UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

2013 ASSETS

Current Assets

Cash and cash equivalents (Note 7) ₱ 12,033,308,581.00

413,732,312

Available-for-sale investments (Notes 9, 10 and 14) 21,720,000

Receivables (Notes 10 and 35) 8,522,417,589

Inventories (Note 11) 10,987,221,052

Biological assets (Note 15) 1,081,035,283

Other current assets (Note 12) 368,103,771

Total Current Assets 33,427,538,588

Noncurrent Assets

Property, plant and equipment (Note 13) 30,180,400,059

Intangible assets (Note 16) 1,273,627,776

Biological assets (Note 15) 483,025,181

Investment in a joint venture (Note 17) 85,384,000

Investment properties (Note 18) 60,833,725

Deferred tax assets (Note 33) 559,311,176

Other noncurrent assets (Note 19) 474,847,025

Total Noncurrent Assets 33,117,428,942

TOTAL ASSETS ₱ 66,544,967,530.00

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and other accrued

liabilities (Notes 21 and 35) ₱ 9,513,514,990.00

Current portion of long-term debt

(Notes 22, 23 and 31) -

Short-term debt (Notes 20, 23 and 31) 1,945,430,681

Trust receipts and acceptances payable

(Notes 11 and 23) 2,384,316,199

Income tax payable 875,934,133

Total Current Liabilities 14,719,196,003

Noncurrent Liabilities

Deferred tax liabilities (Note 33) 391,324,334

Financial assets at fair value through profit or loss (Notes 8 and 9)

Long-term debt - net of current portion (Notes 22, 23 and 31)

Net pension liability (Note 32) 604,417,551

Total Noncurrent Liabilities 995,741,885

Total Liabilities 15,714,937,888

Equity

Equity attributable to equity holders of the parent

Paid-up capital (Note 23) 19,056,685,251

Retained earnings (Note 23) 37,774,987,907

Other comprehensive income (Note 24) 174,469,201

Equity reserve (Note 23) (5,556,531,939)

Treasury shares (Note 23) (670,386,034)

50,779,224,386

Equity attributable to non-controlling interests 50,805,256

Total Equity 50,830,029,642

TOTAL LIABILITIES AND EQUITY ₱ 66,544,967,530.00

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

2012

₱ 5,345,833,397.00

10,812,402,265

4,797,876,621

7,461,032,915

9,759,334,152

1,057,007,658

454,142,702

39,687,629,710

27,918,634,454

1,273,627,776

428,961,591

96,139,053

64,491,512

199,917,426

425,923,637

30,407,695,449

₱ 70,095,325,159.00

₱ 7,586,842,126.00

-

8,588,536,884

3,464,360,214

428,184,136

20,067,923,360

2,990,455,926

301,320,823

371,096,589

3,662,873,338

23,730,796,698

19,056,685,251

32,966,037,047

534,043,728

(5,556,531,939)

(670,386,034)

46,329,848,053

34,680,408

46,364,528,461

₱ 70,095,325,159.00

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME

2013 2012

SALE OF GOODS AND SERVICES

(Notes 6 and 35) 80,995,215,642.00 71,201,677,779.00

COST OF SALES (Notes 25 and 35) 57,776,004,285 52,730,554,394

GROSS PROFIT 23,219,211,357.00 18,471,123,385.00

Selling and distribution costs (Note 26) (10,646,381,015.00) (8,696,876,368.00)

General and administrative expenses

(Notes 27 and 35) (2,293,782,850) (1,924,695,851)

OPERATING INCOME 10,279,047,492 7,849,551,166

Market valuation gain (loss) on financial

assets at fair value through profit or loss

(Notes 6 and 8) 473,300,902 1,548,491,547

Finance revenue (Notes 6, 8 and 30) 529,639,680 1,229,729,268

Finance costs (Notes 6, 20, 22 and 31) (266,033,395) (693,273,870)

Impairment losses

(Notes 6, 10, 11, 13 and 16) (28,900,348) (197,874,576)

Net foreign exchange losses (156,974,222) (634,390,049)

Equity in net income of a joint venture

(Note 17) 19,244,938 31,172,102

Gain (loss) on sale of investments

(Notes 8, 14 and 38) 735,172,736 (29,907,211)

Other income (expenses) - net (34,726,375) 82,531,936

INCOME BEFORE INCOME TAX 11,549,771,408 9,186,030,313

PROVISION FOR INCOME TAX

(Note 33) 1,432,441,798 1,000,982,214

NET INCOME 10,117,329,610.00 8,185,048,099.00

NET INCOME ATTRIBUTABLE TO:

Equity holders of the parent (Note 34) 10,044,555,499.00 7,762,879,616.00

Non-controlling interests 72,774,111 422,168,483

10,117,329,610.00 8,185,048,099.00

EARNINGS PER SHARE (Note 34)

Basic/diluted, for income attributable to

equity holders of the parent 4.60 3.70

NET INCOME ₱ 10,117,329,610.00 ₱ 8,185,048,099.00

OTHER COMPREHENSIVE INCOME

(LOSS)

Items to be reclassified to profit or loss in

subsequent periods:

Unrealized gain (loss) on available-for-

sale investments (Notes 14 and 24) (650,504,738) 393,466,028

Cumulative translation adjustments

(Note 24) 458,152,713 (181,758,621)

(192,352,025) 211,707,407

Item not to be reclassified to profit or loss in

subsequent periods:

Remeasurement losses on defined

benefit plans (Notes 24 and 32) (239,816,807) (282,415,496)

Income tax effect 71,945,042 84,724,648

(167,871,765) (197,690,848)

OTHER COMPREHENSIVE INCOME

(LOSS) FOR THE YEAR (360,223,790) 14,016,559

TOTAL COMPREHENSIVE INCOME

FOR THE YEAR ₱ 9,757,105,820.00 ₱ 8,199,064,658.00

TOTAL COMPREHENSIVE INCOME

ATTRIBUTABLE TO:

Equity holders of the parent 9,684,980,972 7,778,459,426

Non-controlling interests 72,124,848 420,605,232

₱ 9,757,105,820.00 ₱ 8,199,064,658.00

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES

ResultsFinancial Ratios Formula 2012 2013

I. ProfitabilityOperating profit margin Operating Inc / Sales 0.13 0.11Return on assets Net Inc / TA 0.15 0.12Return on equity Net Inc / Common Equity 0.20 0.18Return on sales Net Inc / sales 0.12 0.11Operating income return on i Operating Inc / TA 0.15 0.11

II. Solvency Times interest earned Operating Inc / Int Exp 14.83 29.51Debt to total asset ratio Total debt / TA 0.24 0.34

III. LiquidityCurrent ratio CA / CL 2.27 1.98Acid test ratio (CA - Inv) / CL 1.52 1.49Receivables turnover Credit Sales / Receivables 2.72 2.48Inventory turnover COGS / Inventory 5.26 5.40Average age of inventory AR / daily credit sales 133.97 147.43

365

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

2013 2012 ASSETS

Current Assets

Cash and cash equivalents (Note 7) ₱ 12,033,308,581.00 18% ₱ 5,345,833,397.00 8% 125.10% 413,732,312 1% 10,812,402,265

15% -96.17% 21,720,000 0% 4,797,876,621

7% -99.55% Receivables (Notes 10 and 35) 8,522,417,589 13% 7,461,032,915 11% 14.23% Inventories (Note 11) 10,987,221,052 17% 9,759,334,152 14% 12.58% Biological assets (Note 15) 1,081,035,283 2% 1,057,007,658 2% 2.27% Other current assets (Note 12) 368,103,771 1% 454,142,702 1% -18.95% Total Current Assets 33,427,538,588 50% 39,687,629,710 57% -15.77% Noncurrent Assets 0% 0% Property, plant and equipment (Note 13) 30,180,400,059 45% 27,918,634,454 40% 8.10% Intangible assets (Note 16) 1,273,627,776 2% 1,273,627,776 2% 0.00% Biological assets (Note 15) 483,025,181 1% 428,961,591 1% 12.60% Investment in a joint venture (Note 17) 85,384,000 0% 96,139,053 0% -11.19% Investment properties (Note 18) 60,833,725 0% 64,491,512 0% -5.67% Deferred tax assets (Note 33) 559,311,176 1% 199,917,426 0% 179.77% Other noncurrent assets (Note 19) 474,847,025 1% 425,923,637 1% 11.49% Total Noncurrent Assets 33,117,428,942 50% 30,407,695,449 43% 8.91% TOTAL ASSETS ₱ 66,544,967,530.00 100% ₱ 70,095,325,159.00 100% -5.07%

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable and other accrued

liabilities (Notes 21 and 35) ₱ 9,513,514,990.00 14% ₱ 7,586,842,126.00 11% 25.39% Current portion of long-term debt 0% 0% (Notes 22, 23 and 31)

Short-term debt (Notes 20, 23 and 31) 1,945,430,681 3% 8,588,536,884 12% -77.35% Trust receipts and acceptances payable 0% 0% (Notes 11 and 23) 2,384,316,199 4% 3,464,360,214 5% -31.18% Income tax payable 875,934,133 1% 428,184,136 1% 104.57% Total Current Liabilities 14,719,196,003 22% 20,067,923,360 29% -26.65%Noncurrent Liabilities 0% 0%

0% 2,990,455,926 4% -100.00%

Deferred tax liabilities (Note 33) 391,324,334 1% 301,320,823 0% 29.87%Net pension liability (Note 32) 604,417,551 1% 371,096,589 1% 62.87%Total Noncurrent Liabilities 995,741,885 1% 3,662,873,338 5% -72.82%Total Liabilities 15,714,937,888 24% 23,730,796,698 34% -33.78%Equity 0% 0%

0%0%

Paid-up capital (Note 23) 19,056,685,251 29% 19,056,685,251 27% 0.00%Retained earnings (Note 23) 37,774,987,907 57% 32,966,037,047 47% 14.59%Other comprehensive income (Note 24) 174,469,201 0% 534,043,728 1% -67.33%Equity reserve (Note 23) (5,556,531,939) -8% (5,556,531,939) -8% 0.00%Treasury shares (Note 23) (670,386,034) -1% (670,386,034) -1% 0.00%

50,779,224,386 76% 46,329,848,053 66% 9.60%Equity attributable to non-controlling interests 50,805,256 0% 34,680,408

0% 46.50%Total Equity 50,830,029,642 76% 46,364,528,461 66% 9.63%TOTAL LIABILITIES AND EQUITY ₱ 66,544,967,530.00 100% ₱ 70,095,325,159.00 100% -5.07%

Vertical Analysis (2013)

Vertical Analysis (2012)

Horizontal Analysis (2012-2013)

Financial assets at fair value through profit or loss (Notes 8 and 9) Available-for-sale investments (Notes 9, 10 and 14)

Long-term debt - net of current portion (Notes 22, 23 and 31)

Equity attributable to equity holders of the parent

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME

2013 2012

SALE OF GOODS AND SERVICES

(Notes 6 and 35) 80,995,215,642.00 801% 71,201,677,779.00 870% 13.75%COST OF SALES (Notes 25 and 35) 57,776,004,285 571% 52,730,554,394 644% 9.57%GROSS PROFIT 23,219,211,357.00 229% 18,471,123,385.00 226% 25.71%Selling and distribution costs (Note 26) (10,646,381,015.00) -105% (8,696,876,368.00) -106% 22.42%General and administrative expenses 0% 0%(Notes 27 and 35) (2,293,782,850) -23% (1,924,695,851) -24% 19.18%OPERATING INCOME 10,279,047,492 102% 7,849,551,166 96% 30.95%Market valuation gain (loss) on financial 0% 0%assets at fair value through profit or loss 0% 0%(Notes 6 and 8) 473,300,902 5% 1,548,491,547 19% -69.43%Finance revenue (Notes 6, 8 and 30) 529,639,680 5% 1,229,729,268 15% -56.93%Finance costs (Notes 6, 20, 22 and 31) (266,033,395) -3% (693,273,870) -8% -61.63%Impairment losses 0% 0%(Notes 6, 10, 11, 13 and 16) (28,900,348) 0% (197,874,576) -2% -85.39%Net foreign exchange losses (156,974,222) -2% (634,390,049) -8% -75.26%Equity in net income of a joint venture 0% 0%(Note 17) 19,244,938 0% 31,172,102 0% -38.26%Gain (loss) on sale of investments 0% 0%(Notes 8, 14 and 38) 735,172,736 7% (29,907,211) 0% -2558.18%Other income (expenses) - net (34,726,375) 0% 82,531,936 1% -142.08%INCOME BEFORE INCOME TAX 11,549,771,408 114% 9,186,030,313 112% 25.73%PROVISION FOR INCOME TAX 0% 0%(Note 33) 1,432,441,798 14% 1,000,982,214 12% 43.10%NET INCOME 10,117,329,610.00 100% 8,185,048,099.00 100% 23.61%

NET INCOME ATTRIBUTABLE TO:

Equity holders of the parent (Note 34) 10,044,555,499.00 7,762,879,616.00 29.39%Non-controlling interests 72,774,111 422,168,483 -82.76%

10,117,329,610.00 8,185,048,099.00 23.61%

EARNINGS PER SHARE (Note 34)

Basic/diluted, for income attributable to

equity holders of the parent 4.60 3.70 24.32%

NET INCOME ₱ 10,117,329,610.00 ₱ 8,185,048,099.00 23.61%OTHER COMPREHENSIVE INCOME

(LOSS)

Items to be reclassified to profit or loss in

subsequent periods:

Unrealized gain (loss) on available-for-

sale investments (Notes 14 and 24) (650,504,738) 393,466,028 -265.33%Cumulative translation adjustments

(Note 24) 458,152,713 (181,758,621) -352.07% (192,352,025) 211,707,407 -190.86%

Item not to be reclassified to profit or loss in

subsequent periods:

Remeasurement losses on defined

benefit plans (Notes 24 and 32) (239,816,807) (282,415,496) -15.08%Income tax effect 71,945,042 84,724,648 -15.08%

(167,871,765) (197,690,848)

OTHER COMPREHENSIVE INCOME

(LOSS) FOR THE YEAR (360,223,790) 14,016,559 -2669.99%TOTAL COMPREHENSIVE INCOME

FOR THE YEAR ₱ 9,757,105,820.00 ₱ 8,199,064,658.00 19.00%TOTAL COMPREHENSIVE INCOME

ATTRIBUTABLE TO:

Equity holders of the parent 9,684,980,972 7,778,459,426 24.51%Non-controlling interests 72,124,848 420,605,232 -82.85%

₱ 9,757,105,820.00 ₱ 8,199,064,658.00 19.00%

Vertical Analysis (2013)

Vertical Analysis (2012)

Horizontal Analysis (2012-2013)