Century Pacific Food, Inc.

and Subsidiaries
Consolidated Staement of Cash Flow
For Years 2015-2017

2015
Cash Flows from Operating Activities
Profit before tax 2,730,387,619
Adjustments for:
Depreciation and amortization 152,384,578
Finance costs 1,158,333
Retirement benefit expense 57,822,016
Loss on inventory obsolescence 17,913,363
Loss on decline in value of inventories 3,715,224
Doubtful accounts expense 5,587,422
Share based compensation expense 1,885,376
Provisions 7,848,982
Loss on impairment of PPE
Loss on impairment of input VAT 13,024,320
Loss (Gain) on disposal of property, plant and equipment - net 3,553,569
Interest income -7,629,931
Reversal of allowance for doubtful accounts
Reversal of accruals
Reversal of allowance of inventory
Unrealized foreign exchange loss (gain) - net 11,108,137
Loss (Gain) from sale of scrap - net

Operating cash flows before working capital changes 2,998,759,008

Decrease (Increase) in:
Trade and other receivables -780,105,806
Due from related parties 171,287,279
Inventories -536,715,353
Biological assets 6,049,054
Prepayments and other current assets 1,076,670
Other non-current assets (2,490,059) Other non-current assets 98,540,100
Increase (Decrease) in:
Trade and other payables -404,642,243
Due to related parties -1,378,295,461

Cash generated from operations 110,090,216

Contribution to the retirement fund -30,621,903
Income tax paid -783,033,128
Interest received 6,057,020
Net cash from (used in) operating activities -697,507,795
Cash Flows from Investing Activities
Acquisitions of property, plant and equipment -1,067,965,095
Acquisitions of intangible assets
Proceeds from sale of property, plant and equipment 364,478,128
Maturities of HTM investments 151,410,000
Interest income received 2,825,759
Acquisitions of subsidiaries (net of cash acquired) -3,371,395,587
Net cash used in investing activities -3,920,646,795

Cash Flows from Financing Activities

Proceeds from issuance of share capital 2,272,313,358
Proceeds from borrowings 2,250,000,000
Repayments of borrowings
Dividends paid -446,204,321
Finance costs paid
Net cash from (used in) financing activities 4,076,109,037

Net I ncrease ( Decrease) in Cash and Cash Equivalents -542,045,553

Cash and Cash Equivalents, Beginning 1,264,209,896

Cash and Cash Equivalents, Ending 8 722,164,343

Net Revenues 23,324,528,579

 HORIZONTAL ANALYSIS
2016 2017 2015 2016

3,535,434,221 ₱ 3,322,135,195.00 100% 129.48%

359,353,532 525,324,463 100% 235.82%

77,427,650 106,978,129 100% 6684.40%
34,255,249 40,285,134 100% 59.24%
18,970,008 11,956,952 100% 105.90%
6,841,777 10,796,525 100% 184.16%
94,097,956 5,501,642 100% 1684.10%
3,061,953 100% 0.00%
2,936,341 100% 0.00%
2,006,445
5,418,732 1,444,836 100% 41.60%
-5,211,839 -3,276,212 100% -146.66%
-5,854,099 -4,911,950 100% 76.73%
-33,463,059
-70,256,049 -54,401,233
-6,183,465 -56,387,327
-5,081,326 -130,357,623 100% -45.74%
-4,177,398 -157,750,288

4,035,034,949 3,591,879,923 100% 134.56%

100%
-313,388,493 -1,213,283,827 100% 40.17%
-49,750,163 -94,641,921 100% -29.04%
-1,547,872,103 725,039,119 100% 288.40%
-3,388,647 12,093,910 100% -56.02%
-225,333,538 -32,640,321 100% -20928.75%
-6,593,224 -2,490,059 100% -6.69%

807,943,333 353,226,551 100% -199.67%

-20,959,272 -68,179,742 100% 1.52%

2,675,692,842 3,271,003,633 100% 2430.45%

-41,368,897 -44,283,861 100% 135.10%
-924,302,005 -1,019,115,869 100% 118.04%
5,248,905 4,332,120 100% 86.66%
1,715,270,845 2,211,936,023 100% -245.91%
-1,558,923,826 -1,531,804,883 100% 145.97%
-61,474,788 -537,896,000 100%
357,931,434 18,847,518 100% 98.20%
14,300,000 12,798,425 100% 9.44%
605,194 91,841 100% 21.42%
-11,176,770 100% 0.33%
-1,258,738,756 -2,037,963,099 100% 61.76%

17,338,770 100% 0.00%

1,544,000,000 2,665,000,000 100% 68.62%
-1,490,000,000 -1,261,000,000
-472,137,193 -637,606,547 100% 105.81%
-64,932,233 -104,768,115 100%
-483,069,426 678,964,108 100% -11.85%

-26,537,337 852,937,032 100% 4.90%

722,164,343 695,627,006 100% 57.12%

695,627,006 1,548,564,038 100% 96.33%

28,287,788,370 34,495,703,425
 VERTICAL ANALYIS
2017 2015 2016 2017
(relative to the net income)
121.67% 11.71% 12.50% 9.63%

344.74% 0.65% 1.27% 1.52%

9235.52% 0.00% 0.27% 0.31%
69.67% 0.25% 0.12% 0.12%
66.75% 0.08% 0.07% 0.03%
290.60% 0.02% 0.02% 0.03%
98.46% 0.02% 0.33% 0.02%
162.41% 0.01% 0.00% 0.01%
37.41% 0.03% 0.00% 0.01%

11.09% 0.06% 0.02% 0.00%

-92.19% 0.02% -0.02% -0.01%
64.38% -0.03% -0.02% -0.01%
-0.10%
-0.25% -0.16%
-0.02% -0.16%
-1173.53% 0.05% -0.02% -0.38%
-0.01% -0.46%
0.00% 0.00%
119.78% 12.86% 14.26% 10.41%
0.00% 0.00% 0.00%
155.53% -3.34% -1.11% -3.52%
-55.25% 0.73% -0.18% -0.27%
-135.09% -2.30% -5.47% 2.10%
199.93% 0.03% -0.01% 0.04%
-3031.60% 0.00% -0.80% -0.09%
-2.53% 0.42% -0.02% -0.01%
0.00% 0.00% 0.00%
-87.29% -1.73% 2.86% 1.02%
4.95% -5.91% -0.07% -0.20%
0.00% 0.00% 0.00%
2971.20% 0.47% 9.46% 9.48%
144.61% -0.13% -0.15% -0.13%
130.15% -3.36% -3.27% -2.95%
71.52% 0.03% 0.02% 0.01%
-317.12% -2.99% 6.06% 6.41%
0.00% 0.00% 0.00%
 0.00% 0.00% 0.00%
143.43% -4.58% -5.51% -4.44%
0.00% -0.22% -1.56%
5.17% 1.56% 1.27% 0.05%
8.45% 0.65% 0.05% 0.04%
3.25% 0.01% 0.00% 0.00%
0.00% -14.45% -0.04% 0.00%
192.38% -16.81% -4.45% -5.91%
0.00% 0.00% 0.00%
0.00% 0.00% 0.00%
0.76% 9.74% 0.00% 0.05%
118.44% 9.65% 5.46% 7.73%
0.00% -5.27% -3.66%
142.90% -1.91% -1.67% -1.85%
0.00% -0.23% -0.30%
16.66% 17.48% -1.71% 1.97%
0.00% 0.00% 0.00%
-157.36% -2.32% -0.09% 2.47%
55.02% 5.42% 2.55% 2.02%
0.00% 0.00% 0.00%
214.43% 3.10% 2.46% 4.49%
0.00% 0.00% 0.00%
100.00% 100.00% 100.00%