Liquidity Ratios:

Current Ratio = Current Assets / Current Liabilities

Quick Ratio = (Current Assets - Inventory) / Current Liabilities

Solvency Ratios:

Debt-to-Equity Ratio = Total Debt / Total Equity

Debt Ratio = Total Debt / Total Assets

1. Liquidity Ratios:

Current Ratio:

2013: ₱24,889 / ₱22,621 ≈ 1.10

2014: ₱34,399 / ₱29,200 ≈ 1.18

2015: ₱36,346 / ₱33,913 ≈ 1.07

2016: ₱31,800 / ₱27,044 ≈ 1.18

2017: ₱74,945 / ₱54,877 ≈ 1.37

2018: ₱79,579 / ₱56,262 ≈ 1.41

2019: ₱105,237 / ₱75,118 ≈ 1.40

2020: ₱142,878 / ₱115,594 ≈ 1.24

2021: ₱72,412 / ₱58,452 ≈ 1.24

2022: ₱68,924 / ₱76,618 ≈ 0.90

Working Capital:

2013: 2,268
2014: 5,199
2015: 2,433
2016: 4,756
2017: 20,068
2018: 23,317
2019: 30,119
2020: 27,284
2021: 13,960
2022: -7,694

Quick Ratio:
2013: 0.931346978
2014: 1.093869863
2015: 0.911980656
2016: 1.004437213
2017: 1.171037046
2018: 1.163076321
2019: 1.255784233
2020: 0.50955932
2021: 1.023352494
2022: 0.735910622

2. Profitability Ratios

Return on Total Assets:

2013: 11862.96021
2014: 12497.96332
2015: 14718.96746
2016: 18246.96974
2017: 18560.96829
2018: 22497.9628
2019: 26341.96146
2020: 5832.967621
2021: 16507.96844
2022: 17786.96801

Return on Ordinary Equity

2013: -1.92116E-10
2014: -1.91966E-10
2015: -1.79305E-10
2016: -1.58711E-10
2017: -1.58677E-10
2018: -1.58652E-10
2019: -1.58385E-10
2020: -1.63032E-10
2021: -1.66277E-10
2022: -1.74241E-10

3. Solvency Ratios:
Debt-to-Equity Ratio:

2013: ₱87,304 / ₱113,280 ≈ 0.77

2014: ₱104,440 / ₱129,572 ≈ 0.81

2015: ₱151,403 / ₱150,777 ≈ 1.00

2016: ₱163,521 / ₱188,081 ≈ 0.87

2017: ₱288,072 / ₱215,679 ≈ 1.34

2018: ₱318,943 / ₱239,003 ≈ 1.34

2019: ₱365,733 / ₱246,045 ≈ 1.49

2020: ₱373,449 / ₱244,347 ≈ 1.53

2021: ₱347,469 / ₱236,865 ≈ 1.47

2022: ₱398,755 / ₱245,041 ≈ 1.63

Debt Ratio:

2013: ₱87,304 / ₱200,584 ≈ 0.44

2014: ₱104,440 / ₱234,012 ≈ 0.45

2015: ₱151,403 / ₱302,180 ≈ 0.50

2016: ₱163,521 / ₱351,602 ≈ 0.47

2017: ₱288,072 / ₱503,751 ≈ 0.57

2018: ₱318,943 / ₱557,946 ≈ 0.57

2019: ₱365,733 / ₱611,778 ≈ 0.60

2020: ₱373,449 / ₱617,796 ≈ 0.60

2021: ₱347,469 / ₱584,334 ≈ 0.59

2022: ₱398,755 / ₱643,796 ≈ 0.62

Liquidity Ratios:

Current Ratio & Working Capital:

The consistent current ratio above 1 until 2022 indicates that MPIC generally had sufficient current
assets to cover its short-term obligations, reflective of a healthy liquidity position.

However, the sudden drop in the current ratio in 2022 raises concerns about the company's ability to
meet its immediate liabilities using its current assets.
The positive working capital across years denotes MPIC's ability to manage day-to-day operations and
short-term financial obligations effectively.

Quick Ratio:

While the quick ratio remained above 1 for most years, implying an ability to cover immediate liabilities
with the most liquid assets, the sharp decline in 2020 and 2022 suggests potential challenges in meeting
short-term obligations without relying on inventory.

Profitability Ratios:

Return on Total Assets (ROTA) & Return on Ordinary Equity (ROE):

ROTA signifies MPIC's efficiency in utilizing its assets to generate profits. The positive ROTA indicates that,
overall, the company has been profitable concerning its asset base.

The consistently negative ROE throughout the years indicates that the ordinary equity might not have
generated positive returns. This could suggest inefficiency in leveraging equity for profitability.

Solvency Ratios:

Debt-to-Equity Ratio & Debt Ratio:

The increasing trend in both ratios from 2013 to 2022 reflects MPIC's growing reliance on debt for
financing its operations and assets.

As an infrastructure company, leveraging debt to finance large-scale projects is common. However, a

consistently rising trend might raise concerns about the company's debt management strategies and the
associated risks.

Specific Considerations for MPIC:

Infrastructure Projects: MPIC invests in essential infrastructure sectors like utilities, transportation, and
healthcare, involving long-term projects. Their higher reliance on debt might be typical due to the
capital-intensive nature of such projects.

Regulation & Government Involvement: Given that infrastructure projects often require governmental
approvals and are subject to regulations, fluctuations in liquidity might relate to delays or uncertainties
in regulatory processes.

Market Cyclicity: The nature of infrastructure investments may be influenced by economic cycles and
government spending patterns, impacting liquidity and profitability measures.

Impact of COVID-19: The pandemic likely influenced 2020 and 2022 figures due to disruptions in project
timelines, financing, and potential changes in consumer behavior affecting certain business segments.
Conclusion:

MPIC's financial health showcases a stable liquidity position historically, but recent declines pose
concerns. Negative ROE over the years raises questions about equity efficiency, while the increasing
reliance on debt requires prudent management to mitigate associated risks, especially considering the
long-term nature of their infrastructure investments.

A more detailed analysis, considering the company's specific project pipelines, government relationships,
and management strategies, would provide a comprehensive understanding of how their financial
metrics align with the nature of their business.