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COVER SHEET S.E.C. Registration Number
S Y N E R G Y G R I D & D E V E L O P M E N T
P H I L S . , I N C . ( f o r m e r l y : U E M
D E V E L O P M E N T P H I L S . , I N C .
(Company’s Full Name)
1 6 0 7 1 6 T H F L O O R T Y C O O N C E N T E R
B L D G. C O N D O M I N I U M P E A R L D R I V E ,
P A S I G C I T Y , M E T R O M A N I L A
(Business Address: No. Street/City/Town/Province)
Anna May B. Agustin 633-9757
Contact Person 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
S T A M P S
Remarks = pls. use black ink for scanning purposes
4 1 3 7 6
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: Ms. Janet A. Encarnacion Head, Disclosure Department
Re: 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
SECURITIEs AND EXCHANGE CO IIISSION
sEc FoRit !7-Q
OUARTERLY REPORT PURSUANT IO SECTION 17OF THE SECURITIES REGULATON CODE ANO SRC RULE 17 {2I{b' T
1. Forhequarc ype od ended: 30Jun.2013
2. SECrdenliicalbnNumbe. 4t3t6 3 BrRlaxrd.nrhcalonNo.:000,593-2210
4 Exad name ol isud as spm f€d in iis cnador SYI{ERGY GRIO & oEVElOtMEllT PHILS., lNC,
5. Poince, @ontry or olhs jud;dictioi ot lmoDo€rioi or orgeii4iionP..l! crv, R€pubrlc ot rho Phrrrppln€.
AddB ol issue/s pnnoipsl ofio.1607, l6rh Froor, ly6or c.nt r Brdg,condonlnllh P.!rl Odv6, P.Blg Clty, Motro .nlL
lssu€r's El€phon6 numb€r, including Eca @d6
Fom$ n.me, lomer add6, and fomer fs@l y€5r rf ch.ng€d
I
10. sddi* Egisr€€d pucu.nt ro sedlions 3 €nd 12 ot lh6 sRc, or se, 4 aid 3 of rhe RsA (s of 31
Titre ot Eeh cra$ Number of shsBs 0t commo. stoc*ourst nding .nd Afrount of oebt our.t ndtng
11. Are any or arr or these $an&s lkt d on. Stod( f,jchaiqe.
Yes lxl No t I
12 ch6k dDlher lho issu*
(3) ha6 frred arl reporls rcquiEd to b. ilsd by seclion 17 of lh6 sRc and sRc Rute 17 the@unds ots€.iion 11 ol tle RsA aid Rsq Rub 111.)-l theGudd€r, 5nd sections 26 .nd 141 o, ThaCorpoEr on Code of lhe Phitippin6 dudng the pEcedhq (12 ) monhs (or aor such ehorer pe od$at trE cmp..y ss Equled io fte such reporc)i
Noll(b) ha. ben suhj@t ro such liring rcqutrffents tor tl6 Fst !o days.
YeE lxl No I l
APPLICABLE ONLY IO REGISTRANTS INVOIVEDII{ INSOIVENCY/SUSPENSION OF PAYMENTS PROCEEOINGS DURING
THE PRECEDING FIVE {5} YEARS
l3 ch€ck wtuth€r tE rogistEnt has ti €d all docufrenls and €porb required lo be fi ed by seclion 17 oiihe code subequent io
'le dlsldbulioi ol seudis undq a pran coifmed by a @un or lhe
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 Iheeof 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 ofSRC Rur€€3 Fon .nd conlen! ot Fhanctar Statefrents, shatt b6lumbhed ad 6p€.ited lhocin.
Syn.qy G d & Deveoprent Phile. lnc ('Comp.nl) arso adehes to lhis iom €nd Jn6DoEt* byGf€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&@m6n9 vjrh 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 ry A[ @sb, f€€s and hleestE Etatei and inmnneclol riF $e ongha Fac riry AgRTerl €E tor aE ac6l1r of cFpc the toans aF ror a perodor !! y€58 and w rh .n threst €lE €quivalen to th. agq€gat e of tr€ Lor oon
^GJtrank ofh Ed Fare
(Libor) pus a EpEad The r@n @s turry paid on Aff 27,2012
On Deembe' 21,2010 tre Comparyr shae4otde€ aDlbved ft€ inq€Eee n rhe cohDanvsautnoded €piEr stod nn P50.oo m'non divided irio 50 n
'or sha@ ar pt pd va ue @ s;are'ro
P215.00 m on divided inlo 100 ml on 6mmo shares 5t P1 par vatue p6r shae and 65 oilion .on,vothS pchr€d shars ,ilF a p.r vaire of P I pe srre A [email protected] shac s@p d$ ue sloc\hotdeE oto.e raipEr Horomss rc (one r6p€1) End PscI@ 2 | h; d rc' r^ (p& rE;) w.e I (*6e appo€don De sreheet1g. on Febrary'6.201r rh€ Board oassd a c$riror durroE 19 ti€ €#iany bbsue ollorheirc€.s'1ilcaLhor4dcapiLrsiocka'reconpany t oo,ooo,coo Amrol $.rc; .ra ffe of P20 rer st.B ro tre sbclho doR o. or la'pal and Pa.'fe
'n erchang€ fo. t€f sha€e r
No Ixl This itbh is iot applicab € lo lhe ComDany
Nunber ot connon shar4 ro bo suu*ribed
on March 14,20r, rh€ odgins Fac iry Aq@freil M5 adended (Fn AmandmonrAgEement)incE$ ng lh€ amounl ol lhe Con panys oai. by us521 0 dill on (P9 20 billlon). rta l@nprcc*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 €pitalslock Hwever,lhe shae swap ag€€mant has not yol been @mpl€l€d pend ng lh€ deirery of alloddilions as ageed updi by lhe pam* involved .nd .s s!ch, lh€ Company is taking le position tlatlhe 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 AmendmenlAqEene.n) n@sinq lhe btal l@n @mmltnenb of USl400 nillion (P17.65 billion) by US$30550minion(P1343brion)Theaddrlron.rts0305.50mllllon(P13.43bion)Msappliedrofulypayfleexisling on€ Taipan o.B, rogelher eith lh€ accru€d inlaEsl .nd p€nanr6. an @9s. tee. and rniecsrrelal€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 AeessG obal lncfihnd ,nendrent Agreement) froh a bank, 8nd a sid€ Leier extending the seour ly g€nledby the company io Powd Acc* Glob.l lnc. und€r ce.rEin iems and @nditions.
ln Augost 2012 lhe boad apprcved an addllion.l Gua6ntee or US$30,000,000 roan or P@q AesgClobar, nd F@nh Amendnent Ag@menl) from the sam€ bsnk, under !1e eme iems and @nd ltons.
On ApriL 29, 2013 a Fifrh Am€ndm.nr AgEment Ms eredled whgrein m€ Company .b$tut€ly.*igned b One Taipan allot irs righls and oblig.riom a3 orginar bolrwr undd $6 Onginat FaciiryAg@ment makino One Taipan the replacem€nl bomtrr lor tte cmaining l@n Emount olus$263 947,500 {P10,33 bilioi).
excepl ror lhe advanoes which its major slod6ordeE/arflrares made rE $€ Company th.€ aE nol€nsacliois bele*n lhe cdhpany and .iy of iE dire.iors, d.cu|ve ofteF, or sr@khotdeB omi.gmo€ lhan five (5%) of l. oubianding capilar .lpck snd 5ny mnber of their inmedi€t€ hmity.
The CmpEny h$ no subelstidq oonsbuclion, @nsu[Enoy, 3ub€nbctinq, supp]y satas or oth€r m.jor.grehents with 5ny p.dy rt h4 no haledar com mlrrgnr lbr €ny €pitate&end luG.
As of Jun€ 30, 2013, tle company ourrent y has one €mproy€, a Ftianoiat comptrcner but pt.ns to hie€mpbt€es n the onsu ns rw6 v6 (12) months.
Th€e ae no hajor risks rhd $e company rs tnvotved in oi\6r tlan tle ccdit and tiquidry nsksdiscus*d in Nore 15 0l tle Nor€3 lo Finanoi€l srBrements
ln €dd'roa tort rniomadon disdosad 6b.w rF. con p€ny tunher.eh* hal
a The C.mpany do* not.nicipale any @sh llow or tiqu(]ty pbbtem libin tE .6xt 12moiurs. The cnpany E nd in d€taull ln zny nole, lo5n, €a6e or other indebtednss orinancing am.gEmonr requiriis it lo m.ke paym€nls.
b. The company d@3 nor hdo or ls nol a@rc of any lrends, defraids @mnllments,qents or unertainties lhar fi I hde . haia al mp.ct d rr. riquidity.
At presonl, th6 Comp5ny hss no m.ledal commitnenb lor any €pilal spenditure.
The@ sE no signil@nt elemenb of in6m€ or loss lhat did nor €ns frcm Rs op€€lion3For lh€ p..l *ve€l yeac, ihe cohpany has @ntinuousty sostained tc* due to act(or income stream aniburabb to its non{peEuon. The Comp€nys prop.6ed e'lo€terc{Ean ailon and dlve6m€Uon ot its business is lniended io imprcre rh6 Compsny spelntmdn€ .nd addE$ iE tur€nl frnarcial losses.
All qpenss ot fle Cmpany ac curent and the Company d@s not extect any d rcct or@ntingenl ffnancia l obliqEtlon lhsr is su&ianrial o. mar€ 51.
The tollding k .n explan.ioi ot matenalchang4 in cenain it6ms of th€ Conpany,3
2nd Ou.rt r20i2 v.,2nd onart .2013
Cash baanedun.g lT curcrl p€r6d d*E.sed by pt5.26linon rsc 6%' @mparo ro tre 2ld quarro'?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 otexbting roans which f€l dueonJuty20t2.
orher cufeit asE incrssed during the ourent p€nod by p299,521 due io in@s€ in input iax ons6Nic6 €et€d and g@d3 purcha*d as aoainsl fla 2nd quader of 2012
Odr€r rcervabtes (curent 6nd noncurenl) decE*d by p15.SZ bilion OOO%) whit€ tosns p.yabe/curenraid r.<Jr€lu a $decr€sed ov p1553 o blrto0%'rortre2dquanerof20.36hpa;dtolfe 2'qu.rr or 2o'2 dL€ ro rhe r'aGrq d rE r€nah ri oan oatan€ b o1e -€pal Lnd.r;e Fnh
rh6 Conp6ny denv€d 'ncotre
rrod.p6 E Operabrg ero€nsos of tre corpanr inc€dad oy p31037q 175$) t$ 2dqDne.or 2013oad cria4 ror p@f6* orst t€es. wh€r @np6Eo to .e 2!ou6de. of 20 t2.
Oulorn6llo$ofP4.26hiionandP2.99torfire2dqu.nsof2013€nd2012,Espetvetyp3!,645andP363 233 rcp@*nrB unr* Iad foroiln €rch.nge qain and to$ for2ot3 and 2ol2 cp6c1vety.
Lo$ p€r shae tor rh€ fqlaner ot 2013 is Po.og whit€ rh.E @s a po.o7 toss per sh€B for (he eme
FY 2012 B. 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 * or JurE 30, ?0r3 rrd D€c.rber 3- 2012 amord€d io p443 F br and ps2J m Enrespectvery * 3 BJrt oI d€lftse
'n oot*s ora ano ht'ng ,b* oi f 6 company ftis Esutca io a p 09
nsspa [email protected].
K€y ForLm.n6lndl{toB
Tor.l €*G a. of Jone 30, 2013 Efrounted to P14,522,337 trtEe zt% EpE*nts €.h and 6h€quivgrenl. and 26% ep€senG curenl and nondn€nt a$ets. As of JuE 30, 2012, iolat aslsamountsd to P15,602,775,454.
Liquw and CepiEt rl3@v@
A. of June 30, 2013, rh€ CompanyS cuGnt as*G ex.e€ded th6 drcot tiabitiris by p12.46 milion.Th€ curenl Erio s ot June 30, 2013 irdea.ed as @mpsred lo 2012.
30Jun.2012 30Jun€2013
CureitAselE P €39,567,511 p 1q314,a19curent Liabiili6 961 532,953 332,326Din€En€ 19,9&,553 12,4a1,a93Curenl Raio 1.A2 15.99
The Comp6ny ,nd@d qpot]s such .r filing ree., sahlies and w.s€s, reeinor fe obtestonat ree€,Lxes a.d licen$s and olher opeE0ng dFtrs toEllng lo P4,429,916 $ of June 30, 2013, 7.5% morelhan rhe P4,119,542 op€Erins €xp€n*8 * ol Juhe 30 . 2012.
Ine Con!.iy enEd lnEBt lndm ol F13A,77 .nd P1,6m,099 iM @!h d€lGtr and .h4t lemda6.n13sitl b8nk * ot June 30, 2013 and Jum 30, 2012, Ep€cti€ty.
PART II.'IIIER IIIFOR ATIOI{
'the l$u€r may, .t i|! opto., cp.n u..,a 'lb
tt h 3ny infom.tid n.n pEvioEty Fr.rbd h a Erdt onSEC Fom 1?€. It di*lGuE ot uh himtt, b msd. unds 0 s Prl [i it ned not be Epet d tn ar.port d F6m i7< wnlcn @H odERis b. EquiFd to t€ frted {l0t Ea{re.t kr s(dr inlb.natnrn s in alub6equ6i Epdt o Fom 174.
3T6TATURES
Pwdt ro lB equltMb o{ tE s4riri* R€gutaton codq ih. i4s h.s dut eu.€d ltr Ep.rt iobo .lqnsd on iE b€h€f try th. urdeFtoncd in@nb dutv adEltad.
3YIERGY CRto t OEVELOPIEI{I pHtls" tt{C.
\"--lrr rxeresnr or cr[r* *.o
SYNERGY GRID & DEVEI,OPMEM PqItS'' INC.(Fomerly UEM D€v€lopnenr P!!!1!!9)mffi srATEtEr,'Ts o! lBlaNcIAl ?ostrloN
(wiri compealivc ft$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* tdGAtrdoiizd - 50,000,000 dle
RETAINED EARNINCS (DErICIDBsle.. 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(All mounts aE in Philippine PN,
31,2012)unles otlcNis. indicar€d)
syncts/ crid & D*elopmqt ?hils., Lc. (Conpmy") m disiMlly a ninins mrDontion mdesistcrcd wilh {E scouritie and Eiohus. Commission (SEC) on Jre l, 1970 und$ de nmeMankryan Minerak DeveloDncnt Conpsy, tnc.
On F.bddy 22, 1994, dE SEC appov.d lhe Comp€ry's chdg. of 6rpmb nm. lo UEMDev€lopnsr Phils., Inc. Dd ihe chm8e in ib primry purpoe ftom one6eing in mining aclivitio togdecl codtulion md oirier rllied bsin*er. The mddndr of irs pdngy plrpose re due bthe 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'sAdicles ofIroorpontion i'maing lhe pa. volu. of ill a ndiz.d €apibl $ct non P0.01to P1.00,deHsing the C.npdy's sh@s of srek Fon 500,000,000 shm to 50,000,000 shrEs, rnd *ring611tl,. siaokholdom ,hal nole no prc4mpiive dshls.
On NoveDber 5 md 9, sd Dc..mb.r 14,2010, ln. Borrd of DiEolou ( tsMd') cmiddd mdapprcved lhe AnendmeDl oflhe AftioLs of ln@AoEtion dd By-Lows of th. Cmpdy for fiepnrp@ ot eone 0$.6, chdgina rh. Cohp,ny! slpomto nome b Strerry O.id & DevolopmeltPhils., Inc., chrnEing i6 primry purp.e to .mble it 6 englse in Do*er, eneqr, ifti€s.inf!tucte d alli.d bsin.ss (inchding invdling in suoh mrities), exprdi.g th. sondarypuaso 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 rhesiockholdeG on D.ljmbF 21,2010. Ti. SEC lppbved rhe An.nded Anict6 of h@lpomtion otMdcn x, 201 I (s. Nor€ l1).
The Comp€ny\ shG oI stek ft lkr.d on nle philippine St@k Exohoge eSD under the srock
The Conpmyt ftgisleEd otr@ addres i. 1607, l6th Flsr, T'€@n Cdrer Bld& CondoniniDnPeorl D.iv., P6iA City, n,letu Moila,
sbbm.nt ofconrlieceTh. financhl shreBenE hrve been p€ped in @mplime wirh Philippinc linsci.l ReponingStuddds (PFRS9). PFRSs ft bssed m LreodioMl titun ial R.porrins Shndads (FRS5) i$uedby de lltenatiml A@untjng Stondards Board (LASB). pFRSs consisr of pFRSs, phitippin.A@r ins Sbr&ds CAS!), dd Philippire Int Ddrbns issu.d W the Fituncial Reponingsbdirds Councit (FRsc).
ihe n*"id "m"nr t'uu" Oo pr.paEd on rhe his@rical oosl bdis of tcmundng.
E!!4!!!!trd&eE!!E!ie!!!re$!Tl€ 6anoid sl!&meib e prMGd in PtiliDpine peso, which is dso lhe Conpanv\ tuncliontlourc.cy. All fi'mcial infomation pr.gt d in lhilippine pao hG b.en FuDd€d otrlo lh. nemstpe$, unles olhwis indicii.d.
Us. ol lrdmenu ud EstinotosThe DreE;ion of ue financidl qoenenb in onfomiry w b PFRS rcquir6 Mogcme b tukeeri;N rd b-mpr ons rha offed rhe Epoded mou-b of a.6 liabiliriec incon. md erpens.sThe estiftt s and suptims used in dF fi@cial siaLmdre e b$ed npon Magementtdalulion ol Elewt fad ind cimmshccs s of tu dote of the nnmcial sbbmds Acnul BUL!may difler fiom these estimat s,
Estimalo {d unddlyiq ssmptions a€ EvicNcd on d on going bdis, Revhions to eoodtingefin.ies a 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'sciiltdl &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 .ndclitiealjudgienb in rpplyirg &oo!'tingpolicis th have thc mo$ signifisnl etrect on de abountsr€ogniad in the finooial sblen€nb:
Dtuini,g FtuloMl Cw.nctBi*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 tlteouftnoy oltho prnnory ffinonic en bmdt in which lhc Conpmy op.tal6. It is tho @ncy lhalminly influen€s rhe invdins adivides ofrne Conp y.
Bdndag UpN Ltttr oJ Ptupertr @d WpnE tThs Conprny elirutes t!. usnn Uv€s ofib pmpsty rnd equipie.t bed on rhe period over whichrh€ 6sds e dpded b be .vrilable Ior use. The $li@red usetul livs of pBp€rty ud €quipn nt@ Bieved peiod@lly and e lpdasd if expecbtioa ditrei don prdioos eslimlss due tophysicd wr dd @, techriogl or mDmeroirl obsolesnce od legal o! other ljDil! on ine us of
llbprV od eqdpmnq nd ofr€umulded depleidion anou edrd?1.10millionasatJun.30,
hqaimt of No,frffikt trPaTie conpmy .$e$6 impaim€ni o! nonffnoncial ets wherever cwnls or ohmges incircmsbces indic're rhrr rhe cmyinA idour of m aset tu, nor b€ doveBble. Th. facton tnotihe Conpiny onsidds impodd whioh could tri$$ e imprim.nr Evia inchde lh. folloNing;
u teDerfom c elatire b the expeftd hisrdial or pBj&.ted f!toE opedinB
ch&g* in lhe mm.r of e of tbo &quired Nls or dF sttalee/ for oymll burne$:
n gedve indusry or ooo@nio t€nds,
tutinatins Realbabilit, oJ DeJem.l ra AtuttTne Conpmy Fiews ils dclmd tsx 6seh ai each €ponins dsr. ud Educes lhe oa.yitre anount10 .he .xlenl th.l ir is no longer prb$lc th.l sutioienl tuable phtt will be dlailable to allow lll dtpan of lhe defe@d ru 6set to be uliliad. The Compsy's
'3sE$enl on lne rMgirition of defered
ta\ ssis on deductible renpordry difid.nco Md csq'foNlrd benenb ofNot@ is bdled m dr€pDjetn tuhle in6ne wirhin lhc presciptio! p€nod.
The comDdy did not reo8ria d€ defeftd rd d$els 6 at .,ue 30, 2013 .nd Decembd 3l, 2012sire muas€nert does nd *pccl lo havo sDfiioiant toeble pEfit tnat will be a$ihble agdiniwhich the Comp€ny d.f.rr.d tay Nr5 ce utilize rhe benefir rh* 6on.
Ptavkiarc ann (hntinEu.bsT1E Compe, ir lhe ordrna.y cour* ofblsin*! s.t! uD lppmpriric provhions foi its pr€cnt leealor cotuhctile obligaltotu, if any, in ecordoce wid its policies o! proviions ud rcnringencies. Inrccogrizi4 sd neunng prcvisions, Dmagemdt &kes rkk dd u.ert irti6 inro acount Th€Company dcs nol hNe sy conliDgenr legal or o.shdive obligrtion ind EquiEs pwision ordisclosure 6 rrJu€30,2013 and DMb.r 11,2012.
3,Surmrry olSierilic.trr Acmuddtrg }oUcls
The emunling policie sl oul bdw have b@n applied @nsisl€nlly to .ll priods pres.nted in tiesnniloul natemeiE, *pt lor lhe ehdgs in a@unling policies !s dploir.d belov:
Adoolion ofN€w or Rwisd Sllndods Anmdmmrs ro sh&rds ond lnl.oEtotionsThe CoDpany hs dopted tno folloaire anendmenF to srandlds ed inrspMrim staninsJanuary 1,2012 ond acoo(tingly, oh{Aed irs &@udrg polioi6, Exc.p( d olh.fli* indi@to4lhcadoption ofthee dendnenr ro sbdr& and i eIPI*lioG did nol iarc !0y sienifi$t impsct onthe Company's fbancial slalmenls.
. Ditcl$ves - T.tu{^ dF @iat,tsteb (AMdrn^ to PFPa 7), requiF additional disolosFsab.d lr.nsfd of liodciil llss. The mendmetr EqdiE djsolosre of infomdion that embl6Us of ntrmcial slatemdb to udeNtald lh. Flationship bes*, trafffid fimdd ssts tnstare nor dercbgniud in then eodreg sd the Nocioted liabiliti€j dd b €laluac rh€ ndE of, andrisks swiaEd rnh, fie atityk €ntinuing involvdenl in deuogriad fMoiit s*. Emitiesft requied to lpply lh. ffiddmd6 fo! Murl periods b%inning on or afte! July l, 201 I.
NN ar Reeisi St@doAs, ,lmndw"ts to Statdads dd lderpteanow Not yet AdoptedA numb€r of ner shddds,
'madmdb ro shd'rds md interyrct rions e etre.rive for muit
perio& b€ginnins lier Jlnlory l, 2012, md havc not bcn applied in pr.peins thesc firmcialsbroenls. Excepr a orhefli* indic.t d, none ofthese is expet d to h'v. r sig'itoonl eflecl onthe finmcial sftmols, Ilo* ahioh moy b. €ld l ro rhe cmpuy aE ser o belo*. TheCompary docs nd plm ro adopr rftis tudard esly md rh. *nt of the impoot hs not boan
The Company will dopr Lrre follosirg new or shed sLnd,rds, mcndm.nls ro sbndfu& indint rp€t tions in th€ epedive etre..ivc d.r6:
fo be Adopted on Jdury I, 2A13
! Presenhrion of lteme of Oihd CoftpEhensive In@me (-,lrrrdz,b to PilS I, Prete,tatid oJFkqcial StehEhB). Th€ dEndnEna: (a) req0iF lhal .nLity pMts serdEtsty rrF ilms ofodEr cmpEhensive incom. lhal would bc reclasified to prcf or lcs in rhe tunF if qtaitr
condnions ee net ftom thdc lhal sould never be dlaili.d b pofit 6r loss; O) do nor chdge the*isting option ro tresenr poft or Io$ 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 andother @DpFh€nsiv€ incom€. tlorevq, d .nlity is still ollored 10 ue o$er tides, Tie lm€ndnenbdo oot addE$
'hich ir€ms m p*nted in olns €mpr.hensive in6me or which ilens need lo be
fclNified. I]re requiEdnb of ol1lr PFRSS conlinu to rpply in lhh regard. Tllese amedB€ntsee efeo.ile or or aiie! July 1,2012 enh edly dpplidridn pemitted sd @ to he dpplien
r Dsclosws: OftuinC Fin@cial A:seB nd Fkmcidl Liabilities (AnendhenB to PFRA D.Th* aiendeenr include nininum d$loss reqdmenls Flared lo firocial !$eE od 6ndci.lliobiiirio thal sq (a) offsl in th! sblemenls of finoncial positionr d (b) subj*r b enroicabhmster nding mDgment or simile rgEnent. They include a tabuls @roiliation of ero$ odnot omaunls offD.ncial4see and fr.ncial lilbilities, epdaely showing moub otrset and ndrofsd in lhe sLtements of finuoirl pGition, Tlese oendmdrs de etfeclive for annDrl periodsbeginning on or after Jmmry r, 20 r! dd e b be dpplied dlspelively.
r llnntal hrproftretu b PFR* 2049 - 2al I cycle - ttiots stud d5 oonhin msd,'enr bfive drnddds wirh consequeltial mddments ro orhe! st ndd& .nd inreadion' Themmdmcnls m cfedive for lnnual p€riods beginning on or alter Jduary l, 2013, The follo*ing mrhe said ihpbvemenb or m dmenrs b PlRSs, non. of whioh h6 a sbnifiot eiler on lhcfinecill sl dmd& ofrhe cohpdy
. PAS I Pftt.tuion d Fimcidl Sttutu - C.(.Pt4i\a tnfomarion beyond MininunRequircmena, This is dended 6 cldi& lhar dnly onc onpmiiv€ p.rjod vhioh k ft. pi@edinspdiod - n FquiEd for a mnplete set of findciil slalen€nb. If o enlity prst additioDalonpddiv€ infomation, lher lhd additiorrl inlmation n..d ndl be iD the fo@ ofa complete set offfmncial st tencnts. How*er, snch infomation sl'ould b€ aMmpmied by rehhn nds md shouldb. in a€ordsce wnh PFRSS. For exmplo, il an stiq .leb ro pE$nt a thnd siai.nent ofcosprchensiv. incme, .hen thb rddirioml shtment should be s@mpeicd by ,ll reldred ndes, anddl s@h addirioml informrion shorld be in c@donoe *in!r PFR$. Howryer, ihe e'tiry '*d norpEsent (a) olhe. prim.ry s6r.n.ds for lhd addnionrl cdmp€stive ,€riod, tuch 6 I third ddedenror cash flom: or (b) rhe nots Eloted ro rh6e olher pdnary stat nenh,
. PAS t - Pt&tui ofrhz 0p irystdeae,t of Fimial P6 ion m.l Relded Notes,Thisisanend€dlooleitlh:(d)iheopdinssllrementorfinmcialposilioni3ftquire{tontit(i).ch geh &count'bg policy; (ii) ! El$spcotiw rsrat nent or (iii) a Ht6sificaron hs r mteridt efiecrupon tne infomation in lhal sbb6e of financial rsilion; (b) ex€pt lor lhe di$lose requir.duder PAS 3, norB Elsbd to rhe opening srotomdr of nmcidl psilim m no trngs rcquifdi mdic) rhe appopriaL dar. for rhe openinA nalnent oI findoirt posilion is dp bcsinninS of dEPlsding period, 6ibd rho dE b€ginning of the erdier conpsltivc pdiod prese en. This isqordle$ of shelher e ity provides odditiondl @mpqlrive intomrtion hqlnd rie minioum@(pmtiv. infomrjon rquiremmb. Tie madnst *pldN t}ar rhe requiEmdb for rheprcsenlarion ofndres Flstod to addjtimal compdtiw infomotio, dd ih* Elsr€d b tne openingshlment ol fbecial ME(mts @ difrercn! b€cou€ the mdqiyins obj.ctiles e ditrffiicons.qoentid mendnenls hav. be.n nodc to PFRS L
. PAS 12, Fintuidl l8tmntt Pusalarir, - Ircone Td Conseguonces of Disaiburioft. Thisis ltended to clltily tnot tAS 12, lr.rre ?ks .pplie to tho ecounting for incom€ lrc Flatineto: (a) distibutions to holded of d equiry inslMenq and (b) bmaction @sl! ot e equityt a{serion. ThG mendnenl remov4 a pereived in€nsistency betrcen PAs 32 Dd PAs 12. BefoErh€ dmendmenq PAS 32 irdicarcd rhar distiburions 10 holdeN of d .quity insrtrh€nt @ Iwgnian
dte y in equity, net of ey rela&d in@d€ t:, Howv€r, PAS 12 gE erally quires $e l8x6ns€qudc6 ofdividends to be eogd4d in pioftor los. A simila. cons.qDenlial mendnent h6al$ 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* anendmentsclaiit fiar (.) d drity cuffidy ha a La.lly cniofteable ;ght lo Ft{fi if $0t risht is: (i) rotconlilseli or r nr$rc evoti sd (ii) enroeoblo 6olh in lhc noml cours or busi*s dd in theevent of defruh, insolvenry or banknprsy of the enrity and all coul.aanicsr md (b) 8rc$setrlement is.quivaldt ro ncl enldont if ed only if the gbs enlenent m*hoism n6 featuEsrhat (i) eliminale or r€slt i. insisnincd qedn d liquidily ris*t dd lii) pues lwiEbles mdpaFbles in a single sdldent prd6s or crcle, Tliese uendmenB e efletiw for enurl teriodsbeginning on or ofter Jmlsy l, 2014 sd e lo he lppli.n Ehosp*tiwly.
r. be AdopreA on J@Mry L 2015
. PFRS 9, Finn irt httuenb (20t0), PFRS 9 (2009). PFp.s 9 (2009) inroduces netrqunehent for rhe olsificolion ud s!4menr of fmdsisl ,ssE. Unde PFLS 9 (2009).linancial .$.a c clssfied md mdEd b6ed on rh. bu$ns nodel i whrcn
'J'ev re hetd md
fte .harEnti6 ollno.r @ntmc@l @h lloqq. PFRS I rl0lor rnmduce\ addti;1\ rehring binmcirl liabiliris. The L{SB cumdy hss !n aclilc poj.ct to @te limi0.d mendnenrs io theclsifpation sd m*mmdt reguirenenrs of FFtrS 9 d add n* Equirdenls to addres tneimpaimenr of tMdd ssls md h.dge ffinnti.g. The ldoplior ofPFRS 9 (2olo) n exp€cted tohovo !n iBpacr di tne Compmy's fin oial stahenb dd muld ohdge $e cldsification ddne6mDont offibei.l .sels. PFRS 9 (2010 md 2009) is ctrdiv€ for mud pojods b4jnnins on
11)E Co(psy will N$ the inplcr of dE lhole ncndmcnts to sdlrds dd idelPddions on rhefinoncial ihremelE upon tien ddoptior in rheir Hp*riw ef(.ive dd6.
Dde of Recogritio , fhe Canprny rco8ni4s s findcial ssd c r financiit li'bili9 in iheshreme.tr of finocidl position shd it b.6hes a pdv to th. €nb@iuol provisions of ttein$ruftent ln rh€ @e of . reglle vly pwhos. or et. of ffrociat s*b! @gnitio! sdde@gnition, is done usins srdemor date lccohridr.
th r Rms4iti oJ Fbbc.id tntue,r, FirMcial inshmeols e recdg,jz€d inilialty ot fon\alue, which i, rhe bir vrru. ol rh. onsidorrron giv.n or E*ned rho iniriil meauFenr offtr rcialinJruD.nts. Nepr ror rhoie dBigrurcd r tan v,tue mugh pmfir or lo$ Gvpt ). jnctudAdially onribulable tusctid dt.Sutsequnl to inirial E@snitior, lh. conpmy cl,ssifies i6 fl@oiol ss* in rne {o ovjnscat*od*: neb-to-maturity o{TId) inveson nls, avaitabt+foFsde {aFs) ffnsci.r sseri rwpaffnscial 6seh, md loms dd €eivabls. Tio Compdy ctsii.s its ftlwcial tiabiliti* s .ithqF\PL fimcid liabilities or orher finuci.t liabiti$es. The cb$itierjon depends on rhe purpos forwhioh rhe inv$rndB irc rqdred Dd whetlr they m quoted in e dj,€ mkd. Md;sdeddhbes d. olssifi.dion of the Compary's ffnmcial @s.ts dd f'mcial liabitiriB rainiri,lrsEnilion m4 whe rllored md appropriarq Faaluotes srch desig'otior d €very reponing dete.
The Compdy has no HTM inv6to6r,, FVPI fi@dd @ts md IVPL findcial liabilnies as !tJune 30, 20l3ed December 31, 2012.
AFS Finnci.t .lsea.Aas fiwill 6en @ non derivdiw fmcial ^sels
dtrl se eirherd6iena@d in lhis cal€gory or not clrsilied in dy of ft. olher linmcial .$et aEeories. Subs€quenlto inirial remenit on, AFS finandidl a$.ts & mcsurcd at fair vdu. sd chmgs lheEin, oder thdinpaimnr loses and loFi8! cumncy di6eEn6 oD AFS debt i'stuenrs, @ soenized in olhs@mpEhensive income and prscd in rhe 'Fair v&lue Fsefrd' in equily, Dividends €amed onholdins aFS fidancial ss.te !E mgnidi s "Dividend incdhe'Nhen the .ighl lo e€ive paymdth6 b*n dilblished. wnm indilidral AFS findoial ds& m cilhd [email protected] or impair€d, d€relrkd MunulaLd uNaliad gains or losw previously ftpor&d in cquity @ turlered ro ddre@sriEd h pontor 16.
L.m md Fnieobles h@ md leivibls m non-derivaliv. finonohl 6sets uidr fixed oIdehinable pdymenb rhat c not quored in d ddive mfl<et. They ac not siertd inb vith ln€intention of inmodi.te r shor.am ffile ed e nol desieMFd a AFS trndcial sl* 6r nMcial
Subsequenr ro inirial mslEmo! llns sd r*jvobles @ c$i.d al anortiDd cost lsing lh.efllslive intren nte rethod, Ies nnprimenr in vd!e. Any in&res .d.d on lom rnd reccivableshalt 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.
AFS fmseill ssls rlso include unquoied eqnity inhn.n6 wirh faii vrlD6 which .iuol b.rclilbly damh.d Th.s. inslrmsts @ c@ied st @sr le$ impaimctrt in vlluc, if &y.
The Compary s iNesbena ir AIS fin oial lssls !r€ included udor 'Odlc. noncumnt 6sers"a@unr in rhe stuetr of fiDocidl pcitim.
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 sinrlnaturities 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 hiltionond P13.20 billi.n 6 at June 30, 2013 md D€emb€r 31, 2012, Esp€ctively (No@ t 5).
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$t mto m.thod. Amoltized sd G @lcut.ted by tlking inlo eoount mypEniu( or disur dd dy dir@tly amibuilble Fars0crion cosb tnot @ snsidered d inreerat pafrofihe effecrive i.r€Esr Fto olrhe li.bility.
Includcd ir lhis eesory @ !@d qpers dd other cljlMt liabiUti6 dd llns ply'ble.
The cmbined c&rying molnr otfindciil lisbiliries undd lhir @Aory mout d to p,?5 niuioand Pl3. r 6 billim a al ,nne 30, 2013 dd Dsobs 3l, 2012, resperiv.ly (r.roe l5).
Ds€!ei!!!-a!-E!!!!i4As!!E-s4d!ruii!,i99Fiwciol Attelt. A f\a4aad 6set (or, whft appli@ble, a prn of a finsoiol a$t or p€n of! g6upof sinjlu frnsciol es) is deEco!fliad whdl
lhe rignb b rc@ivc c6h ilow toD the ss.t have .xliredi
. the Comprny dri6 the riChi ro r*iw c6h floNs lron th. as!, but he 6sune! e obligaiidto pay them ir iil vihoul neriil &lay lo a thid psrry under a "passdrough" mngeben! o.
. th€ conprny h6 falsfer.d ib nsnb h €*i!e .8h floE 6om d'e s*r rnd eirftfl: {r) h6t esfeded subbtially all 6e risro dd wa.ds ol th. .ssq d. (b) ns n.id)er rrdsferftn norEt'fcd subsiantiauy .ll rhe rkk dd Evlrds ofrhe 6seg bln hs trinsfq€d conrol ofihe 6sd
Wnen tho Compdy h6 hsfeftd its rigir 10 c@iye o6h now ftom u 6set nd hs neitnerlrtusfered nor rebined subst nliolly oll d. rkks md rewbds ofthe ss.l nor tusfered cdtut ofrie Nt dl. 6d i3 t€o8rized b the eftnr of tho Compony's cdrinuing inyolvemd. in th. 6s.rContiiuing involvdenl {Mr 6kes rhe lom of a gustrre ov.r tt. trGferftd Esd is ne6u€d dibe lowd of rfie originol ctrrying qnour of the s6d or rhe ncximun .sobi of @nsiddarion lhartne Conpmy oould be Equir€d b pay.
Fiwial Lidihia. A fin rcial \iability is deEog.iad wn.n the obliertioD under $e lirbitjly ndischdg€d, modLd m expned. Whd an exi$inB tr@oid liabitily is cpllo.d by motner fron those lcnd.r on subsltially dfcmt lems! .r tl]e ems of u .xhing tiabitiy a€ subslsntirllymodified, suoh d .rchdge or nodia,otioo h lreated d I deEmg.irio ol lhe odginrl tbbility tudlhe Mgnilion olr n* liability. The difdace in lhe r6p€.tive crn1jne omounE is MAnized in
Olfs€ft ine Finsciol InsrmenlsFinanci.l aets and nnsoi.l liobiliti.s e otrset md rhe nct mout h cp.r!.d in th. 3raEmdb oflindcial posnior ii sd o.ly if, rhere is d curenity dforcabl€ legsl riehi !o otrrd rhe rsmi4dmounts and rh@ b rn inbnrim to sdle on a n l bais, or ro @tiD the 6er lnd seldo dE liabititv$nulran.o6l). ftn is nor g.nolly rhe !E *ifi msr nmin8 r8ftom.ns. sheft Lhe Ft*dasei5 and liabililies m pEsenlei gtN in th. sldrdenb ofli@ciat !Gitio!.
Pmd dd EouipnenlProperty ed .quipbent @ cffiicd d @t l* reunulal€d depeiatidn d impaimdr ldl if ry.fte innial @st of pmp€ny md equipm.nl consisls of ia peh6e price, inoludinB any diEdlyattsibulrble *ts in brjrginE rhe rsd ro irr vor}jng cddition ond to€rim for ils inl.nd.d D;.E^oenditus incurEd rftr lhc papenie hrve hd pur inb opoduon. cuch,s Ep,b sdna.nt.me. m nom.llj ro8nized in potir o' to$ 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.
DepFciarion is compDrcd usins lh€ srai8lt-line nclhod ova dE follovins €stinaled usful livss of
NumhorofYeoB
5
3
l
Th. u*lul livcs, sidud ralues d depEoialioD nelnod @ Fvi ed Friodioelly 10 eDsG iharttey !rc oonsislent Nith lte exF.reJ pattd ofeonodic ben€fib jiom the items uder pbpert dd
Fully d€pMiakn aiet! ft Fhined h lhr @ountr util lhey @ no longer in use aid no futherd€praiotion is reoo8lizcd ir pmfit or lo$. Assls arc deremlniz.d upd dispoel or whd thoF is noloneer turuE ilnoric benefits erle.kn noe $e *e o. disDosal ofth€F ite!$. Any gain or losarisirs on dassnirion oi fi. 6s.1 (caloulai.d rs tnc dif.Ence btuem ihe net disDos.l pm.edgrnd tne carryi.e uoNt ofti€ sse0 is included in pFfii or lo$ iD whioh lh. ss.l h [email protected],
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 isobjetile evidd@ of ihpdmot 6 d result of on€ u noE qents lhat have o6ded dn€r the inhialrcooenition of .he a$.1 (& ircurcd 1o$ *enl) sd thal 16 *nt h6 d impact d lhc estimaknfutor. cosh nows oflhc findncial Ne. o. ti. Ercup ortmcial r$ets thrt cm bc eli&bly eliroted,
,4seb Cfited ot ,4tuned Cos. For asb 6ied at monized €st such d llDs dd reseivdbl*.rh€ Conprny fi6t 6ss* whethd objelive cviddce of inpdmenl exisb individully for findcirlet! rhat e individully sigDifi@r, or collectirety for fimdd 6sets lhat de not individud ysignifieit, If no objective evidence of inpdmmt h4 b@n idmtilied for a padicutd tnoncial 6setrhdt re individuilly a*ed, rhe Compdny ircludes lhe 6sd 6 pan ofa SmD olnnuoid 6s6p@lcd a.6rdidg b then oredit rik oh@teihti6 .nd colloriv.ly a33*es rhe g6up forimpainenr. A$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.
Evidence of imp,inent for sp.cino impaimert purFoses may includ. indicarioDs rnol de bomN.ror ! group of botrowd i. experiensing fmoiol dimculty, defdtrll or detinquecy in principat oiini.d p€)menE, or may 66 inlo ban*dprct or orhq foo of financiat EorEoiation irhndcd 10allovirtc lhe fimcial s.dition of de b.mrcr lor ollerive inD.ime.t purposes, wi{kloe ofimpained My inolud. dblerylble &1e oD .xisting $nomir colditiotr or indDsr,t-widedev.lopm b indioatilg thot th* is ! mceeble deeree in lh. esrinded ffrft casi flows ot lte
If there is objetile diden€ of inpaimon! the mouft of Io$ is m*trEd 6 th. dirf.En@ bdveenrie 6s.fs .rrying moul md rhe pr*nr vdE of estinat d fttoF sh Aows (excludiDs tutreor.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 $h.n rhe.necrof d.M-nrDCdeal'Iotr!ir ur.,i!k id, lre to&t or rknabh h6, vtu,abtenE, rfied\!ou'rare for msurins dy inpaime lo,s is rho cuftnr efierive int.d nre, adjustod for lh. oriairor
credn risk pftnium, For ooueclive idpaiment Durpces, inpdmenr lo$ b @npd€d b6ed on ihetBp€clive default bd hiedicdl lo$ etpdiene.
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.quenlperiod, 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$ issvssed. Any slbs.qudt reversal of m inpdiment los is resogni4d in prcfit or los, ro the exhtthat n\€ cdrying Mount of lhc 6sel dcs not .x@d ils mo.lird oosl al tie sftat ddb.
The calryilg mounls of pbpeity md equipne are Biewed for inpaimert when ev ls orchrnges in circumst nces indi€t 1nll the canying mout mry not be ecmBblq r ony srchindidtion sisls, d if tllo carryina mohr *eeds de edinat.n isv@bl€ mount, tne ,sb orBh-geneftting uniE e 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$ 6b ro stt islhe dounr obtainable fton rhe ele of m e! in an m s lqsth rMtion belveenknowledg€ble, wiuing pdi6, la cons ofdisposrl. In &$e$ing valu. in us, rhe estimEd futuecash 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 $*r. For-6setthatdos nor genedte lBs.ly ind.p.nde c6h inflowq lhe Bovslbte anounl k detemined for thecah-goemtine uil b phich dle 6st belor$. Inpdimsr lo$os .rc recogni4d in prcfit r to$ inthos dpene oolegorics consilb)t wilh rhe iootion ofthe ispriFd 6s.t.
An lss$D€nt is nade at @h Eponine dsle as ro,h€lhs rheE is dy indicarion rhn previoustyr4ognizd inpeimdr lo*s @y no loDgr e*t or n'y have decssed. lf sucb irdid,ioi disrs,th. lsvflbh omounl is 6rimred. A pEvio6ly recogniud inpaimdi lo$ is rcve$ed onty ifthere h6 ben a change in the esliDo&s us.d b delemine lh. s3dt HovcBbL dounr sin€ rhel6t impdimert l6s vs l@Enized. rthd is tho csc, tie carryinA anomr ofrhe 6s1is incE&*dto iE Fmvembl€ mourt, Th&l incsed domt omot eked the corryinA rhour rhd would hawb€en dehimd, net of d.preci.tion tud oorriatid, had no nnpajment ls beon re@g ad forrhe ber in p"d ,€h quch Rv.Ed k Roeni4o rD Dofir o' to$ Ano 6uch s 6mt, :edepreirtio. 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 b the issle ofcommo! shes are ruogri4d as a deduction lom equity, nd ofoy 1ri .fiflrs.
Eoin6 P.r Shu€B6icEri g! oerShmnPS' ss.uhredbydniding:r.om.appticsbteo6mmonshrBb $etroehtd,\eng. nLmberol ommon che! oursndined_ring lllej,€r siln rEoni\. adjunmenklor smcl di\ider&. rf &\. Diluled EPS s comp.Eo in rh. same mmer s bdn EpS. ho;e\er, ndiMm. atubxbble b comd dhas md 6o $eidbd av.msc numG or <hm. odtudini tutdjuned fo' rheefi* olalidiut'\e poEntrr. smmon .!R' rIey.
OE alidr SelnotsA segnenr i", d'nhgukhabte rcnporonr oflne cmp€ny tn.r i3 en8 a.d eirhe, in prcvid,rg Etardp6duG o' sen'c rb6,ns seglert). or tn pbvidi13 prcdurb o. snics *irhm i Pdn.-utr4domh avnonn (sosmphical *gmm0, which is subjer to nsk, dd Emd; dat oFdjmeEnr tron those oths scm.n!s.
The C6nprny, hivirs no op.Elions, 6se$d lhar it ha no Epodble *gneni AMdin8ly, lheConpuy does noi pEsdt sgment infomstion.
llcsIncome d snpds curs. dd d.l6rd l!\. lnoomo ui is eogniad in prfi1ar lo$ exo€F ro rhedt.nt that it rclale10 ! business oombindion, or itens rMgnizd diHtly in equiry o in o(her
Culmt insne ru is dE *pected tra patlbld or lgei$ble on the tuble iMne o! loss for lhey.ft, $ing tlx 6tes enaded or subsrintively emcted ai dr reroning dde, d uy adjustneft b laipayable h Esped of pFviou, ,eF.
D.farcd tox asB ore Eogniad for ,11 d.duolible temDomry ditrereMs, canyrotudd beneits ofuru$d &r oEdils - Minimun corDoFt€ Inoomc Td (MCIT) ed unused d l6s6 Ner Oped.ingL6s 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 andNOLCO m b. utiliz.d, oxc.pt
whft rhe defe@d ur as€l relaline 1o the dedudjblo lenp@ry diftftn@ di$i flon de initi.lftcoe.ition of an ss.r d liibiliry id . lEn&.ion rhar b nor a busine$ ambimlim dnd, 0t uro rim.orth€ bosdio'! afeoa n.ilhcr th. @outinb pbdr nor t lrble prcl't or losj md
wnh r6pelt ro deduotible lnporary diflroces a$ciar.d win i'vsrncnb in subsidiories odinterests id joinr vdtuEs, defered 1aa asds @ Hosniz€d only 1o dre exb'* rhar ir is prcbable rhartio tanporary difercncss will Hefe in d1e foFsedble tutu€ mn F{ble p@trt will b€ avaihblea$inst whioh rhe t mpotary diff*n€s 6n b€ utili4d.
Th€ c€rrying mouDt of defdti llx oss€a is Evicwcd each rpoding date rnd redD@d io theextent thll il b no lodeer pobable thd sufiicienl toMhlc pDit will b€ eEilobl. 10 alto* .tl or plrr ofrh. def€r.d d\ 6st lo be utlized. UnEcog'iEd defered b 4seE e tus*d d @h r€pofringdate and are sqniz.d b dE q$ent dat jr hs bom. pbbable rhal inure hxrbte p6fir witt atlovlh. defqEn ru 6sd to be @ov.Fd.
Defeftd tar ass.rs md liabilities e dsuFd ar rhe lax €re irrd @ exp€tcd io appty in ihe ydwh.n dE s*r is Mlird or do liabiliry is sclrted, b6en on h\ mr.s (dd ru bws) tnlt lrlve boen.decd or subslrrtively -rftd d the reporting d.t .
Delsnd d dseE sd &fiftd lax Iiabnfties N offsc! ifa tegdlly mforceobla righr exh6 ro sd ofcuftnt t&y o$* 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. toxalionNrbority, i! Nhion .e lhe d i! Eog zd 4 plrt oithe cd ofaoquisition of &€ 6sei or 6 p,n ofrh€ qpds ilem 6 rpplisbl.; d
r@i!abl6 d DorEbles rhd @ slated wid lhe anoMt ofru includ.d.
R enue R€oooilionRevenue is ls8nian b rhe extlnl lhar it is pobable lhar ihe Mnonic bmefib Mirted vith dFhsaction will llow b $c Compdy od de oout of @6ue m b. ndu€d €liably. Tlerotloving spoino eoenition orileiia nu$ also be det 6cfoE dauo is €oqniz.d.
hrc6l income ion o&sh in bark wnich G $bject to fino! wfthloldins ha is prsted at sb$anout dd lhe bx paid or wftbneld is includen in incme td *pds,
ExpeB sE Mogniad wher dootle in tuluF eMmic benefils Elated b r d€cres in m dsdor a, incEe of d liabili9 hB diM thrt can be d*uEd @liably, ExpoNe m Mo8dad whm
Rel.red Pd Ttusadions sdx9!djo!6!i!R.lar.d piny relaiionship erish whd on€ pdrq, h6 rh€ ability io oonhol, directly d indirectlyrhmDgh ore or moE inLm.diari6, lhc olhd paity d exftise sig.in*nt irnuene oyer the otherpoty in nEling findcial and op€din8 daisiors. Such Elalionship .ko €rbs b.sed ddormoDg enliti€s ich f. udr cmon sntol wirh dte cporting .nl.Arise, or bedeen sddomong 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 lengrhpri€s on reos similor lo lh* oflrd b non-ElaGd entitios ir m snohielly compddble
Foreiqn C!rend TtusacridnsTmstions in forcign cliMci6 @ convei&d to Pnnippire peso d *hose m&s pEvailins .t thetralrslion da&s. FoEign cumcy-ddominared donet!ry Nll ed liabihies d€ EtBnstated iDtoPhilippine peso rrth€ mhdg. nt* provaiting ar rie Fponjna dar.. Th€ Bnltilg toFign.xctlngegains o. lo$?s de resgnizd in pBfir or lo$.
Proviri6 @ Fmgnied when rhe conpmy h!s: (a) o pEs. obligation (tagat or 6mhctiw) s.resuu of p65i 4onq (b) it i3 pbbible (i.e.. moE lilely thd nor) lhll e oudrow of Fsorcembodyile .mnonic bdefirs will te required 1o 3edle the dbtiBotid; and (c) r Eliabte eslinore ob. 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 lcndsouftnr mdtet awenl of the tim. value of oorcy dd lhN rjsk! sp4ific to rhe liability. wleredi$ountine is use4 the incMe in tno prcvisim due to rhc pGsage 6f rime is eognied as intereslexp.ns.. Whft sn u rll ofthe dlendituEs requn d b snle a plovhio. @ exp€oj€d ro boEimbus.d by sorhe' pary,lho EimbuNmdt shalt be EmsniDd *hen, lnd di when, it isvirtlally cetuin lhat retmbuaenenr will be ie.iv€d ifrhe ontry srd6 drc obtigrtion. ThoreinbuNmmr shall be trelr.d s a scpd.e *s€i l]ile moD.t @6snizd ror the Elmbuse,tshrll rct ex@d dE dount of dF pnision. Poisions N siem! !l e0oh reponinE dare andadjushd to renet the cuftnt b6r esiimle.
ContinqtroiesConti.8dt liabilitiB e not Eoogniad in the tmdal sbLnenb but ft dislos.d in rhe nobs btne frdoial fremenl! ul6s ihe posibiliry of on outflow of Esoue dbodyi,g s@onicbdefib is remoto, ContinAent ets @ not regnized in dre finoot.t tu@n$ b;t ft disolosedin dF nol6 ro the fimdrl srdem.nls vhd d inflow ot€@noDic btufirs i p6babt..
E$!sa&!!E-B@!4i!e&!ePosl 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 rhararc not rdjBiry ovdts oE dielosed in rhe notes to de fin&ci,l $arenonE
'hen M&ri,L
4, Csn md aL €qdhLnlt
Tnis amunl @nrist3 ot
P2532,t42 P 2,420A7a
6, Popent !d Equtpbo.r
The novenenr d b,lmcs oflhG o@ubt 6 ar Md fd tha p$iod €nded Jue 30, 20t3 e sTErrDor!.don rEniturc Omco Compur€rEqlipnot .d niurt f,quipEe Eqoipd€d Totll
Additions ud balars s [email protected],20l2 P1,132,143 ?3?,665 Pt3.?3t P682.4j4 pt.92t.063accuholar.d d.pRidion:As ofDe&mt€r 3l, 2012 315,251 20.444 1,794 232,9a4 :'6t4j9Depr*idio forfic pdiod 8,213 627a 3,t]0 tt3,115 24t,t66
ftne30,201:l 43ttl10 25:122 t0g24 3441129 afif4'
Jum30,t0l3 P7a&673 Ptotl3 P7,357 p335.74S pl.lo3ll8
P ar633679 P 5,|6.97X7,t19t.a58 10.m6.003
P 10,t3tr13? ? li,l4Z93t
C6h in binlc ffi rtuual i *r d the apdriw bdk deposit Bios. Shon-lm placomdis@p$€nl money Mket pbenmls msde for larying periods f.om fourteen (14) doys to lhifty one(31) days e.nina inl.d msins troe l-56% to 2.33% for six mondi sded Jure lq 2013 ;ndL50.1 to 4.63% in 2012. IrlGr in@n mould to 1.139 hillio! and tl,95 niuiod fd tle Deriodsede!June10,2013 d Decembq 31, 2012, EDeoliv.ly.
Ju!.2013 Da€Dbs 2012
hPurtu P2,116,813 P l,?96,31tCreditlble in&n€ h 141991 t47,997AdvMc*ro€nplores ud enraclo$ 261112 475,65n
A@rued r!p.n* rnd olhor curent lrbiliriB
,tntr.2013
Oovem.rt leyables include vidholding ljx, nd !.x 8nd oiher paylblG to vsious gov€lrrmd
3. R.l.t.d Prrtt Tn.nctio'
t Olhs s.ivible includ. lods obbined by &e Compmy on b€hafofone Taipe Holdirgs, Ino.(One raipan), o Flst d pftq rhrcq! a comon nojor stekholder, moutng b m.00 million 6 0tJunc30,2013 mdll3.lSbillion6 at D@em6er 31,2012 (sNote 9).
r Shon-tem omplor€e ben fits for the p.nod ended Jme 30, 2olland D.ambd 31, 2012amountd 10 P1.53 million rd P3.00 niliiorl, E D€divcly, shich @ includad undo ,Sal.des ando*o hpqeehnefib rtro.nt rn the tumo6 orofrpEhensive i4@mo.
On Jdury 25, 201 1, rhe Conpay erbEd into o Sccu.d Feilitis Agrems! (Originat FeilivagEDent) vilh a b8nk with .ggEse dount or US$190 nillion (P3-39 biuioq). Irie proc€€ns ofUS$172.35 nillion (P7.61 billion) l@ we6 appli.d to the *idinA lMs obt ired ftom 6 b.nt byc'laca HiEn Pow. corpo€rion (cH?c), a non Flo&d onlity. Au tusts, fees ud inkrets Etaleddd in 6tudion *irh n\c Original Frcilily Agtmeir @ for tn aeoml of CHPC, tnc tMs orefor a pdod of M ye6 and wilh o in&Est nte cquivrlnl to d. a[s.Ed ofrhe LndoD InledonkOfoti Rl& (LIBOR) dm r sprtrd.
On MNh 14, 201 I, the Original Fooility AgMn wss motut d (FiEt Anendeenl Agrffierr)incre.sinB the mml by US$210 million (P9.20 billion). Tn IoM prcc€.ds w applied; pdirip.ynenl oflh. enfrins lMs obtained lrDn a b, by One TaiDan, a etded pltq tu;ish ! coinmon
on D€cember 14, 201 I, tn. odgjnil F&ility AgEeoenl ps tudq modcd (s€snd amendnentAgreemot) i.o6ing rhe to$t tou enmitnenrs of US!400.0O nillion (pt7.65 billion) byUs$05.50 million (Pl3-43 billion). Th€ additiomt Usg30s.5o niltionGt3.48 bi ion) v6 appliedro 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
on april 30 bd August 22, 2012, the originar Facihy AgE.mdr ru irrlhe mdd€d under rhefind End Fourth Amddndr AgEenent, E t orively, tio incl0de powr A* Ctobal Inc, (powqA*) !s rhe f@ility C BoftB' &d iNFeing lh.lotrt comnitDenrs by USfiOo miltion
\,913,131
(P4.22 billion) 4d US$30 nillioi (P3,38 billion), Mpedively. I1r€ Conpuy Siimnted lheobligarions ol Powr A@e$ sd erldds the secuilies ennl€d by lh compa.y uder tne S ftdFeililics Agrnenr dared Jmudry 25. 201I lo lh. t@ilily C Bolrff! in lt. sent of defelc Alladditio@l l@s, 6*, f* dd int.Fsl r.hLd and iD @nnetioD {idr lhe Thid dd Folrd'Anednent ABEenqt @ fo. the ecou.t of ?oftr Aoc€$. The balanc. of lh. lM Bu@l€ed bydE Compdy under rhe Thid dd Founh Anondmdr mourrod to 195.72 nillior (P4.14 billion) ds
On april 29, 2013, a Finh Anmdnont Ac:lsonlwa eHuted wh.rcir rhe Compdy ahsolut lyEsigned to One Tlipln rll of ils riEhb rd dbligdridns ts origiml boaow unds 6e OriBinalFDiliiy AgM.n! n.king One Taip.n lhe Fd&nenr bomver lor th. llmibing lom moui ofUS$261J42s00 (P10.83 billion),
All Gb md expeM (irstudn'g bArl f€t Ehring b rhe Fiftlj Ancndm€nl AC@mt @ aor the@o0nt of One Tdipm a lne repltuemol bm*6.
Prior ro th. lppbvrl of &. finh An ndmoDi A3Ment, ihc bald€ df the los under de OriginalFaciliri€s Agrenenq 6 mended mombd ro 1301.23 Diuior (P12.29 biuion) 6 .t Mfth 31, 2013od is Foo8lizcd undd 'O.h.r ruivobles" ir rho set neds of finmcid posilio (se Nor€ 3).ReLred idd6ts, 6sts !.d otl]€r exTenses tneluding inprct of f@ign *hdge bmldion for.helM mountina to PI77.?9 nillion ws also rcs8niz.d mder "Oihq meivobted' ion One Tdpda d Mmh 31,2013 ed Deombe! 31,2012, Tne bm fd lh. @ourt of CII?C w6 tully plid in20t2.
The lMs under th. Original F ciliry ABre.mdr, a mdded m suEd, mona otis, by 92.5% ofthe Compey's shNs oI stooL shms of sl@* or rne olha p€rli6 in the l@ asenmls .ndrc@ivrbles Esulting liom lh. gsignnent oflt p@ede ofdE loms ro On€ Toipan and CHrc.
10, Olh.r Connltrenrr .trd Cortllgdr Llrbilld.t
Th. Conpdy h6 no ou$tatrdhg @iilnerts ud conlingot liibiliri.s s ofJuno 30, 20tl dd
Derlils of shm oryild a rtJue 3q 2013 dd Deoemt !Il,2012 @ 6 foloN:
Aulhoriad shes (al ?l Davalu
ksred sh@ (tully prid) connon
Baiddiluted iicome (lo$) Fr shm mouN i5@mp'n€d
Ner l6s 'bibfrble
ro 3h.r€holdsDivided by *eight d aledge nunbdofouEt ldins oomnon sn@s
(P0,14)
Thec wer no dilutive poLnli.l oonrun,har6, hooo basio md diluLd EPS e die sde for ln.
htme i, lulhdbed Capttal StNlEh@e S\apOn Novenbd 5 and S, 2010, rhe Bo.rd ftsolved and appored dD h@e ir th. althodad capitalsloot of th. Conpeny iom P50 million ro P2l5 nillioll wi{r the iM€e ofPl65 sittion to bcdivided into 100 millior enmo! sh8B at ! par Elue ofPl per shm dd 65 miuior non voringpEfmd sbes at. pir wlue df P] per she wirh ods r.ms oil 6ddilions td b€ dernin€d by rhe
Th. aSove l!$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 ofPrcilicr2, Holdings, Ino. ('P.cifid) snd One Tsip€n, on lobMry t6, 2011, rhe BOD pssed aftsolurion turhorizing rhe comp€'y ro issue, out of tho Pl65 milud inc6o i. th. auLhdi-d c.piialstoek of rho Comp&y, I 00,000,000 cdmon sh@s at a prico of P20 p6 shsq lo lh. sroctholdds ofOne Tdip@ and P@iioa in excharge for their shms ir oIE Taipan md ?eitrd,
The 3hare swap rc .pprovd by rh. stookiol4es o! Deemttr 21, 20]0.
(P0,09
On Met 23,2011, th€ SEC dppded fie sh@ saD .nd incBe ir tne Compmyk@pitdl stoch 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$1re pd sh@ d65nillidpref€ned shrs d a par valu. ofll Der .hft.
However. dE.hm slp a8rffienr h6 nd J.t bem complebd pendin[ 'he
det^.ry@Ddnions a as..d upon bl .h. @nr.s involved
Upon eflccrivity of lhe shaft s!p, de Company will om 68,34% of Prcfico and IO0pZ of One
12. MbclLaoB Erpe.rq
Tne Mount irclude qpas like m! Elknhri@ dornc.
13. N€l Fonier EIch.Ig. c.tu (tas)
Tte Nel Fortn Excnuge Clin (!ct p.6ins b rhc Esults on the Rsraioent of t insedCsh inBant (Dolld Asauo. Th* monelary sssr ntrd liability dsNDnDkn in rorctr cumoy d lh.Epding doto roF sbLd usins the IDEX clsirA erchdse rd€.
The CoDpoyt ldponry difi.Encas of which d.fdcd &x ssels wE not @gnized bt theConp€ny s ofrune 30, 2013 ed D€ofrbq 31. 2012 e. shown belov:
Unredlized foeicn qohmg. Grin) IGsNel op@fing loss €ry{ver (NOLCO) 28J30;16
As of Jue 30, 2013, the Conpuy is NOLCO vhich c& b€ olained s deduction 6on iruEtubL in@me. Deteilr of NOLO e a foUovs:
20ll20t2
2,01t,297
4,771,5m
130,823,106
P 2242990
jP 2,U2,990
- 8,771,590- 4,472,872
15, Iinmid Rirk .nl Clpirot M.ugen€d
Th. Conpmyt frnecidl insbuenls oonpris. of 6h iD b.n}n orhe. [email protected], ,Nd€ toemFloye, avail.ble foFs.l. fmrncial e*rs! amBod .xpoFes ,nd other clftnt ti,biljri* abd lMs
Th. ComDdy h6 *posre !o cEdit risk {d tiquidity risk prineity fton iE e of fmcjrl
Ttir noc pffiE infomdid .bour rhe (omparry's dp6uE ro ech of r. foEgoirg ,hk5 tneconpM) s ob-Rdver pohos tud pr*,e\ rd mdlrins snd mnasbs fise-ri,is. mj rh.Compdy's nmgen.m of cipild.
Th. Companyt lim is to ehi.w ippropdaE batM@ betq..n tuk ild rclum dd nininiepot ial.dv€n. etrecrs on lt. ConpMyk fDooiol porfomca. fts Bo&d of DiEiors provid.swiilen priDsiples for o!@ll risk nmgemont.
The BoDronstituEd rhe compmy,s Audit comilte. to eid rhe BoD jn fdnting i.5 oversightftsponsibili9 or dE CoDruyk stpmte sor.nid@ pme$ r.riliie b lhe: (,j $dit ;dirtoerty orfie Complryk fftucirl lbrenmt and fineeiot rcponi,e pM.id;ie aodey,ssysch !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 mdp.rfomnce; (d) conplid* by $e conprny wilh legdl dd Fell o.y Equimots, ircludins theconpdy discldstrEs eontll od p@ed@s; (e) evalu.lior or tutuBem€rt\ pNess ro e@$ odm.nl8c lic cmpmy! etr+ris ris* issBi ud (t 6lfillnent orll.|e orher Bponsibilities sd outby BOD. Th. Audit Condltla shrll rllo ptep@ lll€ rcporB re4uired to be iNluded in the
c'ldit KskCredit rn\ 6 th. risl of nmdal I6s b rbe Conpoy if a ouelmer or cout€lpany to a fiunciatiffkumdt 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 thetnDoi,l s*ls a shom m the tee oftlre intsim staidenr of fineoi.l po.irion (d in rG d€raileddilysis pnvided b lhe Dol* lo dl. inlein nnbciol si.ienent!), 6 Modiad below:
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To rcduce its oredn risk on o6h, the Conpmy conqna!$ its najn 6h aotiilies vith a bdnk thatha 3@d fimncial fttings. Alb, th. $iliation offtdit tiriE th tbe bdk i5 ,.8utdly monjroEd,
olhs Ndvlble ft @llstsd or due d.le and e wuEd by sn@s ofst@* ofde debroE.
LiouidisRhkUquidiq, ;st is lhe ftk rfidr lhe Comtmy k b'ble ro mel iE pdymfrr obtiearioN swirt d withils finmci.l liabiliti6 wbd they frll dle md b rcplace tunds ete. tr.i ft withdnM. Tneans.qlen@ My b. the 6iluE to neer obligarids lo Fpay cEdiroE dd ftlfll tumnirm.nts.Io lurge hquiditJ risL lne Cmpd) mdnBim s fficien lquid as6 b ned ib m,torDgotngtroG d lo ner tucnt opedi4 r.quiMoB.Ttu lrble b€low su6M,zs the naturily pb6L of tho ConpMyk fb.ncial 6sets and tmddliJhil'rie,te*d on mnft@t rdisunr€d paylmb u\ed dtiquidb seEgemmr 6 of Juo J0,201.) ed Danberll. 20t2.
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