NET SALES

COST OF SALES
GROSS PROFIT
Operating expenses
Interest and financing charges
Interest income
Foreign exchange gain (loss) - net
Tax abatement
Other income - net
INCOME BEFORE INCOME TAX
PROVISION FOR INCOME TAX
Current
Deferred
NET INCOME
Dividend payout in 2011
Profit retained to RE

ASSETS
Current Assets
Cash and cash equivalents
Trade and other receivables
Receivable from a stockholder
Inventories
Other current assets
Total Current Assets
Noncurrent Assets
Available-for-sale financial assets
Property, plant and equipment
At cost
Land, at appraised value
Deferred income tax assets - net
Other noncurrent assets
Total Noncurrent Assets
TOTAL ASSETS
LIABILITIES AND EQUITY
Current Liabilities

2010
1,217,602,316
863,303,184
354,299,132
282,001,182
20,053,116
1,961,057
24,495
0
9,399,175
63,629,561
13,183,280
(1,205,716)
11,977,564
51,651,997

2011
1,181,074,246.52
838,562,715.03
342,511,531.49
262,214,374.65
15,758,235.35
2,000,278.14
25,229.85
9,493,166.75

76,057,596
15,211,519.25
-

15,211,519
60,846,077
26,452,375.92
34,393,701.06

2010
111,460,069
424,884,918
220,689,184
42,204,119
799,238,290

138,919,612.09

6,730,200

7,403,220.00

599,387,448
153,945,450
6,934,862
6,260,494
773,258,454
1,572,496,744

565,576,303.00

412,963,023.26
238,119,807.77
43,048,201.38

833,050,644

153,945,450.00
5,201,146.50
6,385,703.88

738,511,823
1,571,562,468

Notes and trust receipts payable

Trade and other payables
Current portion of long-term debt
Income tax payable
Total Current Liabilities
Noncurrent Liabilities
Long-term debt - net of current portion
Customers deposit
Deferred income tax liabilities - net
Retirement benefits payable
Asset retirement obligation
Total Noncurrent Liabilities
Total Liabilities

77,000,000.00
72,152,909.00
87,500,000.00
236,652,909.00
90,625,000.00
19,454,999.00
18,122,311.00
968,232.00
129,170,542.00
365,823,451.00

Equity
Equity attributable to equity holders of the Company
Capital stock
688,309,398.00
Capital paid in excess of par
176,594,308.00
Shares held in treasury
(27,401,500.00)
Revaluation increment - net of related deferred income
126,400,334.00
tax
Reserve for fluctuations in available-for-sale financial assets
649,750.00
Retained earnings
234,158,792.00
1,198,711,082.00
Noncontrolling interest
7,962,211.00
Total Equity
1,206,673,293.00
TOTAL LIABILITIES AND EQUITY
1,572,496,744.00

75,460,000.00
70,709,850.82
96,500,000.00
4,094,575.27

246,764,426.09
46,756,685.00
17,509,499.10
18,575,368.78
1,084,419.84

83,925,972.72
330,690,398.81

688,309,398.00
176,594,308.00
(27,401,500.00)
126,400,334.00
454,825.00
268,552,493.06

1,232,909,858.06
7,962,211.00

1,240,872,069.06
1,571,562,467.87
(33,032,547)
-

Gross Profit Margin

29.10%
Growth rate:
4%
Projected increase in assets attributable to sales growth
3%
Spontaneous Increase in Liabilities
4%
Inventory turnover
4.96
AR turnover
2.86
Dividend declaration in 2011:
P0.04/share
Invest in PPE (again in year 2013, 70/30 external financing))
90M
' - 45M internal financing
- 45M external financing
Savings in Shipping and delivery expense
176,281,971.00
Lease expense for Davao depot - escalation rate
5%
Rental expense from COS
14,807,669.00
Depreciation period
5 years
18,000,000.00

4.96
2.86

35,256,394.20
3,109,610.49
18,000,000.00

Interest expense
Investment in High Grade AFS

630,000.00
lower reserves

2012

2013

2014

2015

1,216,506,473.92

1,265,166,732.87

1,328,425,069.52

1,394,846,322.99

863,719,596.48

898,268,380.34

943,181,799.36

990,340,889.32

352,786,877.44

366,898,352.53

385,243,270.16

404,505,433.67

261,377,961.83

270,785,474.57

288,607,288.05

313,896,177.97

3,960,000.00

5,940,000.00

4,950,000.00

3,960,000.00

2,040,283.70

2,081,089.38

2,122,711.16

2,165,165.39

26,491.34

27,815.91

29,206.71

30,667.04

9,777,961.75

10,071,300.61

10,373,439.62

10,684,642.81

99,293,652

102,353,084

104,211,340

99,529,731

19,858,730.48

20,470,616.77

20,842,267.92

19,905,946.19

19,858,730
79,434,922

20,470,617
81,882,467

20,842,267.92
83,369,072
0

19,905,946.19
79,623,785
0

79,434,921.92

81,882,467.08

83,369,071.68

79,623,784.75

220,931,476.49

288,169,753.68

314,888,602.30

335,705,215.90

425,351,913.96

442,365,990.51

464,484,290.04

487,708,504.54

245,263,402.00

255,073,938.08

267,827,634.98

281,219,016.73

44,339,647.42

46,113,233.32

47,957,762.65

49,876,073.16

935,886,440

1,031,722,916

1,095,158,290

1,154,508,810

8,143,542.00

8,957,896.20

9,853,685.82

10,839,054.40

441,765,158.00

439,697,356.50

437,629,555.00

435,561,753.50

153,945,450.00

153,945,450.00

153,945,450.00

153,945,450.00

3,900,859.88

2,925,644.91

2,194,233.68

1,645,675.26

6,577,275.00

6,774,593.25

6,977,831.04

7,187,165.97

614,332,285
1,550,218,725

612,300,941
1,644,023,856

610,600,756
1,705,759,046

609,179,099
1,763,687,909

77,723,800.00

69,951,420.00

55,961,136.00

41,970,852.00

72,831,146.34

75,744,392.20

78,016,723.96

80,357,225.68

9,000,000.00

14,400,000.00

5,113,182.62

5,117,654.19

5,210,566.98

4,976,486.55

164,668,128.96

165,213,466.39

158,988,426.94

152,504,564.23

27,000,000.00

39,600,000.00

25,200,000.00

10,800,000.00

18,034,784.07

16,231,305.67

14,608,175.10

13,147,357.59

20,003,640.49

20,503,731.50

19,039,752.99

19800000

25200000

19,515,746.82

1,214,550.22

1,360,296.25

1,523,531.80

1,706,355.61

65,289,087.29
229,957,216.25

76,707,348.73
241,920,815.12

61,335,347.39
220,323,774.33

46,157,444.70
198,662,008.93

688,309,398.00

688,309,398.00

688,309,398.00

688,309,398.00

176,594,308.00

176,594,308.00

176,594,308.00

176,594,308.00

(27,401,500.00)

(27,401,500.00)

(27,401,500.00)

(27,401,500.00)

126,400,334.00

126,400,334.00

126,400,334.00

126,400,334.00

409,342.50

368,408.25

331,567.43

298,410.68

347,987,414.98

429,869,882.07

513,238,953.75

592,862,738.50

1,312,299,297.48

1,394,140,830.32

1,477,473,061.17

1,557,063,689.18

7,962,211.00

7,962,211.00

7,962,211.00

7,962,211.00

1,320,261,508.48
1,550,218,724.74

1,402,103,041.32
1,644,023,856.44

1,485,435,272.17
1,705,759,046.50

1,565,025,900.18
1,763,687,909.12

(220,931,476.49)
-

(318,271,253.68)
0.00
318,271,253.68

(220,323,774.33)
(0.99)

(198,662,008.93)
0

4.96
2.86

4.96
2.86

4.96
2.86

4.96
2.86

29,967,935.07

22,475,951.30

14,609,368.35

8,035,152.59

3,265,091.01

3,428,345.57

3,599,762.84

3,779,750.99

18,000,000.00

18,000,000.00

18,000,000

18,000,000