17-Q Smphi Fs 1Q10
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COVER SHEET A S 0 9 4 - 0 0 0 0 8 8 SEC Registration Number S M P R I M E H O L D I N G S , I N C . A N D S U B S I DD I A R I E S (Company’s Full Name) S M C o r p o r a t e O f f i c e s , B u i l d i n g A , J . W . D i o k n o B o u l e v a r d , M a l l o f A s i a C o m p l e x , P a s a y C i t y 1 3 0 0 (Business Address: No. Street City/Town/Province) Mr. Jeffrey C. Lim 831-1000 (Contact Person) (Company Telephone Number) 0 3 3 1 1 7 - Q Month Day (Form Type) Month Day (Calendar Year) (Annual Meeting) (Secondary License Type, If Applicable) Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings Total No. of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document ID Cashier S T A M P S Remarks: Please use BLACK ink for scanning purposes. SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-Q QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER 1. For the quarterly period ended MARCH 31, 2010 2. SEC Identification Number AS0940000-88 3. BIR Tax Identification No. 003-058-789 4. Exact name of registrant as specified in its charter SM PRIME HOLDINGS, INC. 5. PHILIPPINES 6. (SEC Use Only) Province, Country or other jurisdiction of Industry Classification Code: incorporation or organization 7. SM Corporate Offices, Bldg. A, J.W. Diokno Boulevard, Mall of Asia Complex, Pasay City 1300 Address of principal office Postal Code 8. ( 632) 831-1000 ________ Registrant's telephone number, including area code 9. __________________________________________ Former name, former address, and former fiscal year, if changed since last report. 10. Securities registered pursuant to Sections 4 and 8 of the SRC Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Deb t Outstanding CAPITAL STOCK, P 1 PAR VALUE 13,348,191,367 11. Are any or all of these securities listed on the Philippine Stock Exchange. Yes [ X] No [ ] 12. Indicate by check mark whether the registrant: (a) has filed all reports required to be filed by Section 11 of the Securities Regulation Code (SRC) and SRC Rule 11(a)-1 thereunder and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); Yes [ X] No [ ] (b) has been subject to such filing requirements for the past 90 days. Yes [ X] No [ ] SM Prime Holdings, Inc. and Subsidiaries Consolidated Financial Statements March 31, 2010 and December 31, 2009 and Periods Ended March 31, 2010 and 2009 SM PRIME HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS March 31, December 31, 2010 2009 (Unaudited) (Audited) ASSETS Current Assets Cash and cash equivalents (Notes 7, 21, 23 and 24) P=3,927,779,029 P=3,786,466,722 Short-term investments (Notes 8, 21, 23 and 24) 1,903,400,000 1,924,000,000 Investments held for trading (Notes 9, 21, 23 and 24) 339,310,470 389,186,100 Receivables (Notes 10, 21, 23 and 24) 3,412,099,727 3,664,884,416 Prepaid expenses and other current assets (Note 11) 1,063,592,846 808,962,181 Total Current Assets 10,646,182,072 10,573,499,419 Noncurrent Assets Investment properties - net (Notes 12 and 21) 87,871,139,954 83,934,766,920 Available -for -sale investments (Notes 13, 23 and 24) 103,068,411 102,794,710 Derivative assets (Notes 23 and 24) 71,059,134 355,235,235 Deferred tax assets (Note 19) 255,000,990 243,120,374 Other noncurrent assets 2,459,430,479 2,650,662,977 Total Noncurrent Assets 90,759,698,968 87,286,580,216 P=101,405,881,040 P=97,860,079,635 LIABI LITIES AND STOCKHOLDERS’ EQUITY Current Liabilities Loans payable (Notes 14, 21, 23 and 24) P=– P=1,000,000,000 Accounts payable and other current liabilities (Notes 15, 21, 23 and 24) 5,537,896,186 5,230,439,925 Current portion of long-term debt (Notes 16, 21, 23 and 24) 427,062,200 421,467,200 Income tax payable 834,454,179 526,145,990 Total Current Liabilities 6,799,412,565 7,178,053,115 Noncurrent Liabilities Long-term debt - net of current portion (Notes 16, 21, 23 and 24) 32,737,632,061 32,034,600,468 Deferred tax liabilities (Note 19) 1,154,791,445 1,132,255,738 Tenants’ deposits (Notes 22, 23 and 24) 5,856,397,303 5,708,755,024 Derivative liability (Notes 23 and 24) 160,604,891 386,828,566 Other noncurrent liabilities (Notes 12, 21, 23 and 24) 5,028,089,738 3,389,286,638 Total Noncurrent Liabilities 44,937,515,438 42,651,726,434 Equity Attributable to Equity Holders of the Parent Capital stock (Notes 5, 17 and 25) 13,348,191,367 13,348,191,367 Additional paid-in capital - net (Notes 2, 5 and 17) 2,375,440,999 2,375,440,999 Unrealized gain on available-for-sale investments (Notes 13 and 17) 2,761,570 2,515,239 Cumulative translation adjustment (Note 17) 575,691,928 681,470,739 Retained earnings (Note 17): Appropriated 7,000,000,000 7,000,000,000 Unappropriated 25,928,241,271 24,043,028,119 Treasury stock (Notes 17 and 25) (101,474,705) (101,474,705) Total Equity Attributable to Equity Holders of the Parent (Note 23) 49,128,852,430 47,349,171,758 Minority Interest (Notes 2 and 17) 540,100,607 681,128,328 Total Stockholders’ Equity 49,668,953,037 48,030,300,086 P=101,405,881,040 P=97,860,079,635 See accompanying Notes to Consolidated Financial Statements. SM PRIME HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31 2010 2009 REVENUES Rent (Notes 12, 21 and 22) P=4,598,954,953 P=4,065,791,881 Cinema ticket sales 592,675,363 463,991,380 Others 196,966,952 169,866,615 5,388,597,268 4,699,649,876 OPERATING EXPENSES (Notes 12, 18, 20, 21 and 22) 2,473,633,461 2,170,100,446 INCOME FROM OPERATIONS 2,914,963,807 2,529,549,430 OTHER INCOME (CHARGES) - net Interest and dividend income (Notes 7, 8, 9, 13 and 21) 46,240,245 102,716,295 Interest expense (Notes 14, 16 and 21) (433,583,390) (351,244,323) Others - net (Notes 9 and 24) 22,386,062 369,658 (364,957,083) (248,158,370) INCOME BEFORE INCOME TAX 2,550,0 06,724 2,281,391,060 PROVISION FOR (BENEFIT FROM) INCOME TAX (Note 19) Current 591,834,377 493,913,857 Deferred 7,789,204 (31,610,064) 599,623,581 462,303,793 NET INCOME P=1,95 0,383,143 P=1,819,087,267 Attributable to Equity holders of the parent (Note 25) P=1,885,213,152 P=1,721,667,424 Minority interest (Notes 2 and 17) 65,169,991 97,419,843 P=1,950,383,143 P=1,819,087,267 Basic/Diluted Earnings Per Share (Note 25) P=0.141 P=0.129 See accompanying Notes to Consolidated Financial Statements. SM PRIME HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31 2010 2009 NET INCOME P=1,950,383,143 P=1,819,087,267 OTHER COMPREHENSIVE INCOME (LOSS) - net Unrealized gain on available-for-sale investments - net of tax (Notes 13 and 17) 246,331 21,248,335 Cumulative translation adjustment (Note 17) (105,778,811) 76,093,831 (105,532,480) 97,342,166 TOTAL COMPREHENSIVE INCOME P=1,844,850,663 P=1,916,429,433 Attributable to Equity holders of the parent P=1,779,680,672 P=1,819,009,590 Minority interest (Notes 2 and 17) 65,169,991 97,419,843 P=1,844,850,663 P=1,916,429,433 See accompanying Notes to Consolidated Financial Statements. SM PRIME HOLDINGS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY Equity Attributable to Equity Holders of the Parent Unrealized Gain Additional on Available- Cumulative Capital Stock Paid-in for-Sale Translation Retained Earnings (Notes 5, 17 Capital - Net Investments Adjustments Appropriated Unappropriated Treasury Stock Minority Interest and 25) (Notes 2, 5 and 17) (Notes 13 and 17) (Note 17) (Note 17) (Note 17) (Notes 17 and 25) Total (Notes 2 and 17) Total At January 1, 2010 P=13,348,191,367 P=2,375,440,999 P=2,515,239 P=681,470,739 P=7,000,000,000 P=24,043,028,119 (P=101,474,705) P=47,349,171,758 P=681,128,328 P=48,030,300,086 Total comprehensive income – – 246,331 (105,778,811) – 1,885,213,152 – 1,779,680,672 65,169,991 1,844,850,663 Dividends of a subsidiary – – – – – – – – (206,197,712) (206,197,712) At March 31, 2010 P=13,348,191,367 P=2,375,440,999 P=2,761,570 P=575,691,928 P=7,000,000,000 P=25,928,241,271 (P=101,474,705) P=49,128,852,430 P=540,100,607 P=49,668,953,037 At January 1, 2009 P=13,348,191,367 P=5,493,656,403 P=48,346,550 P=821,103,222 P=7,000,000,000 P=20,218,718,131 (P=101,474,705) P=46,828,540,968 P=1,030,990,588 P=47,859,531,556 Total comprehensive income – – 21,248,335 76,093,831 – 1,721,667,424 – 1,819,009,590 97,419,843 1,916,429,433 Dividends of a subsidiary – – – – – – – – (293,089,202) (293,089,202) At March 31, 2009 P=13,348,191,367 P=5,493,656,403 P=69,594,885 P=897,197,053 P=7,000,000,000 P=21,940,385,555 (P=101,474,705) P=48,647,550,558 P=835,321,229 P=49,482,871,787 See accompanying Notes to Consolidated Financial Statements.