VITARICH CORPORATION AND SUBSIDIARIES

Statements of Financial Position Two-Year Comparison

Vitarich Corporation and Subsidiaries
%
2023 2022 ₱ Variance Variance
ASSETS
Current Assets
Cash 398,265,061 369,416,726 28,848,335 7.81%
Trade and other receivables 949,957,779 882,943,523 67,014,256 7.59%
Inventories 924,634,088 863,367,449 61,266,639 7.10%
Biological assets - livestock 129,394,759 116,118,755 13,276,004 11.43%
(342,957,251
Advances to suppliers 123,918,753 466,876,004 ) -73.46%
Other current assets 223,862,219 156,311,704 67,550,515 43.22%
(105,001,502
Total Current Assets 2,750,032,659 2,855,034,161 ) -3.68%
Noncurrent Assets
Receivable fron an insurance company 70,203,810 70,203,810 0 0.00%
Property, plant, and equipment:
At revalued amounts 1,949,466,138 1,842,877,962 106,588,176 5.78%
At cost 45,592,722 126,640,633 (81,047,911) -64.00%
Investment properties 301,346,351 238,473,942 62,872,409 26.36%
Right-of-use assets 82,437,724 55,529,616 26,908,108 48.46%
Other noncurrent assets 23,416,664 32,115,321 (8,698,657) -27.09%
Total Noncurrent Assets 2,472,463,409 2,365,841,284 106,622,125 4.51%
TOTAL ASSETS 5,222,496,068 5,220,875,445 1,620,623 0.03%

LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables 2,066,852,350 2,001,706,561 65,145,789 3.25%
Current portion of:
(112,180,637
Loans payable 873,297,858 985,478,495 ) -11.38%
Lease liabilities 22,442,663 15,413,841 7,028,822 45.60%
Cash bond deposits 60,503,952 56,299,659 4,204,293 7.47%
Total Current Liabilities 3,023,096,823 3,058,898,556 (35,801,733) -1.17%
Noncurrent Liabilities
Loans payable - net of current portion 24,821,427 49,642,856 (24,821,429) -50.00%
Lease liabilities - net of current portion 61,148,857 36,885,998 24,262,859 65.78%
Net retirement liability 180,585,650 147,057,502 33,528,148 22.80%
Net deferred tax liabilities 31,501,223 55,355,149 (23,853,926) -43.09%
Total Noncurrent Liabilities 298,057,167 288,941,505 9,115,662 3.15%
Total Liabilities 3,321,153,990 3,347,840,061 (26,686,071) -0.80%
Equity
Capital stock 1,160,646,925 1,160,646,925 0 0.00%
Additional paid in capital 1,470,859 1,470,859 0 0.00%
Retained earnings 303,502,861 273,417,535 30,085,326 11.00%
Other comprehensive income 435,721,433 437,500,065 (1,778,632) -0.41%
Total Equity 1,901,342,078 1,873,035,384 28,306,694 1.51%
TOTAL LIABILITIES AND EQUITY 5,222,496,068 5,220,875,445 1,620,623 0.03%
 Statements of Income Two-Year Comparison
Vitarich Corporation and Subsidiaries

2023 2022 ₱ Variance % Variance

REVENUES
Net sale of goods 12,543,694,175 11,957,515,851 586,178,324 4.90%
Fair value changes on biological assets (47,779,579) 10,968,438 (58,748,017) -535.61%
12,495,914,596 11,968,452,289 527,462,307 4.41%
(11,591,440,968
COST OF GOOD SOLD ) (10,899,643,424) (691,797,544) 6.35%

GROSS PROFIT 904,473,628 1,068,808,865 (164,335,237) -15.38%

OPERATING EXPENSES (893,811,266) (883,361,808) (10,449,458) 1.18%

OTHER INCOME (CHARGES)
Interest expense (75,823,288) (40,001,976) (35,821,312) 89.55%

Net gain on fair value changes of investment properties 64,113,985 28,167,200 35,946,785 127.62%
Other operating income 11,473,363 8,792,042 2,681,321 30.50%
Interest income 1,536,781 2,398,459 (861,678) -35.93%
Other charges - net (5,382,506) (41,340,082) 35,957,576 -86.98%
(4,081,665) (41,984,357) 37,902,692 -90.28%

INCOME BEFORE INCOME TAX 6,580,697 143,462,700 (136,882,003) -95.41%

PROVISION FOR (BENEFIT FROM) INCOME TAX

Current 22,130,289 51,302,707 (29,172,418) -56.86%
Deferred (28,854,508) 2,525,379 (31,379,887) -1242.58%
(6,724,219) 53,828,086 (60,552,305) -112.49%
NET INCOME 13,304,916 89,634,614 (76,329,698) -85.16%

Statement of Cash Flow Two-Year Comparison

Vitarich Corporation and Subsidiaries
 %
2023 2022 ₱ Variance Variance
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax 6,580,697 196,586,575 (190,005,878) -96.65%
Adjustments for:
Depreciation and amortization 147,740,279 105,675,749 42,064,530 39.81%
Interest expense 75,823,288 40,001,976 35,821,312 89.55%
Net gain on fair value changes of investment
properties (64,113,985) (10,936,438) (53,177,547) 486.24%
Fair value changes on biological assets 47,779,579 22,336,339 25,443,240 113.91%
Retirement expense 22,122,540 (53,995,672) 76,118,212 -140.97%

Provision for expected credit loss 3,539,062 -

Interest income (1,536,781) (2,398,459) 861,678 -35.93%
Loss (gain) on disposal of property, plant and
equipment and investment properties (523,275) 1,037,745 (1,561,020) -150.42%
Operating income before working capital changes 237,411,404 298,307,851 (60,896,447) -20.41%

Decrease (increase) in:

Trade and other receivables (70,553,318) (20,945,232) (49,608,086) 236.85%
Inventories and livestock (122,322,222) (293,063,699) 170,741,477 -58.26%
Other current assets 275,406,736 (274,079,556) 549,486,292 -200.48%
Other noncurrent assets related to operations 5,300,636 15,705,660 (10,405,024) -66.25%
increase (decrease) in:
Trade and other payables 65,145,789 287,936,590 (222,790,801) -77.37%
Cash and bond deposits 4,204,293 8,247,570 (4,043,277) -49.02%
-
Net cash generated from (used in) operation 394,593,318 (9,299,172) 403,892,490 4343.32%
Income tax paid (22,130,289) (51,302,707) 29,172,418 -56.86%
Retirement benefits paid (2,184,831) (9,124,310) 6,939,479 -76.05%
Interest received 1,536,781 108,859 1,427,922 1311.72%
Net cash provided by (used in) operating activities 371,814,979 69,617,330 302,197,649 434.08%
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of:
Property, plant and equipment (113,415,223) (116,139,570) 2,724,347 -2.35%
Investment properties (1,712,209) (141,072,796) 139,360,587 -98.79%
Proceeds from sale of property, plant and
equipment 3,597,483 200,000 3,397,483 1698.74%
Net cash used in investing activities 111,529,949 (257,012,366) 368,542,315 -143.39%
CASH FLOW FROM FINANCING ACTIVITIES
Payments of loans (1,877,235,724) (1,819,489,528) (57,746,196) 3.17%
Availments of loans payables 1,740,233,568 2,349,559,151 (609,325,583) -25.93%
interest paid (68,308,882) (35,735,567) (32,573,315) 91.15%
Payments of lease liabilities (26,125,747) (28,303,544) 2,177,797 -7.69%
Net cash provided by (used in) financing activities (231,436,695) 466,030,503 (697,467,198) -149.66%

NET INCREASE IN CASH 28,848,335 139,400,807 (110,552,472) -79.31%

CASH AT BEGINNING OF YEAR 369,416,726 230,015,919 139,400,807 60.60%

CASH AT THE END OF YEAR 398,265,061 369,416,756 28,848,305 7.81%

Ratio Analysis Two-Year Comparison

2023 2022 Variance
Liquidity Analysis Ratios:
Current Ratio 0.0091 0.0093 -0.02%
Quick Ratio 0.0045 0.0041 0.04%
Solvency Ratio 0.0157 0.0156 0.01%
Financial Leverage Ratio: 0.00%
Debt Ratio 0.0064 0.0064 0.00%
Debt-to-Equity-Ratio 0.0175 0.0179 -0.04%
Debt-to-EBITDA 0.14431 0.1058 3.85%
Interest Coverage 0.0109 0.0459 -3.50%
Asset to Equity Ratio 0.0275 0.0279 -0.04%
Profitability Ratios: 0.00%
Gross Profit Margin 0.0007 0.0009 -0.02%
Net Profit Margin 0 0 0.00%
EBITDA Margin 0.01835 0.02646 -0.81%
Return on Assets 0 0.01 -1.00%
Return on Equity 0.0001 0.0005 -0.04%
Return on Average Equity 0.705 0.05082 65.42%
Price/Earnings Ratio 1.275 0.2069 106.81%

Statements of Financial Position Five-Year Trend Analysis

Vitarich Corporation and Subsidiaries
2023 2022 2021 2020 2019
 ASSETS Php Php Php Php Php
Current Assets
Cash 398,265,061 369,416,726 229,696,404 177,304,767 179,645,390
Statements of Income Five-Year Trend Vitarich Corporation and Subsidiaries
Trade and other receivables 949,957,779 882,943,523 859,711,691 815,329,855 1,135,834,259
Inventories 2023
924,634,088 2022
863,367,449 - 2021 - 2020 - 2019
Inventories and livestock
REVENUES - - 675,486,067 502,928,504 556,738,049
Biological assets - livestock 129,394,759 116,118,755 - - -
Net sale of goods
Advances to suppliers 12,543,694,175
123,918,753 11,957,515,851
466,876,004 -9,649,161,808 8,438,897,411
- - 8,256,341,639
Fair value
Other changes
current on biological
assets 223,862,219 156,311,704 349,421,687 240,756,038 286,232,278
assets Total Current Assets (47,779,579) 10,968,438 55,119,641 479,569,099
2,750,032,659 2,855,034,161 2,114,315,849 1,736,319,164 202,726,256
2,158,449,976
Noncurrent Assets 12,495,914,596 11,968,484,289 9,704,281,449 8,918,466,510 8,459,067,895
Receivable fron an insurance company 70,203,810 70,203,810 70,203,810 70,203,810 101,889,912
COST OF GOOD SOLD
Property, plant, and equipment:
At revalued
Cost of goodsamounts
sold - 1,949,466,138- 1,842,877,962 (700,926,742)
872,012,237 (536,760,257)
906,718,914 891,287,820
(588,305,146)
Fair
At cost
value adjusted on biological 45,592,722 126,640,633 45,981,165 29,714,145 33,586,026
assets
Investment properties - 301,346,351- 238,473,942 28,564,207
973,432,752 43,970,861
931,375,980 29,398,993
802,266,589
Right-of-use assets 82,437,724 55,529,616 38,921,635 32,551,359 187,664,899
(11,591,440,968) (10,899,643,424) (672,362,535) (492,789,396) (558,906,153)
Other noncurrent assets 23,416,664 32,115,321 35,120,487 16,078,041 18,100,256
Total Noncurrent Assets 2,472,463,409 2,365,841,284 2,035,672,086 1,986,642,249 2,034,795,502
TOTAL ASSETS
GROSS PROFIT 5,222,496,068
904,473,628 5,220,875,445 4,149,987,935
1,068,808,865 856,354,161 3,722,961,413
571,799,551 4,193,245,478
717,487,640

LIABILITIES AND EQUITY

Current Liabilities
OPERATING EXPENSES
Trade and other payables (893,811,266)
2,066,852,350 (883,361,808)
2,001,706,561 - 1,707,144,232 - 1,629,159,192 - 1,600,955,492
CurrentINCOME
OTHER portion (CHARGES)
of:
Loans payable 873,297,858 985,478,495 406,754,258 156,844,958 384,132,265
Interest Lease
expense liabilities (75,823,288)
22,442,663 (40,001,976)
15,413,841 (23,051,290)
17,808,894 (34,454,582)
18,497,266 (81,909,050)
86,981,626
Net gain
Cash bondon deposits
fair value changes of 60,503,952 56,299,659 - - -
investment properties 64,113,985 28,167,200 1,268,133 4,053,232 158,346,757
Total Current Liabilities 3,023,096,823 3,058,898,556 2,131,707,384 1,804,501,416 2,072,069,383
Noncurrent
Other Liabilities
operating income 11,473,363 8,792,042 - - -
Loans payable - net of current portion 24,821,427 49,642,856 98,297,470 123,118,899 148,202,912
Interest income 1,536,781 2,398,459 1,293,145 202,303 2,341,144
Cash bond deposits - - 48,052,089 40,097,279 40,954,787
Leasecharges
Other liabilities- net
- net of current portion 61,148,857 (41,340,082)
(5,382,506) 36,885,998 (58,069,463)
24,196,376 17,140,191
(23,383,725) 106,953,936
(94,673,217)
Net retirement liability 180,585,650 147,057,502 166,461,260 132,205,929 91,516,839
(4,081,665) (41,984,357) (78,559,475) (53,582,772) (15,894,366)
Net deferred tax liabilities 31,501,223 55,355,149 64,180,551 83,674,140 81,075,807
Total Noncurrent Liabilities 298,057,157 288,941,505 401,187,746 396,236,438 468,704,281
Total Liabilities 3,321,153,980 3,347,840,061 2,532,895,130 2,200,737,854 2,540,773,664
INCOME BEFORE INCOME TAX 6,580,697 143,462,700 125,922,173 25,427,383
Equity
Capital stock 1,160,646,925 1,160,646,925 1,160,646,925 1,160,646,925 1,160,646,925
PROVISION FOR (BENEFIT
Additional paid in capital FROM) 1,470,859 1,470,859 1,470,859 1,470,859 1,470,859
INCOME TAX
Retained earnings 303,502,861 273,417,535 135,015,735 41,157,542 173,183,434
Other
Current comprehensive income 435,721,433
22,130,289 437,500,065
51,302,707 319,959,286
25,793,095 318,948,233
11,629,665 327,170,596
28,333,100
Total Equity 1,901,342,078 1,873,035,384 1,617,092,805 1,522,223,559 1,662,471,814
Deferred
TOTAL LIABILITIES AND EQUITY (28,854,508) 2,525,379 4,149,987,935
5,222,496,058 5,220,875,445 5,371,040 4,509,242
3,722,961,413 (14,469,008)
4,203,245,478
(6,724,219) 53,828,086 31,164,135 16,138,907 13,864,092

NET INCOME 13,304,916 89,634,614 89,441,614 9,288,476 128,823,029

 Statement of Cash Flow Five Year Trend Vitarich Corporation and Subsidiaries
2023 2022 2021 2020 2019
CASH FLOWS FROM
OPERATING ACTIVITIES
Income before income tax 6,580,697 196,586,575 120,605,750 25,427,383 142,687,121

Adjustments for:
Depreciation and
amortization 147,740,279 105,675,749 106,006,621 162,610,786 160,937,330
Interest expense 75,823,288 40,001,976 23,051,290 34,454,582 81,909,050
Net gain on fair value
changes of investment
properties (64,113,985) (10,936,438) 22,854,221 (15,092,757) (8,206,618)
Fair value changes on
biological assets 47,779,579 22,336,339 16,993,091 14,327,563 19,571,098

Retirement expense 22,122,540 (53,995,672) (1,268,133) (4,053,232) (158,346,757)

Provision for expected
credit loss 3,539,062 - - (3,424,542) -
Loss (gain) on disposal of
property, plant and
equipment and investment
properties (523,275) 1,037,745 1,060,988 2,269,651 (410,176)
Interest income (1,536,781) (2,398,459) 1,293,145 (202,303) (2,341,144)
Operating income before
working capital changes 237,411,404 298,307,851 288,010,683 216,317,131 235,799,904
Decrease (increase) in:
Trade and other receivables (70,553,318) (20,945,232) (85,908,326) 207,112,559 18,025,289
Inventories and livestock (122,322,222) (293,063,699) (195,411,748) 78,902,312 377,996,391
Other current assets 275,406,736 (274,079,556) (50,976,411) 45,476,240 38,879,053
Other noncurrent assets
related to operations 5,300,636 15,705,660 (11,299,126) (1,655,887) (23,377,800)
increase (decrease) in:
Trade and other payables 65,145,789 287,936,590 63,288,294 29,077,196 (133,320,002)
Cash and bond deposits 4,204,293 8,247,570 7,954,810 (857,508) 611,230
Net cash generated from
(used in) operation 394,593,318 (9,299,172) 15,658,140 574,372,033 514,614,065
Income tax paid (22,130,289) (51,302,707) (25,793,096) (11,629,665) (13,355,257)
Retirement benefits paid (2,184,831) (9,124,310) (5,658,959) (2,039,380) (2,176,724)
Interest received 1,536,781 108,859 140,973 202,303 227,913
Net cash provided by (used in)
operating activities 371,814,979 69,617,330 (15,863,242) 560,905,291 449,309,997
CASH FLOWS FROM
INVESTING ACTIVITIES
Acquisition of:
 Property, plant and
equipment (113,415,223) (116,139,570) (74,036,594) (70,403,848) (94,213,429)
Investment properties (1,712,209) (141,072,796) (43,610,106) 125,303,374 (14,035,188)
Proceeds from sale of
property, plant and
equipment 3,597,483 200,000 1,025,000 - 4,942,934
Net cash used in investing
activities 111,529,949 (257,012,366) (116,621,700) (195,707,222) (103,305,683)
CASH FLOW FROM
FINANCING ACTIVITIES
Payments of loans (1,877,235,724) (1,819,489,528) 540,681,912 457,507,642 1,069,496,769
Availments of loans payables 1,740,233,568 2,349,559,151 (315,594,041) (709,878,962) (1,359,641,576)
interest paid (68,308,882) (35,735,567) (20,665,516) (35,328,078) (82,819,923)
Payments of lease liabilities (26,125,747) (28,303,544) (19,226,261) (79,839,294) (61,107,034)
Net cash provided by (used in)
financing activities (231,436,695) 466,030,503 185,196,094 (367,538,692) (434,071,764)

NET INCREASE IN CASH 28,848,335 139,400,807 52,711,152 (2,340,623) (38,067,450)

CASH AT BEGINNING OF YEAR 369,416,726 230,015,919 177,304,767 179,645,390 217,712,840

CASH AT THE END OF YEAR 398,265,061 369,416,756 230,051,919 177,304,767 179,645,390

Ratio Analysis Five-Year Trend Analysis

2023 2022 2021 2020 2019
Liquidity Analysis Ratios:
Current Ratio 0.0091 0.0093 0.95 0.99 1.14
Quick Ratio 0.0045 0.0041 0.53 0.61 0.77
Solvency Ratio 0.0157 0.0156 1.64 1.08 1.65
Financial Leverage Ratio:
Debt Ratio 0.0064 0.0064 - - -
Debt-to-Equity-Ratio 0.0175 0.0179 1.83 1.57 1.87
Debt-to-EBITDA 0.14431 0.1058 9.91 10.15 1.53
Interest Coverage 0.0109 0.0459 5.91 6.23 2.74
Asset to Equity Ratio 0.0275 0.0279 2.83 2.57 2.53
Profitability Ratios:
Gross Profit Margin 0.0007 0.0009 9 9 0.08
Net Profit Margin 0 0 1 1 0.01
EBITDA Margin 0.01835 0.02646 3 3 -
Return on Assets 0 0.01 0.02 0 0.03
Return on Equity 0.0001 0.0005 0.06 0.01 -
Return on Average Equity 0.705 0.05082 7 6 -
Price/Earnings Ratio 1.275 0.2069 15 24.67 28.57