PHILIPPINE POSTAL CORPORATION

STATEMENT OF FINANCIAL POSITION

December 31, 2012
(With comparative figures as of December 31, 2011)
(In Philippine Peso)

Notes

2012

(as restated)
2011

ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Inventories
Prepaid expenses/deferred charges
Others
Total Current Assets

5
6
7
8

1,816,617,799
3,956,188,182
107,763,162
39,959,456
5,920,528,599

873,652,180
3,409,184,848
101,137,029
36,091,623
105,278,680
4,525,344,360

Non-Current Assets
Investments
Property and equipment
Total Non-Current Assets

9
10

476,145,667
2,431,486,503
2,907,632,170

475,933,562
2,436,313,145
2,912,246,707

8,828,160,769

7,437,591,067

11
12

1,767,246,751
4,143,232,258
5,910,479,009

2,125,373,806
2,719,140,185
4,844,513,991

13
14

184,542,134
94,637,883
279,180,017

206,853,471
92,384,341
299,237,812

TOTAL LIABILITIES

6,189,659,026

5,143,751,803

EQUITY

2,638,501,743

2,293,839,264

TOTAL LIABILITIES AND EQUITY

8,828,160,769

7,437,591,067

TOTAL ASSETS

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables
Other liability accounts
Total Current Liabilities
Non-Current Liabilities
Loans payable
Deferred credits
Total Non-Current Liabilities

See accompanying Notes to Financial Statements.

PHILIPPINE POSTAL CORPORATION

STATEMENT OF COMPREHENSIVE INCOME
For the year ended December 31, 2012
(With comparative figures for the year ended December 31, 2011)
(In Philippine Peso)

Notes

OPERATING REVENUE

2012

(as restated)
2011

17

3,304,360,224

3,429,402,690

18
19

2,311,292,152
915,803,549

2,408,752,093
1,001,026,217

3,227,095,701

3,409,778,310

77,264,523

19,624,380

3,000,164

2,241,996

(26,329,308)

(14,999,287)

FOREIGN EXCHANGE (LOSS)GAIN

(1,889,873)

3,421,389

PROFIT BEFORE SUBSIDY

52,045,506

10,288,478

600,538,251

167,539,925

NET PROFIT AFTER SUBSIDY

652,583,757

177,828,403

OTHER COMPREHENSIVE INCOME

COMPREHENSIVE INCOME FOR THE YEAR

652,583,757

177,828,403

OPERATING EXPENSES
Personal services
Maintenance and other operating expenses

INCOME FROM OPERATIONS

INTEREST INCOME/DIVIDEND INCOME
FINANCE COST

Subsidy from National Government

21

See accompanying Notes to Financial Statements.

PHILIPPINE POSTAL CORPORATION

STATEMENT OF CHANGES IN EQUITY
For the year ended December 31, 2012
(With comparative figures for the year ended December 31, 2011)
(In Philippine Peso)
Note
PAID UP CAPITAL
Balance at beginning of the year
Additions(deductions)
Balance at end of the year

3,756,810,364
(12,012,214)
3,744,798,150

DONATED SURPLUS
Balance at beginning of the year
Additions(deductions) beginning balance
Adjustments to retained earnings
Balance at end of the year
APPRAISAL CAPITAL
Balance at beginning of the year
Additions(deductions) beginning balance
Balance at end of the year
DEFICIT
Balance at beginning of the year
Prior period adjustments
Net income
Subsidy income
Other adjustments -bad accounts
Balance at end of the year
TOTAL EQUITY

2012

217,100
190,239
110,720
518,059

2011

3,277,810,364
479,000,000
3,756,810,364

217,100
217,100

16
1,575,397,359
(190,239)
1,575,207,120

1,575,397,359
1,575,397,359

(3,038,585,559)
13,272,585
52,045,506
600,538,251
(309,292,369)
(2,682,021,586)

(3,210,207,786)
(6,206,176)
10,288,478
167,539,925
(3,038,585,559)

2,638,501,743

2,293,839,264

See accompanying Notes to Financial Statements.

PHILIPPINE POSTAL CORPORATION

STATEMENT OF CASH FLOWS
For the year ended December 31, 2012
(With comparative figures for the year ended December 31, 2011)
(In Philippine Peso)
2012

2011

3,665,336,124
3,000,164
(2,356,182,468)
(591,146,770)
301,000,000
1,022,007,050

3,098,748,667
2,241,996
(2,248,403,099)
(796,242,475)
(189,525,000)
165,000,000
479,000,000
510,820,089

(29,422,124)
(29,422,124)

(2,058,102)
36,922
(2,021,180)

(22,311,337)
(25,418,096)
(47,729,433)

(240,229,503)
(14,166,948)
(254,396,451)

CASH FLOWS FROM OPERATING ACTIVITIES

Cash received from customers
Interest received
Cash paid to and in behalf of employees
Cash paid to suppliers
Cash paid to Philpost Leasing and Finance Corporation(PLFC)
Subsidy from National Government
Payment of Equity from National Government
Net Cash Provided by Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property and equipment
Gain on sale of disposed assets
Net Cash Used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Payment of loan
Interest paid
Net Cash Used in Financing Activities
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS
NET INCREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR

(1,889,874)
942,965,619
873,652,180
1,816,617,799

3,421,390
257,823,848
615,828,332
873,652,180

See accompanying Notes to Financial Statements.