Documenti di Didattica
Documenti di Professioni
Documenti di Cultura
ANNEX A
Feasibility Study for the Panglao Island Airport Development Project
Age
Category No. %
19 & below 6 7% Marital Status
20 to 29 25 29% Category No. %
30 to 39 21 25% Single 31 36%
40 to 49 17 20% Married 46 54%
50 to 59 5 6% Widowed 1 1%
60 to 69 3 4% No reply 7 8%
70 & above 1 1% Total 85 100%
No response 7 8%
Total 85 100%
Home Address
Category No. % Average Monthly Income
NCR 28 33% Category No. %
Region VII 29 34% Php 7,500 - below 5 6%
Region IV-A 11 13% P7,500 to P15,000 18 21%
Region I 2 2% P15,001 to P30,000 5 6%
Region XI 2 2% P30,001 to 45,000 9 11%
outside the Philippines 2 2% P 45,001- above 21 25%
No reply 11 13% No reply 27 32%
Total 85 100% Total 85 100%
PASSAGE INFORMATION
Airfare
Category No. of respondents Average Fare
PAL 44 Php4,601.42
Cebu Pacific 41 Php4,069.80
Annex A - 1
Feasibility Study for the Panglao Island Airport Development Project
TRIP DETAILS
Actual Origin
Category No. % Characteristic of Origin
NCR 71 84% Category No. %
Region IV-A 5 6% Home 57 67%
Region VII 2 2% Tourist Spot 6 7%
Region III 1 1% Office / Work Place 12 14%
Region X 1 1% Others 5 6%
outside the Philippines 4 5% No reply 5 6%
No reply 1 1% Total 85 100%
Total 85 100%
Final Destination
City/Municipality No. %
Tagbilaran 54 64%
Panglao 14 16% Characteristic of Final destination
Dauis 3 4% Category No. %
Ubay 2 2% Home 43 51%
Calape 3 4% Tourist Spot 30 35%
Jagna 1 1% Office/ Work Place 6 7%
Valencia 1 1% Others 1 1%
Albur 1 1% No reply 5 6%
Antequera 1 1% Total 85 100%
Loboc 1 1%
No reply 4 5%
Total 85 100%
Annex A - 2
Feasibility Study for the Panglao Island Airport Development Project
DEPARTING PASSENGERS
Nationality of Respondents
Gender
Category No. % Category No. %
Filipino 159 86% Male 75 41%
Foreigner 26 14% Female 110 59%
Total 185 100% Total 185 100%
Age
Category No. %
19 & below 19 10% Marital Status
20 to 29 40 22% Category No. %
30 to 39 48 26% Single 79 43%
40 to 49 43 23% Married 98 53%
50 to 59 21 11% Widowed 5 3%
60 to 69 6 3% Separated 1 1%
70 & above 2 1% No reply 2 1%
No reply 6 3% Total 185 100%
Total 185 100%
Annex A - 3
Feasibility Study for the Panglao Island Airport Development Project
Home Address
Domestic Passengers
Category
No. % Average Monthly Income
Bohol (Region VII) 69 37% Category No. %
NCR 42 23% Php 7,500 - below 21 11%
Region IVA 21 11% P7,500 to P15,000 26 14%
Region III 10 5% P15,001 to P30,000 23 12%
Region I 3 2% P30,001 to 45,000 11 6%
Region XI 1 1% P 45,001- above 37 20%
CAR 1 1% No reply 67 36%
outside the Philippines 26 14% Total 185 100%
No reply 12 6%
Total 185 100%
PASSAGE INFORMATION
Traveling in a Group?
Category No. %
Yes 86 46%
No 71 38%
No reply 28 15%
Total 185 100%
TRIP DETAILS
Annex A - 4
Feasibility Study for the Panglao Island Airport Development Project
Annex A - 5
Feasibility Study for the Panglao Island Airport Development Project
Baggage handling
10 inside the terminal 3 14 67 71 20 175
5= 4= Responde
Category 3 = Fair 2 = Dissatisfied 1 = Poor
Excellent Satisfied nts
% 2% 8% 38% 41% 11% 100%
Terminal comfort/
11 ambiance 9 28 68 54 18 177
% 5% 16% 38% 31% 10% 100%
Restroom locations
12 and appearance 10 37 62 56 8 173
% 6% 21% 36% 32% 5% 100%
Gift shops/ shopping
13 facilities/ choices 20 48 53 41 4 166
% 12% 29% 32% 25% 2% 100%
Bar/café/ restaurant
14 standards 27 43 54 29 6 159
% 17% 27% 34% 18% 4% 100%
Seating in the lobby/
15 boarding gate areas 16 31 61 47 7 162
% 10% 19% 38% 29% 4% 100%
Lighting inside the
16 terminal 7 18 76 55 11 167
% 4% 11% 46% 33% 7% 100%
Willingness to pay for terminal fee if facilities will be improved to their level of satisfaction
Fee (in Php) No. %
50 or less 79 52%
51 - 100 23 15%
101 - 200 16 11%
201 - 500 6 4%
501 - 700 0 0%
701 & above 0 0%
Not willing to pay 1 1%
Stated exact amounts 26 17%
Total 151 100%
Annex A - 6
Feasibility Study for the Panglao Island Airport Development Project
Annex A - 7
Feasibility Study for the Panglao Island Airport Development Project
Annex B – DOTC Circular Revising the Fees and Charges for the Davao
International Airport
18 June 2007
Pursuant to the provisions of Sections 32 and 51 of Republic act No. 776, otherwise known as the
Civil Aeronautics Act, as amended by Presidential Decrees Nos. 844, 1278, 1462 and Executive
Order No. 546, the following fees and charges for the use/operation of Davao International airport
(DIA) are hereby prescribed amending for the purpose Department Order No. 98-1178 dated 03
September 1998 (Revised Schedule of Fees and Charges for Alternate International Airports and
National Airports).
1.2 Aircraft Parking Fee - A fee charged to aircraft for the use of facilities
and services for parking at the terminal apron or
remote parking areas from the time of landing up
to the time of take off.
Annex B - 1
Feasibility Study for the Panglao Island Airport Development Project
1.10 Developed Area - An area that has an access road and or where
improvements are already introduced.
1.12 Landing and Take-Off - A fee charged for the use of aircraft of the airport
Fees facilities and services for landing and take-off.
1.13 Nighttime - The time between 6:00 p.m. and 6:00 a.m. (local
time).
1.14 Transit Passenger - A passenger who arrives and departs from the
airport in the same aircraft (passing through)
from his original port of departure or in a
connecting flight (changing aircraft for
continuing his journey) provided that said
passenger will no longer check-in boarding his
plane to his intended destination.
Section 1. Applicability – The fees and charges prescribed herein shall apply for the use
of DIA, the facilities, services, utilities and properties under the management and control of the
ATO.
Section 2. Effects on Existing Contract – The fees and charges prescribed herein shall
not affect contracts, leases or concession permits executed or approved prior to the effectivity of
this Department Order, except when otherwise provided in said contract, lease or permit.
Section 3. Exemption – Government agencies operating within the airport shall pay
rentals due including electric, water and telephone bills to the ATO for the use of office space and
working area which they are currently occupying or may hereinafter occupy. However,
government offices whose services are essential to the operation of the airport as determined by
the ATO, upon recommendation by the Airport Manager, DIA subject to the approval of the
Secretary, shall be exempted from payments of rentals only. Further, should these offices
subsequently occupy additional spaces or areas, they shall pay the appropriate charges.
Annex B - 2
Feasibility Study for the Panglao Island Airport Development Project
Section 4. Other Fees and Charges - The fees and charges prescribed herein shall not
prejudice the right of the ATO to impose and collect such other reasonable charges as maybe
determined by the Assistant Secretary for the use of such properties, facilities and services in
DIA.
Section 7. Rules of Payment – The fees and charges prescribed herein shall be due and
payable within the first five (5) days of the month for which the charges are due unless provided
otherwise. Concessionaires billed on the basis of gross receipts shall be required to submit to the
ATO, a sworn statement of their gross receipts from operations for the period required and to
maintain a separate book of account for the purpose which shall be subjected to the periodic
inspection by the ATO. Failure to submit the required statements shall be sufficient ground for
termination of the contract, without prejudice to the collection of whatever amount is due to the
government including interest and penalties.
Aircraft that operates at the DIA shall be levied with the appropriate fees and charges for
the use of various facilities such as runways, taxiways, apron areas and lighting facilities.
Sec. 1. Landing and Take-off Fees - Landing and take-off fees for international or
domestic operations shall be computed as follows:
Annex B - 3
Feasibility Study for the Panglao Island Airport Development Project
a. International Operations:
Basis: Fees are computed based on the aircraft certified maximum gross weight and
per landing and take-off.
b. Domestic Operations:
Basis: Fees are computed based on the aircraft certified maximum gross weight and
per landing and take-off.
Section 2. Parking Fees – Parking fees for international or domestic operations shall be
computed as follows:
a. International Operations:
Basis: Fees are computed based on the aircraft certified maximum gross weight and
the number of hours parked after the first two (2) hours free parking period.
Annex B - 4
Feasibility Study for the Panglao Island Airport Development Project
b. Domestic Operations:
Basis: Fees are computed based on the aircraft certified maximum gross weight and
the number of hours parked after the first two (2) hours free parking period.
Basis: Aircraft that lands and takes off during nighttime shall be levied additional
lighting charges. Night time is between 6:00 p.m. to 6:00 a.m. (local time).
Rates quoted in U.S. dollars may be paid in Philippine Peso equivalent to the
prevailing rate of exchange as of the date of billing.
a. International Operations:
b. Domestic Operations:
Note: This additional charge shall be reduced to ten percent (10%) if:
a) The landing was made before nighttime and the subsequent takeoff was made
during nighttime; or
b) The landing was made before nighttime and the subsequent take-off was
made during daylight hours.
Annex B - 5
Feasibility Study for the Panglao Island Airport Development Project
Section 4. Reductions
Basis: Unless otherwise specifically provided herein, aircraft operating under the
following categories shall be charged fifty percent (50%) of the prescribed rates:
Section 5. Exemptions
Basis: Unless otherwise specifically provided, the fees and charges provided herein shall
not apply to the following:
5.1 Aircraft registered and/or operated by the Government of the Republic of the
Philippines solely for government functions:
5.2 State-owned aircraft exclusively used by diplomatic and consular representatives
of foreign governments.
(Civil registered aircraft other than state-owned aircraft, which are chartered or
hired by representatives, or personnel of foreign governments are not exempted
by this provision);
5.3 Aircraft engaged in humanitarian mission for the particular flight;
5.4 Flight diverted due to in-flight emergency;
5.5 Aircraft which, by virtue of existing laws or treaties, are exempted from the
payment of fees and charges;
5.6 Aircraft required to land at the DIA due to Air Traffic Control (ATC) or other
administrative requirements; and
5.7 Other non-revenue flights as may be exempted by the Assistant Secretary subject
to the approval of the Secretary.
Section 6. Payment Procedures – The aeronautical fees and charges prescribed shall be
due and payable through any of the following modes of payment.
6.1 The fees and charges prescribed herein shall be due and payable at the close of
each calendar month unless provided otherwise in the subsequent sections.
6.2 Payment of aircraft operation charges for non-scheduled operators shall be due
and payable in cash prior to take-off unless credit arrangements satisfactory to the
ATO have been made in advance.
6.3 Credit arrangements with the ATO may be made in advance provided that such
operators post a cash bond equivalent to estimated one (1) month charges which
shall be maintained by the airline to guarantee prompt payment of accounts and
provided further, that such airlines d not have unsettled accounts with the ATO.
6.4 Failure on the part of the airline or aircraft operator to pay accounts due shall be a
sufficient ground for the ATO to detain said aircraft or deny such aircraft further
use of the airport and its facilities.
6.5 Contracts for the use of the airport and airport facilities may be required from the
airlines or aircraft operators where credit arrangements are approved.
Annex B - 6
Feasibility Study for the Panglao Island Airport Development Project
Section 3. Other Airport Buildings - Lease/Rental Charges for DIA owned buildings
other than the passenger/cargo terminal buildings inclusive of the land area occupied by said
building shall be charged a rate of P45.00 per sq.meter per month.
4.1 Land located within the new DIA terminal building – P 20.00/m2/month
4.2 Land located no other areas not specified above – P 16.00/m2/month
Exemptions:
Section 5. Check-in Counters and Concession Counters – Rental charges for the use
of the Check-in counters and Concession counters shall be in accordance with the following rates:
Annex B - 7
Feasibility Study for the Panglao Island Airport Development Project
Section 1. Concession Privilege Fees (CPF) – All business conducted within the DIA
property shall be levied a Concession Privilege Fee. It shall be charged against any type of
business or commercial activity notwithstanding the use of the same space for other business
located within its vicinity. Concession privilege fee shall be separated from the charges for
rentals of buildings, and/or land spaces and is payable in advance on a monthly, quarterly or
yearly basis according to the following schedule:
RATE
1) Passenger Service Concessions:
- Bank/Foreign Exchange Dealer P 900.00/month
- Travel Agency P 900.00/month
- Commercial Cable/Telegraph P 300.00/month
- Insurance Agency P 300.00/month
- Pay Telephone Booth 18% of gross revenue
- Hotel Reservation P 900.00/month
Annex B - 8
Feasibility Study for the Panglao Island Airport Development Project
- Parking Concession Highest Bid Price but not less than the
approved estimate of ATO
- Porterage Service Highest Bid Price but not less than the
approved estimate of ATO
RATE
5. Other Areas
Annex B - 9
Feasibility Study for the Panglao Island Airport Development Project
PART VI – UTILITIES
Section 1. Electric Power Charges - Leases / tenants of buildings and/or spaces shall be
charged for their electrical consumption based on actual meter readings in accordance with Davao
Light & Power Company rates plus twelve and a half percent (12.5%) maintenance and service
fees, provided, however, that the minimum charge should not be less than TWO HUNDRED
FIFTY PESOS (P250.00).
Section 2. Telephone, Cable Pairs and Right of Way for Communication Facilities
1) Telephone
Main/Local P 375.00/unit/mo.
Extension 187.50/unit/mo.
2) Cable Pairs
Annex B - 10
Feasibility Study for the Panglao Island Airport Development Project
Section 3. Water Charges - Lessees and/or tenants of buildings and/or spaces shall be
charged for the water consumption based on the actual meter reading in accordance with Davao
City Water District rates plus a twelve and a half percent (12.5%) maintenance and service fees.
Commercial/Residential P 200.00/point/terminal
4.2 Permit fee for reconnection, repair, renovation or improvement of buildings and
similar structure
Commercial/Residential P 200.00/application
4.3 Permit fee for construction of building, hangars and similar structure
Commercial/Residential P 625.00/application
Section 1. Tacking Fees - Aircrafts using the various loading bridges shall be charged
the following fees
Note: In the event that an aircraft has been directed or instructed to return due to safety
and security reasons, no additional charge shall be levied, however, the use of
loading bridge in the excess of one (1) hour will be charged accordingly.
Section 2. Waiting Lounge Fees – Well-wishers entering the Waiting Lounge, of both
Domestic and International Passenger Terminal Buildings shall be charged a Waiting Lounge Fee
of P15.00/person and Observation Deck Fee of P 15.00/person.
Section 3. Royalty Fee on Cargoes – A royalty fee shall be imposed on any person, firm
or corporation engaged in the business of providing cargo handling services at the DIA using
airport facilities.
Domestic Incoming or
Outgoing Cargoes P 0.10/kg or fraction thereof
Section 4. Vehicular Parking Areas - All motor vehicles, regardless of type, shall be
charged for the use of the vehicular parking areas in accordance with the following rates:
P 10.00 for the first two (2) hours or fraction thereof and
and P5.00/hour or fraction thereof thereafter to a
maximum of P 50.00/day
Annex B - 11
Feasibility Study for the Panglao Island Airport Development Project
Section 5. Ground Handling Services Fees – A fee shall be charged for the use of the
ramp facilities in accordance with the following schedule:
Section 7. Royalty Fee on the sale of Aviation Fuel, Oil, Grease and Lubricants – A
royalty fee in the amount of P 0.09/liter shall be imposed on any person, firm or corporation,
selling or delivering, directly or indirectly, fuel, oil, grease or lubricants at the airport for their use.
Section 8. Pipe Rentals – The charge for pipe rentals shall be P 350.00 per hydrant pit
per month in addition to the royalty fee.
9.2 Domestic Passenger Terminal. The charge for Porterage Services shall be P10.00
per cart.
Section 10. Passenger Service Charge – A Passenger Service Charge shall be paid by
each departing passenger traveling in any air transport or carrier in accordance with the following
rates except:
10.1 Children two (2) years old or below, but without any airline ticket.
10.2 Overseas Contract Worker
10.3 Transit Passenger
10.4 Passenger who was denied entry.
Annex B - 12
Feasibility Study for the Panglao Island Airport Development Project
Note: Passenger Service Charge of cancelled international flights is subject for refund
within a period of twenty-four (24) hours from date of issue.
Facility Rate
The passenger Service Charge shall be paid directly to the ATO, DIA.
Any passenger refusing or failing to pay the required passenger service charge shall be prevented
from boarding the aircraft.
Section 11. Miscellaneous Fess and Charges – The issuance or replacement of DIA
Access Cards, Vehicle Permit and Reserved Parking Stickers and other miscellaneous services
shall be charged the following rates:
Annex B - 13
Feasibility Study for the Panglao Island Airport Development Project
Section 12. Garbage Collection Fees – Garbage Collection Fee shall be levied against
all lessees at the Cargo and Terminal Buildings or in area to be designated hereafter depending
upon the area they occupy at a rate of P0.05/m2/month. Provided, however, that the minimum fee
should not be less than Two Hundred Pesos (P200.00) per month and the maximum fee should
not be more than One Thousand Pesos (P 1,000.00) per month.
Failure on the part of any person, firm or corporation to pay any fees or charges due and
payable within the specific date fixed in the contract, permit, bill issued, without the need of any
written demand by the Assistant Secretary or his duly authorized representative, shall be
considered sufficient ground to deny such person, firm or corporation the further use of the airport
or any of its facilities, utilities and services, and shall be a basis for cancellation of its contract.
Furthermore, should the lessee’s/concessionaire’s cash deposit be insufficient to cover the
outstanding obligation of such lessee/concessionaire, the ATO may hold the
lessee’s/concessionaire’s property within the leased premises or areas until full payment is made
without prejudice to ATO taking such action and/or proceeding as may be deemed proper and
necessary. Unpaid account shall automatically earn a penalty interest at the rate of two percent
(2%) per month compounded monthly, computed from the date immediately following the date
the fees and charges are due without need of formal advice.
All previous Orders, Rules and Regulations or part thereof as they pertain to fees and
charges for airport area, facilities and other services, which are inconsistent with any provisions
herein, are deemed revoked, amended or modified accordingly.
The provisions of this Department Order are hereby declared separable. If any portion
thereof shall be held invalid or unconstitutional, such invalidity or unconstitutionality shall not
affect the other provisions which shall remain in full force and effect.
This Department Order shall take effect fifteen (15) days after receipt of copies thereof by
the Office of the National Administrative Register (ONAR) UP Law Center, Diliman, Quezon
City and publication thereof in two (2) newspapers of general nationwide circulation.
Approved:
LEANDRO R. MENDOZA
Secretary
(signed)
Annex B - 14
Feasibility Study for the Panglao Island Airport Development Project
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
ASSETS
Current Assets
Cash and Bank Accounts 9,074,614 9,346,853 9,627,258 9,916,076 26,135,784 27,020,130 28,077,220 29,328,201 31,523,649 121,466,162 123,473,346 125,843,699 129,500,269
Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 1,066,168 1,098,153
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 10,944,837 11,240,182 11,544,387 11,857,719 28,102,676 29,013,029 30,096,906 31,375,478 33,599,344 123,571,128 125,608,461 128,009,867 131,698,422
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvements 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 2,217,496,097 2,064,980,135
Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797 2,188,749,543 2,032,410,290
Vertical and Horizontal Structures Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 12,586,431
Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894 17,637,611 19,983,413
Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475 161,570,922
Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 5,231,669 5,860,990
Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787 14,474,917 15,356,088
Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564 2,036,127,155
TOTAL ASSETS 3,911,583,098 3,757,107,118 3,601,260,830 3,445,429,331 3,307,466,991 3,152,264,980 2,997,243,300 2,842,423,324 2,690,947,426 2,624,860,859 2,470,848,269 2,317,208,430 2,167,825,577
LIABILITIES
Current Liabilities
Due to Central Office/National Treasury - - - - 15,342,715 15,903,269 16,626,854 17,534,324 18,658,487 108,215,045 109,824,696 111,785,589 114,132,147
Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 16,224,278 17,566,275
Total Current Liabilities 10,944,837 11,240,182 11,544,387 11,857,719 28,102,676 29,013,029 30,096,906 31,375,478 33,599,344 123,571,128 125,608,461 128,009,867 131,698,422
TOTAL LIABILITIES 10,944,837 11,240,182 11,544,387 11,857,719 28,102,676 29,013,029 30,096,906 31,375,478 33,599,344 123,571,128 125,608,461 128,009,867 131,698,422
Equity
Government Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564 2,036,127,155
TOTAL LIABILITIES AND EQUITY 3,911,583,098 3,757,107,118 3,601,260,830 3,445,429,331 3,307,466,991 3,152,264,980 2,997,243,300 2,842,423,324 2,690,947,426 2,624,860,859 2,470,848,269 2,317,208,430 2,167,825,577
Annex C - 1
Panglao Island Airport Development FS & Master
Plan
Projected Balance Sheet
Scenario 1 - Base Scenario (No Increase in ATO Fees)
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
ASSETS
Current Assets
Cash and Bank Accounts 132,688,920 199,185,016 203,516,637 209,582,498 215,213,840 221,619,476 301,456,041 311,004,174 320,490,272 331,088,250 342,891,676 451,742,348
Inventories 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 134,920,018 201,946,898 206,328,376 212,445,588 218,129,823 224,589,939 304,482,617 314,088,548 323,634,178 334,293,473 346,160,056 455,075,779
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvements 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648
Net Fixed Asset, Airport 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253
Vertical and Horizontal Structures Improvements 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Air Navigation Equipment and Others 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279
Less: Accumulated Depreciation 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and Horizontal Structures 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029
Depreciation of Equipment 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060
Net Property, Plant and Equipment 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL ASSETS 2,015,055,694 1,926,101,528 1,774,512,706 1,628,336,452 1,478,111,998 1,328,676,342 1,252,686,554 1,110,962,156 965,033,223 820,243,896 676,688,576 635,828,770
LIABILITIES
Current Liabilities
Due to Central Office/National Treasury 116,859,755 180,605,002 184,379,223 188,771,232 193,778,236 199,540,804 278,715,008 286,219,380 294,961,935 304,794,062 315,808,663 422,161,188
Accounts Payable 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591
Total Current Liabilities 134,920,018 201,946,898 206,328,376 212,445,588 218,129,823 224,589,939 304,482,617 314,088,548 323,634,178 334,293,473 346,160,056 455,075,779
TOTAL LIABILITIES 134,920,018 201,946,898 206,328,376 212,445,588 218,129,823 224,589,939 304,482,617 314,088,548 323,634,178 334,293,473 346,160,056 455,075,779
Equity
Government Equity 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL LIABILITIES AND EQUITY 2,015,055,694 1,926,101,528 1,774,512,706 1,628,336,452 1,478,111,998 1,328,676,342 1,252,686,554 1,110,962,156 965,033,223 820,243,896 676,688,576 635,828,770
Annex C - 2
Panglao Island Airport Development FS &
Master Plan
Projected Income Statement
Scenario 1 - Base Scenario (No Increase in ATO Fees)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
INCOME
TOTAL INCOME 148,475,373 150,037,772 151,672,925 153,437,241 213,035,902 215,173,024 217,520,474 220,100,525 225,339,007 316,787,964 320,346,785 324,315,323
EXPENSES
Operating Expenses
Salaries and Benefits 13,085,804 13,478,378 13,882,729 14,299,211 14,728,188 15,170,033 15,625,134 16,093,888 16,576,705 17,074,006 17,586,226 18,113,813
General Operation and Administration Expenses 2,567,409 2,644,431 2,723,764 2,805,477 2,889,641 2,976,330 3,065,620 3,157,589 3,252,316 3,349,886 3,450,382 3,553,894
Airport Facility Maintenance 17,162,910 17,677,798 18,208,132 18,754,376 21,248,708 21,886,169 22,542,754 23,219,036 26,307,168 27,096,383 27,909,275 28,746,553
Repair & Maintenance of Airport Horizontal & Vertical
Facilities 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942
Repair & Maintenance of Air Navigation Facilities 5,813,375 5,987,776 6,167,409 6,352,431 7,197,305 7,413,224 7,635,621 7,864,689 8,910,693 9,178,014 9,453,354 9,736,955
Other Repairs and Maintenance 4,717,027 4,858,538 5,004,294 5,154,422 5,839,961 6,015,159 6,195,614 6,381,483 7,230,220 7,447,126 7,670,540 7,900,656
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260
Earnings before Depreciation Allowance 114,559,250 115,137,166 115,758,300 116,478,178 173,069,366 174,040,492 175,186,966 176,530,011 178,102,818 268,167,689 270,300,902 272,801,064
Depreciation Allowance 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475
Net Operating Income (43,164,668) (41,533,713) (41,254,153) (40,886,096) 15,342,715 15,903,269 16,626,854 17,534,324 18,658,487 108,215,045 109,824,696 111,785,589
Earnings Due to the National Government - - - - 15,342,715 15,903,269 16,626,854 17,534,324 18,658,487 108,215,045 109,824,696 111,785,589
Annex C - 3
Panglao Island Airport Development FS &
Master Plan
Projected Income Statement
Scenario 1 - Base Scenario (No Increase in ATO Fees)
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
INCOME
TOTAL INCOME 331,690,652 336,694,209 412,026,433 418,492,491 429,322,856 437,366,433 446,256,672 528,652,377 544,013,330 556,065,795 569,307,130 583,833,215 699,421,422
EXPENSES
Operating Expenses
Salaries and Benefits 18,657,227 19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473
General Operation and Administration Expenses 3,660,511 3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768
Airport Facility Maintenance 32,569,845 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395
Repair & Maintenance of Airport Horizontal & Vertical
Facilities 12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Repair & Maintenance of Air Navigation Facilities 11,031,970 11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234
Other Repairs and Maintenance 8,951,444 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 55,987,583 57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636
Earnings before Depreciation Allowance 275,703,069 279,059,998 343,453,447 347,895,315 352,975,000 358,761,142 365,326,222 445,327,013 453,682,769 463,058,318 473,542,429 485,228,572 592,272,787
Depreciation Allowance 161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Net Operating Income 114,132,147 116,859,755 180,605,002 184,379,223 188,771,232 193,778,236 199,540,804 278,715,008 286,219,380 294,961,935 304,794,062 315,808,663 422,161,188
Earnings Due to the National Government 114,132,147 116,859,755 180,605,002 184,379,223 188,771,232 193,778,236 199,540,804 278,715,008 286,219,380 294,961,935 304,794,062 315,808,663 422,161,188
Annex C - 4
Panglao Island Airport
Development FS & Master
Plan
Projected Cash Flow Statement
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Operating Activities
Net Operating Income 114,559,250 115,137,166 115,758,300 116,478,178 173,069,366 174,040,492 175,186,966 176,530,011 178,102,818 268,167,689 270,300,902
Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226 427,682
Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083 15,013,765
Recovery of Working Capital
Net Cash Provided by (Used in)
Operating Activities 104,384,414 114,841,821 115,454,094 116,164,846 172,167,124 173,690,693 174,826,673 176,158,910 177,003,115 267,752,463 269,873,219
Investing Activity
Proceeds from Tagbilaran Property
Auction 330,000,000
Panglao Airport Project 148,242,526 606,703,922 2,305,994,325 980,258,497
Net Cash Provided by (Used in)
Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000
Financing Activities
Subsidy from MIAA 25,726,072 576,074,808 2,298,199,120 -
Subsidy from DOTC 122,516,454 30,629,114 - -
Subsidy from other National
Government Agencies - - 7,795,205 980,258,497
Net Cash Provided by (Used in)
Financing Activities 148,242,526 606,703,922 2,305,994,325 980,258,497
Net Cash Flows - - - - 434,384,414 114,841,821 115,454,094 116,164,846 172,167,124 173,690,693 174,826,673 176,158,910 177,003,115 267,752,463 269,873,219
Annex C - 5
Panglao Island Airport
Development FS & Master
Plan
Projected Cash Flow Statement
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating Activities
Net Operating Income 272,801,064 275,703,069 279,059,998 343,453,447 347,895,315 352,975,000 358,761,142 365,326,222 445,327,013 453,682,769 463,058,318 473,542,429 485,228,572 592,272,787
Change in Working Capital 440,513 1,341,997 493,988 3,281,633 607,257 1,725,204 677,231 697,548 718,474 2,101,559 803,075 827,167 851,982 2,563,198
Working Capital Requirement 15,454,278 16,796,275 17,290,263 20,571,896 21,179,153 22,904,357 23,581,587 24,279,135 24,997,609 27,099,168 27,902,243 28,729,410 29,581,393 32,144,591
Recovery of Working Capital 32,144,591
Net Cash Provided by (Used in)
Operating Activities 272,360,551 274,361,072 278,566,010 340,171,814 347,288,058 351,249,796 358,083,911 364,628,674 444,608,539 451,581,211 462,255,243 472,715,262 484,376,590 621,854,179
Investing Activity
Proceeds from Tagbilaran Property
Auction
Panglao Airport Project
Net Cash Provided by (Used in)
Investing Activity
Financing Activities
Subsidy from MIAA
Subsidy from DOTC
Subsidy from other National
Government Agencies
Net Cash Provided by (Used in)
Financing Activities
Net Cash Flows 272,360,551 274,361,072 278,566,010 340,171,814 347,288,058 351,249,796 358,083,911 364,628,674 444,608,539 451,581,211 462,255,243 472,715,262 484,376,590 621,854,179
Annex C - 6
Panglao Island Airport Development FS & Master
Plan
Projected Balance Sheet
Scenario 2 - Applying Davao Airport Fees
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
ASSETS
Current Assets
Cash and Bank Accounts 34,963,704 39,131,748 43,616,360 48,440,899 120,937,727 126,457,729 132,395,934 138,754,536 146,080,018 265,856,918 273,548,617
Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 36,833,926 41,025,077 45,533,490 50,382,542 122,904,619 128,450,628 134,415,620 140,801,812 148,155,712 267,961,884 275,683,732
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,943 132,717,944 132,717,945 132,717,946 132,717,947 132,717,948 132,717,949 132,717,950 132,717,951 132,717,952
Airport Facility including Improvements 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071
Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797
Vertical and Horizontal Structures Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380
Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894
Less: Accumulated Depreciation 157,723,919 158,097,084 158,481,444 158,877,336 159,440,949 159,902,950 160,378,811 160,868,948 161,566,735 162,138,720 162,727,864
Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222
Depreciation of Equipment 1,053,040 1,084,631 1,117,170 1,150,685 1,303,727 1,342,838 1,383,123 1,424,617 1,614,091 1,662,514 1,712,389
Net Property, Plant and Equipment 3,900,638,261 3,744,440,731 3,588,247,453 3,432,058,553 3,277,650,020 3,121,486,228 2,965,327,700 2,809,174,593 2,655,225,686 2,499,103,664 2,342,988,159
TOTAL ASSETS 3,937,472,188 3,785,465,808 3,633,780,942 3,482,441,095 3,400,554,639 3,249,936,856 3,099,743,320 2,949,976,406 2,803,381,399 2,767,065,548 2,618,671,891
LIABILITIES
Current Liabilities
Due to Central Office/National Treasury 25,889,090 29,784,895 33,989,102 38,524,823 110,144,658 115,340,869 120,945,568 126,960,658 133,214,856 252,605,801 259,899,967
Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765
Total Current Liabilities 36,833,926 41,025,077 45,533,490 50,382,542 122,904,619 128,450,628 134,415,620 140,801,812 148,155,712 267,961,884 275,683,732
TOTAL LIABILITIES 36,833,926 41,025,077 45,533,490 50,382,542 122,904,619 128,450,628 134,415,620 140,801,812 148,155,712 267,961,884 275,683,732
Equity
Government Equity 3,900,638,261 3,744,440,731 3,588,247,453 3,432,058,553 3,277,650,020 3,121,486,228 2,965,327,700 2,809,174,593 2,655,225,686 2,499,103,664 2,342,988,159
TOTAL LIABILITIES AND EQUITY 3,937,472,188 3,785,465,808 3,633,780,942 3,482,441,095 3,400,554,639 3,249,936,856 3,099,743,320 2,949,976,406 2,803,381,399 2,767,065,548 2,618,671,891
Annex C - 7
Panglao Island Airport Development FS & Master
Plan
Projected Balance Sheet
Scenario 2 - Applying Davao Airport Fees
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
ASSETS
Current Assets
Cash and Bank Accounts 281,786,756 291,215,857 300,529,230 385,065,778 395,688,916 407,796,689 419,778,599 432,533,675 534,952,381 550,752,701 566,468,308 583,227,726 601,115,795 497,342,323
Inventories 1,066,168 1,098,153 1,131,098 1,165,031 1,199,982 1,235,981 1,273,061 1,311,252 1,350,590 1,391,108 1,432,841 1,475,826 1,520,101 1,565,704
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 283,952,924 293,414,010 302,760,328 387,330,809 397,988,897 410,132,670 422,151,660 434,944,927 537,402,971 553,243,809 569,001,149 585,803,552 603,735,896 500,008,027
Non-current Assets
Property, Plant and Equipment
Land 132,717,953 132,717,954 132,717,955 132,717,956 132,717,957 132,717,958 132,717,959 132,717,960 132,717,961 132,717,962 132,717,963 132,717,964 132,717,965 132,717,966
Airport Facility including Improvements 2,217,496,097 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648
Net Fixed Asset, Airport 2,188,749,543 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253
Vertical and Horizontal Structures Improvements 11,108,942 12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Air Navigation Equipment and Others 17,637,611 19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279
Less: Accumulated Depreciation 163,334,683 164,198,585 164,906,736 165,636,132 166,387,410 167,456,972 168,333,706 169,236,742 170,166,868 171,159,425 171,903,299 172,669,490 173,458,666 174,687,510
Depreciation of Initial Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and Horizontal Structures 5,231,669 5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029
Depreciation of Equipment 1,763,761 1,998,341 2,058,292 2,120,040 2,183,642 2,474,066 2,548,288 2,624,736 2,703,479 3,063,041 3,154,932 3,249,580 3,347,068 3,792,228
Net Property, Plant and Equipment 2,186,879,367 2,033,499,504 1,877,429,196 1,721,366,956 1,565,313,027 1,412,637,676 1,256,631,392 1,100,635,098 944,649,092 793,177,594 637,592,151 482,029,322 326,489,786 176,177,104
TOTAL ASSETS 2,470,832,291 2,326,913,515 2,180,189,524 2,108,697,765 1,963,301,924 1,822,770,346 1,678,783,052 1,535,580,025 1,482,052,063 1,346,421,403 1,206,593,300 1,067,832,875 930,225,682 676,185,131
LIABILITIES
Current Liabilities
Due to Central Office/National Treasury 267,728,646 275,847,736 284,700,065 366,485,764 376,551,502 386,985,423 398,342,995 410,455,003 512,211,349 525,967,907 540,939,970 556,933,538 574,032,782 467,761,163
Accounts Payable 16,224,278 17,566,275 18,060,263 20,845,045 21,437,396 23,147,247 23,808,665 24,489,925 25,191,622 27,275,902 28,061,179 28,870,014 29,703,114 32,246,864
Total Current Liabilities 283,952,924 293,414,010 302,760,328 387,330,809 397,988,897 410,132,670 422,151,660 434,944,927 537,402,971 553,243,809 569,001,149 585,803,552 603,735,896 500,008,027
TOTAL LIABILITIES 283,952,924 293,414,010 302,760,328 387,330,809 397,988,897 410,132,670 422,151,660 434,944,927 537,402,971 553,243,809 569,001,149 585,803,552 603,735,896 500,008,027
Equity
Government Equity 2,186,879,367 2,033,499,504 1,877,429,196 1,721,366,956 1,565,313,027 1,412,637,676 1,256,631,392 1,100,635,098 944,649,092 793,177,594 637,592,151 482,029,322 326,489,786 176,177,104
TOTAL LIABILITIES AND EQUITY 2,470,832,291 2,326,913,515 2,180,189,524 2,108,697,765 1,963,301,924 1,822,770,346 1,678,783,052 1,535,580,025 1,482,052,063 1,346,421,403 1,206,593,300 1,067,832,875 930,225,682 676,185,131
Annex C - 8
Panglao Island Airport Development FS &
Master Plan
Projected Income Statement
Scenario 2 - Applying Davao Airport Fees
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
INCOME
TOTAL INCOME 217,529,131 222,782,585 228,385,171 234,361,222 309,552,143 316,376,351 323,657,887 331,400,120 342,017,780 463,364,796 472,673,715 482,577,589 496,033,903
EXPENSES
Operating Expenses
Salaries and Benefits 13,085,804 13,478,378 13,882,729 14,299,211 14,728,188 15,170,033 15,625,134 16,093,888 16,576,705 17,074,006 17,586,226 18,113,813 18,657,227
General Operation and Administration Expenses 2,567,409 2,644,431 2,723,764 2,805,477 2,889,641 2,976,330 3,065,620 3,157,589 3,252,316 3,349,886 3,450,382 3,553,894 3,660,511
Airport Facility Maintenance 17,162,910 17,677,798 18,208,132 18,754,376 21,248,708 21,886,169 22,542,754 23,219,036 26,307,168 27,096,383 27,909,275 28,746,553 32,569,845
Repair & Maintenance of Airport Horizontal & Vertical
Facilities 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 12,586,431
Repair & Maintenance of Air Navigation Facilities 5,813,375 5,987,776 6,167,409 6,352,431 7,197,305 7,413,224 7,635,621 7,864,689 8,910,693 9,178,014 9,453,354 9,736,955 11,031,970
Other Repairs and Maintenance 4,717,027 4,858,538 5,004,294 5,154,422 5,839,961 6,015,159 6,195,614 6,381,483 7,230,220 7,447,126 7,670,540 7,900,656 8,951,444
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583
Earnings before Depreciation Allowance 183,613,008 187,881,979 192,470,547 197,402,159 269,585,607 275,243,819 281,324,379 287,829,606 294,781,591 414,744,521 422,627,831 431,063,329 440,046,320
Depreciation Allowance 157,723,919 158,097,084 158,481,444 158,877,336 159,440,949 159,902,950 160,378,811 160,868,948 161,566,735 162,138,720 162,727,864 163,334,683 164,198,585
Net Operating Income 25,889,090 29,784,895 33,989,102 38,524,823 110,144,658 115,340,869 120,945,568 126,960,658 133,214,856 252,605,801 259,899,967 267,728,646 275,847,736
Earnings Due to the National Government 25,889,090 29,784,895 33,989,102 38,524,823 110,144,658 115,340,869 120,945,568 126,960,658 133,214,856 252,605,801 259,899,967 267,728,646 275,847,736
Annex C - 9
Panglao Island Airport Development FS &
Master Plan
Projected Income Statement
Scenario 2 - Applying Davao Airport Fees
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
INCOME
TOTAL INCOME 507,241,012 599,038,712 611,830,231 629,033,219 643,472,250 658,758,159 763,783,625 785,480,337 803,813,865 823,269,742 843,935,163 747,371,553
EXPENSES
Operating Expenses
Salaries and Benefits 19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473
General Operation and Administration Expenses 3,770,326 3,883,436 3,999,939 4,119,937 4,243,535 4,370,841 4,501,966 4,637,025 4,776,136 4,919,420 5,067,003 5,219,013
Airport Facility Maintenance 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395
Repair & Maintenance of Airport Horizontal & Vertical
Facilities 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Repair & Maintenance of Air Navigation Facilities 11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234
Other Repairs and Maintenance 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 57,634,210 66,916,815 68,891,320 74,590,824 76,795,549 79,066,415 81,405,408 88,353,005 90,970,596 93,666,713 96,443,715 104,922,880
Earnings before Depreciation Allowance 449,606,801 532,121,897 542,938,912 554,442,395 566,676,701 579,691,744 682,378,217 697,127,332 712,843,269 729,603,028 747,491,448 642,448,673
Depreciation Allowance 164,906,736 165,636,132 166,387,410 167,456,972 168,333,706 169,236,742 170,166,868 171,159,425 171,903,299 172,669,490 173,458,666 174,687,510
Net Operating Income 284,700,065 366,485,764 376,551,502 386,985,423 398,342,995 410,455,003 512,211,349 525,967,907 540,939,970 556,933,538 574,032,782 467,761,163
Earnings Due to the National Government 284,700,065 366,485,764 376,551,502 386,985,423 398,342,995 410,455,003 512,211,349 525,967,907 540,939,970 556,933,538 574,032,782 467,761,163
Annex C - 10
Panglao Island Airport
Development FS & Master
Plan
Projected Cash Flow Statement
Scenario 2 - Applying Davao
Airport Fees
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Operating Activities
Net Operating Income 183,613,008 187,881,979 192,470,547 197,402,159 269,585,607 275,243,819 281,324,379 287,829,606 294,781,591 414,744,521 422,627,831
Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226 427,682
Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083 15,013,765
Recovery of Working Capital
Net Cash Provided by (Used in)
Operating Activities 173,438,171 187,586,634 192,166,341 197,088,827 268,683,365 274,894,020 280,964,086 287,458,505 293,681,888 414,329,295 422,200,149
Investing Activity
Proceeds from Tagbilaran Property
Auction 330,000,000
Panglao Airport Project 148,242,526 606,703,922 2,305,994,325 980,258,497
Net Cash Provided by (Used in)
Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000
Financing Activities
Subsidy from MIAA 25,726,072 576,074,808 2,298,199,120 -
Subsidy from DOTC 122,516,454 30,629,114 - -
Subsidy from other National
Government Agencies - - 7,795,205 980,258,497
Net Cash Provided by (Used in)
Financing Activities 148,242,526 606,703,922 2,305,994,325 980,258,497
Net Cash Flows - - - - 503,438,171 187,586,634 192,166,341 197,088,827 268,683,365 274,894,020 280,964,086 287,458,505 293,681,888 414,329,295 422,200,149
Annex C - 11
Panglao Island Airport
Development FS & Master
Plan
Projected Cash Flow Statement
Scenario 2 - Applying Davao
Airport Fees
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating Activities
Net Operating Income 431,063,329 440,046,320 449,606,801 532,121,897 542,938,912 554,442,395 566,676,701 579,691,744 682,378,217 697,127,332 712,843,269 729,603,028 747,491,448 642,448,673
Change in Working Capital 440,513 1,341,997 493,988 2,784,782 592,351 1,709,851 661,417 681,260 701,698 2,084,279 785,277 808,835 833,100 2,543,750
Working Capital Requirement 15,454,278 16,796,275 17,290,263 20,075,045 20,667,396 22,377,247 23,038,665 23,719,925 24,421,622 26,505,902 27,291,179 28,100,014 28,933,114 31,476,864
Recovery of Working Capital 31,476,864
Net Cash Provided by (Used in)
Operating Activities 430,622,816 438,704,324 449,112,813 529,337,115 542,346,560 552,732,544 566,015,284 579,010,484 681,676,520 695,043,053 712,057,992 728,794,193 746,658,348 671,381,787
Investing Activity
Proceeds from Tagbilaran Property
Auction
Panglao Airport Project
Net Cash Provided by (Used in)
Investing Activity
Financing Activities
Subsidy from MIAA
Subsidy from DOTC
Subsidy from other National
Government Agencies
Net Cash Provided by (Used in)
Financing Activities
Net Cash Flows 430,622,816 438,704,324 449,112,813 529,337,115 542,346,560 552,732,544 566,015,284 579,010,484 681,676,520 695,043,053 712,057,992 728,794,193 746,658,348 671,381,787
Annex C - 12
Panglao Island Airport Development FS
& Master Plan
Projected Balance Sheet
Scenario 3 - 10% FIRR Scenario
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
ASSETS
Current Assets
Cash and Bank Accounts 34,421,491 36,636,917 37,575,603 38,671,403 130,021,022 131,497,486 133,253,608 135,323,474 138,477,899 282,887,378 548,132,375
Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 36,291,714 38,530,247 39,492,732 40,613,046 131,987,915 133,490,385 135,273,294 137,370,751 140,553,594 284,992,344 550,267,490
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvements 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071
Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797
Vertical and Horizontal Structures
Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380
Air Navigation Equipment and Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894
Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206
Depreciation of Initial Investment in Airport
Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and Horizontal
Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222
Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787
Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808
TOTAL ASSETS 3,936,929,975 3,784,397,182 3,629,209,174 3,474,184,658 3,411,352,229 3,256,742,336 3,102,419,687 2,948,418,598 2,797,901,676 2,786,282,075 2,895,507,297
LIABILITIES
Current Liabilities
Due to Central Office/National Treasury 25,346,877 27,290,065 27,948,344 28,755,327 119,227,954 120,380,626 121,803,242 123,529,597 125,612,737 269,636,261 534,483,725
Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765
Total Current Liabilities 36,291,714 38,530,247 39,492,732 40,613,046 131,987,915 133,490,385 135,273,294 137,370,751 140,553,594 284,992,344 550,267,490
TOTAL LIABILITIES 36,291,714 38,530,247 39,492,732 40,613,046 131,987,915 133,490,385 135,273,294 137,370,751 140,553,594 284,992,344 550,267,490
Equity
Government Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808
TOTAL LIABILITIES AND EQUITY 3,936,929,975 3,784,397,182 3,629,209,174 3,474,184,658 3,411,352,229 3,256,742,336 3,102,419,687 2,948,418,598 2,797,901,676 2,786,282,075 2,895,507,297
Annex C - 13
Panglao Island Airport Development FS
& Master Plan
Projected Balance Sheet
Scenario 3 - 10% FIRR Scenario
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
ASSETS
Current Assets
Cash and Bank Accounts 554,481,004 562,755,269 571,285,492 740,244,947 751,644,504 765,793,199 780,631,495 797,483,538 1,004,617,989 1,738,836,542 1,778,053,692 1,821,898,112 1,870,759,779 2,319,061,206
Inventories 1,066,168 1,098,153 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 556,647,172 564,953,422 573,516,590 743,006,829 754,456,242 768,656,290 783,547,478 800,454,001 1,007,644,566 1,741,920,916 1,781,197,597 1,825,103,335 1,874,028,158 2,322,394,636
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvements 2,217,496,097 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648
Net Fixed Asset, Airport 2,188,749,543 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253
Vertical and Horizontal Structures
Improvements 11,108,942 12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Air Navigation Equipment and Others 17,637,611 19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279
Less: Accumulated Depreciation 161,015,475 161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Depreciation of Initial Investment in Airport
Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and Horizontal
Structures 5,231,669 5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029
Depreciation of Equipment 14,474,917 15,356,088 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060
Net Property, Plant and Equipment 2,189,198,564 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL ASSETS 2,745,845,736 2,601,080,577 2,453,652,266 2,467,161,459 2,322,640,572 2,184,547,153 2,043,529,653 1,904,540,404 1,955,848,502 2,538,794,524 2,422,596,643 2,311,053,758 2,204,556,678 2,503,147,628
LIABILITIES
Current Liabilities
Due to Central Office/National Treasury 540,422,894 547,387,147 555,456,327 721,664,933 732,507,090 744,981,933 759,195,891 775,404,866 981,876,956 1,714,051,748 1,752,525,354 1,795,603,924 1,843,676,765 2,289,480,046
Accounts Payable 16,224,278 17,566,275 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591
Total Current Liabilities 556,647,172 564,953,422 573,516,590 743,006,829 754,456,242 768,656,290 783,547,478 800,454,001 1,007,644,566 1,741,920,916 1,781,197,597 1,825,103,335 1,874,028,158 2,322,394,636
TOTAL LIABILITIES 556,647,172 564,953,422 573,516,590 743,006,829 754,456,242 768,656,290 783,547,478 800,454,001 1,007,644,566 1,741,920,916 1,781,197,597 1,825,103,335 1,874,028,158 2,322,394,636
Equity
Government Equity 2,189,198,564 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL LIABILITIES AND EQUITY 2,745,845,736 2,601,080,577 2,453,652,266 2,467,161,459 2,322,640,572 2,184,547,153 2,043,529,653 1,904,540,404 1,955,848,502 2,538,794,524 2,422,596,643 2,311,053,758 2,204,556,678 2,503,147,628
Annex C - 14
Panglao Island Airport
Development FS & Master Plan
Projected Income Statement
Scenario 3 - 10% FIRR Scenario
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
INCOME
TOTAL INCOME 216,986,918 218,861,550 220,875,422 223,078,665 316,921,140 319,650,380 322,696,861 326,095,798 332,293,257 478,209,180 745,005,814 752,952,629 764,945,652
EXPENSES
Operating Expenses
Salaries and Benefits 13,085,804 13,478,378 13,882,729 14,299,211 14,728,188 15,170,033 15,625,134 16,093,888 16,576,705 17,074,006 17,586,226 18,113,813 18,657,227
General Operation and Administration
Expenses 2,567,409 2,644,431 2,723,764 2,805,477 2,889,641 2,976,330 3,065,620 3,157,589 3,252,316 3,349,886 3,450,382 3,553,894 3,660,511
Airport Facility Maintenance 17,162,910 17,677,798 18,208,132 18,754,376 21,248,708 21,886,169 22,542,754 23,219,036 26,307,168 27,096,383 27,909,275 28,746,553 32,569,845
Repair & Maintenance of Airport
Horizontal & Vertical Facilities 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 12,586,431
Repair & Maintenance of Air Navigation
Facilities 5,813,375 5,987,776 6,167,409 6,352,431 7,197,305 7,413,224 7,635,621 7,864,689 8,910,693 9,178,014 9,453,354 9,736,955 11,031,970
Other Repairs and Maintenance 4,717,027 4,858,538 5,004,294 5,154,422 5,839,961 6,015,159 6,195,614 6,381,483 7,230,220 7,447,126 7,670,540 7,900,656 8,951,444
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583
Depreciation Allowance 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475 161,570,922
Net Operating Income 25,346,877 27,290,065 27,948,344 28,755,327 119,227,954 120,380,626 121,803,242 123,529,597 125,612,737 269,636,261 534,483,725 540,422,894 547,387,147
Annex C - 15
Panglao Island Airport
Development FS & Master Plan
Projected Income Statement
Scenario 3 - 10% FIRR Scenario
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
INCOME
TOTAL INCOME 775,290,780 953,086,364 966,620,357 985,533,557 1,002,784,089 1,022,120,734 1,231,814,325 1,971,845,698 2,013,629,215 2,060,116,992 2,111,701,317 2,566,740,280
EXPENSES
Operating Expenses
Salaries and Benefits 19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473
General Operation and Administration
Expenses 3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768
Airport Facility Maintenance 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395
Repair & Maintenance of Airport
Horizontal & Vertical Facilities 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Repair & Maintenance of Air Navigation
Facilities 11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234
Other Repairs and Maintenance 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636
Depreciation Allowance 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Net Operating Income 555,456,327 721,664,933 732,507,090 744,981,933 759,195,891 775,404,866 981,876,956 1,714,051,748 1,752,525,354 1,795,603,924 1,843,676,765 2,289,480,046
Annex C - 16
Panglao Island Airport
Development FS &
Master Plan
Projected Cash Flow Statement
Scenario 3 - 10% FIRR Scenario
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Operating Activities
Net Operating Income 183,070,795 183,960,943 184,960,797 186,119,602 276,954,604 278,517,848 280,363,353 282,525,285 285,057,068 429,588,905
Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226
Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083
Recovery of Working Capital
Net Cash Provided by (Used in)
Operating Activities 172,895,959 183,665,598 184,656,592 185,806,270 276,052,362 278,168,049 280,003,060 282,154,183 283,957,365 429,173,679
Investing Activity
Proceeds from Tagbilaran
Property Auction 330,000,000
148,242,526 606,703,922 2,305,994,325 980,258,497
Net Cash Provided by (Used in)
Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000
Financing Activities
Subsidy from MIAA 25,527,970 570,933,478 2,287,964,978 15,573,574
Subsidy from DOTC 125,289,283 31,322,321 - -
Subsidy from other National
Government Agencies - - - 956,890,455
Net Cash Provided by (Used in)
Financing Activities 150,817,253 602,255,799 2,287,964,978 972,464,029
Net Cash Flows 2,574,727 (4,448,123) (18,029,347) (7,794,468) 502,895,959 183,665,598 184,656,592 185,806,270 276,052,362 278,168,049 280,003,060 282,154,183 283,957,365 429,173,679
Annex C - 17
Panglao Island Airport
Development FS &
Master Plan
Projected Cash Flow Statement
Scenario 3 - 10% FIRR Scenario
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating Activities
Net Operating Income 694,959,931 701,438,369 708,958,069 717,656,570 884,513,378 896,023,181 909,185,701 924,178,797 941,190,284 1,148,488,962 1,881,515,137 1,920,621,737 1,964,352,291 2,013,096,674 2,459,591,644
Change in Working Capital 427,682 440,513 1,341,997 493,988 3,281,633 607,257 1,725,204 677,231 697,548 718,474 2,101,559 803,075 827,167 851,982 2,563,198
Working Capital Requirement 15,013,765 15,454,278 16,796,275 17,290,263 20,571,896 21,179,153 22,904,357 23,581,587 24,279,135 24,997,609 27,099,168 27,902,243 28,729,410 29,581,393 32,144,591
Recovery of Working Capital 32,144,591
Net Cash Provided by (Used in)
Operating Activities 694,532,248 700,997,856 707,616,072 717,162,582 881,231,745 895,415,925 907,460,497 923,501,567 940,492,736 1,147,770,488 1,879,413,579 1,919,818,662 1,963,525,124 2,012,244,692 2,489,173,037
Investing Activity
Proceeds from Tagbilaran
Property Auction
Financing Activities
Subsidy from MIAA
Subsidy from DOTC
Subsidy from other National
Government Agencies
Net Cash Provided by (Used in)
Financing Activities
Net Cash Flows 694,532,248 700,997,856 707,616,072 717,162,582 881,231,745 895,415,925 907,460,497 923,501,567 940,492,736 1,147,770,488 1,879,413,579 1,919,818,662 1,963,525,124 2,012,244,692 2,489,173,037
Annex C - 18
Panglao Island Airport
Development FS & Master
Plan
Projected Balance Sheet
Scenario 4 - 15% FIRR Scenario
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
ASSETS
Current Assets
Cash and Bank Accounts 104,386,369 106,920,652 108,246,091 109,790,128 236,109,975 238,191,118 240,661,099 243,567,222 247,700,966 447,732,817 1,186,588,801 1,198,918,597
Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 1,066,168
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 106,256,592 108,813,981 110,163,220 111,731,771 238,076,868 240,184,017 242,680,785 245,614,499 249,776,661 449,837,783 1,188,723,916 1,201,084,765
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvemen 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 2,217,496,097
Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797 2,188,749,543
Vertical and Horizontal Structures
Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942
Air Navigation Equipment and
Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894 17,637,611
Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475
Depreciation of Initial
Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and
Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 5,231,669
Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787 14,474,917
Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564
TOTAL ASSETS 4,006,894,853 3,854,680,917 3,699,879,662 3,545,303,383 3,517,441,182 3,363,435,967 3,209,827,178 3,056,662,346 2,907,124,743 2,951,127,514 3,533,963,723 3,390,283,329
LIABILITIES
Current Liabilities
Due to Central Office/National
Treasury 95,311,755 97,573,799 98,618,832 99,874,052 225,316,907 227,074,257 229,210,733 231,773,345 234,835,804 434,481,700 1,172,940,151 1,184,860,487
Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 16,224,278
Total Current Liabilities 106,256,592 108,813,981 110,163,220 111,731,771 238,076,868 240,184,017 242,680,785 245,614,499 249,776,661 449,837,783 1,188,723,916 1,201,084,765
TOTAL LIABILITIES 106,256,592 108,813,981 110,163,220 111,731,771 238,076,868 240,184,017 242,680,785 245,614,499 249,776,661 449,837,783 1,188,723,916 1,201,084,765
Equity
Government Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564
TOTAL LIABILITIES AND EQUITY 4,006,894,853 3,854,680,917 3,699,879,662 3,545,303,383 3,517,441,182 3,363,435,967 3,209,827,178 3,056,662,346 2,907,124,743 2,951,127,514 3,533,963,723 3,390,283,329
Annex C - 19
Panglao Island Airport
Development FS & Master
Plan
Projected Balance Sheet
Scenario 4 - 15% FIRR Scenario
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
ASSETS
Current Assets
Cash and Bank Accounts 1,214,135,364 1,230,696,409 1,553,705,080 1,575,730,971 1,602,031,857 1,630,712,409 1,663,270,171 2,061,791,471 4,869,938,686 4,974,353,237 5,091,103,981 5,221,230,884 6,413,915,904
Inventories 1,098,153 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 1,216,333,517 1,232,927,507 1,556,466,962 1,578,542,709 1,604,894,948 1,633,628,393 1,666,240,634 2,064,818,048 4,873,023,060 4,977,497,143 5,094,309,203 5,224,499,263 6,417,249,335
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvemen 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648
Net Fixed Asset, Airport 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253
Vertical and Horizontal Structures
Improvements 12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Air Navigation Equipment and
Others 19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279
Less: Accumulated Depreciation 161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Depreciation of Initial
Investment in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and
Horizontal Structures 5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029
Depreciation of Equipment 15,356,088 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060
Net Property, Plant and Equipment 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL ASSETS 3,252,460,673 3,113,063,183 3,280,621,592 3,146,727,039 3,020,785,811 2,893,610,567 2,770,327,038 3,013,021,984 5,669,896,669 5,618,896,188 5,580,259,626 5,555,027,783 6,598,002,326
LIABILITIES
Current Liabilities
Due to Central Office/National
Treasury 1,198,767,243 1,214,867,244 1,535,125,066 1,556,593,556 1,581,220,591 1,609,276,805 1,641,191,499 2,039,050,439 4,845,153,892 4,948,824,899 5,064,809,793 5,194,147,870 6,384,334,744
Accounts Payable 17,566,275 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591
Total Current Liabilities 1,216,333,517 1,232,927,507 1,556,466,962 1,578,542,709 1,604,894,948 1,633,628,393 1,666,240,634 2,064,818,048 4,873,023,060 4,977,497,143 5,094,309,203 5,224,499,263 6,417,249,335
TOTAL LIABILITIES 1,216,333,517 1,232,927,507 1,556,466,962 1,578,542,709 1,604,894,948 1,633,628,393 1,666,240,634 2,064,818,048 4,873,023,060 4,977,497,143 5,094,309,203 5,224,499,263 6,417,249,335
Equity
Government Equity 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL LIABILITIES AND EQUITY 3,252,460,673 3,113,063,183 3,280,621,592 3,146,727,039 3,020,785,811 2,893,610,567 2,770,327,038 3,013,021,984 5,669,896,669 5,618,896,188 5,580,259,626 5,555,027,783 6,598,002,326
Annex C - 20
Panglao Island Airport
Development FS & Master
Plan
Projected Income Statement
Scenario 4 - 15% FIRR Scenario
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
INCOME
TOTAL INCOME 286,951,797 289,145,284 291,545,910 294,197,390 423,010,093 426,344,012 430,104,353 434,339,546 441,516,324 643,054,619 1,383,462,240 1,397,390,221 1,416,325,747
EXPENSES
Operating Expenses
Salaries and Benefits 13,085,804 13,478,378 13,882,729 14,299,211 14,728,188 15,170,033 15,625,134 16,093,888 16,576,705 17,074,006 17,586,226 18,113,813 18,657,227
General Operation and
Administration Expenses 2,567,409 2,644,431 2,723,764 2,805,477 2,889,641 2,976,330 3,065,620 3,157,589 3,252,316 3,349,886 3,450,382 3,553,894 3,660,511
Airport Facility Maintenance 17,162,910 17,677,798 18,208,132 18,754,376 21,248,708 21,886,169 22,542,754 23,219,036 26,307,168 27,096,383 27,909,275 28,746,553 32,569,845
Repair & Maintenance of Airport
Horizontal & Vertical Facilities 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 12,586,431
Repair & Maintenance of Air
Navigation Facilities 5,813,375 5,987,776 6,167,409 6,352,431 7,197,305 7,413,224 7,635,621 7,864,689 8,910,693 9,178,014 9,453,354 9,736,955 11,031,970
Other Repairs and Maintenance 4,717,027 4,858,538 5,004,294 5,154,422 5,839,961 6,015,159 6,195,614 6,381,483 7,230,220 7,447,126 7,670,540 7,900,656 8,951,444
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583
Depreciation Allowance 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475 161,570,922
Net Operating Income 95,311,755 97,573,799 98,618,832 99,874,052 225,316,907 227,074,257 229,210,733 231,773,345 234,835,804 434,481,700 1,172,940,151 1,184,860,487 1,198,767,243
Annex C - 21
Panglao Island Airport
Development FS & Master
Plan
Projected Income Statement
Scenario 4 - 15% FIRR Scenario
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
INCOME
TOTAL INCOME 1,434,701,697 1,766,546,497 1,790,706,824 1,821,772,216 1,852,865,003 1,887,907,368 2,288,987,808 5,102,947,843 5,209,928,760 5,329,322,861 5,462,172,422 6,661,594,978
EXPENSES
Operating Expenses
Salaries and Benefits 19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473
General Operation and
Administration Expenses 3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768
Airport Facility Maintenance 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395
Repair & Maintenance of Airport
Horizontal & Vertical Facilities 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Repair & Maintenance of Air
Navigation Facilities 11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234
Other Repairs and Maintenance 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636
Depreciation Allowance 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Net Operating Income 1,214,867,244 1,535,125,066 1,556,593,556 1,581,220,591 1,609,276,805 1,641,191,499 2,039,050,439 4,845,153,892 4,948,824,899 5,064,809,793 5,194,147,870 6,384,334,744
Annex C - 22
Panglao Island Airport
Development FS &
Master Plan
Projected Cash Flow Statement
Scenario 4 - 15% FIRR Scenario
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Operating Activities
Net Operating Income 253,035,674 254,244,678 255,631,285 257,238,327 383,043,557 385,211,480 387,770,845 390,769,033 394,280,135 594,434,344
Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226
Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083
Recovery of Working Capital
Net Cash Provided by (Used in)
Operating Activities 242,860,837 253,949,332 255,327,080 256,924,995 382,141,315 384,861,681 387,410,552 390,397,931 393,180,432 594,019,118
Investing Activity
Proceeds from Tagbilaran
Property Auction 330,000,000
148,242,526 606,703,922 2,305,994,325 980,258,497
Net Cash Provided by (Used in)
Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000
Financing Activities
Subsidy from MIAA 25,527,970 570,933,478 2,287,964,978 15,573,574
Subsidy from DOTC 125,289,283 31,322,321 - -
Subsidy from other National
Government Agencies - - - 956,890,455
Net Cash Provided by (Used in)
Financing Activities 150,817,253 602,255,799 2,287,964,978 972,464,029
Net Cash Flows 2,574,727 (4,448,123) (18,029,347) (7,794,468) 572,860,837 253,949,332 255,327,080 256,924,995 382,141,315 384,861,681 387,410,552 390,397,931 393,180,432 594,019,118
Annex C - 23
Panglao Island Airport
Development FS &
Master Plan
Projected Cash Flow Statement
Scenario 4 - 15% FIRR Scenario
2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Operating Activities
Net Operating Income 1,333,416,356 1,345,875,962 1,360,338,165 1,377,067,487 1,697,973,511 1,720,109,648 1,745,424,360 1,774,259,711 1,806,976,917 2,205,662,444 5,012,617,282 5,116,921,283 5,233,558,159 5,363,567,779 6,554,446,342
Change in Working Capital 427,682 440,513 1,341,997 493,988 3,281,633 607,257 1,725,204 677,231 697,548 718,474 2,101,559 803,075 827,167 851,982 2,563,198
Working Capital Requirement 15,013,765 15,454,278 16,796,275 17,290,263 20,571,896 21,179,153 22,904,357 23,581,587 24,279,135 24,997,609 27,099,168 27,902,243 28,729,410 29,581,393 32,144,591
Recovery of Working Capital 32,144,591
Net Cash Provided by (Used in)
Operating Activities 1,332,988,674 1,345,435,449 1,358,996,168 1,376,573,499 1,694,691,878 1,719,502,391 1,743,699,156 1,773,582,481 1,806,279,370 2,204,943,970 5,010,515,723 5,116,118,208 5,232,730,992 5,362,715,797 6,584,027,735
Investing Activity
Proceeds from Tagbilaran
Property Auction
Financing Activities
Subsidy from MIAA
Subsidy from DOTC
Subsidy from other National
Government Agencies
Net Cash Provided by (Used in)
Financing Activities
Net Cash Flows 1,332,988,674 1,345,435,449 1,358,996,168 1,376,573,499 1,694,691,878 1,719,502,391 1,743,699,156 1,773,582,481 1,806,279,370 2,204,943,970 5,010,515,723 5,116,118,208 5,232,730,992 5,362,715,797 6,584,027,735
Annex C - 24
Panglao Island Airport
Development FS & Master
Plan
Projected Balance Sheet
Scenario 5 - 20% FIRR Scenario
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
ASSETS
Current Assets
Cash and Bank Accounts 196,304,702 199,257,890 201,091,438 203,224,360 375,487,330 378,362,886 381,770,721 385,775,500 391,195,851 664,303,163 2,339,903,743 2,363,037,986
Inventories 770,223 793,329 817,129 841,643 866,892 892,899 919,686 947,277 975,695 1,004,966 1,035,115 1,066,168
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 198,174,925 201,151,219 203,008,567 205,166,002 377,454,222 380,355,785 383,790,407 387,822,776 393,271,546 666,408,128 2,342,038,858 2,365,204,155
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvement 3,925,644,238 3,769,819,872 3,614,010,953 3,458,217,944 3,304,373,023 3,148,671,231 2,992,988,563 2,837,325,592 2,684,074,471 2,528,524,433 2,372,998,071 2,217,496,097
Net Fixed Asset, Airport 3,908,481,328 3,752,142,075 3,595,802,821 3,439,463,568 3,283,124,315 3,126,785,062 2,970,445,809 2,814,106,556 2,657,767,303 2,501,428,050 2,345,088,797 2,188,749,543
Vertical and Horizontal Structures
Improvements 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942
Air Navigation Equipment and
Others 10,530,401 10,846,313 11,171,703 11,506,854 13,037,265 13,428,383 13,831,235 14,246,172 16,140,913 16,625,140 17,123,894 17,637,611
Less: Accumulated Depreciation 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475
Depreciation of Initial Investment
in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and
Horizontal Structures 331,625 673,200 1,025,021 1,387,397 1,797,969 2,220,859 2,656,435 3,105,078 3,613,391 4,136,953 4,676,222 5,231,669
Depreciation of Equipment 1,053,040 2,137,671 3,254,842 4,405,527 5,709,254 7,052,092 8,435,215 9,859,833 11,473,924 13,136,438 13,795,787 14,474,917
Net Property, Plant and Equipment 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564
TOTAL ASSETS 4,098,813,186 3,947,018,155 3,792,725,009 3,638,737,614 3,656,818,537 3,503,607,735 3,350,936,800 3,198,870,623 3,050,619,628 3,167,697,860 4,687,278,666 4,554,402,718
LIABILITIES
Current Liabilities
Due to Central Office/National
Treasury 187,230,088 189,911,037 191,464,179 193,308,283 364,694,262 367,246,025 370,320,354 373,981,622 378,330,689 651,052,046 2,326,255,093 2,348,979,877
Accounts Payable 10,944,837 11,240,182 11,544,387 11,857,719 12,759,961 13,109,760 13,470,052 13,841,154 14,940,857 15,356,083 15,783,765 16,224,278
Total Current Liabilities 198,174,925 201,151,219 203,008,567 205,166,002 377,454,222 380,355,785 383,790,407 387,822,776 393,271,546 666,408,128 2,342,038,858 2,365,204,155
TOTAL LIABILITIES 198,174,925 201,151,219 203,008,567 205,166,002 377,454,222 380,355,785 383,790,407 387,822,776 393,271,546 666,408,128 2,342,038,858 2,365,204,155
Equity
Government Equity 3,900,638,261 3,745,866,936 3,589,716,442 3,433,571,612 3,279,364,314 3,123,251,950 2,967,146,393 2,811,047,847 2,657,348,082 2,501,289,731 2,345,239,808 2,189,198,564
TOTAL LIABILITIES AND EQUITY 4,098,813,186 3,947,018,155 3,792,725,009 3,638,737,614 3,656,818,537 3,503,607,735 3,350,936,800 3,198,870,623 3,050,619,628 3,167,697,860 4,687,278,666 4,554,402,718
Annex C - 25
Panglao Island Airport
Development FS & Master
Plan
Projected Balance Sheet
Scenario 5 - 20% FIRR Scenario
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
ASSETS
Current Assets
Cash and Bank Accounts 2,390,795,770 2,421,863,783 3,023,148,707 3,064,370,128 3,112,622,872 3,166,308,232 3,227,236,984 3,971,481,662 12,640,999,970 12,907,227,509 13,204,923,964 13,536,742,509 16,576,908,146
Inventories 1,098,153 1,131,098 1,661,882 1,711,739 1,763,091 1,815,983 1,870,463 1,926,577 1,984,374 2,043,905 2,105,222 2,168,379 2,233,431
Prepayments
Prepaid Insurance 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
Total Current Assets 2,392,993,924 2,424,094,880 3,025,910,589 3,067,181,867 3,115,485,962 3,169,224,216 3,230,207,447 3,974,508,239 12,644,084,344 12,910,371,415 13,208,129,186 13,540,010,888 16,580,241,576
Non-current Assets
Property, Plant and Equipment
Land 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942 132,717,942
Airport Facility including Improvement 2,064,980,135 1,909,617,977 1,754,285,132 1,598,982,480 1,447,376,690 1,292,247,139 1,137,153,879 982,097,999 831,619,056 676,777,487 521,980,848 367,230,488 218,146,648
Net Fixed Asset, Airport 2,032,410,290 1,876,071,037 1,719,731,784 1,563,392,531 1,407,053,278 1,250,714,025 1,094,374,772 938,035,519 781,696,266 625,357,012 469,017,759 312,678,506 156,339,253
Vertical and Horizontal Structures
Improvements 12,586,431 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Air Navigation Equipment and
Others 19,983,413 20,582,916 21,200,403 21,836,415 24,740,659 25,482,878 26,247,365 27,034,786 30,630,412 31,549,325 32,495,804 33,470,679 37,922,279
Less: Accumulated Depreciation 161,570,922 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Depreciation of Initial Investment
in Airport Facility 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253 156,339,253
Depreciation of Vertical and
Horizontal Structures 5,860,990 6,509,192 7,176,839 7,864,515 8,643,653 9,446,165 10,272,752 11,124,137 11,757,130 12,409,114 13,080,656 13,772,345 14,556,029
Depreciation of Equipment 15,356,088 16,263,694 17,080,008 17,920,811 19,011,754 20,135,424 21,146,070 22,187,034 23,537,686 24,928,857 26,180,096 27,468,873 29,141,060
Net Property, Plant and Equipment 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL ASSETS 4,429,121,079 4,304,230,556 4,750,065,219 4,635,366,197 4,531,376,826 4,429,206,390 4,334,293,850 4,922,712,176 13,440,957,952 13,551,770,460 13,694,079,610 13,870,539,408 16,760,994,568
LIABILITIES
Current Liabilities
Due to Central Office/National
Treasury 2,375,427,649 2,406,034,617 3,004,568,693 3,045,232,714 3,091,811,606 3,144,872,628 3,205,158,312 3,948,740,630 12,616,215,176 12,881,699,172 13,178,629,776 13,509,659,495 16,547,326,986
Accounts Payable 17,566,275 18,060,263 21,341,896 21,949,153 23,674,357 24,351,587 25,049,135 25,767,609 27,869,168 28,672,243 29,499,410 30,351,393 32,914,591
Total Current Liabilities 2,392,993,924 2,424,094,880 3,025,910,589 3,067,181,867 3,115,485,962 3,169,224,216 3,230,207,447 3,974,508,239 12,644,084,344 12,910,371,415 13,208,129,186 13,540,010,888 16,580,241,576
TOTAL LIABILITIES 2,392,993,924 2,424,094,880 3,025,910,589 3,067,181,867 3,115,485,962 3,169,224,216 3,230,207,447 3,974,508,239 12,644,084,344 12,910,371,415 13,208,129,186 13,540,010,888 16,580,241,576
Equity
Government Equity 2,036,127,155 1,880,135,676 1,724,154,630 1,568,184,330 1,415,890,863 1,259,982,175 1,104,086,403 948,203,936 796,873,608 641,399,046 485,950,423 330,528,520 180,752,992
TOTAL LIABILITIES AND EQUITY 4,429,121,079 4,304,230,556 4,750,065,219 4,635,366,197 4,531,376,826 4,429,206,390 4,334,293,850 4,922,712,176 13,440,957,952 13,551,770,460 13,694,079,610 13,870,539,408 16,760,994,568
Annex C - 26
Panglao Island Airport
Development FS & Master
Plan
Projected Income Statement
Scenario 5 - 20% FIRR Scenario
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
INCOME
TOTAL INCOME 378,870,129 381,482,523 384,391,257 387,631,621 562,387,448 566,515,779 571,213,974 576,547,823 585,011,209 859,624,965 2,536,777,182 2,561,509,611 2,592,986,153
EXPENSES
Operating Expenses
Salaries and Benefits 13,085,804 13,478,378 13,882,729 14,299,211 14,728,188 15,170,033 15,625,134 16,093,888 16,576,705 17,074,006 17,586,226 18,113,813 18,657,227
General Operation and
Administration Expenses 2,567,409 2,644,431 2,723,764 2,805,477 2,889,641 2,976,330 3,065,620 3,157,589 3,252,316 3,349,886 3,450,382 3,553,894 3,660,511
Airport Facility Maintenance 17,162,910 17,677,798 18,208,132 18,754,376 21,248,708 21,886,169 22,542,754 23,219,036 26,307,168 27,096,383 27,909,275 28,746,553 32,569,845
Repair & Maintenance of Airport
Horizontal & Vertical Facilities 6,632,509 6,831,484 7,036,429 7,247,522 8,211,442 8,457,785 8,711,519 8,972,865 10,166,256 10,471,243 10,785,380 11,108,942 12,586,431
Repair & Maintenance of Air
Navigation Facilities 5,813,375 5,987,776 6,167,409 6,352,431 7,197,305 7,413,224 7,635,621 7,864,689 8,910,693 9,178,014 9,453,354 9,736,955 11,031,970
Other Repairs and Maintenance 4,717,027 4,858,538 5,004,294 5,154,422 5,839,961 6,015,159 6,195,614 6,381,483 7,230,220 7,447,126 7,670,540 7,900,656 8,951,444
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 33,916,123 34,900,606 35,914,625 36,959,063 39,966,536 41,132,532 42,333,508 43,570,513 47,236,189 48,620,275 50,045,883 51,514,260 55,987,583
Depreciation Allowance 157,723,919 156,670,879 157,012,453 157,364,274 157,726,650 158,137,222 158,560,112 158,995,688 159,444,331 159,952,644 160,476,206 161,015,475 161,570,922
Net Operating Income 187,230,088 189,911,037 191,464,179 193,308,283 364,694,262 367,246,025 370,320,354 373,981,622 378,330,689 651,052,046 2,326,255,093 2,348,979,877 2,375,427,649
Annex C - 27
Panglao Island Airport
Development FS & Master
Plan
Projected Income Statement
Scenario 5 - 20% FIRR Scenario
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
INCOME
TOTAL INCOME 2,625,869,071 3,235,990,124 3,279,345,982 3,332,363,230 3,388,460,826 3,451,874,180 4,198,677,999 12,874,009,126 13,142,803,032 13,443,142,844 13,777,684,047 16,824,587,220
EXPENSES
Operating Expenses
Salaries and Benefits 19,216,944 27,380,031 28,201,432 29,047,475 29,918,899 30,816,466 31,740,960 32,693,189 33,673,985 34,684,204 35,724,731 36,796,473
General Operation and
Administration Expenses 3,770,326 5,539,607 5,705,795 5,876,969 6,053,278 6,234,876 6,421,923 6,614,580 6,813,018 7,017,408 7,227,931 7,444,768
Airport Facility Maintenance 33,546,940 34,553,348 35,589,949 40,323,412 41,533,114 42,779,108 44,062,481 49,922,791 51,420,474 52,963,089 54,551,981 61,807,395
Repair & Maintenance of Airport
Horizontal & Vertical Facilities 12,964,024 13,352,945 13,753,533 15,582,753 16,050,236 16,531,743 17,027,695 19,292,378 19,871,150 20,467,284 21,081,303 23,885,116
Repair & Maintenance of Air
Navigation Facilities 11,362,929 11,703,817 12,054,931 13,658,237 14,067,984 14,490,024 14,924,724 16,909,713 17,417,004 17,939,514 18,477,700 20,935,234
Other Repairs and Maintenance 9,219,987 9,496,587 9,781,484 11,082,422 11,414,894 11,757,341 12,110,061 13,720,700 14,132,321 14,556,290 14,992,979 16,987,045
Insurance Premium 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000 1,100,000
TOTAL EXPENSES 57,634,210 68,572,986 70,597,176 76,347,856 78,605,292 80,930,450 83,325,364 90,330,560 93,007,477 95,764,701 98,604,643 107,148,636
Depreciation Allowance 162,200,243 162,848,445 163,516,092 164,203,769 164,982,906 165,785,418 166,612,005 167,463,390 168,096,383 168,748,367 169,419,909 170,111,598
Net Operating Income 2,406,034,617 3,004,568,693 3,045,232,714 3,091,811,606 3,144,872,628 3,205,158,312 3,948,740,630 12,616,215,176 12,881,699,172 13,178,629,776 13,509,659,495 16,547,326,986
Annex C - 28
Panglao Island Airport
Development FS & Master
Plan
Projected Cash Flow Statement
Scenario 5 - 20% FIRR Scenario
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Operating Activities
Net Operating Income 344,954,006 346,581,916 348,476,632 350,672,558 522,420,912 525,383,247 528,880,466 532,977,310 537,775,020 811,004,689
Change in Working Capital 10,174,837 295,345 304,205 313,332 902,242 349,799 360,293 371,102 1,099,703 415,226
Working Capital Requirement 10,174,837 10,470,182 10,774,387 11,087,719 11,989,961 12,339,760 12,700,052 13,071,154 14,170,857 14,586,083
Recovery of Working Capital
Net Cash Provided by (Used in)
Operating Activities 334,779,170 346,286,571 348,172,427 350,359,226 521,518,670 525,033,449 528,520,173 532,606,208 536,675,317 810,589,464
Investing Activity
Proceeds from Tagbilaran
Property Auction 330,000,000
148,242,526 606,703,922 2,305,994,325 980,258,497
Net Cash Provided by (Used in)
Investing Activity (148,242,526) (606,703,922) (2,305,994,325) (980,258,497) 330,000,000
Financing Activities
Subsidy from MIAA 25,527,970 570,933,478 2,287,964,978 15,573,574
Subsidy from DOTC 125,289,283 31,322,321 - -
Subsidy from other National
Government Agencies - - - 956,890,455
Net Cash Provided by (Used in)
Financing Activities 150,817,253 602,255,799 2,287,964,978 972,464,029
Net Cash Flows 2,574,727 (4,448,123) (18,029,347) (7,794,468) 664,779,170 346,286,571 348,172,427 350,359,226 521,518,670 525,033,449 528,520,173 532,606,208 536,675,317 810,589,464
Annex C - 29