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

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Other operating income amounted toP232 million in 2011 versus P87 million in 2010, or an
increase of 166%. This was primarily due to higher fair value gains on investment property.
Operating profit improved by 40% to P577 million in 2011 from P412 million in 2010 from
P374 million in 2009 mainly from higher gross profit and other operating income.
Other income (charges) amounted toP3.5 million loss in 2011 or an increase of 92% from P46
million loss in 2010 mainly from the following:
Finance costs amounted to P89 million in 2011 and P88 million in 2010 There was no material
variance for this account.
Finance income amounted to P61 million in 2011, up by 58% compared with P38 million in
2010 mainly due to the higher interest income from higher placements of the real estate segment,
higher impairment reversals, interest income from financing the condominium units and foreign
currency gains.
Other gains amounted to P24 million in 2011 versus P2.7 million in 2010 principally due to
income from common usage area.
Income before tax reached P573 million in 2011, or higher by 56% from P366 million in 2010
mainly due to higher operating profit as explained above.
Tax expense amounted to P139 million in 2011 from P122 million in 2010 principally due to
higher pre-tax income of certain subsidiaries.
Profit from continuing operations amounted to P434 million in 2011 from P243 million in 2010
mainly from higher operating profit as explained above.
Loss from discontinued operations amounted to P3.8 million loss in 2011 versus P17 million in
2010 as the Company continued to dispose its remaining stocks.
Net income amounted to P430 million in2011 against P227 million in 2010 due to the factors
discussed above.
Net income attributable to equity holders of the parent amounted to P439 million in 2011 against
P229 million in for the same period of 2010 as discussed above.
Loss attributable to minority interest amounted to P9 million in 2011 compared with P2 million
in 2010 primarily due to expenses of the Golden Hill project in Nanning, China.
Financial Position 2011
Cash and cash equivalents amounted to P 1,720 million as of December 31, 2011, higher by 6%
from P1,620 million as of December 31, 2010. Cash was mainly provided from operating
activities primarily from advances from customers for the Golden Hill project.
Trade and other receivables reached P1,137 million as of December 31, 2011 against P890
million as of December 31, 2010, or higher by 28% principally due to higher trade receivables on
digital products. Trade customers are generally established and stable companies with reasonable
assurance of collectibility of their accounts. Nonetheless, trade accounts are periodically