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A Journey Full of Joy! A Journey Full of Joy ! 2017 ANNUAL REPORT Yonghe King TableTable ofof ContentsContents 2 Chairman’s Message 28 Hong Zhuang Yuan: 6 Chief Executive Officer’s Message Continuing its Winning Momentum 10 A Journey Full of Joy! 30 Mang Inasal: 12 Jollibee Philippines: Strong Results Anew in 2017 Joyful Journey with the Most-Loved Fast Food Brand 32 Burger King Philippines: 14 Jollibee International: Delivering the Best Burger Experience Spreading More Joy Around the World 34 Highlands Coffee: 16 Greenwich: Highlands Coffee Continues to Stimulate Making Waves in the Sea of Challenges 36 PHO24®: 18 Chowking Philippines: PHO24® Unveils its Fast Casual Business Model Chowking Philippines Rises in 2017! 38 Smashburger: 20 Chowking International: A Year of Change and Smashing Innovation Conquering New Heights 40 Jollibee Group Foundation: 22 Yonghe King: Extending Service from the Stores to Communities Another Milestone Year for Yonghe King 42 Board of Directors and 24 Red Ribbon Philippines: Corporate Management Team Red Ribbon Celebrates a Banner Year 44 Audited Consolidated Financial Statements 26 Red Ribbon USA: 116 Investors Information Sweeter Moments at Red Ribbon USA 2017 Annual Report 1 “Our strong performance enabled us to make continued investments in stores, commissaries, and technology. For the year, JFC made Php9.0 billion in capital investments. The JFC Group opened 328 new stores in the Philippines and 137 new stores abroad, ending 2017 with 3,797 stores, 16.7% higher year-on-year.” TONY TAN CAKTIONG Chairman of the Board 2 Chairman’s Message TO MY FELLOW JFC SHAREHOLDERS, fastest growing market outside the Philippines. SuperFoods also increased JFC’s geographical presence to other countries, adding Indonesia, Korea THE YEAR 2017 HAS BEEN MARKED with many milestones for Jollibee and Australia. In 2017, the SuperFoods Group contributed 9% to the growth Foods Corporation (JFC) and I am pleased to share them with you. in JFC’s foreign business’ sales and about 2% to the JFC’s worldwide sales growth. We foresee that Vietnam will become a large consumer market In May, 2017, we made additional investments through our wholly-owned and JFC will be able to build a significant business in the country. subsidiary, JSF Investments Pte. Ltd (JSF) in the SuperFoods Group increasing JFC’s share from 50% to 60%. JFC is now the majority owner Our joint venture with Cargill, C-Joy Poultry Meats Production, Inc. (C-Joy) of the SuperFoods Group which owns and operates Highlands Coffee and inaugurated its new poultry processing plant in Santo Tomas, Batangas PHO24®, based in Vietnam. on December 5, 2017. With a processing capacity of 45 million chickens per year, the plant is the largest in the Philippines and provides dressed The SuperFoods Group owns and operates the brands Highlands Coffee and marinated chicken to meet the increased demand at JFC brands in and PHO24® and is also a franchisee of Hard Rock Café in Vietnam, Macau the country. The investment underscores C-Joy’s commitment to deliver and HongKong. It aims to offer Asian consumers high quality coffee and high quality, safe and affordable chicken products to the JFC brands in the café experience at affordable prices through Highlands Coffee shops and Philippines. The plant will also help increase income opportunities for local the Highlands Coffee package products. It also aims to serve consumers poultry farmers in Batangas and nearby provinces. in Asia and key cities in the world high quality and healthy Vietnamese food at affordable prices through the PHO24® brand. The SuperFoods Group’s We also commemorated during the year the 10th year anniversary of Jollibee goal is to make Highlands Coffee and PHO24® the dominant market leaders Worldwide Services (JWS), JFC’s shared services hub. Ten years ago, in their respective segments and true national champion brands of Vietnam. we decided the time had come to streamline JFC’s operations, following Jollibee’s rise to leadership in the industry, to be first in the Philippines, The consolidation of SuperFoods to the JFC Group increased JFC’s and then in Asia. JFC had reached a size where we believed a more worldwide store network by 281 or +8.6% and has made Vietnam JFC’s centralized support group providing specialized functions could make us 2017 Annual Report 3 more efficient and productive. Today, our business units have been enjoying “We owe much of JFC’s the benefits of operational efficiency at the store level, and lower cost and success to our customers and shorter cycle times, all provided by JWS. Our business units are now able to focus on their own businesses and leave the back-office concerns to JWS. the Filipino communities who JWS’ accomplishments for 2017 were even more exciting and admirable - welcomed us as we expanded simplified process for store Profit & Loss reporting, tax compliance assurance, completion of management reports for the Strategic Business Units (SBU) by our store network. This is why workday 3, and best of all, world class paperless environment! we have always believed in Just like in the past, we made divestments to enable us to focus on brands helping these communities, with leadership positions in stronger growth markets. On October 31, 2017, JFC ceased operations of the 12 Hotpot brand in the People’s Republic of through the Jollibee Group China. 12 Hotpot operated 16 stores in the Shanghai area. Foundation (JGF).” On the financial front, net income climbed 15.3% to Php7.1 billion on a 15.2% increase in system wide sales. Our strong performance enabled us to make continued investments in stores, commissaries, and technology. For the year, JFC made Php9.0 billion in capital investments. The JFC Group opened 328 new stores in the Philippines and 137 new stores abroad, ending 2017 with 3,797 stores, 16.7% higher year-on-year. We owe much of JFC’s success to our customers and the Filipino communities who welcomed us as we expanded our store network. This is why we have 4 always believed in helping these communities, through the Jollibee Group We are grateful to the members of the Board of Directors of JFC for their Foundation (JGF). guidance and support of our strategic focus on long-term value creation. On behalf of our senior leadership team, I thank the Board for the invaluable – The JGF continues to help smallholder farmers by training them on agro- advice and oversight as we position JFC for continued success. entrepreneurship to supply vegetables that meet the standards of corporate buyers like JFC, while ensuring that they make profit. JGF also launched I thank you, our valued shareholders, franchisees and business partners two initiatives intended to engage young people in agriculture - the Farmer’s for your continued support and confidence as we look ahead to more Entrepreneurship Program (FEP) Agri-Yo, an agro-entrepreneurship training achievements in 2018 and beyond. program for 1,000 youth farmers nationwide and the FEP Youth Challenge for university students aimed at developing solutions for smallholder farmer And importantly, my appreciation and thanks go to all our employees for their entrepreneurs. dedication to their hard work, for their loyalty and invaluable contributions. These will bring JFC to new heights and will enable us to achieve our vision – The JGF continues to support the Department of Education’s School- of becoming one of the top 5 restaurant companies in the world. I have never Based Feeding Program. By the end of 2017, the JGF had constructed been more confident in the future of Jollibee Foods Corporation. 22 kitchens across the country which served 16,000 pupils in 156 public schools. – It also continues to provide scholarships to underprivileged and deserving youth, giving them the opportunity to complete their education and access employment. – Through the FoodAID program, JGF provided food assistance to a total of TONY TAN CAKTIONG 26,665 individuals affected by various calamities across the country. Chairman of the Board 2017 Annual Report 5 “JFC’s strong brand portfolio, strong focus on food taste and quality and disciplined execution have allowed our domestic and foreign businesses to experience very strong growth against a backdrop of economic challenges.” ERNESTO TANMANTIONG Chief Executive Officer 6 Chief Executive Officer’s Message TO MY FELLOW JFC SHAREHOLDERS, System wide sales grew by 13.2% driven by the acceleration of store network expansion and continued strong same store sales growth. The It gives me great pleasure to share with you the successes our company domestic business’ store network grew by 8.8% - the highest organic store achieved in 2017. growth in at least five years. Focus to flagship products, innovative new products and strong marketing campaigns were the key factors that drove JFC opened a total of 465 new stores, the highest number of new stores same store sales. JFC’s domestic business also achieved historic store opened in a year in JFC’s 39-year history. Of the new stores opened, 328 milestones – Jollibee opened its 1000th store, Chowking its 500th store were in the Philippines and 137 were in various countries in Asia, North and Red Ribbon its 400th store. America and the Middle East. The JFC Group’s total store network at the end of 2017 reached 3,797 stores, a growth of 16.7% over a year Sales of our foreign business grew by 23.3% (excluding 2016 divestments ago, including the impact of 2016 divestments and the consolidation of the and acquisition) with the Southeast Asia (ex-Philippines) business growing SuperFoods Group. Excluding the SuperFoods Group and divestments, by 39.1%, China business by 18.2%, North America business by 25.6%, JFC’s store network grew by 8.1%, our highest organic growth rate in store and the Middle East business by 26.6%.
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