FS (3 Years) : A. Income Statement

1.
FS (3 years)
a. Income Statement
Currency in Millions of Philippines Pesos
As of:
Dec 31 2011
Dec 31 2012
(Restated Php)
(Restated Php)
Dec 31 2013
Php)
Revenues
51,739.9
47,802.6
55,970.6
Cost of Goods Sold

34,819.6
31,523.7
34,964.2
GROSS PROFIT
16,920.2
16,278.9
21,006.4
Selling General & Admin Expenses, Total

3,968.8
2,530.8
3,130.8
Depreciation & Amortization, Total

1,556.1
198.7
327.1
Other Operating Expenses

2,337.3
2,455.8
2,283.4
OTHER OPERATING EXPENSES, TOTAL

7,862.1
5,185.3
5,741.3
OPERATING INCOME
11,178.9
11,093.6
13,144.3
Income Tax Expense

2,104.7
1,343.6
1,474.6
NET INCOME
9,750
9,704.3
Dec31 2011
Dec 31 2012
11,039.6
b. Balance Sheet
As of:
(Restated
Dec 31 2013
(Restated Php)
(Restated Php)
(Restated Php)
ASSETS
Cash and Equivalents
15,049.8
9,717.0
24,774.5
Short-Term Investments
1,260.0
59.9
88.6
Trading Asset Securities

73.2
71.4
71.3
TOTAL CASH AND SHORT TERM INVESTMENTS 15,181.2

26,107.6
Accounts Receivable
9,876.9
8,795.8
11,728.3
--
1,371.0
15,725.2
Other Receivables
1,350.8
TOTAL RECEIVABLES
13,099.3
17,075.9
8,795.8
Inventory
21,515.2
23,171.8
17,484.7
Prepaid Expenses
352.5
--
408.3
Other Current Assets

4,477.9
4,550.9
4,326.1
TOTAL CURRENT ASSETS

49,225.7
71,185.8
46,012.6
Gross Property Plant and Equipment

47,531.2
57,261.3
43,028.6
Accumulated Depreciation
-25,641.9
-19,611.0
NET PROPERTY PLANT AND EQUIPMENT

25,724.2
31,619.4
23,417.6
Long-Term Investments
11,033.1
-21,806.9
14,369.3
11,884.2
Accounts Receivable, Long Term

5,186.8
Deferred Tax Assets, Long Term
197.6
2,438.7
20.7
5,242.7
23.2
Other Intangibles
33.6
--
49.9
Other Long-Term Assets

3,643.4
1,706.5
2,349.0
TOTAL ASSETS
96,984.1
84,629.3
123,750.8
LIABILITIES & EQUITY
Accounts Payable
11,908.7
7,035.2
5,128.2
Accrued Expenses
2,241.4
--
921.3
Short-Term Borrowings
2,153.3
1,792.0
694.2
Current Portion of Long-Term Debt/Capital Lease

3,386.3
3,813.9
6,642.3
Current Income Taxes Payable

66.2
138.2
89.4
Other Current Liabilities, Total

7,279.5
471.9
5,273.6
Unearned Revenue, Current

8,610.5
4,361.3
6,688.5
TOTAL CURRENT LIABILITIES

27,344.4
22,486.1
28,865.3
Long-Term Debt
18,190.9
31,258.6
Minority Interest
8,910.3
17,775.6
6,572.3
7,451.1
Pension & Other Post-Retirement Benefits

93.8
75.9
86.3
Deferred Tax Liability Non-Current

1,149.4
1,030.6
862.8
Other Non-Current Liabilities

2,180.6
2,192.4
1,743.6
TOTAL LIABILITIES
48,228.0
43,560.7
63,547.7
Common Stock
2,655.5
2,655.5
4,765.3
4,765.3
2,655.5
Additional Paid in Capital
4,765.3
Retained Earnings
33,633.2
27,083.9
43,541.9
Comprehensive Income and Other

330.1
-8.3
TOTAL COMMON EQUITY

41,305.0
34,496.4
51,292.8
TOTAL EQUITY
48,756.1
60,203.1
251.0
41,068.7
TOTAL LIABILITIES AND EQUITY

96,984.1
123,750.8
84,629.3
c. Statement of Cash Flows

As of:
Dec 31 2011
Dec 31 2012
(Restated Php)
(Restated Php)
9,750
9,704.3
3,093.8
3,329.8
Dec 31 2013
(Restated Php)
NET INCOME
11,039.6
Depreciation & Amortization
4,186.1
Amortization of Goodwill and Intangible Assets

0.9
--
9.6
DEPRECIATION & AMORTIZATION, TOTAL

4,186.9
3,093.8
3,339.4
Amortization of Deferred Charges

21.8
30.6
38.7
(Gain) Loss from Sale of Asset

-144.9
-57.6
-127.5
(Gain) Loss on Sale of Investment

-9,158.9
-1.4
1.1
Asset Writedown & Restructuring Costs

350.8
-6.7
388.3
Other Operating Activities

3,827.4
4,189.8
2,996.9
(Income) Loss on Equity Investments

2,317.6
-1,802.3
-2,185.2
Provision & Write-off of Bad Debts

443.7
15.2
78.3
Change in Accounts Receivable

-1,861.0
1,113.3
-5,323.6
Change in Inventories
3,179.4
-535.2
-5,643.0
Change in Accounts Payable

2,799.9
1,516.7
-218.0
Change in Unearned Revenues

1,922.0
-635.6
1,224.0
Change in Other Working Capital

-1,460.7
-1,196.9
CASH FROM OPERATIONS

9,629.1
9,983
Capital Expenditure
6,176.5
-3,539.3
-713.1
5,380.9
-
-10,349.3
Sale of Property, Plant, and Equipment
76.1
136.0
381.6
Cash Acquisitions
--
-2,576.8
Sale (Purchase) of Real Estate Properties

-25.9
-32.1
-139.2
Investments in Marketable & Equity Securities

7,198.1
-52.1
164.9
CASH FROM INVESTING

5,211.4
6,435.6
-3,210.7
Short-Term Debt Issued

1,944.0
2,455.7
1,813.0
Long-Term Debt Issued

10,742.0
10,627.7
29,021.8
TOTAL DEBT ISSUED

12,555.0
30,965.8
-1,622.2
13,083.4
Short Term Debt Repaid

2,759.1
-484.9
-1,910.7
Long Term Debt Repaid

7,230.1
-18,938.9
-8,114.6
TOTAL DEBT REPAID
-10,025.2
-9,989.2
-19,423.8
Common Dividends Paid
3,186.6
-5,053.7
-2,627.0
Special Dividend Paid

-5,842.1
--
--
Other Financing Activities

-2,441.1
2,050.6
-2,822.2
CASH FROM FINANCING

3,416.5
8,917.4
-6,653.7
Foreign Exchange Rate Adjustments

-1.8
4.8
-103.3
NET CHANGE IN CASH

15,057.5
5,103.2
-5,332.8
2. Vertical Analysis
BALANCE SHEET
As of:
Dec31 2011
Dec 31 2012
Dec 31 2013
(Restated Php)
(Restated Php)
(Restated Php)
Assets
Cash and Equivalents
10.02 24,774.5
15,049.8
17.78
9,717.0
20.02
Short-Term Investments
1.02
59.9
.0007
88.6
.0009
1,260.0
Trading Asset Securities

.0006
71.4
.0008
71.3
.0007
73.2
Accounts Receivable
12.09 15,725.2
Other Receivables
1,350.8
10.39
11,728.3
--
1,371.0
1.41
1.09
Inventory
22.18
8,795.8
12.71
17,484.7
18.72
23,171.8
Prepaid Expenses
352.5
.003
Other Current Assets

4,477.9
3.62
20.66
21,515.2
--
408.3
.004
4,550.9
5.37
4,326.1
4.46
Gross Property Plant and Equipment (net)

26.52 31,619.4
25.55
23,417.6
27.67
25724.3
Long-Term Investments
14.82 11,884.2
11,033.1
9.60
13.03
14,369.3
Accounts Receivable, Long Term

5,186.8
4.19
2,438.7
Deferred Tax Assets, Long Term

.002
20.7
2.88
.0002
23.2
5,242.7
5.41
.0002
197.6
Other Intangibles
33.6
49.9
.0005
1,706.5
2.01
2,349.0
2.42
.0003
Other Long-Term Assets

3,643.4
2.94
TOTAL ASSETS
100
--
123,750.8
84,629.3
100
96,984.1
11,908.7
29.06
7,035.2
100
Liabilities
Accounts Payable
14.45 5,128.2
Accrued Expenses
2,241.4
8.52
--
921.3
1.89
Short-Term Borrowings
2,153.3
3.58
1,792.0
4.37
694.2
1.43
Current Portion of Long-Term Debt

3,386.3
5.62
3,813.9
9.31
6,642.3
13.64
Current Income Taxes Payable

66.2
.001
138.2
.003
89.4
.002
Unearned Revenue, Current

8,610.5
14.30
4,361.3
10.64
6,688.5
13.74
Long-Term Debt
37.36
31,258.6
17,775.6
51.92
Minority Interest
8,910.3
14.80
3.72
43.38
18,190.9
6,572.3
16.04
7,451.1
15.30
Pension & Other Post-Retirement Benefits

93.8
.001
75.9
.002
86.3
.002
Deferred Tax Liability Non-Current

1,149.4
1.91
1,030.6
2.51
862.8
1.77
Other Non-Current Liabilities

2,180.6
3.62
2,192.4
5.35
1,743.6
3.58
TOTAL LIABILITIES
99.04 63,547.7
43,560.7
105.56
106.30 48,228.0
NET ASSETS
40,978.6
48,696.1
60,203.1
INCOME STATEMENT
Sales
100
Cost of Goods Sold
67.30
100
51,739.9
55,970.6
47,802.6
100
65.95
34,819.6
34,964.2
31,523.7
62.47
GROSS PROFIT
16,920.2
32.67
21,006.4
16,278.9
37.53
34.05
Selling General & Admin Expenses, Total

3,968.8
7.09
2,530.8
5.29
3,130.8
6.05
Depreciation & Amortization, Total

1,556.1
2.78
198.7
.004
327.1
.006
Other Operating Expenses

2,337.3
4.18
2,455.8
5.14
2,283.4
4.41
OTHER OPERATING EXPENSES, TOTAL

7,862.1
14.05
5,185.3
10.85
5,741.3
11.10
OPERATING INCOME
21.61 13,144.3
11,093.6
23.48
Income Tax Expense

2,104.7
1,343.6
2.81
1,474.6
2.85
9,750
20.4
9,704.3
18.76
23.21
11,178.9
3.76
NET INCOME
11,039.6
19.72
3. Trend Analysis
4. Financial Mix Ratios
a. Profitability
2013
Dec31 2011
Dec 31 2012
Dec 31
Return on Sales
20.40
18.76
19.72
Gross Profit Rate
34.05
32.70
37.53
Return on total assets
11.52
10.01
8.92
Return on shareholders' equity
28.26
23.49
21.52
Operating Levrage
NOT APPLICABLE
Times Preferred Dividend Earned
NOT APPLICABLE
b. Liquidity
Inventory turnover
1.8
1.62
1.51
Inventory Days
200
222
239
Receivable Turnover
5.43
3.95
3.28
Collection Period
66
91
110
Cash Turnover
34.45
59.09
31.73
Days to pay operation expenses
10
11
Asset Turnover
56.48
53.35
45.23
Payable Turnover
Payable Days
Currrent Asset Turnover
1.04
1.05
.79
Net Working Capital

43,320.5
23,526.5
Current Ratio
2.07
1.8
2.47
Quick assets Ratio
1.07
1.93
1.45
5. Conclusion
21,911.3

FS (3 Years) : A. Income Statement

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FS (3 Years) : A. Income Statement

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1.

Cost of Goods Sold

Selling General & Admin Expenses, Total

Depreciation & Amortization, Total

Other Operating Expenses

OTHER OPERATING EXPENSES, TOTAL

Income Tax Expense

Trading Asset Securities

TOTAL CASH AND SHORT TERM INVESTMENTS 15,181.2

Other Current Assets

TOTAL CURRENT ASSETS

Gross Property Plant and Equipment

NET PROPERTY PLANT AND EQUIPMENT

Accounts Receivable, Long Term

Other Long-Term Assets

Current Portion of Long-Term Debt/Capital Lease

Current Income Taxes Payable

Other Current Liabilities, Total

Unearned Revenue, Current

TOTAL CURRENT LIABILITIES

Pension & Other Post-Retirement Benefits

Deferred Tax Liability Non-Current

Other Non-Current Liabilities

Comprehensive Income and Other

TOTAL COMMON EQUITY

TOTAL LIABILITIES AND EQUITY

c. Statement of Cash Flows

Amortization of Goodwill and Intangible Assets

DEPRECIATION & AMORTIZATION, TOTAL

Amortization of Deferred Charges

(Gain) Loss from Sale of Asset

(Gain) Loss on Sale of Investment

Asset Writedown & Restructuring Costs

Other Operating Activities

(Income) Loss on Equity Investments

Provision & Write-off of Bad Debts

Change in Accounts Receivable

Change in Accounts Payable

Change in Unearned Revenues

Change in Other Working Capital

CASH FROM OPERATIONS

Sale of Property, Plant, and Equipment

Sale (Purchase) of Real Estate Properties

Investments in Marketable & Equity Securities

CASH FROM INVESTING

Short-Term Debt Issued

Long-Term Debt Issued

TOTAL DEBT ISSUED

Short Term Debt Repaid

Long Term Debt Repaid

TOTAL DEBT REPAID

Special Dividend Paid

Other Financing Activities

CASH FROM FINANCING

Foreign Exchange Rate Adjustments

NET CHANGE IN CASH

Trading Asset Securities

Other Current Assets

Gross Property Plant and Equipment (net)

Accounts Receivable, Long Term

Deferred Tax Assets, Long Term

Other Long-Term Assets

Current Portion of Long-Term Debt