SEC Form 17-A: Annual Report - the solid group inc website

SOLID GROUP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
(Amounts in Philippine Pesos)
Notes 2012 2011 2010
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before tax from continuing operations P 1,517,807,049 P 573,524,122 P 366,415,091
Loss before tax from discontinued operations 5 - ( 3,514,984 ) ( 16,445,538 )
Profit before tax 1,517,807,049 570,009,138 349,969,553
Adjustments for:
Reversal of impairment losses on
property, plant and equipment - net 19 ( 350,000,000 )
- -
Gain on sale of assets 28 ( 267,133,735 ) ( 1,721,437 ) ( 6,646,929 )
Fair value gains on investment property - net 19 ( 149,569,182 ) ( 191,644,597 ) ( 27,648,081 )
Interest income ( 147,707,834 ) ( 84,885,381 ) ( 86,478,277 )
Reversal of impairment losses on trade and other receivables 7, 21 ( 75,708,696 ) ( 17,014,146 ) ( 11,104,219 )
Reversal of allowance for inventory obsolescence 10 ( 65,257,144 ) ( 27,304,279 ) ( 19,184,724 )
Depreciation and amortization 12 46,467,220 78,173,250 75,588,976
Gain on derecognition of liabilities 19 ( 25,117,698 )
- -
Impairment losses on trade and other receivables 7 12,767,663 21,145,641 9,266,502
Unrealized foreign currency losses (gains) - net 14,111,262 1,723,603 1,119,803
Interest expense 21 6,726,796 8,203,376 10,530,521
Loss on inventory obsolescence 10 3,009,207 34,790,640 59,288,554
Interest amortization on refundable deposits 17 1,431,460 614,019 864,519
Reversal of impairment losses on available-for-sale (AFS)
financial assets 21 ( 990,643 )
- -
Gain on sale of investment property - ( 17,802,607 )
-
Fair value loss on financial assets at
fair value through profit or loss (FVTPL) 21 - 5,909,803 -
Impairment losses on AFS financial assets 9 - 18,995,887 33,657,338
Gain on disposal of non-current assets held-for-sale 5 - - (
452,503 )
Operating profit before working capital changes 520,835,725 399,192,910 388,771,033
Increase in trade and other receivables ( 65,084,488 ) ( 279,274,483 ) ( 349,009,034 )
Decrease in advances to related parties 106,910,011 72,650,008 303,135,008
Decrease (increase) in financial assets at FVTPL 70,272,991 ( 76,182,794 )
-
Decrease in AFS financial assets 34,747,898 86,079,080 187,609,047
Decrease (increase) in merchandise inventories and supplies 210,494,038 ( 179,320,182 ) ( 349,372,147 )
Increase in real estate inventories ( 335,284,669 ) ( 347,777,942 ) ( 281,121,792 )
Increase in other current assets ( 130,156,483 ) ( 96,146,196 ) ( 47,045,684 )
Decrease (increase) in retirement benefit asset 6,116,679 ( 4,363,496 ) ( 28,981,993 )
Decrease (increase) in other non-current assets 1,534,754 2,427,596 ( 9,494,057 )
Increase in trade and other payables 61,587,376 178,804,517 120,058,602
Increase in customers’ deposits 195,586,019 657,278,552 -
Decrease in advances from related parties ( 95,865,412 ) ( 61,416,380 ) ( 32,528,309 )
Increase (decrease) in refundable deposits ( 997,074 ) ( 255,543 )
3,291,167
Increase in retirement benefit obligation 6,471,018 2,989,548 1,636,997
Cash generated from (used in) operations 587,168,383 354,685,195 ( 93,051,163 )
Interest received 64,387,678 47,757,624 63,089,091
Cash paid for income taxes ( 43,387,647 ) ( 44,020,603 ) ( 12,316,993 )
Net Cash From (Used in) Operating Activities 608,168,414 358,422,216 ( 42,279,065 )
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of of assets 1,094,445,648 4,352,549 1,421,223
Acquisitions of property, plant and equipment 12 ( 143,682,133 ) ( 99,184,297 ) ( 56,800,567 )
Interest received 83,320,157 37,127,757 23,389,186
Additions to investment property 13 ( 5,153,524 ) ( 6,927,455 ) ( 1,352,695 )
Proceeds from disposal of investment property 13 - 26,873,607 -
Proceeds from disposal of non-current assets held for sale - - 9,690,330
Net Cash From (Used in) Investing Activities 1,028,930,148 ( 37,757,839 ) ( 23,652,523 )
Balance forwarded P 1,637,098,562 P 320,664,377 ( P 65,931,588 )