SEC Form 20-IS - 7-Eleven

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Decrease (increase) in: Deposits Other noncurrent assets (22,233,272) – 8,307,564 49,840 (3,789,217) (1,866,528) Proceeds from sale of property and equipment 14,982,823 12,528,004 3,051,833 Collection of lease receivable (Note 26) Net cash used in investing activities 2,887,500 840,000 – (426,196,965) (218,327,852) (243,043,149) CASH FLOWS FROM FINANCING ACTIVITIES Payments of: Bank loans (Note 11) Long-term debt (Note 14) Availments of bank loans (Note 11) Interest paid (85,000,000) (717,700,000) (281,400,000) – (6,500,000) (119,000,000) 40,000,000 688,000,000 446,100,000 (24,858,765) (32,158,168) (35,762,842) Net cash from (used in) financing activities (69,858,765) (68,358,168) 9,937,158 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 6,006,413 (20,490,431) 125,053,609 CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 308,873,944 329,364,375 204,310,766 CASH AND CASH EQUIVALENTS AT END OF YEAR (Note 4) P=314,880,357 P=308,873,944 P=329,364,375 See accompanying Notes to Consolidated Financial Statements.
PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Corporate Information and Authorization for Issuance of Financial Statements Corporate Information Philippine Seven Corporation (the Company or PSC) was incorporated in the Philippines and registered with the Philippine Securities and Exchange Commission (SEC) on November 29, 1982. The Company and its subsidiaries (collectively referred to as “the Group”), are primarily engaged in the business of retailing, merchandising, buying, selling, marketing, importing, exporting, franchising, acquiring, holding, distributing, warehousing, trading, exchanging or otherwise dealing in all kinds of grocery items, dry goods, food or foodstuffs, beverages, drinks and all kinds of consumer needs or requirements and in connection therewith, operating or maintaining warehouses, storages, delivery vehicles and similar or incidental facilities. The Group is also engaged in the management, development, sale, exchange, and holding for investment or otherwise of real estate of all kinds, including buildings, houses and apartments and other structures. The Company is controlled by President Chain Store (Labuan) Holdings, Ltd., an investment holding company incorporated in Malaysia, which owns 56.59% of the Company’s outstanding shares. The remaining 43.41% of the shares are widely held. The ultimate parent of the Company is President Chain Store Corporation (PCSC, incorporated in Taiwan, Republic of China). The Company has its primary listing on the Philippine Stock Exchange. As of December 31, 2008, 2007 and 2006, the Company has 724, 703 and 706 stockholders, respectively. The registered business address of the Company is 7th Floor, The Columbia Tower, Ortigas Avenue, Mandaluyong City. Authorization for Issuance of the Financial Statements The consolidated financial statements were authorized for issue by the Board of Directors (BOD) on February 12, 2009. 2. Summary of Significant Accounting Policies and Financial Reporting Practices Basis of Preparation The consolidated financial statements have been prepared under the historical cost basis, except for available-for-sale (AFS) financial assets and land, which are carried at fair value and revalued amount, respectively. The consolidated financial statements are presented in Philippine Peso (Peso), which is the Company’s functional and presentation currency. Statement of Compliance The consolidated financial statements, which were prepared for submission to the SEC, have been prepared in compliance with Philippine Financial Reporting Standards (PFRS). Changes in Accounting Policies The accounting policies adopted are consistent with those of the previous financial year except for the adoption of the following Philippine Interpretations based on International Financial Reporting Interpretations Committee (IFRIC) interpretations which became effective on January 1, 2008 and amendments to existing Philippine Accounting Standards (PAS) which became effective on July 1, 2008. Adoption of these changes in accounting policies did not have any significant effect to the Group: • Philippine Interpretation IFRIC 11, PFRS 2 - Group and Treasury Share Transactions • Philippine Interpretation IFRIC 12, Service Concession Arrangements • Philippine Interpretation IFRIC 14, PAS 19, The Limit on a Defined Benefit Asset, Minimum Funding Requirement and their Interaction
Page 1 and 2: COVER SHEET PHILIPPINE SEVEN CORPOR
Page 3 and 4: PHILIPPINE SEVEN CORPORATION 7 th F
Page 5 and 6: For the purpose of electing the dir
Page 7 and 8: Citizenship: Filipino Corp. / Vulca
Page 9 and 10: Ms. Diana P. Aguilar, director of t
Page 11 and 12: Audit Fees. This category includes
Page 13 and 14: ANNEX “A” Management’s Discus
Page 15 and 16: support and collectibles from the f
Page 17 and 18: TOTAL ASSETS P= 2,396,982,724 P= 2,
Page 19 and 20: P= 1,456,836,690 P= 1,344,928,007 I
Page 21 and 22: PHILIPPINE SEVEN CORPORATION AND SU
Page 23 and 24: Franchise revenue climbed to P204 m
Page 25 and 26: More programs are lined up to boost
Page 27 and 28: corporation’s supply chain shall
Page 29 and 30: D. COMPLIANCE WITH LEADING PRACTICE
Page 31 and 32: ANNEX “B” MINUTES OF THE 2007 A
Page 33 and 34: On motion duly made and seconded, t
Page 35 and 36: Chairman: Vicente T. Paterno - Chai
Page 37 and 38: ANNEX “D” Philippine Seven Corp
Page 39 and 40: PHILIPPINE SEVEN CORPORATION AND SU
Page 41 and 42: Stockholders’ Equity Capital stoc
Page 43 and 44: 5,735,199,767 5,255,581,621 4,893,5
Page 45: Decrease (increase) in: Receivables
Page 49 and 50: Amendments to PAS 27, Consolidated
Page 51 and 52: • PAS 36, Impairment of Assets -
Page 53 and 54: All regular way purchases and sales
Page 55 and 56: Financial liabilities at FVPL are r
Page 57 and 58: Financial Assets A financial asset
Page 59 and 60: amount since the last impairment lo
Page 61 and 62: foreign currency monetary items at
Page 63 and 64: Classification of Leases a. Finance
Page 65 and 66: elieves that the assumptions are re
Page 67 and 68: Costs/Revalued Amount: Beginning ba
Page 69 and 70: • Market risk premium • Company
Page 71 and 72: prevailing lender rate. Full settle
Page 73 and 74: 21. Interest Expense 2008 2007 2006
Page 75 and 76: 2007 PSC CDI Total Beginning balanc
Page 77 and 78: 2005 PSC CDI Total Present value of
Page 79 and 80: term of the lease. Deferred revenue
Page 81 and 82: e. The reconciliation of the provis
Page 83 and 84: Fair Value Information Current fina
Page 85 and 86: Deposits: Utilities - 21,766,646 -
Page 87 and 88: 2008 More than three months Less th
Page 89 and 90: c. The Group has an agreement with

SEC Form 20-IS - 7-Eleven

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