AYALA LAND, INC.

AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
DECEMBER 2012, 2013, 2014, 2015 and 2016

2012 2013 2014

ASSETS
Current Assets
Cash and cash equivalents (Note 4 , 29)
28,596,398 27,966,138 28,677,282
Short-term investments (Notes 5 and 29) 16,503 16,728 301,405
Financial assets at fair value through profit or loss ( 713,716 13,403,497 6,264,569
Accounts and notes receivable (Notes 7 and 29) 34,085,935 42,709,104 58,573,665
Inventories (Note 8) 24,070,387 43,572,245 48,179,191
Other current assets (Note 12) 13,800,561 19,319,245 23,638,333
Total Current Assets 101,283,500 146,986,957 165,634,445
Noncurrent Assets
Noncurrent accounts and notes receivable (Notes 7 a 10,384,045 17,648,365 31,374,498
Available-for-sale financial assets (Notes 10 and 29) 454,270 336,261 784,371
Land and improvements (Note 11) 47,710,153 62,722,720 80,444,542
Investments in associates and jointly controlled entit 13,151,138 9,318,774 10,963,182
Investment properties (Note 13) 36,496,447 59,183,364 67,897,942
Property and equipment (Note 14) 16,558,527 17,694,470 18,824,912
Deferred tax assets - net (Note 23) 2,290,118 5,161,046 6,457,372
Other noncurrent assets (Notes 15 and 24) 2,904,185 6,421,728 6,563,199
Total Noncurrent Assets 129,948,883 178,486,728 223,310,018
TOTAL ASSETS 231,232,383 325,473,685 388,944,463

Current Liabilities

Accounts and other payables (Notes 16 and 29) 51,728,543 79,478,164 106,992,321

Short-term debt (Notes 17 and 29) 9,282,831 16,302,312

12,407,056
Income tax payable 713,975 647,234
1,056,682
Current portion of long-term debt (Notes 17 and 29) 6,386,834 5,066,903
3,542,152

Other current liabilities (Note 18) 4,141,027 5,591,948

5,139,153
Total Current Liabilities 72,253,210 101,623,207 134,600,718
Noncurrent Liabilities
Long-term debt - net of current portion (Notes 17
and 29)
53780786 85,952,677 103,296,454
Pension liabilities (Note 26) 52,929 1,147,484 1,580,228
Deferred tax liabilities - net (Note 23) 717,976 1,306,517 1967129
Deposits and other noncurrent liabilities (Notes 19
and 29)
12,882,255 23,346,234 25,504,476
 Total Noncurrent Liabilities 67,433,946 111,752,912 132,348,287
TOTAL LIABILITIES 139,687,156 213,376,119 266,949,005
Equity (Note 20)
Equity attributable to equity holders of Ayala Land, Inc.
Paid-up capital 34,118,600 44,455,043 44,851,468
Retained earnings 50,061,754 57,608,700 66,478,250
Stock options outstanding (Note 28) 213,758 198,274 185,604
Unrealized gain on available-for-sale financial 39,564
assets (Note 10)
32,105 -572,392
Other reserves (Note 2) 8,960 -3,299,669
Actuarial loss on pension liabilities (Note 26) -524,678 135,815
Treasury stock (2,127,427) -4,138,909
82,315,209 98,469,775 106,939,836
Non-controlling interests 9,230,018 13,627,791 15,055,622
TOTAL EQUITY 91,545,227 112,097,566 121,995,458
TOTAL LIABILITIES AND EQUITY 231,232,383 325,473,685 388,944,463

SUMMARY:
STATEMENT OF FINANCIAL POSITION 2012 2013 2014
Current Assets 101,283,500 146,986,957 165,634,445
Noncurrent Assets 129,948,883 178,486,728 223,310,018
TOTAL ASSETS 231,232,383 325,473,685 388,944,463

Total Current Liabilities 72,253,210 101,623,207 134,600,718

Total Noncurrent Liabilities 67,433,946 111,752,912 132,348,287
Total Equity 91,545,227 112,097,566 121,995,458
TOTAL LIABILITIES AND EQUITY 231,232,383 325,473,685 388,944,463
IDIARIES
ANCIAL POSITION
d 2016

2015 2016

19,087,390 20,904,330
164,621 207,671
731,677 1,964,540
64,960,745 97,467,753
59,246,962 66,727,945
22,012,200 23,739,874
166,203,595 211,012,113

41,256,656 35,133,216
500,359 1,385,172
93,302,506 101,456,799
17,521,517 24,985,317
80,464,775 107,931,032
24,246,455 26,504,386
7,911,634 9,878,550
10,934,303 18,146,410
276,138,205 325,420,882
442,341,800 536,432,995

121,757,202 141,713,114

10,486,258 24,244,350

1,283,535 1,470,573

8,807,652 5,187,111

3,798,208 15,588,023

146,132,855 188,203,171

111,702,201 130,369,877
1,502,247 1,498,840
1,782,061 4,356,530
31,397,025 39,321,390 2012
146,383,534 175,546,637 Total Noncurrent Liabilities 42%
292,516,389 363,749,808 TOTAL EQUITY 58%

Total Noncurrent Liabilities 67,687,156

61,072,448 61,562,170 TOTAL EQUITY 91,545,227
77,951,761 91,798,555 TOTAL LIABILITIES AND EQUITY 231,232,383
190,747 89,697
-432,487 -356,918

-80,800 43,594
-4,970,965 -5,432,003
133,730,704 147,705,095
16,094,707 24,978,092
149,825,411 172,683,187
442,341,800 536,432,995

2015 2016
166,203,595 211,012,113
276,138,205 325,420,882
442,341,800 536,432,995

146,132,855 188,203,171
146,383,534 175,546,637
149,825,411 172,683,187
442,341,800 536,432,995
2013
2014 2015 2016
 50% 52% 49% 49%
50% 48% 51% 50%

111,752,912 132,348,287 146,383,534 175,546,637

112,097,566 121,995,458 149,825,411 172,683,187
325,473,685 388,944,463 442,341,800 536,432,995