PLDT
Annual Report 2008

Plain-text annual report

PLDT Telepresence PLDT Landline Plus PLDT VOX PLDT I-Gate PLDT Watcher PLDT Budget Card TABLE OF CONTENTS Comparative Highlights Consolidated Financial Performance Highlights A Message from the Chairman of the Board A Letter from the President and CEO 2008: A Year of Transformation CSR Report 2008: Taking CSR to the Next Level Corporate Governance Report 2008: A Continuing Commitment to Performance with Principle The Board of Directors Key Officers Financial Review Audit Committee Report Statement of Management’s Responsibility for Financial Statements Independent Auditors’ Report Consolidated Balance Sheets Consolidated Statements of Income Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements 02 03 04 08 12 17 22 30 34 37 74 75 76 77 79 80 82 84 179 Registrars, Transfer Agents and Depositary About the Cover At PLDT, we are mapping out the digital future of communications. From engaging interactive services to deep social media experiences to rich broadband entertainment, our leading edge technologies and services are transforming the lives of Filipinos at home and overseas. Thanks to the Group’s vision and innovation, we remain resilient despite the challenging business environment. We are fortifying our leadership and driving our business to the next level by focusing on our customers’ needs and investing in the country’s future. PLDT is the leading telecommunications service provider in the Philippines. Through its three principal business groups—wireless, fixed line, and information and communications technology—PLDT offers the largest and most diversified range of telecommunications services across the Philippines’ most extensive fiber optic backbone and wireless, fixed line, broadband and satellite networks. PLDT is listed on the Philippine Stock Exchange (PSE:TEL) and its American Depositary Shares are listed on the New York Stock Exchange (NYSE:PHI). In 2008, PLDT was one of the largest Philippine-listed companies in terms of market capitalization. MISSION / VISION PLDT will be the preferred full service provider of voice, video and data at the most attractive levels of price, service quality, content and coverage, thereby bringing maximum benefit to the Company’s stakeholders. SUBSIDIARIES Wireless Smart Communications, Inc. and Subsidiaries Pilipino Telephone Corporation Smart Broadband, Inc. ACeS Philippines Cellular Satellite Corporation Mabuhay Satellite Corporation VALUES Accountability Fixed Line PLDT Clark Telecom, Inc. PLDT Subic Telecom, Inc. We take full responsibility for our PLDT Global Corporation and Subsidiaries actions and decisions. PLDT-Maratel, Inc. Bonifacio Communications Corporation Smart-NTT Multimedia, Inc. Integrity We are honest, moral and legal. We do the right thing. Fairness We uphold justice and fair play. Transparency We are truthful. We disclose accurate and prompt information. Information and Communications Technology ePLDT, Inc. and Subsidiaries SPi Technologies, Inc. ePLDT Ventus, Inc. Vocativ Systems, Inc. Parlance Systems, Inc. Infocom Technologies, Inc. Digital Paradise, Inc. Level Up! (Philippines), Inc. 

Continue reading text version or see original annual report in PDF format above