SM PRIME HOLDINGS Inc.

, AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(Amounts in Thousands)
DECEMBER
2018 2017
ASSETS
Current Assets
Cash and cash equivalents ₱ 38,766,467 ₱ 44,371,534
Financial assets at FV through OCI 0 731,076
Receivables and contract assets 35,229,450 33,990,678
Condominium and residential units for sale 8,088,139 8,733,299
Land and development 29,486,964 22,518,138
Equity instruments at FV through OCI 639,316 641,300
Derivative assets 432,898 0
Prepaid expenses and other current assets 15,147,029 14,590,015
Total Current Assets 127,790,263 125,576,040

Noncurrent Assets
Investments in associates and joint ventures 26,199,380 24,566,239
Equity instruments at FV through OCI 22,892,937 30,464,845
Property and equipment - net 1,419,111 1,493,427
Investment properties - net 293,574,616 273,084,146
Land and development - net of current portion 49,844,246 36,148,036
Derivative assets - net of current portion 420,035 3,546,694
Deferred tax assets - net 1,083,670 1,114,291
Other noncurrent assets 80,910,060 42,423,880
Total Noncurrent Assets 476,344,055 412,841,558
₱ 604,134,318 ₱ 538,417,598

LIABILITIES AND EQUITY

Current Liabilities
Loans payable ₱ 39,400 ₱ 744,400
Accounts payable and other current liabilities 61,767,086 51,084,082
Current portion of long-term debt 25,089,624 25,344,035
Income tax payable 1,383,742 1,035,215
Total Current Liabilities 88,279,852 78,207,732
Noncurrent Liabilities
Long-term debt - net of current portion 197,682,262 167,509,484
Tenants' and customers' deposits - net of current portion 18,676,022 16,376,024
Liability for purchased land - net of current portion 6,044,220 2,170,998
Deferred tax liabilities - net 3,527,501 2,877,971
Derivative liabilities 335,008 777,408
Other noncurrent liabilities 10,511,491 7,624,067
Total Noncurrent Liabilities 236,776,504 197,335,952
Total Liabilities ₱ 325,056,356 ₱ 275,543,684
Equity Attributable to Equity Holders of the Parent
Capital stock ₱ 33,166,300 ₱ 33,166,300
Additional paid-in capital - net 39,953,218 39,662,168
Cumulative translation adjustment 1,955,999 2,110,745
Net FV changes of equity instruments at FV through OCI 19,084,597 25,489,705
Net fair value changes on cash flow hedges (842,098) (311,429)
Remeasurement loss on defined benefit obligation (348,480) (199,126)
Retained earnings:
Appropriated 42,200,000 42,200,000
Unappropriated 143,118,153 120,125,945
Treasury stock (2,984,695) (3,287,087)
Total Equity Attributable to Equity Holders of the Parent 275,302,994 258,957,221
Non-controlling Interets 3,774,968 3,916,693
Total Equity 279,077,962 262,873,914
₱ 604,134,318 ₱ 538,417,598
HORIZONTAL ANALYSIS VERTICAL ANALYSIS
Peso Change % Change 2018 2017

(5,605,067) -12.63% 6.42% 8.24%

(731,076) 0.00% 0.00% 0.14%
1,238,772 3.64% 5.83% 6.31%
(645,160) -7.39% 1.34% 1.62%
6,968,826 30.95% 4.88% 4.18%
(1,984) -0.31% 0.11% 0.12%
432,898 0.00% 0.07% 0.00%
557,014 3.82% 2.51% 2.71%
2,214,223 1.76% 21.15% 23.32%

1,633,141 6.65% 4.34% 4.56%

(7,571,908) -24.85% 3.79% 5.66%
(74,316) -4.98% 0.23% 0.28%
20,490,470 7.50% 48.59% 50.72%
13,696,210 37.89% 8.25% 6.71%
(3,126,659) -88.16% 0.07% 0.66%
(30,621) -2.75% 0.18% 0.21%
38,486,180 90.72% 13.39% 7.88%
63,502,497 15.38% 78.85% 76.68%
65,716,720 12.21% 100.00% 100.00%

(705,000) -94.71% 0.01% 0.14%

10,683,004 20.91% 10.22% 9.49%
(254,411) -1.00% 4.15% 4.71%
348,527 33.67% 0.23% 0.19%
10,072,120 12.88% 14.61% 14.53%

30,172,778 18.01% 32.72% 31.11%

2,299,998 14.04% 3.09% 3.04%
3,873,222 178.41% 1.00% 0.40%
649,530 22.57% 0.58% 0.53%
(442,400) -56.91% 0.06% 0.14%
2,887,424 37.87% 1.74% 1.42%
39,440,552 19.99% 39.19% 36.65%
49,512,672 17.97% 53.81% 51.18%

- 0.00% 5.49% 6.16%

291,050 0.73% 6.61% 7.37%
 (154,746) -7.33% 0.32% 0.39%
(6,405,108) -25.13% 3.16% 4.73%
(530,669) 170.40% -0.14% -0.06%
(149,354) 75.00% -0.06% -0.04%

0 0.00% 6.99% 7.84%

22,992,208 19.14% 23.69% 22.31%
302,392 -9.20% -0.49% -0.61%
16,345,773 6.31% 45.57% 48.10%
(141,725) -3.62% 0.62% 0.73%
16,204,048 6.16% 46.19% 48.82%
65,716,720 12.21% 100.00% 100.00%
 SM Prime Holdings Inc., AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF INCOME STATEMENT
(Amounts in Thousands)
FOR THE YEAR ENDED
DECEMBER 31 HORIZONTAL ANALYSIS
2018 2017
Peso Change
REVENUE
Rent ₱ 57,162,796 ₱ 51,406,294 5,756,502
Sales:
Real estate 35,872,552 29,434,050 6,438,502
Cinema and event ticket 5,218,434 4,767,364 451,070
Others 5,826,783 5,314,142 512,641
104,080,565 90,921,850 13,158,715
COSTS AND EXPENSES (55,753,334) (50,293,058) (5,460,276)

INCOME FROM OPERATIONS 48,327,231 40,628,792 7,698,439

OTHER INCOME (CHARGES)
Interest expense (7,540,045) (5,474,422) (2,065,623)
Interest and dividend income 1,828,776 1,214,347 614,429
Others - net (649,787) (420,856) (228,931)
(6,361,056) (4,680,931) (1,680,125)

INCOME BEFORE INCOME TAX 41,966,175 35,947,861 6,018,314

PROVISION FOR INCOME TAX
Current (8,534,428) (7,531,782) (1,002,646)
Deferred (520,618) (291,616) (229,002)
(9,055,046) (7,823,398) (1,231,648)

NET INCOME ₱ 32,911,129 ₱ 28,124,463 4,786,666

Attributable to:
Equity holders of the Parent (Notes 20 and 30) 32,172,886 27,573,866 4,599,020
Non-controlling interests (Notes 20) 738,243 550,597 187,646
₱ 32,911,129 ₱ 28,124,463 4,786,666
HORIZONTAL ANALYSIS VERTICAL ANALYSIS
% Change 2018 2017

11.20% 54.92% 56.54%

21.87% 34.47% 32.37%

9.46% 5.01% 5.24%
9.65% 5.60% 5.84%
14.47% 100.00% 100.00%
10.86% -53.57% -55.31%

18.95% 46.43% 44.69%

37.73% -7.24% -6.02%

50.60% 1.76% 1.34%
54.40% -0.62% -0.46%
35.89% -6.11% -5.15%

16.74% 40.32% 39.54%

13.31% -8.20% -8.28%

78.53% -0.50% -0.32%
15.74% -8.70% -8.60%

17.02% 31.62% 30.93%

16.68% 30.91% 30.33%

34.08% 0.71% 0.61%
17.02% 31.62% 30.93%