LTG Parent Fs 2022

ll LT GnouP, INC.
STATEMENT OF MANAGEMENT'S RESPONSIBILITY

FOR FINANCIAL STATBMENTS
The management of LT Group, Inc. is responsible for the preparation and fair presentation of the
parent financial statements including the schedules attached therein, for each of the three years ended
December 31,2022, in accordance with the prescribed financial reporting framework indicated
therein, and for such internal control as management determines is necessary to enable the preparation
of the parent financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the parent financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable matters related to going concern and
using the going concern basis of accounting unless management either intends to liquidate the
Company or to cease operations. or has no realistic altenrative but to do so.
The Board of Directors is responsible for overseeing the Company's financial reporting process.
The Board of Directors reviews and approves the parent financial statements including the schedules
attached tlrerein, and submits the sanre to the stockholders or members.
SyCip Gorres Velayo & Co., the independent auditor appointed by the stockholders, has audited the
parent financial statements of the company in accordance rvith Philippine Standards on Auditing, and
in its report to the stockholders or members, has expressed its opinion on the fairness of presentation
npon completion of such audit.
Signed under oath by the following:
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Chairman and
G. Tan Jos
chj
Chief Executive Officer
SUBSCRIBED AND SWORN to before me this MAR 1 4 2023 at Makati City,

al'fiants exhibiting to me their Passport numbers, as follows:
Name Passport No. Date Issue Place of Issue
Lucio C. Tan P8 r 768788 1U1612021

MichaelG. Tan P66472428 0411412021 PE, SiN
Jose Gabriel D. Olives P7769394A 07t02t2018 Manila,
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Pace No.4 for Maloti City
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PIR No.
Roll of No. 35358
S"ri., of2023 3-2023 /Makat O?
IBP Lifetime No. 00104
6lF 6tS4 Ayata Makati City
MCLE Comoiiancp trtn
Commision No. M-149 until3l D*.mbe;ii;
1'lth Floor Unit 3, Ben66 5, Bonifacio Global City, Taguig City
AFTER THE BIR HA$ DULY
STAi#ES rB€cEl\lEl*
ER SHEET
for
AUDITED FINANCIAL STATEMENTS
SEC Number
P w 0 0 0 0 0 3 4 3
GOMPANY NAME
L T G R o U P ) I N C
PRINGIPAL OFFICE ( No. / Street / Barangay / City / Town / Province )
I I t h F I o o r ) U n I t 3 B e n c h
T o w e r ) 3 0 t h S t c o r n e r R I Z a I
D r I v e , C r e s c e n t P a r k , w e S t 5 )
B o n I f a c I o G I o b a I C I t v )
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Form Type Secondary License Type, lf Applicable
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COMPANY !NFORMATTON
Company's Email Address Company's Telephone Number Mobile Number
info@ltg.com.ph +639278375844
No. of Stockholders Annual Meeting (Month / Day) Fiscal Year (Month / Day)
372
GONTAGT PERSON INFORMATION

The designated contact person ll4USf be an Officer of the Corporation
t;;;;I
Name of Contact Person Email Address Telephone Number/s Mobile Number
j osegabriel.olives@ltg.
Jose Gabriel D. Olives N/A
com.ph
GONTAGT PERSON's ADDRESS
1lth Floor, Unit 3 Bench Tower, 30th St. corner Rizal Drive, Crescent Park, West 5, Bonifacio
Global City, Taguig City
NOTE 1 : ln case of death, resignation or incident shall be reported to the Commission within
thirly (30) calendar days from the occurrence n.eW contact person designated.
2 :All Boxes must be properly and r'Ipla4ng the corporation's records with
the Commission and/or non+eceipt of Notice of not excuse the corporation from liability for its
deficiencies,
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6760 Ayala Avenue
1226 Makati City
Philippines
Co. Tel: (632) 8891 0307
Fax: (632) 8819 0872
ey"com/ph
working world
INDEPENDENT AUDITOR'S REPORT
The Stockholders and the Board of Directors

LT Group,Inc.
I I th Floor, Unit 3 Bench Tower,
30th St, comer Rizal Drive Crescent Park West 5,
Bonifacio Global City, Taguig City
Report on the Audit of the Parent Company Financial Statements
Opinion
We have audited the parent company financial statements of LT Group, Inc. (the Company), which
comprise the parent company statements of financial position as at December 3 l, 2022 and 2021, and the
parent company statements of income, parent company statements of comprehensive income, parent
company statements of changes in equity and parent company statements of cash flows for the years then
ended, and notes to the parent company financial statements, including a summary of significant
accounting policies.
In our opinion, the accompanying parent company financial statements present fairly, in all material
respects, the financial position of the Company as at December 31, 2022 and 2021, and its financial
performance and its cash flows for the years then ended in accordance with Philippine Financial
Reporting Standards (PFRSs).
Basis for Opinion
We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our
responsibilities under those standards are further described in the Auditor's Responsibilities .t'br the Audit
of'the Parent Company Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics)
together with the ethical requirements that are relevant to our audit of the parent company financial
statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with
these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Responsibilities of Management and Those Charged with Governance for the Parent Company
Financial Statements
Management is responsible for the preparation and fair presentation of the parent company financial
statements in accordance with PFRSs, and for such intemal control as management determines is
necessary to enable the preparation of parent company financial statements that are free from material
misstatement, whether due to fraud or error. F.INTERNAL REVENiIq
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In preparing the parent company financial statements, management is responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going
concern and using the going concern basis of accounting unless management either intends to liquidate
the Company or to cease operations, or has no realistic altemative but to do so.
Those charged with governance are responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Parent Company Financial Statements
Our objectives are to obtain reasonable assurance about whether the parent company financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level ofassurance, but is not a guarantee
that an audit conducted in accordance with PSAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the
basis of these parent company financial statements.
As part of an audit in accordance with PSAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
o Identiff and assess the risks of material misstatement of the parent company financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error,
as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
intemal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company's internal control.
Evaluate the appropriateness ofaccounting policies used and the reasonableness ofaccounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's
report to the related disclosures in the parent company financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Company to
cease to continue as a going concern.
o Evaluate the overall presentation, structure and content of the parent company financial statements,
including the disclosures, and whether represent the
underlying transactions and events in a
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We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in intemal
control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other
matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.
Report on the Supplementary Information Required Under Revenue Regulations No. l5-2010
Our audits were conducted for the purpose of forming an opinion on the parent company financial
statements taken as a whole. The supplementary information required under Revenue Regulations
No. l5-2010 in Note l9 to the parent company financial statements is presented for purposes of filing
with the Bureau of Internal Revenue and is not a required part of the basic financial statements. Such
information is the responsibility of the management of LT Group, Inc. The information has been
subjected to the auditing procedures applied in our audit of the basic financial statements. In our opinion,
the information is fairly stated, in all materialrespects, in relation to the basic financial statements taken
as a whole.
The engagement partner on the audit resulting in this independent auditor's report is Aileen L. Saringan.
SYCIP GORRES VELAYO & CO.
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Partner V
CPA Certificate No. 72557
Tax Identification No. 102-089-397
BOA/PRC Reg. No. 0001 , August 25 , 2021, valid until April 15, 2024
SEC Partner Accreditation No. 72557-SEC (Group A)
Valid to cover audit of 2021 to 2025 financial statements of SEC covered institutions
SEC Firm Accreditation No. 0001-SEC (Group A)
Valid to cover audit of 2021 to 2025 financial statements of SEC covered institutions
BIR Accreditation No. 08-001998-058-2020, December 3, 2020, valid until December 2,2023
PTR No. 9564694, January 3,2023, Makati City
March 14,2023
A member lirm of Ernst & Young Globa, Limited

LT GROUP, INC.
PARENT COMPANY STATEMENTS OF FINANCIAL POSITION
December 31
2022 2021
ASSETS
Current Assets
Cash and cash equivalents (Notes 6 and 1l) *1,265,329,556 P419,721,143
Due from related parties (Note 11) 1,114,071,677 1,554,5g5,539
p.ep"V-erts anO otner current assets l,96g194g 34,335,3gg
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Noncurrent Assets
Financial assets at fair value through other comprehensive
income (FVTOCI) [Note 7] 110,000,000 99,000,000
Investments in subsidiaries, a joint venture and an associate
(Notes 1 and 8) 89,755,630,106 97,656,630,106
Property and equipment (Note 9) 2,999,334 5,044,759
Net retirement plan assets (Note 13) 6,057,347 1,939,426
Other noncurrentassets 114.303,447 100,142,479
Total Noncurrent Assets 89,988,979,234 87,g51,756,76g
TOTAL ASSETS *92,370,34g,415 pgg,g60,3gg,g3g
LIABILITIES AND EQUITY

Current Liability
Accrued expenses and other current liabilities (Notes l0 and l1) P920,627,317 PL,2J2,135,373
Noncurrent Liability
Deferred income tax liabilities (Note 14) 9,465,990 5,277,560
Total Liabilities 930,093,307 1,277,412,933
Equity (Note 15)

Capital stock - Pl par value
Authorized - 25,000,000,000 shares
lssued and outstanding - 10,821,388,889 shares 10,821,388,889 I 0,82 I ,3 88,889
Additional paid-in capital 35,906,231,042 35,906,231,042
Effect of sale of a subsidiary to the parent company 37,145,945 37,145,945
Other comprehensive income, net of deferred income tax effect 44,756,494 24,609,762
Retained earnings 44,630,732,738 4t,793,61t,267
Total Eqqity 91,440,255,108 88,582,985,905
TOTAT LIABILITIES A
See accompant'ing Notes to Parent Company
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LT GROUP, INC.
PARENT COMPANY STATEMENTS OF INCOME
Years Ended December 3l

2022 2021
INCOME
Dividend income (Notes 8 and 11) Pl8,213,099,206 P12,309,346,67 3
Finance income 6andl1 688,680
18,235,047,766 12,345,035,353
COST AND EXPENSES (Note l2) (245,597,689) (391,277,179)
FOREIGN EXCHANGE GAINS - Net 126.612 2s2,441
INCOME BEFORE INCOME TAX 17,9g9,576,690 11,964,010,616
PROVISION FOR INCOME TAX (Note 14)

Cunent 2,104,926 2,453,508
Deferred 405,852 1,678,017
NET INCOME P17,987,065,912 Pl 1,g5g,g7g,0g 1
See accompant'ing Notes to Parent Cotnpany Financial Statements.
17 2923
LT GROUP. INC.
PARENT COMPANY STATEMENTS OF COMPREHENSIVE INCOME
Years Ended December 31

2022 2021
NET INCOME +17,9g7,065,912 p1l,g5g,g7g,0g1
OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) not to be reclassi/ied to
prqfit or loss in subsequent periods
Net changes in fair value of financial assets
at FVTOCI (Note 7) 22,000,000 20,000,000
Income tax effect 3,000,000
19,700,000 17"000.000
Remeasurement gain (loss) on defined benefit plan (Note l3) 1,930,310 (1,499,739)
Income tax effect u82.578\ 409,084
1,447,732 ( 1,099,654)
TOTAL OTHBR COMPREHENSIVE INCOME 20,147,732 15,910,346
TOTAL COMPREHENSIVE INCOME P18,007,2I3,644 PIl,g]5,789,43'1
See accompanl,ing Notes to Parent Company Financial Statements.
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LT GROUP, INC.
PARENT COMPANY STATEMENTS OF CASH FLOWS
Years Ended December 3l

2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax P17,989,576,690 Pl1,964,010,616
Adjustments for:
Finance income (Notes 6 and l1) (21,949,560') (36,699,690)
Movement in retirement benefits (Note l3) (2,187,611) 2,630,195
Depreciation and amortization (Note 9) 2,157,949 3,913,210
Unrealized foreign exchange gain - net (126,6121 (252,441'l
Operating income before working capital changes 17,967,470,756 11,933,612,890
Decrease (increase) in:
Due from related parties 443,170,112 (114,194,380)
Other assets 20,066,109 (45,542,719)
lncrease (decrease) in accrued expenses and other current liabilities (351,508,056) 506,278,968
Cash generated from operations 18,079,198,920 12,280,154,7 60
Interest received (Note I l) 19,293,310 36,699,690
Income taxes paid (3,969,667) (7,503,716)
Net cash from operating activities 1810941522,563 12,309,339,724
CASH FLOWS FROM INVESTING ACTIVITIES

Additional investments in:
Joint venture (Note 8) (2,099,000,000) (833,000,000)
Subsidiaries (Note 8) (21,161 ,000)
Proceeds from disposal of investments in subsidiaries (Note 8) 5,3 15,000
Acquisition of property and equipment (Note 9) (97,321) (2,019,610)
Net cash used in investing activities (2,099,097,321) (850,865,610)
CASH FLOWS FROM FINANCING ACTIVITIES

Payment of:
Dividends (Notes 1l and 15) (15,,149,944,441\ (1 1,687, I 00,000)
Principal and interest relating to lease liability (498,897)
Cash used in financing activities (15,149,944,441) ( I 1,687,598,897)
EFFECT OF EXCHANGE RATE CHANGES ON

CASH AND CASH EQUIVALENTS 126,612 252,441
NET INCREASE (DECREASE) IN CASH AND

CASH EQUIVALENTS 845,607,413 (228,872,342)
CASH AND CASH EQUIVALENTS AT

BEGINNING OF YEAR 419,721,143 648 s93.485
CASH AND CASH EQUIVALENTS AT

BND OF YEAR (Note 6 556 P419,721,143
See accompant ing Notes to Parent
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LT GROUP, INC.
NOTES TO THE PARENT COMPANY FINANCIAL STATEMENTS
1. Corporate Information and Authorization for Issuance of the Parent Company Financial
Statements
Corporate Information
LT Group, Inc. (“LTG” or the “Company”) is a stock corporation incorporated in the Philippines and
registered with the Philippine Securities and Exchange Commission (SEC) on May 27, 1937 to engage
in the trading business. On November 17, 1947, the Company’s shares of stock were listed in
the Philippine Stock Exchange (PSE). The Company’s corporate life is 50 years from the date of
incorporation and was extended for another 50 years from and after May 27, 1987.
On September 22, 1995, the Philippine SEC approved the change in the Company’s primary purpose
to that of a holding company. On July 30, 1999, the Company acquired Twin Ace Holdings Corp., now
known as Tanduay Distillers, Inc. (TDI), a producer of distilled spirits, through a share swap with
Tangent Holdings Corporation (“Tangent” or the “Parent Company”). The share swap resulted in LTG
wholly owning TDI and Tangent increasing its ownership in LTG to 97.0%. The Company’s primary
purpose is to engage in the acquisition by purchase, exchange, assignment, gift or otherwise; and to
hold, own and use for investment or otherwise; and to sell, assign, transfer, exchange, lease, let,
develop, mortgage, enjoy and dispose of, any and all properties of every kind and description and
wherever situated, as to and to the extent permitted by law.
After a series of restructuring activities in 2012 and 2013, LTG has expanded and diversified its
investments to include the beverages, tobacco, property development and banking businesses, all
belonging to Dr. Lucio C. Tan and his family and assignees (collectively referred to as the “Controlling
Shareholders”).
As of December 31, 2022 and 2021, LTG is 74.36%-owned by its ultimate parent company, Tangent,
which is also incorporated in the Philippines.
The official business address of the head office is 11th Floor, Unit 3 Bench Tower, 30th St. corner Rizal
Drive Crescent Park West 5, Bonifacio Global City, Taguig City.
Authorization for Issuance of the Parent Company Financial Statements

The parent company financial statements as at December 31, 2022 and 2021 and for the years then
ended were authorized for issue by the Board of Directors (BOD) on March 14, 2023.
2. Basis of Preparation and Statement of Compliance

Basis of Preparation
The parent company financial statements have been prepared using the historical cost basis, except for
financial assets at fair value through other comprehensive income (FVTOCI) which are carried at fair
value, and are presented in Philippine peso (Peso), which is the Company’s functional and presentation
currency. All amounts are rounded off to the nearest Peso, except when otherwise indicated.
Statement of Compliance
The parent company financial statements, which are prepared for submission to the Philippine SEC and
Bureau of Internal Revenue (BIR), are presented in accordance with Philippine Financial Reporting
Standards (PFRSs). The term PFRSs, in general, includes all applicable PFRSs, Philippine Accounting
Standards (PAS) and Interpretations issued by the former Standing Interpretations Committee, the
Philippine Interpretations Committee and the International Financial Reporting
*SGVFS169650*
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Interpretations Committee (IFRIC) which have been approved by the Philippine Financial Reporting
Standards Council (FRSC) and adopted by the Philippine SEC.
The Company also prepares and issues consolidated financial statements for the same period as the
parent company financial statements presented in compliance with PFRSs, and are also filed with the
Philippine SEC. These may be obtained at the Company’s registered office address and accessed
through its website at http://www.ltg.com.ph.
3. Changes in Accounting Policies and Disclosures
Changes in Accounting Policies

The accounting policies adopted are consistent with those of the previous financial year, except that the
Company has adopted the new accounting pronouncements starting January 1, 2022 shown below.
Adoption of these pronouncements did not have any significant impact on the Company’s financial
position or performance, unless otherwise indicated. Additional disclosures have been included in the
notes to financial statements, as applicable.
 Amendments to PFRS 3, Reference to the Conceptual Framework

 Amendments to PAS 16, Plant and Equipment: Proceeds before Intended Use
 Amendments to PAS 37, Onerous Contracts - Costs of Fulfilling a Contract
 Annual Improvements to PFRSs 2018-2020 Cycle
o Amendments to PFRS 1, First-time Adoption of Philippines Financial Reporting Standards,
Subsidiary as a first-time adopter
o Amendments to PFRS 9, Financial Instruments, Fees in the ’10 per cent’ test for
derecognition of financial liabilities
o Amendments to PAS 41, Agriculture, Taxation in fair value measurements
Future Changes in Accounting Policies

Pronouncements issued but not yet effective are listed below. The Company intends to adopt the
following pronouncements when they become effective. Adoption of these pronouncements is not
expected to have a significant impact in the Company’s financial statements.
Effective beginning on or after January 1, 2023
 Amendments to PAS 1 and PFRS Practice Statement 2, Disclosure of Accounting Policies

 Amendments to PAS 8, Definition of Accounting Estimates
 Amendments to PAS 12, Deferred Tax related to Assets and Liabilities arising from a Single
Transaction
 Amendments to PAS 1, Classification of Liabilities as Current or Non-current

 Amendments to PFRS 16, Lease Liability in a Sale and Leaseback
 PFRS 17, Insurance Contracts
*SGVFS169650*
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Deferred effectivity
 Amendments to PFRS 10, Consolidated Financial Statements, and PAS 28, Sale or Contribution
of Assets between an Investor and its Associate or Joint Venture
The Company continues to assess the impact of the above new and amended accounting standards and
interpretations effective subsequent to December 31, 2022. Additional disclosures required by these
new and amended accounting standards and interpretations will be included in the financial statements
when they are adopted.
4. Summary of Significant Accounting Policies and Financial Reporting Policies
Current versus Noncurrent Classification

The Company presents assets and liabilities in the parent company statement of financial position based
on current or noncurrent classification.
An asset is current when it is:
 expected to be realized or intended to be sold or consumed in the normal operating cycle;

 held primarily for the purpose of trading;
 expected to be realized within twelve months after the reporting period; or
 cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at
least twelve months after the reporting period.
All other assets are classified as noncurrent.
A liability is current when it is:
 expected to be settled in the normal operating cycle;

 held primarily for the purpose of trading;
 expected to be settled within 12 months after the reporting period; or
 there is no unconditional right to defer settlement of the liability for at least 12 months after the
reporting period.
The Company classifies all other liabilities as noncurrent.
Deferred income tax assets and liabilities and retirement plan assets and liabilities are classified as
noncurrent assets and liabilities, respectively.
Fair Value Measurement

The fair value of an asset or liability is the price that would be received to sell an asset or paid to transfer
a liability in an orderly transaction between market participants at the measurement date. The fair value
measurement is based on the presumption that the transaction to sell the asset or transfer the liability
takes place either:
 in the principal market for the asset or liability, or

 in the absence of a principal market, in the most advantageous market for the asset or liability.
The principal market or the most advantageous market must be accessible to the Company.
*SGVFS169650*
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The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest.
A fair value measurement of a non-financial asset takes into account a market participant’s ability to
generate economic benefits by using the asset in its highest and best use or by selling it to another
market participant that would use the asset in its highest and best use.
The Company uses valuation techniques that are appropriate in the circumstances and for which
sufficient data are available to measure fair value, maximizing the use of relevant observable inputs
and minimizing the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the parent company financial
statements are categorized within the fair value hierarchy, described as follows, based on the lowest
level of input that is significant to the fair value measurement as a whole:
 Level 1 - Quoted (unadjusted) prices in active markets for identical assets or liabilities.
 Level 2 - Valuation techniques for which the lowest level of input that is significant to the fair value
measurement is directly or indirectly observable.
 Level 3 - Valuation techniques for which the lowest level of input that is significant to the fair value
measurement is unobservable.
For assets and liabilities that are recognized in the parent company financial statements on a recurring
basis, the Company determines whether transfers have occurred between Levels in the hierarchy by
re-assessing categorization (based on the lowest level of input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
External valuers are involved for valuation of significant assets. Involvement of external valuers is
decided upon annually by the respective segment management. Selection criteria include market
knowledge, reputation, independence and whether professional standards are maintained. Management
decides, after discussions with the Company’s external valuers, which valuation techniques and inputs
to use for each case.
At each reporting date, management analyses the movements in the values of assets and liabilities which
are required to be re-measured or re-assessed as per the Company’s accounting policies. For this
analysis, management verifies the major inputs applied in the latest valuation by agreeing the
information in the valuation computation to contracts and other relevant documents.
Cash and Cash Equivalents

Cash includes cash on hand and in banks. Cash equivalents are short-term, highly liquid investments
that are readily convertible to known amounts of cash with original maturities of three months or less
from dates of acquisition, and that are subject to an insignificant risk of change in value.
Financial Instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
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Financial assets
Initial recognition and measurement

Financial assets are classified, at initial recognition, as subsequently measured at amortized cost, fair
value through profit or loss (FVTPL) and FVTOCI.
The classification of financial assets at initial recognition depends on the financial asset’s contractual
cash flow characteristics and the Company’s business model for managing them. The Company initially
measures a financial asset at its fair value.
In order for a financial asset to be classified and measured at amortized cost or FVTOCI, it needs to
give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal
amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument
level.
The Company’s business model for managing financial assets refers to how it manages its financial
assets in order to generate cash flows. The business model determines whether cash flows will result
from collecting contractual cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a time frame established by
regulation or convention in the market place (regular way trades) are recognized on the trade date,
i.e., the date that the Company commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four categories:
 Financial assets at amortized cost (debt instruments)

 Financial assets at FVTOCI with recycling of cumulative gains and losses (debt instruments)
 Financial assets designated at FVTOCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
 Financial assets at FVTPL
The Company has no financial assets at FVTPL and FVTOCI with recycling of cumulative gains and
losses (debt instruments).
Financial assets at amortized cost (debt instruments). This category is most relevant to the Company.
The Company measures financial assets at amortized cost if both of the following conditions are met:
 The financial asset is held within a business model with the objective to hold financial assets in
order to collect contractual cash flows; and
 The contractual terms of the financial asset give rise on specified dates to cash flows that are closely
payments of principal and interest on the principal amount outstanding.
Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is
derecognized, modified or impaired.
The Company’s financial assets at amortized cost includes cash and cash equivalents and due from
related parties.
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Financial assets designated at FVTOCI (equity instruments). Upon initial recognition, the Company
can elect to classify irrevocably its equity instruments as equity instruments designated at FVTOCI
when they meet the definition of equity under PAS 32, Financial Instruments, Presentation, and are
not held for trading. The classification is determined on an instrument-by-instrument basis.
Gains and losses on these financial assets are never recycled to profit or loss. Dividends are recognized
as other income in profit or loss when the right of payment has been established, except when the
Company benefits from such proceeds as a recovery of part of the cost of the financial asset, in which
case, such gains are recorded in other comprehensive income (OCI). Equity instruments designated at
FVTOCI are not subject to impairment assessment.
The Company elected to classify irrevocably its unquoted equity instruments under this category.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognized (i.e., removed from the parent company statement of financial
position) when:
 the rights to receive cash flows from the asset have expired; or
 the Company has transferred its rights to receive cash flows from the asset or has assumed an
obligation to pay the received cash flows in full without material delay to a third party under a
‘pass-through’ arrangement; and either (a) the Company has transferred substantially all the risks
and rewards of the asset, or (b) the Company has neither transferred nor retained substantially all
the risks and rewards of the asset, but has transferred control of the asset.
When the Company has transferred its rights to receive cash flows from an asset or has entered into a
pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of
ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the
asset, nor transferred control of the asset, the Company continues to recognize the transferred asset to
the extent of its continuing involvement. In that case, the Company also recognized an associated
liability. The transferred asset and the associated liability are measured on a basis that reflects the rights
and obligations that the Company has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the
lower of the original carrying amount of the asset and the maximum amount of consideration that the
Company could be required to repay.
Impairment of financial assets

The Company recognizes an allowance for expected credit losses (ECLs) for all debt instruments not
held at FVTPL. ECLs are based on the difference between the contractual cash flows due in accordance
with the contract and all the cash flows that the Company expects to receive, discounted at an
approximation of the original effective interest rate. The expected cash flows will include cash flows
from the sale of collateral held or other credit enhancements that are integral to the contractual terms.
ECLs are recognized in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance
is required for credit losses expected over the remaining life of the exposure, irrespective of the timing
of the default (a lifetime ECL).
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For cash and cash equivalents and due from related parties, the Company applies the low credit risk
simplification. The probability of default and loss given defaults are publicly available and are
considered to be low credit risk investments. It is the Company’s policy to measure ECLs on such
instruments on a 12-month basis. However, when there has been a significant increase in credit risk
since origination, the allowance will be based on the lifetime ECL. The Company uses the ratings from
the external credit rating agencies to determine whether the debt instrument has significantly increased
in credit risk and to estimate ECLs.
Every reporting date, the Company evaluates whether the debt instrument is considered to have low
credit risk using all reasonable and supportable information that is available without undue cost or
effort. In making that evaluation, the Company reassesses the internal credit rating of the debt
instrument. In addition, the Company considers that there has been a significant increase in credit risk
when contractual payments are more than 90 days past due.
Financial liabilities
Initial recognition and measurement

Financial liabilities are classified, at initial recognition, as financial liabilities at FVTPL, loans and
borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings
and payables, net of directly attributable transaction costs.
The Company’s financial liabilities pertain to accrued expenses and other current liabilities (excluding
statutory liabilities).
Subsequent measurement
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortized
cost using the EIR method. Gains and losses are recognized in parent company statement of income
when the liabilities are derecognized as well as through the EIR amortization process.
Amortized cost is calculated by taking into account any discount or premium on acquisition and fees
or costs that are an integral part of the EIR. The EIR amortization is included as finance charges in
parent company statement of income. This category generally applies to interest-bearing loans and
borrowings.
Derecognition
A financial liability is derecognized when the obligation under the liability is discharged or cancelled
or expires. When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such an
exchange or modification is treated as the derecognition of the original liability and the recognition of
a new liability. The difference in the respective carrying amounts is recognized in parent company
statement of income.
Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the parent company
statement of financial position if there is a currently enforceable legal right to offset the recognized
amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities
simultaneously. The Company assesses that it has a currently enforceable right of offset if the right is
not contingent on a future event, and is legally enforceable in the normal course of business, event of
default, and event of insolvency or bankruptcy of the Company and all of the counterparties.
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Value-Added Tax (VAT)

Revenues, expenses, and assets are recognized net of the amount of VAT, if applicable.
When VAT from sales of goods and/or services (output VAT) exceeds VAT passed on from purchases
of goods or services (input VAT), the excess is recognized as payable in the parent company statement
of financial position. When VAT passed on from purchases of goods or services (input VAT) exceeds
VAT from sales of goods and/or services (output VAT), the excess is recognized as an asset in the
parent company statement of financial position to the extent of the recoverable amount.
The net amount of VAT recoverable from, or payable to, the taxation authority is included as part of
“Prepayments and other current assets” or “Accrued expenses and other current liabilities” in the parent
company statement of financial position.
Investments in Subsidiaries
Investments in subsidiaries are accounted for in the parent company statement of financial position
under the cost method, less any impairment in value. Subsidiaries are entities over which the Company
has control. The Company controls an investee if and only if the Company has:
 power over the investee (i.e., existing rights that give it the current ability to direct the relevant
activities of the investee);
 exposure, or rights, to variable returns from its involvement with the investee; and
 the ability to use its power over the investee to affect its returns.
When the Company has less than a majority of the voting or similar rights of an investee, the Company
considers all relevant facts and circumstances in assessing whether it has power over an investee,
including:
 the contractual arrangement with the other vote holders of the investee;
 rights arising from other contractual arrangements; and
 the Company’s voting rights and potential voting rights.
The Company re-assesses whether or not it controls an investee if facts and circumstances indicate that
there are changes to one or more of the three elements of control.
Rights for dividend payments are reflected as “Dividend income” in the parent company statement of
income.
Investments in a Joint Venture and an Associate

Investments in an associate and a joint venture are accounted for in the parent company statement of
financial position under the cost method, less any impairment in value. Under the cost method, the
investment is recognized at cost and rights for dividend payments from the investment are recognized
as “Dividend income” in the parent company statement of income.
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed
sharing of control of an arrangement, which exists only when decisions about the relevant activities
require unanimous consent of the parties sharing control.
An associate is an entity in which the Company has significant influence but not control, and which is
neither a subsidiary nor a joint venture. This is generally accompanied by a shareholding between 20%
to 50% of the voting rights of the investment.
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The Company determines at the end of each reporting period whether there is any objective evidence
that the investment in an associate is impaired. If this is the case, the Company calculates the amount
of impairment as the difference between the recoverable amount of the associate and its carrying value
and recognizes the difference in the parent company statement of income.
Property and Equipment

Property and equipment are stated at cost less accumulated depreciation and any impairment in value.
The initial cost of property and equipment consists of its purchase price, including import duties, taxes
and any directly attributable costs of bringing the asset to its working condition and location for its
intended use. Expenditures incurred after the property and equipment have been put into operation,
such as repairs and maintenance and overhaul costs, are normally charged to expense in the period
when the costs are incurred. In situations where it can be clearly demonstrated that the expenditures
have resulted in an increase in the future economic benefits expected to be obtained from the use of an
item of property and equipment beyond its originally assessed standard of performance, the
expenditures are capitalized as an additional cost of property and equipment.
The Company recognizes right-of-use (ROU) assets at the commencement date of the lease (i.e., the
date the underlying asset is available for use). ROU assets are initially measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease
liabilities. The initial cost of ROU assets includes the amount of lease liabilities recognized, initial
direct costs incurred, lease payments made at or before the commencement date less any lease
incentives received and estimate of costs to be incurred by the lessee in dismantling and removing the
underlying asset, restoring the site on which it is located or restoring the underlying asset to the
condition required by the terms and conditions of the lease, unless those costs are incurred to produce
inventories.
Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease
term, the recognized ROU assets are depreciated on a straight-line basis over the shorter of their
estimated useful life and lease term which is both 5 years. ROU assets are subject to impairment.
Depreciation of an item of property and equipment commences when it becomes available for use,
i.e., when it is in the location and condition necessary for it to be capable of operating in the manner
intended by management. Depreciation ceases at the earlier of the date that the item is classified as
held for sale (or included in a disposal group that is classified as held for sale) in accordance with
PFRS 5, Non-current Assets Held for Sale and Discontinued Operations, and the date the item is
derecognized.
Depreciation is computed on a straight-line basis over the estimated useful lives of the assets as follows:
Number of years
Furniture, fixtures and other equipment 5
Transportation equipment 5
5 or lease term with no renewal
Leasehold improvements options, whichever is shorter
The estimated useful lives and depreciation method are reviewed periodically to ensure that the method
and periods of depreciation are consistent with the expected pattern of economics benefits from the
items of property and equipment.
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When assets are sold or retired, their cost and accumulated depreciation and any impairment in value
are removed from the accounts, and any gain or loss resulting from their disposal is recognized in the
parent company statement of income.
Fully depreciated assets are retained in the accounts until they are no longer in use and no further
depreciation is recognized in parent company statement of income.
Leases
The Company assesses at contract inception whether a contract is, or contains, a lease. It constitutes
that the contract conveys the right to control the use of an identified asset for a period of time in
exchange for consideration.
The Company as a lessee

The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those
leases that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). Lease payments on short-term leases are recognized as expense on a straight-line
basis over the lease term.
Impairment of Noncurrent Nonfinancial Assets

The Company assesses at the end of each reporting period whether there is any indication that its
nonfinancial assets (investment in subsidiaries, associate and joint venture, property and equipment)
may be impaired. An asset is impaired when events or changes in circumstances indicate that the
carrying value may not be recoverable. If any such indication exists, or when an annual impairment
testing for an asset is required, the Company makes an estimate of their recoverable amount.
An asset’s recoverable amount is the higher of an asset’s (or cash-generating unit’s [CGU’s]) fair value
less costs to sell and its value-in-use, and is determined for an individual asset, unless the asset does
not generate cash inflows that are largely independent of those from other assets or group of assets, in
which case the recoverable amount is assessed as part of the cash-generating unit to which it belongs.
When the carrying amount exceeds its recoverable amount, the asset (or CGU) is considered impaired
and is written down to its recoverable amount. In assessing value-in-use, the estimated future cash
flows are discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. Impairment losses are
directly charged against or credited to current operations.
An assessment is further made at each reporting period as to whether there is any indication that
previously recognized impairment losses may no longer exist or may have decreased. If such indication
exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only
if there has been a change in the estimates used to determine the asset’s recoverable amount since the
last impairment loss was recognized. If that is the case, the carrying amount of the item is increased to
its recoverable amount. That increased amount cannot exceed the carrying amount that would have
been determined, net of accumulated depreciation and amortization, had no impairment loss been
recognized in prior years. Such reversal is recognized in the parent company statement of income
unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation
increase. After such a reversal, the depreciation or amortization expense charge is adjusted in future
years to allocate the asset’s revised carrying amount, less any residual value on a systematic basis over
its remaining estimated useful life.
Capital Stock and Additional Paid-In Capital

Capital stock is measured at par value for all shares issued and outstanding. Incremental costs incurred
that are directly attributable to the issuance of new shares are shown in equity as a deduction from
proceeds, net of tax.
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The amount of contribution in excess of par value is accounted for as an additional paid-in capital.
Own equity instruments which are reacquired (treasury shares) are recognized at cost and deducted
from equity. No gain or loss is recognized in parent company statement of income on the purchase,
sale, issue or cancellation of the Company’s own equity instruments. Any difference between the
carrying amount and the consideration is recognized as additional paid-in capital.
Retained Earnings
Retained earnings represent the cumulative balance of net income or loss, dividend distributions, prior
period adjustments, effects of the changes in accounting policies and other capital adjustments.
Unappropriated retained earnings represent that portion which can be declared as dividends to
stockholders after adjustments for any unrealized items which are considered not available for dividend
declaration. Appropriated retained earnings represent that portion which has been restricted and
therefore is not available for any dividend declaration.
Dividend Distributions
Cash dividends on common shares are recognized as a liability and deducted from equity when
approved by the BOD of the Company. Stock dividends are treated as transfers from retained earnings
to capital stock. Dividend distributions for the year that are approved after the end of reporting period
are dealt with as non-adjusting events.
Other Comprehensive Income (OCI)

Other comprehensive income comprises items of income and expense (including items previously
presented under the parent company statement of changes in equity) that are not recognized in the
parent company statement of income for the year in accordance with PFRSs.
Dividend Income
Dividend income is recognized when the Company’s right as a shareholder to receive the payment is
established.
Finance Income
Finance income is recognized as the interest accrues based on the effective interest method.
Expenses
Expenses are recognized in the parent company statement of income when a decrease in future
economic benefits related to a decrease in an asset or an increase of a liability has arisen that can be
measured reliably. Expenses are recognized as incurred.
Retirement Benefits Costs

The net defined benefit liability or asset is the aggregate of the present value of the defined benefit
obligation at the end of the reporting period reduced by the fair value of plan assets (if any), adjusted
for any effect of limiting a net defined benefit asset to the asset ceiling. The asset ceiling is the present
value of any economic benefits available in the form of refunds from the plan or reductions in future
contributions to the plan.
The cost of providing benefits under the defined benefit plans is actuarially determined using the
projected unit credit method.
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Retirement benefit costs comprise the following:
 Service cost;
 Net interest on the net defined benefit liability or asset; and
 Remeasurements of net defined benefit liability or asset.
Service costs which include current service costs, past service costs and gains or losses on non-routine
settlements are recognized as expense in parent company statement of income. Past service costs are
recognized when plan amendment or curtailment occurs. These amounts are calculated periodically by
independent qualified actuaries.
Net interest on the net defined benefit liability or asset is the change during the period in the net defined
benefit liability or asset that arises from the passage of time which is determined by applying the
discount rate based on government bonds to the net defined benefit liability or asset. Net interest on
the net defined benefit liability or asset is recognized as expense or income in parent company statement
of income.
Remeasurements comprising actuarial gains and losses, return on plan assets and any change in the
effect of the asset ceiling (excluding net interest on defined benefit liability) are recognized immediately
in other comprehensive income in the period in which they arise. Remeasurements are not reclassified
to profit or loss in subsequent periods.
Plan assets are assets that are held by a long-term employee benefit fund. Plan assets are not available
to the creditors of the Company, nor can they be paid directly to the Company. Fair value of plan assets
is based on market price information. When no market price is available, the fair value of plan assets is
estimated by discounting expected future cash flows using a discount rate that reflects both the risk
associated with the plan assets and the maturity or expected disposal date of those assets (or, if they
have no maturity, the expected period until the settlement of the related obligations). If the fair value
of the plan assets is higher than the present value of the defined benefit obligation, the measurement of
the resulting defined benefit asset is limited to the present value of the economic benefits available in
the form of refunds from the plan or reductions in future contributions to the plan.
Foreign Currency-Denominated Transactions and Translations

Transactions in foreign currencies are initially recorded using the applicable exchange rate at the date
of the transaction. Outstanding monetary assets and liabilities denominated in foreign currencies are
translated using the closing foreign exchange rate prevailing at the reporting date. All differences are
charged to parent company statement of income.
Income Taxes
Current income tax
Current income tax assets and tax liabilities for the current and prior periods are measured at the amount
expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to
compute the amount are those that have been enacted or substantively enacted at balance sheet date.
Deferred income tax

Deferred income tax is provided using the balance sheet liability method on all temporary differences
at balance sheet date between the tax bases of assets and liabilities and their carrying amounts for
financial reporting purposes.
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Deferred income tax liabilities are recognized for all taxable temporary differences. Deferred income
tax assets are recognized for all deductible temporary differences, carryforward benefits of unused tax
credits from excess of minimum corporate income tax (MCIT) over regular corporate income tax
(RCIT), excess MCIT and net operating loss carryover (NOLCO). Deferred income tax assets are
recognized to the extent that it is probable that future taxable income will be available against which
the deductible temporary differences, excess MCIT and NOLCO can be utilized before their expirations
except:
 when the deferred income tax asset relating to the deductible temporary differences arises from the
initial recognition of an asset or liability in a transaction that is not a business combination and, at
the time of the transaction, affects neither the accounting profit nor taxable income; or
 in respect of deductible temporary differences associated with investments in subsidiaries,
associates and interests in joint ventures, deferred income tax assets are recognized only to the
extent that it is probable that the temporary differences will reverse in the foreseeable future and
taxable income will be available against which the temporary differences can be utilized.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date and reduced
to the extent that it is no longer probable that sufficient taxable income will be available to allow all or
part of the deferred income tax assets to be utilized. Unrecognized deferred income tax assets are
re-assessed at each balance sheet date and are recognized to the extent that it has become probable that
future taxable income will allow the deferred income tax assets to be recovered.
Deferred income tax assets and liabilities are measured at the tax rate that is expected to apply to the
period when the asset is realized or the liability is settled, based on tax rates and tax laws that have been
enacted or substantively enacted at the financial reporting date. Movements in the deferred tax assets
and liabilities arising from changes in tax rates are charged or credited to the income for the period.
Deferred income tax assets and liabilities are offset, if a legally enforceable right exists to set off current
income tax assets against current income tax liabilities, and the deferred income taxes relate to the same
taxable entity and the same taxation authority.
Deferred income tax relating to items recognized directly in equity is recognized in equity and not in
the parent company statement of income. Deferred tax items are recognized in correlation to the
underlying transaction either in other comprehensive income or directly in equity.
Provisions and Contingencies

Provisions are recognized when the Company has a present obligation (legal or constructive) as a
result of a past event, it is probable that an outflow of resources embodying economic benefits will be
required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
If the effect of the time value of money is material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects current market assessment of the time value
of money and where appropriate, the risks specific to the liability.
Where discounting is used, the increase in the provisions due to the passage of time is recognized as
interest expense. Where the Company expects a provision or loss to be reimbursed, the reimbursement
is recognized as a separate asset only when the reimbursement is virtually certain and its amount is
estimable. The expense relating to any provision is presented in the parent company statement of
income, net of any reimbursement.
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Contingent liabilities are not recognized in the parent company financial statements. These are
disclosed unless the possibility of an outflow of resources embodying economic benefits is remote.
Contingent assets are not recognized in the parent company financial statements but disclosed when an
inflow of economic benefits is probable. Contingent assets are assessed continually to ensure that
developments are appropriately reflected in the parent company financial statements. If it has become
virtually certain that an inflow of economic benefits will arise, the asset and the related income are
recognized in the parent company financial statements.
Events After the Reporting Period

Events after the reporting period that provide additional information about the Company’s position at
the end of the reporting period (adjusting events) are reflected in the parent company financial
statements. Events after the reporting period that are not adjusting events are disclosed in the notes to
the parent company financial statements when material.
5. Significant Judgment, Accounting Estimates and Assumptions
The preparation of the parent company financial statements in accordance with PFRSs requires the
management of the Company to exercise judgments, make accounting estimates and use assumptions
that affect the reported amounts of assets, liabilities, income and expenses and disclosure of contingent
assets and contingent liabilities. Future events may occur which will cause the assumptions used in
arriving at the accounting estimates to change. The effects of any change in accounting estimates are
reflected in the parent company financial statements as they become reasonably determinable.
Accounting estimates and judgments are continually evaluated and are based on historical experience
and other factors, including expectations of future events that are believed to be reasonable under the
circumstances.
Judgment
In the process of applying the Company’s accounting policies, management has made the following
judgment, apart from those involving estimations, which have the most significant effects on the
amounts recognized in the parent company financial statements:
Assessment of impairment of noncurrent nonfinancial assets

The Company assesses at the end of each reporting period whether there is any indication that
noncurrent nonfinancial assets may be impaired. If such indication exists, the entity shall estimate the
recoverable amount of the asset, which is the higher of an asset’s fair value less costs to sell and its
value-in-use. In determining fair value less costs to sell, an appropriate valuation model is used, which
can be based on quoted prices or other available fair value indicators.
Determining the recoverable amounts of the nonfinancial assets, which involves the determination of
future cash flows expected to be generated from the continued use and ultimate disposition of such
assets, requires the use of estimates and assumptions that can materially affect the parent company
financial statements. Future events could indicate that these nonfinancial assets are impaired. Any
resulting impairment loss could have a material adverse impact on the financial condition and results
of operations of the Company.
The preparation of estimated future cash flows involves significant judgment and estimations. While
the Company believes that its assumptions are appropriate and reasonable, significant changes in these
assumptions may materially affect its assessment of recoverable values and may lead to future
additional impairment charges under PFRSs.
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Based on management’s evaluation, no impairment loss needs to be recognized on the Company’s

noncurrent nonfinancial assets. As of December 31, 2022 and 2021, the carrying value of the
noncurrent nonfinancial assets (i.e., investments in subsidiaries and a joint venture and an associate,
property and equipment, and other noncurrent assets) amounted to P =89,872.9 million and =P87,761.8
million, respectively (see Notes 8 and 9).
Accounting Estimates and Assumptions

The key assumptions concerning the future and other key sources of estimation uncertainties at the end
of reporting period, that have a significant risk of causing a material adjustment to the carrying amounts
of assets and liabilities within the next financial year are as follows:
Estimation of allowance for expected credit losses on financial assets at amortized cost
The Company uses a provision matrix to calculate ECLs for its financial assets at amortized cost. The
provision matrix is initially based on the Company’s historical observed default rates. The Company
calibrates the matrix to adjust the historical credit loss experience with forward-looking information.
For instance, if forecast economic conditions are expected to deteriorate over the next year which can
lead to an increased number of defaults in the manufacturing sector, the historical default rates are
adjusted. At every reporting date, the historical observed default rates are updated and changes in the
forward-looking estimates are analyzed.
The assessment of the correlation between historical observed default rates, forecast economic
conditions and ECLs is a significant estimate. The amount of ECLs is sensitive to changes in
circumstances and of forecast economic conditions. The Company’s historical credit loss experience
and forecast of economic conditions may also not be representative of customer’s actual default in the
future.
Total carrying value of due from related parties for which no impairment was recognized amounted to
=1,114.1 million and =
P P1,554.6 million as of December 31, 2022 and 2021, respectively (see Note 11).
Recognition of deferred income tax assets

The Company reviews the carrying amounts at each financial reporting date and adjusts deferred
income tax assets to the extent that it is no longer probable that sufficient taxable profit will be available
to allow all or part of the deferred income tax assets to be utilized. The Company looks at its projected
financial performance in assessing the sufficiency of future taxable income.
Unrecognized NOLCO, excess MCIT and deductible temporary differences as at December 31, 2022
and 2021 are disclosed in Note 14.
6. Cash and Cash Equivalents
2022 2021
Cash on hand and in banks (Note 11) P
=807,588,621 =415,582,931
P
Cash equivalents (Note 11) 457,739,935 4,138,212
P
=1,265,328,556 =419,721,143
P
Cash in banks earn interest at bank deposit rates. Cash equivalents are made for varying periods of up
to three months depending on the immediate cash requirements of the Company and earn interest at the
respective short-term investment rates. Interest income earned from cash in banks and cash equivalents
amounted to =P9.9 million and =P0.6 million in 2022 and 2021, respectively.
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7. Financial Assets at FVTOCI
Financial assets at FVTOCI pertains to its shares of stock in Wack Wack Golf and Country Club Inc.
Movements in the carrying value of financial assets at FVTOCI follows:
2022 2021
Acquisition Cost
Balances at beginning and end of year P
=57,200,000 =57,200,000
P
Cumulative Unrealized Gains on
Changes in Fair Value
Balances at beginning of year 30,800,000 10,800,000
Fair value changes recognized in OCI 22,000,000 20,000,000
Balances at end of year 52,800,000 30,800,000
P
=110,000,000 =88,000,000
P
8. Investments in Subsidiaries, a Joint Venture and an Associate

2022 2021
% of Carrying % of Carrying
ownership amount ownership amount
Subsidiaries:
Bank Holding Companies 80.0-100.0 P42,420,116,218 80.0-100.0 =
= P42,420,116,218
Asia Brewery, Incorporated (ABI) 99.9 12,570,697,217 99.9 12,570,697,217
TDI 100.0 9,739,880,596 100.0 9,739,880,596
Paramount Landequities, Inc. (PLI) 100.0 7,032,584,288 100.0 7,032,584,288
Saturn Holdings, Inc. (SHI) 100.0 4,420,484,848 100.0 4,420,484,848
Shareholdings, Inc. (Shareholdings) 97.7 1,986,637,749 97.7 1,986,637,749
Fortune Tobacco Corporation (FTC) 99.6 1,750,820,461 99.6 1,750,820,461
Asia’s Emerging Dragon
Corporation (AEDC) 60.0 225,000,000 60.0 225,000,000
Mabuhay Digital Philippines, Inc. 100.0 10,491,500 100.0 10,491,500
Mabuhay Digital Technologies, Inc. 100.0 10,669,500 100.0 10,669,500
80,167,382,377 80,167,382,377
Joint Venture - ALI-Eton Property
Development Corporation (AEPDC) 50.0 7,386,500,000 50.0 5,287,500,000
Associate - Victorias Milling Corporation
(VMC) 26.1 2,201,747,729 26.1 2,201,747,729
=
P89,755,630,106 =
P87,656,630,106
Investments in subsidiaries and an associate

 In various dates in 2022 and 2021, the BOD of subsidiaries and an associate approved the following
declaration and distribution of cash dividends (see Note 11):
2022 2021
FTC P
=15,086,250,483 =
P10,185,621,345
Shareholdings 3,076,762,489 2,051,174,993
VMC 50,085,234 71,550,335
P
=18,213,098,206 P
=12,308,346,673
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Investment in AEPDC
On January 21, 2016, the Company entered into an agreement with Ayala Land, Inc. (ALI) to jointly
develop a project along the C5 corridor. The project is envisioned to be a township development that
spans portions of Pasig City and Quezon City. On April 15, 2016, the Company infused = P20.0 million
to the joint project with ALI.
On July 5, 2017, the Company subscribed to additional 25,200,000 common shares and 226,800,000
preferred shares from AEPDC’s increase in authorized capital stock for a consideration totaling to
=252.0 million. On November 20, 2017, the Company made additional capital infusion amounting to
P
=370.0 million for the joint venture’s initial purchase of land in exchange for 370,000,000 common
P
shares.
In 2018, the Company injected additional capital totaling P

=1,534.0 million for the joint venture’s project
planning and development and direct operating expenses.
On July 16 and November 19, 2019, the Company infused additional capital totaling = P1,195.0 million
for subscription of remaining unsubscribed shares and for increase in authorized capital stock.
On April 28 and July 27, 2020, the Company infused additional capital totaling = P1,083.5 million for
the joint venture’s capital expenditure on construction projects and working capital.
On February 22, May 11 and December 13, 2021, the Company infused additional capital totaling
=833.0 million for the joint venture’s capital expenditure on construction projects and working capital.
P
On April 29 and November 25, 2022 , the Company infused additional capital totaling P =2,099.0 million
for the joint venture’s capital expenditure on construction projects and working capital.
The summarized financial information of AEPDC as of and for the years ended December 31, 2022
and 2021 follows:
2022 2021
(In Thousands)
Current assets P
=16,056,792 =13,677,474
P
Noncurrent assets 6,081,276 4,506,255
Current liabilities 6,627,948 6,249,887
Noncurrent liabilities 219,309 862,949
Revenue 1,966,855 844,572
Income before income tax 366,863 154,460
Provision for income tax (93,565) (25,614)
Total comprehensive income 273,298 128,846
Investment in VMC
On December 21, 2007, the Company acquired 170.1 million shares representing 10.67% ownership in
the shares of stock of VMC for P
=85.1 million presented as available-for-sale (AFS) financial assets as
of December 31, 2013. Net changes in the fair value of AFS financial assets recognized as other
comprehensive income in 2013 amounted to P =86.8 million. As of December 31, 2013, the cost of
investment plus the accumulated net changes in fair value of AFS financial assets amounted to
=323.3 million.
P
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On various dates of April and May 2014, LTG acquired shares of stock of VMC amounting to
=1,148.9 million, which increased its ownership interest to 17.5%, and convertible notes amounting to
P
=967.7 million, which would increase LTG’s interest to 23.5% upon conversion. Management assessed
P
it has significant influence in VMC as of May 31, 2014. Accordingly, it reclassified the cost of its AFS
financial assets to investment in an associate and derecognized the net changes in fair value of AFS
financial assets amounting to P =323.3 million. In 2015, portions of the convertible notes amounting to
=124.1 million were converted to shares of stock of VMC. This resulted in an increase in LTG’s
P
ownership interest to 22.5% as of December 31, 2015.
On February 15, 2016, VMC approved the acquisition of its own shares. The sale agreement had been
executed on February 18, 2016 and led to the acquisition of 300 million treasury shares. This resulted
to an increase in the Company’s percentage of ownership from 22.5% to 25.1%.
On May 23, 2017, portions of the convertible notes amounting to = P58.9 million were converted to
shares of stock of VMC resulting to an increase in the Company’s percentage of ownership to 26.1%
as of December 31, 2017.
The summarized financial information of VMC as of and for the years ended August 31, 2022 and 2021
follows:
2022 2021
(In Thousands)
Current assets P
=4,236,359 =3,851,240
P
Noncurrent assets 7,108,633 6,498,798
Current liabilities 751,030 588,046
Noncurrent liabilities 994,476 862,428
Revenue 8,550,322 7,468,247
Income before income tax 1,089,639 861,045
Provision for income tax (123,569) (74,809)
Net income 966,070 786,236
Other comprehensive income (loss) 7,820 42,790
Total comprehensive income 973,890 829,026
9. Property and Equipment
As of December 31, 2022:
Furniture,
Fixtures
and Other Transportation Leasehold
Equipment Equipment Improvements Total
Cost
Beginning of year P
=6,717,196 P
=19,066,011 P
=6,056,352 P
=31,839,559
Additions 97,321 − − 97,321
End of year 6,814,517 19,066,011 6,056,352 31,936,880
Accumulated Depreciation
Beginning of year 6,343,226 15,404,398 5,047,177 26,794,801
Depreciation (Note 12) 194,444 1,498,821 460,480 2,153,745
End of year 6,537,670 16,903,219 5,507,657 28,948,546
Net Book Values P
=276,847 P
=2,162,792 P
=548,695 P
=2,988,334
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Furniture,
Fixtures
and Other Transportation Leasehold ROU Asset -
Equipment Equipment Improvements Office Space Total
Cost
Beginning of year =6,653,285
P =17,110,312
P =6,056,352
P =2,666,606
P =32,486,555
P
Additions 63,911 1,955,699 – – 2,019,610
Disposals – – – (2,666,606) (2,666,606)
End of year 6,717,196 19,066,011 6,056,352 – 31,839,559
Accumulated Depreciation
Beginning of year 6,144,793 12,367,982 4,635,477 1,022,199 24,170,451
Depreciation (Note 12) 198,433 3,036,416 411,700 266,661 3,913,210
Disposals – – – (1,288,860) (1,288,860)
End of year 6,343,226 15,404,398 5,047,177 – 26,794,801
Net Book Values =373,970
P =3,661,613
P =1,009,175
P =–
P =5,044,758
P
The aggregate cost of fully depreciated property and equipment that are still in use amounted to
=24.7 million and =
P P13.32 million as of December 31, 2022 and 2021, respectively.
10. Accrued Expenses and Other Liabilities
2022 2021
Subscription payable (Note 11) P
=693,274,044 =693,274,044
P
Withholding taxes payable 205,298,779 245,073,516
Accrued expenses and other liabilities 22,054,494 27,787,813
Due to related parties (Note 11) − 306,000,000
P
=920,627,317 =1,272,135,373
P
Accrued expenses and other liabilities consist of accruals for professional fees, salaries and statutory
liabilities, among others.
11. Related Party Transactions
The parent company statements of income include the following transactions with related parties:
Nature 2022 2021

Subsidiaries Dividend income P
=18,213,098,206 =12,308,346,673
P
Finance income 21,949,560 36,688,680
Key Management Short-term benefits 12,366,400 11,860,000
Management fees (Note 12) 75,000,000 75,000,000
Outstanding balances at year-end are unsecured and settlement occurs in cash, unless otherwise
indicated. There have been no guarantees provided or received for any related party receivables or
payables. The Company has not recorded any impairment of receivables relating to amounts owed by
related parties.
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The parent company statements of financial position include the following receivable (payable) account
balances as of December 31 with related parties:
Amount/Volume Outstanding Balance

2022 2021 2022 2021 Terms and conditions
Parent Company
On demand, unsecured,
Dividends declared P
= 11,264,845,470 =8,690,023,648
P =−
P =−
P noninterest bearing
Subsidiaries
On demand, 0.9% to
Cash and cash equivalents 845,607,413 (228,872,342) 1,264,998,956 419,391,543 8% interest
Due from related parties* 30,951,239 42,644,045 319,003,532 288,052,293 noninterest bearing
On demand, unsecured
3.75% annual interest
Loan receivable* (450,000,000) − 500,000,000 950,000,000 payable monthly
Dividends receivable* (21,465,101) 71,550,335 295,068,145 316,533,246 noninterest bearing
Subscription payable** − − (693,274,044) (693,274,044) -do-
Due to related parties** 306,000,000 (306,000,000) − (306,000,000) -do -
*Presented under due from related parties
**Presented under accrued expenses and other liabilities
The Company, in the normal course of business, has the following significant transactions with related
parties:
Transactions with Tangent

 In 2022 and 2021, the Company declared cash dividends to stockholders of which P
=11,264.8
million and =
P8,690.0 million, respectively were paid to Tangent.
 In 2022 and 2021, the office rent is being shouldered by Tangent, at no cost to the Company.
Transactions with subsidiaries and entities under common control

 The Company has outstanding Peso and US$-denominated short-term investments as well as
current and savings deposit with PNB.
 Unpaid subscription from the acquisition of Caravan Holdings Corporation amounting to

=353.8 million as of December 31, 2022 and 2021.
P
 Unpaid subscription from the acquisition of the subscription rights to the shares of Shareholdings
amounting to =
P339.5 million as of December 31, 2022 and 2021.
 The Company earned interest income amounting to = P12.0 million and =

P36.1 million in 2022 and
2021, respectively, from the advances made to TDI.
 Dividend income pertains to cash dividends declared and distributed by FTC, Shareholdings, and
VMC (see Note 8).
 The Company has entered a management contract with Basic Holdings Corporation (BHC) on
November 22, 2019, which is effective from January 1, 2020 to December 31, 2020. The said
management contract had been renewed subsequently for another year. The contract stipulates that
BHC will provide management services based on an agreed monthly rate, exclusive of applicable
taxes, fees and other charges.
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12. Cost and Expenses
2022 2021
Professional fees (Note 11) P
=91,394,017 =95,093,168
P
Personnel costs 45,368,391 45,416,888
COVID-19 related expenses 29,547,513 111,289,258
Software maintenance 18,035,580 18,473,663
Advertising 13,720,515 23,248,466
Outside services 13,702,917 892,584
Communications 5,500,000 12,000,000
Periodicals and subscription dues 4,078,746 4,698,862
Provision for impairment 4,066,968 −
Transportation and travel 3,083,776 2,985,308
Depreciation and amortization (Note 9) 2,157,849 3,913,210
Donations 1,979,000 47,996,900
Insurance 1,950,224 1,615,148
Sponsorships 1,449,295 2,071,429
Taxes and licenses 1,269,146 4,413,018
Others 8,293,751 7,169,276
P
=245,597,688 =381,277,178
P
COVID-19 related expenses represent the cost of vaccines purchased by the Company for the use of
employees of the Company and its subsidiaries.
Personnel costs consist of the following:
2022 2021
Salaries, bonuses and allowances P
=34,029,824 =35,236,791
P
Retirement benefits cost (Note 13) 3,256,248 2,630,185
Other employee benefits 8,082,319 7,549,912
P
=45,368,391 =45,416,888
P
Other employee benefits consist of directors fee, 13th month pay and statutory benefits, among others.
13. Retirement Benefits
The Company has a funded, noncontributory defined benefit plan covering substantially all of its
qualified employees. Retirement benefits are dependent on the years of service and the respective
employee’s compensation.
Under the existing regulatory framework, Republic Act No. 7641, The Retirement Pay Law, requires a
provision for retirement pay to qualified private sector employees in the absence of any retirement plan
in the entity, provided however that the employee’s retirement benefits under any collective bargaining
and other agreements shall not be less than those provided under the law. The law does not require
minimum funding of the plan.
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The following tables summarize the components of the net retirement benefits cost recognized in the
parent company statements of income and the funded status and amounts recognized in the parent
company statements of financial position:
2022
Fair Value Defined Net
of Plan Benefit Retirement
Assets Obligation Plan Assets
Beginning balance P
=19,849,309 (P
=17,909,883) P
=1,939,426
Net retirement cost in parent
company statement of income:
Current service cost  (3,353,026) (3,353,026)
Net interest income 990,481 (893,703) 96,778
990,481 (4,246,729) (3,256,248)
Contribution 5,443,859 − 5,443,859
Remeasurements in parent
company statement of
comprehensive income -
actuarial changes arising from
Financial assumptions − 4,705,897 4,705,897
Experience adjustments − (1,970,491) (1,970,491)
Remeasurement of plan assets (805,096) − (805,096)
(805,096) 2,735,406 1,930,310
Ending balance P
=25,478,553 (P
=19,421,206) P
=6,057,347
2021
Fair Value Defined Net
of Plan Benefit Retirement
Assets Obligation Plan Assets
Beginning balance =19,781,303
P (P
=13,712,954) =6,068,349
P
Net retirement cost in parent
company statement of income:
Current service cost  (3,077,422) (3,077,422)
Net interest income 1,457,882 (1,010,645) 447,237
1,457,882 (4,088,067) (2,630,185)
Remeasurements in parent
company statement of
comprehensive income -
actuarial changes arising from
experience adjustments (1,389,876) (108,862) (1,498,738)
Ending balance =19,849,309
P (P
=17,909,883) P1,939,426
=
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The plan assets available for benefits are as follows:
2022 2021
Cash P
=6,040,825 =
P19,775
Financial assets at FVTOCI 19,425,305 19,816,220
Accrued interest 24,807 16,164
Accrued expenses (12,384) (2,850)
=
P25,478,553 =
P19,849,309
The Company’s retirement fund is maintained by PNB, as the trustee bank. As of December 31, 2022
and 2021, the Company has no transactions with its retirement fund pertaining to loans, investments,
lease, guaranty or surety. The retirement fund has no investment in debt or equity securities of the
Company.
The Company expects to contribute =

P3.8 million to the retirement fund in 2023.
The latest actuarial valuation of the plan is as of December 31, 2022. The principal assumptions used
in determining the retirement benefits cost for the Company’s plans as of January 1 are as follows:
2022 2021
Discount rate per annum 4.99% 7.37%
Future annual increase in salary 8.00% - 10.00% 8.00% - 10.00%
As of December 31, 2022, the discount and future salary increase rates are 7.11% and 9.00%,
respectively.
The sensitivity analysis as of December 31, 2022 and 2021 based on reasonably possible changes of
each significant assumption on the defined benefit obligation of the parent company, is deemed
immaterial.
The Company currently does not employ any asset-liability matching strategies. The overall investment
policy and strategy of the Company’s defined benefit plans is guided by the objective of achieving an
investment return which, together with contributions, ensures that there will be sufficient assets to pay
pension benefits as they fall due while also mitigating the various risk of the plans. The Company’s
current strategic investment strategy consists of 76.24% of investments in financial assets at FVTOCI
and debt instruments, 23.71% in cash and cash equivalents and 0.05% in accrued interest therein.
The average duration of the defined benefit obligation is 22 years as of December 31, 2022 and 2021.
14. Income Taxes
a. Details of the Company’s provision for current income tax follow:
2022 2021
MCIT =
P120,260 =
P360,729
Final tax 1,984,666 123,114
Basic deficiency income tax − 1,969,665
P
=2,104,926 =2,453,508
P
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b. The reconciliation between the provision for income tax computed at the statutory income tax rate
and the provision for income tax shown in the parent company statements of income is as follows:
2022 2021
Provision for income tax at statutory rate P
=4,497,394,172 =2,991,002,654
P
Adjustments resulting from tax effects of:
Nontaxable dividend income (4,553,274,552) (3,077,086,668)
Excess MCIT, NOLCO and deductible
temporary difference for which no deferred
income tax assets were recognized 46,803,038 46,967,062
Nondeductible expenses 14,069,000 44,363,382
Interest income subjected to final tax (2,480,880) (153,941)
Change in tax rate − (960,964)
Provision for income tax P
=2,510,778 =4,131,525
P
Change in tax rates

The President of the Republic of the Philippines signed into law on March 26, 2021 the Corporate
Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more investments and
maintain fiscal prudence and stability in the Philippines. Republic Act (RA) 11534 or the CREATE
Act introduces reforms to the corporate income tax and incentives systems. It takes effect 15 days
after its complete publication in the Official Gazette or in a newspaper of general circulation or
April 11, 2021.
The following are the key changes to the Philippine tax law pursuant to the CREATE Act which
have an impact on the Company:
 Effective July 1, 2020, regular corporate income tax (RCIT) rate is reduced from 30% to 25%
for domestic and resident foreign corporations. For domestic corporations with net taxable
income not exceeding P =5.0 million and with total assets not exceeding P =100.0 million
(excluding land on which the business entity’s office, plant and equipment are situated) during
the taxable year, the RCIT rate is reduced to 20%.
 Minimum corporate income tax (MCIT) rate reduced from 2% to 1% of gross income effective
July 1, 2020 to June 30, 2023.
c. The Company’s net deferred income tax liabilities as of December 31 are as follows:
2022 2021
Recognized directly in the parent company
statements of income:
Deferred income tax liabilities on
Net retirement plan assets =
P1,647,236 =
P1,100,334
Unrealized foreign exchange gain 31,653 172,703
1,678,889 1,273,037
Recognized directly in equity:
Deferred income tax liabilities (assets) on:
Remeasurement losses of defined benefit
plan (132,899) (615,477)
Unrealized gain on financial assets at FVTOCI 7,920,000 4,620,000
7,787,101 4,004,523
=
P9,465,990 =
P5,277,560
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c. As of December 31, 2022 and 2021, the Company did not recognize deferred income tax assets on
carryforward benefits of NOLCO, unused tax credits from MCIT and unamortized past service cost
since management believes that sufficient taxable profit will not be available to allow the deferred
income tax assets to be utilized as follows:
2022 2021
NOLCO P
=532,646,282 =503,058,827
P
MCIT 1,205,364 1,944,424
Unamortized past service cost 750,005 1,555,463
d. Movement in the Company’s NOLCO and MCIT is as follows:
NOLCO MCIT
2022 2021 2022 2021
Beginning of year P
=503,058,827 =402,717,920
P P
=1,944,424 =2,059,924
P
Additions 185,445,742 187,021,707 120,260 360,729
Expiration (155,858,287) (86,680,800) (859,320) (476,229)
End of year P
=532,646,282 =503,058,827
P P
=1,205,364 =1,944,424
P
NOLCO
NOLCO incurred for the taxable year 2022 and before taxable year 2020 can be claimed as
deduction from the regular taxable income for the next three (3) consecutive taxable years, as
follows:
As at As at
Year Available December 31, December 31,
Incurred Until 2021 Additions Expiration 2022
2019 2022 =155,858,287
P = (P
P =155,858,287) =−
P
2022 2025 − 185,445,742 − 185,445,742
=155,858,287
P =185,445,742 (P
P =155,858,287) =185,445,742
P
The Company has incurred NOLCO in taxable year 2020 and 2021 which can be claimed as
deduction from the regular taxable income for the next five (5) consecutive taxable years pursuant
to the “Bayanihan to Recover As One” Act, as follows:
As at Balance as at
2020 2025 =
P160,178,833 =–
P =–
P =
P160,178,833
2021 2026 187,021,707 − – 187,021,707
=
P347,200,540 =−
P =–
P =347,200,540
P
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MCIT
Profile of the Company’s MCIT is as follows:
As at As at
2019 2022 =859,320
P =−
P (P
=859,320) =−
P
2020 2023 724,375 − − 724,375
2021 2024 360,729 − − 360,729
2022 2025 − 120,260 − 120,260
=1,944,424
P =120,260
P (P
=859,320) =1,205,364
P
15. Equity
Capital Stock
As of December 31, 2022 and 2021, capital stock consists of the following shares:
Authorized capital stock at P

=1 par value
25,000,000,000
At beginning and end of year shares
Issued capital stock at P
=1 par value:
At beginning and end of year =10,821,388,889
P
a. Capital stock was held by a total of 372 and 377 stockholders as of December 31, 2022 and 2021,
respectively.
b. Track record of registration:
Number of Shares
Date Licensed Issue/Offer Price
August 1948 100,000 =1.00
P
November 1958 500,000 1.00
December 1961 1,000,000 1.00
March 1966 2,000,000 1.00
March 1966 6,000,000 1.00
October 1995 247,500,000 1.00
October 2011 398,138,889 4.22
April 2013 1,840,000,000 20.50
c. There are no movements in the additional paid in-capital for the years ended December 31, 2022
and 2021 amounting to =
P35,906.2 million.
Retained Earnings and Dividends

The Company’s BOD approved the declaration and distribution of the following cash dividends:
Dividend
Date of declaration Date of record Date of payment per share Amount
2022:
November 18, 2022 December 6, 2022 December 14, 2022 P0.50
= P5,410,694,440
=
August 17, 2022 September 2, 2022 September 13, 2022 0.30 3,246,416,667
May 17, 2022 May 31, 2022 June 13, 2022 0.30 3,246,416,667
March 16, 2022 March 30, 2022 April 8, 2022 0.30 3,246,416,667
=15,149,944,441
P
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Dividend
Date of declaration Date of record Date of payment per share Amount
2021:
November 19, 2021 December 6, 2021 December 13, 2021 P0.60
= P6,492,833,333
=
June 11, 2021 June 25, 2021 July 7, 2021 0.24 2,597,133,333
March 17, 2021 March 31, 2021 April 12, 2021 0.24 2,597,133,334
=11,687,100,000
P
Retained earnings is restricted from dividend declaration to the extent of deferred income tax
assets recognized through profit or loss amounting to nil as of December 31, 2022 and 2021.
16. Financial Risk Management Objectives and Policies
Risk Management Strategies

The Company’s financial risk management strategies are handled on a group-wide basis, side by side
with those of the other related companies within the Group. The Company’s management and BOD
review and approve policies for managing these risks. Management closely monitors the funds and
financial transactions of the Company. Funds are normally deposited with affiliated banks, and
financial transactions are normally dealt with related parties. These strategies, to an extent, mitigate
the Company’s various financial risks.
Financial Risk Management Policies

The Company’s principal financial instruments comprise of cash and cash equivalents, due from related
parties and financial assets at FVTOCI. The main purpose of these financial instruments is to ensure
adequacy of funds for the Company’s operations and accordingly manage exposure to financial risks.
Excess funds are invested in securities with a view to liquidate these to meet various operational
requirements when needed. The Company has various other financial liabilities such as accrued
expenses and other liabilities, which arise directly from its operations.
The main risks arising from the Company’s financial instruments are foreign currency risk, liquidity
risk and credit risk.
Foreign Currency Risk

The Company’s foreign currency risk relates to its US$-denominated cash in banks and due from a
related party. Management closely monitors the fluctuations in exchange rates so as to anticipate the
impact of foreign currency risks associated with the financial instruments. The Company currently
does not enter into derivative transactions to hedge its currency exposure.
The Company’s foreign currency-denominated financial asset as at December 31, 2022 and 2021
comprise only of cash in banks amounting to $79,349 and $38,916, respectively, with an equivalent in
Philippine peso amounting to P
=4.4 million and =
P2.0 million, respectively.
The Company recognized foreign exchange gain of = P0.1 million and foreign exchange loss of
=0.3 million in 2022 and 2021, respectively arising from the translation of these US$-denominated
P
financial assets. The exchange rates of the Peso to US$ as of December 31, 2022 and 2021 used in
translating US$-denominated financial assets are =
P55.755 and =
P50.999, respectively.
*SGVFS169650*
- 28 -
Shown below is the impact on the Company’s income before income tax of reasonably possible changes
in the exchange rates of the US$ against the Peso:
December 31, 2022 December 31, 2021

Increase (Decrease) Increase (Decrease)
Change in Foreign in Income Before Change in Foreign in Income Before
Exchange Rate Income Tax Exchange Rate Income Tax
-9.33% P
=412,577 -6.20% =
P122,992
9.33% (412,577) 6.20% (122,992)
The reasonable movement in exchange rates for 2022 and 2021 was determined using one-year
historical data.
There is no other impact on the Company’s equity other than those already affecting the profit or loss.
Credit Risk
The Company’s credit risk encompasses issuer risk on receivables, equity securities and on cash in
banks and cash equivalents. The Company manages its credit risk by transacting with counterparties
of good financial condition and selecting investment grade securities. The Company trades only with
recognized, creditworthy third parties. In addition, receivable balances are monitored on an on-going
basis with the result that the Company’s exposure to bad debts is not significant.
The table below summarizes the Company’s exposure to credit risk for the components of the parent
company statements of financial position as of December 31:
2022 2021
Financial assets at amortized cost:
Cash and cash equivalents* P
=1,265,248,556 P419,641,143
=
Due from related parties 1,114,071,677 1,554,585,539
Financial assets at FVTOCI 110,000,000 88,000,000
P
=2,489,320,233 =2,062,226,682
P
*Excluding cash on hand amounting to =
P 80,000 as of December 31, 2022 and 2021.
Impairment assessment
The Company’s financial assets at amortized cost are composed of cash and cash equivalents and due
from related parties.
The Company limits its exposure to credit risk by investing its cash only with banks that are approved
by the BOD and have good credit standing and reputation in the banking industry. Cash in banks are
graded in the top category by an acceptable credit rating agency and, therefore, are considered to be
low credit risk investments.
It is the Company’s policy to measure ECL on other financial assets measured at amortized cost on a
12-month basis. However, when there has been a significant increase in credit risk since origination,
the allowance will be based on the lifetime ECL.
*SGVFS169650*
- 29 -
When determining if there has been a significant increase in credit risk, the Company considers
reasonable and supportable information that is available without undue cost or effort and that is relevant
for the particular financial instrument being assessed such as, but not limited to the following factors:
 Actual or expected external and internal credit rating downgrade;

 Existing or forecasted adverse changes in business, financial or economic conditions; and
 Actual or expected significant adverse changes in the operating results of the borrower.
The following table presents the summary of the Company’s exposure to credit risk and shows the
credit quality of the assets by indicating whether the assets are subjected to 12-month ECL or lifetime
ECL.
Lifetime ECL Lifetime ECL

(Not credit (Credit-
Financial asset 12-month ECL impaired) impaired) Total
Cash in banks and cash
equivalents P
=1,265,248,556 =
P =
P P
=1,265,248,556
Due from related parties  1,114,071,677  1,114,071,677
P
=1,265,248,556 P
=1,114,071,677 =
P P
=2,379,320,233
Lifetime ECL Lifetime ECL

(Not credit (Credit-
Financial asset 12-month ECL impaired) impaired) Total
Cash in banks and cash
equivalents =419,641,143
P =–
P P–
= =419,641,143
P
Due from related parties – 1,554,585,539 – 1,554,585,539
=419,641,143
P =1,554,585,539
P =–
P =1,974,226,682
P
The Company’s due from related parties are with related parties that are in good financial condition.
Based on management’s evaluation, the Company’s financial assets at amortized cost is fully
recoverable.
Liquidity Risk
The Company’s objective is to maintain a balance between continuity of funding and sourcing
flexibility through the use of available financial instruments. The Company manages its liquidity
profile to meet its working and capital expenditure requirements and service debt obligations.
As part of the liquidity risk management program, the Company regularly evaluates and considers the
maturity of financial assets (e.g., due from related parties) and resorts to short-term borrowings
whenever its available cash or matured placements is not enough to meet its daily working capital
requirements. To ensure availability of short-term borrowings, the Company maintains credit lines
with banks on a continuing basis.
*SGVFS169650*
- 30 -
The following tables show the maturity profile of the Company’s other financial liabilities
(undiscounted amounts of principal and related interest) as well as financial assets used for liquidity
management:
Less than 3 to 12 More than

3 months months 1 year Total
Financial liabilities:
Accrued expenses and
other current liabilities* =715,328,538
P =
P =
P =715,328,538
P
Financial assets:
Cash and cash equivalents =1,265,328,556
P =
P =
P P1,265,328,556
=
Due from related parties 614,071,677 500,000,000  1,114,071,677
Financial assets at FVTOCI   110,000,000 110,000,000
=1,879,400,233
P =500,000,000
P =110,000,000
P =2,489,400,233
P
*Excluding statutory liabilities amounting to =
P205,298,779
Less than 3 to 12 More than

3 months months 1 year Total
Financial liabilities:
Accrued expenses and
other current liabilities* =1,027,061,857
P =–
P =–
P =1,027,061,857
P
Financial assets:
Cash and cash equivalents P419,721,143
= =–
P P–
= =419,641,143
P
Due from related parties 604,585,539 950,000,000 – 1,554,585,539
Financial assets at FVTOCI – – 88,000,000 88,000,000
=1,024,306,682
P =950,000,000
P =88,000,000
P =2,062,306,682
P
P245,073,516
Accrued expenses and maturing other liabilities are expected to be settled using cash to be generated
from operations (i.e., dividend income), drawing from existing and new credit lines, and additional
capital contribution of the shareholders, if necessary.
Financial Instruments Carried at Fair Value

The fair value information is analyzed by source of inputs on fair valuation as follows:
 quoted prices in active markets for identical assets (Level 1);

 those involving inputs other than quoted prices included in Level 1 that are observable for the asset,
either directly (as prices) or indirectly (derived from prices) (Level 2); and
 those inputs for the asset that are not based on observable market data (unobservable inputs)
(Level 3).
The Company’s financial instrument carried at fair value pertains to investment in golf club share which
is measured using Level 2 inputs. As of December 31, 2022, the investments in golf club shares
amounted to =
P110.0 million. There were no financial instruments carried at fair values measured under
Level 2 and 3. In 2022 and 2021, there were no transfers between Level 1 and Level 2 fair value
measurements and no transfers into and out of Level 3 fair value measurements.
*SGVFS169650*
- 31 -
The fair value of investments in golf club shares have been determined by reference to quoted prices in
an active market for identical assets at the close of the balance sheet date (Level 2).
Categories of Financial Instruments

The following table presents the carrying amounts of the Company’s financial instruments by category
which are carried in the parent company statements of financial position as of December 31:
2022 2021
Financial Assets
Cash on hand P
=80,000 =80,000
P
Financial assets at amortized cost:
Cash in banks and cash equivalents 1,265,248,556 419,641,143
Due from related parties 1,114,071,677 1,554,585,539
2,379,320,233 1,974,306,682
Financial assets at FVTOCI 110,000,000 88,000,000
P
=2,489,400,233 =2,062,306,682
P
Financial Liabilities
Other financial liabilities:
Accrued expenses and other current liabilities* P
=715,328,538 =721,061,857
P
Due to related parties – 306,000,000
P
=715,328,538 =1,027,061,857
P
P205,298,779 and =
P245,073,516 as of December 31, 2022 and 2021, respectively
The following methods and assumptions are used to estimate the fair value of each class of financial
instruments:
Cash and cash equivalents, due from related parties, due to related parties and accrued expenses and
other current liabilities. The carrying amounts of these instruments reasonably approximate their fair
values due to their short-term maturities.
Financial assets at FVTOCI. Fair value of quoted equity investments in golf club shares is determined
by reference to the price of the most recent transaction at the close of the end of the reporting period
(Level 2).
17. Capital Management
The main thrust of the Company’s capital management policy is to ensure that it maintains a good credit
standing and has a sound capital ratio in order to support its business and maximize the value of its
shareholders’ equity.
The Company manages its capital structure and makes adjustment to it, in light of changes in economic
conditions. To maintain or adjust capital structure, the Company may adjust the dividend payment to
shareholders, return capital to shareholders or issue new shares. No changes were made in the
objectives, policies or processes in 2022 and 2021. Management considers the total equity reflected in
the parent company statements of financial position as its capital. The Company monitors its use of
capital and capital adequacy by using leverage ratios, specifically, debt ratio (total debt/total equity and
total debt) and debt-to-equity ratio (total debt/total equity). Included as debt are the Company’s total
liabilities while equity pertains to total equity as shown in the parent company statements of financial
position.
*SGVFS169650*
- 32 -
18. Operating Segment Information

The Group’s operating businesses are organized and managed separately according to the nature of the
products and services provided, with each segment representing a strategic business unit that offers
different products and serves different markets.
The Group’s identified operating segments classified as business groups, which are consistent with the
segments reported to LTG’s BOD, its Chief Operating Decision Maker (CODM), are as follows:
 Banking, provides full range of banking and other financial services to corporate, middle-market
and retail customers, the National Government, local government units and government-owned and
controlled corporations and various government agencies, including deposit-taking, lending, bills
discounting, foreign exchange dealing, investment banking, fund transfers or remittance servicing
and full range of retail banking and trust services and other insurance services. The Group conducts
its banking business through PNB and its subsidiaries.
 Distilled Spirits, which is involved in manufacturing, compounding, bottling, importing, buying

and selling of rum, spirit beverages, liquor and bioethanol products. The Group conducts its
distilled spirits business through TDI and its subsidiaries.
 Beverage, which is engaged in brewing and soft drinks and bottled water manufacturing in the
Philippines. It also operates other plants, which includes commercial glass division and corrugated
cartons and metal closures production facility, to support the requirements of its brewing, bottled
water, non-beer products operations and to act as a service contractor and enter into service
agreements for the supply of services. The Group conducts its beverage business through ABI and
its subsidiaries, associate and joint venture.
 Tobacco, which is a supplier and manufacturer of cigarettes, casings, tobacco, packaging, labels
and filters. The Group conducts its tobacco business through FTC’s interest in PMFTC, Inc.
(PMFTC).
 Property Development, which is engaged in ownership, development, leasing and management of

residential properties, including but not limited to, all kinds of housing projects, commercial,
industrial, urban or other kinds of real property; acquisition, purchasing, development and selling
of subdivision lots. The Group conducts its property development business through Eton and its
subsidiaries.
 Others, consist of various holding companies (LTG, AEDC, PLI, SHI, Shareholdings, and Bank
Holding Companies) that provide financing for working capital and capital expenditure
requirements of the operating businesses of the Group.
The BOD of LTG reviews the operating results of the business units to make decisions on resource
allocation and assesses performance. Segment revenue and segment expenses are measured in
accordance with PFRSs. The presentation and classification of segment revenues and segment expenses
are consistent with the consolidated statements of income. Finance costs (including interest expense)
and income taxes are managed per business segment.
The Group’s assets are located mainly in the Philippines. The Group operates and derives principally
all of its revenue from domestic operations. The Group’s banking segment operates in key cities in the
USA, Canada, Western Europe, Middle East and Asia. The distribution of assets and revenues of the
banking segment outside the Philippines constitute 1.7% and 2.2% as of December 31, 2022,
respectively, and 0.2% and 2.8% as of December 31, 2021 of the Group’s consolidated assets and
revenues, respectively.
*SGVFS169650*
- 33 -
Further, the measurement of the segments is the same as those described in the summary of significant
accounting and financial reporting policies. TDI’s investment property is adjusted at the consolidated
level to carry it at cost in accordance with the Group’s policy. Certain assets and liabilities of PNB are
also adjusted at the consolidated level of LTG to reflect the original carrying values prior to the merger
of PNB and ABC.
Segment assets are resources owned and segment liabilities are obligations incurred by each of the
operating segments excluding intersegment balances which are eliminated.
Segment revenue and expenses are those directly attributable to the segment except that intersegment
revenue and expense are eliminated only at the consolidated level. Transfer prices between operating
segments are on an arm’s length basis in a manner similar to transactions with third parties.
The components of capital expenditures reported to the CODM are the acquisitions of property, plant
and equipment during the period.
The Group’s distilled spirits segment derives liquor revenue from two major distributors which
averaged 99% of the segment’s total liquor revenue in 2022, 2021 and 2020. The other segments of the
Group have no significant customer that contributes 10% or more of their segment revenues.
*SGVFS169650*
- 34 -
The following tables present the information about the Company’s operating segments:
For the year ended December 31, 2022:

Reconciliation
and
Adjustments not
Applicable to Parent
Parent Company Company
Property Financial Financial
Banking Distilled Spirits Beverage Tobacco Development Statements Statements
(In Thousands)
Segment revenue:
External customers P
= 50,843,607 P
= 31,559,876 P
= 16,216,881 P
=− P
= 1,143,977 (P
= 99,764,341) P
=−
Inter-segment 117,729 61,014 1,007,789 − 831,805 (2,018,337) −
50,961,336 31,620,890 17,224,670 − 1,975,782 (101,782,678) −
Cost of goods sold and services 9,346,027 28,005,598 13,428,544 − 1,153,648 (51,933,817) −
Gross profit 41,615,309 3,615,292 3,796,126 − 822,134 (49,848,861) −
Equity in net earnings of associates and joint ventures (56,060) − 61,444 15,461,496 − (15,466,880) −
41,559,249 3,615,292 3,857,570 15,461,496 822,134 (65,315,741) −
Selling expenses − 911,617 1,369,531 − 2,761 (2,283,909) −
General and administrative expenses 35,382,372 659,916 1,420,737 297,919 747,656 (38,263,002) 245,598
Operating income 6,176,877 2,043,759 1,067,302 15,163,577 71,717 (24,768,830) (245,598)
Foreign exchange gains - net 1,608,281 26,340 6,064 (117,170) 6,804 (1,530,192) 127
Finance income − 44,160 19,455 315,598 13,388 (370,651) 21,950
Finance costs − (53,498) (260,132) − (299,508) 613,138 −
Others - net 8,911,847 (207,103) 25,266 11,973 692,318 8,778,797 18,213,098
Income before income tax 16,697,005 1,853,658 857,955 15,373,978 484,719 (17,277,738) 17,989,577
Provision for income tax 4,931,228 384,777 275,417 37,123 111,422 (5,737,456) 2,511
Segment profit from:
Continuing operations 11,765,777 1,468,881 582,538 15,336,855 373,297 (11,540,282) 17,987,066
Discontinued operations − − − − − − −
P
=11,765,777 P
=1,468,881 P
=582,538 P
=15,336,855 P
=373,297 (P
= 11,540,282) P
=17,987,066
Segment profit attributable to:

Equity holders of the Company P
=11,714,107 P
=1,466,876 P
=579,401 P
=15,336,855 P
=373,297 (P
= 11,483,470) P
=17,987,066
Non-controlling interests 51,670 2,005 3,137 − − (56,812) −
Depreciation and amortization expense 4,044,067 633,884 1,956,640 36,756 97,873 (6,767,062) 2,158
*SGVFS169650*
- 35 -
Other financial information of the operating segments as of December 31, 2022 is as follows:
Reconciliation
and
Adjustments not
(In Thousands)
Assets:
Current assets P
= 537,671,669 P
= 19,159,272 P
= 20,826,361 P
= 14,991,417 P
= 8,647,442 (P
= 598,914,792) P
= 2,381,369
Noncurrent assets 602,847,076 9,331,703 15,432,784 11,591,207 22,352,276 (571,566,067) 89,988,979
1,140,518,745 28,490,975 36,259,145 26,582,624 30,999,718 (1,170,480,859) 92,370,348
Liabilities:
Current liabilities 898,204,863 5,116,546 10,076,295 303,526 7,790,574 (920,571,177) 920,627
Noncurrent liabilities 79,405,266 831,002 944,553 95,001 3,599,967 (84,866,323) 9,466
977,610,129 5,947,548 11,020,848 398,527 11,390,541 (1,005,437,500) 930,093
Equity attributable to:

Equity holders of the Company P
= 159,359,238 P
= 22,335,893 P
= 25,186,993 P
= 26,184,097 P
= 19,609,177 (P
= 161,235,143) P
= 91,440,255
Non-controlling interests 3,549,378 207,534 51,304 − − (3,808,216) −
Investments in associates and
joint ventures 2,688,764 − 164,971 8,227,070 − (1,492,557) 9,588,248
Short-term debts − − 4,490,000 − − (4,490,000) −
Long-term debts 62,075,488 434,237 549,526 − 4,926,148 (67,985,399) −
*SGVFS169650*
- 36 -
For the year ended December 31, 2021:
Reconciliation
and
Adjustments not
(In Thousands)
Segment revenue:
External customers =49,319,441
P =26,648,772
P =13,173,729
P =–
P =888,536
P (P
=90,030,478) P
=
Inter-segment 154,880 65,018 748,650 – 863,347 (1,831,895) 
49,474,321 26,713,790 13,922,379 – 1,751,883 (91,862,373) 
Cost of goods sold and services 8,608,926 23,465,492 10,652,572 – 779,198 (43,506,188) 
Gross profit 40,865,395 3,248,298 3,269,807 – 972,685 (48,356,185) 
Equity in net earnings of associates and joint ventures 50,789 – 46,781 17,600,810 – (17,698,380) 
40,916,184 3,248,298 3,316,588 17,600,810 972,685 (66,054,565) 
Selling expenses – 842,796 1,036,698 – 25,526 (1,905,020) 
General and administrative expenses 34,172,945 682,797 1,388,128 168,043 837,843 (36,868,479) 381,277
Operating income 6,743,239 1,722,705 891,762 17,432,767 109,316 (27,281,066) (381,277)
Foreign exchange gains - net 743,549 37,257 6,064 14,616 4,150 (805,384) 252
Finance income – 10,538 7,518 42,808 8,235 (32,410) 36,689
Finance costs – (94,714) (201,616) – (257,231) 553,561 
Others - net 32,816,516 (67,018) (18,196) 5,532 798,561 (21,227,048) 12,308,347
Income before income tax 40,303,304 1,608,768 685,532 17,495,723 663,031 (48,792,347) 11,964,011
Provision for income tax 5,545,194 366,508 210,358 (7,227) 112,849 (6,223,550) 4,132
Segment profit from:
Continuing operations 34,758,110 1,242,260 475,174 17,502,950 550,182 (42,568,797) 11,959,879
Discontinued operations (735,365) – – – – 735,365 
=
P34,022,745 =
P1,242,260 =
P475,174 =
P17,502,950 =
P550,182 (P
=41,833,432) =
P11,959,879
Segment profit attributable to:

Equity holders of the Company =
P33,963,333 =
P1,237,830 =
P469,268 =
P17,502,950 =
P550,182 (P
=41,763,684) =
P11,959,879
Non-controlling interests 59,412 4,430 5,906 – – (69,748) 
Depreciation and amortization expense 2,667,052 624,415 1,796,937 46,925 412,243 (5,543,659) 3,913
*SGVFS169650*
- 37 -
Other financial information of the operating segments as of December 31, 2021 is as follows:
Reconciliation
and
Adjustments not
(In Thousands)
Assets:
Current assets =599,353,375
P =16,754,953
P =17,796,934
P =14,286,955
P P9,744,300
= (P
=655,927,875) P2,008,642
=
Noncurrent assets 586,057,462 10,778,690 15,785,928 14,945,127 22,702,015 (562,417,465) 87,851,757
1,185,410,837 27,533,643 33,582,862 29,232,082 32,446,315 (1,218,345,340) 89,860,399
Liabilities:
Current liabilities 925,534,374 5,406,099 8,058,760 307,572 6,542,370 (944,577,040) 1,272,135
Noncurrent liabilities 105,783,546 1,024,560 1,314,949 88,735 6,680,286 (114,886,798) 5,278
1,031,317,920 6,430,659 9,373,709 396,307 13,222,656 (1,059,463,838) 1,277,413
Equity attributable to:

Equity holders of the Company =150,873,774
P =20,893,287
P =24,171,404
P =28,835,775
P =19,223,659
P (P
=155,414,913) =88,582,986
P
Non-controlling interests 3,219,143 209,697 37,749 – – (3,466,589) 
Investments in associates and
joint ventures 2,468,107 – 103,527 11,729,777 – (6,812,163) 7,489,248
Short-term debts – 895,000 3,940,000 – – (4,835,000) 
Long-term debts 57,148,812 390,497 584,163 – 6,644,964 (64,768,436) 
*SGVFS169650*
- 38 -
19. Supplementary Information Required Under Revenue Regulations No. 15-2010
The Company provides the following disclosures in compliance with the Bureau of Internal Revenues’
Revenue Regulations No. 15-2010 for the year ended December 31, 2022.
Value-Added Tax
a. Output VAT
The Company declared output VAT amounting to P =1,068,125 in 2022 based on revenue from
interest income from loans which amounted to =
P8,901,042.
b. Input VAT
Details of the Company’s input VAT accounts as of December 31, 2022 follow:
Balance at January 1, 2022 =35,238,673

P
Input VAT from purchases of:
Services 13,859,500
Goods other than for resale/manufacture or further processing 608,686
Purchases of capital goods not exceeding =
P1 million 11,679
49,718,538
Claims against output VAT (1,068,125)
Balance at December 31, 2022 =48,650,413
P
Withholding Taxes
The details of the Company’s withholding taxes paid or accrued in 2022 are as follows:
Final withholding taxes =567,573,898

P
Withholding taxes on compensation and benefit 7,914,801
Expanded withholding taxes 13,895,815
=589,384,514
P
Other Taxes and Licenses

These include all other taxes, local and national, including licenses and permit fees under the “Taxes
and licenses” account as presented in the 2022 parent company statement of income.
Documentary stamp tax =1,213,960

P
Business taxes 55,186
=1,269,146
P
Tax Contingencies and Tax Assessments

The Company has no final and executory tax assessments as of December 31, 2022.
*SGVFS169650*

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ll LT GnouP, INC.

STATEMENT OF MANAGEMENT'S RESPONSIBILITY

Signed under oath by the following:

SUBSCRIBED AND SWORN to before me this MAR 1 4 2023 at Makati City,

Name Passport No. Date Issue Place of Issue

Lucio C. Tan P8 r 768788 1U1612021

PRINGIPAL OFFICE ( No. / Street / Barangay / City / Town / Province )

Form Type Secondary License Type, lf Applicable

GONTAGT PERSON INFORMATION

GONTAGT PERSON's ADDRESS

ililtffi tilt ilililililil til il]ilIil illl Iltil iltil ililt]

INDEPENDENT AUDITOR'S REPORT

The Stockholders and the Board of Directors

Report on the Audit of the Parent Company Financial Statements

Basis for Opinion

A member firm of Ernst & Young Gtobal Lifiiled

a member f irm of Ernst & Young Global Ltmrt€d

SYCIP GORRES VELAYO & CO.

A member lirm of Ernst & Young Globa, Limited

TOTAL ASSETS *92,370,34g,415 pgg,g60,3gg,g3g

LIABILITIES AND EQUITY

Equity (Note 15)

See accompant'ing Notes to Parent Company

llllll llllll lffi ll rill ]ril rffi Iilililil tililtl

Years Ended December 3l

FOREIGN EXCHANGE GAINS - Net 126.612 2s2,441

INCOME BEFORE INCOME TAX 17,9g9,576,690 11,964,010,616

PROVISION FOR INCOME TAX (Note 14)

NET INCOME P17,987,065,912 Pl 1,g5g,g7g,0g 1

See accompant'ing Notes to Parent Cotnpany Financial Statements.

Years Ended December 31

NET INCOME +17,9g7,065,912 p1l,g5g,g7g,0g1

OTHER COMPREHENSIVE INCOME (LOSS)

TOTAL OTHBR COMPREHENSIVE INCOME 20,147,732 15,910,346

TOTAL COMPREHENSIVE INCOME P18,007,2I3,644 PIl,g]5,789,43'1

See accompanl,ing Notes to Parent Company Financial Statements.

Years Ended December 3l

CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

EFFECT OF EXCHANGE RATE CHANGES ON

NET INCREASE (DECREASE) IN CASH AND

CASH AND CASH EQUIVALENTS AT

CASH AND CASH EQUIVALENTS AT

See accompant ing Notes to Parent

Authorization for Issuance of the Parent Company Financial Statements

2. Basis of Preparation and Statement of Compliance

3. Changes in Accounting Policies and Disclosures

Changes in Accounting Policies

 Amendments to PFRS 3, Reference to the Conceptual Framework

Future Changes in Accounting Policies

Effective beginning on or after January 1, 2023

 Amendments to PAS 1 and PFRS Practice Statement 2, Disclosure of Accounting Policies

Effective beginning on or after January 1, 2024

 Amendments to PAS 1, Classification of Liabilities as Current or Non-current

Effective beginning on or after January 1, 2025

 PFRS 17, Insurance Contracts