Land Bank of the Philippines – Manila Electric Company
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LAND BANK OF THE PHILIPPINESCOA BranchCOA Bldg. No. 3, COA Compound Commonwealth Ave., Quezon CityC R E D I T A P P R O V A L M E M O R A N D U MBIR100816-LBPCOA-0001DATE : October 1, 2016BORROWER : MANILA ELECTRIC COMPANY2nd Floor Technical Services Building, Meralco Center,Ortigas Avenue, Pasig CityTIN# 000-101-528-000 code#351Regulated ElectricPURPOSE OF LOAN : Additional Working CapitalThe purpose of this loan is additional working capital to purchase, construction or renovation of a commercial or industrial property. Acquisition of a fixed asset such as new or upgrade equipment and machinery to improve production capacity.Loan PackageP2,000,000,000.00 Business loan subject to the following terms and conditions:(Two Billion) – can run for as long as 3 or 5 years and include additional requirements such as collateral and limits on the amount of additional financial commitments the business may take on.Fees and charges riskThe bank reserves the right to amend any of the following terms and conditions without prior notice to the borrower.P130,000,000,000.00 Term loan subject to the following terms and conditions:(Thirteen Million) – Have the flexibility to pay your loan in 1 year or up to 10 years by choosing the payment option that matches your cash flow.Secure your loan with acceptable collateral, such as real estate mortgage or cash.The bank reserves the right to amend any of the following terms and conditions without prior notice to the borrower. P20,000,000,000.00 Short Term Loan Line to the following terms and conditions:(Twenty Million) – This loan is to be paid in 1 year or less.- Pay your loan according to standard credit terms, for up to 365 days.
The bank reserves the right to amend any of the following terms and conditions without prior notice to the borrower. Collateral: As of December 31, 2015 and 2014, the Group has no property and equipment that are pledged as collateral. FINANCIAL CONDITIONS :DEC. 31, 2011DEC. 31, 2012DEC. 31, 2013DEC. 31, 2014DEC. 31, 2015A.Balance SheetA.1 CAP95,773P92,243P107,486P112,612P95,295A.2 FA114,615124,648156,518156,441186,944TOTAL ASSETS210,388216,891264,004269,053282,239A.3 CL62,15559,51894,62683,52893,215A.4 NCL79,73289,22394,043106,051108,163A.5 SE68,50168,15075,33579,47480,861TOTAL L &SE210,388216,891264,004269,05 282,239B.Income StatementB.1 Revenues256,808285,270298,636266,336258,399B.2 Cost and Expenses239,016266,162274,486240,242234,991B.3 Other Expenses (Income)(907)(177)(1,914)3741,468B.4 Net Income Before Tax18,69922,02224,32726,46824,876B.5 Provision For Income Tax5,9535,7417,0548,3375,687NET INCOME13,75917,25917,27318,13119,189C.Cash FlowsC.1 CF-OA31,93436,24437,14437,49541,683C.2 CF-IA(6,816)(9,549)(30,392)(12,616)(42,388)C.3 CF-FA(4,278)(10,336)(7,401)(15,261)(17,924)C.4 Net Increase (Decrease) Cash and Cash Equivalents20,54016,359(649)9,618(18,629)C.5 Cash and Cash Equivalents at Beginning of Year24,37044,14160,50059,85169,469C.6 Cash and Cash Equivalents at End of Year44,14160,50059,85169,46950,840