COMPARATIVE FINANCIAL STATEMENTS

SAN MIGUEL BREWERY INC. & SUBSIDIARIES

(A Subsidiary of San Miguel Corporation)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(In Millions)

31-Dec

    2010 2009

ASSETS

Current Assets

Cash P15,076 P13,563

Trade & Other Receivables 4,366 3,311

Inventories 3,557 3,246

Prepaid Expenses and Other Current Assets 1,149 653

Total Current Assets   24,148 20773

Noncurrent Assets

Investments-net 135 -

Property, plant and equipment - net 19,635 5,765

Investment property - net 1,379 -

Intangible assets - net 36,136 32,020

Deferred tax assets 68 232

Other noncurrent assets - net 5,620 5,300

Total Noncurrent Assets   62973 43317

    87,121 64090

LIABILITIES AND EQUITY

Current Liabilities

Draft and loans Payable 1,644 -

Accounts payable and accrued expanses 6,833 4,077

Income and other taxes payable 2,263 1,679

Total Current Assets   10740 5756

Noncurrent Liabilities

Long-term debt - net of debt issue cost 51,364 38,416

Deferred tax liabilities 89 -

Other noncurrent liabilities 107 -

Total Noncurrent Liabilities   51560 38416

Equity

Equity Attributable to Equity Holders of the Parent Company

Capital Stock 15,410 15,410

Additional paid-in capital 515 515

Cumulative translation adjustments -542 -

Retained Earnings 7,286 3,993

    22669 19918

Non-controlling Interests   2,152 -

Total Equity   24821 19918

    87121 64090

       
SAN MIGUEL BREWERY INC. AND SUBSIDIARIES
(A Subsidiary of San Miguel Corporation)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Millions)

  Group for the Group for the

year ended year ended
  31-Dec-10 31-Dec-09
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax P15,235 P13,930
Adjustments for:
Interest expense and other financing charges 3,983 2,600
Impairment losses on noncurrent assets 3,694 -
Depreciation, amortization and others 2,064 1,694
Income from acquisition of assets at fair value -2,418 -
Interest income -696 -538
 Provision (reversal) of allowance for impairment
losses on receivables, inventory and others 294 -236
Loss (gain) on sale of property and equipment property 7 4
Operating income before working capital changes 22,163 17,454
Decrease (increase) in:
Trade and other receivables 476 368
Inventories 202 266
Prepaid expenses and other current assets -145 -39
Increase (decrease) in:
Accounts Payable and accrued expenses 465 309
Other taxes payables -29 -439
Cash generated from operations 23,132 17,919
Interest paid -3,753 -1,708
Income taxes paid -4,467 -4,187
Net cash flows provided by operating activities 14,912 12,024

     
Group for Group for
the the
year ended year ended
  31-Dec-10 31-Dec-09

CASH FLOWS FROM INVESTING ACTIVITIES

Acquisitions of property, plant and equipment P-956 P-626
Proceeds from sale of property and equipment and investment property 13 5
Acquisition of subsidiaries, net of cash received -16,464 -32,000
Increase in intangible assets and other noncurrent assets -1,033 -1,559
Interest received 694 535
Net cash flows used in investing activities -17,746 -33,645

CASH FLOWS FROM FINANCING ACTIVITIES

Payments of short-term borrowings, net of availments -27 -
Proceeds from long-term debt 13,469 38,356
Proceeds from issuances of capital stock - -
Dividends paid to non-controlling shareholders -300 -
Increase (decrease) in other noncurrent liabilities -83 -39
Cash dividends paid -8,475 -9,170
Net cash flows provided by (used in) financing activities 4,584 29,147
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH
EQUIVALENTS -237 -4
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,513 7,522
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 13,563 6,041
CASH AND CASH EQUIVALENTS AT END OF YEAR 15,076 13,563