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Page 1: FS_2009_VS_2008_BS

FINANCIAL REPORT

BALANCE SHEET

December 31, 2009 and 2008

2009 2008

ASSETS

Current AssetsCash 271,928,119 667,033,747

Receivables (net) 329,747,790 322,044,351

Inventories 139,061,214 139,024,633

Miscellaneous Assets 7,105,546 60,835,036

Total Current Assets 747,842,668 1,188,937,768

Non-Current AssetsInvestments 491,060,342 680,710,126

Receivables (net) 705,346,305 630,878,977

Property, Plant and Equipment (net) 28,326,314,841 26,694,774,307

Other Assets 122,613,067 93,761,735

Total Non-Current Assets 29,645,334,555 28,100,125,145

TOTAL ASSETS 30,393,177,222 29,289,062,912

LIABILITIES AND EQUITY

Current Liabilities

Payables & Accrued Expense 390,528,199 424,277,167

Loans Payable 425,752,526 285,894,032

Accrued Interest 53,644,760 190,580,522

Deferred Credits to Income 85,462,244 118,951,529

Dividend Payable 0 37,810,000

Security Deposits & Advance Rental 326,049,131 367,822,349

Trust Liabilities 206,443,491 284,991,779

Total Current Liabilities 1,487,880,351 1,710,327,378

Non-Current Liabilities

Loans Payable - net of current portion 10,000,185,326 8,909,028,336

Deferred Credits to Income 2,279,728,319 1,730,336,276

Security Deposits 166,750,692 169,638,024

Total Non-Current Liabilities 12,446,664,338 10,809,002,636

Total Liabilities 13,934,544,690 12,519,330,014

Equity 16,458,632,533 16,769,732,898

TOTAL LIABILITIES AND EQUITY 30,393,177,222 29,289,062,912

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Certified correct: Noted by:

Signed Signed

EMILIA S. CANONIZADO ARMAND C. ARREZAManager, Accounting Department Administrator and CEO

CY 2009: Financial Condition The total assets of SBMA increased by Php 1.104 billion, from Php 29.289 billion in 2008 to Php 30.393 billion in 2009 The increase represents the completed portion of the construction (in progress) of the Port Development Project - New Container Terminal (NCT) and Warehouse Building and the procurement of various equipment amounting to Php 2,200.29 M, Php 138.14 M and Php 32.37 M, respectively.

CY 2009: Financial Condition Total liabilities rose by Php 1.415 billion, from Php 12.519 billion in 2008 to Php 13.935 billion in 2009. This is primarily brought by availment of loan from Japan International Cooperative Agency (JICA) for the Port Development Project. Total Equity decreased by Php 311.1 million, from Php16.769 billion in 2008 to Php16.458 billion due to the effect of net loss incurred for the year.

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