DBP LEASING CORPORATION

WORKING TRIAL BALANCE

As of September 30, 2016
ADJUSTMENTS ADJUSTED TRIAL BALANCE BALANCE SHEET INCOME STATEMENT
ACCOUNT TITLE Dr Cr. DR CR DR CR DR CR DR CR

Petty Cash Fund 20,000.00 20,000.00 20,000.00

Cash in Bank - DBP 3,698,741.82 3,698,741.82 3,698,741.82
Short Term Investment 20,214,220.96 20,214,220.96 20,214,220.96
Accrued Interest Receivable 2,450,586.43 2,450,586.43 2,450,586.43
Accounts Receivable - Officers and Employees 132,816.80 132,816.80 132,816.80
Accounts Receivable - Others/MSLI - -
Accounts Receivable - Others/SHSL 228,096.97 228,096.97 228,096.97
Accounts Receivable - Others/BOAC (BFI) 304,023.09 304,023.09 304,023.09
Accounts Receivable - Others/ASSGI 1,401,429.18 1,401,429.18 1,401,429.18
Accounts Receivable - Others/R & J Commercial 2,088,183.82 2,088,183.82 2,088,183.82
Accounts Receivable - Others/NORTHSTAR 26,776.00 26,776.00 26,776.00
Accounts Receivable - Others/JEANALYN 243,218.32 243,218.32 243,218.32
Accounts Receivable - Others/RQG 501.00 501.00 501.00
Accounts Receivable - Others/GSIS 22,416,540.21 22,416,540.21 22,416,540.21
Accounts Receivable - Others/RLV 2,428,593.00 2,428,593.00 2,428,593.00
Accounts Receivable - Others/JACINTOS 35,445.95 35,445.95 35,445.95
Accounts Receivable - Others/VG SHIPPING 1,867,466.16 1,867,466.16 1,867,466.16
Accounts Receivable - Others/ORIENT STAR 99,747.80 99,747.80 99,747.80
Accounts Receivable - Others/ATIENZA 1,755,433.74 1,755,433.74 1,755,433.74
Accounts Receivable - Others/JCV LINES - -
Accounts Receivable - Others/UPHRI 589.26 589.26 589.26
Accounts Receivable - Others/DOLE 260,525.37 260,525.37 260,525.37
Accounts Receivable - Others/BIR 27,220.00 27,220.00 27,220.00
Sales Contract Receivable 1,000,000.00 1,000,000.00 1,000,000.00
Other Receivables 9,084.57 9,084.57 9,084.57
Allowance for Probable Losses 47,999,920.56 47,999,920.56 47,999,920.56
Prepaid Expense 56,409.06 56,409.06 56,409.06
Prepaid Income Tax 251,489.76 251,489.76 251,489.76
Deferred Charges - MCIT 1,099,343.87 1,099,343.87 1,099,343.87
Office Supplies Inventory 129,563.87 129,563.87 129,563.87
Refundable Deposit 42,000.00 42,000.00 42,000.00
Finance Lease Receivable 1,380,391,269.47 1,380,391,269.47 1,380,391,269.47
Amortized Commercial Loan Receivable 418,439,348.56 418,439,348.56 418,439,348.56
Short Term Loan Receivable 3,307,898.25 3,307,898.25 3,307,898.25
Receivable Financed 653,965,231.62 653,965,231.62 653,965,231.62
Operating Lease Receivable 912,365.23 912,365.23 912,365.23
Car Loan Receivable 960,748.51 960,748.51 960,748.51
Office Equipment 613,912.03 613,912.03 613,912.03
Accummulated Depreciation - Office Equipt. 447,472.79 447,472.79 447,472.79
Furniture and Fixtures 2,380,606.13 2,380,606.13 2,380,606.13
Accummulated Depreciation - Fur. & Fixtures 1,610,662.50 1,610,662.50 1,610,662.50
IT Equipment 2,826,276.10 2,826,276.10 2,826,276.10
Accummulated Depreciation - IT Equipment 1,684,183.01 1,684,183.01 1,684,183.01
Transportation Equipment 1,097,850.00 1,097,850.00 1,097,850.00
Accummulated Depreciation - Transportation Equipment 176,440.20 176,440.20 176,440.20
Building 2,100,000.00 2,100,000.00 2,100,000.00
Accummulated Depreciation - Building 39,729.76 39,729.76 39,729.76
Accummulated Depreciation - M/V DLC RORO 3 (Jeonnam Ferry) 7,650,098.67 7,650,098.67 7,650,098.67
Accummulated Impairment Loss - MV DLC RORO 3 5,296,777.00 5,296,777.00 5,296,777.00
Accummulated Impairment Loss - NCAHFS - -
Vessel for Lease 30,724,183.44 30,724,183.44 30,724,183.44
Non-current Asset Held for Sale (NCAHFS) - -
Residual Value of Leased Assets 204,614,251.46 204,614,251.46 204,614,251.46
IT Software 1,365,000.00 1,365,000.00 1,365,000.00
DBP LEASING CORPORATION
WORKING TRIAL BALANCE
As of September 30, 2016
ADJUSTMENTS ADJUSTED TRIAL BALANCE BALANCE SHEET INCOME STATEMENT
ACCOUNT TITLE Dr Cr. DR CR DR CR DR CR DR CR
Accumulated Amortization - IT Software 4,333.34 4,333.34 4,333.34
Accounts Payable - Officers and Employees 1,227,477.32 1,227,477.32 1,227,477.32
Accounts Payable - Others/SHSL 7,670,652.14 7,670,652.14 7,670,652.14
Accounts Payable - Others/JEANALYN 181,442.73 181,442.73 181,442.73
Accounts Payable - Others/Meridian 156,483.90 156,483.90 156,483.90
Accounts Payable - Others/PITC 119,162.97 119,162.97 119,162.97
Accounts Payable - Others/ORIENSTAR 37,384.07 37,384.07 37,384.07
Accounts Payable - Others/NEDSTEEL 409,775.87 409,775.87 409,775.87
Accounts Payable - Others/JASPER JEAN - -
Accounts Payable - Others/SAN NICHOLAS 380,000.00 380,000.00 380,000.00
Accounts Payable - Others/OCEANIC 147,153.02 147,153.02 147,153.02
Accounts Payable - Others/JAM LINER 307,594.00 307,594.00 307,594.00
Accounts Payable - Others/RRCG 172,436.00 172,436.00 172,436.00
Accounts Payable - Others/UPHRI 20,797.50 20,797.50 20,797.50
Accounts Payable - Others/RV MARZAN - -
Accounts Payable - Others/JJ CARS 147,693.00 147,693.00 147,693.00
Accounts Payable - Others/GSIS 689,124.23 689,124.23 689,124.23
Accounts Payable - Unreleased Checks 346,864.87 346,864.87 346,864.87
Accrued Expense Payable 9,183,843.65 9,183,843.65 9,183,843.65
Refundable Deposit Payable 95,000.00 95,000.00 95,000.00
Due to BIR 1,037,800.58 1,037,800.58 1,037,800.58
Due to SSS, ECC 62,348.71 62,348.71 62,348.71
Due to Philhealth 19,875.00 19,875.00 19,875.00
Due to PAGIBIG 24,484.09 24,484.09 24,484.09
Performance /Bidders/Bail Bonds Payable 123,500.00 123,500.00 123,500.00
Income Tax Payable - -
Loans Payable - BDO 100,000,000.00 100,000,000.00 100,000,000.00
Loans Payable - BPI 569,884,043.10 569,884,043.10 569,884,043.10
Loans Payable - EAST WEST BANK 200,000,000.00 200,000,000.00 200,000,000.00
Loans Payable - METROBANK 90,000,000.00 90,000,000.00 90,000,000.00
Lease Deposits 206,961,098.94 206,961,098.94 206,961,098.94
Unearned Lease Income 249,345,053.58 249,345,053.58 249,345,053.58
Unearned Interest Income 220,577,377.05 220,577,377.05 220,577,377.05
Capital Stock 1,132,000,000.00 1,132,000,000.00 1,132,000,000.00
Retained Earnings 141,599,818.58 (141,599,818.58)
Lease Income 67,606,320.10 67,606,320.10 67,606,320.10
Processing Fee/Service Fee 1,000.00 1,000.00 1,000.00
Miscellaneous Income 1,113,124.31 1,113,124.31 1,113,124.31
Interest Income 51,008,468.74 51,008,468.74 51,008,468.74
Salaries and Wages 8,307,742.84 8,307,742.84 8,307,742.84
Clothing Allowance 128,333.34 128,333.34 128,333.34
Personnel Economic Relief Assistance (PERA) 485,000.00 485,000.00 485,000.00
Other Personnel Benefits - Retirement Pay 411,102.12 411,102.12 411,102.12
Other Personnel Benefits - Employees' Welfare Assistance 878,181.80 878,181.80 878,181.80
Performance Bonus 2,675,708.39 2,675,708.39 2,675,708.39
SSS, ECC Contributions 293,714.10 293,714.10 293,714.10
PHILHEALTH Contributions 85,800.00 85,800.00 85,800.00
PAG-IBIG Contributions 24,300.00 24,300.00 24,300.00
13th Month, Year End Incentive and Cash Gift 1,793,783.73 1,793,783.73 1,793,783.73
Other Personnel Expenses - RATA 2,048,814.13 2,048,814.13 2,048,814.13
Other Personnel Expenses - HOSPITALIZATION (HEALTH CARE PLAN) 337,643.44 337,643.44 337,643.44
Other Personnel Expenses - SL (MVLC) Earned Credits 899,476.30 899,476.30 899,476.30
Training Program - Local 180,680.86 180,680.86 180,680.86
Director's Fee 482,000.00 482,000.00 482,000.00
Management & Other Professional Fees - COA 150,000.03 150,000.03 150,000.03
DBP LEASING CORPORATION
WORKING TRIAL BALANCE
As of September 30, 2016
ADJUSTMENTS ADJUSTED TRIAL BALANCE BALANCE SHEET INCOME STATEMENT
ACCOUNT TITLE Dr Cr. DR CR DR CR DR CR DR CR
Management & Other Professional Fees - Legal & Others 1,028,440.00 1,028,440.00 1,028,440.00
Management & Other Professional Fees - IT Services 277,083.30 277,083.30 277,083.30
Management & Other Professional Fees - Placement/Recruitment 57,120.00 57,120.00 57,120.00
Notarial Fees 6,450.00 6,450.00 6,450.00
Licenses & Taxes Expense 6,572,857.24 6,572,857.24 6,572,857.24
Insurance Expense 22,332.87 22,332.87 22,332.87
Insurance Expense - Vessels 608,861.90 608,861.90 608,861.90
Rental - Office Space 680,400.00 680,400.00 680,400.00
Rental - Warehouse 6,480.00 6,480.00 6,480.00
Rental - Parking Space 113,100.00 113,100.00 113,100.00
Power, Light and Water Expense 76,281.94 76,281.94 76,281.94
Information Technology Expense 120,960.00 120,960.00 120,960.00
Travelling Expenses - Local 117,806.29 117,806.29 117,806.29
Repairs and Maintenance 14,857.98 14,857.98 14,857.98
Security/Clerical/Messengerial/Janitorial Expense 145,566.52 145,566.52 145,566.52
Salaries and Wages - Vessel 375,400.00 375,400.00 375,400.00
Supplies and Materials - Vessels 16,074.26 16,074.26 16,074.26
Miscellaneous Expense - Others/Vessels 1,517,410.90 1,517,410.90 1,517,410.90
Repairs and Maintenance - Vessel - -
Postage, Telephone & Telegrams Expense 611,195.83 611,195.83 611,195.83
Stationery and Supplies Expense 320,198.12 320,198.12 320,198.12
Periodicals and Magazines Expense - - -
Subscription Expense 27,029.13 27,029.13 27,029.13
Advertisement 2,250.00 2,250.00 2,250.00
Representation & Entertainment Expense 176,343.21 176,343.21 176,343.21
Membership Fees & Dues 19,400.00 19,400.00 19,400.00
Miscellaneous Expense - Others 171,494.79 171,494.79 171,494.79
Depreciation - Office Equipment 32,635.11 32,635.11 32,635.11
Depreciation - Furniture and Fixtures 164,745.80 164,745.80 164,745.80
Depreciation - IT Equipment 190,295.35 190,295.35 190,295.35
Depreciation - Building 39,729.76 39,729.76 39,729.76
Depreciation - Transportation Equipment 105,864.12 105,864.12 105,864.12
Depreciation - M/V DLC RORO 3 (Jeonnam Ferry) 893,831.13 893,831.13 893,831.13
Depreciation - M/V Miss Romblon 750,000.00 750,000.00 750,000.00
Depreciation - M/V Star Cebu City 205,434.78 205,434.78 205,434.78
Depreciation - M/V Star San Carlos 1,375,319.94 1,375,319.94 1,375,319.94
Depreciation - M/Tug Queenie 127,826.09 127,826.09 127,826.09
Amortization Expense - IT Software 4,333.34 4,333.34 4,333.34
Bank Charge 2,462.00 2,462.00 2,462.00
Fines, Penalties and Others Charges 106,500.00 106,500.00 106,500.00
Interest Expense 26,203,151.58 26,203,151.58 26,203,151.58
Provision for Probable Losses 2,772,241.16 2,772,241.16 2,772,241.16
Impairment Loss 3,253,043.47 3,253,043.47 3,253,043.47
Provision for Final Taxes 29,597.04 29,597.04 29,597.04
Provision for Income Tax - -
 DBP LEASING CORPORATION
(A wholly-owned subsidiary of the Development Bank of the Philippines
STATEMENT OF FINANCIAL POSITION
As of September 30, 2016

September 30, 2016

ASSETS
Current Assets
Cash and cash equivalents 23,932,962.78
Receivables, Net 26,132,276.95
Finance Lease Receivables 315,236,848.74
Amortized Commercial Loan 106,082,385.33
Short Term Loan Receivable 3,234,389.40
Receivable Financed 145,395,291.41
Other Current Assets 4,628,508.42
TOTAL CURRENT ASSETS 624,642,663.04
Non-Current Assets
Finance lease receivables 989,772,911.66
Amortized Commercial Loan 245,770,506.51
Receivable Financed 346,101,177.72
Vessel for lease, net 17,777,307.77
Other Non-Current Assets 7,090,372.66
1,606,512,276.31
TOTAL ASSETS 2,231,154,939.35

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities
Accrued expenses payable 9,183,843.65
Loans Payable- current portion 441,354,368.84
Lease deposits 22,696,800.00
Other Current Liabilities 13,377,050.00
TOTAL CURRENT LIABILITIES 486,612,062.49
Non-current Liabilities
Loans Payable 518,529,674.26
Lease deposits 184,264,298.94
TOTAL NON-CURRENT LIABILITIES 702,793,973.20
TOTAL LIABILITIES 1,189,406,035.69
Equity 1,041,748,903.66

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 2,231,154,939.35

/drg10/12/201611:15 AM
Balance Sheet Last Year vs This Year
 DBP LEASING CORPORATION
(A wholly-owned subsidiary of the Development Bank of the Philippines
STATEMENT OF COMPARATIVE PROFIT & LOSS
For the period ending September 30, 2016

Year to Date
REVENUES
Lease Income 67,606,320.10
Interest Income - Loans 50,860,442.33
Miscellaneous Income 1,406,645.84
TOTAL REVENUE 119,873,408.27
COST AND EXPENSES
Vessel Related Expenses 2,517,747.06
Salaries and Personnel-related Expenses 18,550,281.05
Administrative Expenses 11,308,609.25
Sub-Total 32,376,637.36
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION & AMORTIZATION/EBITDA 87,496,770.91
EBITDA/Average Stockholder's Equity 8.62%
Interest Expense 26,203,151.58
Depreciation & Amortization 3,890,015.42
Sub-total 30,093,167.00
TOTAL EXPENSES 62,469,804.36
NET INCOME BEFORE INCOME TAX AND PROBABLE LOSSES 57,403,603.91
Less: Provision for Probable Loss 2,772,241.16
Provision for Final Tax 29,597.04
Impairment Loss 3,253,043.47
Sub-total 6,054,881.67
NET INCOME (LOSS) 51,348,722.24
NIAT/Average Stockholder's Equity 5.06%

/drg10/12/2016Time
Income Statement MTD Last Month vs MTD This Month
 DBP LEASING CORPORATION
(A wholly-owned subsidiary of the Development Bank of the Philippines
STATEMENT OF CASH FLOWS
For the period ended September 30, 2016
(In Philippine Peso)

CASH FLOWS FROM OPERATING ACTIVITIES

Collection of income 117,280,241.77
Collection of advances and receivables 10,997,079.14
Payment of operating expenses (73,134,691.91)
Payment of marine hull insurance of leased vessels (9,760,275.46)
BIR, Pag-ibig, SSS Contributions, Philhealth Collections, net of remittances (1,227,781.20)
Net cash provided by operating activities 44,154,572.34

CASH FLOWS FROM INVESTING ACTIVITIES

Collection of lease and loan principal 362,175,317.62
Loan and Financial Lease Releases (514,953,037.72)
Acquisition of Office/IT Equipment and IT Software (1,565,360.30)
Proceeds from Sale of Property 500,000.00
Collection of deposit on finance leases 7,328,128.66
Net cash provided by investing activities (146,514,951.74)

CASH FLOWS FROM FINANCING ACTIVITY

Additional equity infusion
Proceeds from Borrowings 174,000,000.00
Payment on borrowings (76,384,660.38)
Payment of dividends (3,356,666.67)
Net cash used in financing activities 94,258,672.95

NET INCREASE (DECREASE) IN CASH AND

CASH EQUIVALENTS (8,101,706.45)
CASH AND CASH EQUIVALENTS
BEGINNING OF YEAR 32,034,669.23

CASH AND CASH EQUIVALENTS, September 30, 2016 23,932,962.78

/drg10/12/201611:15 AM
Statement of Cash Flow
 DBP LEASING CORPORATION
(A wholly-owned subsidiary of the Development Bank of the Philippines)
STATEMENT OF CHANGES IN EQUITY
As of September 30, 2016
(In Philippine Pesos)

Particulars Shares Amount Retained Earnings Total

Balance, December 31, 2012 7,320,000.00 732,000,000.00 (10,712,799.68) 721,287,200.32
Add: Net Income (Loss) (99,122,657.00) (99,122,657.00)
Balance, December 31, 2013 7,320,000.00 732,000,000.00 (109,835,456.68) 622,164,543.32
Add: Net Income (Loss) (54,190,588.54) (54,190,588.54)
Additional Equity 2,800,000.00 280,000,000.00 280,000,000.00
Balance , December 31, 2014 10,120,000.00 1,012,000,000.00 (164,026,045.22) 847,973,954.78
Add: Net Income (Loss) 25,782,893.31 25,782,893.31
Additional Equity 1,200,000.00 120,000,000.00 120,000,000.00
Balance, December 31, 2015 11,320,000.00 1,132,000,000.00 (138,243,151.91) 993,756,848.09
Add: Net Income (Loss) 51,348,722.24 51,348,722.24
Less: Dividends paid (3,356,666.67) (3,356,666.67)
Balance , September 30, 2016 11,320,000.00 1,132,000,000.00 (90,251,096.34) 1,041,748,903.66

/drg 10/12/201611:15 AM
Statement of Changes in Equity