CASH FLOW

Operating Activities
Fiscal year is January-December. All
values PHP millions.
Net Income before Extraordinaries

2010

2011

2012

2013

5-year
trend

2014

4.19B

4.36B

4.86B

6.25B

6.76B

2.15B

2.58B

2.83B

3.18B

3.19B

1.98B

2.4B

2.71B

3.07B

3.19B

168.53M

182.57
M

121.18M

110.2M

Deferred Taxes

Investment Tax Credit

(906.18M)

(893.37M)

(839.59M)

(678.27M)

(1.07B)

5.43B

6.05B

6.85B

8.75B

8.87B

(111.92M)

(452.02M)

1.19B

328.34M

(6.14B)

33.44M

(314.2M
)

(214.75
M)

(324.83
M)

(4.54B)

Depreciation, Depletion &

Amortization
Depreciation and Depletion
Amortization of Intangible
Assets
Deferred Taxes & Investment Tax
Credit

Other Funds
Funds from Operations
Extraordinaries
Changes in Working Capital
Receivables

Fiscal year is January-December. All

values PHP millions.
Accounts Payable

Other Assets/Liabilities
Net Operating Cash Flow

2010

2011

2012

2013

5-year
trend

2014

201.82M

783.52
M

858M

2.04B

1.79B

(133.65M)

(227.4M
)

308.05M

(447.09
M)

(972.11
M)

5.31B

5.6B

8.04B

9.08B

2.74B

Investing Activities
2010
Capital Expenditures

2011

2012

2013

5-year
trend

2014

(2.55B)

(3.7B)

(3.76B)

(4.18B)

(5.36B)

Capital Expenditures (Fixed

Assets)

(2.55B)

(3.7B)

(3.76B)

(3.91B)

(5.05B)

Capital Expenditures (Other

Assets)

(267.27
M)

(318.74
M)

Net Assets from Acquisitions

(2.71B)

(637.66M)

(127.59M)

Sale of Fixed Assets & Businesses

96.03M

31.98M

41.17M

50.66M

291.2M

Purchase/Sale of Investments

(39.18M)

(8.01M)

(207.72M)

(274.03M)

(454.06M)

Purchase of Investments

(39.6M)

(8.01M)

(210.72
M)

(274.03
M)

(454.06
M)

Sale/Maturity of Investments

422,631

3M

2010
Other Uses
Other Sources
Net Investing Cash Flow

2011

2012

2013

5-year
trend

2014

(18.8M)

(2.86B)

(270.95M)

106.13M

18.73M

166.33M

109.57M

(5.12B)

(7.16B)

(3.88B)

(4.29B)

(5.8B)

Financing Activities
2010
Cash Dividends Paid Total

2011

2012

2013

5-year
trend

2014

(2.56B)

(1.2B)

(2.27B)

(3.23B)

(1.56B)

Common Dividends

(2.56B)

(1.2B)

(2.27B)

(3.23B)

(1.56B)

Preferred Dividends

27.89M

111.12M

301.6M

210.91M

657.39M

27.89M

111.12M

301.6M

210.91M

657.39M

27.89M

111.12

301.6M

210.91

657.39

Change in Capital Stock

Repurchase of
Common & Preferred
Stk.
Sale of Common &
Preferred Stock
Proceeds from

2010

2011

Stock Options
Other Proceeds
from Sale of Stock

2012

2013

5-year
trend

2014
M

1.48B

1.31B

71.94M

(566.77M)

1.82B

1.54B

557.97M

(900M)

1.87B

Change in Long-Term
Debt

(53.7M)

751.19M

971.94M

(566.77M)

(43.45M)

Issuance of LongTerm Debt

3.13B

1.7B

2.58B

1.05B

(53.7M)

(2.38B)

(728.86
M)

(3.15B)

(1.1B)

53M

(178.13M)

(73.82M)

(150.4M)

(150.15M)

Other Uses

(2M)

(178.13M)

(153.7M)

(179.81M)

(150.15M)

Other Sources

55M

79.87M

29.42M

(992.45M)

45.54M

(1.97B)

(3.74B)

768.13M

(4.6M)

(393,676)

8.02M

4.89M

5.54M

(806.77M)

(1.52B)

2.19B

1.06B

(2.29B)

Issuance/Reduction of
Debt, Net
Change in Current
Debt

Reduction in
Long-Term Debt
Other Funds

Net Financing Cash

Flow
Exchange Rate Effect
Miscellaneous Funds
Net Change in Cash

2010
Free Cash Flow

2011

2.76B

2012
1.9B

2013
4.29B

5-year
trend

2014

5.17B

(2.31B)

BALANCE SHEET
Assets
Fiscal year is JanuaryDecember. All values
PHP millions.

2010

2011

2012

2013

5-year
trend

2014

Cash & Short Term

Investments

8.17B

6.66B

8.85B

9.9B

7.62B

Cash Only

8.17B

6.66B

8.85B

9.9B

7.62B

1.98B

2.29B

2.75B

3.08B

7.62B

Short-Term
Investments
Total Accounts
Receivable

Fiscal year is JanuaryDecember. All values

PHP millions.
Accounts
Receivables, Net

2010

2011

2012

2013

5-year
trend

2014

1.84B

2.09B

2.45B

2.85B

7.27B

1.97B

2.25B

2.71B

3.13B

7.48B

(136.08M)

(164.74
M)

(260.14
M)

(274.46
M)

(208.94
M)

139.45M

202.59M

295.72M

228.98M

350.93M

2.13B

3.51B

3.2B

4.4B

7.49B

Finished Goods

Work in Progress

Raw Materials

2.13B

2.84B

2.62B

3.51B

5.92B

Progress
Payments &
Other

5.65M

677.4M

580.9M

891.51M

1.57B

Other Current Assets

1.29B

801.38M

827.19M

996.12M

1.29B

Miscellaneous
Current Assets

1.01B

52.82M

75.82M

86.65M

96.44M

Total Current Assets

13.57B

13.26B

15.62B

18.38B

24.02B

Accounts
Receivables,
Gross
Bad
Debt/Doubtful
Accounts
Other
Receivables
Inventories

2010
Net Property, Plant &
Equipment

8.77B

2011

10.58B

2012

11.06B

2013

11.77B

2014

13.36B

5-year
trend

2010
Property, Plant &
Equipment - Gross

2011

2012

2013

5-year
trend

2014

20.57B

24.02B

25.79B

29.01B

13.38B

996.05M

966.83
M

1.68B

1.7B

Land &
Improvements

679.25
M

661.79
M

666.21
M

666,64
3

Computer Software
and Equipment

10.4B

12.08B

12.61B

13.87B

13.37
B

Accumulated
Depreciation

11.8B

13.43B

14.73B

17.24B

17.84M

Total Investments and

Advances

1.85B

896.31M

3.89B

4.1B

5.96B

Other Long-Term
Investments

1.83B

893.12M

882.16M

773.25M

2.57B

136.85M

136.85M

132.77M

144.46M

168.5M

Intangible Assets

7.02B

8.53B

8.84B

9.1B

9.39B

Net Goodwill

7.02B

6.53B

6.82B

6.82B

6.82B

2B

2.02B

2.28B

2.56B

525.93M

4.52B

1.55B

1.79B

486.35M

236.78M

4.23B

1.24B

1.47B

76.46M

32.79B

38.9B

41.79B

46.04B

54.14B

Buildings

Other Property,
Plant & Equipment

Long-Term Note Receivable

Net Other Intangibles

Other Assets
Tangible Other Assets
Total Assets

Liabilities & Shareholders' Equity

2010
ST Debt & Current Portion LT
Debt

2011

2012

2013

5-year
trend

2014

4.18B

1.68B

4.57B

1.11B

2.58B

Short Term Debt

1.84B

900M

1.87B

Current Portion of Long Term

Debt

2.34B

777.3M

4.57B

1.11B

715.52M

3.6B

4.73B

4.72B

6.01B

6.58B

167.75M

154.72M

78.96M

154.74M

181.83M

Other Current Liabilities

5.79B

5.54B

7.25B

8.35B

9.75B

Dividends Payable

103.17M

6.56M

26.17M

29.37M

56.35M

Accrued Payroll

1.22B

994.08M

1.3B

1.52B

1.36B

Miscellaneous Current
Liabilities

4.47B

4.54B

5.92B

6.81B

8.34B

13.74B

12.1B

16.62B

15.62B

19.09B

51.59M

3.94B

854.62M

4.06B

4.43B

51.59M

3.94B

854.62M

4.06B

4.43B

51.59M

3.94
B

854.62
M

4.06
B

4.43
B

242.59M

309.18M

552.08M

963.34M

862.89M

Accounts Payable
Income Tax Payable

Total Current Liabilities

Long-Term Debt
Long-Term Debt excl.
Capitalized Leases
Non-Convertible Debt
Convertible Debt
Capitalized Lease
Obligations
Provision for Risks & Charges

2010

5-year
trend

2011

2012

2013

2014

(753.03M)

(184.84M)

(311.08M)

(438.04M)

(740.59M)

167.1M

782.77M

374.74M

318.16M

11.38M

920.14M

967.61M

685.82M

756.2M

751.97M

1.31B

1.52B

1.63B

1.7B

1.65B

1.31B

1.52B

1.63B

1.7B

1.65B

15.51B

18.66B

20.04B

22.67B

26.04B

Non-Equity Reserves

Preferred Stock (Carrying Value)

Redeemable Preferred Stock

Non-Redeemable Preferred
Stock

17.14B

19.54B

21.02B

22.57B

27.21B

1.05B

1.05B

1.06B

1.07B

1.08B

13.04B

15.17B

12.87B

8.82B

12.45B

(317.02M)

(187.19
M)

(358.47M)

34.9M

(28.18M)

107.16M

102.63M

102.63M

Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities
Other Liabilities (excl.
Deferred Income)
Deferred Income
Total Liabilities

Common Equity (Total)

Common Stock Par/Carry
Value
Retained Earnings
ESOP Debt Guarantee
Cumulative Translation
Adjustment/Unrealized For.
Exch. Gain
Unrealized Gain/Loss
Marketable Securities

2010
Revaluation Reserves
Treasury Stock
Total Shareholders' Equity
Accumulated Minority Interest
Total Equity
Liabilities & Shareholders'
Equity

2011

2012

2013

5-year
trend

2014

(180.51M)

(180.51
M)

(180.51M)

(180.51
M)

(180.51
M)

17.14B

19.54B

21.02B

22.57B

27.21B

141.03M

703.69M

733.1M

812.06M

887.69M

17.28B

20.24B

21.75B

23.38B

28.1B

32.79B

38.9B

41.79B

46.04B

54.14B

Copyright 2015 Fact Set Research Systems Inc. All rights reserved. Source Fact Set Fundamentals.

INCOME STATEMENT
Fiscal year is January-December.
All values PHP millions.
Sales/Revenue

2010

2011

2012

2013

2014

53.37B

62.55B

71.06B

80.28B

90.67B

Cost of Goods Sold (COGS) incl.

D&A

43.43B

51.62B

58.66B

65.55B

74.05B

COGS excluding D&A

41.28B

49.03B

55.84B

62.36B

70.87B

5-year
trend

Fiscal year is January-December.

All values PHP millions.
Depreciation & Amortization
Expense
Depreciation

2010

2013

5-year
trend

2014

2.58B

2.83B

3.18B

3.19B

1.98B

2.4B

2.7B

3.07
B

3.15B

2.45
M

3.21
M

37.26
M

9.94B

10.94B

12.4B

14.74B

16.62B

2010
SG&A Expense

2012

2.15B

Amortization of Intangibles
Gross Income

2011

2011

2012

2013

5-year
trend

2014

5.72B

6.28B

7.21B

7.92B

9.57B

77.61M

5.72B

6.28B

7.21B

7.92B

9.49B

625.57M

722.97M

781.97M

894.62M

973.33M

Unusual Expense

30.5M

(282.22M)

(122.3M)

(471.83M)

EBIT after Unusual Expense

(30.5M)

282.22M

122.3M

471.83M

618.9M

566.81M

167.63M

227.22M

248.12M

163.08M

179.76M

270.11M

245.57M

242.05M

193.2M

291.34M

206.01M

152.92M

152.47M

Research & Development

Other SG&A
Other Operating Expense

Non Operating Income/Expense

Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense

2010

2011

2012

2013

5-year
trend

2014

193.2M

291.34
M

206.01M

152.92
M

152.47M

4.19B

4.36B

4.91B

6.36B

6.89B

973.4M

1.1B

1.15B

1.52B

1.27B

1.04B

1.19B

1.28B

1.52B

1.69B

(67.53M)

(83.7M)

(127.46
M)

741,389

(424.24
M)

Income Tax - Deferred Foreign

Income Tax Credits

(2.18M)

299,710

(50.95M)

(115.56M)

(126.17M)

Consolidated Net Income

3.21B

3.25B

3.71B

4.72B

5.49B

Minority Interest Expense

14.74M

22.14M

(15.09M)

51.25M

126.96M

3.2B

3.23B

3.73B

4.67B

5.36B

Gross Interest Expense

Interest Capitalized
Pretax Income
Income Tax
Income Tax - Current Domestic
Income Tax - Current Foreign
Income Tax - Deferred
Domestic

Equity in Affiliates
Other After Tax Income (Expense)

Net Income
Extraordinaries & Discontinued
Operations

2010
Extra Items & Gain/Loss
Sale Of Assets

2011

2012

2013

5-year
trend

2014

Cumulative Effect Accounting Chg

Discontinued Operations

Net Income After Extraordinaries

3.2B

3.23B

3.73B

4.67B

5.36B

3.2B

3.23B

3.73B

4.67B

5.36B

3.12

3.14

3.58

4.45

5.08

1.03B

1.03B

1.04B

1.05B

1.06B

3.08

3.10

3.51

4.36

4.96

1.04B

1.04B

1.06B

1.07B

1.08B

5.75B

6.52B

7.23B

9.1B

9.26B

Preferred Dividends
Net Income Available to Common
EPS (Basic)
Basic Shares Outstanding
EPS (Diluted)
Diluted Shares Outstanding
EBITDA

Copyright 2015 Fact Set Research Systems Inc. All rights reserved. Source Fact Set Fundamentals