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    Fep - Bir

    Uploaded by

    Marc Darryl Guevarra

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    © All Rights Reserved
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PSM I] ATOZATORN SPS, [Leto ccs, Alewabe teed Deductions (Sur tame Fy GoPM Renee] [ ‘Schele F- Special Allowable emlzed Deductions (ooh faunal shone, Tnscassayy 1 eis. = Aromt [ Schedule 6A Computation of Avalable Nat Operating Loss Cary Gver NOLEO], 1 i Tot Spey oe = ENOLO osiag Roraan ea] BR Fama, Annual Income Tax Return Page 6 - Schedules 7, 6 & 9 va 1702-RT [ml DEER Pes MI ATOZRTOSISPS, entiation Number iets [auch pol] Anca tes ea 7 Fr Vans Crest ress Ofer Thar MCT Tra i Pa Soe ST Fos RO t [iene Tax Peynent naa’ Regula Normal Ret fon Peo CORRSTe 4 xcess CIT Aopted ts Carer Taxable Your rom Schedule 6 form 7 5 Creda tx Wiel om Previous Guerspe IR Form No: 207 € Crediabio Tax Winiod per BI For No. 2007 orbs fh Guano Fen Tox Cred, 8 Tax Paldin Raum Provsy Find Te wn Avenged Reto 3 Specal Tax rads To Pa an 3). r Ter aa ‘er GreaisPaymens eae) ' i cu 1 72 Total Tax GreaalP aprons (am Test Tw ToT rea ‘Schedule €- Computation of Minium Corporate Income Tax (WOT) ‘West [ATRiinal come tar as aud a)Nerr io) Excess MOTT cver Noma noe i z 3 ‘Corinsalion of Schedule ne numbers coninue Fan bls abo) 'D)Exsess MCIT ApplediUsod fee Previous Years Mar" thle Current Taxable Year Exped Porton of Excess F) Exaeas WOT Applied YO) tuaraa Sapa weil Nowy a i ane Year|” weenie eases ane ‘Total Excess NOT ama Gouna er la od Gs Sve a ‘Schedule 9 -Reconelation of Net income per Books Againet Taxable Ingots (asasaaoow ioe | THetineonelLose) per books 38 Non-deductine Expensed/ arabe Otis Tico 7 Roncanuc Tins TEREST BENGE Tara 3 bres Saar 4 Total (onde 7a Faas Lets: A) Nowaxatle insane and Teoma Subjected Fa Tae VTEnEST NOOWE SURLECTTOFNAL TAX T ar 6 ores 1 aaa 5) Spann Deacans 7 9 Told Salen oe TONet Taxable income (C669) fondieainn ea EE Bi Form No Annual | Tax Ret he aoe oii oer | 1702-RT | Mill EKER SPGAREE MN | une 2013 702-808 2. [ Sohudse (0 BALANCE SHEET 1 co T Goren aaa 2 Long-Term invest 3 Property Plant and Equant Ret Long-Term Recolvabios Sintangie Asso Bina Asses Total Assete Som iawe 66 BE aaa EEE Tonnies snd Eau 7 Curent Dae maa D Long-Term UnbCae wooo 0 Delered Oeste 305 7 it Ober Lsbites si #2 Total Loblties Goniianstw 7) EON] 43 Capita Sock aso 4 Aattional Pai Copal 45 Roland Earrings aaa 16 Total Eqully an ome EH E ea 7 Tota Lables and Faulty en tioas BOTS Tae aa Schedule 1 ZSteckholders I Pariners OMembars information (Top 20 Sioctokios, priners or Nembers) ce jee he ea an nts a ce a a pcataga raat on ete oer) REGISTERED NAME Tw ‘Capital Contbution le Fpanere T mete) 0 aan 3 ca Ene [ee -bes zo FE uouiner WoLSNGS a) ee) = oo ET ‘ iEDACOMEGUTIES | poo ]- fee] aa 0] ERCEDES PRETO Roa] - far - bor] EET 4 - Ty; ‘BIR Form No. 7 AnngalIcore,tes Return] oar | MINOR Ci BA lI sai taser rae Schedule 12 - Supplemental iNerwation tach addlonal sheet. necessary) A) Exempt 8) Actual AmounUF ait Maret Valuer Capital Gains (6) Fest ax WehholPais toon a Prizes and Wings ou = a = iameciegeciteipois Ay saiaberange 3) SleEichange 72 Is Descriton of Property (9. nn, mavorarer. Sey OSTITCTICCT Tine Detaraton Na. Cariiste Aurora Regivaton (CARDO Aatuel Amauri Market Vaue/el Capel Gane Fal Tax VitnldP aid i) SateExchanga of Shares of Stock i Kind(PS7CSToxk Carsene Saves No A Seeenange —L I Di Soae ange T i Ceracate Authorizing Registavon (CAR) NO, 2 Number ef Shares 3 Dal of fesue OMDONVYY lau Waral Valva Nl Cpa Gane 5 Fla! Tax WiehwiPad = 2 iv) Other income peel Hohe Tasone By Omer eome 1 Othe core Subject to Fa Tax Under SoGione 571A) t2Toters afin Tex Cade, as amenved ec i Aun AGORA Waa Vane Capa Gas i Final Tax Waokald it i otal Fina Tax WineTd Pa (Sof Toma 16a 46 9A, TOA TB TOAST) 7} ‘Schedule 19 - Grose IncomelR [Teta of Premium etal Amount Far Marke Vale) iocebts Exempt fom Income Ta Personal Real Propeies Recalved 1 Gifts, Bequests, and Devices i Personal Properies #1 fey PersonaliRea Prepetios #2 cl Property (ag land, Inproverent, ee) Medes of Taree 0.9 Donation) CertfeateAutrzing Regisvaton CAR) No. [pasta teunVParnortet Va T 1 T r [llotierErenptinconatReceio, 3] Oe Exon Reo FE | Omer Exemet incomarRocaipte Under 90.92 (B) of he Tax Cade, a8 amended (Soe) Actual AmunlF ar Maat ValuaNol Capital Gace T a a I [Fetal ore Rasps Sram From eee Tox Som olor 8 3A 68 TARA) [7 7} FEP a PRINTING 23> CORPORATION STATEMENT OF MANAGEMENT'S RESPONSIBILITY FOR ANNUAL INCOME TAX RETURN ‘The Management of FEP PRINTING CORPORATION (the Company) is responsible for all information and representations contained in the Annual Income Tax Return for the year ended December 31, 2018. Management is likewise responsible for all information and representations ‘contained in the financial statements accompanying the Annual Income Tax Return covering the same reporting period. Furthermore, the management is responsible for all information and representations contained in all the other tax returns filed for the reporting period, including, but not limited, to the value-added tax and/or percentage tax returns, withholding tax returns, documentary stamp tax retums, and any and all other tax returns. In this regard, the Management affirms that the attached aucited financial statements for the year ended December 31, 2018 and the accompanying Annual Income Tax Return are in accordance with the books and records of the Company, complete and correct in all material respects. Management likewise affirms that: {a) the Annual income Tax Return has been prepared in accordance with the provisions of ‘the National Internal Revenue Code, as amended, and pertinent tax regulations and other issuances of the Department of Finance and the Bureau of Internal Revenua; (b) any disparity of figures in the submitted reports arising from the preparation of financial statements pursuant to financial accounting standards and the preparation of the income tax return pursuant to tax accounting rules has been reported as reconciling items and maintained in the Company's books and records in accordance with the requirements of Revenue Regulations No. 8-2007 and other relevant issuances; and (c} the Company has filed all applicable tax retums, reports and statements required to be filed under Philippine tax laws for the reporting period, and all taxes and other impositions showm thereon to be due and payable have been paid for the reporting period, except those contested in good faith. 10 TINE104-131-699 Chairman of the Board MACARIO S. RUFI TINH04-131-699 President MANUEL TINHO4-O94-414 | Treawen Deed CHANCO I ans SANT EXHIBITING HIS/HER COMPETENT 1.9. BED UN weeeeresce een SIM gene MEUTW IR MAB NO NE STL sai mnie, tian, 2019 sali ity Runa aia toto Pio del. Pay 01 Umron Aarne. oy | BDO Roxas Cruz Tagle and Co. siya doen aka iy 128 Pena: Audit | Tax | Consulting | BSO rome bdoronaseragt ph Tet (6a ea 2016 Fax: 632) 6442065 INDEPENDENT AUDITOR'S REPORT ‘The Shareholders and the Board of Directors FEP Printing Corporation (A subsidiary of Pinnacle Printers Corporation) Print Town Complex Lot 2532-C-1-28 Mamplasan Bifan City, Laguna Philippines Report on the Audit of the Financial Statements Opinion We hiave audited thé financial statements of FEP Printing Corporation ("the Company"), a subsidiary of Pinnacle Printers Corporation, which comprise the statements of financial position as at December 31,.2018 and 2017, and the statements of income, statements ‘of comprehensive income, statements of changes in equity and statements of cash flows for the years then ended, and notes to financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements present fairly, in all material réspects, the financial position of the Company as at December 31, 2018 and 2017, and its financial performance and its cashflows for the years then ended in accordance with Philippine Financial Reporting Standards (PFRS). Basis for Opinion We conducted our auclts in accordance with Philippine Standards on Auditing (PSA). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, We are independent of the Company in accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics) together with the ethical requirements that are relevant to our audit of the financial statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for ur opinion. Responsibilities of Management and Those Charged with Gover LARGE TAXPAY’ Fie Management is responsible for the preparation and fair preser anionic anther dinarcat ance mses An accordance with PFRS, and for such internal control as managenjent dei enable the preparation of financial statervents that are free from materfl missthteme, whether glue fo fraud or error. In preparing the financial statements, management is responsible for: ii We abil ocean continue as a going concem, disclosing, as applicable, matters fetat going concern basis of accounting unless management either j cease operations, or has no realistic alternative but to do so. ‘Those charged with governance are responsible for overseeing the Company's financial reporting process. ons Cn Tele ard Co, a Pipe profesional partes, it member of 800 nterateal Line, a UK compan United by geararee, BOO the band name forthe BDO pebork and foreach ofthe 800 member Tena, Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance fs a high level of assurance, but is not a guarantee that an audit conducted in accordance with PSA will always detect a material misstatement when it exists, Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. ‘As part of an audit in accordance with PSA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that fs sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissfons, misrepresentatfons, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern, if we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern, Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in 2 manner that achieves fair presentation, ‘We communicate with those charged with governance regarding, among other matters, the planned scope and tit 1g of the audit and significant audit findings, including any significant deficiencies in {internal controt that we identify during our audit. BUREAU GF INTERNAL REVENUE LARGE TAXPAYERS SERVICE LARGE T4XPnVERS ASSISTANCE DIVISION of APR 2.6 2018 RECEIVED Report on the Supplementary Information Required by the Bureau of Internal Revenue (BIR) Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The supplementary information as disclosed in Note 24 to the financial statements is presented for purposes of filing with the BIR and is not a required part of the basic financial statements. Such information is the responsibility of management. The information has been subjected to the auditing procedures applied in our audit of the basic tinancfal statements. In our opinion, the information is fairly stated in all material respects in relation to the basic financial statements taken as a whole. ROXAS CRUZ TAGLE AND CO, aun M- WWiyr Warten M. Urriza Partner CPA Certificate No. 106419 Tax Identification No, 246-618-363 PTR No. 7378451, issued on January 24, 2019, Makati City PRC/BOA Accreditation No. 0005 (Firm), issued on December 13, 2018, effective until July 20, 2021 SEC Accreditation No. 0007-FR-5 (Firm), Group A, issued on July 5, 2018, effective until July 4, 2021 BIR Accreditation No. 08-001682-017-2019, issued on February 8, 2019, effective until February 7, 2022 March 25, 2019 Makati City BUREAU OF INTERNAL WOVEN LARGE TAXPAYERS SERVICE © LARGE TAXPAVERS ASSISTaNTE DIVISION pPPR 26 2019 RECEIVED 2 nuenaonalgacororten Centre BDO) Poxas Cruz Tagle and Co. 008 yale Avera, Maka city 120 Patopines Audit | Tax | Consulting | BSO won bdoronasertaute. ph Tee 6am aac tote Foe Ud ee INDEPENDENT AUDITOR'S REPORT TO ACCOMPANY INCOME TAX RETURN The Shareholders and the Board of Directors FEP Printing Corporation (A subsidiary of Pinnacle Printers Corporation) Print Town Complex Lot 2532-C-1-28 Mamplasan Biiian City, Laguna Philippines ‘We have audited the financial statements of FEP Printing Corporation (the Company), a subsidiary of Pinnacle Printers Corporation, as at and for the year ended December 31, 2018, on which we have rendered the attached report dated March 25, 2019. In compliance with Revenue Regulations No. V-20, we are stating that no partner of our Firm is related by consanguinity or affinity to the president, manager or principal shareholders of the Company. ROXAS CRUZ TAGLE AND CO, : Warren M. Urriza Partner CPA Certificate No. 106419. Tax Identification No. 246-618-363 PTR No. 7378451, issued on January 24, 2019, Makati City PRC/BOA Accreditation No. 0005 (Firm), issued on December 13, 2018, effective until July 20, 2021 SEC Accreditation No. OOO7-FR-S (Firm), Group A, issued on July 5, 2018, effective until July 4, 2024 BIR Accreditation No. 08-001682-017-2019, Issued on February 8, 2019, effective until February 7, 2022 ‘awn Mh. Luni March 25, 2019 Makati City OF INTERNAL LARGE TAxPavERS seaUice’= ] 14) S 5 LARGE TareurERe Hse ES AE oy nd Co» a Pilppne professional prtanip, fea member of 990 international Lime, a UK cy limited by guarantee. BDO is the brand name for the BOO network and for each of the BDO member firms. ee FEP PRINTING CORPORATIQN::077S-r= (A subsidiary of Pinnacle Printers Corp] ation APR 6 2019 el STATEMENTS OF FINANCIAL post ae DECEMBER 31, 2018 AND 2017 et — Wate 2078. 7047 ASSETS Current Assets Cash and cash equivalents 4 37,609,728 P46,977,303 Trade and other receivables 5 402,733,303 510,231,993 Inventories 6 30,035,347 71,796,337 Other current assets 728,458,734 __28,659,710 Total Current Assets 498,837,112 657,665,343, Noncurrent Assets Investment in subsidiaries 8 550,600,000 390,600,000 Property and equipment 9 188,400,889 188,576,031 Retirement asset 18 = 23,454,377 12,179,083 Deferred tax assets, net 19 = 19,776,656 Other noncurrent assets 10 5,889,023 8,847,701 “Total Noncurrent Assets 766,344,789 619,979,471 67,181,401 _P1,277,644,814 LIABILITIES AND EQUITY Current Liabilities Trade and other payables 11 43,416,020 95,985,547 Loans payable 12 115,000,000 115,000,000 Dividends payable 91,117,434 133,117,434 Advances from a related party 20 10,795,293 24,000,000 Income tax payable 5,184,336 10,267,315, Total Current Liabilities 265,513,083 378,370,296 Noncurrent Liability Long-term loan 12 400,000,000 150,000,000 Deferred tax lfabilities, net 19 2,489,419 : Other noncurrent liabilities 5,000 450,672 “Total Noncurrent Liabilities 702,494,419 150,450,672 Total Liabilities 368,007,502 528,820,968 Equity Share capital 13 442,500,000 412,500,000 Retained earnings 486,739,346 327,966,459 Remeasurement gain (loss) on retirement benefits (65,447) 8,357,387 Total Equity 399,173,899 748,823,846 ‘See Notes to the Financial Statements. TARCE TAXPAYERS ASSISTETIE yarn 20 2 _ FEP PRINTING CORPORATION (A subsidiary of Pinnacle Printers Corporation) STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 Note 2018, 27, REVENUE 14 408,568,323 P627,257,551 COST OF SERVICES 15__ (339,784,558) _ (557,930,518) GROSS INCOME 68,783,765 69,327,033 GENERAL AND ADMINISTRATIVE EXPENSES 16 (52,291,352) (56,187,988) REVERSAL OF IMPAIRMENT LOSS OF INVESTMENT IN SUBSIDIARIES. 8 — 160,000,000 : FINANCE COSTS 12 (12,543,329) (15,201,027) FINANCE INCOME 4 469,735, 171,694 OTHER INCOME. 17 33,806,436 79,789,144 INCOME BEFORE INCOME TAX 198,225,255 77,898,856 INCOME TAX EXPENSE 19 (39,452,368) __(21,566,153) NET INCOME 158,772,887 _P56,332,703. See Nates to the Financial Statements. BUREAU OF INTERNAL REVENUE LARGE TAXPAYERS SERVICE LARGE TAXPAYERS ASSISTANCE DIVISION /,RPR 26 2019 RECEIVED FEP PRINTING CORPORATION (A subsidiary of Pinnacle Printers Corporation) STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 Note 2018, 2017 NET INCOME 158,772,887 56,332,703 OTHER COMPREHENSIVE INCOME (LOSS) 18 Item that may be reclassified to profit or toss Remeasurement gain (loss) on retirement benefits (12,032,620) 7,019,694 Income tax expense (benefit) 3,609,786 (2,105,908) (8,422,834) 4,993,786, ‘TOTAL COMPREHENSIVE INCOME 150,350,053 61,246,489 Jee Notes to the Financial Statements. BUREAU OF INTER SEY TAXPAY LARGE TaCoAvEHe Ea eer FEP PRINTING CORPORATION (A subsidiary of Pinnacle Printers Corporation) STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 Note 2018. 207 SHARE CAPITAL 13._P.412,500,000___P- 412,500,000 RETAINED EARNINGS Balance at beginning of year 327,966,459 271,633,756 Net income. 158,772,887 56,332,703 Balance at end of year 486,739,346 327,966,459 OTHER COMPREHENSIVE INCOME 18 Balance at beginning of year 8,357,387 3,443,601 Remeasurement gain (loss) for the year (8,422,834) 4,913,786 Balance at end of year (65,447) 8,357,387 2899,173,899__P748,823,846 Bee Notes to the Financial Statements. LARGE TAXPAYERS. ASSISTANCE iviStON FEP PRINTING CORPORATION (A subsidiary of Pinnacle Printers Corporation) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 Note 2018 207 ‘CASH FLOWS FROM OPERATING ACTIVITIES Income before income tax 198,225,255 77,898,856 Adjustments for: Provision for (reversal of): Impairment loss on investment in subsidiaries 8 (160,000,000) : Expected credit loss on trade receivables 5 5,339,427 4,146,931 Retirement benefits 18 4,673,756 3,820,763, Impairment loss on property and equipment 9 1,926,526 - Depreciation and amortization 9 26,320,593 24,655,629 Finance costs 12 12,543,329 15,201,027 Gain on disposal of property and equipment 9 (965,540) (349,835) Finance income 4 (469,735) (171,694) Unrealized foreign exchange loss 132,600 674,564 Operating income before working capital changes $7,726,211 125,876,241 Decrease (increase) in: ‘Trade and other receivables 102,159,263 (188,385,535) laventories 41,760,990 109,109,172 Other current assets (1,920,460) (2,611,463) Other noncurrent assets 2,958,678 (446,033) Increase (decrease) in: Trade and other payables (52,569,527) 25,486,935 Other noncurrent liabilities (445,672) (279,882) Gash generated from operations 179,669,483 68,749,435 Income taxes paid (16,538,050) (21,733,875) Contributions to plan assets 18 (4,150,085) (5,934,941) Finance income received 469,735 471,894 Net cash flows provided by operating activities 159,451,083, HH, 252,313 CASH FLOWS FROM INVESTING ACTIVITIES ‘Acquisition of property and equipment 9 (235,110,121) (38,514,941) Proceeds from sale of property and equipment 208,003,684 587,886 Net cash flows used in investing activities (27,106,437) (57,927,055) CASH FLOWS FROM FINANCING ACTIVITIES Payment of borrowings 42 (80,000,000) ._{75,000,000) Payment of cash dividends (42,000,000) (21,484,793) Increase (decrease) in advances from a related party (37,036,292) 22,078,929 Finance costs paid (12,543,329) (15,201,027) Proceeds from borrowings 2 = 115,000,000 Net cash flows provided by (used ipl activities BUREAU OF INTERNS £7QH,979,621) __ 25,393,109 TARGE ; EFFECT OF EXCHANGE RATE CHANGESGON/OASHERS ASSISTANCE O:7'5104932, 600) (674,564) NET INCREASE (DECREASE) IN CASH : (9,367,575) 28,043,803 (APR 26 2019 CASH AT BEGINNING OF YEAR 4_| 46,977,303___18,933,500 CASH AT END OF YEAR

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