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7/29/2019 FEU Financial analysis
1/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
BALANCED SHEETINCREASE (DECREASE)
ASSETS 2008 2007 Increase(Decrease) Percentage
Current Assets
Cash and cash equivalents 1,207,342,389 875,927,694 331,414,695 37.84
Available-for-sale-investment 840,687,402 816,893,531 23,793,871 2.91
Receivables-Net 113,434,183 158,278,935 (44,844,752) -28.33
financial Assets at fair value through profit or loss - - - -
Held-to-maturity investments - - - -
real estate held for sale 129,216,942 - 129,216,942 100.00
Other Current Assets 134,567,441 89,025,301 45,542,140 51.16
Total Current Assets 2,425,248,357 1,860,002,690 565,245,667 30.39
Non Current Assets
Deferred Tax Assets 11,357,319 5,625,420 5,731,899 101.89
Due from related party - 65,000,000 (65,000,000) -100.00
Available-for-sale in investment - - - -
investment in subsidiaries, Associate and joint venture-net - - - -
Equity Investments - 88,941,889 (88,941,889) -100.00
Investment property-Net 363,733,216 153,675,589 210,057,627 136.69
Property and Equipment-Net 720,820,379 534,117,133 186,703,246 34.96
investment in an associate 7,105,379 - 7,105,379 100.00
Held-to-Maturity investments 32,071,040 30,468,630 1,602,410 5.26
Other non-current Assets 17,816,656 3,303,367 14,513,289 439.35
Total Non Current Assets 1,152,907,989 881,132,028 271,775,961 30.84
Total Assets 3,578,156,346 2,741,134,718 837,021,628 30.54
Liabilities and Equity
Current Liabilities
Accounts Payable and other current liabilities 420,350,624 254,213,647 166,136,977 65.35
Unearned Tuition Fees - - - -
Deferred Income 24,287,583 - 24,287,583 100.00
Trust funds 76,162,222 - 76,162,222 100.00
Notes payable 1,895,782 - 1,895,782 100.00
Income Tax Payable 54,676,608 39,978,593 14,698,015 36.76
Total Current Liabilities 577,372,819 294,192,240 283,180,579 96.26
Non Current Liabilities
Trust funds - 104,781,284 (104,781,284) -100.00
Deferred tax Liabilities 12,117,687 - 12,117,687 100.00
Notes payable - - - -
Total Non Current Liabilities 12,117,687 104,781,284 (92,663,597) -88.44
Total Liabilities 589,490,506 398,973,524 190,516,982 47.75
Equity
Capital Stock 704,369,900 704,369,900 - 0.00
Net Unrealized gain on available-for-sale investment 5,461,069 (5,461,069) -100.00
Appropriated retained earnings 1,147,161,414 697,161,414 450,000,000 64.55
Unappropriated retained earnings 843,661,207 938,901,911 (95,240,704) -10.14
Accumulated Fair valur gains (losses) 1,233,243 - 1,233,243 100.00
Treasury stock (3,733,100) (3,733,100) - 0.00
Non controlling interest 295,973,176 - 295,973,176 100.00
Total equity 2,988,665,840 2,342,161,194 646,504,646 27.60
Total Liabilities and Equity 3,578,156,346 2,741,134,718 837,021,628 30.54
7/29/2019 FEU Financial analysis
2/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
BALANCED SHEETINCREASE (DECREASE)
ASSETS 2009 2008 Increase(Decrease) Percentage
Current Assets
Cash and cash equivalents 1,172,859,362 1,207,342,389 (34,483,027) -2.86
Available-for-sale-investment 1,088,109,957 840,687,402 247,422,555 29.43
Receivables-Net 138,151,928 113,434,183 24,717,745 21.79
financial Assets at fair value through profit or loss - - - -
Held-to-maturity investments 20,000,000 - 20,000,000 100.00
real estate held for sale 129,216,942 129,216,942 - 0.00
Other Current Assets 90,677,164 134,567,441 (43,890,277) -32.62
Total Current Assets 2,639,015,353 2,425,248,357 213,766,996 8.81
Non Current Assets
Deferred Tax Assets 9,228,791 11,357,319 (2,128,528) -18.74
Due from related party - - - -
Available-for-sale in investment - - - -
investment in subsidiaries, Associate and joint venture-net - - - -
Equity Investments - - - -
Investment property-Net 364,903,545 363,733,216 1,170,329 0.32
Property and Equipment-Net 843,473,310 720,820,379 122,652,931 17.02
investment in an associate 7,055,963 7,105,379 (49,416) -0.70
Held-to-Maturity investments 32,071,040 (32,071,040) -100.00
Other non-current Assets 26,151,492 17,816,656 8,334,836 46.78
Total Non Current Assets 1,250,813,101 1,152,907,989 97,905,112 8.49
Total Assets 3,889,828,454 3,578,156,346 311,672,108 8.71
Liabilities and Equity
Current Liabilities
Accounts Payable and other current liabilities 349,657,377 420,350,624 (70,693,247) -16.82
Unearned Tuition Fees - - - -
Deferred Income 76,555,105 24,287,583 52,267,522 215.20
Trust funds 58,490,641 76,162,222 (17,671,581) -23.20
Notes payable 3,103,359 1,895,782 1,207,577 63.70
Income Tax Payable 48,721,315 54,676,608 (5,955,293) -10.89
Total Current Liabilities 536,527,797 577,372,819 (40,845,022) -7.07
Non Current Liabilities
Trust funds - - - -
Deferred tax Liabilities 13,170,629 12,117,687 1,052,942 8.69
Notes payable 10,327,238 - 10,327,238 100.00
Total Non Current Liabilities 23,497,867 12,117,687 11,380,180 93.91
Total Liabilities 560,025,664 589,490,506 (29,464,842) -5.00
Equity
Capital Stock 984,577,900 704,369,900 280,208,000 39.78
Net Unrealized gain on available-for-sale investment - - - -
Appropriated retained earnings 975,099,017 1,147,161,414 (172,062,397) -15.00
Unappropriated retained earnings 1,068,447,399 843,661,207 224,786,192 26.64
Accumulated Fair valur gains (losses) (9,533,437) 1,233,243 (10,766,680) -873.04
Treasury stock (3,733,100) (3,733,100) - 0.00
Non controlling interest 314,945,011 295,973,176 18,971,835 6.41
Total equity 3,329,802,790 2,988,665,840 341,136,950 11.41
Total Liabilities and Equity 3,889,828,454 3,578,156,346 311,672,108 8.71
7/29/2019 FEU Financial analysis
3/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
BALANCED SHEETINCREASE (DECREASE)
ASSETS 2010 2009 Increase(Decrease) Percentage
Current Assets
Cash and cash equivalents 471,133,965 1,172,859,362 (701,725,397) -59.83
Available-for-sale-investment 1,202,638,312 1,088,109,957 114,528,355 10.53
Receivables-Net 699,920,334 138,151,928 561,768,406 406.63
financial Assets at fair value through profit or loss - - - -
Held-to-maturity investments 20,000,000 20,000,000 - 0.00
real estate held for sale - 129,216,942 (129,216,942) -100.00
Other Current Assets 90,852,883 90,677,164 175,719 0.19
Total Current Assets 2,484,545,494 2,639,015,353 (154,469,859) -5.85
Non Current Assets
Deferred Tax Assets 7,089,946 9,228,791 (2,138,845) -23.18
Due from related party 218,774,500 - 218,774,500 -
Available-for-sale in investment - - - -
investment in subsidiaries, Associate and joint venture-net 121,313,489 - 121,313,489 -
Equity Investments - - - -
Investment property-Net 184,474,138 364,903,545 (180,429,407) -49.45
Property and Equipment-Net 722,208,950 843,473,310 (121,264,360) -14.38
investment in an associate - 7,055,963 (7,055,963) -100.00
Held-to-Maturity investments - - - -
Other non-current Assets 2,765,208 26,151,492 (23,386,284) -89.43
Total Non Current Assets 1,256,626,231 1,250,813,101 5,813,130 0.46
Total Assets 3,741,171,725 3,889,828,454 (148,656,729) -3.82
Liabilities and Equity
Current Liabilities
Accounts Payable and other current liabilities 416,781,486 349,657,377 67,124,109 19.20
Unearned Tuition Fees 56,263,568 - 56,263,568 100.00
Deferred Income - 76,555,105 (76,555,105) -100.00
Trust funds - 58,490,641 (58,490,641) -100.00
Notes payable - 3,103,359 (3,103,359) -100.00
Income Tax Payable 45,878,467 48,721,315 (2,842,848) -5.83
Total Current Liabilities 518,923,521 536,527,797 (17,604,276) -3.28
Non Current Liabilities
Trust funds - - - -
Deferred tax Liabilities - 13,170,629 (13,170,629) -100.00
Notes payable - 10,327,238 (10,327,238) -100.00
Total Non Current Liabilities 23,497,867 (23,497,867) -100.00
Total Liabilities 518,923,521 560,025,664 (41,102,143) -7.34
Equity
Capital Stock 984,577,900 984,577,900 - 0.00
Net Unrealized gain on available-for-sale investment - - - -
Appropriated retained earnings 1,675,099,017 975,099,017 700,000,000 71.79
Unappropriated retained earnings 558,446,825 1,068,447,399 (510,000,574) -47.73
Accumulated Fair valur gains (losses) 7,857,562 (9,533,437) 17,390,999 -182.42
Treasury stock (3,733,100) (3,733,100) - 0.00
Non controlling interest - 314,945,011 (314,945,011) -100.00
Total equity 3,222,248,204 3,329,802,790 (107,554,586) -3.23
Total Liabilities and Equity 3,741,171,725 3,889,828,454 (148,656,729) -3.82
7/29/2019 FEU Financial analysis
4/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
BALANCED SHEETINCREASE (DECREASE)
ASSETS 2011 2010 Increase(Decrease) Percentage
Current Assets
Cash and cash equivalents 342,506,590 471,133,965 (128,627,375) -27.30
Available-for-sale-investment 1,254,185,359 1,202,638,312 51,547,047 4.29
Receivables-Net 558,164,424 699,920,334 (141,755,910) -20.25
financial Assets at fair value through profit or loss 8,456,381 - 8,456,381 100.00
Held-to-maturity investments - 20,000,000 (20,000,000) -100.00
real estate held for sale - - - -
Other Current Assets 28,798,292 90,852,883 (62,054,591) -68.30
Total Current Assets 2,192,111,046 2,484,545,494 (292,434,448) -11.77
Non Current Assets
Deferred Tax Assets 7,250,042 7,089,946 160,096 2.26
Due from related party 394,489,204 218,774,500 175,714,704 80.32
Available-for-sale in investment 311,515,573 - 311,515,573 -
investment in subsidiaries, Associate and joint venture-net 121,313,489 121,313,489 - 0.00
Equity Investments - - - -
Investment property-Net 174,092,814 184,474,138 (10,381,324) -5.63
Property and Equipment-Net 841,991,794 722,208,950 119,782,844 16.59
investment in an associate - - - -
Held-to-Maturity investments - - - -
Other non-current Assets 3,929,796 2,765,208 1,164,588 42.12
Total Non Current Assets 1,854,582,712 1,256,626,231 597,956,481 47.58
Total Assets 4,046,693,758 3,741,171,725 305,522,033 8.17
Liabilities and Equity
Current Liabilities
Accounts Payable and other current liabilities 367,931,811 416,781,486 (48,849,675) -11.72
Unearned Tuition Fees 52,694,576 56,263,568 (3,568,992) -6.34
Deferred Income - - - -
Trust funds - - - -
Notes payable - - - -
Income Tax Payable 47,712,327 45,878,467 1,833,860 4.00
Total Current Liabilities 468,338,714 518,923,521 (50,584,807) -9.75
Non Current Liabilities
Trust funds - - - -
Deferred tax Liabilities - - - -
Notes payable - - - -
Total Non Current Liabilities
Total Liabilities 468,338,714 518,923,521 (50,584,807) -9.75
Equity
Capital Stock 984,577,900 984,577,900 - 0.00
Net Unrealized gain on available-for-sale investment - - - -
Appropriated retained earnings 1,853,733,100 1,675,099,017 178,634,083 10.66
Unappropriated retained earnings 723,126,299 558,446,825 164,679,474 29.49
Accumulated Fair valur gains (losses) 20,650,845 7,857,562 12,793,283 162.81
Treasury stock (3,733,100) (3,733,100) - 0.00
Non controlling interest - - - -
Total equity 3,578,355,044 3,222,248,204 356,106,840 11.05
Total Liabilities and Equity 4,046,693,758 3,741,171,725 305,522,033 8.17
7/29/2019 FEU Financial analysis
5/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
BALANCED SHEETINCREASE (DECREASE)
ASSETS 2012 2011 Increase(Decrease) Percentage
Current Assets
Cash and cash equivalents 421,846,871 342,506,590 79,340,281 23.16
Available-for-sale-investment 1,612,888,940 1,254,185,359 358,703,581 28.60
Receivables-Net 758,811,847 558,164,424 200,647,423 35.95
financial Assets at fair value through profit or loss - 8,456,381 (8,456,381) -100.00
Held-to-maturity investments - - - -
real estate held for sale - - - -
Other Current Assets 29,853,986 28,798,292 1,055,694 3.67
Total Current Assets 2,823,401,644 2,192,111,046 631,290,598 28.80
Non Current Assets
Deferred Tax Assets 9,424,385 7,250,042 2,174,343 29.99
Due from related party 114,610,613 394,489,204 (279,878,591) -70.95
Available-for-sale in investment 335,300,863 311,515,573 23,785,290 7.64
investment in subsidiaries, Associate and joint venture-net 147,313,489 121,313,489 26,000,000 21.43
Equity Investments - - - -
Investment property-Net 163,711,490 174,092,814 (10,381,324) -5.96
Property and Equipment-Net 923,925,048 841,991,794 81,933,254 9.73
investment in an associate - - - -
Held-to-Maturity investments - - - -
Other non-current Assets 3,929,796 3,929,796 - 0.00
Total Non Current Assets 1,707,215,684 1,854,582,712 (147,367,028) -7.95
Total Assets 4,530,617,328 4,046,693,758 483,923,570 11.96
Liabilities and Equity
Current Liabilities
Accounts Payable and other current liabilities 414,402,473 367,931,811 46,470,662 12.63
Unearned Tuition Fees 31,922,493 52,694,576 (20,772,083) -39.42
Deferred Income - - - -
Trust funds - - - -
Notes payable - - - -
Income Tax Payable 41,982,049 47,712,327 (5,730,278) -12.01
Total Current Liabilities 488,307,015 468,338,714 19,968,301 4.26
Non Current Liabilities
Trust funds - - - -
Deferred tax Liabilities - - - -
Notes payable - - - -
Total Non Current Liabilities - - - -
Total Liabilities 488,307,015 468,338,714 19,968,301 4.26
Equity
Capital Stock 1,376,863,400 984,577,900 392,285,500 39.84
Net Unrealized gain on available-for-sale investment - - -
Appropriated retained earnings 1,718,503,100 1,853,733,100 (135,230,000) -7.30
Unappropriated retained earnings 867,127,415 723,126,299 144,001,116 19.91
Accumulated Fair valur gains (losses) 83,549,498 20,650,845 62,898,653 304.58
Treasury stock (3,733,100) (3,733,100) - 0.00
Non controlling interest - - - -
Total equity 4,042,310,313 3,578,355,044 463,955,269 12.97
Total Liabilities and Equity 4,530,617,328 4,046,693,758 483,923,570 11.96
7/29/2019 FEU Financial analysis
6/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
BALANCED SHEETTREND ANALYSIS
ASSETS 2007 Trend% 2008 Trend % 2009 Trend % 2010 Trend % 2011 Trend % 2012 Trend %Current Assets
Cash and cash equivalents 100.00 137.84 133.90 53.79 39.10 48.16
Available-for-sale-investment 100.00 102.91 133.20 147.22 153.53 197.44
Receivables-Net 100.00 71.67 87.28 442.21 352.65 479.41
financial Assets at fair value through profit or loss - - - - 100.00 0.00
Held-to-maturity investments - - 100.00 100.00 - -
real estate held for sale - 100.00 100.00 0.00 0.00 0.00
Other Current Assets 100.00 151.16 101.86 102.05 32.35 33.53
Total Current Assets 100.00 130.39 141.88 133.58 117.86 151.80
Non Current Assets
Deferred Tax Assets 100.00 201.89 164.06 126.03 128.88 167.53
Due from related party 100.00 0.00 0.00 336.58 606.91 176.32
Available-for-sale in investment - - - - 100.00 107.64
investment in subsidiaries, Associate and joint venture-net 100.00 100.00 121.43
Equity Investments 100.00 0.00 0.00 0.00 0.00 0.00
Investment property-Net 100.00 236.69 237.45 120.04 113.29 106.53
Property and Equipment-Net 100.00 134.96 157.92 135.22 157.64 172.98
investment in an associate - 100.00 99.30 0.00 0.00 0.00
Held-to-Maturity investments 100.00 105.26 0.00 0.00 0.00 0.00
Other non-current Assets 100.00 539.35 791.66 83.71 118.96 118.96
Total Non Current Assets 100.00 130.84 141.96 142.61 210.48 193.75
TOTAL ASSETS 100.00 130.54 141.91 136.48 147.63 165.28
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable and other current liabilities 100.00 165.35 137.54 163.95 144.73 163.01
Unearned Tuition Fees - - - 100.00 93.66 56.74
Deferred Income - 100.00 315.20 0.00 0.00 0.00
Trust funds - 100.00 76.80 0.00 0.00 0.00
Notes payable - 100.00 163.70 0.00 0.00 0.00
Income Tax Payable 100.00 136.76 121.87 114.76 119.34 105.01
Total Current Liabilities 100.00 196.26 182.37 176.39 159.19 165.98
Non Current Liabilities
Trust funds 100.00 0.00 0.00 0.00 0.00 0.00
Deferred tax Liabilities 100.00 100.00 108.69 0.00 0.00 0.00Notes payable 100.00 0.00 0.00 0.00 0.00 0.00
Total Non Current Liabilities 100.00 11.56 22.43 0.00 0.00 0.00
Total Liabilities 100.00 147.75 140.37 130.06 117.39 122.39
Equity
Capital Stock 100.00 100.00 139.78 139.78 139.78 195.47
Net Unrealized gain on available-for-sale investment 100.00 0.00 0.00 0.00 0.00 0.00
Appropriated retained earnings 100.00 164.55 139.87 240.27 265.90 246.50
Unappropriated retained earnings 100.00 89.86 113.80 59.48 77.02 92.36
Accumulated Fair valur gains (losses) - 100.00 -773.04 637.15 1674.52 6774.78
Treasury stock 100.00 100.00 100.00 100.00 100.00 100.00
Non controlling interest - 100.00 106.41 0.00 0.00 0.00
Total equity 100.00 127.60 142.17 137.58 152.78005 172.59
TOTAL LIABILITIES AND EQUITY 100.00 130.54 141.91 136.48 147.63 165.28
7/29/2019 FEU Financial analysis
7/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
BALANCED SHEETCOMMON-SIZE ANALYSIS
ASSESTS 2007 2008 2009 2010 2011 2012
Current Assets
Cash and cash equivalents 31.95 33.74 30.15 12.59 8.46 9.31
Available-for-sale-investment 29.80 23.49 27.97 32.15 30.99 35.60
Receivables-Net 5.77 3.17 3.55 18.71 13.79 16.75
financial Assets at fair value through profit or loss - - - - 0.21 -
Held-to-maturity investments - - 0.51 0.53 - -
real estate held for sale - 3.61 3.32 - - -
Other Current Assets 3.25 3.76 2.33 2.43 0.71 0.66
Total Current Assets 67.86 67.78 67.84 66.41 54.17 62.32
Non Current Assets
Deferred Tax Assets 0.21 0.32 0.24 0.19 0.18 0.21Due from related party 2.37 - - 5.85 9.75 2.53
Available-for-sale in investment - - - - 7.70 7.40
investment in subsidiaries, Associate and joint venture-net - - - 3.24 3.00 -
Equity Investments 3.24 - - - - -
Investment property-Net 5.61 10.17 9.38 4.93 4.30 3.61
Property and Equipment-Net 19.49 20.15 21.68 19.30 20.81 20.39
investment in an associate - 0.20 0.18 - - -
Held-to-Maturity investments 1.11 0.90 - - - -
Other non-current Assets 0.12 0.50 0.67 0.07 0.10 0.09
Total Non Current Assets 32.14 32.22 32.16 33.59 45.83 37.68
Total Assets 100.00 100.00 100.00 100.00 100.00 100.00
Liabilities and Equity
Current Liabilities
Accounts Payable and other current liabilities 9.27 11.75 8.99 11.14 9.09 9.15
Unearned Tuition Fees - - - 1.50 1.30 0.70
Deferred Income - 0.68 1.97 - - -
Trust funds - 2.13 1.50 - - -
Notes payable - 0.05 0.08 - - -
Income Tax Payable 1.46 1.53 1.25 1.23 1.18 0.93
Total Current Liabilities 0.11 16.14 13.79 13.87 11.57 10.78
Non Current Liabilities
Trust funds 3.82 - - - - -
Deferred tax Liabilities - 0.34 0.34 - - -
Notes payable - - 0.27 - - -
Total Non Current Liabilities 3.82 0.34 0.60 - - -
Total Liabilities 14.56 16.47 14.40 13.87 11.57 10.78
Equity
Capital Stock 25.70 19.69 25.31 26.32 24.33 30.39
Net Unrealized gain on available-for-sale investment 0.20 - - - - -
Appropriated retained earnings 25.43 32.06 25.07 44.77 45.81 37.93
Unappropriated retained earnings 34.25 23.58 27.47 14.93 17.87 19.14
Accumulated Fair valur gains (losses) 0.03 (0.25) 0.21 0.51 1.84
Treasury stock (0.14) (0.10) (0.10) (0.10) (0.09) (0.08)
Non controlling interest 8.27 8.10
Total equity 85.44 83.53 85.60 86.13 88.43 89.22
Total Liabilities and Equity 100.00 100.00 100.00 100.00 100.00 100.00
7/29/2019 FEU Financial analysis
8/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
INCOME STATEMENTINCREASE (DECREASE)
2008 2007 Increase(Decrease) PercentageREVENUES
EDUCATIONAL INCOME
Tuition fees - Net 1,580,683,033 1,565,968,902 14,714,131 0.94
Other School Fees 33,146,510 33,146,510
Miscellaneous 30,085,666 (30,085,666) -100.00
Rental 41,289,534 41,289,534
Sale of Real Estate -
1,655,119,077 1,596,054,568 59,064,509 3.70
COST and OPERATING EXPENSES (1,077,236,959) (1,055,438,924) (21,798,035) 2.07
OPERATING INCOME 577,882,118 540,615,644 37,266,474 6.89
OTHER INCOME
Gain on sale of Investment Property -
Finance Income 106,418,765 106,418,765
Management Fees 20,145,930 20,145,930
Finance Cost (5,431,506) (5,431,506)
Share in net losses of an associate (24,732) (24,732)
Interest Income 63,728,662 (63,728,662) -100.00
Other Finance Income on Available-for-sale Investment 7,803,472 (7,803,472) -100.00
Rental 42,011,777 (42,011,777) -100.00
Miscellaneous 6,141,440 (6,141,440) -100.00
Others 2,362,837 2,362,837
TOTAL 123,471,294 119,685,351 3,785,943 3.16
PROFIT BEFORE PREACQUISITION INCOME and TAX 701,353,412 701,353,412
PREACQUISITION INCOME -
INCOME BEFORE INCOME TAX 701,353,412 660,300,995 41,052,417 6.22
INCOME TAX EXPENSE 87,546,984 56,773,943 30,773,041 54.20
NET INCOME 613,806,428 603,527,052 10,279,376 1.70
OTHER COMPREHENSIVE INCOME
Fair Value Gains (Losses) 1,176,093 100.00
Reclassification to profit or loss (5,514,166) -100.00
(4,338,073) -100.00
TOTAL COMPREHENSIVE INCOME 609,468,355
7/29/2019 FEU Financial analysis
9/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
INCOME STATEMENTINCREASE (DECREASE)
2009 2008 Increase(Decrease) PERCENTAGE
REVENUES
EDUCATIONAL INCOME
Tuition fees - Net 1,611,808,467 1,580,683,033 31,125,434 1.97
Other School Fees 50,280,810 33,146,510 17,134,300 51.69
Miscellaneous -
Rental 50,437,726 41,289,534 9,148,192 22.16
Sale of Real Estate -
1,712,527,003 1,655,119,077 57,407,926 3.47
COST and OPERATING EXPENSES 1,166,169,195 (1,077,236,959) 2,243,406,154 -208.26
OPERATING INCOME 546,357,808 577,882,118 (31,524,310) -5.46
OTHER INCOME -
Gain on sale of Investment Property -
Finance Income 120,856,838 106,418,765 14,438,073 13.57
Management Fees 11,527,024 20,145,930 (8,618,906) -42.78
Finance Cost (5,431,506) 5,431,506 -100.00
Share in net losses of an associate (49,416) (24,732) (24,684) 99.81
Interest Income -
Other Finance Income on Available-for-sale Investment -
Rental -
Miscellaneous -
Others 13,597,675 2,362,837 11,234,838 475.48
TOTAL 145,932,121 123,471,294 22,460,827 18.19
PROFIT BEFORE PREACQUISITION INCOME and TAX 692,289,929 701,353,412 (9,063,483) -1.29
PREACQUISITION INCOME 3,999,262 3,999,262
INCOME BEFORE INCOME TAX 696,289,191 701,353,412 (5,064,221) -0.72
INCOME TAX EXPENSE 86,995,739 87,546,984 (551,245) -0.63
NET INCOME 609,293,452 613,806,428 (4,512,976) -0.74
OTHER COMPREHENSIVE INCOME
Fair Value Gains (Losses) (8,016,082) 1,176,093 (9,192,175) -781.59
Reclassification to profit or loss (2,750,598) (5,514,166) 2,763,568 -50.12
(10,766,680) (4,338,073) (6,428,607) 148.19
TOTAL COMPREHENSIVE INCOME 598,526,772 609,468,355 (10,941,583) -1.80
7/29/2019 FEU Financial analysis
10/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
INCOME STATEMENTINCREASE (DECREASE)
2010 2009 Increase(Decrease) Percentage
REVENUES
EDUCATIONAL INCOME
Tuition fees - Net 1,809,269,082 1,611,808,467 197,460,615 12.25
Other School Fees 35,257,665 50,280,810 (15,023,145) -29.88
Miscellaneous -
Rental 50,437,726 (50,437,726) -100.00
Sale of Real Estate -
1,844,526,747 1,712,527,003 131,999,744 7.71
COST and OPERATING EXPENSES 1,322,781,293 1,166,169,195 156,612,098 13.43
OPERATING INCOME 521,745,454 546,357,808 (24,612,354) -4.50
OTHER INCOME
Gain on sale of Investment Property -
Finance Income 113,408,092 120,856,838 (7,448,746) -6.16
Management Fees 14,080,414 11,527,024 2,553,390 22.15
Finance Cost (25,518,419) (25,518,419)
Share in net losses of an associate (49,416) 49,416 -100.00
Interest Income -
Other Finance Income on Available-for-sale Investment -
Rental 39,179,482 39,179,482
Miscellaneous -
Others 8,232,332 13,597,675 (5,365,343) -39.46
TOTAL 149,381,901 145,932,121 3,449,780 2.36
PROFIT BEFORE PREACQUISITION INCOME and TAX 692,289,929 (692,289,929) -100.00
PREACQUISITION INCOME 3,999,262 (3,999,262) -100.00
INCOME BEFORE INCOME TAX 671,127,355 696,289,191 (25,161,836) -3.61
INCOME TAX EXPENSE 76,705,960 86,995,739 (10,289,779) -11.83
NET INCOME 594,421,395 609,293,452 (14,872,057) -2.44
OTHER COMPREHENSIVE INCOME
Fair Value Gains (Losses) 17,390,999 (8,016,082) 25,407,081 -316.95
Reclassification to profit or loss (2,750,598) 2,750,598 -100.00
17,390,999 (10,766,680) 28,157,679 -261.53
TOTAL COMPREHENSIVE INCOME 611,812,394 598,526,772 13,285,622 2.22
7/29/2019 FEU Financial analysis
11/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
INCOME STATEMENTINCREASE (DECREASE)
2010 2011 Increase(Decrease) Percentage
REVENUES
EDUCATIONAL INCOME
Tuition fees - Net 1,809,269,082 1,940,687,592 131,418,510 7.26
Other School Fees 35,257,665 34,242,601 (1,015,064) -2.88
Miscellaneous -
Rental -
Sale of Real Estate -
1,844,526,747 1,974,930,193 130,403,446 7.07
COST and OPERATING EXPENSES 1,322,781,293 1,451,911,734 129,130,441 9.76
OPERATING INCOME 521,745,454 523,018,459 1,273,005 0.24
OTHER INCOME -
Gain on sale of Investment Property -
Finance Income 113,408,092 170,798,293 57,390,201 50.61
Management Fees 14,080,414 18,303,571 4,223,157 29.99
Finance Cost (25,518,419) (42,137,064) (16,618,645) 65.12
Share in net losses of an associate -
Interest Income -
Other Finance Income on Available-for-sale Investment -
Rental 39,179,482 48,184,478 9,004,996 22.98
Miscellaneous -
Others 8,232,332 6,030,925 (2,201,407) -26.74
TOTAL 149,381,901 201,180,203 51,798,302 34.68
PROFIT BEFORE PREACQUISITION INCOME and TAX
PREACQUISITION INCOME
INCOME BEFORE INCOME TAX 671,127,355 724,198,662 53,071,307 7.91
-
INCOME TAX EXPENSE 76,705,960 86,631,665 9,925,705 12.94
-
NET INCOME 594,421,395 637,566,997 43,145,602 7.26
OTHER COMPREHENSIVE INCOME -
Fair Value Gains (Losses) 17,390,999 12,793,283 (4,597,716) -26.44
Reclassification to profit or loss -
17,390,999 12,793,283 (4,597,716) -26.44
TOTAL COMPREHENSIVE INCOME 611,812,394 650,360,280 38,547,886 6.30
7/29/2019 FEU Financial analysis
12/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
INCOME STATEMENTINCREASE (DECREASE)
2012 2011 Increase(Decrease) PERCENTAGEREVENUES
EDUCATIONAL INCOME
Tuition fees - Net 2,006,269,518 1,940,687,592 65,581,926 3.38
Other School Fees 35,545,655 34,242,601 1,303,054 3.81
Miscellaneous -
Rental -
Sale of Real Estate -
2,041,815,173 1,974,930,193 66,884,980 3.39
COST and OPERATING EXPENSES 1,501,971,010 1,451,911,734 50,059,276 3.45
OPERATING INCOME 539,844,163 523,018,459 16,825,704 3.22
OTHER INCOME
Gain on sale of Investment Property -
Finance Income 224,891,416 170,798,293 54,093,123 31.67
Management Fees 47,857,409 18,303,571 29,553,838 161.46
Finance Cost (74,467,660) (42,137,064) (32,330,596) 76.73
Share in net losses of an associate -
Interest Income -
Other Finance Income on Available-for-sale Investment -
Rental 63,630,627 48,184,478 15,446,149 32.06
Miscellaneous -
Others 8,340,883 6,030,925 2,309,958 38.30
total 270,252,675 201,180,203 69,072,472 34.33
PROFIT BEFORE PREACQUISITION INCOME and TAX -
PREACQUISITION INCOME -
INCOME BEFORE INCOME TAX 810,096,838 724,198,662 85,898,176 11.86
INCOME TAX EXPENSE 97,085,446 86,631,665 10,453,781 12.07
NET INCOME 713,011,392 637,566,997 75,444,395 11.83
OTHER COMPREHENSIVE INCOME
Fair Value Gains (Losses) 62,898,653 12,793,283 50,105,370 391.65
Reclassification to profit or loss -
62,898,653 12,793,283 50,105,370 391.65
TOTAL COMPREHENSIVE INCOME 775,910,045 650,360,280 125,549,765 19.30
7/29/2019 FEU Financial analysis
13/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
INCOME STATEMENTTREND ANALYSIS
2006 2007 2008 2009 2010 2011 2012REVENUES
EDUCATIONAL INCOME
Tuition fees - Net 100.00 110.42 111.46 113.65 127.57 136.84 141.46
Other School Fees - - 100.00 151.69 106.37 103.31 107.24
Miscellaneous 100.00 136.35 0.00 0.00 0.00 0.00 0.00
Rental - - 100.00 122.16 0.00 0.00 0.00
Total 100.00 110.82 114.92 118.90 128.07 137.12 141.77
COST and OPERATING EXPENSES 100.00 112.91 115.24 -124.75 -141.51 -155.32 -160.68
OPERATING INCOME 100.00 106.95 114.32 108.08 103.21 103.46 106.79
OTHER INCOME
Finance Income - - 100.00 113.57 106.57 160.50 211.33
Management Fees - - 100.00 57.22 69.89 90.85 237.55
Finance Cost - - 100.00 0.00 469.82 775.79 1371.03
Share in net losses of an associate - - 100.00 199.81 0.00 0.00 0.00
Interest Income 100.00 75.31 0.00 0.00 0.00 0.00 0.00
Other Finance Income on Available-for-sale Investment 100.00 0.00 0.00 0.00 0.00 0.00 0.00
Rental 100.00 193.56 0.00 0.00 180.51 222.00 293.16
Miscellaneous 100.00 47.97 0.00 0.00 0.00 0.00 0.00
Others - - 100.00 575.48 348.41 255.24 353.00
Total 100.00 100.47 103.65 122.50 125.40 168.88 226.86
PROFIT BEFORE PREACQUISITION INCOME and TAX - - 100.00 98.71 0.00 0.00 0.00
PREACQUISITION INCOME - - - 100.00 0.00 0.00 0.00
INCOME BEFORE INCOME TAX 100.00 105.71 112.28 111.47 107.44 115.94 129.69
INCOME TAX EXPENSE 100.00 101.89 157.12 156.13 137.67 155.48 174.24
NET INCOME 100.00 106.08 107.89 107.10 104.48 112.07 125.33
OTHER COMPREHENSIVE INCOME
Fair Value Gains (Losses) - - 100.00 -681.59 1478.71 1087.78 5348.10
Reclassification to profit or loss - - 100.00 49.90 0.00 0.00 0.00
100.00 248.19 -400.89 -294.91 -1449.92
TOTAL COMPREHENSIVE INCOME - - 100.00 98.2047 100.385 106.71 127.31
7/29/2019 FEU Financial analysis
14/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
INCOME STATEMENT
COMMON-SIZE ANALYSIS
2006 2007 2008 2009 2010 2011 2012
REVENUES
EDUCATIONAL INCOME
Tuition fees - Net 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Other School Fees - - 2.10 3.12 1.95 1.76 1.77
Miscellaneous 1.56 1.92 - - - - -
Rental - - 2.61 3.13 - - -
TOTAL 101.56 101.92 104.71 106.25 101.95 101.76 101.77
COST and OPERATING EXPENSES 65.91 67.40 68.15 72.35 73.11 74.81 74.86
OPERATING INCOME 35.64 34.52 36.56 33.90 28.84 26.95 26.91
OTHER INCOMEFinance Income - - 6.73 7.50 6.27 8.80 11.21
Management Fees - - 1.27 0.72 0.78 0.94 2.39
Finance Cost - - (0.34) - (1.41) (2.17) (3.71)
Share in net losses of an associate - - (0.00) (0.00) - - -
Interest Income 5.97 4.07 - - - - -
Other Finance Income on Available-for-sale Investment - 0.50 - - - - -
Rental 1.53 2.68 - - 2.17 2.48 3.17
Miscellaneous 0.90 0.39 - - - - -
Others - - 0.15 0.84 0.46 0.31 0.42
TOTAL 8.40 7.64 7.81 9.05 8.26 10.37 13.47
PROFIT BEFORE PREACQUISITION INCOME and TAX - - 44.37 42.95 - - -
PREACQUISITION INCOME - - - 0.25 - - -INCOME BEFORE INCOME TAX 44.04 - 44.37 43.20 37.09 37.32 40.38
INCOME TAX EXPENSE 3.93 - 5.54 5.40 4.24 4.46 4.84
NET INCOME 40.11 38.54 38.83 37.80 32.85 32.85 35.54
OTHER COMPREHENSIVE INCOME
Fair Value Gains (Losses) - - 0.07 (0.50) 0.96 0.66 3.14
Reclassification to profit or loss - - (0.35) (0.17) - - -
(0.27) (0.67) 0.96 0.66 3.14
TOTAL COMPREHENSIVE INCOME - - 38.56 37.13 33.82 33.51 38.67
7/29/2019 FEU Financial analysis
15/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
2007 2008 2009
Current Ratio 6.32 4.20 4.92
Acid Test Ratio 875,927,694.40 1,207,342,389.19 1,172,859,362.25
Working Capital 1,565,810,450.00 1,847,875,538.00 2,102,487,556.00
Working Capital to Total Assets 0.57 0.52 0.54
Accounts Receivable Turn-over [Net Sales/(BAR+EAR/2)]
1,565,968,902.00 1,580,683,033.00 1,611,808,467.00
158,278,935.00 135,856,559.00 125,793,055.50
9.89 11.63 12.81
Average Collection Period 36.89 31.37 28.49
Debt Ratio 0.15 0.16 0.14
Debt to Equity 0.17 0.20 0.17
Net Profit Margin 0.36 0.38 0.38
Operating Profit Margin 0.44 0.42 0.44
Rates of return on assets
568,910,356.00 603,527,052.00 613,806,428.00
2,741,134,718.00 4,948,723,705.00 5,678,906,627.00
0.21 0.12 0.11
2010 2011 2012
Current Ratio 4.79 4.68 5.78
Acid Test Ratio 471,133,966.35 342,506,591.19 421,846,872.55
Working Capital 1,965,621,973.00 1,723,772,332.00 2,335,094,629.00
Working Capital to Total Assets 0.53 0.43 0.52
Accounts Receivable Turn-over [Net Sales/(BAR+EAR/2)]
1,809,269,082.00 1,940,687,592.00 2,006,269,518.00
419,036,131.00 629,042,379.00 658,488,135.50
4.32 3.09 3.05
Average Collection Period 84.54 118.31 119.80
Debt Ratio 0.14 0.12 0.11
Debt to Equity 0.16 0.13 0.12
Net Profit Margin 0.34 0.31 0.32
Operating Profit Margin 0.43 0.37 0.37
Rates of return on assets
609,293,452.00 594,421,395.00 637,566,997.00
5,686,085,952.00 5,917,279,620.50 6,553,964,207.00
0.11 0.10 0.10
7/29/2019 FEU Financial analysis
16/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES 2007 2006
Income Before Income Tax 660,300,995.00 624,629,443.00
Adjustments for:
Depreciation and Amortization 44,048,226.00 28,071,164.00
Impairment Losses on receivables 12,686,351.00 10,939,753.00
Unrealized foreign exchange (gain) loss 3,703,946.00 (4,543,651.00)
Interest income (63,728,662.00) (84,618,420.00)
Other finance income on available-for-sale investments (7,803,472.00) -
Gain on disposal of property and equipment (102,083.00) (1,189,778.00)
Impairment losses on equity investments - 13,373,107.00
Operating income before working capital changes 649,105,301.00 586,661,618.00
Decrease (Increase) in:
Receivables 12,692,473.00 (52,779,807.00)
Other Current Assets (1,387,663.00) (9,399,435.00)
Increase (Decrease) in:
Accounts payable and other current liabilities 1,162,734.00 58,531,810.00Deffered Income - (27,347,214.00)
Cash generated from operations 661,572,845.00 555,666,972.00
Interests Received 73,852,691.00 84,618,420.00
Income Taxes paid (55,041,312.00) (45,776,440.00)
Net cash provided by operating activities 680,384,224.00 594,508,952.00
CASH FLOWS FROM INVESTING ACTIVITIES
Addition to property and equipment (2,565,486.00) (189,621,582.00)
Decrease (Increase) in:
Due from a related party - -
Available-for-sale investments (466,849,424.00) 18,512,459.00
Other assets 28,771,625.00 (29,612,764.00)
Held to maturity investments (19,703,753.00) 424,074.00
Proceeds from the disposal of property and equipment 175,000.00 1,230,753.00
Net cash used in investing activities (460,172,038.00) (199,067,060.00)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (175,162,650.00) (112,107,408.00)
Increase (Decrease) in trust funds 18,958,605.00 18,427,630.00
Net cash used in financing activities (156,204,045.00) (93,679,778.00)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (3,703,946.00) 5,426,061.00
NET INCREASE IN CASH AND CASH EQUIVALENT 60,304,195.00 307,188,175.00
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR 815,623,499.00 508,435,324.00
CASH AND CASH EQUIVALENT AT THE END OF THE YEAR 875,927,694.00 815,623,499.00
7/29/2019 FEU Financial analysis
17/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES 2009 2008
Income before tax 696,289,191.00 701,353,412.00
Adjustment for:
Gain on sale of investment property - -
Interest Income (117,819,106.00) (106,418,765.00)
Depreciation 52,944,002.00 46,899,496.00
Unrealized foreign (gain) losses (3,037,732.00) 4,747,861.00
Share in net losses of an associate 49,416.00 24,732.00
Preacquisition income (3,999,262.00) -
Gain on disposalmof property and equipment (726,424.00) -
loss on sale of investment - 2,842,069.00
Operating profit before working capital changes 623,700,085.00 649,448,805.00
Increase in receivables (16,276,113.00) (3,060,882.00)
Decrease in held for sale - 59,603,214.00
Decrease (Increase) in other assets 31,588,975.00 (105,926,543.00)
Increase (Decrease) in accounts payable and other current liabilities (13,086,542.00) 51,897,736.00Increase (Decrease) in deferred income 52,267,222.00 16,722,873.00
Decrease in trust funds (17,671,581.00) (25,109,062.00)
Cash generated from operations 660,522,346.00 643,576,141.00
Income taxes paid (86,924,696.00) (78,126,826.00)
Net cash provided by operating activities 573,597,650.00 565,449,315.00
CASH FLOWS FROM INVESTING ACTIVITIES
Increase in loan receivables - -
Acquisition of investment property (15,723,242.00) (96,147,971.00)
Acquisition of property and equipment (147,865,321.00) (108,533,445.00)
Increase in Available-for-sale investment - net (258,189,235.00) (13871477
Interest received 109,929,197.00 87,525,308.00
Proceeds from sale of investment property - -
Investment made to joint venture under registration - -
Proceeds from disposal of property and equipment 726,424.00 -
Decrease in Held-to-maturity investments 12,071,040.00 257,510.00
Net cash used in Investing Activities (299,051,137.00) (130,770,075.00)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (309,875,665.00) (194,554,457.00)
Payments of notes payable (2,191,607.00) (1,753,954.00)
Net cash used in Financing Activities (312,067,272.00) (196,308,411.00)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 3,037,732.00 (6,607,781.00)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT (34,483,027.00) 231,763,048.00
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR 1,207,342,389.00 975,579,341.00
CASH AND CASH EQUIVALENT AT THE END OF THE YEAR 1,172,859,362.00 1,207,342,389.00
7/29/2019 FEU Financial analysis
18/18
FAR EASTERN UNIVERSITYFINANCIAL ANALYSIS
STATEMENT OF CASH FLOWS
CASH FLOWS FROM OPERATING ACTIVITIES 2012 2011 2010
Income before income tax 810,096,838.00 724,198,662.00 671,127,355.00
Adjustments for:
Interest income (224,891,416.00) (162,341,912.00) (113,408,092.00)
Deoreciation and amortization 98,466,077.00 87,078,727.00 68,603,195.00
Fair value loss(gain) on financial assets at fair value through profit or loss 9,602,353.00 (8,456,381.00) -
Unrealized foreign exchange losses 12,601,630.00 3,772,225.00 3,482,984.00
Operating profit before working capital changes 705,875,482.00 644,251,321.00 629,805,442.00
Increase in receivables (83,692,315.00) (21,209,972.00) (86,959,370.00)
Decrease in other assets (1,055,693.00) 60,890,003.00 7,673,184.00
Increase in accounts payable and other liabilities 42,203,611.00 28,084,152.00 30,230,458.00
decrease in unearned tuition fees (20,772,083.00) (3,568,992.00) (19,235,581.00)
Cash generated from operations 642,559,002.00 708,446,512.00 561,514,133.00
Income taxes paid (104,990,067.00) (84,957,901.00) (75,832,382.00)
Net Cash from Operatiing Activities 537,568,935.00 623,488,611.00 485,681,751.00
CASH FLOWS FROM INVESTING ACTIVITIES
Increase in available-for-sale investments (332,201,233.00) (35,351,373.00) (112,137,356.00)
Interest received 207,832,273.00 147,034,401.00 11,075,785.00
Acquisitions of property and equipment (179,018,007.00) (196,480,247.00) (163,952,035.00)
Decrease (increase) in loans receivables 92,500,000.00 312,968,845.00 (477,000,000.00)
Collections from (advances to) a related party 81,087,261.00 (310,410,156.00) (118,774,500.00)
Additional investments in subsidiaries, an associate and a joint venture (19,604,637.00) - (6,250,000.00)
Decrease in held-to-maturity investments - 20,000,000.00 -
Net cash used in investing activities (149,404,343.00) (380,400,894.00) (76,356,106.00)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid (308,833,696.00) (371,187,267.00) (365,479,906.00)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 9,385.00 (527,825.00) (3,482,984.00)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT 79,340,281.00 (128,627,375.00) (650,637,245.00)
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR 342,506,590.00 471,133,965.00 1,112,171,210.00
CASH AND CASH EQUIVALENT AT THE END OF THE YEAR 421,846,871.00 342,506,590.00 471,133,965.00
