Ayala Land Corpporation

Statement of Financial Position

As of December 31, 2017 and December 31, 2016
Horizontal Analysis
2017 2016 Increase (Decrease) % of change
ASSETS
Current Assets
Cash and Cash Equivalents ₱20,998,089.00 ₱20,904,330.00 93,759.00 0.45%
Short-term investments 4,739,734.00 207,671.00 4,532,063.00 2182.33%
financial assests at fair value through profit or loss 540,606.00 1,964,540.00 -1,423,934.00 -72.48%
Accounts and notes receivable 98,311,499.00 97,467,753.00 843,746.00 0.87%
inventories 62,192,378.00 66,727,945.00 -4,535,567.00 -6.80%
Other current assets 31,778,649.00 23,739,874.00 8,038,775.00 33.86%
Total Current Assets ₱ 218,560,955.00 ₱211,012,113.00 7,548,842.00 3.58%
Noncurrent Assets
noncurrents account and notes receivable 44,522,898.00 ₱35,133,216.00 9,389,682.00 26.73%
available for sale financial assets 1,475,241.00 1,385,172.00 90,069.00 6.50%
Land and improvements 94,276,655 101,456,799
investment s in associates and joint ventures 26,800,823.00 24,985,317.00 1,815,506.00 7.27%
Investment properties 134,616,390.00 107,931,032.00 26,685,358.00 24.72%
Property and equipment 28,524,088.00 26,504,386.00 2,019,702.00 7.62%
deffered tax assests-net 10,648,013.00 9,878,550.00 769,463.00 7.79%
Other noncurrent assets 14,567,271.00 18,146,410.00 -3,579,139.00 -19.72%

Total Noncurrent Assets 355,431,379.00 325,420,882.00 30,010,497.00 9.22%

TOTAL ASSETS ₱573,992,334.00 ₱536,432,995.00 37,559,339.00 7.00%

LIABILITIES AND EQUITY

Current Liabilities
Short-term debt ₱17,644,350.00 ₱24,244,350.00 -6,600,000.00 -27.22%
accounts and other payable 137,683,859.00 141,713,114.00 -4,029,255.00 -2.84%
income tax payable 978,433 1,470,573.00 - -
 current portion of long term debt 6,572,775.00 5,187,111.00 1,385,664.00 26.71%
deposits and other current liabilities 21,743,820 15,588,023.00 - -
Total Current Liabilities 184,623,237.00 188,203,171.00 -3,579,934.00 -1.90%

Noncurrent Liabilities
long-term debt - net current portion ₱150,168,631.00 130,369,877.00 19,798,754.00 15.19%
pension liabilities 1,535,671.00 1,498,840.00 36,831.00 2.46%
deffered tax liabilities 3,543,791.00 4,356,530.00 -812,739.00 -18.66%
deposits and other noncurrent liabilities 41,857,646.00 39,321,390.00 2,536,256.00 6.45%
Total Noncurrent Liabilities 197,105,739.00 175,546,637.00 21,559,102.00 12.28%
TOTAL LIABILITIES ₱381,728,976.00 ₱363,749,808.00 17,979,168.00 4.94%
EQUITY
Equity Attributable to Equity Holders of the Parent
pai-in capital ₱61,948,711.00 ₱61,562,170.00 386,541.00 0.63%
retained earnings 109,976,450.00 91,798,555.00 18,177,895.00 19.80%
stock options outstanding 99,064.00 89,697.00 9,367.00 10.44%
remeasurement lodd on defined benefit plans (160,015.00) -356,918.00 196,903.00 -55.17%
net unreaized gain on available-for-sale financial assets 40,530 43594
commulative translation adjustments 1,001,986 0
equity reserves (6,152,115.00) (5,432,003.00) (720,112.00) 13.26%
166,754,611.00 147,705,095.00 19,049,516.00 12.90%
Non-controlling Interests 25,508,747.00 24,978,092.00 530,655.00 2.12%

TOTAL EQUITY ₱192,263,358.00 ₱172,683,187.00 19,580,171.00 11.34%

TOTAL LIABILITIES AND EQUITY ₱573,992,334.00 ₱536,432,995.00 37,559,339.00 7.00%

 Vertical Analysis
2017 2016

3.66% 3.90%
0.83% 0.04%
0.09% 0.37%
17.13% 18.17%
10.84% 12.44%
5.54% 4.43%
38.08% 39.34%

7.76% 6.55%
0.26% 0.26%
16.42%
4.67% 4.66%
23.45% 20.12%
4.97% 4.94%
1.86% 1.84%
2.54% 3.38%
61.92% 60.66%
100.00% 100.00%

3.07% 4.52%
23.99% 26.42%
- 0.27%
 1.15% 0.97%
- 2.91%
32.16% 35.08%

26.16% 24.30%
0.27% 0.28%
0.62% 0.81%
7.29% 7.33%
34.34% 32.72%
66.50% 67.81%

10.79% 11.48%
19.16% 17.11%
0.02% 0.02%
-0.03% -0.07%

-1.07% -1.01%
29.05% 27.53%
4.44% 4.66%
33.50% 32.19%
100.00% 100.00%
 Ayala Land Corporation
Consolidated Statement of Comprehensive Income
As of December 31, 2017 and December 31, 2016
Horizontal Analysis
2017 2016 Increase (Decrease) % of change
REVENUES
Real estate ₱133,097,831.00 ₱ 117,700,488.00 15,397,343.00 13.08%
interest income from real estate 5,409,944.00 5,010,993.00 398,951.00 7.96%
equity in net earnings (losses) of associates and joint ventures 865,566.00 554,414.00 311,152.00 56.12%
Net Sale 139,373,341.00 123,265,895.00 16,107,446.00 13.07%
costs and expenses
real estate 87,921,064.00 76,566,404.00 11,354,660.00 14.83%
General and administrative expenses 7274845.00 7,031,350 243495 3.46%
other expenses 1,196,076.00 1,053,207.00 142,869.00 13.57%
96,391,985.00 84,650,961.00 11,741,024.00 13.87%
INTEREST INCOME (EXPENother income (charges)
Interest and investment Income 675,051.00 76,566,404.00 (75,891,353.00) -99.12%
interest and other financing charges (7,914,326.00) 7,031,350.00 (14,945,676.00) -212.56%
other income 2,248,559.00 1,053,207.00 1,195,352.00 113.50%
INCOME BEFORE INCOME TAX 37,990,640.00 32,663,447.00 5,327,193.00 16.31%
PROVISION FOR INCOME TAX
Current 11,959,895.00 10,070,055.00 1,889,840.00 18.77%
Deferred -2,134,914.00 (1,839,393.00) (295,521.00) 16.07%
9,824,981.00 8,230,662.00 1,594,319.00 19.37%

NET INCOME ₱ 28,165,659.00 ₱ 24,432,785.00 3,732,874.00 15.28%

OTHER COMPREHENSIVE INCOME (LOSS)
other comprehensive income (loss)
items that may be reclassified to profit or loss in subsequent years :
net unrealized gain (loss) on availabl-for-sale financial assets -3,064.00 124,932.00 (127,996.00) -102.45%
cumulative translation adjustments 1,001,986 - 1,001,986.00 0%
items that will not be reclassified to profit or loss in subsequent years
remeasurement gain on pension liabilities 281,290 107,956
income tax effect -84,387.00 (32,387.00) (52,000.00) 160.56%
1,195,825.00 200,501.00 995,324.00 496.42%
total comprehensive income ₱ 29,361,484.00 ₱ 24,632,286.00 4,729,198.00 19.20%

total comprehensive income attribute to:

equity holders of ayala land inc. ₱ 26,500,790.00 ₱ 21,107,974 5,392,816.00 25.55%
non- controlling interests 2,860,694.00 3,524,312 (663,618.00) -18.83%
₱ 29,361,484.00 ₱ 24,632,286 4,729,198.00 19.20%

Earnings Per Share

net income attribute to equity ho;ders of Ayala Land, inc.
Basic and diluted ₱1.71 ₱1.43 0.28 19.58%
Vertical Analysis
2017 2016

100.00% 100.00%
4.06% 4.26%
0.65% 0.47%
104.71% 104.73%

66.06% 65.05%
5.47% 5.97%
0.90% 0.89%
72.42% 71.92%

0.51% 65.05%
-5.95% 5.97%
0.89%
28.54% 27.75%

8.99% 8.56%
-1.60% -1.56%
7.38% 6.99%
21.16% 20.76%
 0.00% 0.11%
0.75% 0.00%

-0.06% -0.03%
0.90% 0.17%
22.06% 20.93%

19.91% 17.93%
2.15% 2.99%
22.06% 20.93%

0.00% 0.00%
 Ayala Land Corporation
Consolidated Statements of Cash Flow
As of December 31, 2017 and December 31, 2016
2017 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax ₱ 37,990,640.00 ₱ 32,663,447.00
Adjustments for:
interest and other financing charges 7914326.00 7,314,387
Depreciation and amortization 5,179,792.00 5,874,560.00
dividends received from investees 621,579.00 232,950.00
provision for impairment losses 572,001.00 412,259.00
cost of share-based payments 153,845.00 208,335.00
unrealizad gain on financial assests at fair value through profit or loss (13,119.00) (2,422.00)
realized gain on financial assets at fair value (15,860.00) (6,305.00)
gain on sale of available-for-sale investments (25,713.00) -
gain on sale of available-for-sale investments (69,566.00) (37,447.00)
gain on business combination - (188,086.00)
equity in net losses (earnings) of associates and joint ventures (865,566) (554,414)
interest income (5,987,681.00) (5,695,312.00)
operating income before changes in working capital 45,454,678.00 40,221,952.00
changes in operating assests and liabilities:
decrease (increase) in:
accounts and notes receivable (10,671,714.00) (14,135,347.00)
inventories 13,017,887.00 (5,043,649)
other current assests (7,952,463) (1,406,487.0)
increase(decrease) in:
accounts and other payable (7,008,035.00) 20,194,269.00
deposits and other current liabilities 6,155,797.00 3,976,821
pension liabilities 233,734.00 (3,646)
Net cash generated from operations 39,229,884.00 43,803,913.00
income received 5,963,687 5,661,647
Income taxes paid (11,899,324.00) (8,859,232.00)
interest paid (7,594,485.00) (7,566,031.00)
Net cash provided by operating activities ₱ 25,699,762.00 ₱ 33,040,297.00

CASH FLOW FROM INVESTING ACTIVITIES

proceeds from:
sale/redemtion of short term investments 126,605.00 171,694.00
sale/redemtion of financial assests at fair value through profit loss 3,408,555.00 2,948,650
sale of available-for-sale financial assests 159,074.00 562.00
disposal of property and equipment 622,957.00 280,775
disposal of investment properties 165.00 550,255.00
disposal of investment in associates and jointly controlled entities 196,654 -
additions to:
short-term investments (4,658,694) (214,744)
financial assests at fair value through profit or loss (1,955,642.00) (2,760,693)
available-for-sale financial assests (226,494.00) (837,168.00)
land and improvements (3,962,642) (5,063,518)
oinvestments in associates and joint ventures (1,073,319.00) (7,142,335.00)
investment properties (28,350,001.00) (27,697,545.00)
property and equipment (2,326,115.00) (3,721,845.00)
accounts and notes receivable-nontrade (718,287.00) (10,712,931.00)
net increase (decrease) in other noncurrent assets 3,384,920.00 (3,502,623.00)
acquisition of subsidiary, net of cash acquired - -
net decrease in cash from business combination - (105,381.00)
Net cash used in investing activities (35,372,264.00) (57,806,847.00)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short and long- term debt 157,564,449.00 51,937,179.00
Payments of short and long-term debt (142,980,030.00) (23,131,953.00)
Increase in deposits and other noncurrent liabilities 5,217,509.00 5,254,678.00
increase (decrease) in non controlling interests (113,847.00) 2,095,156.00
redemption of non-controlling interest - -
acquisition of non-controlling interests (1,833,573.00) (1,209,784.00)
proceeds from capital stock subscriptions 242,063 180,338
Dividends paid to non-controlling interests (1,102,731.00) (1,559,064.00)
dividends paid to equity holders of Ayala Land inc. (7,193,183.00) (6,983,060.00)
Net cash provided by financing activities 9,800,657.00 26,583,490.00
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 128,155.00 1,816,940.00
effect of changes in foreign currency (34,396) -
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 20,904,330.00 19,087,390.00

CASH AND CASH EQUIVALENTS AT END OF YEAR ₱ 20,998,089.00 ₱ 20,904,330.00

on
ash Flow
mber 31, 2016
Increase (Decrease) % of change 2017 2016

5,327,193.00 16.31% 100.00% 100.00%

599,939.00 8.20% 20.83% 22.39%

(694,768.00) -11.83% 13.63% 17.99%
388,629.00 166.83% 1.64% 0.71%
159,742.00 38.75% 1.51% 1.26%
(54,490.00) -26.15% 0.40% 0.64%
(10,697.00) 441.66% -0.03% -0.01%
(9,555.00) 151.55% -0.04% -0.02%
(25,713.00) #DIV/0! -0.07% 0.00%
(32,119.00) 85.77% -0.18% -0.11%
188086 -100.00% 0.00% -0.58%
(311,152.00) 56.12% -2.28% -1.70%
(292,369.00) 5.13% -15.76% -17.44%
5,232,726.00 13.01% 119.65% 123.14%

3,463,633.00 -24.50% -28.09% -43.28%

18,061,536.00 -358.10% 34.27% -15.44%
(6,545,976.00) 465.41% -20.93% -4.31%

(27,202,304.00) -134.70% -18.45% 61.83%

2,178,976.00 54.79% 16.20% 12.18%
237,380.00 -6510.70% 0.62% -0.01%
(4,574,029.00) -10.44% 103.26% 134.11%
302,040.00 5.33% 15.70% 17.33%
(3,040,092.00) 34.32% -31.32% -27.12%
(28,454.00) 0.38% -19.99% -23.16%
(7,340,535.00) -22.22% 67.65% 101.15%

(45,089.00) -26.26% 100.00% 100.00%

459,905.00 15.60% 2692.28% 1717.39%
158,512.00 28204.98% 125.65% 0.33%
342,182.00 121.87% 492.05% 163.53%
(550,090.00) -99.97% 0.13% 320.49%
196,654.00 #DIV/0! 155.33% 0.00%
- 0.00% 0.00% 0.00%
(4,443,950.00) 2069.42% -3679.71% -125.07%
805,051.00 -29.16% -1544.68% -1607.91%
610,674.00 -72.95% -178.90% -487.59%
1,100,876.00 -21.74% -3129.93% -2949.15%
6,069,016.00 -84.97% -847.77% -4159.92%
(652,456.00) 2.36% -22392.48% -16131.92%
1,395,730.00 -37.50% -1837.30% -2167.72%
9,994,644.00 -93.30% -567.34% -6239.55%
6,887,543.00 -196.64% 2673.61% -2040.04%
- #DIV/0! 0.00% 0.00%
105,381.00 -100.00% 0.00% -61.38%
22,434,583.00 -38.81% 100.00% 100.00%

105,627,270 203.38% 100.00% 100.00%

(119,848,077.00) 518.11% -112933.95% -13472.78%
(37,169.00) -0.71% 4121.09% 3060.49%
(2,209,003.00) -105.43% -89.92% 1220.28%
- 0.00% 0.00% 0.00%
(623,789.00) 51.56% -1448.26% -704.62%
61,725 34.23% 191.20% 105.03%
456,333.00 -29.27% -871.00% -908.05%
(210,123.00) 3.01% -5681.59% -4067.15%
(16,782,833.00) -63.13% 100.00% 100.00%
(1,688,785.00) -92.95% 101.22% 1058.24%

1,816,940.00 9.52% 16511.46% 11117.10%

93,759.00 0.45% 100.00% 100.00%
 Ayala Land Corporation Ratios
2017
A. LIQUIDITY RATIOS
218,560,955.00
=
Net working capital Current Assets - Current Liabilities = - =
184,623,237.00

Cash + Short-term Marketable Securities 25,737,823.00

Cash Ratio = = =
Current Liabilities 184,623,237.00

Cash + Short-term Marketable Securities + Accounts Receivable 124,049,322.00

Quick Ratio = = =
Current Liabilities 184,623,237.00

Current Assets 218,560,955.00

Current Ratio = = =
Current Liabilities 184,623,237.00

B. ACTIVITY RATIOS
Net Sales 139,373,341.00
Receivable Turnover = = =
Average Trade Receivables 141,467,368.00

360 days 365

Collection Period = = =
Receivables Turnover 0.99

Cost of Goods Sold 96,391,985.00

Inventory Turnover = = =
Average Inventory 62,192,378.00

360 days 365

Inventory Days = = =
Inventory Turnover 1.55

Cash Operating Expenses 25,699,762.00

Cash Turnover = = =
Average Cash Balance 20,951,209.50

360 days 365

Days to Pay Operating Expenses = = =
 Days to Pay Operating Expenses = = =
Cash Turnover 1.23

Net Sales 139,373,341.00

Working Capital Turnover = = =
Average Working Capital 216,576,501.00

Net Sales 139,373,341.00

Current Asset Turnover = = =
Average Current Assets 214,786,534.00

Net Sales 139,373,341.00

Total Assets Turnover = = =
Average Total Assets 555,212,664.50

Net Sales 139,373,341.00

Fixed Assets Turnover = = =
Average Net Fixed Assets 340,426,130.50

C. PROFITABILITY RATIOS
Net Income 28,165,659.00
Return on Sales = = =
Net Sales 139,373,341.00

Gross Profit Margin = Gross Profit = 87,921,064.00 =

Net Sales 139,373,341.00

Return on Stockholder's Equity = Net Income = 28,165,659.00 =

Average Stockholder's Equity 140,092,211.00

D. SOLVENCY/ LEVERAGE RATIOS

Debt-to-Equity Ratio = Total Debt = 381,728,976.00 =
Net Stockholder's Equity 192,263,358.00

Debt-to-Assets Ratio = Total Debt = 381,728,976.00 =

Total Assets 573,992,334.00
 Equity-to-Assets Ratio (Equity Ratio) = Net Stockholder's Equity = 192,263,358.00 =
Total Assets 573,992,334.00

Equity Multiplier = Total Assets (Equity) = 573,992,334.00 =

Net Stockholder's Equity 192,263,358.00

Total Assets-to-Total Liabilities Ratio = Total Assets = 573,992,334.00 =

Total Liabilities 381,728,976.00

Non-current assets-to-long-term liabilities ratio = Non-current Assets = 355,431,379.00 =

Long-term Liabilities 197,105,739.00

E. CASH FLOW RATIOS

Total Debt Coverage = Total Liabilities = 381,728,976.00 =
Cash from Operations 25,699,762.00

Cash Flow to Sales = Cash from Operations = 25,699,762.00 =

Sales 139,373,341.00

Cash Flow Return on Sales = Cash from Operations = 25,699,762.00 =

Average Total Assets 555,212,664.50
2017 2016

211,012,113.00
33,937,718 - = ₱ 22,808,942.00
188,203,171.00

21,112,001.00
0.14 = 0.11
188,203,171.00

118,579,754.00
0.67 = 0.63
188,203,171.00

211,012,113.00
1.18 = 1.12
188,203,171.00

123,265,895.00
0.99 = 0.87
141,467,368.00

365
370.48 = 418.90
0.87

84,650,961.00
1.55 = 1.36
62,192,378.00

365
235.50 = 268.16
1.36

33,040,297.00
1.23 = 1.58
20,951,209.50

365
297.56 = 231.45
297.56 = 231.45
1.58

123,265,895.00
0.64 = 0.57
216,576,501.00

123,265,895.00
0.65 = 0.57
214,786,534.00

123,265,895.00
0.25 = 0.22
555,212,664.50

123,265,895.00
0.41 = 0.36
340,426,130.50

24,432,785.00
0.20 = 0.20
123,265,895.00

0.63 76,566,404.00 = 0.62

123,265,895.00

0.20 24,432,785.00 = 0.17

140,092,211.00

1.99 363,749,808.00 = 2.11

172,683,187.00

0.67 363,749,808.00 = 0.68

536,432,995.00
0.33 172,683,187.00 = 0.32
536,432,995.00

2.99 536,432,995.00 = 3.11

172,683,187.00

1.50 536,432,995.00 = 1.47

363,749,808.00

1.80 325,420,882.00 = 1.85

175,546,637.00

14.85 363,749,808.00 = 11.01

33,040,297.00

0.18 33,040,297.00 = 0.27

123,265,895.00

0.05 33,040,297.00 = 0.06

555,212,664.50