Horizontal Analysis

ASSETS
2014 2015 Increase/Decreas
e
Current Assets
Cash and Cash Equivalents 7 618 473 267 11 497 559 629 50.92 %
Short-term Investments - 922 317 012 100 %
Receivables 7 937 404 797 5 432 775 539 (31.55 %)
Inventories 5 971 813 991 5 478 416 309 (8.26) %
Derivative Asset - 9 868 242 100 %
Other Current Assets 2 493 699 399 3 828 229 080 53.53 %
Total Current Assets 24 021 391 454 27 169 165 811 13.10 %
Noncurrent Assets
Available-for-sale-Financial Assets 21 479 461 21 462 462 0.08 %
Interests in and advances to joint ventures, co- 3 388 902 606 8 449 310 264 149.32 %
venturers and an associate
Property, Plant & Equipment 13 363 567 166 14 547 151 906 8.86 %
Investment Properties 1 025 645 035 988 113 493 (2.68 %)
Goodwill and other intangible assets 9 385 110 293 9 412 134 199 0.296 %
Operating lease receivables 21 089 606 12 516 788 (40.65 %)
Derivative Asset - 75 031 052 100 %
Deferred Tax Asset-net 751 965 318 1 408 488 536 87.31 %
Other noncurrent assets 2 139 528 661 2 669 673 900 24.78 %
Total Noncurrent Assets 30 097 288 146 37 593 882 600 24.91 %

Total Assets 54 118 679 600 64 763 048 411 19.67 %

 Horizontal Analysis
LIABILITIES 2014 2015 Increase/Decrease
Current Liabilities
Trade Payables and other current liabilities P 16 295 665 174 19 527 045 864 19.83 %
Income tax payable 181 829 126 235 980 000 29.78 %
Short-term debt 1 865 000 000 282 360 000 (85 %)
Current portion of:
Long-term debt 715 520 000 927 916 273 29.68 %
32 906 018 94 852 231 188 %
Liability for acquisition of businesses
Total Current Liabilities 19 090 920 21 068 154 368 10. 36 %
Noncurrent Liabilities
Provisions 30 500 639 30 500 639 0
Noncurrent portion of:
Long-term debt 4 428 021 970 8 790 712 333 98.52

Liability for acquisition of businesses 101 064 311 - 100 %

Pension Liability 823 390 250 1 466 530 394 78.11 %
Operating lease payables 1 544 846 191 1 615 649 498 4.58 %
Derivative liability 1 545 472 34 921 275 21.6%
Deferred tax liability 11 377 928 - (100 %)
Total Noncurrent Liabilities 6 949 737 761 11 938 304 139 71.78 %
Total Liabilities P 26 040 658 079 P 33 006 458 507 26.75 %
 Horizontal Analysis
Equity Attributable to Equity Holders of the 2014 2015 Increase/Decrease
Parent Company
Capital Stock P 1 081 040 314 P 1 086 149 410 0.47%
Subscription Receivable (17 177 884) (17 177 884) -
Additional paid-in capital 4 452 162 323 5 055 293 439 13.55 %
Cumulative translation adjustments of foreign (25 789 376) 107 225 186 (316 %)
subsidiaries and share in cumulative translation
adjustment if an interest in a joint venture
Remeasurement loss on net defined benefit plan (219 900 060) (536 579 937) 144 %
Comprehensive loss on derivative liability ( 2 395 155) (35 449 264 ) 1380%

Excess of cost over the carrying value of non- (542 764 486) (542 764 486) -
controlling interests acquired
Retained Earnings:
Appropriated for future expansion 10 200 000 000 10 200 000 000 -
12 445 662 470 15 487 039 084 24.44 %
Unappropriated
Less cost of common stock held in treasury 180 511 491 180 511 491 -
Non-controlling interests 887 694 866 1 133 365 847 27.68 %

Total Equity 28 078 021 521 31 756 589 904 13.10 %

Total Liabilities & Equity P 54 118 679 600 P 64 763 048 411 19. 67%