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egistration Number AS094 - 000088 C O M P A N Y N A M E SM PRIME HOLDINGS , INC. AND SU BS IDIARIES PRINCIPAL OFFICE ( No. / Street / Barangay / City / Town / Province ) 10 t h Fl oor Ma l l o f As i a Ar ena Annex Bui l di ng , Cora l Way cor . J . W. D i o kno B l v d . , Ma l l o f As i a Compl ex , Brgy . 76 , Zone 10 , CBP - 1A , Pa s a y Ci t y , Ph i l i pp i n e s Form Type Department requiring the report Secondary License Type, If Applicable C O M P A N Y I N F O R M A T I O N Company‘s Email Address Company‘s Telephone Number Mobile Number 8831-1000 Annual Meeting Fiscal Year No. of Stockholders Month/Day Month/Day 2,399 June 30 CONTACT PERSON INFORMATION The designated contact person MUST be an Officer of the Corporation Name of Contact Person Email Address Telephone Number/s Mobile Number Mr. John Nai Peng C. Ong 8831-1000 CONTACT PERSON’s ADDRESS 10th Floor Mall of Asia Arena Annex Building, Coral Way cor. J.W. Diokno Blvd., Mall of Asia Complex, Brgy. 76, Zone 10, CBP-1A, Pasay City, Philippines NOTE 1 : In case of death, resignation or cessation of office of the officer designated as contact person, such incident shall be reported to the Commission within thirty (30) calendar days from the occurrence thereof with information and complete contact details of the new contact person designated. 2 : All Boxes must be properly and completely filled-up. Failure to do so shall cause the delay in updating the corporation‘s records with the Commission and/or non-receipt of Notice of Deficiencies. Further, non-receipt of Notice of Deficiencies shall not excuse the corporation from liability for its deficiencies. =1@0="'"!$" SyCip Gorres Velayo & Co. Tel: (632) 8891 0307 BOA/PRC Reg. No. 0001, 6760 Ayala Avenue Fax: (632) 8819 0872 August 25, 2021, valid until April 15, 2024 1226 Makati City ey.com/ph SEC Accreditation No. 0012-FR-5 (Group A), Philippines November 6, 201 8, valid until November 5, 2021 REPORT ON REVIEW OF INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The Stockholders and the Board of Directors SM Prime Holdings, Inc. 10th Floor Mall of Asia Arena Annex Building Coral Way cor. J.W. Diokno Blvd. Mall of Asia Complex Brgy. 76, Zone 10, CBP-1A, Pasay City 1300 Introduction We have reviewed the accompanying interim condensed consolidated financial statements of SM Prime Holdings, Inc. and its subsidiaries, which comprise the interim consolidated balance sheet as at June 30, 2021 and the related interim consolidated statements of income, comprehensive income, changes in equity and cash flows for the six-month periods ended June 30, 2021 and 2020, and other explanatory information. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with Philippine Accounting Standard (PAS) 34, Interim Financial Reporting , as modified by the application of the financial reporting reliefs issued and approved by the Securities and Exchange Commission (SEC), as described in Note 2 to the interim condensed consolidated financial statements. Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review. Scope of Review We conducted our review in accordance with Philippine Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity . A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Philippine Standards on Auditing. Consequently, it does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with PAS 34, Interim Financial Reporting, as modified by the application of the financial reporting reliefs issued and approved by the SEC in response to the COVID-19 pandemic, as described in Note 2 to the interim condensed consolidated financial statements. =1@0="'"!$" A member firm of Ernst & Young Global Limited - 2 - Emphasis of Matter œ Basis of Preparation We draw attention to Note 2 to the interim condensed consolidated financial statements which indicates that the interim condensed consolidated financial statements have been prepared in accordance with PAS 34, as modified by the application of the financial reporting reliefs issued and approved by the SEC in response to the COVID-19 pandemic. The impact of the application of the financial reporting reliefs on the 2021 interim condensed consolidated financial statements are discussed in detail in Note 3. Our report is not modified in respect of this matter. SYCIP GORRES VELAYO & CO. Belinda T. Beng Hui Partner CPA Certificate No. 88823 SEC Accreditation No. 0943-AR-3 (Group A), March 14, 2019, valid until March 13, 2022 Tax Identification No. 153-978-243 BIR Accreditation No. 08-001998-078-2020, December 3, 2020, valid until December 2, 2023 PTR No. 8534224, January 4, 2021, Makati City August 31, 2021 =1@0="'"!$" A member firm of Ernst & Young Global Limited SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONSOLIDATED BALANCE SHEET June 30, 2021 (With Comparative Audited Figures as at December 31, 2020) (Amounts in Thousands) June 30, December 31, 2021 2020 (Unaudited) (Audited) ASSETS Current Assets Cash and cash equivalents (Notes 5, 17, 21 and 22) P=26,839,332 P= 30,661,614 Receivables and contract assets (Notes 6, 17, 21 and 22) 58,159,280 58,944,930 Real estate inventories (Note 7) 46,945,563 43,691,877 Equity instruments at fair value through other comprehensive income (FVOCI) (Notes 8, 17, 21 and 22) 562,627 568,146 Derivative assets (Notes 2 1 and 2 2) œ 2,747 Prepaid expenses and other current assets (Notes 9 and 1 7) 24,724,040 23,205,662 Total Current Assets 157,230,842 15 7,074,976 Noncurrent Assets Equity instruments at FVOCI - net of current portion (Notes 8, 17, 21 and 22) 16,493,970 16,131,568 Investment properties - net (Note 1 0) 454,120,025 436,159,081 Investments in associates and joint ventures (Note 1 1) 28,480,683 27,735,239 Deferred tax assets - net (Note 24) 902,212 831,546 Derivative assets - net of current portion (Notes 2 1 and 2 2) 22,481 œ Other noncurrent assets - net (Notes 12, 17, 21 and 22) 92,163,598 84,426,515 Total Noncurrent Assets 592,182,969 565,283,949 P=749,413,811 P= 722,358,925 LIABILITIES AND EQUITY Current Liabilities Loans payable (Notes 13, 17, 21 and 22) P=4,442,567 P= 10 ,90 0,000 Ac counts payable and other current liabilities (Notes 14, 17, 21 and 22) 79,618,984 81,033,985 Current portion of long -term debt (Notes 15, 17, 21 and 22) 27,959,206 42,738,350 Derivative liabilities (Notes 21 and 22) 356,549 357,662 Income tax payable 583,679 957,906 Total Current Liabilities 112,960,985 135,987,903 Noncurrent Liabilities Long -term debt - net of current portion (Notes 15, 17, 21 and 22) 254,408,917 21 8,830,647 Tenants‘ and customers‘ deposits - net of current portion (Notes 14, 21 and 22) 21,553,885 21,331,869 Liability for purchased land - net of current portion (Notes 14, 21 and 22) 2,177,918 1,251,227 Deferred tax liabilities - net (Note 24) 8,482,776 6,786,018 Derivative liabilities - net of current portion (Notes 21 and 22) 1,880,115 2,445,735 Other noncurrent liabilities (Notes 14, 21 and 22) 27,005,874 25,007,898 Total Noncurrent Liabilities 315,509,485 275,653,394 Total Liabilities (Carried Forward ) 428,470,470 411,641,297 =1@0="'"!$" - 2 - June 30, December 31, 2021 2020 (Unaudited) (Audited) Total Liabilities (Brought Forward) P=428,470,470 P= 411,641,297 Equity Attributable to Equity Holders of the Parent Capital stock (Notes 16 and 23) 33,166,300 33,166,300 Additional paid -in capital - net 38,022,913 38,022,913 Cumulative translation adjustment 1,993,712 1, 52 4, 439 Net fair value changes of equity instruments at FVOCI (Note 8) 13,817,551 13,460,669 Net fair value changes on cash flow hedges (Note 22) (1,524,065) (1, 769,030) Remeasurement loss on defined benefit obligation (626,751) (587,796) Retained earnings (Note 1 6): Appropriated 42,200,000 42,200,000 Unappropriated 195,529,956 186,251,267 Treasury stock (Notes 1 6 and 23) (2,984,695) (2,984,695) Total Equity Attributable to Equity Holders of the Parent 319,594,921 309,284,067 Non-controlling Interests 1,348,420 1,433,561 Total Equity 320,943,341 310,717,628 P=749,413,811 P= 722,358,925 See accompanying Notes to Interim Condensed Consolidated Financial Statements. =1@0="'"!$" SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands, Except Per Share Data) Six-Month Periods Ended June 30 2021 2020 (Unaudited) REVENUE Rent (Note 17) P=15,929,041 P= 18,304,517 Sales: Real estate 24,092,796 23,460,594 Cinema and event ticket 10,474 607,652 Others (Note s 17 and 18 ) 1,055,799 1,304,186 41,088,110 43,676,949 COSTS AND EXPENSES (Note 19 ) 25,015,856 27,328,209 INCOME FROM OPERATIONS 16,072,254 16,348,740 OTHER INCOME (CHARGES) Interest expense (Notes 13, 15, 17 and 20) (3,586,719) (3,712,067) Interest and dividend income (Notes 5, 6, 8, 9, 12, 17 and 20) 439,140 732,438 Others - net (Notes 11, 14 and 15) 1,508,201 380,172 (1,639,378) (2,599,457) INCOME BEFORE INCOME TAX 14,432,876 13,749,283 PROVISION FOR INCOME TAX (Note 24 ) Current 1,198,190 1,194,387 Deferred 1,545,589 2,026,325 2,743,779 3,220,712 NET INCOME P=11,689,097 P= 10,528,571 Attributable to Equity holders of the Parent (Notes 16 and 23 ) P=11,644,915 P= 10,432,887 Non -controlling interests (Note 16 ) 44,182 95,684 P=11,689,097 P= 10,528,571 Basic/Diluted earnings per share (Note 23 ) P=0.404 P= 0.362 Dividend per share (Note 16) P=0.082 P= 0.185 See accompanying Notes to Interim Condensed Consolidated Financial Statements. =1@0="'"!$" SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in Thousands) Six-Month Periods Ended June 30 2021 2020 (Unaudited) NET INCOME P=11,689,097 P= 10,528,571 OTHER COMPREHENSIVE INCOME (LOSS) Item s that will not be reclassified to profit or loss in subsequent periods: Unrealized gain (loss) due to changes in fair value of fair value through other comprehensive income ( FVOCI ) securities (Note 8) 356,882 (5,582,769) Remeasurement loss on defined benefit obligation (39,228) œ 317,654 (5,582,769) Items that may be reclassified to profit or loss in subsequent periods: Net fair value changes on cash flow hedges 244,965 (547,973) Cumulative translation adjustment 469,273 (402,658) 1,031,892 (6,533,400) TOTAL COMPREHENSIVE INCOME P=12,720,989 P= 3,995,171 Attributable to Equity holders of the Parent (Note 16) P=12,677,080 P= 3,899,487 Non -controlling interests (Note 16) 43,909 95,684 P=12,720,989 P= 3,995,171 See accompanying Notes to Interim Condensed Consolidated Financial Statements. =1@0="'"!$" SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF INCOME (Amounts in Thousands, Except Per Share Data) Three-Month Periods Ended June 30 2021 2020 (Unaudited) REVENUE Rent P=7,453,819 P= 5,526,785 Real estate sales 12,343,387 12,166,629 Others 491,462 196,066 20,288,668 17,889,480 COSTS AND EXPENSES 12,884,597 13,420,272 INCOME FROM OPERATIONS 7,404,071 4,469,208 OTHER INCOME (CHARGES) Interest expense (1,907,630) (1,734,958) Interest and dividend income 198,958 324,255 Others - net 940,249 131,161 (768,423) (1,279,542) INCOME BEFORE INCOME TAX 6,635,648 3,189,666 PROVISION FOR INCOME TAX Current 571,831 (680,349) Deferred 895,579 1,738,307 1,467,410 1,057,958 NET INCOME P=5,168,238 P= 2,131,708 Attributable to Equity holders of the Parent P=5,168,327 P= 2,112,721 Non -controlling interests (89) 18,987 P=5,168,238 P= 2,131,708 Basic/Diluted earnings per share P=0.179 P= 0.073 =1@0="'"!$" SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Amounts in Thousands) Three-Month Periods Ended June 30 2021 2020 (Unaudited) NET INCOME P=5,168,238 P= 2,131,708 OTHER COMPREHENSIVE INCOME (LOSS) Item s that will not be reclassified to profit or loss in subsequent periods: Unrealized gain due to changes in fair value of fair value through other comprehensive income ( FVOCI ) securities 1,476,302 1,894,926 Remeasurement loss on defined benefit obligation (34,104) œ 1,442,198 1,894,926 Items that may be reclassified to profit or loss in subsequent periods: Net fair value changes on cash flow hedges (487,981) 46,876 Cumulative translation adjustment 360,420 (176,619) 1,314,637 1,765,183 TOTAL COMPREHENSIVE INCOME P=6,482,875 P= 3,896,891 Attributable to Equity holders of the Parent P=6,483,237 P= 3,877,904 Non -controlling interests (362) 18,987 P=6,482,875 P= 3,896,891 See accompanying Notes to Financial Statements. =1@0="'"!$" SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020 (Amounts in Thousands) Equity Attributable to Equity Holders of the Parent (Notes 16 and 23) Net fair value changes of equity Net Fair Value Remeasurement Additional Cumulative instruments at Changes on Loss on Defined Treasury Capital Stock Paid-in Translation FVOCI Cash Flow Benefit Retained Earnings (Note 16) Stock Non-controlling Total (Notes 16 and 23) Capital - Net Adjustment (Note 8) Hedges Obligation Appropriated Unappropriated (Notes 16 and 23) Total Interests Equity At December 31, 20 20 (Audited) P=33,166,300 P=38,022,913 P=1,524,439 P=13,460,669 (P=1,769,030) (P=587,796) P=42,200,000 P=186,251,267 (P=2,984,695) P=309,284,067 P=1,433,561 P=310,717,628 Net income for the period œ œ œ œ œ œ 11,644,915 œ 11,644,915 44,182 11,689,097 Other comprehensive income (loss ) œ œ 469,273 356,882 244,965 (38,955) œ œ œ 1,032,165 (273) 1,031,892 Total comprehensive income (loss) for the period œ œ 469,273 356,882 244,965 (38,955) œ 11,644,915 œ 12,677,080 43,909 12,720,989 Cash dividends (Note 16) œ œ œ œ œ œ œ (2,368,097) œ (2,368,097) œ (2,368,097) Cash dividends received by a subsidiary œ œ œ œ œ œ œ 1,871 œ 1,871 œ 1,871 Cash dividends received by non -controlling interests œ œ œ œ œ œ œ œ œ œ (129,050) (129,050) At June 30, 2021 (Unaudited) P=33,166,300 P=38,022,913 P=1,993,712 P=13,817,551 (P=1,524,065) (P=626,751) P=42,200,000 P=195,529,956 (P=2,984,695) P=319,594,921 P=1,348,420 P=320,943,341 At December 31, 2019 (Audited) P= 33,166,300 P= 38,007,668 P= 1,344,274 P= 17,840,990 (P= 1,328,167) (P= 913,390) P= 42,200,000 P= 173,583,191 (P= 2,984,695) P= 300,916,171 P= 1,600,103 P= 302,516,274 Net income for the period œ œ œ œ œ œ œ 10,432,887 œ 10,432,887 95,684 10,528,571 Other comprehensive loss œ œ (402,658) (5,582,769) (547,973) œ œ œ œ (6,533,400) œ (6,533,400) Total comprehensive income (loss) for the period œ œ (402,658) (5,582,769) (547,973) œ œ 10,432,887 œ 3,899,487 95,684 3,995,171 Cash dividends (Note 16) œ œ œ œ œ œ œ (5,342,658) œ (5,342,658) œ (5,342,658) Cash dividends received by a subsidiary œ œ œ œ œ œ œ 4,222 œ 4,222 œ 4,222 At June 30, 20 20 (Unaudited) P= 33,166,300 P= 38,007,668 P= 941,616 P= 12,258,221 (P= 1,876,140) (P= 913,390) P= 42,200,000 P= 178,677,642 (P= 2,984,695) P= 299,477,222 P= 1,695,787 P= 301,173,009 See accompanying Notes to Interim Condensed Consolidated Financial Statements. =1@0="'"!$" SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in Thousands) Six-Month Periods Ended June 30 2021 20 20 (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax P=14,432,876 P= 13,749,28 3 Adjustments for: Depreciation and amortization (Notes 10, 12 and 19) 5,272,189 5,485,671 Interest expense (Notes 13, 15, 17 and 20) 3,586,719 3,712,067 Equity in net earnings of associates and joint ventures (Note 1 1) (711,164) (425,036) Interest and dividend income (Notes 5, 6, 8, 9, 12, 17 and 20) (439,140) (732,438) Loss (gain) on unrealized foreign exchange and fair value changes on derivatives œ net (223,524) 225,023 Operating income before working capital changes 21,917,956 22,014,570 Decrea se (i ncrease ) in: Receivables and contract assets (6,402,415) (14,114,147) Real estate inventories (1,038,316) 2,890,220 Prepaid expenses and other current assets (1,475,004) (1,503,894) Increase (decrease) in: Accounts payable and other current liabilities (152,621) 1,996,159 Tenants‘ and customers‘ deposits 176,562 649,310 Cash generated from operations 13,026,162 11,932,218 Income tax paid (1,578,538) (2,492,738) Cash provided by operating activities 11,447,624 9,439,480 CASH FLOWS FROM INVESTING ACTIVITIES Interest received 286,587 639,352 Dividends received 96,409 106,585 Additions to i nvestment properties (Note 1 0) (22,508,532) (17,669,755) Increase in other noncurrent assets (535,732) (7,406,923) Net cash used in investing activities (22,661,268) (24,330,741) CASH FLOWS FROM FINANCING ACTIVITIES Availments of bank loans and long -term debt (Notes 1 3 and 1 5) 43,553,402 40,050,412 Payments of: Long -term debt (Note 1 5) (19,441,020) (21,216,068) Bank loans (Note 13) (10,400,000) (15,100,000) Interest (Notes 13, 15, 17 and 20) (3,623,154) (3,414,527) Dividends (Note 16) (2,366,226) œ Matured derivatives (Note 2 2) (281,106) œ Lease liabilities (Note 14 ) (24,711) (39,252) Net cash provided by financing activities 7,417,185 280,565 EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (25,823) (5,047) NET DECREASE IN CASH AND CASH EQUIVALENTS (3,822,282) (14,615,743) CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 30,661,614 34,599,959 CASH AND CASH EQUIVALENTS AT END OF PERIOD P=26,839,332 P= 19,984,216 See accompanying Notes to Interim Condensed Consolidated Financial Statements =1@0="'"!$" SM PRIME HOLDINGS, INC. AND SUBSIDIARIES NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1. Corporate Information SM Prime Holdings, Inc. (SMPH or the Parent Company) was incorporated in the Philippines and registered with the Securities and Exchange Commission (SEC) on January 6, 1994. SMPH and its subsidiaries (collectively known as —the Company“) are incorporated to acquire by purchase, exchange, assignment, gift or otherwise, and to own, use, improve, subdivide, operate, enjoy, sell, assign, transfer, exchange, lease, let, develop, mortgage, pledge, traffic, deal in and hold for investment or otherwise, including but not limited to real estate and the right to receive, collect and dispose of, any and all rentals, dividends, interest and income derived therefrom; the right to vote on any proprietary or other interest on any shares of stock, and upon any bonds, debentures, or other securities; and the right to develop, conduct, operate and maintain modernized commercial shopping centers and all the businesses appurtenant thereto, such as but not limited to the conduct, operation and maintenance of shopping center spaces for rent, amusement centers, movie or cinema theatres within the compound or premises of the shopping centers, to construct, erect, manage and administer buildings such as condominium, apartments, hotels, restaurants, stores or other structures for mixed use purposes. SMPH‘s shares of stock are publicly traded in the Philippine Stock Exchange (PSE). As at June 30, 2021, SMPH is 49.70% and 25.85% directly-owned by SM Investments Corporation (SMIC) and the Sy Family, respectively. SMIC, the ultimate parent company, is a Philippine corporation which listed its common shares with the PSE in 2005. SMIC and all its subsidiaries are herein referred to as the —SM Group“. The registered office and principal place of business of the Parent Company is at 10th Floor Mall of Asia Arena Annex Building, Coral Way cor. J.W. Diokno Blvd., Mall of Asia Complex, Brgy. 76, Zone 10, CBP-1A, Pasay City, Philippines. The accompanying interim condensed consolidated financial statements were approved and authorized for issue by the Board of Directors (BOD) on August 31, 2021. 2. Basis of Preparation Basis of Preparation The accompanying interim condensed consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments and equity instruments at fair value through other comprehensive income (FVOCI) which have been measured at fair value. The interim condensed consolidated financial statements have been prepared under the going concern assumption. The Company believes that its business would remain relevant despite the challenges posed by the Coronavirus 2019 (COVID-19) pandemic. While the pandemic may adversely impact the short-term business results, long-term prospects remain attractive. The Company maintains a conservative balance sheet and is confident it would be able to navigate through these challenges and take opportunities as they arise. =1@0="'"!$" - 2 - Statement of Compliance The accompanying interim condensed consolidated financial statements have been prepared in accordance with Philippine Accounting Standard (PAS) 34, Interim Financial Reporting, as modified by the application of the reporting reliefs issued and approved by SEC under Memorandum Circular (MC) No. 34-2020 in response to the COVID-19 pandemic in —Assessing if the transaction price includes a significant financing component as discussed in PIC Q&A No. 2018-12-D, PFRS 15 Implementation Issues Affecting the Real Estate Industry“ and application of —IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23, Borrowing Cost)“. On July 8, 2021, to assist real estate companies to finally adopt the above mentioned PIC Q&A and IFRIC pronouncement and enable them to fully comply with PFRS 15 and revert to full PFRS, the SEC issued SEC MC No. 8, series of 2021 amending the transition provision of the above PIC Q&A and IFRIC pronouncement, which would provide real estate companies the accounting policy option of applying either the full retrospective approach or modified retrospective approach when they apply the provisions of the above PIC Q&A and IFRIC pronouncement. The details of the impact of adoption of the above financial reporting reliefs are discussed in the Note 3 to the interim condensed consolidated financial statements. The interim condensed consolidated financial statements are presented in Philippine peso, which is the Parent Company‘s functional and presentation currency under Philippine Financial Reporting Standards (PFRS). All values are rounded to the nearest thousand peso, except when otherwise indicated. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Company‘s annual audited consolidated financial statements as at December 31, 2020. These interim condensed consolidated financial statements have been prepared for inclusion in the prospectus to be prepared by the Company for its planned offering of bonds. Basis of Consolidation The interim condensed consolidated financial statements include the accounts of the Parent Company and all of its subsidiaries. As at June 30, 2021, there were no significant changes in the composition of the Company and in the Parent Company‘s ownership interests in its subsidiaries. Significant Accounting Judgments, Estimates and Assumptions The preparation of the interim condensed consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the reporting date. However, uncertainty about these estimates and assumptions could result in outcomes that could require a material adjustment to the carrying amount of the affected asset or liability in the future. Details of judgments, estimates and assumptions are disclosed in relevant notes of the interim condensed consolidated financial statements. Except as otherwise disclosed, there were no significant changes in the significant accounting judgments, estimates and assumptions used by the Company for the six-month period ended June 30, 2021. =1@0="'"!$" - 3 - 3. Summary of Significant Accounting and Financial Reporting Policies Changes in Accounting Policies and Disclosures The accounting policies and method of computation adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Company‘s annual consolidated financial statements for the year ended December 31, 2020, except for the following amendments which the Company has adopted starting January 1, 2021. Adoption of these pronouncements did not have any significant impact on the Company‘s financial position or performance unless otherwise indicated. x Amendments to PFRS 9, PFRS 7, PFRS 4 and PFRS 16, Interest Rate Benchmark Reform - Phase 2, provide the following temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR): Practical expedient for changes in the basis for determining the contractual cash flows as a result of IBOR reform Relief from discontinuing hedging relationships Relief from the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component The Company shall also disclose information about: The nature and extent of risks to which the entity is exposed arising from financial instruments subject to IBOR reform, and how the entity manages those risks; and Their progress in completing the transition to alternative benchmark rates, and how the entity is managing that transition The amendments are effective for annual reporting periods beginning on or after January 1, 2021 and apply prospectively, however, the Company is not required to restate prior periods. These amendments had no significant impact on the interim condensed consolidated financial statements of the Company. The Company intends to use the practical expedients in future periods if they become applicable. x 2021 Amendments to PFRS 16, Leases, COVID -19 Related Rent Concessions is an update to the amendment to PFRS 16, which provides relief to lessees from applying PFRS 16 requirement on lease modifications to rent concessions arising as a direct consequence of COVID-19 pandemic for any reduction in lease payments originally due on or before June 30, 2022. The amendment is effective for annual reporting periods beginning on or after April 1, 2021, earlier application is permitted. The Company early adopted the 2021 amendment to PFRS 16 beginning January 1, 2021. Company as Lessor. Throughout the government-imposed community quarantine, the Company waived rentals and other charges amounting to P=10,253 million and P=10,670 million for the six- month periods ended June 30, 2021 and 2020, respectively, which significantly reduced rental income. Such rental waivers are not accounted as a lease modification under PFRS 16 since COVID-19 is a force majeure under the general law. =1@0="'"!$" - 4 - x Adoption of the Provisions of PIC Q&A 2018-12-E (as amended by PIC Q&A 2020-02), PIC Q&A No. 2018-12-H, and PIC Q&A 2018-14 (as amended by PIC Q&A 2020-05) provide guidance on some PFRS 15 implementation issues affecting the real estate industry. The Company adopted these PIC Q&As starting January 1, 2021 using modified retrospective approach. The Company‘s accounting policy are aligned with PFRS. The adoption of these PIC Q&As do not have significant impact to the Company‘s financial statements. Future Changes in Accounting Policies Pronouncements that were issued but not yet effective as at June 30, 2021 are the same as those disclosed in the Company‘s annual consolidated financial statements for the year ended December 31, 2020, except for the pronouncements listed below. Unless otherwise indicated, the Company does not expect that the future adoption of the said pronouncements will have a significant impact on its consolidated financial statements. The Company intends to adopt the following pronouncements when these become effective. Effective beginning on or before January 1, 2023 x Amendments to PAS 1 and PFRS Practice Statement 2, Disclosure Initiative œ Accounting Policies x Amendments to PAS 8, Definition of Accounting Estimates Deferred Effectivity œ Effective beginning or or before January 1, 2024 x Deferral of PIC Q&A 2018-12-D, PFRS 15 Implementing Issues Affecting the Real Estate Industry (as amended by PIC Q&As 2020-04) . On October 25, 2018 and December 15, 2020, the Philippine SEC issued SEC MC No. 14-2018 and SEC MC No. 34-2020 providing relief to the real estate industry by deferring the application of —assessing if the transaction price includes a significant financing component as discussed in PIC Q&A 2018-12-D (as amended by PIC Q&A 2020-04)“ until December 31, 2020 and 2023, respectively. The Company availed of the SEC relief to defer the above specific provisions of PIC Q&A No. 2018-12-D. The adoption of this guidance would have an impact to interest income, interest expense, revenue from real estate sales, contract assets, provision for deferred income tax, deferred tax asset or liability and the opening balance of retained earnings on the year of adoption. The Company is currently assessing if the mismatch between the percentage of completion (POC) and right to an amount of consideration constitutes a significant financing component. x IFRIC Agenda Decision on Over Time Transfer of Constructed Goods (PAS 23, Borrowing Cost). On February 21, 2020 and December 15, 2020, the Philippine SEC issued SEC MC No. 4- 2020 and SEC MC No. 34-2020, providing relief to the real estate industry by deferring the mandatory implementation of the above IFRIC Agenda Decision until December 31, 2020 and 2023, respectively. The Company opted to avail of the relief as provided by the SEC. The adoption of the IFRIC Agenda Decision is not expected to have significant impact on the consolidated financial statements. 4. Segment Information For management purposes, the Company is organized into business units based on their products and services, and has four reportable operating segments as follows: mall, residential, commercial and hotels and convention centers. =1@0="'"!$" - 5 - Mall segment develops, conducts, operates and maintains the business of modern commercial shopping centers and all businesses related thereto such as the conduct, operation and maintenance of shopping center spaces for rent, amusement centers, or cinema theaters within the compound of the shopping centers. Residential and commercial segments are involved in the development and transformation of major residential, commercial, entertainment and tourism districts through sustained capital investments in buildings and infrastructure. Hotels and convention centers segment engages in and carry on the business of hotel and convention centers and operates and maintains any and all services and facilities incident thereto. Management, through the Executive Committee, monitors the operating results of its business units separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profit or loss and is measured consistently with the operating profit or loss in the interim condensed consolidated financial statements. The amount of segment assets and liabilities and segment profit or loss are based on measurement principles that are similar to those used in measuring the assets and liabilities and profit or loss in the interim condensed consolidated financial statements, which is in accordance with PFRS. Inter-segment Transactions Inter-segment transactions are eliminated in the interim condensed consolidated financial statements. Business Segment Data Six-month period ended June 30, 2021 (Unaudited) Hotels and Convention Eliminations/ Consolidated Mall Residential Commercial Centers Adjustments Balances (In Thousands) Revenue: External customers P=13,620,471 P=24,459,531 P=2,459,481 P=548,627 P= í P=41,088,110 Inter-segment 42,762 1,181 42,347 2,293 (88,583) í P=13,663,233 P=24,460,712 P=2,501,828 P=550,920 (88,583) P=41,088,110 Segment results: Income (loss) before income tax P=4,175,686 P=9,094,186 P=1,934,073 (P=599,524) (P=171,545) P=14,432,876 Provision for income tax (307,068) (1,936,675) (500,036) œ œ (2,743,779) Net income (loss) P=3,868,618 P=7,157,511 P=1,434,037 (P=599,524) (P=171,545) P=11,689,097 Net income (loss) attributable to: Equity holders of the Parent P=3,825,892 P=7,156,055 P=1,434,037 (P=599,524) (P=171,545) P=11,644,915 Non-controlling interests 42,726 1,456 œ œ œ 44,182 Other information: Capital expenditures P=13,647,407 P=19,439,074 P=1,488,861 P=716,404 P=œ P=35,291,746 Depreciation and amortization 4,530,036 59,813 377,102 305,238 œ 5,272,189 Six-month period ended June 30, 2020 (Unaudited) Hotels and Convention Eliminations/ Consolidated Mall Residential Commercial Centers Adjustments Balances (In Thousands) Revenue: External customers P=16,386,214 P=23,701,857 P=2,501,145 P=1,087,733 P= í P=43,676,949 Inter-segment 30,668 6,111 37,227 1,253 (75,259) í P=16,416,882 P=23,707,968 P=2,538,372 P=1,088,986 (P=75,259) P=43,676,949 Segment results: Income (loss) before income tax P=4,052,016 P=8,080,771 P=2,164,016 (P=384,711) (P=162,809) P=13,749,283 Provision for income tax (974,849) (1,826,071) (419,792) œ œ (3,220,712) Net income (loss) P=3,077,167 P=6,254,700 P=1,744,224 (P=384,711) (P=162,809) P=10,528,571 =1@0="'"!$" - 6 - Six-month period ended June 30, 2020 (Unaudited) Hotels and Convention Eliminations/ Consolidated Mall Residential Commercial Centers Adjustments Balances Net income (loss) attributable to: Equity holders of the Parent P=2,974,846 P=6,261,337 P=1,744,224 (P=384,711) (P=162,809) P=10,432,887 Non-controlling interests 102,321 (6,637) œ œ œ 95,684 Other information: Capital expenditures P=12,823,016 P=13,209,860 P=3,598,157 P=414,794 P=œ P=30,045,827 Depreciation and amortization 4,758,968 78,329 325,519 322,855 œ 5,485,671 June 30, 2021 (Unaudited) Hotels and Convention Consolidated Mall Residential Commercial Centers Eliminations Balances (In Thousands) Segment assets P=403,417,319 P=271,416,581 P=62,092,993 P=14,143,004 (P=1,656,086) P=749,413,811 Segment liabilities P=267,317,514 P=156,259,034 P=6,000,432 P=549,576 (P=1,656,086) P=428,470,470 December 31, 2020 (Audited) Hotels and Convention Consolidated Mall Residential Commercial Centers Eliminations Balances (In Thousands) Segment assets P=393,412,575 P=254,869,649 P=61,567,161 P=14,067,315 (P=1,557,775) P=722,358,925 Segment liabilities P=258,218,748 P=147,833,429 P=6,230,590 P=916,305 (P=1,557,775) P=411,641,297 For the six-month periods ended June 30, 2021 and 2020, there were no revenue transactions with a single external customer which accounted for 10% or more of the consolidated revenue from external customers. The Company disaggregates its revenue information in the same manner as it reports its segment information. Seasonality Except for the significant impact of the COVID-19 pandemic to the Company‘s operations starting March 2020, there were no other trends, events or uncertainties that have had or that are reasonably expected to have a material impact on net sales or revenues or income from continuing operations. 5. Cash and Cash Equivalents Cash and cash equivalents comprised the following: June 30, December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Cash on hand and in banks (see Note 17 ) P=13,840,326 P=12,484,610 Temporary investments (see Note 17) 12,999,006 18,177,004 P=26,839,332 P=30,661,614 Interest income earned from cash in banks and temporary investments amounted to P=288 million and P=568 million for the six-month periods ended June 30, 2021 and 2020, respectively (see Note 20). =1@0="'"!$" - 7 - 6. Receivables and Contract Assets This account consists of: June 30 , December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Trade (billed and unbilled) : Sale of real estate * P=103,781,879 P=97,140,164 Rent: Third parties 4,745,644 5,161,293 Related parties (see Note 17 ) 2,058,858 2,249,505 Others 5,592 28,429 Accrued interest (see Note 17 ) 185,370 129,226 Nontrade 120,551 50,548 Others (see Note 17) 2,401,430 2,068,588 113,299,324 106,827,753 Less allowance for expected credit loss ( ECLs ) 1,057,614 1,066,130 112,241,710 105,761,623 Less noncurrent portion of receivables from sale of real estate (see Note 1 2) 54,082,430 46,816,693 P=58,159,280 P=58,944,930 * Includes unbilled revenue from sale of real estate amounting to P=90,626 million and P=86,631 million as at June 30 , 2021 and December 31, 20 20 , respectively. Interest income earned from receivables amounted to P=39 million and P=28 million for the six-month periods ended June 30, 2021 and 2020, respectively (see Note 20). The Company assigned receivables from sale of real estate (billed and unbilled) on a without recourse basis to local banks amounting to P=359 million and P=5,911 million for period ended June 30, 2021 and 2020, respectively (see Note 17). The Company also has assigned billed and unbilled receivables from real estate on a with recourse basis to local banks with outstanding balance of P=396 million and P=1,809 million as at June 30, 2021 and December 31, 2020, respectively. The related liability from assigned receivables, which is of equal amount with the assigned receivables, bear interest rates of 4.50% and 4.25% to 4.50% as at June 30, 2021 and December 31, 2020, respectively. The fair value of the assigned receivables and liability from assigned receivables approximates their costs (see Note 14). The movements in the allowance for ECLs related to receivables are as follows: June 30 , December 31, 2021 2020 (Six Months) (One Year) (Unaudited) (Audited) (In Thousands) At beginning of the period P=1,066,130 P=1,053,549 Provision - net (see Note 19) (8,516) 12,581 At end of the period P=1,057,614 P=1,066,130 =1@0="'"!$" - 8 - Receivables, except for those that are impaired, are assessed by the Company‘s management as not impaired, good and collectible. 7. Real Estate Inventories The movements in this account are as follows: Residential Land and Condominium Units and Development Units for Sale Subdivision Lots Total (In Thousands) Balance as at December 31, 201 9 P= 37,930,932 P= 5,880,355 P= 134,822 P= 43,946,109 Development cost incurred 18,139,127 œ œ 18,139,127 Cost of real estate sold (18,447,010) (2,057,496) (73,900) (20,578,406) Transfers (4,850,263) 4,849,029 1,234 œ Reclassifications from investment properties (see Note 1 0) 2,031,711 œ œ 2,031,711 Translation adjustment and others 123,820 œ 29,516 153,336 Balance as at December 31, 2020 34,928,317 8,671,888 91,672 43,691,877 Development cost incurred 11,353,318 œ œ 11,353,318 Cost of real estate sold (see Note 19 ) (9,551,045) (824,781) (17,928) (10,393,754) Transfers (6,164,607) 6,164,512 95 œ Reclassifications from investment properties (see Note 1 0) 2,129,477 œ œ 2,129,477 Translation adjustment and others 110,633 23,894 30,118 164,645 Balance as at June 30, 2021 P=32,806,093 P=14,035,513 P=103,957 P=46,945,563 Land and development which pertains to the Company‘s on-going residential projects and condominium and residential units for sale which pertain to the completed projects are stated at cost as at June 30, 2021 and December 31, 2020. Contract fulfillment assets, included under land and development, mainly pertain to unamortized portion of land cost totaling P=2,214 million and P=1,745 million as at June 30, 2021 and December 31, 2020, respectively. 8. Equity Instruments at FVOCI This account consists of investments in: June 30, December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Shares of stock: Listed (see Note 17) P=17,053,216 P=16,696,333 Unlisted 3,381 3,381 17,056,597 16,699,714 Less noncurrent portion 16,493,970 16,131,568 P=562,627 P=568,146 =1@0="'"!$" - 9 - Dividend income from investments at FVOCI amounted to P=96 million and P=107 million for the six- month periods ended June 30, 2021 and 2020, respectively. Unrealized gain on changes in fair value amounting to P=357 million for the six-month period ended June 30, 2021 and unrealized loss due to changes in fair value amounting to P=5,583 million for the six-month period ended June 30, 2020 were included under other comprehensive income. 9. Prepaid Expenses and Other Current Assets This account consists of: June 30, December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Input and creditable withholding taxes P=10,331,776 P=9,655,119 Advances and deposits 9,248,261 9,052,663 Prepaid taxes and other prepayments 4,319,446 3,839,114 Supplies and inventories 394,676 407,203 Cash in escrow and others (see Note 17 ) 429,881 251,563 P=24,724,040 P=23,205,662 =1@0="'"!$" - 10 - 10. Investment Properties The movements in this account are as follows: Building Land Held for Equipment, Right-of-use Future Land and Buildings and Furniture Assets Construction Development Improvements Improvements and Others (ROUA) - Land in Progress Total (In Thousands) Cost Balance as at December 31, 2019 P=70,842,765 P=70,247,314 P=237,616,734 P=42,588,024 P=22,203,470 P=53,779,717 P=497,278,024 Additions 6,585,159 3,535,214 2,045,713 1,478,530 3,276,229 24,409,153 41,329,998 Reclassifications to real estate inventories (see Note 7) (1,829,378) (628,379) 7,517,657 862,027 œ (7,953,638) (2,031,711) Translation adjustment œ 15,655 469,724 37,418 111,741 42,657 677,195 Disposals (4,113,632) (44,242) (80) (121,219) œ œ (4,279,173) Balance as at December 31, 2020 71,484,914 73,125,562 247,649,748 44,844,780 25,591,440 70,277,889 532,974,333 Additions 8,032,775 2,656,289 212,370 571,934 645,231 11,755,655 23,874,254 Reclassifications to real estate inventories (see Note 7) (2,134,376) (14,300) 4,126,592 516,209 œ (4,623,602) (2,129,477) Translation adjustment œ 44,340 1,090,562 85,705 344,254 180,979 1,745,840 Disposals œ (14,130) (222) (60,114) œ œ (74,466) Balance as at June 30, 2021 P=77,383,313 P=75,797,761 P=253,079,050 P=45,958,514 P=26,580,925 P=77,590,921 P=556,390,484 Accumulated Depreciation and Amortization Balance as at December 31, 2019 P=œ P=2,270,162 P=56,648,135 P=27,175,335 P=544,814 P=œ P=86,638,446 Depreciation and amortization œ 236,598 7,024,320 2,349,180 546,328 œ 10,156,426 Translation adjustment œ 12,180 111,470 25,372 5,042 œ 154,064 Disposals œ (26,301) (7) (107,376) œ œ (133,684) Balance as at December 31, 2020 œ 2,492,639 63,783,918 29,442,511 1,096,184 œ 96,815,252 Depreciation and amortization (see Note 19) œ 132,111 3,486,144 1,291,245 283,022 œ 5,192,522 Translation adjustment œ 25,155 235,784 52,268 8,693 œ 321,900 Disposals œ (2,469) œ (56,746) œ œ (59,215) Balance as at June 30, 2021 P=œ P=2,647,436 P=67,505,846 P=30,729,278 P=1,387,899 P=œ P=102,270,459 Net Book Value As at December 31, 2020 P=71,484,914 P=70,632,923 P=183,865,830 P=15,402,269 P=24,495,256 P=70,277,889 P=436,159,081 As at June 30, 2021 77,383,313 73,150,325 185,573,204 15,229,236 25,193,026 77,590,921 454,120,025 =1@0="'"!$" - 11 - Portions of investment properties located in China with total carrying value of P=1,789 million as at June 30, 2021 are mortgaged as collaterals to secure domestic short term and long term borrowings (see Notes 13 and 15). Consolidated rent income from investment properties amounted to P=15,929 million and P=18,305 million for the six-month periods ended June 30, 2021 and 2020, respectively. Consolidated costs and expenses from investment properties amounted to P=11,248 million and P=13,361 million for the six-month periods ended June 30, 2021 and 2020, respectively. Construction in progress includes shopping mall complex under construction and landbanking and commercial building constructions amounting to P=77,591 million and P=70,278 million as at June 30, 2021 and December 31, 2020, respectively. Construction contracts with various contractors related to the construction of the on-going projects amounted to P=70,880 million and P=65,458 million as at June 30, 2021 and December 31, 2020, respectively, inclusive of overhead, cost of labor and materials and all other costs necessary for the proper execution of the works. The outstanding contracts are valued at P=21,334 million and P=22,641 million as at June 30, 2021 and December 31, 2020, respectively. Interest capitalized to the construction of investment properties amounted to P=2,901 million and P=3,540 million and capitalization rates used range from 2.65% to 5.01% and from 2.35% to 4.70%, for the six-month period ended June 30, 2021 and for the year ended December 31, 2020, respectively. The most recent fair value of investment properties amounted to P=1,305,810 million as of September 30, 2018 as determined by an independent appraiser who holds a recognized and relevant professional qualification. Management believes that the carrying values of additions to investment properties subsequent to the most recent valuation date would approximate their fair values. The Company‘s management believes that there is no impairment loss on the Company‘s investment properties and there is no significant change in the fair value of the investment properties from the most recent valuation. The valuation of investment properties was based on market values mainly using income approach. The fair value represents the amount at which the assets can be exchanged between a knowledgeable, willing seller and a knowledgeable, willing buyer in an arm‘s length transaction at the date of valuation, in accordance with International Valuation Standards as set out by the International Valuation Standards Committee. The significant assumptions used in the valuation are discount rates and capitalization rates of 4.00% to 6.00% with an average growth rate of 1.00% to 5.00%. Investment properties are categorized under Level 3 fair value measurement. The Company has no restriction on the realizability of its investment properties and no obligation to either purchase, construct or develop or for repairs, maintenance and enhancements. =1@0="'"!$" - 12 - 11. Investments in Associates and Joint Ventures The ownership interests in associate and joint ventures accounted for under the equity method mainly consist of the following: Percentage of Ownership Country of June 30, December Company Incorporation 2021 31, 2020 Associate s People's Republic Feihua Real Estate (Chongqing) Company Ltd. (FHREC) of China 50,00 50.00 Ortigas Land Corporation (OLC) ( formerly OCLP Holdings, Inc.) Philippines 39.96 39.96 Joint Ventures Winsome Development Corporation * Philippines 51.00 51.00 Willin Sales, Inc. * - do - 51.00 51.00 Willimson, Inc. * - do - 51.00 51.00 Waltermart Ventures, Inc. * - do - 51.00 51.00 WM Development, Inc. * - do - 51.00 51.00 WM Shopping Center Management Inc. * - do - 51.00 51.00 Metro Rapid Transit Service Inc. - do - 51.00 51.00 ST 6747 Resources Corporation (STRC) - do - 50.00 50.00 *collectively, Waltermart The movements in this account are as follows: Associates Joint Ventures Total (In Thousands) Balance as at December 31, 201 9 P= 18,914,405 P= 8,299,993 P= 27,214,398 Equity in net earnings 323,473 371,000 694,473 Dividends (127,450) (61,200) (188,650) Translation 15,018 œ 15,018 Balance as at December 31, 20 20 19,125,446 8,609,793 27,735,239 Equity in net earnings 499,862 211,302 711,164 Translation 34,280 œ 34,280 Balance as at June 30, 2021 P=19,659,588 P=8,821,095 P=28,480,683 As at June 30, 2021, OLC‘s total assets, total liabilities and total equity amounted to P=43,035 million, P=31,799 million and P=11,236 million, respectively, and the carrying value of investment in OLC amounted to P=18,335 million, which consists of its proportionate share in the net assets of OLC and fair value adjustments. The share in profit and total comprehensive income amounted to P=500 million and P=223 million for the six-month periods ended June 30, 2021 and 2020, respectively. The carrying value of investment in FHREC amounted to P=1,325 million and P=1,291 million as at June 30, 2021 and December 31, 2020, respectively, with cumulative equity in net earnings amounting to P=1,036 million and P=1,009 million as at June 30, 2021 and December 31, 2020, respectively. The carrying values of investments in Waltermart amounted to P=7,039 million and P=6,885 million as at June 30, 2021 and December 31, 2020, respectively. The aggregate share in profit and total comprehensive income, amounted to P=154 million and P=136 million for the six-month periods ended June 30, 2021 and 2020, respectively =1@0="'"!$" - 13 - The carrying value of investment in STRC amounted to P=1,771 million and P=1,678 million as at June 30, 2021 and December 31, 2020, respectively. The aggregate share in profit and total comprehensive income amounted to P=93 million and P=71 million for the six-month period ended June 30, 2021 and 2020, respectively. The Company has no outstanding contingent liabilities or capital commitments related to its investments in associates and joint ventures as at June 30, 2021 and December 31, 2020. 12. Other Noncurrent Assets - net This account consists of: June 30 , December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Receivables from sale of real estate - net of current portion (see Note 6)* P=54,082,430 P=46,816,693 Bonds and deposits 31,894,954 32,433,867 Time deposits (see Note s 17 and 22 ) 2,102,747 1,356,442 Property and equipment - net of accumulated depreciation of P=2,179 million and P=2,103 million, respectively (see Note 19) 1,291,706 1,311,208 Deferred input tax 1,268,075 1,111,000 Others 1,523,686 1,397,305 P=92,163,598 P=84,426,515 *Pertains to noncurrent portion of unbilled revenue from sale of real estate (see Note 6). Interest income earned from time deposits amounted to P=16 million and P=29 million for the six-month periods ended June 30, 2021 and 2020, respectively (see Note 20). 13. Loans Payable This account consists of Philippine peso and China yuan renminbi denominated loans amounting to P=4,443 million and P=10,900 million as at June 30, 2021 and December 31, 2020, with due dates of less than one year. These loans bear interest rates of 2.65% to 3.75% in 2021 and 3.15 % to 4.00% in 2020. Interest expense incurred from loans payable amounted to P=96 million and P=101 million for the six-month periods ended June 30, 2021 and 2020, respectively (see Note 20). =1@0="'"!$" - 14 - 14. Accounts Payable and Other Current Liabilities This account consists of: June 30 , December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Trade: Third parties P=35,509,562 P=37,994,767 Related parties (see Note 17 ) 207,889 490,247 Tenants‘ and customers‘ deposits * 37,007,406 37,540,373 Accrued operating expenses: Third parties 12,338,331 9,863,058 Related parties (see Note 17) 407,443 407,443 Lease liabilities 11,694,478 11,076,316 Liability for purchased land 9,959,122 8,608,649 Deferred output VAT 9,369,049 8,228,236 Accrued interest (see Note 17 ) 2,313,216 2,237,044 Payable to government agencies 1,555,494 1,268,136 Nontrade 404,154 400,110 Liability from assigned receivables and others (see Note 6) 3,116,120 4,447,540 123,882,264 122,561,919 Less noncurrent portion 44,263,280 41,527,934 P=79,618,984 P=81,033,985 *Includes unearned revenue from sale of real estate amounting to P=5,633 million and P=7,615 million as at June 30, 2021 and December 31, 2020, respectively. Lease liabilities included in —Other noncurrent liabilities“ amounted to P=11,585 million and P=11,009 million as at June 30, 2021 and December 31, 2020, respectively. Interest on lease liabilities included under —Others - net“ in the interim consolidated statements of income amounted to P=171 million and P=162 million for the six-month periods ended June 30, 2021 and 2020, respectively. The undiscounted payments of lease liabilities are scheduled as follows: June 30, December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Within 1 year P=709,004 P=655,840 More than 1 year to 5 years 2,921,833 2,636,354 More than 5 years 22,300,856 22,131,323 P=25,931,693 P=25,423,517 =1@0="'"!$" - 15 - Accrued operating expenses - third parties consist of: June 30 , December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Payable to contractors P=5,010,607 P=4,045,630 Utilities 2,849,615 2,532,449 Marketing and advertising and others 4,478,109 3,284,979 P=12,338,331 P=9,863,058 =1@0="'"!$" - 16 - 15. Long-term Debt This account consists of: Availment Date Maturity Date Interest Rate Condition Outstanding Balance June 30, December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Parent Company Philippine peso-denominated loans Retail bonds September 1, 2014 - February 5, 2021 September 1, 2021 - March 25, 2027 2.46% - 6.22% Unsecured P=91,995,300 P= 99,964,260 Floating BVAL + margin; Fixed 4.51% - Other bank loans June 19, 2012 œ April 26, 2021 June 19, 2022 œ April 26, 2028 4.75% Unsecured 46,430,000 31,548,000 U.S. dollar -denominated loans* July 30, 2018 - April 2 7, 2021 October 2, 2022 œ March 29, 2026 LIBOR USD + spread; quarterly Unsecured 15,128,000 10,084,830 Subsidiaries Floating BVAL + margin; Fixed 3.61% - Philippine peso -denominated loans June 3, 2013 - June 23, 2021 February 8, 2021 - August 7, 2029 6.37% Unsecured 83,723,020 78,992,080 U.S. dollar -denominated loans** March 21, 2016 - January 29, 2021 January 29, 2021 - January 25, 2026 LIBOR USD + spread; semi -annual/quarterly Unsecured 40,295,790 39,669,574 China yuan renminbi-denominated loans*** October 16, 2017 - May 6, 2021 October 16, 2022- April 20, 2026 LPR; annually; Fixed - 5.85% Secured 6,404,019 2,559,639 283,976,129 262,818,383 Less debt issue cost 1,608,006 1,249,386 282,368,123 261,568,997 Less current portion 27,959,206 42,738,350 P=254,408,917 P= 218,830,647 LIBOR œ London Interbank Offered Rate BVAL œ Bloomberg Valuation Service LPR - China Loan Prime Rate *Hedged against foreign exchange risks using cross-currency swaps and interest rate swaps **Hedged against foreign exchange and interest rate risks using cross-currency swaps, principal-only swaps and interest rate swaps ***Secured by portions of investment properties located in China. (see Note 10) =1@0="'"!$" - 17 - Debt issue cost pertaining to the loan availments in 2021 amounted to P=613 million. Amortization of debt issue cost (included under —Others - net“ in the interim consolidated statements of income) for the six-month periods ended June 30, 2021 and 2020 amounted to P=254 million and P=198 million, respectively. The loan agreements of the Company provide certain restrictions and requirements principally with respect to maintenance of required financial ratios and material change in ownership or control. As at June 30, 2021 and December 31, 2020, the Company is in compliance with the terms of its loan covenants. Repayment Schedule The repayments of long-term debt are scheduled as follows: Debt Issue Gross Loan Cost Net (In Thousands) Within 1 year P=27,959,206 (=P272,276) P=27,686,930 More than 1 year to 5 years 234,704,463 (1,292,190) 233,412,273 More than 5 years 21,312,460 (43,540) 21,268,920 P=283,976,129 (=P1,608,006) P=282,368,123 Interest expense incurred from long-term debt amounted to P=3,466 million and P=3,469 million for the six-month periods ended June 30, 2021 and 2020, respectively (see Note 20). 16. Equity Capital Stock As at June 30, 2021 and December 31, 2020, the Company has an authorized capital stock of 40,000 million with a par value of P=1 a share, of which 33,166 million shares were issued. As at June 30, 2021 and December 31, 2020, the Company has 28,856 million outstanding shares. Retained Earnings In 2021, the BOD approved the declaration of cash dividend of P=0.082 per share or P=2,368 million to stockholders of record as of May 5, 2021, P=2 million of which was received by SMDC. This was paid on May 19, 2021. In 2020, BOD approved the declaration of cash dividend of P=0.185 per share or P=5,343 million to stockholders of record as of June 30, 2020, P=4 million of which was received by SMDC. This was paid on July 14, 2020. As at June 30, 2021 and December 31, 2020, the amount of retained earnings appropriated for the continuous corporate and mall expansions amounted to P=42,200 million. This represents appropriation for land banking activities and planned construction projects for the next two to three years. The appropriation is being fully utilized to cover part of the annual capital expenditure requirement of the Company. Approval of malls expansions and new projects is delegated by the BOD to the Executive Committee of the Company. =1@0="'"!$" - 18 - The retained earnings account is restricted for the payment of dividends to the extent of P=112,800 million and P=104,746 million as at June 30, 2021 and December 31, 2020, respectively, representing the cost of shares held in treasury amounting to P=2,985 million as at June 30, 2021 and December 31, 2020 and accumulated equity in net earnings of SMPH subsidiaries, associates and joint ventures totaling P=109,815 million and P=101,761 million as at June 30, 2021 and December 31, 2020, respectively. The accumulated equity in net earnings of subsidiaries, associates and joint ventures is not available for dividend distribution until such time that the Parent Company receives the dividends from its subsidiaries, associates and joint ventures. Treasury Stock As at June 30, 2021 and December 31, 2020, the Company has 4,310 million shares of treasury stock. This includes reacquired capital stock and shares held by a subsidiary, stated at acquisition cost of P=2,985 million as at June 30, 2021 and December 31, 2020. 17. Related Party Transactions The significant related party transactions entered into by the Company with SMIC, bank and retail of SM group and other related parties and the amounts included in the accompanying interim condensed consolidated financial statements with respect to these transactions follow: Outstanding Amount Amount of Transactions [Asset (Liability)] June 30 , June 30 , June 30, December 31, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Audited) Terms Conditions (In Thousands) Ultimate Parent Rent income P=29,445 P=22,414 P= í P= í Rent receivable í í 24,892 4,426 Noninterest-bearing Unsecured; not impaired Management fee income 1,149 783 í í Service income 22,600 24,000 í í Service fee receivable í í 2,912 4,480 Noninterest-bearing Unsecured; not impaired Rent expense 10,238 22,560 í í Trade payable í í (12,913) (36,646) Noninterest-bearing Unsecured Equity instruments at FVOCI í í 146,030 153,263 Noninterest-bearing Unsecured; not impaired Bank and Retail Group Interest bearing based Unsecured; not impaired Cash and cash equivalents 80,030,594 50,324,130 11,128,908 17,670,812 on prevailing rates Rent income 4,586,522 5,693,681 í í Rent receivable í í 1,967,411 2,221,901 Noninterest-bearing Unsecured; not impaired Service income 298 14,091 í í Management fee receivable í í 8,441 8,441 Noninterest-bearing Unsecured; not impaired Interest income 116,135 268,903 í í Accrued interest receivable í í 18,953 12,049 Noninterest-bearing Unsecured; not impaired Receivable financed 358,861 5,910,578 í í Without recourse Unsecured Time deposits í í 856,535 1,356,442 Interest-bearing Unsecured; not impaired Loans payable and long-term 1,500,412 (12,438,384) (14,139,453 ) Interest-bearing Unsecured debt í Interest expense 295,267 397,057 í í Accrued interest payable í í (49,239) (53,452) Noninterest-bearing Unsecured Rent expense í 38 í í Trade payable í í (89,412) (288,144) Noninterest-bearing Unsecured Management fee expense 780 268 í í Equity instruments at FVOCI í í 10,190,762 9,614,605 Noninterest-bearing Unsecured; not impaired Interest bearing based Cash in escrow 176,374 25,004 322,678 144,209 Unsecured; not impaired on prevailing rates Dividend income 54,015 54,015 í í =1@0="'"!$" - 19 - Outstanding Amount Amount of Transactions [Asset (Liability)] June 30 , June 30 , June 30, December 31, 2021 2020 2021 2020 (Unaudited) (Unaudited) (Unaudited) (Audited) Terms Conditions (In Thousands) Other Related Parties Rent income P=180,626 P=72,076 P= í P=œ Rent receivable í í 66,555 23,178 Noninterest-bearing Unsecured; not impaired Service income 54,082 29,568 í í Service fee receivable í í 7,984 í Noninterest-bearing Unsecured; not impaired Management fee income 551 3,388 í í Management fee receivable í í 6,862 6,862 Noninterest-bearing Unsecured; not impaired Accrued expenses í í (407,443) (407,443) Noninterest-bearing Unsecured Trade payable í í (105,564) (165,457) Noninterest-bearing Unsecured Compensation of Key Management Personnel The aggregate compensation and benefits related to key management personnel for the six-month periods ended June 30, 2021 and 2020 consist of short-term employee benefits amounting to P=529 million and P=546 million, respectively, and post-employment benefits (pension benefits) amounting to P=139 million and P=95 million, respectively. 18. Other Revenues This account consists of: June 30 , June 30, 2021 2020 (Unaudited) (Unaudited) (In Thousands) Food and beverages P=201,972 P=301,777 Net merchandise sales 83,726 150,190 Amusement income 38,746 152,674 Bowling and ice skating fees 10,565 54,188 Advertising and others (see Note 17) 720,790 645,357 P=1,055,799 P=1,304,186 Others include service fees, parking terminal, sponsorships, commissions and membership revenue. 19. Costs and Expenses This account consists of: June 30, June 30, 2021 2020 (Unaudited) (Unaudited) (In Thousands) Cos t of real estate sold (see Note 7) P=10,393,754 P=10,685,769 Depreciation and amortization (see Notes 10 and 12 ) 5,272,189 5,485,671 Administrative - net 3,248,994 4,528,675 Marketing and selling expenses 2,551,841 2,312,250 Business taxes and licenses 2,357,261 2,597,371 (Forward) =1@0="'"!$" - 20 - June 30, June 30, 2021 2020 (Unaudited) (Unaudited) (In Thousands) Rent (see Note 17 ) P=323,979 P=399,679 Insurance 265,945 324,924 Film rentals 9,285 299,738 Others (see Note 6) 592,608 694,132 P=25,015,856 P=27,328,209 Others include bank charges, donations, dues and subscriptions, service fees and transportation and travel. 20. Interest Income and Interest Expense The details of the sources of interest income and interest expense follow: June 30, June 30, 2021 2020 (Unaudited) (Unaudited) (In Thousands) Interest income on: Cash and cash equivalents (see Note 5) P=287,707 P=567,911 Time deposits (see Note 1 2) 15,764 28,565 Others (see Note s 6 and 9 ) 39,260 29,376 P=342,731 P=625,852 Interest expense on: Long -term debt (see Note 15) P=3,465,572 P=3,468,566 Loans payable (see Note 13) 95,738 100,966 Receivable financing (see Note 14) 25,409 142,535 P=3,586,719 P=3,712,067 21. Financial Risk Management Objectives and Policies The Company‘s principal financial instruments, other than derivatives, comprise of cash and cash equivalents, accrued interest and other receivables, equity instruments at FVOCI and bank loans. The main purpose of these financial instruments is to finance the Company‘s operations. The Company has other financial assets and liabilities such as trade receivables and trade payables, which arise directly from its operations. The Company also enters into derivative transactions, principally, cross currency swaps, principal only swaps, interest rate swaps and forward swaps. The purpose is to manage the interest rate and foreign currency risks arising from the Company‘s operations and its sources of finance (see Note 22). The main risks arising from the Company‘s financial instruments are interest rate risk, foreign currency risk, liquidity risk, credit risk and equity price risk. The Company‘s BOD and management review and agree on the policies for managing each of these risks. =1@0="'"!$" - 21 - Interest Rate Risk The Company‘s policy is to manage its interest rate risk related to its financial instruments with floating interest and/or fixed interest rates by using a mix of fixed and floating rate debts. To manage this mix in a cost-efficient manner, it enters into interest rate swaps, in which the Company agrees to exchange, at specified intervals, the difference between fixed and floating rate interest amounts calculated by reference to an agreed-upon notional principal amount. These swaps are designated to economically hedge underlying debt obligations. Approximately 80% of its long-term borrowings as at June 30, 2021 and December 31, 2020 are at a fixed rate of interest after taking into account the effect of interest rate swaps. Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company‘s policy is to manage its foreign currency risk mainly from U.S. dollar- denominated debt issuances by entering into foreign currency swap contracts, cross-currency swaps, foreign currency call options, non-deliverable forwards and foreign currency range options aimed at reducing and/or managing the adverse impact of changes in foreign exchange rates on financial performance and cash flow. The Company‘s foreign currency-denominated monetary assets amounted to US$29 million (P=1,423 million) as at June 30, 2021 and US$25 million (P=1,179 million) as at December 31, 2020. In translating the foreign currency-denominated monetary assets and liabilities to peso amounts, the exchange rates used were P=48.80 t to US$1.00 and P=48.02 to US$1.00, the Philippine peso to U.S. dollar exchange rate as at June 30, 2021 and December 31, 2020, respectively. Liquidity Risk Liquidity risk arises from the possibility that the Company may encounter difficulties in raising funds to meet commitments from financial instruments or that a market for derivatives may not exist in some circumstance. The Company seeks to manage its liquidity profile to be able to finance capital expenditures and service maturing debts. To cover its financing requirements, the Company intends to use internally generated funds and proceeds from debt and equity issues. As part of its liquidity risk management program, the Company regularly evaluates its projected and actual cash flow information and continuously assesses conditions in the financial markets for opportunities to pursue fund-raising initiatives. These initiatives may include bank loans, debt capital and equity market issues. Credit Risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instruments or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. The changes in the gross carrying amount of receivables and unbilled revenue from sale of real estate during the periods and the impact of COVID-19 pandemic did not materially affect the allowance for ECLs. =1@0="'"!$" - 22 - Equity Price Risk Equity price risk arises from the changes in the levels of equity indices and the value of individual stocks traded in the stock exchange. As a policy, management monitors its equity price risk pertaining to its investments in quoted equity securities which are classified as equity instruments at FVOCI in the interim consolidated balance sheets based on market expectations. Material equity investments within the portfolio are managed on an individual basis and all buy and sell decisions are approved by management. Capital Management Capital includes equity attributable to the owners of the Parent. The primary objective of the Company‘s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholder value. The Company manages its capital structure and makes adjustments to it, in the light of changes in economic conditions. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, pay-off existing debts, return capital to shareholders or issue new shares. 22. Financial Instruments The following table sets forth the carrying values and estimated fair values of financial assets and liabilities and its related fair value hierarchy, by category and by class, other than those whose carrying values are reasonable approximations of fair values: June 30, 2021 Carrying Value Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Assets Financial assets at FVTPL: Derivative assets P=22,481 P=22,481 P=œ P=22,481 P=œ Financial assets at amortized cost: Time deposits (included under —Other noncurrent assets - net“) 2,102,747 2,102,747 œ 2,102,747 œ Financial assets at FVOCI: Equity instruments 17,056,597 17,056,597 17,053,216 œ 3,381 19,181,825 19,181,825 17,053,216 2,125,228 3,381 Financial Liabilities Financial liabilities at FVTPL: Derivative liabilities P=2,236,664 P=2,236,664 P=œ P=2,236,664 P=œ Loans and borrowings: Liability for purchased land - net of current portion 2,177,918 2,114,684 œ œ 2,114,684 Long-term debt - net of current portion 254,408,917 257,548,063 œ œ 257,548,063 Tenants‘ deposits - net of current portion ** 21,103,491 21,084,935 œ œ 21,084,935 Other noncurrent liabilities** 6,025,509 5,970,186 œ œ 5,970,186 P=285,952,499 P=288,954,532 œ 2,236,664 286,717,868 *Included as part of —Other noncurrent liabilities“ account. **Excluding lease liability and nonfinancial liabilities amounting to P=21,431 million as at June 30, 2021. =1@0="'"!$" - 23 - December 31, 2020 Carrying Value Fair Value Level 1 Level 2 Level 3 (In Thousands) Financial Assets Financial assets at FVTPL: Derivative assets P=2,747 P=2,747 P=œ P=2,747 P=œ Financial assets at amortized cost: Time deposits (included under —Other noncurrent assets - net“) 1,356,442 1,356,442 œ 1,356,442 œ Financial assets at FVOCI: Equity instruments 16,699,714 16,699,714 16,696,333 œ 3,381 P=18,058,903 P=18,058,903 P=16,696,333 P=1,359,189 P=3,381 Financial Liabilities Financial liabilities at FVTPL: Derivative liabilities P= 2,803,397 P= 2,803,397 P= œ P= 2,803,397 P= œ Loans and borrowings: Liability for purchased land - net of current portion 1,251,227 1,204,295 œ œ 1,204,295 Long-term debt - net of current portion 218,830,647 214,950,879 œ œ 214,950,879 Tenants‘ deposits - net of current portion** 21,077,872 20,772,115 œ œ 20,772,115 Other noncurrent liabilities* * 5,192,291 5,147,613 œ œ 5,147,613 P=249,155,434 P=244,878,299 œ 2,803,397 242,074,902 *Included as part of —Other noncurrent liabilities“ account. *Excluding lease liability and nonfinancial liabilities amounting to P=20,070 million as at December 31, 2020. Fair Value Hierarchy The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: Quoted prices in active markets for identical assets or liabilities, except for related embedded derivatives which are either classified as Level 2 or 3; Level 2: Those measured using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and, Level 3: Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs). During the six-months period ended June 30, 2021 and the year ended December 31, 2020, there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into and out of Level 3 fair value measurements. The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate such value: Time Deposits and Derivative Instruments. The fair values are based on observable market inputs. Financial assets at FVOCI . The fair value of investments that are actively traded in organized financial markets is determined by reference to quoted market bid prices at the close of business. =1@0="'"!$" - 24 - Long-term Debt. Fair value is based on the following: Debt Type Fair Value Assumptions Fixed Rate Loans Estimated fair value is based on the discounted value of future cash flows using the applicable rates for similar types of loans. Discount rates used range from 1.05% to 5.19% and 1.24% to 4.67% as at June 30 , 2021 and December 31, 20 20 , respectively. Variable Rate Loans For variable rate loans that re-price every three months, the carrying value approximates the fair value because of recent and regular repricing based on current market rates. For variable rate loans that re-price every six months, the fair value is determined by discounting the principal amount plus the next interest payment amount using the prevailing market rate for the period up to the next repricing date. Discount rates used were 3.71% to 4.53% and 3.72 % to 4.44 % as at June 30 , 2021 and December 31, 20 20 , respectively. Tenants‘ Deposits, Liability for Purchased Land and Other Noncurrent Liabilities. The estimated fair value is based on the discounted value of future cash flows using the applicable rates. The discount rates used range from 2.60% to 2.95% and 2.13% to 5.47% as at June 30, 2021 and December 31, 2020, respectively. The Company assessed that the carrying values of cash and cash equivalents, receivables, cash in escrow, bank loans and accounts payable and other current liabilities approximate their fair values due to the short-term nature and maturities of these financial instruments. There were no financial instruments subject to an enforceable master netting arrangement that were not offset in the interim consolidated balance sheets. Financial Instruments Accounted for as Cash Flow Hedges Cross currency Swaps. The table below shows information on the Company‘s cross currency swap transactions to hedge both the foreign currency and interest rate exposures on its U.S. dollar-denominated loans. Outstanding Year Notional Agreed Obtained Maturity Hedged Loan Amount Equivalent Receive Pay (In Thousands) 2020 2022 Two - year term loans $100,000 4,828,000 3 months LIBOR 2.88% +margin% 2020 2024 Four - year term loans $150,000 7,277,500 3 months LIBOR 3.64% - 3.70% +margin% 2019 2024 Five - year term loans $286,000 ¥1,919,208 3 months LIBOR 3.86% - 3.97% +margin% 2018 2023 Five - year term $110,000 5,865,700 3 months LIBOR 6.37% - 6.39% syndicated loans +margin% 2017 2022 Five - year term loans $100,000 ¥671,715 3 months LIBOR 4.95% - 5.43% +margin% The fair value of the outstanding cross currency swaps amounted to negative P=2,039 million and negative P=2,446 million as of June 30, 2021 and December 31, 2020, respectively. =1@0="'"!$" - 25 - Principal Only Swaps . In 2021, SM Land (China) Limited entered into principal only swap transactions to hedge the foreign currency exposures amounting to $270 million of five-year term syndicated loan obtained on January 29, 2021 (see Note 15). Under the principal only swap, it effectively converted the hedged US dollar-denominated loans into China renminbi-denominated loans. In 2016 and 2017, SM Land (China) Limited entered into principal only swap transactions to hedge the foreign currency exposures amounting to $270 million of five-year term syndicated loan obtained on March 21, 2016 (see Note 15). Under the principal only swap, it effectively converted the hedged US dollar-denominated loans into China renminbi-denominated loans. The principal only swaps matured on January 29, 2021. Cumulative fair value changes recognized in equity under other comprehensive income from the matured principal only swaps amounting to P=134 million gain was transferred to the consolidated statements of income for the six-month period ended June 30, 2021. As at June 30, 2021, SM Land (China) Limited‘s outstanding principal only swaps have notional amounts totaling US$270 million which were fixed to US$:¥ exchange rate 6.459 with maturities ranging from July 28, 2021 to January 23, 2026. Fair value of the outstanding principal swaps amounted to negative P=171 million as of June 30, 2021 and negative P=300 million as of December 31, 2020. Interest Rate Swaps . In 2021, SMPH entered into a floating to fixed US$ interest rate swap agreement with notional amount of US$100 million. Under the agreement, SMPH effectively converts the floating rate U.S. dollar-denominated loan into fixed rate loan with quarterly payment intervals up to March 27, 2026 (see Note 15). In 2016, SM Land (China) Limited also entered into US$ interest rate swap agreement with notional amount of US$270 million. Under the agreement, SM Land (China) Limited effectively converts the floating rate U.S. dollar-denominated loan into fixed rate loan (see Note 15). The interest rate swaps matured on January 29, 2021. Negative fair value of the outstanding interest rate swaps amounted to P=4 million and P=55 million as of June 30, 2021 and December 31, 2020, respectively. As the terms of the swaps have been negotiated to match the terms of the hedged loans, the hedges were assessed to be effective. No ineffectiveness was recognized in the interim consolidated statements of income for the six-month periods ended June 30, 2021 and 2020. Assessment of Hedge Effectiveness There is an economic relationship between the hedged items and the hedging instruments as the terms of the cross-currency swaps, principal only swaps and interest rate swaps match the terms of the hedged items (i.e., notional amount and expected payment date). The Company has established a hedge ratio of 1:1 for the hedging relationships as the underlying risk of the cross- currency swaps, principal only swaps and interest rate swaps are identical to the hedged risk components. To test the hedge effectiveness, the Company uses the hypothetical derivative method and compares the changes in the fair value of the hedging instruments against the changes in fair value of the hedged items attributable to the hedged risks. =1@0="'"!$" - 26 - The hedge ineffectiveness can arise from differences in the timing of the cash flows of the hedged items and the hedging instruments and the counterparties‘ credit risk differently impacting the fair value movements of the hedging instruments. Hedge Effectiveness Results The fair value of the outstanding cross-currency swaps, principal only swaps and interest rate swaps amounting to negative P=2,214 million and negative P=2,801 million as at June 30, 2021 and December 31, 2020, respectively, was taken to equity under other comprehensive income. No ineffectiveness was recognized in the interim consolidated statements of income for the six-month periods ended June 31, 2021 and 2020. Foreign currency translation arising from the hedged loan recognized in the interim consolidated statements of income amounted to P=76 million gain and P=370 million loss for the six-month periods ended June 30, 2021 and 2020, respectively. Foreign exchange loss equivalent to the same amounts were recycled from equity to the interim consolidated statements of income during the same period. Other Derivative Instruments Not Designated as Hedges Non-deliverable Currency Forwards and Swaps . In 2021, SMPH entered into sell P= and buy US$ currency forward contract. It also entered into sell US$ and buy P= currency forward and swap contract with the same aggregate notional amount. Fair Value Changes on Derivatives The net movements in fair value of all derivative instruments are as follows: June 30, December 31, 2021 2020 (Unaudited) (Audited) (In Thousands) Balance at beginning of period (P=2,800,650) P=114,698 Net changes in fair value during the period 249,517 (2,915,348) Fair value of settled derivatives 336,950 œ Balance at end of year (P=2,214,183) (=P2,800,650) 23. EPS Computation Basic/diluted EPS is computed as follows: June 30, 2021 June 30, 2020 (Unaudited) (Unaudited) (In Thousands, Except Per Share Data) Net income attributable to equity holders of the parent (a) P=11,644,915 P= 10,432,887 Common shares issued 33,166,300 33,166,300 Less weighted average number of treasury stock 4,309,889 4,309,889 Weighted average number of common shares outstanding (b) 28,856,411 28,856,411 Earnings per share (a/b) P=0.404 P= 0.362 =1@0="'"!$" - 27 - 24. Other Matters Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act President Rodrigo Duterte signed into law on March 26, 2021 the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Act to attract more investments and maintain fiscal prudence and stability in the Philippines. Republic Act (RA) 11534 or the CREATE Act introduces reforms to the corporate income tax and incentives systems. It took effect 15 days after its complete publication in the Official Gazette or in a newspaper of general circulation or April 11, 2021. The following are the key changes to the Philippine tax law pursuant to the CREATE Act which have an impact on the Company: Effective July 1, 2020, regular corporate income tax (RCIT) rate is reduced from 30% to 25%. For entities with net taxable income not exceeding P=5 million and with total assets not exceeding P=100 million (excluding land on which the business entity‘s office, plant and equipment are situated) during the taxable year, the RCIT rate is reduced to 20%. Minimum corporate income tax (MCIT) rate reduced from 2% to 1% of gross income effective July 1, 2020. Imposition of improperly accumulated earnings tax (IAET) is repealed. Applying the provisions of the CREATE Act, the Company have been subjected to the lower tax rate of 15% (optional standard deduction) to 25% (itemized deduction) of taxable income and 1% MCIT of gross income effective July 1, 2020. The Company recognized one-time impact of CREATE for the year ended December 31, 2020 in the interim consolidated statement of comprehensive income for the six-months period ended June 30, 2021 amounting to P=310 million and P=39 million for provision for income tax (current and deferred) and remeasurement loss on defined benefit obligation, respectively. Deferred tax liabilities œ net also decreased by P=222 million. =1@0="'"!$" SyCip Gorres Velayo & Co. Tel: (632) 8891 0307 BOA/PRC Reg. No. 0001, 6760 Ayala Avenue Fax: (632) 8819 0872 August 25, 2021, valid until April 15, 2024 1226 Makati City ey.com/ph SEC Accreditation No. 0012-FR-5 (Group A), Philippines November 6, 201 8, valid until November 5, 2021 INDEPENDENT AUDITOR‘S REPORT ON INTERIM SUPPLEMENTARY SCHEDULES The Stockholders and the Board of Directors SM Prime Holdings, Inc. 10th Floor Mall of Asia Arena Annex Building Coral Way cor. J.W. Diokno Blvd. Mall of Asia Complex Brgy. 76, Zone 10, CBP-1A, Pasay City 1300 We have reviewed in accordance with Philippine Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity , the interim condensed consolidated financial statements of SM Prime Holdings, Inc. and its subsidiaries (the —Company“) as at June 30, 2021 and for the six-month periods ended June 30, 2021 and 2020 and have issued our report thereon dated August 31, 2021. Our review was made for the purpose of expressing a conclusion on the basic interim condensed consolidated financial statements taken as whole. The schedules listed in the Index to the Interim Condensed Consolidated Financial Statements and Supplementary Schedules are the responsibility of the Company‘s management. These schedules are presented for purposes of complying with the Revised Securities Regulation Code Rule 68, and are not part of the basic interim condensed consolidated financial statements. These schedules have been subjected to the procedures applied in the review of the interim condensed consolidated financial statements and, based on our review, nothing has come to our attention that causes us to believe that the information required to be set forth therein has not been prepared, in all material respects, in relation to the basic interim condensed consolidated financial statements taken as a whole. SYCIP GORRES VELAYO & CO. Belinda T. Beng Hui Partner CPA Certificate No. 88823 SEC Accreditation No. 0943-AR-3 (Group A), March 14, 2019, valid until March 13, 2022 Tax Identification No. 153-978-243 BIR Accreditation No. 08-001998-078-2020, December 3, 2020, valid until December 2, 2023 PTR No. 8534224, January 4, 2021, Makati City August 31, 2021 =1@0="'"!$" A member firm of Ernst & Young Global Limited SM PRIME HOLDINGS, INC. AND SUBSIDIARIES INDEX TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY SCHEDULES June 30, 2021 Annex I. Map of the Relationships of the Companies Within the Group Annex II. Supplementary Schedules Required by Revised SRC Rule 68, Part II, Annex 68-J. Annex III. Reconciliation of Retained Earnings Available for Dividend Declaration SM PRIME HOLDINGS, INC. AND SUBSIDIARIES MAP OF RELATIONSHIPS OF THE COMPANIES WITHIN THE GROUP Annex I As of June 30, 2021 SM INVESTMENTS CORPORATION 49.70% SM PRIME HOLDINGS, INC. MALLS RESIDENTIAL COMMERCIAL HOTELS AND CONVENTION CENTERS A. Canicosa Holdings, Inc. Premier Central, Inc. and Prime_Commercial Springfield Global SM Development Highlands Prime Inc. Costa del Hamilo Inc. and MOA Esplanade Port, Inc. SM Hotels and (100%) Subsidiary (100%) Property Management Enterprises Limited (100%) Corporation and (100%) Subsidiary (COSTA) (100%) (100%) Conventions Corp. and Corp. and Subsidiaries Subsidiaries (SMDC) (100%) Subsidiaries (SMHCC) AD Canicosa Properties, Online Mall Incorporated Shopping Center Supermalls Transport Pico de Loro Beach and Premier Clark Complex, Hotel Specialist (Cebu), Inc. Inc. (100%) (100%) Management Corporation Services, Inc. (100%) Country Club (90.53%) Inc. (100%) (100%) (100%) Associated Development Premier Southern Corp. SM Lifestyle, Inc. and 102 E. De Los Santos SM Smart City Hotel Specialist (Davao), Waltermart SM Property Management, Summerspring Corporation (100%) (100%) Subsidiaries (90%) Realty Co., Inc. (100%) Infrastructure and Inc. (100%) Ventures, Inc. Inc. (100%) Development Corporation Development Corporation (51%) (100%) CHAS Realty and Family Entertainment SM Synergy Properties Twenty Two Forty One Hotel Specialist (Manila), Metro Rapid Transit Willimson, Inc. Guadix Land Corporation Tagaytay Resort Development Corporation Center, Inc. (81%) Holdings Corporation Properties, Inc. (100%) Inc. (100%) Service, Inc. (51%) (51%) (100%) Development Corporation and Subsidiaries (100%) (100%) (100%) Prime Metroestate, Inc. Cherry Realty Omni Digital Media Willin Sales, Inc. Landfactors Incorporated SM_Residences Corp. Union-Madison Realty Hotel Specialist (Pico de and Subsidiary (PMI) Development Corporation Ventures, Inc. (54%) (51%) and Subsidiary (100%) (100%) Company, Inc. (100%) Loro), Inc. (100%) (100%) (100%) Hotel Specialist (Tagaytay), Consolidated Prime Dev. Vantagem Ventures, Inc. Press Play Pictures Phils., Greenmist Property SMDC HK Limited (100%) Vancouver Lands Winsome Inc. (100%) Corp. (100%) (100%) Inc. (90%) Development Corp. Management Corporation Incorporated (100%) (100%) SMX Convention Specialist First Asia Realty Rushmore Holdings, Inc. WM Development, Lascona Land Company, SM Arena Complex SMDC Singapore PTE. LTD. ST 6747 Resources Corp. (100%) Development Corporation (100%) Inc. (51%) Inc. (100%) Corporation (100%) (100%) Corporation (74.19%) (50%) First Leisure Ventures San Lazaro Holdings Match Point WM Shopping Metro South Davao Springtown Development Group Inc. (50%) Corporation (100%) International Center Management Property Corp. (100%) Corporation (100%) Tennis Events Pte. Inc. (51%) Ltd. (25%) Magenta Legacy, Inc. Simply Prestige Limited SM Land (China) Limited Ortigas Land Seafront Residences Summerhills Home (100%) and Subsidiaries (100%) and Subsidiaries (100%) Corporation Corporation (100%) Development Corp.* (39.96%) (100%) Mindpro, Incorporated Southernpoint Properties Feihua Real Estate (70%) Corp. (100%) (Chongqing) Company Ltd. (50%) Associate Subsidiary Joint Venture * Summerhills Home Development Corp. is 79.6% owned by SMDC and 20.4% owned by SMPH **Affluent Capital Enterprises Limited and Subsidiaries and Mega Make Enterprises Limited and Subsidiaries are now subsidiaries of SM Land (China) Limited . Note: % Refers to Effective Ownership Annex II SM Prime Holdings, Inc. and Subsidiaries Supplementary Schedules Required by Paragraph 7D, Part II Under Revised SRC Rule 68, Part II, Annex 68-J June 30, 2021 Schedule A. Financial Assets Number of shares or principal Amount shown Income Name of issuing entity and amount of in the Received and association of each issue bonds and notes balance sheet Accrued (In Thousands) Financial Assets at Amortized Costs* Temporary investments: Banco de Oro (BDO) PHP 8,355,968 PHP 8,355,968 China Banking Corporation (CHIB) PHP 423,351 423,351 China Merchants Bank RMB 177,500 1,340,622 Industrial and Commercial Bank of China RMB 50,400 380,661 Bank of East Asia Ltd RMB 229,000 1,729,591 China Industrial Bank RMB 10,000 75,528 China Construction Bank RMB 85,000 641,988 Others PHP 51,29 7 51,297 Time deposits on hold: Industrial and Commercial Bank of China RMB 165,000 PHP 1,246,212 BDO PHP 800,000 800,000 CHIB PHP 56,535 56,535 Cash in escrow: CHIB PHP 314,272 314,272 BDO PHP 8,406 8,406 PHP 15,424,431 PHP 282,699 Financial assets at fair value through profit or loss Derivative assets PHP 22,481 22,481 Financial assets at fair value through other comprehensive income BDO Unibank, Inc. 90,024,395 shares PHP 10,190,762 Ayala Corporation 7,690,430 shares 6,152,344 Shang Properties, Inc. 189,550,548 shares 509,891 SM Investments Corporation 146,104 shares 146,031 Republic Glass Holdings Corporation 14,230,000 shares 40,982 Picop Resources, Inc. 40,000,000 shares 8,200 PLDT, Inc. 253,270 shares 2,533 Export & Industry Bank 7,829,000 shares 2,036 Prime Media Holdings, Inc. 500,000 shares 1,550 Benguet Corporation 266,757 shares 1,518 Others 964 shares 750 PHP 17,056,597 PHP 96,409 PHP 32,503,509 PHP 379,108 *Excluding cash on hand and in banks - 2 - Schedule B. Amounts Receivable from Directors, Officers, Employees, and Principal Stockholders (Other than Related Parties) Not applicable Schedule C. Amounts Receivable from Related Parties which are eliminated during the Consolidation of Financial statements (Amounts in Thousands) Balance at Balance at Amounts Beginning of Amounts End of Written Name and Designation of Debtor Period Additions Collected Current Not Current Period Off SM Land (China) Limited and Subsidiaries P=7,781,170 P=1,496,767 (=P1,605,648) P=œ P=œ P=7,672,289 P=7,672,289 San Lazaro Holdings Corporation 1,361,750 241 í œ œ 1,361,991 1,361,991 Costa del Hamilo, Inc. 844,004 3,473 (3,020) œ œ 844,457 844,457 SM Development Corporation and Subsidiaries 652,951 72,040 (81,602) œ œ 643,389 643,389 Mindpro Inc. 326,227 150,600 (907) œ œ 475,920 475,920 Prime Commercial Property Management Corp. 428,764 í (6,058) œ œ 422,706 422,706 SM Prime Holdings, Inc. 141,651 1,513,103 (1,534,595) œ œ 120,159 120,159 SM Hotels and Convention Center 70,595 í (12,252) œ œ 58,343 58,343 Associated Development Corporation 54,750 í í œ œ 54,750 54,750 Tagaytay Resort and Development Corporation 36,521 125 í œ œ 36,646 36,646 Premier Central, Inc. 630,106 35,314 (647,711) œ œ 17,709 17,709 First Asia Realty Development Corp. 28,781 57,261 (78,283) œ œ 7,759 7,759 Premier Southern Corp 18,027 48,885 (62,024) œ œ 4,888 4,888 Southernpoint Properties Corporation 6,862 27,534 (29,810) œ œ 4,586 4,586 Consolidated Prime Dev Corp 18,677 28,742 (43,569) œ œ 3,850 3,850 SM Arena Complex Corporation 49,523 6,253 (54,015) œ œ 1,761 1,761 First Leisure Ventures Group Inc. 6,012 7,730 (12,157) œ œ 1,585 1,585 MOA Esplanade Port Inc 2,126 1,058 (2,061) œ œ 1,123 1,123 Prime Metroestate, Inc. 839 2,727 (2,908) œ œ 658 658 CHAS Realty 2,145 12,424 (14,491) œ œ 78 78 Highlands Prime Inc - 32 - - - 32 32 P=12,461,481 P=3,464,309 (=P4,191,111) =Pœ =Pœ P=11,734,679 P=11,734,679 Schedule D. Long-term debt This schedule has been omitted because the information required to be presented is included in the interim condensed consolidated financial statements. Schedule E. Indebtedness to Related Parties Not applicable Schedule F. Guarantees of Securities of Other Issuers Not applicable Schedule G. Capital Stock Number of Shares Number of Shares Issued as Outstanding as Number of Shown Under Shown Under Number of Shares Directors, Shares Related Balance Related Balance Held by Related Officers Title of Issue Authorized Sheet Caption Sheet Caption Parties and Employees Others Common 40,000,000 ,000 33,166,300 ,075 28,856,411,418 16,191,383,417 3,218,278,147 9,446,749,854 Annex III SM Prime Holdings, Inc. Reconciliation of Retained Earnings Available for Dividend Declaration June 30, 2021 Unappropriated retained earnings as at January 1, 2021 P=183,040,510,109 Adjustments for: Non -actual/unrealized income, net of applicable tax: Equity in net earnings of subsidiaries, associates and joint ventures (104,694,701,158) Deferred tax assets (2,191,680,863) Treasury stock (2,613,650,429) (109,500,032,450) Unappropriated retained earnings as at January 1, 2021, available for dividend declaration 73,540,477,659 Net income closed to retained earnings in 2021 11,753,674,691 Adjustments for: Non -actual/unrealized income, net of applicable tax: Equity in net earnings of subsidiaries, associates and joint ventures (7,943,846,273) Movement of deferred tax assets 220,476,507 Net income actually earned in 2021 4,030,304,925 Less: Cash dividends in 2021 (2,368,096,994) Retained earnings as at June 30, 2021 available for dividend declaration P=75,202,685,590 SyCip Gorres Velayo & Co. Tel: (632) 8891 0307 BOA/PRC Reg. No. 0001, 6760 Ayala Avenue Fax: (632) 8819 0872 August 25, 2021, valid until April 15, 2024 1226 Makati City ey.com/ph SEC Accreditation No. 0012-FR-5 (Group A), Philippines November 6, 201 8, valid until November 5, 2021 INDEPENDENT AUDITOR‘S REPORT ON INTERIM COMPONENTS OF FINANCIAL SOUNDNESS INDICATORS The Stockholders and the Board of Directors SM Prime Holdings, Inc. 10th Floor Mall of Asia Arena Annex Building Coral Way cor. J.W. Diokno Blvd. Mall of Asia Complex Brgy. 76, Zone 10, CBP-1A, Pasay City 1300 We have reviewed in accordance with Philippine Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity , the interim condensed consolidated financial statements of SM Prime Holdings, Inc. and its subsidiaries (the —Company“) as at June 30, 2021 and for the six-month periods ended June 30, 2021 and 2020 and have issued our report thereon dated August 31, 2021. Our review was made for the purpose of expressing a conclusion on the interim condensed consolidated financial statements taken as whole. The Supplementary Schedule of Financial Soundness Indicators, including their definitions, formulas, calculation, and their appropriateness or usefulness to the indended users, are the responsibility of the Company‘s management. These financial soundness indicators are not measures of operating performance defined by Philippine Financial Reporting Standards (PFRS) and may not be comparable to similarly titled measures presented by other companies. This schedule is presented for purposes of complying with the Revised Securities Regulation Code Rule 68 issued by the Securities and Exchange Commission, and is not part of the basic interim condensed consolidated financial statements in accordance with PFRS. The components of these financial soundness indicators have been traced to the Company‘s interim condensed consolidated financial statements as at June 30, 2021 and for the six-month periods ended June 30, 2021 and 2020 and no material exceptions were noted. SYCIP GORRES VELAYO & CO. Belinda T. Beng Hui Partner CPA Certificate No. 88823 SEC Accreditation No. 0943-AR-3 (Group A), March 14, 2019, valid until March 13, 2022 Tax Identification No. 153-978-243 BIR Accreditation No. 08-001998-078-2020, December 3, 2020, valid until December 2, 2023 PTR No. 8534224, January 4, 2021, Makati City August 31, 2021 =1@0="'"!$" A member firm of Ernst & Young Global Limited SM PRIME HOLDINGS, INC. AND SUBSIDIARIES FINANCIAL RATIOS - KEY PERFORMANCE INDICATORS AS OF JUNE 30, 2021 and 2020 Ratio Formula June 30, December 2021 31, 2020 (In Thousands) Current Ratio Total Current Assets divided by Total Current 1.39 1.16 Liabilities Total current assets P=157,230,842 Divide by: Total current liabilities 112,960,985 Current Ratio 1.39 Acid Test Ratio Quick assets (Total Current Assets less 0.76 0.66 Inventories and Prepaid expenses) divided by Total Current Liabilities Total current assets P=157,230,842 Less: Real estate i nventories (46,945,563) Prepaid expenses (24,724,040) Quick assets 85,561,239 Divide by: Total current liabilities 112,960,985 Acid test ratio 0.76 Debt-to-Equity 47:53 47:53 Total Interest-Bearing debt divided by Total Equity Ratio Total interest-bearing debt P=286,810,690 To: Total equity attributable to equity 319,594,921 holders of the parent Debt to equity ratio 47:53 Net debt-to- Total Interest-Bearing debt less cash and cash equivalents 45:55 44:56 equity ratio and investment securities divided by Total Equity Total interest-bearing debt P=286,810,690 Cash and cash equivalents (26,839,332) Total interest-bearing liabilities less cash and cash equivalents and investment securities 259,971,358 To: Total equity attributable to equity holders of the parent 319,594,921 Net debt-to-equity ratio 45:55 Solvency Ratio 1.75 1.75 Total Assets divided by Total Liabilities Total assets P=749,413,811 Divide by: Total liabilities 428,470,470 Asset to liabilities ratio 1.75 - 2 - Ratio Formula June 30, December 2021 31, 2020 Asset to equity Total assets divided by Total Equity 2.34 2.34 ratio Total assets P=749,413,811 Divide by: Total equity attributable to equity 319,594,921 holders of the parent Asset to equity ratio 2.34 Interest Rate Earnings Before Interest , Taxes and Depreciation and 5.94 5.86 Coverage Ratio Amortization (EBITDA) divided by Total Interest Expense Income from operations P= 16,072,254 Less: Minority interest income (44,182) Add: Depreciation and amortization 5,272,189 EBITDA 21,300,261 Divide by: Interest expense 3,586,719 Interest rate coverage ratio 5.94 Debt to Total interest-bearing liabilities divided by EBITDA* 6.73 5.54 EBITDA Total interest-bearing liabilities P=286,810,690 Divide by: EBITDA* 42,600,522 Debt to EBITDA 6.73 Return on Net Income divided by Average Total Equity 7% 7% Equity* Net income attributable to equity holders of the parent P= 23,289,830 Divide by: Average total equity attributable to equity holders of the parent 314,439,494 Return on Equity 7% Return on Net Income divided by Average Investment Properties 6% 6% Investment Properties* Net income attributable to equity holders of the parent P= 23,289,830 Divide by: Total average investment properties (excluding construction in progress ) 371,205,148 Return on Investment Properties 6% *annualized Annex A SM Prime Holdings, Inc. and Subsidiaries Aging of Accounts Receivable and Contract Assets As at June 30, 2021 (Amounts in Thousands) Trade (billed and unbilled) : Sale of real estate P=103,781,879 Rent: Third parties 4,745,644 Related parties 2,058,858 Others 5,592 Accrued interest 185,370 Nontrade 120,551 Others 2,401,430 113,299,324 Less allowance for ECLs 1,057,614 112,241,710 Less noncurrent portion of receivables from sale of real estate 54,082,430 P=58,159,280 The aging analysis of receivables and unbilled revenue from sale of real estate are as follows: Neither past due nor impaired P=97,216,738 Past due but not impaired: Less than 30 days 2,692,378 31 –90 days 3,607,580 91 –120 days 1,519,177 Over 120 days 7,205,837 Impaired 1,057,614 P=113,299,324 Receivables, except for those that are impaired, are assessed by the Company’s management as not impaired, good and collectible. Annex B SM PRIME HOLDINGS, INC. AND SUBSIDIARIES Retail Bond – Series M and N Bonds As of June 30, 2021 (1) Gross and Net Proceeds as Disclosed in the Final Prospectus Gross Proceeds P=10,000,000,000 Estimated Expenses (121,347,040 ) Net Proceeds P=9,878,652,960 (2) Actual Gross and Net Proceeds Gross Proceeds P=10,000,000,000 Actual Expenses (119,847,040 ) Net Proceeds P=9,880,152,960 (3) Each Expenditure Item where the Proceeds were Used The net proceeds was used to finance capital expenditures of the following: Projects Amounts in million SM City Marilao Expansion P=1,008 Lanson Place - Serviced Suites Phase 1 895 Four Ecom – Podium and Towers 1 -3 786 Lanson Place - Hotel Phase 1 760 Clark Skyline 6A -6D and Tower 9 757 Park Inn by Radisson Bacolod 596 SM City Marikina – New Parking Building 528 SM City Tanza 332 SM City Fairview Tower 3 291 SM City Sta. Rosa – The Core Tower 2 271 NU Lipa 247 SM City Sorsogon 241 NU Dasmarinas 220 SM City Fairview Tower 4 218 SM City Tarlac Expansion 184 SM City Taytay Expansion 183 Silangan Warehouse A 144 SM City Bacolod – NU and Retail 141 SM City Cauayan Expansion 85 SM City Sto. Tomas 60 SM City Bataan 33 SM Megacenter Cabanatuan Expansion 16 TOTAL P=7,996 (4) As of June 30, 2021, P=1,884 million of the proceeds from retail bond remained unused for the expansion and construction of mall and commercial properties projects.