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EMPERADOR INC.

AND SUBSIDIARIES
(A Subsidiary of Alliance Global Group, Inc.)
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2018
(Amounts in Philippine Pesos)

Notes 2018

A S S E T S

CURRENT ASSETS
Cash and cash equivalents 5 P 6,228,229,892
Trade and other receivables - net 6 18,875,783,362
Financial assets at fair value through profit or loss 7 1,208,707,500
Inventories - net 8 28,395,973,338
Prepayments and other current assets 11.1 1,291,326,181
56,000,020,273
Total Current Assets

NON-CURRENT ASSETS
Investment in a joint venture 12 3,277,607,392
Property, plant and equipment - net 9 27,247,873,634
Intangible assets - net 10 30,229,975,679
Other non-current assets - net 11.2 1,062,894,704
61,818,351,409
Total Non-current Assets

P 117,818,371,682
TOTAL ASSETS

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Interest-bearing loans 13 P 5,700,075,335
Trade and other payables 15 13,235,235,723
Financial liabilities at fair value through profit or loss 7 43,492,447
Income tax payable 1,238,585,785
20,217,389,290
Total Current Liabilities

NON-CURRENT LIABILITIES
Interest-bearing loans 13 28,314,724,893
Equity-linked debt securities 14 5,258,801,592
Provisions 16 524,974,547
Deferred tax liabilities - net 21 2,027,842,787
Retirement benefit obligation 20 110,692,233

Total Non-current Liabilities 36,237,036,052


56,454,425,342
Total Liabilities

EQUITY
Equity attributable to owners of the parent company 60,471,271,854
Non-controlling interest 23.6 892,674,486
Total Equity 61,363,946,340

TOTAL LIABILITIES AND EQUITY P 117,818,371,682


See Notes to Consolidated Financial Statements.
EMPERADOR INC. AND SUBSIDIARIES
(A Subsidiary of Alliance Global Group, Inc.)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2018 (Amounts in Philippine Pesos)

Notes 2018

REVENUES 17 P 47,050,421,022

COSTS AND EXPENSES


Costs of goods sold 18 30,305,123,521
Selling and distribution expenses 19 5,567,696,147
General and administrative expenses 19 1,909,932,481
Finance and other charges 6, 9

13, 14, 20 831,304,464

38,614,056,613

PROFIT BEFORE TAX 8,436,364,409

TAX EXPENSE 21 1,607,414,678


6,828,949,731
NET PROFIT

OTHER COMPREHENSIVE INCOME (LOSS)


Item that will be reclassified subsequently to
profit or loss
Translation gain (loss) 2 220,002,448

Items that will not be reclassified subsequently to


profit or loss
Net actuarial gain (loss) on
retirement benefit obligation 20 ( 189,210,076 )
Tax income (expense) on remeasurement of
retirement benefit obligation 21 32,275,467

( 156,934,609 )

Other Comprehensive Income (Loss) - Net of Tax 63,067,839


P 6,892,017,570
TOTAL COMPREHENSIVE INCOME

Net profit attributable to:


Owners of the parent company Non- P 6,658,236,381
controlling interest 170,713,350

P 6,828,949,731

Total comprehensive income (loss) attributable to:


Owners of the parent company Non-controlling P 6,652,883,065
interest 239,134,505

P 6,892,017,570
Earnings Per Share for the Net Profit Attributable to
Owners of the Parent Company -
Basic and Diluted 24 P 0.41
EMPERADOR INC. AND SUBSIDIARIES
(A Subsidiary of Alliance Global Group, Inc.)

Notes 2018
CASH FLOWS FROM OPERATING ACTIVITIES

Profit before tax P 8,436,364,409


Adjustments for:
Depreciation and amortization 9, 18, 19 1,074,666,926

Interest expense 13, 14 818,886,057

Interest income ( 265,325,794 )

Share in net profit of joint venture 12 ( 198,909,795 )

Provisions 16 92,789,663
Fair value losses (gains) on financial instruments
at fair value through profit or loss 7 62,529,801

Share option benefits expense 23 26,958,169

Impairment losses 6 22,029,978

Loss (gain) on sale of property, plant and equipment 9 ( 6,744,917 )

Amortization of trademarks 10 2,240,391

Operating profit before working capital changes 10,065,484,888

Decrease (increase) in trade and other receivables ( 3,942,624,042 )

Increase in inventories ( 2,920,769,669 )

Increase in prepayments and other current assets ( 497,507,892 )

Decrease (increase) in other non-current assets ( 244,307,084 )

Increase (decrease) in trade and other payables 1,139,466,605

Decrease in retirement benefit obligation ( 204,585,861 )

Cash generated from operations 3,395,156,945

Cash paid for income taxes ( 551,522,212 )

Net Cash From (Used In) Operating Activities 2,843,634,733

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of property, plant and equipment 9 ( 2,342,743,988 )


Acquisition of financial assets at fair value
through profit or loss 7 ( 1,208,707,500 )

Interest received 227,053,290

Dividends received from a joint venture 12 93,314,288

Proceeds from sale of property, plant and equipment 9 64,018,578

Acquisitions of trademarks 10 -

Proceeds from withdrawal of investment in a joint venture 12 -

Acquisitions of subsidiaries and a business unit 10 -

Net Cash Used in Investing Activities ( 3,167,065,332 )

CASH FLOWS FROM FINANCING ACTIVITIES


Proceeds from interest-bearing loans 13, 31 3,451,057,163

Dividends paid 23.3 ( 2,399,048,170 )

Repayments of interest-bearing loans 13, 31 ( 2,358,677,825 )

Acquisition of treasury shares 23.2 ( 1,528,633,170 )

Interest paid 31 ( 772,576,355 )

Redemption of preferred shares 23.6 ( 2,875,000 )

Proceeds from issuance of shares of a subsidiary -

Net Cash From (Used In) Financing Activities ( 3,610,753,357 )

NET DECREASE IN CASH AND


CASH EQUIVALENTS CASH ( 3,934,183,956 )
AND CASH EQUIVALENTS

AT BEGINNING OF YEAR CASH 10,162,413,848


AND CASH EQUIVALENTS

AT END OF YEAR P 6,228,229,892

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