COVER SHEET - 2Go

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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 20
docking costs of vessels are being settled. Total equity of P3.7 billion decreased by P248 million or 6% due to lower retained earnings brought about by losses incurred during the first quarter of 2011. 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. Cashflow Statement ATS borrowed funds to pay down its payables. Total capital expenditures of P346 million is much lower versus P1.3 billion last year as most of the vessels in 2010 were on scheduled drydocking and maintenance and there were vessel acquisitions last year. Cash and cash equivalents at the end of the period stood at P863.4 million. 21
Page 1 and 2: COVER SHEET 4 4 0 9 SEC Registratio
Page 3 and 4: Dear Stockholder: ABOITIZ TRANSPORT
Page 5 and 6: INFORMATION STATEMENT (SEC FORM 20-
Page 7 and 8: Section 6 of the Corporation Code w
Page 9 and 10: Voting trust holders of 5% or More
Page 11 and 12: ehabilitation proceedings under the
Page 13 and 14: new composition of the Company’s
Page 15 and 16: Committee and Risk Management Commi
Page 17 and 18: C. OTHER MATTERS Item 8. MERGERS, C
Page 19 and 20: viii. approval for treasury matters
Page 21 and 22: SIGNATURE PAGE After reasonable inq
Page 23: Consolidated Aboitiz One, Inc and S
Page 27 and 28: The figures above are in P’MM exc
Page 29 and 30: Cashflow Statement Total capital ex
Page 31 and 32: Passage business reduced by P41.1 m
Page 33 and 34: iii. iv. All significant elements o
Page 35 and 36: Kerry - Aboitiz Logistics Inc. (KAL
Page 37 and 38: 19. Iker Aboitiz 20. Francisco Bene
Page 39 and 40: This committee is likewise is respo
Page 41 and 42: Total compensation paid/accrued for
Page 43 and 44: Under the new management, there is
Page 45 and 46: Passage and Shipmanagement. It is a
Page 47 and 48: Noteworthy, in compliance with corp

COVER SHEET - 2Go

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