COVER SHEET - 2Go

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