2020 2019 2018 2017 2016

ASSETS
Current Assets
Cash and cash equivalent ₱ 890,127 ₱ 892,540 ₱ 1,415,411 ₱ 2,181,243 ₱ 1,412,380
Trade and other receivables - net 4,127,977 4,105,569 4,191,514 4,331,827 4,240,360
Inventories 673,861 811,805 628,210 555,825 674,236
Other current assets 2,240,441 2,054,195 1,771,132 1,728,855 1,274,995

Asset held for sale - - - - -

Total Current Assets 7,932,406 7,864,109 8,006,267 8,797,750 7,601,971

Noncurrent Assets
Property and Equipment 4,806,893 6,442,797 7,211,433 7,898,962 7,219,399
Investments in associates and joint 231,424 277,039 325,642 292,072 282,646
ventures
Goodwill 686,896 686,896 686,896 686,896 -
Deferred tax assets - net 153,910 113,337 69,495 82,696 76,556
Other noncurrent assets 947,927 1,016,049 534,956 558,287 493,577
Total Noncurrent Assets 6,827,050 8,536,118 8,828,422 9,518,913 8,072,178
TOTAL ASSETS ₱ 14,759,456 ₱ 16,400,227 ₱ 16,834,689 ₱ 18,316,663 ₱ 15,674,149

LIABILITIES AND EQUITY

Current Liabilities
Short-term notes payable 2,163,500 2,678,500 2,685,000 2,644,950 2,324,556
Trade and other payables 5,961,934 5,742,553 5,980,552 5,770,192 5,408,255
Income tax payable 9,728 11,428 15,374 17,198 14,441
Current portion of:
Long-term debt - 1,500 106,336 3,126,193 3,398,474
Obigations under lease 372,669 449,427 - - -
Obligations under finance lease - - 83,515 101,130 91,706
Total Current Liabilities 8,507,831 8,883,408 8,870,777 11,659,663 11,237,432
Noncurrent Liabilities
Noncurrent portion of:
Long-term debt 3,485,080 2,487,153 3,116,177 1,481 2,877
Obligations under lease 612,394 1,136,331 - - -
Obligations under finance lease - - 92,317 218,430 249,995
Accrued retirement benefits 487,147 338,806 211,420 387,574 246,268
Other noncurrent liabilities - - 7,284 6,085 8,065
Total Noncurrent Liabilities 4,584,621 3,962,290 3,427,198 613,570 507,205
Total Liabilities ₱ 13,092,452 ₱ 12,845,698 ₱ 12,297,975 ₱ 12,273,233 ₱ 11,744,637

Equity
Share capital 2,500,663 2,500,663 2,484,653 2,484,653 2,484,653
Additional paid-in capital 2,498,621 2,498,621 910,901 910,901 910,901
Acquisition of non-controlling interest - - - - (3,243)
Excess of cost of investments over net - - - - (9,835)
assets of a subsidiary
Other equity reserve 712,245 712,245 2,315,975 2,315,975 (103,287)
Other comprehensive losses - net (218,990) (174,026) (93,767) (90,908) -
Retained earnings (Deficit) (3,826,761) (1,984,269) (1,084,205) 409,697 643,412
Treasury shares (58,715) (58,715) (58,715) (58,715) (58,715)
Equity Attributable to Equity 1,607,063 3,494,519 4,474,842 5,971,603 3,863,886
Holders of the Parent Company
Non-controlling Interests 59,941 60,010 61,872 71,827 65,626
Total Equity 1,667,004 3,554,529 4,536,714 6,043,430 3,929,512
TOTAL LIABILITIES AND EQUITY ₱ 14,759,456 ₱ 16,400,227 ₱ 16,834,689 ₱ 18,316,663 ₱ 15,674,149
 2020 2019 2018 2017 2016
REVENUES
Shipping: ₱ 8,417,376 ₱ 8,944,742
Freight ₱ 3,025,461 ₱ 3,360,584 ₱ 3,762,288
Travel 839,139 3,741,366 3,468,911
Nonshipping:
Logistics and other services 5,825,904 6,707,486 6,416,692 7,372,295 6,629,288
Sale of goods 7,718,191 7,600,478 6,017,746 5,761,828 3,479,845
17,408,695 21,409,914 19,665,637 21,551,499 19,053,875
COST OF SERVICES AND GOODS SOLD (16,856,886) (19,655,050) (18,434,883) (19,015,540) (15,627,734)
GROSS PROFIT 551,809 1,754,864 1,230,754 2,535,959 3,426,141
GENERAL & ADMINISTRATIVE EXPENSE (1,482,639) (1,509,100) (1,923,310) (2,174,522) (2,340,885)
OTHER OPERATIONAL EXPENSES (230,072) (198,262) - - -
OPERATING INCOME (1,160,902) 47,502 (692,556) 361,437 1,085,256
OTHER INCOME (CHARGES)
Equity in net losses of associates and joint ventures (43,534) (49,682) (34) (6,970) 24,541
Financing charges (405,829) (421,326) (297,249) (390,070) (389,527)
Others - net (213,276) 94,351 46,821 (25,885) 28,242
(662,639) (376,657) (250,462) (422,925) (336,744)
INCOME (LOSS) BEFORE INCOME TAX (1,823,541) (329,155) (943,018) (61,488) 748,512
PROVISION FOR INCOME TAX
Current 63,748 95,596 90,155 265,010 376,723
Deferred (44,550) (5,787) (3,092) (16,924) 27,754
19,198 89,809 87,063 248,086 404,477
NET LOSS FROM CONTINUING OPERATIONS (1,842,739) (418,964) (1,030,081) (61,488) 748,512
NET LOSS FROM DISCONTINUED OPERATIONS 0 (473,250) (439,822)
NET LOSS (₱1,842,739) (₱892,214) (₱1,469,903) (₱61,488) 748,512
Attributable to:
Equity holders of the Parent Company (₱1,842,670) (₱890,352) (₱1,467,495) (₱315,774) 330,300
Non-controlling interests (69) (1,862) (2,408) 6,200 13,735
(1,842,739) (892,214) (1,469,903) (309,574) 344,035
Basic/Diluted Loss Per Share -₱ 0.7484 -₱ 0.3616 -₱ 0.5999 -₱ 0.1291 ₱ 0.1350
 2020 2019 2018 2017 2016
ASSETS
Current Assets
Cash and cash equivalent 6.03% 5.44% 8.41% 11.91% 9.01%
Trade and other receivables - net 27.97% 25.03% 24.90% 23.65% 27.05%
Inventories 4.57% 4.95% 3.73% 3.03% 4.30%
Other current assets 15.18% 12.53% 10.52% 9.44% 8.13%

Asset held for sale - - - - -

Total Current Assets 53.74% 47.95% 47.56% 48.03% 48.50%

Noncurrent Assets
Property and Equipment 32.57% 39.28% 42.84% 43.12% 46.06%
Investments in associates and joint 1.57% 1.69% 1.93% 1.59% 1.80%
ventures
Goodwill 4.65% 4.19% 4.08% 3.75% -
Deferred tax assets - net 1.04% 0.69% 0.41% 0.45% 0.49%
Other noncurrent assets 6.42% 6.20% 3.18% 3.05% 3.15%
Total Noncurrent Assets 46.26% 52.05% 52.44% 51.97% 51.50%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 100.00%

LIABILITIES AND EQUITY

Current Liabilities
Short-term notes payable 14.66% 16.33% 15.95% 14.44% 14.83%
Trade and other payables 40.39% 35.02% 35.53% 31.50% 34.50%
Income tax payable 0.07% 0.07% 0.09% 0.09% 0.09%
Current portion of:
Long-term debt - 0.01% 0.63% 17.07% 21.68%
Obigations under lease 2.52% 2.74% - - #REF!
Obligations under finance lease - -
Total Current Liabilities 57.64% 54.17% 52.69% 63.66% 71.69%
Noncurrent Liabilities
Noncurrent portion of:
Long-term debt 23.61% 15.17% 18.51% 0.01% 0.02%
Obligations under lease 4.15% 6.93% - - -
Obligations under finance lease - - 0.55% 1.19% 1.59%
Accrued retirement benefits 3.30% 2.07% 1.26% 2.12% 1.57%
Other noncurrent liabilities - - 0.04% 0.03% 0.05%
Total Noncurrent Liabilities 31.06% 24.16% 20.36% 3.35% 3.24%
Total Liabilities 88.71% 78.33% 73.05% 67.01% 74.93%

Equity
Share capital 16.94% 15.25% 14.76% 13.56% 15.85%
Additional paid-in capital 16.93% 15.24% 5.41% 4.97% 5.81%
Acquisition of non-controlling interest - - - - -0.02%
Excess of cost of investments over net - - - - -0.06%
assets of a subsidiary
Other equity reserve 4.83% 4.34% 13.76% 12.64% -0.66%
Other comprehensive losses - net -1.48% -1.06% -0.56% -0.50% -
Retained earnings (Deficit) -25.93% -12.10% -6.44% 2.24% 4.10%
Treasury shares -0.40% -0.36% -0.35% -0.32% -0.37%
Equity Attributable to Equity 10.89% 21.31% 26.58% 32.60% 24.65%
Holders of the Parent Company
Non-controlling Interests 0.41% 0.37% 0.37% 0.39% 0.42%
Total Equity 11.29% 21.67% 26.95% 32.99% 25.07%
TOTAL LIABILITIES AND EQUITY 100.00% 100.00% 100.00% 100.00% 100.00%
 2020 2019 2018 2017 2016
REVENUES
Shipping: 39.06% 46.94%
Freight 17.38% 15.70% 19.13%
Travel 4.82% 17.47% 17.64%
Nonshipping:
Logistics and other services 33.47% 31.33% 32.63% 34.21% 34.79%
Sale of goods 44.34% 35.50% 30.60% 26.74% 18.26%
100.00% 100.00% 100.00% 60.94% 53.06%
COST OF SERVICES AND GOODS SOLD -96.83% -91.80% -93.74% -88.23% -82.02%
GROSS PROFIT 3.17% 8.20% 6.26% 11.77% 17.98%
GENERAL & ADMINISTRATIVE EXPENSE -8.52% -7.05% -9.78% -10.09% -12.29%
OTHER OPERATIONAL EXPENSES -1.32% -0.93% 0.00% 0.00% 0.00%
OPERATING INCOME -6.67% 0.22% -3.52% 1.68% 5.70%
OTHER INCOME (CHARGES)
Equity in net losses of associates and joint ventures -0.25% -0.23% 0.00% -0.03% 0.13%
Financing charges -2.33% -1.97% -1.51% -1.81% -2.04%
Others - net -1.23% 0.44% 0.24% -0.12% 0.15%
-3.81% -1.76% -1.27% -1.96% -1.77%
INCOME (LOSS) BEFORE INCOME TAX
PROVISION FOR INCOME TAX
Current 0.37% 0.45% 0.46% 1.23% 1.98%
Deferred -0.26% -0.03% -0.02% -0.08% 0.15%
0.11% 0.42% 0.44% 1.15% 2.12%
NET LOSS FROM CONTINUING OPERATIONS -10.59% -1.96% -5.24% -0.29% 3.93%
NET LOSS FROM DISCONTINUED OPERATIONS 0.00% -2.21% -2.24% 0.00% 0.00%
NET LOSS -10.59% -4.17% -7.47% -0.29% 3.93%
Attributable to:
Equity holders of the Parent Company -10.58% -4.16% -7.46% -1.47% 1.73%
Non-controlling interests 0.00% -0.01% -0.01% 0.03% 0.07%
-10.59% -4.17% -7.47% -1.44% 1.81%
Basic/Diluted Loss Per Share 0.00% 0.00% 0.00% 0.00% 0.00%