UNIVERSAL ROBINA CORP.

A. INCOME STATEMENT
Sep 30
2007

Sep 30
2008

Sep 30
2009

Sep 30
2010

Restated
PHP

Restated
PHP

Restated
PHP

PHP

37,720.3

45,454.5

50,453.0

57,720.0

37,720.3

45,454.5

50,453.0

57,720.0

Cost of Goods Sold

27,692.5

34,691.3

37,602.9

41,223.0

GROSS PROFIT

10,027.7

10,763.2

12,850.0

16,497.0

6,847.4

7,075.0

8,199.3

8,818.8

OTHER OPERATING EXPENSES, TOTAL

6,847.4

7,075.0

8,199.3

8,818.8

OPERATING INCOME

3,180.3

3,688.2

4,650.7

7,678.2

-1,618.7

-1,233.1

-1,399.4

-1,032.8

1,561.8

1,068.3

1,198.7

1,221.7

-56.8

-164.8

-200.7

188.9

23.3

28.2

25.2

26.2

-255.3

-423.8

-46.1

-335.3

Other Non-Operating Income (Expenses)

42.6

-50.3

-186.2

-200.7

EBT, EXCLUDING UNUSUAL ITEMS

2,934.0

3,077.5

4,243.0

7,357.3

3,358.6

-2,264.0

734.7

2,018.6

5.3

-2.7

20.0

-13.7

-344.7

-299.0

-567.2

-442.9

--

--

-153.5

--

5,953.3

511.8

4,430.5

8,919.2

452.3

170.6

322.6

781.0

55.9

39.8

-220.5

-321.0

5,501.0

341.2

4,107.9

8,138.2

Currency in
Millions of Philippines Pesos

Revenues
TOTAL REVENUES

Selling General & Admin Expenses, Total

Interest Expense
Interest and Investment Income
NET INTEREST EXPENSE
Income (Loss) on Equity Investments
Currency Exchange Gains (Loss)

Gain (Loss) on Sale of Investments

Gain (Loss) on Sale of Assets
Other Unusual Items, Total
Other Unusual Items
EBT, INCLUDING UNUSUAL ITEMS
Income Tax Expense
Minority Interest in Earnings
Earnings from Continuing Operations

As of:

4-Year
Trend

NET INCOME

5,557.0

381.0

3,887.4

7,817.3

NET INCOME TO COMMON INCLUDING EXTRA ITEMS

5,557.0

381.0

3,887.4

7,817.3

NET INCOME TO COMMON EXCLUDING EXTRA ITEMS

5,557.0

381.0

3,887.4

7,817.3

B. BALANCE SHEET
Sep 30
2007

Sep 30
2008

Sep 30
2009

Sep 30
2010

Restated
PHP

Restated
PHP

Restated
PHP

PHP

5,045.0

2,215.6

3,057.1

4,459.3

Short-Term Investments

--

--

7,329.4

6,748.4

Trading Asset Securities

16,536.7

5,979.2

7,249.9

10,022.6

21,581.8

8,194.8

17,636.4

21,230.3

Accounts Receivable

4,262.7

4,837.7

5,781.3

5,430.1

Other Receivables

1,485.3

1,652.9

1,303.3

1,355.5

5,748.0

6,490.6

7,084.6

6,785.6

5,903.3

7,774.5

6,118.0

7,888.9

Prepaid Expenses

193.4

230.0

149.7

128.8

Other Current Assets

447.4

689.1

1,639.2

1,392.1

33,873.9

23,378.9

32,627.9

37,425.7

43,643.3

48,788.5

49,981.9

52,728.2

-20,436.3

-23,017.9

-24,176.1

-26,967.5

23,207.0

25,770.6

25,805.8

25,760.7

872.8

890.4

890.4

890.4

89.9

6,397.9

88.3

89.5

--

--

176.7

28.3

284.2

756.4

753.6

750.9

Currency in
Millions of Philippines Pesos

As of:

Assets
Cash and Equivalents

TOTAL CASH AND SHORT TERM INVESTMENTS

TOTAL RECEIVABLES
Inventory

TOTAL CURRENT ASSETS

Gross Property Plant and Equipment
Accumulated Depreciation
NET PROPERTY PLANT AND EQUIPMENT
Goodwill
Long-Term Investments
Deferred Tax Assets, Long Term
Other Intangibles

4-Year
Trend

Other Long-Term Assets

506.1

736.4

575.2

421.8

58,833.9

57,930.6

60,918.0

65,367.2

Accounts Payable

2,719.5

3,307.2

3,434.0

4,073.4

Accrued Expenses

1,203.6

1,301.7

1,669.3

1,616.6

Short-Term Borrowings

4,904.5

11,070.3

5,665.2

5,111.9

Current Portion of Long-Term Debt/Capital Lease

5,072.8

48.0

27.8

7.4

Current Income Taxes Payable

119.2

20.8

178.1

363.7

Other Current Liabilities, Total

500.6

364.8

817.0

831.2

14,520.1

16,112.7

11,791.5

12,004.2

Long-Term Debt

9,065.0

9,429.8

12,219.0

11,218.9

Minority Interest

698.0

658.2

573.1

894.1

Deferred Tax Liability Non-Current

250.4

243.7

421.1

305.8

23,835.5

25,786.2

24,431.6

23,528.9

2,221.9

2,221.9

2,227.6

2,227.6

Additional Paid in Capital

11,207.7

11,207.7

11,227.9

11,227.9

Retained Earnings

20,300.5

19,198.3

22,547.5

28,418.6

--

-916.7

-934.7

-2,091.9

570.4

-224.9

844.9

1,161.9

TOTAL COMMON EQUITY

34,300.4

31,486.2

35,913.2

40,944.1

TOTAL EQUITY

34,998.4

32,144.4

36,486.3

41,838.2

58,833.9

57,930.6

60,918.0

65,367.2

TOTAL ASSETS

LIABILITIES & EQUITY

TOTAL CURRENT LIABILITIES

TOTAL LIABILITIES
Common Stock

Treasury Stock
Comprehensive Income and Other

TOTAL LIABILITIES AND EQUITY

C. CASH FLOW

FINANCIAL STATEMENTS FOR UNIVERSAL ROBINA CORP (URC)

View Cash Flow In U.S. Dollar
Currency in
Millions of Philippines Pesos

Sep 30
2007

Sep 30
2008

Sep 30
2009

Sep 30
2010

Restated
PHP

Restated
PHP

Restated
PHP

PHP

5,557.0

381.0

3,887.4

7,817.3

2,176.1

2,690.7

3,036.2

3,278.0

1.4

2.8

2.8

2.8

2,177.4

2,693.4

3,038.9

3,280.8

26.5

13.0

13.1

15.2

-282.1

2.7

-20.0

13.7

-3,358.6

2,277.8

-548.6

-2,027.9

Asset Writedown & Restructuring Costs

203.4

-3.5

-96.8

323.8

(Income) Loss on Equity Investments

-23.3

-28.2

-25.2

-26.2

Provision & Write-off of Bad Debts

141.2

94.9

228.3

163.6

Change in Accounts Receivable

-860.4

-862.9

-1,190.4

187.2

Change in Inventories

-511.7

-2,452.7

1,630.6

-1,545.6

48.9

108.7

736.4

227.3

-763.6

2,156.6

-2,280.7

-496.0

2,671.6

5,358.2

5,636.8

8,762.0

-3,837.1

-4,986.8

-3,874.7

-3,195.2

Sale of Property, Plant, and Equipment

158.2

88.8

94.1

62.6

Cash Acquisitions

-92.1

--

--

--

Divestitures

--

--

--

256.0

Sale (Purchase) of Real Estate Properties

--

--

--

-387.7

Sale (Purchase) of Intangible Assets

--

-492.6

--

--

6,381.9

936.8

-541.3

-753.9

NET INCOME
Depreciation & Amortization
Amortization of Goodwill and Intangible Assets
DEPRECIATION & AMORTIZATION, TOTAL
Amortization of Deferred Charges
(Gain) Loss from Sale of Asset
(Gain) Loss on Sale of Investment

Change in Accounts Payable

Change in Other Working Capital
CASH FROM OPERATIONS
Capital Expenditure

Investments in Marketable & Equity Securities

As of:

4-Year
Trend

CASH FROM INVESTING

2,590.5

-4,667.9

-4,133.2

-3,843.4

Short-Term Debt Issued

527.8

3,804.1

5,186.8

5,111.9

Long-Term Debt Issued

--

--

3,044.7

--

527.8

3,804.1

8,231.4

5,111.9

Short Term Debt Repaid

-35.0

-253.7

-8,069.5

-5,186.8

Long Term Debt Repaid

-5,178.8

-4,672.9

-267.8

-338.2

-5,213.8

-4,926.6

-8,337.3

-5,525.0

--

-916.7

-18.0

-1,157.2

-1,510.9

-1,480.5

-538.1

-1,946.1

TOTAL DIVIDEND PAID

-1,510.9

-1,480.5

-538.1

-1,946.1

CASH FROM FINANCING

-6,196.9

-3,519.7

-662.1

-3,516.5

-934.8

-2,829.4

841.5

1,402.1

TOTAL DEBT ISSUED

TOTAL DEBT REPAID

Repurchase of Common Stock
Common Dividends Paid

NET CHANGE IN CASH