DWC 2020 Annual Report Sample

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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Yours truly,

DWC - CONSOLIDATED REVENUE COMPARISON (YTD 2018 VS. YTD 2017)

DP 51%

DFC REVENUES

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2020 ANNUAL REPORT

3

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.

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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

4

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

5

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