FINACIAL REPORT

BALANCE SHEETS

December 31, 2011 and 2010

2011 2010

ASSETS

Current Assets

Cash 595,219,406 584,881,003

Receivables (net) 229,606,569 224,264,901

Inventories 119,753,963 128,696,639

Miscellaneous Assets 11,054,724 31,204,082

Total Current Assets 955,634,664 969,046,625

Non-Current Assets

Investments 361,679,877 377,699,913

Receivables (net) 374,452,027 545,997,936

Property, Plant and Equipment (net) 27,234,070,537 27,731,034,610

Other Assets 53,297,185 140,733,828

Total Non-Current Assets 28,023,499,625 28,795,466,287

TOTAL ASSETS 28,979,134,289 29,764,512,912

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LIABILITIESCurrent Liabilities

Payables & Accrued Expense 361,535,385 371,431,979

Loans Payable 728,600,235 617,822,836

Accrued Interest 48,773,105 51,744,834

Deferred Credits to Income 70,657,331 79,563,752

Security Deposits & Advance Rental 375,405,908 401,737,473

Trust Liabilities 230,642,661 214,061,686

Total Current Liabilities 1,815,614,625 1,736,362,561

Non-Current Liabilities

Other Payables

Payables & Accrued Expense 19,091,012 28,880,524

Loans Payable - net of current portion 9,668,018,232 9,988,541,990

Deferred Credits to Income 2,589,688,966 2,398,151,569

Security Deposits 165,921,303 164,510,150

Total Non-Current Liabilities 12,442,719,513 12,580,084,233

TOTAL LIABILITIES 14,258,334,139 14,316,446,794

STOCKHOLDERS' EQUITY 14,720,800,151 15,448,066,118

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 28,979,134,289 29,764,512,912

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Certified Correct by: Noted by:

EMILIA S. CANONIZADO ARMAND C. ARREZAROBERTO V. GARCIA

Manager, Accounting Dept. Chairman and CEO