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Year Percentage
2016 2015 of Change
For the Year Ended (In Pesos):
Gross Revenues P 33,612,961.51 P 35,671,497.00 -5.77%
Gross Expenses 31,451,728.22 34,603,908.37 -9.11%
Net Income 2,161,233.29 1,067,588.63 102.44%
Year
2016 2015
ASSETS
Cash and Cash Equivalents (Note 5) P 131,250,635.86 102,238,345.25
Loans and Receivables (Note 6) 124,622,254.62 139,478,017.58
Sales Contract Receivable (Note 7) 2,165,476.15 1,327,412.99
Bank Premises, Furniture, Fixtures and (Note 8) 4,198,994.16 5,389,336.13
Equipment
Investment Property 14,373,053.79 12,053,763.93
Deferred Tax Assets (Note 10) 3,469,316.01 3,892,646,.51
Other Assets (Note 11) 3,320,218.16 2,603,136.30
Total Assets P 283,399,948.75 P 266,982,658.69
Year
2016 2015
Ordinary Share Capital - Beginning P 51,014,900.00 P 49,014,900.00
Additions during the year (Note 16) 2,000,000.00 2,000,000.00
Ordinary Share Capital Ending 53,014,900.00 51,014,900.00
Surplus Reserve Beginning 820,640.02 820,640.02
Additions during the year 0.00 0.00
Surplus Reserve Ending 820,640.02 820,640.02
Surplus Beginning 18,023,658.31 17,791,818.82
Net Income For the year SI 2,161,233.29 1,067,588.63
Prior years adjustments (Note 16) (364,633.34) (835,749.14)
Surplus Ending 19,820,258.26 18,023,658.31
Total Equity - Ending P 73,655,798.28 P 69,859,198.33
STATEMENT OF CASH FLOWS
For the Years Ended December 31, 2016 and 2015
Year
2016 2015
Operating Activities:
Net Income P 2,161,233.29 P 1,067,588.63
Adjustments to Net Income:
Depreciation / Amortization (Note 8) 2,510,059.84 2,051,587.42
Prior Years Adjustments (Note (364,633.34)
16)
Decrease / (Increase) in Operating Assets:
Loans and Receivables (Note 6) 14,855,762.96 25,874,303.95
Sales Contract Receivable (Note 7) (838,063.16) (144,453.14)
Deferred Tax Assets (Note 423,330.50 (804,335.57)
10)
Other Assets (Note 11) (717,081.86) 1,244,452.05
Increase / (Decrease) in Current Liabilities:
Deposit Liabilities (Note 12,529,715.19 (21,831,598.06)
12)
Accrued Interest, Taxes, and Other Expenses (Note (387,502.18) 74,606.02
14)
Other Liabilities (Note 393,477.10 179,995.72
15)
Net Cash Provided / (Used) by Operating 30,566,298.34 6,876,397.88
Activities
Investing Activities:
Bank Premises, Furniture, Fixtures & Equipment (Note 8) (523,986.26) (3,538,401.01)
Investing Property (Note 9) (3,115,021.47) (1,952,301.65)
Net Cash Provided / (Used) by Investing Activities (3,639,007.73) (5,490,702.66)
Financing Activities:
(Reduction) / Additions to Borrowings-Bills Payable (Note 85,000.00 (255,000.00)
13)
Additional Paid-in Capital (Note 2,000,000.00 2,000,000.00
16)
Net Cash Provided / (Used) by Financing 2,085,000.00 1,745,000.00
Activities
Net Increase / (Decrease) in Cash 29,012,290.61 3,130,695022
Cash Balance Beginning of Year 102,238,345.25 99,107,650.03
Cash Balance End of Year P131,250,635.8 P102,238,34502
6 5
DISCLOSURE:
Interest Paid P 4,859,573.58 5,475,066.52
Interest Received 28,313,160.95 29,869,405.33
Dividend Received 0.00 0.00
Income Taxes Paid 979,145.06 266,808.01
i
i(See Accompanying Notes to Financial Statements)