ASSETS

Current Assets
Cash
Receivables
Inventories
Assets held for sale
Prepaid expenses and other current assets
Total Current Assets

Noncurrent Assets
Property and equipment - net
Deferred tax assets
Other noncurrent assets
Total Noncurrent Assets
TOTAL ASSETS

LIABILITIES AND EQUITY

Current Liabilities
Accounts Payable and other current liabilities
Due to a related party
Borrowings
TOTAL CURRENT LIABILITIES

Equity
Capital stock
Retained Earnings
TOTAL EQUITY

REVENUES
Sale of Goods
Management fee

COST OF SALES
GROSS PROFIT
SELLING EXPENSES
ADMINISTRATIVE EXPENSES
OTHER OPERATING EXPENSE
INCOME FROM OPERATIONS

OTHER INCOME (EXPENSES)

Interest Income
Interest Expense
Foreign Exchange Loss - net
Others

INCOME BEFORE INCOME TAX

INCOME TAX EXPENSE
NET INCOME/TOTAL COMPREHENSIVE INCOME

CASH FLOWS FROM OPERATING ACTIVITIES

Income before income tax
Adjustment for:
Unrealized foreign exchange loss - net
Interest expense
Depreciation and amortization
Gain on sale of assets for sale
Interest income
Gain on sale of property and equipment
Loss on write-down of inventories to net realizable value
Operating income before working capital changes
Decrease (increase in)
Receivables
Inventories
Prepaid expenses and other current assets
Increase (decrease in)
Accounts Payable and other current liabilities
Due to a related party
Net Cash generated from (absorbed by) operations
Interest received
Interest paid
Net cash provided by (used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Additions to property and equipment
Proceeds from sale of assets held for sale
Proceeds from sale of property and equipment
Decrease in other noncurrent assets
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds of loan
Dividends paid
Net cash provided by (used in) financing activities

EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS AT END OF YEAR

CAPITAL STOCK -P1 par value

Authorized - 40,000,000 shares
Issued - 10,000,000 shares
RETAINED EARNINGS
Balance at the beginning of the year
Net income for the year
Dividends declared and paid
Balance at the end of the year
 AGC INDUSTRIAL FLAT GLASS INC.
Statement of Financial Position
12/31/2014
Note 2014

4, 19 53,795,358
5, 19 141,155,716
6 113,028,587
8, 14 -
7 26,409,207
334,388,868

9, 14 185,570,925
17 1,585,862
16, 19 17,000
187,173,787
521,562,655

139,062,923
67,117,049
223,600,000
429,779.97

10,000,000
81,782,683
91,782,683
521,562,655

AGC INDUSTRIAL FLAT GLASS INC.

Statement of Profit or Loss and Other Comprehensive Income
12/31/2014

2014
906,311,083
14 0
906,311,083
11,14 743,228,265
163,082,818
12 -50,869,524
13 -31,669,966
-5,030,991
 75,512,337

92,465
-4,131,216
-3,988,418
1,141,376
-6,885,793

68,626,544
17 -15,712,469
52,914,075

AGC INDUSTRIAL FLAT GLASS INC.

Statement of Cash Flow
12/31/2014

68,626,544

5,065,282
4,131,216
9 201,334
8,14 -3,443,720
-92,465
0
6 0
74,488,191

5,104,296
26,189,090
-13,024,514

-96,699,657
-193,186,526
-197,129,120
92,465
-4,058,947
-201,095,602

9 -185,772,259
8,14 26,550,000
0
4,674,800
 15 223,600,000

223,600,000

ND CASH EQUIVALENTS -5,065,282

-137,108,303
190,903,701
4 53,795,458

AGC INDUSTRIAL FLAT GLASS INC.

Statement of Changes in Equity
12/31/2014

Note 2014

10,000,000

28,686,608
52,914,075

81,782,683
91,782,683
 2013 Average

190,903,701 122,349,530
146,260,012 143,707,864
139,217,677 126,123,132
23,106,280 11,553,140
29,366,158 27,887,683
528,853,828 431,621,348

- 92,785,463
1,316,866 1,451,364
4,691,800 2,354,400
6,008,666 96,591,227
534,862,494 528,212,575

235,690,311 187,376,617
260,303,575 163,710,312
0 111,800,000
495,993,886 248,211,833
-
-
10,000,000 10,000,000
28,868,608 55,325,646
38,868,608 65,325,646
534,862,494 528,212,575

2013 Average
1,922,345,605 1,414,328,344
27,600,000 13,800,000
1,949,945,605 1,428,128,344
1,699,800,761 1,221,514,513
250,144,844 206,613,831
-138,279,696 - 94,574,610
-79,265,407 - 55,467,687
- 2,515,496
 32,599,741 54,056,039

101,868 97,167
- 3,221,721 - 3,676,469
- 600,163 - 2,294,291
841,945 991,661
- 2,878,071 - 4,881,932

29,721,670 49,174,107
- 10,808,876 - 13,260,673
18,912,794 35,913,435

29,721,670 49,174,107

0 2,532,641
3,221,721 3,676,469
3,841,345 2,021,340
0 (1,721,860)
-101,868 (97,167)
-49,999 (25,000)
680,066 340,033
37,312,935 55,900,563

-73,324,293 (34,109,999)
-14,733,546 5,727,772
-13,421,988 (13,223,251)

66,728,893 (14,985,382)
174,297,604 (9,444,461)
176,859,605 (10,134,758)
101,868 97,167
-3,221,721 (3,640,334)
173,739,752 (13,677,925)

-1,768,956 (93,770,608)
0 13,275,000
50,000 25,000
6,000 2,340,400
-1,712,956 (856,478)
 111,800,000
-4,000,000 (2,000,000)
-4,000,000 109,800,000

0 (2,532,641)
168,026,796 15,459,247
22,876,905 106,890,303
190,903,701 122,349,580

2013 Average

10,000,000 10000000
0
13,955,814 21321211
18,922,794 35918434.5
-4,000,000 -2000000
28,868,608 55325645.5
38,868,608 65325645.5
 AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.
Projected Income Statement
For the 2013-2014 year ended

2013 2014 Average (2016)

REVENUES
Sale of Goods 1,922,345,605 906,311,083 1,414,328,344
Management fee 27,600,000 0 13,800,000

NET SALES 1,949,945,605 906,311,083 1,428,128,344

COST OF SALES 1,699,800,761 743,228,265 1,221,514,513

GROSS PROFIT 250,144,844 163,082,818 206,613,831

OPERATING EXPENSES
SELLING EXPENSES -138,279,696 -50,869,524 -94,574,610
ADMINISTRATIVE EXPENSES -79,265,407 -31,669,966 -55,467,687
OTHER OPERATING EXPENSE 0 -5,030,991 -2,515,496

INCOME FROM OPERATIONS 32,599,741 75,512,337 54,056,039

OTHER INCOME (EXPENSES) -2,878,071 -6,885,793 -4,881,932

INCOME BEFORE INCOME TAX 29,721,670 68,626,544 49,174,107

INCOME TAX EXPENSE -10,808,876 -15,712,469 -13,260,673

NET INCOME/TOTAL COMPREHENSIVE INCOME 18,912,794 52,914,075 35,913,435

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Cost of Sales
For the 2013-2014 year ended

2013 2014 Average (2016)

Raw glass inventory beginning 0 0 0

+ Raw glass purchases 1,700,646,477 440,644,422 1,070,645,450
- Raw glass inventory ending 0 0 0

=Raw glass used 1,700,646,477 440,644,422 1,070,645,450

+Direct labor 0 0 0
+Factory overhead (other related mfg costs) 11,755,455 253,461,589 132,608,522

=Total manufactuing costs/expenses 1,712,401,932 694,106,011 1,203,253,972

+Work in process inventory beginning 0 0 0

=Total manufactuing costs placed in process 1,712,401,932 694,106,011 1,203,253,972

-Work in process inventory ending 0 61,494,538 30,747,269

=Costs of goods manufactured 1,712,401,932 632,611,473 1,172,506,703

+Finished goods inventory beginning 124,055,081 136,656,252 130,355,667

=Total costs of goods available for sale 1,836,457,013 769,267,725 1,302,862,369

-Finished goods inventory ending 136,656,252 26,039,460 81,347,856

=Costs of Sales 1,699,800,761 743,228,265 1,221,514,513

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Statement of Financial Position
For the 2013-2014 year ended

2013 2014 Average (2016)

ASSETS

Current Assets
Cash 190,903,701 53,795,358 122,349,530
Receivables 146,260,012 141,155,716 143,707,864
Inventories 139,217,677 113,028,587 126,123,132
Assets held for sale 23,106,280 - 11,553,140
Prepaid expenses and other current assets 29,366,158 26,409,207 27,887,683
Total Current Assets 528,853,828 334,388,868 431,621,348

Noncurrent Assets
Property and equipment - net - 185,570,925 92,785,463
Deferred tax assets 1,316,866 1,585,862 1,451,364
Other noncurrent assets 4,691,800 17,000 2,354,400
Total Noncurrent Assets 6,008,666 187,173,787 96,591,227

TOTAL ASSETS 534,862,494 521,562,655 528,212,575

Annual rate of increase
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable and other current liabilities 235,690,311 139,062,923 187,376,617
Due to a related party 260,303,575 67,117,049 163,710,312
Borrowings 0 223,600,000 111,800,000
TOTAL LIABILITIES 495,993,886 429,779,972 462,886,929

Equity
Capital stock 10,000,000 10,000,000 10,000,000
Retained Earnings, Beginning 28,868,608 81,782,683 55,325,646
Net income
Retained Earnings, End
TOTAL EQUITY 38,868,608 91,782,683 65,325,646

TOTAL LIABILITIES and EQUITY 534,862,494 521,562,655 528,212,575

0 0 0

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Statement of Cash Flow
For the 2013-2014 year ended

2013 2014 Average (2016)

CASH RECEIPTS / cash In

Total Net Sales (100%) - see Inc Statement 1,428,128,344

Cash Sales(80%) 1,142,502,675

Sales on account (20%) 285,625,669

75% year of sales 214,219,252
23% 2nd year o sales 0

Total Cash Receipts

- CASH DISBURSEMENTS / cash out

PurchaseS (=Cost of Sales= 100%) 1,221,514,513
Cash Purchases(75%) -916,135,885

Purchases on account (25%) 305,378,628

75%- year of purchase -229,033,971
25%- 2nd year of purchase
Total payment of creditors

Other Disbursements (for Operating Expenses, Interest and Taxes)

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Statement of Changes in Equity
For the 2013-2014 year ended

2013 2014 Average (2016)

Capital stock 10,000,000 10,000,000 10,000,000

Retained Earnings, Beginning 28,868,608 81,782,683 55,325,646

TOTAL EQUITY 38,868,608 91,782,683 65,325,646

 Pctge

99.03%
0.97%

100.00%

85.53%

14.47%

-6.62%
-3.88%
-0.18%

3.79%

-0.34%

3.44%

-0.93%

2.51%

LIPPINES, Inc.

2014Pctge

0.00%
88.98%
0.00%

88.98%
 0.00%
11.02%

100.00%
0.00%

100.00%
2.56%

97.44%
10.83%

108.28%
6.76%

101.52%

LIPPINES, Inc.

Pctge

23.16%
27.21%
23.88%
2.19%
5.28%
81.71%

17.57%
0.27%
0.45%
18.29%

100.00%
 35.47%
30.99%
21.17%
87.63%

1.89%
10.47%

12.37%

100.00%

LIPPINES, Inc.
LIPPINES, Inc.

1.89%

10.47%

12.37%
 AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.
Projected Income Statement
For the 5-year ended

2017 2018

REVENUES
Sale of Goods 1,484,989,274 1,559,238,738
Management fee 14,545,487 15,272,762

NET SALES 1,499,534,761 1,574,511,499

COST OF SALES 1,279,553,012 1,343,530,662

GROSS PROFIT 219,981,749 230,980,837

OPERATING EXPENSES
SELLING EXPENSES -99,269,201 -104,232,661
ADMINISTRATIVE EXPENSES -58,181,949 -61,091,046
OTHER OPERATING EXPENSE -2,699,163 -2,834,121

INCOME FROM OPERATIONS 59,831,437 62,823,009

OTHER INCOME (EXPENSES) -5,098,418 -5,353,339

INCOME BEFORE INCOME TAX 54,733,019 57,469,670

INCOME TAX EXPENSE -13,945,673 -14,642,957

NET INCOME/TOTAL COMPREHENSIVE INCOME 40,787,346 42,826,713

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Projected Cost of Sales
For the 5-year ended

2017 2018

Raw glass inventory beginning 0 0

+ Raw glass purchases 1,163,106,098 1,201,688,687
- Raw glass inventory ending 0 0

=Raw glass used 1,163,106,098 1,201,688,687

+Direct labor 0 0
+Factory overhead (other related mfg costs) 144,048,429 148,826,807

=Total manufactuing costs/expenses 1,307,154,526 1,350,515,494

+Work in process inventory beginning 30,747,269 38,318,260

=Total manufactuing costs placed in process 1,337,901,795 1,388,833,754

-Work in process inventory ending 38,318,260 40,234,173

=Costs of goods manufactured 1,299,583,535 1,348,599,581

+Finished goods inventory beginning 81,347,856 101,378,380

=Total costs of goods available for sale 1,380,931,391 1,449,977,961

-Finished goods inventory ending 101,378,380 106,447,298

=Costs of Sales 1,279,553,012 1,343,530,662

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Projected Statement of Financial Position
For the 5-year ended

2017 2018

ASSETS

Current Assets
Cash 138,325,247 184,145,713
Receivables 150,893,257 158,437,920
Inventories 132,429,289 139,050,753
Assets held for sale 12,130,797 12,737,337
Prepaid expenses and other current assets 29,282,067 30,746,170
Total Current Assets 463,060,656 525,117,893

Noncurrent Assets
Property and equipment - net 97,424,736 102,295,972
Deferred tax assets 1,523,932 1,600,129
Other noncurrent assets 2,472,120 2,595,726
Total Noncurrent Assets 101,420,788 106,491,827

TOTAL ASSETS 564,481,444 631,609,720

Annual rate of increase 6.87% 11.89%
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable and other current liabilities 196,745,448 206,582,720
Due to a related party 171,895,828 180,490,619
Borrowings 117,390,000 123,259,500
TOTAL LIABILITIES 486,031,275 510,332,839

Equity
Capital stock 10,000,000 10,000,000
Retained Earnings, Beginning 27,662,823 68,450,168
Net income 40,787,346 42,826,713
Retained Earnings, End 68,450,168 111,276,881
TOTAL EQUITY 78,450,168 121,276,881

TOTAL LIABILITIES and EQUITY 564,481,444 631,609,720

0 0
138,325,247 184,145,713

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Projected Statement of Cash Flow
For the 5-year ended

2017 2018

CASH RECEIPTS / cash In

Total Net Sales (100%) - see Inc Statement 1,499,534,761 1,574,511,499

Cash Sales(80%) 1,199,627,809 1,259,609,199

Sales on account (20%) 299,906,952 314,902,300

75% year of sales 224,930,214 236,176,725
23% 2nd year o sales 65,693,904 68,978,599

Total Cash Receipts 1,490,251,927 1,564,764,523

- CASH DISBURSEMENTS / cash out

PurchaseS (=Cost of Sales= 100%) 1,279,553,012 1,343,530,662
Cash Purchases(75%) -959,664,759 -1,007,647,997

Purchases on account (25%) 319,888,253 335,882,666

75%- year of purchase -239,916,190 -251,911,999
25%- 2nd year of purchase -76,344,657 -79,972,063
Total payment of creditors

Other Disbursements (for Operating Expenses, Interest and Taxes) -198,350,604 -179,411,997

Total Cash Disbursements (1,474,276,210) (1,518,944,057)

= NET INCREASE (DECREASE) IN CASH 15,975,717 45,820,467

+ CASH BEGINNING 122,349,530 138,325,247

= CASH ENDING 138,325,247 184,145,713

= CASH ENDING (per BS) 138,325,247 184,145,713

DIFFEREnCE 0 0
-198,350,604 -179,411,997

AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.

Projected Statement of Changes in Equity
For the 5-year ended
2017 2018

Capital stock 10,000,000 10,000,000

Retained Earnings, Beginning 27,662,823 68,450,168

Net income 40,787,346 42,826,713
Retained Earnings, End 68,450,168 111,276,881

TOTAL EQUITY 78,450,168 121,276,881

- -
INES, Inc.

2019 2020 2021

1,637,200,675 1,719,060,708 1,805,013,744

16,036,400 16,838,220 17,680,131

1,653,237,074 1,735,898,928 1,822,693,874

1,410,707,195 1,481,242,555 1,555,304,683

242,529,879 254,656,373 267,389,191

-109,444,294 -114,916,509 -120,662,334

-64,145,598 -67,352,878 -70,720,522
-2,975,827 -3,124,618 -3,280,849

65,964,159 69,262,367 72,725,486

-5,621,006 -5,902,056 -6,197,159

60,343,153 63,360,311 66,528,326

-15,375,105 -16,143,860 -16,951,053

44,968,048 47,216,451 49,577,273

INES, Inc.

2019 2020 2021

0 0 0
1,261,773,121 1,324,861,777 1,391,104,866
0 0 0

1,261,773,121 1,324,861,777 1,391,104,866

 0 0 0
156,268,148 164,081,555 172,285,633

1,418,041,269 1,488,943,332 1,563,390,499

40,234,173 42,245,882 44,358,176

1,458,275,442 1,531,189,214 1,607,748,675

42,245,882 44,358,176 46,576,085

1,416,029,560 1,486,831,038 1,561,172,590

106,447,298 111,769,663 117,358,147

1,522,476,859 1,598,600,702 1,678,530,737

111,769,663 117,358,147 123,226,054

1,410,707,195 1,481,242,555 1,555,304,683

INES, Inc.

2019 2020 2021

232,257,203 282,774,268 335,817,185

166,359,816 174,677,807 183,411,697
146,003,291 153,303,455 160,968,628
13,374,204 14,042,914 14,745,060
32,283,478 33,897,652 35,592,535
590,277,992 658,696,096 730,535,105

107,410,771 112,781,310 118,420,375

1,680,135 1,764,142 1,852,349
2,725,512 2,861,788 3,004,877
111,816,419 117,407,240 123,277,601

702,094,411 776,103,336 853,812,707

11.16% 10.54% 10.01%
 216,911,856 227,757,449 239,145,322
189,515,150 198,990,907 208,940,453
129,422,475 135,893,599 142,688,279
535,849,481 562,641,955 590,774,053

10,000,000 10,000,000 10,000,000

111,276,881 156,244,930 203,461,380
44,968,048 47,216,451 49,577,273
156,244,930 203,461,380 253,038,654
166,244,930 213,461,380 263,038,654

702,094,411 776,103,336 853,812,707

0 0 0
232,257,203 282,774,268 335,817,185

INES, Inc.

2019 2020 2021

1,653,237,074 1,735,898,928 1,822,693,874

1,322,589,659 1,388,719,142 1,458,155,099

330,647,415 347,179,786 364,538,775

247,985,561 260,384,839 273,404,081
72,427,529 76,048,905 79,851,351

1,643,002,749 1,725,152,887 1,811,410,531

1,410,707,195 1,481,242,555 1,555,304,683

 -1,058,030,397 -1,110,931,916 -1,166,478,512

352,676,799 370,310,639 388,826,171

-264,507,599 -277,732,979 -291,619,628
-83,970,666 -88,169,200 -92,577,660

-188,382,597 -197,801,727 -207,691,814

(1,594,891,259) (1,674,635,822) (1,758,367,614)

48,111,490 50,517,065 53,042,918

184,145,713 232,257,203 282,774,268

232,257,203 282,774,268 335,817,185

232,257,203 282,774,268 335,817,185

0 0 0
-188,382,597 -197,801,727 -207,691,814

INES, Inc.

2019 2020 2021

10,000,000 10,000,000 10,000,000

111,276,881 156,244,930 203,461,380

 44,968,048 47,216,451 49,577,273
156,244,930 203,461,380 253,038,654

166,244,930 213,461,380 263,038,654

- - -
AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.
Statements of Profit or Loss and Other Comprehensive Income

2013 2014 2016 (average)

a b
REVENUES
Sale of Goods 1,922,345,605 906,311,083 1,414,328,344
Management fee 14 27,600,000 0 13,800,000

NET SALES 1,949,945,605 906,311,083 1,428,128,344

COST OF SALES (see Projected) 11, 1,699,800,761 743,228,265 1,221,514,513

GROSS PROFIT 250,144,844 163,082,818 206,613,831

SELLING EXPENSES 12 -138,279,696 -50,869,524 -94,574,610

ADMINISTRATIVE EXPENSES 13 -79,265,407 -31,669,966 -55,467,687
OTHER OPERATING EXPENSE 0 -5,030,991 -2,515,496

INCOME FROM OPERATIONS 32,599,741 75,512,337 54,056,039

OTHER INCOME (EXPENSES) -2,878,071 -6,885,793 -4,881,932

INCOME BEFORE INCOME TAX 29,721,670 68,626,544 49,174,107

INCOME TAX EXPENSE 17 -10,808,876 -15,712,469 -13,260,673

NET INCOME/TOTAL COMPREHENSIVE INCOME 18,912,794 52,914,075 35,913,435

Ratio

99.03%
0.97%

100.00%

85.53%

14.47%

-6.62%
-3.88%
-0.18%

3.79%

-0.34%

3.44%

-0.93%

2.51%
AGC INDUSTRIAL FLAT GLASS PHILIPPINES, Inc.
Breakdown of Cost of Sales - Manufacturing

Formulas related to Cost of Sales - Manufacturing

#1 Factory overhead (=other related costs to mfg)

Outside services 89,961,621
Communication, light and water 61,573,523
Materials and supplies 48,643,414
Rent 46,170,873
Repairs and maintenance 5,418,591
Glass destruction 1,005,972
Direct adjustments to COS 203,956
Depreciation and amortization 201,334
Transportation and travel 182,905
Delivery and other charges 18,226
Taxes and licenses 15,258
Insurance 6,335
Others 59,581
Total Factory overhead 253,461,589

(to #3)
#2 Raw glass Raw glass Raw glass Raw glass
Inventory + net Purchases = used + Inventory
Beginning (2013) ending (2014)

0 + 440,644,422 440,644,422 + 0
440,644,422 (frm note 11) 440,644,422

(from #2) (from #1)

#3 Raw glass + Direct + Factory overhead = Manufacturing
used labor (=other related costs) Costs/expenses

440,644,422 + 0 + 253,461,589 = 694,106,011

(frm note 11)

(from #3) (to #5)

#4 Work in process Manufacturing Costs of Goods Work in process
Inventory + Costs/expenses = Manufactured + Inventory
Beginning (2013) ending (2014)
(incl Glass breakage)
?
 0 + 694,106,011 = 632,611,473 + 61,494,538
694,106,011 694,106,011

(from #4)
#5 Finished goods Costs of Goods Costs of Sales Finished goods
Inventory + Manufactured = + Inventory
Beginning (2013) ending (2014)
(incl Glass breakage)
?
136,656,252 + 632,611,473 = 743,228,265 + 26,039,460
769,267,725 769,267,725
ss breakage)
ss breakage)