REPUBLIC CEMENT CORP (RCM:Philippines)

Financial Statements for REPUBLIC CEMENT CORP (RCM)

Year over year, Republic Cement Corp. has been able to grow revenues from $18.0B to $19.2B. Most impressively, the company has been able to reduce the percentage of sales devoted to cost of goods sold from 62.49% to 61.48%. This was a driver that led to a bottom line growth from $3.9B to $4.2B.

INCOME STATEMENT
Currency in Millions of Philippines Pesos as of: Dec 31 2009 Restated PHP Revenues TOTAL REVENUES Cost of Goods Sold GROSS PROFIT Selling general & Admin Expenses, Total Depreciation & Amortization, Total Other Operating Expenses OTHER OPERATING EXPENSES, TOTAL OPERATING INCOME Interest Expense Interest and Investment Income NET INTEREST EXPENSE Income (Loss) on Equity Investments Currency Exchange Gains (Loss) EBT, EXCLUDING UNUSUAL ITEMS Merger & Restructuring Charges 17,996.6 17,996.6 11,246.6 6,749.9 1,064.7 47.4 78.8 1,190.9 5,559.1 -386.0 48.6 -337.4 48.6 28.3 5,298.5 -10.3 Dec 31 2010 restated PHP 19,171.2 19,171.2 11,787.2 7,384.1 1,160.5 45.0 226.9 1,432.4 5,951.7 -186.2 106.7 79.6 26.9 -73.5 5,825.5 --

Impairment of Goodwill Gain (Loss) on Sale of Assets Other Unusual Items, Total Insurance Settlements EBT, INCLUDING UNUSUAL ITEMS Income Tax Expense Minority Interest in Earnings Earnings from Continuing Operations NET INCOME NET INCOME TO COMMON INCLUDING EXTRA ITEMS NET INCOME TO COMMON EXCLUDING EXTRA ITEMS

-8.1 98.8 98.8 5,395.1 1,511.4 -8.2 3,883.7 3,875.5 3,875.5 3,875.5

-0.5 3.3 21.0 5,829.3 1,638.6 -18.9 4,190.7 4,171.8 4,171.8 4,171.8

BALANCE SHEET
This company's debt to total capital ratio, at 11.41%, is in-line with the Construction Materials industry's norm. Additionally, there are enough liquid assets to satisfy current obligations. Accounts Receivable are among the industry's worst with 11.30 days worth of sales outstanding. This implies that revenues are not being collected in an efficient manner. Last, inventories seem to be well managed as the Inventory Processing Period is typical for the industry, at 55.96 days. Currency in Millions of Philippines Pesos

as of:

Dec 31 2009 Restated PHP

Dec 31 2010 Restated PHP

ASSETS
Cash and Equivalents TOTAL CASH AND SHORT TERM INVESTMENTS Accounts Receivable Other Receivables TOTAL RECEIVABLES Inventory Prepaid Expenses Other Current Assets TOTAL CURRENT ASSETS Gross Property Plant and Equipment Accumulated Depreciation NET PROPERTY PLANT AND EQUIPMENT Goodwill Long-Term Investments Accounts Receivable, Long Term Deferred Tax Assets, Long Term Other Intangibles 3,024.2 3,024.2 806.3 376.4 1,182.7 1,502.6 80.1 267.3 6,056.9 35,424.3 -17,725.1 17,699.2 876.0 54.3 3.3 651.2 487.6 4,010.8 4,010.8 381.0 303.3 684.3 2,112.0 78.6 80.3 6,966.1 35,638.3 -18,891.9 16,746.4 876.0 30.3 3.3 703.1 455.7

Other Long-Term Assets TOTAL ASSETS

234.0 26,062.6

217.1 25,998.1

LIABILITIES & EQUITY

Accounts Payable Accrued Expenses Short-Term Borrowings Current Portion of Long-Term Debt/Capital Lease Current Income Taxes Payable Other Current Liabilities, Total TOTAL CURRENT LIABILITIES Long-Term Debt Minority Interest Pension & Other Post-Retirement Benefits Deferred Tax Liability Non-Current Other Non-Current Liabilities TOTAL LIABILITIES TOTAL PREFERRED EQUITY Common Stock Additional Paid in Capital Retained Earnings Treasury Stock Comprehensive Income and Other TOTAL COMMON EQUITY TOTAL EQUITY TOTAL LIABILITIES AND EQUITY 968.0 1,212.4 -57.2 308.6 590.4 3,136.7 4,973.0 179.0 300.5 620.3 193.7 9,224.2 0.0 5,823.8 5,219.8 4,942.5 0.0 673.2 16,659.4 16,838.4 26,062.6 919.5 1,161.0 -263.6 240.0 445.0 3,029.1 2,269.8 198.4 248.7 574.2 206.9 6,328.8 0.0 5,823.8 5,219.8 7,777.9 0.0 649.4 19,470.8 19,669.2 25,998.1

CASH FLOW
Currency in Millions of Philippines Pesos NET INCOME Depreciation & Amortization Amortization of Goodwill and Intangible Assets DEPRECIATION & AMORTIZATION, TOTAL Amortization of Deferred Charges (Gain) Loss from Sale of Asset Asset Writedown & Restructuring Costs (Income) Loss on Equity Investments Provision & Write-off of Bad Debts Change in Accounts Receivable Change in Inventories Change in Accounts Payable Change in Other Working Capital CASH FROM OPERATIONS Capital Expenditure Sale of Property, Plant, and Equipment Cash Acquisitions Sale (Purchase) of Intangible Assets CASH FROM INVESTING Long-Term Debt Issued TOTAL DEBT ISSUED Dec 31 2009 3,875.5 1,217.3 19.1 1,236.4 12.1 -8.1 --48.6 40.7 -109.9 1,373.5 -41.2 74.9 8,059.8 -899.6 13.3 --72.3 -908.2 86.5 86.5 Dec31 2010 4,171.8 1,191.3 20.3 1,211.5 158.6 -0.5 17.7 -26.9 58.9 447.8 -612.1 -240.3 36.5 5,456.5 -502.6 2.2 --4.8 -372.5 67.7 67.7

Long Term Debt Repaid

-375.0

-2,178.9

TOTAL DEBT REPAID Common Dividends Paid Preferred Dividends Paid Common and/or Preferred Dividends Paid TOTAL DIVIDEND PAID Special Dividend Paid Other Financing Activities CASH FROM FINANCING Foreign Exchange Rate Adjustments NET CHANGE IN CASH

-375.0 -688.6 0 --688.6 -459.1 -3,575.7 -5,011.8 -6.4 2,133.4

-2,178.9 -695.2 0 --695.2 -695.2 -598.1 -4,099.7 2.3 986.6