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Recent Sales of Unregistered or Exempt SecuritiesOn July 20, 2006, the SEC approved COL’s application for exemption from the registrationrequirements of the SRC, for the issuance of 18,750,000 common shares of stock of COL underits Stock Option Plan for an exercise price of One Peso (P=1.00) per share to its directors, seniormanagers and officers and its affiliates, as well as other qualified individuals.As of December 31, 2007, a total of 46,000,000 stock options were granted which are exercisableone and a half (1 ½) years from the date of listing of COL’s shares at the PSE and will terminateten (10) years from the said date. During the year 2012, a total of 9,260,000 stock option shareshave been exercised.Item 6. Management's Discussion and Analysis of Financial Condition and Results ofOperationsThe following discussion and analysis of COL Financial Group, Inc. and its HK Subsidiarycollectively referred to as the Group should be read in conjunction with the audited consolidatedfinancial statements filed as part of this report.Industry and Economic ReviewThe Philippine market performed strongly during 2012, with the PSEi rising by 33.0%. Averagedaily value turnover also picked up to P7.2 2 billion from P5.7 2 billion in 2012, benefiting fromthe strength of the market and growing interest among foreign investors. During 2012, net foreignbuying jumped by 69.5% to P97.5 2 billion.Numerous factors were responsible for the market’s strong performance. Domestically, thePhilippines benefited from an upgrade in its credit rating by all three major credit ratings agenciesnamely, Fitch, S&P and Moody’s. The Philippines also delivered strong economic growth, withGDP rising by 6.6%, driven by the country’s resilient consumer segment and the significantincrease in government spending. Interest rates also continued to drop, brought about by ampleliquidity and the Bangko Sentral ng Pilipinas’ (BSP) move to cut interest rates by four times for atotal of 100 basis points.Factors were also highly favorable outside of the country. Although global economic growthremained weak, liquidity conditions became highly favorable as global central banks furtherloosened their monetary policy. For example, in the US, the Fed announced its third round ofquantitative easing or more commonly known as QE3 last September. The Fed also said it wouldextend its extremely low rates policy until the unemployment rate improves to 6.5% and as long asinflation stays below 2.5%. Meanwhile, in Europe, the European Central Bank ("ECB")successfully prevented another liquidity crisis from materializing, helping improve investor riskappetite. Due to growing concerns regarding the ability of Italy and Spain to meet their maturingdebt obligations, the ECB offered three-year loans at very attractive terms to European banks inlate 2011 and early 2012. In September 2012, it also announced that it would buy an unlimitedamount of government bonds with maturities of between one to three years. Ample liquiditycoupled with improving risk appetite globally also benefited the Philippine market as it resulted tohigher foreign fund flow.While the Philippine market performed strongly in 2012, the same could not be said of the HKmarket which showed high levels of volatility due to signs that China’s economic growth wasslowing down. Earlier during the year, the Chinese government said it would shift focus away fromexports and capital spending to consumer spending. As a result, China’s GDP growth slowedcontinuously for seven straight quarters, including the first three quarters of 2012.- 18 -
Letters From Our Readers .......................................................................... 5-1-12The Market Place ......................................................................................... 5-1-12February 2000, Volume 5, Number 2The Skew Chisel—Part I ................................................................................ 5-2-1Interview with Clay Foster ............................................................................ 5-2-3Making A Ring Holder With Your Skew .................................................... 5-2-3Sharpening with the Makita Wet Grinder—Part 1 .................................... 5-2-4Skew: Friend Or Foe??? ............................................................................... 5-2-6Turning Wooden Jewelry .............................................................................. 5-2-6What's Coming Up! ...................................................................................... 5-2- 6Symposiums, Meets, Shows, Etc. ................................................................... 5-2-7Using the Skew ............................................................................................... 5-2-7Make A Skew .................................................................................................. 5-2-8How To Contact Us ........................................................................................ 5-2-9Turning Goblets ............................................................................................. 5-2-9The Skew—The Round and the Flat of it .................................................... 5-2-9Woodturning Related Web Sites .................................................................. 5-2-9Questions and Answers from the Internet .................................................. 5-2-10Making Chess Pieces .................................................................................... 5-2-10Drying Green Lumber ................................................................................. 5-2-10Trouble Receiving Posts to the News Group? .......................................... 5-2- 10News in the Trade—What’s Happening in Woodturning ....................... 5-2-11More on the Skew ......................................................................................... 5-2-11Letters From Our Readers .......................................................................... 5-2-12The Market Place ......................................................................................... 5-2-12March 2000, Volume 5, Number 3A New Machine For An Old Woodturning Art – Ovalturning .................. 5-3-1The Gouge ....................................................................................................... 5-3-2The Ellsworth Gouge ..................................................................................... 5-3-3Sharpening with the Makita Wet Grinder—Part 2 .................................... 5-3-.4Beall’s Better Buffing .................................................................................... 5-3-5Roughing Out Rounds for Bowl Turning .................................................... 5-3-5What's Coming Up! ....................................................................................... 5-3-5Symposiums, Meets, Shows, Etc. .................................................................. 5-3-7Safety Balanced: Increased Safety And Speed For Roughing Out ............ 5-3-8How To Contact Us ........................................................................................ 5-3-9Woodturning Related Web Sites .................................................................. 5-3-9Questions and Answers from the Internet ................................................. 5-3-10Tool Sharpening ........................................................................................... 5-3-10Shop Math ..................................................................................................... 5-3-10News in the Trade—What’s Happening in Woodturning ........................ 5-3-11LETTERS ..................................................................................................... 5-3-12
Page 1 and 2: List of Contents for More Woodturni
Page 3 and 4: Embellished Cork Stoppers .........
Page 5 and 6: Finishing..........................
Page 9: Questions and Answers .............
Page 12 and 13: News in the Trade .................
Page 14 and 15: Book Review—Techniques of Spiral
Page 16 and 17: Taking Eccentricity to Another Dime
Page 18 and 19: A Gallery of Chapter Collaborative
Page 22 and 23: The Market Place ..................
Page 24 and 25: The Curved Skew ...................
Page 28 and 29: Richard Raffan Teaches in the North
Page 30 and 31: What's Coming Up! .................
Page 32 and 33: Three Point Tool ..................
Page 34 and 35: June 2002, Volume 7, Number 5A Visi
Page 36 and 37: Mercury Lathe as a Grinder ........
Page 38 and 39: The Die Chuck .....................
Page 40 and 41: Lathe Whip Problems Turning Spindle
Page 42 and 43: Tools for Sale ....................
Page 44 and 45: Jet Mini Lathe Variable Speed .....
Page 46 and 47: COLE JAW PUCKS ....................
Page 48 and 49: Cubes in a Sphere .................
Page 50 and 51: Utah Woodturning Symposium 2005 ...
Page 52 and 53: Thread Chasers from Ray Isles .....
Page 54 and 55: “Apple of My Eye” .............
Page 56 and 57: September-October 2006, Volume 11,
Page 58 and 59: CA Glue Experiences ...............
Page 60 and 61: Turning Question ..................
Page 62 and 63: A Woodturning Collaborative Group .
Page 64 and 65: The Woodcut Pro-Mount Detailing Sta
Page 66 and 67: PenTurner’s Corner ..............
Page 70 and 71:
Offset Hollow Form ................
Page 72 and 73:
Best Wood For Threading............
Page 74 and 75:
March-April 2010, Volume 15, Number
Page 76 and 77:
Tailstock Support Innovation.......
Page 78 and 79:
The Penturner’s Corner………
Page 80 and 81:
May 2011, Volume 16, Number 4Desert
Page 82 and 83:
The Taming of the Skew.............
Page 84 and 85:
Buffalo Wood Turning Lathe WL-6....
Page 86 and 87:
Questions and Answers from the Inte
Page 88 and 89:
Questions and Answers from the Inte
Page 90 and 91:
Amborsia Maple.....................
Page 92:
Just WHAT Kind of Wood IS That ?!?.
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