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San Miguel Corporation

Financial Statement Analysis


(2015-2016)
Presented by:
Formentera, Sr. Jeanette
Lubas, Gerard
Objective
The objective of the report
is to study the financial analysis
of San Miguel Corporation
during the year 2015 and 2016
to evaluate and forecast its
financial health.
Company San Miguel Corp is engaged
description: in the production, processing &
marketing of beverage, food &
packaging products, power
generation and distribution,
mining, fuel and oil,
infrastructure,
telecommunications &
management & development of
real estate properties.
Summary
Products
Core Business:
⊸ Beverage
⊸ Food
⊸ Real Estate
Packaging
⊸ Glass
⊸ Metal
⊸ Plastics
⊸ PET
⊸ Paper
⊸ Flexibles
Products
New Business:
⊸ Fuel and Oil
⊸ Energy
⊸ Infrastructure
⊸ Banking
Operated through Major Subsidiaries

⊸ San Miguel Foods, Inc.


⊸ San Miguel Mills, Inc.
⊸ The Purefoods-Hormel Company, Inc
⊸ Magnolia, Inc
⊸ San Miguel Super Coffee mix Co., Inc.
⊸ PT San Miguel Pure Foods Indonesia
⊸ San Miguel Pure Foods Investment Limited
⊸ San Miguel Pure Foods International, Limited
Competitors
⊸ SM Brewery INC:
I. AB Heineken Philippines
⊸ Ginebra San Miguel Inc:
I. Tanduay Distillers, Inc.
II. Emperador Distillers, Inc.
III. Distilera Limtuanco Inc.
⊸ SM Pure Foods Company Inc.
I. Univet Nutrition and Animal Healthcare Co.
II. Universal Robina Corporation
III. Pilmico Foods
Financial Statement Analysis
Income Statement In Millions
2015
2016 As restated
SALES P685,314 P672,243
COST OF SALES 514,021 532,067
GROSS PROFIT 171,293 140,176
SELLING AND ADMINISTRATIVE
EXPENSES (71,639) (59,627)
INTEREST EXPENSE AND
OTHER FINANCING
CHARGES (34,803) (32,518)
INTEREST INCOME 3,693 4,286
EQUITY IN NET EARNINGS
(LOSSES) OF ASSOCIATES AND
JOINT VENTURES 203 (120)
GAIN (LOSS) ON SALE OF
INVESTMENTS AND
PROPERTY AND EQUIPMENT 154 (79)
OTHER INCOME
(CHARGES) - Net (11,426) (6,506)
INCOME BEFORE
INCOME TAX
57,475 45,612
OTHER INCOME
Income Statement (Contd.)
(CHARGES) - Net (11,426) (6,506)
INCOME BEFORE
INCOME TAX In Millions
57,475 45,612
INCOME TAX EXPENSE 17,053 16,781
INCOME FROM CONTINUING
OPERATIONS
40,422 28,831
INCOME (LOSS) AFTER INCOME
TAX FROM DISCONTINUED
OPERATIONS 11,818 162
NET INCOME P52,240 P28,993

Attributable to:
Equity holders of the Parent
Company P29,289 P12,448
Non-controlling interests 22,951 16,545
INCOME FROM CONTINUING
OPERATIONS
Income Statement
INCOME (LOSS) AFTER INCOME
(Contd.) 40,422 28,831

TAX FROM DISCONTINUED


OPERATIONS 11,818 In Millions 162
NET INCOME P52,240
2016 P28,993
2015
Attributable to:
Equity holders of the Parent
Company P29,289 P12,448
Non-controlling interests 22,951 16,545
P52,240 P28,993

Earnings Per Common


Share from Continuing
Operations Attributable to
Equity Holders of the
Parent Company
Basic P4.49 P2.50
Diluted 4.49 2.49
Balance Sheet / SFP In Millions
2016 2015
ASSAETS
Current Assets:
Cash and cash equivalents P203,153 P180,758
Trade and other receivables (net) 114,525 100,727
Inventories 83,241 64,148
Current portion of Biological Assets (net) 3,122 3,319
Prepaid expenses and other current assets 75,202 73,659
Total 479,243 422,611
Assets held for sale 184 -

Total Current Assets P479,427 P422,611


Balance Sheet / SFP (Contd.) In Millions
2016 2015
Noncurrent Assets:
Investments and advances (net) P 32,512 P26,929
Available-for-sale Financial Assets 42,068 41,546
Property, Plant and Equipment (net) 504,711 497,352
Investment Property (net) 7,295 4,746
Biological Assets (net of current portion) 2,263 2,177
Goodwill (net) 58,113 58,603
Other Intangible Assets (net) 125,165 139,969
Deferred Tax Assets 20,267 16,441
Other Noncurrent Assets (net) 35,003 35,648
Total Noncurrent Assets 827,397 823,411

Total Assets P1,306,824 P1,246,022


Balance Sheet / SFP (Contd.) In Millions
2016 2015
LIABILITIES AND EQUITY
Current Liabilities:
Loans payable P189,277 P146,859
Accounts payable and accrued expenses 121,602 102,836
Finance Lease Liabilities-current portion 16,392 16,567
Income and other Taxes Payable 16,967 13,907
Dividends payable 3,992 1,996
Current Maturities of long-term debt (net of
Debt issue costs) 31,378 37,554

Total Current Liabilities P379,608 P319,719


Balance Sheet / SFP (Contd.)
In Millions
Noncurrent Liabilities
2016 2015

Long-term debt - net of current maturities and debt


issue costs P297,222 P330,823
Deferred tax liabilities 17,229 15,329

Finance lease liabilities - net of current portion

153,848 162,713
Other noncurrent liabilities 22,136 32,561

Total Noncurrent Liabilities 490,435 541,426

Total Liabilities P870,043 P861,145


Balance Sheet / SFP (Contd.) In Millions
Equity 2016 2015
Equity Attributable to Equity
Holders of the Parent Company Capital stock - common 16,425 16,417
Capital stock - preferred 10,187 10,187
Additional paid-in capital 177,641 177,871
Equity reserves (7,700) (3,619)
Retained earnings: Appropriated 56,906 48,927
Unappropriated 135,984 127,855
Treasury stock (109,501) (139,501)
Total Equity Attributable to Equity Holders of the Parent Com 279,942 238,137
Non-controlling Interests 156,839 146,740
Total Equity 436,781 384,877

Total Liabilities and Equity P1,306,824 P1,246,022


BALANCE SHEET (SUMMARY)
SAN MIGUEL COPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2016 AND 2015
(IN MILLIONS)

2016 2015 AMOUNT PERCENT


ASSETS
CURRENT ASSETS 479,427.00 422,611.00 56,816.00 11.85
NONCURRENT ASSETS 827,397.00 823,411.00 3,986.00 1.48
TOTAL ASSETS 1,306,824.00 1,246,022.00 60,802.00 4.65

LIABILITIES AND EQUITY


CURRENT LIABILITIES 379,608.00 319,719.00 59,889.00 15.77
NONCURRENT LIABILITIES 490,435.00 541,426.00 (50,991.00) -10.39
EQUITY 436,781.00 384,877.00 51,904.00 11.88

TOTAL LIABILITES AND EQUITY 1,306,824.00 1,246,022.00 60,802.00 4.65


Horizontal Analysis
Income Statement
SALES

2016 2015 INCREASE/ PERCENT


DECREASE
685,314 672,243 13,071 1.90
COST OF SALES

2016 2015 INCREASE/ PERCENT


DECREASE
514,021 532,067 (18,046) (3.51)
SELLING AND ADMINISTRATIVE
EXPENSE
2016 2015 INCREASE/ PERCENT
DECREASE
(71,639) (59,627) 12,012 16.76
INTEREST EXPENSE AND
OTHER FINANCING CHARGES
2016 2015 INCREASE/ PERCENT
DECREASE
(34,803) (32,518) 2,285 6.56
EQUITY IN NET EARNINGS(LOSSES)
OF ASSOCIATE IN JOINT VENTURE
2016 2015 INCREASE/ PERCENT
DECREASE
203 (120) 83 40.88
GAIN(LOSES) ON SALE OF
INVESTMENT AND PROPERTY

2016 2015 INCREASE/ PERCENT


DECREASE
154 (79) 75 48.70
OTHER INCOME/CHARGES
2016 2015 INCREASE/ PERCENT
DECREASE
(11,426) (6,506) 4,920 43.05
INCOME BEFORE INCOME TAX AND
INCOME TAX EXPENSE
2016 2015 INCREASE/ PERCENT
DECREASE

INCOME BEFORE 57,475 45,612 11,863 20.64


INCOME TAX
INCOME TAX 17,053 16,791 262 1.53
EXPENSE
INCOME FROM 40,422 28,831 11,591 28.67
CONTINUING
OPERATIONS
INCOME AFTER 11,818 162 11656 98.62
INCOME TAX FROM
DISCONTINUED
OPERATIONS
NET INCOME 52,240 28,993 23,247
INCOME(LOSS) AFTER INCOME TAX
FROM DISCONTINUED OPERATIONS
2016 2015 INCREASE/ PERCENT
DECREASE
11,818 162 11,656 98.62
NET INCOME

2016 2015 INCREASE/ PERCENT


DECREASE
52,240 28,993 23,247 44.50
Balance Sheet / SFP
CASH AND CASH EQUIVALENT
2016 2015 INCREASE/ PERCENT
DECREASE
203,153 180,758 22,395 11.02
TRADE AND OTHER RECEIVABLES
2016 2015 INCREASE/ PERCENT
DECREASE
114,525 100,727 13,798 12.04
INVENTORIES
2016 2015 INCREASE/ PERCENT
DECREASE
83,241 64,148 19,093 22.93
CURRENT PORTION OF BIOLOGICAL
ASSETS -NET
2016 2015 INCREASE/ PERCENT
DECREASE
3,122 3,319 (197) (6.31)
ASSET HELD FOR SALE
2016 2015 INCREASE/ PERCENT
DECREASE
184 184 100
INVESTMENT AND ADVANCES
2016 2015 INCREASE/ PERCENT
DECREASE
32,512 26,929 5,583 17.17
PROPERTY,PLANT AND EQUIPMENT
2016 2015 INCREASE/ PERCENT
DECREASE
504,711 497,352 7,359 1.45
INVESTMENT PROPERTY
2016 2015 INCREASE/ PERCENT
DECREASE
7,295 4,746 2,549 34.94
GOODWILL - NET
2016 2015 INCREASE/ PERCENT
DECREASE
58,113 58,603 (490) (0.84)
OTHER INTANGIBLE ASSETS - NET

2016 2015 INCREASE/ PERCENT


DECREASE
125,165 139,969 (14,804) 11.82
DEFERRED TAX ASSETS
2016 2015 INCREASE/ PERCENT
DECREASE
20267 16441 3826 18.87
OTHER CURRENT ASSETS - NET

2016 2015 INCREASE/ PERCENT


DECREASE
35,003 35,648 (645) (1.84)
LOANS PAYABLE

2016 2015 INCREASE/ PERCENT


DECREASE
189,277 146,859 42,418 22.41
ACCOUNTS PAYABLE

2016 2015 INCREASE/ PERCENT


DECREASE
121,602 102,836 18,766 15.43
INCOME AND OTHER TAXES PAYABLE
2016 2015 INCREASE/ PERCENT
DECREASE
16,967 13,907 3,060 18.03
DIVIDENDS PAYABLE
2016 2015 INCREASE/ PERCENT
DECREASE
3,992 1,996 1,996 50
LONG TERM DEBT
2016 2015 INCREASE/ PERCENT
DECREASE
DEFERRED TAX LIABILITIES

2016 2015 INCREASE/ PERCENT


DECREASE
17,229 15,329 1,900 11.02
FINANCE LEASE LIABILITY – NET OF
CURRENT PORTION
2016 2015 INCREASE/ PERCENT
DECREASE
153,848 162,713 (8,865) (5.76)
OTHER NONCURRENT LIABILITIES

2016 2015 INCREASE/ PERCENT


DECREASE
22,136 32,561 (10,425) (47.09)
V A
E N
R A
T L
I Y
C S
A I
L S
Income Statement
2016 2015

SALES 100% 100%

COST OF SALES 75% 79%


GROSS PROFIT 25% 21%

SELLING AND ADMINISTRATIVE EXPENSES (10%) (8.9%)


INTEREST EXPENSE AND OTHER FINANCING CHARGES (5%) (4.8%)
INTEREST INCOME .05% .06%
EQUITY IN NET EARNINGS (LOSSES) OF ASSOCIATES AND JOINT VENTURES .03% (.02%)
GAIN (LOSS) ON SALE OF INVESTMENTS AND PROPERTY AND EQUIPMENT .02% (.01%)
OTHER INCOME (CHARGES) - Net (1.7%) (.09%)

INCOME BEFORE INCOME TAX 8.4% 6.8%


INCOME TAX EXPENSE (2.5%) (2.5%)

INCOME FROM CONTINUING OPERATIONS


5.9% 4.3%
INCOME (LOSS) AFTER INCOME TAX FROM DISCONTINUED OPERATIONS 1.7% .02%

NET INCOME 7.6% 4.3%


Balance Sheet /SFP
2016 2015
ASSAETS
Current Assets:
Cash and cash equivalents 16% 15%
Trade and other receivables (net) 8.8% 8%
Inventories 6.4% 5%
Current portion of Biological Assets (net) 0% 0%
Prepaid expenses and other current assets 5.8% 6%
Total 37% 34%
Assets held for sale 0% -

Total Current Assets 37% 34%


Balance Sheet /SFP
2016 2015
Noncurrent Assets:
Investments and advances (net) 3% 2%
Available-for-sale Financial Assets 3% 3%
Property, Plant and Equipment (net) 39% 40%
Investment Property (net) 0% 0%
Biological Assets (net of current portion) 0% 0%
Goodwill (net) 4% 5%
Other Intangible Assets (net) 9% 11%
Deferred Tax Assets 2% 1%
Other Noncurrent Assets (net) 3% 3%

Total Noncurrent Assets 63% 66%

Total Assets 100% 100%


Balance Sheet / SFP (Contd.)
2016 2015
LIABILITIES AND EQUITY
Current Liabilities:
Loans payable 14% 12%
Accounts payable and accrued expenses 9% 8%
Finance Lease Liabilities-current portion 1% 1%
Income and other Taxes Payable 1% 1%
Dividends payable 0% 0%
Current Maturities of long-term debt (net of
Debt issue costs) 2% 3%

Total Current Liabilities 29% 26%


Balance Sheet / SFP (Contd.)
Noncurrent Liabilities
2016 2015

Long-term debt - net of current maturities and debt


issue costs 23% 27%
Deferred tax liabilities 1% 1%
Finance lease liabilities - net of current portion 12% 12%
Other noncurrent liabilities 2% 3%

Total Noncurrent Liabilities 38% 43%

Total Liabilities 67% 69%


Balance Sheet / SFP (Contd.)
Equity 2016 2015
Equity Attributable to Equity Holders of the Parent Company
Capital stock - common 1% 1%
Capital stock - preferred 0% 0%
Additional paid-in capital 14% 14%
Equity reserves (0%) (0%)
Retained earnings: Appropriated 4% 4%
Unappropriated 10% 10%
Treasury stock (8%) (10%)
Non-controlling Interests 12% 12%
Total Equity 33% 31%

Total Liabilities and Equity 100% 100%


Ratio Analysis
Leverage Fiscal Year End Previous Fiscal Year
Dec. 31, 2016 Dec. 31,2015
FORMULA
Liquidity Analysis
Ratios:
Current Ratio Current Assets / Current Liab. 1.26 1.32
Quick Ratio/ ATR (Current Assets-Inventory.-Prepayments)
/ Current Liabilities
0.84 0.88
Solvency Ratio Total Assets / Total Liabilities 1.5 1.4

Financial Leverage
Ratios:
Debt Ratio Total Liabilities / Total Assets 0.67 0.69

Debt-to-Equity Ratio Total Liabilities / Total Equity 2 2.24

Interest Rate Coverage Earnings Before Interest and Taxes /


Interest Expense and Other Charges
Ratio 1.65 1.40
Asset to Equity Ratio Total Assets / Stockholder’s
Equity 4.67 5.23
PROFITABILITY
PROFITABILITY FORMULA 2016 2015
RATIOS
GROSS PROFIT SALES- 0.24 0.20
MARGIN COGS/SALES
NET PROFIT NET PROFIT/SALES 0.07 0.04
MARGIN
RETURN ON NET 0.03 0.02
ASSETS INCOME/TOTAL
ASSETS
RETURN ON NET INCOME/ 0.11 0.07
EQUITY TOTAL
STOCKHOLDER’S
EQUITY
OPERATING EFFICIENCY
OPERATING FORMULA 2016 2015
EFFICIENCY
VOLUME GROWTH (SUM OF ALL 0.07 0.1
BUSINESSES’
REVENUE AT
PRIOR PERIOD
PRICES/ PRIOR
PERIOD NET
SALES) -1
REVENUE (CURRENT PEROID 0.02 (0.13)
GROWTH NET SALES/ PRIOR
PERIOD NET
SALES)-1
OPERATING INCOME FROM 0.15 0.12
MARGIN OPERATING
ACTIVITIES/ NET
SALES
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found between green spectrum. sacrifice, danger and
and orange. courage.

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butter and ripe lemons. sky and the deep sea. It because of this it has
In the spectrum of is located between violet historically been
visible light, yellow is and green on the optical associated with
found between green spectrum. sacrifice, danger and
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