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CONSOLIDATED STATEMENTS OF CASH FLOWS - PHP (₱)
₱ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES      
Income before income tax and noncontrolling interest from continuing operations ₱ 36,477 ₱ 14,032 ₱ 34,256
Loss before income tax and noncontrolling interest from discontinued operations (Note 2) (41) (523) (102)
NET INCOME FROM CONTINUING OPERATIONS (Note 4) 36,436 13,509 34,154
Adjustments for:      
Depreciation and amortization (Notes 9 and 10) 58,462 98,714 52,169
Interest on loans and other related items – net (Note 5) 9,990 9,112 8,900
Asset impairment (Note 5) 4,436 6,107 4,985
Accretion on lease liabilities (Notes 5, 10 and 28) 3,268 2,064 1,170
Equity share in net losses of associates and joint ventures (Notes 5 and 11) 2,806 3,304 1,101
Pension benefit costs (Notes 5 and 25) 1,426 1,749 2,213
Incentive plan (Notes 5 and 25) 839 1,272 1,186
Accretion on financial liabilities (Notes 5 and 20) 409 375 239
Amortization of intangible assets (Notes 5 and 14) 221 228 2,822
Impairment of investments (Note 11) 70 50 60
Gains on dilution of shares (Note 11)   (660) (826)
Income from prescription of preferred shares redemption liability (Note 19)   (7,839)  
Gains on disposal of property and equipment (Notes 5 and 9) (468) (148) (884)
Interest income (Note 5) (1,017) (653) (656)
Foreign exchange losses (gains) - net (Notes 5 and 27) (1,153) 4,685 3,890
Gains on derivative financial instruments - net (Notes 5 and 27) (1,198) (2,322) (1,400)
Gain on sale and leaseback of telecom towers (Note 9) (7,777) (25,852)  
Others (1,024) (2,324) (2,254)
Operating income before changes in assets and liabilities 105,726 101,371 106,869
Decrease (increase) in:      
Prepayments and other nonfinancial assets 10,264 12,218 (34,002)
Inventories and supplies 1,629 850 57
Trade and other receivables 952 (8,366) (3,713)
Contract assets 101 (209) (38)
Other financial and non-financial assets 156 208 (120)
Increase (decrease) in:      
Customer's deposits (75) 44 (101)
Accrued expenses and other current liabilities (4,414) (507) (301)
Pension and other employee benefits (5,174) (6,847) (3,846)
Accounts payable (21,285) (18,306) 29,382
Other noncurrent liabilities (57) (68) (95)
Net cash flows generated from operations 87,823 80,388 94,092
Income taxes paid (2,058) (4,188) (2,122)
Net cash flows from operating activities 85,765 76,200 91,970
Proceeds from:      
Disposal of property and equipment (Note 9) 23,971 60,833 1,217
Maturity of short-term investments 440 8,700 2,518
Redemption of investment in debt securities (Note 12)   182 993
Disposal of financial assets at fair value through profit or loss     482
Collections from notes receivable     170
Disposal of investments in associates and joint ventures (Note 11)   2,458 359
Interest received 973 636 714
Payments for:      
Purchase of property and equipment (Note 9) (76,266) (93,803) (102,395)
Interest capitalized to property and equipment (Notes 5 and 9) (2,169) (1,748) (1,582)
Acquisition of investments in associates and joint ventures (Note 11) (1,636) (3,514) (1,754)
Purchase of short-term investments (449) (6,368) (3,847)
Purchase of investment in debt securities (Note 12)   (173) (404)
Settlements of notes receivable   (200)  
(Increase) decrease in other financial and non-financial assets 18 (9) (111)
Net cash flows used in investing activities (55,118) (33,006) (103,640)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES      
Availments of long-term debt (Notes 20 and 28) 38,000 5,000 51,500
Availments of short-term debt (Notes 20 and 28)   16,000  
Return of preferred shares redemption fund (Note 19)   7,839  
Collections from derivative financial instruments (Notes 27 and 28)   87  
Payments for:      
Cash dividends (Notes 19 and 28) (23,328) (25,235) (17,712)
Long-term debt (Notes 20 and 28) (22,611) (22,353) (22,565)
Short-term debt (Notes 20 and 28) (10,000) (6,000)  
Interest - net of capitalized portion (Notes 5, 20 and 28) (9,715) (9,013) (8,922)
Obligations under lease liabilities (Notes 10 and 28) (10,707) (8,331) (6,547)
Collection of derivative financial instruments (Notes 27 and 28) (607)   (25)
Distribution charges on perpetual notes (Note 19) (236) (236) (236)
Debt issuance costs (Notes 20 and 28) (214) (62) (397)
Net cash flows used in financing activities (39,418) (42,304) (4,904)
NET EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (263) 414 244
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (9,034) 1,304 (16,330)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR (Note 15) 25,211 23,907 40,237
CASH AND CASH EQUIVALENTS AT END OF THE YEAR (Note 15) ₱ 16,177 ₱ 25,211 ₱ 23,907