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COVER SHEET
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(Company’s Full Name)
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(Business Address: No. Street/City/Town/Province)
Anna May B. Agustin
Contact Person
633-9757
Company Telephone Number
SEC Form 17-Q
Month
Day
FORM TYPE
Month
Day
Fiscal Year
Annual Meeting
N/A
Secondary License Type, if Applicable
Dept. Requiring this Doc.
Amended Articles Number/Section
Total Amount of Borrowings
Total No. of Stockholders
Domestic
Foreign
________________________________________________________________________________________
To be accomplished by SEC Personnel concerned
File Number
______________________________
LCU
Document I.D.
______________________________
Cashier
STAMPS
Remarks = pls. use black ink for scanning purposes
SYNERGY GRID & DEVELOPMENT PHILS., INC.
(formerly: UEM Development Phils., Inc.)
1607, 16th Floor, Tycoon Center Bldg. Condominium
Pearl Drive, Pasig City
13 November 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:
Attached is the Company’s SEC Form 17-Q
Very truly yours,
SYNERGY GRID & DEVELOPMENT PHILS., INC.
By:
ANNA MAY B. AGUSTIN
Compliance Officer
SECFORMlT{
OUARTERIY REPORT PURSUANTTO SECTION 17
oF Tt1€ SECTJR|IIES REGULATTON CODE ANO SRC RULE 17 (2)(b) THEREUNDER
1
2
4
5
Forllre qua'1ery perod
SECldenrilicatotrNumftr
30seplenber20l3
41376
3. BlRTaxrdenliidarioiN!: 000-593-240
Etadtname o{ ssueras spected in its dhai.er: SYNERGY GRIDA DEVELoPMENT PHlLs.,lNc.
Froviice couniry orolher jursdidlion of incoeoralion or orsanizaton
P.siq cly, Republic of the Philippines
6 /orr.ca..
7
ended:
.ar'"-- E
,s.'r*o.,,
principaroflice
Address of ssuers
1607, 16th Froorj Tycoon
Poslatcode
Cont.rBtdg.
condoniniuh PearrD ve. Pasis ciry, rletro ltlanila
3
lssuerstelephoie nunber, nc uding area dod€
L
Fomernahe.fomeraddrcss andformerfscalyearlfchansedsince.srrepod
10 securres
reg stercd pursuanr to Seclions 3 and 12 or rhe
TreotEachcass
sRC, or Sec..4 and a or lhe RSA (as or
of
49,466,000
11 Areany orarroflhesesecurres tisled on
lxt
of
Number
shar€s
conmon Siock
ourslanding and Addunrol D€bt oulsranding
ouFlandrng Debrs
Yes
31
a srock Exch.ng€
No I l
12 check whetherrhe issu€r
(a)has I €d a r€porrs €qukedlobenred by Seclron lTortheSRC and sRC Rute rTthercunder.r
s€dlidn 11 ol lhe Rsa aid RsA Rute 1t(a)-1 |iercunder and seclions 26 and 141 oa The
coQohrion code ot rhe Phitippdes du.nq rhe prceding (2) monlhs (or for suoh shoder per od
thar rrr€ Conp.iy was requ red ro tire such repor6):
Yes
Ixt
(b) has been subjed to such
Y*txl
No
t n9 rcqunemenls ror ihe past 90 days
Notl
APPLICABLE ONLYTO REGISTRANTS INVOLVED
IN INSOLVENCY/SUSPENSION OF PAYMENTS PROCEEDINGS DURING
THE PRECEDINC FIVE (5) YEARS
13. Chedkwherherthe €q'slranthasl edal doclmenkand repoG €qu@d 1o be lired by Sediion 17 o,
the code subseqdenr rr rhe disftrbution of s*urites under a pan confrmed by a coud or the
Yesl
Nolxl
I
Tliis ilem is not apo icabe Io the Concny.
DOCUMENTS INCORPORAIED BY REFERENCEI
The Company rkewse ahaches lo this iJrfr and incorporares by reterene as a cdhponent or pad
hereof ls F n.n cial Slatements rq lhe rh d quanq ot2013 perlod endrnq Septemb€r 30 2013
PART
I-
FINANCIAL INFORIIIATION
lleh L Finan.ial Staromehrg
FinancialStalemonls and fapplidabe Pb Foma FinancialStdemenls meering lhe €qu rcmenrs ot
sRc Rue 63 Fom and ContentofF nan cia r slatem enls sha be fumtshed as specifted rherein
Syneey Grid & Oevelopment phirs hc ( Compeny") ako aflaches to ihis form .nd incolporar€s by
rebrence as a component of Pad ils Financiarsla€m€nk lo. rhe thrrn quarrer ot2ol3 pendd endinq
l
lrem 2, Manag.nent'3 Discussio. and Analysis
olFtnanciatcondition.nd Resutts of Ope€tions
On Jaiuary 25 2011. rh€ Company enrered inro a Secur€d Facitires Asreemenr {Oig na Facirity
Aqreflenr)wirhabankwihanagq.eg€ieamounlofus$1e0h on(p33sbi[ion) The prcie€ds of rh;
us$172 35 miridn (P7 61 bir on)loan se€ €ppried to lhe ex sl ng toans oblained from a bank by cataca
Hsh Power cooo€tion (cHPc) a nonne ated enrity At@sls ro€s and ntsNls re"rea d n
@nnedlionwlhlh€orgnalFaciyAsfeementarcfortheaccountofcupcTheoansaFforaperiod
ol trvo yeare and wth an jnle.esl rele equivalent Io the aoq€aa(e ot rhe London tnrerbank Ofered Rare
1Lbo4 plus a sp@d The oanwastuNoadanaor 27.2a12
o'
De.ero.r .
r
20
0 1- Conparyt
P2l500 mirrion divided nlo l00 muton 6mmon shar€s al Pl par vatue per sha€ and 65 m on nonvolispreferedsha.eswthep4vsueofPlpsshar€AproposedsharesMpwrhthesrockhorl€.sof
oF rd odl Hod E3
orirevreTFe[s 01,-o'rdry 16,20'
anro-z 19 t-F , or pJ1] ,o
ssue,outorth€ n..ease in theeuthodzed cap ratsicdk ofih€ company 1ooooo00o;frmonsiaE;ar
a0ic6o P:opp.. a'
d,daa 'rre/lErqab, ten r1c,es 1
EqEaCoyu ro Jr
on
14.2011 th€ orgMl
Faciriry Aqreement was emended (Fnd Amendment
cohpanys loans by us$2r0 minon (P9 20 binion) The oan
proceedswereappledaspar(apaymentoflheexislingoansobtainedfiomabankbyoneTaipa^
lvlarch
Aqreemen() ncreas nq lh€ amount of rhe
onMa.ch23 20rl.lhesEcappovedlhe3haeswapandincEase n the comoanys authorzed c6pilal
geement has noi yel be€n dompreted pendrc rh€ de v€.y ot a
pad es nvo:ved anr as such ihe company is takins flre poston lhar
the sha'es ssued oul or
rie
^d€a
LJponefibctvryorrbeshereswapth€Companywinown6s34Toorpactcaandl0o%oroneTaipan
On December 14. 2011, the Orig nat Faciriiy AEeement was runher amended (second Amendmenr
Ag.eemenr) inceasins the tota roatr commrmenrs or USS400 minion (pl76s binon) by Us$305b0
minion (P1343 biriior) lhe addtona us$305 s0 m on {P13.43 b tion)was app ed ro tuIy pay the
exisling one lalpan ro.ns lo9€lh6r with lhe acctued inreEsr and penatries
cosb r€es.nd inreresi
rearedandinconn€cilonwrhrh€F sraid sedondAmendmentaore
A
on Aprir30. 2012 the board apFoven rhe Gua€nree ot rhe us$1000ooooo
nc (Thtd Amendmeni Agreem€nr)from a baik. ard a Side Lerere(ending rhe securty grafred
bylheCompanytoPowerAccessGlobe ic.uMercetunremsandcondr.ns
Goba
nAugusl2012thebdadapprovedanaddlionatGuaranleeorUS$80.0OOOOOtoanotpowerAc.ess
Gldbe nc (FounhAfrendmenrAsEemenDfrcmlhe$meba^k,und€rlhesaner€msandcondrons
on Apd 29 2013 a Fifih Amendmenl Aqreement was executed wherein rhe company absouiery
a D91.o o Old d'p"1 d I oi B.,orh aro ool'oJo15 r> o' 9 1a oo, o^s r, oe.'F Orq -r,a. r
i9erA r 1d.T o e a'pa. +" ..pta "aerr oonc^ff i, rr efanE tor
;,
"lonr
uss263.947.500(P1O33b on).
Excepl ror the advences whch rs major stodkhod€G/atf ates made ro the company. lh€e are no
tansaclions beM€en lhe Compa^y add any or ts dirfttoB, execul ve ofiice6, or stockhotdec own ng
morc rhai rive 15%)ofiis outsiand do capblsrock:nd any membe.oflhe I imnediale ramity
Ihe company has
no subslsiing 6nsltud1io^, consu rancy, sub{onl.acrna suppy, sates orothermaor
astsements willr any pady lt has no maredar commitflent ror any capirarerDendru€.
AsorSeptenbd302013,rheCompanycur€ntytrasoneempoyeeaFinanc.Comprrolerburpans
i, h re employees in the ensu no nr€ v€ lt2l nonrhs
The€
re
d scussed
no major ftks rtrai the Company is idvoved n orher rtran lhe c€dt
^
Nole 1 5 ofthe Nores I
aid
iqudty risks
rhe ntormation disctosed above the company fudherdisctosesrhar
The Company do€s not anlicipate any cash iow or I'quid ry prcbem wrh n rhe next 12
monlhs Thecompany s not
ease or other ntlebGnness or
fnancn9 aransemed r€qunnq ir ro make paymenb
nde
b
The company does nor :rave or is nd alare or any lrend
hsve a mateia mpacron Gtqlidity
At
pc$ni
the company hes no maredat oommthents rbranycapralexp€ndlure
rherea/e nossniticanto€m€nlsorincomeortossrhatdd nolars€rrom h ooerar.ns
ed' .. r1e Coroar! -d.
of inene slream atlibutabre to ils non-operaiion Tlre companys proposed corporate
eoruanizaion 6id dvercifr.aton of ts blsiness is jnlended to improve the company's
perrormance and sddress ds curentlinancal lGses
A
€xpenses ofrhe company arc cuiienl and rhe company does mt exp€ci atry dnector
flianca obligaron thar i
contnqenl
Ihe
Nino
ro owng is an exp analion or mal€Iia changes n cena n ilems of
|re Companys
nanths en.ted sqtepbet 30. 2013 @noate.J wtth hine nonths ended s@tenbet
30. 2012
cash and ash .qutvatehts
caslr antj €sh equvaents as of s€prember 30 20t3amo0nredroP1007miton.577%beiowrhe
P23 31 mirrion asofseprenber30 2012 Ths s ma nty due to avaiab
2012 intend€dlorihe payn€nlorexisrinq oanswbchfendueon odober20l2
As or s€prembor
P25A
30 2013 the comp:ny.ecorded olher cdrcnr assers of p234 m on as compa€d
Sepr€mber 3
due to lhe .erurn of.dvanc€s ro
m on as of
Prcpet|andequionenr.het
The dedease n propeny and eqdpheni amounthg lo p601 mjlon or 37 97elo as compared to rhe
Maice !s ofseptemb€r 30 2012 repr€senrs deprcc.lion or propeny
The dedreAe
orher noncuireat assels amountinq ld pOlO milrion or 37B% as compared lo lhe
'n
baanceas ol september 30 2012 reprcsenrs rhe retundabtedeposirscla m€d
othet receivables and L6ans payab|
30 2013, rre Company had no outsbndnq curi,.ir and Don.urenr orher
As or sepiember
c1! oa od.dr.e.o o.c -ep
r€ceivabr,As
rntercsr ncome for rhe nine months ended seplember 30 2013 .mounied lo P 16s milion.90o/o touer
Pl 69 m
2012dueto owef cash p aced in shodrem nvesldentsaid
rhan rhe
,
a6 dn"
oe, od
i,
20 _
Fotetgn Exchanse G.in (Loss)
ro'
f. r'" 1o.r.
eld"o
Seore
'
0e..0 .0
strenglh€nins orihe us doiar again3l rhe peso
Nine nonrhs ehded sebtehhet 30, 2a13
Pe.". Le
'€
oo1
-d oL
3,.t-e Cortu, ! i-.o.deo.o,.9l e,.,a, qe q". or D 04
Bs
01
tor. oL" o
r
conercd ta ye*
,je$rJp. od
ended
-S tsa o"' od e1d'r9 eepFl oe
e| prof .+ ts r d .c,,.qs o"oo
pienber
31 .
2a12
_
Expenses as oi S€ptember 30, 2013 and December 3l, 2012 amoudled lo P5.47 millioi
nq iees ot lhe Compony. Thls
fr illion rss pectiveLy as a result ot d ec€ase in pmfessional and
f
aP011 losspershareforlhepe odcompaedloP014foryeatsend2012.
Key Perfomance
hdicatoF
Tola asseG as of seprefiber 30, 2013 amounred ro P13,499 944 trnere 75% reprcsenE esh and cash
equ valenE .nd 25yo represenls other cun€nt and noncu€nr sseF. as of septefrber 30, 2012 lot t
ass6rs amounied lo P14 436 352,439
Liquidiry ahd Capitat
Rasoums
As or seplembd 30 2013, the comp.nys c!rcnt Ess€G exeeden rh€ cuiient tiabtiries
m
Th6 cuiient ra$o es of Sepiember 30,2013 inc.€ased as @mpaEd io Septembq 30
oi
30
seplember2012
30 seprehber
2ol3
The cod pany incned e&enss such as fil ng iees satar €s .nd @ges, Elahe I feesi prcfession, tees.
ra\er Jnd [email protected] aro
opod19 evoens$ lol€ 19 ro p5!7. 337 fo. rfe pe,oo;1ded <"p..trb-.
d€
1020!1,'2votes.rF&lrD62tBrooopearhgeipeTF,o,rhepe.iodeTei)SepFnbe.30,20t2
The Company eamed inl€Est income of P165,253 and P1.693 3€4 from
praemeils *ith
ban ks as ot S€pl€mb€r
30
201
3
a
nd sepiem ber 30. 201
€sh
2
depos0s and shod
tem
rc.peclive y
PART II-OTHER INFORMANON
The issoer fray, at ls opfon, repon under lhis item .ny inirmatron nol pcviousty €p.ned td a @pon on
SEC Fom r7-c rrdi$rosureorsuch rnromaton is made u.d€rihis parr [, ir n*d nor be rep€.r€d na
€pon on Fom r7-c which oou d orheMEe be €quked to be tiled lirh €specr (o sudr inrom€rion or in a
su&eq0ent Gpon on Fom r7-O.
SICNATURES
P uEuant to rhe €q ui@ments or rhe S€cud es R€gu tal on cod€ rhe issuer has duLyeused
be s qned on rs behdf by ihe undssiqned rhereunro dury aurhoized
SYI.IERGY GRID & DEVEI"OPMEiT
oal€
Ndember 13 2013
PH[S., INC.
ths epdd
ir
SYNERGY GRID & DEVNINPMNNT PI{ILS-.INC(Fornerly UE[I D.y.lopnr.nt Phils., Inc.)
]N'T'RIIYI STATENIETITS OF
FNir\CIAI
(wi$ Comoam.ili fi€tr'.s lor
10 S@rember ?012)
I-IABIIITITS AND EQUITY
POSITION
SYMRCY CRID & DEVELOPMENT PI LS.,INC.
(Torne y UEM DeveloDn€trt Phils., Itrc)
Nnh conpdttc figuc ro
30
scphbq
20r 2)
30s.'li0b$?
'
;,,
'3
SYNERG\ GR[D & DE!ELOPMt i\] pHtfs.,INC.
(Fome.ly UEM DeveloDment Phils., Itrc.)
NTENN1 SI4TEMENTS OF CHANCES IN EQUITY
(with ConpaElive figues for 30
Ssprember 2012)
CAPITAL STOCK - Pl p,r vatu.
Au$orized - 50.000.000
shrs
RETAINED XA$UNCS (DEFICIT)
Bar.ne
ar
b.cimbe of ofiod
Sr,r{ERCY CzuD & Df,VELOPMtrNT PHILS., INC.
{Foderly UEM D4.rolneot Phirs., Inc,)
(wid com@d'ic
f€ls
ror
r0
iprntor 20r,
Ulqnd6rcigqd4qkal)os
(^sqANDc{\n EOUr!^nrc
SYNI'RGY GRID & DDVELOLIVIENT PiI[S..INC.
(Formerly UEII Dctclotncnt Phils., lnc,)
NOTES TO 1'H
F]
I]INANCIAL STATEN'J]]NI'S
ll, 2012)
'."pp .p- Lr;.. i cr'.. i'o..r-dr
(With coDpr.arivcs as.lOecembci
Slncrsl clid & Devetopmcd phis., Inc. l.Conrp.rl ) lvas oriSjialll a ,njning corporarion afd
ilslic'xd eith ihc Se.u.nies lnd Erclj rqc Co'nnjssioi iSEC) on turc I t9?a mde itr mme
Mrtrki!'
\4ine'alsl)evclopmerrCoDDsft, Inc
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tri - Lr v
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ir rhe cor$ntrrion i'ldtr!ry broLght ibotrr N r srry ota mrv rdlih
Od Oct bcr 10, 199r. thc SEC appmrtd lhc AmendNnr ro
dr
Scvcnrh Afrtclc
ofnre C.mpory s
6..
oledrd,
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rer t-..Dne,
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On N.veDbcr 5 .nd 9. snd December 14. 2010,
dr
tr,
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c.trsidcitd ,o(t
,t .!l 1f A.n!. n.r'h. \' . e . r tncu oo,d ,n . dH.-t.. t.,Boftd,.t
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nte I
trul
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n
The Co'nparyt rcgGrcrcd oftjcc addrcs
Pcrn Drile, Pxsig a A. MctoMmit.
!&t ltqr&rconp!4ft!
.:-_:,"t::
3..
is t607, t6ih Floor. tycoDn Ceder Btdg CoDdornrriu.r
b.. o-,r.J
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1,. ".d.Jqc( prrs...rbeedotr n?..n,0 Irr rtcep.nr\r
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b Lr...",nn,t
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a r . r r .".
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Basisorlleasu.encor
Tre fiDar.a nateNns have bdctr prdpared otr
ar
h
hioricot cosj br! n ot,ccordri,rs
tqql!o!aL!I!i@e.|h!ia!r!ua!!l
lhc linancier$.rnefr arc frcscnrcd in phiipt)rro peso, *hich G al$ the Company\ lnDdonrt
p escirutin t'l'
nl peso hG bocr rounded offbnr nerfd
pe\o. un es nrl,ctu i\( inJndrd
'pn
\ntrdrr {l fini !r ilunniton
I
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and
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evaludioD ot retcvant tic6 dnd cirun$an.es as otnr dde.t$e finc"" ur qr".-s.
,\u,,;r **li
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lrcnrhescnini$
Eii'nars aid underLy ie .sumptiois arc.evieR.d on an .n-!oiDs 6sh Revjsions ro acrounri,r!
esi'nrts are itcosrlzed dic period b shich ihe esimaie is rcvised a in any linnc
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n,r (onpmr ,.{$.. r,pJ mei or norfiMncial 6scb whenevq erttrts or ctmsc!
i,l
. rcur{rnres idnJte L hels.. ns
o\!iLble T|r lJ(rors dr
rhe Conprtrr considns iDD.na rlnch !o!rd kilto r' npJntr,crj
rc\ e$ in.ltrdc rhe ioloqf
s,giilunt mde.|frtMmNc ehrive ro
signiticmtchaiScs n the
silniiicrd
rhe e\pecled
hij.iclt
or nrcjccred ti,rtre oNrartn!
ma tr.rtrssotrheacqur.da$e$oritrsrdes],torovem|brsinsri
negarivc indunryoreconojnicrends.
EliDtuin! Rc.tiz.l'ltr
r$ic\r
lLre Con0anr
ro the e\tetrt dri ir
.l L,femd
1e
)\.^
its delcd.d r.x.s!er ar erch re|F{i'r! dde $d redr.es the cr.ryjDg.Djotril
h do lorser Dmbabieth srmcienrtNablc pmftsi| beav.jableto atLowa oj
ofdrcdeae,,.dkrassertoberrtllDrd Thecompary s ($ssmerlof rhe recoln tn ofdefeNd
r0: aseh or d.ducr ble (eDporrrl d ftirci.e rnd c
befefis otNOI_CO is brscd of ltro
plojedd larabG in.onc wirhin lhc pres4nion per od'-atonymJ
pdn
d ior re.osniz dr der.i.ed rax
as d Septenbsr t0.l0r rid Dc.chbcr jt.
'scc laMble prcfir rhat$
simeiumeoic drts mtexpe* ro have suntcicd
[ tjc.vlitabte agaiFr
The Companr
2012
$hich d,c Company dcltr.d {rx asser car uritizedr
Pnvi:i,r
nn.]
canti'E
beicrilrhk
lI.
r.iA
l( "m.-. .h o tiq, -. .otr'{ or b
rUotrtr
,-n...
.'neoll ron ar'r.o't...e.
'
'
' \ m ..r
cimpmr d@s nd lEre idv ulinle'r hsal or condrucitvc obtjsaron dft rcquncs provision or
1
d
.r.
isu
oyre
as ar Scprember:r0_ 201:l
sumntrry otsignili.{ot
a
d
Deceinborll,20tl
I'oticjcs
^.counrine
hi,.od' gpuri r .iotr b.to- hr-bce ,ftr.o.o... .- rtJ , f,oo.p,--ntdin,....
r i. .,,t'ar n^,. e.,..' o, rhL - 11-,n . o 1. Aoo,ti . j..\ptJi;.o ictu.
4!@@! ol r!!!!!l!*!s!!la!!!!li4'!qrrjE!!!s t siandad!a!Ll!E!p!!4i!E
. o Dn,. - .. oeo rotto-in;. .", .". o ,.;d !,
i1..or..rotr , .n6
,l'e
rn{4'
fte,o,t.n6.t
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rhcco,trit 5liii!3 i rrrfl . '
Dntl6w6 - frurf?t\
b
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i'
o ".da'
.,1
t) ptLg 7). toqtrjre addiiJnatdisd.nrcs
?t..jed,.to,eo
Finotidt ,,1seb tl1netutnen\
,er.
Ln.m,.-n
.
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rJbit,L,
. d .\.,tu. e,..
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a
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I
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e .Lnd4d.. r omr'
' l, 201r, hd tr c nd b*ii rc.l.f4
peri.ds bogi ri'g rner JDUan
ti"d t" p,"pariig rh*" it,;;c;;i
r'.',{noeo -c"D;{".,'"
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a J.nuatt t.2a13
i Dretrrono te .oro
n) bc,4daptc.l
o'
'
re,.ni-
D '"....ried op.o,l o
"D
coiditions
a.enrtfirD
those diol
'ron
rou
rl
drcw bcrcchsilid
ai .c.!..td'
ro Dftrfir or
Los (b)do n.rchmer tho
n-{oetr'1.,.',.
nt
(ci cbarg. the tir
e
rcLrsnird
requneNna.foiher PFRSS corrintre io ap|i! i" rlris rrgad ftese rid'netr$
an&.h'r) r.2012 ynh ea'l] xppticalior Jreflnhed a d rrc ro bc xppljed
ol dr. $demenr ofcompr]lflEive irconr! b thc i?remeil of profl o, t.s !tu
01 icr compr.hcnsive i'r.me. IIo*c!er,.n erri\, is { lrllo$.dro urcor]t.ritles Thea'nend'netrs
do or iddrcs \hich iiems rE preseited ir olher comprehensnc ircome or wh ch ite N reed to be
Thc
arc sflecriye on o.
' t)h.l.trtx:
(D\etiry ]tina.:iol A\'!ts a tl Fhn,.idt Liabitnies tA
ta t1:1jJ1)
'.dnE"^
rmeidmcib inctLLde
disdonF rrquiRDens rctared io fifanci.t
dsscr ,nd finrcil]
'ni'ri'num
lirbiLiries thar ard (al offser
i'r the naG'ncils ol financiat posnio,: or (b) s,hjlcr ro cr,.or.rbl.
manfiio(ingx rngflncnBdrsiDildrnsresnefts. T|qrincludeahbtrtarftcoD.ilidiotrol.so$and
e,rrn
rfi u r- dn. r'3.,ii, t.,
ot1\cr in $e shrmcDb o| tjnan.trl posnioD These amendDietrB rre effe.iie tor .nnurl perods
These
besifDiisonorrner.Janux'_v
.l0lldrdaBrobeappticdfuosp.{vdy.
fire $idards wirli corslqnenrial ameDdmcih ro other eanJads atrd j erFetations tre
rnEndmen$arcelleclivefn'antrr.lp*lodsbeeimiigonorrnffJ.nuarll,l0l3Tietol]o$ngrre
rl'c k d improlenEms or amerdmeDh r. pFRSi iotre ot lyhictr ms a sisiiticafi cfed o;rhe
linanci2l{ c'ncnr o l ilt Coneanr,:
. DL. t 1.ta\.
..ioi re,on\l Mniun,
R.. e , |
dneno.d
.. d ,:.- " ,.0 . .t rrr t.!co !
'o
rou. . l '.to' 3 ,
o.' d
^noh e {d ',n,.,,t . rr;,..
cooparatire rlohdrion, drtr dial addnionali'rlormdio.
rced not be in irc lbm otrc.nntdc <ej.r
" 3n1't .-.,'t!.-,".u
r.n.pi i"otr,....t o,e "m h
bc in rcco'detr.s ri$ ptiRss For cxampte. it.n eniibr ctc* ro pic$rt a rhrd jdcnrD{
ot
coDu.ricislvc income, rh.n i[is addilio'.tsdementshoukl bercomparied b) rllrehted forcs, rrd
all strch .diitionsL riirmatiotr shotrld be in accod:nce $iih prRss Howcv;r. dre enfiv De.r mr
r'-..
"io.d0
enor, at.o
ri, ito ,o"".!mp,, .cr- d r
r,,;.r".e,
. PAS ). Pft:?ntuia1 afth? ollninsskr? eh1.fFinantitn po:i*,, ahtl Aetaled Na1.s.Tlli i
...."r ,,,,.r -,,o" ,-q",,.d.,,,,,,,:. r
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o t, :\c,e.r{ ,,c ..., I,aF .,ri.non,,..m..,
.1
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tr.i.
enr i C.tr,,t , ,i. ,.,e\:.
d Pis3 n!" ,.:kd'o1tr ,r - Lr..n,r . i.kto,,io r. ,.n|- er -d J
fiJ , pDron i ,"oc. n.ro 1,
p'. ed c od:od rrh! r ih^ Djsin i,B o. rhF e"r,. . jD.
f",.rrr - ei.o r,.
, rnii\ o,n\,d. .iodr,.o " . ,
...;te.oi
d, .
.4 14....- ,-Lmi,- | r rn. n. f- d-.n,".,"re.,,
_\pr4 rr,r -J;
.".
_1,,.",,,..
oR10o or de' dd',sdd-onat.o tdn.- .n"r,.s.d.hoert;.Jr,-oe ,.c
obF. . , , ,r..
'or .n o l: rri'l
cotrsoqucnri?l rmcndNns
hrvc b
.
Plis 12.
i.r-4ro
r. .iii
r'r., e'd
Fnnttn tttn,E'r: z?r4r,r'o,
ricome 'J.r{
Consequcn es orDi$ brrioDs. Thn
,r.+a 11. 2'-,, -..., ,po,e,o,te..
...iqn olF . .. eq , \ h .u m. . o
."1 .i
'
ditrr !.n...doe.e..d
.0.,r.n. be\-.pc.r/
op\i ) befot
'i.
.nr. p4<
_
1: . J.r-d,tr ( o .' iD.r on.,"
hotd"
i', cquny, icr ol dy reLalcd ircome ra!. Hon.!er. pAS t2 Eckra y rtquirer rhe rax
conseq&ne\ofdivideMsroborccogtrizedinprcfirorlo$. Astmit !.nseqrc iatrnendmenrhss
also beetr $adE 10 Phi ippiDc hnerycrrlion IFRIC 2. n,?,t?8 Jr,,? h a:o-.t.tot^\, Fntitie\ atut
diredLy
fo,?l.topk.l o
,I mtf t lntl
r
oJliednlq FjhaLidl l::eb. d Fhta,ti.t Liahititk:t4n|"d te k tazJJ, TheseInend,,flrs
an entity cufu lr has a legalh entbrceatr e riehr ro s.r ofi irdEt rtshr is: (j) roi
conringent or. ntu.e eveDr aDd (li) eoforc.able both ji rhe ronnitcourse ofbtrsi,re$ and irj rhe
crcfr ol defrulr, insoheD.y or b.DLoprcl of dr e iq and atL .ou sFrflieq aid (b) lros
clRril nEr: (.)
1" ri .l
k
',({''
'n
'n,g
if r'!T.
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ni it
'o,J..\
rea .c
begi',riigororanerl uaryr.2014anderrobeapptjedrerosFdively
T. b..1d.f1 ton,turuatr
t
2at5
. Pfrrs 9, a/un.n/ Ihltu enb t2010), pFRs 9 e0091 pfRs 9 (2009) jnnlduces new
requnement fo' lhc cLasifi.atiof and measurcDc r of finaici.l asdi Undor IFRS 9 (2009),
linancirl6scr! are dNiucd and meNu'ed b.sed on thc busine$ nodeti, shict diova.e held and
c..t,n..sDR\! :1]0,,,od..e."od,j..Ltir s,o
'.-.ha^'e'i
',n.
.br- r,. q\A-r1rtjt,.s. .,\.p F,o .-,medarcnom( \rori
!l' ir r'ndd,4\'era-m
. .n.o prR.o ro.oJ.e$ rq Fm-a,.d-!
F
i,:., a rna.,,.e.idtede"sin'
r' h."d.D,iolotfla.oi 0t0 i F\p--d.
Lr- !. imo,. o .h(.omt''. s C.r,i,t narc
- he -a .fi..,nn m
,'-nr u
t,.R..i:0tu,,,o.00....-.,.e
o.e.:,hto1i.d.o.E,n
q,
'nc,
'".,t4.Tlr Cd'nprnl, vlll 6ss ilre inprd ofthe abovs meidnreib io {aldrds ]nd
rnnncid $Emeih uCon iheiradop.ion i, rhcir rcspccrive efodrve daros
jmerpreiariors otr
rtr
Ddt. .J R?
tt ion. rhe Companrr recognizs a flnancial !$c1 or a Inanctal tidbititr in ihe
fitrd.,
p.ovnior or tho
i,tr !rh. ti de
ol finarcirt as*Ej re.dgniiion rLld
.lekmq
{d'(nr. a
oT
r on,
isdom6m{rdhr cnrJd?rc.o,r,h!
tkitul Recoqnitn .I rrnnrkt
', -.
Sul"cotre
.i. -Lr.,u.
r.@ .'i.l
ktrli.,.s FiNnciat in$tufrents .re rtcoetrized tniti,lty d tan
.rhe.!.d...(ons..o,e...d
t !m,,,...
;ms.o
.monJ.r,.i,e. . fi."n.r, aseL .rt, Lo1 r
nc h dr,iotLro..Jt. '.'.' fin.n,Bt 3 .d.. \pt
fi" ,. l-...3 LD.ti- 3 e le,
o 1t 34.iJ,., ir.. t_.td..r.4i. o-Dr.., -tutii,cro,
qtvr' ."
!.*i"l
:",::,t
d.Grt'm.
ot I'e.otr,t3.r r,{n.irl ....L dno irnciJt no,t,i. , trr,rl
',e.,..ficdiD
oq l.nd,pprr.!.'.ra' re..u. d" ,e {io. d .a ,epol !o r
'rhc Compdry h$ ro HTV invcslnc8. FVPL finmcial a$es atrd FVPL findn.ial lirbiLnies as
Septennrer l0 20ll aDd Dcc.tr,bn ll,1012.
d
,.lFJ Fr,a,.i,1 ,1.s...{ AFS ni.rciat a$e6 ire non derivarivc tifxi.idl a$cb rhd r.c eirher
d.sls alcd itr d,; criegory or nor cla$ticd in rny ofrhe or]l fimf.ixl a$d carego.ies Subsequetrt
ro iir.irl{coa,ilion. AIS fimDcialrse$ are he.ntred ai fiir vrh'c ind changer rhe'ein. otherihan
LnprnD,entLosesaDdlarci$otr(cncydiffcftncesonAFsd.brin*n'mcnr.,rccolizcdior[cr
ronprehennve imone rnd presenred in r-l,iir $t!c rusene" ri equir). Dividends carrd on
I'oliingAfs linaicialas*r rc recogniTrd as irri! dend inconrii lrhen rhe.j-qhtro rec. rc |[lDUn
I'xs hoci oiablis|ed vhei indnidr.l FS fiMr.hlr$cis irc Nirher dere.ognized or inrprired, rE
relrtd r.onnL,lalcd mrealized eaiis or to$es previouny
in cquit] are hrstcftd io .dd
'epo(cJ
rc.osnized in piofiro' o$.
AFS n''licil assc( also rcludc unquored equiry $.rumlnr Rith fin v ues *hih
rcriabLydeieanincd Thgsc innrumenr aecanhd.r con les iinp.iment i,r uluc, it.n],
crir.t
hc
Thr company s idve*Nn6 ir AIrs fif.rial rsseis e jnchded ulldq "olher Doncurei. a$.6,
accou{ i rlrc idemen$ ot tin.icid posiiiotr
La.ht dr.t Rtceiahle: J-..is and receivablcs aE ronde,ivarng nnrncid 6*6 lynh fixed or
ddcnnimbLe D4'ncnr ihxr arc ror qrorcd in d a ive n.rkd Trrcv .to not eDied ifio wirh rhe
h, r rdisF o .!r 1 m e Jt",. d., r or de i. rcJ. ;
'a,
i.nial mesurciEir. loan: aDd rcceivabtes af caried ai o,nonized co* Lsiio rlc
. trnp!trm., n. uL \1 i,'1 .i!., -oon or jd,e flr ,s
nteo" ,.nor tifle'rtr,n. ,p,o1rto o . - ac . r , ," , j ! 1 n ..i l oj e
strbseq eDr ro
.1,,1
.,...
e rccosnizod in
The
prcfir or to$ when toaDs'id rcoivabhs rrc dere.ogDtzd or iDplned.
c.mpmy\i$
rd
qsh cqrivrten$, olherrcctvsbtcs and adlances ro e,npto)ccs are inchded
Cadr lnch'desca$ od hard aM in banks and n shrod a{ tace rah,e C6h cqlivalenrs
arc shonrenn.
highly liqrid lnn'lm r rhar ffe Erdit] corvcntbt! ro known a,rotr s ot calh Rith .rn.inat
{,ri. of -m.
' oi.r
.:k.o,!c.tri1,o.
L.
fi.rrt
Th. conbiicd camDg 4nomt of fimDcial r$eh undcr rhis calcgo,) rtrr.rnrcd io pt0
12 mitLioi
afd Pri 20 billiotr as d seprenrbdl0,20ll endDecen6er3l.20l2. resDecriveLytNdrc l5).
4.,. ltwit..
1.:,..
1r . I,c. - .tr.ut .,.r ,d-. ,Td :f,onirs
con usingdE etfodive irtere iaremerhod. AmodiTed sosl jscrtcul.led bv raki,rs inro$.ou riv
D'emu-o,r -od r"nJ n!o'.'\"n,b.',o"rfn.(i
iol o,.i1r..n p.:
orrlc\Irr \r ec{nForrn r 6iih
included
ir llitr.doso.' sr a.du*
"'0"** *0.*r*"*,,rt
The co,nbinod c'rrying a'nol8 ot finrncjd li.biliijes undcr rhis careeo'y mDu rcd 10 nil,
!trd
rLl.l6 bil ioi o! al seprembs t0.2013 aDd Dccember 1t .20r2. rcspcclivet) (N.1e l5)
lrerecoenirio olFlr,rncialAsebaid
t,ali
rics
l.irrmldl-1$c^.r\finarclaLaser(orrvlwcdppli.rbLeapairolxtifancht.ser.'parlota!!!p
olsimiLar linaDcirr rscr) is derecognized !lictr:
dr ighls
ro tu.cive cash
llo\$ tlsn dr trsel
tlk conpant rciains rhc riehr r. .c.ci!c csh no\r fion rlrc r$et. bu1h6 asiimed atr obligariof
rhcm in n llwnliolrfrderialdeLq,to r rr rd n. ) underr "ptus dmtrlh,xrutrBc'nc ior
$ p.!
rlic compary hs rinsf.md ns richis .o rcccive casli flo{s froDj rhc a$ol and eiihsr (a) h,s
trr stincd n'bnanriall' all rbe rhks aid
ot de r$ct, o. (b) tras rcrtjcr rrnstcned nor
'c$.i(ts
reta r.d J,hranliall! alirlE risks and resards
of{hc.$cr, but h.s tansfeftd cotrtototrhe aser
i. rccctvc cash fio( ttum ar ascr and has nenh
tansfered nor rehined srbnandally allihe rhks ard rc*&h of the aser nor raDrt iicd loftotot
d,e rsr. drs a$d is re$3 tod b rhe exrent ofdrc co,npaD!.s coniiiuj,g inrotveneDr f rrrc as!!l
cont rtri ! involFmen lnrrakes rlt tnnn ofa glanni* orer nr li.isacned r$ct s me.rEd ar
d'e l.\er olare oris ni calrins emoutrt of the !sc!.r thc Da\jnum amouN.tconsiderarioi rhat
rhe Con,priJ, could be r.q!ttod ro p,!
whld Ilre Con,Frt hrs bansfirted its ight
r- . I t t,. \'nirl.'i't.bi \'.0.^. n i o \ 1 , - or . A. , u .no- , . t.b, \.
jlLlde\'tr0\ h{-,i
d.h,-d
cri.ntint.ob, ! ,rjptrr,
$nrc l!nd* on str[yanrially dillercnt re.nsj o' drc rcms otai e\istinA tiabiliry are subninrialLl
od. e. 1,. c. La;ro
. , . te.e.oFir
* ,n., a
"1, .". ",,"r-..,,,-"",
hqd. -.
in
.t,-.t!..,\e
on.
"otr'..
"u.li
h .
Ottic(ineJiiarcial Inift-nen6
Fhancirr a$dsand tii.iciallirbiliries ar! offser rM rlre nela,nounr is,epon.d i,r the iarenEnb of
filurialposinon if, and drtt il rhd. is a curendy entbrcsbte legatr
Cir io oUlcldE Eogrjzcd
,a..,..ndn-r." i,,c..,o o..rn.,1F,'
rc*,ri,....
r, r {,r l\ I
mJ - N.i o 3oe.nf. "o..r.r.;o,r,r
!$eb d irbili(ies rre presented
ir tE $arenenb offinafcial
e.o$
Popsij,
aDd
Do;irjon.
cqtripmenrffe c.rjed rt cod tc$..cunul.red dep,eNjarion &d jhp2ir,r.N os. itrny
'11.,' rl .o
d.i b-l
l
a i e.,,)
' o,pe1
,D.. g.o.o {.nde fl,r!nfo, tnc
bn,e,g
ea
e,oi,
1.
knl( re
'.i
.N"r ird p. fi, . o ,n l,e..r ,... .oJ jr,nc, Fo vt.
r
diur.
'
r h..'tr/ o.'od'i. . .n.,."r Drt",\ dno ;. p,n- otrt, .,he Lp,ob,:.e
't'-)ri o o
o,(,o,t,r:nd.e o,o..e
'.d
iteNc.r be Dc$!rcd retiahty
r'r'.be.
Depreclarion n compuled using dre nraighr Li'E
Nthod oler lhc lolld{inge$im
ed usefuLLives
3
Tho usolnl lives. reldual/rues and deprcclarioi trrhod are rcvj.N.d period c. ty ro crnrc rtMr
d,cy
lonsiicrr riih rhc e\pecred pdreni ol ..oiom ic benefih fion (he irenrundcrp,otcrl
r!
ne,,
ii
iccoun. until thev are jj. hrscr in use rnd N t!fthcr
los A$ds aic dctocogii4d upoD diqr.*r or shci rhs! n no
...p^..c, I o Lc u , , ti po oI
",
rull), derreciarcd Neh a'e rctri'rcd
dcpre idi.n is rcm-smrd in pronr o
rlrc
r..L! dF".r
-di
'tr.!D.r..-n1,.ne.,lo n,jzed..d
! drtu. ryinE a,nolnr ofthe aser) 6 jroh edinproftorlosinshichrhcasetisdseo!
rhe
Conprr) 6s$cs d 1lr repodine dds *hether
a
fioar.id a$el
or grou!
ofjina cial a$es n
A nnmcirla$or d r greup ot lin.icial asds i! dcemed ro be imparcd it and onv il lhcre ir
obiedivcevden..ori'nprimeniasrrernloforeorhorecven6rh.rhaveo. FcdanerrtE n,
rccognirior ol lhE asd (m i'rutr.d loss eveir).nn dnt lo$ cvcnt has.n imDrd or rll .{injcd
nn, ,1n,. o h"fir'.,tA.! o', otrpo. riJt.. . h ..nbe,-,
,.,c,.
,1*tk thrill d )tnatuiad c.!. For asers cadld atrmotrized c.st nrh as loais rid rcGtvihhs
.'-' rnr,-\ 'A..r.e.,,,,ehc oDe.'n \it. Dr ri.n,1 (\..,. ind odJ, r!, fin-r tr
iii'
o Dc'\ ! l..eo' 0,. etr Tt"c ide,,.eto.|},.r,rj,!.,.
','.$.. dtr'dB. ' eed h.,umr,\tr\tu,e.
g, I irr,n4
poorcd .ccoidiis ro rbetr credi{ risk dEndcnjns and ..lt;rjd} ;*;ss
rh. e-.0 nr
D -'. d -h'.' r r". rnr,
'h!r'.dr..i
, t. .r mp-i,me , ,, .1;
Evidence
orinprirnrnr tor${inc inpai.nflr
F,.
purposcs may jncludc
iMicdi.r,rhar ljre bDr.rvcr
r,, ..tr\ o-F,i, o, o . iier \ ,n F ,n!,p r ,,
,-.._,
.o,r k,-\.,mo-,n^ p.r ...-;.d,,
......"
i,rD 1r . htu,. oD.en'otc o,, ..
!o d,io o. ,d - l-.,t_
d!.!p e1 .rir.,i.- r,,r'.,ei., n,e-.,.br rn..n...._"n
,.". -r,n""i" r"
ob,nr,.t..J
o
d
lf rrc s olrje*ive ev dorcc otimpai'nnr,lhe anFunr o|o$ h measurcd.s 0r difer.nce beiwecn
,he"sd\ ar.ving &.omr md,hc prcscni varrc oreji,arcd ruiu" *"r, r"*,1*.i"ii"l
r"m
sedn ldset d(comted a! rhe fincncitrl lssers origjnrt effec.ive inrer$ rate ljc_ c;fiecrive
n'.l. , : sl,o ld , inir . r re oe .,0. , rr.a.dre 8ene.,t. o,.o_de^oat,.r. Lt tr L u,,..tr_D!ti,,.d,u-3.j,.edi..,.tr
,arc for measlrngaD] i p.irmeri to$ h rte curenr ejfectjvo imer*t
rare, jLNcd tornjeoriginrt
.redir risk prerium rorcollecrhe inpaiment pqr.ses. inp0i'Detrr lo$
rcsprcrivo delatrhard historical los exDericncs.
G
compukd based on rheir
rrc cr.ynrg amour ofdE a$et shall be redmed eirh{ di.*ily or rhrolgh rhe Ne otar stloeance
rccon r. Thc impaimeDr lo$ lo.lhe period shall be recogtrized ii prclir or los Il in a subscqucni
peri.d. thc ad.ur ofrhe impxirment 1os decrcases.nd rhe decftAc can be RLared o6jedivelv io m
r,c
rf..i"nL .A.'..oBtr'eo Leo,$io+ir 0"r..Ii"f..m-,
o.
rcvssed Ary subsequeDr.ev salofrni'n0airnu lo$isEco8nizedjDp,otitorto$_!othccirc0r
rhatthecirryingrmountofthcssetdoesNrc\ceediismonizcdcosr r|crNc^. ddc
lhc .drrying amouis ol propotrt .nd eq(ipmenl mc rcvicrcd
.1,, c
di.r'o"e.r'.. d
cash geicnring unns
r5sc1 r rlk
iir
inp.iment Rhen
evenrs
!r
tu rhc..rli gsro rn4\
r..0...b, ,,\.u.
eF -rc 'n't,
L.o,erbteamo-nr I er!e o
r.c RrtucD d.*d ro rhe; rccoreEbtc rnroutrs. Therecovembte dnotrnr otrhc
Les cosLs loscttand vtue b Lso lhe tan.vrtuc tsss cojs rose| is
obraimble fron {lt srle ol m .s*( in an anns teDqth r.Nr.iiM hd$.en
senerolLnvrlue
r olnr
!Jr-. D ,'r -r1'k.t....
+1, lo r. di , r c,
^
ol - - \'!o.mo
dE
!.
c n. pFiil o
s.d.h!
1e. fi!r '\e,.1 .o d ...r. ,l
'.t
docs nol gereBie largel] i'rdcpendent c6h into(j, lhc rccoveraLic amomr is detomired tdr ilre
casllgcr*rri.s triitlo Nhich rhe rs*t betongs. tmp meni toses Ir recog.iad in proft or to$ tn
rhose erpc
Nc .arcsoi
es
coi shrem dirh
rheftdioi otde
impaired
sset
!i cach tup.niis dftc as tu rvherher there js &y iidication rha. prcliousty
1lr,tr'nq lo r. r,ay
,.J*.,.-4 |h..i"".";
*,,.
'(.o.nird
'
l'"^.dfl,|F.
s.eo \oe.'ortJ R.6 eo.,np4im1, 0..i.,\e.e/ort)l
rhcre h6 bcen a chmBe'ie,'
li rh! e$i'ndes uscd ro detemirc lhc aser s recove.rbtc
nr since rtk
hi impairnent lo$ Ms recogrized. Ifrbalilhectue,rhec ryillg amount ofrhe rnjo
r$er is trcreas.rt
Io h rccorcrableenoum. thar irr$sd.mounr c,ii.! erceed dr oarryi,iganomtrhdloutd havc
An ase$'notrt tu made
beei deteflnincd, rc! ordepreciarion and amotriar on. had ro
inpai.,:mj*"
rccosii..d f.;
'hL'e rp'o \er \.h+!e's
a^r
.u h d ,1e, at, , .
d-t \ia.io r,d . odia,'o .hJ!. I '.E.og'
.'^ing3r. nr.ts..: e\id., \nt co.d) -.r,cbdF \..i T in-ureu rc
b.or
$!xiLS&!!
cia$ilied
equiq
Inc.emerht cojr dndtv rtuib0lable
^
f.o' .eds.dd.ouf
ame." ..* d_"r ;,....r
io dr.
hnr
of
\'{. .r\,.,t.utieoo) h\idin8 ome { I,c"De orofrm,
J,...
- o'.o n BR.ou.b ird.-,"';..,.
r-ldc,,.,, ".F .'..,
.' o.ouFo, rt,r r,n,e. rnr-"\b..r. D. !,.e.fl a
o.rJ.ded rfn' D
'.dt
,n. . e o 1br.ble,o
./i6r,ed d ,d!e .uhoe, o
ofa dt,n.poe,,tcommo .hd! i ,..
Ba',,"r n.
Pe
/b .tr" "sm1.... o.,n o,old,ho ,rcd.., o, en c!. \rt, ,, p- ..uttr
c\i'on n 'o(o6mphh,t
"!n11. \hi.h. uoc., r. .i.t. sr,o,....,o. r€ d.
irrk etrf rrum In.!lrtikgi \n6.
e or.om,.
Tlr compar!.
Lravir!
io
openriors. a$escd rh€i ft h$ no rcp.(rbte sesmefr Accordireiv. ttc
Companr does ior oreseit segnreni
]rlonmti.n
lico cla.omliser.trnrnarddclcftdhx Inconerax is.eoeniztd ir p,oin or los.\ccp{ 10 ths
\rert ftxI n tuUles ro r b$if.ss con,biixrioi. or ir.ms rec.gnized dnedly ii cq! 1r .r i orlrcr
cu'r.rt inco'nc {ix is lhe eiFdcd t.x p.yable or rcceiqbte on the &a.ble in.ome.. i.$ aor rljc
ycxr 6ingbr rics.n.crcd o.su6{antivct)- cnxcredarnEeponi.gd e, ard.nv rdjNtmer bh:
pxy$lc ir itspectoafrcviotrs ysrs.
Delcrtd ra\ !$o$
are rec.gtrDld aor alLdcdtrcribte
icnponry difirRccs. .rh-'tonnrd tjcmlir!
oJ
n.ro ,..r0,. Vi im
r v L-d n, ...., ,..e \.,Op..,
l.:s car.v ove' (Nolco), io the erefi rhd n is pmbabtc rhrt hxshtc ptufir *il] be a\ril.bt;!
agrinn Lrhich rlr dedldible t mpor.! difercnccs. jd the cantonva,n b.rclir\.r LtarT Nftl
\OLCO can be utiliTcd. crc!pr:
fl.'lrl!m'
olricr
,
sadion. arlecb neirher thc sccouni,r!
'
pl('n mrtur$le
i. .otr,( d.,on rnl n L
t$5:iid
urne
pror,r or
respect to dcdrcrible renNrary djfe.enc.s Bsociard
*,jrh inve{jn. 6 n sLbsidisries .dd
6scr rrerecosij^d on|lio tlje erteir rhar ir is DrobxbledrRt
'vnh
jointverr!'cs, d!ftredia\
inkr$s
Irmo'^'n.'n,.
\,Ft.,i,,"t.orr'Jre
againiNhich dE reD|[mrdifferences c$ bs ditized.
lhe c}ry ig amount ot detercd
-k,
, ,,uonaroo.Le'
'l
t* r$cr
is revi!*rd
it *ch rpoiiry
daie and rcduccd ro rhg
f.1 ri...s,.b
t,.-t, tJ.d
d. .nd,,,...
g
l(. nJ,e'..ontm r.cnrn h, h.. b-.otrrIoDDe.n. "..,...d,.,.
"r.
,l
L,. ."",.p",,
,.
'rtrd.f!tr!Lih.
a$c
L! tre
rc.o\cr.l
Dcltrcd Ex.3seb aDd liibitnicsre measured ddr tar rttes ih.r are erpccrcd to appll, in rhelerr
sh.n rho $*i r re.tized or r Lirbitny is seritcd. hsed on kx nies (and r* Lr{lj rhai h*e h.ci
efrcred or
subni ivelyenaored.r
ihe reD.nins Jate
Defcnrd r.x asds.nd detercd ki tirbiLiies
ctrtre ir{ r$ca agri'N ax liatriliites ard rhe
r/dh(
,!au
T.,
ty.,1J)
k
rcntrcs. e\pen\cs
{h.i? ic lax ii tud on lJrrcha$
'
iulori'J in $h rh.i.e
L,'
'he
lhs.\p.'.e ten $
'np..bk 'nd
rccivables 4d paj-abrc\ rhd
ft
$ted
J
enlorccrblc rishr exnts .o sel
to die
rd
r. () ir!
of a$er or sc
wnh lhc.frouni
relogn,zed mr
tces
ofhx
sam tr\iblcenlit]
ul
rhe
ofl
and
dE
\
\ I,
rno mj or
is no( .e.ov$?bte fio'n rbe raxarior
.lacquisnion ordic $sgl oras prn ot
includcd
&!r!!!!!e
!!!!!!Ir!i!I
Relentre is recognDld to
thccic$rhit
ir is prdbablc rhat rhe
nanscrioi sill flow b $e compaD! rnd
loll.sins sDecific rcqosnirion crireri. nun rko
be
nri
ec.ioni. berelit associftd wirh the
hcforc rcv.dD.
i
be n'exstrrd
rcliabll,. Trr.
Inr.ren ftome fiom casli in brnk. which is subjcd ro firat lilhhotding hx. n pre\ented rr gro$
an,oumrtrd rrr ki piiJ or wnhheld is inctM.d ininconrerxx expefc.
hpe'ses arc rc.ogniad $hef decrca* in tftne econoDiic bcnefiG re]arcd io a dcc.onsc han asser
L.biLiry hasrisen thd car bc nerntred rtiab|t ExpeDses erc ..coqntld rhon
orar inftase ola
Itcl{cd I,aB Tm6a.!ons a.d Retaiionstrip
Itchrcd pmrr .d ionship eis6 \!h.n one
otr.
prtv
lras rhc
.bililr to conrol. dnedll or idirc.lty
rt .n . o.- . o .,
'. 'otr.h
part]
ir rn,kinq lifrncist d .fcr.! ig de.isioDs Such rctatjotrsrjip aLso e\is6 benveer ardtor
rirdns entnies wliich rre under c.rDotr corooL snh the reponirg c carke. !r beiwee, and/or
, e i:'- ^r,'r d u l. on'ot\,,ourin" ep,!. di,.t"rm,..,,1, te."n"
I -.c. clnoo"nr.4FJ
o -.tn- " Lc
'de. 'n4.i
f oreiqn c!tuncy:r@j?q!@s
lransacrio's ii tbrcigr cutremics are convened io philjppirc peso.r exchansc nrcs pftvaitinq ai
'rr'di-.
Ipo ep,
E.ins or
..,.
l!$cs ire' recocriT.d
in Drolir
orlo$
oc'a.4.,.,djhi-,.Lk.nl,rdinj
,h.,-dt r^ 0,.:n..
ttr
.n_r
ItvirioDsaErec.etrizldrhenrheCo'np.nylrasr(r)aprcsonro6lig io,(teeaLorcoinndive)asr
rcsuh or pd evenrr (hl n is pmtrabte (i0., mo.e tik;v rhan noo rhd rn ourn.w .r a,\o ffes
s't. ! c,.'.d,o c e r;o,,.{io rdL.r. +tit . c..,mr...n
'rb-nor'heoolss'
b.'n.o.rrc mo.tr
rt, ene, ,,Jtreor n.n. .nn.,"
o ou,r..tee\prr', rc.s no . i
,i
n.
'
"",, r.r "
,t.D
I,.oh""-..
'oe..nd.l,oa .l o,...-,
."opi,", .. *. ,
co,.r o re.\ornoiu-. ..,. eo! e ea.,.\i.on,:-.p.FJ,oDe
(i- m D. Jorl,c ."rJ. i-,-. I e en J,.,t bL -."qn,ao .,..., I .t\ a. L
\;n.
etu'1 rt'. ( DU, er- tb",- nco,.he;,,"
-,.,t,,.oDr." { .hc
shl I be r'ed.d as I seprrate r$et rhe snount acohi,rd ld dr Eimhursemcnr
'cinbLEenenr
" ''.','., "..."'.;
'
adjuned b toncd drectrrenr bste*i'n't.
'.:' ' +'r"
. r.o
''i c r,.tr
conii"gent Lirbiliries are mr Ecocnized i'r
o
1ho
finmcjal suremerk b
or e. r.". ...bod c nvnoai.
"nri,t -,{o'. ..nk. rr ,0.,bi
i4ari..d re,
"e,,,. o,":jd.o.-o
r1e rc:dl ,- cn' \. .,hninl ,or..o otr, lr !l ,hnr.b,ht
'he r'
Evenb Aner 1he Roponitrr Darc
Post yearend ere s llFi provide addirional infomation aboul thc Compmy\ posirion
rhe
Ep.hinE drre (adju$ins evenis) are reiecred ji tne financiat sbremelb. pon vdrnd evenh th,i
..
c
rordd'ulins.v-nh&eJn!b
4. Caih r trd
c$h
eq
ed
in
he
mr6'orl,e
I
'nrc."t
!L
e.-"
"*,i--",
"r
uivalenr!
Thkaccdu mnsk$.r
Csh in balks eam annu€l inbe$ at lhe
respective
bdk
deposir r.tes.
Shonretu placeme s
rep'-rln eyn4ksph.me I made fo' varlmE perio/, r01 rre,ords.orh,;!ao,..)
da)r em'nC r'!erq seing f btr )."" ro 2.310. /or nme.onl. *drc Vpr. b,,
J0. 10.,";
I 50rq to 4.63% in Decahbe.3t,20t2.Inret incone amoumed to p.165 nitiion aid p1.95
for the periodsedded SeptshberlOi 20t3 and Deccnber3ti 2Ol2,rspecrivety.
Thh @couit consisrc
miliod
.r'
Advancd to enployccs and conrraclors
6, Propeny and EquipmeDr
The mdemcnr and balanco ofthisaccountas at aM tor the period
ended Sepicnber30,2013 aft as
Tnhspoturion Furiltor! Omce Connubr
f,qtrinDeor and ri 0re rqujDmenr rqtri;m.nr
,4ddllions
dd bat.'6
os ar
Asunuraied deprectrtiotr:
P1,t32.143
315,255
Dep@iation for$e period
Se.nbcr30,20r3
P
,tor.J
A..rued f,rpenss rnd OtlFr
Gokrnctrr
payables
inclde wirhhotding tar fidrl hx
eDd orher
px)rrbh
10
larious Sovcmne
On Af.iL30 lid Augun 2?.2012, rhc OignialFrcilq Agenenr \as funher a erded urd tlk
Tlird a d fodh A'nend'nef Ag'cenrot, rcspodncl]. ru incllLde Po$er,{cces Ctobrttnc (porer
Acces) rs d'e irlcililv c Bororsi ard iDcrtrsife ilie roful lom.ritments by us$]00 mi iotr
,o.:bl
,n,
'or.93n 'i'o
,o. 3otton,
....
'et-
t i. tm..r"{e
.e
obLiSa.iors ol Po*er Ac.es rnd erreDds rhe *criiies gnnied bt rhe Conrprf], under rhc S.rtrcd
l_.ci nies Agrccmor ddcd Janur-l 2i, 201I ro rhc frciti! c RoroNq in rhe eveni of defa n. A]l
tddnioDd l@is, !o$s,
AmcD{itric
r
rre a.npart
ler md inter{
rcldrcd a'd in connedioD rlirh the Thi,d a,d F.r1li
inr drc accounro|Porei A.ce$ The btanceollh! LoxD guarafleed b}.
trndnrhe rliiidaid louth mendnent rDouncd ro t7t.9l miltjon (p].lr bit or),s
Asrcement
a' e
otr ,\pril ?9, 20rr. 3 rr rlh Ame.dmcnr asree'ncnt wrs execuicd sberein rhe conpanv rbsollletl
rsisied !o One liipaD ill dl irs rishr ard obLilarions as orjstmt bdrdkr uid; ihe Oiainr
'll1''"
I {:o 04 i ,o0.3,Dt
lP h, n.r.. o 'eo'.!
'..r
oen: ....FdtJ.h.
0 io-,o',.,.t
;,,,"or..p"..",
rs
''n'o
.mp.
tue.,'o
,.
Allco(said c$eD*s (i0cLrdins leeallect rcta{ingro the Finh AmerdDrd Asnemeii aretbrrhE
rccotrnr olOnc Taipan as the rcptaccmrdt botrosor.
I'rioL to drc apprevalortlr Iinh AmendDent Ag.eemen_ itrc batance otrhE torf undcrarc
Fnciinies A8rcernent as rDrMed.motrnied to S3l]l 23 millior (p12.29 billidn) as at Mrrch
nrer \.?r.dbtj
Re{ed irtercns, cons and odrcr cxpenses inctu,rirs impaci
-o ,ton.s
l, ,..tr r "
as M .h lt, 20t:l iid Deccmbcr
t1. 2012 Thc toan
oiginat
L0rr
fiq^ , roionL"e\o,"q,
orrorcis" *"tk;g. t-";i o" ror fi;
I Oet, I".
jn
ao, djc
a.rounl otcHpc wAs ttr y patj
'1]t ruN unde.drc OrisinalFeiliqAereemert as ahcnded are secu.ed. arong o(|e,s,
b)- 92.5% o,
rhe lornprd!\ shms .r sock, sh'rcs of $ock or tu orher panies b thc tan a-qr;Ei6
and
rcc rablcs resutriig nom rhc msjgmcnr ottlrc proceeds ofrhe [aN tu Onetsiratr d; CIItC
10,
OtherConDihrn$
Nnd Conritrg.nr
Li,hitnics
Thc corip.n)r hcs io odraDditrg connn,rcn$ ind
rftlDccerb* 31.20tz
Derark
olshrit
oapilatas at
Aorho,ized sha'€s(otPt
hn'ed nr!rcs
(ftltl
sepremberl0.l0t]
parv'e
piid) comnon
coniiDgenr
antl Docember
3
lirbililics
as
ot Sepre
t. 2012 arcxsfolt.Nc:
rr:]0.totl
Brsl./dllded i'roD,. ilo*J
Dcr slDru
Nd los ahiburablc
ro shaEholdeN
I)ividcd by *ei-shied denge ntrmber
olodslidi'rs
TheE
*rrc
connnon shares
no d lurirc porcnrisl co'n'nof shres. hence basc and
diued Eps flc lhc
$
c lbr
rtr
trLttL/ rt rrh.,E/lrrr rl Sra.LSh!? \wdr
O \o! ..tr-r.i o1 n l].r ! Bo,{'- ohe;., o,fl a,d 1,e .,....- r....,..,.,n ri,.p
et
rIh'r.
o"ar
00'nli 1o
o
d..
3p,.,1.o,ot
pi
3reino, nt ,i..otrln,kic
"rrdo",..t.eo
llre abovc r€solurions rere anpnvcd bt the stockhotdc6 oi Dccenber 2r. u l)10.
.,o. r r.,r.. // q, .h r,. !.c^
tOR "D,.u t.bun o.rO r.UO.1,.a""
.e 1on.roi.i,rlFr, r.,.
,,.in -,u.h.,ao,r
Ib
'o
.1_,
.'
omo"n\ 00i u,0,n.Jhmo,,
t,. e ., ., (. or p,0per
o' -rio.tr, rtri-d'n.\..,.rern,,.i,.h3f. on. ,r., dnd p.ri",., ,rc r ".o.r,.",.i "
n:r o
.
L
l" L: .b9:
P....
ntie.
lhe
drr!
rr
snap rvas approvcd by rhe nockhotder otr Dccrmber2l. Tot0
O.\l
,oD'n\ed r . .hs e . . p r,
.,-3c,n t,..0 p.q)
^1..'-\t,
'.h..
'o!
r'D P000n't.ontnideo"o .t,on.t,,T .rflpr.e cpr si'.pr
'
tr l01dtr.dc
t00 i nn.on-ui.
de. doJn toD
'n.J pI ln| \ ulf oer\hrc
preiemd \|f es,|
llrojefarniry.l
rlE slnc $Fp, rhe Comp3ry
\vito\u
63.14% otpacifica
Ld
too%
otOr!
rr.Mi\rdlrneour Err,cns.s
I
lic accotrit includ* crpenses Jike ren! reraeDhtjon ard odr.rs
13. Ner
for.iPn Exch,neccain al,osl
The.Nci Foreigi Exchrigc cai. (Inst pefrains to thc re$ts od
he rcnareDctr! ot Lo,trs.nd Crsh
Bnik lD.rrr
rhesc mooeh!- rsd
iahili, dsdii,fted in fdtisi
Rpo-tr-d,-\"q'e.r,c'
^(dn0
c'irtUi\.u.
di
g.\.h.
ge..re
$;;;),d
ii
rtre
Tho Co$panl,\ tcnporaq diflcrcrccs ol rhich detemd rax a$c!s wcft not rccoSlizod by
conpanJ dsolSeDtenbql0. 20lr and Dccchbcril,20l2 are shorr bclo\y:
rtr
seprenber30,?013 Decenbc:ll,20ll
Unrcrlizd forci$ crchmee(gaiD to$
Nei o pe.arii e tos €r'r,-ov e. (N oLcO)
Ar.r
Scprcmbe' 30,2011. dre ConpaDy
tirruretrxrbl. incone Dcrdikof
Nolco
be.lairrrl !s dcduciion lronr
20lr
15.
Finro.irl Rlsk
,nLt
C,pibt MRn,gcncnl
lhe Company\ fiirncirt innDnens comp'iss of casl in baDks. orher re.eilab cs, advrrces
ro
enpLolecs,.vailabte-torsate tin.ncial trsor. ac.nrcd e\peises and othercurenr
Ji,hitirics and tdis
The Conpany
hs
eiposure 10 credn
r^k aid liquidiq dsk primailv trom jrs lss of tiian.iit
This nolc prestrE into.mdion abont ihe Conpin\'. expojlm ro eslh
or
torcsoin! r,ks, ,re
Conpany\ objecrives, policios md process jor mejslring 3rd mrnsqn!
'he ca
n\ts rod lhc
Conuaiy s mai ageneni o I capnrr.
l'. aj, rr . . ni.ror...c\esrupo,otr(b.k..ebeN.c.,..rnd
po-tr
tl
'dvr,.. -
o"l,c,o.DN.fir
o pe,ro,n,n,e.hcBo!J
Tlr BOD consnurd the Conp.ny\,{udit Coflnincc ro a$isr ihe BOD in ttrtfiling ib ovesjghi
EspD'siuLiq or rhc compar]\ corporsre govemrnce prcces.chdry t rhsr (.j qualnr-;d
irnegrct! of the conpany\ iiidiclar $dlmsnr md umnciat repodiis rh{$ md rhe a.om;arvr
sy*em ol i .m.lrcou ing and fimrcial conrok;(b) pertormaD.e otthe i onDl adiloni (c)
itrnmlindependc
oftre conpany\ finan.id dareDctrs, itr eneaSeme otrhe irdepe eir
'dir
ftLd rds md rhe ev.l!.rion
ol rhe ind+lfdcnr audnon, qmtificrtiotrs, ridspendence rnd
perf D rq (d) fmplirrce by itre ConDany*irh tc8atard regtrtatory Equiremenis, irchdin! rhc
coDp.nr- dhdostrrcs.onrolrnd prccedws, (e) evaLurioo or mana-qemcias pmes b eksio rd
rnmrle ilECorpitr!\ c eQrFe Isk issresirnd (r) Ntfiltncnl otdre orher rcsNfsibitiri!! scr out
bl BOD ]he Audi( Commirree shrll ahd prepa'c dE.cpotrs requircd ro 6c irchicd jn rhe
q!s4!8!!
cr.dh risk G E risk olfinaiciil to$ ro thc co'mnv ila cu$ofrer or cod lrparty ro r firanciat
i$rrunetrt rails ro mecr irs conhdmr obiisrid;
rascs pi',cipllly lro'n cxsli. adv rccs md
';
'cluidabledepost.
Cci*
ly, dE riiimuri
nh!'.,,... e " ! o$
anallsh povided
&k
a.si[! .,n.d of rE
o"",D .Arpo. ,;n; m, ede,i"d
i0 dre noles ro rhe iNoim finociat rarements). asrunr.riad bct.$:
c'cdn
exposurc
ot finarci.r .sseb is rhe
P
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Orher receiv.blesaft cottcded on d0e ddemdarcsecufed by shrrcs
ot$ck
otrhe deb1o6.
LlquidisRisk
i" d'
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1-,.b.6.,otr.J.,..--o\
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e r','e
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." riq..,rrtr1. o,,id,4.,on,ee ..mrui
To "n..e m.d'
ibr grions
h!
'able
scprembe
3nd io
b.lou
mcet.uftnrope
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m,tu
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r0.toD'nJ DelemLcf r .:u l
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Senrcnblr
P
r0,m0J43
P
r0j070!343
5sJ00
30, 2013
P r0,0r0J,r3
ss,s00
co.hctua
csh
edcsh
curcn
P
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13.132,5r5,3t9 t3,t32.515.I9 13,132.5t5.319
P.001.2
.t00
.004, _1. 00
Fair valuc of Financio] Assls and t iabihies
The drrylng mous of L\e Compey's fnmoial a$ers od iiidciat li.bitiries
al reponing period
appbximarc theh lan valus considerinS rid rhee hale shon bm nduriiies.
'lhe hble Selow analyses
Thc diftercn! lelels
i
.
r
Lelel
I
h.!c
fi'rncialinionenls cmiEd
lair lal0e. by velurtidn nerhod.
bccn dclined as lollorvs:
quored pricos (unadjusred) i:,
rtile
mo*e$ tor idcitical.$eG orliabilniss.
LeveL 2: inpub orher ihcn quoien prices nrcluded *irhin Level I dEt aE obse $lclorthe&ser
olliabiliry,oirhodirecrly(ic.,aspiqctorinditocdt(i.0.dc vedFomprics)
L€ve1
i:
i',pub lor the 6set or lirbility thal tre rot
based
on obserrble mxrker drra
$re no tmsfes beN€en Levell and Levol2
.f l-evel I fln vahe me,s,€meih
fan vatue heas!renenr. aid
Avaitabl+to. sde nnmsial
ln20ll aM
no
ar
rfusles
2012, lhde
into and out
6fi s
eapi!au,4"3rc!!r!
P.
ThcCodpany d€fines capnaL6 crpirrl$ock, fairralue rc*ne and deficir for the peiod
lhe inrerim $ateBcnrof finaicirl p.sition.
s
showi in
Manqemcnrs objcclivcs ii managing capilal ar to safeguftd ihe Company'! abiliry io cortitrue as a
going concem so tld itcm contiDue io provide retums ro ir sharholdeE.nd to mainlain rn oprinral
crpnal druciure to reduca rhe co$ ofcapihl.
16.
supplenetrrrrJ Inforn.lion Required
RcsulalioN (RR) No. 15 2010
lr
by Bureau of Incrnxt R.!e'ueh
Relenue
addirion ro rhe discloeres mndated under PrRss, .nd such orher slandards and/o. conveftions as
naybc adoprcd, componies are rcquted by rhe BIR lo provi'Jc in tne
lo lhe frnanciat nabmenis,
'Diesrelotjne to
canaii supple'ncdary inlomation for the taxable year. The anohh
slch intorh.tion
n'ry nor nece$arily be tlr samc Nith rhose aDolits dhdGed in lhe fnanciat narenens which rqe
prcpdrcd in amordancc $i!h the PFRS.
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