Financial Plan Of Jollibee

Financial Plan Of Jollibee – 1 Consolidated Financial Statements of Jollibee Food Corporation and Subsidiaries for the years ended December 31, 2013 and 2012 and December 31, 2013, 2012 and 2011 and Independent Auditor’s Report

2 SyCip Gorres Velayo & Co Ayala Avenue 1226 Makati City Philippines Tel: (632) Fax: (632) ey.com/ph BOA / PRC Reg. No. 0001, December 28, 2012, valid until December 31, 2015, SEC Recognition No. FR-3 (Group A), November 15, 2012, valid until November 16, 2015 We are a consolidated company of Jollibee Food Corporation and its subsidiaries We have audited the financial statements, which are the consolidated statements of financial position as of 31 December 2013 and 2012 and consolidated statements of comprehensive income, changes in equity and cash flows for each of the three years ended December 31, 2013, and a statement of significant accounting policies and other explanatory information Management’s Responsibility for the Financial Statements Consolidated Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Philippine Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of the consolidated financial statements. Free from material misstatement, whether due to fraud or error Auditor’s responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with Philippine Standards on Auditing These standards require that we comply with ethical requirements and plan and audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. An audit involves performing an audit procedure to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud. or error. In assessing this risk, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements to design audit procedures appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness . of the organization’s internal control An auditor assesses the appropriateness of the accounting policies used and the reasonableness of accounting estimates made by management, as well as the overall presentation of the consolidated financial statements. We believe that our audit evidence is sufficient and appropriate to provide a basis for our audit opinion A member firm of Ernst & Young Global Limited

Financial Plan Of Jollibee

Financial Plan Of Jollibee

3 – 2 – Opinion In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Jollibee Food Corporation and its subsidiaries as of December 31, 2013 and 2012, and their financial performance and cash flows. for each one. The three-year period ended December 31, 2013 in accordance with Philippine Financial Reporting Standards. Sisip Gores Velayo and Co. April 10, 2015 No. PTR January 2, 2014 Makati City April 7, 2014 A member firm of Ernst & Young Global Limited.

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4 Consolidated Statement of Financial Position of Jollibee Food Corporation and Subsidiaries December 31, 2013 December 31, 2012 31) P = 9,903,877,068 P = 8,848,591,584 P = 6,655,7,3 Advertisement 6,655,70,201, 2013, 2012, 2012, 2013 , 2012, 2012, 2012, 341. , 30 and 31) 21, 479 ,, 149 ,, 649, 438 Joint ventures, co-venturers and an associate (Note 11) 3, 322, 393, 765 3, 011, 501, 5181, 5181, property and advances . , Plant and equipment – net (Note 12) 11, 772, 440, 510 11, 059, 464, 042 10, 580, 366, 696 Investment properties (Note 13) 751, 767,, 018,6ll 46,6ll and other intangible assets (Note 14) 9, 103, 636, 848 8, 837, 559, 145 8, 542, 321, 057 Operating lease receivables (Note 29) 21, 267, 28, 28, 256 873 Deferred tax assets – net (Note 24) 756, 196 ,, 822 ,, 389, 585 Other non-assets (Notes 15, 30 and 31) 1, 893, 275, 392 1, 645,208 , 351, 786 Total Assets Uncollected 27, 642, 457, 128 26, 144, 928, 795 25, 291, 574, 566 P = 46, 026, 634, 1113, 634, 113, P = 4 550, 522, 467 LIABILITIES AND EQUITIES Current liabilities Trade payables and other current liabilities (Notes 16, 30 and 31) P = 14, 249, 926, 021 P = 11, 753, 015,061, 061, 2010 = 869 Income tax payable 154, 744, 537 78 , 958 ,, 717, 083 Short-term debt (Notes 18, 30 and 31) 900, 000, 000 Current part: Long-term debt (Notes 18, 13 and 13) , 106, 275 , 244 4, 572, 839 ,, 301, 991 Liability for business acquisition (Notes 11, 30 and 31) 107, 666 ,, 368 ,, 763, 179 Total current liabilities 15 15 8, 6, 61, 61 232, 643 12, 102, 3 77, 122 Unallocated part of contingent liabilities: Long-term debt (Notes 18, 30 and 31) 4, 062, 970 ,, 616, 489 3, 924, 207, 3, 942,207 (Notes 11 , 30 and 31) 129,007 ,, 203 ,,, 964,787 provisions (Note 17) 30,500,639 30,500,639 30,500,639 Derivative derivatives (notes 18, 30 and 31) 4,532,600 22,782,820 (Note 19) (Note 19) (Note 19) 29) 1,569,071,461 1,460,167 , 999 1, 343, 261, 889 Tax liability – – Net (Note 24) 318, 157 ,, 744 ,, 426 1,343, 261, 889. , 039 6, 053 , 032, 032 , 172 total liabilities , 665, 694 , 036 20, 036, 827, 682 18, 135, 652, 139 equity capital holders (No. 30,19) 051, 430 1, 79, 046, 681, 675 1, 037, 775, 349 Additional paid-in capital (Note 26) 3, 640, 716, 729 3, 284, 139, 309 2, 914, 463 , 925 Regulation of consolidated translation of foreign subsidiaries. e, joint ventures and an associate 38, 306, 710 (351, 379, 055) (187, 186, 852) Net recovery of gain (loss) on defined benefit plans – net of taxes (472, 054, 212 ) (224, 657) , 742) 128, 728, 399 Unrealized gain on available-for-sale financial assets (Note 10) 102, 626 ,, 626, 829 Comprehensive loss on derivative liabilities (Note 18) (3, 41, 3, 41) , 087, 197) Excess of book value of non-controlling interests (Note 19) (542, 764, 486) (542, 764, 486) (542, 764, 486) Retained earnings (Notes 2 and 19 ): 10 for future expansion, 200, 000, 000 5, 000, 000, 000 1, 200, 000, 000 unsuitable 8, 817, 166, 243 12, 871, 154, 223,800,15 271 21, 178 , 713, 537 19, 891, 690, 574 Less cost of common stock held in treasury (Note 19) 180, 511,, 511,, 511, 491 22, 58,28,708 , 046 19, 711, 179, 083 Non-controlling interest (Note 11) 812, 061,, 100,, 691, 245 Total capital 23, 360, 940, 077 21, 731.40 3 28 P = 46,026,634,113 P = 41,768,130.7 10 P = 38, 550, 522, 467 See Notes to Consolidated Financial Statements.

5 Consolidated Statements of Income of Jollibee Food Corporation and Subsidiaries for the years ended December (Restated – Note 2) 2011 P = 59,266,444,340 Royalty, Franchise Fees and other (Note 20) 3,969,279,279,656,30 80, 282, 769, 199 71, 059, 039, 154 62, 554, 927, 059 Cost of sales (Note 21) 65, 284, 763, 064 58, 431, 74, 498 Profit 14, 998, 006, 135 12, 623, 540, 411 11, 188, 855, 112 Expenses General and Administrative Expenses (Note 22) 7, 427, 887, 196 6, 709.90 , 810 Advertising and promotion 1, 639, 022, 544 1, 369, 719, 679 1 . , 028) (206, 012, 700) (291 , 342, 791) 931.78 , 457 (111, 579, 555) CAPITAL Addition to net profits (losses). Venters and an associate (Note 11)

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