URC Financials

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
2013
2012
ASSETS
Current Assets
Cash and cash equivalents (Note 7)
Financial assets at fair value through profit or loss

(Notes 8 and 9)
Available-for-sale investments (Notes 9, 10 and 14)
12,033,308,581.00
5,345,833,397.00
413,732,312
10,812,402,265
21,720,000
4,797,876,621
8,522,417,589
7,461,032,915
10,987,221,052
9,759,334,152
1,081,035,283
1,057,007,658
368,103,771
454,142,702
33,427,538,588
39,687,629,710
30,180,400,059
27,918,634,454
Intangible assets (Note 16)
1,273,627,776
1,273,627,776
Biological assets (Note 15)
483,025,181
428,961,591
Investment in a joint venture (Note 17)
85,384,000
96,139,053
Investment properties (Note 18)
60,833,725
64,491,512
Deferred tax assets (Note 33)
559,311,176
199,917,426
Other noncurrent assets (Note 19)
474,847,025
425,923,637
33,117,428,942
30,407,695,449
Receivables (Notes 10 and 35)

Inventories (Note 11)
Other current assets (Note 12)
Total Current Assets
Noncurrent Assets
Property, plant and equipment (Note 13)
Total Noncurrent Assets

TOTAL ASSETS
66,544,967,530.00
70,095,325,159.00
9,513,514,990.00
7,586,842,126.00
LIABILITIES AND EQUITY

Current Liabilities
Accounts payable and other accrued
liabilities (Notes 21 and 35)
Current portion of long-term debt
(Notes 22, 23 and 31)
Short-term debt (Notes 20, 23 and 31)
1,945,430,681
8,588,536,884
2,384,316,199
3,464,360,214
875,934,133
428,184,136
14,719,196,003
20,067,923,360
Trust receipts and acceptances payable

(Notes 11 and 23)
Income tax payable
Total Current Liabilities
Noncurrent Liabilities
Long-term debt - net of current portion (Notes 22, 23

and 31)
Deferred tax liabilities (Note 33)
2,990,455,926
391,324,334
301,320,823
Net pension liability (Note 32)
604,417,551
371,096,589
Total Noncurrent Liabilities
995,741,885
3,662,873,338
15,714,937,888
23,730,796,698
Paid-up capital (Note 23)
19,056,685,251
19,056,685,251
Retained earnings (Note 23)
37,774,987,907
32,966,037,047
174,469,201
534,043,728
Total Liabilities
Equity
Equity attributable to equity holders of the parent
Other comprehensive income (Note 24)

Equity reserve (Note 23)
(5,556,531,939)
Treasury shares (Note 23)
(670,386,034)
Equity attributable to non-controlling interests

Total Equity
TOTAL LIABILITIES AND EQUITY
(5,556,531,939)
(670,386,034)
50,779,224,386
46,329,848,053
50,805,256
34,680,408
50,830,029,642
46,364,528,461
66,544,967,530.00
70,095,325,159.00

CONSOLIDATED STATEMENTS OF INCOME
2013
2012
SALE OF GOODS AND SERVICES

(Notes 6 and 35)
COST OF SALES (Notes 25 and 35)
GROSS PROFIT
Selling and distribution costs (Note 26)
80,995,215,642.00
71,201,677,779.00
57,776,004,285
52,730,554,394
23,219,211,357.00
18,471,123,385.00
(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
(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
(266,033,395)
(693,273,870)
(Notes 6, 10, 11, 13 and 16)
(28,900,348)
(197,874,576)
Net foreign exchange losses
(156,974,222)
(634,390,049)
19,244,938
31,172,102
735,172,736
(29,907,211)
Market valuation gain (loss) on financial

assets at fair value through profit or loss
Finance costs (Notes 6, 20, 22 and 31)

Impairment losses
Equity in net income of a joint venture

(Note 17)
Gain (loss) on sale of investments
(Notes 8, 14 and 38)
Other income (expenses) - net
INCOME BEFORE INCOME TAX
(34,726,375)
82,531,936
11,549,771,408
9,186,030,313
1,432,441,798
1,000,982,214
10,117,329,610.00
8,185,048,099.00
10,044,555,499.00
7,762,879,616.00
72,774,111
422,168,483
10,117,329,610.00
8,185,048,099.00
4.60
3.70
PROVISION FOR INCOME TAX

(Note 33)
NET INCOME
NET INCOME ATTRIBUTABLE TO:
Equity holders of the parent (Note 34)
Non-controlling interests
EARNINGS PER SHARE (Note 34)

Basic/diluted, for income attributable to
equity holders of the parent
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-forsale investments (Notes 14 and 24)
(650,504,738)
393,466,028
458,152,713
(181,758,621)
(192,352,025)
211,707,407
(239,816,807)
(282,415,496)
71,945,042
84,724,648
(167,871,765)
(197,690,848)
(360,223,790)
14,016,559
Cumulative translation adjustments

(Note 24)
Item not to be reclassified to profit or loss in
subsequent periods:
Remeasurement losses on defined
benefit plans (Notes 24 and 32)
Income tax effect
(LOSS) FOR THE YEAR
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR
9,757,105,820.00
8,199,064,658.00

ATTRIBUTABLE TO:
Equity holders of the parent
9,684,980,972
7,778,459,426
72,124,848
9,757,105,820.00
420,605,232
8,199,064,658.00

Results
Financial Ratios
Formula
I. Profitability
Operating profit margin
Operating Inc / Sales
Return on assets
Net Inc / TA
Return on equity
Net Inc / Common Equity
Return on sales
Net Inc / sales
Operating income return on investment
Operating Inc / TA
II. Solvency
Times interest earned
Debt to total asset ratio
Operating Inc / Int Exp

Total debt / TA
III. Liquidity
Current ratio
Acid test ratio
Receivables turnover
Inventory turnover
Average age of inventory
CA / CL
(CA - Inv) / CL
Credit Sales / Receivables
COGS / Inventory
AR / daily credit sales
365
2012
2013
0.13
0.15
0.20
0.12
0.15
0.11
0.12
0.18
0.11
0.11
14.83
0.24
29.51
0.34
2.27
1.52
2.72
5.26
133.97
1.98
1.49
2.48
5.40
147.43

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Current Assets
Cash and cash equivalents (Note 7)
Vertical Analysis
(2013)
2013
ASSETS
Financial assets at fair value through profit or

loss (Notes 8 and 9)
Available-for-sale investments (Notes 9, 10
and 14)
Receivables (Notes 10 and 35)
12,033,308,581.00
18%
Vertical Analysis Horizontal Analysis

(2012)
(2012-2013)
2012
5,345,833,397.00
413,732,312
1%
10,812,402,265
21,720,000
0%
4,797,876,621
8,522,417,589
13%
7,461,032,915
10,987,221,052
17%
9,759,334,152
1,081,035,283
2%
1,057,007,658
368,103,771
1%
454,142,702
Total Current Assets
33,427,538,588
50%
39,687,629,710
Noncurrent Assets
Property, plant and equipment (Note 13)
30,180,400,059
45%
27,918,634,454
Intangible assets (Note 16)
1,273,627,776
2%
1,273,627,776
Inventories (Note 11)

Other current assets (Note 12)
0%
483,025,181
1%
428,961,591
Investment in a joint venture (Note 17)
85,384,000
0%
96,139,053
Investment properties (Note 18)
60,833,725
0%
64,491,512
559,311,176
1%
199,917,426
Deferred tax assets (Note 33)

Other noncurrent assets (Note 19)
Total Noncurrent Assets
TOTAL ASSETS
474,847,025
1%
425,923,637
33,117,428,942
50%
30,407,695,449
8%
125.10%
15%
-96.17%
7%
11%
14%
2%
1%
57%
0%
40%
2%
1%
0%
0%
0%
1%
43%
100%
-99.55%
14.23%
12.58%
2.27%
-18.95%
-15.77%
8.10%
0.00%
12.60%
-11.19%
-5.67%
179.77%
11.49%
8.91%
-5.07%
66,544,967,530.00
100%
70,095,325,159.00
9,513,514,990.00
14%
7,586,842,126.00
11%
0%
25.39%
8,588,536,884
12%
0%
5%
1%
29%
0%
-77.35%
LIABILITIES AND EQUITY

Current Liabilities
Accounts payable and other accrued
liabilities (Notes 21 and 35)
Current portion of long-term debt
0%
(Notes 22, 23 and 31)

Short-term debt (Notes 20, 23 and 31)
1,945,430,681
Trust receipts and acceptances payable
0%
(Notes 11 and 23)

Income tax payable
Total Current Liabilities
Noncurrent Liabilities
Long-term debt - net of current portion (Notes
22, 23 and 31)
Deferred tax liabilities (Note 33)
3%
2,384,316,199
4%
3,464,360,214
875,934,133
1%
428,184,136
14,719,196,003
22%
20,067,923,360
0%
0%
2,990,455,926
391,324,334
1%
301,320,823
Net pension liability (Note 32)
604,417,551
1%
371,096,589
Total Noncurrent Liabilities
995,741,885
1%
3,662,873,338
15,714,937,888
24%
23,730,796,698
Total Liabilities
Equity
Equity attributable to equity holders of the
parent
Paid-up capital (Note 23)
19,056,685,251
29%
19,056,685,251
Retained earnings (Note 23)
37,774,987,907
57%
32,966,037,047
0%
-100.00%
29.87%
62.87%
-72.82%
-33.78%
0%
Other comprehensive income (Note 24)
174,469,201
Equity reserve (Note 23)
(5,556,531,939)
Treasury shares (Note 23)
(670,386,034)
Equity attributable to non-controlling interests

Total Equity
TOTAL LIABILITIES AND EQUITY
4%
0%
1%
5%
34%
0%
-31.18%
104.57%
-26.65%
0%
-8%
-1%
534,043,728
(5,556,531,939)
(670,386,034)
50,779,224,386
76%
46,329,848,053
50,805,256
0%
34,680,408
50,830,029,642
76%
46,364,528,461
66,544,967,530.00
100%
70,095,325,159.00
0%
27%
47%
1%
-8%
-1%
66%
0.00%
14.59%
-67.33%
0.00%
0.00%
9.60%
0%
66%
100%
46.50%
9.63%
-5.07%

CONSOLIDATED STATEMENTS OF INCOME
Vertical Analysis
(2013)
2013
SALE OF GOODS AND SERVICES
(Notes 6 and 35)
COST OF SALES (Notes 25 and 35)
GROSS PROFIT
Selling and distribution costs (Note 26)
80,995,215,642.00
801%
Vertical Analysis
(2012)
2012
71,201,677,779.00
57,776,004,285
571%
52,730,554,394
23,219,211,357.00
229%
18,471,123,385.00
(10,646,381,015.00)
-105%
(8,696,876,368.00)
General and administrative expenses
0%
(Notes 27 and 35)
(2,293,782,850)
-23%
(1,924,695,851)
OPERATING INCOME
Market valuation gain (loss) on financial
10,279,047,492
102%
7,849,551,166
0%
assets at fair value through profit or loss
0%
(Notes 6 and 8)
473,300,902
5%
1,548,491,547
Finance revenue (Notes 6, 8 and 30)
529,639,680
5%
1,229,729,268
(266,033,395)
-3%
(693,273,870)
Finance costs (Notes 6, 20, 22 and 31)

Impairment losses
0%
(Notes 6, 10, 11, 13 and 16)
(28,900,348)
0%
(197,874,576)
Net foreign exchange losses
(156,974,222)
-2%
(634,390,049)
Equity in net income of a joint venture
0%
(Note 17)
19,244,938
Gain (loss) on sale of investments
0%
31,172,102
0%
(Notes 8, 14 and 38)
735,172,736
Other income (expenses) - net

INCOME BEFORE INCOME TAX
7%
(29,907,211)
(34,726,375)
0%
82,531,936
11,549,771,408
114%
9,186,030,313
0%
PROVISION FOR INCOME TAX

(Note 33)
1,432,441,798
14%
1,000,982,214
NET INCOME
10,117,329,610.00
100%
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
870%
644%
226%
-106%
0%
-24%
96%
0%
0%
19%
15%
-8%
0%
-2%
-8%
0%
0%
0%
0%
1%
112%
0%
12%
100%
Horizontal Analysis
(2012-2013)
13.75%
9.57%
25.71%
22.42%
19.18%
30.95%
-69.43%
-56.93%
-61.63%
-85.39%
-75.26%
-38.26%
-2558.18%
-142.08%
25.73%
43.10%
23.61%
72,774,111
422,168,483
10,117,329,610.00
8,185,048,099.00
29.39%
-82.76%
23.61%
EARNINGS PER SHARE (Note 34)

Basic/diluted, for income attributable to
equity holders of the parent
NET INCOME
3.70
24.32%
8,185,048,099.00
23.61%
(650,504,738)
393,466,028
-265.33%
458,152,713
(181,758,621)
(192,352,025)
211,707,407
-352.07%
-190.86%
(239,816,807)
(282,415,496)
4.60
10,117,329,610.00

(LOSS)
Items to be reclassified to profit or loss in
subsequent periods:
Unrealized gain (loss) on available-forsale investments (Notes 14 and 24)
Cumulative translation adjustments
(Note 24)
Item not to be reclassified to profit or loss in
subsequent periods:
Remeasurement losses on defined
benefit plans (Notes 24 and 32)
Income tax effect
-15.08%
-15.08%
71,945,042
84,724,648
(167,871,765)
(197,690,848)
(360,223,790)
14,016,559
-2669.99%
8,199,064,658.00
19.00%
7,778,459,426
24.51%
-82.85%
19.00%

(LOSS) FOR THE YEAR
FOR THE YEAR
9,757,105,820.00

ATTRIBUTABLE TO:
Equity holders of the parent
9,684,980,972
72,124,848
9,757,105,820.00
420,605,232
8,199,064,658.00

URC Financials

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UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Financial assets at fair value through profit or loss

Intangible assets (Note 16)

Biological assets (Note 15)

Investment in a joint venture (Note 17)

Investment properties (Note 18)

Deferred tax assets (Note 33)

Other noncurrent assets (Note 19)

Receivables (Notes 10 and 35)

Total Noncurrent Assets

LIABILITIES AND EQUITY

Trust receipts and acceptances payable

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

Net pension liability (Note 32)

Total Noncurrent Liabilities

Paid-up capital (Note 23)

Retained earnings (Note 23)

Other comprehensive income (Note 24)

Treasury shares (Note 23)

Equity attributable to non-controlling interests

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES

SALE OF GOODS AND SERVICES

General and administrative expenses

Finance revenue (Notes 6, 8 and 30)

(Notes 6, 10, 11, 13 and 16)

Net foreign exchange losses

Market valuation gain (loss) on financial

Finance costs (Notes 6, 20, 22 and 31)

Equity in net income of a joint venture

PROVISION FOR INCOME TAX

EARNINGS PER SHARE (Note 34)

OTHER COMPREHENSIVE INCOME

Cumulative translation adjustments

TOTAL COMPREHENSIVE INCOME

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES

Operating Inc / Int Exp

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES

Financial assets at fair value through profit or

Vertical Analysis Horizontal Analysis

Total Current Assets

Intangible assets (Note 16)

Biological assets (Note 15)

Inventories (Note 11)

Investment in a joint venture (Note 17)

Investment properties (Note 18)

Deferred tax assets (Note 33)

LIABILITIES AND EQUITY

(Notes 22, 23 and 31)

Trust receipts and acceptances payable

(Notes 11 and 23)

Net pension liability (Note 32)

Total Noncurrent Liabilities

Retained earnings (Note 23)

Other comprehensive income (Note 24)

Equity reserve (Note 23)

Treasury shares (Note 23)

Equity attributable to non-controlling interests

UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES

General and administrative expenses

(Notes 27 and 35)

assets at fair value through profit or loss

Finance revenue (Notes 6, 8 and 30)