COVER SHEET - 2Go
COVER SHEET - 2Go
COVER SHEET - 2Go
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The figures above are in P’MM except otherwise indicated<br />
Consolidated Balance Sheet and Cash Flow Statement<br />
As of December 31, 2010, consolidated assets of ATS amounted to P12.4 billion, posting a 17%<br />
increase from December 31, 2009 of P10.6 billion. Property plant & equipment registered a 27%<br />
increase from 4.8 billion to 6.1 billion from the acquisition of three ropax vessels and higher vessel<br />
refurbishments & improvements. Assets of the company were being re-fleeted and modernized to<br />
increase operating efficiencies. Higher deferred income taxes from 256 million to 717 million also<br />
contributed to the increase in overall assets or 181% and higher other non-current assets from 263<br />
million to 390 million or 48%.<br />
Total current assets reflected a 2% decrease from P4.8 billion to P4.7 billion as of December 31, 2010.<br />
The decrease was mainly attributed to lower cash and cash equivalents from 1.1 billion to 764 million.<br />
The P332M decrease was offset by higher freight receivables and non-trade receivables relating to the<br />
sale of the Aboitiz Jebsen group of companies. Receivables from service fees and insurance and other<br />
claims however reflected a decrease as of the period.<br />
Total liabilities amounted to P8.5 billion, a 55% increase from 2009. Total interest bearing loans stood<br />
at P4.1 billion. This is inclusive of the P2 billion five-year corporate fixed rate note facility issued last<br />
May to finance vessel acquisitions and maintenance. Trade and other payables also registered higher<br />
than last year bought about by higher accrued expenses and dividends payable. ATS declared special<br />
cash dividends equivalent to P0.15 per share to all stockholders on record as of December 15, 2010.<br />
The special cash dividend represents the sales proceeds of the Aboitiz Jebsen companies, net of taxes<br />
and other related costs. The dividend payment was made on January 12, 2011.<br />
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