COVER SHEET

Transcription

COVER SHEET
COVER SHEET
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S.E.C. Registration Number
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(Company's Full Name)
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(Business Address : No. Street Company / Town / Province)
MS. JOSEFA BERNADETTE DIZON
636-1170
Contact Person
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3
3
Month
Company Telephone Number
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1
Day
7
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FORM TYPE
Month
Day
Annual Meeting
N/A
Secondary License Type, If Applicable
Dept. Requiring this Doc.
Amended Articles Number/Section
Total Amount of Borrowings
Total No. of Stockholders
Domestic
To be accomplished by SEC Personnel concerned
File Number
Document I.D.
STAMPS
Remarks = pls. use black ink for scanning purposes
LCU
Cashier
Foreign
S EC U R ITIE SA N D E X C H A N GEC OMMIS S ION
S E C FOR M .17-Q
S E C U R ITIE S
QU AR T ER L YR EP O R TP U R S U A N TTO S E C TION17 OF TH E
TH
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R
E
UNDER
17(2)(b)
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R EGU L AT ION
1 . F o r th e q u a rte rl yp e ri o de n ded March31' 2013
2 ' c o n ,]mi s s i o n i d e n ti fi c a ti o n numberggg053' B IR TaxIdenti fi cati onN o.000-1B B -233
4. Exact name of issueras specifiedin its charter
P H IL IP PIN ER EA L T YAN D H OLD IN GSC OR P OR A TION
PHILIPPINES
5. Province,country or otherju risdictionof incorporationor organization
(SECUseonly)
coOe, l=---=l
6. IndustryClassification
Postarcode
?. A;;;.;";ii;;;.;til;;i;;i"trn;
Quezon City
Andrea North Complex,BaleteDrivecof N Domingo'New l\'4anila'
ortigas center. Pas]g
Rd',
Exchange
Sate|liteoffice: E.512|513East Tower, PSE cente|,
code
area
8 . l s s u e r' ste l e p h o n en u m b e r ,i ncl udi ng
(6 3 2 )6 3 6 -11 7 0 /6 3 1 -3719
year' Priorto its transferto
9. The Registranthas not changedits corporatename and^Iiscal
th e a b o v e a d d re s s th e re g i stranthel di tsoffi ceat3' dFl oorl \,4agni tudeB l dg.,186E
Rodriguez,Jr. Avenue,Quezon City
or Sections4 and 8 of the
l0.Securitiesregisteredpursuantto SectionsB and 12 of the Code'
RSA
Numberof sharesof
stocK
Title of each Class
commorl
o u ts ta n d i n ga n d a m o u n t
of debt outstanding
shat'es
O'922'324'90E
Cotttt'non
.
1 1 . Are a n y o ra l l o fth e s e c u ri ti esl i stedon a S tockE xchange?
Y e s [X]
N o []
of securitieslisted
lf yes, staie the name of such Stock Exchangeand the class/es
th e re i n :
PhilippineStock Exchange
12. Indicateby check mark whetherthe registrant:
and SRC Rule
(a) has filed all reportsrequiredto be filed by Sect]ol 11 of ihe Code
,l T th e re u n d e ro rS ecti onS l l oftheR S A andR sA R ul el l (a)-,l thereunder,ano
Se c tj o n s 2 6 a n d l 4l ofthecorporati onC odeoftheP hi l i ppi nes,dU ri ngthe
precedingtwelve (12) months(or for such shorterperiodthe registrant
requiredto filesuchrePorts)
Yes IX]
No [ ]
for the pastninety(90)days'
(b) hasbeensubjectto suchfilingrequirements
Yes IX]
No [ ]
PART I-FINANCIAL INFORMATION
Ite m 1 . F i n a n c i a lSta te me n ts.
three months ended March
A copy of the comparallvestatementsas of and for the
S t,2 o i a a n O2 0 l 2 i s s u bmi ttedaspartofthi sreportThefi nanci al statementsw ere
The
prepared in accordance with Philippine Financial Reporting Standards
financial
in
the
interim
accounting policies and methods of computatlonsfollowed
statementsfor the
statementsare tne same compared with ihe audited financial
p e ri o de n d e d D e c e m b er31' 2012'
are furtherdisclosedin
Changesaffectingbalancesheet and income statementitems
events subsequent
the Minagement Discussionand Analysis There are no material
in the financial
reflected
to the end of the interlm period that have not been
statementsfor the interimperlod'
C ondi ti on and R esul ts of
Ite rh 2 . M a n a g e m e n t' sD i s c ussi on and A nal ysi s of Fi nanci al
O Derations.
R e fe rto th e F i rs i Q u arterA na| ysi sofU naU di tedconso| i datedFi nanci aIS tatem ent
attachedas Exhibitll
S IGN A TU R E S
has duly
Pursuantto tne requlrementsof the SecuritiesRegulationCode' the issuer
authorized'
duly
caused this reportto be signedon its behalfby the undersignedthereunto
'1y'-A+h
Ama d o r C . Ba c a n i
Presldent
Ma y 1 5 , 2 0 1 3
-a444
RobiroseN,4.
Mbot
Vice-PresidentFinance/Admin
May 15,2013
PHILIPPINE REALTY AND HOLDINGS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Unaudited
March 31
2013
ASSETS
Cash and cash equivalents
Financial Assets
Trade and other receivables - net
Trading investments
Available-for-sale investments
Held to maturity investments
Prepayments and other current assets - net
Real estate inventories
Real estate held for sale and development - net
Investments in and advances to associates - net
Investments in joint ventures - net
Investment property
Property and equipment - net
Deferred tax assets
Goodwill
LIABILITIES AND EQUITY
Trade and other payables
Unearned income
Funds held in trust
Unearned premiums
Retirement benefit obligation
Deferred tax liabilities
Funds held for reinsurers
Equity
Capital stock
Reserves
Deficit
Treasury stock
Equity Attributable to Equity Holders of the Parent
Minority interest
See Notes to Consolidated Financial Statements.
Audited
December 31
2012
465,977,657
P 569,014,062
691,871,553
27,569,250
311,495,176
50,069,407
225,230,539
977,921,785
899,518,696
222,667
60,212,943
398,078,735
60,890,331
20,301,194
5,374,610
4,194,734,543
739,491,593
20,502,751
324,389,699
50,308,581
195,665,329
857,339,901
899,518,696
222,667
60,142,943
386,654,919
63,367,088
20,301,194
5,374,610
P4,192,294,033
371,856,962
143,387,726
653,087,170
45,908,106
52,760,485
11,042,650
3,134,236
1,281,177,335
P 357,189,181
143,387,726
653,087,170
49,655,207
52,516,210
11,042,650
3,674,080
1,270,552,224
4,493,913,645
378,672,356
(1,819,636,089)
3,052,949,912
(163,383,895)
2,889,566,017
23,991,191
2,913,557,208
P4,194,734,543
4,493,913,645
385,547,010
(1,817,642,318)
3,061,818,337
(163,383,895)
2,898,434,442
23,307,367
2,921,741,809
P4,192,294,033
PHILIPPINE REALTY AND HOLDINGS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the First Quarter Ended March 31
2013
2012
Income
Sale of condominium unit
Rent
Net underwriting income
Management fees
Commission
Interest
Miscellaneou income
Costs and Expenses
Cost of condominium units sold
General and administrative
Loss on sales cancellation
Finance Costs
Interest expense
Income (Loss) Before Tax
Income Tax Expense (Benefit)
Net Income (Loss)
Attributable to:
Equity holders of the parent
Minority interest
68,828,964
7,005,520
8,473,920
6,084,510
1,726,089
3,830,274
2,440,767
98,390,043
54,907,996
5,783,941
9,183,941
5,776,903
2,028,148
5,986,645
8,709,736
92,377,310
59,924,433
39,490,262
99,414,695
46,524,422
37,509,320
84,033,742
(1,024,651)
285,296
(1,309,947)
8,343,568
336,569
8,006,999
(1,993,771)
683,824
(1,309,947)
6,475,502
1,531,497
8,006,999
(12,859,523)
(14,169,470)
(11,485,140)
(3,478,141)
(0.000409)
(0.000409)
0.001328
0.001328
Other Comprehensive Income
Unrealized holding gain(loss) on AFS investments
Total Comprehensive Income (Loss)
Income per share
Basic
Diluted
Number of shares outstanding
Basic (net of treasury stock 125,644,005)
Diluted (net of treasury stock 125,644,005)
4,877,907,002
4,877,907,002
4,877,907,002
4,877,907,002
PHILIPPINE REALTY AND HOLDINGS CORPORATION AND SUBSIDIARIES
STATEMENTS OF CHANGES IN EQUITY
For the First Quarter Ended March 31
2013
2012
3,688,679,636
-
P3,687,461,960
-
3,688,679,636
3,687,461,960
1,314,901,371
509,782,113
1,316,119,047
509,782,113
805,119,258
806,336,934
114,751
114,751
4,493,913,645
4,493,913,645
250,000,000
660,988
250,660,988
250,000,000
250,000,000
Capital Stock
Authorized 8,000,000,000 common shares
Issued and outstanding 3,688,679,636 shares in 2013;
3,687,461,960 shares in 2012
Capital stock, December 31
Issuance of capital stock
Subscribed capital stock 1,314,901,371 shares in 2013;
1,316,119,047 shares in 2011
Less: Subscription receivable
Additional paid-in capital
Capital stock, March 31
Reserves
Appropriated retained earnings for
Treasury stock acquisition
Catastrophe loss
Unrealized holding gain (loss) on avilable-for-sale investments
Balance, beginning
Unrealized holding gain (loss)
Balance, end
119,770,865
(6,876,020)
90,609,632
(7,626,952)
112,894,845
82,982,680
15,116,523
13,450,351
Revaluation of property and equipment
Balance,beginning
Transfers to retained earnings from depreciation valuation
reserves
Balance,end
-
-
15,116,523
13,450,351
378,672,356
346,433,031
Deficit
Balance, beginning
Net income (loss) for the quarter
(1,817,642,318)
(1,993,771)
(1,821,942,766)
6,475,502
Balance, end
(1,819,636,089)
(1,815,467,264)
Treasury Stock
3,052,949,912
(163,383,895)
3,024,879,412
(163,158,652)
2,889,566,017
2,861,720,760
23,307,367
683,824
19,317,604
916,438
1,531,497
-
2,835,917
23,991,191
24,601,456
P2,913,557,208
P2,886,322,216
Minority Interest
Balance, beginning
Additional investment
Share in net income
Share in fluctuation of market value
of investments in shares of stocks
See Notes to Consolidated Financial Statements.
PHILIPPINE REALTY AND HOLDINGS CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Three Months Ended March 31
2013
2012
Cash flows from Operating Activities
Net Income
Adjustments for:
Prior Period Adjustments
Equity in net losses (earnings) of subsidiaries and affiliates
Depreciation and amortization
Provision for tax
Minority Interest
Gain ( Loss ) from operations before working capital changes
Decrease (Increase) in:
Real estate held for sale and development
Real estate inventories
Receivables
Prepayments and other current assets
Increase (Decrease) in:
Accounts payable and accrued expenses
Funds Held in Trust
Funds Held for reinsurers
Unearned premiums
Unearned Income
Deferred Tax Liability
Retirement Benefit Obligation
Deposit Payable
Loans Payable
Net cash used in operating activities
Cash Flows from Investing Activities
Decrease (Increase) in:
Other assets
Deferred Tax Assets
Computer Software
Investments in joint venture
Held to maturity investments
Investments and advances
Available-for-sale investments
Trading Investments
Investment Property
Net disposals (additions) to property and equipment
Net cash from investing activities
Cash Flows from Financing Activities
Proceeds (payments) of bank loans - net
Increase in capital stock
Unrealized holding gain (loss) on available-for-sale investments
Transfer to consolidated statements of income on sale
of available-for-sale invetsments
Revaluation of property and equipment
Reserve for fluctuation in MV of investment in stocks
Increase(decrease) in minority interest
Treasury stock transactions
Net cash from (used in) financing activities
Net Decrease in Cash and Cash Equivalents
Cash and Cash Equivalents, Beginning
Cash and Cash Equivalents, End
(1,993,771)
6,475,502
2,562,441
2,649,174
683,824
1,252,494
1,531,497
10,656,173
(120,581,884)
47,620,040
(29,565,210)
19,578,207
1,389,656
2,762,311
14,667,781
(539,844)
(3,747,101)
6,103,863
4,573,302
124,459
(1,897,520)
244,275
(90,649,448)
-
136,756
43,427,207
(1)
(70,000)
239,174
(4,391,228)
12,894,523
(7,066,499)
(11,423,816)
(85,684)
(5,512,304)
3,689,365
312,639
(767,421)
(1,156,646)
-
(6,874,654)
(6,874,654)
(103,036,405)
569,014,062
465,977,657
-
(8,287,962)
3,752,356
225,243
(4,310,363)
37,960,198
443,320,122
481,280,320
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE FIRST QUARTER OF 2013
The Company posted a net loss of P1.31 million and income of P8.0 million for the first three
months of 2013 and 2012, respectively; of which loss of P1.99 million and income P6.48
million for 2013 and 2012, respectively, are attributable to equity holders of the Parent
Company. Sale of condominium units went up by 25.35% from P54.91 million in 2012 to
P68.83 million in 2013 due to additional sales booking for Skyline Tower and Icon Plaza.
Rent income increased by 21.12% from P5.78 million in 2012 to P7.01 million in 2013 due to
escalation of contract price. Net underwriting income declined from P9.18 million to P8.47
million due to lesser bookings by Meridian Assurance Corporation (MAC). Management fees
by subsidiary PRHC Property Managers, Inc. (PPMI) rose by 5.32% due to escalation in fees
and new clients. Interest income dropped to P3.83 million in 2013 from P5.99 million in
2012 due to use of funds for Skybreeze Tower and lower interest rates. Miscellaneous
income, on the other hand, slipped to P2.44 million in 2013 from P8.71 million in 2012.
General and administrative expenses rose from P37.51 million in 2012 to P39.49 million in
2013 primarily due to depreciation on investment properties.
The table below shows the material change from period to period in the Statement of
Comprehensive Income. Material shall refer to changes or items amounting to five percent
(5%) of the relevant accounts.
Sale of condominium units
Net underwriting income
Rent
Management fees
Interest income
Miscellaneous income
Cost of condominium unit sold
General and administrative exp.
Vertical
Analysis
2013
2012
69.96%
59.44%
8.61%
9.94%
7.12%
6.26%
6.18%
6.25%
3.89%
6.48%
2.48%
9.43%
60.90%
50.36%
40.14%
40.60%
2013 vs. 2012
P13,920,968
(710,021)
1,221,579
307,607
(2,156,371)
(6,268,969)
13,400,011
1,980,942
Horizontal
Analysis
2013
25.35%
(7.73%)
21.12%
5.32%
(36.02%)
(71.98%)
28.80%
5.28%
Trade and other receivables comprise 16.49% of the total assets as of March 2013. It dropped
by 12.36% from 2012 level brought about by recoupment of advances from contractors and
collection of receivables both by the Parent Company and MAC.
Trading investments increased by 34.47% due to additional investments made by MAC.
Available-for-sale investments slightly dropped by 3.98% due to adjustment in market prices
of investments as at end March 2013.
Real estate inventories increased due to the net effect of payments made to contractors for
Skybreeze Tower and the recognition of cost of sold units at Skyline Tower and Icon Plaza.
Prepayments and other current assets increased by 15.11% due to the creditable tax
remittance and input taxes from purchase of goods and services from various contractors for
the Skybreeze Tower.
Funds held in trust comprised 15.57% and 15.58% of the total liabilities and stockholders’
equity for 2013 and 2012, respectively.
The table below shows the material change from period to period in the Statement of
Financial Position. Material shall refer to changes or items amounting to five percent (5%) of
the relevant accounts.
Cash and cash equivalents
Trade and other receivables
Trading investments
Available for sale investments
Prepayments and other current assets
Real estate held for dev.
Real estate inventories
Investment property
Trade and other payables
Funds held in trust
Unearned premiums
Vertical
Analysis
2013
2012
11.11%
13.57%
16.49%
17.64%
.66%
.49%
7.43%
7.74%
5.37%
4.67%
21.44%
21.46%
23.31%
20.45%
9.49%
9.22%
8.86%
8.52%
15.57%
15.58%
1.09%
1.18%
Horizontal
Analysis
2013
(18.11%)
(6.44%)
34.47%
(3.98%)
15.11%
14.06%
2.95%
4.11%
(7.55%)
2013 vs. 2012
P(103,036,405)
(47,620,040)
7,066,499
(12,894,523)
29,565,210
120,581,884
11,423,816
14,667,781
(3,747,101)
The consolidated stockholders’ equity as of end March 2013 stood at P2.89 billion.
Top Five Performance Indicators
Gross Revenue
Current Assets
Current Ratio = Current Liabilities
Liabilities
Debt-to-Equity Ratio= Equity
Book value per share=SHE + Subs. Rec.
# of shares outstanding
Earnings Before Interest, Tax, Depreciation
and Amortization
2013
2012
P 92,119,002
P 77,680,929
2,594,063,307
1,003,255,162 = 2.59
0.00
0.00
3,399,348,130
4,877,907,002
P 899,054
1,848,821,363
823,116,052= 2.25
= .70
3,371,502,873
4,877,907,002= .69
P 11,329,311
Gross revenue includes sale of real estate, rent, commission, management fees and
underwriting income. The increase in leased areas, rental rates and number of customers
contribute significantly to the cash inflows of the Company. The Company’s current ratio is
at 2.59 and 2.25 for 2013 and 2012, respectively. As of March 2013, the Company’s debt-toequity ratio remains at zero. Book value per share is at .70 and .69 in 2013 and 2012,
respectively.
There were no issuances, repurchases and repayments of neither debt and equity securities
nor dividends paid during the interim period. MAC distributed P32.97 million stock
dividends last June 6, 2012. The dividends forms part of the increase in paid-up capital by
MAC from P125 million end of 2011 to P175 million end of 2012.
Segment revenue and segment result for business segments or geographical segments is
presented as Annex I of this report.
The Company has filed with the court a petition for corporate rehabilitation with prayer for
suspension of payments in 2002.
Settlement has been reached with all the five creditor
banks through dacion en pago, cash payments from the sale of assets and loan restructuring.
The Company has completed another major component of the rehabilitation plan which is the
completion of the construction of the Andrea North Skyline Tower. This led to the
Company’s filing of the Motion to terminate rehabilitation proceeding on account of
successful implementation of the Rehabilitation Plan last February 2011. The Rehabilitation
Court denied our petition on the account that the Company has still substantial obligation to
settle per Rehabilitation Plan. The Company has submitted to the Court a payment schedule
for the settlement of these remaining obligations.
On July 16, 2012, the Company received a Writ of Execution from the RTC of Makati on the
case of Ley Construction and Development Corporation (LCDC) vs. PRHC wherein the
company was ordered to pay LCDC the sum of P57 million plus legal interest from the time
of filing of the case. A Notice of Garnishment was also issued on the same date. The
Company filed a Motion to lift the Garnishment with the RTC, which the court grantedon the
basis that its Company is still under rehabilitation.
Planning and design of the next tower at Andrea North Towers to be called “Skybreeze”, is in
its final stages and construction of the substructure is ongoing.
On the other hand,
construction of the joint venture project, Icon Plaza in the Bonifacio Global City with Xcell
Property Ventures commenced mid 2010 and is ongoing.
As of this report there are no other known events that will trigger direct or contingent
financial obligation that is material to the Company. Moreover, there are no material offbalance sheet transactions, arrangements, obligations and other relationships of the company
with unconsolidated entities or other persons created during this period.
The Group’s activities expose it to a variety of financial risks. The Group’s overall risk
management program seeks to minimize potential adverse effects on the financial
performance of the Group. The policies for managing specific risks are summarized below:
FINANCIAL RISK MANAGEMENT
Foreign Exchange Risk
The Company has foreign denominated receivable from its associate, Alexandra, USA
amounting to $3.01 million which has already been provided for impairment due to
uncertainty of collection. The sensitivity rate used in reporting foreign currency risk
internally to key management personnel is 10% and it represents management’s assessment
of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes
only outstanding foreign currency denominated monetary items and adjusts their translation
at the period end for a 10% change in foreign exchange rates.
Credit Risk
The Group’s credit risk is primarily attributable to its trade and other receivable and advances
to associates. The Group has adopted stringent procedure in extending credit terms to
customers and in monitoring its credit risk.
The Group has no significant concentration of credit risk. It has policies in place to ensure
that services are rendered to customers with an appropriate credit history. The Group’s
exposure to credit risk arises from default customer, with a maximum exposure equal to
carrying amount of the related receivables particularly those relating to its leasing operations.
Interest Rate Risk
Interest on loans payable were arranged at fixed interest rates as stated in the amended
rehabilitation plan, eliminating the possible exposure of the Group to fair value interest rate
risk fluctuation.
Liquidity Risk
The Group maintains adequate highly liquid assets in the form of cash and cash equivalents
to assure necessary liquidity. Free cash flows have been restricted primarily for the
settlement of the Parent’s Company’s debt obligation, in conformance with the rehabilitation
plan.
In compliance with SEC Memorandum Circular No. 3, Series of 2011 in which the adoption
has been deferred by the Financial Reporting Standard Council (FRSC) to January 1, 2015,
the Company decided not to adopt PFRS 9 for its 2013 financial reporting and hereby
provides the following information in our interim FS as of March 31, 2013:
i) After consideration of the result of its impact evaluation, the Company has
decided not to early adopt PFRS 9 for its annual reporting;
ii) It shall conduct in early 2014 another impact evaluation using the outstanding
balance of FS as of December 31, 2013;
iii) A statement that the Company’s decision whether to early adopt either PFRS for
its 2014 financial reporting shall be disclosed in its interim FS as of December 31,
2013. The Company shall, likewise, state that if the decision of the company will
be to early adopt the subject standard for its 2014 financial reporting, its interim
reports as of March 31, 2014, will already reflect the application of the
requirement under the said standard and will contain a qualitative and quantitative
discussion of the results of the company’s impact evaluation.
PHILIPPINE REALTY AND HOLDINGS CORPORATION
AGING OF ACCOUNTS RECEIVABLE-TRADE
AS OF MARCH 31, 2013
PARTICULARS
PRHC
PPMI
CURRENT
417,310,069
OVER DUE
31-60 DAYS
8,413,798
UTC
GRAND TOTAL
23,389,408
20,000
TIBI
MAC
61-90 DAYS
OVER 91 DAYS
124,268,855
573,382,129
1,243,613
1,263,613
7,874,721
3,129,308
3,307,975
2,272,068
7,874,721
51,178,220
806,637
421,266,014
TOTAL
59,887,571
806,637
11,721,773
Accounts Receivable - Trade
Accounts Receivable - Others
Total
33,536,197
643,214,670
48,656,883
691,871,553
176,690,687
643,214,670
PHILIPPINE REALTY AND HOLDINGS CORPORATION
FINANCIAL SOUNDNESS INDICATORS
Annex II
2013
2012
Current Ratio:
Indicates ability to cover short term
obligations
Current Assets/
Current Liabilities
Net Profit Margin:
Shows how much profit is made for
every peso of revenue
Net Income(Loss)/
Total Revenues
Asset Turnover:
Shows efficiency of asset used in
operations
Total Revenues/
Ave. Total Assets
98,390,043
4,193,514,288
0.02
92,377,310
3,984,659,986
0.02
Liabilites (Loans Payable)
Total Equity
0
2,913,557,208
0
0
2,921,741,809
0
0
2,356,923
-
0
Leverage Ratio (D/E Ratio):
Measure of how much of a company's
assets are funded through borrowing
and how much through equity
Interest Rate Coverage Ratio:
Determine how easily a company
can pay interest on outstanding debt
EBIT/
Interest Expense
2,750,135,367
1,214,239,964
(1,309,947)
98,390,043
(4,854,925)
-
2.26
-1.33%
1,848,821,363
823,116,052
8,006,999
92,377,310
2.25
8.67%
PHILIPPINE REALTY AND HOLDINGS CORPORATION AND SUBSIDIARIES
BUSINESS SEGMENTS
AS OF MARCH 31, 2013
Sale of Real
Estate and Leasing
Revenue
75,501,593
Segment Result
Interest expense/Bank charges
Interest income
Dividend income
Equity in net income of
subsidiaries
Income taxes
Income before minority interest
Minority interest
Net Income
Other Information
Segment assets
Investment at equity method
Unallocated corporate assets
Consolidated Total Assets
Segment liabilities
Unallocated corporate liabilities
Consolidated Total Liabilities
Capital expenditure
Depreciation
Non-cash expenses other than
depreciation
(10,111,594)
2,714,045
36,563
-
3,731,665,627
171,516,811
9,442,813
3,912,625,252
(1,096,940,579)
(572,133)
(1,097,512,712)
1,143,166
Property
Management
Annex 1
Insurance
Brokerage
Underwriting
Travel
Services
Other
Income
Elimination
6,084,510
1,443,790
8,473,920
160,927
2,469,575
502,538
116,758
(332,216)
2,469,575
456
-
4,491
-
2,074,559
1,039,918
388,892
Consolidated
94,134,315
-
71,364
-
-
27,467,949
3,496,118
30,964,067
(16,612,040)
(1,325,839)
(17,937,879)
57,668
-
24,352,683
24,352,683
(10,781,211)
(10,781,211)
6,250
232,493
-
372,821,990
7,362,264
380,184,254
(134,594,136)
(9,144,678)
(143,738,814)
87,633
1,095,767
29,211,952
29,211,952
(53,853,458)
(53,853,458)
(8,199)
33,348
(11,309,521)
(171,294,144)
-
(182,603,665)
47,840,293
47,840,293
(5,280,380)
3,830,274
425,454
(285,296)
(1,309,947)
683,824
(1,993,771)
4,174,210,680
222,667
20,301,195
4,194,734,544
(1,264,941,130)
(11,042,650)
(1,275,983,781)
85,684
2,562,441
-