Quarterly Report For Period Ended March 31 2014

ABS-CBN Corporation
Sgt. Esguerra Avenue, Quezon City, Philippines

15 May 2014

Philippine Dealing and Exchange Corporation
37th Floor, Tower 1, The Enterprise Center
6766 Ayala Avenue corner Paseo de Roxas
Makati City
Attention: Ms. Vina Vanesssa S. Salonga

Head Issuer Compliance and Disclosure Department
Subject: 2014 First Quarter Report

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Dear Ms. Salonga,
Attached is ABS-CBN Corporations 2014 first quarter operating and financial report.
Thank you.

Very truly yours,
EULOGIO MARTIN O. MASILUNGAN

Corporate Information Officer/Head, Compliance
and Business Decision Group

COVER SHEET
1 8 0 3
SEC Registration Number
A B S - C B N C O R P O R A T I O N A N D S U B S I D I A R
I E S
(Companys Full Name)
A B S - C B N B r o a d c a s t i n g C e n t r e , S g t .
E s g u e r r a A v e . c o r n e r M o t h e r I g n a c
i a S t r e e t , Q u e z o n C i t y
(Business Address: No. Street City/Town/Province)
Aldrin M. Cerrado 415-2272

(Contact Person) (Company Telephone Number)
1 2 3 1 1 7 Q 0 5 1 4
Month Day (Form Type) Month Day
(Fiscal Year) (Annual Meeting)
(Secondary License Type, If Applicable)
Dept. Requiring this Doc. Amended Articles Number/Section
Total Amount of Borrowings
5,726 P
=20.3 billion $0.9 million
Total No. of Stockholders Domestic Foreign
To be accomplished by SEC Personnel concerned
File Number LCU
Document ID Cashier
STAMPS
Remarks: Please use BLACK ink for scanning purposes.
SECURITIES AND EXCHANGE COMMISSION
SEC FORM 17-Q
QUARTERLY REPORT PURSUANT TO SECTION 17
OF THE SECURITIES REGULATION CODE AND SECTION 141
OF THE CORPORATION CODE OF THE PHILIPPINES
1. For the fiscal year ended: March 31, 2014
2. SEC Identification Number: 1803 3. BIR Tax Identification No.: 000-406-761-000
4. Exact name of issuer as specified in its charter: ABS-CBN CORPORATION AND SUBSIDIARIES
5. Philippines 6. (SEC Use Only)

Province, Country or other jurisdiction of Industry Classification Code:
incorporation or organization
7. ABS-CBN Broadcasting Center, Sgt. Esguerra Ave. corner Mother Ignacia St., Quezon City 1100
Address of principal office
8. (632) 924-4101 to 22 / (632) 415-2272

Issuer's telephone number, including area code
9. Not applicable
Former name, former address, and former fiscal year, if changed since last report.
10. Securities registered pursuant to Sections 8 and 12 of the SRC, or Sec. 4 and 8 of the RSA
Title of Each Class Number of Shares of Stock Issued
Common Stock, P1.00 par value 872,123,642 shares

Preferred Stock, P0.20 par value 1,000,000,000 shares
Short-term & Long-term debt (current & non-current) Php20.4 billion
11. Are any or all of these securities listed on a Stock Exchange?

Yes [] No [ ]
If yes, state the name of such stock exchange and the classes of securities listed therein:
Philippine Stock Exchange Common Stock
12. Check whether the issuer:
(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17 thereunder
or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The
Corporation Code of the Philippines during the preceding twelve (12) months (or for such
shorter period that the registrant was required to file such reports);
Yes [] No [ ]
(b) has been subject to such filing requirements for the past ninety (90) days.
Yes [] No [ ]
ABS-CBN CORPORATION
QUARTERLY REPORT
PART I - FINANCIAL INFORMATION

1. Managements Discussion and Analysis of Financial Condition and Results of Operations
2. Financial Statements
2.1 Consolidated Statements of Financial Position
2.2 Consolidated Statements of Income
2.3 Consolidated Statements of Comprehensive Income
2.4 Consolidated Statements of Changes in Equity
2.5 Consolidated Statements of Cash Flows
2.6 Notes to Financial Statements
2.6.1 Business Segment and Geographical Segment Results (Note 5)
2.6.2 Rollforward of Plant Property and Equipment (Note 10)
PART II - OTHER FINANCIAL INFORMATION
EXHIBIT 1 Aging of Accounts Receivables
SIGNATURES
PART I FINANCIAL INFORMATION
1. MANAGEMENTS DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS

OF OPERATIONS FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2014
The following is a discussion and analysis of ABS-CBN Corporation and Subsidiaries (ABS-CBN or the
Company) financial performance for the three-month period ended March 31, 2014 and 2013.
The table below summarizes the results of operations for the three-month period ended March 31, 2014.
Variance
1Q 2014 1Q 2013
(Amounts in million Pesos) Amount %
Consolidated Revenues P8,191 P7,925 P266 3
Advertising Revenues 3,985 4,368 (383) -9
Consumer Sales 4,206 3,557 649 18
Sale of Services 4,002 3,448 554 16
Sale of Goods 130 75 55 73
Others 74 34 40 118
Costs and Expenses 7,412 7,210 202 3
Production Costs 2,789 2,773 16 1
Cost of Sales and Services 2,296 2,151 145 7
General and Administrative Expenses 2,327 2,286 41 2
Financial Costs - net 247 133 114 86
Equity in Net Losses of Associates and Joint Ventures 3 3 100
Other Income (113) (101) (12) 12
Net Income P538 P503 P35 7
EBITDA P1,764 P1,900 (P136) -7
Consolidated Revenues
For the three-month period ended March 31, 2014, ABS-CBN generated consolidated revenues of P8.191 billion
from advertising and consumer sales, P266 million or 3% higher year-on-year. Removing the impact of
election-related revenues, consolidated revenues grew by 8%.
Consumer sales grew by 18% driven by the strong performance of movies released both locally and
internationally.
On the other hand, advertising revenues decreased by 9%. Excluding impact of election-related advertisements
in previous year, advertising revenues decreased by 1%.
Comparative revenue mix year-on-year is as follows:
1Q 2014 1Q 2013 1Q 2013 (excluding election related revenues)

Advertising revenues 49% 55% 53%
Consumer sales 51% 45% 47%
Consolidated Costs and Expenses

Direct costs and expenses amounted to P7.412 billion, or a 3% increase year-on-year.
Production costs went up by P16 million or 1% to P2,789 billion. Fifty-four percent (54%) of total
production costs pertains to personnel expenses and talent fees.
Cost of sales and services increased by 7% or P145 million to P2.296 billion. The increase is attributable
to the increase in Sky Cables increase in programming and bandwidth costs resulting from of foreign
exchange losses and the increase in the number of subscribers. In addition, Globals theatrical expenses
increased due to the number of movies shown overseas and a 27% increase in transaction costs driven by
31% increase in remittance volume.
General and administrative expenses (GAEX) grew by 2% or a P41 million. Fifty-one (51%) of the total
GAEX pertains to personnel expenses which grew by 8%. Other GAEX decreased by 4% due to
continuous effort of the Company to manage its costs.
Net Income and EBITDA

The Company generated a net income of P538 million, increased by 7% compared to P503 million in the
previous year. EBITDA reached P1.764 billion or a 7% decline year-on-year. Without the non-recurring
revenues and expenses, Net income and EBITDA both posted an increase of 40% and 2%, respectively.
Business Segments
For management purposes, the Company presents its operations into the following reportable businesses:
TV and Studio Operations, Pay TV Networks and New Businesses.
This segmentation is the basis upon which the Company measures its business operations.
TV and Studio Operations

TV and studio operations segment is comprised of broadcast, global operations, film and music production,
cable channels, and publishing. This consists of local and global content creation and distribution through
television and radio broadcasting.
Broadcast segment covers content creation and distribution mainly through free TV
and radio with Channel 2 and DZMM as its flagship platforms. The content created
is predominantly in Filipino and is aimed at the mass Filipino audience. The
Companys leading position in the Philippine television broadcasting industry is
largely due to the popularity of its entertainment programs, including teleseryes,
drama anthologies, situation comedies, variety, reality and game shows. On the other
hand, news and public affairs programs have developed a reputation for the quality of
news coverage that includes national, local and international events.
Global segment, through ABS-CBN International, North America (NA), pioneered
the international content distribution through Direct to Home (DTH), cable, internet
protocol TV, mobile and online through The Filipino Channel (TFC). It is available
in all territories where there is a significant market of overseas Filipinos such as the
Unites States, Middle East, Europe, Australia, Canada and Asia Pacific. Other
activities include international film distribution, sponsorship and events, remittance
and retail.
Films and Music segment of the Company is composed of movie production, film
distribution, audio recording and distribution and video/audio post production. Films
are generally produced through its subsidiary ABS-CBN Film Productions (AFPI) or
more popularly known as Star Cinema. Other movies are co-produced with other
local or international producers or are simply distributed by AFPI. Music needs are
managed by Star Recording, Inc. and Star Songs, Inc. to complement the recording
needs of the Companys multi-talented artists and handle music publishing and
composing requirements, respectively.
Narrowcast and Sports segment caters to the needs of specific or targeted audiences
or markets not normally addressed by the Broadcast business. Included in this line of
business are cable programming and channel offerings such as Filipino movie
channel, music channel, anim, upscale male sports content and upscale female
lifestyle content. It also covers print, sports, and other niched programming via its
UHF (Ultra High Frequency) channel. Narrowcast and Sports includes the following
subsidiaries: Creative Programs, Inc. and ABS-CBN Publishing, Inc. As part of the
Companys goal to elevate boxing as a sport in the country, it entered into a joint
venture agreement with ALA Promotions, Inc., a world class boxing organization and
promotional company.
Pay TV Networks
Pay TV networks include cable television services of Sky Cable and

its subsidiaries in Metro Manila and in certain provincial areas in the
Philippines. It offers both postpaid and prepaid packages as well as a
la carte programming, broadband, internet phone, among others.
Consumers are given various options that can be tailor fitted to suit
their specific requirements including the ability to have a real triple-
play service in the market that combines cable TV, broadband and
internet phone. Catch up feature on missed programming via iWantv
were provided as an option to the customers for a total pay TV
entertainment package. With Sky Cables acquisition of Destiny
Cable, Sky Cable accounts for nearly half of the total local pay TV
market.
New Businesses
New businesses and initiatives pertain to wireless telecommunications business, digital terrestrial TV and
theme parks.
ABS-CBNMobile
Wireless Telecommunications business was established on May 28, 2013
through ABS-CBNmobiles network sharing agreement with Globe Telecom.
This partnership enables ABS-CBN to deliver ABS-CBN content in addition to
traditional telecommunication services on mobile devices. Through the network-
sharing agreement, Globe will provide capacity and coverage on its existing
cellular mobile telephony network to ABS-CBN Convergence on a nationwide
basis. The parties may also share assets such as servers, towers, and switches.
On November 16, 2013, ABS-CBN Mobiles pre-paid service was launched.
Digital Terrestrial TV
The Company continues to invest in Digital Terrestrial TV equipment to improve
clarity of signal in certain areas of Mega Manila and Central Luzon. The
company believes that the transition from analogue to digital will result in an
increase in its audience share. The Company will be ready to launch as soon as
the implementing rules and regulations is released.
Theme Parks
The Company has also invested in a theme park more popularly known as
Kidzania Manila. KidZania provides children and their parents a safe, unique,
and very realistic educational environment that allows kids between the ages of
four to twelve to do what comes naturally to them: role-playing by mimicking
traditionally adult activities. As in the real world, children perform "jobs" and are
either paid for their work (as a fireman, doctor, police officer, journalist,
shopkeeper, etc.) or pay to shop or to be entertained. The indoor theme park is a
city built to scale for children, complete with buildings, paved streets, vehicles, a
functioning economy, and recognizable destinations in the form of
"establishments" sponsored and branded by leading multi-national and local
brands.
Home Shopping
A CJ O Shopping Corporation is a joint venture between ABS-CBN and CJ O
Shopping Corporation of Korea to provide TV home shopping in the Philippines.
The TV home shopping channel was launched in October 2013.
The following table presents revenue and income information regarding the Companys business segments for
the years 2014 and 2013:
Revenues Net Income EBITDA

(Amounts in million Pesos) 1Q 2014 1Q 2013 % 1Q 2014 1Q 2013 % 1Q 2014 1Q 2013 %
TV and Studio Operations P6,251 P6,088 3 P895 P617 45 P1,815 P1,594 14
Pay TV Networks 1,835 1,697 8 41 80 -49 415 422 -2
New Businesses 105 140 -25 (398) (194) 105 (466) (116) 302
P8,191 P7,925 3 P538 P503 7 P1,764 P1,900 -7
A. TV and Studio Operations
TV and Studio Operations segment results for the first quarter are as follows:
(Amounts in Revenues Direct Costs Gross Profit Rate

million Pesos) 1Q 2014 1Q 2013 % 1Q 2014 1Q 2013 % 1Q 2014 1Q 2013 Change
Broadcast P4,184 P4,158 1 P3,836 P3,935 -3 38 37 1
Global 1,515 1,241 22 1,230 1,044 18 41 41
Films and Music 660 527 25 366 312 17 55 53 2
Narrowcast and Sports 297 305 -3 362 401 -10 4 -3 7
Others* (405) (143) 183 (426) (290) 47 19 -49 68
P6,251 P6,088 3 P5,368 P5,402 -1 40 39 1
*This includes intercompany eliminations.
Broadcast
Revenues from the broadcast business grew by P26 or 1% year-on-year. Excluding the impact of election-
related revenue, recurring revenue grew by 9%. Growth is fuelled by ABS-CBNs strength in content
creation and programming which led to ratings leadership.
ABS-CBNs Channel 2 led in national audience share and ratings. Channel 2s total day audience share was
at 44% while the primetime audience share was at 48% based on Kantar National TV Ratings.
Moreover, Top 10 programs in the Philippines were from ABS-CBN:
Rank Channel Program Share

1 ABS-CBN Mars Ravelos Dyesebel 32.1 Weekday
2 ABS-CBN Honesto 31.7 Weekday
3 ABS-CBN Wansapanatym 30.1 Weekend
4 ABS-CBN Got to Believe 28.3 Weekday
5 ABS-CBN TV Patrol Weekday 28.2 Weekday
6 ABS-CBN MMK Ang Tahanan Mo 28.2 Weekend
7 ABS-CBN Ikaw Lamang 27.6 Weekday
8 ABS-CBN Bet on your baby 26.7 Weekend
9 ABS-CBN Annaliza 22.9 Weekday
10 ABS-CBN Rated K Handa Na Ba Kayo 21.2 Weekend
*Source: Kantar Media, January March 2014
Production costs associated with broadcast operations decreased by 1% or P23 million due to cost
management initiatives implemented by the Company.
Global
As of March 31, 2014, ABS-CBN Global has over 2.8 million viewers in over 40 countries across
4 continents worldwide. This is a 19% growth in viewership year-on-year. Forty three percent
(43%) of Global viewers are in North America while 40% are in the Middle East. ABS-CBN
continues to broaden its reach in Middle East as evidenced by 46% growth in subscriber count.
Market penetration also increased by 21% during the first quarter.
Globals primary revenue drivers are as follows:
Revenues
(Amounts in million Pesos) Contribution 1Q 2014 1Q 2013 %
Subscription 61% P920 P853 8
Theatrical and Events 19% 292 91 221
Remittance 9% 143 96 49
Advertising Revenue 7% 103 88 17
Others 4% 57 113 -50
100% P1,515 P1,241 22
Subscription revenues increased by 8% driven by subscriber growth in the Middle East, Canada, North
America and Australia. Total subscriber count grew by 11%.
Theatrical and Events grew by P201 million coming from the success of international screening of Girl Boy
Bakla Tomboy, Bride for Rent and Starting Over Again. ASAP in Dubai held last January was also a
success.
Remittance revenue went up by 49% driven by an increase in volume of 31%.
Cost of Sales and Services of Global operations increased by 21%. The higher cost is attributable to the
increase in theatrical costs related to movies shown overseas and events costs which grew by 130% and
100%, respectively. In addition, transaction costs also grew by 27%, parallel to the increase in remittance
volume.
Films and Music

Total revenue of Films and Music grew by P133 million or 25%. ABS-CBN Film Productions, Inc. (AFPI)
released 5 films during the first quarter. Three of them Girl Boy Bakla Tomboy (P436 million), Bride for
Rent (P334 million) and Starting Over Again (P404 million) topped P300 million box office receipts.
Pagpag has a gross receipts of almost P200 million.
Total costs and expenses increased by 19% attributable to more quality-produced films. Contribution margin
grew to 55% from 53% year-on-year.
Narrowcast and Sports

Total revenues decreased by 3%. The decline in revenues is from a 25% decrease in advertising revenues
from cable channels year-on-year. On the other hand, subscription revenues increased by 8% despite the
impact of Velvet channels closure. To still maintain sound gross profit margins, management controlled its
costs and expenses which declined by 10%. Gross profit margin improved by 7% year-on-year.
The Company continue to grow its classic cable channel Jeepney TV which offers well-loved and timeless
programs of ABS-CBN as well as movies and other program fare that define and highlight the best of
Filipino TV.
B. Pay TV Networks
The Pay TV business segment refers to the local subscription based cable television services of Sky Cable
Corporation and its subsidiaries. It offers postpaid and prepaid packages as well as a la carte programming,
broadband and internet phone among others.
Below is a breakdown of the Pay TV Networks segment revenues:
Revenues
(Amounts in million Pesos) 1Q 2014 1Q 2013 %
Cable P1,371 P1,304 5
Broadband 268 208 29
Advertising Revenue and Others 199 185 8
P1,838 P1,697 8
Total revenues grew 8% year-on year. Cable revenues grew by 5% driven by the increase in average
revenue per user of 4%. Broadband revenues increased by 29% driven by the growth in subscriber count of
29%.
Cost and expenses increased by 13% or P201 million to P1,750 billion. The increase was partly due to the
growth in programming and bandwidth costs at 20% and 23%, respectively. Excluding foreign exchange
losses from programming costs, cost and expenses increased only by 11%.
Capital Expenditures
Cash capital expenditures and program rights acquisitions amounted to P1.072 billion as of March 31, 2014.
Program rights acquisitions amounted to P186 million. Investments in Pay TV facilities reached P2.4 billion.
Statement of Financial Position Accounts
As at March 31, 2014, total consolidated assets stood at P65.122 billion, 12% higher than total assets of P57.992
billion as at December 31, 2013.
Cash and cash equivalents of P16.289 billion is 53% higher than the December 31, 2013 balance. The increase in
cash is coming from the proceeds of the P7.0 billion loan. Consequently, total interest-bearing loans grew by
39% at P20.385 billion.
Trade accounts receivables amounting to P7.862 billion is 8% higher than at the end of 2013.
Days sales outstanding of 84 days is 4 days higher than the 80 days as at December 31, 2013.
Shareholders equity stood at P25.982 billion as at December 31, 2013. Increase attributable to net income
earned during the quarter was offset by effect of declaration of cash dividends for both common and preferred
shareholders.
The companys net debt-to-equity ratio was at 0.16x as of March 31, 2014 and December 31, 2013.
Key Performance Indicators
Ratios 1Q 2014 2013

Current ratio 2.18 1.76
Debt-to-Equity ratio 0.78 0.57
Net Debt-to-Equity ratio 0.16 0.16
ABSCBN Corporation and Subsidiaries
Unaudited Interim Condensed Consolidated Financial Statements

March 31, 2014
and for the Three Months Ended March 31, 2014 and 2013
(With Comparative Audited Consolidated Statement of Financial Position as at
December 31, 2013)
ABS-CBN CORPORATION AND SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF FINANCIAL POSITION
(Amounts in Thousands)
March 31, December 31,

2014 2013
(Unaudited) (Audited)
ASSETS
Current Assets
Cash and cash equivalents (Note 6) P
=16,289,490 =10,616,855
P
Trade and other receivables (Notes 7 and 22) 9,012,351 8,333,761
Inventories (Note 8) 509,832 265,221
Program rights and other intangible assets (Note 12) 883,553 1,385,972
Other current assets (Note 9) 2,983,613 2,781,665
Total Current Assets 29,678,839 23,383,474
Noncurrent Assets
Property and equipment (Notes 10, 11, 18 and 29) 18,731,383 18,535,905
Program rights and other intangible assets - net of current portion
(Note 12) 6,022,275 5,429,192
Goodwill (Note 16) 5,290,426 5,288,350
Available-for-sale investments (Note 13) 236,067 219,191
Investment properties (Notes 10, 11 and 18) 197,210 196,916
Investments in associates and joint ventures (Note 14) 163,718 166,591
Deferred tax assets - net (Note 27) 2,216,346 2,192,429
Other noncurrent assets (Note 15) 2,586,075 2,580,033
Total Noncurrent Assets 35,443,500 34,608,607
P
=65,122,339 =57,992,081
P
LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables (Notes 17, 22 and 28) P
=12,874,964 =11,332,006
P
Interest-bearing loans and borrowings (Notes 10, 11 and 18) 122,673 1,345,471
Obligations for program rights (Note 19) 375,541 448,861
Income tax payable 259,330 193,216
Total Current Liabilities 13,632,508 13,319,554
Noncurrent Liabilities
Interest-bearing loans and borrowings - net of current portion
(Notes 10, 11 and 18) 20,262,426 13,334,579
Obligations for program rights - net of current portion (Note 19) 280,049 276,344
Accrued pension obligation and other employee benefits
(Note 28) 4,210,045 4,191,082
Deferred tax liabilities - net (Note 27) 138,271 299,798
Convertible note 249,692 245,195
Other noncurrent liabilities (Note 20) 367,562 402,772
Total Noncurrent Liabilities 25,508,045 18,749,770
Total Liabilities 39,140,553 32,069,324
2014 2013
Equity Attributable to Equity Holders of
the Parent Company
Capital stock (Note 21):
Common P
=872,124 =872,124
P
Preferred 200,000 200,000
Additional paid-in capital (Note 21) 4,495,050 4,495,050
Cumulative translation adjustments (195,598) (270,632)
Unrealized gain on available-for-sale investments (Note 13) 138,642 121,766
Share-based payment plan (Note 21) 34,349 34,349
Retained earnings (Note 21) 19,917,376 19,817,957
Philippine depository receipts convertible to common shares
(Note 21) (1,243,717) (1,164,146)
24,218,226 24,106,468
Noncontrolling Interests (Note 3) 1,763,560 1,816,289
Total Equity 25,981,786 25,922,757
P
=65,122,339 =57,992,081
P
See accompanying Notes to Interim Condensed Consolidated Financial Statements.

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(Amounts in Thousands, Except Per Share Amounts)
Three Months Ended March 31

2014 2013
REVENUES
Airtime (Note 22) P
=3,984,646 =4,367,906
P
Sale of services (Note 29) 4,001,841 3,448,383
Sale of goods (Note 22) 129,987 74,762
Others 74,199 34,306
8,190,673 7,925,357
PRODUCTION COSTS (Notes 10, 12, 22, 23, 28 and 29) 2,788,510 2,772,802
COST OF SERVICES (Notes 10, 12, 15, 22, 24, 28 and 29) 2,260,048 2,100,431
COST OF SALES (Notes 8, 10, 22, 24, 28 and 29) 36,364 50,746
GROSS PROFIT 3,105,751 3,001,378
GENERAL AND ADMINISTRATIVE EXPENSES
(Notes 7, 10, 11, 12, 21, 22, 25, 28 and 29) (2,326,799) (2,286,280)
FINANCE COSTS (Notes 18 and 26) (266,305) (202,066)
INTEREST INCOME (Note 6) 28,304 20,481
FOREIGN EXCHANGE GAIN (LOSS) - net (8,582) 48,762
EQUITY IN NET LOSSES OF ASSOCIATES AND JOINT
VENTURES (Note 14) (2,873) (14)
OTHER INCOME - net (Notes 26 and 29) 112,371 100,581
INCOME BEFORE INCOME TAX 641,867 682,842
PROVISION FOR INCOME TAX (Note 27) 103,781 179,936
NET INCOME P
=538,086 =502,906
P
Attributable to
Equity holders of the Parent Company (Note 32) 626,693 =507,712
P
Noncontrolling interests (88,607) (4,806)
P
=538,086 =502,906
P
Basic/Diluted Earnings per Share Attributable

to Equity Holders of the Parent Company (Note 32) P
=0.786 =0.684
P

INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME
(Unaudited)

2014 2013
NET INCOME P
=538,086 =502,906
P
Other comprehensive income to be reclassified to profit and loss

in subsequent periods:
Unrealized fair value gain on available-for-sale investments
(Note 13) 16,876 33,751
Exchange differences on translation of foreign operations 75,034 45,674
91,910 79,425
OTHER COMPREHENSIVE INCOME 91,910 79,425
TOTAL COMPREHENSIVE INCOME P

=629,996 =582,331
P
Attributable to:
Equity holders of the Parent Company P
=718,603 =587,137
P
Noncontrolling interests (88,607) (4,806)
P
=629,996 =582,331
P

INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE MONTHS ENDED MARCH 31, 2014 AND 2013
(Unaudited)
Attributable to Equity Holders of the Parent Company

Unrealized Philippine
Gain Depository
on Available- Share-based Receipts (PDRs)
Additional Cumulative for-Sale Payment Convertible to
Capital Stock (Note 21) Paid-in Translation Investments Plan Retained Earnings (Note 21) Common Shares Noncontrolling
Common Preferred Capital Adjustments (Note 13) (Note 21) Appropriated Unappropriated (Note 21) Total Interests Total Equity
At December 31, 2013 (Audited) P

= 872,124 P
= 200,000 P
= 4,495,050 (P
= 270,632) P
= 121,766 P
= 34,349 P
= 16,200,000 P= 3,617,957 (P
= 1,164,146) P
= 24,106,468 P
= 1,816,289 P
= 25,922,757
Net income 626,693 626,693 (88,607) 538,086
Other comprehensive income (loss) 75,034 16,876 91,910 91,910
Total comprehensive income (loss) 75,034 16,876 626,693 718,603 (88,607) 629,996
Additional investment 35,878 35,878
Cash dividends declared (527,274) (527,274) (527,274)
Acquisitions of PDRs (79,571) (79,571) (79,571)
At March 31, 2014 (Unaudited) P
= 872,124 P
= 200,000 P
= 4,495,050 (P
= 195,598) P
= 138,642 P
= 34,349 P
= 16,200,000 P
= 3,717,376 (P
= 1,243,717) P
= 24,218,226 P
= 1,763,560 P
= 25,981,786
At December 31, 2012 =779,585

P =
P P679,069
= (P
=638,289) =126,676
P =28,952
P =8,300,000
P =11,047,893
P (P
=1,164,146) =19,159,740
P =2,359,132
P =21,518,872
P
Net income (loss) 507,712 507,712 (4,806) 502,906
Other comprehensive income 45,674 33,751 79,425 79,425
Total comprehensive income (loss) 45,674 33,751 507,712 587,137 (4,806) 582,331
Reversal of appropriation of retained
earnings (8,300,000) 8,300,000
Appropriation of retained earnings 16,200,000 (16,200,000)
Increase in noncontrolling interest 81,282 81,282
Issuance of preferred stock 200,000 200,000 200,000
At March 31, 2013 (Unaudited) =779,585
P =200,000
P =679,069
P (P
=592,615) =160,427
P =28,952
P =16,200,000
P =3,655,605
P (P
=1,164,146) =19,946,877
P =2,435,608
P =22,382,485
P
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax P
=641,867 =682,842
P
Adjustments for:
Depreciation and amortization (Notes 10 and 11) 695,055 735,785
Amortization of:
Program rights and other intangibles (Note 12) 285,444 510,415
Debt issue costs (Note 26) 46,056 6,476
Deferred charges (Note 24) 17,559 14,337
Interest expense (Note 26) 217,542 189,533
Interest income (Note 6) (28,304) (20,481)
Equity in net losses of associates and joint ventures
(Note 14) 2,873 14
Gain on sale of property and equipment (683) (839)
Net unrealized foreign exchange loss 20,508 45,445
Income before working capital changes 1,897,917 2,163,527
Provisions for:
Pension expense and other employee benefits (Note 28) 211,472 290,967
Doubtful accounts (Note 25) 107,270 107,358
Decrease (increase) in:
Trade and other receivables (807,285) (416,652)
Inventories (251,132) 2,439
Other current assets (190,026) (329,172)
Increase (decrease) in:
Trade and other payables 776,876 973,411
Other noncurrent liabilities (221,494) (131,379)
Obligations for program rights (69,970) 125,277
Contribution to pension plan (Note 28) (540)
Cash generated from operations 1,453,628 2,785,236
Income taxes paid (37,667) (255,579)
Net cash provided by operating activities 1,415,961 2,529,657
CASH FLOWS FROM INVESTING ACTIVITIES

Additions to:
Property and equipment (Note 10) (885,816) (747,435)
Program rights and other intangible assets (Notes 12 and 33) (294,427) (465,380)
Increase in other noncurrent assets (35,066) (585,815)
Interest received 30,942 24,750
Proceeds from sale of property and equipment 6,256 191,055
Net cash used in investing activities (1,178,111) (1,582,825)
(Forward)
-2-

2014 2013
CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from:
Long-term debt P
=6,927,599 =
P
Bank loans 850,000
Payments of:
Long-term debt (879,405)
Bank loans (400,000) (1,000,000)
Interest (171,787) (185,768)
Obligations under finance lease (6,760) (10,540)
Dividends (1,809)
Acquisition of Philippine depository receipts (Note 21) (79,571)
Proceeds from additional investment 35,878
Issuances of preferred shares (Note 21) 200,000
Net cash provided in (used by) financing activities 5,425,954 (148,117)
EFFECTS OF EXCHANGE RATE CHANGES

AND TRANSLATION ADJUSTMENTS
ON CASH AND CASH EQUIVALENTS 8,831 (45,445)
NET INCREASE IN CASH AND CASH EQUIVALENTS 5,672,635 753,270
CASH AND CASH EQUIVALENTS

AT BEGINNING OF YEAR 10,616,855 6,394,938
CASH AND CASH EQUIVALENTS

AT END OF YEAR (Note 6) P
=16,289,490 =7,148,208
P

NOTES TO INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
(Amounts in Thousands Unless Otherwise Specified)
1. Corporate Information
ABS-CBN Corporation (ABS-CBN or Parent Company) is incorporated in the Philippines on

July 11, 1946. On July 27, 1994, the Philippine Securities and Exchange Commission (SEC)
approved the extension of the corporate term of the Parent Company for another 50 years. The
Parent Companys core business is television and radio broadcasting. Its subsidiaries and
associates are involved in the following related businesses: cable and direct-to-home (DTH)
television distribution and telecommunications services overseas, movie production, audio
recording and distribution, video/audio post production and film distribution. Other activities of
the subsidiaries include merchandising, internet and mobile services and publishing.
In 2013, Capital International Private Equity Fund VI, L.P. (CIPEF) subscribed to P =2.5 billion
worth of new Philippine Depository Receipts (PDRs) issued by ABS-CBN Holdings Corporation
(ABS-CBN Holdings) which in turn subscribed to the same number of newly issued common
shares of the Parent Company. Lopez, Inc. also subscribed to 34,702,140 common shares and
987,130,246 preferred shares of the Parent Company in 2013. After the subscription, Lopez,
Inc.s economic interest in the Parent Company decreased to 56% while its voting rights increased
from 57% to 79% as of December 31, 2013 (see Note 21).
The common shares of ABS-CBN were listed beginning July 8, 1992 and have been traded in the
Philippine Stock Exchange (PSE) since then.
The registered office address of the Parent Company is ABS-CBN Broadcasting Centre, Sgt.
Esguerra Ave. corner Mother Ignacia Street, Quezon City.
2. Summary of Significant Accounting and Financial Reporting Policies
Basis of Preparation
The accompanying interim condensed financial statements of ABS-CBN and all its subsidiaries
(collectively referred to as the Company) have been prepared on a historical cost basis, except
for available-for-sale (AFS) investments that have been measured at fair value.
The interim condensed financial statements are presented in Philippine peso, which is the
functional and presentation currency of the Parent Company. All values are rounded to the nearest
thousand, except for number of shares, per share amounts and when otherwise indicated.
Statement of Compliance
The interim condensed financial statements of the Company were prepared in compliance with
Philippine Financial Reporting Standards (PFRS). PFRS includes statements named PFRS and
Philippine Accounting Standards (PAS) and Philippine Interpretations issued by the Financial
Reporting Standards Council (FRSC).
The interim condensed consolidated financial statements do not include all of the information and
disclosures required in the annual consolidated financial statements and should be read in
conjunction with the 2013 audited annual consolidated financial statements, comprising the
consolidated statements of financial position as at December 31, 2013, 2012 and January 1, 2012,
-2-
and the consolidated statements of income, consolidated statements of comprehensive income,

consolidated statements of changes in equity and consolidated statements of cash flows for the
years ended December 31, 2013, 2012 and 2011, issued on February 25, 2014 (referred to as the
2013 audited annual consolidated financial statements).
Changes in Accounting Policies and Disclosures

The accounting policies adopted in the preparation of the interim condensed consolidated financial
statements are consistent with those followed in the preparation of the Companys 2013 audited
annual consolidated financial statements.
Basis of Consolidation and Noncontrolling Interests

The consolidated financial statements include the financial statements of the Parent Company and
its subsidiaries as of March 31, 2014 and December 31, 2013.
The following is a list of the subsidiaries or companies, which ABS-CBN controls as of March 31,
2014 and December 31, 2013:
Effective Interest
Place of Functional March 31, December 31,
Company Incorporation Principal Activities Currency 2014 2013
TV and Studio Operations
Global:
ABS-CBN Global Ltd. Cayman Islands Holding company United States dollar 100.0 100.0
(ABS-CBN Global)(a) (j) (USD)
ABS-CBN Europe Ltd. United Kingdom Cable and satellite Great Britain pound 100.0 100.0
(ABS-CBN Europe)(b) (c) (j) programming services (GBP)
ABS-CBN Europe Remittance Inc.(d) (j) United Kingdom Services - money GBP 100.0 100.0
remittance
ABS-CBN Japan, Inc. Japan Cable and satellite Japanese yen (JPY) 100.0 100.0
(ABS- CBN Japan)(d) (j) programming services
ABS-CBN Middle East FZ-LLC Dubai, UAE Cable and satellite United Arab 100.0 100.0
(ABS-CBN Middle East)(b) (j) programming services Emirates dirham
(AED)
ABS-CBN Middle East LLC(b) (j) Dubai, UAE Trading AED 100.0 100.0
E-Money Plus, Inc.(b) Philippines Services - money Philippine peso 100.0 100.0
remittance
ABS-CBN Global Hungary Kft. Budapest, Hungary Holding company USD 100.0 100.0
(ABS-CBN Hungary)(j) (l)
ABS-CBN International, Inc. California, USA Cable and satellite USD 100.0 100.0
(ABS-CBN International)(j) (n) programming services
ABS-CBN Australia Pty. Ltd. Victoria, Australia Cable and satellite Australian dollar 100.0 100.0
(ABS-CBN Australia)(j) (k) programming services (AUD)
ABS-CBN Canada, ULC Canada Cable and satellite Canadian dollar 100.0 100.0
(ABS-CBN Canada)(j) (k) programming services (CAD)
ABS-CBN Global Remittance Inc.(j) (k) California, USA Services - money USD 100.0 100.0
remittance
ABS-CBN Telecom North America, California, USA Telecommunications USD 100.0 100.0
Inc.(j) (k)
ABS-CBN Canada Remittance Inc.(j) (n) Canada Services - money CAD 100.0 100.0
remittance
ABS-CBN Global Netherlands B.V. Amsterdam, Intermediate holding and Euro (EUR) 100.0 100.0
(ABS-CBN Netherlands)(j) (n) Netherlands financing company
Films and Music:
ABS-CBN Film Productions, Inc. Philippines Movie production Philippine peso 100.0 100.0
(ABS-CBN Films)
Star Recording, Inc. (Star Recording) (v) Philippines Audio and video Philippine peso 100.0 100.0
production and
distribution
Star Songs, Inc. (Star Songs) (v) Philippines Music publishing Philippine peso 100.0 100.0
Narrowcast and Sports:
ABS-CBN Publishing, Inc. Philippines Print publishing Philippine peso 100.0 100.0
(ABS-CBN Publishing)
Creative Programs, Inc. (CPI) Philippines Content development and Philippine peso 100.0 100.0
programming services
Studio 23, Inc. (Studio 23) Philippines Content development and Philippine peso 100.0 100.0
-3-
Effective Interest
Others:
ABS-CBN Center for Communication Philippines Educational/training Philippine peso 100.0 100.0
Arts, Inc.(e)
ABS-CBN Global Cargo Corporation(u) Philippines Non-vessel operations Philippine peso 100.0 100.0
common carrier
ABS-CBN Integrated and Strategic Philippines Real estate Philippine peso 100.0 100.0
Property Holdings, Inc.
ABS-CBN Interactive, Inc. Philippines Services - interactive mediaPhilippine peso 100.0 100.0
(ABS-CBN Interactive)
ABS-CBN Multimedia, Inc. Philippines Digital electronic content Philippine peso 100.0 100.0
(ABS-CBN Multimedia)(f) distribution
ABS-CBN Shared Service Center PTE. Singapore Services - support Singapore dollar 100.0 100.0
Ltd.(j) (m) (SGD)
iConnect Convergence, Inc. Philippines Services - call center Philippine peso 100.0 100.0
Professional Services for Television Philippines Services - production Philippine peso 100.0 100.0
& Radio, Inc.
Rosetta Holdings Corporation (RHC)(q) Philippines Holding company Philippine peso 100.0 100.0
Sarimanok News Network, Inc. Philippines Content development and Philippine peso 100.0 100.0
The Big Dipper Digital Content & Philippines Digital film archiving and Philippine peso 100.0 100.0
Design, Inc. (Big Dipper) central library, content
licensing and
transmission
TV Food Chefs, Inc. Philippines Services - restaurant and Philippine peso 100.0 100.0
food
Pay TV Networks
Sky Vision Corporation (Sky Vision) Philippines Holding company Philippine peso 75.0(x) 75.0(x)
Sky Cable Corporation (Sky Cable) Philippines Cable television services Philippine peso 57.4 57.4
(see Note 4)
Bisaya Cable Television Network, Philippines Cable television services Philippine peso 57.4 57.4
Inc.(h) (i)
Bright Moon Cable Networks, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
Cavite Cable Corporation(h) Philippines Cable television services Philippine peso 57.4 57.4
Cepsil Consultancy and Management Philippines Cable television services Philippine peso 57.4 57.4
Corporation(h)
Davao Cableworld Network, Inc.(h) (o) Philippines Cable television services Philippine peso 57.4 57.4
HM Cable Networks, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
HM CATV, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
Hotel Interactive Systems, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
Isla Cable TV, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
Moonsat Cable Television, Philippines Cable television services Philippine peso 57.4 57.4
Inc.(h) (o)
Pilipino Cable Corporation (PCC)(h) Philippines Cable television services Philippine peso 57.4 57.4
Satellite Cable TV, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
Sun Cable Holdings, Philippines Holding company Philippine peso 57.4 57.4
Incorporated (SCHI)(h)
Sun Cable Systems Davao, Philippines Cable television services Philippine peso 57.4 57.4
Inc.(h) (i)
Sunvision Cable, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
Tarlac Cable Television Network, Inc.(h) Philippines Cable television services Philippine peso 57.4 57.4
Telemondial Holdings, Inc.(h) (i) Philippines Holding company Philippine peso 57.4 57.4
JMY Advantage Corporation(h) Philippines Cable television services Philippine peso 54.6 54.6
Cebu Cable Television, Inc.(h) (o) (p) Philippines Cable television services Philippine peso 54.0 54.0
Suburban Cable Network, Inc.(h) Philippines Cable television services Philippine peso 53.0 53.0
Pacific CATV, Inc. (Pacific)(h) (o) (w) Philippines Cable television services Philippine peso 55.8 55.8
First Ilocandia CATV, Inc.(h) (o) Philippines Cable television services Philippine peso 52.2 52.2
Mactan CATV Network, Inc.(h) (o) (p) Philippines Cable television services Philippine peso 52.2 52.2
Discovery Mactan Cable, Inc.(h) (t) Philippines Cable television services Philippine peso 40.2 40.2
Home-Lipa Cable, Inc.(h) (t) Philippines Cable television services Philippine peso 34.4 34.4
New Businesses
ABS-CBN Theme Parks and Resorts Philippines Holding company Philippine peso 100.0 100.0
Holdings, Inc. (ABS-CBN Theme
Parks)
Play Innovations, Inc.(g) Philippines Theme park Philippine peso 73.0 73.0
Play Innovations Hungary Kft. Budapest, Hungary Theme park USD 73.0 73.0
(Play Innovations)(j) (g)
Sapientis Holdings Corporation Philippines Holding company Philippine peso 100.0 100.0
(Sapientis)
-4-
Effective Interest
Columbus Technologies, Inc. (CTI)(r) Philippines Holding company Philippine peso 70.0 70.0
(see Note 4)
ABS-CBN Convergence, Inc, Philippines Telecommunication Philippine peso 69.3 66.5
(ABS-C)(r) (s) (see Note 4)
(a)
With branches in the Philippines and Taiwan
(b)
Through ABS-CBN Global
(c)
With branches in Italy and Spain
(d)
Subsidiary of ABS-CBN Europe
(e)
Nonstock ownership interest
(f)
Through ABS-CBN Interactive
(g)
Through ABS-CBN Theme Parks
(h)
Through Sky Cable
(i)
Subsidiary of SCHI
(j)
Considered as foreign subsidiary
(k)
Subsidiary of ABS-CBN International
(l)
With a branch in Luxembourg
(m)
With a regional operating headquarters in the Philippines
(n)
Through ABS-CBN Hungary
(o)
Subsidiary of PCC
(p)
Through Pacific
(q)
On September 13, 2013, the Parent Company, as the assignee, entered into a Deed of Assignment with the subscribers of RHC, as
the assignor, whereby the assignor assign, transfer and convey in a manner absolute and irrevocable, and free and clear of all liens
and encumbrances, unto the assignee all their rights, title to and interest in their subscription of 250,000 shares with a par value of
=
P 1.00 per share, or a total par value of = P 250 thousand in RHC on which the amount of = P 63 thousand has been paid.
(r)
Through Sapientis
(s)
Subsidiary of CTI. ABS-CBNs effective interest increased in 2013 as a result of the conversion of CTIs deposits for stock
subscription into capital stock of ABS-C. The difference between the fair value of the consideration transferred and carrying value
of net assets of ABS-C amounting to = P 6 million was offset against Additional paid-in capital account in the equity section.
(t)
A subsidiary of Sky Cable where Sky Cable effectively owns more than 50% interest
(u)
In liquidation
(v)
On April 30, 2014, ABS-CBN Films filed an application with the SEC for the merger with Star Recording and Star Songs, with ABS-
CBN Films as surviving corporation.
(w)
PCC acquired additional interest in 2013. The difference between the fair value of the consideration transferred and carrying
value of net assets of Pacific amounting to = P 25 million was offset against Additional paid-in capital account in the equity
section.
(x) ABS-CBN has an economic interest of 24.8% in Sky Vision. In 2012, Lopez, Inc. executed a proxy in favor of ABS-CBN assigning
its voting rights in Sky Vision. As a result, ABS-CBN has a voting interest of 75.0% in Sky Vision. The proxy is coupled with interest
and irrevocable for five years renewable upon its expiration. Sky Vision is the holding company of Sky Cable, where the Parent
Company has an economic interest of 57.4%.
3. Material Noncontrolling Interests
Financial information of subsidiaries that have material noncontrolling interests is provided below.
Proportion of Equity Interest Held By Noncontrolling Interests

Place of 2014 2013
Company Incorporation (Unaudited) (Audited)
(Percentage)
Sky Cable Corporation
and Subsidiaries Philippines 42.6 42.6
-5-
Accumulated Balances of Material Noncontrolling Interests

2014 2013
Company (Unaudited) (Audited)
Sky Cable Corporation and Subsidiaries P
=1,958,257 =2,041,861
P
Net Income Attributable to Noncontrolling Interests

Company 2014 2013
Sky Cable Corporation and Subsidiaries P
=16,179 =40,364
P
The summarized financial information of Sky Cable is provided below. This information is based
on amounts before intercompany eliminations and after fair value adjustments.
Summarized Consolidated Statements of Financial Position

2014 2013
Cash and cash equivalents P
=1,279,162 =1,289,820
P
Other current assets 1,826,179 1,588,285
Goodwill 4,491,817 4,491,817
Trademarks 1,111,784 1,111,784
Customer relationships 458,238 463,523
Other noncurrent assets 8,613,077 8,429,890
Current liabilities (5,398,859) (4,915,003)
Noncurrent liabilities (4,590,611) (4,999,856)
Summarized Consolidated Statements of Comprehensive Income

2014 2013
Revenue P
=1,837,944 =1,697,246
P
Cost of services (1,229,103) (1,046,898)
General and administrative expenses (520,994) (501,973)
Finance costs (59,942) (58,293)
Other expenses - net 28,851 24,160
Income before income tax 56,756 114,242
Provision for income tax 15,642 34,788
Net income 41,114 79,454
Attributable to equity holders of the

Parent Company 42,678 77,744
Attributable to noncontrolling interests 1,564 (1,710)

-6-

2014 2013
Total comprehensive income 29,119
Attributable to equity holders of the Parent

Company 42,678 106,863
Attributable to noncontrolling interests 1,564 27,409
Summarized Consolidated Statements of Cash Flows

2014 2013
Operating P
=532,412 =457,475
P
Investing (503,447) (439,628)
Financing (39,256) (200,500)
4. Seasonality of Operations
The Companys operations are not general affected by any seasonality or cyclicality.
5. Segment Information
The Executive Committee, the Companys chief operating decision maker, monitors operating
results of its business segments separately for the purpose of making decisions about resource
allocation and performance assessment. Segment performance is evaluated based on operating
profit or loss and is measured consistently with operating profit and loss in the interim condensed
consolidated financial statements.
On a consolidated basis, the Companys performance is evaluated based on consolidated net

income for the year, core net income, earnings before interest, taxes and depreciation and
amortization (EBITDA) and EBITDA margin. EBITDA margin pertains to EBITDA divided by
gross revenues.
Core net income for the year is measured as consolidated net income before adjustments required
under PFRS 3 arising from the acquisition of Sky Cable which relate to the amortization of
customer relationships and depreciation and amortization of fair value increase in property and
equipment, gain on acquisition and exchange of debt and elimination of interest income pertaining
to the accretion of receivable, net of related tax effect.
EBITDA, EBITDA margin and core net income are non-PFRS measures.
-7-
The following table shows the reconciliation of the core net income to consolidated net income for
the three months ended March 31, 2014 and 2013:

2014 2013
Core net income P
=544,217 =509,037
P
PFRS 3 adjustments:
Depreciation and amortization (7,191) (7,191)
Amortization of customer relationships
(see Note 12) (1,567) (1,567)
Income tax effect 2,627 2,627
Consolidated net income P
=538,086 =502,906
P
The following table shows the reconciliation of the consolidated EBITDA to consolidated net
income for three months ended March 31, 2014 and 2013:

2014 2013
Consolidated EBITDA P
=1,764,081 =1,899,964
P
Depreciation and amortization (695,055) (735,785)
Amortization of intangible assets* (191,865) (305,809)
Finance costs** (263,598) (196,009)
Interest income 28,304 20,481
Provision for income tax (103,781) (179,936)
Consolidated net income P
=538,086 =502,906
P
** Excluding amortization of movie in-process and filmed entertainment and story, video and publication and
record master
** Excluding bank service charges
-8-
Business Segment Data

The following tables present revenue and income information for the three months ended March 31, 2014 and 2013 and certain asset and liability information
as of March 31, 2014 and December 31, 2013 regarding business segments:
TV and Studio Operations Pay TV Networks New Businesses Eliminations Consolidated
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
Revenue
External sales P
= 6,271,332 =6,124,045
P P
= 1,837,944 =1,697,246
P P
= 112,017 =140,436
P =
P =
P P
= 8,221,293 =7,961,727
P
Inter-segment sales 869,602 483,314 2,534 (872,136) (483,314)
Revenue deductions (33,876) (42,309) (6,929) 10,185 5,939 (30,620) (36,370)
Total revenue P
= 7,107,058 =6,565,050
P P
= 1,840,478 =1,697,246
P P
= 105,088 =140,436
P (P
= 861,951) (P
=477,375) P
= 8,190,673 =7,925,357
P
Results
Operating results P
= 1,132,879 P693,857
= P
= 87,847 =148,375
P (P
= 529,691) (P
=194,577) P
= 87,917 =67,443
P P
= 778,952 P715,098
=
Finance costs (206,329) (138,148) (59,942) (58,293) (34) (5,644) 19 (266,305) (202,066)
Foreign exchange gains (losses) - net 22,661 34,049 (3,576) 1,716 379 3,483 (28,046) 9,514 (8,582) 48,762
Interest income 26,192 14,628 1,922 5,866 190 6 (19) 28,304 20,481
Equity in net losses of associates and joint ventures (2,873) (14) (2,873) (14)
Other income - net 220,203 221,800 30,505 16,578 (1,917) (1,986) (136,420) (135,811) 112,371 100,581
Income tax (223,123) (150,173) (15,642) (34,788) 134,984 5,025 (103,781) (179,936)
Net income P
= 969,610 =675,999
P P
= 41,114 =79,454
P (P
= 396,089) (P
=193,693) (P
= 76,549) (P
=58,854) P
= 538,086 =502,906
P
Core Net Income P

= 544,217 =509,037
P
EBITDA P
= 1,764,081 =1,899,964
P
EBITDA Margin 22% 24%
Assets and Liabilities

Operating assets P
= 48,451,046 =41,784,551
P P
= 16,782,139 =16,373,444
P P
= 1,912,377 =1,774,615
P (P
= 4,403,287) (P
=4,299,549) P
= 62,742,275 =55,633,061
P
Investments in associates and joint ventures 16,579,439 15,934,999 (16,415,721) (15,768,408) 163,718 166,591
Deferred tax assets net 1,286,145 1,282,929 758,195 738,897 182,767 181,364 (10,761) (10,761) 2,216,346 2,192,429
Total assets P
= 66,316,630 =59,002,479
P P
= 17,540,334 =17,112,341
P P
= 2,095,144 =1,955,979
P (P
= 20,829,769) (P
=20,078,718) P
= 65,122,339 =57,992,081
P
Operating liabilities P
= 13,026,244 =12,145,518
P P
= 5,545,388 =5,155,948
P P
= 1,524,422 =1,219,951
P (P
= 1,478,871) (P
=1,431,941) P
= 18,617,183 =17,089,476
P
Interest-bearing loans and borrowings 16,560,288 10,847,444 3,738,311 3,739,347 20,298,599 14,586,791
Deferred tax liabilities - net 138,271 299,798 138,271 299,798
Obligations under finance lease 75,967 82,050 10,533 11,209 86,500 93,259
Total liabilities P
= 29,662,499 =23,075,012
P P
= 9,294,232 =8,906,504
P P
= 1,662,693 =1,519,749
P (P
= 1,478,871) (P
=1,431,941) P
= 39,140,553 =32,069,324
P
Other Segment Information

Capital expenditures:
Property and equipment P
= 296,979 =1,112,243
P P
= 496,915 =1,715,255
P P
= 91,922 =900,172
P =
P =
P P
= 885,816 =3,727,670
P
Intangible assets 375,201 1,938,059 42,777 375,201 1,980,836
Depreciation and amortization 805,532 3,517,926 301,132 1,089,035 33,609 122,778 (159,774) (584,729) 980,499 4,145,010
Noncash expenses other than
depreciation and amortization 53,849 13,302 76,437 88,754 23,040 11,778 153,326 113,834
-9-
Geographical Segment Data

The following tables present revenue and expenditure for the three months ended March 31, 2014 and 2013 and certain asset information regarding
geographical segments as of March 31, 2014 and December 31, 2013:
Philippines United States Others Eliminations Consolidated
2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
Revenue
External sales P
= 6,865,196 =6,857,458
P P
= 960,677 =785,040
P P
= 395,420 =319,229
P =
P =
P P
= 8,221,293 =7,961,727
P
Inter-segment sales 872,136 483,314 (872,136) (483,314)
Revenue deductions (40,805) (42,309) 10,185 5,939 (30,620) (36,370)
Total revenue P
= 7,696,527 =7,298,463
P P
= 960,677 =785,040
P P
= 395,420 =319,229
P (P
= 861,951) (P
=477,375) P
= 8,190,673 =7,925,357
P
Assets
Operating assets P
= 59,373,739 =52,585,900
P P
= 2,454,657 =2,656,700
P P
= 5,317,166 =4,690,010
P (P
= 4,403,287) (P
=4,299,549) P
= 62,742,275 =55,633,061
P
Investments in associates and joint ventures 16,579,439 15,934,999 (16,415,721) (15,768,408) 163,718 166,591
Deferred tax assets - net 2,101,654 2,067,641 125,453 116,842 18,707 (10,761) (10,761) 2,216,346 2,192,429
Total assets P
= 78,054,832 =70,588,540
P P
= 2,580,110 =2,773,542
P P
= 5,317,166 =4,708,717
P (P
= 20,829,769) (P
=20,078,718) P
= 65,122,339 =57,992,081
P
Liabilities
Operating liabilities P
= 18,425,158 =17,014,915
P P
= 719,259 =685,490
P P
= 951,637 =821,012
P (P
= 1,478,871) (P
=1,431,941) P
= 18,617,183 =17,089,476
P
Interest-bearing loans and borrowings 20,259,520 14,547,657 39,079 39,134 20,298,599 14,586,791
Deferred tax liabilities - net 138,271 299,798 138,271 299,798
Obligations under finance lease 86,500 93,259 86,500 93,259
Total liabilities P
= 38,909,449 =31,955,629
P P
= 758,338 =724,624
P P
= 951,637 =821,012
P (P
= 1,478,871) (P
=1,431,941) P
= 39,140,553 =32,069,324
P
Other Segment Information

Capital expenditures:
Property and equipment P
= 868,357 =3,616,665
P P
= 7,176 =48,396
P P
= 10,283 =62,609
P =
P =
P P
= 885,816 =3,727,670
P
Intangible assets 375,201 1,980,836 375,201 1,980,836
- 10 -
6. Cash and Cash Equivalents

2014 2013
Cash on hand and in banks P
=13,831,348 =6,159,544
P
Cash equivalents 2,458,142 4,457,311
P
=16,289,490 =10,616,855
P
Cash in banks earn interest at the respective bank deposit rates. Cash equivalents are short-term
placements, which are made for varying periods of up to three months depending on the
immediate cash requirements of the Company, and earn interest at the respective short-term
placement rates.
Interest earned from cash and cash equivalents amounted to P

=28 million and P
=20 million for the
three months ended March 31, 2014 and 2013, respectively.
7. Trade and Other Receivables

2014 2013
Trade:
Airtime P
=5,419,848 =5,130,100
P
Subscriptions 2,145,001 1,789,349
Others 1,695,169 1,630,346
Due from related parties (see Note 22) 532,001 464,983
Advances to employees and talents (see Note 22) 272,231 298,984
Others 378,412 346,660
10,442,662 9,660,422
Less allowance for doubtful accounts 1,430,311 1,326,661
P
=9,012,351 =8,333,761
P
Movements in the allowance for doubtful accounts are as follows:
Trade
Airtime Subscriptions Others Nontrade Total
Balance at January 1, 2013 =548,849
P =274,329
P =107,024
P =51,184
P =981,386
P
Provisions 14,147 323,000 90,912 4,035 432,094
Write-offs and others (6,075) (47,043) (5,810) (27,891) (86,819)
Balance at December 31, 2013 556,921 550,286 192,126 27,328 1,326,661
Provisions (see Note 25) 2,571 74,156 29,018 1,525 107,270
Write-offs and others 1,323 (8,171) 16 3,212 (3,620)
Balance at March 31, 2014 =560,815
P =616,271
P =221,160
P =32,065 =
P P1,430,311
- 11 -
The aging analysis of the unbilled airtime and subscription receivables follows:

2014 2013
Less than 30 days P
=1,102,995 =966,325
P
31 to 60 days 29,141 27,530
P
=1,132,136 =993,855
P
8. Inventories

2014 2013
At net realizable value:
Merchandise inventory P
=472,696 =195,291
P
Materials, supplies and spare parts 29,369 62,189
At cost -
Office supplies 7,767 7,741
P
=509,832 =265,221
P
Inventory losses amounted to P=15 million and P=2 million for the three months ended March 31,
2014 and 2013, respectively (see Note 25). The cost of inventories carried at net realizable value
amounted to P=652 million and P=402 million as of March 31, 2014 and December 31, 2013,
respectively. Inventory costs, recognized under Cost of sales and services, amounted to
=26 million and P
P =39 million for the three months ended March 31, 2014 and 2013, respectively
(see Note 24).
9. Other Current Assets

2014 2013
Creditable withholding and prepaid taxes P
=1,586,018 =1,570,697
P
Advances to suppliers 496,826 539,701
Preproduction expenses 413,310 375,475
Prepaid rent 122,767 45,512
Prepaid insurance 46,146 20,173
Other prepayments 318,546 230,107
P
=2,983,613 =2,781,665
P
Other prepayments mainly pertain to transponder services, license fees, membership dues and
advertisement.
- 12 -
10. Property and Equipment
March 31, 2014 (Unaudited - Three Months)

Towers,
Transmission,
Television,
Land Buildings Radio, Movie,
and Land and and Auxiliary Other Construction
Improvements Improvements Equipment Equipment in Progress Total
Cost
Balance at beginning of period P
=702,942 P
=10,942,592 P
=16,985,422 P
=9,946,047 P
=1,481,963 P
=40,058,966
Additions 25,413 4,745 524,619 108,790 222,249 885,816
Disposals/retirements (33,382) (12,728) (46,110)
Reclassifications 29,088 10,143 31,503 (70,734)
Translation adjustments 753 1,973 3,542 11,436 285 17,989
Balance at end of period 729,108 10,978,398 17,490,344 10,085,048 1,633,763 40,916,661
Accumulated Depreciation and
Amortization
Balance at beginning of period 16,365 5,494,287 9,276,082 6,736,327 21,523,061
Depreciation and amortization
(see Notes 23, 24 and 25) 999 117,959 409,074 166,738 694,770
Disposals/retirements (28,396) (12,141) (40,537)
Reclassifications 18 (18)
Translation adjustments 146 1,608 6,398 (168) 7,984
Balance at end of period 17,510 5,613,854 9,663,176 6,890,738 22,185,278
Net Book Value P
=711,598 P
=5,364,544 P
=7,827,168 P
=3,194,310 P
=1,633,763 P
=18,731,383
December 31, 2013 (Audited - One Year)

Towers,
Transmission,
Television,
Land Buildings Radio, Movie,
and Land and and Auxiliary Other Construction
Improvements Improvements Equipment Equipment in Progress Total
Cost
Balance at beginning of year =636,808
P =10,713,747
P =14,628,588
P =9,775,900
P =994,975
P =36,750,018
P
Additions 166,439 32,044 1,746,585 566,852 1,215,750 3,727,670
Transfer to investment properties
(see Note 11) (135,927) (135,927)
Disposals/retirements (2,937) (201,620) (194,698) (399,255)
Reclassifications 29,699 186,617 785,084 (268,603) (732,797)
Translation adjustments 5,923 13,121 26,785 66,596 4,035 116,460
Balance at end of year 702,942 10,942,592 16,985,422 9,946,047 1,481,963 40,058,966
Accumulated Depreciation and
Amortization
Balance at beginning of year 9,569 4,996,969 7,426,980 6,646,787 19,080,305
Depreciation and amortization
(see Notes 23, 24 and 25) 6,790 489,041 1,595,556 621,732 2,713,119
Disposals/retirements (2,500) (173,789) (192,649) (368,938)
Reclassifications 403,784 (403,784)
Translation adjustments 6 10,777 23,551 64,241 98,575
Balance at end of year 16,365 5,494,287 9,276,082 6,736,327 21,523,061
Net Book Value =686,577
P =5,448,305
P =7,709,340
P =3,209,720
P =1,481,963
P =18,535,905
P
Certain property and equipment of Sky Cable and PCC with a carrying value of P =492 million as of
December 31, 2009 were pledged as collateral to secure the long-term debt of Sky Cable. On
October 26, 2010, the loans were fully paid. As of March 31, 2014, the release of security interest
on the pledged properties is still in process.
Certain property and equipment with cost amounting to P

=15,888 million and P
=15,044 million as of
March 31, 2014 and December 31, 2013, respectively, were fully depreciated but are still being
used by the Company.
- 13 -
Unamortized borrowing costs capitalized as part of property and equipment amounted to

=735 million and P
P =742 million as of March 31, 2014 and December 31, 2013, respectively.
Property and equipment includes the following amounts where the Company is a lessee under a
finance lease (see Note 29):

2014 2013
Cost capitalized under finance lease P
=503,989 =504,482
P
Accumulated depreciation (407,961) (405,655)
Net book value P
=96,028 =98,827
P
11. Investment Properties
Cost and related accumulated depreciation of investment properties are as follows:

Land Building Total
Cost:
=167,004 P
=35,797 P
=202,801
Translation adjustments 340 294 634
Balance at end of period 167,344 36,091 203,435
Accumulated depreciation:
Balance at beginning of period 5,885 5,885
Depreciation (see Note 25) 285 285
Translation adjustments 55 55
Balance at end of period 6,225 6,225
Net book value P
=167,344 P
=29,866 P
=197,210

Land Building Total
Cost:
Balance at beginning of year =28,735
P =28,735
P =57,470
P
Transfer from property and
equipment (see Note 10) 135,927 135,927
Additions 4,720 4,720
Translation adjustments 2,342 2,342 4,684
Balance at end of year 167,004 35,797 202,801
Accumulated depreciation:
Balance at beginning of year 4,397 4,397
Depreciation (see Note 25) 1,080 1,080
Translation adjustments 408 408
Balance at end of year 5,885 5,885
Net book value =167,004
P =29,912
P =196,916
P
In May 2013, the Parent Company transferred land with a carrying value of P =136 million from
property and equipment to investment properties as it intends to hold the land for capital
appreciation (see Note 10).
As of March 31, 2014 and December 31, 2013, management believes that the carrying value of
investment properties amounting to P
=141 million approximates its fair value.
- 14 -
Land and building with carrying value of P=57 million and P =56 million as of March 31, 2014 and
December 31, 2013, respectively, pertain to a parcel of land purchased by ABS-CBN
International, with a two-storey house constructed thereon, located in Redwood City, California,
USA. The real property which was acquired in July 2008 at a purchase price of US$1.4 million
(P
=67 million) was intended to be held by ABS-CBN International as investment properties. To
fund the acquisition, ABS-CBN International obtained a loan from Citibank, North America
amounting to US$1 million (P =50 million) for which the property was pledged as collateral
(see Note 18). As of March 31, 2014 and December 31, 2013, the fair market value of land and
building, which is based on market price of similar properties within the area, amounted to
=65 million. The fair value of the investment properties is categorized under Level 3 of the fair
P
value hierarchy as the market for the identical or similar properties is not active.
Rental income derived from the investment properties amounted to P

=798 thousand and
=727 thousand for the three months ended March 31, 2014 and 2013, respectively. Direct
P
operating expenses, which consist mainly of depreciation, amounted to P
=285 thousand and P
=259
thousand for the three months ended March 31, 2014 and 2013, respectively.
- 15 -
12. Program Rights and Other Intangible Assets

Story,
Movie Video and Production and
In-Process Publication Cable Distribution
Program and Filmed and Record Customer Channels - Business -
Rights Music Rights Entertainment Master Trademarks Licenses Relationships CPI Middle East Total
=3,016,561 P
=138,758 P
=494,726 P
=11,630 P
=1,111,784 P
=1,005,715 P
=502,522 P
=459,968 P
=73,500 P
=6,815,164
Additions 266,940 107,525 736 375,201
Amortization (see Notes 23, 24 and 25) (174,168) (1,484) (91,806) (1,773) (528) (14,284) (1,401) (285,444)
Translation adjustments 210 697 907
Balance at end of period 3,109,333 137,274 510,445 10,593 1,111,784 1,005,397 488,238 459,968 72,796 6,905,828
Less current portion 716,060 137,274 25,323 4,896 883,553
Noncurrent portion P
=2,393,273 =
P P
=485,122 P
=5,697 P
=1,111,784 P
=1,005,397 P
=488,238 P
=459,968 P
=72,796 P
=6,022,275

Movie Story, Production and
In-Process Video and Cable Distribution
Program and Filmed Publication and Customer Channels - Business -
Rights Music Rights Entertainment Record Master Trademarks Licenses Relationships CPI Middle East Total
Balance at beginning of year =2,634,785
P =143,682
P =301,499
P =9,860
P =1,111,784
P =965,049
P =559,660
P =459,968
P =73,140
P =6,259,427
P
Additions 1,383,218 1,000 546,368 7,473 42,777 1,980,836
Amortization (see Notes 23, 24 and 25) (1,001,442) (5,924) (353,141) (5,703) (2,111) (57,138) (5,352) (1,430,811)
Translation adjustments 5,712 5,712
Balance at end of year 3,016,561 138,758 494,726 11,630 1,111,784 1,005,715 502,522 459,968 73,500 6,815,164
Less current portion 1,174,274 138,758 67,007 5,933 1,385,972
Noncurrent portion =1,842,287
P =
P =427,719
P =5,697
P =1,111,784
P =1,005,715
P =502,522
P =459,968
P =73,500
P =5,429,192
P
Costs and related accumulated amortization of other intangible assets with finite life (except cable channels) are as follows:
March 31, 2014 (Unaudited) December 31, 2013 (Audited)
Production and Production and
Cable Distribution Cable Distribution
Customer Channels - Business - Customer Channels - Business -
Licenses Relationships CPI Middle East Total Licenses Relationships CPI Middle East Total
Cost P
=42,777 P
=612,940 P
=574,960 P
=212,358 P
=1,400,258 =42,777
P =612,940
P =574,960
P =212,358
P =1,443,035
P
Accumulated amortization (2,429) (124,702)) (114,992) (139,562) (379,256) (2,111) (110,418) (114,992) (138,858) (366,379)
Net book value 40,348 P
=488,238 P
=459,968 P
=72,796 P
=1,021,002 =40,666
P =502,522
P =459,968
P =73,500
P =1,076,656
P
13. Available-for-Sale Investments

2014 2013
Balance at beginning of year P
=219,191 =224,101
P
Unrealized fair value gain (loss) on AFS investments 16,876 (4,910)
Balance at end of year P
=236,067 =219,191
P
The unrealized fair value gain on AFS investments amounting to P

=17 million and P
=34 million for
the three months ended March 31, 2014 and 2013, respectively, were recognized in OCI.
14. Investments in Associates and Joint Ventures
The following are the associate and joint ventures of the Company with remaining carrying value
as of March 31, 2014 and December 31, 2013:

2014 2013
Entity Principal Activities (Unaudited) (Audited)
Percentage of Ownership
Associate
Amcara Broadcasting Network, Incorporated
(Amcara) Services 49.0 49.0
Joint Ventures
A CJ O Shopping Corporation (A CJ O) Home shopping 50.0 50.0
ALA Sports Promotions International, Inc.
(ALA Sports) Boxing promotions 44.0 44.0
Details and movement in the account are as follows:

2014 2013
Acquisition costs:
=699,490 =561,528
P
Additions 137,962
Balance at end of year 699,490 699,490
Accumulated equity in net losses:
Balance at beginning of year (532,899) (520,502)
Equity in net losses during the year (2,873) (12,397)
Balance at end of year (535,772) (532,899)
P
=163,718 =166,591
P
Investments in:
Joint ventures P
=122,734 =125,600
P
Associates 40,984 40,991
P
=163,718 =166,591
P
All the associates and joint ventures are incorporated in the Philippines. The associates and joint
ventures have no contingent liabilities or capital commitments as of March 31, 2014 and
December 31, 2013.
Condensed financial information of the joint ventures follows:

2014 2013
Current assets P
=316,262 =294,363
P
Noncurrent assets 13,344 18,006
Current liabilities (95,192) (72,223)
Net equity P
=234,414 =240,146
P

2014 2013
Revenue P
=118,465 =
P
Costs and expenses (124,001)
Net loss (P
=5,536) =
P
Below is the reconciliation of the summarized financial information of the joint venture to the
carrying amount of the Parent Companys investments therein:

2014 2013
Net assets of A CJ O P
=185,468 =191,200
P
Interest of the Parent Company in the
net assets of A CJ O 50% 50%
92,734 95,600
Initial investment in ALA Sports 30,000 30,000
Carrying amount of investments in joint ventures P
=122,734 =125,600
P
a. Investments in Associates
As of March 31, 2014 and December 31, 2013, the remaining carrying value of investments in
associates pertains to Amcara. Investment in the other associate, Star Cinema Productions,
Inc., has been reduced to zero due to accumulated equity in net losses. The net cumulative
unrecognized net losses amounted to P =17 million as of March 31, 2014 and December 31,
2013.
Condensed financial information of the associates follows:

2014 2013
Current assets P
=24,454 =24,652
P
Noncurrent assets 208,595 208,887
Current liabilities (149,408) (149,883)
Net equity P
=83,641 =83,656
P

2014 2013
Revenue P
=8,517 =7,094
P
Costs and expenses (8,532) (7,094)
Net loss (P
=15) =
P
Below is the reconciliation of the summarized financial information of the associates to the
carrying amount of the Parent Companys investment therein:

2014 2013
Net assets of associates P
=83,641 =83,656
P
Interest of the Parent Company in the net assets of
the associates 49% 49%
Carrying amount of investments in associates P
=40,984 =40,991
P
15. Other Noncurrent Assets

2014 2013
Tax credits with TCCs - net P
=2,039,723 =2,046,069
P
Deposits and bonds 175,485 168,271
Deferred charges 171,227 186,775
Others 199,640 178,918
P
=2,586,075 =2,580,033
P
Amortization of deferred charges amounted to P

=18 million and P
=14 million as of March 31, 2014
and 2013, respectively (see Note 24).
16. Goodwill
Analysis of movement in goodwill follows:

2014 2013
=5,288,350 =5,291,873
P
Impairment loss (see Note 25) (20,061)
Translation adjustment 2,076 16,538
Balance at end of year P
=5,290,426 =5,288,350
P
Goodwill arose from the following acquisitions and business combination:

2014 2013
Sky Cable P
=4,491,817 =4,491,817
P
CTI and ABS-C 567,836 567,836
ABS-CBN International 221,572 219,496
Sapientis 9,201 9,201
P
=5,290,426 =5,288,350
P
17. Trade and Other Payables

2014 2013
Trade P
=2,041,136 =1,929,302
P
Accrued expenses:
Production costs and other expenses 4,308,620 4,137,246
Salaries and other employee benefits
(see Note 28) 2,022,357 1,734,725
Taxes 1,141,792 1,130,477
Interest 311,089 269,830
Deferred revenue 1,535,379 1,209,093
Dividend payable 684,971 161,835
Installment payable 280,659 278,029
Due to related parties (see Note 22) 95,125 210,606
Others 453,836 270,863
P
=12,874,964 =11,332,006
P
18. Interest-bearing Loans and Borrowings

Current Noncurrent Current Noncurrent
Borrower Portion Portion Total Portion Portion Total
Parent Company P
=82,483 P
=16,514,693 P
=16,597,176 =1,307,204
P =9,583,156
P =10,890,360
P
Sky Cable 32,877 2,927,693 2,960,570 29,588 2,930,906 2,960,494
PCC 6,000 782,274 788,274 6,956 783,105 790,061
ABS-CBN International 1,313 37,766 39,079 1,723 37,412 39,135
P
=122,673 P
=20,262,426 P
=20,385,099 =1,345,471
P =13,334,579
P =14,680,050
P
Parent Company
The details of interest-bearing loans and borrowings of the Parent Company are as follows:

Portion Portion Total Portion Portion Total
Bank loans =
P =
P =
P =400,000
P =
P =400,000
P
Term loans:
Loan agreement 58,849 10,534,761 10,593,610 75,077 9,525,060 9,600,137
Bonds payable 5,927,599 5,927,599
Syndicated loans 808,173 808,173
Obligations under finance lease
(see Note 30) 23,634 52,333 75,967 23,954 58,096 82,050
P
=82,483 P
=16,514,693 P
=16,597,176 =1,307,204
P =9,583,156
P =10,890,360
P
Bonds Payable. On January 23, 2014, the Philippine SEC approved the Parent Companys
offering of debt securities in the aggregate principal amount of up to P=10 billion to be issued in
one or two tranches as approved by the BOD on November 29, 2013. The first tranche comprised
of fixed rate bonds amounting to P =5 billion and an overallotment option of P=1 billion (collectively
the Bonds).
On February 10, 2014 ABS-CBN Corporation issued fixed rate bonds amounting to
=6.0 billion with Banco de Oro (BDO) Capital & Investment Corporation, Bank of the Philippine
P
Islands (BPI) Capital and Hongkong and Shanghai Banking Corporation as joint-issue managers.
The bond has a term of seven years with a fixed interest rate of 5.335% p.a.. Interest on the bonds
shall be payable quarterly in arrears starting on May 10, 2014 for the first Interest Payment Date.
On the same date, the Parent Company listed the P
=6 billion worth of retail bonds in the Philippine
Dealing and Exchange Corporation. The Bonds had been rated PRS Aaa by the Philippine Rating
Services Corporation on December 27, 2013.
Loan Agreement. On January 30, 2014, the BOD approved the refinancing of the Parents
Companys outstanding obligation under its existing P
=1,650 billion loan with Security Bank
Corporation (Security Bank) and Philippine National Bank.
On February 28, 2014, ABS-CBN secured the loan with term of four years with fixed rate
equivalent to 4.25% p.a. The loan is intended to refinance existing indebtedness and fund working
capital requirements.
On March 7, 2014, ABS-CBN secured a P =1 billion loan with Philippine American Life and
General Insurance Company to partially finance the Borrowers capital expenditure requirements
and general working capital purposes. The loan has a term of ten years and a fixed rate of 5.40%
p.a..
As of March 31, 2014, the Parent Company is in compliance with the provisions of this facility.
Syndicated Loans. The P =854 million syndicated loan facility contains provisions regarding the
maintenance of certain financial ratios and limiting, among others, the incurrence of additional
debt, the payment of dividends, making investments, the issuing or selling of the Parent
Companys capital stock or some of its subsidiaries, the selling or exchange of assets, creation of
liens and effecting mergers. The Company prepaid the loan on March 7, 2014.
Details of unamortized debt issue cost, presented as a deduction from the Parent Companys
long-term debt, are as follows:

2014 2013
Debt discount =
P =40,108
P
Transaction costs 107,390 104,081
P
=107,390 =144,189
P
Amortization of debt issue costs are as follows (see Note 26):

(Unaudited)
2014 2013
Debt discount (charged to interest expense) P
=40,108 =12,214
P
P
=53,815 =16,479
P
Schedule of Maturities and Repayments. Repayments of long-term debt based on nominal values
are scheduled as follows:
Year Amount
2014 P
=83000
2015 83,000
2016 83,000
2017 and onwards 10,452,000
P
=10,701,000
Sky Cable
The details of interest-bearing loans and borrowings of the Sky Cable are as follows:

Portion Portion Total Portion Portion Total
Bank loans P
=30,000 P
=2,920,037 P
=2,950,037 =26,781
P =2,922,504
P =2,949,285
P
Obligations under finance lease
(see Note 29) 2,877 7,656 10,533 2,807 8,402 11,209
P
=32,877 P
=2,927,693 P
=2,960,570 =29,588
P =2,930,906
P =2,960,494
P
The loan agreements provided for certain requirements and restrictions with respect to, among
others, the use of the proceeds, maintenance of certain financial ratios, incurrence of additional
debt, sale or lease of all or substantially all of Sky Cables assets, declaration of cash dividends or
enter into merger or consolidation, except where Sky Cable is the surviving entity and it does not
result to a change in control. As of March 31, 2014 and December 31, 2013, Sky Cable is in
compliance with the provisions and all of the financial ratios required by its creditors in the
agreement.
Amortization of debt issue costs amounted to about P

=965 thousand and P
=487 thousand for the
three months ended March 31, 2014 and 2013, respectively (see Note 27).
The schedule of debt repayment based on nominal values is as follows:
Year Amount
2014 P
=30,000
2015 30,000
2016 30,000
2017 960,000
2018 and onwards 1,920,000
P
=2,970,000
PCC
Omnibus Notes Facility and Security Agreement. This loan is supported by deed of pledge
executed by Sky Cable and the Continuing Suretyship Agreement executed by Sky Vision. It is
payable in quarterly installments commencing on July 16, 2013 with a maturity on April 1, 2019.
The agreement provided for certain requirements and restrictions with respect to, among others,
the use of the proceeds, maintenance of certain financial ratios, incurrence of additional debt, sale
or lease of all or substantially all of PCCs assets, declaration of cash dividends or enter into
merger or consolidation, except where PCC is the surviving entity and it does not result to a
change in control. As of March 31, 2014, PCC is in compliance with the provisions and all of the
financial ratios required by its creditors in the agreement.
Amortization of debt issue costs amounted to about P

=1 million in 2013 and 2012 (see Note 26).
The schedule of debt repayment of the loan is as follows:
Year Amount
2014 P
=6,000
2015 8,000
2016 8,000
2017 8,000
2018 onwards 764,000
P
=794,000
ABS-CBN International
The investment property acquired for which the loan was availed was pledged as collateral
(see Note 11).
The schedule of debt repayment is as follows:
Year Amount
2014 P
=1,313
2015 1,841
2016 1,950
2017 2,065
20182028 31,910
P
=39,079
19. Obligations for Program Rights
The amounts presented in the consolidated statements of financial position represent the face
amounts of the obligations, net of unamortized discounts, which represent the difference between
the face amounts and the fair values of the obligations upon initial recognition. Unamortized
discounts amounted to P=45 million and P =49 million as of March 31, 2014 and December 31, 2013,
respectively.
The schedule of repayments is as follows:
Year Amount
Within one year P375,541
=
More than one year to five years 325,373
=700,914
P
20. Other Noncurrent Liabilities

2014 2013
Customers deposits P
=284,783 =241,961
P
Deferred credits 60,101 62,730
Asset retirement obligation 1,464 1,464
Others 21,214 96,617
P
=367,562 =402,772
P
21. Equity
Capital Stock
Details of authorized and issued capital stock as of March 31, 2014 and December 31, 2013 are as
follows:
Number of Number of
Shares Amount Shares Amount
(Amounts in Thousands, Except Number of Shares)
Common Shares - P =1.0 par value
Authorized:
Balance at beginning of year 1,300,000,000 P
=1,300,000 1,500,000,000 =1,500,000
P
Reclassification to preferred shares (200,000,000) (200,000)
Balance at end of year 1,300,000,000 P
=1,300,000 1,300,000,000 =1,300,000
P
Issued:
Balance at beginning of year 872,123,642 P
=872,124 779,584,602 =779,585
P
Issuances 92,539,040 92,539
Balance at end of year 872,123,642 P
=872,124 872,123,642 =872,124
P

Number of Number of
Shares Amount Shares Amount
(Amounts in Thousands, Except Number of Shares)
Preferred Shares - P
=0.2 par value
Authorized:
=200,000 =
P
Reclassification from common
shares 1,000,000,000 200,000
=200,000 1,000,000,000 =200,000
P
Issued:
=200,000 =
P
Issuances 1,000,000,000 200,000
=200,000 1,000,000,000 =200,000
P
Below are the Parent Companys track record of the registration of securities:
Date of SEC Order
Rendered Effective or Authorized Issue
Permit to Sell Event Capital Stock Issued Shares Price
Registered and Listed Shares
(Original Shares) =200,000
P 111,327,200 P1.00
=
March 31, 1992 Initial Public Offering (Primary) 200,000 12,428,378 15.00
Secondary * 200,000 18,510,517 15.00
ESOP* 200,000 1,403,500 15.00
June 16, 1993 40% stock dividends 200,000 49,502,074 1.00
August 18, 1994 50% stock dividends 500,000 86,620,368 1.00
July 25, 1995 100% stock dividends 1,500,000 259,861,104 1.00
July 2, 1996 50% stock dividends 1,500,000 259,861,104 1.00
January 7, 2014 Issuance 1,500,000 57,836,900 43.125
January 7, 2014 Issuance 1,500,000 34,702,140 43.225
*Included in the 111,327,200 shares existing at the time of the IPO
The Parent Companys total number of common stockholders is 5,726 and 5,741 as of March 31,
2014 and December 31, 2013, respectively.
The Parent Companys total number of preferred shareholders is 191 as of March 31, 2014.
Retained Earnings
Unappropriated retained earnings available for dividend distribution is adjusted to exclude the
Parent Companys accumulated equity in net earnings of subsidiaries and associates amounting to
=569 million and P
P =458 million for the three months ended March 31, 2014 and 2013, respectively.
Further, the Parent Companys loan agreement with its creditors limits the declaration of dividends
up to 50% of the net income after tax for the immediately preceding financial year. This limitation
has been in effect since 2004 resulting to an accumulation of unappropriated retained earnings
(see Note 18).
On January 30, 2014, the BOD approved the declaration and payment of 2% per annum cash
dividend on the Parent Companys preferred shares with a record date set for February 14, 2014
and payable on February 28, 2014.
On March 27, 2014, the BOD also approved the declaration of cash dividend of P
=0.60 per
common share to all common stockholders of record as of April 16, 2014 payable on May 7, 2014.
On April 23, 2013, the BOD approved the declaration of cash dividend of P =0.40 per share or an
aggregate amount of P=297 million to all stockholders of record as of May 10, 2013 payable on
June 6, 2013.
On February 27, 2013, the BOD approved the reversal of appropriated retained earnings
amounting to P =8,300 million to unappropriated retained earnings. On the same date, the
Companys BOD approved the appropriation of retained earnings of P
=16,200 million, including
the specific projects and timeline. The appropriated retained earnings is set aside for capital
expenditures particularly for the purchase of Parent Companys property and equipment needed
for business operations and expansion over a period of five years.
PDRs Convertible to Common Shares

Details of PDRs convertible to common shares as of March 31, 2014 and December 31, 2013 are
as follows:
March 31, 2014 December 31, 2013

(Unaudited - Nine Months) (Audited - One Year)
Number Number
of Shares Amount of Shares Amount
(Amounts in Thousands, Except Number of
Shares)
Balance at beginning of year 38,178,209 P
=1,164,146 38,178,209 =1,164,146
P
Acquisitions 2,755,700 79,571
Balance at end of year 40,933,909 1,243,717 38,178,209 =1,164,146
P
On February 25, 2014, the BOD approved the buy-back of ABS-CBN common shares or
PDRs issued by ABS-CBN Holdings in the aggregate amount of P
=500 million for a period of
one year from February 25, 2014.
22. Related Party Transactions
Parties are considered to be related if one party has the ability, directly or indirectly, to control the
other party or exercise significant influence over the other party in making financial and operating
decisions. Parties are also considered to be related if they are subject to common control.
Transactions with Related Parties
In addition to the related party transactions discussed in 18, significant transactions of the
Company with its associates and related parties follow:

Nature 2014 2013
Associate
Blocktime fees paid by the Parent Company and Blocktime fees
Studio 23 to Amcara P
= 8,516 =7,074
P
Entities under Common Control

Expenses paid by Sky Cable to Bayantel and other Bandwith cost and 65,650 36,003
related parties utilities expenses
Expenses paid by ABS-C to Bayantel, a subsidiary of Rent and utilities 44,157 94,560
Lopez, Inc., and other related parties
Expenses paid by the Parent Company and subsidiaries Service fees and utilities 38,202 44,601
to Goldlink Securities and Investigative Services, Inc. expenses
(Goldlink), Bayantel and other related parties
Airtime revenue from Bayantel Airtime fees 20,859 19,391
Expenses and charges paid for by the Parent Company Rent and utilities 5,756 130
which are reimbursed by the concerned
related parties
Termination cost charges of Bayantel to ABS-CBN Termination cost 4,409 10,474
Global
Others
Donation to ABS-CBN Lingkod Kapamilya Donations for Typhoon 23,958*
Foundation,Inc. (ABS-CBN Lingkod Kapamilya, Yolanda victims
formerly ABS-CBN Foundation, Inc.)
*Net proceeds from sale of Tulong Na, Tabang Na, Tayo Na shirts.
The related receivables from related parties, presented under Trade and other receivables
account and payables to related parties, presented under Trade and other payables account in the
consolidated statements of financial position, are as follows:

2014 2013
Relationship* Terms Conditions (Unaudited) (Audited)
Due from (see Note 7)
Bayantel Affiliate 30 days upon receipt of Unsecured, P
= 248,263 =177,868
P
billings; noninterest- no impairment
bearing
Amcara Associate 30 days upon receipt of Unsecured, 145,279 146,031
bearing
2014 2013
Relationship* Terms Conditions (Unaudited) (Audited)
ABS-CBN Lingkod Corporate 30 days upon receipt of Unsecured, P
=58,813 =66,013
P
Kapamilya social billings; noninterest- no impairment
responsibility bearing
sector of
ABS-CBN
First Philippine Holdings Affiliate 30 days upon receipt of Unsecured, 31,545 27,753
Corporation (FPHC) billings; noninterest- no impairment
bearing
Lopez Holdings Affiliate 30 days upon receipt of Unsecured, 11,533 11,468
bearing
A CJ O Joint Venture 30 days upon receipt of Unsecured, 10,708 10,797
bearing
Star Cinema Associate 30 days upon receipt of Unsecured, 7,924 7,923
bearing
Goldlink Affiliate 30 days upon receipt of Unsecured, 4,318 3,783
bearing
Rockwell Land Affiliate 30 days upon receipt of Unsecured, 2,989 2,545
Corporation (Rockwell billings; noninterest- no impairment
Land) bearing
Others Affiliate 30 days upon receipt; Unsecured, 10,629 10,802
noninterest-bearing no impairment
Total P
= 532,001 =464,983
P
Due to (see Note 17)

Sky Cable Net, Inc. Affiliate 30 days upon receipt of Unsecured P
=55,858 =55,858
P
billings; noninterest-
bearing
Lopez, Inc. Ultimate 30 days upon receipt of Unsecured 7,358 7,415
parent billings; noninterest-
bearing
Inaec Aviations Affiliate 30 days upon receipt of Unsecured 7,289
Corporation billings; noninterest-
bearing
ABS-CBN Lingkod Corporate 30 days upon receipt of Unsecured 120,631
Kapamilya social billings; noninterest-
responsibility bearing
sector of
ABS-CBN
Beyond Cable Holdings, Affiliate 30 days upon receipt of Unsecured 16,690
Inc. billings; noninterest-
bearing
Others Affiliates 30 days upon receipt of Unsecured 24,620 10,012
billings; noninterest-
bearing
Total P
=95,125 =210,606
P
**Affiliate pertains to various entities under common control of Lopez, Inc., ultimate parent company.
a. The Parent Company own the program rights being aired in UHF Channel 23 of Amcara. The
Parent Company has an existing blocktime agreement with Amcara for its provincial
operations.
b. Sky Cable has entered into an agreement with Bayantel for the grant of IRU in certain
capacities in the network. Operation and maintenance fees paid by Sky Cable to Bayantel
amounted to P =5 million as of December 31, 2013 (see Note 29).
c. Advances to employees and talents amounted to P
=272 million and P
=299 million as of
March 31, 2014 and December 31, 2013, respectively (see Note 7).
d. Share-based payment amounted to nil and P=34 million as of March 31, 2014 and
December 31, 2013, respectively (see Note 21).
e. Other transactions with related parties include cash advances for working capital
requirements.
Terms and Conditions of Transactions with Related Parties

The sales to and purchases from related parties are made at normal market prices. Outstanding
balances as of year-end are generally unsecured, interest-free and settlement occurs in cash, and
are collectible or payable on demand. For the three months ended March 31, 2014 and 2013, the
Company has not made any provision for doubtful accounts relating to amounts owed by related
parties. This assessment is undertaken each financial year by examining the financial position of
the related party and the market in which the related party operates.
Compensation of Key Management Personnel of the Company

2014 2013
Compensation (see Notes 23, 24 and 25) P
=351,343 =298,720
P
Pension benefits (see Note 28) 22,910 22,287
Vacation leaves and sick leaves (see Note 28) 17,168 8,815
Termination benefits 16,061 50
P
=407,482 =329,872
P
23. Production Costs

2014 2013
Personnel expenses and talent fees
(see Notes 22 and 28) P
=1,512,447 =1,457,297
P
Facilities-related expenses (see Notes 22 and 29) 415,265 456,037
Depreciation and amortization (see Note 10) 228,174 292,438
Travel and transportation 167,214 89,645
Amortization of program rights (see Note 12) 111,631 202,122
License and royalty 106,987 97,346
Set requirements 66,534 90,635
Catering and food expenses 39,793 41,022
Stationery and office supplies 11,591 13,156
Advertising and promotions 9,528 7,295
Other program expenses (see Notes 12 and 22) 119,346 25,809
P
=2,788,510 =2,772,802
P
Other program expenses consist of production expenses including, but not limited to, prizes and
other expenses related to the promotional activities of various projects during the year.
24. Cost of Sales and Services
Cost of services consists of the following:

2014 2013
Facilities-related expenses (see Notes 22 and 29) P
=659,293 =614,729
P
Programming costs 414,946 346,619
Personnel expenses (see Notes 22 and 28) 376,471 317,385
Depreciation and amortization (see Note 10) 340,127 301,285
Advertising and promotions 94,420 123,557
Amortization of program rights (see Note 12) 62,537 76,121
Bandwidth costs 54,747 44,500
Transportation and travel 39,629 24,366
License fees and royalties 21,992 34,023
Stationery and office supplies 18,971 18,776
Amortization of deferred charges (see Note 15) 17,559 14,337
Inventory costs (see Note 8) 16,913 28,622
Freight and delivery 16,298 17,945
Interconnection costs (see Note 22) 11,950 25,800
Amortization of other intangible assets (see Note 12) 10,484 21,160
Installation costs 8,346 14,723
Set requirements 6,451 6,187
Taxes and licenses 5,709 4,441
Catering and food expenses 5,514 5,621
Others (see Note 22) 29,198 21,963
P
=2,260,048 =2,100,431
P
Amortization of movie in-process and filmed entertainment are recorded as part of Cost of
services under each applicable expense account.
Cost of sales consists of the following:

2014 2013
Personnel expenses (see Notes 22 and 28) P
=9,835 =10,672
P
Inventory costs (see Note 8) 9,437 10,079
Printing and reproduction 9,319 16,230
Handling and processing costs 2,484 3,386
Freight and delivery 1,147 2,445
Advertising and promotions 947 671
Transportation and travel 165 485
Facilities related expenses (see Notes 22 and 29) 8 2,845
Depreciation and amortization (see Note 10) 12 78
Others (see Notes 10 and 22) 3,010 3,855
P
=36,364 =50,746
P
25. General and Administrative Expenses

2014 2013
Personnel expenses (see Notes 22, 23 and 28) P
=1,191,245 =1,099,516
P
Contracted services 290,315 254,895
Facilities related expenses (see Notes 22 and 29) 137,636 138,081
Advertising and promotion 131,130 78,491
Depreciation and amortization (see Notes 10 and 11) 126,742 141,984
Taxes and licenses 106,927 110,394
Provision for doubtful accounts (see Note 7) 107,270 107,358
Transportation and travel 64,931 75,849
Research and survey 54,193 49,855
Entertainment, amusement and recreation 36,467 21,404
Inventory losses (see Note 8) 14,579 1,623
Donations and contributions 11,716 3,722
Amortization of other intangible assets (see Note 12) 7,213 6,406
Others (see Note 22) 46,435 196,702
P
=2,326,799 =2,286,280
P
Others consist mainly of stationery and office supplies and other expenses.
26. Other Income and Expenses
Finance Costs

2014 2013
Interest expense (see Note 18) P
=217,542 =189,533
P
Amortization of debt issue costs (see Note 18) 46,056 6,476
Bank service charges 2,707 6,057
P
=266,305 =202,066
P
The following are the sources of the Companys interest expense:

2014 2013
Long-term debt (see Note 18) P
=210,840 =168,578
P
Convertible note 4,497 4,178
Obligations under finance lease (see Note 18) 1,695 5,268
Bank loans (see Note 18) 510 11,509
P
=217,542 =189,533
P
Other Income (Charges)

2014 2013
Rental income (see Note 29) P
=32,333 =
P 34,998
Gain on sale of property and equipment 683 839
Dividend income 25 11
Others - net 79,330 64,733
P
=112,371 =100,581
P
Others mainly consist of income from workshops and trainings, service fees and miscellaneous
income and expense.
27. Income Tax and Registration with the Philippine Economic Zone Authority (PEZA)
The provision for (benefit from) income tax follows:

2014 2013
Current P
=305,383 =413,831
P
Deferred (201,602) (233,895)
P
=103,781 =179,936
P
The components of consolidated net deferred tax assets and liabilities of the Company are as
follows:

2014 2013
Deferred tax assets - net:
Accrued pension obligation and
other employee benefits P
=1,203,437 =1,173,192
P
Excess of the purchase price over the fair value
of net assets acquired 121,303 306,958
Allowance for doubtful accounts 315,457 288,389
Capitalized interest, duties and taxes
(net of accumulated depreciation) (220,529) (222,666)
Accrued expenses 149,957 216,860
NOLCO 329,220 190,655
Customers deposits 213,708 153,329
Gain on acquisition and exchange of
debt (net of accretion) (84,536) (84,536)
Allowance for impairment loss on property and
equipment 53,711 54,608
Unearned revenue 64,158 51,668
MCIT 32,924 24,763
Net unrealized foreign exchange gain (19,668) (19,515)
Allowance for inventory obsolescence 2,797 8,078
Others 54,407 50,646
P
=2,216,346 =2,192,429
P
Deferred tax liabilities - net:
Excess of the fair value over the book value of
net assets acquired P
=138,271 P299,798
=
P
=138,271 =299,798
P
The details of the deductible temporary differences, NOLCO and MCIT of certain subsidiaries for
which no deferred tax assets were recognized are as follows:

2014 2013
Allowance for doubtful accounts P
=569,179 =1,052,820
P
NOLCO 68,433 386,752
Accretion of interest expense 165,249
Allowance for decline in value of inventories 50,859 144,315
Allowance for impairment loss on property and
equipment 83,463 104,736
MCIT 10,287 9,167
Unearned revenue 2,628 4,077
Accrued pension obligation and others 48,361 153,421
P
=833,210 =2,020,537
P
Management believes that it is not probable that taxable income will be available against which
the temporary differences, NOLCO and MCIT will be utilized.
In 2014, MCIT and NOLCO amounting to P =57 thousand and P

=15 million, respectively, were
claimed as deduction against RCIT due and taxable income.
MCIT of the subsidiaries amounting to P

=43 million can be claimed as tax credit against future
RCIT as follows:
Year Paid Expiry Dates Amount

2011 December 31, 2014 =2,402
P
2012 December 31, 2015 28,717
2013 December 31, 2016 1,742
2014 December 31, 2017 10,350
=43,211
P
NOLCO of the subsidiaries amounting to P

=1,166 million can be claimed as deductions from future
taxable income as follows:
Year Incurred Expiry Dates Amount

2011 December 31, 2014 =14,773
P
2012 December 31, 2015 79,624
2013 December 31 ,2016 614,304
2014 December 31 ,2017 457,133
=1,165,834
P
As of March 31, 2014 and December 31, 2013, deferred tax liability on undistributed earnings of
ABS-CBN Global, holding company of the Parent Companys foreign subsidiaries, amounting to
=1,270 million and P
P =1,299 million, respectively, has not been recognized because the Parent
Company has control over such earnings, which have been earmarked for expansion in the
Companys foreign operations and are not expected to reverse in the foreseeable future.
The reconciliation of statutory tax rate to effective tax rates applied to income before income tax is
as follows:

2014 2013
Statutory tax rate
Additions to (reduction in) income taxes resulting
from the tax effects of: 30% 30%
Interest income subjected to final tax (4) (3)
Nondeductible interest expense 1 1
Others (mainly income subject to different tax
rates and change in tax rates - net) (11) (2)
Effective tax rates 16% 26%
Registration with the PEZA

On February 13, 2014, the PEZA approved the application of Big Dipper for entitlement to
Pioneer Status. Consequently, Big Dippers income tax holiday period shall be extended until
October 31, 2015.
Total income tax holiday incentives availed by Big Dipper amounted to P

=82 million and P
=226
million as of March 31, 2014 and December 31, 2013, respectively.
28. Pension and Other Employee Benefits
This account consists of:

2014 2013
Pension obligation P
=3,347,539 =3,371,676
P
Other employee benefits 1,492,685 1,498,364
P
=4,840,224 =4,870,040
P
Current portion P
=630,179 =678,958
P
Noncurrent portion 4,210,045 4,191,082
P
=4,840,224 =4,870,040
P
a. Pension Plan
The Companys pension plans are composed of funded (Parent Company and Sky Cable) and
unfunded (other subsidiaries), noncontributory and actuarially computed pension plans, except
for ABS-CBN International (contributory) covering substantially all of its employees. The
benefits are based on years of service and compensation during the last year of employment.
The Parent Companys retirement plan is a noncontributory defined benefit plan covering all
regular employees. Benefits are based on the employees years of service and final monthly
salary. Actuarial valuation is performed every year-end.
The following tables summarize the components of consolidated net pension expense
recognized in the consolidated statements of income and accrued pension obligation
recognized in the consolidated statements of financial position:
Net Pension Expense

2014 2013
Current service cost P
=61,926 =180,661
P
Net interest cost 66,155 77,426
Net pension expense P
=128,081 =258,087
P
Accrued Pension Obligation

2014 2013
Present value of obligation P
=4,993,776 =4,952,976
P
Fair value of plan assets (1,646,237) (1,581,300)
Accrued pension obligation P
=3,347,539 =3,371,676
P
The Parent Company and Sky Cable expect to contribute P

=200 million and P
=97 million,
respectively, to the retirement fund in 2014.
The major categories of plan assets as a percentage of the fair value of total plan assets are as
follows:

2014 2013
(Percentage)
Investment in fixed/floating rate treasury note 15.0 16.9
Investment in government securities and bonds 6.5 6.2
Investment in stocks 73.7 72.9
Others 4.8 4.0
100.0 100.0
The ranges of principal assumptions used as of January 1, 2014 and 2013 in determining
pension benefit obligations for the Companys plans are shown below:

2014 2013
Discount rate 4.6%6.1% 4.6%6.1%
Future salary rate increases 4.0%11.0% 4.0%11.0%
ABS-CBN
On March 11, 2010, the BOD approved the re-constitution of the retirement committee who
will actively manage the pension fund.
The retirement committee is composed of five members, four of whom are executive staff of
the Parent Company and beneficiaries of the plan.
The retirement committee of the beneficial trust fund uses an investment approach with the
objective of maximizing the long-term expected return of plan assets. The plans investment
portfolio seeks to achieve regular income, long-term capital growth and consistent
performance over its own portfolio benchmark. In order to attain this objective, the Trustees
mandate is to invest in a diversified portfolio of fixed income and equities. The investment
portfolio consists of investment in equity and fixed income securities of 74% and 26% as of
March 31, 2013, respectively, and 73% and 27% as of December 31, 2013, respectively. In
2013, PCC contributed P =540 thousand to the retirement fund and no withdrawals were made
during the year.
On July 27, 2010, the retirement committee of the retirement fund approved the following:
a. Acquisition of ABS-CBN securities to fully fund the retirement fund deficiency;

b. Allow the acquisition of Lopez Holdings shares and shares of other listed companies;
c. Migrate to an investment management account arrangement in lieu of a Trusteed
arrangement with BDO; and
d. Appoint an investment officer of the retirement plan.
The market value of ABS-CBN asset allocation as at March 31, 2014 and December 31, 2013
are as follows:
2014 2013
Fixed Income:
Short-term P
=42,590 =29,279
P
Medium and long-term:
Government securities 196,474 202,755
Corporate bonds 78,359 78,353
Preferred shares 5,280 5,450
Equities:
Investment in shares of stock and other
securities of related parties 984,831 935,900
Common shares and unit investment trust fund
(UITF) 215,907 206,584
P
=1,523,441 =1,458,321
P
Short-term Fixed Income. Short-term fixed income investment includes time deposit, special
deposit account and special savings account with interest ranging from 0.5% to 2.0% and
2.0% to 4.0% as of March 31, 2014 and December 31, 2013, respectively..
Medium and Long-term Fixed Income. Investments in medium and long-term fixed income
include Philippine peso-denominated bonds, such as government securities, corporate bonds,
notes and debt securities and equity investment in preferred shares.
Government securities include treasury bills and fixed-term treasury notes bearing interest
ranging from 2% to 9% as of March 31, 2014 and December 31, 2013. These securities are
fully guaranteed by the government of the Republic of the Philippines.
Investment in unsecured corporate bonds has a total cost of P
=75 million and P
=77 million with
terms ranging from 5 to 10 years and 5 years to 15 years as of March 31, 2014 and
December 31, 2013, respectively. Yield to maturity rate ranges from 4% to 8% and 7% to 8%
with a total gain of P
=1 million as of March 31, 2014 and December 31, 2013, respectively.
Investment in preferred stock refers to 50,000 shares with a total cost of P
=5 million as of
March 31, 2014 and December 31, 2013. Gain from investments amounted to P =280 thousand
and P
=450 thousand of March 31, 2014 and December 31, 2013, respectively. The market
value of preferred stock is P
=5 million as of March 31, 2014 and December 31, 2013,
respectively. In 2013, option to redeem the 170,000 shares was exercised.
Equities. These pertain to investments in shares of stock and other securities of related parties
and other companies listed in the PSE.
Investments in Shares of Stock and Other Securities of Related Parties. These pertain to
investments in ABS-CBN PDRs and common shares and Lopez Holdings and Rockwell Land
common shares.
March 31, 2014 (Unaudited)

Number of Unrealized
Shares Cost Market Value Gain (Loss)
ABS-CBN common shares 23,800 P
=704 P
=756 P
=52
ABS-CBN PDRs 19,704,158 765,281 630,533 (134,748)
Lopez Holdings 69,777,680 230,137 324,466 94,329
Rockwell Land 17,103,433 34,476 29,076 (5,400)
106,609,071 P
=1,030,598 P
=984,831 (P
=45,767)
December 31, 2013 (Audited)

Number of Unrealized
Shares Cost Market Value Gain (Loss)
ABS-CBN common shares 23,800 =704
P =772
P =68
P
ABS-CBN PDRs 19,704,158 765,281 630,533 (134,748)
Lopez Holdings 69,777,680 230,137 279,111 48,974
Rockwell Land 17,103,433 34,476 25,484 (8,992)
106,609,071 =1,030,598
P =935,900
P (P
=94,698)
Additional PDRs were acquired in 2011 and 2012 in open market at an average price of
=29.92 each. This brings the average price of all PDRs acquired to about P
P =39.08 each. In
2013, the retirement fund purchased additional 76,000 shares of PDRs at P
=42.12, which
increased total PDRs shares held in trust with BDO to 580,058 shares. As of March 31, 2014
and December 31, 2013, the value of each PDR is at P=32.00.
Total loss from investments in shares of stock and other securities of related parties amounted
to P
=46 million and P
=95 million as of March 31, 2014 and December 31, 2013, respectively.
Investments in Common Shares and UITF. Common shares pertain to 8,950,128 shares and
6,610,649 shares listed in the PSE as of March 31, 2014 and December 31, 2014, respectively,
with market value of P=207 million and P=198 million as of March 31, 2014 and December 31,
2013, respectively. UITF has a market value of P=9 million as of March 31, 2014 and
December 31, 2013. Total gain from these investments amounted to P =25 million and P
=12
million as of March 31, 2014 and December 31, 2013, respectively.
Sky Cable
Sky Cables retirement benefit fund is being maintained by trustee banks, BDO and Rizal
Commercial Banking Corporation.
The carrying value of Sky Cable asset allocation as of March 31, 2014 and December 31,
2013 are as follows:

2014 2013
Short-term fixed income P
=30,869 =20,258
P
Investment in medium and long-term fixed income:
Government securities 49,879 66,869
Corporate bonds 29,128 23,128
Investment in shares of stock of related parties:
First Gen Corporation (First Gen) 7,270 7,270
Common shares 5,650 5,454
P
=122,796 =122,979
P
Short-term Fixed Income. Short-term fixed income investment includes time deposit, special
deposit account and special savings account with interest ranging from 2% and 2.0% to 6.7%
as of March 31, 2014 and December 31, 2013, respectively.
Medium and Long-term Fixed Income. Investment in medium and long-term fixed income
include Philippine peso-denominated bonds, such as government securities, corporate bonds,
notes and debt securities.
Investment in Government Securities. Investment in government securities include treasury

bills and fixed-term treasury notes bearing interest ranging from 3.2% to 8.1% and 3.3% to
11.1% as of March 31, 2014 and December 31, 2013, respectively. These securities are fully
guaranteed by the government of the Republic of the Philippines. Total gain from investments
in government securities amounted to P =4 million and P =6 million in as of March 31, 2014 and
December 31, 2013, respectively.
Investment in Corporate Bonds. A total cost of P=23 million and P

=14 million unsecured bonds
with terms ranging from 5 to 10 years and 3 to 25 years as of March 31, 2014 and
December 31, 2013, respectively. Yield to maturity rate ranges from 4.2% to 8.5% and 4.6%
to 8.5% with a gain of P
=628 thousand as of March 31, 2014 and December 31, 2013..
Investments in Shares of Stock of Related Parties. These refer to investments in preferred

shares of First Gen and FPHC, which are listed in the PSE.
Total cost and market value of investments in shares of stock of First Gen amounted to
=7 million as of March 31, 2014 and December 31, 2013. Total cost and market value of
P
investments in shares of stock of FPHC amounted to P =1 million as of December 31, 2012.
Total gain from investments in preferred shares amounted to P=1 million and P=900 thousandas
of March 31, 2014 and December 31, 2013, respectively.
b. Other Employee Benefits
Other employee benefits consists of accumulated employee sick and vacation leave
entitlement.
Net Benefit Expense

2014 2013
Current service cost P
=66,553 =14,150
P
Interest cost 16,838 18,730
Net benefit expense P
=83,391 =32,880
P
Consolidated changes in the present value of the defined benefit obligation are as follows:

2014 2013
Defined benefit obligation at beginning of year P
=1,498,364 =1,238,328
P
Current service cost 66,553 370,456
Interest cost 16,838 67,352
Actuarial loss (132,232)
Benefits paid (89,070) (45,540)
Defined benefit obligation at end of year P
=1,492,685 =1,498,364
P
The sensitivity analysis below has been determined based on reasonably possible changes of each
significant assumption on the defined benefit obligation as of the end of the reporting period,
assuming all other assumptions were held constant:
2013
Increase (Decrease) in
Defined Benefit Obligation
Discount rate:
Increase by 1% (P
=615,231)
Decrease by 1% 724,800
Future salary increases:
Increase by 1% 616,239
Decrease by 1% (530,890)
Shown below is the maturity analysis of the undiscounted benefit payments:
December 31,
Year 2013
2014 P
=293,437
2015 to 2018 751,362
2019 to 2023 2,730,221
2024 and beyond 29,240,963
The average duration of the defined benefit obligation at the end of the period is 21 years.
29. Commitments
Deal Memorandum with DirecTV

ABS-CBN Internationals share in the subscription revenue earned from subscribers that have
migrated to DirectTV amounted to P =150 million and P =145 million for the three months ended
March 31, 2014 and 2013, respectively.
Operating Lease
As Lessee. The Parent Company and subsidiaries lease office facilities, space and satellite
equipment. Future minimum rental payable under non-cancelable operating leases are as follows:

2014 2013
Within one year P
=555,238 =509,199
P
After one year but not more than five years 507,886 618,230
P
=1,063,124 =1,127,429
P
As Lessor. The Parent Company has entered into commercial property leases on its building,
consisting of the Parent Companys surplus office buildings. These non-cancelable leases have
remaining non-cancelable lease terms of 3 to 5 years. All leases include a clause to enable upward
revision of the rental charge on a predetermined rate.
Future minimum rental receivable under non-cancelable operating leases are as follows:

2014 2013
Within one year P
=90,605 =111,913
P
P
=280,472 =269,844
P
Obligations under Finance Lease

Future minimum lease payments under finance leases and hire purchase contracts together with
the present value of the net minimum lease payments are as follows:

2014 2013
Within one year P
=31,833 =32,574
P
Total minimum lease payments 97,030 105,426
Less amounts representing finance charges 10,530 12,167
Present value of minimum lease payments 86,500 93,259
Less current portion (see Note 18) 26,511 26,761
Noncurrent portion (see Note 18) P
=59,989 =66,498
P
Sky Cable has entered into an agreement with Bayantel for the grant of IRU in certain capacities
in the network. As of December 31, 2013, Sky Cable has fully paid Bayantel for the grant of IRU
amounting to P=82 million (see Note 22). There are no future lease payments expected from this
agreement.
Purchase Commitments
Sky Cable has commitments with various program suppliers for a period of 1 to 5 years. Channel
license fees are based on fixed and variable rates. Estimated fees for the next four years are as
follows:
Year Amount*
Within one year P549,729
=
After one year but not more than five years 1,470,501
*Includes variable fees based on the number of active subscribers as of December 31, 2013.
The estimated fees include channel license fees contracted by Sky Cable for its subsidiaries,
amounting to P
=106 million, for which Sky Cable will be reimbursed.
Network Sharing Agreement

On May 28, 2013, ABS-CBN announced its network sharing agreement with Globe Telecom, Inc.
(Globe). This partnership enables ABS-CBN to deliver ABS-CBN content and offer traditional
telecommunication services on mobile devices. Through the network-sharing agreement, Globe
will provide capacity and coverage on its existing cellular mobile telephony network to ABS-C on
a nationwide basis. The parties may also share assets such as servers, towers, and switches.
Construction Contracts
Play Innovations, Inc., a subsidiary of ABS-CBN Theme Parks, entered into various construction
contracts for the development of an educational theme park under the franchise license of
KidZania brand in the Philippines. Total contract value committed for the significant construction
contracts amounted to P=350 million as of March 31, 2014.
Channel Distribution Agreement

ABS-CBN Middle East entered into an agreement with Orbit Showtime Network (OSN) effective
November 1, 2013, whereby ABS-CBN Middle East has awarded the rights of distribution of its
content to OSN against a license fee at the predetermined rate per subscriber as per the agreement,
subject to minimum license fee per month.
30. Financial Risk Management Objectives and Policies
Capital Management
The Companys capital structure pertains to the mix of long-term sources of funds. When the
Company expands, it needs capital, and that capital can come from debt or equity.
The primary objective of the Companys capital management is to ensure that it maintains healthy
capital ratios and strong credit ratings while viably supporting its business to maximize
shareholder value.
The Companys approach focuses on efficiently allocating internally generated cash for
operational requirements and investments to grow the existing business as well as to deliver on its
commitment of a regular dividend payout at a maximum of 50% of the previous years net
income. Shortages if any and acquisitions or investments in new business are funded by the
incurrence of additional debt largely capped by existing loan covenants on financial ratios.
As evidenced by the quarterly financial certificates that the Company issued to its lenders, all
financial ratios are within the required limits all throughout 2014 and 2013 as follows:
2014 Financial Ratios Required 1st Quarter

Loan Agreement
Debt to equity Less than or equal to 2.50 1.51
Debt service coverage ratio Greater than or equal to 1.10 15.73
2013 Financial Ratios Required 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter
Loan Agreement
Debt to equity Less than or equal to 2.50 1.31 1.17 1.14 1.24
Debt service coverage ratio Greater than or equal to 1.10 8.08 11.64 7.32 6.46
SCA Facility, BDO Facility,
Syndicated Loan Facility,
Combined Facility
Agreements
Debt to earnings before income tax,
depreciation and amortization Less than or equal to 2.25 1.61 1.86 1.93 2.17
Earnings before income tax to
financing cost Greater than or equal to 3.00 5.00 4.00 3.88 4.23
The following table shows the financial ratios that Sky Cable is required to maintain in accordance
with the DRA:
Financial ratios Required 2014 2013

Total liabilities to equity Maintain at all times not exceeding 2:1 1.26 0.97
Debt service coverage ratio Maintain at least 1.5 times 4.85 6.04
31. Financial Assets and Liabilities
The following tables set forth the carrying amounts and estimated fair values of consolidated
financial assets and liabilities recognized as of March 31, 2014 and December 31, 2013. There are
no material unrecognized financial assets and liabilities as of March 31, 2014 and December 31,
2013.
March 31, 2014 (Unaudited)

Carrying
Amount Fair Value Level 1 Level 2 Level 3
Financial Assets
Loans and receivables:
Deposits (included under Other
noncurrent assets account in the
consolidated statements of financial
position) P
=127,246 P
=130,593 =
P P
=130,593 =
P
AFS investments - quoted 145,232 145,232 145,232
P
=272,478 P
=275,825 P
=145,232 P
=130,593 =
P
Financial Liabilities
Other financial liabilities at amortized cost:
Interest-bearing loans and borrowings P
=20,385,099 P
=21,973,653 =
P =
P P
=21,973,653
Obligations for program rights 655,590 700,914 700,914
Convertible note 249,692 296,778 296,778
Customers deposits (included as part of
Other noncurrent liabilities) 284,783 277,683 277,683
P
=21,575,164 P
=23,249,028 =
P P
=700,914 P
=22,548,114
December 31, 2013 (Audited)
Carrying
Amount Fair Value Level 1 Level 2 Level 3
Financial Assets
Loans and receivables:
Deposits (included under Other
noncurrent assets account in the
consolidated statements of financial
position) =121,934
P =109,892
P =
P =109,892
P =
P
AFS investments - quoted 128,359 128,359 128,359
=250,293
P =238,251
P =128,359
P =109,892
P =
P
Financial Liabilities
Other financial liabilities at amortized cost:
Interest-bearing loans and borrowings =14,680,050
P =16,306,382
P =
P =
P =16,306,382
P
Obligations for program rights 725,205 774,205 774,205
Convertible note 245,195 281,678 281,678
Customers deposits (included as part of
Other noncurrent liabilities) 269,616 290,445 290,445
=15,920,066
P =17,652,710
P =
P =774,205
P =16,878,505
P
Fair Value of Financial Instruments

The following methods and assumptions were used to estimate the fair value of each class of
financial instrument for which it is practicable to estimate such value:
Cash and Cash Equivalents, Trade and Other Receivables and Trade and Other Payables. Due to
the short-term nature of transactions, the fair values of these instruments approximate the carrying
amounts as of financial reporting date.
Deposits. Fair value of these instruments is computed by discounting future cash flows using the
risk-free interest rates for similar type of instruments adjusted for credit risk.
AFS Investments. The fair values of publicly-traded instruments were determined by reference to
market bid quotes as of financial reporting date. Investments in unquoted equity securities for
which no reliable basis for fair value measurement is available are carried at cost, net of any
impairment.
Interest-bearing Loans and Borrowings. Fair value was computed based on the following:
Fair Value Assumptions

Term loans Estimated fair value is based on the discounted value of
future cash flows using the applicable risk-free rates for
similar types of loans adjusted for credit risk. The interest
rates used to discount the future cash flows have ranged from
0.4% to 3.7%.
Other variable rate loans The face value approximates fair value because of recent and
frequent repricing (i.e., 3 months) based on market
conditions.
Obligations for Program Rights. Estimated fair value is based on the discounted value of future
cash flows using the applicable risk-free rates for similar types of loans adjusted for credit risk.
Convertible Note. Fair value was computed based on the discounted value of future cash flows
using the PDST-R2 rate plus 1% credit spread.
Customers Deposits. The fair values were calculated by discounting the expected future cash
flows at prevailing PDST-F rate plus applicable credit spread ranging from 2.77% to 4.75% and
1.0% to 4.8% in as of March 31, 2014 and December 31, 2013, respectively.
There were no transfers between levels in the fair value hierarchy as of March 31, 2014 and
December 31, 2013.
Offsetting of Financial Assets and Liabilities

There is no offsetting of financial assets and liabilities as of March 31, 2014 and December 31,
2013.
32. EPS Computations
Basic EPS amounts are calculated by dividing the net income for the period attributable to
common shareholders by the weighted average number of common shares outstanding (net of
PDRs) during the period.
The following table presents information necessary to calculate EPS:

2014 2013
Net income attributable to equity holders of the
Parent Company P
=626,693 =507,712
P
Dividends on preferred shares (1,000) (667)
(a) Net income attributable to common equity
holders of the Parent Company P
=625,693 =507,045
P
(b) Weighted average of shares outstanding:

At beginning of year 797,137,500 741,406,393
Acquisitions of PDRs (see Note 21) (843,767)
At end of year 796,293,733 741,406,393
Basic/diluted EPS (a/b) P

=0.786 =0.684
P
The Company has no dilutive potential common shares outstanding, therefore basic EPS is the
same as diluted EPS.
33. Note to Consolidated Statements of Cash Flows
Noncash investing activity pertains to acquisition of program rights amounted to P

=80,774 and
=209,008 as of March 31, 2014 and 2013, respectively.
P
34. Events After the Reporting Period
On April 21, 2014, the BOD approved the Plan of Merger of ABS-CBN Films, Star Recording and
Star Songs, with ABS-CBN Films as surviving corporation.
35. Contingent Liabilities and Other Matters
a. The Parent Company has contingent liabilities with respect to claims and lawsuits filed by
third parties. The events that transpired last February 4, 2006, which resulted in the death of
71 people and injury to about 200 others led the Parent Company to shoulder the burial
expenses of the dead and medical expenses of the injured, which did not result in any direct or
contingent financial obligation that is material to the Parent Company. The Parent Company
has settled all of the funeral and medical expenses of the victims of the tragedy. Given the
income flows and net asset base of the Parent Company, said expenses do not constitute a
material financial obligation of the Parent Company, as the Parent Company remains in sound
financial position to meet its obligations.
As of March 31, 2014, the claims, including those in connection with the events of February 4,
2006, are still pending and remain contingent liabilities. While the funeral and medical
expenses have all been shouldered by the Parent Company, there still exist claims for
compensation for the deaths and injuries, the amount of which have not been declared and
cannot be determined with certainty at this time. Management is nevertheless of the opinion
that should there be any adverse judgment based on these claims, this will not materially affect
the Parent Companys financial position and performance.
b. In relation to the consolidation of Sky Cable and Home Cable in 2004, a competitor television
broadcasting company (complainant) filed a case before the NTC for unlawful merger and
unlawful cross-ownership and common control and operations of telecommunications
companies and cable companies with a prayer for cease and desist order. As of March 31,
2014, the case is still pending before the NTC. It is the opinion of Sky Visions legal counsels
that the case filed by the complainant is without legal basis and would not have a material
impact to the consolidated financial statements.
EXHIBIT 1 Aging of Accounts Receivable
As of March 31, 2014

Neither Past Due Past Due Accounts
Amount in Thousands nor Impaired Less than 30 Days 30 Days and Over Impaired Allowance Total
Trade Receivables
Airtime 2,940,815 439,367 994,896 1,044,770 (560,816) 4,859,032
Subscription 546,372 290,340 670,351 637,938 (616,271) 1,528,730
Others 470,443 193,323 620,888 410,516 (221,159) 1,474,010
Nontrade Receivables 318,976 17,772 226,262 87,633 (32,064) 618,579
Due from related parties - - -
Total 4,276,606 940,803 2,512,397 2,180,856 (1,430,311) 8,480,350
As of December 31, 2013

Past Due Accounts
Neither Past Due
Less than 30 Days 30 Days and Over
Amount in Thousands nor Impaired Impaired Allowance Total
Trade Receivables
Airtime 3,122,176 1,240,859 128,209 638,856 (556,922) 4,573,178
Subscription 640,513 153,451 418,901 576,485 (550,286) 1,239,063
Others 603,962 129,352 723,331 173,702 (192,125) 1,438,220
Nontrade Receivables 301,875 16,495 234,292 92,980 (27,327) 618,316
Due from related parties - - -
Total 4,668,526 1,540,157 1,504,732 1,482,023 (1,326,661) 7,868,778

Quarterly Report For Period Ended March 31 2014

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Quarterly Report For Period Ended March 31 2014

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ABS-CBN Corporation

Sgt. Esguerra Avenue, Quezon City, Philippines

Attention: Ms. Vina Vanesssa S. Salonga

Subject: 2014 First Quarter Report

Dear Ms. Salonga,

EULOGIO MARTIN O. MASILUNGAN

(Companys Full Name)

(Business Address: No. Street City/Town/Province)

Aldrin M. Cerrado 415-2272

(Secondary License Type, If Applicable)

Dept. Requiring this Doc. Amended Articles Number/Section

Total Amount of Borrowings

To be accomplished by SEC Personnel concerned

File Number LCU

1. For the fiscal year ended: March 31, 2014

2. SEC Identification Number: 1803 3. BIR Tax Identification No.: 000-406-761-000

5. Philippines 6. (SEC Use Only)

8. (632) 924-4101 to 22 / (632) 415-2272

Title of Each Class Number of Shares of Stock Issued

Common Stock, P1.00 par value 872,123,642 shares

Short-term & Long-term debt (current & non-current) Php20.4 billion

11. Are any or all of these securities listed on a Stock Exchange?

12. Check whether the issuer:

PART I - FINANCIAL INFORMATION

1. MANAGEMENTS DISCUSSION & ANALYSIS OF FINANCIAL CONDITION AND RESULTS

Comparative revenue mix year-on-year is as follows:

1Q 2014 1Q 2013 1Q 2013 (excluding election related revenues)

Consolidated Costs and Expenses

Net Income and EBITDA

TV and Studio Operations

Pay TV networks include cable television services of Sky Cable and

Revenues Net Income EBITDA

A. TV and Studio Operations

(Amounts in Revenues Direct Costs Gross Profit Rate

Moreover, Top 10 programs in the Philippines were from ABS-CBN:

Rank Channel Program Share

Globals primary revenue drivers are as follows:

Remittance revenue went up by 49% driven by an increase in volume of 31%.

Films and Music

Narrowcast and Sports

Below is a breakdown of the Pay TV Networks segment revenues:

Statement of Financial Position Accounts

Key Performance Indicators

Ratios 1Q 2014 2013

Unaudited Interim Condensed Consolidated Financial Statements

March 31, December 31,

LIABILITIES AND EQUITY

See accompanying Notes to Interim Condensed Consolidated Financial Statements.

Three Months Ended March 31

Basic/Diluted Earnings per Share Attributable

See accompanying Notes to Interim Condensed Consolidated Financial Statements.

Three Months Ended March 31

Other comprehensive income to be reclassified to profit and loss

OTHER COMPREHENSIVE INCOME 91,910 79,425

TOTAL COMPREHENSIVE INCOME P

See accompanying Notes to Interim Condensed Consolidated Financial Statements.

Attributable to Equity Holders of the Parent Company

At December 31, 2013 (Audited) P

At December 31, 2012 =779,585

Three Months Ended March 31

CASH FLOWS FROM OPERATING ACTIVITIES

CASH FLOWS FROM INVESTING ACTIVITIES

Three Months Ended March 31