Statements of Financial Position

As at August 31, 2018 and 2017 (All amounts in Philippine Peso)

 
2018 2017
ASSETS
Current Assets
Cash and cash equivalents 48,535,679 142,462,009
Accounts receivable, net 431,593,594 140,380,423
Due from related parties 10,155,497 4,859,901
Inventories 2,070,136 4,325,079
Other current assets 67,010,281 60,451,395
Total Current Assets 559,365,187 352,478,807
Non-Current Assets
Available-for-sale financial assets 2,789,899,778 3,271,617,791
Held-to-maturity investments 170,003,595 3,850,000
Property and equipment, net 4,129,803,836 4,028,440,742
Restricted cash 350,000,000 600,000,000
Retirement benefit asset 15,912,222 16,573,959
Other non-current assets 10,087,298 22,935,591
Total Non-Current Assets 7,465,706,729 7,943,418,083
TOTAL ASSETS 8,025,071,916 8,295,896,890
 
  2018 2017
  LIABILITIES AND NET ASSETS  
Current Liabilities    
Accounts and other payables 305,481,657 282,707,687
Unearned tuition and other fees 430,232,034 327,769,419
Current portion of liability for purchased land 56,716,308 54,302,976
Current portion of lease liability 446,821 436,468
Due to related parties 29,494 4,652,728
Deposits 205,235,347 258,295,177
Total Current Liabilities 998,141,661 928,164,455
Non-Current Liabilities    
Liability for purchased land, net of current portion 108,620,517 162,908,928
Lease liability, net of current portion 34,265,413 33,907,906
Total Non-Current Liabilities 142,885,930 196,816,834
TOTAL LIABILITIES 1,141,027,591 1,124,981,289
Net Assets    
Unrestricted (655,884,288) (311,915,657)
Temporarily Unrestricted 3,314,783,044 3,221,429,809
Permanently Restricted 4,129,803,836 4,028,440,742
Other comprehensive income    
Changes in fair value of available-for-sale financial assets (48,793,065) 88,731,335
Remeasurement of retirement benefit 144,134,798 144,229,372
Total Net Assets 6,884,044,325 7,170,915,601
TOTAL LIABILITIES AND NET ASSETS 8,025,071,916 8,295,896,890

Statements of Cash Flows

For the years ended August 31, 2018 and 2017 (All amounts in Philippine Peso)

 
2018 2017
Cash flows from operating activities
Excess (deficiency) of revenue, gains and other supports over expenses (200,669,104) 75,920,533
Adjustments for:
Depreciation 272,188,180 254,783,437
Retirement Benefit Expense 28,429,226 23,283,324
Interest Expense 20,526,224 14,801,415
Provision for doubtful accounts 2,299,566 4,008,407
Loss on retirement of property and equipment 7,526 107,844
Unrealized foreign exchange gains, net (5,294,534) (17,165,915)
Investment income (182,558,508) (127,549,589)
Excess of revenue, gains and other supports over expenses before working capital changes (65,071,424) 228,189,456
Changes in working capital:
Accounts receivables, net (295,020,571) (25,632,841)
Due from related parties (5,295,596) 3,372,430
Inventories 2,254,943 46,825
Other current assets (6,558,886) (8,690,068)
Accounts and other payables 32,773,970 (15,236,913)
Unearned tuition and other fees 102,462,615 (98,178,146)
Due to related parties (4,623,234) 1,139,376
Deposits (1,643,028) 14,847,443
Cash generated from (absorbed by) operations (240,721,211) 99,857,562
Interest income from cash deposits 5,654,182 6,562,694
Contributions to plan asset (27,862,063) (24,605,862)
Net cash provided by (used in) operating activities (262,929,092) 81,814,394
 
2018 2017
Cash flows from investing activities
Additions to property and equipment (383,558,800) (498,560,045)
Payment on purchased of land (64,000,000) (64,000,000)
Release of restricted cash 250,000,000
Investment income 178,412,160 124,217,442
(Increase) Decrease in:
Available-for-sale financial assets 349,474,055 216,376,168
Held-to-maturity investments (166,153,595)
Other non-current assets 12,848,293 228,033
Net cash provided by (used in) investing activities 177,022,113 (221,738,402)
Cash flows from financing activities
Payment on lease liability (1,500,000) (1,500,000)
Interest paid (6,533,443) (4,001,059)
Net cash used in financing activities (8,033,443) (5,501,059)
Net decrease in cash and cash equivalents (93,940,422) (145,425,067)
Cash and cash equivalents at September 1 142,462,009 287,871,019
Effects of exchange rate changes on cash and cash equivalents 14,092 16,057
Cash and cash equivalents at August 31 48,535,679 142,462,009

Statements of Activities

For the years ended August 31, 2018 and 2017 (All amounts in Philippine Peso)

 
2018 2017
Unrestricted Temporarily Restricted Total Unrestricted Temporarily Restricted Total
Revenue, gains and other supports
Tuition fees 1,269,528,456 2,637,086 1,272,165,542 1,554,981,526 1,554,981,526
Miscellaneous student assessments 97,497,206 192,914,619 290,411,825 144,259,895 224,008,419 368,268,314
Investment income 182,558,508 182,558,508 127,549,589 127,549,589
Other college revenue 99,492,489 42,157,302 141,649,791 115,494,243 20,836,895 136,331,138
Hotel revenue 45,473,704 590,753 46,064,457 39,263,206 39,263,206
Foreign currency exchange gain 38,824,144 38,824,144 49,063,425 49,063,425
Development fee 37,338,532 37,338,532 45,356,916 45,356,916
Donations 703,450 804,574 1,508,024 398,350 26,405,139 26,803,489
Income from ancillary operations 3,802,531 3,705,456 7,507,987 2,302,140 3,284,641 5,586,781
Other income 513,333 6,560,479 7,073,812 6,329,054 3,742,280 10,071,334
1,555,835,313 469,267,309 2,025,102,622 1,912,091,839 451,183,879 2,363,275,718
Expenses
College expenses (2,104,010,980) (121,760,746) (2,225,771,726) (2,206,227,477) (81,127,708) (2,287.355,185)
Excess (deficiency) of revenue, gains and other supports over expenses (548,175,667) 347,506,563 (200,669,104) (294,135,638) 370,056,171 75,920,533
Other comprehensive loss
Item that may be reclassified to profit of loss
Fair value losses on available-for-sale financial assets (137,524,400) (137,524,400) (108,762,788) (108,762,788)
Item that may not be reclassified to profit of loss
Remeasurement losses on retirement benefit (94,574) (94,574) (1,062,833) (1,062,833)
Results of Activities (548,175,667) 209,887,589 (338,288,078) (294,135,638) 260,230,550 (33,905,088)

Statements of Changes in Net Assets

For the years ended August 31, 2018 and 2017 (All amounts in Philippine Peso)

 
Unrestricted Temporarily Restricted Permanently Restricted Other comprehensive income Remeasurement of retirement benefit Total
(Note 16) (Note 16) (Note 16) (Note 6) (Note 17)
Balances at August 31, 2016 (167,307,232) 3,630,825,537 3,398,516,056 197,494,123 145,292,205 7,204,820,689
Results of activities (294,135,638) 260,230,550 (33,905,088)
Reclassifications/transfers:
Acquisitions of property and equipment (105,364,068) (779,091,049) 884,455,117
Donation of property and equipment (360,850) 360,850
Depreciation or property and equipment 254,783,437 (254,783,437)
Retirement of property and equipment 107,844 (107,844)
Unrealized loss on available-for-sale financial assets 108,762,788 (108,762,788)
Remeasurement loss on retirement benefit 1,062,833 (1,062,833)
Balances at August 31, 2017 (311,915,657) 3,221,429,809 4,028,440,742 88,731,335 144,229,372 7,170,915,601
Results of activities (548,175,667) 209,887,589 (338,288,085)
Reclassifications/transfers:
Acquisitions of property and equipment (57,780,981) (325,074,369) 82,855,350
Donation of property and equipment (703,450) 703,450
Depreciation or property and equipment 272,188,180 (272,188,180)
Retirement of property and equipment 7,526 (7,526)
Unrealized loss on available-for-sale financial assets 137,524,400 (137,524,400)
Remeasurement loss on retirement benefit 94,574 (94,574)
Others (9,504,239) 70,921,041 (10,000,000) 51,416,802
Balances at August 31, 2018 (655,884,288) 3,314,783,044 4,129,803,836 (48,793,065) 144,134,798 6,884,044,325
TOP