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Sustaining Momentum 2007 Annual Report Sustaining Momentum

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Sustaining Momentum 2007 Annual Report Sustaining Momentum Sustaining Momentum 2007 Annual Report Sustaining Momentum Petron continually strives to be a more Net Income Market Share people-and planet-friendly organization as (In Million Pesos) (In Percent) it builds more modern facilities that comply with the strictest global environmental standards, succeeding to generate more employment and help the local economy fl ourish. 2007 6,395 38.9 2006 6,018 38.8 Table of Contents 1 Sustaining Momentum 2005 6,051 38.1 2 Vision Mission Values 3 Company Profi le 4 Message to our Stockholders 8 Operating Highlights 26 Corporate Governance 2004 4,101 37.7 30 Audit Committee Report 31 Financial Highlights 35 Statement of Management’s Responsibility 36 Report of Independent Auditors 37 Consolidated Statements of Financial Position 38 Consolidated Statements of Income 2003 3,114 33.8 39 Consolidated Statements of Comprehensive Income 40 Consolidated Statements of Changes in Equity 41 Consolidated Statements of Cash Flows 42 Notes to Consolidated Financial Statements 77 List of Banks and Financial Institutions 2002 2,921 32.9 78 Board of Directors 80 Management Committee 82 Terminals and Depots 83 Product List 84 Information and Assistance 2 PETRON CORPORATION • Sustaining Momentum PETRON CORPORATION • Annual Report 2007 3 Vision Mission Values Company Profi le To be the Leading Provider of Total Customer Solutions in PETRON CORPORATION is the largest oil refi ning and marketing the Energy Sector and its Derivative Businesses. We will company in the Philippines. Supplying nearly 40% of the country’s oil achieve this by: requirements, our world-class products and quality services fuel the lives of millions of Filipinos. We are dedicated and passionate about • Being an integral part of our customers’ lives, delivering our vision to be the leading provider of total customer solutions in the consistent customer experience through innovative energy sector and its derivative businesses. products and services; We operate a refi nery in Limay, Bataan, with a rated capacity of 180,000 barrels a day. Our ISO-14001-certifi ed refi nery processes crude • Developing strategic partnerships in pursuit of growth oil into a full range of petroleum products including LPG, gasoline, and opportunity; diesel, jet fuel, kerosene, industrial fuel oil, solvents, asphalts, and the petrochemical feedstocks—mixed xylene and propylene. • Leveraging our refi ning assets to achieve competitive From the refi nery, we move our products mainly by sea to our advantage; 32 depots and terminals situated all over the country. Through this nationwide network, we supply fuel oil, diesel, and LPG to various • Fostering an entrepreneurial culture that encourages industrial customers. The power sector is our largest customer. teamwork, innovation and excellence; We also supply jet fuel at key airports to international and domestic carriers. • Caring for community and the environment; Through more than 1,260 service stations, we retail gasoline, diesel and kerosene to motorists and public transport operators. We also sell • Conducting ourselves with professionalism, integrity our LPG brand Gasul to households and other consumers through an and fairness; extensive dealership network. We operate a world-class lube oil blending plant at our Pandacan • Promoting the best interest of all our stakeholders. Terminal, where we manufacture lubes and greases. These are also sold through service stations and sales centers. We are expanding our non-fuels businesses which include our convenience store brand “Treats.” We have partnered with major fast-food chains and other consumer services to give our customers a one-stop full service experience. We are also putting up additional company-owned and company-operated service stations in strategic locations. PETRON CORPORATION • Annual Report 2007 5 Message To Our Stockholders SUSTAINING MOMENTUM 2007 was another challenging year for us, with international crude oil prices going to new record highs and averaging 11% above 2006 levels. While an appreciating peso softened the impact of higher crude costs, this also weakened our export performance. Meanwhile, competition in the local industry remained at fever pitch as refi ners and importers alike sought to increase market share. But again, your company made good on its commitment to continue to create value for shareholders. For the third straight year, we delivered a net income in excess of P6 billion. This consistent performance points to the robustness of the growth platform that we laid down a few years ago when we redefi ned our vision/mission: to be the leading provider of total customer solutions in the energy sector and its derivative businesses. We have pursued market dominance and products and market diversifi cation in the service of this goal, complementing these with cost and asset effi ciency, organizational effectiveness, and corporate social responsibility programs. Our P6.4 billion net income for 2007 affi rms the success of our strategic framework. The accomplishments that enabled us to achieve this record income level can be seen to support our major strategies. MARKET DOMINANCE Petron continued to lead the market, managing to grow its domestic sales at 3.2%—slightly higher than the industry demand growth of 3%. Our market share improved to 38.9% from 38.8% in 2006. We maintained our lead in all the trades except in lubes, where we remained a strong No. 2. Worth noting is the increase in our market share in the LPG trade by almost 5 percentage points, rising to 34.0% from 29.1% in 2006. While the increase in volumes was to be expected with our acquisition of Chevron’s retail LPG business, we also saw higher sales in our traditional LPG markets. We continued to expand our Retail network, aiming to preserve our leadership in the segment of the market that accounts for nearly half of the country’s oil demand. Tapping into areas with high volume potential, we constructed 40 new service stations. Our market share in this highly competitive trade increased to 36.1% from 34.8% in 2006. NICASIO I. ALCANTARA Chairman and Chief Executive Offi cer KAMAL M. AL-YAHYA President 6 PETRON CORPORATION • Sustaining Momentum PETRON CORPORATION • Annual Report 2007 7 PRODUCTS AND MARKET DIVERSIFICATION CORPORATE SOCIAL RESPONSIBILITY (CSR) Our diversifi cation efforts continued to pay off in 2007. Our commitment to CSR programs remained a major theme in Petron’s corporate agenda. Sales from our non-fuel businesses grew nearly 33%, with franchises (e.g., Jollibee, Under our fl agship project which is HOPE or Helping Filipino Children and the Youth Chowking, Gloria Jean’s) showing a revenue growth of around 53% and convenience (Treats) Overcome Poverty through Education, the company’s support extended to over 6,000 school stores, 23%. children in public elementary schools. In the school year ending in 2007, there were 380 Our entry into non-traditional outlets for our lubes has likewise been highly successful. outstanding and 55 fi rst honor students among these children. The fi rst batch of more than Our lube exports to Cambodia increased by almost 75% in 2007. Domestically, sales 1,000 students will be graduating in March 2008. generated by Petron Service Centers were up 17.5% while those of distributors more than The company also built 8 Petron Schools in 2007, bringing the total of such schools to 21, doubled. To further boost our lube sales, we also opened 5 Petron Car Care Centers during with a total of 81 classrooms. the year. 2007 also marked the launch of our new major environmental initiative called “Life and In the autoLPG market, we have the highest market share at nearly 30%, which is Livelihood: Sustaining the Tubbataha Reefs and the Sulu Sea.” In partnership with World 7 percentage points ahead of our nearest competitor. Our share is nearly double than what we Wide Fund (WWF) Philippines, Petron aims to help preserve what is considered an invaluable had in 2006, when we were only the second largest player in this sub-sector. resource for marine biodiversity in the country. COST AND ASSET EFFICIENCY MOVING TO THE PETROCHEMICAL DECADE During the year, we continued our efforts to improve effi ciency and manage costs in our supply The next phase of Petron’s growth is anchored on diversifi cation into petrochemicals. While chain and other key areas. our fuels business will continue to provide a stable earnings base, petrochemical feedstocks— Our Bataan refi nery met its target for processing effi ciency and did better than target for with the global market premiums they command relative to fuels—will take us to a new growth operational availability. Mixed xylene production was higher than planned, and improved from trajectory. solvent grade to the more valuable isomer grade in the second quarter. At the end of 2007, construction work on phase one of our Refi nery Masterplan was well Petron had signifi cantly lower crude freight costs compared to the other refi ner in the advanced. Both the Petro Fluidized Catalytic Cracker (PFCC) and the Propylene Recovery Unit country, sustaining a historical trend. By entering into contracts of affreightment to guarantee (PRU) were close to 100% completion. The remaining work is focused on the Benzene-Toluene- availability of quality vessels, we also enjoyed better-than-market freight rates and obtained Xylene (BTX) unit, where construction is expected to be completed by early 2009. savings of over $3 million. Succeeding phases of our Refi nery Masterplan are on the drawing board. We are aiming to In domestic product transshipment, we proceeded with our Shipping Alliance Project, which complete the strategic transformation of Petron within the next decade. But even as early aims to replace our contracted marine fl eet with modern, high-performance, and safer vessels as 2008, we expect to see the dawn of our petrochemical age. Your company is headed for while managing costs.
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