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

More documents

Recommendations

Info

34 taken as a whole, not adversely affect the financial results, operations or prospects of the Company. Except of these contingencies, the Company is not aware of other events that will materially trigger direct or contingent financial obligation. iii. Material Off-Balance Sheet Transactions, Arrangements, Obligations (including contingent obligations), and other relationships of the Company with unconsolidated entities or other persons created during the reporting period. The Company has no material off-balance sheet transactions, arrangements, obligations and other relationships with unconsolidated entities or other persons created during the period that is not included in the financial statements. iii. Material Commitments for Capital Expenditures, the general purpose of the Commitment and Expected Sources of Funds The Company estimates capital expenditures for the year 2013 to amount to P500 million for various real estate development and/ or renovation of Solid House Building. The purchase and/or construction of these capital expenditures will be financed primarily through the funds of the Company. v. Known Trends, Events or Uncertainties that will impact Sales/Revenues/Income from Continuing Operations On November 23, 2009, the Company’s management disclosed in public its plan of phasing out its unprofitable plastic injection manufacturing business which includes Kita Corporation (Kita) and Solid Laguna Corporation (SLC). SLC ceased the operations of the plastic injection manufacturing business at the end of 2009. Also, Kita ceased the operations of its injected plastics manufacturing business in December 2010. Kita and SLC plastic injection business are expected to reduce about 1% and 5% of revenues, respectively while the Company does not expect any reduction in income. On May 11, 2012, Solid Broadband Corporation (SBC) sold its wired and satellite assets and broadband/internet subscriber base. After the sale of its assets, SBC remaining business was acting as collecting agent of Sky Cable until the SBC’s clients are transferred to the latter. SBC broadband business is expected to decrease about 10% of revenues and income. vi. Significant elements of Income or Loss that did not arise from Continuing Operations In 2012, Solid Broadband Corporation (SBC) sold its assets. The disposal of the assets of SBC contributed to a one time gain on sale of assets of P267 million and gain on reversal of asset impairment of P437 million.
35 vii. Causes for any Material Changes from Period to Period On May 11, 2012, Solid Broadband Corporation (SBC) sold its wired and satellite assets and broadband/internet subscriber base. The disposal of the assets of SBC contributed to a one time gain on sale of assets of P267 million and gain on reversal of asset impairment of P437 million. Balance Sheet Items (2012 vs. 2011) (Increase or decrease of 5% or more in the financial statements) Cash and cash equivalents – 76% increase to P3,019 million from P1,720 million Mainly provided by investing activities mainly from 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. This account stood at 24% as a percentage of total assets for years 2012 and 2011. Trade and other receivables – 13 % increase to P1,287 million from P1,137 million Mainly from increase in trade receivables on digital products. This account stood at 10% as a percentage of total assets in 2012 and 2011, respectively. Advances to related parties – 83% decrease to P21 million from P128 million Principally from collections of advances made. This account stood at 0.16% and 1% as a percentage of total assets in 2012 and 2011, respectively. Financial Assets through fair value and loss – 100% decrease from P70 million Financial assets at fair value through profit or loss amounted to nil as of December 31, 2012 versus P70 million in 2011 mainly due to disposals made during the period Available-for-sale financial assets – 100% decrease from P51 million The decrease was principally due to disposal of financial assets. This account stood at nil and 4% as a percentage of total assets in 2012 and 2011, respectively. Merchandise inventories and supplies – 31 % decrease to P391 million from P564 million Mainly due improved inventory position in the distribution segment. This account represented 3% and 5% as a percentage of total assets in 2012 and 2011, respectively. Real estate inventories – 20% increase to P2,011 million from P1,675 million The increase was mainly due to construction of Golden Hill Project. This account stood at 10% and 14% as a percentage of total assets in 2012 and 2011, respectively. Other current assets – 6% decrease to P252 million from P267 million
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 and 22: 17 Item 6. Management’s Discussio
Page 23 and 24: 19 2010 Revenue improved by 17% in
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: 33 thumb of 2 : 1 by achieving a cu
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

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?