NOTE: Amounts in thousands of pesos

2021 2020
Assets
Current Assets
Cash and cash equivalents 670,015 890,127
Trade and other receivables 2,880,910 4,054,009
Inventories 532,463 673,861
Other current assets 2,514,767 2,460,441
Total Current Assets 6,598,155 8,078,438
Noncurrent Assets
Property and equipment 4,976,422 4,806,893
Investments in associates and joint ventures 285,518 231,424
Goodwill 686,896 686,896
Deferred income tax assets – net 95,430 153,910
Other noncurrent assets 276,300 801,895
Total Noncurrent Assets 6,320,566 6,681,018
TOTAL ASSETS 12,918,721 14,759,456

LIABILITIES AND EQUITY

Current Liabilities
Short-term notes payable 3,106,000 2,163,500
Trade and other payables 4,169,985 5,961,934
Income tax payable 3,506 9,728
Current portion of:
Long-term debt - -
Obligations under finance lease 141,557 372,669
Total Current Liabilities 7,421,048 8,507,831
Noncurrent Liabilities
Long-term debt - net of current portion 3,987,844 3,485,080
Obligations under finance lease - net of current portion 498,008 612,394
Accrued retirement benefits 372,867 487,147
Other noncurrent liabilities - -
Total Noncurrent Liabilities 4,858,719 4,584,621
Total Liabilities 12,279,767 13,092,452

Equity
Share capital 2,500,663 2,500,663
Additional paid-in capital 2,498,621 2,498,621
Other equity reserve 712,245 712,245
Other comprehensive losses - net -104,094 -218,990
Retained earnings (Deficit) -4,970,921 -3,826,761
Treasury shares -58,715 -58,715
Equity Attributable to Equity Holders of the Parent Company 577,799 1,607,063
Non-controlling Interests 61,155 59,941
Total Equity 638,954 1,667,004
TOTAL LIABILITIES AND EQUITY 12,918,721 14,759,456
2019 2018

892,540 1,415,411
4,105,569 4,191,514
811,805 628,210
2,054,195 1,771,132
7,864,109 8,006,267

6,442,797 7,211,433
277,039 325,642
686,896 686,896
113,337 69,495
1,016,049 534,956
8,536,118 8,828,422
16,400,227 16,834,689

2,678,500 2,685,000
5,742,553 5,980,552
11,428 15,374

1,500 106,336
449,427 83,515
8,883,408 8,870,777

2,487,153 3,116,177
1,136,331 92,317
338,806 211,420
- 7,284
3,962,290 3,427,198
12,845,698 12,297,975

2,500,663 2,484,653
2,498,621 910,901
712,245 2,315,975
-174,026 -93,767
-1,984,269 -1,084,205
-58,715 -58,715
3,494,519 4,474,842
60,010 61,872
3,554,529 4,536,714
16,400,227 16,834,689
NOTE: Amounts in thousands of pesos
2021
CONTINUING OPERATIONS REVENUES FROM CONTRACTS WITH CUSTOMERS
Shipping 3,832,583
Nonshipping:
Logistics and other services 6,085,886
Sale of goods 5,489,627
REVENUE 15,408,096
COST OF SERVICES AND GOODS SOLD 14,814,091
GROSS PROFIT 594,005
GENERAL AND ADMINISTRATIVE EXPENSES 1,344,299
OTHER OPERATIONAL EXPENSES -
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS -750,294
OTHER INCOME (CHARGES)
Equity in net losses of associates and joint ventures 55,407
Financing charges -416,928
Others - net 12,781
-348,740
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS -1,099,034
PROVISION FOR INCOME TAX
Current 45,666
Deferred -1,754
43,912
NET LOSS FROM CONTINUING OPERATIONS -1,142,946
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS -
NET LOSS -1,142,946
 2020 2019 2018

3,864,600 7,101,950 7,231,199

5,825,904 6,707,486 6,416,692

7,718,191 7,600,478 6,017,746
17,408,695 21,409,914 19,665,637
17,442,158 20,099,425 18,434,883
-33,643 1,310,489 1,230,754
897,367 1,064,725 1,923,310
230,072 198,262 -
-1,160,902 47,502 -692,556

-43,534 -49,682 -34

-405,829 -421,326 -297,249
-213,276 94,351 46,821
-662,639 -376,657 -250,462
-1,823,541 -329,155 -943,018

63,748 95,596 90,155

-44,550 -5,787 -3,092
19,198 89,809 87,063
-1,842,739 -418,964 -1,030,081
- -473,250 -439,822
-1,842,739 -892,214 -1,469,903
NOTE: Amounts in thousands of pesos
2021 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Lossbefore tax from continuing operations -1,099,034 -1,823,541
Loss before tax from discontinued opertions - -
Adjustments for:
Depreciation and amortization of property and equipment and software 1,453,153 1,856,449
Financing charges 416,928 413,095
Interest income -2,708 -39,731
Loss (gain) on disposal of:
Property and equipment 36,614 -23,835
Investment in subsidiaries - -
Investment in associate - -
Write-off of investment property 49,790 -
Impairment loss on property and equipment - -
Gain on cessation of business of subsidiaries -2,889 -32,652
Gain on pre-termination - -14,581
Equity in net losses (earnings) of associates and joint ventures -55,407 43,534
Retirement benefit cost 85,368 108,019
Unrealized foreign exchange losses (gains) 692 1,381
Operating cash flows before working capital changes 882,507 488,138
Decrease (increase) in:
Trade and other receivables 1,040,355 -40,586
Inventories 141,398 137,944
Other current assets 139,619 18,217
Other noncurrent assets 47,956 -14,074
Increase in trade and other payables -1,362,863 313,460
Cash generated from operations 882,972 903,099
Contribution for retirement fund and benefits paid from book reserve -23,205 -18,098
Interest received 2,708 39,731
Income taxes paid, including creditable withholding taxes -245,833 -247,369
Net cash flows provided by operating activities 622,642 677,363
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to:
Property and equipment -1,918,694 -456,890
Software -15,311 -70,938
Investment in an associate - -
Proceeds from disposal of:
Property and equipment 346,941 57,931
Investment in subsidiary - 18,000
Collection of proceeds from the sale of a subsdiary and freighters 89,263 100,582
Payment of capital gain tax from the sale of a subsidiary - -
Cash of disposed subsidiary - -
Cash of deconsolidated subsidiaries - -5
Receipts of (payments for) various deposits -332
Net cash flows used in investing activities -1,489,798 -351,652
 CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from availments of:
Short-term notes payable 2,811,000 1,425,000
Long-term debt 500,000 1,000,000
Payments of:
Short-term notes payable -1,868,500 -1,940,000
Long-term debt - -1,500
Interest and financing charges -397,903 -390,619
Obligations under lease -395,527 -413,477
Obligations under finance lease - -
Debt transaction costs -3,750 -7,500
Net cash flows used in financing activities 645,320 -328,096
EFFECT OF FOREIGN EXCHANGE RATE CHANGES ON CASH AND CASH
1,724 -28
EQUIVALENTS
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS -220,112 -2,413
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 890,127 892,540
CASH AND CASH EQUIVALENTS AT END OF YEAR 670,015 890,127
2019 2018

-329,155 -943,018
-463,501 -415,657

2,300,073 2,077,742
449,463 321,908
-17,371 -17,276

-81,523 -14,690
-37,592 -1,098
- -3,604
- -
- 5,273
- -
- -
49,682 34
77,665 60,463
-1,523 -33,632
1,946,218 1,181,969

-39,584 -23,862
-193,990 -74,719
45,492 173,680
35,998 -
-69,129 361,694
1,689,007 1,618,762
-72,926 -109,198
17,371 18,034
-247,059 -345,210
1,422,391 1,182,388

-766,054 -1,524,526
-57,089 -41,898
- -25,000

107,865 41,980
- 10,000
101,856 -
-19,602 -
-40,417 -
- -109,312
27,466 -8,634
-645,975 -1,657,390
3,921,500 P5,783,200
- 2,500,000

-3,878,000 -5,743,150
-401,556 -2,388,820
-452,343 -275,445
-488,900 -
- -156,810
- -18,780
-1,299,299 -299,805
12 8,975
-522,871 -765,832
1,415,411 2,181,243
892,540 1,415,411
 Current ratio

Acid test ratio

Cash Ratio

Net Working Capital

Capital Multiplier

Debt-to-equity ratio

Debt Ratio

Asset-to equity ratio

Interest rate coverage ratio

Book Value per Share

Accounts Receivable
Turnover
 Accounts Receivable
Turnover

Average Collection Period

Inventory Turnover

Average Inventory Period

Asset Turnover

Return on Sales

Return on equity

Earnings per Share

Return on assets

Net profit margin

Total Current Assets Divided by Total Current Liabilities

Total Current Assets 6,598

Divided by: Total Current Liabilities 7,4
Current Ratio 0
Quick assets (Total Current Assets less Inventories and Other Current Assets) divided by Total Current Liabilities

Total Current Assets 6,598

Less: Inventories (532
Other current assets (2,514
Quick assets 3,550,
Divided by: Total Current Liabilities 7,42
Acid test ratio 0
(Cash + Marketable Securities) / Current Liabilities

(Cash + Marketable Securities) 670015

Divided by: Current Liabilities 7421048
Cash Ratio 0.09
Current Assets – Current Liabilities

Current Assets 6598155

Less: Current Liabilities 7421048
Net Working Capital (882893)
Total Assets / Total Equity

Total Assets 12918721

Divided by: Total Equity 638954
Capital Multiplier 20.22
Total Liabilities divided by Total Stockholders' Equity

Total Liabilities 12,279,7

Divided by: Total Stockholders' Equity 638
Debt-to-equity ratio 19
Total Liabilities / Total Assets

Total Liabilities 12279767

Divided by: Total Assets 12918721
Debt Ratio 0.95
Total Assets divided by Total Stockholders' Equity

Total Assets 12,918,72

Divided by: Total Stockholders' Equity 638
Asset-to-equity ratio 20
Earnings from before interest & tax divided by interest expense

Earnings from operations before income tax (684

Divided by: Interest expense 416,
Interest rate coverage ratio (1.6
Total SHE – Liquidation Value of Preferred Stocks – Preferred Dividends in Arrears / Common Shares Outstanding

Total SHE (less Preferred Stocks) 638954 - 4,564,330 = -3925376

Divided by: Number of Common Shares Outstanding 2,462,146,316
Book Value per Share 0.0016
Revenue / Ave. Accounts Receivable
Revenue 15408096
Divided by: Ave AR 3467460
AR Turnover 4.44
360 / ARTO

Divided by: 4.44

Ave Collection Period 81.08 days
Cost of SALES / Ave. Inventory

COGS 14814091
Divided by: Ave Inv 603162
Inv TO 24.56
360 / ITO

Divided by: ITO 24.56

Ave INV TO 14.66 days
SALES / Average Assets

Revenue 15408096
Divided by: Ave Assets 13839089
Asset TO 1.11
Net Income / Sales

Net loss from operations (1,142,946)

Divided by: Revenue 15408096
Return on Sales (0.07)
Net loss from operations divided by Average Total Stockholders' Equity

Net loss from operations (1,142,9

Divided by: Average Total Stockholders' Equity 1,152
Return on equity ratio (0.9
Net Income / Outstanding Shares

Net loss from operations (1,142,946)

Divided by: Outstanding Shares 2,462,146,316
EPS (0.0005)
Net loss from operations divided by Average Total Assets

Net loss from operations (1,142,9

Divided by: Average Total Assets 13,839
Return on assets (0.0
Net Loss from operations divided by Total Revenue

Net loss from operations (1,142,9

Divided by: Total Revenue 15,408,
Net profit margin (0.07
0.89

0.48

19.22

20.22

-1.64
-0.99

-0.08

-0.07
 Current ratio

Acid test ratio

Cash Ratio

Net Working Capital

Capital Multiplier

Debt-to-equity ratio

Debt Ratio

Asset-to equity ratio

Interest rate coverage ratio

Book Value per Share

 Book Value per Share

Accounts Receivable
Turnover

Average Collection Period

Inventory Turnover

Average Inventory Period

Asset Turnover

Return on Sales

Return on equity

Earnings per Share

Return on assets

Net profit margin

Total Current Assets Divided by Total Current Liabilities

Total Current Assets 8,078,43

Divided by: Total Current Liabilities 8,507,8
Current Ratio 0.95
Quick assets (Total Current Assets less Inventories and Other Current Assets) divided by Total Current Liabilities

Total Current Assets 8,078,438

Less: Inventories (673,861
Other current assets (2,460,441
Quick assets 4,944,136
Divided by: Total Current Liabilities 8,507,83
Acid test ratio 0.58
(Cash + Marketable Securities) / Current Liabilities

(Cash + Marketable Securities) 890127

Divided by: Current Liabilities 8507831
Cash Ratio 0.11
Current Assets – Current Liabilities

Current Assets 8078438

Less: Current Liabilities 8507831
Net Working Capital (429393)
Total Assets / Total Equity

Total Assets 14759456

Divided by: Total Equity 1667004
Capital Multiplier 8.85
Total Liabilities divided by Total Stockholders' Equity

Total Liabilities 13,092,452

Divided by: Total Stockholders' Equity 1,667,00
Debt-to-equity ratio 7.85
Total Liabilities / Total Assets

Total Liabilities 13,092,452

Divided by: Total Assets 14759456
Debt Ratio 0.89
Total Assets divided by Total Stockholders' Equity

Total Assets 14,759,456

Divided by: Total Stockholders' Equity 1,667,00
Asset-to-equity ratio 8.85
Earnings from before interest & tax divided by interest expense

Earnings from operations before income tax (1,417,71

Divided by: Interest expense 405,829
Interest rate coverage ratio (3.49)
Total SHE – Liquidation Value of Preferred Stocks – Preferred Dividends in Arrears / Common Shares Outstanding
Total SHE (less Preferred Stocks) 1667004 - 4,564,330 = -2897326
Divided by: Number of Common Shares Outstanding 2,462,146,316
Book Value per Share 0.0012
Revenue / Ave. Accounts Receivable

Revenue 17408695
Divided by: Ave AR 4079789
AR Turnover 4.27
360 / ARTO

Divided by: 4.27

Ave Collection Period 84.31 days
Cost of SALES / Ave. Inventory

COGS 17442158
Divided by: Ave Inv 742833
Inv TO 23.48
360 / ITO

Divided by: ITO 23.48

Ave INV TO 15.33
SALES / Average Assets

Revenue 17408695
Divided by: Ave Assets 15579842
Asset TO 1.12
Net Income / Sales

Net loss from operations (1,842,739)

Divided by: Revenue 17408695
Return on Sales (0.11)
Net loss from operations divided by Average Total Stockholders' Equity

Net loss from operations (1,842,739)

Divided by: Average Total Stockholders' Equity 2,610,76
Return on equity ratio (0.71)
Net Income / Outstanding Shares

Net loss from operations (1,842,739)

Divided by: Outstanding Shares 2,462,146,316
EPS (0.0007)
Net loss from operations divided by Average Total Assets

Net loss from operations (1,842,739)

Divided by: Average Total Assets 15,579,842
Return on assets (0.12)
Net Loss from operations divided by Total Revenue

Net loss from operations (1,842,739)

Divided by: Total Revenue 17,408,695
Net profit margin (0.11)
 0.95

0.58

0.11

-429,393

8.85

7.85

0.89

8.85

-3.49

0.0012
0.0012

4.27

84.31

23.48

15.33

1.12

-0.11

-0.71

-0.0007

-0.12

-0.11
 Current ratio

Acid test ratio

Cash Ratio

Net Working Capital

Capital Multiplier

Debt-to-equity ratio

Debt Ratio

Asset-to equity ratio

Interest rate coverage ratio

Book Value per Share

 Book Value per Share

Accounts Receivable
Turnover

Average Collection Period

Inventory Turnover

Average Inventory Period

Asset Turnover

Return on Sales

Return on equity

Earnings per Share

Return on assets

Net profit margin

Total Current Assets Divided by Total Current Liabilities

Total Current Assets 7864109

Divided by: Total Current Liabilities 888340
Current Ratio 0.89
Quick assets (Total Current Assets less Inventories and Other Current Assets) divided by Total Current Liabilities

Total Current Assets 7864109

Less: Inventories (811805
Other current assets (2054195
Quick assets 4,998,109
Divided by: Total Current Liabilities 888340
Acid test ratio 0.56
(Cash + Marketable Securities) / Current Liabilities

(Cash + Marketable Securities) 892540

Divided by: Total Current Liabilities 888340
Cash Ratio 0.10
Current Assets – Current Liabilities

Current Assets 7864109

Less: Current Liabilities 8883408
Net Working Capital (1019299)
Total Assets / Total Equity

Total Assets 16400227

Divided by: Total Equity 3554529
Capital Multiplier 4.61
Total Liabilities divided by Total Stockholders' Equity

Total Liabilities 12845698

Divided by: Total Stockholders' Equity 355452
Debt-to-equity ratio 3.61
Total Liabilities / Total Assets

Total Liabilities 12845698

Divided by: Total Assets 16400227
Debt Ratio 0.78
Total Assets divided by Total Stockholders' Equity

Total Assets 16400227

Divided by: Total Stockholders' Equity 355452
Asset-to-equity ratio 4.61
Earnings from before interest & tax divided by interest expense

Earnings from operations before income tax (92,17

Divided by: Interest expense 421,326
Interest rate coverage ratio (0.22)
Total SHE – Liquidation Value of Preferred Stocks – Preferred Dividends in Arrears / Common Shares Outstanding
Total SHE (less Preferred Stocks) 3554529 - 4,564,330 = -1009801
Divided by: Number of Common Shares Outstanding 2,462,146,316
Book Value per Share (0.0004)
Revenue / Ave. Accounts Receivable

Revenue 21409914
Divided by: Ave AR 4148542
AR Turnover 5.16
360 / ARTO

Divided by: 5.16

Ave Collection Period 69.77 days
Cost of SALES / Ave. Inventory

COGS 20099425
Divided by: Ave Inv 720008
Inv TO 27.92
360 / ITO

Divided by: ITO 27.92

Ave INV TO 12.89
SALES / Average Assets

Revenue 21409914
Divided by: Ave Assets 16617458
Asset TO 1.29
Net Income / Sales

Net loss from operations (892,214)

Divided by: Revenue 21409914
Return on Sales (0.04)
Net loss from operations divided by Average Total Stockholders' Equity

Net loss from operations (892,214)

Divided by: Average Total Stockholders' Equity 4,045,62
Return on equity ratio (0.21)
Net Income / Outstanding Shares

Net loss from operations (892,214)

Divided by: Outstanding Shares 2,462,146,316
EPS (0.0004)
Net loss from operations divided by Average Total Assets

Net loss from operations (892,214)

Divided by: Average Total Assets 16,617,45
Return on assets (0.05)
Net Loss from operations divided by Total Revenue

Net loss from operations (892,214)

Divided by: Total Revenue 21409914
Net profit margin (0.04)
0.85

0.56

3.61

4.61

-0.22
-0.21

-0.05

-0.04
 Current ratio

Acid test ratio

Cash Ratio

Net Working Capital

Capital Multiplier

Debt-to-equity ratio

Debt Ratio

Asset-to equity ratio

Interest rate coverage ratio

Book Value per Share

 Book Value per Share

Accounts Receivable
Turnover

Average Collection Period

Inventory Turnover

Average Inventory Period

Asset Turnover

Return on Sales

Return on equity

Earnings per Share

Return on assets

Net profit margin

Total Current Assets Divided by Total Current Liabilities

Total Current Assets 8006267

Divided by: Total Current Liabilities 887077
Current Ratio 0.90
Quick assets (Total Current Assets less Inventories and Other Current Assets) divided by Total Current Liabilities

Total Current Assets 8006267

Less: Inventories (628210
Other current assets (1771132
Quick assets 5,606,925
Divided by: Total Current Liabilities 887077
Acid test ratio 0.63
(Cash + Marketable Securities) / Current Liabilities

(Cash + Marketable Securities) 1415411

Divided by: Current Liabilities 8870777
Cash Ratio 0.16
Current Assets – Current Liabilities

Current Assets 8006267

Less: Current Liabilities 8870777
Net Working Capital (864510)
Total Assets / Total Equity

Total Assets 16834689

Divided by: Total Equity 4536714
Capital Multiplier 3.71
Total Liabilities divided by Total Stockholders' Equity

Total Liabilities 12297975

Divided by: Total Stockholders' Equity 453671
Debt-to-equity ratio 2.71
Total Liabilities / Total Assets

Total Liabilities 12297975

Divided by: Total Assets 16834689
Debt Ratio 0.73
Total Assets divided by Total Stockholders' Equity

Total Assets 16834689

Divided by: Total Stockholders' Equity 453671
Asset-to-equity ratio 3.71
Earnings from before interest & tax divided by interest expense

Earnings from operations before income tax (645,76

Divided by: Interest expense 297,249
Interest rate coverage ratio (2.17)
Total SHE – Liquidation Value of Preferred Stocks – Preferred Dividends in Arrears / Common Shares Outstanding
Total SHE (less Preferred Stocks) 4536714 - 4,564,330 = -27616
Divided by: Number of Common Shares Outstanding 2,462,146,316
Book Value per Share (0.00001)
Revenue / Ave. Accounts Receivable

Revenue 19665637
Divided by: Ave AR 4261671
AR Turnover 4.62
360 / ARTO

Divided by: 4.62

Ave Collection Period 77.92 days
Cost of SALES / Ave. Inventory

COGS 18434883
Divided by: Ave Inv 592018
Inv TO 31.14
360 / ITO

Divided by: ITO 31.14

Ave INV TO 11.56
SALES / Average Assets

Revenue 19665637
Divided by: Ave Assets 17575676
Asset TO 1.12
Net Income / Sales

Net loss from operations (1,469,903)

Divided by: Revenue 19665637
Return on Sales (0.07)
Net loss from operations divided by Average Total Stockholders' Equity

Net loss from operations (1,469,903)

Divided by: Average Total Stockholders' Equity 5,290,07
Return on equity ratio (0.28)
Net Income / Outstanding Shares

Net loss from operations (1,469,903)

Divided by: Outstanding Shares 2,462,146,316
EPS (0.0006)
Net loss from operations divided by Average Total Assets

Net loss from operations (1,469,903)

Divided by: Average Total Assets 17,575,676
Return on assets (0.08)
Net Loss from operations divided by Total Revenue

Net loss from operations (1,469,90

Divided by: Total Revenue 19665637
Net profit margin (0.08)
0.9

0.63

2.71

3.71

-2.17
-0.28

-0.08

-0.08
Financial Ratios 2021 2020 2019 2018
Current ratio 0.89 0.95 0.85 0.9
Acid test ratio 0.48 0.58 0.56 0.63
Cash Ratio 0.09 0.11 0.1 0.16
Net Working Capital -882893 -429393 -1019299 -864510
Capital Multiplier 20.22 8.85 4.61 3.71
Debt-to-equity ratio 19.22 7.85 3.61 2.71
Debt Ratio 0.95 0.89 0.78 0.73
Asset-to equity ratio 20.22 8.85 4.61 3.71
Interest rate coverage ratio -1.64 -3.49 -0.22 -2.17
Book Value per Share 0.0016 0.0012 -0.0004 -0.00001
Accounts Receivable Turnover 4.44 4.27 5.16 4.62
Average Collection Period 81.08 84.31 69.77 77.92
Inventory Turnover 24.56 23.48 27.92 31.14
Average Inventory Period 14.66 15.33 12.89 11.56
Asset Turnover 1.11 1.12 1.29 1.12
Return on Sales -0.07 -0.11 -0.04 -0.07
Return on equity -0.99 -0.71 -0.21 -0.28
Earnings per Share -0.0005 -0.0007 -0.0004 -0.0006
Return on assets -0.08 -0.12 -0.05 0.08
Net profit margin -0.07 -0.11 -0.04 -0.08
Base: 2020 and 2018
NOTE: Amounts in thousands of pesos
2021 2020 Change
Assets
Current Assets
Cash and cash equivalents 670,015 890,127 -220,112
Trade and other receivables 2,880,910 4,054,009 -1,173,099
Inventories 532,463 673,861 -141,398
Other current assets 2,514,767 2,460,441 54,326
Total Current Assets 6,598,155 8,078,438 -1,480,283
Noncurrent Assets
Property and equipment 4,976,422 4,806,893 169,529
Investments in associates and joint ventures 285,518 231,424 54,094
Goodwill 686,896 686,896 0
Deferred income tax assets – net 95,430 153,910 -58,480
Other noncurrent assets 276,300 801,895 -525,595
Total Noncurrent Assets 6,320,566 6,681,018 -360,452
TOTAL ASSETS 12,918,721 14,759,456 -1,840,735

LIABILITIES AND EQUITY

Current Liabilities
Short-term notes payable 3,106,000 2,163,500 942,500
Trade and other payables 4,169,985 5,961,934 -1,791,949
Income tax payable 3,506 9,728 -6,222
Current portion of:
Long-term debt - -
Obligations under finance lease 141,557 372,669 -231,112
Total Current Liabilities 7,421,048 8,507,831 -1,086,783
Noncurrent Liabilities
Long-term debt - net of current portion 3,987,844 3,485,080 502,764
Obligations under finance lease - net of current portion 498,008 612,394 -114,386
Accrued retirement benefits 372,867 487,147 -114,280
Other noncurrent liabilities - -
Total Noncurrent Liabilities 4,858,719 4,584,621 274,098
Total Liabilities 12,279,767 13,092,452 -812,685

Equity
Share capital 2,500,663 2,500,663 0
Additional paid-in capital 2,498,621 2,498,621 0
Other equity reserve 712,245 712,245 0
Other comprehensive losses - net -104,094 -218,990 114,896
Retained earnings (Deficit) -4,970,921 -3,826,761 -1,144,160
Treasury shares -58,715 -58,715 0
Equity Attributable to Equity Holders of the Parent Company 577,799 1,607,063 -1,029,264
Non-controlling Interests 61,155 59,941 1,214
Total Equity 638,954 1,667,004 -1,028,050
TOTAL LIABILITIES AND EQUITY 12,918,721 14,759,456 -1,840,735
% 2019 2018 Change %

-24.73% 892,540 1,415,411 -522,871 -36.94%

-28.94% 4,105,569 4,191,514 -85,945 -2.05%
-20.98% 811,805 628,210 183,595 29.23%
-2.21% 2,054,195 1,771,132 283,063 15.98%
-18.32% 7,864,109 8,006,267 -142,158 -1.78%

3.53% 6,442,797 7,211,433 -768,636 -10.66%

25.54% 277,039 325,642 -48,603 -14.93%
0.00% 686,896 686,896 0 0.00%
-37.99% 113,337 69,495 43,842 63.09%
-65.54% 1,016,049 534,956 481,093 89.93%
-5.40% 8,536,118 8,828,422 -292,304 -3.31%
12.47% 16,400,227 16,834,689 -434,462 -2.58%

43.56% 2,678,500 2,685,000 -6,500 -0.24%

-30.06% 5,742,553 5,980,552 -237,999 -3.98%
-63.60% 11,428 15,374 -3,946 -25.67%

1,500 106,336 -104,836 -98.59%

-62.02% 449,427 83,515 365,912 438.14%
-12.77% 8,883,408 8,870,777 12,631 0.14%

14.43% 2,487,153 3,116,177 -629,024 -20.19%

-18.68% 1,136,331 92,317 1,044,014 1130.90%
-23.50% 338,806 211,420 127,386 60.25%
- 7,284 -7,824 -107.41%
5.98% 3,962,290 3,427,198 535,092 15.61%
-6.21% 12,845,698 12,297,975 547,723 4.45%

0.00% 2,500,663 2,484,653 16,010 0.64%

0.00% 2,498,621 910,901 1,587,720 174.30%
0.00% 712,245 2,315,975 -1,603,730 -69.25%
52.47% -174,026 -93,767 -80,259 85.59%
-29.90% -1,984,269 -1,084,205 -900,064 83.02%
0.00% -58,715 -58,715 0 0.00%
-64.05% 3,494,519 4,474,842 -980,323 -21.91%
2.03% 60,010 61,872 -1,862 -3.01%
-61.67% 3,554,529 4,536,714 -982,185 -21.65%
-12.47% 16,400,227 16,834,689 -434,462 -2.58%
Base: Total Assets
NOTE: Amounts in thousands of pesos
2021 % 2020
Assets
Current Assets
Cash and cash equivalents 670,015 5.19% 890,127
Trade and other receivables 2,880,910 22.30% 4,054,009
Inventories 532,463 4.12% 673,861
Other current assets 2,514,767 19.47% 2,460,441
Total Current Assets 6,598,155 51.07% 8,078,438
Noncurrent Assets
Property and equipment 4,976,422 38.52% 4,806,893
Investments in associates and joint ventures 285,518 2.21% 231,424
Goodwill 686,896 5.32% 686,896
Deferred income tax assets – net 95,430 0.74% 153,910
Other noncurrent assets 276,300 2.14% 801,895
Total Noncurrent Assets 6,320,566 48.93% 6,681,018
TOTAL ASSETS 12,918,721 100.00% 14,759,456

LIABILITIES AND EQUITY

Current Liabilities
Short-term notes payable 3,106,000 24.04% 2,163,500
Trade and other payables 4,169,985 32.28% 5,961,934
Income tax payable 3,506 0.03% 9,728
Current portion of:
Long-term debt - -
Obligations under finance lease 141,557 1.10% 372,669
Total Current Liabilities 7,421,048 57.44% 8,507,831
Noncurrent Liabilities
Long-term debt - net of current portion 3,987,844 30.87% 3,485,080
Obligations under finance lease - net of current portion 498,008 3.85% 612,394
Accrued retirement benefits 372,867 2.89% 487,147
Other noncurrent liabilities - -
Total Noncurrent Liabilities 4,858,719 37.61% 4,584,621
Total Liabilities 12,279,767 95.05% 13,092,452

Equity
Share capital 2,500,663 19.36% 2,500,663
Additional paid-in capital 2,498,621 19.34% 2,498,621
Other equity reserve 712,245 5.51% 712,245
Other comprehensive losses - net -104,094 -0.81% -218,990
Retained earnings (Deficit) -4,970,921 -38.48% -3,826,761
Treasury shares -58,715 -0.45% -58,715
Equity Attributable to Equity Holders of the Parent Company 577,799 4.47% 1,607,063
Non-controlling Interests 61,155 0.47% 59,941
Total Equity 638,954 4.95% 1,667,004
TOTAL LIABILITIES AND EQUITY 12,918,721 100.00% 14,759,456
% 2019 % 2018 %

6.03% 892,540 5.44% 1,415,411 8.41%

27.47% 4,105,569 25.03% 4,191,514 24.90%
4.57% 811,805 4.95% 628,210 3.73%
16.67% 2,054,195 12.53% 1,771,132 10.52%
54.73% 7,864,109 47.95% 8,006,267 47.56%

32.57% 6,442,797 39.28% 7,211,433 42.84%

1.57% 277,039 1.69% 325,642 1.93%
4.65% 686,896 4.19% 686,896 4.08%
1.04% 113,337 0.69% 69,495 0.41%
5.43% 1,016,049 6.20% 534,956 3.18%
45.27% 8,536,118 52.05% 8,828,422 52.44%
100.00% 16,400,227 100.00% 16,834,689 100.00%

14.66% 2,678,500 16.33% 2,685,000 15.95%

40.39% 5,742,553 35.02% 5,980,552 35.53%
0.07% 11,428 0.07% 15,374 0.09%

1,500 0.01% 106,336 0.63%

2.52% 449,427 2.74% 83,515 0.50%
57.64% 8,883,408 54.17% 8,870,777 52.69%

23.61% 2,487,153 15.17% 3,116,177 18.51%

4.15% 1,136,331 6.93% 92,317 0.55%
3.30% 338,806 2.07% 211,420 1.26%
- 7,284 0.04%
31.06% 3,962,290 24.16% 3,427,198 20.36%
88.71% 12,845,698 78.33% 12,297,975 73.05%

16.94% 2,500,663 15.25% 2,484,653 14.76%

16.93% 2,498,621 15.24% 910,901 5.41%
4.83% 712,245 4.34% 2,315,975 13.76%
-1.48% -174,026 -1.06% -93,767 -0.56%
-25.93% -1,984,269 -12.10% -1,084,205 -6.44%
-0.40% -58,715 -0.36% -58,715 -0.35%
10.89% 3,494,519 21.31% 4,474,842 26.58%
0.41% 60,010 0.37% 61,872 0.37%
11.29% 3,554,529 21.67% 4,536,714 26.95%
100.00% 16,400,227 100.00% 16,834,689 100.00%
Base: 2018
NOTE: Amounts in thousands of pesos
2021 % 2020
Assets
Current Assets
Cash and cash equivalents 670,015 47.34% 890,127
Trade and other receivables 2,880,910 68.73% 4,054,009
Inventories 532,463 84.76% 673,861
Other current assets 2,514,767 141.99% 2,460,441
Total Current Assets 6,598,155 82.41% 8,078,438
Noncurrent Assets
Property and equipment 4,976,422 69.01% 4,806,893
Investments in associates and joint ventures 285,518 87.68% 231,424
Goodwill 686,896 100.00% 686,896
Deferred income tax assets – net 95,430 137.32% 153,910
Other noncurrent assets 276,300 51.65% 801,895
Total Noncurrent Assets 6,320,566 71.59% 6,681,018
TOTAL ASSETS 12,918,721 76.74% 14,759,456

LIABILITIES AND EQUITY

Current Liabilities
Short-term notes payable 3,106,000 115.68% 2,163,500
Trade and other payables 4,169,985 69.73% 5,961,934
Income tax payable 3,506 22.80% 9,728
Current portion of:
Long-term debt - -
Obligations under finance lease 141,557 169.50% 372,669
Total Current Liabilities 7,421,048 83.66% 8,507,831
Noncurrent Liabilities
Long-term debt - net of current portion 3,987,844 127.97% 3,485,080
Obligations under finance lease - net of current portion 498,008 539.45% 612,394
Accrued retirement benefits 372,867 176.36% 487,147
Other noncurrent liabilities - -
Total Noncurrent Liabilities 4,858,719 141.77% 4,584,621
Total Liabilities 12,279,767 99.85% 13,092,452

Equity
Share capital 2,500,663 100.64% 2,500,663
Additional paid-in capital 2,498,621 274.30% 2,498,621
Other equity reserve 712,245 30.75% 712,245
Other comprehensive losses - net -104,094 111.01% -218,990
Retained earnings (Deficit) -4,970,921 458.49% -3,826,761
Treasury shares -58,715 100.00% -58,715
Equity Attributable to Equity Holders of the Parent Company 577,799 12.91% 1,607,063
Non-controlling Interests 61,155 98.84% 59,941
Total Equity 638,954 14.08% 1,667,004
TOTAL LIABILITIES AND EQUITY 12,918,721 76.74% 14,759,456
% 2019 % 2018 %

62.89% 892,540 63.06% 1,415,411 100.00%

96.72% 4,105,569 97.95% 4,191,514 100.00%
107.27% 811,805 129.23% 628,210 100.00%
138.92% 2,054,195 115.98% 1,771,132 100.00%
100.90% 7,864,109 98.22% 8,006,267 100.00%

66.66% 6,442,797 89.34% 7,211,433 100.00%

71.07% 277,039 85.07% 325,642 100.00%
100.00% 686,896 100.00% 686,896 100.00%
221.47% 113,337 163.09% 69,495 100.00%
149.90% 1,016,049 189.93% 534,956 100.00%
75.68% 8,536,118 96.69% 8,828,422 100.00%
87.67% 16,400,227 97.42% 16,834,689 100.00%

80.58% 2,678,500 99.76% 2,685,000 100.00%

99.69% 5,742,553 96.02% 5,980,552 100.00%
63.28% 11,428 74.33% 15,374 100.00%

1,500 1.41% 106,336 100.00%

446.23% 449,427 538.14% 83,515 100.00%
95.91% 8,883,408 100.14% 8,870,777 100.00%

111.84% 2,487,153 79.81% 3,116,177 100.00%

663.36% 1,136,331 1230.90% 92,317 100.00%
230.42% 338,806 160.25% 211,420 100.00%
- 7,284 100.00%
133.77% 3,962,290 115.61% 3,427,198 100.00%
106.46% 12,845,698 104.45% 12,297,975 100.00%

100.64% 2,500,663 100.64% 2,484,653 100.00%

274.30% 2,498,621 274.30% 910,901 100.00%
30.75% 712,245 30.75% 2,315,975 100.00%
233.55% -174,026 185.59% -93,767 100.00%
352.96% -1,984,269 183.02% -1,084,205 100.00%
100.00% -58,715 100.00% -58,715 100.00%
35.91% 3,494,519 78.09% 4,474,842 100.00%
96.88% 60,010 96.99% 61,872 100.00%
36.74% 3,554,529 78.35% 4,536,714 100.00%
87.67% 16,400,227 97.42% 16,834,689 100.00%
Base: 2020 and 2018
NOTE: Amounts in thousands of pesos
2021
CONTINUING OPERATIONS REVENUES FROM CONTRACTS WITH CUSTOMERS
Shipping 3,832,583
Nonshipping:
Logistics and other services 6,085,886
Sale of goods 5,489,627
REVENUE 15,408,096
COST OF SERVICES AND GOODS SOLD 14,814,091
GROSS PROFIT 594,005
GENERAL AND ADMINISTRATIVE EXPENSES 1,344,299
OTHER OPERATIONAL EXPENSES -
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS -750,294
OTHER INCOME (CHARGES)
Equity in net losses of associates and joint ventures 55,407
Financing charges -416,928
Others - net 12,781
-348,740
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS -1,099,034
PROVISION FOR INCOME TAX
Current 45,666
Deferred -1,754
43,912
NET LOSS FROM CONTINUING OPERATIONS -1,142,946
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS -
NET LOSS -1,142,946
 2020 Change 2019 2018 Change %

3,864,600 -32,017 -0.83% 7,101,950 7,231,199 -129,249 -1.79%

5,825,904 259,982 4.46% 6,707,486 6,416,692 290,794 4.53%

7,718,191 -2,228,564 -28.87% 7,600,478 6,017,746 1,582,732 26.30%
17,408,695 -2,000,599 -11.49% 21,409,914 19,665,637 1,744,277 8.87%
17,442,158 -2,628,067 -15.07% 20,099,425 18,434,883 1,664,542 9.03%
-33,643 627,648 -1865.61% 1,310,489 1,230,754 79,735 6.48%
897,367 446,932 49.80% 1,064,725 1,923,310 -858,585 -44.64%
230,072 -230,072 -100.00% 198,262 - 198,262 0.00%
-1,160,902 410,608 -35.37% 47,502 -692,556 740,058 -106.86%

-43,534 98,941 -227.27% -49,682 -34 -49,648 146023.53%

-405,829 -11,099 2.73% -421,326 -297,249 -124,077 41.74%
-213,276 226,057 -105.99% 94,351 46,821 47,530 101.51%
-662,639 313,899 -47.37% -376,657 -250,462 -126,195 50.38%
-1,823,541 724,507 -39.73% -329,155 -943,018 613,863 -65.10%

63,748 -18,082 -28.36% 95,596 90,155 5,441 6.04%

-44,550 42,796 -96.06% -5,787 -3,092 -2,695 87.16%
19,198 24,714 128.73% 89,809 87,063 2,746 3.15%
-1,842,739 699,793 -37.98% -418,964 -1,030,081 611,117 -59.33%
- - - -473,250 -439,822 -33,428 7.60%
-1,842,739 699,793 -37.98% -892,214 -1,469,903 577,689 -39.30%
Base: Revenue
NOTE: Amounts in thousands of pesos
2021
CONTINUING OPERATIONS REVENUES FROM CONTRACTS WITH CUSTOMERS
Shipping 3,832,583
Nonshipping:
Logistics and other services 6,085,886
Sale of goods 5,489,627
REVENUE 15,408,096
COST OF SERVICES AND GOODS SOLD 14,814,091
GROSS PROFIT 594,005
GENERAL AND ADMINISTRATIVE EXPENSES 1,344,299
OTHER OPERATIONAL EXPENSES -
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS -750,294
OTHER INCOME (CHARGES)
Equity in net losses of associates and joint ventures 55,407
Financing charges -416,928
Others - net 12,781
-348,740
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS -1,099,034
PROVISION FOR INCOME TAX
Current 45,666
Deferred -1,754
43,912
NET LOSS FROM CONTINUING OPERATIONS -1,142,946
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS -
NET LOSS -1,142,946
 % 2020 % 2019 % 2018 %

3,864,600 7,101,950 7,231,199

5,825,904 6,707,486 6,416,692

7,718,191 7,600,478 6,017,746
100.00% 17,408,695 100.00% 21,409,914 100.00% 19,665,637 100.00%
96.14% 17,442,158 100.19% 20,099,425 93.88% 18,434,883 93.74%
3.86% -33,643 -0.19% 1,310,489 6.12% 1,230,754 6.26%
8.72% 897,367 5.15% 1,064,725 4.97% 1,923,310 9.78%
230,072 1.32% 198,262 0.93% -
-4.87% -1,160,902 -6.67% 47,502 0.22% -692,556 -3.52%

0.36% -43,534 -0.25% -49,682 -0.23% -34 0.00%

-2.71% -405,829 -2.33% -421,326 -1.97% -297,249 -1.51%
0.08% -213,276 -1.23% 94,351 0.44% 46,821 0.24%
-2.26% -662,639 -3.81% -376,657 -1.76% -250,462 -1.27%
-7.13% -1,823,541 -10.47% -329,155 -1.54% -943,018 -4.80%

0.30% 63,748 0.37% 95,596 0.45% 90,155 0.46%

-0.01% -44,550 -0.26% -5,787 -0.03% -3,092 -0.02%
0.28% 19,198 0.11% 89,809 0.42% 87,063 0.44%
-7.42% -1,842,739 -10.59% -418,964 -1.96% -1,030,081 -5.24%
- -473,250 -2.21% -439,822 -2.24%
-7.42% -1,842,739 -10.59% -892,214 -4.17% -1,469,903 -7.47%
Base: 2018
NOTE: Amounts in thousands of pesos
2021
CONTINUING OPERATIONS REVENUES FROM CONTRACTS WITH CUSTOMERS
Shipping 3,832,583
Nonshipping:
Logistics and other services 6,085,886
Sale of goods 5,489,627
REVENUE 15,408,096
COST OF SERVICES AND GOODS SOLD 14,814,091
GROSS PROFIT 594,005
GENERAL AND ADMINISTRATIVE EXPENSES 1,344,299
OTHER OPERATIONAL EXPENSES -
OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS -750,294
OTHER INCOME (CHARGES)
Equity in net losses of associates and joint ventures 55,407
Financing charges -416,928
Others - net 12,781
-348,740
LOSS BEFORE INCOME TAX FROM CONTINUING OPERATIONS -1,099,034
PROVISION FOR INCOME TAX
Current 45,666
Deferred -1,754
43,912
NET LOSS FROM CONTINUING OPERATIONS -1,142,946
NET INCOME (LOSS) FROM DISCONTINUED OPERATIONS -
NET LOSS -1,142,946
 % 2020 % 2019 % 2018 %

53.00% 3,864,600 53.44% 7,101,950 98.21% 7,231,199 100.00%

94.84% 5,825,904 90.79% 6,707,486 104.53% 6,416,692 100.00%

91.22% 7,718,191 128.26% 7,600,478 126.30% 6,017,746 100.00%
78.35% 17,408,695 88.52% 21,409,914 108.87% 19,665,637 100.00%
80.36% 17,442,158 94.61% 20,099,425 109.03% 18,434,883 100.00%
48.26% -33,643 -2.73% 1,310,489 106.48% 1,230,754 100.00%
69.90% 897,367 46.66% 1,064,725 55.36% 1,923,310 100.00%
230,072 198,262 -
108.34% -1,160,902 167.63% 47,502 -6.86% -692,556 100.00%

-162961.76% -43,534 128041.18% -49,682 146123.53% -34 100.00%

140.26% -405,829 136.53% -421,326 141.74% -297,249 100.00%
27.30% -213,276 -455.51% 94,351 201.51% 46,821 100.00%
139.24% -662,639 264.57% -376,657 150.38% -250,462 100.00%
116.54% -1,823,541 193.37% -329,155 34.90% -943,018 100.00%

50.65% 63,748 70.71% 95,596 106.04% 90,155 100.00%

56.73% -44,550 1440.82% -5,787 187.16% -3,092 100.00%
50.44% 19,198 22.05% 89,809 103.15% 87,063 100.00%
110.96% -1,842,739 178.89% -418,964 40.67% -1,030,081 100.00%
- -473,250 107.60% -439,822 100.00%
77.76% -1,842,739 125.36% -892,214 60.70% -1,469,903 100.00%