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FAR EASTERN UNIVERSITY

FINANCIAL ANALYSIS

BALANCED SHEET
INCREASE (DECREASE)

ASSETS

2008

2007

Increase(Decrease)

Percentage

Current Assets
Cash and cash equivalents

1,207,342,389

875,927,694

331,414,695

37.84

Available-for-sale-investment

840,687,402

816,893,531

23,793,871

2.91

Receivables-Net

113,434,183

158,278,935

(44,844,752)

-28.33

financial Assets at fair value through profit or loss

Held-to-maturity investments

real estate held for sale

129,216,942

129,216,942

100.00

Other Current Assets

134,567,441

89,025,301

45,542,140

51.16

2,425,248,357

1,860,002,690

565,245,667

30.39

Total Current Assets


Non Current Assets
Deferred Tax Assets

11,357,319

5,625,420

5,731,899

101.89

Due from related party

65,000,000

(65,000,000)

-100.00

Available-for-sale in investment

investment in subsidiaries, Associate and joint venture-net

Equity Investments

88,941,889

(88,941,889)

-100.00

Investment property-Net

363,733,216

153,675,589

210,057,627

136.69

Property and Equipment-Net

720,820,379

534,117,133

186,703,246

34.96

7,105,379

7,105,379

100.00

Held-to-Maturity investments

32,071,040

30,468,630

1,602,410

5.26

Other non-current Assets

17,816,656

3,303,367

14,513,289

439.35

Total Non Current Assets

1,152,907,989

881,132,028

271,775,961

30.84

Total Assets

3,578,156,346

2,741,134,718

837,021,628

30.54

420,350,624

254,213,647

166,136,977

65.35

Deferred Income

24,287,583

24,287,583

100.00

Trust funds

76,162,222

76,162,222

100.00

1,895,782

1,895,782

100.00

54,676,608

39,978,593

14,698,015

36.76

577,372,819

294,192,240

283,180,579

96.26

104,781,284

(104,781,284)

-100.00

12,117,687

12,117,687

100.00

investment in an associate

Liabilities and Equity


Current Liabilities
Accounts Payable and other current liabilities
Unearned Tuition Fees

Notes payable
Income Tax Payable
Total Current Liabilities
Non Current Liabilities
Trust funds
Deferred tax Liabilities
Notes payable
Total Non Current Liabilities
Total Liabilities

12,117,687

104,781,284

(92,663,597)

-88.44

589,490,506

398,973,524

190,516,982

47.75

704,369,900

704,369,900

0.00

5,461,069

(5,461,069)

-100.00

1,147,161,414

697,161,414

450,000,000

64.55

843,661,207

938,901,911

(95,240,704)

-10.14

1,233,243

1,233,243

100.00

(3,733,100)

(3,733,100)

0.00

Equity
Capital Stock
Net Unrealized gain on available-for-sale investment
Appropriated retained earnings
Unappropriated retained earnings
Accumulated Fair valur gains (losses)
Treasury stock
Non controlling interest

295,973,176

295,973,176

100.00

Total equity

2,988,665,840

2,342,161,194

646,504,646

27.60

Total Liabilities and Equity

3,578,156,346

2,741,134,718

837,021,628

30.54

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

BALANCED SHEET
INCREASE (DECREASE)

ASSETS

2009

2008

Increase(Decrease)

Percentage

Current Assets
Cash and cash equivalents

1,172,859,362

1,207,342,389

(34,483,027)

-2.86

Available-for-sale-investment

1,088,109,957

840,687,402

247,422,555

29.43

138,151,928

113,434,183

24,717,745

21.79

20,000,000

20,000,000

100.00

129,216,942

129,216,942

0.00

90,677,164

134,567,441

(43,890,277)

-32.62

2,639,015,353

2,425,248,357

213,766,996

8.81

9,228,791

11,357,319

(2,128,528)

-18.74

Due from related party

Available-for-sale in investment

investment in subsidiaries, Associate and joint venture-net

Equity Investments

Investment property-Net

364,903,545

363,733,216

1,170,329

0.32

Property and Equipment-Net

843,473,310

720,820,379

122,652,931

17.02

7,055,963

7,105,379

(49,416)

-0.70

32,071,040

(32,071,040)

-100.00

26,151,492

17,816,656

8,334,836

46.78

Total Non Current Assets

1,250,813,101

1,152,907,989

97,905,112

8.49

Total Assets

3,889,828,454

3,578,156,346

311,672,108

8.71

349,657,377

420,350,624

(70,693,247)

-16.82

Deferred Income

76,555,105

24,287,583

52,267,522

215.20

Trust funds

58,490,641

76,162,222

(17,671,581)

-23.20

3,103,359

1,895,782

1,207,577

63.70

48,721,315

54,676,608

(5,955,293)

-10.89

536,527,797

577,372,819

(40,845,022)

-7.07

Deferred tax Liabilities

13,170,629

12,117,687

1,052,942

8.69

Notes payable

10,327,238

10,327,238

100.00

Total Non Current Liabilities

23,497,867

12,117,687

11,380,180

93.91

560,025,664

589,490,506

(29,464,842)

-5.00

984,577,900

704,369,900

280,208,000

39.78

975,099,017

1,147,161,414

(172,062,397)

-15.00

1,068,447,399

843,661,207

224,786,192

26.64

(9,533,437)

1,233,243

(10,766,680)

-873.04

Receivables-Net
financial Assets at fair value through profit or loss
Held-to-maturity investments
real estate held for sale
Other Current Assets
Total Current Assets
Non Current Assets
Deferred Tax Assets

investment in an associate
Held-to-Maturity investments
Other non-current Assets

Liabilities and Equity


Current Liabilities
Accounts Payable and other current liabilities
Unearned Tuition Fees

Notes payable
Income Tax Payable
Total Current Liabilities
Non Current Liabilities
Trust funds

Total Liabilities
Equity
Capital Stock
Net Unrealized gain on available-for-sale investment
Appropriated retained earnings
Unappropriated retained earnings
Accumulated Fair valur gains (losses)
Treasury stock

(3,733,100)

(3,733,100)

0.00

314,945,011

295,973,176

18,971,835

6.41

Total equity

3,329,802,790

2,988,665,840

341,136,950

11.41

Total Liabilities and Equity

3,889,828,454

3,578,156,346

311,672,108

8.71

Non controlling interest

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

BALANCED SHEET
INCREASE (DECREASE)

ASSETS

2010

2009

Increase(Decrease)

Percentage

Current Assets
Cash and cash equivalents

471,133,965

1,172,859,362

(701,725,397)

1,202,638,312

1,088,109,957

114,528,355

10.53

699,920,334

138,151,928

561,768,406

406.63

20,000,000

20,000,000

0.00

129,216,942

(129,216,942)

-100.00

90,852,883

90,677,164

175,719

0.19

2,484,545,494

2,639,015,353

(154,469,859)

-5.85

7,089,946

9,228,791

(2,138,845)

-23.18

218,774,500

218,774,500

121,313,489

121,313,489

Investment property-Net

184,474,138

364,903,545

(180,429,407)

-49.45

Property and Equipment-Net

722,208,950

843,473,310

(121,264,360)

-14.38

investment in an associate

7,055,963

(7,055,963)

-100.00

Held-to-Maturity investments

2,765,208

26,151,492

(23,386,284)

-89.43

Total Non Current Assets

1,256,626,231

1,250,813,101

5,813,130

0.46

Total Assets

3,741,171,725

3,889,828,454

(148,656,729)

-3.82

416,781,486

349,657,377

67,124,109

19.20

56,263,568

56,263,568

100.00

Deferred Income

76,555,105

(76,555,105)

-100.00

Trust funds

58,490,641

(58,490,641)

-100.00

Notes payable

3,103,359

(3,103,359)

-100.00

45,878,467

48,721,315

(2,842,848)

-5.83

518,923,521

536,527,797

(17,604,276)

-3.28

Trust funds

Deferred tax Liabilities

13,170,629

(13,170,629)

-100.00

Notes payable

10,327,238

(10,327,238)

-100.00

23,497,867

(23,497,867)

-100.00

518,923,521

560,025,664

(41,102,143)

-7.34

984,577,900

984,577,900

0.00

1,675,099,017

975,099,017

700,000,000

71.79

558,446,825

1,068,447,399

(510,000,574)

-47.73

7,857,562

(9,533,437)

17,390,999

-182.42

(3,733,100)

(3,733,100)

0.00

Available-for-sale-investment
Receivables-Net
financial Assets at fair value through profit or loss
Held-to-maturity investments
real estate held for sale
Other Current Assets
Total Current Assets

-59.83

Non Current Assets


Deferred Tax Assets
Due from related party
Available-for-sale in investment
investment in subsidiaries, Associate and joint venture-net
Equity Investments

Other non-current Assets

Liabilities and Equity


Current Liabilities
Accounts Payable and other current liabilities
Unearned Tuition Fees

Income Tax Payable


Total Current Liabilities
Non Current Liabilities

Total Non Current Liabilities


Total Liabilities
Equity
Capital Stock
Net Unrealized gain on available-for-sale investment
Appropriated retained earnings
Unappropriated retained earnings
Accumulated Fair valur gains (losses)
Treasury stock
Non controlling interest

314,945,011

(314,945,011)

-100.00

Total equity

3,222,248,204

3,329,802,790

(107,554,586)

-3.23

Total Liabilities and Equity

3,741,171,725

3,889,828,454

(148,656,729)

-3.82

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

BALANCED SHEET
INCREASE (DECREASE)

ASSETS

2011

2010

Increase(Decrease)

Percentage

342,506,590

471,133,965

1,254,185,359

1,202,638,312

51,547,047

4.29

558,164,424

699,920,334

(141,755,910)

-20.25

8,456,381

8,456,381

100.00

Held-to-maturity investments

20,000,000

(20,000,000)

-100.00

real estate held for sale

28,798,292

90,852,883

(62,054,591)

-68.30

2,192,111,046

2,484,545,494

(292,434,448)

-11.77

7,250,042

7,089,946

160,096

2.26

Due from related party

394,489,204

218,774,500

175,714,704

80.32

Available-for-sale in investment

311,515,573

311,515,573

investment in subsidiaries, Associate and joint venture-net

121,313,489

121,313,489

0.00

Investment property-Net

174,092,814

184,474,138

(10,381,324)

-5.63

Property and Equipment-Net

841,991,794

722,208,950

119,782,844

16.59

investment in an associate

Held-to-Maturity investments

3,929,796

2,765,208

1,164,588

42.12

Total Non Current Assets

1,854,582,712

1,256,626,231

597,956,481

47.58

Total Assets

4,046,693,758

3,741,171,725

305,522,033

8.17

367,931,811

416,781,486

(48,849,675)

-11.72

52,694,576

56,263,568

(3,568,992)

-6.34

Deferred Income

Trust funds

Notes payable

47,712,327

45,878,467

1,833,860

4.00

468,338,714

518,923,521

(50,584,807)

-9.75

Trust funds

Deferred tax Liabilities

Notes payable

468,338,714

518,923,521

(50,584,807)

-9.75

984,577,900

984,577,900

0.00

1,853,733,100

1,675,099,017

178,634,083

10.66

723,126,299

558,446,825

164,679,474

29.49

Accumulated Fair valur gains (losses)

20,650,845

7,857,562

12,793,283

162.81

Treasury stock

(3,733,100)

(3,733,100)

0.00

Total equity

3,578,355,044

3,222,248,204

356,106,840

11.05

Total Liabilities and Equity

4,046,693,758

3,741,171,725

305,522,033

8.17

Current Assets
Cash and cash equivalents
Available-for-sale-investment
Receivables-Net
financial Assets at fair value through profit or loss

Other Current Assets


Total Current Assets

(128,627,375)

-27.30

Non Current Assets


Deferred Tax Assets

Equity Investments

Other non-current Assets

Liabilities and Equity


Current Liabilities
Accounts Payable and other current liabilities
Unearned Tuition Fees

Income Tax Payable


Total Current Liabilities
Non Current Liabilities

Total Non Current Liabilities


Total Liabilities
Equity
Capital Stock
Net Unrealized gain on available-for-sale investment
Appropriated retained earnings
Unappropriated retained earnings

Non controlling interest

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

BALANCED SHEET
INCREASE (DECREASE)

ASSETS

2012

2011

Increase(Decrease)

Percentage

421,846,871

342,506,590

79,340,281

23.16

1,612,888,940

1,254,185,359

358,703,581

28.60

758,811,847

558,164,424

200,647,423

35.95

financial Assets at fair value through profit or loss

8,456,381

(8,456,381)

-100.00

Held-to-maturity investments

real estate held for sale

29,853,986

28,798,292

1,055,694

3.67

2,823,401,644

2,192,111,046

631,290,598

28.80

9,424,385

7,250,042

2,174,343

29.99

Due from related party

114,610,613

394,489,204

(279,878,591)

-70.95

Available-for-sale in investment

335,300,863

311,515,573

23,785,290

7.64

investment in subsidiaries, Associate and joint venture-net

147,313,489

121,313,489

26,000,000

21.43

Investment property-Net

163,711,490

174,092,814

(10,381,324)

-5.96

Property and Equipment-Net

923,925,048

841,991,794

81,933,254

9.73

investment in an associate

Held-to-Maturity investments

3,929,796

3,929,796

0.00

Total Non Current Assets

1,707,215,684

1,854,582,712

(147,367,028)

-7.95

Total Assets

4,530,617,328

4,046,693,758

483,923,570

11.96

414,402,473

367,931,811

46,470,662

12.63

31,922,493

52,694,576

(20,772,083)

-39.42

Deferred Income

Trust funds

Notes payable

41,982,049

47,712,327

(5,730,278)

-12.01

488,307,015

468,338,714

19,968,301

4.26

Trust funds

Deferred tax Liabilities

Notes payable

Total Non Current Liabilities

488,307,015

468,338,714

19,968,301

4.26

1,376,863,400

984,577,900

392,285,500

39.84

1,718,503,100

1,853,733,100

(135,230,000)

-7.30

867,127,415

723,126,299

144,001,116

19.91

Accumulated Fair valur gains (losses)

83,549,498

20,650,845

62,898,653

304.58

Treasury stock

(3,733,100)

(3,733,100)

0.00

Total equity

4,042,310,313

3,578,355,044

463,955,269

12.97

Total Liabilities and Equity

4,530,617,328

4,046,693,758

483,923,570

11.96

Current Assets
Cash and cash equivalents
Available-for-sale-investment
Receivables-Net

Other Current Assets


Total Current Assets
Non Current Assets
Deferred Tax Assets

Equity Investments

Other non-current Assets

Liabilities and Equity


Current Liabilities
Accounts Payable and other current liabilities
Unearned Tuition Fees

Income Tax Payable


Total Current Liabilities
Non Current Liabilities

Total Liabilities
Equity
Capital Stock
Net Unrealized gain on available-for-sale investment
Appropriated retained earnings
Unappropriated retained earnings

Non controlling interest

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

BALANCED SHEET
TREND ANALYSIS

2007 Trend%

2008 Trend %

2009 Trend %

2010 Trend %

2011 Trend %

2012 Trend %

Cash and cash equivalents

100.00

137.84

133.90

53.79

39.10

48.16

Available-for-sale-investment

100.00

102.91

133.20

147.22

153.53

197.44

Receivables-Net

100.00

71.67

87.28

442.21

352.65

479.41

financial Assets at fair value through profit or loss

100.00

0.00

Held-to-maturity investments

100.00

100.00

real estate held for sale

100.00

100.00

0.00

0.00

0.00

Other Current Assets

100.00

151.16

101.86

102.05

32.35

33.53

Total Current Assets

100.00

130.39

141.88

133.58

117.86

151.80

Deferred Tax Assets

100.00

201.89

164.06

126.03

128.88

167.53

Due from related party

100.00

0.00

0.00

336.58

606.91

176.32

100.00

107.64

100.00

100.00

121.43

ASSETS
Current Assets

Non Current Assets

Available-for-sale in investment
investment in subsidiaries, Associate and joint venture-net
Equity Investments

100.00

0.00

0.00

0.00

0.00

0.00

Investment property-Net

100.00

236.69

237.45

120.04

113.29

106.53

Property and Equipment-Net

100.00

134.96

157.92

135.22

157.64

172.98

100.00

99.30

0.00

0.00

0.00

Held-to-Maturity investments

100.00

105.26

0.00

0.00

0.00

0.00

Other non-current Assets

100.00

539.35

791.66

83.71

118.96

118.96

Total Non Current Assets

100.00

130.84

141.96

142.61

210.48

193.75

TOTAL ASSETS

100.00

130.54

141.91

136.48

147.63

165.28

100.00

165.35

137.54

163.95

144.73

163.01

Unearned Tuition Fees

100.00

93.66

56.74

Deferred Income

100.00

315.20

0.00

0.00

0.00

Trust funds

100.00

76.80

0.00

0.00

0.00

Notes payable

100.00

163.70

0.00

0.00

0.00

Income Tax Payable

100.00

136.76

121.87

114.76

119.34

105.01

Total Current Liabilities

100.00

196.26

182.37

176.39

159.19

165.98

Trust funds

100.00

0.00

0.00

0.00

0.00

0.00

Deferred tax Liabilities

100.00

100.00

108.69

0.00

0.00

0.00

Notes payable

100.00

0.00

0.00

0.00

0.00

0.00

Total Non Current Liabilities

100.00

11.56

22.43

0.00

0.00

0.00

Total Liabilities

100.00

147.75

140.37

130.06

117.39

122.39

Capital Stock

100.00

100.00

139.78

139.78

139.78

195.47

Net Unrealized gain on available-for-sale investment

100.00

0.00

0.00

0.00

0.00

0.00

Appropriated retained earnings

100.00

164.55

139.87

240.27

265.90

246.50

Unappropriated retained earnings

100.00

89.86

113.80

59.48

77.02

92.36

100.00

-773.04

637.15

1674.52

6774.78

100.00

100.00

100.00

100.00

100.00

100.00

100.00

106.41

0.00

0.00

0.00

Total equity

100.00

127.60

142.17

137.58

152.78005

172.59

TOTAL LIABILITIES AND EQUITY

100.00

130.54

141.91

136.48

147.63

165.28

investment in an associate

LIABILITIES AND EQUITY


Current Liabilities
Accounts Payable and other current liabilities

Non Current Liabilities

Equity

Accumulated Fair valur gains (losses)


Treasury stock
Non controlling interest

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

BALANCED SHEET
COMMON-SIZE ANALYSIS

ASSESTS

2007

2008

2009

2010

2011

2012

Current Assets
Cash and cash equivalents

31.95

33.74

30.15

12.59

8.46

9.31

Available-for-sale-investment

29.80

23.49

27.97

32.15

30.99

35.60

5.77

3.17

3.55

18.71

13.79

16.75

financial Assets at fair value through profit or loss

0.21

Held-to-maturity investments

0.51

0.53

real estate held for sale

3.61

3.32

Other Current Assets

3.25

3.76

2.33

2.43

0.71

0.66

Total Current Assets

67.86

67.78

67.84

66.41

54.17

62.32

Deferred Tax Assets

0.21

0.32

0.24

0.19

0.18

0.21

Due from related party

Receivables-Net

Non Current Assets


2.37

5.85

9.75

2.53

Available-for-sale in investment

7.70

7.40

investment in subsidiaries, Associate and joint venture-net

3.24

3.00

Equity Investments

3.24

Investment property-Net

5.61

10.17

9.38

4.93

4.30

3.61

19.49

20.15

21.68

19.30

20.81

20.39

0.20

0.18

Held-to-Maturity investments

1.11

0.90

Other non-current Assets

0.12

0.50

0.67

0.07

0.10

0.09

32.14

32.22

32.16

33.59

45.83

37.68

100.00

100.00

100.00

100.00

100.00

100.00

9.27

11.75

8.99

11.14

9.09

9.15

Unearned Tuition Fees

1.50

1.30

0.70

Deferred Income

0.68

1.97

Trust funds

2.13

1.50

Notes payable

0.05

0.08

Property and Equipment-Net


investment in an associate

Total Non Current Assets


Total Assets
Liabilities and Equity
Current Liabilities
Accounts Payable and other current liabilities

Income Tax Payable

1.46

1.53

1.25

1.23

1.18

0.93

Total Current Liabilities

0.11

16.14

13.79

13.87

11.57

10.78

3.82

Deferred tax Liabilities

0.34

0.34

Notes payable

0.27

3.82

0.34

0.60

14.56

16.47

14.40

13.87

11.57

10.78

25.70

19.69

25.31

26.32

24.33

30.39

0.20

Appropriated retained earnings

25.43

32.06

25.07

44.77

45.81

37.93

Unappropriated retained earnings

34.25

23.58

27.47

14.93

17.87

19.14

0.03

(0.25)

0.21

0.51

1.84

(0.10)

(0.10)

(0.10)

(0.09)

(0.08)

8.27

8.10

85.44

83.53

85.60

86.13

88.43

89.22

100.00

100.00

100.00

100.00

100.00

100.00

Non Current Liabilities


Trust funds

Total Non Current Liabilities


Total Liabilities
Equity
Capital Stock
Net Unrealized gain on available-for-sale investment

Accumulated Fair valur gains (losses)


Treasury stock

(0.14)

Non controlling interest


Total equity
Total Liabilities and Equity

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

INCOME STATEMENT
INCREASE (DECREASE)

2008

2007

Increase(Decrease)

Percentage

REVENUES
EDUCATIONAL INCOME
Tuition fees - Net
Other School Fees

1,580,683,033
33,146,510

Miscellaneous
Rental

1,565,968,902

OPERATING INCOME

0.94

33,146,510
30,085,666

41,289,534

(30,085,666)

-100.00

41,289,534

Sale of Real Estate

COST and OPERATING EXPENSES

14,714,131

1,655,119,077

1,596,054,568

59,064,509

3.70

(1,077,236,959)

(1,055,438,924)

(21,798,035)

2.07

577,882,118

540,615,644

37,266,474

6.89

OTHER INCOME
Gain on sale of Investment Property
Finance Income

106,418,765

106,418,765

Management Fees

20,145,930

20,145,930

Finance Cost

(5,431,506)

(5,431,506)

(24,732)

(24,732)

Share in net losses of an associate


Interest Income
Other Finance Income on Available-for-sale Investment
Rental
Miscellaneous
Others

63,728,662

(63,728,662)

-100.00

7,803,472

(7,803,472)

-100.00

42,011,777

(42,011,777)

-100.00

6,141,440

(6,141,440)

-100.00

2,362,837

TOTAL

123,471,294

PROFIT BEFORE PREACQUISITION INCOME and TAX

701,353,412

2,362,837
119,685,351

INCOME TAX EXPENSE


NET INCOME

3.16

701,353,412

PREACQUISITION INCOME
INCOME BEFORE INCOME TAX

3,785,943

701,353,412

660,300,995

41,052,417

6.22

87,546,984

56,773,943

30,773,041

54.20

613,806,428

603,527,052

10,279,376

1.70

OTHER COMPREHENSIVE INCOME


Fair Value Gains (Losses)
Reclassification to profit or loss

TOTAL COMPREHENSIVE INCOME

1,176,093

100.00

(5,514,166)

-100.00

(4,338,073)

-100.00

609,468,355

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

INCOME STATEMENT
INCREASE (DECREASE)

2009

2008

Increase(Decrease)

PERCENTAGE

REVENUES
EDUCATIONAL INCOME
Tuition fees - Net
Other School Fees

1,611,808,467

1,580,683,033

31,125,434

1.97

50,280,810

33,146,510

17,134,300

51.69

Miscellaneous
Rental

50,437,726

41,289,534

Sale of Real Estate

COST and OPERATING EXPENSES


OPERATING INCOME

9,148,192
-

1,712,527,003

1,655,119,077

57,407,926

3.47

1,166,169,195

(1,077,236,959)

2,243,406,154

-208.26

546,357,808

577,882,118

(31,524,310)

-5.46

OTHER INCOME

Gain on sale of Investment Property

Finance Income
Management Fees

120,856,838

106,418,765

14,438,073

13.57

11,527,024

20,145,930

(8,618,906)

-42.78

(5,431,506)

5,431,506

-100.00

(24,732)

(24,684)

99.81

Finance Cost
Share in net losses of an associate

(49,416)

Interest Income

Other Finance Income on Available-for-sale Investment

Rental

Miscellaneous

Others

22.16

13,597,675

2,362,837

11,234,838

475.48

TOTAL

145,932,121

123,471,294

22,460,827

18.19

PROFIT BEFORE PREACQUISITION INCOME and TAX

692,289,929

701,353,412

(9,063,483)

-1.29

PREACQUISITION INCOME
INCOME BEFORE INCOME TAX
INCOME TAX EXPENSE
NET INCOME

3,999,262

3,999,262

696,289,191

701,353,412

(5,064,221)

-0.72

86,995,739

87,546,984

(551,245)

-0.63

609,293,452

613,806,428

(4,512,976)

-0.74

(8,016,082)

1,176,093

(9,192,175)

-781.59

OTHER COMPREHENSIVE INCOME


Fair Value Gains (Losses)
Reclassification to profit or loss

TOTAL COMPREHENSIVE INCOME

(2,750,598)

(5,514,166)

2,763,568

-50.12

(10,766,680)

(4,338,073)

(6,428,607)

148.19

598,526,772

609,468,355

(10,941,583)

-1.80

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

INCOME STATEMENT
INCREASE (DECREASE)

2010

2009

Increase(Decrease)

Percentage

REVENUES
EDUCATIONAL INCOME
Tuition fees - Net
Other School Fees

1,809,269,082

1,611,808,467

197,460,615

12.25

35,257,665

50,280,810

(15,023,145)

-29.88

Miscellaneous

Rental

50,437,726

Sale of Real Estate

COST and OPERATING EXPENSES


OPERATING INCOME

(50,437,726)

-100.00

1,844,526,747

1,712,527,003

131,999,744

7.71

1,322,781,293

1,166,169,195

156,612,098

13.43

521,745,454

546,357,808

(24,612,354)

-4.50

OTHER INCOME
Gain on sale of Investment Property
Finance Income
Management Fees
Finance Cost

113,408,092

120,856,838

(7,448,746)

-6.16

14,080,414

11,527,024

2,553,390

22.15

(25,518,419)

Share in net losses of an associate

(25,518,419)
(49,416)

49,416

Interest Income

Other Finance Income on Available-for-sale Investment

Rental

39,179,482

-100.00

39,179,482

Miscellaneous

Others

8,232,332

13,597,675

(5,365,343)

-39.46

TOTAL

149,381,901

145,932,121

3,449,780

2.36

692,289,929

(692,289,929)

-100.00

3,999,262

(3,999,262)

-100.00

671,127,355

696,289,191

(25,161,836)

-3.61

76,705,960

86,995,739

(10,289,779)

-11.83

594,421,395

609,293,452

(14,872,057)

-2.44

17,390,999

(8,016,082)

25,407,081

-316.95

(2,750,598)

2,750,598

-100.00

17,390,999

(10,766,680)

28,157,679

-261.53

611,812,394

598,526,772

13,285,622

2.22

PROFIT BEFORE PREACQUISITION INCOME and TAX


PREACQUISITION INCOME
INCOME BEFORE INCOME TAX
INCOME TAX EXPENSE
NET INCOME
OTHER COMPREHENSIVE INCOME
Fair Value Gains (Losses)
Reclassification to profit or loss

TOTAL COMPREHENSIVE INCOME

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

INCOME STATEMENT
INCREASE (DECREASE)

2010

2011

Increase(Decrease)

Percentage

REVENUES
EDUCATIONAL INCOME
Tuition fees - Net
Other School Fees

1,809,269,082

1,940,687,592

131,418,510

7.26

35,257,665

34,242,601

(1,015,064)

-2.88

Miscellaneous

Rental

Sale of Real Estate

COST and OPERATING EXPENSES


OPERATING INCOME

1,844,526,747

1,974,930,193

130,403,446

7.07

1,322,781,293

1,451,911,734

129,130,441

9.76

521,745,454

523,018,459

1,273,005

0.24

OTHER INCOME

Gain on sale of Investment Property

Finance Income
Management Fees
Finance Cost

113,408,092

170,798,293

57,390,201

50.61

14,080,414

18,303,571

4,223,157

29.99

(25,518,419)

(42,137,064)

(16,618,645)

65.12

Share in net losses of an associate

Interest Income

Other Finance Income on Available-for-sale Investment

Rental

39,179,482

48,184,478

Miscellaneous
Others
TOTAL

9,004,996

22.98

8,232,332

6,030,925

(2,201,407)

-26.74

149,381,901

201,180,203

51,798,302

34.68

671,127,355

724,198,662

53,071,307

7.91

PROFIT BEFORE PREACQUISITION INCOME and TAX


PREACQUISITION INCOME
INCOME BEFORE INCOME TAX

INCOME TAX EXPENSE

76,705,960

86,631,665

9,925,705

12.94

NET INCOME

594,421,395

637,566,997

OTHER COMPREHENSIVE INCOME


Fair Value Gains (Losses)

7.26

17,390,999

12,793,283

Reclassification to profit or loss

TOTAL COMPREHENSIVE INCOME

43,145,602

(4,597,716)

-26.44

17,390,999

12,793,283

(4,597,716)

-26.44

611,812,394

650,360,280

38,547,886

6.30

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

INCOME STATEMENT
INCREASE (DECREASE)

2012

2011

Increase(Decrease)

PERCENTAGE

REVENUES
EDUCATIONAL INCOME
Tuition fees - Net
Other School Fees

2,006,269,518

1,940,687,592

65,581,926

3.38

35,545,655

34,242,601

1,303,054

3.81

Miscellaneous

Rental

Sale of Real Estate

COST and OPERATING EXPENSES


OPERATING INCOME

2,041,815,173

1,974,930,193

66,884,980

3.39

1,501,971,010

1,451,911,734

50,059,276

3.45

539,844,163

523,018,459

16,825,704

3.22

OTHER INCOME
Gain on sale of Investment Property
Finance Income
Management Fees
Finance Cost

224,891,416

170,798,293

54,093,123

31.67

47,857,409

18,303,571

29,553,838

161.46

(74,467,660)

(42,137,064)

(32,330,596)

76.73

Share in net losses of an associate

Interest Income

Other Finance Income on Available-for-sale Investment

Rental

63,630,627

48,184,478

Miscellaneous
Others
total

15,446,149
-

8,340,883

6,030,925

2,309,958

38.30

270,252,675

201,180,203

69,072,472

34.33

PROFIT BEFORE PREACQUISITION INCOME and TAX

PREACQUISITION INCOME

INCOME BEFORE INCOME TAX


INCOME TAX EXPENSE
NET INCOME

32.06

810,096,838

724,198,662

85,898,176

11.86

97,085,446

86,631,665

10,453,781

12.07

713,011,392

637,566,997

75,444,395

11.83

62,898,653

12,793,283

50,105,370

391.65

OTHER COMPREHENSIVE INCOME


Fair Value Gains (Losses)
Reclassification to profit or loss

TOTAL COMPREHENSIVE INCOME

62,898,653

12,793,283

50,105,370

391.65

775,910,045

650,360,280

125,549,765

19.30

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

INCOME STATEMENT
TREND ANALYSIS

2006

2007

2008

2009

2010

2011

2012

100.00

110.42

111.46

113.65

127.57

136.84

141.46

100.00

151.69

106.37

103.31

107.24

100.00

136.35

0.00

0.00

0.00

0.00

0.00

100.00

122.16

0.00

0.00

0.00

Total

100.00

110.82

114.92

118.90

128.07

137.12

141.77

COST and OPERATING EXPENSES

100.00

112.91

115.24

-124.75

-141.51

-155.32

-160.68

OPERATING INCOME

100.00

106.95

114.32

108.08

103.21

103.46

106.79

Finance Income

100.00

113.57

106.57

160.50

211.33

Management Fees

100.00

57.22

69.89

90.85

237.55

Finance Cost

100.00

0.00

469.82

775.79

1371.03

Share in net losses of an associate

100.00

199.81

0.00

0.00

0.00

Interest Income

100.00

75.31

0.00

0.00

0.00

0.00

0.00

Other Finance Income on Available-for-sale Investment

100.00

0.00

0.00

0.00

0.00

0.00

0.00

Rental

100.00

193.56

0.00

0.00

180.51

222.00

293.16

Miscellaneous

100.00

47.97

0.00

0.00

0.00

0.00

0.00

100.00

575.48

348.41

255.24

353.00

100.00

100.47

103.65

122.50

125.40

168.88

226.86

PROFIT BEFORE PREACQUISITION INCOME and TAX

100.00

98.71

0.00

0.00

0.00

PREACQUISITION INCOME

100.00

0.00

0.00

0.00

INCOME BEFORE INCOME TAX

100.00

105.71

112.28

111.47

107.44

115.94

129.69

INCOME TAX EXPENSE

100.00

101.89

157.12

156.13

137.67

155.48

174.24

NET INCOME

100.00

106.08

107.89

107.10

104.48

112.07

125.33

Fair Value Gains (Losses)

100.00

-681.59

1478.71

1087.78

5348.10

Reclassification to profit or loss

100.00

49.90

0.00

0.00

0.00

100.00

248.19

-400.89

-294.91

-1449.92

100.00

98.2047

100.385

106.71

127.31

REVENUES
EDUCATIONAL INCOME
Tuition fees - Net
Other School Fees
Miscellaneous
Rental

OTHER INCOME

Others
Total

OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

INCOME STATEMENT
COMMON-SIZE ANALYSIS

2006

2007

2008

2009

2010

2011

2012

REVENUES
EDUCATIONAL INCOME
Tuition fees - Net

100.00

100.00

100.00

100.00

100.00

100.00

100.00

2.10

3.12

1.95

1.76

1.77

1.56

1.92

2.61

3.13

101.56

101.92

104.71

106.25

101.95

101.76

101.77

COST and OPERATING EXPENSES

65.91

67.40

68.15

72.35

73.11

74.81

74.86

OPERATING INCOME

35.64

34.52

36.56

33.90

28.84

26.95

26.91

Finance Income

6.73

7.50

6.27

8.80

11.21

Management Fees

1.27

0.72

0.78

0.94

2.39

Finance Cost

(0.34)

(1.41)

(2.17)

(3.71)

Share in net losses of an associate

(0.00)

(0.00)

5.97

4.07

0.50

Rental

1.53

2.68

2.17

2.48

3.17

Miscellaneous

0.90

0.39

0.15

0.84

0.46

0.31

0.42

8.40

7.64

7.81

9.05

8.26

10.37

13.47

PROFIT BEFORE PREACQUISITION INCOME and TAX

44.37

42.95

PREACQUISITION INCOME

0.25

44.04

44.37

43.20

37.09

37.32

40.38

3.93

5.54

5.40

4.24

4.46

4.84

40.11

38.54

38.83

37.80

32.85

32.85

35.54

Fair Value Gains (Losses)

0.07

(0.50)

0.96

0.66

3.14

Reclassification to profit or loss

(0.35)

(0.17)

(0.27)

(0.67)

0.96

0.66

3.14

38.56

37.13

33.82

33.51

38.67

Other School Fees


Miscellaneous
Rental
TOTAL

OTHER INCOME

Interest Income
Other Finance Income on Available-for-sale Investment

Others
TOTAL

INCOME BEFORE INCOME TAX


INCOME TAX EXPENSE
NET INCOME
OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

2007
Current Ratio

2008

2009

6.32

4.20

4.92

875,927,694.40

1,207,342,389.19

1,172,859,362.25

1,565,810,450.00

1,847,875,538.00

2,102,487,556.00

0.57

0.52

0.54

1,565,968,902.00
158,278,935.00
9.89

1,580,683,033.00
135,856,559.00
11.63

1,611,808,467.00
125,793,055.50
12.81

36.89

31.37

28.49

Debt Ratio

0.15

0.16

0.14

Debt to Equity

0.17

0.20

0.17

Net Profit Margin

0.36

0.38

0.38

Operating Profit Margin

0.44

0.42

0.44

568,910,356.00
2,741,134,718.00
0.21

603,527,052.00
4,948,723,705.00
0.12

613,806,428.00
5,678,906,627.00
0.11

Acid Test Ratio


Working Capital
Working Capital to Total Assets

Accounts Receivable Turn-over [Net Sales/(BAR+EAR/2)]

Average Collection Period

Rates of return on assets

2010
Current Ratio

2011

2012

4.79

4.68

5.78

471,133,966.35

342,506,591.19

421,846,872.55

1,965,621,973.00

1,723,772,332.00

2,335,094,629.00

0.53

0.43

0.52

1,809,269,082.00
419,036,131.00
4.32

1,940,687,592.00
629,042,379.00
3.09

2,006,269,518.00
658,488,135.50
3.05

84.54

118.31

119.80

Debt Ratio

0.14

0.12

0.11

Debt to Equity

0.16

0.13

0.12

Net Profit Margin

0.34

0.31

0.32

Operating Profit Margin

0.43

0.37

0.37

609,293,452.00
5,686,085,952.00
0.11

594,421,395.00
5,917,279,620.50
0.10

637,566,997.00
6,553,964,207.00
0.10

Acid Test Ratio


Working Capital
Working Capital to Total Assets

Accounts Receivable Turn-over [Net Sales/(BAR+EAR/2)]

Average Collection Period

Rates of return on assets

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

STATEMENT OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES


Income Before Income Tax

2007

2006

660,300,995.00

624,629,443.00

Depreciation and Amortization

44,048,226.00

28,071,164.00

Impairment Losses on receivables

12,686,351.00

10,939,753.00

3,703,946.00

(4,543,651.00)

(63,728,662.00)

(84,618,420.00)

Adjustments for:

Unrealized foreign exchange (gain) loss


Interest income
Other finance income on available-for-sale investments
Gain on disposal of property and equipment
Impairment losses on equity investments
Operating income before working capital changes

(7,803,472.00)
(102,083.00)
-

(1,189,778.00)
13,373,107.00

649,105,301.00

586,661,618.00

Receivables

12,692,473.00

(52,779,807.00)

Other Current Assets

(1,387,663.00)

(9,399,435.00)

1,162,734.00

58,531,810.00

Decrease (Increase) in:

Increase (Decrease) in:


Accounts payable and other current liabilities
Deffered Income
Cash generated from operations

(27,347,214.00)

661,572,845.00

555,666,972.00

Interests Received

73,852,691.00

84,618,420.00

Income Taxes paid

(55,041,312.00)

(45,776,440.00)

Net cash provided by operating activities

680,384,224.00

594,508,952.00

(2,565,486.00)

(189,621,582.00)

CASH FLOWS FROM INVESTING ACTIVITIES


Addition to property and equipment
Decrease (Increase) in:
Due from a related party
Available-for-sale investments

(466,849,424.00)

18,512,459.00

28,771,625.00

(29,612,764.00)

(19,703,753.00)

424,074.00

175,000.00

1,230,753.00

(460,172,038.00)

(199,067,060.00)

(175,162,650.00)

(112,107,408.00)

18,958,605.00

18,427,630.00

(156,204,045.00)

(93,679,778.00)

EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

(3,703,946.00)

5,426,061.00

NET INCREASE IN CASH AND CASH EQUIVALENT

60,304,195.00

307,188,175.00

CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR

815,623,499.00

508,435,324.00

CASH AND CASH EQUIVALENT AT THE END OF THE YEAR

875,927,694.00

815,623,499.00

Other assets
Held to maturity investments
Proceeds from the disposal of property and equipment
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid
Increase (Decrease) in trust funds
Net cash used in financing activities

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

STATEMENT OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES


Income before tax

2009
696,289,191.00

2008
701,353,412.00

Adjustment for:
Gain on sale of investment property
Interest Income

(117,819,106.00)

(106,418,765.00)

Depreciation

52,944,002.00

46,899,496.00

Unrealized foreign (gain) losses

(3,037,732.00)

4,747,861.00

49,416.00

24,732.00

Share in net losses of an associate


Preacquisition income
Gain on disposalmof property and equipment
loss on sale of investment

(3,999,262.00)

(726,424.00)

2,842,069.00

Operating profit before working capital changes

623,700,085.00

649,448,805.00

Increase in receivables

(16,276,113.00)

(3,060,882.00)

Decrease in held for sale


Decrease (Increase) in other assets
Increase (Decrease) in accounts payable and other current liabilities
Increase (Decrease) in deferred income

59,603,214.00

31,588,975.00

(105,926,543.00)

(13,086,542.00)

51,897,736.00

52,267,222.00

16,722,873.00

Decrease in trust funds

(17,671,581.00)

(25,109,062.00)

Cash generated from operations

660,522,346.00

643,576,141.00

Income taxes paid

(86,924,696.00)

(78,126,826.00)

Net cash provided by operating activities

573,597,650.00

565,449,315.00

CASH FLOWS FROM INVESTING ACTIVITIES


Increase in loan receivables
Acquisition of investment property

(15,723,242.00)

(96,147,971.00)

Acquisition of property and equipment

(147,865,321.00)

(108,533,445.00)

Increase in Available-for-sale investment - net

(258,189,235.00)

Interest received

109,929,197.00

(13871477
87,525,308.00

Proceeds from sale of investment property

Investment made to joint venture under registration

Proceeds from disposal of property and equipment


Decrease in Held-to-maturity investments

726,424.00

12,071,040.00

257,510.00

(299,051,137.00)

(130,770,075.00)

(309,875,665.00)

(194,554,457.00)

(2,191,607.00)

(1,753,954.00)

(312,067,272.00)

(196,308,411.00)

3,037,732.00

(6,607,781.00)

(34,483,027.00)

231,763,048.00

CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR

1,207,342,389.00

975,579,341.00

CASH AND CASH EQUIVALENT AT THE END OF THE YEAR

1,172,859,362.00

1,207,342,389.00

Net cash used in Investing Activities


CASH FLOWS FROM FINANCING ACTIVITIES
Dividends paid
Payments of notes payable
Net cash used in Financing Activities
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT

FAR EASTERN UNIVERSITY


FINANCIAL ANALYSIS

STATEMENT OF CASH FLOWS

CASH FLOWS FROM OPERATING ACTIVITIES


Income before income tax
Adjustments for:
Interest income
Deoreciation and amortization
Fair value loss(gain) on financial assets at fair value through profit or loss
Unrealized foreign exchange losses
Operating profit before working capital changes
Increase in receivables
Decrease in other assets
Increase in accounts payable and other liabilities
decrease in unearned tuition fees
Cash generated from operations
Income taxes paid
Net Cash from Operatiing Activities

2012
810,096,838.00

2011
724,198,662.00

2010
671,127,355.00

(224,891,416.00)
98,466,077.00
9,602,353.00
12,601,630.00
705,875,482.00
(83,692,315.00)
(1,055,693.00)
42,203,611.00
(20,772,083.00)
642,559,002.00
(104,990,067.00)
537,568,935.00

(162,341,912.00)
87,078,727.00
(8,456,381.00)
3,772,225.00
644,251,321.00
(21,209,972.00)
60,890,003.00
28,084,152.00
(3,568,992.00)
708,446,512.00
(84,957,901.00)
623,488,611.00

(113,408,092.00)
68,603,195.00
3,482,984.00
629,805,442.00
(86,959,370.00)
7,673,184.00
30,230,458.00
(19,235,581.00)
561,514,133.00
(75,832,382.00)
485,681,751.00

CASH FLOWS FROM INVESTING ACTIVITIES


Increase in available-for-sale investments
Interest received
Acquisitions of property and equipment
Decrease (increase) in loans receivables
Collections from (advances to) a related party
Additional investments in subsidiaries, an associate and a joint venture
Decrease in held-to-maturity investments
Net cash used in investing activities

(332,201,233.00)
207,832,273.00
(179,018,007.00)
92,500,000.00
81,087,261.00
(19,604,637.00)
(149,404,343.00)

(35,351,373.00)
147,034,401.00
(196,480,247.00)
312,968,845.00
(310,410,156.00)
20,000,000.00
(380,400,894.00)

(112,137,356.00)
11,075,785.00
(163,952,035.00)
(477,000,000.00)
(118,774,500.00)
(6,250,000.00)
(76,356,106.00)

CASH FLOWS FROM FINANCING ACTIVITIES


Dividends paid

(308,833,696.00)

(371,187,267.00)

(365,479,906.00)

EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS


NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT
CASH AND CASH EQUIVALENT AT THE BEGINNING OF THE YEAR

9,385.00
79,340,281.00
342,506,590.00

(527,825.00)
(128,627,375.00)
471,133,965.00

(3,482,984.00)
(650,637,245.00)
1,112,171,210.00

CASH AND CASH EQUIVALENT AT THE END OF THE YEAR

421,846,871.00

342,506,590.00

471,133,965.00

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