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C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC RULE 17.2(c) THEREUNDER 1. Date of Report (Date of earliest event reported) Mar 17, 2016 2. SEC Identification Number 31171 3. BIR Tax Identification No. 000-168-801 4. Exact name of issuer as specified in its charter PETRON CORPORATION 5. Province, country or other jurisdiction of incorporation Philippines 6. Industry Classification Code(SEC Use Only) 7. Address of principal office San Miguel Head Office Complex, 40 San Miguel Avenue, Mandaluyong City Postal Code 1550 8. Issuer's telephone number, including area code (63 2 886-3888, 884-9200 9. Former name or former address, if changed since last report N/A 10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding COMMON (PCOR) 9,375,104,497 PREFERRED SERIES 2A (PRF2A) 7,122,320 PREFERRED SERIES 2B (PRF2B) 2,877,680 TOTAL DEBT AS OF DECEMBER 31, 2015 (IN MILLIONS) 211,167 11. Indicate the item numbers reported herein Item 9.

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Page 1: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

C01432-2016

SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-C

CURRENT REPORT UNDER SECTION 17OF THE SECURITIES REGULATION CODE

AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)

Mar 17, 20162. SEC Identification Number

311713. BIR Tax Identification No.

000-168-8014. Exact name of issuer as specified in its charter

PETRON CORPORATION5. Province, country or other jurisdiction of incorporation

Philippines6. Industry Classification Code(SEC Use Only)

7. Address of principal office

San Miguel Head Office Complex, 40 San Miguel Avenue, Mandaluyong CityPostal Code1550

8. Issuer's telephone number, including area code

(63 2 886-3888, 884-92009. Former name or former address, if changed since last report

N/A10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each ClassNumber of Shares of Common Stock Outstanding and Amount

of Debt Outstanding

COMMON (PCOR) 9,375,104,497

PREFERRED SERIES 2A (PRF2A) 7,122,320

PREFERRED SERIES 2B (PRF2B) 2,877,680

TOTAL DEBT AS OF DECEMBER 31, 2015(IN MILLIONS)

211,167

11. Indicate the item numbers reported herein

Item 9.

Page 2: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporatedisclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange,and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly tothe Corporate Information Officer of the disclosing party.

Petron CorporationPCOR

PSE Disclosure Form 4-30 - Material Information/TransactionsReferences: SRC Rule 17 (SEC Form 17-C) and

Sections 4.1 and 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Materials for the Investors' Briefing for 2015 Full Year Results of San Miguel Group

Background/Description of the Disclosure

Materials for the Investors' Briefing for 2015 Full Year Results of San Miguel Group

Other Relevant Information

Please sett attached letter dated March 17, 2016.

Filed on behalf by:

Name Joel Angelo Cruz

Designation Vice President - General Counsel and Corp. Sec.

Page 3: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

March 17, 2016 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department 3rd Floor, Philippine Stock Exchange Center Ayala Triangle, Ayala Avenue Makati City Attention: Ms. Janet A. Encarnacion Head, Disclosure Department Subject: SMC Investors’ Briefing for 2015 Full Year Results Gentlemen:

We are forwarding the materials that were distributed to the attendees at the Investors’ Briefing of San Miguel Corporation (“SMC”) this afternoon. The Company is among the subsidiaries of SMC reported.

Very truly yours,

JOEL ANGELO C. CRUZ VP - General Counsel & Corporate Secretary

Page 4: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

INVESTORS’ BRIEFING

17 March 2016

2015 FULL YEAR RESULTS

Page 5: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

BULACAN BULK WATER SUPPLY PROJECT MANILA NORTH HARBOR PORT INC. SERIES “2” PREFERRED SHARES SUBSERIES G, H, I UPDATE ON TELCO JV

Page 6: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

FULL-YEAR 2015

IN BILLION PESOS 2015 2014* CHANGE

Net Sales 673.9 773.7 -13%

Income from Operations

78.7 55.8 41%

Net Income excluding forex

38.2 30.3 26%

EBITDA 108.6 88.5 23%

SAN MIGUEL CORPORATION

*As Restated

Page 7: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

IN MILLION PESOS

2015 2014 CHANGE

Net Sales 82,374 79,005 4%

Income from Operations

22,631 22,079 3%

Net Income 13,518 13,515 -

SAN MIGUEL BREWERY INC. FULL-YEAR 2015

Page 8: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

IN MILLION PESOS

2015 2014 CHANGE

Net Sales 16,627 15,511 7%

Income from Operations

621 358 73%

GINEBRA SAN MIGUEL INC. FULL-YEAR 2015

Page 9: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

IN MILLION PESOS

2015 2014 CHANGE

Net Sales 106,860 102,999 4%

Income from Operations

7,644 6,463 18%

Net Income 4,752 3,843 24%

SAN MIGUEL PURE FOODS COMPANY INC. FULL-YEAR 2015

Page 10: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

I N C O M E F R O M

O P E R AT I O N S

69,648 72,559

2014 2015

+4.2%

R E V E N U E

Agro- Indust r ia l

+8.2%

2,579 2,791

2014 2015

SAN MIGUEL PURE FOODS COMPANY INC.

95

105

115 P/kdw

2014 2015 Source: Internal

1Q 2Q 3Q 4Q

Chicken Selling Prices

110

120

130 P/klw

2014 2015 Source: BAI

1Q 2Q 3Q 4Q

Hog Selling Prices (Industry)

FULL-YEAR 2015

Page 11: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

I N C O M E F R O M

O P E R AT I O N S

9,916 10,256

2014 2015

+3.4%

R E V E N U E

Mi l l ing

-10.1%

2,338 2,103

2014 2015

SAN MIGUEL PURE FOODS COMPANY INC.

620

670

720 P/bag

2014 2015 Source: Internal

1Q 2Q 3Q 4Q

Flour Selling Prices

FULL-YEAR 2015

Page 12: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

1,730 2,305

2014 2015

23,786

25,725

2014 2015

+8.2% R E V E N U E

Branded Value-Added

+33.2%

I N C O M E F R O M

O P E R AT I O N S

SAN MIGUEL PURE FOODS COMPANY INC.

Dairy, Spreads & Biscuits

Revenue Growth driven by:

13% Processed Meats 8%

FULL-YEAR 2015

Page 13: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

FOOD SERVICE

SAN MIGUEL PURE FOODS COMPANY INC.

Convenience stores

Pizza Chains

Fast Food Chains

Hotels & Restaurants

FULL-YEAR 2015

Page 14: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

IN MILLION PESOS As of

Dec 2015 As of

Dec 2014

Total Assets 61,038 66,655

Cash 9,284 14,216

Interest-bearing Debt 3,641 13,245

Current Ratio 1.89x 1.62x

Debt-to-Equity Ratio 0.56x 0.85x

Interest-bearing Debt to Equity Ratio

0.09x 0.37x

SAN MIGUEL PURE FOODS COMPANY INC.

Page 15: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

IN MILLION PESOS

2015 2014 CHANGE

Net Sales 25,050 24,226 3%

Income from Operations

2,344 2,305 2%

SAN MIGUEL YAMAMURA PACKAGING GROUP FULL-YEAR 2015

Page 16: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

IN MILLION PESOS 2015 2014 CHANGE

Net Sales 77,507 84,294 -8%

Income from Operations

23,703 25,896 -8%

SMC GLOBAL POWER HOLDINGS CORP. FULL-YEAR 2015

Page 17: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

L I M AY 2 X 1 5 0 M W

P O W E R P L A N T

GREENFIELD POWER PROJECTS M AL I TA 2 X 1 5 0 M W

P O W E R P L A N T

Page 18: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

-

20

40

60

80

100

120

140

Cru

de

Pri

ces,

USD

/bb

l

Dubai

Brent

FY 14 Dubai: $96.66 Brent: $98.95

Sept Dubai $45

Dec Dubai $35

FY15 Dubai: $50.84 Brent: $52.39

Jun’14 Dubai $108

CRUDE PRICES

Regional Market Developments – Prices

PRICE DIFFERENTIALS VS. DUBAI

Dif

fere

nti

als

vs. D

ub

ai, U

SD /

bb

l

5

10

15

20

25

Jan Apr Jul Oct Jan Apr Jul Oct

5 15 25 35 45 55 65 75 85 95

Jan Apr Jul Oct Jan Apr Jul Oct

-40

-30

-20

-10

0

10

01 01 01 01 01 01 01 01 01 01 01 01

NAPHTHA

0

5

10

15

Jan Apr Jul Oct Jan Apr Jul Oct

2014 2015

PETROCHEMICALS DIESEL GASOLI

NE

LPG

2014 2015

TAPIS CRUDE

PETRON CORP.

Dec’14 Dubai $60

Product Price Differentials over Dubai: Record high levels of Gasoline, LPG and Naphtha

Petrochemicals begin to recover

• Pressure on Diesel persists

• 2H2015 characterized by volatile crude prices

with Dubai falling by $27/bbl since June - Persistent oversupply due to sustained US Shale

production

- High OPEC production levels

• Tapis, staple crude of Malaysia, corrects back to

$3.88/bbl premium in 4Q from a low $1.84/bbl in 3Q

June Dubai $62

Page 19: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

3.6 4.3

44.6 47.2

0

10

20

30

40

50

60

Jan-15 Dec-15 Jan-15 Dec-15

306.0 322.0 341.0 392.0

70

145

220

295

370

445

520

595

FY 2012 FY 2013 FY2014 FY2015

In ‘000 barrels/day

4%

15%

6%

11%

0%

10%

20%

FY 2014 FY2015 FY 2014 FY2015 FY2014 FY2015

Growth Rates (%)

3%

Gasoline Diesel

Source: Department of Energy.

PH Domestic Market Developments

DEMAND FOR MOTOR FUELS - PH

INDUSTRY DEMAND - PH

FOREIGN EXCHANGE

PH (Peso per USD) MY (Ringgit per USD)

• Robust industry growth in 2015

• Double digit growth rates for motor fuels -- Gasoline and Diesel; and LPG

• Weaker Asian currencies versus USD

PETRON CORP.

LPG

14%

5.8%

19.4%

Page 20: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

141.1 169.8

96.5 98.8

- 25 50 75

100 125 150 175 200 225 250

FY2014 FY2015 FY2014 FY2015

PH MY

Operating Performance

BATAAN REFINERY UTILIZATION

SALES VOLUME PERFORMANCE (‘000 BARRELS/DAY)

70

50+

15+

0

20

40

60

80

100

120

140

PH: ~ 2,200 stations MY: ~ 570 stations

Under Construction

Built

• Surge in sales volumes

- PH driven by robust growth in Retail; Industrial and LPG sales.

- MY driven by strong gasoline retail growth

• Continuous ramp-up of RMP-2

• Euro IV compliant products produced ahead of Jan 1, 2016 government mandate

• On-going Service Station Expansion

PETRON CORP.

~50% ~60%

~80% ~90%

0%

20%

40%

60%

80%

100%

120%

FY2013 FY2014 1H15 2H15

19

Page 21: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

PETRON CORP.

IN MILLION PESOS 2015 2014 CHANGE

Net Sales 360,178 482,535 -25%

Gross Margins 31,740 19,435 63%

Rate 8.8% 4.0% 120%

Income from Operations

18,134 7,605 138%

Net Income 6,270 3,009 108%

Volume (in million barrels)

98.0 86.5 13.3%

FULL-YEAR 2015

Page 22: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

SAN MIGUEL HOLDINGS CORP. - INFRASTRUCTURE

IN MILLION PESOS 2015 2014 CHANGE

Net Sales* 15,238 12,759 19%

Income from Operations*

8,536 7,397 15%

Traffic Volume (no. of vehicles)

SLEX SKYWAY STAGES 1 AND 2 STAR TOLLWAYS TPLEX

273,978 241,906 41,148 12,750

247,124 228,079 33,436 8,488

11% 6%

23% 50%

*Infrastructure tolling revenues consolidated in SMC group for full year 2015 was P13.3 billion and operating income was about P7.3 billion, given consolidation of SLEX and Skyway Stages 1 and 2 only started in March.

FULL-YEAR 2015

Page 23: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

SAN MIGUEL HOLDINGS CORP. - INFRASTRUCTURE N AI A E x p r e s s w a y S k y w a y S t a g e 3

B o r a c a y A i r p o r t

Page 24: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

IN BILLION PESOS As of Dec

2015 As of Dec

2014

Total Assets 1,246 1,217

Cash 181 259

Interest-bearing Debt 515 483

Current Ratio 1.32x 1.50x

Total Liabilities to Equity Ratio

2.24x 2.12x

Interest-bearing Debt to Equity Ratio

1.34x 1.24x

Net-Debt-to-EBITDA 2.61x 2.35x

SMC FINANCIAL POSITION

Page 25: SECURITIES AND EXCHANGE COMMISSION - Petron · C01432-2016 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-C CURRENT REPORT UNDER SECTION 17 OF THE SECURITIES REGULATION CODE AND SRC

THANK YOU Visit our websites: San Miguel Corporation www.sanmiguel.com.ph

San Miguel Brewery Inc. www.sanmiguelbrewery.com.ph

Ginebra San Miguel Inc. www.ginebrasanmiguel.com

San Miguel Pure Foods Co. Inc. www.sanmiguelpurefoods.com

Petron Corporation www.petron.com

Contact us: SMC Investor Relations +632 632 3752 / +632 632 3422