CENTURY PACIFIC FOOD INC
                     Consolidated Financial Statements
                     PHP millions
                                                                                                                        2013                2014               2015               2016               2017
                     PROFIT AND LOSS STATEMENT
                     Net revenues                                                                                   19,023        20,439       23,325       26,796                                32,907
                     Cost of goods sold                                                                           (15,697)     (15,064)    (17,128)    (19,678)    (25,973)
                     Gross profit                                                                                     3,326          5,375         6,196         7,118         6,934 
                     Other income                                                                                        176              191            100            272            428 
                     Operating expenses                                                                              (2,415)        (3,272)       (3,529)       (3,725)       (3,893)
                     Other expenses                                                                                       (14)             (40)            (36)            (51)            (40)
                     Finance costs                                                                                      (112)             (15)              (1)            (77)          (107)
                     Income before income tax                                                                            960          2,238         2,730         3,536         3,322 
                     Income tax benefit/ (expense)                                                                      (216)           (647)          (797)          (880)          (770)
                     Net income                                                                                          744          1,592         1,934         2,656         2,552 
                     Note: 2013 statement of income is based on proforma financial statements, while IFRS 15 is only applied beginning 2016.
                     BALANCE SHEET
                     Cash and cash equivalents                                                                           804          1,264            722            696                           1,549
                     Trade and other receivables - net                                                                2,331          2,562         3,593         3,955                              5,329
                     Due from related parties                                                                                -                213               41               91            186 
                     Held-to-maturity investments - current                                                                  -                152               15               13                -   
                     Inventories - net                                                                                3,714          5,194         5,926         7,529                              6,995
                     Biological assets                                                                                       -                  37               31               35                      23
                     Prepayments and other current assets - net                                                          177              119            219            440                            477
                     Prepaid income tax                                                                                      -                   -                  -                  -               126
                     Total current assets                                                                             7,026          9,541       10,547       12,758       14,684 
                     Held-to-maturity investments - noncurrent                                                               -                  28               13                -                  -   
                     Property, plant and equipment - net                                                              1,047          1,421         3,134         3,945         4,936 
                     Trademarks                                                                                             40                40               40            101            101 
                     Goodwill                                                                                                -                   -           2,915               2,952              2,952
                     Licensing agreement                                                                                     -                   -                  -                  -               531
                     Retirement benefit asset                                                                                -                   -                  -                  -                  -   
                     Deferred tax asset                                                                                     22                57               82            118               95 
                     Right-of-use assets - net                                                                               -                   -                  -                  -                  -   
                     Other noncurrent assets                                                                                24              101               51               57               60 
                     Total noncurrent assets                                                                          1,132          1,647         6,235         7,174         8,675 
                     TOTAL ASSETS                                                                                     8,159        11,189       16,782       19,931       23,359 
                     Loans payable and other current interest-bearing liabi     2,717                 -           2,250            671         2,089 
                   Trade and other payables                                                                  2,535          4,099         3,864         4,730         5,031 
                   Income tax payable                                                                              52              128            147            149                -   
                   Due to related parties                                                                           -                286               14               90               22 
                   Lease liabilities - current portion                                                              -                   -                  -                  -                  -   
                   Total current liabilities                                                                 5,305          4,514         6,274         5,639         7,142 
                   Long-term debt                                                                                   -                   -                  -           1,634         1,620 
                   Retirement benefit obligation                                                                   14                94            157            118            108 
                   Lease liabilities - net of current portion                                                       -                   -                  -                  -                  -   
                   Deferred tax liability                                                                            1                  0                 4                 3                 8 
                   Total noncurrent liabilities                                                                    15                94            161         1,754         1,735 
                   Share capital                                                                             1,500          2,231         2,361         3,541         3,542 
                   Share premium                                                                                    -            2,769         4,912         4,912         4,928 
                   Share-based compensation reserve                                                                 -                    3                 5                 5                 8 
                   Other reserves                                                                                   -                  31               31               31               31 
                   Currency translation adjustment                                                                 19                19               49               35               40 
                   Retained earnings (deficit)                                                               1,319          1,526         2,990         4,015         5,934 
                   Total equity                                                                              2,839          6,580       10,347       12,539       14,483 
                   TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                                8,159        11,189       16,782       19,932       23,359 
                   Note: 2013 balance sheet is based on proforma financial statements.
                   STATEMENT OF CASH FLOWS
                   Cash flows from operating activities
                   Income before income tax                                                                      960          2,238         2,730         3,535                      3,322
                   Adjustments for:
                   Depreciation                                                                                  193              153            152            359            525 
                   Finance costs                                                                                 112                15                 1               77            107 
                   Doubtful accounts expense/ provisions                                                            -                  30               13               94                 8
                   Reversal of impairment/writeoff of accruals                                                   (17)                -                  -               (76)          (111)
                   Reversal of allowance for doubtful accounts                                                      -                   -                  -                  -               (33)
                   Loss on inventory obsolescence                                                                    4                71               22               26                23
                   Loss (gain) on disposal of PPE and sale of scrap                                                  3                 (0)                4               (9)          (161)
                   Retirement benefit expense                                                                        9                18               58               34               40 
                   Impairment loss on trade and other receivables/ VAT              4                 -                 13                 5                 1 
                   Loss on impairment of PPE                                                                        -                   -                  -                  -                   2 
                   Loss on impairment of trademark                                                                                 -              -              -              -   
                   Loss on transfer of retirement benefit obligation                                                -                  16                -                  -                  -   
                   Loss on impairment of goodwill                                                                   -                   -                  -                  -                  -   
                   Share-based compensation expense                                                                 -                    3                 2                                 3 
                   Unrealized forex gain                                                                            -                   (0)              11               (5)          (130)
                   Amortization of premiums from HTM investments                                                    -                   -                  -                  -                  -   
                   Interest income                                                                               (10)                (9)              (8)              (6)              (5)
                   Operating cash flows before WC changes                                                    1,260          2,535         2,999         4,035         3,592 
                   Decrease (increase) in:
                   Trade and other receivables                                                             (1,057)        (1,560)          (780)          (313)       (1,213)
                   Due from related parties                                                                         -              (904)           171             (50)            (95)
                   Inventories                                                                               2,057         (3,663)          (537)       (1,548)           725 
                   Biological assets                                                                                -                (37)                6               (3)              12 
                   Prepayments and other current assets - net                                                   144                25                 1           (225)            (33)
                   Other noncurrent assets                                                                           5              (79)              99               (7)              (2)
                   Increase (decrease) in:
                   Trade and other payables                                                                (1,136)         4,009           (405)           808            353 
                   Due to related parties                                                                           -                501        (1,378)            (21)            (68)
                   Financial lease obligation                                                                       -                   -                  -                  -                  -   
                   Other noncurrent liabilities                                                                  (65)                -                  -                  -                  -   
                   Exchange differences on translating operating A&L                                                 7                  2             (66)               -                  -   
                   Cash generated from operations                                                            1,215              827            110         2,676         3,271 
                   Contribution to retirement fund                                                                 (8)             (31)            (31)            (41)            (44)
                   Income tax paid                                                                             (221)           (535)          (783)          (924)       (1,019)
                   Interest received                                                                                -                   -                   6                 5                 4 
                   Net cash from (used in) operating activities          985              262           (698)        1,715         2,212 
                   Cash flows from investing activities
                   Acquisition of PPE                                                                          (342)           (540)       (1,068)       (1,559)       (1,532)
                   Proceeds from sale of PPE                                                                       80                  5            364            358               19 
                   Acquisition of HTM investments/trademark                                                         -              (183)           151               14               13 
                   Acquisition of intangible assets                                                                 -                   -                  -               (61)          (538)
                   Acquisition of subdidiaries (net of cash acquired)                                               -                   -          (3,371)            (11)               -   
                   Interest income received                                                                        10                11                 3                 1                0
                   Net cash used in investing activities                                                       (252)           (706)      (3,921)      (1,259)      (2,038)
                   Cash flows from financing activities
                   Proceeds from issuance of share capital                                                          -            3,500         2,272                -                 17 
                   Net receipts from related parties                                                                -                   -                  -                  -                  -   
                   Net proceeds from (repayments of) loans                                                     (556)        (2,215)        2,250               54                    1404
                   Finance costs paid                                                                          (112)             (15)               -               (65)          (105)
                   Dividends paid                                                                                                     -             (446)          (472)          (638)
                   Payment of lease liabilities                                                                     -                   -                  -                  -                  -   
                   Net cash from (used in) financing activities                                                (668)         1,270         4,076           (483)           679 
                                                                                                                   65              826           (542)            (27)           853 
                   Net increase (decrease) in cash and cash equ
                   Cash, beginning                                                                              739              438         1,264            722            696 
                   Cash, ending                                                                                 804          1,264            722            696         1,549 
                   Free Cash Flow                                                                               643            (278)       (1,765)           156            680 
                   Note: 2013 statement of cash flows is based on proforma financial statements.
                          2018             2019           2020
                        37,885          40,560       48,302 
                      (29,738)        (30,836)    (36,374)
                          8,147             9,724       11,928 
                             536                536            616 
                         (4,720)          (5,333)       (6,351)
                            (164)             (520)          (804)
                            (197)             (369)          (261)
                          3,602             4,039         5,128 
                            (768)             (890)       (1,248)
                          2,834             3,149         3,879 
Note: 2013 statement of income is based on proforma financial statements, while IFRS 15 is only applied beginning 2016.
                          1,676             1,608        1,229
                          7,076             7,001        7,600
                           123               262            281
                                 -                     -              -   
                        11,656          11,782          14,313
                                43                  33        66
                             467                830         484
                                 -                     -              -   
                        21,041          21,515          23,973
                                 -                     -              -   
                          5,458             6,415        7,291
                             101                101           67
                          2,915             2,915        2,915
                             509                488         466
                                 -                     -              -   
                             219                360         752
                                 -                  705     678
                                92                  90      133
                          9,295          11,074       12,303 
                        30,336          32,589       36,276 
                          3,210             2,434        3,533