Financial Highlights

	2018	Margin	2017	Margin	VAR. (%)
Net Sales	20,971	100.0	20,065	100.0	4.5
Preserves	16,455	100.0	15,953	100.0	3.1
Frozen	2,985	100.0	2,882	100.0	3.6
Exports	1,531	100.0	1,230	100.0	24.5
Cost of Goods Sold	12,721	60.7	12,174	60.7	4.5
Gross Profit	8,250	39.3	7,891	39.3	4.5
Preserves	6,125	37.2	5,926	37.1	3.4
Frozen	1,907	63.9	1,802	62.5	5.8
Exports	218	14.2	163	13.3	33.1
General & Administrative Expenses	5,366	25.6	5,204	25.9	3.1
Other Expenses, net	113	0.5	103	0.5	9.6
EBITDA	2,997	14.3	2,790	13.9	7.4
Preserves	2,718	16.5	2,614	16.4	4.0
Frozen	154	5.2	81	2.8	90.9
Exports	125	8.1	96	7.8	29.8
Equity Investment in Associates	916	4.4	834	4.2	9.8
MegaMex	887	4.2	792	3.9	12.1
Otras	29	0.1	43	0.2	-32.2
Consolidated Net Income	2,424	11.6	2,166	10.8	11.9
Majority Net Income	1,156	5.5	1,046	5.2	10.5
EBITDA^[1]	3,517	16.8	3,328	16.6	5.7
Preserves	3,016	18.3	2,921	18.3	3.2
Frozen	332	11.1	277	9.6	19.8
Exports	169	11.1	130	10.6	30.2
Total Assets	29,640		27,846		6.4
Total Liabilities	11,390		10,504		8.4
Total Debt ^[2]	6,638		6,351		4.5
Total Shareholders Equity	18,250		17,342		5.2
Majority Shareholders Equity	8,350		7,929		5.3
CAPEX^[3]	496		641		-22.5
RGO	2,115		2,043		3.5
Net Debt/Consolidated EBITDA (times)	1.3		1.5
Deuda Neta/Capital Contable Total(veces)	0.25		0.28
ROE ^[4]	14.2%		13.7%
ROIC ^[5]	12.3%		12.2%
Price per Share at Year End	41.0		45.7
Total Shares Outstanding at Year End (million)	418		429

Consolidated figures in million pesos

(1) EBITDA = Earnings before interest, taxes, depreciation and amortization

(2) Total Debt = bank loans + bonds + corporate debt

(3) Capital Expenditures = Acquisition of property, machinery and equipment

(4) ROE (Return Over Equity) = Majority net income / annual average of the last two years majority shareholders equity

(5) ROIC (Return Over Invested Capital) = Operating Income / (Shareholders equity + debt) (annual average of the last two exercises)