FCFF

EBIT*(1-tax%)
add: depreciation
less:capital exp
less: change in WC
less:change in other assets

FCFF

TA
TL
WC
Change
OTHER ASSETS
deferred tax
advances
miscellaneous
total
change

16,297,996.40
443,324
32,709,756
-15,968,435.60

WACC

0.6753
0.3247

ROIC

VALUE

FCFF/(WACC-g)
-64241163.31

0.55
0.0245
WACC

0.3794
0.1308
0.2486

2013
343,752,812
91,060,652
252,692,160
15,687,137
7,613,410
605,996
710,593
8,929,999
2,931,767

EBIT
23,282,852
EBT
22,410,162
tax expense
6,723,025
Interest expense
872,690
NI
15,687,137
tax rate
30%
capital stock
193,750,002
retained earnings 58,942,158
retention rate
30%
depreciation
capex

443,324
14,090,852

2012
350,950,120
113,945,097
237,005,023

4,598,414
724,914
674,904
5,998,232

NI dep current assets, cash, current liabilities, long term debt for 3 years. kunin mo lan

ong term debt for 3 years. kunin mo lang geomean per item (at least 3 years past)

STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months
Ended March 31
2013
Interest income
less:Interest expense
Net interest income
less: Impairment loss
Net interest income after
impairment loss

37,297,687
872,690
36,424,997
9,973,690

2012
(unaudited)
15,657,569
428,299
15,229,270
1,329,628

26,451,307

13,899,642

Other operating income

Other operating expenses
Profit before tax
Tax expense
Net Profit

5,258,079
9,299,224
22,410,162
6,723,025
15,687,137

2,992,878
6,589,121
10,303,399
3,091,002
7,212,397

For the Years

Ended December 31
2010

2011

2012

37,797,983
1,979,340
35,818,643
2,662,384

76,033,193
5,548,369
70,484,824
3,426,509

82,453,952
3,898,942
78,555,010
5,318,512

33,156,259

67,058,315

73,236,498

6,605,085
12,904,907
18,050,512
22,380,171
21,710,832
57,583,051
6,517,498
17,318,722
15,193,334
40,264,329
2.650131235 1.072588246
ROE
DPO
gg
g
p
k

16,542,601
28,083,417
61,695,682
18,508,636
43,187,046
1.685971415
0.182219961
1.518974046
0.518974046
0.09456743
163500000
0.495790684

Forecast
2013

2014

2015

2016

2017

42,483,267.58
1,741,197.02
40,578,075.84
3,645,018.58

64,339,478.93
2,674,101.48
46,791,331.01
3,215,689.49

60,855,846.73
2,628,194.64
40,818,338.76
3,148,339.19

54,996,187.92
2,304,417.20
42,635,437.60
3,329,291.25

59,938,261.94
2,530,067.87
43,344,149.26
3,230,247.53

35,928,517.37

43,067,779.94

37,158,008.94

38,596,513.17

39,529,167.14

7,399,981.62
14,737,214.79
28,192,285.48
8,463,052.50
72,812,125.05

8,576,063.28
18,124,085.95
32,786,908.93
9,848,602.16
122,759,161.50

7,483,975.26
16,893,527.79
27,174,970.12
8,159,449.24
206,968,437.21

7,802,198.35
16,524,587.44
29,286,441.92
8,794,020.86
348,942,868.93

7,941,071.43
17,167,314.49
29,660,517.24
8,907,195.34
588,307,702.46

STATEMENTS OF FINANCIAL POSITION

Amounts in
As of March 31

As of December 31
2010
2011

2013
Assets
Cash
Loans receivable- net
Property and equipment- net
Other assets-net
Total Assets
Liabilities and Equity
Loans payable
Accrued expenses and
other payables
Income tax payable
Total Liabilities
Capital stock
Deposits for future stock
subscription
Stock dividends distributable
Retained earnings
TotalEquity
Total Liabilities and Equity

Outstanding shares

39,826,463
280,905,498
14,090,852
8,929,999
343,752,812

10,101,968
128,465,905
11,065,100
2,630,892
152,263,865

5,933,575
149,995,293
15,457,460
6,858,624
178,244,952

90,428,846
240,309,956
14,213,086
5,998,232
350,950,120

75,000,000

87,050,024

25,000,000

100,000,000

6,328,972

6,550,669

5,790,772

6,598,010

9,731,680
91,060,652
193,750,002

3,259,524
96,860,217
30,000,000

6,786,203
37,576,975
75,000,000

7,347,087
113,945,097
75,000,000

53,150,000

65,667,977
140,667,977
178,244,952

65,600,002
43,255,021
237,005,023
350,950,120

58,942,158
252,692,160
343,752,812

75,000,000

2012

25,403,648
55,403,648
152,263,865

Current Assets
Current Liabilities
Change

Forecast
2013

2014

2015

2016

2017

17,566,145.31
166,678,311.30
13,446,026.19
4,765,638.46
211,975,903.33
#NUM!
60,150,092.74

21,123,536.62
181,792,583.74
14,348,510.59
5,809,344.28
236,691,707.70
#NUM!
53,177,196.38

32,253,983.83
193,824,648.90
13,996,831.03
5,496,553.87
260,158,674.37
#NUM!
68,389,156.30

22,874,002.05
180,421,415.85
13,925,479.72
5,338,831.72
235,452,126.00
#NUM!
60,253,599.25

24,978,367.47
185,249,801.61
14,089,067.05
5,544,826.29
243,841,707.09
#NUM!
60,288,140.99

6,301,999.49

6,221,225.35

6,371,706.39

6,298,010.07

6,296,680.82

5,457,143.88
74,574,033.24
55,260,472.48

6,479,912.54
68,349,450.93
67,740,080.26

6,380,919.18
83,433,302.59
65,479,776.45

6,087,971.31
75,200,494.94
62,582,921.00

6,314,054.53
75,410,482.80
65,233,333.92

53,150,000.00

53,150,000.00

53,150,000.00

53,150,000.00

53,150,000.00

65,600,002.00
41,632,141.44
122,695,994.33
211,975,903.33

65,600,002.00
49,083,965.06
159,929,185.54
179,184,399.04

65,600,002.00
44,545,274.41
166,918,787.04
237,106,810.27

65,600,002.00
44,983,855.53
148,509,570.95
208,054,400.45

65,600,002.00
46,160,019.57
158,268,977.41
206,763,421.14

198,529,877.14
14,423,940.50
166,539,791.32
19,507,614.62

222,343,197.11
15,172,254.54
186,047,405.94
12,816,307.28

246,161,843.34
15,044,146.29
198,863,713.22
(15,157,964.68)

221,526,646.29
14,946,895.69
183,705,748.55
5,946,182.21

229,752,640.05
15,122,341.81
189,651,930.76

STATEMENTS OF CASH FLOWS

Amounts in

Cash Cash Flows From Operating

Activities
Profit before tax
Adjustments for:
Interest income
Interest received
Interest expense
Interest paid
Depreciation
Impairment loss
Unrealized loss exchange (gains)
losses
Operating profit before changes in
operating assets and liabilities
Increase in loans receivable
Decrease (increase) in other assets
Increase (decrease) in accrued
expenses and other payables

As of December 31

As of March 31
2013

2010

22,410,162

21,710,832

(37,297,687.00) $
31,840,575
872,690
(887,968.00) $
443,324
9,973,690
76,296

(37,297,687.00)
31,439,310
1,979,340
(1,998,090.00)
1,315,433
2,662,384
695,367

27,431,082
(45,112,120.00) $
81,654 $

(253,760.00) $

Cash generated from (used in)

operations
Cash paid for income taxes

$
$

(17,853,144.00) $
(7,351,853.00) $

(34,759,243.00)
(4,259,108.00)

Net Cash Received from (Used in)

Operating Activities

(25,204,997.00) $

(39,018,351.00)

Cash Flows From Investing Activity

Acquisitions of property and equipment
Net Cash Received from (Used in)
Investing Activity
Cash Flows From Financing Activities
Availment of bank loans
Paymentof bank loans
Payment advances from officers and
shareholders
Proceeds from deposits for future stock
subscription
Proceeds from issuance of capital stock
Net Cash Received from (Used in)
Financing Activities
Effects Of Exchange Rate Changes In
Cash
Net Increase (Decrease) In Cash
Cash at Beginning Of Year
Cash at End Of Year

20,006,593
(56,387,739.00)
(899,848.00)
2,521,751.00

-321,090

-364,378

-321,090

-364,378

50,000,000
-75,000,000 -

50,000,000

-4,163,764

-25,000,000

45,836,236

-76,296
-50,602,383
90,428,846
39,826,463

-695,367
5,758,140
4,343,790
10,101,968

As of December 31
2011

57,583,051
$

(37,297,687.00) $
68,704,764
5,548,369
(5,515,730.00) $
1,623,487
3,426,509
-137,249

Forecast
2012

2013

61,695,682

42,567,221.44
#NUM!
#NUM!
54,107,793.39
3,498,464.76
#NUM!
1,573,125.85
3,647,295.12
#NUM!
#NUM!
#NUM!
#NUM!
40,629,503.58
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
#NUM!
(2,319,597.67)
#NUM!
#NUM!
#NUM!

(37,297,687.00)
73,336,404
3,898,942
(3,834,359.00)
1,822,942
5,318,512
947,086

$
$

55,200,008
(17,627,468.00) $
(3,263,594.00)

60,731,257
(86,515,627.00)
2,912,967

(792,536.00) $

$
$

33,516,410.00 $
(14,756,181.00) $

(22,128,748.00)
(20,000,327.00)

18,760,229.00 $

(42,129,075.00)

742,655.00

-6,015,847

-578,568

-6,015,847

-578,568

15,000,000
-65,000,000

100,000,000
-25,000,000

-12,050,024 -

53,150,000
45,000,000 -17,050,024

128,150,000

137,249
-4,168,393
10,101,968
5,933,575

-947,086
84,495,271
5,933,575
90,428,846

2014

53,277,223.19
#NUM!
48,892,235.36
3,374,331.51
#NUM!
1,497,707.50
3,216,358.81
#NUM!

35,534,586.38
#NUM!
#NUM!
#NUM!
#NUM!

#NUM!
#NUM!

#NUM!

(2,971,337.56)

Forecast
2015

2016

2017

51,914,724.20

49,012,006.04

51,370,233.17

#NUM!
43,650,669.34
2,858,875.33
#NUM!
1,457,985.04
3,149,212.96

#NUM!
48,696,402.09
3,231,619.03
#NUM!
1,508,856.18
3,330,523.30

#NUM!
47,015,662.34
3,147,272.69
#NUM!
1,488,021.84
3,231,168.95

#NUM!

#NUM!

#NUM!

30,682,351.38
#NUM!
#NUM!
#NUM!
#NUM!

35,382,931.09
#NUM!
#NUM!
#NUM!
#NUM!

33,789,199.54
#NUM!
#NUM!
#NUM!
#NUM!

#NUM!
#NUM!

#NUM!
#NUM!

#NUM!
#NUM!

#NUM!

#NUM!

#NUM!

(1,956,501.07)

(2,415,812.10)

(2,447,883.58)

FCFE

SUM
Price

2013
2014
2015
2016
52,558,038.61 108,469,224.16 ############ ############
1.495790684
2.237389771 3.346666776
5.005912986
35,137,295.06
48,480,253.90 66,223,469.71 68,337,130.85
############
75,000,000
RECOMMENDATION:
2.91