1 st Qua rte r Y 2009 ina nc ia l Re sults Una udite d F F - PDF document

1 st Qua rte r Y 2009 ina nc ia l Re sults Una udite d F F

ORMANCE I nc o me Sta te me nt Php millio n Q1 F Y 2008 Q1 F Y 2009 YoY Ne t Sale s and Se r vic e 10,859 13,268 +22% Co st o f Sa le s a nd Se rvic e 8,237 10,267 +25% Gro ss Pro fit 2,622 3,002 +14% RF Ope ra ting E xpe nse s (1,706) (1,978) +10% PE Ope r ating Inc ome 917 1,024 +12% E q uity in ne t inc o me 10 13 AL F ina nc e c o st- Ne t (24) (219) Othe rs (17) (25) NANCI Cor e E ar nings 886 793 (10% ) F o re ig n E xc ha ng e lo ss-Ne t (276) (119) I mpa irme nt lo ss - - Ma rk va lua tio n g a in/ (lo ss) (189) (958) I F Ga in o n sa le s o f inve stme nts - - I nc o me (L o ss) Be fo re I nc o me T a x 422 (285) (168%) Pro visio n (Be ne fit) fo r I nc o me T a x 188 (53) Ne t I nc o me (L o ss) 234 (232) (199%) E BI T DA 1,567 1,781 +14% 2

ORMANCE Ba la nc e She e t Ba la nc e She e t Q1 F Y2009 Ca sh a nd F ina nc ia l De bt (PhP MM) F Y2008 (PhP MM) Cash and Cash 8,195 8,968 RF 24,049 25000 E quivale nts PE Othe r Cur re nt Asse ts 15,184 17,675 20,548 20000 Pr ope r ty Plant and 24,327 24,420 AL E quipme nt – ne t 14,499 14,616 Othe r non- c ur r e nt 10,225 9,457 15000 NANCI Asse ts (inc luding AF S) T otal Asse ts 57,931 60,520 10000 Curre nt L ia bilitie s 16,113 19,589 5000 I F Nonc ur r e nt L iabilitie s 9,673 9,692 T otal L iabilitie s 25,786 29,280 0 FY2008 Q1 FY2009 C ash and E quivale nts + Financ ial Asse ts at Re taine d E ar nings 19,198 18,953 FVPL + Available fo r Sale Financ ial Asse ts Othe r E quity 12,947 12,287 Financ ial De bt T otal E quity 32,145 31,240 8

ORMANCE F ina nc ia l Hig hlig hts YoY % Q1 F Y 2008 Q1 F Y 2009 Sale s (PhP MM) Ne t Sa le s BCF G 8,316 10,433 +25% 13.268 RF 10,859 Agr o- Industr ial PE 1,494 1,509 +1% 0 5,000 10,000 15,000 Commodity AL F oods (Ne t) 1,049 1,326 +26% Ope ra ting Inc o me NANCI T otal URC 10,859 13,268 +22% 1,024 917 Ope ra ting Inc ome (PhP MM) 0 500 1,000 1,500 BCF G 614 914 +49% I F Co re E a rning s Agr o- Industr ial 135 (9) (107% ) 793 Commodity 886 F oods 302 281 (7% ) 0 200 400 600 800 1,000 Cor por ate (134) (162) FY2008 FY2007 T otal URC 917 1,024 +12% 2

ORMANCE Bra nde d Co nsume r F o o ds • Philippine sa le s sho w YoY % Q1 F Y 2008 Q1 F Y 2009 Sale s (PhP MM) impre ssive g ro wth o n the RF b a c k o f Sna c kfo o ds sa le s Philippine s 5,932 6,935 +17% PE • I nte rna tio na l sa le s sho w Inte r national 2,020 3,212 +59% do ub le -dig it g ro wth a c ro ss AL Pac kaging 364 286 (21% ) a ll c o untrie s. • URCI no w in the b la c k, NANCI with surg ing pro fits in T otal 8,316 10,433 +25% T ha ila nd a nd Vie tna m le a ding the wa y Ope ra ting Inc ome (PhP MM) • Pa c ka g ing do wn a s a I F c o nse q ue nc e o f the dro p Philippine s 659 734 +11% in c o mmo dity pric e s Inte r national (38) 209 +650% wo rldwide Pac kaging (7) (29) (414% ) T otal 614 914 +49% 3

T E MARK Dominant Mar ke t Shar e maintaine d CAT E GORY MARKE T #1 #2 #3 NE SHARE Sna c ks* 47% 19% 8% PPI Ca ndie s 47% 10% 9% I L Cho c o la te s 22% 10% 8% PHI Co o kie s 37% 22% 9% Pre tze ls 69% 17% 10% T o ma to Sa uc e 9% 81% 6% Ca nne d Be a ns 75% 12% 7% Cup No o dle s** 42% 53% 1% Source: AC Nielsen survey MAT by value based on Oct / Nov 08 and CAT E GORY MARKE T #1 #2 #3 Nov / Dec 08 readings SHARE RT D T e a ** 76% 11% 4% Co ffe e 10% 80% 4% * Snacks shares now include GMC market share (4%) ** RTD Tea, Cup Noodles – MAT Dec 08 4

ORMANCE Ag ro -I ndustria l Gro up URC F e e ds Q1 F Y 2008 Q1 F Y 2009 YoY % Sale s (PhP MM) • L o we r vo lume due to le ss RF F e e ds 683 617 (10% ) a nima ls o n the ma rke t PE • Hig he r fe e d pric e s due F ar ms 811 893 +10% to e xisting inve nto rie s o f AL T otal 1,494 1,510 +1% c o rn a nd fe e d whe a t; NANCI c o sts to de c line in line with dro p o f c o mmo dity Ope ra ting Inc ome (PhP MM) pric e s wo rldwide F e e ds 64 45 (30% ) I F URC F a rms F ar ms 71 (54) (176% ) • Re c o ve ry o f me a t pric e s T otal 135 (9) (107% ) • Hig h tra nsfe r pric e s fo r fe e ds c ut into pro fita b ility • Ma rg ins to impro ve o ve r the c o ming mo nths 6

ORMANCE Co mmo dity F o o ds Gro up URC F lo ur Q1 F Y 2008 Q1 F Y 2009 YoY % Sale s (PhP MM) • Ma rg ins hit b y hig he r- RF F lour 1,280 1,465 +14% c o st whe a t this q ua rte r. PE • Pric e de c re a se s this Sugar 495 715 +44% q ua rte r a fte r hig h pric e s AL Subtotal 1,775 2,180 +23% a t the e nd o f la st fisc a l NANCI ye a r T r ansfe r s (726) (855) +18% T otal 1,049 1,325 +26% URC Sug a r • SONE DCO re fine ry no w I F running Ope ra ting Inc ome (PhP MM) • Ma rg in sq ue e ze fro m F lour 139 123 (12% ) lo we r c o mmo dity pric e s Sugar 163 158 (3% ) wo rldwide T otal 302 281 (7% ) 7

ANS Pla ns a nd E xpe c ta tio ns PL Cor por ate • Ra tio na lize c a pita l e xpe nditure s • Re duc e wo rking c a pita l • T e mpo ra rily ha lte d sto c k b uy-b a c k pro g ra m; study divide nd pa yme nts • Pre pa re fo r pa yme nt o f URC b o nd in 2010 • Pursue M&A c a utio usly E xpe c tations • Po sitive tre nds in do me stic BCF G to b e drive n b y sna c kfo o ds a nd re sumptio n o f g ro wth in b e ve ra g e s • I nte rna tio na l o pe ra tio ns e xpe c te d to turn a pro fit • We a ke r vo lume s in sug a r due to lo we r na tio na l o utput • F lo ur ma rg ins to de te rio ra te • Cha lle ng e s fo r F e e ds a nd F a rms, b ut re c o ve ry ne xt ye a r 10

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