PHILIPPINE NATIONAL OIL COMPANY

(A Corporation Wholly-Owned by the Government of the Republic of the Philippines)

STATEMENTS OF FINANCIAL POSITION
AS AT DECEMBER 31, 2021 AND 2020

2020
NOTE 2021 (As restated)

ASSETS

Current Assets
Cash and Cash Equivalents 6 651,981,673 414,655,234
Investments 7 1,069,552,379 1,012,860,647
Receivables 8 230,092,394 588,244,063
Other Current Assets 14 308,926,763 319,207,527
Total Current Assets 2,260,553,209 2,334,967,471

Non-Current Assets
Financial Assets 7 3,515,016,264 3,262,866,839
Investments in Associates 7 86,633,214 54,978,000
Investments in Subsidiaries 7 4,859,775,056 4,859,775,056
Other Investments 7 141,549,450 141,632,450
Receivables 8 0 59,862,662
Banked Gas Inventory 9 13,405,958,610 13,429,634,014
Investment Property 10 11,000,064,127 11,008,414,734
Property and Equipment 11 631,261,482 663,056,972
Intangible Asset 12 2,441 0
Deferred Tax Assets 13 656,471,351 715,300,905
Other Non-Current Assets 14 253,887 261,590
Total Non-Current Assets 34,296,985,882 34,195,783,222

Total Assets 36,557,539,091 36,530,750,693

LIABILITIES

Current Liabilities
Financial Liabilities 15 97,606,818 156,184,959
Inter-Agency Payables 16 74,638,475 98,193,997
Trust Liabilities 17 272,382,528 258,931,776
Other Payables 18 766,565,638 299,158,471
Total Current Liabilities 1,211,193,459 812,469,203

Non-Current Liabilities
Deferred Credits/Unearned Income 19 271,919,149 475,283,469
Provisions 20 32,757,943 34,476,778
Deferred Tax Liabilities 21 2,330,760,617 2,753,540,476
Total Non-Current Liabilities 2,635,437,709 3,263,300,723

Total Liabilities 3,846,631,168 4,075,769,926

EQUITY

Retained Earnings 29,596,783,654 29,341,576,824

Stockholders' Equity 3,114,595,519 3,114,595,519
Cumulative Changes in Fair Value (471,250) (1,191,576)
Total Equity 32,710,907,923 32,454,980,767

Total Liabilities and Equity 36,557,539,091 36,530,750,693

The notes on pages 10 to 64 form part of these statements.

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 PHILIPPINE NATIONAL OIL COMPANY
(A Corporation Wholly-Owned by the Government of the Republic of the Philippines)
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020

NOTE 2021 2020

Income
Service and Business Income 23 713,349,472 989,413,905
Gains 29 20,299,727 51,186,679
Non-Operating Income/Gain 29 790,283,716 151,663,156

Total Income 1,523,932,915 1,192,263,740

Expenses
Personnel Services 24 (137,690,659) (136,026,685)
Maintenance and Other Operating Expenses 25 (119,068,579) (133,163,229)
Financial Expenses 26 (1,074,406) (8,157,069)
Direct Costs 27 (23,145,016) (106,955,966)
Non-Cash Expenses 28, 29 (292,233,534) (126,546,609)
Total Expenses (573,212,194) (510,849,558)

Profit Before Tax 950,720,721 681,414,182

Income Tax Expense/(Benefit) 30 (141,129,194) 156,947,976
Profit After Tax 1,091,849,915 524,466,206
Other Comprehensive Income/(Loss) for the Period 340,000 (530,326)
Comprehensive Income 1,092,189,915 523,935,880

The notes on pages 10 to 64 form part of these statements.

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 PHILIPPINE NATIONAL OIL COMPANY
(A Corporation Wholly-Owned by the Government of the Republic of the Philippines)
STATEMENTS OF CHANGES IN EQUITY
FOR THE YEARS ENDED DECEMBER 31, 2021 and 2020

Cumulative
Retained
Changes in Contributed
Earnings/ TOTAL
Fair Value of Capital
(Deficit)
Investments

BALANCE AT JANUARY 1, 2020 (993,835) 33,753,249,327 3,114,595,519 36,866,851,011

CHANGES IN EQUITY FOR 2020

Add/(Deduct):
Comprehensive Income for the year 0 524,466,206 0 524,466,206
Dividends 0 (4,941,942,777) 0 (4,941,942,777)
Other Adjustments:
Changes in fair value of financial assets at FVOCI (150,000) 0 (150,000)
Adjustment on other deferred credits 0 5,807,979 0 5,807,979
Adjustment on prior other expenses 0 328,674 0 328,674
Prior year's realized forex loss on dollar account 332,585 (332,585) 0 0
Net realized forex loss on dolllar account (380,326) 0 0 (380,326)

BALANCE AT DECEMBER 31, 2020 (1,191,576) 29,341,576,824 3,114,595,519 32,454,980,767

CHANGES IN EQUITY FOR 2021

Add/(Deduct):

Comprehensive Income for the year 0 1,091,849,915 0 1,091,849,915

Dividends 0 (959,356,721) 0 (959,356,721)
Other Adjustments:
Changes in fair value of financial assets at FVOCI 340,000 0 0 340,000
Prior year's realized forex loss on dollar account 380,326 (380,326) 0 0
Prior period adjustments 0 123,093,962 0 123,093,962
BALANCE AT DECEMBER 31, 2021 (471,250) 29,596,783,654 3,114,595,519 32,710,907,923

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 PHILIPPINE NATIONAL OIL COMPANY
(A Corporation Wholly-Owned by the Government of the Republic of the Philippines)
STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2021 AND 2020
2021 2020

CASH FLOWS FROM OPERATING ACTIVITIES

Cash Inflows
Collection of Income/Revenue 1,194,618,004 639,138,157
Collection of Receivables 268,099,177 232,111,337
Receipt of Inter-Agency Fund Transfer 0 8,646,415
Trust Receipts 13,450,752 32,149,469
Other Receipts 41,084,339 198,114,043
Total Cash Inflows 1,517,252,272 1,110,159,421

Cash Outflows
Payment of Expenses 218,709,934 241,773,734
Grant of Cash Advances 16,500 13,500
Prepayments 0 3,962,375
Refund of Deposits 7,365,877 8,718,329
Payments of Accounts Payable 46,574,651 49,680,087
Remittance of Personnel Benefit Contributions and Mandatory Deductions 119,299,535 36,198,885
Release of Inter-Agency Fund Transfers 9,419,485 1,566,909
Other Disbursements 213,511,074 158,047,628
Total Cash Outflows 614,897,056 499,961,447
Adjustments 5,669,555 1,907,620
Adjusted Cash Outflows 620,566,611 501,869,067

Net Cash Provided by Operating Activities 896,685,661 608,290,354

CASH FLOWS FROM INVESTING ACTIVITIES

Total Cash Inflows

Proceeds from Sale/ Disposal of Investment Property 0 8,525,584
Proceeds from Sale/Disposal of Property, Plant and Equipment 364,256 0
Receipt of Interest Earned 157,110,927 244,964,130
Receipt of Cash Dividends 1,924,230 1,925,332
Proceeds from Matured Investments 504,028,593 5,881,254,541
Proceeds from Sale of Other Assets 83,000 0
Total Cash Inflows 663,511,006 6,136,669,587

Cash Outflows
Purchase/Construction of Investment Property 0 3,368,940
Purchase/Construction of Property and Equipment 11,120,804 5,368,947
Purchase of Investments 811,749,424 1,628,556,187
Total Cash Outflows 822,870,228 1,637,294,074

Net Cash Used in/(Provided by) Investing Activities (159,359,222) 4,499,375,513

CASH FLOWS FROM FINANCING ACTIVITIES

Cash Outflows
Payment of Cash Dividends 500,000,000 5,000,000,000
Total Cash Outflows 500,000,000 5,000,000,000

Net Cash Used In Financing Activities (500,000,000) (5,000,000,000)

INCREASE IN CASH AND CASH EQUIVALENTS 237,326,439 107,665,867

Effects of Exchange Rate Changes on Cash and Cash Equivalents 0 (380,326)

CASH AND CASH EQUIVALENTS, JANUARY 1 414,655,234 307,369,693

CASH AND CASH EQUIVALENTS, DECEMBER 31 651,981,673 414,655,234