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

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- 17 - An item of property, plant and equipment, including the related accumulated depreciation and impairment, is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statement of income in the year the item is derecognized. 2.10 Investment Property Investment property is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property is accounted for under the fair value model. It is revalued annually and is included in the statement of financial position at its market value. Fair value is supported by market evidence and is determined by independent appraisers with sufficient experience with respect to both the location and the nature of the investment property. Investment property, which consists mainly of land and improvements and buildings and improvements under operating lease agreements, is initially measured at acquisition cost, including transaction costs. Any gain or loss resulting from either a change in the fair value or the sale or retirement of an investment property is immediately recognized in profit or loss as Fair value gains (losses) on investment property under Other Operating Income in the consolidated statement of income. Investment property is derecognized upon disposal or when permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gain or loss on the retirement or disposal of an investment property is recognized in the profit or loss in the year of retirement or disposal. For tax purposes, investment property is carried at cost less accumulated depreciation computed on a straight-line basis over the estimated useful lives of the assets ranging from 11 to 25 years. 2.11 Financial Liabilities Financial liabilities, which include Interest-bearing Loans, Trade and Other Payables [excluding Output Value-Added Tax (VAT) and other tax-related payables, Advances from Customers, Reserve for Warranty Costs and Unearned Subscription Income], Advances from Related Parties and Refundable Deposits, are recognized when the Group becomes a party to the contractual terms of the instrument. All interest-related charges are recognized as an expense in profit or loss under the caption Finance Costs in the consolidated statement of income. Interest-bearing loans are recognized at proceeds received, net of direct issue costs. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are charged to profit or loss on an accrual basis using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise.
- 18 - Trade and Other Payables, Advances from Related Parties and Refundable Deposits with maturities beyond one year are initially recognized at their fair value and subsequently measured at amortized cost, using the effective interest method, less settlement payments. Dividend distributions to shareholders are recognized as financial liabilities upon declaration by the BOD. Financial liabilities are classified as current liabilities if payment is due to be settled within one year or less after the reporting period (or in the normal operating cycle of the business, if longer), or the Group does not have an unconditional right to defer settlement of the liability for at least 12 months after the end of reporting period. Otherwise, these are presented as non-current liabilities. Financial liabilities are derecognized from the consolidated statement of financial position only when the obligations are extinguished either through discharge, cancellation or expiration. 2.12 Offsetting Financial Instruments Financial assets and liabilities are offset and the resulting net amount is reported in the statement of financial position when there is a legally enforceable right to set-off the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. 2.13 Business Combination Business acquisitions are accounted for using the acquisition method of accounting. The acquisition method involves the recognition of the acquiree’s identifiable assets and liabilities, including contingent liabilities, regardless of whether they are recorded in the consolidated financial statements prior to acquisition. On initial recognition, the assets and liabilities of the acquired subsidiary are included in the consolidated financial position at their fair values, which are also used as the bases for the subsequent measurement in accordance with the Group’s accounting policies. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less any accumulated impairment losses. Goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed (see Note 2.18). Negative goodwill which is the excess of the Group’s interest in the net fair value of net identifiable assets acquired over acquisition cost is charged directly to profit or loss. For the purpose of impairment testing, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The cash-generating units or groups of cash-generating units are identified according to operating segment. Gains and losses on the disposal of an interest in a subsidiary include the carrying amount of goodwill relating to it.
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SOLID GROUP INC. April 30, 2013 THE
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12. Check whether the issuer: (a) h
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1 PART I. BUSINESS AND GENERAL INFO
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3 Solid Laguna Corporation (SLC) wa
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5 Status of any-publicly announced
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7 • Distributoship Agreement with
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9 Major Risks involved in the Busin
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11 reform. On August 13, 1997, Soli
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13 The above lease contracts are re
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15 The number of shareholders of re
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17 Item 6. Management’s Discussio
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19 2010 Revenue improved by 17% in
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21 broadband segment posted P267 mi
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23 Advances from related parties am
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25 Other operating income amounted
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27 Total assets reached P11,716 mil
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29 Cost of rentals amounted to P38
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31 Property, plant and equipment am
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33 thumb of 2 : 1 by achieving a cu
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35 vii. Causes for any Material Cha
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37 Principally due to additional co
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39 The decrease was mainly in relat
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41 Non-current trade and other rece
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43 Principally due to other compreh
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45 Increase was due to higher trade
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47 Cost of real estate sold - 37% d
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49 Mainly from higher commissions,
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51 The overall scope of the audit w
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53 Mr. Joseph Lim is the Founding C
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55 executive officers Susan L. Tan
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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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Page 112 and 113: - 3 - (b) Mergers of Certain Subsid
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Page 116 and 117: - 7 - (iii) Consolidation Standards
Page 118 and 119: - 9 - (vii) PAS 32 (Amendment), Fin
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Page 138 and 139: - 29 - (d) Distinction Between Inve
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Page 146 and 147: - 37 - The net cash flows attributa
Page 148 and 149: - 39 - Other receivables consist pr
Page 150 and 151: - 41 - A reconciliation of the carr
Page 152 and 153: - 43 - Borrowing costs incurred fro
Page 154 and 155: A reconciliation of the carrying am
Page 156 and 157: - 47 - The changes in the carrying
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Page 162 and 163: - 53 - 19. OTHER INCOME 19.1 Other
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Page 166 and 167: - 57 - 22.2 Post-employment Benefit
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Page 170 and 171: - 61 - The reconciliation of tax on
Page 172 and 173: - 63 - The net deferred tax liabili
Page 174 and 175: - 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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