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Jollibee Foods CORPORATION ANNUAL REPORT 2016 Table of Contents

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Jollibee Foods CORPORATION ANNUAL REPORT 2016 Table of Contents Jollibee Foods CORPORATION ANNUAL REPORT 2016 Table Of Contents Mang Inasal Philippines: Chowking Philippines: Bilis, Lakas, Talas: Mang Inasal’s Introduction Chowking WOWs the Philippines 01 17 29 Tireless Journey Towards Improvement in 2016 Caps off 2016 with Sustained Growth Burger King Philippines: Chowking International: Chairman’s Message 2016 Gold Crown Franchisee 02 19 Stepping it Up in 2016 31 of The Year Yonghe King China: Jollibee Group Foundation: 06 CEO’s Message 21 Leading in China Market’s Fast- 33 Helping Communities Gain Access Changing Competitive Landscape to Food Jollibee Philippines: Red Ribbon Philippines: Board of Directors and Winning the Hearts and Minds 11 23 Another Year of Sustained Momentum 34 Corporate Management Team of Filipinos Jollibee International: Red Ribbon US: Audited Consolidated 13 Spreading Joy Around the World 25 Delivering Memorable Sweet Moments 36 Financial Statements Greenwich: Hong Zhuang Yuan China: 15 Breaking New Ground, 27 2016: Another Banner Year for 38 Investor Information Making New Roads Hong Zhuang Yuan JOLLIBEE FOODS CORPORATION 1 Jollibee Foods CORPORATION In this digital age, social media has become a part of our everyday lives as we constantly connect with people and share experiences online. In this year’s annual report, we showcase the excitement and delight that our products bring our customers, moving them to share their joy online. Just as social media has found its way into our lives, Jollibee Foods Corporation products have, likewise, found their part in our customers’ everyday happiness. 2 2016 ANNUAL REPORT Tony Tan Caktiong April 12, 2017 “I am confident that we will get to where we want to go because we have the best and brightest people, clear and strong vision and mission, core values that drive our excellence, and most importantly because we continue to dream.” 1,318,928 Likes 220 Comments 192 Shares JOLLIBEE FOODS CORPORATION 3 Chairman’s Message “Our Company continued to show To my fellow JFC shareholders, strong growth in 2016. Worldwide system wide sales grew by 14.1%, 2016 was another eventful year for our company, requirements of the growing needs of our brands. Jollibee Foods Corporation (JFC). With our sights set This partnership will meaningfully benefit our JFC’s highest organic growth in on our long-term vision of becoming one of the top 5 customers, our operations as well as the overall at least a decade driven by an 8% restaurant companies in the world in terms of market Philippine food industry. Even with this joint venture, capitalization, we continued to execute on our growth we will continue to maintain strong relationships with growth in same store sales and the strategies and made important progress in 2016. our key chicken suppliers in the country and look highest store network expansion, forward to sustained long-term supply arrangements with 342 new stores in the • In April, we acquired the remaining 30% stake in with them as our businesses grow together. Mang Inasal Philippines Inc. (MIPI) owned by Injap Philippines and abroad.“ Investments, Inc., making JFC the 100% owner of The new plant, which started construction in the fourth Mang Inasal. quarter of 2016, will be the largest of its kind in the Philippines. The plant, which is expected to begin • In May, we entered into an agreement with Cargill operations in the last quarter of 2017, will create an Philippines, Inc., a wholly owned subsidiary of Cargill estimated 1,000 new full time jobs and develop new Inc. to build and operate a poultry processing plant in opportunities in the farming community in Batangas Santo Tomas, Batangas in the Philippines. Cargill and and nearby provinces, as local poultry farmers are JFC have a 70% and a 30% stake, respectively, in the contracted to grow chicken to supply the requirements joint venture, Cargill Joy Poultry Meats Production, Inc. of the processing plant. We partnered with Cargill to explore ways to further • In November, we entered into an agreement through improve on our existing world-class chicken products our subsidiary, JSF Investments Pte. Ltd. with our joint through Cargill’s expertise, technology, and quality venture partner, Viet Thai International Joint Stock standards. The facility will provide JFC with dressed Company (VTI) to make our joint venture company, and marinated chicken to augment the chicken supply SuperFoods Group a public company by listing it in 4 2016 ANNUAL REPORT Chairman’s Message “We will continue to aggressively pursue acquisitions and organic growth to accelerate growth and profitability. I am confident that a Stock Exchange in Vietnam with an Initial Public Like acquisitions, divestments are also part of our Offering (IPO) on or before July 2019. As part of strategy, enabling us to have a highly focused portfolio we will get to where we want to the agreement, the ownership of SuperFoods Group of brands with leadership positions in stronger growth go because we have the best and will be adjusted with JFC, through JSF, increasing its markets. During the year, we completed the divestment brightest people in our organization, ownership from today’s 50% to 60% of the joint venture of our shareholdings in Guangxi San Pin Wang Food and within 2017. Our partner VTI will own 40%. Our plan Beverage Management Company Limited, which had we have a strong and clear vision is to make Highlands Coffee and Pho 24 the dominant 72 stores in the People’s Republic of China. We also and mission that have guided us market leaders for their respective segments and divested of our shareholdings in Chow Fun Holdings well over the years, core values true national champion brands of Vietnam. The LLC, which had 3 stores in the United States of America. planned IPO will help raise capital to expand these two that enable us to operate with brands broadly in Vietnam, in other parts of Asia and Overall, our Company continued to show strong growth excellence, integrity and fairness eventually around the world. in 2016. Worldwide system wide sales grew by 14.1%, JFC’s highest organic growth in at least a decade driven while taking risks to grow the • JFC also completed in November the transfer of by an 8% growth in same store sales and the highest business, and most importantly assets in Happy Bee Foods Processing Pte. Ltd. store network expansion, with 342 new stores in the because we continue to dream.” (Happy Bee) in Singapore, making JFC through its Philippines and abroad. wholly owned subsidiary, JWPL, the 100% owner of Happy Foods Processing in Anhui Province in China. Our Company remains committed to corporate social This development will allow Happy Foods Processing responsibility through the programs of the Jollibee to focus and further carry out its primary objective Group Foundation (JGF). In 2016, JGF launched of supporting the growth of our biggest and most the Leadership for Agroenterprise Development important brand in China, Yonghe King. (LeAD) Training Program, as part of the Farmer JOLLIBEE FOODS CORPORATION 5 Entrepreneurship Program (FEP). In this leadership and clear vision and mission that have guided us well program, twenty-two FEP farmer leaders participated over the years, core values that enable us to operate and successfully completed the course. The program with excellence, integrity and fairness while taking risks enabled them to continue developing both the skill to grow the business, and most importantly because we and the mindset to explore, persevere, grow as reliable continue to dream. suppliers and lead other farmers. JGF continued to support the Department of Education in effectively We remain committed to creating long term value implementing its School-Based Feeding Program by for our shareholders. I thank our shareholders and constructing ten Busog, Lusog, Talino (BLT) School other stakeholders — ­­our employees, franchisees and Feeding Kitchens in different municipalities and cities business partners for their unwavering support and around the country. The BLT Kitchens served 7,700 confidence in us. undernourished pupils in 60 public schools. JGF also provided scholarships to 90 college students and 150 from technical vocation schools, all underprivileged but deserving youth, giving them the opportunity to complete their education and access employment. Finally, we will continue to aggressively pursue acquisitions and organic growth to accelerate growth and profitability. I am confident that we will get to where we want to go because we have the best and TONY TAN CAKTIONG brightest people in our organization, we have a strong Chairman of the Board TONY TAN CAKTIONG Chairman of the Board 6 2016 ANNUAL REPORT Ernesto Tanmantiong April 18, 2017 “We ended the year with the highest system wide sales growth in 5 years and the highest organic growth in at least a decade. Our plan is to further surpass our historical performance.” 1,288,765 Likes 201 Comments 208 Shares JOLLIBEE FOODS CORPORATION 7 Chief Executive “JFC delivered strong profit growth. Officer’s Message Net income attributable to equity holders of the Parent Company for the To my fellow JFC shareholders, full year of 2016 amounted to Php6.2 billion, 25.1% higher compared to In 2016, our Company achieved significant progress Sales of our businesses continued to be strong. We 2015. Profit margin increased from towards meeting the JFC Group’s growth goals. We ended the year with system wide sales of Php149.1 opened 342 stores, the highest number of store opening billion, a growth of 14.1% compared with sales in 4.9% in 2015 to 5.4% in 2016. Our in a single year in JFC’s history. 244 of the new stores 2015. This is JFC’s highest system wide sales growth net income translated to earnings opened are in the Philippines and 98 overseas. This in 5 years and the highest organic growth in at least per common share of Php5.747 in aggressive store opening was made possible by a decade.
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