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TERRADO, Carlo O.

ACANCE, Kathryn Bianca S.


ALMARIO, Maideline B.
ASPURIA, Hannah May M.
SACRAMED, Rachyl

September 3, 2014
TThS 2:30- 3:30

FINANCIAL STATEMENTS OF JOLLIBEE FOODS CORPORATION


Source: http://investing.businessweek.com/research/stocks/financials/financials.asp?
ticker=JFC:PM&dataset=incomeStatement&period=A&currency=native
INCOME STATEMENT
Year over year, Jollibee Foods Corp. has been able to grow revenues from $71.1B PHP to $80.3B PHP.
Most impressively, the company has been able to reduce the percentage of sales devoted to cost of
goods sold from 84.21% to 83.48%. This was a driver that led to a bottom line growth from $3.7B PHP to
$4.7B PHP.

Dec 31
2010
Restated
PHP

Jan 01
2012
Restated
PHP

Dec 31
2012
Restated
PHP

Dec 31
2013
PHP

53,371.7

62,554.9

71,059.0

80,282.8

53,371.7

62,554.9

71,059.0

80,282.8

44,542.5

52,731.4

59,837.8

67,021.4

8,829.2

9,823.5

11,221.2

13,261.4

Selling General & Admin Expenses, Total

5,229.9

5,884.1

6,825.5

7,343.6

OTHER OPERATING EXPENSES, TOTAL

5,229.9

5,884.1

6,825.5

7,343.6

OPERATING INCOME

3,599.3

3,939.4

4,395.7

5,917.8

Interest Expense

-193.2

-291.3

-206.0

-152.9

Interest And Investment Income

163.1

179.8

270.1

245.6

-30.1

-111.6

64.1

92.7

Income (Loss) On Equity Investments

-2.2

0.3

-51.0

-115.6

Currency Exchange Gains (Loss)

37.1

-63.6

-25.4

46.6

Other Non-Operating Income (Expenses)

106.1

192.9

180.8

171.0

3,710.2

3,957.5

4,564.3

6,112.5

Gain (Loss) On Sale Of Assets

106.0

--

--

--

Other Unusual Items, Total

369.7

437.5

297.4

133.0

Insurance Settlements

9.1

16.6

12.2

9.6

Other Unusual Items

360.5

420.9

335.9

110.1

4,185.9

4,395.0

4,861.7

6,245.5

973.4

1,110.2

1,149.7

1,522.7

Currency in
Millions of Philippines
Pesos
Revenues
TOTAL REVENUES
Cost Of Goods Sold
GROSS PROFIT

NET INTEREST EXPENSE

EBT, EXCLUDING UNUSUAL ITEMS

EBT, INCLUDING UNUSUAL ITEMS


Income Tax Expense

As of:

Minority Interest In Earnings

-14.7

-22.1

15.1

-51.2

Earnings From Continuing Operations

3,212.5

3,284.8

3,712.0

4,722.8

3,197.8

3,262.6

3,727.1

4,671.6

NET INCOME TO COMMON INCLUDING EXTRA


ITEMS

3,197.8

3,262.6

3,727.1

4,671.6

NET INCOME TO COMMON EXCLUDING EXTRA


ITEMS

3,197.8

3,262.6

3,727.1

4,671.6

NET INCOME

BALANCE SHEET
This company's debt to total capital ratio, at 18.13%, is in-line with the Hotels, Restaurants and Leisure
industry's norm. Additionally, even though there are not enough liquid assets to satisfy current obligations,
Operating Profits are more than adequate to service the debt. Cash collection is average with Accounts
Receivable are typical for the industry, although improving, with 12.07 days worth of sales outstanding.
Last, inventories seem to be well managed as the Inventory Processing Period is typical for the industry,
at 17.30 days.
Dec 31
2010
Restated
PHP

Jan 01
2012
Restated
PHP

Dec 31
2012
Restated
PHP

Dec 31
2013
PHP

8,170.5

6,655.3

8,848.6

9,903.9

8,170.5

6,655.3

8,848.6

9,903.9

Accounts Receivable

1,837.7

2,388.6

2,454.6

2,853.9

Other Receivables

54.4

--

200.2

116.8

1,892.1

2,388.6

2,654.8

2,970.7

Inventory

2,206.6

2,860.1

2,705.6

3,647.1

Prepaid Expenses

519.0

--

751.4

909.5

Other Current Assets

784.4

1,354.9

662.8

953.1

13,572.5

13,258.9

15,623.2

18,384.2

Gross Property Plant And Equipment

20,565.7

12,811.7

14,079.7

15,206.8

Accumulated Depreciation

-11,795.2

-7,868.1

-8,639.7

-9,222.2

8,770.5

4,943.6

5,440.0

5,984.6

Goodwill

5,986.4

6,530.4

6,822.5

6,822.5

Long-Term Investments

179.1

123.8

1,262.6

1,143.7

Deferred Tax Assets, Long Term

920.1

636.4

685.8

756.2

Deferred Charges, Long Term

59.7

--

68.9

61.3

Other Intangibles

2,004.3

7,648.7

7,634.5

8,068.9

Other Long-Term Assets

2,253.5

5,408.7

4,230.6

4,805.2

Currency in
Millions of Philippines
Pesos

As of:

Assets
Cash And Equivalents
TOTAL CASH AND SHORT TERM
INVESTMENTS

TOTAL RECEIVABLES

TOTAL CURRENT ASSETS

NET PROPERTY PLANT AND EQUIPMENT

TOTAL ASSETS

33,746.0

38,550.5

41,768.1

46,026.6

Accounts Payable

3,601.6

10,165.6

4,717.1

6,006.6

Accrued Expenses

4,886.9

--

5,986.5

7,256.6

Short-Term Borrowings

1,842.0

900.0

--

--

Current Portion Of Long-Term Debt/Capital


Lease

2,341.1

777.3

4,572.8

1,106.3

Current Income Taxes Payable

167.8

154.7

79.0

154.7

Other Current Liabilities, Total

731.3

104.8

1,190.0

1,046.8

Unearned Revenue, Current

123.1

--

75.9

47.6

13,693.8

12,102.4

16,621.2

15,618.6

Long-Term Debt

51.6

3,942.7

877.4

4,067.5

Minority Interest

561.9

703.7

733.1

812.1

Pension & Other Post-Retirement Benefits

212.1

9.4

521.6

932.8

Deferred Tax Liability Non-Current

768.4

528.4

374.7

318.2

Other Non-Current Liabilities

1,338.7

1,552.7

1,641.9

1,728.6

16,064.6

18,135.7

20,036.8

22,665.7

Common Stock

1,051.4

1,055.0

1,063.9

1,068.6

Additional Paid In Capital

2,773.7

2,914.5

3,284.1

3,640.7

Retained Earnings

14,242.7

16,438.0

17,871.2

19,017.2

Treasury Stock

-180.5

-180.5

-180.5

-180.5

Comprehensive Income And Other

-767.8

-515.8

-1,040.4

-997.1

TOTAL COMMON EQUITY

17,119.5

19,711.2

20,998.2

22,548.9

TOTAL EQUITY

17,681.4

20,414.9

21,731.3

23,360.9

33,746.0

38,550.5

41,768.1

46,026.6

LIABILITIES & EQUITY

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES

TOTAL LIABILITIES AND EQUITY

CASH FLOW STATEMENT


Dec 31
2010
Restated
PHP

Jan 01
2012
Restated
PHP

Dec 31
2012
Restated
PHP

Dec 31
2013
PHP

3,197.8

3,262.6

3,727.1

4,671.6

Depreciation & Amortization

1,978.0

2,401.6

2,705.6

3,072.5

Amortization Of Goodwill And Intangible


Assets

--

--

2.5

3.2

1,978.0

2,401.6

2,708.1

3,075.7

Currency in
Millions of Philippines Pesos

As of:

NET INCOME

DEPRECIATION & AMORTIZATION, TOTAL

Amortization Of Deferred Charges

168.5

182.6

121.2

110.2

(Gain) Loss From Sale Of Asset

183.8

216.3

318.6

446.2

(Gain) Loss On Sale Of Investment

0.1

0.2

--

4.3

Asset Writedown & Restructuring Costs

-18.2

--

53.7

-13.3

Other Operating Activities

90.4

196.0

-110.9

319.4

(Income) Loss On Equity Investments

2.2

-0.3

51.0

115.6

Provision & Write-Off Of Bad Debts

--

--

97.6

11.2

Change In Accounts Receivable

82.3

-314.2

-214.8

-324.8

Change In Inventories

-314.5

-693.9

243.4

-940.1

Change In Accounts Payable

201.8

783.5

858.0

2,040.3

Change In Other Working Capital

-133.7

-227.4

308.1

-447.1

5,504.2

5,880.6

8,238.0

9,219.5

Capital Expenditure

-2,553.4

-3,700.4

-3,753.9

-3,907.9

Sale Of Property, Plant, And Equipment

96.0

32.0

41.2

50.7

Cash Acquisitions

-2,714.8

-637.7

-127.6

--

Sale (Purchase) Of Real Estate Properties

-30.4

-8.0

-1.4

--

Sale (Purchase) Of Intangible Assets

--

--

--

-267.3

Investments In Marketable & Equity Securities

-27.7

-1,077.3

-208.3

-274.0

CASH FROM INVESTING

-5,124.2

-7,156.8

-3,883.7

-4,288.9

Short-Term Debt Issued

1,842.0

900.0

--

--

Long-Term Debt Issued

--

3,131.0

1,700.8

2,582.6

1,842.0

4,031.0

1,700.8

2,582.6

Short Term Debt Repaid

-305.0

-342.0

-900.0

--

Long Term Debt Repaid

-53.7

-2,379.8

-728.9

-3,149.4

-358.7

-2,721.9

-1,628.9

-3,149.4

Issuance Of Common Stock

27.9

68.7

301.6

210.9

Common Dividends Paid

-1,277.2

-1,196.6

-1,230.1

-1,132.7

TOTAL DIVIDEND PAID

-1,277.2

-1,196.6

-1,230.1

-1,132.7

Special Dividend Paid

-1,279.4

--

-1,044.3

-2,099.9

Other Financing Activities

-136.7

-419.8

-268.2

-291.7

-1,182.2

-238.6

-2,169.0

-3,880.2

Foreign Exchange Rate Adjustments

-4.6

-0.4

8.0

4.9

NET CHANGE IN CASH

-806.8

-1,515.2

2,193.3

1,055.3

CASH FROM OPERATIONS

TOTAL DEBT ISSUED

TOTAL DEBT REPAID

CASH FROM FINANCING

RATIO DATA TTM as of 06/30/14


Profitability - Jollibee Foods Corporation (JFC)

Return on Assets
Industry Comparison

Return on Equity
Industry Comparison

8.49%

21.12%

Return on Capital
Industry Comparison

13.10%

Margin Analysis - Jollibee Foods Corporation (JFC)

Gross Margin

Levered Free Cash Flow Margin

Industry Comparison

Industry Comparison

16.58%

3.10%

EBITDA Margin

SG&A Margin

Industry Comparison

Industry Comparison

10.84%

9.38%

Asset Turnover - Jollibee Foods Corporation (JFC)

Total Assets Turnover

Accounts Receivables Turnover

Industry Comparison

Industry Comparison

1.9x

39.6x

Fixed Assets Turnover

Inventory Turnover

Industry Comparison

Industry Comparison

13.6x

20.2x

Credit Ratios - Jollibee Foods Corporation (JFC)

Current Ratio

Quick Ratio

Industry Comparison

Industry Comparison

1.3x

0.9x

Long-Term Solvency - Jollibee Foods Corporation (JFC)

Total Debt/Equity

Total Liabilities/Total Assets

Industry Comparison

Industry Comparison

21.15%

46.61%

Growth Over Prior Year - Jollibee Foods Corporation (JFC)

Total Revenue

Tangible Book Value

Industry Comparison

Industry Comparison

14.63%

14.99%

EBITDA

Gross Profit

Industry Comparison

Industry Comparison

16.03%

15.00%

Receivables

Inventory

Industry Comparison

Industry Comparison

-0.91%

10.35%

Diluted EPS Before Extra

Capital Expenditures

Industry Comparison

Industry Comparison

16.86%

28.68%

Cash From Ops.

Levered Free Cash Flow

Industry Comparison

Industry Comparison

4.76%

-27.74%

Industry Analysis
JFC

Industry Average

Valuation
Price/Earnings

JFC
40.5x

Price/Sales

2.3x

Price/Book

8.2x

Price/Cash Flow
TEV/Sales

39.7x
2.1x

Industry Range