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Announcement:

Moody's: PLDT's 1H2013 results in line with expectations

08 Aug 2013

Hong Kong, August 08, 2013 -- Moody's Investors Service says that Philippine Long Distance Telephone Company's (PLDT) results for 1H2013 were in line with expectations and continue to support its Baa2 rating and stable outlook.

"PLDT's reported consolidated service revenue grew by 2% year-on-year, supported by the growth in its data and internet business. Its reported consolidated EBITDA in 1H2013 also improved by 2% year-on-year, while its reported consolidated EBITDA margin for service revenues remained at 49%," says Yoshio Takahashi, a Moody's Assistant Vice President and Analyst.

"We expect PLDT to maintain its stable earnings, given its dominant positions in fixed line, broadband, and wireless," says Takahashi, also Moody's Lead Analyst for PLDT.

Moody's expects PLDT's EBITDA to continue to improve in 2H2013 and 2014. However, the level of improvement will be marginal, as a changing revenue mix -- from voice to broadband -- will continue to pressure margins, although from a high level.

PLDT's ability to generate free cash flow will also continue to improve, given the substantial completion of its accelerated capex program to boost network quality and coverage in 2012. Moody's expects capex to decline from PHP35 billion in 2012 to approximately PHP30 billion in 2013. Moody's expects PLDT to maintain a similar level of capex in 2014.

However, despite the improved cash flow, PLDT's adjusted debt/EBITDA will likely remain in the 1.5x-2.0x range in the next 12- 18 months, as Moody's anticipates that the company will maintain an effective 100% dividend payout, comprising a 70% regular dividend and 30% special dividend.

In addition, it is likely to continue with investments in media-related businesses, although their size is not expected to be so large in the near term.

Moody's estimates that PLDT's adjusted debt/EBITDA for the last twelve months ended June 2013 remained at approximately 1.7x.

PLDT's liquidity position will remain strong. Debt maturing in the next 12 months was about PHP30 billion as of June 2013, which is well covered by its cash and cash equivalents of PHP40 billion. However, given its high dividend payment, Moody's expects the company to refinance some of its maturing debt by leveraging its excellent access to the local bank and bond markets.

The principal methodology used in this rating was the Global Telecommunications Industry Methodology published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

PLDT is the largest telecommunications operator in the Philippines. It is an integrated provider of fixed-line, broadband, cellular, information and communications technology and business process outsourcing services.

Yoshio Takahashi
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Laura Acres
Senior Vice President
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Hong Kong Ltd.
24/F One Pacific Place
88 Queensway
Hong Kong
China (Hong Kong S.A.R.)
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's: PLDT's 1H2013 results in line with expectations
No Related Data.
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