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PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Date: 22 August 2015

Sector: Telecommunications Services

Industry: Integrated Telecommunications Services

Business Summary
Philippine Long Distance Telephone Company (PLDT) is a telecommunications service provider
in the Philippines. The Company operates in three business segments, including wireless, fixed line
and others. The Company through its three business segments offers a range of telecommunications
services across the Philippines' fiber optic backbone and wireless, fixed line and satellite networks.
The Company provides cellular and wireless broadband, satellite and other services through its
wireless business. The Company's fixed line business group offers local exchange, international
long distance, national long distance, data and other network, and miscellaneous services. Other
business consists of PCEV, an investment holding company.
Share Performance
2,750.00 52 Week High:
Price (PHP):
Volume (millions): 0.2
52 Week Low:

3,456.69 Currency:
2,680.00

Philippine Long Distance Telephone


Company
Ramon Conjuangco Bldg
Makati Ave, Metro Manila
MAKATI
0721
Philippines

PHP
Melissa De Dios (First Vice President,
IR Contact Officer)
http://www.pldt.com.ph
17.46
16,929

P/E:
Employees:

(Millions)

Market Cap:
Shares Outstanding:
Float:

594,000.00
216.00
106.85

Sa le s
173600
171000
168300
165700
163000
160400
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

In co m e
36800

Financial Summary
BRIEF: For the six months ended 30 June 2015, Philippine Long Distance Telephone Co. revenues
decreased less than 1% to PP85.19B. Net income applicable to common stockholders decreased 6%
to PP18.7B. Revenues reflect Fixed Line segment increase of 5% to PP27.87B, also reflect Wireless
segment decrease of 3% to PP57.32B. Net income was partially offset by Foreign exchange gains
(losses) net decrease from PP459M (income) to PP439M (expense).
Valuation Ratios
Price/Earnings
Price/Sales
Price/Book
Price/Cashflow

17.46
3.47
9.66
8.92

36100
35500
34800
34100
33400
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Per Share Data


Earnings
Sales
Book Value (MRI)
Cash Flow
Cash (MRI)

157.51
791.29
622.06
308.06
127.76

Ea r n in gs p e r Sh a r e
1 8 7 .8
1 8 4 .5
1 8 1 .2
1 7 7 .9
1 7 4 .7

Profitability Ratios
Gross Margin
Operating Margin
Net Profit Margin

(%)

92.10
26.53
19.94

Management Effectiveness
Return on Equity (MRI)
Return on Assets (MRI)
Return on Investment (MRI)

(%)

1 7 1 .4
De c 1 2

25.16
8.16
12.10

De c 1 3

De c 1 4
(PHP)

Div id e n d s p e r Sh a r e

Financial Strength
Quick Ratio (MRI)
Current Ratio (MRI)
LT Debt/Equity (MRI)
Total Debt/Equity (MRI)

0.50
0.53
0.86
0.97

Dividend Information
Dividend Yield (%)
Dividend per Share (MRI)
Payout Ratio (MRI)

1 3 3 .3

4.58
130.00
82.53

1 3 0 .0
1 2 6 .7
1 2 3 .3
1 2 0 .0
1 1 6 .7
De c 1 2

De c 1 3

De c 1 4
(PHP)

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2014; Most recent quarter: 1; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Key Ratios & Statistics


Financial Strength
12 Mo
Dec 12

Quick Ratio
Current Ratio
LT Debt/Equity
Total Debt Equity

12 Mo
Dec 13

12 Mo
Dec 14

MRI

3 Year
Average

0.51

0.45

0.46

0.50

0.47

0.69

0.52

0.53

0.53

0.58

0.71

0.65

0.86

0.86

0.74

0.71

0.76

0.97

0.97

0.81

Financial Strength looks at business risk. The


stronger a company is from a financial standpoint,
the less risky it is. The Quick Ratio compares cash
and short-term investments (investments that could
be converted to cash very quickly) to the financial
liabilities they expect to incur within a year's time.
The Current Ratio compares year-ahead liabilities
to cash on hand now plus other inflows (e.g. Accounts Receivable) the company is likely to realize
over that same twelve-month period.

Cu r r e n t Ra t io
0 .7 5
0 .6 9
0 .6 3
0 .5 8

Current Ratio
Total Current Assets

0 .5 2
0 .4 6

1 2 Mo
1 2 Mo
1 2 Mo
De c 1 2 De c 1 3 De c 1 4

MRI

3 Ye a r
Av e r a ge

Quick Ratio: Cash plus Short Term Investments plus Accounts Receivable divided by the Total Current Liabilities for the same period. Current Ratio: Total Current Assets divided by Total Current
Liabilities for the same period. Long Term Debt To Total Equity: Total Long Term Debt divided
by Total Shareholder Equity. Total Debt to Total Equity: Total Debt divided by Total Shareholder
Equity for the same period.

Total Current Liabilities

0.53
75,194.00
142,847.00

The Long Term Debt/Equity Ratio looks at the


company's capital base. A ratio of 1.00 means the
company's long-term debt and equity are equal. The
Total Debt/Equity Ratio includes long-term debt
and short term debt.

Profitability
12 Mo
Dec 12

Gross Margin (%)


Operating Margin (%)
Net Profit Margin (%)
Interest Coverage

12 Mo
Dec 13

12 Mo
Dec 14

3 Year
Average

94.63

92.99

92.10

93.24

28.41

27.88

26.53

27.61

21.81

19.83

19.94

20.53

7.17

7.56

8.80

7.84

Gr o s s Ma r gin (%)
9 5 .5
9 4 .6
9 3 .8
9 2 .9
9 2 .1
9 1 .3

1 2 Mo
1 2 Mo
1 2 Mo
De c 1 2 De c 1 3 De c 1 4

3 Ye a r
Av e r a ge

Gross Margin: This value measures the percent of revenue left after paying all direct production expenses. It is calculated as Revenue minus the Cost of Goods Sold divided by the Revenue and multiplied
by 100. Operating Margin: This value measures the percent of revenues remaining after paying all
operating expenses. It is calculated as Operating Income divided by the Total Revenue, multiplied by
100. Net Profit Margin: Also known as Return on Sales, this value is the Income After Taxes divided
by Total Revenue for the same period and is expressed as a percentage. Interest Coverage: The
Operating Income divided by the company's interest obligations.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2014; Most recent quarter: 1; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals

These ratios realize overall profitability, or the bottom line.


Gross Margin (%)
Gross Profit
x 100
Revenue

92.10 (%)
157,450.00
x 100
170,962.00

Gross Margin shows the amount of revenue left over


after deducting direct costs of producing the goods
or services. Operating Profit and Operating Margin
trace the progress revenue down to another important level. From gross profit, we now subtract indirect costs, often referred to as overhead e.g. facilities and salaries associated with headquarters operations.
Finally, Profit Margin shows you how much of each
revenue dollar is left after all costs, of any kind, are
subtracted. These other costs include such items as
interest on corporate debt and income taxes.

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Key Ratios & Statistics (cont.)


Management Effectiveness (%)
12 Mo
Dec 12

Return on Equity %
Return on Assets %
Return on Investments %

12 Mo
Dec 13

12 Mo
Dec 14

3 Year
Average

24.31

23.64

25.16

8.83

8.29

8.16

24.37
8.43

12.66

12.05

12.09

12.27

A company's ability to operate profitably can be


measured directly by measuring its return on assets.
ROA (Return On Assets) is the ratio of a company's
net profit to its total assets, expressed as a percentage.
Return on Assets (%)
Income After Taxes

Re t u r n o n As s e t s %
9 .0 5

Average Total Assets

8 .8 3
8 .6 1
8 .3 8
8 .1 6
7 .9 4

1 2 Mo
1 2 Mo
1 2 Mo
De c 1 2 De c 1 3 De c 1 4

3 Ye a r
Av e r a ge

Return On Equity: Income Available to Common Stockholders divided by the Common Equity and
expressed as a percentage. Return on Assets: This value is the Income After Taxes divided by the
Average Total Assets, expressed as a percentage. Return on Investments: Income after taxes divided
by the average total long term debt, other long term liabilities and shareholders equity, and expressed
as a percentage.

x 100

8.16 (%)
34,090.00
x 100
417,966.50

ROA measures how well a company's management


uses its assets to generate profits. It is a better measure of operating efficiency than ROE, which only measures how much profit is generated on the
shareholders equity but ignores debt funding. This
ratio is particularly relevant for banks which typically have huge assets.

Dividend Information
12 Mo
Dec 12

Payout Ratio (%)


Dividend Per Share

12 Mo
Dec 13

12 Mo
Dec 14

72.92

81.12

82.53

120.00

125.00

130.00

3 Year
Growth

3 Year
Average

78.86

Pa y o u t Ra t io (%)

The annual dividend is the total amount(PHP) of


dividends you could expect to receive if you held
the stock for a year (assuming no change in the
company's dividend policy).
Payout Ratio (%)
Dividend Per Share

8 5 .7
8 2 .5

Primary EPS

x 100

82.53 (%)
130.00
x 100
157.51

7 9 .3
7 6 .1
7 2 .9
6 9 .7

1 2 Mo
1 2 Mo
1 2 Mo
De c 1 2 De c 1 3 De c 1 4

3 Ye a r
Av e r a ge

Dividend Per Share: Common Stock Cash Dividends divided by the shares outstanding. Payout Ratio:
This ratio is the percentage of the Primary/Basic Earnings Per Share Excluding Extraordinary Items
paid to common stockholders in the form of cash dividends.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2014; Most recent quarter: 1; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals

The dividend yield is the indicated annual dividend


rate expressed as a percentage of the price of the
stock, and could be compared to the coupon yield on
a bond. The Payout Ratio tells you what percent of
the company's earnings have been given to shareholders as cash dividends. A low payout ratio indicates that company has chosen to reinvest most of
the profits back into the business.

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Key Ratios & Statistics (cont.)


Per Share Data
12 Mo
Dec 12

Earning Per Share


Sales Per Share
Book Value
Cash Flow
Cash Per Share

12 Mo
Dec 13

12 Mo
Dec 14

164.55

154.09

157.51

754.59

779.11

791.29

671.31

632.41

619.69

164.33

154.24

157.51

172.69

150.99

127.76

Interim

3 Year
Growth

0.00
0.01
**622.06

(0.03)
0.00

**127.76

(0.16)

*MRQ
**MRI

Ea r n in gs Pe r Sh a r e
1 6 8 .0
1 6 4 .5
1 6 1 .1
1 5 7 .6
1 5 4 .1
1 5 0 .6

The most important Per-Share Data item is Earnings Per Share. That's because ultimately, the price
of your stock is related in some way to the value of
the stream of earnings attributable to that share.
Earnings Per Share
Adjusted Income Avail. to Common Shareholders
Diluted Weighted Average Shares

157.51
34,032.00
216.06

This section also includes the amount of Cash Per


Share the company had at the time of its most recent quarterly or annual report. Most of the time,
this number will be far below the stock price. In
a healthy industrial company, a Cash Per Share
figure that is close the stock price might suggest
that investors are underestimating the worth of the
company's ongoing business, thereby creating an
interesting investment opportunity for you.

1 2 Mo
1 2 Mo
1 2 Mo
De c 1 2 De c 1 3 De c 1 4

EPS Excluding Extraordinary Items: This is the adjusted income available to Common divided by
the diluted weighted average shares outstanding. Sales (Revenue) Per Share: Total Revenue divided
by the Average Diluted Shares Outstanding. Book Value Per Share: This is defined as the Common
Shareholder's Equity divided by the Shares Outstanding. Cash Flow: Cash Flow is defined as the sum
of Income After Taxes minus Preferred Dividends and General Partner Distributions plus Depreciation, Depletion and Amortization. Cash Per Share: This is the Total Cash plus Short Term Investments divided by the Shares Outstanding.

TTM: Trailing Twelve Months; MRQ: Most Recent Quarter; MRI: Most Recent Interim.
Latest fiscal year: 2014; Most recent quarter: 1; Fiscal year end month: December;
All Ratios are calculated for the latest fiscal year end unless otherwise indicated.
Data Source: Reuters Fundamentals

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Consensus Estimates
Analyst Recommendations
& Revisions

Current

As of 1
Week Ago

As of 4
Weeks Ago

As of 8
Weeks Ago

As of 13
Weeks Ago

Buy

Outperform

Hold

Underperform

Strong Sell

3.6

3.6

3.5

3.6

3.6

Mean Rating

Consensus Estimate Trends

Current

As of 1
Week Ago

As of 4
Weeks Ago

As of 8
Weeks Ago

Consensus Recommendation
UNDERPERFORM
Company Fiscal Year End Month
December
Last Updated
22 August 2015

As of 13
Weeks Ago

Sales (Millions)

Sa le s
178600

Year Ending Dec 15

172,335.0

172,335.0

172,964.0

172,828.0

172,902.0

176600

Year Ending Dec 16

176,564.0

176,564.0

177,371.0

177,507.0

177,771.0

174500

Year Ending Dec 15

160.9

160.9

161.6

162.0

161.7

170400

Year Ending Dec 16

161.2

161.2

163.7

163.5

164.3

168300

Earnings1 (Per share)

172400

De c 1 4

De c 1 5

De c 1 6
(PHP Millions)

Consensus Estimate Analysis

No. of
Estimates

Mean
Estimate

High
Estimate

Low
Estimate

Sales (Millions)
Year Ending Dec 15

16

172,335.0

177,241.0

159,466.0

Year Ending Dec 16

16

176,564.0

182,990.0

159,612.0

Year Ending Dec 15

17

160.9

167.0

151.2

Year Ending Dec 16

17

161.2

176.6

150.0

Earnings1 (Per share)

Quarter Historical Surprises

Estimate

Actual

Difference

Surprise (%)

Sales (Millions)
Year Ending Dec 14

170,376.00

170,962.00

586.33

0.34

171.94

172.88

0.94

0.55

171.62

156.00

15.62

9.10

Earnings1 (Per share)


Year Ending Dec 14
Dividends (Per Share)
Year Ending Dec 14
1 Earnings per share (Adjusted to exclude exceptional items)
2 Net Profit (Adjusted to exclude exceptional items)

Data Source: Reuters Fundamentals

TEL

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY


(PHILIPPINE STOCK EXCHANGE)

Annual Income Statement


Type of Update

RES

UPD

T o t a l Re v e n u e

UPD
173600

Total Revenue
Cost of Revenue,Total
Gross Profit
Selling/General/Admin.Expenses
Research & Development
Depreciation/Amortization
Interest Expense/Income Net Op.
Unusual Income/Expense
Other Operating Expenses,Total
Total Operating Expense
Operating Income
Interest Expense/Income Net Non Op.
Gain/(Loss) on Sale of Assets
Other, Net
Income Before Tax

(PHP Millions)

(PHP Millions)

(PHP Millions)

12Months
31 Dec 12

12Months
31 Dec 13

12Months
31 Dec 14

163,033.0

168,331.0

170,962.0

8,747.0

11,806.0

13,512.0

154,286.0

156,525.0

157,450.0

73,749.0

75,233.0

77,215.0

--

--

--

33,275.0

31,324.0

32,528.0

171000
168300
165700
163000
160400
De c 1 2

--

--

--

5,543.0

6,046.0

158500

(4,341.0)

(2,504.0)

(3,697.0)

157500

116,716.0

121,402.0

125,604.0

156400

46,317.0

46,929.0

45,358.0

155300

--

--

--

154300
153200

--

--

--

(383.0)

(168.0)

43,606.0

41,632.0

44,148.0

Gr o s s Pr o fit

De c 1 2

8,050.0

8,248.0

10,058.0

Income After Tax

35,556.0

33,384.0

34,090.0

47500
46900

49.0

(33.0)

1.0

--

--

--

U.S. GAAP Adjustment

--

--

--

35,605.0

33,351.0

34,091.0

--

--

--

543.0

2,069.0

0.0

Extraodinary Item

--

--

--

Tax on Extraordinary Items

--

--

--

36,148.0

35,420.0

34,091.0

(52.0)

(60.0)

(59.0)

36800

--

--

--

36100

Inc. Avail. to Common Excl. Extra. Items

35,553.0

33,291.0

34,032.0

35500

Inc. Avail. to Common Incl. Extra. Items

36,096.0

35,360.0

34,032.0

34800

216.1

216.1

216.1

34100

Basic EPS Excl. Extra. Items

164.555

154.085

157.515

33400

Basic EPS Incl. Extra. Items

167.069

163.661

157.515

Dilution Adjustment

--

--

--

Diluted Net Income

Accounting Change
Discontinued Operations

Net Income
Preferred Dividends
General Partner's Distributions

Basic Weighted Average Shares

36,096.000

35,360.000

34,032.000

Diluted Weighted Average Shares

216.055

216.056

216.056

Diluted EPS Excl. Extra. Items

164.555

154.085

157.515

Diluted EPS Incl. Extra. Items

167.069

163.661

157.515

Div's per Share - Common Stock

120.000

125.000

130.000

36,946.000

--

28,087.000

6,458.000

6,206.000

5,152.000

(914.000)

(421.000)

(442.000)

32,820.000

30,457.000

31,379.000

5,286.000

5,543.000

6,046.000

48,892.000

47,175.000

50,194.000

975.836

1,098.160

1,377.430

9,025.840

9,346.160

11,435.400

Normalized Income After Tax

39,866.199

37,828.801

38,758.602

Normalized Income Available to Common

39,863.199

37,735.801

38,700.602

Basic Normalized EPS

184.505

174.658

179.123

Diluted Normalized EPS

184.505

174.658

179.123

SGVC
UNO
17-A

SGVC
UNO
17-A

SGVC
UNO
17-A

Gross Dividends - Common Stock


Interest Expense, Supplemental
Interest Capitalized, Supplemental
Depreciation, Supplemental
Total Special Items
Normalized Income Before Tax
Effect of Special Items on Inc. Taxes
Inc. Taxes Excl. Impact Special Items

Auditor
Auditor Opinion
Source Document

Data Source: Reuters Fundamentals

De c 1 4

Op e r a t in g In co m e

Equity In Affiliates
Net Income Before Extra. Items

De c 1 3

(PHP Millions)

Income Tax - Total


Minority Interest

De c 1 4
(PHP Millions)

5,286.0

(418.0)

De c 1 3

46400
45900
45400
44800
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Ne t In co m e

De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Dilu t e d No r m a liz e d EPS


1 8 7 .8
1 8 4 .5
1 8 1 .2
1 7 7 .9
1 7 4 .7
1 7 1 .4
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

TEL

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY


(PHILIPPINE STOCK EXCHANGE)

Annual Balance Sheet


Type of Update

RES

UPD

Ca s h & Sh o r t T e r m In v e s t m e n t s

UPD
40500

(PHP Millions)

(PHP Millions)

(PHP Millions)

31 Dec 12

31 Dec 13

31 Dec 14

37300

5,611.0

5,938.0

6,816.0

34100

--

--

--

30800

Short Term Investments

31,700.0

26,685.0

20,781.0

27600

Cash and Short Term Investments

37,311.0

32,623.0

27,597.0

24400

Accounts Receivable(Trade), Net

16,379.0

17,564.0

29,151.0

--

--

--

Other Receivables

8,116.0

8,248.0

8,332.0

Total Receivables, Net

24,495.0

25,812.0

37,483.0

Total Inventory

1,372.0

3,164.0

3,706.0

Prepaid Expenses

5,144.0

6,054.0

6,406.0

Other Current Assets

16,419.0

10.0

2.0

Total Current Assets

84,741.0

67,663.0

75,194.0

74,869.0

581,286.0

605,598.0

Accumulated Depreciation

(280,955.0)

(388,621.0)

(413,614.0)

Property/Plant/Equip., Net

(206,086.0)

192,665.0

191,984.0

62,240.0

62,127.0

62,164.0

6,165.0

11,791.0

10,678.0

32,933.0

45,395.0

72,908.0

139000

Cash
Cash and Equivalents

Notes Receivable - Short Term

Property/Plant/Equipment - Gross

De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

T o t a l Cu r r e n t As s e t s
90000
85000
79000
73000
68000
62000
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Goodwill, Net
Intangibles, Net
Long Term Investments
Note Receivable - Long Term

T o t a l De b t

--

--

--

130000

425,822.0

19,997.0

23,367.0

121000

--

--

--

112000

405,815.0

399,638.0

436,295.0

103000

Accounts Payable

--

34,882.0

40,923.0

94000

Payable/Accrued

--

--

--

Accrued Expenses

--

53,057.0

60,476.0

Notes Payable/Short Term Debt

0.0

0.0

0.0

Current Port. LT Debt/Capital Leases

8.0

15,171.0

14,729.0

Other Long Term Assets, Total


Other Assets, Total
Total Assets

De c 1 2

T o t a l Eq u it y
149300

122,276.0

25,937.0

26,719.0

Total Current Liabilities

122,284.0

129,047.0

142,847.0

102,811.0

88,924.0

115,399.0

10.0

6.0

1.0

Total Long Term Debt

102,821.0

88,930.0

115,400.0

134400

Total Debt

102,829.0

104,101.0

130,129.0

130600

5,713.0

4,437.0

4,427.0

184.0

179.0

304.0

Capital Lease Obligations

Deferred Income Tax


Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock

145600
141800
138100

De c 1 2

29,263.0

39,898.0

38,953.0

260,265.0

262,491.0

301,931.0

2 1 6 .0 7

--

--

2 1 6 .0 6

510.0

510.0

2 1 6 .0 4

1,093.0

1,093.0

1,093.0

2 1 6 .0 2

130,566.0

130,562.0

130,521.0

Retained Earnings/Accum. Deficit

23,273.0

22,968.0

17,030.0

Treasury Stock - Common

Additional Paid-In Capital

(6,505.0)

(6,505.0)

(6,505.0)

ESOP Debt Guarantee

--

--

--

Unrealized Gain/Loss

--

--

--

Other Equity, Total

(3,387.0)

(11,481.0)

(8,285.0)

Total Equity

145,550.0

137,147.0

134,364.0

Total Liability & Shareholders' Equity

405,815.0

399,638.0

436,295.0

Total Common Shares Outstanding

216.1

216.1

216.0

Total Preferred Stock Shares Outs.

150.0

36.0

300.0

SGVC
UNO
17-Q

SGVC
UNO
17-A

SGVC
UNO
17-A

Auditor
Auditor Opinion
Source Document

Data Source: Reuters Fundamentals

De c 1 4

T o t a l Co m m o n Sh a r e s Ou t s t a n d in g

--

Common Stock

De c 1 3

(PHP Millions)

510.0

Preferred Stock(Non Redeemable), Net

De c 1 4
(PHP Millions)

Other Current Liabilities, Total


Long Term Debt

De c 1 3

2 1 6 .0
2 1 5 .9 8
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

TEL

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY


(PHILIPPINE STOCK EXCHANGE)

Annual Cash Flow Statement


Type of Update

UPD

UPD

T o t a l Ca s h fr o m Op e r a t in g Act iv it ie s

UPD
85200

(PHP Millions)

(PHP Millions)

(PHP Millions)

12Months
31 Dec 12

12Months
31 Dec 13

12Months
31 Dec 14

Net Income/Starting Line

43,841.0

41,632.0

44,148.0

Depreciation/Depletion

32,820.0

30,457.0

31,379.0

1,101.0

1,075.0

1,149.0

--

--

--

4,331.0

10,125.0

6,602.0

--

--

--

Amortization
Deferred Taxes
Non-Cash Items
Cash Receipts
Cash Payments

80400
75600
70800
66000
61200
De c 1 2

--

--

--

10,106.0

11,559.0

11,781.0

- 26400

Cash Interest Paid

6,269.0

5,380.0

5,178.0

- 28700

Changes in Working Capital

(1,723.0)

(9,526.0)

(17,263.0)

- 31000

Total Cash from Operating Activities

80,370.0

73,763.0

66,015.0

- 33200

(35,482.0)

(28,707.0)

(34,647.0)

- 35500
- 37700

Ca p it a l Ex p e n d it u r e s

Other Investing Cash Flow Items, Total

(3,576.0)

7,662.0

(17,039.0)

Total Cash from Investing Activities

(39,058.0)

(21,045.0)

(51,686.0)

Financing Cash Flow Items

(12,452.0)

(5,625.0)

(5,625.0)

Total Cash Dividends Paid

(36,934.0)

(37,804.0)

(39,900.0)

165.0

(5.0)

115.0

220
170

Insurance/Retirement of Stock, Net


Insurance/Retirement of Debt, Net

593.0

(16,379.0)

25,513.0

(48,628.0)

(59,813.0)

(19,897.0)

(445.0)

704.0

322.0

Net Change in Cash

(7,761.0)

(6,391.0)

(5,246.0)

Depreciation, Supplemental

32,820.0

30,457.0

31,379.0

Total Cash from Financing Activities


Foreign Exchange Effects

Cash Interest Paid, Supplemental


Cash Taxes Paid, Supplemental
Auditor
Auditor Opinion
Source Document

6,269.0

5,380.0

5,178.0

10,106.0

11,559.0

11,781.0

SGV
UNO
17-A

SGVC
UNO
17-A

SGVC
UNO
17-A

De c 1 4
(PHP Millions)

Cash Taxes Paied

Capital Expenditures

De c 1 3

De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Is s u e o f St o ck

110
50
0
- 60
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Is s u e o f De b t
39000
26000
12000
- 2000
- 16000
- 30000
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Ne t Ch a n ge in Ca s h
- 4400
- 5200
- 6100
- 6900
- 7800
- 8600
De c 1 2

De c 1 3

De c 1 4
(PHP Millions)

Data Source: Reuters Fundamentals

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Interim Income Statement


Type of Update

CLA

UPD

UPD

UCA

T o t a l Re v e n u e

UPD
44300

(PHP Millions)

(PHP Millions)

(PHP Millions)

(PHP Millions)

(PHP Millions)

3Months
31 Mar 14

3Months
30 Jun 14

3Months
30 Sep 14

3Months
31 Dec 14

3Months
31 Mar 15

42,564.0

42,885.0

41,842.0

43,692.0

42,553.0

3,449.0

3,476.0

3,255.0

3,332.0

3,704.0

Gross Profit

39,115.0

39,409.0

38,587.0

40,360.0

38,849.0

Selling/General/Admin.Expenses

18,463.0

19,866.0

19,274.0

19,568.0

18,454.0

--

--

--

--

--

7,491.0

7,573.0

7,695.0

9,769.0

7,164.0

Total Revenue
Cost of Revenue,Total

Research & Development


Depreciation/Amortization
Interest Expense/Income Net Op.

43700
43100
42500
41800
41200
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

--

--

--

--

--

637.0

784.0

395.0

4,230.0

866.0

41000

(577.0)

(1,674.0)

(848.0)

(533.0)

(516.0)

40400

Total Operating Expense

29,463.0

30,025.0

29,771.0

36,366.0

29,672.0

39800

Operating Income

13,101.0

12,860.0

12,071.0

7,326.0

12,881.0

39200

--

--

--

--

--

38600
38000

Unusual Income/Expense
Other Operating Expenses,Total

Interest Expense/Income Net Non Op.


Gain/(Loss) on Sale of Assets

Gr o s s Pr o fit

--

--

--

--

--

(183.0)

100.0

(19.0)

(66.0)

(128.0)

Income Before Tax

12,137.0

14,099.0

10,467.0

7,445.0

12,256.0

Income Tax - Total

2,745.0

3,490.0

2,531.0

1,292.0

2,858.0

Income After Tax

9,392.0

10,609.0

7,936.0

6,153.0

9,398.0

15000
13100

Other, Net

Minority Interest

Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Op e r a t in g In co m e

(13.0)

35.0

(2.0)

(19.0)

(11.0)

Equity In Affiliates

--

--

--

--

--

U.S. GAAP Adjustment

--

--

--

--

--

9,379.0

10,644.0

7,934.0

6,134.0

9,387.0

Accounting Change

--

--

--

--

--

Discontinued Operations

--

0.0

0.0

0.0

--

Extraodinary Item

--

--

--

--

--

Tax on Extraordinary Items

--

--

--

--

--

9,379.0

10,644.0

7,934.0

6,134.0

9,387.0

(14.0)

(15.0)

(15.0)

(15.0)

(14.0)

12100

--

--

--

--

--

10600

Inc. Avail. to Common Excl. Extra. Items

9,365.0

10,629.0

7,919.0

6,119.0

9,373.0

9100

Inc. Avail. to Common Incl. Extra. Items

9,365.0

10,629.0

7,919.0

6,119.0

9,373.0

7600

Basic Weighted Average Shares

216.1

216.1

216.1

216.1

216.1

6100

Basic EPS Excl. Extra. Items

43.345

49.196

36.653

28.321

43.382

4600

Basic EPS Incl. Extra. Items

43.345

49.196

36.653

28.321

43.382

Dilution Adjustment

--

--

--

--

--

Diluted Net Income

Net Income Before Extra. Items

Net Income
Preferred Dividends
General Partner's Distributions

9,365.000

10,629.000

7,919.000

6,119.000

9,373.000

Diluted Weighted Average Shares

216.056

216.056

216.056

216.056

216.056

Diluted EPS Excl. Extra. Items

43.345

49.196

36.653

28.321

43.382

Diluted EPS Incl. Extra. Items

43.345

49.196

36.653

28.321

43.382

Div's per Share - Common Stock

0.000

69.000

0.000

61.000

0.000

Gross Dividends - Common Stock

0.000

14,908.000

0.000

13,179.000

0.000

1,141.000

1,274.000

1,338.000

1,399.000

1,407.000

(105.000)

(119.000)

(118.000)

(100.000)

(86.000)

7,205.000

7,285.000

7,407.000

9,482.000

6,896.000

637.000

784.000

395.000

4,230.000

866.000

12,774.000

14,883.000

10,862.000

11,675.000

13,122.000

144.069

194.068

95.514

734.071

201.944

--

--

--

--

--

Normalized Income After Tax

9,884.930

11,198.900

8,235.490

9,648.930

10,062.100

Normalized Income Available to Common

Interest Expense, Supplemental


Interest Capitalized, Supplemental
Depreciation, Supplemental
Total Special Items
Normalized Income Before Tax
Effect of Special Items on Inc. Taxes
Inc. Taxes Excl. Impact Special Items

9,857.930

11,218.900

8,218.490

9,614.930

10,037.100

Basic Normalized EPS

45.627

51.926

38.039

44.502

46.456

Diluted Normalized EPS

45.627

51.926

38.039

44.502

46.456

17-Q
1

17-Q
2

17-Q
3

17-A
4

17-Q
1

Source Document
Fiscal Period

Data Source: Reuters Fundamentals

11200
9300
7300
5400
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Ne t In co m e

Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Dilu t e d No r m a liz e d EPS


5 6 .6
5 1 .9
4 7 .3
4 2 .7
3 8 .0
3 3 .4
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Interim Accounts - Balance Sheet


Type of Update

UPD

UPD

UPD

UPD

Ca s h & Sh o r t T e r m In v e s t m e n t s

UPD
74000

(PHP Millions)

(PHP Millions)

(PHP Millions)

(PHP Millions)

(PHP Millions)

31 Mar 14

30 Jun 14

30 Sep 14

31 Dec 14

31 Mar 15

61000

7,923.0

4,558.0

7,172.0

6,816.0

12,340.0

49000

--

--

--

--

--

37000

Short Term Investments

53,542.0

40,411.0

17,533.0

20,781.0

34,843.0

25000

Cash and Short Term Investments

61,465.0

44,969.0

24,705.0

27,597.0

47,183.0

12000

Accounts Receivable(Trade), Net

17,384.0

19,040.0

21,787.0

29,151.0

23,964.0

--

--

--

--

--

Other Receivables

8,172.0

8,115.0

8,209.0

8,332.0

8,333.0

Total Receivables, Net

25,556.0

27,155.0

29,996.0

37,483.0

32,297.0

Total Inventory

2,867.0

3,530.0

3,389.0

3,706.0

3,936.0

Prepaid Expenses

6,933.0

5,633.0

6,141.0

6,406.0

7,969.0

0.0

0.0

0.0

2.0

2.0

96,821.0

81,287.0

64,231.0

75,194.0

91,387.0

582,096.0

582,894.0

588,474.0

605,598.0

608,190.0

Accumulated Depreciation

(393,991.0)

(396,500.0)

(401,486.0)

(413,614.0)

(420,132.0)

Property/Plant/Equip., Net

188,105.0

186,394.0

186,988.0

191,984.0

188,058.0

Goodwill, Net

62,250.0

62,237.0

62,130.0

62,164.0

62,164.0

Intangibles, Net

11,541.0

11,253.0

10,965.0

10,678.0

10,517.0

Long Term Investments

46,046.0

47,465.0

68,392.0

72,908.0

65,429.0

139300

Cash
Cash and Equivalents

Notes Receivable - Short Term

Other Current Assets


Total Current Assets
Property/Plant/Equipment - Gross

Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

T o t a l Cu r r e n t As s e t s
108000
97000
86000
75000
64000
53000
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Note Receivable - Long Term


Other Long Term Assets, Total
Other Assets, Total
Total Assets
Accounts Payable
Payable/Accrued
Accrued Expenses
Notes Payable/Short Term Debt
Current Port. LT Debt/Capital Leases
Other Current Liabilities, Total

T o t a l De b t

--

--

--

--

--

135200

22,085.0

22,516.0

23,431.0

23,367.0

22,976.0

131100

--

--

--

--

--

127100

426,848.0

411,152.0

416,137.0

436,295.0

440,531.0

123000

31,185.0

30,864.0

32,288.0

40,923.0

39,839.0

118900

--

--

--

--

--

53,447.0

56,622.0

61,141.0

60,476.0

58,244.0

0.0

0.0

0.0

0.0

0.0

14,122.0

14,031.0

14,779.0

14,729.0

15,623.0

Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

T o t a l Eq u it y
140000

54,900.0

27,291.0

27,598.0

26,719.0

46,924.0

153,654.0

128,808.0

135,806.0

142,847.0

160,630.0

109,140.0

108,967.0

117,928.0

115,399.0

119,586.0

5.0

3.0

2.0

1.0

0.0

Total Long Term Debt

109,145.0

108,970.0

117,930.0

115,400.0

119,586.0

118000

Total Debt

123,267.0

123,001.0

132,709.0

130,129.0

135,209.0

113000

4,352.0

4,256.0

4,400.0

4,427.0

4,414.0

249.0

165.0

326.0

304.0

301.0

Total Current Liabilities


Long Term Debt
Capital Lease Obligations

Deferred Income Tax


Minority Interest
Other Liabilities, Total
Total Liabilities
Redeemable Preferred Stock

134000
129000
124000

Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

39,247.0

38,853.0

35,248.0

38,953.0

37,112.0

306,647.0

281,052.0

293,710.0

301,931.0

322,043.0

270

T o t a l Co m m o n Sh a r e s Ou t s t a n d in g

--

--

--

--

--

220

510.0

510.0

510.0

510.0

510.0

160

1,093.0

1,093.0

1,093.0

1,093.0

1,093.0

110

130,562.0

130,535.0

130,522.0

130,521.0

130,521.0

50

7,270.0

17,899.0

10,910.0

17,030.0

7,606.0

(6,505.0)

(6,505.0)

(6,505.0)

(6,505.0)

(6,505.0)

ESOP Debt Guarantee

--

--

--

--

--

Unrealized Gain/Loss

--

--

--

--

--

Preferred Stock(Non Redeemable), Net


Common Stock
Additional Paid-In Capital
Retained Earnings/Accum. Deficit
Treasury Stock - Common

Other Equity, Total

(12,729.0)

(13,432.0)

(14,103.0)

(8,285.0)

(14,737.0)

Total Equity

120,201.0

130,100.0

122,427.0

134,364.0

118,488.0

Total Liability & Shareholders' Equity

426,848.0

411,152.0

416,137.0

436,295.0

440,531.0

Total Common Shares Outstanding

216.0

216.0

216.0

216.0

216.0

Total Preferred Stock Shares Outs.

36.0

36.0

300.0

300.0

300.0

17-Q
1

17-Q
2

17-Q
3

17-A
4

17-Q
1

Source Document
Fiscal Period

Data Source: Reuters Fundamentals

0
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

10

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Interim Accounts - Cash Flow Statement


Type of Update

UPD

UPD

UPD

UPD

T o t a l Op e r a t in g Act iv it ie s

UPD
83000

(PHP Millions)

(PHP Millions)

(PHP Millions)

(PHP Millions)

(PHP Millions)

3Months
31 Mar 14

6Months
30 Jun 14

9Months
30 Sep 14

12Months
31 Dec 14

3Months
31 Mar 15

Net Income/Starting Line

12,137.0

26,236.0

36,703.0

44,148.0

12,256.0

Depreciation/Depletion

7,205.0

14,490.0

21,897.0

31,379.0

6,896.0

286.0

574.0

862.0

1,149.0

268.0

--

--

--

--

--

1,982.0

1,127.0

3,497.0

6,602.0

1,667.0

--

--

--

--

--

Amortization
Deferred Taxes
Non-Cash Items
Cash Receipts
Cash Payments

66000
50000
33000
17000
0
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

--

--

--

--

--

Cash Taxes Paied

568.0

5,963.0

8,964.0

11,781.0

561.0

Cash Interest Paid

1,258.0

2,367.0

3,941.0

5,178.0

1,571.0

- 2000

Ca p it a l Ex p e n d it u r e s
9000

Changes in Working Capital

(4,269.0)

(10,771.0)

(16,386.0)

(17,263.0)

(4,941.0)

- 13000

Total Cash from Operating Activities

17,341.0

31,656.0

46,573.0

66,015.0

16,146.0

- 24000

Capital Expenditures

(2,144.0)

(8,054.0)

(15,941.0)

(34,647.0)

(3,023.0)

- 35000

Other Investing Cash Flow Items, Total

(2,222.0)

(2,187.0)

(20,648.0)

(17,039.0)

4,039.0

- 45000

Total Cash from Investing Activities

(4,366.0)

(10,241.0)

(36,589.0)

(51,686.0)

1,016.0

Financing Cash Flow Items

(1,403.0)

(2,629.0)

(4,379.0)

(5,625.0)

(1,776.0)

Total Cash Dividends Paid

(25.0)

(25,012.0)

(39,884.0)

(39,900.0)

(24.0)

0.0

0.0

158.0

115.0

--

260

17,115.0

17,279.0

25,588.0

25,513.0

3,302.0

210

--

--

--

--

--

(114.0)

(91.0)

322.0

322.0

(105.0)

28,548.0

10,962.0

(8,211.0)

(5,246.0)

18,559.0

Depreciation, Supplemental

7,205.0

14,490.0

21,897.0

31,379.0

6,896.0

Cash Interest Paid, Supplemental

1,258.0

2,367.0

3,941.0

5,178.0

1,571.0

568.0

5,963.0

8,964.0

11,781.0

561.0

17-Q
1

17-Q
2

17-Q
3

17-A
4

17-Q
1

Insurance/Retirement of Stock, Net


Insurance/Retirement of Debt, Net
Total Cash from Financing Activities
Foreign Exchange Effects
Net Change in Cash

Cash Taxes Paid, Supplemental


Source Document
Fiscal Period

Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Is s u e o f St o ck

160
110
50
0
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Is s u e o f De b t
32000
26000
19000
13000
6000
0
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Ne t Ch a n ge in Ca s h
41000
29000
16000
4000
- 8000
- 20000
Ma r 1 4 Ju n 1 4 Se p 1 4 De c 1 4 Ma r 1 5
(PHP Millions)

Data Source: Reuters Fundamentals

11

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY

TEL

(PHILIPPINE STOCK EXCHANGE)

Further Information
Internet Information
Home Page:

http://www.pldt.com.ph

Officers
Manuel Pangilinan
Napoleon Nazareno
Anabelle Chua
Ernesto Alberto
Isaias Fermin
Charles Lim
Ma. Lourdes Rausa-Chan
Menardo Jimenez
Rene Banez
Alejandro Caeg
Jun Florencio
Leo Posadas
Luis Ignacio Lopa
Florentino Mabasa
Melissa De Dios
Katrina Abelarde
Jose Apelo
Rafael Bejar
Anna Isabel Bengzon
Marco Alejandro Borlongan

Chairman of the Board


President, Chief Executive Officer, Director
Chief Financial Officer, Senior Vice President
Executive Vice President, Enterprise and International Carrier Business Head
Executive Vice President and Head of Home Business
Executive Vice President
Senior Vice President, General Counsel, Corporate Secretary, Chief Governance Officer, Director
Senior Vice President, Human Resources Group Head, Business Transformation Office Head
Senior Vice President, Supply Chain, Asset Protection and Management Head
Senior Vice President, International and Carrier Business Head
Senior Vice President, Internal Audit and Fraud Risk Management Head
Vice President, Treasurer
Vice President and Head of Corporate Marketing Services
First Vice President, Assistant Corporate Secretary
First Vice President, IR Contact Officer
First Vice President
Vice President
Vice President
First Vice President
Vice President

Philippine Long Distance Telephone Company Group Headquarters: Ramon Conjuangco Bldg, Makati Ave, Metro Manila, MAKATI, 0721,
Philippines, Melissa De Dios (First Vice President, IR Contact Officer)

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