2018 2017

ASSETS
Current Assets
Cash and cash equivalents (Note 7) 13,023,101,912 14,497,517,791
Financial asset at fair value through profit or loss (Note 8) 420,153,416 455,577,705
Receivables (Notes 10 and 35) 14,405,323,971 16,116,493,339
Inventories (Note 11) 22,085,770,041 18,465,363,440
Biological assets (Notes 15) 741,719,637 1,180,266,509
Other Current assets (Note 12) 3,733,665,505 2,987,386,097

Total Current Asset 54,409,734,482 53,702,604,881

Noncurrent Asset

Property, plant and equipment (Note 13) 51,950,316,266 48,254,128,303

Available-for-sale financial assets (Note 14)
Biological assets (Note 15) 366,184,414 498,309,880
Goodwill (Note 16) 31,194,495,817 31,212,075,404
Intangible assets (Note 16) 11,730,260,354 11,810,036,032
Investments in joint ventures (Note 17) 520,917,509 552,226,288
Investment properties (Note 18)
Deferred tax assets (Note 33) 195,485,985 216,916,334
Other Noncurrent assets (Note 19) 1,568,318,583 1,394,502,377

Total Nonurrent Asset 97,525,978,928 93,938,194,618

TOTAL ASSETS 151,935,713,410 147,640,799,499

LIABILITIES AND EQUITY

Current Liabilities

Accounts Payable and other accrued liabilities (Notes 20 and 22,766,759,527 21,571,118,556
Short-term debt (Note 20 and 23) 2,461,385,106 2,009,317,911
Trust receipts and acceptancies payable (Notes 11 and 23) 6,019,613,469 3,155,187,680
Income tax payable 720,742,396 1,263,938,251

Total Current Liabilites 31,968,500,498 27,999,562,398

Noncurrent Liabilities

Long-term debt (Notes 22 and 23) 31,457,123,882 33,225,962,388

Deferred tax liabilities (Notes 33) 4,228,752,279 4,261,515,625
Other Noncurrent liabilities (Notes 9 and 32) 287,857,481 467,746,491
 Total Nonurrent Liabilites 35,973,733,642 37,955,224,504

Total Liabilites 67,942,234,140 65,954,786,902

Equity

Equit attributable to equity holders of the parent

Paid-up Capital (Note 23) 23,422,134,732 23,083,782,043
Retained Earnings (Note 23) 63,789,482,388 63,243,842,044
Other Comprehensive Income (Note 24) 2,334,566,528 492,151,622
Equity Reserve (Note 23) -5,075,466,405 -5,075,466,405
Treasury share (Note 23) -679,489,868 -341,137,179
81,403,172,125
Equity attributable to non-controlling interests
(Notes 17 and 23) 202,251,895 282,840,472

Total Equity 83,993,479,270 81,686,012,597

TOTAL LIABILITIES AND EQUITY 151,935,713,410 147,640,799,499

 2016 2015 2014

16,119,026,542 18,298,379,441 10,076,223,083

389,206,130 401,701,602 476,260,026
14,961,248,061 10,833,224,194 9,319,201,703 30,521,817,310 31,077,741,400
18,534,335,800 16,034,613,897 15,129,022,837 15260908655 15538870700
1,083,205,513 1,177,607,861 1,278,304,318 127,769,949,329 125,007,824,013
1,076,227,367 835,739,493 3,976,999,288 15,260,908,655 15,538,870,700
8.3723683968 8.0448461427
52,163,249,413 47,581,266,488 40,256,011,255

44,505,927,879 38,831,973,783 34,407,755,976

41,830,000 40,880,000 21,720,000
437,777,027 444,722,865 455,817,612
34,638,665,017 14,706,811,446 793,415,185
7,232,141,163 7,281,943,040 475,000,000
345,993,643 494,242,502 441,223,735
49,860,370 53,518,151 57,175,938
919,804,608 597,598,936 404,393,056
1,108,578,743 714,124,310 608,694,233

89,280,578,450 63,165,815,033 37,665,195,735

141,443,827,863 110,747,081,521 77,921,206,990

17,841,619,292
8,920,809,646
18,408,005,250 13,166,618,909 11,246,038,503
5,873,208,671 845,285,468 4,327,990,825
4,645,224,001 4,620,725,913 4,412,695,949
1,839,895,025 2,079,280,260 1,181,335,804

30,766,332,947 20,711,910,550 21,168,061,081

Equity ratio Equity Multiplier

32,179,158,737 21,869,680,961 0.7190211557 1.3907796622
2,769,132,311 2,409,483,361 463,982,054 0.5901702094 1.6944264283
457,146,036 396,378,358 262,167,555 0.5321692644 1.8791013815
0.5532753336 1.8074183671
 35,405,437,084 24,675,542,680 726,149,609 0.5528224891 1.8088989137

66,171,770,031 45,387,453,230 21,894,210,690

BEP
23,083,782,043 19,056,685,251 19,056,685,251 13,380,612,790 14,952,166,760
56,896,755,151 48,628,034,035 42,789,191,854 0.0880675944 0.1012739487
512,305,607 3,326,070,120 330,447,069
-5,075,466,405 -5,075,466,405 -5,556,531,939
-341,137,179 -670,386,034 -670,386,034
75,076,239,217 65,264,936,967 55,949,406,201

195,818,615 94,691,324 77,590,099

75,272,057,832 65,359,628,291 56,026,996,300

141,443,827,863 110,747,081,521 77,921,206,990

 25,794,472,255 20,152,425,897
12897236127.5 10076212948.5
111,631,792,704 109,051,029,911 92,376,296,512
12,897,236,128 10,076,212,949
8.6554818099 10.8226206079

10.3551471422

64,005,377,917

20,759,553,493 3.0831770028

116.8831168831
75.6302521008
83.9160839161
88.4520884521
59.5041322314
16,810,613,062 17,373,420,627 14,119,171,348
0.1188500998 0.1568747491 0.1811980575
 Horizontal
2018 2014
ASSETS
Current Assets
Cash and cash equivalents (Note 7) 13,023,101,912 10,076,223,083
Financial asset at fair value through profit or loss (Note 8) 420,153,416 476,260,026
Receivables (Notes 10 and 35) 14,405,323,971 9,319,201,703
Inventories (Note 11) 22,085,770,041 15,129,022,837
Biological assets (Notes 15) 741,719,637 1,278,304,318
Other Current assets (Note 12) 3,733,665,505 3,976,999,288

Total Current Asset 54,409,734,482 40,256,011,255

Noncurrent Asset

Property, plant and equipment (Note 13) 51,950,316,266 34,407,755,976

Available-for-sale financial assets (Note 14) 21,720,000
Biological assets (Note 15) 366,184,414 455,817,612
Goodwill (Note 16) 31,194,495,817 793,415,185
Intangible assets (Note 16) 11,730,260,354 475,000,000
Investments in joint ventures (Note 17) 520,917,509 441,223,735
Investment properties (Note 18) 57,175,938
Deferred tax assets (Note 33) 195,485,985 404,393,056
Other Noncurrent assets (Note 19) 1,568,318,583 608,694,233

Total Nonurrent Asset 97,525,978,928 37,665,195,735

TOTAL ASSETS 151,935,713,410 77,921,206,990

2018 2014
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable and other accrued liabilities (Notes 20 and 2 22,766,759,527 11,246,038,503
Short-term debt (Note 20 and 23) 2,461,385,106 4,327,990,825
Trust receipts and acceptancies payable (Notes 11 and 23) 6,019,613,469 4,412,695,949
Income tax payable 720,742,396 1,181,335,804

Total Current Liabilities 31,968,500,498 21,168,061,081

Noncurrent Liabilities

Long-term debt (Notes 22 and 23) 31,457,123,882

Deferred tax liabilities (Notes 33) 4,228,752,279 463,982,054
Other Noncurrent liabilities (Notes 9 and 32) 287,857,481 262,167,555

Total Nonurrent Liabilities 35,973,733,642 726,149,609

 Total Liabilities 67,942,234,140 21,894,210,690

Equity
Equity attributable to equity holders of the parent
Paid-up Capital (Note 23) 23,422,134,732 19,056,685,251
Retained Earnings (Note 23) 63,789,482,388 42,789,191,854
Other Comprehensive Income (Note 24) 2,334,566,528 330,447,069
Equity Reserve (Note 23) -5,075,466,405 -5,556,531,939
Treasury share (Note 23) -679,489,868 -670,386,034
55,949,406,201
Equity attributable to non-controlling interests
(Notes 17 and 23) 202,251,895 77,590,099

Total Equity 83,993,479,270 56,026,996,300

TOTAL LIABILITIES AND EQUITY 151,935,713,410 77,921,206,990

Horizontal
Amount Percentage

2,946,878,829 29.25
-56,106,610 -11.78
5,086,122,268 54.58
6,956,747,204 45.98
-536,584,681 -41.98
-243,333,783 -6.12

14,153,723,227 35.16

17,542,560,290 50.98
-21,720,000 -100
-89,633,198 -19.66
30,401,080,632 3831.67
11,255,260,354 2369.53
79,693,774 18.06
-57,175,938 -100
-208,907,071 -51.66
959,624,350 157.65

59,860,783,193 158.93

74,014,506,420 94.99
Amount Percentage

11,520,721,024 102.44
-1,866,605,719 -43.13
1,606,917,520 36.42
-460,593,408 -38.99

10,800,439,417 51.02

31,457,123,882
3,764,770,225 811.40
25,689,926 9.80

35,247,584,033 4854.04
46,048,023,450 210.32

4,365,449,481 22.91
21,000,290,534 49.08
2,004,119,459 606.49
481,065,534 -8.66
-9,103,834 1.36
-55,949,406,201 -100

124,661,796 160.67

27,966,482,970 49.92

74,014,506,420 94.99
 Horizontal
2017 2014
ASSETS
Current Assets
Cash and cash equivalents (Note 7) 14,497,517,791 10,076,223,083
Financial asset at fair value through profit or loss (Note 8) 455,577,705 476,260,026
Receivables (Notes 10 and 35) 16,116,493,339 9,319,201,703
Inventories (Note 11) 18,465,363,440 15,129,022,837
Biological assets (Notes 15) 1,180,266,509 1,278,304,318
Other Current assets (Note 12) 2,987,386,097 3,976,999,288

Total Current Asset 53,702,604,881 40,256,011,255

Noncurrent Asset
Property, plant and equipment (Note 13) 48,254,128,303 34,407,755,976
Available-for-sale financial assets (Note 14) 21,720,000
Biological assets (Note 15) 498,309,880 455,817,612
Goodwill (Note 16) 31,212,075,404 793,415,185
Intangible assets (Note 16) 11,810,036,032 475,000,000
Investments in joint ventures (Note 17) 552,226,288 441,223,735
Investment properties (Note 18) 57,175,938
Deferred tax assets (Note 33) 216,916,334 404,393,056
Other Noncurrent assets (Note 19) 1,394,502,377 608,694,233

Total Nonurrent Asset 93,938,194,618 37,665,195,735

TOTAL ASSETS 147,640,799,499 77,921,206,990

2017 2014
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable and other accrued liabilities (Notes 20 and 2 21,571,118,556 11,246,038,503
Short-term debt (Note 20 and 23) 2,009,317,911 4,327,990,825
Trust receipts and acceptancies payable (Notes 11 and 23) 3,155,187,680 4,412,695,949
Income tax payable 1,263,938,251 1,181,335,804

Total Current Liabilities 27,999,562,398 21,168,061,081

Noncurrent Liabilities
Long-term debt (Notes 22 and 23) 33,225,962,388
Deferred tax liabilities (Notes 33) 4,261,515,625 463,982,054
Other Noncurrent liabilities (Notes 9 and 32) 467,746,491 262,167,555

Total Nonurrent Liabilities 37,955,224,504 726,149,609

Total Liabilities 65,954,786,902 21,894,210,690

Equity
Equity attributable to equity holders of the parent
Paid-up Capital (Note 23) 23,083,782,043 19,056,685,251
Retained Earnings (Note 23) 63,243,842,044 42,789,191,854
Other Comprehensive Income (Note 24) 492,151,622 330,447,069
Equity Reserve (Note 23) -5,075,466,405 -5,556,531,939
Treasury share (Note 23) -341,137,179 -670,386,034
81,403,172,125 55,949,406,201
Equity attributable to non-controlling interests
(Notes 17 and 23) 282,840,472 77,590,099
Total Equity 81,686,012,597 56,026,996,300
TOTAL LIABILITIES AND EQUITY 147,640,799,499 77,921,206,990
Horizontal
Peso Amount Percentage

4,421,294,708 43.88
-20,682,321 -4.34
6,797,291,636 72.94
3,336,340,603 22.05
-98,037,809 -7.67
-989,613,191 -24.88

13,446,593,626 33.40

13,846,372,327 40.24
-21,720,000 -100
42,492,268 9.32
30,418,660,219 3833.89
11,335,036,032 2386.32
111,002,553 25.16
-57,175,938 -100
-187,476,722 -46.36
785,808,144 129.10

56,272,998,883 149.40

69,719,592,509 89.47
Peso Amount Percentage

10,325,080,053 91.81
-2,318,672,914 -53.57
-1,257,508,269 -28.50
82,602,447 6.99

6,831,501,317 32.27

33,225,962,388
3,797,533,571 818.47
205,578,936 78.42

37,229,074,895 5126.92

44,060,576,212 201.24
 4,027,096,792 21.13
20,454,650,190 47.80
161,704,553 48.94
481,065,534 -8.66
329,248,855 -49.11
25,453,765,924 45.49

205,250,373 264.53
25,659,016,297 45.80
69,719,592,509 89.47
 2016
ASSETS
Current Assets
Cash and cash equivalents (Note 7) 16,119,026,542
Financial asset at fair value through profit or loss (Note 8) 389,206,130
Receivables (Notes 10 and 35) 14,961,248,061
Inventories (Note 11) 18,534,335,800
Biological assets (Notes 15) 1,083,205,513
Other Current assets (Note 12) 1,076,227,367

Total Current Asset 52,163,249,413

Noncurrent Asset

Property, plant and equipment (Note 13) 44,505,927,879

Available-for-sale financial assets (Note 14) 41,830,000
Biological assets (Note 15) 437,777,027
Goodwill (Note 16) 34,638,665,017
Intangible assets (Note 16) 7,232,141,163
Investments in joint ventures (Note 17) 345,993,643
Investment properties (Note 18) 49,860,370
Deferred tax assets (Note 33) 919,804,608
Other Noncurrent assets (Note 19) 1,108,578,743

Total Nonurrent Asset 89,280,578,450

TOTAL ASSETS 141,443,827,863

2016
LIABILITIES AND EQUITY

Current Liabilities
Accounts Payable and other accrued liabilities (Notes 20 and 23) 18,408,005,250
Short-term debt (Note 20 and 23) 5,873,208,671
Trust receipts and acceptancies payable (Notes 11 and 23) 4,645,224,001
Income tax payable 1,839,895,025

Total Current Liabilities 30,766,332,947

Noncurrent Liabilities
Long-term debt (Notes 22 and 23) 32,179,158,737
Deferred tax liabilities (Notes 33) 2,769,132,311
Other Noncurrent liabilities (Notes 9 and 32) 457,146,036

Total Nonurrent Liabilities 35,405,437,084

 Total Liabilities 66,171,770,031

Equity
Equity attributable to equity holders of the parent
Paid-up Capital (Note 23) 23,083,782,043
Retained Earnings (Note 23) 56,896,755,151
Other Comprehensive Income (Note 24) 512,305,607
Equity Reserve (Note 23) -5,075,466,405
Treasury share (Note 23) -341,137,179
75,076,239,217
Equity attributable to non-controlling interests
(Notes 17 and 23) 195,818,615

Total Equity 75,272,057,832

TOTAL LIABILITIES AND EQUITY 141,443,827,863
 Horizontal
2014 Peso Amount Percentage

10,076,223,083 6,042,803,459 59.97

476,260,026 -87,053,896 -18.28
9,319,201,703 5,642,046,358 60.54
15,129,022,837 3,405,312,963 22.51
1,278,304,318 -195,098,805 -15.26
3,976,999,288 -2,900,771,921 -72.94

40,256,011,255 11,907,238,158 29.58

34,407,755,976 10,098,171,903 29.35

21,720,000 20,110,000 92.59
455,817,612 -18,040,585 -3.96
793,415,185 33,845,249,832 4265.77
475,000,000 6,757,141,163 1422.56
441,223,735 -95,230,092 -21.58
57,175,938 -7,315,568 -12.79
404,393,056 515,411,552 127.45
608,694,233 499,884,510 82.12

37,665,195,735 51,615,382,715 137.04

77,921,206,990 63,522,620,873 81.52

2014 Peso Amount Percentage

11,246,038,503 7,161,966,747 63.68

4,327,990,825 1,545,217,846 35.70
4,412,695,949 232,528,052 5.27
1,181,335,804 658,559,221 55.75

21,168,061,081 9,598,271,866 45.34

32,179,158,737
463,982,054 2,305,150,257 496.82
262,167,555 194,978,481 74.37

726,149,609 34,679,287,475 4775.78

21,894,210,690 44,277,559,341 202.23

19,056,685,251 4,027,096,792 21.13

42,789,191,854 14,107,563,297 32.97
330,447,069 181,858,538 55.03
-5,556,531,939 481,065,534 -8.66
-670,386,034 329,248,855 -49.11
55,949,406,201 19,126,833,016 34.19

77,590,099 118,228,516 152.38

56,026,996,300 19,245,061,532 34.35

77,921,206,990 63,522,620,873 81.52
 2015 2014
ASSETS
Current Assets
Cash and cash equivalents (Note 7) 18,298,379,441 10,076,223,083
Financial asset at fair value through profit or loss (Note 8) 401,701,602 476,260,026
Receivables (Notes 10 and 35) 10,833,224,194 9,319,201,703
Inventories (Note 11) 16,034,613,897 15,129,022,837
Biological assets (Notes 15) 1,177,607,861 1,278,304,318
Other Current assets (Note 12) 835,739,493 3,976,999,288

Total Current Asset 47,581,266,488 40,256,011,255

Noncurrent Asset

Property, plant and equipment (Note 13) 38,831,973,783 34,407,755,976

Available-for-sale financial assets (Note 14) 40,880,000 21,720,000
Biological assets (Note 15) 444,722,865 455,817,612
Goodwill (Note 16) 14,706,811,446 793,415,185
Intangible assets (Note 16) 7,281,943,040 475,000,000
Investments in joint ventures (Note 17) 494,242,502 441,223,735
Investment properties (Note 18) 53,518,151 57,175,938
Deferred tax assets (Note 33) 597,598,936 404,393,056
Other Noncurrent assets (Note 19) 714,124,310 608,694,233

Total Nonurrent Asset 63,165,815,033 37,665,195,735

TOTAL ASSETS 110,747,081,521 77,921,206,990

2015 2014
LIABILITIES AND EQUITY
Current Liabilities
Accounts Payable and other accrued liabilities (Notes 20 and 2 13,166,618,909 11,246,038,503
Short-term debt (Note 20 and 23) 845,285,468 4,327,990,825
Trust receipts and acceptancies payable (Notes 11 and 23) 4,620,725,913 4,412,695,949
Income tax payable 2,079,280,260 1,181,335,804

Total Current Liabilities 20,711,910,550 21,168,061,081

Noncurrent Liabilities

Long-term debt (Notes 22 and 23) 21,869,680,961

Deferred tax liabilities (Notes 33) 2,409,483,361 463,982,054
Other Noncurrent liabilities (Notes 9 and 32) 396,378,358 262,167,555

Total Nonurrent Liabilities 24,675,542,680 726,149,609

 Total Liabilities 45,387,453,230 21,894,210,690
Equity
Equity attributable to equity holders of the parent
Paid-up Capital (Note 23) 19,056,685,251 19,056,685,251
Retained Earnings (Note 23) 48,628,034,035 42,789,191,854
Other Comprehensive Income (Note 24) 3,326,070,120 330,447,069
Equity Reserve (Note 23) -5,075,466,405 -5,556,531,939
Treasury share (Note 23) -670,386,034 -670,386,034
65,264,936,967 55,949,406,201
Equity attributable to non-controlling interests
(Notes 17 and 23) 94,691,324 77,590,099

Total Equity 65,359,628,291 56,026,996,300

TOTAL LIABILITIES AND EQUITY 110,747,081,521 77,921,206,990
Peso Amount Percentage

8,222,156,358 81.60
-74,558,424 -15.65
1,514,022,491 16.25
905,591,060 5.99
-100,696,457 -7.88
-3,141,259,795 -78.99

7,325,255,233 18.20

4,424,217,807 12.86
19,160,000 88.21
-11,094,747 -2.43
13,913,396,261 1753.61
6,806,943,040 1433.04
53,018,767 12.02
-3,657,787 -6.40
193,205,880 47.78
105,430,077 17.32

25,500,619,298 67.70

32,825,874,531 42.13
Peso Amount Percentage

1,920,580,406 17.08
-3,482,705,357 -80.47
208,029,964 4.71
897,944,456 76.01

-456,150,531 -2.15

21,869,680,961
1,945,501,307 419.31
134,210,803 51.19

23,949,393,071 3298.13
23,493,242,540 107.30

0 0
5,838,842,181 13.65
2,995,623,051 906.54
481,065,534 -8.66

9,315,530,766 16.65

17,101,225 22.04

9,332,631,991 16.66
32,825,874,531 42.13
 2018 2017
CONSOLIDATED STATEMENTS OF INCOME

SALE OF GOODS AND SERVICES (Notes 6 and 34) 127,769,949,329 125,007,824,013

COST OF SALES (Notes 24 and 34) 90,332,569,341 85,693,355,234
GROSS PROFIT 37,437,379,988 39,314,468,779
Selling and distribution costs (Note 25) -18,719,558,853 -19,250,876,212
General and administrative expenses (Notes 26 and 34) -5,337,208,345 -5,111,425,807

OPERATING INCOME 13,380,612,790 14,952,166,760

Finance revenue (Notes 6, 8 and 29) 359,281,191 225,582,853
Net foreign exchange gain (losses) -174,658,640 154,190,672
Market valuation gain on financial assets at
fair value through profit or loss (Notes 6 and 8) -35,424,289 71,016,151
Equity in net income of joint ventures (Note 16) -132,407,965 -280,533,323
Gain (loss) on sale of investments (Notes 8 and 13) 0 0
Impairment losses (Notes 6, 9, and 15) -45,001,536 -21,423,202
Finance costs (Notes 6, 19, 21 and 30) -1,661,700,393 -1,427,329,826
Other income (expenses) - net -145,821,109 276,737,549
INCOME BEFORE INCOME TAX 11,544,880,049 13,950,407,634
PROVISION FOR INCOME TAX (Note 32) 2,082,093,827 2,797,486,301

NET INCOME 9,462,786,222 11,152,921,333

NET INCOME ATTRIBUTABLE TO:

Equity holders of the parent (Note 33) 9,204,306,540 10,888,080,693
Non-controlling interests 258,479,682 264,840,640

9,462,786,222 11,152,921,333

EARNINGS PER SHARE (Note 33)

Basic/diluted, for income attributable to equity holders of the parent
 2016 2015 2014

111,631,792,704 109,051,029,911 92,376,296,512

75,090,958,927 73,801,435,482 64,005,377,917
36,540,958,927 35,249,594,429 28,370,918,595
-15,828,046,092 -14,622,882,337 -11,731,419,823
-3,902,174,623 -3,253,291,465 -2,520,327,424

16,810,613,062 17,373,420,627 14,119,171,348

213,044,427 277,180,388 228,860,833
1,877,597,478 -265,211,087 72,777,508 2,181,501,933

855,084,609 -214,624,256 62,525,954

-233,998,864 206,481,238 14,089,730
0 0 0
-181,097,068 -109,938,204 -122,272,279
-897,220,964 -1,277,553,002 -150,409,978
353,482,305 179,676,001 2,772,817
18,797,504,985 15,756,469,229 14,227,515,933
3,441,533,005 3,251,547,641 2,572,223,919

15,355,971,980 12,504,921,588 11, 655,292,014

15,140,452,205 12,383,347,980 11, 558,709,746

215,519,775 121,573,608 96,582,268

15,355,971,980 12,504,921,588 P11, 655,292,014

 3.15 3
6,871,731,089 6,544,505,799
2,015 2,014
5.68 5.3
2017 2016 2018
4.94 6.94 4.18
6,943,109,884 6,943,109,884 6,943,109,884
3.18 3.18 3.18
price earning ratio Div yield Div payout
67 12.64 0.0448 0.5660
77.92 13.72 0.0404 0.5546
82.31 16.66 0.0387 0.4586
99.44 14.33 0.0320 0.6443
101.24 24.22 0.0314 0.7614