FINANCIAL POSITION

Asset Item 2023 2024 2025 Basis

Net cash provided by operations, partly offset by the net cash used in financing
Increase in cash 4% 20% 25% and investing activities
Steady increase in market valuation in line with the steady increase in economic
Increase in financial assets at FVPL 8% 8% 7% momentum
In parallel with the increase in revenue; under the assumption that half of the
Increase in receivables 6% 6% 6% increase is attributable to cash sales
In parallel with the increase in revenue; WIP and Raw Materials are expected to
Increase in inventory 3% 3% 3% increase in order to accommodate the increase in volume of sales
Steady increase as the market slowly goes back to the pre-pandemic economic
Increase in biological assets 5% 5% 5% momentum
Other current assets include advances to suppliers and other prepaid expenses;
Increase in other current assets 5% 5% 5% expected increase in line with the operational movements of the Company
Net movement between the 6% additions to PPE and 4% depreciation rate (for
depreciation purposes, all purchase of PPE is assumed to be at the beginning of
Increase in PPE 4% 4% 4% the year)
Acquisition of PPE (in millions) 8,400 8,904 9,438
Depreciation of PPE (in millions) 5,936 6,292 6,669

Liability Item 2023 2024 2025 Basis

Increase in accounts payable and trust receipts payable 6% 6% 6% In parallel with the increase in inventory and operating expenses of the Company
Pertains to the availments and payments of short-term debt for the next three
Movement in short-term debt -14% -16% -19% years
Pertains to the remaining balance after payment of 95% of the income tax due
Income tax payable 52% 40% 33% every year
Net movement between the 5% additions to lease liability and 3% increase in
Increase in lease liabilities 16% 3% 3% interest pertaining to leases

Equity Item 2023 2024 2025 Basis

Driven by net results of the Company and the dividends declared with an
Retained earnings 5% 7% 8% increasing rate of 5% every year
Driven by net results of NURC (where the Company is holding its NCI) and the
Equity in non-controlling interest 51% 39% 32% dividends declared with an increasing rate of 5% every year
NURC Net Income (Projected) 1,051,318,739 1,156,450,612.65 1,272,095,673.92 1,399,305,241.31
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and other accrued liabilities 24,831,836,720 22,578,884,570 25,480,972,213 27,009,830,546 28,630,420,379 30,348,245,601
Current portion of long term debts 17,838,897,236 - - - - -
Short-term debts 2,668,790,196 7,808,029,451 11,762,287,539 10,096,251,026 8,440,233,417 6,794,535,281
Trust receipts payable 7,454,089,371 8,106,662,079 11,457,712,536 12,145,175,288 12,873,885,805 13,646,318,954
Income tax payable 392,320,487 288,842,084 426,388,653 646,094,687 904,855,463 1,207,601,465
Lease liabilities - current portion 481,895,880 245,682,038 273,499,481 273,499,481 273,499,481 273,499,481
53,667,829,890 39,028,100,222 49,400,860,422 50,170,851,028 51,122,894,545 52,270,200,781

Noncurrent Liabilites
Long-term debts 13,498,653,900 - - - - -
Deferred tax liabilities 3,800,923,112 2,032,345,574 2,161,335,900 2,011,177,042 1,950,388,930 1,938,530,312
Lease liabilities - net of current portion 6,196,660,683 2,235,085,558 2,001,355,296 2,365,108,716 2,455,967,573 2,547,344,362
Net pension liability 1,246,700,748 383,206,789 419,736,694 365,094,879 317,971,235 278,741,672
24,742,938,443 4,650,637,921 4,582,427,890 4,741,380,637 4,724,327,739 4,764,616,346
78,410,768,333 43,678,738,143 53,983,288,312 54,912,231,665 55,847,222,284 57,034,817,127

Equity
Equity attributable to equity holders of the parent
Paid-up capital 23,422,134,732 23,422,134,732 23,422,134,732 23,422,134,732 23,422,134,732 23,422,134,732
Retained earnings 70,448,067,424 88,907,647,831 95,304,192,226 99,982,316,100 106,550,179,548 115,278,101,056
Other comprehensive income 1,734,016,815 3,266,429,260 5,333,718,849 4,268,846,328 3,374,835,030 2,419,958,067
Equity reserve - 2,665,824,256 - 5,075,466,405 - 5,062,245,488 - 5,062,245,488 - 5,062,245,488 - 5,062,245,488
Treasury shares - 679,489,868 - 1,099,761,235 - 3,652,109,120 - 3,652,109,120 - 3,652,109,120 - 3,652,109,120
92,258,904,847 109,420,984,183 115,345,691,199 118,958,942,552 124,632,794,702 132,405,839,247
Equity attributable to non-controlling interest 5,525,257,087 346,749,649 624,649,896 942,792,741 1,311,313,150 1,735,720,079
97,784,161,934 109,767,733,832 115,970,341,095 119,901,735,294 125,944,107,852 134,141,559,326
TOTAL LIABILITIES AND EQUITY 176,194,930,267 153,446,471,975 169,953,629,407 174,813,966,958 181,791,330,136 191,176,376,453
TOTAL EQUITY 97,784,161,934 109,767,733,832 115,970,341,095 119,901,735,294 125,944,107,852 134,141,559,326
- - - - - -

Net income 11,624,602,710 24,245,879,798 14,471,288,065 13,182,362,037 15,525,646,558 18,164,760,119

OCI - 1,742,105,326 1,768,932,705 2,126,511,555 - 1,003,146,976 - 823,062,094 - 874,086,144
TOTAL INCOME 9,882,497,384 26,014,812,503 16,597,799,620 12,179,215,061 14,702,584,464 17,290,673,975
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of:
Property, plant and equipment - 11,136,695,250 - 13,199,692,100 - 9,134,912,018 - 8,399,683,904 - 8,903,664,938 - 9,437,884,834
Subsidiary, net of cash acquired - - 22,565,594,339 - 486,014,976 - - -
Financial assets at fair value through profit or loss - - 77,103,380 - 162,665,091 - - -
Investments in joint ventures - - 100,000,000 - 80,879,150 - 300,000,000 - -
Intangible assets - - - 3,101,422 - - -
Proceeds from sale/disposal of:
Property, plant and equipment and investment property 41,083,408 1,984,600,073 1,827,682,799 - - -
Business, net of cash disposed - 22,292,159,390 - - - -
Financial assets at fair value through OCI - 50,000 - - - -
Financial assets at fair value through profit or loss 25,750 - - - - -
Decrease (increase) in other noncurrent assets - 321,475,301 3,710,795 - 80,447,447 554,654,628 552,696,455 - 24,850,000
Dividends received 64,605,739 32,302,870 80,757,174 83,179,889 85,675,286 88,245,544
Net cash used in investing activities - 11,352,455,654 - 11,629,566,691 - 8,039,580,131 - 8,061,849,387 - 8,265,293,197 - 9,374,489,290
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of/from:
Short-term debts - 3,202,003,095 - 4,002,001,432 - 15,740,000,000 - 6,000,000,000 - 8,000,000,000 - 8,000,000,000
Principal portion of lease liabilities - 830,570,104 - 814,968,947 - 500,349,782 - 500,349,782 - 500,349,782 - 500,349,782
Availments of short-term debts 2,125,000,000 9,200,000,000 19,630,000,000 4,000,000,000 6,000,000,000 6,000,000,000
Purchase of treasury shares - - 420,271,367 - 2,552,347,885 - - -
Cash dividends paid - 7,286,109,884 - 7,707,384,164 - 7,855,067,488 - 8,247,820,862 - 8,660,211,906 - 9,093,222,501
Increase in other noncurrent liabilities 21,646,161 - - - - -
Net cash used in financing activities - 9,172,036,922 - 3,744,625,910 - 7,017,765,155 - 10,748,170,644 - 11,160,561,688 - 11,593,572,283

NET DECREASE IN CASH AND CASH EQUIVALENTS - 1,618,868,396 - 1,907,708,141 - 3,706,465,664 552,132,946 2,694,690,888 4,123,618,249

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 20,484,260,858 18,865,392,462 16,957,684,321 13,251,218,657 13,803,351,603 16,498,042,491

CASH AND CASH EQUIVALENTS AT END OF YEAR 18,865,392,462 16,957,684,321 13,251,218,657 13,803,351,603 16,498,042,491 20,621,660,740
Return on Investment:
Earnings after Taxes 11,624,602,710 24,245,879,798 14,471,288,065 13,182,362,037 15,525,646,558 18,164,760,119
Average Total Assets 176,194,930,267 164,820,701,121 161,700,050,691 172,383,798,183 178,302,648,547 186,483,853,294
0.07 0.15 0.09 0.08 0.09 0.10

Return on Assets:
Net Income (after tax) 11,624,602,710 24,245,879,798 14,471,288,065 13,182,362,037 15,525,646,558 18,164,760,119
Total Assets 176,194,930,267 153,446,471,975 169,953,629,407 174,813,966,958 181,791,330,136 191,176,376,453
0.07 0.16 0.09 0.08 0.09 0.10

Return on Equity:
Net Income (after tax) 11,624,602,710 24,245,879,798 14,471,288,065 13,182,362,037 15,525,646,558 18,164,760,119
Total Equity 97,784,161,934 109,767,733,832 115,970,341,095 119,901,735,294 125,944,107,852 134,141,559,326
0.12 0.22 0.12 0.11 0.12 0.14
Other noncurrent assets
Deposits 923,159,218 923,159,218 923,159,218 923,159,218
Input VAT 473,049,635 473,049,635 473,049,635 473,049,635
Financial assets 105,450,000 130,300,000 155,150,000 180,000,000
Investment property 1,958,173 - - -
Includes receivable from affiliates; annual payment
Others 1,155,092,910 577,546,455 - - expected until 2024
2,658,709,936 2,104,055,308 1,551,358,853 1,576,208,853

Investment in joint ventures

Balance 1,028,262,362 1,489,262,362 1,789,262,362 1,789,262,362
Investment 461,000,000 300,000,000 - - Additional investment to cover the loss
AD Balance, beg - 972,204,183 - 1,351,171,873 - 1,529,616,600 - 1,713,414,669
Equity loss - 378,967,690 - 178,444,727 - 183,798,069 - 75,847,693 Consistent equity loss based on historical data
138,090,489 259,645,762 75,847,693 -

Non-controlling interest OCI

Cumulative TA 56,177,875 61,795,663 67,975,229 74,772,752
Remeasurement DBO
Beginning balance - 8,211,070 - 4,152,280 - 93,490 3,965,300
Movement 4,058,790 4,058,790 4,058,790 4,058,790
- 4,152,280 - 93,490 3,965,300 8,024,090
Income tax 1,245,684 23,373 (991,325) (2,006,023)
- 2,906,596 - 70,118 2,973,975 6,018,068
53,271,279 61,725,545 70,949,204 80,790,819