FINANCIAL AND OPERATING HIGHLIGHTS · 9M2019 CONSOLIDATED INCOME STATEMENT In PhP M 9M 2019 9M 2018 YoY% REMARKS Total Revenues 13,694 12,746 7% Construction 10,526 10,352 2% Rebound

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FINANCIAL AND OPERATING HIGHLIGHTSNine Months Ended September 30, 2019

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Construction Corporation (the “Company”).

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based on assumptions regarding the 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.

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subsidiaries and/or affiliates.

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9M2019 CONSOLIDATED INCOME STATEMENT

In PhP M 9M 2019 9M 2018 YoY% REMARKS

Total Revenues 13,694 12,746 7%

Construction 10,526 10,352 2% Rebound on track

Airport Operations 2,714 2,180 25% In line with expectations

Airport Merchandising 248 215 15%

Landport Operations 207 - 100% Initial lease commencement

Direct Costs 10,393 9,128 14%

Construction 9,052 8,618 5%Industry supply / capacity

constraints

Airport Operations 1,130 459 146% T2-related costs

Airport Merchandising 62 51 21%

Landport Operations 150 - 100%

Gross Profit 3,301 3,618 -9%

Other Operating Expenses 1,060 935 13% T2 and PITX related expenses

Operating Profit 2,241 2,683 -16%

Net Other Income (Charges) -1,039 -588 77% Additional loan drawdowns*

Profit before tax 1,202 2,095 -43%

Tax Expense 367 375 -2%

Income before Non Controlling Interest 835 1,720 -51%

Non-Controlling Interest 185 399 -53%

NIAT Attributable to MWIDE Equity Holders 650 1,321 -51%

3*Majority pertains to drawdowns made by Airport, Landport and Clark EPC.

FINANCIAL HIGHLIGHTS

-4

4,450 4,361 3,936

3,246 3,572

4,611

5,510

1,083

1,287

1,111

888

1,139

1,230 1,168

-

200

400

600

800

1,000

1,200

1,400

1,000

2,000

3,000

4,000

5,000

6,000

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

QUARTERLY PERFORMANCE (PHPm)

Revenue

EBITDA

• Rebound performance on track

FINANCIAL HIGHLIGHTS

-

52%

45%

8% -5%

NET INCOME

48%49%

3%

EBITDA

77%

20%

2%1%

REVENUE

MerchandisingAirportConstruction

9M2019 BREAKDOWN

PERFORMANCE

5*Includes 207M revenue from Landport operation

741431

907

379

72

67

9M 2018 9M 2019

NET INCOME (PhP M)

10,352 10,526

2,180 2,714215

248

9M 2018 9M 2019

REVENUE (PhP M)

1,815 1,696

1,575 1,723

90 100

9M 2018 9M 2019

EBITDA (PhP M)

13,694* 3,481

835***

12,746 3,537** 1,720

***includes 43M net loss from Landport operation

Landport

*Includes 17M ebitda from Landport operation

MARGIN PERFORMANCE

In PhP M 9M 2019 9M 2018 REMARKS FY 2018 FY 2017 FY 2016

Gross Profit Margin 24% 28% 27% 24% 22%

Construction 14% 17% Focus on L-T, high-value projects 15% 16% 15%

Airport Operations 58% 79% T2 related costs 75% 82% 81%

Airport Merchandising 75% 76% 76% 72% -

EBITDA Margin 26% 27% 29% 23% 20%

Construction 16% 18% Lower margin, L-T projects 19% 16% 15%

Airport Operations* 64% 72% T2 related costs 70% 71% 70%

Airport Merchandising 40% 42% 43% 43% -

Net Income Margin 6% 13% 12% 12% 11%

Construction 4% 7% Finance costs on loan drawdowns 7% 7% 6%

Airport Operations** 14% 42% Finance costs and D&A for T2 31% 49% 48%

Airport Merchandising 27% 34% 34% 29% -

6*Computed as operating income + depreciation and amortization expense

** Due to the impact of depreciation and amortization and financing charges of Airport

operations

FINANCIAL POSITION

In PhP M 30-Sep-19 31-Dec-18 Movement % Change

Cash & Financial Assets 6,335 5,761 574 10%

Other Current Assets 23,298 19,029 4,268 22%

Total Current Assets 29,633 24,790 4,843 20%

Concession Assets 29,377 28,289 1,088 4%

Total Non Current Assets 45,104 41,115 3,989 10%

Total Assets 74,737 65,906 8,831 13%

Current Liabilities 21,695 16,565 5,130 31%

Non Current Liabilities 34,608 31,336 3,271 10%

Total Liabilities 56,303 47,902 8,401 18%

Equity 18,434 18,004 430 2%

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LIQUIDITY AND GEARING RATIOS

* Gross D-E covenant 2.33X under Parent level

** Under project finance

*** Net debt: 9M19 - P37bn

8

In PhP M As of September 2019 As of December 2018

Parent* GMCAC** Conso Parent GMCAC Conso

Cash/financial assets 3,633 1,306 6,335 3,615 1,941 5,761

Total Debt 15,061 24,483 43,340 11,655 24,300 36,780

Equity 12,888 9,176 18,434 12,725 8,796 18,004

D-E Ratio 1.17 2.67 2.35 0.92 2.76 2.04

Net D-E Ratio*** 0.89 2.53 2.01 0.63 2.54 1.72

Engineering, Procurement, andConstruction (EPC)

1

RECOVERY ON TRACK1

10

1

• Building forward momentum

5,026

2,337

2,989

2,337 2,568

3,616

4,342

576

756

484

319

524

652

520

-

100

200

300

400

500

600

700

800

-

1,000

2,000

3,000

4,000

5,000

6,000

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

QUARTERLY PERFROMANCE (PhP M)

Revenue

EBITDA

18.820.3

22.6

39.1 38.5

32.6

50.152.2

0.0

10.0

20.0

30.0

40.0

50.0

60.0

2012 2013 2014 2015 2016 2017 2018 9M19

ORDER BOOK (PhP B)

23 27 38 50 37 41 43 300

10

20

30

40

50

60

HEALTHY NEW CONTRACTS AND ORDER BOOK1

11

14.112.4

17.6

37.7

12.7 10.8

29.5

14.6

2012 2013 2014 2015 2016 2017 2018 9M19

NEW CONTRACTS(PhP B)

Order

backlog

> 2-3

years

1

Office, Commercial and Industrial, 37%

Infra,5%

Residential, 58%

9M 2019 ORDER BOOK (SEGMENT)

Visayas23%

Other Luzon10%

Metro Manila

64%

9M 2019 ORDER BOOK (AREA)

Airport Business Segment2

TRANSPORT INFRASTRUCTURE

431 465 483 493

570 586 568 575 646 676

857 816

899 897 918

285 329

368 321

389 420 430 402

481 510

585 534

590 543

590

1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19

-

100

200

300

400

500

600

700

800

900

1,000

75%

2 ROBUST EARNINGS STREAM

* Excludes airport merchandising revenues 9M19 of PhP 248M

** Computed as Operating income + depreciation and amortization expense

EBITDA**(In PhP M)

2

13

REVENUES *(In PhP M)

25% YoY Growth

Increase in revenue

• Constant value creation

14

PASSENGER

SERVICE

CHARGE

(PSC)

1st Step up: effected June 2015

Domestic: from P200-P300

International: from P550-P750

2nd Step up: effected July 2018

Domestic: maintained at P300

International: from P750-P850

Inflation adjustment: Nov 2019

Domestic: +10%

International: +10%

PASSENGER VOLUME (millions)

9M19 9M18 % Increase

Domestic 6.30 5.70 10%

International 3.19 2.94 9%

Total 9.48 8.64 10%

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

PASSENGER TRAFFIC

Dom Intl

PSC: PASSENGER GROWTH SUSTAINED2

27 Domestic

Destinations

23 International

Destinations

55%

9M19 BREAKDOWN

P1.49M

23%

14

15

2NON-AERO: EXPANDING SPACE AND OFFERINGS

NON-AERO

Rental revenues from concession

tenants such as F&B and Retail.

Also includes advertising, car

parking and other rental revenues

3,200 3,5002,000

4,200 4,2003,800

3,800 3,800

1,800

400

2016 2017 2018 2019E 2020F

RETAIL GLA (in sqms)T1 Ph 2

Airport village

T2

T1 Ph1

T1 RENOVATION (PHASE 1)

33%

9M19 BREAKDOWN

P900M

29%

NEW SHOPS AT TERMINAL 2

15

AIRPORT VILLAGE

16

AIR TRAFFIC VOLUME (thousands)

9M19 9M18 % Increase

Domestic 57,876 55,286 5%

International 20,850 19,204 9%

Total 78,726 74,490 6%

AERO: NEW FLIGHTS, INCREASED FREQUENCIES2

-

5,000

10,000

15,000

20,000

25,000

30,000

AIR TRAFFIC

Dom Intl

AERO

RELATED

Aircraft service charges – fees

from airlines for the payment for

aero bridges, ground handling,

fuel, etc.

13%

9M19 BREAKDOWN

P325M

19%

16

55

120139

181203 204

1533 45

59 6980

2014 2015 2016 2017 2018 9M19

AVE. DAILY FLIGHTS

Domestic

International

Integrated Transport Exchange Business Segment

3

TRANSPORT INFRASTRUCTURE

BUILDING CRITICAL MASS

18

3

*includes arrivals and departures

36

,40

7

39

,28

7

36

,61

2

40

,57

8

59

,71

5

55

,81

1

49

,63

0

45

,08

1

48

,16

7

51

,94

0

3.8

25.4

2

7

12

17

22

0

10000

20000

30000

40000

50000

60000

70000

AVERAGE PASSENGER FOOT TRAFFIC vs SPP (PHP)

3,430

4,020

5,365

4,849

5,193

AVERAGE DAILY TRIPS*

Tower 3

Lease

commenced:

Oct 2019

Tower 4

Lease

commenced:

Oct 2019

Tower 1

Lease commencement:

4Q19

Tower 2

Lease commencement:

4Q19

3 INITIAL REVENUE CONTRIBUTION

OFFICE (72K sqms)

19

RETAIL (12K sqms)

• 70% leased out (Sept 2019)➢ 79% F&B

➢ 11% Retail

➢ 10% Services

• 75% operational (end-2019)

OPERATIONAL

20

Office Towers

83%

Retail Podium

17%

LEASING REVENUE BREAKDOWN

445

1,0111,062

255

607658

57%

60%62%

E2019 E2020 E2021

ESTIMATED EARNINGS

Lease revenue (PhP M) EBITDA (PhP M)

EBITDA Margin

3 STABLE SOURCE AND RETURNS

20