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Income Statement

Currency in Millions of Philippines Pesos


As of:
Dec 31 2012
Dec 31 2013

Dec 31 2011

(Restated Php)
(Restated Php)
(Restated Php)
Revenues
47,802.6
51,739.9
55,970.6
TOTAL REVENUES
47,802.6
51,739.9
55,970.6
Cost of Goods Sold
31,523.7
34,819.6
34,964.2
GROSS PROFIT
16,278.9
16,920.2
21,006.4
Selling General & Admin Expenses, Total
2,530.8
3,130.8
3,968.8
Depreciation & Amortization, Total
198.7
327.1
1,556.1
Other Operating Expenses
2,455.8
2,283.4
2,337.3
OTHER OPERATING EXPENSES, TOTAL
5,185.3
5,741.3
7,862.1
OPERATING INCOME
11,093.6
11,178.9
13,144.3
Interest Expense
-1,221.5
-1,165.5
-919.3
Interest and Investment Income
1,102.3
855.1
663.1
NET INTEREST EXPENSE
-119.3
-310.4
-256.2
Income (Loss) on Equity Investments
2,185.6
2,317.6
1,802.3
Currency Exchange Gains (Loss)
-46.6
332.4
-356.1
Other Non-Operating Income (Expenses)
374.1
621.5
1,124.7
EBT, EXCLUDING UNUSUAL ITEMS
13,487.4
14,140.0
15,458.9
Impairment of Goodwill
--31.0
Gain (Loss) on Sale of Investments
8.1
-1.1
9,159.3
Gain (Loss) on Sale of Assets
57.6
127.5
144.9
Other Unusual Items, Total
35.2
-299.6
-432.7
Insurance Settlements
35.2
41.5
10.6
Other Unusual Items
---EBT, INCLUDING UNUSUAL ITEMS
13,588.2
13,966.8
24,361.4
Income Tax Expense
1,343.6
1,474.6
2,104.7
Minority Interest in Earnings
-2,681.7
-2,756.4
-3,319.4
Earnings from Continuing Operations
12,244.7
12,492.3
22,256.8
EARNINGS FROM DISCOUNTINUED OPERATIONS ----

NET INCOME
9,735.8
18,937.4
NET INCOME TO COMMON INCLUDING EXTRA ITEMS
18,937.4
NET INCOME TO COMMON EXCLUDING EXTRA ITEMS
18,937.4

9,563.0
9,563.0 9,735.8

Balance Sheet
Currency in Millions of Philippines Pesos
As of:
Dec 31 2012
Dec 31 2013

Dec31 2011

9,563.0 9,735.8

(Restated Php)
(Restated Php)

(Restated Php)
ASSETS

Cash and Equivalents


9,717.0
24,774.5
Short-Term Investments
88.6
1,260.0
Trading Asset Securities
71.3
73.2
TOTAL CASH AND SHORT TERM INVESTMENTS
26,107.6
Accounts Receivable
11,728.3
15,725.2
Other Receivables
1,371.0
1,350.8
TOTAL RECEIVABLES
17,075.9
Inventory
21,515.2
23,171.8
Prepaid Expenses
408.3
352.5
Other Current Assets
4,326.1
4,477.9
TOTAL CURRENT ASSETS
71,185.8
Gross Property Plant and Equipment
47,531.2
57,261.3
Accumulated Depreciation
-21,806.9
-25,641.9
NET PROPERTY PLANT AND EQUIPMENT
31,619.4
Long-Term Investments
14,369.3
11,884.2
Accounts Receivable, Long Term
5,186.8
Deferred Tax Assets, Long Term
197.6
Other Intangibles
49.9
33.6
Other Long-Term Assets
3,643.4
TOTAL ASSETS
123,750.8

15,049.8
59.9
71.4
15,181.2

9,876.9
8,795.8
--

8,795.8

13,099.3
17,484.7
-4,550.9

46,012.6

49,225.7

43,028.6
-19,611.0
23,417.6

25,724.2
11,033.1

2,438.7

5,242.7

20.7

23.2
--

1,706.5

2,349.0

84,629.3

96,984.1

LIABILITIES & EQUITY


Accounts Payable
7,035.2
Accrued Expenses
921.3

11,908.7
5,128.2
-2,241.4

Short-Term Borrowings
694.2
2,153.3
Current Portion of Long-Term Debt/Capital Lease
3,386.3
Current Portion of Capital Lease Obligations
--Current Income Taxes Payable
89.4
66.2
Other Current Liabilities, Total
5,273.6
7,279.5
Unearned Revenue, Current
6,688.5
8,610.5
TOTAL CURRENT LIABILITIES
28,865.3
Long-Term Debt
31,258.6
Capital Leases
--Minority Interest
7,451.1
8,910.3
Pension & Other Post-Retirement Benefits
86.3
93.8
Deferred Tax Liability Non-Current
862.8
1,149.4
Other Non-Current Liabilities
1,743.6
2,180.6
TOTAL LIABILITIES
48,228.0
63,547.7
Preferred Stock Convertible
0.0
0.0
TOTAL PREFERRED EQUITY
-0.0
Common Stock
2,655.5
2,655.5
Additional Paid in Capital
4,765.3
4,765.3
Retained Earnings
33,633.2
43,541.9
Comprehensive Income and Other
330.1
TOTAL COMMON EQUITY
51,292.8
TOTAL EQUITY
60,203.1
TOTAL LIABILITIES AND EQUITY
123,750.8
Statement of Cash Flows
Currency in Millions of Philippines Pesos
As of:
Dec 31 2012
Dec 31 2013

1,792.0
3,813.9

6,642.3
-138.2
471.9
4,361.3

22,486.1

27,344.4

17,775.6

18,190.9
-6,572.3

75.9
1,030.6
2,192.4
43,560.7
-0.0
2,655.5
4,765.3
27,083.9
-8.3

251.0

34,496.4

41,305.0

41,068.7

48,756.1

84,629.3

96,984.1

Dec31 2011
(Restated Php)

(Restated Php)
(Restated Php)
NET INCOME
9,735.8
18,937.4
Depreciation & Amortization
3,329.8
4,186.1
Amortization of Goodwill and Intangible Assets
9.6
0.9
DEPRECIATION & AMORTIZATION, TOTAL
3,093.8

9,563.0
3,093.8
-3,339.4

4,186.9
Amortization of Deferred Charges
38.7
21.8
(Gain) Loss from Sale of Asset
-127.5
-144.9
(Gain) Loss on Sale of Investment
1.1
-9,158.9
Asset Writedown & Restructuring Costs
388.3
350.8
Other Operating Activities
2,996.9
3,827.4
(Income) Loss on Equity Investments
-2,317.6
-1,802.3
Provision & Write-off of Bad Debts
78.3
443.7
Net Cash from Discontinued Operations
--Change in Accounts Receivable
-5,323.6
-1,861.0
Change in Inventories
-3,179.4
-535.2
Change in Accounts Payable
-218.0
2,799.9
Change in Unearned Revenues
1,224.0
1,922.0
Change in Other Working Capital
-1,460.7
CASH FROM OPERATIONS
17,526.9
Capital Expenditure
-6,176.5
-10,349.3
Sale of Property, Plant, and Equipment
136.0
381.6
Cash Acquisitions
-2,576.8
-1,622.2
Divestitures
--Sale (Purchase) of Real Estate Properties
-139.2
-25.9
Investments in Marketable & Equity Securities
164.9
7,198.1
CASH FROM INVESTING
-672.8
Short-Term Debt Issued
1,813.0
1,944.0
Long-Term Debt Issued
10,742.0
29,021.8
TOTAL DEBT ISSUED
30,965.8
Short Term Debt Repaid
-484.9
Long Term Debt Repaid
-18,938.9
TOTAL DEBT REPAID
-19,423.8
Common Dividends Paid
-5,053.7
TOTAL DIVIDEND PAID
-5,053.7
Special Dividend Paid

30.6
-57.6
-1.4
-6.7
4,189.8
-2,185.2
15.2
-1,113.3
-5,643.0
1,516.7
-635.6
-1,196.9

-713.1

9,796.1

5,923.5
-3,539.3
76.1
---32.1
-52.1

-3,077.6

-7,710.1
2,455.7
10,627.7

13,083.4

12,555.0

-1,910.7

-2,759.1

-8,114.6

-7,230.1

-10,025.2

-9,989.2

-2,627.0

-3,186.6

-2,627.0

-3,186.6
--

--5,842.1
Other Financing Activities
-2,822.2
-2,441.1
CASH FROM FINANCING
-1,794.8
Foreign Exchange Rate Adjustments
-103.3
-1.8
NET CHANGE IN CASH
15,057.5

2,050.6
-1,620.1

-3,443.0

4.8
5,103.2

-5,332.8