The Group maintains a prudent financial policy as it engages to a more competitive and challenging environment. The Group’s Statement of Financial Position reflects stable financial growth. Total resources as of December 31, 2012 amounted to Php142.72 billion, an increase of 10.64% compared to Php129.00 billion as of December 31, 2011.
The Group shows liquid position as of December 31, 2012 by having its current assets amounted to Php81.73 billion as against its current obligations of Php25.76 billion. Current assets posted an increase of 5.24% from December 31, 2011, balance of Php77.66 billion. Current obligations reflected an increase of 11.26% from December 31, 2011, balance of Php23.16 billion.
Cash and cash equivalents decreased by 11.53% from Php30.32 billion in 2011 to Php26.83 billion in 2012 due to capital expenditure and operating activities for business expansion. A 5.01% increase from its current and non-current trade and other receivables – Php39.26 billion as of December 31, 2012 compared to Php37.39 billion as of December 31, 2011, was due to higher sales for the period. An increase by 48.17% from Php19.50 billion in 2011 to Php28.89 billion in 2012 in residential and condominium units for sale pertains to additional construction cost attributable to on-going projects. Property development cost decreased by 1.54% from last year-end’s amount of Php8.75 billion to Php8.62 billion in 2012. The Group’s investment in available-for-sale securities increased by 25.66%, from Php2.59 billion in 2011 to Php3.26 billion in 2012 was due to changes in market value of investments.
Trade and other payables amounted to Php7.90 billion and Php7.30 billion as of December 31, 2012 and 2011, respectively. The rise of 8.26% was due to increase in amounts payable to the Group’s suppliers and contractors in relation to its real estate developments. Total customers’ deposits as of December 31, 2012 amounted to P5.94 billion compared to Php4.07 billion as of December 31, 2011 with a 45.96% increase due to aggressive marketing and pre-sales of various projects. The combined effect of current and non-current deferred income on real estate sales increased by 22.48% which amounted to Php6.44 billion as of December 31, 2012 compared to Php5.26 billion as of December 31, 2011 due to increase in unearned revenue.
Total Interest-bearing loans and borrowings amounted to Php6.50 billion representing a 18.18% decrease from previous year-end’s Php7.94 billion mainly due to principal payments. Total other liabilities as of December 31, 2012 amounted to P3.77 billion representing a 3.28% increase from P3.65 in 2011.
Total equity (including minority interest) increased by 11.84% from Php72.77 billion as of December 31, 2011 to Php81.39 billion as of December 31, 2012 due to the Group’s continuous profitability and issuance of common shares from exercised stock warrants amounting to Php3.1 billion in 2012.
The top five (5) key performance indicators of the Group are shown below:
|Current Ratio *1
|Quick Ratio *2
|Debt to Equity Ratio *3
|Return on Assets *4
|Return on Equity *5
*1 – Current Assets / Current Liabilities
*2 – Cash and Cash Equivalents / Current Liabilities
*3 – Interest Bearing Loans and Borrowings and Bonds payable / Stockholders’ Equity
*4 – Net Income / Average Total Assets
*5 – Net Income / Equity (Computed using figures attributable only to parent company shareholders)
With its strong financial position, the Group will continue investing in and pursuing expansion activities as it focuses on identifying new markets, maintaining established markets and tapping business opportunities.