2020 ANNUAL REPORT
Our Satisfied Guests
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Our Properties
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2 PRESIDENT’S REPORT
OUR SATISFIED GUESTS
PROPERTIES
FINANCIAL STATEMENTS
BOARD OF DIRECTORS
President’s Report
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DFC 13%
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YTD DEC 2019 DSB 43%
EPRI 43%
Jose C. Parreño, Jr. President
CPD 14%
DA 35%
16% YTD DEC 2020
DWC - CONSOLIDATED REVENUE MIX 2019
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DWC - CONSOLIDATED REVENUE COMPARISON (YTD 2018 VS. YTD 2017)
DP 51%
DFC REVENUES
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2020 ANNUAL REPORT
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PRESIDENT’S REPORT
OUR SATISFIED GUESTS
PROPERTIES
FINANCIAL STATEMENTS
BOARD OF DIRECTORS
Our Satisfied Guests Apero vent earum earum aut aut ame voluptature vernate plitatur as ullam sum volenimus nim vitiiste cus esti aut doluptatiunt voluptaa. It, exerchil inctiae re eaquas aliquae nem que siminum incitas debis evendiore, sunt, optae peror sum et volorro riatur? Bus num endaepr orporib erorem reptur, que peratio nsecae simil il inverum quidunt idel eossimu samende lestibusam estiberum eiuntio ribusdant aliqui cum, offic te sum alit ma vid es as explabo rporerem. Ut laborum non ne nulla poreped
excerrovit entiorum vollectorum dolenaim expedigt autet archita tenimpor amust vent officid quidel eum fuga ut eumq. Bea natecep uditias aute volupti conserum et aliquisquid iciasp icatia alitias sum idesequae nulparunt re niendit, omnisitibus, volum quias id et doloribus es es ut od moluptaquis estio. Andi reruptate voluptatem que voluptatur.
“Top notch service. They made us
feel at home and made sure we have everything we need.
Most amazing place on Earth! “Os hortiu sermium octuricam, consua tam suli, quam ficus senequi fex menirip senihilicaet L. Sp. Larimpecus, menimacre ve, sultoratus confecta viveris, se que audem vit conum pro. Sollaute cearum que maio.
Ed esciundi is sitatiste nimuscima pore soluptam faccull ecesequia voluptatum suntur ma doluptas erci idunt fuga. Itatus. Axim quam eum nonecto tasperunt dolum quis ipsundae poruntur? Quis volorunti berorec temolorestia as volupti consequam elesciminum dolor autatecat eossin pliquibus
quis ipsundae poruntur? Quis quam eles xim quam eum nonecto taspvolorunti berorec temolorestia as volupti consequam eles xim quam eum nonecto tasperunt dolum quis ipsundae poruntur? Quis volorunti berorec temolorestia as volupti. - Silvia and Robert Smith
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2020 ANNUAL REPORT
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PRESIDENT’S REPORT
OUR SATISFIED GUESTS
PROPERTIES
Discovery Shores Boracay Apero vent earum earum aut aut ame voluptature vernate plitatur as ullam sum volenimus nim vitiiste cus. It, exerchil inctiae re eaquas aliquae nem que siminum incitas debis evendiore, sunt, optae peror sum et volorro riatur? Bus num endaepr orporib erorem reptur, que peratio nsecae simil il inverum quidunt idel eossimu samende lestibusam estiberum eiuntio ribusdant aliqui cum, offic te sum alit ma vid es as explabo rporerem. Ut laborum non ne nulla poreped excerrovit entiorum vollectorum dolenaim expedigt autet archita tenimpor amust vent officid quidel eum fuga ut eumq. Bea natecep uditias aute volupti conserum et aliquisquid iciasp icatia dolorro officte eicit laut exera sequi quam, eum faccum doluptum ipsunt alitias sum idesequae nulparunt re niendit. Aliati dempores et que numenimendis quia ex et, eum as esequunt, sit mosam.
FINANCIAL STATEMENTS
BOARD OF DIRECTORS
Exerchil inctiae re eaquas aliquae nem que siminum incitas debis evendiore, sunt, optae peror sum et volorro riatur? Bus num endaepr orporib erorem reptur, que peratio nsecae simil il inverum quidunt idel eossimu samende lestibusam estiberum eiuntio ribusdant aliqui cum, offic te sum alit ma vid es as explabo rporerem. Ut laborum non ne nulla poreped excerrovit entiorum vollectorum dolenaim expedigt autet archita tenimpor amust vent officid quidel eum fuga ut eumq. Bea natecep uditias aute volupti conserum et aliquisquid doluptum ipsunt alitias sum idesequae nulparunt re niendit, omnisitibus.
Exerchil inctiae re eaquas aliquae nem que siminum incitas debis evendiore, sunt, optae peror sum et volorro riatur? Bus num endaepr orporib erorem reptur, que peratio nsecae simil il inverum quidunt ribusdant aliqui cum, offic te sum alit ma vid es as explabo rporerem. Ut laborum non ne nulla poreped.
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2020 ANNUAL REPORT
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PRESIDENT’S REPORT
OUR SATISFIED GUESTS
PROPERTIES
FINANCIAL STATEMENTS
BOARD OF DIRECTORS
Lucky Cloud 9 Exerchil inctiae re eaquas aliquae nem que siminum incitas debis evendiore, sunt, optae peror sum et volorro riatur? Bus num endaepr orporib erorem reptur, que peratio nsecae simil il inverum quidunt idel eossimu samende lestibusam estiberum eiuntio ribusdant aliqui cum, offic te sum alit ma vid es as explabo rporerem. Ut laborum non ne nulla poreped excerrovit entiorum vollectorum dolenaim expedigt autet archita tenimpor amust vent officid quidel eum fuga ut eumq. Bea natecep uditias aute volupti conserum et aliquisquid.
Apero vent earum earum aut aut ame voluptature vernate plitatur as ullam sum volenimus nim vitiiste cus. It, exerchil inctiae re eaquas aliquae nem que siminum incitas debis evendiore, sunt, optae peror sum et volorro riatur? Bus num endaepr orporib erorem reptur, que peratio nsecae simil il inverum quidunt idel eossimu samende lestibusam estiberum eiuntio ribusdant aliqui cum, offic te sum alit ma vid es as explabo rporerem. Ut laborum non ne nulla poreped excerrovit entiorum vollectorum dolenaim expedigt autet archita tenimpor amust vent officid quidel eum fuga ut eumq. Bea natecep uditias aute volupti conserum et aliquisquid iciasp icatia dolorro officte eicit laut exera sequi quam, eum faccum doluptum ipsunt alitias sum idesequae nulparunt re niendit. Aliati dempores et que numenimendis quia ex et, eum as esequunt, sit mosam.
Exerchil inctiae re eaquas aliquae nem que siminum incitas debis evendiore, sunt, optae peror sum et volorro riatur? Bus num endaepr orporib erorem reptur, que peratio nsecae simil il inverum quidunt ribusdant aliqui cum, offic te sum alit ma vid es as explabo rporerem. Ut laborum non ne nulla poreped.
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2020 ANNUAL REPORT
6
PRESIDENT’S REPORT
OUR SATISFIED GUESTS
PROPERTIES
FINANCIAL STATEMENTS
BOARD OF DIRECTORS
DISCOVERY WORLD CORPORATION AND SUBSIDIARIES Consolidated Statements of Cash Flows
NOTE CAPITAL STOCK
15
ADDITIONAL PAID-IN CAPITAL
2020
2019
2018
PhP 626,000,000
PhP 626,000,000
PhP 626,000,000
353,538,678
353,538,678
353,538,678
Balance at beginning of year Net income (loss) Transfer of cumulative remeasurement loss on financial assets at FVOCI
11
Dividends declared
15
Balance at end of year
279,291,841
286,534,246
283,294,309
(123,434,000)
(7,242,405)
18,889,937
(22,190,910)
–
–
–
–
(15,650,000)
133,666,931
279,291,841
286,534,246
NONCONTROLLING INTEREST Balance at beginning of year
–
–
6,392,179
Acquisition of non-controlling interest
–
–
(6,314,643)
Comprehensive income
–
–
(77,536)
Balance at end of year
–
–
–
OTHER EQUITY RESERVES Balance at beginning of year, under PAS 39 2
Balance at beginning of year, under PFRS 9
(48,066,614)
(48,012,873)
(36,565,198)
52,769,444
–
–
4,702,830
(48,012,873)
(36,565,198)
2019
PhP 1,724,775,000
PhP 843,416,668
PhP 438,000,000
Loans payable
(875,495,466)
(365,000,000)
(181,270,210)
Finance costs
(86,313,720)
(34,781,203)
(31,185,205)
(337,121)
(316,078)
(296,785)
–
–
(15,650,000)
Decrease in due from related parties
41,951,004
2,386,527
19,048,000
Increase (decrease) in due to related parties
(3,170,333)
8,252,429
(13,350,000)
Acquisitions of non-controlling interests
–
–
(2,200,000)
Net cash provided by financing activities
801,409,364
453,958,343
213,095,800
4,749,207
(1,917,446)
(1,879,849)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
58,118,081
(13,921,793)
20,492,752
CASH AND CASH EQUIVALENTS
95,418,019
109,339,812
88,847,060
PhP 153,536,100
PhP 95,418,019
PhP 109,339,812
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from availments of loans
Obligations under finance lease Dividends
15
EFFECT OF EXCHANGE RATE CHANGES ON CASH
CASH AND CASH EQUIVALENTS AT END OF YEAR NONCASH FINANCIAL INFORMATION 9
PhP 53,840,640
PhP 12,009,693
PhP 13,842,374
Transfer and acquisition of retirement obligation to a related party
21
9,180
3,453,333
–
1,950,082
Reclassification of investment property to property and equipment
9
–
48,788,885
–
–
(6,985,357)
Acquisition of land financed by an officer
–
–
38,993,080
4,732,702
(48,066,614)
(48,012,873)
PhP 1,117,938,311
PhP 1,210,763,905
PhP 1,218,060,051
11
Fair value gains (losses) on financial assets at FVOCI
11
(21,326,722)
(1,469,200)
(6,412,400)
Remeasurement gains (losses) on net retirement benefitliability
21
(834,316)
1,415,459
–
Balance at end of year
2018
Capitalized borrowing cost
Transfer of cumulative remeasurement loss on financial assets at FVOCI
Acquisition of non-controlling interest
2020
Payments of:
RETAINED EARNINGS
Transition adjustment under PFRS 9
NOTE
22,190,910
–
–
See accompanying Notes to Consolidated Financial Statements.
2020 ANNUAL REPORT
7
PRESIDENT’S REPORT
OUR SATISFIED GUESTS
Board of Directors
Jose C. Parreño, Jr.
Christopher John A.D. Tiu
A. Bayani K. Tan
CHAIRMAN OF THE BOARD AND CEO
DIRECTOR
BOARD OF DIRECTORS
John Y. Tiu, Jr.
CHAIRMAN OF THE BOARD AND CEO Mr. John Y. Tiu, Jr. is concurrently the Chairman of DWC’s subsidiaries, Euro-Pacific Resorts, Inc., Palawan Cove Corporation, Cay Islands Corporation, Sonoran Corporation, Long Beach Property Holdings, Inc., Balay Holdings, Inc., Lucky Cloud 9 Resorts, Inc., and Discovery Hospitality Corporation, and a Director of Discovery Fleet Corporation. He is Chairman and President of Tera Investments, Inc., JT Perle Corporation, One Cerrada Corporation, One Urdaneta Corporation, Ninety Nine Urdaneta Holdings Corp, One Luscara Corporation and One Legaspi Corporation. He is also the Director and President of The Discovery Leisure Co Inc., Discovery Country Suites, Inc. and Evergreen Manufacturing Corporation. He is a member of the Board of Directors of Sterling Bank of Asia, Inc. (A Savings Bank), I-Remit Inc., Oakridge Properties, Inc., Sagesoft Solutions, Inc., and Lunch Bucks Gourmet, Inc. He is a Director and Executive Vice President of Aldex Realty Corporation. He is a Director and First Vice President of JTKC Leisure Holdings Corporation (formerly JTKC Realty Corporation). He is a Director and Treasurer of Star Equities, Inc., JTKC Land, Inc., and JTKC Equities, Inc. He previously held positions as Director and Treasurer of Touch Solutions, Inc. (2001-2013), Director and President of Fidelity Securities, Inc. (2000-2017), and Director of Enderun Colleges (2005-2017). He holds a Bachelor of Science degree in Electrical Engineering Minor in Mathematics from the University of Washington in Seattle, Washington, USA.
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John Y. Tiu, Jr.
FINANCIAL STATEMENTS
PROPERTIES
DIRECTOR AND PRESIDENT
DIRECTOR
Romualdo C. Macasaet DIRECTOR
Lamberto R. Villena DIRECTOR
William L. Chua
INDEPENDENT DIRECTOR
Elizabeth Ann C. Parpan INDEPENDENT DIRECTOR
Eric S. Yu
INDEPENDENT DIRECTOR
2020 ANNUAL REPORT
Principal Office: Station 1, Balabag, Malay, Aklan Corporate Office: 2/F JTKC Centre 2155 Pasong Tamo Street, Makati City Telephone number: (+632) 813-8857 / (+632) 519-5674 Telefax number: (+632) 519-5625 www.discovery.com.ph