Professional Documents
Culture Documents
Financial Statements
The consolidated financial statements were authorized for issue by the Board of
Directors (BOD) on February 20, 2014.
The accompanying financial statements have been prepared in accordance with
Philippine Financial Reporting Standards (PFRS). The company applied for the first
time, amendments that require restatement of previous financial statements.
These comprise PAS 19, Employee Benefits (Revised 2011) and PAS 1,
Presentation of Financial Statements. Moreover, the application of PFRS 7, Financial
Instruments: Disclosures Offsetting Financial Assets and Financial Liabilities, PFRS
12, Disclosures of Interest in other entities and PFRS 13, Fair Value Measurement
resulted in additional disclosures in the financial statements.
Overall Presentation
The consolidated financial statements are prepared under the historical cost
basis, except for parcels of land, which are carried at revalued amount.
Short-term Investments
NON-CURRENT
are
amounts
paid
as
guarantee
in
relation
to
less
accumulated
amortization
and
any
accumulated
LIABILITIES
CURRENT
Bank Loans
Bank Loans should not be the first line item under current liabilities.
It should be the next to Accounts Payable and Accrued Expenses.
NON-CURRENT
Deposits Payable
Deposits Payable was clearly disclosed on the notes to
consolidated financial statements.
Net Retirement Obligation
The net retirement obligation comprises service costs which is
composed of current service cost, past service cost, and gain or
losses on non-routine settlements; net interest on the net defined
liability which recognized as expense or income in profit or loss;
and remeasurements of net defined liability which encompassed
the actuarial gain or losses, return on plan assets and any change
in the effect of the asset ceiling (excluding net interest on defined
benefit
liability)
and
are
recognized
immediately
in
other
comprehensive income.
carrying
value
approximates
fair
value
because
SHAREHOLDERS EQUITY
Other Income
It is recognized when thereare incidental economic benefits,
other than the usual business operations, that will flow to the
company and can be measured realiably.
Expense Recognition
Cost of Merchandise Sold
It is recognized in profit or loss at the point of sale
Expenses
It is recognized in profit or loss upon utilization of the services or
when they are incurred.
Communication, Light and Water is the major contributor of
incurring expenses under selling and general and adminstrative
expenses.
Net cash flow from operating activities in 2013 has increased to approximate
amount of P1.8 billion, higher compared to 2012. It emphasized that the improvement in
operating cash flow can be attributed to the growth in net income and working capital
contribution resulting from higher level of current liabilities
Net cash utilized in investing activities rose to almost P1.3 billion for the year
2013. It is because major cash outlay went to new store constructions and renovations
and acquisition of new equipment to support new product lines.
Net Cash flow from financing activities arrived at P26.5 million representing the
net availments of bank loans in the amount of P82.2 million, payment of cash dividend
totaling to P39.9 million, and interest paid amounting to P15.8 million.