Revised Thesis Paper June 19

CORRELATION OF SELECTED FINANCIAL RATIOS TO
THE VOLATILITY OF STOCK PRICES (PHILIPPINE

LISTED REAL ESTATE COMPANIES)
A Thesis Presented to
UST Alfredo M. Velayo College of Accountancy
in Partial Fulfillment
of the Requirements in
Thesis 1 and 2
School Year 2017-2018
By:
Vicente Paulo L. Ducut

Marion Beatrice P. Evangelista
Ashley Louise P. Gregorios
Nicholas Wayne M. Ompoc
Alexzanlija Marion L. Verdejo
4A4 Group 5
ii
CERTIFICATE OF ORIGINALITY
We hereby declare that this submission is our own work and that, to the best of our knowledge and
belief, it contains no material previously published or written by another person nor material which to a
substantial extent has been accepted for the award of any other degree or diploma of a university or other
institute of higher learning, except where due acknowledgement is made in the text.
We also declare that the intellectual content of this thesis is the product of our work, even though
we may have received the assistance from others on style, presentation and language expression.
__________________________ __________________________
Vicente Paulo L. Ducut Marion Beatrice P. Evangelista
__________________________ __________________________
Ashley Louise P. Gregorios Nicholas Wayne M. Ompoc
__________________________
Noted by:
___________________________
Asst. Prof. Leoncia C. San Andres, BSBA, PhD
Technical Adviser/Research Collaborator
___________________________
Date
iii
APPROVAL SHEET
This Thesis entitled
CORRELATION OF SELECTED FINANCIAL RATIOS TO THE VOLATILITY OF STOCK

PRICES (PHILIPPINE LISTED REAL ESTATE COMPANIES)
prepared and submitted by Vicente Paulo L. Ducut, Marion Beatrice P. Evangelista, Ashley Louise P.
Gregorios, Nicholas Wayne M. Ompoc, and Alexzanlija Marion L. Verdejo, has been approved and
accepted as partial fulfilment of the requirements for the degree of Bachelor of Science in Accountancy.
______________________________________
Dr. Ma. Evangeline L. Paraan
Thesis Class Coordinator
PANEL OF EXAMINERS
Approved by the College of Accountancy Thesis Committee on Oral Examination with a grade of _____
on June _____, 2019.
____________________________________ ___________________________________
Panel Member 1 Panel Member 2
____________________________________
ASSOC. PROF. PATRICIA M. EMPLEO, Ph.D.
Dean, UST – Alfredo M. Velayo College of Accountancy
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ACKNOWLEDGEMENTS
To our adviser, Mrs. Leoncia San Andres, thank you for all the help you have offered us. This thesis has
gone through so much and through your tips and advises particularly in its conceptualization, it has grown
to be a successful one.
To Mr. Manalo, our statistician, thank you for the patience and time you gave us in processing, explaining
and substantiating the results of our study. You and your expertise has been of great value to us since this
paper would have been meaningless without you.
To our thesis professors, Mr. Dan Sosa and Mrs. Gigi Paraan, thank you for the 2 semesters of teaching
and guiding us as we improve and widen our skills and knowledge in writing and completing a well
accomplished thesis.
To Mr. Apollo Layug, thank you so much for giving us knowledge on where to gather information needed
for our study ranging from stock prices to financial statements. Your input has saved us a lot of time and
resources which contributed to the efficiency of our study.
To Mrs. Castro, unfortunately, we had to forgo our initial thesis on franchising due to unforeseen and
unwanted circumstances. But still, we are extremely grateful for your help, patience and cooperation and
we assure you that no effort of yours is wasted as these helped us grow more as researchers.
To Mrs. Nancy Macapagal, thank you for all the helping hand and guidance you provided us in finishing
our paper. We are grateful as well for your patience and understanding for we humbly admit our
shortcomings as researchers. But through you, we have grown holistically as students and as researchers
and we are proud to present to you the fruits of our labor.
To our families, your never-ending love and support inspired us to push through and to always act to the
best of our capacity. We offer to you our success. Thank you so much. We love you.
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Table of Contents
Title Page i
Certificate of Originality ii
Approval Sheet iii
Acknowledgements iv
Table of Contents v
List of Tables and Figures vi
Abstract 1
1.0 Introduction 1
1.1 Theoretical Background 3
1.2 Literature Review 4
1.3 Conceptual Framework 9
2.0 Method
2.1 Subjects 11
2.2 Instruments 12
2.3 Data Collection Procedures 12
2.4 Techniques for Data Analysis 13
2.5 Ethical Consideration 13
3.0 Results and Discussion 14
4.0 Conclusion 15
5.0 References 17
6.0 Appendices 46
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List of Tables and Figures
Figure 1
Table 1
CORRELATION OF SELECTED FINANCIAL RATIOS TO THE VOLATILITY OF STOCK
PRICES (PHILIPPINE LISTED REAL ESTATE COMPANIES)
Vicente Paulo L. Ducut
Marion Beatrice P. Evangelista
Ashley Louise P. Gregorios
Nicholas Wayne M. Ompoc
and
Asst. Prof. Leoncia C. San Andres, BSBA, PhD
Alfredo M. Velayo College of Accountancy
University of Santo Tomas
Abstract
Stakeholders need adequate financial information and determining the relationship between stock
price and financial ratios would help in their investment decisions. The authors collected information from
quarterly financial statements and stock prices of the top 10 real estate companies listed in the PSEi for
2014-2017. Through Spearman's Rank Order Correlation, the researchers discovered a direct relationship
between stock price and the ratios: earnings per share, return on assets, cash earnings per share, and price-
earnings ratio. The use of unaudited financial statements for Q1-Q3 of each year was a limitation as only
audited financial statements were available for Q4. The proponents recommended using a longer time span,
bigger sample size, and using regression analysis.
Keywords: Financial ratios, stock prices, real estate companies, stakeholders
1 Introduction
Trend
There are different ways of using one’s money: either by saving, spending or investing. For the
past years, people have become more practical in using their assets and an increasing number of people
have preferred investments through their active involvement in the buying and selling of stocks in the stock
market. The Philippines, though at a slow pace, is economically improving and growing. The 3Bs or Build,
Build, Build project of the Philippine government aided in raising several real estate and properties firms
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in the market. They have been active in the stock market for the past years giving investors new avenues of
firms to invest in.
Issue
None, if not all, have the adequate knowledge or capacity to know where and what companies they
should try to invest in. These potential stockholders of the company are at risk due to having no prior
background knowledge of the financial statements of the company or on how they could determine whether
a company should be invested in or if it is at risk. Recent study showed that, “after 2000 the International
Accounting Standards were improved and established across the world” (Kafouros, 2012) and this aids both
potential and current stockholders. The improvement of the accounting standards have given more accurate
financial information to primary users.
Objectives
This study aims to discern how selected financial accounting ratios relate to the determination
and volatility of stock prices in real estate property companies listed in the Philippine Stock Exchange
(PSE). This would further help the proponents to identify which financial accounting ratios significantly
relate, whether directly or inversely, to the movement of stock prices. Furthermore, this study would guide
the proponents in suggesting ways on how the assessed correlation between the two variables, stock price
and financial ratios, aid potential stockholders in deciding which companies they should invest in.
Statement of the Problem
This study was conducted to examine the correlation of financial accounting ratios to the valuation
and volatility of stock prices of real estate/property companies listed in the Philippine Stock Exchange.
Specifically, the study intended to answer the following questions:
1. What are the stock prices of real estate companies for the past four years from 2014 – 2017?
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2. What financial ratios are most representative of financial performance making it a relevant
standard for investing purposes?
3. Which financial ratios are correlated to the volatility of stock prices?
4. What guidelines can be made out from the research that would add value to the investment
decision making of the current and potential stockholders?
Contribution
Current stakeholders and future potential stakeholders prefer to have adequate knowledge as
assurance in investing rather to risk their assets with no knowledge at all. In response to this, investors
usually would consider understanding every information made available to them before entering into the
stock market. This would help determine whether the stocks they chose to invest in would yield high income
or not.
Approach
Selected financial accounting ratios, namely, earnings per share, book earnings per share, cash
earnings per share, return on assets, and price earnings ratio would be used for the Financial Statement(FS)
analysis. A comparative analysis of the selected financial accounting ratios result and its relation to the
stock price of its respective firm will be done. This will help researchers gain a conclusion of the correlation
of the FS ratios to the stock prices of a firm.
1.1 Theoretical Framework
This paper is premised on the theory of financial ratio analysis and the signaling theory. The theory
of financial ratio analysis looks at the company’s financial statements that describe its performance and
position. Benjamin Graham, considered by many to be the father of fundamental analysis, popularized this
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theory that is being used determining whether the company is profitable or not (D’Amato, 2010). This leads
to investors deciding if they would make a good investment if they pool in their resources to the firm.
Selected financial ratios such as Return on Asset, Return on Equity, Current Ratio, and Debt to Equity Ratio
are most helpful in investment decisions.
The signaling theory is about the information that investors perceive when the company declares
dividends. If the company declares dividends, investors see it as a positive event that the firm foresees
future earnings, which will then result to the increase of the stock price, resulting in higher dividend yield
or capital gains yield. Alternatively, if the company doesn’t declare dividends during the year, investors see
it negatively, causing the stock price to decrease.
The proponents also used a theory that is beneficial to the stockholders’ investment. As stated by
Hunsaker (2018), the stockholder theory, also known as the shareholder theory, states that the ultimate goal
of a corporation’s manager is to maximize the profits earned by their stockholders. The main purpose of a
corporation is to maximize stockholders’ money which was first introduced in the year 1970 by Milton
Friedman. This theory only tells that stock prices of a corporation must increase.
The proponents also used the agency theory. According to Carol Kopp (2019), it is a “principle that
is used to explain and resolve issues in the relationship between business principals and their agents. Most
commonly, that relationship is the one between shareholders and company executives.” The principal,
which are the shareholders, hired the company executives to serve as their agents that represent them in the
company’s day to day transactions.
Another theory used in the study is the Modigliani-Miller Theory (M&M), also known as the
irrelevance theory. Stated by James Chen (2019), it is that the company’s market value is calculated using
its earning power and the underlying assets’ risk and is independent of the way it finances investments or
distributes dividends.
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1.2 Literature Review
Stock price volatility is an indicator that is most often used to find changes in trends in the
marketplace. Most times, an increase or decrease in volatility results from changes in investor’s reaction in
the market place and as such, stock price volatility tends to rise when new information is released into the
market. However, the extent to which it rises is determined by the relevance of that new information, as
well as the degree in which the news surprise investors (Ajao & Wemambu, 2012, cited in Osundina,
Jayeoba & Olayinka, 2016). Good finance-related news might affect stock price volatility differently from
bad ones. According to Seng & Yang (2017), Positive finance news and positive stock returns have a direct
relationship while negative news and other finance related information produce a negative effect on stock
returns. This is further proof of how investor reactions affect stock price volatility.
In a study in Malaysia, Keong (2010) aimed to know if accounting information is important in
determining the stock price, by using some of the firms listed in Financial Time & Stock Exchange Bursa
Malaysia KL Composite Index (FBM KLCI). Panel data from twenty renowned firms from various sectors
listed in FBM KLCI, such as plantations, bankings, power and utilities, construction, and industry were
used. Furthermore, the said firms were divided into two groups – the first group included ten firms that
have the highest equity value, while the second one included those firms that have the highest market value.
The main criterion of this study is the share prices of these firms which were reflected from their actual
financial performance. This study used the Ohlson model which linked the share price to accounting
information and the linear information dynamics, and two more models from which it was based on, namely
the dividend discounting model and the residual value model. The results showed that the residual income
model and the Ohlson model compose a useful framework to determine empirical relationships between
accounting information and share prices.

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Al-shubiri (2010) applied simple and multiple regression analysis on the 14 listed commercial
banks in Amman Stock Exchange (ASE) in Jordan for the period 2005-2008. In addition, the data from the
commercial banks chosen have been collected from Amman Stock Exchange and the said banks’ annual
reports. Archival research methodology was used in this study because the data gathered were from publicly
accessible archival data. It has been found that highly positive significant relationship exist between stock
price and (1) net asset value per share, (2) market price of stock dividend percentage and (3) gross domestic
product. However, there is a negative significant relationship on inflation and lending interest rate.
Wang, Fu & Luo (2013) used correlation analysis and regression analysis to show the relation of
accounting information and stock price. The data gathered are from 60 non- loss companies listed in
Shanghai Stock Exchange during 2011, since loss listed company’s information cannot effectively
influence the price. This paper used certain indices to analyze the accounting information of listed company
and stock price reaction. These indices include the stock price and eight from accounting information, which
are being used by more than half of the investors according to the researcher, namely 1) Earnings Per Share;
(2) Accounts Receivable Turnover Ratio; (3) Rate of Return on Common Stockholders’ Equity; (4)Income
from main operation ratio; (5) Liquidity Ratio; (6) Quick Ratio; (7) Inventory Turnover Ratio; and (8) Price
Earnings Ratio. These accounting indices represent profitability, development ability, operation ability and
debt paying ability of company. The results presented that the accounting information of profitability,
earnings per share and rate of return on common stockholders’ equity have the most substantial effect on
stock price.
Shehzad & Ismail (2014) as cited in Solomon, Muturi & Memba (2016) stated that potential and
existing shareholders consider accounting information before making investment decisions. They look into
the company’s financial health and operational profitability since these help them decide whether they
should invest or not. The results of correlation analysis revealed that there is a significant relationship
between net book value per share and equity share investment in the listed companies on the Nigerian Stock
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Exchange. The study also suggested that investors should critically and objectively analyze the company’s
overall characteristics when making investment decisions since accounting information differ across the
industries.
According to Sharif (2015), positive and significant relationships exist between the share prices
and the following ratios: return on equity (ROE), book value per share (BVS), earnings per share (EPS),
dividend per share (DPS), price earnings (PE), and debt to total asset (DA). These ratios are said to influence
how stocks of different firms are priced. By considering them, the best judgements can be reached by
potential stockholders and be ensured of receiving good returns. ROE guarantees to investors how much
will be earned by their investment. BVS is a key ratio in representing the amount of funds currently held
but the company. EPS is greatly relied on by investors in evaluating the efficiency and credibility of the
firm, thereby its high value reassures them of obtaining better return on their shares. On the other hand,
dividend yield (DY) and leverage ratios exhibit no correlation with the valuation and movement of share
prices. The insignificance of dividend yield can be attributed to the dividend irrelevance hypothesis and the
belief of stockholders that dividends are the result of past performance and do not show enough indication
of the firm’s future earnings. Leverage is said to not affect or have low level of importance on the
determination of stock price as “investors do not prefer firms who have a large amount of debt as there can
be chances of future insolvency due to fixed interest paying commitments”. Simple summary accounting
measures, such as book value of equity and earnings, can be used as benchmarks to identify companies that
are likely to be mispriced. In addition, taking into consideration the bias in the book value of equity, as well
as disregarding the temporary earnings component, improves the effectiveness of the recognition process.
This is an indication that accounting measures are not impounded in stock prices without bias.
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A study in Nigeria examined the effect of accounting information on stock price volatility on
chosen manufacturing companies in the said country for ten years (2005-2014). As stated by Osundina,
Jayeoba & Olayinka (2016), this research work was necessitated by the fact that quoted manufacturing
companies on the Nigerian Stock Exchange has undergone many turbulent times caused by the crumbling
interest of investors in quoted manufacturing companies with volatile stock prices. Secondary data have
been derived from the annual statements of financial position and comprehensive income of five selected
manufacturing companies and the daily stock prices for these companies came from the Nigerian Stock
Exchange. The collected data for this study were examined using Ordinary Least Square method with the
help of econometric views (E-views) software. The R- squared was applied to show the degree of variation
of Stock Price Volatility, while the T-test and F-test was used to find the degree at which both independent
variable (accounting information) affects the dependent variable (stock price volatility). The regression
analysis revealed that accounting information has a strong positive and significant impact on stock price
volatility. In the individual regression of the Accounting Information indices, Price-earnings ratio showed
no significant impact on stock price volatility, while earnings per share, book value per share, and dividend
per share showed otherwise. Hence, the researcher suggested that there should be adequate and proper
regulation of accounting reported by relevant capital market authorities, better accounting information
disclosure, and quality financial reporting since accounting information affects stock prices.
In a study by Hassan & Haque (2017), the basic Ohlson (1995) valuation model has been applied,
and ninety- three companies from six different industries listed on the Dhaka Stock Exchange (DSE)
Bangladesh were used as samples. These industries include bank, cement, pharmaceutical and chemicals,
textile, fuel & power, and engineering. The researchers gathered secondary data from the companies’
official website and Dhaka Stock Exchange, and historical data has been collected from the companies for
five years (2012-2016). This study presented descriptive statistics and regression analysis, and used three
models to test the significance of Earnings Per Share and Book Value in predicting share prices. The first
model used the combined value relevance of EPS and BV on share prices. On the other hand, models two
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and three examined the influence of EPS and BV independently on the share prices. It was found that both
EPS and BV have substantial effects on forecasting stocks when combined, while the independent tests
portrayed that EPS is more vital in determining stock prices rather than the BV, making the former a more
informative and valuable tool for the equity investors.
Asif, Arif & Akbar (2016) examined the impact of accounting information on share prices by
getting data from an emerging capital market such as Pakistan Stock Exchange, using companies from
Karachi Stock Exchange-3 as its samples, covering the years 2006 to 2013. Ordinary Least Squares
regression model and specific accounting ratios such as earnings per share, book value per share, capital
employed per share and operating cash flow per share were used to examine the relationship between
accounting information and stock price. The results implied that accounting information have significant
influence on share prices, which also showed consistent results with pervious empirical researches. In
particular, share prices are more affected by the company’s earnings and EPS compared to the other
variables.
1.2 Conceptual Framework
Stock Financial
Price Ratios
Figure 1.1
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In this research, the firm’s potential and current stockholders will gain additional knowledge about
financial statement analysis through the information given by the selected financial accounting ratios
regarding its correlation with the stock price of the firm. Thus, it will be of use in investment decisions.
The proponents evaluated the real estate firms based on the signaling theory and stockholder theory.
These theories will guide the firms in decision making for the benefit of their potential and current
stockholders. Afterwards, real estate firms will provide financial statements, be listed in the Philippine
Stock Exchange, and provide a stock price. The stock price was determined by the use of the selected
financial accounting ratios and other relevant accounting information which will be helpful to the said
stockholders. The stockholders will then have adequate knowledge on what to do with their assets. This
accounting information they have gained from the firms and from this research will help them decide
whether to invest in a firm or not. Also, potential stockholders will have an idea on how to predict the
current implicit value and future probable price of a stock.
1.4 Hypothesis and Model
The proponents of the study made use of an alternative and directional hypothesis. The proponents
believed that the alternative hypothesis is useful in the study and that all of the variables gathered affect the
entirety of the research. The proponents of the study also believed that the selected financial ratios, other
things equal, are correlated to the price of the stocks of real estate companies listed in the Philippine Stock
Exchange (PSE). This information would prove the relevance of the stock price as basis for the financial
performance of a given company. Given whether a positive or negative correlation between the two
variables, current and potential investors would have a wider knowledge that shall be deemed beneficial
for their investment-making decisions.
2 Method
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The researchers used quantitative researching. The researchers gathered quarterly financial
statements with the span of four (4) years starting from March 2014 to December 2017. Due to time
constraint and lack of data, the year 2018 was not included as part of the data gathered and analyzed by the
researchers since annual audited Financial Statements are submitted to the Securities and Exchange
Commission by April the following year. Financial statements analysis was done by using selected financial
accounting ratios namely earnings per share, book value earnings per share, cash earnings per share, return
on assets, and price-earnings ratio. This was done in order for the ratio results to be compared to the stock
price. This would aid the researchers to have knowledge of the financial accounting ratios and its
implications and relation to the stock price.
Limitations of the study
The study was limited to the latest four previous years excluding 2018 for the reason that the data
needed was not readily available for the year 2018 during the data collection procedure of the proponents.
Hence, years 2014, 2015, 2016, and 2017 were used. For efficiency of the data, the proponents limited the
number of real estate firms included in the study. The top ten (10) firms were chosen bases on their
Compounded Annual Growth Rate (CAGR) and their location must be within the National Capital Region.
For the data collection procedure, the proponents gathered both audited and unaudited Financial
Statements since there are no available audited financial statement on a per quarter basis, which is evident
for the first (1st) to third (3rd) quarter of the year. The available audited financial statements were
representative of the companies’ annual performance while the unaudited financial statements represent the
companies’ quarterly performance for the first three quarters. There might be spiked out FS ratio results.
This is due to the discrepancies of the audited and unaudited financial statements that were not smoothed
out by the proponents.
There are a variety of financial ratios provided in the literary review ranging from liquidity ratios
and market value ratios to profitability ratios and solvency ratios. The proponents chose the best effective
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ratios that would determine the value of stocks on a per share basis and the ratios that are focused on the
value of shareholders. Thus, the proponents came up with the four ratios namely: Earnings per share, Cash
Earning Per Share, Price Earnings Ratio, and Return on Assets.
2.1 Subjects
Study Locale
The study was conducted in the National Capital Region, Philippines. The secondary data, such as
the related literature studies and financial statements of the selected real estate firms, were gathered from
the University of Santo Tomas, Philippine Stock Exchange, and the selected real estate firms in Manila.
The researchers chose National Capital Region for the reason that it is easier to gather data in a well-
established region. This research was conducted on the first and second semester of the Academic Year
2018 – 2019.
Population and the Sample
The population chosen by the proponents are the top 10 performing real estate companies listed in
the PSEI. The proponents chose the real estate companies because of the rise of the Philippine government's
Project 3Bs (Build, Build Build) in this era. The data gathered were the past prices of their respective stocks
from the past four years. The proponents narrowed it to the top 10 performing real estate companies for the
reason that it is believed that they are sufficient in representing the entire population. The top ten companies
are listed on the next page:
Rank: Corporation:
1 Ayala Land, Inc. ALI
2 SM Prime Holdings SMPH
3 Megaworld Corporation MEG

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4 Robinsons Land Corporation RLC
5 Vista Land & Lifescapes, Inc. VLL
6 Filinvest Land, Inc. FLI
7 8990 Holdings, Inc. HOUSE
8 DoubleDragon Properties Corporation DD
9 Century Properties Group CPG
10 Philippine Estates Corporation PHES
The listed real estate companies are composed of two categories, companies that mainly build
residential houses and condominiums and companies that are focused on both residential and commercial
buildings. Most of the real estate companies, which are Ayala Land Inc., Robinsons Land Corporation,
Double Dragon, Megaworld Corporation, Filinvest Land, Inc., SM Prime Holdings, and Century Properties
Group, are focused on the development of both residential projects such as condominiums and houses, as
well as other properties including malls, offices, and hotels. However, the following companies are
involved solely in the development of condominiums and residential homes: Vista Land & Lifescapes, Inc.,
Philippine Estates Corporation, and 8990 Holdings, Inc.
Sampling Technique
Convenience Sampling and Purposive Sampling, which are under the Non-probability Sampling,
were both used in getting the desired information for this study. The researchers preferred to use
convenience sampling because not all of the financial statements needed were readily available and were
costly. On the other hand, purposive sampling was also used since the companies that were selected were
the best respondents to meet the objectives of this paper.
2.2 Instruments
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For effective data gathering, the proponents gathered secondary data from the said top ten real
estate companies provide in the PSE Edge website of PSE. The library from University of Santo Tomas
served as the main source of gathering the proponents’ data. The financial statements of the real estate
companies were also used to gather valuable information for the research such as financial profitability and
financial liquidity ratios. The researchers made use of a Google spreadsheet software to input all the
information and calculate the ratios needed.
2.3 Data Collection Procedure
The proponents of the study gathered data from the Philippine Stock Exchange website. First, the
proponents opened the website of the PSEi to gather the top ten (10) real estate firms found in Manila. The
proponents then collected the financial statements provided by these firms from 2014 – 2017. Historical
stock prices were gathered through the data provide from websites such as Bloomberg, Investagrams,
Marketwatch and the Wall Street Journal.
2.4 Data Analysis
The proponents made use of ordinal data for the statistics of the research. The proponents gathered
comparable data and measured them according to their purpose. The stock prices gathered from the real
estate companies for the past four years were quantified. The financial statements gathered served as a guide
in the financial ratios used for each real estate company. Both stock price and financial ratios were placed
according to their time frame and usefulness in giving a conclusion to the research. In determining the
correlation between the stock price and selected financial ratios, the proponents made use of a non-
parametric test which is the Spearman's Rank Order Correlation. An application name Statistical Package
for Social Sciences (SPSS) version 24 was used to process the data.
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This was done because the results of the Kolmogorov-Smirnov and Shapiro-Wilk tests of normality
performed suggested that non-parametric tests were more appropriate as a tool for the analysis of the
researchers' data.
2.5 Ethical Consideration
The study collected and used data from the financial statements of the selected real estate
companies. No information was taken without proper authority as all of the data used were originally
already available to the public. The data gathered by the proponents served as a helpful tool in determining
the results of this paper. All of the obtained data were handled with utmost confidentiality, and were used
solely for the purposes of this study. Access to the software where the data were stored and measured were
limited to the researchers in order to prevent any unwanted individuals from taking, manipulating or using
them. The researchers also observed impartiality and objectivity in making use of these data for their
analysis.
3 Results and Discussion

Return
Cash on Total Price
Company Spearman’s Rank
Earnings Earnings Assets Earnings
Per Share Per Share (%) Ratio
8990 Holdings Correlation Coefficient -0.206 -0.009 -0.241 0.438
(n = 16) Sig. (2-tailed) 0.444 0.974 0.368 0.090
Ayala Land, Inc. Correlation Coefficient 0.336 0.088 -0.241 -0.062
(n = 16) Sig. (2-tailed) 0.204 0.745 0.368 0.820
Century Properties Group Correlation Coefficient -0.409 -0.557* 0.058 0.341
(n = 16) Sig. (2-tailed) 0.116 0.025 0.832 0.196
Double Dragon Correlation Coefficient 0.174 0.543* -0.582* 0.617*
(n = 16) Sig. (2-tailed) 0.520 0.030 0.018 0.011
Filinvest Land, Inc. Correlation Coefficient 0.108 0.265 -0.263 0.467
(n = 16) Sig. (2-tailed) 0.689 0.321 0.325 0.069
Megaworld Correlation Coefficient -0.077 0.074 -0.050 0.421
(n = 16) Sig. (2-tailed) 0.778 0.786 0.854 0.104
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Philippine Estates Corporation Correlation Coefficient 0.417 0.066 0.345 0.050

(n = 16) Sig. (2-tailed) 0.108 0.807 0.191 0.854
Robinsons Land Corporation Correlation Coefficient 0.322 -0.015 0.486 0.103
(n = 16) Sig. (2-tailed) 0.223 0.957 0.056 0.704
SM Prime Holdings Correlation Coefficient 0.418 0.659** 0.459 0.229
(n = 16) Sig. (2-tailed) 0.107 0.006 0.074 0.393
Vista Land & Lifescapes, Inc. Correlation Coefficient 0.244 -0.324 0.218 0.709**
(n = 16) Sig. (2-tailed) 0.362 0.222 0.418 0.002
Overall (n = 160) Correlation Coefficient 0.673** 0.376** 0.349** 0.601**
Sig. (2-tailed) 0.000 0.000 0.000 0.000
**. Correlation is significant at the 0.01 level (2-tailed).
*. Correlation is significant at the 0.05 level (2-tailed).
Table 1
Spearman’s rank-order correlation coefficient revealed that there is no sufficient evidence for five
of the selected companies to say that stock price is significantly related to their financial performance. This
is true for the following companies: 8990 Holdings, Ayala Land, Inc., Filinvest Land, Inc., Megaworld, and
Philippine Estates Corporation. However, significant relationships exist between stock price and financial
performance for the remaining five companies.
In the case of Double Dragon, stock price is significantly and positively correlated to the company’s
cash earnings per share (rs = .543, p < .05) and price-earnings ratio (rs = .617, p < .05), and return on total
assets (rs = -.582, p <. 05). For SM Prime Holdings, stock price is significantly and positively correlated
with its cash earnings per share (rs = .659, p < .01). In the case of Vista Land & Lifescapes, Inc., stock price
is significantly and positively correlated with its price-earnings ratio (rs = .709, p < .01).
In simpler terms, an increase in the stock price will have the following effect on the companies’
ratios: the cash earnings per share of Century Properties Group will decrease, while that of SM Prime
Holdings and Double Dragon will increase. An increase in the stock price of Double Dragon will also
increase its price-earnings ratio but will decrease its return on total assets.
Overall, the results revealed that stock price is significantly and positively correlated with all four
17
ratios: earnings per share (r = .673, p < .01), cash earnings per share (r = .376, p < .01), return on total
s s
assets (r = .349, p < .01), and price-earnings ratio (r = .601, p < .01). These results indicated that those
s s
companies with higher stock prices also have higher earnings per share, cash earnings per share, return on
total assets, and price-earnings ratio.
4 Conclusion
Financial information is a part of our economy as it is considered a major factor in decision making
of stakeholders from top management officers down to the current and potential investors and creditors.
Different financial ratios are used by different Philippine firms. These financial ratios help determine the
financial performance and capability of a firm to excel in the market. Selected financial ratios may help
determine the stock price of a firm. Some financial accounting ratios are useful to stockholders in acquiring
better knowledge on what the financial standing of a firm is, which in turn will help them decide whether
to buy or to sell stocks of a firm.
The study was limited in fathering both audited and unaudited financial statements. For the first to third
quarters of each year, the financial statements provided by the Securities and Exchange Committee were
unaudited, unlike the year-end financial statements (fourth quarter FS) which were already audited. On a
per company basis, different results came out. Some companies had no sufficient evidence to confirm the
relationship between the chosen financial ratios and stock prices while some did. Upon determination of
the overall results, a positive correlation between the stock prices and all of the chosen financial ratios was
discovered and was deemed significant. Based on the overall results of the study, the proponents conclude
that there is a significant and positive correlation between financial ratios and stock prices, considering
other things equal.
For further studies with similar objectives, the researchers would suggest utilizing a longer time span,
a bigger sample size, and more financial ratios to minimize sampling risk and to better assess the correlation
18
of the financial ratios and stock prices. Using regression analysis would be supplemental to specify the
relation of the stock prices to the financial prices. These recommendations are deemed ideal for a wider
scope of research and better elaboration of results.
For further studies with similar objectives, the researchers would suggest utilizing a longer time
span, a bigger sample size, and more financial ratios to minimize sampling risk and to better assess the
correlation of the financial ratios and stock prices. Using regression analysis would be supplemental to
specify the relation of the stock prices to the financial prices. Management discussion and analysis (MD&A)
may also be used as the basis for the ratios. Using specific types of financial ratios may also be done. These
recommendations are deemed ideal for a wider scope of research and better elaboration of results. As for
the academe, further research and emphasis on discussions may provide more knowledge and ideas to the
students about the correlation of the financial ratios and stock prices. Giving emphasis on these topics may
encourage the students to be interested not only to learn more about these topics but also to invest in the
stock market. For investors and potential investors, we recommend vigilance on the financial ratios of the
companies to better predict the movement of the stock price of the company
The proponents also suggest to use the Compounded Annual Growth Rate (CAGR) in getting the
top companies for a better representation in future studies. Providing the standard deviation of stock prices
on an annual basis is highly suggested for a better reference in the future studies.
19
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ash.U8C9HE1f.dpbs
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sh.rtQTSqYo.dpbs
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ash.KdAWm1S6.dpbs
44
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share investment in Nigerian listed companies. Research Journal of Finance and Accounting, 7(2),
166-175.
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advanced-chart
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48
6 Appendix
(Processed data: Financial Statements and Financial Ratios)
Ayala Land Inc.

49
2014 SFP (in Thousands) Q1 Q2 Q3 Q4

CURRENT ASSETS ₱ 156,275,488.00 ₱ 173,737,000.00 ₱ 163,639,000.00 ₱ 165,434,445.00
NONCURRENT ASSETS ₱ 190,625,771.00 ₱ 194,161,000.00 ₱ 202,319.00 ₱ 223,310,018.00
TOTAL ASSETS ₱ 346,901,259.00 ₱ 367,898,000.00 ₱ 163,841,319.00 ₱ 388,744,463.00
CURRENT LIABS ₱ 122,129,706.00 ₱ 118,886,000.00 ₱ 112,023,000.00 ₱ 134,600,718.00

NONCURRENT LIABS ₱ 110,808,341.00 ₱ 129,753,000.00 ₱ 132,895,000.00 ₱ 132,348,287.00
TOTAL LIABS ₱ 232,938,047.00 ₱ 248,639,000.00 ₱ 244,918,000.00 ₱ 266,949,005.00
Ordinary Share Capital ₱ 14,173,561.00 ₱ 14,190,000.00 ₱ 14,190,000.00 ₱ 14,190,489.00

Preference Share Capital ₱ 1,306,649.00 ₱ 1,307,000.00 ₱ 1,307,000.00 ₱ 1,306,649.00
Additional Paid-In Capital ₱ 29,002,789.00 ₱ 29,157,000.00 ₱ 29,262,000.00 ₱ 29,354,330.00
NCINAS ₱ 15,172,726.00 ₱ 16,569,000.00 ₱ 17,418,000.00 ₱ 15,055,622.00
Retained Earnings ₱ 54,307,487.00 ₱ 58,036,000.00 ₱ 58,863,000.00 ₱ 66,478,250.00
TSHE ₱ 113,963,212.00 ₱ 119,259,000.00 ₱ 121,040,000.00 ₱ 126,385,340.00
TOTAL LIABS AND SHE ₱ 346,901,259.00 ₱ 367,898,000.00 ₱ 163,841,319.00 ₱ 388,744,463.00

CURRENT ASSETS ₱ 204,784,000.00 ₱ 177,515,000.00 ₱ 184,706,000.00 ₱ 166,203,595.00
NONCURRENT ₱ 231,382,000.00 ₱ 245,980,000.00 ₱ 250,995,000.00 ₱ 276,138,205.00
TOTAL ASSETS ₱ 436,166,000.00 ₱ 423,495,000.00 ₱ 435,701,000.00 ₱ 442,341,800.00
CURRENT LIABS ₱ 155,059,000.00 ₱ 143,090,000.00 ₱ 146,691,000.00 ₱ 146,132,855.00

TOTAL LIABS ₱ 296,361,000.00 ₱ 422,228,000.00 ₱ 288,713,000.00 ₱ 292,516,389.00

NCINAS ₱ 16,120,000.00 ₱ 16,763,000.00 ₱ 17,955,000.00 ₱ 16,094,707.00
TSHE ₱ 139,805,000.00 ₱ 144,357,000.00 ₱ 146,987,000.00 ₱ 155,119,916.00

CURRENT ASSETS ₱ 195,170,000.00 ₱ 187,989,000.00 ₱ 200,370,000.00 ₱ 211,012,113.00
NONCURRENT ₱ 286,549,000.00 ₱ 301,311,000.00 ₱ 312,932,000.00 ₱ 325,420,882.00
TOTAL ASSETS ₱ 481,719,000.00 ₱ 489,300,000.00 ₱ 513,302,000.00 ₱ 536,432,995.00
CURRENT LIABS ₱ 182,995,000.00 ₱ 178,797,000.00 ₱ 184,089,000.00 ₱ 188,203,171.00

TOTAL LIABS ₱ 330,576,000.00 ₱ 331,626,000.00 ₱ 347,734,000.00 ₱ 363,749,808.00

NCINAS ₱ 16,637,000.00 ₱ 18,032,000.00 ₱ 24,048,000.00 ₱ 24,978,092.00
TSHE ₱ 151,142,000.00 ₱ 157,674,000.00 ₱ 165,570,000.00 ₱ 178,338,817.00

CURRENT ASSETS ₱ 207,798,000.00 ₱ 212,297,000.00 ₱ 218,834,000.00 ₱ 218,560,955.00
NONCURRENT ₱ 333,894,000.00 ₱ 334,098,000.00 ₱ 342,906,000.00 ₱ 355,431,379.00
TOTAL ASSETS ₱ 541,692,000.00 ₱ 546,395,000.00 ₱ 561,740,000.00 ₱ 573,992,334.00
CURRENT LIABS ₱ 184,181,000.00 ₱ 172,450,000.00 ₱ 18,032,200.00 ₱ 184,623,237.00

TOTAL LIABS ₱ 365,861,000.00 ₱ 365,054,000.00 ₱ 214,766,200.00 ₱ 381,728,976.00

NCINAS ₱ 26,042,000.00 ₱ 26,091,000.00 ₱ 27,140,000.00 ₱ 25,508,747.00
TSHE ₱ 175,831,000.00 ₱ 181,341,000.00 ₱ 184,684,000.00 ₱ 192,263,358.00

50
2014 PLS (in Thousands) Q1 Q2 Q3 Q4

Real Estate Income ₱ 22,587,962.00 ₱ 23,235,000.00 ₱ 22,055,000.00 ₱ 94,491,051.00
Cost of Real Estate ₱ (14,285,067.00) ₱ (14,616,000.00) ₱ (13,211,000.00) ₱ (59,395,613.00)
Gross Profit ₱ 8,302,895.00 ₱ 8,619,000.00 ₱ 8,844,000.00 ₱ 35,095,438.00
Operating Expenses ₱ (1,542,560.00) ₱ (1,467,000.00) ₱ (1,426,000.00) ₱ (6,203,133.00)
Operating Income ₱ 6,760,335.00 ₱ 7,152,000.00 ₱ 7,418,000.00 ₱ 28,892,305.00
Other Income ₱ 160,620.00 ₱ 214,000.00 ₱ 63,000.00 ₱ 705,995.00
Other Expenses (exluding interest exp) ₱ (265,624.00) ₱ (418,000.00) ₱ 211,000.00 ₱ (375,797.00)
Unrealized Gains or Losses, net ₱ (48,148.00) ₱ 29,000.00 ₱ 27,000.00 ₱ 49,849.00
EBIT ₱ 6,607,183.00 ₱ 6,977,000.00 ₱ 7,719,000.00 ₱ 29,272,352.00
Interest Expense ₱ (1,142,433.00) ₱ (1,208,000.00) ₱ (1,471,000.00) ₱ (5,365,716.00)
Earnings Before Tax ₱ 5,464,750.00 ₱ 5,769,000.00 ₱ 6,248,000.00 ₱ 23,906,636.00
Income Tax Expense, TOTAL ₱ (1,318,515.00) ₱ (1,318,000.00) ₱ (1,707,000.00) ₱ (6,142,329.00)
Total Comprehensive Income ₱ 4,146,235.00 ₱ 4,451,000.00 ₱ 4,541,000.00 ₱ 17,764,307.00

Gross Profit ₱ 9,506,000.00 ₱ 9,818,000.00 ₱ 10,110,000.00 ₱ 41,165,275.00
Other Income ₱ 127,000.00 ₱ 181,000.00 ₱ 335,000.00 ₱ 682,605.00
Other Expenses (exluding interest exp) ₱ (91,000.00) ₱ (54,000.00) ₱ (283,000.00) ₱ (998,860.00)
Unrealized Gains or Losses, net ₱ (4,000.00) ₱ (66,000.00) ₱ (53,000.00) ₱ (75,923.00)
EBIT ₱ 7,932,000.00 ₱ 8,311,000.00 ₱ 8,634,000.00 ₱ 34,181,142.00

Gross Profit ₱ 10,490,000.00 ₱ 11,549,000.00 ₱ 11,758,000.00 ₱ 47,402,455.00
Other Income ₱ 124,000.00 ₱ 158,000.00 ₱ 84,000.00 ₱ 659,936.00
Other Expenses (exluding interest exp) ₱ (243,000.00) ₱ (158,000.00) ₱ (164,000.00) ₱ (1,053,207.00)
Unrealized Gains or Losses, net ₱ 13,000.00 ₱ (16,000.00) ₱ 31,000.00 ₱ 200,501.00
EBIT ₱ 8,707,000.00 ₱ 9,903,000.00 ₱ 10,116,000.00 ₱ 40,178,335.00

Gross Profit ₱ 12,057,000.00 ₱ 12,974,000.00 ₱ 13,482,000.00 ₱ 51,452,277.00
Other Income ₱ 366,000.00 ₱ 323,000.00 ₱ 94,000.00 ₱ 2,923,610.00
Unrealized Gains or Losses, net ₱ 26,000.00 ₱ (68,000.00) ₱ 104,000.00 ₱ 1,195,825.00
EBIT ₱ 10,422,000.00 ₱ 11,299,000.00 ₱ 11,910,000.00 ₱ 47,100,791.00
51
2014 FS RATIOS Q1 Q2 Q3 Q4
STOCK PRICE ₱ 29.90 ₱ 30.50 ₱ 34.95 ₱ 33.70
EARNINGS PER SHARE 0.25 0.26 0.26 1.04
BOOK VALUE PER SHARE 1.01 ₱ (1.27) ₱ (1.33) ₱ (1.15)
CASH EARNINGS PER SHARE ₱ 0.91 ₱ 1.12 ₱ 1.17 ₱ 2.54
RETURN ON ASSETS 2% 2% 5% 8%
PRICE - EARNINGS RATIO 119.6 117.3076923 134.4230769 32.40384615
2014 WANOSO: 16584940 17119231 17465385 17081064

2014 issued shares: 14065020 14071000 14074000 14187052
2014 OPERATING CASH FLOWS GENERATED/(USED) 12822790 15811000 16400000 36010205
STOCK PRICE ₱ 38.50 ₱ 37.30 ₱ 34.00 ₱ 34.45
BOOK VALUE PER SHARE 0.986555526 1.006575342 1.006437915 1.007511483
2015 WANOSO: 17400000 17168966 17440000 17350803

2015 issued shares: 14876000 14600000 14601000 14586068
STOCK PRICE ₱ 35.25 ₱ 38.80 ₱ 39.25 ₱ 32.00
BOOK VALUE PER SHARE 0 0 0 0
2016 WANOSO: 17009375 17158824 17094444 17225375

2016 issued shares: 14587000 14587000 14594000 14712682
STOCK PRICE ₱ 33.05 ₱ 39.75 ₱ 43.50 ₱ 44.60
2017 WANOSO: 17007895 17062500 17358140 17170458

2017 issued shares: 14597000 14604000 14602000 724947
52
SM Prime Holdings
CURRENT ASSETS ₱ 83,156,260.00 ₱ 88,695,818.00 ₱ 110,133,033.00 ₱ 105,996,381.00
NONCURRENT ₱ 257,771,706.00 ₱ 265,596,152.00 ₱ 275,011,538.00 ₱ 282,843,778.00
TOTAL ASSETS ₱ 340,927,966.00 ₱ 354,291,970.00 ₱ 385,144,571.00 ₱ 388,840,159.00
CURRENT LIABS ₱ 55,337,050.00 ₱ 67,051,535.00 ₱ 64,838,134.00 ₱ 50,799,205.00

TOTAL LIABS ₱ 167,185,402.00 ₱ 179,810,323.00 ₱ 204,924,794.00 ₱ 186,601,956.00

Preference Share Capital ₱ - ₱ - ₱ - ₱ -
NCINAS ₱ 3,069,162.00 ₱ 2,886,572.00 ₱ 3,002,063.00 ₱ 3,150,513.00
TSHE ₱ 173,742,564.00 ₱ 174,481,647.00 ₱ 180,219,777.00 ₱ 202,238,203.00

CURRENT ASSETS ₱ 115,587,077.00 ₱ 91,344,857.00 ₱ 92,167,199.00 ₱ 99,130,037.00
NONCURRENT ₱ 286,815,896.00 ₱ 314,512,511.00 ₱ 325,558,126.00 ₱ 335,836,248.00
TOTAL ASSETS ₱ 402,402,973.00 ₱ 405,857,368.00 ₱ 417,725,325.00 ₱ 434,966,285.00
CURRENT LIABS ₱ 69,167,996.00 ₱ 73,445,503.00 ₱ 79,053,029.00 ₱ 70,628,579.00

TOTAL LIABS ₱ 193,734,194.00 ₱ 198,885,469.00 ₱ 207,130,542.00 ₱ 219,123,438.00

NCINAS ₱ 2,904,315.00 ₱ 3,057,044.00 ₱ 3,203,046.00 ₱ 3,354,025.00
TSHE ₱ 208,668,779.00 ₱ 206,971,899.00 ₱ 210,594,783.00 ₱ 215,842,847.00
2016 SFP (In Thousands) Q1 Q2 Q3 Q4

CURRENT ASSETS ₱ 93,886,127.00 ₱ 94,319,395.00 ₱ 106,422,701.00 ₱ 103,950,556.00
NONCURRENT ₱ 339,680,546.00 ₱ 345,959,564.00 ₱ 350,743,291.00 ₱ 361,609,576.00
TOTAL ASSETS ₱ 433,566,673.00 ₱ 440,278,959.00 ₱ 457,165,992.00 ₱ 465,560,132.00
CURRENT LIABS ₱ 48,640,104.00 ₱ 46,451,730.00 ₱ 50,196,148.00 ₱ 49,421,276.00

TOTAL LIABS ₱ 212,741,524.00 ₱ 217,333,943.00 ₱ 229,751,040.00 ₱ 230,196,588.00

NCINAS ₱ 3,014,333.00 ₱ 3,166,914.00 ₱ 3,310,738.00 ₱ 3,882,512.00
TSHE ₱ 220,825,149.00 ₱ 222,945,016.00 ₱ 227,414,952.00 ₱ 235,363,544.00
2017 SFP (In Thousands) Q1 Q2 Q3 Q4

CURRENT ASSETS ₱ 103,761,562.00 ₱ 120,176,584.00 ₱ 124,536,236.00 ₱ 125,576,040.00
NONCURRENT ₱ 383,370,509.00 ₱ 388,065,344.00 ₱ 397,397,595.00 ₱ 412,841,558.00
TOTAL ASSETS ₱ 487,132,071.00 ₱ 508,241,928.00 ₱ 521,933,831.00 ₱ 538,417,598.00
CURRENT LIABS ₱ 80,478,773.00 ₱ 74,982,839.00 ₱ 74,954,262.00 ₱ 78,207,732.00

TOTAL LIABS ₱ 243,282,115.00 ₱ 264,065,340.00 ₱ 269,862,156.00 ₱ 275,543,684.00

NCINAS ₱ 3,413,981.00 ₱ 3,448,135.00 ₱ 3,990,967.00 ₱ 33,916,693.00
TSHE ₱ 243,849,956.00 ₱ 244,176,588.00 ₱ 252,071,675.00 ₱ 262,873,914.00

53
2014 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 12,414,111.00 ₱ 26,669,774.00 ₱ 38,712,553.00 ₱ 53,983,038.00
Other Income ₱ 216,761.00 ₱ 278,566.00 ₱ 506,088.00 ₱ 731,884.00
Other Expenses (exluding interest exp) ₱ - ₱ - ₱ (282,378.00) ₱ (644,758.00)
Unrealized Gains or Losses, net ₱ - ₱ - ₱ - ₱ -
EBIT ₱ 6,744,421.00 ₱ 14,436,506.00 ₱ 20,340,983.00 ₱ 27,773,635.00
Interest Expense ₱ (852,741.00) ₱ (1,884,067.00) ₱ (2,860,546.00) ₱ (4,099,499.00)
2015 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 13,782,666.00 ₱ 29,186,238.00 ₱ 43,243,080.00 ₱ 59,472,211.00
Other Income ₱ 7,747,390.00 ₱ 7,968,681.00 ₱ 8,520,283.00 ₱ 8,579,321.00
EBIT ₱ 15,207,163.00 ₱ 24,048,914.00 ₱ 31,007,186.00 ₱ 38,289,943.00
2016 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 15,327,411.00 ₱ 32,280,568.00 ₱ 48,149,808.00 ₱ 66,699,090.00
Other Income ₱ 363,150.00 ₱ 528,428.00 ₱ 760,086.00 ₱ 1,114,931.00
Unrealized Gains or Losses, net ₱ - ₱ -
EBIT ₱ 8,608,227.00 ₱ 18,127,848.00 ₱ 25,919,575.00 ₱ 35,398,291.00
Interest Expense ₱ (995,293.00) ₱ (1,951,687.00) ₱ (3,146,688.00) ₱ (4,409,614.00)
2017 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 17,397,608.00 ₱ 36,292,858.00 ₱ 54,383,319.00 ₱ 75,770,046.00
Other Income ₱ 368,148.00 ₱ 695,659.00 ₱ 903,596.00 ₱ 1,214,347.00
Other Expenses (exluding interest exp) ₱ - ₱ - ₱ (1,099,083.00) ₱ (420,856.00)
Unrealized Gains or Losses, net ₱ - ₱ - ₱ -
EBIT ₱ 9,934,660.00 ₱ 20,809,520.00 ₱ 29,942,499.00 ₱ 41,422,283.00
54
STOCK PRICE ₱ 14.46 ₱ 15.94 ₱ 17.48 ₱ 17.02
2014 WANOSO: 28446939.39 28441864.02 28482729.9 28631043.94

2014 issued shares: 33166300 33166300 33166300 33166300
STOCK PRICE ₱ 20.00 ₱ 19.80 ₱ 20.30 ₱ 22.05
2015 WANOSO: 29161009.13 40575396.15 29390201.77 29422192.46

2015 issued shares: 33166300 33166300 33166300 33166300
STOCK PRICE ₱ 22.10 ₱ 27.50 ₱ 28.80 ₱ 28.30
2016 WANOSO: 29611297.03 29492446.22 29578993.39 29500755.45

2016 issued shares: 33166300 33166300 33166300 33166300
STOCK PRICE ₱ 28.60 ₱ 32.70 ₱ 34.80 ₱ 37.60
2017 WANOSO: 29453790.39 29471012.02 29494873.38 29418894.35

2017 issued shares: 33166300 33166300 33166300 33166300
55
Megaworld Corporation FS
2014 SFP (in thousands) Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 101,391,243.00 ₱ 113,837,432.00 ₱ 120,327,815.00 ₱ 122,090,504,171.00
NONCURRENT ₱ 79,342,989.00 ₱ 93,691,746.00 ₱ 96,558,132.00 ₱ 98,949,337,422.00
TOTAL ASSETS ₱ 180,734,232.00 ₱ 207,529,178.00 ₱ 216,885,947.00 ₱ 221,039,841,593.00
CURRENT LIABS ₱ 27,212,307.00 ₱ 36,454,908.00 ₱ 37,396,997.00 ₱ 38,878,034,885.00

NONCURRENT LIABS ₱ 47,183,712.00 ₱ 46,275,291.00 ₱ 51,395,909.00 ₱ 53,363,013,487.00
TOTAL LIABS ₱ 74,396,019.00 ₱ 82,730,199.00 ₱ 88,792,906.00 ₱ 92,241,048,372.00
Ordinary Share Capital ₱ 31,566,344.00 ₱ 32,326,715.00 ₱ 31,700,982.00 ₱ 31,789,156,318.00

Other items* ₱ 1,670,181.00 ₱ 956,697.00 ₱ 1,484,382.00 ₱ (114,351,471.00)
Additional Paid-In Capital ₱ 16,657,991.00 ₱ 16,647,265.00 ₱ 16,647,265.00 ₱ 16,657,990,413.00
NCINAS ₱ 11,331,392.00 ₱ 17,312,121.00 ₱ 18,229,659.00 ₱ 17,995,845,058.00
Retained Earnings ₱ 45,112,305.00 ₱ 57,556,181.00 ₱ 60,030,753.00 ₱ 62,470,152,903.00
TSHE ₱ 106,338,213.00 ₱ 124,798,979.00 ₱ 128,093,041.00 ₱ 128,798,793,221.00
TOTAL LIABS AND SHE ₱ 180,734,232.00 ₱ 207,529,178.00 ₱ 216,885,947.00 ₱ 221,039,841,593.00
2015 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 123,205,528.00 ₱ 123,629,439.00 ₱ 125,602,500.00 ₱ 131,175,365,355.00
NONCURRENT ₱ 106,481,997.00 ₱ 108,513,170.00 ₱ 111,006,731.00 ₱ 120,509,398,347.00
TOTAL ASSETS ₱ 229,687,525.00 ₱ 232,142,609.00 ₱ 236,609,231.00 ₱ 251,684,763,702.00
CURRENT LIABS ₱ 39,844,539.00 ₱ 35,378,303.00 ₱ 34,594,092.00 ₱ 36,478,816,621.00

TOTAL LIABS ₱ 98,532,814.00 ₱ 101,444,481.00 ₱ 104,166,571.00 ₱ 117,271,409,059.00

Other items* ₱ (359,497.00) ₱ (1,760,959.00) ₱ (4,070,945.00) ₱ (2,546,932,647.00)
NCINAS ₱ 18,324,612.00 ₱ 18,183,245.00 ₱ 18,756,797.00 ₱ 17,724,874,030.00
TSHE ₱ 131,154,711.00 ₱ 130,698,128.00 ₱ 132,442,660.00 ₱ 134,413,354,643.00
2016 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 132,538,145.00 ₱ 131,663,318.00 ₱ 133,082,972.00 ₱ 140,689,818,094.00
NONCURRENT ₱ 123,893,122.00 ₱ 128,187,341.00 ₱ 133,387,875.00 ₱ 138,052,699,556.00
TOTAL ASSETS ₱ 256,431,267.00 ₱ 259,850,659.00 ₱ 266,470,847.00 ₱ 278,742,517,650.00
CURRENT LIABS ₱ 37,738,323.00 ₱ 41,531,938.00 ₱ 40,713,398.00 ₱ 40,889,535,200.00

TOTAL LIABS ₱ 119,727,936.00 ₱ 121,980,613.00 ₱ 125,075,131.00 ₱ 135,124,177,321.00

Other items, net* ₱ (3,524,137.00) ₱ (3,912,694.00) ₱ (3,831,143.00) ₱ (3,515,782,787.00)
NCINAS ₱ 17,812,660.00 ₱ 17,693,269.00 ₱ 17,962,396.00 ₱ 18,138,101,212.00
TSHE ₱ 136,703,331.00 ₱ 137,870,046.00 ₱ 141,395,716.00 ₱ 143,618,340,329.00
2017 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 151,658,915.00 ₱ 145,220,215.00 ₱ 146,386,792.00 ₱ 155,486,632,035.00
NONCURRENT ₱ 142,107,825.00 ₱ 148,363,826.00 ₱ 149,887,059.00 ₱ 155,046,172,953.00
TOTAL ASSETS ₱ 293,766,740.00 ₱ 293,584,041.00 ₱ 296,273,851.00 ₱ 310,532,804,988.00
CURRENT LIABS ₱ 42,306,542.00 ₱ 54,535,493.00 ₱ 54,399,330.00 ₱ 57,018,406,224.00

TOTAL LIABS ₱ 147,313,220.00 ₱ 143,347,632.00 ₱ 141,853,129.00 ₱ 149,228,602,746.00

Other items* ₱ (4,257,778.00) ₱ (3,207,985.00) ₱ (3,455,250.00) ₱ (1,280,606,385.00)
NCINAS ₱ 18,239,323.00 ₱ 19,721,751.00 ₱ 19,977,955.00 ₱ 22,526,324,542.00
TSHE ₱ 146,453,520.00 ₱ 150,236,409.00 ₱ 154,420,722.00 ₱ 161,304,202,242.00

56
2014 PLS (in thousands) Q1 Q2 Q3 Q4

Real Estate Income ₱ 5,453,651.00 ₱ 6,556,797.00 ₱ 6,366,638.00 ₱ 24,606,554,437.00
Cost of Real Estate ₱ (3,287,143.00) ₱ (3,855,855.00) ₱ (3,582,122.00) ₱ (14,363,869,187.00)
Gross Profit ₱ 2,166,508.00 ₱ 2,700,942.00 ₱ 2,784,516.00 ₱ 10,242,685,250.00
Operating Expenses ₱ (1,432,108.00) ₱ (1,781,026.00) ₱ (1,412,967.00) ₱ (7,491,693,766.00)
Operating Income ₱ 734,400.00 ₱ 919,916.00 ₱ 1,371,549.00 ₱ 2,750,991,484.00
Other Income* with preacquisition income, net ₱ 4,487,570.00 ₱ 15,376,103.00 ₱ 3,536,083.00 ₱ 28,455,195,364.00
Other Expenses (exluding interest exp) ₱ (1,264,571.00) ₱ (1,524,693.00) ₱ (944,466.00) ₱ (4,906,662,573.00)
Unrealized Gains or Losses, net ₱ 385,154.00 ₱ (79,764.00) ₱ (106,036.00) ₱ (1,285,118,602.00)
EBIT ₱ 4,342,553.00 ₱ 14,691,562.00 ₱ 3,857,130.00 ₱ 25,014,405,673.00
Interest Expense ₱ (625,091.00) ₱ (85,068.00) ₱ (606,844.00) ₱ (1,624,478,535.00)
Earnings Before Tax ₱ 3,717,462.00 ₱ 14,606,494.00 ₱ 3,250,286.00 ₱ 23,389,927,138.00
Income Tax Expense, net ₱ (640,023.00) ₱ (937,228.00) ₱ (758,968.00) ₱ (3,120,330,226.00)
Total Comprehensive Income ₱ 3,077,439.00 ₱ 13,669,266.00 ₱ 2,491,318.00 ₱ 20,269,596,912.00
2015 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 2,586,002.00 ₱ 3,325,684.00 ₱ 3,439,821.00 ₱ 11,827,355,098.00
Operating Income ₱ 680,801.00 ₱ 1,679,914.00 ₱ 1,659,469.00 ₱ 3,835,460,087.00
Other Income, net ₱ 4,231,676.00 ₱ 4,348,248.00 ₱ 4,457,657.00 ₱ 17,733,654,766.00
Other Expenses (exluding interest exp) ₱ (1,346,558.00) ₱ (1,469,524.00) ₱ (1,276,757.00) ₱ (4,983,367,699.00)
Unrealized Gains or Losses, net ₱ (245,145.00) ₱ (1,401,463.00) ₱ (1,676,262.00) ₱ (2,435,751,951.00)
EBIT ₱ 3,320,774.00 ₱ 3,157,175.00 ₱ 3,164,107.00 ₱ 14,149,995,203.00
Income Tax Expense, TOTAL ₱ (741,266.00) ₱ (909,031.00) ₱ (940,384.00) ₱ (3,284,678,495.00)
2016 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 2,995,495.00 ₱ 2,812,461.00 ₱ 3,240,965.00 ₱ 11,936,342,233.00
Operating Income ₱ 1,051,214.00 ₱ 1,056,928.00 ₱ 1,396,006.00 ₱ 3,582,658,628.00
Other Income, net ₱ 4,607,319.00 ₱ 4,986,573.00 ₱ 4,959,597.00 ₱ 19,363,235,773.00
Unrealized Gains or Losses, net ₱ (343,483.00) ₱ (388,556.00) ₱ 81,551.00 ₱ (1,036,827,951.00)
EBIT ₱ 3,596,268.00 ₱ 4,314,601.00 ₱ 5,093,338.00 ₱ 17,029,599,833.00
Income Tax Expense, TOTAL ₱ (860,193.00) ₱ (936,153.00) ₱ (917,310.00) ₱ (3,489,339,020.00)
2017 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 2,997,649.00 ₱ 2,925,388.00 ₱ 3,044,991.00 ₱ 12,596,700,886.00
Operating Income ₱ 926,068.00 ₱ 978,489.00 ₱ 978,792.00 ₱ 3,033,385,268.00
Other Income, net ₱ 5,127,425.00 ₱ 5,522,406.00 ₱ 5,490,532.00 ₱ 21,509,481,286.00
Unrealized Gains or Losses, net ₱ (108,273.00) ₱ 416,072.00 ₱ 386,455.00 ₱ 2,312,288,287.00
EBIT ₱ 4,360,893.00 ₱ 5,850,558.00 ₱ 5,666,199.00 ₱ 22,745,293,025.00
Income Tax Expense, TOTAL ₱ (925,026.00) ₱ (1,130,901.00) ₱ (956,639.00) ₱ (3,792,600,176.00)
57
STOCK PRICE ₱ 4.70 ₱ 4.48 ₱ 4.97 ₱ 4.75
CASH EARNINGS PER SHARE ₱ 0.03 ₱ 0.05 ₱ (0.02) ₱ (0.00)
PRICE - EARNINGS RATIO 55.95x 10.35x 64.55x 7.13x
2014 WANOSO: 36,636,178 31,568,744 32,354,779 30,404,398,408

2014 issued shares: 31,566,344 32,326,715 31,700,982 31,789,156,318
2014 OPERATING CASH FLOWS GENERATED/(USED) ₱1,090,049.00 ₱1,492,199.00 -₱725,335.00 -₱725,335.00
STOCK PRICE ₱ 5.52 ₱ 4.92 ₱ 4.72 ₱ 3.57
CASH EARNINGS PER SHARE ₱ 0.02 ₱ 0.04 ₱ (0.03) ₱ 0.05
RETURN ON ASSETS 0.0030% 3% 3% 11%
2015 WANOSO: 29,632,944 17,856,436 14,010,438 91,449,998,787

2014 issued shares: 31,789,178 31,797,144 32,430,866 31,797,144,242
2014 OPERATING CASH FLOWS GENERATED/(USED) ₱537,455.00 ₱1,176,371.00 -₱1,006,645.00 ₱1,649,795,704.00
STOCK PRICE ₱ 4.11 ₱ 4.50 ₱ 4.72 ₱ 3.57
RETURN ON ASSETS 0.0025% 1.1206% 0.9332% 9.0693%
2016 WANOSO: 39385663 38239456 41227854 137493911485

2016 issued shares: 32430866 32430866 32430866 31797144242
2016 OPERATING CASH FLOWS GENERATED/(USED) 860,193 239,069 2,033,324 3,918,233,728
STOCK PRICE ₱ 3.38 ₱ 4.30 ₱ 5.23 ₱ 5.16
CASH EARNINGS PER SHARE ₱ 0.01 ₱ (0.09) ₱ 0.11 ₱ 0.18
2017 WANOSO: 42053955 18528723 47433696 12448978

2017 issued shares: 32,430,866 31,797,144 32,430,866 31,797,144,242
2017 OPERATING CASH FLOWS GENERATED/(USED) 170,031 -2,989,623 3,711,809 5,844,744,599
58
Robinsons Land Corporation

2014 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 19,062,951,634.00 ₱ 19,873,146,120.00 ₱ 21,298,620,152.00 ₱ 23,731,298,202.00
NONCURRENT ₱ 57,745,499,553.00 ₱ 60,183,223,688.00 ₱ 61,386,138,463.00 ₱ 61,998,117,082.00
TOTAL ASSETS ₱ 76,808,451,187.00 ₱ 80,056,369,808.00 ₱ 82,684,758,615.00 ₱ 85,729,415,284.00
CURRENT LIABS ₱ 20,876,018,390.00 ₱ 22,659,300,693.00 ₱ 14,904,642,798.00 ₱ 16,586,745,624.00

NONCURRENT LIABS ₱ 5,506,600,295.00 ₱ 5,764,812,060.00 ₱ 15,979,214,226.00 ₱ 16,212,568,571.00
TOTAL LIABS ₱ 26,382,618,685.00 ₱ 28,424,112,753.00 ₱ 30,883,857,024.00 ₱ 32,799,314,195.00
Ordinary Share Capital ₱ 4,111,528,685.00 ₱ 4,111,528,685.00 ₱ 4,111,528,685.00 ₱ 4,111,528,685.00

Other Items ₱ (309,432,530.00) ₱ (309,432,530.00) ₱ (309,432,530.00) ₱ (383,059,197.00)
Additional Paid-In Capital ₱ 20,392,532,781.00 ₱ 20,392,532,781.00 ₱ 20,392,532,781.00 ₱ 20,392,532,781.00
NCINAS ₱ 133,965,760.00 ₱ 135,355,520.00 ₱ 134,984,108.00 ₱ 133,049,972.00
Retained Earnings ₱ 26,097,237,806.00 ₱ 27,302,272,599.00 ₱ 27,471,288,547.00 ₱ 28,316,048,848.00
TSHE ₱ 50,425,832,502.00 ₱ 51,632,257,055.00 ₱ 51,800,901,591.00 ₱ 52,570,101,089.00
TOTAL LIABS AND SHE ₱ 76,808,451,187.00 ₱ 80,056,369,808.00 ₱ 82,684,758,615.00 ₱ 85,729,415,284.00
2015 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 25,143,348,913.00 ₱ 30,924,791,438.00 ₱ 25,260,016,820.00 ₱ 25,635,788,005.00
NONCURRENT ₱ 63,278,149,908.00 ₱ 64,927,040,441.00 ₱ 69,979,434,886.00 ₱ 73,432,352,997.00
TOTAL ASSETS ₱ 88,421,498,821.00 ₱ 95,851,831,879.00 ₱ 95,239,451,706.00 ₱ 99,068,141,002.00
CURRENT LIABS ₱ 18,035,846,334.00 ₱ 11,961,593,121.00 ₱ 10,970,895,212.00 ₱ 12,959,925,828.00

TOTAL LIABS ₱ 34,453,143,263.00 ₱ 40,483,814,068.00 ₱ 39,788,389,391.00 ₱ 42,273,560,826.00

Other Items ₱ (383,059,197.00) ₱ (383,059,197.00) ₱ (383,059,197.00) ₱ (385,833,892.00)
NCINAS ₱ 133,135,412.00 ₱ 134,261,985.00 ₱ 134,274,008.00 ₱ 134,373,268.00
TSHE ₱ 53,968,355,558.00 ₱ 55,368,017,811.00 ₱ 24,255,276,277.00 ₱ 56,794,580,176.00
2016 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 26,672,627,796.00 ₱ 29,200,993,947.00 ₱ 37,452,248,801.00 ₱ 38,500,104,390.00
NONCURRENT ₱ 85,038,885,877.00 ₱ 29,200,993,947.00 ₱ 79,547,956,715.00 ₱ 81,540,088,159.00
TOTAL ASSETS ₱ 111,711,513,673.00 ₱ 58,401,987,894.00 ₱ 117,000,205,516.00 ₱ 120,040,192,549.00
CURRENT LIABS ₱ 23,445,654,722.00 ₱ 28,241,978,915.00 ₱ 26,497,458,322.00 ₱ 17,099,162,910.00

TOTAL LIABS ₱ 53,266,770,642.00 ₱ 58,411,746,058.00 ₱ 56,810,931,920.00 ₱ 58,567,160,252.00

Preference Share Capital ₱ (385,833,892.00) ₱ (385,833,892.00) ₱ (385,833,892.00) ₱ (384,081,246.00)
NCINAS ₱ 132,951,806.00 ₱ 133,710,278.00 ₱ 132,209,254.00 ₱ 130,319,734.00
TSHE ₱ 58,444,743,031.00 ₱ 58,520,411,113.00 ₱ 60,189,273,596.00 ₱ 61,473,032,297.00
2017 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 43,063,916,919.00 ₱ 42,056,832,911.00 ₱ 43,338,695,453.00 ₱ 40,882,859,443.00
NONCURRENT ₱ 86,222,110,816.00 ₱ 88,847,380,667.00 ₱ 93,180,828,792.00 ₱ 107,243,688,359.00
TOTAL ASSETS ₱ 129,286,027,735.00 ₱ 130,904,213,578.00 ₱ 136,519,524,245.00 ₱ 148,126,547,802.00
CURRENT LIABS ₱ 23,352,172,376.00 ₱ 23,173,059,102.00 ₱ 26,185,563,732.00 ₱ 33,899,409,600.00

TOTAL LIABS ₱ 66,517,555,944.00 ₱ 66,615,344,197.00 ₱ 70,527,812,613.00 ₱ 80,753,930,042.00

NCINAS ₱ 278,422,681.00 ₱ 278,534,531.00 ₱ 279,247,600.00 ₱ 281,277,149.00
TSHE ₱ 62,768,471,791.00 ₱ 64,288,869,381.00 ₱ 65,991,711,632.00 ₱ 67,372,617,760.00

59
2014 PLS Q1 Q2 Q3
Real Estate Income ₱ 4,386,114,683.00 ₱ 4,072,973,104.00 ₱ 4,606,254,747.00 ₱ 17,051,175,228.00
Cost of Real Estate ₱ (2,135,405,509.00) ₱ (1,927,718,774.00) ₱ (2,329,662,004.00) ₱ (8,236,962,220.00)
Gross Profit ₱ 2,250,709,174.00 ₱ 2,145,254,330.00 ₱ 2,276,592,743.00 ₱ 8,814,213,008.00
Operating Income ₱ 1,697,970,090.00 ₱ 1,456,774,601.00 ₱ 1,644,826,813.00 ₱ 6,241,738,279.00
Other Income ₱ 5,113,977.00 ₱ 1,558,014.00 ₱ 2,574,817.00 ₱ 14,634,631.00
Other Expenses (exluding interest exp) ₱ (315,867,251.00) ₱ 100,417,600.00 ₱ 215,449,651.00 ₱ -
EBIT ₱ 1,387,216,816.00 ₱ 1,558,750,215.00 ₱ 1,862,851,281.00 ₱ 6,256,372,910.00
Interest Expense ₱ (12,349,794.00) ₱ (24,891,830.00) ₱ 37,241,624.00
Earnings Before Tax ₱ 1,374,867,022.00 ₱ 1,533,858,385.00 ₱ 1,900,092,905.00 ₱ 6,256,372,910.00
Income Tax Expense, TOTAL ₱ (343,803,543.00) ₱ (327,433,832.00) ₱ (257,669,323.00) ₱ (1,521,473,093.00)
Total Comprehensive Income ₱ 1,031,063,479.00 ₱ 1,206,424,553.00 ₱ 1,642,423,582.00 ₱ 4,734,899,817.00
2015 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 2,523,322,287.00 ₱ 2,598,181,820.00 ₱ 7,726,155,168.00 ₱ 10,604,667,950.00
Operating Expenses ₱ (694,370,311.00) ₱ (746,564,030.00) ₱ (2,099,592,824.00) ₱ (3,050,178,736.00)
Other Income ₱ 4,734,169.00 ₱ - ₱ 32,539,733.00 ₱ 39,347,029.00
Other Expenses (exluding interest exp) ₱ - ₱ - ₱ - ₱ -
EBIT ₱ 1,833,686,145.00 ₱ 1,851,617,790.00 ₱ 5,659,102,077.00 ₱ 7,593,836,243.00
Interest Expense ₱ (3,595,230.00) ₱ (5,288,926.00)
Income Tax Expense, TOTAL ₱ (435,431,676.00) ₱ (1,300,766,575.00) ₱ (1,887,514,489.00)
2016 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 2,874,949,991.00 ₱ 2,962,436,576.00 ₱ 2,848,996,653.00 ₱ 11,854,715,065.00
Other Income ₱ 6,020,999.00 ₱ 87,708,496.00 ₱ 152,021,576.00 ₱ 303,756,203.00
Other Expenses (exluding interest exp)
Unrealized Gains or Losses, net
EBIT ₱ 2,204,332,672.00 ₱ 2,185,566,109.00 ₱ 2,182,286,081.00 ₱ 8,755,751,679.00
2017 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 2,972,978,347.00 ₱ 3,008,312,683.00 ₱ 3,039,751,407.00 ₱ 11,890,430,990.00
Operating Expenses ₱ (1,004,695,225.00) ₱ (800,359,639.00) ₱ (697,705,887.00) ₱ (3,328,016,547.00)
Other Income ₱ 24,727,834.00 ₱ (11,957,833.00) ₱ 61,356,583.00 ₱ 157,841,582.00
EBIT ₱ 1,993,010,956.00 ₱ 2,195,995,211.00 ₱ 2,403,402,103.00 ₱ 8,720,256,025.00
60
STOCK PRICE ₱ 21.17 ₱ 22.81 ₱ 23.54 ₱ 25.62
EARNINGS PER SHARE 0.308751694 0.275426101 0.346262398 0
PRICE - EARNINGS RATIO 68.56642535 82.8171329 67.98312538 0
2014 WANOSO: 5499468088 5289166845 4750232263 5393424922

2014 issued shares: 4093830685 4093830685 4,093,830,685 4,093,830,685
2014 OPERATING CASH FLOWS GENERATED/(USED) 1829813825 3341750705 4,589,645,809 6,590,798,267
STOCK PRICE ₱ 29.77 ₱ 28.32 ₱ 27.50 ₱ 26.58
2015 WANOSO: 5393194544 5483290953 5151320468 5437803825

2015 issued shares: 4093830685 4093830685 4093830685 4093830685
2015 OPERATING CASH FLOWS GENERATED/(USED) 2,039,459,774 5,443,327,932 6,916,796,333 9575075786
STOCK PRICE ₱ 26.97 ₱ 28.52 ₱ 29.97 ₱ 25.13
2016 WANOSO: 5479190688 5681907150 5253116459 5456083700

2016 issued shares: 4093830685 4093830685 4093830685 4093830685
2016 OPERATING CASH FLOWS GENERATED/(USED) 5,266,812,217 7,849,032,778 -2,237,858,448 853098851
STOCK PRICE ₱ 22.23 ₱ 23.44 ₱ 24.46 ₱ 20.59
EARNINGS PER SHARE 0 0 0 0
PRICE - EARNINGS RATIO #DIV/0! #DIV/0! #DIV/0! #DIV/0!
2017 WANOSO: 5359167232 5319973555 5516665588 5441255443

2017 issued shares: 4093830685 4093830685 4093830685 4093830685
2017 OPERATING CASH FLOWS GENERATED/(USED) 2,216,214,905 5,226,523,888 7,556,457,421 15,283,487,273
61
Vista Land & Lifescapes, Inc.
2014 SFP (in million pesos) Q1 Q2 Q3 Q4/Annual

CURRENT ASSETS ₱ 43,329.00 ₱ 46,425.00 ₱ 58,278.00 ₱ 49,542.00
NONCURRENT ₱ 43,472.00 ₱ 51,374.00 ₱ 47,956.00 ₱ 57,302.00
TOTAL ASSETS ₱ 86,801.00 ₱ 97,799.00 ₱ 106,234.00 ₱ 106,844.00
CURRENT LIABS ₱ 11,743.00 ₱ 13,316.00 ₱ 14,299.00 ₱ 16,108.00

NONCURRENT LIABS ₱ 25,024.00 ₱ 33,076.00 ₱ 40,175.00 ₱ 37,644.00
TOTAL LIABS ₱ 36,767.00 ₱ 46,392.00 ₱ 54,474.00 ₱ 53,752.00
Ordinary Share Capital ₱ 8,539.00 ₱ 8,539.00 ₱ 8,539.00 ₱ 8,539.00

Preference Share Capital ₱ 33.00 ₱ 33.00 ₱ 33.00 ₱ 33.00
Additional Paid-In Capital ₱ 19,455.00 ₱ 19,455.00 ₱ 19,455.00 ₱ 19,455.00
Retained Earnings ₱ 21,989.00 ₱ 23,331.00 ₱ 23,704.00 ₱ 25,168.00
Other Comprehensive Income ₱ 18.00 ₱ 49.00 ₱ 29.00 ₱ (103.00)
TSHE ₱ 50,034.00 ₱ 51,407.00 ₱ 51,760.00 ₱ 53,092.00
TOTAL LIABS AND SHE ₱ 86,801.00 ₱ 97,799.00 ₱ 106,234.00 ₱ 106,844.00

CURRENT ASSETS ₱ 53,961.00 ₱ 57,852.00 ₱ 57,859.00 ₱ 63,205.00
NONCURRENT ₱ 57,311.00 ₱ 60,934.00 ₱ 65,432.00 ₱ 89,690.00
TOTAL ASSETS ₱ 111,272.00 ₱ 118,786.00 ₱ 123,291.00 ₱ 152,895.00
CURRENT LIABS ₱ 19,575.00 ₱ 22,854.00 ₱ 20,455.00 ₱ 18,457.00

TOTAL LIABS ₱ 56,484.00 ₱ 62,718.00 ₱ 67,119.00 ₱ 82,929.00

Treasury Shares ₱ (205.00) ₱ (838.00) ₱ (6,298.00)
Other Comprehensive Income ₱ (51.00) ₱ 140.00 ₱ (60.00) ₱ 743.00
NCINAS ₱ 2,878.00
TSHE ₱ 54,788.00 ₱ 56,248.00 ₱ 56,172.00 ₱ 69,966.00

CURRENT ASSETS ₱ 63,588.00 ₱ 66,947.00 ₱ 68,751.00 ₱ 71,513.00
NONCURRENT ₱ 98,915.00 ₱ 99,981.00 ₱ 104,066.00 ₱ 103,255.00
TOTAL ASSETS ₱ 162,503.00 ₱ 166,928.00 ₱ 172,817.00 ₱ 174,768.00
CURRENT LIABS ₱ 18,564.00 ₱ 18,076.00 ₱ 21,218.00 ₱ 21,801.00

TOTAL LIABS ₱ 90,981.00 ₱ 92,873.00 ₱ 97,906.00 ₱ 98,273.00

Treasury Shares ₱ (6,863.00) ₱ (6,572.00) ₱ (6,700.00) ₱ (6,917.00)
Other Comprehensive Income ₱ 889.00 ₱ 1,125.00 ₱ 1,125.00 ₱ 1,111.00
NCINAS ₱ 2,816.00 ₱ 2,860.00 ₱ 2,908.00 ₱ 1,545.00
TSHE ₱ 71,522.00 ₱ 74,055.00 ₱ 74,911.00 ₱ 76,495.00

62
2014 PLS (in million pesos) Q1 Q2 Q3 Q4/Annual

Real Estate Income ₱ 5,446.00 ₱ 5,584.00 ₱ 5,651.00 ₱ 22,235.00
Cost of Real Estate ₱ (2,658.00) ₱ (2,781.00) ₱ (2,809.00) ₱ (10,966.00)
Gross Profit ₱ 2,788.00 ₱ 2,803.00 ₱ 2,842.00 ₱ 11,269.00
Operating Expenses ₱ (1,223.00) ₱ (1,254.00) ₱ (1,369.00) ₱ (5,451.00)
Operating Income ₱ 1,565.00 ₱ 1,549.00 ₱ 1,473.00 ₱ 5,818.00
Other Income ₱ 442.00 ₱ 578.00 ₱ 388.00 ₱ 1,802.00
Unrealized Gains or Losses, net ₱ (4.00) ₱ (72.00) ₱ 97.00
EBIT ₱ 2,003.00 ₱ 2,055.00 ₱ 1,958.00 ₱ 7,620.00
Interest Expense ₱ (405.00) ₱ (615.00) ₱ (446.00) ₱ (1,342.00)
Earnings Before Tax ₱ 1,598.00 ₱ 1,440.00 ₱ 1,512.00 ₱ 6,278.00
Income Tax Expense, TOTAL ₱ (108.00) ₱ (98.00) ₱ (99.00) ₱ (569.00)
Net Income ₱ 1,490.00 ₱ 1,342.00 ₱ 1,413.00 ₱ 5,709.00

Gross Profit ₱ 3,104.00 ₱ 3,075.00 ₱ 3,223.00 ₱ 12,248.00
Other Income ₱ 525.00 ₱ 552.00 ₱ 681.00 ₱ 4,780.00
Other Expenses (exluding interest exp) ₱ (7.00)
Unrealized Gains or Losses, net ₱ (3.00)
EBIT ₱ 2,211.00 ₱ 2,142.00 ₱ 2,418.00 ₱ 10,129.00
Income Tax Expense, TOTAL ₱ (156.00) ₱ (171.00) ₱ (46.00) ₱ (1,001.00)
Net Income ₱ 1,643.00 ₱ 1,476.00 ₱ 1,902.00 ₱ 7,187.00

Gross Profit ₱ 3,241.00 ₱ 3,070.00 ₱ 3,348.00 ₱ 12,704.00
Other Income ₱ 1,469.00 ₱ 1,701.00 ₱ 1,818.00 ₱ 6,835.00
Other Expenses (exluding interest exp) ₱ (1.00) ₱ (29.00) ₱ (26.00)
EBIT ₱ 2,888.00 ₱ 2,899.00 ₱ 3,109.00 ₱ 11,918.00
Net Income ₱ 2,079.00 ₱ 1,846.00 ₱ 2,456.00 ₱ 8,100.00

Gross Profit ₱ 3,620.00 ₱ 3,679.00 ₱ 3,412.00 ₱ 14,290.00
Other Income ₱ 1,919.00 ₱ 1,932.00 ₱ 2,181.00 ₱ 8,449.00
Other Expenses (exluding interest exp) ₱ 1.00 ₱ (1.00)
EBIT ₱ 3,318.00 ₱ 3,375.00 ₱ 3,655.00 ₱ 14,658.00
Net Income ₱ 2,312.00 ₱ 2,184.00 ₱ 2,650.00 ₱ 9,063.00
63
STOCK PRICE ₱ 5.27 ₱ 6.12 ₱ 6.17 ₱ 7.20
BOOK VALUE PER SHARE ₱ 5.86 ₱ 6.02 ₱ 6.06 ₱ 6.22
2014 WANOSO: 8539 8539 8539 8539

2014 issued shares: 8539 8539 8539 8539
STOCK PRICE ₱ 8.59 ₱ 6.35 ₱ 5.03 ₱ 5.18
CASH EARNINGS PER SHARE ₱ (0.12) ₱ (0.28) ₱ 0.54 ₱ 0.21
2015 WANOSO: 8539 8507 8406 11555

2015 issued shares: 8539 8539 8539 12655
2015 OPERATING CASH FLOWS GENERATED/(USED) -1067 -2379 4576 2688
STOCK PRICE ₱ 4.66 ₱ 5.34 ₱ 5.39 ₱ 4.95
CASH EARNINGS PER SHARE ₱ 0.23 ₱ (0.05) ₱ 0.20 ₱ 0.46
2016 WANOSO: 13114 13114 12457 11983

2016 issued shares: 13114 13114 13114 13114
2016 OPERATING CASH FLOWS GENERATED/(USED) 2993 -652 2616 5973
STOCK PRICE ₱ 5.08 ₱ 5.81 ₱ 6.36 ₱ 5.99
2017 WANOSO: 13114 13114 12865 13211

2017 issued shares: 13114 13114 13114 13114
2017 OPERATING CASH FLOWS GENERATED/(USED) 992 2093 -378 3829
64
Filinvest Land, Inc.

2014 SFP (In thousands) Q1 Q2 Q3 2014 PLS (in Thousands)
CURRENT ASSETS ₱ 46,139,225.00 ₱ 45,812,213.00 ₱ 46,289,235.00 ₱ 49,224,863.00
NONCURRENT ₱ 52,847,916.00 ₱ 53,706,798.00 ₱ 56,100,601.00 ₱ 57,183,717.00
TOTAL ASSETS ₱ 98,987,141.00 ₱ 99,519,011.00 ₱ 102,389,836.00 ₱ 106,408,580.00
CURRENT LIABS ₱ 10,524,858.00 ₱ 11,643,593.00 ₱ 11,575,302.00 ₱ 11,225,123.00

TOTAL LIABS ₱ 48,918,089.00 ₱ 49,760,053.00 ₱ 51,934,122.00 ₱ 54,326,006.00

Preference Share Capital ₱ 80,000.00 ₱ 80,000.00 ₱ 80,000.00 ₱ 80,000.00
NCINAS ₱ 369,676.00 ₱ 370,272.00 ₱ 192,451.00 ₱ 134,731.00
TSHE ₱ 50,069,052.00 ₱ 49,758,958.00 ₱ 50,455,714.00 ₱ 52,081,274.00
2015 SFP (In thousands) Q1 Q2 Q3 Q4

CURRENT ASSETS ₱ 49,355,402.00 ₱ 52,480,623.00 ₱ 57,069,866.00 ₱ 56,133,554.00
NONCURRENT ₱ 58,648,333.00 ₱ 59,934,989.00 ₱ 63,238,914.00 ₱ 65,199,490.00
TOTAL ASSETS ₱ 108,003,735.00 ₱ 112,415,612.00 ₱ 120,308,780.00 ₱ 121,333,044.00
CURRENT LIABS ₱ 11,507,776.00 ₱ 13,148,795.00 ₱ 13,798,531.00 ₱ 14,043,075.00

TOTAL LIABS ₱ 54,697,478.00 ₱ 59,416,065.00 ₱ 66,313,615.00 ₱ 65,497,910.00

NCINAS ₱ 134,694.00 ₱ 134,579.00 ₱ 227,641.00 ₱ 234,741.00
TSHE ₱ 53,306,257.00 ₱ 52,999,547.00 ₱ 53,995,165.00 ₱ 55,835,134.00

CURRENT ASSETS ₱ 53,821,749.00 ₱ 54,863,261.00 ₱ 55,098,409.00 ₱ 56,025,071.00
NONCURRENT ₱ 69,917,505.00 ₱ 67,968,103.00 ₱ 70,353,998.00 ₱ 73,400,161.00
TOTAL ASSETS ₱ 123,739,254.00 ₱ 122,831,364.00 ₱ 125,452,407.00 ₱ 129,425,232.00
CURRENT LIABS ₱ 15,370,651.00 ₱ 11,645,993.00 ₱ 12,226,005.00 ₱ 11,748,405.00

TOTAL LIABS ₱ 66,614,520.00 ₱ 66,065,626.00 ₱ 67,723,724.00 ₱ 70,012,595.00

NCINAS ₱ 229,598.00 ₱ 228,330.00 ₱ 220,071.00 ₱ 255,091.00
TSHE ₱ 57,124,734.00 ₱ 56,765,738.00 ₱ 57,948,683.00 ₱ 59,412,637.00

CURRENT ASSETS ₱ 61,574,611.00 ₱ 59,161,770.00 ₱ 62,184,484.00 ₱ 53,556,326.00
NONCURRENT ₱ 75,070,199.00 ₱ 77,479,452.00 ₱ 79,470,608.00 ₱ 91,565,593.00
TOTAL ASSETS ₱ 136,644,810.00 ₱ 136,641,222.00 ₱ 141,655,092.00 ₱ 145,121,919.00
CURRENT LIABS ₱ 16,590,810.00 ₱ 15,619,667.00 ₱ 16,353,254.00 ₱ 18,168,714.00

TOTAL LIABS ₱ 75,882,711.00 ₱ 76,169,009.00 ₱ 80,166,277.00 ₱ 81,620,876.00

NCINAS ₱ 226,184.00 ₱ 198,859.00 ₱ 209,166.00 ₱ 255,325.00
TSHE ₱ 60,762,199.00 ₱ 60,472,213.00 ₱ 61,488,815.00 ₱ 63,501,043.00

65

Gross Profit ₱ 1,812,466.00 ₱ 1,737,985.00 ₱ 1,880,227.00 ₱ 7,741,830.00
Operating Expenses ₱ (504,798.00) ₱ (570,572.00) ₱ (904,847.00) ₱ (2,336,384.00)
Operating Income ₱ 1,307,668.00 ₱ 1,167,413.00 ₱ 975,380.00 ₱ 5,405,446.00
Other Income ₱ 296,474.00 ₱ 319,854.00 ₱ 392,214.00 ₱ 1,431,925.00
Unrealized Gains or Losses, net ₱ 480.00 ₱ (253.00) ₱ 1,411.00 ₱ (7,198.00)
EBIT ₱ 1,481,832.00 ₱ 1,357,721.00 ₱ 1,234,314.00 ₱ 6,318,191.00
Interest Expense ₱ (187,910.00) ₱ (228,643.00) ₱ (237,653.00) ₱ (647,617.00)
Earnings Before Tax ₱ 1,293,922.00 ₱ 1,129,078.00 ₱ 996,661.00 ₱ 5,670,574.00
Income Tax Expense, TOTAL ₱ (210,781.00) ₱ (206,683.00) ₱ (111,278.00) ₱ (1,073,795.00)
Total Comprehensive Income ₱ 1,083,141.00 ₱ 922,395.00 ₱ 885,383.00 ₱ 4,596,779.00

Gross Profit ₱ 2,060,463.00 ₱ 1,904,855.00 ₱ 1,921,856.00 ₱ 8,871,316.00
Other Income ₱ 418,885.00 ₱ 437,927.00 ₱ 303,927.00 ₱ 1,299,384.00
Unrealized Gains or Losses, net ₱ - - - -
EBIT ₱ 1,800,146.00 ₱ 1,594,770.00 ₱ 1,442,215.00 ₱ 7,257,391.00
Total Comprehensive Income ₱ 1,244,683.00 ₱ 1,071,221.00 ₱ 925,673.00 ₱ 5,098,564.00

Gross Profit ₱ 2,151,668.00 ₱ 2,176,236.00 ₱ 2,122,546.00 ₱ 9,317,828.00
Other Income ₱ 420,908.00 ₱ 409,916.00 ₱ 320,788.00 ₱ 1,860,484.00
EBIT ₱ 1,893,316.00 ₱ 1,725,676.00 ₱ 1,573,234.00 ₱ 7,927,065.00
Interest Expense ₱ (263,738.00) ₱ (205,456.00) ₱ (354,088.00) ₱ (1,072,664.00)
Total Comprehensive Income ₱ 1,319,598.00 ₱ 1,149,790.00 ₱ 992,944.00 ₱ 5,350,786.00

Gross Profit ₱ 2,869,207.00 ₱ 2,265,050.00 ₱ 2,289,881.00 ₱ 10,111,184.00
Other Income ₱ 244,490.00 ₱ 322,037.00 ₱ 424,677.00 ₱ 2,106,563.00
EBIT ₱ 2,232,472.00 ₱ 1,769,149.00 ₱ 1,615,636.00 ₱ 8,357,862.00
Interest Expense ₱ (359,641.00) ₱ (246,983.00) ₱ (411,035.00) ₱ (1,062,705.00)
66
STOCK PRICE ₱ 1.44 ₱ 1.63 ₱ 1.58 ₱ 1.53
BOOK VALUE PER SHARE 1 ₱ (0.02) ₱ (0.01) ₱ (0.01)
PRICE - EARNINGS RATIO 8 10.1875 13.16666667 8.052631579
2014 WANOSO: 6017450 5764969 7378192 24193574

2014 issued shares: 24470708 24470708 24470708 24470708
STOCK PRICE ₱ 1.80 ₱ 1.86 ₱ 1.68 ₱ 1.81
BOOK VALUE PER SHARE ₱ (2.70) ₱ (2.96) ₱ (3.27) ₱ (3.25)
CASH EARNINGS PER SHARE ₱ (0.00) ₱ 0.07 ₱ 0.14 ₱ 0.17
2015 WANOSO: 6223415 5638005 7120562 24278876

2015 issued shares: 24470708 24470708 24470708 24470708
2015 OPERATING CASH FLOWS GENERATED/(USED) -24859 1649290 3398893 4154595
STOCK PRICE ₱ 1.77 ₱ 1.99 ₱ 1.83 ₱ 1.53
2016 WANOSO: 6283800 5748950 5226021 24321755

2016 issued shares: 244249759 24249759 24249759 24470708
STOCK PRICE ₱ 0.17 ₱ 1.67 ₱ 2.03 ₱ 1.88
2017 WANOSO: 6126357 5944552 5194795 25366004

2017 issued shares: 244249759 24249759 24249759 24470708
67
8990 Holdings, Inc.

2014 SFP (in Peso) Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 4,182,347,076.00 ₱ 4,946,441,126.00 ₱ 5,446,849,650.00 ₱ 6,492,243,081.00
NONCURRENT ASSETS ₱ 15,621,305,115.00 ₱ 17,995,393,913.00 ₱ 19,801,994,419.00 ₱ 20,654,459,293.00
TOTAL ASSETS ₱ 19,803,652,191.00 ₱ 22,941,835,039.00 ₱ 25,248,844,069.00 ₱ 27,146,702,374.00
CURRENT LIABS ₱ 5,534,408,355.00 ₱ 3,465,272,963.00 ₱ 4,170,102,975.00 ₱ 5,387,324,701.00

TOTAL LIABS ₱ 12,274,207,172.00 ₱ 9,261,451,996.00 ₱ 10,558,947,197.00 ₱ 12,257,489,008.00

Additional Paid-In Capital ₱ - ₱ 4,413,831,982.00 ₱ 4,400,126,855.00 ₱ 4,400,126,855.00
NCINAS ₱ - ₱ - ₱ - ₱ -
TSHE ₱ 7,529,445,019.00 ₱ 13,680,383,043.00 ₱ 14,689,896,872.00 ₱ 14,889,213,366.00

CURRENT ASSETS ₱ 6,764,590,216.00 ₱ 7,442,120,131.00 ₱ 7,892,531,452.00 ₱ 9,509,524,260.00
NONCURRENT ₱ 23,266,469,620.00 ₱ 25,047,092,826.00 ₱ 26,565,860,166.00 ₱ 26,567,714,830.00
TOTAL ASSETS ₱ 30,031,059,836.00 ₱ 32,489,212,957.00 ₱ 34,458,391,618.00 ₱ 36,077,239,090.00
CURRENT LIABS ₱ 6,625,652,228.00 6997472139 ₱ 4,669,053,105.00 ₱ 5,347,782,401.00

TOTAL LIABS ₱ 15,198,009,583.00 ₱ 16,465,976,191.00 ₱ 17,672,075,733.00 ₱ 18,734,637,329.00

NCINAS ₱ - ₱ - ₱ - ₱ -
TSHE ₱ 14,833,050,253.00 ₱ 16,023,236,766.00 ₱ 16,786,315,885.00 ₱ 17,342,601,761.00

CURRENT ASSETS ₱ 9,930,044,513.00 ₱ 10,017,708,832.00 ₱ 10,751,776,426.00 ₱ 11,830,140,850.00
NONCURRENT ₱ 27,771,496,399.00 ₱ 32,887,464,908.00 ₱ 34,166,319,078.00 ₱ 35,942,543,664.00
TOTAL ASSETS ₱ 37,701,540,912.00 ₱ 42,905,173,740.00 ₱ 44,918,095,504.00 ₱ 47,772,684,514.00
CURRENT LIABS ₱ 5,946,809,817.00 ₱ 7,063,167,748.00 ₱ 7,885,629,439.00 ₱ 10,797,849,390.00

TOTAL LIABS ₱ 20,706,749,521.00 ₱ 24,760,754,760.00 ₱ 25,765,850,000.00 ₱ 28,510,452,540.00

NCINAS ₱ - ₱ - ₱ - ₱ -
TSHE ₱ 16,994,791,391.00 ₱ 18,144,418,980.00 ₱ 19,152,245,504.00 ₱ 19,262,231,974.00
2017 SFP (In Peso) Q1 Q2 Q3 Q4

CURRENT ASSETS ₱ 12,761,964,147.00 ₱ 13,702,243,772.00 ₱ 15,589,996,055.00 ₱ 19,247,425,621.00
NONCURRENT ₱ 36,508,059,734.00 ₱ 35,974,556,455.00 ₱ 35,535,390,237.00 ₱ 35,733,060,325.00
TOTAL ASSETS ₱ 49,270,023,881.00 ₱ 49,676,800,227.00 ₱ 51,125,386,292.00 ₱ 54,980,485,946.00
CURRENT LIABS ₱ 12,038,348,154.00 ₱ 11,643,407,976.00 ₱ 11,701,268,426.00 ₱ 11,322,467,593.00

TOTAL LIABS ₱ 30,651,082,265.00 ₱ 30,573,122,844.00 ₱ 30,777,537,881.00 ₱ 28,279,236,164.00

NCINAS ₱ - ₱ - ₱ - ₱ -
TSHE ₱ 18,618,941,616.00 ₱ 19,103,677,383.00 ₱ 20,347,848,411.00 ₱ 26,701,249,782.00

68
2014 PLS Q1 Q2 Q3 Q4
Cost of Real Estate ₱ (727,409,251.00) ₱ (1,582,781,949.00) ₱ (2,522,144,265.00) ₱ (3,134,862,745.00)
Gross Profit ₱ 1,188,479,021.00 ₱ 2,512,951,700.00 ₱ 3,806,365,581.00 ₱ 4,657,650,482.00
Operating Income ₱ 872,908,823.00 ₱ 1,809,719,736.00 ₱ 2,785,568,121.00 ₱ 3,076,806,579.00
Other Income ₱ 235,311,348.00 ₱ 368,932,462.00 ₱ 592,061,427.00 ₱ 933,351,574.00
EBIT ₱ 1,108,220,171.00 ₱ 2,178,652,198.00 ₱ 3,377,629,548.00 ₱ 4,010,158,153.00
Earnings Before Tax ₱ 975,358,224.00 ₱ 1,955,905,780.00 ₱ 3,065,678,181.00 ₱ 3,613,817,934.00
Total Comprehensive Income ₱ 933,597,834.00 ₱ 1,808,517,827.00 ₱ 2,831,736,783.00 ₱ 3,309,079,587.00
2015 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 1,185,238,891.00 ₱ 2,673,931,285.00 ₱ 4,043,124,444.00 ₱ 5,105,398,492.00
Other Income ₱ 280,813,112.00 ₱ 596,749,240.00 ₱ 916,805,194.00 ₱ 1,367,492,475.00
EBIT ₱ 1,098,676,911.00 ₱ 2,532,566,257.00 ₱ 3,844,132,492.00 ₱ 4,749,086,181.00
2016 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 1,229,752,844.00 ₱ 2,725,348,442.00 ₱ 4,034,038,507.00 ₱ 5,000,756,195.00
Other Income ₱ 432,063,052.00 ₱ 750,640,833.00 ₱ 1,120,187,563.00 ₱ 1,601,504,449.00
EBIT ₱ 1,286,881,807.00 ₱ 2,687,997,561.00 ₱ 4,039,185,068.00 ₱ 4,987,243,859.00
2017 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 924,757,650.00 ₱ 1,756,684,726.00 ₱ 3,246,533,657.00 ₱ 5,658,414,834.00
Other Income ₱ 442,246,368.00 ₱ 860,084,701.00 ₱ 1,219,927,807.00 ₱ 1,599,397,680.00
EBIT ₱ 1,051,573,843.00 ₱ 1,875,907,833.00 ₱ 3,446,758,397.00 ₱ 5,573,532,260.00
Interest Expense ₱ (243,336,982.00) ₱ (537,979,089.00) ₱ (852,700,446.00) ₱ (1,134,254,699.00)
Earnings Before Tax ₱ 808,236,861.00 ₱ 1,337,928,744.00 ₱ 2,594,057,951.00 ₱ 4,439,277,561.00
69
STOCK PRICE ₱ 6.58 ₱ 8.02 ₱ 7.24 ₱ 7.12
BOOK VALUE PER SHARE 1.62 ₱ 2.48 ₱ 2.66 ₱ 2.70
CASH EARNINGS PER SHARE ₱ (0.36) ₱ (0.45) ₱ (0.36) ₱ (0.39)
2014 WANOSO: 4655804670 5517990720 5517990720 5337225140

2014 issued shares: 4655804670 5517990720 5517990720 5517990720
2014 OPERATING CASH FLOWS GENERATED/(USED) -1675974257 -2491326945 -1972211430 -2159781906
STOCK PRICE ₱ 8.70 ₱ 7.25 ₱ 6.51 ₱ 7.10
2015 WANOSO: 5517990720 5517990720 5517990720 5558334172

2015 issued shares: 5517990720 5517990720 5517990720 5517990720
2015 OPERATING CASH FLOWS GENERATED/(USED) -419077762 -744677016 -1336179089 -2214831643
STOCK PRICE ₱ 7.85 ₱ 7.69 ₱ 7.46 ₱ 7.51
CASH EARNINGS PER SHARE ₱ 0.07 ₱ (0.16) ₱ (0.07) ₱ 0.08
2016 WANOSO: 5517990720 5517990720 5517990720 5500042198

2016 issued shares: 5517990720 5517990720 5517990720 5517990720
2016 OPERATING CASH FLOWS GENERATED/(USED) 409441615 -900421955 -361731734 430725575
STOCK PRICE ₱ 6.80 ₱ 6.60 ₱ 5.00 ₱ 6.73
CASH EARNINGS PER SHARE ₱ 0.13 ₱ (0.03) ₱ (0.07) ₱ 0.02
2017 WANOSO: 5517990720 5517990720 5517990720 5521200900

2017 issued shares: 5517990720 5517990720 5517990720 5517990720
2017 OPERATING CASH FLOWS GENERATED/(USED) 714585373 -160989829 -408852692 136,725,615
70
DoubleDragon Properties Corp.

2014 SFP (in thousands) Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 1,357,779,366.00 ₱ 2,665,690,408.00 ₱ 3,192,349,067.00 7,422,312,608
NONCURRENT ₱ 488,777,605.00 ₱ 1,252,309,918.00 ₱ 1,778,271,273.00 11,052,569,948
TOTAL ASSETS ₱ 1,846,556,971.00 ₱ 3,918,000,326.00 ₱ 4,970,620,340.00 ₱ 18,474,882,556.00
CURRENT LIABS ₱ 492,291,087.00 1,236,783,542 2,062,474,207 2,012,758,495

NONCURRENT LIABS ₱ 718,022,792.00 790,421,010 764,621,010 8,631,948,629
TOTAL LIABS ₱ 1,210,313,879.00 ₱ 2,027,204,552.00 ₱ 2,827,095,217.00 ₱ 10,644,707,124.00
Ordinary Share Capital ₱ 165,000,000.00 222,973,000 222,973,000 222,973,000

Other items*
Additional Paid-In Capital ₱ 318,625,580.00 1,362,200,577 1,362,200,577 1,358,237,357
NCINAS ₱ 10,268,425.00 119,441,490 126,311,256 ₱ 5,587,141,448
Retained Earnings ₱ 142,331,088.00 186,180,707 432,040,290 661,823,627
TSHE ₱ 636,225,093.00 ₱ 1,890,795,774.00 ₱ 2,143,525,123.00 ₱ 7,830,175,432.00
2015 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS 7,088,755,912 9,465,639,345 6,800,652,607 5,661,259,751
NONCURRENT 12,413,887,628 14,820,095,665 18,132,487,637 22,102,068,111
TOTAL ASSETS ₱ 19,502,643,540.00 ₱ 24,285,735,010.00 ₱ 24,933,140,244.00 ₱ 27,763,327,862.00
CURRENT LIABS 2,999,733,985 4,567,918,978 4,394,734,087 6,489,427,449

NONCURRENT LIABS 8,636,632,683 11,763,405,865 ₱ 11,921,427,951 12,629,423,258
TOTAL LIABS ₱ 11,636,366,668.00 ₱ 16,331,324,843.00 ₱ 16,316,162,038 ₱ 19,118,850,707.00
Ordinary Share Capital ₱ 222,973,000.00 ₱ 222,973,000.00 ₱ 222,973,000 ₱ 222,973,000.00

Other items*
Additional Paid-In Capital 1,358,237,357 1,358,237,357 ₱ 1,358,237,357 ₱ 1,358,237,357
NCINAS 5,586,567,048 5,588,532,785 ₱ 5,777,715,662 5,891,543,910
Retained Earnings 698,499,467 784,667,025 1,258,611,229 1,174,325,142
TSHE ₱ 7,866,276,872.00 ₱ 7,954,410,167.00 ₱ 8,617,537,248.00 ₱ 8,647,079,409.00
2016 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 6,723,049,411.00 ₱ 10,533,204,757.00 ₱ 9,841,526,662.00 13,718,556,436
NONCURRENT 24,685,293,985 28,498,125,088 30,929,812,821 35,825,067,371
TOTAL ASSETS ₱ 31,408,343,396.00 ₱ 39,031,329,845.00 ₱ 40,771,339,483.00 ₱ 49,543,623,807.00
CURRENT LIABS 6,541,378,673 3,489,267,313 4,496,216,226 7,589,999,405

NONCURRENT LIABS 16,178,828,184 16,706,901,378 16,980,377,692 21,994,488,275
TOTAL LIABS ₱ 22,720,206,857.00 ₱ 20,196,168,691.00 ₱ 21,476,593,918.00 ₱ 29,584,487,680.00
Ordinary Share Capital 222,973,000 10,222,973,000 10,222,973,000 10,222,973,000

Other items, net* -2,602,254 -2,602,254 -2,602,254 -2,602,254
Additional Paid-In Capital 1,358,237,357 1,176,415,669 1,167,984,202 1,358,237,357
NCINAS 5,896,170,856 6,132,500,044 6,159,804,377 6,806,398,119
Retained Earnings 1,213,357,580 1,305,874,695 1,167,984,202 1,574,129,905
TSHE ₱ 8,688,136,539.00 ₱ 18,835,161,154.00 ₱ 18,716,143,527.00 ₱ 19,959,136,127.00
2017 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS 10,645,446,079 9,962,472,425 15,293,351,014 14,265,421,938
NONCURRENT 39,070,273,678 40,579,976,707 45,852,665,200 50,063,895,188
TOTAL ASSETS ₱ 49,715,719,757.00 ₱ 50,542,449,132.00 ₱ 61,146,016,214.00 ₱ 64,329,317,126.00
CURRENT LIABS 7,523,287,835 8,044,514,879 7,401,553,111 8,755,493,326

NONCURRENT LIABS 22,229,575,412 22,246,475,149 32,636,038,098 33,258,063,148
TOTAL LIABS ₱ 29,752,863,247.00 ₱ 30,290,990,028.00 ₱ 40,037,591,209.00 ₱ 42,013,556,474.00
Ordinary Share Capital 10,222,973,000 10,222,973,000 10,222,973,000 10,222,973,000

Other items* -2,602,254 -2,602,254 -2,602,254 -2,602,254
Additional Paid-In Capital 1,358,237,357 1,358,237,357 1,358,237,357 1,358,237,357
NCINAS 6,822,651,148 7,098,275,494 7,631,447,439 8,160,790,704
Retained Earnings 1,561,597,259 1,574,575,507 1,898,369,463 2,571,883,195
TSHE ₱ 19,962,856,510.00 ₱ 20,251,459,104.00 ₱ 21,108,425,005.00 ₱ 22,311,282,002.00
71
2014 PLS (in thousands) Q1 Q2 Q3 Q4

Real Estate Income ₱ 170,881,006.00 ₱ 215,586,642.00 698,351,827 1,073,008,556
Cost of Real Estate ₱ (113,283,989.00) ₱ (72,747,089.00) ₱ ₱
(306,462,218.00) (573,338,423.00)
Gross Profit ₱ 57,597,017.00 ₱ 142,839,553.00 ₱ ₱
391,889,609.00 499,670,133.00
Operating Expenses ₱ (24,423,286.00) ₱ (38,908,329.00) ₱ ₱
(64,094,467.00) (271,509,828.00)
Operating Income ₱ 33,173,731.00 ₱ 103,931,224.00 ₱ ₱
327,795,142.00 228,160,305.00
Other Income* with preacquisition income, net ₱ 1,654,062.00 ₱ 2,432,777.00 ₱ ₱
38,691,797.40 181,761,289.00
Other Expenses (exluding interest exp) - - ₱ ₱
(3,790,078.00) (24,073,820.00)
Unrealized Gains or Losses, net - - - ₱ 455,732,211
EBIT ₱ 34,827,793.00 ₱ 106,364,001.00 ₱ 362,696,861.40 ₱ 841,579,985
Interest Expense ₱ (4,126,616.00) - ₱ (41,559.36) ₱ (37,501,634)
Income Tax Expense, net ₱ (9,237,598.00) ₱ (29,747,099.00) ₱ (108,914,554.00) ₱ (243,230,803.00)
2015 PLS Q1 Q2 Q3 Q4
Real Estate Income 182,576,520 314,505,197 305,825,735 ₱ 641,170,191.00
Cost of Real Estate ₱ ₱
(102,688,473.00) (170,188,755.00) ₱ (128,424,312.00) ₱ (370,604,075.00)
Gross Profit ₱ ₱
79,888,047.00 144,316,442.00 ₱ 177,401,423.00 ₱ 270,566,116.00
Operating Expenses ₱ ₱
(67,797,740.00) (79,735,967.00) ₱ (75,461,881.00) ₱ (439,905,516.00)
Operating Income ₱ ₱
12,090,307.00 64,580,475.00 ₱ 101,939,542.00 ₱ (169,339,400.00)
Other Income, net ₱ ₱
50,078,123.00 64,782,525.00 ₱ 805,671,596.00 ₱ 1,287,764,748.00
Other Expenses (exluding interest exp) - ₱ (2,131,139.00) -10,260,514.00 -
Unrealized Gains or Losses, net - - - -
EBIT ₱ 62,168,430.00 ₱ 127,231,861.00 ₱ 897,350,624.00 ₱ 1,118,425,348.00
Interest Expense ₱ (4,735,761.00) -922,109 ₱ (40,578,753.00) ₱ (114,353,234.00)
2016 PLS Q1 Q2 Q3 Q4
Real Estate Income 240,727,859 290,788,785 424,574,440 931,925,450
Cost of Real Estate ₱ (116,449,298.00) ₱ (145,412,593.00) -191,571,668 ₱ (495,763,585.00)
Gross Profit ₱ 124,278,561.00 ₱ 145,376,192.00 ₱ 424,574,440.00 ₱ 436,161,865.00
Operating Income ₱ 30,562,879.00 ₱ 18,623,257.00 ₱ 262,270,572.00 ₱ (461,954,336.00)
Other Income, net 67,600,383 ₱ 106,714,135.00 ₱ 857,942,492.00 2,779,790,498
Other Expenses (exluding interest exp) -650916 ₱ (516,706.00) -55,322,821 ₱ (82,919,927.00)
EBIT ₱ 97,512,346.00 ₱ 124,820,686.00 ₱ 1,064,890,243.00 ₱ 2,234,916,235.00
Earnings Before Tax ₱ 69,379,517.00 ₱ 104,204,019.00 ₱ 1,039,444,095.00 ₱ 1,904,677,927.00
2017 PLS Q1 Q2 Q3 Q4
Real Estate Income ₱ 400,021,647.00 356,783,282 38,289,340 819,540,458
Cost of Real Estate ₱ (165,669,975.00) -148,621,791 ₱ (31,638,230.00) ₱ (362,236,122.00)
Gross Profit ₱ 234,351,672.00 ₱ 208,161,491.00 ₱ 6,651,110.00 ₱ 457,304,336.00
Operating Income ₱ 22,154,054.00 ₱ 5,116,840.00 ₱ (623,498,741.00) ₱ (833,951,865.00)
Other Income, net - ₱ 624,567,777.00 ₱ 2,414,947,046.00 ₱ 5,792,372,310.00
Other Expenses (exluding interest exp) ₱ (4,133,652.00) - ₱ (119,170,413.00)
EBIT ₱ 18,020,402.00 ₱ 629,684,617.00 ₱ 1,672,277,892.00 ₱ 4,958,420,445.00
Earnings Before Tax ₱ 2,210,605.00 ₱ 278,682,328.00 ₱ 1,670,394,433.00 ₱ 4,314,594,559.00
Income Tax Expense, TOTAL ₱ (22,565,135.00) ₱ (21,198,543.00) ₱ (649,021,658.00) -1,508,559,759
Total Comprehensive Income ₱ (20,354,530.00) ₱ 257,483,785.00 ₱ 1,021,372,775.00 ₱ 2,806,034,800.00
72
STOCK PRICE ₱ 4.70 ₱ 7.98 ₱ 7.80 ₱ 7.37
PRICE - EARNINGS RATIO 367.19x 281.78x 68.54x 26x
2014 WANOSO: 2,398,529,453 3,755,790,996 3,186,497,690 2,836,255,206

2014 issued shares: 165,000,000 222,973,000 222,973,000 222,973,000
2014 OPERATING CASH FLOWS GENERATED/(USED) ₱ (192,917,243.00) ₱ (14,741,987.00) ₱ (624,266,472.00) ₱ (1,059,832,515.00)
STOCK PRICE ₱ 8.76 ₱ 10.22 ₱ 20.30 ₱ 24.40
CASH EARNINGS PER SHARE ₱ (0.68) ₱ (1.02) ₱ (10.52) ₱ 7.40
RETURN ON ASSETS 0.3274% 1% 7% 4%
2015 WANOSO: 3,576,131,320 3,185,617,957 3,241,296,376 4,001,881,682

2015 issued shares: 222,973,000 222,973,000 222,973,000 222,973,000
2015 OPERATING CASH FLOWS GENERATED/(USED) -₱150,830,292.00 -227378784 ₱ (2,346,566,026.00) ₱1,649,795,704.00
STOCK PRICE ₱ 37.60 ₱ 62.00 ₱ 58.50 ₱ 38.40
CASH EARNINGS PER SHARE ₱ 0.00 ₱ (0.09) ₱ (0.15) ₱ (0.28)
RETURN ON ASSETS 0.2345% 0.5769% 3.4814% 3.8105%
2016 WANOSO: 3543386977 2311022821 3757524835 7264217876

2016 issued shares: 222973000 10222973000 10222973000 10222973000
2016 OPERATING CASH FLOWS GENERATED/(USED) 860,193 -875,527,740 -1,533,174,690 -2,909,411,395
STOCK PRICE ₱ 53.65 ₱ 47.45 ₱ 58.50 ₱ 38.40
RETURN ON ASSETS 0.1398% 0.1384% 0.1866% 1.6569%
2017 WANOSO: 42053955 368434167 1904608584 3747799939

2017 issued shares: 10,222,973,000 10,222,973,000 10,222,973,000 10,222,973,000
2017 OPERATING CASH FLOWS GENERATED/(USED) -70,552,756 -1,704,580,870 -2,277,929,787 -3,492,445,572
73
Century Properties Group, Inc.

2014 SFP in million pesos Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 16,785.24 ₱ 17,955.90 ₱ 20,522.40 ₱ 19,881.60
NONCURRENT ₱ 9,947.29 ₱ 9,879.60 ₱ 9,897.40 ₱ 11,768.61
TOTAL ASSETS ₱ 26,732.53 ₱ 27,835.50 ₱ 30,419.80 ₱ 31,650.21
CURRENT LIABS ₱ 7,359.06 ₱ 8,365.10 ₱ 6,760.10 ₱ 7,442.36

TOTAL LIABS ₱ 14,784.43 ₱ 15,526.70 ₱ 17,579.60 ₱ 25,788.12

Other Items ₱ (89.11) ₱ (89.10) ₱ (91.30) ₱ 2,639.74
Additional Paid-In Capital ₱ 2,639.74 ₱ 2,639.70 ₱ 2,639.70 ₱ (191.13)
NCINAS
TSHE ₱ 11,948.10 ₱ 12,308.80 ₱ 12,840.20 ₱ 13,307.44
2015 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 23,534,713,698.00 ₱ 21,909,016,826.00 ₱ 23,534,713,698.00 ₱ 25,953,005,953.00
NONCURRENT ₱ 13,575,933,537.00 ₱ 13,516,932,930.00 ₱ 13,575,933,537.00 ₱ 11,525,865,786.00
TOTAL ASSETS ₱ 37,110,647,235.00 ₱ 35,425,949,756.00 ₱ 37,110,647,235.00 ₱ 37,478,871,739.00
CURRENT LIABS ₱ 10,620,565,463.00 ₱ 10,793,708,950.00 ₱ 10,620,565,463.00 ₱ 9,099,674,773.00

TOTAL LIABS ₱ 22,714,837,053.00 ₱ 21,317,887,623.00 ₱ 22,714,837,053.00 ₱ 22,845,001,694.00

Other Items ₱ (194,129,005.00) ₱ (194,129,076.00) ₱ (194,129,076.00) ₱ (182,547,239.00)
NCINAS
TSHE ₱ 14,395,810,182.00 ₱ 14,108,062,062.00 ₱ 14,395,810,111.00 ₱ 14,633,870,045.00
2016 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 24,876,753,247.00 ₱ 23,595,805,143.00 ₱ 27,584,546,852.00 ₱ 27,115,545,923.00
NONCURRENT ₱ 12,105,707,814.00 ₱ 13,406,925,049.00 ₱ 13,251,947,490.00 ₱ 14,192,978,331.00
TOTAL ASSETS ₱ 36,982,461,061.00 ₱ 37,002,730,192.00 ₱ 40,836,494,342.00 ₱ 41,308,524,254.00
CURRENT LIABS ₱ 10,151,657,594.00 ₱ 7,351,457,176.00 ₱ 9,104,489,875.00 ₱ 9,288,033,297.00

TOTAL LIABS ₱ 22,026,341,586.00 ₱ 21,881,592,338.00 ₱ 25,758,288,688.00 ₱ 25,962,101,968.00

Other Items ₱ (173,274,121.00) ₱ 7,968,525.00 ₱ (182,547,239.00) ₱ (111,691,861.00)
NCINAS ₱ 119,785,810.00
TSHE ₱ 14,956,119,475.00 ₱ 15,121,137,854.00 ₱ 15,078,205,654.00 ₱ 15,346,420,286.00
2017 SFP Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 28,041,009,787.00 ₱ 27,723,654,251.00 ₱ 26,489,504,020.00 ₱ 27,593,236,802.00
NONCURRENT ₱ 13,554,116,824.00 ₱ 13,409,040,779.00 ₱ 15,009,200,687.00 ₱ 14,962,413,819.00
TOTAL ASSETS ₱ 41,595,126,611.00 ₱ 41,132,695,030.00 ₱ 41,498,704,707.00 ₱ 42,555,650,621.00
CURRENT LIABS ₱ 8,950,296,306.00 ₱ 7,189,786,339.00 ₱ 10,656,188,054.00 ₱ 11,224,580,053.00

TOTAL LIABS ₱ 25,955,257,550.00 ₱ 25,545,527,633.00 ₱ 25,656,250,303.00 ₱ 26,300,029,158.00

NCINAS ₱ 119,785,810.00 ₱ 119,785,810.00 ₱ 282,102,610.00 ₱ 537,149,940.00
TSHE ₱ 15,639,869,061.00 ₱ 15,587,167,397.00 ₱ 15,842,454,404.00 ₱ 16,255,621,463.00

74
2014 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 741.02 ₱ 764.70 ₱ 797.70 ₱ 3,171.09
Operating Expenses
Operating Income ₱ 741.02 ₱ 764.70 ₱ 797.70 ₱ 3,171.09
Other Income
Other Expenses (exluding interest exp) ₱ (17.86)
EBIT ₱ 741.02 ₱ 764.70 ₱ 797.70 ₱ 3,153.23
Interest Expense
Earnings Before Tax ₱ 741.02 ₱ 764.70 ₱ 797.70 ₱ 3,153.23
Total Comprehensive Income ₱ 513.06 ₱ 543.90 ₱ 533.60 ₱ 2,141.03
2015 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 658,802,696.00 ₱ 785,587,174.00 ₱ 419,214,135.00 ₱ 3,181,839,781.00
Operating Expenses ₱ (2,731,809,872.00)
Other Income ₱ 2,032,409,987.00
Unrealized Gains or Losses, net ₱ (114,841,683.00)
EBIT ₱ 658,802,696.00 ₱ 785,587,174.00 ₱ 419,214,135.00 ₱ 2,367,598,213.00
Interest Expense ₱ (225,747,902.00)
2016 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 422,623,526.00 ₱ 218,498,631.00 ₱ 206,719,925.00 ₱ 2,202,674,887.00
Other Income ₱ 1,586,356,263.00
EBIT ₱ 422,623,526.00 ₱ 218,498,631.00 ₱ 206,719,925.00 ₱ 1,169,206,320.00
2017 PLS Q1 Q2 Q3 Q4
Gross Profit ₱ 314,351,871.00 ₱ 185,958,445.00 ₱ 122,355,107.00 ₱ 2,725,547,790.00
Other Income ₱ 1,688,784,441.00
EBIT ₱ 314,351,871.00 ₱ 185,958,445.00 ₱ 122,355,107.00 ₱ 1,450,269,575.00
75
Philippine Estates Corporation

2014 SFP (in thousand pesos) Q1 Q2 Q3 Q4
CURRENT ASSETS ₱ 811,244.00 ₱ 839,805.00 ₱ 887,788.00 ₱ 817,886.00
NONCURRENT ₱ 519,916.00 ₱ 485,196.00 ₱ 441,525.00 ₱ 637,088.00
TOTAL ASSETS ₱ 1,331,160.00 ₱ 1,325,001.00 ₱ 1,329,313.00 ₱ 1,454,974.00
CURRENT LIABS ₱ 254,018.00 ₱ 254,921.00 ₱ 251,339.00 ₱ 227,853.00

TOTAL LIABS ₱ 303,051.00 ₱ 303,847.00 ₱ 293,018.00 ₱ 403,003.00

Additional Paid-In Capital ₱ - ₱ - ₱ - ₱ -
Remeasurement Gain on Ret Benefits ₱ - ₱ - ₱ - ₱ 4,709.00
Retained Earnings ₱ (417,440.00) ₱ (424,396.00) ₱ (409,254.00) ₱ (398,287.00)
TSHE ₱ 1,028,110.00 ₱ 1,021,154.00 ₱ 1,036,296.00 ₱ 1,051,972.00

CURRENT ASSETS ₱ 864,234.00 ₱ 887,280.00 ₱ 863,009.00 ₱ 883,336.00
NONCURRENT ₱ 589,594.00 ₱ 552,402.00 ₱ 564,871.00 ₱ 558,938.00
TOTAL ASSETS ₱ 1,453,828.00 ₱ 1,439,682.00 ₱ 1,427,880.00 ₱ 1,442,274.00
CURRENT LIABS ₱ 242,150.00 ₱ 230,004.00 ₱ 219,473.00 ₱ 170,690.00

TOTAL LIABS ₱ 411,602.00 ₱ 397,372.00 ₱ 387,358.00 ₱ 391,320.00

TSHE ₱ 1,042,227.00 ₱ 1,042,309.00 ₱ 1,040,522.00 ₱ 1,050,955.00

CURRENT ASSETS ₱ 931,748.00 ₱ 924,595.00 ₱ 895,407.00 ₱ 870,297.00
NONCURRENT ₱ 497,488.00 ₱ 495,956.00 ₱ 509,792.00 ₱ 539,937.00
TOTAL ASSETS ₱ 1,429,236.00 ₱ 1,420,551.00 ₱ 1,405,199.00 ₱ 1,410,234.00
CURRENT LIABS ₱ 165,167.00 ₱ 163,052.00 ₱ 155,249.00 ₱ 138,773.00

TOTAL LIABS ₱ 386,100.00 ₱ 384,686.00 ₱ 377,945.00 ₱ 356,607.00

TSHE ₱ 1,043,136.00 ₱ 1,035,864.00 ₱ 1,027,253.00 ₱ 1,053,626.00

CURRENT ASSETS ₱ 908,777.00 ₱ 917,898.00 ₱ 925,310.00 ₱ 1,131,325.00
NONCURRENT ₱ 548,478.00 ₱ 548,257.00 ₱ 615,107.00 ₱ 478,248.00
TOTAL ASSETS ₱ 1,457,255.00 ₱ 1,466,155.00 ₱ 1,540,417.00 ₱ 1,609,573.00
CURRENT LIABS ₱ 174,322.00 ₱ 182,791.00 ₱ 204,607.00 ₱ 239,034.00

TOTAL LIABS ₱ 402,787.00 ₱ 412,020.00 ₱ 470,297.00 ₱ 536,287.00

TSHE ₱ 1,054,468.00 ₱ 1,054,136.00 ₱ 1,070,120.00 ₱ 1,073,285.00

76
2014 PLS (in thousand pesos) Q1 Q2 Q3 Q4/Annual

Gross Profit ₱ 11,171.00 ₱ 20,185.00 ₱ 16,513.00 ₱ 62,934.00
Deferred Gross Profit ₱ (6,493.00) ₱ (10,107.00) ₱ (5,773.00) ₱ (30,976.00)
Realized Gross Profit - Prior Year ₱ 2,375.00 ₱ 866.00 ₱ 8,105.00 ₱ 12,255.00
Operating Income ₱ (6,266.00) ₱ (5,705.00) ₱ 16,704.00 ₱ (14,417.00)
Other Income ₱ 318.00 ₱ 1,365.00 ₱ 1,025.00 ₱ 31,672.00
EBIT ₱ (5,948.00) ₱ (4,340.00) ₱ 17,729.00 ₱ 17,255.00
Interest Expense ₱ (1,793.00) ₱ (2,616.00) ₱ (2,588.00) ₱ (776.00)
Earnings Before Tax ₱ (7,741.00) ₱ (6,956.00) ₱ 15,141.00 ₱ 16,479.00
Income Tax Expense, TOTAL ₱ - ₱ - ₱ - ₱ (3,112.00)
Net Income ₱ (7,741.00) ₱ (6,956.00) ₱ 15,141.00 ₱ 13,367.00

Gross Profit ₱ 4,781.00 ₱ 22,262.00 ₱ 24,115.00 ₱ 68,455.00
Realized Gross Profit - Prior Year ₱ 4,449.00 ₱ 5,841.00 ₱ 3,304.00 ₱ 21,382.00
Operating Income ₱ (9,270.00) ₱ 1,573.00 ₱ (2.00) ₱ 201.00
Other Income ₱ 6,688.00 ₱ 682.00 ₱ 621.00 ₱ 13,008.00
EBIT ₱ (2,582.00) ₱ 2,255.00 ₱ 619.00 ₱ 13,209.00
Earnings Before Tax ₱ (5,036.00) ₱ 82.00 ₱ (1,787.00) ₱ 2,754.00
Total Comprehensive Income ₱ (5,036.00) ₱ 82.00 ₱ (1,787.00) ₱ 1,113.00

Real Estate Income ₱ 25,699.00 ₱ 13,306.00 ₱ 660.00 ₱ 69,502.00
Cost of Real Estate ₱ (11,760.00) ₱ (4,455.00) ₱ (275.00) ₱ (28,593.00)
Gross Profit ₱ 13,939.00 ₱ 8,851.00 ₱ 385.00 ₱ 40,909.00
Deferred Gross Profit ₱ (8,554.00) ₱ (7,423.00) ₱ (135.00) ₱ (18,776.00)
Operating Income ₱ (6,067.00) ₱ (5,224.00) ₱ (6,937.00) ₱ 16,998.00
Other Income ₱ 313.00 ₱ 540.00 ₱ 750.00 ₱ 11,780.00
EBIT ₱ (5,754.00) ₱ (4,684.00) ₱ (6,187.00) ₱ 28,778.00
Earnings Before Tax ₱ (7,821.00) ₱ (7,272.00) ₱ (8,611.00) ₱ 16,994.00
Total Comprehensive Income ₱ (7,821.00) ₱ (7,272.00) ₱ (8,611.00) ₱ 1,975.00

Gross Profit ₱ 25,339.00 ₱ 14,583.00 ₱ 97,600.00 ₱ 224,277.00
Other Income ₱ 483.00 ₱ 470.00 ₱ 634.00 ₱ 9,439.00
EBIT ₱ 3,073.00 ₱ 2,342.00 ₱ 18,732.00 ₱ 61,886.00
Earnings Before Tax ₱ 1,107.00 ₱ (331.00) ₱ 15,985.00 ₱ 48,485.00
Income Tax Expense, TOTAL ₱ (265.00) ₱ - ₱ - ₱ (29,191.00)
Total Comprehensive Income ₱ 842.00 ₱ (331.00) ₱ 15,985.00 ₱ 19,294.00
77
STOCK PRICE ₱ 0.37 ₱ 0.35 ₱ 0.36 ₱ 0.39
EARNINGS PER SHARE -0.005355055 -0.004812009 0.010474214 0.009246999
RETURN ON ASSETS -1% -1% 1% 1%
PRICE - EARNINGS RATIO -69.09x -71.7x 33.89x 42.18x
2014 WANOSO: 1445550 1445550 1445550 1445550

2014 issued shares: 1445550 1445550 1445550 1445550
STOCK PRICE ₱ 0.35 ₱ 0.30 ₱ 0.29 ₱ 0.29
EARNINGS PER SHARE -0.003483795 5.67258E-05 -0.001236208 0.000769949
CASH EARNINGS PER SHARE ₱ (0.00) ₱ 0.08 ₱ 0.08 ₱ 0.02
PRICE - EARNINGS RATIO -100.47x 5288.6x -230.54x 370.15x
2015 WANOSO: 1445550 1445550 1445550 1445550

2015 issued shares: 1445550 1445550 1445550 1445550
2015 OPERATING CASH FLOWS GENERATED/(USED) -5507 116063 114342 29890
STOCK PRICE ₱ 0.24 ₱ 0.27 ₱ 0.28 ₱ 0.28
EARNINGS PER SHARE -0.005410397 -0.005030611 -0.005956902 0.001366262
CASH EARNINGS PER SHARE ₱ (0.00) ₱ 0.00 ₱ (0.00) ₱ 0.01
RETURN ON ASSETS -1% -1% -1% 0%
PRICE - EARNINGS RATIO -45.1x -53.67x -46.16x 204.94x
2016 WANOSO: 1445550 1445550 1445550 1445550

2016 issued shares: 1445550 1445550 1445550 1445550
2016 OPERATING CASH FLOWS GENERATED/(USED) -175 684 -266 9683
STOCK PRICE ₱ 0.30 ₱ 0.36 ₱ 0.48 ₱ 0.36
EARNINGS PER SHARE 0.000582477 -0.000228979 0.011058075 0.013347169
CASH EARNINGS PER SHARE ₱ 0.00 ₱ 0.01 ₱ (0.02) ₱ (0.03)
PRICE - EARNINGS RATIO 515.04x -1572.2x 42.96x 26.6x
2017 WANOSO: 1445550 1445550 1445550 1445550

2017 issued shares: 1445550 1445550 1445550 1445550
2017 OPERATING CASH FLOWS GENERATED/(USED) 4451 8559 -29674 -50357

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CORRELATION OF SELECTED FINANCIAL RATIOS TO

THE VOLATILITY OF STOCK PRICES (PHILIPPINE

Vicente Paulo L. Ducut

This Thesis entitled

CORRELATION OF SELECTED FINANCIAL RATIOS TO THE VOLATILITY OF STOCK

Approval Sheet iii

List of Tables and Figures vi

1.1 Theoretical Background 3

1.2 Literature Review 4

1.3 Conceptual Framework 9

2.3 Data Collection Procedures 12

2.4 Techniques for Data Analysis 13

2.5 Ethical Consideration 13

3.0 Results and Discussion 14

List of Tables and Figures

bigger sample size, and using regression analysis.

Keywords: Financial ratios, stock prices, real estate companies, stakeholders

firms to invest in.

financial information to primary users.

Statement of the Problem

Specifically, the study intended to answer the following questions:

standard for investing purposes?

3. Which financial ratios are correlated to the volatility of stock prices?

decision making of the current and potential stockholders?

of the FS ratios to the stock prices of a firm.

1.1 Theoretical Framework

are most helpful in investment decisions.

it negatively, causing the stock price to decrease.

company’s day to day transactions.

1.2 Literature Review

In a study in Malaysia, Keong (2010) aimed to know if accounting information is important in

accounting information and share prices.

informative and valuable tool for the equity investors.

1.2 Conceptual Framework

current implicit value and future probable price of a stock.

1.4 Hypothesis and Model

for their investment-making decisions.

implications and relation to the stock price.

Limitations of the study

out by the proponents.

Earning Per Share, Price Earnings Ratio, and Return on Assets.

Population and the Sample

are listed on the next page:

1 Ayala Land, Inc. ALI

2 SM Prime Holdings SMPH

3 Megaworld Corporation MEG

4 Robinsons Land Corporation RLC

5 Vista Land & Lifescapes, Inc. VLL

6 Filinvest Land, Inc. FLI

7 8990 Holdings, Inc. HOUSE

8 DoubleDragon Properties Corporation DD

9 Century Properties Group CPG

10 Philippine Estates Corporation PHES

Philippine Estates Corporation, and 8990 Holdings, Inc.

the best respondents to meet the objectives of this paper.

information and calculate the ratios needed.

2.3 Data Collection Procedure

Marketwatch and the Wall Street Journal.

2.4 Data Analysis

2.5 Ethical Consideration

3 Results and Discussion

Philippine Estates Corporation Correlation Coefficient 0.417 0.066 0.345 0.050

performance for the remaining five companies.

total assets, and price-earnings ratio.