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

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8 • Option Agreement On May 11, 2012, the Company entered into an Option Agreement with Sky Cable Corporation to purchase its shares of stocks in SBC which option must be exercised not later than December 31, 2013. As of December 31, 2012, SCC has not exercised the option. • Franchise Solid Broadband Corporation (SBC) obtained a congressional franchise for 25 years to construct, install, establish, operate and maintain telecommunications systems throughout the Philippines under Republic Act No. 9116 which took effect on April 14, 2001. SBC has been granted provisional authority to use its franchise by the National Telecommunications Commission. Need for any government approval The assignment/ sale of the assets of Solid Broadband Corporation on May 11, 2012 to Sky Cable Corporation is pending approval of the National Telecommunication Commission. Zen Tower Corporation is awaiting the approval of the Housing and Land Use Regulatory Board (HLURB) its license to sell for the Tower 2. Effect of existing and probable governmental regulations on the business None. Research and development activities The Company has not spent any significant amount for research and development activities in the last three years. Costs and effects of compliance with environmental laws The Company has complied with environmental laws at minimal costs. Employees The Company and its subsidiaries have 392 regular employees as at December 31, 2012 as shown in the table below. It estimates to have 450 employees by the end of December 31, 2013. There is no existing union as of December 31, 2012. There are no employees who would be on strike nor have been on strike in the past three (3) years, nor are threatening to strike. The Company has no supplemental benefits and incentive arrangements with its employees other than the regular Christmas bonus, thirteenth month pay, performance incentives and leave conversions. Number of employees Management 20 Sales and Distribution 48 Operation 77 Service 121 Administration 80 Finance 46 Total 392
9 Major Risks involved in the Businesses of the Company The Company and its subsidiaries identify the major risks of the businesses by assessing the business environment in which they operate. Major risks and threats are addressed through the corporate planning process, which defines appropriate strategic directions and actions to be taken. These directions and actions are managed by regular audit and management review of the operations and financial results of the Company and its subsidiaries. Significant issues, which may arise as a result of the management review, are then presented to the Executive Committee and the Board of Directors for resolution. The Company has certain risks in its businesses such as financial risk associated with certain long-term financial investments, specifically bonds. The Company relies on the advice and research of major leading international financial consultants on the handling of these financial investments. The Company’s business is continuously subject to rapid technology changes which may cause inventory obsolescence. Also, certain infrastructure assets, particularly in the broadband business, are subject to technological advances which could affect their economic life and the cost of providing the service/ product to clients /customers. The Company monitors developments in technology advances that could affect its business. Item 2. Properties B. Description of Property Certain properties owned by the Company through its subsidiaries are as follows: Location Land Area (in sq. m.) Current and Intended Use Laguna International Industrial Park, Binan, 73,532 Building for lease Laguna La Huerta, Bicutan, Paranaque 18,490 Office building & warehouses San Dionisio, Paranaque 6,690 Warehouses for lease San Antonio, Paranaque 4,056 Warehouses for lease Valenzuela, Marulas, Bulacan 10,493 Office Building and warehouses Laguna International Industrial Park, Binan, Laguna 5,141 Building for lease Pasong Tamo, Makati City 5,000 Building (Under renovation for Hotel and Office use) Natividad St., Ermita, Manila 4,506 Condominium tower under construction (for sale) Osmena Blvd., Cebu City 3,859 Service center & office building for lease Outlook Drive, Baguio City 3,846 Land for lease Brgy. Tabuco, Naga City 3,059 Raw land (Intended for sale) Tandang Sora, Quezon City 2,511 Office Building; (Future site of the pilot project for modular residential housing units)
Page 1 and 2: SOLID GROUP INC. April 30, 2013 THE
Page 3 and 4: 12. Check whether the issuer: (a) h
Page 5 and 6: 1 PART I. BUSINESS AND GENERAL INFO
Page 7 and 8: 3 Solid Laguna Corporation (SLC) wa
Page 9 and 10: 5 Status of any-publicly announced
Page 11: 7 • Distributoship Agreement with
Page 15 and 16: 11 reform. On August 13, 1997, Soli
Page 17 and 18: 13 The above lease contracts are re
Page 19 and 20: 15 The number of shareholders of re
Page 21 and 22: 17 Item 6. Management’s Discussio
Page 23 and 24: 19 2010 Revenue improved by 17% in
Page 25 and 26: 21 broadband segment posted P267 mi
Page 27 and 28: 23 Advances from related parties am
Page 29 and 30: 25 Other operating income amounted
Page 31 and 32: 27 Total assets reached P11,716 mil
Page 33 and 34: 29 Cost of rentals amounted to P38
Page 35 and 36: 31 Property, plant and equipment am
Page 37 and 38: 33 thumb of 2 : 1 by achieving a cu
Page 39 and 40: 35 vii. Causes for any Material Cha
Page 41 and 42: 37 Principally due to additional co
Page 43 and 44: 39 The decrease was mainly in relat
Page 45 and 46: 41 Non-current trade and other rece
Page 47 and 48: 43 Principally due to other compreh
Page 49 and 50: 45 Increase was due to higher trade
Page 51 and 52: 47 Cost of real estate sold - 37% d
Page 53 and 54: 49 Mainly from higher commissions,
Page 55 and 56: 51 The overall scope of the audit w
Page 57 and 58: 53 Mr. Joseph Lim is the Founding C
Page 59 and 60: 55 executive officers Susan L. Tan
Page 61 and 62: 57 Common Lim, Elena S. 1,894 (dire
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59 2. The Company has no transactio
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62 SOLID GROUP, INC. INDEX TO FINAN
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64 INDEX TO EXHIBITS Form 17-A No.
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66 EXHIBIT 18 SUBSIDIARIES OF THE R
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- 2 - Notes 2012 2011 LIABILITIES A
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SOLID GROUP INC. AND SUBSIDIARIES C
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SOLID GROUP INC. AND SUBSIDIARIES C
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SOLID GROUP INC. AND SUBSIDIARIES N
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- 3 - (b) Mergers of Certain Subsid
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- 5 - 2.2 Adoption of New and Amend
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- 7 - (iii) Consolidation Standards
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- 9 - (vii) PAS 32 (Amendment), Fin
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- 11 - (c) PAS 32 (Amendment), Fina
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- 13 - 2.5 Financial Assets Financi
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- 15 - Non-compounding interest and
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- 17 - An item of property, plant a
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- 19 - If the business combination
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- 21 - (e) Sale of real estate - Re
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- 23 - Foreign currency gains and l
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- 25 - (b) Defined Contribution Pla
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- 27 - 2.23 Equity Capital stock re
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- 29 - (d) Distinction Between Inve
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- 31 - (d) Estimating Useful Lives
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- 33 - (d) (e) Distribution segment
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- 35 - The total segment balances p
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- 37 - The net cash flows attributa
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- 39 - Other receivables consist pr
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- 41 - A reconciliation of the carr
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- 43 - Borrowing costs incurred fro
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A reconciliation of the carrying am
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- 47 - The changes in the carrying
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- 49 - Information relating to sign
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- 51 - Other accrued expenses inclu
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- 53 - 19. OTHER INCOME 19.1 Other
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- 55 - These expenses are classifie
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- 57 - 22.2 Post-employment Benefit
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- 59 - For determination of the pos
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- 61 - The reconciliation of tax on
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- 63 - The net deferred tax liabili
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- 65 - 24. EQUITY 24.1 Capital Stoc
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- 67 - The Group’s outstanding re
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- 69 - 26.5 Advances to and from Re
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- 71 - 26.10 Key Management Personn
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- 73 - (d) Gain on Sale of Assets S
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- 75 - 28.9 Others As of December 3
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- 77 - The Group’s management con
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- 79 - 30. CATEGORIES AND FAIR VALU
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Supplementary Schedules SOLID GROUP
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Solid Group Inc. and Subsidiaries S
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SOLID GROUP INC. Schedule I Reconci
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SOLID GROUP INC. AND SUBSIDIARIES S
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PAS 33 Earnings per Share a PAS 34
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SEC Form 17-A: Annual Report - the solid group inc website

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