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CONSOLIDATED STATEMENTS OF CASH FLOWS - PHP (₱)
₱ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES      
Income before income tax ₱ 33,021 ₱ 32,336 ₱ 22,815
Adjustments for:      
Depreciation and amortization (Notes 9 and 10) 47,480 39,656 47,240
Interest on loans and other related items – net (Note 5) 8,736 7,275 6,783
Asset impairment (Note 5) 7,646 4,833 8,065
Amortization of intangible assets (Notes 5 and 15) 2,496 758 892
Equity share in net losses of associates and joint ventures (Notes 5 and 11) 2,328 1,535 87
Pension benefit costs (Notes 5 and 26) 2,218 1,018 1,855
Incentive plan (Notes 5 and 26) 1,134 638 208
Accretion on lease liabilities (Notes 5, 10 and 29) 1,125 1,061  
Investment derecognized (Note 12) 599    
Losses (gains) on derivative financial instruments – net (Notes 5 and 28) 378 284 (1,086)
Accretion on financial liabilities (Notes 5 and 21) 146 122 145
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
Losses (gains) on disposal of property and equipment (Note 9) (3,369) 88 (12)
Gains on disposal of investments in subsidiaries – net (Note 11)     (144)
Gains on deconsolidation of subsidiary (Notes 5 and 11)     (12,054)
Others (3,466) 696 (1,076)
Operating income before changes in assets and liabilities 97,834 88,165 72,718
Decrease (increase) in:      
Prepayments (18,894) (28,898) (4,318)
Contract assets 160 337 390
Trade and other receivables (585) (1,560) (12,175)
Other financial and non-financial assets 324 (198)  
Inventories and supplies (1,017) 12 26
Increase (decrease) in:      
Customers’ deposits 166 12 (250)
Pension and other employee benefits (249) (7,965) (5,733)
Other noncurrent liabilities 5,220 (1,559) (11)
Accounts payable (2,813) 18,768 7,729
Accrued expenses and other current liabilities 7,178 4,375 5,184
Net cash flows generated from operations 87,324 71,489 63,560
Income taxes paid (2,248) (2,097) (2,444)
Net cash flows from operating activities 85,076 69,392 61,116
CASH FLOWS USED IN INVESTING ACTIVITIES      
Interest received 1,106 1,723 1,115
Proceeds from:      
Disposal of property and equipment (Note 9) 5,830 224 345
Maturity of short-term investments 4,375 1,415 6,102
Collection of notes receivable 2,534 1,771 11,707
Disposal of financial assets at fair value through profit or loss (Note 12) 2,020 1,023 11,643
Dividends received (Note 11) 316    
Redemption of investment in debt securities (Note 13) 150   105
Disposal of investment properties (Note 14)   11  
Disposal of investments in associates and joint ventures (Note 11)     1,710
Payments for:      
Acquisition of investments in associates and joint ventures (Note 11) (579) (20) (111)
Purchase of investment in debt securities (Note 13) (1,194)    
Interest capitalized to property and equipment (Notes 5 and 9) (1,597) (1,455) (1,524)
Purchase of short-term investments (5,147) (572) (5,992)
Purchase of property and equipment (Note 9) (76,503) (88,246) (47,247)
Acquisition of investments in subsidiaries – net of cash acquired   (80) (2,814)
Acquisition of intangible assets (Note 15)     (21)
Net additions to right-of-use assets (Note 10)   (145)  
Decrease (increase) in other financial and non-financial assets 20 35 (72)
Net cash flows used in investing activities (68,669) (84,316) (25,054)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES      
Availments of long-term debt (Notes 21 and 29) 61,271 37,500 20,500
Availments of short-term debt (Note 21) 10,000    
Derivative financial instruments (Notes 28 and 29)     886
Payments for:      
Distribution charges on perpetual notes (Note 20) (236) (236) (236)
Derivative financial instruments (Notes 28 and 29) (430) (50)  
Debt issuance costs (Notes 21 and 29) (927) (195) (38)
Obligations under lease liabilities (Notes 10 and 29) (5,781) (5,399)  
Interest – net of capitalized portion (Notes 5, 21 and 29) (8,348) (7,143) (6,614)
Short-term debt (Note 21) (10,000)    
Cash dividends (Notes 20 and 29) (16,721) (15,592) (13,928)
Long-term debt (Notes 21 and 29) (28,365) (20,494) (18,740)
Decrease (increase) in treasury shares under employee benefit trust   (4) 26
Net cash flows from (used in) financing activities 463 (11,613) (18,144)
NET EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (1,002) (748) 831
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 15,868 (27,285) 18,749
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR (Note 16) 24,369 51,654 32,905
CASH AND CASH EQUIVALENTS AT END OF THE YEAR (Note 16) ₱ 40,237 ₱ 24,369 ₱ 51,654