Operating Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure Of Operating Segments [Abstract]

Summary of Operating Segments

The segment revenues, net income, and other segment information of our reportable operating segments for the years ended December 31, 2020, 2019 and 2018, and as at December 31, 2020 and 2019 are as follows:

	Wireless			Fixed Line			Others			Inter- segment Transactions			Consolidated
	(in million pesos, except for EBITDA margin)
December 31, 2020
Revenues
External customers		101,789			79,215			—			—			181,004
Service revenues		95,748			77,886			—			—			173,634
Non-service revenues		6,041			1,329			—			—			7,370
Inter-segment transactions		2,422			19,524			—			(21,946	)		—
Service revenues		2,422			19,524			—			(21,946	)		—
Non-service revenues		—			—			—			—			—
Total revenues		104,211			98,739			—			(21,946	)		181,004
Results
Depreciation and amortization		35,134			19,383			—			(7,037	)		47,480
Asset impairment		2,196			5,490			1			(41	)		7,646
Interest income		537			636			92			(55	)		1,210
Equity share in net earnings (losses) of associates and joint ventures		—			50			(2,378	)		—			(2,328	)
Financing costs – net		6,886			6,059			55			(2,914	)		10,086
Provision for (benefit from) income tax		3,901			3,734			(617	)		1,423			8,441
Net income (loss) / Segment profit (loss)		14,424			14,509			(318	)		(4,035	)		24,580
Adjusted EBITDA		60,272			33,405			(12	)		(7,507	)		86,158
Adjusted EBITDA margin		61	%		34	%		—			34	%		50	%
Core income (loss)		15,698			15,463			193			(4,225	)		27,129
Assets and liabilities
Operating assets		219,412			319,384			6,371			(41,000	)		504,167
Investments in associates and joint ventures		40			43,690			8,393			—			52,123
Deferred income tax assets – net		6,943			11,628			(350	)		1,335			19,556
Total assets		226,395			374,702			14,414			(39,665	)		575,846
Operating liabilities		227,687			274,614			1,457			(48,303	)		455,455
Deferred income tax liabilities		23			330			—			373			726
Total liabilities		227,710			274,944			1,457			(47,930	)		456,181
Other segment information
Capital expenditures, including capitalized interest (Note 9)		33,118			38,786			—			—			71,904
December 31, 2019
Revenues
External customers		94,488			74,699			—			—			169,187
Service revenues		88,243			73,112			—			—			161,355
Non-service revenues		6,245			1,587			—			—			7,832
Inter-segment transactions		2,418			14,707			—			(17,125	)		—
Service revenues		2,418			14,707			—			(17,125	)		—
Non-service revenues		—			—			—			—			—
Total revenues		96,906			89,406			—			(17,125	)		169,187
Results
Depreciation and amortization		29,484			16,141			—			(5,969	)		39,656
Asset impairment		1,133			3,699			1			—			4,833
Equity share in net earnings (losses) of associates and joint ventures		—			568			(2,103	)		—			(1,535	)
Interest income		703			680			362			—			1,745
Financing costs – net		6,422			5,078			—			(2,947	)		8,553
Provision for (benefit from) income tax		4,423			5,341			(444	)		230			9,550
Net income (loss) / Segment profit (loss)		13,101			11,421			(1,769	)		33			22,786
Adjusted EBITDA		52,789			33,162			(101	)		(6,035	)		79,815
Adjusted EBITDA margin		58	%		38	%		—			—			49	%
Core income (loss)		13,685			12,531			(1,151	)		46			25,111
Assets and liabilities
Operating assets		287,059			198,468			7,943			(45,929	)		447,541
Investments in associates and joint ventures		10			73,386			9,897			(29,430	)		53,863
Deferred income tax assets – net		13,102			11,791			(711	)		(559	)		23,623
Total assets		300,171			283,645			17,129			(75,918	)		525,027
Operating liabilities		221,755			229,855			833			(46,289	)		406,154
Deferred income tax liabilities		1,986			384			252			(39	)		2,583
Total liabilities		223,741			230,239			1,085			(46,328	)		408,737
Other segment information
Capital expenditures, including capitalized interest (Note 9)		30,718			42,153			—			—			72,871
December 31, 2018
Revenues
External customers		87,193			74,593			1,128			—			162,914
Service revenues		80,265			71,020			1,084			—			152,369
Non-service revenues		6,928			3,573			44			—			10,545
Inter-segment transactions		2,736			10,629			10			(13,375	)		—
Service revenues		2,736			10,628			10			(13,374	)		—
Non-service revenues		—			1			—			(1	)		—
Total revenues		89,929			85,222			1,138			(13,375	)		162,914
Results
Depreciation and amortization		24,778			22,303			159			—			47,240
Asset impairment		3,319			4,746			—			—			8,065
Equity share in net earnings (losses) of associates and joint ventures		62			171			(320	)		—			(87	)
Interest income		719			812			536			(124	)		1,943
Financing costs – net		1,865			5,195			131			(124	)		7,067
Provision for income tax		1,333			1,336			1,173			—			3,842
Net income (loss) / Segment profit (loss)		5,725			6,059			7,971			(782	)		18,973
Adjusted EBITDA		34,235			30,875			(2,688	)		1,605			64,027
Adjusted EBITDA margin		41	%		38	%		—			—			42	%
Core income (loss)		9,760			6,925			9,952			(782	)		25,855
Assets and liabilities
Operating assets		230,182			199,557			30,962			(61,075	)		399,626
Investments in associates and joint ventures		—			43,426			12,001			—			55,427
Deferred income tax assets – net		16,879			12,479			(1,119	)		(542	)		27,697
Total assets		247,061			255,462			41,844			(61,617	)		482,750
Operating liabilities		168,837			206,812			16,773			(29,319	)		363,103
Deferred income tax liabilities		2,321			482			367			(189	)		2,981
Total liabilities		171,158			207,294			17,140			(29,508	)		366,084
Other segment information
Capital expenditures, including capitalized interest (Note 9)		32,248			26,242			—			—			58,490

Summary of Reconciliation of Consolidated Net Income to Consolidated Adjusted EBITDA

The following table shows the reconciliation of our consolidated net income to our consolidated adjusted EBITDA for the years ended December 31, 2020, 2019 and 2018:

	2020			2019			2018
	(in million pesos)
Consolidated net income		24,580			22,786			18,973
Add (deduct) adjustments:
Depreciation and amortization (Notes 9 and 10)		47,480			39,656			47,240
Financing costs – net (Note 5)		10,086			8,553			7,067
Provision for income tax (Note 7)		8,441			9,550			3,842
Amortization of intangible assets (Note 15)		2,496			758			892
Equity share in net losses of associates and joint ventures (Note 11)		2,328			1,535			87
Losses (gains) on derivative financial instruments – net (Note 28)		378			284			(1,086	)
Impairment of investments (Note 11)		60			34			172
Interest income (Note 5)		(1,210	)		(1,745	)		(1,943	)
Foreign exchange losses (gains) – net (Notes 5 and 28)		(1,488	)		(424	)		771
Other income – net (Note 5)		(6,993	)		(1,172	)		(14,110	)
Noncurrent asset impairment		—			—			2,122
Total adjustments		61,578			57,029			45,054
Consolidated Adjusted EBITDA		86,158			79,815			64,027

Summary of Reconciliation of Consolidated Net Income to Consolidated Core Income

The following table shows the reconciliation of our consolidated net income to our consolidated core income for the years ended December 31, 2020, 2019 and 2018:

	2020			2019			2018
	(in million pesos)
Consolidated net income		24,580			22,786			18,973
Add (deduct) adjustments:
Manpower rightsizing program, or MRP (Note 5)		2,625			3,296			1,703
Sun trademark amortization (Note 12)		1,877			—			—
Investment derecognized (Note 12)		599			—			—
Losses (gains) on derivative financial instruments – net,    excluding hedge costs (Note 28)		284			233			(1,135	)
Impairment of investments (Note 11)		60			34			172
Core income adjustment on equity share in net losses (earnings)    of associates and joint ventures		(6	)		(226	)		23
Net income attributable to noncontrolling interests		(296	)		(265	)		(57	)
Foreign exchange losses (gains) – net (Notes 5 and 28)		(1,488	)		(424	)		771
Unrealized losses in fair value of investments		—			675			1,154
Depreciation due to shortened life of property and equipment		—			—			4,564
Noncurrent asset impairment		—			—			2,122
Investment written-off		—			—			362
Nonrecurring income		—			—			(1,018	)
Net tax effect of aforementioned adjustments		(1,106	)		(998	)		(1,779	)
Total adjustments		2,549			2,325			6,882
Consolidated core income		27,129			25,111			25,855

Summary of Reconciliation of Consolidated Basic and Diluted Core EPS to Consolidated Basic and Diluted EPS Attributable to Common Equity Holder of PLDT

The following table shows the reconciliation of our consolidated basic and diluted core EPS to our consolidated basic and diluted EPS attributable to common equity holder of PLDT for the years ended December 31, 2020, 2019 and 2018:

	2020						2019						2018
	Basic			Diluted			Basic			Diluted			Basic			Diluted
Consolidated core EPS		125.29			125.29			115.95			115.95			119.39			119.39
Add (deduct) adjustments:
Foreign exchange gains (losses) – net		5.36			5.36			1.73			1.73			(3.57	)		(3.57	)
Core income adjustment on equity share in net    earnings (losses) of associates and joint ventures		0.03			0.03			1.05			1.05			(0.11	)		(0.11	)
Impairment of investments		(0.28	)		(0.28	)		(0.16	)		(0.16	)		(0.80	)		(0.80	)
Gains (losses) on derivative financial instruments –    net, excluding hedge costs		(0.92	)		(0.92	)		(0.75	)		(0.75	)		4.08			4.08
Investment derecognized		(2.77	)		(2.77	)		—			—			—			—
Sun trademark amortization		(6.08	)		(6.08	)		—			—			—			—
MRP		(8.51	)		(8.51	)		(10.73	)		(10.73	)		(5.52	)		(5.52	)
Unrealized losses in fair value of investments		—			—			(3.12	)		(3.12	)		(5.34	)		(5.34	)
Investment written-off		—			—			—			—			(1.68	)		(1.68	)
Noncurrent asset impairment		—			—			—			—			(9.82	)		(9.82	)
Depreciation due to shortened life of property    and equipment		—			—			—			—			(14.06	)		(14.06	)
Others		—			—			—			—			4.71			4.71
Total adjustments		(13.17	)		(13.17	)		(11.98	)		(11.98	)		(32.11	)		(32.11	)
Consolidated EPS attributable to common equity    holders of PLDT (Note 8)		112.12			112.12			103.97			103.97			87.28			87.28

Summary of Revenues from External Customers by Category of Products and Services

The following table presents our revenues from external customers by category of products and services for the years ended December 31, 2020, 2019 and 2018:

	2020		2019		2018
	(in million pesos)
Wireless services
Service revenues:
Mobile		95,589		87,823		79,904
Home broadband		40		85		155
MVNO and others		119		335		206
		95,748		88,243		80,265
Non-service revenues:
Sale of mobile handsets and broadband data modems		6,041		6,245		6,928
Total wireless revenues		101,789		94,488		87,193
Fixed line services
Service revenues:
Voice		19,484		19,890		21,148
Data		58,064		52,787		49,504
Miscellaneous		338		435		368
		77,886		73,112		71,020
Non-service revenues:
Sale of computers, phone units and SIM cards		1,140		1,193		3,056
Point-product-sales		189		394		517
		1,329		1,587		3,573
Total fixed line revenues		79,215		74,699		74,593
Other services		—		—		1,128
Total revenues		181,004		169,187		162,914