For the Years Ended December 31, 2012, 2011 and 2010 (Amounts in Philippine Peso
Notes
CAPITAL STOCK
Balance at beginning of year
Additional issuances during the year
24
25829203626
3109659359
28938862985
24
24
555115114
-633721630
8
121203880
593620712
714824592
2.4
-261301420
-165188492
8432990413
-1188836744
2012
-426489912
24
28022891787
7294070482
-839193763
34477768506
71504234954
NON-CONTROLLING INTERESTS
Balance at beginning of year
Additions (deductions)
Net profit attributable to non-controlling interests
Balance at end of year
TOTAL EQUITY
10
11815953737
-2043697906
113102786
9885358617
81389593571
es in Equity
0 (Amounts in Philippine Pesos)
2011
2010
25829203626
-
25829203626
-
25829203626
25829203626
8432990413
8432990413
-633721630
-1188836744
-555115114
555115114
-
-1188836744
-633721630
3809613412
-3688409532
116256567
3693356845
121203880
3809613412
-252335270
-8966150
-121744648
-130590622
-261301420
-252335270
20590273079
8031884511
-599265803
16043977969
5026180575
-479885465
28022891787
20590273079
60956151542
57776023630
743113007
10949035272
123805458
723869377
-40088399
59332029
11815953737
743113007
72772105279
58519136637
NOTES
2012
7407173268
2011
8155689969
8
10
8
592528177
1092535
0
0
593620712
-235983560
70795068
-165188492
428432220
7835605488
-690525167
-147365
-2997737000
0
-3688409532
-12,808,786
3842636
-8966150
-3697375682
4458314287
22,2.4
7,722,502 4,334,508,829
113,102,786 123,805,458
Notes
2012
6
6
2
11
2
18,173,071,093
1,327,541,711
2,007,159,684
4,994,769,197
462,313,446
26,964,855,131
OTHER INCOME
Equity in net earnings of associates
Interest and other income - net
10
19
794,347,508
2,792,225,642
3,586,573,150
30,551,428,281
COST OF SALES
Real estate sales
Hotel operations
2
2
11,491,174,383
235,441,633
11,726,616,016
EXPENSES
Deferred gross profit
Operating expenses
Interest and other charges - net
Tax expense
2
18
20
22
3,188,317,305
4,934,193,655
1,044,391,039
2,250,736,998
TOTAL INCOME
11,417,638,997
23,144,255,013
PROFIT FOR THE YEAR BEFORE PREACQUISITION
INCOME
PREACQUISITION INCOME OF SUBSIDIARIES
NET PROFIT FOR THE YEAR
7,407,173,268
1, 10
7,407,173,268
7,294,070,482
113,102,786
7,407,173,268
25
0.281
0.275
of Income
2010 (Amounts in Philippine Pesos)
Amount
2011
Horizontal Analysis
Amount
2011
2010
2012
15,887,590,800
1,218,788,823
1,970,174,052
3,826,341,215
392,171,105
23,295,065,995
13,110,567,020
933,424,160
1,355,982,007
2,694,310,554
232,757,023
18,327,040,764
2,777,023,780
285,364,663
614,192,045
1,132,030,661
159,414,082
4,968,025,231
2,285,480,293
108,752,888
36,985,632
1,168,427,982
70,142,341
3,669,789,136
597,834,536
4,732,197,210
5,330,031,746
28,625,097,741
442,281,307
1,772,461,024
2,214,742,331
20,541,783,095
155,553,229
2,959,736,186
3,115,289,415
8,083,314,646
196,512,972
-1,939,971,568
-1,743,458,596
1,926,330,540
10,157,277,262
223,731,697
10,381,008,959
8,606,699,164
124,463,666
8,731,162,830
1,550,578,098
99,268,031
1,649,846,129
1,333,897,121
11,709,936
1,345,607,057
3,055,851,217
4,116,225,061
903,526,435
1,995,469,148
2,431,379,388
2,140,225,634
544,401,114
1,609,101,525
624,471,829
1,975,999,427
359,125,321
386,367,623
132,466,088
817,968,594
140,864,604
255,267,850
10,071,071,861
20,452,080,820
6,725,107,661
15,456,270,491
3,345,964,200
1,346,567,136
8,173,016,921
17,326,952
8,155,689,969
5,085,512,604
5,085,512,604
3,087,504,317
17,326,952
3,070,177,365
-765,843,653
-17,326,952
-748,516,701
8,031,884,511
123,805,458
8,155,689,969
5,026,180,575
59,332,029
5,085,512,604
3,005,703,936
64,473,429
3,070,177,365
-737,814,029
-10,702,672
-748,516,701
0.319
0.319
0.2
0.2
Horizontal Analysis
% Change
Vertical Analysis
% Change
2011
2012
2010
21%
31%
45%
42%
68%
27%
14%
9%
2%
31%
18%
16%
35%
167%
141%
39%
2011
100%
100%
33%
-41%
-33%
7%
3%
10%
13%
3%
20%
23%
18%
80%
19%
13%
5%
13%
43%
1%
43%
44%
1%
45%
26%
92%
66%
24%
4%
20%
16%
13%
12%
18%
4%
8%
13%
18%
4%
9%
50%
13%
42%
43%
61%
1732695200%
60%
-9%
-100%
-9%
27%
0%
27%
35%
0%
35%
60%
109%
60%
-9%
-9%
-9%
27%
0%
27%
34%
1%
35%
Analysis
Trend Analysis
Horizontal
Average
2012
2010
2011
2012
100%
100%
100%
100%
100%
100%
121%
131%
145%
142%
168%
127%
139%
142%
148%
185%
199%
147%
2,531,252,037
197,058,776
325,588,839
1,150,229,322
114,778,212
4,318,907,184
2%
10%
12%
100%
100%
100%
100%
135%
267%
241%
139%
180%
158%
162%
149%
176,033,101
509,882,309
685,915,410
5,004,822,593
47%
1%
48%
100%
100%
100%
118%
180%
119%
134%
189%
134%
1,442,237,610
55,488,984
1,497,726,593
13%
12%
3%
9%
100%
100%
100%
100%
126%
192%
166%
124%
131%
231%
192%
140%
378,468,959
1,396,984,011
249,994,963
320,817,737
37%
100%
150%
170%
2,346,265,668
28%
0%
28%
100%
161%
146%
1,160,830,332
100%
160%
146%
1,160,830,332
27%
0%
28%
100%
100%
100%
160%
209%
160%
145%
191%
146%
1,133,944,954
26,885,379
1,160,830,332
100%
Horizontal
Projected
20,704,323,130
1,524,600,487
2,332,748,523
6,144,998,519
577,091,658
31,283,762,315
Projected
Vertical
Average
Trend
Projected
Average
100%
27,145,879,519
120%
124%
131%
142%
156%
125%
970,380,609
3,302,107,951
4,272,488,560
35,556,250,874
2%
15%
675,882,005
4,069,907,025
4,745,789,030
31,891,668,549
138%
175%
168%
129%
12,933,411,993
290,930,617
13,224,342,609
45%
1%
46%
12,292,258,036
222,535,280
12,514,793,315
117%
156%
118%
3,566,786,264
6,331,177,666
1,294,386,002
2,571,554,735
13%
15%
3%
9%
3,581,171,571
3,983,374,146
929,623,861
2,354,360,797
119%
174%
153%
121%
10,848,530,375
140%
8,528,344,859
10,095,600
8,538,440,459
135%
8,568,003,600
31%
0%
31%
8,428,015,436
139,988,165
8,568,003,600
31%
0%
31%
8,402,172,553
116,076,705
8,518,249,258
135%
166%
135%
13,763,904,665
8,568,003,600
135%
Trend
Projected
21,795,296,758
1,649,667,857
2,631,504,028
7,115,842,659
719,844,228
33,637,681,701
1,098,246,273
4,881,912,249
6,008,733,767
39,521,207,294
13,464,984,555
368,012,213
13,806,279,493
3,792,140,882
8,599,841,915
1,593,772,883
2,730,044,770
15,966,792,445
10,033,366,887
10,024,954,511
9,845,110,621
188,237,847
10,024,954,511
NOTES
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax
Adjustments for:
Interest income
Finance costs
Equity in net earnings of associates
Depreciation and amortization
Donation expense
Fair value losses (gains)
Dividend income
Gain on sale of investments in available-for-sale securities
Operating profit before working capital changes
Increase in trade and other receivables
Decrease (increase) in residential and condominium units for sale
Decrease (increase) in property development costs
Increase in prepayments and other current assets
Decrease (increase) in advances to landowners and joint ventures
Increase in trade and other payables
Increase (decrease) in customers deposits
Increase in deferred income on real estate sales
Increase in reserve for property development
Increase in other liabilities
Cash generated from operations
Cash paid for income taxes
Net Cash From Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to:
Investment property
Property and equipment
Land for future development
Increase in investments in and advances to associates and other related
parties
Decrease (increase) in investments in available-for-sale securities
Interest received
Proceeds from redemption of preferred shares held
Payment for acquisition of shares of stock of an associate
Increase in other non-current assets
Dividends received
19
20
10
18
19
19
8, 19
11
12
10
10
19
24
24
14, 15
Flows
(Amounts in Philippine Pesos)
2012
2011
9,657,910,266
10,151,159,117
-1,840,964,871
887,476,458
-794,347,508
752,578,923
95,491,514
-64,200,000
-53,887,430
8,640,057,352
-1,904,743,617
-9,372,972,184
725,377,207
-77,529,292
105,564,033
624,802,137
1,868,983,034
1,181,324,244
1,499,066,031
461,175,874
3,751,104,819
-1,773,286,565
1,977,818,254
-1,618,727,549
818,237,019
-597,834,536
566,641,137
7,851,631
-32,661,662
-2,242,526,309
7,052,138,848
-2,332,556,852
-1,056,701,557
-236,023,249
-660,103,590
698,482,342
2,461,337,793
-543,697,574
1,195,329,212
1,535,423,535
149,045,609
8,262,674,517
-1,259,507,902
7,003,166,615
-4,871,545,620
-201,938,395
-53,602,987
-2,874,137,207
-87,466,426
-2,803,899,896
-422,898,535
-71,418,229
1,768,082,480
428,410,000
-1,248,571,429
-48,924,764
53,887,430
-2,049,692,784
3,944,596,595
1,618,727,549
-179,971,650
32,661,662
-4,668,520,049
-2,399,182,157
3,109,659,359
-1,889,072,723
-1,518,454,819
-839,193,763
330,000,000
-807,061,946
-4,934,748,567
-818,237,019
-599,265,803
9,013,788,580
2,661,537,191
-3,497,763,741
7,265,521,649
1624146150
30,324,479,180
26,826,715,439
-596,773,562
22,031,584,943
30,324,479,180
5
6
7
3
3
2
6
9
2
8
10
11
12
22
13
14
16
2
2
2
17
14
Bonds payable
Customers deposits
Reserve for property development
Deferred income on real estate sales
Deferred tax liabilities - net
Advances from other related parties
Retirement benefit obligation
Other non-current liabilities
15
2
2
2
22
23
21
17
24
Horizontal Analysis
Amount
2012
2011
26,826,715,439.00
15,345,700,853.00
167,600,000.00
28,889,616,581.00
8,618,320,424.00
1,884,456,257.00
30,324,479,180.00
17,178,451,090.00
109,203,260.00
19,497,662,902.00
8,753,452,084.00
1,801,123,705.00
(3,497,763,741.00)
(1,832,750,237.00)
58,396,740.00
9,391,953,679.00
(135,131,660.00)
83,332,552.00
81,732,409,554.00
77,664,372,221.00
4,068,037,333.00
23,916,156,834.00
3,782,781,280.00
4,324,634,536.00
3,256,786,619.00
20,209,042,452.00
3,888,345,313.00
4,366,523,063.00
2,591,747,678.00
3,707,114,382.00
(105,564,033.00)
(41,888,527.00)
665,038,941.00
7,782,205,062.00
16,632,035,663.00
596,965,678.00
42,259,622.00
657,972,598.00
6,745,964,129.00
12,372,290,665.00
540,859,730.00
7,333,579.00
609,047,834.00
1,036,240,933.00
4,259,744,998.00
56,105,948.00
34,926,043.00
48,924,764.00
60,991,797,892.00
51,331,154,443.00
9,660,643,449.00
142,724,207,446.00
128,995,526,664.00
13,728,680,782.00
1,587,594,400.00
7,900,017,312.00
4,193,247,506.00
12,560,956.00
6,231,192,522.00
4,126,291,119.00
1,712,794,842.00
1,950,115,400.00
7,296,966,494.00
3,610,212,295.00
36,897,538.00
5,107,725,787.00
3,446,835,596.00
1,707,673,963.00
(362,521,000.00)
603,050,818.00
583,035,211.00
(24,336,582.00)
1,123,466,735.00
679,455,523.00
5,120,879.00
25,763,698,657.00
23,156,427,073.00
2,607,271,584.00
4,910,569,450.00
5,991,475,388.00
(1,080,905,938.00)
13,556,628,075.00
1,741,951,677.00
4,094,681,043.00
2,311,173,838.00
5,814,797,077.00
692,604,550.00
390,201,956.00
2,058,307,552.00
13,538,914,490.00
456,003,854.00
3,719,081,747.00
1,809,305,117.00
5,112,895,527.00
210,242,443.00
285,421,740.00
1,943,654,006.00
17,713,585.00
1,285,947,823.00
375,599,296.00
501,868,721.00
701,901,550.00
482,362,107.00
104,780,216.00
114,653,546.00
35,570,915,218.00
33,066,994,312.00
2,503,920,906.00
61,334,613,875.00
56,223,421,385.00
5,111,192,490.00
71,504,234,954.00
9,885,358,617.00
60,956,151,542.00
11,815,953,737.00
10,548,083,412.00
(1,930,595,120.00)
81,389,593,571.00
72,772,105,279.00
8,617,488,292.00
142,724,207,446.00
128,995,526,664.00
13,728,680,782.00
Horizontal Analysis
% Change
Vertical Analysis
Trend Analysis
2012
2011
2012
2011
-12%
-11%
53%
48%
-2%
5%
19%
11%
0%
20%
6%
1%
24%
13%
0%
15%
7%
1%
88%
89%
153%
148%
98%
105%
100%
100%
100%
100%
100%
100%
5%
57%
60%
105%
100%
18%
-3%
-1%
26%
17%
3%
3%
2%
16%
3%
3%
2%
118%
97%
99%
126%
100%
100%
100%
100%
15%
34%
10%
476%
8%
5%
12%
0%
0%
0%
5%
10%
0%
0%
0%
115%
134%
110%
576%
108%
100%
100%
100%
100%
100%
19%
43%
40%
119%
100%
11%
100%
100%
111%
100%
-19%
8%
16%
-66%
22%
20%
0%
1%
6%
3%
0%
4%
3%
1%
2%
6%
3%
0%
4%
3%
1%
81%
108%
116%
34%
122%
120%
100%
100%
100%
100%
100%
100%
100%
100%
11%
18%
18%
111%
100%
-18%
3%
5%
82%
100%
0%
282%
10%
28%
14%
229%
37%
6%
9%
1%
3%
2%
4%
0%
0%
1%
10%
0%
3%
1%
4%
0%
0%
2%
100%
382%
110%
128%
114%
329%
137%
106%
100%
100%
100%
100%
100%
100%
100%
100%
8%
25%
26%
108%
100%
9%
43%
44%
109%
100%
17%
-16%
50%
7%
47%
9%
117%
84%
100%
100%
12%
57%
56%
112%
100%
11%
100%
100%
111%
100%
Projected
Average
Trend
Projected
94%
95%
127%
124%
99%
102%
25,279,557,580.23
14,527,092,797.83
212,412,277.69
35,847,628,474.44
8,551,797,643.38
1,928,050,305.70
28,575,597,309.50
16,262,075,971.50
109,203,260.00
24,193,639,741.50
8,685,886,254.00
1,842,789,981.00
26,927,577,444.87
15,394,584,384.66
235,000,000.00
30,020,634,107.97
8,618,841,948.69
1,885,420,143.35
103%
83,872,969,529.40
79,669,192,517.50
81,771,081,023.45
109%
99%
100%
113%
26,109,727,587.59
3,731,432,233.59
4,303,891,193.08
3,674,630,134.89
22,062,599,643.00
3,835,563,296.50
4,345,578,799.50
2,924,267,148.50
24,086,163,615.29
3,783,497,765.04
4,324,734,996.29
3,299,448,641.70
108%
117%
105%
338%
104%
8,379,913,505.15
19,495,217,293.64
627,928,720.20
142,889,981.01
684,400,041.20
7,264,084,595.50
14,502,163,164.00
568,912,704.00
24,796,600.50
633,510,216.00
7,821,999,050.33
16,998,690,228.82
598,420,712.10
83,843,290.75
658,955,128.60
109%
66,731,197,474.40
56,161,476,167.50
61,446,336,820.95
105%
150,319,102,922.47
135,830,668,685.00
143,074,885,803.73
91%
104%
108%
67%
111%
110%
100%
1,440,029,720.11
8,226,462,000.09
4,531,844,068.29
8,418,528.72
6,916,481,612.47
4,532,987,523.89
1,715,362,959.61
1,768,854,900.00
7,598,491,903.00
3,901,729,900.50
24,729,247.00
5,669,459,154.50
3,786,563,357.50
1,710,234,402.50
1,604,442,310.06
7,912,476,951.54
4,216,786,984.39
16,573,887.86
6,292,970,383.48
4,159,775,440.70
1,712,798,681.05
106%
27,214,115,839.14
24,460,062,865.00
25,837,089,352.07
91%
4,467,618,145.54
5,451,022,419.00
4,959,320,282.27
100%
241%
105%
114%
107%
215%
118%
103%
13,565,496,455.25
4,198,135,925.40
4,301,447,043.55
2,631,712,880.09
6,213,926,597.61
1,487,130,586.91
461,824,820.53
2,119,015,954.54
13,547,771,282.50
1,098,977,765.50
3,906,881,395.00
2,060,239,477.50
5,463,846,302.00
451,423,496.50
337,811,848.00
2,000,980,779.00
13,556,633,868.87
2,648,556,845.45
4,104,164,219.28
2,345,976,178.79
5,838,886,449.81
969,277,041.71
399,818,334.26
2,059,998,366.77
104%
36,917,677,451.96
34,318,954,765.00
35,618,316,108.48
105%
64,122,535,795.19
58,779,017,630.00
61,450,776,712.60
109%
92%
77,690,916,818.97
9,077,779,917.46
66,230,193,248.00
10,850,656,177.00
71,960,555,033.48
9,964,218,047.23
106%
86,208,568,279.78
77,080,849,425.00
81,644,708,852.39
105%
150,319,102,922.47
135,859,867,055.00
143,089,484,988.73
ected
28,575,597,309.50
17,569,976,376.44
235,000,000.00
35,847,628,474.44
8,685,886,254.00
1,842,789,981.00
27,424,607,599.10
17,117,427,187.78
235,000,000.00
30,847,628,474.44
9,551,797,643.38
2,928,050,305.70
92,756,878,395.38
88,104,511,210.40
24,062,599,643.00
3,835,563,296.50
4,345,578,799.50
3,924,267,148.50
27,538,852,647.45
3,731,432,233.59
5,303,891,193.08
3,924,267,148.50
7,264,084,595.50
14,502,163,164.00
568,912,704.00
24,796,600.50
633,510,216.00
8,264,084,595.50
17,002,163,164.00
668,912,704.00
43,796,600.50
659,510,216.00
59,161,476,167.50
67,136,910,502.62
151,918,354,562.88
155,241,421,713.02
1,768,854,900.00
7,598,491,903.00
3,901,729,900.50
24,729,247.00
5,669,459,154.50
3,786,563,357.50
1,710,234,402.50
1,368,854,900.00
7,912,476,951.54
5,193,247,506.00
42,729,247.00
6,292,970,383.48
4,159,775,440.70
1,710,234,402.50
24,460,062,865.00
26,680,288,831.22
5,451,022,419.00
4,467,618,145.54
25,903,976,402.26
16,117,427,187.78
235,000,000.00
13,547,771,282.50
1,098,977,765.50
3,906,881,395.00
2,060,239,477.50
5,463,846,302.00
451,423,496.50
337,811,848.00
2,000,980,779.00
15,556,628,075.00
2,648,556,845.45
7,104,164,219.28
4,345,976,178.79
5,838,886,449.81
451,423,496.50
378,201,956.00
2,000,980,779.00
34,318,954,765.00
42,792,436,145.37
58,779,017,630.00
69,472,724,976.59
66,230,193,248.00
10,850,656,177.00
77,690,916,818.97
8,077,779,917.46
77,080,849,425.00
85,768,696,736.43
135,859,867,055.00
155,241,421,713.02
1,807,234,630.00
25,019,480,809.00
(242,631,146.00)
(3,255,132,595.00)
2,049,865,776.00
28,274,613,404.00
(0.12)
(0.12)
(213,912,254.40)
(2,880,383,414.18)
1,564,603,484.00
22,139,097,394.82
23,703,700,878.82
12,000,000.00
23,691,700,878.82
6,672,826,570.31
1/3
2,224,275,523.44
12,000,000.00
23,691,700,878.82
25,903,976,402.26
30,683,023.00
18,300.00
111,415.00
30,589,908.00
13,228,178,001.00
18,364,972.00
1,399,294,183.00
15,414,359,792.00
18,458,087.00
1,173,135,782.00
736,593,641.00
609,413,603.00
(2,186,181,791.00)
(93,115.00)
226,158,401.00
127,180,038.00
(0.14)
(0.01)
0.19
0.21
(1,876,120,855.11)
(92,645.27)
269,757,465.26
153,721,555.92
11,352,057,145.89
18,272,326.73
1,669,051,648.26
890,315,196.92
13,893,151,664.34
16,117,427,187.78
23,924,555,970.00
12,224,936.00
20,207,201,820.00
12,224,936.00
23,912,331,034.00
3,825,800.00
14,065,568.00
3,717,354,150.00
0.18
(10,239,768.00)
4,401,205,481.80
(2,785,191.78)
(0.73)
28,325,761,451.80
1,040,608.22
28,314,577,124.02
30,538,852,647.45
Year
Current ratio
2011
2012
Projected
3.353901359
3.17238649
Debt Ratio
0.43585559
0.429742193
Profit Margin
0.284913961
0.242449328
Return on Assets
6%
5%
Return on Equity
Accounts receivable
Turnover
0.11
0.09
1.76023638
1.878691769
Inventory
Turnover
#REF!
#REF!
69%
70%
EPS
Stock
Price