GLOBE

2014 2013
(In Thousand Pesos)
ASSETS
Current Assets
Cash and cash equivalents 16,756,908 7,420,735
Receivables 17,860,750 15,200,923
Inventories and supplies 3,186,415 3,544,887
Derivative assets 8,319 1,834
Prepayments and other current assets 8,929,671 9,462,823
46,742,063 35,631,202
Noncurrent Assets
Property and equipment 117,229,158 110,424,072
Intangible assets and goodwill 5,671,644 3,840,660
Investments and advances 450,717 162,754
Deferred income tax assets - net 1,904,298 1,916,878
Derivative assets 580,224 553,562
Other noncurrent assets 6,928,848 6,549,805
132,764,889 123,447,731
Total Assets 179,506,952 159,078,933
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses 47,526,559 37,993,010
Notes payable - 5,219,900
Current portion of long-term debt 6,129,663 5,980,300
Unearned revenues 4,609,967 4,253,464
Income tax payable 1,587,428 1,028,263
Provisions 401,288 294,700
Derivative liabilities 94,809 219,694
60,349,714 54,989,331
Noncurrent Liabilities
Long-term debt - net of current portion 59,146,140 58,100,749
Deferred income tax liabilities - net 399 -
Other long-term liabilities 5,473,033 4,349,602
64,619,572 62,450,351
Total Liabilities 124,969,286 117,439,682
Equity
Equity attributable to equity holders of the parent
Paid-up capital 44,478,242 34,402,396
Cost of share-based payments 189,433 261,144
Other reserves -977,853 -739,575
Retained earnings 10,852,478 7,715,286
Equity attributable to equity holders of the parent 54,542,300 41,639,251
Non-controlling interest -4,634 -
Total Equity 54,537,666 41,639,251
Total Liabilities and Equity 179,506,952 159,078,933

2014 2013
(In Thousand Pesos, Except Per Share Figures)
REVENUES
Service revenues 99,024,604 90,500,137
Nonservice revenues 4,211,109 4,640,848
103,235,713 95,140,985
INCOME
Interest income 682,998 688,249
Gain on disposals of property and equipment - net 101,159 64,333
Other income - net 470,647 475,246
1,254,804 1,227,828
COSTS AND EXPENSES
General, selling and administrative 41,382,877 37,318,839
Depreciation and amortization:
Incremental effect of network modernization 1,623,172 9,065,966
Others 16,500,352 18,411,528
Interconnect costs 8,429,934 9,280,229
Cost of sales 10,661,344 9,953,106
Financing costs 2,565,706 2,911,785
Impairment losses and others 3,720,169 2,482,628
Equity in net losses of associates and joint ventures 224,257 79,959
85,107,811 89,504,040
INCOME BEFORE INCOME TAX 19,382,706 6,864,773
PROVISION FOR INCOME TAX
Current 5,879,878 4,995,416
Deferred 130,636 -3,090,888
6,010,514 1,904,528
NET INCOME 13,372,192 4,960,245
PLDT LIQUIDITY RATIOS
2014 2013
ASSETS Current Ratio
Noncurrent Assets
Property, plant and equipment (Notes 3, 5, 9, 13 and 21) 191,984 192,665 Quick Ratio
Investments in associates, joint ventures and deposits (N 42,046 41,310
Available-for-sale financial investments (Notes 6, 11 and 28,086 220 ASSET MANAGEMENT RATIOS
Investment in debt securities and other long-term investm 960 2,643
Investment properties (Notes 3, 6, 9 and 13) 1,816 1,222 Inventory Turnover Ratio
Goodwill and intangible assets (Notes 3, 14 and 15) 72,842 73,918
Deferred income tax assets - net (Notes 3, 4 and 7) 17,131 14,181 Days Sales Outstanding
Derivative financial assets - net of current portion (Note 2 94 24
Prepayments - net of current portion (Notes 3, 19, 25 and 2,924 3,031 Fixed Assets Turnover Ratio
Advances and other noncurrent assets - net of current po 3,218 2,761
Total Noncurrent Assets 361,101 331,975 Total Assets Turnover Ratio
Current Assets
Cash and cash equivalents (Notes 16 and 28) 26,659 31,905 DEBT MANAGEMENT RATIOS
Short-term investments (Note 28) 643 718
Trade and other receivables (Notes 3, 5, 17, 25 and 28) 29,151 17,564 Total Debt to Total Assets
Inventories and supplies (Notes 5 and 18) 3,706 3,164
Current portion of derivative financial assets (Note 28) 2 10 Times-Interest-Earned Ratio
Current portion of investment in debt securities and othe 295 -
Current portion of prepayments (Note 19) 6,406 6,054 PROFITABILITY RATIOS
Current portion of advances and other noncurrent assets 8,332 8,248
Total Current Assets 75,194 67,663 Operating Margin
TOTAL ASSETS 436,295 399,638
EQUITY AND LIABILITIES Profit Margin
Equity (Note 28)
Non-voting serial preferred stock (Notes 8 and 20) 360 360 Return on Total Assets
Voting preferred stock (Note 20) 150 150
Common stock (Notes 8 and 20) 1,093 1,093 Basic Earning Power (BEP) Ratio
Treasury stock (Notes 8 and 20) -6,505 -6,505
Capital in excess of par value (Note 20) 130,521 130,562 Return on Common Equity
Retained earnings (Note 20) 17,030 22,968
Other comprehensive income (Note 6) -8,285 -11,481 MARKET VALUE RATIOS
Total Equity Attributable to Equity Holders of PLDT (Note 134,364 137,147
Noncontrolling interests (Note 6) 304 179 Price/Earnings Ratio
TOTAL EQUITY 134,668 137,326
Noncurrent Liabilities Market/Book Ratio
Interest-bearing financial liabilities - net of current porti 115,400 88,930
Deferred income tax liabilities - net (Notes 4 and 7) 4,427 4,437
Derivative financial liabilities - net of current portion (Not 1,460 1,869
Customers deposits (Note 28) 2,438 2,545
Pension and other employee benefits (Notes 3, 5 and 26) 13,131 13,439
Deferred credits and other noncurrent liabilities (Notes 3, 21,924 22,045
Total Noncurrent Liabilities 158,780 133,265
Current Liabilities
Accounts payable (Notes 23, 25, 27 and 28) 40,923 34,882
Accrued expenses and other current liabilities (Notes 3, 2 82,678 74,256
Current portion of interest-bearing financial liabilities (No 14,729 15,171
Provision for claims and assessments (Notes 3 and 27) 897 897
Dividends payable (Notes 20 and 28) 1,070 932
Current portion of derivative financial liabilities (Note 28) 254 105
Income tax payable (Note 7) 2,296 2,804
Total Current Liabilities 142,847 129,047
TOTAL LIABILITIES 301,627 262,312
TOTAL EQUITY AND LIABILITIES 436,295 399,638

2014 2013
REVENUES
Service revenues (Notes 3 and 4) 165,070 164,052
Non-service revenues (Notes 3, 4 and 5) 5,892 4,279
170,962 168,331
EXPENSES
Depreciation and amortization (Notes 3, 4 and 9) 31,379 30,304
Compensation and employee benefits (Notes 3, 5 and 26 18,749 21,369
Repairs and maintenance (Notes 13, 18 and 25) 14,988 13,107
Cost of sales (Notes 5, 18 and 25) 13,512 11,806
Selling and promotions (Note 25) 10,619 9,776
Interconnection costs 10,507 10,610
Professional and other contracted services (Note 25) 7,748 7,173
Rent (Notes 3 and 25) 6,605 6,041
Asset impairment (Notes 3, 4, 5, 9, 10, 17, 18 and 28) 6,046 5,543
Taxes and licenses (Note 27) 4,563 3,925
Insurance and security services (Note 25) 1,884 1,815
Communication, training and travel (Note 25) 1,552 1,417
Amortization of intangible assets (Notes 3, 4 and 15) 1,149 1,020
Other expenses 1,156 1,609
130,457 125,515
40,505 42,816
OTHER INCOME (EXPENSES)
Equity share in net earnings of associates and joint vent 3,841 2,742
Interest income (Notes 4, 5, 12 and 16) 752 932
Gains (losses) on derivative financial instruments - net ( -101 511
Foreign exchange gains (losses) - net (Notes 4, 9 and 28 -382 -2,893
Financing costs - net (Notes 4, 5, 9, 21 and 28) -5,320 -6,589
Other income - net (Notes 3, 4 and 13) 4,853 4,113
3,643 -1,184
INCOME BEFORE INCOME TAX FROM CONTINUING OP 44,148 41,632
PROVISION FOR INCOME TAX (Notes 3, 4 and 7) 10,058 8,248
NET INCOME FROM CONTINUING OPERATIONS (Note 34,090 33,384
NET INCOME FROM DISCONTINUED OPERATIONS (Note
- 2,069
NET INCOME (Note 4) 34,090 35,453
LIQUIDITY RATIOS
GLOBE PLDT
Current Ratio 0.77 x 0.53 x

Quick Ratio 0.72 x 0.50 x

ASSET MANAGEMENT RATIOS

Inventory Turnover Ratio 3.17 x 3.93 x

Days Sales Outstanding 63 days 62 days

Fixed Assets Turnover Ratio 0.88 x 0.89 x

Total Assets Turnover Ratio 0.58 x 0.39 x

DEBT MANAGEMENT RATIOS

Total Debt to Total Assets 69.62 % 69.13 %

Times-Interest-Earned Ratio 9.33 x 9.13 x

PROFITABILITY RATIOS

Operating Margin 21.26 % 29.00 %

Profit Margin 12.95 % 19.94 %

Return on Total Assets 7.90 % 8.16 %

Basic Earning Power (BEP) Ratio 12.96 % 11.86 %

Return on Common Equity 27.81 % 23.91 %

MARKET VALUE RATIOS

Price/Earnings Ratio 16.00 x 16.93 x

Market/Book Ratio 3.90 x 4.73 x