|
|
|
FINANCIAL HIGHLIGHTS
(In Thousands of Pesos) |
| |
|
Consolidated |
Entity |
| |
2008 |
2007 |
2006 |
| FOR THE YEAR |
|
|
|
| Revenues from Petroleum Operations |
133,367 |
168,952 |
147,043 |
| Investment Income |
10,237 |
8,280 |
5,797 |
| Interest and Other Income |
10,221 |
24,385 |
11,458 |
| Net Income (Loss) |
15,100 |
28,056 |
(175,766) |
| |
|
|
|
| AS OF END OF YEAR |
|
|
|
| Total Assets |
1,498,939 |
1,534,759 |
1,552,453 |
| Current Liabilities |
151,482 |
132,948 |
176,404 |
| Noncurrent Liabilities |
8,357 |
3,472 |
1,043 |
| Net Worth |
1,339,100 |
1,398,339 |
1,375,006 |
| Authorized Capital |
1,550,000 |
1,550,000 |
1,550,000 |
| Issued and Subscribed Capital |
1,534,950 |
1,534,950 |
1,534,944 |
| |
|
|
|
| |
|
|
|
|
|
|
|
BALANCE SHEET |
|
December 31, 2008 and
2007 |
|
|
|
|
|
|
|
|
2008 |
2007 |
|
ASSETS |
|
|
|
Current Assets
|
|
|
|
Cash (Notes 19 and 20) |
980,828 |
3,825,792 |
|
Receivables - net (Note
4) |
104,865,713 |
64,745,375 |
|
Crude oil inventory |
1,596,162 |
9,683,430 |
|
Other current assets |
1,596,102 |
125,820 |
|
Total Current Assets |
109,038,805 |
78,380,417 |
|
Noncurrent Assets |
|
|
Deferred oil exploration costs - net
(Notes 5 and 9)
|
821,218,862 |
818,461,972 |
|
Investments in associates
(Note 7) |
219,853,948 |
211,617,086 |
|
Property and equipment - net
(Notes 5 and 6) |
297,098,016 |
299,194,458 |
Available-for-sale financial assets -
net (Note 8)
|
50,972,242 |
126,129,210 |
Other noncurrent assets
|
756,732 |
975,224 |
Total Noncurrent Assets
|
1,389,899,800 |
1,456,377,950 |
|
TOTAL ASSETS |
1,498,938,605 |
1,534,758,367 |
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Current Liabilities |
|
|
|
Loans payable (Note 10) |
121,724,515 |
88,724,515 |
|
Accounts payable and accrued
liabilities (Notes 5 and 11) |
22,073,923 |
37,140,255 |
|
Income tax payable |
578,586 |
- |
|
Dividends payable (Note
19) |
5,035,941 |
5,013,853 |
|
Subscriptions payable
(Note 19) |
2,069,233 |
2,069,233 |
|
Total Current Liabilities |
151,482,198 |
132,947,856 |
|
Noncurrent Liabilities |
|
|
|
Retirement benefits
liability (Note 17) |
7,217,836 |
3,471,536 |
|
Deferred income tax
liability (Note 18) |
1,139,116 |
- |
|
Total Noncurrent Liabilities |
8,356,952 |
3,471,536 |
|
Total Liabilities |
159,839,150 |
136,419,392 |
|
|
|
|
|
Equity |
|
|
|
Capital stock - 0.01 par
value (held by 9,393 and 9,540 equity holders in 2008 and 2007,
respectively ) (Note 12) |
|
|
|
Authorized - 155.0 billion shares |
|
|
|
Issued |
1,534,949,112 |
1,529,187,292 |
|
Subscribed |
1,331 |
5,763,151 |
|
Subscriptions receivable |
(687) |
(818,070) |
|
Paid in capital from sale of
treasury shares (Note 12) |
1,624,012 |
1,624,012 |
|
Net unrealized loss
on decline in value of available-for-sale financial assets (Note 8) |
(163,032,906) |
(87,875,938) |
|
Deficit |
(34,441,407) |
(49,541,472) |
|
Total Equity |
1,339,099,455 |
1,398,338,975 |
|
TOTAL LIABILITIES AND
EQUITY |
1,498,938,605 |
1,534,758,367 |
|
|
|
|
See accompanying Notes to Consolidated Financial
Statements (2008 Annual Report - pdf format) |
|
|
|
|
|
STATEMENTS OF INCOME
(In Philippine Pesos) |
|
For the Years Ended December
31, 2008, 2007 and 2006 |
|
|
|
|
Consolidated |
Entity |
|
|
2008 |
2007 |
2006 |
|
|
|
|
|
|
PETROLEUM REVENUE
(Notes 5 and 9) |
133,367,423 |
168,952,006 |
147,,043,008 |
|
|
|
|
|
|
COSTS AND EXPENSES |
|
|
|
|
Share in costs and
operating expenses (Notes 5, 9 and 15) |
85,056,688 |
121,415,322 |
89,132,887 |
|
General and administrative
expenses (Note 16) |
31,205,142 |
5,796,937 |
38,282,287 |
|
Depletion, depreciation and
amortization (Notes 5 and 6) |
3,073,145 |
3,721,398 |
2,289,307 |
|
|
119,334,975 |
155,097,324 |
119,586,508 |
OTHER INCOME (CHARGES) - Net
|
|
|
|
|
|
|
|
|
Interest and financing
charges (Notes 10 and 14) |
(17,599,698) |
(16,360,901) |
(22,971,000) |
|
Equity in net earnings of
associates (Note 7) |
10,236,862 |
8,280,014 |
5,796,937 |
|
Interest income (Note 14) |
3,168,115 |
3,320,565 |
5,748,273 |
|
Foreign exchange gains - net
(Note 5) |
1,600,498 |
452,092 |
3,607,623 |
|
Gain (loss) on slae
(disposal) of: |
|
|
|
|
Property and equipment
(Note 6) |
- |
18,862,704 |
- |
|
Available-for-sale financial
assets (Note 8) |
- |
984,752 |
- |
|
Investment in associate
(Note 7) |
- |
- |
(194,860,000) |
|
Provision for impairment
losses (Notes 2 and 3) |
- |
(658,746) |
- |
|
Others |
5,452,637 |
764,866 |
2,101,638 |
|
|
2,858,414 |
15,645,346 |
(200,576,529) |
|
|
|
|
|
INCOME (LOSS) BEFORE INCOME TAX
|
16,890,862 |
29,500,028 |
(173,120,029) |
|
PROVISION FOR INCOME TAX
(Note 18) |
|
|
|
|
Current |
651,681 |
1,444,371 |
2,646,085 |
|
Deferred |
1,139,116 |
- |
- |
|
|
1790,797 |
1,444,371 |
2,646,085 |
|
|
|
|
|
|
NET INCOME (LOSS) |
15,100,065 |
28,055,657 |
(175,766,114) |
|
|
|
|
|
|
EARNINGS (LOSS) PER SHARE
(Note 13) |
|
|
|
|
Basic |
0.0001 |
0.0002 |
0.0011 |
|
Diluted |
0.0001 |
0.0002 |
0.0011 |
|
|
|
|
|
Please see
Accompanying Notes to Consolidated Financial Statements at the
2008Annual Report (PDF) |
|
|
|
|
|
|
|
