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

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Non-current refundable deposits amounted to P15 million as of December 31, 2010, higher by
37% from P11 million as of December 31, 2009 mainly from additional deposits received.
Retirement benefit obligation amounted to P3 million as of December 31, 2010 , up by 110%
from P1 million as of December 31, 2009 mainly from higher present value of obligation.
Deferred tax liabilities -net amounted to P798 million as of December 31, 2010 from P825
million as of December 31, 2009 from lower accumulated fair value gains as of year-end.
Total non-current liabilities amounted to P817 million as of December 31, 2010 from P973
million as of December 31, 2009.
Capital stock stood at P2,030 million as of December 31, 2010 and December 31, 2009.
Additional paid-in capital amounted to P4,641 million as of December 31, 2010 and December
31, 2009.
Treasury shares amounted to P115 million as of December 31, 2010 and December 31, 2009.
Revaluation reserves amounted to P43 million loss as of December 31, 2010 from P101 million
loss as of December 31, 2009 due to other comprehensive income for the period consisting of
currency differences on translating financial statements of foreign operations, fair value gains on
available for sale financial assets and reclassification adjustments for losses recognized in profit
or loss.
Retained earnings amounted to P1,183 million as of December 31, 2010 from P954 million as of
December 31, 2009 as a result of net income during the period.
Total equity attributable to Equity holders of Parent amounted to P7,697 million as of December
31, 2010 from P7,409 million as of December 31, 2009 due to higher retained earnings.
Minority interest amounted to P414 million as of December 31, 2010 from P417 million in
December 31, 2009 primarily from share of minority in net income.
Past and future financial condition and results of operations, with particular emphasis on the
prospects for the future.
The Company maintained a strong financial condition as shown in its balance sheets for those periods
so that it was always poised to take advantage of investment opportunities that would contribute to its
overall business strategy. In 2012, the Company concluded the sale of the broadband assets of Solid
Broadband Corporation, a wholly-owned subsidiary of the Company. The sale further strengthened
the Company’s financial position with the sale providing a P1 billion proceeds. It increased its total
assets to P12.8 billion in 2012 from P11.7 billion in 2011 and P10.64 billion in 2010. It increased its
equity to P9.65 billion in 2012 from P8.56 billion in 2011 and P8.11 billion in 2010. It has
maintained a low debt to equity ratio of 0.33:1 in 2012 from 0.36 : 1 in 2011 and 0.29:1 in 2010 and
even a lower gearing percentage (computed as financial debt divided by total equity) of 6% in 2012
from 9% in 2011 and 12% in 2010 resulting from minimal financial borrowings thereby reducing its
credit risk (the risk of default in payment of loans) to minimal level. Additionally, the company kept
significant amounts of cash and cash equivalents and short-term cash investments as part of its current
assets to maintain its liquidity such that its current ratio had always exceeded the conservative rule of