2011 Annual Report - the solid group inc website

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- 36 - The net cash flows attributable to the operating, investing, and financing activities of continuing and discontinued operations for the years ended December 31, 2011, 2010 and 2009 are shown below. 2011 Continuing Discontinued Total Net Cash From Operating Activities P 354,066,628 P 4,355,587 P 358,422,215 Net Cash From (Used in) Investing Activities ( 38,042,351 ) 284,513 ( 37,757,838) Net Cash Used in Financing Activities ( 211,230,466 ) ( 7,076,714) ( 218,307,180) Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents ( 1,723,719 ) 116 ( 1,723,603) Net increase (decrease) in Cash and Cash Equivalents 103,070,092 ( 2,436,498) 100,633,594 Cash and cash equivalents at beginning of year 1,618,111,420 2,003,048 1,620,114,468 Cash and cash equivalents at end of year P 1,721,181,512 (P 433,450) P 1,720,748,062 2010 Continuing Discontinued Total Net Cash From (Used in) Operating Activities ( P 64,190,106 ) P 21,911,041 (P 42,279,065) Net Cash From (Used in) Investing Activities ( 26,686,111 ) 3,033,588 ( 23,652,523) Net Cash From (Used in) Financing Activities 444,169,750 ( 20,146,036) 424,023,714 Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents ( 1,119,803 ) - ( 1,119,803) Net increase in Cash and Cash equivalents 352,173,730 4,798,593 356,972,323 Cash and cash equivalents at beginning of year 1,248,783,034 14,359,111 1,263,142,145 Cash and cash equivalents at end of year P 1,600,956,764 P 19,157,704 P 1,620,114,468 2009 Continuing Discontinued Total Net Cash From Operating Activities P 70,577,320 P 27,895,020 P 98,472,340 Net Cash From (Used in) Investing Activities ( 21,143,514 ) 350,124 ( 20,793,390) Net Cash From (Used in) Financing Activities 113,798,516 ( 36,956,056) 76,842,460 Effect of Foreign Exchange Rate Changes on Cash and Cash Equivalents ( 10,044,847 ) 202,606 ( 9,842,241) Net increase (decrease) in Cash and Cash equivalents 153,187,475 ( 8,508,306) 144,679,169 Cash and cash equivalents at beginning of year 1,074,392,727 44,070,249 1,118,462,976 Cash and cash equivalents at end of year P 1,227,580,202 P 35,561,943 P 1,263,142,145
- 37 - 6. CASH AND CASH EQUIVALENTS Cash and cash equivalents include the following components as of December 31: 2011 2010 Cash on hand and in bank P 396,965,149 P 509,181,468 Short-term placements 1,323,782,913 1,110,933,000 P1,720,748,062 P 1,620,114,468 Cash in banks generally earn interest at rates based on daily bank deposit rates. Short-term placements are made for varying periods of between 1 to 96 days and earn effective interest ranging from 0.5% to 6.0% per annum in 2011 and 0.5% to 8.0% per annum in 2010. 7. TRADE AND OTHER RECEIVABLES This account is composed of the following: Notes 2011 2010 Current: Trade receivables P 759,929,905 P 520,785,092 Due from related parties 28.1 75,770,473 138,002,019 Advances to suppliers 277,211,254 216,493,690 Finance receivables 28.4 64,831,149 67,984,157 Other receivables 76,425,196 77,375,904 1,254,167,977 1,020,640,862 Allowance for impairment ( 117,015,673) ( 129,657,216 ) 1,137,152,304 890,983,646 Non-current: Trade receivables 47,852,284 26,579,435 Finance receivables 151,801,578 163,937,334 Cash surrender value of investment in life insurance 16 470,231,669 450,394,432 669,885,531 640,911,201 P 1,807,037,835 P 1,531,894,847 Advances to suppliers mainly pertain to the advance payments received by Solid Company Limited (Hong Kong) for Mytel’s future purchase of inventories (see Note 28.8), various contractors for the construction of ZTC’s Tri Towers (see Note 12) and various suppliers for CBHI’s acquisition of supplies. All of the Group’s trade and other receivables have been reviewed for indicators of impairment. Certain trade and other receivables, which are mostly due from small business customers, were found to be impaired, hence, adequate amount of allowance for impairment has been recognized.
Page 2 and 3:
Table of Contents Message to Stockh
Page 4 and 5: Operations Review and Prospects 201
Page 6 and 7: Real Estate IMPROVING VALUATIONS Ou
Page 8 and 9: Board of Directors Susan L. Tan Cha
Page 10 and 11: !" # $"##$"%##&$!'()*(()*(*#)**+
Page 12 and 13: 10 SOLID GROUP INC. ANNUAL REPORT 2
Page 20 and 21: - 2 - Notes: (a) (b) (c) (d) (e) (f
Page 22 and 23: - 4 - (b) Presentation of Consolida
Page 24 and 25: - 6 - (iv) 2010 Annual Improvements
Page 26 and 27: - 8 - (c) Effective Subsequent to 2
Page 28 and 29: - 10 - (vii) Consolidation Standard
Page 30 and 31: - 12 - The acquisition method is ap
Page 32 and 33: - 14 - The Group’s financial asse
Page 34 and 35: - 16 - Land and land development co
Page 36 and 37: - 18 - Trade and Other Payables, Ad
Page 38 and 39: - 20 - The recognition criteria for
Page 40 and 41: - 22 - (b) Group as Lessor Leases w
Page 42 and 43: - 24 - Actuarial gains and losses a
Page 44 and 45: - 26 - 2.22 Earnings per Share Basi
Page 46 and 47: - 28 - (f) Provisions and Contingen
Page 48 and 49: - 30 - (h) Realizable Amount of Def
Page 50 and 51: - 32 - 4.3 Intersegment Transaction
Page 52 and 53: - 34 - The total segment balances p
Page 56 and 57: - 38 - A reconciliation of the allo
Page 58 and 59: - 40 - A reconciliation of the allo
Page 60 and 61: - 42 - 12. REAL ESTATE INVENTORIES
Page 62 and 63: - 44 - 13. PROPERTY, PLANT AND EQUI
Page 64 and 65: - 46 - No additional impairment los
Page 66 and 67: 48 Notes 2011 2010 Non-current: Ref
Page 68 and 69: 50 The changes in the Reserve for W
Page 70 and 71: 52 19.2 Cost of Services The follow
Page 72 and 73: 54 Items classified under the misce
Page 74 and 75: 56 23.2 Post-employment Benefit The
Page 76 and 77: 58 The amount of post-employment be
Page 78 and 79: 60 The reconciliation of tax on pre
Page 80 and 81: 62 The components of net deferred t
Page 82 and 83: 64 25.2 Revaluation Reserves The co
Page 84 and 85: 66 In 2011 and 2010, Mytel sold mob
Page 86 and 87: 68 28.7 Transactions with Solid Com
Page 88 and 89: 70 29.2 Distributorship Agreement w
Page 90 and 91: 72 30.7 Others There are other comm
Page 92 and 93: 74 (b) Trade and Other Receivables
Page 94 and 95: 76 32.2 Fair Value Hierarchy The ta
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