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2005 Annual Report 19 Petron Corporation

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2005 Annual Report 19 Petron Corporation 4`^aR_j Ac` ]V 3HWURQ&RUSRUDWLRQLVWKHODUJHVWRLOUHÀQLQJDQGPDUNHWLQJFRPSDQ\ LQ WKH 3KLOLSSLQHV 6XSSO\LQJ PRUH WKDQ D WKLUG RI WKH FRXQWU\·V RLO UHTXLUHPHQWVRXUZRUOGFODVVSURGXFWVDQGTXDOLW\VHUYLFHVIXHOWKH OLYHVRIPLOOLRQVRI)LOLSLQRV:HDUHGHGLFDWHGDQGSDVVLRQDWHDERXW RXUYLVLRQWREHWKHOHDGLQJSURYLGHURIWRWDOFXVWRPHUVROXWLRQVLQWKH HQHUJ\VHFWRUDQGLWVGHULYDWLYHEXVLQHVVHV :HRSHUDWHDUHÀQHU\LQ/LPD\%DWDDQZLWKDUDWHGFDSDFLW\RI EDUUHOVDGD\2XU,62FHUWLÀHGUHÀQHU\SURFHVVHVFUXGH RLO LQWR D IXOO UDQJH RI SHWUROHXP SURGXFWV LQFOXGLQJ /3* JDVROLQH GLHVHOMHWIXHONHURVHQHLQGXVWULDOIXHORLODQGPL[HG[\OHQH )URPWKHUHÀQHU\ZHPRYHRXUSURGXFWVPDLQO\E\VHDWRGHSRWV DQGWHUPLQDOVVLWXDWHGDOORYHUWKHFRXQWU\7KURXJKWKLVQDWLRQZLGH QHWZRUN ZH VXSSO\ IXHO RLO GLHVHO DQG /3* WR YDULRXV LQGXVWULDO FXVWRPHUV7KHSRZHUVHFWRULVRXUODUJHVWFXVWRPHU :HDOVRVXSSO\MHWIXHODWNH\DLUSRUWVWRLQWHUQDWLRQDODQGGRPHVWLF FDUULHUV 7KURXJKPRUHWKDQVHUYLFHVWDWLRQVZHUHWDLOJDVROLQHGLHVHO DQGNHURVHQHWRPRWRULVWVDQGSXEOLFWUDQVSRUWRSHUDWRUV:HDOVRVHOO RXU/3*EUDQG*DVXOWRKRXVHKROGVDQGRWKHUFRQVXPHUVWKURXJKDQ H[WHQVLYHGHDOHUVKLSQHWZRUN :HRSHUDWHDZRUOGFODVVOXEHRLOEOHQGLQJSODQWDWRXU3DQGDFDQ 7HUPLQDOZKHUH ZH PDQXIDFWXUH OXEHV DQG JUHDVHV7KHVH DUH DOVR VROGWKURXJKVHUYLFHVWDWLRQVDQGVDOHVFHQWHUV :H DUH H[SDQGLQJ RXU QRQIXHO EXVLQHVVHV ZKLFK LQFOXGH RXU FRQYHQLHQFHVWRUHEUDQG´7UHDWVµ:HKDYHSDUWQHUHGZLWKPDMRUIDVW IRRG FKDLQV FRIIHH VKRSV DQG RWKHU FRQVXPHU VHUYLFHV WR JLYH RXU FXVWRPHUVDRQHVWRSIXOOVHUYLFHH[SHULHQFH:HDUHDOVRSXWWLQJXS DGGLWLRQDOFRPSDQ\RZQHGDQGRSHUDWHGVHUYLFHVWDWLRQVLQVWUDWHJLF ORFDWLRQV :HDUHSXEOLFO\OLVWHG7KH3KLOLSSLQH1DWLRQDO2LO&RPSDQ\DQGWKH $UDPFR2YHUVHDV&RPSDQ\%9HDFKRZQVDVKDUHRIHTXLW\7KH UHPDLQLQJLVKHOGE\FORVHWRLQGLYLGXDOVWRFNKROGHUV >VddRXVe``fc De`T\Y`]UVcd 1,&$6,2,$/&$17$5$ &KDLUPDQ )XHOLQJ*URZWK7KURXJK6WUDWHJLF7UDQVIRUPDWLRQ : 3URWHFWLQJ/HDGHUVKLS .+$/,''$/)$''$*+ 3UHVLGHQWDQG&KLHI([HFXWLYH2IÀFHU :LWKRXUVWUDWHJLFEXVLQHVVLPSHUDWLYHV DOUHDG\LQPRWLRQRXUFRPSDQ\LVLQGHHG SRLVHGIRUDVWUDWHJLFWUDQVIRUPDWLRQ ([SDQVLRQRI1RQIXHO%XVLQHVV 2YHUVHDV0DUNHWV([SDQVLRQ %XVLQHVV'LYHUVLÀFDWLRQ 7fV]Z_X =VRUVcdYZa @fcdfdeRZ_VU]VRUVcdYZaZ_eYVZ_Ufdecj ZdRac`UfTe`W`fcT`^^Ze^V_ee`ViTV]]V_TV :eVieV_UdRTc`ddgRcZ`fddVX^V_ed`WeYV U`h_decVR^`Z]dVTe`cV_RS]Z_Xfde`dVcgV ^`cVeYR_`_VeYZcU`WeYVe`eR]^Rc\Ve PDUNVWKH\HDURIVWUDWHJLFWUDQVIRUPDWLRQIRU3HWURQ &RUSRUDWLRQ*XLGHGE\RXUYLVLRQDQGGULYHQE\RXUVWUDWHJLF EXVLQHVVLPSHUDWLYHVZHEXLOWRQH[LVWLQJSURJUDPVDQG LPSOHPHQWHGQHZRQHVWRVHFXUHDEULJKWHUDQGPRUHSURÀWDEOH IXWXUHIRUWKHFRPSDQ\7KLVLVWKHVWRU\RIRXUMRXUQH\WRZDUGV WKDWJRDO )WGNKPI/GDFGTUJKR %HO$LUH6TXDUH6WDWLRQ&RPSDQ\RZQHGFRPSDQ\RSHUDWHGVWDWLRQV &2&2 FRQWLQXHWRSURYLGHDGGLWLRQDOUHYHQXHVWUHDPVFRPLQJIURPQRQIXHOVEXVLQHVVHV 7UHDWV3HWURQ·VFXVWRPHUVHQMR\IXOOVHUYLFHFRQYHQLHQFHIURPLWVRZQEUDQG RI&VWRUHV 7fV]Z_X 6iTV]]V_TV HVT`_eZ_fVe`dVV\Z__`gReZ`_de` V_dfcVT`deVWWVTeZgVhRjd`WUV]ZgVcZ_X ac`UfTede`Tfde`^Vcd )WGNKPI2RGTDVKQPDN(ZEGNNGPEG 7fV]Z_X Ac`XcVdd HVR]d`T`_eZ_fVUe`RZ^W`c^R\Z_X `fccV _Vcj}3VdeZ_4]Rdd~Sj^VR_d`W ac`XcR^deYReh`f]UV_RS]Vfde`^ReTY `cVgV_dfcaRdd`aVcReZ`_R]VW TZV_TZVd `WdZ^Z]RccV _VcZVdZ_eYVcVXZ`_ )WGNKPI3TQITGUU 7fV]Z_X DfTTVdd EYVdfTTVddR_URTT`^a]ZdY^V_ed `W`fc`aVcReZ_Xf_Zedh`f]U_`eYRgV SVV_a`ddZS]VhZeY`feeYVf_cV]V_eZ_X VWW`ced`WeYVdfaa`ceUZgZdZ`_d )WGNKPI6WEEGUU 7fV]Z_X 4`^^Ze^V_e AVec`_|ddeVhRcUdYZaVieV_UdSVj`_U eYVSfdZ_VdddaYVcV@fcT`^^Ze^V_e e``fcSfdZ_VddZ_daZcVdRdZ^Z]ZRc T`^^Ze^V_ee`eYVT`f_ecj|dWfefcV )WGNKPI&QOOKVOGPV 3HWURQ6FKRRO3HWURQLVIHUYHQWLQLWVFRPPLWPHQWWRWDNHSDUWLQXSOLIWLQJ WKHOLYHVRI)LOLSLQRSHRSOHWKURXJKHGXFDWLRQ ,Q ZH GHÀ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ealth, safety and environment. Safety practices remain an integral part of our business. 18 2005 ANNUAL REPORT 19 PETRON CORPORATION 0HDQZKLOHZHFRQWLQXHGWRSXUVXHRXUHQYLURQPHQWDOVWHZDUGVKLSSURJUDPV :H KDYH UHPDLQHG DFWLYHO\ LQYROYHG LQ WKH %DWDDQ ,QWHJUDWHG &RDVWDO 0DQDJHPHQW3URJUDP %,&03 DFRPSUHKHQVLYHDQGORQJWHUPSODQWRPDQDJH FRDVWDODQGPDULQHUHVRXUFHVLQWKHSURYLQFH2QHPLOHVWRQHRIWKH%,&03LVLWV LQVWLWXWLRQDOL]DWLRQDVDQRIÀ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angrove planting and coastal clean-up. Environmental protection is one of the core projects of Petron Foundation. 7Z_R_TZR] 9ZXY]ZXYed ,Q0LOOLRQ3HVRV([FHSW3HU6KDUH$PRXQW ,Q0LOOLRQ3HVRV([FHSW3HU6KDUH$PRXQW 6$/(6 1(7,1&20( /266 23(5$7,1*(;3(16(6 ,1&20( /266 )52023(5$7,216 3/$173523(57< (48,30(17 727$/$66(76 727$/(48,7< ,Q3HVRV3HU6KDUH ($51,1*63(56+$5( &$6+',9,'(1''(&/$5(' 2005 ANNUAL REPORT 20 21 PETRON CORPORATION Financial Highlights Net earnings of —P 6 billion Your Company posted a net income of —P 6.05 billion during the year, up 48% from restated earnings of —P 4.10 billion in 2004. Net income attributable to shareholders amounted to —P 6.04 billion, arrived at after deducting —P 7 million of earnings attributable to minority interests. Restated 2004 net income attributable to shareholders was —P 4.09 billion. Consequently, Petron’s 2005 earnings per share reached 64 centavos, up 45% from the prior year’s 44 centavos. 2004 upward profit restatement The net income for 2004 was restated to —P 4.10 billion from the earlier reported value of —P 3.43 billion. This was due to accounting changes arising from Petron’s first-time adoption of Philippine Financial Reporting Standards (PFRS). PFRS aligned the country’s accounting principles and procedures with those of International Accounting Standards and International Financial Reporting Standards. The Securities and Exchange Commission has mandated the implementation of PFRS by Philippine corporations for the financial reporting period beginning January 1, 2005. The major effect on the 2004 income statement of this change in accounting policies is to decrease the cost of goods sold by —P1.01 billion, thereby increasing net income. This restatement was due to the Company’s adoption of the first- in-first-out (FIFO) method for accounting of petroleum product inventory. The Company formerly used the last-in-first- out (LIFO) method but this has been disallowed under PFRS. In a period of rising prices, a firm would generally report a lower cost of goods if it uses FIFO rather than LIFO for inventory accounting. Sales revenue up 30% Petron achieved a 30% year-on-year (YoY) increase in sales revenue to —P 191.49 billion. This was mainly due to increases in selling prices in an effort to cover the increasing cost of crude oil imports. On the other hand, sales volume slid 2% YoY to 51.70 million barrels. This was on account of a 7% decline in domestic sales to 43.71 million barrels. However, Petron’s domestic sales performance was still better than the 8% contraction of the total domestic market, as reported by the Department of Energy. Meanwhile, Petron’s export sales improved 45% YoY to 7.96 million barrels, partly compensating for the decline in domestic volumes. But cost of goods sold increased 31% The cost of goods sold reached —P176.96 billion in 2005, up 31% YoY, higher than revenue growth of 30%. Accordingly, the gross margin rate decreased 0.54%-points to 7.59% from 8.13% in 2004. As a result, growth in gross earnings slowed to 21% YoY from the 30% rate at the sales revenue line. Gross profit amounted to —P 14.53 billion in 2005. Better expense performance Petron’s selling and administrative expenses declined 7% YoY to —P 4.53 billion, which can be traced primarily to lower employee costs. This, in turn, relates to the early adoption by the Company of accounting standards on employee benefits that allow actuarial gains and losses to be directly recognized under equity. Meanwhile, net interest expense and other charges grew 10% to —P 1.86 billion due to increased short-term borrowings to fund higher-priced crude oil imports. The year-on-year reduction in selling and administrative expenses, coupled with the slower growth in net interest expense and other charges relative to gross profit growth, boosted pre-tax income by 50% to —P 8.14 billion. Higher tax provision The provision for income tax was 58% higher YoY to —P 2.09 billion. Petron’s income tax provision relative to pre-tax income increased to 26%
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