Projected Income Statement

Ayala Land Incorporation

(Amounts in Thousands)
Years Ended December 31
2019 2018
REVENUE
Real Estate Sales P181,102,530 P155,954,816
Interest income from real estate 8,177,651 7,042,078
Equity in net earnings of Associates and Joint ventures 749,924 749,924
190,030,105 163,746,818
Interest and Investment Income 958,236 958,236
Other Income 1,540,717 1,540,717
192,529,058 166,245,771
COSTS AND EXPENSES
Real Estate Expenses (117,378,140) (101,079,130)
General and Administrative Expenses (9,101,328) (9,101,328)
Interest and other Financing Charges (9,594,003) (9,594,003)
Other Expenses (1,475,114) (1,270,281)
(137,548,585) (121,044,742)
INCOME BEFORE INCOME TAX 54,980,473 45,201,029
PROVISION FOR INCOME TAX
Current 16,287,761 13,390,637
Deferred (1,632,946) (1,406,197)
(14,654,815) (11,984,440)
NET INCOME P40,325,658 P33,216,589

Projected Statement of Financial Position

Ayala Land Incorporation
(Amounts in Thousands)
Years Ended December 31
2019 2018
CURRENT ASSETS
Cash and Cash Equivalents P23,996,570 P23,996,570
Short Term Investments 3,085,373 3,085,373
Financial assets at fair value through profit or loss 476,245 476,245
Accounts and notes receivable 90,863,012 78,245,866
Contract Assets 56,289,284 48,473,011
Inventories 121,201,533 104,371,611
Other Current Assets 44,181,222 44,181,222
Total Current Assets 316,096,669 302,829,898

NONCURRENT ASSETS
Noncurrent Accounts and Notes Receivable 3,367,890 3,367,890
Noncurrent Contract Assets 35,437,047 35,437,047
Financial Assets at Fair Value through Other Comprehensive 1,495,795 1,495,795
Income
Investment in Associates and joint ventures 23,389,752 23,389,752
Investment Properties 225,005,910 225,005,910
Property and equipment 35,749,200 35,749,200
Deferred Tax Assets 13,040,993 13,040,993
Other noncurrent assets 28,503,997 28,503,997
Total Noncurrent Assets 365,990,584 365,990,584
Total Assets P682,087,253 P668,820,482
 LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term Debt 16,706,575 14,386,717
Accounts and other Payables 199,734,329 171,999,422
Contract Liabilities 25,401,973 21,874,681
Income Tax Payable 2,588,669 2,588,669
Current Portion of Long-term debt 23,265,173 23,265,173
Deposits and other current liabilities 7,745,380 6,669,865
Total Current Liabilities 275,442,099 240,784,527

NONCURRENT LIABILITIES
Long-term debt 149,446,949 149,446,949
Pension Liabilities 1,550,198 1,550,198
Contract Liabilities 8,630,235 8,630,235
Deferred tax Liabilities 5,894,705 5,894,705
Deposits and other noncurrent liabilities 42,292,671 42,292,671
Total Noncurrent Liabilities 207,814,758 207,814,758
Total Liabilities 483,256,857 448,599,285

EQUITY
Paid-in Capital 62,350,964 62,350,964
Retained Earnings 172,415,678 132,090,020
Stock Options Outstanding 65,462 65,462
Remeasurement Loss on Defined Benefit Plans (219,782) (219,782)
Fair Value Reserve of Financial Assets at FVOCI (454,138) (454,138)
Cumulative Translation Adjustments 868,271 868,271
Equity Reserves (7,400,945) (7,400,945)
Non-Controlling interests 32,921,345 32,921,345
Total Equity 260,546,855 220,221197
Total Liabilities and Equity 743,803,712 P668,820,482

Based on the Projected Financial Position using the Percentage of Sales Method, Ayala Land Inc. have a surplus
of funds and doesn’t need external financing. A surplus of P61,716,459 must be invested in order to maintain
proper cash flows. The increase in sales are based on the average historical increase between the years 2017-2018.