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LT GROUP, INC.

AND SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
December 31, 2018, 2017 and 2016

(Amounts in Thousands)
ASSETS 2018 2017 2016
Current Assets
Cash and Cash Equivalents ₱ 176,496,004.00 ₱ 174,024,418.00 ₱ 174,676,789.00
Financial Assets at fair value through profit or loss ₱ 10,783,021.00 ₱ 6,518,419.00 ₱ 6,441,511.00
Financial assets at fair value through other ₱ 9,256,885.00 ₱ - ₱ -
comprehensive income
Available-for-sale (AFS) investments ₱ - ₱ 2,544,589.00 ₱ 8,473,221.00
Loans and receivables ₱ 245,934,405.00 ₱ 204,622,577.00 ₱ 189,812,938.00
Inventories ₱ 13,108,204.00 ₱ 13,365,089.00 ₱ 12,849,799.00
Due from related parties ₱ 2,028,632.00 ₱ 2,028,625.00 ₱ 1,922,467.00
Other current assets ₱ 9,105,700.00 ₱ 12,471,592.00 ₱ 10,600,399.00
₱ 466,712,851.00 ₱ 415,575,309.00 ₱ -
Assets of disposal group classified as held for sale ₱ 8,238,623.00 ₱ - ₱ -
Total Current Assets ₱ 474,951,474.00 ₱ 415,575,309.00 ₱ 404,777,124.00

Noncurrent Assets
Loans and Receivables- net of current portion ₱ 347,753,938.00 ₱ 307,622,788.00 ₱ 248,621,351.00
Financial Assets at FTVOCI ₱ 48,094,583.00 ₱ - ₱ -
AFSS investments ₱ - ₱ 70,664,823.00 ₱ 60,128,678.00
Financial assets at amortized cost ₱ 99,772,711.00 ₱ - ₱ -
Held-to-maturity investments ₱ - ₱ 26,732,182.00 ₱ 24,102,594.00
Investments in associates and joint ventures ₱ 20,314,141.00 ₱ 17,230,925.00 ₱ 16,817,351.00
Property, plant and equipment
At appraised values ₱ 60,317,761.00 ₱ 36,214,947.00 ₱ 36,104,048.00
At cost ₱ 7,802,933.00 ₱ 6,990,286.00 ₱ 5,170,574.00
Investment properties ₱ 30,318,901.00 ₱ 28,890,793.00 ₱ 28,217,373.00
Deferred income tax assets ₱ 1,899,044.00 ₱ 1,460,889.00 ₱ 1,424,159.00
Other noncurrent assets ₱ 6,551,322.00 ₱ 5,712,747.00 ₱ 3,727,772.00
Total Noncurrent Assets ₱ 622,825,334.00 ₱ 501,520,380.00 ₱ 424,313,900.00
TOTAL ASSETS ₱ 1,097,776,808.00 ₱ 917,095,689.00 ₱ 829,091,024.00

LIABILITIES AND EQUITY


Current Liabilities
Deposit liabilities ₱ 672,342,296.00 ₱ 588,394,301.00 ₱ 515,554,099.00
Financial Liabilities at FVTPL ₱ 470,648.00 ₱ 343,522.00 ₱ 232,832.00
Bills and acceptance payable ₱ 60,549,245.00 ₱ 36,634,337.00 ₱ 25,068,268.00
Accounts payable and accrued expenses ₱ 22,516,482.00 ₱ 22,023,972.00 ₱ 17,291,277.00
Income tax payable ₱ 1,012,898.00 ₱ 1,113,799.00 ₱ 282,025.00
Short-term debts ₱ 2,050,000.00 ₱ 1,550,000.00 ₱ 1,750,000.00
Current portion of long-term debts ₱ 90,829.00 ₱ 114,681.00 ₱ 466,946.00
Due to related parties ₱ 80,199.00 ₱ 56,842.00 ₱ 57,054.00
Other current liabilities ₱ 8,616,177.00 ₱ 15,166,369.00 ₱ 17,364,001.00
₱ 767,728,774.00 ₱ 665,397,823.00 ₱ -
Liabilities of disposal group classified as held for sale ₱ 7,237,811.00 ₱ - ₱ -
Total Current liabilities ₱ 774,966,585.00 ₱ 665,397,823.00 ₱ 578,066,502.00

Noncurrent Liabilities
Deposit liabilities-net of current portion ₱ 47,219,123.00 ₱ 39,286,226.00 ₱ 45,866,133.00
Bills and acceptances payable ₱ 9,533,590.00 ₱ 7,282,350.00 ₱ 10,817,679.00
Long-term debts- net of current portion ₱ 18,555,324.00 ₱ 1,475,466.00 ₱ 5,101,801.00
Net retirement benefits liability ₱ 1,636,201.00 ₱ 2,205,229.00 ₱ 3,899,342.00
Deferred income tax liabilities ₱ 8,811,004.00 ₱ 1,414,348.00 ₱ 1,323,121.00
Other noncurrent liabilities ₱ 5,864,593.00 ₱ 4,718,832.00 ₱ 5,411,870.00
Total Noncurrent Liabilities ₱ 91,619,835.00 ₱ 56,382,451.00 ₱ 72,419,946.00
Total Liabilites ₱ 866,586,420.00 ₱ 721,780,274.00 ₱ 650,486,448.00

Equity
Attributable to equity holders of the company
Capital stock ₱ 10,821,389.00 ₱ 10,821,389.00 ₱ 10,821,389.00
Capital in excess of par ₱ 35,906,231.00 ₱ 35,906,231.00 ₱ 35,906,231.00
Preferred shares of subsdiaries isssued to Parent
₱ 18,060,000.00 ₱ 18,060,000.00 ₱ 18,060,000.00
Company
Other equity reserves ₱ 804,095.00 ₱ 804,095.00 ₱ 804,095.00

₱ (21,893.00) ₱ - ₱ -
Reserves of disposal group classified as held for sale
Other comprehensive income, net of deferred income ₱ 15,410,482.00 ₱ 4,299,674.00 ₱ 1,878,006.00
tax effect
Retained earnings ₱ 91,998,914.00 ₱ 78,435,633.00 ₱ 68,640,783.00
Shares of stock of the Company held by subsidiaries ₱ (12,519.00) ₱ (12,519.00) ₱ (12,519.00)
₱ 172,966,699.00 ₱ 148,314,503.00 ₱ 136,097,985.00
Non-controlling interests ₱ 58,223,689.00 ₱ 47,000,912.00 ₱ 42,506,591.00
Total Equity ₱ 231,190,388.00 ₱ 195,315,415.00 ₱ 178,604,576.00
TOTAL LIABILITIES AND EQUITY ₱ 1,097,776,808.00 ₱ 917,095,689.00 ₱ 829,091,024.00
LT GROUP, INC. AND SUBSIDIARIES
STATEMENT OF FINANCIAL POSITION
December 31, 2018, 2017 and 2016

TREND ANALYSIS
(Amounts in Thousands)
ASSETS 2018 2017 2016
Current Assets
Cash and Cash Equivalents 101.04% 99.63% 100%
Financial Assets at fair value through profit or loss 167.40% 101.19% 100%
Financial assets at fair value through other
- - -
comprehensive income
Available-for-sale (AFS) investments 0.00% 30.03% 100%
Loans and receivables 129.57% 107.80% 100%
Inventories 102.01% 104.01% 100%
Due from related parties 105.52% 105.52% 100%
Other current assets 85.90% 117.65% 100%

Assets of disposal group classified as held for sale


Total Current Assets 117.34% 102.67% 100%

Noncurrent Assets
Loans and Receivables- net of current portion 139.87% 123.73% 100%
Financial Assets at FTVOCI - - -
AFSS investments - 117.52% 100%
Financial assets at amortized cost - - -
Held-to-maturity investments - 110.91% 100%
Investments in associates and joint ventures 120.79% 102.46% 100%
Property, plant and equipment
At appraised values 167.07% 100.31% 100%
At cost 150.91% 135.19% 100%
Investment properties 107.45% 102.39% 100%
Deferred income tax assets 133.34% 102.58% 100%
Other noncurrent assets 175.74% 153.25% 100%
Total Noncurrent Assets 146.78% 118.20% 100%
TOTAL ASSETS 132.41% 110.61% 100%

LIABILITIES AND EQUITY


Current Liabilities
Deposit liabilities 130.41% 114.13% 100%
Financial Liabilities at FVTPL 202.14% 147.54% 100%
Bills and acceptance payable 241.54% 146.14% 100%
Accounts payable and accrued expenses 130.22% 127.37% 100%
Income tax payable 359.15% 394.93% 100%
Short-term debts 117.14% 88.57% 100%
Current portion of long-term debts 19.45% 24.56% 100%
Due to related parties 140.57% 99.63% 100%
Other current liabilities 49.62% 87.34% 100%

Liabilities of disposal group classified as held for sale - - -


Total Current liabilities 134.06% 115.11% 100%

Noncurrent Liabilities
Deposit liabilities-net of current portion 102.95% 85.65% 100%
Bills and acceptances payable 88.13% 67.32% 100%
Long-term debts- net of current portion 363.70% 28.92% 100%
Net retirement benefits liability 41.96% 56.55% 100%
Deferred income tax liabilities 665.93% 106.89% 100%
Other noncurrent liabilities 108.37% 87.19% 100%
Total Noncurrent Liabilities 126.51% 77.85% 100%
Total Liabilites 133.22% 110.96% 100%
Equity
Attributable to equity holders of the company
Capital stock 100.00% 100.00% 100%
Capital in excess of par 100.00% 100.00% 100%
Preferred shares of subsdiaries isssued to Parent
100.00% 100.00% 100%
Company
Other equity reserves 100.00% 100.00% 100%

- - -
Reserves of disposal group classified as held for sale
Other comprehensive income, net of deferred income
820.58% 228.95% 100%
tax effect
Retained earnings 134.03% 114.27% 100%
Shares of stock of the Company held by subsidiaries 100.00% 100.00% 100%
127.09% 108.98% 100%
Non-controlling interests 136.98% 110.57% 100%
Total Equity 129.44% 109.36% 100%
TOTAL LIABILITIES AND EQUITY 132.41% 110.61% 100%
120.00%

115.00%

110.00%

2018
2017 105.00%
2016
100.00%

95.00%

90.00%
117.34% Total Current
102.67%Assets 100%

160.00%

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
146.78% Total Noncurrent
118.20% Assets 100%

2018 2017 2016


140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
132.41% 110.61%
TOTAL ASSETS 100%

2018 2017 2016

160.00%

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
134.06% Total Current liabilities
115.11% 100%

2018 2017 2016


20.00%

0.00%
134.06% Total Current liabilities
115.11% 100%

2018 2017 2016

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
126.51%Total Noncurrent
77.85% Liabilities 100%

2018 2017 2016

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
133.22% 110.96%
Total Liabilites 100%

2018 2017 2016


40.00%

20.00%

0.00%
133.22% 110.96%
Total Liabilites 100%

2018 2017 2016

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
129.44% 109.36%
Total Equity 100%

2018 2017 2016

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
132.41% 110.61% AND EQUITY
TOTAL LIABILITIES 100%

2018 2017 2016


40.00%

20.00%

0.00%
132.41% 110.61% AND EQUITY
TOTAL LIABILITIES 100%

2018 2017 2016


LT GROUP, INC. AND SUBSIDIARIES
STATEMENT OF COMPREHENSIVE INCOME
For the years ended December 31, 2018, 2017 and 2016

(Amounts in Thousands)
2018 2017 2016
NET REVENUE ₱ 75,559,425.00 ₱ 63,727,074.00 ₱ 57,830,445.00
COST OF GOODS SOLD AND SERVICES ₱ 35,965,402.00 ₱ 29,679,810.00 ₱ 26,126,881.00
GROSS PROFIT ₱ 39,594,023.00 ₱ 34,047,264.00 ₱ 31,703,564.00
EQUITY IN NET EARNINGS OF ASSOCIATES
AND JOINT VENTURES ₱ 7,966,691.00 ₱ 3,963,505.00 ₱ 2,785,845.00

₱ 47,560,714.00 ₱ 38,010,769.00 ₱ 34,489,409.00


SELLING EXPENSES ₱ 2,700,387.00 ₱ 2,692,425.00 ₱ 2,351,522.00

₱ 28,302,277.00 ₱ 24,380,465.00 ₱ 25,037,148.00


GENERAL AND ADMINISTRATIVE EXPENSES
OPERATING INCOME ₱ 16,558,050.00 ₱ 10,937,879.00 ₱ 7,100,739.00

OTHER INCOME(CHARGES)
Foreign exchange gains - net ₱ 1,090,891.00 ₱ 1,703,858.00 ₱ 1,533,701.00
Finance Income ₱ 206,641.00 ₱ 157,100.00 ₱ 106,426.00
Finance Costs ₱ (145,457.00) ₱ (141,937.00) ₱ (202,490.00)
Others - net ₱ 7,837,908.00 ₱ 5,343,160.00 ₱ 4,323,812.00
INCOME BEFORE INCOME TAX ₱ 25,548,033.00 ₱ 18,000,060.00 ₱ 12,862,188.00

PROVISION FOR INCOME TAX


Current ₱ 4,785,686.00 ₱ 3,605,838.00 ₱ 2,523,314.00
Deferred ₱ (16,886.00) ₱ (116,061.00) ₱ (356,545.00)
NET INCOME FROM CONTINUING
₱ 20,778,233.00 ₱ 14,510,283.00 ₱ 10,695,419.00
OPERATIONS
NET INCOME (LOSS) FROM DISCONTINUED
₱ (219,972.00) ₱ 70,373.00 ₱ 1,393,737.00
OPERATIONS
NET INCOME ₱ 20,558,261.00 ₱ 14,580,656.00 ₱ 12,089,156.00

LT GROUP, INC. AND SUBSIDIARIES


STATEMENT OF COMPREHENSIVE INCOME
For the years ended December 31, 2018, 2017 and 2016

TREND ANALYSIS
(Amounts in Thousands)
2018 2017 2016
NET REVENUE 130.66% 110.20% 100%
COST OF GOODS SOLD AND SERVICES 137.66% 113.60% 100%
GROSS PROFIT 124.89% 107.39% 100%
EQUITY IN NET EARNINGS OF ASSOCIATES
285.97% 142.27% 100%
AND JOINT VENTURES
137.90% 110.21% 100%
SELLING EXPENSES 114.84% 114.50% 100%

113.04% 97.38% 100%


GENERAL AND ADMINISTRATIVE EXPENSES
OPERATING INCOME 233.19% 154.04% 100%

OTHER INCOME(CHARGES)
Foreign exchange gains - net 71.13% 111.09% 100%
Finance Income 194.16% 147.61% 100%
Finance Costs 71.83% 70.10% (100%)
Others - net 181.27% 123.58% 100%
INCOME BEFORE INCOME TAX 198.63% 139.95% 100%

PROVISION FOR INCOME TAX


Current 189.66% 142.90% 100%
Deferred 4.74% 32.55% (100%)
NET INCOME FROM CONTINUING
194.27% 135.67% 100%
OPERATIONS
NET INCOME (LOSS) FROM DISCONTINUED
(15.78%) 5.05% 100%
OPERATIONS
NET INCOME 170.06% 120.61% 100%
140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
130.66% NET110.20%
REVENUE 100%

2018 2017 2016

160.00%

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
137.66%
COST OF GOODS113.60%
SOLD AND SERVICES
100%
2018 2017 2016
250.00%

200.00%

150.00%

100.00%

50.00%

0.00%
233.19% 154.04%
OPERATING INCOME 100%

2018 2017 2016

180.00%

160.00%

140.00%

120.00%

100.00%

80.00%

60.00%

40.00%

20.00%

0.00%
170.06% NET120.61%
INCOME 100%

2018 2017 2016


0.00%
170.06% NET120.61%
INCOME 100%

2018 2017 2016