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COMPANY PROFILE
Jollibee Foods
Corporation
REFERENCE CODE: 329EF5C8-1D6C-4ED0-AB20-0B78BFEA59A5

PUBLICATION DATE: 07 Jan 2018
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Jollibee Foods Corporation
TABLE OF CONTENTS
TABLE OF CONTENTS
Company Overview ........................................................................................................3

Key Facts ......................................................................................................................... 3
Business Description .....................................................................................................4
History ............................................................................................................................. 5
Key Employees ...............................................................................................................8
Key Employee Biographies .........................................................................................10
Major Products & Services ..........................................................................................15
SWOT Analysis .............................................................................................................16
Top Competitors ...........................................................................................................20
Company View ..............................................................................................................21
Locations And Subsidiaries ........................................................................................23
Jollibee Foods Corporation Page 2

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Company Overview
Company Overview
COMPANY OVERVIEW
Jollibee Foods Corporation (JFC or ‘the company’) is franchising of quick-service restaurants (QSRs).
The company is also development and operation of QSRs restaurant. Additionally, it engaged in
manufacturing and property leasing activities in support of the QSR systems. Its products portfolio
comprises beverages and desserts, breakfast foods, chicken, kid’s meal and snacks including burger,
noodles, sandwiches and slides. It also provides services including food delivery, event celebration and
food stores services. Jollibee primarily operates in the Philippines, Singapore, Indonesia, Hong Kong, the
US, Vietnam, Canada and China. It is headquartered in Pasig City, Philippines.
The company reported revenues of (Philippine Pesos) PHP113,907.8 million for the fiscal year ended
December 2016 (FY2016), an increase of 13% over FY2015. In FY2016, the company’s operating margin
was 5.7%, compared to an operating margin of 5.3% in FY2015. In FY2016, the company recorded a net
margin of 5.4%, compared to a net margin of 4.9% in FY2015.
The company reported revenues of PHP32,670.5 million for the third quarter ended September 2017, an
increase of 0.4% over the previous quarter.
Key Facts
KEY FACTS
Head Office Jollibee Foods Corporation

10/F Jollibee Plaza Building
No. 10 F Ortigas Jr Avenue
Ortigas Center
Pasig City
Rizal
Pasig City
Rizal
PHL
Phone 63 263 41111
Fax 63 263 35904
Web Address www.jollibee.com.ph
Revenue / turnover (PHP Mn) 113,907.8
Revenue (USD Mn) 2,402.8
Financial Year End December
Employees 5,019
Philippine Stock Exchange Ticker JFC

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Business Description
Business Description
BUSINESS DESCRIPTION
Jollibee Foods Corporation (Jollibee) is a multinational chain of fast food restaurants in the Philippines.
The product portfolio of the company comprises beverages and desserts, breakfast foods, chicken, kid’s
meal and snacks including burger, noodles, sandwiches and slides. It also provides services including
food delivery, event celebration and 24 hours food stores services. It also operates commissaries or
manufacturing plants to support the continued growth of its retail chain. Jollibee operates more than 130
stores outside the Philippines and present in ten countries – USA, Hong Kong, Brunei, Vietnam, Saudi
Arabia, Qatar, Kuwait, Bahrain, UAE, and Singapore. The company operates through three business
segments: food service, franchising and leasing.
Jollibee’s food service segment is involved in the operation of QSRs and manufacture of food products to
be sold to Jollibee Group-owned and franchised QSR outlets. In FY2016, food service segment of the
company reported the revenue of PHP141,935.6 million (US$2,988.6 million), accounted for 91.8% of
company’s total revenue.
The company's franchising segment franchises Jollibee Group's QSR store concepts. Its leasing segment
is engaged in leasing store sites primarily to the Jollibee Group's independent franchisees. In FY2016,
franchising segment of the company reported the revenue of PHP$7,025.9 million (US$147.9 million),
accounted for 4.5% of company’s total revenue.
Leasing segment of the company leases store sites mainly to the company’s independent franchisees. In
FY2016, this segment of the company reported the revenue of PHP5666.3 million (US$119.3 million),
accounted for 3.7% of company’s total revenue. In FY2016, the company opened 33 new brand stores,
with three in the US, one in Canada, 15 in Vietnam, nine in the Middle East and five in Southeast Asia.
The company operates its business operations into two geographical segments including Philippines
businesses and International businesses, which includes PRC, the USA, UAE, Hong Kong, Brunei, Saudi
Arabia, Singapore, Kuwait, Qatar and Vietnam. In FY2016, Philippines reported the revenue of
PHP90,625.3 million (US$1,908.2 million), accounted for 79% followed by International business
PHP23,691 million (US$498.5 million), accounted for 21% of company’s total revenue.

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History
History
HISTORY
JFC was established in 1975.
JFC was incorporated in 1978.
In 1979, the company opened its first franchised store at Ronquillo, Sta. Cruz in Manila.
A year later, the company opened 20 new stores in the Philippines, bringing the total store count to 168.
JFC also expanded its store network in international markets by opening new stores in Guam, Dubai, the
UAE, Kuwait, Jeddah and Saudi Arabia.
JFC marked its entry into international market by opening the first fast food outlet in Brunei in 1987. Two
years later, it opened another store in the same market.
In 1991, the company opened its first store outside Luzon in Cagayan de Oro City in the Philippines.
By the end of 1992, JFC operated 112 stores across the Philippines.
The company was listed on the Philippines Stock Exchange in 1993.
In 1994, JFC acquired Greenwich Pizza, a pizza and pasta chain in the Philippines.
JFC opened its first store in Hong Kong during 1996.
The company opened its first store in the US in California.
During 1999, the company opened 50 new stores in the Philippines, thereby bringing its store count to
350.
JFC acquired Chowking, a Philippine-based chain, in 2000. In the following year, the company opened its
400th store in Intramuros, the Philippines.
The company established The Jollibee Group Foundation
In 2004, the company acquired the Yonghe King, a fast food chain in China.
In 2005, the company acquired Red Ribbon Bakeshop, one of the biggest and fastest growing bakeshops
in the Philippines.
Chowking Food, a surviving entity, was renamed as Fresh N’ Famous Foods.
Towards the end of 2006, the company merged its wholly-owned Chinese fast food operation Chowking
Food, pizza and pasta venture Greenwich Pizza and Baker Fresh Foods Philippines, which holds the
franchise for the Delifrance chain.

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History
JFC opened its first Chun Shui Tang (CST) Tea House in Shanghai, China.
JFC bought 20% stake in Greenwich Pizza held by the local group, Green Foods Franchising in 2006. In
the same year, the company bought Singapore's Delifrance Asia from their equally owned joint venture
Baker Fresh Foods Philippines.
Further in 2007, the company opened its 600th Jollibee store in Aparri, the Philippines; and a new outlet
in Las Vegas, the US.
In 2007, JFC acquired 15% stake in its minority partner in China-based QSR chain, Yonghe King, held by
Belmont Enterprises Ventures.`
The company started testing of its new restaurant concept, Manong Pepe’s Karinderia serving Filipino
food at very low price points.
JFC, through its wholly-owned subsidiary Jollibee Worldwide, acquired a 12% stake in the US-based
Chow Fun Holdings in 2008. In the same year, Jollibee Worldwide also acquired 100% of the issued and
outstanding shares of Hongzhuangyuan, which operates the Hongzhuangyuan system in China.
Grandworth, a wholly-owned subsidiary of the company, established IConnect Multimedia Network, a

multimedia advertising company
In 2009, Jollibee Worldwide acquired 70% of the issued and outstanding shares of Lao Dong in Taipei,
Taiwan.
JFC, through its wholly-owned subsidiary Grandworth, acquired the remaining 40% of the issued and
outstanding shares of Adgraphix, in 2010. In the same year, the company acquired 55% stake in Guangxi
Zong Kai Food and Beverage Management Company Limited which operates San Pin Wang, a chain of
beef noodles business in south China.
JFC's wholly-owned subsidiary, Fresh N' Famous Foods, sold assets of the Delifrance business unit to
CafeFrance Corp.
In 2010, the company acquired 70% of Mang Inasal Philippines, the owner and operator of the Mang
Inasal restaurant chain.
The company signed an agreement to acquire 54% stake in BK Titans Inc.
Fresh N' Famous Foods discontinued the operations of its Manong Pepe Karinderia business unit.
In 2011, JFC, through its wholly-owned subsidiary Jollibee Worldwide, acquired 2,400 shares in Chow
Fun Holdings, a developer and owner of Jinja Bar and Bistro in New Mexico, and in the US from Aspen
Partners. The transaction increased the company’s equity share in Chow Fun Holdings to 80.55%. Also in
2011, the company acquired 54% equity interest in BKTitans, an owner of PERF Restaurants, the sole
franchisee of the Burger King Brand in the Philippines.

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History
JFC through Jollibee Worldwide completed its acquisition of 55% of interest in Guangxi San Pin Wang
Food and Beverage Management Company Limited which operates the San Pin Wang beef noodle
business in South China in 2012.
In 2014, the company announced that its subsidiary, Golden Plate, signed a joint venture agreement with
Golden Crown Foods to establish a company that would own and operate Jollibee stores in the UAE.
JFC opened its 1,000th Jollibee store in Dubai, the UAE (first store in the region), in 2015. The company
also opened its first store in Bahrain during the same year.
The company announced the formation of a wholly-owned subsidiary, ONE Media 3.0, in April 2016. The
new company will develop business opportunities, products and services associated with the ATSC 3.0
broadcast transmission standard and TV platform.
The company announced a plan to open 1000th store by 1st quarter of 2017.
JFC, through its subsidiary Jollibee Worldwide, entered into an agreement with Hua Xia Harvest Holdings
to acquire the latter’s 30% equity shareholding in the joint venture, Happy Bee Foods Processing (Happy
Bee), in February 2016. On completion of the transaction, the company will own 100% stake in Happy
Bee.
In April 2016, the company acquired 30% stake in Mang Inasal Philippines from a group of investors,
including Injap Investments, Mr. Edgar J. Sia II and Mr. Fredinand J. Sia. JFC currently owns 100% stake
in Mang Inasal Philippines.
In January 2016, the company’s wholly-owned subsidiary, Bee Good! (BGI) acquired 40% stake in
Smashburger business, a US-based burger restaurant chain, from Smashburger Master.
JFC entered into an agreement with Cargill Philippines (a wholly-owned subsidiary of Cargill) in May
2016, to establish a joint venture, Cargill Joy Poultry Meats Production. This new company will operate a
poultry processing plant in Santo Tomas in the Philippines.
In November, the company received a government and regulatory approval in China to acquire 100%
control over a noodle manufacturing facility, strengthening business in China, Yonghe King.
In November, the company plans to acquire 30% stake in Happy Bee Goods Processing.
In February, the company agreed to acquire additional 45% stake in Smashburger Master, for US$100
million.

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Key Employees
Key Employees
KEY EMPLOYEES
Name Job Title Board

Ernesto Tanmantiong Chief Executive Officer, Director, Executive Board
President
William Tan Untiong Corporate Secretary Executive Board
Joseph C. Tanbuntiong Director, Treasure, Jollibee Executive Board
Philippines Business
Tony Tan Caktiong Chairman Non Executive Board
Ang Cho Sit Director Non Executive Board
Antonio Chua Poe Eng Director Non Executive Board
Artemio V. Panganiban Director Non Executive Board
Monico V. Jacob Director Non Executive Board
Cezar P. Consing Director Non Executive Board
Ysmael V. Baysa Chief Financial Officer, Compliance Senior Management
Officer
Daniel Rafael Ramon Z. Gomez III Chief Marketing Officer Senior Management
Fernando S. Yu, Jr. Chief Operations Support Officer Senior Management
Susana K. Tanmantiong Chief Procurement Officer Senior Management
Valerie F. Amante Head-Corporate Legal , Assistant Senior Management
Corporate Secretary, Vice President
and Head, Corporate Legal, Vice
President-Corporate Legal
Jose Ma. A. Minana, Jr. Head-Country Business Group - Senior Management
North America
Rowel D. Vijandre President, Chowking Philippines Senior Management
Albert C. Cuadrante President-Greenwich Business Senior Management
Zinnia Carmencita S. Rivera General Manager-Red Ribbon Senior Management
Business
Justo S. Alano III President Senior Management
Joan K. Aquino General Manager-Burger King Senior Management
Philippines
Dr. Polly Yang Head-Corporate Research and Senior Management
Development, Vice President
Adam Zhou General Manager-Hong Zhuang Yuan Senior Management
Business
Du Han President-Guangxi San Pin Wang Senior Management
Food and Beverage Management Co.
Francis Aldwin E. Flores Brand Chief Marketing Officer, Senior Management
Jollibee Global

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Key Employees
Dennis M. Flores Head-International Business, EMAA Senior Management

Lawrence Yin General Manager-Yonghe King Senior Management
Business, China
Maribeth D. Dela Cruz General Manager-Philippine Brands - Senior Management
North America
Anastacia S. Masancay Vice President, Special Projects Senior Management

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Key Employee Biographies
KEY EMPLOYEE BIOGRAPHIES
Ernesto Tanmantiong
Board:Executive Board
Job Title:Chief Executive Officer, Director, President
Since:2014
Mr. Ernesto Tanmantiong has been the President and Chief Executive Officer at JFC since 2014. He has
been a member of the Board since 1987. Earlier, Mr. Tanmantiong served as the Treasurer and Chief
Operating Officer at the company. Currently, he also serves as a Director at Fresh N’ Famous Foods, BK
Titans, Chowking Food Corporation, Honeystar Holding, Adgraphix, Jollibee Worldwide, Imperial
Premium Treasures, Queenbee Resources Corporation and Jollibee Group Foundation, among others.
William Tan Untiong
Job Title:Corporate Secretary
Since:1994
Mr. William Tan Untiong has been the Corporate Secretary at JFC since 1994. He has been serving on
the company’s Board since 1993. Mr. Tan Untiong has also been the Vice President of Real Estate at
JFC since 1989; and the Chief Real Estate Executive Officer since 2014. He is an Executive Director at
Doubledragon Properties Corp. Mr. Tan Untiong also serves as a Director at various non-listed
companies, including Fresh N’ Famous Foods, RRB Holdings, Grandworth Resources Corporation,
Zenith Foods Corporation, Jollibee (China) Food & Beverage Management Co., Tianjin Yong He King
Food & Beverage Co., Jollimart Corporation, Hyper Dynamic Corporation and Honeysea Corporation,
among others.
Joseph C. Tanbuntiong
Job Title:Director, Treasure, Jollibee Philippines Business
Mr. Joseph C. Tanbuntiong has been the Treasurer at JFC and the President of Jollibee Philippines
Business. Mr. Tanbuntiong has been serving on the company’s Board since 2013. He joined JFC in 1993
and served as the President of the Red Ribbon Business in the past. Currently, Mr. Tanbuntiong serves
as an Executive Director at DoubleDragon Properties Corp., and as a Director at Red Ribbon Bakeshop,
RRB Holdings, Perf Restaurants, Perf Trinoma, Honeystar Holdings Corporation and Jaysforjay, among
others.
Tony Tan Caktiong

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Board:Non Executive Board

Job Title:Chairman
Since:2014
Mr. Tony Tan Caktiong has been the Chairman at JFC since 2014. He has been a member of the Board
at the company since 1978. Mr. Tan Caktiong was the President and Chief Executive Officer at JFC until
2014. Currently, he also serves as an Executive Director at DoubleDragon Properties Corp. Mr. Tan
Caktiong is an Independent Director at First Gen Corporation and a Non Executive Director at Philippine
Long Distance Telephone Company. He also serves as a Director at Fresh N’ Famous Foods, PFN
Holdings Corporation, Perf MOA Pasay, Chanceux, Jollibee Worldwide, Golden Cup, Blue Sky Holdings
and Happy Bee Foods Processing, among others.
Ang Cho Sit

Job Title:Director
Since:1978
Mr. Ang Cho Sit has been a Director at JFC since 1978. He also serves as a Director at Freemont Foods,
Grandworth Resources Corporation, Longshore Corporation, Venice Corporation, A-Star Holding
Company and Hyper Dynamic Corporation.
Antonio Chua Poe Eng

Job Title:Director
Since:1978
Mr. Antonio Chua Poe Eng has been a Director at JFC since 1978. He is the Chairman and President at
Honeyworth Corporation. Currently, Mr. Chua Poe Eng also serves as a Director at Albany Resources
Corporation and Hyper Dynamic Corporation.
Artemio V. Panganiban

Job Title:Director
Since:2012
Mr. Panganiban has been a Director at JFC since 2012. Previously, he served as the Chief Justice of the
Philippine Supreme Court from 2005 to 2006. Simultaneously, Mr. Panganiban was also the Chairperson
of the Presidential Electoral Tribunal, the Judicial and Bar Council and the Philippine Judicial Academy.
Earlier, he served as a Justice of the Supreme Court from 1995 to 2005. Mr. Panganiban is an
Independent Director at various publicly listed companies such as MERALCO, Bank of the Philippine
Islands, Robinsons Land Corp., Asian Terminals, Petron Corporation and Philippine Long Distance
Telephone Company, among others. He also serves as the Chairman at Pan Philippine Resources Corp.
and Peecee Realty. Currently, Mr. Panganiban is a Director at Team Energy Corporation.

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Monico V. Jacob

Job Title:Director
Since:2000
Mr. Monico V. Jacob has been an Independent Director at JFC since 2000. Currently, he also serves as
an Independent Director at 2 Go Group, Asian Terminals, Phoenix Petroleum Philippines, and Lopez
Holdings. Mr. Jacob is a Director at STI Education Systems Holdings, De Los Santos – STI College,
PhilPlans First, Republic Surety Insurance Corp., Ateneo de Naga University and Philippine Life Financial
Assurance, among others.
Cezar P. Consing

Job Title:Director
Since:2010
Mr. Cezzar P. Consing has been an Independent Director at JFC since 2010. He also serves as the
President and Chief Executive Officer at the Bank of the Philippine Islands. Between 2004 and 2013, Mr.
Consing was a Partner at The Rohatyn Group, an investment management company based in New York.
From 1985 to 2004, he served as an Investment Banker at J.P. Morgan & Co., and was the Head or Co-
Head of Investment Banking in Asia Pacific (excluding Japan) from 1999 to 2004. Currently, Mr. Consing
serves as a Director at Bank of the Philippine Islands, National Reinsurance Corp. of the Philippines
(PhilNare), BPI Family Savings Bank, Sqreem Technologies and Endeavor Philippines. He is the
Chairman at BPI/MS Insurance Corp., BPI Europe, BPI Century Tokyo Rental Corp. and BPI Computer
Systems Corp.
Ysmael V. Baysa
Board:Senior Management
Job Title:Chief Financial Officer, Compliance Officer
Mr. Ysmael V. Baysa has been the Chief Financial Officer and Compliance Officer at JFC. He joined the
company in 2003. Earlier, Mr. Baysa was the Senior Vice President of Financial Comptrollership, Human
Resources and Corporate Planning at Union Bank. He also served as the Finance Director at Procter &
Gamble during 1993–2001.
Daniel Rafael Ramon Z. Gomez III
Job Title:Chief Marketing Officer
Mr. Daniel Rafael Ramon Z. Gomez III has been the Chief Marketing Officer at JFC. He joined the
company in 2008. Previously, Mr. Gomez served as the Managing Director of Skin, Deodorants and

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Home Care at Unilever Philippines. Earlier, he was the Category Director of Skin and Deodorants
categories at Unilever.
Fernando S. Yu, Jr.
Job Title:Chief Operations Support Officer
Since:2016
Mr. Fernando S. Yu, Jr has been the Chief Operations Support Officer at JFC since January 2016. He
joined the company in 2004 and previously served as the President of Chowking Business.
Susana K. Tanmantiong
Job Title:Chief Procurement Officer
Ms. Susana K. Tanmantiong has been the Chief Procurement Officer at JFC. She joined the company in
1984 and previously served as JFC’s Purchasing Vice President.
Valerie F. Amante
Job Title:Head-Corporate Legal , Assistant Corporate Secretary, Vice President and Head, Corporate
Legal, Vice President-Corporate Legal
Ms. Valerie F. Amante has been the Assistant Corporate Secretary, Vice President and Head of
Corporate Legal at JFC. She joined the company in 2007. Earlier, Ms. Amante worked at Ayala Land and
SyCip Salazar Hernandez & Gatmaitan.
Jose Ma. A. Minana, Jr.
Job Title:Head-Country Business Group - North America
Mr. Jose Ma. A. Minana, Jr. has been the Group President for Mang Inasal at Burger King Phils. and at
JFC USA. He joined the company in 2000 and previously served as the President of Jollibee Business
Unit (Philippines).
Rowel D. Vijandre
Job Title:President, Chowking Philippines
Mr. Rowel D. Vijandre has been the President of Chowking Philippines at JFC. He joined the company in

© MarketLine
2015. Previously, Mr. Vijandre was the President at L’Oreal Philippines. Earlier, he also served as the
General Manager at Johnson and Johnson Consumer Vietnam.
Albert C. Cuadrante
Job Title:President-Greenwich Business
Mr. Albert C. Cuadrante has been the General Manager of Greenwich Business at JFC. He joined the
company in 2008. Earlier, he was the Vice President and Head of Marketing of Jollibee Business at the
company.
Zinnia Carmencita S. Rivera
Job Title:General Manager-Red Ribbon Business
Ms. Zinnia Carmencita S. Rivera has been the General Manager of Red Ribbon Business at JFC. She
joined the company in 2013. Previously, Ms. Rivera served as the President and Managing Director at
Johnson & Johnson Philippines.
Justo S. Alano III
Job Title:President
Since:2015
Mr. Justo S. Alano III has been the President of Mang Inasal Business at JFC since 2015. He joined the
company in 2006. Previously, Mr. Alano served as the Head of the Metro Manila-North Regional Business
of the Jollibee Business at JFC.

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Major Products & Services
Major Products & Services
MAJOR PRODUCTS & SERVICES

JFC is engaged in the development, operation, and franchising of QSRs. The company's key products,
services and brands include the following:
Products:
Burgers
Noodles
Chicken snacks
Sandwiches and sides
Beverages and desserts
Rice Meals
Breakfast
Services:
Express delivery service

Party service
Drive-Thru service
24 hours service
Brands:
Jollibee
Chowking
Greenwich
Red Ribbon
Yong He King
Hong Zhuang Yuan
Mang Inasal
Burger King
San Ping Wang
Highlands Coffee
Smashburger
12 Hotpot
Pho24
Dunkin’ Donuts

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SWOT Analysis
SWOT Analysis
SWOT ANALYSIS
JFC is engaged in the development, operation, and franchising of QSRs. The company’s strong presence
in the food service industry through various business formats enables it to cater to a diverse customer
base. However, intense competition affects JFC’s sales and margins in the long run.
Strength Weakness
Strong presence in the food service industry Excessive dependence on the Philippines for revenue
In-built manufacturing and logistics capabilities generation
Strong revenue growth
Opportunity Threat
Constant focus on store network expansion Regulatory oversight

Growth through strategic acquisitions and partnerships Intense competition
Strength
Strong presence in the food service industry
JFC is primarily engaged in the development, operation and franchising of QSRs in the Philippines as
well as international markets such as the US, Canada, Singapore, China, Indonesia, Hong Kong and
Vietnam. The company operates QSRs under different trade names, including Jollibee, Chowking,
Greenwich, Red Ribbon, Yong He King, Hong Zhuang Yuan, Mang Inasal, San Pin Wang and
Smashburger, among others. Each of these QSR formats caters to diverse target markets. Jollibee is the
largest fast food chain in the Philippines and also operates in international markets such as the US,
Vietnam, Bahrain, Qatar, the UAE, Hong Kong and Singapore. It offers a wide range of fast food
products, including burgers, chicken snacks, noodles, sandwiches, rice meals and desserts and drinks.
Greenwich is one of the leading pizza chains in the Philippines. It offers an extensive selection of pizzas,
pastas, beverages, and meals. Chowking is a leading Asian QSR concept in the Philippines that
combines traditional Chinese cuisine with modern fast food service. These restaurants are also operated
in international markets. Under Red Ribbon banner, JFC operates bakeshops in the Philippines and the
US. Yong He King and Hong Zhuang Yuan are the Chinese fast food businesses of the company; while
San Pin Wang is a beef noodle restaurant chain in China. Under Mang Inasal banner, JFC operates
barbecue QSRs in the Philippines. It operates burger restaurant business under Smashburger banner in
the US. In addition, JFC operates licensed businesses such as Burger King in the Philippines and Dunkin’
Donuts in China. Jollibee is the largest fast food chain in the Philippines, operating a nationwide network
of more than 750 stores. A dominant market leader in the Philippines, Jollibee enjoys the lion’s share of
the local market that is more than all the other multinational brands combined. The company has also
embarked on an aggressive international expansion plan, and currently has 80 stores outside the
Philippines-USA (26), Vietnam (32), Brunei (11), Jeddah (7), Qatar, Hong Kong, and Kuwait (1 each),
firmly establishing itself as a growing international QSR player.

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SWOT Analysis
In-built manufacturing and logistics capabilities
JFC operates 20 commissaries or manufacturing plants worldwide that support the continued growth of its
retail chain. Of these, the company’s three key manufacturing facilities are located in Santolan, Pasig
City; Mandaue City, Cebu; and the central site in Canlubang, Laguna. The Jollibee Pasig City
commissary operates production lines for breads and sauces. It acts as a distribution center for North
Manila and North Luzon. The Vismin Foods Corporation (VFC) in Mandaue City, Cebu serves the Visayas
and Mindanao areas. VFC features its own bread, pie, sauce, and frozen patty lines. The Laguna
commissary is the largest and most advanced in the Philippines and is operated by Zenith Foods
Corporation (ZFC), JFC’s wholly-owned subsidiary. The facility has production lines for marinated
Chicken Joy, frozen patties and pies, breads, sauces, hotdogs and other meat products, and dry blended
goods. In addition, the company’s subsidiaries operate their own commissaries to manufacture their
respective specialty products. The Greenwich business operates its own commissary to manufacture
pizza and pasta; while Chinese dishes are manufactured at Chowking’s own commissary; cakes and
pastries at Red Ribbon’s commissary; grilled chicken and Filipino food items at Mang Inasal commissary;
and products for Burger King and Chinese food items for Yonghe King, Hong Zhuang Yuan and San Pin
Wang commissary in China. The company conducts its logistics operations through JWS Logistics
(JWSL). Besides delivering goods to JFC stores, JWSL also offers services such as supply planning,
warehousing, distribution, and customer support and order management. JWSL operates distribution
centers at various strategic locations. The biggest distribution center located in Barangay Marcelo Green,
Paranaque City serves as a major hub for Metro Manila and South Luzon. In-built manufacturing and
logistics capabilities enable the company to cater to the needs of its customer base in an efficient
manner. It also insulates JFC from various risks associated with the dependence on third party sources
for such operations.
Strong revenue growth
JFC witnessed strong growth in terms of revenues during FY2016. During the year under review, the
company’s revenue reached PHP11,3907.7 million (US$2,398.5 million), an increase of 13% over
FY2015. This could be attributed to a strong performance of its operating segments. During FY2016, the
food service segment’s revenue increased by 12% to PHP141,935.5 million (US$2,988.6 million),
compared to PHP127,240.9 million (US$2,679.2 million) in FY2015. The revenues of the franchising
segment and leasing segment increased 16.9% and 26.1%, respectively, during the same period. Strong
revenue growth enables the company to efficiently fund its growth opportunities in the future.
Weakness
Excessive dependence on the Philippines for revenue generation
Although JFC’s operations span across various international markets, the company depends significantly
on its domestic market to generate a major portion of its revenue. In FY2016, the Philippines accounted
for 79% of the company’s total revenues. Excessive dependence on a single geographic region exposes
JFC to various risks associated with social, economic and political factors prevailing in the region.
Moreover, due to its concentrated geographical presence, the company could miss out potential growth

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SWOT Analysis
opportunities in other markets.
Opportunity
Constant focus on store network expansion
JFC focuses excessively on expanding its store network. In FY2016, the company opened 33 stores new
stores, including three in the US, one in Canada, 15 in Vietnam, nine in the Middle East and five in
Southeast Asia. This was the highest store opening in a single year in JFC’s history. Of the 306 new
stores, majority of them (1145 new stores) were Jollibee stores; followed by 521 new Red Ribbon stores;
250 new Greenwich stores; 74 new Burger King stores; 310 new Yong He King stores; nine new San Pin
Wang stores; and four new Mang Inasal stores. Expansion of the store network across operational
markets provides access to expanded revenue sources for the company.
Growth through strategic acquisitions and partnerships
JFC sees acquisitions and partnerships as potential ways for its inorganic growth. The company has
made several significant acquisitions in the recent past, which enabled it to strengthen its overall
presence in the food service industry. For instance, in April 2016, JFC acquired the remaining 30% stake
in Mang Inasal Philippines from a group of investors, thereby increasing its ownership in Mang Inasal
Philippines to 100%. Through Jollibee Worldwide, JFC entered into an agreement with Hua Xia Harvest
Holdings in February 2016, to acquire Hua Xia Harvest Holdings’ 30% equity shareholding in Happy Bee.
This acquisition helps JFC to support its Yong He King business in China as well as to improve its food
quality and food safety assurance. Earlier, in January 2016, JFC’s wholly-owned subsidiary, BGI acquired
40% stake in Smashburger business from Smashburger Master. In addition, the company partners with
key industry players in order to improve its operational capabilities. For instance, JFC entered into an
agreement with Cargill Philippines in May 2016, to establish a joint venture, Cargill Joy Poultry Meats
Production. This new company will operate a poultry processing plant that provides dressed and
marinated chicken products to the company. Through this partnership, JFC expects to leverage Cargill’s
technology and quality standards to deliver high quality chicken products in the Philippines. Such
strategic acquisitions and partnerships help the company to cater to the growing needs of its customers
efficiently.
Threat
Regulatory oversight
As an operator in the food service industry, JFC is subject to the regulations laid down by various
regulatory authorities across its operational markets. In the US, the US Federal Food, Drug and Cosmetic
Act and regulations promulgated by the US Food and Drug Administration (FDA) govern the marketing
and distribution (including composition and ingredients), labeling, packaging and safety of food. The FDA
regulations specify the quality standards for certain foods, including many of the products sold by JFC,
and prescribes the format and content of certain information required to appear on labels of food products
in the region. Further, in the Philippines, the Bureau of Animal Industry within the Department of

© MarketLine
SWOT Analysis
Agriculture prescribes standards for quality in the manufacture, import, labeling, advertising, distribution
and sale of livestock, poultry, meat products, dairy products and animal feeds and veterinary supplies.
Any change in these regulations may push up the company's compliance cost structure. Additionally,
JFC's operations can be affected if it fails to comply with these regulations.
Intense competition
The QSR industry in which the company primarily operates is highly competitive. JFC competes with
various international QSR chain operators; burger, pizza and pasta chains; Chinese fast-food restaurants;
grilled chicken and Filipino restaurants; and bakeshops. Major competitive factors include food quality,
price, service and store cleanliness. JFC’s key competitors include McDonald’s, Wendy’s and KFC
(operated by Yum Brands). These competitors have significantly huge financial resources and geographic
presence compared to the company. In terms of these factors, JFC’s competitors will be able to offer their
products and services at competitive prices, which might not be possible for the company due to its lack
of scale. In such cases, the company will be at a competitive disadvantage. This, in turn, affects its sales
and margins.

© MarketLine
Top Competitors
Top Competitors
TOP COMPETITORS
The following companies are the major competitors of Jollibee Foods Corporation
Autogrill S.p.A.
McDonald's Corporation
Wendy's
Yum! Brands, Inc.

© MarketLine
Company View
Company View
COMPANY VIEW
A statement by Tony Tan Caktiong, Chairman of the board at JFC, is given below. The statement has
been taken from the company’s Annual Report for FY2016.
2016 was another eventful year for our company, Jollibee Foods Corporation (JFC). With our sights set
on our long-term vision of becoming one of the top 5 restaurant companies in the world in terms of market
capitalization, we continued to execute on our growth strategies and made important progress in 2016.
In April, we acquired the remaining 30% stake in Mang Inasal Philippines Inc. (MIPI) owned by Injap
Investments, Inc., making JFC the 100% owner of Mang Inasal.
In May, we entered into an agreement with Cargill Philippines, Inc., a wholly owned subsidiary of Cargill
Inc. to build and operate a poultry processing plant in Santo Tomas, Batangas in the Philippines. Cargill
and JFC have a 70% and a 30% stake, respectively, in the joint venture, Cargill Joy Poultry Meats
Production, Inc.
We partnered with Cargill to explore ways to further improve on our existing world-class chicken products
through Cargill’s expertise, technology, and quality standards. The facility will provide JFC with dressed
and marinated chicken to augment the chicken supply requirements of the growing needs of our brands.
This partnership will meaningfully benefit our customers, our operations as well as the overall Philippine
food industry. Even with this joint venture, we will continue to maintain strong relationships with our key
chicken suppliers in the country and look forward to sustained long-term supply arrangements with them
as our businesses grow together.
The new plant, which started construction in the fourth quarter of 2016, will be the largest of its kind in the
Philippines. The plant, which is expected to begin operations in the last quarter of 2017, will create an
estimated 1,000 new full time jobs and develop new opportunities in the farming community in Batangas
and nearby provinces, as local poultry farmers are contracted to grow chicken to supply the requirements
of the processing plant.
In November, we entered into an agreement through our subsidiary, JSF Investments Pte. Ltd. with our
joint venture partner, Viet Thai International Joint Stock Company (VTI) to make our joint venture
company, SuperFoods Group a public company by listing it in a Stock Exchange in Vietnam with an Initial
Public Offering (IPO) on or before July 2019. As part of the agreement, the ownership of Super Foods
Group will be adjusted with JFC, through JSF, increasing its ownership from today’s 50% to 60% of the
joint venture within 2017. Our partner VTI will own 40%. Our plan is to make Highlands Coffee and Pho
24 the dominant market leaders for their respective segments and true national champion brands of
Vietnam. The planned IPO will help raise capital to expand these two brands broadly in Vietnam in other
parts of Asia and eventually around the world.
JFC also completed in November the transfer of assets in Happy Bee Foods Processing Pte. Ltd. (Happy
Bee) in Singapore, making JFC through its wholly owned subsidiary, JWPL, the 100% owner of Happy
Foods Processing in Anhui Province in China. This development will allow Happy Foods Processing to
focus and further carry out its primary objective of supporting the growth of our biggest and most

© MarketLine
Company View
important brand in China, Yonghe King.
Like acquisitions, divestments are also part of our strategy, enabling us to have a highly focused portfolio
of brands with leadership positions in stronger growth markets. During the year, we completed the
divestment of our shareholdings in Guangxi San Pin Wang Food and Beverage Management Company
Limited, which had 72 stores in the People’s Republic of China. We also divested of our shareholdings in
Chow Fun Holdings LLC, which had 3 stores in the United States of America.
Overall, our Company continued to show strong growth in 2016. Worldwide system wide sales grew by
14.1%, JFC’s highest organic growth in at least a decade driven by an 8% growth in same store sales
and the highest store network expansion, with 342 new stores in the Philippines and abroad.
Our Company remains committed to corporate social responsibility through the programs of the Jollibee
Group Foundation (JGF). In 2016, JGF launched the Leadership for Agroenterprise Development (LeAD)
Training Program, as part of the Farmer Entrepreneurship Program (FEP). In this leadership program,
twenty-two FEP farmer leaders participated and successfully completed the course. The program enabled
them to continue developing both the skill and the mindset to explore, persevere, grow as reliable
suppliers and lead other farmers. JGF continued to support the Department of Education in effectively
implementing its School-Based Feeding Program by constructing ten Busog, Lusog, Talino (BLT) School
Feeding Kitchens in different municipalities and cities around the country. The BLT Kitchens served 7,700
undernourished pupils in 60 public schools. JGF also provided scholarships to 90 college students and
150 from technical vocation schools, all underprivileged but deserving youth, giving them the opportunity
to complete their education and access employment.
Finally, we will continue to aggressively pursue acquisitions and organic growth to accelerate growth and
profitability. I am confident that we will get to where we want to go because we have the best and
brightest people in our organization, we have a strong and clear vision and mission that have guided us
well over the years, core values that enable us to operate with excellence, integrity and fairness while
taking risks to grow the business, and most importantly because we continue to dream.
We remain committed to creating long term value for our shareholders. I thank our shareholders and
other stakeholders —our employees, franchisees and business partners for their unwavering support and
confidence in the US.

© MarketLine
Locations And Subsidiaries
LOCATIONS AND SUBSIDIARIES
Head Office

10/F Jollibee Plaza Building
No. 10 F Ortigas Jr Avenue
Ortigas Center
Pasig City
Rizal
Pasig City
Rizal
PHL
Phone:63 263 41111
Fax:63 263 35904
www.jollibee.com.ph
Other Locations and Subsidiaries
Chanceux, Inc. Chowking Food Corporation USA

PHL USA
Freemont Foods Corporation Fresh N’ Famous Foods, Inc.
6Th Floor PHL
Jollibee Plaza, No. 10 Emerald Avenue, Ortigas Centre
Pasig
Manila
Pasig
Manila
PHL
Golden Beeworks Pte. Ltd. Grandworth Resources Corporation
SGP PHL
Honeybee Foods Corporation Jollibee Worldwide Pte. Ltd
16125 East Valley Boulevard PHL
City of Industry
California 91744
USA
Fax:1 626 369 5254
Red Ribbon Bakeshop Inc Zenith Foods Corporation
29th Floor PHL
Jollibee Plaza, F. Ortigas Jr. Road
Pasig City
Pasig City
PHL

© MarketLine
www.redribbonbakeshop.com.ph

© MarketLine
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REFERENCE CODE: 329EF5C8-1D6C-4ED0-AB20-0B78BFEA59A5

Company Overview ........................................................................................................3

Jollibee Foods Corporation Page 2

Head Office Jollibee Foods Corporation

Jollibee Foods Corporation Page 3

Jollibee Foods Corporation Page 4

JFC was incorporated in 1978.

The company was listed on the Philippines Stock Exchange in 1993.

JFC opened its first store in Hong Kong during 1996.

The company opened its first store in the US in California.

The company established The Jollibee Group Foundation

Chowking Food, a surviving entity, was renamed as Fresh N’ Famous Foods.

Jollibee Foods Corporation Page 5

Grandworth, a wholly-owned subsidiary of the company, established IConnect Multimedia Network, a

The company signed an agreement to acquire 54% stake in BK Titans Inc.

Jollibee Foods Corporation Page 6

Jollibee Foods Corporation Page 7

Name Job Title Board

Jollibee Foods Corporation Page 8

Dennis M. Flores Head-International Business, EMAA Senior Management

Jollibee Foods Corporation Page 9

Key Employee Biographies

KEY EMPLOYEE BIOGRAPHIES

William Tan Untiong

Tony Tan Caktiong

Jollibee Foods Corporation Page 10

Board:Non Executive Board

Ang Cho Sit

Board:Non Executive Board

Antonio Chua Poe Eng

Board:Non Executive Board

Board:Non Executive Board

Jollibee Foods Corporation Page 11

Board:Non Executive Board

Board:Non Executive Board

Daniel Rafael Ramon Z. Gomez III

Jollibee Foods Corporation Page 12

Fernando S. Yu, Jr.

Jose Ma. A. Minana, Jr.

Jollibee Foods Corporation Page 13

Zinnia Carmencita S. Rivera

Justo S. Alano III

Jollibee Foods Corporation Page 14

Major Products & Services

MAJOR PRODUCTS & SERVICES

Express delivery service

Jollibee Foods Corporation Page 15

Constant focus on store network expansion Regulatory oversight

Strong presence in the food service industry

Jollibee Foods Corporation Page 16

In-built manufacturing and logistics capabilities

Strong revenue growth

Excessive dependence on the Philippines for revenue generation

Jollibee Foods Corporation Page 17

opportunities in other markets.