Del Monte Corporation

and good evening to our callers in the US. This is the conference call for the first quarter results of Del Monte Pacific Group, DMPL, ending July 2020. Representing Del Monte in this call are Cito Alejandro, Group Chief Operating Officer, DMPL, Parag Tachdeva, Group CFO of DMPL, Greg Longstreet, CEO of the Amante Foods in the US. And this is Iggy Sison, Chief Corporate Officer of the . We hope everyone in this call has been keeping healthy and well. Thank you for joining us. Before we start, may we request all participants please mute their phones until the end of the presentation. Thank you. So Parag Sachdeva will now present our first quarter results.

Thank you very much, Iggy, and good morning to everyone in Asia and good evening to all in the US. On slide four, I would just like to highlight that on 30th April 2020, the group recognized the sale of a 12% stake in Del Monte Philippines and started recognizing this as non-controlling interest on 1st May 2020. In addition, DMPL's effective stake in Del Monte Foods Inc. increased to 93.6% starting 15th May 2020, and henceforth recognize the 6.4% NCI. These two comprise the NCI line in the P&L. Net profit loss is net of NCI. On slide five, starting with the 2020 highlights for the first quarter. Group sales grew by 9.9% due to higher consumption of healthy, health-stable food at home, and that was both across U.S. and in Philippines. U.S. sales are up 13.5%, and Philippines sales expanded by 21.6%, offsetting lower-fret sales to 1%. Our EBITDA increased to US$42.4 million and net loss was significantly reduced to US$3.2 million from US$38.3 million prior year. We generated net profit of US$18.7 million.

Can we request everyone to please mute their phone? We hear some background noise. Can you please check if your phone is muted now? Okay, thank you.