Assets

Cash & Short Term

Investments 8,701
Cash Only 8,633 1.Service Business
Short-Term Globe Telecom, Inc. A
Investments 68 Balance Sheet
For the Year 2016
Total Accounts
Receivable 29,763
Accounts
Receivables, Net 26,945
Accounts
Receivables, Gross 35,110
Bad Debt/Doubtful
Accounts -8,166

Other Receivables 2,818

Accounts Receivable
Turnover 4.24
Inventories 12,795
Finished Goods 4,285
Raw Materials 285
Progress Payments &
Other 8,226
Other Current
Assets 1,763
Prepaid Expenses 1,511
Miscellaneous
Current Assets 252
Total Current
Assets 53,023

Net Property, Plant

& Equipment 142,252
Property, Plant &
Equipment - Gross 334,106
Buildings 46,414
Land & Improvements 3,049
Machinery &
Equipment 223,571
Construction in
Progress 20,920
Transportation
Equipment 2,767
Other Property,
Plant & Equipment 37,385
Accumulated
Depreciation 191,854
Buildings 22,562
Machinery &
Equipment 142,192
Transportation
Equipment 1,867
Other Property,
Plant & Equipment 25,233
Total Investments
and Advances 35,731
LT Investment -
 Liabilities &
Shareholders' Equity

ST Debt & Current

Portion LT Debt 10,485
Globe Telecom, Inc. A Short Term Debt 4,500
Income Statement Current Portion of
For the Fiscal Year 2012-2016 Long Term Debt 5,985
Accounts Payable 20,389

2 2 Income Tax Payable 1,106

Fiscal year 0 0 Other Current
is January- 20 20 20 1 1 Liabilities 50,422
December 16 15 14 3 2 Dividends Payable 262
Miscellaneous Current
9 8 Liabilities 50,159
5 6 Total Current
12 11 10 , , Liabilities 82,402
6, 9, 3, 1 4 Current Ratio 0.64
Sales/Revenu 18 96 23 4 4 Quick Ratio 0.49
e 3 9 6 1 6 Cash Ratio 0.11
1 Long-Term Debt 95,525
0 Long-Term Debt excl.
. Capitalized Leases 95,398
5. 16 8. 0 Non-Convertible Debt 95,398
18 .2 51 6 Capitalized Lease
Sales Growth % 1% % % - Obligations 127
4 4 Provision for Risks &
6 0 Charges 5,341
Cost of , , Deferred Taxes -706
Goods Sold 45 43 37 7 1
(COGS) incl. ,5 ,9 ,3 1 2 Deferred Taxes -
D&A 54 59 56 1 1 Credit 1,917
1 1 Deferred Taxes -
9 6 Debit 2,623
, , Other Liabilities 1,202
COGS 21 22 19 2 5 Other Liabilities
excluding ,5 ,6 ,0 3 3 (excl. Deferred
D&A 37 73 91 3 8 Income) 1,202
2 2 186,38
7 3 Total Liabilities 7
Depreciation , , Total Liabilities /
& 24 21 18 4 5 Total Assets 74.60%
Amortization ,0 ,2 ,2 7 8 Preferred Stock
Expense 16 86 65 7 3 (Carrying Value) 1,793
2 2 Non-Redeemable
4 1 Preferred Stock 1,793
, , Common Equity (Total) 61,647
18 16 6 6 Common Stock
,9 ,5 8 1 Par/Carry Value 6,638
Depreciation - 04 27 1 6 Additional Paid-In
2 1 Capital/Capital
, , Surplus 36,075
Amortization 2, 1, 7 9 Retained Earnings 19,422
of 38 73 9 6 Cumulative
Intangibles - 2 8 6 7 Translation
Adjustment 39

Unrealized Gain/Loss
 -
17.67 20.03 16.4
COGS Growth 3.63% % % 2% -

80,63 76,01 65,88 48,4 46,3

Gross Income 0 1 0 30 25
15.38 36.03 4.54
Gross Income Growth 6.08% % % % -
63.90
Gross Profit Margin % - - - -
53,21 49,50 42,63 37,3 33,3
SG&A Expense 7 2 0 09 84
53,21 49,50 42,63 37,3 33,3
Other SG&A 7 2 0 09 84
16.12 14.26 11.7
SGA Growth 7.50% % % 6% -
2,46 1,82
Other Operating Expense 1,932 2,342 2,225 6 3
25,48 24,16 21,02 8,65
EBIT 1 6 4 5 -
-
Unusual Expense -444 1,165 39 115 334

Non Operating
Income/Expense -10 526 263 -192 576

Non-Operating Interest
Income 152 519 683 688 580
2,09 2,10
Interest Expense 3,274 2,754 2,323 2 5
-
18.89 18.53 11.07 0.61
Interest Expense Growth % % % % -

2,91 2,91
Gross Interest Expense 3,806 2,901 2,971 6 3
Interest Capitalized 532 148 648 824 808
22,79 23,62 19,60 6,94 9,83
Pretax Income 3 1 7 5 5
-
- 20.47 182.3 29.3
Pretax Income Growth 3.51% % 3% 9% -

18.06
Pretax Margin % - - - -
1,90 2,90
Income Tax 6,049 6,983 6,011 5 6
Income Tax - Current 4,99 4,35
Domestic 5,557 6,204 5,880 5 6
- -
Income Tax - Deferred 3,09 1,44
Domestic 492 779 131 1 9

Equity in Affiliates -855 -154 -224 -80 -84

 15,88 16,48 13,37 4,96 6,84
Consolidated Net Income 8 4 2 0 5
Minority Interest Expense 10 -12 -4 - -

15,87 16,49 13,37 4,96 6,84

Net Income 8 7 6 0 5
2. Manufacturing Company
San Miguel Corp. B ADR
Income Statement
For the Fiscal Years 2012 - 2016
Fiscal year is
January-December 2012 2013 2014 2015 2016

699.3 747.7 773.7 672.2 685.3

Sales/Revenue 6B 2B 2B 4B 1B
Cost of Goods Sold 602.1 638.9 668.4 539.7 522.3
(COGS) incl. D&A 4B 1B 5B 1B B
582.1 617.5 645.3 514.3 491.1
COGS excluding D&A 5B 2B 7B 5B 2B
Depreciation & 19.99 21.39 23.08 25.36 31.18
Amortization Expense B B B B B
15.99 16.81 17.91 17.57 20.96
Depreciation B B B B B
Amortization of 10.23
Intangibles 4B 4.58B 5.17B 7.79B B
97.22 108.8 105.2 132.5 163.0
Gross Income B 2B 7B 3B 1B

45.78 53.74 51.98 63.36

SG&A Expense B B 49.5B B B
Research & Development 119M 113M 421M 478M 395M
45.66 53.63 49.07 51.51 62.96
Other SG&A B B B B B
Other Operating
Expense - - - - -
(7.27 (2.87
Unusual Expense 210M 553M B) B) 1.41B
EBIT after Unusual (210M 54.52 98.25
Expense ) B 7.27B 2.87B B
Non Operating 16.02 25.85 (187M (9.45 (9.86
Income/Expense B B ) B) B)
Non-Operating Interest
Income 4.25B 3.54B 4.01B 4.29B 3.69B
Equity in Affiliates
(Pretax) - - - - -
28.09 28.51 29.71 32.52
Interest Expense B B B B 34.8B
28.98 32.13 33.33 35.55 35.54
Gross Interest Expense B B B B B
Interest Capitalized 895M 3.62B 3.62B 3.03B 735M
43.43 37.16 45.73 57.27
Pretax Income B 55.4B B B B
10.28 16.78 17.05
Income Tax 8.41B 3.7B B B B
Income Tax - Current 11.71 10.89 14.83 19.53
Domestic 9.25B B B B B
Income Tax - Current
Foreign - - - - -
Income Tax - Deferred (842M (8.01 (607M (2.48
Domestic ) B) ) 1.95B B)
Income Tax - Deferred
Foreign - - - - -
Income Tax Credits - - - - -
(967M (120M
Equity in Affiliates 2.64B ) 1.7B ) 203M
Other After Tax Income
(Expense) - - - - -
Consolidated Net 37.66 50.73 28.58 28.83 40.42
Income B B B B B
 San Miguel Corp. B ADR
Balance Sheet
For the Fiscal Years 2012 - 2016

Assets
2012 2013 2014 2015 2016
Cash & Short Term 125.8 193.8 262.2 185.6 206.52
Investments B 8B 6B B B
125.5 191.6 260.2 184.9 206.21
Cash Only 1B 1B 1B 9B B
Short-Term Investments 289M 2.27B 2.05B 608M 312M
Total Accounts 122.5 168.1 129.2 100.7 114.53
Receivable 4B 4B 4B 3B B
52.45 66.06 57.87 45.65
Accounts Receivables, Net B B B B 41.33B
Accounts Receivables, 58.84 74.51 66.13 55.57
Gross B B B B 54.99B
Bad Debt/Doubtful (6.39 (8.45 (8.25 (9.93 (13.66
Accounts B) B) B) B) B)
70.09 102.0 71.37 55.08
Other Receivables B 9B B B 73.19B
83.87 82.82 89.17 69.19
Inventories B B B B 91.2B
58.37 60.23 60.85
Finished Goods B B B 37.9B 52.15B
Work in Progress - - - - -
20.51 17.82 23.78 24.77
Raw Materials B B B B 29.18B
Progress Payments & Other 4.99B 4.77B 4.53B 6.52B 9.86B
40.68 44.17 49.79
Other Current Assets B B B 67.1B 67.18B
Miscellaneous Current 18.53
Assets B 16.1B 7.68B 5.85B 4.49B
372.8 489.0 530.4 422.6 479.43
Total Current Assets 9B 1B 5B 1B B
2012 2013 2014 2015 2016
Net Property, Plant & 373.9 427.7 458.7 501.0 508.94
Equipment 2B 4B 3B 8B B
Property, Plant & 523.9 596.8 641.2 704.8
Equipment - Gross B 5B 3B 2B 712.5B
39.72 49.74 50.45
Buildings B 47.5B B B 47.04B
22.66 25.47 28.61 31.35
Land & Improvements B B B B 32.59B
Computer Software and
Equipment - - - - -
Other Property, Plant & 20.17 20.78 148.1 162.4 150.44
Equipment B B 5B 8B B
149.9 169.1 182.5 203.7 203.56
Accumulated Depreciation 8B 1B B 4B B
Total Investments and 167.7 84.33 62.96
Advances 6B B 75B B 72.08B
Other Long-Term 15.19 48.02 46.16 47.72
Investments B B B B 50.16B
 17.07 44.67 11.58
Long-Term Note Receivable B B B 5.77B 3.27B
81.82 76.74 83.47 195.7 180.34
Intangible Assets B B B 4B B
48.72 41.75 41.21
Net Goodwill B B B 58.6B 58.11B
34.99 42.26 137.1 122.23
Net Other Intangibles 33.1B B B 3B B
31.99 43.61 41.43
Other Assets 19.2B B B B 42.5B
13.34 22.48 21.47
Tangible Other Assets 7.9B B B B 18.41B
Total Assets 1.04T 1.17T 1.22T 1.25T 1.31T

Liabilities &
Shareholders' Equity
2012 2013 2014 2015 2016
ST Debt & Current 169.72 201.69 216.13 200.98 237.05
Portion LT Debt B B B B B
143.23 180.06 146.86 189.28
Short Term Debt 151.1B B B B B
Current Portion of Long
Term Debt 18.62B 58.46B 36.07B 54.12B 47.77B
Accounts Payable 54.89B 71.29B 56.25B 46.69B 58.79B
Income Tax Payable 11.12B 13.06B 13.3B 13.91B 16.97B
Other Current
Liabilities 32.98B 49.51B 68.73B 58.14B 66.8B
Dividends Payable 3.25B 3.31B 3.13B 2B 3.99B
Accrued Payroll 103M 100M 4.68B 6.44B 5.74B
Miscellaneous Current
Liabilities 29.63B 46.1B 60.92B 49.71B 57.07B
Total Current 268.71 335.55 354.41 319.72 379.61
Liabilities B B B B B
400.58 454.13 493.93 451.47
Long-Term Debt B 444.1B B B B
Long-Term Debt excl. 220.88 284.02 331.22 297.63
Capitalized Leases B 264.7B B B B
220.88 284.02 331.22 297.63
Non-Convertible Debt B 264.7B B B B
Convertible Debt - - - - -
Capitalized Lease 179.39 170.11 162.71 153.85
Obligations 179.7B B B B B
Provision for Risks &
Charges 7.74B 8.53B 9.7B 14.19B 10.27B
(4.55B (6.83B (1.11B (3.04B
Deferred Taxes 2.67B ) ) ) )
Deferred Taxes - Credit 12.98B 11.06B 7.82B 15.33B 17.23B
Deferred Taxes - Debit 10.31B 15.61B 14.65B 16.44B 20.27B
Other Liabilities 3.94B 5B 1.44B 15.52B 9.04B
Other Liabilities
(excl. Deferred Income) 3.94B 5B 1.44B 15.52B 9.04B
Deferred Income - - - - -
693.95 804.24 858.69 867.62
Total Liabilities B B 827.5B B B
Non-Equity Reserves 74M 73M 71M 2.46B 2.43B
Preferred Stock
(Carrying Value) 10.2B 10.19B 10.19B 10.19B 10.19B
Redeemable Preferred
Stock 13M - - - -
Non-Redeemable
Preferred Stock 10.19B 10.19B 10.19B 10.19B 10.19B
242.06 227.52 230.71 227.95 269.76
Common Equity (Total) B B B B B
Common Stock Par/Carry
Value 16.41B 16.41B 16.42B 16.42B 16.43B
181.69 166.49 172.66 127.86 135.98
Retained Earnings B B B B B
ESOP Debt Guarantee - - - - -
Cumulative Translation
Adjustment - - - 947M (180M)
Unrealized Gain/Loss (1.02B (5.76B
Marketable Securities - 784M (184M) ) )
Revaluation Reserves 1.47B 764M 761M - -
(140.1 (139.9 (139.8 (139.5 (109.5
Treasury Stock 2B) 5B) 8B) B) B)
Total Shareholders' 252.26 237.71 238.14 279.94
Equity B B 240.9B B B
Accumulated Minority 128.07 149.02 146.74 156.84
Interest 96.69B B B B B
348.95 365.78 389.92 384.88 436.78
Total Equity B B B B B
Liabilities &
Shareholders' Equity 1.04T 1.17T 1.22T 1.25T 1.31T

3. Merchandising Company

Target Corp. TGT

Income Statement
For the Fiscal Years January 2015-2017

Revenue 2017 2016 2015

69,495,00 73,785,00 72,618,00
Total Revenue 0 0 0
48,872,00 51,997,00 51,278,00
Cost of Revenue 0 0 0
20,623,00 21,788,00 21,340,00
Gross Profit 0 0 0
Selling General and 13,356,00 14,665,00 14,676,00
Administrative 0 0 0
Others 2,298,000 2,213,000 2,129,000

Operating Income or Loss 4,969,000 4,910,000 4,535,000

Total Other Income/Expenses

Net - 620,000 620,000
Earnings Before Interest
and Taxes 4,969,000 5,530,000 4,535,000
Interest Expense 1,004,000 607,000 882,000
Income Before Tax 3,965,000 4,923,000 3,653,000
Income Tax Expense 1,296,000 1,602,000 1,204,000
Minority Interest - - -
Net Income From Continuing
Ops 2,669,000 3,321,000 2,449,000
Non-recurring Events
-
Discontinued Operations 68,000 42,000 4,085,000

-
Net Income 2,737,000 3,363,000 1,636,000

Target Corp. TGT

Balance Sheet
For the Fiscal Years January 2015-2017

Annual Income Statement

(values in 000's)
2017 2016 2015
Assets
$2,512,00 $4,046,00 $2,210,00
Cash and Cash Equivalents 0 0 0
$8,309,00 $8,601,00 $8,282,00
Inventory 0 0 0
$1,169,00 $1,483,00 $3,132,00
Other Current Assets 0 0 0
$11,990,0 $14,130,0 $13,624,0
Total Current Assets 00 00 00

Long-Term Assets
$24,658,0 $25,217,0 $25,952,0
Fixed Assets 00 00 00
$1,596,00
Other Assets $783,000 $915,000 0
Deferred Asset Charges $0 $0 $0
$37,431,0 $40,262,0 $41,172,0
Total Assets 00 00 00

Liabilities and Equity

Current Liabilities
$10,989,0 $11,654,0 $11,542,0
Accounts Payable 00 00 00
Short-Term Debt / Current $1,718,00
Portion of Long-Term Debt 0 $815,000 $91,000
Other Current Liabilities $1,000 $153,000 $103,000
$12,708,0 $12,622,0 $11,736,0
Total Current Liabilities 00 00 00
 $11,031,0 $11,945,0
$12,634,0
Long-Term Debt 00 00 00
$1,878,00 $1,915,00
$1,645,00
Other Liabilities 0 0 0
$1,160,00
Deferred Liability Charges $861,000 $823,000 0
$26,478,0 $27,305,0 $27,175,0
Total Liabilities 00 00 00

Stock Holders Equity

Common Stocks $46,000 $50,000 $53,000
$5,661,00 $5,348,00 $4,899,00
Capital Surplus 0 0 0
$5,884,00 $8,188,00 $9,644,00
Retained Earnings 0 0 0

($638,000 ($629,000 ($599,000

Other Equity ) ) )

$10,953,0 $12,957,0 $13,997,0

Total Equity 00 00 00

$37,431,0 $40,262,0 $41,172,0

Total Liabilities & Equity 00 00 00