HORIZONTAL ANALYSIS

STATEMENT OF FINANCIAL POSITION

31-Dec
2018 2017 % CHANGE
ASSETS
Current Assets
Cash and cash equivalents (Note 5) 176,496,004 174,024,418 0.01
Financial assets at fair value 10,783,021 6,518,419 0.65
through profit or loss (FVTPL)
[Notes 6 and 21]
Financial assets at fair value 9,256,885 0 0.00
through other comprehensive
income (FVTOCI) [Notes 7 and 17]
Available-for-sale (AFS) 0 2,544,589 -1.00
investments [Notes 7 and 17]
Loans and receivables (Notes 8 and 245,934,405 204,622,577 0.20
17)
Inventories (Note 9) 13,108,204 13,365,089 -0.02
Due from related parties (Note 22) 2,028,632 2,028,625 0.00
Other current assets (Note 10) 9,105,700 12,471,592 -0.27
466,712,851 415,575,309 0.12
Assets of disposal group classified 8,238,623 0  
as held for sale (Note 37)
Total Current Assets 474,951,474 415,575,309 0.14
Noncurrent Assets  
Loans and receivables - net of 347,753,938 307,622,788 0.13
current portion (Notes 8 and 17)
Financial assets at FVTOCI (Notes 7 48,094,583 0  
and 17)
AFS investments (Notes 7 and 17) 0 70,664,823 -1.00
Financial assets at amortized cost 99,772,711 0  
(Notes 7 and 17)
Held-to-maturity investments 0 26,732,182 -1.00
(Notes 7 and 17)
Investments in associates and joint 20,314,141 17,230,925 0.18
ventures (Note 11)
Property, plant and equipment  
(Note 12):
At appraised values 60,317,761 36,214,947 0.67
At cost 7,802,933 6,990,286 0.12
Investment properties (Note 13) 30,318,901 28,890,793 0.05
Deferred income tax assets - net 1,899,044 1,460,889 0.30
(Note 29)
Other noncurrent assets (Note 14) 6,551,322 5,712,747 0.15
Total Noncurrent Assets 622,825,334 501,520,380 0.24
TOTAL ASSETS 1,097,776,808 917,095,689 0.20
LIABILITIES AND EQUITY  
Current Liabilities  
Deposit liabilities (Note 15) 672,342,296 588,394,301 0.14
Financial liabilities at FVTPL (Notes 470,648 343,522 0.37
16 and 21)
Bills and acceptances payable (Note 60,549,245 36,634,337 0.65
17)
Accounts payable and accrued 22,516,482 22,023,972 0.02
expenses (Note 18)
Income tax payable 1,012,898 1,113,799 -0.09
Short-term debts (Note 19) 2,050,000 1,550,000 0.32
Current portion of long-term debts 90,829 114,681 -0.21
(Note 19)
Due to related parties (Note 22) 80,199 56,842 0.41
Other current liabilities (Notes 20 and 8,616,177 15,166,369 -0.43
38)
767,728,774 665,397,823 0.15
Liabilities of disposal group classified 7,237,811 0  
as held for sale (Note 37)
Total Current Liabilities (Carried 774,966,585 665,397,823 0.16
Forward)
Total Current Liabilities (Brought Forward) 774,966,585 665,397,823 0.16
Noncurrent Liabilities  
Deposit liabilities - net of current 47,219,123 39,286,226 0.20
portion (Note 15)
Bills and acceptances payable (Note 9,533,590 7,282,350 0.31
17)
Long-term debts - net of current 18,555,324 1,475,466 11.58
portion (Note 19)
Net retirement benefits liability (Note 1,636,201 2,205,229 -0.26
23)
Deferred income tax liabilities - net 8,811,004 1,414,348 5.23
(Note 29)
Other noncurrent liabilities (Note 20) 5,864,593 4,718,832 0.24
Total Noncurrent Liabilities 91,619,835 56,382,451 0.62
Total Liabilities Equity 866,586,420 721,780,274 0.20
Attributable to equity holders of the  
Company (Notes 1, 7, 12, 23, 24, 30
and 36):
Capital stock  
10,821,389 10,821,389 0.00
Capital in excess of par 35,906,231 35,906,231 0.00
Preferred shares of subsidiaries 18,060,000 18,060,000 0.00
issued to Parent Company
Other equity reserves 804,095 804,095 0.00
Reserves of disposal group -21,893 –  
classified as held for sale
Other comprehensive income, net 15,410,482 4,299,674 2.58
of deferred income tax effect
Retained earnings 91,998,914 78,435,633 0.17
Shares of stock of the Company -12,519 -12,519 0.00
held by subsidiaries
172,966,699 148,314,503 0.17
Non-controlling interests (Notes 1, 7, 58,223,689 47,000,912 0.24
12 and 30)
Total Equity 231,190,388 195,315,415 0.18
TOTAL LIABILITIES AND EQUITY 1,097,776,808 917,095,689 0.20

INCOME STATEMENT
2017
 
  (As Restated,
2018 Note 37) % CHANGE
REVENUE (Note 24)
Banking 40,172,558 31,840,282 0.26

Distilled spirits 18,062,573 16,704,933

0.08
Beverage 14,125,559 12,948,796
0.09
Property development 3,198,735 2,233,063 0.43
75,559,425 63,727,074 0.19
COST OF GOODS SOLD AND SERVICES (Note 24) 35,965,402 29,679,810 0.21
GROSS INCOME 39,594,023 34,047,264 0.16
EQUITY IN NET EARNINGS OF ASSOCIATES AND
7,966,691 3,963,505
JOINT VENTURES (Note 11) 1.01
  47,560,714 38,010,769 0.25
OPERATING EXPENSES  
Selling expenses (Note 25) 2,700,387 2,692,425 0.00
General and administrative expenses (Note 26) 28,302,277 24,380,465 0.16
  31,002,664 27,072,890
0.15
OPERATING INCOME 16,558,050 10,937,879 0.51
OTHER INCOME (CHARGES)  
Foreign exchange gains - net 1,090,891 1,703,858 -0.36
Finance income (Note 27) 206,641 157,100 0.32
Finance costs (Note 27) -145,457 -141,937 0.02
Others - net (Note 28) 7,837,908 5,343,160 0.47
  8,989,983 7,062,181 0.27
INCOME BEFORE INCOME TAX 25,548,033 18,000,060 0.42
PROVISION FOR (BENEFIT FROM) INCOME TAX
(Note 29)  
Current 4,785,686 3,605,838 0.33
Deferred -15,886 -116,061 -0.86
  4,769,800 3,489,777 0.37
NET INCOME FROM CONTINUING OPERATIONS 20,778,233 14,510,283 0.43
NET INCOME (LOSS) FROM DISCONTINUED
-219,972 70,373
OPERATIONS (Note 37) -4.13
NET INCOME 20,558,261 14,580,656 0.41
 
   
NET INCOME ATTRIBUTABLE TO:  
Equity holders of the Company 16,194,778 10,830,773 0.50
Non-controlling interests 4,363,483 3,749,883 0.16
  20,558,261 14,580,656 0.41
Basic/Diluted Earnings Per Share Attributable to
Equity Holders  
of the Company (Note 31) 1.5 1 0.50
Basic/Diluted Earnings Per Share Attributable to
Equity Holders of the  
Company from Continuing Operations (Note 31) 1.48 1 0.48

2017
 
  (As Restated,
2018 Note 37) % CHANGE
NET INCOME 20,558,261 14,580,656 0.41
OTHER COMPREHENSIVE INCOME (LOSS)  
Other comprehensive income (loss) to be
reclassified to profit or loss in subsequent periods:  
Net changes in fair value of financial assets at
-145,484 0
FVTOCI (Note 7)
0.00
Income tax effect – – 0
  -145,484 – 0
Net changes in fair value of AFS investments
0 2,533,268
(Note 7) -1.00
Income tax effect 0 -55,010 -1.00
  0 2,478,258 -1.00
Translation adjustments 451,664 508,364 -0.11
Net other comprehensive income (loss) to be
reclassified to profit or loss
in subsequent periods 306,180 2,986,622 -0.90
Other comprehensive income (loss) not to be
reclassified to profit or loss in subsequent periods: 0.00
Net changes in fair value of financial assets at
-718,772 –
FVTOCI (Note 7) 0.00
Income tax effect -214,593 – 0.00
  -933,365 – 0.00
Remeasurement gains (losses) on defined
954,113 1,178,433
benefit plans (Note 23) -0.19
Income tax effect -103,469 -115,548 -0.10
  850,644 1,062,885 -0.20
Share in remeasurement gain on defined
57,018 28,526
benefit plans of associates (Note 11) 1.00
Revaluation increment on property, plant and
23,910,070 –
equipment (Note 12) 0.00
Income tax effect -7,173,021 – 0.00
  16,737,049 – 0.00
Net other comprehensive income (loss) not to be  
reclassified to profit or loss in subsequent periods 16,711,346 1,091,411 14.31
OTHER COMPREHENSIVE INCOME (LOSS), NET
17,017,526 4,078,033
OF TAX 3.17
TOTAL COMPREHENSIVE INCOME 37,575,787 18,658,689 1.01
 
TOTAL COMPREHENSIVE INCOME    
ATTRIBUTABLE TO:  
Equity holders of the Company 25,558,850 14,164,368 0.80
Non-controlling interests 12,016,937 4,494,321 1.67
  37,575,787 18,658,689 1.01

CASH FLOW
    2017
(As Restated,
 2018 Note 37) % CHANGE
CASH FLOWS FROM OPERATING
ACTIVITIES
Income before income tax from
25,548,033 18,000,060
continuing operations 0.42
Income (loss) before income tax from
-196,611 77,651
discontinued operations (Note 37) -3.53

Income before income tax 25,351,422 18,077,711

0.40
Adjustments for:  
Equity in net earnings of
-8,029,577 -4,022,207
associates (Note 11) 1.00
Gain on disposal of:  
Other noncurrent assets (Notes
-6,086,834 -4,163,507
12, 13 and 28) 0.46
AFS investments (Notes 7 and
0 -7,914
28) -1.00
Depreciation and amortization
4,160,956 3,721,723
(Notes 12, 13 and 14) 0.12
Provision for losses (Notes 8 and
1,454,773 891,490
26) 0.63
Movement in accrued retirement
1,133,427 642,387
benefits (Note 23) 0.76
Finance income (Note 27) -206,641 -157,100 0.32
Finance costs (Note 27) 145,457 141,937 0.02
Dividend income (Note 28) -87,517 -62,143 0.41
Share in losses of joint venture
62,886 58,717
(Notes 11 and 28) 0.07
Mark-to-market gain on financial
-17,234 -59,513
assets at FVTPL (Note 28) -0.71
Gain on:  
Remeasurement of retained interest (Note
– –
28)  
Sale of disposal group (Note 37) – –  
Investment in an associate arising from contribution of  
non-monetary assets (Note 28) – –  
Sale of brands (Note 37) - -  
Operating income before changes in
17,881,118 15,061,581
working capital 0.19
Financial assets at FVTPL -4,247,368 -17,395 243.17
Receivables -80,086,379 -74,827,496 0.07
Inventories 41,335 -515,290 -1.08
Other current assets -6,533,145 -1,815,226 2.60
Increase (decrease) in:  
Deposit liabilities 91,880,892 66,260,295 0.39
Financial liabilities at FVTPL 127,126 110,690 0.15
Accounts payable and accrued
750,406 5,063,878
expenses -0.85
Other current and noncurrent
17,387,414 -2,291,291
liabilities -8.59
Cash generated from operations 37,201,399 7,029,746 4.29
Dividends received (Notes 11, 22 and
4,970,678 3,972,939
28) 0.25
Contributions to retirement plan -755,084 -1,474,099 -0.49
Interest paid -384,994 -141,937 1.71
Interest received 183,312 157,100 0.17
Income taxes paid, including creditable  
withholding and final taxes -4,686,578 -3,849,518 0.22
Net cash from operating activities 36,528,733 5,694,231 5.42
(Forward)  
CASH FLOWS FROM INVESTING
ACTIVITIES  
Acquisition of:  
Financial assets at FVTOCI -25,601,160 0  
Financial assets at amortized cost -73,040,529 0  
Held to maturity investments 0 -2,629,588 -1.00
Investment properties (Note 13) -461,123 -1,048,872 -0.56
Property, plant and equipment (Note 12) -5,153,022 -5,111,373 0.01
Software (Note 14) -344,334 -1,036,864 -0.67
Distribution network access (Note 14) 0 -286,751 -1.00
AFS investments (Note 7) 0 -4,607,513 -1.00
Investment in joint venture and
1,534,000 -622,000
associates (Note 11) -3.47
Proceeds from sale of:  
Financial assets at FVTOCI (Note 7) 43,059,193 0  
AFS investments (Note 7) 0 2,718,542 -1.00
Other assets (Notes 12 and 13) -588,684 4,479,685 -1.13
Disposal group classified as held for sale
– –
(Note 37)  
Advances extended to affiliates -7 -106,158 -1.00
Net cash used in investing activities -60,595,666 -8,250,892 6.34
     
CASH FLOWS FROM FINANCING
ACTIVITIES  
Proceeds from availment of:  
Short-term debts (Note 19) 2,000,000 0  
Bill and acceptance payable (Note 17) 26,166,148 8,030,740 2.26
Long-term debts (Note 19) 17,056,006 0  
Payments of:  
Stock issuance costs -15,000,000 0  
Dividends (Note 30) -2,183,635 -1,947,850 0.12
Short-term debts (Note 19) -1,500,000 -200,000 6.50
Long-term debts (Note 19) 0 -3,978,600 -1.00
Finance cost 0 0  
Advances from affiliates (Note 22) 0 0  
Net cash from financing activities 26,538,519 1,904,290 12.94
NET INCREASE (DECREASE) IN CASH
2,471,586 -652,371
AND CASH EQUIVALENTS -4.79
CASH AND CASH EQUIVALENTS AT
174,024,418 174,676,789
BEGINNING OF YEAR 0.00
CASH AND CASH EQUIVALENTS AT
176,496,004 174,024,418
END OF YEAR (Note 5) 0.01

VERTICAL ANALYSIS

31-Dec
2018 % 2017 %
ASSETS
Current Assets
Cash and cash equivalents (Note 5) 176,496,004 0.1608 174,024,418 0.1898
Financial assets at fair value
through profit or loss (FVTPL) 10,783,021 0.0098 6,518,419 0.0071
[Notes 6 and 21]
Financial assets at fair value
through other comprehensive 9,256,885 0.0084 0
income (FVTOCI) [Notes 7 and 17]  
Available-for-sale (AFS)
0 0.0000 2,544,589
investments [Notes 7 and 17] 0.0028
Loans and receivables (Notes 8 and
245,934,405 0.2240 204,622,577 0.2231
17)
Inventories (Note 9) 13,108,204 0.0119 13,365,089 0.0146
Due from related parties (Note 22) 2,028,632 0.0018 2,028,625 0.0022
Other current assets (Note 10) 9,105,700 0.0083 12,471,592 0.0136
466,712,851 0.4251 415,575,309 0.4531
Assets of disposal group classified
8,238,623 0.0075 0 0.0000
as held for sale (Note 37)
Total Current Assets 474,951,474 0.4326 415,575,309 0.4531
Noncurrent Assets    
Loans and receivables - net of
347,753,938 0.3168 307,622,788 0.3354
current portion (Notes 8 and 17)
Financial assets at FVTOCI (Notes 7
48,094,583 0.0438 0 0.0000
and 17)
AFS investments (Notes 7 and 17) 0 0.0000 70,664,823 0.0771
Financial assets at amortized cost
99,772,711 0.0909 0 0.0000
(Notes 7 and 17)
Held-to-maturity investments (Notes
0 0.0000 26,732,182
7 and 17) 0.0291
Investments in associates and joint
20,314,141 0.0185 17,230,925 0.0188
ventures (Note 11)
Property, plant and equipment (Note
 
12):  
At appraised values 60,317,761 0.0549 36,214,947 0.0395
At cost 7,802,933 0.0071 6,990,286 0.0076

Investment properties (Note 13) 30,318,901 0.0276 28,890,793 0.0315

Deferred income tax assets - net
1,899,044 0.0017 1,460,889 0.0016
(Note 29)
Other noncurrent assets (Note 14) 6,551,322 0.0060 5,712,747 0.0062
Total Noncurrent Assets 622,825,334 0.5674 501,520,380 0.5469
TOTAL ASSETS 1,097,776,808 1.0000 917,095,689 1.00
   
LIABILITIES AND EQUITY    
Current Liabilities    
Deposit liabilities (Note 15) 672,342,296 0.6125 588,394,301 0.6416
Financial liabilities at FVTPL (Notes
470,648 0.0004 343,522 0.0004
16 and 21)
Bills and acceptances payable (Note
60,549,245 0.0552 36,634,337 0.0399
17)
Accounts payable and accrued
22,516,482 0.0205 22,023,972 0.0240
expenses (Note 18)
Income tax payable 1,012,898 0.0009 1,113,799 0.0012
Short-term debts (Note 19) 2,050,000 0.0019 1,550,000 0.0017
Current portion of long-term debts
90,829 0.0001 114,681 0.0001
(Note 19)
Due to related parties (Note 22) 80,199 0.0001 56,842 0.0001
Other current liabilities (Notes 20
8,616,177 0.0078 15,166,369 0.0165
and 38)
767,728,774 0.6993 665,397,823 0.7255
Liabilities of disposal group
7,237,811 0.0066 0 0.0000
classified as held for sale (Note 37)
Total Current Liabilities (Carried
774,966,585 0.7059 665,397,823 0.7255
Forward)
Total Current Liabilities (Brought
774,966,585 0.7059 665,397,823 0.7255
Forward)

Noncurrent Liabilities    
Deposit liabilities - net of current
47,219,123 0.0430 39,286,226 0.0428
portion (Note 15)
Bills and acceptances payable (Note
9,533,590 0.0087 7,282,350 0.0079
17)
Long-term debts - net of current
18,555,324 0.0169 1,475,466 0.0016
portion (Note 19)
Net retirement benefits liability (Note
1,636,201 0.0015 2,205,229 0.0024
23)
Deferred income tax liabilities - net
8,811,004 0.0080 1,414,348 0.0015
(Note 29)
Other noncurrent liabilities (Note 20) 5,864,593 0.0053 4,718,832 0.0051

Total Noncurrent Liabilities 91,619,835 0.0835 56,382,451 0.0615

Total Liabilities Equity 866,586,420 0.7894 721,780,274 0.7870

Attributable to equity holders of the
Company (Notes 1, 7, 12, 23, 24, 30    
and 36):

Capital stock    
10,821,389 0.0099 10,821,389 0.0118
Capital in excess of par 35,906,231 0.0327 35,906,231 0.0392
Preferred shares of subsidiaries
18,060,000 0.0165 18,060,000 0.0197
issued to Parent Company
Other equity reserves 804,095 0.0007 804,095 0.0009
Reserves of disposal group
-21,893 0.0000 – #VALUE!
classified as held for sale
Other comprehensive income, net
15,410,482 0.0140 4,299,674 0.0047
of deferred income tax effect
Retained earnings 91,998,914 0.0838 78,435,633 0.0855
Shares of stock of the Company
-12,519 0.0000 -12,519 0.0000
held by subsidiaries
172,966,699 0.1576 148,314,503 0.1617
Non-controlling interests (Notes 1,
58,223,689 0.0530 47,000,912 0.0512
7, 12 and 30)
Total Equity 231,190,388 0.2106 195,315,415 0.2130
TOTAL LIABILITIES AND EQUITY 1,097,776,808 1.0000 917,095,689 1.0000
INCOME STATEMENT
  2017
 
  (As Restated,
2018   Note 37)
REVENUE (Note 24)
Banking 40,172,558 0.5317 31,840,282 0.4996
Distilled spirits 18,062,573 0.2391 16,704,933 0.2621
Beverage 14,125,559 0.1869 12,948,796 0.2032

Property development 3,198,735 0.0423 2,233,063 0.0350

75,559,425 1.0000 63,727,074 1.0000

COST OF GOODS SOLD AND SERVICES (Note
35,965,402 0.4760 29,679,810 0.4657
24)
GROSS INCOME 39,594,023 0.5240 34,047,264 0.5343
EQUITY IN NET EARNINGS OF ASSOCIATES
7,966,691 0.1054 3,963,505 0.0622
AND JOINT VENTURES (Note 11)
  47,560,714 0.6294 38,010,769 0.5965
OPERATING EXPENSES    
Selling expenses (Note 25) 2,700,387 0.0357 2,692,425 0.0422
General and administrative expenses (Note
28,302,277 0.3746 24,380,465 0.3826
26)
  31,002,664 0.4103 27,072,890 0.4248
OPERATING INCOME 16,558,050 0.2191 10,937,879 0.1716
OTHER INCOME (CHARGES)    
Foreign exchange gains - net 1,090,891 0.0144 1,703,858 0.0267
Finance income (Note 27) 206,641 0.0027 157,100 0.0025
Finance costs (Note 27) -145,457 -0.0019 -141,937 -0.0022
Others - net (Note 28) 7,837,908 0.1037 5,343,160 0.0838
  8,989,983 0.1190 7,062,181 0.1108
INCOME BEFORE INCOME TAX 25,548,033 0.3381 18,000,060 0.2825
PROVISION FOR (BENEFIT FROM) INCOME
   
TAX (Note 29)
Current 4,785,686 0.0633 3,605,838 0.0566
Deferred -15,886 -0.0002 -116,061 -0.0018
  4,769,800 0.0631 3,489,777 0.0548
NET INCOME FROM CONTINUING
20,778,233 0.2750 14,510,283 0.2277
OPERATIONS
NET INCOME (LOSS) FROM
-219,972 -0.0029 70,373 0.0011
DISCONTINUED OPERATIONS (Note 37)
NET INCOME 20,558,261 0.2721 14,580,656 0.2288
   
   
NET INCOME ATTRIBUTABLE TO:    
Equity holders of the Company 16,194,778 0.2143 10,830,773 0.1700
Non-controlling interests 4,363,483 0.0577 3,749,883 0.0588
  20,558,261 0.2721 14,580,656 0.2288
Basic/Diluted Earnings Per Share
   
Attributable to Equity Holders
of the Company (Note 31) 1.5   1  
Basic/Diluted Earnings Per Share
   
Attributable to Equity Holders of the
 Company from Continuing Operations
1.48   1  
(Note 31)
  2017  
 
    (As Restated,  
2018   Note 37)  
NET INCOME 20,558,261 0.2721 14,580,656 0.2288

OTHER COMPREHENSIVE INCOME (LOSS)    

Other comprehensive income (loss) to be
reclassified to profit or loss in subsequent    
periods:
Net changes in fair value of financial assets
-145,484 -0.0019 0 0.0000
at FVTOCI (Note 7)
Income tax effect –   –  
  -145,484 -0.0019 –  
Net changes in fair value of AFS
0   2,533,268  
investments (Note 7)
Income tax effect 0   -55,010  
  0   2,478,258  
Translation adjustments 451,664 0.0060 508,364 0.0080
Net other comprehensive income (loss) to
   
be reclassified to profit or loss
in subsequent periods 306,180 0.0041 2,986,622 0.0469
Other comprehensive income (loss) not to be
reclassified to profit or loss in subsequent    
periods:
Net changes in fair value of financial assets
-718,772 -0.0095 – #VALUE!
at FVTOCI (Note 7)
Income tax effect -214,593 -0.0028 – #VALUE!
  -933,365 -0.0124 – #VALUE!
Remeasurement gains (losses) on defined
954,113 0.0126 1,178,433 0.0185
benefit plans (Note 23)
Income tax effect -103,469 -0.0014 -115,548 -0.0018
  850,644 0.0113 1,062,885 0.0167
Share in remeasurement gain on defined
57,018 0.0008 28,526 0.0004
benefit plans of associates (Note 11)
Revaluation increment on property, plant
23,910,070 0.3164 – #VALUE!
and equipment (Note 12)
Income tax effect -7,173,021 -0.0949 – #VALUE!
  16,737,049 0.2215 – #VALUE!
Net other comprehensive income (loss) not to    
be reclassified to profit or loss in subsequent
periods 16,711,346 0.2212 1,091,411 0.0171
OTHER COMPREHENSIVE INCOME (LOSS),
17,017,526 0.2252 4,078,033 0.0640
NET OF TAX
TOTAL COMPREHENSIVE INCOME 37,575,787 0.4973 18,658,689 0.2928
   
TOTAL COMPREHENSIVE INCOME    
   
ATTRIBUTABLE TO:
Equity holders of the Company 25,558,850 0.3383 14,164,368 0.2223
Non-controlling interests 12,016,937 0.1590 4,494,321 0.0705
  37,575,787 0.4973 18,658,689 0.2928