Forecasted

Revenues

2011

2012

2013

2014

2015

Power Distribution

261,021

276,315

286,067

287,430

288,545

Real Estate

1,929

1,886

1,833

1,062

651

Lease Income

671

717

762

808

853

Others

3,771

3,904

3,923

3,938

4,070

Total Revenues
Expenses

267,392

282,822

292,585

293,238

294,119

Purchased Power

214,737

226,919

235,376

235,387

235,089

Operations and Maintenance

17,694

18,731

19,392

19,484

19,560

Depreciation and Amortization

6,284

7,282

7,414

8,654

9,887

Cost of Lease

598

584

575

608

622

Cost of Real Estate Sold

1,479

1,447

1,405

815

450

Cost Savings from Power Generation

(3,401)

(3,535)

(11,122)

(18,645)

Other Expenses / Income

5,349.61

5,707.66

5,934.19

5,949.35

5,969.79

Total Expenses

246,141

257,269

266,561

259,776

252,932

EBIT

21,251

25,553

26,024

33,462

41,188

Interest Expense
EBT

1,187

1,421

1,608

1,788

1,866

20,064

24,132

24,416

31,674

39,322

Income Tax Expense

6,019

7,240

7,325

9,502

11,796

Net Income

14,045

16,893

17,091

22,172

27,525

Cash

15,067

15,748

16,317

15,901

15,482

Other Current Assets

48,570

51,373

53,146

53,265

53,425

Total Current Assets

63,637

67,121

69,463

69,166

68,907

Noncurrent Assets

143,130

166,848

190,734

202,380

201,794

Total Assets

206,767

233,969

260,197

271,547

270,701

Current Liabilities

60,875

73,647

68,819

64,736

76,394

Noncurrent Liabilities

85,427

96,666

107,502

112,191

111,842

Total Liabilities

146,303

170,313

176,322

176,927

188,236

Common Stock and Share Premium

10,535

10,535

10,535

10,535

10,535

Retained Earnings, Ending

41,069

44,260

64,479

75,223

63,069

Other Equity Items

8,861

8,861

8,861

8,861

8,861

Total Stockholders' Equity

60,465

63,656

83,875

94,619

82,465

Total Liabilities and Stockholders Equity

206,767

233,969

260,197

271,547

270,701

Net Income

14,045

16,893

17,091

22,172

27,525

Depreciation

6,284

7,282

7,414

8,654

9,887

Changes in Working Capital

(713)

710

449

30

41

Borrowings For Cash Requirement

(0)

21,078

11,448

2,692

21,264

Cash Flow from Operations

19,616

45,963

36,402

33,547

58,716

Capital Expenditures

(26,203)

(31,000)

(31,300)

(20,300)

(9,300)

Cash Flow from Investing

(26,203)

(31,000)

(31,300)

(20,300)

(9,300)

Special Dividends

(11,819)

(18,498)

(6,924)

(9,806)

(38,400)

Issuance / Payment of Debt

14,060

11,238

10,836

4,689

(349)

Regular Dividends

(4,957)

(7,022)

(8,446)

(8,546)

(11,086)

Cash Flow from Financing

(2,716)

(14,282)

(4,534)

(13,663)

(49,835)

Net Cash Flows

(9,303)

681

569

(415)

(419)

Cash, beginning

24,370

15,067

15,748

16,317

15,901

Cash, ending

15,067

15,748

16,317

15,901

15,482

Liquidity Ratios
Current Ratio
Cash Ratio

105%
25%

104%
24%

104%
24%

104%
24%

103%
23%

Profitability Ratios
Operating Profit Margin
Net Profit Margin
Return on Assets
Return on Fixed Assets
DuPont Analysis
Return on Equity
Asset Turnover
Assets to Equity
Net Profit Margin
Operating Profit Margin
Interest Expense Burden
Income Tax Effect

8%
5%
7%
10%

9%
6%
7%
10%

9%
6%
7%
9%

11%
8%
8%
11%

14%
9%
10%
14%

23%
129%
342%
5%

27%
121%
368%
6%

20%
112%
310%
6%

23%
108%
287%
8%

33%
109%
328%
9%

8%
94%
70%

9%
94%
70%

9%
94%
70%

11%
95%
70%

14%
95%
70%