Include the total market value of voting shares held by non-affiliates of the registrant. Any questions regarding the information contained herein should be directed directly to the Corporate Information Officer of the disclosing party. ANNUAL REPORT IN ACCORDANCE WITH ARTICLE 17 OF THE SECURITIES REGULATION CODE AND ARTICLE 141 OF THE CORPORATION CODE.
BOT has overall responsibility for establishing and supervising the group's risk management framework. The table below illustrates the sensitivity of the Group's profit before tax with respect to changes in Philippine pesos to USD and EUR exchange rates. Nevertheless, the above analysis is considered to be representative of the group's currency risk.
The group's exposure to price risk arises from its investments in equity securities, which are classified as part of available-for-sale financial assets in the consolidated statements of financial position. The table below shows the credit quality of the Group's financial assets in March and 2013 with overdue but unimpaired components.
Treasury controls and procedures are in place to ensure that sufficient cash is held to cover day-to-day operating and working capital needs. Management closely monitors the Group's future and contingent liabilities and ensures that sufficient cash is collected in the future to meet them in accordance with internal policies. As of March and 2013, the Group's financial liabilities have contractual maturities which are shown below.
Legal Proceedings
Submission of Matters to a Vote of Security Holders
OPERATIONAL AND FINANCIAL INFORMATION
Market for Registrants Common Equity and Related Stockholders Matters DIVIDENDS DECLARED FOR THE FISCAL YEAR ENDED 31 MARCH 2015
- Test of Liquidity
- Test of Solvency
- Test of Profitability
- Product Standards
- Market Acceptability
- Liquidity
- Solvency
- Profitability
Equity attributable to the owners of the Parent Company amounted to P4,811.87 million and was more than P4,245.05 million last year. Total capital consists of the portion attributable to the owners of the Parent Company and NCI in the amount of P5,158.54. Below is a four-year table showing the sufficiency of the Group's net income compared to the total cash dividend declared and paid.
As of March 31, 2015, the consolidated total capital represented 82.71% of the Group's consolidated balance sheet total. Net profit after tax was P902.82 million, of which P855.02 million was attributable to the owners of the parent company and the balance sheet. Below is the trend of enrollment in the first semester of the university over the last five years.
Below is the summary of the total admission and admission merit scholars for the University for the past five years. Since the first quarter is from April to June, the resulting revenue for the first quarter is expected to be the lowest among the four quarters of the fiscal year.
Financial Statements
- CORPORATE INFORMATION
- SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
- Basis of Preparation of Financial Statements
- Adoption of New and Amended PFRS
- Separate Financial Statements and Investments in Subsidiaries, an Associate and a Joint Venture
- Financial Assets
- Other Assets
- Property and Equipment
- Investment Properties
- Financial Liabilities
- Offsetting Financial Instruments
- Provisions and Contingencies
- Revenue and Expense Recognition
- Leases
- Foreign Currency Transactions and Translation
- Impairment of Non-financial Assets
- Employee Benefits
- Deposits Payable
- Trust Funds
- Borrowing Costs
- Income Taxes
- Related Party Relationships and Transactions
- Equity
- Earnings Per Share
- Events After the End of the Reporting Period
- SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES The preparation of the University’s financial statements in accordance with PFRS
- Critical Management Judgments in Applying Accounting Policies
- Key Sources of Estimation Uncertainty
- RISK MANAGEMENT OBJECTIVES AND POLICIES
- Market Risk (a) Foreign Currency Risk
- Credit Risk
- Liquidity Risk
The University's financial statements for and for the year ended March 31, 2015 (including comparative financial statements for the years ended March 31, 2014 and 2013) were authorized for publication by the Board of Trustees (BOT) on June 16, 2015. The University has prepared in accordance with the Philippine Financial Reporting Standards (PFRS). Items included in the University's financial statements are measured using its functional currency.
Functional currency is the currency of the primary economic environment in which the University operates. The University has no unconsolidated subsidiaries; consequently, the amendments had no material impact on the University's financial statements. Financial assets are recognized when the University becomes a party to the contractual terms of the financial instrument.
Leases that do not transfer substantially all the risks and rewards of ownership of the asset to the University are classified as operating leases. The University determines whether an arrangement is, or contains, a lease based on the nature of the arrangement. Any end-of-year event that provides additional information about the University's financial position at the end of the reporting period (adjustment event) is reflected in the financial statements.
Currently, all of the university's leases are designated as operating leases. e) Recognition of provisions and contingent liabilities. The accounting values of the university's AFS financial assets and the amount of fair value changes recognized over the years on these assets are disclosed in note 10. BOT has overall responsibility for establishing and monitoring the university's risk management framework.
The University's exposure to price risk arises from its investments in shares classified as part of the AFS Financial Assets account in the statement of financial position. Furthermore, none of the university's financial assets are secured by collateral or other credit enhancements; except cash and cash equivalents as described above. The table below and on the following page shows the credit quality of the university's financial assets as of March and 2013 with expired components.
- CATEGORIES AND OFFSETTING OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
- Carrying Amounts and Fair Values by Category
- Offsetting of Financial Assets and Financial Liabilities
- FAIR VALUE MEASUREMENT AND DISCLOSURES 1 Fair Value Hierarchy
- Financial Instruments Measurement at Fair Value
- Financial Instruments Measured at Amortized Cost for which Fair Value is Disclosed
- Fair Value Measurement for Non-financial Assets (a) Determining Fair Value of Investment Properties
- CASH AND CASH EQUIVALENTS
- RECEIVABLES
- CROSS-CURRENCY SWAP
- AVAILABLE-FOR-SALE FINANCIAL ASSETS
- OTHER CURRENT ASSETS
- INVESTMENTS IN SUBSIDIARIES, AN ASSOCIATE AND A JOINT VENTURE
- Investment in EACCI
- Investment in Joint Venture
- Investment in an Associate
- INVESTMENT PROPERTIES
- PROPERTY AND EQUIPMENT
- TRADE AND OTHER PAYABLES This account consists of
- INTEREST-BEARING LOAN
- EDUCATIONAL REVENUES
- OPERATING EXPENSES
- FINANCE INCOME AND FINANCE COSTS 1 Finance Income
- Finance Costs
- OTHER INCOME
- EMPLOYEES’ HEALTH, WELFARE AND RETIREMENT FUND (a) Characteristics of the Defined Benefit Plan
- INCOME TAXES
- RELATED PARTY TRANSACTIONS
- Dividend Income
- Noninterest-bearing Advances
- Lease of Manila Campus Premises from FRC
- Lease of Makati Campus Premises from FRC
- Lease of Certain Building Floor to FRC
- Lease of Campus Premises to FECSI
- Reimbursement of Expenses
- Sale of Transportation Equipment
- Interest-bearing Advances
- Lease of Certain Buildings to EAEF
- Management Services
- Lease of Office Premises to ICF-CCE, Inc
- Key Management Personnel Compensation
- EQUITY
- Capital Stock
- Retained Earnings
- EARNINGS PER SHARE
- EVENTS AFTER THE END OF THE REPORTING PERIOD
- Credit Accommodation
- Full Settlement of Interest-bearing Loan
- Declaration of Cash Dividend
- COMMITMENTS AND CONTINGENCIES
- Operating Lease Commitments – University as Lessee (a) Lease Agreement with FRC
- Operating Lease Commitments – University as Lessor
- Legal Claims
- Others
- CAPITAL MANAGEMENT OBJECTIVES, POLICIES AND PROCEDURES The University aims to provide returns on equity to shareholders while managing
- SUPPLEMENTARY INFORMATION REQUIRED BY THE BUREAU OF INTERNAL REVENUE
- Requirements Under Revenue Regulations (RR) 15-2010
- Requirements Under RR 19-2011
- CORPORATE INFORMATION 1 Background of the University
- Approval for Issuance of Consolidated Financial Statements
- Basis of Preparation of the Consolidated Financial Statements (a) Statement of Compliance with Philippine Financial Reporting Standards
- Basis of Consolidation
- Business Combinations
- Financial Assets
- Real Estate Held-for-Sale
- Other Assets
- Property and Equipment
- Investment Property
- Financial Liabilities
- Offsetting Financial Instruments
- Provisions and Contingencies
- Revenue and Expense Recognition
- Leases
- Foreign Currency Transactions and Translation
- Impairment of Non-financial Assets
- Employee Benefits
- Deposits Payable
- Trust Funds
- Borrowing Costs
- Income Taxes
- Related Party Transactions and Relationships
- Equity
- Earnings Per Share
- Events After the End of the Reporting Period
- Segment Reporting
- SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES
- Market Risk (a) Foreign Currency Risk
- Financial Instruments Measured at Amortized Cost for which Fair Value is Disclosed
- Fair Value Measurement for Non-financial Assets (a) Determining Fair Value of Investment Property
- SEGMENT INFORMATION 1 Business Segments
- Segment Assets and Liabilities
- Intersegment Transactions
- Analysis of Segment Information
- Reconciliation
- CASH AND CASH EQUIVALENTS
- TRADE AND OTHER RECEIVABLES
- CROSS-CURRENCY SWAPS
- AVAILABLE-FOR-SALE FINANCIAL ASSETS
- REAL ESTATE HELD-FOR-SALE
- OTHER ASSETS – NET
- INVESTMENTS IN AN ASSOCIATE AND A JOINT VENTURE
- PROPERTY AND EQUIPMENT
- INVESTMENT PROPERTY
- Rental Income
- Construction in Progress
- Reclassifications
- Fair Values of Investment Property
- TRADE AND OTHER PAYABLES This account consists of
- INTEREST-BEARING LOANS
- EDUCATIONAL REVENUES
- COSTS AND OPERATING EXPENSES
- FINANCE INCOME AND FINANCE COSTS 1 Finance Income
- Finance Costs
- EMPLOYEES’ HEALTH, WELFARE AND RETIREMENT FUND (a) Characteristics of the Defined Benefit Plan
The table below shows the fair value hierarchy of the classes of financial assets and financial liabilities of the University measured at fair value in the statements of financial position on a periodic basis since March 2013. Under this approach, the highest estimated costs of used in the valuation will result in the higher fair value of the properties. An analysis of movements in the book values of the University's investments is presented below.
As of 2011, the book value of the university's investment in the JVC had already been reduced to nil. Below is an overview of the University's transactions with such related parties (in thousand pesos). Details of the previous summary of transactions are shown below and on the following pages.
Accordingly, the total carrying amount of the loan outstanding at March 31, 2015 is presented as part of current liabilities in the 2015 balance sheet. The Group's consolidated financial statements as of and for the year ended March 31, 2015 (including the comparative consolidated financial statements for the years ended March 31, 2014 and 2013) was authorized for issue by the Board of Trustees (BOT) on June, December 16, 2015. The consolidated financial statements of the Group have been prepared in accordance with the Philippine Financial Reporting Standards (PFRS).
Items included in the consolidated financial statements of the Group are measured using its functional currency. All subsequent changes to the share in the equity of the associate are recognized in the carrying amount of the Group's investment. The Group's interest in a jointly controlled entity is recognized in the consolidated financial statements of the Group using the equity method.
The group's share in the joint venture company's result is adjusted for any unrealized gains that arise as a result of. Financial assets are recognized when the group becomes a party to the contractual terms of the financial instrument. Prepaid rent is initially recognized as part of the deferred revenue account in the consolidated balance sheet.
Any event after the end of the year that provides additional information about the financial position of the Group at the end of the reporting period (adjusting event) is reflected in the consolidated financial statements. The table below shows the fair value hierarchy of the Group's classes of financial assets and financial liabilities measured at fair value in the consolidated statements of financial position on a periodic basis since March 2013. Presented below and on the following page is a reconciliation of the Group's segment information to the main financial information presented in its consolidated financial statements (in thousands).
Analyzes of movements in the carrying value of the Group's investments held by trust banks are presented below.
