AYALA LAND, INC.

AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in Thousands)

December 31
2018
(As restated -
2019 see Note 2)

ASSETS
Current Assets
Cash and cash equivalents (Notes 4 and 29) P
= 20,413,041 P
= 23,996,570
Short-term investments (Notes 5 and 29) 617,149 3,085,373
Financial assets at fair value through profit or loss
(Notes 6 and 29) 485,436 476,245
Accounts and notes receivable (Notes 2, 7 and 29) 105,039,306 126,718,877
Inventories (Note 8) 120,287,686 104,371,611
Other current assets (Note 9) 48,591,632 44,181,222
Total Current Assets 295,434,250 302,829,898
Noncurrent Assets
Noncurrent accounts and notes receivable (Notes 2, 7 and 29) 45,563,869 38,804,937
Financial assets at fair value through other comprehensive income
(FVOCI) (Notes 10 and 29) 1,529,179 1,495,795
Investments in associates and joint ventures (Note 11) 25,317,581 23,389,752
Right-of-use assets (Note 33) 13,564,472 −
Investment properties (Note 12) 243,043,448 225,005,910
Property and equipment (Note 13) 43,062,357 35,749,200
Deferred tax assets - net (Note 23) 11,527,645 13,040,993
Other noncurrent assets (Notes 2, 14 and 26) 34,880,477 28,503,997
Total Noncurrent Assets 418,489,028 365,990,584
P
= 713,923,278 P
= 668,820,482

LIABILITIES AND EQUITY

Current Liabilities
Short-term debt (Notes 16 and 29) P
= 18,032,830 P
= 14,386,717
Accounts and other payables (Notes 2, 15 and 29) 162,979,169 171,999,422
Income tax payable 2,123,379 2,588,669
Current portion of lease liabilities (Note 33) 724,859 −
Current portion of long-term debt (Notes 16 and 29) 17,250,706 23,265,173
Deposits and other current liabilities (Notes 2 and 17) 25,472,581 28,544,546
Total Current Liabilities 226,583,524 240,784,527
Noncurrent Liabilities
Long-term debt - net of current portion (Notes 16 and 29) 175,813,345 149,446,949
Pension liabilities (Note 26) 1,987,605 1,550,198
Lease liabilities - net of current portion (Note 33) 16,738,846 −
Deferred tax liabilities - net (Note 23) 6,090,754 5,894,705
Deposits and other noncurrent liabilities (Notes 2, 18 and 29) 44,003,636 50,922,906
Total Noncurrent Liabilities 244,634,186 207,814,758
Total Liabilities 471,217,710 448,599,285
(Forward)

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December 31
2018
(As restated -
2019 see Note 2)

Equity (Note 19)

Equity attributable to equity holders of Ayala Land, Inc.
Paid-in capital P
= 62,772,446 P
= 62,350,964
Retained earnings (Note 2) 156,940,236 132,090,020
Stock options outstanding (Note 28) 42,279 65,462
Remeasurement loss on defined benefit plans (Note 26) (337,210) (219,782)
Fair value reserve of financial assets at FVOCI (Note 10) (457,358) (454,138)
Cumulative translation adjustments 250,440 868,271
Equity reserves (Note 1) (7,056,459) (7,400,945)
Treasury stock (1,104,353) −
211,050,021 187,299,852
Non-controlling interests (Note 19) 31,655,547 32,921,345
Total Equity 242,705,568 220,221,197
P
= 713,923,278 P
= 668,820,482

See accompanying Notes to Consolidated Financial Statements.

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AYALA LAND, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except Earnings Per Share Figures)

Years Ended December 31

2019 2018 2017

REVENUE (Note 20)

Real estate sales (Notes 20 and 30) P
= 157,848,573 P
= 155,954,816 P
= 133,097,831
Interest income from real estate sales (Notes 7 and 20) 7,890,972 7,042,078 5,409,944
Equity in net earnings of associates and
joint ventures (Notes 11 and 20) 965,787 749,924 865,566
166,705,332 163,746,818 139,373,341
Interest and investment income (Notes 6, 21 and 25) 930,445 958,236 675,051
Other income (Notes 21 and 24) 1,157,935 1,540,717 2,248,559
2,088,380 2,498,953 2,923,610
168,793,712 166,245,771 142,296,951

COSTS AND EXPENSES

Cost of real estate sales (Note 22) 94,751,939 101,079,130 87,921,064
General and administrative expenses
(Notes 22, 26 and 28) 9,367,359 9,101,328 7,274,845
Interest and other financing charges (Note 22) 12,199,758 9,594,003 7,914,326
Other expenses (Note 22) 1,644,982 1,270,281 1,196,076
117,964,038 121,044,742 104,306,311

INCOME BEFORE INCOME TAX 50,829,674 45,201,029 37,990,640

PROVISION FOR INCOME TAX (Note 23)

Current 12,455,010 13,390,637 11,959,895
Deferred 859,633 (1,406,197) (2,134,914)
13,314,643 11,984,440 9,824,981

NET INCOME P
= 37,515,031 P
= 33,216,589 P
= 28,165,659

Net income attributable to:

Equity holders of Ayala Land, Inc. (Note 27) P
= 33,188,399 P
= 29,240,880 P
= 25,304,965
Non-controlling interests 4,326,632 3,975,709 2,860,694
P
= 37,515,031 P
= 33,216,589 P
= 28,165,659

Earnings Per Share (Note 27)

Net income attributable to equity holders of Ayala Land,
Inc.:
Basic and diluted P
= 2.25 P
= 1.98 P
= 1.71

See accompanying Notes to Consolidated Financial Statements.

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AYALA LAND, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Amounts in Thousands)

Years Ended December 31

2019 2018 2017

NET INCOME P
= 37,515,031 P
= 33,216,589 P
= 28,165,659

Other comprehensive income (loss)

Item that may be reclassified to profit or loss in
subsequent years:
Cumulative translation adjustment (617,831) 451,195 1,001,986
Items that will not be reclassified to profit or loss in
subsequent years:
Fair value reserve of financial assets at FVOCI
(Note 10) (3,220) 71,938 (3,064)
Remeasurement gain (loss) on pension liabilities
(Note 26) (167,754) (85,381) 281,290
Income tax effect 50,326 25,614 (84,387)
(738,479) 463,366 1,195,825

TOTAL COMPREHENSIVE INCOME P

= 36,776,552 P
= 33,679,955 P
= 29,361,484

Total comprehensive income attributable to:

Equity holders of of Ayala Land, Inc. P
= 32,449,920 P
= 29,701,637 P
= 26,500,790
Non-controlling interests 4,326,632 3,978,318 2,860,694
P
= 36,776,552 P
= 33,679,955 P
= 29,361,484

See accompanying Notes to Consolidated Financial Statements.

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