San Miguel Corporation · PSE:SMC
San Miguel — FY2023 Earnings Presentation
22 slides from San Miguel's earnings presentation, Mar 14, 2024
Slide 1: SEC Form 17-C Current Report
C01454-2024 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Mar 14, 2024 2. SEC Identification Number 31171 3. BIR Tax Identification No. 000-168-801
Slide 2: PSE Disclosure Form 4-30 - Material Information
PCOR SERIES D BONDS DUE 2025 (IN MIL 6,800 PESO) PCOR SERIES E BONDS DUE 2025 (IN MIL 9,000 PESO) PCOR SERIES F BONDS DUE 2027 (IN MIL 9,000 PESO) TOTAL DEBT AS OF DEC. 31, 2023 (IN MIL 246,806 PESO-CONSO) 11. Indicate the item numbers reported herein Item 9 The Exchange does not warrant and holds n
Slide 3: Filed on behalf by
Filed on behalf by: Name Jhoanna Jasmine Javier-Elacio Assistant Vice President - General Counsel and Corporate Designation Secretary/Compliance Officer
Slide 4: Analysts' Briefing Full-Year Results
SAN MIGUEL CORPORATION Analysts' Briefing 2 0 2 3 F U L L - Y E A R R E S U LT S March 14, 2024
Slide 5: Executive Summary
Executive Summary » Embedded in its core purpose and strategy, SMC has taken major strides in its sustainability journey in 2023 accomplishing several notable milestones. » SMC’s full-year 2023 performance was characterized by healthy operating income and EBITDA, growing by 34% and 24%, respectively
Slide 6: 2023 Sustainability Milestones
2023 Sustainability Milestones Became a Signatory to the United Established SMC’s Conducted Board and Management Management approved SMC’s Nations Global Compact (UNGC) Sustainability Board Committee Training sessions on Sustainability decarbonization roadmap May July July-Nov Dec June Oct J
Slide 7: SMC consolidated net income jumped 67% to ₱44.7 billion
SMC ended the year on a high note as full-year 2023 consolidated net income jumped 67% to ₱44.7 billion EBITDA (In Million Php) 24% (in Million Php) FY2023 FY2022 %Change 205,346 Margin 14% 11% 3%5% 165,007 Margin 6% 3% 17% NET SALES 1,446,703 1,506,591 -4% 14% 27% 20% INCOME FROM 26% 27% 144,485 10
Slide 8: SMFB delivered record profit of ₱38.1bn, up 10%
SMFB delivered record profit of ₱38.1bn, up 10% EBITDA (In Million Php) 7% (in Million Php) FY2023 FY2022 %Change 18% 17% 66,822 Margin 62,729 Margin 14% NET SALES 379,822 358,853 6% 11% 27% 32% INCOME FROM 48,411 48,711 -1% OPERATIONS 57% 59% NET INCOME 38,105 34,665 10% FY2022 FY2023 Beer Food Spi
Slide 9: SMB's consolidated revenues up 8%
SMB’s consolidated revenues was up 8% vs last year boosted by higher demand EBITDA (in Million Php) (in Million Php) FY2023 FY2022 %Change 9% 27% Margin 26% Margin NET SALES 147,347 136,235 8% 39,050 35,957 INCOME FROM 31,408 29,516 6% OPERATIONS NET INCOME 25,322 21,750 16% FY2022 FY2023 The Beer d
Slide 10: GSMI recorded a 13% increase in revenues
GSMI recorded a 13% increase in revenues supported by sustained record-high volumes in 2023 EBITDA (in Million Php) (in Million Php) FY2023 FY2022 %Change 41% 18% Margin NET SALES 53,639 47,341 13% 9,423 14% Margin INCOME FROM 6,689 6,835 5,987 14% OPERATIONS NET INCOME 7,046 4,547 55% FY2022 FY2023
Slide 11: San Miguel Foods delivered strong 4Q operating income growth
San Miguel Foods delivered strong 4Q operating income growth of 89% EBITDA (In Million Php) (in Million Php) FY2023 FY2022 %Change 11% -9% 20,148 Margin 10% 18,253 Margin 4% 2% 6% 3% NET SALES 178,847 175,288 2% 11% 3% 10% 15% 24% INCOME FROM 33% 10,228 13,270 -23% OPERATIONS 53% 36% NET INCOME 6,59
Slide 12: Packaging Group posted a 16% rise in operating income
SMC’s Packaging Group posted a 16% rise in operating income, propelled by enhanced operating efficiencies. EBITDA (in Million Php) (in Million Php) FY2023 FY2022 %Change 7% 12% 11% Margin Margin 4,501 4,191 NET SALES 38,379 37,039 4% INCOME FROM 1,915 1,648 16% OPERATIONS FY2022 FY2023 EBITDA increa
Slide 13: San Miguel Global Power's operating income up 13%
San Miguel Global Power’s operating income went up 13%, EBITDA grew 34% Y-o-Y EBITDA Offtake Volumes (in Million Php) (in GWh) 34% (In Million Php) FY2023 FY2022 %Change 13% -8% 27,402 Margin 22,308 NET SALES 169,590 221,389 -23% 25,205 7% Margin INCOME FROM 16,597 32,526 28,886 13% OPERATIONS NET I
Slide 14: Petron's volumes grew 13%
Petron’s wide presence and effective volume-generation strategies boosted its volumes to a 13% growth EBITDA Fuel Volumes (in Million Php) (In Million Barrels) 36% (in Million Php) FY2023 FY2022 %Change 6% Margin 13% 126.9 44,945 112.8 NET SALES 801,027 857,638 -7% 4% Margin 37% 39% 33,061 INCOME FR
Slide 15: SMC Infrastructure's revenues up 17%
SMC Infrastructure’s revenues up 17%, driven by an 8% growth in combined tollways average daily traffic to reach its one-million mark. EBITDA Annual Average Daily Traffic (in Million Php) (Vehicle Count) 8% (In Million Php) FY2023 FY2022 %Change 16% 1,009,337 81% Margin 934,343 82% Margin 27,579 NET
Slide 16: Cement Group swung to an operating profit
San Miguel Equity Investment Inc. – Cement Group swung to an operating profit of nearly ₱6bn. EBITDA (in Million Php) (In Million Php) FY2023 FY2022 %Change 1,694% 26% Margin 9,526 NET SALES 37,231 8,984 314% 6% Margin INCOME/LOSS 532 FROM 5,980 (599) ** OPERATIONS FY2022 FY2023 Cement Group’s net s
Slide 17: SMC's balance sheet remains healthy
SMC’s balance sheet remains healthy, with total assets growing to ₱2.5bn SMC Financial Position (In Billion Php) December 31, 2023 December 31, 2022 Total Assets 2,459 2,392 Cash 261 318 Interest-bearing debt 1,405 1,356 Current Ratio 1.12x 1.21x Total Liabilities to Equity Ratio 2.70x 2.74x Interes
Slide 18: 2023 Business Highlights
2023 Business Highlights » The Manila International Airport’s land development and ground improvement works are ongoing and progressing well; Overall progress for the LDW is at 77% while Airport development works is estimated to commence in 2025. » The Railway Component percentage accomplishment for
Slide 19: YTD 2024 Business Highlights
YTD 2024 Business Highlights » Last February 27, Japan Credit Rating Agency (JCR) affirmed SMC a Foreign Currency Long-term Issuer rating of A- with a stable outlook. » SMC-SAP Consortium won the bid for the NAIA Rehabilitation project; Notice of Award was granted by DOTr last February 16. » Meralco
Slide 20: Guidance and Outlook
Guidance and Outlook » Consolidated 2024 EBITDA growth target » SMC remains optimistic that the country’s robust macroeconomic fundamentals and our strategy, anchored on our sustainability agenda, will remain supportive to sustain its growth momentum this year. » SMC will continue working on definin
Slide 21: Q&A
‘SAN MIGUEL CORPORATION &A
Slide 22: Thank you!
Thank you! SMCInvestorRelations@sanmiguel.com.ph C O R P O R AT E w w w. s a n m i g u e l . c o m . p h w w w. s m f b . c o m . p h WEBSITES w w w. s a n m i g u e l b r e w e r y. c o m . p h w w w. g i n e b r a s a n m i g u e l . c o m . p h w w w. p e t r o n . c o m w w w. s m c g l o b a l