PILIPINAS SHELL PETROLEUM CORPORATION

VERTICAL ANALYSIS
STATEMENT OF COMPREHENSIVE INCOME

AMOUNT PERCENTAGE
2018 2017 2018 2017
Sales 223,817,699 174,470,235 100.00% 100.00% Base Amount
Sales Discounts and Rebates -4,949,023 -4,994,423 -2.21% -2.86%
Net Sales 218,868,676 169,475,812 97.79% 97.14%
Less: Expenses
Cost of Sales 196,573,873 143,070,566 87.83% 82.00%
Selling Expenses 11,644,884 11,570,642 5.20% 6.63%
Administrative Expenses 2,741,716 2,289,457 1.22% 1.31%
Other Operating Income -583,862 -489,417 -0.26% -0.28%
Total Expenses 210,376,611 156,441,248 93.99% 89.67%
Income from Operation 8,492,065 13,034,564 3.79% 7.47%

Finance Income 45,117 68,393 0.02% 0.04%

Finance Expense -1,245,034 -721,905 -0.56% -0.41%
Other non-operating Income 1,379,168 0.79%
Other Income -1,199,917 725,656 -0.54% 0.42%

Income before tax 7,292,148 13,760,220 3.26% 7.89%

Provision for Income Tax 2,215,822 3,391,986 0.99% 1.94%
NET INCOME 5,076,326 10,368,234 2.27% 5.94%
 PILIPINAS SHELL PETROLEUM CORPORATION
VERTICAL ANALYSIS
STATEMENT OF FINANCIAL POSITION

AMOUNT PERCENTAGE
2018 2017 2018 2017
ASSETS
Current Assets
Cash 4,455,124 6,163,261 5.56% 7.53%
Trade and Other Receivables 12,992,819 10,865,099 16.21% 13.27%
Inventory 19,642,836 21,671,210 24.50% 26.47%
Prepaid Expenses 3,687,782 7,176,689 4.60% 8.77%
Total Current Assets 40,778,561 45,876,259 50.87% 56.03%
Non-Current Assets
Long term Receivables 4,659,005.00 4,304,486.00 5.81% 5.26%
Property, Plant & Equipment 28,128,715 25,434,373 35.09% 31.06%
Other Assets 6,600,096 6,261,887 8.23% 7.65%
Total Non-Current Assets 39,387,816 36,000,746 49.13% 43.97%
TOTAL ASSETS 80,166,377 81,877,005 100.00% 100.00% Base Amount

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Trade and Other Payables 25,180,133 21,163,783 31.41% 25.85%
Short Term Loans 3,261,000 4,057,000 4.07% 4.95%
Current Portion of long term debt 0 6,000,000 0.00% 7.33%
Dividends Payable 15,622 14,216 0.02% 0.02%
Total Current Liabilities 28,456,755 31,234,999 35.50% 38.15%
Non-Current Liabilities
Long term Debt 9000000 5000000 11.23% 6.11%
Deferred tax payable 693574 702049 0.87% 0.86%
Provisions and other liabilities 3,044,237 2,804,569 3.80% 3.43%
12,737,811 8,506,618 15.89% 10.39%
Total Liabilities 41,194,566 39,741,617 51.39% 48.54%
Stockholders’ Equity
Share Capital, P1 par 1,681,058 1,681,058 2.10% 2.05%
Share Premium 26,161,736 26,161,736 32.63% 31.95%
Treasury Shares -507,106 -507,106 -0.63% -0.62%
Retained Earnings 11,074,898 14,339,453 13.81% 17.51%
Other Reserves 561,225 460,247 0.70% 0.56%
Total Stockholders’ Equity 38,971,811 42,135,388 48.61% 51.46%
TOTAL LIABILITIES AND STOCKHOLDERS’
80,166,377 81,877,005 100.00% 100.00%
EQUITY
 PILIPINAS SHELL PETROLEUM CORPORATION
Horizontal ANALYSIS
STATEMENT OF COMPREHENSIVE INCOME

AMOUNT Difference
Amount Percentage
2018 2017 2018
Sales 223,817,699 174,470,235 49,347,464.00 28.28%
Sales Discounts and Rebates -4,949,023 -4,994,423 45,400.00 -0.91%
Net Sales 218,868,676 169,475,812 49,392,864.00 29.14%
Less: Expenses -
Cost of Sales 196,573,873 143,070,566 53,503,307.00 37.40%
Selling Expenses 11,644,884 11,570,642 74,242.00 0.64%
Administrative Expenses 2,741,716 2,289,457 452,259.00 19.75%
Other Operating Income -583,862 -489,417 - 94,445.00 19.30%
Total Expenses 210,376,611 156,441,248 53,935,363.00 34.48%
Income from Operation 8,492,065 13,034,564 - 4,542,499.00 -34.85%
-
Finance Income 45,117 68,393 - 23,276.00 -34.03%
Finance Expense -1,245,034 -721,905 - 523,129.00 72.47%
Other non-operating Income 1,379,168 - 1,379,168.00 -100.00%
Other Income -1,199,917 725,656 - 1,925,573.00 -265.36%
-
Income before tax 7,292,148 13,760,220 - 6,468,072.00 -47.01%
Provision for Income Tax 2,215,822 3,391,986 - 1,176,164.00 -34.67%
NET INCOME 5,076,326 10,368,234 - 5,291,908.00 -51.04%
 PILIPINAS SHELL PETROLEUM CORPORATION
Horizontal ANALYSIS
STATEMENT OF FINANCIAL POSITION

AMOUNT PERCENTAGE
2018 2017 Difference 2018
ASSETS
Current Assets
Cash 4,455,124 6,163,261 -1,708,137 -27.71%
Trade and Other Receivables 12,992,819 10,865,099 2,127,720 19.58%
Inventory 19,642,836 21,671,210 -2,028,374 -9.36%
Prepaid Expenses 3,687,782 7,176,689 -3,488,907 -48.61%
Total Current Assets 40,778,561 45,876,259 -5,097,698 -11.11%
Non-Current Assets
Long term Receivables 4,659,005.00 4,304,486.00 354,519 8.24%
Property, Plant & Equipment 28,128,715 25,434,373 2,694,342 10.59%
Other Assets 6,600,096 6,261,887 338,209 5.40%
Total Non-Current Assets 39,387,816 36,000,746 3,387,070 9.41%
TOTAL ASSETS 80,166,377 81,877,005 -1,710,628 -2.09%

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities
Trade and Other Payables 25,180,133 21,163,783 4,016,350 18.98%
Short Term Loans 3,261,000 4,057,000 -796,000 -19.62%
Current Portion of long term debt 0 6,000,000 -6,000,000 -100.00%
Dividends Payable 15,622 14,216 1,406 9.89%
Total Current Liabilities 28,456,755 31,234,999 -2,778,244 -8.89%
Non-Current Liabilities
Long term Debt 9000000 5000000 4,000,000 80.00%
Deferred tax payable 693574 702049 -8,475 -1.21%
Provisions and other liabilities 3,044,237 2,804,569 239,668 8.55%
12,737,811 8,506,618 4,231,193 49.74%
Total Liabilities 41,194,566 39,741,617 1,452,949 3.66%
Stockholders’ Equity
Share Capital, P1 par 1,681,058 1,681,058 0 0.00%
Share Premium 26,161,736 26,161,736 0 0.00%
Treasury Shares -507,106 -507,106 0 0.00%
Retained Earnings 11,074,898 14,339,453 -3,264,555 -22.77%
Other Reserves 561,225 460,247 100,978 21.94%
Total Stockholders’ Equity 38,971,811 42,135,388 -3,163,577 -7.51%
TOTAL LIABILITIES AND STOCKHOLDERS’
80,166,377 81,877,005 -1,710,628
EQUITY -2.09%
 PROFITABILITY RATIOS
Formula 2018 2017
GROSS PROFIT RATIO (SALES -COS)/SALES 10.19% 15.58%
OPERATING PROFIT RATIO EBIT/SALES 3.88% 7.69%
NET PROFIT RATIO NOPAT/SALES 2.32% 6.12%
RETURN ON ASSETS NI/TA or PM * AT 6.33% 12.66%
RETURN ON EQUITY NI/SHE 13.03% 24.61%
EARNINGS PER SHARE (NI-PREF. DIV) / AVE CS 3.15 6.43
PRICE EARNINGS PER RATIO PRICE/EPS 4.76 2.33
DIVIDEND PAYOUT RATIO DPS/EPS
DIVIDEND YIELD RATIO DPS/PRICE

LIQUIDITY RATIOS
CURRENT RATIO CA/CL 1.43 1.47
QUICK RATIO QA/CL 0.61 0.55
A/R TURNOVER NS/AVE A/R 18.35 15.60
AVE. COLLECTION PERIOD 365/ A/R TO 19.89 23.40
INVENTORY TURNOVER COS/ AVE INV. 9.52 6.60
AVERAGE SALES PERIOD 365/ INV. TO 38.36 55.29
OPERATING CYCLE COLLECTION + SALES 58.25 78.69

STABILITY RATIOS
DEBT RATIO TL/TA 51.39% 48.54%
DEBT TO EQUITY RATIO TL/SHE 105.70% 94.32%
TIME INTEREST EARNED RATIO EBIT/INT. EXP. -682.07% -1805.58%

MP 15.00
Sales 223,817,699
174,470,235 Current Assets
Sales Discounts and Rebates -4,949,023
-4,994,423 Cash
Net Sales 218,868,676
169,475,812 Trade and Other Receivables
Less: Expenses Inventory
Cost of Sales 196,573,873 143,070,566 Prepaid Expenses
Selling Expenses 11,644,884 11,570,642 Total Current Assets
Administrative Expenses 2,741,716 2,289,457 Non-Current Assets
Other Operating Income -583,862 -489,417 Long term Receivables
Total Expenses 210,376,611 156,441,248 Property, Plant & Equipment
Income from Operation 8,492,065 13,034,564 Other Assets
Total Non-Current Assets
Finance Income 45,117 68,393 TOTAL ASSETS
Finance Expense -1,245,034 -721,905
Other non-operating Income 1,379,168 LIABILITIES AND STOCKHOLDERS’
Other Income -1,199,917 725,656 Current Liabilities
Trade and Other Payables
Income before tax 7,292,148 13,760,220 Short Term Loans
Provision for Income Tax 2,215,822 3,391,986 Current Portion of long term debt
NET INCOME 5,076,326 10,368,234 Dividends Payable
Total Current Liabilities
EBIT Non-Current Liabilities
EARNINGS BEFORE INTEREST AND TAXES Long term Debt
NOPAT Deferred tax payable
NET OPERATING PROFIT AFTER TAX Provisions and other liabilities

Total Liabilities
Stockholders’ Equity
Share Capital, P1 par
Share Premium
Treasury Shares
Retained Earnings
Other Reserves
Total Stockholders’ Equity
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY
 4,455,124 6,163,261
12,992,819 10,865,099 11928959
19,642,836 21,671,210 20657023
3,687,782 7,176,689
40,778,561 45,876,259

4,659,005.00 4,304,486.00
28,128,715 25,434,373
6,600,096 6,261,887
39,387,816 36,000,746
80,166,377 81,877,005

ND STOCKHOLDERS’ EQUITY

25,180,133 21,163,783
3,261,000 4,057,000
0 6,000,000
15,622 14,216
28,456,755 31,234,999

9000000 5000000
693574 702049
3,044,237 2,804,569
12,737,811 8,506,618
41,194,566 39,741,617

1,681,058 1,681,058
26,161,736 26,161,736
-507,106 -507,106
11,074,898 14,339,453
561,225 460,247
38,971,811 42,135,388

80,166,377 81,877,005