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

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- 47 - The changes in the carrying amounts of investment property as presented in the consolidated statements of financial position can be summarized as follows as of December 31: Land and Buildings and Improvements Improvements Total 2012: Balance at beginning of year P 3,047,677,774 P 816,656,012 P 3,864,333,786 Fair value gains (losses) on investment property – net 242,054,661 ( 92,485,479 ) 149,569,182 Additions - 5,153,524 5,153,524 Reclassification ( 1,615,386 ) - ( 1,615,386 ) Balance at end of year P 3,288,117,049 P 729,324,057 P 4,017,441,106 2011: Balance at beginning of year P 2,885,328,774 P 761,189,863 P 3,646,518,637 Fair value gains on investment property 171,420,000 20,224,597 191,644,597 Additions - 6,927,455 6,927,455 Disposals ( 9,071,000) - ( 9,071,000) Reclassification - 28,314,097 28,314,097 Balance at end of year P 3,047,677,774 P 816,656,012 P 3,864,333,786 Certain real estate properties owned by SMC are subject to litigations brought up by third parties against the subsidiary (see Notes 14 and 28.3). In 2012, the Company transferred land in Pamaldan City with carrying amount of P1.6 million as of December 31, 2012 to Other Non-current Assets. In 2010, SMC entered into a contract to sell three parcels of land to a customer under an installment sales scheme. The contract price of the land amounting to P30.0 million, inclusive of VAT, is payable within 29 months. SMC recorded the collections from customer in 2010 as Advances from customers as part of Trade and Other Payables in the 2010 consolidated statement of financial position. In 2011, the land was transferred and the corresponding gain was recognized. The carrying value of the land on the date of disposal is P9.1 million. Consequently, the Group recognized gain amounting to P17.8 million, which is presented as part of Other Gains in the 2011 consolidated statement of income (see Note 19.2).
- 48 - 14. OTHER ASSETS The composition of these accounts as of December 31 is shown below. Notes 2012 2011 Current: Input VAT - net P 73,056,951 P 92,707,110 Creditable withholding taxes 50,378,018 71,855,887 Prepaid business taxes 61,116,160 45,676,769 Other prepayments 16,103,292 18,321,656 Advances to suppliers and contractors 33,632,728 27,879,694 Refundable deposits 10,988,982 3,368,991 Restricted cash 5,141,100 5,092,329 Others 1,744,128 2,294,489 252,161,359 267,196,925 Non-current: Refundable deposits - net 10,765,679 9,836,045 Prepaid insurance 7 1,225,956 5,294,251 Land under litigation 28.3 4,935,606 3,258,220 Investment in shares 1,375,290 1,303,591 Cash bond 568,234 568,234 Others 3,360,939 1,890,731 22,231,704 22,151,072 P 274,393,063 P 289,347,997 Restricted cash pertains to bank deposits pledged by Fil-Dragon as security in favor of banks and financial institutions in the PRC which provided mortgage loan to purchasers of properties. Such charges would be released when the certificates for housing ownership are granted to the property purchasers. This deposit earns interest at floating rates based on daily bank deposit rates. Other prepayments consist mainly of prepaid insurance and rent. 15. INTEREST-BEARING LOANS Short-term interest-bearing loans and borrowings as of December 31, 2012 and 2011 are broken down as follows: 2012 2011 USD RMB PHP USD RMB PHP BRL $ 5,155,223 ¥ - P 212,353,946 $ 8,544,563 ¥ - P 375,345,563 Fil-Dragon - 54,396,030 359,312,976 - 58,143,006 404,053,192 $ 5,155,223 ¥ 54,396,030 P 571,666,922 $ 8,544,563 ¥ 58,143,006 P 779,398,755 The Group’s short-term interest-bearing loans as of December 31, 2012 and 2011 amounting to P571.7 million and P779.4 million, respectively, are denominated in U.S. Dollar and Chinese yuan renminbi, and are currently due within 12 months after the end of reporting period; hence classified as part of the Group’s current liabilities in the consolidated statements of financial position.
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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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- 2 - Notes 2012 2011 LIABILITIES A
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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
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Page 124 and 125: - 15 - Non-compounding interest and
Page 126 and 127: - 17 - An item of property, plant a
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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
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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 158 and 159: - 49 - Information relating to sign
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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
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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
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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
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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
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SEC Form 17-A: Annual Report - the solid group inc website

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