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CONSOLIDATED STATEMENTS OF CASH FLOWS - PHP (₱)
₱ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES      
Income before income tax ₱ 32,336 ₱ 22,815 ₱ 14,569
Adjustments for:      
Depreciation and amortization (Notes 9 and 10) 39,656 47,240 51,915
Interest on loans and other related items – net (Note 5) 7,275 6,783 7,014
Asset impairment (Note 5) 4,833 8,065 8,258
Equity share in net losses (earnings) of associates and joint ventures (Notes 5 and 11) 1,535 87 (2,906)
Accretion on lease liabilities (Notes 5, 10 and 29) 1,061    
Pension benefit costs (Notes 5 and 26) 1,018 1,855 1,607
Amortization of intangible assets (Notes 5 and 15) 758 892 835
Incentive plan (Notes 5 and 26) 638 208 827
Losses (gains) on derivative financial instruments – net (Notes 5 and 28) 284 (1,086) (533)
Accretion on financial liabilities (Notes 5 and 21) 122 145 219
Losses (gains) on disposal of property and equipment (Note 9) 88 (12) 159
Impairment of investments (Note 11) 34 172 2,562
Foreign exchange losses (gains) – net (Notes 5 and 9) (424) 771 411
Interest income (Note 5) (1,745) (1,943) (1,412)
Gains on disposal of investments in subsidiaries – net (Note 11)   (144)  
Gains on deconsolidation of subsidiary (Notes 5 and 11)   (12,054)  
Gains on disposal of investment property (Note 14)     (80)
Gains on disposal of investments in associates – net (Note 11)     (6,512)
Others 696 (1,076) (2,443)
Operating income before changes in assets and liabilities 88,165 72,718 74,490
Decrease (increase) in:      
Prepayments (28,898) (4,318) (212)
Other financial and non-financial assets (198)   162
Trade and other receivables (1,560) (12,175) (10,674)
Inventories and supplies 12 26 (542)
Contract assets 337 390  
Increase (decrease) in:      
Customers’ deposits 12 (250) 13
Pension and other employee benefits (7,965) (5,733) (5,841)
Other noncurrent liabilities (1,559) (11) 38
Accounts payable 18,768 7,729 4,622
Accrued expenses and other current liabilities 4,375 5,184 (1,392)
Net cash flows generated from operations 71,489 63,560 60,664
Income taxes paid (2,097) (2,444) (4,550)
Net cash flows from operating activities 69,392 61,116 56,114
CASH FLOWS USED IN INVESTING ACTIVITIES      
Interest received 1,723 1,115 1,217
Proceeds from:      
Collection of notes receivable 1,771 11,707 2,001
Maturity of short-term investments 1,415 6,102 20,254
Disposal of financial assets at fair value through profit or loss (Note 12) 1,023 11,643  
Disposal of property and equipment (Note 9) 224 345 484
Disposal of investment properties (Note 14) 11   290
Disposal of investments in associates and joint ventures (Note 11)   1,710 14,884
Redemption of investment in debt securities   105 456
Disposal of investments available-for-sale     1,000
Dividends received (Note 11)     833
Payments for:      
Acquisition of investments in associates and joint ventures (Note 11) (20) (111) (5,633)
Acquisition of investments in subsidiaries – net of cash acquired (80) (2,814) (266)
Purchase of short-term investments (572) (5,992) (18,424)
Interest capitalized to property and equipment (Notes 5 and 9) (1,455) (1,524) (816)
Purchase of property and equipment (Note 9) (88,246) (47,247) (36,616)
Acquisition of intangible assets (Note 15)   (21) (137)
Purchase of investments available-for-sale     (76)
Net additions to right-of-use assets (Note 10) (145)    
Decrease (increase) in other financial and non-financial assets 35 (72) (511)
Net cash flows used in investing activities (84,316) (25,054) (21,060)
CASH FLOWS USED IN FINANCING ACTIVITIES      
Availments of long-term debt (Notes 21 and 29) 37,500 20,500 26,255
Derivative financial instruments (Notes 28 and 29)   886 218
Issuance of perpetual notes (Note 20)     4,165
Payments for:      
Derivative financial instruments (Notes 28 and 29) (50)    
Debt issuance costs (Notes 21 and 29) (195) (38) (153)
Distribution charges on perpetual notes (Note 20) (236) (236) (177)
Obligations under lease liabilities (Notes 10 and 29) (5,399)    
Interest – net of capitalized portion (Notes 5, 21 and 29) (7,143) (6,614) (7,076)
Cash dividends (Notes 20 and 29) (15,592) (13,928) (16,617)
Long-term debt (Notes 21 and 29) (20,494) (18,740) (39,199)
Long-term financing for capital expenditures (Note 29)     (7,735)
Decrease (increase) in treasury shares under employee benefit trust (4) 26  
Net cash flows used in financing activities (11,613) (18,144) (40,319)
NET EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (748) 831 (552)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (27,285) 18,749 (5,817)
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR (Note 16) 51,654 32,905 38,722
CASH AND CASH EQUIVALENTS AT END OF THE YEAR (Note 16) ₱ 24,369 ₱ 51,654 ₱ 32,905