INCOME STATEMENT

Annual Financials for San Miguel Corp. B ADS

Fiscal year is January-December. All
values PHP millions.

Sales/Revenue
Cost of Goods Sold (COGS) incl. D&A
COGS excluding D&A
Depreciation & Amortization Expense
Depreciation
Amortization of Intangibles
Gross Income

2009

2011

2012

2013

5-year
trend

174.21B 246.11B 535.78B 699.36B 747.72B

126.63B 176.73B 437.14B 602.14B 638.91B
119.3B 166.62B 419.7B 582.15B 617.52B
7.33B 10.11B 17.45B 19.99B 21.39B
5.25B 7.88B 14.64B 15.99B 16.81B
2.07B 2.23B 2.8B
4B
4.58B
47.59B 69.38B 98.63B 97.22B 108.82B
2009

SG&A Expense
Research & Development
Other SG&A
Other Operating Expense
Unusual Expense
EBIT after Unusual Expense
Non Operating Income/Expense
Non-Operating Interest Income
Equity in Affiliates (Pretax)
Interest Expense
Gross Interest Expense
Interest Capitalized
Pretax Income
Income Tax
Income Tax - Current Domestic
Income Tax - Current Foreign
Income Tax - Deferred Domestic
Income Tax - Deferred Foreign
Income Tax Credits
Equity in Affiliates
Other After Tax Income (Expense)
Consolidated Net Income
Minority Interest Expense
Net Income
Extraordinaries & Discontinued
Operations
Extra Items & Gain/Loss Sale Of Assets
Cumulative Effect - Accounting Chg
Discontinued Operations
Net Income After Extraordinaries
Preferred Dividends
Net Income Available to Common
EPS (Basic)
Basic Shares Outstanding
EPS (Diluted)
Diluted Shares Outstanding

2010

2010

2011

2012

2013

27.92B 34.6B 42.68B 45.78B 53.74B

0
407M 350M 119M 113M
27.92B 34.2B 42.33B 45.66B 53.63B
0
0
0
0
0
3.79B 4.5B (146M) 210M 553M
(3.79B) (4.5B) 146M (210M) (553M)
47.01B 9.24B (857M) 16.02B 25.85B
5.99B 3.02B 4.62B 4.25B 3.54B
7.36B 13.87B 25.7B 28.09B 28.51B
7.36B 13.89B 25.92B 28.98B 32.13B
0
15M 219M 895M 3.62B
61.52B 28.68B 34.16B 43.43B 55.4B
3.71B 11.44B 8.48B 8.41B 3.7B
10.25B 11.52B 12.24B 9.25B 11.71B
0
0
0
0
0
(6.55B) (79M) (3.76B) (842M) (8.01B)
0
0
0
0
0
0
0
0
0
0
2.82B 6.82B 2.82B 2.64B (967M)
0
0
0
0
60.63B 24.06B 28.5B 37.66B 50.73B
2.83B 3.97B 10.99B 10.85B 12.68B
57.8B 20.09B 17.52B 26.81B 38.05B
0

0
57.8B
0
57.8B
19.21
2.94B
19.10
2.96B

0
0
0
0
0
0
20.09B 17.52B
5.7B 5.82B
14.39B 11.7B
6.18 4.97
2.31B 2.35B
6.14 4.94
2.32B 2.37B

0
0
0
26.81B
6.13B
20.68B
8.72
2.37B
8.67
2.39B

0
0
0
38.05B
6.11B
31.95B
13.43
2.38B
13.36
2.39B

5-year
trend

2009
EBITDA

2010

2011

2012

2013

26.99B 44.89B 73.4B 71.43B 76.46B

5-year
trend

BALANCE SHEET
Annual Financials for San Migjkuel Corp. B ADS
View Ratios

Assets
Fiscal year is January-December. All
values PHP millions.
Cash & Short Term Investments
Cash Only
Short-Term Investments
Total Accounts Receivable
Accounts Receivables, Net
Accounts Receivables, Gross
Bad Debt/Doubtful Accounts
Other Receivables
Inventories
Finished Goods
Work in Progress
Raw Materials
Progress Payments & Other
Other Current Assets
Miscellaneous Current Assets
Total Current Assets

2009

2010

2011

2012

2013

5-year
trend

209.61B 125.63B 129.29B 125.8B 193.88B

25.93B 17.34B 30.13B 125.51B 191.61B
183.69B 108.29B 99.17B 289M 2.27B
49.08B 75.9B 84.47B 122.54B 168.14B
14.46B 39.11B 44.63B 52.45B 66.06B
17.19B 43.63B 49.86B 58.84B 74.51B
(2.73B) (4.52B) (5.23B) (6.39B) (8.45B)
34.62B 36.79B 39.84B 70.09B 102.09B
27.98B 60.71B 69.84B 83.87B 82.82B
8.55B 37.4B 46.76B 58.37B 60.23B
0
0
15.36B 18.43B 17.66B 20.51B 17.82B
4.08B 4.88B 5.43B 4.99B 4.77B
11.44B 17.3B 24.57B 40.68B 44.17B
11.44B 6.03B 7.88B 18.53B 16.1B
298.11B 279.54B 308.18B 372.89B 489.01B

2009
2010
2011
2012
2013 5-year trend
Net Property, Plant & Equipment
67.77B 309.55B 321.44B 373.92B 427.74B
Property, Plant & Equipment - Gross 134.15B 416.69B 445.06B 523.9B 596.85B
Buildings
24.41B 32.22B 32.66B 39.72B 47.5B
Land & Improvements
10.63B 15.28B 16.41B 22.66B 25.47B
Computer Software and Equipment Other Property, Plant & Equipment 11.25B 10.2B 19.24B 20.17B 20.78B
Accumulated Depreciation
66.39B 107.13B 123.62B 149.98B 169.11B
Total Investments and Advances
41.22B 158.54B 171.77B 167.76B 84.33B
Other Long-Term Investments
3.37B 6.75B 13.28B 15.19B 48.02B
Long-Term Note Receivable
5.93B 24.78B 27.47B 17.07B 44.67B
Intangible Assets
10.04B 42.01B 43.33B 81.82B 77.27B
Net Goodwill
6.41B 30.25B 30.99B 48.72B 41.75B
Net Other Intangibles
3.63B 11.76B 12.34B 33.1B 35.52B
Other Assets
6.54B 8.24B 10.11B 19.2B 31.46B
Tangible Other Assets
2.09B 2.27B 3.49B 7.9B
13.34B
Total Assets
438.49B 829.8B 890.54B 1.04T 1.17T

Liabilities & Shareholders' Equity

2009
ST Debt & Current Portion LT Debt
Short Term Debt
Current Portion of Long Term Debt
Accounts Payable
Income Tax Payable
Other Current Liabilities
Dividends Payable
Accrued Payroll
Miscellaneous Current Liabilities
Total Current Liabilities
Long-Term Debt
Long-Term Debt excl. Capitalized
Leases
Non-Convertible Debt
Convertible Debt
Capitalized Lease Obligations
Provision for Risks & Charges
Deferred Taxes
Deferred Taxes - Credit
Deferred Taxes - Debit
Other Liabilities
Other Liabilities (excl. Deferred
Income)
Deferred Income
Total Liabilities
Non-Equity Reserves
Preferred Stock (Carrying Value)
Redeemable Preferred Stock
Non-Redeemable Preferred Stock
Common Equity (Total)
Common Stock Par/Carry Value
Retained Earnings
ESOP Debt Guarantee
Cumulative Translation
Adjustment/Unrealized For. Exch.
Gain
Unrealized Gain/Loss Marketable
Securities
Revaluation Reserves
Treasury Stock
Total Shareholders' Equity
Accumulated Minority Interest
Total Equity
Liabilities & Shareholders' Equity

57.87B
56.79B
1.08B
8.79B
4.19B
23.19B
573M
22.61B
94.03B
71.89B

2010

2011

97.62B
74.13B
23.5B
34.59B
10B
36.01B
826M
503M
34.68B
178.22B
353.84B

117.43B
82.59B
34.84B
39.4B
9.04B
24.96B
2.15B
85M
22.72B
190.83B
384.84B

2012
169.72B
151.1B
18.62B
54.89B
11.12B
32.98B
3.25B
103M
29.63B
268.71B
400.58B

2013
201.69B
143.23B
58.46B
71.29B
13.06B
49.51B
3.31B
100M
46.1B
335.55B
444.1B

71.89B 156.38B 191.97B 220.88B 264.7B

71.89B
0
3.15B
12.04B
8.88B
19.6B

156.38B
0
197.46B
132M
6.62B
13.75B
7.13B
16.94B

19.6B

191.97B
0
192.87B
1.05B
3.02B
11.26B
8.23B
3.37B

220.88B
0
179.7B
7.74B
2.67B
12.98B
10.31B
3.94B

264.7B
0
179.39B
8.53B
(4.55B)
11.06B
15.61B
5B

16.94B 3.37B

3.94B

5B

197.55B
0
4.85B
0
4.85B
208.97B
16.15B
151.91B
0

562.89B
77M
4.86B
12M
4.85B
211.18B
16.34B
0
0

591.35B
76M
4.86B
12M
4.85B
224.56B
16.4B
141.13B
0

693.95B
74M
10.2B
13M
10.19B
242.06B
16.41B
154.48B
0

804.24B
73M
10.19B
0
10.19B
227.52B
16.41B
138.26B
0

5.85B

5.37B

5.26B

5.03B

4.86B

18M
1.39B 1.44B 1.47B
764M
(69.54B) (69.54B) (67.44B) (140.12B) (139.95B)
213.82B 216.04B 229.43B 252.26B 237.71B
27.12B 50.79B 69.69B 96.69B 128.07B
240.94B 266.84B 299.11B 348.95B 365.78B
438.49B 829.8B 890.54B 1.04T
1.17

5-year
trend

CASH FLOW

Annual Financials for San Miguel Corp. B ADS

Operating Activities
Fiscal year is January-December. All
values PHP millions.
Net Income before Extraordinaries
Depreciation, Depletion &
Amortization
Depreciation and Depletion
Amortization of Intangible Assets
Deferred Taxes & Investment Tax
Credit
Deferred Taxes
Investment Tax Credit
Other Funds
Funds from Operations
Extraordinaries
Changes in Working Capital
Receivables
Accounts Payable
Other Assets/Liabilities
Net Operating Cash Flow

2009

2010

2011

2012

2013

5-year
trend

64.34B 35.49B 36.99B 46.06B 54.43B

14.72B 9.46B 19.31B 5.12B

43.83B

14.72B 9.46B 19.31B 5.12B

-

43.83B
-

0
0
0
0
(59.26B) (8.95B) (1.14B) (379M) (38.72B)
19.8B 36B
55.16B 50.8B 59.54B
0
0
0
0
0
(1.2B) 13.11B (15.79B) (27.16B) 8.53B
558M 12.24B (7.69B) (25.7B) (21.18B)
6.38B 7.58B 6.87B 7.06B 27.88B
(874M) (3.69B) (5.66B) (8.97B) (2.6B)
18.61B 49.11B 39.37B 23.64B 68.07B

Investing Activities
2009
Capital Expenditures
Capital Expenditures (Fixed
Assets)
Capital Expenditures (Other
Assets)
Net Assets from Acquisitions
Sale of Fixed Assets & Businesses
Purchase/Sale of Investments
Purchase of Investments
Sale/Maturity of Investments
Other Uses
Other Sources
Net Investing Cash Flow

2010

2011

2012

2013

(6.25B) (8.52B)

(26.43B) (52.92B) (65.87B)

(6.25B) (8.52B)

(26.43B) (52.92B) (65.87B)

(1.49B) (18.98B) (775M) (18.59B) (512M)

55.13B 1.18B
1.35B 24.57B 72.96B
(5.77B) (99.76B) (16.34B) (23.16B) (26.81B)
(5.77B) (99.76B) (16.34B) (23.16B) (26.81B)
0
0
0
0
(950M) (6.07B) (35.46B) (2.12B) (26.34B)
3.24B 1.42B
0
8.55B 0
43.91B (130.73B) (77.65B) (63.68B) (46.57B)

5-year
trend

Financing Activities
2009
Cash Dividends Paid - Total
Common Dividends
Preferred Dividends
Change in Capital Stock
Repurchase of Common & Preferred
Stk.
Sale of Common & Preferred Stock
Proceeds from Stock Options
Other Proceeds from Sale of Stock
Issuance/Reduction of Debt, Net
Change in Current Debt
Change in Long-Term Debt
Issuance of Long-Term Debt
Reduction in Long-Term Debt
Other Funds
Other Uses
Other Sources
Net Financing Cash Flow
Exchange Rate Effect
Miscellaneous Funds
Net Change in Cash
Free Cash Flow

2010

2011

2012

2013

(3.3B)
(3.3B)
0
7.09B

(21.12B) (6.8B)
(21.12B) (6.8B)
0
0
2.31B 18.75B

(10.61B) (10.95B)
(10.61B) (10.95B)
0
0
20.8B 69M

(72.79B) 0

7.09B 2.31B 18.75B 93.58B 69M

7.09B 2.31B 18.75B 93.58B 69M
0
0
0
0
0
30.65B 21.34B 38.04B 36.3B 35.99B
7.52B (17.61B) 8.45B 53.57B (10.99B)
23.13B 38.94B 29.59B (17.27B) 46.98B
67.79B 72.94B 55.4B 59.67B 146.37B
(44.66B) (33.99B) (25.81B) (76.95B) (99.39B)
(1.88B) (4.76B) (7.65B) (9.11B) 18.48B
(2.19B) (4.88B) (7.65B) (9.11B) (12.07B)
315M 126M 0
0
30.55B
32.56B (2.23B) 42.34B 37.38B 43.59B
(2.6B) (380M) (267M) (701M) 1.02B
0
0
0
0
0
92.47B (84.22B) 3.79B (3.36B) 66.11B
9.06B 19.48B 6.14B (39.89B) (8.75B

5-year
trend