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2018 (A Force for Change)

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2018 (A Force for Change) A FORCE FOR CHANGE 2018 ANNUAL REPORT 95% RMP-2 CRUDE UTILIZATION RATE 2,700 EMPLOYEES IN THE PHILIPPINES 379,000 OVER 2,400 BARRELS OF SERVICE STATIONS IN 97% ADDITIONAL STORAGE THE PHILIPPINES NATIONWIDE DELIVERY PERFORMANCE Our Vision and Contents 2 We are Petron Mission 4 Message to Stockholders 13 85 Years of Serving Our Customers’ Needs and More To be the leading provider of total customer 18 Optimizing Our Refining Capabilities solutions in the energy sector and its derivative 22 Laying Stronger Foundations for Future Growth businesses. 26 Cultivating a Culture of Excellence 28 Raising the Bar Higher in Malaysia 34 Empowering Our Communities We will achieve this by: 44 Board of Directors • Being an integral part of our customers’ lives, delivering consistent 48 Corporate Governance customer experience through innovative products and services; 62 Financial Highlights • Developing strategic partnerships in pursuit of growth 64 Audit Committee Report and opportunity; 65 Financial Statements • Leveraging on our refining assets to achieve competitive 66 Statement of Management’s Responsibility advantage; for Consolidated Financial Statements • Fostering an entrepreneurial culture that encourages teamwork, 68 Report of Independent Auditors innovation, and excellence; 75 Consolidated Statements of Financial Position • Caring for community and the environment; 77 Consolidated Statements of Income • Conducting ourselves with professionalism, integrity, 78 Consolidated Statements of and fairness; and Comprehensive Income • Promoting the best interest of all our stakeholders. 79 Consolidated Statements of Changes in Equity 82 Consolidated Statements of Cash Flows 84 Notes to the Consolidated Financial Statements 195 Terminals and Airport Installations 196 Products List 4,000 OVER BENEFICIARIES 16,000 85 OF LIVELIHOOD SCHOLARS HECTARES ADOPTED ASSISTANCE PROGRAM SINCE 2002 FOR REFORESTATION SINCE 2011 ON 85TH YEAR 5,000 INDIVIDUALS SERVED IN PETRON CLINICS 85 years of fueling success ABOUT THE COVER In 2018, Petron celebrated 85 years of fueling the nation. Throughout many decades of socio-economic changes, we have taken a pivotal role in ensuring a steadfast supply of world-class fuels, driving economic growth, and fueling millions of lives. This is our promise to the Filipino people and a commitment we will carry out in the next 85 years and beyond. We are Petron. We fuel success. We fuel progress. We are a Force for Change. we are Petron Corporation is the largest oil refining and marketing company in the Philippines and is a leading player in the Malaysian fuel industry. We have a combined refining capacity of 268,000 barrels-per-day, producing a full-range of world-class fuels and petrochemicals to fuel the lives of millions of Filipinos and Malaysians. Here in the Philippines, we supply nearly 40% of the country’s We have partnered with popular food and service locator total fuel requirements through the operation of our 180,000 chains to give our customers a one-stop, full-service experience. barrel-per-day oil refinery in Bataan. Considered one of the We have San Mig Food Ave. and Treats convenience stores in most advanced facilities in the region, our refinery processes select stations, offering a wide variety of food, beverages, and crude oil into a full range of petroleum products including personal items for motorists-on-the-go. gasoline, diesel, LPG, jet fuel, kerosene and petrochemicals. In line with our efforts to increase our presence in the From Bataan, we move our products mainly by sea to nearly 30 region, we continue to expand our business in Malaysia, which terminals located across the archipelago. Through our robust comprises integrated refining, distribution, and marketing. We distribution network, we fuel strategic industries such as power- operate an 88,000 barrel-per-day refinery in Port Dickson, 12 generation, manufacturing, mining, agribusiness, among others. storage facilities and a retail network of more than 640 service Petron also supplies jet fuel at key airports to international and stations. domestic carriers. As part of the San Miguel Group – one of the largest and most Through 2,400 service stations – the most extensive in the diversified conglomerates in the Philippines – we are committed country – we retail gasoline, diesel, and autoLPG to motorists to expand and grow our business to ensure that we have a and the public transport sector. Our wide range of world-class positive impact in markets where we are present. fuels includes Blaze 100 Euro 6, XCS, Xtra Advance, Turbo Diesel and Diesel Max. We also sell our LPG brands Gasul and Fiesta We are guided by our vision “to be the leading provider of Gas to households and commercial consumers through an total customer solutions in the energy sector and its derivative extensive retail network. businesses.” We source our fuel additives from our blending facility at the Subic Bay Freeport. This gives us the unique capability to formulate additives suited for Philippine driving conditions. 2 3 MESSAGE Eduardo M. Cojuangco, Jr. Chairman 4 A FORCE FOR CHANGE Message to stockholders Despite external factors that threatened our performance, we stayed committed to our promise to fuel the nation’s needs – holding fast to the values that have sustained us over the last 85 years. Dear fellow stockholders, Locally, it was the implementation of TRAIN Law, which raised excise taxes on The year 2018 was one of great challenges several petroleum products, that hit us the but also great opportunities for our hardest. TRAIN resulted in a steep rise in business. We had to contend with several the country’s inflation rate, which peaked factors beyond our control, among at 6.7% in September and October, and them volatile oil prices, uncertain market caused pump prices to reach record conditions, and significant policy changes, highs. The price war among stations also alongside competition’s persistent efforts intensified as more small players entered to increase market share. the industry. A supply glut and geopolitical tension in Looking back, we were able to overcome the Middle East caused oil prices to drop the many challenges of 2018. Despite in the last quarter. From hitting US$84 external factors that threatened our per barrel in October, benchmark Dubai performance, we stayed committed to crude plummeted to less than US$53 per our promise to fuel the nation’s needs barrel by year-end. The steep decline in – holding fast to the values that have oil prices put pressure on the margins of sustained us over the last 85 years while downstream companies around the world, executing strategies that would ensure that including Petron as higher-price inventories we remain the largest and fastest-growing were sold at lower prices. oil company in the Philippines. 5 MESSAGE Ramon S. Ang President and Chief Executive Officer 6 A FORCE FOR CHANGE Rising above challenges Our fundamentals remained strong despite a tough business environment. We reported consolidated sales of P557.4 billion for full year 2018, up 28% from the P434.6 billion recorded in 2017. Combined sales volume from our Philippine and Malaysian operations reached 108.5 million barrels, slightly higher than the 107.8 million barrels sold Our 180,000 in 2017. barrel-per-day But because of the sudden decline oil refinery in in global crude prices, resulting in an inventory loss of P10 billion towards the Bataan hit an end of 2018, our net income dropped 50% to P7.1 billion. This would have been annual utilization higher if not for our inventory losses, which comprises part of our cost of sales. rate of 95 percent, Thus, operating income also saw a decline at P18.9 billion, 32% lower than its highest on P27.6 billion of the previous year. record, as it While our profit performance was not as spectacular as previous years, we remained further increased the market leader, capturing 40% of the market and maintaining our lead in the production highly-competitive Retail, Industrial, and of high-value LPG segments. fuels and Our 180,000 barrel-per-day oil refinery in Bataan hit an annual utilization rate of petrochemicals. 95%, its highest on record, as it further increased production of high-value fuels and petrochemicals. In 2018, petrochemical and polypropylene sales grew by 3% and 28%, respectively, versus 2017. This drove the increase in export volume, which surpassed last year by over 7%. Petron Malaysia also turned in good results driven by its strong Retail performance, reflecting higher demand for our high-performance fuels. 7 Cementing our leadership We strengthened our loyalty programs to further differentiate the Petron brand. Keeping in mind that volume remains the As a result, we now have 5.8 million main driver of our business, we continued Petron Value Card holders and over to pursue programs that will further 2,500 active Petron Fleet Card accounts, cement our leadership in this major overall contributing a notable 43% to our segment. This has propelled us to further Reseller volumes. We also supported the expand our reach and bring the unique government’s move to provide Petron Best Day experience to more much-needed relief in diesel prices customers. through our Super Driver Card, which provides public utility jeepneys with added Our network expansion program discounts and benefits. continued to blaze ahead of competition. We added over 150 stations in the Building on our strengths Philippines and Malaysia, bringing our total count to over 3,000. In our desire to give Our way of doing business is always the complete one-stop shop experience, geared towards excellence, making sure we continued to improve our stations, each step is strategic from thought to partnering with more establishments and execution. From end to end, we ensure opening additional convenience stores. that we provide the most value for our customers. We also cemented our lead in the LPG trade as we boosted the availability of our Under our Logistics Master Plan, we safe and economical LPG brands, Gasul continued to improve our logistical and Fiesta.
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