SBMA FINANCIAL STATEMENT

June 30, 2015 and 2014

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SBMA Financial Statement

Balance Sheets (June 30, 2015 and 2014)

2015 2014

ASSETS

Current Assets

Cash 2,547,589,492 1,849,421,957

Receivables (net) 248,219,845 216,672,761

Inventories 106,998,628 110,447,244

Miscellaneous Assets 16,194,730 10,355,199

Total Current Assets 2,919,002,696 2,186,897,160

Non-Current Assets

Investments 594,422,698 200,073,692

Receivables (net) 282,266,142 347,797,677

Property, Plant, and Equipment 24,762,905,249 25,196,002,868

Other Assets 446,855,575 95,634,387

Total Non-Current Assets 26,086,449,664 25,839,508,624

TOTAL ASSETS 29,005,452,360 28,026,405,784

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SBMA Financial Statement

Balance Sheets (June 30, 2015 and 2014)

2015 2014

LIABILITIES

Current Liabilities

Payables and Accrued Expenses 114,977,481 127,470,241

Loans Payable 305,526,923 331,321,669

Accrued Interest 20,636,913 22,434,575

Deferred Credits to Income - Cash 52,605,099 52,904,013

Deferred Credits to Income - Non Cash 374,548 96,336

Dividend Payable

Security Deposits and Advanced Rental 204,500,807 182,469,519

Trust Liabilities 362,034,841 281,318,221

Total Current Liabilities P 1,060,656,613 P 998,014,572

Non-Current Liabilities

Other Payables

Payables and Accrued Expenses P 163,330,812 P 159,624,193

Loans Payable Net of Current Portion 6,126,817,104 6,953,312,678

Deferred Credits to Income - Cash 2,597,348,333 2,611,908,574

Deferred Credits to Income - Non Cash 335,577,162 301,467,920

Security Deposits 514,982,115 488,693,131

Total Non-Current Liabilities P 9,738,055,526 P 10,515,006,497

TOTAL LIABILITIES P 10,798,712,139 P 11,513,021,070

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SBMA Financial Statement

Balance Sheets (June 30, 2015 and 2014)

2015 2014

TOTAL LIABILITIES P 10,798,712,139 P 11,513,021,070

STOCKHOLDERS EQUITY 18,206,740,221 16,513,384,714

TOTAL LIABILITIES AND

STOCKHOLDERS EQUITY P 29,005,452,360 P 28,026,405,784

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SBMA Financial Statement

Statement of Income (June 30, 2015 and 2014)

Year To Date

2015

Year To date

2014

REVENUES

Leases P 654,693,508 P 627,319,504

Port Services 492,657,173 380,800,702

Tourism Services 6,770,890 8,277,995

Other Operating Income 221,606,132 182,220,723

TOTAL REVENUES P 1,375,727,703 P 1,198,618,924

EXPENSES

Manpower Services - PS 266,367,799 280,140,704

Maintenance & Other Operating

Services 256,092,776 266,517,182

TOTAL EXPENDITURES P 522,460,575 P 546,657,886

INCOME (LOSS)

FROM OPERATIONS P 853,267,128 P 651,961,038

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SBMA Financial Statement

Statement of Income (June 30, 2015 and 2014)

Year To Date

2015

Year To date

2014

OTHER INCOME (EXPENSES)

Interest Income 30,287,943 28,962,134

Interest on Loans (42,829,461) (42,284,648)

Guarantee Fee & Other Charges (17,235,744) (29,071,914)

INCOME (LOSS) FROM

OPERATIONS BEFORE

DEPRECIATION, FOREX LOSS/GAIN

& TAX

P 823,489,866 P 609,566,609

Depreciation Expense (227,588,800) (229,238,286)

Gain (Loss) on Foreign Exchange 75,610,296 (128,989,443)

INCOME (LOSS) BEFORE TAX P 671,511,362 P 251,338,880

INCOME TAX 17,808,197 14,956,340

NET INCOME (LOSS) P 653,703,165 P 236,382,540

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SBMA Financial Statement

Statement of Cash Flows (June 30, 2015 and 2014)

2015 2014

Cash Flows From Operating

Activities:

Cash Inflows P 1,589,572,354 P 1,503,563,829

Cash Outflows (769,737,983) (729,116,906)

Net cash from (used in) operating

activities P 819,834,370 P 774,446,923

Cash Flows From Investing

Activities:

Cash Inflows P 16,000,000 P 195,726,556

Cash Outflows (12,760,310) (19,502,406)

Net cash from (used in) investing

activities P 3,239,690 P 176,224,150

Effect of Exchange Rate Changes on

Cash P 8,252,116 P (44,208,148)

Net (Decrease) Increase in

Cash P 551,138,473 P 696,622,754

Cash at Beginning of Year 1,996,451,020 1,152,799,203

Cash at End of Year P 2,547,589,492 P 1,849,421,957