SAN MIGUEL CORPORATION

SEPARATE STATEMENTS OF FINANCIAL POSITION

DECEMBER 31, 2021 AND 2020
(In Millions)

2021 2020
ASSETS
Current Assets
Cash and cash equivalents ₱ 96,509 ₱ 135,816
Receivables - net 91,323 88,562
Prepaid expenses and other current
assets 5,655 5,411
Total Current Assets 193,487 229,789
Noncurrent Assets
Investment and advances - net 730,333 680,565
Property, plant and equipment - net 1,250 1,162
Right-of-use assets - net 444 519
Investment Property - net 779 790
Deferred tax assets - net 2,005 4,102
Other noncurrent assets - net 13,465 7,538
Total Noncurrent Assets 748,276 694,676
₱ 941,763 ₱ 924,465

LIABILITIES AND EQUITY

Current Liabilities
Loans Payable ₱ 51,450 ₱ 23,950
Accounts Payable and accrued
expenses 11,200 11,131
Income and other taxes payable 750 707
Subscriptions payable 1,444 2,710
Dividends payable 2,879 3,291
Current maturities of long-term debt - net
of debt issue costs 16,833 159
Total Current Liabilities 84,556 41,948
Noncurrent Liabilities
Long-term debt - net of current maturities
and debt issue costs 280,767 261,223
Other noncurrent liabilities 1479 2,414
Total Noncurrent Liabilities 282,246 263,637
366,802 305,585
Equity
Capital stock - common 16,443 16,443
Capital stock - preferred 10,187 10,187
Additional paid-in capital 177,719 177,719
Capital securities 33,031 33,031
Equity reserves 1,663 1,052
Retained earnings 480,281 490,594
Treasury stock -144,363 - 110,146
Total Equity 574,961 618,880
₱ 941,763 ₱ 924,465
 SAN MIGUEL CORPORATION
SEPARATE STATEMENTS OF FINANCIAL POSITION
HORIZONTAL ANALYSIS
DECEMBER 31, 2021 AND 2020
(In Millions)
Percentage(
2021 2020 Variance %)
ASSETS
Current Assets
Cash and cash equivalents ₱ 96,509 ₱ 135,816 -39,307 -28.94%
Receivables - net 91,323 88,562 2,761 3.12%
Prepaid expenses and other current
5,655 5,411 244 4.51%
assets
Total Current Assets 193,487 229,789 -36,302 -15.80%
Noncurrent Assets
Investment and advances - net 730,333 680,565 49,768 7.31%
Property, plant and equipment - net 1,250 1,162 88 7.57%
Right-of-use assets - net 444 519 -75 -14.45%
Investment Property - net 779 790 -11 -1.39%
Deferred tax assets - net 2,005 4,102 -2,097 -51.12%
Other noncurrent assets - net 13,465 7,538 5,927 78.63%
Total Noncurrent Assets 748,276 694,676 53,600 7.72%
₱ 941,763 ₱ 924,465 17,298 1.87%

LIABILITIES AND EQUITY

Current Liabilities
Loans Payable
Accounts Payable and accrued ₱ 51,450 ₱ 23,950 27,500 114.82%
expenses 11,200 11,131 69 0.62%
Income and other taxes payable 750 707 43 6.08%
Subscriptions payable 1,444 2,710 -1,266 -46.72%
Dividends
Current payable of long-term debt -
maturities 2,879 3,291 -412 -12.52%
net of debt issue costs 16,833 159 16,674 10486.79%
Total Current Liabilities 84,556 41,948 42,608 101.57%
Noncurrent
Long-term debtLiabilities
- net of current
maturities and debt issue costs 280,767 261,223 19,544 7.48%
Other noncurrent liabilities 1479 2,414 -935 -38.73%
Total Noncurrent Liabilities 282,246 263,637 18,609 7.06%
366,802 305,585 61,217 20.03%
Equity
Capital stock - common 16,443 16,443 0 0.00%
Capital stock - preferred 10,187 10,187 0 0.00%
Additional paid-in capital 177,719 177,719 0 0.00%
Capital securities 33,031 33,031 0 0.00%
Equity reserves 1,663 1,052 611 58.08%
Retained earnings 480,281 490,594 -10,313 -2.10%
Treasury stock -144,363 - 110,146 -34,217 31.07%
Total Equity 574,961 618,880 -43,919 -7.10%
₱ 941,763 ₱ 924,465 17,298 1.87%
 SAN MIGUEL CORPORATION
SEPARATE STATEMENTS OF FINANCIAL POSITION
VERTICAL ANALYSIS
DECEMBER 31, 2021 AND 2020
(In Millions)
Percentage( Percentage(
2021 %) 2020 %)
ASSETS
Current Assets
Cash and cash equivalents ₱ 96,509 10.25% ₱ 135,816 14.69%
Receivables - net 91,323 9.70% 88,562 9.58%
Prepaid expenses and other current
5,655 0.60% 5,411 0.59%
assets
Total Current Assets 193,487 20.55% 229,789 24.86%
Noncurrent Assets
Investment and advances - net 730,333 77.55% 680,565 73.62%
Property, plant and equipment - net 1,250 0.13% 1,162 0.13%
Right-of-use assets - net 444 0.05% 519 0.06%
Investment Property - net 779 0.08% 790 0.09%
Deferred tax assets - net 2,005 0.21% 4,102 0.44%
Other noncurrent assets - net 13,465 1.43% 7,538 0.82%
Total Noncurrent Assets 748,276 79.45% 694,676 75.14%
₱ 941,763 100.00% ₱ 924,465 100.00%

LIABILITIES AND EQUITY

Current Liabilities
Loans Payable
Accounts Payable and accrued ₱ 51,450 5.46% ₱ 23,950 2.59%
expenses 11,200 1.19% 11,131 1.20%
Income and other taxes payable 750 0.08% 707 0.08%
Subscriptions payable 1,444 0.15% 2,710 0.29%
Dividends
Current payable of long-term debt -
maturities 2,879 0.31% 3,291 0.36%
net of debt issue costs 16,833 1.79% 159 0.02%
Total Current Liabilities 84,556 8.98% 41,948 4.54%
Noncurrent
Long-term debtLiabilities
- net of current
maturities and debt issue costs 280,767 29.81% 261,223 28.26%
Other noncurrent liabilities 1479 0.16% 2,414 0.26%
Total Noncurrent Liabilities 282,246 29.97% 263,637 28.52%
366,802 38.95% 305,585 33.06%
Equity
Capital stock - common 16,443 1.75% 16,443 1.78%
Capital stock - preferred 10,187 1.08% 10,187 1.10%
Additional paid-in capital 177,719 18.87% 177,719 19.22%
Capital securities 33,031 3.51% 33,031 3.57%
Equity reserves 1,663 0.18% 1,052 0.11%
Retained earnings 480,281 51.00% 490,594 53.07%
Treasury stock -144,363 15.33% - 110,146 11.91%
Total Equity 574,961 61.05% 618,880 66.94%
₱ 941,763 100.00% ₱ 924,465 100.00%
 SAN MIGUEL CORPORATION
SEPARATE STATEMENTS OF INCOME
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
(In Millions, Excepts Per Share Data)

2021 2020
REVENUES
Dividend Income ₱ 14,173 ₱ 13,000
Sale of services 3,210 4,436
Interest income 1,875 3,229
Rent income 355 171
Gain (loss) on derivatives - net 65 - 1,752
Gain on sale of investments and others 144 4,666
20,362 23,750
EXPENSES
Cost and expenses 4,000 5,270
Interest expense and other finacing charges 10,755 12,618
Loss (gain) on foreign exchange - net 2,390 - 1,912
17,145 15,976
INCOME BEFORE INCOME TAX 3,217 7,774
INCOME TAX EXPENSE 2,023 816
NET INCOME ₱ 1,194 ₱ 6,958
Basic/Diluted Loss Per Common Share -₱ 2.93 -₱ 0.01
 SAN MIGUEL CORPORATION
SEPARATE STATEMENTS OF INCOME
HORIZONTAL ANALYSIS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
(In Millions, Excepts Per Share Data)
Percentage(
2021 2020 Variance %)
REVENUES
Dividend Income ₱ 14,173 ₱ 13,000 1,173.00 9.02%
Sale of services 3,210 4,436 - 1,226.00 -27.64%
Interest income 1,875 3,229 - 1,354.00 -41.93%
Rent income 355 171 184.00 107.60%
Gain (loss) on derivatives - net 65 - 1,752 1,817.00 -103.71%
Gain on sale of investments and others 144 4,666 - 4,522.00 -96.91%
20,362 23,750 - 3,388.00 -14.27%
EXPENSES
Cost and expenses 4,000 5,270 - 1,270.00 -24.10%
Interest expense and other finacing charges 10,755 12,618 - 1,863.00 -14.76%
Loss (gain) on foreign exchange - net 2,390 - 1,912 4,302.00 -225.00%
17,145 15,976 1,169.00 7.32%
INCOME BEFORE INCOME TAX 3,217 7,774 - 4,557.00 -58.62%
INCOME TAX EXPENSE 2,023 816 1,207.00 147.92%
NET INCOME ₱ 1,194 ₱ 6,958 - 5,764.00 -82.84%
Basic/Diluted Loss Per Common Share -₱ 2.93 -₱ 0.01
 SAN MIGUEL CORPORATION
SEPARATE STATEMENTS OF INCOME
VERTICAL ANALYSIS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
(In Millions, Excepts Per Share Data)
Percentage( Percentage(
2021 %) 2020 %)
REVENUES
Dividend Income ₱ 14,173 143.67% ₱ 13,000 54.74%
Sale of services 3,210 15.76% 4,436 18.68%
Interest income 1,875 9.21% 3,229 13.60%
Rent income 355 1.74% 171 0.72%
Gain (loss) on derivatives - net 65 0.32% - 1,752 7.38%
Gain on sale of investments and others 144 0.71% 4,666 19.65%
20,362 100.00% 23,750 100.00%
EXPENSES
Cost and expenses 4,000 19.64% 5,270 22.19%
Interest expense and other finacing charges 10,755 52.82% 12,618 53.13%
Loss (gain) on foreign exchange - net 2,390 11.74% - 1,912 8.05%
17,145 84.20% 15,976 67.27%
INCOME BEFORE INCOME TAX 3,217 15.80% 7,774 32.73%
INCOME TAX EXPENSE 2,023 9.94% 816 3.44%
NET INCOME ₱ 1,194 5.86% ₱ 6,958 29.30%
Basic/Diluted Loss Per Common Share -₱ 2.93 -₱ 0.01