Did the revenue increase or decrease between the two years? Q2. Is the increase/decrease in expenses from one year to the next proportionate to the increase/ decrease in revenue? SAN MIGUEL CORPORATION SEPARATE STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (In Millions, Except Per Share Data) REVENUES Dividend income Sale of services Interest income Rent income Gain (loss) on derivatives - net Gain on sale of investments and others EXPENSES Costs and expenses Interest expense and other financing charges Loss (gain) on foreign exchange - net INCOME BEFORE INCOME TAX INCOME TAX EXPENSE NET INCOME Basic/Diluted Loss Per Common Share See Notes to the Separate Financial Statements. Note 7 21 4, 10, 23 29 7,31 17, 18, 19, 23 12, 14, 20, 23 28 15 26 2021 P14,713 3,210 1,875 355 65 144 20,362 4,000 10,755 2,390 17,145 3,217 2,023 P1,194 (P2.93) 2020 P13,000 4,436 3,229 171 (1,752) 4,666 23,750 5,270 12,618 (1,912) 15,976 7,774 816 P6,958 (P0.01) Did the revenue increase or decrease between the two years? Q2. Is the increase/decrease in expenses from one year to the next proportionate to the increase/ decrease in revenue? SAN MIGUEL CORPORATION SEPARATE STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020 (In Millions, Except Per Share Data) REVENUES Dividend income Sale of services Interest income Rent income Gain (loss) on derivatives - net Gain on sale of investments and others EXPENSES Costs and expenses Interest expense and other financing charges Loss (gain) on foreign exchange - net INCOME BEFORE INCOME TAX INCOME TAX EXPENSE NET INCOME Basic/Diluted Loss Per Common Share See Notes to the Separate Financial Statements. Note 7 21 4, 10, 23 29 7,31 17, 18, 19, 23 12, 14, 20, 23 28 15 26 2021 P14,713 3,210 1,875 355 65 144 20,362 4,000 10,755 2,390 17,145 3,217 2,023 P1,194 (P2.93) 2020 P13,000 4,436 3,229 171 (1,752) 4,666 23,750 5,270 12,618 (1,912) 15,976 7,774 816 P6,958 (P0.01)