San Miguel Corporation (SMC), the Philippines’ largest food and beverage company, has posted a 35% gain in consolidated revenues for Q1 2002 to P30.17bn (US$588.7m) from P22.39bn in the same period last year.

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Sales revenue grew by 41% in beverage, 86% in food and 3% in packaging following the consolidation of most of the newly acquired businesses.


Consolidated net income, without the acquisitions, was 13% better than last year. With the short-term dilutive impact of the acquisitions, net income amounted to P1.11bn, lower than the P1.67bn in 2001. The transformation programmes being implemented in Coca-Cola Bottlers Philippines (CCBPI) are expected to bring positive results within the year. EBITDA, on the other hand, went up by 13% to P4.44bn from P3.92bn last year.


San Miguel re-acquired the domestic Coca-Cola operations last year by swapping its 21% stake in Coca-Cola Amatil of Australia for 65% of CCBPI. Also acquired last year were Cosmos Bottling Corp, which is in the process of being integrated under CCBPI, and Pure Foods.


Interest expenses declined by 29% as the company pre-paid some loans, resulting in a 3% decrease in net financing charges. Interest income, however, was lower as placements went down due to acquisitions. This was slightly offset later in the quarter by the entry of P28bn from Kirin, which acquired a 15% stake in SMC.

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The SMC board of directors approved two payments of cash dividends on 31 May 2002 and 25 June 2002 for P0.35 per share and P0.30 per share, respectively. These reflect dividends due to stockholders in Q4 2001 and Q1 2002.


The board also approved the appointment of three non-executive directors in SMC’s key board committees. The three are Corazon S. de la Paz, president and CEO of the Social Security System, who was appointed chairman of the Audit Committee; Juan B. Santos, former chairman and CEO of Nestle Philippines, who was elected chairman of the Executive Compensation Committee; and Atty. Estelito Mendoza, who was named chairman of the Nominations Committee.


Eduardo Cojuangco, Jr., SMC chairman and CEO, will continue to head the Executive Committee.