STI EDUCATION SYSTEMS HOLDINGS INC.

AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
YEAR ENDED MARCH 31

CASH FLOW FROM OPERATING ACTIVITIES

Income before income tax
Adjustments to reconcile income before income tax to net cash flows:
Depreciation and amortization (Notes 11, 12, 16)
Equity in net losses of associates and joint ventures (Note 13)
Interest Expense
Interest Income
Dividend Income
Net change in pension assets and liabilities (Note 27)
Provision for impairmen5t losses on investment in and advances to an associate (Note 25)
Loss (gain) on sale of property and equipment
Effect of derecognition of a subsidiary (Note 13)
Excess of consideration received from collection of receivable (Note 32)
Operating income before working capital changes
Decrease (increase) in:
Receivables
Inventories
Prepaid expenses and other current assets
Increase (decrease) in:
Accounts payable and other current liabilities
Unearned tuition and other school fees
Other non current liabilities
Net cash generated from operations
Income and other taxes paid
Interest received
Net cash from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisition of:
Property and equipment (Note 3, 11, 36)
Investing properties (Notes 12 and 36)
Subsidiary, net of cash acquired (Note 3)
Increase in:
Investments in and advances to associates and joint ventures
Intangible assets and other non-current assets
Non-current receivable (Note 33)
Dividends received (Note 15)
Proceeds from sale of property and equipment
Nontrade payable (Note 1)
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Availment of long-term loans
Issuance of bonds (Note 18)
Availment of short-term loans (Note 18)
Payments of :
Short-term loans (Note 18)
Long-term loans (Notes 18)
Long-term loan transaction costs
Obligations under finance lease (Note 28)
Bond issuance costs (Note 19)
Interest paid
Dividends paid
Dividends pais to non-controlling interests (Notes 21)
Net cash from (used in) financing activities

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 6)

 NC. AND SUBSIDIARIES
OF CASH FLOWS
CH 31
2016 2017 2018

₱ 1,109,705,523 ₱ 657,693,874.00 ₱ 580,626,696.00

358,130,553 375,621,499 398,836,776

154,635,023 244,097,915 222,036,414
63,223,407 79,124,092 219,411,899
(5,785,710) (4,907,330) (28,527,141)
(2,830,674) (3,264,786) (4,438,297)
3,856,648 4,986,604 2,787,099
519,414 1,643,844 591,839
466,998 -135,199 -14,790
60,829,455
(553,448,521)
1,128,472,661 1,415,689,968 1,391,310,495

(23,278,719) (140,068,422) (44,359,784)

(4,138,069) (83,893,498) (17,194,516)
(128,975) (52,471,204) 20,077,929

(248,891,821) (147,291,865) 44,352,600

33,521,956 46,216,182 49,047,458
31,364,795 30,871,502 (12,610,608)
916,921,828 1,069,052,663 1,430,623,574
(71,122,774) (131,955,347) (83,612,782)
5,785,710 4,907,330 28,527,141
851,584,764 942,004,646 1,375,537,933

(335,180,807) (1,578,753,015) (1,614,691,820)

(6,360,205) (34,352,144) (3,631,991)
5,828,110

(52,956,814) (1,643,844) (548,841)

(52,144,657) (45,178,798) (183,108,754)
(15,214,930) 4,626,924 15,982,712
2,437,946 352,436 16,000
510,210
(28,650,000)
(487,559,257) (1,654,948,441) (1,780,154,584)
 570,000,000
3,000,000,000
1,993,000,000

(1,248,000,000) (985,000,000)
(236,000,000) (166,800,000) (67,800,000)
(7,791,888)
(9,438,557) (6,004,730) (6,917,665)
(52,971,362) (845,760)
(65,863,875) (76,111,185) (238,385,492)
(188,049,982) (181,786,027) (196,558,444)
(3,346,086) (14,437,088) (3,299,906)
(502,698,500) 3,246,889,608 (936,599,155)

(138,672,993) 2,533,945,813 (1,341,215,806)

803,450,736 664,777,743 3,198,723,556

₱ 664,777,743 ₱ 3,198,723,556 ₱ 1,857,507,750