Financial Statements

EBC Enterprises, Inc.

Balance Sheets at December 31, 2006 and 2005

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(In thousands)

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2006 2005

Assets

Current Assets

Cash P2,030.5 P1,191.0

Marketable securities 2,636.0 4,002.0

Accounts receivable 4,704.0 4,383.5

Allowance for doubtful accounts (224.0) (208.5)

Inventories 23,520.5 18,384.5

Prepaid expenses 256.0 379.5

Total current assets P32,923.0 P28,132.0

Property, Plant and Equipment

Land 405.5 405.5

Buildings and leasehold improvements 9,136.5 5,964.0

Equipment 10,761.5 6,884.0

20,303.5 13,253.5

Less Accumulated depreciation and amortization (5,764.0) (3,765.0)

Net property, plant and equipments 14,539.5 9,488.5

Other Assets 186.5 334.0

Total Assets P47,649.0 P37,954.5

Liabilities and Equity

Current Liabilities

Accounts payable P7,147.0 P3,795.5

Notes payable – banks 2,807.0 3,006.0

Current maturities of long-term debt 942.0 758.0

Accrued liabilities 2,834.5 2,656.5

Total current liabilities P13,730.5 P10,216.0

Deferred Income Taxes 421.5 317.5

Long-term Debt 10,529.5 8.487.5

Total liabilities 24,681.5 19,021.0

Equity

Ordinary shares, par value P1, authorized

10,000,000 shares; issued, 2,297,000 shares in

2006 and 2,401,500 shares in 2005 P2,401.5 P2,297.0

Additional paid-in capital 478.5 455.0

Retained earnings 20,087.5 16,181.5

Total equity 22,967.5...