GM

COMPARATIVE
DECEMBER 31 201

ASSETS
Current Assets
Cash and cash equivalents (Notes 6, 30 and 31)
Trade and other receivables (Notes 7, 20, 30 and 31)
Program and other rights (Note 8)
Prepaid expenses and other current assets (Note 9)
Total Current Assets

Noncurrent Assets
Property and equipment:
At cost (Note 12)
At revalued amounts (Notes 13 and 31)
Available-for-sale (AFS) financial assets (Notes 10, 30 and 31)
Financial assets at fair value through other comprehensive income (FVOCI)
Investments and advances (Notes 11 and 20)
Program and other rights - net of current portion (Note 8)
Investment properties (Notes 14 and 31)
Deferred tax assets - net (Note 28)
Other noncurrent assets (Notes 15, 30 and 31)
Total Noncurrent Assets
TOTAL ASSETS

LIABILITIES AND EQUITY

Current Liabilities
Trade payables and other current liabilities (Notes 16, 20, 30 and 31)
Short-term loans (Notes 17, 30 and 31)
Income tax payable
Obligations for program and other rights (Notes 18, 30 and 31)
Dividends payable (Notes 19, 30 and 31)
Total Current Liabilities

Noncurrent Liabilities
Pension liability (Note 26)
Other long-term employee benefits (Note 26)
Total Noncurrent Liabilities
Total Liabilities
Equity
Capital stock (Note 19)
Additional paid-in capital
Revaluation increment on land - net of tax (Note 13)
Remeasurement loss on retirement plans - net of tax (Note 26)
Net unrealized loss on AFS financial assets - net of tax (Note 10)
Net unrealized loss on financial assets at FVOCI - net of tax (Note 10)
Retained earnings (Note 19)
Treasury stocks (Note 19)
Underlying shares of the acquired Philippine Deposit Receipts (Note 19)
Total equity attributable to equity holders of the Parent Company
Non-controlling interests (Note 2)
Total Equity

TOTAL LIABILITIES AND EQUITY

 GMA 7
COMPARATIVE BALANCE SHEET
DECEMBER 31 2018, 2017, and 2016

HORIZO
Comparative Balance
Increase or Decrease
2018 2017 2016 2018-2017 2017-2016

2,559,105,322 2,279,838,495 3,419,014,205 279,266,827 -1,139,175,710

4,811,973,802 4,905,864,211 5,270,306,881 -93,890,409 -364,442,670
736,461,608 1,140,223,422 1,060,631,509 -403,761,814 79,591,913
644,937,919 868,750,195 833,817,514 -223,812,276 34,932,681
8,752,478,651 9,194,676,323 10,583,770,109 -442,197,672 -1,389,093,786

2,642,298,449 2,664,340,975 2,776,484,984 -22,042,526 -112,144,009

2,803,196,184 1,806,511,193 1,805,146,475 996,684,991 1,364,718
0 245,741,881 243,391,881 -245,741,881 2,350,000
240,255,846 0 0 240,255,846 0
158,215,331 151,103,271 150,835,949 7,112,060 267,322
200,772,808 205,914,090 0 -5,141,282 205,914,090
40,003,984 51,048,514 53,314,111 -11,044,530 -2,265,597
242,939,864 291,169,389 291,512,030 -48,229,525 -342,641
212,372,345 182,608,646 154,319,976 29,763,699 28,288,670
6,540,054,811 5,598,437,959 5,475,005,406 941,616,852 123,432,553
15,292,533,462 14,793,114,282 16,058,775,515 499,419,180 -1,265,661,233

2,160,986,267 2,386,901,598 2,441,945,601 -225,915,331 -55,044,003

500,000,000 500,000,000 646,360,000 0 -146,360,000
424,940,559 346,686,304 496,104,301 78,254,255 -149,417,997
119,646,269 139,571,493 76,847,692 -19,925,224 62,723,801
17,053,776 15,437,102 12,705,059 1,616,674 2,732,043
3,222,626,871 3,388,596,497 3,673,962,653 -165,969,626 -285,366,156

2,182,994,135 1,670,157,190 1,644,323,747 512,836,945 25,833,443

298,843,728 284,654,028 284,556,515 14,189,700 97,513
2,481,837,863 1,954,811,218 1,928,880,262 527,026,645 25,930,956
5,704,464,734 5,343,407,715 5,602,842,915 361,057,019 -259,435,200
 4,864,692,000 4,864,692,000 4,864,692,000 0 0
1,659,035,196 1,659,035,196 1,659,035,196 0 0
1,710,505,188 1,017,247,029 1,017,247,029 693,258,159 0
-1,038,041,118 -666,224,427 -664,042,118 -371,816,691 -2,182,309
0 -8,092,181 -10,113,681 8,092,181 2,021,500
-5,051,345 0 0 -5,051,345 0
2,368,404,468 2,570,710,400 3,574,757,302 -202,305,932 -1,004,046,902
-28,483,171 -28,483,171 -28,483,171 0 0
-5,790,016 -5,790,016 -5,790,016 0 0
9,525,271,202 9,403,094,830 10,407,302,541 122,176,372 -1,004,207,711
62,797,526 46,611,737 48,630,059 16,185,789 -2,018,322
9,588,068,728 9,449,706,567 10,455,932,600 138,362,161 -1,006,226,033

15,292,533,462 14,793,114,282 16,058,775,515 499,419,180 -1,265,661,233

 HORIZONTAL ANALYSIS VERTICAL ANALYSIS
Comparative Balance Trend Ratio Common-size
Percentage of Increase or Decrease 2018/2016 2017/2016 2012
2018-2017 2017-2016 2018

12.249412737458 -33.318835245962 74.849215843 66.6811648 100 16.7343450865

-1.91384035435546 -6.9150180099351 91.303484041 93.084982 100 31.4661649357
-35.4107630320192 7.50420031128832 69.43614269 107.5042 100 4.815824728
-25.7625583612099 4.18948755734579 77.347610019 104.189488 100 4.21733861562
-4.80927937499949 -13.124753955292 82.697172755 86.875246 100 57.2336733658

-0.827316255945807 -4.0390641277101 95.16703545 95.9609359 100 17.2783564971

55.1718137624625 0.0756015103982 155.289126 100.075602 100 18.3304891303
-100 0.9655211136644 0 100.965521 100 0
0 0 0 0 100 1.5710663416
4.70675449507642 0.1772269818782 104.89232312 100.177227 100 1.03459202096
-2.49680922757641 0 0 0 100 1.31288127307
-21.6353604338022 -4.2495259838432 75.034513846 95.750474 100 0.26159160678
-16.5640781009435 -0.1175392315713 83.337851958 99.8824608 100 1.58861750804
16.2991729318227 18.3311783304062 137.61818172 118.331178 100 1.38873225635
16.8192781432232 2.25447362782019 119.45293796 102.254474 100 42.7663266342
3.37602461847864 -7.8814305101767 95.228515074 92.1185695 100 100

-9.4647944929651 -2.254104390264 88.494447465 97.7458956 100 14.1309892986

0 -22.643727953463 77.356272047 77.356272 100 3.26956943558
22.5720641678421 -30.118262772328 85.655487796 69.8817372 100 2.77874532729
-14.2759983229527 81.620930138019 155.6927292 181.62093 100 0.78238356841
10.472652185624 21.5035837299142 134.22823145 121.503584 100 0.11151700954
-4.89788696136989 -7.7672579433267 87.715286609 92.2327421 100 21.0732046394

30.7059088851391 1.57106792668609 132.7593875 101.571068 100 14.2749018037

4.98489345107739 0.034268412375 105.02087011 100.034268 100 1.95418063817
26.9604880587502 1.3443528098065 128.66728495 101.344353 100 16.2290824419
6.75705538969901 -4.6304207334715 101.81375456 95.3695793 100 37.3022870813
 0 0 100 100 100 31.8108965535
0 0 100 100 100 10.8486615388
68.1504235683543 0 168.15042357 100 100 11.1852309642
55.8095254288837 0.3286401480937 156.32157808 100.32864 100 -6.7878950246
-100 -19.987776952823 0 80.012223 100 0
0 0 0 0 100 -0.0330314464
-7.86965081714378 -28.087134794809 66.253573821 71.9128652 100 15.4873257193
0 0 100 100 100 -0.1862554107
0 0 100 100 100 -0.0378617187
1.29932085349393 -9.6490681138929 91.524880385 100 100 62.2870711754
34.7247067836155 -4.1503589374629 129.13314787 90.3509319 100 0.41064174328
1.46419531674332 -9.6234938717949 91.699794698 90.3765061 100 62.6977129187
100 0
3.37602461847864 -7.8814305101767 95.228515074 92.1185695 100 100
.
VERTICAL ANALYSIS
Common-size

2017 2016

15.41148436725 21.290628
33.16316035609 32.818859
7.707798373378 6.6046848
5.872666015006 5.1922858
62.15510911173 65.906458

18.01068337748 17.289519
12.21183828207 11.240872
1.661190985991 1.5156316
0 0
1.021443275023 0.9392743
1.39195902955 0
0.34508294215 0.3319936
1.968276479512 1.8152818
1.234416516488 0.9609698
37.84489088827 34.093542
100 100

16.13522043093 15.2063
3.379950904648 4.0249644
2.343565373667 3.0893034
0.943489588057 0.4785402
0.10435329374 0.079116
22.90657959104 22.878224

11.29009861049 10.239409
1.9242332789 1.7719689
13.21433188939 12.011378
36.12091148043 34.889602
32.88484025246 30.293044
11.21491502312 10.331019
6.876490031837 6.3345242
-4.50361170947 -4.135073
-0.05470234898 -0.062979
0 0
17.37774988413 22.26046
-0.19254343918 -0.177368
-0.03913993963 -0.036055
63.56399775429 64.807572
0.315090765281 0.3028254
63.87908851957 65.110398
0 0
100 100
 GM
Comparative In
December 31, 20

NET REVENUES
PRODUCTION COSTS
GROSS PROFIT
GENERAL AND ADMINISTRATIVE EXPENSES

OTHER INCOME (EXPENSE) - NET

Interest expense (Notes 17 and 18)
Interest income (Note 6)
Net foreign currency exchange gain
Equity in net earningsof joint ventures
Others - net

INCOME BEFORE INCOME TAX

PROVISION FOR (BENEFIT FROM) INCOMETAX

Current
Deferred

NET INCOME

OTHER COMPREHENSIVE INCOME (LOSS)

*Items not to be reclassified to profit or loss in subsequent periods.
Net changes in the fair market value of financial assets at FVOCI
Revaluation increment on land
Remeasurement loss on retirement plans
Net changes in the fair market value of AFS financial assets
Income tax effect
*Items to be reclassified to profit or loss in subsequent periods.
Net changes in the fair market value of AFS financial assets
Remeasurement gain (loss) on retirement plans - net of deferred income tax effect
TOTAL COMPREHENSIVE INCOME

Net income attributable to:

Equity holders of the Parent Company
Non-controlling interests

Total comprehensive income attributable to:

Equity holders of the Parent Company
Non-controlling interests

Basic / Diluted Earnings Per Share

 GMA 7
Comparative Income Statement
cember 31, 2018, 2017, and 2016

Comparative Balance
Increase or Decrease
2018 2017 2016 2018-2017
15,236,192,369 15,344,868,827 16,673,380,502 -108,676,458
6,483,703,064 6,424,872,907 6,544,892,156 58,830,157
8,752,489,305 8,919,995,920 10,128,488,346 -167,506,615
5,514,342,920 5,384,409,786 5,052,086,625 129,933,134

-36,251,389 -23,010,666 -16,905,154 -13,240,723

25,455,860 23,776,178 23,650,808 1,679,682
19,221,001 2,300,851 21,044,145 16,920,150
6,351,690 329,580 2,758,875 6,022,110
79,113,895 119,017,401 100,865,087 -39,903,506
93,891,057 122,413,344 131,413,761 -28,522,287

3,332,037,442 3,657,999,478 5,207,815,482 -325,962,036

1,056,853,906 1,094,886,107 1,510,923,590 -38,032,201

-48,828,615 3,383,736 50,296,632 -52,212,351
1,008,025,291 1,098,269,843 1,561,220,222 -90,244,552

2,324,012,151 2,559,729,635 3,646,595,260 -235,717,484

-23,543,428 0 0 -23,543,428
693,258,159 0 0 693,258,159
-367,199,765 0 0 -367,199,765
0 2,350,000 49,725,000 -2,350,000
0 -328,500 -167,000 328,500

0 0 0 0
0 -2,182,309 -365,196,401 2,182,309

302,514,966 2,021,500 49,558,000 300,493,466

2,626,527,117 2,559,568,826 3,330,956,859 66,958,291

2,304,793,288 2,543,897,957 3,626,334,921 -239,104,669

19,218,863 15,831,678 20,260,339 3,387,185
2,324,012,151 2,559,729,635 3,646,595,260 -235,717,484

2,602,691,328 2,543,737,148 3,312,331,874 58,954,180

23,835,789 15,831,678 18,624,985 8,004,111
2,626,527,117 2,559,568,826 3,330,956,859 66,958,291

0.474 0.523 0.746 0

 HORIZONTAL ANALYSIS
Comparative Balance Trend Ratio
ease or Decrease Percentage of Increase or Decrease
2017-2016 2018-2017 2017-2016 2018/2016
-1,328,511,675 -0.708226699264961 -7.96786035585671 91.3803434592787
-120,019,249 0.915662579658247 -1.83378497520349 99.0650863216454
-1,208,492,426 -1.87787770871536 -11.9316168880943 86.4145665770212
332,323,161 2.41313605695167 6.57793869478634 109.149809362186

-6,105,512 57.5416765425216 36.1162755453159 214.439862541329

125,370 7.06455848370583 0.530087597852894 107.632094429924
-18,743,294 735.386602609209 -89.0665503397738 91.3365736645514
-2,429,295 1827.20735481522 -88.0538262878891 230.227538398804
18,152,314 -33.5274553676399 17.9966275149299 78.4353608895415
-9,000,417 -23.2999819039336 -6.84891516041459 71.4468989286442

-1,549,816,004 -8.91093719286747 -29.7594261808372 63.9814804022275

-416,037,483 -3.47362166318912 -27.5353092475047 69.9475415563536

-46,912,896 -1543.03855265304 -93.2724401904287 -97.0812817049062
-462,950,379 -8.21697441436531 -29.6531118721315 64.5665023290994

-1,086,865,625 -9.20868676038905 -29.804942624754 63.7310144202842

0 0 0 0
0 0 0 0
0 0 0 0
-47,375,000 -100 -95.2740070387129 0
-161,500 -100 96.7065868263473 0

0 0 0 0
363,014,092 -100 -99.4024286674172 0

-47,536,500 14864.8758842444 -95.9209411194964 610.42609871262

-771,388,033 2.61599884792471 -23.1581514157341 78.8520304579544

-1,082,436,964 -9.39914544693351 -29.8493379012412 63.5570993361096

-4,428,661 21.3949841577122 -21.8587704776312 94.8595331993211
-1,086,865,625 -9.20868676038905 -29.804942624754 63.7310144202842

-768,594,726 2.3176207512774 -23.2040373741849 78.5758017917742

-2,793,307 50.5575656604436 -14.9976335551411 127.977493673149
-771,388,033 2.61599884792471 -23.1581514157341 78.8520304579544

0 -9.36902485659656 -29.8927613941019 63.5388739946381

 VERTICAL ANALYSIS

Trend Ratio Common-size

2017/2016 2012 2018 2017 2016

92.0321396441433 100 100 100 100
98.1662150247965 100 42.55461539848 41.8698457 39.2535404
88.0683831119057 100 57.44538460152 58.1301543 60.7464596
106.577938694786 100 36.19239496621 35.0893178 30.3003139

136.116275545316 100 -0.23792945194 -0.1499567 -0.1013901

100.530087597853 100 0.167074944865 0.15494546 0.14184771
10.9334496602262 100 0.126153572589 0.01499427 0.12621403
11.9461737121109 100 0.041688171468 0.00214782 0.01654658
117.99662751493 100 0.519249777661 0.77561693 0.60494683
93.1510848395854 100 0.616237014643 0.79774774 0.78816507

70.2405738191628 100 21.86922664996 23.8385842 31.2343108

72.4646907524953 100 6.936469955251 7.13519366 9.06189114

6.72755980957134 100 -0.32047780585 0.02205125 0.30165827
70.3468881278685 100 6.615992149397 7.15724491 9.36354941
100
70.195057375246 100 15.25323450056 16.6813393 21.8707614

0 100 -0.15452304244
0 100 4.550074862605 0 0
0 100 -2.41004941462 0 0
4.72599296128708 100 0 0.01531457 0.29822986
196.706586826347 100 0 -0.0021408 -0.0010016

0 100 0 0 0
0.597571332582765 100 0 -0.1987043 -23.391729

4.07905888050365 100 1.985502405545 0.01317378 0.29722827

76.8418485842659 100 17.23873690611 16.6802913 19.9776935

70.1506620987588 100 15.12709496035 16.5781668 21.7492483

78.1412295223688 100 0.126139540212 0.10317246 0.12151308
70.195057375246 100 15.25323450056 16.6813393 21.8707614

76.7959626258151 100 17.08229500499 16.5771189 19.8659886

85.0023664448589 100 0.156441901118 0.10317246 0.11170491
76.8418485842659 100 17.23873690611 16.6802913 19.9776935

70.1072386058981 100 3.11101349E-09 3.4083E-09 4.4742E-09

 ABS-CBN
Comparative Balance Sheet
December 31, 2018, 2017, and 2016

LINE ITEMS 2018

ASSETS
CURRENT ASSET
Cash and Cash Equivalent 18,104,686
Short-term investments 1,804,041
Trade and other receivables 10,369,080
Inventories 680,628
Program rights and other intangible assets 1,359,188
Other current assets 5,383,138
Total Current Asset 37,700,761

Noncurrent Assets
Property And Equipment 27,875,625
Godwill 0
Goodwill, program rights and other intangible asset 13,310,366
AFS Investments 0
Financial Asset at Fair Value through comprehensive income 268,304
Investment Properties 202,763
Investment in Associates and joint ventures 495,247
Deferred Tax Assets 3,020,803
Other noncurrent asset 1,685,348
Total Noncurrent Asset 46,858,456
Total Assets 84,559,217

Liabilities and Equity

Current Liabilities
Trade and other payables 13,637,426
Contract liabilities 890,644
Income tax payable 208,056
Obligations for program rights 441,875
Interest-bearing loans and borrowing 414,911
Total Current Liabilities 15,592,912

Noncurrent Liabilites
Interest-bearing loans and borrowing -net of current portion 27,810,584
Obligations for program rights-net of current portion 541,548
Accrued pension obligation and other employee benefits 4,029,891
Deferred tax liability 138,271
Convertible notes 221,217
Other noncurrent liabilities 500,346
Total Noncurrent Liabilities 33,241,857
Total Liabilities 48,834,769

Equity Attributable to Equity of the Parent Company

Capital Stock
Common 872,124
Preffered 200,000
Additional paid-in-capital 4,745,399
Treasury shares and Philippine depository receipts convertible to common shares -1,638,719
Exchnage differences on trasnlation of foreign operations 921,624
Share-based payment plan 0
Unrealized gain on AFS Investments 0
Fair Value reserves on financial assets 205,969
Retained Earings 30,291,703
Equity Attributable to Equity holders of the Parent Company 35,598,100
Nonctrolling Interest 126,348
Total Equity 35,724,448

Total Liabilities and Equity 84,559,217

BS-CBN
ve Balance Sheet
2018, 2017, and 2016

HORIZONTAL ANALYSIS
Comparative Balance
Increase or Decrease Percentage of Increase or Decrease
2018-2017 2017-2016 2018-2017
2017 2016

12,346,556 10,964,524 5,758,130 1,382,032 46.637540055705

1,358,429 3065793 445,612 -1,707,364 32.803481079983
10,630,014 10204118 -260,934 425,896 -2.4546910286289
508,721 349821 171,907 158,900 33.791999937097
1,137,234 1067144 221,954 70,090 19.517003536651
5,062,390 4141388 320,748 921,002 6.335900631915
31,043,344 29,792,788 6,657,417 1,250,556 21.445553674888

25700997 24509980 2,174,628 1,191,017 8.4612593044542

5473725 5314677 -5,473,725 159,048 -100
7707460 7215644 5,602,906 491,816 72.694584208027
242743 210219 -242,743 32,524 -100
0 0 268,304 0
200740 202114 2,023 -1,374 1.0077712463884
524953 530005 -29,706 -5,052 -5.6587923109307
2462942 2498677 557,861 -35,735 22.650188270775
1768425 2459848 -83,077 -691,423 -4.6977960614671
44081985 42941164 2,776,471 1,140,821 6.2984255359644
75,125,329 72,733,952 9,433,888 2,391,377 12.557533025912

13272821 13648504 364,605 -375,683 2.7470045742348

0 0 890,644 0
263329 277239 -55,273 -13,910 -20.990092242024
349736 439316 92,139 -89,580 26.345300455201
350678 354950 64,233 -4,272 18.316803449318
14236564 14720009 1,356,348 -483,445 9.5272145722802

20,036,027 20117273 7,774,557 -81,246 38.802887418748

554657 660667 -13,109 -106,010 -2.3634426321132
5757944 4906236 -1,728,053 851,708 -30.011632624423
 138271 138271 0 0 0
205380 221063 15,837 -15,683 7.7110721589249
485542 278730 14,804 206,812 3.0489638383497
27177821 26322240 6,064,036 855,581 22.312443665002
41414385 41042249 7,420,384 372,136 17.917407200421

872124 872124 0 0 0
200000 200000 0 0 0
4745399 4740811 0 4,588 0
-1638719 -1638719 0 0 0
359816 18349 561,808 341,467 156.13758143051
0 4588 0 -4,588
180408 147884 -180,408 32,524 -100
0 0 205,969 0
28560106 26709981 1,731,597 1,850,125
33279134 31055018 2,318,966 2,224,116 6.9682281996881
431810 636685 -305,462 -204,875 -70.739908756166
33710944 31691703 2,013,504 2,019,241 5.972849647877
0 0
75125329 72733952 9,433,888 2,391,377 12.557533025912
 HORIZONTAL ANALYSIS VERTICAL ANALYSIS
lance Trend Ratio Common-size
centage of Increase or Decrease 2018/2016 2017/2016 2012
2017-2016 2018 2017

12.604578183239 165.120583438004 112.604578183239 100 21.41066 16.43461

-55.6907788621084 58.8441881105476 44.3092211378916 100 2.133465 1.808217
4.17376592469824 101.61662183836 104.173765924698 100 12.26251 14.14971
45.423230738006 194.564648777518 145.423230738006 100 0.804913 0.677163
6.56799832075146 127.366878321951 106.567998320751 100 1.60738 1.513782
22.2389691572004 129.983908776478 122.2389691572 100 6.366116 6.738593
4.19751249866243 126.543245969461 104.197512498662 100 44.58504 41.32207

4.85931445068499 113.73173295123 104.859314450685 100 32.9658 34.21083

2.99261836608321 0 102.992618366083 0 7.286124
6.81596819355279 184.465392139634 106.815968193553 100 15.74088 10.25947
15.4714844994981 0 115.471484499498 0 0.323117
0 0 0.317297 0
-0.679814362191634 100.321105910526 99.3201856378084 100 0.239788 0.267207
-0.953198554730616 93.4419486608617 99.0468014452694 100 0.585681 0.69877
-1.4301568389992 120.896098215175 98.5698431610008 100 3.572411 3.278444
-28.1083627931482 68.5143147056241 71.8916372068518 100 1.993098 2.353966
2.65670720989305 109.122463471181 102.656707209893 100 55.41496 58.67793
3.28784141964402 116.258246217667 103.287841419644 100 100 100

-2.75255808255615 99.9188335952424 97.2474419174439 100 16.12766 17.66757

0 0 100 1.053278 0
-5.01733161640318 75.0457186759439 94.9826683835968 100 0.246048 0.35052
-20.3907893179397 100.582496426263 79.6092106820603 100 0.522563 0.465537
-1.20354979574588 116.892801803071 98.7964502042541 100 0.490675 0.466791
-3.2842710897799 105.930043928642 96.7157289102201 100 18.44023 18.95042

-0.403861895198221 138.242315447029 99.5961381048018 100 32.88889 26.67014

-16.0459051231558 81.9698880071201 83.9540948768441 100 0.640436 0.738309
17.3597030391526 82.1381401139285 117.359703039153 100 4.765762 7.664451
 0 100 100 100 0.16352 0.184054
-7.09435771703089 100.069663399122 92.9056422829691 100 0.261612 0.273383
74.1979693610304 179.509202453988 174.19796936103 100 0.591711 0.646309
3.25041105924116 126.288100860717 103.250411059241 100 39.31193 36.17664
0.906714444425304 118.986581363999 100.906714444425 100 57.75215 55.12706

0 100 100 100 1.031377 1.160892

0 100 100 100 0.236521 0.266222
0 100.096776690739 100.096776690739 100 5.611924 6.316643
0 100 100 100 -1.937954 -2.181314
156.137581430509 5022.74783366941 1960.95700038149 100 1.089915 0.478954
0 0 0 100 0 0
-100 0 121.992913364529 100 0 0.240143
0 0 0 100 0.24358 0
6.0629922031802 113.409676330358 106.926717768912 100 35.82306 38.01661
6.96822819968813 114.629139806005 107.161857062842 100 42.09843 44.29815
-70.7399087561659 19.8446641588855 67.8216072312054 100 0.14942 0.574786
5.97284964787696 112.724923618021 106.371513073942 100 42.24785 44.87294

12.5575330259119 116.258246217667 103.287841419644 100 100 100

ICAL ANALYSIS
Common-size

2016

15.07484
4.215078
14.02937
0.48096
1.467188
5.693886
40.96132

33.69813
7.30701
9.920599
0.289025
0
0.277881
0.72869
3.435365
3.38198
59.03868
100

18.76497
0
0.381169
0.604004
0.488011
20.23815

27.65871
0.908334
6.745455
0.190105
0.303934
0.383219
36.18976
56.42791

1.19906
0.274975
6.518017
-2.253032
0.025228
0.006308
0.203322
0
36.72285
42.69673
0.875361
43.57209

100
 ABS CBN
Comparative Income Statement
December 31, 2018, 2017, and 2016

LINE ITEMS 2018

NET REVENUES 40130592

PRODUCTION COSTS -12345277
COST OF SERVICES -10785230
COST OF SALES -2493359
GROSSPROFIT 14506726

GENERAL AND ADMINISTRATIVE EXPENSES -12310128

FINANCE COST -1124677
OTHER INCOME (EXPENSE) - NET
Interest expense (Notes 17 and 18)
Interest income (Note 6) 202801
Net foreign currency exchange gain 404031
Equity in net earningsof joint ventures 0
Equity in net losses of associates and joint ventures -29706
Others - net 331253
-12526426
INCOME BEFORE INCOME TAX 1980300

PROVISION FOR (BENEFIT FROM) INCOMETAX

Current 600791
Deferred -528732
72059

NET INCOME 1908241

OTHER COMPREHENSIVE INCOME (LOSS)

*Items not to be reclassified to profit or loss in subsequent periods.
Net changes in the fair market value of financial assets at FVOCI 25561
Revaluation increment on land 0
Remeasurement loss on retirement plans 331772
Net changes in the fair market value of AFS financial assets 0
Income tax effect 0
Remeasurement gain/loss on defined benefit plan 0
*Items to be reclassified to profit or loss in subsequent periods.
Net changes in the fair market value of AFS financial assets 0
Remeasurement gain (loss) on retirement plans - net of deferred income tax effect 0
Exchange differences on translation of foreign operations 561808
Unrealized fair value gain/loss on AFS investments-net of tax 0

OTHER COMPREHENSIVE INCOME/LOSS 919141

TOTAL COMPREHENSIVE INCOME 2827382

Net income attributable to:

Equity holders of the Parent Company 2110251
Non-controlling interests -202010
1908241

Total comprehensive income attributable to:

Equity holders of the Parent Company 3124981
Non-controlling interests -297599
2827382

Basic / Diluted Earnings Per Share 2.56

BN
me Statement
2017, and 2016

HORIZONTAL ANALYSIS
Increase or Decrease Percentage of Increase or Decrease
2018-2017 2017-2016 2018-2017 2017-2016
2017 2016

40698244 41630599 -567652 -932355 -1.39478253656349 97.7604093565889

-11833615 -12011950 -511662 178335 4.32380130670129 98.5153534605123
-10711713 -10323075 -73517 -388638 0.68632346665748 103.764750328754
-2109942 -1693608 -383417 -416334 18.1719213134769 124.582666118724
16042974 17601966 -1536248 -1558992 -9.57583051621227 91.1430802672838

-11916759 -12661479 -393369 744720 3.30097302462859 94.1182226815682

-1007916 -1036386 -116761 28470 11.5843979061747 97.2529540152028

166788 220982 36013 -54194 21.5920809650574 75.475830610638

41194 89063 362837 -47869 880.800602029422 46.2526526166871
0 0 0 0 0 0
-5052 -1055 -24654 -3997 488.004750593824 478.862559241706
614806 467780 -283553 147026 -46.1207275140451 131.43058702809
-12106939 -12921095 -419487 814156 3.46484772079879 93.6990169950767
3936035 4680871 -1955735 -744836 -49.6879473886792 84.0876623175473

0 0 600791 0 0 0
0 0 -528732 0 0 0
772458 1155555 -700399 -383097 -90.6714669276517 66.8473590612303

3163577 3525316 -1255336 -361739 -39.6809055066464 89.7388205766519

0 0 25561 0 0 0
0 0 0 0 0 0
0 0 331772 0 0 0
0 0 0 0 0 0
272562 169762 -272562 102800 -100 160.55536574734
-905560 -528068 905560 -377492 -100 171.485490505011

0 0 0 0 0 0
0 0 0 0 0 0
 341467 484508 220341 -143041 64.5277581728249 70.4770612662743
32524 -28125 -32524 60649 -100 -115.640888888889

-259007 98077 1178148 -357084 -454.87110386978 -264.085361501677

2904570 3623393 -77188 -718823 -2.65746737038529 80.1616054344643

3333889 3885278 -1223638 -551389 -36.7030216062982 85.808248470251

-170312 -359962 -31698 189650 18.6117243646954 47.3138831321084
3163577 3525316 -1255336 -361739 -39.6809055066464 89.7388205766519

3109445 3890533 15536 -781088 0.49963900310184 79.9233678264649

-204875 -267140 -92724 62265 45.2588163514338 76.6919967058471
2904570 3623393 -77188 -718823 -2.65746737038529 80.1616054344643

4.046 4.716 -1.486 -0.67 -36.7276322293623 85.7930449533503

TAL ANALYSIS VERTICAL ANALYSIS
Trend Ratio Common-size
2018/2016 2017/2016 2012
2018 2017

96.3968642392102 97.7604093565889 100 100

102.774961600739 98.5153534605123 -30.7627582468756 -29.076475633691
104.476912160379 103.764750328754 -26.8753324147324 -26.319840728263
147.22173017605 124.582666118724 -6.2131129289097 -5.1843563569966
82.4153733736334 91.1430802672838 36.1487964094823 39.419327281049

97.2250398235467 94.1182226815682 -30.6751716994357 -29.280769460225

108.519123183833 97.2529540152028 -2.80254275840237 -2.4765589394963

91.7726330651365 75.475830610638 0.505352624750714 0.4098162073037

453.646295319044 46.2526526166871 1.00679053027675 0.1012181262661
0 0 0 0
2815.7345971564 478.862559241706 -0.074023328636667 -0.0124133119847
70.8138441147548 131.43058702809 0.825437611286671 1.510645029304
96.9455452498414 93.6990169950767 -31.2141570201606 -29.748062348833
42.3062289048342 84.0876623175473 4.93463938932174 9.6712649322167

0 0 1.49708980121699 0
0 -1.31752853284596 0
6.23587799801827 66.8473590612303 0.179561268371022 1.8980130936362

54.1296439808516 89.7388205766519 4.75507812095072 7.7732518385806

0 0 0.063694550033052 0
0 0 0 0
0 0 0.826730888993613 0
0 0 0 0
0 160.55536574734 0 0.6697143984885
171.485490505011 0 -2.225059145058

0 0
0 0
115.954328927489 70.4770612662743 1.39994944505179 0.8390214575351
0 -115.640888888889 0 0.0799149958411

937.1626375195 -264.085361501677 2.29037488407846 -0.6364082931932

78.0313369264664 80.1616054344643 7.04545300502918 7.1368435453874

54.3140284942287 85.808248470251 5.25845968083401 8.1917268961285

56.1198126468905 47.3138831321084 -0.503381559883293 -0.4184750575479
54.1296439808516 89.7388205766519 4.75507812095072 7.7732518385806

80.3226961447185 79.9233678264649 7.78702940639401 7.6402436429444

111.401886651194 76.6919967058471 -0.741576401364824 -0.503400097557
78.0313369264664 80.1616054344643 7.04545300502918 7.1368435453874

54.2832909245123 85.7930449533503 6.3791733E-06 9.941460865E-06

NALYSIS
n-size

2016

100
-28.8536564174827
-24.7968447439346
-4.06818071486312
42.2813181237195

-30.413876581502
-2.48948135480827

0.53081628731789
0.21393638847234
0
-0.00253419365885
1.12364465377978
-31.0374948003991
11.2438233233204

0
0
2.77573474261084

8.46808858070959

0
0
0
0
0.40778178570047
-1.26846121046685
1.16382663626819
-0.0675584802419

0.23558873125991
8.7036773119695

9.33274584879261
-0.86465726808303
8.46808858070959

9.34536877550092
-0.64169146353143
8.7036773119695

1.1328205967E-05
 GMA 7
COMPARATIVE STATEMENT OF CASH FLOW
DECEMBER 31 2016, 2017, 2018

CASH FLOWS FROM OPERATING ACTIVITIES

LINE ITEMS 2018
Income before income tax 3,332,037,442
Adjustments to reconcile income before income tax to net cash flows:
Program and other right usage 871,451,221
Depreciation and amortization 586,448,899
Pension expense 312,489,341
Contribution to retirement plant asset -279,003,770
Provisions for doubtful accounts 109,631,061
Interest expense 36,251,389
Interest income -25,455,860
Amortization of software costs 23,173,008
Gain on sale of property and equipment and investment properties -19,829,189
Net unrealized foreign currency exchange loss(gain) 5,185,384
Equity in net earnings of joint ventures -6,351,690
Dividend income -2,499,895.00
Provisions for impairement of investment properties 2,048,592
Reversal of long-outstanding payables 0
Working capital changes:
Decreases (increases) in:
Trade and other receivables -128,392,550
Program and other rights -462,548,125
Prepaid expenses and other current assets 41,054,711
Increases (decreases) in:
Trade payables and other current liabilities -230,194,345
Obligations for program and other rights -21,536,158
Other long-term employee benefits 14,189,700
Benefits paid out of Group's own funds -48,311,185
Cash flows provided by operations 4,109,837,981
Income taxes paid -978,599,651
Interest received 24,382,746
Net cash flows from operating activities 3,155,621,076

CASH FLOW FROM INVESTING ACTIVITIES

2018
Acquisition of:
Propety and equipment P-519,420,168
Software costs -3,504,612
 Land at revalued amounte -7,593,293
Investment properties 0
Proceeds from:
Sales of property and equipment 26,774,646
Sale of investment properties 4,104,000
Decreases (increases) in other noncurrent assets 87,562,847
Return of investment in financial asset at FVOCI 6,089,790
Cash dividends received 883,221
Advances to an associate and joint ventures -1,162,148
Collection from an associate and joint ventures 401,778
Net cash flows use in investing activities -405,863,939

CASH FLOWS FROM FINANCING ACTIVITIES

2018
Proceeds from availment of short-term loans 1,500,000,000
Payments of:
Cash dividends -2,436,132,546
Short-term loans -1,500,000,000
Interest expense -36,125,000
Net cash flows used in financing activities -2,472,257,546

NET INCREASES (DECREASE) IN CASH AND CASH EQUIVALENT 277,499,591

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 1,767,236
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 2,279,838,495
CASH AND CASH EQUIVALENTS AT END OF YEAR P2,559,105,322
ASH FLOW
018

2017 2016
3,657,999,478 5,207,815,482

905,254,190 836,176,965
631,515,648 723,598,772
289,541,781 227,546,241
-259,000,000 -200,000,000
8,253,285 25,151,364
23,010,666 16,905,154
-23,776,178 -23,650,808
23,362,883 17,173,566
-27,060,463 -29,717,284
-59,133,380 -48,144,387
-329,580 -2,758,875
-132,811 -2,550,000
0 0
-32,999,414 -3,233,336

346,895,501 -889,975,687
-1,197,820,078 -704,201,246
-34,932,681 235,211,693

-24,478,909 255,213,597
75,197,668 -143,643,530
97,513 -11,160,736
-7,825,922 -7,646,509
4,293,639,197 5,478,119,436
-1,244,304,104 -1,384,682,174
23,158,153 21,769,542
3,072,493,246 4,115,206,804

2017 2016

P-523,727,612 P-444,383,975
-41,661,384 -454,017
 -1,364,718 -2,623,618
0 -43,811

29,578,768 33,113,635
0 0
-5,824,646 9,464,489
0 0
132,811 0
0 -424,498
0 0
-542,866,781 -405,351,796

2017 2016
1,500,000,000 500,000,000

-3,563,062,816 -1,955,312,493
-1,647,452,000 -1,017,624,500
-22,967,610 -17,597,313
-3,733,482,426 -2,490,534,306

-1,203,855,961 1,219,320,702
64,680,251 39,395,378
3,419,014,205 2,160,298,125
P2,279,838,495 3,419,014,205
 ABS CBN
COMPARATIVE STATEMENT OF CASH FLOW
DECEMBER 31 2018, 2017 and 2016

CASH FLOWS FROM OPERATING ACTIVITIES

LINE ITEMS
Income before income tax
Adjustments to reconcile income before tax to net cash flows:
Depreciation and amortization
Amortization of:
Program rights and other intangibles
Debt issue costs
Deferred charges
Impairment of property and equipments
Movements in accrued pension obligation and other employee benefits
Interest expense
Interest income
Net unrealized foreign exchange loss (gain)
Equity in net losses of associates and joint ventures
Gain on sale of property and equipment
Dividend income
Working Capital changes:
Decrease (increase) in:
Trade and other receivables
Other current assets
Inventories
Increase (decrease) in:
Trade and other payables
Obligations for program rights
Contract liabilities
Other noncurrent liabilities
Cash generated from operations
Income taxes paid
Net cash provided by operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Additions to:
Property and equipment
Goodwill, program rights and other intangibles assets
Decrease (increase) in short-term investments
Interest received
Acquisition of a business
Increase in other noncurrent assets
Proceeds from sale of property and equipment
Acquisitions of AFS investments
Investments in joint ventures and associates
Net cash used in investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from long-term debt

Payments of:
Interest
Long-tem debt
Dividends
Obligations under finance lease
Bank loans
Deposits for future subscriptions
Net cash provided by (used in) financing activities

EFFECTS OF EXCHANGE RATE CHANGES AND TRANSLATION ADJUSTMENTS ON CCE

NET INCREASE (DECREASE) IN CCE
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR
FLOW
16

2018 2017 2016

1980300 3936035 4680871

3819919 3666140 3401610

1721520 1818806 1182544

32927 40390 49609
292 6993 6402
9438 0 0
-73913 -439759 723243
1061666 931459 968768
-202801 -166788 -220982
-179111 -55261 42624
29706 5052 1055
-849 -6221 -3987
-7651 -10364 -14230

398356 -662248 1084131

-208986 -975176 -526167
-169576 -158875 328993

-956435 -683328 -2903438

-651615 -197019 427155
790567 0 0
-11573 197694 230664
7382181 7247530 9458865
-656064 -618484 -907865
6726117 6629046 8551000

2018 2017 2016

-5970703 -5058385 -5565611

-1319100 -1944422 -1114971
-445612 1707364 -1448248
190124 174369 222265
 0 -350000 0
406827 684846 338551
18377 221983 10967
0 0 -21008
0 0 -10062
-7120087 -4564245 -7588117

2018 2017 2016

8761795 3346000 8950000

-962001 -938629 -871375

-943946 -3457765 -8951483
-766831 -856938 -615566
-11986 -14105 -685
0 0 -60000
0 1220000 0
6077031 -701437 -1549109

75069 18668 13191

5758130 1382032 -573035
12346556 10964524 11537559
18104686 12346556 10964524
 GMA 7
2018 2017 2016
CURRENT RATIO 2.72 2.71 2.88 fail
QUICK RATIO 2.29 2.09 2.37 fail
CASH RATIO 0.79 0.67 0.93 fail
NETWORKING CAPITAL 5,529,851,780 5,806,079,826 6,909,807,456 fail
FINANCIAL LEVERAGE RATIO 1.59 1.57 1.54 good
DEGREE OF FINANCIAL LEVERAGE 1.09 1.31 0.00 good
DEGREE OF OPERATING LEVERAGE 3.76 3.41 0 GOOD
TIMES INTEREST EXPENSE RATIO 91.91 158.97 308.06 fail
DEGREE OF TOTAL LEVERAGE 3.91 3.74 0 GOOD
DEBT TO EQUITY RATIO 0.59 0.57 0.54 good
LONG-TERM DEBT TO EQUITY RATIO 0.68 0.21 0.18 GOOD
DEBT TO TOTAL ASSET RATIO 0.37 0.37 0.37 GOOD
TOTAL ASSET TURNOVER 1.01 0.99 0.00 good
FIXED ASSET TURNOVER 5.74 5.60 0.00 good

GROSS PROFIT MARGIN 0.57 0.58 0.61 fail

PROFIT MARGIN 0.15 0.17 0.22 fail
RETURN ON TOTAL ASSETS 0.88 0.96 1.37 fail
RETURN ON COMMON STOCK EQUITY 0.24 0.26 fail
EARNINGS PER SHARE 0.47 0.52 0.75 fail
PRICE/EARNINGS 25.99 21.41 11.26 good
BOOK VALUE PER SHARE 1.96 1.93 2.14 fail
MARKET TO BOOK VALUE 6.29 5.80 3.93 good

***Market price per share is taken from

pse edge 12.32 11.2 8.4
***Book Value per share is taken from
pse edge
 ABS-CBN
2018 2017
LI CURRENT RATIO 2.42 2.18
LI QUICK RATIO 1.94 1.71
LI CASH RATIO 1.16 0.87
LI NETWORKING CAPITAL 22107849 16806780
LE FINANCIAL LEVERAGE RATIO 2.37 2.23
LE DEGREE OF FINANCIAL LEVERAGE 1.96 1.16
LE DEGREE OF OPERATING LEVERAGE 26.89 6.18
LE TIMES INTEREST EXPENSE RATIO 1.87 4.23
LE DEGREE OF TOTAL LEVERAGE 28.45 4.58
CAP STRACTURE DEBT TO EQUITY RATIO 1.37 1.23
CAP STRACTURE LONG-TERM DEBT TO EQUITY RATIO 0.93 0.81
CAP STRACTURE DEBT TO TOTAL ASSET RATIO 0.58 0.55
OPERATING AND CASH CYCLE TOTAL ASSET TURNOVER 0.50 0.55
OPERATING AND CASH CYCLE FIXED ASSET TURNOVER 1.50 1.62

PROFITABILITY GROSS PROFIT MARGIN 0.36 0.39

PROFITABILITY PROFIT MARGIN 0.05 0.08
PROFITABILITY RETURN ON TOTAL ASSETS 0.02 0.04
PROFITABILITY RETURN ON COMMON STOCK EQUITY 0.05 0.10
PROFITABILITY EARNINGS PER SHARE 2.56 4.05
PROFITABILITY PRICE/EARNINGS 3.05 2.11
PROFITABILITY BOOK VALUE PER SHARE 41.43 38.66
PROFITABILITY MARKET TO BOOK VALUE 0.19 0.22

7.81 8.54
 2016
2.02 good
1.65 good
0.74 good
15072779 good
2.30 good
- fail
- GOOD
4.83 fail
- GOOD
1.30 good
0.83 FAIL
0.56 GOOD
- fail
- fail

0.42 fail
0.08 fail
0.04 fail
fail
4.72 fail
1.97 good
35.61 good
0.26 fail

9.29