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September 3, 2014
TThS 2:30- 3:30
Dec 31
2010
Restated
PHP
Jan 01
2012
Restated
PHP
Dec 31
2012
Restated
PHP
Dec 31
2013
PHP
53,371.7
62,554.9
71,059.0
80,282.8
53,371.7
62,554.9
71,059.0
80,282.8
44,542.5
52,731.4
59,837.8
67,021.4
8,829.2
9,823.5
11,221.2
13,261.4
5,229.9
5,884.1
6,825.5
7,343.6
5,229.9
5,884.1
6,825.5
7,343.6
OPERATING INCOME
3,599.3
3,939.4
4,395.7
5,917.8
Interest Expense
-193.2
-291.3
-206.0
-152.9
163.1
179.8
270.1
245.6
-30.1
-111.6
64.1
92.7
-2.2
0.3
-51.0
-115.6
37.1
-63.6
-25.4
46.6
106.1
192.9
180.8
171.0
3,710.2
3,957.5
4,564.3
6,112.5
106.0
--
--
--
369.7
437.5
297.4
133.0
Insurance Settlements
9.1
16.6
12.2
9.6
360.5
420.9
335.9
110.1
4,185.9
4,395.0
4,861.7
6,245.5
973.4
1,110.2
1,149.7
1,522.7
Currency in
Millions of Philippines
Pesos
Revenues
TOTAL REVENUES
Cost Of Goods Sold
GROSS PROFIT
As of:
-14.7
-22.1
15.1
-51.2
3,212.5
3,284.8
3,712.0
4,722.8
3,197.8
3,262.6
3,727.1
4,671.6
3,197.8
3,262.6
3,727.1
4,671.6
3,197.8
3,262.6
3,727.1
4,671.6
NET INCOME
BALANCE SHEET
This company's debt to total capital ratio, at 18.13%, is in-line with the Hotels, Restaurants and Leisure
industry's norm. Additionally, even though there are not enough liquid assets to satisfy current obligations,
Operating Profits are more than adequate to service the debt. Cash collection is average with Accounts
Receivable are typical for the industry, although improving, with 12.07 days worth of sales outstanding.
Last, inventories seem to be well managed as the Inventory Processing Period is typical for the industry,
at 17.30 days.
Dec 31
2010
Restated
PHP
Jan 01
2012
Restated
PHP
Dec 31
2012
Restated
PHP
Dec 31
2013
PHP
8,170.5
6,655.3
8,848.6
9,903.9
8,170.5
6,655.3
8,848.6
9,903.9
Accounts Receivable
1,837.7
2,388.6
2,454.6
2,853.9
Other Receivables
54.4
--
200.2
116.8
1,892.1
2,388.6
2,654.8
2,970.7
Inventory
2,206.6
2,860.1
2,705.6
3,647.1
Prepaid Expenses
519.0
--
751.4
909.5
784.4
1,354.9
662.8
953.1
13,572.5
13,258.9
15,623.2
18,384.2
20,565.7
12,811.7
14,079.7
15,206.8
Accumulated Depreciation
-11,795.2
-7,868.1
-8,639.7
-9,222.2
8,770.5
4,943.6
5,440.0
5,984.6
Goodwill
5,986.4
6,530.4
6,822.5
6,822.5
Long-Term Investments
179.1
123.8
1,262.6
1,143.7
920.1
636.4
685.8
756.2
59.7
--
68.9
61.3
Other Intangibles
2,004.3
7,648.7
7,634.5
8,068.9
2,253.5
5,408.7
4,230.6
4,805.2
Currency in
Millions of Philippines
Pesos
As of:
Assets
Cash And Equivalents
TOTAL CASH AND SHORT TERM
INVESTMENTS
TOTAL RECEIVABLES
TOTAL ASSETS
33,746.0
38,550.5
41,768.1
46,026.6
Accounts Payable
3,601.6
10,165.6
4,717.1
6,006.6
Accrued Expenses
4,886.9
--
5,986.5
7,256.6
Short-Term Borrowings
1,842.0
900.0
--
--
2,341.1
777.3
4,572.8
1,106.3
167.8
154.7
79.0
154.7
731.3
104.8
1,190.0
1,046.8
123.1
--
75.9
47.6
13,693.8
12,102.4
16,621.2
15,618.6
Long-Term Debt
51.6
3,942.7
877.4
4,067.5
Minority Interest
561.9
703.7
733.1
812.1
212.1
9.4
521.6
932.8
768.4
528.4
374.7
318.2
1,338.7
1,552.7
1,641.9
1,728.6
16,064.6
18,135.7
20,036.8
22,665.7
Common Stock
1,051.4
1,055.0
1,063.9
1,068.6
2,773.7
2,914.5
3,284.1
3,640.7
Retained Earnings
14,242.7
16,438.0
17,871.2
19,017.2
Treasury Stock
-180.5
-180.5
-180.5
-180.5
-767.8
-515.8
-1,040.4
-997.1
17,119.5
19,711.2
20,998.2
22,548.9
TOTAL EQUITY
17,681.4
20,414.9
21,731.3
23,360.9
33,746.0
38,550.5
41,768.1
46,026.6
TOTAL LIABILITIES
Jan 01
2012
Restated
PHP
Dec 31
2012
Restated
PHP
Dec 31
2013
PHP
3,197.8
3,262.6
3,727.1
4,671.6
1,978.0
2,401.6
2,705.6
3,072.5
--
--
2.5
3.2
1,978.0
2,401.6
2,708.1
3,075.7
Currency in
Millions of Philippines Pesos
As of:
NET INCOME
168.5
182.6
121.2
110.2
183.8
216.3
318.6
446.2
0.1
0.2
--
4.3
-18.2
--
53.7
-13.3
90.4
196.0
-110.9
319.4
2.2
-0.3
51.0
115.6
--
--
97.6
11.2
82.3
-314.2
-214.8
-324.8
Change In Inventories
-314.5
-693.9
243.4
-940.1
201.8
783.5
858.0
2,040.3
-133.7
-227.4
308.1
-447.1
5,504.2
5,880.6
8,238.0
9,219.5
Capital Expenditure
-2,553.4
-3,700.4
-3,753.9
-3,907.9
96.0
32.0
41.2
50.7
Cash Acquisitions
-2,714.8
-637.7
-127.6
--
-30.4
-8.0
-1.4
--
--
--
--
-267.3
-27.7
-1,077.3
-208.3
-274.0
-5,124.2
-7,156.8
-3,883.7
-4,288.9
1,842.0
900.0
--
--
--
3,131.0
1,700.8
2,582.6
1,842.0
4,031.0
1,700.8
2,582.6
-305.0
-342.0
-900.0
--
-53.7
-2,379.8
-728.9
-3,149.4
-358.7
-2,721.9
-1,628.9
-3,149.4
27.9
68.7
301.6
210.9
-1,277.2
-1,196.6
-1,230.1
-1,132.7
-1,277.2
-1,196.6
-1,230.1
-1,132.7
-1,279.4
--
-1,044.3
-2,099.9
-136.7
-419.8
-268.2
-291.7
-1,182.2
-238.6
-2,169.0
-3,880.2
-4.6
-0.4
8.0
4.9
-806.8
-1,515.2
2,193.3
1,055.3
Return on Assets
Industry Comparison
Return on Equity
Industry Comparison
8.49%
21.12%
Return on Capital
Industry Comparison
13.10%
Gross Margin
Industry Comparison
Industry Comparison
16.58%
3.10%
EBITDA Margin
SG&A Margin
Industry Comparison
Industry Comparison
10.84%
9.38%
Industry Comparison
Industry Comparison
1.9x
39.6x
Inventory Turnover
Industry Comparison
Industry Comparison
13.6x
20.2x
Current Ratio
Quick Ratio
Industry Comparison
Industry Comparison
1.3x
0.9x
Total Debt/Equity
Industry Comparison
Industry Comparison
21.15%
46.61%
Total Revenue
Industry Comparison
Industry Comparison
14.63%
14.99%
EBITDA
Gross Profit
Industry Comparison
Industry Comparison
16.03%
15.00%
Receivables
Inventory
Industry Comparison
Industry Comparison
-0.91%
10.35%
Capital Expenditures
Industry Comparison
Industry Comparison
16.86%
28.68%
Industry Comparison
Industry Comparison
4.76%
-27.74%
Industry Analysis
JFC
Industry Average
Valuation
Price/Earnings
JFC
40.5x
Price/Sales
2.3x
Price/Book
8.2x
Price/Cash Flow
TEV/Sales
39.7x
2.1x
Industry Range