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2011 2012 2013 2014

ASSETS

Current Assets
Cash and cash equivalents (Notes 4, 29 and 30) 10.57% 9.10% 16.15% 15.75%
Short-term investment (Notes 4, 29 and 30) 0.28% 0.23% 0.18% 0.14%
Receivables (Notes 5, 29, and 30) 6.41% 8.21% 7.78% 7.48%
Inventories (Note 6) 13.91% 15.93% 14.95% 14.78%
Prepayments and other current assets (Note 7) 4.33% 5.67% 4.49% 4.55%
Total Current Assets 35.49% 39.14% 43.56% 42.70%

Noncurrent Assets
Property and Equipment (Note 8) 52.11% 49.88% 45.59% 45.14%
Deposits (Note 9) 5.78% 5.46% 5.21% 5.84%
Deferred Income tax assets - net (Nota 27) 1.09% 0.94% 1.05% 1.01%
Goodwill and other noncurrrent assets (Note 10) 5.53% 4.57% 4.59% 5.32%
Total Noncurrent Assets 64.51% 60.86% 56.44% 57.30%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00%

LIABILITIES AND EQUITY

Current Liabilities
Bank loans (Note 11,29 and 30) 10.03% 10.47% 9.30% 9.51%
Current Portion of Long Term Debt 0.00% 0.00% 0.00% 0.00%
Accounts Payable and accrued expenses (Notes 12, 29 and 30) 33.31% 27.63% 31.08% 31.02%
Income tax payable 1.98% 2.30% 1.82% 2.24%
Other current liabilities (Note 13 and 25) 7.99% 11.87% 10.52% 10.83%
Total Current Liabilitites 53.32% 52.28% 52.72% 53.60%

Noncurrent Liabilities
Deposits Payable (Note 14) 4.59% 3.99% 3.37% 2.98%
Net Retirement Obligations (Note 24) 1.75% 1.34% 1.60% 1.27%
Long Term Debt - net of current portion (Notes 11, 29 and 30) 0.00% 0.00% 0.00% 0.00%
Deferred Income Tax Liability (Note 27) 0.00% 0.00% 0.00% 0.00%
Cumulative redeemable preferred shares (Note 15, 29 and 30) 0.16% 0.13% 0.10% 0.08%
Deferred Revenue - net of current portion (Note 16) 0.11% 0.06% 0.03% 0.34%
Total Noncurrent Liabilities 6.61% 5.51% 5.10% 4.66%
Total Liabilities 59.92% 57.79% 57.82% 58.27%

Equity
Common stock (Notes 17 and 31) - P 1 par value
Authorized - 600,000,000 and 400,000,000 shares as of
December 31, 2012 and 2011, respectively
Issued - 399,325,661 and 347,329,216 shares as of
December 31, 2012 and 2011, respectively
[held by 656 and 666 equity holders in 2012
and 2011, respectively (Note 1)] 9.30% 8.75% 7.62% 5.82%
Additional paid-in capital (Note 31) 7.86% 6.43% 4.87% 3.72%
Retained Earnings (Note 17 and 31)
Appropriated 22.91% 27.02% 30.05% 32.30%
Unapproprited
Other comprehensive income (loss)
Remeasurement loss on net retirement obligations - net of
deferred income tax asset (Notes 24 and 27) 0.00% 0.00% -0.37% -0.32%
Ravaluation increment on land [net of deferred income tax liability
(Notes 8 and 27)] 0.09% 0.07% 0.05% 0.23%
40.16% 42.27% 42.23% 41.77%
Cost of 686,250 shares held in treasury (Note 17) -0.08% -0.06% -0.05% -0.04%
Total Equity 40.08% 42.21% 42.18% 41.73%
TOTAL LIABILITIES AND EQUITY 100.00% 100.00% 100.00% 100.00%

2011 2012 2013 2014


ASSETS

Current Assets
Cash and cash equivalents (Notes 4, 29 and 30) 100.00% 105.22% 246.52% 314.59%
Short-term investment (Notes 4, 29 and 30) 100.00% 102.13% 103.85% 104.56%
Receivables (Notes 5, 29, and 30) 100.00% 156.55% 195.93% 246.31%
Inventories (Note 6) 100.00% 140.00% 173.49% 224.38%
Prepayments and other current assets (Note 7) 100.00% 160.35% 167.62% 221.89%
Total Current Assets 100.00% 134.81% 198.03% 253.96%

Noncurrent Assets
Property and Equipment (Note 8) 100.00% 117.00% 141.14% 182.84%
Deposits (Note 9) 100.00% 115.49% 145.34% 213.24%
Deferred Income tax assets - net (Nota 27) 100.00% 105.77% 155.43% 194.87%
Goodwill and other noncurrrent assets (Note 10) 100.00% 100.98% 134.02% 202.94%
Total Noncurrent Assets 100.00% 115.31% 141.15% 187.49%
TOTAL ASSETS 100.00% 122.23% 161.33% 211.08%

LIABILITIES AND EQUITY

Current Liabilities
Bank loans (Note 11,29 and 30) 100.00% 127.52% 149.47% 200.18%
Current Portion of Long Term Debt
Accounts Payable and accrued expenses (Notes 12, 29 and 30) 100.00% 101.39% 150.55% 196.57%
Income tax payable 100.00% 142.24% 148.52% 238.66%
Other current liabilities (Note 13 and 25) 100.00% 181.57% 212.44% 286.07%
Total Current Liabilitites 100.00% 119.85% 159.55% 212.22%

Noncurrent Liabilities
Deposits Payable (Note 14) 100.00% 106.09% 118.33% 136.77%
Net Retirement Obligations (Note 24) 100.00% 93.75% 147.99% 154.01%
Long Term Debt - net of current portion (Notes 11, 29 and 30)
Deferred Income Tax Liability (Note 27)
Cumulative redeemable preferred shares (Note 15, 29 and 30) 100.00% 100.00% 100.00% 100.00%
Deferred Revenue - net of current portion (Note 16) 100.00% 65.14% 39.61% 654.41%
Total Noncurrent Liabilities 100.00% 102.01% 124.43% 148.95%
Total Liabilities 100.00% 117.88% 155.67% 205.25%

Equity
Common stock (Notes 17 and 31) - P 1 par value
Authorized - 600,000,000 and 400,000,000 shares as of
December 31, 2012 and 2011, respectively
Issued - 399,325,661 and 347,329,216 shares as of
December 31, 2012 and 2011, respectively
[held by 656 and 666 equity holders in 2012
and 2011, respectively (Note 1)] 100.00% 114.97% 132.19% 132.19%
Additional paid-in capital (Note 31) 100.00% 100.00% 100.00% 100.00%
Retained Earnings (Note 17 and 31)
Appropriated 100.00% 144.18% 211.64% 297.65%
Unapproprited
Other comprehensive income (loss)
Remeasurement loss on net retirement obligations - net of
deferred income tax asset (Notes 24 and 27) #DIV/0! #DIV/0!
Ravaluation increment on land [net of deferred income tax liability
(Notes 8 and 27)] 100.00% 100.00% 100.00% 573.37%
100.00% 128.67% 169.66% 219.56%
Cost of 686,250 shares held in treasury (Note 17) 100.00% 100.00% 100.00% 100.00%
Total Equity 100.00% 128.73% 169.80% 219.80%
TOTAL LIABILITIES AND EQUITY 100.00% 122.23% 161.33% 211.08%

NOTE: Blank analysis over financial statements


are present due to lack of information in base
year, or in the proceeding years.
2015

9.21%
0.12% The Total Current Assets in the 2015 is decreased by 4.36%. From 42.70% in 2014 to 38.34% in 2015.
8.06% The notable change occurred in the total current assets is the CCA from 15.75% in 2014 to 9.21% in 2015
16.48% Cash in the banks earn interest at the respective bank deposit rates
4.48%
38.34%

49.95% In the Total Non Current Assets in the 2015 it decreased by 4.35%. From 57.30% in 2014 to 61.66% in 20
6.08% The notable change occurred in the total non current assets is the Property and Equipment from 45.14%%
1.01% Reasons of increasing:
4.62% Land appraised value - land increased its value
61.66% Store Furniture and Equipment
100.00% Office Furniture and Equipment
Transportation Equipment
Computer Equipment
Leaseholds improvement
CPI - pertains to cost of constructing new stores and renovation of old stores
12.08%
0.19% Total current liabilities shows that in 2015 it decreased by 1.3%, from 53.6% in 2014 to 52.3% in
24.86% Even the Banks loans and other current liabilities increased by 2.57% and 2.04% respectively, the AP decr
2.29%
12.87%
52.30%

2.50% In the Non current liabilities show that in 2015 decreased by .23%, from 4.66% in 2014 to 4.43% in 2015
1.06% And theres no notable changes occurred non current liabilities
0.66%
0.08%
0.06%
0.06%
4.43%
56.73%
total equity shows that in 2015 it decreased by 1.53%.
4.82% from 41. 73% in 2014 to 43.27% in 2015
3.08% the notable changes in total equity is the RE-appropriated and appropriated

25.75%
9.68%

-0.23%

0.19%
43.30%
-0.03%
43.27%
100.00%

2015

221.94%
105.51%
320.64%
302.06%
263.77%
275.34%

244.27%
267.80%
235.37%
212.84%
243.54%
254.83%

306.94%
#DIV/0!
190.21%
294.88%
410.31%
249.96%

138.99%
154.73%
#DIV/0!
#DIV/0!
100.00%
145.55%
171.06%
241.26%

132.19%
100.00%

286.39%
0.00%

#DIV/0!

573.37%
274.76%
100.00%
275.10%
254.83%

ncial statements
rmation in base
in 2014 to 38.34% in 2015.
.75% in 2014 to 9.21% in 2015

7.30% in 2014 to 61.66% in 2015.


y and Equipment from 45.14%% in 2014 to 49.95% in 2015

m 53.6% in 2014 to 52.3% in 2015


2.04% respectively, the AP decreased 6.16% from 31.02% in 2014 to 24. 86% in 2015

66% in 2014 to 4.43% in 2015


2011 2012 2013 2014 2015
REVENUES
Revenue from merchandising sales (Note 32) 90.76% 90.00% 87.27% 86.98% 86.58%
Franchise revenue (Note 32) 5.14% 5.25% 8.44% 8.38% 9.43%
Marketing income (Note 20) 2.31% 2.89% 2.35% 2.36% 2.84%
Commission income (Note 32) 0.36% 0.52% 0.30% 0.26% 0.22%
Rental income (Note 26) 0.42% 0.35% 0.27% 0.20% 0.18%
Interest income (Notes 4, 9, 22 and 26) 0.06% 0.04% 0.04% 0.03% 0.03%
Other income (Note 26) 0.96% 0.95% 1.33% 1.80% 0.72%
100.00% 100.00% 100.00% 100.00% 100.00%

EXPENSES
Cost of merchandise sales (Note 18 and 32) 65.84% 65.49% 65.83% 65.39% 65.28%
General and administrative expenses (Note 19) 28.97% 29.09% 27.91% 28.05% 28.85%
Interest expense (Notes 11, 15 and 21) 0.15% 0.13% 0.10% 0.08% 0.13%
Other expenses 0.05% 0.11% 0.09% 0.09% 0.10%
95.01% 94.82% 93.93% 93.62% 94.36%

INCOME BEFORE INCOME TAX 4.99% 5.18% 6.07% 6.38% 5.64%


PROVISIONS FOR INCOME TAX (Note 27) 1.56% 1.61% 1.86% 1.94% 1.75%
NET INCOME 3.43% 3.57% 4.21% 4.44% 3.90%
OTHER COMPREHENSIVE INCOME (Loss)
NOT TO BE RECLASSIFIED TO PROFIT AND LOSS
IN SUBSEQUENT PERIODS
Revaluation increment on land - net of tax (Note 8) 0.00% 0.00% 0.00% 0.08% 0.00%
Remeasurement gain (loss) on net retirement
obligations - net of tax (Note 24) 0.00% 0.00% -0.07% -0.01% 0.01%
TOTAL COMPREHENSIVE INCOME 3.43% 3.57% 4.15% 4.50% 3.91%

NOTE: Blank analysis over financial statements


are present due to lack of information in base
year, or in the proceeding years.

HORIZONTAL ANALYSIS-3
2011 2012 2013 2014 2015
REVENUES
Revenue from merchandising sales (Note 32) 100% 124% 150% 181.31% 237.41%
Franchise revenue (Note 32) 100% 128% 256% 308.52% 457.03%
Marketing income (Note 20) 100% 157% 159% 193.18% 306.48%
Commission income (Note 32) 100% 181% 130% 137.28% 152.35%
Rental income (Note 26) 100% 104% 98% 88.84% 106.29%
Interest income (Notes 4, 9, 22 and 26) 100% 92% 122% 97.90% 119.79%
Other income (Note 26) 100% 124% 216% 355.72% 188.15%
100% 125% 156% 189.18% 248.89%
2017 100% 124% 151.12% 198.81%
EXPENSES 2018 100% 121.44% 159.76%
Cost of merchandise sales (Note 18 and 32) 100% 125% 156% 187.91% 246.79%
General and administrative expenses (Note 19) 100% 126% 150% 183.14% 247.78%
Interest expense (Notes 11, 15 and 21) 100% 104% 101% 101.07% 212.12%
Other expenses 100% 304% 287% 379.71% 526.62%
100% 125% 154% 186.41% 247.17%

INCOME BEFORE INCOME TAX 100% 130% 190% 242.10% 281.56%


PROVISIONS FOR INCOME TAX (Note 27) 100% 130% 186% 235.54% 278.66%
NET INCOME 100% 130% 192% 245.09% 282.87%
OTHER COMPREHENSIVE INCOME (Loss)
NOT TO BE RECLASSIFIED TO PROFIT AND LOSS
IN SUBSEQUENT PERIODS
Revaluation increment on land - net of tax (Note 8) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Remeasurement gain (loss) on net retirement
obligations - net of tax (Note 24) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
TOTAL COMPREHENSIVE INCOME 100% 130% 189% 248.59% 283.75%

NOTE: Blank analysis over financial statements


are present due to lack of information in base
year, or in the proceeding years.