UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(In millions)

2023 2022
ASSETS
Current Assets
Cash and cash equivalent 12,187,507,197.00 13,251,218,657.00
Financial assets at fair value through profit or loss 1,002,776,456.00 834,807,019.00
Receivables 22,870,122,822.00 21,955,634,905.00
Inventories 45,858,673,170.00 38,064,661,840.00
Biological Assets 111,278,386.00 205,303,346.00
Other current assets 7,476,335,534.00 5,843,068,721.00
Total Current Assets 89,506,693,565.00 80,154,694,488.00

Noncurrent Assets
Property, plant and equipment 62,410,460,542.00 60,117,371,432.00
Right-of-use assets 1,302,666,055.00 2,001,572,293.00
Biological assets 160,655,341.00 205,740,429.00
Goodwill 18,479,756,391.00 19,363,084,093.00
Intangible assets 5,186,976,216.00 4,864,394,301.00
Investments in joint ventures 99,348,953.00 138,060,136.00
Deferred tax assets 969,017,202.00 450,002,299.00
Other noncurrent assets 2,186,125,453.00 2,658,709,936.00
Total Noncurrent Assets 90,795,006,153.00 89,798,934,919.00
TOTAL ASSETS 180,301,699,718.00 169,953,629,407.00

LIABILITIES AND EQUITY

Current Liabilities
Accounts payable and other accrued liabilities 29,653,791,359.00 25,480,972,213.00
Current portion of long-term debt - -
Short-term debt 16,516,814,596.00 11,762,287,539.00
Trust receipts payable 10,172,836,289.00 11,457,712,536.00
Income tax payable 594,196,429.00 426,388,653.00
Lease liabilities-current portion 180,306,646.00 273,499,481.00
Total Current Liabilities 57,117,945,319.00 49,400,860,422.00

Noncurrent Liabilities
Long-term debts - -
Deferred tax liabilities 2,124,257,609.00 2,161,335,900.00
Lease liabilities-net of current portion 1,262,261,490.00 2,001,355,296.00
Net pension liability 1,305,372,148.00 419,736,694.00
Other noncurrent liabilities
Total Noncurrent Liabilities 4,691,891,247.00 4,582,427,890.00
Total Liabilities 61,809,836,566.00 53,983,288,312.00

Equity
Equity attributable to equity holders of the parent
Paid-up capital 23,422,134,732.00 23,422,134,732.00
Retained Earnings 99,509,790,832.00 95,304,192,226.00
Other comprehensive income 3,702,389,026.00 5,333,718,849.00
Equity reserves (5,077,957,067.00) (5,062,245,488.00)
Treasury Shares (3,776,894,316.00) (3,652,109,120.00)
117,779,463,207.00 115,345,691,199.00
Equity attributable to non-controlling interest 712,399,945.00 624,649,896.00
Total Equity 118,491,863,152.00 115,970,341,095.00
TOTAL LIABILITIES AND EQUITY 180,301,699,718.00 169,953,629,407.00
- -
ES
N

2021 2020

16,957,684,321.00 18,865,392,462.00
513,705,225.00 426,510,677.00
16,766,426,332.00 16,596,264,658.00
28,446,987,863.00 26,254,330,867.00
132,144,916.00 99,919,468.00
4,517,854,573.00 3,320,420,392.00
67,334,803,230.00 65,562,838,524.00

55,881,358,761.00 58,989,613,043.00
2,215,167,047.00 6,015,980,376.00
166,105,594.00 134,331,929.00
21,271,723,229.00 31,194,495,817.00
1,820,637,714.00 11,599,843,220.00
55,228,221.00 386,494,519.00
447,528,495.00 555,135,378.00
3,464,267,621.00 1,756,197,461.00
85,322,016,682.00 110,632,091,743.00
152,656,819,912.00 176,194,930,267.00

22,578,884,570.00 24,831,836,720.00
- 17,838,897,236.00
7,808,029,451.00 2,668,790,196.00
8,106,662,079.00 7,454,089,371.00
288,842,084.00 392,320,487.00
245,682,038.00 481,895,880.00
39,028,100,222.00 53,667,829,890.00

- 13,498,653,900.00
1,242,693,511.00 3,800,923,112.00
2,235,085,558.00 6,196,660,683.00
- -
383,206,789.00 1,246,700,748.00
3,860,985,858.00 24,742,938,443.00
42,889,086,080.00 78,410,768,333.00
 23,422,134,732.00 23,422,134,732.00
88,907,647,831.00 70,448,067,424.00
3,266,429,260.00 1,734,016,815.00
(5,075,466,405.00) (2,665,824,256.00)
(1,099,761,235.00) (679,489,868.00)
109,420,984,183.00 92,258,904,847.00
346,749,649.00 5,525,257,087.00
109,767,733,832.00 97,784,161,934.00
152,656,819,912.00 176,194,930,267.00
- -
UNIVERSAL ROBINA CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME

2023 2022
CONTINUING OPERATIONS
Sale of Goods and Services 158,366,708,572.00 149,903,643,832.00
Cost of Sales 115,359,155,729.00 110,686,464,075.00
Gross Profit 43,007,552,843.00 39,217,179,757.00
Selling and distribution costs 20,341,961,847.00 18,608,820,271.00
General and administrative expenses 5,313,363,527.00 5,384,755,135.00
Operating Income 17,352,227,469.00 15,223,604,351.00
Finance costs (1,587,829,757.00) (806,175,065.00)
Finance revenue 330,038,326.00 295,018,267.00
Equity in net losses of joint ventures (287,249,905.00) (378,967,690.00)
Net foreign exchange gains 262,146,849.00 383,483,794.00
Provision for credit and impairment losses (235,885,792.00) (327,038,490.00)
Market valuation gain - Financial Assets 172,313,735.00 70,404,256.00
Other income /(losses) (320,993,286.00) 3,011,156,673.00
Income Before Tax From Continuing Operations 15,684,767,639.00 17,471,486,096.00
Provision for Income Taxes 2,980,167,769.00 3,000,198,031.00
Net Income from Continuing Operations 12,704,599,870.00 14,471,288,065.00
Net Income after Tax From Discontinued Operations - -
Net Income 12,704,599,870.00 14,471,288,065.00

Earnings per share 5.55 6.39

Share price 123.40 137.00
 2021 2020

116,954,788,444.00 113,161,785,302.00
83,489,653,157.00 78,573,438,418.00
33,465,135,287.00 34,588,346,884.00
16,082,615,159.00 16,159,980,873.00
4,666,125,109.00 4,531,919,017.00
12,716,395,019.00 13,896,446,994.00
(573,284,799.00) (661,728,977.00)
255,372,110.00 323,640,769.00
(91,077,671.00) (61,973,952.00)
346,265,153.00 (504,164,262.00)
(572,219,061.00) (32,583,003.00)
87,194,548.00 136,239,105.00
2,375,334,123.00 (618,541,378.00)
14,543,979,422.00 12,477,335,296.00
1,578,671,226.00 1,973,205,320.00
12,965,308,196.00 10,504,129,976.00
11,280,571,602.00 1,120,472,734.00
24,245,879,798.00 11,624,602,710.00

10.58 4.88
126.86
 SAN MIGUEL FOOD AND BEVERAGE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
in millions
2023 2022
ASSETS

Current Assets
Cash and cash equivalents 57,007.00 41,099.00
Trade and other receivables 25,869.00 22,110.00
Inventories 43,096.00 60,746.00
Current portion of biological assets 3,515.00 3,418.00
Prepaid expenses and other current assets 6,216.00 5,412.00
Assets held for sale 186.00 172.00
Total Current Assets 135,889.00 132,957.00

Non-current Assets
Investments - net 17,128.00 17,143.00
Property, plant and equipment-net 118,000.00 106,611.00
Rights of use asset-net 4,633.00 5,171.00
Investment property-net 3,537.00 3,638.00
Biological assets-net of current portion 2,667.00 2,671.00
Goodwill 996.00 996.00
Other intangible assets 39,444.00 39,365.00
Deferred tax assets 3,209.00 2,510.00
Other noncurrent assets 30,272.00 28,416.00
Total Noncurrent Assets 219,886.00 206,521.00
355,775.00 339,478.00

LIABILITIES AND EQUITY

Current Liabilities
Loans payable 14,684.00 21,055.00
Trade payables and other current liabilities 65,288.00 62,536.00
Lease liabilties-current portion 418.00 432.00
Income and other taxes payable 9,668.00 5,474.00
Dividends payable 79.00 67.00
Current maturities of long term debt 12,871.00 506.00
Total Current Liabilities 103,008.00 90,070.00

Noncurrent Liabilities
Noncurrent portion of long term debt 69,939.00 77,733.00
Deferred tax liabilities 26.00 23.00
Lease liabilities 4,758.00 5,041.00
Other noncurrent liabilites 8,929.00 7,538.00
Total Noncurrent Liabilities 83,652.00 90,335.00
Equity
Equity Attributable to Equity Holders of the Parent Company
Capital stock 6,251.00 6,251.00
Additional paid-in capital 366,620.00 366,620.00
Equity adjustments from common control transactions (327,793.00) (327,793.00)
Equity reserves (2,094.00) (836.00)
Retained Earnings
Appropriated 45,392.00 31,366.00
Unappropriated 50,996.00 57,860.00
Treasury stock (30,182.00) (30,182.00)
109,190.00 103,286.00
Noncontrolling Interests 59,925.00 55,787.00
Total Equity 169,115.00 159,073.00
355,775.00 339,478.00

Capital stock:
common 5,951.00 5,951.00
Preferred 300.00 300.00
Par value of common stock 1.00 1.00
Share Price 50.50 39.60
Basic and Diluted earnings per share 3.91 3.77
Dividends paid (in millions) 26,378.00 21,379.00
 SAN MIGUEL FOOD AND BEVERAGE, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
in millions
2023 2022 2021
Sales 379,822.00 358,853.00 309,778.00
Cost of Sales 279,222.00 261,480.00 219,306.00
Gross Profit 100,600.00 97,373.00 90,472.00
Selling and administrative expense (52,189.00) (48,662.00) (46,777.00)
Interest expenses and Finance charges (4,752.00) (3,538.00) (3,360.00)
Interest Income 3,067.00 821.00 468.00
Gain/(loss) on sale of Investments and PPE (2.00) (2.00) 196.00
Other income/(charges) 3,154.00 (223.00) (197.00)
Income before income tax 49,878.00 45,769.00 40,802.00
Income tax expense 11,773.00 11,104.00 9,385.00
Net Income 38,105.00 34,665.00 31,417.00

Earnings per share 3.91 3.77 3.35

Share Price 50.50 39.60