COVER SHEET - 2Go

Vessel fuel costs, the Company’s single largest expense, posted a 21% increase due to higher fuel
prices and volume. ATS has responded by implementing upward rate adjustments to its freight rates.
Another set of adjustments are set to be applied during the second quarter of the year. Terminal
expenses increased because of higher transshipment and outside service expenses. Cost of sales also
increased from higher sale of goods. 2010 overhead and charter hire expenses includes those relating
to the sold international ship charter business.
The rise in expenses coupled by higher finance costs from higher debt contributed to a P228 million
loss.
Earnings per Share
Earnings Per Share is computed by dividing Net Income Attributable to Equity Holders of the Parent
over weighted average number of common shares outstanding for the year. Earnings per share for the
first three months of 2011 stood at (P0.09)/share compared to (P0.06)/share last year.
The figures above are in P’MM except otherwise indicated
Other changes (+/-5% or more) in the financial statement not covered in the above discussion
None.
Balance Sheet
Current assets reached close to P5.0 billion. Receivables of P2.7 billion posted an 8% increase
brought about by higher other trade receivables. Property and equipment reduced by P299 million to
total P5.8 billion largely due to depreciation.
Interest bearing debt rose P1.3 billion to reach P5.3 billion in March 2011. P4.0 billion of short term
debt was refinanced to long term. Accounts payable of P3.4 billion lowered by 22% as last year’s dry
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