UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2020

(Commission File No. 1-03006)

 

PLDT Inc.

(Translation of registrant’s name into English)

 

 

Ramon Cojuangco Building

Makati Avenue

Makati City

Philippines

(Address of registrant’s principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F   Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

    Yes      No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

    Yes      No  

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

    Yes      No  

 

 

 

 


 

NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Some information in this report may contain forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934.  We have based these forward-looking statements on our current beliefs, expectations and intentions as to facts, actions and events that will or may occur in the future.  Such statements generally are identified by forward-looking words such as “believe,” “plan,” “anticipate,” “continue,” “estimate,” “expect,” “may,” “will” or other similar words.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement.  We have chosen these assumptions or bases in good faith.  These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control.  In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance.  Actual results may differ materially from information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risk factors set forth in “Item 3. Key Information – Risk Factors” in our annual report on Form 20-F for the fiscal year ended December 31, 2019. You should also keep in mind that any forward-looking statement made by us in this report or elsewhere speaks only as at the date on which we made it.  New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect us.  We have no duty to, and do not intend to, update or revise the statements in this report after the date hereof.  In light of these risks and uncertainties, you should keep in mind that actual results may differ materially from any forward-looking statement made in this report or elsewhere.

1


 

EXHIBIT INDEX

 

Copies of the disclosure letters that we filed today with the Securities and Exchange Commission and the Philippine Stock Exchange regarding the following matters:

 

 

 

 

 

Exhibit

 

Description

 

 

 

 

 

 

 

99.1

 

 

a.  Press release regarding the Company’s unaudited consolidated financial results for the three (3) months ended March 31, 2020;

 

 

 

 

 

 

 

b. Appointment by the Audit Committee of Sycip Gorres Velayo & Company as the Company’s external auditors for 2020; and

 

 

 

c. Cash dividend declaration on the Company’s Series IV Cumulative Non-Convertible Redeemable Preferred Stock.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2


 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

 

 

PLDT Inc.

 

 

 

By:

/s/ Ma. Lourdes C. RAusa-Chan

 

Name:

MA. LOURDES C. RAUSA-CHAN

Title:

Corporate Secretary

Date: May 7, 2020

3

phi-ex991_6.htm

 

 

 

Exhibit 99.1

 

 

 

 

 

 

Exhibit No.

 

Exhibit

 

 

 

 

 

 

 

99.1

 

 

a.Press release regarding the Company’s unaudited consolidated financial results for the three (3) months ended March 31, 2020;

 

 

 

 

 

 

 

b.Appointment by the Audit Committee of Sycip Gorres Velayo & Company as the Company’s external auditors for 2020; and

 

c.Cash dividend declaration on the Company’s Series IV Cumulative Non-Convertible Redeemable Preferred Stock.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

 

May 7, 2020

 

 

Philippine Stock Exchange

6/F Philippine Stock Exchange Tower

28th Street corner 5th Avenue

Bonifacio Global City, Taguig City

 

Attention:  Ms. Janet A. Encarnacion

Head, Disclosure Department

 

Gentlemen:

 

In accordance with Section 17.1 (b) and Section 17.3 of the Securities Regulation Code, we submit herewith a copy of SEC Form 17-C with a press release attached thereto regarding the Company’s unaudited consolidated financial results for the three (3) months ended March 31, 2020.

 

This shall also serve as the disclosure letter for the purpose of complying with PSE Revised Disclosure Rules.

 

 

Very truly yours,

 

 

/s/Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

 


 

 

 


 

 

 

 

 

 

 

 

May 7, 2020

 

 

Securities & Exchange Commission

Secretariat Building, PICC Complex

Roxas Boulevard, Pasay City

 

Attention:  Mr. Vicente Graciano P. Felizmenio, Jr.

                Director – Markets and Securities Regulation Dept.

 

Gentlemen:

 

In accordance with Section 17.1 (b) of Securities Regulation Code and SRC Rule 17.1.1.1.3(a), we submit herewith two (2) copies of SEC Form 17-C with a press release attached thereto regarding the Company’s unaudited consolidated financial results for the three (3) months ended March 31, 2020.

 

 

Very truly yours,

 

 

/s/Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 


 

 

 


 

 

 

COVER SHEET

 

SEC Registration Number

P

W

-

5

5

 

 

 

 

 

 

Company Name

P

L

D

T

 

I

N

C.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal Office (No./Street/Barangay/City/Town/Province)

R

A

M

O

N

 

C

O

J

U

A

N

G

C

O

 

B

U

I

L

D

I

N

G

 

 

 

 

 

 

 

M

A

K

A

T

I

 

A

V

E

N

U

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M

A

K

A

T

I

 

C

I

T

Y

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Form Type

 

 

 

Department requiring the report

 

 

 

Secondary License Type, If Applicable

 

 

17

-

C

 

 

 

 

 

 

 

 

M

S

R

D

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPANY INFORMATION

 

Company’s Email Address

 

Company’s Telephone Number/s

 

Mobile Number

 

 

 

 

88168534

 

 

 

 

 

No. of Stockholders

 

Annual Meeting
Month/Day

 

Fiscal Year
Month/Day

 

 

11,589

As of March 31, 2020

 

Every 2nd Tuesday of June

 

December 31

 

CONTACT PERSON INFORMATION
The designated contact person MUST be an Officer of the Corporation

Name of Contact Person

 

Email Address

 

Telephone Number/s

 

Mobile Number

June Cheryl C. Revilla

 

jacabal@pldt.com.ph

 

88168534

 

 

 

Contact Person’s Address

MGO Building, Legaspi St. corner Dela Rosa St., Makati City

 

Note:  In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.


 

 

 


 

 

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

 

1.

May 7, 2020

Date of Report (Date of earliest event reported)

 

2.

SEC Identification Number PW-55

 

3.

BIR Tax Identification No. 000-488-793

 

4.

PLDT Inc.

Exact name of issuer as specified in its charter

 

5.

PHILIPPINES6.____________ (SEC Use Only)  

Province, country or other jurisdictionIndustry Classification Code

of Incorporation

 

7.Ramon Cojuangco Building, Makati Avenue, Makati City1200

Address of principal officePostal Code

 

8.(632) 8816-8534

Issuer's telephone number, including area code

 

9.Not Applicable

Former name or former address, if changed since last report

 

10.

Securities registered pursuant to Sections 8 and 12 of the Securities Regulation Code and Sections 4 and 8 of the Revised Securities Act

 

Title of Each Class

Number of Shares of Common Stock

Outstanding and Amount of Debt Outstanding

 

________________________________________________________________

________________________________________________________________

________________________________________________________________

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

PLDT revenues reach Php41.5 billion in Q1 2020, up 9%

 

PLDT and Smart boost data services, provide communications assistance to frontline agencies and personnel in response to COVID pandemic

 

MANILA, Philippines, May 7th, 2020 – Continuing its growth momentum from 2019, PLDT raised service revenues by 9% to Php41.5 billion in the first quarter of 2020 (Q1 2020) – a new high in its quarterly revenues.  This increase was driven by data and broadband services, particularly on its wireless network, which now account for 71% of total revenues.

 

However, the outlook for the balance of 2020 has been affected by the COVID-19 pandemic, and the Enhanced Community Quarantine (ECQ) implemented on Luzon and later extended to other parts of the country, starting the second half of March 2020 until the middle of May.

 

Still, amidst the challenges, new opportunities for growth have arisen. Life under the ECQ has pushed the rapid adoption of online and digital services as people working from home have turned to web-based collaboration tools, distance learning, online shopping and payments, e-health services, among others.

 

This has opened the door for PLDT, with its superior network and digital infrastructure, to promote an even more extensive adoption of the digital lifestyle for Filipinos.

 

 

Strong Revenue Growth

 

The Consumer Individual Business Group once more set the pace for growth, posting Php20.2 billion in revenues, 20% up from the first quarter of 2019.  PLDT Enterprise generated Php10.1 billion in revenues, 3% higher than the previous year while PLDT Home increased its revenues by 5% to Php9.6 billion.

 

The combined service revenues of the Consumer, Home, and Enterprise business groups grew by 11% to Php39.9 billion and accounted for 96% of total revenues. The International and Carrier Business Group posted Php1.6 billion of service revenues, 25% lower than the prior year.

 

EBITDA rose by 8% to Php21.6 billion, with the 9% rise in service revenues more than compensating for increases in cash operating expenses.  EBITDA margin remained at 52%.

 

Telco Core Income was lower by 5%, at Php6.9 billion, as the rise in EBITDA was offset by higher depreciation and financing costs resulting from higher capital

 

 

 


 

 

 

expenditures – the offshoot of the PLDT Group’s sustained network roll-out program.  Also, last year’s 1Q2019 Core Income was exceptionally high, due to lower levels for cash opex.  Still, PLDT’s telco core income in Q1 2020 was higher than its average quarterly telco core income of Php6.8b in 2019.

 

Reported Income was Php5.9 billion, 12% lower than the previous year, after taking into account our equity share in the results of Voyager Innovations and revaluation losses on our investment in Rocket Internet.

 

PLDT’s Net Debt as of Q1 2020 amounted to US$3,388 million while Net Debt-to-EBITDA stood at 2.03x.  The Company’s Gross Debt was US$4,055 million, with maturities well spread out and only 6.7% of which are unhedged.  Fixed-rate loans accounted for 84% of the total.

 

“The solid performance of our major business groups in 2019 flowing smoothly into the  first quarter of 2020 provides us the firm footing needed to face the tough trials created by the pandemic in 2020 and beyond,” said Alfredo S. Panlilio, Smart President and CEO, and, PLDT Chief Revenue Officer.

 

“This early, we already see how the network infrastructure, expertise and technical resources that we have acquired, upgraded, and made more resilient over the past several years are playing a major role in helping our customers rebuild their lives, and the country regain its prosperity,” he added

 

 

Wireless Maintains Momentum

 

For most of the first three months of 2020, the Wireless Consumer business maintained its forward momentum in top-ups, driven by greater adoption of data among its subscribers and higher usage by existing data users.  Mobile Internet revenues jumped nearly 40% versus the year ago level.  As a result, the share of data revenues out of total wireless consumer revenues rose to 72%, up from 65% in 1Q2019 and 44% in 2018.

 

Mobile data usage continued to be driven by customer demand for video, social media services, and mobile games delivered to prepaid subscribers through various GIGA load packages.  When the lockdown came along, this was augmented by customers using various work collaboration apps conveniently bundled in a new service offer called GIGA Work. The productivity tools in GIGA Work include MS Teams, Google Meet and CISCO WebEx for videoconferencing, MS Office 365 and GSuite for work collaboration, and PayMaya, Lazada, Shopee and Grab for delivery and payments.

 

The imposition of ECQ restrictions in mid-March initially caused a slowdown in daily load top-ups of mobile prepaid customers.  But the picture improved in the second half of April as the Smart sales and distribution teams began using digital tools such as the Ka-Partner mobile app to allow retailers to buy their load remotely and thus ensure a continuous supply for customers.

 

 

 

 


 

 

 

The continued rise in data usage and revenues was made possible by the sustained enhancement and expansion of Smart’s mobile data network, particularly its 4G/LTE service. This was aided by the continuing shift of Smart’s customers to smartphones.   By Q1 2020, about 71% of Smart, Sun and TnT mobile phone customers were using these data-capable devices.

 

“The strong growth in the Wireless Consumer Business in the first quarter has been tempered by COVID-19 as mobility and normal activity slowed down.  But since then, there has been increased demand for data services to address people’s new work-from-home (WFH) routines as well as other stay-at-home activities.  We are currently looking at solutions to further address the needs of consumers as everyone adopts to the emerging New Normal”, said Jane J. Basas, Senior Vice President and Head of the Wireless Consumer Business.

 

 

The Home as Office and School

 

PLDT Home posted a 5% rise in revenues due to improved installation of fixed broadband connections that started in the latter part of Q4 2019 and continued into the first quarter 2020.

 

These gains were made despite two major disruptions during this period – first, the eruption of Taal Volcano in January which affected sales and installation activities in the Calabarzon region, an important expansion market for fixed broadband services – and then the COVID-19 pandemic.

 

Despite these constraints, demand for PLDT’s fixed broadband services remained strong, driven in large part by people forced to work from home by ECQ restrictions.   While making inroads in the fixed wireless sector with net new connects of about 80,000 in the first quarter of 2020, PLDT Home continued to dominate the fixed-line broadband market with the faster and more stable Fiber technology. 

 

“Because the Home has become the office and school at the same time, internet connectivity and digital services have become even more indispensable to families and individuals under quarantine.  This has opened the door to many opportunities for Filipinos to embrace digital tools that can help them cope with the challenges of living even after COVID,” said Menardo G. Jimenez, Jr., Senior Vice President for PLDT Home.

 

 

Doing Business Under COVID

 

The Enterprise Group posted Php10.1 billion in service revenues in Q12020, up 3% from a year ago, and the third consecutive quarter of steady growth.

 

Enterprise revenue growth in this quarter was constrained by business concerns over the impact of the virus outbreak, which resulted in projects being pushed back to the second half of 2020.  This affected, for example, the ICT business which increased

 

 

 


 

 

 

revenues by 6% instead of the usual double-digit growth rates it had posted in the past quarters.

 

On the other hand, many companies scrambled to support work-from-home arrangements for their employees, boosting demand for PLDT’s fixed broadband and fixed wireless data services.  In particular, the growth of the Enterprise Wireless Business accelerated to 13%, with Postpaid rising 15% and Wireless broadband up 50% driven by WFH requirements.

 

“With our portfolio of fixed line, wireless and ICT services including data and cloud services, we are best positioned to help enterprises – large, medium, and small – to redesign the way they do business so that they can continue to thrive under COVID conditions,” said Juan Victor Hernandez, Senior Vice President for Enterprise of PLDT and Smart.

 

 

‘Cashless’ is part of the ‘New Normal’ 

 

In Q1 2020, PayMaya posted strong year-on-year growth across its synergized businesses - PayMaya Consumer, PayMaya Enterprise, and Smart Padala, due to its successful "Cashless for All" campaign. This growth trajectory preceded the arrival of COVID-19.

On the enterprise side, PayMaya has seen an increase in transaction volumes for previously cash-heavy sectors such as pharmaceuticals and groceries as Filipinos shop for essentials during ECQ. Transaction volume for eCommerce sites is now recovering with stronger demand especially for food, retail, and logistics sectors.  This will offset the expected downturn in volume from affected industries such as travel and leisure.

PayMaya has partnered with various government agencies to help the most vulnerable sectors of society cope with the effects of the COVID-19 pandemic. These include the Social Security System (SSS) for the Small Business Wage Subsidy program (SBWS); the Department of Social Welfare and Development (DSWD) for its Assistance to Individuals in Crisis Situations (AICS) fund; as well as the local governments of Manila, Mandaluyong, and Quezon City. Through these programs, beneficiaries have received financial assistance directly to their PayMaya accounts which they can then use for digital transactions or cash out via Smart Padala. 

On the consumer side, registrations to the PayMaya app have been growing strongly as Filipinos look for the fastest and most convenient means to access financial services, especially for sending money. In neighborhood communities, PayMaya's over 30,000 Smart Padala partner agent touchpoints have been serving as last mile front-liners for the financial industry during the pandemic.

On April 6, 2020, Voyager announced that it had raised up to US$120 million in new investments from its current shareholders PLDT, KKR, Tencent, IFC, IFC Emerging Asia Fund.

 

 

 


 

 

 

 

 

Network Improvements continue

 

In the first quarter of 2020, PLDT and Smart continued their efforts to expand and upgrade their fixed and mobile networks, and implemented projects worth around Php19.6 billion during this period.

 

PLDT increased the coverage of its fixed network to 7.5 million homes passed, 4% more than end-2019.  Its total fixed-line capacity grew to 3.58 million ports, up 2% from end-2019, with 1.6 million ports of fiber-powered broadband available for new customers.  In the same period, the total footprint of PLDT’s fiber optic network expanded by 5% to about 338,500 kilometers of fiber cables.  

 

Smart further improved its mobile data coverage by adding 1,400 new 4G base stations, raising the total to about 26,000 from end-2019.   It also added about 700 3G base stations, raising the total to 14,400.

 

The superior results of this expansion were validated by the latest Mobile Network Experience Report released in April 2020 by Internet analytics firm Opensignal which found that Smart remained ahead of competition in terms of Video Experience, Upload and Download Speed Experience, Voice App Experience and Games Experience.  Moreover, the report added that “Smart broke away from Globe in the six months since our last report to take the 4G Availability award.”

 

“Smart’s LTE advantage has grown since the imposition of ECQ restrictions.  In April 2020, we reallocated Smart’s assigned 1800 MHz frequencies from 2G to 4G/LTE.  As a result, 3,785 2G base stations were converted into 4G base stations, thus further increasing the mobile data capacity of Smart’s network. What’s more, 1800 Mhz is the most commonly used 4G frequency on most smartphones today.  So, this shift will benefit many 4G smartphone users,” said Mario G. Tamayo, Senior Vice President for Network Planning and Engineering of PLDT and Smart.

 

 

Response to COVID:  Speed Boost

 

ECQ restrictions confined people to their homes, and consequently made them turn to internet connectivity and online collaboration tools in order to work and study.  Even with the expected shift of data traffic from offices to homes factored in, the rapid move to WFH sparked a surge in data traffic of up to 20%.

 

PLDT and Smart responded to this turn of events by levelling up.  PLDT Home provided its Fibr customers in the Greater Manila area with a speed boost that raised the minimum Fibr service speed to 25 Mbps.  For its part, Smart doubled the data allocation for its postpaid customers and increased the size of the data packages for its prepaid customers.

 

 

 

 


 

 

 

Predictably, when supply met demand, data traffic spiked.  On Smart’s mobile data network, for example, data payload rose to 636PB in the first quarter of 2020 – double the traffic in 1Q19 and a 26% increase from end-2019

 

With people even more reliant than usual on internet services, PLDT and Smart took extraordinary measures to ensure data service availability.  Several critical network facilities in Metro Manila were placed under total lockdown, with operating personnel required to stay on-site for the duration of the ECQ.

 

 

Assistance to Front-liners

 

PLDT and Smart also stepped up their activities to provide communications assistance to agencies and organizations at the forefront of the battle against the virus.

 

These COVID initiatives started with Smart providing free mobile data access to official information sources on the COVID pandemic such as the website of the Department of Health (DOH) in order to keep the public properly informed.

 

PLDT Enterprise set up COVID hotlines for the Departments of Health, Labor and Employment, Social Welfare and Development and Agriculture.   It also provided hotlines and call center services for key government COVID hospitals such as the Philippine General Hospital, the Lung Center, the National Kidney Institute, as well as organizations such as the Philippine Red Cross.

 

Working with kindred companies such as the Metro Pacific Investments Corporation and Meralco, the PLDT installed carrier-grade Smart WiFi at the COVID treatment facilities set up in the World Trade Center, Rizal Memorial Coliseum, the Philippine International Convention Center and the Philippine Arena.  

 

PLDT and Smart also provided communications support for COVID command centers of national government agencies and local governments in Metro Manila and other parts of the country ranging from Baguio City in the North to Zamboanga City in the South.  This assistance took the form of hotlines, fixed-line and pocket mobile WiFi, smartphones, SIMs, e-load and online messaging platforms like Infocast.

 

The Group also provided communications support for the deployment of various online applications designed to assist the public during the COVID crisis.  Smart provided 540 smartphones to enable the Government to implement throughout Metro Manila a service that enables front-line personnel like health workers to quickly get through quarantine checkpoints using an online application called RapidPass.Ph.

 

Smart has also provided free mobile data access to StaySafe.Ph an online application through which health information can be gathered from the public in order to assist health authorities keep track of COVID infections.  StaySafe.Ph was developed by our affiliate company, Multisys Technologies Corporation.

 

 

 

 


 

 

 

Working with the Foundations of MPIC, Meralco and other associated companies, the PLDT Smart Foundation provided assistance to frontline health workers, and, police and military personnel and affected communities in the form of personal protective equipment, food packs and essential items like alcohol.

 

 

Capex Guidance Tempered

 

First, PLDT’S original capex guidance for 2020 of Php83.0 billion will probably be pared down, with anywhere between 20% to 25% of the budget deferred, suggesting that capex levels will be in the Php60-plus billion level.  Our network roll out activities have been constrained by the reduced mobility of our Network teams since the ECQ was imposed.

 

The network roll-out for the balance of 2020 will prioritize projects that support the changing demand profile of our customers, and to help corporates revive their business under these new conditions.

 

Second, PLDT and Smart are in the process of developing new ways of conducting their business and serving customers.  This will consist of flexible working arrangements that combine social distancing for employees at the office, work from home for other staff, with carefully conducted operations for field personnel.

 

Learning from their lockdown experience, Management and staff will be using online collaboration tools much more extensively than before to run the business and address customer needs more effectively. To complement this, customers will be encouraged to use more self-help and digital applications like e-payments.  Moreover, payables and receivables will be carefully managed.  

 

Third, moving forward, the PLDT Group’s focus will be on helping customers adapt to their own new normal.

 

The Enterprise and Consumer business groups are, for example, developing a convergent approach to meet the greater need of Government offices and private businesses to operate on flexible working arrangements that combine office work with social distancing and work-from-home routines.  They are also collaborating on how to enable both public and private schools to restart in a safe and sustainable way through the innovative use of online/offline educational systems.

 

“Moving forward, there will be likely some softening of revenue growth in the second quarter this year.  But overall, we expect revenues to stay on the growth path versus last year.  Moreover, by focusing on helping companies, communities, families and individuals find the digital solutions that put them back on-track to prosperity, we will ensure that our services are maintained at a superior level across all sectors.  This is the most sustainable way for PLDT to build a future in this New Normal,” concluded Manuel V. Pangilinan, Chairman, President and Chief Executive Officer of PLDT.

 

###

 

 

 


 

 

 

 

 

 

 

 

 

PLDT Consolidated

 

 

 

For the First Quarter

 

(Php in mn)

 

2020

2019

% Change

 

 

 

 

 

 

 

Total revenues

 

     43,646

     40,618

7%

 

 

 

 

 

 

 

Service revenues (a)

 

    41,797

    38,792

8%

 

 

 

 

 

 

 

Expenses (b)

 

     32,528

     30,313

7%

 

 

 

 

 

 

 

EBITDA (c)

 

     21,636

     20,056

8%

 

EBITDA Margin

 

52%

52%

 

 

 

 

 

 

 

 

Income before Income Tax

 

      8,331

      9,013

(8%)

 

 

 

 

 

 

 

Provision for Income Tax

 

      2,356

      2,290

3%

 

 

 

 

 

 

 

Net Income - Attributable to Equity Holders of PLDT

 

      5,912

      6,708

(12%)

 

 

 

 

 

 

 

Telco Core Income (d)

 

      6,878

      7,203

(5%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Service Revenues, gross of interconnection costs

 

 

 

Service Revenues, gross of interconnection costs

        41,797

        38,792

8%

 

Interconnection costs

 

             302

             835

(64%)

 

Service Revenues, net of interconnection costs

 

        41,495

        37,957

9%

 

 

 

 

 

 

 

(b) Expenses includes Interconnection Costs

(c) EBITDA excluding the MRP expenses booked in 1Q2020 (P24mnn) and 1Q2019 (P209mn)

 

(d) Net income as adjusted for the net effect of gain/loss on FX, derivative transactions, MRP and share in Voyager losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(in million pesos)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

 

Noncurrent Assets

 

 

 

 

 

 

 

 

Property and equipment

 

 

242,512

 

 

 

232,134

 

Right-of-use assets

 

 

16,065

 

 

 

15,890

 

Investments in associates and joint ventures

 

 

53,325

 

 

 

53,863

 

Financial assets at fair value through profit or loss

 

 

2,926

 

 

 

3,369

 

Investment properties

 

 

778

 

 

 

778

 

Goodwill and intangible assets

 

 

67,649

 

 

 

67,825

 

Deferred income tax assets – net

 

 

22,333

 

 

 

23,623

 

Derivative financial assets – net of current portion

 

 

1

 

 

 

1

 

Prepayments – net of current portion

 

 

50,737

 

 

 

48,933

 

Financial assets at fair value through other comprehensive income – net of current portion

 

 

161

 

 

 

162

 

Contract assets – net of current portion

 

 

755

 

 

 

750

 

Other financial assets – net of current portion

 

 

2,053

 

 

 

1,986

 

Other non-financial assets – net of current portion

 

 

143

 

 

 

136

 

Total Noncurrent Assets

 

 

459,438

 

 

 

449,450

 

Current Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

30,944

 

 

 

24,369

 

Short-term investments

 

 

2,949

 

 

 

314

 

Trade and other receivables

 

 

24,434

 

 

 

22,436

 

Inventories and supplies

 

 

2,868

 

 

 

3,412

 

Current portion of contract assets

 

 

1,931

 

 

 

1,997

 

Current portion of derivative financial assets

 

 

28

 

 

 

41

 

Current portion of debt instruments at amortized cost

 

 

 

 

 

150

 

Current portion of prepayments

 

 

11,518

 

 

 

11,298

 

Current portion of financial assets at fair value through other comprehensive income

 

 

2,793

 

 

 

2,757

 

Current portion of other financial assets

 

 

8,088

 

 

 

8,086

 

Current portion of other non-financial assets

 

 

361

 

 

 

717

 

Total Current Assets

 

 

85,914

 

 

 

75,577

 

TOTAL ASSETS

 

 

545,352

 

 

 

525,027

 

 

 

 

 

 

 

 

 

 

EQUITY AND LIABILITIES

 

Equity

 

 

 

 

 

 

 

 

Non-voting serial preferred stock

 

 

360

 

 

 

360

 

Voting preferred stock

 

 

150

 

 

 

150

 

Common stock

 

 

1,093

 

 

 

1,093

 

Treasury stock

 

 

(6,505

)

 

 

(6,505

)

Treasury shares under employee benefit trust

 

 

(23

)

 

 

(394

)

Capital in excess of par value

 

 

130,312

 

 

 

130,312

 

Other equity reserves

 

 

24

 

 

 

276

 

Retained earnings

 

 

15,534

 

 

 

18,063

 

Other comprehensive loss

 

 

(32,224

)

 

 

(31,368

)

Total Equity Attributable to Equity Holders of PLDT

 

 

108,721

 

 

 

111,987

 

Noncontrolling interests

 

 

4,308

 

 

 

4,303

 

TOTAL EQUITY

 

 

113,029

 

 

 

116,290

 

 

 

 

 

 

 

 


 

 

 

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)

(in million pesos)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

 

 

(Unaudited)

 

 

(Audited)

 

Noncurrent Liabilities

 

 

 

 

 

 

 

 

Interest-bearing financial liabilities – net of current portion

 

 

166,075

 

 

 

172,834

 

Lease liabilities – net of current portion

 

 

12,676

 

 

 

13,100

 

Deferred income tax liabilities

 

 

2,513

 

 

 

2,583

 

Derivative financial liabilities – net of current portion

 

 

14

 

 

 

25

 

Customers’ deposits

 

 

2,206

 

 

 

2,205

 

Pension and other employee benefits

 

 

9,504

 

 

 

8,985

 

Deferred credits and other noncurrent liabilities

 

 

3,767

 

 

 

4,557

 

Total Noncurrent Liabilities

 

 

196,755

 

 

 

204,289

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

 

80,545

 

 

 

77,845

 

Accrued expenses and other current liabilities

 

 

100,717

 

 

 

100,815

 

Current portion of interest-bearing financial liabilities

 

 

39,263

 

 

 

19,722

 

Current portion of lease liabilities

 

 

3,657

 

 

 

3,215

 

Dividends payable

 

 

10,007

 

 

 

1,584

 

Current portion of derivative financial liabilities

 

 

81

 

 

 

88

 

Income tax payable

 

 

1,298

 

 

 

1,179

 

Total Current Liabilities

 

 

235,568

 

 

 

204,448

 

TOTAL LIABILITIES

 

 

432,323

 

 

 

408,737

 

TOTAL EQUITY AND LIABILITIES

 

 

545,352

 

 

 

525,027

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

PLDT INC. AND SUBSIDIARIES

CONSOLIDATED INCOME STATEMENTS

For the Three Months Ended March 31, 2020 and 2019

(in million pesos, except earnings per common share amounts which are in pesos)

 

 

 

2020

 

 

2019

 

 

 

(Unaudited)

 

REVENUES

 

 

 

 

 

 

 

 

Service revenues

 

 

41,797

 

 

 

38,792

 

Non-service revenues

 

 

1,849

 

 

 

1,826

 

 

 

 

43,646

 

 

 

40,618

 

EXPENSES

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

 

17,851

 

 

 

15,891

 

Depreciation and amortization

 

 

10,286

 

 

 

9,346

 

Cost of sales and services

 

 

3,029

 

 

 

2,884

 

Asset impairment

 

 

1,060

 

 

 

1,357

 

Interconnection costs

 

 

302

 

 

 

835

 

 

 

 

32,528

 

 

 

30,313

 

 

 

 

11,118

 

 

 

10,305

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSES – NET

 

 

(2,787

)

 

 

(1,292

)

INCOME BEFORE INCOME TAX

 

 

8,331

 

 

 

9,013

 

 

 

 

 

 

 

 

 

 

PROVISION FOR INCOME TAX

 

 

2,356

 

 

 

2,290

 

NET INCOME

 

 

5,975

 

 

 

6,723

 

ATTRIBUTABLE TO:

 

 

 

 

 

 

 

 

Equity holders of PLDT

 

 

5,912

 

 

 

6,708

 

Noncontrolling interests

 

 

63

 

 

 

15

 

 

 

 

5,975

 

 

 

6,723

 

Earnings Per Share Attributable to Common Equity Holders of PLDT

 

 

 

 

 

 

 

 

Basic

 

 

27.30

 

 

 

30.98

 

Diluted

 

 

27.30

 

 

 

30.98

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

This press release may contain some statements which constitute “forward-looking statements” that are subject to a number of risks and opportunities that could affect  PLDT’s business and results of operations.  Although PLDT believes that expectations reflected in any forward-looking statements are reasonable, it can give no guarantee of future performance, action or events.

 

 

For further information, please contact:

 

Anabelle L. Chua

Melissa V. Vergel de Dios

Ramon R. Isberto

pldt_ir_center@pldt.com.ph

pldt_ir_center@pldt.com.ph

rrisberto@pldt.com.ph

Tel. No: 8816-8213

Tel. No: 8816-8024

Tel. No: 8511-3101

        

 

About PLDT

PLDT is the leading telecommunications and digital services provider in the Philippines. Through its principal business groups – fixed line, wireless and others – PLDT offers a wide range of telecommunications and digital services across the Philippines’ most extensive fiber optic backbone, and fixed line and cellular networks.

 

PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). PLDT has one of the largest market capitalizations among Philippine­listed companies.

 

Further information can be obtained by visiting www.pldt.com.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

May 7, 2020

 

 

Philippine Stock Exchange

6/F Philippine Stock Exchange Tower

28th Street corner 5th Avenue

Bonifacio  Global City, Taguig City

 

 

Attention:  Ms. Janet A. Encarnacion

Head, Disclosure Department

 

Gentlemen:

 

In compliance with Section 17.1 (b) of the Securities Regulation Code and SRC Rule 17.1.1.1.3(b).2, we submit herewith a copy of SEC Form 17-C with respect to certain discloseable events/information.

 

 

This shall also serve as the disclosure letter for the purpose of complying with PSE Revised Disclosure Rules.

 

 

Very truly yours,

 

 

 

/s/Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

 

May 7, 2020

 

 

Securities & Exchange Commission

Secretariat Building, PICC Complex

Roxas Boulevard, Pasay City

 

Attention:  Mr. Vicente Graciano P. Felizmenio, Jr.

     Director – Markets and Securities Regulation Dept.

 

Gentlemen:

 

In compliance with Section 17.1 (b) of the Securities Regulation Code and SRC Rule 17.1.1.1.3(a), we submit herewith two (2) copies of SEC Form 17-C with respect to certain discloseable events/information.

 

 

 

Very truly yours,

 

 

 

/s/Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 


 

 

 

 

COVER SHEET

 

SEC Registration Number

P

W

-

5

5

 

 

 

 

 

 

Company Name

P

L

D

T

 

I

N

C.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal Office (No./Street/Barangay/City/Town/Province)

R

A

M

O

N

 

C

O

J

U

A

N

G

C

O

 

B

U

I

L

D

I

N

G

 

 

 

 

 

 

 

M

A

K

A

T

I

 

A

V

E

N

U

E

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

M

A

K

A

T

I

 

C

I

T

Y

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Form Type

 

 

 

Department requiring the report

 

 

 

Secondary License Type, If Applicable

 

 

17

-

C

 

 

 

 

 

 

 

 

M

S

R

D

 

 

 

 

 

 

 

 

 

 

 

 

 

COMPANY INFORMATION

 

Company’s Email Address

 

Company’s Telephone Number/s

 

Mobile Number

 

 

 

 

88168534

 

 

 

 

 

No. of Stockholders

 

Annual Meeting
Month/Day

 

Fiscal Year
Month/Day

 

 

11,589

As of March 31, 2020

 

Every 2nd Tuesday of June

 

December 31

 

CONTACT PERSON INFORMATION
The designated contact person MUST be an Officer of the Corporation

Name of Contact Person

 

Email Address

 

Telephone Number/s

 

Mobile Number

Ma. Lourdes C. Rausa-Chan

 

lrchan@pldt.com.ph

 

88168553

 

 

Name of Contact Person

 

Email Address

 

Telephone Number/s

 

Mobile Number

 

Contact Person’s Address

MGO Building, Legaspi St. corner Dela Rosa St., Makati City

 

Note:  In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated.

 

 

 


 

 

 


 

 

 

 

 

SECURITIES AND EXCHANGE COMMISSION

 

 

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.1

 

 

 

1.

May 7, 2020

 

Date of Report (Date of earliest event reported)

 

 

 

2.

SEC Identification Number PW-55

 

 

 

3.

BIR Tax Identification No. 000-488-793

 

 

 

4.

PLDT Inc.

 

Exact name of issuer as specified in its charter

 

 

 

5.

PHILIPPINES

6. ____________ (SEC Use Only)

 

Province, country or other jurisdiction of Incorporation

    Industry Classification Code

 

 

 

7.

Ramon Cojuangco Building, Makati Avenue, Makati City

1200

 

Address of principal office

Postal Code

 

 

 

8.

(632) 8816-8553

 

 

Issuer's telephone number, including area code

 

 

 

9.

Not Applicable

 

 

Former name or former address, if changed since last report

 

 

 

10.

Securities registered pursuant to Sections 8 and 12 of the Securities Regulation Code and Sections 4 and 8 of the Revised Securities Act

 

Title of Each Class

Number of Shares of Common Stock

Outstanding and Amount of Debt Outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

11.  Item 9 (Other Events)

 

We disclose that at the meeting of the Board of Directors of PLDT Inc. (respectively, the “Board” and the “Company”) held on May 7, 2020:

 

1.

The Board noted and confirmed the appointment of Sycip Gorres Velayo & Co. as the Company’s external auditors to audit the financial statements of the Company for the year 2020 by the Audit Committee in its meeting held on May 6, 2020.

 

2.

The Board declared a cash dividend of P12,420,000.00 on all of the outstanding shares of the Company’s Series IV Cumulative Non-Convertible Redeemable Preferred Stock, for the quarter ending June 15, 2020, payable on June 15, 2020 to the holder of record on May 21, 2020. 

 

The cash dividend was declared out of the audited unrestricted retained earnings of the Company as at December 31, 2019, which are sufficient to cover the total amount of dividend declared. 

 

 

 

Pursuant to the requirements of the Securities Regulation Code, the Company has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

PLDT Inc.

 

 

 

/s/Ma. Lourdes C. Rausa-Chan

MA. LOURDES C. RAUSA-CHAN

Corporate Secretary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

 

 

Signatures

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

PLDT Inc.

 

 

 

By

:

/s/ Ma. Lourdes C. Rausa-Chan

Name

:

Ma. Lourdes C. Rausa-Chan

Title

:

Corporate Secretary

 

 

 

 

 

Date:  May 7, 2020