San Miguel Corporation · PSE:SMC
San Miguel — FY2001 Earnings Presentation
16 slides from San Miguel's earnings presentation, Feb 28, 2002
Slide 1: 2001 Full-Year Results Investor Briefing
2001 Full-Year Results Investor Briefing 28 February 2002 SAN MIGUEL CORPORATION VISIT OUR WEBSITE http://www. sanmiguel.com. ph
Slide 2: San Miguel in year 2001
San Miguel in year 2001 λ Acquisition of CCBPI and Cosmos λ Acquisition of Pure Foods λ Entry of Kirin
Slide 3: Broader, more balanced income and revenue distribution
Broader, more balanced income and revenue distribution... Beverage Non-Alcoholic Beverage 28% Alcoholic Food 34% REVENUE 29% Packaging Packaging 9% 15% Food Beverage Alcoholic 28% 55% Beverage Non-Alcoholic 2%
Slide 4: Broader, more balanced income and revenue distribution
Broader, more balanced income and revenue distribution... Packaging 11% Beverage Food Operating 20% Alcoholic Income Beverage 46% Non-Alcoholic Packaging 23% 22% Beverage Food 8% Alcoholic Beverage 67% Non-Alcoholic 3%
Slide 5: Political & economic uncertainties continue to beset RP
Political & economic uncertainties continue to beset RP λ Exchange rate hit P55:$1 λ Export sector hit by weakened US and Japanese economies λ September 11 dampens consumer sentiment and demand
Slide 6: Acquisitions improve operating income but temporarily affects net income
Acquisitions improve operating income but temporarily affects net income 2001 2000 Change (in billion pesos) P 121.6 P 82.3 Net Sales 48 % Operating Income P 10.5 P 7.93 32 % Net Income P 6.47 P 6.84 W/o CCBPI & PF P- 5 7.31 % 7% EBITDA P 18.6 44%
Slide 7: Tighter management of resources as market continues to soften
Tighter management of resources as market continues to soften BEER PHILIPPINES (in billion pesos) 2001 2000 Change Sales Revenue P26.0 P 26.3 -1% Operating Income P 4.14 P 4.11 1% Volume Growth -3% • Industry contraction by about 4% • Accounts Receivable by P 2.0B
Slide 8: Sustained operating improvements despite market difficulties
Sustained operating improvements despite market difficulties BEER INTERNATIONAL (in million US $) 2001 2000 Change Sales Revenue $ 237.6 $ 226.0 5% Operating Income $ 8.77 $ 6.67 31 % Volume Growth 0%
Slide 9: Sustained operating improvements despite market difficulties
Sustained operating improvements despite market difficulties Hongkong: Australia: • Increase in beer taxes; higher • Volume growth/increase in export volumes market share despite declining market Vietnam: • Record volume increase with North China: change in marketing campaign • Improved product mix
Slide 10: Sustained revenue growth
Sustained revenue growth LA TONDEÑA (in billion pesos) 2001 2000 Change Sales Revenue P15.3 P14.1 8% Operating Income P 2.92 P 2.87 2% Net Income P 1.88 P 1.35 39% Volume Growth Hard Liquor (cases) -7 % Mineral Water (cases) -1 % Juice (cases) 11 % • Year 2001 is only January to December for Water &
Slide 11: CCBPI looks forward to a year of integration and consolidation
CCBPI looks forward to a year of integration and consolidation MAY-DEC 2001 (in billion pesos) Sales Revenue P 21.1 B Operating Income P 1.11 B Net Income P 727 M Volume 259 M eq. cases
Slide 12: Volume and operating income surge
Volume and operating income surge... SAN MIGUEL FOOD GROUP (in billion pesos) 2001* 2000 Change Sales Revenue P32.7 P17.2 90 % Operating Income P 2.12 P 0.58 269 % Volume Growth 56% * With Pure Foods, excludes CNO Business
Slide 13: Volume and operating income surge
Volume and operating income surge... Chicken & Feeds Butter, Margarine & Cheese (San Miguel Foods, Inc.) (PDPC and Star Dari Inc.) • Chicken volume up 6% • Volume up 1% • Feeds up 27% • Revenue up 4% to P2.48B • Revenue up 27% to P13.5B • Op. Inc. of P315M • Op. Inc. of P717M Processed Meats (San Mi
Slide 14: Pure Foods' entry reshaping the Food Business
Pure Foods’ entry reshaping the Food Business APRIL-DEC 2001 (in billion pesos) Sales Revenue P 12.3 B Operating Income P 1.15 B Net Income P 621 M
Slide 15: SMPP affected by intense competition
SMPP affected by intense competition PACKAGING GROUP (in billion pesos) 2001 2000 Change Sales Revenue P13.6 P13.5 1% Operating Income P 1.57 P 1.90 -17 % Volume Growth -2 % • Increase in power costs and peso depreciation • Competitive pressures from regional players limiting price movements
Slide 16: Balance Sheet remains strong despite economic slowdown
Balance Sheet remains strong despite economic slowdown λ Current Ratio at 1.62 vs 1.81 λ Debt to Equity Ratio at 0.92 (gross debt) λ Consolidated Assets increased by P10.6B to P163.6B