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

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broadband segment posted P267 million one time-gain on sale of assets and P437 million reversal
of impairment allowances.
Tax expense amounted to P276 million in 2012 from P139 million in 2011 due to higher pre-tax
income.
Profit from continuing operations amounted to P1,241 million in 2012 against P434 million in
2011 due to the factors discussed above.
Loss from discontinued operations in 2011 represents losses on the remaining plastic injection
operations as it disposed its remaining stocks (none in 2012).
Net profit for the year reached P1,241 million in 2012 against P430 million in 2011.
Net income attributable to equity holders of the parent amounted to P1,244 million in 2012
against P439 million in 2011 as discussed above.
Net loss attributable to minority interest amounted to P2 million loss in 2012 compared with P9
million loss in 2011. The share in losses for the Golden Hill project in Nanning, China was offset
by interest income on placements of the real estate segment.
Financial Position 2012
Cash and cash equivalents amounted to P3,019 million as of December 31, 2012, up by 76%
from P1,720 million as of December 31, 2011. Cash was mainly provided from investing
activities mainly from the proceeds on the sale of assets of the broadband segment and from
operating activities principally from decrease in inventories, collection of customers’ deposits and
advances and it was used for financing activities primarily for payment of interest bearing loans
and dividends.
Trade and other receivables reached P1,287 million as of December 31, 2012 against P1,137
million as of December 31, 2011. The increase was principally due to higher receivable position
of the distribution segment.
Advances to related parties was P21 million as of December 31, 2012 compared to P128 million
as of December 31, 2011 principally from collections of advances during the year.
Financial assets at fair value through profit or loss was nil as of December 31, 2012 versus P70
million in 2011 due to disposal of these investments.
Available-for-sale financial assets was nil as of December 31, 2012 from P51 million as of
December 31, 2011 mainly due to disposals made during the period.
Merchandise inventories and supplies - net amounted to P391 million as of December 31, 2012,
compared with P564 million as of December 31, 2011 as the Company improved its inventory
position in the distribution segment.
Real estate inventories amounted to P2,011 million as of December 31, 2012 from P1,675
million as of December 31, 2011. The increase was primarily due to continuous construction of
Golden Hill Project.