Analysts' Briefing: 1Q 2023 Results

Q1 2023 Analysts' Briefing

10 May 2023

Makati City

via remote communication

Earnings down on high base effect

In Php mn	Q1 2023	Q1 2022	Change
SMPC (56.65%)	5,114	8,520	-40%
DMCI Homes	1,104	1,414	-22%
Maynilad (25%)	523	319	64%
DMCI Mining	473	499	-5%
D.M. Consunji, Inc.	273	367	-26%
DMCI Power	134	132	2%
Parent and others	(1)	8	-113%
Core net income	7,620	11,259	-32%
Nonrecurring items	(4)	1	-500%
Reported net income	7,616	11,260	-32%

CONTRIBUTION HIGHLIGHTS

• Total net income dropped on high base effect of historic coal performance
• With the exception of Maynilad and DMCI Power, all companies posted lower contribution
• SMPC and DMCI Homes accounted for 82% of core net income
• Maynilad Q1 contribution highest since 2015
• 2023 and 2022 nonrecurring items pertain to donations and forex gains and losses under Maynilad

CONSOLIDATED • DMCI • DMCI HOMES • SMPC • DMCI POWER • DMCI MINING • MAYNILAD • SUMMARY • OUTLOOK

2

DMC earnings more than double Q/Q, pre-pandemic

In Php mn	Q1 2023
SMPC (56.65%)	5,114
DMCI Homes	1,104
Maynilad (25%)	523
DMCI Mining	473
D.M. Consunji, Inc.	273
DMCI Power	134
Parent and others	(1)
Core net income	7,620
Nonrecurring items	(4)
Reported net income	7,616

YoY

Q1 2022	Change
8,520	-40%
1,414	-22%
319	64%
499	-5%
367	-26%
132	2%
8	-113%
11,259	-32%
1	-500%
11,260	-32%

Q/Q

Q4 2022	Change
2,280	124%
616	79%
359	46%
198	139%
(89)	407%
193	-31%
(1)	0%
3,556	114%
(95)	-96%
3,461	120%

Pre-pandemic

Q1 2019	Change
1,282	299%
481	130%
436	20%
103	359%
359	-24%
100	34%
69	-101%
2,830	169%
(91)	-96%
2,739	178%

CONSOLIDATED • DMCI • DMCI HOMES • SMPC • DMCI POWER • DMCI MINING • MAYNILAD • SUMMARY • OUTLOOK

3

Revenues decline on market headwinds, pandemic effects

In Php mn	Q1 2023	Q1 2022	Change
Revenues	33,032	43,765	-25%
Cost of sales	13,652	15,888	-14%
Core EBITDA	13,849	19,976	-31%
Core net income	7,620	11,259	-32%
Nonrecurring items	(4)	1	-500%
Reported net income	7,616	11,260	-32%
In Php mn	Mar 2023	Dec 2022	Change
Debt*	52.3	52.6	0%
Short-term	2.3	1.1	4%
Long-term	50.0	51.4	-3%
Ending cash balance	35.0	28.4	23%

*See slide 24 for Debt Profile

CONSOLIDATED HIGHLIGHTS

• Total revenues down on lower commodity shipments, easing coal prices, reduced construction accomplishments, fewer real estate accounts that qualified for revenue recognition and higher reversals from sales cancellations
• Flatter total cash cost decline from Php 23.8 bn to Php 19.2 bn on combined effect of exceptional selling prices last year and lower government share, commodities production and construction accomplishments
• Consolidated debt flat as higher DMCI Homes loans offset SMPC payments
• Declared regular and special cash dividends of Php 0.72 per share (Php 9.56 billion) last March 29; payment made on April 28.

CONSOLIDATED • DMCI • DMCI HOMES • SMPC • DMCI POWER • DMCI MINING • MAYNILAD • SUMMARY • OUTLOOK

4

In Php mn	Mar 2023	Dec 2022	Change
Cash and cash equivalents	35,032	28,408	23%
Receivables and contract asset	56,461	56,148	1%
Inventories	65,801	61,525	7%
Investments in associates	17,737	18,195	-3%
Fixed assets	54,639	58,131	-6%
Others	22,522	18,353	23%
Total Assets	252,192	240,760	5%
Accounts and other payables	47,052	30,356	55%
Contract liabilities	15,922	15,919	0%
Loans payable	52,299	52,558	0%
Others	8,734	9,257	-6%
Total Liabilities	124,007	108,090	15%
Total Equity	128,185	132,670	-3%
Total Liabilities and Equity	252,192	240,760	5%
Current Ratio	238%	290%
Quick ratio	94%	111%
Net debt/Equity	13%	18%
BVPS	7.65	7.79	-2%

KEY TAKEAWAYS

• Total assets up 5% on higher cash and inventories from SMPC (+Php 8.4 bn) and DMCI Homes (+Php 2.1 bn)
• Other assets rose 23% mostly due to higher SMPC creditable withholding tax and prepaid expenses to suppliers for spare parts and mining equipment
• Accounts payable surged on dividends payables from DMC and SCC, declared in March and scheduled for payment in April
• Financial position remained healthy; even after dividend declaration, BVPS slightly declined while leverage ratios improved

CONSOLIDATED • DMCI • DMCI HOMES • SMPC • DMCI POWER • DMCI MINING • MAYNILAD • SUMMARY • OUTLOOK

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