UNAUDITED SBMA

FINANCIAL STATEMENT

December 31, 2015 & 2014

BALANCE SHEETS [NOVEMBER 30, 2015 & 2014]

S U B I C B A Y M E T R O P O L I T A N A U T H O R I T Y 2

2015 2014

ASSETS

Current Assets

Cash P 2,759,175,879 P 1,996,451,020

Receivables (net) 219,107,319 247,631,036

Inventories 107,844,169 110,489,101

Miscellaneous Assets 12,596,416 10,421,359

Total Current Assets P 3,098,723,783 P 2,364,992,515

Non-Current Assets

Investments P 842,125,526 P 603,291,873

Receivables (net) 260,636,945 305,186,939

Property, Plant and Equipment (net) 24,583,771,934 24,975,396,551

Other Assets 450,295,895 361,733,130

Total Non-Current Assets P 26,136,830,300 P 26,245,608,493

TOTAL ASSETS P 29,235,554,083 P 28,610,601,008

BALANCE SHEETS [NOVEMBER 30, 2015 & 2014]

S U B I C B A Y M E T R O P O L I T A N A U T H O R I T Y 3

LIABILITIESCurrent Liabilities

Payables & Accrued Expense P 195,072,089 P 168,978,084

Loans Payable 325,906,622 302,712,274

Accrued Interest 18,853,239 20,119,742

Deferred Credits to Income- Cash 49,334,329 53,898,597

Deferred Credits to Income- Non Cash 67,113 39,460

Dividend Payable

Security Deposits & Advance Rental 222,381,234 202,912,228

Trust Liabilities 384,309,680 351,939,427

Total Current Liabilities P 1,195,924,305 P 1,100,599,812

Non-Current Liabilities

Other Payables

Payables & Accrued Expense P 170,417,668 P 159,455,127

Loans Payable - net of current portion 6,321,613,866 6,185,160,078

Deferred Credits to Income- Cash 2,649,312,846 2,639,670,904

Deferred Credits to Income- Non Cash 332,235,890 312,287,456

Security Deposits 520,651,546 498,745,085

Total Non-Current Liabilities P 9,994,231,816 P 9,795,318,650

TOTAL LIABILITIES P 11,190,156,121 P 10,895,918,462

STOCKHOLDERS' EQUITY 18,045,397,961 17,714,682,546

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY P 29,235,554,083 P 28,610,601,008

INCOME STATEMENT [NOVEMBER 30, 2015 & 2014]

S U B I C B A Y M E T R O P O L I T A N A U T H O R I T Y 4

YTD 2015 YTD 2014

REVENUES

Leases P 1,342,240,104 P 1,269,238,055

Port Services 933,582,744 746,717,584

Tourism Services 12,631,135 14,238,490

Other Operating Income 466,195,838 411,417,307

TOTAL REVENUES P 2,754,649,821 P 2,441,611,436

EXPENSES

Manpower Services - PS P 266,367,799 P 280,140,704

Maintenance and Other Operating Expenses 784,285,439 638,498,898

TOTAL EXPENDITURES P 1,050,653,238 P 918,639,603

INCOME (LOSS) FROM OPERATIONS P 1,703,996,583 P 1,522,971,834

OTHER INCOME (EXPENSES)

Interest Income 65,108,200 69,536,519

Interest on Loans (81,821,164) (83,662,140)

Guarantee Fee and Other Charges (54,936,970) (61,620,427)

INCOME (LOSS) FROM OPERATIONS BEFORE DEPRECIATION, FOREX P 1,632,346,649 P 1,447,225,786

LOSS/GAIN & TAX

Depreciation Expense (453,938,591) (457,007,906)

Gain (Loss) on Foreign Exchange (74,609,574) 774,856,572

INCOME (LOSS) BEFORE INCOME TAX P 1,103,798,484 P 1,765,074,452

INCOME TAX 85,922,246 76,139,035

NET LOSS P 1,017,876,238 P 1,688,935,417

CASH FLOW STATEMENT [NOVEMBER 30, 2015 & 2014]

S U B I C B A Y M E T R O P O L I T A N A U T H O R I T Y 5

2014 2013

Cash Flows From Operating Activities:

Cash inflows P 3,124,390,909 P 2,979,518,598

Cash outflows (1,508,499,151) (1,441,037,026)

Net cash from (used in) operating activities P 1,615,891,758 P 1,538,481,571

Cash Flows From Investing Activities:

Cash inflows P 16,000,000 P 195,726,556

Cash outflows (251,619,817) (380,869,739)

Net cash from (used in) investing activities P (235,619,817) P (185,143,183)

Cash Flows From Financing Activities:

Cash inflows P 107,584,181 P 795,901,449

Cash outflows (843,916,934) (1,276,639,788)

Net cash from (used in) financing activities P (736,332,753) P (480,738,340)

Effect of Exchange Rate Changes on Cash P 118,785,671 P (28,948,232)

Net (Decrease) Increase in Cash P 762,724,859 P 843,651,817

Cash at Beginning of Year 1,996,451,020 1,152,799,203

Cash at End of Year P 2,759,175,879 P 1,996,451,020