San Miguel Corporation · PSE:SMC

San Miguel — FY2003 Earnings Presentation

13 slides from San Miguel's earnings presentation

1. Slide 1: Investor's Briefing: 2003 Full-Year Results

   Investor’s Briefing 2003 Full-Year Results

2. Slide 2: Growth amidst tough business climate

   Growth amidst tough business climate San Miguel Consolidated (in billion pesos) 2004 2003 Change Net Sales P148.6 P136.1 9% Inc. from Operations P 14.4 P 12.7 13% Net Income P 7.37 P 6.88 7% EBITDA P 20.3 P 18.8 8% EPS P 2.60 P 2.49

3. Slide 3: Highest sales volume since 1994

   Highest sales volume since 1994 Beer Philippines (in billion pesos) 2004 2003 Change Sales Revenue P 30.6 P 27.1 13% Operating Income P 5.54 P 4.61 20% Volume Growth (cases) 12 %

4. Slide 4: Major turnaround after the SARS scare

   Major turnaround after the SARS scare Beer International (in million US $) 2004 2003 Change Sales Revenue $ 235 $ 233 1% Operating Income $ 1.46 $ 6.57 -78% Volume Growth (cases) 4%

5. Slide 5: Tough competition in a changing market

   Tough competition in a changing market Ginebra San Miguel (in billion pesos) 2004 2003 Change Sales Revenue P 12.1 P 11.4 6% Operating Income P 2.71 P 2.71 0% Net Income P 1.65 P 1.67 -1 % Volume Growth Hard Liquor (cases) 6%

6. Slide 6: Still building on the GTM Program

   Still building on the GTM Program Coca-Cola Beverage Group (in billion pesos) 2004 2003 Change Sales Revenue P 41.3 P 35.2 17% Operating Income P 2.52 P 2.54 -1% Volume Growth 19 %

7. Slide 7: Still building on the GTM Program . . .

   Still building on the GTM Program . . . Coca-Cola Bottlers Phils,Inc. (in billion pesos) 2004 2003 Change Sales Revenue P 29.1 P 30.0 - 3% Operating Income P 1.38 P 2.14 - 36% Volume Growth -4%

8. Slide 8: Still building on the GTM Program . . .

   Still building on the GTM Program . . . Phil. Beverage (in billion pesos) 2004 2003 Change Sales Revenue P 5.34 P 5.18 3% Operating Income P0.200 P0.203 - 1% Volume Growth 1%

9. Slide 9: Still building on the GTM Program . . .

   Still building on the GTM Program . . . Cosmos (in billion pesos) 2004 2003 Change Sales Revenue P 9.91 P 9.03 10% Operating Income P 0.87 P 0.78 12% Volume Growth 7%

10. Slide 10: Growth driven by glass and crates

    Growth driven by glass and crates Packaging Group (in billion pesos) 2004 2003 Change Sales Revenue P 17.3 P 15.4 13% Operating Income P 2.51 P 1.92 30% Volume Growth 10%

11. Slide 11: Major improvement on performance

    Major improvement on performance San Miguel Food Group (in billion pesos) 2004 2003 Change Sales Revenue P 42.0 P 38.5 9% Operating Income P 2.04 P 1.87 9% Volume Growth 4%

12. Slide 12: Major improvement on performance . . .

    Major improvement on performance . . . Chicken, Feeds & Flour Butter, Margarine & Cheese (San Miguel Foods, Inc.) (Magnolia with Star Dari Inc. & Sugarland) • Chicken volume up 2% • Volume up 6% • Flour up 11%, Feeds at par • Revenue up 16% to P2.81B • Revenue up 8% to P26.9B • Op. Inc. of P216M • O

13. Slide 13: Visit our website: www.sanmiguel.com.ph

    Visit our website: www.sanmiguel.com.ph

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