COVER SHEET - 2Go
COVER SHEET - 2Go
COVER SHEET - 2Go
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Cashflow Statement<br />
Total capital expenditures reached P3.4 billion mainly because of vessel acquisitions and dry-docking<br />
of five vessels to ensure their future reliability. These expenditures were financed by long-term debt.<br />
Cash and cash equivalents at the end of the period stood at P764.2 million.<br />
Fiscal Year 2009 versus 2008<br />
Consolidated Income Statement<br />
Aboitiz Transport System (ATS) ended the year 2009 with net income attributable to equity holders of<br />
parent of P546.1 million, a 559% improvement over just P82.8 million in 2008.<br />
Consolidated revenues increase P237 million, largely from the sale of goods and service fees.<br />
In September 2009, ATS lost a ship and the Maritime Industry Authority thereafter temporarily<br />
suspended the remainder of its fleet. This greatly affected freight and passenger business. All<br />
vessels ultimately passed the Maritime Industry Authority’s audit and inspection and were cleared for<br />
sailing shortly after the suspension. All ATS vessels, their cargo and passengers are fully insured to<br />
the extent mandated by law. Devastating typhoons, affecting overall operations although ATS<br />
responded with speed and resources, also plagued the last quarter of 2009.<br />
Local freight business contributed P5.2 billon in 2009, an 8% or P148 million decrease from the same<br />
period in 2008. Passenger business, inclusive of auxiliary revenues, reduced by P343 million or 13% to<br />
register at P2.2 billion revenues from P2.6 billion in 2008.<br />
On the other hand, ATS’ overall value added business, inclusive of supply chain, jumped P709 million to<br />
reach P2.5 billion in 2009. ATS continues to build on this business with bright industry prospects.<br />
Fuel costs and charter hire costs dropped in 2009 leading to a P353 million decline in operating<br />
expenses and 48% improvement in earnings before interest, taxes, depreciation and amortization<br />
(EBITDA) to register at P1.4 billion in 2009.<br />
Earnings Per Share<br />
Earnings Per Share is computed by dividing Net Income Attributable to Equity Holders of the Parent<br />
over weighted average number of common shares outstanding for the year. Earnings per share for<br />
2009 stood at P0.22/share. This is higher versus 2008 because of higher net income.<br />
Consolidated Balance Sheet and Cash Flow Statement<br />
On April 30, 2009, the principal stockholders of ATS namely, Aboitiz Equity Ventures and Aboitiz and<br />
Company, received a firm and final advice from KGLI-NM Holdings, Inc., that the proposed acquisition<br />
of ATS shares will no longer proceed based on the terms agreed upon in the Memorandum of<br />
Agreement signed on September 23, 2008. ATS and Negros Navigation however, agreed to continue to<br />
explore service and process improvements for better margins and cost benefits to both companies.<br />
As of December 31, 2009, consolidated assets of ATS amounted to P10.6 billion, posting a 13%<br />
increase from December 31, 2008 of P9.4 billion.<br />
Total current assets reflected a 15% increase from P4.2 billion to P4.8 billion as of December 31, 2009.<br />
The increase was mainly attributed to higher Non-trade receivables by P266.6 million directly related<br />
to the SuperFerry 9 incident and higher Inventories such as materials, parts and supplies by P164.8<br />
million.<br />
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