COVER SHEET - 2Go

MANAGEMENT REPORT
I. CONSOLIDATED AUDITED FINANCIAL STATEMENTS
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The Consolidated Audited Financial Statements for the year ended and as of December 31, 2010 are
attached to this report.
II. DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES
There was no event in the past years where SGV and the Corporation had any disagreements with
regard to any matter relating to accounting principles or practices, financial statement disclosure or
auditing scope or procedure.
III. MANAGEMENT’S DISCUSSION AND ANALYSIS
Key Performance Indicators (KPI)
The following KPI’s are used to evaluate the financial performance of ATS and its subsidiaries:
a. Revenues – ATS revenues are mainly composed of freight and passage revenues and they are
recognized when the related services are rendered. Total Revenue for the three months ended
March 31, 2011 is P3.0 billion. Further, in 2010, total revenue is P11.6 billion compared to P10.5
billion in 2009.
b. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) - is calculated by adding
back interest expense, amortization and depreciation into income before income tax, excluding
extraordinary gains or losses. EBITDA for March 31, 2011 is P115 million while in 2010, the
Company’s EBITDA is P742million.
c. Income before income tax (IBT)
– is the earnings of the company before income tax expense. The
Loss Before Income Tax for 2010 is P1.5 billion, 326% lower compared to P679.0 million in 2009.
ATS reflected close to P897 million other charges brought about by Impairment loss on ships in
operation and finance costs. The Loss Before Income Tax for March 31, 2011 is P320.3 million.
d. Debt-to
to-equity ratio – is determined by dividing total liabilities over stockholders’ equity. ATS’
debt-to-equity ratio in 2010 is 2.14:1:00. ATS’ debt-to-equity ratio in 2011 is 2.37:1:0. Total
liabilities increased by P304 million due to additional borrowings and Total equity stood at P3. 7
billion or 7% lower compared to 2010 due to the loss for the first quarter of 2011.
e. Current ratio – is measured by dividing total current assets by total current liabilities. The
Company’s current ratio in 2010 is 0.56:1:00. Further, the Company’s current ratio as of March 31,
2011 is 1.05:1:00. Total current assets is P5 billion or 6% higher than 2010. Total current liabilities
are P4.7 billion or 43% decrease compared to 2010.
The following table shows comparative figures of the Top Five key performance indicators (KPI) for
2010, 2009, and 2008 (amounts in millions except for the financial ratios) based on the consolidated
financial statements of ATS as well as each of its subsidiaries:
Consolidated ATS and Subsidiaries
March 31, 2011 Dec. 31, 2010 Dec. 31, 2009 Dec. 31, 2008
Revenues 3,048 11,611 10,510 10,273
EBITDA (a) 115 742 1,394 944
IBT (b) (320) (1,536) 679 119
Debt-to-Equity Ratio (c) 2.37:1.0 2.14:1.00 1.05:1.00 1.1:1.00
Current Ratio (d) 1.05:1.00 0.56:1.00 0.9:1.00 0.9:1.00
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