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

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Net income attributable to equity holders of the parent amounted to P229 million in 2010 against
P203 million in in 2009 as discussed above.
Net income attributable to minority interest amounted to P2.6 million in 2010 compared with
P23 million income in 2009 due to higher earnings of the industrial estate business of the
Company in 2009 .
Financial Position 2010
Cash and cash equivalents amounted to P 1,620 million as of December 31, 2010, up by 28%
from P1,263 million as of December 31, 2009. Cash was provided from financing activities
mainly from proceeds of loans and used for operating activities for increase in receivables and
inventories. It was also used for investing activities for acquisition of property and equipment.
Trade and other receivables reached P890 million as of December 31, 2010 against P501 million
as of December 31, 2009, or higher by 78% principally due to higher receivable for digital
products. Trade customers are generally established and stable companies with reasonable
assurance of collectibility of their accounts. Nonetheless, trade accounts are periodically
reviewed to assess the possible losses from non-collection and allowance is provided for possible
losses on accounts which are considered doubtful of collection.
Available-for-sale financial assets stood at P138 million as of December 31, 2010, lower by 55%
from P305 million as of December 31, 2009, mainly from disposal of financial assets.
Merchandise inventories and supplies - net amounted to P392 million as of December 31, 2010,
increasing by 371% compared with P83 million as of December 31, 2009 mainly from higher
merchandise and finished goods for digital products.
Real estate inventories amounted to P1,328 million as of December 31, 2010 from P1,046
million as of December 31, 2009 or higher by 27%. The increase was mainly due to additions
made during the period offset by real estate sold.
Advances to related parties amounted to P201 million as of December 31, 2010 from P504
million as of December 31, 2009 or lower by 60%. Certain advances as at December 31, 2009
were mainly provided to MyTel Mobility Solutions Inc. (MyTel) for working capital purposes.
The acquisition of MyTel was consummated in January 2010. The said advances were included
and eliminated in the consolidated financial statements in 2010.
Other current assets amounted to P242 million as of December 31, 2010, lower by 19%
compared with P299 million as of December 31, 2009 principally from lower advances to
suppliers and contractors.
Total current assets amounted to P4,813 million as of December 31, 2010 from P4,003 million as
of December 31, 2009 as discussed above.
Non-current trade and other receivable amounted to P640 million as of December 31, 2010
from P679 million as of December 31, 2009 or lower by 6% mainly from lower non-current trade
receivables on real estate sales and finance receivables .
Non-current available-for-sale financial assets stood at P12 million as of December 31, 2010
against P8 million as of December 31, 2009 or an increase of 51% mainly from club shares.