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Notes to Consolidated Financial Statements - 44 iii. ADI and Akean Resorts Corporation (Caticlan Property) (Joint Operation - see Notes 1

and 12)

5. Assets Held for Sale and Discontinued Operations ALPHA spun-off the operation and maintenance of its plastic manufacturing business to Macondray Plastics Products, Inc. (MPPI), a former subsidiary. On October 28, 2011, ALPHA entered into a Deed of Absolute Sale with Macondray Philippines Co., Inc. for the sale of MPPI for a consideration of P =254.0 million which resulted to a loss on sale of an investment of P =1.3 million. The results of operations attributable to the manufacturing plastics business in 2011 are as follows: 2011 (Nine Months) =461,523,368 P (374,344,011) (60,482,159) (8,287,473) (443,113,643) 18,409,725 5,502,653 =12,907,072 P

Net sales Costs of sales General and administrative expenses Other expenses Income from discontinued operations Provision for income tax (see Note 23) Net income from discontinued operations

The net cash flows attributable to discontinued operations in 2011 are as follows: 2011 (Nine Months)

Cash flows provided by (used in): Operating activities Investing activities Financing activities Net increase in cash

P29,191,528 = (22,012,760) 6,700,000 =13,878,768 P

The basic/diluted earnings per share of income from discontinued operations attributable to equity holders of the parent amounted to P =0.007 in 2011 (see Note 24). 6. Cash and Cash Equivalents Cash on hand and in banks (see Note 19) Short-term placements (see Note 19)

2013 P =173,775,856 – P =173,775,856

2012 =310,837,154 P 97,191,445 =408,028,599 P

Cash in banks earn interest at the respective bank deposit rates. Cash in bank amounting to P =71.8 million and = P183.0 million as of December 31, 2013 and 2012, respectively, is deposited with Philippine Bank of Communications (PBCom), a related party (see Note 19).



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