SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-A, AS AMENDED

ANNUAL REPORT PURSUANT TO SECTION 17
OF THE SECURITIES REGULATION CODE AND SECTION 141
OF THE CORPORATION CODE OF THE PHILIPPINES

1. For the fiscal year ended

Dec 31, 2020

2. SEC Identification Number

PW-277

3. BIR Tax Identification No.

000-060-741-000

4. Exact name of issuer as specified in its charter

SAN MIGUEL CORPORATION

5. Province, country or other jurisdiction of incorporation or organization

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

No. 40 San Miguel Avenue, Mandaluyong City, Metro Manila, Philippines Postal Code 1550

8. Issuer's telephone number, including area code

(632) 8 632-3000

9. Former name or former address, and former fiscal year, 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
SMC	2,383,896,588
SMC2C	255,559,400
SMC2D	89,333,400
SMC2E	134,000,100
SMC2F	223,333,500
SMC2G	66,666,600
SMC2H	164,000,000
SMC2I	169,333,400
SMC2J	266,666,667
SMC2K	183,904,900

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

Philippine Stock Exchange - Common, Series "1" and Series "2" Preferred Shares

12. Check whether the issuer:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No

(b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

13. State the aggregate market value of the voting stock held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specified date within sixty (60) days prior to the date of filing. If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided the assumptions are set forth in this Form

Please see item 13, page 2 of the SEC Form 17-A hereto attached

APPLICABLE ONLY TO ISSUERS INVOLVED IN INSOLVENCY SUSPENSION OF PAYMENTS PROCEEDINGS DURING THE PRECEDING FIVE YEARS

14. Check whether the issuer has filed all documents and reports required to be filed by Section 17 of the Code subsequent to the distribution of securities under a plan confirmed by a court or the Commission.

Yes

No

DOCUMENTS INCORPORATED BY REFERENCE

15. If any of the following documents are incorporated by reference, briefly describe them and identify the part of SEC Form 17-A into which the document is incorporated:

(a) Any annual report to security holders

None

(b) Any information statement filed pursuant to SRC Rule 20

None

(c) Any prospectus filed pursuant to SRC Rule 8.1

None

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 CorporationSMC

PSE Disclosure Form 17-1 - Annual Report References: SRC Rule 17 and
Section 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year ended	Dec 31, 2020
Currency	Php (In Millions)

Balance Sheet

	Year Ending	Previous Year Ending
	Dec 31, 2020	Dec 31, 2019
Current Assets	672,411	641,144
Total Assets	1,912,207	1,817,734
Current Liabilities	419,384	439,617
Total Liabilities	1,257,119	1,243,339
Retained Earnings/(Deficit)	222,359	229,781
Stockholders' Equity	655,088	574,395
Stockholders' Equity - Parent	354,864	332,456
Book Value Per Share	90.56	95.99

Income Statement

	Year Ending	Previous Year Ending
	Dec 31, 2020	Dec 31, 2019
Gross Revenue	725,797	1,020,502
Gross Expense	654,321	904,787
Non-Operating Income	6,108	10,543
Non-Operating Expense	40,174	49,171
Income/(Loss) Before Tax	37,410	77,087
Income Tax Expense	15,531	28,513
Net Income/(Loss) After Tax	21,879	48,574
Net Income/(Loss) Attributable to Parent Equity Holder	2,973	21,329
Earnings/(Loss) Per Share (Basic)	-1.66	5.93
Earnings/(Loss) Per Share (Diluted)	-1.66	5.93

Financial Ratios

	Formula	Fiscal Year Ended	Previous Fiscal Year
		Dec 31, 2020	Dec 31, 2019
Liquidity Analysis Ratios:
Current Ratio or Working Capital Ratio	Current Assets / Current Liabilities	1.6	1.46
Quick Ratio	(Current Assets - Inventory - Prepayments) / Current Liabilities	1.12	0.96
Solvency Ratio	Total Assets / Total Liabilities	1.52	1.46
Financial Leverage Ratios
Debt Ratio	Total Debt/Total Assets	0.47	0.47
Debt-to-Equity Ratio	Total Debt/Total Stockholders' Equity	1.39	1.48
Interest Coverage	Earnings Before Interest and Taxes (EBIT) / Interest Charges	1.72	2.38
Asset to Equity Ratio	Total Assets / Total Stockholders' Equity	2.92	3.16
Profitability Ratios
Gross Profit Margin	Sales - Cost of Goods Sold or Cost of Service / Sales	20.58	19.76
Net Profit Margin	Net Profit / Sales	9.85	11.34
Return on Assets	Net Income / Total Assets	1.14	2.67
Return on Equity	Net Income / Total Stockholders' Equity	3.34	8.46
Price/Earnings Ratio	Price Per Share / Earnings Per Common Share	-77.11	27.5

Other Relevant Information
Amended to correct typo error on page 1 and on page 43 to correct the ages of Messrs. Sergio G. Edeza and Joseph N. Pineda, Mr. Pineda is 57 years old as of this date, April 19, but the Annual Report submitted earlier is dated, also to add the last two missing 231 and 232 pages in the notes to FS, and to also correct typo error on page 3 of the MD&A.