Vous êtes sur la page 1sur 5

ABC MANUFACTURING COMPANY

(A Wholly Owned Subsidiary of XYZ Holdings Corporation)


BALANCE SHEETS
DECEMBER 31, 2004 AND 2003

2004

2003

A S S E T S
CURRENT ASSETS
Cash and cash equivalents (Notes 4, 9 and 13)
Marketable equity securities - net (Notes 5, 9 and 18)
Trade and other receivables - net (Notes 6 and 20)
Receivable from a finance lease (Note 23)
Inventories - net (Notes 7, 13 and 20)
Prepayments (Note 8)
Other current assets (Note 12)

Total Current Assets


NON-CURRENT ASSETS
Investments in subsidiaries and associate (Note 9)
Interest in joint venture and other long-term investments (Notes 4, 5 and 9)
Receivable from a finance lease (Note 23)
Other receivables - net (Notes 6 and 20)
Property, plant and equipment - net (Notes 3, 10, 13 and 23)
Intangible assets - net (Note 11)
Deferred tax assets (Notes 3 and 19)
Other non-current assets (Note 12)
Total Non-current Assets

TOTAL ASSETS

21,012,102
6,344,082
20,761,621
943,333
60,150,316
8,415,315
2,745,500

22,647,248
5,587,082
27,789,760
74,170,968
10,147,031
8,919,455

120,372,269

149,261,544

179,863,915
78,354,977
4,716,667
4,325,321
83,462,132
2,050,000
12,537,494
30,547,028

178,201,394
75,955,147
5,998,512
80,331,153
3,900,000
10,584,259
30,674,685

395,857,534

385,645,150

516,229,803

534,906,694

16,652,700
57,984,652
4,210,321
14,012,101

19,339,333
56,922,913
1,543,182
15,008,012

LIABILITIES AND EQUITY


CURRENT LIABILITIES
Interest-bearing loans and borrowings (Notes 4, 7, 10, 13 and 23)
Trade and other payables (Notes 14 and 20)
Income tax payable
Provisions (Notes 15, 17 and 18)
Total Current Liabilities
NON-CURRENT LIABILITIES
Interest-bearing loans and borrowings (Notes 4, 7, 10, 13 and 23)
Due to related parties (Note 20)
Provisions (Notes 15, 17 and 18)
Other non-current liabilities
Total Non-current Liabilities
Total Liabilities
EQUITY
Capital stock (Note 21)
Additional paid-in capital
Treasury shares, at cost
Net unrealized loss on non-current
marketable equity securities (Notes 5 and 9)
Retained earnings (Notes 3 and 21)

(
(

92,813,440

55,000,000
175,461,521
2,150,120
577,043

42,000,000
215,945,513
2,064,500
1,452,333

233,188,684

261,462,346

326,048,458

354,275,786

125,250,000
7,005,000
1,000,000 )

125,250,000
7,005,000
1,000,000 )

3,000,000 )
61,926,345

(
(

2,757,000 )
52,132,908

190,181,345

Total Equity

TOTAL LIABILITIES AND EQUITY

92,859,774

See Notes to Financial Statements.

516,229,803

180,630,908

534,906,694

ABC MANUFACTURING COMPANY

(A Wholly Owned Subsidiary of XYZ Holdings Corporation)

STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
2004
REVENUES
Sale of goods
Rendering of services
Other revenues (Notes 5, 15, 18 and 20)

COSTS AND OPERATING EXPENSES


Cost of goods sold (Notes 3, 16 and 20)
Cost of services (Note 16)
Salaries and employees' benefits (Notes 17 and 20)
Foreign currency losses - net
Depreciation and amortization
Doubtful accounts
Impairment losses (Note 10)
Other operating expenses (Notes 3, 5, 11, 18, 20 and 23)

INCOME FROM OPERATIONS


OTHER INCOME (CHARGES)
Finance costs (Note 13)
Equity in income of subsidiaries, associate and
joint venture (Note 9)

2003

135,465,216
13,334,605
1,022,150

149,821,971

148,977,477

67,732,608
9,274,715
13,751,232
5,462,132
4,201,301
2,000,000
1,200,000
9,865,562

62,717,599
8,900,880
12,732,391
7,954,301
3,864,104
2,500,000
2,000,000
13,947,020

113,487,550

114,616,295

36,334,421

34,361,182

7,221,523 )

8,575,291 )

4,512,351
(

136,496,841
9,363,542
3,117,094

2,709,172 )

3,478,146
(

5,097,145 )

INCOME BEFORE TAX

33,625,249

29,264,037

TAX EXPENSE (Note 19)

10,277,212

11,031,254

NET INCOME

23,348,037

See Notes to Financial Statements.

18,232,783

ABC MANUFACTURING COMPANY

(A Wholly Owned Subsidiary of XYZ Holdings Corporation)

STATEMENTS OF CHANGES IN EQUITY


FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003

2004

2003

CAPITAL STOCK (Note 21)


Balance at beginning of year
Issuance of shares

Balance at end of year


ADDITIONAL PAID-IN CAPITAL
Balance at beginning of year
Premium on shares issued during the year

125,250,000
-

125,250,000

125,250,000

7,005,000

3,750,000
3,255,000

7,005,000

7,005,000

Balance at end of year


TREASURY SHARES - At Cost
Balance at beginning of year
Treasury stock acquired

1,000,000 )

(
(

800,000 )
200,000 )

1,000,000 )

1,000,000 )

(
(

2,757,000 )
243,000 )

(
(

1,875,000 )
882,000 )

3,000,000 )

2,757,000 )

Balance at end of year


NET UNREALIZED LOSSES ON NON-CURRENT
MARKETABLE EQUITY SECURITIES
Balance at beginning of year
Additional decline in value
Balance at end of year
RETAINED EARNINGS
Balance at beginning of year
As previously reported
Effects of adoption of new accounting
standards - net of tax effects of P1,582,966 (Notes 3 and 21)
As restated
Cash dividends (Note 21)
Net income

100,000,000
25,250,000

52,132,908
52,132,908
13,554,600 )
23,348,037

51,189,888
(

4,946,769 )
46,243,119
12,342,994 )
18,232,783

61,926,345

Balance at end of year

52,132,908

TOTAL EQUITY

190,181,345

180,630,908

Net Losses Directly Recognized in Equity

243,000

882,000

See Notes to Financial Statements.

If there are only few details, show on the face of the statement the number of authorized, issued, and subscribed shares and par value.

ABC MANUFACTURING COMPANY

(A Wholly Owned Subsidiary of XYZ Holdings Corporation)

STATEMENTS OF CASH FLOWS


FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003

2004
CASH FLOWS FROM OPERATING ACTIVITIES
Income before tax
Adjustments for:
Depreciation and amortization
Amortization of intangible assets
Unrealized foreign currency losses
Impairment losses
Equity in net income of subsidiaries,
associate and joint venture
Interest expense
Dividend income
Interest income
Operating income before working capital changes
Decrease (increase) in marketable equity securities
Decrease in trade and other receivables
Decrease (increase) in inventories
Decrease (Increase) in prepayments
Decrease in other current assets
Increase (decrease) in trade and other payables
Increase (decrease) in other liabilities
Decrease in provisions
Cash generated from operations
Interest paid
Cash paid for income taxes

Net Cash Used in Investing Activities


Forward

33,625,249

12,013,461
1,850,000
1,230,125
1,200,000
(
(
(
(

(
(
(
(
(

4,512,351 )
7,221,523
450,000 )
572,150 )
51,605,857
757,000 )
6,069,149
14,020,652
211,596
7,847,146
809,771 )
875,290 )
910,291 )
76,402,048
6,930,013 )
8,043,188 )

29,264,037
10,794,626
1,850,000
5,403,286
2,000,000

(
(
(

(
(
(
(
(
(

61,428,847

Net Cash From Operating Activities


CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of investments
Acquisition of long-term investments
Interest received
Decrease in other non-current assets
Dividends received from an associate
Proceeds from sale of property, plant and equipment
Acquisitions of property, plant and equipment
Acquisitions of investments

2003

3,478,146 )
8,575,291
450,000 )
462,094 )
53,497,000
22,356,572
2,669,038
1,620,479 )
348,773 )
426,746
4,338,493 )
560,088
247,150 )
72,954,549
1,300,750 )
8,777,357 )
62,876,442

(
(

15,012,000
301,015
127,657
450,000
20,424,440 )
14,805,000 )

(
(

24,587,500
1,530,784 )
787,094
13,906,020
400,000
108,461
9,437,826 )
67,775,758 )

19,338,768 )

38,955,293 )

-22004
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from additional borrowings
Additional borrowings from related parties
Proceeds from the issuance of shares of stock
Treasury shares acquired
Repayment of amounts due to related parties
Cash dividends paid
Borrowing repayments
Net Cash Used in Financing Activities
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS

2003

(
(
(

50,413,367
15,642,130
56,126,122 )
13,554,600 )
40,100,000 )

(
(
(
(

27,600,000
25,411,560
28,505,000
200,000 )
36,197,019 )
12,342,994 )
39,631,829 )

43,725,225 )

6,855,282 )

1,635,146 )

CASH AND CASH EQUIVALENTS


AT BEGINNING OF YEAR

17,065,867

22,647,248

CASH AND CASH EQUIVALENTS


AT END OF YEAR

21,012,102

5,581,381

22,647,248

Supplemental Information on Noncash Investing Activity


In 2003, a portion of the Company's restricted deposits in a closed bank amounting to P4,800,000 was converted into
preferred shares of the bank which acquired the closed bank (see Notes 9 and 12).
Certain transportation equipment with carrying amounts of P1.5 million and P1.6 million as of December 31, 2004 and
2003, respectively, are carried under finance leases. In addition, starting 2004, the Company leased a certain specialized
equipment with carrying amount of P5.5 million under a finance lease for a period of six years. (See Notes 3 and 23).

See Notes to Financial Statements.