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

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Interest income earned by SGI, SMFI, BRL, Starworld, and Interstar from cash and cash
equivalents amounting to P64.4 million in 2012, P47.8 million in 2011 and P63.1 million in
2010 are presented as Interest under Revenues account in the consolidated statements of
income, as these were generated from the entities’ primary business operations.
21.2 Finance Costs
This account consists of the following:
Notes 2012 2011 2010
Foreign currency losses P 22,738,154 P 33,124,222 P 28,649,430
Impairment losses on trade
and other receivables 7 12,767,663 21,145,641 9,266,502
Interest expense arising
from interest–bearing loans 15 6,726,796 8,203,376 10,530,521
Interest amortization on
refundable deposits 17 1,431,460 614,109 864,519
Impairment losses on
AFS financial assets 9 - 18,995,887 33,657,338
Fair value loss on FVTPL 8 - 5,909,803 -
Others 5,424,022 797,455 4,601,512
P 49,088,095 P 90,062,513 P 88,876,474
The allocation of finance costs between continuing and discontinued operations is shown
below.
Note 2012 2011 2010
Continuing operations P 49,088,095 P 89,426,503 P 88,223,148
Discontinued operations 5 - 636,010 653,326
P 49,088,095 P 90,062,513 P 88,876,474
22. EMPLOYEE BENEFITS
22.1 Salaries and Employee Benefits Expense
Expenses recognized for salaries and employee benefits are summarized below
(see Notes 20 and 26.10).
Note 2012 2011 2010
Short-term benefits P 250,773,629 P 249,752,464 P 225,608,349
Post-employment benefit 22.2 7,188,899 3,634,033 4,594,191
Termination benefits 1,468,310 764,785 1,124,507
P 259,430,838 P 254,151,282 P 231,327,047