02 May PHILIPPINE STOCK EXCHANGE, INC. Tower One and Exchange Plaza Ayala Triangle, Ayala Avenue Makati City, Philippines.

Transcription

1 02 May 2012 PHILIPPINE STOCK EXCHANGE, INC. Tower One and Exchange Plaza Ayala Triangle, Ayala Avenue Makati City, Philippines Attention : JANET A. ENCARNACION Head, Disclosure Department Dear Sir/Madam: We are furnishing the PSE a copy of Special Form for Financial Statements (SFFS-PHFS Consolidated) for Publicly Held Companies for the year ended December 31, 2011 for MacroAsia Corporation and Subsidiaries as submitted with the Securities and Exchange Commission. Very truly yours, AMADOR T. SENDIN VP Planning and Business Devt Corporate Information Officer / Compliance Officer 12/F, Allied Bank Center, 6754 Ayala Avenue, Makati City ٠ Tel No. (+632) ٠ Fax No. (+632)

2 COVER SHEET SEC Registration Number M A C R O A S I A C O R P O R A T I O N A N D S U B S I D I A R I E S (Company s Full Name) 1 2 t h F l o o r, A l l i e d B a n k C e n t e r, A y a l a A v e n u e, M a k a t i C i t y (Business Address: No. Street City/Town/Province) Reynaldo O. Munsayac (Contact Person) (Company Telephone Number) S F F S - P H F S Month Day (Form Type) Month Day (Calendar Year) (Annual Meeting) NA (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section 873 Total Amount of Borrowings Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes.

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4 Control No.: SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE : AVIATION-SUPPORT BUSINESSES Table 1. Balance Sheet ( in P'000 ) ( in P'000 ) A. ASSETS (A.1 + A.2 + A.3 + A.4 + A.5 + A.6 + A.7 + A.8 + A.9 + A.10) 3,854,841 3,423,095 A.1 Current Assets (A A A A A.1.5) 1,706,840 1,194,099 A.1.1 Cash and cash equivalents (A A A.1.1.3) 1,129, ,590 A On hand A In domestic banks/entities 1,127, ,958 A In foreign banks/entities 954 1,006 A.1.2 Trade and Other Receivables (A A.1.2.2) 382, ,534 A Due from domestic entities (A A A A ) 382, ,534 A Due from customers (trade) 208, ,624 A Due from related parties 164,812 31,600 A Others, specify (A A ) 19,586 13,415 A Suppliers and Contractors 4,200 1,294 A Accrued Interest and others 15,386 12,121 A Allowance for doubtful accounts (negative entry) (10,505) (8,105) A Due from foreign entities, specify (A A A A ) A A A A Allowance for doubtful accounts (negative entry) A.1.3 Inventories (A A A A A A.1.3.6) 69,612 33,596 A Raw materials and supplies 14,882 10,259 A Goods in process (including unfinished goods, growing crops, unfinished seeds) A Finished goods A Merchandise/Goods in transit A Unbilled Services (in case of service providers) A Others, specify (A A ) 54,730 23,337 A Food and beverage 54,730 23,337 A A.1.4 Financial Assets other than Cash/Receivables/Equity investments (A A A A A A.1.4.6) 77,556 29,032 A Financial Assets at Fair Value through Profit or Loss - issued by domestic entities: 1,976 (A A A A A ) A National Government A Public Financial Institutions A Public Non-Financial Institutions A Private Financial Institutions 1,976 A Private Non-Financial Institutions A Held to Maturity Investments - issued by domestic entities: (A A A A A ) A National Government A Public Financial Institutions A Public Non-Financial Institutions A Private Financial Institutions A Private Non-Financial Institutions NOTE: This special form is applicable to Investment Companies and Publicly-held Companies (enumerated in Section 17.2 of the Securities Regulation Code (SRC), except banks and insurance companies). As a supplemental form to PHFS, it shall be used for reporting Consolidated Financial Statements of Parent corporations and their subsidiaries. Domestic corporations are those which are incorporated under Philippine laws or branches/subsidiaries of foreign corporations that are licensed to do business in the Philippines where the center of economic interest or activity is within the Philippines. On the other hand, foreign corporations are those that are incorporated abroad, including branches of Philippine corporations operating abroad. Financial Institutions are corporations principally engaged in financial intermediation, facilitating financial intermediation, or auxiliary financial services. Non-Financial institutions refer to corporations that are primarily engaged in the production of market goods and non-financial services. Page 1

5 SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE : AVIATION-SUPPORT BUSINESSES Table 1. Balance Sheet ( in P'000 ) ( in P'000 ) A Loans and Receivables - issued by domestic entities: (A A A A A ) A National Government A Public Financial Institutions A Public Non-Financial Institutions A Private Financial Institutions A Private Non-Financial Institutions A Available-for-sale financial assets - issued by domestic entities: 77,556 27,056 (A A A A A ) A National Government 50,000 A Public Financial Institutions A Public Non-Financial Institutions A Private Financial Institutions A Private Non-Financial Institutions 27,556 27,056 A Financial Assets issued by foreign entities: (A A A A ) A Financial Assets at fair value through profit or loss A Held-to-maturity investments A Loans and Receivables A Available-for-sale financial assets A Allowance for decline in market value (negative entry) A.1.5 Other Current Assets (state separately material items) (A A A.1.5.3) 48, ,347 A Input taxes/ Creditable Withholding taxes / Prepaid Taxes 4, ,022 A Tax Credit Certificates 33,034 22,205 A Prepaid Expenses and Others 10,176 9,120 A.2 Property, plant, and equipment (A A A A A A A.2.7+ A.2.8) 297, ,983 A.2.1 Land 3,652 3,652 A.2.2 Building and improvements including leasehold improvement 313, ,571 A.2.3 Machinery and equipment (on hand and in transit) 252, ,709 A.2.4 Transportation/motor vehicles, automotive equipment, autos and trucks, and delivery equipment 136, ,330 A.2.5 Others, specify (A A A A A.2.5.5) 310, ,142 A Property, or equipment used for education purposes A Construction in progress 1,961 A Aviation equipment 141, ,695 A Helicopter unit and spare parts 112, ,583 A Office furniture, fixtures and equipment 54,838 51,864 A.2.6 Appraisal increase, specify (A A A A A.2.6.5) A A A A A A.2.7 Accumulated Depreciation (negative entry) (719,737) (648,421) A.2.8 Impairment Loss or Reversal (if loss, negative entry) A.3 Investments accounted for using the equity method (A A A A.3.4) A.3.1 Equity in domestic subsidiaries/affiliates A.3.2 Equity in foreign branches/subsidiaries/affiliates A.4 A.5 A.6 A.7 A.8 Control No.: 1,178,763 1,364,124 1,178,763 1,364,124 A.3.3 Others, specify (A A A A A.3.3.5) A A A A A Investment Property 126, ,592 Biological Assets Intangible Assets 17,531 17,531 A.6.1 Major item/s, specify (A A.6.1.2) 17,531 17,531 A Goodwill 17,531 17,531 A A.6.2 Others, specify (A A.6.2.2) A A Assets Classified as Held for Sale Assets included in Disposal Groups Classified as Held for Sale Page 2

6 A.9 Long-term receivables (net of current portion) (A A A.9.3) 130, ,610 A.9.1 From domestic entities, specify (A A A.9.1.3) 130, ,610 A Accrued rental receivable 116, ,506 A Deferred rent expense 13,151 14,104 A A.9.2 From foreign entities, specify (A A A.9.2.3) A A A A.9.3 Allowance for doubtful accounts, net of current portion (negative entry) A.10 Other Assets (A A A A A.10.5) 397, ,156 A.10.1 Deferred charges - net of amortization 216, ,060 A.10.2 Deferred Income Tax 15,535 12,093 A.10.3 Advance/Miscellaneous deposits A.10.4 Others, specify (A A A A A ) 196,134 59,003 A Refundable deposits 17,630 16,521 A Input taxes 143,071 35,432 A Project advances and investment 16,526 A Advances to suppliers 9,455 A Prepayments and others 9,452 7,050 A.10.5 Allowance for write-down of deferred charges/bad accounts (negative entry) (29,999) B. LIABILITIES (B.1 + B.2 + B.3 + B.4 + B.5) 574, ,120 B.1 Current Liabilities (B B B B B B B.1.7) 405, ,170 B.1.1 Trade and Other Payables to Domestic Entities 396, ,332 (B B B B B B.1.1.6) B Loans/Notes Payables 106,896 B Trade Payables 141,409 61,827 B Payables to Related Parties 20,786 20,402 B Advances from Directors, Officers, Employees and Principal Stockholders B Accruals, specify material items (B B B ) 50,138 54,904 B Personnel Cost 16,766 28,278 B Professional fee 14,192 13,378 B Volume Discounts 19,180 13,248 B Others, specify (B B B ) 77,476 53,199 B Utilities and others 32,019 26,020 B Payable to government agencies 19,987 8,447 B Non-trade 25,470 18,732 B.1.2 Trade and Other Payables to Foreign Entities (specify) (B B B.1.2.3) B B B Control No.: SPECIAL FORM FOR CONSOLIDATED FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE : AVIATION-SUPPORT BUSINESSES Table 1. Balance Sheet ( in P'000 ) ( in P'000 ) B.1.3 Provisions B.1.4 Financial Liabilities (excluding Trade and Other Payables and Provisions) (B B B B B.1.4.5) B B B B B B.1.5 Liabilities for Current Tax B.1.6 Deferred Tax Liabilities 840 B.1.7 Others, specify (If material, state separately; indicate if the item is payable to public/private or 8,203 7,976 financial/non-financial institutions) (B B B B B B.1.7.6) B Dividends declared and not paid at balance sheet date 8,203 7,976 B Acceptances Payable B Liabilities under Trust Receipts B Portion of Long-term Debt Due within one year B Deferred Income B Any other current liability in excess of 5% of Total Current Liabiilities, specify: B B B Page 3

7 SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE : AVIATION-SUPPORT BUSINESSES Table 1. Balance Sheet Control No.: ( in P'000 ) ( in P'000 ) 24,126 B.2 Long-term Debt - Non-current Interest-bearing Liabilities (B B B B B.2.5) B.2.1 Domestic Public Financial Institutions B.2.2 Domestic Public Non-Financial Institutions B.2.3 Domestic Private Financial Institutions 24,126 B.2.4 Domestic Private Non-Financial Institutions B.2.5 Foreign Financial Institutions B.3 Indebtedness to Affiliates and Related Parties (Non-Current) B.4 Liabilities Included in the Disposal Groups Classified as Held for Sale B.5 Other Liabilities (B B.5.2) B.5.1 Deferred Tax B.5.2 Others, specify (B B B B B.5.2.5) 145, ,950 B Unearned Rent Income 13,151 14,104 B Accrued Rental Payable 116, ,506 B Rental Deposit 3,478 3,015 B Accrued Retirement Benefits Payable 11,761 8,325 B C. EQUITY (C.3 + C.4 + C.5 + C.6 + C.7 + C.8 + C.9+C.10) 3,280,301 3,081,975 C.1 Authorized Capital Stock (no. of shares, par value and total value; show details) (C.1.1+C.1.2+C.1.3) 2,000,000 2,000,000 C.1.1 Common shares 2,000,000 2,000,000 C.1.2 Preferred Shares C.1.3 Others C.2 Subscribed Capital Stock (no. of shares, par value and total value) (C C C.2.3) C.2.1 Common shares C.2.2 Preferred Shares C.2.3 Others C.3 Paid-up Capital Stock (C C.3.2) 1,250,000 1,250,000 C.3.1 Common shares 1,250,000 1,250,000 C.3.2 Preferred Shares C.4 Additional Paid-in Capital / Capital in excess of par value / Paid-in Surplus 281, ,437 C.5 Minority Interest 52,398 47,234 C.6 Others, specify (C C C.6.3) (154,945) (153,079) C.6.1 Share in foreign currency translation adjustment of an associate (158,780) (156,464) C.6.2 Available-for-sale investment reserve 3,835 3,385 C.6.3 C.7 Appraisal Surplus/Revaluation Increment in Property/Revaluation Surplus C.8 Retained Earnings (C C.8.2) 1,883,373 1,665,167 C.8.1 Appropriated 693,101 C.8.2 Unappropriated 1,190,272 1,665,167 C.9 Head / Home Office Account (for Foreign Branches only) C.10 Cost of Stocks Held in Treasury (negative entry) (31,962) (8,784) TOTAL LIABILITIES AND EQUITY (B + C) 3,854,841 3,423,095 () Page 4

8 Control No.: SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE : AVIATION-SUPPORT BUSINESSES Table 2. Income Statement ( in P'000 ) ( in P'000 ) ( in P'000 ) A. REVENUE / INCOME (A.1 + A.2 + A.3) 1,702,067 1,672,232 1,501,734 A.1 Net Sales or Revenue / Receipts from Operations (manufacturing, 1,361,874 1,171,611 1,183,748 mining,utilities, trade, services, etc.) (from Primary Activity) A.2 Share in the Profit or Loss of Associates and Joint Ventures accounted for 304, , ,886 A.3 Other Revenue (A A A A A.3.5) A.3.1 Rental Income from Land and Buildings A.3.2 Receipts from Sale of Merchandise (trading) (from Secondary Activity) A.3.3 Sale of Real Estate or other Property and Equipment A.3.4 Royalties, Franchise Fees, Copyrights (books, films, records, etc.) A.3.5 Others, specify (A A A A A A A A.3.5.8) A Rental Income, Equipment A A A A A A A A.4 Other Income (non-operating) (A A A A.4.4) 35,860 1,946 (5,900) A.4.1 Interest Income 17,257 12,887 8,857 A.4.2 Dividend Income A.4.3 Gain / (Loss) from selling of Assets, specify 1,000 4, (A A A A.4.3.4) A Gain on sale of investment in TMP 1,000 A Gain on sale of bonds 4,891 A Gain on sale of property equipment 125 A A.4.4 Others, specify 17,603 (15,832) (14,882) (A A A A.4.4.4) A Gain / (Loss) on Foreign Exchange 17,704 (16,653) (21,680) A Recovery in value of investment property 7,912 A Gain / (Loss) on AFS investment (2,300) A Others - net (101) 821 1,186 B. COST OF GOODS SOLD (B.1 + B.2 + B.3) 1,014, , ,743 1,014, , , , , , , , , , , ,141 B.1 Cost of Goods Manufactured (B B B B B.1.5) B.1.1 Direct Material Used B.1.2 Direct Labor B.1.3 Other Manufacturing Cost / Overhead B.1.4 Goods in Process, Beginning B.1.5 Goods in Process, End (negative entry) B.2 Finished Goods, Beginning B.3 Finished Goods, End (negative entry) C. COST OF SALES (C.1 + C.2 + C.3) C.1 Purchases C.2 Merchandise Inventory, Beginning C.3 Merchandise Inventory, End (negative entry) D. GROSS PROFIT (A - B - C) 687, , ,991 NOTE: Pursuant to SRC Rule 68.1 (as amended in Nov. 2005), for fiscal years ending December 31, 2005 up to November 30, 2006, a comparative format of only two (2) years may be filed to give temporary relief for covered companies as the more complex PFRSs will be applied for the first time in these year end periods. After these first time applications, the requirement of three (3) year comparatives shall resume for year end reports beginning December 31, 2006 and onwards. Page 5

9 Control No.: SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES NAME OF CORPORATION: CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE : AVIATION-SUPPORT BUSINESSES Table 2. Income Statement ( in P'000 ) ( in P'000 ) ( in P'000 ) E. OPERATING EXPENSES (E.1 + E.2 + E.3 + E.4) 346, , ,350 E.1 Selling or Marketing Expenses 3,769 2,903 4,279 E.2 Administrative Expenses E.3 General Expenses 342, , ,071 E.4 Other Expenses, specify (E E E E E E E E E E.4.10) E.4.1 Education-related expenditures E.4.2 E.4.3 E.4.4 E.4.5 E.4.6 E.4.7 E.4.8 E.4.9 E.4.10 F. FINANCE COSTS (F.1 + F.2 + F.3 + F.4 + F.5) 3, ,438 F.1 Interest on Short-Term Promissory Notes 2,091 F.2 Interest on Long-Term Promissory Notes 2,831 F.3 F.4 MACROASIA CORPORATION AND SUBSIDIARIES (CONSOLIDATED) Interest on bonds, mortgages and other long-term loans Amortization F.5 Other interests, specify (F F F F F.5.5) F.5.1 Accretion of refundable deposits F.5.2 F.5.3 F.5.4 F.5.5 G. NET INCOME (LOSS) BEFORE TAX (D - E - F) 338, , ,203 H. INCOME TAX EXPENSE (negative entry) (31,567) (21,025) (23,329) I. INCOME(LOSS) AFTER TAX 306, , ,874 J. Amount of (i) Post-Tax Profit or Loss of Discontinued Operations; and (ii) Post- Tax Gain or Loss Recognized on themeasurement of Fair Value less Cost to Sell or on the Disposal of the Assets or Disposal Group(s) constituting the Discontinued Operation (if any) J.1 J.2 K. PROFIT OR LOSS ATTRIBUTABLE TO MINORITY INTEREST 7,164 4,948 8,114 L PROFIT OR LOSS ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT 299, , ,760 M. EARNINGS (LOSS) PER SHARE M.1 Basic M.2 Diluted Page 6

10 Control No.: SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE AVIATION-SUPPORT BUSINESSES Table 3. Cash Flow Statements ( in P'000 ) ( in P'000 ) ( in P'000 ) CASH FLOWS FROM OPERATING ACTIVITIES Net Income (Loss) Before Tax and Extraordinary Items 338, , ,203 Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities Depreciation 71,317 72,949 50,255 Amortization, specify Others, specify: Equity in net income of associates (304,333) (498,675) (323,886) Unrealized foreign exchange loss (gain) - net / Impairment loss on (14,876) 11,192 14,173 AFS invesments / Recovery in value of investment property / Gain on sale of property Interest income and Financing charges Retirement benefits cost Write-down of Property, Plant, and Equipment (13,962) (12,487) (6,419) 13,392 7,072 3,601 Changes in Assets and Liabilities: Decrease (Increase) in: Receivables (175,603) 11,903 15,160 Inventories (36,017) 2,132 (5,940) Other Current Assets 21,070 (48,470) 24,368 Others, specify: Interest Received 16,113 12,896 8,492 Financing charges paid (2,933) (3,028) Increase (Decrease) in: Trade and Other Payables 99,575 (17,899) 38,522 Income and Other Taxes Payable (20,397) (20,207) (28,437) Others, specify: Contributions to retirement plan and benefits directly paid (10,354) (9,412) (6,000) A. Net Cash Provided by (Used in) Operating Activities (sum of above rows) CASH FLOWS FROM INVESTING ACTIVITIES (18,821) (61,907) 120,064 (Increase) Decrease in Long-Term Receivables (Increase) Decrease in Investment Reductions/(Additions) to Property, Plant, and Equipment (65,653) (43,222) (78,898) Others, specify Dividends received 487, , ,902 Payments for investments in AFS debt securities (50,000) Payments for deferred mine exploration cost Proceeds from sales of property and equipment and other noncurrent assets (27) (45,266) (76,420) 125 Decrease (increase) in other noncurrent assets (54,967) 41,189 (18,016) 316, , ,692 B. Net Cash Provided by (Used in) Investing Activities (sum of above rows) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from: Loans 195,016 Long-term Debt Issuance of Securities Others, specify: Payments of: (Loans) (63,994) (46,570) (Long-term Debt) (Stock Subscriptions) Others, specify (negative entry): Dividends Paid Acquisition of treasury shares (83,022) (81,088) (74,845) (23,178) (8,784) C. Net Cash Provided by (Used in) Financing Activities (sum of above rows) 24,822 (89,872) (121,415) Effect of Exchange Rate Changes 14,921 (12,667) (22,019) NET INCREASE IN CASH AND CASH EQUIVALENTS (A + B + C) 337, , ,322 Cash and Cash Equivalents Beginning of year 791, , ,575 End of year 1,129, , ,897 NOTE: Pursuant to SRC Rule 68.1 (as amended in Nov. 2005), for fiscal years ending December 31, 2005 up to November 30, 2006, a comparative format of only two (2) years may be filed to give temporary relief for covered companies as the more complex PFRSs will be applied for the first time in these year end periods. After these first time applications, the requirement of three (3) year comparatives shall resume for year end reports beginning December 31, 2006 and onwards. Page 7

11 Control No.: SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City COMPANY TYPE : AVIATION-SUPOPRT BUSINESSES Table 4. Statement of Changes in Equity (Amount in P'000) Capital Stock Additional Paid-in Capital Warrants Outstanding Translation Differences Net change in fair values of Asset Treasury Shares Noncontrolling Retained Earnings SUBTOTAL Interests TOTAL A. Balance, ,250, ,437 (27,023) (4,300) 1,112,531 2,612,645 34,172 2,646,817 A.1 Correction of Error(s) A.2 Changes in Accounting Policy B. Restated Balance 1,250, ,437 (27,023) (4,300) 1,112,531 2,612,645 34,172 2,646,817 C. Surplus C.1 Surplus (Deficit) on Revaluation of Properties C.2 Surplus (Deficit) on Revaluation of 4,300 4,300 4,300 Investments C.3 Currency Translation Differences (39,091) (39,091) (39,091) C.4 Other Surplus (specify) C.4.1 C.4.2 C.4.3 C.4.4 C.4.5 D. Net Income (Loss) for the Period 307, ,760 8, ,874 E. Dividends (negative entry) (75,000) (75,000) (75,000) F. Appropriation for (specify) F.1 F.2 F.3 F.4 F.5 G. Issuance of Capital Stock G.1 Common Stock G.2 Preferred Stock G.3 Others H. Balance, ,250, ,437 (66,114) 1,345,291 2,810,614 42,286 2,852,900 H.1 Correction of Error (s) H.2 Changes in Accounting Policy I. Restated Balance 1,250, ,437 (66,114) 1,345,291 2,810,614 42,286 2,852,900 J. Surplus J.1 Surplus (Deficit) on Revaluation of Properties J.2 Surplus (Deficit) on Revaluation of 3,385 3,385 3,385 Investments J.3 Currency Translation Differences (90,350) (90,350) (90,350) J.4 Other Surplus (specify) J.4.1 Acquisition of treasury shares (8,784) (8,784) (8,784) J.4.2 J.4.3 J.4.4 J.4.5 K. Net Income (Loss) for the Period 401, ,126 4, ,074 L. Dividends (negative entry) (81,250) (81,250) (81,250) M. Appropriation for (specify) M.1 M.2 M.3 M.4 M.5 N. Issuance of Capital Stock N.1 Common Stock N.2 Preferred Stock N.3 Others Page 8

12 Control No.: Form Type: PHFS (rev 2006) SPECIAL FORM FOR FINANCIAL STATEMENTS OF PUBLICLY-HELD AND INVESTMENT COMPANIES NAME OF CORPORATION: MACROASIA CORPORATION AND SUBSIDIARIES (CONSOLIDATED) CURRENT ADDRESS: 12th Floor Allied Bank Center, 6754 Ayala Avenue, Makati City TEL. NO.: FAX NO.: COMPANY TYPE : AVIATION-SUPPORT BUSINESSES Table 4. Statement of Changes in Equity (Amount in P'000) Capital Stock Additional Paid-in Capital Warrants Outstanding Translation Differences Net change in fair values of Asset Treasury Shares Retained Earnings SUBTOTAL Noncontrolling Interests TOTAL O. Balance, ,250, ,437 (156,464) 3,385 (8,784) 1,665,167 3,034,741 47,234 3,081,975 O.1 Correction of Error (s) O.2 Changes in Accounting Policy P. Restated Balance 1,250, ,437 (156,464) 3,385 (8,784) 1,665,167 3,034,741 47,234 3,081,975 Q. Surplus Q.1 Surplus (Deficit) on Revaluation of Properties Q.2 Surplus (Deficit) on Revaluation of Investments Q.3 Currency Translation Differences (2,316) (2,316) (2,316) Q.4 Other Surplus (specify) Q.4.1 Acquisition of treasury shares (23,178) (23,178) (23,178) Q.4.2 Q.4.3 Q.4.4 Q.4.5 R. Net Income (Loss) for the Period 299, ,456 7, ,620 S. Dividends (negative entry) (81,250) (81,250) (2,000) (83,250) T. Appropriation for (specify) T.1 T.2 T.3 T.4 T.5 U. Issuance of Capital Stock U.1 Common Stock U.2 Preferred Stock U.3 Others V. Balance, ,250, ,437 (158,780) 3,835 (31,962) 1,883,373 3,227,903 54,398 3,280,301 Page 9