12K sqms)

• 80% leased out

• 60% operational

• P1,200/sqm/month (ave)

4 56 7

5 6

10

16

20

26 26

31 3133

35

28 28 29

2425 25

29

Jan

-19

Fe

b-1

9

Ma

r-19

Ap

r-1

9

Ma

y-1

9

Jun

-19

Jul-

19

Au

g-1

9

Se

p-1

9

Oct-

19

No

v-1

9

De

c-1

9

Jan

-20

Fe

b-2

0

Ma

r-20

Ap

r-2

0

May-2

0

20-J

un

Jul-

20

Au

g-2

0

Se

p-2

0

Oct-

20

No

v-2

0

De

c-2

0

AVERAGE SPP (PhP)

PASSENGER SPENDING RECOVERS

22

75%

15%

10%

RETAIL MIX

F&B

Consumer Goods

Services

CONSISTENT FOOT TRAFFIC

23

56,0

64

55,5

29

51,8

92

43,2

76

53,5

10

56,3

54

39,6

20

MONDAY TUESDAY WEDNESDAYTHURSDAY FRIDAY SATURDAY SUNDAY

DAILY BASIS

11 17 26 105

785

2,043

3,078

4,214 3,864

3,148

3,066

2,996

2,987

2,713 2,949

3,169

3,745 3,743

3,089

3,119

1,275

464

91 33

01

00

02

00

03

00

04

00

05

00

06

00

07

00

08

00

09

00

10

00

11

00

12

00

13

00

14

00

15

00

16

00

17

00

18

00

19

00

20

00

21

00

22

00

23

00

24

00

BY THE HOUR

36.4

39.3

36.6

40.6

59.7

55.8

49.6

45.1

48.2

51.9

62.4

68.0

60.9

59.8

55.6

10.2

26.8

28.5

38.9

46.4

50.6

58.0

Jan-1

9

Feb

-19

Ma

r-1

9

Apr-

19

Ma

y-1

9

Jun-1

9

Jul-1

9

Aug-1

9

Sep-1

9

Oct-

19

No

v-1

9

De

c-1

9

Jan-2

0

Feb

-20

Ma

r-2

0

Apr-

20

Ma

y-2

0

Jun-2

0

Jul-2

0

Aug-2

0

Sep-2

0

Oct-

20

No

v-2

0

De

c-2

0

MONTHLY FOOT TRAFFIC (‘000)

REECENT

DEVELOPMENTS

25

EPC CONTRACT• P6.3B Main Contract: Westside City (Phase 1 Site B)

• P20B Supplemental Agreement: Design

development, architectural, structural, and civil

works, management contract for NSCs

• Excavation works ongoing

• Development timetable: 30 months

SUNCITY WESTSIDE CITY

26

EPC CONTRACT• P2.1B Contract with MWC and Suez

• Construction of Sewage Treatment Plant (STP)

• 60 million liters treating capacity per day

• Completion (STP) by 2024 and sewer network by

2025

AGLIPAY STP

27

EPC CONTRACT• Civil works for 17 kms (Calumpit and Apalit Stns.)

• Contract Cost: P8.4B (35% share)

• Supply of concrete and formworks

• Start of construction 2Q2021

• Estimated completion: 2025

MCRP PACKAGE 1

CARBON MARKET REDEVELOPMENT

28

PIVOT TO INFRASTRUCTURE

29Source: DPWH

30

591 691 886 1,050 786 1,121 1,018

3.9%

4.2%

4.9%

5.4%

4.2%

5.4%

4.5%

3.0%

3.5%

4.0%

4.5%

5.0%

5.5%

6.0%

0

200

400

600

800

1,000

1,200

2016 2017 2018 2019 2020E 2021F 2022F

Amount (Pbn) Share to GDP

PHILIPPINE INFRA SPENDING

Source: DPWH

METRO MANILA SUBWAY SYSTEM

31

EPC CONTRACT• 36km-long, 13-station first subway system within

Metro Manila

• JICA funded

• Bidding to start 2Q2021

• To participate in 3-4 packages with Japanese

consortium partner

32

EPC CONTRACT• 56-KM Commuter Rail: Manila to Calamba City

• Long-Haul Passenger Rail Operations: Manila -

Legaspi City (Bicol Region)

• To participate in 5-6 packages with same

consortium partners for MCRP

NORTH SOUTH COMMUTER RAIL (SOUTH LINE)

LANDPORT OPPORTUNITIES (LUZON)

33

DESIGN, DEVELOPMENT AND O&M• Proposal presented 4Q2020

• Baguio LGU counterpart

• Agri-agra component: convergence point for

“farm-to-market” model

• Connectivity with existing PITX landport

INCREASING PRE-CAST CAPACITY

34

12.5

35.5

2020 2021F 2022F 2023F 2024F 2025F

PLANNED PRE-CAST CAPACITY (‘000 cu m / month)

35

CONSTRUCTION SERVICES RAMP UP PROGRAM

UNITCAPACITY UTILIZATION

Pre-COVID 2020 2021F

PRECAST 57% 30% 66%

FORMWORKS 44% 56% 60%

BATCHING PLANT 41% 15% 52%

C. E. L. S 55% 38% 60%

Thank you