Jollibee Foods Corporation

Comparative Balance Statement

(PHp in Millions)
December
2016
Assets
Current Assets
Cash
Cash & Cash Equivalents 16,733
Short Term Investments 726
Total Cash 17,459
Receivables -
Inventories 5,987
Other Current Assets 6,922
Total Current Assets 30,368
Non-current Assets
Property, Plant and Equipment
Gross Property, Plant and Equipment 35,150
Less: Accumulated Depreciation - 18,494
Net Property, Plant and Equipment 16,656
Intangible Assets 9,087
Deferred Income Taxes 2,585
Other Long-Term Assets 14,032
Total Non-Current Assets 42,360

Total Assets 72,728

Liabilities and Stockholder's Equity

Liabilities
Current Liabilities
Short-term Debt 1,562
Accounts Payable 21,961
Taxes Payable 309
Other Current Liability -
Total Current Liabilities 23,832
Net-current Liabilities
Long term debt 10,594
Capital leases -
Deferred taxes liabiities 507
Pensions and other benefits 1,658
Minority interest 679
Other long-term liabilities 1,857
Total non-current liabilities 15,295

Total liabilities 39,127

Stockholder's Equity
Additional paid-in capital 5660
Retained earnings 29,860
Treasury Stock - 181
Accumulated other comprehensive income - 1,737
Total stockholder's equity 33,602

Total Liabilities and Stockholder's Equity 72,729

December
2015

11,498
932
12,430
-
5,478
9,261
27,169

35,150
- 20,603
14,547
9,412
1,408
12,226
37,593

64,762

1,210
19,527
236
95
21,068

8,761
-
-
1,467
1,163
1,681
13,072

34,140
 5,055
25,687
- 181
61
30,622

64,762
 Jollibee Foods Corporation
Comparative Income Statement
For the years ended 31, 2015 and 2016
(PHp in Millions except per share data)

2016 2015

Revenue 113,908 100,780

Cost of Revenue 92,815 82,892
Gross Profit 21,092 17,888
Operating Expenses
Sales, General and Administrativ 14,627 12,533
Other operating expenses - 861 172
Total Operating Expenses 13,766 12,705

Operating Income 7,326 5,183

Interest Expense 247 206
Other Income (Expense) 652 1,457
Income before Taxes 7,730 6,435
Provisions for Income taxes 1,677 1,389
Net Income from continuing operations 6,054 5,046
Other - - 118
Net Income 6,054 4,928
Net Income available to common shareholders 6,054 4,928
Earnings per share
Basic 5.75 4.62
Diluted 5.64 4.53
Weighetd average share
Basic 1073 1067
Diluted 1092 1088
EBITDA (earnings before 11,973 10,066
interest, tax, depreciation
and amortization)
Appendix 1:

Jollibee Foods Corporation

Comparative Income Statement

For the years ended December 31, 2015 and 2016

(PHp in Millions except per share data)

2016 2015

Revenue 113,908 100,780

Cost of Revenue 92,815 82,892
Gross Profit 21,093 17,888
Operating Expenses
Sales, General and Administrative 14,627 12,533
Other operating expenses - 861 172
Total Operating Expenses 13,766 12,705

Operating Income 6,465 5,355

Interest Expense 247 206
Other Income (Expense) 652 1,457
Income before Taxes 7,730 6,435
Provisions for Income taxes 1,677 1,389
Net Income from continuing operations 6,054 4,928
Other - - 118
Net Income 6,054 5046
Net Income available to common shareholders 6,165 4,928

Earnings per share

Basic 5.75 4.62
Diluted 5.64 4.53
Weighted average share
Basic 1073 1067
Diluted 1092 1088

EBITDA (earnings 11,973 10,066

before interest, tax,
depreciation and
amortization)
 Trend Analysis
Increase or (Decrease)

Amount Percent

13,128 13.03%
9,923 11.97%
3,205 17.92%

2,094 16.71%
- 1,033 -600.58%
1,061 8.35%

1,110 20.73%
41 19.90%
- 805 -55.25%
1,295 20.12%
288 20.73%
1,126 22.85%
118 -100.00%
1,008 19.98%
1,237 25.10%

1.13 24.46%
1.11 24.50%

6 0.56%
4 0.37%

1,907 18.94%
Appendix 2:

Jollibee Foods Corporation

Comparative Balance Sheet
For the years ended December 31, 2015 and 2016
(PHp in Millions)

December Common - Size Ana

2016 Percent
Assets
42,360
Current Assets
Cash
Cash & Cash Equivalents 16,733 23.01%
Short Term Investments 726 1.00%
Total Cash 17,459 24.01%
Receivables - 0.00%
Inventories 5,987 8.23%
Other Current Assets 6,922 9.52%

Total Current Assets 30,368 41.76%

Non-current Assets
Property, Plant and Equipment
Gross Property, Plant and Equipment 35,150 48.33%
Less: Accumulated Depreciation - 18,494 -25.43%
Net Property, Plant and Equipment 16,656 22.90%
Intangible Assets 9,087 12.49%
Deferred Income Taxes 2,585 3.55%
Other Long-Term Assets 14,032 19.29%

Total Non-Current Assets 42,360 58.24%

Total Assets 72,728 100%

Liabilities and Stockholder's Equity

Liabilities
Current Liabilities
Short-term Debt 1,562 2.15%
Accounts Payable 21,961 30.20%
Taxes Payable 309 0.42%
Other Current Liability - 0.00%
 Total Current Liabilities 23,832 32.77%
Net-current Liabilities
Long term debt 10,594 14.57%
Capital leases - 0.00%
Deferred taxes liabiities 507 0.70%
Pensions and other benefits 1,658 2.28%
Minority interest 679 0.93%
Other long-term liabilities 1,857 2.55%
Total non-current liabilities 15,295 21.03%

Total liabilities 39,127 53.80%

Stockholder's Equity
Additional paid-in capital 5,660 7.78%
Retained earnings 29,860 41.06%
Treasury Stock - 181 -0.25%
Accumulated other comprehensive income - 1,737 -2.39%

Total stockholder's equity 33,602 46.20%

Total Liabilities and Stockholder's Equity 72,729 100%

on
d 2016

(subjective assessment based on data)

Common - Size Analysis Evaluation

2015 Percent 2015-2016

11,498 17.75% Better

932 1.44% Bad
12,430 19.19% Better
- 0.00% Same
5,478 8.46% Better
9,261 14.30% Bad

27,169 41.95% Bad

35,150 54.28% Better

- 20,603 -31.81% Constant
14,547 22.46% Better
9,412 14.53% Bad
1,408 2.17% Better
12,226 18.88% Better

37,593 58.05% Better

64,762 100% Same

1,210 1.87% Bad

19,527 30.15% Bad
236 0.36% Bad
95 0.15% Better
 21,068 32.53% Bad

8,761 13.53% Bad

- 0.00% Same
- 0.00% Bad
1,467 2.27% Bad
1,163 1.80% Better
1,681 2.60% Better
13,072 20.18% Bad

34,140 52.72% Bad

5,055 7.81% Bad

25,687 39.66% Better
- 181 -0.28% Same
61 0.09% Bad

30,622 47.28% Bad

64,762 100% Same

Appendix 3:

Summary of JFC Ratios for the years, 2015 - 2016

Year
Ratios Remarks 2016 2015

Liquidity

Current Ratio 1.27 1.29

Quick (acid-test) Ratio 1.02 1.03

Activity

Inventory Turnover 15.50 15.13

Average Collection Period (zero account receivables) n/a n/a
Average Payment Period (zero ave. collection period)) n/a n/a
Total Assets Turnover 1.57 1.56

Debt

Debt Ratio 0.54 0.53

Times interest earned ratio 4.65 1.24
Fixed-payment coverage ratio (no data on lease payments) n/a n/a

Profitability

Gross profit margin 18.52% 17.75%

Operating profit margin 5.68% 5.31%
Net profit margin 5.41% 4.89%
Earnings per share (EPS) ₱5.75 ₱4.62
Return on Total Assets (ROA) 8.48% 19.18%
Return on Equity (ROE) 20.65% 19.18%

Market

Price/Earnings (P/E ratio) (preferred stock equity data unavailable) n/a n/a
Market/Book (M/B Ratio) (preferred stock equity data unavailable) n/a n/a
015 - 2016

Industry Average
2016
source: www.csimarkets.com

0
1.3
0.52

15 days
-
-
1.62

0.48
3.47
-

18.20%
6.20%
5.80%
₱ 6.80
8.80%
19.86%

-
-