Document 6524083

COVER SHEET
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S.E.C. Registration Number
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(Company’s Full Name)
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(Business Address: No. Street/City/Town/Province)
Anna May B. Agustin
Contact Person
633-9757
Company Telephone Number
SEC Form 17-Q
Month
Day
FORM TYPE
Month
Day
Fiscal Year
Annual Meeting
N/A
Secondary License Type, if Applicable
Dept. Requiring this Doc.
Amended Articles Number/Section
Total Amount of Borrowings
Total No. of Stockholders
Domestic
Foreign
________________________________________________________________________________________
To be accomplished by SEC Personnel concerned
File Number
______________________________
LCU
Document I.D.
______________________________
Cashier
STAMPS
Remarks = pls. use black ink for scanning purposes
SYNERGY GRID & DEVELOPMENT PHILS., INC.
(formerly: UEM Development Phils., Inc.)
1607, 16th Floor, Tycoon Center Bldg. Condominium
Pearl Drive, Pasig City
14 August 2013
PHILIPPINE STOCK EXCHANGE, INC.
Tower One and Exchange Plaza
Ayala Triangle, Ayala Avenue, Makati City
Attention:
Re:
Ms. Janet A. Encarnacion
Head, Disclosure Department
Synergy Grid & Development Phils., Inc.
Gentlemen:
Please see attached SEC Form-17Q for the quarter ending 30 June 2013.
Very truly yours,
SYNERGY GRID & DEVELOPMENT PHILS., INC.
By:
ANNA MAY B. AGUSTIN
Compliance Officer
CO IIISSION
SECURITIEs AND EXCHANGE
sEc FoRit !7-Q
OUARTERLY REPORT PURSUANT IO SECTION 17
OF THE SECURITIES REGULATON CODE ANO SRC RULE 17 {2I{b'
1.
Forhequarc ype
2.
SECrdenliicalbnNumbe.
4
Exad name ol
5.
Poince, @ontry
P..l! crv,
AddB
od
isud
or
4t3t6
3
BrRlaxrd.nrhcalonNo.:000,593-2210
as spm f€d in iis cnador SYI{ERGY GRIO &
olhs jud;dictioi ot lmoDo€rioi
ol issue/s pnnoipsl
or
oEVElOtMEllT PHILS., lNC,
orgeii4iion
ofio.
ly6or c.nt
condonlnllh P.!rl
r Brdg,
Odv6, P.Blg Clty,
Motro .nlL
lssu€r's El€phon6 numb€r, including Eca @d6
Fom$ n.me, lomer
10.
30Jun.2013
R€pubrlc ot rho Phrrrppln€.
1607, l6rh Froor,
I
ended:
T
sddi*
Titre ot
fomer fs@l y€5r
and
Egisr€€d pucu.nt ro sedlions
Eeh
cra$
11. Are any or arr or these
Yes
add6,
rf
ch.ng€d
3 €nd 12 ot lh6
sRc, or se, 4 aid 3 of rhe RsA
of
(s
of 31
0t
shsBs
commo. stoc*
ourst nding .nd Afrount of oebt our.t ndtng
Number
$an&s lkt d on.
lxl
Stod(
f,jchaiqe.
No t I
12 ch6k dDlher lho issu*
b. ilsd by seclion 17 of lh6 sRc and sRc Rute 17 the@unds ot
s€.iion 11 ol tle RsA aid Rsq Rub 111.)-l theGudd€r, 5nd sections 26 .nd 141 o, Tha
(3) ha6 frred arl reporls rcquiEd to
CorpoEr on Code of lhe Phitippin6 dudng the pEcedhq
$at trE
cmp..y ss Equled
io fte such reporc)i
(12 )
monhs (or
Noll
(b) ha.
ben
YeE
lxl
suhj@t ro such liring rcqutrffents tor
No I
l
tl6 Fst !o
days.
aor
such ehorer pe od
APPLICABLE ONLY IO REGISTRANTS INVOIVED
II{ INSOIVENCY/SUSPENSION OF PAYMENTS PROCEEOINGS DURING
THE PRECEDING FIVE {5} YEARS
l3
ch€ck wtuth€r
tE
ti €d all docufrenls and €porb required lo be fi ed by seclion 17 oi
dlsldbulioi ol seudis undq a pran coifmed by a @un or lhe
rogistEnt has
ihe code subequent io
'le
No
Ixl
This itbh is
iot applicab
€ lo lhe ComDany
DOCUI'ENTS INCORPORATED BYREFERENCE:
The cofrpany ik4i* afraoh€s ro flis lt'm a.d ii@rporale by Gf€cn€ a6 a dmpon€nl of Pan I
heeof its Financlal $alenenls tor lhe s@nd quaner ot 2013, pedod ending June 30, 2013
PART
I-
FII{ANCiAL INFORMA'ION
h.m r. Ftnancr.r Si.t€n.n&
Fin.ncr.r Siarements aid, if appi€bte, Po Foma Financ.t Sratements meeling the requi€meits of
Fon .nd conlen! ot Fhanctar Statefrents, shatt b6lumbhed ad 6p€.ited lhocin.
SRC Rur€€3
Syn.qy G d & Deveoprent Phile. lnc ('Comp.nl) arso adehes to lhis iom €nd Jn6DoEt* by
Gf€Bnce .s a @mponent ol Pad I, G Flnancial sr€rem€nE in the $@nd qu.rs of 2013, penbd
ItoE 2,
M.n.g.n.nl! Dhcca
ion and An.ly!
16
of
Fl.. ncl.l Condnion .nd R..u
tt6 or
Opeadon.
On Janoary 25 2011, the Comp.ny €nt€rcd inro e Sedr€d Fsciilies AlEetunt (Oigingt FErj ily
a bank wlth an agg6gdE amount of us$1!0 nilton (P3.39briiton). Ine prc@eds ofth;
us$ 1 72.35 mirrion (P7,61 bll ion) loan ree applidd ro rh6 dr.0 n9 l@ns obEined frcm a ba.k by ca ta€
High Potrr CoAoEUon (CHPC), a non-EtaiEd en
A[ @sb, f€€s and hleestE Etatei and in
mnneclol riF $e ongha Fac riry AgRTerl €E tor aE ac6l1r of cFpc the toans aF ror a perod
or
y€58 and w rh .n threst €lE €quivalen to th. agq€gat e of tr€ Lor oon
ofh Ed Fare
(Libor) pus a EpEad The r@n @s turry paid on Aff 27,2012
^GJtrank
&@m6n9 vjrh
ry
!!
On Deembe' 21,2010 tre Comparyr shae4otde€ aDlbved ft€ inq€Eee n rhe cohDanvs
nn P50.oo m'non divided irio 50 n sha@ ar pt pd va ue @ s;are'ro
'or vatue p6r shae and 65 oilion .on,
P215.00 m on divided inlo 100 ml on 6mmo shares 5t P1 par
vothS pchr€d shars ,ilF a p.r vaire of P I pe srre A p!@.ed shac s@p d$ ue sloc\hotdeE ot
o.e raipEr Horomss rc (one r6p€1) End PscI@ 2 | h; d rc' r^ (p& rE;) w.e I (*6e appo€d
on De sreheet1g. on Febrary'6.201r rh€ Board oassd a c$riror durroE 19 ti€ €#iany b
bsue ollorheirc€.s'1ilcaLhor4dcapiLrsiocka'reconpany t oo,ooo,coo Amrol $.rc; .r
a ffe of P20 rer st.B ro tre sbclho doR o. or la'pal and Pa.'fe
erchang€ fo. t€f sha€e r
autnoded €piEr stod
'n
Nunber ot connon shar4 ro bo suu*ribed
(Fn
on March 14,20r, rh€ odgins Fac iry Aq@freil M5 adended
Amandmonr
AgEement)incE$ ng lh€ amounl ol lhe Con panys oai. by us521 0 dill on (P9 20 billlon). rta l@n
prcc*ds w6r€ :pplisd as parrial peyfrent of lhe exislino loans oblained toh a bank by O@ Taipan.
On March 23, 201 1, lhe SEC app6€d tn€ sh.B sw.p .nd incE# in lh€ Comp.ny'a ao$or bd €pital
slock Hwever,lhe shae swap ag€€mant has not yol been @mpl€l€d pend ng lh€ deirery of all
oddilions as ageed updi by lhe pam* involved .nd .s s!ch, lh€ Company is taking le position tlat
lhe shqEs issued out ot ine in@as in aulhoi2€d capilal stock 3hould not yel be Gflecled.
Ljpon efiecljvily of lhe
.h.€
sMp,
tE
Company
uil oM
63.34% of P€ciflc€ and 100% of On€ T.ip€n.
On Lre@mber 14, 2011, Ure Onginsl Faclllty &emeil was funher amendod (S€@nd Amendmenl
AqEene.n) n@sinq lhe btal l@n @mmltnenb of USl400 nillion (P17.65 billion) by US$30550
minion(P1343brion)Theaddrlron.rts0305.50mllllon(P13.43bion)Msappliedrofulypayfle
exisling on€ Taipan o.B, rogelher eith lh€ accru€d inlaEsl .nd p€nanr6. an @9s. tee. and rniecsr
relal€d and ln conn6clion wirh lne F Et and Se6nd Amondmenl Ag€smenb ae ior lhe accouit ol One
on Apdl 30, 2012 rha b4rd €ppdad lhe GusEnr€€ of fl. us$100,000,000 loai of Pffir Aeess
obal lncfihnd ,nendrent Agreement) froh a bank, 8nd a sid€ Leier extending the seour ly g€nled
by the company io Powd Acc* Glob.l lnc. und€r ce.rEin iems and @nditions.
G
ln Augost 2012 lhe boad apprcved an addllion.l Gua6ntee or US$30,000,000 roan or P@q Aesg
Clobar, nd F@nh Amendnent Ag@menl) from the sam€ bsnk, under !1e eme iems and @nd ltons.
On ApriL 29, 2013 a Fifrh Am€ndm.nr AgEment Ms eredled whgrein m€ Company .b$tut€ly
.*igned b One Taipan allot irs righls and oblig.riom a3 orginar bolrwr undd $6 Onginat Faciiry
Ag@ment makino One Taipan the replacem€nl bomtrr lor tte cmaining l@n Emount ol
us$263 947,500 {P10,33 bilioi).
excepl ror lhe advanoes which its major slod6ordeE/arflrares made rE $€ Company th.€ aE no
l€nsacliois bele*n lhe cdhpany and .iy of iE dire.iors, d.cu|ve ofteF, or sr@khotdeB omi.g
mo€ lhan five (5%) of l. oubianding capilar .lpck snd 5ny mnber of their inmedi€t€ hmity.
h$ no subelstidq oonsbuclion, @nsu[Enoy, 3ub€nbctinq, supp]y satas or oth€r
with 5ny p.dy rt h4 no haledar com mlrrgnr lbr €ny €pitate&end luG.
The CmpEny
.grehents
m.jor
As of Jun€ 30, 2013, tle company ourrent y has one €mproy€, a Ftianoiat comptrcner but pt.ns to
n the onsu ns rw6 v6 (12) months.
€mpbt€es
hie
Th€e ae no hajor risks rhd $e company rs tnvotved in oi\6r tlan tle ccdit and tiquidry nsks
discus*d in Nore 15 0l tle Nor€3 lo Finanoi€l srBrements
ln €dd'roa
a
tort
rniomadon disdosad
6b.w
rF. con p€ny
tunher.eh*
hal
do* not.nicipale any @sh llow or tiqu(]ty pbbtem libin tE .6xt 12
moiurs. The cnpany E nd in d€taull ln zny nole, lo5n, €a6e or other indebtednss or
inancing am.gEmonr requiriis it lo m.ke paym€nls.
The C.mpany
b.
The company d@3 nor hdo or ls nol a@rc of any lrends, defraids @mnllments,
qents or unertainties lhar fi I hde . haia al mp.ct d rr. riquidity.
At presonl, th6 Comp5ny hss no m.ledal commitnenb lor any €pilal spenditure.
sE no signil@nt elemenb of in6m€ or loss lhat did nor €ns frcm Rs op€€lion3
p..l *ve€l yeac, ihe cohpany has @ntinuousty sostained tc* due to act(
or income stream aniburabb to its non{peEuon. The Comp€nys prop.6ed e'lo€te
rc{Ean ailon and dlve6m€Uon ot its business is lniended io imprcre rh6 Compsny s
pelntmdn€ .nd addE$ iE tur€nl frnarcial losses.
The@
For lh€
All
qpenss
ot
fle Cmpany ac curent and
the Company d@s not extect any d rcct
@ntingenl ffnancia l obliqEtlon lhsr is su&ianrial o. mar€
The
2nd
or
51.
tollding k .n explan.ioi ot matenalchang4 in cenain it6ms of th€ Conpany,3
Ou.rt r20i2 v.,2nd onart .2013
baanedun.g lT curcrl p€r6d d*E.sed by pt5.26linon rsc 6%' @mparo ro tre 2ld quarr
o'?0'2. Tas .s n.r ry duc b a€i abre casr €r t€ eld or 2d quarr ol zo t 2 inbid.d io- dE p.yment ot
exbting roans which f€l dueonJuty20t2.
Cash
orher
cufeit
s6Nic6
asE
€et€d
incrssed during the ourent p€nod by p299,521 due io in@s€ in input iax on
and g@d3 purcha*d as aoainsl fla 2nd quader of 2012
decE*d by p15.SZ bilion OOO%) whit€ tosns p.yabe
/curenraid r.<Jr€lu a $decr€sed ov p1553 o blrto0%'rortre2dquanerof20.36hpa;dto
lfe 2'qu.rr or 2o'2 dL€ ro rhe r'aGrq d rE r€nah ri oan oatan€ b o1e -€pal Lnd.r;e Fnh
Odr€r rcervabtes (curent 6nd noncurenl)
rh6 Conp6ny denv€d
rro
'ncotre of tre corpanr inc€dad oy p31037q
d.p6 E Operabrg ero€nsos
175$)
oad cria4 ror p@f6* orst t€es. wh€r @np6Eo to .e 2!ou6de. of 20 t2.
t$
2dqDne.or
2013
Oulorn6llo$ofP4.26hiionandP2.99torfire2dqu.nsof2013€nd2012,Espetvetyp3!,645and
P363 233 rcp@*nrB unr* Iad foroiln €rch.nge qain and to$ for2ot3 and 2ol2 cp6c1vety.
Lo$ p€r shae tor
FY 2012
B.
rh€
fqlaner
ot 2013 is Po.og whit€
rh.E @s a po.o7 toss per sh€B for (he eme
rtrouftr2.r!
RevenJe re@gn{ed ounng he p€nod endhg June lO 2orja1dtu,€areld2Ot2arc*tor
nFrcst
,n@me tron shod iFm pt€6nert6 and seirge dep.s[ amountnq io p.r:s m,,tor
aro e. so m.on
E p€n5.8
*
rrd D€c.rber 3- 2012 amord€d io p443 F br and ps2J m En
BJrt oI d€lftse oot*s ora ano ht'ng ,b* oi f 6 company ftis Esutca io a p 09
'n
nsspa .rtacfdthepedod@hpardbp011blyea..nd2012.
respectvery
*
or JurE 30, ?0r3
3
K€y
ForLm.n6lndl{toB
Tor.l €*G a. of Jone 30, 2013 Efrounted to P14,522,337 trtEe zt% EpE*nts €.h and
€quivgrenl. and 26% ep€senG curenl and nondn€nt a$ets. As of JuE 30, 2012, iolat asls
amountsd to P15,602,775,454.
6h
Liquw
and CepiEt
rl3@v@
A.
of June 30, 2013, rh€ CompanyS cuGnt as*G ex.e€ded th6 drcot tiabitiris by p12.46 milion.
Th€ curenl Erio s ot June 30, 2013 irdea.ed as @mpsred lo 2012.
CureitAselE
Liabiili6
Din€En€
Curenl Raio
curent
30Jun.2012
P €39,567,511 p
961 532,953
19,9&,553
1.A2
30Jun€2013
1q314,a19
332,326
12,4a1,a93
15.99
The Comp6ny ,nd@d qpot]s such .r filing ree., sahlies and w.s€s, reeinor
obtestonat ree€,
Lxes a.d licen$s and olher opeE0ng dFtrs toEllng lo P4,429,916 $ of June 30, 2013, 7.5% more
lhan rhe P4,119,542 op€Erins €xp€n*8
ol Juhe 30 . 2012.
fe
*
Ine Con!.iy enEd lnEBt lndm ol F13A,77 .nd
da6.n13sitl b8nk
*
PART
iM
P1,6m,099
ot June 30, 2013 and Jum 30, 2012,
II.'IIIER IIIFOR
@!h d€lGtr and .h4t lem
Ep€cti€ty.
ATIOI{
'the l$u€r may, .t i|! opto., cp.n u..,a
tt h 3ny infom.tid n.n pEvioEty Fr.rbd h a Erdt on
SEC Fom 1?€. It di*lGuE ot uh
b msd. unds 0 s Prl [i it ned not be Epet d tn a
'lb
r.port d F6m i7< wnlcn @H odERis b. EquiFd to t€ frted {l0t Ea{re.t kr s(dr inlb.natnrn s in a
lub6equ6i Epdt o Fom 174.
himtt,
3T6TATURES
Pwdt
equltMb
ro lB
bo .lqnsd on iE b€h€f try
o{
tE
s4riri*
th. urdeFtoncd
R€gutaton codq
in@nb
dutv
3YIERGY CRto
rr
ih.
adEltad.
t
i4s
h.s dut eu.€d
OEVELOPIEI{I pHtls" tt{C.
rxeresnr or
\"--l
cr[r* *.o
ltr
Ep.rt io
SYNERGY GRID & DEVEI,OPMEM PqItS'' INC.
(Fomerly UEM D€v€lopnenr P!!!1!!9)
srATEtEr,'Ts o! lBlaNcIAl ?ostrloN
mffi
(wiri compealivc ft$cs fd
30 June
20u)
I,T$ILITIES AI\D IQUITY
tudDodim oflods paFbl!
bst!ryrllr-dof.redFdj-
9rJ
t3,
S}'i{ERCY CRID & DEVELOPMENT PTIILS.. T]IC.
.merlv UEM D4€loonst Phltu.. IN,
ilirERrM srATs\,GNTs of coMPRfitENslvE nIcoME
iwi{j conpihdv. f'e$s
for 30
re
2012)
.v
.
:
':'
SYNERGY GRID & I'EWLOPMINT PHILS., INC.
(ForDerly UEM DeveloDmelt Phils., hc,)
NTERM STATEMENTS OF C':IANCTS ]N EQUTTY
(Wnh Com06dire fiBures for 30 June 2012)
C.AITTAL STOCK - Pl D*
Atrdoiizd - 50,000,000
tdG
dle
RETAINED EARNINCS (DErICID
Bsle.. d beiuie olDslod
Bnr.cd dd ofde
p.dod
{31Je5,360)
S}'IIERGY GRID & Df,VELOPMf,NT PHILS, INc.
(iom.rl] UEM Dddopndt Phlb,' I!c)
(wid'
cmDdiE f@r
ror 30
Ju.2ot2)
u@tusddask6)rc
Ndd@i4dby(udft)fumngd'i6
SYNERGY GRID & DEVELOPMTNT PEII^S., INc.
(Forn€rly UEM D€v€lopbert Phili, tm)
NOTES TO THE FINANCIAL STATEMENTS
(with conpdatives 6 of Decdh€r 31,2012)
(All mounts aE in Philippine PN, unles otlcNis. indicar€d)
m
syncts/ crid & D*elopmqt ?hils., Lc. (Conpmy")
disiMlly a ninins mrDontion md
esistcrcd wilh {E scouritie and Eiohus. Commission (SEC) on Jre l, 1970 und$ de nme
Mankryan Minerak DeveloDncnt Conpsy, tnc.
On F.bddy 22, 1994, dE SEC appov.d lhe Comp€ry's chdg. of 6rpmb nm. lo UEM
Dev€lopnsr Phils., Inc. Dd ihe chm8e in ib primry purpoe ftom one6eing in mining aclivitio to
gdecl codtulion md oirier rllied bsin*er. The mddndr of irs pdngy plrpose re due b
the poential oppodunity in 6e m.hc6on indu5Ly b,$ught rboul by the enry ofa ne* foreigt
O. O.tober lq 1997. the SEC appbwd $e Anendnenr io the Seventh ArticL ot lic Conpuy's
Adicles ofIroorpontion i'maing lhe pa. volu. of ill a ndiz.d €apibl $ct non P0.01to P1.00,
deHsing the C.npdy's sh@s of srek Fon 500,000,000 shm to 50,000,000 shrEs, rnd *ring
611tl,. siaokholdom ,hal nole no prc4mpiive dshls.
On NoveDber 5 md 9, sd Dc..mb.r 14,2010, ln. Borrd of DiEolou ( tsMd') cmiddd md
apprcved lhe AnendmeDl oflhe AftioLs of ln@AoEtion dd By-Lows of th. Cmpdy for fie
pnrp@ ot eone 0$.6, chdgina rh. Cohp,ny! slpomto nome b Strerry O.id & Devolopmelt
Phils., Inc., chrnEing i6 primry purp.e to .mble it 6 englse in Do*er, eneqr, ifti€s.
d alli.d bsin.ss (inchding invdling in suoh mrities), exprdi.g th. sondary
puaso ol lhe conp6n, ed inoreGing tio compmt s,uthdzd copital sek ro P2I5,OOO,OOO,
Th. m€ndm.na b fte Anichs oflncoeoBrim ud By-bws ofrhe Conprny wrc alDbved by rhe
siockholdeG on D.ljmbF 21,2010. Ti. SEC lppbved rhe An.nded Anict6 of h@lpomtion ot
Mdcn x, 201 I (s. Nor€ l1).
inf!tucte
The Comp€ny\
The
shG
oI stek
ft
lkr.d
on nle philippine St@k Exohoge
Conpmyt ftgisleEd otr@ addres i.
D.iv., P6iA City, n,letu Moila,
1607, l6th
eSD
under the srock
Flsr, T'€@n Cdrer Bld& CondoniniDn
Peorl
sbbm.nt ofconrliece
Th. financhl shreBenE hrve
been p€ped in @mplime wirh Philippinc linsci.l Reponing
Studdds (PFRS9). PFRSs ft bssed m LreodioMl titun ial R.porrins Shndads (FRS5) i$ued
by de lltenatiml A@untjng Stondards Board (LASB). pFRSs consisr of pFRSs, phitippin.
A@r ins Sbr&ds CAS!), dd Philippire Int Ddrbns issu.d W the Fituncial Reponing
sbdirds Councit (FRsc).
ihe
n*"id
"m"nr
t'uu"
Oo
pr.paEd on rhe his@rical oosl bdis of tcmundng.
E!!4!!!!trd&eE!!E!ie!!!re$!
Tl€ 6anoid sl!&meib e prMGd in PtiliDpine peso, which is dso lhe Conpanv\ tuncliontl
ourc.cy. All fi'mcial infomation pr.gt d in lhilippine pao hG b.en FuDd€d otrlo lh. nemst
pe$, unles
olhwis
indicii.d.
Us. ol lrdmenu ud Estinotos
The DreE;ion of ue financidl qoenenb in onfomiry w b PFRS rcquir6 Mogcme b tuke
liabiliriec incon. md erpens.s
rd b-mpr ons rha offed rhe Epoded mou-b of
b$ed npon Magementt
The estiftt s and suptims used in dF fi@cial siaLmdre
s
of
tu
dote
of
the
nnmcial
sbbmds Acnul BUL!
fad
ind
cimmshccs
dalulion ol Elewt
may difler fiom these estimat s,
a.6
eri;N
Estimalo
efin.ies
{d
a
e
unddlyiq ssmptions a€ EvicNcd on d on going bdis, Revhions to eoodting
icoeriFd ir rhe pedod it sltoh lhe edime h diled dd it any f!toE Psiods
JudAmft ft nide by neogemenr on $e developm.nt, seleclion ud di$losure of Lha Conpany's
ciiltdl &oout*ing Dolicis md edinots md dte appliedim of these polici.s dd .siimales.
ln paniouls,lhe follovi4 is lhe infomrtion abour signifi*nt a]6 of etinates, mcenainty .nd
clitiealjudgienb in rpplyirg &oo!'tingpolicis th have thc mo$ signifisnl etrect on de abounts
r€ogniad in the finooial sblen€nb:
Dtuini,g FtuloMl Cw.nct
Bi*d
on the e@omio substan e of $s undslying oiEumslm@s Elevanl ro the compony, rh.
tundio@l cuftncy b6 bs &t.DiDed !o b. rhe ?hilippine Fso. Th€ philippine ps. is tlte
ouftnoy oltho prnnory ffinonic en bmdt in which lhc Conpmy op.tal6. It is tho @ncy lhal
minly influen€s rhe invdins adivides ofrne Conp y.
Bdndag UpN Ltttr
Ths Conprny
oJ Ptupertr @d
elirutes t!. usnn
Uv€s
WpnE t
ofib pmpsty
rnd
equipie.t bed
on rhe period over which
e dpded b be .vrilable Ior use. The $li@red usetul livs of pBp€rty ud €quipn nt
@ Bieved peiod@lly and e lpdasd if expecbtioa ditrei don prdioos eslimlss due to
physicd wr dd @, techriogl or mDmeroirl obsolesnce od legal o! other ljDil! on ine us of
rh€
6sds
llbprV od eqdpmnq nd ofr€umulded depleidion anou edrd?1.10millionasatJun.30,
hqaimt
of No,frffikt trPa
Tie conpmy .$e$6 impaim€ni o!
nonffnoncial ets wherever cwnls or ohmges in
circmsbces indic're rhrr rhe cmyinA idour of m aset tu, nor b€ doveBble. Th. facton tnot
ihe Conpiny onsidds impodd whioh could tri$$ e imprim.nr Evia inchde lh. folloNing;
u teDerfom c elatire b
ch&g*
in lhe
mm.r
of
e
the expeftd hisrdial or pBj&.ted
of tbo &quired
n gedve indusry or ooo@nio t€nds,
Nls
or dF sttalee/ for
f!toE opedinB
oymll burne$:
tutinatins Realbabilit, oJ DeJem.l ra Atutt
Tne Conpmy Fiews ils dclmd tsx 6seh ai each €ponins dsr. ud Educes lhe oa.yitre anount
10 .he .xlenl th.l ir is no longer prb$lc th.l sutioienl tuable phtt will be dlailable to allow lll dt
pan of lhe defe@d ru 6set to be uliliad. The Compsy's
on lne rMgirition of defered
'3sE$enl
renpordry
difid.nco
Md
csq'foNlrd
benenb
ofNot@ is bdled m dr€
ta\ ssis on deductible
presciptio!
p€nod.
pDjetn tuhle in6ne wirhin lhc
reo8ria d€ defeftd rd d$els 6 at .,ue 30, 2013 .nd Decembd 3l, 2012
nd *pccl lo havo sDfiioiant toeble pEfit tnat will be a$ihble agdini
d.f.rr.d tay Nr5 ce utilize rhe benefir rh* 6on.
The comDdy did not
sire muas€nert
does
which the Comp€ny
Ptavkiarc ann (hntinEu.bs
T1E Compe, ir lhe ordrna.y cour* ofblsin*! s.t! uD lppmpriric provhions foi its pr€cnt leeal
or cotuhctile obligaltotu, if any, in ecordoce wid its policies o! proviions ud rcnringencies. In
rccogrizi4 sd neunng prcvisions, Dmagemdt &kes rkk dd u.ert irti6 inro acount Th€
Company dcs nol hNe sy conliDgenr legal or o.shdive obligrtion ind EquiEs pwision or
disclosure 6 rrJu€30,2013 and DMb.r 11,2012.
3,Surmrry olSierilic.trr Acmuddtrg }oUcls
The
emunling policie
nniloul natemeiE,
sl
*pt
oul bdw have b@n applied @nsisl€nlly to .ll priods pres.nted in
lor lhe ehdgs in a@unling policies !s dploir.d belov:
ties
Adoolion ofN€w or Rwisd Sllndods Anmdmmrs ro sh&rds ond lnl.oEtotions
The CoDpany hs dopted tno folloaire anendmenF to srandlds ed inrspMrim stanins
January 1,2012 ond acoo(tingly, oh{Aed irs &@udrg polioi6, Exc.p( d olh.fli* indi@to4lhc
adoption ofthee dendnenr ro sbdr& and
eIPI*lioG did nol iarc !0y sienifi$t impsct on
the Company's fbancial slalmenls.
i
.
Ditcl$ves - T.tu{^ dF @iat,tsteb (AMdrn^ to PFPa 7), requiF additional disolosFs
ab.d lr.nsfd of liodciil llss. The mendmetr EqdiE djsolosre of infomdion that embl6
Us of ntrmcial slatemdb to udeNtald lh. Flationship bes*, trafffid fimdd ssts tnst
are nor dercbgniud in then eodreg sd the Nocioted liabiliti€j dd b €laluac rh€ ndE of, and
risks swiaEd rnh, fie atityk €ntinuing involvdenl in deuogriad fMoiit s*.
Emities
ft requied to lpply lh. ffiddmd6 fo! Murl periods b%inning on or afte! July l, 201 I.
NN ar Reeisi St@doAs, ,lmndw"ts to Statdads dd lderpteanow Not yet Adopted
A numb€r of ner shddds,
ro shd'rds md interyrct rions e etre.rive for muit
'madmdb
perio& b€ginnins lier Jlnlory
l, 2012, md havc not bcn applied in pr.peins thesc firmcial
sbroenls. Excepr a orhefli* indic.t d, none ofthese is expet d to h'v. r sig'itoonl eflecl on
the finmcial sftmols, Ilo* ahioh moy b. €ld l ro rhe cmpuy aE ser o belo*. The
Compary docs nd plm ro adopr rftis tudard esly md rh. *nt of the impoot hs not boan
The Company will dopr Lrre follosirg new or
int rp€t tions in th€ epedive etre..ivc d.r6:
fo
!
be Adopted on
Jdury
shed
sLnd,rds, mcndm.nls ro sbndfu& ind
I, 2A13
Presenhrion of lteme of Oihd CoftpEhensive In@me
Th€ dEndnEna: (a) req0iF
Fkqcial StehEhB).
lhal
(-,lrrrdz,b to
odEr cmpEhensive incom. lhal would bc reclasified to
.nLity
prcf
pMts
or lcs
PilS I, Prete,tatid oJ
serdEtsty rrF ilms of
in rhe tunF if qtaitr
condnions ee net ftom thdc lhal sould never be dlaili.d b pofit 6r loss; O) do nor chdge the
*isting option ro tresenr poft or Io$ ed olhs conpEh.nsive in@m. in M slatenenls; and,
(c) ch.nge rhe tftl. of tho ,16temdt of €npEhensive in€ne b rhe shremeft of prcfit or los and
other @DpFh€nsiv€ incom€. tlorevq, d .nlity is still ollored 10 ue o$er tides, Tie lm€ndnenb
ir€ms m p*nted in olns €mpr.hensive in6me or which ilens need lo be
'hich
fclNified. I]re
requiEdnb of ol1lr PFRSS conlinu to rpply in lhh regard. Tllese amedB€nts
ee efeo.ile or or aiie! July 1,2012 enh edly dpplidridn pemitted sd @ to he dpplien
do oot addE$
r
Dsclosws: OftuinC Fin@cial A:seB nd Fkmcidl Liabilities (AnendhenB to PFRA D.
aiendeenr include nininum d$loss reqdmenls Flared lo firocial !$eE od 6ndci.l
liobiiirio thal sq (a) offsl in th! sblemenls of finoncial positionr d (b) subj*r b enroicabh
mster nding mDgment or simile rgEnent. They include a tabuls @roiliation of ero$ od
not omaunls offD.ncial4see and fr.ncial lilbilities, epdaely showing moub otrset and ndr
ofsd in lhe sLtements of finuoirl pGition, Tlese oendmdrs de etfeclive for annDrl periods
beginning on or after Jmmry r, 20 r! dd e b be dpplied dlspelively.
Th*
r
llnntal hrproftretu b PFR* 2049 - 2al I cycle - ttiots stud d5 oonhin msd,'enr b
five drnddds wirh consequeltial mddments ro orhe! st ndd& .nd inreadion' The
mmdmcnls m cfedive for lnnual p€riods beginning on or alter Jduary l, 2013, The follo*ing m
rhe said ihpbvemenb or m dmenrs b PlRSs, non. of whioh h6 a sbnifiot eiler on lhc
finecill sl dmd& ofrhe cohpdy
.
Sttutu
PAS I Pftt.tuion
Fimcidl
- C.(.Pt4i\a tnfomarion beyond Mininun
Requircmena, This is dended 6 cldi& lhar dnly onc onpmiiv€ p.rjod vhioh k ft. pi@edins
pdiod - n FquiEd for a mnplete set of findciil slalen€nb. If
enlity
additioDal
onpddiv€ infomation, lher lhd additiorrl inlmation n..d ndl be iD the fo@ ofa complete set of
ffmncial st tencnts. How*er, snch infomation sl'ould b€ aMmpmied by rehhn nds md should
b. in a€ordsce wnh PFRSS. For exmplo, il an stiq .leb ro pE$nt a thnd siai.nent of
cosprchensiv. incme, .hen thb rddirioml shtment should be s@mpeicd by ,ll reldred ndes, and
dl s@h addirioml informrion shorld be in c@donoe *in!r PFR$. Howryer, ihe e'tiry
nor
pEsent (a) olhe. prim.ry s6r.n.ds for lhd addnionrl cdmp€stive ,€riod, tuch 6 I third ddedenr
or cash flom: or (b) rhe nots Eloted ro rh6e olher pdnary stat nenh,
d
o
prst
'*d
.
Pt&tui ofrhz 0p irystdeae,t of Fimial P6 ion m.l Relded Notes,Thisis
anend€dlooleitlh:(d)iheopdinssllrementorfinmcialposilioni3ftquire{tontit(i).ch ge
h &count'bg policy; (ii) ! El$spcotiw rsrat nent or (iii) a Ht6sificaron hs r mteridt efiecr
upon tne infomation in lhal sbb6e of financial rsilion; (b) ex€pt lor lhe di$lose requir.d
uder PAS 3, norB Elsbd to rhe opening srotomdr of nmcidl psilim m no trngs rcquifdi md
ic) rhe appopriaL dar. for rhe openinA nalnent oI findoirt posilion is dp bcsinninS of dE
Plsding period, 6ibd rho dE b€ginning of the erdier conpsltivc pdiod prese en. This is
qordle$ of shelher e ity provides odditiondl @mpqlrive intomrtion hqlnd rie minioum
@(pmtiv. infomrjon rquiremmb. Tie madnst *pldN t}ar rhe requiEmdb for rhe
prcsenlarion ofndres Flstod to addjtimal compdtiw infomotio, dd ih* Elsr€d b tne opening
shlment ol fbecial ME(mts @ difrercn! b€cou€ the mdqiyins obj.ctiles e ditrffii
cons.qoentid mendnenls hav. be.n nodc to PFRS L
.
PAS t -
PAS 12, Fintuidl l8tmntt Pusalarir, - Ircone Td Conseguonces of Disaiburioft. This
ltended to clltily tnot tAS 12, lr.rre ?ks .pplie to tho ecounting for incom€ lrc Flatine
to: (a) distibutions to holded of d equiry inslMenq and (b) bmaction @sl! ot e equity
t a{serion. ThG mendnenl remov4 a pereived in€nsistency betrcen PAs 32 Dd PAs 12. BefoE
rh€ dmendmenq PAS 32 irdicarcd rhar distiburions 10 holdeN of d .quity insrtrh€nt @ Iwgnian
is
t:,
dte y in equity,
net of ey rela&d in@d€
Howv€r, PAS 12 gE erally quires $e l8x
6ns€qudc6 ofdividends to be eogd4d in pioftor los. A simila. cons.qDenlial mendnent h6
al$ h€en m.de b rhilippir. Interg*ti.r )JRIC 2, Mennm Shue ia C@ptd e Edtitkt dnd
To he
ldotted N
Jawrt I, 2011
(nls.ukg Fimidl )Mr dnd Fiw.ldl Liabilntut2lMdnerx 1o P,.tJ J2l. nr* anendments
'claiit
fiar (.) d drity cuffidy ha a La.lly cniofteable ;ght lo Ft{fi if $0t risht is: (i) rot
conlilseli or r nr$rc evoti sd (ii) enroeoblo 6olh in lhc noml cours or busi*s dd in the
event of defruh, insolvenry or banknprsy of the enrity and all coul.aanicsr md (b) 8rc$
setrlement is.quivaldt ro ncl enldont if ed only if the gbs enlenent m*hoism n6 featuEs
rhat (i) eliminale or r€slt i. insisnincd qedn d liquidily ris*t dd lii) pues lwiEbles md
paFbles in a single sdldent prd6s or crcle, Tliese uendmenB e efletiw for enurl teriods
beginning on or ofter Jmlsy l, 2014 sd e lo he lppli.n Ehosp*tiwly.
r.
.
be AdopreA on
PFRS 9,
J@Mry L 2015
Finn irt httuenb (20t0),
9
9 (2009) inroduces net
rqunehent for rhe olsificolion ud s!4menr of fmdsisl ,ssE. Unde PFLS 9 (2009).
linancial .$.a c clssfied md mdEd b6ed on rh. bu$ns nodel i whrcn
re hetd md
'J'ev rehring b
fte .harEnti6 ollno.r @ntmc@l @h lloqq. PFRS I rl0lor rnmduce\ addti;1\
inmcirl liabiliris. The L{SB cumdy hss !n aclilc poj.ct to @te limi0.d mendnenrs io the
clsifpation sd m*mmdt reguirenenrs of FFtrS 9 d add n* Equirdenls to addres tne
impaimenr of tMdd ssls md h.dge ffinnti.g. The ldoplior ofPFRS 9 (2olo) n exp€cted to
hovo !n iBpacr di tne Compmy's fin oial stahenb dd muld ohdge $e cldsification dd
ne6mDont offibei.l .sels. PFRS 9 (2010 md 2009) is ctrdiv€ for mud pojods b4jnnins on
N$
PFRS
(2009). PFp.s
11)E Co(psy will
the inplcr of dE lhole ncndmcnts to sdlrds
finoncial ihremelE upon tien ddoptior in rheir Hp*riw ef(.ive dd6.
dd idelPddions
on rhe
Dde of Recogritio , fhe Canprny rco8ni4s s findcial ssd c r financiit li'bili9 in ihe
shreme.tr of finocidl position shd it b.6hes a pdv to th. €nb@iuol provisions of tte
in$ruftent ln rh€ @e of . reglle vly pwhos. or et. of ffrociat s*b! @gnitio! sd
de@gnition, is done usins srdemor date lccohridr.
r Rms4iti
Fbbc.id tntue,r, FirMcial inshmeols e recdg,jz€d inilialty ot fon
bir vrru. ol rh. onsidorrron giv.n or E*ned rho iniriil meauFenr of
ftr rcialinJruD.nts. Nepr ror rhoie dBigrurcd r tan v,tue mugh pmfir or lo$
Gvpt ). jnctudA
dially onribulable tusctid dt.
th
\alue, which
i,
oJ
rhe
Sutsequnl to inirial E@snitior, lh. conpmy cl,ssifies i6 fl@oiol ss* in rne {o ovjns
cat*od*: neb-to-maturity o{TId) inveson nls, avaitabt+foFsde {aFs) ffnsci.r sseri rwpa
ffnscial 6seh, md loms dd €eivabls. Tio Compdy ctsii.s its ftlwcial tiabiliti* s .ithq
F\PL fimcid liabilities or orher finuci.t liabiti$es. The cb$itierjon depends on rhe purpos for
whioh rhe inv$rndB irc rqdred Dd whetlr they m quoted in e dj,€ mkd. Md;sde
ddhbes d. olssifi.dion of the Compary's ffnmcial @s.ts dd f'mcial liabitiriB rainiri,l
rsEnilion m4 whe rllored md appropriarq Faaluotes srch desig'otior d €very reponing dete.
The Compdy has no HTM
June 30,
20l3ed
inv6to6r,, FVPI fi@dd @ts md IVPL findcial liabilnies
as
!t
December 31, 2012.
fiwill 6en
dtrl se eirher
Finnci.t .lsea.Aas
@ non derivdiw fmcial
aEeories. Subs€quenl
d6iena@d in lhis cal€gory or not clrsilied in dy of ft. olher linmcial .$et ^sels
mcsurcd at fair vdu. sd chmgs lheEin, oder thd
to inirial remenit on, AFS finandidl a$.ts
di6eEn6
inpaimnr loses and loFi8! cumncy
oD AFS debt i'stuenrs, @ soenized in olhs
in rhe 'Fair v&lue Fsefrd' in equily, Dividends €amed on
@mpEhensive income and
holdins aFS fidancial ss.te !E mgnidi s "Dividend incdhe'Nhen the .ighl lo e€ive paymdt
h6 b*n dilblished. wnm indilidral AFS findoial ds& m cilhd d.@gniz.d or impair€d, d€
relrkd MunulaLd uNaliad gains or losw previously ftpor&d in cquity @ turlered ro dd
AFS
&
prscd
re@sriEd h pontor
16.
AFS fmseill ssls rlso include unquoied eqnity inhn.n6 wirh faii vrlD6 which
rclilbly damh.d Th.s. inslrmsts @ c@ied st @sr le$ impaimctrt in vlluc, if &y.
The Compary s
a@unr in rhe
b.
iNesbena ir AIS fin oial lssls !r€ included udor 'Odlc. noncumnt 6sers"
of fiDocidl pcitim.
stuetr
L.m md Fnieobles h@
dehinable
.iuol
pdymenb rhat
intention of inmodi.te
r
c
leivibls m non-derivaliv. finonohl 6sets uidr fixed oI
d ddive mfl<et. They ac not siertd inb vith ln€
ffile ed e nol desieMFd a AFS trndcial sl* 6r nMcial
md
not quored in
shor.am
ro inirial mslEmo! llns sd r*jvobles @ c$i.d al anortiDd cost lsing lh.
efllslive intren nte rethod, Ies nnprimenr in vd!e. Any in&res .d.d on lom rnd reccivable
shalt b. tugnixn 6 pdt of "Inr*sl income' in psfir or lo$ on m ecruol b6is. Cains dd loses
!r€ reoogni4d in proart or lN lllcn 1006 and r€eivable are deruoenizd or impaircd.
Subsequenr
Th€
Comp
yt sh
md c6h oqlivalenc, other rc.ivables
dd advu6
10
€mDtoyB !E irotuded
C6h inclu'les o6h on hond dd ir b.dlc and h sbled d faca vlluc. C6h €qu dtenrl m shonrm,
hiAhly liquid intue.ir dat e rddily cdveitihle ro hroNn anouts of c'sh wirh o sinrl
naturities ofth@ months or l* 6on diles ofacquisition @d tl[l e subjeot ro o insisninqnl risk
The
anbin.d cdrying moDt of fimcial 6sls und.r this carego.y m@nred !o p10.99 hiltion
billi.n 6 at June 30, 2013 md D€emb€r 31, 2012, Esp€ctively (No@ t 5).
ond P13.20
otht Fktuciol Liabiliti\. t\E caregory F,-l!hs to frnmchl liabitilies ftlr e nol dsignard or
.lasified 6 ot fVPL. An r iiitial n*uEnent olher ffnonoid liabiliries e cmied ar anorlizcd
@l usina thc efledive inrer$t mto m.thod. Amoltized sd G @lcut.ted by tlking inlo eoount my
pEniu( or disur dd dy dir@tly amibuilble Fars0crion cosb tnot @ snsidered d inreerat pafr
ofihe effecrive i.r€Esr Fto olrhe li.bility.
Includcd
ir lhis eesory @
!@d qpers dd other cljlMt liabiUti6 dd llns ply'ble.
The cmbined c&rying molnr otfindciil lisbiliries undd lhir @Aory mout d to p,?5
and Pl3. r 6 billim a al ,nne 30, 2013 dd Dsobs 3l, 2012, resperiv.ly (r.roe l5).
niuio
Ds€!ei!!!-a!-E!!!!i4As!!E-s4d!ruii!,i99
Fiwciol Attelt. A f\a4aad 6set (or, whft appli@ble, a prn
of
es)
sinjlu frnsciol
lhe rignb
.
b
rc@ivc c6h
the Comprny
to pay them
ir
is
iil
dri6
deEco!fliad whdl
ilow toD
the riChi ro
vihoul
neriil
the
ss.t
r*iw
&lay lo
have
of a
finsoiol a$t or
p€n
.xliredi
e
as!, but he 6sune! obligaiid
psrry under a "passdrough" mngeben! o.
c6h floNs lron th.
a
thid
of! g6up
.
th€ conprny h6 falsfer.d ib nsnb h €*i!e .8h floE 6om d'e s*r rnd eirftfl: {r) h6
t esfeded subbtially all 6e risro dd wa.ds ol th. .ssq d. (b) ns n.id)er rrdsferftn nor
Et'fcd subsiantiauy .ll rhe rkk dd Evlrds ofrhe 6seg bln hs trinsfq€d conrol ofihe 6sd
u
hsfeftd
Wnen tho Compdy h6
its rigir 10 c@iye o6h now ftom
6set nd hs neitner
lrtusfered nor rebined subst nliolly oll d. rkks md rewbds ofthe ss.l nor tusfered cdtut of
rie
dl.
i3 t€o8rized b the eftnr of tho Compony's cdrinuing inyolvemd. in th. 6s.r
Contiiuing involvdenl {Mr 6kes rhe lom of a gustrre ov.r tt. trGferftd Esd is ne6u€d d
ibe lowd of rfie originol ctrrying qnour of the s6d or rhe ncximun .sobi of @nsiddarion lhar
tne Conpmy oould be Equir€d b pay.
Nt
6d
Fiwial Lidihia.
A fin rcial \iability is deEog.iad wn.n the obliertioD under $e lirbitjly n
modLd m expned. Whd an exi$inB tr@oid liabitily is cpllo.d by motner fron tho
se lcnd.r on subsltially dfcmt lems! .r tl]e ems of u .xhing tiabitiy a€ subslsntirlly
modified, suoh d .rchdge or nodia,otioo h lreated d I deEmg.irio ol lhe odginrl tbbility tud
lhe Mgnilion olr n* liability. The difdace in lhe r6p€.tive crn1jne omounE is MAnized in
dischdg€d,
Olfs€ft ine Finsciol
Insrmenls
nnsoi.l liobiliti.s e otrset md rhe nct mout h cp.r!.d in th. 3raEmdb of
lindcial posnior ii sd o.ly if, rhere is d curenity dforcabl€ legsl riehi !o otrrd rhe rsmi4d
mounts and rh@ b rn inbnrim to sdle on a n l bais, or ro @tiD the 6er lnd seldo dE liabititv
$nulran.o6l). ftn is nor g.nolly rhe !E *ifi msr nmin8 r8ftom.ns. sheft Lhe Ft*d
asei5 and liabililies m pEsenlei gtN in th. sldrdenb ofli@ciat !Gitio!.
Financi.l
Pmd
Property
fte
aets
and
dd Eouipnenl
ed .quipbent @ cffiicd d @t
l*
reunulal€d depeiatidn
d
impaimdr
ldl if ry.
innial @st of pmp€ny md equipm.nl consisls of ia peh6e price, inoludinB any diEdly
attsibulrble
in brjrginE rhe rsd ro irr vor}jng cddition ond to€rim for ils inl.nd.d D;.
E^oenditus incurEd
lhc papenie hrve
pur inb opoduon. cuch,s Ep,b sd
na.nt.me. m nom.llj ro8nized in potir o' to$ in $. )eor Lhe 6ts d. ineftd. Msjor
*pendinr6 de opibli4d 6 additoml cosrs of pbperty dd equiDmonl onty whcn n is Dbbalb
$at futuF @rmic bercft! 4sooir&d ui$ die iitrs wi now to rhe conpdi ed tlle oo;b otth.
iteas m be ndsEd Fliobly.
*ts
rftr
hd
DepFciarion is compDrcd usins lh€ srai8lt-line nclhod ova dE follovins €stinaled usful livss
of
NumhorofYeoB
5
3
l
Fvi
Th. u*lul livcs, sidud ralues d depEoialioD nelnod @
ed Friodioelly 10 eDsG ihar
ttey !rc oonsislent Nith lte exF.reJ pattd ofeonodic ben€fib jiom the items uder pbpert dd
ft
Fully d€pMiakn aiet!
Fhined h lhr @ountr util lhey @ no longer in use aid no futher
d€praiotion is reoo8lizcd ir pmfit or lo$. Assls arc deremlniz.d upd dispoel or whd thoF is no
loneer turuE ilnoric benefits erle.kn noe $e *e o. disDosal ofth€F ite!$. Any gain or los
arisirs on dassnirion oi fi. 6s.1 (caloulai.d rs tnc dif.Ence btuem ihe net disDos.l pm.edg
rnd tne carryi.e uoNt ofti€ sse0 is included in pFfii or lo$ iD whioh lh. ss.l h d.r@Cniz.d,
lndiment ofA$ds
The Comp€ny 6se$es at tne rcpodinB dtre Nherher a fDmcial
6sl
or gmup of fimnoiol ssels is
A findchl ssd or a gru! ofindcial 6set5 G dmed ra b. impair€d if, md only if, dEre is
objetile evidd@ of ihpdmot 6 d result of on€ u noE qents lhat have o6ded dn€r the inhial
rcooenition of .he a$.1 (& ircurcd 1o$ *enl) sd thal 16 *nt h6 d impact d lhc estimakn
futor. cosh nows oflhc findncial Ne. o. ti. Ercup ortmcial r$ets thrt cm bc eli&bly eliroted,
,4seb Cfited ot ,4tuned Cos. For asb 6ied at monized €st such d llDs dd reseivdbl*.
rh€ Conprny fi6t 6ss* whethd objelive cviddce of inpdmenl exisb individully for findcirl
rhat
individully sigDifi@r, or collectirety for fimdd 6sets lhat de not individud y
signifieit, If no objective evidence of inpdmmt h4 b@n idmtilied for a padicutd tnoncial 6set
rhdt re individuilly a*ed, rhe Compdny ircludes lhe 6sd 6 pan ofa SmD olnnuoid 6s6
p@lcd a.6rdidg
then oredit rik oh@teihti6 .nd colloriv.ly a33*es rhe g6up for
impainenr. A$cl8 lhar a€ individually ase$ed for impoiment dd for whioi an impaimenr lo$
is, or ontihues to be. Esogniz.n sE not inoludcd in lhe collediv€ impaimenr se*menr.
et!
e
b
Evidence of
imp,inent for sp.cino impaimert
purFoses may includ. indicarioDs rnol
de bomN.r
! group of botrowd i. experiensing fmoiol dimculty, defdtrll or detinquecy in principat oi
ini.d p€)menE, or may 66 inlo ban*dprct or orhq foo of financiat EorEoiation irhndcd 10
allovirtc lhe fimcial s.dition of de b.mrcr lor ollerive inD.ime.t purposes, wi{kloe of
impained My inolud. dblerylble &1e oD .xisting $nomir colditiotr or indDsr,t-wide
or
dev.lopm b indioatilg
thot
th* is ! mceeble
deeree in lh. esrinded
ffrft
casi flows ot
lte
If there is objetile diden€ of inpaimon! the mouft of Io$ is m*trEd 6 th. dirf.En@ bdveen
rie 6s.fs .rrying moul md rhe pr*nr vdE of estinat d fttoF sh Aows (excludiDs tutre
or.dir lcs) discounred ar rhe fmsisl 6*fs origiml eff4lirc id*d Br (i.e., 6e .heliv.
inrssr Bk comprcdsr inibal eognnrcD,. lime wlue t eeneotty noranrorrcd $h.n rhe.necr
of d.M-nrDCdeal'Iotr!ir ur.,i!k id, lre to&t or rknabh h6, vtu,abtenE, rfied\!ou'
rare for msurins dy inpaime lo,s is rho cuftnr efierive int.d nre, adjustod for lh. oriairor
pftnium, For ooueclive idpaiment Durpces, inpdmenr lo$ b @npd€d b6ed on ihet
Bp€clive default bd hiedicdl lo$ etpdiene.
credn risk
The carying rnounr of rhe 6sr shdll be Eduoed oider {tuelly ot lhsugh rhe lse of m dlowo@
accounl. The impaim€nt lo$ fd lhe period sh l h€ recqnizd in prcfil or lN. It in a subs.quenl
period, lhe dout of the inpdmdt lo$ d*E6es od lh€ ds6e cm be Ellred obj*liv€ly to
ev€nt ocuding l6tr $. ibpoim.nl N$ EoogniDd, th. previously Fmeniad inp.ime lo$ is
svssed. Any slbs.qudt reversal of m inpdiment los is resogni4d in prcfit or los, ro the exht
that n\€ cdrying Mount of lhc 6sel dcs not .x@d ils mo.lird oosl al tie
ddb.
{
sftat
The calryilg mounls of pbpeity md equipne are Biewed for inpaimert when ev ls or
chrnges in circumst nces indi€t 1nll the canying mout mry not be ecmBblq
ony srch
indidtion sisls, d if tllo carryina mohr *eeds de edinat.n isv@bl€ mount, tne
or
Bh-geneftting uniE
witton dorr lo thcir movehble dnounts. The le.vmblc @ount otlhe
@t k lha esle offair vdue Ies cosb b sell ond valu. in use. TIE fat vstue te$
ro stt is
lhe dounr obtainable fton rhe ele of m
in an
s lqsth
belveen
knowledg€ble, wiuing pdi6,
cons ofdisposrl. In &$e$ing valu. in us, rhe estimEd futue
cash nNs re disalci b rhcir penl v.lc Ning s pF&x dismu't ral€ lhalEfl*ls.urcn.
narkei 6se$mcna ofthe rine wlle ofmonoy md the.bk speoific !o L\e $*r. For-6setthat
dos nor genedte lBs.ly ind.p.nde c6h inflowq lhe Bovslbte anounl k detemined for the
cah-goemtine uil b phich dle 6st belor$. Inpdimsr lo$os .rc recogni4d in prcfit
to$ in
thos dpene oolegorics consilb)t wilh rhe iootion ofthe ispriFd 6s.t.
r
e
la
e!
m
,sb
6b
rMtion
r
An lss$D€nt is nade at @h Eponine dsle as ro,h€lhs rheE is dy indicarion rhn previousty
r4ognizd inpeimdr lo*s @y no loDgr e*t or n'y have decssed. lf sucb irdid,ioi disrs,
th. lsvflbh omounl is 6rimred. A pEvio6ly recogniud inpaimdi lo$ is rcve$ed onty if
there h6 ben a change in the esliDo&s us.d b delemine lh. s3dt HovcBbL dounr sin€ rhe
l6t impdimert l6s vs l@Enized. rthd is tho csc, tie carryinA anomr ofrhe 6s1is incE&*d
to iE Fmvembl€ mourt, Th&l incsed domt omot eked the corryinA rhour rhd would haw
b€en dehimd, net of d.preci.tion tud oorriatid, had no nnpajment ls beon re@g ad for
rhe ber in p"d ,€h quch Rv.Ed k Roeni4o rD Dofir o' to$ Ano 6uch s 6mt, :e
depreirtio. 8nd modadon cb,rge :\ adlukd ib tuDre p€nod! ro dtosk rh. Jsr.c revked
!sryine mount. k$s) Gsidualvalue.o a :ysmanc bais o\ er rB MrininA uf,Iut trte.
calibl slmk
Cahnon sh@s arc .lssi6ed s .qrity. tncFnentol oosa diEdty aftibubble
commo! shes are ruogri4d as a deduction lom equity, nd ofoy 1ri .fiflrs.
b
the issle of
Eoin6
P.r Shu€
g! oerShmnPS' ss.uhredbydniding:r.om.appticsbteo6mmonshrBb $e
troehtd,\eng. nLmberol ommon che! oursndined_ring lllej,€r siln rEoni\. adjunmenk
lor smcl di\ider&. rf &\. Diluled EPS s comp.Eo in rh. same mmer s bdn EpS. ho;e\er, nd
iMm. atubxbble b comd dhas md 6o $eidbd av.msc numG or <hm. odtudini tu
tdjuned fo' rheefi* olalidiut'\e poEntrr. smmon
rIey.
B6icEri
.!R'
OE alidr Selnots
i", d'nhgukhabte rcnporonr oflne cmp€ny tn.r i3 en8 a.d eirhe, in prcvid,rg Etard
sen'c rb6,ns seglert). or tn pbvidi13 prcdurb o. snics *irhm i
4domh avnonn (sosmphical *gmm0, which is subjer to nsk, dd Emd;Pdn.-utr
dat oF
A segnenr
p6duG o'
djmeEnr
tron
those
oths scm.n!s.
hivirs no op.Elions, 6se$d lhar it ha no Epodble *gneni AMdin8ly, lhe
The C6nprny,
Conpuy
llcs
Income
dt.nt
does noi
pEsdt sgment infomstion.
d snpds
lnoomo ui is eogniad in prfi1ar lo$ exo€F ro rhe
in o(her
business oombindion, or itens rMgnizd diHtly in equiry
curs. dd d.l6rd l!\.
that it rclale10
!
o
Culmt insne ru is dE *pected tra patlbld or lgei$ble on the tuble iMne o! loss for lhe
y.ft, $ing tlx 6tes enaded or subsrintively emcted ai dr reroning dde, d uy adjustneft b lai
payable h Esped of pFviou, ,eF.
D.farcd tox asB ore Eogniad for ,11 d.duolible temDomry ditrereMs, canyrotudd beneits of
uru$d &r oEdils - Minimun corDoFt€ Inoomc Td (MCIT) ed unused d l6s6 Ner Oped.ing
L6s Cany Oler (NOLCO), to lhe €feDt thal n is probabL lhat laxrbls pbfit will be avrilabl.
againn rtich rhe deductible rdpotuy difrffices, ed Ihe carryfo &d bdefits ot MCIT and
NOLCO m b. utiliz.d, oxc.pt
ur as€l relaline 1o the dedudjblo lenp@ry diftftn@ di$i flon de initi.l
ss.r d liibiliry id . lEn&.ion rhar b nor a busine$ ambimlim dnd, 0t uro rim.
orth€ bosdio'! afeoa n.ilhcr th. @outinb pbdr nor t lrble prcl't or losj md
whft
rhe defe@d
ftcoe.ition of
an
wnh r6pelt ro deduotible lnporary diflroces a$ciar.d win i'vsrncnb in subsidiories od
vdtuEs, defered 1aa asds @ Hosniz€d only 1o dre exb'* rhar ir is prcbable rhar
tio tanporary difercncss will Hefe in d1e foFsedble tutu€ mn F{ble p@trt will b€ avaihble
a$inst whioh rhe t mpotary diff*n€s 6n b€ utili4d.
interests id joinr
defdti llx
oss€a is Evicwcd each rpoding date rnd redD@d io the
thd sufiicienl toMhlc pDit will b€ eEilobl. 10 alto* .tl or plrr of
rh. def€r.d d\ 6st lo be utlized. UnEcog'iEd defered b 4seE e tus*d d @h r€pofring
date and are sqniz.d b dE q$ent dat jr hs bom. pbbable rhal inure hxrbte p6fir witt atlov
lh. defqEn ru 6sd to be @ov.Fd.
Th€ c€rrying mouDt
extent
thll il b
of
no lodeer pobable
e
yd
Defeftd tar ass.rs md liabilities
dsuFd ar rhe lax €re irrd @ exp€tcd io appty in ihe
wh.n dE s*r is Mlird or do liabiliry is sclrted, b6en on h\ mr.s (dd ru bws) tnlt lrlve boen
.decd or subslrrtively -rftd d the reporting d.t .
Delsnd d dseE sd &fiftd lax Iiabnfties N offsc! ifa tegdlly mforceobla righr exh6 ro sd of
cuftnt t&y o$* iB,irn h liabilitie od l]lo defeftn tdx6 r.l . to rhe sm€ tu6le die,nd the
l/dk
)dded TE
(/At.Rdm*, oxpNs
ind ssels
m reeFizd.et
of th.
dou!
of vAT.
sh@ de ux incutr d on r pwhe of Nets d seMces is not @derabte frln lh. toxalion
Nrbority, i! Nhion .e lhe d i! Eog zd 4 plrt oithe cd ofaoquisition of &€ 6sei or 6 p,n of
rh€ qpds ilem 6 rpplisbl.; d
r@i!abl6
d DorEbles
rhd @ slated wid lhe anoMt
ofru
includ.d.
R
enue
R€oooilion
Revenue is
ls8nian b rhe extlnl
Mnonic bmefib Mirted vith dF
m b. ndu€d €liably. Tle
nu$ also be det 6cfoE dauo is €oqniz.d.
lhar it is pobable lhar ihe
hsaction will llow b $c Compdy od de
rotloving spoino eoenition orileiia
hrc6l
income
anout dd
lhe
ion
oout
of @6ue
o&sh in bark wnich G $bject to fino!
or wftbneld is includen in incme td
bx paid
wfthloldins
*pds,
ha
is
prsted
at
sb$
ExpeB sE Mogniad wher dootle in tuluF eMmic benefils Elated b r d€cres in m dsd
a, incEe of d liabili9 hB diM thrt can be d*uEd @liably, ExpoNe m Mo8dad whm
or
Rel.red Pd Ttusadions sdx9!djo!6!i!
R.lar.d piny relaiionship erish whd on€ pdrq, h6 rh€ ability io oonhol, directly d indirectly
rhmDgh ore or moE inLm.diari6, lhc olhd paity d exftise sig.in*nt irnuene oyer the other
poty in nEling findcial and op€din8 daisiors. Such Elalionship .ko €rbs b.sed ddor
moDg enliti€s ich f. udr cmon sntol wirh dte cporting .nl.Arise, or bedeen sdd
omong e iries vhich @ uder eotrol wnh reponire entoiprise md its key monagemont pcMnn.l,
diEdors, or ils sioclioldd. Trs.ciions b€Neen Flrred padies ft rMunr€d for ar rei lengrh
pri€s on reos similor lo lh* oflrd b non-ElaGd entitios ir m snohielly compddble
Foreiqn
C!rend Ttusacridns
Tmstions
in forcign cliMci6 @ convei&d to Pnnippire peso d *hose m&s pEvailins .t the
tralrslion da&s. FoEign cumcy-ddominared donet!ry Nll ed liabihies d€ EtBnstated iDto
Philippine peso rrth€ mhdg. nt* provaiting ar rie Fponjna dar.. Th€ Bnltilg toFign.xctlnge
gains o. lo$?s de resgnizd in pBfir or lo$.
when rhe conpmy h!s: (a) o pEs. obligation (tagat or 6mhctiw) s.
of p65i 4onq (b) it i3 pbbible (i.e.. moE lilely thd nor) lhll e oudrow of Fsorc
embodyile .mnonic bdefirs will te required 1o 3edle the dbtiBotid; and (c) r Eliabte eslinore o
b. mde of rhe mount of lh. obligation. U rl€ etred ol th. rim€ lalue of non.y is mtdjrt,
pryGims r. detemined by disoouring lhe *pered fdtft e6h ios .r a pE.h ra& tnot lcnds
ouftnr mdtet awenl of the tim. value of oorcy dd lhN rjsk! sp4ific to rhe liability. wlere
Proviri6 @ Fmgnied
resuu
di$ountine is use4 the incMe in tno prcvisim due to rhc pGsage 6f rime is eognied as interesl
exp.ns.. Whft
u rll ofthe dlendituEs requn d b snle a plovhio. @ exp€oj€d ro bo
Eimbus.d by sorhe' pary,lho EimbuNmdt shalt be EmsniDd *hen, lnd
when, it is
virtlally cetuin lhat retmbuaenenr will be ie.iv€d ifrhe ontry srd6 drc obtigrtion. Tho
reinbuNmmr shall be trelr.d s a scpd.e *s€i l]ile moD.t @6snizd ror the Elmbuse,t
shrll rct ex@d dE dount of dF pnision. Poisions N siem! !l e0oh reponinE dare and
adjushd to renet the cuftnt b6r esiimle.
sn
Continqtroies
e
di
ft
tmdal sbLnenb but dislos.d in rhe nobs b
ihe posibiliry of on outflow of Esoue dbodyi,g s@onic
bdefib is remoto, ContinAent ets @ not regnized in dre finoot.t tu@n$ b;t
disolosed
in dF nol6 ro the fimdrl srdem.nls vhd d inflow ot€@noDic btufirs
p6babt..
Conti.8dt liabilitiB
tne
not Eoogniad in the
frdoial fremenl! ul6s
i
ft
E$!sa&!!E-B@!4i!e&!e
Posl rq.-end €vdnE dut pbvide addition0l infomlion about ths cobpmyk posilion .t th€
reponins dft (adjunins 4trr,) @ Fneated in lno trDcial setem.nre Po€r yoe-ond ewts rhar
arc not rdjBiry ovdts oE dielosed in rhe notes to de fin&ci,l $arenonE
M&ri,L
'hen
4,
aL €qdhLnlt
Csn md
Tnis
amunl @nrist3
ot
P ar633679 P 5,|6.97X
7,t19t.a58
P
10,t3tr13?
10.m6.003
? li,l4Z93t
ffi rtuual i *r d the apdriw bdk deposit Bios. Shon-lm placomdis
@p$€nl money Mket pbenmls msde for larying periods f.om fourteen (14) doys to lhifty one
(31) days e.nina inl.d msins troe l-56% to 2.33% for six mondi sded Jure lq 2013 ;nd
L50.1 to 4.63% in 2012. IrlGr in@n mould to 1.139 hillio! and tl,95 niuiod fd tle Deriods
ede!June10,2013 d Decembq 31, 2012, EDeoliv.ly.
C6h in binlc
Ju!.2013
hPurtu
Creditlble in&n€
h
AdvMc*ro€nplores
Da€Dbs 2012
P2,116,813 P
141991
ud enraclo$ 261112
475,65n
P2532,t42 P
6,
Popent
The
!d
l,?96,31t
t47,997
2,420A7a
Equtpbo.r
novenenr d b,lmcs oflhG o@ubt 6
ar
Md fd tha p$iod
€nded
Jue 30, 20t3
Omco Compur€r
Eqlipnot .d niurt f,quipEe Eqoipd€d
e s
TErrDor!.don rEniturc
Additions
ud balars s
Totll
.t
D@emb.r3l,20l2 P1,132,143 ?3?,665 Pt3.?3t P682.4j4 pt.92t.063
accuholar.d d.pRidion:
As ofDe&mt€r 3l, 2012 315,251 20.444 1,794 232,9a4 :'6t4j9
pdiod 8,213 627a 3,t]0
ftne30,201:l
43ttl10 25:122 t0g24
Depr*idio forfic
Jum30,t0l3
P7a&673 Ptotl3
P7,357
tt3,115
24t,t66
3441129 afif4'
p335.74S
pl.lo3ll8
A@rued
r!p.n*
rnd olhor curent
lrbiliriB
,tntr.2013
\,913,131
Oovem.rt leyables
3.
include vidholding
ljx,
nd
!.x 8nd oiher paylblG to vsious gov€lrrmd
R.l.t.d Prrtt Tn.nctio'
t
Olhs
s.ivible
includ. lods obbined by &e Compmy on b€hafofone Taipe Holdirgs, Ino.
Flst d pftq rhrcq! a comon nojor stekholder, moutng b m.00 million 6 0t
Junc30,2013 mdll3.lSbillion6 at D@em6er 31,2012 (sNote 9).
(One raipan), o
r
Shon-tem omplor€e ben fits for the p.nod ended Jme 30, 2olland D.ambd 31, 2012
amountd 10 P1.53 million rd P3.00 niliiorl, E D€divcly, shich @ includad undo ,Sal.des and
o*o hpqeehnefib rtro.nt rn the tumo6 orofrpEhensive i4@mo.
Jdury 25, 201 1, rhe Conpay erbEd into o Sccu.d Feilitis Agrems! (Originat Feiliv
agEDent) vilh a b8nk with .ggEse dount or US$190 nillion (P3-39 biuioq). Irie proc€€ns of
US$172.35 nillion (P7.61 billion) l@ we6 appli.d to the *idinA lMs obt ired ftom 6 b.nt by
c'laca HiEn Pow. corpo€rion (cH?c), a non Flo&d onlity. Au tusts, fees ud inkrets Etaled
dd in 6tudion *irh n\c Original Frcilily Agtmeir @ for tn aeoml of CHPC, tnc tMs ore
for a pdod of M ye6 and wilh o in&Est nte cquivrlnl to d. a[s.Ed ofrhe LndoD Inledonk
Ofoti Rl& (LIBOR) dm r sprtrd.
On
AgMn
b,
On MNh 14, 201 I, the Original Fooility
wss motut d (FiEt Anendeenl Agrffierr)
incre.sinB the mml by US$210 million (P9.20 billion). Tn IoM prcc€.ds
applied; pdiri
p.ynenl oflh. enfrins lMs obtained lrDn a
by One TaiDan, a etded pltq tu;ish ! coinmon
w
on D€cember 14, 201 I, tn. odgjnil F&ility AgEeoenl ps tudq modcd (s€snd amendnent
Agreemot) i.o6ing rhe to$t tou enmitnenrs of US!400.0O nillion (pt7.65 billion) by
Us$05.50 million (Pl3-43 billion). Th€ additiomt Usg30s.5o niltionGt3.48 bi ion) v6 applied
ro tully piy .he distins One T.ipm loes, loaedrer *ith a€oed inrdsl od paaries. Al cod; rees
d i.r*sls Flot d sd in emdio! wirh rhe Firsl d Second Anendmot Aelenenrs @ fo.the
ru irrlhe mdd€d under rhe
Amddndr AgEenent, E t orively, tio incl0de powr A* Ctobal Inc, (powq
!s rhe f@ility C BoftB' &d iNFeing lh.lotrt comnitDenrs by USfiOo miltion
on april 30 bd August 22, 2012, the originar Facihy AgE.mdr
find
A*)
End Fourth
(P4.22 billion) 4d US$30 nillioi (P3,38 billion), Mpedively. I1r€ Conpuy Siimnted lhe
ftd
obligarions ol Powr A@e$ sd erldds the secuilies ennl€d by lh compa.y uder tne
defelc
All
Jmudry
25.
201I
lo
lh.
t@ilily
C
Bolrff!
in
lt.
sent
of
Feililics Agrnenr dared
dd
Folrd'
additio@l l@s,
dd int.Fsl r.hLd and iD @nnetioD {idr lhe Thid
Anednent ABEenqt @ fo. the ecou.t of ?oftr Aoc€$. The balanc. of lh. lM Bu@l€ed by
dE Compdy under rhe Thid dd Founh Anondmdr mourrod to 195.72 nillior (P4.14 billion) ds
S
6*, f*
On april 29, 2013, a Finh Anmdnont Ac:lsonlwa eHuted wh.rcir rhe Compdy ahsolut ly
dbligdridns ts origiml boaow unds 6e OriBinal
Esigned to One Tlipln rll of ils riEhb
FDiliiy AgM.n! n.king One Taip.n lhe Fd&nenr bomver lor th. llmibing lom moui of
US$261J42s00 (P10.83 billion),
rd
All Gb md expeM (irstudn'g bArl f€t Ehring b rhe Fiftlj Ancndm€nl
@o0nt of One Tdipm a lne repltuemol bm*6.
AC@mt @
aor the
Prior ro th. lppbvrl of &. finh An ndmoDi A3Ment, ihc bald€ df the los under de Original
6 mended mombd ro 1301.23 Diuior (P12.29 biuion) 6 .t Mfth 31, 2013
od is Foo8lizcd undd 'O.h.r ruivobles" ir rho set neds of finmcid posilio (se Nor€ 3).
ReLred idd6ts, 6sts !.d otl]€r exTenses tneluding inprct of f@ign *hdge bmldion for.he
lM mountina to PI77.?9 nillion ws also rcs8niz.d mder "Oihq meivobted' ion One Tdpd
a d Mmh 31,2013 ed Deombe! 31,2012, Tne bm fd lh. @ourt of CII?C w6 tully plid in
20t2.
Faciliri€s Agrenenq
lMs under th. Original F ciliry ABre.mdr, a mdded m suEd, mona otis, by 92.5% of
the Compey's shNs oI stooL shms of sl@* or rne olha p€rli6 in the l@ asenmls .nd
rc@ivrbles Esulting liom lh. gsignnent oflt p@ede ofdE loms ro On€ Toipan and CHrc.
The
10,
Olh.r Connltrenrr .trd Cortllgdr Llrbilld.t
Th. Conpdy h6 no ou$tatrdhg
Derlils of shm oryild
@iilnerts ud
a rtJue 3q
Aulhoriad shes (al ?l Davalu
ksred sh@ (tully prid) connon
2013
conlingot liibiliri.s
s
ofJuno 30,
dd Deoemt !Il,2012 @ 6 foloN:
20tl dd
Baiddiluted iicome (lo$) Fr shm mouN i5@mp'n€d
Ner
l6s
ro
3h.r€holds
'bibfrble
Divided by
*eight d aledge nunbd
ofouEt ldins oomnon sn@s
(P0,09
(P0,14)
Thec wer no dilutive poLnli.l oonrun,har6, hooo basio md diluLd EPS
e
die
sde for ln.
htme
i, lulhdbed Capttal StNlEh@e S\ap
Novenbd 5 and S, 2010, rhe Bo.rd ftsolved and appored dD h@e ir th. althodad capital
sloot of th. Conpeny iom P50 million ro P2l5 nillioll wi{r the iM€e ofPl65 sittion to bc
divided into 100 millior enmo! sh8B at ! par Elue ofPl per shm dd 65 miuior non voring
pEfmd sbes at. pir wlue df P] per she wirh ods r.ms oil 6ddilions td b€ dernin€d by rhe
On
Th. aSove l!$hiiols
*d.
approv.d by thc st@knokes m De@Dbd 21, 20 t 0.
L emectio. vith lie ltove Fsolulions ud with ! pbposed shm sNlp witb thc si.c*noEd of
Prcilicr2, Holdings, Ino. ('P.cifid) snd One Tsip€n, on lobMry t6, 2011, rhe BOD pssed a
ftsolurion turhorizing rhe comp€'y ro issue, out of tho Pl65 milud inc6o i. th. auLhdi-d c.piial
stoek of rho Comp&y, I 00,000,000 cdmon sh@s at a prico of P20 p6 shsq lo
One Tdip@ and P@iioa in excharge for their shms ir oIE Taipan md ?eitrd,
The 3hare swap
rc
.pprovd
by
lh. sroctholdds of
rh. stookiol4es o! Deemttr 21, 20]0.
Met
23,2011, th€ SEC dppded fie sh@ saD .nd incBe ir tne Compmyk
fion P50.00 mittion diliden iito 50 niltioD snes at pl p€. value pt sh;
nillion dividd ido I00 millior cohnon shms d Pl pe$1re pd sh@ d65nillid
pref€ned shrs d a par valu. ofll Der .hft.
On
@pitdl stoch
However.
@Ddnions
dE.hm slp a8rffienr h6 nd J.t
a as..d
upon
s!p, de
Upon eflccrivity of lhe shaft
12.
bem complebd pendin[
bl .h. @nr.s involved
Company
will om
'he
det^.ry
68,34% of Prcfico and IO0pZ of One
MbclLaoB Erpe.rq
Tne
13. N€l
Mount irclude
qpas
like
m! Elknhri@ dornc.
Fonier EIch.Ig. c.tu (tas)
Tte Nel
Fortn
Excnuge Clin
Bant (Dolld Asauo.
Epding
doto
Th*
roF sbLd
(!ct
t
p.6ins b rhc Esults on the Rsraioent of
monelary sssr ntrd liability dsNDnDkn in rorctr
usins the
IDEX clsirA erchdse rd€.
insedCsh in
cumoy d lh.
The
CoDpoyt ldponry difi.Encas of which d.fdcd &x ssels wE not @gnized bt
s ofrune 30, 2013 ed D€ofrbq 31. 2012 e. shown belov:
the
Conp€ny
Unredlized foeicn
Nel op@fing loss
As of
Jue
tubL
qohmg. Grin) IGs
€ry{ver
30, 2013, the
28J30;16
(NOLCO)
Conpuy is NOLCO vhich c&
NOLO e a foUovs:
b€ olained
s
deduction
6on
in@me. Deteilr of
P
iruE
2242990
2,01t,297
20ll
20t2
130,823,106
15,
Iinmid Rirk .nl
Clpirot
-
j
4,771,5m
P
8,771,590
4,472,872
2,U2,990
M.ugen€d
Th. Conpmyt frnecidl insbuenls oonpris. of 6h iD b.n}n orhe. r@iv.btes, ,Nd€ to
emFloye, avail.ble foFs.l. fmrncial e*rs! amBod .xpoFes ,nd other clftnt ti,biljri* abd lMs
Th. ComDdy h6 *posre !o cEdit risk
Ttir noc
{d
tiquidity risk prineity
fton iE
e
of
fmcjrl
pffiE
infomdid .bour rhe (omparry's dp6uE ro ech of r. foEgoirg ,hk5 tne
conpM) s ob-Rdver pohos tud pr*,e\ rd mdlrins snd mnasbs fise-ri,is. mj rh.
Compdy's nmgen.m of cipild.
Th. Companyt lim is to ehi.w ippropdaE batM@ betq..n tuk ild rclum dd nininie
pot ial.dv€n. etrecrs on lt. ConpMyk fDooiol porfomca. fts Bo&d of DiEiors provid.s
wiilen priDsiples for o!@ll risk nmgemont.
The BoDronstituEd rhe compmy,s Audit comilte. to eid rhe BoD jn fdnting i.5 oversight
ftsponsibili9 or dE CoDruyk stpmte sor.nid@ pme$ r.riliie b lhe: (,j $dit ;d
irtoerty orfie Complryk fftucirl lbrenmt and fineeiot rcponi,e pM.id;ie aodey,s
sysch !f inlemat .eounrins md findciar conlroG; (t) psromeod ot $e i,h"l audik;q
io)
snual ird.p€ddenlaudit oflh.Cmp6ny's fiMncial staehdls,lh. asrg€me ofthe i.deDmd;i
luditon md thc evelulid of lh. indcp€ndent udilos' qualifistio0l, irdcpendoce md
p.rfomnce; (d) conplid* by $e conprny wilh legdl dd Fell o.y Equimots, ircludins the
conpdy discldstrEs eontll od p@ed@s; (e) evalu.lior or tutuBem€rt\ pNess ro e@$ od
m.nl8c lic cmpmy! etr+ris ris* issBi ud (t 6lfillnent orll.|e orher Bponsibilities sd out
by BOD. Th. Audit Condltla shrll rllo ptep@ lll€ rcporB re4uired to be iNluded in the
c'ldit Ksk
Credit rn\ 6 th. risl of nmdal I6s b rbe Conpoy if a ouelmer or cout€lpany to a fiunciat
iffkumdt fails b ne€l ib conr&tual o6ligdioft, rnd arises pnncipauy ftdm s6h, dvmces md
C€nmly, lh. ndinD oFdit nsk exDNDrc of fbd.irl 6s.$ is lh. cdrying mount of the
tnDoi,l s*ls a shom m the tee oftlre intsim staidenr of fineoi.l po.irion (d in rG d€railed
dilysis pnvided b lhe Dol* lo dl. inlein nnbciol si.ienent!), 6 Modiad below:
2lt,t11
182
To rcduce its oredn risk on o6h, the Conpmy conqna!$ its najn
ha 3@d fimncial fttings. Alb, th. $iliation offtdit
th tbe
tiriE
olhs Ndvlble
ft
@llstsd or
due
d.le
and
e
wuEd
6h
bdk
Jr5,l19
aotiilies vith a bdnk that
i5 ,.8utdly monjroEd,
by sn@s ofst@*
ofde
debroE.
LiouidisRhk
;st is lhe ftk rfidr lhe Comtmy k b'ble ro mel iE pdymfrr obtiearioN swirt d with
ils finmci.l liabiliti6 wbd they frll dle md b rcplace tunds ete. tr.i ft withdnM. Tne
ans.qlen@ My b. the 6iluE to neer obligarids lo Fpay cEdiroE dd ftlfll tumnirm.nts.
Uquidiq,
Io lurge
Cmpd) mdnBim s fficien lquid as6 b ned ib m,torDg
ner tucnt opedi4 r.quiMoB.
Ttu lrble b€low su6M,zs the naturily pb6L of tho ConpMyk fb.ncial 6sets and tmdd
liJhil'rie,te*d on mnft@t rdisunr€d paylmb u\ed dtiquidb seEgemmr 6 of Juo J0,
201.) ed Danberll. 20t2.
otngtroG
hquiditJ risL lne
d lo
20tt
crirrhg
c&h,nd
4h
codnci!.t
Pt&r32.rr7
.quiv!rs6
p
10.t32,r37
l
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,
tJ.t32,5t5l
o
Fbmiat
IE orrring arcu6
li.ir
nE ilbL b€lw
/1*6
md
p
p-
rj,l3?.5 5.3rc tr,.s),5t5,1.o
B004,7:2.100 r 1.004,7r. t00
Fan value of
T1E
Yd,o trtr
:vi*
2y!s
t5.t4Xcst p rj,t4z,esr
t5s.r4t,070 rJj,74t.O70
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rppmxinno
r
2ya6
1Ur7.
crshFrovs lya
p rr,t12s p
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lirbil
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7tt.11'
c
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p r0,?s1.|l7
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rirbil,riB.
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r)r,74r,@0
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of $. Cdnprr) \ fimdd 4.rs dd nnmis.l l,i.biljnes d Epdrins
D€riod
fri. ialles orsi&ring thrt lhe hiE slrcn_lem tutuiiia
o.i*
diffeEnl lorels h!v.
tndsilt insruor, cnjed &nd!e,byv.ltrdionmerlDd
b*!
d.6nei
s
foltows:
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6$rs o, tiobilniq.
. tad 2: inpuc orlM tlltu quo&d pdB incldrd *inlrin t ht I thar !F ohsflahL
f6r
tfi. &{d
d lirbility,
t lsel
eithq
3: inputs
dne
y (i..,,
a Dricet d indiEdy
ld lh. as o
liablliry th.t
hrcll
(i,e,, dqited
r!
nm
pri€}
.o1 b6ed on obseMtL mtuter
.raia
Ld€12
ssls Pt3,750 PIi 2011ed 2012,lh$v@norarsfets bct'6lsel I
no ll
fs inro md od olLhl I fai' ville meffiats.
p-
Avdlableforsle n@ci.l
d
p?8,750
!.vcl2 fanv!tu ndmnents,
rnd
C,oil Mm!ftnt
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the inhiim ncteBdn of ffmcial posiriotr.
f.ir vdue Esflo dd
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N
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enm
crpibl
o
in
nmsgi-g spibt
so thd ir
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sturuE ro rcdue rhe
ofapiaat.
a$
ro
iateg@d rh.
deficit for rh. pdiod
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s shM
in
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b ruinbin ,n op.imt
mru b ,6 sh@botdeB ud
ts. soppt*uol"it lofo-.too@
(RR) Na 1s20r0
ln addition to dE disclNres nod.ten uder PIRS., Md suci otiE sra&lds ardlor conventiqs s
niybc tdopbd ompd et m r.qurrd L,y L\e AIR 6 od ide in .fi. noB
rtuin {pplde-bry ul'mado' for rh. b$t. y@, Ibe mo@ Elaring b jL.h intm.rion
m) d n@ily b€ rhe so widr thos moul! dkctc.d id llle ru ciat ;ddqh rhich r ere
prepe.d in aeorduoo widl Oe PFRS.
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