San Miguel Corporation · PSE:SMC
San Miguel — FY2002 Earnings Presentation
14 slides from San Miguel's earnings presentation, Feb 13, 2003
Slide 1: Investors' Briefing: 2002 Full Year Results
Investors’ Briefing 2002 Full Year Results FEBRUARY 13, 2003
Slide 2: Realizing growth as we maximize synergies
San Miguel Corporation - Consolidated Realizing growth as we maximize synergies FULL YEAR (in million pesos) 2002 2001 Change % Net Sales P136,050 P121,588 12 Op. Income 12,392 10,486 18 Net Income bef. One-Off Items 7,197 5,145 40 Net Income 6,628 6,468 2
Slide 3: Financial condition remains robust despite sluggish economy
San Miguel Corporation - Consolidated Financial condition remains robust despite sluggish economy • Current ratio at 2.29x vs. 1.62x in 2001 • Debt to Equity ratio at 0.51x (gross debt) • Consolidated Assets increased 7.7% to P177.45 billion
Slide 4: Beer Philippines: Volume growth reverts to positive territory
Beer Philippines Volume growth reverts to positive territory, spurs earnings growth FULL YEAR (in million pesos) 2002 2001 Change % Net Sales P27,141 P25,977 4 Income from Operations 4,606 4,136 11 Volume (mil cases) 134.4 129.2 4
Slide 5: Beer International: Vietnam, N China and Australia continue robust volume turn-ins
Beer International Vietnam, N China and Australia continue robust volume turn-ins, operations ending the year favorably FULL YEAR (in million US$) 2002 2001 Change % Net Sales $232.95 $237.58 -2 Operating Income 6.57 8.77 -25 Volume 39.24 38.78 1 (mil cases)
Slide 6: Beer International: regional performance
Beer International Vietnam, N China and Australia continue robust volume turn-ins, operations ending the year favorably North China Vietnam • Strong volumes backed by • Robust sales performance sustained increased sales of Blue Star South China Indonesia • Intense competition and trade level • Weak
Slide 7: La Tondeña Distillers: Volume gains in the South boost bottomline
La Tondeña Distillers, Inc. Volume gains in the South coupled with enhanced operating efficiencies boost bottomline FULL YEAR (in million pesos) 2002 2001 Change % Net Sales P11,248 P10,965 3 Operating Income 2,684 2,658 1 Net Income 1,654 1,185 40 Volume 29.81 28.77 4 (mil cases)
Slide 8: Coca-Cola Bottlers Philippines: Profitability enhanced with price adjustments
Coca-Cola Bottlers Philippines, Inc. (Parent Only) Profitability enhanced with price adjustments, uniform discounts and efficient cost management FULL YEAR (in million pesos) 2002 2001 Change % Net Sales P30,019 P30,883 -3 Income from Operations 2,144 1,948 10 Volume (mil cases) 361.9 389.6 -7
Slide 9: Philippine Beverage Partners: Volume surge sustained
Philippine Beverage Partners Inc. Volume surge sustained FULL YEAR (in million pesos) 2002 2001 Change % Net Sales P5,182 P4,774 9 Income from Operations 215 188 14 Volume (mil cases) 117.9 103.5 14
Slide 10: Cosmos Bottling Corp.: Price adjustments and efficiency gains improve profits
Cosmos Bottling Corp. Price adjustments coupled with efficiency gains improve operating profits FULL YEAR (in million pesos) 2002 Net Sales P9,031 Income from Operations 776 Volume (mil cases) 140.7
Slide 11: Food Group: Weak poultry performance weighed down operations
Food Group Weak poultry performance weighed down group’s operations (in million pesos) 2001 includes FULL YEAR April-September 2001 Change % 2002 of PureFoods Net Sales P38,491 P32,740 18 Income from Operations 1,892 2,123 -11 Volume Growth 18
Slide 12: Food Group: Overall growth hampered by soft poultry prices
Food Group Overall growth hampered by soft poultry prices Poultry Meats (SMFI & Pure Foods Corp.) (Monterey Food Corp.) • Average prices down 9.1% • Pork volume up 8%; • Chicken volume up 10% Beef up 25%; Value added down 44% • Full year revenues at P11.3B • Revenue up 20% to P4.6B • Operating loss
Slide 13: Packaging Group: Higher volumes across all businesses
Packaging Group Sans paper, higher volumes across all businesses FULL YEAR (in million pesos) 2002 2001 Change % Net Sales P15,390 P13,564 13 Income from Operations 1,931 1,570 23 Volume Growth 7
Slide 14: Investors Briefing
Investors Briefing ¢ ae Full ar " Results