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New Era UniversityNo. 9 Central Avenue, New Era, Quezon CityCollege of Business Administration

VS

In partial fulfillment of the

Requirement in

Course of Financial Management

Academic Year 2011-2012

Submitted by:

Zenia B. Ferma

Rose D. Caanes

Gabriel Mikhail P. Cabrera

Jennelyn A. Baay

Jona Aguilar

Submitted to:

Professor Elizabeth T. Banan


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Profile

Banco de Oro Universal Bank (PSE: BDO), commonly known as Banco de

Oro and BDO, is a major bank in the Philippines. It is owned by the SM Group of

Companies, one of the country's largest conglomerates and owner of the SM chain of malls.

Following the Banco de Oro-Equitable PCI Bank merger, the bank has since become Banco

de Oro Unibank, Inc.

The new Banco de Oro (BDO) will retain the ticker symbol of the old Banco de Oro.

1.3 billion BDO shares will be issued in exchange for 727 million Equitable PCI Bank shares,

which was de-listed on June 4, 2007.).

BDO is now the largest bank in the Philippines in terms of assets, loans and deposits.

The bank is the product of the Banco de Oro-Equitable PCI Bank merger after the boards of

both Banco de Oro Universal Bank and Equitable PCI Bank agreed to merge on December

27, 2006. For a while, the entity was known as Banco de Oro-EPCI, Inc., but announced

that it would go by the name Banco de Oro Unibank, Inc. starting February 2007.

The product of a merger heralded as unprecedented in size and scale in the

Philippine banking industry, Banco De Oro Unibank (BDO) today represents a firm

consolidation of distinct strengths and advantages built over the years by the entities behind

its history. More importantly, BDO is an institution that does more than honor its past, it
http://en.wikipedia.org/wiki/Philippine_Stock_Exchangehttp://www.pse.com.ph/html/MarketInformation/stockinfo.jsp?securitySymbol=BDOhttp://en.wikipedia.org/wiki/Bankhttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/SM_Group_of_Companieshttp://en.wikipedia.org/wiki/SM_Group_of_Companieshttp://en.wikipedia.org/wiki/Banco_de_Oro-Equitable_PCI_Bank_mergerhttp://en.wikipedia.org/wiki/Banco_de_Orohttp://en.wikipedia.org/wiki/Banco_de_Orohttp://en.wikipedia.org/wiki/Banco_de_Oro-Equitable_PCI_Bank_mergerhttp://en.wikipedia.org/wiki/Equitable_PCI_Bankhttp://en.wikipedia.org/wiki/Equitable_PCI_Bankhttp://en.wikipedia.org/wiki/Banco_de_Oro-Equitable_PCI_Bank_mergerhttp://en.wikipedia.org/wiki/Banco_de_Orohttp://en.wikipedia.org/wiki/Banco_de_Orohttp://en.wikipedia.org/wiki/Banco_de_Oro-Equitable_PCI_Bank_mergerhttp://en.wikipedia.org/wiki/SM_Group_of_Companieshttp://en.wikipedia.org/wiki/SM_Group_of_Companieshttp://en.wikipedia.org/wiki/Philippineshttp://en.wikipedia.org/wiki/Bankhttp://www.pse.com.ph/html/MarketInformation/stockinfo.jsp?securitySymbol=BDOhttp://en.wikipedia.org/wiki/Philippine_Stock_Exchange


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continues to improve on its present, and moves with innovation and dynamism toward an

even stronger future.

BDOs reputation as a full-service universal bank remains as formidable as ever. It

has the caliber and the muscle to provide industry-leading corporate, retail, investment

banking and insurance services. It maintains its strategic focus on its principal markets,

notably the corporate market, the middle market banking segment consisting of mid-sized

corporations and small and medium-sized enterprises and the retail / consumer market.

Moreover, it has complimented this base with expertise in asset management, leasing and

finance, remittances, banc assurance, credit cards, corporate cash management, trust, and

treasury. Its institutional strengths and value-added products and services hold the key to its

successful business relationships with customers. Through selective acquisitions and

organic growth, BDO is positioning for growth and continued expansion into new markets.

The year 2009 was both a challenging and a rewarding year for Banco De Oro

Unibank. It was a period of challenges for the BDO Group as the lingering effects of the

2008 global financial crisis told on the countrys economic performance and gnawed at

business confidence. It was a difficult time for business and industry but the Group,

exhibiting great resiliency and financial strength, ably cleared the hurdles by taking the right

strategies that included the offering of more build-to-suit financial products and continued

expansion of the branch network, thus, increasing further the client base. 2009 was also a

rewarding year for Banco De Oro Unibank. Despite the hard times, the Groups performance

exceeded expectations with its better-than-industry results for growth and income


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generated. Its market share continued to expand and its hold on being the market leader in

terms of total assets, customer loans, deposits and assets under management has solidified

even more.

CORPORATE MISSION

To be the preferred bank in every market we serve by consistently providing

innovative products and flawless delivery of services, proactively reinventing ourselves to

meet market demands, creating shareholders value through superior returns, cultivating in

our people a sense of pride and ownership, and striving to be always better than what we

are todaytomorrow.

CORE VALUES

Commitment to Customers

We are committed to deliver products and services that surpass customer

expectations in value and every aspect of customer service, while remaining to be prudent

and trustworthy stewards of their wealth.

Commitment to a Dynamic and Efficient Organization

We are committed to creating an organization that is flexible, responds to change and

encourages innovation and creativity. We are committed to the process of continuous

improvements in everything we do.


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Commitment to Employees

We are committed to our employees growth and development and we will nurture

them in an environment where excellence, integrity, teamwork, professionalism and

performance are valued above all else.

Commitment to Shareholders

We are committed to provide our shareholders with superior returns over the long

term.

Company Logo

This is a logo owned by Banco de Oro-EPCI, Inc. for Banco de Oro Universal Bank.

The entire logo is used to convey the meaning intended and avoid tarnishing or

misrepresenting the intended image. The image is of a resolution low enough to sufficiently

relay the meaning of the logo. The image is placed in the infobox at the top of the article

discussing Banco de Oro Universal Bank, a subject of public interest. The significance of the

logo is to help the reader identify the organization, assure the readers that they have

reached the right article containing critical commentary about the organization, and illustrate

the organization's intended branding message in a way that words alone could not convey.


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Board of Directors

TERESITA T. SY, 59, Filipino, is the Chairperson of BDO. Concurrently, she serves

as the Chairperson, Vice-Chairperson, and/or Director of various subsidiaries and affiliates

of BDO such as BDO Private Bank, Inc., BDO Leasing & Finance, Inc., BDO Capital &

Investment Corporation, Equitable Card Network, Inc., Strategic Property Holdings, Inc.,

BDO Foundation, Inc., Generali Pilipinas Holding Company, Inc., Generali Pilipinas Life

Assurance Company, Inc., and Generali Pilipinas Insurance Co., Inc. Ms. Sy is the Vice

Chairperson of SM Investments Corporation. She also sits as Chairperson, Vice

Chairperson and/or Director of such companies as SM Prime Holdings, Inc., Multi-Realty

Development Corporation, SM Land, Inc., Supervalue, Inc., SM Mart,Inc., SM Retail, Inc.,

Super Shopping Market, Inc., Pilipinas Makro, Inc., and First Asia Realty Development Corp.

Ms. Sy was first elected to the Board of BDO in 1977. A graduate of Assumption College,

she brings to the board her varied expertise in banking and finance, retail merchandising,

mall and real estate development.

CORAZON S. DE LA PAZ-BERNARDO, 69, Filipino, is currently the Vice

Chairperson of the Banks Board of Directors. She is also a consultant to the Chairman,

Social Security Commission. She is the President of the International Social Security

Association, a Geneva based organization, for the 2007 to 2010 triennium. She is also a

Director of Equitable Card Network, Inc., Philex Gold, Inc., and Ayala Land, Inc. She is also

an Advisor to the Audit Committee of PLDT. She was Chairman & Senior Partner of

Joaquin Cunanan & Co. (PricewaterhouseCoopers, Philippines) from 1981 to 2001. She is


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also a member of the Board of Trustees of University of the East, the UE Ramon

Magsaysay Memorial Medical Center, Meralco Foundation, Inc., Miriam College, and Jaime

V. Ongpin Foundation. Other memberships include those in the: Makati Business Club, Inc.,

Philippine Institute of Certified Public Accountants, Management Association of the

Philippines, the Financial Executives Institute of the Philippines, the Asia Society, and

Member of the Board of Advisors of Ramon V. del Rosario, Sr. AIM Center for Corporate

Social Responsibility. Ms. De la Paz- Bernardo served as Chairperson of EPCIB from 21

February 2006 until EPCIBs merger with Banco De Oro Universal Bank.

JESUS A. JACINTO, JR., 62, Filipino, was elected Vice Chairman of BDO in May

1996, and is concurrently the Chairman and President of BDO Insurance Brokers, Inc. He

also heads Jaces Corp. as Chairman and President; and Janil Realty, Inc., JAJ Realty, Inc.,

and M.R. Knitwear Specialist, Inc. as President. He is likewise Director of Bayer Phil., Inc.

Formerly, he was Director and Executive Vice President of CityTrust Banking Corp., Director

of CityTrust Investments Phil., and CityTrust Finance Corp., and Vice President and

Managing Partner of Citibank N.A. He holds a Bachelors degree in Business Administration

from Fordham University in New York City and an MBA (International Business) from

Columbia University, New York.

CHRISTOPHER A. BELL-KNIGHT, 66, Canadian, was elected Director of BDO in

May 2005. He was formerly a Director of Solidbank Corporation from 1990 to 1998 and Vice

President and Country Head of The Bank of Nova Scotia. He has had over 40 years of

banking experience in England, Canada, and Asia. Educated at universities in England and


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Canada, he is an Associate of the Chartered Institute of Bankers (UK), Associate of the

Institute of Canadian Bankers and, a Fellow of the Institute of Corporate Directors.

LEE WAI FAI, 50, Singaporean, was appointed Director of BDO in June 2008, and is

concurrently the Executive Vice President/ Group Chief Financial Officer & Head of

Corporate Services of United Overseas Bank Singapore. He also serves as Director and

Chairman of United Overseas Bank Philippines. He is a Director of Asfinco Singapore

Limited, Chung Khiaw Realty Limited, CKB (2000) Limited, FEB Realty Company PTE Ltd.,

ICB (2002) Ltd., Industrial & Commercial Property (S) PTE Ltd., Sunwise PTE Ltd., Unicom

Databank Private Ltd., United Facilities Private Ltd., United General Services (PTE) Ltd.,

UOB Bullion and Futures Ltd., UOB Capital Investments PTE Ltd., UOB Capital

Management PTE Ltd., UOB Developments Private Ltd., UOB Equity Holdings (PTE) Ltd.,

UOB Hermes Asia Management PTE Limited, UOB Holdings (USA) Inc., UOB Holdings

Private Ltd., UOB International Investment Private Ltd., UOB Property Investments PTE

Ltd., UOB Towers PTE Ltd., UOBGC General Partners Ltd. and UOF (2000) Ltd. He holds a

Bachelor of Accountancy (Hons) from the National University of Singapore and a Master in

Banking and Finance from Nanyang Technological University, Singapore. He has more than

20 years of experience in finance and administration.

TEODORO B. MONTECILLO, 75, Filipino, was first appointed Independent Director

in August 2004. He is also currently an Independent Director of the following: BDO

Securities, Corp., PDS Holdings Corp., Philippine Dealing & Exchange Corp., Philippine

Securities & Settlement Corp., and Philippine Depository & Trust Corp. He was appointed


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by former President Fidel V. Ramos as a member of the Monetary Board of the BSP from

1996 to 2002, and appointed by former President Joseph Estrada as Chairman of the

Central Bank Board of Liquidatorsnfrom 1999 to 2002. He was an Advisor and Consultant to

Governor Rafael B. Buenaventura from 2002 to 2004. In addition, he held various positions

in areas of operations, credit and external debt management in Citibank, N.A. (Manila) and

Citibank Head Office (New York) from 1965

to 1996. He holds a Bachelor of Science in Education degree from University of the East,

Bachelor of Science degree in Business Administration from the University of the Philippines

and received his MBA from Northwestern University, Chicago, USA.

ANTONIO C. PACIS, 69, Filipino, currently serves both the Bank and BDO Capital

and Investment Corporation as a director. He has been in law practice since 1967

counseling bank and corporate clients in the areas of regulatory, business, corporate and

trust law, and individuals in the areas of family law and estate plans. In the course of his

practice, he has served in various capacities in companies upon invitation of clients. He

holds degrees from the Ateneo de Manila University (AB), from the Ateneo School of Law

(LLB) and from the Harvard Law School (LLM).

JOSEFINA N. TAN, 64, Filipino, is presently Director of the Bank and President of

BDO Private Bank, Inc. She is also Vice Chairperson of Miriam College and a Trustee in

both Development Center for Finance and Laura Vicua Foundation. She was a Director of

Banco de Oro Universal Bank from 2001 to August 2005. Ms. Tan was


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also Executive Vice President of the former Far East Bank& Trust Co., Director and

President of FEB Leasing & Finance Corp., Executive Director and Trustee of FEB

Foundation, Inc., and Executive Vice President of FEB Investments, Inc. until 2000. Ms. Tan

was a director of EPCIB from September 2005 until its merger with the Bank in May 2007.

NESTOR V. TAN, 52, Filipino, was elected President of the Bank in July 1998. He

concurrently holds directorships in the following subsidiaries of the Bank: BDO Capital and

Investment Corporation, BDO Private Bank, Inc., BDO Securities Corp., BDO Leasing and

Finance, Inc., BDO Insurance Brokers, Inc., Equitable Card Network, Inc., Strategic Property

Holdings, Inc., Generali Pilipinas Life Assurance Company, Inc., and Generali Pilipinas

Insurance Co., Inc. He is also the Chairman of BDO Technology

Center, Inc., EBC Strategic Holdings Corporation, and BDO Strategic Holdings, Inc.; and

Trustee of BDO Foundation, Inc. He was formerly connected with the Mellon Bank in

Pittsburgh, PA, the Bankers Trust Company in New York and the Barclays Group in New

York and London. Prior to joining the Bank, he was the Chief Operating Officer for the

Financial Institution Services Group of BZW, the investment banking subsidiary of the

Barclays Group. He holds a Bachelors degree in Commerce from De La Salle University

and received his MBA from Wharton School, University of Pennsylvania.

HENRY T. SY, JR., 56, Filipino, is presently Director of the Bank and Vice Chairman

of the Board of Directors of SM Investments Corporation (SMIC). He is also Vice Chairman

of SM Development Corporation (SMDC) and Highlands Prime, Inc.; President of SM Land,

Inc.; and Director of SM Prime Holdings, Inc. (SMPHI). He is responsible for the real estate


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acquisitions and development activities of the SM Group. He graduated with a management

degree from De La Salle University. He also holds board positions in several companies

within the SM Group.

JIMMY T. TANG, 74, Filipino, has been an Independent Director of BDO since 1984.

He served as the ninth President of the Federation of Electrical & Electronics Suppliers &

Manufacturers of the Philippines, Inc. (PESA) and the first Chairman of the PESA

Foundation for seven years. At present, he serves as the Honorary Adviser of PESA Inc. &

PESA Foundation. He was also the 11

th

President of the Federation of Filipino-Chinese

Chamber of Commerce & Industry (FFCCCII) for two consecutive and presently the

Honorary President. Mr. Tang is the President and Chairman of the Board of AVESCO

Group of Companies. He holds a Bachelors Degree in Electrical Engineering from the

Mapua Institute of Technology and was awarded the Top Outstanding Mapuan for

Entrepreneurship.

EDMUNDO L. TAN, 64, Filipino, was appointed Corporate Secretary of the Bank on

July 27, 2007. He also serves as Director and Corporate Secretary of APC Group, Inc.,

Philippine Global Communications, Inc., and Aragorn Power & Energy Corporation. He

concurrently holds directorships in BDO Leasing & Finance, Inc. and Sinophil Corporation.

He is likewise the Corporate Secretary of APCMining Corp. and Aragorn Coal Resources,

Inc. Atty. Tan is the Managing Partner of Tan Acut Lopez and Pison Law Offices. He was

formerly the Chairman of the Board of EBC Investments, Inc., and Chairman of the Board

and President of EBC Strategic Holdings Corp.


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Organizational Chart

CHAIRMAN EMERITUSHenry Sy, Sr.

CHAIRPERSONTeresita T. Sy

PRESIDENT & DIRECTORNestor V. Tan

DIRECTORSChristopher A. Bell-Knight

Lee Wai FaiTeodoro B. Montecillo (Independent)

Antonio C. PacisHenry T. Sy, Jr.Josefina N. Tan

Jimmy T. Tang (Independent)

CORPORATE SECRETARYEdmundo L. Tan

ADVISERS TO THE BOARDSenen T. MendiolaAlberto V. Reyes

Jose T. SioWashington Z. Sycip

Jesus G. Tirona


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FINANCIAL STATEMENTS FOR BANCO DE ORO UNIBANK INC (BDO)

Year over year, BDO Unibank Inc. has been able to grow revenues from $15.5B to$17.8B. Most impressively, the company has been able to reduce the percentage of salesdevoted to selling, general and administrative costs from 153.79% to 147.55%. This was a

driver that led to a bottom line growth from $6.0B to $8.8B.

Currency inMillions of PhilippinesPesos

Asof:

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RestatedPHP

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4-Year

Trend

TOTAL REVENUES 34,176.0 31,535.0 40,132.0 45,458.0

Cost of Goods Sold 826.0 -- -- --

GROSS PROFIT 33,350.0 31,535.0 40,132.0 45,458.0

Selling General & AdminExpenses, Total

15,027.0 19,863.0 23,811.0 26,324.0

EBT, EXCLUDINGUNUSUAL ITEMS

9,417.0 3,683.0 8,003.0 10,669.0

Other Unusual Items, Total -- -- -243.0 -157.0

EBT, INCLUDINGUNUSUAL ITEMS 9,417.0 3,683.0 7,760.0 10,512.0

Income Tax Expense 2,847.0 1,445.0 1,659.0 1,631.0

Minority Interest in Earnings -52.0 -56.0 -66.0 -56.0

Earnings from ContinuingOperations

6,570.0 2,238.0 6,101.0 8,881.0

NET INCOME 6,518.0 2,182.0 6,035.0 8,825.0

NET INCOME TO COMMONINCLUDING EXTRA ITEMS

6,518.0 2,182.0 5,951.0 8,495.0

NET INCOME TO COMMONEXCLUDING EXTRA ITEMS

6,518.0 2,182.0 5,951.0 8,495.0
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FINANCIAL STATEMENTS FOR BANCO DE ORO UNIBANK INC (BDO)

BDO Unibank Inc. uses little or no debt in its capital structure and may have lessfinancial risk than the industry aggregate.

Currency inMillions of Philippines Pesos

As of: Dec 312007

RestatedPHP

Dec 312008

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ReclassifiedPHP

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4-YearTrend

Assets

Cash and Equivalents 48,455.6 56,311.0 55,197.0 118,877.0

Trading Asset Securities 20,951.5 6,850.0 8,502.0 7,372.0

TOTAL CASH AND SHORT TERM

INVESTMENTS 78,359.3 123,931.0 74,985.0 129,161.0

Other Receivables 3,435.3 29,268.0 30,599.0 21,931.0

TOTAL RECEIVABLES 3,435.3 29,268.0 30,599.0 21,931.0

Restricted Cash 41,825.6 47,450.0 58,983.0 70,237.0

Other Current Assets 2,931.1 2,931.0 2,931.0 2,931.0

TOTAL CURRENT ASSETS 127,992.7 246,252.0 200,737.0 260,692.0

Gross Property Plant and Equipment 21,864.8 24,938.0 26,819.0 26,884.0

Accumulated Depreciation -11,326.4 -11,691.0 -13,496.0 -13,232.0

NET PROPERTY PLANT ANDEQUIPMENT

10,538.3 13,247.0 13,323.0 13,652.0

Goodwill 747.2 747.0 1,247.0 1,247.0

Deferred Tax Assets, Long Term 5,740.6 5,780.0 5,686.0 5,584.0

Deferred Charges, Long Term 1,038.0 -- 114.0 4.0

Other Intangibles 867.2 1,885.0 1,889.0 1,772.0

Other Long-Term Assets 22,317.6 20,981.0 21,124.0 16,662.0

TOTAL ASSETS 617,208.9 802,032.0 862,049.0 1,000,869.0
http://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balanceSheet&period=A&currency=nativehttp://investing.businessweek.com/businessweek/research/stocks/financials/financials.asp?symbol=BDO:PM&dataset=balan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15/17

LIABILITIES & EQUITY

Accounts Payable 4,332.3 3,979.0 6,987.0 5,125.0

Accrued Expenses 2,354.4 2,281.0 2,955.0 4,138.0

Current Portion of Long-Term Debt/CapitalLease

-- 42,996.0 20,399.0 43,976.0

Current Income Taxes Payable 206.4 183.0 223.0 71.0

Other Current Liabilities, Total 5,864.7 5,379.0 6,224.0 6,583.0

TOTAL CURRENT LIABILITIES 458,154.8 691,572.0 731,466.0 842,528.0

Long-Term Debt 68,956.3 29,617.0 39,111.0 49,752.0

Minority Interest 662.1 562.0 635.0 723.0

Unearned Revenue, Non-Current -- -- 303.0 1,083.0

Other Non-Current Liabilities 27,611.5 23,069.0 23,282.0 18,774.0

TOTAL LIABILITIES 554,722.6 744,258.0 794,162.0 912,137.0

Preferred Stock Convertible -- 5,000.0 5,000.0 5,000.0

TOTAL PREFERRED EQUITY 2,158.3 5,000.0 5,000.0 5,000.0

Common Stock 23,020.3 23,020.0 23,397.0 26,074.0

Additional Paid in Capital 15,936.4 15,937.0 16,858.0 25,175.0

Retained Earnings 16,651.5 15,378.0 20,909.0 27,287.0

Comprehensive Income and Other 4,057.7 -2,123.0 1,088.0 4,473.0

TOTAL COMMON EQUITY 59,665.9 52,212.0 62,252.0 83,009.0

TOTAL EQUITY 62,486.3 57,774.0 67,887.0 88,732.0

TOTAL LIABILITIES AND EQUITY 617,208.9 802,032.0 862,049.0 1,000,869.0


16/17

Currency inMillions of Philippines Pesos

As of: Dec 312007

RestatedPHP

Dec 312008

RestatedPHP

Dec 312009

ReclassifiedPHP

Dec 312010PHP

4-YearTrend

NET INCOME 6,518.0 2,182.0 6,035.0 8,825.0

Depreciation & Amortization 2,749.0 2,004.0 2,712.0 2,699.0

DEPRECIATION & AMORTIZATION, TOTAL 2,749.0 2,004.0 2,712.0 2,699.0

Amortization of Deferred Charges 94.0 115.0 136.0 181.0

(Gain) Loss on Sale of Investment 792.0 2,335.0 -1,719.0 131.0

Asset Writedown & Restructuring Costs 4,118.0 5,232.0 6,153.0 6,698.0

Other Operating Activities -1,687.0 -7,533.0 -776.0 -1,115.0

Change in Trading Asset Securities -- 12,329.0 300.0 1,126.0

Change in Other Working Capital -5,743.0 -192,380.0 -46,629.0 -57,079.0

CASH FROM OPERATIONS 6,841.0 -175,716.0 -33,788.0 -38,534.0

Capital Expenditure -1,948.0 -5,079.0 -2,636.0 -2,239.0

Investments in Marketable & Equity Securities 14,390.0 -4,126.0 -2,584.0 -18,017.0

CASH FROM INVESTING 12,442.0 -9,205.0 -5,220.0 -20,256.0

Long-Term Debt Issued -- -- 3,000.0 33,098.0

TOTAL DEBT ISSUED -- -- 3,000.0 33,098.0

Long Term Debt Repaid -1,370.0 -3,859.0 -18,801.0 --

TOTAL DEBT REPAID -1,370.0 -3,859.0 -18,801.0 --

Issuance of Common Stock 1,742.0 -- 1,299.0 10,993.0

Common Dividends Paid -770.0 -- -- --

Common and/or Preferred Dividends Paid -- -3,683.0 -791.0 -2,447.0

TOTAL DIVIDEND PAID -770.0 -3,683.0 -791.0 -2,447.0

CASH FROM FINANCING -20,628.0 193,283.0 44,696.0 133,613.0

NET CHANGE IN CASH -1,345.0 8,362.0 5,688.0 74,823.0
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Title Page BDO 1