https://ir.ayalaland.com.ph/wp-content/uploads/2022/04/ALI-2021-Integrated-Report-vF.

pdf
p. 174

AYALA LAND, INC.

CONSOLIDATED AND SUBSIDIARIES
STATEMENTS OF INCOME
(Amounts in Thousands, Except Earnings Per Share Figures)

Years Ended December 31

Year 2021
REVENUE
Real estate sales ₱96,144,850
Interest income from real estate sales 6,801,012
Equity in net earnings of associates and Joint ventures 842,565
Total: 103,788,427

Interest and investment income 253,107

Other income 2,101,071
Total: 2,354,178
Overall total: 106,142,605

COSTS AND EXPENSES

Cost of real
General andestate sales expenses
administrative 64,641,519
6,538,859
Interest and other financing charges
Other expenses 11,037,772
3,636,915
Total: 85,855,065

INCOME BEFORE INCOME TAX 20,287,540

PROVISION FOR (BENEFIT FROM) INCOME TAX

Current 5,984,642
Deferred (1,356,465)
Total: 4,628,177

NET INCOME ₱15,659,363

Net income attributable to:

Equity holders of Ayala Land, Inc ₱12,228,148
Non-controlling interests ₱3,431,215
Total: ₱15,659,363
Earnings Per Share
Net income attributable to equity holders of Ayala Land, Inc.:
Basic and diluted ₱0.83
Report-vF.pdf

igures)

Years Ended December 31

Year, 2020

₱85,965,453
8,602,775
586,502
95,154,730

394,701
723,268
1,117,969
96,272,699

56,673,184
8,011,813
12,745,720
3,788,771
81,219,488

15,053,211

4,687,956
(628,983)
4,058,973

₱10,994,238

₱8,727,155
₱2,267,083
₱10,994,238
₱0.59
Controlling
Interests Total-Equity
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Page 176-177

Changes In Equity Stock (Note

19)
As of January 1, 2021, as previously stated ₱16,066,829
Changes in accounting policies:
Adopted of PFRS 15 covered by PIC Q&A 2018-12E -
Capitalized borrowing cost -
As of January 1, 2021, as restated 16,066,829
Net Income -
Other comprehensive income (loss) -
Total Comprehensive Income -
Appropriation of retained earnings -
Cost of stock options -
Collection of subscription receivable -
Stock options exercised 11,389
Statutory merger 609,626
Acquisition of non-controlling interest -
Net change in non-controlling interest -
Net change in non-controlling interest -
Cash dividends declared -
As of December 31, 2021 ₱16,687,844

As of January 1, 2020 ₱16,051,984

Net Income -
Other comprehensive loss -
Total comrephensive income -
Cost of stock options -
Collect of subscription receivable -
Stock options exercised 14,845
Acquisition of treasury shares -
Disposal of non-controlling interest -
Increase in non-controlling interests -
Cash dividens declared -
As of December 31, 2020 ₱16,066,829

As of January 1, 2019 ₱16,041,530

Net Income -
Other Comprehensive loss -
Total Comprehensive income -
Cost of stock options -
Collection of subscription receivable -
Stock options exercised 10,454
Acqusition of treasury shares -
Acquisition of non-controlling interests -
Cash dividends declared -
As of December 31, 2019 ₱16,051,984
Report-vF.pdf

ATTRIBUTE TO EQUITY HOLDERS OF AYALA LAND, IN

Capital (Note Subscription Retained ted Retained Options Plans (Note FVOCI (Note
19) s Receivable Earnings Earnings Outstanding 26) 10)
₱49,149,512 (₱2,262,756) ₱8,000,000 ₱153,660,724 ₱- (₱818,101) (₱748,220)

- - - -2,838,041 - - -
- - - 1,993,029 - - -
₱49,149,512 -2,262,756 8,000,000 152,815,712 - -818,101 -748,220
- - - 12,228,148 - - -
- - - - - 824,689 -97,378
- - - 12,228,148 - 824,689 -97,978
- - 17,000,000 -17,000,000 - - -
150,072 - - - - - -
- 324,725 - - - - -
335,219 -346,608 - - - - -
15,859,460 - - - -39,867 -35,297
- - - - - - -
- - - - - - -
- - - - - - -
- - - -4,063,228 - - -
₱65,494,263 (₱2,284,639) ₱25,000,000 ₱143,980,632 ₱- (₱33,279) (₱880,895)

₱48,598,641 (₱1,878,179) ₱8,000,000 ₱148,940,236 42,279 (₱337,210) (₱457,358)

- - - 8,727,155 - - -
- - - - - -480,891 -290,862
- - - 8,727,155 - -480,891 -290,862
154,199 - - - -42,279 - -
- 26,940 - - - - -
396,672 -411,517 - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - -(4,006,667) - - -
₱49,149,512 (₱2,262,756) 8,000,000 ₱153,660,724 ₱- (₱818,101) (₱748,220)

₱47,985,990 (₱1,676,556) ₱8,000,000 ₱123,473,337 ₱65,462 (₱219,782) (₱454,138)

- - - 33,188,399 - - -
- - - - - -117,428 -3,220
- - - 33,188,399 - -117,428 (3,220))
166,039 - - - -23,183 - -
- 255,443 - - - - -
446,612 -457,066 - - - - -
- - - -- - - -
- - - - - - -
- - - -7,721,500 - - -
48,598,641 (₱1,878,179) ₱8,000,000 ₱148,940,236 ₱42,279 (₱337,210) (₱457,358)
RS OF AYALA LAND, INC.
Adjustments Reserves Stocks (Note Controlling
(Note 19) (Note 19) 19) Total Interests Total-Equity
₱167,395 ₱585,256 (₱1,260,780) ₱222,539,859 ₱37,639,473 ₱260,179,332

- - - -2,838,041 -16,298 -2,854,339

- - - 1,993,029 - 1,993,029
167,395 585,256 -1,260,780 219,701,818 37,623,175 257,324,993
- - - 12,228,148 3,431,215 15,659,363
94,217 - - 821,528 171,067 992,595
94,217 - - 13,049,676 3,602,282 16,651,958
- - - - - -
- - - 150,072 - 150,072
- - - 324,725 - 324,725
- - - - - -
-276,774 -13,976,965 2,140,183 -2,140,183 -
- - -1,656,635 -1,656,635 - -1,656,635
- 981,129 - 981,129 - 981,129
- - - - 553,837 553,837
- - - -4,063,228 -1,757,559 -5,820,787
₱261,612 ₱1,289,611 (₱16,894,380)₱232,620,769 ₱37,881,552 ₱270,502,321

₱250,440 (₱7,056,459) (₱1,104,353) ₱211,050,021 ₱31,655,457 ₱242,705,568

- - - 8,727,155 2,267,083 10,994,238
-83,045 - - -854,798 -289,712 -1,144,510
-83,045 - - 7,872,357 1,977,371 9,849,728
- - - 111,920 - 111,920
- - - 26,940 - 26,940
- - - - - -
- - -156,427 -156,427 - -156,427
- 7,641,715 - 7,641,715 - 7,641,715
- - - - 4,937,740 4,937,740
- - - -4,006,667 -931,185 -4,937,852
₱167,395 ₱585,256 (₱1,260,780) ₱222,539,859 ₱37,639,473 ₱260,179,332

₱868,271 (₱7,400,945) ₱- ₱186,683,169 ₱32,621,997 ₱219,305,166

- - - 33,188,399 4,326,632 37,515,031
-617,831 - - -738,479 - -738,479
 -617,831 - - 32,449,920 4,326,632 36,776,552
- - - 142,856 - 142,856
- - - 255,443 - 255,443
- - - - - -
- - -1,104,353 -1,104,353 - -1,104,353
- - - 344,486 -3,991,324 -3,646,828
- -344,486 - -7,721,500 -1,301,758 -9,023,258
250,440 (₱7,056,459) (₱1,104,353) ₱211,050,021 ₱31,655,547 ₱242,705,568
https://ir.ayalaland.com.ph/wp-content/uploads/2022/04/ALI-2021-Integrated-Report-vF.pdf
p. 172

AYALA LAND, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in Thousands)

2021
ASSETS

Current Assets
Cash and cash equivalents (Notes 4 and 29) ₱13971437
Short-term investments (Notes 5 and 29) 325,641
Financial assets at fair value through profit or loss (Notes 6 and 29) 700,803
Accounts and notes receivable (Notes 7 and 29) 100,097,451
Inventories (Notes 8) 148,156,725
Other current assets (Notes 9) 65,300,897
Total Current Assets ₱328,552,954

Non-current Assets
Non-current accounts and notes receivable (Notes 7 and 29) 43,663,620
Financial assets at fair value through other comprehensive income (FVOCI) (Notes 10 a 981,270
Investments in associates and joint ventures (Note 11) 28,152,733
Right-of-use assets (Note 33) 12,156,240
Investment properties (Note 12) 243,397,632
Property and equipment (Note 13) 41,778,353
Deferred tax assets - net (Note 23) 12,890,122
Other non-current assets (Notes 14 and 26) 33,891,439
Total Non-current Assets ₱416,911,409
Total Assets ₱745,464,363

LIABILITIES AND EQUITY

Current Liabilities
Short-term debt (Notes 16 and 29) 16,782,500
Accounts and other payables (Notes 15 and 29) 136,690,396
Income tax payable 506,638
Current portion of lease liabilities (Note 33) 599,363
Current portion of long-term debt (Notes 16 and 29) 26,173,997
Deposits and other current liabilities (Notes 17 and 29) 27,471,315
Total Current Liabilities ₱208,224,209

Non-current Liabilities
Long-term debt - net of current portion (Notes 16 and 29) 180,140,242
Pension liabilities (Note 26) 2,103,735
Lease liabilities - net of current portion (Note 33) 17,237,991
Deferred tax liabilities - net (Note 23) 6,520,263
Deposits and other non-current liabilities (Notes 18 and 29) 60,735,602
Total Non-current Liabilities ₱266,737,833
Total Liabilities ₱474,962,042

Equity
Equity attributable to equity holders of Ayala Land, INC.
Paid-in capital 79,897,468
Retained earning 168,980,632
Remeasurement loss on defined benefit plans (Note 26) (33,279)
Fair value reserve of financial assets at FVOCI (Note 10) (880,895)
Cumulative translation adjustments 261,612
Equity reserves (Note 1) 1,289,611
Treasury Stock (16,894,380)
232,620,769
Non-controlling interests (Note 19) 37,881,552
Total Equity ₱270,502,321
₱745,464,363
d-Report-vF.pdf

2020

₱17037347
358,120
965,171
101,145,909
146,743,592
58,020,962
₱324,271,101

46,021,255
1,511,443
26,601,254
13,008,175
222,684,850
43,446,968
12,121,515
31,827,813
₱397,223,273
₱721,494,374

9,131,325
144,625,922
1,455,612
466,801
18,732,401
25317246
₱199,729,307

184,087,192
3,020,797
17,289,042
7,148,534
50,040,170
₱261,585,735
₱461,315,042

62,953,585
161,660,724
(818,101)
(748,220)
167,395
585,256
(1,260,780)
222,539,859
37,639,473
₱260,179,332
₱721,494,374
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p. 178

AYALA LAND, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Amounts in Thousands)

Years Ended December 31

2021
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax ₱20,287,540
Adjustments for:
Interest and other financing charges (Note 22) 11,037,772
Depreciation and amortization (Notes 12, 13, 14, 22 and 33 8,820,507
Dividends received from investees (Note 11) 321,617
Provision for impairment losses (Note 22) 539,692
Cost of share-based payments (Note 28) 150,072
Unrealized (gain) loss on financial assets at fair value through profit or loss (Note 6) (99,372)
Gain on sale of property and equipment (Note 21) -
Equity in net earnings of associates and joint ventures (Note 11) (842,565)
Gain on sale of investment in associates and jointly controlled entities (Note 11) (807,618)
Interest income (7,054,119)
Operating income before changes in working capital 32,353,526
Changes in operating assets and liabilities:
Decrease (increase) in:
Accounts and notes receivable - trade 251,492
Inventories (Note 8) (1,459,729)
Other current assets (Note 9) (7,279,935)
Increase (decrease) in:
Accounts and other payables (7,690,011)
Deposits and other current liabilities (Note 17) 2,154,067
Pension liabilities (Note 26) (92,362)
Cash generated from operations 18,237,048
Interest received 7,008,224
Income tax paid (6,933,615)
Interest paid (10,385,580)
Net cash provided by (used in) operating activities 7,926,077
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from:
Sale/redemption of short-term investments 41,160
Sale/redemption of financial assets at FVTPL 1,168,987
 Sale of investments in FVOCI (Note 10) -
Disposal of property and equipment (Note 13) 483,360
Disposal of investment properties (Note 12) 294,179
Disposal of investments in associates and jointly controlled entities 807,618
Additions to:
Short-term investments (8,680)
Financial assets at fair value through profit or loss (805,248)
Financial assets at FVOCI (Note 10) -
Investments in associates and joint ventures (Note 11) (778,748)
Property and equipment (Note 13) (22,030,868)
Net decrease (increase) in: (3,215,492)
Accounts and notes receivable - nontrade (Note 7) (12,981)
Other noncurrent assets (Note 14) (2,171,784)
Net cash used in investing activities (26,228,527)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short and long-term debt (Note 16) 191,282,758
Payments of short and long-term debt (Note 16) ###
Payments of principal portion of lease liability (Note 33) (1,432,361)
Increase (decrease) in deposits and other noncurrent liabilities 10,695,432
Acquisition of non-controlling interest (Note 19) 1,534,967
Increase in non-controlling interests -
Proceeds from IPO sponsorship (Note 19) -
Proceeds from capital stock subscriptions (Note 19) 324,724
Acquisition of treasure shares (Note 19) (1,656,635)
Dividends paid to non-controlling interests (1,324,396)
Dividends paid to equity holders of Ayala Land, Inc. (Note 19) (4,051,013)
Net cash provided by financing activities 14,836,640
NET DECREASE IN CASH AND CASH EQUIVALENTS (3,465,810)
EFFECT OF CHANGES IN FOREIGN CURRENCY 399,900
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 17,037,347
CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 4) ₱13971437
Report-vF.pdf

ars Ended December 31

2,020

₱15,053,211

12,745,720
9,572,572
758,714
977,849
111,920
40,116
(23,265)
(586,502)
-
(8,971,289)
29,679,046

638,154
(10,253,170)
(8,477,188)

(16,164,090)
(155,341)
346,206
(4,341,383)
8,925,394
(5,355,723)
(11,735,785)
(12,507,497)

397,875
1,917,237
 21,112
161,997
22,037,474
326,602

(138,846)
(2,437,088)
(98,951)
(1,837,901)
(5,544,790)
(3,098,436)
2,046,114
2,865,904
(3,215,397)

226,900,910
###
(1,334,674)
5,706,022
-
235,994
12,343,461
26,940
(156,427)
(931,185)
(43,697,061)
12,673,776
(3,049,118)
(326,576)
20,413,041
₱17037347
https://ir.ayalaland.com.ph/wp-content/uploads/2022/06/ALI-AFS-2021.pdf
Page 18-20

2021 2020
Real Estate:
Alveo Land Corporation (Alveo) 100% 100%
Serendra, Inc 39 39
Solinea, Inc. (Solinea) 65 65
BGSouth Properties, Inc. (BGSouth) 50 50
Portico Land Corp. (Portico) 60 60
Serendra, Inc. 28 28
Amorsedia Development Corporation (ADC) 100 100
OLC Development Corporation and Subsidiary 100 100
HLC Development Corporation 100 100
Allysonia International Ltd. 100 100
Avida Land Corporation (Avida) 100 100
Buklod Bahayan Realty and Development Corp. 100 100
Avida Sales Corp. 100 100
Amicassa Process Solutions, Inc. 100 100
Avencosouth Corp. (Avencosouth) 70 70
BGNorth Properties, Inc. (BGNorth) 50 50
Amaia Land Co. (Amaia) 100 100
Amaia Southern Properties, Inc. (ASPI) 65 65
AyalaLand Premier, Inc. 100 100
Ayala Land International Sales, Inc. (ALISI) 100 100
Ayala Land International Marketing, Inc. (AIMI) 100 100
Ayala Land International (Singapore) Pte. Ltd 100 100
Ayala Land International Marketing (Hong Kong) Ltd 100 100
Ayala Land International Marketing, SRL (ALIM SRL) 100 100
Ayala Land International Marketing London 100 100
Ayala Land Sales, Inc 100% 100%
Southportal Properties, Inc. (Southportal) 100 100
Buendia Landholdings, Inc. 100 100
Crans Montana Holdings, Inc. 100 100
Crimson Field Enterprises, Inc 100 100
Ecoholdings Company, Inc. (ECI) 100 100
NorthBeacon Commercial Corporation (NBCC) 100 100
Red Creek Properties, Inc. 100 100
Regent Time International, Limited (Regent Time) (British Virgin Islands) 100 100
North Eastern Commercial Corp. (NECC) 100 100
Westview Commercial Ventures Corp. (Westview) 100 100
North Ventures Commercial Corporation 100 100
Hillsford Property Corporation (Hillsford) 100 100
Primavera Towncentre, Inc. (PTI) 100 100
Summerhill E-Office Corporation (Summerhill) 100 100
Sunnyfield E-Office Corporation (Sunnyfield) 100 100
Subic
RegentBay Town
Wise Centre, Inc.
Investments (SBTCI)
Limited (Regent Wise) (Hongkong company) 100 100
100 100
AyalaLand Real Estate Investments Inc. (Canada) 100 100
AyalaLand Advisory Broadway Inc. (Canada) 100 100
AyalaLand Development (Canada) Inc. 100 100
AyalaLand OpenAsia Holdings PTE, Ltd (Singapore) 100 100
Blue Horizons Holdings PTE, Ltd (Singapore) 100 100
Modular Construction Technology (MCT) Bhd. (Malaysia) 66 66
AREIT Fund Manager, Inc. (formerly AyalaLand Commercial REIT, Inc. ( 100 100
Arvo Commercial Corporation (Arvo) 100 100
BellaVita Land Corporation (BellaVita) 100 100
Nuevo Centro, Inc. (Nuevo Centro) 54 54
Alviera Country Club, Inc. (Alviera) 50 50
Cavite Commercial Town Center, Inc. (CCTCI) 100 100
AREIT, Inc. (formerly One Dela Rosa Property Development, Inc.) 66 54
AyalaLand Offices, Inc. (ALO) 100 100
First Gateway Real Estate Corp. 100 100
Glensworth Development, Inc. (Glensworth) 100 100
UP North Property Holdings, Inc 100 100
ALO Prime Realty Corporation 100 100
Makati Cornerstone Leasing Corp. (MCLC) 100 100
Arca South Commercial Ventures Corp. (ASCVC) - 100
Capitol Central Commercial Ventures Corp. 100 100
Bay City Commercial Venture Corp. (BCCVC) 100 100
Aurora Properties Incorporated 81 81
Soltea Commercial Corp 16 16
Vesta Property Holdings, Inc. (VPHI) 78 78
Altaraza Prime Realty Corporation 100 100
Altaraza Development Corporation 51 51
Prow Holdings, Inc 55 55
Station Square East Commercial Corporation (SSECC) 69 69
AREIT Property Managers, Inc. (formerly Next Urban Alliance Developme 100 100
Accendo Commercial Corp. (Accendo) 67 67
Avencosouth Corp. 20 20
Aviana Development Corporation 7 7
Aviana Development Corporation 50 50
Cagayan de Oro Gateway Corp. (CDOGC) 70% 70%
Ceci Realty, Inc. (Ceci) 60 60
Soltea Commercial Corp. 12 12
Soltea Commercial Corp 60 60
CMPI Holdings, Inc. 60 60
CMPI Land, Inc. - 36
ALI-CII Development Corporation (ALI-CII) 50 50
Roxas Land Corporation (RLC) 50 50
Adauge Commercial Corporation (Adauge) 60 60
AyalaLand Estates, Inc 100 100
Ayalaland MetroNorth, Inc. (AMNI) 100 100
Verde Golf Development Corp. 100 100
North Triangle Depot Commercial Corporation (NTDCC) 73 73
Ayalaland-Tagle Properties, Inc. 55 -
BGWest Properties, Inc. (BGW) 50 50
Lagdigan Land Corp. (Lagdigan) 60 60
Central Block Developers, Inc. (CBDI) - 45
Central Bloc Hotel Ventures, Inc - 45
Central Bloc Hotel Ventures, Inc. 100 100
Cebu Holdings, Inc. (CHI) - 71
Cebu Leisure Company, Inc. - 71
CBP Theatre Management Inc. - 71
Taft Punta Engaño Property Inc. (TPEPI) - 39
Cebu Insular Hotel Company, Inc. (CIHCI) - 26
Solinea, Inc - 25
Amaia Southern Properties, Inc. (ASPI) - 25
Southportal Properties, Inc. (Southportal) - 25
Central Block Developers, Inc. (CBDI) - 39
Asian I-Office Properties. Inc. (AIOPI) - 71
Cebu Leisure Company, Inc. 100 -
CBP Theatre Management Inc 100 -
Taft Punta Engaño Property Inc. (TPEPI) 55 -
Cebu Insular Hotel Company, Inc. (CIHCI) 37 -
Solinea, Inc. 35 -
Amaia Southern Properties, Inc. (ASPI) 35 -
Alabang Commercial Corporation (ACC) 50 50
South Innovative Theater Management (SITMI) 50 50
ALI Commercial Center, Inc. 100 100
AMC Japan Concepts, Inc 75 75
AyalaLand Logistics Holdings Corp. (ALLHC) (formerly Prime Orion Philipp 71 71
Orion Solutions, Inc 71 71
 Orion I Holdings Philippines, Inc 71 71
OE Holdings, Inc 71 71
Orion Land, Inc. 71 71
Lepanto Ceramics, Inc 71 71
Laguna Technopark, Inc. and Subsidiary 71 71
Unity Realty & Development Corp. (URDC) 71 71
FLT Prime Insurance Corporation 56 56
Ayalaland Malls Synergies, Inc. 100 100
Ayalaland Malls, Inc. (formerly Solerte, Inc.) 100 100
Ayalaland Malls Vismin, Inc 100 100
Ayalaland Malls NorthEast, Inc. 100 100
Construction:
Makati Development Corporation (MDC) 100 100
MDC Subic, Inc. 100 100
MDC Build Plus, Inc. 100 100
MDC Conqrete, Inc. (MCI) 100 100
MDC Equipment Solutions, Inc. (MESI) 100 100
MDBI Construction Corp. 67 67
Hotels and Resorts:
Ayala Hotels, Inc. (AHI) 50 50
AyalaLand Hotels and Resorts Corporation (AHRC) and Subsidiaries 100 100
ALI Makati Hotel & Residences, Inc. 80 80
ALI Makati Hotel Property, Inc. 80 80
Regent Horizons Conservation Company, Inc. 100 100
Enjay Hotels, Inc. (Enjay) 100 100
Greenhaven Property Venture, Inc. (GPVI) 100 100
Cebu Insular Hotel Company, Inc. (CIHCI) 63 63
Bonifacio Hotel Ventures, Inc. 100 100
Southcrest Hotel Ventures, Inc. 67 67
Northgate Hotel Ventures, Inc. 70 70
North Triangle Hotel Ventures, Inc. 100 100
Ecosouth Hotel Ventures, Inc. 100 100
Sentera Hotel Ventures, Inc 100 100
Econorth Resorts Ventures, Inc. 100 100
ALI Triangle Hotel Ventures, Inc. 100 100
Circuit Makati Hotel Ventures, Inc. 100 100
Capitol Central Hotel Ventures, Inc. 100 100
Arca South Hotel Ventures, Inc. 100 100
Sicogon Town Hotel, Inc. 100 100
Bay Area Hotel Ventures, Inc 100 100
Makati North Hotel Ventures, Inc. (MNHVI) 100 100
 One Makati Hotel Ventures, Inc. (OMHVI) 100 100
Sicogon Island Tourism Estate Corp. (SITE Corp.) 100 100
Asiatown Hotel Ventures, Inc. 100 100
One Makati Residential Ventures, Inc. 100 100
ALI Makati Hotels & Residences, Inc. 20 20
ALI Makati Hotel Property, Inc. 20 20
Ten Knots Phils., Inc. (TKPI) 60 60
Bacuit Bay Development Corporation 60 60
Lio Resort Ventures, Inc. 60 60
North Liberty Resort Ventures, Inc. 60 60
Paragua Eco-Resort Ventures, Inc. 60 60
Lio Tourism Estate Management Corporation 60 60
Ten Knots Development, Corp. (TKDC) 60 60
Chirica Resorts Corp. 60 60
Kingfisher Capital Resources Corp. 60 60
Pangulasian Island Resort Corporation 60 60
Integrated Eco-resort Inc. 100 100
Property Management:
Ayala Property Management Corporation (APMC) 100 100
Prime Support Services, Inc. 100 100
Ayala Theatres Management, Inc. (ATMI) and Subsidiaries 100 100
DirectPower Services, Inc. (DirectPower) 100 100
Philippine Integrated Energy Solutions, Inc. (PhilEnergy) 100 100
Entertainment:
Five Star Cinema, Inc. 100 100
Leisure and Allied Industries Philippines, Inc. (LAIP) 50 50
Others:
ALInet.com, Inc. (ALInet) 100 100
First Longfield Investments Limited (First Longfield) (Hongkong Company 100 100
Green Horizons Holdings Limited and Subsidiaries 100 100
Aprisa Business Process Solutions, Inc. (Aprisa) 100 100
AyalaLand Club Management, Inc. 100 100
ALI Capital Corp. (formerly Varejo Corp.) (ALICap) 100 100
Airswift Transport, Inc. (formerly Island Transvoyager, Inc.) (Airswift) 100 100
Swift Aerodrome Services, Inc. (SASI) 100 100
Integrated Eco-resort, Inc. 100 100
Arca South Integrated Terminal, Inc. (ASITI) 100 100
Whiteknight Holdings, Inc. 100 100
Ayalaland Medical Facilities Leasing, Inc. 100 100
Anvaya Cove Beach and Nature Club, Inc. (Anvaya Cove Beach) 73 73
Anvaya Cove Golf and Sports Club, Inc. (Anvaya Cove Golf) 76 76