Philippine Amusement and Gaming Corporation (PAGCOR)

Statement of Financial Position

As of December 31, 2017 and 2018
(in Philippine Peso)
Horizontal Analysis

ASSETS 2017 2018

Current assets
Cash and cash equivalents 14,867,680,101 56,023,537,393
Receivables, net 3,750,784,103 6,557,622,924
Inventories 482,830,561 578,473,382
Other current assets 320,828,813 96,771,919
Total Current Assets 19,422,123,578 63,256,405,618

Non-Current Assets
Financial assets 100,000,000 100,000,000
Other investments 43,166,380 43,166,380
Receivables, net 52,075,609 52,075,609
Investment property 15,685,903,947 8,816,601,878
Property, Plant and Equipment, net 1,997,322,925 1,688,408,140
Intangible assets 224,471,379 172,291,009
Deferred tax assets -- 203,523,013
Other non-current assets 1,146,115,543 1,380,715,049
Total Non-Current Assets 19,249,055,783 12,456,781,078
TOTAL ASSETS 38,671,179,361 75,713,186,696

LIABILITIES
Current liabilities
Financial liabilities 2,445,369,934 2,888,669,794
Inter-agency payables 8,920,365,123 18,152,448,832
Intra-agency payables -- 100,000,000
Trust payables 419,907,516 353,746,511
Provisions 100,000,000 --
Other payables 3,057,229,042 17,937,381,809
Total Current Liabilities 14,942,871,615 39,432,246,946

Non-Current Liabilities
Trust Liabilities 1,845,125,798 2,378,401,265
Deferred credits/Unearned income 347,697,961 716,764,655
Other payables 5,708,614,836 1,304,652,616
 Total Non-Current Liabilities 7,901,438,595 4,399,818,536
TOTAL LIABILITIES 22,844,310,210 43,832,065,482

EQUITY
Retained earnings/(deficit) 15,755,438,399 31,809,690,462
Government/Stockholder's equity 71,430,752 71,430,752
Total Equity 15,826,869,151 31,881,121,214
TOTAL LIABILITIES AND EQUITY 38,671,179,361 75,713,186,696

Philippine Amusement and Gaming Corporation (PAGCOR)

Statement of Comprehensive Income
As of December 31, 2017 and 2018
(in Philippine Peso)
Horizontal Analysis

2017 2018
INCOME
Service and Business Income 59,892,849,075 71,197,893,671
Gains 250,303,138 33,451,386,820
Other Non-Operating Income 9,992,481 5,962,207
TOTAL INCOME 60,153,144,694 104,655,242,698

EXPENSES
Personnel Services 7,732,224,515 7,896,419,271
Maintenance and Other Operating
Expenses 7,661,094,483 8,496,932,343
Financial Expenses 32,555,425 339,835
Non-Cash Expenses 1,287,296,755 1,213,172,314
TOTAL EXPENSES 16,713,171,178 17,606,863,763

Profit/(Loss) Before Tax 43,439,973,516 87,048,378,935

Income Tax Expense 83,240,008 149,406,763
Profit/(Loss) After Tax 43,356,733,508 86,898,972,172
Financial Assistance/Subsidy/
Contribution 38,410,230,856 55,408,512,903
Other comprehensive income/(loss) for
the period -- --
Net Income/(Loss) 4,946,502,652 31,490,459,269
PAGCOR)

Increase or Decrease
Amount % Change

41,155,857,292 276.81%
2,806,838,821 74.83%
95,642,821 19.81%
-224,056,894 -69.84%
43,834,282,040 225.69%

0 0.00%
0 0.00%
0 0.00%
-6,869,302,069 -43.79%
-308,914,785 -15.47%
-52,180,370 -23.25%
-- --
234,599,506 20.47%
-6,792,274,705 -35.29%
37,042,007,335 95.79%

443,299,860 18.13%
9,232,083,709 103.49%

-66,161,005 -15.76%
-- --
14,880,152,767 486.72%
24,489,375,331 163.89%

533,275,467 28.90%
369,066,694 106.15%
-4,403,962,220 -77.15%
 -3,501,620,059 -44.32%
20,987,755,272 91.87%

16,054,252,063 101.90%
0 0.00%
16,054,252,063 101.44%
37,042,007,335 95.79%

PAGCOR)

Increase or Decrease
Amount % Change

11,305,044,596 18.88%
33,201,083,682 13264.35%
-4,030,274 -40.33%
44,502,098,004 73.98%

164,194,756 2.12%

835,837,860 10.91%
-32,215,590 -98.96%
-74,124,441 -5.76%
893,692,585 5.35%

43,608,405,419 100.39%
66,166,755 79.49%
43,542,238,664 100.43%

16,998,282,047 44.25%

-- --
26,543,956,617 536.62%
 Philippine Amusement and Gaming Corporation (PAGCOR)
Statement of Financial Position
As of December 31, 2017 and 2018
(in Philippine Peso)
Vertical Analysis

ASSETS 2017 2018

Current assets
Cash and cash equivalents 14,867,680,101 38.45% 56,023,537,393
Receivables, net 3,750,784,103 9.70% 6,557,622,924
Inventories 482,830,561 1.25% 578,473,382
Other current assets 320,828,813 0.83% 96,771,919
Total Current Assets 19,422,123,578 50.22% 63,256,405,618

Non-Current Assets
Financial assets 100,000,000 0.26% 100,000,000
Other investments 43,166,380 0.11% 43,166,380
Receivables, net 52,075,609 0.13% 52,075,609
Investment property 15,685,903,947 40.56% 8,816,601,878
Property, Plant and Equipment, net 1,997,322,925 5.16% 1,688,408,140
Intangible assets 224,471,379 0.58% 172,291,009
Deferred tax assets -- -- 203,523,013
Other non-current assets 1,146,115,543 2.96% 1,380,715,049
Total Non-Current Assets 19,249,055,783 49.78% 12,456,781,078
TOTAL ASSETS 38,671,179,361 100.00% 75,713,186,696

LIABILITIES
Current liabilities
Financial liabilities 2,445,369,934 6.32% 2,888,669,794
Inter-agency payables 8,920,365,123 23.07% 18,152,448,832
Intra-agency payables -- -- 100,000,000
Trust payables 419,907,516 1.09% 353,746,511
Provisions 100,000,000 0.26%
Other payables 3,057,229,042 7.91% 17,937,381,809
Total Current Liabilities 14,942,871,615 38.64% 39,432,246,946

Non-Current Liabilities
Trust Liabilities 1,845,125,798 4.77% 2,378,401,265
Deferred credits/Unearned income 347,697,961 0.90% 716,764,655
Other payables 5,708,614,836 14.76% 1,304,652,616
 Total Non-Current Liabilities 7,901,438,595 20.43% 4,399,818,536
TOTAL LIABILITIES 22,844,310,210 59.07% 43,832,065,482

EQUITY
Retained earnings/(deficit) 15,755,438,399 40.74% 31,809,690,462
Government Equity/Stockholder's
Equity 71,430,752 0.18% 71,430,752
Total Equity 15,826,869,151 40.93% 31,881,121,214
TOTAL LIABILITIES AND EQUITY 38,671,179,361 100.00% 75,713,186,696

Philippine Amusement and Gaming Corporation (PAGCOR)

Statement of Comprehensive Income
As of December 31, 2017 and 2018
(in Philippine Peso)
Vertical Analysis

2017 2018
INCOME
Service and Business Income 59,892,849,075 99.57% 71,197,893,671
Gains 250,303,138 0.42% 33,451,386,820
Other Non-Operating Income 9,992,481 0.02% 5,962,207
TOTAL INCOME 60,153,144,694 100.00% 104,655,242,698

EXPENSES
Personnel Services 7,732,224,515 12.85% 7,896,419,271
Maintenance and Other Operating
Expenses 7,661,094,483 12.74% 8,496,932,343
Financial Expenses 32,555,425 0.05% 339,835
Non-Cash Expenses 1,287,296,755 2.14% 1,213,172,314
TOTAL EXPENSES 16,713,171,178 27.78% 17,606,863,763

Profit/(Loss) Before Tax 43,439,973,516 72.22% 87,048,378,935

Income Tax Expense 83,240,008 0.14% 149,406,763
Profit/(Loss) After Tax 43,356,733,508 72.08% 86,898,972,172
Financial Assistance/Subsidy/
Contribution 38,410,230,856 63.85% 55,408,512,903
Other comprehensive income/(loss) for
the period -- -- --
Net Income/(Loss) 4,946,502,652 8.22% 31,490,459,269
2018

73.99%
8.66%
0.76%
0.13%
83.55%

0.13%
0.06%
0.07%
11.64%
2.23%
0.23%
0.27%
1.82%
16.45%
100.00%

3.82%
23.98%
0.13%
0.47%
--
23.69%
52.08%

3.14%
0.95%
1.72%
 5.81%
57.89%

42.01%

0.09%
42.11%
100.00%

2018

68.03%
31.96%
0.01%
100.00%

7.55%

8.12%
0.00%
1.16%
16.82%

83.18%
0.14%
83.03%

52.94%

--
30.09%