Ayala Land Inc. and SM Prime Holdings Inc. are two of the largest real estate developers in the Philippines. Ayala Land develops large-scale mixed-use estates including residential, office, commercial, and industrial properties. SM Prime began as a mall developer and operator and has since expanded into residential and office development. Both companies have numerous subsidiaries involved in their various real estate business segments. Their financial statements for 2021 show them to have billions in assets with the majority being investment properties, and revenues primarily from real estate sales.

1. INTRODUCTION
• The real estate industry is one of the most successful businesses in the building
industry. Development, leasing, assessment, marketing, and administration of
commercial, residential, agricultural, and industrial properties are all covered by this
industry. The industry swings with the economy, but it remains stable since people
always need homes and businesses always require commercial space (Jackson,
2020). Two of the Philippines’ largest and most well-known real estate developers
include Ayala Land, Inc., and SM Prime Holdings Inc. (Asia Property HQ, 2019).

2. BRIEF DESCRIPTIONS ABOUT THE COMPANIES
AYALA LAND INC.
• Ayala Land, Inc. (ALI) was founded on June 30, 1988, as the real estate branch of Ayala
Corporation (AC), to focus on the development of the company’s existing real estate assets.
The Company debuted on the Makati and Manila Stock Exchanges in July 1991 with an initial
public offering of its primary and secondary shares. Bernard Vincent Dy, the company’s CEO,
has an MBA and a master’s degree in international relations from the University of Chicago.
He used to be the chief operating officer of Ayala Land. ALI is involved in the design and
development of large-scale, mixed-use estates, including the sale of residential lots and
buildings, office buildings, and commercial and industrial lots, as well as the development,
operation, and management of hotels and resorts. In addition to commercial and industrial
parks, the company is involved in property management, construction, and other enterprises
like as retail and healthcare. Alveo Land Corporation, Avida Land Corporation, Ayala Property
Management Corporation, Makati Development Corporation, North Triangle Depot
Commercial Corporation, Laguna Technopark, Inc., and Ten Knots Philippines, Inc. are among
the Company’s subsidiaries.

3. BRIEF DESCRIPTIONS ABOUT THE COMPANIES
SM PRIME HOLDINGS INC.
• SM Prime Holdings, Inc. (SMPH) is one of Southeast Asia’s major integrated property
developers, developing malls, apartments, offices, hotels, and conference facilities to create
innovative and sustainable lifestyle cities. It is also the Philippines’ largest in terms of assets.
SM Prime Holdings, Inc. was founded in 1994 in the Philippines. They began as a mall
developer and operator and have since grown to become the Philippines’ largest retail
shopping center developer and operator. It currently operates 77 malls in and outside of
Metro Manila, as well as seven retail malls in China, with a total gross floor area of 10.0
million square meters (GFA). They have 17,257 tenants in the Philippines and 1,908 tenants in
China. Through its entities and subsidiaries, SM Prime goes beyond mall building and
administration. The residential business component, SM Development Corporation (SMDC),
sells cheap condominium homes. The Commercial Property Group (CPG), one of SM Prime’s
commercial business segments, is involved in the development and leasing of office
buildings in Metro Manila. The company’s Hotels and Convention Facilities division designs
and runs hotels and convention centers around the country.

4. FINANCIAL STATEMENT ANALYSIS
Vertical Analysis of Ayala Land Inc.
Consolidated Statement of Financial Position
(Amounts in Thousands and in Peso Value)

5. December 31 2021 2020 2019
Assets Amount Percentage Amount Percentage Amount Percentage
Current Assets
Cash and Cash Equivalents 14,632,162 2.00% 17,037,347 2.36% 20,413,041 2.86%
Short-term investments 452,544 0.06% 358,120 0.05% 617,149 0.09%
Financial assets at fair value through profit or loss 1,348,600 0.18% 965,171 0.13% 485,436 0.07%
Accounts and notes receivable 98,035,031 13.44% 101,145,909 14.02% 105,039,306 14.71%
Inventories 146,957,156 20.14% 146,743,592 20.34% 120,287,686 16.85%
Other Current Assets 65,718,419 9.00% 58,020,962 8.04% 48,591,632 6.81%
Total Current Assets 327,143,912 44.82% 324,271,101 44.94% 295,434,250 41.38%

6. December 31 2021 2020 2019
Assets: Amount Percentage Amount Percentage Amount Percentage
Non-Current Assets
Noncurrent accounts and notes
receivable
47,991,993 6.58% 46,021,255 6.38% 45,563,869 6.38%
Financial assets at fair value through
other comprehensive income
1,440,802 0.20% 1,511,443 0.21% 1,529,179 0.21%
Investments in associates and joint
ventures
28,082,846 3.85% 26,601,254 3.69% 25,317,581 3.55%
Right of use assets 12,696,967 1.74% 13,008,175 1.80% 13,564,472 1.90%
Investment properties – net 226,184,149 30.99% 222,684,850 30.86% 243,043,448 34.04%
Property and equipment – net 42,928,002 5.88% 43,446,968 6.02% 43,062,357 6.03%
Deferred tax assets - net 12,036,948 1.65% 12,121,515 1.68% 11,527,645 1.61%
Other noncurrent assets 31,390,633 4.30% 31,827,813 4.41% 34,880,477 4.89%
Total Noncurrent Assets 402,752,340 55.18 397,223,273 55.06% 418,489,028 58.62%
Total Assets 729,896,252 100.00% 721,494,374 100.00% 713,923,278 100.00%

7. December 31 2021 2020 2019
Liabilities and Equity: Amount Percentage Amount Percentage Amount Percentage
Current-Liabilities
Short-term debt 17,067,727 2.34% 9,131,325 1.27% 18,032,830 2.53%
Accounts and Other payables 144,264,252 19.77% 144,625,922 20.05% 162,979,169 22.83%
Income Tax Payable 661,727 0.09% 1,455,612 0.20% 2,123,379 0.30%
Current Portion of Lease Liabilities 393,132 0.05% 466,801 0.06% 724,859 0.10%
Current Portion of long-term debt 33,172,968 4.54% 18,732,401 2.60% 17,250,706 2.42%
Deposits and other current liabilities 21,961,956 3.01% 25,317,246 3.51% 25,472,581 3.57%
Total Current-Liabilities 217,521,762 29.80% 199,729,307 27.68% 226,583,524 31.74%

8. December 31 2021 2020 2019
Liabilities and Equity: Amount Percentage Amount Percentage Amount Percentage
Non-Current-Liabilities
Long-term Debt – Net of Current Portion 164,227,040 22.50% 184,087,192 25.51% 175,813,345 24.63%
Pension liabilities 2,948,302 0.40% 3,020,797 0.42% 1,987,605 0.28%
Lease Liabilities - Net of Current Portion 17,275,562 2.38% 17,289,042 2.40% 16,738,846 2.34%
Deferred Tax Liabilities 6,876,022 0.94% 7,148,534 0.99% 6,090,754 0.85%
Deposits and Other Noncurrent Liabilities 54,980,663 7.53% 50,040,170 6.94% 44,003,636 6.16%
Total Non-current Liabilities 246,307,589 33.75% 261,585,735 36.26% 244,634,186 34.27%
Total Liabilities 463,829,351 63.55% 461,315,042 63.94% 471,217,710 66.00%

9. December 31 2021 2020 2019
Liabilities and Equity: Amount Percentage Amount Percentage Amount Percentage
Equity
Equity attributable to equity holders of Ayala Land, Inc.
Paid-up capital 63,235,990 8.66% 62,953,585 8.72% 62,772,446 8.79%
Retained earnings 165,639,534 22.69 161,660,724 22.41% 156,982,515 21.99%
Remeasurement loss on defined benefit plans (841,624) -0.12% (818,101) -0.11% (337,210) -0.05%
Fair value reserve of financial assets at FVOCI* (607,341) -0.08% (748,220) -0.10% (457,358) -0.06%
Cumulative translations adjustments 143,248 0.02% 167,395 0.02% 250,440 0.04%
Equity reserves 1,561,816 0.21% 585,256 0.08% (7,056,459) -0.99%
Treasury Stock (2,248,797) -0.31% (1,260,780) -0.17% (1,104,353) -0.15%
Non-controlling interests 226,882,826
39,184,075
31.08%
5.37%
222,539,859
37,639,473
30.84%
5.22%
211,050,021
31,655,547
29.56%
4.43%
Total Equity 266,066,901 36.45% 260,179,332 36.06% 242,705,568 34.00%
Total Liabilities and Equity 729,896,252 100.00% 721,494,374 100.00% 713,923,278 100.00%

10. FINANCIAL STATEMENT ANALYSIS
Vertical Analysis of Ayala Land Inc.
Consolidated Statement of income
(Amounts in Thousands and in Peso Value)

11. Years Ended December 31 2021 2020 2019
Amount Percentage Amount Percentage Amount Percentage
REVENUE
Real estate sales
Interest income from real estate sales
Equity in net earnings of associates and joint ventures
96,144,850 90.58% 85,965,453 89.29% 157,848,573 93.52%
6,801,012 6.41% 8,602,775 8.94% 7,890,972 4.67%
842,565 0.79% 586,502 0.61% 965,787 0.57%
103,788,427 97.78% 95,154,730 98.84% 166,705,332 98.76%
Interest and investment income
Other income
253,107 0.24% 394,701 0.41% 930,445 0.55%
2,101,071 1.98% 723,268 0.75% 1,157,935 0.69%
106,142,605 100.00% 96,272,699 100.00% 168,793,712 100.00%

12. Amount Percentage Amount Percentage Amount Percentage
COSTS AND EXPENSES
Cost of real estate sales 64,641,519 60.90% 56,673,184 58.87% 94,751,939 56.13%
General and administrative expenses 6,538,859 6.16% 8,011,813 8.32% 9,367,359 5.55%
Interest and other financing charges 11,037,772 10.40% 12,745,720 13.24% 12,199,758 7.23%
Other expenses 3,636,915 3.42% 3,788,771 3.94% 1,644,982 0.97%
85,855,065 80.89% 81,219,488 84.36% 117,964,038 69.89%
INCOME BEFORE INCOME TAX 20,287,540 19.11% 15,053,211 15.64% 50,829,674 30.11%
PROVISION FOR INCOME TAX
Current 5,984,642 5.64% 4,687,956 4.87% 12,455,010 7.38%
Deferred (1,356,465) -1.28% (628,983) -0.65% 859,633 0.51%
4,628,177 4.36% 4,058,973 4.22% 13,314,643 7.89%
NET INCOME 15,659,363 14.75% 10,994,238 11.42% 37,515,031 22.23%
Net income attributable to:
Equity holders of Ayala Land, Inc
12,228,148 11.52% 8,727,155 9.07% 33,188,399 19.66%
Non-controlling interests 3,431,215 3.23% 2,267,083 2.35% 4,326,632 2.56%
15,659,363 14.75% 10,994,238 4.22% 37,515,031 22.22%

13. FINANCIAL STATEMENT ANALYSIS
Vertical Analysis of SM Prime Holdings, Inc.
Consolidated Statement of Financial Position
(Amounts in Thousands and in Peso Value)

14. December 31 2021 2020 2019
Assets Amount Percentage Amount Percentage Amount Percentage
Current Assets
Cash and Cash Equivalents 39,775,852 4.94% 30,661,614 4.24% 34,599,959 5.19%
Receivables and Contract Assets 73,019,966 9.08% 58,944,930 8.16% 53,636,92 8.04%
Real Estate Inventories 56,575,047 7.03% 43,691,877 6.05% 43,946,109 6.59%
Equity instruments at fair value through other
comprehensive income
547,041 0.07% 568,146 0.08% 659,077 0.10%
Derivative assets 753,506 0.09% 2,747 0.00% 0 0.00%
Prepaid expenses and other current assets 24,993,357 3.11% 23,205,662 3.21% 19,485,542 2.92%
Total Current Assets 195,664,769 24.32% 157,074,976 21.74% 152,327,608 22.83%

15. December 31 2021 2020 2019
Assets: Amount Percentage Amount Percentage Amount Percentage
Non-Current Assets
Equity instruments at FVOCI - net of
current portion
17,400,372 2.16% 16,131,568 2.23% 20,420,959 3.06%
Investment properties - net 467,391,988 58.10% 436,159,081 60.38% 410,639,578 61.54%
Investments in associates and joint
ventures
29,187,435 3.63% 27,735,239 3.84% 27,214,398 4.08%
Property and equipment - net 1,372,276 0.17% 1,311,208 0.18% 1,383,320 0.21%
Deferred tax assets - net 734,975 0.09% 831,546 0.12% 903,845 0.14%
Derivative assets - net of current portion 1,043,670 0.13% 0 0.00% 826,315 0.12%
Other noncurrent assets 91,607,795 11.39% 83,115,307 11.51% 53,563,651 8.03%
Total Non-current Assets 608,738,511 75.68% 565,283,949 78.26% 514,952,066 77.17%
Total Assets 804,403,280 100.00% 722,358,925 100.00% 667,279,674 100.00%

16. December 31 2021 2020 2019
Liabilities and Equity: Amount Percentage Amount Percentage Amount Percentage
Current-Liabilities
Loans payable 6,487,427 0.81% 10,900,000 1.51% 100,000 0.01%
Accounts payable and other current
liabilities
91,377,717 11.36% 81,033,985 11.22% 70,125,750 10.51%
Current portion of long-term debt 42,261,601 5.25% 42,738,350 5.92% 23,521,373 3.52%
Derivative liabilities 335,367 0.04% 357,662 0.05% 0 0.00%
Income tax payable 563,387 0.07% 957,906 0.13% 1,509,657 0.23%
Total Current-Liabilities 141,025,499 17.53% 135,987,903 18.83% 95,256,780 14.28%

17. December 31 2021 2020 2019
Liabilities and Equity: Amount Percentage Amount Percentage Amount Percentage
Non-Current-Liabilities
Long-term debt – net of current portion 264,969,216 32.94% 218,830,647 30.29% 214,333,050 32.12%
Tenants’ and customers’ deposits – net of
current portion
21,458,281 2.67% 21,331,869 2.95% 21,646,217 3.24%
Liability for purchased land – net of current
portion
2,540,050 0.32% 1,251,227 0.17% 4,214,234 0.63%
Deferred tax liabilities – net 9,688,555 1.20% 6,786,018 0.94% 4,179,154 0.63%
Derivative liabilities – net of current portion 1,748,186 0.21% 2,445,735 0.34% 711,617 0.11%
Other noncurrent liabilities 28,612,720 3.56% 25,007,898 3.46% 24,422,348 3.66%
Total Non-current Liabilities 329,017,008 40.90% 275,653,394 38.16% 269,506,620 40.39%
Total Liabilities 470,042,507 58.43% 411,641,297 56.99% 364,763,400 54.66%

18. December 31 2021 2020 2019
Liabilities and Equity: Amount Percentage Amount Percentage Amount Percentage
Equity
Equity Attributable to Equity Holders of the Parent
Capital Stock 33,166,300 4.12% 33,166,300 4.59% 33,166,300 4.97%
Additional Paid-in Capital - Net 38,056,016 4.73% 38,022,913 5.26% 38,007,668 5.70%
Cumulative Translation Adjustment 3,083,184 0.38% 1,524,439 0.21% 1,344,274 0.20%
Net fair value changes of equity instruments at FVOCI 14,708,368 1.83% 13,460,669 1.86% 17,840,990 2.67%
Net fair value changes on cash flow hedges (432,883) -0.05% (1,769,030) -0.24% (1,328,167) -0.20%
Remeasurement loss on defined benefit obligation (548,643) -0.07% (587,796) -0.08% (913,390) -0.14%
Retained earnings:
Appropriated
Unappropriated
42,200,000
205,671,557
5.25%
25.57%
42,200,000
186,251,267
5.84%
25.78%
42,200,000
173,583,191
6.32%
26.01%
Treasury stock (2,984,695) -0.37% (2,984,695) -0.41% (2,984,695) -0.45%
Total Equity Attributable to Equity Holders of the Parent
Parent
332,919,204 41.39% 309,284,067 42.82% 300,916,171 45.10%
Non-controlling Interests 1,441,569 0.18% 1,433,561 0.20% 1,600,103 0.24%
Total Equity 334,360,773 41.57% 310,717,628 43.01% 302,516,274 45.34%
Total Liabilities and Equity 804,403,280 100.00% 722,358,925 100.00% 667,279,674 100.00%

19. FINANCIAL STATEMENT ANALYSIS
Vertical Analysis of SM Prime Holdings, Inc.
Consolidated Statement of income
(Amounts in Thousands and in Peso Value)

20. Years Ended December 31 2021 2020 2019
Amount Percentage Amount Percentage Amount Percentage
REVENUE
Real estate sales
Rent
Others
45,116,120
34,694,185
2,505,179
54.81%
42.15%
3.04%
46,973,399
32,013,024
2,912,875
57.36%
39.09%
3.55%
44,465,454
61,759,921
12,086,115
37.58%
52.20%
10.22%
82,315,484 100.00% 81,899,298 100.00% 118,311,490 100.00%
COSTS AND EXPENSES 49,900,933 60.62% 52,825,112 64.50% 61,619,162 52.08%
INCOME FROM OPERATIONS 32,414,551 39.38% 29,074,186 35.50% 56,692,328 47.92%
Other expenses
OTHER INCOME (CHARGES)
Interest expense
Interest and dividend income
Others - net
(9,357,616)
1,025,066
3,651,524
-11.37%
1.25%
4.44%
(8,596,750)
1,207,227
779,078
-10.50%
1.47%
0.95%
(8,832,770)
1,746,406
(443,970)
-7.47%
1.48%
-0.38%
(4,681,026) -5.67% (6,610,445) -8.07% (7,530,334) -6.36%
INCOME BEFORE INCOME TAX 27,733,525 33.69% 22,463,741 27.43% 49,161,994 41.55%
PROVISION FOR INCOME TAX
Current
Deferred
2,816,720
3,005,402
3.42%
3.65%
1,761,051
2,562,953
2.15%
3.13%
9,282,069
1,091,252
7.85%
0.92%
TOTAL 5,822,122 7.07% 4,324,004 5.28% 10,373,321 8.77%
NET INCOME(Loss) 21,911,403 26.62% 18,139,737 22.15% 38,788,673 32.79%

21. FINANCIAL STATEMENT ANALYSIS
Horizontal Analysis of Ayala Land Inc.
Consolidated Statement of Financial Position
(Amounts in Thousands and in Peso Value)

22. Assets
Current Assets
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Cash and Cash Equivalents 14,632,162 17,037,347 20,413,041 (5,780,879) (3,375,694) (28.32%) (16.54%)
Short-term investments 452,544 358,120 617,149 (164,605) (259,029) (26.67%) (41.97%)
Financial assets at fair value through profit or loss 1,348,600 965,171 485,436 863,164 479,735 177.81% 98.83%
Accounts and notes receivable 98,035,031 101,145,909 105,039,306 (7,004,275) (3,893,397) (6.67%) (3.71%)
Inventories 146,957,156 146,743,592 120,287,686 26,669,470 26,455,906 22.17% 21.99%
Other Current Assets 65,718,419 58,020,962 48,591,632 17,126,787 9,429,330 35.25% 19.41%
Total Current Assets 327,143,912 324,271,101 295,434,2500 31,709,662 28,836,851 10.73% 9.76%

23. Assets:
Non-Current Assets
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Noncurrent accounts and notes receivable 47,991,993 46,021,255 45,563,869
Financial assets at fair value through other
comprehensive income
1,440,802 1,511,443 1,529,179
Investments in associates and joint venture 28,082,846 26,601,254 25,317,581
Right of use assets 12,696,967 13,008,175 13,564,472
Investment properties – net 226,184,149 222,684,850 243,043,448
Property and equipment – net 42,928,002 43,446,968 43,062,357
Deferred tax assets - net 12,036,948 12,121,515 11,527,645
Other noncurrent assets 31,390,633 31,827,813 34,880,477
Total Noncurrent Assets 402,752,340 397,223,273 418,489,028
Total Assets 729,896,252 721,494,374 713,923,278

24. Liabilities and Equity:
Current-Liabilities
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Short-term debt 17,067,727 9,131,325 18,032,830
Accounts and Other payables 144,264,252 144,625,922 162,979,169
Income Tax Payable 661,727 1,455,612 2,123,379
Current Portion of Lease Liabilities
393,132 466,801 724,859
Current Portion of long-term debt
33,172,968 18,732,401 17,250,706
Deposits and other current liabilities
21,961,956 25,317,246 25,472,581
Total Current-Liabilities 217,521,762 199,729,307 226,583,524

25. Liabilities and Equity:
Non-Current-Liabilities
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Long-term Debt – Net of Current Portion 164,227,040 184,087,192 175,813,345
Pension liabilities 2,948,302 3,020,797 1,987,605
Lease Liabilities - Net of Current Portion 17,275,562 17,289,042 16,738,846
Deferred Tax Liabilities 6,876,022 7,148,534 6,090,754
Deposits and Other Noncurrent Liabilities 54,980,663 50,040,170 44,003,636
Total Non-current Liabilities 246,307,589 261,585,735 244,634,186
Total Liabilities 463,829,351 461,315,042 471,217,710

26. Liabilities and Equity:
Equity
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Equity attributable to equity holders of Ayala
Land, Inc.
Paid-up capital 63,235,990 62,953,585 62,772,446
Retained earnings 165,639,534 161,660,724 156,982,515
Remeasurement loss on defined benefit plans (841,624) (818,101) (337,210)
Fair value reserve of financial assets at FVOCI* (607,341) (748,220) (457,358)
Cumulative translations adjustments 143,248 167,395 250,440
Equity reserves 1,561,816 585,256 (7,056,459)
Treasury Stock (2,248,797) (1,260,780) (1,104,353)
Non-controlling interests 226,882,826
39,184,075
222,539,859
37,639,473
211,050,021
31,655,547
Total Equity 266,066,901 260,179,332 242,705,568
Total Liabilities and Equity 729,896,252 721,494,374 713,923,278
Liabilities and Equity:
Equity
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Equity attributable to equity holders of Ayala
Land, Inc.
Paid-up capital 63,235,990 62,953,585 62,772,446
Retained earnings 165,639,534 161,660,724 156,982,515
Remeasurement loss on defined benefit plans (841,624) (818,101) (337,210)
Fair value reserve of financial assets at FVOCI* (607,341) (748,220) (457,358)
Cumulative translations adjustments 143,248 167,395 250,440
Equity reserves 1,561,816 585,256 (7,056,459)
Treasury Stock (2,248,797) (1,260,780) (1,104,353)
Non-controlling interests 226,882,826
39,184,075
222,539,859
37,639,473
211,050,021
31,655,547
Total Equity 266,066,901 260,179,332 242,705,568
Total Liabilities and Equity 729,896,252 721,494,374 713,923,278

27. FINANCIAL STATEMENT ANALYSIS
Horizontal Analysis of Ayala Land Inc.
Consolidated Statement of income
(Amounts in Thousands and in Peso Value)

28. REVENUE Statement of Income Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Real estate sales 96,144,850 85,965,453 157,848,573
Interest income from real estate sales 6,801,012 8,602,775 7,890,972
Equity in net earnings of associates and joint
ventures
842,565 586,502 965,787
103,788,427 95,154,730 166,705,332
Interest and investment income 253,107 394,701 930,445
Other income 2,101,071 723,268 1,157,935
106,142,605 96,272,699 168,793,712

29. COSTS AND EXPENSES Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Cost of real estate sales 64,641,519 56,673,184 94,751,939
General and administrative expenses 6,538,859 8,011,813 9,367,359
Interest and other financing charges 11,037,772 12,745,720 12,199,758
Other expenses 3,636,915 3,788,771 1,644,982
85,855,065 81,219,488 117,964,038
INCOME BEFORE INCOME TAX 20,287,540 15,053,211 50,829,674
PROVISION FOR INCOME TAX
Current 5,984,642 4,687,956 12,455,010
Deferred (1,356,465) (628,983) 859,633
4,628,177 4,058,973 13,314,643
NET INCOME 15,659,363 10,994,238 37,515,031
Net income attributable to:
Equity holders of Ayala Land, Inc
12,228,148
8,727,155 33,188,399
Non-controlling interests 3,431,215 2,267,083 4,326,632
15,659,363 10,994,238 37,515,031
COSTS AND EXPENSES Statement of Income Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Cost of real estate sales 64,641,519 56,673,184 94,751,939
General and administrative expenses 6,538,859 8,011,813 9,367,359
Interest and other financing charges 11,037,772 12,745,720 12,199,758
Other expenses 3,636,915 3,788,771 1,644,982
85,855,065 81,219,488 117,964,038
INCOME BEFORE INCOME TAX 20,287,540 15,053,211 50,829,674
PROVISION FOR INCOME TAX
Current 5,984,642 4,687,956 12,455,010
Deferred (1,356,465) (628,983) 859,633
4,628,177 4,058,973 13,314,643
NET INCOME 15,659,363 10,994,238 37,515,031
Net income attributable to:
Equity holders of Ayala Land, Inc
12,228,148
8,727,155 33,188,399
Non-controlling interests 3,431,215 2,267,083 4,326,632
15,659,363 10,994,238 37,515,031

30. FINANCIAL STATEMENT ANALYSIS
Horizontal Analysis of SM Prime Holdings, Inc.
Consolidated Statement of Financial Position
(Amounts in Thousands and in Peso Value)

31. Assets
Current Assets
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Cash and Cash Equivalents 39,775,852 30,661,614 34,599,959
Receivables and Contract Assets 73,019,966 58,944,930 53,636,92
Real Estate Inventories 56,575,047 43,691,877 43,946,109
Equity instruments at fair value through other
comprehensive income
547,041 568,146 659,077
Derivative assets 753,506 2,747 0
Prepaid expenses and other current assets 24,993,357 23,205,662 19,485,542
Total Current Assets 195,664,769 157,074,976 152,327,608

32. Assets:
Non-Current Assets
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Equity instruments at FVOCI - net of current
portion
17,400,372 16,131,568 20,420,959
Investment properties - net 467,391,988 436,159,081 410,639,578
Investments in associates and joint ventures 29,187,435 27,735,239 27,214,398
Property and equipment - net 1,372,276 1,311,208 1,383,320
Deferred tax assets - net 734,975 831,546 903,845
Derivative assets - net of current portion 1,043,670 0 826,315
Other noncurrent assets 91,607,795 83,115,307 53,563,651
Total Non-current Assets 608,738,511 565,283,949 514,952,066
Total Assets 804,403,280 722,358,925 667,279,674

33. Liabilities and Equity:
Current-Liabilities
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Loans payable 6,487,427 10,900,000 100,000
Accounts payable and other current liabilities 91,377,717 81,033,985 70,125,750
Current portion of long-term debt 42,261,601 42,738,350 23,521,373
Derivative liabilities 335,367 357,662 0
Income tax payable 563,387 957,906 1,509,657
Total Current-Liabilities 141,025,499 135,987,903 95,256,780

34. Liabilities and Equity:
Non-Current-Liabilities
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Long-term debt – net of current portion 264,969,216 218,830,647 214,333,050
Tenants’ and customers’ deposits – net of current
portion
21,458,281 21,331,869 21,646,217
Liability for purchased land – net of current portion 2,540,050 1,251,227 4,214,234
Deferred tax liabilities – net 9,688,555 6,786,018 4,179,154
Derivative liabilities – net of current portion 1,748,186 2,445,735 711,617
Other noncurrent liabilities 28,612,720 25,007,898 24,422,348
Total Non-current Liabilities 329,017,008 275,653,394 269,506,620
Total Liabilities 470,042,507 411,641,297 364,763,400

35. Liabilities and Equity:
Equity
Financial statement Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Equity Attributable to Equity Holders of
the Parent
Capital Stock 33,166,300 33,166,300 33,166,300
Additional Paid-in Capital - Net 38,056,016 38,022,913 38,007,668
Cumulative Translation Adjustment 3,083,184 1,524,439 1,344,274
Net fair value changes of equity instruments at FVOCI 14,708,368
13,460,669 17,840,990
Net fair value changes on cash flow hedges (432,883) (1,769,030) (1,328,167)
Remeasurement loss on defined benefit obligation (548,643) (587,796) (913,390)
Retained earnings:
Appropriated
Unappropriated
42,200,000
205,671,557
42,200,000
186,251,267
42,200,000
173,583,191
Treasury stock (2,984,695)
(2,984,695) (2,984,695)
Total Equity Attributable to Equity Holders of the
the Parent
332,919,204 309,284,067 300,916,171
Non-controlling Interests 1,441,569 1,433,561 1,600,103
Total Equity 334,360,773 310,717,628 302,516,274
Total Liabilities and Equity 804,403,280 722,358,925 667,279,674

36. FINANCIAL STATEMENT ANALYSIS
Horizontal Analysis of SM Prime Holdings, Inc.
Consolidated Statement of income
(Amounts in Thousands and in Peso Value)

37. REVENUE Statement of Income Horizontal (absolute) Horizontal (percentage)
Year 2021 Year 2020 Year 2019 Year 2021 Year 2020 Year 2021 Year 2020
Real estate sales
Rent
Others
45,116,120
34,694,185
2,505,179
46,973,399
32,013,024
2,912,875
44,465,454
61,759,921
12,086,115
82,315,484 81,899,298 118,311,490
COSTS AND EXPENSES 49,900,933 52,825,112 61,619,162
INCOME FROM OPERATIONS 32,414,551 29,074,186 56,692,328
Other expenses
OTHER INCOME (CHARGES)
Interest expense
Interest and dividend income
Others - net
(9,357,616)
1,025,066
3,651,524
(8,596,750)
1,207,227
779,078
(8,832,770)
1,746,406
(443,970)
(4,681,026) (6,610,445) (7,530,334)
INCOME BEFORE INCOME TAX 27,733,525 22,463,741 49,161,994
PROVISION FOR INCOME TAX
Current
Deferred
2,816,720
3,005,402
1,761,051
2,562,953
9,282,069
1,091,252
TOTAL 5,822,122 4,324,004 10,373,321
NET INCOME(Loss) 21,911,403 18,139,737 38,788,673