Globe Telecom, Inc.

and Subsidiaries
Consolidated Statements of Financial Position
December 31, 2011
2011
2010
(In Thousand Pesos)
ASSETS
Current Assets
Cash and cash equivalents
Short-term investments
Receivables - net
Inventories and supplies
Derivative assets
Prepayments and other current assets - net

5,159,046

10,119,505
1,911,190
9,766
5,586,419
22,785,926

5,868,986

8,374,123
1,839,333
19,888
4,704,198
20,806,528

778,321

778,321

Total Current Assets

23,564,247

21,584,849

Noncurrent Assets
Property and equipment - net
Investment property - net
Intangible assets and goodwill - net
Investments in joint ventures
Deferred income tax - net

99,267,780
191,645
3,591,514
249,000
765,670

101,837,254
214,192
3,248,376
197,016
670,594

Other noncurrent assets - net

3,209,477

2,875,686

Total Noncurrent assets

107,275,086

109,043,118

TOTAL ASSETS

130,839,333

130,627,967

Accounts payable and accrued expenses

Notes payable

23,042,514
1,756,760

22,115,203
-

Unearned revenues
Derivative liabilities

2,474,142
208,247

2,402,749
93,336

Income tax payable

Provisions

1,157,927
166,773

1,098,492
224,388

Current portion of long-term debt

9,597,367
38,403,730

8,677,209
34,611,377

583,365

697,729

38,987,095

35,309,106

Assets classified as held for sale

LIABILITIES AND EQUITY

Current Liabilities

Liabilities directly associated with the assets

classified as held for sale
Total Current Liabilities

Noncurrent Liabilities
Deferred income tax - net
Long-term debt - net of current portion
Derivative liabilities
Other long-term liabilities

3,929,414
37,324,579
58,370
2,111,719

4,620,490
41,694,261
152,529
1,982,453

Total Noncurrent Liabilities

43,424,082

48,449,733

Total Liabilities

82,411,177

83,758,839

Equity
Paid-up capital
Cost of share-based payments
Other reserves

33,967,476
573,436
-124,902

33,946,004
544,794
-88,310

Retained earnings

14,012,146

12,466,640

Total Equity

48,428,156

46,869,128

Total Liabilities and Equity

130,839,333

130,627,967

Globe Telecom, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income
For the year ended December 31, 2011

2011

2010

(In Thousand Pesos)

Service revenues
Cost of sales
Gross profit
General, selling and administrative
Depreciation and amortization
Financing costs
Impairment losses and others
Equity in net losses of joint ventures
Nonservice revenues
Interest income
Gain on disposal of property and
equipment - net
Other income - net
INCOME BEFORE TAX
PROVISION FOR (BENEFIT FROM)
INCOME TAX:
Current
Deferred
Total
NET INCOME
OTHER COMPREHENSIVE INCOME
(LOSS)
Transactions on cash flow hedges - net
Changes in fair value of available-for-sale
investment in equity securities
Exchange differences arising from
translations of foreign investments
Tax effect relating to components of other
comprehensive income
Total Other Comprehensive Income
TOTAL COMPREHENSIVE INCOME

67,811,301
5,887,589
61,923,712
29,304,463
18,941,227
2,579,714
1,918,583
27,345
3,753,283
297,388

62,554,689
4,238,960
58,315,729
26,692,104
18,085,839
2,068,401
1,529,534
2,968
2,993,301
218,532

319,250
574,768
14,097,069

32,535
856,941
14,038,192

5,049,479
-784,215
4,265,264
9,831,805

4,187,625
105,933
4,293,558
9,744,634

-53,194

-133,257

1,269

20,150

-625

-33,698

15,958
-36,592
9,795,213

39,977
-106,828
9,637,806