Eagle Cement Corporation and Subsidiaries

Consolidated Statements of Financial Position

HISTORICAL DATA
2013 2014
ASSETS
Current Assets
Cash and cash equivalents ₱ 2,922,252,149 ₱ 4,232,271,364
Financial assets at fair value through
profit and loss (FPVL) 60,000,000 39,667,074
Trade and other receivables 412,456,930 417,428,384
Inventories 512,844,016 635,817,635
Other current assets 543,464,481 1,308,129,210
Total Current Assets 4,451,017,576 6,633,313,667
Noncurrent Assets
Available-for-sale (AFS) financial assets - -
Property, plant and equipment 9,562,559,223 12,022,882,076
Investment properties 225,268,128 -
Intangible assets - 15,344,817
Other noncurrent assets 422,436,191 846,956,641
Total Noncurrent Assets 10,210,263,542 12,885,183,534
Total Assets ₱ 14,661,281,118 ₱ 19,518,497,201

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables ₱ 1,502,369,499 ₱ 1,701,647,571
Income tax payable - -
Current portion of loans payable 221,551,890 441,223,861
Total Current Liabilities 1,723,921,389 2,142,871,432
Noncurrent Liabilities
Loan payable - net of current portion 4,694,519,550 5,860,453,130
Net retirement benefits liability 25,577,036 34,206,482
Provision for mine rehabilitation and
decommissioning - -
Net deferred tax liabilities 447,104,827 479,438,819
Total Noncurrent Liabilities 5,167,201,413 6,374,098,431
Total Liabilities 6,891,122,802 8,516,969,863

Equity
Capital Stock 3,500,000,000 3,500,000,000
Reatined Earnings
Appropriated 2,612,449,866 4,900,000,000
Unappropriated 606,946,613 1,434,317,573
Other equity reserves 1,050,761,837 1,167,209,765
Total Equity 7,770,158,316 11,001,527,338
Total Liabilities and Equity ₱ 14,661,281,118 ₱ 19,518,497,201
Net Sales ₱ 7,099,444,331 ₱ 8,760,422,609
Cost of Goods Sold 4,206,576,871 4,843,152,880
Gross Profit - -
Operating Expenses 579,060,354 639,178,525
Income from Operations 2,922,252,149 4,232,271,364

WORKING CAPITAL 2,727,096,187 4,490,442,235

CURRENT RATIO 2.55 3.08
BALANCE 1 1

Cash and cash equivalents ₱ 2,922,252,149 ₱ 4,232,271,364

AVERAGE 16.01% 23.19%
Trade and other receivables 412,456,930 417,428,384
AVERAGE 28.38% 28.72%
Inventories 512,844,016 635,817,635
AVERAGE 14.65% 18.16%
Other current assets 543,464,481 1,308,129,210
AVERAGE 13.28% 31.96%

Total Current Assets 4,391,017,576 6,593,646,593

Trade and other payables ₱ 1,502,369,499 ₱ 1,701,647,571

AVERAGE 19.59% 22.19%
Income tax payable - -
AVERAGE 0.00% 0.00%
Current portion of loans payable 221,551,890 441,223,861
AVERAGE 5.27% 9.11%
Total Current Liabilities 1,723,921,389 2,142,871,432

Available-for-sale (AFS) financial assets - -

AVERAGE 0.00% 0.00%
Property, plant and equipment -GROSS 9,562,559,223 12,022,882,076
AVERAGE 18.50% 23.26%
Investment properties 225,268,128 -
AVERAGE 16.85% 0.00%
Intangible assets - 15,344,817
AVERAGE 0.0% 6.8%
Other noncurrent assets 422,436,191 846,956,641
AVERAGE 10.58% 21.20%
Total Noncurrent Assets 10,210,263,542 12,885,183,534
Total Assets 14,601,281,118.00 19,478,830,127.00

Loan payable - net of current portion 4,694,519,550 5,860,453,130

AVERAGE 21.40% 26.71%
Net retirement benefits liability 25,577,036 34,206,482
AVERAGE 22.86% 30.57%
Provision for mine rehabilitation and
decommissioning - -
AVERAGE 0.00% 0.00%
Net deferred tax liabilities 447,104,827 479,438,819
AVERAGE 22.07% 23.66%
Total Noncurrent Liabilities 5,167,201,413 6,374,098,431
Total Liabilities 6,891,122,802 8,516,969,863

Capital Stock 3,500,000,000 3,500,000,000

AVERAGE 19.44% 19.44%
Reatined Earnings
Appropriated 2,612,449,866 4,900,000,000
AVERAGE 17.40% 32.64%
Unappropriated 606,946,613 1,434,317,573
AVERAGE 4.36% 10.30%
3,219,396,479 6,334,317,573
AVERAGE 11.12% 21.89%
Other equity reserves 1,050,761,837 1,167,209,765
AVERAGE 22.36% 24.84%
Total Equity 7,770,158,316 11,001,527,338
Total Liabilities and Equity 7,770,158,316.29 11,001,527,338.55
HISTORICAL DATA
2015 2016 2017

₱ 4,472,887,012 ₱ 6,620,887,569 7,401,109,461.25

- - -
138,439,715 484,877,566 606,096,957.50
978,747,778 1,373,998,303 1,717,497,878.75
1,512,398,926 728,992,144 911,240,180.00
7,102,473,431 9,208,755,582 10,635,944,477.50

125,296,650 181,013,250 226,266,562.50

14,331,730,266 15,773,999,767 19,717,499,708.75
533,975,157 577,800,000 722,250,000.00
14,625,701 194,098,938 242,623,672.50
1,092,020,676 1,633,099,392 2,041,374,240.00
16,097,648,450 18,360,011,347 22,950,014,184
₱ 23,200,121,881 ₱ 27,568,766,929 33,585,958,661.25

₱ 2,116,229,100 ₱ 2,348,281,309 2,935,351,636.25

- 411,720,888 514,651,110
439,866,363 - -
2,556,095,463 2,760,002,197 3,450,002,746.25

5,426,225,870 5,957,076,062 7,446,345,077.50

22,504,225 29,621,321 37,026,651.25

24,984,511 26,125,315 32,656,643.75

529,605,658 570,072,756 712,590,945.00
6,003,320,264 6,582,895,454 8,228,619,318
8,559,415,727 9,342,897,651 11,678,622,063.75

3,500,000,000 7,500,000,002 9,375,000,003

10,952,185,723
4,000,000,000 3,500,000,000
5,923,989,017 5,961,748,578
1,216,717,137 1,264,120,698 1,580,150,872.50
14,640,706,154 18,225,869,278 21,907,336,597.50
₱ 23,200,121,881 ₱ 27,568,766,929 33,585,958,661.25
₱ 11,064,531,576 ₱ 13,275,952,635 16,594,940,793.75
6,295,314,045 6,339,354,109 7,924,192,636.25
- - 8,670,748,157.50
826,477,140 1,293,523,020 1,616,903,775.00
4,472,887,012 6,620,887,569 7,053,844,382.50

4,546,377,968 6,448,753,385 7,185,941,731.25

2.78 3.34 3.08
1 1 1
-
-

COMPUTATIONS
₱ 4,472,887,012 ₱ 6,620,887,569 7,401,109,461.25
24.51% 36.28% ₱ 18,248,298,094 11.78%
138,439,715 484,877,566 606,096,957.50
9.53% 33.37% 1,453,202,595 25.00%
978,747,778 1,373,998,303 1,717,497,878.75
27.95% 39.24% 3,501,407,732 25.00%
1,512,398,926 728,992,144 911,240,180.00
36.95% 17.81% 4,092,984,761 25.00%

7,102,473,431 9,208,755,582 10,635,944,477.50

₱ 2,116,229,100 ₱ 2,348,281,309 2,935,351,636.25

27.60% 30.62% ₱ 7,668,527,479 25.00%
- 411,720,888 514,651,110
0.00% 100.00% 411,720,888 25.00%
439,866,363 - -
6.99% 0.00% -100.00% 0.00%
2,556,095,463 2,760,002,197 3,450,002,746.25

125,296,650 181,013,250 226,266,562.50

40.91% 59.09% 306,309,900 25.00%
14,331,730,266 15,773,999,767 19,717,499,708.75
27.73% 30.52% 51,691,171,332 25.00%
533,975,157 577,800,000 722,250,000.00
39.94% 43.21% 1,337,043,285 25.00%
14,625,701 194,098,938 242,623,672.50
6.5% 86.6% 224,069,456 25.00%
1,092,020,676 1,633,099,392 2,041,374,240.00
27.34% 40.88% 3,994,512,900 25.00%
16,097,648,450 18,360,011,347 22,950,014,184
23,200,121,881.00 27,568,766,929.00 33,585,958,661.25

5,426,225,870 5,957,076,062 7,446,345,077.50

 24.73% 27.15% 21,938,274,612 25.00%
22,504,225 29,621,321 37,026,651.25
20.11% 26.47% 111,909,064 25.00%

24,984,511 26,125,315 32,656,643.75

48.88% 51.12% 51,109,826 25.00%
529,605,658 570,072,756 712,590,945.00
26.14% 28.13% 2,026,222,060 25.00%
6,003,320,264 6,582,895,454 8,228,619,318
8,559,415,727 9,342,897,651 11,678,622,064

3,500,000,000 7,500,000,002 9,375,000,003

19.44% 41.67% 18,000,000,002

4,000,000,000 3,500,000,000 3,500,000,000

26.64% 23.31% 15,012,449,866
5,923,989,017 5,961,748,578 7,452,185,722.50
42.54% 42.81% 13,927,001,781 25.00%
9,923,989,017 9,461,748,578 10,952,185,723
34.29% 32.69% 28,939,451,648 15.8%
1,216,717,137 1,264,120,698 1,580,150,872.50
25.89% 26.90% 4,698,809,437 25.00%
14,640,706,154 18,225,869,278 21,907,336,597.50
14,640,706,154.61 18,225,869,278.56 33,585,958,661.25
 FORECAST
2018 2019 2020 2021

10,647,690,092.06 14,088,185,031.52 19,357,553,705.84 26,913,014,548.74

- - - -
757,621,196.88 947,026,496.09 1,183,783,120.12 1,479,728,900.15
2,146,872,348.44 2,683,590,435.55 3,354,488,044.43 4,193,110,055.54
1,139,050,225.00 1,423,812,781.25 1,779,765,976.56 2,224,707,470.70
14,691,233,862.38 19,142,614,744.41 25,675,590,846.96 34,810,560,975.14

282,833,203.13 353,541,503.91 441,926,879.88 552,408,599.85

24,646,874,635.94 30,808,593,294.92 38,510,741,618.65 48,138,427,023.32
902,812,500.00 1,128,515,625.00 1,410,644,531.25 1,763,305,664.06
303,279,590.63 379,099,488.28 473,874,360.35 592,342,950.44
2,551,717,800.00 3,189,647,250.00 3,987,059,062.50 4,983,823,828.13
27,117,626,716 33,897,033,395 42,371,291,743 52,964,114,679
41,808,860,577.98 53,039,648,138.92 68,046,882,590.09 87,774,675,654.06

3,669,189,545.31 4,586,486,931.64 5,733,108,664.55 7,166,385,830.69

643,313,888 804,142,359 1,005,177,949 1,256,472,437
- - - -
4,312,503,432.81 5,390,629,291.02 6,738,286,613.77 8,422,858,267.21

9,307,931,346.88 11,634,914,183.59 14,543,642,729.49 18,179,553,411.87

46,283,314.06 57,854,142.58 72,317,678.22 90,397,097.78

40,820,804.69 51,026,005.86 63,782,507.32 79,728,134.16

890,738,681.25 1,113,423,351.56 1,391,779,189.45 1,739,723,986.82
10,285,774,147 12,857,217,684 16,071,522,104 20,089,402,631
14,598,277,579.69 18,247,846,974.61 22,809,808,718.26 28,512,260,897.83

11,718,750,003 14,648,437,504 18,310,546,880 22,888,183,600

12,815,232,153 15,144,040,191 18,055,050,239 21,693,812,799

1,975,188,590.63 2,468,985,738.28 3,086,232,172.85 3,857,790,216.06

27,210,582,998.30 34,791,801,164.31 45,237,073,871.83 59,262,414,756.23
41,808,860,577.98 53,039,648,138.92 68,046,882,590.09 87,774,675,654.06
20,743,675,992.19 25,929,594,990.23 32,411,993,737.79 40,514,992,172.24
9,905,240,795.31 12,381,550,994.14 15,476,938,742.68 19,346,173,428.34
10,838,435,196.88 13,548,043,996.09 16,935,054,995.12 21,168,818,743.90
2,021,129,718.75 2,526,412,148.44 3,158,015,185.55 3,947,518,981.93
8,817,305,478.13 11,021,631,847.66 13,777,039,809.57 17,221,299,761.96

10,378,730,429.56 13,751,985,453.40 18,937,304,233.19 26,387,702,707.92

3.41 3.55 3.81 4.13
1 1 1 1
- - - -
- - - -

10,647,690,092.06 14,088,185,031.52 19,357,553,705.84 26,913,014,548.74

43.87% 32.31% 37.40% 39.03%
757,621,196.88 947,026,496.09 1,183,783,120.12 1,479,728,900.15
25.00% 25.00% 25.00% 25.00%
2,146,872,348.44 2,683,590,435.55 3,354,488,044.43 4,193,110,055.54
25.00% 25.00% 25.00% 25.00%
1,139,050,225.00 1,423,812,781.25 1,779,765,976.56 2,224,707,470.70
25.00% 25.00% 25.00% 25.00%

14,691,233,862.38 19,142,614,744.41 25,675,590,846.96 34,810,560,975.14

3,669,189,545.31 4,586,486,931.64 5,733,108,664.55 7,166,385,830.69

25.00% 25.00% 25.00% 25.00%
643,313,888 804,142,359 1,005,177,949 1,256,472,437
25.00% 25.00% 25.00% 25.00%
- - - -
0.00% 0.00% 0.00% 0.00%
4,312,503,432.81 5,390,629,291.02 6,738,286,613.77 8,422,858,267.21

282,833,203.13 353,541,503.91 441,926,879.88 552,408,599.85

25.00% 25.00% 25.00% 25.00%
24,646,874,635.94 30,808,593,294.92 38,510,741,618.65 48,138,427,023.32
25.00% 25.00% 25.00% 25.00%
902,812,500.00 1,128,515,625.00 1,410,644,531.25 1,763,305,664.06
25.00% 25.00% 25.00% 25.00%
303,279,590.63 379,099,488.28 473,874,360.35 592,342,950.44
25.00% 25.00% 25.00% 25.00%
2,551,717,800.00 3,189,647,250.00 3,987,059,062.50 4,983,823,828.13
25.00% 25.00% 25.00% 25.00%
27,117,626,716 33,897,033,395 42,371,291,743 52,964,114,679
41,808,860,577.98 53,039,648,138.92 68,046,882,590.09 87,774,675,654.06

9,307,931,346.88 11,634,914,183.59 14,543,642,729.49 18,179,553,411.87

 25.00% 25.00% 25.00% 25.00%
46,283,314.06 57,854,142.58 72,317,678.22 90,397,097.78
25.00% 25.00% 25.00% 25.00%

40,820,804.69 51,026,005.86 63,782,507.32 79,728,134.16

25.00% 25.00% 25.00% 25.00%
890,738,681.25 1,113,423,351.56 1,391,779,189.45 1,739,723,986.82
25.00% 25.00% 25.00% 25.00%
10,285,774,147 12,857,217,684 16,071,522,104 20,089,402,631
14,598,277,580 18,247,846,975 22,809,808,718 28,512,260,898

11,718,750,003 14,648,437,504 18,310,546,880 22,888,183,600

3,500,000,000 3,500,000,000 3,500,000,000 3,500,000,000

9,315,232,153.13 11,644,040,191.41 14,555,050,239.26 18,193,812,799.07

25.00% 25.00% 25.00% 25.00%
12,815,232,153 15,144,040,191 18,055,050,239 21,693,812,799
17.0% 18.2% 19.2% 20.2%
1,975,188,590.63 2,468,985,738.28 3,086,232,172.85 3,857,790,216.06
25.00% 25.00% 25.00% 25.00%
27,210,582,998.30 34,791,801,164.31 45,237,073,871.83 59,262,414,756.23
41,808,860,577.98 53,039,648,138.92 68,046,882,590.09 87,774,675,654.06
Eagle Cement Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income

HISTORICAL DATA
2013 2014
Net Sales ₱ 7,099,444,331 ₱ 8,760,422,609
Cost of Goods Sold 4,206,576,871 4,843,152,880
Gross Profit 2,892,867,460 3,917,269,729
Operating Expenses 579,060,354 639,178,525
Income from Operations 2,313,807,106 3,278,091,204
Finance Costs (426,784,201) (268,794,596)
Interest Income - 35,716,999
Share in Profit of Joint Venture - 11,872,008
Other Income - Net 68,716,663 126,332,320
Income before Income tax 1,955,739,568 3,183,217,935
Income tax expense (benefit)
Current 2,983,601 85,869,103
Deferred - (17,572,262)
2,983,601 68,296,841
NET INCOME 1,952,755,967 3,114,921,094

OTHER COMPREHENSIVE INCOME

To be reclassified to profit or loss
in subsequent periods
Unrealized gain (loss) on AFS financial
asset - -
Not to be reclassified to profit or loss
in subsequent periods
Revaluation of land (net of deferred tax
expense) 42,430,436 115,142,303
Remeasurement gains on net
retirement benefits liability (1,401,230) 1,305,625
41,029,206 116,447,928
41,029,206 116,447,928
TOTAL COMPREHENSIVE INCOME ₱ 1,993,785,173 ₱ 3,231,369,022

CO
2013 2014

Net Sales ₱ 7,099,444,331 ₱ 8,760,422,609

AVERAGE 17.66% 21.79%
Cost of Goods Sold 4,206,576,871 4,843,152,880
AVERAGE 19.40% 22.33%
Gross Profit 2,892,867,460 3,917,269,729
Operating Expenses 579,060,354 639,178,525
AVERAGE 17.35% 19.15%
Income from Operations 2,313,807,106 3,278,091,204
Finance Costs (426,784,201) (268,794,596)
AVERAGE 32.51% 20.47%
Interest Income - 35,716,999
AVERAGE 0.00% 19.18%
Share in Profit of Joint Venture - 11,872,008
Other Income - Net 68,716,663 126,332,320
AVERAGE 25.18% 46.30%
Income before Income tax 1,955,739,568 3,183,217,935
Income tax expense (benefit)
Current 2,983,601 85,869,103
AVERAGE 0.21% 5.96%
Deferred - (17,572,262)
AVERAGE 0.00% -51.53%
NET INCOME 1,952,755,967 3,114,921,094

Revaluation of land (net of deferred tax

expense) 42,430,436 115,142,303
AVERAGE 17.42% 47.28%

Remeasurement gains on net

retirement benefits liability (1,401,230) 1,305,625
AVERAGE -28.86% 26.89%
HISTORICAL DATA FOREC
2015 2016 2017 2018
₱ 11,064,531,576 ₱ 13,275,952,635 16,594,940,793.75 20,743,675,992.19
6,295,314,045 6,339,354,109 7,924,192,636.25 9,905,240,795.31
4,769,217,531 6,936,598,526 8,670,748,157.50 10,838,435,196.88
826,477,140 1,293,523,020 1,616,903,775.00 2,021,129,718.75
3,942,740,391 5,643,075,506 7,053,844,382.50 8,817,305,478.13
(241,766,548) (375,468,671) (469,335,838.75) (586,669,798.44)
61,475,979 89,001,566 111,251,957.50 139,064,946.88
- - - -
24,032,820 53,803,426 67,254,282.50 84,067,853.13
3,786,482,642 5,410,411,827 6,763,014,783.75 8,453,768,479.69

75,061,454 1,277,729,580 1,597,161,975.00 1,996,452,468.75

31,749,744 19,922,686 24,903,357.50 31,129,196.88
106,811,198 1,297,652,266 1,622,065,332.50 2,027,581,665.63
3,679,671,444 4,112,759,561 5,140,949,451.25 6,426,186,814.06

6,534,150 (533,400)

42,400,938 43,558,933 54,448,666.25 68,060,832.81

572,284 4,378,028 5,472,535.00 6,840,668.75

42,973,222 47,936,961
49,507,372 47,403,561
₱ 3,729,178,816 ₱ 4,160,163,122

COMPUTATIONS
2015 2016 1 2

₱ 11,064,531,576 ₱ 13,275,952,635 16,594,940,793.75 20,743,675,992.19

27.52% 33.02% ₱ 40,200,351,151 25.00% 25.00%
6,295,314,045 6,339,354,109 7,924,192,636.25 9,905,240,795.31
29.03% 29.23% 21,684,397,905 25.00% 25.00%
4,769,217,531 6,936,598,526 8,670,748,157.50 10,838,435,196.88
826,477,140 1,293,523,020 1,616,903,775.00 2,021,129,718.75
24.76% 38.75% 3,338,239,039 25.00% 25.00%
3,942,740,391 5,643,075,506 7,053,844,382.50 8,817,305,478.13
(241,766,548) (375,468,671) (469,335,838.75) (586,669,798.44)
18.42% 28.60% (1,312,814,016) 25.00% 25.00%
61,475,979 89,001,566 111,251,957.50 139,064,946.88
33.02% 47.80% 186,194,544 25.00% 25.00%
- -
24,032,820 53,803,426 67,254,282.50 84,067,853.13
8.81% 19.72% 272,885,229 25.00% 25.00%
3,786,482,642 5,410,411,827 6,763,014,783.75 8,453,768,479.69

75,061,454 1,277,729,580 1,597,161,975.00 1,996,452,468.75

5.21% 88.63% 1,441,643,738 25.00% 25.00%
31,749,744 19,922,686 24,903,357.50 31,129,196.88
93.11% 58.42% 34,100,168 25.00% 25.00%
3,679,671,444 4,112,759,561 5,140,949,451.25 6,426,186,814.06

42,400,938 43,558,933 54,448,666.25 68,060,832.81

17.41% 17.89% 243,532,610 25.00% 25.00%

572,284 4,378,028 5,472,535.00 6,840,668.75

11.79% 90.18% 4,854,707 25.00% 25.00%
 FORECASTS
2019 2020 2021
25,929,594,990.23 32,411,993,737.79 40,514,992,172.24
12,381,550,994.14 15,476,938,742.68 19,346,173,428.34
13,548,043,996.09 16,935,054,995.12 21,168,818,743.90
2,526,412,148.44 3,158,015,185.55 3,947,518,981.93
11,021,631,847.66 13,777,039,809.57 17,221,299,761.96
(733,337,248.05) (916,671,560.06) (1,145,839,450.07)
173,831,183.59 217,288,979.49 271,611,224.37
- - -
105,084,816.41 131,356,020.51 164,195,025.63
10,567,210,599.61 13,209,013,249.51 16,511,266,561.89

2,495,565,585.94 3,119,456,982.42 3,899,321,228.03

38,911,496.09 48,639,370.12 60,799,212.65
2,534,477,082.03 3,168,096,352.54 3,960,120,440.67
8,032,733,517.58 10,040,916,896.97 12,551,146,121.22

85,076,041.02 106,345,051.27 132,931,314.09

8,550,835.94 10,688,544.92 13,360,681.15

3 4 5

25,929,594,990.23 32,411,993,737.79 40,514,992,172.24

25.00% 25.00% 25.00%
12,381,550,994.14 15,476,938,742.68 19,346,173,428.34
25.00% 25.00% 25.00%
13,548,043,996.09 16,935,054,995.12 21,168,818,743.90
2,526,412,148.44 3,158,015,185.55 3,947,518,981.93
25.00% 25.00% 25.00%
11,021,631,847.66 13,777,039,809.57 17,221,299,761.96
(733,337,248.05) (916,671,560.06) (1,145,839,450.07)
25.00% 25.00% 25.00%
173,831,183.59 217,288,979.49 271,611,224.37
25.00% 25.00% 25.00%

105,084,816.41 131,356,020.51 164,195,025.63

25.00% 25.00% 25.00%
10,567,210,599.61 13,209,013,249.51 16,511,266,561.89

2,495,565,585.94 3,119,456,982.42 3,899,321,228.03

25.00% 25.00% 25.00%
38,911,496.09 48,639,370.12 60,799,212.65
25.00% 25.00% 25.00%
8,032,733,517.58 10,040,916,896.97 12,551,146,121.22

85,076,041.02 106,345,051.27 132,931,314.09

25.00% 25.00% 25.00%

8,550,835.94 10,688,544.92 13,360,681.15

25.00% 25.00% 25.00%
 Eagle Cement Corporation and Subsidiaries
Consolidated Statements of Cash Flows
For the Years Ended 2016, 2015, 2014, 2013

2016 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax ₱ 5,410,411,827 ₱ 3,786,482,642
Adjustments for:
Depreciation and amortization 666,421,928 468,119,997
Finance costs 375,468,671 241,766,548
Fair value changes in investment properties (146,485,843) -
Write-off of investment property 102,661,000 -
Loss on early debt extinguishment 100,385,644 -
Interest income (89,001,566) (61,475,979)
Gain on sale or property, palnt and equipment (19,497,183) (250,089)
Unrealized foreign exchange losses (gains) - net 13,920,906 (22,981,397)
Retirement benefit costs 12,431,506 12,012,367
Dividend income (6,794,448) (1,702,013)
Loss (gain) on sale of financial assets at FVPL - 4,785,679
Share in profit of joint venture - -
Operating income before working capital changes 6,419,922,442 4,426,757,755
Decrease (increase) in:
Trade and other receivables (175,113,836) 282,701,147
Inventories (317,637,401) (318,438,222)
Other current assets 428,318,671 752,950,328
Other noncurrent assets (405,244,265) (854,905,357)
Increase in trade and other payables 145,938,931 446,073,147
Net cash generated from operations 6,096,184,542 4,735,138,798
Income taxes paid (509,201,407) (422,440,178)
Interest received 86,062,463 57,763,501
Contributions to plan asset - (22,184,611)
Retirement benefits paid - (1,058,204)
Net cash provided by operating activities 5,673,045,598 4,347,219,306

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to:
Property, plant and equipment (2,151,144,174) (2,591,742,094)
Acquisition of subsidiaries (net of cash acquired) (385,102,332) (533,975,157)
AFS financial assets (56,250,000) (118,762,500)
Intangible assets (4,000,000) -
Dividends received 5,095,179 1,702,013
Collection of finance lease receivables 4,618,310 -
Proceeds from sale of:
Property, plant and equipment 144,196 250,089
Finacial assets at FVPL - 34,881,395
Investment in a joint venture - -
Net cash used in investing activities (2,586,638,821) (3,207,646,254)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of:
Loans payable (5,967,949,076) (452,590,821)
Dividends (555,000,000) (90,000,000)
Interest (332,181,401) (379,347,980)
Debt issuance costs (49,354,839) -
Stock transaction costs (20,000,000) -
Proceeds from loan availment 6,000,000,000 -
Issuance of common stock to idependent directors 2 -
Net cash provided by (used in) financing activities (924,485,314) (921,938,801)

NET INCREASE IN CASH AND CASH EQUIVALENTS 2,161,921,463 217,634,251

EFFECTS OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS (13,920,906) 22,981,397
CASH AND CASH EQUIVALENTS AT BEGINNING YEAR 4,472,887,012 4,232,271,364

CASH AND CASH EQUIVALENTS AT END OF YEAR 6,620,887,569 4,472,887,012

 2014 2013

₱ 3,183,217,935 ₱ 1,955,739,568

504,306,831 463,759,881
268,794,596 301,950,286
- -
- -
- -
(35,716,999) (25,445,069)
(106,331,224) (7,626,338)
5,819,175 (3,552,104)
10,494,625 23,575,279
- -
(46,837,990) (13,934,032)
(11,872,008) (5,473,533)
3,771,874,941 2,688,993,938

5,513,429 29,812,634
(122,973,619) 28,307,811
(784,615,581) (128,816,580)
(506,502,632) 51,577,979
192,539,041 376,199,814
2,555,835,579 3,046,075,596
- -
35,716,999 25,445,069
- -
- -
2,591,552,578 3,071,520,665

(2,861,315,856) (1,459,377,066)
- -
- -
- -
- -
- -

165,000,000 60,217,745
20,332,926 -
276,708,756 -
(2,399,274,174) (1,399,159,321)
 (225,000,000) -
- -
(251,440,014) -
- -
- -
1,600,000,000 553,430,890
- -
1,123,559,986 553,430,890

1,315,838,390 1,568,848,291

(5,819,175) (752,065)
2,922,252,149 1,354,155,923

4,232,271,364 2,922,252,149
 Eagle Cement Corporation and Subsidiaries
Consolidated Statements of Financial Position
December 31, 2016, 2015, 2014, 2013

2016 2015 2014

ASSETS
Current Assets
Cash and cash equivalents ₱ 6,620,887,569 ₱ 4,472,887,012 ₱ 4,232,271,364
Financial assets at fair value through
profit and loss (FPVL) - - 39,667,074
Trade and other receivables 484,877,566 138,439,715 417,428,384
Inventories 1,373,998,303 978,747,778 635,817,635
Other current assets 728,992,144 1,512,398,926 1,308,129,210
Total Current Assets 9,208,755,582 7,102,473,431 6,633,313,667
Noncurrent Assets
Available-for-sale (AFS) financial assets 181,013,250 125,296,650 -
Property, plant and equipment 15,773,999,767 14,331,730,266 12,022,882,076
Investment properties 577,800,000 533,975,157 -
Intangible assets 194,098,938 14,625,701 15,344,817
Other noncurrent assets 1,633,099,392 1,092,020,676 846,956,641
Total Noncurrent Assets 18,360,011,347 16,097,648,450 12,885,183,534
Total Assets ₱ 27,568,766,929 ₱ 23,200,121,881 ₱ 19,518,497,201

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables ₱ 2,348,281,309 ₱ 2,116,229,100 ₱ 1,701,647,571
Income tax payable 411,720,888 - -
Current portion of loans payable - 439,866,363 441,223,861
Total Current Liabilities 2,760,002,197 2,556,095,463 2,142,871,432
Noncurrent Liabilities
Loan payable - net of current portion 5,957,076,062 5,426,225,870 5,860,453,130
Net retirement benefits liability 29,621,321 22,504,225 34,206,482
Provision for mine rehabilitation and
decommissioning 26,125,315 24,984,511 -
Net deferred tax liabilities 570,072,756 529,605,658 479,438,819
Total Noncurrent Liabilities 6,582,895,454 6,003,320,264 6,374,098,431
Total Liabilities 9,342,897,651 8,559,415,727 8,516,969,863

Equity
Capital Stock 7,500,000,002 3,500,000,000 3,500,000,000
Reatined Earnings
Appropriated 3,500,000,000 4,000,000,000 4,900,000,000
Unappropriated 5,961,748,578 5,923,989,017 1,434,317,573
Other equity reserves 1,264,120,698 1,216,717,137 1,167,209,765
Total Equity 18,225,869,278 14,640,706,154 11,001,527,338
Total Liabilities and Equity ₱ 27,568,766,929 ₱ 23,200,121,881 ₱ 19,518,497,201
 Eagle Cement Corporation and Sub
Consolidated Statements of Financia
December 31, 2016, 2015, 2014,
Horizontal Analysis

2013
ASSETS
Current Assets
₱ 2,922,252,149 Cash and cash equivalents
Financial assets at fair value through
60,000,000 profit and loss (FPVL)
- Trade and other receivables
512,844,016 Inventories
543,464,481 Other current assets
4,038,560,646 Total Current Assets
Noncurrent Assets
- Available-for-sale (AFS) financial assets
9,562,559,223 Property, plant and equipment
225,288,128 Investment properties
- Intangible assets
422,436,191 Other noncurrent assets
10,210,283,542 Total Noncurrent Assets
₱ 14,248,844,188 Total Assets

LIABILITIES AND EQUITY

Current Liabilities
₱ 1,502,369,499 348172846 Trade and other payables
- 1154196653 Income tax payable
221,551,890 Current portion of loans payable
1,723,921,389 Total Current Liabilities
Noncurrent Liabilities
4,694,519,550 Loan payable - net of current portion
25,577,036 Net retirement benefits liability
Provision for mine rehabilitation and
- decommissioning
447,104,827 Net deferred tax liabilities
5,167,201,413 Total Noncurrent Liabilities
6,891,122,802 Total Liabilities

Equity
3,500,000,000 Capital Stock
Reatined Earnings
2,612,449,866 Appropriated
606,946,613 Unappropriated
1,050,761,837 1,052,163,067 Other equity reserves
7,770,158,316 1401230 Total Equity
₱ 14,661,281,118 Total Liabilities and Equity
e Cement Corporation and Subsidiaries
lidated Statements of Financial Position
ecember 31, 2016, 2015, 2014, 2013
Horizontal Analysis

2014 2015 2016 2017 2018 2019

44.83% 5.69% 48.02% 32.85% 28.85% 36.57%

-33.89% -100.00% 0.00% -44.63% -48.21% -30.95%

0.00% -66.84% 250.24% 61.14% 81.52% 130.97%
23.98% 53.94% 40.38% 39.43% 44.58% 41.47%
140.70% 15.62% -51.80% 34.84% -0.45% -5.80%
64.25% 7.07% 29.66% 124% 106.29% 172.26%

0.00% 0.00% 44.47% 14.82% 19.76% 26.35%

25.73% 19.20% 10.06% 18.33% 15.87% 14.75%
-100.00% 0.00% 8.21% -30.60% -7.46% -9.95%
0.00% -4.69% 1227.11% 407.5% 543.30% 725.96%
100.49% 28.93% 49.55% 59.66% 46.05% 51.75%
26.20% 24.93% 14.05% 469.69% 617.51% 808.87%
36.98% 18.86% 18.83% 593.31% 723.80% 981.12%

13.26% 24.36% 10.97% 16.20% 17.18% 14.78% 44.34% 0.147795

0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0
99.15% -0.31% -100.00% -0.39% -33.56% -44.65% -133.95% -0.446497
24.30% 19.28% 7.98% 15.81% -16.39% -29.87%

24.84% -7.41% 9.78% 9.07% 3.81% 7.56% 22.67% 0.075558

33.74% -34.21% 31.63% 10.38% 2.60% 14.87% 44.61% 0.148701

0.00% 0.00% 4.57% 2.28% 3.42% 5.14% 10.27% 0.051368

7.23% 10.46% 7.64% = 25.34% 0.126683
23.36% -5.82% 9.65%
23.59% 0.50% 9.15%

0.00% 0.00% 114.29%

87.56% -18.37% -12.50%

136.32% 313.02% 0.64%
11.08% 4.24% 3.90%
41.59% 33.08% 24.49%
33.13% 18.86% 18.83%
 Eagle Cement Corporation and Subsidiaries
Consolidated Statements of Financial Position
December 31, 2016, 2015, 2014, 2013

2016 2015 2014

ASSETS
Current Assets
Cash and cash equivalents ₱ 6,620,887,569 ₱ 4,472,887,012 ₱ 4,232,271,364
Financial assets at fair value through
profit and loss (FPVL) - - 39,667,074
Trade and other receivables 484,877,566 138,439,715 417,428,384
Inventories 1,373,998,303 978,747,778 635,817,635
Other current assets 728,992,144 1,512,398,926 1,308,129,210
Total Current Assets 9,208,755,582 7,102,473,431 6,633,313,667
Noncurrent Assets
Available-for-sale (AFS) financial assets 181,013,250 125,296,650 -
Property, plant and equipment 15,773,999,767 14,331,730,266 12,022,882,076
Investment properties 577,800,000 533,975,157 -
Intangible assets 194,098,938 14,625,701 15,344,817
Other noncurrent assets 1,633,099,392 1,092,020,676 846,956,641
Total Noncurrent Assets 18,360,011,347 16,097,648,450 12,885,183,534
Total Assets ₱ 27,568,766,929 ₱ 23,200,121,881 ₱ 19,518,497,201

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables ₱ 2,348,281,309 ₱ 2,116,229,100 ₱ 1,701,647,571
Income tax payable 411,720,888 - -
Current portion of loans payable - 439,866,363 441,223,861
Total Current Liabilities 2,760,002,197 2,556,095,463 2,142,871,432
Noncurrent Liabilities
Loan payable - net of current portion 5,957,076,062 5,426,225,870 5,860,453,130
Net retirement benefits liability 29,621,321 22,504,225 34,206,482
Provision for mine rehabilitation and
decommissioning 26,125,315 24,984,511 -
Net deferred tax liabilities 570,072,756 529,605,658 479,438,819
Total Noncurrent Liabilities 6,582,895,454 6,003,320,264 6,374,098,431
Total Liabilities 9,342,897,651 8,559,415,727 8,516,969,863

Equity
Capital Stock 7,500,000,002 3,500,000,000 3,500,000,000
Reatined Earnings
Appropriated 3,500,000,000 4,000,000,000 4,900,000,000
Unappropriated 5,961,748,578 5,923,989,017 1,434,317,573
Other equity reserves 1,264,120,698 1,216,717,137 1,167,209,765
Total Equity 18,225,869,278 14,640,706,154 11,001,527,338
Total Liabilities and Equity ₱ 27,568,766,929 ₱ 23,200,121,881 ₱ 19,518,497,201
 Eagle Cement Corporation and Subsidia
Consolidated Statements of Financial Po
December 31, 2016, 2015, 2014, 201
Vertical Analysis

2013 2013
ASSETS
Current Assets
₱ 2,922,252,149 Cash and cash equivalents 20.51%
Financial assets at fair value through
60,000,000 profit and loss (FPVL) 0.42%
- Trade and other receivables 0.00%
512,844,016 Inventories 3.60%
543,464,481 Other current assets 3.81%
4,038,560,646 Total Current Assets 28.34%
Noncurrent Assets
- Available-for-sale (AFS) financial assets 0.00%
9,562,559,223 Property, plant and equipment 67.11%
225,288,128 Investment properties 1.58%
- Intangible assets 0.00%
422,436,191 Other noncurrent assets 2.96%
10,210,283,542 Total Noncurrent Assets 71.66%
₱ 14,248,844,188 Total Assets 100.00%

LIABILITIES AND EQUITY

Current Liabilities
₱ 1,502,369,499 348172846 Trade and other payables 10.25%
- 1154196653 Income tax payable 0.00%
221,551,890 Current portion of loans payable 1.51%
1,723,921,389 Total Current Liabilities 11.76%
Noncurrent Liabilities
4,694,519,550 Loan payable - net of current portion 32.02%
25,577,036 Net retirement benefits liability 0.17%
Provision for mine rehabilitation and
- decommissioning 0.00%
447,104,827 Net deferred tax liabilities 3.05%
5,167,201,413 Total Noncurrent Liabilities 35.24%
6,891,122,802 Total Liabilities 47.00%

Equity
3,500,000,000 Capital Stock 23.87%
Reatined Earnings
2,612,449,866 Appropriated 17.82%
606,946,613 Unappropriated 4.14%
1,050,761,837 1,052,163,067 Other equity reserves 7.17%
 7,770,158,316 1401230 Total Equity 53.00%
₱ 14,661,281,118 Total Liabilities and Equity 100.00%
 orporation and Subsidiaries
tements of Financial Position
1, 2016, 2015, 2014, 2013
ertical Analysis

2014 2015 2016 2017 2018 2019

21.68% 19.28% 24.02% 29.15% 35.38% 42.94%

0.20% 0.00% 0.00% 0.00% 0.00% 0.00%

2.14% 0.60% 1.76% 1.78% 1.80% 1.82%
3.26% 4.22% 4.98% 5.18% 5.39% 5.61%
6.70% 6.52% 2.64% 2.77% 2.91% 3.05%
33.98% 30.61% 33.40% 38.88% 45.48% 53.42%

0.00% 0.54% 0.66% 0.66% 0.66% 0.66%

61.60% 61.77% 57.22% 92.65% 150.01% 242.90%
0.00% 2.30% 2.10% 2.13% 2.16% 2.19%
0.08% 0.06% 0.70% 0.71% 0.71% 0.71%
4.34% 4.71% 5.92% 6.19% 6.47% 6.76%
66.02% 69.39% 66.60% 102.33% 160.00% 253.22%
100.00% 100.00% 100.00% 141.21% 205.48% 306.63%

8.72% 9.12% 8.52% 9.3% 10.1% 11.1%

0.00% 0.00% 1.49%
2.26% 1.90% 0.00%
10.98% 11.02% 10.01%

30.03% 23.39% 21.61%

0.18% 0.10% 0.11%

0.00% 0.11% 0.09%

2.46% 2.28% 2.07%
32.66% 25.88% 23.88%
43.64% 36.89% 33.89%

17.93% 15.09% 27.20%

25.10% 17.24% 12.70%

7.35% 25.53% 21.63%
5.98% 5.24% 4.59%
 56.36% 63.11% 66.11%
100.00% 100.00% 100.00%
 Eagle Cement Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
For the Years Ended 2016, 2015, 2014, 2013

2016 2015 2014

Net Sales ₱ 13,275,952,635 ₱ 11,064,531,576 ₱ 8,760,422,609
Cost of Goods Sold 6,339,354,109 6,295,314,045 4,843,152,880
Gross Profit 6,936,598,526 4,769,217,531 3,917,269,729
Operating Expenses 1,293,523,020 826,477,140 639,178,525
Income from Operations 5,643,075,506 3,942,740,391 3,278,091,204
Finance Costs (375,468,671) (241,766,548) (268,794,596)
Interest Income 89,001,566 61,475,979 35,716,999
Share in Profit of Joint Venture - - 11,872,008
Other Income - Net 53,803,426 24,032,820 126,332,320
Income before Income tax 5,410,411,827 3,786,482,642 3,183,217,935
Income tax expense (benefit)
Current 1,277,729,580 75,061,454 85,869,103
Deferred 19,922,686 31,749,744 (17,572,262)
1,297,652,266 106,811,198 68,296,841
NET INCOME 4,112,759,561 3,679,671,444 3,114,921,094

OTHER COMPREHENSIVE INCOME

To be reclassified to profit or loss
in subsequent periods
Unrealized gain (loss) on AFS financial
asset (533,400) 6,534,150 -
Not to be reclassified to profit or loss
in subsequent periods
Revaluation of land (net of deferred tax
expense) 43,558,933 42,400,938 115,142,303
Remeasurement gains on net
retirement benefits liability 4,378,028 572,284 1,305,625
47,936,961 42,973,222 116,447,928
47,403,561 49,507,372 116,447,928
TOTAL COMPREHENSIVE INCOME ₱ 4,160,163,122 ₱ 3,729,178,816 ₱ 3,231,369,022
 Eagle Cement Corporation and Subsidiaries
Consolidated Statements of Comprehensive Incom
For the Years Ended 2016, 2015, 2014, 2013
Horizontal Analysis

2013 2016
₱ 7,099,444,331 Net Sales 19.99%
4,206,576,871 Cost of Goods Sold 0.70%
2,892,867,460 Gross Profit 45.45%
579,060,354 Operating Expenses 56.51%
2,313,807,106 Income from Operations 43.13%
(426,784,201) Finance Costs 55.30%
- Interest Income 44.77%
- Share in Profit of Joint Venture 0.00%
68,716,663 Other Income - Net 123.87%
1,955,739,568 Income before Income tax 42.89%
Income tax expense (benefit)
2,983,601 Current 1602.24%
- Deferred -37.25%
2,983,601 1114.90%
1,958,723,169 NET INCOME 11.77%

OTHER COMPREHENSIVE INCOME

To be reclassified to profit or loss
in subsequent periods
Unrealized gain (loss) on AFS financial
- asset -108.16%
Not to be reclassified to profit or loss
in subsequent periods
Revaluation of land (net of deferred tax
42,430,436 expense) 2.73%
Remeasurement gains on net
(1,401,230) retirement benefits liability 665.01%
41,029,206 11.55%
41,029,206 -4.25%
₱ 1,999,752,375 TOTAL COMPREHENSIVE INCOME 11.56%
orporation and Subsidiaries
ments of Comprehensive Income
ded 2016, 2015, 2014, 2013
zontal Analysis

2015 2014 2013

26.30% 23.40%
29.98% 15.13%
21.75% 35.41%
29.30% 10.38%
20.28% 41.68%
-10.06% -37.02%
72.12% 0.00%
-100.00% 0.00%
-80.98% 83.85%
18.95% 62.76%

-12.59% 2778.04%
-280.68% 0.00%
56.39% 2189.07%
18.13% 59.03%

0.00% 0.00%

-63.18% 171.37%

-56.17% -193.18%
-63.10% 183.82%
-57.49% 183.82%
15.41% 61.59%
 Eagle Cement Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
For the Years Ended 2016, 2015, 2014, 2013

2016 2015 2014

Net Sales ₱ 13,275,952,635 ₱ 11,064,531,576 ₱ 8,760,422,609
Cost of Goods Sold 6,339,354,109 6,295,314,045 4,843,152,880
Gross Profit 6,936,598,526 4,769,217,531 3,917,269,729
Operating Expenses 1,293,523,020 826,477,140 639,178,525
Income from Operations 5,643,075,506 3,942,740,391 3,278,091,204
Finance Costs (375,468,671) (241,766,548) (268,794,596)
Interest Income 89,001,566 61,475,979 35,716,999
Share in Profit of Joint Venture - - 11,872,008
Other Income - Net 53,803,426 24,032,820 126,332,320
Income before Income tax 5,410,411,827 3,786,482,642 3,183,217,935
Income tax expense (benefit)
Current 1,277,729,580 75,061,454 85,869,103
Deferred 19,922,686 31,749,744 (17,572,262)
1,297,652,266 106,811,198 68,296,841
NET INCOME 4,112,759,561 3,679,671,444 3,114,921,094

OTHER COMPREHENSIVE INCOME

To be reclassified to profit or loss
in subsequent periods
Unrealized gain (loss) on AFS financial
asset (533,400) 6,534,150 -
Not to be reclassified to profit or loss
in subsequent periods
Revaluation of land (net of deferred tax
expense) 43,558,933 42,400,938 115,142,303
Remeasurement gains on net
retirement benefits liability 4,378,028 572,284 1,305,625
47,936,961 42,973,222 116,447,928
47,403,561 49,507,372 116,447,928
TOTAL COMPREHENSIVE INCOME ₱ 4,160,163,122 ₱ 3,729,178,816 ₱ 3,231,369,022
 Eagle Cement Corporation and S
Consolidated Statements of Compreh
For the Years Ended 2016, 2015,
Vertical Analysis

2013 2013
₱ 7,099,444,331 Net Sales 100.00%
4,206,576,871 Cost of Goods Sold 59.25%
2,892,867,460 Gross Profit 40.75%
579,060,354 Operating Expenses 8.16%
2,313,807,106 Income from Operations 32.59%
(426,784,201) Finance Costs -6.01%
- Interest Income 0.00%
- Share in Profit of Joint Venture 0.00%
68,716,663 Other Income - Net 0.97%
1,955,739,568 Income before Income tax 27.55%
Income tax expense (benefit)
2,983,601 Current 0.04%
- Deferred 0.00%
2,983,601 0.04%
1,958,723,169 NET INCOME 27.59%

OTHER COMPREHENSIVE INCOME

To be reclassified to profit or loss
in subsequent periods
Unrealized gain (loss) on AFS financial
- asset 0.00%
Not to be reclassified to profit or loss
in subsequent periods
Revaluation of land (net of deferred tax
42,430,436 expense) 0.60%
Remeasurement gains on net
(1,401,230) retirement benefits liability -0.02%
41,029,206 0.58%
41,029,206 0.58%
₱ 1,999,752,375 TOTAL COMPREHENSIVE INCOME 28.17%
e Cement Corporation and Subsidiaries
ated Statements of Comprehensive Income
he Years Ended 2016, 2015, 2014, 2013
Vertical Analysis

2014 2015 2016

100.00% 100.00% 100.00%
55.28% 56.90% 47.75%
44.72% 43.10% 52.25%
7.30% 7.47% 9.74%
37.42% 35.63% 42.51%
-3.07% -2.19% -2.83%
0.41% 0.56% 0.67%
0.14% 0.00% 0.00%
1.44% 0.22% 0.41%
36.34% 34.22% 40.75%

0.98% 0.68% 9.62%

-0.20% 0.29% 0.15%
0.78% 0.97% 9.77%
35.56% 33.26% 30.98%

0.00% 0.06% -0.004%

1.31% 0.38% 0.33%

0.01% 0.01% 0.03%

1.33% 0.39% 0.36%
1.33% 0.45% 0.36%
36.89% 33.70% 31.34%
 2013 2014 2015
Net Sales ₱ 7,099,444,331 ₱ 8,760,422,609 ₱ 11,064,531,576
Cost of Goods Sold 4,206,576,871 4,843,152,880 6,295,314,045
Gross Profit 2,892,867,460 3,917,269,729 4,769,217,531
Operating Expenses 579,060,354 639,178,525 826,477,140
Income from Operations 2,313,807,106 3,278,091,204 3,942,740,391
Finance Costs (426,784,201) (268,794,596) (241,766,548)
Interest Income - 35,716,999 61,475,979
Share in Profit of Joint Venture - 11,872,008 -
Other Income - Net 68,716,663 126,332,320 24,032,820
Income before Income tax 1,955,739,568 3,183,217,935 3,786,482,642
Income tax expense (benefit) 2,983,601 68,296,841 106,811,198
NET INCOME 1,958,723,169 3,114,921,094 3,679,671,444

COGS
Fuel and oil 9,204,528 1,937,419

Operating Expenses 1,293,523,020

Write off 102661000
Depr & Amort 57043223
Rental 5432002
Representation 7186822
1,121,199,973 8.45%
 2016 2017 2018 2019
₱ 13,275,952,635 15,134,586,003.90 17,556,119,764.52 20,716,221,322.14
6,339,354,109 7,226,863,684.26 8,383,161,873.74 9,892,131,011.02
6,936,598,526 7,907,722,320 9,172,957,891 10,824,090,311
1,293,523,020 1,347,830,016 1,552,336,891 1,819,218,363
5,643,075,506 6,559,892,303 7,620,620,999 9,004,871,948
(375,468,671) (375,468,671) (375,468,671) (375,468,671)
89,001,566 89,001,566 89,001,566 89,001,566
- - - -
53,803,426 61,335,905.64 71,149,650.54 83,956,587.64
5,410,411,827 6,334,761,104 7,405,303,545 8,802,361,430
1,297,652,266 1,900,428,331 2,221,591,064 2,640,708,429
4,112,759,561 4,434,332,773 5,183,712,482 6,161,653,001

0.47750653254722
15,674,426
709.0%

Variable Op Ex 1,278,167,969.22 1,482,674,844.30 1,749,556,316.27

Fixed Opex 69662047 69662047 69662047
Total Opex 1,347,830,016.22 1,552,336,891.30 1,819,218,363.27
 2013 2014 2015
ASSETS
Current Assets
Cash and cash equivalents ₱ 2,922,252,149 ₱ 4,232,271,364 ₱ 4,472,887,012
Financial assets at fair value through
profit and loss (FPVL) 60,000,000 39,667,074 -
Trade and other receivables - 417,428,384 138,439,715
Inventories 512,844,016 635,817,635 978,747,778
Other current assets 543,464,481 1,308,129,210 1,512,398,926
Total Current Assets 4,038,560,646 6,633,313,667 7,102,473,431
Noncurrent Assets
Available-for-sale (AFS) financial assets - - 125,296,650
Property, plant and equipment 9,562,559,223 12,022,882,076 14,331,730,266
Investment properties 225,288,128 - 533,975,157
Intangible assets - 15,344,817 14,625,701
Other noncurrent assets 422,436,191 846,956,641 1,092,020,676
Total Noncurrent Assets 10,210,283,542 12,885,183,534 16,097,648,450
Total Assets ₱ 14,248,844,188 ₱ 19,518,497,201 ₱ 23,200,121,881

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables ₱ 1,502,369,499 ₱ 1,701,647,571 ₱ 2,116,229,100
Income tax payable - - -
Current portion of loans payable 221,551,890 441,223,861 439,866,363
Total Current Liabilities 1,723,921,389 2,142,871,432 2,556,095,463
Noncurrent Liabilities
Loan payable - net of current portion 4,694,519,550 5,860,453,130 5,426,225,870
Net retirement benefits liability 25,577,036 34,206,482 22,504,225
Provision for mine rehabilitation and
decommissioning - - 24,984,511
Net deferred tax liabilities 447,104,827 479,438,819 529,605,658
Total Noncurrent Liabilities 5,167,201,413 6,374,098,431 6,003,320,264
Total Liabilities 6,891,122,802 8,516,969,863 8,559,415,727

Equity
Capital Stock 3,500,000,000 3,500,000,000 3,500,000,000
Reatined Earnings
Appropriated 2,612,449,866 4,900,000,000 4,000,000,000
Unappropriated 606,946,613 1,434,317,573 5,923,989,017
Other equity reserves 1,050,761,837 1,167,209,765 1,216,717,137
Total Equity 7,770,158,316 11,001,527,338 14,640,706,154
Total Liabilities and Equity ₱ 14,661,281,118 ₱ 19,518,497,201 ₱ 23,200,121,881

Purchases 4,966,126,499 6,638,244,188

PTO 0.52613391784617 0.507495579356
APP 693.739725988772 719.218087501727
Average
A/P

Ending A/P

2014
RTO 41.9733 39.80992 42.5977364648101 42.5977364648101 42.5977364648101
ACP days 8.696005 9.16857 8.56853040305382 8.56853040305382 8.56853040305382
Average
A/r 355,290,850.17 412,137,386.20
Ending A/R
225,704,134.34 598,570,638.05
355,290,850.17 412,137,386.20

ITO 8.432688 7.798153 5.38889781621105 5.38889781621105 5.38889781621105

ASP days 43.28394 46.80596 67.7318465571932 67.7318465571932 67.7318465571932
Average
Inv 1,341,065,266.17 1,555,635,708.76
Ending INV
1,308,132,229.34 1,803,139,188.17
8,541,065,998.17 9,044,728,364.65
 2016 2017 2018 2019

₱ 6,620,887,569 16,103,128,567.22 15,205,828,692.74 25,507,884,804.65

- - - -
484,877,566 225,704,134.34 598,570,638.05 374,073,593.37
1,373,998,303 1,308,132,229.34 1,803,139,188.17 1,868,161,084.49
728,992,144 831,051,044.16 964,019,211.23 1,137,542,669.25
9,208,755,582 18,468,015,975 18,571,557,730 28,887,662,152

181,013,250 181,013,250 181,013,250 181,013,250

15,773,999,767 16,286,317,541 16,815,274,691 17,361,411,639 0.032479
577,800,000 577,800,000 577,800,000 577,800,000
194,098,938 194,098,938 194,098,938 194,098,938
1,633,099,392 1,861,733,306.88 2,159,610,635.98 2,548,340,550.46
18,360,011,347 19,100,963,036 19,927,797,514 20,862,664,378
₱ 27,568,766,929 ₱ 37,568,979,011 ₱ 38,499,355,245 ₱ 49,750,326,529

₱ 2,348,281,309 8,246,071,320 4,888,753,802 9,842,376,527

411,720,888 - - -
- 0 0 0
2,760,002,197 8,246,071,320 4,888,753,802 9,842,376,527

5,957,076,062 5,957,076,062 5,957,076,062 5,957,076,062

29,621,321 29,621,321 29,621,321 29,621,321

26,125,315 26,125,315 26,125,315 26,125,315

570,072,756 649,882,942 753,864,213 889,559,771
6,582,895,454 6,662,705,640 6,766,686,911 6,902,382,469
9,342,897,651 14,908,776,960 11,655,440,712 16,744,758,996

7,500,000,002 7,500,000,002 7,500,000,002 7,500,000,002

3,500,000,000 3,500,000,000 2,500,000,000 2,500,000,000

5,961,748,578 10,396,081,351 15,579,793,832 21,741,446,834
1,264,120,698 1,264,120,698 1,264,120,698 1,264,120,698
18,225,869,278 22,660,202,051 26,843,914,532 33,005,567,534
₱ 27,568,766,929 ₱ 37,568,979,011 ₱ 38,499,355,245 ₱ 49,750,326,529

6,734,604,634 7,160,997,611 8,878,168,833 9,957,152,907

0.53063505192267 1.35185185185185 1.35185185185185 1.35185185185185
687.855049675822 270 270 270

5,297,176,315 6,567,412,561 7,365,565,164

8,246,071,320 4,888,753,802 9,842,376,527

42.5977364648101
8.56853040305382

486,322,115.71

374,073,593.37
486,322,115.71

5.38889781621105
67.7318465571932

1,835,650,136.33

1,868,161,084.49
9,341,717,887.50