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ABS CBN

Millions of As of: 31-Dec 31-Dec 31-Dec 31-Dec


Philippines
Pesos 2007 2008 2009 2010 2007 2008
Restated Restated Reclassified PHP
PHP PHP PHP

Revenues 17,239.60 19,630.60 22,030.20 27,754.50


TOTAL REVENUES 17,239.60 19,630.60 22,030.20 27,754.50 100.0% 100.0%
Cost of Goods Sold 9,495.40 11,675.10 12,859.70 14,571.50 55.1% 59.5%
GROSS PROFIT 7,744.20 7,955.50 9,170.50 13,183.00 44.9% 40.5%
Selling General & Admin Expenses,
Total 5,360.30 4,784.90 5,629.70 7,403.40 31.1% 24.4%

Depreciation & Amortization, Total -- 736.1 662.6 695.6

Other Operating Expenses -- 228.5 227.6 351.1


OTHER OPERATING
EXPENSES, TOTAL 5,360.30 5,749.40 6,519.90 8,450.20 31.1% 29.3%

OPERATING INCOME 2,383.90 2,206.10 2,650.70 4,732.80 13.8% 11.2%


Interest Expense -507.2 -696.2 -883.8 -1,015.80 -2.9% -3.5%

Interest and Investment Income 111.9 90.1 93.3 106.7 0.6% 0.5%

NET INTEREST EXPENSE -395.3 -606.1 -790.5 -909 -2.3% -3.1%

Income (Loss) on Equity Investments 12 5.1 -2.3 0.1 0.1% 0.0%

Currency Exchange Gains (Loss) 197.6 -26.1 88.9 218.2 1.1% -0.1%
Other Non-Operating Income
(Expenses) -130.3 533.8 496.7 356.7 -0.8% 2.7%
EBT, EXCLUDING UNUSUAL
ITEMS 2,067.80 2,112.70 2,443.40 4,398.80 12.0% 10.8%

Gain (Loss) on Sale of Investments -- -- -- -53.9

Other Unusual Items, Total 189.4 309.1 -- -- 1.6%

Other Unusual Items 189.4 309.1 -- -- 1.6%


EBT, INCLUDING UNUSUAL
ITEMS 2,257.20 2,421.80 2,443.40 4,344.90 13.1% 12.3%

Income Tax Expense 986.5 1,032.10 684.1 1,107.70 5.7% 5.3%

Minority Interest in Earnings -4 -6.2 -57 -58.6 0.0% 0.0%


Earnings from Continuing
Operations 1,270.80 1,389.70 1,759.40 3,237.20 7.4% 7.1%
NET INCOME 1,266.70 1,383.50 1,702.40 3,178.60 7.3% 7.0%

NET INCOME TO COMMON


INCLUDING EXTRA ITEMS 1,266.70 1,383.50 1,702.40 3,178.60 7.3% 7.0%

NET INCOME TO COMMON


EXCLUDING EXTRA ITEMS 1,266.70 1,383.50 1,702.40 3,178.60 7.3% 7.0%
GMA 7
Currency in 31-Dec 31-Dec 31-Dec 31-Dec
2009 2010 Millions of Philippines Pesos 2007 2008 2009 2010 2007
Restated Restated Restated PHP
PHP PHP PHP

Revenues 10,186.80 10,549.70 11,599.70 ###


### ### TOTAL REVENUES 10,186.80 10,549.70 11,599.70 ### 100.0%
58.4% 52.5% Cost of Goods Sold 4,109.20 4,250.70 4,554.70 4,951.00 40.3%
41.6% 47.5% GROSS PROFIT 6,077.60 6,299.00 7,045.00 7,199.00 59.7%
Selling General & Admin
25.6% 26.7% Expenses, Total 2,238.40 2,281.50 2,631.60 2,896.30 22.0%

R&D Expenses 57.7 95.2 96.1 105.4 0.6%

Depreciation & Amortization, Total 333.2 378.4 367.7 316.7 3.3%

29.6% 30.4% Other Operating Expenses 132.8 147.2 178.1 173.4 1.3%
OTHER OPERATING
12.0% 17.1% EXPENSES, TOTAL 2,762.20 2,902.40 3,273.50 3,491.80 27.1%
-4.0% -3.7% OPERATING INCOME 3,315.40 3,396.60 3,771.50 3,707.20 32.5%

0.4% 0.4% Interest Expense -23.1 -9.1 -8.9 -3.8 -0.2%

-3.6% -3.3% Interest and Investment Income 74.4 68.8 57.8 77.3 0.7%

0.0% 0.0% NET INTEREST EXPENSE 51.3 59.7 48.9 73.5 0.5%
Income (Loss) on Equity
0.4% 0.8% Investments -3.2 -7 -11.5 6.9 0.0%

2.3% 1.3% Currency Exchange Gains (Loss) -19 0.3 -9.2 -25.5 -0.2%
Other Non-Operating Income
11.1% 15.8% (Expenses) 91.1 41.6 28.6 18.3 0.9%
EBT, EXCLUDING UNUSUAL
ITEMS 3,435.50 3,491.30 3,828.30 3,780.40 33.7%

Gain (Loss) on Sale of Assets -0.8 30.6 10.2 13.9 0.0%

Other Unusual Items, Total 17 0.8 0.4 -- 0.2%

11.1% 15.7% Insurance Settlements 12.7 0.8 0.4 -- 0.1%


EBT, INCLUDING UNUSUAL
3.1% 4.0% ITEMS 3,451.70 3,522.70 3,838.90 3,794.20 33.9%

-0.3% -0.2% Income Tax Expense 1,144.50 1,153.80 1,020.60 973.4 11.2%
Earnings from Continuing
8.0% 11.7% Operations 2,307.20 2,368.90 2,818.30 2,820.80 22.6%
7.7% 11.5% NET INCOME 2,307.20 2,368.90 2,818.30 2,820.80 22.6%

NET INCOME TO COMMON


7.7% 11.5% INCLUDING EXTRA ITEMS 1,554.30 1,637.90 1,948.50 1,950.30 15.3%

NET INCOME TO COMMON


7.7% 11.5% EXCLUDING EXTRA ITEMS 1,554.30 1,637.90 1,948.50 1,950.30 15.3%
2008 2009 2010

100.0% 100.0% 100.0%


40.3% 39.3% 40.7%
59.7% 60.7% 59.3%

21.6% 22.7% 23.8%

0.9% 0.8% 0.9%

3.6% 3.2% 2.6%

1.4% 1.5% 1.4%

27.5% 28.2% 28.7%


32.2% 32.5% 30.5%

-0.1% -0.1% 0.0%

0.7% 0.5% 0.6%

0.6% 0.4% 0.6%

-0.1% -0.1% 0.1%

0.0% -0.1% -0.2%

0.4% 0.2% 0.2%

33.1% 33.0% 31.1%

0.3% 0.1% 0.1%

0.0% 0.0% #VALUE!

0.0% 0.0% #VALUE!

33.4% 33.1% 31.2%

10.9% 8.8% 8.0%

22.5% 24.3% 23.2%


22.5% 24.3% 23.2%

15.5% 16.8% 16.1%

15.5% 16.8% 16.1%


ABS CBN HORIZONTAL ANALYSIS
Millions of As of: 31-Dec 31-Dec 31-Dec 31-Dec
Philippines
Pesos 2007 2008 2009 2010 2008 2009 2010

Restated Restated Reclassified PHP


PHP PHP PHP

Revenues ### ### 22,030.20 ###


TOTAL REVENUES ### ### 22,030.20 ### 13.87% 12.22% 25.98%
Cost of Goods Sold 9,495.40 ### 12,859.70 ### 22.96% 10.15% 13.31%
GROSS PROFIT 7,744.20 7,955.50 9,170.50 ### 2.73% 15.27% 43.75%
Selling General & Admin
Expenses, Total 5,360.30 4,784.90 5,629.70 7,403.40 -10.73% 17.66% 31.51%
Depreciation &
Amortization, Total 0 736.1 662.6 695.6 #DIV/0! -9.99% 4.98%
Other Operating
Expenses 0 228.5 227.6 351.1 #DIV/0! -0.39% 54.26%
OTHER OPERATING
EXPENSES, TOTAL 5,360.30 5,749.40 6,519.90 8,450.20 7.26% 13.40% 29.61%
OPERATING
INCOME 2,383.90 2,206.10 2,650.70 4,732.80 -7.46% 20.15% 78.55%
Interest Expense -507.2 -696.2 -883.8 ### 37.26% 26.95% 14.94%
Interest and Investment
Income 111.9 90.1 93.3 106.7 -19.48% 3.55% 14.36%
NET INTEREST
EXPENSE -395.3 -606.1 -790.5 -909 53.33% 30.42% 14.99%
Income (Loss) on Equity
Investments 12 5.1 -2.3 0.1 -57.50% ### ###
Currency Exchange
Gains (Loss) 197.6 -26.1 88.9 218.2 ### ### 145.44%
Other Non-Operating
Income (Expenses) -130.3 533.8 496.7 356.7 ### -6.95% -28.19%
EBT, EXCLUDING
UNUSUAL ITEMS 2,067.80 2,112.70 2,443.40 4,398.80 2.17% 15.65% 80.03%
Gain (Loss) on Sale of
Investments -- -- -- -53.9 ### ### ###
Other Unusual Items,
Total 189.4 309.1 -- -- 63.20% ### ###
Other Unusual Items 189.4 309.1 -- -- 63.20% ### ###
EBT, INCLUDING
UNUSUAL ITEMS 2,257.20 2,421.80 2,443.40 4,344.90 7.29% 0.89% 77.82%
Income Tax Expense 986.5 1,032.10 684.1 1,107.70 4.62% -33.72% 61.92%
Minority Interest in
Earnings -4 -6.2 -57 -58.6 55.00% 819.35% 2.81%
Earnings from Continuing
Operations 1,270.80 1,389.70 1,759.40 3,237.20 9.36% 26.60% 83.99%
NET INCOME 1,266.70 1,383.50 1,702.40 3,178.60 9.22% 23.05% 86.71%
COMMON INCLUDING
EXTRA ITEMS 1,266.70 1,383.50 1,702.40 3,178.60 9.22% 23.05% 86.71%
COMMON EXCLUDING
EXTRA ITEMS 1,266.70 1,383.50 1,702.40 3,178.60 9.22% 23.05% 86.71%
GMA 7 HORIZONTAL ANALYSIS
Currency in As of: 31-Dec 31-Dec 31-Dec 31-Dec
Millions of 2007 2008 2009 2010 2008 2009 2010
Philippines
Pesos
Restated Restated Restated PHP
PHP PHP PHP

Revenues ### ### ### ###


TOTAL REVENUES ### ### ### ### 3.56% 9.95% 4.74%
Cost of Goods Sold 4,109.20 4,250.70 4,554.70 4,951.00 3.44% 7.15% 8.70%
GROSS PROFIT 6,077.60 6,299.00 7,045.00 7,199.00 3.64% 11.84% 2.19%
Selling General & Admin
Expenses, Total 2,238.40 2,281.50 2,631.60 2,896.30 1.93% 15.35% 10.06%
R&D Expenses 57.7 95.2 96.1 105.4 64.99% 0.95% 9.68%
Depreciation &
Amortization, Total 333.2 378.4 367.7 316.7 13.57% -2.83% -13.87%
Other Operating
Expenses 132.8 147.2 178.1 173.4 10.84% 20.99% -2.64%
OTHER OPERATING
EXPENSES, TOTAL 2,762.20 2,902.40 3,273.50 3,491.80 5.08% 12.79% 6.67%
OPERATING
INCOME 3,315.40 3,396.60 3,771.50 3,707.20 2.45% 11.04% -1.70%
Interest Expense -23.1 -9.1 -8.9 -3.8 -60.61% -2.20% -57.30%
Interest and Investment
Income 74.4 68.8 57.8 77.3 -7.53% -15.99% 33.74%
NET INTEREST
EXPENSE 51.3 59.7 48.9 73.5 16.37% -18.09% 50.31%
Income (Loss) on Equity
Investments -3.2 -7 -11.5 6.9 118.75% 64.29% ###
Currency Exchange
Gains (Loss) -19 0.3 -9.2 -25.5 ### -3166.67% 177.17%
Other Non-Operating
Income (Expenses) 91.1 41.6 28.6 18.3 -54.34% -31.25% -36.01%
EBT, EXCLUDING
UNUSUAL ITEMS 3,435.50 3,491.30 3,828.30 3,780.40 1.62% 9.65% -1.25%
Gain (Loss) on Sale of
Assets -0.8 30.6 10.2 13.9 ### -66.67% 36.27%
Other Unusual Items,
Total 17 0.8 0.4 -- -95.29% -50.00% ###
Insurance Settlements 12.7 0.8 0.4 -- -93.70% -50.00% ###
EBT, INCLUDING
UNUSUAL ITEMS 3,451.70 3,522.70 3,838.90 3,794.20 2.06% 8.98% -1.16%
Income Tax Expense 1,144.50 1,153.80 1,020.60 973.4 0.81% -11.54% -4.62%
Earnings from Continuing
Operations 2,307.20 2,368.90 2,818.30 2,820.80 2.67% 18.97% 0.09%
NET INCOME 2,307.20 2,368.90 2,818.30 2,820.80 2.67% 18.97% 0.09%
COMMON INCLUDING
EXTRA ITEMS 1,554.30 1,637.90 1,948.50 1,950.30 5.38% 18.96% 0.09%
COMMON EXCLUDING
EXTRA ITEMS 1,554.30 1,637.90 1,948.50 1,950.30 5.38% 18.96% 0.09%
ABS CBN VERTICAL ANALYSIS
rrency in As of: 31-Dec 31-Dec 31-Dec 31-Dec
Millions of 2007 2008 2009 2010 2007 2008 2009
Philippines
Pesos

Restated Restated Reclassified PHP

PHP PHP PHP

Assets
Cash and Equivalents 2,145.80 2,524.30 3,337.80 5,821.30 8.2% 7.6% 9.6%

TOTAL CASH AND


SHORT TERM
INVESTMENTS 2,145.80 2,524.30 3,337.80 5,821.30 8.2% 7.6% 9.6%

Accounts Receivable 3,782.70 4,189.60 4,790.00 5,564.80 14.5% 12.7% 13.8%

Other Receivables 410.2 398.6 309.4 172.5 1.6% 1.2% 0.9%


TOTAL RECEIVABLES 4,193.00 4,588.20 5,099.40 5,737.30 16.0% 13.9% 14.6%

Inventory 169.6 225.7 169.1 152.5 0.6% 0.7% 0.5%

Prepaid Expenses 321.9 212.4 304.5 160 1.2% 0.6% 0.9%

Other Current Assets 2,046.20 2,569.70 2,368.00 2,710.70 7.8% 7.8% 6.8%
TOTAL CURRENT
ASSETS 8,876.40 10,120.20 11,278.80 14,581.90 34.0% 30.6% 32.4%
Gross Property Plant and
Equipment 20,306.60 27,230.70 28,732.70 31,155.50 77.7% 82.4% 82.5%

Accumulated Depreciation -10,839.40 -12,495.10 -14,018.20 -15,960.20 -41.5% -37.8% -40.3%


NET PROPERTY PLANT
AND EQUIPMENT 9,467.10 14,735.60 14,714.40 15,195.30 36.2% 44.6% 42.3%

Goodwill 20.1 1,906.20 2,134.60 2,143.80 0.1% 5.8% 6.1%

Long-Term Investments 106 414.7 440.2 306.2 0.4% 1.3% 1.3%


Deferred Tax Assets, Long
Term 184.4 603.2 642.2 961.4 0.7% 1.8% 1.8%
Deferred Charges, Long
Term 195.8 107 243 306 0.7% 0.3% 0.7%

Other Intangibles 1,664.10 2,170.90 2,524.30 2,740.40 6.4% 6.6% 7.2%

Other Long-Term Assets 5,615.00 2,985.50 2,842.50 2,723.80 21.5% 9.0% 8.2%

TOTAL ASSETS 26,128.80 33,043.20 34,820.10 38,958.90 100.0% 100.0% 100.0%

LIABILITIES & EQUITY


Accounts
Payable 1,737.70 1,152.90 1,207.50 1,776.90 6.7% 3.5% 3.5%
Accrued
Expenses 2,473.80 2,489.60 2,828.50 5,157.90 9.5% 7.5% 8.1%
Short-Term Borrowings 400 737.6 400 532 1.5% 2.2% 1.1%
Current Portion
of Long-Term
Debt/Capital
Lease 187.8 394.2 225.3 143.7 0.7% 1.2% 0.6%
Current Portion
of Capital
Lease
Obligations 177.7 140.2 119 73.9 0.7% 0.4% 0.3%
Current Income
Taxes Payable 53.6 490 486.9 109.6 0.2% 1.5% 1.4%
Other Current
Liabilities, Total 1,254.50 2,530.70 2,501.20 1,850.80 4.8% 7.7% 7.2%
Unearned
Revenue,
Current 324 739.7 827.4 1,125.30 1.2% 2.2% 2.4%
TOTAL CURRENT
LIABILITIES 6,431.50 8,534.70 8,476.70 10,696.20 24.6% 25.8% 24.3%

0.0% 0.0% 0.0%


Long-Term Debt 4,684.60 7,408.30 8,263.30 8,932.70 17.9% 22.4% 23.7%
Capital Leases 243.4 174.3 75.4 34.3 0.9% 0.5% 0.2%
Minority Interest 45.9 67 104 148.9 0.2% 0.2% 0.3%
Pension & Other Post-
Retirement Benefits 400.6 791.9 790.2 625.4 1.5% 2.4% 2.3%
Deferred Tax Liability Non-
Current -- 632.6 513 442.7

Other Non-Current Liabilities 18.7 353.9 548.3 482.1 0.1% 1.1% 1.6%

TOTAL LIABILITIES 11,778.90 17,895.80 18,667.00 21,213.30 45.1% 54.2% 53.6%


Common Stock 779.6 779.6 779.6 779.6 3.0% 2.4% 2.2%
Additional Paid in Capital 725.3 725.3 725.3 725.3 2.8% 2.2% 2.1%
Retained Earnings 13,381.00 14,121.30 15,136.30 17,449.60 51.2% 42.7% 43.5%
Comprehensive Income and
Other -581.8 -545.8 -592.1 -1,357.80 -2.2% -1.7% -1.7%
TOTAL COMMON
EQUITY 14,304.10 15,080.40 16,049.10 17,596.60 54.7% 45.6% 46.1%
TOTAL EQUITY 14,350.00 15,147.40 16,153.10 17,745.50 54.9% 45.8% 46.4%
TOTAL LIABILITIES AND
EQUITY 26,128.80 33,043.20 34,820.10 38,958.90 100% 100% 100%
GMA 7 VERTICAL ANALYSIS
Currency in As of: 31-Dec 31-Dec 31-Dec 31-Dec
2010 Millions of Philippines 2007 2008 2009 2010 2007
Pesos

Restated Restated Restated PHP

PHP PHP PHP

Assets
14.9% Cash and Equivalents 1,019.70 1,688.10 2,200.20 1,232.40 8.7%

14.9% Short-Term Investments 2.9 2.1 23.5 -- 0.0%

TOTAL CASH AND SHORT


14.3% TERM INVESTMENTS 1,022.60 1,690.20 2,223.70 1,232.40 8.8%

0.4% Accounts Receivable 4,622.00 4,315.40 5,098.50 5,205.90 39.6%


14.7% Other Receivables 137.5 73 46.9 309 1.2%

0.4% TOTAL RECEIVABLES 4,759.50 4,388.40 5,145.40 5,514.90 40.7%

0.4% Inventory 80.9 88.9 117.2 109 0.7%

7.0% Prepaid Expenses 209 164.1 215.2 257.7 1.8%

37.4% Other Current Assets 817.1 951.8 779.2 813.8 7.0%

80.0% TOTAL CURRENT ASSETS 6,889.10 7,283.40 8,480.70 7,927.70 59.0%


Gross Property Plant and
-41.0% Equipment 7,978.60 8,732.40 9,198.10 9,418.60 68.3%

39.0% Accumulated Depreciation -3,918.00 -4,306.30 -4,770.90 ### -33.5%


NET PROPERTY PLANT
5.5% AND EQUIPMENT 4,060.60 4,426.20 4,427.20 4,275.10 34.7%

0.8% Long-Term Investments 306.9 356.6 352.9 359.8 2.6%

2.5% Deferred Tax Assets, Long Term 31.3 36 42.2 45.5 0.3%

0.8% Other Intangibles 32.9 31 28.9 39.5 0.3%

7.0% Other Long-Term Assets 364.5 333.2 352.3 224.4 3.1%

7.0% 0.0%

100.0% TOTAL ASSETS 11,685.20 12,466.30 13,684.10 ### 100%

LIABILITIES & EQUITY

4.6% Accounts Payable 301.8 429.9 503.3 335.9 3%

13.2% Accrued Expenses 1,200.10 1,108.10 1,359.70 1,462.30 10%


1.4% Short-Term Borrowings 310.7 -- -- -- 3%
0.4% Current Income Taxes Payable 624.5 509.9 407.8 241.2 5%

0.2% Other Current Liabilities, Total 294.1 205.2 83.8 102.1 3%


TOTAL CURRENT
0.3% LIABILITIES 2,731.20 2,253.10 2,354.70 2,141.60 23%
Pension & Other Post-
4.8% Retirement Benefits 274.1 288.8 280.5 252.6 2%
Deferred Tax Liability Non-
2.9% Current 141.2 169.3 168.8 179.1 1%

27.5% TOTAL LIABILITIES 3,146.60 2,711.20 2,804.00 2,573.20 27%

0.0% Common Stock 4,864.70 4,864.70 4,864.70 4,864.70 42%


22.9% Additional Paid in Capital 1,592.60 1,651.50 1,659.00 1,659.00 14%
0.1% Retained Earnings 1,372.40 2,527.20 3,644.30 3,063.00 12%
0.4% Treasury Stock -20.7 -28.5 -28.5 -28.5 0%
Comprehensive Income and
1.6% Other 729.6 740.2 740.5 740.4 6%

TOTAL COMMON EQUITY 8,538.60 9,755.10 10,880.10 ### 73%

1.2% TOTAL EQUITY 8,538.60 9,755.10 10,880.10 ### 73%


TOTAL LIABILITIES AND
54.5% EQUITY 11,685.20 12,466.30 13,684.10 ### 100%
2.0%
1.9%
44.8%

-3.5%

45.2%
45.5%

100%
2008 2009 2010

13.5% 16.1% 9.6%

0.0% 0.2% 0.0%

13.6% 16.3% 9.6%

34.6% 37.3% 40.4%


0.6% 0.3% 2.4%

35.2% 37.6% 42.8%

0.7% 0.9% 0.8%

1.3% 1.6% 2.0%

7.6% 5.7% 6.3%

58.4% 62.0% 61.6%

70.0% 67.2% 73.2%

-34.5% -34.9% -40.0%

35.5% 32.4% 33.2%

2.9% 2.6% 2.8%

0.3% 0.3% 0.4%

0.2% 0.2% 0.3%

2.7% 2.6% 1.7%

0.0% 0.0% 0.0%

100% 100.0% 100.0%

3% 3.7% 2.6%

9% 9.9% 11.4%
4% 3.0% 1.9%

2% 0.6% 0.8%

18% 17.2% 16.6%

2% 2.0% 2.0%

1% 1.2% 1.4%

22% 20.5% 20.0%

39% 35.6% 37.8%


13% 12.1% 12.9%
20% 26.6% 23.8%
0% -0.2% -0.2%

6% 5.4% 5.8%

78% 79.5% 80.0%

78% 79.5% 80.0%

100% 100% 100%


ABS CBN HORIZONTAL ANALYSIS
rrency in As of: 31-Dec 31-Dec 31-Dec 31-Dec
Millions of 2007 2008 2009 2010 2008 2009 2010
Philippines
Pesos
Restated Restated Reclassifie PHP
d
PHP PHP PHP

Assets
Cash and Equivalents 2,145.80 2,524.30 3,337.80 5,821.30 17.64% 32.23% 74.41%
SHORT TERM
INVESTMENTS 2,145.80 2,524.30 3,337.80 5,821.30 17.64% 32.23% 74.41%
Accounts Receivable 3,782.70 4,189.60 4,790.00 5,564.80 10.76% 14.33% 16.18%
Other Receivables 410.2 398.6 309.4 172.5 -2.83% -22.38% -44.25%
TOTAL
RECEIVABLES 4,193.00 4,588.20 5,099.40 5,737.30 9.43% 11.14% 12.51%
Inventory 169.6 225.7 169.1 152.5 33.08% -25.08% -9.82%
Prepaid Expenses 321.9 212.4 304.5 160 -34.02% 43.36% -47.45%
Other Current Assets 2,046.20 2,569.70 2,368.00 2,710.70 25.58% -7.85% 14.47%
TOTAL CURRENT
ASSETS 8,876.40 ### ### ### 14.01% 11.45% 29.29%
Gross Property Plant and
Equipment ### ### ### ### 34.10% 5.52% 8.43%
Accumulated
Depreciation ### ### ### ### 15.27% 12.19% 13.85%
PLANT AND
EQUIPMENT 9,467.10 ### ### ### 55.65% -0.14% 3.27%
Goodwill 20.1 1,906.20 2,134.60 2,143.80 ### 11.98% 0.43%
Long-Term Investments 106 414.7 440.2 306.2 291.23% 6.15% -30.44%
Deferred Tax Assets,
Long Term 184.4 603.2 642.2 961.4 227.11% 6.47% 49.70%
Deferred Charges, Long
Term 195.8 107 243 306 -45.35% 127.10% 25.93%
Other Intangibles 1,664.10 2,170.90 2,524.30 2,740.40 30.45% 16.28% 8.56%
Other Long-Term Assets 5,615.00 2,985.50 2,842.50 2,723.80 -46.83% -4.79% -4.18%

TOTAL ASSETS ### ### ### ### 26.46% 5.38% 11.89%

LIABILITIES & EQUITY


Accounts
Payable 1,737.70 1,152.90 1,207.50 1,776.90 -33.65% 4.74% 47.16%
Accrued
Expenses 2,473.80 2,489.60 2,828.50 5,157.90 0.64% 13.61% 82.35%
Short-Term Borrowings 400 737.6 400 532 84.40% -45.77% 33.00%
Current
Portion of
Long-Term
Debt/Capital
Lease 187.8 394.2 225.3 143.7 109.90% -42.85% -36.22%
Current
Portion of
Capital
Lease
Obligations 177.7 140.2 119 73.9 -21.10% -15.12% -37.90%
Current
Income
Taxes
Payable 53.6 490 486.9 109.6 814.18% -0.63% -77.49%
Other
Current
Liabilities,
Total 1,254.50 2,530.70 2,501.20 1,850.80 101.73% -1.17% -26.00%
Unearned
Revenue,
Current 324 739.7 827.4 1,125.30 128.30% 11.86% 36.00%
TOTAL CURRENT
LIABILITIES 6,431.50 8,534.70 8,476.70 ### 32.70% -0.68% 26.18%
#DIV/0! #DIV/0! #DIV/0!
Long-Term Debt 4,684.60 7,408.30 8,263.30 8,932.70 58.14% 11.54% 8.10%
Capital Leases 243.4 174.3 75.4 34.3 -28.39% -56.74% -54.51%
Minority Interest 45.9 67 104 148.9 45.97% 55.22% 43.17%
Pension & Other Post-
Retirement Benefits 400.6 791.9 790.2 625.4 97.68% -0.21% -20.86%
Deferred Tax Liability
Non-Current -- 632.6 513 442.7 -18.91% -13.70%
Other Non-Current
Liabilities 18.7 353.9 548.3 482.1 ### 54.93% -12.07%

TOTAL LIABILITIES ### ### ### ### 51.93% 4.31% 13.64%


Common Stock 779.6 779.6 779.6 779.6 0.00% 0.00% 0.00%
Additional Paid in Capital 725.3 725.3 725.3 725.3 0.00% 0.00% 0.00%
Retained Earnings ### ### ### ### 5.53% 7.19% 15.28%
Comprehensive Income
and Other -581.8 -545.8 -592.1 ### -6.19% 8.48% 129.32%
TOTAL COMMON
EQUITY ### ### ### ### 5.43% 6.42% 9.64%
TOTAL EQUITY ### ### ### ### 5.56% 6.64% 9.86%
TOTAL LIABILITIES
AND EQUITY ### ### ### ### 26.46% 5.38% 11.89%
GMA 7 HORIZONTAL ANALYSIS
Currency in As of: 31-Dec 31-Dec 31-Dec 31-Dec
Millions of 2007 2008 2009 2010 2008 2009 2010
Philippines
Pesos
Restated Restated Restated PHP

PHP PHP PHP

Assets
Cash and Equivalents 1,019.70 1,688.10 2,200.20 1,232.40 65.55% 30.34% -43.99%
Short-Term Investments 2.9 2.1 23.5 -- -27.59% ### ###
SHORT TERM
INVESTMENTS 1,022.60 1,690.20 2,223.70 1,232.40 65.28% 31.56% -44.58%
Accounts Receivable 4,622.00 4,315.40 5,098.50 5,205.90 -6.63% 18.15% 2.11%
Other Receivables 137.5 73 46.9 309 -46.91% -35.75% 558.85%
TOTAL
RECEIVABLES 4,759.50 4,388.40 5,145.40 5,514.90 -7.80% 17.25% 7.18%
Inventory 80.9 88.9 117.2 109 9.89% 31.83% -7.00%
Prepaid Expenses 209 164.1 215.2 257.7 -21.48% 31.14% 19.75%
Other Current Assets 817.1 951.8 779.2 813.8 16.49% -18.13% 4.44%
TOTAL CURRENT
ASSETS 6,889.10 7,283.40 8,480.70 7,927.70 5.72% 16.44% -6.52%
Gross Property Plant and
Equipment 7,978.60 8,732.40 9,198.10 9,418.60 9.45% 5.33% 2.40%
Accumulated
Depreciation ### ### ### ### 9.91% 10.79% 7.81%
PLANT AND
EQUIPMENT 4,060.60 4,426.20 4,427.20 4,275.10 9.00% 0.02% -3.44%
Long-Term Investments 306.9 356.6 352.9 359.8 16.19% -1.04% 1.96%
Deferred Tax Assets,
Long Term 31.3 36 42.2 45.5 15.02% 17.22% 7.82%
Other Intangibles 32.9 31 28.9 39.5 -5.78% -6.77% 36.68%
Other Long-Term Assets 364.5 333.2 352.3 224.4 -8.59% 5.73% -36.30%
#DIV/0! #DIV/0! #DIV/0!

TOTAL ASSETS ### ### ### ### 6.68% 9.77% -5.94%

LIABILITIES & EQUITY

Accounts Payable 301.8 429.9 503.3 335.9 42.45% 17.07% -33.26%

Accrued Expenses 1,200.10 1,108.10 1,359.70 1,462.30 -7.67% 22.71% 7.55%


Short-Term Borrowings 310.7 -- -- --

Current Income Taxes


Payable 624.5 509.9 407.8 241.2 -18.35% -20.02% -40.85%

Other Current Liabilities,


Total 294.1 205.2 83.8 102.1 -30.23% -59.16% 21.84%

TOTAL CURRENT
LIABILITIES 2,731.20 2,253.10 2,354.70 2,141.60 -17.51% 4.51% -9.05%

Pension & Other Post-


Retirement Benefits 274.1 288.8 280.5 252.6 5.36% -2.87% -9.95%
Deferred Tax Liability
Non-Current 141.2 169.3 168.8 179.1 19.90% -0.30% 6.10%
TOTAL LIABILITIES 3,146.60 2,711.20 2,804.00 2,573.20 -13.84% 3.42% -8.23%
Common Stock 4,864.70 4,864.70 4,864.70 4,864.70 0.00% 0.00% 0.00%
Additional Paid in Capital 1,592.60 1,651.50 1,659.00 1,659.00 3.70% 0.45% 0.00%
Retained Earnings 1,372.40 2,527.20 3,644.30 3,063.00 84.14% 44.20% -15.95%
Treasury Stock -20.7 -28.5 -28.5 -28.5 37.68% 0.00% 0.00%
Comprehensive Income
and Other 729.6 740.2 740.5 740.4 1.45% 0.04% -0.01%
TOTAL COMMON
EQUITY 8,538.60 9,755.10 ### ### 14.25% 11.53% -5.34%
TOTAL EQUITY 8,538.60 9,755.10 ### ### 14.25% 11.53% -5.34%
TOTAL LIABILITIES
AND EQUITY ### ### ### ### 6.68% 9.77% -5.94%
ABS 2007 2008 2009 2010 2007
A. Profitability Ratios A. Profitability Ratios
Profit margin 7% 7% 8% 11% Profit margin 23%
Return on assets (ROA) 5% 4% 5% 8% Return on assets (ROA) 20%
Return on equity (ROE) 9% 9% 11% 18% Return on equity (ROE) 27%

B. Asset Utilization Ratios B. Asset Utilization Ratios


Receivable turnover 4.55749 4.6856 4.59921 4.98751 Receivable turnover 2.203981
Days Receivable 80.088 77.899 79.3615 73.1828 Days Receivable 165.6094

Inventory turnover 55.987 51.728 76.0479 95.5508 Inventory turnover 50.79357


Days Inventory 6.51937 7.0561 4.79961 3.81996 Days Inventory 7.185949

Payable turnover 5.46435 10.127 10.6499 8.20052 Payable turnover 13.61564


Days payable 66.7966 36.043 34.2728 44.5094 Days payable 26.80741
Test of Liquidity Test of Liquidity
Current Ratio 1.38014 1.1858 1.33056 1.36328 Current Ratio 2.522371
Quick Ratio 0.98559 0.8334 0.99534 1.08063 Quick Ratio 2.117055

Debt Utilization Ratios Debt Utilization Ratios


Debt to total assets 0.4508 0.5416 0.5361 0.5445 Debt to total assets 0.269281
Times interest earned -0.21276 -0.3156 -0.3334 -0.2146 Times interest earned -0.00697
2008 2009 2008

22% 24% 23%


19% 21% 22%
24% 26% 27%

2.444663 2.2751201 2.33389


149.3048 160.43109 156.3912

47.8144 38.862628 45.42202


7.633684 9.3920566 8.03575

9.887648 9.0496722 14.73951


36.91474 40.332953 24.76338

3.232613 3.6016053 3.701765


2.697883 3.1295282 3.150588

0.217482 0.2049093 0.199908


-0.00268 -0.00236 -0.00103