|
|
|
FINANCIAL HIGHLIGHTS
(In Thousands of Pesos) |
| |
|
Consolidated |
Entity |
| |
2009 |
2008 |
2007 |
| FOR THE YEAR |
|
|
|
|
Revenues from Petroleum Operations |
328,780 |
133,367 |
168,952 |
|
Investment Income |
9,342 |
10,237 |
8,280 |
|
Interest and Other Income |
2,003 |
10,221 |
24,385 |
|
Net Income (Loss) |
108,605 |
15,100 |
28,056 |
| |
|
|
|
| AS OF END OF YEAR |
|
|
|
|
Total Assets |
1,718,483 |
1,498,939 |
1,534,759 |
|
Current Liabilities |
17,180 |
151,482 |
132,948 |
|
Noncurrent Liabilities |
0 |
8,357 |
3,472 |
|
Net Worth |
1,701,303 |
1,339,100 |
1,398,339 |
|
Authorized Capital |
2,000,000 |
1,550,000 |
1,550,000 |
|
Issued and Subscribed Capital |
1,731,858 |
1,534,950 |
1,534,132 |
| |
|
|
|
| |
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEET |
|
December 31, 2009 and
2008 |
|
|
|
|
|
|
|
|
2009 |
2008 |
|
ASSETS |
|
|
|
Current Assets
|
|
|
|
Cash and cash
equivalents (Notes 4) |
102,188,831 |
980,828 |
|
Receivables - net (Note
5 and 6) |
120,766,785 |
104,865,713 |
|
Crude oil inventory
(Note 3) |
40,451,055 |
1,596,162 |
|
Other current assets |
176,310 |
1,596,102 |
|
Total Current Assets |
263,582,981 |
109,038,805 |
|
Noncurrent Assets |
|
|
|
Property and equipment - net
(Notes 6 and 7) |
292,205,238 |
297,098,016 |
|
Investments in associates
(Note 8) |
227,195,544 |
219,853,948 |
|
Available-for-sale financial assets -
net (Note 9) |
110,591,628 |
50,972,242 |
Deferred oil exploration costs - net
(Notes 6 and 10)
|
823,734,492 |
821,218,862 |
|
Retirement benefit
asset (Note 18) |
906,325 |
- |
Other noncurrent assets
|
266,689 |
756,732 |
Total Noncurrent Assets
|
1,454,899,916 |
1,389,899,800 |
|
TOTAL ASSETS |
1,718,482,897 |
1,498,938,605 |
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
Current Liabilities |
|
|
|
Accounts payable and accrued
liabilities (Notes 6 and 12) |
14,106,297 |
22,073,923 |
|
Subscriptions payable |
2,0068,842 |
2,069,233 |
|
Income tax payable |
1,004,438 |
578,586 |
|
Loans payable (Note 11) |
- |
121,724,515 |
|
Dividends payable (Note
13) |
- |
5,035,941 |
|
Total Current Liabilities |
17,179,577 |
151,482,198 |
|
Noncurrent Liabilities |
|
|
|
Retirement benefits
liability (Note 18) |
- |
7,217,836 |
|
Deferred tax
liability (Note 19) |
- |
1,139,116 |
|
Total Noncurrent Liabilities |
- |
8,356,952 |
|
Total Liabilities |
17,179,577 |
159,839,150 |
|
|
|
|
|
Equity |
|
|
|
Capital stock - 0.01 par
value (held by 9,320 equity holders in 2009 and 9,393 equity holders in
2008) (Note 13) |
|
|
|
Authorized - 200.0 billion shares in 2009 and 155.0
billion shares
in 2008 |
|
|
|
Issued |
1,545,002,756 |
1,534,949,112 |
|
Subscribed |
373,685,298 |
1,331 |
|
Subscriptions receivable |
(186,830,286) |
(687) |
|
Paid in capital from sale of
treasury shares (Note 13) |
1,624,012 |
1,624,012 |
|
Net unrealized loss
on decline in value of available-for-sale financial assets (Note 9) |
(111,378,253) |
(163,032,906) |
|
Retained earnings
(deficit) |
79,199,793 |
(34,441,407) |
|
Total Equity |
1,701,303,320 |
1,339,099,455 |
|
TOTAL LIABILITIES AND
EQUITY |
1,718,482,897 |
1,498,938,605 |
|
|
|
|
See accompanying Notes to Consolidated Financial
Statements (2009 Annual Report - pdf format) |
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In Philippine Pesos) |
|
For the Years Ended December
31, 2009, 2008 and 2007 |
|
|
|
|
|
|
|
|
2009 |
2008 |
2007 |
|
|
|
|
|
|
PETROLEUM REVENUE
(Notes 6 and
10) |
328,779,723 |
133,367,423 |
168,952,006 |
|
|
|
|
|
|
COSTS AND EXPENSES |
|
|
|
|
Share in costs and
operating expenses (Notes 6, 10 and 16) |
163,008,806 |
85,056,688 |
121,415,322 |
|
General and administrative
expenses (Note 17) |
48,618,053 |
31,205,142 |
29,960,604 |
|
Depletion, depreciation and
amortization (Notes 6 and 7) |
12,847,502 |
3,073,145 |
155,097,324 |
|
|
224,474,361 |
119,334,975 |
155,097,324 |
OTHER INCOME (CHARGES)
|
|
|
|
|
|
|
|
|
Equity in net earnings of
associates (Note 8) |
9,341,596 |
10,236,862 |
8,280,014 |
|
Interest and financing
charges (Notes 11 and 15) |
(6,696,908) |
(17,599,698) |
(16,360,901 |
|
Interest income (Notes
4 and 15) |
2,628,261 |
3,168,115 |
3,320,565 |
|
Foreign exchange gains(losses) - net
(Note 6) |
(906,932) |
1,600,498 |
452,092 |
|
Gain on sale of: |
|
|
|
|
Available-for-sale financial
assets (Note 9) |
2,410 |
- |
984,752 |
|
Property and equipment |
- |
- |
18,862,704 |
|
Provision for impairment
losses (Notes 1 and 3) |
- |
- |
(658,746) |
|
Others |
279,337 |
5,452,637 |
764,866 |
|
|
4,647,764 |
2,858,414 |
15,645,346 |
|
|
|
|
|
INCOME BEFORE INCOME TAX
|
108,953,126 |
16,890,862 |
29,500,028 |
|
PROVISION FOR (BENEFIT FROM) INCOME TAX
(Note 19) |
|
|
|
|
Current |
1,486,983 |
651,681 |
1,444,371 |
|
Deferred |
(1,139,116) |
1,139,1161 |
- |
|
|
347,867 |
1,790,797 |
1,444,371 |
|
|
|
|
|
|
NET INCOME |
108,605,259 |
15,100,065 |
28,055,657 |
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
Changes in fair
value of available-for-sale financial assets (Note 9) |
51,654,653 |
(75,156,968) |
(5,068,676) |
|
TOTAL
COMPREHENSIVE INCOME (LOSS) |
160,259,912 |
(60,056,903) |
22,986,981 |
|
|
|
|
|
|
EARNINGS PER SHARE
(Note 14) |
|
|
|
|
Basic |
0.0006 |
0.0001 |
0.0002 |
|
Diluted |
0.0006 |
0.0001 |
0.0002 |
|
|
|
|
|
Please see
Accompanying Notes to Consolidated Financial Statements at the
2009 Annual Report (PDF) |
|
|
|
|
|
|
|
