3.

Horizontal Analysis
Filinvest Land, Inc. and Subsidiaries
BALANCE SHEET
Dec-31
2017 2016 %
ASSETS
Current Assets
35.7
Cash and Cash Equivalents ₱ 7,576,090 ₱ 4,873,025 %
Contracts Receivable 4,535,296 4,631,719 -2.1%
24.2
Other Receivables 1,882,416 1,426,369 %
22.8
Real Estate Inventories 33,455,903 25,905,712 %
14.3
Other Current Assets 6,106,621 5,234,008 %
21.4
Total Current Assets ₱ 53,556,326 ₱ 42,070,833 %

Non-Current Assets
-
35.1
Contracts Receivable - net of current portion ₱ 12,690,696 ₱ 17,153,861 %
Land and Land Development 18,887,344 17,594,754 6.8%
Investment in associates 4,197,002 4,046,798 3.8%
14.3
Investment Properties 44,321,475 37,964,948 %
22.4
Property and Equipment 3,408,312 2,645,084 %
51.3
Deferred Income Tax Assets 48,665 23,714 %
Goodwill 4,567,242 4,567,242 0.0%
 Other Non-current Assets 3,454,867 3,358,399 2.8%
Total Non-Current Assets ₱ 91,565,593 ₱ 87,354,399 4.6%

10.8
TOTAL ASSETS ₱ 145,121,919 ₱ 129,425,232 %

LIABILITIES AND EQUITY

Current Liabilities
34.8
Accounts Payable and Accrued Expenses ₱ 14,259,062 ₱ 9,297,660 %
-
22.3
Due to Related Parties 199,315 243,736 %
Income Tax Payable 49,219 48,063 2.3%
33.8
Current Portion of Loans Payable 3,661,118 2,424,288 %
33.9
Total Current Liabilities ₱ 18,168,714 ₱ 12,013,474 %

Non-Current Liabilities
-
12.1
Loans Payable - net of current portion ₱ 19,647,418 ₱ 22,032,310 %
17.2
Bonds Payable 34,775,665 28,796,051 %
13.6
Net Retirement Liabilities 517,929 447,475 %
14.8
Deferred Income Tax Liabilities - net 5,298,440 4,516,003 %
31.3
Other Non-Current Liabilities 3,212,710 2,207,009 %
Total Non-Current Liabilities ₱ 63,452,162 ₱ 57,998,848 8.6%
14.2
₱ 81,620,876 ₱ 70,012,595 %

Equity
Common Stock ₱ 24,470,708 ₱ 24,470,708 0.0%
Preferred Stock 80,000 80,000 0.0%
Additional Paid-in Capital 5,612,321 5,612,321 0.0%
Treasury Stock (221,041) (221,041) 0.0%
12.3
Retained Earnings 33,099,891 29,015,356 %
Revaluation reserve on financial assets at fair value through other
comprehensive income (2,619) (2,619) 0.0%
Remeasurement losses on retirement plan - net of tax (155,336) (158,973) -2.3%
Share in other components of equity in an associate 361,794 361,794 0.0%
Equity attributable to equity holders of the parent 63,245,718 59,157,546 6.5%
Noncontrolling Interests 255,325 255,091 9.2%
Total Equity ₱ 63,501,043 ₱ 59,412,637 6.4%

10.8
TOTAL LIABILITIES AND EQUITY ₱ 145,121,919 ₱ 129,425,232 %

Filinvest Land, Inc. and Subsidiaries

INCOME STATEMENT
Years Ended December 31
2017 2016 %
REVENUE
-
0.03
Real Estate Sales ₱ 13,748,423 ₱ 14,225,920 %
 23.3
Rental and Related Services ₱ 4,414,665 ₱ 3,384,182 %

47.7
EQUITY IN NET EARNINGS OF OF ASSOCIATES ₱ 350,213 ₱ 183,020 %

OTHER INCOME
Interest Income ₱ 935,302 ₱ 871,972 6.7%
Others - net ₱ 821,048 ₱ 805,492 1.8%
  ₱ 20,269,651 ₱ 19,500,586 3.7%

COSTS
Real Estate Sales ₱ 8,051,904 ₱ 8,332,274 -3.5%
25.6
Rental and Related Services ₱ 999,057 ₱ 742,489 %

OPERATING EXPENSES
30.6
General and Administrative Expenses ₱ 1,879,135 ₱ 1,303,954 %
-
22.7
Selling and Marketing Expenses ₱ 981,693 ₱ 1,204,804 %

INTEREST AND OTHER FINANCE CHARGES ₱ 1,062,705 ₱ 1,072,664 -0.9%

  ₱ 12,974,494 ₱ 12,646,185 2.5%

INCOME BEFORE INCOME TAX ₱ 7,295,457 ₱ 6,854,401 6.0%

PROVISION FOR INCOME TAX ₱ 1,460,976 ₱ 1,503,615 -2.9%

NET INCOME ₱ 5,834,181 ₱ 5,350,786 8.3%

Net Income Attributable to:
15.4
Equity Holders of the Parent ₱ 5,685,394 ₱ 5,247,262 %
30.4
Noncontrolling Interest ₱ 148,787 ₱ 103,524 %
  ₱ 5,834,181 ₱ 5,350,786 8.3%

NET INCOME

OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) not to be reclassified as profit or
loss ₱ 5,834,181 ₱ 5,350,786 8.3%
Remeasurement gains (losses) on retirement plan, net of tax ₱ 3,637 -₱ 36,625 -9.1%
TOTAL COMPREHENSIVE INCOME ₱ 5,837,818 ₱ 5,314,161 8.9%

Total Comprehensive Income Attributable to:

Equity Holders of the Parent ₱ 5,689,031 ₱ 5,210,637 8.4%
30.4
Noncontrolling Interest ₱ 148,787 ₱ 103,524 %
  ₱ 5,837,818 ₱ 5,314,161 8.9%