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C00097-2015

SECURITIES AND EXCHANGE COMMISSION

SEC FORM 17-C

CURRENT REPORT UNDER SECTION 17

OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Jan 9, 2015
2. SEC Identification Number
11840
3. BIR Tax Identification No.
000-100-341-000
4. Exact name of issuer as specified in its charter
SAN MIGUEL PURE FOODS COMPANY INC.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)

7. Address of principal office

23/F The JMT Corporate Condominium, ADB Avenue, Ortigas Center, Pasig City
Postal Code
1605
8. Issuer's telephone number, including area code
(632) 702-5000
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common 166,667,096
Preferred 15,000,000
11. Indicate the item numbers reported herein
Item 9. Other Events

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate
disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange,
and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to
the Corporate Information Officer of the disclosing party.

San Miguel Pure Foods Company, Inc.

PF

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PSE Disclosure Form 4-30 - Material Information/Transactions

References: SRC Rule 17 (SEC Form 17-C) and
Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Investors' Briefing Materials on SMPFC's Perpetual
Preferred Shares Offering
Background/Description of the Disclosure
Please see
attached.
Other Relevant Information
None.

Filed on behalf by:

Name Alexandra Trillana
Designation AVP & Corporate Secretary

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INVESTORS’ BRIEFING
SAN MIGUEL PURE FOODS COMPANY INC.
PROPOSED PERPETUAL PREFERRED SHARES OFFERING
08 January 2015 | Makati Shangri-La
 Disclaimer
This presentation does not constitute a prospectus or other offering memorandum in whole or in part.

This presentation does not constitute or form part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or acquire securities of the Company or any
of its subsidiaries or affiliates in any jurisdiction or as an inducement to enter into investment activity. Any terms set forth herein are intended for discussion purposes only. This
presentation has not been or will not be reviewed or approved by any statutory or regulatory authority or any stock exchange in the Philippines or elsewhere. No part of this presentation
should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever. This presentation is not financial, legal, tax or other product
advice. Prospective investors should undertake their own assessment with regard to their investment and they should obtain independent advice on any such investments suitability,
inherent risk and merits and any tax, legal and accounting implications which it may have on them.

This presentation has been prepared by the Company based on information available to them for use at a presentation by the Company for selected qualified buyers for information
purposes only and does not constitute a recommendation regarding any securities of the Company. The information has not been independently verified. No representation, warranty or
undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein.
None of the Company or any of its affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of the
information provided in this presentation.

The statements contained in this presentation speak only as at the date as of which they are made, and the Company expressly disclaims any obligation or undertaking to supplement,
amend or disseminate any updates or revisions to any statements contained herein to reflect any change in events, conditions or circumstances on which any such statements are based. By
preparing this presentation, none of the Company, its management, and their respective advisers undertakes any obligation to provide the recipient with access to any additional
information or to update this presentation or any additional information or to correct any inaccuracies in any such information which may become apparent.

A REGISTRATION ON STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE SECURITIES AND EXCHANGE COMMISSION, BUT HAS NOT YET BECOME EFFECTIVE. THESE
SECURITIES MAY NOT BE SOLD NOR OFFERS TO BUY THE SAME MAY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS PRESENTATION SHALL
NOT CONSTITUTE AN OFFER TO SELL OR BE CONSIDERED A SOLICITATION OF AN OFFER TO BUY.

This presentation is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from registration.

This presentation contains forward-looking statements based on the currently held beliefs and assumptions of the management of the Company, which are expressed in good faith and, in
their opinion, reasonable. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition,
performance, or achievements of the Company or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such
forward-looking statements. Given these risks, uncertainties and other factors, recipients of this presentation are cautioned not to place undue reliance on these forward-looking
statements.

Any reference herein to "the Company" shall mean, collectively, San Miguel Pure Foods Company, Inc. and its subsidiaries and investments."

EBITDA, EBITDA margin, EBIT, EBIT margin, income from operations ("IFO") and IFO margin are not measures of performance under the Philippine Financial Reporting Standards (“PFRS”),
and should not be considered in isolation or as alternatives to net income as an indicator of the Company's operating performance or to cash flow from operating, investing and financing
activities as a measure of liquidity, or any other measures of performance under PFRS. Because there are various EBITDA, EBITDA margin, EBIT, EBIT margin, IFO and IFO margin calculation
methods, the Company's presentation of these measures may not be comparable to similarly titled measures used by other companies.
Company Overview
 Ownership Structure

85.37%

99.97% 60%1 100% 100% 70%2 75%3 51%4

Indonesia
(Vietnam)

Note
1 Remaining 40% is owned by Hormel Netherlands B.V.
2 Remaining 30% is owned by Super Coffee Corporation Pte Ltd
3 Remaining 25% is owned by Penderyn Pte Ltd.
4 Remaining 49% is owned by Hormel Netherlands B.V.
 A Rich History of Success
1925 2001

Entry into the food SMC acquired

industry with PFC (later
Magnolia ice cream renamed 2005 2013
1972 1998
1990s SMPFC)
1953 Entry into coffee Completed
SMC’s entry SMC sold its ice market through a construction of
SMC acquired
Launched into the poultry Monterey Farms cream and milk JV with Super Golden Bay
B-Meg Feeds business business Coffee Corp Grains Terminal

1925-2001 – San Miguel Food Group

2001 – Present – San Miguel Pure Foods
1956 – 2001 – Pure Foods Corporation

1983 1991 1999 2004 2010

1956 1973 PFC PFC’s JV with Re-launched Acquired IP Rights &
PFC entered
diversified into the flour Hormel Foods Magnolia equity interest in
Pure Foods PFC listed
into poultry milling milk and ice Vietnam business
(PFC) on the PSE
business business cream from SMC
established 2007

Consolidated
Food
subsidiaries
under SMPFC
 Business Segments

Consolidated Consolidated Operating Consolidated

Revenue Income Net Income

2013 Results Php99.8Bn Php5.5Bn Php4.1Bn

ESTABLISHED BUSINESSES EMERGING BUSINESSES

Agro- Value-Added Others

Milling
Industrial Meats Dairy, Spreads,
Others
Oils, & Coffee

 Feeds  Refrigerated  Flour products  Dairy  Foodservice

Product
Categories  Poultry processed meats  Grain terminal  Spreads and  Franchising
 Fresh Meats  Canned meats and port services oils  International
 Coffee Operations

2013 Sales1 PHP 64.4 Bn PHP 14.9 Bn PHP 8.7 Bn PHP 8.0 Bn PHP 3.8 Bn
(64.5% of total) (14.9% of total) (8.7% of total) (8.0% of total) (3.8% of total)

2013
Operating
PHP 2.0 Bn PHP 1.0 Bn PHP 2.0 Bn PHP 0.5 Bn
Income 2
(35.5% of total) (18.0% of total) (36.7% of total) (9.9% of total)
Note:
1 External sales only
2 Excludes eliminations of negative Php 1.6 Mn.
 Highly Diversified Product Portfolio Catering
to a Broad Spectrum of Customers
Target Day-Part /
Product Examples Target Customer
Need

Commercial farms
 Animal Feeds
Agricultural Backyard farms
 Live chickens & hogs
Buyers of Live Animals

 Poultry, fresh meat products

Households
Basic Food  Flour products Breakfast /Lunch /
Ingredients Foodservice
 Dairy, spreads and oils Dinner/ Dessert
Institutional Clients
 Traded products

Breakfast
Households Lunch
Value-Added  Processed meats
Meats Foodservice Dinner
 Ready-to-eat products
Institutional Clients Impulse / Snacks

Snacks /  Dairy, spreads and oils Households Impulse / Snacks

Convenience /  Coffee Foodservice Convenience Foods
Others  Jelly-based snacks Institutional Clients Dessert

Catering to all customers and their food needs throughout the day
Competitive Strengths
Competitive Strengths
1
Leading food brands with dominant market position

2
Extensive and multi-pronged distribution network

3
Vertically integrated business model

4
Strong commitment to innovation

5
Experienced management and technical teams
1 Leading food brands with dominant market position

Value-Added Dairy, Spreads,

Agro-Industrial Milling
Meats Oils, & Coffee
Strong
Brands

Poultry1 Hotdogs5 Flour Non-Ref Margarine2

Market 40% 66% 17% 97%
Share3
18% 15% 13% 2%

Animal Feeds Nuggets Ref Margarine

44% 78% 96%
13% 11% 3%

Fresh Meats1, 4
(Pork and Beef) Butter
40% 46%
28% 36%

SMPFC market position Competitor market position

Note:
1 Market share as of December 2013, based on Philippine Bureau of Agricultural Statistics, Philippine Swine Producers Association, and certain internal assumptions and calculations.
2 Market share as of July 2014, based on Nielsen.
3 Market share as of September 2014, unless otherwise stated, based on Philippine Bureau of Agricultural Statistics, Philippine Association of Flour Millers, Kantar Worldpanel For Supermarkets only
4 For supermarkets excluding SM.
5 For supermarkets only.
2 Extensive multi-pronged distribution network

Modern Trade
Over 600 Monterey
Hypermarkets, Meatshops, 900¹
supermarkets
Magnolia Chicken
convenience stores Monterey
Stations and 300 Meat
Kambal Pandesal Shops

Other formats:
San Mig Food Ave &
General Trade Hungry Juan Magnolia
Exclusive distributors Chicken
serving wet markets, Improved Stations
mom & pop stores, distribution reach
small grocery stores,
wholesalers & Closer contact with
dealers
customers to San Mig
Foodservice & differentiate Food Ave
products
Institutional
Bakeries, food Greater pricing
manufacturers, power versus
restaurants, pizza competitors Kambal
chains and hotels Pandesal

Note: 1 Includes Magnolia Chicken Stations in Monterey Meatshops

3 Vertically integrated business model

Feed Animal Basic Value-Added

Plantations Processing
Milling Growing Processing

Raw High Quality Live Animal High Quality New

Materials Feeds Efficiencies Meats Products Sales &
Distribution
Branding &  Modern
Marketing Trade
 General
Trade
 Food
Service &
Institutional
Grain Trusted & Well-
Flour  Franchise
Terminal loved Brands
Milling Outlets
 Exports
Imported Extensive
Grains Network

Storage & Basic &

Lower Costs Customized
Flour
4 Strong commitment to innovation

Magnolia Chicken Purefoods Star Burger Purefoods Spaghetti

Yakitori Bites Meat Sauce
Purefoods Crisp ‘n Juicy
Home Style Fried Chicken

Purefoods Sexy
Chix Purefoods Bacon
Variants Purefoods Hotdog Pure Foods Native
Variants Processed Meats Line

Magnolia Cheezee
Squeeze

Magnolia Brownie and Magnolia Frozen Magnolia Best of

Cake Mix Novelties The Philippines
5 Experienced management and technical team
Management structure
Zenaida M. Postrado
VP and Chief Finance Officer

Francisco S. Alejo III Ma. Soledad E. Olives

President, San Miguel Pure Foods VP and Manager, Corporate Planning &
Management Services Group

Alexandra Bengson Trillana

Corporate Secretary & General Counsel

Rodolfo M. Abaya
VP and Manager, Division Human
Resources
Jennifer T. Tan
VP and Head, Business Procurement
Group

Agro-industrial Branded Business1 Integrated Milling International Operations

Rita Imelda B. Palabyab Raul B. Nazareno Florentino C. Policarpio Oscar R. Sanez

President of SMFI and Head of Agro- President of PHC and Head of Branded President of SMMI and Head of Milling Vice President & Head of International
Industrial Cluster Business Cluster Cluster Operations

Leo A. Obviar
Vice President of SMFI

Leadership positions in industry advocacies and organizations

 Rita Palabyab - President of the Philippine Association of Broilers Integrators (PABI)
 Leo Obviar - President of the Philippine Swine Producers Association (PSPA)
 Florentino Policarpio - President of the Chamber of Philippine Flour Millers (Champflour)

Note: 1 Branded business is composed of the following: value-added meats, butter, margarine, cheese, coffee, milk, ice cream and
dairy desserts, jelly snacks and specialty oils
 Business Strategies
Sustain market leading positions, improve cost efficiencies and
expand business operations to drive profitable growth

Improve Profitability Expand and Explore

through Cost Efficiencies Enhance Product Offering
and Distribution Growth Opportunities
and Better Product Mix

 Manage costs and  Introduce new and  Enter into new product
improve production innovative products categories or other food
efficiency
related businesses:
 Source alternative  Expand distribution
 M&A
raw materials networks, particularly in
 Greenfield
 Adopt latest Visayas and Mindanao
technologies
 Expand existing
 Continue investments in production capabilities
 Harvest synergies brand equity via
through integration advertising and
 Focus on shifting to promotions
stable-priced and value-
added product offerings
Financial Performance
 Financial Performance
Revenue (PHP, Bn) Operating Income (PHP, Bn)

CAGR: 5.5% + 4.2% CAGR: -4.8% + 18.0%

6.8%
5.5% 5.8%
5.4% 5.1%

6.1 5.5
5.2
3.7 4.3
89.6 95.8 99.8
71.4 74.4

2011 2012 2013 9M2013 9M2014

2011 2012 2013 9M013 9M2014 Operating Income Margins

EBITDA (PHP, Bn) Net Income (PHP, Bn)

CAGR: 3.3% + 6.9% CAGR: -1.0% + 1.1%
4.7% 4.5%
8.6% 3.7%
9.0% 8.8% 4.1% 3.8%
8.2% 8.4%

8.0 8.4 8.6

4.2 4.3 4.1
6.2
5.8 2.7 2.7

2011 2012 2013 9M2013 9M2014

2011 2012 2013 9M2013 9M2014
EBITDA Margins
Net Income Margins

Note: 2011 and 2012 figures are restated in accordance with PAS 19R
 Operating Cash Flow

Operating Cash Flow and Capex (PhP, Mn)

8,000
6,956
7,000

6,000
5,021
5,000
4,227
4,000 3,694
3,099
3,000
1,957 1,978
2,000
1,481
1,000 598 462

-
2011 2012 2013 9M2013 9M2014
Operating Cash flow Capex

Note: 2011 and 2012 figures are restated in accordance with PAS 19R
 Financial Position
As of
As of December 31,
September 30,
In Php Millions 20111 20121 2013 20142
Total Assets 61,088 68,572 72,844 62,901
Cash Balance 4,933 4,280 7,031 12,052
Total Liabilities 21,632 27,549 30,484 27,521
Interest Bearing Debt 9,634 11,826 13,131 11,430
Total Equity 39,456 41,022 42,360 35,380
Retained Earnings 14,411 16,583 18,680 12,069
Ratios
Current Ratio 1.95 x 1.68 x 2.15 x 2.01 x
D/E Ratio 0.55 x 0.67 x 0.72 x 0.78 x

Note:
1 Restated 2011 & 2012 figures in accordance with PAS 19R
2 September 2014 Condensed Consolidated Interim Financial Statements
THANK YOU
08 January 2015 | Makati Shangri-La