2007 Annual Report - Sun Life Financial

More documents

Recommendations

Info

Notes to the Financial Statements As of and for the years ended December 31, 2007 and 2006 Investments in fixed-income securities consist of investments in treasury notes, special savings and corporate loans. 16. OthER INCOME BOND FUND Other income represents pre-termination fees paid by a corporate borrower during the year. MONEy MARKEt FUND Other income represents service charge equivalent to 0.25% of total redemptions redeemed by the shareholders within the seven (7) days holding period. 17. EARNINGS PER ShARE The calculation of the basic earnings per share is based on the following data: 54 Prosperity Funds Bond Fund Balanced Fund Phil. Equity Fund 2007 2006 2007 2006 2007 2006 Philippine Peso Philippine Peso Philippine Peso Philippine Peso Philippine Peso Philippine Peso Change in net assets attributable to shareholders Weighted average number of ordinary shares for the purpose of basic earnings P81,384,544 P587,893,930 P837,414,498 P394,770,544 P250,366,694 P204,581,954 per share 2,195,829,496 3,109,785,170 3,446,414,350 775,779,978 1,173,047,174 355,094,914 Basic earnings per share P0.04 P0.19 P0.24 P0.51 P0.21 P0.58 Dollar Advantage Fund Money Market Fund 2007 2006 2007 2006 US Dollar US Dollar Philippine Peso Philippine Peso Change in net assets attributable to shareholders $1,017,456 $1,540,137 P11,239,150 P10,673,143 Weighted average number of ordinary shares for the purpose of basic earnings per share 11,527,900 6,129,511 480,147,764 272,985,282 Basic earnings per share $ 0.09 $ 0.25 P0.02 P0.04 Dollar Abundance Fund GS Fund 2007 2006 2007 2006 US Dollar US Dollar Philippine Peso Philippine Peso Change in net assets attributable to shareholders $76,095 $216,979 P3,227,180 P7,792,479 Weighted average number of ordinary shares for the purpose of basic earnings per share 1,476,966 1,104,586 86,596,884 60,860,528 Basic earnings per share $0.05 $0.20 P0.04 P0.13 As of December 31, 2007 and 2006, the Companies have no dilutive potential ordinary shares.
18. INCOME tAxES The income tax expense represents final tax on interest income and the 35% corporate income tax, whenever applicable. A reconciliation of the statutory income tax rate to effective income tax rate follows: Bond Fund Balanced Fund Phil. Equity Fund 2007 2006 2007 2006 2007 2006 Statutory income tax rate 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% Tax effects of: Net operating loss carry-over (NOLCO) (8.51) 0.48 7.52 2.87 9.06 2.53 Non-deductible expenses - - 1.17 0.30 0.01 0.01 Dividend income - - (3.80) (1.96) (5.91) (1.79) Income subjected to final tax (22.06) (7.68) (3.06) (1.09) (1.14) (0.59) Unrealized fair value gains - - (7.54) (24.48) - - Realized gain on investments - - - - - - Unrealized depreciation of investments 61.24 - - - - - Non-taxable income (21.71) (13.05) (25.21) (8.95) (35.56) (34,39) Effective income tax rate 43.96% 14.75% 4.08% 1.69% 1.46% 0.77% Dollar Advantage Fund Money Market Fund Dollar Abundance Fund 2007 2006 2007 2006 2007 2006 Statutory income tax rate 35.00% 35.00% 35.00% 35.00% 35.00% 35.00% Tax effects of: Net operating loss carry-over (NOLCO) - 13.17 7.56 (6.77) - Non-deductible expenses 4.43 1.22 7.88 4.01 - - Dividend income - - - - - Income subjected to final tax (6.28) (1.99) (24.24) (19.96) (15.13) (0.65%) Unrealized fair value gains (2.00) (21.89) - - 17.74 (23.21%) Realized gain on investments (3.04) - - - (10.74) - Unrealized depreciation of investments - - - - - - Non-taxable income - - - - 3.92 - Effective income tax rate 28.11% 12.34% 31.81% 26.61% 24.02% 11.14% GS Fund 2007 2006 Statutory income tax rate 35.00% 35.00% Tax effects of: Net operating loss carry-over (NOLCO) 17.38 6.45 Non-deductible expenses 5.89 1.63 Dividend income - - Income subjected to final tax (22.25) (8.40) Unrealized fair value gains (6.58) (22.71) Realized gain on investments - - Unrealized depreciation of investments - - Non-taxable income - (0.77) Effective income tax rate 29.44% 11.20% 2007 Annual Report 55
Page 2 and 3:
The Sunlife Prosperity Funds have c
Page 4: Reaching Greater Heights Letter to
Page 7 and 8: LONG tERM PERFORMANCE REVIEW Local
Page 9 and 10: INVEStMENt APPROACh Early in the ye
Page 11 and 12: LONG tERM PERFORMANCE OVERVIEW The
Page 13 and 14: A defensive strategy consisting of
Page 15 and 16: Inflation could soften further as c
Page 17 and 18: A defensive strategy consisting of
Page 19 and 20: FINANCIAL RESULtS Net assets of the
Page 21 and 22: Independent Auditor’s Report thE
Page 23 and 24: BALANCE ShEEtS Dollar Advantage Mon
Page 25 and 26: Dollar Advantage Money Market Dolla
Page 31 and 32: SUN LIFE PROSPERIty DOLLAR ABUNDANC
Page 33 and 34: FINANCIAL ASSEtS Financial assets a
Page 35 and 36: tAxAtION The tax expense represents
Page 37 and 38: BOND FUND Liquidity risk The Compan
Page 39 and 40: DOLLAR ABUNDANCE FUND GS FUND 2007
Page 41 and 42: Capital Risk Management The Compani
Page 43 and 44: The movements are summarized as fol
Page 45 and 46: Investments in listed equity securi
Page 47 and 48: 9. LOANS AND RECEIVABLES Bond Loans
Page 49 and 50: Subscriptions account represents sh
Page 51 and 52: Dollar Advantage Fund Money Market
Page 53: Dollar Advantage Fund Money Market
Page 57 and 58: GS FUND Year Incurred Year of Expir
Page 59 and 60: Nilo B. Peña Director, Sun Life of
Page 61 and 62: INVEStMENt MANAGER, PRINCIPAL DIStR
show all

2007 Annual Report - Sun Life Financial

Create successful ePaper yourself

Delete template?

Save as template?