Currency in Philippine Peso
AS OF: Revenues TOTAL REVENUES Cost of Goods Sold GROSS PROFIT Selling General & Admin Expenses, Total Depreciation & Amortization, Total Other Operating Expenses OTHER OPERATING EXPENSES, TOTAL OPERATING INCOME Interest Expense Interest and Investment Income NET INTEREST EXPENSE Income (Loss) on Equity Investments Currency Exchange Gains (Loss) Other Non-Operating Income (Expenses) EBT, EXCLUDING UNUSUAL ITEMS Impairment of Goodwill Other Unusual Items, Total EBT, INCLUDING UNUSUAL ITEMS Income Tax Expense Minority Interest in Earnings Earnings from Continuing Operations NET INCOME NET INCOME TO COMMON INCLUDING EXTRA ITEMS NET INCOME TO COMMON EXCLUDING EXTRA ITEMS
Dec 31 2006
Dec 31 2007
Dec 31 2008
Dec 31 2009
Restated PHP
Restated PHP
Restated PHP
PHP
33,911.2 33,911.2 27,805.7 6,105.6 3,191.2 209.2 292.4 3,692.8 2,412.7 -80.4 135.5 55.1 -22.9 12.7 376.9 2,834.5 68.4 -2,903.0 742.8 -3.5 2,160.2 2,156.6 2,156.6
38,693.7 38,693.7 31,763.3 6,930.4 3,427.6 203.4 303.2 3,934.2 2,996.2 -55.5 143.0 87.5 -25.0 58.6 3,167.3 --32.3 3,135.0 746.7 -1.6 2,388.4 2,386.7 2,386.7
43,891.6 43,891.6 36,877.3 7,014.2 3,583.4 158.0 538.8 4,280.2 2,734.0 -105.1 208.5 103.4 -71.6 305.9 3,214.9 --3.8 -3.8 3,211.1 889.2 -2.7 2,321.8 2,319.1 2,319.1
47,957.7 47,957.7 39,391.2 8,566.5 4,286.6 256.7 589.1 5,132.4 3,434.1 -218.9 163.7 -55.2 -46.5 316.2 3,741.6 --86.4 3,655.2 988.3 -2.3 2,666.9 2,664.6 2,664.6
2,156.6
2,386.7
2,319.1
2,664.6
4-Year Trend
TRANSACTIONS:
3.00B for Mang Inasal Philippines, Inc. Merger/Acquisition Jollibee Foods Corp. (PSE: JFC) made an offer to acquire 70% stake in Mang Inasal Philippines, Inc. from Injap Investments, Inc. for PHP 3 billion on October 18, 2010. An initial consideration of PHP 200 million has been paid by Jollibee Foods. Thereafter, 90% of the purchase price (less than the initial payment) will be paid on closing, with the remaining 10% paid over 3 years from closing. Injap Investments Inc., unconditionally and irrevocably accepted the offer. A share purchase agreement is expected to be signed within 30 days from the date of offer. On closing of the transaction, Jollibee Foods and Injap Investments will own 70% and 30% stake in Mang Inasal Philippines. Jollibee Foods will fund the consideration through cash from operations. Jollibee Foods will maintain the current personnel of Mang Inasal, subject to their meeting organizational standards of Jollibee Foods. The transaction is expected to be closed in 30 days from the announcement. Jollibee signed a share and purchase agreement to acquire 70% stake in Mang Inasal from Injap Investments on November 15, 2010. Under the terms of the transaction, PHP 200 million was paid as an initial payment, PHP 1.35 billion was paid on November 15, 2010, PHP 1.15 billion will be paid on completion and the balance amount of PHP 300 million will be paid over next three years as assurance for indemnification against Injap's representations and warranties. The transaction is expected to complete on November 22, 2010. Pricewaterhouse Coopers Isla Lipana & Co. provided financial and tax due diligence to Jollibee Foods. KPMG Manabat Sanagustin & Co. acted as accountant for Jollibee Foods. Romulo Mabanta Buenaventura Sayoc and De Los Angeles acted as legal advisor for Jollibee Foods.
JFC's price was unchanged after the transaction was announced on 10/18/10. Investor / Buyer Jollibee Foods Corp. Seller Injap Investments, Inc.
BALANCE SHEET :
Currency in Millions of Philippines Pesos
As of:
Dec 31 2006
Dec 31 2007
Dec 31 2008
Dec 31 2009
Restated PHP
Restated PHP
Restated PHP
PHP
4-Year Trend
Assets Cash and Equivalents Short-Term Investments TOTAL CASH AND SHORT TERM INVESTMENTS Accounts Receivable Other Receivables TOTAL RECEIVABLES Inventory Prepaid Expenses Other Current Assets TOTAL CURRENT ASSETS Gross Property Plant and Equipment Accumulated Depreciation NET PROPERTY PLANT AND EQUIPMENT Goodwill Long-Term Investments Accounts Receivable, Long Term Deferred Tax Assets, Long Term Deferred Charges, Long Term Other Intangibles Other Long-Term Assets TOTAL ASSETS
850.4 69.9 -1,046.7 19,268.4
LIABILITIES & EQUITY Accounts Payable Accrued Expenses Short-Term Borrowings Current Portion of Long-Term Debt/Capital Lease Current Income Taxes Payable Other Current Liabilities, Total TOTAL CURRENT LIABILITIES Long-Term Debt Minority Interest Pension & Other Post-Retirement Benefits Deferred Tax Liability Non-Current Other Non-Current Liabilities TOTAL LIABILITIES Common Stock Additional Paid in Capital Retained Earnings Treasury Stock Comprehensive Income and Other TOTAL COMMON EQUITY TOTAL EQUITY TOTAL LIABILITIES AND EQUITY
2,813.7 2,257.3 3,508.7 3,720.4 1,762.3 2,294.2 2,491.7 2,923.4 121.0 157.5 407.2 305.0 59.9 40.5 37.8 53.7 8.9 83.7 82.5 135.9 1,731.5 2,721.2 2,421.3 2,495.3 6,497.2 7,554.4 8,949.2 9,633.8 47.2 102.9 2,484.4 2,438.0 21.5 5.4 3.3 3.2 290.2 443.6 400.5 174.2 209.8 126.8 72.4 155.6 1,262.2 1,069.0 1,079.4 1,040.7 8,306.6 9,296.7 12,985.9 13,442.3 1,022.2 1,032.1 1,038.0 1,049.4 1,817.5 2,086.9 2,245.7 2,635.7 8,503.8 10,084.4 11,549.6 13,347.9 -292.4 -183.3 -180.5 -180.5 -110.7 -377.2 -516.3 -570.5 10,940.3 12,642.9 14,136.5 16,282.0 10,961.8 12,648.3 14,139.8 16,285.2 19,268.4 21,945.0 27,125.7 29,727.5
4,221.5 230.9 4,452.4 626.3 2,114.7 1,266.3 221.3 450.9 8,505.7 14,020.9 7,056.8 1,601.6 --
5,575.9 6,858.8 8,977.3 -20.0 -5,575.9 6,878.9 8,977.3 1,488.4 1,818.3 1,805.1 1,754.5 20.3 441.0 538.4 1,838.7 2,246.1 2,293.0 1,629.4 2,727.5 1,729.4 222.3 395.8 489.4 1,142.8 517.1 447.9 10,409.1 12,765.4 13,936.9 8,865.8 9,950.3 10,780.4 -6,964.1 -4,690.3 -5,590.2 -6,670.8 4,175.5 4,360.1 4,109.6 1,601.6 3,186.4 4,205.1 46.2 76.8 155.2 137.4 37.8 --874.2 760.1 841.1 61.2 93.0 73.1 3,315.6 3,914.9 4,241.0 1,424.0 1,969.2 2,165.4 21,945.0 27,125.7 29,727.5
STATEMENT OF CASH FLOWS:
Currency in Millions of Philippines Pesos
NET INCOME Depreciation & Amortization DEPRECIATION & AMORTIZATION, TOTAL (Gain) Loss from Sale of Asset Asset Writedown & Restructuring Costs (Income) Loss on Equity Investments Change in Accounts Receivable Change in Inventories Change in Accounts Payable Change in Other Working Capital CASH FROM OPERATIONS Capital Expenditure Sale of Property, Plant, and Equipment Cash Acquisitions Investments in Marketable & Equity Securities CASH FROM INVESTING Long-Term Debt Issued TOTAL DEBT ISSUED Long Term Debt Repaid TOTAL DEBT REPAID Issuance of Common Stock Common Dividends Paid TOTAL DIVIDEND PAID Other Financing Activities CASH FROM FINANCING Foreign Exchange Rate Adjustments NET CHANGE IN CASH
As of:
Dec 31 2006
Dec 31 2007
Dec 31 2008
Dec 31 2009
Restated PHP
Restated PHP
Restated PHP
PHP
2,156.6 1,573.8 1,573.8 33.5 22.9 -19.7 113.7 697.6 117.3 4,697.6 -1,920.2 57.4 -358.4 -37.0 -2,208.4 ---78.5 -78.5 79.6 -659.6 -659.6 -211.3 -869.9 -12.7 1,606.6
2,386.7 2,319.1 1,579.6 1,728.9 1,579.6 1,728.9 31.6 3.2 -68.4 -29.1 ---204.5 28.1 -363.1 -1,119.3 739.7 1,744.1 63.3 -262.7 4,304.3 4,504.7 -2,056.0 -2,921.8 7.4 311.7 -413.7 -1,584.7 --41.6 -2,666.5 -4,328.8 132.5 2,388.9 132.5 2,388.9 -96.2 -49.7 -96.2 -49.7 311.3 81.8 -364.5 -1,212.8 -364.5 -1,212.8 -265.5 -101.6 -282.4 1,106.5 -1.0 0.5 1,354.4 1,282.9
4-Year Trend
2,664.6 2,085.9 2,085.9 388.1 1.8 86.4 -34.9 998.1 452.4 -200.8 6,497.5 -2,575.1 22.6 -835.3 -8.4 -3,398.4 71.9 71.9 -47.9 -47.9 82.6 -843.9 -843.9 -231.3 -968.6 -12.1 2,118.4
-Jollibee Foods Corporation
PHILIPPINE
LONG DISTANCE COMPANY FINANCIAL STATEMENTS FOR INVESTORS
Period End Date Period Length Stmt Source Stmt Source Date Stmt Update Type
Revenue Total Revenue Cost of Revenue, Total Gross Profit Selling/General/Administrative Expenses, Total Research & Development Depreciation/Amortization Interest Expense (Income), Net Operating Unusual Expense (Income) Other Operating Expenses, Total Operating Income Interest Income (Expense), Net NonOperating Gain (Loss) on Sale of Assets Other, Net Income Before Tax Income Tax - Total Income After Tax Minority Interest Equity In Affiliates U.S. GAAP Adjustment Net Income Before Extra. Items Total Extraordinary Items Net Income
2010 12/31/2010 12 Months ARS 03/01/2011 Updated
2009 12/31/2009 12 Months 20-F 05/14/2010 Updated
2008 2007 2006 12/31/2008 12/31/2007 12/31/2006 12 Months 12 Months 12 Months ARS 20-F 20-F 03/01/2011 04/02/2009 04/02/2009 Restated Reclassified Reclassified
144,459.0
147,993.0
145,582.0
138,704.0
127,508.0
144,459.0
147,993.0
145,582.0
138,704.0
127,508.0
4,771.0
5,432.0
5,252.0
5,127.0
5,625.0
139,688.0
142,561.0
140,330.0
133,577.0
121,883.0
51,692.0
51,397.0
47,753.0
44,515.0
38,280.0
0.0 26,665.0 0.0 1,441.0
0.0 25,975.0 0.0 2,726.0
0.0 25,086.0 0.0 2,836.0
0.0 29,003.0 0.0 1,317.0
0.0 32,319.0 0.0 2,766.0
4,334.0
4,581.0
4,859.0
3,625.0
3,013.0
55,556.0
57,882.0
59,796.0
55,117.0
45,505.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
527.0
158.0
2,153.0
2,069.0
1,665.0
2,892.0
5,321.0
53,685.0
54,839.0
54,491.0
58,081.0
38,249.0
13,426.0
14,744.0
19,193.0
18,807.0
5,668.0
40,259.0
40,095.0
35,298.0
39,274.0
32,581.0
-42.0 0.0
-314.0 0.0
-663.0 0.0
15.0 0.0
-196.0 0.0
0.0
0.0
0.0
0.0
0.0
40,217.0
39,781.0
34,635.0
39,289.0
32,385.0
0.0
0.0
0.0
0.0
0.0
40,217.0
39,781.0
34,635.0
39,289.0
32,385.0
Total Adjustments to Net Income
-458.0
-457.0
-455.0
-457.0
-455.0
Basic Weighted Average Shares Basic EPS Excluding Extraordinary Items Basic EPS Including Extraordinary Items
186.79 212.85 212.85
186.92 210.38 210.38
188.16 181.65 181.65
188.66 205.83 205.83
184.46 173.1 173.1
Diluted Weighted Average Shares Diluted EPS Excluding Extrordinary Items Diluted EPS Including Extraordinary Items
186.79 212.85 212.85
186.94 210.36 210.36
188.18 181.64 181.64
189.37 204.88 204.88
184.55 173.01 173.01
219.0
207.0
194.0
150.0
78.0
41,367.0 6,698.0 26,277.0
39,214.0 6,556.0 25,607.0
37,034.0 6,104.0 24,709.0
28,756.0 7,088.0 28,613.0
14,459.0 10,854.0 31,869.0
83,662.0 56,997.0 55,126.0 41,339.62 40,839.62
86,583.0 60,608.0 57,565.0 42,088.09 41,317.09
87,718.0 62,632.0 57,327.0 37,135.1 36,017.1
85,437.0 56,434.0 58,871.0 39,808.19 39,366.19
80,590.0 48,271.0 40,857.0 34,802.53 34,151.53
218.64 218.64
221.05 221.02 388.0
191.41 191.4 368.0
208.67 207.7 377.0
185.15 185.05 390.0
2009
2008
2007
2006
12/31/2010 ARS 03/01/2011 Updated
12/31/2009 20-F 05/14/2010 Updated
12/31/2008 20-F 04/02/2009 Updated
12/31/2007 20-F 04/09/2008 Updated
12/31/2006 20-F 04/09/2008 Restated
36,678.0 16,428.0 2,219.0 5,418.0
38,319.0 14,729.0 2,168.0 5,098.0
35,340.0 15,909.0 2,069.0 4,164.0
18,562.0 12,645.0 1,167.0 2,368.0
16,870.0 10,158.0 1,230.0 3,967.0
855.0
4,029.0
8,551.0
14,810.0
8,530.0
Total Current Assets
61,598.0
64,343.0
66,033.0
49,552.0
40,755.0
Property/Plant/Equipment, Total - Net Goodwill, Net Intangibles, Net Long Term Investments Note Receivable - Long Term Other Long Term Assets, Total
163,184.0 10,107.0 1,378.0 25,394.0 0.0 16,154.0
161,256.0 11,392.0 1,632.0 24,039.0 0.0 17,486.0
160,32 6.0 8,490.0 1,960.0 2,557.0 0.0 13,192.0
159,414.0 9,250.0 2,471.0 2,344.0 0.0 17,127.0
164,190.0 10,137.0 2,077.0 1,339.0 0.0 23,406.0
0.0
0.0
0.0
0.0
0.0
277,815.0
280,148.0
252,558.0
240,158.0
241,904.0
Dividends per Share - Common Stock Primary Issue Gross Dividends - Common Stock Interest Expense, Supplemental Depreciation, Supplemental Normalized Normalized Normalized Normalized Normalized
EBITDA EBIT Income Before Tax Income After Taxes Income Available to Common
Basic Normalized EPS Diluted Normalized EPS Amortization of Intangibles
BALANCE SHEET (ANNUAL)
2010 Period End Date Stmt Source Stmt Source Date Stmt Update Type
Assets Cash and Short Term Investments Total Receivables, Net Total Inventory Prepaid Expenses Other Current Assets, Total
Other Assets, Total Total Assets
450.0
Liabilities and Shareholders' Equity Accounts Payable Payable/Accrued Accrued Expenses Notes Payable/Short Term Debt Current Port. of LT Debt/Capital Leases
Other Current Liabilities, Total
25,804.0 19,601.0 18,268.0 12,253.0 8,634.0 0.0 0.0 0.0 0.0 0.0 31,261.0 30,858.0 20,132.0 17,905.0 19,102.0 0.0 0.0 0.0 0.0 0.0 13,801.0 12,714.0 15,080.0 8,764.0 17,309.0 11,349.0
10,721.0
11,850.0
9,324.0
7,799.0
82,215.0
73,894.0
65,330.0
48,246.0
52,844.0
Total Long Term Debt Deferred Income Tax Minority Interest
75,888.0 1,099.0 316.0
86,079.0 1,321.0 550.0
58,910.0 1,288.0 1,438.0
53,387.0 2,066.0 1,402.0
65,244.0 402.0 1,540.0
Other Liabilities, Total
21,228.0
19,729.0
20,061.0
24,114.0
20,561.0
180,746.0
181,573.0
147,027.0
129,215.0
140,591.0
Total Current Liabilities
Total Liabilities Redeemable Preferred Stock Preferred Stock - Non Redeemable, Net Common Stock Additional Paid-In Capital Retained Earnings (Accumulated Deficit) Treasury Stock - Common Other Equity, Total Total Equity Total Liabilities & Shareholders Equity
Total Common Shares Outstanding Total Preferred Shares Outstanding
0.0 0.0 0.0 0.0 0.0 4,419.0 4,416.0 4,415.0 4,417.0 4,424.0 947.0 947.0 947.0 943.0 942.0 62,890.0 62,890.0 68,343.0 67,066.0 66,614.0 36,594.0 37,744.0 37,177.0 39,894.0 29,361.0 -6,505.0 -6,405.0 -4,973.0 0.0 0.0 -1,276.0
-1,017.0
-378.0
-1,377.0
-28.0
97,069.0
98,575.0
105,531.0
110,943.0
101,313.0
277,815.0
280,148.0
252,558.0
240,158.0
241,904.0
186.76 441.89
186.8 441.63
187.48 441.48
188.74 441.65
188.43 442.38
STATEMENT OF CASH FLOW: 2009
2008
2007
2006
12/31/2010 12 Months ARS 03/01/2011 Updated
12/31/2009 12 Months 20-F 05/14/2010 Updated
12/31/2008 12 Months ARS 03/01/2011 Reclassified
53,685.0 26,277.0 7,127.0 -10,217.0 77,260.0
54,839.0 25,607.0 388.0 13,008.0 -19,436.0 74,386.0
54,491.0 24,709.0 368.0 12,561.0 -13,836.0 78,302.0
58,081.0 28,613.0 377.0 4,270.0 -13,936.0 77,418.0
38,249.0 31,869.0 390.0 15,914.0 -17,271.0 69,211.0
-28,069.0 4,786.0 -23,283.0
-27,399.0 -21,733.0 -49,132.0
-24,494.0 7,480.0 -17,014.0
-24,495.0 -6,824.0 -31,319.0
-20,125.0 -15,665.0 -35,790.0
-5,616.0 -41,080.0 -1,198.0
-2,097.0 -39,286.0 -3,647.0
-4,221.0 -37,124.0 -8,164.0
-4,036.0 -28,470.0 -2,005.0
-7,685.0 -14,913.0 -3,661.0
2010 Period End Date Period Length Stmt Source Stmt Source Date Stmt Update Type
Net Income/Starting Line Depreciation/Depletion Amortization Non-Cash Items Changes in Working Capital Cash from Operating Activities Capital Expenditures Other Investing Cash Flow Items, Total Cash from Investing Activities Financing Cash Flow Items Total Cash Dividends Paid Issuance (Retirement) of Stock, Net Issuance (Retirement) of Debt, Net Cash from Financing Activities
12/31/2007 12/31/2006 12 Months 12 Months 20-F 20-F 04/09/2008 04/09/2008 Updated Reclassified
-7,428.0
24,737.0
4,045.0
-10,308.0
-19,641.0
-55,322.0
-20,293.0
-45,464.0
-44,819.0
-45,900.0
-296.0
-326.0
413.0
-703.0
-710.0
-1,641.0
4,635.0
16,237.0
577.0
-13,189.0
38,319.0 36,678.0
33,684.0 38,319.0
17,447.0 33,684.0
16,870.0 17,447.0
30,059.0 16,870.0
Foreign Exchange Effects Net Change in Cash
Net Cash - Beginning Balance Net Cash - Ending Balance
DATA PROVIDERS :
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450.0
