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PLDT INC.

HORIZONTAL ANALYSIS
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION As at December 31,2016 and 2015 (in million pesos)
ASSETS 2016 2015 AMOUNT PERCENT
Noncurrent Assets
Property and Equipment 203,188 195,782 7,406 3.78%
Investment in Associates and Joint Ventures 56,858 48,703 8,155 16.74%
Available-for-sale financial investment 12,189 15,711 -3,522 -22.42%
Investment in debt securities and other long-term investment- net of current portion 374 952 -578 -60.71%
Investment properties 1,890 1,825 65 3.56%
Goodwill and intangible assets 70,280 72,117 -1,837 -2.55%
Deferred income tax assets-net 27,348 21,941 5,407 24.64%
Derivative financial assets- net of current portion 499 145 354 244.14%
Prepayments- net of current portion 7,056 3,475 3,581 103.05%
Advances and other noncurrent assets- net of current portion 9,473 3,003 6,470 215.45%
Total NonCurrent Assets 389,155 363,654 25,501 7.01%

Current Assets
Cash and cash equivalents 38,722 46,455 -7,733 -16.65%
Short-term investments 2,738 1,429 1,309 91.60%
Trade and other receivables 24,436 24,898 -462 -1.86%
Inventories and supplies 3,744 4,614 -870 -18.86%
Current portion of derivative financial assets 242 26 216 830.77%
Current portion of investment in debt securities and other long-term investments 326 51 275 539.22%
Current portion of prepayment 7,505 5,798 1,707 29.44%
Current portion of advances and other noncurrent assets 8,251 8,170 81 0.99%
Total Current Assets 85,964 91,441 -5,477 -5.99%
TOTAL ASSETS 475,119 455,095 20,024 4.40%

EQUITY AND LIABILITIES


Equity
Non-voting serial preferred stock 360 360 0 0.00%
Voting preferred stock 150 150 0 0.00%
Common stock 1,093 1,093 0 0.00%
Treasury stock -6,505 -6,505 0 0.00%
Capital in excess of par value 130,488 130,517 -29 -0.02%
Retained Earnings 3,483 6,195 -2712 -43.78%
Other Comprehensive Income -20,894 -18,202 -2692 14.79%
Total Equity Attributable to Equity Holders of PLDT 108,175 113,608 -5433 -4.78%
Noncontrolling interests 362 290 72 24.83%
TOTAL EQUITY 108,537 113,898 -5361 -4.71%

Noncurrent Liabilities
Interest-bearing financial liabilities-net of current portion 151,759 143,982 7,777 5.40%
Deferred income tax liabilities-net 3,567 3,704 -137 -3.70%
Derivative financial liabilities-net of current portion 2 736 -734 -99.73%
Customers' deposits 2,431 2,430 1 0.04%
Pension and other employee benefits 11,206 10,197 1,009 9.90%
Deferred credits and other noncurrent liabilities 15,604 21,482 -5,878 -27.36%
Total Noncurrent Liabilities 184,569 182,531 2,038 1.12%

Current Liabilities
Accounts payable 52,950 52,679 271 0.51%
Accrued expenses and other current liabilities 92,219 84,286 7,933 9.41%
Current portion of interest-bearing financial liabilities 33,273 16,911 16,362 96.75%
Provision for claims and assessments 897 879 18 2.05%
Dividends payable 1,544 1,461 83 5.68%
Current portion of derivative financial liabilities 225 306 -81 -26.47%
Income tax payable 905 2,126 -1,221 -57.43%
Total Current Liabilities 182,013 158,666 23,347 14.71%
TOTAL LIABILITIES 366,582 341,197 25,385 7.44%
TOTAL EQUITY AND LIABILITIES 475,119 455,095 20,024 4.40%
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME For the Years Ended December 31, 2016 and 2015 (in million pesos)
2016 2015 AMOUNT PERCENT
REVENUES
Service revenues 157,210 162,930 -5,720 -3.51%
Non-service revenues 8,052 8,173 -121 -1.48%
TOTAL Revenues 165,262 171,103 -5,841 -3.41%
EXPENSES
Depreciation and amortization 34,455 31,519 2,936 9.32%
Compensation and employee benefits 19,928 21,606 -1,678 -7.77%
Cost of Sales 16,753 16,389 364 2.22%
Repairs and maintenance 15,212 15,035 177 1.18%
Asset impairment 11,042 9,690 1,352 13.95%
Interconnection costs 9,573 10,317 -744 -7.21%
Professional and other contracted services 9,474 8,234 1,240 15.06%
Selling and promotions 7,687 9,747 -2,060 -21.13%
Rent 6,912 6,376 536 8.41%
Taxes and Licenses 3,782 4,592 -810 -17.64%
Insurance and security services 1,739 1,797 -58 -3.23%
Communication, training and travel 1,253 1,349 -96 -7.12%
Amortization of intangible assets 929 1,076 -147 -13.66%
Cost of content 576 225 351 156.00%
Other expenses 1,244 1,316 -72 -5.47%
TOTAL Expenses 140,559 139,268 1,291 0.93%
NET Revenues (Expenses) 24,703 31,835 -7,132 -22.40%
OTHER INCOME (EXPENSES)
Equity share in net earnings of associates and joint ventures 1,181 3,241 -2,060 -63.56%
Interest Income 1,046 799 247 30.91%
Gains (losses) on derivative financial instruments - net 996 420 576 137.14%
Foreign exchange losses - net -2,785 -3,036 251 -8.27%
Financing costs - net -7,354 -6,259 -1,095 17.49%
Other income (expenses) - net 4,284 -362 4,646 -1283.43%
TOTAL Other Income (Expenses) -2,632 -5,197 2,565 -49.36%
INCOME BEFORE INCOME TAX 22,071 26,638 -4,567 -17.14%
PROVISION FOR INCOME TAX 1,909 4,563 -2,654 -58.16%
ATTRIBUTABLE TO:
Equity holders of PLDT 20,006 22,065 -2,059 -9.33%
Noncontrolling interests 156 10 146 1460.00%
NET INCOME 20,162 22,075 -1,913 -8.67%

OTHER COMPREHENSIVE INCOME (LOSS) - NET OF TAX


Net gains (losses) on available-for-sale financial investments: 860 -8,135 8,995 -110.57%
Impairment recognized in profit or loss 5,381 5,124 257 5.02%
Unrealized gains (losses) from changes in fair value recognize during the year -4,520 -13,258 8,738 -65.91%
Income tax related to fair value adjustments charged directly to equity -1 -1 0 0.00%
Share in the other comprehensive income (loss) of associates and joint ventures accounted for using the equity method 151 -14 165 -1178.57%
Foreign currency translation differences od subsidiaries 79 45 34 75.56%
Net transactions on cash flow hedges: 10 31 -21 -67.74%
Net fair value gains (losses) on cash flow hedges 76 5 71 1420.00%
Income tax related to fair value adjustments charged directly to equity -66 26 -92 -353.85%
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years 1,100 -8,073 9,173 -113.63%
Revaluation increment on investment properties: 17 -1 18 -1800.00%
Fair value adjustments to property and equipment transferred to investment properties during the year 26 2 24 1200.00%
Depreciation of revaluation increment in investment properties transferred to property equipment -2 -2 0 0.00%
Income tax related to revaluation increment charged directly to equity -7 1 -8 -800.00%
Actuarial losses on defined benefit obligations: -3,571 -1,598 -1,973 123.47%
Remeasurement in actuarial losses on defined benet obligations -5,112 -2,356 -2,756 116.98%
Income tax related to remeasurement adjustments 1,541 758 783 103.30%
Share in the other comprehensive income (loss) of associates and joint ventures accounted for using the equity method 0 -235 235 -100.00%
Net other comprehensive loss not to be reclassified to profit or loss in subsequent years -3,554 -1,834 -1,720 93.78%
Total Other Comprehensive Income (Loss) - Net of Tax -2,454 -9,907 7,453 -75.23%
TOTAL COMPREHENSIVE INCOME 17,708 12,168 5,540 45.53%
ATTRIBUTABLE TO:
Equity holders of PLDT 17,557 12,148 5,409 44.53%
Noncontrolling interests 151 20 131 655.00%
Earnings Per Share Attributable to Common Equity Holders of PLDT
Basic 92.33 101.85 -10 -9.35%
Diluted 92.33 101.85 -10 -9.35%
CONSOLIDATED STATEMENTS OF CASH FLOWS For the years ended December 31, 2016 and 2015 (in million pesos)
2016 2015 AMOUNT PERCENT
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax 22,071 26,638 -4,567 -17.14%
Adjustments for:
Depreciation and amortization 34,455 31,519 2,936 9.32%
Asset impairment 11,042 9,690 1,352 13.95%
Interest on loans and other related items - net 6,956 5,919 1,037 17.52%
Impairment of investments 5,515 5,166 349 6.76%
Foreign exchange losses - net 2,785 3,036 -251 -8.27%
Pension benefit costs 1,775 1,888 -113 -5.99%
Amortization of intangible assets 929 1,706 -777 -45.55%
Accretion on financial liabilities 230 231 -1 -0.43%
Losses (gains) on derivative financial instruments - net -996 -420 -576 137.14%
Interest income -1,046 -799 -247 30.91%
Equity share in net earnings of associates and joint ventures -1,181 -3,241 2,060 -63.56%
Losses (gains) on disposal of property and equipment -1,360 298 -1,658 -556.38%
Gain on disposal of investment in joint ventures -7,365 -2,838 -4,527 159.51%
Incentive plans 0 0 0 0.00%
Others -400 -1,968 1,568 -79.67%
Operating income before changes in assets and liabilities 73,410 76,195 -2,785 -3.66%
Decrease (increase) in:
Trade and other receivables -7,060 -1,863 -5,197 278.96%
Inventories and supplies -917 -1,122 205 -18.27%
Prepayments -5,634 -617 -5,017 813.13%
Advances and other noncurrent assets -99 147 -246 -167.35%
Increase (decrease) in:
Accounts payable 1,358 11,242 -9,884 -87.92%
Accrued expenses and other current liabilities 755 4,969 -4,214 -84.81%
Pension and other employee benefits -5,863 -10,642 4,779 -44.91%
Customers' deposits 1 -8 9 -112.50%
Other noncurrent liabilities -10 -13 3 -23.08%
Net cash flows generated from operations 55,941 78,288 -22,347 -28.54%
Income taxes paid -6,965 -8,544 1,579 -18.48%
Net cash flows from operating activities 48,976 69,744 -20,768 -29.78%

CASH FLOWS FROM INVESTING ACTIVITIES


Dividends received 4,409 5,544 -1,135 -20.47%
Interest received 947 939 8 0.85%
Proceeds from:
Disposal of investments in associates and joint ventures 17,000 0 17,000
Disposal of available-for-sale financial investments 2,502 0 2,502
Disposal of property and equipment 1,889 334 1,555 465.57%
Maturity of short-term investments 1,557 1,469 88 5.99%
Redemption of investment in debt securities 559 0 559 #DIV/0!
Maturity of investment in debt securities 50 292 -242 -82.88%
Disposal of investment properties 0 8 -8 -100.00%
Collection of notes receivable 0 0 0 0.00%
Disposal of investment 0 0 0 0.00%
Payments for:
Purchase of investment properties -6 0 -6 0.00%
Purchase of investment in debt securities -20 0 -20 0.00%
Purchase of shares of noncontrolling-interests-net of cash acquired -22 -2 -20 1000.00%
Acquisition of intangible assets -159 -318 159 -50.00%
Interest paid - capitalized to property and equipment -566 -370 -196 52.97%
Purchase of short-term investments -2,734 -2,194 -540 24.61%
Purchase of available-for-sale financial investments -3,500 -925 -2,575 278.38%
Purchase of investments in associates and joint ventures -21,524 -1,274 -20,250 1589.48%
Purchase of subsidiaries - net of cash acquired 0 -151 151 -100.00%
Deposit for future PDRs subscription 0 0 0 0.00%
Additions to property and equipment -42,259 -42,805 546 -1.28%
Decrease (increase) in advances and other noncurrent assets 105 215 -110 -51.16%
Net cash flows used in investing activities -41,982 -39,238 -2,744 6.99%

CASH FLOWS FROM FINANCING ACTIVITIES


Proceeds from:
Availments of long-term debt 40,569 44,367 -3,798 -8.56%
Issuance of capital stock 5 0 5 0.00%
Availments of long-term financing for capital expenditures 0 311 -311 -100.00%
Payments for:
Debt issuance costs -185 -396 211 -53.28%
Derivative financial instruments -541 -638 97 -15.20%
Long-term financing for capital expenditures -6,040 0 -6,040 0.00%
Interest-net of capitalized portion -6,512 -5,407 -1,105 20.44%
Long-term debt -19,650 -17,084 -2,566 15.02%
Cash dividends -22,987 -32,532 9,545 -29.34%
Redemption of shares 0 -1 1 -100.00%
Obligations under finance leases 0 -5 5 -100.00%
Net cash flows used in financing activities -15,341 -11,385 -3,956 34.75%
NET EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 614 675 -61 -9.04%
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS -7,733 19,796 -27,529 -139.06%
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 46,455 26,659 19,796 74.26%
CASH AND CASH EQUIVALENTS AT END OF THE YEAR 38,722 46,455 -7,733 -16.65%