Jamaica Broilers Group Ltd (JBG JA) - Dividend Summary

In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018

12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Dividends per Share 0.16 0.26 0.35 0.34
Dividends per Share - 5 Yr Geo Growth -4.36 10.20 20.11 19.42
Dividend Yield 3.33 1.84 2.00 1.62
Dividend Payout Ratio 19.68 14.89 18.54 20.13
Cash Dividend Coverage 5.08 6.72 5.39 4.97
Dividends Paid -203.9 -311.8 -419.7 -407.8
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Total Cash Common Dividends 203.9 311.8 419.7 407.8
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 203.9 311.8 419.7 407.8
Trailing 12M Dividends Per Share 0.16 0.26 0.35 0.34
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020
0.39 0.37
19.51 18.25
1.22 1.48
8.51 27.05
11.75 3.70
-202.0 -591.1
0.0 0.0
202.0 378.8
0.0 0.0
202.0 378.8
0.39 0.37
Jamaica Broilers Group Ltd (JBG JA) - FA - Fin. Markets & Investment
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Dividend Yield 1.84 2.12 1.62 1.22
Dividends per Share 0.26 0.35 0.34 0.39
Basic Earnings per Share 1.44 1.89 1.69 1.98
Price Earnings Ratio (P/E) 8.10 8.74 12.43 16.17
Current Market Cap 16,969.8 19,788.1 25,184.8 38,376.8
Total Debt to Total Equity 54.04 53.42 91.34 89.95
Current Ratio 2.19 2.33 1.56 1.59
Book Value per Share 10.97 12.04 12.21 12.27
Unlevered Beta 1.14 1.10 -0.70 -1.53
Return on Common Equity 14.04 16.44 14.97 17.37
Normalized ROE 16.98 16.41 14.98 18.10
Return on Invested Capital 12.03 11.19 10.16 32.71
Total Invested Capital 21,133.9 22,991.4 25,187.1 29,173.7
Revenue 38,520.6 44,444.2 48,280.9 55,057.9
Net Income/Net Profit (Losses) 1,726.6 2,268.5 2,025.5 2,373.7
Interest Coverage Ratio — — — —
Fixed Charge Coverage Ratio 6.05 5.30 5.52 4.60
Dividends Paid -311.8 -419.7 -407.8 -202.0
Dividend Payout Ratio 14.89 18.54 20.13 8.51
T12M Dividend Payout Ratio Normalized Ea 14.93 18.54 20.11 8.17
Operating Expenses 7,068.9 8,616.7 9,480.8 10,600.3
R&D Expense 0.0 0.0 0.0 0.0
Income Tax Expense (Benefit) 672.0 700.6 641.3 639.2
Rental Expense — — — —
Volume ### ### ### ###
Total Call Volume — — — —
Total Put Volume — — — —
Financial Leverage 1.91 1.88 2.16 2.44
Last Price 10.25 14.90 17.70 29.50
Tier 1 Capital Ratio — — — —
Tangible Common Equity Ratio 51.67 50.62 38.76 39.34
Total Intangible Assets 1,165.3 1,086.5 983.0 1,029.4
Goodwill 405.1 — 410.5 436.0
Tangible Assets 23,214.0 26,379.1 30,029.0 34,778.0
Total Equity 13,102.2 14,418.0 12,660.4 14,835.5
Earning Assets — — — —
Tier 1 Capital — — — —
Total Risk-Based Capital Ratio — — — —
T12 Net Interest Margin — — — —
Tangible Common Equity Ratio 51.67 50.62 38.76 39.34
Total Capital 20,182.0 22,120.1 24,224.1 28,180.3
Short and Long Term Debt 7,079.8 7,702.1 11,563.7 13,344.7
Capital Expenditures -800.8 -749.3 -1,962.2 -1,622.3
Cash From Operations 1,227.9 1,354.1 2,177.5 2,822.0
FDIC Total Loans and Leases — — — —
Total Loans — — — —
Total Deposits — — — —
Reserve for Loan Losses — — — —
Non-Performing Loans — — — —
Source: Bloomberg
ets & Investment
FY 2020 Last 12M
05/02/2020 10/31/2020
1.48 1.35
0.37 0.37
1.37 1.72
18.28 16.02
30,029.9 32,980.1
111.33 108.01
1.46 1.55
15.58 16.96
-6.01 0.51
9.15 10.75
8.61 10.24
25.80 25.21
34,792.2 37,481.1
55,747.9 56,025.7
1,400.1 1,748.2
—
3.47
-591.1 -511.4
27.05 0.00
28.75 22.74
11,603.4 11,169.4
0.0 0.0
493.3 752.0
—
### 2,542,221.00
— 0.00
— 0.00
2.62 2.64
40.90 27.50
—
32.99 35.57
1,941.4 1,856.6
736.2
42,291.6 42,992.2
15,962.4 17,365.9
—
—
—
—
32.99 35.57
33,733.7 36,122.1
17,771.3 18,756.2
-3,091.4 -3,694.9
3,239.0 3,988.8
—
—
—
—
—
Jamaica Broilers Group Ltd (JBG JA) - Profitability
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Returns
Return on Common Equity 9.42 14.04 16.44 14.97
Growth (YoY) -0.9 49.0 17.1 -8.9
Return on Assets 4.83 7.36 8.75 6.93
Growth (YoY) -4.8 52.4 19.0 -20.8
Return on Capital 8.25 11.28 12.93 10.75
Growth (YoY) -8.3 36.7 14.6 -16.9
Return on Invested Capital 7.09 12.03 11.19 10.16
Growth (YoY) -5.6 69.8 -7.0 -9.2

Margins
Gross Margin 23.20 26.92 26.66 26.64
Growth (YoY) 6.5 16.0 -1.0 -0.1
EBITDA Margin 8.51 10.92 9.21 8.80
Growth (YoY) 12.3 28.2 -15.7 -4.5
Operating Margin 6.13 8.57 7.27 7.00
Growth (YoY) 14.9 39.7 -15.1 -3.7
Incremental Operating Margin 12.75 29.88 — 3.86
Growth (YoY) 1,578.3 134.5 — —
Pretax Margin 4.52 7.18 6.67 5.52
Growth (YoY) 29.9 59.0 -7.1 -17.2
Income before XO Margin 2.92 5.44 5.10 4.20
Growth (YoY) -2.0 86.2 -6.3 -17.7
Net Income Margin 3.00 4.48 5.10 4.20
Growth (YoY) -3.4 49.5 13.9 -17.8
Net Income to Common Margin 3.00 4.48 5.10 4.20
Growth (YoY) -3.4 49.5 13.9 -17.8

Additional
Effective Tax Rate 35.36 24.29 23.63 24.05
Growth (YoY) 146.4 -31.3 -2.7 1.8
Dvd Payout Ratio 19.68 14.89 18.54 20.13
Growth (YoY) -1.8 -24.3 24.5 8.6
Sustainable Growth Rate 7.57 11.95 13.39 11.96
Growth (YoY) -0.4 57.9 12.0 -10.7
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

17.37 9.15
16.0 -47.3
7.10 3.50
2.6 -50.8
11.43 6.44
6.4 -43.7
32.71 25.80
221.8 -21.1

25.85 26.20
-2.9 1.3
8.51 8.05
-3.3 -5.3
6.60 5.38
-5.7 -18.5
3.74 —
-3.2 —
5.47 3.32
-0.9 -39.2
4.31 2.44
2.8 -43.4
4.31 2.51
2.8 -41.7
4.31 2.51
2.8 -41.7

21.22 26.61
-11.8 25.4
8.51 27.05
-57.7 218.0
15.89 6.67
32.9 -58.0
Jamaica Broilers Group Ltd (JBG JA) - Per Share
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Basic Shares Outstanding 1,199.3 1,199.3 1,033.8 1,199.3
Diluted Weighted Avg Shares 1,199.3 1,199.3 1,199.3 1,199.3
Basic Weighted Avg Shares 1,199.3 1,199.3 1,199.3 1,199.3

Per Share Data Items

Revenue 32.12 37.06 40.26 45.91
EBITDA 3.51 3.41 3.54 3.91
Operating Income 2.75 2.70 2.82 3.03
Net Income to Common - Basic 1.44 1.89 1.69 1.98
Net Income before XO - Basic 1.75 1.89 1.69 1.98
Normalized Net Income - Basic 1.74 1.89 1.69 2.06
Net Income to Common - Diluted 1.44 1.89 1.69 1.98
Net Income before XO - Diluted 1.75 1.89 1.69 1.98
Normalized Net Income - Diluted 1.74 1.89 1.69 2.06
Dividends 0.26 0.35 0.34 0.39

Cash Flow 1.02 1.13 1.82 2.35

Free Cash Flow 0.36 0.50 0.18 1.00

Cash & Equivalents 1.00 1.67 3.01 3.11

Book Value 10.97 12.04 12.21 12.27
Tangible Book Value 10.00 11.14 11.26 11.41
Source: Bloomberg
 FY 2020 Last 12M
05/02/2020 10/31/2020
1,020.0 1,011.2
1,023.5 1,015.8
1,023.5 1,015.8

54.47 54.96
4.39 5.13
2.93 3.33
1.37 1.72
1.37 1.72
1.29 1.63
1.37 1.72
1.37 1.72
1.29 1.63
0.37 0.37

3.16 3.91
0.14 0.29

5.76 4.85
15.58 16.96
13.68 15.12
Jamaica Broilers Group Ltd (JBG JA) - Stock Value
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Last Price 14.15 16.50 21.00 32.00
Period-over-Period % Change 177.45 16.61 27.27 52.38
Open Price 4.80 14.10 16.99 20.85
High Price 15.55 17.00 21.00 36.00
Low Price 4.80 13.50 15.10 18.00

Market Capitalization 16,969.8 19,788.1 21,710.3 38,376.9

Current Shares Outstanding 1,199.28 1,199.28 1,199.28 1,199.28
Equity Float 719.59 726.78 717.65 717.65
Source: Bloomberg
 FY 2020 Current
05/02/2020 02/12/2021
25.04 27.50
-21.75
34.50 28.00
43.63 29.09
24.32 26.56

25,540.4 32,980.1
1,199.28 1,199.28
906.81 906.81
Jamaica Broilers Group Ltd (JBG JA) - Pension Analysis
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Pension Net Periodic Cost
Pension Expense (Income) — — — —
Service Cost 88.9 97.7 0.1 120.1
Interest Cost 229.9 263.6 0.3 357.1

Other Postretirement Cost

Other Postretirement Benefits Expense (Inc — 0.0 0.0 0.0

Pension Funded Status

Fair Value of Plan Assets 2,531.6 3,346.1 4,269.9 5,031.3
Over(Under) Funded Pension 2,531.6 3,346.1 4,269.9 5,031.3

Employer Contribution 46.9 105.1 137.4 148.4

Benefits Paid -77.8 -60.1 -93.3 -83.8

Other Postretirement Funded Status

Actuarial Assumptions
Pension
Discount Rate used on Plan Liabilities 9.50 9.00 9.50 7.50
Other Postretirement Benefits

Pension Plan Asset Allocation (Amt)

Fair Value of Plan Assets 2,531.6 3,346.1 4,269.9 5,031.3
Asset Category - Debt (Amt) 1,365.1 1,756.3 1,860.0 1,858.7
Asset Category - Equities (Amt) 682.8 1,172.1 1,912.4 2,491.9
Asset Category - Real Estate (Amt) 272.0 1,449.6 304.3 408.7
Asset Category - Other (Amt) 211.7 165.0 193.2 272.0

Pension Plan Asset Allocation

Fair Value of Plan Assets 2,531.6 3,346.1 4,269.9 5,031.3
Asset Category - Debt % 54.00 52.00 43.00 37.00
Asset Category - Equities % 27.00 35.00 45.00 50.00
Asset Category - Real Estate % 11.00 8.00 7.00 8.00
Asset Category - Other % 8.00 5.00 5.00 5.00

Pension Plan Asset Allocation Target %

Expected Pension Payments

Expected Postretirement Benefits
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

6,195.2 6,213.0
169.3 163.1
360.4 362.7

0.0 0.0

6,195.2 6,213.0
6,195.2 6,213.0

30.0 29.4
-120.3 -168.0

6.50 6.50

6,195.2 6,213.0
1,942.2 1,759.4
3,336.9 3,315.1
564.4 729.7
351.7 408.8

6,195.2 6,213.0
31.00 28.00
54.00 54.00
9.00 12.00
6.00 6.00
Jamaica Broilers Group Ltd (JBG JA) - Common Size
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Total Assets 22,568.0 24,379.3 27,465.7 31,012.1
Total Assets
+ Cash, Cash Equivalents & STI 8.1 4.9 7.3 10.0
+ Cash & Cash Equivalents 8.1 4.9 7.3 10.0
+ ST Investments — 0.0 0.0 0.0
+ Accounts & Notes Receiv — — — 0.0
+ Inventories 17.5 17.6 18.8 18.6
+ Raw Materials 4.0 — — —
+ Other Inventory 13.5 — — —
+ Other ST Assets 25.9 28.6 34.1 34.0
+ Derivative & Hedging Assets — — — —
+ Deferred Tax Assets — — — —
+ Taxes Receivable — — 0.2 0.1
+ Misc ST Assets — — 33.8 33.8
Total Current Assets 51.5 51.1 60.2 62.7
+ Property, Plant & Equip, Net 44.0 43.1 25.7 26.4
+ Property, Plant & Equip 67.2 67.4 42.7 43.3
- Accumulated Depreciation 23.1 24.3 17.0 16.9
+ LT Investments & Receivables 0.3 0.2 0.1 0.9
+ LT Investments — — 0.1 0.9
+ Other LT Assets 4.1 5.6 14.1 10.1
+ Total Intangible Assets 2.8 4.8 4.0 3.2
+ Goodwill 1.7 1.7 — 1.3
+ Other Intangible Assets 1.2 3.1 4.0 1.8
+ Deferred Tax Assets — — 0.1 0.2
+ Derivative & Hedging Assets — — — 0.0
+ Prepaid Pension Costs — — 2.5 1.4
+ Investments in Affiliates 0.0 0.0 0.0 0.0
+ Misc LT Assets 1.3 0.9 7.5 5.3
Total Noncurrent Assets 48.5 48.9 39.8 37.3
Total Assets 100.0 100.0 100.0 100.0

Liabilities & Shareholders' Equity

+ Payables & Accruals 16.2 13.2 16.7 17.9
+ Accounts Payable 16.2 13.2 16.1 16.2
+ Accrued Taxes — — 0.7 1.7
+ Interest & Dividends Payable — — — —
+ Other Payables & Accruals — — — —
+ ST Debt 12.2 8.1 9.1 22.3
+ ST Borrowings — 8.1 7.1 17.3
 + ST Lease Liabilities — 0.0 0.0 0.0
+ ST Finance Leases — 0.0 0.0 0.0
+ ST Operating Leases — — — —
+ Current Portion of LT Debt — — 2.0 5.0
+ Other ST Liabilities 2.1 2.0 0.0 0.0
+ Deferred Revenue — — 0.0 0.0
+ Derivatives & Hedging — — — —
+ Misc ST Liabilities 2.1 2.0 0.0 0.0
Total Current Liabilities 30.5 23.3 25.8 40.2
+ LT Debt 15.9 20.9 18.9 15.0
+ LT Borrowings — 20.9 18.9 15.0
+ LT Lease Liabilities — 0.0 0.0 0.0
+ LT Finance Leases — 0.0 0.0 0.0
+ LT Operating Leases — — — —
+ Other LT Liabilities 3.0 0.0 2.7 4.0
+ Accrued Liabilities — — 0.0 0.0
+ Pension Liabilities — — 0.1 0.1
+ Deferred Revenue — — 0.0 0.0
+ Deferred Tax Liabilities — — 2.7 1.6
+ Derivatives & Hedging — — 0.0 0.0
+ Misc LT Liabilities 3.0 0.0 0.0 2.3
Total Noncurrent Liabilities 19.0 23.0 21.7 19.0
Total Liabilities 49.5 46.3 47.5 59.2
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 11.6 3.1 2.8 2.5
+ Common Stock — — 2.2 1.7
+ Additional Paid in Capital — — 0.6 0.8
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 39.1 42.4 45.5 44.5
+ Other Equity 0.0 8.5 4.3 -6.3
Equity Before Minority Interest 50.7 54.0 52.6 40.7
+ Minority/Non Controlling Interest -0.2 -0.2 -0.1 0.1
Total Equity 50.5 53.7 52.5 40.8
Total Liabilities & Equity 100.0 100.0 100.0 100.0

Reference Items
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
Shares Outstanding 5.3 4.9 4.4 3.3
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 0.4 0.1 0.1 0.1
Future Minimum Operating Lease Obligation 0.0 0.0 0.0 0.0
Capital Leases - Total — 0.0 0.0 0.0
Net Debt 20.1 24.1 20.7 27.2
Net Debt to Equity 0.2 0.2 0.1 0.2
Tangible Common Equity Ratio 0.2 0.2 0.2 0.1
Current Ratio 0.0 0.0 0.0 0.0
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020
35,807.4 44,233.0

10.4 13.3
10.4 13.3
0.0 0.0
0.0 0.0
18.7 21.4
— —
— —
33.4 30.0
0.0 0.0
— 0.0
0.1 0.1
33.3 29.9
62.5 64.7
28.2 29.4
45.2 45.6
17.0 16.2
0.8 0.5
0.8 0.5
8.4 5.4
2.9 4.4
1.2 1.7
1.7 2.7
0.2 0.1
0.0 —
2.2 0.9
0.0 0.0
3.2 0.1
37.5 35.3
100.0 100.0

18.8 22.0
17.7 21.2
0.5 0.8
0.6 0.0
0.0 0.0
20.5 22.4
18.5 21.8
 0.0 0.5
0.0 0.0
— 0.5
2.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
39.4 44.4
16.7 17.8
16.7 17.1
0.0 0.7
0.0 0.0
— 0.7
2.5 1.7
0.0 0.0
0.1 0.0
0.0 0.0
2.4 1.7
0.0 0.0
0.0 0.0
19.2 19.5
58.6 63.9
0.0 0.0
2.1 1.7
1.7 1.2
0.5 0.6
0.0 0.0
44.8 38.0
-5.8 -3.8
41.1 35.9
0.4 0.2
41.4 36.1
100.0 100.0

IAS/IFRS IAS/IFRS
3.3 2.3
0.0 0.0
0.1 0.0
0.0 —
0.0 0.0
26.8 26.9
0.2 0.2
0.1 0.1
0.0 0.0
Jamaica Broilers Group Ltd (JBG JA) - Liquidity
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Cash Ratio 0.27 0.21 0.28 0.25
Current Ratio 1.69 2.19 2.33 1.56
Quick Ratio 0.27 0.21 0.28 0.25
CFO/Avg Current Liab 0.45 0.20 0.21 0.22
Common Equity/Total Assets 50.66 53.98 52.58 40.70

Long-Term Debt/Equity 31.52 38.90 36.07 36.80

Long-Term Debt/Capital 20.23 25.25 23.51 19.23
Long-Term Debt/Total Assets 15.92 20.91 18.93 15.02

Total Debt/Equity 55.76 54.04 53.42 91.34

Total Debt/Capital 35.80 35.08 34.82 47.74
Total Debt/Total Assets 28.16 29.04 28.04 37.29

CFO/Total Liabilities 25.08 10.89 10.38 11.87

CFO/CapEx 2.64 1.53 1.81 1.11
Altman's Z-Score 3.05 4.00 4.09 3.73

Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020
0.26 0.30
1.59 1.46
0.26 0.30
0.21 0.19
41.08 35.93

40.36 49.39
21.25 23.37
16.72 17.82

89.95 111.33
47.35 52.68
37.27 40.18

13.46 11.46
1.74 1.05
3.96 3.00
Jamaica Broilers Group Ltd (JBG JA) - Growth
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
1 Year Growth
Revenue 12.05 11.43 15.38 8.63
EBITDA 25.81 42.87 -2.68 3.78
Operating Income 28.78 55.67 -2.07 4.58
Net Income to Common 8.24 66.63 31.38 -10.71
EPS Diluted 8.24 66.63 31.38 -10.71
EPS Diluted before XO 8.24 102.16 8.11 -10.55
EPS Diluted before Abnormal 8.24 101.58 8.40 -10.46
Dividend per Share 0.00 62.50 34.62 -2.86

Inventory 6.92 8.39 20.65 11.99

Fixed Assets 5.14 5.66 -32.75 15.91
Total Assets 10.85 8.03 12.66 12.91
Modified Working Capital — — — —
Working Capital 10.69 43.10 39.14 -26.10
Accounts Payable 29.75 -12.51 37.60 13.71
Short-Term Debt 4.82 -28.22 26.13 176.03
Total Debt 2.43 11.41 8.79 50.14
Total Equity 8.32 14.97 10.04 -12.19
Capital 6.14 13.69 9.60 9.51
Book Value per Share 8.29 15.11 9.74 1.39

Cash From Operations 97.85 -56.18 10.28 60.80

Capital Expenditures -6.27 -24.52 -6.43 161.87
Net Change In Cash — — — 83.73
Free Cash Flow 512.49 -75.47 41.64 -64.41
Cash Flow to Firm 67.15 -48.95 10.92 45.19
Free Cash Flow to Firm 172.16 -60.99 27.47 -36.45

5 Year Growth
Revenue 9.02 12.59 13.43 12.73
EBITDA 2.90 14.31 16.29 14.43
Operating Income 0.37 14.72 17.60 15.94
Net Income to Common -4.62 12.55 19.36 13.14
EPS Diluted -4.62 12.55 19.37 13.14
EPS Diluted before XO -4.62 16.98 19.32 13.14
EPS Diluted before Abnormal -4.62 16.92 19.32 13.16
Dividend per Share -4.36 10.20 20.11 19.42

Inventory 8.57 8.70 8.88 14.30

Fixed Assets 9.15 9.75 -0.41 -0.44
Total Assets 11.80 11.66 12.29 12.26
Working Capital 16.34 16.53 18.88 8.74
Accounts Payable 19.89 9.91 15.05 21.70
Short-Term Debt 4.26 6.43 12.55 25.68
Total Debt 9.92 14.31 13.38 16.26
Total Equity 10.61 11.65 11.50 5.85
Total Capital 5 Year Growth 10.36 12.54 12.13 10.10
Book Value per Share 10.68 11.75 11.54 8.85

Cash From Operations -1.32 2.52 -0.92 29.84

Net Change In Cash — — — —
Free Cash Flow -8.12 9.30 8.89 —
Cash Flow to Firm -1.07 4.35 1.12 21.54
Free Cash Flow to Firm -6.76 10.24 8.91 —

Sequential Growth
Revenue 12.05 11.43 15.38 8.63
EBITDA 25.81 42.87 -2.68 3.78
Operating Income 28.78 55.67 -2.07 4.58
Net Income to Common 8.24 66.63 31.38 -10.71
EPS Diluted 8.24 66.63 31.38 -10.71
EPS Diluted before XO 8.24 102.16 8.11 -10.55
EPS Diluted before Abnormal 8.24 101.58 8.40 -10.46
Dividend per Share 0.00 62.50 34.62 -2.86

Inventory 6.92 8.39 20.65 11.99

Fixed Assets 5.14 5.66 -32.75 15.91
Total Assets 10.85 8.03 12.66 12.91
Modified Working Capital — — — —
Working Capital 10.69 43.10 39.14 -26.10
Accounts Payable 29.75 -12.51 37.60 13.71
Short-Term Debt 4.82 -28.22 26.13 176.03
Total Debt 2.43 11.41 8.79 50.14
Total Equity 8.32 14.97 10.04 -12.19
Capital 6.14 13.69 9.60 9.51
Book Value per Share 8.29 15.11 9.74 1.39

Cash From Operations 97.85 -56.18 10.28 60.80

Capital Expenditures -6.27 -24.52 -6.43 161.87
Net Change In Cash — -168.95 — 83.73
Free Cash Flow 512.49 -75.47 41.64 -64.41
Cash Flow to Firm 67.15 -48.95 10.92 45.19
Free Cash Flow to Firm 172.16 -60.99 27.47 -36.45
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

14.04 1.25
10.29 -4.15
7.50 -17.44
17.19 -41.02
17.19 -30.89
17.19 -30.78
21.99 -37.59
14.71 -5.13

15.59 41.77
23.46 28.52
15.46 23.53
-54.59 -71.73
19.08 8.28
26.27 47.99
6.55 34.39
15.40 33.17
17.18 7.60
16.33 19.71
0.47 27.04

29.60 14.78
-17.32 90.56
-69.21 458.69
457.29 -87.70
30.33 12.44
167.71 -57.12

12.28 10.03
14.90 8.81
17.16 7.19
19.92 6.20
19.92 9.62
19.92 9.66
20.91 8.30
19.51 18.25

12.60 19.14
 1.35 5.50
11.96 14.41
14.17 13.67
17.53 20.66
22.79 29.05
16.55 22.83
7.11 6.97
11.00 13.70
6.86 10.33

14.79 2.94
— 14.66
33.38 -38.95
12.36 3.79
18.15 -18.36

14.04 1.25
10.29 -4.15
7.50 -17.44
17.19 -41.02
17.19 -30.89
17.19 -30.78
21.99 -37.59
14.71 -5.13

15.59 41.77
23.46 28.52
15.46 23.53
-54.59 -71.73
19.08 8.28
26.27 47.99
6.55 34.39
15.40 33.17
17.18 7.60
16.33 19.71
0.47 27.04

29.60 14.78
-17.32 90.56
-69.21 458.69
457.29 -87.70
30.33 12.44
167.71 -57.12
Jamaica Broilers Group Ltd (JBG JA) - DuPont Analysis
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 66.34 62.41 76.50 75.95
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 1.00 1.21 1.00 1.00
Interest Burden
Pre-Tax Profit/EBIT % 70.98 83.53 82.93 81.32
Operating Margin
EBIT/Revenue % 6.37 8.60 8.04 6.79
Asset Turnover
Revenue/Avg Assets 1.61 1.64 1.71 1.65
Leverage Ratio
Avg Assets/Avg Equity 1.95 1.91 1.88 2.16

Adjusted Return on Equity 9.42 16.98 16.41 14.98

5 Year Average Adj ROE 11.22 11.97 12.90 13.46

Payout Ratio 19.68 14.89 18.54 20.13
Sustainable Growth Rate 7.57 11.95 13.39 11.96
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

78.78 75.54

1.04 0.94

79.23 68.22

6.91 4.87

1.65 1.39

2.44 2.62

18.10 8.61

15.18 15.02
8.51 27.05
15.89 6.67
Jamaica Broilers Group Ltd (JBG JA) - Employee Data
In Millions of JMD except Per Share FY 2020
12 Months Ending 05/02/2020
Source: Bloomberg
Jamaica Broilers Group Ltd (JBG JA) - Comprehensive Income
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Net Income 1,726.6 2,268.5 2,025.5 2,373.7
+ Foreign Curr Transl Adj - Other Compre 75.6 -836.5 -122.4 103.4
+ Unrealized Gain (Loss) 0.0 0.0 — —
+ Pension Related Adjust Other Comprehe 215.4 359.8 -242.8 376.2
+ Oth Adj-Oth Comp Inc — — — —
+ Inc Tax Exp-Oth Comp Inc 0.0 0.0 — —
Comprehensive Income 2,017.6 1,791.8 1,660.4 2,853.4

Basic Comprehensive EPS 1.68 1.49 1.38 2.38

Basic EPS 1.44 1.89 1.69 1.98
Basic Weighted Avg Shares 1,199.3 1,199.3 1,199.3 1,199.3
Source: Bloomberg
e Income
FY 2020 Last 12M
05/02/2020 10/31/2020
1,400.1 1,748.2
487.6 971.7
—
-237.3 138.9
17.0 -62.3
—
1,667.3 2,420.3

1.63 2.37
1.37 1.72
1,023.5 1,015.8
Jamaica Broilers Group Ltd (JBG JA) - Overview
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

Last Price 14.15 16.50 21.00 32.00

Shares Outstanding 1,199.3 1,199.3 1,033.8 1,199.3
Market Capitalization 16,969.8 19,788.1 21,710.3 38,376.9

Revenue 38,520.6 44,444.2 48,280.9 55,057.9

Product/Brand Segments 38,520.6 44,444.2 48,280.9 55,057.9
Jamaica Operations 28,771.3 32,220.9 34,293.0 36,159.0
US Operations 11,173.2 13,783.9 15,102.7 20,161.0
Haiti Operations — — — 2,395.1
Other Caribbean Operations 1,774.5 2,124.7 2,779.6 616.0
Eliminations -3,198.4 -3,685.2 -3,894.5 -4,273.1
EBITDA 4,205.3 4,092.5 4,247.4 4,684.6
Trailing 12M EBITDA Margin 10.92 9.21 8.80 8.51
Net Income (Losses) 1,726.6 2,268.5 2,025.5 2,373.7
Trailing 12M Earnings per Share 1.75 1.89 1.69 1.98
Price/T12M Earnings per Share 8.10 8.74 12.43 16.17

Dividends per Share 0.26 0.35 0.34 0.39

Dividend Payout Ratio 14.89 18.54 20.13 8.51
Dividend Yield 1.84 2.00 1.62 1.22

Net Fixed Assets 10,501.9 7,062.3 8,186.1 10,106.7

Total Assets 24,379.3 27,465.7 31,012.1 35,807.4
Product/Brand Segments 24,379.3 27,465.7 31,012.1 35,807.4
Jamaica Operations 20,930.1 21,387.2 23,970.6 27,370.1
US Operations 6,210.4 8,103.2 9,109.0 12,985.0
Other Caribbean Operations 2,331.4 2,804.9 3,302.7 5,876.9
Haiti Operations — — — 1,913.9
Eliminations -5,092.6 -4,829.7 -5,370.2 -12,338.5
Total Liabilities 11,277.1 13,047.7 18,351.7 20,971.9
Product/Brand Segments 11,277.1 13,047.7 18,351.7 20,971.9
Jamaica Operations 9,536.9 9,699.1 12,090.3 14,068.7
US Operations 4,492.8 5,803.5 6,270.1 6,567.4
Other Carribbean Operations 1,749.3 2,051.1 2,027.7 3,463.2
Haiti Operations — — — 1,484.0
Eliminations -4,501.9 -4,506.0 -2,036.4 -4,611.4
Total Equity 13,102.2 14,418.0 12,660.4 14,835.5
Book Value per Share 10.97 12.04 12.21 12.27
Price/Book Value per Share 1.29 1.37 1.72 2.61
Net Tangible Assets per Share 10.00 11.14 11.26 11.41
Altman's Z-Score 4.00 4.09 3.73 3.96

Cash From Operations 1,227.9 1,354.1 2,177.5 2,822.0

Cash Flow per Share 1.02 1.13 1.82 2.35
Free Cash Flow 427.0 604.8 215.3 1,199.8
Free Cash Flow per Basic Share 0.36 0.50 0.18 1.00
Net Changes in Cash -795.7 723.5 1,329.2 409.3
Source: Bloomberg
 FY 2020 Last 12M
05/02/2020 10/31/2020
IAS/IFRS

25.04 27.50
1,020.0 1,011.2
25,540.4 32,980.1

55,747.9 56,025.7
55,747.9
34,980.0
22,476.8
2,066.4
697.4
-4,472.7
4,490.2 5,225.7
8.05 9.33
1,400.1 1,748.2
1.37 1.72
18.28 16.02

0.37 0.37
27.05 0.00
1.48 1.13

12,989.0 14,760.4
44,233.0 44,848.8
44,233.0
31,841.2
19,379.7
6,798.8
1,928.4
-15,715.1
28,270.6 27,482.8
28,270.6
18,135.5
10,593.3
5,342.4
1,701.9
-7,502.5
15,962.4 17,365.9
15.58 16.96
 1.61 1.62
13.68 15.12
3.00 3.09

3,239.0 3,988.8
3.16 3.91
147.6 293.9
0.14 0.29
2,286.5 1,996.7
Jamaica Broilers Group Ltd (JBG JA) - As Reported Summary
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Income Statement
Revenues
Revenues 34,570.1 38,520.6 44,444.2 48,280.9
Interest Income — — — —
Expenses
Earnings
Operating Income 2,120.8 3,301.4 3,233.0 3,381.2
Net Income 1,036.2 1,726.6 2,268.5 2,025.5

Balance Sheet
Assets
Total Current Assets 11,627.1 12,447.7 16,521.1 19,431.3
Liabilities
Total Current Liabilities 6,893.2 5,673.4 7,095.0 12,465.4
Stockholder Equity
Total Shareholders Equity 15,674.9 13,102.2 14,418.0 12,660.4

Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 2,801.8 1,227.9 1,354.1 2,177.5
Cash From Investing Activities
Total Cash Flows From Investing -938.3 -1,660.2 -137.2 -1,527.1
Cash from Financing Activities
Total Cash Flows From Financing -731.2 -414.2 -539.0 719.8
Net Change In Cash 1,153.9 -795.7 723.5 1,329.2
Source: Bloomberg
ummary
FY 2019 FY 2020
04/27/2019 05/02/2020

55,057.9 55,747.9
— —

3,634.7 3,000.7
2,373.7 1,400.1

22,391.3 28,613.8

14,096.1 19,631.3

14,835.5 15,962.4

2,822.0 3,239.0

-2,035.3 -3,003.9

-522.0 1,806.5
409.3 2,286.5
Jamaica Broilers Group Ltd (JBG JA) - Standardized
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Cash from Operating Activities
+ Net Income 1,726.6 2,268.5 2,025.5 2,373.7
+ Depreciation & Amortization 903.9 859.5 866.2 1,049.9
+ Non-Cash Items 358.8 -1,363.1 -422.6 -692.6
+ Other Non-Cash Adj 358.8 -1,363.1 -422.6 -692.6
+ Chg in Non-Cash Work Cap -1,761.5 -410.8 -291.7 91.0
+ (Inc) Dec in Accts Receiv -512.1 -288.7 -380.0 -379.0
+ (Inc) Dec in Inventories -285.3 -1,016.3 -619.2 -737.0
+ Inc (Dec) in Accts Payable -600.3 1,142.4 660.9 1,159.6
+ Inc (Dec) in Other -363.9 -248.3 46.6 47.4
+ Net Cash From Disc Ops — — — 0.0
Cash from Operating Activities 1,227.9 1,354.1 2,177.5 2,822.0

Cash from Investing Activities

+ Change in Fixed & Intang -745.0 -726.1 -1,963.2 -1,608.7
+ Disp in Fixed & Intang 55.8 23.2 5.3 13.6
+ Disp of Fixed Prod Assets — 23.2 5.3 13.6
+ Disp of Intangible Assets 0.0 0.0 0.0 0.0
+ Acq of Fixed & Intang -800.8 -749.3 -1,968.6 -1,622.3
+ Acq of Fixed Prod Assets — -749.3 -1,962.2 -1,622.3
+ Acq of Intangible Assets 0.0 0.0 -6.4 0.0
+ Net Change in LT Investment 0.0 461.9 0.0 0.0
+ Dec in LT Investment 0.0 461.9 0.0 0.0
+ Inc in LT Investment 0.0 0.0 0.0 0.0
+ Net Cash From Acq & Div — 90.6 0.0 -1,291.4
+ Cash from Divestitures — 90.6 0.0 0.0
+ Cash for Acq of Subs 0.0 0.0 0.0 -1,291.4
+ Cash for JVs 0.0 0.0 0.0 0.0
+ Other Investing Activities -915.1 36.5 436.1 864.8
+ Net Cash From Disc Ops 0.0 0.0 — 0.0
Cash from Investing Activities -1,660.2 -137.2 -1,527.1 -2,035.3

Cash from Financing Activities

+ Dividends Paid -311.8 -419.7 -407.8 -202.0
+ Cash From (Repayment) Debt 0.0 500.3 2,486.3 2,214.7
+ Cash From (Repay) ST Debt 0.0 0.0 — —
+ Cash From LT Debt — 1,674.8 3,612.5 7,188.2
+ Repayments of LT Debt — -1,174.6 -1,126.2 -4,973.6
+ Cash (Repurchase) of Equity 0.0 0.0 0.0 0.0
+ Increase in Capital Stock 0.0 0.0 0.0 0.0
 + Decrease in Capital Stock 0.0 0.0 0.0 0.0
+ Other Financing Activities -567.8 -619.5 -1,358.7 -2,534.7
+ Net Cash From Disc Ops — — — 0.0
Cash from Financing Activities -879.6 -539.0 719.8 -522.0

Effect of Foreign Exchange Rates — 45.6 -41.0 144.5

Net Changes in Cash -795.7 723.5 1,329.2 409.3

Cash Paid for Taxes 661.8 930.7 438.6 719.0

Reference Items
EBITDA 4,205.3 4,092.5 4,247.4 4,684.6
Trailing 12M EBITDA Margin 10.92 9.21 8.80 8.51
Net Cash Paid for Acquisitions 982.8 0.0 — 1,291.4
Free Cash Flow 427.0 604.8 215.3 1,199.8
Free Cash Flow to Firm 840.1 1,070.9 680.5 1,821.9
Free Cash Flow to Equity 482.8 1,128.3 2,706.9 3,428.0
Free Cash Flow per Basic Share 0.36 0.50 0.18 1.00
Price to Free Cash Flow 39.74 32.72 116.98 31.99
Cash Flow to Net Income 0.71 0.60 1.08 1.19
Source: Bloomberg
 FY 2020 Last 12M
05/02/2020 10/31/2020

1,400.1 1,748.2
1,489.5 1,828.9
-455.6 -569.2
-455.6 -569.2
805.0 980.9
241.4 551.7
-2,672.9 -444.5
2,745.6 165.6
491.0 708.0
0.0 0.0
3,239.0 3,988.8

-3,077.2 -3,565.9
20.1 85.7
20.1 85.7
0.0 0.0
-3,097.3 -3,651.6
-3,091.4 -3,643.2
-5.9 -57.6
71.4 2.6
71.4
0.0
-1,498.1 15.8
0.0 0.0
-1,498.1 15.8
0.0 0.0
1,500.0 -168.6
0.0 0.0
-3,003.9 -3,716.1

-591.1 -511.4
4,108.2 2,771.4
— 0.0
7,932.4 6,629.1
-3,824.2 -3,857.7
0.0 0.0
0.0 0.0
 0.0 0.0
-1,710.6 -793.2
0.0 0.0
1,806.5 1,466.8

244.9 257.3

2,286.5 1,996.7

331.8 310.9

4,490.2 5,225.7
8.05 9.33
1,498.1
147.6 293.9
781.3 752.7
4,276.0 3,151.0
0.14 0.29
173.65 96.22
2.31 1.42
Jamaica Broilers Group Ltd (JBG JA) - As Reported
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Income Statement
Revenues
Revenues 34,570.1 38,520.6 44,444.2 48,280.9
Operating Expenses
Cost of Goods Sold 26,548.7 28,150.4 32,594.6 35,418.9
Sales/Marketing/Advertising Expenses 1,033.5 1,209.1 1,578.4 1,920.9
Write-Down/Impairment of Assets — — — —
General and Administrative Expenses 5,041.2 6,128.7 7,366.6 7,757.7
Gross Profit 8,021.4 10,370.3 11,849.7 12,862.0
Operating Income 2,120.8 3,301.4 3,233.0 3,381.2
Other Operating (Income)/Expense - Net -174.1 -268.9 -328.3 -197.9
Total Financial Costs 704.7 693.8 647.2 714.9
Non-Operating Expenses
Interest Expense — — — —
Interest Income — — — —
Other Non-Operating Income -145.8 -159.1 -379.4 -0.5
Income Tax Expense (Benefit) 552.2 672.0 700.6 641.3
Income Before Income Taxes 1,561.9 2,766.7 2,965.1 2,666.8
Extraordinary Items
Discontinued Operations Loss/(Benefit) - Ne — 368.1 -3.9 0.0
Earnings
Minority/Non Controlling Interest -26.5 — — —
Basic & Diluted EPS 86.40 — — —
Weighted Avg. Shares - Basic & Diluted — — — —
Basic & Diluted EPS Before XO Items — — — —
Profit After Taxation Before Minority — — — —
Cumulative Net Income — 1,726.6 2,268.5 2,025.5
Net Income 1,036.2 1,726.6 2,268.5 2,025.5
Others
Comprehensive Income
Foreign Currency Translation Adjustmen 155.6 75.6 -836.5 -122.4
Pension Related Adjustments -112.2 215.4 359.8 -242.8
Total Comprehensive Income 1,078.7 2,017.6 1,791.8 1,660.4
Comprehensive Income Attrib to Minority -25.6 — — —
Reference Items
Amortization Expense — — — —
Depreciation Expense — 817.3 733.9 743.8
Interest Expense 638.7 545.6 610.3 612.5
Foreign Exchange -105.5 -62.2 -194.0 142.3
(Gain)/Loss On Sale of Assets — -10.0 -0.4 2.5
Write-Down/Impairment of Assets — — — —
Interest Income 0.0 -25.3 -28.8 -35.1
Total Cash Common Dividends 203.9 311.8 419.7 407.8
Fair Value of Plan Assets 2,531.6 3,346.1 4,269.9 5,031.3
Dividends Per Share — 26.00 35.00 34.00
Pension Expense (Income) — — — —
Service Cost 88.9 97.7 0.1 120.1
Expected Return On Plan Assets - Pension — — — —
Discount Rate Used On Plan Liabs-Pension 9.50 9.00 9.50 7.50
Actual Return/Loss On Pension Plan Assets — — — —
Employer Contribution (Pension) 46.9 105.1 137.4 148.4
Benefits Paid (Pension) -77.8 -60.1 -93.3 -83.8
Interest Cost (Pension) 229.9 263.6 0.3 357.1
Pension Plan Asset Category-Equities % 27.00 35.00 45.00 50.00
Pension Plan Asset Category-Debt % 54.00 52.00 43.00 37.00
Total Financial Costs 704.7 159.1 379.4 0.5
Other Financial Losses 25.7 51.3 16.8 125.2
Interest Element Of Finance Lease Payment — — — —
Pension Plan Asset Category-Other % 8.00 5.00 5.00 5.00
Pension Plan Asset Category-Real Estate % 11.00 8.00 7.00 8.00
Pension Plan Asset Cat - Equities (Amt) 682.8 1,172.1 1,912.4 2,491.9
Pension Plan Asset Category - Debt (Amt) 1,365.1 1,756.3 1,860.0 1,858.7
Pension Plan Asset Cat -Real Est (Amt) 272.0 1,449.6 304.3 408.7
Pension Plan Asset Category - Other (Amt) 211.7 165.0 193.2 272.0
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

55,057.9 55,747.9

40,823.0 41,143.8
2,097.2 1,971.2
131.8 161.7
8,956.5 9,837.0
14,235.0 14,604.1
3,634.7 3,000.7
-585.2 -366.5
988.6 1,183.8

— —
— —
-366.8 -36.5
639.2 493.3
3,012.9 1,853.4

— —

— -40.0
— —
— 1,023.5
— 1.37
— 1,360.1
2,373.7 1,400.1
2,373.7 1,400.1

103.4 487.6
376.2 -237.3
2,853.4 1,667.3
— 17.0

122.7 176.4
927.2 1,313.1
789.6 863.5
400.4 290.9
0.9 15.6
 131.8 -125.8
-44.8 -40.3
202.0 378.8
6,195.2 6,213.0
39.00 37.00
6,195.2 6,213.0
169.3 163.1
— —
6.50 6.50
— —
30.0 29.4
-120.3 -168.0
360.4 362.7
54.00 54.00
31.00 28.00
366.8 36.5
31.2 34.0
— 28.7
6.00 6.00
9.00 12.00
3,336.9 3,315.1
1,942.2 1,759.4
564.4 729.7
351.7 408.8
Jamaica Broilers Group Ltd (JBG JA) - By Segment
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Eliminations
Revenue -2,974.6 -3,198.4 -3,685.2 -3,894.5
Assets -10,384.8 -5,092.6 -4,829.7 -5,370.2
Liabilities -9,532.2 -4,501.9 -4,506.0 -2,036.4
Depreciation — 0.0 0.0 0.0
Amortization of Intangible Assets — 0.0 0.0 0.0
Jamaica Operations
Revenue 26,606.3 28,771.3 32,220.9 34,293.0
Assets 22,897.4 20,930.1 21,387.2 23,970.6
Liabilities 14,541.0 9,536.9 9,699.1 12,090.3
Depreciation — 649.3 497.0 465.5
Amortization of Intangible Assets — 24.4 21.8 20.3
Segment Profit — 3,575.8 2,873.0 3,039.3
Other Caribbean Operations
Revenue 1,650.0 1,774.5 2,124.7 2,779.6
Assets 4,671.2 2,331.4 2,804.9 3,302.7
Liabilities 1,946.2 1,749.3 2,051.1 2,027.7
Depreciation — 94.0 88.1 93.9
Amortization of Intangible Assets — 0.0 0.0 0.0
Segment Profit — 254.0 943.7 604.5
US Operations
Revenue 9,288.3 11,173.2 13,783.9 15,102.7
Assets 5,384.3 6,210.4 8,103.2 9,109.0
Liabilities 4,216.5 4,492.8 5,803.5 6,270.1
Depreciation — 74.0 149.7 184.3
Amortization of Intangible Assets — 62.3 103.9 102.1
Segment Profit — 1,023.1 1,291.8 1,428.0
Haiti Operations
Revenue — — — —
Assets — — — —
Liabilities — — — —
Depreciation — — — —
Amortization of Intangible Assets — — — —
Segment Profit — — — —
Eliminations
Segment Profit — -209.8 -176.1 -209.1
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

-4,273.1 -4,472.7
-12,338.5 -15,715.1
-4,611.4 -7,502.5
0.0 0.0
8.1 0.0

36,159.0 34,980.0
27,370.1 31,841.2
14,068.7 18,135.5
552.0 609.9
25.0 25.7
3,755.0 3,172.2

616.0 697.4
5,876.9 6,798.8
3,463.2 5,342.4
23.4 45.7
0.0 0.0
1,902.3 -322.9

20,161.0 22,476.8
12,985.0 19,379.7
6,567.4 10,593.3
271.8 346.8
89.6 150.7
1,558.9 1,486.6

2,395.1 2,066.4
1,913.9 1,928.4
1,484.0 1,701.9
79.8 81.8
0.0 0.0
171.0 57.0

-1,986.6 269.6
Jamaica Broilers Group Ltd (JBG JA) - Standardized
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Total Assets
+ Cash, Cash Equivalents & STI 1,828.4 1,199.2 2,004.6 3,116.0
+ Cash & Cash Equivalents 1,828.4 1,199.2 2,004.6 3,116.0
+ ST Investments — 0.0 0.0 0.0
+ Accounts & Notes Receiv — — — 0.0
+ Inventories 3,948.9 4,280.3 5,164.3 5,783.5
+ Raw Materials 909.9 — — —
+ Other Inventory 3,039.0 — — —
+ Other ST Assets 5,849.8 6,968.2 9,352.2 10,531.8
+ Derivative & Hedging Assets — — — —
+ Deferred Tax Assets — — — —
+ Taxes Receivable — — 64.5 34.3
+ Misc ST Assets — — 9,287.7 10,497.5
Total Current Assets 11,627.1 12,447.7 16,521.1 19,431.3
+ Property, Plant & Equip, Net 9,939.6 10,501.9 7,062.3 8,186.1
+ Property, Plant & Equip 15,157.1 16,428.3 11,722.2 13,420.7
- Accumulated Depreciation 5,217.5 5,926.5 4,660.0 5,234.6
+ LT Investments & Receivables 68.7 52.6 15.0 266.6
+ LT Investments — — 15.0 266.6
+ Other LT Assets 932.6 1,377.0 3,867.2 3,128.0
+ Total Intangible Assets 633.0 1,165.3 1,086.5 983.0
+ Goodwill 372.5 405.1 — 410.5
+ Other Intangible Assets 260.4 760.1 1,086.5 572.5
+ Deferred Tax Assets — — 37.7 59.3
+ Derivative & Hedging Assets — — — 0.0
+ Prepaid Pension Costs — — 691.1 438.6
+ Investments in Affiliates 0.0 0.0 0.0 0.0
+ Misc LT Assets 299.6 211.7 2,051.9 1,647.0
Total Noncurrent Assets 10,940.9 11,931.5 10,944.6 11,580.7
Total Assets 22,568.0 24,379.3 27,465.7 31,012.1
Product/Brand Segments 22,568.1 24,379.3 27,465.7 31,012.1
Jamaica Operations 22,897.4 20,930.1 21,387.2 23,970.6
US Operations 5,384.3 6,210.4 8,103.2 9,109.0
Other Caribbean Operations 4,671.2 2,331.4 2,804.9 3,302.7
Haiti Operations — — — —
Eliminations -10,384.8 -5,092.6 -4,829.7 -5,370.2

Liabilities & Shareholders' Equity

+ Payables & Accruals 3,666.7 3,207.8 4,593.4 5,560.3
+ Accounts Payable 3,666.7 3,207.8 4,414.1 5,019.3
 + Accrued Taxes — — 179.3 541.0
+ Interest & Dividends Payable — — — —
+ Other Payables & Accruals — — — —
+ ST Debt 2,763.0 1,983.3 2,501.6 6,905.2
+ ST Borrowings — 1,983.3 1,947.5 5,364.9
+ ST Lease Liabilities — 0.0 0.0 0.0
+ ST Finance Leases — 0.0 0.0 0.0
+ ST Operating Leases — — — —
+ Current Portion of LT Debt — — 554.1 1,540.3
+ Other ST Liabilities 463.5 482.2 0.0 0.0
+ Deferred Revenue — — 0.0 0.0
+ Derivatives & Hedging — — — —
+ Misc ST Liabilities 463.5 482.2 0.0 0.0
Total Current Liabilities 6,893.2 5,673.4 7,095.0 12,465.4
+ LT Debt 3,591.9 5,096.5 5,200.5 4,658.5
+ LT Borrowings — 5,096.5 5,200.5 4,658.5
+ LT Lease Liabilities — 0.0 0.0 0.0
+ LT Finance Leases — 0.0 0.0 0.0
+ LT Operating Leases — — — —
+ Other LT Liabilities 686.5 0.0 752.2 1,227.7
+ Accrued Liabilities — — 0.0 0.0
+ Pension Liabilities — — 22.4 26.0
+ Deferred Revenue — — 0.0 0.0
+ Deferred Tax Liabilities — — 729.8 481.3
+ Derivatives & Hedging — — 0.0 0.0
+ Misc LT Liabilities 686.5 0.0 0.0 720.4
Total Noncurrent Liabilities 4,278.4 5,603.7 5,952.6 5,886.3
Total Liabilities 11,171.6 11,277.1 13,047.7 18,351.7
Product/Brand Segments 11,171.6 11,277.1 13,047.7 18,351.7
Jamaica Operations 14,541.0 9,536.9 9,699.1 12,090.3
US Operations 4,216.5 4,492.8 5,803.5 6,270.1
Other Carribbean Operations 1,946.2 1,749.3 2,051.1 2,027.7
Haiti Operations — — — —
Eliminations -9,532.2 -4,501.9 -4,506.0 -2,036.4
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 2,615.3 765.1 765.1 765.1
+ Common Stock — — 599.6 516.9
+ Additional Paid in Capital — — 165.5 248.2
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 8,816.7 10,332.4 12,505.0 13,815.8
+ Other Equity 0.0 2,062.2 1,170.7 -1,959.6
Equity Before Minority Interest 11,432.0 13,159.7 14,440.8 12,621.4
+ Minority/Non Controlling Interest -35.6 -57.5 -22.8 39.0
Total Equity 11,396.4 13,102.2 14,418.0 12,660.4
Total Liabilities & Equity 22,568.0 24,379.3 27,465.7 31,012.1
Reference Items
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
Shares Outstanding 1,199.3 1,199.3 1,199.3 1,033.8
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations 94.7 21.9 22.4 26.0
Future Minimum Operating Lease Obligation 0.0 0.0 0.0 0.0
Capital Leases - Total — 0.0 0.0 0.0
Net Debt 4,526.5 5,880.6 5,697.5 8,447.7
Net Debt to Equity 39.72 44.88 39.52 66.73
Tangible Common Equity Ratio 49.23 51.67 50.62 38.76
Current Ratio 1.69 2.19 2.33 1.56
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

3,730.7 5,874.4
3,730.7 5,874.4
0.0 0.0
0.0 0.0
6,684.9 9,477.4
— —
— —
11,975.7 13,261.9
0.0 0.0
— 18.2
48.7 23.0
11,926.9 13,220.7
22,391.3 28,613.8
10,106.7 12,989.0
16,196.8 20,165.0
6,090.1 7,176.0
284.4 231.0
284.4 231.0
3,025.1 2,399.2
1,029.4 1,941.4
436.0 736.2
593.4 1,205.2
60.7 41.5
0.0 —
803.6 379.9
0.0 0.0
1,131.4 36.4
13,416.1 15,619.2
35,807.4 44,233.0
35,807.4 44,233.0
27,370.1 31,841.2
12,985.0 19,379.7
5,876.9 6,798.8
1,913.9 1,928.4
-12,338.5 -15,715.1

6,738.5 9,743.7
6,337.8 9,379.3
 188.3 364.4
212.3 0.0
0.0 0.0
7,357.6 9,887.6
6,637.2 9,650.7
0.0 236.9
0.0 0.0
— 236.9
720.4 0.0
0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0
14,096.1 19,631.3
5,987.2 7,883.7
5,987.2 7,572.2
0.0 311.5
0.0 0.0
— 311.5
888.7 755.6
0.0 0.0
22.9 20.0
0.0 0.0
865.8 735.6
0.0 0.0
0.0 0.0
6,875.9 8,639.3
20,971.9 28,270.6
20,971.9 28,270.6
14,068.7 18,135.5
6,567.4 10,593.3
3,463.2 5,342.4
1,484.0 1,701.9
-4,611.4 -7,502.5
0.0 0.0
765.1 765.1
599.6 510.0
165.5 255.1
0.0 0.0
16,037.3 16,821.3
-2,092.5 -1,692.7
14,709.9 15,893.7
125.6 68.7
14,835.5 15,962.4
35,807.4 44,233.0
IAS/IFRS IAS/IFRS
1,199.3 1,020.0
0.0 0.0
22.9 20.0
0.0 —
0.0 0.0
9,614.0 11,896.9
64.80 74.53
39.34 32.99
1.59 1.46
Jamaica Broilers Group Ltd (JBG JA) - Working Capital
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Inventory Turnover 6.95 6.84 6.90 6.47
Days Inventory Outstanding 52.39 53.20 52.74 56.26
Accounts Payable Turnover 8.26 8.29 8.78 7.64
Accounts Payable Turnover Days 44.08 43.93 41.44 47.64

Total Inventory 3,948.9 4,280.3 5,164.3 5,783.5

Inventory Raw Materials 909.9 — — —
Other Inventory 3,039.0 — — —
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020
6.55 5.09
55.59 72.87
7.35 5.59
49.54 66.36

6,684.9 9,477.4
— —
— —
Jamaica Broilers Group Ltd (JBG JA) - Credit
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
IFRS 16/ASC 842 Adoption No No No No

Total Debt 6,354.9 7,079.8 7,702.1 11,563.7

Short-Term Debt 2,763.0 1,983.3 2,501.6 6,905.2
Long Term Debt 3,591.9 5,096.5 5,200.5 4,658.5

Total Debt/T12M EBITDA 2.16 1.68 1.88 2.72

Net Debt/EBITDA 1.54 1.40 1.39 1.99

Total Debt/EBIT 3.00 2.14 2.38 3.42

Net Debt/EBIT 2.13 1.78 1.76 2.50

EBITDA to Interest Expense 4.61 7.71 6.71 6.93

EBITDA-CapEx/Interest Expense 2.95 6.24 5.48 3.73
EBIT to Interest Expense 3.32 6.05 5.30 5.52

Interest Expense 638.7 545.6 610.3 612.5

Common Equity/Total Assets 50.66 53.98 52.58 40.70

Long-Term Debt/Equity 31.52 38.90 36.07 36.80
Long-Term Debt/Capital 20.23 25.25 23.51 19.23
Long-Term Debt/Total Assets 15.92 20.91 18.93 15.02

Total Debt/Equity 55.76 54.04 53.42 91.34

Total Debt/Capital 35.80 35.08 34.82 47.74
Total Debt/Total Assets 28.16 29.04 28.04 37.29

Net Debt/Equity 39.72 44.88 39.52 66.73

Net Debt/Capital 28.43 30.98 28.32 40.02

EBITDA 2,943.4 4,205.3 4,092.5 4,247.4

EBITDA-CapEx 1,882.5 3,404.5 3,343.2 2,285.2
EBIT 2,120.8 3,301.4 3,233.0 3,381.2
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020
No Yes

13,344.7 17,771.3
7,357.6 9,887.6
5,987.2 7,883.7

2.85 3.96
2.05 2.65

3.67 5.92
2.65 3.96

5.93 5.20
3.88 1.62
4.60 3.47

789.6 863.5

41.08 35.93
40.36 49.39
21.25 23.37
16.72 17.82

89.95 111.33
47.35 52.68
37.27 40.18

64.80 74.53
39.32 42.70

4,684.6 4,490.2
3,062.4 1,398.8
3,634.7 3,000.7
Jamaica Broilers Group Ltd (JBG JA) - Yield Analysis
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
T12 Cash Flows to Equity
+ Cash From Operations 2,801.8 1,227.9 1,354.1 2,177.5
+ Capital Expenditures -1,060.9 -800.8 -749.3 -1,962.2
Free Cash Flow 1,740.8 427.0 604.8 215.3
Market Capitalization 6,116.3 16,969.8 19,788.1 21,710.3
Free Cash Flow Yield 28.46 2.52 3.06 0.85

Dividends Paid -203.9 -311.8 -419.7 -407.8

Net Share Repurchases 0.0 0.0 0.0 0.0
Net ST Debt Repayments 0.0 0.0 0.0 0.0
Net LT Debt Repayments 112.3 516.2 500.3 2,486.3
Other Financing Activities -618.0 -567.8 -573.9 -1,399.7
T12 Cash to Suppliers of Capital -709.5 -363.4 -493.4 678.9
Market Capitalization 6,116.3 16,969.8 19,788.1 21,710.3
T12 Shareholder Yield 11.60 2.14 2.49 -3.13

- Dividends Paid -203.9 -311.8 -419.7 -407.8

- Net Share Repurchases 0.0 0.0 0.0 0.0
T12 Cash to Shareholders 203.9 311.8 419.7 407.8
Market Capitalization 6,116.3 16,969.8 19,788.1 21,710.3
T12 Shareholder Yield, Ex Debt 3.33 1.84 2.12 1.88

T12 Cash Flows to the Firm

+ Cash From Operations 2,801.8 1,227.9 1,354.1 2,177.5
+ Capital Expenditures -1,060.9 -800.8 -749.3 -1,962.2
+ After-Tax Interest Expense 412.9 413.1 466.1 465.2
Trailing 12M Free Cash Flow To Firm 2,153.7 840.1 1,070.9 680.5
Periodic Enterprise Value 10,607.2 22,792.9 25,462.7 30,197.0
T12 FCFF Yield 20.30 3.69 4.21 2.25

- Dividends Paid -203.9 -311.8 -419.7 -407.8

- Net Share Repurchases 0.0 0.0 0.0 0.0
- Net ST Debt Repayments 0.0 0.0 0.0 0.0
- Net LT Debt Repayments 112.3 516.2 500.3 2,486.3
- Other Financing Activities -618.0 -567.8 -573.9 -1,399.7
T12 Cash to Suppliers of Capital -709.5 -363.4 -493.4 678.9
Periodic Enterprise Value 10,607.2 22,792.9 25,462.7 30,197.0
T12 Capital Yield 6.69 1.59 1.94 -2.25
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

2,822.0 3,239.0
-1,622.3 -3,091.4
1,199.8 147.6
38,376.9 25,540.4
3.13 0.58

-202.0 -591.1
0.0 0.0
0.0 0.0
2,214.7 4,108.2
-2,390.2 -1,465.8
-377.5 2,051.3
38,376.9 25,540.4
0.98 -8.03

-202.0 -591.1
0.0 0.0
202.0 591.1
38,376.9 25,540.4
0.53 2.31

2,822.0 3,239.0
-1,622.3 -3,091.4
622.1 633.7
1,821.9 781.3
48,116.5 37,506.0
3.79 2.08

-202.0 -591.1
0.0 0.0
0.0 0.0
2,214.7 4,108.2
-2,390.2 -1,465.8
-377.5 2,051.3
48,116.5 37,506.0
0.78 -5.47
Jamaica Broilers Group Ltd (JBG JA) - Adjusted
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Revenue 38,520.6 44,444.2 48,280.9 55,057.9
+ Sales & Services Revenue — 44,444.2 48,280.9 55,057.9
- Cost of Revenue 28,150.4 32,594.6 35,418.9 40,823.0
+ Cost of Goods & Services — 32,594.6 35,418.9 40,823.0
Gross Profit 10,370.3 11,849.7 12,862.0 14,235.0
+ Other Operating Income 0.0 0.0 0.0 0.0
- Operating Expenses 7,068.9 8,617.1 9,478.3 10,467.6
+ Selling, General & Admin 7,337.7 8,945.0 9,678.7 11,053.7
+ Selling & Marketing 1,209.1 1,578.4 1,920.9 2,097.2
+ General & Administrative — 7,366.6 7,757.7 8,956.5
+ Other Operating Expense — -327.9 -200.4 -586.1
Growth (YoY) — — 38.9 -192.5
Growth (Seq) — — 38.9 -192.5
Operating Income (Loss) 3,301.4 3,232.6 3,383.7 3,767.4
- Non-Operating (Income) Loss — 267.9 714.4 621.8
+ Interest Expense, Net 520.3 581.4 577.5 744.8
+ Interest Expense 545.6 610.3 612.5 789.6
- Interest Income 25.3 28.8 35.1 44.8
+ Foreign Exch (Gain) Loss -62.2 -194.0 142.3 400.4
+ (Income) Loss from Affiliates 0.0 0.0 0.0 0.0
+ Other Non-Op (Income) Loss — -119.6 -5.3 -523.4
Pretax Income (Loss), Adjusted 2,766.7 2,964.7 2,669.3 3,145.6
- Abnormal Losses (Gains) -10.0 -0.4 2.5 132.7
+ Disposal of Assets — -0.4 2.5 0.9
+ Asset Write-Down — — — 131.8
Pretax Income (Loss), GAAP 2,766.7 2,965.1 2,666.8 3,012.9
- Income Tax Expense (Benefit) 672.0 700.6 641.3 639.2
Income (Loss) from Cont Ops 2,094.7 2,264.5 2,025.5 2,373.7
- Net Extraordinary Losses (Gains) 368.1 -3.9 0.0 0.0
+ Discontinued Operations 368.1 -3.9 0.0 0.0
+ XO & Accounting Changes — 0.0 0.0 0.0
Income (Loss) Incl. MI 1,726.6 2,268.5 2,025.5 2,373.7
- Minority Interest — — — —
Net Income, GAAP 1,726.6 2,268.5 2,025.5 2,373.7
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 — —
Net Income Avail to Common, GAAP 1,726.6 2,268.5 2,025.5 2,373.7

Net Income Avail to Common, Adj 1,726.6 2,264.2 2,027.4 2,473.2

Net Abnormal Losses (Gains) -6.5 -0.3 1.9 99.5
 Net Extraordinary Losses (Gains) 368.1 -3.9 0.0 0.0

Basic Weighted Avg Shares 1,199.3 1,199.3 1,199.3 1,199.3

Basic EPS, GAAP 1.44 1.89 1.69 1.98
Basic EPS from Cont Ops 1.75 1.89 1.69 1.98
Basic EPS from Cont Ops, Adjusted 1.74 1.89 1.69 2.06

Diluted Weighted Avg Shares 1,199.3 1,199.3 1,199.3 1,199.3

Diluted EPS, GAAP 1.44 1.89 1.69 1.98
Diluted EPS from Cont Ops 1.75 1.89 1.69 1.98
Diluted EPS from Cont Ops, Adjusted 1.74 1.89 1.69 2.06

Reference Items
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
EBITDA 4,205.3 4,092.1 4,249.9 4,817.3
EBITDA Margin (T12M) 10.92 9.21 8.80 8.75
EBITA 3,388.0 3,358.2 3,506.1 3,890.1
EBIT 3,301.4 3,232.6 3,383.7 3,767.4
Gross Margin 26.92 26.66 26.64 25.85
Operating Margin 8.57 7.27 7.01 6.84
Profit Margin 4.48 5.09 4.20 4.49
Dividends per Share 0.26 0.35 0.34 0.39
Total Cash Common Dividends 311.8 419.7 407.8 202.0
Depreciation Expense 817.3 733.9 743.8 927.2
Source: Bloomberg
 FY 2020 Last 12M
05/02/2020 10/31/2020
55,747.9 56,025.7
55,747.9 56,025.7
41,143.8 41,459.6
41,143.8 41,459.6
14,604.1 14,566.2
0.0 0.0
11,713.6 11,279.6
11,808.2 11,500.1
1,971.2 2,108.0
9,837.0 9,392.2
-94.6 -220.5
83.9 100.0
83.9 -133.2
2,890.5 3,286.5
1,147.3 845.5
823.3
863.5
40.3
290.9
0.0
33.2 186.5
1,743.1 2,441.0
-110.2 -110.2
15.6
-125.8
1,853.4 2,551.3
493.3 752.0
1,360.1 1,799.3
0.0 0.0
0.0 0.0
0.0 0.0
1,360.1 1,799.3
-40.0 51.1
1,400.1 1,748.2
0.0 0.0
0.0 0.0
1,400.1 1,748.2

1,317.4 1,665.5
-82.7 -82.7
 0.0 0.0

1,023.5 1,015.8
1.37 1.72
1.37 1.72
1.29 1.63

1,023.5 1,015.8
1.37 1.72
1.37 1.72
1.29 1.63

IAS/IFRS
4,380.0 5,115.5
7.86 9.13
3,066.8 3,509.2
2,890.5 3,286.5
26.20 26.00
5.18 5.87
2.36 2.97
0.37 0.37
378.8 378.8
1,313.1 1,606.3
Jamaica Broilers Group Ltd (JBG JA) - EV Ex Operating Leases
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Market Capitalization 16,969.8 19,788.1 21,710.3 38,376.9
- Cash & Equivalents 1,199.2 2,004.6 3,116.0 3,730.7
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest -57.5 -22.8 39.0 125.6
+ Total Debt 7,079.8 7,702.1 11,563.7 13,344.7
Enterprise Value 22,792.9 25,462.7 30,197.0 48,116.5

Total Capital 20,182.0 22,120.1 24,224.1 28,180.3

Total Debt/Total Capital 35.08 34.82 47.74 47.35
Total Debt/EV 0.31 0.30 0.38 0.28

EV/Sales 0.59 0.57 0.63 0.87

EV/EBITDA 5.42 6.22 7.11 10.27
EV/EBIT 6.90 7.88 8.93 13.24
EV/Cash Flow to Firm 13.89 13.99 11.43 13.97
EV/Free Cash Flow to Firm 27.13 23.78 44.37 26.41

Diluted Market Cap 16,969.8 19,788.1 25,184.8 38,376.9

Diluted Enterprise Value 22,792.9 25,462.7 33,671.5 48,116.5
EV per Share 19.01 21.23 29.21 40.12

Reference Items
Trailing 12 Month Values for Ratios
IFRS 16/ASC 842 Adoption No No No No
Sales 38,520.6 44,444.2 48,280.9 55,057.9
EBITDA 4,205.3 4,092.5 4,247.4 4,684.6
EBIT 3,301.4 3,233.0 3,381.2 3,634.7
Cash Flow To Firm 1,641.0 1,820.2 2,642.7 3,444.1
Free Cash Flow To Firm 840.1 1,070.9 680.5 1,821.9
Source: Bloomberg
ng Leases
FY 2020 Current
05/02/2020 02/12/2021
25,540.4 32,980.1
5,874.4 4,907.9
0.0 0.0
68.7 217.3
17,222.9 17,844.0
36,957.5 46,133.4

33,185.3 35,209.9
51.90 50.68
0.47 0.39

0.66 0.82
8.23 8.83
12.32 13.58
10.16
67.48

25,628.6 27,935.9
37,045.7 39,565.4
36.23 45.62

Yes Yes
55,747.9 56,025.7
4,490.2 5,225.7
3,000.7 3,396.8
3,639.1
547.7
Jamaica Broilers Group Ltd (JBG JA) - Multiples
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
P/E 8.10 8.74 12.43 16.17
Average 10.60 8.56 9.70 16.51
High 18.00 9.73 12.43 21.02
Low 5.56 7.87 8.34 10.77

P/Book 1.29 1.37 1.72 2.61

Average 0.96 1.36 1.52 2.29
High 1.63 1.55 1.74 2.91
Low 0.50 1.25 1.31 1.49

P/Tangible Book 1.41 1.48 1.87 2.81

Average 1.02 1.49 1.64 2.48
High 1.73 1.70 1.89 3.15
Low 0.53 1.37 1.41 1.62

P/Sales 0.44 0.45 0.52 0.70

Average 0.32 0.47 0.49 0.69
High 0.54 0.53 0.57 0.89
Low 0.17 0.42 0.41 0.45

P/Cash Flow 13.82 14.61 11.57 13.60

Average 3.97 14.60 16.18 15.35
High 13.82 16.60 18.60 19.56
Low 2.05 13.43 11.57 10.02

P/Free Cash Flow 39.74 32.72 116.98 31.99

Average 6.46 41.93 36.59 154.88
High 39.74 47.74 116.98 197.81
Low 3.31 32.72 31.23 31.99

EV/Sales 0.59 0.57 0.63 0.87

Average 0.44 0.62 0.62 0.87
High 0.67 0.68 0.70 1.06
Low 0.30 0.57 0.55 0.63

EV/EBITDA 5.42 6.22 7.11 10.27

Average 5.21 5.64 6.75 9.87
High 7.86 6.23 7.93 12.02
Low 3.48 5.31 6.00 7.13
EV/EBIT 6.90 7.88 8.93 13.24
Average 7.23 7.19 8.54 12.41
High 10.91 7.94 9.96 15.10
Low 4.83 6.76 7.60 8.96

Price/Share 14.15 16.50 21.00 32.00

High 15.55 17.00 21.00 36.00
Low 4.80 13.50 15.10 18.00

Enterprise Value 22,792.9 25,462.7 30,197.0 48,116.5

Average 15,369.4 23,734.1 27,631.7 41,960.6
High 23,139.6 26,210.8 33,671.5 51,073.0
Low 10,247.4 22,313.2 24,563.3 30,301.5
Source: Bloomberg
 FY 2020 Current
05/02/2020 02/12/2021
18.28 16.02
17.14
20.71
11.58

1.61 1.62
2.76
3.34
1.61

1.83 1.82
2.97
3.59
1.83

0.46 0.50
0.74
0.95
0.53

7.91 7.04
14.39
17.42
7.91

173.65 96.22
34.45
173.65
22.91

0.67 0.84
0.91
1.07
0.68

8.35 9.00
10.74
12.58
7.95
 12.50 13.85
13.85
16.21
10.24

25.04 27.50
43.63 29.09
24.32 26.56

37,506.0 47,045.7
50,292.6
58,910.0
37,227.0
Jamaica Broilers Group Ltd (JBG JA) - Sources of Capital
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Net Change Short Term Debt 127.2 -779.7 518.3 4,403.6
Net Change Long Term Debt 23.8 1,504.6 104.0 -541.9
Net Change in Other Liabilities 1,183.5 -641.3 1,183.0 1,504.2
Net Change in Liabilities 1,334.1 105.4 1,770.6 5,304.0
Net Change in Liabilities % of Total 60.39 5.82 57.37 149.56

Reinvested Earnings 832.3 1,414.8 1,848.7 1,617.8

External Equity Financing 42.5 312.9 -567.6 -3,437.2
Net Change in Total Equity 875.2 1,705.8 1,315.8 -1,757.6
Increase In Equity % of Total 39.61 94.18 42.63 -49.56

Capital Employed 14,673.5 17,276.3 16,488.3 15,152.0

Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020
452.4 2,530.1
1,328.6 1,896.5
925.8 2,815.1
2,620.2 7,298.7
54.64 86.63

2,171.8 1,021.3
-83.2 162.5
2,175.2 1,126.9
45.36 13.37

18,401.9 21,971.4
Jamaica Broilers Group Ltd (JBG JA) - As Reported
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Balance Sheet
Noncurrent Assets
Long Term Investments 68.7 52.6 15.0 266.6
Property Plant & Equipment - Net 9,939.6 10,501.9 7,062.3 8,186.1
Deferred Income Tax Asset (Long-Term) — 15.6 37.7 59.3
Other Intangible Assets 890.6 1,165.3 1,086.5 983.0
Prepaid Pensions/Postretirement Benefits 0.0 180.1 691.1 438.6
Other Noncurrent Assets 42.0 16.0 0.0 —
Other Receivables (Long-Term) — 0.0 2,051.9 1,647.0
Total Non-Current Assets — 11,931.5 10,944.6 11,580.7
Current Assets
Cash and Equivalents 1,828.4 1,199.2 2,004.6 3,116.0
Inventories 3,948.9 4,280.3 5,164.3 5,783.5
Deferred Income Tax Asset (Short-Term) — — — —
Other Current Assets 3,042.3 3,653.5 5,218.1 6,210.9
Taxes Receivable 18.4 36.4 64.5 34.3
Other Receivables (Short-Term) 2,789.1 3,278.3 4,069.6 4,286.7
Total Current Assets 11,627.1 12,447.7 16,521.1 19,431.3
Current Liabilities
Accounts Payable - Trade 3,666.7 3,207.8 4,414.1 5,019.3
Current Portion of Long-Term Debt — — — 1,540.3
Short-Term Borrowings 2,763.0 1,983.3 2,501.6 5,364.9
Dividends Accrued/Payable — — — —
Income Taxes Accrued/Payable 463.5 482.2 179.3 541.0
Total Current Liabilities 6,893.2 5,673.4 7,095.0 12,465.4
Non Current Liabilities
Total Noncurrent Liabilities — 18,705.9 20,370.6 18,546.6
Long Term Debt 3,591.9 5,096.5 5,200.5 4,658.5
Deferred Income Taxes (Liabilities) 567.0 485.3 729.8 481.3
Pension/Postretirement Liabilities 94.7 21.9 22.4 26.0
Other Noncurrent Liabilities 24.8 — — 720.4
Stockholder Equity
Minority/Non Controlling Int (Stckhldrs Eqty) -35.6 -57.5 -22.8 39.0
Common Stock 765.1 — — —
Retained Earnings (Accumulated Deficit) 8,816.7 10,332.4 12,505.0 13,815.8
Other Equity — 2,062.2 1,170.7 1,050.7
Common Stock & APIC — 765.1 765.1 765.1
Total Shareholders Equity 15,674.9 13,102.2 14,418.0 12,660.4
Capital Reserves 1,850.2 — — —
Other Reserve — — — -3,010.2
Capital Reserve 1,850.2 — — —
Reference Items
Inventories 3,948.9 4,280.3 5,164.3 5,783.5
Land 397.1 464.9 413.7 416.9
Buildings 2,820.2 3,347.2 3,362.4 3,440.1
Leasehold Improvements 367.3 311.3 318.1 537.3
Construction In Progress — 103.9 197.4 143.9
Furniture/Machinery/Equipment 10,315.4 11,289.5 6,431.5 7,840.9
Property Plant & Equipment - Gross 15,157.1 16,428.3 11,722.2 13,420.7
Accumulated Depreciation 5,217.5 5,926.5 4,660.0 5,234.6
Property Plant & Equipment - Net 9,939.6 10,501.9 7,062.3 8,186.1
Deferred Income Tax Asset (LT) 0.0 15.6 37.7 59.3
Other Intangible Assets 117.6 103.3 70.8 33.5
Goodwill 372.5 405.1 422.7 410.5
Current Portion of Long-Term Debt 2,763.0 632.2 554.1 —
Deferred Income Taxes (Liabilities) 567.0 485.3 729.8 481.3
Min/Non Cntrlling Int(Stckhldrs Eqty) -35.6 -57.5 -22.8 39.0
Common Stock 1,964.4 — — —
Retained Earnings (Accumulated Deficit) 8,816.7 10,332.4 12,505.0 13,815.8
Other Equity — 2,062.2 1,170.7 1,050.7
Shares Outstanding 1,199.3 1,199.3 1,199.3 1,033.8
Common Stock & APIC — 765.1 765.1 765.1
Other Gross Fixed Assets 1,257.2 911.5 999.1 1,041.6
Supplies and Materials 909.9 1,519.7 1,248.6 1,827.8
Other Inventory 3,039.0 2,760.7 3,915.7 3,955.8
Capitalized Software - Net 142.8 94.8 79.0 112.9
Total Shareholders Equity 8,670.4 13,102.2 14,418.0 12,660.4
Customer Lists/Contracts — 562.1 514.0 426.1
Accumulated Amortization Intangible Assets — 355.5 487.9 599.0
Capital Reserve 1,850.2 — — —
Other Reserve — — — —
Debt Schedule - Total Debt 6,354.9 7,079.8 7,702.1 10,023.4
Debt Schedule - Total Long Term Debt 3,591.9 5,096.5 5,200.5 4,658.5
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

284.4 231.0
10,106.7 12,454.5
60.7 41.5
1,029.4 1,941.4
803.6 379.9
72.8 36.4
1,058.5 0.0
13,416.1 15,619.2

3,730.7 5,874.4
6,684.9 9,477.4
— 18.2
7,460.7 9,340.7
48.7 23.0
4,466.2 3,880.1
22,391.3 28,613.8

6,337.8 9,379.3
720.4 0.0
6,637.2 9,650.7
212.3 0.0
188.3 364.4
14,096.1 19,631.3

21,711.4 8,639.3
5,987.2 7,572.2
865.8 735.6
22.9 20.0
0.0 —

125.6 68.7
— —
16,037.3 16,821.3
1,181.4 1,686.0
765.1 765.1
14,835.5 15,962.4
— —
-3,273.9 -3,378.6
 — —

6,684.9 9,477.4
539.6 568.8
3,599.8 3,932.4
724.4 704.9
175.1 1,092.7
9,862.8 11,785.8
16,196.8 19,630.5
6,090.1 7,176.0
10,106.7 12,454.5
60.7 41.5
25.8 109.6
436.0 736.2
— —
865.8 735.6
125.6 68.7
— —
16,037.3 16,821.3
1,181.4 1,686.0
1,199.3 1,020.0
765.1 765.1
1,295.0 1,546.0
2,238.4 3,078.7
4,446.5 6,398.7
105.8 167.6
14,835.5 15,962.4
461.9 927.9
750.7 969.6
— —
-3,273.9 -3,378.6
12,624.4 17,222.9
5,987.2 7,572.2
Jamaica Broilers Group Ltd (JBG JA) - Benchmark
In Millions of JMD except Per Share CY 2015 CY 2016 CY 2017 CY 2018
12 Months Ending 12/31/2015 12/30/2016 12/29/2017 12/31/2018
Return on Common Equity — — 14.97 17.37
Jamaica Stock Exchange Market Index 14.36 15.71 14.94 15.47
Return on Capital — — 10.75 11.43
Jamaica Stock Exchange Market Index 7.83 8.43 7.72 7.19
Operating Margin — — 7.00 6.60
Jamaica Stock Exchange Market Index 15.74 19.66 19.16 21.61
Price/EPS — — 10.48 14.90
Jamaica Stock Exchange Market Index 17.51 10.59 11.51 15.09
Price/Book — — 1.45 2.41
Jamaica Stock Exchange Market Index 2.48 1.66 1.73 2.32
Periodic EV to Trailing 12M EBITDA — — 7.11 10.27
Jamaica Stock Exchange Market Index 7.86 19.63 19.63 19.63
Net Debt/EBITDA — — 1.99 2.05
Jamaica Stock Exchange Market Index 0.59 — — —
Source: Bloomberg
 CY 2019 CY 2020
12/31/2019 12/31/2020
9.15 —
14.71 10.29
6.44 —
6.64 5.46
5.38 —
19.75 14.98
29.85 21.86
18.39 14.52
2.62 1.92
2.72 1.48
8.35 —
57.83 —
2.65 —
— —
Jamaica Broilers Group Ltd (JBG JA) - By Geography
In Millions of JMD except Per Share FY 2014 FY 2015 FY 2016 FY 2017
12 Months Ending 12/31/2014 12/31/2015 12/30/2016 12/29/2017
Source: Bloomberg
 FY 2018 FY 2019 FY 2020 FY 2021
12/31/2018 12/31/2019 12/31/2020 02/12/2021
Jamaica Broilers Group Ltd (JBG JA) - Adj Highlights
In Millions of JMD FY 2016 FY 2017 FY 2018 FY 2019 FY 2020
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019 05/02/2020
Market Capitalization 16,969.8 19,788.1 21,710.3 38,376.9 25,540.4
- Cash & Equivalents 1,199.2 2,004.6 3,116.0 3,730.7 5,874.4
+ Preferred & Other -57.5 -22.8 39.0 125.6 68.7
+ Total Debt 7,079.8 7,702.1 11,563.7 13,344.7 17,771.3
Enterprise Value 22,792.9 25,462.7 30,197.0 48,116.5 37,506.0

Revenue, Adj 38,520.6 44,444.2 48,280.9 55,057.9 55,747.9

Growth %, YoY 11.4 15.4 8.6 14.0 1.3
Gross Profit, Adj 10,370.3 11,849.7 12,862.0 14,235.0 14,604.1
Margin % 26.9 26.7 26.6 25.9 26.2
EBITDA, Adj 4,205.3 4,092.1 4,249.9 4,817.3 4,380.0
Margin % 10.9 9.2 8.8 8.7 7.9
Net Income, Adj 1,726.6 2,264.2 2,027.4 2,473.2 1,317.4
Margin % 4.5 5.1 4.2 4.5 2.4
EPS, Adj 1.74 1.89 1.69 2.06 1.29
Growth %, YoY 101.6 8.4 -10.5 22.0 -37.6

Cash from Operations 1,227.9 1,354.1 2,177.5 2,822.0 3,239.0

Capital Expenditures -800.8 -749.3 -1,962.2 -1,622.3 -3,091.4
Free Cash Flow 427.0 604.8 215.3 1,199.8 147.6
Source: Bloomberg
Current/LTM
10/31/2020
32,980.1
4,907.9
217.3
18,756.2
47,045.7

56,025.7
0.7
14,566.2
26.0
5,115.5
9.1
1,665.5
3.0
1.63
-20.0

3,988.8
-3,694.9
293.9
Jamaica Broilers Group Ltd (JBG JA) - Enterprise Value
In Millions of JMD except Per Share FY 2016 FY 2017 FY 2018 FY 2019
12 Months Ending 04/30/2016 04/29/2017 04/28/2018 04/27/2019
Market Capitalization 16,969.8 19,788.1 21,710.3 38,376.9
- Cash & Equivalents 1,199.2 2,004.6 3,116.0 3,730.7
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest -57.5 -22.8 39.0 125.6
+ Total Debt 7,079.8 7,702.1 11,563.7 13,344.7
Enterprise Value 22,792.9 25,462.7 30,197.0 48,116.5

Total Capital 20,182.0 22,120.1 24,224.1 28,180.3

Total Debt/Total Capital 35.08 34.82 47.74 47.35
Total Debt/EV 0.31 0.30 0.38 0.28

EV/Sales 0.59 0.57 0.63 0.87

EV/EBITDA 5.42 6.22 7.11 10.27
EV/EBIT 6.90 7.88 8.93 13.24
EV/Cash Flow to Firm 13.89 13.99 11.43 13.97
EV/Free Cash Flow to Firm 27.13 23.78 44.37 26.41

Diluted Market Cap 16,969.8 19,788.1 25,184.8 38,376.9

Diluted Enterprise Value 22,792.9 25,462.7 33,671.5 48,116.5
EV per Share 19.01 21.23 29.21 40.12

Reference Items
Trailing 12 Month Values for Ratios
IFRS 16/ASC 842 Adoption No No No No
Sales 38,520.6 44,444.2 48,280.9 55,057.9
EBITDA 4,205.3 4,092.5 4,247.4 4,684.6
EBIT 3,301.4 3,233.0 3,381.2 3,634.7
Cash Flow To Firm 1,641.0 1,820.2 2,642.7 3,444.1
Free Cash Flow To Firm 840.1 1,070.9 680.5 1,821.9
Source: Bloomberg
 FY 2020 Current
05/02/2020 02/12/2021
25,540.4 32,980.1
5,874.4 4,907.9
0.0 0.0
68.7 217.3
17,771.3 18,756.2
37,506.0 47,045.7

33,733.7 36,122.1
52.68 51.92
0.47 0.40

0.67 0.84
8.35 9.00
12.50 13.85
9.68 11.79
48.01 160.08

25,628.6 27,935.9
37,594.2 42,001.4
36.77 39.91

Yes Yes
55,747.9 56,025.7
4,490.2 5,225.7
3,000.7 3,396.8
3,872.7
781.3
Jamaica Broilers Group Ltd (JBG JA) - By Measure
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017
12 Months Ending 05/02/2015 04/30/2016 04/29/2017
Revenue 34,570.1 100.0% 38,520.6 100.0% 44,444.2 100.0%
Jamaica Operations 26,606.3 70.9% 28,771.3 69.0% 32,220.9 66.9%
US Operations 9,288.3 24.7% 11,173.2 26.8% 13,783.9 28.6%
Haiti Operations — — —
Other Caribbean Operations 1,650.0 4.4% 1,774.5 4.3% 2,124.7 4.4%
Eliminations -2,974.6 -3,198.4 -3,685.2
Segment Profit — 4,643.2 100.0% 4,932.3 100.0%
Jamaica Operations — 3,575.8 73.7% 2,873.0 56.2%
US Operations — 1,023.1 21.1% 1,291.8 25.3%
Eliminations — -209.8 -176.1
Haiti Operations — — —
Other Carribbean Operations — 254.0 5.2% 943.7 18.5%
Assets 22,568.1 100.0% 24,379.3 100.0% 27,465.7 100.0%
Jamaica Operations 22,897.4 69.5% 20,930.1 71.0% 21,387.2 66.2%
US Operations 5,384.3 16.3% 6,210.4 21.1% 8,103.2 25.1%
Other Caribbean Operations 4,671.2 14.2% 2,331.4 7.9% 2,804.9 8.7%
Haiti Operations — — —
Eliminations -10,384.8 -5,092.6 -4,829.7
Liabilities 11,171.6 100.0% 11,277.1 100.0% 13,047.7 100.0%
Jamaica Operations 14,541.0 70.2% 9,536.9 60.4% 9,699.1 55.3%
US Operations 4,216.5 20.4% 4,492.8 28.5% 5,803.5 33.1%
Other Carribbean Operations 1,946.2 9.4% 1,749.3 11.1% 2,051.1 11.7%
Haiti Operations — — —
Eliminations -9,532.2 -4,501.9 -4,506.0
Depreciation — 817.3 100.0% 734.8 100.0%
Jamaica Operations — 649.3 79.4% 497.0 67.6%
US Operations — 74.0 9.1% 149.7 20.4%
Haiti Operations — — —
Other Carribbean Operations — 94.0 11.5% 88.1 12.0%
Eliminations — 0.0 0.0
Amortization of Intangible Assets — 86.7 100.0% 125.7 100.0%
US Operations — 62.3 71.8% 103.9 82.6%
Jamaica Operations — 24.4 28.2% 21.8 17.4%
Haiti Operations — — —
Other Carribbean Operations — 0.0 0.0
Eliminations — 0.0 0.0
Source: Bloomberg
 FY 2018 FY 2019 FY 2020
04/28/2018 04/27/2019 05/02/2020
48,280.9 100.0% 55,057.9 100.0% 55,747.9 100.0%
34,293.0 65.7% 36,159.0 60.9% 34,980.0 58.1%
15,102.7 28.9% 20,161.0 34.0% 22,476.8 37.3%
— 2,395.1 4.0% 2,066.4 3.4%
2,779.6 5.3% 616.0 1.0% 697.4 1.2%
-3,894.5 -4,273.1 -4,472.7
4,862.6 100.0% 5,400.6 100.0% 4,662.5 100.0%
3,039.3 59.9% 3,755.0 50.8% 3,172.2 72.2%
1,428.0 28.2% 1,558.9 21.1% 1,486.6 33.8%
-209.1 -1,986.6 269.6
— 171.0 2.3% 57.0 1.3%
604.5 11.9% 1,902.3 25.8% -322.9 -7.4%
31,012.1 100.0% 35,807.4 100.0% 44,233.0 100.0%
23,970.6 65.9% 27,370.1 56.8% 31,841.2 53.1%
9,109.0 25.0% 12,985.0 27.0% 19,379.7 32.3%
3,302.7 9.1% 5,876.9 12.2% 6,798.8 11.3%
— 1,913.9 4.0% 1,928.4 3.2%
-5,370.2 -12,338.5 -15,715.1
18,351.7 100.0% 20,971.9 100.0% 28,270.6 100.0%
12,090.3 59.3% 14,068.7 55.0% 18,135.5 50.7%
6,270.1 30.8% 6,567.4 25.7% 10,593.3 29.6%
2,027.7 9.9% 3,463.2 13.5% 5,342.4 14.9%
— 1,484.0 5.8% 1,701.9 4.8%
-2,036.4 -4,611.4 -7,502.5
743.7 100.0% 927.0 100.0% 1,084.1 100.0%
465.5 62.6% 552.0 59.5% 609.9 56.3%
184.3 24.8% 271.8 29.3% 346.8 32.0%
— 79.8 8.6% 81.8 7.5%
93.9 12.6% 23.4 2.5% 45.7 4.2%
0.0 0.0 0.0
122.4 100.0% 122.7 100.0% 176.4 100.0%
102.1 83.4% 89.6 78.2% 150.7 85.4%
20.3 16.6% 25.0 21.8% 25.7 14.6%
— 0.0 0.0
0.0 0.0 0.0
0.0 8.1 0.0
Jamaica Broilers Group Ltd (JBG JA) - Contractual Obligations
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Debt Schedule
Debt Schedule - Total Debt 6,354.9 7,079.8 7,702.1 10,023.4
Net Debt 4,526.5 5,880.6 5,697.5 8,447.7

Capital Leases Schedule

Total Future Value of Capital Leases — 0.0 0.0 0.0
Present Value of ST Capital Leases — 0.0 0.0 0.0
Present Value of LT Capital Leases — 0.0 0.0 0.0
Total Present Value of Capital Leases — 0.0 0.0 0.0

Operating Leases (Rental Expense) Schedule

Future Min Oper Lease Obligations 0.0 0.0 0.0 0.0

Contractual Obligations Schedule

Purchase Obligations 0.0 0.0 0.0 0.0

Lines of Credit

Commercial Paper

Source: Bloomberg
bligations
FY 2019 FY 2020
04/27/2019 05/02/2020

12,624.4 17,222.9
9,614.0 11,896.9

0.0 0.0
0.0 0.0
0.0 0.0
0.0 0.0

0.0 —

0.0 0.0
Jamaica Broilers Group Ltd (JBG JA) - Options
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Options Activity

Price

Assumptions

Stock Expense
Expense For Stock-Based Compensation 0.0 0.0 0.0 0.0
Stock Option Expense (After Tax) 0.0 0.0 0.0 0.0
Source: Bloomberg
 FY 2019 FY 2020
04/27/2019 05/02/2020

0.0 0.0
0.0 0.0
Jamaica Broilers Group Ltd (JBG JA) - CAPEX & Depreciation
In Millions of JMD except Per Share FY 2015 FY 2016 FY 2017 FY 2018
12 Months Ending 05/02/2015 04/30/2016 04/29/2017 04/28/2018
Depreciation Expenses 732.1 817.3 733.9 743.8
Product/Brand Segments — 817.3 734.8 743.7
Jamaica Operations — 649.3 497.0 465.5
US Operations — 74.0 149.7 184.3
Haiti Operations — — — —
Other Carribbean Operations — 94.0 88.1 93.9
Eliminations — 0.0 0.0 0.0
Depr Exp / Net Sales 2.12 2.12 1.65 1.54
Depr Exp / Net Fixed Assets 0.08 0.08 0.08 0.10
Accum Depr / Total Assets 23.12 24.31 16.97 16.88
Accum Depr / Gross Fixed Assets 34.42 36.07 39.75 39.00
Capital Expenditures -1,060.9 -800.8 -749.3 -1,962.2
CAPEX/Sales 3.07 2.08 1.69 4.06
CAPEX/Total Assets 4.94 3.41 2.89 6.71
Capital Expend / Depr Exp 1.45 0.98 1.02 2.64
CAPEX to Depreciation Expense 5 Year Av — — — —
Total Capital Expenditures - 1 Yr Growth -6.27 -24.52 -6.43 161.87
Average Age of Assets in Years 7.13 7.25 6.35 7.04
Source: Bloomberg
reciation
FY 2019 FY 2020
04/27/2019 05/02/2020
927.2 1,313.1
927.0 1,084.1
552.0 609.9
271.8 346.8
79.8 81.8
23.4 45.7
0.0 0.0
1.68 2.36
0.10 0.11
17.01 16.22
37.60 35.59
-1,622.3 -3,091.4
2.95 5.55
4.86 7.72
1.75 2.35
1.57 1.75
-17.32 90.56
6.57 5.46