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

More documents

Recommendations

Info

18 2012 The Company recorded revenue growth of 18% in 2012 against 53% in 2011. The improvement in revenues was principally driven by the distribution business segment as the my|phone business increased its sales with the introduction of new model lineup; and, the investing and financing business segment’s higher revenues from additional fund placements. Asset turnover stood at 40% in 2012 from 37% in 2012 principally from higher revenues of the distribution segment. Operating expense ratio was lower at 14% in 2012 from 16% in 2011. The improvement was mainly due to higher revenues reported for the year. EBITDA reached P1,574 million in 2012 as compared with P660 million in 2011. The Company reported one-time gain on sale of assets of P267 million and gain on reversal of asset impairment of P437 million from the sale of assets by the broadband segment. Moreover, profits on the my|phone business improved as it increased sales and managed its inventory levels and earnings of the investing and financing business segment from additional fund placements. Earnings per share amounted to P0.68 in 2012 from P0.24 in 2011 primarily from higher reported profits in 2012. Current ratio stood at 3:14:1 as of December 31, 2012 from 2.47 :1 as of December 31, 2011 as the Company’s liquidity position improved from the proceeds of the sale of the broadband assets. Debt to equity ratio stood at 0.33 : 1 as of December 31, 2012 from 0.36 : 1 as of December 31, 2010 primarily due to improved equity position this year. 2011 The Company posted revenue growth of 53% in 2011 vs. 17% in 2010. Revenues improved by 53% in 2011 as sales of digital products of the distribution segment doubled in 2011. Asset turnover was 37% in 2011 from 26% in 2010 driven by higher revenues of the distribution segment in 2011. Operating expense ratio stood at 16% in 2011 and 19% in 2010. The improvement was mainly due to higher revenues for the year. EBITDA amounted to P660 million in 2011 against P452 million in 2010. The increase was mainly due to higher operating profit from the distribution and real estate segment. Earnings per share amounted to P0.24 in 2011 versus P0.13 in 2010 mainly from higher net income for the year. Current ratio stood at 2.47 :1 as of December 31, 2011 and 2.81 : 1 as of December 31, 2010 mainly due to higher current liabilities. Debt to equity ratio stood at 0.36 : 1 as of December 31, 2011 from 0.29 : 1 as of December 31, 2010 primarily due to higher liabilities.
19 2010 Revenue improved by 17% in 2010 vs. revenue growth of 44% for the same period in 2009. Revenue improved by 17% in 2010 but not as high as in 2009 mainly due to lower real estate sales offset by higher sales of the trading and broadband segments in 2010. Asset turnover improved to 26% in 2010 from 24% in 2009 principally from higher revenues of the trading and broadband segments. Operating expense ratio was higher at 19% in 2010 compared with 15% in 2009 mainly due to higher operating expenses of the trading segment. EBITDA amounted to P452 million in 2010 against P386 million in 2009. The increase was mainly due to higher operating profit during the year. Earnings per share amounted to P0.13 in 2010 versus P0.12 in 2009 mainly from higher net income in 2010. Current ratio stood lower at 2.81 :1 as of December 31, 2010 from 3.94 : 1 as of December 31, 2009 mainly due to higher current liabilities from loans incurred for the Golden Hill Project. Debt to equity ratio was higher at 0.29 : 1 as of December 31,2010 from 0.23 : 1 as of December 31, 2009 primarily due to higher liabilities. Results of Operations 2012 Revenues amounted to P4,890 million in 2012, improving by 18% from P4,149 million in 2011 as discussed below. Sale of goods amounted to P3,959 million in 2012, up by 26% from P3,135 million in 2011 mainly as sales of digital products improved with the introduction of new model lineup and also from higher sales of prefabricated modular houses. Service revenue amounted to P630 million in 2012 from P682 million in 2011 as its revenue declined due to broadband’s sale of assets and subscribers base in May 2012. Rental income amounted to P 136 million in 2012 from P157 million in 2011, lower by 13% principally due to decrease in occupied spaces as the Company terminated certain lease contracts since the Solid House Building was renovated. Sale of real estate amounted to P 98 million in 2012, lower by 22% from P126 million in 2011 since there was no sale of industrial lot for 2012. Interest income amounted to P 64 million in 2012, or higher by 35% from P47 million in 2011 mainly from higher investible funds as the Company improved its cash position from the proceeds on the sale of the broadband assets. Cost of sales, services and rentals amounted to P3,661 million in 2012, or an increase of 16% from P3,159 million in 2011 as discussed below.
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: 17 Item 6. Management’s Discussio
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 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
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:
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:
show all

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

Create successful ePaper yourself

Delete template?

Save as template?