Revenues:

Total revenues of P=6,321.5 million for the year ended December 31, 2016 were higher by
P=969.8 million (18%), compared to P=5,351.7 million for the year ended December 31, 2015,
mainly due to a P=886.7 million (117%) increase in the share of PLC in the gaming revenue
of City of Dreams Manila from P=756.2 million for 2015 to P=1,643.0 million for 2016. In
addition, the Company’s revenue from the lease of the City of Dreams Manila building (interest
income on finance lease accounting) increased by P=86.5 million (5%), from P=1,917.4
million in 2015 to P=2,003.8 million during 2016, and Pacific Online’s revenues from
equipment rental, distribution and commissions increased by P=170.0 million (10%) from
P=1,917.4 million in 2015 to P=2,003.8 million in 2016. These revenue increases were offset
by a P=187.0 million (28%) decrease in revenue from sales of real estate and club shares, as
this declined from P=656.4 million in 2015 to P=469.4 million in the 2016.

Costs of Lottery Services

Costs of lottery services at Pacific Online increased by P=104.2 million (13%), to P=931.3
million in 2016, from P=827.0 million in 2015, mainly due to increased depreciation expenses
for lottery equipment and professional fees.

Costs of Gaming Operations

Cost of gaming operations increased by P=92.6 million (24%) to P=474.6 million for 2016,
from P=382.0 million for 2015, due to higher consultancy fees and other costs at Premium
Leisure and Amusement Inc. (“PLAI”), given the ramp-up of gaming operations at City of
Dreams Manila since the first half of 2015.

Costs of Lease Income

Costs of lease income increased by P=56.8 million (37%), to P=209.4 million in 2016 from
P=152.6 million in 2015, mainly due to higher real estate taxes on the City of Dreams
Manila building.

Costs of real estate

Costs of real estate decreased by P=40.5 million (25.1%), to P=120.5 million in 2016, from
P=161.0 million in 2015, due to the lower sales revenue therefrom recognized during the
period.

Costs of Services of Property Management

Cost of services of property management decreased by P=16.0 million (20%) to P=63.8 million
for 2016, from P=80.2 million for 2015, due to lower power and water usage by customers
during the 2016 period.

General and Administrative Expenses

General and administrative expenses increased by P=238.6 million (33%), to P=957.1 million
for 2016 from P=718.5 million for 2015, due to increased expenses relating to salaries,
professional fees and provisions for probable losses.
Financial Income (Expense)
Interest expense increased by P=81.8 million (30%) to P=355.8 million for 2016, from P=274.0
million for 2015. The increase in interest expense was due to the Company’s higher level of
borrowings in 2016, which were incurred mostly to finance payments of construction contracts in
respect of the City of Dreams Manila building. Interest income decreased by P=5.7 million
(17%), to P=28.8 million in 2016, from P=34.5 million in 2015, due to decreases in average
invested cash levels.

Unrealized Gain on Marketable Securities

During 2016, Belle reclassified its club shares from inventory to investments held from trading
within its current assets in compliance with Philippine Interpretations Committee (PIC)
Q&A No. 2016-02 on Philippine Accounting Standards (PAS) 32 and 28 - Accounting
Treatment of Club Shares Held by an Entity. This resulted in the recognition of unrealized mark-
to- market gains on such club shares of 16 P=185.7 million in 2016, P=194.1 million in 2015 and
P=231.8 million in 2014. Belle’s financial statements for
the years 2015 and 2014 were thus restated for consistent application of PAS 32 and 28, and for
comparability. The unrealized gains on club shares were offset by unrealized losses on
marketable securities held by Pacific Online, amounting to P=37.1 million in 2016 and P=43.5
million in 2015.

Other Income
This includes (1) gain on the sale of SM Prime shares held by Belle, total number of SM Prime
shares sold is 26.0 million at an average selling price of P=29.98 per share in 2016 and 16.5
million shares sold at an average selling price of P=29.98 per share in 2015, (2) gain on pre-
termination of ABLGI agreement. On November 3, 2016, Belle, PLAI, BGRH, ABLGI and
LRWC signed an agreement to terminate the MOA of 2013 by the end of March 2017. Under the
agreement, Belle will pay, and ABLGI will receive, a total consideration of P=5.09 billion. Of
the total consideration, P=1,018.0 million was paid upon signing and the balance will be paid
simultaneous with the termination of the MOA on March 31, 2017. The gain pertains to the
difference between the recorded nontrade liability to ABLGI as of November 31, 2016 of
P=5,414.8 million and the final settlement amount of P=4,780.0 million.

Equity in Net Earnings of Associates

Equity in net earnings of associates of P=27.3 million in 2015 refers to Belle’s 47% share in the
net income of Woodland Development Corporation (“WDC”). The Company sold its entire 47%
interest in WDC in May 2016.

Provision for Income Taxes

The provision for income taxes increased by P=210.3 million (31%) to P=879.6 million for the
year ended December 31, 2016, from P=669.3 million for the year ended December 31, 2015,
due to higher taxable income in 2016 as a result of higher revenue.

Net Income
As a result of the foregoing, the Company realized consolidated net income of P=3,096.1 million
for the year ended December 31, 2016. This is P=1,324.3 million (75%) higher than consolidated
net income of P=1,771.8 million for the year ended December 31, 2015. The Company’s
consistent profitability allowed the Company to pay a regular cash dividend on March 29, 2016
in the amount of P=1,003.3 million (P=0.095 per share), and to declare a regular cash dividend
on February 28, 2017 (payable on March 30, 2017), in the amount of P1,000.0 million (P=0.095
per share).

BELLE CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Thousands, Except Per Share Amounts)
Years Ended December 31
2015 2014
(As restated - (As restated -
2016 Note 10) Note 10)
REVENUE
Interest income on finance lease 2,003,840 1,917,354 1,409,173
Gaming revenue share - net 1,642,976 756,238 38,809
Equipment rental 1,579,661 1,459,237 828,740
Sale of real estate 350,253 354,774 299,248
Commission and distribution income 308,438 259,081 202,559
Lease income 190,042 190,906 188,757
Revenue from property management 127,168 112,682 115,356
Others 119,130 301,405 234,443
6,321,508 5,351,677 3,317,085
COSTS AND EXPENSES
Cost of lottery services (931,263) (827,032) (492,988)
Cost of gaming operations (416,507) (382,023) (18,709)
Cost of lease income (209,391) (152,584) (11,368)
Cost of real estate sold (120,517) (160,976) (133,877)
Cost of services for property management
(63,813) (80,208) (88,052)
General and administrative expenses (957,280) (718,524) (544,541)
(2,698,771) (2,321,347) (1,289,535)
OTHER INCOME (EXPENSES)
Accretion of nontrade liability (455,229) (651,684) (533,348)
Interest expense (355,779) (273,977) (98,723)
Unrealized mark-to-market gain on investments
held for trading 148,554 150,646 266,037
Interest income 28,782 34,470 29,979
Gain (loss) on finance lease 15,882 – (812,842)
Net foreign exchange gain (loss) (10,816) 36,135 (7,619)
Equity in net earnings of associates – 27,340 117,190
Other income 981,628 87,855 2,079,022
353,022 (589,215) 1,039,696
INCOME BEFORE INCOME TAX 3,975,759 2,441,115 3,067,246
PROVISION FOR INCOME TAX
Current 283,461 306,296 179,943
Deferred 596,175 363,038 (37,147)
879,636 669,334 142,796
NET INCOME 3,096,123 1,771,781 2,924,450
 Years Ended December 31
2015 2014
(As restated - (As restated -
2016 Note 10) Note 10)
OTHER COMPREHENSIVE INCOME
(LOSS)
Items to be reclassified to profit or loss
in subsequent periods:
Unrealized gain on available-for-sale financial
assets - net 653,381 533,614 277,831
Realized gain on available-for-sale financial
assets (351,680) (90,342) −
Fair value change due to recovery of previous
impairment – – 1,559,847
Recycling of fair value change due to
cancellation of Swap Agreement
– – (1,559,847)
Share in unrealized gain in available-for-sale
financial assets of associates – – 1,573
301,701 443,272 279,404
Items not to be reclassified to profit or loss
in subsequent periods:
Remeasurement gain (loss) of pension
asset/liability - net (5,972) 9,046 (23,178)
Income tax effect 2,797 (2,714) 6,954
(3,175) 6,332 (16,224)
TOTAL OTHER COMPREHENSIVE
INCOME 298,526 449,604 263,180
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR 3,394,649 2,221,385 3,187,630
Net income attributable to:
Equity holders of the parent 2,700,117 1,533,731 2,570,029
Non-controlling interests 396,006 238,050 354,421
3,096,123 1,771,781 2,924,450
Total comprehensive income attributable to:
Equity holders of the parent 2,998,685 1,980,388 2,833,209
Non-controlling interests 395,964 240,997 354,421
3,394,649 2,221,385 3,187,630P
Basic/Diluted Earnings Per Share 0.266 0.150 0.252
Year ended December 31, 2012 compared to year ended December 31, 2011

2012 Results of Operation

Revenues:
Gross revenue from sales of real estate and club shares for 2012 of P323.6 million was lower by
P196.6 million (38%), compared to P520.2 million during 2011. Gross profit from sales of real
estate and club shares for 2012 of P206.4 million was also lower than gross profit there from
during 2011 of P284.2 million by P77.8 million (27%), due to the lower sales of real estate and
club shares. There were no additional real estate projects launched by the Company in 2012. In
2011, Belle introduced Lakeside Fairways Phase 8 (Sycamore Heights), with more than 23
hectares of gross saleable area and 309 residential lots and extensions of existing projects,
namely three new pads for log cabins at The Woodlands and nine new lots in Lakeside Fairways
Phase 6 (Cotswold). These project extensions will carry total potential sales of about P225.0
million. The Company’s project launches during 2010 (Nob Hill and Yume) comprised a total of
approximately 162 saleable lots and 70,741 sqm in saleable area also contributed some revenues
for 2011. During 2012 and 2011, the Company has been devoting significant resources to
development activities connected with Belle Grande Manila Bay (“Belle Grande”), its integrated
resort project located in Parañaque City, which is targeted for its grand opening by the third
quarter of 2014. During the year ended December 31, 2012, the Company recorded net rental
income of P18.4 million on land and buildings leased by the Company to ABLGI.

Cost of Real Estate and Club Shares Sold

Cost of real estate and clubs shares sold decreased by P118.8 million (50%) to P117.2 million in
2012 from P236.0 million in 2011 due mainly to lower unit sales of real estate and club
shares sold in 2012.

General and Administrative Expenses

The increase by P40.6 million (17%), from P235.2 million in 2011 to P275.7 million in 2012,
was caused by the following: additional salaries and consultancy expenses incurred by its wholly
owned subsidiary, PLAI, higher office rental expense, marketing expenses and registration fees.
The increase was partially offset by lower taxes and licenses and professional fees.

Financial Income (Expense)

Interest expense decreased by P30.0 million (19%), from P158.2 million in 2011to P128.2
million in 2012, due to lower interest rates. The Company also capitalized borrowing costs
amounting to P26.5 million in 2012 and P54.0 million in 2011 from general borrowings.
Interest income increased by P88.0 million (309%), from P28.5 million in 2011 to P116.5
million in 2012, due to placement of funds. The significant increase in 2012 fund level of the
Company was brought by new long-term loan drawdown of P2,254.0 million and proceeds from
the subscription receivable of P2,082.9 million received in 2012 from last year’s stock rights
offering.
Equity in Net Earnings of Associates
The Company’s equitized net earnings from associated companies increased by P148.2 million
(106%) to
P288.7 million in 2012, from P140.5 million in 2011. Woodland Development Corporation
(WDC), Belle’s 47% owned associate, brought equitized earnings of P135.0 million out of net
income of P287.3 million in the 2012 period, compared to equitized earnings of P2.9 million out
of net income of P6.1 million in the 2011 period. The increase in net income of WDC was
brought about by the gain on its sale of land to SM Development Corporation (SMDC). Other
equitized earnings were from its 36%-owned associate, Highlands Prime, Inc. (HPI), and from its
35%-owned associate, Pacific Online. HPI is also engaged in real estate development within the
Tagaytay Highlands and Midlands complexes, while Pacific Online leases on-line equipment to
the Philippine Charity Sweepstakes Office for their lottery operations in the Visayas and
Mindanao.

Gain on Liquidating Dividend

In November 2012, the Company received its assigned land valued at P1,064.3 million
(including the amount of transfer taxes and registration fees paid totaling to P10.1 million), with
42,166 square meters in area as liquidating dividend. The receipt of the land from BBCC as
liquidating dividend resulted in the cancelation of Belle’s investments in BBBC and recognition
of gain on liquidating dividend of P539.7 million.

Net Foreign Exchange Loss

Based on the closing exchange rate of the Philippine Peso against the US Dollar of
P41.05:US$1.00 as of December 31, 2012, the Company posted a P97.7 million foreign
exchange translation loss from its foreign currency-denominated deposits, mainly its US$50
million Escrow Fund being maintained at Banco de Oro in compliance with requirements under
its Provisional License from PAGCOR (which was set up on February 23, 2012 at an exchange
rate of P43.02:US$1.00). The foreign currency loss from foreign currency-denominated deposits
was offset by a foreign exchange translation gain from its US$22.0 million Floating Rate Notes,
amounting to P61.4 million, based on the exchange rate of P41.05:US$1.00 as of December 31,
2012 compared to P43.84:US$1.00 as of December 31, 2011. During 2011, the Company
realized a foreign exchange translation gain of P0.3 million.

Provision for Income Tax

Current provision for income tax was higher by P63.2 million, to P79.2 million from P16.0
million in 2011, due to the capital gains tax paid under protest amounting to P63.2 million for the
transfer of 42,166 square meters of land from BBCC as Belle’s liquidating dividend. Deferred
income tax increased by P71.8 million, to P78.9 million in 2012 from P7.1 million in 2011,
mainly due to the additional deferred tax liability recognized for capitalized borrowing cost of
P74.1 million. The increase in deferred tax liability in 2012 was partly offset by the deferred tax
asset recognized on additional minimum corporate income tax of P7.2 million.

Net Income
As a result of the foregoing, Belle realized consolidated net income of P555.5 million for the
year ended December 31, 2012. This is P355.0 million (177%) higher than the consolidated net
income of P200.5 million for the year ended December 31, 2011. Moreover, the Company’s
consistent profitability has allowed it to post positive consolidated retained earnings of P893.8
million as of December 31, 2012. December 31, 2012 vs December 31, 2011 Statement of
Financial Position (in thousands)

2012 Financial Conditions

Assets:
Total assets of the Company increased by P2,817.3 million (12%), to P25,460.8 million as of
December 31, 2012, from P22,643.5 million as of December 31, 2011, due to the increases in
value of investments (Escrow Fund amounting to US$50 million, with a Peso equivalent of
P2,064.5 million, and held-to- maturity investments amounting to P750.0 million) and increases
in investment properties for the construction of Belle Grande Manila Bay.

Cash and cash equivalents

Cash and cash equivalents decreased by P1,347.2 million (49%), from P2,766.9 million as of
December 31, 2011 to P1,419.7 million as of December 31,2012, due mostly to: (i) investment in
Escrow Fund of P2,064.5 million; (ii) investment in held-to- maturity investments of P750.0
million; (iii) expenditures on the construction of Belle Grande Manila Bay of P2,077.8 million;
and (iv) payment of capital gains tax under protest of P63.2 million for the transfer of land from
BBCC as a liquidating dividend to Belle. The decrease in cash and cash equivalents was offset
by the proceeds from the subscriptions receivable from the stock rights offering of P2,082.9
million and additional loan proceeds of P2,222.3 million.

Receivables
Receivables increased by P422.8 million (45%), to P1,353.0 million in 2012 from P930.1 million
in 2011, the increase was mainly due to receivables from its operating partners in the Belle
Grande Manila Bay Project.

Real Estate for Sale and Club Shares

Real estate for sale decreased by P134.8 million (4%), to P2,901.3 million in 2012 from P3,036.2
million in 2011, due to the sales made during the year. Club shares held by the Company, valued
at historical cost, increased by P26.5 million (1%), to P2,812.6 million in 2012 from P2,786.1
million in 2011 due to additional development spending on Tagaytay Midlands Golf Course. The
increases in the club shares were offset by the sale of clubs during the year.

Investments in and Advances to Associates

Investments and advances decreased by P235.1million (11%), to P1,883.1 million in 2012 from
P2,118.2 million in 2011, due mainly to the liquidation of its investments in Belle Bay City
Corporation (BBCC).In November 2012, the Company received its assigned land valued at
P1,064.3 million (including the amount of transfer taxes and registration fees paid totaling to
P10.1 million), with 42,166 square meters in area as a liquidating dividend. The receipt of the
land from BBCC as a liquidating dividend resulted in the cancelation of Belle’s investments in
BBBC and recognition of a gain on liquidating dividend of P539.7 million. The decrease in the
investment in and advances to Associates in 2012 for the liquidation of BBCC was offset by the
additional equity in net earnings recognized in 2012 amounting to P288.7 million.
Investment properties
Investment properties increased by P3,150.6 million (129%) to P5,584.8 million from P2,434.2
million in
2011. The increases were due to the land received from BBCC as liquidating dividend valued at
P1,064.3 million (including the amount of transfer taxes and registration fees paid totaling to
P10.1 million), and from the continuing construction of Belle Grande Manila Bay. During the
year, the Company spent P2,096.4 million in construction costs for the project’s structures that
will contain the six hotel towers and retail facilities.

Liabilities and Equity

Liabilities:
Total liabilities increased by P2,273.8 million (35%) to P8,842.2 million as of December 31,
2012, from P6,568.5 million as of December 31, 2011, mainly due to the borrowings for the
construction of Belle Grande.

Loans Payable and Long-Term Debt

Total debt amounting to P6,800.9 million as of December 31,2012 were comprised mostly of
Peso loans from various local financial institutions, with interest at an approximate range of
3.1% to 4,6% per annum amounting to P2,081.7 million, foreign-currency denominated Floating
Rate Notes (“FRNs”), with a peso equivalent amounting to P903.6 million and peso long-term
debt of P3,927.0 million. The FRNs have a principal amount of US$22 million due on May 10,
2014 and carry interest at 2% per annum above the six-month LIBOR. Total debt increased by
P2,085.5 million (44%), from P4,715.4 million in 2011 to P6,800.9 million in 2012, due to the
availment of new peso long-term loans for the construction of Belle Grande.

Accounts payable and other liabilities

Accounts payable and other liabilities increased by P118.9 million (7%), to P1,869.8 million in
2012 compared to P1,750.9 million in 2011. Comprising accounts payable and other liabilities
are principally trade payables of P1,033.3 million, advances from related parties of P183.3
million, accrued expenses of P463.7 million, nontrade payables of P161.0 million and customers’
deposits of P28.5million in 2012. The increase in the accounts payable and other liabilities is
attributed mainly to the construction of Belle Grande.

Equity:
The Company’s stockholders’ equity as of December 31, 2012 of P16,618.6 million was higher
by P543.5 million (3%) compared to the year-end 2011 level of P16,075.1 million, with the
increase mainly attributed to the net income of P555.5 million for 2012. Due to its consistent
profitability, the Company had consolidated retained earnings of P893.8 million as of December
31, 2012, compared to consolidated retained earnings of P338.2 million as of December 31,2011.
BELLE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)

Years Ended December 31

2015 2014
(As restated - (As restated -
2016 Note 10) Note 10)

CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax 3,975,759 2,441,115 3,067,246
Adjustments for:
Interest income on finance lease (2,003,840) (1,917,354) (1,409,173)
Gain on pre-termination of ABLGI advances (634,800) – –
Accretion of nontrade liability 455,229 651,684 533,348
Depreciation and amortization
363,990 431,135 140,560
Interest expense 355,779 273,977 98,723
Loss (gain) on sale of:
Available-for-sale investments (351,680) (90,342) –
Sale of investment in associate (5,603) – –
Property and equipment (30) 397 (451)
Investments held for trading – (7,439) (22,296)
Held-to-maturity investments – – (31,353)
Unrealized mark-to-market gain on investments
held for trading (148,554) (150,646) (266,037)
Amortization of discount on trade receivables
(48,204) (56,768) (9,954)
Provision for (reversal of):
Impairment loss on investment in associates (45,928) (255) –
Impairment loss on advances to associates 29,398 – 40
Impairment loss on receivables 13,823 32,437 5,492
Interest income (28,782) (34,470) (29,979)
Dividend income (28,371) (23,209) (22,443)
Loss (gain) in finance lease (15,882) – 812,842
Pension costs 15,743 20,241 8,913
Unrealized foreign exchange loss – net 13,021 (36,135) 7,619
Equity in net earnings of associates – (27,340) (117,190)
Gain from cancellation of Swap Agreement – – (1,219,133)
Gain on significant acquisitions - net – – (879,348)
Working capital adjustments:
Decrease (increase) in:
Receivables 1,281,562 871,118 1,266,829
Real estate for sale and land held for future
Development (33,664) 92,456 (361,769)
Club shares held for trading 17,171 45,980 133,612
Other assets 992,840 (102,963) (1,773,960)
Decrease in trade and other current liabilities (665,254) (990,747) (176,462)
Net cash generated from (used for) operations 3,503,723 1,422,872 (244,324)
Income taxes paid (193,417) (272,151) (123,397)
Contributions to the retirement fund (31,557) (15,000) (15,000)
Interest received 28,782 34,470 44,929
Net cash provided by (used in) operating activities 3,307,531 1,170,191 (337,792)
 CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures on investment properties (2,517,578) (2,171,854) (2,605,824)
Acquisitions of:
Property and equipment (134,661) (366,257) (104,535)
Investments held for trading (5,683) (65,138) (30,060)
Investment in associate – – (413,272)
Proceeds from disposal of:
Investments held for trading 29,303 P=65,181 P=200,201
Available-for-sale financial assets 774,440 308,515 –
Property and equipment 8,673 20,037 572
Dividends received 27,342 23,209 22,443
Decrease in investments in and advances to associates
and related parties 9,550 56,140 –
Payment of subscription – (3,675,000) −
Collection of advances from associate – 3,675,000 −
Purchase consideration for acquisitions of subsidiaries, net
of cash acquired – – (195,576)
Proceeds from redemption of held-to-maturity investments
– – 781,353
Interest paid - capitalized to investment properties – – (80,285)
Net cash used in investing activities (1,808,614) (2,130,167) (2,424,983)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments of:
Long-term debt and loans payable (662,500) (3,015,625) (4,013,459)
Acquisition of Parent Company shares held
by a subsidiary (8,636) (145,931) (21,192)
Interest - net of capitalized interest – (273,977) (98,723)
Transaction costs of acquisition and disposal
of non-controlling interest – (10,949) (1,138,283)
Proceeds from:
Availment of loans and long-term debt 1,300,000 4,250,000 7,050,000
Disposal of Parent Company interest in PLC
without loss of control – – 5,534,516
Collection of subscriptions receivable
from non-controlling interest – 185,481 1,165,644
Disposal of interest in Pacific Online without loss of control
– 2,744 254,661
ABLGI advance – 780,000 –
Disposal of Parent Company shares held by a subsidiary – – 2,073
Dividends paid (1,275,172) (3,039,387) (280,452)
Acquisition of:
Treasury shares by Parent Company (46,743) (134,442) –
Treasury shares by Pacific Online (56,819)
Non-controlling interest – (74,909) (231,696)
Increase (decrease) in:
Nontrade liability (1,353,487) (377,883) (292,092)
Obligations under finance lease 787 25,706 118
Installment payable (173) (952) (2,336)
Advances from related parties 44 (2,479) (2,272)
Net cash provided by (used in) financing activities (2,102,699) (1,832,603) 7,926,507
EFFECT OF EXCHANGE RATE CHANGES

ON CASH AND CASH EQUIVALENTS (13,021) 36,135 (7,619)

NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS (616,803) (2,756,444) 5,156,113
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR 3,570,065 6,326,509 1,170,396

CASH AND CASH EQUIVALENTS

AT END OF YEAR 2,953,262 3,570,065 6,326,509
 2012 2013 2014 2015 2016
Current Ratio Current Assets 2.94 8.26 1.99 1.88 1.33
(times) Current Liabilities

Quick or Acid Ratio (Cash +Accounts 2.09 2.21 1.1 0.78 0.88
(times) Receivable,net+Marketable
Securities)
Current Liabilities

Accounts Net Sales 0.37 2.05 2.35 3.38 3.63

Receivable Average Accounts Receivable
Turnover (times) Balance

Inventory Turnover Cost of Goods Sold 0.04 0.04 — 1.62 2.12

(times) Average inventory Balance

Average Collection 365 986.49 178.05 155.32 107.99 100.55

Period (days) Average Receivable Turnover

Average Sale 365 9125 9125 — 225.31 172.17

Period (days) Inventory Turnover

Fixed Asset Net Sales 2.51 15.61 8.41 7.71 8.65

Turnover (times) Average net Property, Plant and
Equipment

Total Asset Net Sales 0.02 0.09 0.09 0.12 0.15

Turnover (times) Average Total Assets

Debt Ratio Total Liabilities 0.35 0.36 0.34 0.40 0.33

Total Assets

Debt to Equity Total Liabilities 0.30 0.08 0.07 0.21 0.16

Ratio Total Equity

Times Interest Operating Profit / EBIT 6.57 — — — 12.17

Ratio (times) Interest Expense

Gross Profit Margin Gross Profit 61.55% 93.16% 77.54% 70.05% 72.45%
Net Sales

Operating Profit Operating Profit 151.8% 189.38% 61.12% 56.62% 57.31%

Margin Net Sales

Net Profit Margin Net Income 131.80% 138.70% 69.61% 22.84% 42.71%
Net Sales

Return on Net Income 2.97% 17.88% 8.89% 4.68% 9.79%

Investment Average Total Assets

Return on Equity Net Income 3.61% 21.35% 10.24% 4.99% 11.36%

Average Stockholder’s Equity
Basic Earnings Per Net income 0.05 0.35 0.25 0.15 0.27
Share (in peso) Weighted Average number of
ordinary shares outstanding

Diluted Earnings Net income (adjusted) 0.05 0.35 0.25 0.15 0.27
Per Share (in peso) Weighted Average number of
ordinary shares outstanding and
potential diluters

Dividend Payout Dividend per share — — 11.30% 63.30% 36.50%

Ratio Earnings per share
 ORGANIZATONAL CHART

JOSE T. SIO

Chairman

WILLY N OCIER ELIZABETH ANNE C. UYCHACO

Vice Chairman Vice Chairperson

MANUEL A. GANA

President and Chief Executive Officer

GONZALO T. DUQUE JACINTO C. NG, JR VIRGINIA A. YAP

Director Non-Executive Director Non-Executive Director

GREGORIO U. WASHINGTON Z. CESAR E.A. VIRATA

KILAYKO SYCIP
Lead Independent Director
Independent Director Independent Director