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ABS-CBN CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in Thousanbs)

December 31
2014

2013

Current Assets
Cash anb cash equivalents (Note 6)
Trabe anb other receivables (Notes 7 anb 22)
Program rights anb other intangible assets (Note 11)
Other current assets (Note 8)
Total Current Assets

P
= 13,238,377
10,717,317
1,315,987
3,669,314
28,940,995

P
=10,616,855
8,333,761
1,385,972
3,046,886
23,383,474

Noncurrent Assets
Property anb equipment (Notes 9, 10, 17 anb 30)
Program rights anb other intangible assets - net of current portion (Note 11)
Goobwill (Notes 4 anb 15)
Available-for-sale (AFS) investments (Note 12)
Investment properties (Notes 9, 10 anb 17)
Investments in associates anb joint ventures (Note 13)
Deferreb tax assets - net (Note 28)
Other noncurrent assets (Note 14)
Total Noncurrent Assets

20,572,543
6,465,599
5,289,956
242,368
198,734
199,874
2,858,187
2,468,564
38,295,825

18,535,905
5,429,192
5,288,350
219,191
196,916
166,591
2,530,164
2,580,033
34,946,342

P
= 67,236,820

P
=58,329,816

Current Liabilities
Trabe anb other payables (Notes 16, 22 anb 29)
Income tax payable
Obligations for program rights (Note 18)
Interest-bearing loans anb borrowings (Notes 9, 10 anb 17)
Total Current Liabilities

P
= 12,788,120
292,053
724,266
110,751
13,915,190

P
=11,332,006
193,216
448,861
1,345,471
13,319,554

Noncurrent Liabilities
Interest-bearing loans anb borrowings - net of current portion
(Notes 9, 10 anb 17)
Obligations for program rights - net of current portion (Note 18)
Accrueb pension obligation anb other employee benefits (Note 29)
Deferreb tax liabilities - net (Note 28)
Convertible note (Note 19)
Other noncurrent liabilities (Note 20)
Total Noncurrent Liabilities

20,214,484
224,472
4,790,813
587,654
190,522
438,857
26,446,802

13,334,579
276,344
4,191,082
637,533
245,195
402,772
19,087,505

ASSETS

TOTAL ASSETS

LIABILITIES AND EQUITY

(Forwarb)

ABS-CBN Annual Report 2014

79

349 21.498 26.757 P =58.817.487.816.164.December 31 2014 Equity Attributable to Equity Holders of the Parent Company Capital stock (Note 21): Common Preferred Additional paid-in capital (Notes 2.395 (1.264.766 34.124 200.632) 121.922.289 25.000 4.050 (270.000 4.349 19.773) 143.874.387.957 (1.281 34.828 P = 67.495.495.146) 24.329.330 1. 4 and 21) Exchange differences on translation of foreign operations Unrealized gain on AFS investments (Note 12) Share-based payment plan (Note 21) Retained earnings (Note 21) Philippine depository receipts convertible to common shares (Note 21) Equity attributable to Equity Holders of the Parent Noncontrolling Interests (Notes 4 and 23) Total Equity TOTAL LIABILITIES AND EQUITY See accompanying Notes to Consolidated Financial Statements.096) 25. 80 ABS-CBN Annual Report 2014 P = 872.816 .820 2013 P = 872.236.050 (456.468 1.363.124 200.106.

827. 11.853.580.030. 21.617. 25.950 P = 2.440) (8.946 14.276 P =1. 11.045. 9. 29 and 30) (11.132 See accompanying Notes to Consolidated Financial Statements.528 282.919) (816.311 413.899 P = 2.678 (24.352 512. 9. 22. 19 and 27) (1.030. 26.640 PRODUCTION COSTS (Notes 9.611 33.499.085 (356. 22.245 579.365) (10.555. 25.611.784 EQUITY IN NET EARNINGS (LOSSES) OF ASSOCIATES AND JOINT VENTURES (Note 13) LOSS ON SALE OF INVESTMENTS (Note 12) OTHER INCOME .029.787.356) (8.net (31.849 756.329 28.029) (292.617.140 179.725 (117. 22.095) COST OF SALES (Notes 8.672 FOREIGN EXCHANGE GAINS (LOSSES) .136 P = 2. 29 and 30) (10.✁S-CBN CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands.543.134 2. 29 and 30) GROSS PROFIT 13.998 684.470 33.221.061.867 P =2. 9.028.377.704) (145.397) 10.099 2.378) P = 2.136 P =2.031.452 12.904) (9. 24. 29 and 30) (9.168) FINANCE COSTS (Note 17.113.347 P =1. 11.701) INTEREST INCOME (Notes 6 and 22) 153.899 P = 2. 10. Except Per Share Amounts) 2014 REVENUE Advertising revenue (Note 22) Sale of services (Note 30) Sale of goods (Note 22) Others P = 18.623 37.501 421.781) P = 2. 22.002 (58) – – 652.993) (330.500) 111.983.527) (8.288.007.070 GENERAL AND ADMINISTRATIVE EXPENSES (Notes 7.695.949) P = 2. 19.684 351.658 2.313) (816. ABS-CBN Annual Report 2014 81 .028.656) (11.079 123.162) COST OF SERVICES (Notes 8. 14.347 P =1.165.731 11.908 13.968 94. 27 and 30) INCOME BEFORE INCOME TAX PROVISION FOR INCOME TAX (Note 28) NET INCOME Attributable to Equity holders of the Parent Company (Note 33) Noncontrolling interests Basic/Diluted Earnings per Share Attributable to Equity Holders of the Parent Company (Note 33) 3.879.287.381) (201.net (Notes 14.283 (12.331.145.322 788.904 P =16.628 Years Ended December 31 2013 2012 P = 19.614.438 119. 8.387.075.712.

347 P =1.900) (499.767) 639.472 (334.669) P = 1.239) 143.028.910) 362.853 (272.739) 447.515 (164.137 (364.484 P =1.433 (67.136 Years Ended December 31 2013 2012 P = 2.600) P =1.✂✄S ☎✆✄N ORPOR✂ TION N ✝ ✞U✄SIDIARIES CONSOLIDATED STATEMENTS O✟ ✆ OMPREHENSIVE ✠N✆ OME ✡☛mounts in Thousands) 2014 NET INCOME OTHER COMPREHENSIVE INCOME (LOSS) Other comprehensive income (loss) not to be reclassified to profit and loss in subsequent periods: Remeasurement gain (loss) on defined benefit plan (Note 29) Income tax effect Other comprehensive income (loss) to be reclassified to profit and loss in subsequent periods: Exchange differences on translation of foreign operations Unrealized fair value gain (loss) on AFS investments .645) (186.753) 21.743 P = 2.949) P = 2.129 (191.412 (364.743 P = 2.141) 367.030.838.354 P = 1.484 P =1.895.253.354 .838.954 (160.747 6.net (Note 12) OTHER COMPREHENSIVE INCOME (LOSS) TOTAL COMPREHENSIVE INCOME Attributable to: Equity holders of the Parent Company Noncontrolling interests See accompanying Notes to Consolidated Financial Statements.921) 39.253.390 (130.906.530.393) 810.545) P = 1.530.657 (279.899 (478.617.413.276 (91.626) (4. 82 ABS-CBN Annual Report 2014 P = 2.

145.725 – – – 35.146) – – – 106.916) – (P = 1.853 6.050 – – – – (P = 456.300.949) – (514.939.766 =– P – – 21.893) P = 25.000 – – – – – – Additional Paid-in Capital = P 4.274 – – – (P = 358.200.585 – – – = P– – – – = P679.050 – – – Exchange Differences in Translation of Foreign Operations (P = 270.536) – (279.039.757 2.922.961 (296.853 P =– – 106.981) P = 24.289 P = 19.551) 211.580.669) – – – – = P 200.585 – = P– (30.177.766 – P =– – P =34.622.200.300.725 760.961) – (327.962 – – – – – – – – – – – – – – – – – – 5.912) P = 1.150 – (593.000 – – – – – – – – – – – – – – – – – – – – 92.910) P =– – 397.270.623 (166.623 (P = 1.000 – P = 3.961 = P28.657 367.617.141) (186.617.ABS-CBN CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31.816.145.270.106.039.912 1. ABS-CBN Annual Report 2014 83 .413.164.047) (514. 124 = P 200.000) 16.831 See accompanying Notes to Consolidated Financial Statements.300.545) 1.289) (106.846.289 (185.000 – (P = 270.600) – – = P5.530.895.000 – – – – = P 4.954 P =2. 2013 AND 2012 (Amounts in Thousands) Attributable to Equity Holde rs of the Parent Company At December 31.354 – – – – – – – – – – – 28.433 = P2. 468 2.87 8 = P 1.961 397.579.949) (7.397 – – – P = 872.146) 11.743 – – – – = P 872.000) – – – – – – – – – – 5.838.125) 28.164.150 (117.657 = P126.378) 49.145.757 At December 31.487. 096) – (514.030.681 2.387.000 – P =9.834 2.711 P = 17.231 (593.200.600) (99.753) (279.231) – – (8. 2012 P = 779.807 37.264.600) P = 18.515 (327.952 (101.047 – – – =– P – – – – = P 34.910) (4.397 3.300. 395 Philippine Deposi tory Receipts Convertible to Common Shares (Note 21) (P = 1.950) – = P 25.000 = P3.105 1.578 = P2.957 – 2.617. 2014.600) (99. 2014 Capital Stock (Note 21) Common Preferred = P 872.831 2.711 = P679.163.349 – – – – = P16.501 200.753) =119.580.676 – (4.146) (30.387.916) 11.468 (154.673) 1.146) – – – P = 16.952 – (57.87 8 = 26.050 (57.429 (67.137 2.981) P = 4. 124 (397.397 3.231 = P– – – – = P8.047) Share-based Payment Plan (Note 21) = P 34.000 – – – – – – – 5.580.899 (364.000 – – – – – – – – – – – – – = P126.421.200.623 – 1.922.950) 35.Net (Note 12) (Note 29) = P121.484 397.515 (327.676 – P =– – = P28.000 – – – 3.387. 2013 P = 779.253.105 1.382.106.585 – – – P =– – – – P =725.906. 2012 Net income Other comprehensive income (loss) Total comprehensive income (loss) Remeasurement gain on defined benefit plan transferred to retained earnings Cash dividends declared Reversal of appropriation of retained earnings Appropriation of retained earnings Share-based payment plan Issuance of common stock Issuance of preferred stock Decrease in noncontrolling interests (Note 2) At December 31.164.281 327.495.047) 21.069 – – – (P = 638.720) (364.632) – P =121.952 – = P8.347 810.382.563) – – – (296.816.146) – – – P = 17.834 – (P = 638.635) 199.289 (356.330 Noncontrolling Interests P = 1.495.950) – (P = 1.000 At December 31.957 – (P = 1.164.498 Total Equity P = 25.200. 393) 1.231 106.164.069 (P = 1. 2013 Net income Other comprehensive income (loss) Total comprehensive income (loss) Remeasurement loss on defined benefit plan transferred to retained earnings Cash dividends declared Acquisition of PDRs Additional investment (Note 2) At December 31.349 – = P16.952 – – – = P8.421.876) (160.124 – P = 200.125) – – – – – (593.300.000 – – – P =9.708 2.874.000 – – – P = 8.828 P P = 19.823 P – 6.632) – (186.681 – – – (43.028.085 (491.276 (197.669) 1.725 – 2.387.501 200.141) Unrealized Gain Remeasure-ment on AvailableGain (Loss) on for-Sale Defined Benefit Investments Plan .289) – 367.085 – – – 2.939.349 – – – Retained Earnings (Note 21) Appropriated Unappropriated = P16.000 (16.136 (499.495.412 – – (99.539 – – – – – 200.125) 28.085 Total P = 24.043. 2011 Net income Other comprehensive income (loss) Total comprehensive income (loss) Remeasurement gain on defined benefit plan transferred to retained earnings Cash dividends declared Share-based payment plan Acquisition of noncontrolling interests (Note 4) Effect of business combination under common control At December 31.563) – – – (296.773) – – – – = P143.563) 8.952 – – – – – – P = 779.

167 1.421 52.825.521 (830.975 69.221) (254.327.426 785.277.397 – 7.000) 7.885.000) 5.816 (912.461) 8.094 1.871.535.672) (20.011.061 5.576 53.670 432.244) 1.031.836 5.134 P =2.732) 6.177 (5.555) (814.826) (153.911 239.904 (2.617 1.802) (360.628.199 2.239.885 58 – 25.390) 65.564) (119.ABS-CBN CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in Thousands) 2014 CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax Adjustments for: Depreciation and amortization (Notes 9 and 10) Amortization of: Program rights and other intangibles (Note 11) Debt issue costs (Note 27) Deferred charges (Note 25) Interest expense (Note 27) Gain on settlement of liabilities (Note 27) Interest income (Notes 6 and 22) Net unrealized foreign exchange loss (gain) Loss (gain) on sale of property and equipment Equity in net losses (earnings) of associates and joint ventures (Note 13) Impairment loss (Note 15) Share-based payment expense (Note 21) Loss on sale of investments (Note 12) Income before working capital changes Provisions for: Pension expense and other employee benefits (Note 29) Doubtful accounts (Note 26) Decrease (increase) in: Trade and other receivables Other current assets Increase (decrease) in: Trade and other payables Obligations for program rights Other noncurrent liabilities Contribution to pension plan (Note 29) Cash generated from operations Income taxes paid Net cash provided by operating activities (Forward) 84 ABS-CBN Annual Report 2014 Years Ended December 31 2013 2012 P = 2.958 (444.677 225.745) 5.871 716.196 1.023.461) (540) 8.781 6.121) (3.255.427) 4.288) (626.397 20.688 1.849 2.092 530.430.060 695.095 (626.438) 2.910) (94.633 (208.329) (89.485.137 985.241 12.427 (217.894 122.597.894 (13.363 .963) (136.071 356.712.000 2.166 731.811 73.041.210 389.283) – – – 7.256 24.886.658 P = 2.597 65.638.923.573 973.297 (371.787.055.175 (2.968) (69.714.

296) 97.980) (1.855 6.938 8.991) – (5.115) 10.000) (37.772.238.881 96.938 See accompanying Notes to Consolidated Financial Statements.522 4.249 – – – 4.621.433.991.267.394.221.660 (P = 3.580 – (30.303 175.000 (185.014) 8.394.613.733.576.969) – (97.432 4.000 850.000 (2.635.000) (29.053 P =13.046 (24.954) (818.629 – (137.757.377 P = 10.551) – – (1.050.000 792.604) 22.727.861 22.332 – – (101.619) (983.240.000.000.962) – (6.939.722) (744.387) (P = 3.616.850.670) (1.066) (3.863 – (4.616.534) (1.505) 140.770) – 167.993.000) 24.495.713) 2.912 (97.950) 35. net of cash acquired (Note 4) Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from: Long-term debt Bank loans Payments of: Long-term debt Interest Dividends Bank loans Obligations under finance lease Acquisition of Philippine depository receipts (Note 21) Proceeds from additional investment Issuances of: Common shares (Note 21) Preferred shares (Note 21) Decrease in noncontrolling interests (Note 4) Net cash provided by financing activities EFFECTS OF EXCHANGE RATE CHANGES AND TRANSLATION ADJUSTMENTS ON CASH AND CASH EQUIVALENTS NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 6) Years Ended December 31 2013 2012 (P = 4.893) 1.508) (194.501 200.878 (115.550.510) (591.855 P = 6.840 124.917 (2. ABS-CBN Annual Report 2014 85 .414.439 – 2.000.950) (400.732.203) (498.989) (1.000) (51.551) 961.577) (9.2014 CASH FLOWS FROM INVESTING ACTIVITIES Additions to: Property and equipment (Notes 9 and 34) Program rights and other intangible assets (Notes 11 and 34) Investment properties (Notes 10 and 34) Decrease (increase) in other noncurrent assets Interest received Proceeds from sale of: Property and equipment Available-for-sale investments Investments in joint ventures (Note 13) Acquisition of subsidiaries and business.179) – – 3.549) (99.238) (2.937) (298.