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SM: From department stores to shipping

The Manila Times logo The Manila Times 9/8/2019 EMETERIO SD. PEREZ
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(Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.)

2GO Group Inc. has 2,500,662,816 issued common shares, of which 38,516,500 common shares are treasury shares, leaving the company with 2,462,146,316 outstanding common shares, according to a public ownership report (POR) as of Aug. 31, 2019.

The same POR listed 2GO’s three principal stockholders that were classified as direct holders of 2,168,552,309 common shares, or 88.076 percent of 2,462,146,316 outstanding common shares. These are KGLI-NM Holdings Inc., 867,239,109 common shares, which then were equivalent to 36.22 percent; SM Investments Corp., 750,754,812 common shares, or 30.49 percent; and China-Asean Marine B.V., 550,558,388 common shares, or 22.36 percent.

2GO attributed to its public stockholders their ownership of 293,582,207 common shares, or 11.9 percent. A computation showed them owning the same number of 2GO common shares but equivalent to 11.924 percent.

Incidentally, the total number of non-public 2GO common shares, plus publicly owned common shares, equals 2,462,146,316 common shares, which happened to be the company’s outstanding common shares.

Apparently, the computation of 2GO’s publicly owned common shares included 11,800 common shares,

or 0.000479 percent, and not zero, as the company’s POR showed.

Frederic C. DyBuncio is 2GO president and chief operating officer in 2019. The four others, who are among the company’s highest paid executives are Waldo C. Basilla, chief operating officer; Jose S. Ejercito, president of Scanasia Overseas Inc., Willian Charles Howell, treasurer and chief finance officer; and Mark Matthew F. Parco, chief operating officer-shipping.

Compensation. In 2019, they would have received compensation of P52,193,837 divided into salary, P47,803,059 and 13th and 14th month pay of P4,390,778.

In 2018, Ricardo B. Aguas Jr. was chief operating officer of 2GO Logistics, a subsidiary of 2GO Group. He and four others, who were among 2GO’s  highly paid executives, were  paid P48,018,180. Of the 2018 pays and perks, P44,092,546 went to their salary, while P3,925,634 was their 13th and 14th month pays.

In 2017, 2GO paid DyBuncio, Aguas, Ejercito, Howell and Parco P41,120,800 consisting of salary of P35,246,400 and 13th and 4th month pays of P5,874,400.

2GO paid “all other officers and directors as a group unnamed” salary of P63,475,027 and bonuses of P14,194,882 in 2018; and salary of P36,001,985 and bonuses  of P5,632,393 in 2017. It estimated the group’s pays and perks at P67,918,279 as their salary and P15,188,524 as their bonuses.

2GO said in the same compensation table Sulficio O. Tagud Jr. led the old management team as president and chief operating officer. The others were Nelson T. Yap, executive vice president for enterprise account and group chief finance officer of Nenaco; Jeremias E. Cruzabra, treasurer and chief finance officer; Jose Manuel L. Mapa, EVP for enterprise account of 2GO Logistics; and Fred S. Pajo, EVP and

chief operating officer.

In the same compensation filing, 2GO said “each director receives a monthly allowance of P80,000 except for the chairman of the board who receives P120,000 a month. Further, a per diem of P30,000 is given to each director and P45,000 for the chairman for every board meeting attended.”

Financials. A six-month consolidated but unaudited financial filing listed 2GO’s total liabilities at P12.111 billion as of June 30, 2019. Said liabilities translate to P4.919 for each of the holders of 2,462,146,316 outstanding common shares.

As of June 30, 2019, 2GO reported under equity deficit of P1.286 billion, up from P1.084 billion as of Dec. 31, 2018.

The company reported operating income of P71.907 million in six months ended June 30, 2019. In the

same period in 2018, it said its operating income amounted to P369.270 million.

Despite these, 2GO said its operation resulted in net loss of P187.526 million in the first six months ended June 30, 2019. It reported net income of P196.924 million in the same period in 2018.

In three months ended March 31, 2019, 2GO was also in positive territory with net profit of P103.211 million and P158.487 million in the same period in 2018.

Under Note 25, which 2GO titled “personnel costs”, salaries and wages totaled P712.573 million as of June 30, 2019, up from P679.145 million in the same period in 2018. The two other expenses were retirement benefit cost, P42.811 million and “other employee benefits, P249.567 million. All these totaled P1.005 billion against P978.660 million in the same period in 2018.

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