clovER SHEET for AUDITED FINANCIAL STATEMENTS SEC Reglatration Number als(o[9|2]0[015]¢]2/2] COMPANY NAME FIe|P ere NT pe ell rrorelalt] els] | 1 LLL) (A sjufe]s {i [o [lal] ¥] fovry [PL INiAlele le Pieter felsis] 1 c]ojR|P|olR) at]! 2] |) I I L | TUT Form tree Deparment reung he ep seconay Liss Type, Aptzable et Twa] (alAlF S| RMD im [ COMPANY INFORWATION 5 ‘Company's Sn Ars Company Toephone Number oble unter L NA | 793-8888 je NIA No.of Seater equ Net Won Dey) fsa Yous Month Da) 12 [we Friday of may | [ December 31 CONTACT PERSON INFORMATION "The designated contact person MUST be an Officer oF the Corporation Nama of Contact Porson EaliAddass “elephone Numbers Moi Number Redentor P. Caguioa | [7 reaguioaeprinttown.ph | 793-8888 | fe N/A ] [ GONTACT PERSON'S ADDRESS Print Town Complex, Lot-C-1-28, Mamplasan, Binan City, Laguna, Philippines \ Te TT Gass OF GERI, gain oF CoCo cao cer Ssinated as cnkat pasar, such cet shal De Tepes Te aoe cave ity (6) catndar days a the occurence treet wit formation end comple contct deals ofthe fw contact parson designated. 2: Ad Boxes must be propery and comploolyifted-o. Faiur todo $0 shel cause the delay in updating the comorao'srenaids wih fe commcaion cater nontecep of Nees ef Detiencies, Further, no-eckot shel ot excuse the corporation rom laity forts deficioniesFEP (> PRINTING CORPORATION STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR FINANCIAL STATEMENTS [ihe management of FEP PRINTING CORPORATION is responsible for the preparation and fair presentation of the financial statements, including the schedules attached therein, for the Fears enced December 31, 2018 and 2017, in accordance with the prescribed financial reporting framework indicated therein, and for such intemal control as management deterenes t Presa Je enable the preparation of financial statements that are free from material ‘misstatement, whether due to fraud or error. a preParing the financial statements, management is responsible for assessing the Company's ablity to continue as a going concern, dlscosing, as applicable, matters related to gore (oncern and using the going concern basis of accounting unless management either intends te \iquidate the Company or to cease operations, or has no realistic alternative t0 do so. ‘The Board of Directors is responsible for overseeing the Company's financial reporting process, The Board of Directors reviews and approves the financial statements, including the schedules attached therein, and submits the same to the stockholders. Gaz3s Cruz Tagle and Co. (formerly Alba Romeo & Co.) the independent auditors appointed by the stockholders, has audited the financial statements of the Company in accordance wth Philippine standards on Auditing, and in their report to the stockholders, has expressed their pinion on the fairness of presentation upon completion of such audit, President TIN#104-094-414 Treasurer| BDO Roxas Cruz Tagle and Co. Sais iy ue aa oS TSE hte Fe Audit | Tax | Consulting | BSO wo bdo onacerstagiph Tel 62) 442016 Fan: o632) 64208 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 have audited the 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 respects, the financial position of the Company as at December 31, 2018 and 2017, and its financial performance and {fs cash flows for the years then ended in accordance with Philippine Financial Reporting Standards (PFRS).. Basis for Opinion We conducted our audits 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 Einancial 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 Fequirements 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 our opinion, Responsibilities of Management and Those Charged with Govern atARGE TAXPAYERS SERVICE Management is responsible for the preparation and fair presei|tatiepeaathe vena Mens ny accordance with PFRS, and for such internal control as managenjent det enable the preparation of financial statemients that are free from materfal missthtement, jue fo fraud pass HER YO DGIF i In preparing the financial statements, management is responsibth for ass lity to continue as a going concern, disclosing, as apalicable, matters felatde t the going concern basis of accounting unless management either | -liguldate-the Company or td cease operations, or has no realistic alternative but to da so. ‘Those charged with governance are responstble for overseeing the Company's financial reporting process, Ae Ar Tae an Co. Philsine profesonl carrer, sa member of 800 internetonal Uinta, UK compa limited by guarantee. BDO is the brand name for the BDO network and for each of the BDO member firms, add+2. Auditor's Responsibilities for the Audit of the Financial Statements Sur objectives are to obtain reasonable assurance about whether the financial statements as a whole Fre yes fom material misstatement, whether due to fraud or error, and to issue an auditor's reort that includes our opinion. Reasonable assurance isa high level of assurance, but is not a guarantes trek Areauait conducted in accordance with PSA will always detect a material misstatement when ft existe Misstatements can arise from fraud or error and are considered material if, individually or in the iasrogate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Se 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 is 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 erro", as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. * Obtain an understanding of internal control relevant, to the audit in drder 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 exlsts related te events oF conditfons that may cast significant doubt on the Company's ability to continue as 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, * Grluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions ang ‘events in a manner that achieves fair presentation, Me communicate with those charged with governance regarding, among other matters, the planned fcope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit, BUREAU CF INTERNAL REVENUE LARGE TAXPAYERS SERVICE LARGE TAXPavERS ASSISTANCE DIVISION 4 APR 26 2019 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 financial 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, Mw uM. Walfen M. Urriza YW 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 “EVEN LARGE Taxpavans SeRVICe = LARGE TAXPAYERS ASSIETANCE DIVISION APR 26 2019FEP PRINTING CORPORATI (A subsidiary of Pinnacle Printers Cort STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2018 AND 2017 Note 2018 m7 ASSETS Current Assets Cash and cash equivalents 4 37,609,728 46,977,303 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 768,344,289 619,979,471 R1,267,181,401_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 12 100,000,000 150,000,000 Deferred tax liabilities, net 19 2,489,419 : Other noncurrent liabilities 5,000 450,672 Total Noncurrent Liabilities 102,494,419 150,450,672 Total Liabilities 368,007,502 528,820,968 Equity Share capital 13° 412,500,000 412,500,000 Retained earnings 486,739,346 327,966,459 Remeasurement gain (loss) on retirement benefits (65,447) 8,357,387 Total Equity 899,173,899 748,823,846 Sea eR A 27,814 eaten ft aT 644814 GE TAXPAVERS SERVICE 5 NTS We Fn TORE aS py arn26 a | RECEIVEDFEP PRINTING CORPORATION (A subsidiary of Pinnacle Printers Corporation) STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 Note 2078, 2017 REVENUE 14 408,568,323 R627,257,551 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 R56,332,703, See Nates to the Financial Statements, BUREAU OF INTERNAL REVENUE LARGE TAXPAYERS SERVICE LARGE TAXPAYERS ASSISTENEE DIVISION /, APR 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 Hote 2018 207 NET INCOME 158,772,887 __P56,332,703, OTHER COMPREHENSIVE INCOME (LOSS) 18 Item that may be reclassified to profit or loss Remeasurement gain (loss) on retirement benefits (12,032,620) 7,019,694 Income tax expense (benefit) 3,609,786 (2,105,908) 422,834) 4,943,786 TOTAL COMPREHENSIVE INCOME 150,350,053 R61,246,489 ‘ea Notes to the Financial Statements. BUREAU OF int LARGE TAXDAVER UARGE TAXPAYERS ASSIST. ““7ISION gare 26 209 RECEIVED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 2017 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) 8,357,387 899,173,899, 748,823,846 ‘Jee Notes to the Financial Statements M1, APR 26 2019 RECEIVEDFEP PRINTING CORPORATION (A subsidiary of Pinnacle Printers Corporation) STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2018 AND 2017 Note 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES. Income before income tax 198,225,255 P77,898,856 Adjustments for: Provision for (reversal of): Impairment loss on investment in subsidiaries & — (160,000,000) ti Expected credit loss on trade receivables 5 5,339,427 4,146,934 Retirement benefits 18 4,673,756 3,820,763 Impairment loss on property and equipment 9 1,926,526 - Depreciation and amortization % 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 87,726,211 125,876,241 Decrease (increase) in: Trade and other receivables 102,159,263 (188,385,535) Inventories 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 abilities (445,672) (279,882) Tash 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 469,735 171,694 Net cash flows provided by operating activities 159,451,083 7,252,313 ‘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) (37,927,055) CASH FLOWS FROM FINANCING ACTIVITIES Payment of borrowings 12 (50,000,000) (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 jal investing activities BUREAU OF INTERNAL SEVEYHH 479,621) __ 25,393,109 TARGE TAKPA 5 EFFECT OF EXCHANGE RATE CHANGRSGONAUASHERS ASSISTANSE 0:¥ISION932 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 ATEND OF YEAR, [837,609,728 ___ 46,977,303, Jee Notes to the Financiat RL RECEIVEDFEP PRINTING CORPORATION (A subsidiary of Pinnacle Printers Corporation) NOTES TO THE SEPARATE FINANCIAL STATEMENTS 1. Reporting Entity FEP Printing Corporation (the Company) was registered with the Philippine Securities and Exchange Commission (SEC) on August 27, 1992. The Company is engaged in the business of printing engraving publishing, binding, lithographing and electrotyping newspapers and other printed materials. The Board of Directors (BOD) approved the restructuring of the Company's ‘operations decided the Company to service non-Inquirer business and will operate from Laguna. Accordingly, in 2018, the printing activities in Davao and Cebu branches has ceased operations fon October 1 and December 31, 2018, respectively (see Note 9). ‘The Company is a 55%-owned subsidiary of Pinnacle Printers Corporation (PPC), @ corporation registered with SEC and domiciled in the Philippines. The Company's ultimate parent company is Pentap Equities and Holdings (PEH), a corporation registered with the SEC and domiciled at T-12 Sunvar Plaza Bldg., Amorsolo Street corner Amnaiz Avenue, Makati City, Philippines. The registered office address of the Company is located at 3817 Louie Prieto Press Building, Mascardo St., cor, Metropolitan Ave., Makati City, Philippines. The principal place of business is located at Print Town Complex, Lot 2532-C-1-28, Mamplasan, Bilan, Laguna, Philippines. ‘The financial statements were approved and authorized for issue in accordance with a resolution by the BOD on March 25, 2019. 2. Basis of Preparation Statement of Compliance The accompanying financial statements have been prepared in compliance with Philippine Financial Reporting Standards (PFRS). PFRS are based on International Financial Reporting Standards {ssued by the International Accounting Standards Board (IASB), PFRS consist of PFRS, Philippine Accounting Standards (PAS) and Philippine Interpretations issued by the Philippine Financial Reporting Standards Council (FRSC). Basis of Measurement The financial statements of the Company have been prepared on the historical cost basis, Functional and Presentation Currency ‘The financial statements are presented in Philippine peso, which is the functional currency of the Company, All values are rounded off to the nearest Peso (P), except when otherwise indicated. REAU OF INTERNAL 2EvENDE CURRSE TARDATERS SERVICE LARGE TAKPAVERS ASSISTATE Se¥ISION «APR 26 2019 | { RECEIVED3._ Significant Accounting Policies Adoption of New and Amended PERS The accounting policies adopted are consistent with those of the previous financial year, except for the adoption of the following new and amended PFRS which the Company adopted effective for annual periods beginning on or after January 1, 2018: + PFRS 9, Financial instruments - This standard replaces PAS 39, Financial Instrument Recognition and Measurement (and all the previous versions of PFRS9). It. provides requirements for the classification and measurement of financial assets and liabilities, impairment, hedge accounting, recognition, and derecognition. © PERS 9 requires all recognized financfal assets to be subsequently measured at amortized cost or fair value (through profit or loss or through other comprehensive income), depending on their classification by reference to the business model within which these are held and its contractual cash flow characteristics. © For financial liabilities, the most significant effect of PFRS 9 relates to cases where the fair value option is taken: the amount of change in fair value of a financial liability designated as at fair value through profit or loss that is attributable to changes in the credit risk of that liability 1s recognized in other comprehensive income (rather than in profit or loss), untess this creates an accounting mismatch. © For the impairment of financial assets, PFRS 9 introduces an “expected credit loss” model based on the concept of providing for expected losses at inception of a contract} recognition of a credit loss should no longer wait for there to be objective evidence of impairment. © For hedge accounting, PFRS 9 introduces 2 substantial overhaul allowing financial statements to better reflect how risk management activities are undertaken when hedging financial and non-financial risk exposures, ©The derecognition provisions are carried over almost unchanged from PAS 39, Based on the Company's analysis of its business model and the contractual cash flow characteristics of its financial assets and liabilities as at December 31, 2018, the Company has concluded that all of its financial assets and liabilities shall continue to be measured on the same basis as under PAS 39. ‘The Company's cash and cash equivalents, trade and other receivables, refundable security deposit and utility deposit previously classified under PAS 39 as loans and receivables are now classified under PFRS 9 as financial assets at amortized cost. ‘The Company assessed that the adoption of PFRS 9, specifically on determining impairment {oss using simplified approach (or general approach, as applicable), has no impact on the carrying amounts of the Company's financial assets carried at amortized cost (and/or other comprehensive income). + PERS 15, Revenue from Contracts with Customers - The new standard replaces PAS 11, Construction Contracts, PAS 18, Revenue, and their related interpretations. It establishes single comprehensive framework for revenue recognition to apply consistently across transactions, industries and capital markets, with a core principle (based on a five-step model to be applied to all contracts with customers}, enhanced aisclosures, and new or improved guidance (e.g. the point at which revenue is recognized, accounting for variable considerations, costs of fulfilling and cbtaining a contract, etc.).Based on the Company's assessment, all of the Company's contracts with customers generally undertake to provide single performance obligation at a fixed price which is mainly the delivery of goods (or rendering of services). Thus, the allocation of transaction price to the single performance obligation is not applicable. The Company recognizes revenue as the ‘g00ds are transferred to the customer at the point of delivery (or as the services are rendered over time). Accordingly, the adoption of PFRS 15 has no impact in the timing of the ‘Company's revenue recognition. + Amendments to PFRS 15, Revenue from Contract with Customers - Clarification to PFRS 15 ~ The amendments provide clarifications on the following topics: (a) identifying performance obligations; (b) principal versus agent considerations; and (c) licensing. The amendments also Provide some transition relief for modified contracts and completed contracts, * Amendments to PAS 28, investments in Associates and Joint Ventures - Measuring an Associate or Joint Venture at Fair Value - The amendments are part of the Annual Improvements to PERS 2014-2016 Cycle and clarify that the election to measure at fair value through profit or loss an investment in an associate or a joint venture that is held by an entity that Is a venture capital organization, mutual fund, unit trust or other qualifying entity, is available for each investment in an associate or joint venture on an investment-by- investment basis, upon initial recognition, + Amendments to PAS 40, Investment Property - Transfers of Investment Property - The amendments clarify that transfers to, or from, investment property (including assets under Construction and development) should be made when, and only when, there is evidence that a change in use of a property has occurred, + Philippine Interpretation IFRIC 22, Forelgn Currency Transactions and . Advance Consideration - The interpretation provides guidance clarifying that the exchange rate to use in transactions that involve advance consideration paid or received in a foreign currency is the one at the date of initial recognition of the non-monetary prepayment asset or deferred income liability. The adoption of the foregoing new and amended PFRS did not have any material effect on the financial statements except for PFRS 9 and PFRS 15. Additional disclosures have been included in the notes to financial statements, as applicable. New and Amended PERS Issued But Not Yet Effective. Relevant new and amended PFRS which are not yet effective for the year ended December 31, 2018 and have not been applied in preparing the financial statements are summarized below. Effective for annual periods beginning on or after January 1, 2019: * PERS 16, Leases - This standard will replace PAS 17, Leases and its related interpretations. ‘The most significant change introduced by the new standard is that almost all leases will be brought onto lessees’ statement of financial position under a single model (except leases of {ess than 12 months and leases of low-value assets), eliminating the distinction between operating and finance leases. Lessor accounting, however, remains largely unchanged and the distinction between operating and finance lease is retained, For the Company’s non-cancellable operating lease commitments as at December 31, 2018, 2 preliminary assessment indicates that these arrangements will continue to meet the Gefinition of a lease under PFRS 16. Thus, the Company will have to recognize a rightof-use asset and a corresponding liability i respect of all these leases - unless these qualify for low value oF short-term leases upon the application of PFRS 16 - which might have a significant. impact on the amounts recognized in the Company's financial statements. However, It is not Practicable to provide a reasonable estimate of that effect until the Company complete the review.Philippine Interpretation IFRIC 23, Uncertainty Over income Tax Treatments - The interpretation provides guidance on how to reflect the effects of uncertainty in accounting for income taxes under PAS 12, Income Taxes, in particular (i) whether uncertain tax treatments should be considered separately, (i) assumptions for taxation authorities’ examinations, (ji) determination of taxable profit (tax loss), tax bases, unused tax losses, Unused tax credits and tax rates, and (iv) effect of changes in facts and circumstances. Amendments to PFRS 9, Financial Instruments - Prepayment Features with Negative Compensation - The amendments allow entities to measure particular prepayable financial assets with negative compensation at amortized cost or at fair value through other comprehensive income (instead of at fair value through profit or loss) if a specified condition is met. It also clarifies the requirements in PFRS 9, Financial instruments for adjusting the amortized cost of a financial liability when a modification or exchange does not resutt in its derecognition (as opposed to adjusting the effective interest rate). ‘Amendments to PAS 28, investments In Associates and Joint Ventures - Long-term Interests in Associates and Joint Ventures - The amendments clarify that long-term interests in an associate or joint venture that, in substance, form part of the entity's net investment but to which the equity method is not applied, are accounted for using PFRS 9, Financial Instruments. Amendments to PAS 19, Employee Benefits - Plan Amendment, Curtailment or Settlement - The amendments specify how companies remeasure a defined benefit plan when a change - an amendment, curtaiiment or settlement - to a plan takes place during a reporting period. It requires entitfes to use the updated assumptions from this remeasurement to determine current service cost and net interest cost for the remainder of the reporting period after the change to the plan, ‘Amendments to PFRS 3, Business Combinations and PFRS 11, Joint Arrangements - Previously Held Interest in a Joint Operation - The amendments are part of the Annual Improvements to PFRS 2015-2017 Cycle. The amendment to PFRS 3, Business Combinations clarifies that ‘when an entity obtains control of a business that is a joint operation, the acquirer applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the joint operation at its acquisition-date fair value. The amendment to PFRS 11, Joint Arrangements clarifies that when an entity obtains joint control of a business that is a joint operation, the previously held interests in that business are not remeasured. ‘Amendments to PAS 12, Income Taxes - Income Tax Consequences of Payments on Financial Instruments Classified as Equity - The amendments are part of the Annual Improvements to PFRS 2015-2017 Cycle and clarify that income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distribution to owners and thus, should be recognized in profit or loss, other comprehensive income or ‘equity according to where the entity originally recognized those past transactions or events. Amendments to PAS 23, Borrowing Costs - Borrowing Costs Eligible for Capitalization - The amendments are part of the Annual Improvements to PFRS 2015-2017 and clarify that in calculating the capitalization rate on general borrowings, if any specific borrowing remains outstanding after the related qualifying asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally.Deferred effectivity - * Amendments to PFRS 10, Consolidated Financial Statements and PAS 28, Investments in Associates and Joint Ventures - Sale or Contribution of Assets Between an Investor and its Associate or Joint Venture - The amendments address a current conflict between the two standards and clarify that a gain or loss should be recognized fully when the transaction involves a business, and partially if it involves assets that do not constftute a business. The effective date of the amendments, initially set for annual periods beginning on or after January 1, 2016, was deferred indefinitely in December 2015 but earlier application ts still permitted, Under prevailing circumstances, the adoption of the foregoing new and amended PFRS is not expected to have any material effect on the financial statements of the Company except for PFRS 16. Current versus Noncurrent Classi The Company presents assets and liabilities in the statements of financial position based on Current and noncurrent classification. An asset is current when it is: (a) expected to be realized or intended to be sold or consumed in the normal operating cycle; (b) held primarily for the Purpose of trading; (c) expected to be realized within 12 months after the reporting period: or {¢) cash or cash equivalent unless restricted from being exchanged or used to settie a liability for at least 12 months after the reporting period, A liability fs current when it is: (a) expected to be settled in the normal operating cycle; {0) held primarily for trading; (c) due to be settled within 12 months after the reporting period or (d) there is no unconditionat right to defer the settlement of the liability for at least 12 months after the reporting period, The Company classifies all other assets and ltabilities as noncurrent, Deferred tax assets and liabilities are classified as noncurrent, inancial Assets and Financial Liabilities Date of Recognition. The Company recognizes a financial asset or a financial lfability in the statements of financiat position when it becomes a party to the contractual provisions of a financial instrument, In the case of a regular way purchase or sale of financial assets, recognition and derecognition, as applicable, is done using settlement date accounting. Initial Recognition and Measurement. Financial instruments are recognized intially at fair value, hich is the fair value of the consideration given (in case of an asset) or received (in case of 4 \iabllity). The initial measurement of financial instruments, except for those designated at fair Value through profit and loss (FVPL), includes transaction cost. ‘Day 1” Difference. Where the transaction in a non-active market is different from the fair value of other observable current market transactions in the same instrument or based on a valuation technique whose varlables include only data from observable market, the Company recognizes the difference between the transaction price and fair value (a "Day 1” difference) in profit or (oss. In cases where there fs no observable data on inception, the Company deems the transaction price as the best estimate of fair value and recognizes “Day 1” difference in profit or loss when the inputs become observable or when the instrument is derecognized. For each transacti the Company determines the appropriate method of recognizing the “Day 1” difference. Classification. The Company classifies its financial assets at initial recognition under the following categories: (a) financial assets at FVPL, (b) financial assets at amortized cost and {c} financial assets at fair value through other ‘comprehensive income (FVOCI}.. Financial liabilities, on the other hand, are classified as either financial liabilities at FVPL or financial {abilities at amortized cost. ‘The classification of a financial instrument largely depends on the ‘Company's business model and its contractual cash flow characteristics,Financial Assets and Liabilities at FVPL. Financial assets and liabilities at FVPL are either Classified as held for trading or designated at FVPL. A financial instrument fs classified as held for trading if it meets either of the following conditions: «itis acquired or incurred principally for the purpose of selling or repurchasing it in the near term; ‘+n initial recognition, it is part of a portfolio of identified financial instruments that are managed together and for which there is evidence of a recent actual pattern of short-term profit-taking; or + itisa derivative (except for a derivative that isa financial guarantee contract or a designated and effective hedging instrument). This category includes equity instruments which the Company had not irrevocably elected to classify at FVOCI at initial recognition. This category includes debt instruments whose cash flows are not “solely for payment of principal and interest” assessed at initial recognition of the assets, or which are not held within business model whose objective is either to collect contractual cash flows, or to both collect contractual cash flows and selt ‘The Company may, at initfal recognition, designate a financial asset or financial ifability meeting the criteria to be classified at amortized cost or at FVOCI, as a financial asset or financial liability at FVPL, if doing so eliminates or significantly reduces accounting mismatch that would arise from measuring these assets or liabilities. iter initial recognition, financial assets at FVPL and held for trading financial liabilities are subsequently measured at fair value. Unrealized gains or losses arising from the fair valuation of, financial assets at FVPL and held for trading financial liabilities are recognized in profit or loss. For financial liabilities designated at FVPL under the fair value option, the amount of change in fair value that is attributable to changes in the credit risk of that lability is recognized in other ‘comprehensive income (rather than in profit or loss), unless this creates an accounting mismatch. Amounts presented in other comprehensive income are not subsequently transferred to profit or loss. ‘As at December 31, 2018 and 2017, the Company does not have financial assets and liabilities at FVPL. Financial Assets at Amortized Cost. Financial assets shall be measured at amortized cost if both of the following conditions are met: ‘+ the financial asset is held within a business model whose objective is to hold finan fn order to collect contractual cash flows; and assets + the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, financial assets at amortized cost are subsequently measured at amortized cost using the effective interest method, less allowance for impairment, if any, Amortized cost is calculated by taking into account any discount or premium on acquisition and fees that are an integral part of the effective interest rate. Gains and losses are recognized in profit or loss when the financiat assets are derecognized and through amortization process, Financial assets at amortized cost are included under current assets if realizability or collectability is within 12 months after the reporting period. Otherwise, these are classified as noncurrent assets. As at December 31, 2018 and 2017, the Company's cash and cash equivalents, trade and other receivables and utility deposit (classified under other noncurrent assets) are included under this. category (Notes 4, 5 and 10),Cash includes cash on hand and in banks which are stated at face value. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and are subject to an insignificant risk of changes in value Financial Assets at FVOCI. For debt instruments that meet the contractual cash flow characteristic and are not designated at FVPL under the fair value option, the financial assets shall be measured at FVOC! if both of the following conditions are met: + the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows and selling the financial assets; and * the contractual terms of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the principal amount outstanding. For equity instruments, the Company may irrevocably designate the financial aséet to be measured at FVOC! in case the above conditions are not met. Financial assets at FVOCI are initially measured at fair value plus transaction costs. After initial recognition, interest income (calculated using the effective interest rate method), foreign currency gains or losses and impairment losses of debt instruments measured at FVOCI are recognized directly in profit or loss, When the financial asset is derecognized, the cumulative gains or losses previously recognized in OCI are reclassified from equity to profit or loss as a reclassification adjustment. Dividends from equity instruments held at FVOCI are recognized in profit or loss when the right to receive payment is established, unless the dividend clearly represents a recovery of part of the cost of the investment. Foreign currency gains or losses and unrealized gains or losses from equity instruments are recognized in OCI and presented in the equity section of the statements. Of financial position. These fair value changes are recognized in equity and are not reclassified to profit or loss in subsequent periods. As at December 31, 2018 and 2017, the Company does not have financial assets at FVOCI. Financial Liabilities at Amortized Cost. Financial liabilities are categorized as financial liabilities at amortized cost when the substance of the contractual arrangement results in the Company having an obligation either to deliver cash or another financial asset to the holder, or to settle the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of its own equity instruments, ‘These financial liabilities are initially recognized at fair value less any directly attributable transaction costs. After initial recognition, these financial liabilities are subsequently measured at amortized cost using the effective interest method. Amortized cost is catculated by taking into account any discount or premium on the issue and fees that are an integral part of the effective interest rate. Gains and losses are recognized in profit or loss when the Uabilities are derecognized or through the amortization process. ‘As at December 31, 2018 and 2017, the Company's trade and other payables (excluding statutory liabilities), loans payable, dividends payable and advances from a related party are included under this category (Notes 11, 12 and 20), Reclassification ‘The Company reclassifies its financial assets when, and only when, it changes its business model for managing those financial assets. The reclassification is applied prospectively from the first day of the first reporting period following the change in the business model (reclassification date). For a financial asset reclassified out of the financial assets at amortized cost category to financial assets at FVPL, any gain or loss arising from the difference between the previous amortized cost of the financial asset and fair value is recognized in profit or loss.For a financial asset reclassified out of the financial assets at amortized cost category to financial assets at FVOC!, any gain or loss arising from a difference between the previous amortized cost of the financial asset and fair value is recognized in OCI. For a financial asset reclassified out of the financial assets at FVPL category to financial assets ‘at amortized cost, its fair value at the reclassification date becomes its new gross carrying amount. For a financial asset reclassified out of the financial assets at FVOCI category to financial assets at amortized cost, any gain or loss previously recognized in OCI, and any difference between the new amortized cost and maturity amount, are amortized to profit or loss over the remaining life of the investment using the effective interest method. If the financial asset is subsequently impaired, any gain or loss that has been recognized in OCI is reclassified from equity to profit or loss. In the case of a financial asset that does not have a fixed maturity, the gain or loss shall be recognized in profit or loss when the financial asset fs sold or disposed. If the financial asset 15, subsequently impaired, any previous gain or loss that has been recognized in OCI is reclassified from equity to profit of loss. For a financial asset reclassified out of the financial assets at FVPL category to financial assets at FVOCI, its fair value at the reclassification date becomes its new gross carrying amount, Meanwhile, for a financial asset reclassified out of the financial assets at FVOCI category to financial assets at FVPL, the cumulative gain or loss previously recognized in other comprehensive income {s reclassified from equity to profit or loss as a reclassification adjustment at the reclassification cate, Impairment of Financial Assets at Amortized Cost and FVOCI ‘The Company records an allowance for “expected credit loss” (ECL). ECL is based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The difference is then discounted at an approximation to the asset’s original effective interest rate. For trade receivables, the Company has applied the simplified approach and has calculated ECLs based on the lifetime expected credit losses. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments measured at amortized cost and FVOCI, the ECL is based on the 12-month ECL, which pertains to the portion of lifetime ECLs that result from default events on a financial instrument that are possible within 12 months after the reporting date. However, when there has been a significant increase in credit risk since initial recognition, the allowance will be based on the lifetime ECL. When determining whether the credit risk of a financial asset has increased significantly since initial recognition, the Company compares the risk of a default occurring on the financial instrument as at the reporting date with the risk of a default occurring on the financial instrument as at the date of initial recognition and consider reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. Derecognition of Financial Assets and Liabilities Financial Assets. A financial asset (or where applicable, a part of a financial asset or part of a ‘group of similar financial assets) is derecognized when: » the right to receive cash flows from the asset has expir+ the Company retains the right to receive cash flows from the financial asset, but has assumed an obligation to pay them in full without material delay to a third party under a “pass- through” arrangement; or + the Company has transferred its right to receive cash flows from the financial asset and either (a) has transferred substantially all the risks and rewards of the asset, or (b) has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Company has transferred its right to receive cash flows from a financial asset or has entered into a pass-through arrangement, and has neither transferred nor retained substantially all the risks and rewards of ownership of the financial asset nor transferred control of the financial asset, the financial asset is recognized to the extent of the Company's continuing involvement in the financial asset. Continuing involvement that takes the form of a guarantee over the transferred financial asset is measured at the lower of the original carrying amount of the financial asset and the maximum amount of consideration that the Company could be required to repay. Financial Liabilities. financial lability is derecognized when the obligation under the liability is discharged, cancelled or has expired. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification fs treated as a derecognition of the original liability and the recognition of a new liability, and the difference {in the respective carrying amounts is recognized in the statements of comprehensive income. A modification is considered substantial if the present vatue of the cash flows under the new terms, including net fees paid or received and discounted using the original effective interest rate, is different by at least 10% from the discounted present value of remaining cash flows of the original liability. ‘The fair value of the modified financial liability is determined based on its expected cash flows, discounted using the interest rate at which the Company could raise debt with similar terms and conditions in the market. ‘The difference between the carrying value of the original liability and fair value of the new liability is recognized in the statements of comprehensive income. On the other hand, if the difference does not meet the 10% threshold, the original debt is not extinguished but merely modified. In such case, the carrying amount is adjusted by the costs or fees paid or received in the restructuring. Offsetting of Financial Assets and Liabilities Financial assets and financial liabilities are offset and the net amount reported in the statements of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is intention to settle on a net basis, or to realize the asset and settle the liability simultaneously. This is not generally the case with master netting agreements, and the related assets and liabilities are presented gross in the statements of financial position. Classification of Financial Instrument between Liability and Equity A financial instrument is classified as liability if it provides for a contractual obligation to: ‘+ Deliver cash or another financial asset to another enti © Exchange financial assets or financial {iabilities with another entity under conditions that are Potentially unfavorable to the Company; or ‘Satisfy the obligation other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of own equity shares,If the Company does not have an unconditional right to avoid delivering cash or another financial asset to settle its contractual obligation, the obligation meets the definition of a financial liability, Other Assets Other current assets consist of tools and spare parts and input value added tax (VAT) and prepaid expenses. Tools and Spare Parts - First-in, First-Out Method. All costs directly attributable to acquisition of tools and spare parts are included as part of costs. Tools and spare parts are valued at the lower of cost and NRV. NRV of tools and spare parts is the current replacement cost. Prepaid expenses. Prepaid expenses are expenses paid in advance and recorded as asset before these are utilized. Prepaid expenses are apportioned over the period covered by the payment ‘and charged to appropriate expense accounts in profit or loss when incurred, Prepaid expenses that are expected to be realized for no more than 12 months after the financial reporting year are classified as current assets, Otherwise, these are classified as noncurrent assets. Other noncurrent assets consist of refundable security deposit and utility deposit, These are classified under financial asset at amortized cost. Investments in Shares of Stock of Subsidiaries ‘The Company's investments in shares of stock of subsidiaries are accounted for under the cost method as provided for under PAS 27, Separate Financial Statements. The investments are carried in the statements of financial position at cost less any impairment in value. The Company Fecognizes dividend from a subsidiary in the statements of income when its right to receive the dividend is established. ‘A subsidiary is an entity controlled by the Company. ‘The Company controls an entity when itis exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Property and Equioment Property and equipment are stated at cost less accumulated depreciation and any accumulated ‘impairment in value. Such cost includes the cost of replacing part of the property and equipment at the time the cost is incurred, if the recognition criteria are met, and excludes the costs of day-to-day servicing. The initial cost of property and equipment comprises its construction cost or purchase price, including import duties, taxes and any directly attributable costs in bringing the asset to its working condition and location for its intended use. Expenditures incurred after the asset has been put into operation, such as repairs, maintenance and overhaul costs, are normally recognized as expense in the period the costs are incurred. Major repairs are capitalized as part of property and equipment only when it fs probable that future economic benefits associated with the items will flow to the Company and the cost of the items can be measured reliably. Depreciation, which commences when the assets are available for their intended use, is computed using the straight-line method over the following estimated useful lives of the assets: Number of Years 20 Building improvements 5 Machinery and equipment 5-10 Transportation equipment 5 Office equipment, furniture and fixtures 3 Computer software 3 10The remaining useful tives, residual values and depreciation method are reviewed and adjusted periodically, if appropriate, to ensure that such periods and method of depreciation are consistent with the expected pattern of economic benefits from the items of property and equipment. ‘The carrying amounts of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying amounts may not be recoverable. Fully depreciated assets are retained in the accounts until they are no longer in use. ‘An item of property and equipment is derecognized when either it has been disposed of or when {tis permanently withdrawn from use and no future economic benefits are expected from its use ‘or disposal, Any gain or loss arising from the retirement and disposal of an item of property and equipment (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is recognized in the separate statements of income in the period of retirement and disposal. Impairment of Non-financial Assets ‘The carrying amounts of property and equipment are reviewed for impairment when events or ‘changes in circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, and if the carrying amount exceeds the estimated recoverable amount, the assets or cash-generating units are written down to their recoverable amounts. The recoverable amount of the asset is the greater of fair value less costs to sell and value in use. The fair value less costs to sell is the amount obtainable from the sate of an asset in an arm's length transaction between knowiedgeable, willing parties, less costs of disposal. Value in use is the present value of estimated future cash flows expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. In assessing value in use, ‘the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash-generating unit to which the asset belongs, Impairment losses are recognized in the separate statements of income in those expense categories consistent with the function of the impaired asset. Anassessment is made at each reporting date as to whether there fs any indication that previously recognized impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated. A previously recognized impairment loss fs reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. if that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the separate statements of income. After such a reversal, the deprecfation charge is adjusted in future periods to allocate the asset's revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. Fait Value Measurements ‘The Company measures a number of financial and non-financial assets and liabilities at fair value at each reporting date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: (a) in the principal market for the asset or liability; or {b) in the absence of a principal market, in the most advantageous market for the asset or ability. The principal or most advantageous market must be accessible to the Company. "‘The fair value of an asset or liability is measured using the assumptions that market participants ‘would use when pricing the asset or tlability, assuming that market participants act in their best economic interest. ‘The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the separate financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that fs significant to the fair value measurement as @ whole: + Level 1: quoted prices (unadjusted) in active market for identical assets or liabilities; © Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and = Level 3: inputs for the asset or liability that are not based on observable market data. For assets and liabilities that are recognized in the 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 reporting period. For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy. Provisions Provisions are recognized when: (a) the Company has a present obligation (legal or constructive) as a result of past events; (b) it is probable (i.e., more likely than not) that an outflow of resources embodying economic benefits will be required to settle the obligation; and (c) 2 reliable estimate of the amount of the obligation can be made. Where some or all of the ‘expenditure required to settle a provision 1s expected to be reimbursed by another party, the reimbursement is recognized as a separate asset only when it is virtually certain that reimbursement will be received. The amount recognized for the reimbursement shall not exceed the amount of the provision. Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If the effect of the time value of money is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessment of the time value of money and the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time fs recognized as interest expense, Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects. Retained Earnings Retained earnings represent the accumulated net income or losses, net of any dividend distributions and other capital adjustments. Appropriated retained earnings represent that portion which is restricted and therefore not available for any dividend declaration. Other Comprehensive Income (Loss Other comprehensive income (loss) comprises items of income and expense, including items previously presented under the statements of changes in equity, that are not recognized in profit or loss for the year. Other comprehensive income (loss) of the Company pertains to femeasurement gain (loss) on retirement benefits. 2Revenue Recognition Revenue from contract with customers is recognized when the performance obligation in the contract has been satisfied, either at a point in time or over time. Revenue fs recognized over time if one of the following criteria {s met: (@) the customer simultaneously receives and consumes the benefits as the Company perform its obligations; (b) the Company's performance creates or enhances an asset that the customer controls as the asset ‘s created or enhanced; or (6) the Company's performance does not create an asset with an alternative use to the Company and the Company has an enforceable right to payment for performance completed to date. Otherwise, revenue is recognized at a point in time. ‘The Company also assesses its revenue arrangements to determine if it {s acting as a principal or as.an agent, The Company has assessed that it acts as a principal in all of its revenue sources. Interest. Revenue is recognized as the interest accrues, taking into account the effective yield on the asset. Other income. Revenue is recognized when there is an incidental economic benefit, other than the usual business operations, that will flow to the Company through an increase in asset or reduction in liability and that can be measured reliably. Costs and Expenses Costs and expenses are decreases in economic benefits during the accounting period in the form of outflows or decrease of assets or incurrence of liabilities that result in decreases in equity, other than those relating to distributions to equity participants. Expenses are recognized when incurred. Retirement Benefits Short-term Employee Benefits, The Company recognizes a liability net of amounts already paid and an expense for services rendered by employees during the accounting period, A liability is also recognized for the amount expected to be paid under short-term cash bonus if the Company has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Short-term employee benefit liabilities are measured on an undiscounted basis and are expensed as the related service is provided. Retirement Benefits. Retirement benefit costs are actuarially determined using the projected unit credit method, which reflects services rendered by employees to the date of valuation and incorporates assumptions concerning employees’ projected salaries. ‘The Company recognizes service costs, comprising of current service costs, past service costs, gains and losses on curtailments and non-routine settlements and net interest expense or income in profit or loss. Net interest is calcutated by applying the discount rate to the net retirement liability or asset. Past service costs are recognized in profit or loss on the earlier of the date of the plan amendment or curtaiiment and the date that the Company recognizes restructuring-related costs Remeasurements comprising actuarial gains and tosses, return on plan assets, and any change in the effect of the asset ceiling (excluding net interest on defined benefit obligation) are recognized immediately in other comprehensive income in the period in which these arise. Remeasurements are not reclassified to profit or loss in subsequent periods. The retirement liability is the aggregate of the present value of the defined benefit obligation and the fair value of plan assets out of which the obligations are to be settled directly. The present value of the retirement liability is determined by discounting the estimated future cash outflows using interest rate on government bonds that have terms to maturity approximating the terms of the related retirement liability. BActuarial valuations are made with sufficient regularity so that the amounts recognized in the financial statements do not differ materially from the amounts that would be determined at the reporting date. Leases The determination of whether an arrangement is, or contains, a lease is based on the substance of the arrangement and requires an assessment of whether the fulfillment of the arrangement is dependent on the use of a specific asset or assets and the arrangement conveys a right to use the asset. A reassessment is made after the inception of the lease only if one of the following applies: {@) there is @ change in contractual terms, other than a renewal or extension of the arrangement; {b) a renewal option is exercised or an extension is granted, unless the term of the renewal extension was initially included in the lease term; (c) there is a change in the determination of whether fulfillment is dependent on a specific asset; or (@ there is a substantial change to the asset, Where a reassessment is made, lease accounting shall commence or cease from the date when the change in circumstances gives rise to the reassessment for scenarios (a), (c) or (d), and at the date of renewal or extension period for scenario (b) above. Operating Lease Company as Lessee. Leases which do not transfer to the Company substantially all the risks and rewards of ownership of the asset are classified as operating leases. Operating tease payments are recognized as an expense in the separate statements of income on a straight-line basis over the lease term, Associated costs such as maintenance and insurance are expensed as incurred. Foreign Currency Translations ‘Transactions in foreign currencies are translated to the functional currency of the Company at ‘exchange rates at the dates of the transactions. Monetary assets and monetary liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the reporting date. Nonmonetary assets and nonmonetary liabilities denominated in foreign currencies that are ‘measured at fair value are translated to the functional currency at the exchange rate at the date the fair value was determined. Nonmonetary items in foreign currencies that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognized in the separate statements of income, except for differences arising on the translation of AFS financial assets, a financial liability designated as an effective hedge of the net investment in @ foreign operation or qualifying cash flow hedges, which are recognized in other comprehensive income. Taxes Current Tax. 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 adjustment to tax payable in respect of previous years. Current tax relating to {tems recognized directly in equity is recognized in equity and not in the separate statements of income. The Company periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretations and establishes provisions where appropriate. 4Deferred Tax, Deferred tax is recognized using the liability method in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax liabilities are recognized using the liability method for alt taxable temporary differences, except: + where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and + with respect to taxable temporary differences associated with investments in shares of stock of subsidiaries, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future. Deferred tax assets are recognized for all deductible temporary differences, carryforward benefits of unused tax credits - Minimum Corporate Income Tax (MCIT) and unused tax losses - Net Operating Loss Carry Over (NOLCO), to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carryforward benefits of MCIT and NOLCO can be utilized, except: + where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or lability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting proftt nor taxable profit or toss; and + with respect to deductible temporary differences associated with investments in shares of stock of subsidiaries, deferred tax assets are recognized only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities, Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability ts settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Current tax and deferred tax are recognized in the separate statements of income, except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority. 15Value-added Tax (VAT). Revenues, expenses and assets are recognized net of the amount of VAT, except: = where the tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the tax is recognized as part of the cost of acquisition of the asset or as part of the expense item as applicable; and "receivables and payables that are stated with the amount of tax included, Deferred input VAT represents the unamortized amount of input VAT on capital goods. Deferred input VAT that are expected to be claimed against output VAT for no more than 12 months after the reporting date are classified as current assets. Otherwise, these are classified as noncurrent, assets, ‘The net amount of tax recoverable from, or payable to, the taxation authority is included as part of “Other current assets” or “Trade and other payables” accounts in the statements of financial position. Related Parties Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control and significant influence. Related parties may be individuals or corporate entities. Contingencies Contingent liabilities are not recognized in the separate financial statements, They are disclosed in the notes to the separate financial statements unless the possibility of an outflow of resources ‘embodying economic benefits is remote. Contingent assets are not recognized in the separate financial statements but are disclosed in the notes to the separate financial statements when an. inflow of economic benefits is probable. Events After the Reporting Dat: Post year-end events that provide additional information about the Company's financial position at the reporting date (adjusting events) are reflected in the separate financial statements. Post year-end events that are not adjusting events are disclosed in the notes to the separate financial statements when material. Use of Judgements, Estimates and Assumptions ‘The preparation of the financial statements in accordance with PFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the amounts of assets, liabilities, income and expenses reported in the separate financial statements at the reporting date. However, uncertainty about these judgments, estimates and ‘assumptions could result fn an outcome that could require a material adjustment to the carrying amount of the affected asset or liability in the future. Judgments and estimates are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions are recognized in the period fn which the judgments and estimates are revised and in any future period affected. 16Judgments in the process of applying the accounting policies, the Company has made the following Judgments, apart from those involving estimations, which have an effect on the amounts recognized in the separate financial statements: Operating Lease Commitments - Company as Lessee. The Company has entered into lease agreements for the lease of effice space as a lessee. The Company has determined that the lessor retains all the significant risks and rewards of ownership of the property. Accordingly, the lease is classified as operating lease. Rent expense recognized in the statements of income amounted to P5.1 million and P1.0 milion, in 2018 and 2017, respectively (Note 21). Operating Lease Commitments - Company as Lessor. The Company has entered into lease agreements for the lease of office space as a lessor. The Company has determined that it retains all the significant risks and rewards of ownership of the property. Accordingly, the lease is classified as operating lease. some amounted to P12.4 million and R13.1 million Rent income recognized in the statements o in 2018 and 2017, respectively (Note 21). Classifying Financial Instruments, The Company exercises judgments in classifying a financial instrument, or its component parts, on initial recognition as a financial asset, a financial liability, or an equity instrument in accordance with the substance of the contractual arrangement and the definitions of a financial asset or liability. The substance of a financial instrument, rather ‘than its legal form, governs its classification in the statements of financial position. Evaluating Deferred Tax. In determining the amount of current and deferred tax, the Company. takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due, The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretation of tax laws and prior experience. This assessment relies on estimates and assumptions and may involve 2 series of judgments about future events. New information may become available that causes the Company to change its judgment regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. Assessing going concern assumption. The Company's management has made an assessment on the Company's ability to continue as a going concern and is satisfied that the Company has the resources to continue their business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Company's ability to continue as a going concern. Estimates and Assumptions ‘The key estimates and assumptions used in the separate financial statements are based upon the ‘Company's evaluation of relevant facts and circumstances as at. the date of the separate financial statements, Actual results could differ from such estimates, Estimating Allowance for Expected Credit Losses (ECL) on Receivables. Provisions are made for specific and groups of accounts, where objective evidence of impairment exists. The Company evaluates these accounts on the basis of factors that affect the collectability of the accounts, These factors include, but are not limited to, the length of the Company's relationship with the counterparties, the current credit status based on third party credit reports and known market forces, average age of accounts, collection experience and historical loss experience. The amount and timing of the recorded expenses for any period would differ if the Company made different judgments or utilized different methodologies. An increase in the’ allowance for impairment losses would increase the recorded-costs and expenses and decrease current assets. ‘The provision for ECL amounted to R6,5 million and R4.5 million in 2018 and 2017, respectively. ‘The allowance for ECL amounted to 10.5 million and 5.7 million as at December 31, 2018 and 2017, respectively (Note 5). 7‘The carrying amount of receivables amounted to P402.7 million and R510.2 million as at December 31, 2018 and 2017, respectively (Note 5). Assessing Net Realizable Value of Inventories. The Company recognizes impairment losses on inventories whenever its net realizable values becomes lower than cost due to damage, physical deterioration, obsolescence, changes in price levels or other causes. Estimates of selling price less cost to complete and sell are based on the most reliable evidence available at the time the estimates are made of the amount the inventories are expected to be realized. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after reporting date to the extent that such events confirm conditions existing at reporting date. The allowance account is reviewed periodically to reflect the accurate valuation in the financial records. ‘The carrying value of inyentories amounted to 30.0 million and #71.8 million as at December 31, 2018 and 2017, respectively (Note 6). Estimating Useful Lives of Property and Equipment. The Company estimates the useful lives of property and equipment based on the period over which the assets are expected to be available for use. The estimated useful lives of property and equipment are reviewed periodically and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limits on the use of the assets. In addition, estimation of the useful lives of property and equipment is based on collective ‘assessment of industry practice, internal technical evaluation and experience with similar assets. It is possible, however, that future financial performance could be materially affected by changes in estimates brought about by changes in factors mentioned above. The amounts and timing of recorded expenses for any period would be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of property and equipment and investment property would increase the recorded costs and expenses and decrease noncurrent assets. ‘There were no changes in the estimated useful lives of property and equipment as at December 31, 2018 and 2017. ‘The carrying value of depreciable property and equipment amounted to #188.4 million and 188.6 million at December 31, 2018 and 2017, respectively (Note 9). Assessing Impairment of Non-financial Assets. PFRS requires that an impairment review be performed on property and equipment and investment in subsidiaries when events or changes in circumstances indicate that the carrying amount may not be recoverable. Determining the recoverable amounts of these assets requires the estimation of cash flows expected to be generated from the continued use and ultimate disposition of such assets. While it is believed that the assumptions used in the estimation of fair values reflected in the financial statements are appropriate and reasonable, significant changes in these assumptions may materially affect the assessment of recoverable amounts and any resulting impairment loss could have @ material adverse impact on the financial performance. Accumulated impairment loss on investments in subsidiaries amounted to 90.0 million and 250.0 million as at December 31, 2018 and 2017, respectively. The carrying amount of investments in. subsidiaries amounted to 550.6 million and P390.6 million as at December 31, 2018 and 2017, respectively (Note 8), ‘Accumulated impairment loss on property and equipment amounted to P1.9 million and nil as at December 31, 2018 and 2017, respectively. The carrying amount of property and equipment amounted to R188.4 million and P188.6 million as at December 31, 2018 and 2017, respectively (Note 9). 18Assessing Realizobility of Deferred Tax Assets. The Company reviews its deferred tax assets at ‘each reporting date and reduces the carrying amount to the extent that it is no tonger probable that sufficient taxable profit will be available to allow all or part of the deferred tax assets to be utilized. The Company's assessment on the recognition of deferred tax assets on deductible temporary differences and carryforward benefits of MCIT and NOLCO is based on the projected taxable income in the following periods. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be recovered. ‘The deferred tax assets amounted to P4.5 million and 226.7 miltion as at December 31, 2018 and 2017 (Note 19). Determining Retirement Liability. The determination of the obligation and cost of retirement benefits is dependent on the assumptions determined by management and used by the actuary in calculating such amounts. These assumptions are described in Note 18 to financial statements and include, among others, discount rate and salary increase rate, Actual results that differ from the Company's assumptions are accumulated and recognized in other comprehensive income, therefore, generally affect the recognized expense and recorded obligation in such future years. ‘The net retirement asset amounted to 23.5 million and P12.2 million as at December 31, 2018 and 2017 (Note 18). 4, Cash and Cash Equivalents is account consists of: 2018 2017 Cash on hand 168,582 189,836 Cash in banks 17,441,146 46,787,467 Cash equivalents, 20,000,000 : 37,609,728 ___P46,977,303 Cash in banks earn interest at bank deposit rates. Interest income from cash in banks amounted to PO.5 million and P0.2 million in 2018 and 2017, respectively. 5, Trade and Other Receivables This account consists of: Note 2018 2017, ‘Trade receivables 20 R401, 173,236 474,901,586 Advances to officers and employees 8,913,126 774,208 ‘Advances to suppliers 2,282,394 39,528,565 Others 851,346 771,124 ‘413,220,102 515,975,483 Less allowance for expected credit losses (10,486,799) (5,743,490) 402,733,303 510,231,993 ‘Trade receivables with related parties and third parties are unsecured, non-interest bearing and has normal credit terms of 30 to 60 days. ‘Advances to suppliers includes down payments in importation and contractors, This will be applied against subsequent billings. ‘Advances to officers and employees consist of emergency loan, communication advances, and ‘advances on importation which are collectible within one year. 9‘As at December 31, 2018 and 2017, the aging of receivables is as follows: 2018 2017 Taine Tare Owed by wee oy Related ‘otner Relates other Parties Receivables ovat Purles Receivables Tout orem 4,159,384 4,260,747 — P05 400,451 PYVT 2,762 P1ea.4,800 — PIBT 3208 Part ve "to days 15472596 412,083 15,886,669, + mann — amr Btoseme —14/843/590 65426 15,013,018, 2 Sustise aast 136 Gitosdemys 14,895,629 es7.801 111854220 29,281,554 = astese ‘over 90 2a7s.0e2 270,124,138 _ 272,999,220 4,853,454 1 esse Bi 048 201 0272, 124,955 P40, 173,236 _—_FT69,26, 080 IES SSB 77H 901 586 Majority of the receivables pertain to related party accounts that were not impaired, and are collectible based on historical payment behavior and analyses of the underlying counterparty credit ratings. There are no significant changes in the credit quality of the counterparties. Movements of allowance for impairment loss on trade and other receivables follows: Note 2018 2017 Beginning balance 5,743,490 #7, 596,559 Impairment 16 6,493,627 4,501,832 Reversal 16 (4,454,200) (354,901) Ending balance 17,082,977 75,743,490 Inventories Raw materials inventories amounted to P30.0 million and P71.8 million as at December 31, 2018 and 2017, respectively. ‘The cost of inventories used amounted to 227.1 million and P395.2 million in 2018 and 2017, respectively (Note 15). ‘There were neither restrictions on title, contractual commitments nor inventories pledged as security for liabilities as at December 31, 2018 and December 31, 2017. Other Current Assets ‘This account consists of: 2018 2017 Tools and spare parts 22,961,546 22,447,965 laput VAT 5,310,514 5,913,463, Prepaid expenses 166,674 304,282 26,458,734 P28,659,710 Tools and spareparts consist of electrical, mechanical and tools and calibrating equipment for the printing machines which are used for the maintenance of the machines. Prepaid expenses consist of prepaid insurance, business permits and janitorial supplies. 20@, Investment in Subsidiaries This account consists of: wot Ownership 2018 2017 Cost? Lexmedta Digital Corporation (LDC) 100.00% 500,000,000 —_P500,000,000 Print Town, Inc. (PT!) 95.81% 140,600,000 __ 140,600,000 40,600,000 640,600,000. Allowance for Impairment: Beginning balance (250,000,000) (250,000,000) Reversal 160,000,000 - Ending balance (90,000,000) (250,000,000) 550,600,000 390,600,000 LDC and PTI are incorporated in the Philippines and are engaged in printing and publishing business. During the year, the management of the Company assessed that the allowance for impairment in its investment in LDC has decreased. Accordingly, the allowance for impairment was reduced to the extent of the Company's share in net assets of LDC. Reversal of allowance for impairment loss amounted to 160.0 million in 2018. On April 20, 2018, the Board of Directors (BOD) and stockholders of LDC and PT! approved the merger of LDC, PTI and Newspaper Paraphernalia, Inc. (NPI), a related party, with and unto Alliance Media Printing, Inc, (AMPI), a related entity, effective January 1, 2019, The merger was made as it will result in the efficiency of operations and will make possible the more productive use of the sales network of the parties. Under the terms of the merger, AMPI will issue 69,048,734 shares of stock with par value of P10 per share to the respective stockholders of the LDC, NPI and PTI in exchange for the net assets acquired. ‘As at March 25, 2019, the parties are in the process of filing the required documentation with the SEC. a9. Property and Equipment ‘Composition and movement of this account follow: sndngs and andfertore Yanmporation Computer Lane moveeants “Indfiaues“ecugnent” _ Softare yout Clary, 207 62401555 rionginane maaan ator maT 75,61.538 ‘Sition Sees S "Spr 7 Sesion Sowa H G30) Gane, eoxanbe 207 — SETS “igi — ITE banana nisenene adios ‘mest 3871 "79 982 Degeal Seso6) H Hoaeame TPE — oO STM Ss sre pecuates anoriacon acinrary 207 anna Tamas Mero eT soenins Brpecten ans Snowmen rsa. 206107 ass op iSss.90 ‘a azsin bean 7 70TF TTS TEST —— 66 ETO aa. Seen and sree toes. non___asnsm2 : rego Eaeabsr TO meee Saat SpE ETE eer ‘Accurmlted ‘parent gamer forte rc sns.6 7

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