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FINANCIAL REPORT STATEMENT OF CASH FLOWS For the Years Ended December 31, 2009 and 2008

Cash Flows From Operating Activities: Cash inflows Cash outflows

2009

2008

1,819,881,564 (1,428,332,569)

2,020,161,100 (1,440,797,552)

Net cash from operating activities

391,548,995

579,363,548

Cash Flows From Investing Activities: Cash inflows Cash outflows

278,341,835 (2,519,711,618)

230,133,518 (1,123,746,369)

Net cash used in investing activities

(2,241,369,784)

(893,612,851)

Cash Flows From Financing Activities: Cash inflows Cash outflows

2,093,491,642 (612,999,451)

859,193,288 (508,182,194)

Net cash from in financing activities

1,480,492,191

351,011,094

Effect of Exchange Rate Changes on Cash

(25,777,032)

73,875,565

(395,105,629)

110,637,355

Cash at Beginning of Year

667,033,747

472,766,572

Cash at End of Year

271,928,119

583,403,927

Net Increase (Decrease) in Cash

CY 2009: Cash Flows

CY 2009: Cash Flows

Under cash from operating activities, there was a decline of Php 187 million in generated net cash, from Php 579 million in 2008 to Php 391 million in 2009. The foremost factor for the change was the decrease in collection on lease contract obligation and advance rental amounting to Php 128 million and Php 56 million, respectively.

The increase in net cash from financing activities of Php 1.129 billion, from Php 351.01 million in 2008 to Php 1.48 billion was due to availment of loan from Japan International Cooperative Agency (JICA) amounting to Php 1.435 billion for the Port Development Project.

For cash from investing activities, the increase in cash outflow of Php 1.395 billion was due to payment of Php 1.589 billion for the Subic Bay Port Development Project.

As a result, there was a decrease of Php 311.47 million in cash at year end, from Php 583.4 million in 2008 to Php 271.9 million in 2009.

Certified correct:

Noted by:

Signed

Signed

EMILIA S. CANONIZADO

ARMAND C. ARREZA

Manager, Accounting Department

Administrator and CEO


FS_2009_VS_2008_CF