PEPSI-COLA PRODUCTS PHILIPPINES INC

Balance Sheet Increase (De

Year ended December 31 all amounts in m
all amounts in million pesos 2019
ASSETS 2019 2018 2017 Amount change
Cash & Short term Investments ₱ 712 ₱ 549 ₱ 498 163
Cash Only 712 549 498 163
Total Accounts Receivable 3,377 3,110 2,985 267
Account Receivables, Net 2,139 2,050 1,575 89
Account Receivables, Gross 2,388 2,272 1,790 116
Bad Debt/Doubtful Accounts (249) (222) (215) (27)
Other Receivables 1,238 1,060 1,410 178
Inventories 3,916 5,040 2,484 (1,124)
Finished Goods 1,213 1,102 680 111
Work in Progress 4 3 6 1
Raw Materials 2,698 3,935 1,799 (1,237)
Other Current Assets 745 282 284 463
Miscellaneous Current Assets 745 282 284 463
Total Current Assets 8,749 8,980 6,252 (231)
Net Property, Plant & Equipment 16,255 16,260 16,891 (5)
Property, Plant & Equipment- Gross 38,306 36,049 27,512 2,257
Buildings 3,991 3,868 3,675 123
Machinery & Equipment 17,984 18,225 17,672 (241)
Construction in Progress 1,597 1,247 1,136 350
Other Property, Plant & Equipment 14,311 12,708 5,028 1,603
Accumulated Depreciation 22,051 19,788 10,621 2,263
Buildings 1,179 1,051 940 128
Machinery & Equipment 11,244 10,491 9,646 753
Other Property, Plant & Equipment 9,628 8,246 35 1,382
Total Investments and Advances 635 613 596 22
LT Investment-Affiliate Companies 635 613 596 22
Intangible Assets 246 246
Net Other Intangibles 246 246
Other Assets 219 204 280 15
Tangible Other Assets 219 204 280 15
Total Assets ₱ 26,681 ₱ 26,559 ₱ 24,614 122

LIABILITIES & EQUITY

ST Debt & Current Portion LT Debt 3,083 1,795 3,702 1,288
Short Term Debt 1,250 1,000 3,100 250
Current Portion of Long Term Debt 1,833 795 602 1,038
Accounts Payable 5,217 6,057 4,877 (840)
Income Tax Payable 9 42 (9)
Other Current Liabilities 3,178 3,164 3,251 14
Accrued Payroll 326 235 272 91
 Miscellaneous Current Liabilities 2,852 2,929 2,980 (77)
Total Current Liabilities 11,478 11,026 11,874 452
Long-Term Debt 4,280 4,627 1,148 (347)
Long-Term Debt excl. Capitalized Leases 4,143 4,627 1,148 (484)
Non-Convertible Debt 4,143 4,627 1,148 (484)
Capitalized Lease Obligations
Provision for Risks & Charges 764 664 1,615 100
Deferred Taxes 458 581 745 (123)
Deferred Taxes - Credit 1,016 1,083 1,340 (67)
Deferred Taxes - Debit 558 502 595 56
Other Liabilities (808)
Other Liabilities (excl. Deferred Income) - (808)
Total Liabilities ₱ 17,538 ₱ 17,400 ₱ 15,169 138
Common Equity (Total) 9,143 9,159 9,445 (16)
Common Stock Par/Carry Value 554 554 554
Additional Paid-In Capital/Capital Surplus 1,197 1,197 1,197
Retained Earnings 7,729 7,603 7,965 126
Other Appropriated Reserves (338) (195) (271) (143)
Total Shareholders' Equity 9,143 9,159 9,445 (16)
Total Equity ₱ 9,143 ₱ 9,159 ₱ 9,445 (16)
Liabilities & Shareholders' Equity ₱ 26,681 ₱ 26,559 ₱ 24,614 122

RATIOS
2019 2018 2017
Cash & Short Term Investments Growth 29.77% 10.08% 55.71%
Cash & ST Investments / Total Assets 2.67% 2.07% 2.02%
Accounts Receivable Growth 8.59% 4.18% 18.81%
Accounts Receivable Turnover 10.42 10.74 10.15
Assets - Total - Growth 0.46% 7.90% 8.97%
Asset Turnover 1.32 1.26 1.23
Return On Average Assets 1.91%
Accounts Payable Growth -13.87% 24.19% 5.97%
Current Ratio 0.76 0.81 0.53
Quick Ratio 0.42 0.36 0.32
Cash Ratio 0.06 0.05 0.04
Debt-To-Total-Assets 65.73% 65.51% 61.63%
Common Equity / Total Assets 34.27% 34.49% 38.37%
Total Shareholders' Equity / Total Assets 34.27% 34.49% 38.37%
Debt-To-Equity 1.92 1.90 1.61
Inventory Turnover 7.40 5.62 9.54
Retun on Investment 1.91% -0.46 2.20%
Return on Equity 5.57% -1.33% 5.73%
 Increase (Decrease)
all amounts in million pesos
2019 2018
Percent Amount change Percent
30% 51 10%
30% 51 10%
9% 125 4%
4% 475 30%
5% 482 27%
12% (7) 3%
17% (350) -25%
-22% 2,556 103%
10% 422 62%
33% (3) -50%
-31% 2,136 119%
164% (2) -1%
164% (2) -1%
-3% 2,728 44%
0% (631) -4%
6% 8,537 31%
3% 193 5%
-1% 553 3%
28% 111 10%
13% 7,680 153%
11% 9,167 86%
12% 111 12%
7% 845 9%
17% 8,211 23460%
4% 17 3%
4% 17 3%

7% (76) -27%
7% (76) -27%
0% 1,945 8%

72% (1,907) -52%

25% (2,100) -68%
131% 193 32%
-14% 1,180 24%
-100% (33) -79%
0% (87) -3%
39% (37) -14%
 -3% (51) -2%
4% (848) -7%
-7% 3,479 303%
-10% 3,479 303%
-10% 3,479 303%

15% (951) -59%

-21% (164) -22%
-6% (257) -19%
11% (93) -16%
808 -100%
808 -100%
1% 2,231 15%
0% (286) -3%
0% 0 0%
0% 0 0%
2% (362) -5%
73% 76 -28%
0% (286) -3%
0% (286) -3%
0% 1,945 8%
 MACAY HOLDINGS INC.
Balance Sheet
Year ended December 31
all amounts in million pesos
ASSETS 2019 2018 2017
Cash & Short Term Investments ₱ 3,556 ₱ 3,772 ₱ 3,671
Cash Only 3,556 3,772 3,671
Short-Term Investments
Total Accounts Receivable 352 322 506
Accounts Receivables, Net 183 163 393
Accounts Receivables, Gross 273 261 400
Bad Debt/Doubtful Accounts (90) (98) (7)
Other Receivables 169 159 113
Inventories 854 886 882
Finished Goods 173
Raw Materials 671
Progress Payments & Other 9
Other Current Assets 186 235 139
Prepaid Expenses 164 - 1
Miscellaneous Current Assets 164 - 1
Total Current Assets 4,948 5,214 5,199
Net Property, Plant & Equipment 1,790 1,460 1,379
Property, Plant & Equipment - Gross 3,361 2,759 2,404
Buildings 105 4
Land & Improvements 113 113 109
Machinery & Equipment 1,858 1,708 1,494
Construction in Progress 5 159 92
Transportation Equipment 719 609 557
Other Property, Plant & Equipment 176 166 146
Accumulated Depreciation 1,571 1,299 1,024
Buildings 3
Machinery & Equipment 925 755 580
Transportation Equipment 531 457 378
Other Property, Plant & Equipment 112 88 67
Total Investments and Advances 16 23 29
LT Investment - Affiliate Companies 16 23 29
Other Long-Term Investments
Other Assets 2,866 3,056 3,350
Deferred Charges 2,315 2,521 2,823
Tangible Other Assets 551 535 527
Total Assets ₱ 9,675 ₱ 9,814 ₱ 9,989

LIABILITIES & EQUITY

ST Debt & Current Portion LT Debt ₱ 140 ₱ 63 ₱ 86
 Short Term Debt 14 63 86
Current Portion of Long Term Debt 126
Accounts Payable 802 1,126 1,056
Income Tax Payable 1 21 105
Other Current Liabilities 1 21 105
Dividends Payable 3 3 13
Accrued Payroll 16 17 17
Miscellaneous Current Liabilities 755 909 1,358
Total Current Liabilities 1,716 2,139 2,636
Long-Term Debt 291
Provision for Risks & Charges 32
Deferred Taxes (55) (31) (5)
Deferred Taxes - Credit 29 27
Deferred Taxes - Debit 55 60 32
Other Liabilities
Other Liabilities (excl. Deferred Income) -
Total Liabilities ₱ 2,039 ₱ 2,168 ₱ 2,663
Common Equity (Total) 7,636 7,646 7,327
Common Stock Par/Carry Value 1,068 1,068 1,068
Additional Paid-In Capital/Capital Surplus 1,154 1,154 1,154
Retained Earnings 4,141 3,734 3,719
Other Appropriated Reserves 1,273 1,690 1,386
Unappropriated Reserves
Total Shareholders' Equity 7,636 7,646 7,327
Total Equity ₱ 7,636 ₱ 7,646 ₱ 7,327
Liabilities & Shareholders' Equity ₱ 9,675 ₱ 9,814 ₱ 9,989

RATIOS
2019 2018 2017
Cash & Short Term Investments Growth -5.72% 2.73% 93.19%
Cash & ST Investments / Total Assets 36.75% 38.43% 36.75%
Accounts Receivable Growth 9.24% -36.34% 21.88%
Accounts Receivable Turnover 29.64 34.23 21.18
Assets - Total - Growth -1.41% -1.76% 19.04%
Asset Turnover 1.08 1.12 1.07
Return On Average Assets 2.32%
Accounts Payable Growth -28.80% 6.65% -2.06%
Current Ratio 2.88 2.44 1.97
Quick Ratio 2.39 2.02 1.64
Cash Ratio 2.07 1.76 1.39
Debt-To-Total-Assets 21.08% 22.09% 26.65%
Common Equity / Total Assets 78.92% 77.91% 73.35%
Total Shareholders' Equity / Total Assets 78.92% 77.91% 73.35%
Deb-To-Equity 0.27 0.28 0.36
Inventory Turnover 10.16 10.18 7.81
Retun on Investment 2.34% 4.88% 16.33%
Return on Equity 2.96% 6.26% 22.26%
 Increase (Decrease)
all amount in million pesos
2019 2018
Amount change Percent Amount change Percent
(216) -5.73% 101 2.75%
(216) -5.73% 101 2.75%
- -
30 9.32% (184) -36.36%
20 12.27% (230) -58.52%
12 4.60% (139) -34.75%
8 -8.16% (91) 1300.00%
10 6.29% 46 40.71%
(32) -3.61% 4 0.45%
173 -
671 -
9 -
(49) -20.85% 96 69.06%
164 (1) -100.00%
164 (1) -100.00%
(266) -5.10% 15 0.29%
330 22.60% 81 5.87%
602 21.82% 355 14.77%
101 2525.00% 4
- 0.00% 4 3.67%
150 8.78% 214 14.32%
(154) -96.86% 67 72.83%
110 18.06% 52 9.34%
10 6.02% 20 13.70%
272 20.94% 275 26.86%
3 -
170 22.52% 175 30.17%
74 16.19% 79 20.90%
24 27.27% 21 31.34%
(7) -30.43% (6) -20.69%
(7) -30.43% (6) -20.69%
- -
(190) -6.22% (294) -8.78%
(206) -8.17% (302) -10.70%
16 2.99% 8 1.52%
(139) -1.42% (175) -1.75%
- -
- -
77 122.22% (23) -26.74%
 (49) -77.78% (23) -26.74%
126 -
(324) -28.77% 70 6.63%
(20) -95.24% (84) -80.00%
(20) -95.24% (84) -80.00%
- 0.00% (10) -76.92%
(1) -5.88% - 0.00%
(154) -16.94% (449) -33.06%
(423) -19.78% (497) -18.85%
291 -
32 -
(24) 77.42% (26) 520.00%
(29) -100.00% 2 7.41%
(5) -8.33% 28 87.50%
-
-
(129) -5.95% (495) -18.59%
(10) -0.13% 319 4.35%
- 0.00% - 0.00%
- 0.00% - 0.00%
407 10.90% 15 0.40%
(417) -24.67% 304 21.93%
-
(10) -0.13% 319 4.35%
(10) -0.13% 319 4.35%
(139) -1.42% (175) -1.75%
 PEPSI-COLA PRODUCTS PHILIPPINES INC
Income Statement
Year ended december 31
all amounts in million pesos
2019 2018 2017
Sales/Revenue ₱ 35,184 ₱ 33,394 ₱ 30,306
Cost of Goods Sold (COGS) incl. D&A 28,997 28,347 23,694
COGS excluding D&A 26,192 25,394 20,741
Depreciation & Amortization Expense 2,805 2,953 2,953
Depreciation 2,805 2,953 2,953
Gross Income 6,187 5,048 6,611
SG&A Expense 5,001 4,871 5,754
Research & Development -
Other SG&A 5,001 4,871 5,754
Other Operating Expense 160 210
EBIT 1,026 - 857
Non Operating Income/Expense 72 135 31
Non-Operating Interest Income 5 5 5
Interest Expense 408 275 137
Gross Interest Expense 408 275 163
Interest Capitalized 26
Pretax Income 695 (169) 756
Income Tax 208 (30) 227
Income Tax - Current Domestic 279 166 263
Income Tax - Deferred Domestic (71) (196) (36)
Equity in Affiliates 23 17 12
Consolidated Net Income 509 (122) 541
Net Income 509 (122) 541
Extraordinaries & Discontinued Operations (211) (77)
Discontinued Operations (211) (77)
Net Income After Extraordinaries 720 (45) 541
Net Income Available to Common 299 (200) 541
Basic Shares Outstanding 3,694 3,694 3,694
Diluted Shares Outstanding 3,694 3,694 3,694
EBITDA 3,831 2,920 3,810
EBIT 1,026 - 857

RATIOS
2019 2018 2017
Sales Growth 5.36% 10.19% -0.05%
COGS Growth 2.29% 19.64% -1.62%
Gross Income Growth 22.57% -23.65% 6.01%
Gross Profit Margin 17.58%
SGA Growth 2.68% -15.35% 15.67%
Interest Expense Growth 48.09% 101.21% 50.75%
Pretax Income Growth 512.25% -122.30% -36.91%
Pretax Margin 1.98%
Net Income Growth 517.04% -122.57% -36.55%
Net Margin 1.45% -0.37% 1.79%
EPS (Basic) 0.08 -0.05 0.15
EPS (Basic) Growth 249.81% -136.00% -34.78%
EPS (Diluted) 0.08 -0.05 0.15
EPS (Diluted) Growth 249.71% -136.86% -36.55%
EBITDA Growth 31.20% -23.37% -4.77%
EBITDA Margin 10.89%
Interest Coverage 2.51 6.26

Pepsi-Cola Products Philippines Inc.

Percentage Trend Analysis
(2017 is the based year)
all amounts in million pesos
2019 2018 2017
Sales/Revenue ₱ 35,184 ₱ 33,394 ₱ 30,306
Trend Percentage 1.161 1.102
116% 110% 100%
Net Income 509 (122) 541
Trend Percentage 0.941 -
94% - 100%
 Increase (Decrease)
all amounts in million pesos
2019 2018
Amount change Percent Amount change Percent
1,790 5% 3,088 10%
650 2% 4,653 20%
798 3% 4,653 22%
(148) -5% 0 0%
(148) -5% 0 0%
1,139 23% (1,563) -24%
130 3% (883) -15%
0 0
130 3% (883) -15%
(50) -24% 210
1,026 (857) -100%
(63) -47% 104 335%
0 0% 0 0%
133 48% 138 101%
133 48% 112 69%
(26) -100%
864 -511% (925) -122%
238 -793% (257) -113%
113 68% (97) -37%
125 -64% (160) 444%
6 35% 5 42%
631 -517% (663) -123%
631 -517% (663) -123%
(134) 174% (77)
(134) 174% (77)
765 -1700% (586) -108%
499 -250% (741) -137%
0 0% 0 0%
0 0% 0 0%
911 31% (890) -23%
1,026 (857) -100%
 MACAY HOLDINGS INC.
Income Statement Increase (
For the year ended December 31 all amounts in
all amounts in million pesos 2019
2019 2018 2017 Amount change
Sales/Revenue ₱ 10,440 ₱ 11,037 ₱ 10,727 (597)
Cost of Goods Sold (COGS) incl. D&A 8,679 9,020 6,891 (341)
COGS excluding D&A 7,375 7,892 5,677 (517)
Depreciation & Amortization Expense 1,304 1,128 1,214 176
Depreciation 557 280 299 277
Amortization of Deferred Charges 747 848 915 (101)
SG&A Expense 1,762 2,017 3,836 (255)
Other SG&A 1,511 1,458 1,561 53
Other Operating Expense 1,511 1,458 1,561 53
EBIT 251 559 (308)
Non Operating Income/Expense 7 29 33 (22)
Non-Operating Interest Income 88 73 25 15
Equity in Affiliates (Pretax) - (5) (13)
Interest Expense 52 2 4 50
Gross Interest Expense 52 2 4 50
Pretax Income 294 654 2,317 (360)
Income Tax 60 174 686 (114)
Income Tax - Current Domestic 74 187 691 (113)
Income Tax - Deferred Domestic (14) (13) (5) (1)
Equity in Affiliates (8) (8)
Consolidated Net Income 226 479 1,631 (253)
Net Income 226 479 1,631 (253)
Net Income After Extraordinaries 226 479 1,631 (253)
Net Income Available to Common 226 479 1,631 (253)
Basic Shares Outstanding 1,068 1,068 1,068 -
Diluted Shares Outstanding 1,068 1,068 1,068 -
EBITDA 1,555 1,687 3,489 (132)
EBIT 251 559 - (308)

RATIOS
2019 2018 2017
Sales Growth -5.40% 2.88% -5.72%
COGS Growth -3.78% 30.89% -8.59%
Gross Income Growth -12.65% -47.43% -0.10%
Gross Profit Margin 16.87%
SGA Growth 3.63% -6.61% 15.88%
Interest Expense Growth 2451.30% -45.01% -36.99%
Pretax Income Growth -55.00% -71.79% -8.55%
Pretax Margin 2.82%
Net Income Growth -52.80% -70.62% -10.29%
Net Margin 2.17% 4.34% 15.20%
EPS (Basic) 0.21 0.45 1.53
EPS (Basic) Growth -52.93% -70.59% -10.00%
EPS (Diluted) 0.21 0.45 1.53
EPS (Diluted) Growth -52.80% -70.62% -10.29%
EBITDA Growth -7.82% -51.66% -3.36%
EBITDA Margin 14.90%
Interest Coverage 4.83 279.50

Macay Holdings Inc.

Percentage Trend Analysis
(2017 is the based year)
all amounts in million pesos
2019 2018 2017
Sales/Revenue ₱ 10,440 ₱ 11,037 ₱ 10,727
Trend Percentage 0.973 1.029
97% 103% 100%
Net Income 226 479 1,631
Trend Percentage 0.139 0.294
14% 29% 100%
 Increase (Decrease)
all amounts in million pesos
2019 2018
Percent Amount change Percent
-5.41% 310 2.89%
-3.78% 2,129 30.90%
-6.55% 2,215 39.02%
15.60% (86) -7.08%
98.93% (19) -6.35%
-11.91% (67) -7.32%
-12.64% (1,819) -47.42%
3.64% (103) -6.60%
3.64% (103) -6.60%
-55.10% 559
-75.86% (4) -12.12%
20.55% 48 192.00%
0.00% 8 -61.54%
2500.00% (2) -50.00%
2500.00% (2) -50.00%
-55.05% (1,663) -71.77%
-65.52% (512) -74.64%
-60.43% (504) -72.94%
7.69% (8) 160.00%
-
-52.82% (1,152) -70.63%
-52.82% (1,152) -70.63%
-52.82% (1,152) -70.63%
-52.82% (1,152) -70.63%
0.00% - 0.00%
0.00% - 0.00%
-7.82% (1,802) -51.65%
-55.10%