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

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- 57 - 22.2 Post-employment Benefit The Group maintains a tax-qualified, fully-funded and noncontributory post-employment defined benefit plan that is being administered by a trustee covering all regular full-time employees. Actuarial valuations are made annually to update the post-employment benefit costs and the amount of contributions. The amounts of total retirement benefit asset of SGI and certain subsidiaries that have retirement benefit asset recognized in the consolidated statements of financial position are determined as follows: 2012 2011 Fair value of plan assets P 195,334,214 P 198,950,272 Present value of the obligation 96,955,783 104,569,041 Excess of plan assets 98,378,431 94,381,231 Unrecognized actuarial losses ( 25,213,659) ( 15,099,780 ) P 73,164,772 P 79,281,451 The amounts of retirement benefit obligation of certain subsidiaries that have retirement benefit obligation recognized in the consolidated statements of financial position are determined as follows: 2012 2011 Fair value of plan assets P 14,080,141 P 52,742,927 Present value of the obligation 29,632,031 48,704,204 Excess (deficiency) of plan assets ( 15,551,890) 4,038,723 Unrecognized actuarial gains ( 2,969,731 ) ( 10,149,864 ) Retirement benefit obligation P 12,582,159 P 6,111,141 Presented below are the overall historical information related to the present value of the retirement benefit obligation, fair value of plan assets and net excess in the plan of the Group. 2012 2011 2010 2009 2008 Fair value of plan assets P 209,414,355 P 251,693,199 P 239,409,688 P 210,694,669 P 163,517,091 Present value of the obligation 126,587,814 153,273,245 91,208,751 71,624,495 74,604,282 Excess in the plan P 82,826,541 P 98,419,954 P 148,200,937 P 139,070,174 P 88,912,809 Experience adjustments arising on plan assets amounted to P5.4 in 2012, P5.3 in 2011 and P6.2 million in 2010. Experience adjustments on plan liabilities amounted to P1.1 million in 2012, P7.2 million in 2011 and P5.9 million in 2010.
- 58 - The overall movements in the fair value of plan assets of the Group are presented below. 2012 2011 Balance at beginning of year P 251,693,199 P 239,409,688 Effect of curtailment ( 53,322,778 ) - Contributions paid into the plan 659,116 4,976,389 Benefits paid by the plan ( 1,597,216 ) ( 1,840,988 ) Expected return on plan assets 15,869,634 12,604,518 Actuarial losses ( 3,887,600 ) ( 3,456,408 ) Balance at end of year P 209,414,355 P 251,693,199 The overall movements in the present value of the retirement benefit obligation recognized in the books are as follows: 2012 2011 Balance at beginning of year P 153,273,245 P 91,208,751 Effect of curtailment ( 43,907,143 ) - Transfers - 1,267,732 Current service and interest costs 24,297,471 20,067,558 Benefits paid ( 1,597,216 ) ( 1,840,988 ) Actuarial (gains) losses ( 5,478,543 ) 42,570,192 Balance at end of year P 126,587,814 P 153,273,245 Actual returns on plan assets amounted to P12.0 million, P9.15 million and P25.7 million in 2012, 2011 and 2010, respectively. The Group expects to contribute a total of P17.6 million to the post-employment defined benefit plan in 2012. The plan assets consist of the following as of December 31: 2012 2011 Government securities P 197,407,650 P 234,845,476 Mutual and trust funds 12,006,705 16,847,723 P 209,414,355 P 251,693,199 The amount of post-employment benefit expense recognized in the consolidated statements of income is as follows: 2012 2011 Current service cost P 17,610,274 P 13,004,057 Interest cost 6,687,197 7,063,501 Expected return on plan assets ( 15,869,634) ( 12,604,518 ) Net actuarial gains (loss) recognized during the year ( 1,237,938 ) ( 3,829,007 ) P 7,188,899 P 3,634,033
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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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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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Page 146 and 147: - 37 - The net cash flows attributa
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Page 150 and 151: - 41 - A reconciliation of the carr
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Page 154 and 155: A reconciliation of the carrying am
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Page 170 and 171: - 61 - The reconciliation of tax on
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Page 182 and 183: - 73 - (d) Gain on Sale of Assets S
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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
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
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SEC Form 17-A: Annual Report - the solid group inc website

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