SUBIC BAY METROPOLITAN AUTHORITY
*Unaudited Financial Statement
STATEMENT OF INCOME For the Year Ended December 31,2013 With Comparative Figures for December 31, 2012 (In Thousand Pesos) 2013
2012
REVENUES Leases Port Services Tourism Services Gain on Revaluation (Note 20) Other Operating Income (Note 21)
1,166,705 450,782 11,880 854,878 436,671
1,009,336 346,525 9,747 1,113,237 300,278
2,920,916
2,779,123
471,656 262,673 388,789 87,026 41,613 503,311
742,264 131,848 641,432 87,589 45,692 319,370
1,755,068
1,968,195
55,398
11,313
1,810,466
1,979,508
1,110,450
799,615
OPERATING EXPENSES Depreciation Bad Debts Expense Salaries and Benefits Power and Water Supplies, Materials and Fuels Loss on Revaluation (Note 20) Others (Note 22)
Provision for Income Tax
NET INCOME
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
BALANCE SHEET For the Year Ended December 31,2013 With Comparative Figures for December 31, 2012 (In Thousand Pesos) 2013
2012
ASSETS Current Assets 1,152,799
730,872
Receivables
332,078
Inventories
112,026
215,095 111,483
Miscellaneous Assets
8,561
9,407
Total Current Assets
1,605,464
1,066,857
Investments
395,800
358,481
Receivables
621,161
640,525
25,409,930
25,902,623
56,685
52,303
26,483,576
26,953,932
28,089,040
28,020,789
Cash
Non-Current Assets
Property, Plant and Equipment Other Assets Total Non-Current Assets
TOTAL ASSETS
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
BALANCE SHEET For the Year Ended December 31,2013 With Comparative Figures for December 31, 2012 (In Thousand Pesos) 2013
2012
LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities Payables & Accrued Expense Loans Payable Accrued Interest Deferred Credits to Income Security Deposits & Advance Rental Trust Liabilities Total Current Liabilities
171,479 382,873 28,739 57,137 182,202 260,777
163,076 678,092 45,761 68,523 170,927 218,247
1,083,207
1,344,626
Security Deposits (Note 14)
173,480 6,798,686 2,588,444 470,332
169,130 7,768,812 2,584,471 400,784
Total Non-Current Liabilities
10,030,942
10,923,197
Total Liabilities
11,114,150
12,267,823
Stockholders' Equity
16,974,890
15,752,966
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY
28,089,040
28,020,789
Non-Current Assets Other Payables (Not Loans Payable - net of current portion (Note 12) Deferred Credits to Income (Note 13)
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
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY For the Year Ended December 31,2013 With Comparative Figures for December 31, 2012 (In Thousand Pesos) 2013
2012
Paid-in Capital (Note 16) Balance at beginning of year
19,942,815
19,942,815
Additions/(deductions)
-
-
Balance at end of year
19,942,815
19,942,815
31,767
259,493
-
(227,726)
31,767
31,767
307
307
Additions/(deductions)
-
-
Balance at end of year
307
307
37,618
37,618
Additions/(deductions)
-
-
Balance at end of year
37,618
37,618
(4,259,541)
(5,519,433)
1,110,450
799,615
111,474
460,277
(3,037,617)
(4,259,541)
Appraisal Surplus (Note 17) Balance at beginning of year Partial realization of Appraisal Surplus Balance at end of year
Invested Capital-Held in Trust (Note 18) Balance at beginning of year
Donated Capital (Note 19) Balance at beginning of year
Retained Earnings Balance at beginning of year Net income (loss) for the year Correction of fundamental errors Balance at end of year
TOTAL STOCKHOLDERS' EQUITY S
U
B
I
C
B
A
Y
16,974,890 M
E
T
R
O
P
O
L
I
T
A
N
A
U
T
H
15,752,966 O
R
I
T
Y
5
STATEMENT OF CASH FLOWS For the Year Ended December 31,2013 With Comparative Figures for December 31, 2012 (In Thousand Pesos) 2013
212
Cash Flows From Operating Activities: 684,809
527,724
803
-
Cash received in payment of customers' account
965,699
887,747
Cash received from customers for unearned income
234,738
410,778
(171)
6,702
14,237
13,989
243,076
249,434
Cash paid to employees and suppliers
(862,417)
(875,899)
Refund of customers' security deposits
(1,812)
(3,241)
Cash paid from non-customers' trust fund
(177,418)
(230,651)
Cash paid for financing charges
(189,388)
(204,165)
912,156
782,418
16,465
29,773
-
32,800
Investment on Dollar Time Deposit - Sinking Fund
16,577
1,615
Joint Venture - Subic Water
14,853
-
Port Dev. - JBIC II & locally funded projects
(328)
(68,615)
Capital expenditures - Local
(935)
(734)
Cash received from customers Sale of Unserviceable Properties
Interest received Customers' security deposits Trust fund received non-customers
Net cash provided by operating activities
Cash Flows From Investing Activities: Investment in Bonds
Other Investments
S
Net inC investing U cash B used I B activities A Y
M
E
T
R
O
P
O
L
I
T
A
N
A
U
T
46,632 H O
R
I
T
Y
(5,161) 6
STATEMENT OF CASH FLOWS For the Year Ended December 31,2013 With Comparative Figures for December 31, 2012 (In Thousand Pesos) 2013
212
Cash Flows From Financing Activities: Loan Proceeds - LandBank
305,228
-
(325,553)
(172,282)
(6,666)
999
(81,913)
(78,698)
58
394
(17,464)
(20,866)
401
304
(229,300)
(280,986)
3,471
34
(14,884)
-
-
-
(130,000)
-
Investment in Dollar Bond (LBP)
(20,677)
(7,407)
Resticted Cash ($LBP)- SBMA Debt Service Account
(16,404)
-
Placement of Dollar Time Deposit - Sinking fund
(11,463)
(606)
Net cash used in financing activities
(545,166)
(559,114)
Effect of Exchange Rate Changes on Cash
8,305
(82,490)
Net (Decrease) Increase in Cash
421,927
135,653
Cash at Beginning of Year
730,872
595,219
1,152,799
730,872
Principal loan repayments - Subic 1 Gain on repayment - Subic 1 Principal loan repayments - Subic 2 Loss on repayment - Subic 2 Principal loan repayments - JBIC 1 Loss on repayment - JBIC 1 Principal loan repayments - JBIC 2
Loss on repayment - JBIC 2 Principal loan repayments - Eximbank Loss on repayment - Eximbank Repayment of Loan - LBP
Cash at End of Year 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
7