SAN MIGUEL CORPORATION SEPARATE STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2021 AND

2020 (In Millions) Note 2021 2020 ASSETS Current Assets Cash and cash equivalents 4, 5, 28, 29 P96,509
P135,816 Receivables - net 4, 6, 22, 24, 28, 29 91,323 88,562 Prepaid expenses and other current assets
22, 28, 29 5,655 5,411 Total Current Assets 193,487 229,789 Noncurrent Assets Investments and
advances - net 4, 7, 28, 29 730,333 680,565 Property, plant and equipment - net 4, 8 1,250 1,162 Right-
of-use assets - net 4, 9 444 519 Investment property - net 4, 10 779 790 Deferred tax assets - net 4, 15
2,005 4,102 Other noncurrent assets - net 4, 11, 22, 24, 28, 29 13,465 7,538 Total Noncurrent Assets
748,276 694,676 P941,763 P924,465 LIABILITIES AND EQUITY Current Liabilities Loans payable 12, 20,
27, 28, 29 P51,450 P23,950 Accounts payable and accrued expenses 13, 22, 23, 27, 28, 29 11,200 11,131
Income and other taxes payable 15 750 707 Subscriptions payable 7, 22, 28, 29 1,444 2,710 Dividends
payable 22, 25, 27 2,879 3,291 Current maturities of long-term debt - net of debt issue costs 14, 27, 28,
29 16,833 159 Total Current Liabilities 84,556 41,948 Noncurrent Liabilities Long-term debt - net of
current maturities and debt issue costs 14, 27, 28, 29 280,767 261,223 Other noncurrent liabilities 22,
23, 27, 28, 29 1,479 2,414 Total Noncurrent Liabilities 282,246 263,637 366,802 305,585 Equity Capital
stock - common 16 16,443 16,443 Capital stock - preferred 16 10,187 10,187 Additional paid-in capital
16 177,719 177,719 Capital securities 16 33,031 33,031 Equity reserves 7, 24, 29 1,663 1,052 Retained
earnings 16, 25 480,281 490,594 Treasury stock 16 (144,363) (110,146) Total Equity 574,961 618,880
P941,763 P924,465 See Notes to the Separate Financial Statements. SAN MIGUEL CORPORATION
SEPARATE STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (In Millions,
Except Per Share Data) Note 2021 2020 REVENUES Dividend income 7 P14,713 P13,000 Sale of services
3,210 4,436 Interest income 21 1,875 3,229 Rent income 4, 10, 23 355 171 Gain (loss) on derivatives -
net 29 65 (1,752) Gain on sale of investments and others 7, 31 144 4,666 20,362 23,750 EXPENSES Costs
and expenses 17, 18, 19, 23 4,000 5,270 Interest expense and other financing charges 12, 14, 20, 23
10,755 12,618 Loss (gain) on foreign exchange - net 28 2,390 (1,912) 17,145 15,976 INCOME BEFORE
INCOME TAX 3,217 7,774 INCOME TAX EXPENSE 15 2,023 816 NET INCOME P1,194 P6,958 Basic/Diluted
Loss Per Common Share 26 (P2.93) (P0.01