Ye a r-to -Da te Y2008 ina nc ia l Re sults Ma y 2008 Q2 F F - PDF document

Ye a r-to -Da te Y2008 ina nc ia l Re sults Ma y 2008 Q2 F F

ORMANCE Hig hlig hts Ne t Sa le s YoY % YT D Q2 2007 YT D Q2 2008 Sale s (PhP MM) 21,154 BCF G* 13,995 16,376 +17% 18,309 RF Agr o- 0 5,000 1 0,000 1 5,000 20,000 25,000 Industr ial PE 2,667 2,802 +5% Ope ra ting Inc o me Commodity AL F oods (Ne t) 1,647 1,976 +20% NANCI 1,806 T otal URC 18,309 21,154 +16% 1,612 Ope rating Inc ome (PhP MM) 0 500 1,000 1,500 2,000 BCF G* 857 1,000 +17% Co re Ea rning s I F Agr o- Industr ial 392 322 (18% ) 1,799 1,605 Commodity F oods 582 737 +27% 0 500 1,000 1,500 2,000 Cor por ate (219) (253) YTD Q2 FY2008 YTD Q2 FY2007 T otal URC 1,612 1,806 +12% * BCF G fig ure s inc lude Do me stic , I nte rna tio na l, a nd Pa c ka g ing

ORMANCE Bra nde d Co nsume r F o o ds - Philippine s • Do me stic ma rke t re c o ve rs YoY % YT D Q2 2007 YT D Q2 2008 Sale s (PhP MM) fro m slo w g ro wth in RF pre vio us ye a r Snac kfoods 5,837 6,976 +20% PE • Sna c kfo o ds g ro ws o n Be ve r age 2,335 2,829 +21% impro ve d de ma nd a nd Gr oc e r y 1,123 1,269 +13% AL split o f Sna c ks/ Bisc uits Othe r s 389 443 +14% sa le s fo rc e NANCI T otal 9,684 11,517 +19% • Be ve ra g e c o ntinue s to drive ma rke t g ro wth • Gro c e ry hit b y rising input Ope rating Inc ome (PhP MM) pric e s, b ut no w re c o ve ring I F Snac kfoods 767 902 +18% • E xpo rts a ffe c te d b y rising Philippine pe so Be ve r age 222 236 +6% Gr oc e r y 4 30 +576% Othe r s 5 (57) (1250% ) T otal 998 1,111 +11% No te : E xc lude s pac kaging

T E MARK Snac kfoods gr owing ste adily Cho c o la te s +10% 3-in-1 c o ffe e +56% NE So ft/ Ha rd Ca ndie s +8% I so to nic drinks +47% Sna c ks +5% T e a +41% PPI Bisc uits +1% E ne rg y drinks +19% I L RT E – Be a ns +1% Pa c ka g e d wa te r +9% PHI I nsta nt No o dle s -1% Re a dy to drink – Co ffe e +9% T o ma to Sa uc e -10% Ca rb o na te d so ft drink +5% Sour c e : AC Nie lse n Cate gor y T r e nd Sur ve y – MAT De c 2007; Re a dy to drink – Juic e +5% volume gr owth Dome stic sale s sur ging; be ve r age gr owth c ontinue s 2200 BCFG Domestic Sales Philippines C2 sales volume (‘000 liters) 14000 2000 10,857 12000 (PhP millions) 1800 10000 8000 1600 7,762 6000 1400 4000 1200 2000 0 1000 4 5 5 6 6 7 7 8 4 4 5 5 6 6 7 7 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 - - - - - - - - - - - - - - - - n r n r n r n r p c p c p c p c a a a a u u u u e e e e e e e e M M M M J J J J S D S D S D S D FY2008 FY2007 FY2006

T E MARK Dominant Mar ke t Shar e maintaine d CAT E GORY MARKE T #1 #2 #3 NE SHARE Sna c ks 42% 19% 10% PPI Ca ndie s 47% 10% 8% I L Cho c o la te s* 26% 10% 8% PHI Co o kie s* 32% 25% 15% Pre tze ls* 66% 14% 10% T o ma to Sa uc e 8% 82% 5% Ca nne d Be a ns 74% 14% 6% No o dle s* 13% 77% 3% Source: AC Nielsen survey MAT by value based on Jan / Feb 08 and CAT E GORY MARKE T #1 #2 #3 Feb / Mar 08 readings SHARE RT D T e a * 78% 10% 5% Co ffe e 11% 81% 4% • Chocolates, Cookies, Pretzels – MAT Dec/Jan 2008; Noodles, RTD Tea – MAT Mar 2008

ORMANCE Bra nde d Co nsume r F o o ds - I nte rna tio na l • Sa le s g ro wth a t do ub le YoY % YT D Q2 2007 YT D Q2 2008 Sale s (U S $ M) dig its o nc e a g a in RF T ha ila nd 38 47 +23% • C2 sa le s vo lume in PE Vie tna m surg ing , re a c hing Ma la ysia / SG 15 18 +21% 635,000 c a se s so ld in I ndo ne sia 13 12 (7%) AL Ma rc h 2007 China / HK 8 11 +33% NANCI • C2 no w b e ing e xpo rte d to Vie tna m 3 11 +273% T ha ila nd, Ma la ysia , a nd T otal 77 99 +26% I ndo ne sia Ope rating Inc ome (U S $ M) I F T ha ila nd 2.7 3.3 +21% Ma la ysia / SG 0.3 0.4 +9% I ndo ne sia (0.0) (1.6) -- China / HK (2.2) (3.6) (67%) Vie tna m (2.0) (0.8) +60% T otal (1.1) (2.3) (117% )

ORMANCE Ag ro -I ndustria l Gro up URC F e e ds YT D Q2 2007 YT D Q2 2008 YoY % Sale s (PhP MM) • L o we r vo lume due to le ss RF F e e ds 1,249 1,260 +1% a nima ls o n the ma rke t PE • Hig he r fe e d pric e s due F ar ms 1,418 1,542 +9% to rising c o sts o f inputs AL T otal 2,667 2,802 +5% suc h a s c o rn a nd fe e d NANCI whe a t Ope rating Inc ome (PhP MM) URC F a rms F e e ds 185 122 (34% ) • Hig he r me a t pric e s I F c a use d b y lo we re d F ar ms 206 200 (3% ) supply due to dise a se T otal 391 322 (18% ) o utb re a ks a nd hig h fe e d c o sts

ORMANCE Co mmo dity F o o ds Gro up URC Sug a r YT D Q2 2007 YT D Q2 2008 YoY % Sale s (PhP MM) • Mill e xpa nsio n finishe d in RF F lour 1,775 2,466 +39% time fo r 2008 milling PE se a so n Sugar 1,028 1,170 +14% • PASSI sug a r mill a c q uire d AL Subtotal 2,803 3,636 +30% in Oc to b e r NANCI T r ansfe r s (1,156) (1,660) +44% URC F lo ur T otal 1,647 1,976 +20% • Whe a t pric e s inc re a sing wo rldwide I F Ope rating Inc ome (PhP MM) F lour 210 333 +59% Sugar 372 404 +9% T otal 582 737 +27%

ORMANCE Asse ts a nd L ia b ilitie s Ba la nc e She e t F Y 2007 1HF Y2008 Ca sh a nd F ina nc ia l De bt (PhP MM) (PhP MM) Cash and Cash 21,592 14,947 RF E quivale nts 25,000 PE Othe r Cur re nt Asse ts 11,747 16,650 21,592 Pr ope r ty Plant and 22,267 22,951 20,000 18,831 AL E quipme nt – ne t 16,427 Othe r non- c ur r e nt 3,068 3,252 14,947 NANCI Asse ts 15,000 T otal Asse ts 58,674 57,800 10,000 Curre nt L iabilitie s 13,881 13,890 I 5,000 F Nonc ur r e nt L iabilitie s 9,797 8,977 T otal L iabilitie s 23,678 22,867 0 FY2007 1H FY2008 Re taine d E ar nings 20,300 20,795 Cash, Mkt. Se c uri ti e s, T e m p. I nve stm e nts Othe r E quity 14,696 14,138 F i nanc i al De bt T otal E quity 34,996 34,933

ANS Pla ns a nd E xpe c ta tio ns PL Cor por ate • Co ntinue 50% divide nd pa y-o ut po lic y • Pursue M&A tha t will a dd va lue to the c o mpa ny • Ca pita l e xpe nditure s o f a b o ut P3 b illio n in F Y2008 • Sto c k b uy-b a c k pro g ra m E xpe c tations • Po sitive tre nds in do me stic BCF G to c o ntinue , e spe c ia lly in sna c kfo o ds • F urthe r re c o ve ry in inte rna tio na l vo lume s, pa rtic ula rly in T ha ila nd a nd Vie tna m • He a lthy vo lume s b ut ma rg in pre ssure fo r fa rms • Re ve nue a nd E BI T g ro wing in the mid-te e ns

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