VERTICAL ANALYSIS

Balance Sheet of Goldilocks

2012 Percent 2011 Percent
ASSETS
Current Assets
Cash And Cash Equivalents (Note 4) 312,366,376 16.08% 349,145,476 17.71%
Receivables (Note 5) 461,539,817 23.76% 506,996,910 25.72%
Receivables (Note 6) 121,217,654 6.24% 122,798,302 6.23%
Current Portion (Notes 10 and 21) 57,879,843 2.98% 41,299,200 2.1%
Other Current Assets 35,823,727 1.84% 30,509,627 1.58%
Total Current Assets 988,827,417 50.9% 1,050,749,515 53.30%

Non-Current Assets
PPE (Note 7) 343,153,333 17.67% 368,174,178 18.68%
Investments in shares of Stock (Note 8) 436,434,917 22.47% 313,766,402 15.92%
Rental and Utility Deposits (Notes 10 and 23,125,686 1.19% 35,100,104 1.78%
21)
Intangible Assets (Note 9) 3,381,328 0.17% 3,978,610 0.20%
Deferred Income Tax Assets (Note 18) 146,201,230 7.53% 198,048,078 10.05%
Total Non-Current Assets 1,405,641 0.07% 1,405,641 0.10%
Total Assets 953,702,135 49.1% 920,473,013 46.70%
TOTAL ASSETS P 1,942,529,552 100% 1,971,222,528 100%

LIABILITIES AND EQUITY

LIABILITIES
Current Liabilities
Accounts Payable (Note 11) 870,420,102 44.81% 888,604,590 45.08%
Bank loan (Note 12) 30,000,000 1.54% 30,000,000 1.52%
Customers' Deposits 10,271,199 0.53% 8,855,423 0.45%
Income Tax Payable 3,749,276 0.19% -
Note Payable (Note 12) - - 40,243,750 2.04%
Subscriptions Payable(Note 8) - - 8,737,500 0.44%
Total Current Liabilities 914,440,577 47.08% 976,441,263 49.53%

Non-Current Liabilities
Net Retirement Benefits Liabilities (Note 93,472,470 4.81% 119,401,790 6.06%
19)
TOTAL LIABILITIES 1,007,913,047 51.89% 1,095,842,992 55.59%
EQUITY (Notes 24 and 25)Capital Stock- P1 par value
Authorized-6712,250,000 shares
Issued and Outstanding 410,976,129 21.16% 410,976,126 20.85%
Retained Earnings:
Appropriated for various projects 260,000,000 13.38% 260,000,000 13.19%
Unappropriated 263,640,376 13.58% 204,403,410 10.37%
TOTAL EQUITY 934,616,505 48.11% 875,379,536 44.41%
TOTAL LIABILITIES AND 1,942,529,552 100% 1,971,222,528 100%
EQUITY
 VERTICAL ANALYSIS
Income Statement of Goldilocks
2012 Percent 2011 Percent
NET SALES (Note 20) 4,703,410,919 100% 4,737,030,457 100%
Cost Of Sales 3,592,935,915 76.39% 3,727,832,879 78.70%
Gross Profit 1,110,475,004 23.61% 1,009,197,578 21.30%
Expenses
Distributed and Selling expenses (Note -969,555,478 -20.61% -984,476,954 -20.78%
14)
General and administrative expenses -249,350,419 -5.30% -228,178,437 -4.82%
(Note 15)
Royalty and other fees( Note 20 and 22) 216,789,822 4.61% 218,324,992 4.61%
Interest Income (Note 4 and 10) 2,080,125 0.04% 1,566,711 0.3%%
Interest Expense (Note 12) -1,948,545 -0.04% -2,897,278 -0.06%
Other Income - Net (Note 17) 26,986,830 0.57% 63,341,074 1.34%
Income Before Income Tax 135,477,339 2.88% 76,877,686 1.62%
Income Tax (Note 18) 24,393,525 0.52% 22,666,601 0.48%
Current 51,846,848 1.10% -26,727,108 -0.56%
Deffered 76,240,373 1.62% -4,060,507 -0.09%
NET INCOME 59,236,966 1.26% 80,938,193 1.71%