Financial Reports

Amounts in PHP millions, except key ratios	June 2010	June 2009
Income Statement Items
Total Revenues	13,021.6	10,707.7
Operating Expenses	5,082.8	6,567.0
EBITDA	9,588.9	4,459.9
Financial Expense	1,560.9	836.9
Other charges (income)	(119.1)	(832.3)
Net Income	5,736.7	2,684.9
Net Income Attributable to Equity Holders of Parent Company	5,223.9	2,594.5
Recurring Net Income	4,858.0	2,568.2
Recurring Net Income Attributable to Equity Holders of Parent Company	4,379.5	2,462.7

Balance Sheet Items
Current Assets	15,796.7	19,137.7
Non-current Assets	66,597.9	65,637.3
Total Assets	82,394.6	84,775.0
Current Liabilities	5,866.5	21,763.6
Non-current Liabilities	42,944.6	32,679.4
Total Liabilities	48,811.1	54,443.0
Total Equity	33,583.5	30,332.0
Total Liabilities and Equity	82,394.6	84,775.0

Key Ratios
Current Ratio	2.69:1	0.58:1
Debt-to-equity ratio	1.26:1	1.05:1
Net debt-to-equity ratio	1.06:1	0.95:1
Return on Assets	7.0%	3.9%
Return on Equity	18.0%	9.2%

Amounts in PHP millions, except key ratios	Dec. 2009	Dec. 2008
Income Statement Items
Total Revenues	22,066.9	20,526.9
Operating Expenses	12,681.8	9,343.4
EBITDA	10,583.9	11,859.3
Financial Expense	2,484.2	1,819.9
Other charges (income)	(379.1)	6,710.7
Net Income	3,368.3	1,345.3
Net Income Attributable to Equity Holders of Parent Company	3,322.7	1,308.0
Recurring Net Income	7,380.9	5,835.1

Balance Sheet Items
Current Assets	19,137.8	13,724.2
Non-current Assets	65,637.2	55,621.4
Total Assets	84,775.0	69,345.6
Current Liabilities	21,763.6	15,702.7
Non-current Liabilities	32,679.5	24,907.6
Total Liabilities	54,443.1	40,601.3
Total Equity	30,331.9	28,735.3
Total Liabilities and Equity	84,775.0	69,345.6

Key Ratios
Current Ratio	0.88:1	0.87:1
Debt-to-equity ratio	1.56:1	1.20:1
Net debt-to-equity ratio	1.19:1	1.16:1
Return on Assets	4.4%	1.9%
Return on Equity	11.4%	4.3%

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