LIMKETKAISONS, INC

HORIZONTAL ANALYSIS OF BALANCE SHEETS

2011 2010
ASSETS
Current Assets
Cash ₱ 67,321,617.00 ₱ 48,996,569.00
Trade and other receivbles ₱ 490,791,299.00 ₱ 518,867,292.00
Real estate properties for sale ₱ 72,317,255.00 ₱ 72,317,255.00
Prepaid expenses and other current assets ₱ 13,971,040.00 ₱ 14,064,125.00
Total Current Assets ₱ 644,401,211.00 ₱ 654,245,241.00

Noncurrent Assets
Investments in subsidaries ₱ 88,031,635.00 ₱ 88,031,635.00
Investment properties ₱ 7,043,531,946.00 ₱ 6,791,003,290.00
Property and equipment ₱ 64,560,304.00 ₱ 30,263,738.00
Other noncurrent assets ₱ 95,752,746.00 ₱ 154,072,736.00
Total Noncurrent Assets ₱ 7,291,876,631.00 ₱ 7,063,371,399.00
TOTAL ASSETS ₱ 7,936,277,842.00 ₱ 7,717,616,640.00

LIABILITIES AND EQUITY

Current Liabilities
Loans Payable ₱ 430,000,000.00 ₱ 265,000,000.00
Current portion of long-term debt ₱ 148,940,986.00 ₱ 142,349,885.00
Income tax payable ₱ 6,112,615.00 ₱ 1,562,772.00
Accounts payable and other current liabilities ₱ 110,453,176.00 ₱ 97,730,729.00
Total Current Liabilities ₱ 695,506,777.00 ₱ 506,643,386.00

Noncurrent Liabilities
Long-term debt - net of current portion ₱ 1,694,120,888.00 ₱ 1,736,995,468.00
Deferred tax liabilities ₱ 1,344,555,716.00 ₱ 1,349,924,636.00
Tenants' deposits and other noncurrent liabilities ₱ 179,991,819.00 ₱ 176,521,992.00
Pension liability ₱ 1,496,728.00 ₱ 1,321,606.00
Total Noncurrent Liabilities ₱ 3,220,165,151.00 ₱ 3,264,763,702.00
TOTAL LIABILITIES ₱ 3,915,671,928.00 ₱ 3,771,407,088.00

Equity
Common Stock-₱100 par value
Authorized- 700,000 shares
Issued and outstanding- 676, 048 ₱ 67,604,800.00 ₱ 67,604,800.00
Retained Earnings
Appropriated ₱ 1,090,000,000.00 ₱ 1,050,000,000.00
Unappropriated ₱ 2,863,991,114.00 ₱ 2,828,604,752.00
Total Equity ₱ 4,020,605,914.00 ₱ 3,946,209,552.00
TOTAL LIABILITIES AND EQUITY ₱ 7,936,277,842.00 ₱ 7,717,616,640.00
 Amount Rate

₱ 18,325,048.00 37.40%
-₱ 28,075,993.00 -5.41%
0 0.00%
-₱ 93,085.00 -0.66%
-₱ 9,844,030.00 -1.50%

0 0
₱ 252,528,656.00 3.72%
₱ 34,296,566.00 113.33%
-₱ 58,319,990.00 -37.85%
₱ 228,505,232.00 3.24%
₱ 218,661,202.00 2.83%

₱ 165,000,000.00 62.26%
₱ 6,591,101.00 4.63%
₱ 4,549,843.00 291.14%
₱ 12,722,447.00 13.02%
₱ 188,863,391.00 37.28%

-₱ 42,874,580.00 -2.47%
-₱ 5,368,920.00 -0.40%
₱ 3,469,827.00 1.97%
₱ 175,122.00 13.25%
-₱ 44,598,551.00 -1.37%
₱ 144,264,840.00 3.83%

0 0.00%

₱ 40,000,000.00 3.81%
₱ 35,386,362.00 1.25%
₱ 74,396,362.00 1.89%
₱ 218,661,202.00 2.83%
 LIMKETKAISONS, INC
VERTICAL ANALYSIS OF BALANCE SHEETS

2011 Rate
ASSETS
Current Assets
Cash ₱ 67,321,617.00 0.85%
Trade and other receivbles ₱ 490,791,299.00 6.18%
Real estate properties for sale ₱ 72,317,255.00 0.91%
Prepaid expenses and other current assets ₱ 13,971,040.00 0.18%
Total Current Assets ₱ 644,401,211.00 8.12%

Noncurrent Assets
Investments in subsidaries ₱ 88,031,635.00 1.11%
Investment properties ₱ 7,043,531,946.00 88.75%
Property and equipment ₱ 64,560,304.00 0.81%
Other noncurrent assets ₱ 95,752,746.00 1.21%
Total Noncurrent Assets ₱ 7,291,876,631.00 91.88%
TOTAL ASSETS ₱ 7,936,277,842.00 100.00%

LIABILITIES AND EQUITY

Current Liabilities
Loans Payable ₱ 430,000,000.00 10.98%
Current portion of long-term debt ₱ 148,940,986.00 3.80%
Income tax payable ₱ 6,112,615.00 0.16%
Accounts payable and other current liabilities ₱ 110,453,176.00 2.82%
Total Current Liabilities ₱ 695,506,777.00 17.76%
0.00%
Noncurrent Liabilities 0.00%
Long-term debt - net of current portion ₱ 1,694,120,888.00 43.27%
Deferred tax liabilities ₱ 1,344,555,716.00 34.34%
Tenants' deposits and other noncurrent liabilities ₱ 179,991,819.00 4.60%
Pension liability ₱ 1,496,728.00 0.04%
Total Noncurrent Liabilities ₱ 3,220,165,151.00 82.24%
TOTAL LIABILITIES ₱ 3,915,671,928.00 100.00%

Equity
Common Stock-₱100 par value
Authorized- 700,000 shares
Issued and outstanding- 676, 048 ₱ 67,604,800.00 1.68%
Retained Earnings 0.00%
Appropriated ₱ 1,090,000,000.00 27.11%
Unappropriated ₱ 2,863,991,114.00 71.23%
Total Equity ₱ 4,020,605,914.00 100.00%
 2010 Rate

₱ 48,996,569.00 0.63%
₱ 518,867,292.00 6.72%
₱ 72,317,255.00 0.94%
₱ 14,064,125.00 0.18%
₱ 654,245,241.00 8.48%

₱ 88,031,635.00 1.14%
₱ 6,791,003,290.00 87.99%
₱ 30,263,738.00 0.39%
₱ 154,072,736.00 2.00%
₱ 7,063,371,399.00 91.52%
₱ 7,717,616,640.00 100.00%

₱ 265,000,000.00 7.03%
₱ 142,349,885.00 3.77%
₱ 1,562,772.00 0.04%
₱ 97,730,729.00 2.59%
₱ 506,643,386.00 13.43%
0.00%
0.00%
₱ 1,736,995,468.00 46.06%
₱ 1,349,924,636.00 35.79%
₱ 176,521,992.00 4.68%
₱ 1,321,606.00 0.04%
₱ 3,264,763,702.00 86.57%
₱ 3,771,407,088.00 100.00%

₱ 67,604,800.00 1.71%
0.00%
₱ 1,050,000,000.00 26.61%
₱ 2,828,604,752.00 71.68%
₱ 3,946,209,552.00 100.00%
 LIMKETKAISONS, INC
HORIZONTAL ANALYSIS OF COMPREHENSIVE INCOME

2011 2010
REVENUE
Rent ₱ 410,841,416.00 ₱ 413,862,510.00
Tenant reimbursements and service fees ₱ 220,714,742.00 ₱ 227,370,344.00
Others ₱ 85,348,289.00 ₱ 76,526,157.00
₱ 716,904,447.00 ₱ 717,759,011.00

COST AND EXPENSES

Utilities ₱ 171,156,760.00 ₱ 164,102,491.00
Depreciation ₱ 162,787,671.00 ₱ 145,056,892.00
General and administritive ₱ 129,362,827.00 ₱ 154,371,460.00
Others ₱ 42,318,333.00 ₱ 36,172,190.00
₱ 505,625,591.00 ₱ 499,703,033.00
OTHER CHARGES (INCOME)
Interest and other financing charges ₱ 133,423,598.00 ₱ 164,102,491.00
Interest income -₱ 12,814,884.00 -₱ 7,010,846.00
Dividend income -₱ 9,998,000.00 -₱ 3,000,000.00
₱ 110,610,714.00 ₱ 112,184,523.00
INCOME BEFORE INCOME TAX ₱ 100,668,142.00 ₱ 105,871,455.00

PROVISION FOR INCOME TAX

Current ₱ 31,640,700.00 ₱ 29,431,123.00
Deferred -₱ 5,368,920.00 -₱ 5,875,338.00

NET INCOME ₱ 74,396,362.00 ₱ 70,564,994.00

OTHER COMPREHENSIVE INCOME - ₱ -

TOTAL COMPREHENSIVE INCOME ₱ 74,396,362.00 ₱ 70,564,994.00
NCOME

Amount Rate

-₱ 3,021,094.00 -0.73%
-₱ 6,655,602.00 -2.93%
₱ 8,822,132.00 11.53%
-₱ 854,564.00 -0.12%

₱ 7,054,269.00 4.30%
₱ 17,730,779.00 12.22%
-₱ 25,008,633.00 -16.20%
₱ 6,146,143.00 16.99%
₱ 5,922,558.00 1.19%

-₱ 30,678,893.00 -18.69%
-₱ 5,804,038.00 82.79%
-₱ 6,998,000.00 233.27%
-₱ 1,573,809.00 -1.40%
-₱ 5,203,313.00 -4.91%

₱ 2,209,577.00 7.51%
₱ 506,418.00 -8.62%

₱ 3,831,368.00 5.43%

₱ - 0%
₱ 3,831,368.00 5.43%
 LIMKETKAISONS, INC
VERTICAL ANALYSIS OF COMPREHENSIVE INCOME

2011 Rate
REVENUE
Rent ₱ 410,841,416.00 57.31%
Tenant reimbursements and service fees ₱ 220,714,742.00 30.79%
Others ₱ 85,348,289.00 11.91%
₱ 716,904,447.00 100.00%

COST AND EXPENSES

Utilities ₱ 171,156,760.00 23.87%
Depreciation ₱ 162,787,671.00 22.71%
General and administritive ₱ 129,362,827.00 18.04%
Others ₱ 42,318,333.00 5.90%
₱ 505,625,591.00 70.53%
OTHER CHARGES (INCOME)
Interest and other financing charges ₱ 133,423,598.00 18.61%
Interest income -₱ 12,814,884.00 -1.79%
Dividend income -₱ 9,998,000.00 -1.39%
₱ 110,610,714.00 15.43%
INCOME BEFORE INCOME TAX ₱ 100,668,142.00 14.04%

PROVISION FOR INCOME TAX

Current ₱ 31,640,700.00 4.41%
Deferred -₱ 5,368,920.00 -0.75%

NET INCOME ₱ 74,396,362.00 10.38%

OTHER COMPREHENSIVE INCOME - 0%

TOTAL COMPREHENSIVE INCOME ₱ 74,396,362.00 10.38%
NCOME

2010 Rate

₱ 413,862,510.00 57.66%
₱ 227,370,344.00 31.68%
₱ 76,526,157.00 10.66%
₱ 717,759,011.00 100.00%

₱ 164,102,491.00 22.86%
₱ 145,056,892.00 20.21%
₱ 154,371,460.00 21.51%
₱ 36,172,190.00 5.04%
₱ 499,703,033.00 69.62%

₱ 164,102,491.00 22.86%
-₱ 7,010,846.00 -0.98%
-₱ 3,000,000.00 -0.42%
₱ 112,184,523.00 15.63%
₱ 105,871,455.00 14.75%

₱ 29,431,123.00 4.10%
-₱ 5,875,338.00 -0.82%

₱ 70,564,994.00 9.83%

₱ - 0%
₱ 70,564,994.00 9.83%
 LIMKETKAISONS, INC
HORIZONTAL ANALYSIS OF BALANCE SHEETS

Rate
ASSETS
Current Assets
Cash 37.40%
Trade and other receivbles -5.41%
Real estate properties for sale 0.00%
Prepaid expenses and other current assets -0.66%
Total Current Assets -1.50%

Noncurrent Assets
Investments in subsidaries 0
Investment properties 3.72%
Property and equipment 113.33%
Other noncurrent assets -37.85%
Total Noncurrent Assets 3.24%
TOTAL ASSETS 2.83%

LIABILITIES AND EQUITY

Current Liabilities
Loans Payable 62.26%
Current portion of long-term debt 4.63%
Income tax payable 291.14%
Accounts payable and other current liabilities 13.02%
Total Current Liabilities 37.28%

Noncurrent Liabilities
Long-term debt - net of current portion -2.47%
Deferred tax liabilities -0.40%
Tenants' deposits and other noncurrent liabilities 1.97%
Pension liability 13.25%
Total Noncurrent Liabilities -1.37%
TOTAL LIABILITIES 3.83%

Equity
Common Stock-₱100 par value
Authorized- 700,000 shares
Issued and outstanding- 676, 048 0.00%
Retained Earnings
Appropriated 3.81%
Unappropriated 1.25%
Total Equity 1.89%
TOTAL LIABILITIES AND EQUITY 2.83%
 LIMKETKAISONS, INC
VERTICAL ANALYSIS OF BALANCE SHEETS

2011 Rate 2010 Rate

ASSETS
Current Assets
Cash 0.85% 0.63%
Trade and other receivbles 6.18% 6.72%
Real estate properties for sale 0.91% 0.94%
Prepaid expenses and other current assets 0.18% 0.18%
Total Current Assets 8.12% 8.48%

Noncurrent Assets
Investments in subsidaries 1.11% 1.14%
Investment properties 88.75% 87.99%
Property and equipment 0.81% 0.39%
Other noncurrent assets 1.21% 2.00%
Total Noncurrent Assets 91.88% 91.52%
TOTAL ASSETS 100.00% 100.00%

LIABILITIES AND EQUITY

Current Liabilities
Loans Payable 10.98% 7.03%
Current portion of long-term debt 3.80% 3.77%
Income tax payable 0.16% 0.04%
Accounts payable and other current liabilities 2.82% 2.59%
Total Current Liabilities 17.76% 13.43%
0.00% 0.00%
Noncurrent Liabilities 0.00% 0.00%
Long-term debt - net of current portion 43.27% 46.06%
Deferred tax liabilities 34.34% 35.79%
Tenants' deposits and other noncurrent liabilities 4.60% 4.68%
Pension liability 0.04% 0.04%
Total Noncurrent Liabilities 82.24% 86.57%
TOTAL LIABILITIES 100.00% 100.00%

Equity
Common Stock-₱100 par value
Authorized- 700,000 shares
Issued and outstanding- 676, 048 1.68% 1.71%
Retained Earnings 0.00% 0.00%
Appropriated 27.11% 26.61%
Unappropriated 71.23% 71.68%
Total Equity 100.00% 100.00%
 LIMKETKAISONS, INC
HORIZONTAL ANALYSIS OF COMPREHENSIVE INCOME

Rate
REVENUE
Rent -0.73%
Tenant reimbursements and service fees -2.93%
Others 11.53%
-0.12%

COST AND EXPENSES

Utilities 4.30%
Depreciation 12.22%
General and administritive -16.20%
Others 16.99%
1.19%
OTHER CHARGES (INCOME)
Interest and other financing charges -18.69%
Interest income 82.79%
Dividend income 233.27%
-1.40%
INCOME BEFORE INCOME TAX -4.91%

PROVISION FOR INCOME TAX

Current 7.51%
Deferred -8.62%

NET INCOME 5.43%

OTHER COMPREHENSIVE INCOME 0%

TOTAL COMPREHENSIVE INCOME 5.43%
 LIMKETKAISONS, INC
VERTICAL ANALYSIS OF COMPREHENSIVE INCOME

2011 Rate 2010 Rate

REVENUE
Rent 57.31% 57.66%
Tenant reimbursements and service fees 30.79% 31.68%
Others 11.91% 10.66%
100.00% 100.00%

COST AND EXPENSES

Utilities 23.87% 22.86%
Depreciation 22.71% 20.21%
General and administritive 18.04% 21.51%
Others 5.90% 5.04%
70.53% 69.62%
OTHER CHARGES (INCOME)
Interest and other financing charges 18.61% 22.86%
Interest income -1.79% -0.98%
Dividend income -1.39% -0.42%
15.43% 15.63%
INCOME BEFORE INCOME TAX 14.04% 14.75%

PROVISION FOR INCOME TAX

Current 4.41% 4.10%
Deferred -0.75% -0.82%

NET INCOME 10.38% 9.83%

OTHER COMPREHENSIVE INCOME 0% 0%

TOTAL COMPREHENSIVE INCOME 10.38% 9.83%