1. From the Income Statement and Balance Sheet of SMC, compute the ROI for 2018.

SAN MIGUEL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE PERIODS ENDED MARCH 31, 2018 AND 2017 (in Millions, Except Per Share Data) 2018 Unaudited 2017 Unaudited SALES (Note 3) P 234,347 P 195,762 COST OF SALES 183,675 151,352 GROSS PROFIT 50,672 44,410 (17,985) (16,897) SELLING AND ADMINISTRATIVE EXPENSES INTEREST EXPENSE AND OTHER FINANCING CHARGES (8,952) (8,200) INTEREST INCOME 1,373 995 46 144 8 (28) EQUITY IN NET EARNINGS OF ASSOCIATES AND JOINT VENTURES GAIN (LOSS) ON SALE OF INVESTMENTS AND PROPERTY AND EQUIPMENT OTHER CHARGES - Net (Note 4) INCOME BEFORE INCOME TAX INCOME TAX EXPENSE (4,217) (1,104) 20,945 19,320 5,336 5,492 NET INCOME 15,609 P 13,828