ALLDY 4Q+2023+Use+of+Proceeds+Report

Report on Review
of Certain Financial Information
AllDay Marts, Inc.
December 31, 2023
Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd
Punongbayan & Araullo
20th Floor, Tower 1
The Enterprise Center
Report on Review of 6766 Ayala Avenue
1200 Makati City
Certain Financial Information Philippines
T +63 2 8988 2288
The Stockholders and Board of Directors

AllDay Marts, Inc.
(A Subsidiary of AllValue Holdings Corp.)
Lower Ground Floor, Building B
EVIA Lifestyle Center, Vista City
Daang Hari, Almanza II
Las Piñas City
Introduction
We have reviewed the accompanying Quarterly Summary of Disbursement of the Initial Public
Offering (IPO) Proceeds (the Quarterly Summary) of AllDay Marts, Inc. (the Company) as of
and for the quarter ended December 31, 2023, and the accompanying explanatory notes with
respect to the Company’s use of the proceeds from its IPO. Management is responsible for the
preparation and fair presentation of the Quarterly Summary in accordance with the planned use
of the IPO Proceeds as presented in the Prospectus of the Company dated October 12, 2021.
Our responsibility is to express a conclusion and to issue a report on this Quarterly Summary
based on our review.
Scope of Review
We conducted our review in accordance with the applicable Philippine Standard on Review
Engagements 2410, Review of Interim Financial Information Performed by the Independent
Auditor of the Entity. A review is limited primarily to inquiries of Company personnel, analytical
procedures and other review procedures applied to financial data and thus provides less
assurance than an audit. We have not performed an audit and, accordingly, we do not
express an audit opinion.
Certified Public Accountants

grantthornton.com.ph
Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.
Offices in Cavite, Cebu, Davao

BOA/ PRC Cert of Reg. No. 0002
SEC Accreditation No. 0002
-2-
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the
accompanying Quarterly Summary of AllDay Marts, Inc. does not present fairly, in all material
respects, the information on the use of the IPO Proceeds as of and for the quarter ended
December 31, 2023, in accordance with the planned use of such proceeds as presented in the
Prospectus of the Company.
PUNONGBAYAN & ARAULLO
By: James Joseph Benjamin J. Araullo

Partner
CPA Reg. No. 0111202

TIN 212-755-957-000
PTR No. 10076133, January 3, 2024, Makati City
SEC Group A Accreditation
Partner - No. 111202-SEC (until financial period 2026)
Firm - No. 0002 (until Dec. 31, 2024)
BIR AN 08-002511-039-2021 (until Nov. 9, 2024)
Firm’s BOA/PRC Cert. of Reg. No. 0002 (until Aug. 27, 2024)
January 15, 2024
Certified Public Accountants

Punongbayan & Araullo (P&A) is the Philippine member firm of Grant Thornton International Ltd.
ALLDAY MARTS, INC.
NOTES TO THE SCHEDULE ON DISBURSEMENT OF

IPO PROCEEDS AND PROGRESS REPORT
AS OF AND FOR THE QUARTER ENDED DECEMBER 31, 2023
1. BACKGROUND
AllDay Marts, Inc. (the Company) is primarily engaged in retailing, merchandising,

buying, selling, marketing, importing, exporting, franchising, acquiring, holding,
distributing, warehousing, trading, exchanging, or otherwise dealing in all kinds of
products and services.
On August 10, 2021 and August 11, 2021, the Company applied for the registration of
its common shares with the Philippine Securities and Exchange Commission (SEC)
and for the listing of the Company’s shares on the Philippine Stock Exchange (PSE),
respectively. The SEC approved the registration of the 6,857,143,000 common shares
of the Company on September 23, 2021 while the PSE approved the Company’s
application for the listing of its common shares on September 24, 2021.
On November 3, 2021, the Company, by way of an Initial Public Offering (IPO),

sold 6,857,143,000 with an Overallotment Option of up to 685,714,000 of its common
stock (Offer Share) at an offer price of P0.60 per Offer Share, and generated gross
proceeds of P4,114,285,800 (the IPO Proceeds) from such IPO.
2. DESCRIPTION OF DISBURSEMENTS AND EXPENDITURES

AS OF DECEMBER 31, 2023
(a) IPO Expenses
The Company spent around 3.8% of the Gross IPO Proceeds to pay for fees and
expenses in relation to the IPO.
(b) Debt Repayments
About 79.6% of the net IPO proceeds was used by the Company to repay the
outstanding principal balance of its term loans with several Philippine banks with
repaid amounts as follows: Union Bank of the Philippines (P1,498.9 million),
Philippine Business Bank (P900.4 million), RCBC Capital Corporation
(P600.0 million), and Maybank Philippines, Inc. (P149.9 million).
(c) Initial Working Capital
Approximately 8.2% of the net IPO proceeds, equivalent to P325.4 million, from
the sale of Primary Shares will be used to fund the initial working capital for the
Company’s store network expansion plan, specifically for the new stores planned
up to the end of year 2023. The Company has disbursed a total of P232.7 million
for the purchase of initial inventory for its store expansion as of
December 31, 2023.
(d) Capital Expenditures for Store Establishment
About 12.2% of the net IPO proceeds, equivalent to P482.0 million, is allotted to
finance expenditures for store establishment including building fit-out, expenses for
furniture and fixtures, obtaining permits and licenses, and professional advisory and
labor fees. As of December 31, 2023, it has disbursed a total of P279.6 million for
the purchase of equipment, electrical, mechanical, plumbing and cable works,
display fixtures, gondolas, racks, shelves, and cabinets for storing inventories.
3. SUMMARY OF ACCUMULATED DISBURSEMENTS OF IPO PROCEEDS

(PROGRESS REPORT)
Summarized below are the disbursements made and the remaining unutilized balance of
the IPO Proceeds as of December 31, 2023.
Allocation of Utilization of Utilization of net Utilization of net Balance of

proceeds per net proceeds proceeds proceeds proceeds as of
the Prospectus disbursed as of disbursed for the disbursed the December 31,
(Php millions) December 31, nine months quarter ended 2023*
2022 ended September December 31, (Php millions)
(Php millions) 30, 2023 2023
(Php millions) (Php millions)
Gross P 4,114.3
Proceeds
IPO Expenses 157.7
Net Proceeds 3,956.6 P 3,619.2 P 8.0 P 34.3 295.1
Debt 3,149.2 3,149.2 - - -

Retirement
Initial Working 325.4 210.5 8.0 14.2 92.7
Capital
Capital 482.0 259.5 - 20.1 202.4
Expenditures
for Store
Establishment
To the extent that the unutilized balance of the IPO Proceeds from the IPO are yet to be applied to the specified purposes, the Company
may invest in short-term fixed income securities and/or money market instruments. As of December 31, 2023, the unutilized balance of the
IPO Proceeds is deposited with reputable Philippine universal banks.
4. APPLICATION OF REMAINING BALANCE OF THE IPO PROCEEDS
The remaining balance of the IPO Proceeds amounting to P295.1 million as of

December 31, 2023 is expected to be utilized and disbursed in accordance with the use
of IPO Proceeds as presented in the previous page.

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Report on Review

of Certain Financial Information

AllDay Marts, Inc.

December 31, 2023

T +63 2 8988 2288

The Stockholders and Board of Directors

Certified Public Accountants

Offices in Cavite, Cebu, Davao

PUNONGBAYAN & ARAULLO

By: James Joseph Benjamin J. Araullo

CPA Reg. No. 0111202

January 15, 2024

Certified Public Accountants

NOTES TO THE SCHEDULE ON DISBURSEMENT OF

AllDay Marts, Inc. (the Company) is primarily engaged in retailing, merchandising,

On November 3, 2021, the Company, by way of an Initial Public Offering (IPO),

2. DESCRIPTION OF DISBURSEMENTS AND EXPENDITURES

(a) IPO Expenses

(b) Debt Repayments

(d) Capital Expenditures for Store Establishment

3. SUMMARY OF ACCUMULATED DISBURSEMENTS OF IPO PROCEEDS

Allocation of Utilization of Utilization of net Utilization of net Balance of

Net Proceeds 3,956.6 P 3,619.2 P 8.0 P 34.3 295.1

Debt 3,149.2 3,149.2 - - -

The remaining balance of the IPO Proceeds amounting to P295.1 million as of

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