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San Miguel Brewery Full-Year Results

January 30, 2009

San Miguel Brewery Inc. (SMB), San Miguel Corporation’s brewing unit, today reported full year audited 2008 net sales revenues of P48.8 billion, 11% higher than 2007’s sales of P44.1 billion. The results were largely attributable to a 4% growth in sales volumes. SMB Inc.’s sales volumes for 2008 reached 174.5 million cases.

Operating income rose 27% to P15.6 billion from P12.3 billion the prior year. Net income after tax grew 25.3% to P10.04 billion from last year’s P8.02 billion, resulting from a combination of operating leverage and a tighter focus on cost control, with good progress on efficiency and volume generating programs.

Brand expansion initiatives, tactical consumer and trade promotions enabled the company to further strengthen its market position. As a result of these efforts, San Mig Light, Red Horse and Gold Eagle all grew in terms of volumes, alongside robust volumes from flagship San Miguel Pale Pilsen which launched its biggest Oktoberfest yet in 2008. The annual beer fest was transformed into the country’s longest-running fiesta with nationwide events lined up during the Oktoberfest’s four-month run.