Fiscal year is January-December.

2022 2021
All values PHP Millions.
Sales/Revenue 142,600 108,343
Sales Growth 31.62% 60.03%

Cost of Goods Sold (COGS) incl. D&A 68,976 70,273

COGS excluding D&A 61,152 61,463
Depreciation & Amortization Expense 7,824 8,810
Depreciation 7,799 8,731
Amortization of Intangibles 25 79
COGS Growth -1.84% 33.72%

Gross Income 73,624 38,070

Gross Income Growth 93.39% 151.32%

Gross Profit Margin 51.63% -

SG&A Expense 23,103 12,125
Other SG&A 23,103 12,125
SGA Growth 90.54% 75.93%

Other Operating Expense 1,502 1,491

EBIT 49,019 24,454
Unusual Expense -966 -732

Non Operating Income/Expense 1,937 1,203

Non-Operating Interest Income 858 395
Equity in Affiliates (Pretax) - -
Interest Expense 1,087 969
Interest Expense Growth 12.17% -16.87%

Gross Interest Expense 1,087 969

Pretax Income 51,693 25,814
Pretax Income Growth 100.25% 258.20%

Pretax Margin 36.25% -

Income Tax 4,724 1,759
Income Tax - Current Domestic 3,738 1,482
Income Tax - Deferred Domestic 985 277

Equity in Affiliates 1,506 1,612

Consolidated Net Income 48,476 25,667
Minority Interest Expense 17,388 7,273
Net Income 31,087 18,394
Net Income Growth 69.01% 213.95%

Net Margin 21.80% -

Net Income After Extraordinaries 31,087 18,394
Net Income Available to Common 31,087 18,394
EPS (Basic) 2.34 1.39
EPS (Basic) Growth 69.01% 213.94%
Basic Shares Outstanding 13,277 13,277
EPS (Diluted) 2.34 1.39
EPS (Diluted) Growth 69.01% 213.95%

Diluted Shares Outstanding 13,277 13,277

EBITDA 56,843 33,264
EBITDA Growth 70.88% 119.91%

EBITDA Margin 39.86% -

EBIT 49,019 24,454

Assets
Fiscal year is January-December. All valu 2022 2021
Cash & Short Term Investments 28408 18571
Cash Only 28408 18571
Cash & Short Term Investments Growth 0.5297 -0.0301

Cash & ST Investments / Total Assets 0.118 0.0863

Total Accounts Receivable 43382 40662
Accounts Receivables, Net 38628 33967
Accounts Receivables, Gross 40409 35739
Bad Debt/Doubtful Accounts -1781 -1772

Other Receivables 4754 6695

Accounts Receivable Growth 0.0669 0.1985
Accounts Receivable Turnover 3.29 2.66
Inventories 61525 57827
Finished Goods 2557 1524
Raw Materials 12229 11323
Progress Payments & Other 46738 44979
Other Current Assets 10979 2938
Prepaid Expenses - 760
Miscellaneous Current Assets 10979 2178
Total Current Assets 144294 119998
Net Property, Plant & Equipment 57755 59502
Property, Plant & Equipment - Gross 137452 131988
Buildings 67700 67376
Land & Improvements 3286 3198
Machinery & Equipment 62012 58014
Construction in Progress 1844 1035
Transportation Equipment 1146 957
Other Property, Plant & Equipment 1347 1262
Accumulated Depreciation 79697 72487
Buildings 27215 24234
Land & Improvements 1256 1167
Machinery & Equipment 49359 45415
Transportation Equipment 746 612
Other Property, Plant & Equipment 1121 1058
Total Investments and Advances 18620 17923
LT Investment - Affiliate Companies 18195 17523
Other Long-Term Investments 425 400
Long-Term Note Receivable 14286 12456
Intangible Assets 49 30
Net Goodwill - -
Net Other Intangibles 49 30
Other Assets 5200 4639
Deferred Charges 2980 3542
Tangible Other Assets 2220 1097
Total Assets 240760 215145
Assets - Total - Growth 0.1191 0.0526
Asset Turnover 0.63 -
Return On Average Assets 0.1364 -
Liabilities & Shareholders' Equity
All values PHP Millions. 2022 2021
ST Debt & Current Portion LT Debt 7888 11436
Short Term Debt 1129 1039
Current Portion of Long Term Debt 6758 10396
Accounts Payable 15293 15328
Accounts Payable Growth -0.0022 0.0632

Income Tax Payable 174 252

Other Current Liabilities 26367 26940
Accrued Payroll 162 163
Miscellaneous Current Liabilities 26205 26777
Total Current Liabilities 49722 53955
Current Ratio 2.9 2.22
Quick Ratio 1.66 1.15
Cash Ratio 0.57 0.34
Long-Term Debt 44727 41710
Long-Term Debt excl. Capitalized Leases 44670 41613
Non-Convertible Debt 44670 41613
Provision for Risks & Charges 559 750
Deferred Taxes 5691 4363
Deferred Taxes - Credit 6246 4962
Deferred Taxes - Debit 555 599
Other Liabilities 6836 4921
Other Liabilities (excl. Deferred Income) 3240 1971
Deferred Income 3597 2950
Total Liabilities 108090 106299
Total Liabilities / Total Assets 0.449 0.4941
Preferred Stock (Carrying Value) -7 -7

Redeemable Preferred Stock -7 -7

Common Equity (Total) 103458 87764

Common Stock Par/Carry Value 13277 13277
Additional Paid-In Capital/Capital Surplus 4672 4672
Retained Earnings 84376 69222
Unrealized Gain/Loss Marketable Securiti 132 100
Other Appropriated Reserves 975 514
Unappropriated Reserves 25 -22

Common Equity / Total Assets 0.4297 0.4079

Total Shareholders' Equity 103451 87757
Total Shareholders' Equity / Total Assets 0.4297 0.4079
Accumulated Minority Interest 29218 21090
Total Equity 132670 108847
Liabilities & Shareholders' Equity 240760 215145

Operating Activities
Fiscal year is January-December. All valu 2022 2021
Net Income before Extraordinaries 53200 27426
Net Income Growth 0.9397 2.1335

Depreciation, Depletion & Amortization 7802 8640

Depreciation and Depletion 7777 8561
Amortization of Intangible Assets 25 79
Other Funds -9275 -5575

Funds from Operations 51727 30491

Changes in Working Capital -9218 -9360

Receivables -6091 -11824

Inventories -5372 1403

Accounts Payable -482 4254

Other Assets/Liabilities 2727 -3192

Net Operating Cash Flow 42509 21131

Net Operating Cash Flow Growth 1.0117 1.145

Net Operating Cash Flow / Sales 0.2981 0.195

Investing Activities
All values PHP Millions. 2022 2021
Capital Expenditures -9621 -6458

Capital Expenditures (Fixed Assets) -6514 -6452

Capital Expenditures (Other Assets) -3107 -6

Capital Expenditures Growth -0.4898 0.1448

Capital Expenditures / Sales -0.0675 -0.0596

Net Assets from Acquisitions - -

Sale of Fixed Assets & Businesses 94 469

Purchase/Sale of Investments - -188

Purchase of Investments - -207

Sale/Maturity of Investments - 19
Other Sources - 1663
Net Investing Cash Flow -9528 -4514

Net Investing Cash Flow Growth -1.1107 0.1642

Net Investing Cash Flow / Sales -0.0668 -0.0417

Financing Activities
All values PHP Millions. 2022 2021
Cash Dividends Paid - Total -15933 -12746

Common Dividends -15933 -12746

Change in Capital Stock - -

Repurchase of Common & Preferred Stk. - -

Issuance/Reduction of Debt, Net -491 1160

Change in Current Debt 90 -4761

Change in Long-Term Debt -581 5921

Issuance of Long-Term Debt 11907 17759

Reduction in Long-Term Debt -12488 -11839

Other Funds -7741 -5566

Other Uses -9256 -5730

Other Sources 1515 164

Net Financing Cash Flow -24198 -17199

Net Financing Cash Flow Growth -0.4069 -1.4144

Net Financing Cash Flow / Sales -0.1697 -0.1587

Exchange Rate Effect 1283 5

Net Change in Cash 10066 -576

Free Cash Flow 35995 14679

Free Cash Flow Growth 1.4521 5.3606

Free Cash Flow Yield 0.1259 -

 2020 2019 2018 5-year trend

67,700 87,761 82,843

-22.86% 5.94% -

52,552 61,378 53,714

44,375 52,143 43,722
8,176 9,235 9,991
8,124 9,182 9,943
52 53 48
-14.38% 14.27% -

15,148 26,383 29,129

-42.58% -9.43% -

- - -
6,892 8,817 7,458
6,892 8,817 7,458
-21.84% 18.22% -

1,307 1,412 1,270

6,950 16,154 20,401
-424 1,176 60

496 318 1,109

503 997 794
- - 1,826
1,166 1,491 1,015
-21.79% 46.81% -

1,166 1,491 1,015

7,207 14,802 23,054
-51.31% -35.80% -

- - -
1,345 1,759 3,205
1,399 2,070 2,841
-54 -311 364

1,546 1,802 -
7,408 14,845 19,849
1,549 4,312 5,336
5,859 10,533 14,513
-44.38% -27.42% -

- - -
5,859 10,533 14,513
5,859 10,533 14,513
0.44 0.79 1.09
-44.37% -27.42% -
 13,277 13,277 13,277
0.44 0.79 1.09
-44.38% -27.42% -

13,277 13,277 13,277

15,126 25,389 30,392
-40.42% -16.46% -

- - -
6,950 16,154 20,401

2020 2019 2018

19148 21927 15704
19148 21779 15482
-0.1267 0.3963 -

0.0937 0.1092 0.0861

33928 33119 25614
29702 28575 23524
31440 30269 25211
-1738 -1694 -1687

4226 4544 2090

0.0244 0.293 -
2 2.65 3.23
57201 52788 50603
2034 2245 14438
10960 9823 -
44208 40720 36165
961 1017 3969
426 328 253
535 689 3716
111237 108851 95890
62207 63483 57087
125362 118515 103434
63308 55012 48515
3127 2609 2406
54907 50917 10125
1933 7917 5565
702 689 652
1201 1105 36171
63155 55032 46347
20439 17139 13778
1078 990 902
40142 35513 7865
493 439 407
1002 952 23396
17016 15493 14776
16591 15214 14231
425 279 545
6706 7728 7583
 78 73 1713
- - 1637
78 73 76
6211 4045 4748
4072 954 1209
2139 3091 3540
204394 200787 182405
0.018 0.1008 -
- - -
- - -

2020 2019 2018

11226 14604 13358
5800 2492 7015
5426 12112 6343
14416 14588 11191
-0.0117 0.3035 -

326 343 457

22608 20340 20307
267 256 213
22341 20084 20093
48576 49874 45313
2.29 2.18 2.12
1.11 1.12 1
0.39 0.44 0.35
40791 34416 28163
40663 34198 28163
40663 34198 28163
1102 1056 268
4013 4097 4672
4952 5211 5279
939 1115 607
7770 7391 6302
2458 4602 4003
5312 2789 2299
103191 97949 85325
0.5049 0.4878 0.4678
-7 -7 -7

-7 -7 -7

81653 82411 78550

13277 13277 13277
4672 4672 4672
63574 64088 59928
99 91 77
31 345 636
- -63 -41

0.3995 0.4104 0.4306

81646 82404 78543
0.3995 0.4104 0.4306
 19556 20434 18537
101203 102838 97079
204394 200787 182405

2020 2019 2018

8753 16604 23054
-0.4729 -0.2798 -

8151 9187 9555

8099 9135 9507
52 53 48
-4156 -1898 -5920

12748 23894 26689

-2897 853 -8860

-3104 -1947 -3585

-2685 -3815 -6502

-243 2499 4390

3134 4115 -3163

9851 24746 17829

-0.6019 0.388 -

0.1455 0.282 0.2152

2020 2019 2018

-7552 -17440 -13045

-7543 -15183 -13044

-8 -2257 -1

0.567 -0.3369 -

-0.1115 -0.1987 -0.1575

-3 - -252

643 - 420
-57 -500 29

-57 -500 -

- - 29
1567 - 3098
-5401 -17940 -9750

0.6989 -0.84 -
 -0.0798 -0.2044 -0.1177

2020 2019 2018

-6373 -6373 -12746

-6373 -6373 -12746

- - -7

- - -7

4915 5467 2106

3308 -4523 5983

1607 9990 -3877

13559 23565 1223

-11951 -13574 -5101

-5622 261 -7329

-5622 -2390 -7329

- 2651 -
-7123 -713 -17976

-8.9977 0.9604 -

-0.1052 -0.0081 -0.217

-6 22 55

-2679 6116 -9842

2308 9563 4785

-0.7587 0.9987 -

- - -
QUARTERLY
ANNUAL
Assets
Fiscal year is January-December.
2022 2021 2020
All values PHP Millions.
Cash & Short Term Investments 28,408 18,571 19,148
Cash Only 28,408 18,571 19,148
Cash & Short Term Investments
52.97% -3.01% -12.67%
Growth

Cash & ST Investments / Total

11.80% 8.63% 9.37%
Assets
Total Accounts Receivable 43,382 40,662 33,928
Accounts Receivables, Net 38,628 33,967 29,702
Accounts Receivables, Gross 40,409 35,739 31,440
Bad Debt/Doubtful Accounts -1,781 -1,772 -1,738

Other Receivables 4,754 6,695 4,226

Accounts Receivable Growth 6.69% 19.85% 2.44%
Accounts Receivable Turnover 3.29 2.66 2
Inventories 61,525 57,827 57,201
Finished Goods 2,557 1,524 2,034
Raw Materials 12,229 11,323 10,960
Progress Payments & Other 46,738 44,979 44,208
Other Current Assets 10,979 2,938 961
Prepaid Expenses - 760 426
Miscellaneous Current Assets 10,979 2,178 535
Total Current Assets 144,294 119,998 111,237
Net Property, Plant & Equipment 57,755 59,502 62,207
Property, Plant & Equipment - 137,452 131,988 125,362
Gross
Buildings 67,700 67,376 63,308
Land & Improvements 3,286 3,198 3,127
Machinery & Equipment 62,012 58,014 54,907
Construction in Progress 1,844 1,035 1,933
Transportation Equipment 1,146 957 702
Other Property, Plant & Equipment 1,347 1,262 1,201
Accumulated Depreciation 79,697 72,487 63,155
Buildings 27,215 24,234 20,439
Land & Improvements 1,256 1,167 1,078
Machinery & Equipment 49,359 45,415 40,142
Transportation Equipment 746 612 493
Other Property, Plant & Equipment 1,121 1,058 1,002
Total Investments and Advances 18,620 17,923 17,016
LT Investment - Affiliate Companies 18,195 17,523 16,591
Other Long-Term Investments 425 400 425
Long-Term Note Receivable 14,286 12,456 6,706
Intangible Assets 49 30 78
Net Goodwill - - -
Net Other Intangibles 49 30 78
Other Assets 5,200 4,639 6,211
Deferred Charges 2,980 3,542 4,072
Tangible Other Assets 2,220 1,097 2,139
Total Assets 240,760 215,145 204,394
Assets - Total - Growth 11.91% 5.26% 1.80%
Asset Turnover 0.63 - -
Return On Average Assets 13.64% - -
Liabilities & Shareholders' Equity
All values PHP Millions. 2022 2021 2020
ST Debt & Current Portion LT Debt 7,888 11,436 11,226
Short Term Debt 1,129 1,039 5,800
Current Portion of Long Term Debt 6,758 10,396 5,426
Accounts Payable 15,293 15,328 14,416
Accounts Payable Growth -0.22% 6.32% -1.17%

Income Tax Payable 174 252 326

Other Current Liabilities 26,367 26,940 22,608
Accrued Payroll 162 163 267
Miscellaneous Current Liabilities 26,205 26,777 22,341
Total Current Liabilities 49,722 53,955 48,576
Current Ratio 2.9 2.22 2.29
Quick Ratio 1.66 1.15 1.11
Cash Ratio 0.57 0.34 0.39
Long-Term Debt 44,727 41,710 40,791
Long-Term Debt excl. Capitalized 44,670 41,613 40,663
Leases
Non-Convertible Debt 44,670 41,613 40,663
Provision for Risks & Charges 559 750 1,102
Deferred Taxes 5,691 4,363 4,013
Deferred Taxes - Credit 6,246 4,962 4,952
Deferred Taxes - Debit 555 599 939
Other Liabilities 6,836 4,921 7,770
Other Liabilities (excl. Deferred
3,240 1,971 2,458
Income)
Deferred Income 3,597 2,950 5,312
Total Liabilities 108,090 106,299 103,191
Total Liabilities / Total Assets 44.90% 49.41% 50.49%
Preferred Stock (Carrying Value) -7 -7 -7

Redeemable Preferred Stock -7 -7 -7

Common Equity (Total) 103,458 87,764 81,653

Common Stock Par/Carry Value 13,277 13,277 13,277
Additional Paid-In Capital/Capital
4,672 4,672 4,672
Surplus
Retained Earnings 84,376 69,222 63,574
Unrealized Gain/Loss Marketable
132 100 99
Securities
Other Appropriated Reserves 975 514 31
Unappropriated Reserves 25 -22 -

Common Equity / Total Assets 42.97% 40.79% 39.95%

Total Shareholders' Equity 103,451 87,757 81,646
Total Shareholders' Equity / Total
42.97% 40.79% 39.95%
Assets
Accumulated Minority Interest 29,218 21,090 19,556
Total Equity 132,670 108,847 101,203
Liabilities & Shareholders' Equity 240,760 215,145 204,394
 2019 2018 5-year trend
21,927 15,704
21,779 15,482
39.63% -

10.92% 8.61%
33,119 25,614
28,575 23,524
30,269 25,211
-1,694 -1,687

4,544 2,090
29.30% -
2.65 3.23
52,788 50,603
2,245 14,438
9,823 -
40,720 36,165
1,017 3,969
328 253
689 3,716
108,851 95,890
63,483 57,087
118,515 103,434
55,012 48,515
2,609 2,406
50,917 10,125
7,917 5,565
689 652
1,105 36,171
55,032 46,347
17,139 13,778
990 902
35,513 7,865
439 407
952 23,396
15,493 14,776
15,214 14,231
279 545
 7,728 7,583
73 1,713
- 1,637
73 76
4,045 4,748
954 1,209
3,091 3,540
200,787 182,405
10.08% -
- -
- -

2019 2018 5-year trend

14,604 13,358
2,492 7,015
12,112 6,343
14,588 11,191
30.35% -

343 457
20,340 20,307
256 213
20,084 20,093
49,874 45,313
2.18 2.12
1.12 1
0.44 0.35
34,416 28,163
34,198 28,163
34,198 28,163
1,056 268
4,097 4,672
5,211 5,279
1,115 607
7,391 6,302
4,602 4,003
2,789 2,299
97,949 85,325
48.78% 46.78%
-7 -7

-7 -7

82,411 78,550
13,277 13,277
4,672 4,672
64,088 59,928
91 77
345 636
-63 -41

41.04% 43.06%
82,404 78,543
41.04% 43.06%
20,434 18,537
102,838 97,079
200,787 182,405
Operating Activities
Fiscal year is January-
December. All values PHP 2022 2021 2020
Millions.
Net Income before Extraordinaries 53,200 27,426 8,753
Net Income Growth 93.97% 213.35% -47.29%

Depreciation, Depletion & Amortizat 7,802 8,640 8,151

Depreciation and Depletion 7,777 8,561 8,099
Amortization of Intangible Assets 25 79 52
Other Funds -9,275 -5,575 -4,156

Funds from Operations 51,727 30,491 12,748

Changes in Working Capital -9,218 -9,360 -2,897

Receivables -6,091 -11,824 -3,104

Inventories -5,372 1,403 -2,685

Accounts Payable -482 4,254 -243

Other Assets/Liabilities 2,727 -3,192 3,134

Net Operating Cash Flow 42,509 21,131 9,851

Net Operating Cash Flow Growth 101.17% 114.50% -60.19%

Net Operating Cash Flow / Sales 29.81% 19.50% 14.55%

Investing Activities
All values PHP Millions. 2022 2021 2020
Capital Expenditures -9,621 -6,458 -7,552

Capital Expenditures (Fixed Assets) -6,514 -6,452 -7,543

Capital Expenditures (Other Assets) -3,107 -6 -8

Capital Expenditures Growth -48.98% 14.48% 56.70%

Capital Expenditures / Sales -6.75% -5.96% -11.15%

Net Assets from Acquisitions - - -3

Sale of Fixed Assets & Businesses 94 469 643

Purchase/Sale of Investments - -188 -57

Purchase of Investments - -207 -57

Sale/Maturity of Investments - 19 -
Other Sources - 1,663 1,567
Net Investing Cash Flow -9,528 -4,514 -5,401
Net Investing Cash Flow Growth -111.07% 16.42% 69.89%

Net Investing Cash Flow / Sales -6.68% -4.17% -7.98%

Financing Activities
All values PHP Millions. 2022 2021 2020
Cash Dividends Paid - Total -15,933 -12,746 -6,373

Common Dividends -15,933 -12,746 -6,373

Change in Capital Stock - - -

Repurchase of Common &

- - -
Preferred Stk.

Issuance/Reduction of Debt, Net -491 1,160 4,915

Change in Current Debt 90 -4,761 3,308

Change in Long-Term Debt -581 5,921 1,607

Issuance of Long-Term Debt 11,907 17,759 13,559

Reduction in Long-Term Debt -12,488 -11,839 -11,951

Other Funds -7,741 -5,566 -5,622

Other Uses -9,256 -5,730 -5,622

Other Sources 1,515 164 -

Net Financing Cash Flow -24,198 -17,199 -7,123

Net Financing Cash Flow Growth -40.69% -141.44% -899.77%

Net Financing Cash Flow / Sales -16.97% -15.87% -10.52%

Exchange Rate Effect 1,283 5 -6

Net Change in Cash 10,066 -576 -2,679

Free Cash Flow 35,995 14,679 2,308

Free Cash Flow Growth 145.21% 536.06% -75.87%

Free Cash Flow Yield 12.59% - -

 2019 2018 5-year trend

16,604 23,054
-27.98% -

9,187 9,555
9,135 9,507
53 48
-1,898 -5,920

23,894 26,689
853 -8,860

-1,947 -3,585

-3,815 -6,502

2,499 4,390

4,115 -3,163

24,746 17,829
38.80% -

28.20% 21.52%

2019 2018 5-year trend

-17,440 -13,045

-15,183 -13,044

-2,257 -1

-33.69% -

-19.87% -15.75%

- -252

- 420
-500 29

-500 -

- 29
- 3,098
-17,940 -9,750
-84.00% -

-20.44% -11.77%

2019 2018 5-year trend

-6,373 -12,746

-6,373 -12,746

- -7

- -7

5,467 2,106

-4,523 5,983

9,990 -3,877

23,565 1,223
-13,574 -5,101

261 -7,329

-2,390 -7,329

2,651 -
-713 -17,976

96.04% -

-0.81% -21.70%

22 55

6,116 -9,842

9,563 4,785
99.87% -

- -