EBC Enterprises, Inc.

Balance Sheet at December 31, 2018 and 2017

(in thousands)

2018 2017
Assets
Current Assets
Cash P2,030.5 P1,191.0
Marketable securities 2,636.0 4,002.0
Accounts receivable 4,704.0 4,383.5
Allowance for doubtful accounts (224.0) (208.5)
Inventories 23,520.0 18,384.5
Prepaid expenses 256.0 379.5
Total current assets P32,923.0 P28,132.0

Property, Plant and Equipment

Land 405.5 405.5
Buildings and leasehold improvements 9,136.5 5,964.0
Equipment 10,761.5 6,884.0
20,303.5 13,253.5
Less: Accumulated depreciation and amortization (5,764.0) (3,765.0)
Net property, plant and equipment 14,539.5 9,488.5

Other assets 186.5 334.0

Total assets P47,649.0 P37,954.5
Liabilities and Equity
Current liabilities
Accounts payable P7,147.0 P3,795.5
Notes payable-banks 2,807.0 3,006.0
Current maturities of long-term debt 942.0 758.0
Accrued liabilities 2,834.5 2,656.5
Total current liabilities P13,730.5 P10,216.0
Deferred income taxes 421.5 317.5

Long-term debt 10,529.5 8,487.5

Total liabilities P24,681.5 P19,021

Equity
Ordinary shares, par value P1, authorized 10,000,000 shares;
issued 2,297,000 shares in 2018 and 2,041,5000 shares in 2017 P2,401.5 P2,297.0
Additional paid-in capital 478.5 455.0
Retained earnings 20,087.5 16,181.5
Total equity 22,967.5 18,933.5

Total liabilities and equity P47,649.0 P37,954.5

Additional information
2018 2017
Net sales P107,800 P76,500
Cost of goods sold 64,682 45,939.5
Gross profit 43,118 30,560.5
Operating profit 9,621.5 5,903
Net income 4,697 2,955