Document 6524083
Transcription
Document 6524083
COVER SHEET 4 1 3 7 6 S.E.C. Registration Number S Y N E P H I L S . , D E E L O P V R G Y G R I I N C M E N T D & . ( P D E V E L O P r l y : I N C . f o r m e H I L S . , Y C O O N P E A R L M E N T U E M C E N T E R D R I E , (Company’s Full Name) 1 6 0 7 1 6 T B L D G. C O N D O M I N I U M P A S I C I Y , M E T R G H T F L O O R T O M A N I L V A (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 $e ongha Fac riry AgRTerl €E tor aE ac6l1r of cFpc the toans aF ror a perod or y€58 and w rh .n threst €lE €quivalen to th. agq€gat e of tr€ Lor oon ofh Ed Fare (Libor) pus a EpEad The r@n @s turry paid on Aff 27,2012 ^GJtrank &@m6n9 vjrh ry !! On Deembe' 21,2010 tre Comparyr shae4otde€ aDlbved ft€ inq€Eee n rhe cohDanvs nn P50.oo m'non divided irio 50 n sha@ ar pt pd va ue @ s;are'ro 'or vatue p6r shae and 65 oilion .on, P215.00 m on divided inlo 100 ml on 6mmo shares 5t P1 par vothS pchr€d shars ,ilF a p.r vaire of P I pe srre A [email protected] shac s@p d$ 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 [email protected]. 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$.ts di6eEn6 inpaimnr loses and loFi8! cumncy oD AFS debt i'stuenrs, @ soenized in olhs in rhe 'Fair v&lue Fsefrd' in equily, Dividends €amed on @mpEhensive income and holdins aFS fidancial ss.te !E mgnidi s "Dividend incdhe'Nhen the .ighl lo e€ive paymdt h6 b*n dilblished. wnm indilidral AFS findoial ds& m cilhd [email protected] or impair€d, d€ relrkd MunulaLd uNaliad gains or losw previously ftpor&d in cquity @ turlered ro dd AFS & prscd re@sriEd h pontor 16. AFS fmseill ssls rlso include unquoied eqnity inhn.n6 wirh faii vrlD6 which rclilbly damh.d Th.s. inslrmsts @ c@ied st @sr le$ 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 [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 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 [email protected],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$1re pd sh@ d65nillid pref€ned shrs d a par valu. ofll Der .hft. On @pitdl stoch However. @Ddnions dE.hm slp a8rffienr h6 nd J.t a as..d upon s!p, de Upon eflccrivity of lhe shaft 12. bem complebd pendin[ bl .h. @nr.s involved Company will om 'he det^.ry 68,34% of Prcfico and IO0pZ of One MbclLaoB Erpe.rq Tne 13. N€l Mount irclude qpas like m! Elknhri@ dornc. Fonier EIch.Ig. c.tu (tas) Tte Nel Fortn Excnuge Clin Bant (Dolld Asauo. Epding doto Th* roF sbLd (!ct t p.6ins b rhc Esults on the Rsraioent of monelary sssr ntrd liability dsNDnDkn in rorctr usins the IDEX clsirA erchdse rd€. insedCsh in cumoy d lh. The CoDpoyt ldponry difi.Encas of which d.fdcd &x ssels wE not @gnized bt s ofrune 30, 2013 ed D€ofrbq 31. 2012 e. shown belov: the Conp€ny Unredlized foeicn Nel op@fing loss As of Jue tubL qohmg. Grin) IGs €ry{ver 30, 2013, the 28J30;16 (NOLCO) Conpuy is NOLCO vhich c& NOLO e a foUovs: b€ olained s deduction 6on in@me. Deteilr of P iruE 2242990 2,01t,297 20ll 20t2 130,823,106 15, Iinmid Rirk .nl Clpirot - j 4,771,5m P 8,771,590 4,472,872 2,U2,990 M.ugen€d Th. Conpmyt frnecidl insbuenls oonpris. of 6h iD b.n}n orhe. [email protected], ,Nd€ to emFloye, avail.ble foFs.l. fmrncial e*rs! amBod .xpoFes ,nd other clftnt ti,biljri* abd lMs Th. ComDdy h6 *posre !o cEdit risk Ttir noc {d tiquidity risk prineity fton iE e of fmcjrl pffiE infomdid .bour rhe (omparry's dp6uE ro ech of r. foEgoirg ,hk5 tne conpM) s ob-Rdver pohos tud pr*,e\ rd mdlrins snd mnasbs fise-ri,is. mj rh. Compdy's nmgen.m of cipild. Th. Companyt lim is to ehi.w ippropdaE batM@ betq..n tuk ild rclum dd nininie pot ial.dv€n. etrecrs on lt. ConpMyk fDooiol porfomca. fts Bo&d of DiEiors provid.s wiilen priDsiples for o!@ll risk nmgemont. The BoDronstituEd rhe compmy,s Audit comilte. to eid rhe BoD jn fdnting i.5 oversight ftsponsibili9 or dE CoDruyk stpmte sor.nid@ pme$ 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. $iliation offtdit th tbe tiriE olhs Ndvlble ft @llstsd or due d.le and e wuEd 6h bdk Jr5,l19 aotiilies vith a bdnk that i5 ,.8utdly monjroEd, by sn@s ofst@* ofde debroE. LiouidisRhk ;st is lhe ftk rfidr lhe Comtmy k b'ble ro mel iE pdymfrr obtiearioN swirt d with ils finmci.l liabiliti6 wbd they frll dle md b rcplace tunds ete. tr.i ft withdnM. Tne ans.qlen@ My b. the 6iluE to neer obligarids lo Fpay cEdiroE dd ftlfll tumnirm.nts. Uquidiq, Io lurge Cmpd) mdnBim s fficien lquid as6 b ned ib m,torDg ner tucnt opedi4 r.quiMoB. Ttu lrble b€low su6M,zs the naturily pb6L of tho ConpMyk fb.ncial 6sets and tmdd liJhil'rie,te*d on mnft@t rdisunr€d paylmb u\ed dtiquidb seEgemmr 6 of Juo J0, 201.) ed Danberll. 20t2. otngtroG hquiditJ risL lne d lo 20tt crirrhg c&h,nd 4h codnci!.t Pt&r32.rr7 .quiv!rs6 p 10.t32,r37 l Dric , tJ.t32,5t5l o Fbmiat IE orrring arcu6 li.ir nE ilbL b€lw /1*6 md p p- rj,l3?.5 5.3rc tr,.s),5t5,1.o B004,7:2.100 r 1.004,7r. t00 Fan value of T1E Yd,o trtr :vi* 2y!s t5.t4Xcst p rj,t4z,esr t5s.r4t,070 rJj,74t.O70 'c! rppmxinno r 2ya6 1Ur7. crshFrovs lya p rr,t12s p Cahao.6h lirbil Ydrb 7tt.11' c ^9*,$Tf I p r0,?s1.|l7 2tt.t14 rirbil,riB. Yar r)r,74r,@0 I_ilbitid* of $. Cdnprr) \ fimdd 4.rs dd nnmis.l l,i.biljnes d Epdrins D€riod fri. ialles orsi&ring thrt lhe hiE slrcn_lem tutuiiia o.i* diffeEnl lorels h!v. tndsilt insruor, cnjed &nd!e,byv.ltrdionmerlDd b*! d.6nei s foltows: . Ld.l l: qehd priB (u@djrskn) n acliE mke,s for idenriod 6$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$v@norarsfets bct'6lsel I no ll fs inro md od olLhl I fai' ville meffiats. p- Avdlableforsle [email protected] d p?8,750 !.vcl2 fanv!tu ndmnents, rnd C,oil Mm!ftnt The Coquny dclms c.pii.l 6 c€pit l sto.K the inhiim ncteBdn of ffmcial posiriotr. f.ir vdue Esflo dd V.n.gem r', objdi\e N going enm crpibl o in nmsgi-g spibt so thd ir conrinue b pmvide sturuE ro rcdue rhe ofapiaat. a$ ro iateg@d rh. deficit for rh. pdiod C.np ) s shM in , abihry 6 cdrhle a d 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. i! li! E ! I I I !i !I tt E lr !i I t I I g; I F ! T ti!: !' II ? i i' :t !l p ii dt II i t F Ig t; l? I 3 I ! I ; I ii 3 ! ?r I ! I t t trt ! 6! * e ! ti ! It: : I I i 4 I ! I ! tI I i EH ;.r I ig E i€ b! a r€ ! ! I3 3 g $ t E I !E t e &65 c e ! UF il I !i lrl ;ds !l: " !i !- 9g; !! ?! I lr :t R 4a a6€ 5es lc tl : IH B9 € !i tI t td ! FI irtr :{ !g i5 gt: t8E ! s: IR t!i EEE i. 5i z a t:l I si * d€ ,;e dv tJ -; F 3 tE z\ F? 3! 2 € : a a 6E : HE I ! € Fr l8: 'e!r; TIE ;I a€ !E d i I F. F 3 €g r! 3" €i st€ ! gi !- ! i€ !i a ;: ;' ;p Eg c EE ;i j{ s! EI aE 3 t E' EE ie is :9 g a B E E ! 6 aa j 2 E F 3 :3 3? :6! i;n- r{i d 2 E 3 T: * €l F=! 2 : 2 2 I iiB5