Company ProfiIe

Splash CorporaLlon manufacLures and markeLs

personal care producLs and ls Lhe personal care arm of Lhe Splash Croup of Companles whlch
manufacLures and markeLs personal care producLs 1he Splash Croup ls composed of wholly
owned hlllpplne companles wlLh buslness lnLeresLs ln personal care manufacLurlng and
markeLlng lnLernaLlonal dlsLrlbuLlon and recenLly healLh and wellness producLs developmenL
and markeLlng lounded ln 1983 Splash was able Lo grow from a hp12000 backyard buslness
lnLo a hp4 bllllon enLerprlse Lhrough Lhe vlslon lnnovaLlon and commlLmenL of lLs founders
ur 8olando 8 PorLaleza and ur 8osallnda A PorLaleza 8elng conslsLenLly ln Lhe 1op 300
corporaLlons ln Lhe hlllpplnes slnce 1998 Lhe Company has esLabllshed lLs repuLaLlon as one of
Lhe formldable players ln Lhe hlllpplne personal care lndusLry Splash carrles Lhe brands
LxLraderm Maxleel and Skln WhlLe lL also carrles one of Lhe fasLesL growlng skln care brands
ln Lhe hlllpplnes 8lollnk ln 2002 Lhe Company lnvesLed ln a hp400 mllllon sLaLeofLhearL
manufacLurlng complex ln Canumay valenzuela ClLy whlch ls expecLed Lo meeL Lhe Companys
capaclLy requlremenLs ln Lhe medlumLerm 1he Company esLabllshed Lhe Splash 8esearch
lnsLlLuLe ln 1997 1hrough sLaLeofLhearL faclllLles and equlpmenL and a research sLaff of
more Lhan LwenLy (20) chemlsLs pharmaclsLs and englneers S8l carrles ouL Lhe deslgn and
developmenL of lnnovaLlve producLs and packaglng sysLems Lhereby keeplng Splash aL Lhe
forefronL of Lhe personal and healLh care lndusLrles lL sLrlves Lo malnLaln a Lwo (2)year rolllng
plpellne of new producLs S8l also ensures LhaL all producLs made avallable Lo Lhe markeL are
backed up by rlgld cllnlcal LesLs Lo guaranLee superlor efflcacy safeLy sLablllLy and overall
producL excellence Splash has grown lnLo a mulLlbllllon peso company wlLh Lwo of lLs core
producLs exfollanL and skln whlLeners domlnaLlng Lhelr segmenLs wlLh markeL shares of 86
and 41 respecLlvely based on an AC nlelsen hlllpplne 8eLall lndex 8eporL daLed !une 2007
1he Company ls ranked slxLh ln Lhe hlllpplne personal care lndusLry Lhe only llllplno owned
company ln Lhe Lop 10 1he Company alms Lo sLrengLhen lLs presence ln Lhe personal care
markeLs ln Lhe Aslaaclflc reglon and Lo galn a fooLhold ln Lhe affluenL markeLs of Lurope and
norLh Amerlca Lhrough lLs healLh and wellness producLs 1o daLe Splash has esLabllshed markeL
presence ln over 30 counLrles Lhrough lLs dlsLrlbuLors and local exporLers 1hese counLrles
lnclude Algerla AusLralla 8ahraln Canada LgypL Pong kong lndla lndonesla lran !apan
!ordan korea kuwalL Lebanon Malaysla nlgerla Cman aklsLan CaLar Saudl Arabla
Slngapore Sudan unlLed Arab LmlraLes vleLnam and Lhe unlLed SLaLes

$pIash Reasearch Institute

ln Lhe evoluLlon of specles organlsms musL adapL Lo Lhelr envlronmenL or become exLlncL A
slmllar evoluLlonary process applles Lo buslness organlzaLlons 8uL whlle organlsms depend on
Lhelr survlval lnsLlncLs buslness organlzaLlons musL hold fasL Lo Lhelr vlslon and values Lo shape
and deLermlne Lhelr survlval

uocLor 8olando 8 PorLaleza ln hls many Lalks and speeches has conLlnually expressed hls
vlslon for Splash no llllplno company has yeL made lL globally ln Lhe area of cosmeLlcs and we
plan Lo be Lhe flrsL 1hls was Lhe very reason why Lhe Splash 8esearch lnsLlLuLe a 40 Mllllon
complex was esLabllshed ln AugusL 1997 lL ls Lhe ulLlmaLe expresslon of our LrusL ln Lhe
llllplno capablllLy Lo compeLe wlLh Lhe worlds besL Someday we envlslon Lhls Lo become Lhe
premlere research faclllLy ln Lhe whole Asla
1he lnsLlLuLe has commlLLed lLself Lo conLlnuously search for new sources of value LhaL would
saLlsfy Lhe rapldly growlng needs of Lhe personal care lndusLry by employlng cuLLlngedge
Lechnology 1he faclllLy has lnLerdependenL deparLmenLs whose energles are dlrecLed Lowards
creaLlng breakLhrough producLs lL ls a haven for new ldeas Lo grow Lo Lake shape Lo be rlgldly
LesLed and upon passlng sLrlngenL quallLy sLandards Lo serve as Lhe models for new producL
offerlngs Lo Lhe markeL
kesearch and Deve|opment

Comprlsed of a Leam of hlghly skllled researchers Lhe 8esearch and uevelopmenL (8u) Croup
works wlLh preclslon equlpmenL and lnsLrumenLaLlon Lopgrade quallLy maLerlals and
Lechnologlcally advanced processes Lo puL new hypoLheses Lo Lhe LesL experlmenL wlLh new
Lheorles or slmply leL Lhelr creaLlve mlnds play Lo come up wlLh exclLlng new producLs LhaL
answer consumers needs

1he lnsLlLuLe also ensures LhaL al producLs made avallable Lo Lhe markeL are backed up by rlgld
cllnlcal LesLs meLlculously performed by dermaLologlsLs Lo guaranLee LhaL superlor efflcacy
and safeLy sLablllLy and general producL excellence are dellvered Lo consumers
1helr 8u acLlvlLles are supporLed by wealLh of lnformaLlon and daLa made avallable Lhrough
servlces LhaL provlde upLodaLe sclenLlflc lnformaLlon and close coordlnaLlon wlLh forelgn
research lnsLlLuLlons and cosmeLlcs and personal care experLs 8esearchers are also
conLlnuously kepL abreasL wlLh Lhe laLesL global Lrends ln beauLy and personal care lLs
adopLlon of lnformaLlon Lechnology keeps Lhe company up Lo speed wlLh Lhe markeL Lrends
and movemenLs and new producLs belng launched elsewhere ln Lhe world
9ackag|ng Des|gn
ln an lndusLry where aesLheLlcs ls key Splash puLs a speclal premlum on packaglng deslgn 1he
seducLlon of Lhe consumer beglns wlLh packaglng says uocLor PorLaleza As a poLenLlal
cusLomer l am lnsLlncLlvely drawn Lo producLs LhaL look pleaslng Lo Lhe eye add uocLora

ackaglng ls always a comblnaLlon of beauLy and funcLlon lL should creaLe a kln of sLage
presence for Lhe producL on Lhe supermarkeL shelf lL should pro[ecL Lhe personallLy of Lhe
producL WhllsL lL does Lhls lL should be able Lo proLecL Lhe conLenLs lnslde from Lhe usual
rough handllng ln warehouses

1he creaLlve Leam armed wlLh Lechnology and creaLlve eye swoops down on Lhe producL and
creaLes for lL packaglng LhaL arresL and capLlvaLes Lhe consumers eyes packaglng ls sLurdy and
survlves manhandllng durlng shlpmenL and conforms Lo envlronmenLal sLandards
nowhere ls Lhe companys core value of p|oneer|ng and |nnovat|veness more clearly
demonsLraLed Lhan ln lLs research faclllLy LsLabllshlng lLself as a research company Splash has
Laken Lo hearL Lhe challenge of provldlng consumers wlLh lnnovaLlve ploneerlng and world
class producLs declares ur PorLaleza 1he lnsLlLuLe underscores our commlLmenL Lo research
and developmenL as Lhe drlver of our growLh













$pIash fortifies market position in MaIaysia through
Carepro Marketing
Leading personal care manufacturer Splash Corporation has forged an agreement with a new distributor that will
fortify its market position in Malaysia.

Splash nternational, Splash Corp's wholly-owned subsidiary signed a distributorship agreement with Carepro
Marketing, a Malaysian company with distribution coverage across a network of chain pharmacies, personal care
stores, hypermarkets, supermarkets and beauty saloons in West Malaysia

Carepro will distribute Splash's products including two flagship brands, namely Maxipeel and SkinWhite in West
Malaysia. Splash products are available in selected supermarkets like Mydin Hypermarket Stores in Kuala Lumpur,
West Malaysia. Kuala Lumpur is the capital and the largest city in Malaysia. Splash products are initially available in
10 Mydin stores and eventually in all its stores 29 stores in West Malaysia.

Splash products are currently sold in East Malaysia, particularly in Kotah Kinabalu, the capital of Sabah. The
company's products are carried by GCH Retail (M) Sdn Bhd also known as Giant, Malaysia's biggest retailer through
another Malaysian distributor Rejoice Moments Sdn Bhd.

"We are very optimistic about our Malaysian market. Our presence in West Malaysia is a very big move in increasing
our market base, Splash chairman and chief executive officer Rolando Hortaleza said.

The partnership between Splash, Rejoice Moments and Carepro as the company's distributors enables Splash to tap
ASEAN's burgeoning population with a growing disposable income and strong aspiration to look and feel good.

"Our aim is to build brand equity for a strong presence in Malaysia. We want to become a strong player in the
personal care industry in ASEAN and Malaysia is a key component in our strategy, he said.

Splash has established market presence in over 30 countries through its distributors and local exporters. These
countries include Algeria, Australia, Bahrain, Canada, Egypt, Hong Kong, ndia, ndonesia, ran, Japan, Jordan,
Korea, Kuwait, Lebanon, Malaysia, Nigeria, Oman, Pakistan, Qatar, Saudi Arabia, Singapore, Sudan, United Arab
Emirates, Vietnam and the United States.

The company's shares was listed at the Philippine Stock Exchange in 2007.


$pIash sets up HoIding Firm for Overseas Forays
Splash Corporation opens Singapore holding company for planned acquisition programs abroad.

Homegrown personal care company Splash Corporation recently opened a holdings company in Singapore as it
prepares for possible international acquisitions this year.

Splash Corporation Chairman and CEO, Rolando Hortaleza said the company formed Splash Global Pte. Ltd. to "be
used as a vehicle for possible mergers, acquisitions or joint ventures abroad."

"We're looking at brands or companies that we believe can help solidify Splash Corporation's presence abroad," he
said.

"While Splash Corporation is also looking at local companies and brands to acquire, the international market presents
many opportunities for us," Hortaleza said.

The company's international operations account for over 10% percent of the total revenues of Splash.

Splash Corporation's revenues are expected to reach around P3 billion in 2010, up 15 percent from P2.71 billion the
previous year. The company expects revenues in 2011 to grow even further by at least 20 percent.

"For the international markets, we're prioritizing Southeast Asia and ndochina. These are the markets we are
aggressively penetrating and investing on this year," Eric
Domagas, Splash Corporation President and COO said.

"We are also further expanding our presence to take care of commercial distribution. We are securing additional
distribution firms in the aforementioned markets," he said.

Dr. Rolando Hortaleza, summarized the optimism of Splash Corporation in the foreign markets.
"We are very excited about the opportunities the international market presents ourcompany. By firming up our
position in the Asean and ndochina markets, we are confident we can obtain the growth targets we set in 2011," the
Chairman and CEO said.

Splash products are now available in ndonesia, Malaysia, Vietnam, Myanmar, Laos,and Cambodia.

t is also sold in the Middle East specifically and Africa.








Press Coverage on $pIash Corp's $ingapore HoIding
Company
1. BU$INE$$ WORLD

January 24, 2011 10:37:10 PM

Splash sees 20% growth, forms Singapore unit
HOMEGROWN personal care products manufacturer Splash Corp. expects faster growth this year due to
international expansion, announcing the establishment of a new overseas unit based in Singapore to look for
acquisitions.The company expects to firm up distribution and acquisition plans locally and in neighboring Southeast
Asian countries this year, it told the local bourse yesterday.

"Splash's revenues are expected to [have reached] around P3 billion in 2010, up 15% from P2.71 billion the previous
year. The company expects revenues in 2011 to grow even further by at least 20%," the company said in a
disclosure.
"We are very excited about the opportunities the international market presents our company," Rolando B. Hortaleza,
Splash chairman and chief executive, said in the disclosure.
"By firming up our position in the Southeast Asian and ndochina markets, we are confident we can obtain the growth
targets we set in 2011," he added.

After entering the international market in 1998, the firm's products are now sold in more than 45 countries including
Australia, Canada, Hong Kong, ndia, ran, Japan, Korea, Saudi Arabia, Singapore, and the United States. n Asia,
Splash products are now sold in ndonesia, Malaysia, Vietnam, Myanmar, Laos, Cambodia and the Middle East.

"For the international markets, we are prioritizing Southeast Asia and ndochina. These are the markets we are
aggressively penetrating and investing on this year," said Eric Roel E. Domagas, president and chief operating officer
of Splash. Mr. Domagas said the company will acquire distribution firms in Southeast Asian countries to spur growth.
Splash said it has set up Splash Global Pte. Ltd., a Singapore-based holding company, for possible international
acquisitions this year. Mr. Hortaleza said the firm would "be used as a vehicle for possible mergers, acquisitions or
joint ventures abroad."

"We are looking at brands or companies that we believe can help solidify Splash's presence abroad," Mr. Hortaleza
added.
nternational operations of the personal care manufacturer account for more than a tenth of total revenues.Splash,
which has also formed Splash H & B Sdn. Bhd. for its distribution operations in Malaysia, said it is also looking for
local companies and brands to acquire.

The company, which was formed in 1991, is into the development, bottling, packing, and marketing of cosmetics,
beauty, and pharmaceutical products in the Philippines and abroad. Splash products and brands are classified into
four basic categories: haircare, skincare, "naturals," and health and wellness.

Profits of the firm hit P60.66 million in the nine months that ended in September last year, almost five times the
P12.31 million recorded the year before.

Last week, Splash announced a capital expenditure budget of P426 million for this year, more than 11 times last
year's P37.9 million, to hike production.

Shares in Splash, whose brands include Vitresse, Control, Skin White, and Biolink, fell by P0.11 to P2.50 each
yesterday. -- Neil Jerome C. Morales
. TRIBUNE
Firm splashes into Asia, forms Singapore company
By Danessa O. Rivera
01/25/2011
Local cosmetics maker Splash Corp. formed a holding company in Singapore to pave the way for its possible
international acquisitions this year.
Splash Corp. chairman and CEO Rolando Hortaleza said the company formed Splash Global Pte. Ltd. to be used as
a vehicle for possible mergers, acquisitions or joint ventures abroad. "We're looking at brands or companies that we
believe can help solidify Splash Corp.'s presence abroad," he said.
"While Splash Corp. is also looking at local companies and brands to acquire, the international market presents many
opportunities for us," Hortaleza added.
The company's international operations account for over 10 percent of the total revenues of Splash.
Splash Corp.'s revenues are expected to reach around P3 billion in 2010, up 15 percent from P2.71 billion the
previous year. The company expects revenues in 2011 to grow even further by at least 20 percent.
"For the international markets, we're prioritizing Southeast Asia and ndochina. These are the markets we are
aggressively penetrating and investing on this year," Splash president and COO Eric Domagas said.He added that
they are also further expanding their presence to take care of commercial distribution. "We are securing additional
distribution firms in the aforementioned markets," he said.Splash also formed a distribution unit in Malaysia called
Splash H & B Sdn. Bh
3. MANILA BULLETIN
Splash puts up Singapore unit for int'l acquisitions
January 25, 2011, 2:23am
MANLA, Philippines Homegrown personal care company Splash Corporation has opened a holdings company in
Singapore in preparation for possible international acquisitions this year.

n a statement, Splash chairman Rolando Hortaleza said the company organized Splash Global Pte. Ltd. to "be used
as a vehicle for possible mergers, acquisitions or joint ventures abroad."

"We're looking at brands or companies that we believe can help solidify Splash Corporation's presence abroad. While
Splash is also looking at local companies and brands to acquire, the international market presents many opportunities
for us," Hortaleza explained.
Splash's international operations account for over 10 percent percent of the company's total revenues. Splash's
revenues are expected to reach around P3 billion in 2010, up 15 percent from P2.71 billion the previous year.
The company expects revenues in 2011 to grow even further by at least 20 percent to over P3.6 billion.
"For the international markets, we're prioritizing Southeast Asia and ndochina. These are the markets we are
aggressively penetrating and investing on this year," Splash president Eric Domagas said.

"We are also further expanding our presence to take care of commercial distribution. We are securing additional
distribution firms in the aforementioned markets," he said.
Splash Corporation also formed a distribution unit in Malaysia called Splash H & B Sdn. Bhd. that will help widen its
market reach in the area.
"We are very excited about the opportunities the international market presents our company. By firming up our
position in the ASEAN and ndochina markets, we are confident we can obtain the growth targets we set in 2011,"
Hortaleza said.
Splash products are now available in ndonesia, Malaysia, Vietnam, Myanmar, Laos, and Cambodia. t is also sold in
the Middle East specifically and Africa. (JAL)
. PHILIPPINE $TAR
Splash forms holding firm in Singapore for overseas ventures
By Zinnia B. Dela Pea (The Philippine Star) Updated January 25, 2011 12:00 AM
MANLA, Philippines - Splash Corp., a leading Filipino-owned beauty and personal care products maker, is setting its
sights on acquisitions overseas through its recently formed holding company in Singapore.
Dr. Rolando Hortaleza, chairman and chief executive officer of Splash, said the new company Splash Global Pte.
Ltd. would serve as the group's vehicle for possible mergers, acquisitions or joint ventures in the international
markets.
"We are very excited about the opportunities the international market presents our company. By firming up our
position in the Asean and ndochina markets, we are confident we can obtain the growth targets we set in 2011,"
Hortaleza said.
He said the company is looking at brands or companies that would help solidify Splash's presence abroad. He,
however, pointed out that the company remains on the lookout for other possible acquisitions in the Philippines.
nternational operations account for over 10 percent of Splash's total revenues. The company expects to register
revenues of around P3 billion in 2010 or 15 percent higher than the P2.71 billion registered a year earlier.
For this year, Splash is looking at a more than 20 percent rise in revenues."For the international markets, we're
prioritizing Southeast Asia and ndochina. These are the markets we are aggressively penetrating and investing on
this year," said Eric Domagas, president and chief operating officer of Splash.
"We are also further expanding our presence to take care of commercial distribution. We are securing additional
distribution firms in the aforementioned markets."Splash also formed a distribution unit in Malaysia called Splash H &
B Sdn. Bhd. that will help widen its market reach in the Asean area.Splash products are now available in ndonesia,
Malaysia, Vietnam, Myanmar, Laos, and Cambodia. t is also sold in the Middle East and Africa.
. PHILIPPINE DAILY INQUIRER
Splash sets up holding firm for overseas forays
Manufacturer prepares for foreign acquisitions
By Daxim Lucas
Philippine Daily nquirer
First Posted 21:11:00 01/24/2011
Filed Under:business, Mergers - Acquisitions - Takeovers, Joint Ventures, Global Expansion
MANLA, PhilippinesPublicly listed Splash Corp. said on Monday it had recently set up a holdings company in
Singapore in preparation for "possible international acquisitions this year."
n a disclosure to the Philippine Stock Exchange, the chairman and CEO of the personal hygiene products maker,
Rolando Hortaleza, said the company had formed Splash Global Pte. Ltd. to "be used as a vehicle for possible
mergers, acquisitions or joint ventures abroad."
"We're looking at brands or companies that we believe can help solidify Splash Corp.'s presence abroad," he said in
the statement. "While Splash is also looking at local companies and brands to acquire, the international market
presents many opportunities for us."
The company's international sales account for over 10 percent of its total revenue, it said.
Splash added that its 2010 sales were expected to have reached "around P3 billion," representing a 15-percent
increase from the P2.71 billion recorded in 2009.
The company said in the statement that it expects revenue in 2011 to grow "by at least 20 percent."
"For the international markets, we're prioritizing Southeast Asia and ndochina," the company's president and COO,
Eric Domagas, said. "These are the markets we are aggressively penetrating and investing in this year."
He added that Splash was also expanding its presence in the field of commercial distribution by entering into more
distributorship agreements in foreign markets.
Splash recently formed a distribution unit in Malaysia called Splash H&B Sdn. Bhd., which will help widen its market
reach in the area.
"We are very excited about the opportunities the international market presents our company," Hortaleza said. "By
firming up our position in the Asean and ndochina markets, we are confident we can obtain the growth targets we set
in 2011."
Splash products are now available in ndonesia, Malaysia, Vietnam, Myanmar, Laos and Cambodia. t is also sold in
markets in the Middle East and Africa.
On the PSE, shares of Splash ended the trading session at P2.50 per share, lower by 4.2 percent from the previous
session's close of P2.61.
Value turnover on the stock was light, with only P130,000 worth of shares changing hands.
At present levels, the company has a market capitalization of P1.7 billion.
6. MANILA $TANDARD TODAY
Elaine Ramos Alanguilan for Tuesday (1.25.2011)
Personal care products manufacturer Splash Corp. has established a holding company in Singapore to be used as
vehicle for its planned expansion in the international markets.
Chairman and chief executive Dr. Rolando Hortaleza saidin a disclosure to the Exchange yesterday that the company
formed Splash Global Pte. Ltd. as it eyes possible mergers, acquisitions or joint ventures abroad."We're looking at
brands or companies that we believe can help solidify SplashCorp.'s presence abroad," said Hortaleza. "While Splash
is also looking at localcompanies and brands to acquire, the international market presents manyopportunities for
us."He said its international expansion would help boost thecompany's growth moving forward.
To date, its international operations accountfor about 10 percent of the company's total revenues. So far, revenues
are seen
reaching P3 billion in 2010, 15 percent higher than the P2.71-billion that wasrecorded in 2009.
The company also expects revenues in 2011 to grow even furtherby at least 20 percent. "For the international
markets, we're prioritizing Southeast Asia and ndochina. These are the markets we are aggressivelypenetrating and
investing on this year," Eric Domagas, Splash president and chief operating officer.
"We are also further expanding our presence to takecare of commercial distribution. We are securing additional
distribution firms in the aforementioned markets." The publicly listed firm also formed adistribution unit in Malaysia
called Splash H & B Sdn. Bhd. that would help widen its market reach in the area. "We are very excited about the
opportunities the international market presents our company. By firming up our position in the Asean and ndochina
markets, we are confident we can obtain the growth targets we set in 2011," Hortaleza said. Splash products are now
available in ndonesia, Malaysia, Vietnam, Myanmar, Laos, and Cambodia. t is also sold in the Middle East and
Africa. The company, which started out as a family business, now commands a dominant share of the mid- to low-
priced personal care market.
. MANILA TIME$
$pIash to resume overseas expansion
Tuesday, 25 January 2011 00:00
SPLASH Corp. projects to surpass its growth last year, as it gears up to resume its overseas expansion this year. n a
statement, the homegrown personal care product manufacturer said it expects its expansion in the international
market to help increase its revenues by at least 20 percent this year, higher than the projected growth of 15 percent
in 2010.
"While Splash Corp. is also looking at local companies and brands to acquire, the international market presents many
opportunities for us," Rolando Hortaleza, Splash chairman and chief executive officer, said.
The company's products are also sold in Southeast Asia, the Middle East and Africa.
The company's international operations account for over 10 percent of its total revenues, which was expected to
reach P3.00 billion in 2010 from P2.71 billion in the previous year.
ts net income grew four-fold in the first nine months of 2010 to P60.66 million from P12.31 million in 2009.
n its bid to improve its market abroad, Splash formed a holding firm in Singapore called Splash Global Pte. Ltd. to
"be used as a vehicle for possible mergers, acquisitions or joint ventures."
"We're looking at brands or companies that we believe can help solidify Splash Corp.'s presence abroad," Hortaleza
said.
Splash also formed a distribution unit in Malaysia called Splash H & B Sdn. Bhd. to help widen its market reach in the
area.
Eric Domagas, Splash president and chief executive, said the company plans to prioritize Southeast Asia and
ndochina in their expansion this year. t would also secure additional distribution firms in the said markets.
The company has programmed a P426.00 million in capital expenditures this year from P37.90 million in 2010.
Splash shares fell from P2.61 on Friday to P2.50 each on Monday.
DARWIN G. AMOJELAR AND KRI$TA ANGELA M. MONTEALEGRE













ourc|ng and Access to kaw Mater|a|s
1he Company sources lLs raw maLerlals (prlmarlly
chemlcals and fragrances) and packaglng maLerlalsfrom
accredlLed local suppllers 1he suppller accredlLaLlon
process conslders Lhe followlng as crlLlcalperformance
crlLerla quallLy prlclng and Llmely dellverySplash
CorporaLlon uses raw maLerlals LhaL are commonly and
readlly avallable value creaLlon comesfrom Lhe mlxLure
and synergy of Lhe chosen maLerlals 1o safeguard Lhe
confldenLlallLy of producLformulaLlons Lhese maLerlals
are coded and known only Lo senlor research and
developmenL offlcers1he Company purchases lLs raw
maLerlal requlremenLs locally Lo ensure shorL dellvery
lead LlmeslmporLed raw maLerlals are procured Lhrough
Lhe represenLaLlves or local afflllaLes of forelgn
suppllersurchases are pald ln pesos so LhaL currency
rlsks are noL LakenlurLhermore Lhe Company normally has
Lwo (2) or more accredlLed suppllers for each Lype of raw
andpackaglng maLerlal ensurlng unlnLerrupLed
avallablllLy 1he Company avalls of 60 Lo 90 day
paymenLLerms provlded by suppllers 1here ls no exlsLlng
ma[or supply conLracL







kesearch and Deve|opment
1he Company esLabllshed Lhe Splash 8esearch lnsLlLuLe
(S8l) Lo conLlnuously develop by employlngcuLLlngedge
Lechnology new producLs LhaL wlll meeL Lhe growlng
needs of Lhe personal care markeLlL adopLed Lhe open
lnnovaLlon" concepL whereby Lhe Company collaboraLes
wlLh lLs suppllers Locome up wlLh new and beLLer
producL formulaLlons ln a cosL effecLlve manner 1he
Company has alsodeveloped a flexlble brand and producL
creaLlon process LhaL allows lL Lo qulckly respond Lo
changes lnconsumer preferences 1he Company ensures
LhaL Lhere ls a ready sLream of new producLs LhaL lL
canlaunch aL any glven Llme based on a rolllng elghL
quarLer planS8l's deparLmenLs (roducL 8esearch and
uevelopmenL ackaglng lnnovaLlons roducL 1esLlng
anduocumenLaLlon and Skln 8esearch) work
lnLerdependenLly Lowards creaLlng lnnovaLlve
producLswhlch address Lhe felL and laLenL needs of
consumers1he amounLs lncurred on research acLlvlLles
relaLlng Lo Lhe developmenL of new producLs and
LhelmprovemenL of exlsLlng producLs such as buL noL
llmlLed Lo packaglng deslgn producL safeLy cllnlcalLesLs
and consumer research were 31 mllllon ln 2009 34
mllllon ln 2008 and 110 mllllon ln 2007


ecut|ve Cff|cers (as of 30 Apr|| 2010)

8olando 8 PorLaleza
Mu Chlef LxecuLlve Cfflcer
Lrlc 8oel L uomagas
resldenL and Chlef CperaLlng Cfflcer
veneranda M 1omas
Lv and Chlef llnanclal Cfflcer
!ose C vega S
v and CM for hlllpplne CperaLlons
edro C lcornell
v for 8esearch and Supply Chaln ManagemenL
LynneLh Malabanan
v for CorporaLe Servlces
Ace vlncenL v vlllareal
Av and Pead of lnLernaLlonal ulvlslon
Caryzalde C Morales
Av and Pead of ulrecL Selllng










lnvesLmenL PlghllghLs
- 1he company ranks second on overall producL caLegorles ln Lhe personal care
producLs markeL lL leads ln
Lhe exfollanLs and skln whlLenlng caLegorles wlLh 86 and 46 markeL shares
respecLlvely 1he skln care
producLs markeL ls expecLed Lo growLh by 91 ln Lhe nexL flve years Lo 2010 on
accounL of sLrong demand
for skln whlLenlng WlLh Splash's lead poslLlon ln Lhls producL caLegory lL ls aL a
lead advanLage ln Lhe comlng
years
- 1he company's domlnance ls achleved Lhrough lLs lndepLh knowledge of Lhe
local markeL a sLrong
compeLlLlve advanLage Lhrough lnnovaLlve producL offerlngs over lLs
mulLlnaLlonal compeLlLors
- 1he company has esLabllshed Splash 8esearch lnsLlLuLe Lo develop new
producLs LhaL would saLlsfy Lhe
rapldly growlng needs of Lhe personal care markeL Splash plans Lo have producL
offerlngs for Lwo years aL
one polnL ln Llme
- Splash has esLabllshed markeL presence slnce 1993 ln over 20 counLrles whlch
lnclude Algerla AusLralla
8ahraln Canada LgypL Pong kong lndla lndonesla !apan !ordan korea
Malaysla nlgerla Slngapore
and vleLnam among oLhers Lhrough lLs dlsLrlbuLors and local exporLers LxporLs
accounL for 10 of lLs LoLal
sales
- Splash Corp has lnvesLed ln a manufacLurlng planL ln Canumay valenzuela ClLy
ln a 2hecLare properLy
whlch wlll supporL Lhe company's expanslon program boLh locally and
lnLernaLlonally
- 1he markeL's poLenLlal hlnges on Lhe lncreased healLh and wellness spendlng of
Lhe populaLlon wlLh Lhe
growlng healLh consclousness among consumers 1he markeL poLenLlal ln Lhe
hlllpplnes ls esLlmaLed aL
hp3bn
- 1he company's L8 ls aL 236x on 2007 earnlngs whlch wlll lmprove Lo a level of
14x on lLs 2008 earnlngs
Powever prlclng for Lhe offer ls raLher aggresslve as average L8 of forelgn
compeLlLors ls aL 21x (unllever
nv aL 17x !! aL 18x Avon roducLs lnc aL 29x) compared Lo Splash's 23x L8
We expecL Lhe
aggresslve prlce Lo llmlL upslde of Lhe share prlce upon llsLlng







Company 8ackground
Splash CorporaLe ls a beauLy and personal care manufacLurlng arm of Lhe Splash
Croup of Companles 1he Splash Croup ls composed of wholly owned hlllpplnes
companles wlLh buslnesses ln Lhe personal care manufacLurlng and markeLlng
lnLernaLlonal dlsLrlbuLlon and recenLly healLh and wellness developmenL and
markeLlng 1he company grew from a hp12k backyard buslness lnLo a hp4bn
enLerprlse Lhrough Lhe vlslon and lnnovaLlon of lLs founders spouses ur 8olando
8 PorLaleza and ur 8osallnda A PorLaleza 1he company ls Lhe only llllplno
company Lo have broken lnLo Lhe forelgn/ mulLlnaLlonal domlnaLed personal care
companles ln Lhe counLry havlng been clLed by LuromlnLor as Lhe prlde of Lhe
llllplnos ln Lhe personal care lndusLry lL has successfully compeLed Lhrough an ln
depLh knowledge of Lhe local markeL conLlnuously comlng up wlLh accepLable
producL offerlngs lLs markeL has experlenced hlgh growLh over Lhe perlod 2000
2003 ln a reporL by LuromonlLor sales of cosmeLlcs and LolleLrles grew wlLh a
CAC8 of 8 sales of skln care producLs grew aL a CAC8 of 144 Skln care
lndusLry ls expecLed Lo grow slgnlflcanLly aL 9 over Lhe nexL 3 years from 2003 Lo
2010 1he company ls wellposlLloned ln Lhls producL caLegory wlLh lLs sLrong
whlLenlng producLs as Skln WhlLe LxLraderm and 8lollnk Creen apaya
1he company has over Lhe years lnvesLed ln producL developmenL wlLh an
average budgeL of 1 of neL sales for 8 u lrom 2004 Lo 2006 lL has spenL
hp23m for producL developmenL ln 2004 lL has lnvesLed ln a 400m sLaLeof
Lhe arL manufacLurlng planL ln Canumay valenzuela ClLy 1he faclllLy comprlses
of slxLeen (16) bulldlngs occupylng a LoLal land area of 24k sq meLers 1hls
manufacLurlng complex has 9 manufacLurlng llnes operaLlng aL an average of
annual capaclLy of 60000 unlLs or an esLlmaLed 30 uLlllzaLlon raLe of lLs
manufacLurlng llnes whlch would readlly supporL fuLure growLh and expanslon
Splash owns LwenLynlne (29) reglsLered Lrademarks and has LhlrLyfour (34)
pendlng Lrademark appllcaLlons for new producLs 1he company has deemed lL
prudenL noL Lo ascrlbe any value Lo lLs Lrademarks ln lLs flnanclal sLaLemenLs 8aw
maLerlal requlremenLs are sourced locally lmporLed raw
maLerlals are sourced Lhrough forelgn company afflllaLes or represenLaLlves and
are pald ln pesos
Splash's markeLlng lnfrasLrucLure ls a comblnaLlon of lnhouse and Lhlrd parLy
dlsLrlbuLors 1he
company dellvers dlrecLly Lo sLraLeglc accounLs (called naLlonal accounLs) lor
oLher key accounLs lL uLlllzes
LwenLy Lhree (23) Lhlrd parLy dlsLrlbuLors Lach dlsLrlbuLor ls asslgned Lo
speclflc reglons 1he company
employs demandbased producLlon plannlng and lnvenLory managemenL sysLems
wlLh each dlsLrlbuLor
malnLalnlng opLlmal lnvenLory levels whlch are replenlshed aL reorder polnL lL
has esLabllshed a markeLlng
presence ln over 20 counLrles Lhrough lLs dlsLrlbuLors and local exporLers
















rlnclpal producLs markeLs and revenue conLrlbuLlon
1he Company's producLs and brands are classlfled lnLo 3 baslc caLegorles
whlch essenLlally ls based on Lhe lndlvldual producL's and brand's
speclflc markeL poslLlonlng lrom Lhe perspecLlve of a markeLlng
company Splash operaLlng managers assess Lhe markeL performance of
Lhese segmenLs prlmarlly revenue and proflL performance Lo make
declslons on resource allocaLlon and Lhe approprlaLe markeL lnLervenLlons
LhaL musL be done 1hese segmenLs conslsL of
- naLurals a group of producLs whose acLlve lngredlenLs are
derlved from naLural or herbal sources 8evenues
conslsL of sales of Lhe followlng brands 8lollnk vCC
(vlrgln CoconuL Cll) 8lollnk 1ea 1ree Cll 8lollnk
Creen apaya LxLracL (calamansl papaya avocado and
cucumber) and 8aby Spa (vCC)
- Skln Care producLs LhaL are poslLloned Lo provlde LoLal skln care
soluLlon Lhrough Lhe lnnovaLlve use of poLenL nonherbal
acLlve lngredlenLs 8evenues are generaLed from Lhe
sales of Lhe followlng brands Maxlpeel (exfollanLs)
SklnWhlLe (skln whlLenlng) and LxLraderm (anLlaglng)
- Palr Care conslsLs of halr care producLs 8evenues are derlved
from Lhe sales of Lhe followlng brands kolours (halr
dye) vlLress (cuLlcle coaL) and ConLrol (halr dresslng)
Cf Lhe LoLal neL sales of 30108 8llllon ln 2007 Lhe conLrlbuLlon of each
caLegory (producL group or segmenL) ls as follows




ulsLrlbuLlon MeLhods
Splash's dlsLrlbuLlon lnfrasLrucLure ls a comblnaLlon of lnhouse and Lhlrd
parLy dlsLrlbuLors 1he Company dellvers dlrecLly Lo sLraLeglc accounLs or
whaL lL calls Lhe naLlonal AccounLs Croup 1hese accounLs are Super
value lnc and Super SM (of Lhe SM Croup) WaLson's Mercury urug
lnc 8oblnson's and P8C lor oLher key accounLs and ouLleLs Splash
uLlllzes LwenLyLhree (23) Lhlrd parLy dlsLrlbuLors Lach dlsLrlbuLor ls
asslgned Lo speclflc reglons
AparL from naLlonal AccounLs Splash producLs are also belng sold Lo Lwo
oLher ma[or caLegorles namely Modern 1rade and Ceneral 1rade
Modern 1rade conslsLs of all large accounLs ouLslde of Lhe naLlonal
AccounLs such as Lhe Calsano Croup Lver CoLesco uregold Cherry
loodarama 1he Landmark eLc Ceneral 1rade ls composed of small
reLall Lrade ouLleLs lncludlng grocerles sLandalone drugsLores sarlsarl
sLores and markeL sLalls
ln MeLro Manlla SouLh Luzon norLh Luzon and Lhe SamarLeyLe lsland
groups goods are dellvered over land uslng Lhlrd parLy servlce provlders
lor Lhe resL of vlsayas and Mlndanao reglons dellvery ls by sea uslng
Lhlrd parLy servlce provlders 1he Company employs demandbased
producLlon plannlng and lnvenLory managemenL sysLems Lach dlsLrlbuLor
malnLalns an opLlmal level of lnvenLory whlch ls auLomaLlcally
replenlshed whenever lnvenLory levels fall Lo reorder polnL
ln overseas markeLs Lhe Company has esLabllshed markeL presence ln
over 20 counLrles Lhrough lLs dlsLrlbuLors and local exporLers 1hese
counLrles lnclude Algerla AusLralla 8ahraln Canada LgypL Pong kong
lndla lndonesla lran !apan !ordan korea kuwalL Lebanon Malaysla
nlgerla Cman aklsLan CaLar Saudl Arabla Slngapore Sudan unlLed
Arab LmlraLes vleLnam and Lhe unlLed SLaLes (Cuam and Salpan)