FS 2011 BS

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FINACIAL REPORT BALANCE SHEETS December 31, 2011 and 2010 2011

2010

ASSETS Current Assets Cash Receivables (net) Inventories Miscellaneous Assets

595,219,406 229,606,569 119,753,963 11,054,724

584,881,003 224,264,901 128,696,639 31,204,082

Total Current Assets

955,634,664

969,046,625

Investments Receivables (net) Property, Plant and Equipment (net) Other Assets

361,679,877 374,452,027 27,234,070,537 53,297,185

377,699,913 545,997,936 27,731,034,610 140,733,828

Total Non-Current Assets

28,023,499,625

28,795,466,287

28,979,134,289

29,764,512,912

0

0

361,535,385 728,600,235 48,773,105 70,657,331 375,405,908 230,642,661

371,431,979 617,822,836 51,744,834 79,563,752 401,737,473 214,061,686

1,815,614,625

1,736,362,561

19,091,012 9,668,018,232 2,589,688,966 165,921,303

28,880,524 9,988,541,990 2,398,151,569 164,510,150

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

Non-Current Assets

TOTAL ASSETS

LIABILITIES Current Liabilities Payables & Accrued Expense Loans Payable Accrued Interest Deferred Credits to Income Security Deposits & Advance Rental Trust Liabilities Total Current Liabilities

Non-Current Liabilities Other Payables Payables & Accrued Expense Loans Payable - net of current portion Deferred Credits to Income Security Deposits Total Non-Current Liabilities

0 Certified Correct by:

EMILIA S. CANONIZADO Manager, Accounting Dept.

Noted by:

ROBERTO ARMANDV. C.GARCIA ARREZA Chairman and CEO

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