COVER SHEET - 2Go
COVER SHEET - 2Go
COVER SHEET - 2Go
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Passage business reduced by P41.1 million to register at P2.99 billion revenues (inclusive of auxiliary<br />
income) from P3.03 billion in 2007. The average rate per passenger had gone down by 5% as it<br />
continued to offer year-round promotional rates to drive up demand and face stiff competition from<br />
the airlines. Similar to the freight business, ropax passage capacity remained at the same level as the<br />
previous year with over 3.3 million passengers but with a much higher utilization rate at 70%, the<br />
highest attained in 4 years.<br />
For the year 2008, much of the Company’s efforts were geared towards developing its value-added<br />
business where it believes much of its future will lie. Aboitiz One Distribution, Inc.’s new warehouse<br />
with 22,000 pallet positions located in Taguig City has been operational since the beginning of 2009. In<br />
addition, Aboitiz One, Inc. purchased in June of 2008, Scanasia, a company engaged in the business of<br />
sales, marketing, warehousing and transportation of temperature-controlled and ambient food<br />
products to its customers in the Philippines. These resulted in a 28% increase in service fees to P1.01<br />
billion and 418% increase in sale of goods to P1.2 billion in 2008.<br />
Total costs and expenses jumped 14% with fuel, its single biggest expense, being the highest<br />
contributor to the rise in costs. Average fuel price for the year jumped 43% from the previous year.<br />
ATS directed its efforts in minimizing the impact of rising fuel costs by using less expensive type of<br />
fuel, lowering volume consumption and increasing freight rates. Cost of sales directly related to the<br />
supply chain business also registered an increase with the acquisition of Scanasia.<br />
ATS’ other income totaling P190.4 million is much lower than last year’s of P842.8 million. In 2007,<br />
ATS reflected a P748.9 million gain on disposal of property and equipment generated mainly from the<br />
sale of three vessels.<br />
Despite the rising costs, earnings before interest, taxes, depreciation and amortization (EBITDA)<br />
increased to 4% or P36 million versus December 31, 2007.<br />
ATS registered P99.4 million in net income from continuing operations. ATS ended the year with net<br />
income attributable to equity holders of parent of P82.8 million. This is lower compared to P420.0<br />
million in 2007 since ATS registered after tax gain on disposal of three vessels of P405.0 million.<br />
Earnings Per Share<br />
Earnings per share for 2008 stood at P0.03/share. This is lower versus 2007 because of lower net<br />
income.<br />
Consolidated Balance Sheet and Cash Flow<br />
Consolidated assets as of December 31, 2008, amounted to P9.4 billion. Its receivables of P2.0 billion<br />
increased by 6% as a result of higher trade receivables by P113.6 million from last year. Property and<br />
equipment is maintained at P4.2 billion. During the period in review, Goodwill of P256.5 million was<br />
reflected in the books from the purchase of SOI.<br />
Total liabilities reached P4.8 billion, 17% higher compared to 2007. The increase was a result of<br />
higher Interest bearing debt amounted to P1.3 billion in 2008 versus P570.2 million in 2007. The funds<br />
were utilized for the expansion of its supply-chain business, the purchase of a vessel under its Cebu<br />
Ferries brand and fuel-efficient fast craft vessels under its SuperCat brand.<br />
Stockholders’ Equity stood at P4.6 billion, a slight 2% increase over the previous year.<br />
Cash generated from operations amounted to P1.1 billion. Total capital expenditures for the period<br />
stood at P1.1 billion. The bulk of the capital expenditures were accounted for by the purchase of a<br />
vessel under its Cebu Ferries brand and fuel-efficient fast craft vessels under its SuperCat brand.<br />
Cash and cash equivalents at the end of the year was at P1.1 billion.<br />
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