JOLLIBEE FOOD CORPORATION

Statement of Financial Position

31-Dec-12 1-Jan-12 Increse/Decrease % Increase/Decrease

31-Dec-13 (As restated - Note 2) (As restated - Note 2)
ASSETS
Current Assets
Cash and cash equivalents (Notes 6, 30, 9,903,877,068 8,848,591,584 6,655,312,875 1,055,285,484 11.93
Receivables (Notes 7, 30, and 31) 3,082,872,678 2,750,341,491 2,388,617,052 332,531,187 12.09
Inventories (Note 8) 3,560,432,134 2,629,743,477 2,860,103,279 930,688,657 35.39
Other current assets (Note 9) 1,836,995,105 1,394,525,363 1,354,914,695 442,469,742 31.73
Total Current Assets 18,384,176,985 15,623,201,915 13,258,947,901 2,760,975,070 17.67

Noncurrent Assets
Available-for-sale financial assets (Notes 21,479,461 128,149,438 120,649,438 -106,669,977 - 83.24
Interests in and advances to joint ventures, c 3,322,393,765 3,011,501,581 3,188,515 310,892,184 10.32
Propert, Plant, And Equipment - net (Not 11,772,440,510 11,059,464,042 10,580,366,696 712,976,468 6.45
Investment properties (Note 13) 751,767,041 754,012,771 772,468,616 -2,245,730 - 0.30
Goodwill and other intangible assets (No 9,103,636,848 8,837,559,145 8,542,321,057 266,077,703 3.01
Operating lease receivables (Note 29) 21,267,251 22,560,089 26,838,873 -1,292,838 - 5.73
Deferred tax assets - net (Note 24) 756,196,860 685,822,447 636,389,585 70,374,413 10.26
Other noncurrent assets (Notes 15, 30, a 1,893,275,392 1,645,859,282 4,609,351,786 247,416,110 15.03
Total noncurrent Assets 27,642,457,128 26,144,928,795 25,291,574,566 1,497,528,333 5.73
Total Assets 46,026,634,113 41,768,130,710 P38,550,522,467 4,258,503,403 10.20

LIABILITES AND EQUITY

Current Liabilities
Trade payables and other current liabilit 14,249,926,021 11,753,066,051 P10,165,594,869 2,496,859,970 21.24
 Income tax payable 154,744,537 78,958,189 154,717,083 75,786,348 95.98
Short term debt (Notes 18, 30, and 31) --- --- 900,000,000 --- ---
Current portion of:
Long-term debt (Notes 18, 31,106,275,244 4,572,839,927 777,301,991 -3,466,564,683 - 75.81
Liability for acquisitio 107,666,875 216,368,476 104,763,179 -108,701,601 - 50.24
Total Current Liabilities 15,618,612,677 16,621,232,643 12,102,377,122 -1,002,619,966 - 6.03

Noncurrent Liabilities
Noncurrent portion of:
Long-term debts (Notes 4,062,970,500 854,616,489 3,942,742,029 3,208,354,011 375.41
Liability for acquisitio 129,007,932 151,203,664 178,964,787 -22,195,732 - 14.68
Provisions (Note 17) 30,500,639 30,500,639 30,500,639 0 -
Derivative liability (Notes 18, 30, and 31) 4,532,600 22,782,820 --- -18,250,220 - 80.11
Penson liability (Note 25) 932,841,109 521,578,602 9,379,018 411,262,507 78.85
Operating lease payables (Note 29) 1,569,071,461 1,460,167,999 1,343,261,889 108,903,462 7.46
Deferred tax liabilities - net (Note 24) 318,157,118 374,744,826 528,426,655 -56,587,708 - 15.10
Total Noncurrent Liabilities 7,047,081,359 3,415,595,039 6,033,275,017 3,631,486,320 106.32
Total Liabilities 22,665,694,036 20,036,827,682 18,135,652,139 2,628,866,354 13.12
Attributable to Equity Holders of the Parent Company
Capital Stock (Note 19) 1,051,430,791 1,046,681,675 1,037,775,349 4,749,116 0.45
Additional paid-in capital (Note 26) 3,640,716,729 3,284,139,309 2,914,463,925 356,577,420 10.86
Cumulative translation adjustments of foreign 38,306,710 -351,379,055 -187,186,852 389,685,765 - 110.90
Remeasurement gain (loss) on net defined -472,054,212 -224,657,742 128,728,399 -247,396,470 110.12
Unrealized gains on available-for-sale fi --- 102,626,829 102,626,829
Comprehensive loss on derivative liability (No-3,411,504 -7,087,197 --- 3,675,693 - 51.86
Excess of cost over the carrying value of -542,764,486 -542,764,486 -542,764,486 0 -
Retained Earnings (Notes 2 and 19):
Appropriated for futur 10,200,000,000 5,000,000,000 1,200,000,000 5,200,000,000 104.00
Unappropriated 8,817,166,243 12,871,154,204 15,238,047,410 -4,053,987,961 - 31.50
 22,729,390,271 21,178,713,537 19,891,690,574 1,550,676,734 7.32
Less cost of common stock held in treasury (Note 19)
180,511,491 180,511,491 180,511,491 0 -
22,729,390,271 20,998,202,046 19,711,179,083 1,731,188,225 8.24
Non-controling interests (Note 11) 812,061,297 733,100,982 703,691,245 78,960,315 10.77
Total Equity 23,360,940,077 21,731,303,028 20,414,870,328 1,629,637,049 7.50
Total Liabilities and Equity 46,026,634,113 41,768,130,710 P38,550,522,467 4,258,503,403 10.20
 JOLLIBEE FOOD CORPORATION
Statement of Financial Position

31-Dec-12 1-Jan-12
31-Dec-13 % (As restated - Note 2) % (As restated - Note 2) %
ASSETS
Current Assets
Cash and cash equivalents (Notes 6 9,903,877,068 21.52 8,848,591,584 21.19 6,655,312,875 17.26
Receivables (Notes 7, 30, and 31 3,082,872,678 6.70 2,750,341,491 6.58 2,388,617,052 6.20
Inventories (Note 8) 3,560,432,134 7.74 2,629,743,477 6.30 2,860,103,279 7.42
Other current assets (N 1,836,995,105 3.99 1,394,525,363 3.34 1,354,914,695 3.51
Total Current Assets 18,384,176,985 39.94 15,623,201,915 37.40 13,258,947,901 34.39

Noncurrent Assets
Available-for-sale financial assets ( 21,479,461 0.05 128,149,438 0.31 120,649,438 0.31
Interests in and advances to joint ventures, co-ven 3,322,393,765 7.22 3,011,501,581 7.21 3,188,515 0.01
Propert, Plant, And Equipment - n 11,772,440,510 25.58 11,059,464,042 26.48 10,580,366,696 27.45
Investment properties (Note 13) 751,767,041 1.63 754,012,771 1.81 772,468,616 2.00
Goodwill and other intangible asse 9,103,636,848 19.78 8,837,559,145 21.16 8,542,321,057 22.16
Operating lease receivables (Not 21,267,251 0.05 22,560,089 0.05 26,838,873 0.07
Deferred tax assets - net (Note 756,196,860 1.64 685,822,447 1.64 636,389,585 1.65
Other noncurrent assets (Notes 15, 1,893,275,392 4.11 1,645,859,282 3.94 4,609,351,786 11.96
Total noncurrent Asset 27,642,457,128 60.06 26,144,928,795 62.60 25,291,574,566 65.61
Total Assets 46,026,634,113 100 41,768,130,710 100 38,550,522,467 100

LIABILITES AND EQUI

Current Liabilities
Trade payables and other current liab 14,249,926,021 30.96 11,753,066,051 28.14 10,165,594,869 26.37
Income tax payable 154,744,537 0.34 78,958,189 0.19 154,717,083 0.40
Short term debt (Notes 18, 30, a --- --- --- --- 900,000,000 ---
Current portion of:
Long-term debt 1,106,275,244 2.40 4,572,839,927 10.95 777,301,991 2.02
Liability for acq 107,666,875 0.23 216,368,476 0.52 104,763,179 0.27
Total Current Liabilities 15,618,612,677 33.93 16,621,232,643 39.79 12,102,377,122 31.39

Noncurrent Liabilities
Noncurrent portion of:
Long-term debt 4,062,970,500 8.83 854,616,489 2.05 3,942,742,029 10.23
Liability for acq 129,007,932 0.28 151,203,664 0.36 178,964,787 0.46
Provisions (Note 17) 30,500,639 0.07 30,500,639 0.07 30,500,639 0.08
Derivative liability (Notes 18, 30 4,532,600 0.01 22,782,820 0.05 --- ---
Penson liability (Note 932,841,109 2.03 521,578,602 1.25 9,379,018 0.02
Operating lease payables (Note 1,569,071,461 3.41 1,460,167,999 3.50 1,343,261,889 3.48
Deferred tax liabilities - net (No 318,157,118 0.69 374,744,826 0.90 528,426,655 1.37
Total Noncurrent Liabil 7,047,081,359 15.31 3,415,595,039 8.18 6,033,275,017 15.65
Total Liabilities 22,665,694,036 49.24 20,036,827,682 47.97 18,135,652,139 47.04
Equity Attributable to Equity Holders of the Parent Company
Capital Stock (Note 19 1,051,430,791 2.28
1,046,681,675 2.51 1,037,775,349 2.69
Additional paid-in capital (Note 3,640,716,729 7.91
3,284,139,309 7.86 2,914,463,925 7.56
Cumulative translation adjustments of foreign subsi38,306,710 0.08
-351,379,055 - 0.84 -187,186,852 - 0.49
Remeasurement gain (loss) on net def -472,054,212 - 1.03
-224,657,742 - 0.54 128,728,399 0.33
Unrealized gains on available-for-sal --- --- 102,626,829 --- 102,626,829 ---
Comprehensive loss on derivative liability (Note 18-3,411,504 - 0.01 -7,087,197 - 0.02 --- ---
Excess of cost over the carrying value of non-cont -542,764,486 - 1.18 -542,764,486 - 1.30 -542,764,486 - 1.41
Retained Earnings (Notes 2 and
Appropriated f 10,200,000,000 22.16 5,000,000,000 11.97 1,200,000,000 3.11
Un 8,817,166,243 19.16 12,871,154,204 30.82 15,238,047,410 39.53
 22,729,390,271 49.38 21,178,713,537 50.71 19,891,690,574 51.60
Less cost of common stock held in treasury (Note 19) 180,511,491 0.39 180,511,491 0.43 180,511,491 0.47
22,729,390,271 49.38 20,998,202,046 50.27 19,711,179,083 51.13
Non-controling interests (Note 11) 812,061,297 1.76 733,100,982 1.76 703,691,245 1.83
Total Equity 23,360,940,077 50.76 21,731,303,028 52.03 20,414,870,328 52.96
Total Liabilities and Eq 46,026,634,113 100 41,768,130,710 100 38,550,522,467 100
 JOLLIBEE FOOD CORPORATION
Statement of Comprehensive Income
2013 2012 Increase/Decrease % Increase/Decrease
REVENUES
Net Sales 76,313,489,585 67,493,953,521 8,819,536,064 13.07
Royalty, franchise fees and others 3,969,279,614 3,565,085,633 404,193,981 11.34
80,282,769,199 71,059,039,154 9,223,730,045 12.98
COST OF SALES 65,284,763,064 58,435,498,743 6,849,264,321 11.72
GROSS PROFIT 14,998,006,135 12,623,540,411 2,374,465,724 18.81
EXPENSES
General and administrative expenses 7,427,887,196 6,908,802,947 519,084,249 7.51
Advertising and promotions 1,639,022,544 1,369,719,679 269,302,865 19.66
9,066,909,740 8,278,522,626 788,387,114 9.52
INTEREST INCOME (EXPENSE)
Interest Income 245,573,808 270,114,157 -24,540,349 - 9.09
Interest Expense -152,920,028 -206,012,700 53,092,672 - 25.77
92,653,780 64,101,457 28,552,323 44.54
EQUITY IN NET EARNINGS(LOSSES) OF JOINT VENTURES AND AN ASSOCIA -115,920,028 -50,954,378 -64,965,650 127.50
OTHER INCOME 337,325,031 503,534,839 -166,209,808 - 33.01
INCOME BEFORE INCOME TAX 6,245,514,598 4,861,699,703 1,383,814,895 28.46
PROVISION FOR INCOME TAX
Current 1,521,966,682 1,277,160,734 244,805,948 19.17
Deferred 741,389 -127,456,683 128,198,072 - 100.58
1,522,708,071 1,149,704,051 373,004,020 32.44
NET INCOME 4,722,806,527 3,711,995,652 1,010,810,875 27.23
OTHER COMPREHENSIVE INCOME (LOSS)
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Cumulative translaion adjustments of foreign subsidiaries, joint ventures an 414,851,757 -169,424,928 584,276,685 - 344.86
 Comprehensive gain (loss) on derivative liability 6,806,839 -13,124,439 19,931,278 - 151.86
Unrealized loss on available-for-sale financial assets - net tax -102,626,829 ….
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Remeasurement gain (losses) on net defined benefit plan - net tax -247,396,470 -353,386,141 105,989,671 - 29.99
71,635,297 -535,935,508 607,570,805 - 113.37
TOTAL COMPREHENSIVE INCOME 4,794,441,824 3,176,060,144 1,618,381,680 50.96
 JOLLIBEE FOOD CORPORATION
Statement of Comprehensive Income
% 2013 2012 %
REVENUES
Net Sales 100 76,313,489,585 67,493,953,521 100
Royalty, franchise fees and others 5.20 3,969,279,614 3,565,085,633 5.28
105.20 80,282,769,199 71,059,039,154 105.28
COST OF SALES 85.55 65,284,763,064 58,435,498,743 86.58
GROSS PROFIT 19.65 14,998,006,135 12,623,540,411 18.70
EXPENSES
General and administrative expenses 9.73 7,427,887,196 6,908,802,947 10.24
Advertising and promotions 2.15 1,639,022,544 1,369,719,679 2.03
11.88 9,066,909,740 8,278,522,626 12.27
INTEREST INCOME (EXPENSE)
Interest Income 0.32 245,573,808 270,114,157 0.40
Interest Expense - 0.20 -152,920,028 -206,012,700 - 0.31
0.12 92,653,780 64,101,457 0.09
EQUITY IN NET EARNINGS(LOSSES) OF JOINT VENTURES AND AN ASSOCIATE - 0.15 -115,920,028 -50,954,378 - 0.08
OTHER INCOME 0.44 337,325,031 503,534,839 0.75
INCOME BEFORE INCOME TAX 8.18 6,245,514,598 4,861,699,703 7.20
PROVISION FOR INCOME TAX
Current 1.99 1,521,966,682 1,277,160,734 1.89
Deferred 0.00 741,389 -127,456,683 - 0.19
2.00 1,522,708,071 1,149,704,051 1.70
NET INCOME 6.19 4,722,806,527 3,711,995,652 5.50
OTHER COMPREHENSIVE INCOME (LOSS)
Other comprehensive income to be reclassified to profit or loss in subsequent periods:
Cumulative translaion adjustments of foreign subsidiaries, joint ventures and associates 0.54 414,851,757 -169,424,928 - 0.25
 Comprehensive gain (loss) on derivative liability 0.01 6,806,839 -13,124,439 - 0.02
Unrealized loss on available-for-sale financial assets - net tax - 0.13 -102,626,829 ….
Other comprehensive income not to be reclassified to profit or loss in subsequent periods:
Remeasurement gain (losses) on net defined benefit plan - net tax - 0.32 -247,396,470 -353,386,141 - 0.52
0.09 71,635,297 -535,935,508 - 0.79
TOTAL COMPREHENSIVE INCOME 6.28 4,794,441,824 3,176,060,144 4.71