a.

Net income
SM Prime net income grew by 13% to PHP18,390,000,000 in 2014
SM Primes Core Net Income Surge by 14% to PHP20,892,000,000 in 2015

b. Gross revenues
revenue growth of 11% to PHP66,240,000,000 in 2014
revenue growth of 8% to PHP71,511,000.000 in 2015

c. Cost And Expenses

SM Primes consolidated costs and expenses stood at PHP38,554,000,000 in 2014

SM Primes consolidated costs and expenses stood at PHP40,072,000,000 in 2015

d. Total assets
SM Primes total assets stood at PHP388,840,000,000 in 2014
SM Primes total assets stood at PHP433,828,000,000 in 2015

e. Total liabilities
SM Primes total liabilities stood at PHP 186,601,956,000 in 2014
SM Primes total liabilities stood at PHP 217,985,592,00 in 2015

f. Total equity
SM Primes total equity stood at PHP 199,087,690,000 in 2014
SM Primes total equity stood at PHP 212,488,822,000 in 2014

g. Current ratio
Total current assets/Total current liabilities

SM Primes Current ratio stood at 1.41 in 2014

SM Primes Current ratio stood at 2.05 in 2015

h. Acid-test ratio

i. Profit Margin
Net income/revenue
SM Prime profit margin in 2014 was 27.76%
SM Prime profit margin in 2015 was 29.22% 83.16
 j. Earnings per Share
66.0% (2014)
98.2% (2015)

k. P/E ratio
30.09% (2015)

l. Return on equity
Net income attributable to equity holders of the parent/Total average equity
attributable to equity holders of the parent

2014 (10.0%)
2015 (10.0%)

m. Solvency ratio
(Net income+depreciation)/(Short term liabilities + long term liabilities)

n. Free cash flow

1.10 (2015)

SM PRIME HOLDINGS, INC. AND SUBSIDIARIES.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in Thousands)

Years Ended December 31

2015 2014 2013

CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax and non-controlling P=34,910,83 =23,674,136 P=20,710,09
interests 9 P 1
Adjustments for:
Loss (gain) on:
Sale of available-for-sale investments
(Note 11) (7,410,711) (2,743) (285,129)
Unrealized foreign exchange 166,435 173,510 (29,994)
Mark-to-market on investments
held for trading (Note 7) 101,087 101,076 (93,996)
Maturity of derivatives - net (40,691)
Disposal of investments held for trading
(Note 7) 693
Fair value changes on derivatives - net (21,340) (62,717)
 Sale/retirement of investment properties
and
property and equipment (68,579)
Depreciation and amortization (Note 22) 6,966,952 6,579,781 5,980,940
Interest expense (Note 23) 3,379,104 4,099,499 3,686,603
Interest and dividend income (Notes 7, 11 and
23) (1,168,610) (731,884) (1,093,870)
Equity in net earnings of associates and joint
ventures
(Note 15) (542,905) (304,434) (349,468)
Restructuring costs (Note 5) 1,276,629
Operating income before working capital changes 36,362,193 33,567,601 29,670,510
Decrease (increase) in:
Receivables (695,616) (3,559,562) (8,470,424)
Condominium and residential units for sale 5,439,068 2,667,246 4,196,726
Land and development (6,807,357) (13,906,967) (11,109,456)
Prepaid expenses and other current assets (2,012,614) (910,972) 2,722,125
Increase (decrease) in:
Accounts payable and other current liabilities 3,652,508 (9,230,430) 9,456,186
Tenants and customers deposits 1,486,421 3,019,113 1,192,142
Cash generated from operations 37,424,603 11,646,029 27,657,809
Income tax paid (5,486,465) (4,894,650) (4,116,235)
Cash provided by operating activities 31,938,138 6,751,379 23,541,574
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of:
Available-for-sale investments 7,466,528 4,258 397,977
Investments held for trading 35,000 150,000 300,448
Investment properties 99,991
Interest received 647,572 418,076 692,313
Dividends received 552,397 333,980 354,602
Additions to:
Investment properties (Note 14) (42,478,023) (35,510,709) (24,553,198)
Property and equipment (Note 13) (235,913) (158,016) (440,890)
Available-for-sale investments (357,071) (2,396)
Investments held for trading (65,416)
Proceeds from:
Pretermination of short-term investments 887,900
Early redemption of available-for-sale
investments 1,000,000
Investments in associates and joint venture and
acquisition of
a subsidiary - net of cash acquired
(Notes 5 and 15) (15,443,151) (7,352,729)
Decrease (increase) in other noncurrent assets
(Note 16) (5,774,646) 4,908,379 (862,111)
Net cash used in investing activities (55,230,236) (29,388,619) (30,365,993)

Years Ended December 31

 2015 2014 2013
CASH FLOWS FROM FINANCING ACTIVITIES
=45,993,435 =48,121,250 P=76,494,06
Availments of loans (Notes 17 and 19) P P 0
Payments of:
Long-term debt (Note 19) (11,288,366) (16,175,802) (20,812,576)
Bank loans (Note 17) (11,100,000) (9,070,000) (33,210,179)
Dividends (Note 20) (6,442,237) (5,586,728) (5,020,653)
Interest (3,159,806) (4,183,961) (4,207,108)
Restructuring costs (Note 5) (607,172)
Proceeds from:
Maturity of derivatives 12,468
Reissuance of treasury shares (Note 20) 17,645,687
Net cash provided by financing activities 14,015,494 30,750,446 12,636,372
EFFECT OF EXCHANGE RATE CHANGES ON
CASH AND CASH EQUIVALENTS (98,694) (9,506) 30,187
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS (9,375,298) 8,103,700 5,842,140
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR 35,245,206 27,141,506 21,299,366
CASH AND CASH EQUIVALENTS
P=25,869,90 =35,245,206 =27,141,506
AT END OF YEAR 8 P P
o. Quality of Income
 -Years Ended December 31

2015 2014 2013

CASH FLOWS FROM FINANCING ACTIVITIES

=45,993,435 =48,121,250 P=76,494,06
Availments of loans (Notes 17 and 19) P P 0

Payments of:
Long-term debt (Note 19) (11,288,366) (16,175,802) (20,812,576)
Bank loans (Note 17) (11,100,000) (9,070,000) (33,210,179)
Dividends (Note 20) (6,442,237) (5,586,728) (5,020,653)
Interest (3,159,806) (4,183,961) (4,207,108)

Restructuring costs (Note 5) (607,172)

Proceeds from:

Maturity of derivatives 12,468

Reissuance of treasury shares (Note 20) 17,645,687

Net cash provided by financing activities 14,015,494 30,750,446 12,636,372

EFFECT OF EXCHANGE RATE CHANGES ON

CASH AND CASH EQUIVALENTS (98,694) (9,506) 30,187

NET INCREASE (DECREASE) IN CASH AND CASH

EQUIVALENTS (9,375,298) 8,103,700 5,842,140

CASH AND CASH EQUIVALENTS

AT BEGINNING OF YEAR 35,245,206 27,141,506 21,299,366

CASH AND CASH EQUIVALENTS

P=25,869,90 =35,245,206 =27,141,506
AT END OF YEAR 8 P P
a. Quality of income