COVER SHEET PHILIPPINE SEVEN CORPORATION - 7-Eleven

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- 2 -OpinionIn our opinion, the consolidated financial statements present fairly, in all material respects, thefinancial position of Philippine Seven Corporation and Subsidiaries as of December 31, 2008 and2007, and their financial performance and their cash flows for each of the three years in the periodended December 31, 2008 in accordance with Philippine Financial Reporting Standards.SYCIP GORRES VELAYO & CO.Aldrin M. CerradoPartnerCPA Certificate No. 86735SEC Accreditation No. 0113-AR-1Tax Identification No. 129-433-783PTR No. 1566414, January 5, 2009, Makati CityFebruary 12, 2009
PHILIPPINE SEVEN CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSDecember 312008 2007ASSETSCurrent AssetsCash and cash equivalents (Note 4) 314,880,357 308,873,944Receivables - net (Note 5) 145,854,513 73,086,463Inventories - at cost (Note 6) 339,556,385 323,973,849Prepayments and other current assets (Note 7) 117,947,178 66,685,102Total Current Assets 918,238,433 772,619,358Noncurrent AssetsProperty and equipment - net (Note 8) 1,072,041,329 852,458,158Deposits (Note 9) 132,695,470 110,462,198Deferred income tax assets - net (Note 27) 39,738,774 37,498,659Other noncurrent assets - net (Note 10) 101,471,945 105,669,803Total Noncurrent Assets 1,345,947,518 1,106,088,818TOTAL ASSETS 2,264,185,951 1,878,708,176LIABILITIES AND STOCKHOLDERS’ EQUITYCurrent LiabilitiesBank loans (Note 11) 330,000,000 375,000,000Accounts payable and accrued expenses (Note 12) 848,043,767 583,305,153Income tax payable 25,898,866 2,770,870Other current liabilities (Note 13) 174,586,972 109,162,503Total Current Liabilities 1,378,529,605 1,070,238,526Noncurrent LiabilitiesDeposits payable 83,252,646 98,653,475Net retirement obligations (Note 24) 35,827,737 30,115,402Deferred income tax liability (Note 27) 1,384,241 1,614,948Cumulative redeemable preferred shares (Note 15) 6,000,000 6,000,000Deferred revenue - net of current portion (Note 16) 7,079,887 4,476,348Total Noncurrent Liabilities 133,544,511 140,860,173Total Liabilities 1,512,074,116 1,211,098,699(Forward)
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 38 and 39: APPENDIX “B”Philippine Seven Co
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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