PLDT (PHI) 20-F2010 FY Annual report (foreign)

Filed: 30 Mar 11, 12:00am

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EXHIBIT 7

PHILIPPINE LONG DISTANCE TELEPHONE COMPANY
Calculation of Ratio of Earnings to Fixed Charges
For the years 2006 through 2010


	2010⁽¹⁾			2010			2009			2008			2007			2006

	(in millions, except ratio of earnings to fixed charges)
Earnings: Income before income tax
Pre-tax income from continuing operations before adjustment for non-controlling interest in consolidated subsidiaries or income or loss from equity investees subsidiaries	US$	1,225			Php53,685			Php54,839			Php54,049			Php58,081			Php38,249
Add (Deduct):
Fixed Charges(see b below)		194			8,514			8,273			7,831			8,051			10,874
Amortization of capitalized interest		36			1,594			1,544			1,543			1,559			1,490
Capitalized interest		(16	)		(710	)		(691	)		(778	)		(542	)		(549	)

Total Earnings^(a)	US$	1,439			Php63,083			Php63,965			Php62,645			Php67,149			Php50,064

Fixed Charges^(b)
Interest on loans and related items	US$	125			Php5,471			Php5,317			Php5,083			Php5,714			Php7,359
Capitalized interest		16			710			691			778			542			549
Amortization of debt issuance costs and debt discount		23			1,010			913			751			874			2,214
Estimated financing component of rent expense⁽³⁾		30			1,323			1,352			1,219			921			752

Total Fixed Charges	US$	194			Php8,514			Php8,273			Php7,831			Php8,051			Php10,874

Ratio (a/b)⁽²⁾		7.4			7.4			7.7			8.0			8.3			4.6


(1)		We maintain our accounts in Philippine pesos, the functional and presentation currency under IFRS. For convenience, the Philippine peso financial information as at and for the year ended December 31, 2010 has been translated into U.S. dollars at the exchange rate of Php43.81 to US$1.00, the Philippine peso-dollar rate as quoted through the Philippine Dealing System as at December 31, 2010.

(2)		For purposes of this ratio, “Earnings” consist of: (a) pre-tax income from continuing operations before adjustment for non-controlling interest in consolidated subsidiaries or income or loss from equity investees, (b) fixed charges, (c) amortization of capitalized interest, (d) distributed income of equity investees, and (e) share of pre-tax losses of equity investees for which charges arising from guarantees are included in fixed charges; less the sum of the following: (1) capitalized interest, (2) preference security dividend requirements of consolidated subsidiaries, and (3) the non-controlling interests in pre-tax income of subsidiaries that have not incurred fixed charges.

		“Fixed charges” consist of interest expense and capitalized interest, amortized premiums, discounts and capitalized expenses related to indebtedness, an estimate of interest within rental expense, and preference security dividend requirements of consolidated subsidiaries.

(3)		Rent expense substantially represents payments for the satellite circuits leased by PLDT. Historically, PLDT has been using one-third of rent expense as a reasonable estimate of the financing component of rent expense, since it is impracticable to determine the actual financing component of rent expense.

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