WEOPI FS Highlights Dec 2023

Customer ID 9364488 Lending Unit RC 948 - CBD - Makati III
LASER ERCA Ref. No. 396668 RM Aminoding B. Benito
FINANCIAL HIGHLIGHTS
Wilmar Edible Oils Philippines, Inc. (in Php'000)
Period Ending 12/31/2021 12/31/2022 12/31/2023
Auditor SGV SGV Other Sales Validation
Statement Type Audited Audited Internally Prepared
Sales 13,776,864 22,267,763 13,679,437 Revenues
Sales Growth 58.70% 61.63% -38.57% Credits
COGS 12,541,466 20,170,929 13,363,997
In 2022, 41% of sales were validated by
Gross Profit 1,235,398 2,096,834 315,440 MBTC. However, by 2023, this figure inc
GPM 8.97% 9.42% 2.31% indicating a significant rise in the propor
validated by total credits in MBTC comp
Net Income 819,310 1,341,798 46,006 previous year.
NIM 5.95% 6.03% 0.34%
Dividends 0 0 0
EBITDA 1,122,612 1,879,752 127,263
Current Assets 4,275,428 4,548,954 4,429,152

Cash 221,891 681,267 1,084,993 Trading Assets
Accounts Receivable (net) 96,065 585,909 274,333
Inventory 3,576,891 2,841,140 2,374,751 Accounts Receivab
Current Liabilities 1,935,341 881,491 806,847 Inventory
Trade Payables 462,165 481,140 666,242 Total
Current Ratio 2.21 5.16 5.49
Working Capital 2,269,583 2,394,952 1,462,293
Days AR 2.55 9.60 7.32 Borrowings for Trading
Days Inv. 104.10 51.41 64.86
Trade Cycle 70.29 43.91 40.02 Trade Payables
Days AP 13.45 8.71 18.20 ST Bank Debt
Trade Gap 66.05 43.34 39.94 Total
Working Cap. Req. 2,269,583 2,394,952 1,462,293
Total Assets 4,880,760.00 5,277,630.00 5,269,795.00

PPE 415,933.00 404,997.00 419,237.00 Breakdown of Total Liab
Total Liabilities 2,123,624.00 1,157,501.00 1,099,816.00
ST Bank Debt 967,882.00 215,112.00 197,107.00 Total Liabilities
LT Bank Debt 0.00 0.00 0.00 Trade Payables
Total Bank Debt 967,882.00 215,112.00 197,107.00 Total Bank Debt
Equity 2,757,136.00 4,120,128.00 4,169,978.00
D/E Ratio 0.77 0.28 0.26
Leverage Ratio 0.77 0.28 0.26
Gearing 0.35 0.05 0.05
FINANCIAL ANALYSIS
GROWTH and PROFITABILITY
•The company reached robust revenue growth of 61.6%, reaching P22.27Bn in 2022 compared to P13.78Bn in 2021. This surge was driven by increased volume (as p
below table), offsetting the impact of lower prices. Furthermore, the bottom line showed improvement, rising to P1.39Bn in 2022 from P819MM in 2021.
•As per management figures as of December 2023, sales at P13.68Bn from P22.27Bn in 2022 due to lower volume (-6%) and industry-wide lower prices (-34%). Starti
quarter of 2023, coconut oil prices consistently declined globally due to increased supply and higher stockpiles, further exerting downward pressure on prices. Expecte
improvement in 2024 in seen as ave. coconut oil price/MT improved to $1,287.86 as of March 31, 2024.
SOLVENCY
*2022:
•NCAO improved to P1.64Bn following topline and margins growth and lower inventory prices. NCAO was sufficient to cover dividend payments (prior-declared) of P21
and lease costs, ST down clean-up of P867MM and P56MM net change in fixed assets. Cash tripled to P685MM (2021: P226MM).
• EBITDA improved to P1.12 billion in the current year compared to P571.27 million in 2021.
• The EBITDA Debt Service Coverage Ratio (DSCR) stands at a healthy 6.0x, indicating sufficient coverage for short-term debt and interest payments.
• In case of liquidation, the company possesses ample trading assets amounting to P3.43 billion, which significantly exceed trading liabilities of P499.7 million, providin
comfortable margin of safety.
*2023:
•Lower NCAO of P809.9MM in 2023 due to GPM deterioration and lower sales. NCAO, supported by cash reserves, was sufficient to cover leases, capex and addition
related parties.
•The decline in EBITDA to P127.3 million was caused by a weakened Gross Profit Margin (GPM), attributed to a one-time penalty paid to customs and losses associat
importation. To avoid future occurrences, WEOPI opted to transfer milk importation responsibilities to Wilmar Benby. Despite these challenges, no outstanding loans w
at the year-end, according to the CIR dated 01/03/24
*2023 WCR computation:
a. CCC (54d) = DSO (7d) + DIO (65d) - DPO (18d)
CBD - Makati III
oding B. Benito
Sales Validation
12/31/2022 12/31/2023
22,267,763 13,679,437
9,093,333 7,608,766
% of sales were validated by total credits in

ever, by 2023, this figure increased to 56%,
significant rise in the proportion of revenues
total credits in MBTC compared to the
ar.
Trading Assets
12/31/2022 12/31/2023
585,909 274,333
2,841,140 2,374,751
3,427,049 3,427,049
rowings for Trading Assets

12/31/2022 12/31/2023
481,140 666,242
215,112.00 197,107.00
696,252 3,427,049
eakdown of Total Liabilities

12/31/2022 12/31/2023
1,157,501.00 1,099,816.00
4,631,161 726,138
215,112 197,107.00
n by increased volume (as presented in

MM in 2021.
e lower prices (-34%). Starting the second

pressure on prices. Expected
ments (prior-declared) of P210MM, interest
t payments.
s of P499.7 million, providing a
leases, capex and additional loans to
ustoms and losses associated with milk

ges, no outstanding loans were reported
22,267,763.00 13,679,437.00
9,093,332.67 7,608,766.00
41% 56%

WEOPI FS Highlights Dec 2023

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Customer ID 9364488 Lending Unit RC 948 - CBD - Makati III

LASER ERCA Ref. No. 396668 RM Aminoding B. Benito

Current Assets 4,275,428 4,548,954 4,429,152

Total Assets 4,880,760.00 5,277,630.00 5,269,795.00

% of sales were validated by total credits in

rowings for Trading Assets

eakdown of Total Liabilities

n by increased volume (as presented in

e lower prices (-34%). Starting the second

leases, capex and additional loans to

ustoms and losses associated with milk

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