Comparative Balance Sheet with Vertical Analysis

As of December 31, 2014 and 2013

ACCOUNT TITLES

2014

ASSETS

AMOUNT

2013

PERCENTAGE

AMOUNT

Current:

Cash

110,218,460

1.7%

P
105,597,019

PERCENTAG
E

1.6%

Trade and other receivables

1,958,019,769

29.6%

1,832,429,736

27.5%

Inventories

1,240,212,207

18.7%

1,337,693,357

20.1%

Other current assets

TOTAL CURRENT ASSETS

251,421,432
P

3,559,871,868

3.8%
53.8%

274,503,893
P
3,550,224,005

4.1%
53.4%

Noncurrent:

P
Property, plant and equipment 2,735,904,269

41.3%

P 2,786,166,401

41.9%

Investment property

94,808,970

1.4%

94,808,970

1.4%

Deferred tax asset - net

49,381,722

0.7%

35,371,360

0.5%

Prepaid benefit obligation

6,477,189

0.1%

11,804,602

0.2%

Goodwill

5,000,000

0.1%

5,000,000

0.1%

170,295,620

2.6%

168,461,691

2.5%

Other non-current assets

TOTAL NONCURRENT ASSETS

TOTAL ASSETS

P
3,061,867,770

P6,621,739,
638

46.2%

100%

P 3,101,613,024

46.6%

P6,651,837,
100%
029

ACCOUNT TITLES

2014

LIABILITIES AND SHAREHOLDERS

EQUITY

AMOUNT

2013
PERCENTAG
E

AMOUNT

LIABILITIES

PERCENTA
GE

Current:

Trade and other payables

Trust receipts payable
Current portion of loans payable
Income tax payable

2,387,380,032
196,542,954
110,000,000
13,086,926

36.0%
3.0%
1.7%
0.2%

Total Current Liabilities

2,707,009,912

40.9%

P
2,476,036,373
235,271,513
110,000,000
23,945,626
P
2,845,253,512

37.2%
3.5%
1.7%
0.4%
42.8%

Noncurrent:

Loans payable, net of current

portion
Total Liabilities

489,500,000

3,196,509,912

48.3%

P
455,000,000
P
3,300,253,512

49.6%

49.5%
3.6%

P
3,181,332,912
248,160,218

47.8%
3.7%

7.4%

6.8%

SHAREHOLDERS EQUITY

Paid-up capital
Retained earnings
Accumulated re-measurement
losses on
retirement benefit plan
Treasury shares
Total Shareholders Equity

3,276,493,160
239,338,934

(74,254,391)
(16,347,977)
P 3,425,229,726

1.1%
0.2%
51.7%

(61,561,636)
(16,347,977)
P

3,351,583,517

0.9%
0.2%
50.4%

TOTAL LIABILITIES AND

P6,621,739,6
P6,651,837,
SHAREHOLDERS
100%
100%
38
029
EQUITY

ACCOUNT TITLES

2014

2013

LIABILITIES AND SHAREHOLDERS

EQUITY

AMOUNT

AMOUNT

Change in Peso

Percentage
of Change

LIABILITIES
Current:

Trade and other payables

Trust receipts payable
Current portion of loans payable
Income tax payable

P
P 2,387,380,032 2,476,036,373
196,542,954
235,271,513
110,000,000
110,000,000
13,086,926
23,945,626

Total Current Liabilities

2,707,009,912

2,845,253,512

P
(88,656,341)
(38,728,559)
(10,858,700)
(138,243,600)

3.6%
16.5%
45.3%
4.9%

Noncurrent:

Loans payable, net of current

portion
Total Liabilities

P
455,000,000 34,500,000

489,500,000

3,196,509,912

3,300,253,512

P
3,181,332,912 95,160,248

(103,743,600)

7.6%
3.1%

SHAREHOLDERS EQUITY

Paid-up capital
Retained earnings
Accumulated re-measurement
losses on
retirement benefit plan
Treasury shares
Total Shareholders Equity

3,276,493,160
239,338,934

248,160,218

(74,254,391)
(16,347,977)
P 3,425,229,726

(61,561,636)
(16,347,977)
P

3,351,583,517

(8,821,284)

(12,692,755)
P

73,646,209

TOTAL LIABILITIES AND

P6,621,739,6 P6,651,837, (P30,097,3
SHAREHOLDERS
91)
38
029
EQUITY

3.0%
3.6%

20.6%
2.2%

0.5%

Comparative Income Statement with Vertical Analysis

For the year ended December 31, 2014 and 2013

ACCOUNT TITLES

2014
AMOUNT

REVENUES

P
2,739,687,511

2013
PERCENTAGE

AMOUNT

PERCENTAGE

100.0%

P 2,899,418,491

100.0%

COST OF SALES AND SERVICES

1,724,216,624

62.9%

1,809,401,107

62.4%

GROSS PROFIT

1,015,470,887

37.1%

1,090,017,384

37.6%

OTHER OPERATING INCOME

122,799,587

4.5%

132,959,369

4.6%

OPERATING EXPENSES

988,088,712

36.1%

1,002,113,044

34.6%

OPERATING INCOME

150,181,762

5.5%

220,863,709

7.6%

8,032,867

0.3%

3,125,794

0.1%

158,214,629

5.8%

223,989,503

7.7%

46,404,494

1.7%

46,625,875

1.6%

111,810,135

4.1%

177,363,628

6.1%

25,471,171

0.9%

52,033,687

1.8%

3.2%

P125,329,94
1

4.3%

OTHER INCOME
INCOME BEFORE INTEREST
EXPENSE
INTEREST EXPENSE
INCOME BEFORE INCOME TAX
PROVISION FOR INCOME TAX

NET INCOME

P86,338,964

ACCOUNT TITLES
ASSETS

2014

2013

AMOUNT

AMOUNT

Change in
Peso

Percenta
ge of
Change

Current:
4,621,441

4.4%

Trade and other receivables

P
105,597,019
1,958,019,769
1,832,429,736

125,590,033

6.9%

Inventories

1,240,212,207

1,337,693,357

(97,481,150)

7.3%

274,503,893

(23,082,461)

8.4%

9,647,863

0.3%

(50,262,132)

1.8%

Cash

110,218,460

Other current assets

251,421,432

TOTAL CURRENT ASSETS

3,559,871,868

3,550,224,005

Noncurrent:
Property, plant and equipment

P 2,735,904,269

Investment property

94,808,970

Deferred tax asset - net

49,381,722

Prepaid benefit obligation

Goodwill
Other non-current assets
TOTAL NONCURRENT ASSETS

TOTAL ASSETS

P
2,786,166,401
94,808,970

Comparative Balance Sheet with Horizontal Analysis

35,371,360
14,010,362
As of December 31, 39.6%
2014 and 2013

6,477,189

11,804,602

(5,327,413)

45.1%

5,000,000

5,000,000

170,295,620

168,461,691

1,833,929

1.1%

3,061,867,770

3,101,613,024

(39,745,254)

1.3%

P6,621,739, P6,651,837, (P30,097,39

638
029
1)

0.5%