SAN MIGUEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

DECEMBER 31, 2022, 2021, 2020, 2019 AND 2018
(In Millions)

2022 2021 2020

ASSETS
Current Assets
Cash and cash equivalents ₱ 318,214 ₱ 300,030 ₱ 347,209
Trade and other receivables - net 238,782 161,808 124,369
Inventories 190,193 141,209 102,822
Current portion of biological assets - net 3,418 3,106 3,401
Prepaid expenses and other current assets 133,691 108,689 94,610
Total Current Assets 884,298 714,842 672,411
Noncurrent Assets
Investments and advances - net 32,523 55,002 50,495
Investment in equity and debt instruments 18,921 41,966 41,766
Property, plant and equipment - net 708,192 567,609 511,624
Right-of-use assets - net 112,067 163,364 169,208
Investment property - net 74,660 69,825 60,678
Biological assets - net of current portion 2,671 2,244 2,352
Goodwilll - net 184,100 130,081 129,733
Other intangibles assets - net 249,321 190,979 169,532
Deferred tax assets - net 22,554 17,141 20,946
Other noncurrent assets - net 102,518 98,600 83,462
Total Noncurrent Assets 1,507,527 1,336,811 1,239,796
TOTAL ASSETS ₱ 2,391,825 ₱ 2,051,653 ₱ 1,912,207

LIABILITIES AND EQUITY

Current Liabilities
Loans payable ₱ 267,704 ₱ 190,779 ₱ 140,645
Accounts payable and accrued expenses 227,126 194,579 153,249
Lease liabilities - current portion 21,020 23,423 25,759
Income and other taxes payable 37,694 23,102 20,998
Dividends payable 4,037 4,296 4,231
Current maturities of long-term debt - net of debt issue costs 170,032 88,857 74,502
Total Current Liabilities 727,613 525,036 419,384
Noncurrent Liabilities
Long-term debt - net of current maturities and debt issue costs 918,164 725,108 692,407
Lease liabilities - net of current portion 54,455 71,569 91,278
Deferred tax liabilities 26,297 28,742 27,749
Other noncurrent liabilities 26,144 19,959 26,301
Total Noncurrent Liabilities 1,025,060 845,378 837,735
Equity
Equity Attributable to Equity Holders of the Parent Company
Capital stock - common 16,443 16,443 16,443
Capital stock - preferred 10,187 10,187 10,187
Additional paid-in capital 177,719 177,719 177,719
Capital securities 24,211 28,171 28,171
Equity reserves 12,753 14,136 10,131
Retained earnings:
Appropriated 71,004 66,630 60,155
Unappropriated 129,239 157,707 162,204
Treasury stocks (156,763) (144,363) (110,146)
284,793 326,630 354,864
Non-controlling interests 354,359 354,609 300,224
Total Equity 639,152 681,239 655,088
TOTAL EQUITY AND LIABILITIES ₱ 2,391,825 ₱ 2,051,653 ₱ 1,912,207
SAN MIGUEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021, 2020, 2019 AND 2018
(In Millions, Except Per Share Data)

2022 2021 2020

SALES ₱ 1,506,591 ₱ 941,193 ₱ 725,797
COST OF SALES (1,288,086) (741,303) (573,868)
GROSS PROFIT 218,505 199,890 151,929
SELLING AND ADMINISTRATIVE EXPENSES (83,972) (77,991) (77,872)
INTEREST EXPENSE AND OTHER FINANCING CHARGES (60,795) (49,265) (52,035)
INTEREST INCOME 7,108 3,591 6,182
EQUITY IN NET EARNINGS OF ASSOCIATES AND JOINT VENTURES 1,197 1,040 417
GAIN (LOSS) ON SALE OF INVESTMENTS AND PROPERTY AND EQUIPMENT 733 167 (491)
OTHER INCOME (CHARGES) - Net (42,699) (11,480) 9,280
INCOME BEFORE INCOME TAX 40,077 65,952 37,410
INCOME TAX EXPENSE 13,317 17,793 15,531
NET INCOME ₱ 26,760 ₱ 48,159 ₱ 21,879
Attributable to:
Equity holders of the Parent Company ₱ (12,968) ₱ 13,925 ₱ 2,973
Non-controlling interests 39,728 34,234 18,906
₱ 26,760 ₱ 48,159 ₱ 21,879
Basic/Diluted Earnings (Loss) Per Common Share Attributable to Equity Holders
of the Parent Company ₱ (8.15) ₱ (2.48) ₱ 1.66

SAN MIGUEL CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
DECEMBER 31, 2020, 2021 AND 2022
(In Millions)

2022 2021 2020

NET INCOME ₱ 26,760 ₱ 48,159 ₱ 21,879
OTHER COMPREHENSIVE INCOME (LOSS)
Items that will not be reclassified to profit or loss
Remeasurement gain (loss) on net defined benefit retirement plan (8,158) 2,143 (357)
Income tax benefit (expense) 2,036 (1,084) 126
Net gain (loss) on financial assets at fair value through other comprehensive income 103 1 (172)
Income tax expense (15) (14) (1)
Share in other comprehensive income (loss) of associates and joint ventures - net 80 91 (135)
(5,954) 1,137 (539)
Items that may be reclassified to profit or loss
Net gain (loss) on exchange differences on translation of foreign operations 4,326 5,412 (4,448)
Net gain on financial assets at fair value through other comprehensive income - - 1
Net gain (loss) on cash flow hedges 383 268 (23)
Income tax benefit (expense) (106) (100) 5
Share in other comprehensive income (loss) of associates and joint ventures - net (242) (81) 3
4,361 5,499 (4,462)
OTHER COMPREHENSIVE INCOME (LOSS) - Net of tax (1,593) 6,636 (5,001)
TOTAL COMPREHENSIVE INCOME - Net of tax ₱ 25,167 ₱ 54,795 ₱ 16,878
Attributable to:
Equity holders of the Parent Company ₱ (14,189) ₱ 19,387 ₱ (816)
Non-controlling interests 39,356 35,408 17,694
₱ 25,167 ₱ 54,795 ₱ 16,878
SAN MIGUEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021, 2020, 2019 AND 2018
(In Millions)

Capital Stock
Common

As at January 1, 2022 ₱ 16,443

Gain on exchange differences on translation of foreign operations -

Share in other comprehensive income (loss) of associates - net -
Net gain on cash flow hedges -
Net gain on financial assets at fair value through other comprehensive income -
Remeasurement loss on defined benefit retirement plan -
Other comprehensive income (loss) -
Net income (loss) -
Total comprehensive income (loss) -
Redemption of Subseries "2-H" preferred shares -
Acquisition of a subsidiary -
Net addition (reduction) to non-controlling interests and others -
Appropriations - net -
Cash dividends and distributions:
Common -
Preferred -
Senior perpetual capital securities -
Redeemable perpetual securities -

As at December 31, 2022 ₱ 16,443

Capital Stock
Common

As at January 1, 2021 ₱ 16,443

Gain on exchange differences on translation of foreign operations -

Share in other comprehensive income (loss) of associates and joint ventures - net -
Net gain on cash flow hedges -
Net gain on financial assets at fair value through other comprehensive income -
Remeasurement loss on defined benefit retirement plan -
Other comprehensive income (loss) -
Net income (loss) -
Total comprehensive income (loss) -
Redemption of Subseries "2-C", Subseries "2-E" and Subseries "2-G" preferred shares -
Net addition (reduction) to non-controlling interests and others -
Appropriations - net -
Cash dividends and distributions:
Common -
Preferred -
Senior perpetual capital securities -
Redeemable perpetual securities -
Undated subordinated capital securities -

As at December 31, 2021 ₱ 16,443

Capital Stock
Common

As at January 1, 2020 ₱ 16,443

Loss on exchange differences on translation of foreign operations -

Share in other comprehensive income (loss) of associates and joint ventures - net -
Net gain (loss) on cash flow hedges -
Net loss on financial assets at fair value through other comprehensive income -
Remeasurement gain (loss) on defined benefit retirement plan -
Other comprehensive income (loss) -
Net income (loss) -
Total comprehensive income (loss) -
Issuance of capital securities -
Purchase and cancellation of redeemable perpetual securities -
Reissuance of treasury shares -
Redemption of Series "1" and Subseries "2-D" preferred shares -
Net addition (reduction) to non-controlling interests and others -
Appropriations - net -
Cash dividends and distributions:
Common -
Preferred -
Redeemable perpetual securities -
Senior perpetual capital securities -
Undated subordinated capital securities -

As at December 31, 2020 ₱ 16,443

 Capital Stock
Common

As at January 1, 2019, As previously reported (Audited) ₱ 16,443

Adjustments due to Philippine Financial Reporting Standards (PFRS) 16 and others -
As at January 1, 2019, As adjusted 16,443
Loss on exchange differences on translation of foreign operations -
Share in other comprehensive income (loss) of associates and joint ventures - net -
Net loss on cash flow hedges -
Net gain (loss) on financial assets at fair value through other comprehensive income -
Equity reserve for retirement plan -
Other comprehensive income (loss) -
Net income (loss) -
Total comprehensive income (loss) -
Redemption of series "2-B" preferred shares -
Net addition (reduction) to non-controlling interests and others -
Reversal of appropriations - net -
Cash dividends and distributions:
Common -
Preferred -
Undated subordinated capital securities -
Senior perpetual capital securities -

As at December 31, 2019 ₱ 16,443

Capital Stock
Common

As at January 1, 2018, As adjusted ₱ 16,435

Gain on exchange differences on translation of foreign operations -

Share in other comprehensive income (loss) of associates and joint ventures - net -
Net loss on cash flow hedges -
Net gain (loss) on financial assets at fair value through other comprehensive income -
Equity reserve for retirement plan -
Other comprehensive income (loss) -
Net income (loss) -
Total comprehensive income (loss) -
Issuance of common shares 8
Net addition (reduction) to non-controlling interests and others -
Appropriations - net -
Cash dividends and distributions:
Common -
 Preferred -
Undated subordinated capital securities -
Senior perpetual capital securities -

As at December 31, 2018 ₱ 16,443

 Equity Attributable
Capital Securities
Senior
Additional Perpetual Redeemable Reserve for
Capital Stock Paid-in Capital Perpetual Retirement
Preferred Capital Securities Securities Plan

₱ 10,187 ₱ 177,719 ₱ 24,211 ₱ 3,960 ₱ (4,137)

- - - - -
- - - - 76
- - - - -
- - - - -
- - - - (5,194)
- - - - (5,118)
- - - - -
- - - - (5,118)
- - - - -
- - - (3,960) -
- - - - (1)
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -

₱ 10,187 ₱ 177,719 ₱ 24,211 ₱ - ₱ (9,256)

Equity Attributable
Capital Securities
Senior
Additional Perpetual Redeemable Reserve for
Capital Stock Paid-in Capital Perpetual Retirement
Preferred Capital Securities Securities Plan

₱ 10,187 ₱ 177,719 ₱ 24,211 ₱ 3,960 ₱ (5,102)

- - - - -
- - - - 101
- - - - -
- - - - -
- - - - 896
- - - - 997
 - - - - -
- - - - 997
- - - - -
- - - - (32)
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

₱ 10,187 ₱ 177,719 ₱ 24,211 ₱ 3,960 ₱ (4,137)

Equity Attributable
Capital Securities
Senior
Additional Perpetual Redeemable Reserve for
Capital Stock Paid-in Capital Perpetual Retirement
Preferred Capital Securities Securities Plan

₱ 10,187 ₱ 177,938 ₱ - ₱ - ₱ (4,850)

- - - - -
- - - - (69)
- - - - -
- - - - -
- - - - (252)
- - - - (321)
- - - - -
- - - - (321)
- - 24,211 14,662 -
- - - (10,702) -
- (219) - - -
- - - - -
- - - - 69
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

₱ 10,187 ₱ 177,719 ₱ 24,211 ₱ 3,960 ₱ (5,102)

Equity Attributable
Capital Securities
 Senior
Additional Perpetual Redeemable Reserve for
Capital Stock Paid-in Capital Perpetual Retirement
Preferred Capital Securities Securities Plan

₱ 10,187 ₱ 177,938 ₱ - ₱ - ₱ (2,990)

- - - - -
10,187 177,938 - - (2,990)
- - - - -
- - - - (113)
- - - - -
- - - - -
- - - - (1,713)
- - - - (1,826)
- - - - -
- - - - (1,826)
- - - - -
- - - - (34)
- - - - -

- - - - -
- - - - -
- - - - -
- - - - -

₱ 10,187 ₱ 177,938 ₱ - ₱ - ₱ (4,850)

Equity Attributable
Capital Securities
Senior
Additional Perpetual Redeemable Reserve for
Capital Stock Paid-in Capital Perpetual Retirement
Preferred Capital Securities Securities Plan

₱ 10,187 ₱ 177,750 ₱ - ₱ - ₱ (2,664)

- - - - -
- - - - 9
- - - - -
- - - - -
- - - - (469)
- - - - (460)
- - - - -
- - - - (460)
- 188 - - -
- - - - 134
- - - - -

- - - - -
 - - - - -
- - - - -
- - - - -

₱ 10,187 ₱ 177,938 ₱ - ₱ - ₱ (2,990)

Equity Attributable to Equity Holders of the Parent Company

Equity Reserves
Other
Hedging Fair Value Translation Equity Retained Earnings
Reserve Reserve Reserve Reserve Appropriated

₱ (534) ₱ 269 ₱ 2,265 ₱ 16,273 ₱ 66,630

- - 3,802 - -
- (237) (10) - -
260 - - - -
- 82 - - -
- - - - -
260 (155) 3,792 - -
- - - - -
260 (155) 3,792 - -
- - - - -
- - - - -
- - (416) 255 -
- - - - 4,374

- - - - -
- - - - -
- - - - -
- - - - -

₱ (274) ₱ 114 ₱ 5,641 ₱ 16,528 ₱ 71,004

Equity Attributable to Equity Holders of the Parent Company

Equity Reserves
Other
Hedging Fair Value Translation Equity Retained Earnings
Reserve Reserve Reserve Reserve Appropriated

₱ (654) ₱ 383 ₱ (2,218) ₱ 17,722 ₱ 60,155

- - 4,455 - -
- (96) 1 - -
120 - - - -
- (15) - - -
- - - - -
120 (111) 4,456 - -
 - - - - -
120 (111) 4,456 - -
- - - - -
- (3) 27 (1,449) -
- - - - 6,475

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

₱ (534) ₱ 269 ₱ 2,265 ₱ 16,273 ₱ 66,630

Equity Attributable to Equity Holders of the Parent Company

Equity Reserves
Other
Hedging Fair Value Translation Equity Retained Earnings
Reserve Reserve Reserve Reserve Appropriated

₱ (614) ₱ 548 ₱ 982 ₱ 18,324 ₱ 56,689

- - (3,211) - -
- 7 (53) - -
(40) - - - -
- (171) - - -
- - - - -
(40) (164) (3,264) - -
- - - - -
(40) (164) (3,264) - -
- - - - -
- - - - -
- - - - -
- - - - -
- (1) 64 (602) (2,795)
- - - - 6,261

- - - - -
- - - - -
- - - - -
- - - - -
- - - - -

₱ (654) ₱ 383 ₱ (2,218) ₱ 17,722 ₱ 60,155

Equity Attributable to Equity Holders of the Parent Company

 Equity Reserves
Other
Hedging Fair Value Translation Equity Retained Earnings
Reserve Reserve Reserve Reserve Appropriated

₱ (173) ₱ 514 ₱ 3,239 ₱ 20,923 ₱ 72,820

- - - - -
(173) 514 3,239 20,923 72,820
- - (2,261) - -
- 77 4 - -
(441) - - - -
- (43) - - -
- - - - -
(441) 34 (2,257) - -
- - - - -
(441) 34 (2,257) - -
- - - - -
- - - (2,599) 196
- - - - (16,327)

- - - - -
- - - - -
- - - - -
- - - - -

₱ (614) ₱ 548 ₱ 982 ₱ 18,324 ₱ 56,689

Equity Attributable to Equity Holders of the Parent Company

Equity Reserves
Other
Hedging Fair Value Translation Equity Retained Earnings
Reserve Reserve Reserve Reserve Appropriated

₱ - ₱ 533 ₱ 2,748 ₱ (5,160) ₱ 66,890

- - 501 - -
- (53) 22 - -
(173) - - - -
- 34 - - -
- - - - -
(173) (19) 523 - -
- - - - -
(173) (19) 523 - -
- - - - -
- - (32) 26,083 (1,308)
- - - - 7,238

- - - - -
 - - - - -
- - - - -
- - - - -

₱ (173) ₱ 514 ₱ 3,239 ₱ 20,923 ₱ 72,820

 Non-
Retained Earnings Treasury Stock Controlling
Unappropriated Common Preferred Total Interests

₱ 157,707 ₱ (67,093) ₱ (77,270) ₱ 326,630 ₱ 354,609

- - - 3,802 524
- - - (171) 9
- - - 260 17
- - - 82 6
- - - (5,194) (928)
- - - (1,221) (372)
(12,968) - - (12,968) 39,728
(12,968) - - (14,189) 39,356
- - (12,300) (12,300) -
- - (100) (4,060) -
(1,339) - - (1,501) (7,527)
(4,374) - - - -

(3,337) - - (3,337) (11,097)

(4,293) - - (4,293) (1,544)
(1,957) - - (1,957) (19,438)
(200) - - (200) -

₱ 129,239 ₱ (67,093) ₱ (89,670) ₱ 284,793 ₱ 354,359

Non-
Retained Earnings Treasury Stock Controlling
Unappropriated Common Preferred Total Interests

₱ 162,204 ₱ (67,093) ₱ (43,053) ₱ 354,864 ₱ 300,224

- - - 4,455 957
- - - 6 4
- - - 120 48
- - - (15) 2
- - - 896 163
- - - 5,462 1,174
 13,925 - - 13,925 34,234
13,925 - - 19,387 35,408
- - (34,217) (34,217) -
(604) - - (2,061) 47,009
(6,475) - - - -

(3,337) - - (3,337) (10,170)

(6,002) - - (6,002) (2,400)
(1,804) - - (1,804) (14,806)
(200) - - (200) -
- - - - (656)

₱ 157,707 ₱ (67,093) ₱ (77,270) ₱ 326,630 ₱ 354,609

Non-
Retained Earnings Treasury Stock Controlling
Unappropriated Common Preferred Total Interests

₱ 173,092 ₱ (67,093) ₱ (49,190) ₱ 332,456 ₱ 241,939

- - - (3,211) (1,237)
- - - (115) (17)
- - - (40) 22
- - - (171) (1)
- - - (252) 21
- - - (3,789) (1,212)
2,973 - - 2,973 18,906
2,973 - - (816) 17,694
- - - 38,873 -
(108) - - (10,810) -
- - 33,793 33,574 -
- - (27,656) (27,656) -
2,135 - - (1,130) 62,586
(6,261) - - - -

(3,337) - - (3,337) (9,967)

(6,052) - - (6,052) (1,915)
(238) - - (238) -
- - - - (8,666)
- - - - (1,447)

₱ 162,204 ₱ (67,093) ₱ (43,053) ₱ 354,864 ₱ 300,224

 Non-
Retained Earnings Treasury Stock Controlling
Unappropriated Common Preferred Total Interests

₱ 148,345 ₱ (67,093) ₱ (42,408) ₱ 337,745 ₱ 174,202

(1,588) - - (1,588) (834)
146,757 (67,093) (42,408) 336,157 173,368
- - - (2,261) (867)
- - - (32) 7
- - - (441) (46)
- - - (43) 3
- - - (1,713) (698)
- - - (4,490) (1,601)
21,329 - - 21,329 27,245
21,329 - - 16,839 25,644
- - (6,782) (6,782) -
(797) - - (3,234) 63,127
16,327 - - - -

(3,337) - - (3,337) (11,161)

(7,187) - - (7,187) (2,426)
- - - - (3,183)
- - - - (3,430)

₱ 173,092 ₱ (67,093) ₱ (49,190) ₱ 332,456 ₱ 241,939

Non-
Retained Earnings Treasury Stock Controlling
Unappropriated Common Preferred Total Interests

₱ 143,014 ₱ (67,093) ₱ (42,408) ₱ 300,232 ₱ 170,836

- - - 501 958
- - - (22) 24
- - - (173) (23)
- - - 34 (3)
- - - (469) 99
- - - (129) 1,055
23,077 - - 23,077 25,571
23,077 - - 22,948 26,626
- - - 196 -
145 - - 25,022 (4,592)
(7,238) - - - -

(3,336) - - (3,336) (10,118)

 (7,317) - - (7,317) (1,495)
- - - - (6,177)
- - - - (878)

₱ 148,345 ₱ (67,093) ₱ (42,408) ₱ 337,745 ₱ 174,202

 Total Equity

₱ 681,239

4,326
(162)
277
88
(6,122)
(1,593)
26,760
25,167
(12,300)
(4,060)
(9,028)
-
-
(14,434)
(5,837)
(21,395)
(200)

₱ 639,152

Total Equity

₱ 655,088

5,412
10
168
(13)
1,059
6,636
 48,159
54,795
(34,217)
44,948
-

(13,507)
(8,402)
(16,610)
(200)
(656)

₱ 681,239

Total Equity

₱ 574,395

(4,448)
(132)
(18)
(172)
(231)
(5,001)
21,879
16,878
38,873
(10,810)
33,574
(27,656)
61,456
-

(13,304)
(7,967)
(238)
(8,666)
(1,447)

₱ 655,088
 Total Equity

₱ 511,947
(2,422)
509,525
(3,128)
(25)
(487)
(40)
(2,411)
(6,091)
48,574
42,483
(6,782)
59,893
-

(14,498)
(9,613)
(3,183)
(3,430)

₱ 574,395

Total Equity

₱ 471,068

1,459
2
(196)
31
(370)
926
48,648
49,574
196
20,430
-

(13,454)
 (8,812)
(6,177)
(878)

₱ 511,947
SAN MIGUEL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2022, 2021, 2020, 2019 AND 2018
(In Millions)

2022 2021 2020

CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax ₱ 40,077 ₱ 65,952 ₱ 37,410
Adjustment for:
Depreciation, amortization and others - net 70,102 46,467 27,723
Interest expense and other financing charges 60,795 49,265 52,035
Interest income (7,108) (3,591) (6,182)
Equity in net earnings of associates and joint ventures (1,197) (1,040) (417)
Loss (gain) on sale of investments and property and equipment (733) (167) 491
Operating income before working capital changes 161,936 156,886 111,060
Changes in noncash current assets, certain liabilities and others (93,769) (43,608) 12,823
Cash generated from operations 68,167 113,278 123,883
Interest and other financing charges paid (60,910) (48,612) (54,909)
Income taxes paid (19,650) (14,528) (16,042)
Net cash flows provided by (used in) operating activities (12,393) 50,138 52,932
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of subsidiaries, net of cash and cash equivalents acquired (97,204) - -
Additions to property, plant and equipment (75,986) (74,421) (60,629)
Additions to intangible assets (58,162) (26,007) (16,618)
Additions to investments in equity and debt instruments (12,937) (6,101) (70)
Additions to advances to contractors and suppliers (11,449) (16,067) (4,855)
Decrease (increase) in other noncurrent assets and others (6,330) (7,053) 358
Additions to investment property (4,415) (6,546) (8,711)
Additions to investments and advances (2,432) (5,223) (4,001)
Proceeds from the redemption and disposal of investments in equity and debt instruments 35,454 6,509 108
Collection of advances for investment 22,870 - -
Interest received 5,973 3,313 6,402
Dividends received 2,452 2,674 1,344
Proceeds from disposal of subsidiaries, net of cash and cash equivalents disposed of 385 - -
Proceeds from sale of property and equipment 253 1,350 912
Cash and cash equivalents of a consolidated/deconsolidated subsidiary - - 1,053
Net cash flows used in investing activities (201,528) (127,572) (84,707)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from:
Short-term borrowings 1,148,669 760,746 813,187
Long-term borrowings 353,451 140,777 160,437
Payments of:
Short-term borrowings (1,074,087) (711,147) (841,775)
Long-term borrowings (115,948) (113,419) (58,913)
Cash dividends and distributions paid to non-controlling shareholders (32,443) (27,555) (21,777)
Payments of lease liabilities (26,031) (26,151) (24,825)
Redemption of preferred shares (12,300) (34,217) (27,656)
Cash dividends and distributions paid (9,680) (11,755) (9,731)
Repurchase and redemption of capital securities and preferred shares of subsidiaries (4,703) (17,459) (15,000)
Decrease in non-controlling interests' share in the net assets of subsidiaries and others (2,630) (623) (1,526)
Net proceeds from issuance of capital securities and preferred shares of subsidiaries - 61,899 67,799
Net proceeds from reissuance of treasury shares - - 33,588
Net proceeds from issuance of capital securities - - 28,171
Proceeds from follow-on offering of common shares of a subsidiary - - -
Proceeds from issuance of capital stock - - -
Net cash flows provided by financing activities 224,298 21,096 101,979
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 7,807 9,159 (9,452)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 18,184 (47,179) 60,752
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 300,030 347,209 286,457
CASH AND CASH EQUIVALENTS AT END OF YEAR ₱ 318,214 ₱ 300,030 ₱ 347,209
1 1 1
SAN MIGUEL CORPORATION AND SUBSIDIARIES
FINANCIAL RATIOS
FOR THE YEAR ENDED DECEMBER 31, 2022, 2021, 2020, 2019 AND 2018

2022 2021 2020

LIQUIDITY RATIOS
Current Ratio 1.22 1.36 1.60
Quick or Acid-test Ratio 0.77 0.88 1.12
SOLVENCY RATIOS/DEBT MANAGEMENT RATIOS
Debt-to-Equity Ratio 2.74 2.01 1.92
Asset-to-Equity Ratio 3.74 3.01 2.92
Debt Ratio 0.73 0.67 0.66
Interest Coverage Ratio 1.66 2.34 1.72
ASSET MANAGEMENT RATIOS
Inventory Turnover Ratio -6.77 -5.25 -5.58
Days Sales Outstanding 57.85 62.75 62.54
Average Payables Period -64.36 -95.81 -97.47
Fixed Assets Turnover Ratio 2.13 1.66 1.42
Total Assets Turnover Ratio 0.63 0.46 0.38
PROFITABILITY RATIOS
Return on Average Equity Attributable to Equity Holders of the Parent Company -4.24% 4.09% 0.87%
Return on Assets 1.20% 2.43% 1.17%
Return on Total Assets -0.54% 0.68% 0.16%
Net Profit Margin -0.86% 1.48% 0.41%
Operating Profit Margin 6.70% 12.24% 12.32%
Gross Profit Margin 14.50% 21.24% 20.93%
Basic Earning Power (BEP) 4.22% 5.62% 4.68%
MARKET VALUE RATIOS
Book Value per share 6.90 6.90 6.90
Market/Book Ratio 10.87 10.87 10.87
Price/Earnings Ratio -9.20 -30.24 45.18
Price/Cash Flow -10.72 4.05 3.81