San Miguel Corporation · PSE:SMC
San Miguel — FY2015 Earnings Presentation
22 slides from San Miguel's earnings presentation, Mar 17, 2016
Slide 1: Investors' Briefing 2015 Full Year Results
INVESTORS’ BRIEFING 2015 FULL YEAR RESULTS 17 March 2016
Slide 2: Bulacan Bulk Water Supply Project and other updates
BULACAN BULK WATER SUPPLY PROJECT MANILA NORTH HARBOR PORT INC. SERIES “2” PREFERRED SHARES SUBSERIES G, H, I UPDATE ON TELCO JV
Slide 3: San Miguel Corporation Full-Year 2015
SAN MIGUEL CORPORATION F U L L -Y E A R 2 0 1 5 IN BILLION PESOS 2015 2014* CHANGE Net Sales 673.9 773.7 -13% Income from 78.7 55.8 41% Operations Net Income excluding 38.2 30.3 26% forex EBITDA 108.6 88.5 23% *As Restated
Slide 4: San Miguel Brewery Inc.
SAN MIGUEL BREWERY INC. F U L L -Y E A R 2 0 1 5 IN MILLION 2015 2014 CHANGE PESOS Net Sales 82,374 79,005 4% Income from 22,631 22,079 3% Operations Net Income 13,518 13,515 -
Slide 5: Ginebra San Miguel Inc.
GINEBRA SAN MIGUEL INC. F U L L -Y E A R 2 0 1 5 IN MILLION 2015 2014 CHANGE PESOS Net Sales 16,627 15,511 7% Income from 621 358 73% Operations
Slide 6: San Miguel Pure Foods Company Inc.
SAN MIGUEL PURE FOODS COMPANY INC. F U L L -Y E A R 2 0 1 5 IN MILLION 2015 2014 CHANGE PESOS Net Sales 106,860 102,999 4% Income from 7,644 6,463 18% Operations Net Income 4,752 3,843 24%
Slide 7: Pure Foods: Agro-Industrial
SAN MIGUEL PURE FOODS COMPANY INC. F U L L -Y E A R 2 0 1 5 Agro-Industrial REVENUE INCOME FROM O P E R AT I O N S +4.2% +8.2% 69,648 72,559 2,791 2,579 2014 2015 2014 2015 P/kdw Chicken Selling Prices P/klw Hog Selling Prices (Industry) 115 130 105 120 95 110 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 2014 2015 Sourc
Slide 8: Pure Foods: Milling
SAN MIGUEL PURE FOODS COMPANY INC. F U L L -Y E A R 2 0 1 5 Milling REVENUE INCOME FROM O P E R AT I O N S +3.4% -10.1% 10,256 2,338 2,103 9,916 2014 2015 2014 2015 P/bag Flour Selling Prices 720 670 620 1Q 2Q 3Q 4Q 2014 2015 Source: Internal
Slide 9: Pure Foods: Branded Value-Added
SAN MIGUEL PURE FOODS COMPANY INC. F U L L -Y E A R 2 0 1 5 B r a n d e d Va l u e - A d d e d REVENUE INCOME FROM +8.2% O P E R AT I O N S +33.2% 25,725 2,305 1,730 23,786 2014 2015 2014 2015 Revenue Growth driven by: Processed Meats 8% Dairy, Spreads & Biscuits 13%
Slide 10: Pure Foods: Food Service
SAN MIGUEL PURE FOODS COMPANY INC. F U L L -Y E A R 2 0 1 5 FOOD SERVICE Convenience Pizza Chains stores Fast Food Hotels & Chains Restaurants
Slide 11: San Miguel Pure Foods Company Inc. Financial Position
SAN MIGUEL PURE FOODS COMPANY INC. As of As of IN MILLION PESOS Dec 2015 Dec 2014 Total Assets 61,038 66,655 Cash 9,284 14,216 Interest-bearing Debt 3,641 13,245 Current Ratio 1.89x 1.62x Debt-to-Equity Ratio 0.56x 0.85x Interest-bearing Debt to 0.09x 0.37x Equity Ratio
Slide 12: San Miguel Yamamura Packaging Group
SAN MIGUEL YAMAMURA PACKAGING GROUP F U L L -Y E A R 2 0 1 5 IN MILLION 2015 2014 CHANGE PESOS Net Sales 25,050 24,226 3% Income from 2,344 2,305 2% Operations
Slide 13: SMC Global Power Holdings Corp.
SMC GLOBAL POWER HOLDINGS CORP. F U L L -Y E A R 2 0 1 5 IN MILLION PESOS 2015 2014 CHANGE Net Sales 77,507 84,294 -8% Income from 23,703 25,896 -8% Operations
Slide 14: Greenfield Power Projects
GREENFIELD POWER PROJECTS M A L I TA 2 X 1 5 0 M W POWER PLANT L I M AY 2 X 1 5 0 M W POWER PLANT
Slide 15: Petron Corp. Regional Market Developments - Prices
PETRON CORP. Regional Market Developments – Prices CRUDE PRICES PRICE DIFFERENTIALS VS. DUBAI 15 TAPIS 10 NAPHTHA Jun’14 Dubai Differentials vs. Dubai, USD /bbl CRUDE 0 140 Dubai Brent 10 -10 $108 Crude Prices, USD/bbl 120 -20 5 June -30 LPG 100 Dubai Sept -40 0 $62 Dubai 01 01 01 01 01 01 01 01 01
Slide 16: Petron Corp. PH Domestic Market Developments
PETRON CORP. PH Domestic Market Developments INDUSTRY DEMAND - PH In ‘000 barrels/day 595 520 • Robust industry growth in 2015 445 392.0 • Double digit growth rates for motor 370 322.0 341.0 306.0 fuels -- Gasoline and Diesel; and LPG 295 220 • Weaker Asian currencies versus USD 145 70 FY 2012 FY 20
Slide 17: Petron Corp. Operating Performance
PETRON CORP. Operating Performance • Surge in sales volumes SALES VOLUME PERFORMANCE (‘000 BARRELS/DAY) - PH driven by robust growth in Retail; Industrial and LPG sales. PH MY 250 - MY driven by strong gasoline retail 225 200 growth 175 169.8 150 141.1 • Continuous ramp-up of RMP-2 125 100 96.5 98.8
Slide 18: Petron Corp. Full-Year Results
PETRON CORP. F U L L -Y E A R 2 0 1 5 IN MILLION PESOS 2015 2014 CHANGE Net Sales 360,178 482,535 -25% Gross Margins 31,740 19,435 63% Rate 8.8% 4.0% 120% Income from 18,134 7,605 138% Operations Net Income 6,270 3,009 108% Volume (in million 98.0 86.5 13.3% barrels)
Slide 19: San Miguel Holdings Corp. - Infrastructure
SAN MIGUEL HOLDINGS CORP. - INFRASTRUCTURE F U L L -Y E A R 2 0 1 5 IN MILLION PESOS 2015 2014 CHANGE Net Sales* 15,238 12,759 19% Income from 8,536 7,397 15% Operations* Traffic Volume (no. of vehicles) SLEX 273,978 247,124 11% SKYWAY STAGES 1 AND 2 241,906 228,079 6% STAR TOLLWAYS 41,148 33,436 23
Slide 20: Infrastructure: NAIA Expressway, Skyway Stage 3, Boracay Airport
SAN MIGUEL HOLDINGS CORP. - INFRASTRUCTURE NAIA Expressw ay Skyway Stage 3 Boracay Airport
Slide 21: SMC Financial Position
SMC FINANCIAL POSITION As of Dec As of Dec IN BILLION PESOS 2015 2014 Total Assets 1,246 1,217 Cash 181 259 Interest-bearing Debt 515 483 Current Ratio 1.32x 1.50x Total Liabilities to Equity 2.24x 2.12x Ratio Interest-bearing Debt to 1.34x 1.24x Equity Ratio Net-Debt-to-EBITDA 2.61x 2.35x
Slide 22: Thank You
THANK YOU Visit our websites: San Miguel Corporation www.sanmiguel.com.ph San Miguel Brewery Inc. www.sanmiguelbrewery.com.ph Ginebra San Miguel Inc. www.ginebrasanmiguel.com San Miguel Pure Foods Co. Inc. www.sanmiguelpurefoods.com Petron Corporation www.petron.com Contact us: SMC Investor Relation