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BUSINESS DESCRIPTION
Jollibee Foods Corporation (JFC) is a Filipino multinational chain of fast food restaurants
headquartered in Pasig City, Philippines. Tony Tan Caktiong, founder and chairman of JFC
founded the fast food chain Jollibee in 19!, after ha"ing started it as an ice cream parlor in
19#. JFC is the o$ner of the popular fast food brand Jollibee, dubbed as %sia&s ans$er to
'c(onald&s in the fast food burger business and is the largest fast food chain in the Philippines.
Jollibee is operating a nation$ide net$ork of o"er #) stores. % dominant market leader in the
Philippines, Jollibee en*oys the lion+s share of the local market that is more than all the other
multinational brands combined. The company has also embarked on an aggressi"e international
epansion plan in the -%, /ietnam, 0ong ong, audi %rabia, 2atar and 3runei, firmly
establishing itself as a gro$ing international 24 player.
5ith the success of its flagship brand, JFC acquired some of its competitors in the fast food
business in the Philippines and abroad such as Cho$king, 6reen$ich Pi77a, 4ed 4ibbon, 'ang
8nasal, and 3urger ing Philippines. %s of January )1#, JFC had a total of more than :,)))
stores $orld$ide, $ith system;$ide retail sales totaling !.1 billion pesos for the fiscal year
)11.
JFC+s core business is the de"elopment, operation and franchising of its quick;ser"ice restaurant
brands. 8t offers a $ide "ariety of affordable and delicious dishes and great tasting food prepared
to satisfy customers of all ages and from all $alks of life. Food quality, ser"ice, price;"alue
relationship, store location and ambience, and efficient operations continue to be critical
elements of the Company+s success in the quick;ser"ice restaurant industry.
Company Strateies T!e "ompany#s stratei" dire"tion $o"%ses on $i&e points'
• Strent!enin o$ t!e "ore b%siness <JFC has formed its foundation from good business
practices and strong core "alues of customer focus, ecellence, respect for indi"iduals,team$ork, spirit of family and fun, humility to listen and learn, honesty and integrity andfrugality. JFC continues its steadfast commitment in upholding these core "alues.
• Enterprise Ris anaement* The Company and its subsidiaries, in global gro$th and
epansion, require a comprehensi"e approach to corporate risk management that promotes etensi"e strategic thinking and analysis, $hile fundamentally integrating andmaintaining highest ethical standards in the Company+s core "alues and beliefs. 4isk management $ill pro"ide the organi7ation $ith the superior capabilities to identify,assess and manage the risks and enable the organi7ation and its employees, at all le"els,to better understand and manage risks.
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• Financial Risk Management- The Company’s principal fnancial
instruments comprise cash and cash equivalents and receivables. The
main purpose o these fnancial instruments is to obtain fnancing orits operations. The Company has other fnancial assets and liabilities
such as other noncurrent assets and trade payables and other current
liabilities !hich arise directly rom its operations.
• Fran"!ise e+pansion ; J=>>83?? F==( Corp. has identified the Philippines, China
and the -nited tates as its main markets for epansion as the homegro$n fast food gianteyes to sustain a double;digit gro$th in income and sales. 'oreo"er, the restaurant plansto epand in %ustralia ,Canada, 8ndonesia, 8taly ,Japan , 'alaysia, =man and -nitedingdom .
• S%bsidiary &al%e optimi,ation < J=>>83?? F==( Corp. has a total store net$ork of
,9#1 stores $orld$ide. 8n the Philippines, JFC+s store net$ork totals to ,::#@ Jollibee brand !A9, 6reen$ich 1A, Cho$king B19, 4ed 4ibbon ::B, 'ang 8nasal B#, and3urger ing B#. %broad, it operates A1A stores@ onghe ing :1:, 0ong Dhuang uanB:, and an Pin 5ang, #:, all in China, Jollibee 1:, Cho$king, 4ed 4ibbon - :B andJin*a 3ar - :. 'oreo"er, JFC operates commissaries or manufacturing plants to supportthe continued gro$th of its retail chain. 8t has 1 commissaries and a distribution center in the Philippines. %broad, it has : commissaries in China, : in the -nited tates and 1 in/ietnam. JFC is also committed to ser"e its host communities through socio;ci"ic pro*ects through the Jollibee 6roup Foundation. The foundation has focused its $ork onfeeding programs for undernourished children in poor communities, de"eloping farmersto become better entrepreneurs and suppliers of agricultural products and pro"idingdisaster relief for calamity;stricken regions.
hareholder tructure
JFC is o$ned by se"eral shareholder groups and the public. %s of (ecember :1, )1#, 0yper
(ynamic o$ns #.#BE of the outstanding shares, 0oneysea Corporation o$ns 11.9BE. 1.#E
of the total outstanding shares is o$ned by JFC+s affiliates, the board of directors o$ns E, and
1B.9E is o$ned by other sectors of the company. !.B!E of total outstanding shares of JFC is
Foreign;=$ned.
Corporate management
Tony Tan, the founder, chairman and C?= of the Filipino fast food chain Jollibee. 0e founded
the fast food chain Jollibee in 19!. 8n early ))A, Jollibee Foods Corp. bought out the
remaining shares of its partners in 6reen$ich Pi77a Corporation, equi"alent to a )E stake, for
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P:!B million in cash. %s of %ugust ))!, Tan&s Jollibee has a total of 1,B!) stores $orld$ide
including Jollibee, 4ed 4ibbon, Cho$king, 6reen$ich, 'anong Pepe&s,'ang 8nasal and Tita
Frita&s -ling -ling. %lso, under his management JFC acquires ma*ority stake of Cho$ Fun,
ma*ority stake in 3urger ing Philippines+ franchise. JFC net income attributable to equity
holders of the parent company rose by ).:E in the Bth quarter o"er the )1: year period.
Corporate -o&ernan"e and So"ial Responsibility
Corporate -o&ernan"e . The company adheres to the follo$ing matters of control o"er the
business@
• Board < The Company has adapted implementing policies of the 'anual Corporate
6o"ernance. These policies ha"e been appro"ed by the 3oard of (irectors and co"er,
among others, iG membership of the Company+s directors in other corporate boards, iiGstandard of conduct of the 3oard and enior 'anagement and Conflict of 8nterest policyH
iiiG selection process for directors and senior managementH i"G ma*or capital
ependituresH "G principles in de"eloping remuneration policies, "iG risk management,
"iiG financial management policies and procedures, "iiiG shareholder grie"ance
procedure and iG and e"aluation system for determining and measuring compliance
$ith the Company+s 'anual of Corporate 6o"ernance.
• Code of Business Conduct and Ethics < the company obser"es these policies for business
conduct or ethics, iG conflict of interest, iiG conduct of business and fair dealings, iiiG
receipt of gifts from third parties, i"G compliance $ith la$s and regulations, "G respect
for trade secretIuse of non;public information, "iG use of company funds, assets and
information, "iiG employment and labor la$s and policies, "iiiG disciplinary action, iG
$histle blo$er and lastly, G conflict resolution.
• Shareholder Rights < The stockholders are gi"en the right to participate effecti"ely in and
"ote in %nnualIpecial tockholders+ 'eetings, has the po$er of inspection, right to
information, right to di"idends and appraisal rights under the Corporation Code.
• Audit and Oversight < The %udit Committee performs o"ersight functions o"er the
8nternal and ?ternal %uditors to ensure that they act independently of each other, and
that both are gi"en access to all records, properties and personnel to enable them to
perform their respecti"e functionsH re"ie$s reports submitted by 8nternal and ?ternal%uditorsH and e"aluates and determines the non;audit $ork.
• Remuneration Matters < The Compensation Committee of the 3oard of (irectors sets the
parameters and process for remuneration of the C?= and senior management. The
process is implemented by the Corporate 0uman 4esource (i"ision. They also establish
a formal and transparent procedure for de"eloping a policy on among other, the
remuneration packages of corporate directors.
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• Compensation < The Company pro"ides for performance;based re$ards to its employees.
So"ial Responsibility
The Company+s corporate social responsibility efforts are coursed through, and spearheaded by,
the Jollibee 6roup Foundation, 8nc. J6F is committed into three areas@ 3usog, >usog, Talino
chool Feeding Program, Farmer ?ntrepreneurship Program, and Jollibee 6roup Food%8(
Program.
BLT School Feeding:
=ur commitment to education is rooted in helping the Filipino reach his highest potential. 6ood
education has the po$er to change the quality of a person+s life, and more importantly, his
family, community and the nation.
3-=6, >-=6, T%>8= 3>TG
%ccording to the -nited ations 5orld Food Programme, hunger is a key hindrance to learning
especially among school children. To help address this ad"erse reality, Jollibee 6roup
Foundation embarked on the 3usog, >usog, Talino 3>TG chool Feeding Program $ith the goal
of eradicating hunger among 6rades 1 and public school pupils. ince its inception in )), the
K3usog, >usog, TalinoL 3>TG chool Feeding Program has endea"ored to $ork $ith
communities to$ards addressing hunger among 6rades 1 and public school pupils to help them
stay in school and learn better.
Farmer Entrepreneurship rogram!olli"ee Foods Corporation #!FC$ is home to the largest
quick;ser"ice food chains in the country. 8ts daily requirement for ra$ ingredients such as riceand "egetables, puts the company in a unique position to assist small farmers achie"e a more
sustainable li"elihood. The Jollibee 6roup Foundation as the corporate social responsibility arm
C4G of JFC con"erted this opportunity into a program it could de"elop to impro"e the incomes
of small farmers.
!olli"ee %roup FoodA&' rogram
5hen uper Typhoon olanda hit the Philippines in )1:, J6F immediately set up a disaster
response center $hich then focused on gi"ing food assistance to affected communities through
partner organi7ations. %fter further assessment of the situation, the Jollibee 6roup Food%8(
Program $as formed to facilitate relief operations and setup of mobile kitchen in se"erelyaffected communities in the /isayas region that benefited more than 1A),))) sur"i"ors, $ith the
help of employee "olunteers from all the business units of JFC. The Foundation $as able to
pro"ide more than A!,))) congee meals through its 'obile itchen. ="er 1A,))) relief packs
$ere also distributed to se"erely;affected families. The Foundation also pro"ided assistance to
full;time "olunteers of "arious relief organi7ations and ser"ed more than 1,))) meals.
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There are also other programs $hich the J6F conducted in especially in ?n"ironment;Friendly
8nitiati"es. =ne of these is Tree(lanting and )urturing rogram, in )1:, more than B)) JFC
employees, in partnership $ith the Ca"ite tate -ni"ersity and (e >a alle -ni"ersity
(asmariMas, planted more than :,))) seedlings in its efforts to reforest land areas $ith kaong
sugar palmG trees in Ca"ite. 'ore than 9)) seedlings $ere also planted in >a 'esa 5atershed
by more than 1) JFC "olunteers under the Toka;Toka Pro*ect of (?4, 'anila 5ater and
Jollibee. There are also 5ater 'anagement and Conser"ation, ?nergy 'anagement and
Conser"ation, and 5aste 'anagement programs held by them.
Ind%stry O&er&ie/ and Competiti&e Positionin
DE0ND DRI1ERS
'emand of customers
%t the present the main
target market of Jollibee
is the children. Jollibee
lures kids $ith in;store
play acti"ities and a cast
of capti"ating
characters. 8n broader
area JFC has captured
more than A#E share of the hamburger market in
the Philippines. This is
more than half of the
fast;food market as a
$hole. Their secret is
mart iching
concentrates on ser"ing the unique tastes of Filipino market. (emographically, it tends to ser"e
almost all customers. 3ut still the market is segmented according to age to ser"e the children
superior "alue. % Filipino business analyst notes that, in a normal family $eekends are reser"ed
for children and parents ask them $here they $ant to go. Thus, JFC $ants to be appealing to
children. This segmentation can also be considered as KFamily >ife CycleL egmentation.
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%' gro*th of hilippines and the
*ea+ glo"al econom,
?conomic gro$th is important to
JFC because the uncertainties of competition from foreign players as
$ell as do$nturns in specific market
niches are omnipresent in our
current economic nature. =ther
uncertainties also come in the form
of financial crisis in the region as $ell as in the country it is operating in. ?conomic gro$th
slo$ed do$n to #.: percent in the third quarter of )1B, due to $eak go"ernment spending on
the demand side and agricultural production on the supply side. 6o"ernment consumption
contracted by .A percent $hile infrastructure spending fell by A. percent. Contributing to $eak
go"ernment spending are the upreme Court decision $hich found some pro"isions of the(isbursement %cceleration Program unconstitutional, budget eecution bottlenecks, and slo$
disbursement for Typhoon olanda reconstruction. (espite the slo$do$n, more than a million
*obs $ere created in =ctober )1B, although the quality of *obs remains a challenge. The )1:
%nnual Po"erty 8ndicator ur"ey %P8G finds that real income of the bottom ) percent gre$
much faster than the rest of the population. The sur"ey also confirms that the go"ernment+s
conditional cash transfer program is reaching the poor, as reflected in the substantial gro$th of
domestic cash transfers to the bottom ) percent. The 5orld 3ank epects the Philippine
economy to gro$ at A.# percent in )1# and )1A despite a $eak global economy.
Consumer Spending
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Consumer consumption
indicates ho$ the
spending patterns of
Filipinos is increasing
o"er time despite of the
economic gro$th of thecountry. Consumer
pending in Philippines
increased to 1:B9
P0P 'illion in the
fourth quarter of )1#
from 1:19!) P0P
'illion in the third
quarter of )1#.
Consumer pending in
Philippines a"eraged !9:9.A) P0P 'illion from 199! until )1#, reaching an all time high of 1:B9 P0P 'illion in the fourth quarter of )1# and a record lo$ of #!1B# P0P 'illion in
the first quarter of 199!. Consumer pending in Philippines is reported by the Philippine
ational tatistical Coordination 3oard.
The Philippines boast outheast %sia+s third highest total consumer spending behind 8ndonesia
and ThailandG, but $ith the region+s second largest population it is ne"ertheless an
underperforming market. %s food, non;alcoholic drinks and housing absorb o"er half of the
household budget, Filipinos ha"e a lo$ capacity for discretionary spending. Consumer spending
gro$th $ill accelerate through to ):), backed by the country+s economic gro$th, youthful
population and rising middle class. This data only sho$s that Filipinos ha"ing fun of spending
their money on foods.
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8n )1B ielsen hopper Trends 4eport re"ealed a 1:E decline in monthly grocery spending
comparison made bet$een )1B and )1 figuresG. The decrease $as made possible byependitures on con"enience stores and fast food restaurants. The report sho$ed that #E of Filipinos regularly dined at fast food restaurants at least once a $eek. The offerings of fast foodrestaurants and con"enience stores cater to shoppers+ increasing desire for con"enience, quick preparation and ready;to;eat meal options.
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Total household
spending accelerated to
A. percent in 2 )1#
from last year+s
#..percent. The lo$er
consumer prices of household goods and
ser"ices encouraged
higher household
spending or
consumption for the
second quarter of )1#.
Food and non;alcoholic
be"erages, accountingfor B).9 percent of total
0FC?, posted a gro$th
of #.A percent from
pre"ious year+s B.B
percent.
%side from ependitures
in Food and non;
alcoholic be"erages, other top contributors to the positi"e gro$th of 0FC? $ere@ 'iscellaneous
goods and ser"ices, 1).#.percent from A.: percentH Transport, 9.# percent from 1.: percentH and
0ousing, $ater, electricity, gas and other fuels, B.! percent from #.# percent.
Ta"le -. Continuousl, Compounded Annual %ro*th Rates for per capita and per /ousehold 0
Total E1penditure2 Food E1penditure2 Food Ta+en at /ome #FA/$ and Food A*a, From /ome
#FAF/$
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These statistics are testament to the
phenomenon of changing consumer
preferences resulting in a
remarkable shift in foodconsumption patterns, particularly
in the cities and highly urbani7ed
locales. (espite the economic and
commercial importance of food
consumption a$ay from home, "ery
limited effort has been made to
in"estigate the e"olution and
economics of this type of food
consumption among Filipinos o"er
time.
'emographics
8n the local Philippines contet, the million consumers $alking into Jollibee+s stores daily
represent strong demand for its products. The uniqueness of the geographical landscape of
Philippines has also made it a challenge for fast;food companies. 6lobally, there are many
Filipinos $orkers situated in the o"erseas market, especially in the -nited tates $here there are
estimated to be around million Filipino immigrants. 3esides the -, many Filipinos are also
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situated in parts of %sia such as 0ong ong, 3runei and 8ndonesia. ot limiting to Filipinos,
their stores ha"e also attracted other %sians to eat at their restaurants. The total population in
Philippines $as last recorded at 1). million people in )1# from A.: million in 19A),
changing !9 percent during the last #) years. Population in Philippines a"eraged A).:) 'illion
from 19A) until )1#, reaching an all time high of 1).) 'illion in )1# and a record lo$ of
A. 'illion in 19A). Population in Philippines is reported by the 3angko entral ng Pilipinas.(emographic; $ith an estimated population of 9million as of ))9, JFC engaged $ith the
business $ith a market share of #)E according to the company&s $ebsite. ids are the target
market of JFC. tatements stated that if you $ill ha"e 1 kid as a target market epect to ha"e 1;:
adult accompanying the child. 8n this matter there $ill be a domino effect regarding the turno"er
of the customers. Filipinos are happy people. They lo"e to dine;in $ith their fa"ourite restaurants
$ith or $ithout occasions. This factor should be considered as ad"antage for JFC.
INDUSTR2 -RO3T4
(uring )1:, The company increased itssales by 1.!E, the highest organic salesgro$th in A years, enabling JFC to breach theP1));billion mark sales for the first time.JFC gre$ profit by B.#E, the fastest gro$thrate in years. Furthermore, The companyopened :# stores here and abroad in )1: toend the year $ith a total of ,AB stores. 8nthe Bth quarter of )1:, Jollibee&s net incomereached P1.#1 billion, up ).:E, $ith
system;$ide sales rising 1:.9E to P!.!A billion. JFC operates the country+s largestfood ser"ice, $ith a total of ,)B) stores as of end;eptember )1:. 8ts net$ork includeJollibee, Cho$king, 6reen$ich, 4ed 4ibbon,'ang 8nasal and 3urger ing. For itso"erseas operations, the company had #B1stores as of the same period. %side from the
Jollibee chain, the group+s other food brands include onghe ing, 0ong Dhuang uan, an Pin5ang, 4ed 4ibbon, Cho$king and Cho$ Fun.
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Compared to the pre"ious year, the said
system;$ide sales, or sales by both
company;o$ned and franchise stores, $ent
up 1B.AE to P.:)# billion from P:.!:
billion last year. 8t noted store sales gro$thcame mostly from more customer "isits,
and a slight increase in selling prices to
partly co"er the increase in ra$ material
costs. 5ith this regard, JFC took the
necessary steps to sustain healthy profit
margins, including implementing cost
impro"ement and price ad*ustments in the
balance of )1B and quarters ahead. Furthermore, The group+s Philippine business is seen to
gro$ by 1) percent this year. %nalysts, ho$e"er, epect JFC+s margin gro$th to slo$ do$n due
to a depreciating peso and an epected increase in commodity prices by t$o to three percent.The impact should be minimal as only ) percent of JFC+s ra$ materials are imported. %t the end
of the Bth quarter, the company $as operating ,1 restaurant outlets in the country. 8t had ,!)#
stores $orld$ide.
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(uring )1#, Jollibee Foods Corporation JFCG,the country+s largest food ser"ice company,epects to sustain its strong earnings gro$th in thenet fi"e years. Jollibee Food Corporation said itsPhilippine business en*oyed a 1.:E gro$th in
system;$ide sales, $hile its o"erseas operationshad a gro$th of B.:E, $ith China gro$ing.:E. Thus, a profit gro$th that is lo$er thanhistorical rate as rising ra$ material pricescontinue to bring pressure on our profit marginsand as $e in"est hea"ily in building our organi7ation capability primarily in store net$ork epansion and in information technology. (espiteof this, JFC plans to in"est P9.1 billion in capitalependitures, A1.: percent higher than the P#.AB billion spending in )1B.=f this amount, PA.
billion $ill be for the Philippines, P1. billion for China and the balance for the - and outheast%sia and the 'iddle ?ast. The )1# capitalependitures $ill be mostly for the store openingsand store reno"ations in the Philippines andforeign operations, and in"estments in commissary
construction and capacity increase in the Philippines. >astly, JFC plans to open about ::) ne$stores $orld$ide@ ) in thePhilippines and 11) o"erseas. Thesein"estments $ill be financed by JFC+scash reser"es and cash epected to begenerated from )1# operations.
uccess in the Philippines pro"ided a
platform for epansion abroad,
particularly in countries $ith large
Filipino communities. 8n"estments in
outheast %sia and China ha"e
mean$hile pro"ided toeholds in some
of %sia;Pacific&s fastest gro$ing
markets. The Philippines, China and
the -.. are the company&s three main
markets. -ndeniably, Jollibee Food Corporation has captured almost A#E of the market share inthe food industry. Considered as one of the fast gro$ing fast food chain in the $orld, Jollibee
Food Corporation still manage to continuously epand $orld$ide ha"ing a good track record in
further impro"ing food quality, product offering and gro$ing the store net$ork of brands it has
acquired.
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COMPETITIVE POSITIONING
Filipinos looking to get their fast;food *ollies can turn to this happy bee. Jollibee Foods is theleading operator of quick;ser"ice restaurants in the Philippines, $ith more than 1,#)) outletsencompassing about a half do7en different concepts. 8ts flagship Jollibee chain features a menuof fast;food staples hamburgers, hot dogs, and fried chickenG along $ith %sian spring rolls,
spaghetti, soups, and ice cream. 0a"ing the fleibility to cater to the tastes of its local consumersand retaining tight control o"er operations management $hich allo$s it to price belo$competitors < JFC $as able to better meet the needs of its Filipino Consumers $hich has helpedthem to gain competiti"e ad"antage in its home market o"er its biggest competitors like'c(onalds, FC, 3urger ing and 5endy+s .
K5e keep things simple and fill a simple need@ "ery tasty food at a reasonable price. To this day 8repeat to my people $hat my father told me < you ha"e to make sure your food tastes reallygood,N Tan said
Jollibee o$ners also kno$ Philippinetastes "ery $ell, $hich is one reason ithas epanded at home at a pace e"en itscompetitors like 'c(onald&s and FCcan&t match.
JFC+s ability to track good record infurther impro"ing food quality, productoffering and gro$ing the store net$ork of brands it has acquired, help them toattain ad"antage o"er its competitors and promote them for future acquisition. %sof no$, company has made at least si
domestic acquisitions. a"e for one,$hich it later di"ested, the other fi"e ; pi77a chain 6reen$ich, Chinese;Filipinorestaurant Cho$king, the 4ed 4ibbon bakery chain, 3urger ing Philippinesand the 'ang 8nasal grilled chickenchain ; are all profitable and steadilyepanding. Furthermore, Jollibee Foodshas no$ surpassed the :))) storemilestone as it reports a .B per centincrease in net income for the first half
of )1#, to P. billion -O#!.#millionG. Jollibee has no$ :B outletsin the Philippines and A o"erseas < :))1 in total.
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5ith the outstanding performance in the Filipino market, and high gro$th fast food market, theyalso attained high remarks in global market.
Jollibee Foods& rise as one of %sia&s leading fast;food companies has been helped byacquisitions at home and abroad. %s it looks to become a global player, the Philippine companyis betting that this strategy $ill continue to pay off.
Touted as its biggest acquisition to date, Jollibee Foods announced on =ct. 1: it $ould buy B)Eof -.. fast casual restaurant chain mashburger for nearly O1)) million. Jollibee has the option of fully purchasing the burger *oint from )1! to )A.
8n"estors cheered the ne$s, $ith shares of JollibeeFoods rising 1E that day, shrugging off the nearlyE slump in the benchmark Philippine tock ?change inde. Jollibee Foods& shares $ere do$n:.BE this year, due largely to disappointing second;quarter results combined $ith o"erall market$eakness on concerns of a possible -.. rate hikeand a slo$do$n in the Chinese economy, said >uis>imlingan, managing director at brokerage 4eginaCapital (e"elopment.