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Operating Segment Information | 12 Months Ended
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Dec. 31, 2022
Disclosure of operating segments [abstract] |
Operating Segment Information | 4. Operating Segment Information Operating segments are components of the PLDT Group that engage in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of PLDT Group). The operating results of these operating segments are regularly reviewed by the Management Committee to make decisions about how resources are to be allocated to each of the segments and to assess their performances, and for which discrete financial information is available. For management purposes, we are organized into business units based on our products and services. We have three reportable operating segments as follows: • Wireless – mobile telecommunications services provided by Smart and DMPI, our mobile service providers; SBI and PDSI, our wireless broadband service providers; and certain subsidiaries of PLDT Global, our mobile virtual network operations, or MVNO, provider; • Fixed Line – fixed line telecommunications services primarily provided by PLDT. We also provide fixed line services through PLDT’s subsidiaries, namely, ClarkTel, BCC and PLDT Global and certain subsidiaries; data center, cloud, cyber security services, managed information technology services and resellership through ePLDT and its subsidiaries; full-service customer rewards and loyalty programs provided by MRSI; distribution of Filipino channels and content through PGNL and its subsidiaries; and software development and IT solutions provided by Multisys; and • Others – PCEV, PGIH, PLDT Digital and its subsidiaries, our investment companies. See Note 2 – Summary of Significant Accounting Policies for further discussion. The chief operating decision maker, which we refer to as the Management Committee monitors the operating results of each business unit separately for purposes of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on net income for the year; earnings before interest, taxes, and depreciation and amortization, or EBITDA; EBITDA margin; and core income. Net income for the year is measured consistent with net income in our consolidated financial statements. EBITDA for the year is measured as net income excluding depreciation and amortization, amortization of intangible assets, asset impairment on noncurrent assets, financing costs – net, interest income, equity share in net earnings (losses) of associates and joint ventures, foreign exchange gains (losses) – net, gains (losses) on derivative financial instruments – net, provision for (benefit from) income tax and other income (expenses) – net. EBITDA margin for the year is measured as EBITDA divided by service revenues. Core income for the year is measured as net income attributable to equity holders of PLDT (net income less net income attributable to noncontrolling interests), excluding foreign exchange gains (losses) – net, gains (losses) on derivative financial instruments – net (excluding hedge costs), asset impairment on noncurrent assets, other non-recurring gains (losses), net of tax effect of aforementioned adjustments, as applicable, and similar adjustments to equity share in net earnings (losses) of associates and joint ventures. Telco core income for the year is measured as net income attributable to equity holders of PLDT (net income less net income attributable to noncontrolling interests), excluding foreign exchange gains (losses) – net, gains (losses) on derivative financial instruments – net (excluding hedge costs), asset impairment on noncurrent assets, non-recurring gains (losses), net of tax effect of aforementioned adjustments, as applicable, and similar adjustments to equity share in net earnings (losses) of associates and joint ventures, adjusted for the effect of the share in VIH losses, asset sales, and accelerated depreciation. Telco core income is used by the management as a basis for determining the level of dividend payouts to shareholders and one of the bases for granting incentives to employees. Segment revenues, segment expenses and segment results include transfers between business segments. These transfers are eliminated in full upon consolidation. Core earnings per common share, or core EPS, for the year is measured as core income divided by the weighted average number of outstanding common shares. See Note 8 – Earnings Per Common Share for the weighted average number of common shares. EBITDA, EBITDA margin, core income and core EPS are non-IFRS measures. The amounts of segment assets and liabilities and segment profit or loss are based on measurement principles that are similar to those used in measuring the assets and liabilities and profit or loss in our consolidated financial statements, which is in accordance with IFRS. The segment revenues, net income, and other segment information of our reportable operating segments for the years ended December 31, 2022, 2021 and 2020, and as at December 31, 2022 and 2021 are as follows:
|  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos, except for EBITDA margin) |
December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 103,482 |  |  |  | 101,763 |  |  |  | — |  |  |  | — |  |  |  | 205,245 |
Service revenues |  |  | 95,060 |  |  |  | 101,167 |  |  |  | — |  |  |  | — |  |  |  | 196,227 |
Non-service revenues |  |  | 8,422 |  |  |  | 596 |  |  |  | — |  |  |  | — |  |  |  | 9,018 |
Inter-segment transactions |  |  | 792 |  |  |  | 26,949 |  |  |  | — |  |  |  | (27,741 | ) |  |  | — |
Service revenues |  |  | 792 |  |  |  | 26,949 |  |  |  | — |  |  |  | (27,741 | ) |  |  | — |
Non-service revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total revenues |  |  | 104,274 |  |  |  | 128,712 |  |  |  | — |  |  |  | (27,741 | ) |  |  | 205,245 |
Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 52,660 |  |  |  | 55,790 |  |  |  | — |  |  |  | (9,736 | ) |  |  | 98,714 |
Asset impairment |  |  | 1,173 |  |  |  | 4,933 |  |  |  | 1 |  |  |  | — |  |  |  | 6,107 |
Interest income |  |  | 451 |  |  |  | 202 |  |  |  | 14 |  |  |  | (14 | ) |  |  | 653 |
Equity share in net losses of associates and joint ventures |  |  | — |  |  |  | (253 | ) |  |  | (3,051 | ) |  |  | — |  |  |  | (3,304 | )
Financing costs – net |  |  | 8,349 |  |  |  | 6,107 |  |  |  | — |  |  |  | (2,690 | ) |  |  | 11,766 |
Provision for (benefit from) income tax |  |  | 3,793 |  |  |  | (1,025 | ) |  |  | (134 | ) |  |  | 140 |  |  |  | 2,774 |
Net income (loss) / Segment profit (loss) |  |  | 15,104 |  |  |  | 16,185 |  |  |  | (2,669 | ) |  |  | (17,885 | ) |  |  | 10,735 |
EBITDA |  |  | 53,260 |  |  |  | 50,382 |  |  |  | (12 | ) |  |  | (9,685 | ) |  |  | 93,945 |
EBITDA margin |  |  | 56 | % |  |  | 39 | % |  |  | — |  |  |  | — |  |  |  | 48 | %
Core income (loss) |  |  | 13,034 |  |  |  | 38,448 |  |  |  | (2,959 | ) |  |  | (17,956 | ) |  |  | 30,567 |
Telco core income (loss) |  |  | 13,034 |  |  |  | 37,970 |  |  |  | 68 |  |  |  | (17,956 | ) |  |  | 33,116 |
Assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating assets |  |  | 310,549 |  |  |  | 257,976 |  |  |  | 10,768 |  |  |  | (24,313 | ) |  |  | 554,980 |
Investments in associates and joint ventures |  |  | 40 |  |  |  | 43,304 |  |  |  | 8,202 |  |  |  | — |  |  |  | 51,546 |
Deferred income tax assets – net |  |  | 6,871 |  |  |  | 9,280 |  |  |  | 53 |  |  |  | 1,432 |  |  |  | 17,636 |
Total assets |  |  | 317,460 |  |  |  | 310,560 |  |  |  | 19,023 |  |  |  | (22,881 | ) |  |  | 624,162 |
Operating liabilities |  |  | 246,170 |  |  |  | 272,489 |  |  |  | 1,630 |  |  |  | (10,292 | ) |  |  | 509,997 |
Deferred income tax liabilities |  |  | — |  |  |  | 204 |  |  |  | — |  |  |  | — |  |  |  | 204 |
Total liabilities |  |  | 246,170 |  |  |  | 272,693 |  |  |  | 1,630 |  |  |  | (10,292 | ) |  |  | 510,201 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures, including capitalized interest (Note 9)(a) |  |  | 46,636 |  |  |  | 50,174 |  |  |  | — |  |  |  | — |  |  |  | 96,810 |
(a)
|  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos, except for EBITDA margin) |
December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 105,492 |  |  |  | 87,765 |  |  |  | — |  |  |  | — |  |  |  | 193,257 |
Service revenues |  |  | 98,512 |  |  |  | 87,239 |  |  |  | — |  |  |  | — |  |  |  | 185,751 |
Non-service revenues |  |  | 6,980 |  |  |  | 526 |  |  |  | — |  |  |  | — |  |  |  | 7,506 |
Inter-segment transactions |  |  | 1,127 |  |  |  | 29,298 |  |  |  | — |  |  |  | (30,425 | ) |  |  | — |
Service revenues |  |  | 1,127 |  |  |  | 29,290 |  |  |  | — |  |  |  | (30,417 | ) |  |  | — |
Non-service revenues |  |  | — |  |  |  | 8 |  |  |  | — |  |  |  | (8 | ) |  |  | — |
Total revenues |  |  | 106,619 |  |  |  | 117,063 |  |  |  | — |  |  |  | (30,425 | ) |  |  | 193,257 |
Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 40,459 |  |  |  | 22,139 |  |  |  | — |  |  |  | (10,429 | ) |  |  | 52,169 |
Asset impairment |  |  | 1,241 |  |  |  | 3,743 |  |  |  | 1 |  |  |  | — |  |  |  | 4,985 |
Interest income |  |  | 355 |  |  |  | 275 |  |  |  | 26 |  |  |  | — |  |  |  | 656 |
Equity share in net gains (losses) of associates and joint ventures |  |  | — |  |  |  | 103 |  |  |  | (1,204 | ) |  |  | — |  |  |  | (1,101 | )
Financing costs – net |  |  | 7,551 |  |  |  | 6,029 |  |  |  | — |  |  |  | (3,166 | ) |  |  | 10,414 |
Provision for (benefit from) income tax |  |  | 3,366 |  |  |  | 4,103 |  |  |  | (270 | ) |  |  | 279 |  |  |  | 7,478 |
Net income (loss) / Segment profit (loss) |  |  | 9,434 |  |  |  | 26,146 |  |  |  | 384 |  |  |  | (9,288 | ) |  |  | 26,676 |
EBITDA |  |  | 60,876 |  |  |  | 45,832 |  |  |  | (7 | ) |  |  | (10,801 | ) |  |  | 95,900 |
EBITDA margin |  |  | 61 | % |  |  | 39 | % |  |  | — |  |  |  | — |  |  |  | 52 | %
Core income (loss) |  |  | 13,645 |  |  |  | 26,298 |  |  |  | (666 | ) |  |  | (9,340 | ) |  |  | 29,937 |
Telco core income (loss) |  |  | 13,645 |  |  |  | 25,736 |  |  |  | 192 |  |  |  | (9,340 | ) |  |  | 30,233 |
Assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating assets |  |  | 299,513 |  |  |  | 285,083 |  |  |  | 7,351 |  |  |  | (32,368 | ) |  |  | 559,579 |
Investments in associates and joint ventures |  |  | 39 |  |  |  | 43,519 |  |  |  | 9,806 |  |  |  | — |  |  |  | 53,364 |
Deferred income tax assets – net |  |  | 4,695 |  |  |  | 8,433 |  |  |  | (81 | ) |  |  | 338 |  |  |  | 13,385 |
Total assets |  |  | 304,247 |  |  |  | 337,035 |  |  |  | 17,076 |  |  |  | (32,030 | ) |  |  | 626,328 |
Operating liabilities |  |  | 213,219 |  |  |  | 293,162 |  |  |  | 1,023 |  |  |  | (8,710 | ) |  |  | 498,694 |
Deferred income tax liabilities |  |  | — |  |  |  | 169 |  |  |  | — |  |  |  | — |  |  |  | 169 |
Total liabilities |  |  | 213,219 |  |  |  | 293,331 |  |  |  | 1,023 |  |  |  | (8,710 | ) |  |  | 498,863 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures, including capitalized interest (Note 9) |  |  | 36,898 |  |  |  | 52,085 |  |  |  | — |  |  |  | — |  |  |  | 88,983 |
|  | Wireless |  |  | Fixed Line |  |  | Others |  |  | Inter- segment Transactions |  |  | Consolidated |
|  | (in million pesos, except for EBITDA margin) |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
External customers |  |  | 101,789 |  |  |  | 79,215 |  |  |  | — |  |  |  | — |  |  |  | 181,004 |
Service revenues |  |  | 95,748 |  |  |  | 77,886 |  |  |  | — |  |  |  | — |  |  |  | 173,634 |
Non-service revenues |  |  | 6,041 |  |  |  | 1,329 |  |  |  | — |  |  |  | — |  |  |  | 7,370 |
Inter-segment transactions |  |  | 2,422 |  |  |  | 19,524 |  |  |  | — |  |  |  | (21,946 | ) |  |  | — |
Service revenues |  |  | 2,422 |  |  |  | 19,524 |  |  |  | — |  |  |  | (21,946 | ) |  |  | — |
Non-service revenues |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total revenues |  |  | 104,211 |  |  |  | 98,739 |  |  |  | — |  |  |  | (21,946 | ) |  |  | 181,004 |
Results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | 35,134 |  |  |  | 19,383 |  |  |  | — |  |  |  | (7,037 | ) |  |  | 47,480 |
Asset impairment |  |  | 2,196 |  |  |  | 5,490 |  |  |  | 1 |  |  |  | (41 | ) |  |  | 7,646 |
Interest income |  |  | 537 |  |  |  | 636 |  |  |  | 92 |  |  |  | (55 | ) |  |  | 1,210 |
Equity share in net gains (losses) of associates and joint ventures |  |  | — |  |  |  | (50 | ) |  |  | 2,378 |  |  |  | — |  |  |  | 2,328 |
Financing costs – net |  |  | 6,886 |  |  |  | 6,059 |  |  |  | 55 |  |  |  | (2,914 | ) |  |  | 10,086 |
Provision for (benefit from) income tax |  |  | 4,536 |  |  |  | 3,734 |  |  |  | (617 | ) |  |  | 788 |  |  |  | 8,441 |
Net income (loss) / Segment profit (loss) |  |  | 15,166 |  |  |  | 14,509 |  |  |  | (318 | ) |  |  | (4,777 | ) |  |  | 24,580 |
EBITDA |  |  | 60,272 |  |  |  | 33,405 |  |  |  | (12 | ) |  |  | (7,507 | ) |  |  | 86,158 |
EBITDA margin |  |  | 61 | % |  |  | 34 | % |  |  | — |  |  |  | — |  |  |  | 50 | %
Core income (loss) |  |  | 16,440 |  |  |  | 15,463 |  |  |  | 193 |  |  |  | (4,967 | ) |  |  | 27,129 |
Telco core income (loss) |  |  | 17,217 |  |  |  | 13,649 |  |  |  | 2,188 |  |  |  | (4,967 | ) |  |  | 28,087 |
Assets and liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating assets |  |  | 219,412 |  |  |  | 319,384 |  |  |  | 6,371 |  |  |  | (41,000 | ) |  |  | 504,167 |
Investments in associates and joint ventures |  |  | 40 |  |  |  | 43,690 |  |  |  | 8,393 |  |  |  | — |  |  |  | 52,123 |
Deferred income tax assets – net |  |  | 6,943 |  |  |  | 11,628 |  |  |  | (350 | ) |  |  | 1,335 |  |  |  | 19,556 |
Total assets |  |  | 226,395 |  |  |  | 374,702 |  |  |  | 14,414 |  |  |  | (39,665 | ) |  |  | 575,846 |
Operating liabilities |  |  | 227,687 |  |  |  | 274,614 |  |  |  | 1,457 |  |  |  | (48,303 | ) |  |  | 455,455 |
Deferred income tax liabilities |  |  | 23 |  |  |  | 330 |  |  |  | — |  |  |  | 373 |  |  |  | 726 |
Total liabilities |  |  | 227,710 |  |  |  | 274,944 |  |  |  | 1,457 |  |  |  | (47,930 | ) |  |  | 456,181 |
Other segment information |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Capital expenditures, including capitalized interest (Note 9) |  |  | 33,118 |  |  |  | 38,786 |  |  |  | — |  |  |  | — |  |  |  | 71,904 |
The following table shows the reconciliation of our consolidated net income to our consolidated EBITDA for the years ended December 31, 2022, 2021 and 2020:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  |  | (in million pesos) |  |
Consolidated net income |  |  | 10,735 |  |  |  | 26,676 |  |  |  | 24,580 |
Add (deduct) adjustments: |  |  |  |  |  |  |  |  |
Depreciation and amortization (Notes 9 and 10) |  |  | 98,714 |  |  |  | 52,169 |  |  |  | 47,480 |
Financing costs – net (Note 5) |  |  | 11,766 |  |  |  | 10,414 |  |  |  | 10,086 |
Foreign exchange losses (gains) – net (Notes 5 and 28) |  |  | 4,685 |  |  |  | 3,890 |  |  |  | (1,488 | )
Equity share in net losses of associates and joint ventures (Note 11) |  |  | 3,304 |  |  |  | 1,101 |  |  |  | 2,328 |
Provision for income tax (Note 7) |  |  | 2,774 |  |  |  | 7,478 |  |  |  | 8,441 |
Other non-recurring expenses |  |  | 504 |  |  |  | 148 |  |  |  | — |
Amortization of intangible assets (Note 15) |  |  | 228 |  |  |  | 2,822 |  |  |  | 2,496 |
Interest income (Note 5) |  |  | (653 | ) |  |  | (656 | ) |  |  | (1,210 | )
Loss (gains) on derivative financial instruments – net (Note 28) |  |  | (2,322 | ) |  |  | (1,400 | ) |  |  | 378 |
Other income (expenses) – net |  |  | (35,790 | ) |  |  | (6,742 | ) |  |  | (6,933 | )
Net loss (gain) on debt modification (Note 5) |  |  | 295 |  |  |  | (1,372 | ) |  |  | — |
VIH gain on dilution of shares (Notes 5 and 11) |  |  | (660 | ) |  |  | (826 | ) |  |  | (394 | )
Income from prescription of preferred shares redemption liability (Note 20) |  |  | (7,839 | ) |  |  | — |  |  |  | — |
Gain on sale and leaseback of telecom towers – gross of expenses (Note 9) |  |  | (25,234 | ) |  |  | — |  |  |  | — |
Others |  |  | (2,352 | ) |  |  | (4,544 | ) |  |  | (6,539 | )
Total adjustments |  |  | 83,210 |  |  |  | 69,224 |  |  |  | 61,578 |
Consolidated EBITDA |  |  | 93,945 |  |  |  | 95,900 |  |  |  | 86,158 |
The following table shows the reconciliation of our consolidated net income to our consolidated core income and telco core income for the years ended December 31, 2022, 2021 and 2020:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  |  | (in million pesos) |  |
Consolidated net income |  |  | 10,735 |  |  |  | 26,676 |  |  |  | 24,580 |
Add (deduct) adjustments: |  |  |  |  |  |  |  |  |
Accelerated depreciation |  |  | 51,204 |  |  |  | 1,110 |  |  |  | — |
Manpower rightsizing program, or MRP (Note 5) |  |  | 5,028 |  |  |  | 269 |  |  |  | 2,625 |
Foreign exchange losses – net (Notes 5 and 28) |  |  | 4,685 |  |  |  | 3,890 |  |  |  | (1,488 | )
Other non-recurring expenses |  |  | 810 |  |  |  | — |  |  |  | — |
Net loss (gain) on debt modification – net of amortization of debt discount/premium |  |  | 470 |  |  |  | (1,339 | ) |  |  | — |
Impairment of investments and investment derecognized (Notes 11 and 12) |  |  | 50 |  |  |  | 60 |  |  |  | 659 |
Sun Trademark amortization (Note 15) |  |  | — |  |  |  | 2,628 |  |  |  | 1,877 |
Losses from changes in fair value of financial assets at FVPL |  |  | — |  |  |  | 174 |  |  |  | — |
CREATE Act impact for prior year deferred taxes |  |  | — |  |  |  | (355 | ) |  |  | — |
Core income adjustment on equity share in net income of associates and joint ventures |  |  | (195 | ) |  |  | (7 | ) |  |  | (6 | )
Net income attributable to noncontrolling interests |  |  | (250 | ) |  |  | (309 | ) |  |  | (296 | )
Loss (gains) on derivative financial instruments – net, excluding hedge costs (Note 28) |  |  | (2,572 | ) |  |  | (1,651 | ) |  |  | 284 |
Income from prescription of preferred shares redemption liability (Note 20) |  |  | (7,839 | ) |  |  | — |  |  |  | — |
Gain on sale and leaseback of telecom towers – net of expenses (Note 9) |  |  | (24,563 | ) |  |  | — |  |  |  | — |
Net tax effect of aforementioned adjustments |  |  | (6,996 | ) |  |  | (1,209 | ) |  |  | (1,106 | )
Total adjustments |  |  | 19,832 |  |  |  | 3,261 |  |  |  | 2,549 |
Consolidated core income |  |  | 30,567 |  |  |  | 29,937 |  |  |  | 27,129 |
Add (deduct) adjustments: |  |  |  |  |  |  |  |  |
Share in VIH losses |  |  | 3,239 |  |  |  | 1,981 |  |  |  | 1,954 |
Accelerated depreciation – net of tax |  |  | — |  |  |  | — |  |  |  | 1,496 |
Loss on sale of Rocket Internet SE shares |  |  | — |  |  |  | — |  |  |  | 364 |
Gain from condonation of debt |  |  | — |  |  |  | — |  |  |  | (240 | )
Gain on sale and leaseback of Smart Headquarters – net of tax |  |  | — |  |  |  | — |  |  |  | (2,293 | )
Gain on asset sales – net of tax (Note 5) |  |  | (30 | ) |  |  | (983 | ) |  |  | — |
VIH gain on dilution – net of tax |  |  | (660 | ) |  |  | (702 | ) |  |  | (323 | )
Total adjustments |  |  | 2,549 |  |  |  | 296 |  |  |  | 958 |
Telco core income |  |  | 33,116 |  |  |  | 30,233 |  |  |  | 28,087 |
The following table shows the reconciliation of our consolidated basic and diluted core EPS to our consolidated basic and diluted EPS attributable to common equity holder of PLDT for the years ended December 31, 2022, 2021 and 2020:
|  |  |  |  | 2022 |  |  |  |  |  | 2021 |  |  |  |  |  | 2020 |
|  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Consolidated core EPS |  |  | 141.20 |  |  |  | 141.20 |  |  |  | 138.29 |  |  |  | 138.29 |  |  |  | 125.29 |  |  |  | 125.29 |
Add (deduct) adjustments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gain on sale and leaseback of telecom towers – net of expenses |  |  | 86.95 |  |  |  | 86.95 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Income from prescription of preferred redemption liability |  |  | 27.21 |  |  |  | 27.21 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gains on derivative financial instruments – net excluding hedge costs |  |  | 8.93 |  |  |  | 8.93 |  |  |  | 5.73 |  |  |  | 5.73 |  |  |  | (0.92 | ) |  |  | (0.92 | )
Core income adjustment on equity share in net income of associates and joint ventures |  |  | 0.90 |  |  |  | 0.90 |  |  |  | 0.03 |  |  |  | 0.03 |  |  |  | 0.03 |  |  |  | 0.03 |
CREATE Act impact on deferred taxes – net |  |  | — |  |  |  | — |  |  |  | 1.64 |  |  |  | 1.64 |  |  |  | — |  |  |  | — |
Losses from changes in fair value of financial assets at FVPL |  |  | — |  |  |  | — |  |  |  | (0.81 | ) |  |  | (0.81 | ) |  |  | — |  |  |  | — |
Sun Trademark amortization |  |  | — |  |  |  | — |  |  |  | (9.12 | ) |  |  | (9.12 | ) |  |  | (6.08 | ) |  |  | (6.08 | )
Impairment of investments |  |  | (0.23 | ) |  |  | (0.23 | ) |  |  | (0.28 | ) |  |  | (0.28 | ) |  |  | (3.05 | ) |  |  | (3.05 | )
Net gains (loss) on debt modification – net of amortization of debt discount/premium |  |  | (1.63 | ) |  |  | (1.63 | ) |  |  | 4.65 |  |  |  | 4.65 |  |  |  | — |  |  |  | — |
Impairment of property and equipment |  |  | (3.60 | ) |  |  | (3.60 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign exchange losses – net |  |  | (16.26 | ) |  |  | (16.26 | ) |  |  | (13.50 | ) |  |  | (13.50 | ) |  |  | 5.36 |  |  |  | 5.36 |
MRP |  |  | (17.46 | ) |  |  | (17.46 | ) |  |  | (1.02 | ) |  |  | (1.02 | ) |  |  | (8.51 | ) |  |  | (8.51 | )
Accelerated depreciation |  |  | (177.75 | ) |  |  | (177.75 | ) |  |  | (3.85 | ) |  |  | (3.85 | ) |  |  | — |  |  |  | — |
Total adjustments |  |  | (92.94 | ) |  |  | (92.94 | ) |  |  | (16.53 | ) |  |  | (16.53 | ) |  |  | (13.17 | ) |  |  | (13.17 | )
Consolidated EPS attributable to common equity holders of PLDT (Note 8) |  |  | 48.26 |  |  |  | 48.26 |  |  |  | 121.76 |  |  |  | 121.76 |  |  |  | 112.12 |  |  |  | 112.12 |
The following table presents our revenues from external customers by category of products and services for the years ended December 31, 2022, 2021 and 2020:
|  | 2022 |  |  | 2021 |  |  | 2020 |
|  |  |  | (in million pesos) |  |
Wireless services |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |
Mobile |  |  | 93,029 |  |  |  | 95,619 |  |  |  | 95,589 |
Home broadband |  |  | 2,028 |  |  |  | 2,889 |  |  |  | 40 |
MVNO and others |  |  | 3 |  |  |  | 4 |  |  |  | 119 |
|  |  | 95,060 |  |  |  | 98,512 |  |  |  | 95,748 |
Non-service revenues: |  |  |  |  |  |  |  |  |
Sale of mobile handsets and broadband data modems |  |  | 8,422 |  |  |  | 6,980 |  |  |  | 6,041 |
Total wireless revenues |  |  | 103,482 |  |  |  | 105,492 |  |  |  | 101,789 |
Fixed line services |  |  |  |  |  |  |  |  |
Service revenues: |  |  |  |  |  |  |  |  |
Voice |  |  | 22,249 |  |  |  | 20,222 |  |  |  | 19,484 |
Data |  |  | 78,692 |  |  |  | 66,760 |  |  |  | 58,064 |
Miscellaneous |  |  | 226 |  |  |  | 257 |  |  |  | 338 |
|  |  | 101,167 |  |  |  | 87,239 |  |  |  | 77,886 |
Non-service revenues: |  |  |  |  |  |  |  |  |
Sale of computers, phone units and SIM cards |  |  | 495 |  |  |  | 454 |  |  |  | 1,140 |
Point-product-sales |  |  | 101 |  |  |  | 72 |  |  |  | 189 |
|  |  | 596 |  |  |  | 526 |  |  |  | 1,329 |
Total fixed line revenues |  |  | 101,763 |  |  |  | 87,765 |  |  |  | 79,215 |
Total revenues |  |  | 205,245 |  |  |  | 193,257 |  |  |  | 181,004 |
Disclosure of the geographical distribution of our revenues from external customers and the geographical location of our total assets are not provided since majority of our consolidated revenues are derived from our operations within the Philippines. There is no revenue transaction with a single external customer that accounted for 10% or more of our consolidated revenues from external customers for the years ended December 31, 2022, 2021 and 2020.

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