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

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38 recognized in profit or loss. This account stood at .036%% and 0.25% total liabilities and equity in 2012 and 2011, respectively. Retained earnings – 70% increase to P2,758 million from P1.623 million As a result of net income and dividend declaration during the period. This account stood at 21% and 13.85% of total liabilities and equity in 2012 and 2011, respectively. Income Statement Items (2012 vs. 2011) (Increase or decrease of 5% or more in the financial statements) Sale of goods – 26% increase to P3,959 million from P3,135 million Primarily because sales of digital products improved with the introduction of new model lineup and also from higher sales of prefabricated modular house in 2012. As a percentage of total revenues, this account represents 81% and 76% in 2012 and 2011 , respectively. Service revenue –8% decrease to P630 million from P682 million Principally due to broadband’s sale of assets and subscriber base in May 2012. Sale of real estate – 22% decrease to P98 million from P126 million Principally since there was no sale of industrial lots for 2012. As a percentage of total revenues, this account decreased to 2% in 2012 and 16% in 2011. Rental income – 13% decrease to P136 million from P157 million Principally due to decrease in occupied spaces as the Company Terminated certain lease contracts since the Solid House Building was renovated. As a percentage of total revenues, this account represents 3% and 4% for years 2012 and 2011. Interest income – 35% increase to P64 million from P47 million Mainly from higher investible funds as the Company improved its cash position from the proceeds on the sale of the broadband assets. As a percentage of total revenues, this account represents 1% in 2012 and .01% in 2011. Cost of sales - 22% increase to P3,092 million from P2,524 million Mainly in relation to higher sales. As a percentage of total sales, this account represented 63% in 2012 and 61% in 2011. Cost of services - 2% decrease to P488 million from P499 million Principally in relation to service revenue. This account decreased to 10% in 2012 and 12% in 2011 as a percentage of total revenues. Cost of real estate sold – 52% decrease to P45 million from P95 million
39 The decrease was mainly in relation to lower sale of real estate. As a percentage of total revenues, this account decreased to 1% in 2012 and 2% in 2011. Cost of rentals – 11% increase to P35 million from P39 million Primarily from lower rental and other overhead. This account represents 1% as a percentage of total revenues for years 2012 and 2011. General and administrative expenses – 7% decrease to P343 million from P366 million Principally due to lower operating expenses of the broadband segment after it disposed of its assets. As a percentage of total revenues, this account decreased to 7% in 2012 from 9% in 2011. Selling and distribution costs – 30% increase to P361 million from P278 million Mainly from higher commissions. This account remained at 7% of total revenues for 2012 and 2011, respectively. Gain on sale of assets – 267 million One-time gain from the sale of broadband assets, none in 2011. Other operating income –net - 138% increase to P553 million from P232 million Primarily due to one-time gains on reversal of asset impairment of P437 million from the sale of broadband assets. This account increased to 11% in 2012 from 6% in 2011 as a percentage of total revenues. Finance income – 154% increase to P163 million from P64 million Principally contributed by reversals of impairment loss on trade and other receivables of the broadband segment. This account increased at 3% of total revenues for 2012 from 1.8% in 2011. Finance costs – P49 million from P89 million Primarily due to lower impairment losses on trade and other receivables and foreign currency losses. Other gains - net –P57 million to P21 million Primarily due to gain on derecognition of liabilities. This account increased to 1.17% in 2012 from 0.59% in 2011 as a percentage of total revenues.
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 and 38: 33 thumb of 2 : 1 by achieving a cu
Page 39 and 40: 35 vii. Causes for any Material Cha
Page 41: 37 Principally due to additional co
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
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- 2 - Notes 2012 2011 LIABILITIES A
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SOLID GROUP INC. AND SUBSIDIARIES C
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SOLID GROUP INC. AND SUBSIDIARIES C
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SOLID GROUP INC. AND SUBSIDIARIES N
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- 3 - (b) Mergers of Certain Subsid
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- 5 - 2.2 Adoption of New and Amend
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- 7 - (iii) Consolidation Standards
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- 9 - (vii) PAS 32 (Amendment), Fin
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- 11 - (c) PAS 32 (Amendment), Fina
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- 13 - 2.5 Financial Assets Financi
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- 15 - Non-compounding interest and
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- 17 - An item of property, plant a
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- 19 - If the business combination
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- 21 - (e) Sale of real estate - Re
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- 23 - Foreign currency gains and l
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- 25 - (b) Defined Contribution Pla
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- 27 - 2.23 Equity Capital stock re
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- 29 - (d) Distinction Between Inve
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- 31 - (d) Estimating Useful Lives
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- 33 - (d) (e) Distribution segment
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- 35 - The total segment balances p
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- 37 - The net cash flows attributa
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- 39 - Other receivables consist pr
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- 41 - A reconciliation of the carr
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- 43 - Borrowing costs incurred fro
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A reconciliation of the carrying am
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- 47 - The changes in the carrying
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- 49 - Information relating to sign
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- 51 - Other accrued expenses inclu
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- 53 - 19. OTHER INCOME 19.1 Other
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- 55 - These expenses are classifie
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- 57 - 22.2 Post-employment Benefit
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- 59 - For determination of the pos
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- 61 - The reconciliation of tax on
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- 63 - The net deferred tax liabili
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- 65 - 24. EQUITY 24.1 Capital Stoc
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- 67 - The Group’s outstanding re
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- 69 - 26.5 Advances to and from Re
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- 71 - 26.10 Key Management Personn
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- 73 - (d) Gain on Sale of Assets S
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- 75 - 28.9 Others As of December 3
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- 77 - The Group’s management con
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- 79 - 30. CATEGORIES AND FAIR VALU
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Supplementary Schedules SOLID GROUP
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Solid Group Inc. and Subsidiaries S
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SOLID GROUP INC. Schedule I Reconci
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SOLID GROUP INC. AND SUBSIDIARIES S
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PAS 33 Earnings per Share a PAS 34
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SEC Form 17-A: Annual Report - the solid group inc website

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