lOMoARcPSD|26406156

Xavier University- Ateneo de Cagayan University

College of Agriculture

Agribusiness Program

FINANCIAL STATEMENT ANALYSIS OF

JOLLIBEE FOOD CORPORATION AND MAX’S GROUP, INC.

In Partial Fulfillment Of The Requirements For

AGRB 62 A 4 - Fundamentals Of Financial And Cost Accounting

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Submitted by: Remuss Barangot, Adrian Cabañez, Brandon Mahistrado, Nikko Martin Gallego, Raj P. Tan Nery, Carlos Marc
Aquino

Submitted to:

Hershe B. Jabines, CPA

Date:

General Information

Jollibee Foods Corporation

Jollibee Foods Corporation (JFC) was incorporated on January 11, 1978. The Company's principal business is the
development, operation and franchising of quick service restaurants (QSRs) under the trade names “Jollibee”, “Chowking”,
“Greenwich”, “Red Ribbon”, “Yong He King”, “Hong Zhuang Yuan”, “Mang Inasal”, “Burger King”, “Highlands Coffee”, “PHO24”,
“Hard Rock Café”, “Dunkin' Donuts”, “Smashburger”, “Tim Ho Wan”, “Tortas Frontera”, “The Coffee Bean & Tea Leaf”, and
“Panda Express”. The other activities of JFC include manufacturing and property leasing in support of the QSR systems and other
business activities.

Aside from the subsidiaries that develop and operate the Company's QSR trade names, JFC wholly owns Freemont Foods
Corporation, which owns and operates Jollibee stores in Visayas and Mindanao, and Grandworth Resources Corporation, a real
estate company which owns or leases some of the properties used as store sites.

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

By the end of 2021, there were 1,184 Jollibee stores nationwide, of which 749 were franchised and 435 were Company-owned.
On international operations, Jollibee had 336 stores with 54 stores in the US, 21 in Canada, one in Guam, two in Italy, nine in
United Kingdom, 150 in Vietnam, 18 in Brunei, 16 in Hong Kong, 14 in Singapore, two in Macau, one in Malaysia, one in Spain,
and 47 in the Middle East.

Max's Group, Inc.

Max's Group, Inc. (MAXS), formerly Pancake House, Inc. (PCKH), was incorporated on March 1, 2000 and is principally
engaged in developing, acquiring, managing and franchising restaurants and food brands. In 2014, the Company underwent a
change in control and a significant expansion of its business and operations after Pancake House Holdings, Inc. and the Aureos
Group sold their equity interest in PCKH to the Max's Group of Companies. In the same year, the Securities and Exchange
Commission approved the change in the corporate name and stock symbol of PCKH to the present one, and the restaurant
brands of Max's Group and PCKH were effectively combined.

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

MAXS' portfolio consists of homegrown and international brands such as “Max's Restaurant”; “Pancake House”, “Yellow Cab
Pizza”; “Krispy Kreme”; “Sizzlin' Steak”; “Teriyaki Boy”; “Dencio's”; “Kabisera”; “Maple”; “Jamba Juice”; and “Eats”. As of
December 31, 2021, there are a total of 647 outlets across these brands, with 59 located across various cities in North America,
the Middle East, and Asia.

MAXS likewise operates three Metro Manila-based commissaries that service all of its production, distribution and storage
requirements across all brands. The Company also engages global toll manufacturers to supply processed requirements for its
international business.

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Jollibee Foods Corporation

Balance Sheet
Year 2016-2020
( Amounts in Thousand Pesos )

December December December December December

2020 2019 2018 2017 2016
ASSETS
Current assets
Cash and cash equivalents 21,361,486 20,892,021 23,285,915 21,107,474 16,733,346
Short-term investments 441,000 2,130,000 883,200 1,413,400 726,002
Financial assets at fair value through profit or loss 35,658,565
Receivables and contract assets 7,049,934 5,906,289 4,862,744 3,941,073 3,376,702
Inventories 8,295,828 9,966,084 8,812,174 6,835,514 5,987,346
Other current assets 7233744 6,725,008 4,894,168 3,843,555 3,545,339
Total Current Assets 80,040,557 45,619,402 42,738,201 37,141,016 30,368,735
Noncurrent Assets
Available-for-sale financial assets 29,862 26,212
Financial assets at fair value through profit or loss 33,792 38,202 39,842
Interests in and advances to joint ventures, co-ventures and
associates 7,329,618 6,832,102 3,512,230 7,492,771 9,873,297
Property, plant and equipment 28,684,131 32,592,122 26,693,991 20,893,814 16,655,567
Right-of-use assets 34,224,143 42,907,418
Investment properties 572,722 572,722 848,974 848,974 983,428
Goodwill and other intangible assets 9,086,742
Trademarks, goodwill and other intangible assets 50,224,078 50,208,119 31,830,057 15,730,239
Operating lease receivables 87,160 98,749 31,635 28,035 25,995
Finance lease receivables 70,800 161,934
Derivative asset 82,852 11,948 78,329

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Deferred tax assets-net 6,114,384 4,449,262 4,322,996 3,908,813 2,585,495

Other noncurrent assets 3,428,745 3,795,974 3,751,044 3,698,423 3,044,552

Total Noncurrent Assets 130,769,573 141,656,604 71,113,621 52,642,879 42,359,617
Total Assets 210,810,130 187,276,006 113,851,822 89,783,895 72,728,352

LIABILITIES AND EQUITY

Current Liabilities
Trade payables and other current liabilities and contract
liabilities 31,366,014 34,652,065 28,716,769 25,254,613 21,960,567
Income tax payable 196,658 391,914 263,473 223,773 309,331
Short-term debt 15,875,457 22,180,320 1,216,219
Current portion of:
Lease liabilities 6,479,140 7,036,754
Long-term debt 4,720,096 3,415,975 4,892,102 1,561,516
Provisions 291,110 300,945
Liability for acquisition of a business 2,800 11,238

Total Current Liabilities 58,928,475 67,679,828 34,184,527 26,694,605 23,831,414

Noncurrent Liabilities
Senior debt securities 28,628,999
Noncurrent portion of:
Lease liabilities 32,604,585 40,270,650
Long-term debt 14,538,117 19,179,748 21,372,251 14,901,052 10,593,850
Liability for acquisition of a business 2,907
Interest in an associate 127,894
Pension liability 2,917,500 2,221,320 1,320,646 1,489,546 1,658,178
Operating lease payables 2,715,978 2,051,567 1,792,897
Derivative liability 141,480 58,241 51,042 33,531
Provisions 1,035,636 825,109 825,109 825,109 30,501

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Deferred tax liabilities- net 3,855,579 4,759,233 3,512,253 1,188,995 506,577

Total Noncurrent Liabilities 83,849,790 67,314,301 29,749,144 20,507,311 14,615,534
Total Liabilities (Carried Forward) 142,778,265 134,994,129 63,933,671 47,201,916 38,446,948
Total Liabilities (Brought Forward) 142,778,265 134,994,129 63,933,671

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS

OF THE PARENT COMPANY
Capital stock- net of subscription receivable 1,105,079 1,092,971 1,088,036 1,084,478 1,074,123
Additional paid-in capital 9,913,890 8,797,360 8,638,438 7,520,383 5,660,085
Other reserve 1,877,400 1,877,400
Cumulative translation adjustments of foreign subsidiaries
and interests in joint ventures and associates -477,554 832,080 589,501 340,368 -20,811
Re-measurement loss on derivatives liability -1,401,113 -965,391 -307,995 -461,769 -608,801
Unrealized gain on change in fair value of available for
sale financial assets 6,758 4,291
Comprehensive income (loss) on derivative liability -141,480 -58,241 82,852 11,949 -33,530
Excess of cost over the carrying value of non-controlling
interests acquired -2,026,340 -1,804,766 -1,804,766 -2,152,161 -2,152,161
Retained earnings:
Appropriated for future expansion 20,000,000 20,000,000 20,000,000 18,200,000 18,200,000
Unappropriated 9,869,889 23,009,145 20,257,995 16,413,140 11,659,531
38,719,771 52,780,558 48,544,061 40,963,146 33,782,727
Less cost of common stock held in treasury 180,511 180,511 180,511 180,511 180,511
38,539,260 52,600,047 48,363,550 40,782,635 33,602,216
Senior perpetual securities 30,588,000
Non- controlling interests -1,095,395 -318,170 1,554,601 1,799,344 679,188
Total Equity 68,031,865 52,281,877 49,918,151 42,581,979 34,281,404
Total Liabilities and Equity 210,810,130 187,276,006 113,851,822 89,783,895 72,728,352

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

VERTICAL ANALYSIS
Jollibee Food Corporation
Vertical Analysis - Statement of Financial Position
Year 2016-2020

2020 2019 2018 2017 2016

ASSETS
Current assets
Cash and cash equivalents 10% 11% 20% 24% 23
%
1.57 1.00
Short-term investments 0.21% 1.14% 0.78% % %
Financial assets at fair value through profit or loss 17 %
Receivables and contract assets 3% 3% 4% 4% 5
%
Inventories 26% 29% 31% 27% 27
%
Other curremt assets 3% 4% 4% 4% 5
%
Total Current Assets 38% 24% 38% 41% 42
%
Noncurrent Assets
Available-for-sale financial assets
Financial assets at fair value through profit or loss 0.02% 0.02% 0.03 %
Interests in and advances to joint ventures, co-ventures and asociates 3% 4% 3% 8% 14
%
Property, plant and equipment 14% 17% 23% 23% 23

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

%
Right-of-use assets 16% 23 %
0.95
1.35
Investment properties 0.27% 0.31% 0.75% %
%
Goodwill and other intangible assets
Trademarks, goodwill and other intangible assets 24% 27% 28% 18 %
0.03 0.04
Operating lease receivables 0.04% 0.05% 0.03% % %
Finance lease receivables 0.03% 0.09 %
Derivative asset
Deferred tax assets-net 3% 2% 4% 4% 4
%
Other noncurrent assets 2% 2% 3% 4% 4
%
Total Noncurrent Assets 62% 76% 62% 59% 58
%

Total Assets 100% 100% 100% 100% 100

%
LIABILITIES AND EQUITY
Current Liabilities
Trade payables and other current liabilities and contract liabilities 15% 19% 25% 28% 30
%
0.25 0.43
Income tax payable 0.09% 0.21% 0.23% % %
Short-term debt 8% 12% 1%
Current portion of:
Lease liabilities 3% 4%
Long-term debt 2% 2% 4% 2

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

%
Provisions 0.14% 0.26 %
Liability for acquisition of a business 0.001% 0.01%
Total Current Liabilities 28% 36% 30% 30% 33
%
Noncurrent Liabilities
Senior debt securities 14
Noncurrent portion of: %
Lease liabilities 15% 22 %
Long-term debt 7% 10% 19% 17% 15
%
Liabilitiy for acquisition of a business 0.003
%
Interest in an associate 0.06
%
Pension liability 1% 1% 1% 2% 2
%
Operating lease payables 2% 2% 2
%
0.06 0.05
Derivative liability 0.07% 0.03% % %
Provisions 0.49% 0.44% 1% 1% 0.04
%

Deferred tax liabilities- net 2% 3% 3% 1% 1

%
Total Noncurrent Liabilities 40% 36% 26% 23% 20
%

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Total Liabilities (Carried Forward) 68% 72% 56% 53% 53

%
Total Liabilities (Brought Forward) 68% 72% 56%

EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT

COMPANY
Capital stock- net of subsciption receivable 1% 1% 1% 1% 1
%
Additional paid-in capital 5% 5% 8% 8% 8
%
Other reserve 1% 1%
Cumulative translation adjustments of foreign subsidiaries and interests in joint - 0.38 -
ventures and associates 0.23% % 0.03
0.44% 1% %
Remeasurement loss on derivatives liability -1% -1% 0% -1% -1
%
0.01 0.01
Unrealized gain on change in fair value of available for sale financial assets % %
- 0.01 -
0.07% % 0.05
Comprehensive income (loss) on derivative liability -0.03% 0.07% %
Excess of cost over the carrying value of non-controlling interests acquired -1% -1% -2% -2% -3
Retained earnings: %
Appropriated for future expansion 9% 11% 18% 20% 25
%
Unappropriated 5% 12% 18% 18% 16
%
18% 28% 43% 46% 46
%
Less cost of common stock held in treasury 18% 28% 42% 45% 46

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

%
18% 28% 42% 45% 46
%
Senior perpetual securities 15 %
Non- controlling interests -1% -0.17% 1% 2% 1
%
Total Equity 32% 28% 44% 47% 47
%
Total Liabilities and Equity 100% 100% 100% 100% 100
%

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Current Ratio
( in million ₱ )
2020 2019 2018 2017 2016
Current Asset ₱80,040,557 ₱45,619,402 ₱42,738,201 ₱37,141,016 ₱30,368,735
Current
Liabilities ₱58,928,475 ₱67,679,828 ₱34,184,527 ₱26,694,605 ₱23,831,414
Current Ratio 1.36 0.67 1.25 1.39 1.27
Industry Average
(MRQ) 1.31

Jollibee Foods Corporation computed current ratios for the years 2016-

2020 are shown in the table above. It can be observed that the company’s

current ratios have not moved in a consistent manner over the last five years.

The company’s current ratio was 1.27 at the end of 2016, increased to 1.39 in

2017 before falling to 1.25 in 2018 and 0.67 in 2019 but were able to recover in

2020 with 1.36 current ratio. These results indicates that from year 2016 to

2018 , and year 2020, the company's current assets are adequate to cover its

current liabilities. The company are more capable of paying its obligations

because it has a larger proportion of short-term asset value relative to the value

of its short-term liabilities during these years. However, in 2019, the result

shows that the company current assets were not enough to cover its short-term

liabilities. As compared to the industry average, Jollibee Foods Corporation

current ratio in 2020 is greater than industry average ratio indicating that the

company is in a good position by 2020 in terms of its current ratio compared to

its industry. The major factor that contributes to the increase in current ratio in

2020 was the increase in current assets and decrease in current liabilities

compared to prior year. This was supported by Fernando (2021) who explains

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

that a current ratio that is in line with the industry average or slightly higher is

generally considered acceptable.

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Annual - Max's Group, Inc. Financial Report

2023 2022 2022 2022

Period Ending:
31/03 31/12 30/09 30/06
Total Revenue 2853.74 - 2787.2 2816.71
Revenue - - 2787.2 2816.71
Other Revenue, Total - - - -
Cost of Revenue, Total 1995.07 2086.29 1854.5 1769.19
Gross Profit 858.67 - 932.7 1047.52
Total Operating Expenses 2716.2 2802.43 2525.19 2423.91
Selling/General/Admin.
721.13 588.94 723.14 683.65
Expenses, Total
Research & Development - - - -
Depreciation / Amortization - -0.088 0.03 0.029
Interest Expense (Income) -
-68.53 -84.3 -68.61 -67.55
Net Operating
Unusual Expense (Income) - - - -
Other Operating Expenses,
68.53 211.59 16.13 38.6
Total
Operating Income 137.54 - 262.01 392.8
Interest Income (Expense), Net
- - - -
Non-Operating
Gain (Loss) on Sale of Assets -0.089 -25.4 - -
Other, Net 35.06 154.23 68.61 67.55
Net Income Before Taxes 102.57 - 193.4 325.25
Provision for Income Taxes - - 47.13 85.71
Net Income After Taxes 77.39 - 146.27 239.55
Minority Interest -52.21 - -55.2 -55.74
Equity In Affiliates - - - -
U.S GAAP Adjustment - - - -
Net Income Before
77.06 - 145.74 239.2
Extraordinary Items
Total Extraordinary Items - - - -
Net Income 77.06 - 145.74 239.2

Doing business under the names and styles of

Pancake House; Maple; Dencio's; and Singkit
AND SUBSIDIARIES

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

HORIZONTAL ANALYSIS OF CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

( Amounts in Thousands )

Absolute %
Note 2019 2018 Change Change Changes

ASSETS

Current Assets
Cash and cash
equivalents 6 Php 888,545 Php 703,226 185,319 26.35% INCREASE
Trade and other
receivables 7 1,377,205 948,382 428,823 45.22% DECREASE
Inventories 8 644,950 581,890 63,060 10.84% INCREASE
Prepaid expenses and
other current assets 9 307,456 414,778 -107,322 -25.87% DECREASE
Total Current
Assets 3,218,156 2,648,276 569,880 21.52% INCREASE

Noncurrent Assets
Property and
equipment 10 3,687,149 3,344,820 342,329 10.23% INCREASE
Intangible assets 11 4,921,379 4,953,876 -32,497 -0.66% DECREASE
Right-of-use (ROU)
assets 25 2,897,884 2,897,884 INCREASE
Investment properties 10 517,818 535,648 -17,830 -3.33% DECREASE
Net retirement plan
assets 21 140,992 163,754 -22,762 -13.90% DECREASE
Net deferred income
tax assets 23 401,211 351,427 49,784 14.17% INCREASE
Security deposits on
lease contracts 25 627,411 538,756 88,655 16.46% INCREASE
Other noncurrent
assets 12 366,663 344,129 22,534 6.55% INCREASE
Total 10 ,232,
Noncurrent Assets Php 13,560,507 41 0 3,328,097 32.53% INCREASE
12 ,880,
16,778,663 68 6 3,897,977 30.26% INCREASE
LIABILITIES
AND
EQUITY

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

payables 13 Php 2,382,706 Php 2,285,260 97,446 4.26% INCREASE
-
Loans payable 14 920,637
lOMoARcPSD|26406156

2,606,360 1,685,723 -64.68% INCREASE

Lease liabilities 25 465,578 465,578 INCREASE
Income tax payable 83,735 83,727 8 0.01% INCREASE
Total Current Php 3,852,656 Php 4,975,347 - -22.57% DECREASE
Liabilities 1,122,691

Noncurrent Liabilities
Long-term debt 15 3,104,503 1,178,080 1,926,423 163.52% INCREASE
Lease liabilities - net of
current portion Net 25 2,545,266 2,545,266 INCREASE
deferred income
tax liabilities 23 964,982 942,655 22,327 2.37% INCREASE
Net retirement
liabilities 21 359,146 129,479 229,667 177.38% INCREASE
Contract liabilities 13 49,769 85,975 -36,206 -42.11% INCREASE
Accrued rent payable 25 78,804 -78,804 -100.00% DECREASE
Provision for share in 3,115 3,115 0 0.00 %
equity in net losses of
a joint venture
Total Noncurrent INCREASE
Liabilities 7,026,781 2,418,108 4,608,673 190.59% INCREASE
Total Liabilities 10,879,437 7,393,455 3,485,982 47.15% DECREASE
Current Liabilities
Trade and other

Equity 16

Capital stock Php 1,087,082 Php 1,087,082 0 0.00% INCREASE

Treasury stock -794 -794 DECREASE
Additional paid-in
capital 5,353,289 5,353,289 0 0.00% INCREASE
Retained earnings 2,442,683 1,834,964 607,719 33.12% INCREASE
Other comprehensive
loss -325,817 -127,617 -198,200 155.31% DECREASE
8,556,443 8,147,718 408,725 5.02% INCREASE
Shares held by
subsidiaries -2,610,013 -2,610,013 0 0.00% INCREASE

Non-controlling
interests -47,204 -50,474 3,270 -6.48% INCREASE

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Total Equity 5,899,226 5,487,231 411,995 7.51% INCREASE

16,778,663 12,880,686 3,897,977 30.26% INCREASE

MAX'S GROUP, INC.

Doing business under the names and styles of
Pancake House; Maple; Dencio's; and Singkit
AND SUBSIDIARIES

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

VERTICAL ANALYSIS OF CONSOLIDATED STATEMENTS OF FINANCIAL

POSITION (Amounts in Thousands)
Note 2019 2018 Vertical Analysis
2019 2018
ASSETS
Current Assets
Cash and cash equivalents 6 Php 888,545 Php 703,226 5.30% 5.46 %
Trade and other receivables 7 1,377,205 948,382 8.21% 7.36 %
Inventories 8 644,950 581,890 3.84% 4.52 %
Prepaid expenses and other current
assets 9 307,456 414,778 1.83% 3.22 %
Total Current Assets 3,218,156 2,648,276 19.18% 20.56 %

Noncurrent Assets
Property and equipment 10 3,687,149 3,344,820 21.98% 25.97 %
Intangible assets 11 4,921,379 4,953,876 29.33% 38.46 %
Right-of-use (ROU) assets 25 2,897,884 17.27% 0.00 %
Investment properties 10 517,818 535,648 3.09% 4.16 %
Net retirement plan assets 21 140,992 163,754 0.84% 1.27 %
Net deferred income tax assets 23 401,211 351,427 2.39% 2.73 %
Security deposits on lease contracts 25 627,411 538,756 3.74% 4.18 %
Other noncurrent assets 12 366,663 344,129 2.19% 2.67 %
Total Noncurrent Assets Php 13,560,507 10,232,410 80.82% 79.44 %
16,778,663 12,880,686 100.00% 100.00
%
LIABILITIES AND EQUITY
Current Liabilities
Trade and other payables 13 Php 2,382,706 Php 2,285,260 14.20% 17.74
%
Loans payable 14 920,637 2,606,360 5.49% 20.23
%
Lease liabilities 25 465,578 2.77% 0.00 %
Income tax payable 83,735 83,727 0.50% 0.65 %
Total Current Liabilities Php 3,852,656 Php 4,975,347 22.96% 38.63 %

Noncurrent Liabilities
Long-term debt 15 3,104,503 1,178,080 18.50% 9.15 %
Lease liabilities - net of current
portion 25 2,545,266 15.17% 0.00 %

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)

 lOMoARcPSD|26406156

Net deferred income tax liabilities 23 964,982 942,655 5.75% 7.32 %

Net retirement liabilities 21 359,146 129,479 2.14% 1.01 %
Contract liabilities 13 49,769 85,975 0.30% 0.67 %
Accrued rent payable 25 78,804 0.00% 0.61 %
Provision for share in equity in net
losses of a joint venture 3,115 3,115 0.02% 0.02 %
Total Noncurrent Liabilities 7,026,781 2,418,108 41.88% 18.77 %
Total Liabilities 10,879,437 7,393,455 64.84% 57.40 %
Equity 16

Downloaded by BARANGOT, REMUSS RAFAEL SALVAN (remussalvanbarangot@gmail.com)