Philippines: San Miguel Brewery Posts Strong Start of the Year

Following a meeting of its board of directors, San Miguel Brewery Inc. (SMB), the brewery unit of San Miguel Corporation, said today that its first quarter 2008 net sales rose 13% on a year-on-year basis to P12.3 billion from P10.8 billion, due primarily to an 18% increase in sales volume. SMB sales volumes reached 47 million cases in the first three months of 2008.

Operating income amounted to P3.7 billion in the first quarter of 2008, an increase of 35% from the first quarter of last year. Reported EBITDA grew 31% to P4.2 billion. Net income after tax grew 37% to P2.5 billion for the first quarter of 2008. The earnings growth was driven by increased volumes and the continued cost management efforts.

At the same meeting, the Board of Directors approved cash dividends of P0.16 per share, representing a 100% pay-out from first quarter net income.

San Miguel Corporation spun off San Miguel Brewery Inc. last year.

Rider:

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, and there will not be any sale of shares of SMBI in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This press release is not an offer of securities for sale in the United States; the shares of SMBI have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. Any public offering of securities in the United States would be made by means of a prospectus that would be obtainable from SMBI or the seller of the shares and that would contain detailed information about the company and management, as well as financial statements.

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