VICO FOODS CORPORATION

STATEMENT OF FINANCIAL POSITION

AS AT DEC. 31, 2019 & 2018
In Philippine Pesos

ASSETS 2019 2018

Current Assets
Cash 1,062,527 996,904
Trade Receivables 2,300,500 1,921,799
Inventories 4,849,304 4,499,998
Other Current Assets 1,050,000 983,746
Total Current Assets 9,262,331 8,402,447

Non Current Assets

Property, Plant and Equipment Net 12,200,000 11,300,000
Other Non Current Assets 835,689 925,681
Total Non-Current Assets 13,035,689 12,225,681

TOTAL ASSETS 22,298,020 20,628,128

LIABILITIES AND EQUITY

Current Liabilities
Trade Payables 5,050,810 4,746,252
Income Taxes Payable 433,051 283,705
Current Portion of Long Term Debt 2,250,000 2,500,000
Other Current Liabilities 85,600 28,700
Total Current Liabilities 7,819,461 7,558,657

Non Current Liabilities

Long Term Debt, Net of Current Portion 2,000,000 1,250,000
Total Liabilities 9,819,461 8,808,657

Stockholders' Equity
Capital Stock 8,000,000 8,000,000
Retained Earnings 4,478,559 3,819,471
Total Stockholders' Equity 12,478,559 11,819,471

TOTAL LIABILITIES STOCKHOLDERS' EQUITY 22,298,020 20,628,128

- -
HORIZONTAL ANALYSIS COMMON SIZE
Increase / (Decrease) PERCENTAGES
Amount % 2019 2018

65,623 6.6% 4.8% 4.8%

378,701 19.7% 10.3% 9.3%
349,306 7.8% 21.7% 21.8%
66,254 6.7% 4.7% 4.8%
859,884 10.2% 41.5% 40.7%

900,000 8.0% 54.7% 54.8%

(89,992) -9.7% 3.7% 4.5%
810,008 6.6% 58.5% 59.3%

1,669,892 8.1% 100.0% 100.0%

304,558 6.4% 22.7% 23.0%

149,346 52.6% 1.9% 1.4%
(250,000) -10.0% 10.1% 12.1%
56,900 198.3% 0.4% 0.1%
260,804 3.5% 35.1% 36.6%

750,000 60.0% 9.0% 6.1%

1,010,804 11.5% 44.0% 42.7%

- 0.0% 35.9% 38.8%

659,088 17.3% 20.1% 18.5%
659,088 5.6% 56.0% 57.3%

1,669,892 8.1% 100.0% 100.0%

VICO FOODS CORPORATION
STATEMENTS OF PROFIT AND LOSS
FOR THE YEARS ENDING DEC. 31, 2019 & 2018
In Philippine Pesos

2019 2018
Net Sales 52,501,085 47,345,223
Cost of Sales 41,954,730 37,988,628
Gross Profit 10,546,355 9,356,595
Operating Expenses 6,497,659 6,196,804
Operating Income 4,048,696 3,159,791
Interest Expense 250,000 250,000
Income Before Taxes 3,798,696 2,909,791
Taxes 1,139,609 872,937
Net Income 2,659,087 2,036,854
 HORIZONTAL ANALYSIS COMMON SIZE
Increase / (Decrease) PERCENTAGES
Amount % 2019 2018
5,155,862 10.9% 100.0% 100.0%
3,966,102 10.4% 79.9% 80.2%
1,189,760 12.7% 20.1% 19.8%
300,855 4.9% 12.4% 13.1%
888,905 28.1% 7.7% 6.7%
- 0.0% 0.5% 0.5%
888,905 30.5% 7.2% 6.1%
266,672 30.5% 2.2% 1.8%
622,233 30.5% 5.1% 4.3%
VICO FOODS CORPORATION
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDING DEC. 31, 2019 & 2018
In Philippine Pesos

2019 2018
Cash Flows from Operating Activities
Income Before Taxes 3,798,696 2,909,791
Adjustments:
Depreciation 2,600,000 2,250,000
Changes in the following accounts
Decrease (Increase) in Accounts Receivable (378,701) (199,286)
Decrease (Increase) in Inventories (349,306) (702,330)
Decrease (Increase) in Other Current Assets (66,254) 1,040
Increase (Decrease) in Accounts Payable 304,558 608,437
Increase (Decrease) in Other Current Liabilities 56,900 (12,290)
Income Taxes Paid (990,262) (857,034)
Cash Flows from Operating Activities 4,975,631 3,998,328

Cash Flows from Investing Activities

Acquisition of Property Plant and Equipment (3,500,000) (4,500,000)
Acquisition of Other Non Current Assets 89,992 (28,839)
Cash Flows from Investing Activities (3,410,008) (4,528,839)

Cash Flows from Financing Activities

Payments of Cash Dividends (2,000,000) (2,000,000)
Loans, Net of Payments 500,000 2,750,000
Cash Flows from Financing Activities (1,500,000) 750,000

Net Change in Cash 65,623 219,489

Cash Balance, Beginning 996,904 777,415
Cash Balance, Ending 1,062,527 996,904
- -
VICO FOODS CORPORATION
SALES & OPERATING EXPENSES - TREND ANALYSIS
In Philippine Peso
Base year
2015 2016 2017 2018 2019
SALES 40,530,157 43,156,831 45,752,342 47,345,223 52,501,085
OPERATING EXPENSES 5,432,197 5,678,523 5,841,302 6,196,804 6,497,659

Sales Trend % 100% 106% 113% 117% 130%

Opex Trend % 100% 105% 108% 114% 120%
 Projected
Average 2020
59,326,226.05
7,082,448.31

113%
109%
#1 Return on Equity (Net income / Stockholders' Equity) x 100 #3 Gross Profit Margin

2019 2018
Net Income 2,659,087 2,036,854 Gross Profit
Stockholders' Equity 12,478,559 11,819,471 Net Sales

ROE 21.31% 17.23% GP Margin %

#2 Return on Assets (Net Income / Total Assets) X 100 #4 Operating Margin

Net Profit Margin
2019 2018
Net Income 2,659,087 2,036,854
Total Assets 22,298,020 20,628,128 Operating Income
Net Income
ROA 11.93% 9.87% Net Sales

2019 2018 Operating Margin %

Operating Income** 4,048,696 3,159,791 Net Profit Margin%
Total Assets 22,298,020 20,628,128

ROA 18.16% 15.32%

** if the purpose of analysis is to compare

the prevailing interest rate to borrow money
vs the ROA
Gross Profit Margin (Gross Profit / Net Sales) X 100

2019 2018
Gross Profit 10,546,355 9,356,595
52,501,085 47,345,223

GP Margin % 20.09% 19.76%

Operating Margin (Operating Income / Net Sales) X 100

Net Profit Margin (Net Income / Net Sales) X 100

2019 2018
Operating Income 4,048,696 3,159,791
Net Income 2,659,087 2,036,854
52,501,085 47,345,223

Operating Margin % 7.71% 6.67%

Net Profit Margin% 5.06% 4.30%
#1 Current Ratio (Current Assets / Current Liabilities)

2019 2018
Current Assets 9,262,331 8,402,447
Current Liabilities 7,819,461 7,558,657

Current Ratio 1.18 1.11

#2 Acid Test Ratio or Quick Assets Ratio (Current Assets - Inventories)/Current Liabilities

2019 2018
Current Assets 9,262,331 8,402,447
Inventories 4,849,304 4,499,998
Other Current Assets 1,050,000 983,746
Quick Assets 3,363,027 2,918,703
Current Liabilities 7,819,461 7,558,657

Acid Test or Quick Ratio 0.43 0.39

#1 Debt Ratio (Total Liabilities / Total Assets) #3 Interest Coverage Ratio (Ea

2019 2018
Total Liabilities 9,819,461 8,808,657 Earnings before Interest an
Total Assets 22,298,020 20,628,128 Interest Expense

Debt Ratio 0.44 0.43 Interest Coverage Ratio

#2 Debt to Equity Ratio (Total Liabilities / Total Stockholders' Equity)

2019 2018
Total Liabilities 9,819,461 8,808,657
Total Stockholders' Equity 12,478,559 11,819,471

Debt to Equity Ratio 0.79 0.75

Interest Coverage Ratio (Earnings before Interest and Taxes or EBIT / Interest Expense)

2019 2018
Earnings before Interest and Taxes 4,048,696 3,159,791
Interest Expense 250,000 250,000

Interest Coverage Ratio 16.19 12.64

#1 Total Asset Turnover (Sales / Total Assets) #3 Accounts Receivable Turnover ra

2019 2018

Net Sales 52,501,085 47,345,223 Net Sales

Total Assets 22,298,020 20,628,128 Accounts Receivables

Asset Turnover Ratio 2.35 2.30 Accounts Receivable Turnover

Average Collection Period ( # day

#2 Fixed Assets Turnover (Sales / Property Plant and Equipment)

2019 2018 # of days in a year

Net Sales 52,501,085 47,345,223 Accounts Receivable Turnover
Property Plant and Equipment 12,200,000 11,300,000
Average collection period in days
Fixed Assets Turnover 4.30 4.19

#4 Inventory Turnover Ratio (Cost o

Cost of Sales
Inventories

Inventory Turnover Ratio

Days in inventories (# of days in

# of days in a year
Inventory Turnover Ratio

# of Days in inventory
Receivable Turnover ratio (Sales / Accounts Receivable)

2019 2018

52,501,085 47,345,223
Receivables 2,300,500 1,921,799

Receivable Turnover 22.82 24.64

Collection Period ( # days in a year / Accounts Receivable Turnover)

2019 2018
360 360
Receivable Turnover 22.82 24.64

ollection period in days 16 15

Turnover Ratio (Cost of Sales / Inventories)

2019 2018
41,954,730 37,988,628
4,849,304 4,499,998

Turnover Ratio 8.65 8.44

ventories (# of days in a year / Inventory Turnover ratio)

2019 2018
360 360
Turnover Ratio 8.65 8.44

in inventory 42 43
 VALUATION RATIOS
#1 Earnings Per Share (EPS)
- Measures net income earned on each share of common Stock

EPS = ((Net Income - Preferred Dividends)/ Outstanding Common Stock)

#2 Price to Earnings Ratio (PER)

- A ratio used for valuing a company that measures its current share price
relative to its Earnings Per Share (EPS).
- Provides an indicator if a stock is overvalued or undervalued
- A high PER could mean that the stock is overvalued or investors are
expecting high growth sales in the future.

PER = Current Stock Price or Market Value per Share / Earnings Per Share

#3 Book Value Per Share (BVPS) & Price To Book Value

- Ratio of equity available to common share holders divided by the number
of outstanding shares.
- Measures the book value of a firm on a per share basis

BVPS = (Total Stockholders' Equity - Preferred Equity)/ Outstanding Shares

PVB = Current Stock Price or Market Value per Share / Book Value Per Share

#4 Dupont Analysis
- A framework for analyzing fundamental performance popularized by Dupont Corporation
- Useful technique to decompose the different drivers of Return on Equity (ROE)
which allows the investors to focus on the key metrics of financial performance
individually to identify strength and weaknesses

[EBIT/Sales] x [Sales/Assets] x [Assets/Equity] x [EBT/EBIT] x [Net Income/EBIT]

https://www.reuters.com/companies/PG.N/profile

https://www.wsj.com/market-data/quotes/PG
JOLLIBEE FOODS CORPORATION
COMPARATIVE INCOME STATEMENT
In PHP Millions
31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17
Share Price 177.70 190.54 314.91 283.81
Revenue 129,313 179,626 161,168 133,583
Total Revenue 129,313 179,626 161,168 133,583
Cost of Revenue, Total 115,726 150,258 132,421 108,564
Gross Profit 13,587 29,368 28,747 25,019
Selling/General/Admin. Expenses, Total 22,433 22,179 18,946 16,811
Depreciation/Amortization 705 618 542 461
Unusual Expense (Income) 3,260 (4,164) -- --
Total Operating Expense 142,124 168,892 151,909 125,836
Operating Income (12,811) 10,734 9,259 7,747
Interest Inc.(Exp.),Net-Non-Op., Total (3,467) (3,033) (2,314) (1,870)
Other, Net 2,986 2,865 3,377 2,199
Net Income Before Taxes (13,293) 10,566 10,322 8,076
Provision for Income Taxes (659) 3,055 2,680 1,583
Net Income After Taxes (12,634) 7,511 7,642 6,493
Minority Interest 1,123 (208) 571 447
Net Income Before Extra. Items (11,511) 7,303 8,213 6,940
Net Income / (Loss) (11,511) 7,303 8,213 6,940
Income Available to Com Excl ExtraOrd (11,511) 7,303 8,213 6,940
Income Available to Com Incl ExtraOrd (11,511) 7,303 8,213 6,940
Diluted Net Income (11,511) 7,303 8,213 6,940
Diluted Weighted Average Shares 1,102 1,105 1,103 1,095
Diluted EPS Excluding ExtraOrd Items (10.44) 6.61 7.44 6.34
DPS - Common Stock Primary Issue 1 2 3 3
Diluted Normalized EPS (9) 4 7 6

JOLLIBEE FOODS CORPORATION

BALANCE SHEET
In PHP Millions
31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17
Cash 21,361.49 20,892.02 23,285.92 21,107.47
Short Term Investments 36,099.57 2,130.00 883.20 1,413.40
Cash and Short Term Investments 57,461.05 23,022.02 24,169.12 22,520.87
Accounts Receivable - Trade, Net 5,796.48 5,369.67 4,411.02 3,534.86
Total Receivables, Net 7,049.93 5,906.29 4,862.74 4,017.47
Total Inventory 8,295.83 9,966.08 8,812.17 6,835.51
Prepaid Expenses 4,661.37 4,435.58 2,901.11 2,238.04
Other Current Assets, Total 2,572.37 2,289.43 1,793.28 1,529.11
Total Current Assets 80,040.56 45,619.40 42,538.42 37,141.02
Property/Plant/Equipment, Total - Gross 100,647.71 110,182.58 93,885.96 47,143.32
Accumulated Depreciation, Total (37,739.43) (35,123.50) (30,649.17) (26,249.51)
Property/Plant/Equipment, Total - Net 62,908.27 75,059.08 63,236.79 20,893.81
Goodwill, Net 14,097.28 14,497.16 14,395.72 9,050.22
Intangibles, Net 36,191.29 36,398.30 17,227.01 6,680.02
Long Term Investments 7,936.13 7,443.03 4,401.05 8,371.61
Note Receivable - Long Term 313.61 479.64 512.53 308.82
Other Long Term Assets, Total 9,322.98 7,946.16 8,201.36 7,338.40
Total Assets 210,810.13 187,442.76 150,512.88 89,783.90
Accounts Payable 11,665.92 14,404.97 13,094.68 10,877.67
Accrued Expenses 14,698.50 14,848.66 12,656.33 12,216.55
Notes Payable/Short Term Debt 15,875.46 22,180.32 - -
Current Port. of LT Debt/Capital Leases 11,199.24 10,452.73 10,635.16 1,216.22
Other Current liabilities, Total 5,489.36 5,458.65 3,240.47 2,384.17
Total Current Liabilities 58,928.48 67,345.32 39,626.64 26,694.61
Long Term Debt 43,167.12 19,179.75 21,372.25 14,901.05
Capital Lease Obligations 32,604.59 40,270.65 34,887.73 --
Total Long Term Debt 75,771.70 59,450.40 56,259.98 14,901.05
Total Debt 102,846.39 92,083.45 66,895.14 16,117.27
Deferred Income Tax 3,855.58 4,172.63 3,481.50 1,189.00
Minority Interest (1,095.40) (100.60) 1,500.99 1,799.34
Other Liabilities, Total 4,222.51 3,104.67 2,148.66 4,417.26
Total Liabilities 141,682.87 133,972.42 103,017.77 49,001.26
Common Stock, Total 1,105.08 1,092.97 1,088.04 1,101.66
Additional Paid-In Capital 9,913.89 8,797.36 8,638.44 7,503.21
Retained Earnings (Accumulated Deficit) 28,319.84 42,986.68 37,278.90 31,999.21
Treasury Stock - Common (180.51) (180.51) (180.51) (180.51)
Other Equity, Total 29,968.97 773.84 670.25 352.32
Total Equity 69,127.26 53,470.34 47,495.11 40,782.64
Total Liabilities & Shareholders' Equity 210,810.13 187,442.76 150,512.88 89,783.90
Total Common Shares Outstanding 1,099.41 1,107.70 1,085.53 1,086.62
Tangible Book Value per Share, Common Eq 17.14 2.32 14.62 23.06
Unrealized Gain (Loss) - 6.76 4.29 --
 31-Dec-16
204.89 #1 Earnings Per Share (EPS)
113,908 - Measures net income earned on each share of common Stock
113,908
92,815 EPS = ((Net Income - Preferred Dividends)/ Outstanding Common Stock)
21,092
14,174 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16
453 EPS (10.47) 6.59 7.57 6.39 5.74
--
107,443 #2 Price to Earnings Ratio (PER)
6,465 - A ratio used for valuing a company that measures its current share price
(276) relative to its Earnings Per Share (EPS).
1,541 - Provides an indicator if a stock is overvalued or undervalued
7,730 - A high PER could mean that the stock is overvalued or investors are
1,677 expecting high growth sales in the future.
6,054
111 PER = Current Stock Price or Market Value per Share / Earnings Per Share
6,165
6,165 31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16
6,165 PER (16.97) 28.90 41.62 44.44 35.70
6,165
6,165 #3 Book Value Per Share (BVPS)
1,092 - Ratio of equity available to common share holders divided by the number
5.64 of outstanding shares.
1 - Measures the book value of a firm on a per share basis
6
BVPS = (Total Stockholders' Equity - Preferred Equity)/ Outstanding Shares

31-Dec-20 31-Dec-19 31-Dec-18 31-Dec-17 31-Dec-16

BVPS 62.88 48.27 43.75 37.53 31.28
31-Dec-16
16,733.35 Price to BV 2.83 3.95 7.20 7.56 6.55
726.00
17,459.35 #4 Dupont Analysis
3,028.79 - A framework for analyzing fundamental performance popularize by Dupont Corporation
3,591.54 - Useful technique to decompose the different drivers of Return on Equity (ROE)
5,987.35 which allows the investors to focus on the key metrics of financial performance
1,933.98 individually to identify strength and weaknesses
1,396.52
30,368.73 [EBIT/Sales] x [Sales/Assets] x [Assets/Equity] x [EBT/EBIT] x [Net Income/EBIT]
38,868.05
(22,212.49) 31-Dec-20
 16,655.57 [EBIT/Sales] (0.06) Where EBIT is Earnings Before Interest and Taxes
6,542.42 [Sales/Assets] 0.61
2,544.32 [Assets/Equity] 3.05
10,882.94 [EBT/EBIT] 1.63 Where EBT is Earnings Before Taxes
327.45 [Net Income/EBT] 0.87
5,406.92
72,728.35 ROE -16.65%
9,944.75
10,305.09 ROE Check -16.65%
- Net Loss (11,511)
1,561.52 Stockholders' Equity 69,127
2,020.06
23,831.41
10,593.85
--
10,593.85
12,155.37
506.58
679.19
3,515.11
39,126.14
1,091.30
5,642.91
27,098.57
(180.51)
(54.34)
33,602.22
72,728.35
1,074.12
22.82
--