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

More documents

Recommendations

Info

- 41 - A reconciliation of the carrying amounts of AFS financial assets is shown below. Notes 2012 2011 Balance at beginning of year Disposals P 59,875,894 P ( 50,636,180) ( 150,712,680 60,776,293 ) Reversal (provision) of impairment loss during the year Fair value losses – net 21.1, 21.2 24.3 ( 990,643 ( 1,153,830 ) ( 18,995,887 ) 11,064,606 ) Balance at end of year P 9,076,527 P 59,875,894 Investments in foreign currency-denominated bonds were used as collateral for the interest-bearing loans of BRL (see Note 15). Investment in equity securities pertains to the Parent Company’s 33% ownership interest in the common stock of Sony Philippines, Inc. (SPI). The Joint Venture Agreement (JVA) executed in 1997 with Sony Corporation of Japan covering the Parent Company’s investment in SPI expired on May 8, 2005 on which the Parent Company received a formal notice of the expiry of the JVA on April 11, 2005. The Parent Company and Sony Corporation have both agreed to pursue negotiations for an equitable settlement of all matters relating to the JVA and its expiration. As a result of these events, the Parent Company determined that it no longer has significant influence over the investee company. Consequently, in 2005, the Parent Company reclassified its remaining investment in shares of stock of SPI with total cost of P8.6 million to AFS Financial Assets. The Parent Company’s investment in SPI is fully provided with allowance for impairment loss as of December 31, 2012 and 2011. Impairment losses recognized on the Group’s AFS Financial Assets are presented as part of Finance Costs in the 2011 and 2010 consolidated statements of income (see Note 21.2). The fair values of the Group’s investments in club shares, which represents proprietary membership club shares, as of December 31, 2012, 2011 and 2010 have been determined directly by reference to published prices in active markets (see Note 30). 10. MERCHANDISE INVENTORIES AND SUPPLIES The details of this account are shown below (see Note 18.1). 2012 2011 Merchandise and finished goods P 406,495,008 P 621,292,896 Raw materials 362,856 362,856 Service parts, supplies and others 26,589,434 46,719,660 433,447,298 668,375,412 Allowance for inventory obsolescence ( 41,584,410) ( 103,832,347 ) Balance at end of year P 391,862,888 P 564,543,065
- 42 - The movements in allowance for inventory obsolescence are as follows: Note 2012 2011 Balance at beginning of year P 103,832,347 P 89,909,514 Reversal of allowance for inventory obsolescence 18.1 ( 65,257,144) ( 7,486,361 ) Loss on inventory obsolescence 18.1 3,009,207 34,790,640 Write-off of inventory previously provided with allowance - ( 13,381,446 ) P 41,584,410 P 103,832,347 In 2012, SBC reversed the allowance for obsolescence on materials and supplies inventories obsolescence amounting to P13.3 million following the sale of those inventories to a third party (see Note 1.2). The gain on reversal of allowance for inventory obsolescence is separately recorded as part of Other Gains under Other Income in the 2012 consolidated statement of income (see Notes 19.2 and 27.3). SLC and Kita’s inventory write-down with no previous allowance for inventory obsolescence amounted to P1.7 million and P7.6 million in 2011, respectively, and is presented as Loss on inventory obsolescence on discontinued operations under Cost of Sales in the 2011 consolidated statement of income (see Note 18.1). The Group has not entered into any purchase commitment in the acquisition of its merchandise inventories and supplies in 2012 and 2011. 11. REAL ESTATE INVENTORIES This account is composed of: 2012 2011 Land and land development costs: Land P 9,725,593 P 36,112,467 Land development costs 17,695,475 17,883,041 27,421,068 53,995,508 Allowance for impairment ( 2,022,800) ( 2,022,800 ) 25,398,268 51,972,708 Property development costs – Construction in progress and development costs 1,985,667,173 1,623,808,064 P 2,011,065,441 P 1,675,780,772 Land and land development costs pertain to cost of land and related improvements, held by Starworld and LIIP, which are held for sale. Property development costs pertain to cost of land used as a building site and the accumulated construction costs of the condominium building project being developed by ZTC and Fil-Dragon which are also for sale.
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 and 12:
7 • Distributoship Agreement with
Page 13 and 14:
9 Major Risks involved in the Busin
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
Page 63 and 64:
59 2. The Company has no transactio
Page 67 and 68:
62 SOLID GROUP, INC. INDEX TO FINAN
Page 69 and 70:
64 INDEX TO EXHIBITS Form 17-A No.
Page 71:
66 EXHIBIT 18 SUBSIDIARIES OF THE R
Page 104 and 105: - 2 - Notes 2012 2011 LIABILITIES A
Page 106 and 107: SOLID GROUP INC. AND SUBSIDIARIES C
Page 108 and 109: SOLID GROUP INC. AND SUBSIDIARIES C
Page 110 and 111: SOLID GROUP INC. AND SUBSIDIARIES N
Page 112 and 113: - 3 - (b) Mergers of Certain Subsid
Page 114 and 115: - 5 - 2.2 Adoption of New and Amend
Page 116 and 117: - 7 - (iii) Consolidation Standards
Page 118 and 119: - 9 - (vii) PAS 32 (Amendment), Fin
Page 120 and 121: - 11 - (c) PAS 32 (Amendment), Fina
Page 122 and 123: - 13 - 2.5 Financial Assets Financi
Page 124 and 125: - 15 - Non-compounding interest and
Page 126 and 127: - 17 - An item of property, plant a
Page 128 and 129: - 19 - If the business combination
Page 130 and 131: - 21 - (e) Sale of real estate - Re
Page 132 and 133: - 23 - Foreign currency gains and l
Page 134 and 135: - 25 - (b) Defined Contribution Pla
Page 136 and 137: - 27 - 2.23 Equity Capital stock re
Page 138 and 139: - 29 - (d) Distinction Between Inve
Page 140 and 141: - 31 - (d) Estimating Useful Lives
Page 142 and 143: - 33 - (d) (e) Distribution segment
Page 144 and 145: - 35 - The total segment balances p
Page 146 and 147: - 37 - The net cash flows attributa
Page 148 and 149: - 39 - Other receivables consist pr
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
Page 158 and 159: - 49 - Information relating to sign
Page 160 and 161: - 51 - Other accrued expenses inclu
Page 162 and 163: - 53 - 19. OTHER INCOME 19.1 Other
Page 164 and 165: - 55 - These expenses are classifie
Page 166 and 167: - 57 - 22.2 Post-employment Benefit
Page 168 and 169: - 59 - For determination of the pos
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
Page 176 and 177: - 67 - The Group’s outstanding re
Page 178 and 179: - 69 - 26.5 Advances to and from Re
Page 180 and 181: - 71 - 26.10 Key Management Personn
Page 182 and 183: - 73 - (d) Gain on Sale of Assets S
Page 184 and 185: - 75 - 28.9 Others As of December 3
Page 186 and 187: - 77 - The Group’s management con
Page 188 and 189: - 79 - 30. CATEGORIES AND FAIR VALU
Page 191 and 192: Supplementary Schedules SOLID GROUP
Page 193 and 194: Solid Group Inc. and Subsidiaries S
Page 195 and 196: Solid Group Inc. and Subsidiaries S
Page 197 and 198: SOLID GROUP INC. Schedule I Reconci
Page 199 and 200: SOLID GROUP INC. AND SUBSIDIARIES S
Page 201 and 202:
PAS 33 Earnings per Share a PAS 34
Page 203:
Solid Group Inc. and Subsidiaries S
show all

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

Create successful ePaper yourself

Delete template?

Save as template?