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As of December 31, 2010, AHEC has sold heavy equipment to ADI and ABIRC for their construction projects in Caticlan and Balesin, respectively (see Note 18). The condensed financial information of the associates follows: Total assets Total liabilities Net income
2010 P4,372,677,764 = 4,090,871,151 138,963,381
2009 = P3,880,226,236 3,837,383,003 17,434,591
10. AFS Investments In 2010, ALPHA has AFS investments in listed ordinary shares. The fair value of the listed ordinary shares is determined by reference to published price quotations in an active market. The cumulative fair value changes of ALPHA’s AFS investments in shares of stock of WackWack Golf and Country Club, Inc. presented under “Unrealized valuation gains on AFS investments” account in the equity section of the 2010 consolidated balance sheet amounted to = P1.0 million as of December 31, 2010. AFS investments amounted to = P11.6 million as of December 31, 2010.
11. Investment Properties The movements of this account are as follows:
Balances at beginning of year Additions: Capital expenditures/development costs Capitalized borrowing costs Share in the investment property of the Joint Venture Company (see Note 4) Contribution to the Joint Venture Company (see Note 4) Fair value change Balances at end of year
Investment Properties = P10,046,740,399
2010 Properties under Construction = P1,400,378,339
Total = P11,447,118,738
95,613,709 –
505,482,283 10,491,539
601,095,992 10,491,539
8,776,246,500
–
8,776,246,500
(6,455,988,000) 411,591,367 P12,874,203,975 =
– 547,023,817 = P2,463,375,978
(6,455,988,000) 958,615,184 = P15,337,579,953
2009
Balances at beginning of year Additions: Capital expenditures/development costs Capitalized borrowing costs Reclassification of completed projects Fair value change Balances at end of year
Investment Properties = P6,802,955,904
Properties under Construction = P4,087,923,947
Total = P10,890,879,851
52,879,699 – 3,011,002,198 179,902,598 = P10,046,740,399
151,036,095 53,420,495 (3,011,002,198) 119,000,000 = P1,400,378,339
203,915,794 53,420,495 – 298,902,598 = P11,447,118,738
*SGVMC409007* 99