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loilo
Mandaluyong Cify
Management's Respons
ib irity
for
ia
Management is responsible.f-olihgreparation
and fair presentation of the separate financial
statements in accordance with Philippine Iiinancial
R.p;;;; s;dards, and for such intemal
control as management determin.. is n..essury
to enabte tnJprefaration of the separate financial
statements that are free from materiat misstatement,
whetier due to fraud or error.
Audi tors' Respons
ibility
the audit to
obtain reasonable assurance a6out whether the separate
financiaistatements are free from
material misstatement.
R.G. M.nrbtt & Co.. a Pirippino pcnnorship snd r rurtor lhm o{ tha KPMG
n8twork ol indopoodont li{mi rflihltod with KPMG lnbrn.tion.t CmpoGtvo
r(PMG lntomltjonrl'|, ! Swiss ontity. KpMG trbrnstio.lprwides no qli6.t
soryrcr. No mdmbor lirm h!3 any autiori, 10 obtigrt or bind l(pMG
,nlomsionsl o( sny olhsr rumblr lirmvis-!-vis third psilrca. no. dss (pMG
lnlornStionsl ha6 any such ovtiority tq obhgrla o. bind any mmb6,lirm. Ail
rqllis rsNad.
201 ?
M
Opinion
In our opinion' the separate financial statemerts
present fairly, in all material
respects, the
unconsolidated financial position
of vega ielecom, hr..
3
2a$ andz0t4, and
its unconsolidated financiat perrormanc!
uii irr urcoosoriaai"a r^ri flows for the years
ended in accordance with philippine
then
;; ii;;ber l,
finun.iuf R.p",ti;;
S;;l;;J;
Report on the
ti".;;;
br;il6;;
".
R"G. IT{ANABAT & CO.
DARWINP. YIROCEL
Parkrer
CPA License No. 0094495
SEC Accreditation No:.lj16^1,.lroup
- -' valid
'-- until February
r A,
Tax Identification No. 912_535-g64
BIR Accreditation No. 0g-0019 g7_31-2A13
_HTg De_cember 2,2013;vatiO until O"J.*t., t,201,6
PTRNo.53215lSMD
Issued January 4,2016
at Makati
S,ZOtl
City
March 17,zArc
Makati City, Metro Manila
nFr
APil :; $
lu,i
:'',lSf
VEGA TELECOM,INC.
ofSan
SEPARA TE STA TEMENTS
or'
3l
ASSETS
2414
Curreat Assets
Cash in banks
Receivables
Other current assets
5,7,
t2
P11,6753,42
12
4,67tJlgg,El6
PI,g0g,g79
1,267,2AI,270
14
4,695,647,00g
and advances
1,27A,679,663
726
I
181 62
P37,119,692,734 P20,096,g60,025
LTABILmmSAND EQtrITy
Currert Liabilities
Accounts payable and other
current
for future stock
liabilities
g, 12
9l
Total Uabitities
P235J,17,701
P220,5AA,027
730
15,060J79,431
220,500,027
Equity
Capital stock
t0
ru
t0
Deficit
Total Equiry
14,950,0001000
2i7,500,000
21,393,926,79g
3t
22,058303J03
19,976,3 5g,ggg
P37,t19,692,734
See Notes to the Separate
435,250,000
71424,975,000
P20,096,g60,a25
Fironcial Stalemenrs,
ilrr
AFii
,:
l.I,
i'ii, '
:t iJ ;,;,;j
,
'i.iS:
VEGA TELECOM,INC.
(A
ofSan
SEPARATE STAITMENTS oF'
r\rE INCO ME
FOR TEE YEARS ENDED D ECEMBER
31, 2015
AI''{D 2014
Note
2015
EXPENSES
Professional fees
Taxes and licenses
Repairs aud Maintenance
Others
2014
P122,497,g73
P47,500
95,102,141
1,940,904
55,647,339
t4,s41
217,092,996
55,709,3g0
OTHER INCOME
Reversal of impairment losses on i:rvestment
Iaterest income
Unrealized foreign
2,1701795,029
39,226
gam
8,696,95g
1,559
2,170,93s,912
8,696,95g
1,953,752,926
(47,012,422)
II
174,886
PI,953,745,093
(P47,191 ,309)
0f tl
/Ui APR
i',,-llI.:r
i".,:*r^
;-.,:"1tr!
VEGA TELECOM,INC.
(A
ofSan &Iiguel
SEFARATE STATEMENTS OT' CIIANGES u.[ EQ UITY
r,OR TIIE YEARS ENDED D ECEMBER 31,2015 AND
2014
Note
2015
2014
CAPITAL STOCK
Common Stock - Pl00 par value
Authorized - 30,000,000 shares i12015;
6,550,000 shares in 2014
13,500,000 shares issued and outstaading in
2015; 4,352,500 shares in ZOl4
P1,350,000,000
P435,250,000
10
14,950,000,000
435,250,000
674,975,000
217,500,000
7,424,975,000
217,500,000
la
DEPOSIT TOR FUTURE STOCK
la
2l
788
DET'ICTT
Balance at beginniag of year
Net income (loss)/total comprehensive income
(2,170,316,790) (2,123,t29,4g2)
),87
Q16,571,697) (2,170,376,790)
P22,059,303,303 Plg,g 76,359,999
Financial
Statemenls.
VEGA TELECOM,INC.
(A Wholly-owned
ofSan Miguel
SEPARATE S TATEIVIENTS OT CASH FLOWS
FOR THE YEARS ENDED DECEMBER
3I, 2015 AND 2014
Note
2015
2014
ACTIVITIES
P1,953,752,926 (P47,A12,422)
Interest income
Unrealized
cain
Operating Ioss before working capital changes
lncrease in:
(2,170,795,029)
Q9,225)
(8,696,959)
,559)
Receivables
Other current assets
Accounts
and other current liabilities
Net cash absorbed by operations
Income tax paid
(21 7,092,996)
(55,709,390)
(862,190,064)
(1,003,536)
(13,560,020)
(1,379,639)
,717
(1,065,558,81,
(70,749,$gt
6,357
(1,065,566,645)
(17,106,492)
12,283,153,249
3,460,13"1,393
9,
of shares
t0
98,212
12,511351,46A
t+,.
3,464,631,29g
39,226
g,696,95g
g1
(3,3 96,439
(11,436,020,110)
(3,397,741,914)
1,559
9,766,263
CASH IN BANKS AT
(21 7,
BEGINNING OF YEAR
CASH IN
AT END OF'YEAR
Financial
Statements,
PI
PI
i 1 g)
VEGA TELECOM,INC.
(A
of San
NOTES TO THE SEPARATE FINANCIAL STATEMENTS
1.
Reporting Entity
November 4,2A03.
the
on February 4, z00B; the sEC approved the change in the corporate name
of the
Company from SM View Realty Corp. to Vega Telecom, Inc.
andthe amendment of its
primary business purpose.
The company's amended primarytusiness purpose.is to engage
in and render any and a1
types of domestic and intemational telecommunications r
".ii.""r.
2.
5ir
Basis of Preparation
Statement of Compliance
iin(ci'-
The separate financial statements were authorized for issue by the Board of Directors
(BOD) on March 17,20t6.
Bqsis of Measurement
The separate financial statements have been prepared
accounting.
3.
Adoption of Amended
Standards.
'
the-
Company.
of the
In,tlu*nntr.
instrument.
ttff;i;;ffii
loans.
-2-
.*p".t"a
tI
The Company will adopt the following new and amended standards and interpretation
on
the respective effective datcs:
'
'
*i-n
ih.r.
An entity's
published versions
of
in
2013, pFRs
-3
I:r:r:!
rfl:rff.T:::
costs.
appropriate, re-evaluates
,rportiig drt..
and
Financial Assets
Loans and Receiva&/es' Loans and receivables
are non-derivative financial assets with
fixed or determinable payments and maturitiSg
that are not quoted in an active market.
They are not entered into with the intention
of immediat. o, .iort-*rm
;;;i-vp;.'"'""
is also
"rnterest income,, account in itre ,*p".ur, statements
of
comprehensive income. Gains or losses are recognized
in pronioi loss when Ioans and
included as part
of
-4-
Financial Liabilities
other Financiat Liabilitles. This_category pertains
to financial liabilities that are not
designated or classified as at FVPL. a}"r
initiut .n"urur"**1,1ther financial
liabilities
are carried at amortized cost using the efitective
intererl metoi. a*onired cost
is
calculated by taking into account ariy p."mium
or discount and any directly athibutable
tansaction costs that are considered-an integr.r
pJ;i;i; ;+;j""i:lnr"rest
interest rate of the
liability. The effective interest ,ut" u^iiiixron
is inctuaJ-i,
expense and
other financing charges" ac:ou.nl in the
separate statements of comprehensive
income.
Gains and losses are reco8nized in profit
o.-loru when the ri"uliiti-, are derecognized
well
as
this
'
'
,il;;i
h;;;;;f.;;i
tri;;;
^r"i
control of the
rn it
has neith",
the
associated
diff.;;terms,
liabiliry
is
or the terms
of
;, .;;-*g" or modification is
il" .;;;;trion of a new liabiliw.
rs
,ecognizeJ?, p.rn, or
Ioss"
tn]ealnnent of Flnano
The company assesses,
;;;;i;;;;
-5-
for
financial assets that are not individually significant.
if';; objective evidence of
impairment has been identified for a particuia,
finun"iui
,t u, was individually
assessed, the company includes the
"rr",of financiar
asset as. plt of a g.oup
assets with
similar credit risk characteristics una *tt""tiu"ry
urr"ri_-, it" group for impairment.
Assets that are individually assessed for
impairm"rt *a ro, *tl.n an impairment
loss is,
or continues to be, recognized are not included
in the colleciive'impai.*ent assessment.
Evidence of impairment for^specific impairment.purposes
may include indications that
the borrower or a group of booo*"., -is
exprri.o"ing nr*}ar difficurty, default
or
delinquency in principal tr interest payments.,
or may enier into bankruptcy or other
form
of financial reorganization intended to alteviate
ure financiai-iJnoruon of the
borrower,
For collective impairment purposes, evidence
or irpairm"ni ml!'in"tua, observable
data
on existing economic conditions or industry-wide,developmenfiinaicating
that
there
is a
measurabre decrease in the estimated
future cash flows ortr,..rtut o assets.
.".i
"itrr"
reversal date.
sified
as debt
instument
'
'
If
-6-
Ilu"rt*"rts
when
"
Subsidia ries
AG.N.
Philippines
Philippines
BVI
100.00%
100.00%
100.00%
I00.00%
Philippines
Philippines
r00.00%
100.00%
Philippincs
Philippincs
00.00%
I00.00%
100.00%
100.00%
Philippines
Philippines
I00.00%
Philippines
Inc. (MTHI)
(TDE)
Co., Inc,
@rcryl
PHC,
PSCL,
97.46%
100.00%
I 00.00%
r
45.s8%
88.17%
direct interest and 54.32% ittdirect ownership through PHC, PSCL, and
TCCI in 2011
in 2015
-7
AII
Level
I:
LevelZ:
E
Level
3:
identical assets or
inputs
inputs for the asset or liability that are not based on observable
market
data.
For assets and liabilities that are recognized in the separate financial
statements on a
recurring basis, the Company determines whether transfers have
occurred between
Levels in the hierarchy by re-assessing the categorization at the end
of each .rponing
period.
"
'
deposit;
of
tie
depositr;d
Common Shares
common shares are classified as equity. Incremental costs
directly athibutable
issue of shares are recognized as adeduciion from
equity, ,"t or*y tax effects.
to
the
Prefeted Shares
Preferred shares are classified as equity if they are non-redeemable,
or redeemable only
at the Company's option, and any diviiends tlrereon
*e air"r"tiorrury. Dividends thereon
are recognized as distibutions within equity upon
approval by the non
C";;;;;:.
"rtl"
piofit or ross
"r """r*a.
fifl:i:lJ,frt;il"fon,
par
Interest Income
P,nffi"f:recognized
*j
Taxgs
Current lax. Current tax is the expected tax payable or receivable on the taxable
income
or loss for the year, using tax rates enacted or substantively enacted at the reporting
date,
and any adjustrnent to tax payable in respect ofprevious years.
-9
'
exeept:
'
;;;il;;i]o""or,
'
'
the
t*.ution,
to
liabilities. '
--o
perioa, to recover or
i, ,;;i;,
,rporting date.
"
In determining the amount of current and deGrred tax, the company
takes into account
the impact of uncertain tax positions and whether additional t
i".
ura interest may be
due' The company believes that its accruals for tax liabilities *" uarqu"r.
ro, uiiiprn
tax years based on its assessment of many factors, including interpretation
of tax laws
and prior experience' This assessment relies on estimates*and
assumptiors *a ,uy
involve a
of judgments about future events. New information may ,"";;;
.series
available that causes the.co_mpany to change- its jud.gment regarJing
th" ;;q;;;';;
existing tax liabilities; such changes to tax liaLilitiei *itt impact"tax
expense in the period
-10-
in equity o. in o,r,",
comprehensive income.
ru ffAT).
the
taxation authority,
in which
case
tie tax is
recogrized as part
'
of
of the cost of
is applicaule; and
Related Parties
Parties are considered to be related
entities,
Provisions
r;;;; il;
estimate.
Contingencies
- 11-
4.
,##";ffi"^"rri#Hr",
i;;;.
il#rtt'
are betieved to be
reasonable under the circumstancis,
"u*rr-in*
Revisions
.""os,r;"i
in trr" period in which the
judgments and estimates are
-u."
revised and in any future
period affected.
Bsttmates anO assum
Fair
yalue Measuremenrs,
j:::[ffi:,fiffi:r'
number
measurement
gf t{e
fair
level inpur
fot Impairment
of
groups
of
-12-
.rr."n,
*r"[.
ihe foilowing
p.;oJr,-
orNoLCo
"
and MCIT is
when event,
oi .r,*g"s
be
in circumstances
indicate that the carrying value may not be
recoverable. Determining the recoverable
amount of assets requires the estimation of cash
flo*s
a u. generated from the
continued use and ultimate disposition of
"xpect"J
such ass"ts lvalire-i"
estimation of the
fair value Iess costs of disposar.of such *r"rr ur
"*l and
oi::lp"i,"g
whle
it is berieved
that the assumptions oted in the estimaiion
of fair'ualu"i reflectea in the separate
financial statements are appropriate and reasonabre,
significant changes in these
assumptions may materially affect the
assessment of reJoverable amounts
and any
resulting
ffi.
performance.
a material uau..r,
,nil*,
on the
financia.r
q.
-#Ti'fr '
#;H"JJ$if'ilT:ii:,3J
-prori.ions,
::
*i *"*rring
management
5.
il
the company,s
separate financiar
--r
Receivables
This account consists of,
Note
Amounts owed by related parties
7, 12
Others
2015
zAt4
P4,671,399,916 P1,253,544,250
13,657 ,020
P
4,67
l,3gg,g76
1,267,2A1,2,/ 0
-13-
6,
20Is
P9,264,194,029
5,7',14,720,790
5,95 8,061,59 i
5,569
32,433,035,726
Allowance for
20,996,976,390
loss
(2, 170,795
P32,433,0351726
PIg,g26, tgl,362
Note
20ts
2014
P3,697,300,000
P2,g49,lg4,029
1,650,000,000
1,650,000,000
925,000,000
925,000,000
825,000,000
1,415,000,000
1,600,000,000
Comrnon Shares
Preferred Shares
Perchpoint Holdings Corp.
b
b
b
825,000,000
1,415,000,000
1,600,000,000
Common Shares
3327,939,253
Preferred Shares
ulc.
!rp)
9,319,660,949
25,000,000
g"f
10,000,000
3,490n000,000
00,000
P26,964,A00,202
a.
2014
P26,864,000a,02
P9,264,194,029
ofBTiI
ui
r:ot,liler
;f,or:r,,"t
;r;i;;;.""i'irllr"r,
-14-
b y;
fffiT'x:3:;;;fi?#:;ri;;;;)occ''
f#l1o,the
Perchpoint Hotdtngs
corp
(PHC)
a;;;il
'.il.
c.
on December 30,
.2910, the company executed a Share purchase Agreement
(the Agreement) with
ISM communi.utiorr co.poration roitir"
pur.i,use of r00% of
the outstanding and issued shares or
smct of AcNp. irr"
authorized by the BOD of the Comp*V
"iriririon of AGNp was
oo
;;;;;;
iffi;;:
,r,"
i;ilil_fr:,,|l:
;;;;r
shares of
"i"iJ
LTHI from
consideration or
a totar of
of which,
P217,902,600 was unpaia ana preseniro
of accounts payabre in ,,Accounts
payable and other current liabiliiies"
in the separate statements or'financial
position.
i'p.rt
on July 2r,
offer to LTHI,s
shareholders. At crose of tender
o#.;;;lug-ust 20, 2015, the iompany common
acquired
57,27r,369 common shares
pJii.. bn septemb ),-26\s,the company
!o11tre
completed the acquisition of 426,g00,168
", from LTHI,s
common shares
existing
shareholders, thereby
interest percentage
u*.irtii
tender
i1:.."*,rg
shares to totar of 97.11%.
ritut
amounted to p1,064,957,3 g l.
"onrialration
on LHTI,s common
for the acquired common shares
Preferred Shares
- 15 -
"r
f", tfr" ,-**ri;;;";,
December 31,
of
the
On December 15,
made additional investment
#11^tr:i:mpany
amounting to p431,200,000.
LTHI issued
a totar ;a
to LTHI
i;;,8"i,697 ,h*",
ro the
io
of
ti,rrruy increasing
with additionar
;ril:
iir"rt *t
16 -
e.
C"*p;;:"'
'MESI
The registered office address of the sMEsI is No.
40 san Miguer Avenue,
Mandaluyong City.
"f.
On December
fj:::.#f,,:Hf:,,ij::'st
at
g.
unit 40r
of MTHI
il-Fil;;;;
(fDE)
on
December
for
4,zar',
10,000,000 shares
MrHr'*r," u,-"*,1
h'
on
direct interestanala.4soiindirect
o*n;;;lp
through TDE).
pasigCity.
-t7-
Parfy Disclosures
The Company, in the normal course of business, obtains and provides
ad.vances to and
from its related parties. The summary of related party transactions
and balances is set out
below.
Amount of
Trrnsrctiong
Year
Intermedtate
Pdrul
Conpony
SMC
' Deposit for
future stock
o ?,0l5
P7,9I?,S00,0I5
P7,917,500,01S On dcrand
Subscription
Advanocs
Unsecurcd
noa-bearing
subsription
20r5
20t4
payablc
717,902,600
217,902,600
?0r5
zJlE,28s
2J38,285
On dcmud
non-bearing
On dcmud
Unsecured
Uosecurcd
non-bcaring
Subsidiqries
TCCI
PHC
PSCL
20ts
643,21 t,645
z0t,4
643,211,64s
tron-interrst
On demad;
Unsecurad;
notr-intcrst
no impairment
AGNP
TDE
bm'ng
20t5
221,914,t36
2'21,934,136
20ts
163,250,448
263,135,659
non-i[lcrcst
2015
l l{420,369
2014
bearing
On demandl
114,422,581
Unsecued;
non-intaest
no impairment
bcaring
On dcrnand;
20t5
1t3,Z0o
24t,496
2014
91,656
On demand;
130,296
non-intcrast
793,060,137
2015
bearing
On doand;
793,060,137
SMESI
norl-inlrcst
20t5
2Al4
lrt 16,79t,961
1,127,50I,893
t1,107,\6
10,709,933
20ls
20t4
1,501,11f,692
Unsccured;
no impairmcnt
bcuing
zAt4
LTHI
Unsecwod;
no impairmcnt
2014
2014
BTPI
On dcmand;
bcaring
On demmd;
interest bcaring
On demmd;
non-itrtcrEst
bcarina
1$07,771992
2015
?4,671,399,816
2014
pt,2s1,su,250
Unsecured;
no impairment
Unsecurcd;
no imprirmcrt
Unsccured;
no impairment
Unsecurcd;
no impaiment
Pt,1J7,740,900
r{n7,902,600
a'
b.
c.
1,5A7,7'l'1,692.
- 18-
to
SMESI
8.
Accourts payable
12
7, 12
201s
P14,976,816
0r40,88s
P23s?17,701
9,
2014
P2,591,42'1
217,902,600
p220,soo,o27
10. Equity
Increase in Canitalization
di;;toJ
^T94 :*\
which
ry18jqEIq5
4,350,000
:lT:
** ."[*qr"rif,
i;]il;
f isO ;;; ,#".
i;;
*i.i.,irg
of 6,550,000
common shares with a par value of pi0d to pZS,OOO,bOO,bOO
:O,OOO]OOO
comrnon shore^s.with a par value of pl00 per shari
"r^i.tirg
"f shares with
and ZZ,OOO,OOO
prefened
a par value ofP 1,000 per share.
ti
{s.O.ge-a-9f
shares
of 9,14'1,500 and t3,500,000, resoectively, fr* U""n ,ut.*ri:fJto*and
paid for by SMC
through the combination of cash and conversion
til;;; o-f tne Co,,puny ln tte
afi
P854,554,830, respectively.
- 19-
Current
Final
2014
P-
Pt73,834
P7,933
P174,g96
2015
2014
30.a00/o
3A.00%
3.33%
(30.37%)
4.00o/o
4.00%
(ss.33%)
0.Atys
(0.37%)
benefits therefrom.
Nolco
Year Incurred
Expiry Date
2014
2015
December 31,2017
December 31 ,2019
Amount
P47,017,690
217,
P264,020,556
2AB
2014
Date
December 31,2016
December 31 ,2017
Amount
P7,5gg, I gg
173,934
P7,762,033
20
,
n
Liquidity Risk
Credit Risk
This note presents information about the Company's exposure to each of the foregoing
r]sks, th9 company's objectives, policies and processes for measuring ana manlgin[
The BOD has the overall responsibitity for the establishment and oversight of the
Company's risk management framework.
t-lyiaiu
Liquidity risk pertains to the risk that the Company will encounter
in
meeting
obligations associated with financial liabilities that are settled by
{ifficulty
Rrs&.
The Company's objectives to manage its liquidity risk are as follows: (a) to ensure
that
adequate funding is available at all times; (b) to meet commitnents as they arise
without
incuning unnecessary costs; (c) to be able to access funding when needed at the least
possible cost; and (d) to maintain an adequate time spread of rifinancing maturities.
The table below summarizes the maturity profile of the Company's financial assets
and
financial liabilities based on contractual undiscounted puy*"ot" used for liquidity
Amo
nt
Cssh
and}ll4.
llow
Withitr I Yeor
Anoust
Crsh Flow
Finrrclrl AsctJ
Csh is bmkr
Pll$75,2,47
P11,675,X47
4,67t,399,E15
4,671,J99,6r6
prties
Finenciel Lirbllitlct
49qoryB piyrblc
L35Jt1,10t
Ptr$7s112
4,67r,399,8t6
Pt,90t,979
Pt,90t,979
1,U3,s41,250
t.?J3,544,250
235J
n0,500,o27
Within
Ycar
Pr,908,979
1,253.544,250
x20,500,027
It is not expected that the cash flows included in the maturity analysis could occur
significantly earlier, or at significantly different amounts.
Credit Ris,t. Credit risk is the risk of financial loss to the Company if a counterpaffy
to
financial instrument fails to meet its contactual obligations.
The Company has established controls and procedures in its credit policy to determine
and monitor the credit worthiness of its counterparties. Generally, tle maximum credit
risk exposure of a financial asset is the total carrying amount
r-ho*n in the face of the
"r
separate statements of financial position. The Company believes
signifi cant credit risk.
As at December 31,2015 and 2014, the maximum exposure of the Company to credit
risk is its cash in banks and amounts owed by related parties amounted to p4,6i3,075,05g
and
P 1,25 5,4
53,229, respectively.
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Fair Values
Due to the short term nature of the Company's financial assets and financial
liabilities
such as cash in banks, receivables and accounts payable and other current
liabilities, their
carrying amounts approximate fair values as at Decemb er 31,2015 and 2014.
Capital ManagemerlL
total debt divided by total equity. Total debt is definedas total llability,
j,
*rrir"
total equity as shown in the separate statements of financial position, M*ug"*rnt
"+,ry
ur".
debt-to-equity ratio to monitor and review, on a regular basis, the company:s
;dili;;
defined as total equity as shown in the separate statements of financial porition.
There were no changes in the company's approach to capital management
during the
year.
The company is not subject to externally-imposed capital requirements.
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