San Miguel Cash Flow Statement

Financials in millions PHP. Fiscal year is January - December.

Millions PHP. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	26,821	-7,411	198	-12,968	13,925	2,973
Depreciation & Amortization	58,218	54,146	53,131	50,608	44,048	41,344
Other Amortization	9,035	9,035	8,207	2,824	2,630	2,282
Loss (Gain) From Sale of Assets	-2,931	-2,175	-83	-733	-167	491
Loss (Gain) From Sale of Investments	-21,933	-	-	-	-	-
Loss (Gain) on Equity Investments	-8,765	-2,364	-1,729	-1,197	-1,040	-417
Other Operating Activities	56,311	50,532	28,758	42,842	34,350	-6,564
Change in Accounts Receivable	-1,561	-1,561	-24,104	-66,502	-34,503	8,591
Change in Inventory	-16,046	-16,046	27,789	-43,902	-36,751	26,503
Change in Accounts Payable	41,388	41,388	-2,026	16,744	37,519	-18,154
Change in Income Taxes	-10,803	-10,803	6,883	19,817	3,133	1,212
Change in Other Net Operating Assets	-15,470	-13,154	-13,928	-19,926	-13,006	-5,329
Operating Cash Flow	114,264	101,587	83,096	-12,393	50,138	52,932
Operating Cash Flow Growth	12.31%	22.25%	-	-	-5.28%	-43.38%
Capital Expenditures	-58,290	-72,950	-70,853	-75,986	-74,421	-60,629
Sale of Property, Plant & Equipment	4,027	1,168	1,307	253	1,350	912
Cash Acquisitions	-1,040	-1,040	-	-97,204	-	1,053
Divestitures	-3,150	2,537	418	385	-	-
Sale (Purchase) of Intangibles	-28,924	-40,379	-64,677	-58,162	-26,007	-16,618
Sale (Purchase) of Real Estate	-10,435	-13,742	-5,770	-4,415	-6,546	-8,711
Investment in Securities	48,081	-17,198	-5,281	20,085	-4,815	-3,963
Other Investing Activities	15,737	-7,797	-10,601	13,516	-17,133	3,249
Investing Cash Flow	-33,994	-149,401	-155,457	-201,528	-127,572	-84,707
Short-Term Debt Issued	-	1,334,679	1,145,761	1,148,669	760,746	813,187
Long-Term Debt Issued	-	357,390	292,879	353,451	140,777	160,437
Total Debt Issued	1,632,057	1,692,069	1,438,640	1,502,120	901,523	973,624
Short-Term Debt Repaid	-	-1,256,795	-1,197,861	-1,074,087	-711,147	-841,775
Long-Term Debt Repaid	-	-329,630	-211,817	-141,979	-139,570	-83,738
Total Debt Repaid	-1,566,528	-1,586,425	-1,409,678	-1,216,066	-850,717	-925,513
Net Debt Issued (Repaid)	65,529	105,644	28,962	286,054	50,806	48,111
Issuance of Common Stock	-	-	46,749	-	-	61,759
Common Dividends Paid	-12,401	-12,401	-9,043	-9,680	-	-
Dividends Paid	-12,853	-12,401	-9,043	-9,680	-11,755	-9,731
Other Financing Activities	-28,904	-14,940	-51,365	-39,776	16,262	29,496
Financing Cash Flow	-21,533	78,303	15,303	224,298	21,096	101,979
Foreign Exchange Rate Adjustments	3,782	1,830	202	7,807	9,159	-9,452
Net Cash Flow	62,519	32,319	-56,856	18,184	-47,179	60,752
Free Cash Flow	55,974	28,637	12,243	-88,379	-24,283	-7,697
Free Cash Flow Growth	169.09%	133.91%	-	-	-	-
Free Cash Flow Margin	3.76%	1.82%	0.85%	-5.87%	-2.58%	-1.06%
Free Cash Flow Per Share	23.48	12.01	5.13	-37.07	-10.19	-3.23
Cash Interest Paid	99,300	99,203	91,995	60,910	48,612	54,909
Cash Income Tax Paid	25,494	23,687	21,527	19,650	14,528	16,042
Levered Free Cash Flow	55,560	21,198	-35,751	-149,236	-57,554	-12,225
Unlevered Free Cash Flow	112,431	76,956	14,782	-116,377	-31,734	16,126
Change in Working Capital	-2,492	-176	-5,386	-93,769	-43,608	12,823

Source: S&P Global Market Intelligence. Standard template. Financial Sources.