Sbma 2012 financial report

2012 Financial Statement Year End Report [unaudited]

P&L HIGHLIGHTS In Peso Millions

For the Month of Dec 2012 2011 2012

Var% Inc/(Dec)

As of December 2011 2012

Var% Inc/(Dec)

REVENUE

130.18

145.70

12%

1,410.42

1,634.40

16%

MANPOWER

91.27

73.66

-19%

682.21

664.33

-2.62%

MOOE

58.37

44.38

-24%

399.62

342.55

-14%

EBITDA

(19.46)

27.66

242%

328.59

627.51

91%

DEPRECIATION

55.78

39.23

-30%

676.52

742.26

10%

EBIT

(75.24)

(11.57)

85%

(347.93)

(114.75)

67%

OTHER INCOME(EXPENSES)

(45.72)

284.05

721%

(765.72)

925.68

221%

Forex/Revaluation/Gain (Loss)

(30.13)

298.20

1090%

(565.76)

1,113.24

297%

Interest Expense

(10.99)

(9.42)

14%

(141.94)

(130.49)

8%

Guarantee Fees & Other Charges

(8.70)

(7.16)

18%

(113.81)

(95.57)

16%

Interest Income

4.10

2.43

-41%

55.78

38.51

-31%

Dividend Income

0.00

0.00

0%

0.00

0.00

0%

(120.96)

272.48

325%

(1,113.65)

810.93

173%

5.03

11.31

125%

5.03

11.31

125%

(126.00)

261.17

307%

(1,118.68)

799.61

171%

INCOME BEFORE INCOME TAX INCOME TAX NET INCOME (LOSS)

2

SBMA Revenues In Peso Millions

For the Month of Dec 2012 2011 2012 Land & Building Leases

Var% Inc/(Dec)

As of December 2011 2012

Var% Inc/(Dec)

68.79

63.20

-8%

687.80

773.23

12%

8.48

8.57

1%

105.48

101.57

-4%

Seaport Operations

25.17

29.62

18%

338.99

402.44

19%

Airport Operations

2.71

6.58

143%

34.04

36.55

7%

Regulatory Income

16.98

29.85

76%

114.13

198.29

74%

Tourism

0.94

1.24

32%

20.36

16.93

-17%

Miscellaneous

7.11

6.64

-7%

109.63

105.39

-4%

130.18

145.70

12%

1,410.42

1,634.40

16%

Housing Leases

TOTAL

Common Size Analysis Land & Building Leases

Common Size Analysis

52.84

43.37

48.77

47.31

6.51

5.88

7.48

6.21

Seaport Operations

19.34

20.33

24.03

24.62

Airport Operations

2.08

4.52

2.41

2.24

Regulatory Income

13.05

20.49

8.09

12.13

Tourism

0.72

0.85

1.44

1.04

Miscellaneous

5.46

4.56

7.77

6.45

100.00

100.00

100.00

100.00

Housing Leases

TOTAL

3

SBMA Revenues 2012 vs 2011 Actual Rationale

REVENUE

For the Month of Dec 2012 2011 2012 130.18 145.70

Variance Amt % 15.52 12%

Land and Buildings (decrease of 8% or P 5.59M) •

Deed of Assignment-decrease of P 2.74M

•

GRS – decrease of P 1.3M.

Seaport Operations (increase of 18% or P 4.45M) •

Valle Project – P 2.52M

•

Cargo Related Income – decrease of P 4.48M mostly less income generated from Wharfage Fees (P 3.71M).

•

NCT-2 Lease – payment of base rent amounting to P 5.8M ($ 140.7k).

Airport Operations (increase of 143% or P 3.87M) •

PHILBEX (Philippine-Balikatan Exercises) – P 3.39M.

Regulatory Income (increase of 76% or P 12.87M) •

CUSA – P 8.06M

•

IMPEX – P 5.10M due to implementation of Admission Fees on Motor Vehicles and Heavy Equipment dated August 3, 2012.

4

SBMA Revenues • 2012 Revenues increased by 16% (P 224M) compared to 2011.

In Peso Millions

Observations for the said increases in revenues: 1. Land and Buildings (increase of 12% or P 85.43M) • One Power Subic (P 19.3M), Coastal Race Track (P 9.3M)Subic Leisure World (P 8.7M), Bay Traveler’s Hotel (P 4.7M), FBC (P 4.3M), Pure Petroleum (P 2.8M), Powerking (P1.85M), Global Architecture Fabrications (P 1.6M), Subic Perdido Key Distributor (P 936k).

1st Q Jan-Mar 2012 340 2011 368 % inc/(dec) -8%

2nd Q Apr-Jun 366 327 12%

3rd Q Jul-Sep 451 346 31%

4th Q Oct 158 117 35%

Nov 173 123 40%

Dec TOTAL 146 477 130 370 12% 29%

GRAND TOTAL 1,634 1,410 16%

• Billings that were previously recorded as Deferred Income amounting to P 34.92M were adjusted as Revenues in September 2012 from HHIC, Legenda Int’l. Resort, FBC, KT Global and The Manila Times. This is in compliance with COA’s recommendation.

• Increase in income from Deed of Assignments (P 6.97M) and GRS (P 1.2M).

• Increase in GRS billings of P 5.7M for Starland (P 1.2M) for 2011 Revenues and GFTG Holdings (P 4.3M) for 2006-2010 Revenues per audit finding of Accounting .

5

SBMA Revenues In Peso Millions

2. Seaport Operations (increase of 19% or P

63.45M) Despite the decrease in cargo related income by P 10.5M due to decrease in Wharfage fees of P 6.78M,the 19% increase attributed to: • Valle Project – P 55.68M • NCT-2 Base Rent – P 14.96M 3. Regulatory Income (increase of 74% or P 84.16M)

1st Q Jan-Mar 2012 340 2011 368 % inc/(dec) -8%

2nd Q Apr-Jun 366 327 12%

3rd Q Jul-Sep 451 346 31%

4th Q Oct 158 117 35%

Nov 173 123 40%

Dec TOTAL 146 477 130 370 12% 29%

GRAND TOTAL 1,634 1,410 16%

• CUSA – P 30.37M • IMPEX – P 36.21M due to imposition of Admission fees for Motor Vehicles and Heavy Equipment • Business Permit Fees – P 7.39M including P 5.4M paid by Felix Manalo Foundation • Adminsitrative Fees from Hanjin – P 3.3M • Visa and Accreditation fees – P 1.97M • Co-Location Fees – P 3.09M

6

SBMA Revenues In Peso Millions

Land and Building Leases Housing Seaport Operations Airport Operations Regulatory Fees Tourism Income Miscellaneous Income TOTAL REVENUES Add: FOCs GRAND TOTAL - REVENUES

1st Q

2012 Actual 2nd Q 3rd Q 4th Q

162.86 25.95 82.37 7.72 32.05 2.41 25.95 339.32 0.84 340.15

185.53 24.90 85.88 8.34 32.15 3.29 23.76 363.86 2.60 366.46

227.40 25.68 111.45 7.55 40.33 2.72 33.09 448.22 2.87 451.09

2012 Budget Existing Initiatives TOTAL

TOTAL

197.43 773.23 25.04 101.57 122.75 402.44 12.94 36.55 93.31 197.85 2.62 11.05 21.89 104.69 475.98 1,627.38 0.71 7.02 476.69 1,634.40

690.67 92.06 333.20 32.86 115.08 18.34 121.92 1,404.12 0.00 1,404.12

2011 A/O Dec

27.00 717.66 12.50 104.56 63.64 396.83 0.80 33.66 70.38 185.46 0.00 18.34 1.20 123.13 175.51 1,579.64 0.00 0.00 175.51 1,579.64

2012 Actual vs Budget

3%

or P 55M

2012 Actual vs 2011

16%

or P 224 M

687.80 105.48 338.99 34.04 113.64 9.82 109.01

1,398.77 11.65 1,410.42

Increase of P 55M attributed to the ff:: • New strategic revenues such as CUSA (P 30.37M), New leases/sub lease (P 15M), Admission Fees (P 30.37M), Vale Project (P 55.68M).

• Land and Building Leases increase of P 55M mostly from deferred income of P 34.92 M • Actual Disposal of Scrap was recorded at P 36M as against the Budget of P 30M, but was recorded as reduction to Fixed Asset vice sale.

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

SBMA Revenues Strategic Initiative Revenues In Peso Millions PARTICULARS

2012 Budget

Date

Land, Building and Housing Leases 1 New Leases

2 Share in Sublease/Assignments/Additional Lease Rentals/Repossession of housing/condo units/ Direct Residential Lease

2012 Actual

39.50

25.59

Jan-Nov 2012

27.00

Sep 2012

12.50

15.04 New leases mostly derived from sub-lease agreements engaged in manufacturing (P 3.81M), leisure (P 3.70M) and logistics (P 1.4M).

10.55 Transfer of leasehold rights.

63.64

70.63

40.20

55.68 On-Going implementation

Seaport 1 Valle Project

Feb 2012

2 Throughput Fee on Petroleum

Oct 2012

3 NCT-2 Base Rent

Oct 2012

18.06

4 NCT-2 Fixed Fee

Oct 2012

5.38

-

Airport 1 Additional Hangar Leases

Oct 2012

Regulatory

14.96 awarded to Subic Bay International Terminal Corporation - (SBITC).

1 Disposal of Scrap Materials 2 Garbage Special Collections

-

70.38

55.16

50.00 0.24 20.14

30.37 Implementation effective October 2012.

0.29 For new locators/sub-lease 24.50 implemented on Aug 3, 2012

Oct 2012 Jan-Apr 2012 Aug 2012

Nov 2012 Apr 2012

B

I

C

B

A

1.20

1.21

1.20

1.21 increase in special collections from P 1,300 per truck load to P 4,500 per truckload and tipping fee from P 1,333.33 per truckload to P 1,800 per truckload, effective April 2012.

175.51

TOTAL - Strategic Revenue Initiatives U

-

0.80

Miscellaneous

S

-

0.80

1 Common User's Service Area 2 Business Permits 3 Admission Fees (Motor Vehicles & Heavy Equipment)

Y

M

E

Remarks

T

R

O

P

O

L

152.59 I

T

A

N

A

U

T

H

O

R

I

T

Y

8

SBMA Expenses In Peso Millions

For the Month of Dec 2012 2011 2012

Var% Inc/(Dec)

As of December 2011 2012

Var% Inc/(Dec)

Manpower

91.27

73.66

-19%

682.21

664.33

-2.62%

Occupancy

24.94

18.32

-27%

179.67

158.65

-12%

Extraordinary, Confidential & Intelligence

0.28

0.05

-83%

0.88

0.40

-55%

Advertising, Promotion and Marketing

2.12

2.13

1%

23.32

13.49

-42%

Repairs and Maintenance

10.96

5.53

-50%

31.28

16.27

-48%

Others

20.08

18.36

-9%

164.47

153.74

-7%

TOTAL

149.64

118.04

-21%

1,081.83

1,006.88

-7%

Common Size Analysis

Common Size Analysis

Manpower

60.99

62.40

63.06

65.98

Occupancy

16.66

15.52

16.61

15.76

Extraordinary, Confidential & Intelligence

0.19

0.04

0.08

0.04

Advertising, Promotion and Marketing

1.42

1.81

2.16

1.34

Repairs and Maintenance

7.32

4.68

2.89

1.62

13.42

15.55

15.20

15.27

0.00

0.00

0.00

0.00

100.00

100.00

100.00

100.00

Others Key Initiatives TOTAL

9

SBMA Expenses 2012 vs 2011 Actual Rationale

OPEX

For the Month of Dec 2012 2011 2012 149.64 118.04

Variance Amt % (31.60) -21.12%

Manpower Cost (decrease of 19% or P 17.61M) •

54 vacant plantilla positions resulting to savings of P 14M and performance incentive bonus was reduced from P 10k per employee to P 5k per employee or savings of P 6.9M.

•

Increase in Consultant Services due to accrual of services for Programmatic ECC amounting to P 3.15M.

Occupancy Cost (savings of 27% or P 6.62M) •

Supplies – savings of P 2.7M due to purchase of Christmas decors and other supplies from OSD and Kyocera Ink in year 2011.

•

Fuel– savings of P 2.28M due to decrease in ave.rate/liter (from P 44.19/liter in 2011 to P 38.96/liter) and fuel consumption by 42.1k liters (from 122.2k liters in 2011 to 80.1k liters in 2012) . Also there was minimal expenses on genset fuel of Airport and patrol boats.

•

Communication – savings of P 1.50M due to booking of communication charges in December 2011 such as landline (P 1.8M), mobile (P 498k), and toll charges (P 157k) covering the months of May to December 2011. Also, there was a booking of internal charges in Dec 2012 for internet charges amounting to P 998k.

Repairs & Maintenance (savings of 50% or P 5.43M) •

R&M - Buildings & Facilities – savings of P 4.59M attributed mainly to accrual of services for SBECC improvements (P 3.5M) and Periodic Maintenance project (P 1.9M) in December 2011.

•

R&M – Other Equipment - savings of P 1.8M attributed mainly to December 2011 issuance of various materials mostly from repairs of Airport equipment (P 1.5M) and repairs of various equipment requested by various departments (P 388k).

Other Services (savings of 9% or P 1.73M) •

Bad Debts decrease of P 4.20M.

•

All Other services increase of P 2.91M associated mostly from Grants provided for Subic Aetas (P 3.03M).

10

SBMA Expenses In Peso Millions

A 7% or P74.95 M savings in operating expenses in year 2012 as compared to year 2011 attributed mainly based on the following observations: 1. Manpower (Savings of 3% or P 17.89M) • salaries were offset by the release of Anniversary Bonus P3.67M (Nov) and Clothing Allowance P6.44M (Oct) to regular personnel • 2% decrease in Productivity Bonus (from P 10k to P 5k or equivalent to P 7M. • P 19.70 M savings due to decrease of 80 personnel and no clothing allowance was issued to CS. • Despite the decrease in office consultant by P 2.02M, the increase derived from payment of Programmatic ECC services (P 6.8M) and Property Appraisal of Selected Properties (P 307k).

1st Q Jan-Mar 2012 237 2011 225 % inc/(dec) 5%

2nd Q Apr-Jun 214 255 -16%

3rd Q Jul-Sep Oct 257 77 245 77 5% 1%

4th Q Nov 104 130 -20%

GRAND Dec TOTAL TOTAL 118 299 1,007 150 356 1,082 -21% -16% -7%

• Increase in Per Diem by P 7.16M due to reclassification of reimbursables of Board of Directors such as Fuel & Travel, Meals & Accomodations and Communication expenses effective October 2011 from individual accounts to other profession fees.

11

SBMA Expenses In Peso Millions

2. Occupancy Cost (savings of 12% or P 21.02M).

• Power and Water - increase of P 4.5 (P 3.5M for power and P 1.1 for water) attributed mostly from average increase in Power’s rate/kwh (from P 7.46/kwh in 2011 to P 8.38/kwh in 2012), Philbex exercises(P 1.5M) and reimbursement of power charges to Penta-Shimizu-Toa Joint Venture (P 461k).

For water, increase due to increase in average by 17.9k cu. m. (from 165.83k cu.m. in 2011 to 183.4k cu.m, in 2012), and increase in average rate per cu. m. (from P 44.36 per cu.m. in 2011 to P 44.54 per cu.m. in 2012).

• Supplies – savings of P 10.42M due to the purchased items in 2011 such as military/maintenance gadgets, additional forms used in Seaport Operations and OSD materials (blank identification card, ribbon sublimation and printer head), and christmas decors. Also, many of the ordered materials were not delivered before year-end, thus rebudgetted in 2013.

2012 2011 % inc/(dec)

1st Q 2nd Q 3rd Q Jan-Mar Apr-Jun Jul-Sep 237 214 257 225 255 245 5% -16% 5%

4th Q Oct 77 77 1%

Nov 104 130 -20%

Dec 118 150 -21%

GRAND TOTAL TOTAL 299 1,007 356 1,082 -16% -7%

• Fuel – savings of P 12.43M due to the 20% decrease in volume by 186k liters and the average rate also decreased from P 47.017/liter in 2011 to P 44.84/liter.

• Communication – savings of P 2.58M due to implementation of mobile guidelines where in excess consumption against allocation iwas charged as personal account (P 2.4M), and savings in payment of internet access by P 630k.

12

SBMA Expenses In Peso Millions

3. Ads and Prom (savings of 42% or P 9.83M) • Savings due to less sponsorship of events by P 5.20M and FOCs by P 4.63M. 4. Repairs & Maintenance (savings of 48% or P 15.01M) • R&M of Buildings & Facilities – savings of P 10.24M due to on-going bidding process of various projects such as Periodic Road Maintenance Project (P 10M) and Thermoplastic Road Pavement Markings.

• R&M of Vehicles – savings of P 2.88M due to the 2011 repairs of heavy vehicles assigned to CMD (P 2.3M), Fire Trucks (P 976k), and LED vehicles (P 885k).

5. Other Expenses(savings of 7% or P 10.73M). (cont’d)

2012 2011 % inc/(dec)

1st Q 2nd Q 3rd Q Jan-Mar Apr-Jun Jul-Sep 237 214 257 225 255 245 5% -16% 5%

4th Q Oct 77 77 1%

Nov 104 130 -20%

Dec 118 150 -21%

GRAND TOTAL TOTAL 299 1,007 356 1,082 -16% -7%

• Bad Debts – P 1.78M • Travel and Trainings – P 2.55M

• All other services – P 5.82M mostly from Grants and Subsidies (P 3.9M), meals and other reimbursements (P 1.6M).

13

SBMA Expenses In Peso Millions

Manpower Occupancy Cost Extraordinary, Confidential & Intelligence Advertising & Promotion Repairs & Maintenance Other Expenses TOTAL OPERATING EXPENSES Add: FOCs GRAND TOTAL - OPERATING EXPENSES

1st Q

2012 Actual 2nd Q 3rd Q 4th Q

150.29 35.77 0.08 0.95 5.25 43.72 236.06 0.84 236.89

168.84 42.78 0.08 1.77 1.79 (3.97) 211.29 2.57 213.86

TOTAL

150.27 194.93 664.33 42.21 37.89 158.65 0.07 0.17 0.40 1.17 2.58 6.47 1.51 7.71 16.27 58.67 55.33 153.74 253.91 298.61 999.86 2.79 0.82 7.02 256.70 299.43 1,006.88

2012 Budget Existing Initiatives TOTAL 914.41 194.35 1.30 15.42 69.86 188.27 1,383.60 0.00 1,383.60

1.00 915.41 0.00 194.35 0.00 1.30 0.00 15.42 0.00 69.86 0.00 188.27 1.00 1,384.60 0.00 0.00 1.00 1,384.60

2012 Actual vs Budget

-27%

or savings of P 377.7M

2012 Actual vs 2011

-7%

or savings of P 75M

2011 A/O Dec 682.21 179.67 0.88 11.67 31.28 164.47

1,070.18 11.65

1,081.83

Savings of 27% or P 377.7M from the 2012 Actual as against the 2012 Budget due to the ff: • Manpower cost – P 251M due to non-implementation of 10% salary increase (waiting for OP approval) or equivalent to P 240M • Austerity measures being provided by Agency due to financial constraints that enable SBMA savings from supplies( P 15M), fuel (P 13M), repairs and maintenance (P 54M) and all other services (P 12M).

• Ads and Promo – P 9M due to less sponsorship from SBMA

14

Cash Flow In Peso Millions

CASH & CASH EQUIVALENTS, Beginning

YTD 2012 Var 2011 2012 Inc /(Dec) 584.88 595.22 2%

Cash Flow from Operating Activities

617.39

765.63

24%

Cash Flow from Investing Activities

(39.70)

(37.96)

-4%

Cash Flow from Financing Activities

(563.63)

(542.33)

4%

14.06

185.34

1218%

(51.57)

(82.49)

-60%

NET INC/(DEC) in Cash and Cash Equivalents

(37.52)

102.85

374%

CASH & CASH EQUIVALENTS, Ending

547.37

698.07

28%

NET CASH Provided for Effect of FOREX on cash & cash equivalents

15

Cash Flow Cash Flow from Operating Activities In Peso Millions

YTD 2011

YTD 2012

Var Inc /(Dec)

Cash Inflow Cash Revenue Cash received in payment of Customers' accounts Advance Rental from Customers Interest received Net of Customers' Security Deposits Net of Trust Fund received, Non-customers Total Cash Inflow Cash Outflow Cash paid - Manpower Cash paid - Other Operating Expenses Cash paid from Financing Charges Total Cash Outflow CASH FLOW FROM OPERATING ACTIVITIES

432.87 527.76 880.53 887.74 459.69 410.78 (0.87) 6.69 8.23 10.75 39.73 18.78 1,820.18 1,862.50

22% 1% -11% 871% 31% -53% 2%

645.50 297.21 260.08 1,202.79

625.17 250.75 220.95 1,096.87

-3% -16% -15% -9%

617.39

765.63

24% 16

Cash Flow 2012 vs 2011 Actual Rationale

Operating Activities (increase of 24% or P 148.24M) • Cash Revenue – an increase of 22% (P 94.9M) is due to implementation of Admission fees on Vehicles

that generates additional collection of P 25M, PWG services (P5.55M), Accreditation Fees (P 6M), Rent Inc. Land (P7.70M), Seaport (P47.56M), and Permit/Fees Trade Bus. (P3.53M).

• Cash Payment from Customer’s Account – increase of 1% (P 7.21M) from collection of net outstanding accounts mostly from building leases (P32.78M), housing leases (P 18.71M) and decrease in receivables from LCO(P 69M) • Advance Rental from Customers –a decrease of 11% (P 48.92M) is due to net advances from locators (P 75.99M) and increase on deferred credits from Housing (P23.82M) and Advances from E-TAP

(P3.93 M).

• Other Operating Expenses – a decrease of 16%(P 46.46M) associated mostly from tax payments in 2011 amounting to P 31.30M and net decrease in various operating expenses.

• Financing Charges – decrease of 15%(P 39.12M) due to payment of interest on current loans and forex differences.

• Net of Trust Funds received – decrease of 53%( P 20.95M) associated mostly from payment of 2% tax for LGUs and release of trust funds of SBMA Contract of Services.

17

Cash Flow Cash Flow from Investing Activities In Peso Millions

YTD 2011

YTD 2012

Var Inc /(Dec)

Cash Inflow Investment in Bonds - DBP LBP- Sinking Fund for JBIC Total Cash Inflow

15.91 89.54 105.46

29.77 1.62 31.39

87% -98% -70%

Cash Outflow Port Development - JBIC II & Locally Funded All Other Projects Total Cash Outflow

96.13 49.02 145.16

68.62 0.73 69.35

-29% -99% -52%

(39.70)

(37.96)

-4%

CASH FLOW from INVESTING ACTIVITIES

18

Cash Flow 2012 vs 2011 Actual Rationale (cont’d)

Investing Activities (decrease of 4% or P 1.74M) • Termination of Bond Investments increased by P 13.86M as compared to YTD 2011.

• Decrease in Sinking Fund for JBIC by P 87.9M due to termination of dollar time deposit, Interest income earned & forex differences, • Payment of Billing No. 11 for the Construction of New Kalaklan Bridge and Security Plaza for the month of July 2012 amounting to P 28.94M and payment on purchases of various equipment.

19

Cash Flow Cash Flow from Financing Activities In Peso Millions

YTD 2011 Cash Inflow Loan Proceeds - JBIC 2 SBDMC's payment for Eximbank Loan Loan Proceeds - Landbank Total Cash Inflow Cash Outflow WB1 Loan Repayment WB2 Loan Repayment JBIC 1 Loan Repayment JBIC 2 Loan Repayment EXIMBANK Loan Repayment LBP Short Term Loan Investment in Dollar Bond (LBP) Placement of Dollar Time Deposit - Sinking fund Total Cash Outflow CASH FLOW from FINANCING ACTIVITIES

0.00 71.48 0.00 71.48

YTD 2012

Var Inc /(Dec)

0.00 71.16 0.00 71.16

0% -0.45% 0% -0.45%

151.05 75.00 28.77 275.76 55.29 50.00 (2.78) 2.01 635.11

171.28 78.30 20.56 280.95 54.37 0.00 7.41 0.61 613.48

13% 4% -29% 2% -2% -100% 367% -70% -3%

(563.63)

(542.33)

4%

20

Cash Flow 2012 vs 2011 Actual Rationale (cont’d)

Financing Activities (increase of 4% or P 21.3M) • Increase in repayment and forex difference of Loans to World Bank (P 23.54M) • No recorded repayment of short term loan to LBP this year.

21

Balance Sheet 2012 vs 2011 Actual In Peso Millions

ASSETS CURRENT ASSETS Cash Receivables-Net (Current) Trade Non-Trade Inventories TOTAL CURRENT ASSETS LONG TERM INVESTMENTS DEFERRED CHARGES PROPERTY & EQUIPMENT OTHER ASSETS TOTAL ASSETS

As of December 2011

2012

Var %

595 604 574 30 120 1,319 362 11 27,234 53 28,979

731 857 827 30 111 1,699 358 9 25,903 52 28,022

23% 42% 44% 0% -7% 29% -1% -15% -5% -2% -3%

22

Balance Sheet 2012 vs 2011 Actual In Peso Millions

Assets (decrease of 3% or P 957.35M) • Cash Revenue – an increase of 23% (P 135.65m).

• Receivables (Trade) – an increase of 44% (P 252.5M) due to net increase on Doubtful accounts (P 157M), LCO (P 14.16M), CUSA (P 16.19M) and net decrease in land lease and housing (P 18.38M).

• Inventories – while there was an increase in inventories of spare parts (P 38.9M) and fuel (P 18.9M), the 7% (P 8.27M) decrease attributed mainly to the decrease on various inventory accounts from supplies and materials(P 63M).

• Property, Plant and Equipment – a decrease of 5% (P 1.331B) due to the depreciation recognized

within this year.

23

Balance Sheet 2012 vs 2011 Actual In Peso Millions

LIABILITIES & CAPITAL CURRENT LIABILITIES Payables & Accrued Expenses Accrued Interest Current Portion Long-Term Debts Security Deposit Deferred Credits Other Liabilities TOTAL CURRENT LIABILITIES DEFERRED CREDITS SECURITY DEPOSITS OTHER PAYABLES LONG-TERM DEBTS TOTAL NON-CURRENT LIABILITIES TOTAL LIABILITIES CAPITAL Paid-up Capital Appraisal Surplus & Inv. Capital-Held in Trust Retained Earnings TOTAL CAPITAL TOTAL LIABILITIES AND CAPITAL

As of December 2011 2012 Var %

362 49 1,175 729 375 71 231 1,816 2,590 166 19 9,668 12,443 14,258

163 46 918 678 171 69 208 1,334 2,584 401 169 7,769 10,923 12,258

-55% -6% -22% -7% -54% -3% -10% -27% -0.20% 142% 786% -20% -12% -14%

19,943 297 (5,519) 14,721 28,979

19,943 70 (4,248) 15,764 28,022

0% -77% -23% 7% -3% 24

Balance Sheet 2012 vs 2011 Actual In Peso Millions

Liabilities (decrease of 14% or P 2B) • Payables & Accrued Expenses – a decrease of 55% (P 198.5M) due to adjustments on various obligations and reclassification of unpaid compensation absences to long-term.

• Security Deposits– a decrease of 54%(P 204.48M) in the current portion and an increase of 142% (P 234.86M) on the long-term portion due to transfer of security deposits particularly land & building

amounting to P69.20M and P90.93M to Long Term and Advances, and increase from Advances- Other Services -Locator amounting to P22.59M and decrease in Adv-Other Services Housing amounting to P8.38M. • Long Term Debts – decrease of 20% (P 1.9B) due to payment of SBMA’s outstanding foreign loan accounts.

25

End of Presentation

Annex A Result of Operations by SBUs

SBMA 2012 vs 2011 In Peso Thousands REVENUES Chairman & Administrator

For the Month of Dec 2012

2011

2012

Variance

%

As of December

2011

Variance

2012

%

32 840 81,722 659 6,729 36,008 2,709 1,200 284

37 596 75,899 1,020 14,509 45,559 6,579 1,240 264

15% -29% -7% 55% 116% 27% 143% 3% -7%

284 23,769 842,853 9,822 76,689 383,025 34,037 28,293 11,650

286 11,032 934,471 11,051 111,710 482,683 36,545 39,598 7,019

1% -54% 11% 13% 46% 26% 7% 40% -40%

130,183

145,703

12%

1,410,422

1,634,395

16%

87,123 8,005 14,029 10,994 458 4,367 10,956 1,838 278 1,158 4,148 6,007

66,142 7,899 9,825 6,012 276 2,869 5,525 1,567 48 1,146 7,520 8,646

-24%

627,303 87,589 131,848 45,693 2,304 9,110 16,271 6,472 539 13,844 37,026 21,864

-5%

44%

660,615 83,103 133,631 68,364 4,854 11,689 31,278 11,668 1,114 13,855 21,599 28,413

284

565

99%

11,650

7,019

-40%

TOTAL - OPERATING EXPENSES

149,644

118,040

-21%

1,081,833

1,006,881

-7%

EBITDA

(19,461)

27,663

242%

328,589

627,514

91%

Internal Services Business & Investment Tourism Public Services Seaport Airport Regulatory FOCs TOTAL - REVENUES OPERATING EXPENSES Manpower Power & Water Bad Debts Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Advertising, Promotion and Marketing Extraordinary, Confidential & Intelligence Fidelity Bonds & Insurance Premiums Various Services (People) Others FOCs (under Ads and Promo)

-1% -30% -45% -40% -34% -50% -15% -83% -1% 81%

5% -1% -33% -53% -22% -48% -45% -52% 0% 71% -23%

28

SBMA 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

2012

Variance

%

As of December

2011

Variance

2012

%

DEBT SERVICE Principal Interest Expenses Guarantee Fees TOTAL - DEBT SERVICE EARNINGS AFTER DEBT SERVICE

0 10,991 8,699

0 9,424 7,156

0% -14% -18%

635,875 141,938 113,806

605,472 130,494 95,574

-5% -8% -16%

19,690

16,580

-16%

891,618

831,539

-7%

(39,151)

11,082

128%

(563,029)

(204,025)

64%

21,509 3,606 2,339

7,071 0 502

-67% -100% -79%

138,910 13,555 4,534

22,233 7 3,295

-84% -100% -27%

27,455

7,573

-72%

157,000

25,535

-84%

CAPITAL EXPENDITURES Land and Land Improvements IT Outlays Equipment Outlays TOTAL - CAPITAL EXPENDITURES

29

CHAIRMAN & ADMINISTRATOR’s GROUP 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011 REVENUES IIO Services Radio Advertisement TOTAL - REVENUES

2012

Var% Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

5 27

5 32

-10% 20%

95 189

98 188

3% -1%

32

37

15%

284

286

1%

5,178 720 489 44 1,114 80 753 13 2,299 3,249

4,193

-19%

33,323

-17%

374

-48%

4,251

-18%

190

-61%

2,561

-57%

77

77%

290

-71%

312

-72%

1,036

-34%

50

-37%

360

-36%

141

-81%

1,717

-64%

11

-13%

150

-13%

2,905

26%

19,914

32%

4,642

43%

40,229 5,165 5,981 1,001 1,575 565 4,780 173 15,103 15,875

8,375

-47%

194

220

13%

3,463

5,101

47%

14,180

13,114

-8%

94,304

77,352

-18%

(14,148)

(13,078)

8%

(94,020)

(77,066)

18%

OPERATING EXPENSES Manpower Power & Water Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Advertising, Promotion and Marketing Fidelity Bonds & Insurance Premiums Various Services (People) Others FOCs TOTAL - OPERATING EXPENSES EBITDA

30

CHAIRMAN & ADMINISTRATOR’s GROUP 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

2012

Var% Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

DEBT SERVICE Principal Interest Expenses Guarantee Fees TOTAL - DEBT SERVICE EARNINGS AFTER DEBT SERVICE

0 34 12

0 20 8

0% -41% -29%

3,302 471 167

3,660 358 112

11% -24% -33%

45

28

-38%

3,940

4,130

5%

8%

(97,959)

(81,196)

17%

(14,193)

(13,106)

CAPITAL EXPENDITURES Equipment Outlays TOTAL - CAPITAL EXPENDITURES

0

0

0%

1,934

25

-99%

0

0

0%

1,934

25

-99%

31

INTERNAL SERVICES GROUP 2012 vs 2011 In Peso Thousands REVENUES Labor Permit PPMD Services ID System Income from SBMPC Treasury Income Income from SubicWater Disposal of Scrap Materials TOTAL - REVENUES

For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

74 186 502 11 66 0 0

139 (1) 441 12 5 0 0

87% -100% -12% 6% -92% 0% 0%

1,360 2,736 6,548 122 1,359 9,836 1,809

1,945 1,371 6,885 140 835 0 (145)

43% -50% 5% 15% -39% -100% -108%

840

596

-29%

23,769

11,032

-54%

13,205 1,538 2,877 102 973 351 34 88 270 179 616

11,916

-10%

107,065

0%

787

-49%

8,628

-8%

615

-79%

5,739

-36%

81

-20%

1,309

1%

849

-13%

2,238

-41%

124

-65%

460

-59%

9

100%

95

-3%

36

-59%

152

-39%

320

19%

3,640

-18%

99

-45%

3,406

255%

1,140

85%

106,787 9,364 8,981 1,301 3,770 1,123 98 247 4,455 959 3,030

3,809

26%

0

0

7

41

456%

20,233

15,978

-21%

140,123

136,584

-3%

(19,393)

(15,381)

21%

(116,354)

(125,551)

-8%

OPERATING EXPENSES Manpower Power & Water Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Advertising, Promotion and Marketing Extraordinary, Confidential & Intelligence Fidelity Bonds & Insurance Premiums Various Services (People) Others FOCs TOTAL - OPERATING EXPENSES EBITDA

0%

32

INTERNAL SERVICES GROUP 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

DEBT SERVICE Principal Interest Expenses Guarantee Fees TOTAL - DEBT SERVICE EARNINGS AFTER DEBT SERVICE

0 149 56

0 1,016 40

0% 581% -28%

65,302 10,146 796

16,907 9,551 540

-74% -6% -32%

205

1,055

416%

76,244

26,999

-65%

(16,437)

16.13%

(192,598)

(152,550)

21%

(19,598)

CAPITAL EXPENDITURES IT Outlays Equipment Outlays TOTAL - CAPITAL EXPENDITURES

3,606 1,738

0 0

-100% -100%

13,555 161

7 7

-100% -96%

5,344

0

-100%

13,716

14

-100%

33

BUSINESS & INVESTMENT GROUP 2012 vs 2011 In Peso Thousands REVENUES Land Leases

For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

36,258 32,529 8,476 2,532 652 551 704 0 20

31,184 32,012 8,573 2,818 594 0 704 0 14

-14% -2% 1% 11% -9% 100% 0% 0% -31%

322,746 365,051 105,476 29,070 9,319 2,534 8,538 20 99

404,264 368,962 101,569 32,161 16,711 2,055 8,520 14 217

25% 1% -4% 11% 79% -19% -0.22% -29% 119%

81,722

75,899

-7%

842,853

934,471

11%

3,977 338 14,029 165 68 379 22 35 68 5 53

3,137

-21%

27,930

0%

98

-71%

9,825

-30%

124

-25%

33

-51%

338

-11%

8

-62%

0

0%

0

-100%

5

6%

53

-1%

27,902 3,339 133,631 2,545 450 1,097 84 48 121 64 395

TOTAL - OPERATING EXPENSES

19,141

13,622

-29%

EBITDA

62,582

62,277

0%

Building Leases Housing Leases Co-Location Fees Business Permit Fees Royalty Income-Subic/Clark Pipeline Rent Income-Equipment Ortho GIS LAMD Fees TOTAL - REVENUES OPERATING EXPENSES Manpower Power & Water Bad Debts Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Advertising, Promotion and Marketing Extraordinary, Confidential & Intelligence Fidelity Bonds & Insurance Premiums Others

1,109 131,848

-67% -1%

1,501

-41%

98

-78%

986

-10%

57

-32%

97

102%

11

-91%

56

-13%

361

-9%

169,679

164,361

-3%

673,174

770,110

14%

34

BUSINESS & INVESTMENT GROUP 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

DEBT SERVICE Principal Interest Expenses Guarantee Fees TOTAL - DEBT SERVICE EARNINGS AFTER DEBT SERVICE

0 1,642 647

0 1,339 641

0% -18% -1%

70,000 19,801 9,421

70,470 17,230 8,265

1% -13% -12%

2,288

1,980

-13%

99,223

95,965

-3%

60,293

60,297

0%

573,951

674,145

17%

48

0

100%

0

11

100%

48

0

100%

0

11

100%

CAPITAL EXPENDITURES Equipment Outlays TOTAL - CAPITAL EXPENDITURES

35

TOURISM OPERATIONS 2012 vs 2011 In Peso Thousands REVENUES Chapel Rental Sports Facilities Rent - SBECC Location Site-Shooting Tours and Special Events Advertisement/Signage Fees Tourism Classification Fees El Kabayo Waterfalls All other income FOCs TOTAL - REVENUES

For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

63 231 98 10 60 100 5 4 88 284

107 243 344 50 43 100 3 8 123 224

70% 5% 250% 400% -29% 0% -44% 94% 40% -21%

518 2,335 2,410 267 918 1,200 69 60 2,045 10,536

685 2,663 3,046 515 775 1,200 104 86 1,976 5,879

32% 14% 26% 93% -16% 0% 50% 44% -3% -44%

943

1,244

32%

20,358

16,930

-17%

4,140 1,889 338 120 234 86 1,016 11 7 40

2,887

-30% -66%

167

-51%

436

1004%

25,390 12,708 2,398 424 574 1,520 6,635 77 68 1,129

25,163

651

1,601

42%

84

345

312%

8,148

1,407

-83%

7,964

6,084

-24%

59,072

44,791

-24%

(7,021)

(4,839)

31%

(38,714)

(27,861)

28%

OPERATING EXPENSES Manpower Power & Water Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Advertising, Promotion and Marketing Extraordinary, Confidential & Intelligence Fidelity Bonds & Insurance Premiums Others FOCs TOTAL - OPERATING EXPENSES EBITDA

1

-99%

86

-63%

97

13%

1,408

39%

0

0%

6

-13%

-1%

9,489

-25%

1,740

-27%

61

-86%

459

-20%

231

-85%

4,552

-31%

9

-88%

79

17%

CAPITAL EXPENDITURES Equipment Outlays TOTAL - CAPITAL EXPENDITURES

0

0

0%

216

0

-100%

0

0

0%

216

0

-100%

36

PUBLIC SERVICES GROUP 2012 vs 2011 In Peso Thousands REVENUES Garbage Disposal Services Road User's Fee (Existing) Medical Services Security Services Subic Enerzone Vehicle/Equipment Rental Fire Department CUSA Fees Administrative Fees Other PWG Services FOCs TOTAL - REVENUES

For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

1,300 1,018 294 742 3,333 11 15 0 0 16 0

815 1,112 253 543 3,333 2 21 8,056 254 120 35

-37% 9% -14% -27% 0% -81% 37% 100% 100% 667% 100%

14,606 12,995 4,359 3,773 40,000 63 369 0 0 525 834

14,164 13,074 4,247 4,455 40,000 80 420 30,368 3,129 1,771 879

-3% 1% -3% 18% 0% 28% 14% 100% 100% 237% 5%

6,729

14,544

116%

77,523

112,589

45%

47,862 (1,367) 6,131 77 780 7,076 18 197 126 1,010

35,025

-27%

342,597

-6%

3,379

-347%

39,743

43%

4,133

-33%

27,915

-31%

53

-31%

319

-58%

676

-13%

4,225

-40%

362,591 27,795 40,242 765 2,033 22,805 64 2,112 1,209 6,225

2

0

-100%

24

466

61,913

48,992

-21%

465,865

433,465

-7%

(55,185)

(34,449)

38%

(388,342)

(320,877)

17%

OPERATING EXPENSES Manpower Power & Water Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Extraordinary, Confidential & Intelligence Fidelity Bonds & Insurance Premiums Various Services (People) Others FOCs TOTAL - OPERATING EXPENSES EBITDA

0

0%

151

-23%

169

34%

1,172

16%

1,962

-4%

11,664

-49%

10

-85%

2,068 940 5,772

-2% -22% -7% 1864%

37

PUBLIC SERVICES GROUP 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

2012

Var% Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

DEBT SERVICE Principal Interest Expenses Guarantee Fees TOTAL - DEBT SERVICE EARNINGS AFTER DEBT SERVICE

0 668 533

0 395 418

0% -41% -21%

82,275 9,715 7,091

79,556 9,172 5,559

-3% -6% -22%

1,201

814

-32%

99,081

94,287

-5%

(56,386)

(35,262)

37%

(487,423)

(415,164)

15%

21,509 9

7,071 22

-67% 157%

138,910 505

22,233 236

-84% -53%

21,518

7,093

-67%

139,415

22,469

-84%

CAPITAL EXPENDITURES Land and Land Improvements Equipment Outlays TOTAL - CAPITAL EXPENDITURES

38

SEAPORT OPERATIONS 2012 vs 2011 In Peso Thousands REVENUES Vessel Related

For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

Var%

2011

2012

Inc/(Dec)

6,530 14,468 154 4,020 0 0 0 10,836

7,272 9,989 87 3,994 5,755 0 2,524 15,939

11% -31% -44% -1% 100% 0% 100% 47%

114,036 159,751 6,900 47,796 0 10,511 0 44,031

100,749 149,250 18,005 48,859 14,955 14,949 55,677 80,238

-12% -7% 161% 2% 100% 42% 100% 82%

36,008

45,559

27%

383,025

482,683

26%

5,958 2,520 369 5 212 521 0 14 343 1,135 123

4,465

-25%

43,579

-3.87%

1,262

-50%

1,161

847%

45,333 9,013 3,550 335 584 821 107 112 3,977 2,945 502

4

0

-100%

TOTAL - OPERATING EXPENSES

11,203

9,331

EBITDA

24,806

36,228

Cargo Related Other Port Income NCT-1 Base Rent NCT-2 Base Rent Variable Fees Valle Project IMPEX Fees TOTAL - REVENUES OPERATING EXPENSES Manpower Power & Water Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Advertising, Promotion and Marketing Extraordinary, Confidential & Intelligence Fidelity Bonds & Insurance Premiums Various Services (People) Others FOCs

355

-4%

5

0%

142

-33%

696

34%

0

0%

(6)

0%

328

-4%

923

0%

8,663

-4%

2,858

-19%

37

-89%

501

-14%

2,294

179%

0

-100%

12

-90%

3,959

-0.46%

3,379

15%

1,602

219%

4

0

-100%

-17%

67,282

66,885

-1%

46%

315,744

415,799

32%

39

SEAPORT OPERATIONS 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

2012

Var% Inc/(Dec)

DEBT SERVICE

0 6,645 7,000

0 5,447 5,739

0% -18% -18%

275,759 77,049 89,641

280,952 75,855 76,774

2% -2% -14%

TOTAL - DEBT SERVICE

13,645

11,186

-18%

442,449

433,581

-2%

EARNINGS AFTER DEBT SERVICE

11,161

25,042

-124%

(126,706)

(17,782)

86%

65

0

-100%

128

4

-97%

65

0

-100%

128

4

-97%

Principal Interest Expenses Guarantee Fees

CAPITAL EXPENDITURES Equipment Outlays TOTAL - CAPITAL EXPENDITURES

40

AIRPORT OPERATIONS 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011 REVENUES Hangar Leases Airport Fees Royalty Income Aviation Concept TOTAL - REVENUES

Var%

2012

Inc/(Dec)

As of December

2011

Var%

2012

Inc/(Dec)

1,049 495 11 1,154

4,300 1,124 3 1,153

310% 127% -75% 0%

12,385 7,919 123 13,611

16,838 5,667 174 13,866

36% -28% 42% 2%

2,709

6,579

143%

34,037

36,545

7%

1,928 1,910 305 1 313 2,800 316 369 876

987

-49%

9,952

-19%

1,127

-41%

12,220 12,830 2,275 327 1,290 4,023 2,917 1,122 1,007

12,462

-3%

1,683

-26%

10

-97%

1,161

-10%

973

-76%

3,788

30%

1,088

-3%

OPERATING EXPENSES Manpower Power & Water Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Fidelity Bonds & Insurance Premiums Various Services (People) Others FOCs TOTAL - OPERATING EXPENSES EBITDA

326

7%

2

107%

236

-25%

281

-90%

315

-1%

162

-56%

10

-99%

0

0

0%

8,819

3,444

(6,110)

3,135

109

-89%

4

0

-100%

-61%

38,015

31,225

-18%

-151%

(3,978)

5,320

-234%

41

AIRPORT OPERATIONS 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

Var%

2012

Inc/(Dec)

As of December

2011

2012

Var% Inc/(Dec)

DEBT SERVICE Principal Interest Expenses Guarantee Fees TOTAL - DEBT SERVICE EARNINGS AFTER DEBT SERVICE

0 1,617 348

0 1,035 229

0% -36% -34%

124,264 21,690 5,286

140,452 15,688 3,224

13% -28% -39%

1,965

1,263

-36%

151,240

159,364

5%

(8,075)

1,871

123%

(155,218)

(154,044)

1%

CAPITAL EXPENDITURES Equipment Outlays TOTAL - CAPITAL EXPENDITURES

0

0

0%

150

1

-99%

0

0

0%

150

1

-99%

42

REGULATORY GROUP 2012 vs 2011 In Peso Thousands

For the Month of Dec 2012

2011 REVENUES Visa and Accreditation Fees Vehicle Regisration Fees Leasehold Registry Ecology Center Services Telecommunication Services Building Permit FOCs TOTAL - REVENUES

Var%

2012

As of December

Var%

Inc/(Dec)

2011

2012

3% -39% 980% -50% -100% 9% 100%

7,819 1,429 513 2,009 1 16,522 280

9,785 2,187 694 1,919 4 25,009 260

25% 53% 35% -4% 169% 51% -7%

Inc/(Dec)

561 32 6 124 4 474 0

576 19 67 62 0 517 5

1,200

1,245

4%

28,573

39,858

39%

4,874 456 318 42 363 19 32 8 40 40

3,532

-28%

37,695

-6%

222

-51%

3,244

12%

102

-68%

1,694

-29%

24

-44%

180

-28%

230

-37%

767

0%

44

127%

232

-31%

18

100%

73

-25%

10

26%

105

18%

31

-22%

40,163 2,888 2,392 251 765 337 98 89 262 250

0

0

0%

0

4

100%

6,192

7,475

21%

47,494

52,218

10%

(4,991)

(6,229)

-25%

(18,922)

(12,360)

35%

OPERATING EXPENSES Manpower Power & Water Supplies & Fuel Travel and Trainings Communication Services Repairs and Maintenance Extraordinary, Confidential & Intelligence Fidelity Bonds & Insurance Premiums Various Services (People) Others FOCs TOTAL - OPERATING EXPENSES EBITDA

3,263

8057%

7,990 234

2954% -6%

43

REGULATORY GROUP 2012 vs 2011 In Peso Thousands For the Month of Dec 2012

2011

2012

Var% Inc/(Dec)

As of December

2011

2012

Var% Inc/(Dec)

DEBT SERVICE Principal Interest Expenses Guarantee Fees TOTAL - DEBT SERVICE EARNINGS AFTER DEBT SERVICE

0 236 104

0 172 81

0% -27% -22%

14,972 3,066 1,403

13,474 2,639 1,100

-10% -14% -22%

341

254

-26%

19,442

17,214

-11%

-22%

(38,363)

(29,574)

23%

(5,332)

(6,483)

CAPITAL EXPENDITURES Equipment Outlays TOTAL - CAPITAL EXPENDITURES

480

480

0%

1,440

3,010

109%

480

480

100%

1,440

3,010

109%

44

Annex B Comparative Revenue/Expense Details Yeart to Date & Month to Date (August)

Net Operating Revenue Details 2012 vs 2011 In Peso Thousands Land and Building Leases Land Leases Building Leases TOTAL

For the Month of Dec 2012 2011 2012

Variance %

As of December 2011 2012

Variance %

36,257.92 32,529.22 68,787.14

31,183.73 32,011.70 63,195.43

-14% -2% -8%

322,745.88 365,051.20 687,797.08

404,263.59 368,961.60 773,225.20

25% 1% 12%

6,458.47 510.63 1,506.86 8,475.96

6,753.62 448.74 1,371.13 8,573.50

5% -12% -9% 1%

84,320.58 4,157.77 16,997.32 105,475.68

79,473.69 4,963.08 17,132.52 101,569.28

-6% 19% 1% -4%

Seaport Operations Vessel Related Cargo Related Other Port Income NCT-1 Base Rent NCT-2 Base Rent Variable Fees Valle Project TOTAL

6,530.45 14,467.70 154.41 4,020.12 25,172.68

7,271.58 9,988.88 86.59 3,993.77 5,754.63 2,524.47 29,619.93

11% -31% -44% -1% 0% 0% 100% 18%

114,035.67 159,750.66 6,900.45 47,796.46 10,511.46 338,994.70

100,748.78 149,250.21 18,005.48 48,858.86 14,955.41 14,948.96 55,677.30 402,444.99

-12% -7% 161% 2% 0% 42% 100% 19%

Airport Operations Hangar Leases Airport Fees Royalty Income Aviation Concept TOTAL

1,048.74 495.12 10.71 1,154.31 2,708.87

4,300.11 1,123.71 2.70 1,152.55 6,579.07

310% 127% -75% 0% 143%

12,384.72 7,918.79 122.74 13,610.92 34,037.16

16,837.83 5,667.08 173.97 13,866.40 36,545.27

36% -28% 42% 2% 7%

Housing Long-Term Short-Term Developers TOTAL

46

Net Operating Revenue Details 2012 vs 2011 In Peso Thousands Regulatory Fees IMPEX Co-Location Fees Visa and Accreditation Fees CRTE/PTO Fees Administrative Fees ID System Medical Services Security Services Vehicle Registration Fees Labor Income (Work Permit) Ecology Center Services Registry Office Other Regulatory Income CUSA TOTAL Tourism Income Chapel Rental Sports Facilities Rent - SBECC Location Site-Shooting Tours and Special Events Advertisement/Signage Fees Tourism Classification Fees El Kabayo Waterfalls All other income TOTAL

For the Month of Dec 2012 2011 2012

Variance %

As of December 2011 2012

Variance %

10,835.79 2,531.89 561.00 652.41 501.59 294.31 741.98 31.78 73.99 123.70 6.20 628.71 16,983.34

15,939.05 2,817.80 575.69 594.15 254.17 441.35 252.58 542.89 19.24 138.72 61.65 66.95 82.67 8,055.79 29,842.68

47% 11% 3% -9% 100% -12% -14% -27% -39% 87% -50% 980% -87% 100% 76%

44,030.58 29,070.15 7,818.77 9,319.14 6,547.53 4,358.70 3,773.06 1,428.81 1,359.75 2,008.55 512.68 3,408.07 113,635.79

80,238.47 32,160.54 9,785.44 16,711.13 3,128.72 6,885.27 4,247.41 4,454.92 2,186.55 1,945.23 1,918.71 694.11 3,121.41 30,368.46 197,846.36

82% 11% 25% 79% 100% 5% -3% 18% 53% 43% -4% 35% -8% 100% 74%

62.70 230.93 98.40 10.00 60.48 100.00 4.50 4.05 87.95 659.01

106.70 242.78 344.21 50.00 43.12 100.00 2.50 7.85 123.32 1,020.47

70% 5% 100% 400% -29% 0% -44% 94% 40% 55%

518.35 2,334.81 2,409.84 267.00 918.14 1,200.00 69.10 60.00 2,044.64 9,821.88

684.50 2,663.37 3,046.28 515.00 775.28 1,200.00 103.90 86.20 1,976.42 11,050.94

32% 14% 26% 93% -16% 0% 50% 44% -3% 13%

47

Net Operating Revenue Details 2012 vs 2011 In Peso Thousands For the Month of Dec 2012 2011 2012 Miscellaneous Income Subic enerzone Building Permit Garbage Disposal Road User's Fee (Existing Rates) Vehicle/Equipment Rental PPMD Services Disposal of Scrap Materials Treasury Income Subic Water Other Miscellaneous Income TOTAL TOTAL REVENUES Add: FOCs GRAND TOTAL - REVENUES

3,333.33 473.86 1,299.89 1,018.05 718.49 186.19 66.48 15.91 7,112.22

3,333.33 516.90 815.21 1,112.13 706.18 (0.88) 5.34 119.95 6,608.17

129,899.23 283.96 130,183.19

145,439.25 263.96 145,703.20

Variance % 0% 9% -37% 9% -2% -100% 100% -92% 0% 654% -7% 12% -7% 12%

As of December 2011 2012

Variance %

40,000.00 16,522.43 14,606.24 12,994.55 8,602.70 2,735.73 1,809.00 1,358.51 9,836.28 544.68 109,010.11

40,000.00 25,009.09 14,163.91 13,074.19 8,601.00 1,371.40 (145.36) 835.48 1,785.03 104,694.74

0% 51% -3% 1% 0% -50% -100% -39% -100% 228% -4%

1,398,772.40 11,649.97 1,410,422.38

1,627,376.80 7,018.50 1,634,395.31

16% -40% 16%

48

Operating Expenses Details 2012 vs 2011 In Peso Thousands For the Month of Dec 2012 2011 2012

Variance %

As of December 2011 2012

Variance %

Manpower Regular Casual Government Contractuals Contract of Services Office Consultants BOD Per Diem Task Force Subic Honorarias Auditing Services Sub-Total

55,554 601 2,223 28,744 776 1,729 0 1,504 139 91,270

43,332 575 2,135 20,101 4,009 2,332 0 1,082 97 73,662

-22% -4% -4% -30% 417% 35% 100% -28% -30% -19%

360,892 7,481 26,761 265,480 9,912 6,965 8 4,067 646 682,214

348,202 7,070 26,252 245,778 15,042 14,128 7 4,465 3,384 664,329

-4% -5% -2% -7% 52% 103% -15% 10% 423% -2.62%

Occupancy Cost Power & Water Supplies Fuel Communication Services Fidelity Bonds & Insurance Rents Sub-Total

8,005 5,594 5,400 4,367 1,158 413 24,937

7,899 2,890 3,121 2,869 1,146 391 18,317

-1% -48% -42% -34% -1% 100% -27%

83,103 28,711 39,653 11,689 13,855 2,657 179,668

87,589 18,468 27,224 9,110 13,844 2,415 158,651

5% -36% -31% -22% -0.08% -9% -12%

49

Operating Expenses Details 2012 vs 2011 In Peso Thousands

For the Month of Dec 2012 2011 2012

Extraordinary, Confidential & Intelligence Extraordinary & Misc Expense Confidential & Intelligence Sub-Total

Variance %

As of December 2011 2012

Variance %

278 0 278

48 0 48

-83% 0% -83%

882 0 882

401 0 401

-55% 0% -55%

1,838

1,567

-15%

11,668

6,472

-45%

Repairs & Maintenance R & M - Bldgs and Facilities R & M - Government Vehicles R & M - Other Equipment Sub-Total

7,888 953 2,115 10,956

3,294 1,906 325 5,525

-58% 100% -85% -50%

19,764 7,612 3,902 31,278

9,520 4,731 2,020 16,271

-52% -38% -48% -48%

Other Expenses Travel and Trainings Bad Debts Taxes, Duties & Fees Tipping Fees All Other Services Sub-Total

458 14,029 221 725 4,648 20,081

276 9,825 18 678 7,559 18,356

-40% -30% -92% -6% 63% -9%

4,854 133,631 1,052 4,489 20,447 164,473

2,304 131,848 857 4,104 14,626 153,739

-53% -1% -19% -9% -28% -7%

149,360 284 149,644

117,475 565 118,040

-21% 99% -21%

1,070,183 11,650 1,081,833

999,863 7,019 1,006,881

-7% -40% -7%

Advertising & Promotion Advertising & Promotion

TOTAL OPERATING EXPENSES Add: FOCs GRAND TOTAL

50

Annex C Comparative Revenues/Expenses 2012 Actual vs 2012 Proposal vs 2011 Actual

SBMA Revenues Comparative Revenues-Details In Peso Millions A/O Jul Land and Building Leases Land Leases Building Leases TOTAL

Aug

2012 Actual Sep Oct Nov

Dec

TOTAL

2012 Proposal Existing Initiatives TOTAL

202.65 209.87 412.52

32.45 29.56 62.01

64.27 36.99 101.26

34.20 31.79 65.99

39.50 28.74 68.25

31.18 32.01 63.20

404.26 368.96 773.23

333.63 357.04 690.67

57.40 2.84 0.00 0.00 60.24

7.56 0.49 0.00 0.00 8.05

7.87 0.37 0.00 0.00 8.24

7.80 0.63 0.00 0.00 8.43

7.85 0.18 0.00 0.00 8.03

8.12 0.45 0.00 0.00 8.57

96.61 4.96 0.00 0.00 101.57

85.97 6.09 0.00 0.00 92.06

Seaport Operations Vessel Related Cargo Related Other Port Income NCT-1 Base Rent NCT-2 Base Rent NCT-2 Fixed Fee Variable Fees Valle Project TOTAL

56.18 84.84 8.15 28.59 0.00 0.00 11.38 20.45 209.60

8.27 8.72 2.69 4.07 0.00 0.00 0.00 5.70 29.46

16.13 12.39 2.29 4.11 0.00 0.00 0.00 5.72 40.65

7.66 16.78 1.82 4.07 3.41 0.00 3.57 3.77 41.08

5.23 16.53 2.97 4.02 5.79 0.00 0.00 17.50 52.05

7.27 9.99 0.09 3.99 5.75 0.00 0.00 2.52 29.62

100.75 149.25 18.01 48.86 14.96 0.00 14.95 55.68 402.44

104.97 159.25 11.90 49.67 14.96 0.00 7.40 0.00 348.15

Airport Operations Hangar Leases Airport Fees Royalty Income Aviation Concepts TOTAL

7.92 2.66 0.04 7.99 18.61

1.12 0.19 0.01 1.23 2.55

1.13 0.12 0.01 1.19 2.45

1.45 0.51 0.10 1.16 3.22

0.90 1.06 0.01 1.16 3.14

4.30 1.12 0.00 1.15 6.58

16.84 5.67 0.17 13.87 36.55

14.19 3.62 1.24 13.81 32.86

Housing Long-Term Short-Term Condo Units/Share in Sub-Lease Others TOTAL

2011 A/O Dec

27.00 27.00

333.63 384.03 717.66

322.75 365.05 687.80

12.50 0.00 12.50

85.97 6.09 12.50 0.00 104.56

101.32 4.16 0.00 0.00 105.48

104.97 159.25 11.90 49.67 33.02 5.38 7.40 40.20 411.79

114.04 159.75 6.90 47.80 0.00 0.00 10.51 0.00 338.99

14.99 3.62 1.24 13.81 33.66

12.38 7.92 0.12 13.61 34.04

18.06 5.38 40.20 63.64

0.80

0.80

52

SBMA Revenues Comparative Revenues-Details In Peso Millions

A/O Jul

Aug

2012 Actual Sep Oct Nov

Dec

TOTAL

2012 Proposal Existing Initiatives TOTAL

Regulatory Fees IMPEX Co-Location Fees Visa and Accreditation Fees CRTE/PTO Fees Administrative Fees ID System Medical Services Security Services Vehicle Registration Fees Labor Income (Work Permit) Ecology Center Services Registry Office Other Regulatory Income CUSA TOTAL

28.11 17.60 6.59 6.92 1.84 4.40 2.40 2.11 1.60 1.12 1.47 0.51 1.69 0.00 76.37

7.43 2.58 0.55 0.81 0.26 0.48 0.35 0.17 0.31 0.14 0.10 0.03 0.39 0.00 13.60

7.70 2.91 0.68 1.16 0.26 0.54 0.49 0.15 0.08 0.14 0.10 0.03 0.30 0.00 14.57

10.25 3.46 0.75 0.97 0.26 0.53 0.42 0.80 0.14 0.26 0.11 0.02 0.46 11.76 30.20

10.80 2.79 0.63 6.26 0.26 0.49 0.34 0.68 0.04 0.14 0.08 0.04 0.19 10.55 33.27

15.94 2.82 0.58 0.59 0.25 0.44 0.25 0.54 0.02 0.14 0.06 0.07 0.08 8.06 29.84

80.24 32.16 9.79 16.71 3.13 6.89 4.25 4.45 2.19 1.95 1.92 0.69 3.12 30.37 197.85

43.04 28.62 9.37 7.71 3.12 6.57 4.36 3.91 1.73 1.65 2.79 0.98 1.23 0.00 115.08

Tourism Income Chapel Rental Sports Facilities Rent - SBECC Location Site-Shooting Tours and Special Events Advertisement/Signage Fees Tourism Classification Fees El Kabayo Waterfalls All other income TOTAL

0.43 1.45 2.26 0.23 0.37 0.70 0.05 0.07 1.27 6.82

0.04 0.14 0.00 0.05 0.10 0.10 0.01 0.00 0.08 0.52

0.02 0.24 0.33 0.07 0.10 0.10 0.00 0.00 0.22 1.09

0.04 0.31 0.04 0.09 0.08 0.10 0.03 0.01 0.21 0.89

0.04 0.29 0.07 0.03 0.08 0.10 0.01 0.00 0.08 0.71

0.11 0.24 0.34 0.05 0.04 0.10 0.00 0.01 0.12 1.02

0.68 2.66 3.05 0.52 0.78 1.20 0.10 0.09 1.98 11.05

0.72 2.68 10.37 0.32 0.98 1.20 0.09 0.10 1.89 18.34

20.14

2011 A/O Dec

0.00 50.00 70.38

63.18 28.62 9.37 7.95 3.12 6.57 4.36 3.91 1.73 1.65 2.79 0.98 1.23 50.00 185.46

44.03 29.07 7.82 9.32 0.00 6.55 4.36 3.77 1.43 1.36 2.01 0.51 3.41 0.00 113.64

0.00

0.72 2.68 10.37 0.32 0.98 1.20 0.09 0.10 1.89 18.34

0.52 2.33 2.41 0.27 0.92 1.20 0.07 0.06 2.04 9.82

0.24

53

SBMA Revenues Comparative Revenues-Details In Peso Millions

A/O Jul Miscellaneous Income Subic enerzone Building Permit Garbage Disposal Road User's Fee Vehicle/Equipment Rental PPMD Services Disposal of Scrap Matl's Treasury Income Subic Water Other Miscellaneous TOTAL TOTAL REVENUES Add: FOCs GRAND TOTAL - REVENUES

23.33 21.24 9.17 7.42 5.05 0.97 (0.15) 0.69 0.00 0.57 68.29

Aug

Sep

2012 Actual Oct Nov

3.33 0.77 1.21 1.02 0.72 0.04 0.00 0.02 0.00 0.04 7.15

3.33 0.70 1.39 1.11 0.71 0.03 0.00 0.02 0.00 0.06 7.35

852.45 123.34 4.31 0.33 856.76 123.67

175.61 1.67 177.27

3.33 1.28 0.87 1.23 0.71 0.04 0.00 0.08 0.00 0.28 7.83

Dec

TOTAL

2012 Proposal Existing Initiatives TOTAL

3.33 0.49 0.70 1.17 0.71 0.31 0.00 0.02 0.00 0.72 7.46

3.33 0.52 0.82 1.11 0.71 (0.00) 0.00 0.01 0.00 0.12 6.61

40.00 25.01 14.16 13.07 8.60 1.37 (0.15) 0.84 0.00 1.79 104.69

40.00 11.87 15.59 13.54 8.42 1.34 29.52 0.86 0.00 0.79 121.92

157.64 172.90 0.30 0.14 157.95 173.04

145.44 0.26 145.70

1,627.38 7.02 1,634.40

1,419.08 0.00 1,419.08

2011 A/O Dec

0.00 1.20

40.00 11.87 16.79 13.54 8.42 1.34 29.52 0.86 0.00 0.79 123.13

40.00 16.52 14.61 12.99 8.60 2.74 1.81 1.36 9.84 0.54 109.01

175.51 0.00 175.51

1,594.59 0.00 1,594.59

1,398.77 11.65 1,410.42

1.20

0.00

54

SBMA Expenses 2012 vs 2011 In Peso Thousands

2012 Actual Oct Nov

A/O Jul

Aug

Sep

185.09 4.19 15.41 145.23 8.10 6.91 0.00 2.06 3.03 0.00 370.02

24.31 0.58 2.20 19.83 0.75 1.50 0.00 0.45 0.09 0.00 49.71

24.16 0.58 2.18 20.35 0.97 1.23 0.05 0.09 0.07 0.00 49.67

51.97 8.75 16.86 3.70 8.08 1.28 90.64

13.01 2.11 1.39 0.41 1.15 0.21 18.28

4.76 2.19 2.63 0.93 1.16 0.17 11.84

1.46 1.38 1.83 0.77 1.12 0.17 6.73

Extraordinary, Confidential & Intelligence Extraordinary & Misc Expense Confidential & Intelligence Sub-Total

0.18 0.00 0.18

0.03 0.00 0.03

0.02 0.00 0.02

Advertising & Promotion

3.07

0.53

0.28

Manpower Regular Casual Government Contractuals Contract of Services Office Consultants BOD Per Diem Task Force Subic Honorarias Auditing Services Consultant Services (Residential) Sub-Total Occupancy Cost Power & Water Supplies Fuel Communication Services Fidelity Bonds & Insurance Rents Sub-Total

30.43 40.88 0.57 0.58 2.17 2.15 20.13 20.14 0.66 0.55 0.95 1.21 (0.05) 0.00 0.40 0.39 0.06 0.03 0.00 0.00 55.33 65.94

Dec

TOTAL

2012 Proposal Existing Initiatives TOTAL

43.33 0.57 2.13 20.10 4.01 2.33 0.00 1.08 0.10 0.00 73.66

348.20 7.07 26.25 245.78 15.04 14.13 0.01 4.46 3.38 0.00 664.33

436.35 14.37 55.13 361.25 22.00 16.21 0.00 4.51 4.59 0.00 914.41

8.48 1.15 1.39 0.44 1.18 0.20 12.85

7.90 2.89 3.12 2.87 1.15 0.39 18.32

87.59 18.47 27.22 9.11 13.84 2.42 158.65

91.97 33.12 40.00 12.80 14.14 2.32 194.35

0.01 0.00 0.01

0.11 0.00 0.11

0.05 0.00 0.05

0.40 0.00 0.40

1.30 0.00 1.30

0.53

0.49

1.57

6.47

15.42

2011 A/O Dec

1.00 1.00

436.35 14.37 55.13 361.25 22.00 16.21 0.00 4.51 4.59 1.00 915.41

360.89 7.48 26.76 265.48 9.91 6.97 0.01 4.07 0.65 0.00 682.21

0.00

91.97 33.12 40.00 12.80 14.14 2.32 194.35

83.10 28.71 39.65 11.69 13.85 2.66 179.67

0.00

1.30 0.00 1.30

0.88 0.00 0.88

15.42

11.67

55

SBMA Expenses 2012 vs 2011 In Peso Thousands A/O Jul Repairs & Maintenance R & M - Bldgs and Facilities R & M - Government Vehicles R & M - Other Equipment Sub-Total

Aug

Sep

2012 Actual Oct Nov

Dec

TOTAL

2012 Proposal Existing Initiatives TOTAL

5.21 1.65 0.77 7.63

0.24 0.09 0.14 0.47

0.04 0.31 0.10 0.46

0.48 0.24 0.43 1.15

0.25 0.53 0.25 1.03

3.29 1.91 0.33 5.53

9.52 4.73 2.02 16.27

44.09 16.57 9.20 69.86

Other Expenses Travel and Trainings Subsidy to SCAD Bad Debts Taxes, Duties & Fees Tipping Fees All Other Services Sub-Total

1.16 0.00 36.28 0.44 2.21 3.78 43.87

0.24 0.00 47.17 0.11 0.29 0.62 48.43

0.21 0.00 4.71 0.08 0.29 0.82 6.11

0.07 0.00 11.54 0.06 0.30 1.18 13.14

0.34 0.00 22.33 0.15 0.35 0.66 23.83

0.28 0.00 9.82 0.02 0.68 7.56 18.36

2.30 0.00 131.85 0.86 4.10 14.63 153.74

TOTAL OPERATING EXPENSES Add: FOCs GRAND TOTAL - OPERATING EXPENSES

515.42 117.44 4.26 0.31 519.68 117.75

68.38 1.63 70.01

76.90 104.24 117.48 0.18 0.07 0.57 77.08 104.31 118.04

999.86 7.02 1,006.88

2011 A/O Dec

0.00

44.09 16.57 9.20 69.86

19.76 7.61 3.90 31.28

6.02 10.00 140.31 0.85 4.80 26.29 188.27

4.85

0.00

6.02 10.00 140.31 0.85 4.80 26.29 188.27

133.63 1.05 4.49 20.45 164.47

1,383.60 0.00 1,383.60

1.00 0.00 1.00

1,384.60 0.00 1,384.60

1,070.18 11.65 1,081.83

56