Public Utilities

FINANCIAL MANAGEMENT Researched Based Learning Activity
Public Utilities
A public
utility (usually
just utility)
is
an
organization
that
maintains
the infrastructure for a public service (often also providing a service using that infrastructure).
Public utilities are subject to forms of public control and regulation ranging from local
Manila Water Company
community-based groups to state-wide government monopolies.

Manila Water formally took over operations for the East Zone in 1997. This is comprised by
Pasig, Taguig, Pateros, Makati, Mandaluyong, San Juan, Marikina, parts of Quezon City and

Manila, and the province of Rizal. All of these areas suffered from crippling water loss problems, and
resorted to buying water from sources that charged ten to twenty times more than the normal cost.
Manila Water began its rehabilitation plan by connecting these areas effectively. Water pipes
were added and repaired, and illegal connections were thoroughly acted upon and remedied. A

laboratory was established to ensure that the water delivered is consistently clean and drinkable straight
out of the tap. Reservoirs were improved upon to ensure that water will be available in case of
emergencies.

Sewer lines and wastewater operations increased and was subsequently treated and
rehabilitated. As water connections improved, so did the stability of the business; and this allowed the
company to offer its water and wastewater services to areas outside Metro Manila. Now, Manila Water
has established water and wastewater service partnerships in Laguna, Pampanga, Boracay and Cebu, as
well as international ventures in Vietnam. The company is now internationally recognized through its

corporate governance efforts as well as its business stability, as a proud example of success through the
Filipino values of diligence and ingenuity.
A. The financial statements of Manila Water Company for the year ended December 31, 2013 with
comparatives for the years ended December 31, 2012 and 2011. The significant
Statement of Financial Position

The Statement of Financial Position reports a financial position at the point in time, the
companys resources namely, what the company owns and also the sources of asset
financing.
MANILA WATER COMPANY

Consolidated Balance Sheets

As of December 31, 2013 and 2014
ASSETS
2013
Current Assets
Cash and Cash Equivalents
Short-term cash investments
Receivables
6,779,780,845
94,344,600
1,393,550,067
2012
5,540,151,084
1,451,972,427

77,458,500
103,597,262
620,673,091
9,069,404,365
111,301,680
1,114,071,729
8,217,496,920
Non-Current Assets
Property, Plant and Equipment-net
Service concession asset
2,038,760,917
54,582,229,395
2,317,748,089
50,753,856,335
Concession financial receivables

Materials and supplies
Other Current Asset
Total Current Assets
Available-for-sale financial asset

Deffered tax assets
Investment in associate
Goodwill
Concession in financial receivable
Other noncurrent asset
Total Non-Current Assets
10
105,710,006
821,740,345
4,708,206,865
130,319,465
603,905,224
797,248,227
63,788,120,444
494,321,556
830,163,100
130,319,465
738,270,581
55,264,679,126

Total Assets
72,857,524,809
63,482,176,046
4,222,768,767
4,299,089,444
LIABILITIES AND SHAREHOLDERS EQUITY

Liabilities
Current Liabilities
Accounts payable and other current liabilities
11
Current portion of:

Long-term debt
Service Concession obligation
Income tax payab;le
Payables to realted parties
Total Current Liabilities
12
1,890,774,750
1,290,405,792
529,962,936
139,018,853
8,072,931,098
4,264,858,738
840,562,875
467,023,040
27,559,656
9,899,093,753
Non-Current Liabilities
Long-term debt
Service concession obligation
Pension liabilities
Deffered tax liability
Provisions for probable losses
Other noncurrent liabilities
13
24,360,904,354
7,143,299,801
381,600,900
861,360,246
983,371,655
19,806,147,351
7,508,330,556
382,024,300
158,086
745,711,252
2,031,294,650

Total Noncurrent Liabilities
Total Liabilities
Equity Attributable to Equity Holders of the Parent Company

Capital Stock
Common Stock
Preffered Stock
14
33,730,536,956
30,473,666,195
41,803,468,054
40,372,759,948
2,047,270,452
400,000,000
2,041,453,232
400,000,000
Additional Paid In Capital

Subscription receivable
Total paid-up capital
Common stock options outstanding
Retained earnings
Appropriated for capital expenditures
Unappropriated
15
2,447,270,452
3,908,364,990
(283,527,324)
6,072,108,118
13,806,787
2,441,453,232
7,000,000,000
17,402,675,096
7,000,000,000
13,555,773,394
Unrealized gain on available-for-sale financial assets

Remeasurement gain (loss) on defined benefit plans
Other equity reserve
Cumulative translation adjustment
16
24,402,675,096
20,555,773,394
3,300,716
(140,372,917)
7,500,000
118,239,494
(72,774,681)
7,500,000
(8,869,509)

Non-controlling interests
Total Equity
Total Liabilities and Stockholder's Equity
30,477,257,294
576,799,461
31,054,056,755
72,857,524,809
26,487,529,596
266,739,634
26,754,269,230
67,127,029,178
2. Statement of Comprehensive Income

The income statement measures a company's financial performance over a specific accounting
period. Financial performance is assessed by giving a summary of how the business incurs its revenues
17

and expenses through both operating and non-operating activities. It also shows the net profit or loss
incurred over a specific accounting period, typically over a fiscal quarter or year.
MANILA WATER COMPANY, INC AND

SUBSIDIARIES
Consolidated Statements of Comprehensive Incom

18
REVENUES
Water
East Zone
Outside East Zone
Environmental charges
Sewer
East Zone
Outside East Zone
19
2013
2012
11,322,404,038
673,289,068
2,250,482,542
10,901,483,294
590,241,076
2,236,950,897
265,462,739
131,201,229
264,938,493
125,696,513

Revenue from management contracts
Other Operating income
COSTS OF SERVICES
Depreciation and amortization
Salaries, wages and employee benefits
Power, light and water
Management, technical and professional fees
20
174,938,833
1,108,039,013
15,925,817,462
169,449,785
264,308,289
14,553,068,347
2,384,936,194
960,101,617
814,227,751
412,606,429
2,139,883,760
1,106,810,417
765,611,866
259,885,308
Repairs and maintenance

Contractual services
Collection fees
Occupancy costs
Wastewater costs
Water treatment chemicals
Regulatory costs
Insurance
Transportation and travel
21
358,204,520
215,824,474
114,102,430
98,618,208
84,042,255
79,103,032
65,882,799
49,702,630
40,531,449
243,865,112
143,528,460
110,973,894
73,029,541
66,318,906
141,157,469
50,411,509
45,215,416
37,676,982

Postage, telephone and supplies
Taxes and licenses
Other expenses
GROSS PROFIT
OPERATING EXPENSES
INCOME BEFORE OTHER INCOME (EXPENSES)
OTHER INCOME (EXPENSES)
22
23,020,977
22,505,452
149,422,277
5,872,832,494
10,052,984,968
1,275,539,592
8,777,445,376
14,141,421
8,879,767
49,036,322
5,256,426,150
9,296,642,197
1,292,494,676
8,004,147,521
Revenue from rehabilitation works

Cost of rehabilitation works
Foreign currency differentials
Foreign exchange gains (losses)
Interest income
Amortization of deferred credits
Interest expense
Mark-to-market loss on derivatives
Realized loss on pre-termination of bonds
23
5,071,257,510
(5,071,257,510)
545,916,143
(539,490,917)
172,825,432
6,167,676
(1,733,400,506)
5,877,838,288
(5,877,838,288)
(1,014,755,476)
1,034,389,895
264,518,215
5,100,313
(1,563,957,454)

Equity share in net income (loss) of associates and joint venture
Gain on disposal of property and equipment
Gain on disposal of available-for-sale financial assets
Gain (loss) on revaluation of receivable from Bonifacio Water
Other income
INCOME BEFORE INCOME TAX

PROVISION FOR INCOME TAX
24
293,975,032
13,448
(1,411,856)
70,093,853
(1,185,311,695)
7,592,133,681
1,811,572,574
206,762,409
4,352,290
13,112,046
113,488,599
31,116,549
(905,872,614)
7,098,274,907
1,595,053,389

NET INCOME
5,780,561,107
OTHER COMPREHENSIVE INCOME (LOSS)

Other comprehensive income (loss) to be reclassified to profit and loss
in subsequent periods:
Unrealized fair value loss on available-for-sale financial assets
(3,502,145)
Realized fair value gain on available-for-sale transferred to profit
or loss
(15,065,800)
25
5,503,221,518
(6,537,179)
(17,934,347)

Other comprehensive income (loss) not to be reclassified to profit or
loss in subsequent periods:
Actuarial gain (loss) on pension liabilities
Income tax effect
TOTAL COMPREHENSIVE INCOME
26
127,109,003
108,541,058
1,865,431
(22,606,095)
(68,194,900)
499,830
(67,695,070)
5,821,407,095
(96,530,204)
98,130
(96,432,074)
5,384,253,339

Net Income Attributable to:
Equity holders of Manila Water Company, Inc.
Total Comprehensive Income Attributable to:
3. Statement of Changes in Equity
27
5,752,361,946
28,199,161
5,780,561,107
5,490,442,664
12,848,844
5,503,291,508
5,793,304,768
28,102,327
5,821,407,095
5,372,723,580
11,529,759
5,384,253,339
MANILA WATER COMPANY, INC. AND

SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY
Years Ended December 31
2013
ATTRIBUTABLE TO EQUITY HOLDERS OF MANILA
28
2012
WATER
COMPANY, INC.
CAPITAL STOCK (Note 21)
Common stock - P1 par value
Authorized - 3,100,000,000 shares
Issued and outstanding - 2,015,301,474 in
2013 and
2,005,443,965 in 2012 and 2011
29
2,015,301,474
2,005,443,965

Subscribed common stock - 31,968,978 shares in 2013,
36,009,267 shares in 2012 and 31,696,853
shares in 2011
36,009,267
31,696,853
Balance at beginning of year
5,817,220
4,312,414
Additions during the year
-9,857,509
Balance at end of year
31,968,978
36,009,267
Preferred stock - P=0.10 par value, 10% cumulative, voting

participating,
30

nonredeemable and nonconvertible
Authorized, issued and outstanding 4,000,000,000 shares
400,000,000
400,000,000
Preferred stock - P=1 par value, 8% cumulative, nonvoting,
nonparticipating, nonconvertible, redeemable
at the Companys option
Authorized and issued - 500,000,000 shares in
Dec. 31, 2011
400,000,000
400,000,000
31

2,447,270,452
2,441,453,232
ADDITIONAL PAID-IN CAPITAL
3,750,425,522
3,601,805,187
157,939,468
148,620,335
3,908,364,990
3,750,425,522
SUBSCRIPTIONS RECEIVABLE
-221,425,456
-139,045,131
-113,151,413
-113,816,191
32

Collections during the year
51,049,545
31,435,866
-283,527,324
13,578,433
COMMON STOCK OPTIONS OUTSTANDING (Note
21)
13,578,433
20,830,032
Granted
50,833,629
31,864,959
Exercised
-50,605,275
-39,116,558
13,806,787
1,357,833
33

RETAINED EARNINGS
Appropriated for capital expenditures:
Balance at beginning and end of year
7,000,000,000
7,000,000,000
Unappropriated:
13,627,747,39
Balance at the beginning of the year
8
9,680,655,435
Effect of change on accounting for employee
benefits, net of tax
-71,974,004
-122,640,577
1,355,577,394
9,558,014,858
34
FINANCIAL MANAGEMENT Researched Based

Net income
5,752,361,946
Dividends declared
-1,905,460,244
17,402,675,09
6
24,402,675,09
6
UNREALIZED GAIN ON AVAILABLE-FOR-SALE
FINANCIAL ASSETS
21,868,661
35
Learning Activity
5,490,442,664
-1,492,684,128
13,555,773,394
20,555,773,394
46,340,187
Other comprehensive income:

Unrealized fair value loss on available-for-sale
financial assets
Realized fair value gain on available-for-sale
financial assets
transferred to profit and loss
36
-3,502,145
-6,537,179
-15,065,800
-17,934,347

3,300,716
21,868,661
REMEASUREMENT GAIN (LOSS) ON DEFINED
BENEFIT PLANS
-72,774,681
23,588,702
-68,094,610
-96,432,074
Income tax effect
496,374
68,691
-140,372,917
-72,774,681
OTHER EQUITY RESERVE
7,500,000
7,500,000
CUMULATIVE TRANSLATION ADJUSTMENT
37
38
5. Statement of Cash Flows
39
40
41
42
43
44

B. 1. Horizontal Analysis

ASSETS
45

Amount
Percent
Current Assets
Receivables
46
1,239,629,
761
94,344,600
(58,422,36
0)
77,458,500
(7,704,418)
18.28%
100.00%
-4.19%
100.00%
-7.44%

Other Current Asset
(493,398,6
38)
851,907,44
5
-79.49%
9.39%
Non-Current Assets
47
(278,987,1
72)
3,828,373,
060
-13.68%
7.01%

Deffered tax assets
Goodwill

48
(8,422,755)
4,577,887,
400
130,319,46
5
603,905,22
4
58,977,646
0.00%
-1.02%
97.23%
100.00%
100.00%
7.40%

Total Assets
LIABILITIES AND SHAREHOLDERS

EQUITY
49
8,523,441,
318
13.36%
9,375,348,
763
12.87%

Liabilities
Current Liabilities
Accounts payable and other current
liabilities
Current portion of:
Long-term debt
50
(76,320,67
7)
0
(2,374,083,
988)
449,842,91
-1.81%
-125.56%
34.86%

Income tax payab;le
51
7
62,939,896
111,459,19
7
(1,826,162,
655)
11.88%
80.18%
-22.62%

Long-term debt
Pension liabilities
52
4,554,757,
003
(365,030,7
55)
(423,400)
(158,086)
115,648,99
4
18.70%
-1.50%
0.00%
0.00%
0.47%

Total Liabilities
(1,047,922,
995)
3,256,870,
761
1,430,708,
106
53
-4.30%
9.66%
3.42%

Capital Stock
Common Stock
Preffered Stock
54
5,817,220
0
5,817,220
3,908,364,
990
(283,527,3
24)
6,072,108,
0.28%
0.00%
0.24%
100.0
0%
100.0
0%
100.0

118
Retained earnings
Appropriated for capital
expenditures
Unappropriated
55
13,806,787
0
3,846,901,
702
3,846,901,
702
0%
100.0
0%
0.00%
22.11
%
Unrealized gain on available-for-sale

financial assets
Remeasurement gain (loss) on defined
benefit plans
56
3,300,716
(67,598,23
6)
0
127,109,00
3
3,989,727,
698
100.0
0%
48.16
%
0.00%
107.5
0%
13.09
%
Total Equity
Total Liabilities and Stockholder's
Equity
57
310,059,82
7
53.76
%
5,730,495,
631
7.87
%
MANILA WATER COMPANY, INC

AND SUBSIDIARIES
Consolidated Statements of Comprehensive

Incom
58

AMOUNT
PERCENTAG
E
REVENUES
Water
East Zone
Outside East Zone
Sewer
59
420,920,74
4
83,047,992
13,531,645
3.72%
12.33%
0.60%

East Zone
Outside East Zone
COSTS OF SERVICES
60
524,246
5,504,716
5,489,048
843,730,72
4
1,372,749,1
15
245,052,43
0.20%
4.20%
3.14%
76.15%
8.62%
10.28%


61
4
(146,708,80
0)
48,615,885
152,721,12
1
114,339,40
8
72,296,014
-15.28%
5.97%
37.01%
31.92%
33.50%

Collection fees
Occupancy costs
Wastewater costs

Regulatory costs
Insurance
62
3,128,536
25,588,667
17,723,349
(62,054,437
)
15,471,290
4,487,214
2,854,467
8,879,556
2.74%
25.95%
21.09%
-78.45%
23.48%
9.03%
7.04%
38.57%

Taxes and licenses
Other expenses
GROSS PROFIT
OPERATING EXPENSES
INCOME BEFORE OTHER INCOME (EXPENSES)
63
13,625,685
100,385,95
5
616,406,34
4
756,342,77
1
(16,955,084
)
773,297,85
60.54%
67.18%
10.50%
7.52%
-1.33%
8.81%

5
64
(806,580,77
8)
806,580,77
8
1,560,671,6
19
(1,573,880,
812)
-15.90%
-15.90%
285.88%
291.73%

Interest income
Interest expense
Equity share in net income (loss) of associates
and joint venture
65
(91,692,783
)
1,067,363
(169,443,05
2)
87,212,623
-53.06%
17.31%
9.78%
29.67%

Gain on disposal of available-for-sale financial
assets
Gain (loss) on revaluation of receivable from
Bonifacio Water
Other income
66
(4,338,842)
(13,112,046
)
(114,900,45
5)
38,977,304
(279,439,08
1)
493,858,77
4
-32263.85%
8138.26%
55.61%
23.58%
6.50%

NET INCOME
216,519,18
5
277,339,58
9
11.95%
4.80%

Unrealized fair value loss on available-for-sale
financial assets
3,035,034
-86.66%
67

The consolidated balance sheet remained strong andprepared for expansion at the end of 2013.
Strong cash inflows brought about by the higher collection efficiency during the period and additional
debt brought cash andcash equivalents to Php6.8 billion. Total assets rose by 12% to Php72.9 billion as
68

the Company continued to lay additional capital investments on network, water and used water
expansion projects. Liabilities, on the other hand, rose by 4% to Php41.8 billion due to new loan
availments.
The Company continued to be compliant with the loan covenants, as the debt to equity ratio stood at
1.09x,excluding concession obligations. Meanwhile, net bank debt to equity registered at 0.64x.
69

Statement of Comprehensive Income
Manila Water Company Inc. posted Php5,752 million in net income for the year 2013, 5%
higher than the Php5,490 million recorded the previous year. Consolidated operating revenues grew by
9% to Php15,926 million. The increase was driven largely by the continued expansion in the East Zone,
with the 1.5% billed volume growth and 2% improvement in average effective tariff resulting from the
CPI adjustment of 3.2% implemented at the beginning of the year. The contribution from the domestic
70

operating subsidiaries amounting to Php957 million, higher by 30% year-on-year, also helped improve
the growth in revenues.
The Group derived 75% of its operating revenues from water bills, while 17% came from
environmental and sewer charges. Other revenues, which accounted for the balance of 8%, were from
management contracts in Vietnam, connection fees and septic sludge disposal, among others. The
71

Company realized income from reconciliation of service connection costs amounting to Php609
million, helping boost other operating income. On the other hand, consolidated operating costs and
expenses (excluding depreciation and amortization) rose by 10% to Php4,654 million in 2013. Nonpersonnel costs led the growth with an increase of 19%. Overhead, in particular, rose by 30% as higher
management and professional fees were incurred during the period arising from the ongoing arbitration
proceedings with MWSS. This will be discussed in more detail in the East Zone Concession section.
72

Higher non-personnel costs were however tempered by lower salaries, wages and employee benefits
which dropped by 8% as the Company continued to benefit from the manpower restructuring program
initiated in 2012.
2. Vertical Analysis
73

ASSETS
2013
Current Assets
74
9.31%
2012
8.73%

Receivables
Other Current Asset
Non-Current Assets
75
0.13%
1.91%
0.11%
0.14%
0.85%
12.45%
0.00%
2.29%
0.00%
0.18%
1.75%
12.94%

Deffered tax assets
Goodwill
76
2.80%
74.92%
0.15%
1.13%
6.46%
0.18%
0.83%
1.09%
3.65%
79.95%
0.78%
1.31%
0.21%
0.00%
0.00%
1.16%

Total Assets
LIABILITIES AND SHAREHOLDERS
EQUITY
Liabilities
77
87.55%
87.06%
100.00
%
100.00%
Current Liabilities
Accounts payable and other current
liabilities
Current portion of:
Long-term debt
Income tax payab;le
78
5.80%
6.40%
2.60%
1.77%
0.73%
0.19%
6.35%
1.25%
0.70%
0.04%

11.08%
14.75%
Long-term debt
Pension liabilities
33.44%
9.80%
0.52%
0.00%
1.18%
29.51%
11.19%
0.57%
0.00%
1.11%
79

Total Liabilities
1.35%
46.30%
3.03%
45.40%
57.38%
60.14%

Capital Stock
3.04
Common Stock
2.81%
%
80

Preffered Stock
0.55%
3.36%

81
5.36%
-0.39%
8.33%
0.60
%
3.64
%
0.00
%
0.00
%
0.00
%

Retained earnings
Appropriated for capital
expenditures
Unappropriated
0.02%
0.00%
9.61%
23.89%
33.49%
82
0.00
%
0.00
%
10.43
%
20.19
%
30.62
%
Unrealized gain on available-for-sale

financial assets
Remeasurement gain (loss) on defined

benefit plans
0.00%
-0.19%
0.01%
0.16%
83
0.00
%
0.11
%
0.01
%
0.01
%

41.83%
Total Equity
Total Liabilities and Stockholder's
Equity
MANILA WATER COMPANY,
84
0.79%
42.62%
100.00
%
39.46
%
0.40
%
39.86
%
100.
00%
INC AND SUBSIDIARIES

Consolidated Statements of Comprehensive
Incom
2013
REVENUES
Water
85
2012
East Zone
Outside East Zone
Sewer
East Zone
Outside East Zone
86
71.09%
4.23%
14.13%
74.91%
4.06%
15.37%
1.67%
0.82%
1.10%
6.96%
1.82%
0.86%
1.16%
1.82%
COSTS OF SERVICES
Collection fees
87
100.00%
100.00%
14.98%
6.03%
5.11%
2.59%
2.25%
1.36%
0.72%
14.70%
7.61%
5.26%
1.79%
1.68%
0.99%
0.76%
Occupancy costs
Wastewater costs
Regulatory costs
Insurance
Taxes and licenses
88
0.62%
0.53%
0.50%
0.41%
0.31%
0.25%
0.14%
0.14%
0.50%
0.46%
0.97%
0.35%
0.31%
0.26%
0.10%
0.06%

Other expenses
GROSS PROFIT
OPERATING EXPENSES
INCOME BEFORE OTHER INCOME
(EXPENSES)
89
0.94%
36.88%
63.12%
8.01%
0.34%
36.12%
63.88%
8.88%
55.11%
55.00%
31.84%
-31.84%
40.39%
-40.39%

Interest income
Interest expense
Equity share in net income (loss) of
associates and joint venture
90
3.43%
-3.39%
1.09%
0.04%
-10.88%
-6.97%
7.11%
1.82%
0.04%
-10.75%
1.85%
1.42%

Gain on disposal of available-for-sale financial
assets
Gain (loss) on revaluation of receivable from
Bonifacio Water
Other income

91
0.00%
0.03%
0.08%
-0.09%
-0.01%
0.44%
-7.44%
47.67%
11.38%
0.78%
0.21%
-6.22%
48.78%
10.96%

NET INCOME
36.30%
37.81%

Unrealized fair value loss on available-forsale financial assets
-0.02%
-0.04%
Realized fair value gain on available-for-sale transferred to profit
or loss
-0.09%
-0.12%
92

0.80%
0.01%
0.68%
-0.16%
Other comprehensive income (loss) not to be reclassified to profit or
loss in subsequent periods:
-0.43%
-0.66%
Income tax effect
0.00%
0.00%
-0.43%
-0.66%
TOTAL COMPREHENSIVE INCOME
36.55%
37.00%
93

Net Income Attributable to:
Equity holders of Manila Water Company,
Inc.
Total Comprehensive Income Attributable to:

94
36.12%
0.18%
36.30%
37.73%
0.09%
37.82%
36.38%
0.18%
36.55%
36.92%
0.08%
37.00%
The total current assets have decreased from 12.94% in 2012 to 12.45% in 2013. The
concession receivable assets account of the entity has increased to .11% in 2013. For 2012, the
95

company's percentage for noncurrent assets increased while its current assets decreased.Property plant
and equipment have decreased while their investment in associate increase.
.
The total liabilities have decreased to 57.38% of 2013 from 60.14% in 2012. This is mainly
due from a decrease in current liabilities of 11.08%.
The decrease of percentage of total equity is due mainly on the decrease in liability. There has
been a decrease in the capital stock from 3.36% in 2012 to 3.64% in
2013. A large portion of this change is the appropriation of retained earnings. The
96

decrease in 9.61% in unappropriated retained earnings.
97
98
99
C. 1. Ratios used to Gauge Asset Management Efficiency and Liquidity

YEAR
RATIO
100
FORMUL
A
2013
2012
Trade
Receivab
le
Turnover

Net Credit
Sales
Ave. Trade
receivable
Ave
101
360 days
15,925,817,462
(1393550067+1451972427)
/2
11.19
360
14,553,068,347
1451972427+973313589)/2
12.00
360
Collectio
n perios
Working
Capital
102

receivable
11
12
turnover
32.17158177
30
Current
Assets Current
Liabilities
9069404365-8072931098
8217496920-9899093753

996,473,267.00
(1,681,596,833.00)
Working
Capital
turnover
Percent
103
Net Sales
Ave.
Working
Capital
Amount of
15,925,817,462
14,553,068,347
996473267
-1681596833
15.98218235
-8.654314793
of each
asset to
total
current
assey
104

each
current
asset item
Total
Current
Asset
Cash and
6,779,780,845
5,540,151,084
cash
equivalent

s
Total
Current
Asset
Shortterm cash
investment
105
9,069,404,365
8,217,496,920
74.75%
94,344,600
67.42%

s
Total
Current
Asset
Receivab
les
106
9,069,404,365
8,217,496,920
1.04%
0.00%
1,393,550,067
1,451,972,427

Total
Current
9,069,404,365
8,217,496,920
Asset
15.37%
17.67%
Concessi
on
77,458,500
financial
receivables
107

Total
Current
9,069,404,365
8,217,496,920
Asset
0.85%
0.00%
Material
s and
103,597,262
111,301,680
supplies
Total
9,069,404,365
8,217,496,920
Current
108

Asset
Other
Current
Asset
Total
Current
Asset
109
1.14%
1.35%
620,673,091
1,114,071,729
9,069,404,365
8,217,496,920
Investme
nt or
asset
turnover
Capital
intensity
ratio
110

6.84%
13.56%
Net Sales
15,925,817,462
14,553,068,347
Ave. Total
Assets
(72857524809+6712702917
8)/2
(67127029178+6089714218
4)/2
Total Asset
22.75%
72,857,524,809
22.73%
67,127,029,178
Net Sales
15,925,817,462
14,553,068,347

457.48%
461.26%
2. Ratios used to Gauge Firm's Utilization of Debt and Company's Stability
111

YEAR
RATIO
FORMULA
2013
2012
Total Liabilities
Total Assets
Equity
ratio
Total Equity
Total Assets
Debt
Ratio
112
41,803,468,054
72,857,524,809
57.38%
31,054,056,755
72,857,524,809
40,372,759,948
67,127,029,178
60.14%
26,754,269,230
67,127,029,178

42.62%
39.86%
Debt to
equity
113
Total liabilities
41,803,468,054
40,372,759,948
Total Equity
31,054,056,755
134.62%
26,754,269,230
150.90%
114
115
3. Ratios used to Gauge Firm's Profitability & Returns to Owners
116

Year
FORMUL
A
Gross
Profit
Margin
Gross
Profit
Net Sales
RATIO
117
2013
2012
10,052,984,968
9,296,642,197
15,925,817,462
63.12%
14,553,068,347
63.88%
Operati
ng profit
margin
Net
Profit
margin
118

Operating
8,777,445,376
8,004,147,521
Profit
Net Sales
15,925,817,462
14,553,068,347
55.11%
55.00%
Net Profit
5,780,561,107
5,503,221,518
Net Sales
15,925,817,462
14,553,068,347
36.30%
37.81%
Cash
Flow
Margin
Return
on
119

Cash flow
from
4,345,086,664
3,163,912,188
Operating
Activities
Net Sales
15,925,817,462
14,553,068,347
27.28%
21.74%
Net Profit
5,780,561,107
5,503,221,518
Assets
Basic
earning
s per
share
120

Ave. Total
(72857524809+671270291
(67127029178+608971421
Assets
78)/2
84)/2
8.26%
8.60%
Net Profit
Dividends
on
Preffered
shares

outstandin
g common
shares
2.34
2.24
121

Public Utilities

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FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

community-based groups to state-wide government monopolies.

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Statement of Financial Position

FINANCIAL MANAGEMENT Researched Based Learning Activity

MANILA WATER COMPANY

Consolidated Balance Sheets

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Concession financial receivables

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Available-for-sale financial asset

FINANCIAL MANAGEMENT Researched Based Learning Activity

LIABILITIES AND SHAREHOLDERS EQUITY

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Current portion of:

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Equity Attributable to Equity Holders of the Parent Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

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Additional Paid In Capital

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Unrealized gain on available-for-sale financial assets

FINANCIAL MANAGEMENT Researched Based Learning Activity

2. Statement of Comprehensive Income

FINANCIAL MANAGEMENT Researched Based Learning Activity

MANILA WATER COMPANY, INC AND

Manila Water Company

Consolidated Statements of Comprehensive Incom

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Repairs and maintenance

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

Revenue from rehabilitation works

FINANCIAL MANAGEMENT Researched Based Learning Activity

Manila Water Company

INCOME BEFORE INCOME TAX