Jollibee Foods Corp financial analysis

TERRADO, Carlo O.
ACANCE, Kathryn Bianca S.

ALMARIO, Maideline B.
ASPURIA, Hannah May M.
SACRAMED, Rachyl
September 3, 2014
TThS 2:30- 3:30
FINANCIAL STATEMENTS OF JOLLIBEE FOODS CORPORATION

Source: http://investing.businessweek.com/research/stocks/financials/financials.asp?
ticker=JFC:PM&dataset=incomeStatement&period=A&currency=native
INCOME STATEMENT
Year over year, Jollibee Foods Corp. has been able to grow revenues from $71.1B PHP to $80.3B PHP.
Most impressively, the company has been able to reduce the percentage of sales devoted to cost of
goods sold from 84.21% to 83.48%. This was a driver that led to a bottom line growth from $3.7B PHP to
$4.7B PHP.
Dec 31
2010
Restated
PHP
Jan 01
2012
Restated
PHP
Dec 31
2012
Restated
PHP
Dec 31
2013
PHP
53,371.7
62,554.9
71,059.0
80,282.8
53,371.7
62,554.9
71,059.0
80,282.8
44,542.5
52,731.4
59,837.8
67,021.4
8,829.2
9,823.5
11,221.2
13,261.4
Selling General & Admin Expenses, Total
5,229.9
5,884.1
6,825.5
7,343.6
OTHER OPERATING EXPENSES, TOTAL
5,229.9
5,884.1
6,825.5
7,343.6
OPERATING INCOME
3,599.3
3,939.4
4,395.7
5,917.8
Interest Expense
-193.2
-291.3
-206.0
-152.9
Interest And Investment Income
163.1
179.8
270.1
245.6
-30.1
-111.6
64.1
92.7
Income (Loss) On Equity Investments
-2.2
0.3
-51.0
-115.6
Currency Exchange Gains (Loss)
37.1
-63.6
-25.4
46.6
Other Non-Operating Income (Expenses)
106.1
192.9
180.8
171.0
3,710.2
3,957.5
4,564.3
6,112.5
Gain (Loss) On Sale Of Assets
106.0
--
--
--
Other Unusual Items, Total
369.7
437.5
297.4
133.0
Insurance Settlements
9.1
16.6
12.2
9.6
Other Unusual Items
360.5
420.9
335.9
110.1
4,185.9
4,395.0
4,861.7
6,245.5
973.4
1,110.2
1,149.7
1,522.7
Currency in
Millions of Philippines
Pesos
Revenues
TOTAL REVENUES
Cost Of Goods Sold
GROSS PROFIT
NET INTEREST EXPENSE
EBT, EXCLUDING UNUSUAL ITEMS
EBT, INCLUDING UNUSUAL ITEMS

Income Tax Expense
As of:
Minority Interest In Earnings
-14.7
-22.1
15.1
-51.2
Earnings From Continuing Operations
3,212.5
3,284.8
3,712.0
4,722.8
3,197.8
3,262.6
3,727.1
4,671.6
NET INCOME TO COMMON INCLUDING EXTRA

ITEMS
3,197.8
3,262.6
3,727.1
4,671.6
NET INCOME TO COMMON EXCLUDING EXTRA

ITEMS
3,197.8
3,262.6
3,727.1
4,671.6
NET INCOME
BALANCE SHEET
This company's debt to total capital ratio, at 18.13%, is in-line with the Hotels, Restaurants and Leisure
industry's norm. Additionally, even though there are not enough liquid assets to satisfy current obligations,
Operating Profits are more than adequate to service the debt. Cash collection is average with Accounts
Receivable are typical for the industry, although improving, with 12.07 days worth of sales outstanding.
Last, inventories seem to be well managed as the Inventory Processing Period is typical for the industry,
at 17.30 days.
Dec 31
2010
Restated
PHP
Jan 01
2012
Restated
PHP
Dec 31
2012
Restated
PHP
Dec 31
2013
PHP
8,170.5
6,655.3
8,848.6
9,903.9
8,170.5
6,655.3
8,848.6
9,903.9
Accounts Receivable
1,837.7
2,388.6
2,454.6
2,853.9
Other Receivables
54.4
--
200.2
116.8
1,892.1
2,388.6
2,654.8
2,970.7
Inventory
2,206.6
2,860.1
2,705.6
3,647.1
Prepaid Expenses
519.0
--
751.4
909.5
Other Current Assets
784.4
1,354.9
662.8
953.1
13,572.5
13,258.9
15,623.2
18,384.2
Gross Property Plant And Equipment
20,565.7
12,811.7
14,079.7
15,206.8
Accumulated Depreciation
-11,795.2
-7,868.1
-8,639.7
-9,222.2
8,770.5
4,943.6
5,440.0
5,984.6
Goodwill
5,986.4
6,530.4
6,822.5
6,822.5
Long-Term Investments
179.1
123.8
1,262.6
1,143.7
Deferred Tax Assets, Long Term
920.1
636.4
685.8
756.2
Deferred Charges, Long Term
59.7
--
68.9
61.3
Other Intangibles
2,004.3
7,648.7
7,634.5
8,068.9
Other Long-Term Assets
2,253.5
5,408.7
4,230.6
4,805.2
Currency in
Millions of Philippines
Pesos
As of:
Assets
Cash And Equivalents
TOTAL CASH AND SHORT TERM
INVESTMENTS
TOTAL RECEIVABLES
TOTAL CURRENT ASSETS
NET PROPERTY PLANT AND EQUIPMENT
TOTAL ASSETS
33,746.0
38,550.5
41,768.1
46,026.6
Accounts Payable
3,601.6
10,165.6
4,717.1
6,006.6
Accrued Expenses
4,886.9
--
5,986.5
7,256.6
Short-Term Borrowings
1,842.0
900.0
--
--
Current Portion Of Long-Term Debt/Capital

Lease
2,341.1
777.3
4,572.8
1,106.3
Current Income Taxes Payable
167.8
154.7
79.0
154.7
Other Current Liabilities, Total
731.3
104.8
1,190.0
1,046.8
Unearned Revenue, Current
123.1
--
75.9
47.6
13,693.8
12,102.4
16,621.2
15,618.6
Long-Term Debt
51.6
3,942.7
877.4
4,067.5
Minority Interest
561.9
703.7
733.1
812.1
Pension & Other Post-Retirement Benefits
212.1
9.4
521.6
932.8
Deferred Tax Liability Non-Current
768.4
528.4
374.7
318.2
Other Non-Current Liabilities
1,338.7
1,552.7
1,641.9
1,728.6
16,064.6
18,135.7
20,036.8
22,665.7
Common Stock
1,051.4
1,055.0
1,063.9
1,068.6
Additional Paid In Capital
2,773.7
2,914.5
3,284.1
3,640.7
Retained Earnings
14,242.7
16,438.0
17,871.2
19,017.2
Treasury Stock
-180.5
-180.5
-180.5
-180.5
Comprehensive Income And Other
-767.8
-515.8
-1,040.4
-997.1
TOTAL COMMON EQUITY
17,119.5
19,711.2
20,998.2
22,548.9
TOTAL EQUITY
17,681.4
20,414.9
21,731.3
23,360.9
33,746.0
38,550.5
41,768.1
46,026.6
LIABILITIES & EQUITY
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
TOTAL LIABILITIES AND EQUITY
CASH FLOW STATEMENT

Dec 31
2010
Restated
PHP
Jan 01
2012
Restated
PHP
Dec 31
2012
Restated
PHP
Dec 31
2013
PHP
3,197.8
3,262.6
3,727.1
4,671.6
Depreciation & Amortization
1,978.0
2,401.6
2,705.6
3,072.5
Amortization Of Goodwill And Intangible

Assets
--
--
2.5
3.2
1,978.0
2,401.6
2,708.1
3,075.7
Currency in
Millions of Philippines Pesos
As of:
NET INCOME
DEPRECIATION & AMORTIZATION, TOTAL
Amortization Of Deferred Charges
168.5
182.6
121.2
110.2
(Gain) Loss From Sale Of Asset
183.8
216.3
318.6
446.2
(Gain) Loss On Sale Of Investment
0.1
0.2
--
4.3
Asset Writedown & Restructuring Costs
-18.2
--
53.7
-13.3
Other Operating Activities
90.4
196.0
-110.9
319.4
(Income) Loss On Equity Investments
2.2
-0.3
51.0
115.6
Provision & Write-Off Of Bad Debts
--
--
97.6
11.2
Change In Accounts Receivable
82.3
-314.2
-214.8
-324.8
Change In Inventories
-314.5
-693.9
243.4
-940.1
Change In Accounts Payable
201.8
783.5
858.0
2,040.3
Change In Other Working Capital
-133.7
-227.4
308.1
-447.1
5,504.2
5,880.6
8,238.0
9,219.5
Capital Expenditure
-2,553.4
-3,700.4
-3,753.9
-3,907.9
Sale Of Property, Plant, And Equipment
96.0
32.0
41.2
50.7
Cash Acquisitions
-2,714.8
-637.7
-127.6
--
Sale (Purchase) Of Real Estate Properties
-30.4
-8.0
-1.4
--
Sale (Purchase) Of Intangible Assets
--
--
--
-267.3
Investments In Marketable & Equity Securities
-27.7
-1,077.3
-208.3
-274.0
CASH FROM INVESTING
-5,124.2
-7,156.8
-3,883.7
-4,288.9
Short-Term Debt Issued
1,842.0
900.0
--
--
Long-Term Debt Issued
--
3,131.0
1,700.8
2,582.6
1,842.0
4,031.0
1,700.8
2,582.6
Short Term Debt Repaid
-305.0
-342.0
-900.0
--
Long Term Debt Repaid
-53.7
-2,379.8
-728.9
-3,149.4
-358.7
-2,721.9
-1,628.9
-3,149.4
Issuance Of Common Stock
27.9
68.7
301.6
210.9
Common Dividends Paid
-1,277.2
-1,196.6
-1,230.1
-1,132.7
TOTAL DIVIDEND PAID
-1,277.2
-1,196.6
-1,230.1
-1,132.7
Special Dividend Paid
-1,279.4
--
-1,044.3
-2,099.9
Other Financing Activities
-136.7
-419.8
-268.2
-291.7
-1,182.2
-238.6
-2,169.0
-3,880.2
Foreign Exchange Rate Adjustments
-4.6
-0.4
8.0
4.9
NET CHANGE IN CASH
-806.8
-1,515.2
2,193.3
1,055.3
CASH FROM OPERATIONS
TOTAL DEBT ISSUED
TOTAL DEBT REPAID
CASH FROM FINANCING
RATIO DATA TTM as of 06/30/14

Profitability - Jollibee Foods Corporation (JFC)
Return on Assets
Industry Comparison
Return on Equity
Industry Comparison
8.49%
21.12%
Return on Capital
Industry Comparison
13.10%
Margin Analysis - Jollibee Foods Corporation (JFC)
Gross Margin
Levered Free Cash Flow Margin
Industry Comparison
Industry Comparison
16.58%
3.10%
EBITDA Margin
SG&A Margin
Industry Comparison
Industry Comparison
10.84%
9.38%
Asset Turnover - Jollibee Foods Corporation (JFC)
Total Assets Turnover
Accounts Receivables Turnover
Industry Comparison
Industry Comparison
1.9x
39.6x
Fixed Assets Turnover
Inventory Turnover
Industry Comparison
Industry Comparison
13.6x
20.2x
Credit Ratios - Jollibee Foods Corporation (JFC)
Current Ratio
Quick Ratio
Industry Comparison
Industry Comparison
1.3x
0.9x
Long-Term Solvency - Jollibee Foods Corporation (JFC)
Total Debt/Equity
Total Liabilities/Total Assets
Industry Comparison
Industry Comparison
21.15%
46.61%
Growth Over Prior Year - Jollibee Foods Corporation (JFC)
Total Revenue
Tangible Book Value
Industry Comparison
Industry Comparison
14.63%
14.99%
EBITDA
Gross Profit
Industry Comparison
Industry Comparison
16.03%
15.00%
Receivables
Inventory
Industry Comparison
Industry Comparison
-0.91%
10.35%
Diluted EPS Before Extra
Capital Expenditures
Industry Comparison
Industry Comparison
16.86%
28.68%
Cash From Ops.
Levered Free Cash Flow
Industry Comparison
Industry Comparison
4.76%
-27.74%
Industry Analysis
JFC
Industry Average
Valuation
Price/Earnings
JFC
40.5x
Price/Sales
2.3x
Price/Book
8.2x
Price/Cash Flow
TEV/Sales
39.7x
2.1x
Industry Range

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TERRADO, Carlo O.

ACANCE, Kathryn Bianca S.

FINANCIAL STATEMENTS OF JOLLIBEE FOODS CORPORATION

Selling General & Admin Expenses, Total

OTHER OPERATING EXPENSES, TOTAL

Interest And Investment Income

Income (Loss) On Equity Investments

Currency Exchange Gains (Loss)

Other Non-Operating Income (Expenses)

Gain (Loss) On Sale Of Assets

Other Unusual Items, Total

Other Unusual Items

NET INTEREST EXPENSE

EBT, EXCLUDING UNUSUAL ITEMS

EBT, INCLUDING UNUSUAL ITEMS

Minority Interest In Earnings

Earnings From Continuing Operations

NET INCOME TO COMMON INCLUDING EXTRA

NET INCOME TO COMMON EXCLUDING EXTRA

Other Current Assets

Gross Property Plant And Equipment

Deferred Tax Assets, Long Term

Deferred Charges, Long Term

Other Long-Term Assets

TOTAL CURRENT ASSETS

NET PROPERTY PLANT AND EQUIPMENT

Current Portion Of Long-Term Debt/Capital

Current Income Taxes Payable

Other Current Liabilities, Total

Unearned Revenue, Current

Pension & Other Post-Retirement Benefits

Deferred Tax Liability Non-Current

Other Non-Current Liabilities

Additional Paid In Capital

Comprehensive Income And Other

TOTAL COMMON EQUITY

LIABILITIES & EQUITY

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES AND EQUITY

CASH FLOW STATEMENT

Depreciation & Amortization

Amortization Of Goodwill And Intangible

DEPRECIATION & AMORTIZATION, TOTAL

Amortization Of Deferred Charges

(Gain) Loss From Sale Of Asset

(Gain) Loss On Sale Of Investment

Asset Writedown & Restructuring Costs

Other Operating Activities

(Income) Loss On Equity Investments

Provision & Write-Off Of Bad Debts

Change In Accounts Receivable

Change In Accounts Payable

Change In Other Working Capital

Sale Of Property, Plant, And Equipment

Sale (Purchase) Of Real Estate Properties

Sale (Purchase) Of Intangible Assets

Investments In Marketable & Equity Securities

CASH FROM INVESTING

Short-Term Debt Issued

Long-Term Debt Issued

Short Term Debt Repaid

Long Term Debt Repaid