Year 2008 Performance

- Phoenix Petroleum Philippine, Inc.’s income rose to P150 million in 2008 from P122 million in 2007.

-Total revenues rose to P4.615 billion, 95 percent higher than P2.364 billion in 2007. Revenue growth was driven by substantial increase in sales volume of petroleum products and increase in revenues from fuels service and storage. This was despite lower profit margins and increased business competition amid world oil prices reaching unprecedented levels.

- A wider distribution network and expanded institutional customer base led to a growth in sales of petroleum products by 97 percent from P 2.315 billion to P 4.563 billion. Sales volume of petroleum products and lubricants increased by 66 percent from 68 million liters to 113 million liters.

- PNX had 86 operating Phoenix Fuels Life retail service stations by end-2008 compared to 33 retail stations in 2007. The company inaugurated its 100th station in February 2009.

- Income from fuel service and lease of storage facilities rose from P 48 million in 2007 to P 52 million in 2008.

- Costs and expenses totaled P4.450 billion, a 97 percent increase against 2007’s P2.253 billion. Purchase costs of petroleum products increased in 2008, along with disproportionate movement of pump prices. Expenses such as trucking and delivery costs increased as volume grew. PNX also expanded its business operations in the areas of Socksargen, Cotabato City and Maguindanao, and did trading activities in Cagayan de Oro City and Cebu City.

- Total assets increased to P2.368 million from P1.192 million the previous year. Total liabilities grew to P1.677 million from P625 million.

- Stockholders' Equity increased to P690 million from P566 million. Earnings per share was 0.91, compared to 0.94 in 2007. Book value per share was pegged at 3.76, from 3.93 in 2007.



All amounts expressed in thousand, unless otherwise stated

As of and for the years ended December 31

Income Statement Data	2008	2007	2006
Revenues	4,615,217	2,364,232	1,493,683
Cost of Sales	4,194,196	2,097,438	1,330,317
EBITDA	249,309	156,996	93,554
Net Income	150,289	122,359	74,262
Balance Sheet Data	2008	2007	2006
Current Assets	1,457,228	762,661	413,351
Non-current Assets	910,853	429,543	94,293
Total Assets	2,368,081	1,192,205	507,644
Total Liabilities	1,677,323	625,623	313,896
Stockholders Equity	690,758	566,582	193,748
Cash Flow	2008	2007	2006
Net Cash Flow from Operating Activities	334,281	(201,146)	41,785
Net Cash Provided by (Used in) Investing Activities	(489,589)	(216,176)	(95,450)
Net Cash Provided by (Used in) Financing Activities	398,526	440,535	118,839
Consolidated Project and Capital Expenditures	526,444	238,330	40,217
Financial Ratios	2008	2007	2006
Current Ratio1	0.92 : 1	1.43 : 1	1.32 : 1
Debt to Equity2	2.43 : 1	1.1 : 1	1.62 : 1
Return on Equity3	24%	32%	68%
Return on Assets4	8%	14%	22%
Return on Sales	3.24%	5.15%	4.97%
Stock Information	2008	2007	2006
No of Shares Outstanding (in '000)-net of Treasury Shares	184,151	144,205	116,000
Market Capitalization-Year End (in '000)	681,359	1,023,856	N/A
Stock Price-Closing (Year End)	3.70	7.10	N/A
Net Book Value Per Share5	3.75	3.93	1.67
Earnings Per Share6	0.91	0.94	3.10

Notes:
1 - Total current assets divided by current liabilities
2 - Total liabilities divided by tangible net worth
3 - Net income divided by average total stockholders’ equity
4 –Net income divided by average total assets
5 –Total stockholders equity divided by the total number of shares issued and outstanding
6 – Net income after tax divided by weighted average number of outstanding common shares



Download the PPPI 2008 Annual Report here.