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• To delight our Customers with high quality
• To be an integral part of our customers’
fuels, lubricants & specialties, and best-in-
lives, delivering consistent customer
class technical and convenience services.
experience through innovative products
• To attract and retain the best Employees
and services;
through very competitive remuneration
• To develop strategic partnerships in pursuits
and growth opportunities.
of growth and opportunity;
• To engage the most professional Business
• To leverage our refining assets to achieve
Partners in long-term and mutually-
competitive advantage;
beneficial relationships.
• To foster an entrepreneurial culture that
• To partner with Government and
encourages teamwork, innovation and
Communities in promoting social
excellence;
investments and advocacies that
• To care for the community and the
contribute to national development.
environment;
• To deliver consistent, attractive and
• To conduct ourselves with professionalism,
increasing returns for our Shareholders
integrity and fairness;
through operational excellence, superior
• To promote the best interest of all our
value propositions and strong corporate
stakeholders.
governance.
Petron Corporation
Brief History
1933 1940
Petron Corporation
Brief History
1961 1964
Petron Corporation
Brief History
1973 1988
Petron Corporation
Brief History
1994 1998
Petron Corporation
Brief History
2009 2012
Petron Corporation
Brief History
2018
Pilipinas Shell
Petroleum Corporation
Brief History
1959 1960
Pilipinas Shell
Petroleum Corporation
Brief History
1962 1982
Pilipinas Shell
Petroleum Corporation
Brief History
1993 1995
Pilipinas Shell
Petroleum Corporation
Brief History
1999 2003
Pilipinas Shell
Petroleum Corporation
Brief History
2008 2012
Pilipinas Shell
Petroleum Corporation
Brief History
2014 2015
Pilipinas Shell
Petroleum Corporation
Brief History
2016
Financial Statement Analysis
Financial Statements
Petron Corporation
Pilipinas Shell Petroleum Corporation
Horizontal Analysis
Vertical Analysis
Ratio Analysis
Shell
Petron
270,000280,000290,000300,000310,000320,000330,000340,000350,000
Total Assets
2017 338,030
2016 318,893
2015 294,267
Total Assets
in millions
Change % Change
Sales/Revenue (16,338.00) (4.54)
Cost of Goods Sold (COGS) incl. D&A (22,527.00) (6.79)
COGS excluding D&A (25,742.00) (7.90)
Depreciation & Amortization Expense 3,215.00 52.28
Depreciation 3,286.00 56.04
Amortization of Intangibles (71.00) (24.91)
Gross Income 6,189.00 21.86
SG&A Expense 433.00 3.91
Research & Development 1.00 1.54
Other SG&A 432.00 3.93
Other Operating Expense 101.00 32.17
EBIT 5,655.00 33.39
Unusual Expense 1,245.00 (75.68)
Non Operating Income/Expense 2,313.00 (57.70)
Non-Operating Interest Income (179.00) (26.09)
Equity in Affiliates (Pretax)
Interest Expense 2,024.00 37.02
Gross Interest Expense (890.00) (10.62)
Interest Capitalized -
Pretax Income 4,520.00 46.16
Income Tax (99.00) (2.71)
Income Tax - Current Domestic 1,841.00 127.14
Income Tax - Deferred Domestic (1,940.00) (87.90)
Equity in Affiliates (67.00) (50.38)
Other After Tax Income (Expense) (200.00) 5.54
Consolidated Net Income 4,352.00 163.42
Minority Interest Expense 70.00 10.74
Pilipinas Shell Petroleum Corporation
Comparative Income Statement (Horizontal Analysis)
For the years ended December 31, 2016 and 2015
in millions
Change % Change
Sales/Revenue (20,215.00) (12.88)
Cost of Goods Sold (COGS) incl. D&A (27,368.00) (19.44)
COGS excluding D&A (27,462.00) (19.73)
Depreciation & Amortization Expense 94.00 5.90
Depreciation -
Amortization of Intangibles -
Gross Income 7,154.00 44.10
SG&A Expense 2,586.00 27.30
Other SG&A 2,586.00 27.30
Other Operating Expense -
EBIT 4,611.00 68.76
Unusual Expense (372.00) (375.76)
Non Operating Income/Expense 85.00 (22.97)
Non-Operating Interest Income (25.00) (96.15)
Interest Expense (561.00) (53.94)
Gross Interest Expense (561.00) (53.94)
Pretax Income 5,605.00 107.31
Income Tax 1,714.00 102.63
Income Tax - Current Domestic 767.00 710.19
Income Tax - Deferred Domestic 947.00 60.63
Consolidated Net Income 3,891.00 109.51
Net Income 3,891.00 109.51
Petron Corporation
Comparative Income Statement (Horizontal Analysis)
For the years ended December 31, 2017 and 2016
in millions
Change % Change
Sales/Revenue 90,784.00 26.40
Cost of Goods Sold (COGS) incl. D&A 85,555.00 27.66
COGS excluding D&A 83,954.00 27.99
Depreciation & Amortization Expense 1,601.00 17.10
Depreciation 1,677.00 18.33
Amortization of Intangibles (76.00) (35.51)
Gross Income 5,229.00 15.15
SG&A Expense 1,959.00 17.04
Research & Development 10.00 15.15
Other SG&A 1,949.00 17.05
Other Operating Expense -
EBIT 3,685.00 16.31
Unusual Expense 2,487.00 (621.75)
Non Operating Income/Expense 4,055.00 (239.09)
Non-Operating Interest Income 28.00 5.52
Equity in Affiliates (Pretax)
Interest Expense 814.00 10.87
Gross Interest Expense 814.00 10.87
Interest Capitalized
Pretax Income 4,530.00 31.65
Income Tax 1,199.00 33.72
Income Tax - Current Domestic (535.00) (16.27)
Income Tax - Deferred Domestic 1,734.00 649.44
Equity in Affiliates -
Other After Tax Income (Expense) (217.00) 5.70
Consolidated Net Income 3,048.00 43.45
Minority Interest Expense 626.00 86.70
Pilipinas Shell Petroleum Corporation
Comparative Income Statement (Horizontal Analysis)
For the years ended December 31, 2017 and 2016
in millions
Change % Change
Sales/Revenue 32,713.00 23.92
Cost of Goods Sold (COGS) incl. D&A 30,724.00 27.10
COGS excluding D&A 30,578.00 27.38
Depreciation & Amortization Expense 146.00 8.65
Depreciation
Amortization of Intangibles
Gross Income 1,988.00 8.50
SG&A Expense 635.00 5.27
Other SG&A 635.00 5.27
Other Operating Expense
EBIT 1,354.00 11.96
Unusual Expense (1,109.00) 406.23
Non Operating Income/Expense 484.00 (169.82)
Non-Operating Interest Income 5.00 500.00
Interest Expense 20.00 4.18
Gross Interest Expense 20.00 4.18
Pretax Income 2,932.00 27.08
Income Tax 8.00 0.24
Income Tax - Current Domestic 2,617.00 299.09
Income Tax - Deferred Domestic (2,609.00) (103.99)
Consolidated Net Income 2,924.00 39.28
Net Income 2,924.00 39.28
Income Statement
Comparative Horizontal Analysis
ASSETS
Cash & Short Term Investments (10.19) 25.67 (0.43) 43.48
Accounts Receivable (12.34) -21.35 34.14 3.18
Inventories 43.23 44.34 28.22 32.29
Other Current Assets 18.2 2.33 (21.07) -20.04
Total Current Assets 8.72 6.7 15.64 17.79
Property, Plant & Equipment 9.29 4.79 0.61 8.79
Investments and Advances 2.94 11.08 (82.91) 8.66
Long-Term Note Receivable -89.78 2,696.52 11.22 -
Intangible Assets -5.41 28.87 7.68 577.78
Other Assets 48.52 25.75 -6.01 53.92
Total Assets 8.37 4.41 6.00 15.96
in millions
For the year ended
2015 2016 2017
December 31,
Change % Change Change % Change Change % Change
Sales/Revenue 360,178.00 100.00 343,840.00 100.00 434,624.00 100.00
Cost of Goods Sold (COGS) incl. D&A 331,863.00 92.14 309,336.00 89.97 394,891.00 90.86
COGS excluding D&A 325,714.00 90.43 299,972.00 87.24 383,926.00 88.34
Depreciation & Amortization
Expense 6,149.00 1.71 9,364.00 2.72 10,965.00 2.52
Depreciation 5,864.00 1.63 9,150.00 2.66 10,827.00 2.49
Amortization of Intangibles 285.00 0.08 214.00 0.06 138.00 0.03
Gross Income 28,315.00 7.86 34,504.00 10.03 39,733.00 9.14
SG&A Expense 11,064.00 3.07 11,497.00 3.34 13,456.00 3.10
Research & Development 65.00 0.02 66.00 0.02 76.00 0.02
Other SG&A 10,999.00 3.05 11,431.00 3.32 13,380.00 3.08
Other Operating Expense 314.00 0.09 415.00 0.12 -
EBIT 16,937.00 4.70 22,592.00 6.57 26,277.00 6.05
Unusual Expense (1,645.00) (0.46) (400.00) (0.12) 2,087.00 0.48
Non Operating Income/Expense (4,009.00) (1.11) (1,696.00) (0.49) 2,359.00 0.54
Non-Operating Interest Income 686.00 0.19 507.00 0.15 535.00 0.12
Equity in Affiliates (Pretax) - - 63.00 0.01
Interest Expense 5,467.00 1.52 7,491.00 2.18 8,305.00 1.91
Gross Interest Expense 8,381.00 2.33 7,491.00 2.18 8,305.00 1.91
Interest Capitalized 2,914.00 0.81 - - -
Pretax Income 9,792.00 2.72 14,312.00 4.16 18,842.00 4.34
Income Tax 3,655.00 1.01 3,556.00 1.03 4,755.00 1.09
Income Tax - Current 1,448.00 0.40 3,289.00 0.96 2,754.00 0.63
Income Tax - Deferred 2,207.00 0.61 267.00 0.08 2,001.00 0.46
Equity in Affiliates 133.00 0.04 66.00 0.02 -
Other After Tax Income (Expense) (3,607.00) (1.00) (3,807.00) (1.11) (4,024.00) (0.93)
Consolidated Net Income 2,663.00 0.74 7,015.00 2.04 10,063.00 2.32
Minority Interest Expense 652.00 0.18 722.00 0.21 1,348.00 0.31
Pilipinas Shell Petroleum Corporation
Comparative Income Statement (Vertical Analysis)
in millions
For the years ended
2015 2016 2017
December 31,
Change % Change Change % Change Change % Change
Sales/Revenue 156,978.00 100.00 136,763.00 100.00 169,476.00 100.00
Cost of Goods Sold (COGS) incl.
D&A 140,755.00 89.67 113,387.00 82.91 144,111.00 85.03
COGS excluding D&A 139,161.00 88.65 111,699.00 81.67 142,277.00 83.95
Depreciation & Amortization
Expense 1,594.00 1.02 1,688.00 1.23 1,834.00 1.08
Depreciation 1,590.00 1.01 - -
Amortization of
Intangibles 4.00 0.00 - -
Gross Income 16,223.00 10.33 23,377.00 17.09 25,365.00 14.97
SG&A Expense 9,473.00 6.03 12,059.00 8.82 12,694.00 7.49
Other SG&A 9,473.00 6.03 12,059.00 8.82 12,694.00 7.49
Other Operating Expense 44.00 0.03 - -
EBIT 6,706.00 4.27 11,317.00 8.27 12,671.00 7.48
Unusual Expense 99.00 0.06 (273.00) (0.20) (1,382.00) (0.82)
Non Operating Income/Expense (370.00) (0.24) (285.00) (0.21) 199.00 0.12
Non-Operating Interest Income 26.00 0.02 1.00 0.00 6.00 0.00
Interest Expense 1,040.00 0.66 479.00 0.35 499.00 0.29
Gross Interest Expense 1,040.00 0.66 479.00 0.35 499.00 0.29
Pretax Income 5,223.00 3.33 10,828.00 7.92 13,760.00 8.12
Income Tax 1,670.00 1.06 3,384.00 2.47 3,392.00 2.00
Income Tax - Current Domestic 108.00 0.07 875.00 0.64 3,492.00 2.06
Income Tax - Deferred Domestic 1,562.00 1.00 2,509.00 1.83 (100.00) (0.06)
Consolidated Net Income 3,553.00 2.26 7,444.00 5.44 10,368.00 6.12
Net Income 3,553.00 2.26 7,444.00 5.44 10,368.00 6.12
Income Statement
Comparative Vertical Analysis
in millions
As of December 31, 2015 2016 2017
% Change
PETRON SHELL PETRON SHELL PETRON SHELL
ASSETS
Cash & Short Term Investments 6.67 5.29 5.53 6.37 5.19 7.88
Accounts Receivable 14.59 25.16 11.8 18.95 14.94 16.86
Inventories 10.47 16.78 13.84 23.2 16.75 26.47
Other Current Assets 7.59 6.03 8.28 5.91 6.17 4.07
Total Current Assets 39.33 53.26 39.45 54.43 43.04 55.29
Property, Plant & Equipment 54.92 32.99 55.38 33.11 52.57 31.06
Investments and Advances 0.79 0.51 0.75 0.54 0.12 0.51
Long-Term Note Receivable 0.68 0.17 0.06 4.55 0.07 3.93
Intangible Assets 2.99 0.01 2.61 0.01 2.65 0.07
Other Assets 1.23 5.58 1.68 6.88 1.49 9.14
100 100 100 100 100 100
Total Assets
Return on Equity
Net Income 10368
x100 8715
𝑥100 = 𝟗. 𝟕𝟖% (42135 + 32928)/2
𝑥 100 = 𝟐𝟕. 𝟔𝟐%
Average Equity (93655 + 84491)/2
OPERATING PERFORMANCE
PETRON SHELL
Gross Profit Margin
39733 25365
Sales
x100
Gross Profit
434624
x100 = 𝟗. 𝟏𝟒%
164476
x100 = 𝟏𝟒. 𝟗𝟕%