COVER SHEET PHILIPPINE SEVEN CORPORATION - 7-Eleven

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APPENDIX “B”Philippine Seven Corporationand SubsidiariesConsolidated Financial StatementsDecember 31, 2008 and 2007and Years Ended December 31, 2008, 2007 and 2006andIndependent Auditors’ ReportSyCip Gorres Velayo & Co.- 2 -
INDEPENDENT AUDITORS’ REPORTThe Stockholders and the Board of DirectorsPhilippine Seven Corporation7th Floor, The Columbia TowerOrtigas Avenue, Mandaluyong CityWe have audited the accompanying financial statements of Philippine Seven Corporation andSubsidiaries, which comprise the consolidated balance sheets as at December 31, 2008 and 2007, andthe consolidated statements of income, consolidated statements of changes in stockholders’ equity andconsolidated statements of cash flows for each of the three years in the period ended December 31,2008, and a summary of significant accounting policies and other explanatory notes.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements inaccordance with Philippine Financial Reporting Standards. This responsibility includes: designing,implementing and maintaining internal control relevant to the preparation and fair presentation offinancial statements that are free from material misstatement, whether due to fraud or error; selectingand applying appropriate accounting policies; and making accounting estimates that are reasonable inthe circumstances.Auditors’ ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audits. Weconducted our audits in accordance with Philippine Standards on Auditing. Those standards requirethat we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance whether the financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosuresin the financial statements. The procedures selected depend on the auditor’s judgment, including theassessment of the risks of material misstatement of the financial statements, whether due to fraud orerror. In making those risk assessments, the auditor considers internal control relevant to the entity’spreparation and fair presentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the entity’s internal control. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of accounting estimates made by management, as well asevaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.
Page 2: REPUBLIC OF THE PHILIPPINES)CITY OF
Page 6 and 7: maintains its leadership in the ind
Page 8 and 9: LeasesThe Company leases land or ex
Page 10 and 11: 99 132 TRECE MARTIREZ Gov. Drive co
Page 12 and 13: 211 276 HANSEL** Aurora Blvd. cor.
Page 14 and 15: 309 384 ONE E-COMUnit 4,5 & 6, Harb
Page 16 and 17: December 31, 2008Month Open High Lo
Page 18 and 19: NAMEAGETerm ofPresentPositionNo. of
Page 20 and 21: PING-YUN WANGVice-PresidentCitizens
Page 22 and 23: (Labuan) Holding Ltd., holding 56.5
Page 24 and 25: 3. Voting trust holder of 5% moreMr
Page 26 and 27: SIGNATURESPursuant to the requireme
Page 28 and 29: OVERVIEWPhilippine Seven Corporatio
Page 30 and 31: escalations.Service fees are higher
Page 32 and 33: points partly due to the dilution b
Page 34 and 35: We obtain the majority of our worki
Page 36 and 37: SIGNATUREPursuant to the requiremen
Page 40 and 41: - 2 -OpinionIn our opinion, the con
Page 42 and 43: - 2 -Stockholders’ EquityCapital
Page 44 and 45: PHILIPPINE SEVEN CORPORATION AND SU
Page 46 and 47: PHILIPPINE SEVEN CORPORATION AND SU
Page 48 and 49: - 3 -PFRS 8, Operating Segments (ef
Page 50 and 51: - 5 -• PAS 19, Employee Benefits-
Page 52 and 53: - 7 -nor will it give rise to a gai
Page 54 and 55: - 9 -Financial assets at FVPL are r
Page 56 and 57: - 11 -The Group’s other financial
Page 58 and 59: - 13 -debt security increases and t
Page 60 and 61: - 15 -Software and Program CostSoft
Page 62 and 63: - 17 -Past service cost is recogniz
Page 64 and 65: - 19 -In determining both the basic
Page 66 and 67: - 21 -For all other financial instr
Page 68 and 69: - 23 -Realizability of Deferred Inc
Page 70 and 71: - 25 -8. Property and EquipmentMove
Page 72 and 73: - 27 -Key assumptions used in value
Page 74 and 75: - 29 -2008 2007Withholding taxes 11
Page 76 and 77: - 31 -19. General and Administrativ
Page 78 and 79: - 33 -2006PSC CDICurrent service co
Page 80 and 81: - 35 -Amounts for the current and p
Page 82 and 83: - 36 -Transactions between related
Page 84 and 85: - 38 -The approximate annual minimu
Page 86 and 87: - 40 -28. Basic/Diluted Earnings Pe
Page 88 and 89:
- 42 -Refundable depositsThe fair v
Page 90 and 91:
- 44 -2007Neither Past Due nor Impa
Page 92 and 93:
- 46 -2008More thanthree monthsLess
Page 94 and 95:
- 48 -32. Significant Agreementsa.
Page 96 and 97:
PHILIPPINE SEVEN CORPORATION AND SU
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COVER SHEET PHILIPPINE SEVEN CORPORATION - 7-Eleven

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