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PAL Holdings, Inc.

PAL
PSE Disclosure Form 17-1 - Annual ReportReferences: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year


ended

Dec 31, 2013

Currency (indicate
units, if applicable)

PESO

Balance Sheet
Year Ending

Previous Year Ending

Dec 31, 2013

Mar 31, 2013

Current Assets

25,424,182,000

14,952,193,000

Total Assets

114,008,855,000

100,882,176,000

Current Liabilities

71,403,737,000

52,228,040,000

Total Liabilities

111,116,949,000

89,468,220,000

Retained
Earnings/(Deficit)

-32,995,856,000

-21,418,539,000

Stockholders' Equity

2,891,906,000

11,413,956,000

Stockholders' Equity - Parent

2,833,091,000

11,195,617,000

Book Value per Share

0.12

0.51

Year Ending

Previous Year Ending

Dec 31, 2013

Mar 31, 2013

Operating Revenue

55,984,384,000

73,799,139,000

Other Revenue

514,387,000

Gross Revenue

55,984,384,000

74,313,526,000

Operating Expense

61,496,110,000

76,645,193,000

Other Expense

6,487,976,000

1,348,685,000

Gross Expense

67,984,086,000

77,993,878,000

Net Income/(Loss) Before Tax

-11,999,702,000

-3,680,352,000

Income Statement

Income Tax Expense

146,572,000

82,641,000

Net Income/(Loss) After Tax

-11,583,130,000

-3,597,711,000

Net Income/(Loss) Attributable to


Parent Equity Holder

-11,648,102,000

3,535,539,000

Earnings/(Loss) Per Share (Basic)

-0.5286

-0.3427

Earnings/(Loss) Per Share (Diluted)

Financial Ratios
Fiscal Year Ended

Previous Fiscal Year

Dec 31, 2013

Mar 31, 2013

Formula

Liquidity Analysis Ratios:


Current Ratio or
Working Capital Ratio

Current Assets / Current


Liabilities

0.36

0.29

Quick Ratio

(Current Assets Inventory - Prepayments) / 0.29


Current Liabilities

0.22

Solvency Ratio

Total Assets / Total


Liabilities

-0.12

0.05

Debt Ratio

Total Debt/Total Assets

0.49

0.48

Debt-to-Equity Ratio

Total Debt/Total
Stockholders' Equity

19.33

4.21

Interest Coverage

Earnings Before Interest


and Taxes (EBIT) / Interest -8.18
Charges

-1.73

Asset to Equity Ratio

Total Assets / Total


Stockholders' Equity

39.42

8.84

Gross Profit Margin

Sales - Cost of Goods


Sold or Cost of Service /
Sales

-0.1

-0.04

Net Profit Margin

Net Profit / Sales

-0.21

-0.05

Return on Assets

Net Income / Total Assets

-0.1

-0.04

Return on Equity

Net Income / Total


Stockholders' Equity

-4.03

-0.31

Price/Earnings Ratio

Price Per Share / Earnings


-11.31
Per Common Share

Financial Leverage Ratios

Profitability Ratios

Other Relevant Information

Not Applicable

PAL Holdings, Inc.


PAL
PSE Disclosure Form 17-1 - Annual ReportReferences: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year


ended

Dec 31, 2014

Currency (indicate
units, if applicable)

Philippine Peso

Balance Sheet
Year Ending

Previous Year Ending

Dec 31, 2014

Dec 31, 2013

Current Assets

32,907,674,000

25,424,182,000

Total Assets

109,222,033,000

114,008,855,000

Current Liabilities

71,839,947,000

71,403,737,000

Total Liabilities

105,537,489,000

111,116,949,000

Retained
Earnings/(Deficit)

-32,766,378,000

-32,995,856,000

Stockholders' Equity

3,684,544,000

2,891,906,000

Stockholders' Equity - Parent

3,609,572,000

2,833,091,000

Book Value per Share

0.16

0.13

Year Ending

Previous Year Ending

Dec 31, 2014

Dec 31, 2013

Operating Revenue

100,953,890,000

55,984,384,000

Other Revenue

550,337,000

Gross Revenue

101,504,227,000

55,984,384,000

Operating Expense

98,581,003,000

61,496,110,000

Other Expense

2,634,164,000

6,487,976,000

Gross Expense

101,215,167,000

67,984,086,000

Net Income/(Loss) Before Tax

289,060,000

-11,999,702,000

Income Statement

Income Tax Expense

159,320,000

-146,572,000

Net Income/(Loss) After Tax

129,740,000

-11,853,130,000

Net Income/(Loss) Attributable to


Parent Equity Holder

127,336,000

-11,648,102,000

Earnings/(Loss) Per Share (Basic)

0.01

0.52

Earnings/(Loss) Per Share (Diluted)

0.01

0.52

Financial Ratios
Fiscal Year Ended

Previous Fiscal Year

Dec 31, 2014

Dec 31, 2013

Formula

Liquidity Analysis Ratios:


Current Ratio or
Working Capital Ratio

Current Assets / Current


Liabilities

0.46

0.36

Quick Ratio

(Current Assets Inventory - Prepayments) / 0.32


Current Liabilities

0.29

Solvency Ratio

Total Assets / Total


Liabilities

1.03

1.03

Debt Ratio

Total Debt/Total Assets

0.43

0.49

Debt-to-Equity Ratio

Total Debt/Total
Stockholders' Equity

12.73

19.33

Interest Coverage

Earnings Before Interest


and Taxes (EBIT) / Interest 1.15
Charges

-8.18

Asset to Equity Ratio

Total Assets / Total


Stockholders' Equity

29.64

39.42

Gross Profit Margin

Sales - Cost of Goods


Sold or Cost of Service /
Sales

0.02

-0.1

Net Profit Margin

Net Profit / Sales

-0.21

Return on Assets

Net Income / Total Assets

-0.1

Return on Equity

Net Income / Total


Stockholders' Equity

0.04

-4.03

Price/Earnings Ratio

Price Per Share / Earnings


835.09
Per Common Share

Financial Leverage Ratios

Profitability Ratios

Other Relevant Information

With Annual Corporate Governance Report for 2014

-11.51

Cebu Air, Inc.


CEB
PSE Disclosure Form 17-1 - Annual ReportReferences: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year


ended

Dec 31, 2013

Currency (indicate
units, if applicable)

Php

Balance Sheet
Year Ending

Previous Year Ending

Dec 31, 2013

Dec 31, 2012

Current Assets

10,033,055,491

13,119,559,934

Total Assets

67,527,191,296

61,413,611,377

Current Liabilities

18,338,199,535

16,564,777,628

Total Liabilities

46,445,613,981

39,376,469,142

Retained
Earnings/(Deficit)

12,933,742,244

13,633,702,675

Stockholders' Equity

21,081,577,315

22,037,142,235

Stockholders' Equity - Parent

Book Value per Share

34.79

36.37

Year Ending

Previous Year Ending

Dec 31, 2013

Dec 31, 2012

Operating Revenue

41,004,096,281

37,904,453,623

Other Revenue

629,305,037

1,939,612,370

Gross Revenue

41,633,401,318

39,844,065,993

Operating Expense

38,599,684,371

35,241,044,387

Other Expense

2,928,509,441

732,591,508

Gross Expense

41,528,193,812

35,973,635,895

Net Income/(Loss) Before Tax

105,207,506

3,870,430,098

Income Statement

Income Tax Expense

-406,738,723

298,415,835

Net Income/(Loss) After Tax

511,946,229

3,572,014,263

Net Income/(Loss) Attributable to


Parent Equity Holder

Earnings/(Loss) Per Share (Basic)

.84

5.89

Earnings/(Loss) Per Share (Diluted)

Financial Ratios
Fiscal Year Ended

Previous Fiscal Year

Dec 31, 2013

Dec 31, 2012

Formula

Liquidity Analysis Ratios:


Current Ratio or
Working Capital Ratio

Current Assets / Current


Liabilities

0.55

0.79

Quick Ratio

(Current Assets Inventory - Prepayments) / 0.44


Current Liabilities

0.71

Solvency Ratio

Total Assets / Total


Liabilities

1.45

1.56

Debt Ratio

Total Debt/Total Assets

0.44

0.37

Debt-to-Equity Ratio

Total Debt/Total
Stockholders' Equity

1.39

1.04

Interest Coverage

Earnings Before Interest


and Taxes (EBIT) / Interest 2.78
Charges

3.64

Asset to Equity Ratio

Total Assets / Total


Stockholders' Equity

3.2

2.79

Gross Profit Margin

Sales - Cost of Goods


Sold or Cost of Service /
Sales

Net Profit Margin

Net Profit / Sales

Return on Assets

Net Income / Total Assets

Return on Equity

Net Income / Total


Stockholders' Equity

17

Price/Earnings Ratio

Price Per Share / Earnings


55.77
Per Common Share

Financial Leverage Ratios

Profitability Ratios

Other Relevant Information

Not Applicable

10.5

Cebu Air, Inc.CEB


PSE Disclosure Form 17-1 - Annual ReportReferences: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year


ended

Dec 31, 2014

Currency (indicate
units, if applicable)

Php

Balance Sheet
Year Ending

Previous Year Ending

Dec 31, 2014

Dec 31, 2013

Current Assets

8,526,418,095

10,033,107,563

Total Assets

76,062,258,808

67,527,191,296

Current Liabilities

24,060,948,719

18,338,199,535

Total Liabilities

54,523,454,621

46,445,613,981

Retained
Earnings/(Deficit)

13,181,287,130

12,933,742,244

Stockholders' Equity

21,538,804,187

21,081,577,315

Stockholders' Equity - Parent

21,638,564,241

21,029,402,979

Book Value per Share

35.55

34.79

Year Ending

Previous Year Ending

Dec 31, 2014

Dec 31, 2013

Operating Revenue

52,000,018,310

41,004,096,281

Other Revenue

176,253,363

629,305,037

Gross Revenue

52,176,271,673

41,633,401,318

Operating Expense

47,842,681,320

38,599,684,371

Other Expense

3,454,954,369

2,928,509,441

Gross Expense

51,297,635,689

41,528,193,812

Net Income/(Loss) Before Tax

878,635,984

105,207,506

Income Tax Expense

25,137,768

-406,738,723

Net Income/(Loss) After Tax

853,498,216

511,946,229

Income Statement

Net Income/(Loss) Attributable to


Parent Equity Holder

853,498,216

511,946,229

Earnings/(Loss) Per Share (Basic)

1.41

0.84

Earnings/(Loss) Per Share (Diluted)

Financial Ratios
Fiscal Year Ended

Previous Fiscal Year

Dec 31, 2014

Dec 31, 2013

Formula

Liquidity Analysis Ratios:


Current Ratio or
Working Capital Ratio

Current Assets / Current


Liabilities

0.35

0.55

Quick Ratio

(Current Assets Inventory - Prepayments) / 0.24


Current Liabilities

0.44

Solvency Ratio

Total Assets / Total


Liabilities

1.4

1.45

Debt Ratio

Total Debt/Total Assets

0.45

0.44

Debt-to-Equity Ratio

Total Debt/Total
Stockholders' Equity

1.57

1.39

Interest Coverage

Earnings Before Interest


and Taxes (EBIT) / Interest 4.1
Charges

2.78

Asset to Equity Ratio

Total Assets / Total


Stockholders' Equity

3.53

3.2

Gross Profit Margin

Sales - Cost of Goods


Sold or Cost of Service /
Sales

Net Profit Margin

Net Profit / Sales

Return on Assets

Net Income / Total Assets

Return on Equity

Net Income / Total


Stockholders' Equity

Price/Earnings Ratio

Price Per Share / Earnings


60.89
Per Common Share

Financial Leverage Ratios

Profitability Ratios

Other Relevant Information

Not Applicable

55.77