San Miguel Corporation · PSE:SMC
San Miguel — Q1 2024 Earnings Presentation
22 slides from San Miguel's earnings presentation, May 16, 2024
Slide 1: SEC Form 17-C Current Report
C03272-2024 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) May 16, 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 E BONDS DUE 2025 (IN MIL 9,000 PESO) PCOR SERIES F BONDS DUE 2027 (IN MIL 9,000 PESO) TOTAL DEBT AS OF MARCH 31 2024 (IN 238,535 MIL PESO-CONSO) 11. Indicate the item numbers reported herein Item 9 The Exchange does not warrant and holds no responsibility for the veracity of the facts an
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: Letter to PSE and PDEx
PETRON May 16, 2024 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department 6" Floor, PSE Tower 5™ Avenue corner 28" Street Bonifacio Global City, Taguig City Attention: Mr. Norberto T. Moreno Officer-in-Charge, Disclosure Department PHILIPPINE DEALING & EXCHANGE CORP. 29" Floor, BDO Equitable Tower 8
Slide 5: San Miguel Corporation Analysts' Briefing 1st Quarter Results
SAN MIGUEL CORPORATION Analysts' Briefing 2 0 2 4 1 st Q U A R T E R R E S U L T S May 16, 2024
Slide 6: Executive Summary
| Executive Summary » SMC received several notable citations recognizing the Company’s sustainability efforts towards achieving its four overarching sustainability goals. » SMC is off to a strong start in 2024 marked by robust demand in most of our business units while continuing to strike the good
Slide 7: 2023 Sustainability Milestones
| 2023 Sustainability Milestones Economic Environment Economic value generated and distributed 11%, 7% & 6% 5.7Mn MT 7.5B Liters Decreases in GHG emissions Of silt and waste Freshwater saved through P1,461 B+ P1,418 B+ intensity for Power, Petron, removed from Pasig, “Water for All” project of econo
Slide 8: 1Q2024 Sustainability Awards
| 1Q2024 Sustainability Awards 3G Excellence in 3G Championship Silver Award – Silver Award – Sustainability Award for CSR 2024 Empowerment of Best Community Reporting Award Women Programme 2024 |4
Slide 9: SMC started the year strong with consolidated revenues growing 13%
SMC started the year strong with consolidated revenues growing 13% EBITDA (In Million Php) (in Million Php) 1Q2024 1Q2023 %Change 8% 15% 54,786 Margin 14% 50,711 Margin 2%3% NET SALES 392,713 346,725 13% 3% 4% 2% 5% 13% 13% 23% 24% INCOME FROM 40,464 35,053 15% OPERATIONS 21% 22% 34% 31% NET INCOME
Slide 10: SMFB sustained top-line growth to ₱95.4 billion
SMFB sustained top-line growth to ₱95.4 billion EBITDA (in Million Php) 1Q2024 1Q2023 %Change (In Million Php) (3%) 19% 17,247 Margin 16,738 18% Margin NET SALES 95,432 93,186 2% 20% 15% 21% 28% INCOME FROM 13,119 11,581 13% 59% 58% OPERATIONS 1Q2023 1Q2024 NET INCOME 9,974 9,876 1% Beer Food Spirit
Slide 11: SMB's consolidated revenues declined by 3% on lower volumes
SMB’s consolidated revenues declined by 3% on lower volumes EBITDA (in Million Php) 1Q2024 1Q2023 %Change (in Million Php) (6%) 27% 26% 10,191 Margin 9,630 Margin NET SALES 37,367 38,335 (3%) INCOME FROM 8,131 8,438 (4%) OPERATIONS NET INCOME 6,514 6,819 (4%) 1Q2023 1Q2024 Coming from a high base in
Slide 12: GSMI's revenue growth backed by strong volume growth
GSMI’s revenue growth was backed by strong volume growth driven by effective brand campaigns EBITDA (in Million Php) 1Q2024 1Q2023 %Change (in Million Php) 27% Margin NET SALES 15,117 12,945 17% 3,506 (28%) 17% 2,514 Margin INCOME FROM 2,278 1,631 40% OPERATIONS NET INCOME 1,907 2,532 (25%) 1Q2023 1
Slide 13: San Miguel Foods sustained topline growth and strong profits
San Miguel Foods sustained topline growth and delivered strong profits on higher volumes and lower raw material costs across most businesses. EBITDA (In Million Php) (in Million Php) 1Q2024 1Q2023 %Change 31% 4,615 11% Margin 1% 3,530 8% Margin 18% NET SALES 42,950 41,908 2% 10% 4% 18% 40% 23% INCOM
Slide 14: SMC's Packaging Group revenues declined
SMC’s Packaging Group revenues declined reflecting lower demand for glass from SMB. EBITDA (in Million Php) (in Million Php) 1Q2024 1Q2023 %Change 15% (12%) Margin 16% Margin NET SALES 8,407 10,195 (18%) 1,509 1,335 INCOME FROM 696 803 (13%) OPERATIONS 1Q2023 1Q2024 EBITDA margin improved slightly t
Slide 15: San Miguel Global Power revenues rose 7%
San Miguel Global Power revenues rose 7% on higher offtake volumes and BESS’ contribution EBITDA Offtake Volumes (In Million Php) 1Q2024 1Q2023 %Change (in Million Php) (in GWh) 16% 27% 71% Margin NET SALES 44,123 41,124 7% 25% Margin 12,037 10,422 7,956 INCOME FROM 8,840 7,575 17% OPERATIONS 4,657
Slide 16: Broad-based growth across all segments lifted revenues by 21%
Broad-based growth recorded across all business segments lifted revenues by 21% EBITDA Fuel Volumes (in Million Php) 1Q2024 1Q2023 %Change (in Million Php) (In Million Barrels) 12% 23% 6% Margin 35.3 NET SALES 227,637 188,753 21% 6% Margin 13,299 28.6 11,914 36% 38% INCOME FROM 10,171 8,418 21% 64%
Slide 17: SMC Infrastructure posted a robust 9% revenue growth
SMC Infrastructure posted a robust 9% revenue growth on the back of sustained performance of its toll roads EBITDA (in Million Php) Annual Average Daily Traffic (Vehicle Count) (In Million Php) 1Q2024 1Q2023 %Change 3% 5% 81% 996,805 1,022,521 84% Margin Margin NET SALES 8,886 8,170 9% 6,836 7,203 I
Slide 18: San Miguel Equity Investment – Cement Business operating profit grew 36%
San Miguel Equity Investment Inc. – Cement Business’ operating profit grew 36% EBITDA (in Million Php) (In Million Php) 1Q2024 1Q2023 %Change 31% 29% Margin NET SALES 9,276 10,340 (10%) 20% Margin 2,649 2,028 INCOME FROM 1,811 1,333 36% OPERATIONS 1Q2023 1Q2024 Despite the tight market competition r
Slide 19: SMC Financial Position
SMC sustained a strong balance sheet, with total assets at ₱2.5 trillion SMC Financial Position (In Billion Php) March 31, 2024 December 31, 2023 Total Current Assets 837 831 Total Assets 2,508 2,459 Cash 270 261 Total Current Liabilities 805 745 Interest-bearing debt 1,441 1,405 Total Liabilities 1
Slide 20: 1Q2024 Business Highlights
| 1Q2024 Business Highlights » As of March 31, 2024, the Manila International Airport’s land development and ground improvement works are ongoing and progressing well; Overall progress for the LDW is at 79.5% while Airport development works is estimated to commence in 2025. » On the Railway Componen
Slide 21: Q&A
Q&A OOOO
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