XVI.

Appendix

(a) Competitors Financial Statement

FINANCIAL STATEMENTS OF COMPETITOR

BREADTALK PHILIPPINES

2017 2018 2019 2020 2021

Income Statement (000)

Group Revenue 447,334 536,530 589,644 624,149 614,995

Bakery 233,136 271,320 294,128 307,915 306,864

Food Atrium 111,578 143,007 164,781 173,084 157,901

Restaurant 102,620 122,203 130,735 143,150 150,230

Group EBITDA 49,621 62,261 70,905 77,582 87,517

Bakery 20,079 23,936 22,972 22,362 30,304

Food Atrium 14,890 21,569 24,153 17,875 16,089

Restaurant 13,844 17,332 21,039 33,901 30,546

Group PBT 19,376 22,390 32,801 25,376 29,716

Bakery 9,554 11,592 7,554 5,306 11,651

Food Atrium 1,039 4,579 5,407 (3,021) (7,174)

Restaurant 7,251 9,054 12,896 25,961 24,053

Profit attributable to the equity holders of the

company 12,000 26,369 22,171 7,602 11,436

Cash Flow Statement (000)

Cash flows from operating activities 53,436 71,439 73,325 66,462 85,241

Capital expenditure, net (92,566) (106,170) (42,933) (37,480) (31,905)

Cash flows used in investing activities (126,745) (120,420) (85,914) (57,875) (21,005)

Net increase/(decrease) in borrowings 57,712 72,453 28,547 3,597 (20,605)

Cash flows from/(used in) financing activities 50,245 65,120 18,516 (9,966) (38,173)

Balance Sheet (000)

Total Assets 356,409 481,021 538,810 545,141 533,903

Cash and cash equivalents 64,245 79,420 95,452 94,896 120,589

Property, plant and equipment 157,408 225,860 220,670 205,696 180,663

Total Liabilities 265,384 364,269 400,320 398,717 381,958

Bank borrowings and debt securities 96,419 168,516 197,819 201,685 181,310

Net debt / (cash) 32,174 89,096 102,367 106,789 60,721

Key Ratios

EBITDA margin (%) 11.1 11.6 12.0 12.4 14.2

Net Margin (%) 2.7 4.9 3.8 1.2 1.9

Return on equity (%) (1) 15.0 27.9 19.1 6.0 8.8

Dividend payout ratio (%) 30.5 19.2 19.1 55.6 94.7

Net gearing (x) (2) 0.39 0.83 0.82 0.83 0.46

Net debt / EBITDA (x) 0.65 1.43 1.44 1.38 0.69

EBITDA / Interest expense (x) 35.80 23.28 19.02 14.56 14.76

Per Share Information (cents)

Earnings per share - basic 4.27 9.37 7.87 2.70 4.07

Earnings per share - diluted 4.25 9.34 7.85 2.69 4.06

Net assets per share 32.40 41.50 49.16 51.97 54.01

Dividend per share 1.30 1.80 1.50 1.50 3.85

(b) Promotions

Facebook Page

(c) Company Logo

(d) References

Feasibility Study on Sugar-Free Pastry Shop

Research and Development of J&B incorporated: http://www.businessplanhut.com/free-sample-

business-plan-research-development-jb-incorporated

Outdoor Adventure Travel Company Business Plan Sample:

http://www.referenceforbusiness.com/business-plans/Business-Plans-Volume-04/Outdoor-
Adventure-Travel-Company.html

www.bplans.com/specialty_baker_business_plan/executive_summary_fc.php

Managing Opportunities and Risks CIMA:

http://www.cimaglobal.com/Documents/ImportedDocuments/cid_mag_managing_opportunities_an
d_risk_march08.pdf.pdf

Seven External Factors of Business:

http://smallbusiness.chron.com/seven-external-factors-business-21960.html

BreadTalk Annual Report: http://breadtalk.listedcompany.com/

www.huffingtonpost.com/2012/01/24/sugar-free-baking_n_1228591.html