Ayala Land Inc (ALI PM) - Summary

In Millions of PHP except Per Share

12 Months Ending
Total Revenues
Operating Income
Net Income to Common
Basic EPS, GAAP
Diluted EPS, GAAP
Basic Weighted Avg Shares
Diluted Weighted Avg Shares

FY 2004
2004-12-31
16,374.1
3,813.3
2,986.1
0.23
0.23
12,919.5
12,951.1

FY 2005
2005-12-31
17,865.0
3,766.5
3,616.7
0.28
0.28
12,945.6
12,984.8

Cash and Equivalents

Total Current Assets
Total Assets
Total Current Liabilities
Total Liabilities
Total Equity
Shares Out on Balance Sheet
Shares Out on Filing Cover

6,360.2
23,460.5
76,522.8
12,912.6
31,727.7
44,795.1
12,930.4
--

6,756.0
21,285.7
71,810.2
13,736.1
26,471.0
45,339.2
12,954.8
10,795.6

Cash From Operations

Cash From Investing
Cash From Financing
Source: Bloomberg

4,665.4
-2,355.9
-804.3

3,160.6
2,013.2
-5,373.4

FY 2006
2006-12-31
23,592.3
5,547.0
3,865.6
0.25
0.25
15,586.8
15,654.5

FY 2007
2007-12-31
22,847.3
5,572.3
4,386.4
0.34
0.33
13,026.9
13,177.9

FY 2008
2008-12-31
30,616.8
6,687.3
4,746.2
0.36
0.36
13,011.4
13,034.3

FY 2009
2009-12-31
27,738.0
5,699.8
3,978.8
0.31
0.31
12,985.3
13,007.2

FY 2010
2010-12-31
35,408.4
7,418.7
5,397.7
0.41
0.41
13,016.5
13,038.6

7,558.5
31,385.1
78,250.2
18,305.5
31,012.4
47,237.7
13,013.1
13,034.6

13,307.5
33,979.5
82,981.2
20,538.8
32,235.5
50,745.8
13,034.6
13,034.6

13,664.3
43,966.0
100,588.9
23,382.9
45,410.2
55,178.7
12,963.0
--

16,257.7
45,810.7
107,741.8
23,692.0
48,546.9
59,194.9
12,997.2
13,001.3

19,857.2
55,370.9
121,675.3
33,214.5
56,205.1
65,470.1
13,028.9
13,028.9

5,568.2
-6,887.3
316.9

8,529.8
580.0
-2,468.5

3,687.4
-4,913.7
2,609.8

4,409.8
-9,406.4
2,869.9

11,167.1
-3,395.5
-281.6

FY 2011
2011-12-31
41,230.8
10,027.6
7,079.8
0.55
0.55
12,938.7
12,953.3

FY 2012
2012-12-31
54,705.4
13,162.0
8,992.6
0.68
0.67
13,301.1
13,328.0

FY 2013
2013-12-31
76,337.4
19,263.6
11,679.7
0.84
0.83
13,979.9
13,990.9

Last 12M
2014-06-30
83,490.3
19,960.9
13,173.5
0.94
0.94
13,811.5
13,811.5

24,795.2
75,316.6
154,542.0
45,629.3
82,499.5
72,042.5
13,043.2
13,043.2

32,852.3
111,055.4
254,115.7
78,671.2
158,575.5
95,540.2
13,752.0
--

41,386.4
146,987.0
325,473.7
101,623.2
213,376.1
112,097.6
14,173.3
--

49,596.0
173,737.0
367,898.0
118,886.0
248,639.0
119,259.0
14,189.7
14,189.7

8,758.9
-14,932.5
12,758.1

8,422.5
-54,914.6
51,328.4

27,238.6
-69,952.2
38,557.6

28,790.6
-67,911.2
42,204.6

Ayala Land Inc (ALI PM) - Highlights

In Millions of PHP
12 Months Ending
Market Capitalization
- Cash & Equivalents
+ Preferred & Other
+ Total Debt
Enterprise Value

FY 2006
2006-12-31
165,374.6
7,558.5
6,586.6
12,837.4
177,240.1

FY 2007
2007-12-31
185,743.2
13,307.5
6,344.0
10,139.5
188,919.2

FY 2008
2008-12-31
82,963.2
13,664.3
7,454.5
16,751.5
93,504.9

Revenue
Growth %, YoY
Gross Profit
Margin %
EBITDA
Margin %
Net Income Before XO
Margin %
Adjusted EPS
Growth %, YoY

23,592.3
32.1
7,422.2
31.5
6,614.2
28.0
4,233.9
17.9
0.30
5.9

22,847.3
-3.2
7,704.4
33.7
6,882.7
30.1
5,095.5
22.3
0.34
13.3

30,616.8
34.0
9,330.6
30.5
7,945.5
26.0
5,382.8
17.6
0.36
5.9

Cash from Operations

Capital Expenditures
Free Cash Flow
Source: Bloomberg

5,568.2
-2,040.5
3,527.8

8,529.8
-2,717.3
5,812.5

3,687.4
-5,080.6
-1,393.2

FY 2009
2009-12-31
146,218.7
16,257.7
8,106.0
18,812.2
156,879.2

FY 2010
2010-12-31
214,456.4
19,857.2
9,916.4
20,970.9
225,486.6

FY 2011
2011-12-31
197,734.3
24,795.2
10,989.0
34,453.6
218,381.7

FY 2012
2012-12-31
363,741.3
32,852.3
16,157.2
74,778.1
421,824.2

FY 2013
2013-12-31
350,788.9
41,386.4
14,934.4
101,901.9
426,238.8

27,738.0
-9.4
8,721.5
31.4
7,487.2
27.0
4,681.0
16.9
0.31
-13.9

35,408.4
27.7
10,461.1
29.5
9,226.1
26.1
6,288.1
17.8
0.41
32.3

41,230.8
16.4
13,289.7
32.2
12,338.0
29.9
8,090.6
19.6
0.55
34.1

54,705.4
32.7
17,679.7
32.3
15,876.5
29.0
11,076.5
20.2
0.67
21.8

76,337.4
39.5
24,498.2
32.1
23,162.1
30.3
14,304.7
18.7
0.84
25.4

4,409.8
-3,996.9
412.9

11,167.1
-1,146.0
10,021.1

8,758.9
-2,308.6
6,450.3

8,422.5
-46,954.5
-38,532.0

27,238.6
-45,972.0
-18,733.3

Current/LTM
2014-06-30
494,509.6
49,596.0
17,876.0
118,931.0
581,720.6

FY 2014 Est
2014-12-31

FY 2015 Est
2015-12-31

83,490.3
23.4
25,831.0
30.9
24,259.3
29.1
16,307.1
19.5
0.95
27.5

89,626.9
17.4
32,851.8
36.7
27,742.9
31.0
14,267.6
15.9
1.01
20.0

105,057.6
17.2
38,287.2
36.4
32,470.6
30.9
16,729.6
15.9
1.18
17.5

28,790.6
-47,413.3
-18,622.6

17,293.2
-29,865.2
-12,572.0

20,131.1
-22,314.8
-2,183.7

Ayala Land Inc (ALI PM) - Standardized

In Millions of PHP except Per Share
12 Months Ending
Assets
+ Cash & Near Cash Items
+ Short-Term Investments
+ Accounts & Notes Receivable
+ Inventories
+ Other Current Assets
Total Current Assets
+ LT Investments & LT Receivables
+ Net Fixed Assets
+ Gross Fixed Assets
- Accumulated Depreciation
+ Other Long-Term Assets
Total Long-Term Assets
Total Assets
Liabilities & Shareholders' Equity
+ Accounts Payable
+ Short-Term Borrowings
+ Other Short-Term Liabilities
Total Current Liabilities
+ Long-Term Borrowings
+ Other Long-Term Liabilities
Total Long-Term Liabilities
Total Liabilities
+ Total Preferred Equity
+ Minority Interest
+ Share Capital & APIC
+ Retained Earnings & Other Equity
Total Equity
Total Liabilities & Equity
Reference Items
Accounting Standard
Shares Outstanding
Number of Treasury Shares
Amount of Treasury Shares
Pension Obligations
Operating Leases
Capital Leases - Short Term
Capital Leases - Long Term
Capital Leases - Total
Number Of Shareholders
Options Granted During Period

FY 2003
2003-12-31

FY 2004
2004-12-31

4,854.9
0.0
1,790.9
7,147.9
3,295.6
17,089.3
7,195.9
35,666.4
40,986.8
5,320.4
7,060.4
49,922.7
67,012.0

6,360.2
0.0
6,941.0
5,671.0
4,488.3
23,460.5
8,050.9
37,419.7
43,668.7
6,249.0
7,591.8
53,062.3
76,522.8

3,308.8
2,793.0
3,522.7
9,624.5
11,588.3
4,683.3
16,271.6
25,896.1
0.0
5,842.7
14,278.8
20,994.5
41,116.0
67,012.1

3,119.5
3,047.5
6,745.5
12,912.6
10,389.3
8,425.8
18,815.1
31,727.7
0.0
6,674.5
14,435.9
23,684.8
44,795.1
76,522.8

PH GAAP
12,915.0
0.0
0.6
--------

PH GAAP
12,930.4
0.0
0.6
--------

Options Outstanding at Period End

Net Debt
Net Debt to Equity
Tangible Common Equity Ratio
Current Ratio
Cash Conversion Cycle
Inventory - Raw Materials
Inventory - Work in Progress
Inventory - Finished Goods
Other Inventory
Pure Retained Earnings
Goodwill
Investments in Associated Companies
Number of Employees
Source: Bloomberg

-9,526.4
23.17
52.64
1.78
268.43
----20,995.1
-5,888.5
1,488.00

-7,076.6
15.80
49.82
1.82
190.77
----23,685.3
0.0
6,692.5
1,315.00

FY 2005
2005-12-31

FY 2006
2006-12-31

FY 2007
2007-12-31

FY 2008
2008-12-31

FY 2009
2009-12-31

6,160.6
595.4
2,935.5
6,754.4
4,839.8
21,285.7
5,805.2
35,860.1
43,058.6
7,198.6
8,859.2
50,524.5
71,810.2

4,630.6
2,927.9
3,038.8
7,735.6
13,052.2
31,385.1
2,494.0
33,632.6
41,158.7
7,526.1
10,738.5
46,865.1
78,250.2

11,271.9
2,035.6
3,724.7
6,696.0
10,251.2
33,979.5
3,842.1
34,207.5
42,755.1
8,547.7
10,952.2
49,001.8
82,981.2

12,655.4
1,008.9
5,803.4
8,313.5
16,184.8
43,966.0
2,249.1
42,657.5
52,147.6
9,490.1
11,716.3
56,622.8
100,588.9

10,528.7
5,729.0
7,258.8
8,358.6
13,935.6
45,810.7
2,702.2
46,544.7
57,662.5
11,117.9
12,684.2
61,931.1
107,741.8

7,898.3
2,238.7
3,599.1
13,736.1
8,484.1
4,250.9
12,735.0
26,471.0
0.0
6,891.5
14,505.0
23,942.6
45,339.2
71,810.2

7,540.2
5,119.6
5,645.8
18,305.5
7,717.8
4,989.1
12,706.9
31,012.4
0.0
6,586.6
14,688.6
25,962.6
47,237.7
78,250.2

9,310.1
3,989.6
7,239.2
20,538.8
6,149.9
5,546.8
11,696.6
32,235.5
1,303.5
5,040.6
16,995.1
27,406.6
50,745.8
82,981.2

12,995.8
1,523.6
8,863.5
23,382.9
15,227.9
6,799.4
22,027.3
45,410.2
1,303.5
6,151.0
17,160.7
30,563.5
55,178.7
100,588.9

10,856.2
2,008.6
10,827.2
23,692.0
16,803.6
8,051.4
24,855.0
48,546.9
1,303.5
6,802.5
17,325.9
33,763.0
59,194.9
107,741.8

IAS/IFRS
12,954.8
0.0
0.6
-----12,919.00
3.9

IAS/IFRS
13,013.1
0.0
0.6
--------

IAS/IFRS
13,034.6
0.0
0.6
--------

IAS/IFRS
12,963.0
79.5
824.0
98.6
1,987.0
------

IAS/IFRS
12,997.2
79.5
824.0
53.0
1,882.5
0.0
0.0
0.0
-0.0

87.3
3,966.8
8.75
53.54
1.55
137.25
----23,950.7
0.0
6,812.2
1,563.00

-5,278.9
11.18
51.95
1.71
45.48
---0.0
25,973.4
0.0
8,791.2
494.00

--3,168.0
-6.24
53.51
1.65
9.91
---0.0
27,405.2
0.0
9,038.7
510.00

-3,087.2
5.59
47.44
1.88
7.77
173.6
0.0
0.0
8,139.9
31,371.6
0.0
9,916.4
533.00

0.0
2,554.4
4.32
47.42
1.93
17.58
0.0
0.0
0.0
8,358.6
34,570.4
0.0
10,798.1
481.00

FY 2010
2010-12-31

FY 2011
2011-12-31

FY 2012
2012-12-31

FY 2013
2013-12-31

18,018.8
1,838.3
5,504.4
14,368.7
15,640.7
55,370.9
5,551.5
45,964.6
59,178.8
13,214.2
14,788.3
66,304.4
121,675.3

24,603.2
192.0
6,961.0
21,908.6
21,651.9
75,316.6
8,004.1
54,622.4
70,068.2
15,445.9
16,598.9
79,225.3
154,542.0

32,122.1
730.2
8,931.7
27,322.7
41,948.6
111,055.4
15,879.9
113,719.4
134,208.4
20,489.0
13,461.0
143,060.3
254,115.7

27,966.1
13,420.2
20,565.0
43,572.2
41,463.4
146,987.0
17,984.6
139,600.6
163,700.4
24,099.9
20,901.5
178,486.7
325,473.7

14,367.6
5,218.2
13,628.8
33,214.5
15,752.7
7,237.9
22,990.6
56,205.1
1,303.5
8,613.0
17,580.2
37,973.5
65,470.1
121,675.3

23,435.6
6,195.6
15,998.0
45,629.3
28,258.0
8,612.2
36,870.2
82,499.5
1,303.5
9,685.5
17,889.0
43,164.5
72,042.5
154,542.0

31,550.0
16,370.5
30,750.7
78,671.2
58,407.6
21,496.7
79,904.2
158,575.5
2,610.1
13,547.0
31,722.2
47,660.8
95,540.2
254,115.7

47,070.3
15,949.2
38,603.7
101,623.2
85,952.7
25,800.2
111,752.9
213,376.1
1,306.6
13,627.8
43,346.7
53,816.5
112,097.6
325,473.7

IAS/IFRS
13,028.9
79.5
824.0
86.4
1,999.0
0.0
0.0
0.0
-0.0

IAS/IFRS
13,043.2
79.5
824.0
72.2
1,881.5
0.0
0.0
0.0
-0.0

IAS/IFRS
13,752.0
79.5
2,127.4
586.4
10,601.8
0.0
0.0
0.0
---

IAS/IFRS
14,173.3
0.0
0.0
1,147.5
13,934.7
0.0
0.0
0.0
---

0.0
1,113.8
1.70
45.66
1.67
83.34
0.0
0.0
0.0
14,368.7
38,756.8
0.0
10,846.0
493.00

0.0
9,658.4
13.41
39.51
1.65
97.68
0.0
0.0
21,566.4
342.2
43,925.6
0.0
12,626.2
495.00

-41,925.8
43.88
31.24
1.41
59.39
0.0
0.0
25,576.0
1,746.7
49,996.2
0.0
7,878.5
486.00

-60,515.5
53.98
29.85
1.45
109.38
0.0
0.0
41,886.2
1,686.1
57,608.7
0.0
9,318.8
--

Ayala Land Inc (ALI PM) - Standardized

In Millions of PHP except Per Share
12 Months Ending
Revenue
- Cost of Revenue
Gross Profit
+ Other Operating Revenue
- Operating Expenses
Operating Income
- Interest Expense
- Foreign Exchange Losses (Gains)
- Net Non-Operating Losses (Gains)
Pretax Income
- Income Tax Expense
Income Before XO Items
- Extraordinary Loss Net of Tax
- Minority Interests
Net Income
- Total Cash Preferred Dividends
Net Inc Avail to Common Shareholders
Abnormal Losses (Gains)
Tax Effect on Abnormal Items
Normalized Income
Basic EPS Before Abnormal Items
Basic EPS Before XO Items
Basic EPS
Basic Weighted Avg Shares
Diluted EPS Before Abnormal Items
Diluted EPS Before XO Items
Diluted EPS
Diluted Weighted Avg Shares
Reference Items
Accounting Standard
EBITDA
EBITDA Margin (T12M)
Gross Margin
Operating Margin
Profit Margin
Actual Sales Per Employee
Dividends per Share
Total Cash Common Dividends
Interest Income
Capitalized Interest Expense

FY 2006
2006-12-31
23,592.3
16,170.2
7,422.2
1,011.4
2,886.6
5,547.0
813.2
0.0
-1,110.4
5,844.1
1,610.2
4,233.9
0.0
368.3
3,865.6
0.0
3,865.6

FY 2007
2007-12-31
22,847.3
15,142.9
7,704.4
1,486.3
3,618.5
5,572.3
892.8
0.0
-1,972.3
6,651.8
1,556.3
5,095.5
0.0
709.2
4,386.4
0.0
4,386.4

--3,865.6

--4,386.4

-0.25
0.25
15,586.8
--0.25
15,654.5

-0.34
0.34
13,026.9
--0.33
13,177.9

IAS/IFRS
6,614.2
28.04
31.46
23.51
16.39
47,757,737.38
0.14
1,842.8
648.9
0.0

IAS/IFRS
6,882.7
30.12
33.72
24.39
19.20
44,798,537.07
0.06
782.2
586.4
0.0

Research & Development Expense

Personnel Expense
Depreciation Expense
Source: Bloomberg

0.0
-490.3

0.0
-451.6

FY 2008
2008-12-31
30,616.8
21,286.2
9,330.6
1,321.5
3,964.8
6,687.3
1,050.0
0.0
-1,810.7
7,448.0
2,065.1
5,382.8
0.0
570.5
4,812.3
66.1
4,746.2

FY 2009
2009-12-31
27,738.0
19,016.5
8,721.5
656.9
3,678.6
5,699.8
1,327.9
0.0
-1,474.1
5,845.9
1,164.9
4,681.0
0.0
641.8
4,039.3
60.5
3,978.8

FY 2010
2010-12-31
35,408.4
24,947.3
10,461.1
424.4
3,466.9
7,418.7
1,449.4
0.0
-1,890.9
7,860.2
1,572.2
6,288.1
0.0
829.9
5,458.1
60.5
5,397.7

FY 2011
2011-12-31
41,230.8
27,941.1
13,289.7
412.8
3,674.9
10,027.6
1,838.9
0.0
-2,521.0
10,709.7
2,619.1
8,090.6
0.0
950.3
7,140.3
60.5
7,079.8

FY 2012
2012-12-31
54,705.4
37,025.7
17,679.7
413.7
4,931.4
13,162.0
3,265.0
0.0
-4,650.6
14,547.6
3,471.1
11,076.5
0.0
2,038.2
9,038.3
45.7
8,992.6

--4,746.2

543.5
-163.1
4,359.2

9.8
-2.0
5,405.5

4.4
-1.1
7,083.2

162.4
-48.7
9,106.3

-0.36
0.36
13,011.4
-0.36
0.36
13,034.3

0.37
0.31
0.31
12,985.3
0.36
0.31
0.31
13,007.2

0.42
0.41
0.41
13,016.5
0.42
0.41
0.41
13,038.6

0.55
0.55
0.55
12,938.7
0.55
0.55
0.55
12,953.3

0.70
0.68
0.68
13,301.1
0.69
0.67
0.67
13,328.0

IAS/IFRS
7,945.5
25.95
30.48
21.84
15.72
57,442,369.99
0.06
779.9
926.0
0.0

IAS/IFRS
7,487.2
26.99
31.44
20.55
14.56
57,667,365.90
0.06
780.0
1,116.8
0.0

IAS/IFRS
9,226.1
26.06
29.54
20.95
15.41
71,822,393.51
0.09
1,211.2
1,065.2
0.0

IAS/IFRS
12,338.0
29.92
32.23
24.32
17.32
83,294,614.14
0.18
2,384.1
1,658.9
0.0

IAS/IFRS
15,876.5
29.02
32.32
24.06
16.52
112,562,607.00
0.25
3,461.8
4,277.1
0.0

0.0
3,179.2
1,258.2

0.0
2,536.7
1,787.4

0.0
3,265.3
1,807.5

0.0
3,485.3
2,310.4

0.0
2,883.4
2,714.5

FY 2013
2013-12-31
76,337.4
51,839.2
24,498.2
1,097.5
6,332.1
19,263.6
4,115.6
0.0
-3,812.0
18,960.1
4,655.4
14,304.7
0.0
2,562.9
11,741.8
62.0
11,679.7

Last 12M
2014-06-30
83,490.3
57,659.3
25,831.0
1,371.2
7,241.3
19,960.9
4,817.0
0.0
-5,950.1
21,094.0
4,786.9
16,307.1
0.0
3,133.6
13,173.5

276.1
-82.8
11,873.0

276.1

0.87
0.84
0.84
13,979.9
0.86
0.83
0.83
13,990.9

IAS/IFRS
23,162.1
30.34
32.09
25.23
15.38
-0.35
4,969.1
3,538.4
0.0

FY 2014 Est
2014-12-31
89,626.9

FY 2015 Est
2015-12-31
105,057.6

32,851.8

38,287.2

23,268.1

27,288.9

22,864.6

26,628.1

14,267.6

16,729.6

14,270.1

16,732.1

1.00
1.00

1.18
1.18

27,742.9
30.95
36.65
25.96
15.92

32,470.6
30.91
36.44
25.98
15.92

0.41

0.50

13,173.5

13,366.8
0.97
0.94
0.94
13,811.5

0.94
13,811.5

24,259.3
29.06
33.53
25.93
16.33

5,349.6

0.0
3,631.4
3,898.4

0.0

Ayala Land Inc (ALI PM) - Standardized

In Millions of PHP except Per Share
12 Months Ending
Cash From Operating Activities
+ Net Income
+ Depreciation & Amortization
+ Other Non-Cash Adjustments
+ Changes in Non-Cash Capital
Cash From Operations

FY 2004
2004-12-31

FY 2005
2005-12-31

2,986.1
933.4
-410.6
1,156.6
4,665.4

3,616.7
917.9
-1,317.3
-56.6
3,160.6

Cash From Investing Activities

+ Disposal of Fixed Assets
+ Capital Expenditures
+ Increase in Investments
+ Decrease in Investments
+ Other Investing Activities
Cash From Investing Activities

29.0
-2,561.5
0.0
0.0
176.6
-2,355.9

0.0
-1,495.1
0.0
3,769.0
-260.7
2,013.2

Cash from Financing Activities

+ Dividends Paid
+ Change in Short-Term Borrowings
+ Increase in Long-Term Borrowings
+ Decrease In Long-Term Borrowings
+ Increase in Capital Stocks
+ Decrease in Capital Stocks
+ Other Financing Activities
Cash from Financing Activities
Net Changes in Cash

-645.7
-2,547.5
-3,492.0
6.8
0.0
779.2
-804.3
1,505.3

-3,235.9
-870.0
-3,302.8
0.8
0.0
294.6
-5,373.4
-199.5

4,746.6
28.99
1,045.3
925.3
-2,103.9
2,748.1
1,188.4
0.16
37.36
1.56

4,684.3
26.22
1,124.4
1,057.7
-1,665.5
2,501.9
-767.3
0.13
64.13
0.87

Reference Items
EBITDA
Trailing 12M EBITDA Margin
Cash Paid for Taxes
Cash Paid for Interest
Net Cash Paid for Acquisitions
Free Cash Flow
Free Cash Flow to Firm
Free Cash Flow to Equity
Free Cash Flow per Basic Share
Price to Free Cash Flow
Cash Flow to Net Income
Direct Method Cashflow
Source: Bloomberg

FY 2006
2006-12-31

FY 2007
2007-12-31

FY 2008
2008-12-31

FY 2009
2009-12-31

FY 2010
2010-12-31

3,865.6
1,067.3
-18.4
653.8
5,568.2

4,386.4
1,310.5
-827.2
3,660.2
8,529.8

4,812.3
1,258.2
-511.3
-1,871.9
3,687.4

4,039.3
1,787.4
344.5
-1,761.3
4,409.8

5,458.1
1,807.5
-229.7
4,131.3
11,167.1

263.2
-2,040.5
-26.8
465.0
-5,548.2
-6,887.3

0.0
-2,717.3
0.0
1,402.8
1,894.5
580.0

18.3
-5,080.6
-1,202.3
1,645.2
-294.3
-4,913.7

147.5
-3,996.9
-1,256.6
1,443.9
-5,744.2
-9,406.4

120.1
-1,146.0
-196.3
6,009.4
-8,182.7
-3,395.5

-1,841.4
0.0
3,584.4
-1,017.3
35.5
0.0
-444.3
316.9
-1,002.1

-716.5
0.0
957.0
-3,654.9
1,376.6
-16.0
-414.7
-2,468.5
6,641.3

-831.3
0.0
6,040.0
-2,710.1
58.2
-823.4
876.4
2,609.8
1,383.5

-856.2
0.0
3,584.3
-1,523.6
16.6
0.0
1,648.9
2,869.9
-2,126.7

-1,033.7
-7,915.3
-5,838.1
77.1
0.0
-1,402.1
-281.6
7,490.1

6,614.2
28.04
1,461.8
947.3
0.0
3,527.8
4,117.0
6,358.1
0.23
56.15
1.44

6,882.7
30.12
1,725.7
817.5
0.0
5,812.5
6,496.4
4,418.0
0.45
31.94
1.94

7,945.5
25.95
2,232.7
1,219.2
411.6
-1,393.2
-634.3
1,888.9
-0.11
-0.77

7,487.2
26.99
1,325.6
1,384.1
-412.9
1,476.2
2,560.6
0.03
353.77
1.09

9,226.1
26.06
2,290.4
1,461.9
1,663.8
10,021.1
11,180.6
12,157.9
0.77
21.38
2.05

FY 2011
2011-12-31

FY 2012
2012-12-31

FY 2013
2013-12-31

Last 12M
2014-06-30

7,140.3
2,310.4
1,159.5
-1,851.3
8,758.9

9,038.3
2,714.5
1,229.8
-4,560.2
8,422.5

11,741.8
3,898.4
570.5
11,028.0
27,238.6

13,173.5
4,298.4
2,170.8
9,148.0
28,790.6

65.8
-2,308.6
-7,870.5
1,978.9
-6,798.1
-14,932.5

42.7
-46,954.5
-188.4
432.3
-8,246.6
-54,914.6

822.7
-45,972.0
-1,127.0
236.5
-23,912.4
-69,952.2

-47,413.3
-7,054.3
10,263.9
-23,707.4
-67,911.2

-2,604.2
-17,894.8
-4,334.9
130.1
0.0
1,672.4
12,758.1
6,584.4

-2,889.9
-45,144.0
-13,078.1
14,891.4
-1,303.5
8,564.5
51,328.4
4,836.4

-3,975.4
-58,740.5
-31,616.7
12,215.7
-3,193.4
38,557.6
-4,155.9

12,338.0
29.92
2,240.4
1,735.1
-6,450.3
7,839.5
20,015.4
0.50
30.41
1.23

15,876.5
29.02
3,835.1
3,070.0
1,096.4
-38,532.0
-36,046.0
-5,162.5
-2.90
-0.93

23,162.1
30.34
6,366.6
3,929.6
5,520.0
-18,733.3
-15,628.3
7,847.7
-1.34
-2.32

-5,030.3
76,230.5
-32,696.7
287.0
-107.3
3,521.3
42,204.6
3,084.1

24,259.3
29.06
5,028.6
5,192.6
-18,622.6
-14,889.6
24,911.5
-1.30
0.83

Ayala Land Inc (ALI PM) - Multiples

In Millions of PHP except Per Share
12 Months Ending
P/E
Average
High
Low

FY 2006
2006-12-31
50.83
37.42
50.83
29.12

FY 2007
2007-12-31
41.91
60.73
76.00
41.91

P/Book
Average
High
Low

4.07
3.57
4.35
2.78

4.18
4.86
6.08
4.00

P/Tangible Book
Average
High
Low

4.07
3.57
4.35
2.78

4.18
4.86
6.08
4.00

35.57
43.34
52.91
33.79

21.76
42.47
53.19
21.76

56.15
82.19
100.40
56.15

31.94
67.02
83.95
31.94

EV/Sales
Average
High
Low

7.51
8.30
10.00
6.60

8.27
8.88
10.97
7.39

EV/EBITDA
Average
High
Low

26.80
31.65
38.13
25.15

27.45
31.66
39.14
26.34

1.11
0.48
1.11
0.39

0.42
0.94
1.13
0.42

31.95
39.36
47.43

33.90
37.76
46.67

P/Cash Flow
Average
High
Low
P/Free Cash Flow
Average
High
Low

Dividend Yield
Average
High
Low
EV/EBIT
Average
High

Low
Price/Share
High
Low
Enterprise Value
Average
High
Low
Source: Bloomberg

31.28

31.41

12.71
12.92
8.17

14.25
19.25
12.08

177,240.1
148,479.1
178,632.0
117,821.5

188,919.2
209,439.5
258,868.6
174,242.4

FY 2008
2008-12-31
17.78
28.90
44.12
15.59

FY 2009
2009-12-31
36.29
24.32
36.29
13.89

FY 2010
2010-12-31
40.15
46.10
60.32
32.26

FY 2011
2011-12-31
27.56
38.12
41.71
27.56

FY 2012
2012-12-31
38.90
39.00
49.00
27.67

1.74
2.88
4.40
1.56

2.86
2.38
3.40
1.36

3.86
3.64
4.76
2.54

3.24
3.67
4.01
3.17

4.58
4.58
5.76
3.25

1.74
2.88
4.40
1.56

2.86
2.38
3.40
1.36

3.86
3.64
4.76
2.54

3.24
3.67
4.01
3.17

4.58
4.58
5.76
3.25

22.58
15.06
22.91
8.09

33.13
30.84
44.11
17.64

19.19
42.01
55.06
19.19

22.39
18.25
22.39
15.74

41.77
31.73
41.77
22.48

-22.06
33.62
11.88

353.77
353.77
353.77
353.77

21.38
447.89
588.05
21.38

30.41
20.36
30.41
17.54

-43.02
54.06
30.53

3.05
5.74
8.70
3.05

5.66
4.05
5.64
2.46

6.37
7.08
9.16
5.06

5.30
6.06
6.60
5.28

7.71
7.45
9.49
5.31

11.77
19.05
28.87
10.44

20.95
15.60
21.72
9.48

24.44
26.23
33.95
18.74

17.70
23.26
25.33
17.68

26.57
24.88
31.71
17.74

0.94
0.65
1.13
0.40

0.53
0.74
1.20
0.48

0.55
0.43
0.60
0.32

1.21
0.58
1.21
0.53

0.95
0.86
1.20
0.68

13.98
23.53
35.66

27.52
18.55
27.46

30.39
34.44
44.60

21.78
28.93
31.51

32.05
30.61
39.02

12.90

11.27

24.61

21.75

21.83

6.40
15.00
5.10

11.25
12.75
4.90

16.46
18.70
9.90

15.16
17.16
13.36

26.45
27.35
15.20

93,504.9
131,191.0
198,712.5
71,879.9

156,879.2
123,936.3
172,579.2
75,356.7

225,486.6
196,539.8
254,197.3
140,290.5

218,381.7
214,816.0
233,729.7
186,845.6

421,824.2
307,395.1
421,815.5
218,863.0

FY 2013
2013-12-31
29.46
43.29
52.50
29.46

Current
2014-11-06
36.96

FY 2014 Est
2014-12-31
34.52

FY 2015 Est
2015-12-31
29.39

3.61
5.10
6.18
3.61

4.87

4.59

4.21

3.61
5.10
6.18
3.61

4.87

12.70
46.41
56.38
12.70

16.91

28.13

24.17

5.58
8.60
10.26
5.58

6.96

6.48

5.53

18.40
29.62
35.34
18.40

23.95

20.94

17.89

1.18

1.44

24.97

21.29

-----

1.42
0.86
1.42
0.71
22.13
35.72
42.63

29.11

22.13
24.75
35.70
23.00

34.45
34.90
33.75

426,238.8
470,738.7
561,058.9
394,698.5

581,011.1

Ayala Land Inc (ALI PM) - DuPont Analysis

In Millions of PHP except Per Share
12 Months Ending
Tax Burden
Net Inc to Comn/Pre-Tax Profit %
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn
Interest Burden
Pre-Tax Profit/EBIT %
Operating Margin
EBIT/Revenue %
Asset Turnover
Revenue/Avg Assets
Leverage Ratio
Avg Assets/Avg Equity
Adjusted Return on Equity
5 Year Average Adj ROE
Payout Ratio
Sustainable Growth Rate
Source: Bloomberg

FY 2003
2003-12-31

FY 2004
2004-12-31

75.53

71.17

1.00

1.00

106.58

110.03

26.12

23.29

0.20

0.23

1.82

1.96

7.67

8.14

7.07
126.44
-2.03

7.04
21.64
6.38

FY 2005
2005-12-31

FY 2006
2006-12-31

FY 2007
2007-12-31

FY 2008
2008-12-31

FY 2009
2009-12-31

78.59

66.15

65.94

63.73

68.06

1.00

1.00

1.00

1.00

1.10

122.19

105.36

119.37

111.37

102.56

21.08

23.51

24.39

21.84

20.55

0.24

0.31

0.28

0.33

0.27

1.94

1.90

1.90

1.99

2.11

9.45

9.77

10.31

10.30

8.82

7.81
89.49
0.99

8.43
47.67
5.11

9.07
17.83
8.48

9.60
16.43
8.61

9.73
19.61
6.47

FY 2010
2010-12-31

FY 2011
2011-12-31

FY 2012
2012-12-31

FY 2013
2013-12-31

68.67

66.11

61.82

61.60

1.00

1.00

1.01

1.02

105.95

106.80

110.53

98.42

20.95

24.32

24.06

25.23

0.31

0.30

0.27

0.26

2.15

2.37

2.91

3.28

10.14

12.15

12.97

13.45

9.87
22.44
7.85

10.35
33.68
8.05

10.88
38.50
7.88

11.51
42.54
7.60