Assumptions

(Sample assumption only) 2015 2016 2017

1. Increase in sales revenue 20% 20% 20% *
2. Increase in operating expenses 7% 7% 7% *
3. Increase in Other Expense 4% 4% 4% *
4. Corporate Income tax rate 30% 30% 30% *
5. Dividends declared and paid in cash -₱15,000.00 -₱15,000.00 -₱15,000.00
6. Acquisition of Equipment(3 year life) ₱ 15,000 ₱ - ₱ - *
7. Additional depreciation for item 8 ₱ 5,000 ₱ 5,000 ₱ 5,000
8. payment for debt 2% 2% 2%
9. Collection of Accounts Receivables 6% 6% 6%
10. Collection of Net Loans 12% 12% 12%

11. Goodwill -1070.31 -1070.31 -1070.31

12. Total investment 7,000 9,608 11,133
13. Intangible -2066 -2066 -2066
 CITIGROUP INC.,
Ratio Analysis

Actual Projection
Liquidity Ratio 2013 2014 2015 2016 2017
A. Current Ratio Current Asset ₱481,601.00 ₱431,186.00 ₱468,690.98 ₱524,021.32 ₱585,437.57
Current Liabilities ₱1,284,436.00 ₱1,183,285.00 ₱1,156,305.04 ₱1,130,134.48 ₱1,104,749.03

0.375 0.364 0.405 0.464 0.530

B. Cash Ratio Cash ₱455,927.00 ₱402,767.00 ₱441,977.12 ₱498,910.29 ₱561,833.20

Current Liabilities ₱1,284,436.00 ₱1,183,285.00 ₱1,156,305.04 ₱1,130,134.48 ₱1,104,749.03

0.355 0.340 0.382 0.441 0.509

Leverage Ratios

a. Debt Ratio Total Debt/Liabilities ₱1,674,249.00 ₱1,630,485.00 ₱1,603,505.04 ₱1,577,334.48 ₱1,551,949.03

Total Asset ₱1,880,382.00 ₱1,842,530.00 ₱1,818,461.75 ₱1,805,015.30 ₱1,804,538.89

0.890 0.885 0.882 0.874 0.860

b. Debt to Equity Ratio Total Debt/Liabilities ₱1,674,249.00 ₱1,630,485.00 ₱1,603,505.04 ₱1,577,334.48 ₱1,551,949.03
Total Equity ₱206,133.00 ₱212,045.00 ₱214,956.71 ₱227,680.82 ₱252,589.85

8.122 7.689 7.460 6.928 6.144

Asset Utilization Ratios

a. Asset Turnover Ratio Net Sales ₱76,419.00 ₱76,882.00 ₱92,258.40 ₱110,710.08 ₱132,852.10
Average Total Asset ₱1,880,382.00 ₱1,861,456.00 ₱1,830,495.87 ₱1,811,738.52 ₱1,804,777.09

0.041 0.041 0.050 0.061 0.074

b. Return on Asset Profit after tax ₱13,630.00 ₱7,500.00 ₱17,911.71 ₱27,724.12 ₱39,909.03
Average Total Asset ₱1,880,382.00 ₱1,861,456.00 ₱1,830,495.87 ₱1,811,738.52 ₱1,804,777.09

0.007249 0.004029 0.009785 0.015302 0.022113

Profitability Ratios

a. Net Profit Margin Ratio Net Profit ₱13,630.00 ₱7,500.00 ₱17,911.71 ₱27,724.12 ₱39,909.03
Net Sales ₱76,419.00 ₱76,882.00 ₱92,258.40 ₱110,710.08 ₱132,852.10

0.178 0.098 0.194 0.250 0.300

b. Gross Profit Margin Gross profit ₱28,011.00 ₱21,831.00 ₱33,353.83 ₱47,682.19 ₱65,412.25
Net Sales ₱76,419.00 ₱76,882.00 ₱92,258.40 ₱110,710.08 ₱132,852.10

0.367 0.284 0.362 0.431 0.492

 CITIGROUP INC.,
Statement of Financial Position
December 31, 2013-2014, projected 2015-2017

( in Billion )
Actual Projected
2013 2014 2015 2016 2017
ASSETS
Cash ₱455,927.00 ₱402,767.00 ₱441,977.12 ₱498,910.29 ₱561,833.20
Accounts Receivables ₱25,674.00 ₱28,419.00 ₱26,713.86 ₱25,111.03 ₱23,604.37
Total Current Assets ₱481,601.00 ₱431,186.00 ₱468,690.98 ₱524,021.32 ₱585,437.57
Property and Equipment ₱10,000.00 ₱5,000.00 ₱0.00
Goodwill ₱25,009.00 ₱23,592.00 ₱22,521.69 ₱22,521.69 ₱22,521.69
Intangibles ₱5,056.00 ₱4,566.00 ₱2,500.00 ₱2,500.00 ₱2,500.00
Trading Accounts ₱285,928.00 ₱296,786.00 ₱296,786.00 ₱296,786.00 ₱296,786.00
Total investment ₱308,980.00 ₱333,443.00 ₱340,443.00 ₱343,050.70 ₱344,576.39
Net loans ₱645,824.00 ₱628,641.00 ₱553,204.08 ₱486,819.59 ₱428,401.24
Other assets ₱127,984.00 ₱124,316.00 ₱124,316.00 ₱124,316.00 ₱124,316.00
Total Assets ₱1,880,382.00 ₱1,842,530.00 ₱1,818,461.75 ₱1,805,015.30 ₱1,804,538.89

Current Debt ₱262,456.00 ₱231,773.00 ₱231,773.00 ₱231,773.00 ₱231,773.00

Accounts payable ₱53,707.00 ₱52,180.00 ₱52,180.00 ₱52,180.00 ₱52,180.00
Other current liabilities ₱968,273.00 ₱899,332.00 ₱872,352.04 ₱846,181.48 ₱820,796.03
Total current liabilities ₱1,284,436.00 ₱1,183,285.00 ₱1,156,305.04 ₱1,130,134.48 ₱1,104,749.03
Long-term Debt ₱329,878.00 ₱362,116.00 ₱362,116.00 ₱362,116.00 ₱362,116.00
Other liabilities ₱59,935.00 ₱85,084.00 ₱85,084.00 ₱85,084.00 ₱85,084.00
total liabilities ₱1,674,249.00 ₱1,630,485.00 ₱1,603,505.04 ₱1,577,334.48 ₱1,551,949.03

Common stock ₱31.00 ₱31.00 ₱31.00 ₱31.00 ₱31.00

Preferred stock ₱6,738.00 ₱10,468.00 ₱10,468.00 ₱10,468.00 ₱10,468.00
retained earnings ₱111,168.00 ₱118,201.00 ₱121,112.71 ₱133,836.82 ₱158,745.85
treasury stock -₱1,658.00 -₱2,929.00 -₱2,929.00 -₱2,929.00 -₱2,929.00
paid in capital ₱89,854.00 ₱86,274.00 ₱86,274.00 ₱86,274.00 ₱86,274.00
total equity ₱206,133.00 ₱212,045.00 ₱214,956.71 ₱227,680.82 ₱252,589.85

Total Liabilities and Equity ₱1,880,382.00 ₱1,842,530.00 ₱1,818,461.75 ₱1,805,015.30 ₱1,804,538.88

₱0.00 ₱0.00 ₱0.00 ₱0.00 ₱0.00

 CITIGROUP INC.,
Statement of Comprehensive Income
December 31, 2013-2014, projected 2015-2017
( in Billion )
Actual Projected
2013 2014 2015 2016 2017
revenue $76,419.00 $76,882.00 $92,258.40 $110,710.08 $132,852.10
operating expense $48,408.00 $55,051.00 $58,904.57 $63,027.89 $67,439.84
operating income $28,011.00 $21,831.00 $33,353.83 $47,682.19 $65,412.25
other expenses $8,514.00 $7,467.00 $7,765.68 $8,076.31 $8,399.36
EBIT $19,497.00 $14,364.00 $25,588.15 $39,605.88 $57,012.89
Interest expense $0.00 $0.00 $0.00 $0.00 $0.00
EBT $19,497.00 $14,364.00 $25,588.15 $39,605.88 $57,012.89
Tax 30% $5,867.00 $6,864.00 $7,676.45 $11,881.76 $17,103.87
EAT $13,630.00 $7,500.00 $17,911.71 $27,724.12 $39,909.03
Other items $43.00 -$187.00 0 $0.00 $0.00
Net income $13,673.00 $7,313.00 $17,911.71 $27,724.12 $39,909.03
 CITIGROUP INC.,
Statement of Financial Position
December 31, 2013-2014, projected 2015-2017
( in Billion )
Commonstock preferred stock Retained earnings Treasury Stock Paid In Capital Total

Balance as of January 1, 2016 ₱ 31 ₱ 10,468 ₱ 118,201 -₱ 2,929 ₱ 86,274 ₱ 212,045

Comprehensive Income
Net Income ₱ 17,912 ₱ 17,912
Dividends Declared -₱ 15,000 -₱ 15,000
Balance as of december 30, 2015 ₱ 31 ₱ 10,468 ₱ 121,113 -₱ 2,929 ₱ 86,274 ₱ 214,956.71

Balance as of January 1, 2015 ₱ 31 ₱ 10,468 ₱ 121,113 -₱ 2,929 ₱ 86,274 ₱ 214,957

Comprehensive Income
Net Income ₱ 27,724 ₱ 27,724
Other Comprehensive Income(Loss)
Total Comprehensive Income(Loss) ₱ 27,724 ₱ 27,724
Dividends Declared -₱ 15,000 -₱ 15,000
Balance as of december 30, 2016 ₱ 31 ₱ 10,468 ₱ 133,837 -₱ 2,929 ₱ 86,274 ₱ 227,680.82

Balance as of January 1, 2016 ₱ 31 ₱ 10,468 ₱ 133,837 -₱ 2,929 ₱ 86,274 ₱ 227,681

Comprehensive Income
Net Income ₱ 39,909 ₱ 39,909
Other Comprehensive Income(Loss)
Total Comprehensive Income(Loss) ₱ 39,909 ₱ 39,909
Dividends Declared -₱ 15,000 -₱ 15,000
Balance as of december 30, 2017 ₱ 31 ₱ 10,468 ₱ 158,746 -₱ 2,929 ₱ 86,274 ₱ 252,589.85
 CITIGROUP INC.,
Statement of Financial Position
December 31, 2013-2014, projected 2015-2017

( in Billion )
2015 2016 2017
Cash flow from Operating activities
Earnings before Tax ₱25,588.15 ₱39,605.88 ₱57,012.89
Increase Accounts Receivables ₱1,420.95 ₱1,335.69 ₱1,255.55
depreciation ₱5,000.00 ₱5,000.00 ₱5,000.00
Net cash from Operations ₱32,009.10 ₱45,941.58 ₱63,268.45
Corporate tax Paid ₱7,676.45 ₱11,881.76 ₱17,103.87
Cash Provided for Operating Activities ₱24,332.66 ₱34,059.81 ₱46,164.58

Cash Flow From Investing aCtivities

Equipment ₱15,000.00
Cash Prodvided for Investing Activities ₱15,000.00

Cash Flow from Financing Activities

payment for debt ₱17,986.64 ₱17,447.04 ₱16,923.63
Selling of Loans ₱62,864.10 ₱55,320.41 ₱48,681.96
Dividends -₱15,000.00 -₱15,000.00 -₱15,000.00
Cash Provided for financing Activities ₱29,877.46 ₱22,873.37 ₱16,758.33

Net Increase(Decrease) in Cash and Cash Equivalents ₱39,210.12 ₱56,933.18 ₱62,922.91

Cash and Cash Equivalents at the beginning of the year ₱402,767.00 ₱441,977.12 ₱498,910.29
Cash and Cash Equivalents at end of year ₱441,977.12 ₱498,910.29 ₱561,833.20