December 31

2018 2017 Percentage

Assets

Current Assets Cash and cash equivalents P79,313,215 P74,318,190 6.72%

Time deposits 25,842,829 13,237,886 95.21%

Financial assets 639,316 1,347,926 (52.57%)

Receivables and contract assets 33,755,192 32,352,574 4.34%

Merchandise inventories - at cost 31,836,333 27,778,741 14.61%

Other current assets 70,338,577 63,478,186 10.81%

Total Current Assets 241,725,462 212,513,503 13.75%

Noncurrent Asset

Financial assets 26,702,764 25,590,162 4.35%

Investments in associate companies and joint ventures 259,795,077 242,114,427 7.30%

Time deposits 2,392,622 26,688,721 (91.04%)

Property and equipment 23,201,667 21,339,407 8.73%

Investment properties 309,264,274 289,018,265 7.01%

Land and development 53,928,447 40,180,145 34.22%

Intangibles 25,470,696 25,591,232 (.47%)

Deferred tax assets 2,726,155 2,489,814 9.49%

Other noncurrent assets 115,435,107 74,555,033 54.83%

Total Noncurrent Assets 818,916,809 747,567,206 9.54%

Total Assets P1,060,642,271 P960,080,709 10.47%

LIABILITIES AND EQUITY

Current Liability

Bank loans P18,885,465 P24,172,965 (21.87%)

Accounts payable and other current liabilities 124,777,719 106,561,455 17.09%

Income tax payable 3,641,379 1,883,871 93.29%

Current portion of long-term debt 61,480,887 40,297,133 52.57%

Dividends payable 3,906,476 2,939,590 32.89%

Total Current Liabilities 212,691,926 175,855,014 20.95%

Noncurrent Liabilities

Long-term debt - net of current portion 305,555,356 292,555,868 4.44%

Deferred tax liabilities 8,810,862 8,029,579 9.73%

Tenants’ deposits and others 41,294,115 29,828,024 38.44%

Total Noncurrent Liabilities 355,660,333 330,413,471 7.64%

Total Liabilities 568,352,259 506,268,485 12.26%

Equity Attributable to Owners of the Parent

Capital stock 12,045,829 12,045,829 0%

Additional paid-in capital 75,815,520 76,439,288 (.82%)

Equity adjustments from common control transactions (5,424,455) (5,424,455) 0%

Cost of Parent common shares held by subsidiaries (25,386) (25,386) 0%

Cumulative translation adjustment 2,077,017 1,402,623 48.08%

Net unrealized gain on financial assets 11,748,980 15,324,123 (23.33%)

Re-measurement loss on defined benefit asset/obligation (2,063,358) (701,255) 194.24%

Retained earnings:

Appropriated 37,000,000 37,000,000 0%

Unappropriated 222,213,054 192,071,968 15.69%

Total Equity Attributable to Owners of the Parent 353,387,201 328,132,735 7.70%

Total Equity 492,290,012 453,812,224 8.48%

 December 31

2018 2017 Percentage

Revenue P104,080,565 P90,921,850 14.47%

Cost and expenses 55,753,334 50,293,058 10.86%

Other charges 6,361,056 4,680,931 35.89%

Income before income tax 41,966,175 35,947,861 16.74%

Provision for income tax 9,055,046 7,823,398 15.74%

Net income 32,911,129 28,124,463 17.02%

Other comprehensive income (loss) (6,125,029) 7,330,510 (184%)

Total comprehensive income P26,786,100 P35,454,973 (24.45%)

Formula of Horizontal Analysis : [ (Current Year – Past Year) / Past Year ] x 100% = X

[ (P79,313,215 - P74,318,190) / P74,318,190 ] x 100% = 6.72%