FCFF

EBIT*(1-tax%)
add: depreciation
less:capital exp
less: change in WC
less:change in other assets

FCFF

TA
TL
WC
Change
OTHER ASSETS
deferred tax
advances
miscellaneous
total
change

16,297,996.40
443,324
32,709,756
-15,968,435.60

WACC

0.6753
0.3247

ROIC

VALUE

FCFF/(WACC-g)
-64241163.31

0.55
0.0245
WACC

0.3794
0.1308
0.2486

EBIT
EBT
tax expense
Interest expense
NI
tax rate
capital stock
retained earnings
retention rate
depreciation
capex

2013
343,752,812
91,060,652
252,692,160
15,687,137

2012
350,950,120
113,945,097
237,005,023

7,613,410
605,996
710,593
8,929,999
2,931,767

4,598,414
724,914
674,904
5,998,232

23,282,852
22,410,162
6,723,025
872,690
15,687,137
30%
193,750,002
58,942,158
30%
443,324
14,090,852

NI dep current assets, cash, current liabilities, long term debt for 3

, current liabilities, long term debt for 3 years. kunin mo lang geomean per item (at least 3 years past)

STATEMENTS OF COMPREHENSIVE INCOME

For the Three Months
Ended March 31
2013

For the Years

Ended December 31

Interest income
less:Interest expense
Net interest income
less: Impairment loss
Net interest income after
impairment loss

37,297,687
872,690
36,424,997
9,973,690

2012
(unaudited)
15,657,569
428,299
15,229,270
1,329,628

2012

2011

2010

82,453,952
3,898,942
78,555,010
5,318,512

76,033,193
5,548,369
70,484,824
3,426,509

37,797,983
1,979,340
35,818,643
2,662,384

26,451,307

13,899,642

73,236,498

67,058,315

33,156,259

Other operating income

Other operating expenses
Profit before tax
Tax expense
Net Profit

5,258,079
9,299,224
22,410,162
6,723,025
15,687,137

2,992,878
6,589,121
10,303,399
3,091,002
7,212,397

16,542,601
28,083,417
61,695,682
18,508,636
43,187,046

12,904,907
22,380,171
57,583,051
17,318,722
40,264,329

6,605,085
18,050,512
21,710,832
6,517,498
15,193,334

* un forecast nagsimula ako 2010-2012, di ko sinama 2013, tama ba nun? Nag start na ko 2014
Forecast
2018

2017

2016

2015

2014

61,881,539.58
3,498,464.76
58,316,691.73
3,647,295.12

56,235,555.33
3,374,331.51
52,803,884.89
3,216,358.81

50,856,551.48
2,858,875.33
47,957,436.56
3,149,212.96

56,144,385.83
3,231,619.03
52,857,291.47
3,330,523.30

54,352,736.01
3,147,272.69
51,153,526.67
3,231,168.95

54,607,032.50

49,517,142.96

44,756,545.61

49,463,734.79

47,859,300.61

11,213,616.39
22,469,890.61
42,567,221.44
12,783,714.24
29,783,496.64

9,850,531.44
20,860,175.66
37,613,938.82
11,300,160.20
26,313,770.24

9,002,461.15
20,376,807.76
32,636,245.73
9,801,085.71
22,835,154.22

9,981,340.49
21,217,051.11
37,385,922.70
11,228,936.19
26,156,978.19

9,601,444.95
20,815,157.94
35,802,968.57
10,753,895.22
25,049,065.74

STATEMENTS OF FINANCIAL POSITION

Amounts in
As of March 31
2013
Assets
Cash
Loans receivable- net
Property and equipment- net
Other assets-net
Total Assets
Liabilities and Equity
Loans payable
Accrued expenses and
other payables
Income tax payable
Total Liabilities
Capital stock
Deposits for future stock
subscription
Stock dividends distributable
Retained earnings
TotalEquity
Total Liabilities and Equity

As of December 31
2012
2011

2010

39,826,463
280,905,498
14,090,852
8,929,999
343,752,812

90,428,846
240,309,956
14,213,086
5,998,232
350,950,120

5,933,575
149,995,293
15,457,460
6,858,624
178,244,952

10,101,968
128,465,905
11,065,100
2,630,892
152,263,865

75,000,000

100,000,000

25,000,000

87,050,024

6,328,972

6,598,010

5,790,772

6,550,669

9,731,680
91,060,652
193,750,002

7,347,087
113,945,097
75,000,000

6,786,203
37,576,975
75,000,000

3,259,524
96,860,217
30,000,000

53,150,000

58,942,158
252,692,160
343,752,812

65,600,002 43,255,021
65,667,977
237,005,023 140,667,977
350,950,120 178,244,952

25,403,648
55,403,648
152,263,865

2018

2017

Forecast
2016

2015

2014

17,566,145.31
166,678,311.30
13,446,026.19
4,765,638.46
211,975,903.33

10,173,404.17
147,541,728.72
13,199,651.83
4,413,878.45
179,184,399.04

12,176,325.60
146,732,825.37
12,522,871.49
3,810,788.33
179,498,647.08

12,958,448.51
153,381,770.48
13,050,288.65
4,311,735.34
189,619,336.63

11,708,785.58
149,189,628.13
12,920,981.53
4,170,253.26
182,703,976.18

60,150,092.74

50,774,821.08

64,301,020.58

58,125,609.92

57,466,039.05

6,301,999.49

6,206,310.44

6,351,346.96

6,286,263.27

6,281,026.60

5,457,143.88
74,574,033.24
55,260,472.48

4,942,144.94
64,746,797.94
49,911,317.88

4,446,432.34
77,621,814.07
43,575,759.16

4,931,331.41
72,099,110.23
49,349,890.99

4,767,570.45
71,292,524.94
47,523,680.30

53,150,000.00

53,150,000.00

53,150,000.00

53,150,000.00

53,150,000.00

65,600,002.00
41,632,141.44
122,695,994.33
211,975,903.33

65,600,002.00
41,104,827.00
98,519,302.67
179,184,399.04

65,600,002.00
35,161,917.76
87,490,995.55
179,498,647.08

65,600,002.00
39,186,039.89
101,883,774.05
189,619,336.63

65,600,002.00
38,403,038.26
95,762,741.49
182,703,976.18

STATEMENTS OF CASH FLOWS

Amounts in
As of December 31
2012
2011

As of March 31
2013
Cash Cash Flows From Operating
Activities
Profit before tax
Adjustments for:
Interest income
Interest received
Interest expense
Interest paid
Depreciation
Impairment loss
Unrealized loss exchange (gains)
losses
Operating profit before changes in
operating assets and liabilities
Increase in loans receivable
Decrease (increase) in other assets
Increase (decrease) in accrued
expenses and other payables

22,410,162
$

61,695,682

(37,297,687.00) $ (37,297,687.00) $ (37,297,687.00)

31,840,575
73,336,404
68,704,764
872,690
3,898,942
5,548,369
(887,968.00) $ (3,834,359.00) $ (5,515,730.00)
443,324
1,822,942
1,623,487
9,973,690
5,318,512
3,426,509
76,296

57,583,051

947,086

-137,249

27,431,082
60,731,257
55,200,008
(45,112,120.00) $ (86,515,627.00) $ (17,627,468.00)
81,654
2,912,967 $ (3,263,594.00)
(253,760.00) $

742,655.00 $

(792,536.00)

Cash generated from (used in)

operations
Cash paid for income taxes

$
$

(17,853,144.00) $ (22,128,748.00) $ 33,516,410.00

(7,351,853.00) $ (20,000,327.00) $ (14,756,181.00)

Net Cash Received from (Used in)

Operating Activities

(25,204,997.00) $ (42,129,075.00) $ 18,760,229.00

Cash Flows From Investing Activity

Acquisitions of property and equipment
Net Cash Received from (Used in)
Investing Activity
Cash Flows From Financing Activities
Availment of bank loans
Paymentof bank loans
Payment advances from officers and
shareholders
Proceeds from deposits for future stock
subscription
Proceeds from issuance of capital stock
Net Cash Received from (Used in)
Financing Activities
Effects Of Exchange Rate Changes In

-321,090

-578,568

-6,015,847

-321,090

-578,568

-6,015,847

50,000,000
-75,000,000

100,000,000
-25,000,000

15,000,000
-65,000,000

-12,050,024
53,150,000 -

-25,000,000

45,000,000
128,150,000

-17,050,024

Cash
Net Increase (Decrease) In Cash
Cash at Beginning Of Year
Cash at End Of Year

-76,296
-50,602,383
90,428,846
39,826,463

-947,086
84,495,271
5,933,575
90,428,846

137,249
-4,168,393
10,101,968
5,933,575

ecember 31
2010

2018

2017

Forecast
2016

2015

2014

21,710,832

42,567,221.44

37,613,938.82

32,636,245.73

#NUM!

$ (37,297,687.00)
31,439,310
1,979,340
$ (1,998,090.00)
1,315,433
2,662,384

#NUM!
54,107,793.39
3,498,464.76
#NUM!
1,573,125.85
3,647,295.12

#NUM!
48,892,235.36
3,374,331.51
#NUM!
1,497,707.50
#NUM!

#NUM!
43,650,669.34
#NUM!
#NUM!
1,457,985.04
#NUM!

#NUM!
48,696,402.09
#NUM!
#NUM!
1,508,856.18
#NUM!

#NUM!

#NUM!

#NUM!

#NUM!

#NUM!

40,629,503.58
#NUM!
#NUM!
#NUM!

35,534,586.38
#NUM!
#NUM!
#NUM!
#NUM!

#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

#NUM!
#NUM!
#NUM!
#NUM!
#NUM!

$ (34,759,243.00)
$ (4,259,108.00)

#NUM!
#NUM!

#NUM!
#NUM!

#NUM!
#NUM!

#NUM!
#NUM!

#NUM!
#NUM!

$ (39,018,351.00)

#NUM!

#NUM!

#NUM!

#NUM!

#NUM!

695,367

20,006,593
$ (56,387,739.00)
$
(899,848.00)
$

2,521,751.00

-364,378
-364,378

50,000,000
-4,163,764
45,836,236

#NUM!
#NUM!
47,015,662.34
#NUM!
#NUM!
#NUM!
#NUM!

-695,367
5,758,140
4,343,790
10,101,968