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THE WHITE SANDS OF BALESIN

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About Us

Alphaland Corporation, a Philippine property development company, is managed by the RVO Capital Ventures Group. Alphaland’s corporate philosophy states: We are unique in that we are very selective in the property development projects that we undertake. We focus only on high-end and top-of-the-line projects. We do not intend to be, and will never be, all things to all people.

ALPHALAND - UNIQUE!

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Table of Contents

TABLE OF CONTENTS 4 Alphaland Corporation Financial Highlights 7 Chairman’s Letter 12 Alphaland Baguio Mountain Lodges 22 Alphaland Balesin Island Club 32 Alphaland Makati Place 36 Alphaland Corporate Tower 38 The City Club 44 The Residences at Alphaland Makati Place 48 Alphaland Southgate 52 Aegle Wellness Center 56 Aegle Aesthetics 58 Balesin Gateway 62 Alphaland Aviation 64 Clark Hangar and Lounge 66 Corporate Social Responsibility 70 Board of Directors 71 Consolidated Financial Statements 72 Statement of Management’s Responsibility 73 Auditor’s Report 76 Consolidated Statements of Financial Position 78 Consolidated Statements of Comprehensive Income 80 Consolidated Statements of Changes in Equity 81 Consolidated Statements of Cash Flows 83 Notes to Consolidated Financial Statements

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ALPHALAND CORPORATION FINANCIAL HIGHLIGHTS

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OFFICE OF THE CHAIRMAN

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ANNA BETTINA ONGPIN

ROBERTO V. ONGPIN

MICHAEL A.P.M. ASPERIN

VICE CHAIRMAN & PRESIDENT

CHAIRMAN AND CEO

COO & BALESIN ISLAND CLUB CEO


CHAIRMAN’S LETTER Januar y 29, 2018 Dear Members and Shareholders, Alphaland continued its steady growth and profitability during the year 2017. From a 2016 net income of Php7.1 billion, the company’s audited financial statements for 2017 showed an increase of 15.4% to Php8.2 billion. The company’s net worth increased by 15.3% from Php52.4 billion in 2016 to Php60.4 billion in 2017. On a pershare basis, the company’s earnings were Php6.43 in 2017 as compared to Php5.56 in 2016, a net increase of 15.7%, and the net book value per share was Php47.54 at the end of 2017 as compared to Php41.14 in 2016, or an increase of 15.6%. The company’s balance sheet continues to be exceptionally strong with a debt/ equity ratio of 10.9% (Php6.6 billion in debt as against Php60.4 billion in equity). This is the exact opposite of most property companies, where the equity is typically much smaller than the debt component. Thus, the borrowing capacity of your company remains strong.

Early in 2017, BDO, the largest bank in the countr y, approved a Php5.5 billion loan for Alphaland (which was used principally to refinance existing debts), with a 7-year tenor (and a 1-year grace period). This refinancing exercise placed Alphaland in a comfortable financial position. This clear vote of confidence in Alphaland by BDO tells a ver y important stor y about Alphaland. This loan facility was further increased to Php6.7 billion in 4th quarter 2017. I am also pleased to inform you that the company’s various projects continue to make steady progress in 2017. Spearheaded by our latest and most popular project, Alphaland Baguio Mountain Lodges, we completed 21 lodges in Phase 1, which consists of 50 lodges. The balance of 29 will be completed before Easter this year. All 21 lodges were either sold or reser ved before the start of 2018, with a steady stream of interested buyers viewing the property. The ver y strong demand for the lodges has allowed us to increase prices by about 10% starting in Januar y 2018. 7


Our flagship project, Balesin Island Club, continued its profitable operations, despite the extremely difficult access to the island due to the congestion at NAIA. In order to address this problem, we now have regular flights out of Clark, where there are no flight restrictions. (NAIA has a “curfew� for private aircraft from noontime until 7:00 pm ever y day.) We have also acquired a second ATR72-500 aircraft, thus increasing our capacity (including our 3 other aircraft) to fly over 500 members and guests to and from the island daily. With the improved Alphaland facilities at Clark, a significant number of our members and guests who live in the northern part of Manila now prefer to travel to and from Balesin from Clark. In Balesin, we continue our steady stream of additional facilities for our members and their guests. We built 3 private villas, and have sold 2 of these. We intend to build more as the demand merits. These private villas are unique in that individuals or corporations can own them outright and the title of the land transferred to them. Thus, they can allow any number of their guests to come and use these private villas and the other facilities of Balesin Island Club, without being a member, or without being accompanied by a member.

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With regard to our Balesin International Gateway project at Patnanungan Island, which is just 23 nautical miles from Balesin itself, we continued our land acquisition program. We have now acquired over 700 hectares out of our target of 750 hectares, but we have decided not to commence this project until our land acquisition is 100% complete. With the completion of our Alphaland Makati Place project, we have decided to embark on two significant changes to the project, namely: (a) We have decided to convert the 3rd Tower, which was originally planned to be ser viced apartments, to an office Corporate Center, which is ver y much in demand in our part of Makati. After only two months on the market, we have now leased more than 60% of the project at premium rates; and (b) We have decided to convert the remaining units in Towers 1 and 2 into ser viced apartments. We are presently in discussions with a number of worldclass ser viced apartment operators. With these conversions into rental properties instead of properties for sale, we expect that our recurring income in Alphaland will reach Php2


billion for 2018. This is a most welcome development, since recurring income is always given a higher valuation by the market than “one-off” sales.

Finally, I wish to thank all our shareholders, our staff, our members in the various clubs, and our many customers and friends, for their confidence in Alphaland, and we commit to strive even harder in the future We continue with our efforts to explore to continue Alphaland’s prosperity. a possible listing in either Bangkok or Singapore. We should point out, however, that the listing prohibition on Alphaland will expire in about a year and a half from now (in 2019), Sincerely yours, and we might therefore still proceed with relisting on the Philippine Stock Exchange. In closing, we are ver y bullish ROBERTO V. ONGPIN on the Philippine economy as the Chairman financial reforms under the current administration take root and actually begin to bear fruit. In this favorable environment, which is actually well recognized in the international arena, we expect the economy to grow at record rates and this obviously will allow your company to prosper in this favorable environment.

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NICHOLAS BELASCO

MA. LOURDES A. TORRES

GENERAL MANAGER

VP - HUMAN RESOURCES

THE CITY CLUB

AND ADMINISTRATION

ENRICO SISON SVP - DESIGN

MARK BIDDLE

MA. AMELIA SANTIAGO

CRISTINA ZAPANTA

EXECUTIVE CHEF

SVP - INFORMATION TECHNOLOGY

SVP - FINANCE


MANAGEMENT COMMITTEE

JERIC POSIO VP - FINANCIAL

ENGR. EMMANUEL MARING

ATTY. JASON ALBA

PLANNING

SVP - PROPERTY MANAGEMENT

GENERAL COUNSEL

CHRISTENE C. YU

BENEDICT FRANCIS VALDECAÑAS, MD

ATTY. CLIBURN ANTHONY A. ORBE

SVP - MARKETING & LEASING

MEDICAL DIRECTOR

OF COUNSEL

AEGLE WELLNESS CENTER

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ALPHALAND BAGUIO MOUNTAIN LODGES

BREATHTAKING VIEW FROM ALPHALAND BAGUIO MOUNTAIN LODGES PROJECT SITE

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ALPHALAND BAGUIO MOUNTAIN LODGES CLUBHOUSE INN

The Alphaland Baguio Mountain Lodges is a master-planned development of 300 lodge-style log homes, situated on an 82-hectare property. The development is just 9 kilometers north of Baguio City on Ambuklao Road, which is now fully paved and is only a 15-minute drive from Baguio City proper. The development will also offer three helipads.

The site enjoys lush Benguet pine forest and totally pollution-free mountain air. There are 5 designs and floor plans to choose from, and the homes will be sited to maximize the views of the surrounding pine-forested mountains. The homes will range in size from 4 to 6 bedrooms, and will be sold fully furnished. Each home will be constructed from western

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cedar or pine logs imported from Scandinavia. The entire property will be secured by an 8-foot concrete perimeter fence, with 12 security outposts. The master plan was completed by EcoPlan of Florida in the U.S., the same master planner for Balesin Island. The lodges will be sold


Alphaland Baguio Mountain Lodges individually as horizontal condominiums, where the land will be proportionately owned by all 300 homeowners. This will allow for the optimization of the locations and views of all of the home sites. Each cluster of 5 to 8 homes will have its own water cistern that collects rainwater from the roof of each building, and each home will have its own backup source of power. Landscaping will be provided and maintained by Alphaland, to the usual superior Alphaland standard. On the main Ambuklao Road part of the property, we will construct a commercial center consisting of 8 pine log units, which we will provide rent-free to the best restaurants and popular shops in Baguio, as well as a laundromat for the convenience of our homeowners. After extensive site preparation and infrastructure works, including widening, grading, and paving of the 2-kilometer, 6-meter wide principal road, the 5 model homes and the Clubhouse Inn, as well as a further 16 homes, were completed by the end of 2017. These will be followed by the next 100 homes in 2018, and the final 150 homes in 2019.

VIEW FROM CLUBHOUSE INN OUTDOOR DINING AREA

RIPRAP STONEWORK

CLUBHOUSE INN INDOOR DINING AREA

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VIEW FROM CLUBHOUSE INN

CLUBHOUSE INN SCENIC ELEVATOR

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MODEL E DECK

VIEW FROM MODEL E DECK

CLUBHOUSE INN OUTDOOR DINING AREA

MOUNTAIN VIEW FROM CLUBHOUSE INN LOWER GROUND GUEST ROOM

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INITIAL CLUSTERS OF LODGES

MODEL E MASTER’S BEDROOM

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MODEL D

MODEL B LIVING ROOM

MODEL B KITCHEN & DINING AREA

MODEL B SAUNA IN MASTER’S BEDROOM

MODEL E DEN

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TOP VIEW OF THE CHAPEL

FRONT VIEW OF THE CHAPEL

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INSIDE VIEW OF THE CHAPEL


NURSERY FOR 50,000 PINE TREES

FLOWER NURSERY

ALPHALAND SLEEPER COACH

HELIPAD

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ALPHALAND BALESIN ISLAND CLUB

MAP OF BALESIN ISLAND CLUB

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THE POOL AREA AT PHUKET VILLAGE

With more than seven kilometers of white-sand beach, Balesin Island sits in the Pacific Ocean, 29 nautical miles off the eastern coast of Luzon, and just 20 minutes by plane from Manila.

Balesin is an exclusive, world-class island resort off the east coast of the Philippines, for members only. It is the flagship project of Alphaland Corporation. Balesin Island sits in the Pacific Ocean, 29 nautical miles off the eastern coast of Luzon. It is 20 minutes’ flight time from Manila or 30 minutes from Clark, on Alphaland’s private fleet of airplanes, which are boarded at Alphaland’s private terminals at both airports. Balesin Island is about 500 hectares in size, of which less than 45 hectares (about 9%) will ever be developed. The majority of the island is undisturbed, original tropical rainforest. The island is ringed by more than seven kilometers of white-sand beach.

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The resort redefines the Asian luxury beach experience, which is characterized by excellent service, and provides a comprehensive array of facilities, for an endlessly varied and evolving lifetime experience for its members. The accommodations consist of 7 villages, each inspired by world-renowned destinations: Balesin, Bali, Costa del Sol, Mykonos, Phuket, St. Tropez, and Toscana. Each village is a distinct experience, and effectively a resort in itself. Each is designed and executed authentically, from architecture and interiors to landscaping and cuisine. The emphasis of


Balesin Island Club the design is on privacy and exclusivity. Many of the accommodations are standalone villas, while the suites are also very private. The Balesin Royal Villa is a majestic structure that is an ideal venue for large family and social gatherings, weddings, and corporate retreats. The Royal Villa’s upper floor offers 4 spacious Maharlika suites, accessible via private elevator, with their own private decks and jacuzzis. On the ground floor are 10 villatype suites with private entrances, as well as a luxuriously appointed Salon opening out onto a sweeping deck with two pools overlooking the sea. The Balesin Private Villa is the Club’s newest amenity, offering casual luxury in an 8-bedroom private home for extended families or corporations. Situated on a 6,000 square meter pristine beachfront lot with a view of the sunset, the Private Villa features a stunning infinity pool with adjoining jetted whirlpool, fully equipped kitchen, billiard room and lounge with bar, karaoke room, cozy library, office, and an expansive, skylit living and dining area with indoor greenscape centerpiece. Each bedroom suite has an unobstructed view of the pool and

GUESTS CAN GO ON HORSEBACK BY THE BEACH

THE BALESIN SPA

AERIAL VIEW OF THE BALESIN ROYAL VILLA

VIEW FROM THE BALESIN PRIVATE VILLA INFINITY POOL

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beach, and includes an en suite bathroom and private outdoor shower. The Private Villa will be maintained and serviced by the Club. In addition to the villages, there are extensive central facilities, including a main clubhouse larger than most country clubs, a Sports Center, an Aquatic Sports Center, the Aegle Wellness Center, numerous restaurants, and many others. Balesin is also home to the M/Y “Obsessions� super yacht for the use of its members and guests. The 38.5-meter aluminium-hulled vessel was built by the world-renowned Heesen Yachts in Holland and is the pride of their fleet. The yacht has four beautifully decorated staterooms, all with en suite bathrooms, and is often chartered for full-day trips to the surrounding Polillo Island group, as well as for sunset cruises around the island, dinners, and photo shoots.

BALESIN SPORTS BAR

Balesin Island Club offers a number of complimentary villa nights a year depending on the type of membership. Members and their guests can choose to use these complimentary nights at any of the villages or at the clubhouse suites, which are designed for larger families. BALI VILLA

M/Y OBSESSIONS

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Balesin Island Club

BALESIN PRIVATE VILLA

INTERIOR OF THANASSIS TAVERNA IN MYKONOS

COSTA DEL SOL CASA GRANDE

BALESIN SALA

ST. TROPEZ

THE BALESIN ROYAL VILLA

PHUKET SALATHIP

TOSCANA VILLAGE

NUSA DUA BAR

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RUNWAY LIGHTS

Balesin’s E.L. Tordesillas Airport, named after the founder of the original resort, has a 1.5 kilometerlong concrete runway, built to international aviation standards, that can accommodate regional aircraft and private jets. The club recently invested in runway lights with Area Navigation (RNAV) approach capability, so it can now operate as a 24-hour aerodrome. The club operates its own fleet of aircraft to bring guests to and from the island, and has operated a capacity of 1,000+ seats a day during peak periods. A key aspect of the flight experience are our own private terminals at the Ninoy Aquino International Airport (NAIA) and at Clark International Airport, which are much more convenient—and luxurious—than the crowded public Domestic Terminals. Alphaland utilized revolutionary technologies and concepts in developing Balesin Island Club. In any island development, the main challenge is water supply. The concrete runway serves as a rainwater catchment, collecting over 200 million liters per year into manmade lakes. The harvested water is processed into potable water via ultrafiltration, and is then distributed around the island. Used water is processed aerobically and anaerobically in modular sewage treatment plants, producing Class A greywater. This reclaimed greywater is used for the island’s lush landscaping during the summer months. Balesin, is thus, uniquely among island resorts, self-sufficient in water.

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BALESIN CRAB CAUGHT AT BALESIN SEAFOOD FARM

FAMILY PICNIC GROVE


Balesin Island Club The island also produces a lot of its own food, which is made possible by the abundant water. The original fishing community that continues to live on the island supplies the fish served in its restaurants, and also staffs the aquaculture facilities, which include fish and shellfish farms. The banana plantations on the island produce a surplus, which is sent to the mainland and marketed there. In addition, 40,000 coconut trees on the island, with more planted every year, provide an ample supply of coconuts. Compact, high-technology organic vegetable farms established near the airport yield much of the produce needed by the island’s restaurants, although some items (like rice and meats) will always be brought in from the mainland, as we would rather not clear forest to accommodate these.

THE AVIARY

Location and ambiance are keys to Balesin Island’s overall vision. In this regard, the resort’s architectural design remains in harmony with its natural surroundings. This was achieved by partnering with one of the world’s pre-eminent hospitality master planners, EcoPlan, of Florida, USA. EcoPlan has ensured that each structure never overwhelms its environment in any way. SPORTS and RECREATION Outdoor Activities • Archery - Archery Range near the Sports Center • Basketball - Outdoor Basketball Court at the Sports Center • Bicycling - Bicycles are available for use at the Main Clubhouse • Bird Watching - The Aviary • Boating - Speedboats and sailboats may be rented at the Aquatic Sports Center; the M/Y Obsessions super yacht may be chartered for outings, dinners, and photo shoots • Fishing - Deep sea, on board the M/Y Obsessions or on one of our fleet of speedboats, or gallery fishing at Fish Fun or Family Picnic Grove • Gardening - Balesin has an Organic Vegetable Garden, where guests may harvest their own salads • Hiking - 8 kms of nature trails through forest and banana fields

HOBIE CAT SAILING IN BALESIN’S CLEAR BLUE WATERS

PIER FROM BALESIN FISH FUN

• Horseback Riding - Island Trail Ride, Bullring (equestrian), at the Stables • Kayaking - Aquatic Sports Center 29


BADMINTON COURTS

THE INDOOR CLIMBING WALL AT THE SPORTS CENTER

• Knockerball - Sports Center and soccer pitch • Mountain Biking - The highest point of Balesin is just 10m above sea level, but we do have mountain bikes available for rent • Paddle Boarding, Standup - Aquatic Sports Center • Paintball/War Games - Sports Center • Picnicking - Family Picnic Grove, which also offers fishing • Sailing, Hobie Bravo - Aquatic Sports Center • Sailing, Paraw (native boat) - Aquatic Sports Center • Scuba Diving - Aquatic Sports Center • Segway - Sports Center • Snorkeling - Aquatic Sports Center • Soccer – Soccer pitch, near the Sports Center • Sunbathing - The main beach and all pool areas are provided with sun loungers. • Surfing - Available at certain seasons, off various beaches. Our Aquatic Sports Center staff will show you the different breaks.

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• Swimming - Beach swimming with lifeguards is available at specified schedules. The Clubhouse has a lagoon pool, three outdoor whirlpools, and a kiddie pool; each village has one or more pools while Mykonos Cove Deck has five outdoor whirlpools, and Poseidon has an indoor/ outdoor infinity pool; the Balesin Spa has a private pool • Tennis - Outdoor Tennis Court, Sports Center • Volleyball (beach) - Balesin Sala Beach Area • Wakeboarding - Aquatic Sports Center • Waterskiing - Aquatic Sports Center • Windsurfing (sailboarding)- Aquatic Sports Center Indoor Activities • Airsoft Target Shooting Range - Sports Center • Badminton - Indoor Courts, Sports Center • Basketball - Indoor Basketball Court, Sports Center • Billiards - Game Room, Main Clubhouse • Boxing, with trainer - Sports Center • Children’s Indoor Playroom - Main Clubhouse • Dancing - Ballroom, Latin, and other styles at various events throughout the island • Gym - Sports Center • Karaoke - Babes’, Mike’s and Rannie’s KTV Rooms, Main Clubhouse • Mahjong - Mahjong Rooms, Main Clubhouse • Mixed Martial Arts, with trainer - Sports Center • Poker and other card games - Poker Rooms, Main Clubhouse • Reading - E.L. Tordesillas Library, Main Clubhouse • Rock Climbing Wall - Sports Center • Smoking - Tabacalera Cigar Divan, Main Clubhouse • Table Tennis (Ping Pong) - Game Room, Main Clubhouse • Tennis - Indoor Tennis Court, Sports Center • Wii© - Wii© Room, Main Clubhouse DINING • Dining - Breakfast buffet, Main Clubhouse Lounge • Dining - Filipino, Main Clubhouse Lounge, Balesin Dining Room, Verandah, Balesin Sala • Dining - Fish “catch-it-yourself” at Fish Fun and Family Picnic Grove


Balesin Island Club • Dining - French, at St. Tropez Village • Dining - Greek at Thanassis Taverna and Cove Deck, Mykonos Village, and Poseidon, Mykonos Beach Villas • Dining - Indonesian at Bali Warung and Nusa Dua Bar • Dining - Italian at Toscana Village • Dining - Korean at Han Gang, Main Clubhouse • Dining - Japanese at Sakura, Main Clubhouse • Dining - Spa cuisine at Ambrosia, Aegle Wellness Center • Dining - Spanish at the Restaurante Español and Tapas Bar, Costa del Sol Village • Dining - Thai at Salathip, Phuket Village • Dining - Mongolian BBQ and mixed grill for lunch and cocktails for sunset at Rico’s Hideaway • Dining - Seafood at Balesin Seafood Shack and Fish Fun • Dining, Private - Michelle’s and Anna’s at Main Clubhouse, Private Dining Rooms at Bali, Phuket, St. Tropez, Costa del Sol Village, Toscana, and Mykonos Village • Cocktails - The Main Clubhouse has three (3) bars, the Pool bars serve the swimming pools and the beach, and the sala of each village has a bar with general cocktails and drinks and wines unique to its theme. The open-air Nusa Dua bar at Bali village sits on stilts on the water. SPA & WELLNESS • Massage (various types) - Balesin Spa and Aegle Wellness Center • Sauna and Steam Bath - Balesin Spa • Aegle Wellness Center, Mykonos Beach Villas • Thalassotherapy, Aegle Wellness Center • Spa cuisine, Ambrosia at Aegle Wellness Center AMENITIES • Concerts and Performances - Clubhouse Performance Theater, Main Clubhouse • Haircuts and grooming - Salon & Barber Shop, Main Clubhouse • Locker Rooms (Men’s and Women’s) - Main Clubhouse and Sports Center • Meeting and Conference facilities - Function Rooms, Main Clubhouse; The Balesin Royal Villa

• Shopping - Sundries and souvenirs at Balesin Souvenir Shop, Main Clubhouse and E.L. Tordesillas airport • Worship - The Balesin Chapel offers regular Catholic masses on Sundays, and other days of Catholic observance. It is open all day for private prayer, and available for weddings and other occasions. TRANSPORTATION • Golf cart rides - All over the island • Jeepney rides - All over the island • Bicycling - Bicycles are available for use at the Main Clubhouse

SEGWAYS

PRIVATE MASSAGE BY THE BEACH

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ALPHALAND MAKATI PLACE

THE BEDROOM OF A TYPICAL UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

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Continued economic growth brings about the expansion of Makati’s Central Business District. Alphaland Makati Place, located on a premium one-hectare property along Ayala Avenue Extension, near office buildings, schools, shopping centers, hospitals, and community areas, leads the charge.

Alphaland Makati Place is a uniquely intelligent, state-of-the-art residential and leisure complex that offers an integrated lifestyle solution in one dynamic complex. Ever y detail is planned for efficiency, sustainability, and enjoyment. It consists of 1 corporate and 2 residential towers on a six-storey podium. The first three floors of the podium contain an upscale public shopping center, high-end supermarket, world-class restaurants, and ser vice hubs. The upper three floors of the podium house The City Club, an exclusive urban sport and leisure membership club and business haven. The City Club also houses Aegle Wellness Center, a center for longevity and holistic health. Atop the six-storey podium are the 494 units that compose The Residences at Alphaland Makati Place and the 34-stor y Alphaland Corporate Tower.

EXTERIOR OF ALPHALAND MAKATI PLACE

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Alphaland Makati Place is the only complex in the Central Business District to present such a comprehensive living solution. It is designed by the wellestablished group of architectural and


Alphaland Makati Place

FULLY FITTED KITCHEN AND DINING AREA AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

engineering practice, Wong & Ouyang, and the leading architectural firm in the countr y, Casas + Architects. This complete community is designed to cut down on commuting to enable residents to save time and energy, and minimize traffic, all in secure, private surroundings. Alphaland Makati Place is designed from the ground up with state-of-the-art building management, automation, and security, as well as energy-efficient mechanical, electrical, and sanitar y systems. The complex

UPMARKET AT ALPHALAND MAKATI PLACE

consumes far less water and energy than comparable buildings, minimizing carbon emissions and unnecessar y costs, while still achieving a high level of comfort. Moreover, the basement has five levels of parking, which provide approximately 1,000 parking spaces (the most of any building in Makati) to reduce the urban “heat island effect�. The project is registered under the United States Green Building Council (USGBC) rating system, which administers the Leadership in Energy and Environmental Design (LEED).

ZOO COFFEE

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ALPHALAND CORPORATE TOWER

The Alphaland Corporate Tower is a 34-story, Grade AAA office building located in the heart of Makati’s Central Business District on prestigious Ayala Avenue. Part of the Alphaland Makati Place complex, it offers total leasable space of 26,582 sqm, an expansive and attractive 360° view from each floor, and a total of 27 floors, each with a floor plate of 950 sqm. There will be only one tenant company per floor, and each tenant will be entitled to 10 City Club shares (worth Php 1.5 million each for a total of Php 15 million) at no cost. The tower offers 4 high-speed elevators with direct access to The City Club, an allgranite and marble entrance lobby, 100% backup genset, and an exclusive Sky Lounge on the topmost floor. With fit-out substantially completed by the end of 2017, occupancy will begin in early 2018.

ALPHALAND CORPORATE TOWER LOBBY

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ALPHALAND CORPORATE TOWER

DESIGN INSPIRATIONS FOR THE SKY LOUNGE

ALPHALAND CORPORATE TOWER

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THE CITY CLUB AT ALPHALAND MAKATI PLACE

THE CITY CLUB ATRIUM

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THE CLUB LOUNGE

All rolled into one, like no other! The City Club is a three-hectare lifestyle hub for leisure, entertainment and business options in the heart of Makati’s Central Business District. No other club offers all these options in one place.

The City Club is an integral component of Alphaland Makati Place. All tenants of Alphaland Corporate Tower and unit owners at The Residences at Alphaland Makati Place are automatically members of The City Club, while non-residents may also purchase memberships. Located along Ayala Avenue, it occupies the top three floors of the sixstorey podium of Alphaland Makati Place, with an area of 30,000 square meters. It 40

is located within walking distance of many major corporations, residential buildings, and commercial establishments in the Central Business District. This provides convenience from work, home, and everywhere in between. The City Club houses 9 specialty restaurants where you can choose from a variety of international cuisines. Among them are A Taste of France (French), Balesin Islander (Filipino),


The City Club at Alphaland Makati Place

CLUB LOUNGE

MYKONOS RESTAURANT AT THE CITY CLUB

BOARD ROOM

SPECIALTY OF MYKONOS

Costa del Sol (Spanish), Hai Shin Lou (Chinese), Mark’s Prime Rib (Steak House), Sakura (Japanese), Mykonos (Greek), Salathip (Thai) and Toscana Ristorante Italiano (Italian). These are complemented by the Tabacalera Cigar Divan, where members can enjoy the finest cigars and single-malt whiskies, and TWG Tea Lounge, serving the finest luxury tea brand in the world. Doing business outside the office is never a problem at The City Club. The Club’s Business Center includes meeting and conference rooms that provide an ideal working environment. The Club offers wi-fi and a state-of-the-art fiber optic network to ensure that members stay connected anywhere around the club’s premises. Function rooms are also available for events, from corporate functions to weddings and banquets.

CONFERENCE ROOM

BANQUET HALL

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GYM

MOVIE THEATER/AUDITORIUM

LIBRARY

PILATES STUDIO

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No club is complete without a pool, and The City Club has its lagoon-style swimming pool with additional areas for laps. Children also get to enjoy The City Club’s child-friendly facilities, which include a kids’ swimming pool, indoor playground and activity area. Other facilities such as game rooms, KTV rooms, a screening room, and a Wii room provide recreational activities that the entire family can enjoy. In addition, The City Club has an extensive array of amenities dedicated to your health and wellness needs. Apart from its swimming pools, Aegle Wellness Center & Spa, and a fully equipped gym, sports enthusiasts will enjoy the indoor courts for basketball, tennis, badminton, and squash, and the high-definition virtual golf simulator, which is exclusive to The City Club and is the only one of its kind in the Philippines. For those who want to revitalize their minds and bodies, studios for Pilates, aerobics and yoga can also be found in the Club. There is also a boxing ring and martial arts studio for those who enjoy more strenuous activities.


The City Club at Alphaland Makati Place CLUB AMENITIES

• • • • • • • • • • • • • • • • • • • • • • • • • • •

Indoor Tennis Court Indoor Basketball Court Badminton Courts Boxing Ring Squash Court Gym Billiard Tables Table Tennis Room Aerobics & Yoga Studio Martial Arts Studio Pilates Studio Dance Studios Aegle Wellness Center & Spa Swimming Pool Pool Sunbathing Deck High-Definition Virtual Golf Simulator Health Bar Meeting and Conference Rooms Movie Theater/Auditorium Librar y Business Center Banquet Hall Private Function Rooms Chinese Function Rooms Private Dining Rooms The Boardroom Large Function Rooms

HAI SHIN LOU

• • • • • • • • • • • • • • • • • • •

Tabacalera Cigar Divan Outdoor Activity Area Banquets and Events Wii© Room Game Room Club Lounge Barber Shop KTV Rooms Screening Room Poolside Restaurant & Al Fresco Bar Restaurants: — Sakura — Salathip Thai Restaurant — Hai Shin Lou — A Taste of France — Costa del Sol — Toscana Ristorante Italiano — Mark’s Prime Rib — Balesin Islander — Mykonos The TWG Tea Lounge Canadian American School Children’s Indoor Play Area Pro Shop Outdoor Playground Children’s Pool Snack Bar Barbecue Area

SALATHIP THAI RESTAURANT

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THE RESIDENCES AT ALPHALAND MAKATI PLACE

TYPICAL UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

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THE RESIDENCES AT ALPHALAND MAKATI PLACE RECEPTION

Dubbed “the home of the future”, The Residences at Alphaland Makati Place incorporates the limitless possibilities of futurereceptive technology into residents’ daily lives through the incorporation of fiber optic infrastructure.

The Residences at Alphaland Makati Place, a meticulously designed complex that ensures a natural fusion of aesthetics and efficiency, offers fully fitted and fully furnished, stateof-the-art Ayala Avenue apartments. The strategic location of the complex makes it a perfect home for dynamic executives, young families, and upwardly mobile singles. 46

The residential towers offer several different unit types: 1-bedroom, 2-bedroom, premium 2-bedroom, and 3-bedroom suites. Each unit is delivered in ready-to-move-in condition. Units offer open-plan kitchen, living, and dining areas, and maximized space through cleverly concealed built-in storage areas in hallways and under windows to allow freedom of movement around the unit. All units come with premium bathroom fixtures and top-of-the-line appliances. All furniture, fixtures, and major appliances are included in the unit price, and are installed and tested. Each unit has a dishwasher, air conditioners, beds, sofas, an intelligent lighting system, bathroom and kitchen fixtures, refrigerator/ freezer, laundry washer and dryer, televisions, minibar, and a safe. Premium units come with a wine chiller. Extensive storage is provided, with each unit containing ample shelves, closets and


The Residences at Alphaland Makati Place bins. Fixtures for the units were handpicked from leading global brands, such as Philippe Starck and Kuysen. Moreover, units are fully automated at no extra cost to the buyer. With the use of a provided tablet or any Internet-enabled device, unit owners are given complete control of the home. The interface allows access and control of the lighting, blinds, and other utilities in the home even if they are away. Lights turn on and off with motion-sensor technology, the flat screen TV can be hidden in a built-in recess and the temperature of the air conditioner can be modified with a press of a button. Other applications on the tablet PC connect to the front desk, maintenance, security, and other services. The complex incorporates highspeed fiber-optic infrastructure, ensuring that it will be technologically advanced for years to come. As if that weren’t enough, each unit in The Residences at Alphaland Makati Place comes with a resident membership in The City Club, whose top-of-the-line facilities are dedicated to fulfilling the most demanding lifestyle needs.

DESK AREA INSIDE A UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

SERVICED RESIDENCES In 2017, Alphaland made the decision to convert its unsold inventory at The Residences at Alphaland Makati Place into serviced apartments, to be managed by a global serviced apartment operator. Negotiations with several leading operators began in late 2017 and conversion will be complete in 2018. The serviced residences concept will provide Alphaland with an estimated Php450 million of recurring income per year. TYPICAL MASTER BEDROOM OF A 3-BEDROOM UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE

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ALPHALAND SOUTHGATE TOWER AND MALL

ALPHALAND SOUTHGATE TOWER AND MALL LOCATED AT THE CORNER OF EDSA AND CHINO ROCES AVENUE

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ALPHALAND SOUTHGATE TOWER HAS BECOME A WELCOME ADDITION TO THE CITY SKYLINE

The Southgate Tower exemplifies the company’s vision of superior value transformation.

ALPHALAND SOUTHGATE TOWER Located at the intersection of EDSA and Chino Roces Avenue, Alphaland Southgate Tower has become an iconic establishment and functions as the gateway to Makati. Its distinctive LED display, set in the building’s blue glass facade, welcomes visitors to the metropolis’ Central Business District. 50

The project began as an unfinished high-rise building that remained idle for nearly 30 years. The Alphaland Corporation reinvented it as a modern glass office tower with a podium mall, transforming a former eyesore into one of the city’s most recognizable and vibrant landmarks.


Alphaland Southgate In 2010 Alphaland Southgate first opened its doors, with the initial batch of tenants composed of companies within the group, including Alphaland itself, PhilWeb Corporation, ISM Communications, and Atok-Big Wedge. Major BPO players such as Teleperformance, GHD Pty. Ltd., Genie Technologies, and Alorica Inc. soon followed. Later on, Anthem Solutions Inc., MRL Gold Phils., Jorge Yulo Architects, and Western Mindanao rounded out the rest of the building’s occupants.

THE EIGHTH ANNIVERSARY OF ALPHALAND SOUTHGATE

By the end of 2011, Alphaland Southgate Tower had reached full occupancy. ALPHALAND SOUTHGATE MALL Convenience is the main driver of the Alphaland Southgate Mall.

DEPARTMENT STORE

The Alphaland Southgate Mall is directly connected to the Southgate Tower. It offers about 18,340 sqm of floor area on three levels, with the third level providing commuters with direct access to the Magallanes MRT station. The building houses major bank branches like BDO and PBCOM, fast-food and casual dining establishments, food kiosks, a department store, computer shops, beauty and wellness shops, and fashion outlets. Mall events are regularly held during holidays on the ground floor and the third floor. Alphaland’s own property operations team addresses tenants’ needs and requests. Supported by a professional staff and a 24/7 concierge service, the group deals with any of their construction, engineering, housekeeping, parking, and security concerns that may arise.

COFFEE SHOP

The Alphaland Southgate Mall is open from 10AM to 9PM, Mondays to Sundays, including holidays. ALPHALAND SOUTHGATE MALL INTERIOR

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AEGLE WELLNESS CENTER

AEGLE WELLNESS CENTER AT BALESIN ISLAND CLUB

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AEGLE WELLNESS CENTER AT THE CITY CLUB

Aegle Wellness Center is a state-of-theart integrative health and wellness center purposely set in two complementary sites – a five-star city center facility and an exclusive island resort setting – to nurture and sustain our unique wellness programs.

AEGLE WELLNESS CENTER Named after the Greek goddess of radiant good health, Aegle illustrates the marriage of science and health—Aegle being the daughter of Aesculapius, the god of medicine, and Epione, the goddess of soothing of pain. Aegle is the sister of Panacea, the goddess of medicines, and Hygeia, goddess of health. 54

Aegle is devoted to the maintenance of health through lifestyle modification based on cutting-edge technology from the basic sciences such as cell physiology, molecular biology, and human genomics. Protocols are hinged on the four foundations of wellness: natural detoxification, weight management, ageing medicine, and holistic health.


Aegle Wellness Center Complementing the limitations of Western medicine with the preventive health values of traditional healing, Aegle provides multi-faceted programs to address health concerns ranging from treatment of lifestyle diseases, to enhancing function and athletic performance, to providing support to terminal illness prevention. Leading Aegle’s acclaimed medical team are Dr. Claude Chauchard, world-renowned Anti- Ageing and Preventive Medicine specialist and Dr. Ben Valdecañas, the country’s leading authority in the field of Sports and Regenerative Medicine. The city center facility of Aegle Wellness Center, which is located at The City Club, began operations in late 2015, while its second center, located adjacent to the Mykonos Beach Villas in Balesin Island Club, opened its doors in April 2016. The Aegle facility at Balesin offers Thalassotherapy as a centerpiece of its wellness programs.

►Gut Micro Biome Analysis ►Oxidative Stress ►Neurotransmitter Assay ►Amino Acid Assay ►Cardiac Vascular ►Chronic Fatigue Syndrome • Ancillary Assessment ►Plethysmography ►Live Blood Analysis Treatments • Hyperbaric Oxygen Therapy (HBOT) • Colon Hydrotherapy • Intravenous Detoxification • Intravenous Supplementation

SERVICES AND PROGRAMS Professional Assessment & Evaluation • Professional Age Management Consults • Exercise Instruction, Initiation, and Integration • Nutritional Consults, Management, and Support • Life Coaching • Mind-Body-Spirit Coaching • Thalassotherapy (Aegle Balesin only) • Laboratory Assessment Complete Blood Analysis and Serum Chemistry Body Composition Analysis (BCA) ► Metabolic Analysis Testing Food Sensitivity Testing Genomic Analysis Hormonal Assay ►Micronutrient Assay ►Cancer Markers ►Toxicology Scan

HYPERBARIC OXYGEN THERAPY

INTRAGEN TREATMENT

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AEGLE AESTHETICS

In 2017, we launched Aegle Aesthetics, which provides sustainable and holistic healthcare products for skin using only the most beneficial non-toxic ingredients. Aegle Aesthetics offers the most effective 100% natural skincare lines from around the globe. We are the exclusive distributor in the Philippines for all our international brands, including OdacitĂŠ and Goldfaden MD.

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AEGLE AESTHETICS

AEGLE AESTHETICS

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BALESIN GATEWAY

PATNANUNGAN ISLAND

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We intend to build a full international airport facility with a runway of 2,500 meters, which will accommodate even Boeing 747s, although we are targeting only the Airbus 320s that fly around the region.

n.m .

Alphaland has acquired more than 700 hectares on Patnanungan Island, which is only 22 nautical miles north of Balesin. Between Balesin and Patnanungan it takes only 10 minutes by helicopter, 5 minutes by our Cessnas, and half an hour by a fast ferry.

We have always envisioned making Balesin directly accessible to international flights. With the establishment of the Balesin Gateway International Airport, our international members and guests will be able to bypass the congestion of NAIA in Manila and fly directly to Balesin from

CLOSER LOOK AT PATNANUNGAN ISLAND

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DISTANCE FROM BALESIN TO PATNANUNGAN


Balesin Gateway International Airport

PATNANUNGAN BEACH

Because the island has fresh ground water, we also plan to build an 18-hole championship golf course and a 300-room hotel, as well as 500 beachfront and golf course homes. So that we do not end up with a mish-mash of design and are able to preserve the pristine character of the land, we will design and build each individual home. The homes can be directly owned by individuals and companies who would like to acquire their own beach houses. The entire project will take 3 to 4 years to complete. In 2017, we worked on the master Tokyo, Seoul, Taipei, Hong Kong, Bangkok, plan for the island as well as the necessary Singapore, and Jakarta, and even Sydney, all permits and regulatory approvals. cities that will be the target of our aggressive international marketing of Balesin Island Club in 2018. PATNANUNGAN SITE

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BRITISH AEROSPACE JETSTREAM 32

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CESSNA 208B GRAND CARAVAN


ATR 72-500 Aircraft

alphaland aviation Our Fleet of Aircraft

Alphaland Aviation’s fleet of aircraft includes two 68-seater ATR 72-500s, two 9-seater Cessna 208B Grand Caravans, and a 19-seater British Aerospace Jetstream 32, as well as a 5-passenger Eurocopter EC-130B4 helicopter.

ATR 72-500 AIRCRAFT

EUROCOPTER EC-130B4 HELICOPTER

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ARRIVAL LOUNGE

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DEPARTURE LOUNGE


Alphaland Clark Hangar and Lounge

In 2017, we completed construction of our own private hangar and lounge at Clark International Airport in Pampanga to improve our aviation ser vices for Balesin members who live in the northern part of Metro Manila and in Central Luzon. In addition to our usual ser vice from NAIA, we now schedule flights to and from Clark to avoid the air traffic and runway congestion at NAIA.

VIEW OF CLARK HANGAR

DISTANCE FROM MANILA TO CLARK

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CORPORATE SOCIAL RESPONSIBILITY

BALESIN COASTAL CLEAN-UP VOLUNTEERS

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BALESIN CEO MIKE ASPERIN AND VOLUNTEERS AT BALESIN’S COASTAL CLEAN-UP DAY

Corporate Social Responsibility

DRUG REHABILITATION FACILITY After conducting an in-depth study on drug rehabilitation centers and how other countries have addressed this need, Alphaland plans to allocate Php100 million to build a drug rehabilitation facility on a 2.1 hectare property that it owns in Atimonan, Quezon. Our intention is for this to be a “model” facility that can be used as a prototype for other centers to be established by the government and the private sector to support the fight against drugs in the country. 68

Located on the coast, Atimonan is only 25 nautical miles from Balesin Island and can be supported by our facilities at Balesin Island, particularly our Balesin Aegle Wellness Center, once we staff it with experts in medical toxicology and other specialists. Atimonan also has the advantage of being reachable by land from Manila (about 2-1/2 hours), and in fact was used as the staging area during construction of Balesin Island Club. We will begin construction on this project in 2018. COMMUNITY DEVELOPMENT PROGRAMS Balesin Island Club supports the island’s residents through various community development programs. One of the program’s main thrusts is the hiring of local residents to train with and eventually become part of the island’s workforce. The club employs its staff


Corporate Social Responsibility from a community of around 2,000 people. The children of these workers also become scholars of Balesin Island Club. Eventually, upon reaching high school, they may choose to take their “on-the-job training” (OJT) in the club, effectively becoming skilled workers in the luxury hospitality industry. BALESIN INTEGRATED SCHOOL Th e B a l e s i n In t e g r a t e d S cho o l is a n islandb a s e d sc h oo l t hat se r ve s t he ne e d s of the c h ild r e n o f B a l e sin I sl a nd ’s l o ca l r e s idents. Fo u n d e d i n 1 9 9 9, it is a d ir e ct b e nefic iar y o f A l p h a l a n d C o r po r at io n. The company regu l a r l y d o n a t e s ma t e r ial s and supplies d u rin g t h e C h rist ma s ho l ida y s and other s p eci a l o c c a s i ons. Aside fr o m sup por ting th e s c h oo l t h r o ug h char it a b l e do nations a n d f un d i n g t e a che r sal ar ie s, Al p haland a ls o g r a n t s scho l ar ships t o de s er v ing s tu d e n t s , m a n y o f w ho m co nt inue their f u r th e r e d uc a t i o n a t t o p unive r sit ie s on the ma in l a n d .

TRASH COLLECTED DURING BALESIN’S COASTAL CLEAN-UP DAY

ANNUAL OUTREACH PROGRAMS Every December, Alphaland Corporation shares its blessings with those less fortunate through a yearly outreach program. The beneficiaries of this annual event are the residents of the local Balesin island community. Members from various Alphaland departments are chosen to fly to the island for a day of fellowship and camaraderie. While on the island, they pack Christmas ham and fruit baskets, attend a thanksgiving mass, and share a simple yet meaningful meal in celebration of the true meaning of the season. The children of the local residents are also treated to a magic show, parlor games, and loot bags. ANNUAL COASTAL CLEAN-UP Alphaland Balesin Island Club participates in the annual International Coastal Cleanup, the world’s largest volunteer event on behalf of ocean health. This event is dedicated to improving beaches, coastal areas, and their surroundings.

VOLUNTEERS AT BALESIN’S COASTAL CLEAN-UP DAY

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BOARD OF DIRECTORS Roberto V. Ongpin Chairman & CEO Anna Bettina Ongpin Vice Chairman & President Michael A.P.M. Asperin COO & Balesin Island Club CEO Atty. Cliburn Anthony A. Orbe Director Atty. Mario A. Oreta Director Dennis O. Valdes Director Margarito B. Teves Independent Director Gregorio Ma. Araneta III Independent Director Sen. Edgardo J. Angara Independent Director Lorenzo V. Tan Advisor to the Board

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CONSOLIDATED FINANCIAL STATEMENTS

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StatemenT of Management's Responsibility

“STATEMENT OF MANAGEMENT’S RESPONSIBILITY FOR CONSOLIDATED FINANCIAL STATEMENTS”

The management of Alphaland Corporation and Subsidiaries (the Group) is responsible for the preparation and fair presentation of the financial statements including the schedules attached therein, for the years ended December 31, 2017, 2016 and 2015, in accordance with the prescribed financial reporting framework indicated therein, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The Board of Directors is responsible in overseeing the Group’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. Reyes Tacandong & Co., the independent auditor appointed by the stockholders, has audited the financial statements of the Group in accordance with Philippine Standards on Auditing, and in its report to the stockholders, has expressed its opinion on the fairness of presentation upon completion of such audit.

ROBERTO V. ONGPIN Chairman

ANNA BETTINA ONGPIN President and Vice Chairman

CRISTINA B. ZAPANTA Senior Vice President - Finance Signed this 19th day of January 2018

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AUDITOR’S REPORT BOA/PRC Accreditation No. 4782 December 29, 2015, valid until December 31, 2018 SEC Accreditation No. 0207-FR-2 (Group A) September 27, 2016, valid until September 27, 2019

   

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/EWEEdAUDITORS’ZWKZd    dŚĞ^ƚŽĐŬŚŽůĚĞƌƐĂŶĚƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶĂŶĚ^ƵďƐŝĚŝĂƌŝĞƐ   KƉŝŶŝŽŶ  tĞ ŚĂǀĞ ĂƵĚŝƚĞĚ ƚŚĞ ĂĐĐŽŵƉĂŶLJŝŶŐ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ^ƵďƐŝĚŝĂƌŝĞƐ ;ƚŚĞ 'ƌŽƵƉͿ͕ ǁŚŝĐŚ ĐŽŵƉƌŝƐĞ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ĂŶĚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͕ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĂŶĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐĂƐŚĨůŽǁƐĨŽƌĞĂĐŚŽĨƚŚĞƚŚƌĞĞLJĞĂƌƐ ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ĂŶĚŶŽƚĞƐƚŽƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝŶĐůƵĚŝŶŐĂƐƵŵŵĂƌLJ ŽĨƐŝŐŶŝĨŝĐĂŶƚĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ͘ /Ŷ ŽƵƌ ŽƉŝŶŝŽŶ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƉƌĞƐĞŶƚ ĨĂŝƌůLJ͕ ŝŶ Ăůů ŵĂƚĞƌŝĂů ƌĞƐƉĞĐƚƐ͕ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ĂŶĚ ŝƚƐ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞĂŶĚŝƚƐĐŽŶƐŽůŝĚĂƚĞĚĐĂƐŚĨůŽǁƐĨŽƌĞĂĐŚŽĨƚŚĞƚŚƌĞĞLJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ ϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWŚŝůŝƉƉŝŶĞ&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚƐ;W&Z^Ϳ͘  ĂƐŝƐĨŽƌKƉŝŶŝŽŶ tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƵĚŝƚƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWŚŝůŝƉƉŝŶĞ^ƚĂŶĚĂƌĚƐŽŶƵĚŝƚŝŶŐ;W^Ϳ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ƵŶĚĞƌ ƚŚŽƐĞ ƐƚĂŶĚĂƌĚƐ ĂƌĞ ĨƵƌƚŚĞƌ ĚĞƐĐƌŝďĞĚ ŝŶ ƚŚĞ Auditors’ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ĨŽƌ ƚŚĞ ƵĚŝƚ ŽĨ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ƐĞĐƚŝŽŶ ŽĨ ŽƵƌ ƌĞƉŽƌƚ͘ tĞ ĂƌĞ ŝŶĚĞƉĞŶĚĞŶƚ ŽĨ ƚŚĞ 'ƌŽƵƉ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŽĚĞ ŽĨ ƚŚŝĐƐ ĨŽƌ WƌŽĨĞƐƐŝŽŶĂů ĐĐŽƵŶƚĂŶƚƐ ŝŶ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ ;ŽĚĞ ŽĨ ƚŚŝĐƐͿ ƚŽŐĞƚŚĞƌ ǁŝƚŚ ƚŚĞ ĞƚŚŝĐĂů ƌĞƋƵŝƌĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ ĂƵĚŝƚ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐ͕ĂŶĚǁĞŚĂǀĞĨƵůĨŝůůĞĚŽƵƌŽƚŚĞƌĞƚŚŝĐĂůƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞƐĞ ƌĞƋƵŝƌĞŵĞŶƚƐ ĂŶĚ ƚŚĞ ŽĚĞ ŽĨ ƚŚŝĐƐ͘  tĞ ďĞůŝĞǀĞ ƚŚĂƚ ƚŚĞ ĂƵĚŝƚ ĞǀŝĚĞŶĐĞ ǁĞ ŚĂǀĞ ŽďƚĂŝŶĞĚ ŝƐ ƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌŽƉŝŶŝŽŶ͘  KƚŚĞƌ/ŶĨŽƌŵĂƚŝŽŶ DĂŶĂŐĞŵĞŶƚŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶ͘dŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĐŽŵƉƌŝƐĞƐƚŚĞŝŶĨŽƌŵĂƚŝŽŶ included in the Group’s Annual Report for ƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ďƵƚĚŽĞƐŶŽƚŝŶĐůƵĚĞƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂŶĚ ŽƵƌ auditors’ ƌĞƉŽƌƚ ƚŚĞƌĞŽŶ͘  dŚĞ ŶŶƵĂů ZĞƉŽƌƚ ĨŽƌ ƚŚĞ LJĞĂƌ ĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳŝƐĞdžƉĞĐƚĞĚƚŽďĞŵĂĚĞĂǀĂŝůĂďůĞƚŽƵƐĂĨƚĞƌƚŚĞĚĂƚĞŽĨƚŚŝƐauditors’ƌĞƉŽƌƚ͘ KƵƌŽƉŝŶŝŽŶŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĚŽĞƐŶŽƚĐŽǀĞƌƚŚĞŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂŶĚǁĞǁŝůů ŶŽƚĞdžƉƌĞƐƐĂŶLJĨŽƌŵŽĨĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶƚŚĞƌĞŽŶ͘  

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  ͲϮͲ   /ŶĐŽŶŶĞĐƚŝŽŶǁŝƚŚŽƵƌĂƵĚŝƚƐŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŽƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƌĞĂĚƚŚĞ ŽƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ŝĚĞŶƚŝĨŝĞĚ ĂďŽǀĞ ǁŚĞŶ ŝƚ ďĞĐŽŵĞƐ ĂǀĂŝůĂďůĞ ĂŶĚ͕ ŝŶ ĚŽŝŶŐ ƐŽ͕ ĐŽŶƐŝĚĞƌ ǁŚĞƚŚĞƌ ƚŚĞ ŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝƐŵĂƚĞƌŝĂůůLJŝŶĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌŽƵƌŬŶŽǁůĞĚŐĞ ŽďƚĂŝŶĞĚŝŶƚŚĞĂƵĚŝƚƐŽƌŽƚŚĞƌǁŝƐĞĂƉƉĞĂƌƐƚŽďĞŵĂƚĞƌŝĂůůLJŵŝƐƐƚĂƚĞĚ͘ ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐ ŽĨ DĂŶĂŐĞŵĞŶƚ ĂŶĚ dŚŽƐĞ ŚĂƌŐĞĚ ǁŝƚŚ 'ŽǀĞƌŶĂŶĐĞ ĨŽƌ ƚŚĞ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ DĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ĂŶĚ ĨĂŝƌ ƉƌĞƐĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞƐĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W&Z^͕ ĂŶĚ ĨŽƌ ƐƵĐŚ ŝŶƚĞƌŶĂů ĐŽŶƚƌŽů ĂƐ ŵĂŶĂŐĞŵĞŶƚ ĚĞƚĞƌŵŝŶĞƐ ŝƐ ŶĞĐĞƐƐĂƌLJ ƚŽ ĞŶĂďůĞ ƚŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĨƌĞĞ ĨƌŽŵ ŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘ /ŶƉƌĞƉĂƌŝŶŐƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŵĂŶĂŐĞŵĞŶƚŝƐƌĞsponsible for assessing the Group’s ĂďŝůŝƚLJĐŽŶƚŝŶƵĞĂƐŐŽŝŶŐĐŽŶĐĞƌŶ͕ĚŝƐĐůŽƐŝŶŐ͕ĂƐĂƉƉůŝĐĂďůĞ͕ŵĂƚƚĞƌƐƌĞůĂƚĞĚƚŽŐŽŝŶŐĐŽŶĐĞƌŶĂŶĚƵƐŝŶŐ ƚŚĞŐŽŝŶŐĐŽŶĐĞƌŶďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐƵŶůĞƐƐŵĂŶĂŐĞŵĞŶƚĞŝƚŚĞƌŝŶƚĞŶĚƐƚŽůŝƋƵŝĚĂƚĞƚŚĞ'ƌŽƵƉŽƌƚŽ ĐĞĂƐĞŽƉĞƌĂƚŝŽŶƐ͕ŽƌŚĂƐŶŽƌĞĂůŝƐƚŝĐĂůƚĞƌŶĂƚŝǀĞďƵƚƚŽĚŽƐŽ͘ Those charged with governance are responsible for overseeing the Group’s ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐƉƌŽĐĞƐƐ͘ Auditors’ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞƵĚŝƚŽĨƚŚĞŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ KƵƌŽďũĞĐƚŝǀĞƐĂƌĞƚŽŽďƚĂŝŶƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ ĂƐĂǁŚŽůĞĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĂŶĚƚŽŝƐƐƵĞĂŶauditors’ ƌĞƉŽƌƚ ƚŚĂƚ ŝŶĐůƵĚĞƐ ŽƵƌ ŽƉŝŶŝŽŶ͘  ZĞĂƐŽŶĂďůĞ ĂƐƐƵƌĂŶĐĞ ŝƐ Ă ŚŝŐŚ ůĞǀĞů ŽĨ ĂƐƐƵƌĂŶĐĞ͕ ďƵƚ ŝƐ ŶŽƚ Ă ŐƵĂƌĂŶƚĞĞƚŚĂƚĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^ǁŝůůĂůǁĂLJƐĚĞƚĞĐƚĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ ǁŚĞŶŝƚĞdžŝƐƚƐ͘DŝƐƐƚĂƚĞŵĞŶƚƐĐĂŶĂƌŝƐĞĨƌŽŵĨƌĂƵĚŽƌĞƌƌŽƌĂŶĚĂƌĞĐŽŶƐŝĚĞƌĞĚŵĂƚĞƌŝĂůŝĨ͕ŝŶĚŝǀŝĚƵĂůůLJ ŽƌŝŶƚŚĞĂŐŐƌĞŐĂƚĞ͕ƚŚĞƐĞĐŽƵůĚƌĞĂƐŽŶĂďůLJ ďĞĞdžƉĞĐƚĞĚƚŽŝŶĨůƵĞŶĐĞƚŚĞĞĐŽŶŽŵŝĐĚĞĐŝƐŝŽŶƐŽĨƵƐĞƌƐ ƚĂŬĞŶŽŶƚŚĞďĂƐŝƐŽĨƚŚĞƐĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ ƐƉĂƌƚŽĨĂŶĂƵĚŝƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^͕ǁĞĞdžĞƌĐŝƐĞƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐŵĞŶƚĂŶĚŵĂŝŶƚĂŝŶƉƌŽĨĞƐƐŝŽŶĂů ƐŬĞƉƚŝĐŝƐŵƚŚƌŽƵŐŚŽƵƚƚŚĞĂƵĚŝƚ͘tĞĂůƐŽ͗ 

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/ĚĞŶƚŝĨLJĂŶĚĂƐƐĞƐƐƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ǁŚĞƚŚĞƌ ĚƵĞ ƚŽ ĨƌĂƵĚ Žƌ ĞƌƌŽƌ͕ ĚĞƐŝŐŶ ĂŶĚ ƉĞƌĨŽƌŵ ĂƵĚŝƚ ƉƌŽĐĞĚƵƌĞƐ ƌĞƐƉŽŶƐŝǀĞ ƚŽ ƚŚŽƐĞ ƌŝƐŬƐ͕ ĂŶĚ ŽďƚĂŝŶ ĞǀŝĚĞŶĐĞ ƚŚĂƚ ŝƐ ƐƵĨĨŝĐŝĞŶƚ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ ƚŽ ƉƌŽǀŝĚĞ Ă ďĂƐŝƐ ĨŽƌ ŽƵƌ ŽƉŝŶŝŽŶ͘  dŚĞ ƌŝƐŬ ŽĨ ŶŽƚ ĚĞƚĞĐƚŝŶŐĂŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƌĞƐƵůƚŝŶŐĨƌŽŵĨƌĂƵĚŝƐŚŝŐŚĞƌƚŚĂŶŽŶĞ ƌĞƐƵůƚŝŶŐĨƌŽŵĞƌƌŽƌ͕ĂƐ ĨƌĂƵĚ ŵĂLJ ŝŶǀŽůǀĞ ĐŽůůƵƐŝŽŶ͕ ĨŽƌŐĞƌLJ͕ ŝŶƚĞŶƚŝŽŶĂůŽŵŝƐƐŝŽŶƐ͕ŵŝƐƌĞƉƌĞƐĞŶƚĂƚŝŽŶƐ͕ Žƌ ƚŚĞ ŽǀĞƌƌŝĚĞ ŽĨ ŝŶƚĞƌŶĂůĐŽŶƚƌŽů͘  KďƚĂŝŶĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƌĞůĞǀĂŶƚƚŽƚŚĞĂƵĚŝƚŝŶŽƌĚĞƌƚŽĚĞƐŝŐŶĂƵĚŝƚƉƌŽĐĞĚƵƌĞƐ ƚŚĂƚĂƌĞĂƉƉƌŽƉƌŝĂƚĞŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ďƵƚŶŽƚĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĞdžƉƌĞƐƐŝŶŐĂŶŽƉŝŶŝŽŶŽŶƚŚĞ ĞĨĨĞĐƚŝǀĞŶĞƐƐŽĨƚŚĞ'roup’s internal control.  ǀĂůƵĂƚĞ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ ƵƐĞĚ ĂŶĚ ƚŚĞ ƌĞĂƐŽŶĂďůĞŶĞƐƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ĞƐƚŝŵĂƚĞƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŵĂĚĞďLJŵĂŶĂŐĞŵĞŶƚ͘ 


  ͲϯͲ   Conclude on the appropriateness of management’s use of the going conceƌŶ ďĂƐŝƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐ ĂŶĚ͕ďĂƐĞĚŽŶƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ͕ǁŚĞƚŚĞƌĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJĞdžŝƐƚƐƌĞůĂƚĞĚƚŽĞǀĞŶƚƐ or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. /ĨǁĞĐŽŶĐůƵĚĞƚŚĂƚĂŵĂƚĞƌŝĂůƵŶĐĞƌƚĂŝŶƚLJĞdžŝƐƚƐ͕ǁĞĂƌĞƌĞƋƵŝƌĞĚƚŽĚƌĂǁĂƚƚĞŶƚŝŽŶŝŶŽƵƌauditors’ ƌĞƉŽƌƚƚŽƚŚĞƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽƌ͕ŝĨƐƵĐŚĚŝƐĐůŽƐƵƌĞƐĂƌĞ ŝŶĂĚĞƋƵĂƚĞ͕ƚŽŵŽĚŝĨLJŽƵƌŽƉŝŶŝŽŶ͘KƵƌĐŽŶĐůƵƐŝŽŶƐĂƌĞďĂƐĞĚŽŶƚŚĞĂƵĚŝƚĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚƵƉƚŽ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ auditors’ ƌĞƉŽƌƚ͘  ,ŽǁĞǀĞƌ͕ ĨƵƚƵƌĞ ĞǀĞŶƚƐ Žƌ ĐŽŶĚŝƚŝŽŶƐ ŵĂLJ ĐĂƵƐĞ ƚŚĞ 'ƌŽƵƉ ƚŽ ĐĞĂƐĞƚŽĐŽŶƚŝŶƵĞĂƐĂŐŽŝŶŐĐŽŶĐĞƌŶ͘  ǀĂůƵĂƚĞƚŚĞ ŽǀĞƌĂůů ƉƌĞƐĞŶƚĂƚŝŽŶ͕ ƐƚƌƵĐƚƵƌĞ ĂŶĚ ĐŽŶƚĞŶƚ ŽĨƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ĚŝƐĐůŽƐƵƌĞƐ͕ ĂŶĚ ǁŚĞƚŚĞƌ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƌĞƉƌĞƐĞŶƚ ƚŚĞ ƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĞǀĞŶƚƐŝŶĂŵĂŶŶĞƌƚŚĂƚĂĐŚŝĞǀĞƐĨĂŝƌƉƌĞƐĞŶƚĂƚŝŽŶ͘  KďƚĂŝŶƐƵĨĨŝĐŝĞŶƚĂƉƉƌŽƉƌŝĂƚĞĞǀŝĚĞŶĐĞƌĞŐĂƌĚŝŶŐƚŚĞĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞĞŶƚŝƚŝĞƐŽƌďƵƐŝŶĞƐƐ ĂĐƚŝǀŝƚŝĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉƚŽĞdžƉƌĞƐƐĂŶŽƉŝŶŝŽŶŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘tĞĂƌĞ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ƚŚĞ ĚŝƌĞĐƚŝŽŶ͕ ƐƵƉĞƌǀŝƐŝŽŶ ĂŶĚ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ƚŚĞ ŐƌŽƵƉ ĂƵĚŝƚ͘  tĞ ƌĞŵĂŝŶ ƐŽůĞůLJ ƌĞƐƉŽŶƐŝďůĞĨŽƌŽƵƌĂƵĚŝƚŽƉŝŶŝŽŶ͘

tĞ ĐŽŵŵƵŶŝĐĂƚĞ ǁŝƚŚ ƚŚŽƐĞ ĐŚĂƌŐĞĚ ǁŝƚŚ ŐŽǀĞƌŶĂŶĐĞ ƌĞŐĂƌĚŝŶŐ͕ ĂŵŽŶŐ ŽƚŚĞƌ ŵĂƚƚĞƌƐ͕ ƚŚĞ ƉůĂŶŶĞĚ ƐĐŽƉĞ ĂŶĚ ƚŝŵŝŶŐ ŽĨ ƚŚĞ ĂƵĚŝƚ ĂŶĚ ƐŝŐŶŝĨŝĐĂŶƚ ĂƵĚŝƚ ĨŝŶĚŝŶŐƐ͕ ŝŶĐůƵĚŝŶŐ ĂŶLJ ƐŝŐŶŝĨŝĐĂŶƚ ĚĞĨŝĐŝĞŶĐŝĞƐ ŝŶ ŝŶƚĞƌŶĂůĐŽŶƚƌŽůƚŚĂƚǁĞŝĚĞŶƚŝĨLJĚƵƌŝŶŐŽƵƌĂƵĚŝƚƐ͘   Zz^dEKE'ΘK͘  

 >/E͘&ZEEK WĂƌƚŶĞƌ

WĞƌƚŝĨŝĐĂƚĞEŽ͘ϴϭϮϬϳ dĂdž/ĚĞŶƚŝĨŝĐĂƚŝŽŶEŽ͘ϭϬϮͲϬϴϲͲϱϯϴͲϬϬϬ KĐĐƌĞĚŝƚĂƚŝŽŶEŽ͘ϰϳϴϮ͖sĂůŝĚƵŶƚŝůĞĐĞŵďĞƌϯϭ͕ϮϬϭϴ ^ĐĐƌĞĚŝƚĂƚŝŽŶEŽ͘ϭϬϮϮͲZͲϮ'ƌŽƵƉ  sĂůŝĚƵŶƚŝůDĂƌĐŚϭϱ͕ϮϬϮϬ /ZĐĐƌĞĚŝƚĂƚŝŽŶEŽ͘ϬϴͲϬϬϱϭϰϰͲϬϬϰͲϮϬϭϳ  sĂůŝĚƵŶƚŝů:ĂŶƵĂƌLJϭϯ͕ϮϬϮϬ WdZEŽ͘ϲϲϬϳϵϱϴ  /ƐƐƵĞĚ:ĂŶƵĂƌLJϯ͕ϮϬϭϴ͕DĂŬĂƚŝŝƚLJ

  :ĂŶƵĂƌLJϭϵ͕ϮϬϭϴ DĂŬĂƚŝŝƚLJ͕DĞƚƌŽDĂŶŝůĂ 





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ϮϬϭϳ

ĞĐĞŵďĞƌϯϭ ϮϬϭϲ





ƵƌƌĞŶƚƐƐĞƚƐ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĂŶĚƉĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞ ĚǀĂŶĐĞƐƚŽƌĞůĂƚĞĚƉĂƌƚŝĞƐ ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ;&^ͿĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ   dŽƚĂůƵƌƌĞŶƚƐƐĞƚƐ

 ϱ ϲ ϳ ϭϳ ϭϬ ϴ 

 W сϮϭϱ͕ϱϵϯ͕Ϭϰϯ ϭ͕ϵϵϯ͕ϱϬϰ͕ϭϬϰ ϯ͕ϵϰϮ͕ϯϳϱ͕ϯϳϭ Ϯ͕ϳϳϳ͕Ϭϰϴ͕ϯϬϳ ϵϴϱ͕ϴϭϬ͕ϵϬϬ ϭ͕ϳϵϭ͕ϴϰϰ͕ϴϯϵ ϭϭ͕ϳϬϲ͕ϭϳϲ͕ϱϲϰ

 сWϮϱϲ͕ϭϰϱ͕ϳϰϵ ϭ͕Ϯϱϰ͕ϱϮϬ͕ϳϬϵ ϱ͕ϰϯϲ͕Ϭϭϰ͕ϲϭϰ Ϯ͕ϰϭϮ͕ϳϰϮ͕ϱϴϭ ϵϴϱ͕ϴϭϬ͕ϵϬϬ Ϯ͕ϭϮϲ͕ϱϲϮ͕ϵϲϳ ϭϮ͕ϰϳϭ͕ϳϵϳ͕ϱϮϬ

EŽŶĐƵƌƌĞŶƚƐƐĞƚƐ /ŶǀĞƐƚŵĞŶƚƐŝŶĂŶĚĂĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐͲŶĞƚŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ WƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ KƚŚĞƌŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ   dŽƚĂůEŽŶĐƵƌƌĞŶƚƐƐĞƚƐ

 ϵ ϭϬ ϭϭ ϭϮ ϭϯ 

 ϭϮ͕ϯϰϴ͕ϴϮϮ Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ ϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ ϯϮϭ͕ϱϳϮ͕ϰϴϭ ϳϭ͕ϵϬϴ͕ϳϵϵ͕ϭϵϯ

 ϮϮ͕ϲϲϴ͕ϲϯϬ Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ ϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ ϯϬϲ͕ϵϴϲ͕Ϯϴϵ ϱϴ͕ϯϵϭ͕ϮϬϬ͕ϭϳϳ

 

 

W сϴϯ͕ϲϭϰ͕ϵϳϱ͕ϳϱϳ 

сϳϬ͕ϴϲϮ͕ϵϵϳ͕ϲϵϳ W 

>//>/d/^EYh/dz







ƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ ƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨ͗ >ŽŶŐͲƚĞƌŵĚĞďƚ Customers’ depositƐ ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ /ŶĐŽŵĞƚĂdžƉĂLJĂďůĞ   dŽƚĂůƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ

 ϭϰ  ϭϱ ϭϴ ϭϳ  

 W сϮ͕ϴϬϴ͕ϱϴϰ͕ϲϳϲ  ϭ͕Ϭϳϭ͕ϱϳϯ͕ϳϵϰ ϳϯ͕ϱϬϰ͕ϭϴϳ ϴϭ͕ϳϲϯ͕ϴϳϳ ϰϱ͕Ϯϴϳ͕ϰϭϰ ϰ͕ϬϴϬ͕ϳϭϯ͕ϵϰϴ

 сϮ͕ϱϭϵ͕ϱϯϲ͕ϳϱϮ W  ϭ͕ϰϴϬ͕ϰϳϵ͕ϬϬϬ ϮϮ͕ϵϯϮ͕ϱϳϮ ϴ͕ϲϵϮ͕ϵϱϭ ϰ͕ϵϵϮ͕ϴϳϰ ϰ͕Ϭϯϲ͕ϲϯϰ͕ϭϰϵ

EŽŶĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ >ŽŶŐͲƚĞƌŵĚĞďƚͲŶĞƚŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ Customers’ deposits ͲŶĞƚŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJ EĞƚĚĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ KƚŚĞƌŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ   dŽƚĂůEŽŶĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ   dŽƚĂů>ŝĂďŝůŝƚŝĞƐ

 ϭϱ ϭϴ ϮϬ Ϯϭ   

 ϱ͕ϱϮϱ͕Ϭϰϲ͕ϭϱϴ ϵϳ͕ϲϬϰ͕ϲϱϱ Ϯϰ͕ϰϱϭ͕ϯϲϴ ϭϯ͕ϰϱϭ͕ϱϮϴ͕ϱϭϴ ϮϬ͕ϭϭϳ͕ϵϮϴ ϭϵ͕ϭϭϴ͕ϳϰϴ͕ϲϮϳ Ϯϯ͕ϭϵϵ͕ϰϲϮ͕ϱϳϱ

 ϰ͕Ϭϰϭ͕ϴϳϴ͕ϯϰϵ ϭϮϳ͕Ϭϯϯ͕ϴϴϬ ϯϭ͕ϰϭϱ͕ϵϭϱ ϭϬ͕ϭϮϰ͕ϰϴϲ͕ϳϴϵ ϴϵ͕ϴϬϴ͕ϰϳϬ ϭϰ͕ϰϭϰ͕ϲϮϯ͕ϰϬϯ ϭϴ͕ϰϱϭ͕Ϯϱϳ͕ϱϱϮ

;&ŽƌǁĂƌĚͿ 




  ƋƵŝƚLJƚƚƌŝďƵƚĂďůĞƚŽƋƵŝƚLJ,ŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚ ŽŵƉĂŶLJ ĂƉŝƚĂůƐƚŽĐŬ ĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗  ƵŵƵůĂƚŝǀĞƵŶƌĞĂůŝnjĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^  ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ZĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ  ĐĐƵŵƵůĂƚĞĚƌĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶŽŶƌĞƚŝƌĞŵĞŶƚ  ůŝĂďŝůŝƚLJ  >ĞƐƐ͗ WĂƌĞŶƚŽŵƉĂŶLJ’s shares held by a subsidiary ŽƐƚŽĨϰϮϯ͕ϵϬϬƐŚĂƌĞƐĂŶĚϭ͕ϱϮϯ͕ϵϬϬƐŚĂƌĞƐŝŶ ƚƌĞĂƐƵƌLJŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ  EŽŶĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ   dŽƚĂůƋƵŝƚLJ  ŽŽŬǀĂůƵĞƉĞƌƐŚĂƌĞ 

^ĞĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƚĞƐƚŽŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘ 

ͲϮͲ  

ϮϬϭϳ

ĞĐĞŵďĞƌϯϭ ϮϬϭϲ

 ϭϲ   

 W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ ϰϬ͕ϯϰϯ͕ϱϵϴ͕ϵϵϬ 

 сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ W ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ 

ϭϬ ϭϮ

Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ ϳϱ͕ϴϰϴ͕ϰϲϲ

Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ ϳϮ͕ϲϳϵ͕ϱϮϰ

   ϭϲ

ϰϱ͕ϯϰϵ͕ϳϲϯ ϳϳ͕Ϯϵϯ͕ϬϴϬ͕ϰϴϮ  ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱ

ϮϮ͕ϴϰϱ͕ϱϲϵ ϲϵ͕Ϯϯϳ͕ϯϭϲ͕ϱϮϯ  ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬ

ϭϲ   

ϭ͕Ϯϭϯ͕ϱϮϲ ϲϬ͕ϰϭϬ͕ϲϰϳ͕Ϭϱϭ ϰ͕ϴϲϲ͕ϭϯϭ ϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ

ϭϮ͕Ϯϭϯ͕ϱϮϲ ϱϮ͕ϰϬϳ͕ϭϯϬ͕ϲϬϳ ϰ͕ϲϬϵ͕ϱϯϴ ϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ



W сϴϯ͕ϲϭϰ͕ϵϳϱ͕ϳϱϳ

сϳϬ͕ϴϲϮ͕ϵϵϳ͕ϲϵϳ W

W сϰϳ͘ϱϰϬ  

сϰϭ͘ϭϰϬ W 

 EŽƚĞ

ϮϮ 



77


Consolidated Statements OF COMPREHENSIVE INCOME   

>W,>EKZWKZd/KEE^h^//Z/^ KE^K>/d^ddDEd^K&KDWZ,E^/s/EKD

 

 EŽƚĞ

  ϮϬϭϳ

zĞĂƌƐŶĚĞĚĞĐĞŵďĞƌϯϭ ϮϬϭϲ

ϮϬϭϱ

ZsEh ZĞĂůĞƐƚĂƚĞƐĂůĞƐ ZĞŶƚ ŝƌƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ /ŶƚĞƌĞƐƚŝŶĐŽŵĞ KƚŚĞƌƐ 

  ϭϴ  ϱ  

 W сϭ͕ϯϲϲ͕ϱϲϲ͕ϰϴϰ ϴϯϰ͕ϳϴϬ͕ϰϰϮ ϮϬϬ͕ϰϴϯ͕ϯϲϲ ϭϳ͕ϳϲϰ͕ϭϲϵ ϲϯ͕ϴϯϰ͕Ϭϲϳ Ϯ͕ϰϴϯ͕ϰϮϴ͕ϱϮϴ

 W сϭ͕ϰϮϭ͕Ϯϯϰ͕ϴϭϴ ϲϵϲ͕Ϭϰϲ͕Ϭϲϰ ϭϳϰ͕ϳϳϯ͕ϱϬϰ ϭϵ͕ϲϯϱ͕ϯϯϭ Ϯϰ͕Ϭϱϳ͕ϴϯϮ Ϯ͕ϯϯϱ͕ϳϰϳ͕ϱϰϵ

 W сϭ͕ϰϭϳ͕ϴϳϴ͕ϵϴϳ ϲϲϮ͕ϴϭϲ͕ϴϯϬ ϴϴ͕Ϭϭϭ͕ϬϬϬ ϭϯ͕ϱϬϴ͕ϲϯϮ ϱ͕Ϭϱϴ͕ϴϴϵ Ϯ͕ϭϴϳ͕Ϯϳϰ͕ϯϯϴ

K^d^EyWE^^ ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ŽƐƚŽĨƐĞƌǀŝĐĞƐ 'ĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞ 

ϭϵ    

 ϴϯϰ͕ϯϯϵ͕ϵϮϱ ϯϲϬ͕ϰϲϳ͕ϲϳϬ ϵϰϲ͕ϳϮϯ͕ϲϯϭ Ϯ͕ϭϰϭ͕ϱϯϭ͕ϮϮϲ

 ϭ͕Ϭϵϰ͕ϴϱϳ͕ϰϴϲ Ϯϴϱ͕ϴϴϯ͕ϱϵϯ ϱϲϮ͕ϭϭϬ͕ϭϲϲ ϭ͕ϵϰϮ͕ϴϱϭ͕Ϯϰϱ

 ϭ͕ϮϬϳ͕ϯϴϲ͕ϮϮϮ ϮϬϮ͕ϴϴϰ͕ϭϴϭ ϱϱϵ͕ϳϮϰ͕Ϯϰϭ ϭ͕ϵϲϵ͕ϵϵϰ͕ϲϰϰ







Kd,Z/EKD;yWE^^Ϳ 'ĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞƐŽĨŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂŶĚŽƚŚĞƌĨŝŶĂŶĐĞĐŚĂƌŐĞƐ 'ĂŝŶŽŶƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ EĞƚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞŐĂŝŶ;ůŽƐƐͿ ƋƵŝƚLJŝŶŶĞƚŝŶĐŽŵĞ;ůŽƐƐͿŽĨĂƐƐŽĐŝĂƚĞƐ 

 ϭϭ ϭϱ ϭϬ  ϵ 

ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰ ;ϯϲϱ͕ϳϮϳ͕ϭϵϰͿ ϭϮϯ͕ϭϱϮ͕ϰϯϰ ;ϭ͕ϭϭϴ͕ϲϳϰͿ ϭ͕ϯϴϬ͕ϵϰϲ ϭϭ͕ϮϮϵ͕ϱϬϲ͕Ϯϱϲ

ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴ ;Ϯϵϰ͕ϳϰϵ͕ϰϲϳͿ ϭϬϴ͕ϱϬϱ͕Ϭϰϵ ;ϭ͕ϴϴϯ͕ϵϱϰͿ ;ϭ͕ϭϯϱ͕ϮϮϲͿ ϵ͕ϴϭϳ͕ϳϴϴ͕ϴϵϬ

ϴ͕ϱϳϴ͕ϳϲϭ͕ϭϲϯ ;Ϯϱϭ͕ϯϬϮ͕ϴϳϮͿ ϮϳϮ͕ϯϰϮ͕ϰϰϵ ϳϵϵ͕ϱϲϴ ;ϳϰϰ͕ϯϰϬͿ ϴ͕ϱϵϵ͕ϴϱϱ͕ϵϲϴ

/EKD&KZ/EKDdy



ϭϭ͕ϱϳϭ͕ϰϬϯ͕ϱϱϴ

ϭϬ͕ϮϭϬ͕ϲϴϱ͕ϭϵϰ

ϴ͕ϴϭϳ͕ϭϯϱ͕ϲϲϮ

WZKs/^/KE&KZ/EKDdy ƵƌƌĞŶƚ ĞĨĞƌƌĞĚ 

Ϯϭ   

 ϱϴ͕ϭϲϬ͕ϵϮϲ ϯ͕ϯϰϰ͕ϮϬϵ͕ϳϮϲ ϯ͕ϰϬϮ͕ϯϳϬ͕ϲϱϮ

 ϴϳ͕Ϭϴϰ͕Ϭϴϲ ϯ͕Ϭϰϲ͕ϳϳϳ͕ϱϮϱ ϯ͕ϭϯϯ͕ϴϲϭ͕ϲϭϭ

 ϲϯ͕ϵϬϬ͕ϵϰϳ Ϯ͕ϲϯϱ͕ϰϱϳ͕ϯϮϰ Ϯ͕ϲϵϵ͕ϯϱϴ͕Ϯϳϭ



ϴ͕ϭϲϵ͕ϬϯϮ͕ϵϬϲ

ϳ͕Ϭϳϲ͕ϴϮϯ͕ϱϴϯ

ϲ͕ϭϭϳ͕ϳϳϳ͕ϯϵϭ

Ed/EKD ;&ŽƌǁĂƌĚͿ



78






 

 EŽƚĞ

Kd,ZKDWZ,E^/s/EKD;>K^^Ϳ dŽďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶƐƵďƐĞƋƵĞŶƚ ƉĞƌŝŽĚƐͲ  ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐŽŶĚŝƐƉŽƐĂůŽĨ &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  hŶƌĞĂůŝnjĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ  /ŶĐŽŵĞƚĂdžĞĨĨĞĐƚ  EŽƚƚŽďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶ ƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚƐ͗  ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ  /ŶĐŽŵĞƚĂdžĞĨĨĞĐƚ   ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶ;ůŽƐƐͿŽŶƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚLJ 

ͲϮͲ  



  ϮϬϭϳ

zĞĂƌƐŶĚĞĚĞĐĞŵďĞƌϯϭ ϮϬϭϲ

ϮϬϭϱ

















ϭϬ

;W сϮϭϲ͕Ϭϯϴ͕ϭϲϳͿ

;W сϭϬϴ͕ϰϵϰ͕ϰϵϮͿ

;W сϮϱϯ͕ϭϲϴ͕ϲϴϲͿ

ϭϬ  

ϱϴ͕ϭϰϱ͕ϴϱϲ ϭϱ͕ϳϴϵ͕Ϯϯϭ ;ϭϰϮ͕ϭϬϯ͕ϬϴϬͿ

ϳϮϱ͕Ϭϴϵ͕ϱϭϯ ;ϲϭ͕ϲϲϰ͕ϱϬϯͿ ϱϱϰ͕ϵϯϬ͕ϱϭϴ

ϭ͕ϰϬϴ͕ϳϵϭ͕ϱϰϴ ;ϭϭϱ͕ϱϲϮ͕ϮϴϲͿ ϭ͕ϬϰϬ͕ϬϲϬ͕ϱϳϲ

 ϭϮ  

 ϵ͕ϱϭϰ͕ϴϱϲ ;Ϯ͕ϴϱϰ͕ϰϱϳͿ ϲ͕ϲϲϬ͕ϯϵϵ

 ϭϬϯ͕ϴϮϳ͕ϴϵϭ ;ϯϭ͕ϭϰϴ͕ϯϲϳͿ ϳϮ͕ϲϳϵ͕ϱϮϰ

 – – –

ϮϬ 

ϮϮ͕ϱϬϰ͕ϭϵϰ ;ϭϭϮ͕ϵϯϴ͕ϰϴϳͿ

;ϭ͕ϯϰϱ͕ϴϲϰͿ ϲϮϲ͕Ϯϲϰ͕ϭϳϴ

ϵ͕Ϭϰϰ͕ϮϴϮ ϭ͕Ϭϰϵ͕ϭϬϰ͕ϴϱϴ

dKd>KDWZ,E^/s/EKD



W сϴ͕Ϭϱϲ͕Ϭϵϰ͕ϰϭϵ

W сϳ͕ϳϬϯ͕Ϭϴϳ͕ϳϲϭ

W сϳ͕ϭϲϲ͕ϴϴϮ͕Ϯϰϵ

EĞƚŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽ͗  ƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ  EŽŶĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ 

   

 W сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ ϭ͕ϯϳϬ͕ϰϮϭ W сϴ͕ϭϲϵ͕ϬϯϮ͕ϵϬϲ

 W сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ ϰϭϳ͕ϯϮϳ W сϳ͕Ϭϳϲ͕ϴϮϯ͕ϱϴϯ

 W сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ ;ϳϮϮ͕ϵϳϱͿ W сϲ͕ϭϭϳ͕ϳϳϳ͕ϯϵϭ

dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽ͗  ƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ  EŽŶĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ 

   

 W сϴ͕Ϭϱϰ͕ϳϲϴ͕ϰϭϲ ϭ͕ϯϮϲ͕ϬϬϯ W сϴ͕Ϭϱϲ͕Ϭϵϰ͕ϰϭϵ

 W сϳ͕ϳϬϮ͕ϲϳϬ͕ϰϯϰ ϰϭϳ͕ϯϮϳ W сϳ͕ϳϬϯ͕Ϭϴϳ͕ϳϲϭ

 W сϳ͕ϭϲϳ͕ϲϬϱ͕ϮϮϰ ;ϳϮϮ͕ϵϳϱͿ W сϳ͕ϭϲϲ͕ϴϴϮ͕Ϯϰϵ

ĂƐŝĐͬŝůƵƚĞĚĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWŚŝůŝƉƉŝŶĞĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚϯϯ͕ĂƌŶŝŶŐƐƉĞƌ^ŚĂƌĞΎ ĂƐĞĚŽŶŽƵƚƐƚĂŶĚŝŶŐƐŚĂƌĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞ LJĞĂƌΎΎ 









ϮϮ

W сϲ͘ϰϭϲ

W сϱ͘ϱϱϯ

W сϰ͘ϰϵϱ

ϮϮ 

W сϲ͘ϰϮϳ 

W сϱ͘ϱϱϱ 

W сϰ͘ϳϵϵ 

^ĞĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƚĞƐƚŽŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

Ύ ŽŵƉƵƚĞĚďĂƐĞĚŽŶƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞLJĞĂƌ͘ ΎΎ ŽŵƉƵƚĞĚ ďĂƐĞĚŽŶ ƚŚĞŽƵƚƐƚĂŶĚŝŶŐƐŚĂƌĞƐĂƐĂƚ ĞŶĚŽĨLJĞĂƌ͘ This information is intended for management’s reporting ƉƵƌƉŽƐĞƐŽŶůLJ͘





79


Consolidated Statements of CHANGES IN EQUITY  

>W,>EKZWKZd/KEE^h^//Z/^ KE^K>/d^ddDEd^K&,E'^/EYh/dz

 

 EŽƚĞ

  ϮϬϭϳ

zĞĂƌƐŶĚĞĚĞĐĞŵďĞƌϯϭ ϮϬϭϲ

ϮϬϭϱ

W/d>^dK< ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨLJĞĂƌ

ϭϲ 

 W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ

 W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ

 W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ

/d/KE>W/Ͳ/EW/d> ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ džĐĞƐƐŽĨĂĐƋƵŝƐŝƚŝŽŶƉƌŝĐĞŽǀĞƌŝŶƚĞƌĞƐƚ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ

ϭϲ   

 ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϭ͕Ϭϯϵ͕ϵϲϭ ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ

 ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ – ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ

 ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ – ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ

ϭϬ 

 Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ

 Ϯϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ

 Ϯϭ͕ϵϳϵ͕ϲϬϴ͕ϯϴϲ

  

;ϭϵϰ͕ϰϯϰ͕ϯϱϬͿ ϱϮ͕ϯϯϭ͕ϮϳϬ Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ

;ϵϳ͕ϲϱϬ͕ϬϰϰͿ ϲϱϮ͕ϱϴϬ͕ϱϲϮ Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ

;ϮϮϳ͕ϴϱϭ͕ϴϭϳͿ ϭ͕Ϯϲϳ͕ϵϭϮ͕ϯϵϯ Ϯϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ

 ϳϮ͕ϲϳϵ͕ϱϮϰ ϲ͕ϲϲϬ͕ϯϵϵ ;ϯ͕ϰϵϭ͕ϰϱϳͿ ϳϱ͕ϴϰϴ͕ϰϲϲ 

 – ϳϯ͕ϰϭϴ͕ϱϭϰ ;ϳϯϴ͕ϵϵϬͿ ϳϮ͕ϲϳϵ͕ϱϮϰ 

 – – – – 

hDh>d/shEZ>/s>hd/KE'/EKE &^&/EE/>^^d^ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐŽŶĚŝƐƉŽƐĂůŽĨ&^ ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ hŶƌĞĂůŝnjĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ Zs>hd/KE^hZW>h^ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ ŵŽƌƚŝnjĂƚŝŽŶŽĨƌĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  hDh>dZD^hZDEd'/E KEZd/ZDEd>//>/dz ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶ;ůŽƐƐͿŽŶƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  Zd/EZE/E'^ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ EĞƚŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞLJĞĂƌ ŵŽƌƚŝnjĂƚŝŽŶŽĨƌĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  PARENT COMPANY’S SHARES HELD BY A ^h^//Zz ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĚĚŝƚŝŽŶƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  dZ^hZz^,Z^ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ZĞŝƐƐƵĂŶĐĞ ĚĚŝƚŝŽŶƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  EKEKEdZK>>/E'/EdZ^d^ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ EĞƚŝŶĐŽŵĞ;ůŽƐƐͿ ĐƋƵŝƐŝƚŝŽŶ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ

80



  ^ĞĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƚĞƐƚŽŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

ϭϮ      ϮϬ          

 ϮϮ͕ϴϰϱ͕ϱϲϵ ϮϮ͕ϱϬϰ͕ϭϵϰ ϰϱ͕ϯϰϵ͕ϳϲϯ   ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ ϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ ϯ͕ϰϵϭ͕ϰϱϳ ϰϬ͕ϯϰϯ͕ϱϵϴ͕ϵϵϬ 

 Ϯϰ͕ϭϵϭ͕ϰϯϯ ;ϭ͕ϯϰϱ͕ϴϲϰͿ ϮϮ͕ϴϰϱ͕ϱϲϵ   Ϯϱ͕Ϭϵϱ͕Ϯϵϵ͕ϴϬϮ ϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ ϳϯϴ͕ϵϵϬ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ 

 ϭϱ͕ϭϰϳ͕ϭϱϭ ϵ͕Ϭϰϰ͕ϮϴϮ Ϯϰ͕ϭϵϭ͕ϰϯϯ   ϭϴ͕ϵϳϲ͕ϳϵϵ͕ϰϯϲ ϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ – Ϯϱ͕Ϭϵϱ͕Ϯϵϵ͕ϴϬϮ 

ϭϲ     ϭϲ          

 ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϲϯ͕Ϯϰϳ͕ϱϭϱͿ ;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ   ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ ϭϭ͕ϬϬϬ͕ϬϬϬ – ;ϭ͕Ϯϭϯ͕ϱϮϲͿ   ϰ͕ϲϬϵ͕ϱϯϴ ϭ͕ϯϮϲ͕ϬϬϯ ;ϭ͕Ϭϲϵ͕ϰϭϬͿ ϰ͕ϴϲϲ͕ϭϯϭ

 ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ – ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ   ;ϭ͕Ϯϭϯ͕ϱϮϲͿ – ;ϭϭ͕ϬϬϬ͕ϬϬϬͿ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ   ϰ͕ϭϵϮ͕Ϯϭϭ ϰϭϳ͕ϯϮϳ – ϰ͕ϲϬϵ͕ϱϯϴ

 ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ – ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ   ;ϭ͕Ϯϭϯ͕ϱϮϲͿ – – ;ϭ͕Ϯϭϯ͕ϱϮϲͿ   ϰ͕ϵϭϱ͕ϭϴϲ ;ϳϮϮ͕ϵϳϱͿ – ϰ͕ϭϵϮ͕Ϯϭϭ

 

W сϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ 

W сϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ 

W сϰϰ͕ϳϭϴ͕ϵϭϯ͕ϯϵϰ 


Consolidated Statements of CASH FLOWS >W,>EKZWKZd/KEE^h^//Z/^ KE^K>/d^ddDEd^K&^,&>Kt^ 

 

 

 EŽƚĞ

^,&>Kt^&ZKDKWZd/E'd/s/d/^ /ŶĐŽŵĞďĞĨŽƌĞŝŶĐŽŵĞƚĂdž ĚũƵƐƚŵĞŶƚƐĨŽƌ͗  'ĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞƐŽĨŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ  /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞĂŶĚŽƚŚĞƌĨŝŶĂŶĐĞĐŚĂƌŐĞƐ  ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  'ĂŝŶŽŶƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  /ŶƚĞƌĞƐƚŝŶĐŽŵĞ  ƋƵŝƚLJŝŶŶĞƚŝŶĐŽŵĞŽĨĂƐƐŽĐŝĂƚĞƐ  hŶƌĞĂůŝnjĞĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞůŽƐƐ;ŐĂŝŶͿ KƉĞƌĂƚŝŶŐŝŶĐŽŵĞďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ ĞĐƌĞĂƐĞ;ŝŶĐƌĞĂƐĞͿŝŶ͗  dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĂŶĚƉĂƌŬŝŶŐ ůŽƚƐĨŽƌƐĂůĞ  KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ /ŶĐƌĞĂƐĞŝŶ͗  dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ  Customers’ deposits  ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJ EĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵ;ƵƐĞĚĨŽƌͿŽƉĞƌĂƚŝŽŶƐ /ŶĐŽŵĞƚĂdžĞƐƉĂŝĚ /ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJ;ƵƐĞĚŝŶͿŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ^,&>Kt^&ZKD/Es^d/E'd/s/d/^ ĚĚŝƚŝŽŶƐƚŽ͗  WƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ  ^ŽĨƚǁĂƌĞ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ĞĐƌĞĂƐĞ;ŝŶĐƌĞĂƐĞͿŝŶ͗  /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ /ŶǀĞƐƚŵĞŶƚƐŝŶĂŶĚĂĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ  ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ  KƚŚĞƌŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ  ĚǀĂŶĐĞƐƚŽƌĞůĂƚĞĚƉĂƌƚŝĞƐ WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨƐƵďƐŝĚŝĂƌŝĞƐ EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJ;ƵƐĞĚŝŶͿŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ

;&ŽƌǁĂƌĚͿ 



 zĞĂƌƐŶĚĞĚĞĐĞŵďĞƌϯϭ ϮϬϭϳ ϮϬϭϲ

ϮϬϭϱ

  

  W сϭϭ͕ϱϳϭ͕ϰϬϯ͕ϱϱϴ W сϭϬ͕ϮϭϬ͕ϲϴϱ͕ϭϵϰ  

 W сϴ͕ϴϭϳ͕ϭϯϱ͕ϲϲϮ 

ϭϭ ϭϱ ϭϮ ϭϬ ϱ ϵ    

;ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰͿ ;ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴͿ ϯϲϱ͕ϳϮϳ͕ϭϵϰ Ϯϵϰ͕ϳϰϵ͕ϰϲϳ ϭϮϰ͕ϱϲϲ͕ϬϬϰ ϭϮϭ͕ϴϱϴ͕ϴϴϭ ;ϭϮϯ͕ϭϱϮ͕ϰϯϰͿ ;ϭϬϴ͕ϱϬϱ͕ϬϰϵͿ ;ϭϳ͕ϳϲϰ͕ϭϲϵͿ ;ϭϵ͕ϲϯϱ͕ϯϯϭͿ ;ϭ͕ϯϴϬ͕ϵϰϲͿ ϭ͕ϭϯϱ͕ϮϮϲ ϭ͕ϭϭϴ͕ϲϳϰ ϭ͕ϴϴϯ͕ϵϱϰ ϰϰϴ͕ϲϵϵ͕ϭϯϳ ϰϵϱ͕ϭϭϵ͕ϴϱϰ   ;ϳϯϴ͕ϵϴϯ͕ϯϵϱͿ ;ϰϱϴ͕ϯϴϯ͕ϭϲϯͿ

;ϴ͕ϱϳϴ͕ϳϲϭ͕ϭϲϯͿ Ϯϱϭ͕ϯϬϮ͕ϴϳϮ ϭϬϰ͕ϰϲϱ͕ϵϯϲ ;ϮϳϮ͕ϯϰϮ͕ϰϰϵͿ ;ϭϯ͕ϱϬϴ͕ϲϯϮͿ ϳϰϰ͕ϯϰϬ ;ϳϵϵ͕ϱϲϴͿ ϯϬϴ͕Ϯϯϲ͕ϵϵϴ  ;ϯϰ͕ϯϳϮ͕ϳϬϴͿ

         

;ϱϯϳ͕ϯϱϲ͕ϴϯϳͿ ;ϯϴϰ͕ϲϮϰ͕ϭϵϯͿ  ϯϮϭ͕ϬϯϬ͕ϴϰϮ Ϯϭ͕ϭϰϮ͕ϯϵϬ ϭϱ͕ϱϯϵ͕ϲϰϳ ;ϴϱϰ͕ϱϱϮ͕ϰϬϵͿ ;ϭϳ͕ϴϲϲ͕ϯϴϲͿ ϭϳ͕ϳϲϰ͕ϭϲϵ ;ϴϱϰ͕ϲϱϰ͕ϲϮϲͿ

;ϰϱϴ͕ϲϵϯ͕ϳϮϯͿ ϮϮϬ͕ϱϬϱ͕ϵϮϮ  ϭ͕ϬϲϮ͕ϴϵϮ͕Ϯϴϯ Ϯϱ͕ϵϵϬ͕ϳϱϵ ϳ͕ϰϵϰ͕Ϭϲϯ ϴϵϰ͕ϵϮϱ͕ϵϵϱ ;ϴϮ͕Ϭϵϭ͕ϮϭϮͿ ϭϵ͕ϲϯϱ͕ϯϯϭ ϴϯϮ͕ϰϳϬ͕ϭϭϰ

;ϴϳϰ͕ϴϵϭ͕ϳϮϯͿ ;ϱϱ͕ϭϭϰ͕ϮϱϬͿ  ϰϰϴ͕ϳϮϭ͕ϬϴϮ ϭϯ͕ϰϵϮ͕ϵϬϮ ϰ͕ϲϴϬ͕ϲϴϴ ;ϭϴϵ͕Ϯϰϳ͕ϬϭϭͿ ;ϲϯ͕ϴϲϲ͕ϬϵϳͿ ϭϯ͕ϱϬϴ͕ϲϯϮ ;Ϯϯϵ͕ϲϬϰ͕ϰϳϲͿ

  ϭϮ ϭϯ ϭϬ  ϭϭ      

  ;ϰϯϱ͕ϬϬϴ͕ϵϳϬͿ – ϭϱϴ͕Ϯϭϰ͕Ϯϳϯ  ϭϴϳ͕ϴϭϵ͕ϮϮϭ ϵ͕ϲϳϬ͕ϱϲϵ ϭ͕ϲϴϵ͕ϮϬϬ ;ϭϴ͕ϵϬϯ͕ϱϮϱͿ ;ϯϲϰ͕ϯϬϱ͕ϳϮϲͿ – ;ϰϲϬ͕ϴϮϰ͕ϵϱϴͿ

  ;ϲϬϴ͕ϯϮϲ͕ϴϱϰͿ ;ϭϱϯ͕ϱϳϮͿ ϭϯϳ͕ϴϮϭ͕ϯϳϬ  ;ϮϮϲ͕ϲϳϴ͕ϯϯϰͿ – ;ϲϵϱ͕ϳϰϰͿ ϱϮ͕ϱϭϳ͕ϮϳϮ ;ϰϰϲ͕ϳϯϬ͕ϰϵϬͿ – ;ϭ͕ϬϵϮ͕Ϯϰϲ͕ϯϱϮͿ

  ;ϱϬϳ͕ϮϮϯ͕ϯϱϮͿ ;ϭϮϵ͕ϰϲϰͿ ϱϬϴ͕ϯϬϲ͕ϮϭϬ  ;ϯϰϲ͕Ϭϭϵ͕ϭϱϰͿ – ϱϬϵ͕ϲϰϮ ;ϱϴ͕Ϯϲϳ͕ϱϴϭͿ ;ϯϲϳ͕ϴϮϴ͕ϬϭϬͿ ϴϯϯ͕ϯϯϯ͕ϯϯϯ ϲϮ͕ϲϴϭ͕ϲϮϰ



81


  ^,&>Kt^&ZKD&/EE/E'd/s/d/^ WƌŽĐĞĞĚƐĨƌŽŵĂǀĂŝůŵĞŶƚƐŽĨůŽŶŐͲƚĞƌŵĚĞďƚ WĂLJŵĞŶƚƐŽĨ͗  >ŽŶŐͲƚĞƌŵĚĞďƚ  /ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĨŝŶĂŶĐĞĐŚĂƌŐĞƐ ĞĐƌĞĂƐĞ;ŝŶĐƌĞĂƐĞͿŝŶ͗ ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ KƚŚĞƌŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ DŽǀĞŵĞŶƚƐŝŶƚƌĞĂƐƵƌLJƐŚĂƌĞƐ WƵƌĐŚĂƐĞŽĨWĂƌĞŶƚŽŵƉĂŶLJƐŚĂƌĞƐŚĞůĚďLJĂ ƐƵďƐŝĚŝĂƌLJ EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďLJĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ

 EŽƚĞ         ϭϲ



 zĞĂƌƐŶĚĞĚĞĐĞŵďĞƌϯϭ ϮϬϭϳ ϮϬϭϲ

  W сϲ͕ϱϯϬ͕ϭϰϭ͕ϵϵϲ W сϮ͕ϭϱϳ͕ϳϴϰ͕ϭϵϲ   ;ϱ͕ϯϭϴ͕ϲϮϲ͕ϵϬϬͿ ;ϭ͕ϳϭϯ͕ϱϰϬ͕ϱϱϴͿ ;ϲϬϱ͕ϵϰϰ͕ϳϯϰͿ ;Ϯϯϭ͕ϲϭϯ͕ϵϬϮͿ   ϳϯ͕ϬϳϬ͕ϵϮϲ ϯϰ͕ϬϭϬ͕Ϯϯϴ ;ϲϵ͕ϲϵϬ͕ϱϰϮͿ ;Ϯ͕ϭϯϬ͕ϭϰϴͿ ϭϭ͕ϬϬϬ͕ϬϬϬ ;ϭϭ͕ϬϬϬ͕ϬϬϬͿ

ϮϬϭϱ

 W сϯ͕ϯϭϬ͕ϵϰϯ͕ϴϲϬ  ;Ϯ͕ϳϰϬ͕ϴϵϳ͕ϳϮϬͿ ;ϯϭϵ͕ϬϮϱ͕ϮϯϲͿ  Ϯϭ͕ϯϭϰ͕ϳϬϭ ;ϭϵ͕ϭϯϰ͕ϱϬϬͿ –

 

;ϲϯ͕Ϯϰϳ͕ϱϭϱͿ ϱϱϲ͕ϳϬϯ͕Ϯϯϭ

&&dK&&KZ/'Ey,E'Zd,E'^ KE^,E^,Yh/s>Ed^



;ϭ͕ϭϭϴ͕ϲϳϰͿ

;ϭ͕ϴϴϯ͕ϵϱϰͿ

ϳϵϵ͕ϱϲϴ

Ed/EZ^;Z^Ϳ/E^,E^, Yh/s>Ed^



;ϳϱϵ͕ϴϵϱ͕ϬϮϳͿ

;Ϯϴ͕ϭϱϬ͕ϯϲϲͿ

ϳϳ͕Ϭϳϳ͕ϴϮϭ

^,E^,Yh/s>Ed^d'/EE/E' K&zZ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ 

 ϱ ϴ 

 Ϯϱϲ͕ϭϰϱ͕ϳϰϵ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϵϳϲ͕ϲϳϭ͕ϯϭϱ

 ϰϱϯ͕ϳϮϯ͕ϰϳϲ ϱϱϭ͕Ϭϵϴ͕ϮϬϱ ϭ͕ϬϬϰ͕ϴϮϭ͕ϲϴϭ

 ϲϬϯ͕ϭϲϲ͕ϵϬϮ ϯϮϰ͕ϱϳϲ͕ϵϱϴ ϵϮϳ͕ϳϰϯ͕ϴϲϬ

^,E^,Yh/s>Ed^dEK&zZ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ  

 ϱ ϴ  

 Ϯϭϱ͕ϱϵϯ͕Ϭϰϯ ϭ͕ϭϴϯ͕Ϯϰϱ W сϮϭϲ͕ϳϳϲ͕Ϯϴϴ 

 Ϯϱϲ͕ϭϰϱ͕ϳϰϵ ϳϮϬ͕ϱϮϱ͕ϱϲϲ W сϵϳϲ͕ϲϳϭ͕ϯϭϱ 

 ϰϱϯ͕ϳϮϯ͕ϰϳϲ ϱϱϭ͕Ϭϵϴ͕ϮϬϱ W сϭ͕ϬϬϰ͕ϴϮϭ͕ϲϴϭ 

^ĞĞĂĐĐŽŵƉĂŶLJŝŶŐEŽƚĞƐƚŽŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘

82

ͲϮͲ  

– Ϯϯϯ͕ϱϬϵ͕ϴϮϲ

– Ϯϱϯ͕ϮϬϭ͕ϭϬϱ


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS >W,>EKZWKZd/KEE^h^//Z/^ EKd^dKKE^K>/d&/EE/>^ddDEd^

   ϭ͘ ŽƌƉŽƌĂƚĞDĂƚƚĞƌƐ

ŽƌƉŽƌĂƚĞ/ŶĨŽƌŵĂƚŝŽŶ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ ;>W, Žƌ WĂƌĞŶƚ ŽŵƉĂŶLJͿ ŝƐ Ă ŚŽůĚŝŶŐ ĐŽŵƉĂŶLJ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ĞĐƵƌŝƚŝĞƐ ĂŶĚ džĐŚĂŶŐĞ ŽŵŵŝƐƐŝŽŶ ;^Ϳ ŽŶ EŽǀĞŵďĞƌ ϭϵ͕ ϭϵϵϬ͘ dŚĞƉƌŝŶĐŝƉĂůďƵƐŝŶĞƐƐŽĨ>W,and its subsidiaries (collectively referred to as the “Group”)ŝƐƌĞĂů ƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞƌĞŐŝƐƚĞƌĞĚŽĨĨŝĐĞĂĚĚƌĞƐƐŽĨ>W,ŝƐůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͕ϳϮϯϮLJĂůĂǀĞ͘Ğdžƚ͘ĐŽƌ͘DĂůƵŐĂLJ ^ƚƌĞĞƚ͕DĂŬĂƚŝŝƚLJ͘ dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂŶĚĨŽƌĞĂĐŚŽĨƚŚĞƚŚƌĞĞ LJĞĂƌƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱǁĞƌĞĂƉƉƌŽǀĞĚĂŶĚĂƵƚŚŽƌŝnjĞĚĨŽƌŝƐƐƵĂŶĐĞďLJƚŚĞ džĞĐƵƚŝǀĞŽŵŵŝƚƚĞĞŽĨƚŚĞŽĂƌĚŽĨŝƌĞĐƚŽƌƐ;KͿŽŶ:ĂŶƵĂƌLJϭϵ͕ϮϬϭϴ͘ ALPHA’s Legal Subsidiaries as at ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ   ŽŵƉĂŶLJ ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ͕/ŶĐ͘ ;^d/Ϳ ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚZĞƐŽƌƚ ŽƌƉŽƌĂƚŝŽŶ;/ZͿ ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͕/ŶĐ͘ ;ĂͿ ;DW/Ϳ  ůƉŚĂůĂŶĚĂŐƵŝŽDŽƵŶƚĂŝŶ>ŽŐ  ,ŽŵĞƐ͕/ŶĐ͘;D>,/Ϳ ůƉŚĂůĂŶĚĂůĞƐŝŶ'ĂƚĞǁĂLJ͕/ŶĐ͘ ;'/Ϳ ůƉŚĂůĂŶĚZĞĐůĂŵĂƚŝŽŶ ŽƌƉŽƌĂƚŝŽŶ;ZͿ ϮϮϱϴůƵĞ,ŽůĚŝŶŐƐ͕/ŶĐ͘ ;ĂͿ ;ůƵĞ,ŽůĚŝŶŐƐͿ  ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞZĞƐƚĂƵƌĂŶƚƐ͕ ;ĂͿ /ŶĐ͘;^Z/Ϳ  ůƉŚĂůĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů͕/ŶĐ͘;//Ϳ ůƉŚĂůĂŶĚǀŝĂƚŝŽŶ͕/ŶĐ͘;/Ϳ ůƉŚĂůĂŶĚǀŝĂƚŝŽŶͲWĂŵƉĂŶŐĂ͕ ;ďͿ /ŶĐ͘;W/Ϳ  ĞŐůĞtĞůůŶĞƐƐĞŶƚĞƌ͕/ŶĐ͘;t/Ϳ ůƉŚĂůĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů͕/ŶĐ͘Ͳs/ ;ĨŽƌŵĞƌůLJŝŐŝƚĂůdžĐĞů ĞǀĞůŽƉŵĞŶƚ͕>ƚĚ͘Ϳ ůƉŚĂůĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů͕/ŶĐ͘Ͳ ^ĞLJĐŚĞůůĞƐ ^ƵƉĞƌĨĂĐĞŶƚĞƌƉƌŝƐĞƐ>ŝŵŝƚĞĚ ;ĐͿ ĞŐůĞƌƵŐƐƚŽƌĞ/ŶĐ͘;/Ϳ   ;&ŽƌǁĂƌĚͿ  

 WůĂĐĞŽĨ /ŶĐŽƌƉŽƌĂƚŝŽŶ

  EĂƚƵƌĞŽĨƵƐŝŶĞƐƐ

WĞƌĐĞŶƚĂŐĞŽĨ KǁŶĞƌƐŚŝƉ ϮϬϭϳ ϮϬϭϲ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂůƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂůƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂůƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂůƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂůƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

ZĞĂůƉƌŽƉĞƌƚLJĚĞǀĞůŽƉŵĞŶƚ

ϭϬϬ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ

,ŽůĚŝŶŐĐŽŵƉĂŶLJ

ϭϬϬ

ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ WŚŝůŝƉƉŝŶĞƐ WŚŝůŝƉƉŝŶĞƐ

ZĞƐƚĂƵƌĂŶƚŽƉĞƌĂƚŝŽŶƐ ,ŽůĚŝŶŐĐŽŵƉĂŶLJ ǀŝĂƚŝŽŶ

ϭϬϬ ϭϬϬ ϭϬϬ

ϭϬϬ ϭϬϬ ϭϬϬ

WŚŝůŝƉƉŝŶĞƐ WŚŝůŝƉƉŝŶĞƐ

ǀŝĂƚŝŽŶ tĞůůŶĞƐƐĐĞŶƚĞƌ

ϭϬϬ ϭϬϬ

ϭϬϬ ϭϬϬ

ƌŝƚŝƐŚsŝƌŐŝŶ /ƐůĂŶĚƐ

,ŽůĚŝŶŐĐŽŵƉĂŶLJ

ϭϬϬ

ϭϬϬ

^ĞLJĐŚĞůůĞƐ ,ŽŶŐŬŽŶŐ WŚŝůŝƉƉŝŶĞƐ

,ŽůĚŝŶŐĐŽŵƉĂŶLJ ,ŽůĚŝŶŐĐŽŵƉĂŶLJ WŚĂƌŵĂĐLJ

ϭϬϬ ϭϬϬ ϭϬϬ

ϭϬϬ ϭϬϬ –









83


  ŽŵƉĂŶLJ ŚŽŝĐĞ/ŶƐƵƌĂŶĐĞƌŽŬĞƌĂŐĞ͕/ŶĐ͘ ;ĚͿ ;//Ϳ ůƉŚĂĨŽƌĐĞ^ĞĐƵƌŝƚLJŐĞŶĐLJ͕/ŶĐ͘ ;ĞͿ ;^/Ϳ 

;ĂͿ dŚƌŽƵŐŚ^d/ ;ďͿ dŚƌŽƵŐŚ/͖ŝŶĐŽƌƉŽƌĂƚĞĚŝŶϮϬϭϲ ;ĚͿ ;ĐͿdŚƌŽƵŐŚDW/͖/ŶĐŽƌƉŽƌĂƚĞĚŝŶϮϬϭϳ ;ĚͿdŚƌŽƵŐŚůƵĞ,ŽůĚŝŶŐƐ ;ĞͿ ;ĞͿƐƐŽĐŝĂƚĞŝŶϮϬϭϲ

ͲϮͲ  

 WůĂĐĞŽĨ /ŶĐŽƌƉŽƌĂƚŝŽŶ

  EĂƚƵƌĞŽĨƵƐŝŶĞƐƐ

WĞƌĐĞŶƚĂŐĞŽĨ KǁŶĞƌƐŚŝƉ ϮϬϭϳ ϮϬϭϲ

WŚŝůŝƉƉŝŶĞƐ

/ŶƐƵƌĂŶĐĞďƌŽŬĞƌĂŐĞ

ϵϳ

ϳϬ

WŚŝůŝƉƉŝŶĞƐ

^ĞĐƵƌŝƚLJŐĞŶĐLJ

ϴϬ

ϰϬ









Ă͘ ^d/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂLJ Ϯϵ͕ ϮϬϬϳ ĂƐ ůƉŚĂůĂŶĚ ŽƌƉŽƌĂƚŝŽŶ͘ dŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ŝƚƐ corporate name to “Alphaland Development, Inc.” on December 28, 2009 and then to “ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ Tower, Inc.”ŽŶ KĐƚŽďĞƌϭϱ͕ϮϬϭϱ͘ ASTI’s primary purpose is to engage in real property acquisition and development. ASTI’s ŵĂŝŶ ƉƌŽƉĞƌƚLJŝƐĂϮϬͲƐƚŽƌĞLJŽĨĨŝĐĞƚŽǁĞƌďƵŝůĚŝŶŐǁŝƚŚĂƐŝdžͲƐƚŽƌĞLJƉŽĚŝƵŵƐŚŽƉƉŝŶŐŵĂůůŬŶŽǁŶĂƐ ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ;ƐĞĞEŽƚĞϭϭͿ͘ ď͘ /Z ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂLJ Ϯϲ͕ ϮϬϭϬ ƉƌŝŵĂƌŝůLJ ƚŽ ŝŶǀĞƐƚ ŝŶ͕ ƉƵƌĐŚĂƐĞ͕ Žƌ ŽƚŚĞƌǁŝƐĞ ĂĐƋƵŝƌĞ ĂŶĚ ŽǁŶ͕ ŚŽůĚ͕ ƵƐĞ͕ ƐĞůů͕ ĂƐƐŝŐŶ͕ ƚƌĂŶƐĨĞƌ͕ ŵŽƌƚŐĂŐĞ͕ ƉůĞĚŐĞ͕ ĂŶĚĞdžĐŚĂŶŐĞŽƌŽƚŚĞƌǁŝƐĞ ĚŝƐƉŽƐĞ͕ĂƐŵĂLJďĞ ƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ŽĨƌĞĂůĂŶĚƉĞƌƐŽŶĂů ƉƌŽƉĞƌƚLJŽĨĞǀĞƌLJŬŝŶĚĂŶĚĚĞƐĐƌŝƉƚŝŽŶ͘ /Z ŚĂƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŽĨ ůƉŚĂůĂŶĚ ĂůĞƐŝŶ /ƐůĂŶĚ ůƵď͕ /ŶĐ͘ ;//Ϳ ;ƐĞĞEŽƚĞϭϬͿ͘ Đ͘ DW/ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶDĂƌĐŚϲ͕ϭϵϵϭĂƐ^ŝůǀĞƌƚŽǁŶ WƌŽƉĞƌƚLJ ĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͘ KŶ &ĞďƌƵĂƌLJ Ϯϲ͕ ϮϬϭϬ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ change in corporate name to “Alphaland Makati Place, Inc.” AMPI’s primary purpose is to acquire by exchange of shares, purchase ĂŶĚ ůĞĂƐĞ Ă ƐƉĞĐŝĨŝĐ ƉƌŽƉĞƌƚLJĚĞƐĐƌŝďĞĚĂƐƚŚƌĞĞͲƐƚŽƌĞLJďƵŝůĚŝŶŐǁŝƚŚďĂƐĞŵĞŶƚŽĨƐƚƌŽŶŐŵĂƚĞƌŝĂůƐƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞ ǁĂƌĞŚŽƵƐĞ͕ ŽƚŚĞƌ ůĂŶĚ ŝŵƉƌŽǀĞŵĞŶƚƐ ĂŶĚ ŵĂĐŚŝŶĞƌLJ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĂƐ ǁĞůů ĂƐ ƚŚĞ ůĞĂƐĞŚŽůĚ ƌŝŐŚƚƐ ŽŶ ƚŚĞ ůĂŶĚ͕ ǁŚŝĐŚ ŝƐ ƐŝƚƵĂƚĞĚ Ăƚ LJĂůĂ ǀĞŶƵĞ ĐŽƌŶĞƌ DĂůƵŐĂLJ ^ƚƌĞĞƚ͕ DĂŬĂƚŝ͕ DĞƚƌŽ DĂŶŝůĂ͘ DW/ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ũŽŝŶƚ ǀĞŶƚƵƌĞ ǁŝƚŚ ŽLJ ^ĐŽƵƚƐ ŽĨ ƚŚĞ WŚŝůŝƉƉŝŶĞƐ ;^WͿ ƚŽ ĚĞǀĞůŽƉ ƚŚĞ DĂůƵŐĂLJ WƌŽƉĞƌƚLJ ŝŶƚŽ Ă ĨŝƌƐƚ ĐůĂƐƐ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ ŶŽǁ ŬŶŽǁŶ ĂƐ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ;ƐĞĞ EŽƚĞ ϰͿ͘  /ƚ ŝƐ Ă ŵŝdžĞĚͲƵƐĞ ƉƌŽƉĞƌƚLJ ĚĞǀĞůŽƉŵĞŶƚ ĐŽŶƐŝƐƚŝŶŐ ŽĨ ƚŚƌĞĞ ;ϯͿ ŚŝŐŚ ĞŶĚ ƌĞƐŝĚĞŶƚŝĂů ƚŽǁĞƌƐ ĂƚŽƉ ĂŶ ƵƉƐĐĂůĞ ƐŝdžͲƐƚŽƌĞLJ ƉŽĚŝƵŵ ǁŝƚŚ Ă ƐŚŽƉƉŝŶŐ ĐĞŶƚĞƌ ĂŶĚ Ă ŝƚLJ ůƵď͕ ŝŶĐůƵĚŝŶŐĂŽLJ^ĐŽƵƚŽŶǀĞŶƚŝŽŶĞŶƚĞƌ͘  DW/ ŚĂƐ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŽĨ dŚĞ ŝƚLJ ůƵď Ăƚ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͕ /ŶĐ͘ ;dDW/Ϳ;ƐĞĞEŽƚĞϭϬͿ͘

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Ě͘ D>,/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ :ĂŶƵĂƌLJ ϭϳ͕ ϮϬϭϯ ĂƐ ůƉŚĂůĂŶĚ ,ŽůĚŝŶŐƐ ŽŵƉĂŶLJ͕ /ŶĐ͘ KŶ ^ĞƉƚĞŵďĞƌ ϳ͕ ϮϬϭϲ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ change in corporate name to “Alphaland Baguio Mountain Log Homes, Inc.”. 


ͲϯͲ   ABMLHI’s primary purpose is to deal and engage in the real estate business in all its aspects; to ŚŽůĚ͕ ĚĞǀĞůŽƉ͕ ŵĂŶĂŐĞ͕ ĂĚŵŝŶŝƐƚĞƌ͕ ƐĞůů͕ ĐŽŶǀĞLJ͕ ĞŶĐƵŵďĞƌ͕ ƉƵƌĐŚĂƐĞ͕ ĂĐƋƵŝƌĞ͕ ƌĞŶƚ͕ Žƌ ŽƚŚĞƌǁŝƐĞ ĚĞĂů ŝŶ ĂŶĚ ĚŝƐƉŽƐĞ ŽĨ͕ ĨŽƌ ŝƚƐĞůĨ Žƌ ĨŽƌ ŽƚŚĞƌƐ͕ Ăůů ŬŝŶĚƐ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƉƌŽũĞĐƚƐ͕ ŝŶǀŽůǀŝŶŐĐŽŵŵĞƌĐŝĂů͕ŝŶĚƵƐƚƌŝĂů͕ƵƌďĂŶ͕ƌĞƐŝĚĞŶƚŝĂůŽƌŽƚŚĞƌŬŝŶĚƐŽĨƌĞĂůƉƌŽƉĞƌƚLJ͕ŝŵƉƌŽǀĞĚŽƌ ƵŶŝŵƉƌŽǀĞĚ͕ǁŝƚŚŽƌƚŽƐƵĐŚƉĞƌƐŽŶƐĂŶĚĞŶƚŝƚŝĞƐĂŶĚƵŶĚĞƌƐƵĐŚƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐĂƐŵĂLJ ďĞƉĞƌŵŝƚƚĞĚďLJůĂǁ͘ Ğ͘ '/ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶDĂLJϭϵ͕ϮϬϭϬĂƐŬůĂŶŽƌĂĐĂLJ WƌŽƉĞƌƚŝĞƐ͕/ŶĐ͘KŶKĐƚŽďĞƌϭϳ͕ϮϬϭϲ͕ƚŚĞWŚŝůŝƉƉŝŶĞ^ĂƉƉƌŽǀĞĚƚŚĞĐŚĂŶŐĞŝŶƚŚĞĐŽƌƉŽƌĂƚĞ ŶĂŵĞƚŽ“ůƉŚĂůĂŶĚĂůĞƐŝŶ'ĂƚĞǁĂLJ͕/ŶĐ͘”ABGI’s primary purposĞŝƐƚŽŝŶǀĞƐƚŝŶ͕ƉƵƌĐŚĂƐĞŽƌ ŽƚŚĞƌǁŝƐĞ ĂĐƋƵŝƌĞ ĂŶĚ ŽǁŶ͕ ŚŽůĚ͕ ƵƐĞ͕ ƐĞůů͕ ĂƐƐŝŐŶ͕ ƚƌĂŶƐĨĞƌ͕ ŵŽƌƚŐĂŐĞ͕ ƉůĞĚŐĞ͕ ĞdžĐŚĂŶŐĞ Žƌ ŽƚŚĞƌǁŝƐĞĚŝƐƉŽƐĞ͕ĂƐŵĂLJďĞƉĞƌŵŝƚƚĞĚďLJůĂǁ͕ŽĨƌĞĂůĂŶĚƉĞƌƐŽŶĂůƉƌŽƉĞƌƚLJŽĨĞǀĞƌLJŬŝŶĚĂŶĚ ĚĞƐĐƌŝƉƚŝŽŶ͘ Ĩ͘

Z ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ Ɖƌŝů ϱ͕ ϮϬϭϭ ƉƌŝŵĂƌŝůLJ ƚŽ ĞŶŐĂŐĞŝŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƌĞĐůĂŵĂƚŝŽŶƉƌŽũĞĐƚƐĂŶĚƚŽĐŽŶƚƌĂĐƚĨŽƌĂŶĚƉĞƌĨŽƌŵƌĞĐůĂŵĂƚŝŽŶ ǁŽƌŬƐ͘

Ő͘ ůƵĞ,ŽůĚŝŶŐƐǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶ^ĞƉƚĞŵďĞƌϭϳ͕ϮϬϭϮ ƉƌŝŵĂƌŝůLJ ƚŽƉƵƌĐŚĂƐĞ͕ŽǁŶĂŶĚŚŽůĚƚŚĞƐƚŽĐŬŽĨŽƚŚĞƌĐŽƌƉŽƌĂƚŝŽŶƐ͕ĂŶĚƚŽĚŽĞǀĞƌLJĂĐƚ ĂŶĚ thing covered generally by the denomination of “holding corporation,” especially to direct the ŽƉĞƌĂƚŝŽŶƐŽĨŽƚŚĞƌĐŽƌƉŽƌĂƚŝŽŶƐƚŚƌŽƵŐŚƚŚĞŽǁŶĞƌƐŚŝƉŽĨƐƚŽĐŬƚŚĞƌĞŝŶ͘ Ś͘ ^Z/ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶDĂƌĐŚϮϴ͕ϮϬϭϭĂƐůƉŚĂůĂŶĚ hŬŝLJŽ͕ /ŶĐ͘ KŶ ^ĞƉƚĞŵďĞƌ Ϯϳ͕ ϮϬϭϯ͕ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĐŽƌƉŽƌĂƚĞ name to “Alphaland Southgate Restaurants, Inc.”. /ƚƐƉƌŝŵĂƌLJƉƵƌƉŽƐĞŝƐƚŽĞƐƚĂďůŝƐŚ͕ŵĂŝŶƚĂŝŶ ĂŶĚŽƉĞƌĂƚĞƌĞƐƚĂƵƌĂŶƚƐ͕ĐŽĨĨĞĞƐŚŽƉƐ͕ƌĞĨƌĞƐŚŵĞŶƚƉĂƌůŽƌƐĂŶĚĐŽĐŬƚĂŝůůŽƵŶŐĞ͘ ŝ͘

// ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ :ĂŶƵĂƌLJ Ϯϵ͕ ϮϬϭϰ ƉƌŝŵĂƌŝůLJ ƚŽ ŵĂƌŬĞƚ ĂƐƐĞƚƐ͕ ŝŶĐůƵĚŝŶŐ ĐůƵď ƐŚĂƌĞƐ ĂŶĚ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŽĨ ƚŚĞ ůƉŚĂůĂŶĚ 'ƌŽƵƉ ŽĨ ŽŵƉĂŶŝĞƐŽƵƚƐŝĚĞƚŚĞWŚŝůŝƉƉŝŶĞŵĂƌŬĞƚ͘

ũ͘

/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ :ƵůLJ ϯϭ͕ ϮϬϭϮ ƉƌŝŵĂƌŝůLJ ƚŽ ĞŶŐĂŐĞŝŶĂǀŝĂƚŝŽŶŝŶĚƵƐƚƌLJĂŶĚŝƚƐƌĞůĂƚĞĚďƵƐŝŶĞƐƐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞƉƌŽǀŝƐŝŽŶ ŽĨ ŚĂŶŐĂƌĂŐĞ ĂŶĚ ŵŽŽƌĂŐĞ͕ ƉĂƌŬŝŶŐ ĂŶĚ ůĂŶĚŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŝƌĐƌĂĨƚ ŵĂŝŶƚĞŶĂŶĐĞ͕ ƐƵƉƉůLJ ŽĨ ƉĂƌƚƐ͕ŽŝůƐ͕ĂŶĚůƵďƌŝĐĂŶƚƐĂŶĚŽƚŚĞƌƌĞůĂƚĞĚďƵƐŝŶĞƐƐĞƐ͘

Ŭ͘ W/ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶĞĐĞŵďĞƌϱ͕ϮϬϭϲƉƌŝŵĂƌŝůLJƚŽ ĞŶŐĂŐĞŝŶĂǀŝĂƚŝŽŶŝŶĚƵƐƚƌLJĂŶĚŝƚƐƌĞůĂƚĞĚďƵƐŝŶĞƐƐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚůŝŵŝƚĞĚƚŽ͕ƚŚĞƉƌŽǀŝƐŝŽŶ ŽĨ ŚĂŶŐĂƌĂŐĞ ĂŶĚ ŵŽŽƌĂŐĞ͕ ƉĂƌŬŝŶŐ ĂŶĚ ůĂŶĚŝŶŐ ŽƉĞƌĂƚŝŽŶƐ͕ ĂŝƌĐƌĂĨƚ ŵĂŝŶƚĞŶĂŶĐĞ͕ ƐƵƉƉůLJ ŽĨ ƉĂƌƚƐ͕ŽŝůƐ͕ĂŶĚůƵďƌŝĐĂŶƚƐĂŶĚŽƚŚĞƌƌĞůĂƚĞĚďƵƐŝŶĞƐƐĞƐ͘ ů͘

t/ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶ^ĞƉƚĞŵďĞƌϮϴ͕ϮϬϭϱƉƌŝŵĂƌŝůLJ ƚŽ ƉƌŽǀŝĚĞ ĚŝĂŐŶŽƐƚŝĐ͕ ƚŚĞƌĂƉŚĞƵƚŝĐ ĂŶĚ ŶĂƚƵƌŽƉĂƚŚŝĐ ƐĞƌǀŝĐĞƐ ƵƐŝŶŐ ĨŽƌŵƵůĂƚĞĚ ŚĞƌďĂů ƐƵƉƉůĞŵĞŶƚƐĂŶĚŶĂƚƵƌĂůŚĞĂůƚŚƉƌŽĚƵĐƚƐĂŶĚƐĂůĞŽĨƐƵĐŚŚĞƌďĂůƐƵƉƉůĞŵĞŶƚƐ͘

ŵ͘ /ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶĞĐĞŵďĞƌϮϮ͕ϮϬϭϳƉƌŝŵĂƌŝůLJƚŽ ĞŶŐĂŐĞ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ ƌĞƚĂŝůŝŶŐ Žƌ ǁŚŽůĞƐĂůŝŶŐ ŽĨ ƉŚĂƌŵĂĐĞƵƚŝĐĂů ƉƌŽĚƵĐƚƐ͕ ŵĞĚŝĐŝŶĞƐ͕ ĨŽŽĚƐƚƵĨĨƐĂŶĚŐƌŽĐĞƌŝĞƐ͘

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ͲϰͲ   Ŷ͘ //ǁĂƐŝŶĐŽƌƉŽƌĂƚĞĚĂŶĚƌĞŐŝƐƚĞƌĞĚǁŝƚŚƚŚĞWŚŝůŝƉƉŝŶĞ^ŽŶEŽǀĞŵďĞƌϲ͕ϮϬϭϮƉƌŝŵĂƌŝůLJƚŽ ĞŶŐĂŐĞ͕ĐŽŶĚƵĐƚ͕ĐĂƌƌLJŽŶĂŶĚŵĂŝŶƚĂŝŶŝŶƐƵƌĂŶĐĞďƵƐŝŶĞƐƐ͕ƚŽĂĐƚĂƐĂďƌŽŬĞƌ͕ĂŶĚƚŽĚŽŽƚŚĞƌ ƌĞůĂƚĞĚĂĐƚŝǀŝƚŝĞƐ͘ ůƵĞ,ŽůĚŝŶŐƐŝŶŝƚŝĂůůLJƐƵďƐĐƌŝďĞĚƚŽϭϱ͕ϳϰϵ͕ϵϵϲĐŽŵŵŽŶƐŚĂƌĞƐŽĨ//ƌĞƉƌĞƐĞŶƚŝŶŐϳϬйŽĨŝƚƐ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ŝŶ EŽǀĞŵďĞƌ ϮϬϭϮ͘ /Ŷ KĐƚŽďĞƌ ϮϬϭϳ͕ ůƵĞ ,ŽůĚŝŶŐƐ ƉƵƌĐŚĂƐĞĚ ĂĚĚŝƚŝŽŶĂů ϲ͕ϬϬϬ͕ϬϬϬĐŽŵŵŽŶƐŚĂƌĞƐĨƌŽŵĂŶĞdžŝƐƚŝŶŐƐŚĂƌĞŚŽůĚĞƌĨŽƌWсϱ͘ϬŵŝůůŝŽŶƌĞƐƵůƚŝŶŐƚŽĂŶŝŶĐƌĞĂƐĞ ŝŶŽǁŶĞƌƐŚŝƉŽĨ//ƚŽϵϳй͘ Ž͘ ^/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂƌĐŚ ϭϴ͕ϮϬϭϭ ƉƌŝŵĂƌŝůLJ ƚŽ ĞŶŐĂŐĞŝŶƚŚĞďƵƐŝŶĞƐƐŽĨƉƌŽǀŝĚŝŶŐƐĞĐƵƌŝƚLJĂŶĚŝŶǀĞƐƚŝŐĂƚŝŽŶƐĞƌǀŝĐĞƐƚŽƉƌŝǀĂƚĞŝŶƐƚŝƚƵƚŝŽŶƐĂŶĚ ŐŽǀĞƌŶŵĞŶƚŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ >W,ŝŶŝƚŝĂůůLJƐƵďƐĐƌŝďĞĚƚŽϳϵ͕ϵϵϵĐŽŵŵŽŶƐŚĂƌĞƐŽĨ^/ƌĞƉƌĞƐĞŶƚŝŶŐϰϬйŽĨŝƚƐŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐŝŶDĂƌĐŚϮϬϭϭ͕ǁŚŝĐŚǁĂƐƚŚĞŶĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂŶĂƐƐŽĐŝĂƚĞ͘/ŶKĐƚŽďĞƌϮϬϭϳ͕>W, ƉƵƌĐŚĂƐĞĚ ĂĚĚŝƚŝŽŶĂů ϳϵ͕ϵϵϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ĨƌŽŵ ĂŶ ĞdžŝƐƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ĨŽƌWсϭϭ͘Ϯ ŵŝůůŝŽŶ ŝŶĐƌĞĂƐŝŶŐŝƚƐŽǁŶĞƌƐŚŝƉŽĨ^/ƚŽϴϬй;ƐĞĞEŽƚĞϵͿ͘ DĂũŽƌ^ŽƵƌĐĞƐŽĨ&ƵŶĚƐ dŚĞ'ƌŽƵƉŐĞŶĞƌĂƚĞƐĨƵŶĚƐƉƌŝŵĂƌŝůLJĨƌŽŵƐĂůĞŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐĂŶĚƉĂƌŬŝŶŐƐƉĂĐĞƐĂƚĂŐƵŝŽ ĂŶĚ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͘ ůƐŽ͕ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ĂŶĚ DĂůů ŽƉĞƌĂƚŝŽŶƐ ĐŽŶƚŝŶƵĞ ƚŽ ƉƌŽǀŝĚĞƌĞĐƵƌƌŝŶŐĐĂƐŚĨůŽǁƐ͘ dŚĞ 'ƌŽƵƉ ĂůƐŽ ŐĞŶĞƌĂƚĞƐ ĨƵŶĚƐ ƚŚƌŽƵŐŚ ƐĞĐŽŶĚĂƌLJ ƐĂůĞ ŽĨ ŵĞŵďĞƌƐŚŝƉ ƐŚĂƌĞƐ ŽĨ ƚŚĞ ĐŽŵƉůĞƚĞĚ ůƵďƉƌŽũĞĐƚƐ͕ŶĂŵĞůLJ͕ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚůƵďĂŶĚdŚĞŝƚLJůƵďĂƚůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͘ KŶ&ĞďƌƵĂƌLJϭϱ͕ϮϬϭϳ͕ƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͕//͕/Z͕DW/ĂŶĚ^d/ĞŶƚĞƌĞĚŝŶƚŽĂŶKŵŶŝďƵƐ >ŽĂŶ ĂŶĚ ^ĞĐƵƌŝƚLJ ŐƌĞĞŵĞŶƚ ;K>^Ϳ ǁŝƚŚ K hŶŝďĂŶŬ͕ /ŶĐ͘ ;KͿ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚLJ ŽĨ сϱ͕ϱϬϬ͘ϬŵŝůůŝŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨƚŚĞĨŽůůŽǁŝŶŐ: (a) refinancing the Group’s loans;ƐĞĞEŽƚĞϭϱͿ͖ W ĂŶĚ;ďͿĨŝŶĂŶĐĞŶĞǁƉƌŽũĞĐƚƐĂŶĚĨŽƌƚŚĞǁŽƌŬŝŶŐĐĂƉŝƚĂůŽĨƚŚĞ'ƌŽƵƉ͘dŚĞůŽĂŶĨĂĐŝůŝƚLJǁĂƐĨƵƌƚŚĞƌ ŝŶĐƌĞĂƐĞĚƚŽW сϲ͕ϳϮϲ͘ϬŵŝůůŝŽŶŝŶƚŚĞůĂƐƚƋƵĂƌƚĞƌŽĨϮϬϭϳ͘ KŶ&ĞďƌƵĂƌLJϯ͕ϮϬϭϳ͕W/ĞŶƚĞƌĞĚŝŶƚŽĂŶŵŽƌƚŝnjĞĚŽŵŵĞƌĐŝĂů>ŽĂŶ;>ͿĂŐƌĞĞŵĞŶƚǁŝƚŚK >ĞĂƐŝŶŐĂŶĚ&ŝŶĂŶĐĞ͕/ŶĐ͘ ;K>&/ͿĨŽƌĂůŽĂŶĨĂĐŝůŝƚLJŽĨW сϮϰϱ͘ϬŵŝůůŝŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĨŝŶĂŶĐŝŶŐ ƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨdZϳϮdƵƌďŽƉƌŽƉŝƌĐƌĂĨƚ͕D^Eϲϳϴ͘dŚŝƐůŽĂŶĨĂĐŝůŝƚLJǁĂƐƐƵďƐĞƋƵĞŶƚůLJŝŶĐƌĞĂƐĞĚ ƚŽW сϮϲϱ͘ϮŵŝůůŝŽŶŽŶKĐƚŽďĞƌϱ͕ϮϬϭϳ͘ KŶ DĂƌĐŚ ϰ͕ ϮϬϭϲ͕ / ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚLJ ŽĨ сWϯϬϵ͘ϬŵŝůůŝŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĨŝŶĂŶĐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨdZϳϮdƵƌďŽƉƌŽƉŝƌĐƌĂĨƚ͕D^Eϲϲϲ͘

  

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ĐƚƵĂů ůŽĂŶ ĂǀĂŝůŵĞŶƚƐ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂŵŽƵŶƚĞĚ ƚŽW сϲ͕ϱϯϬ͘ϭ ŵŝůůŝŽŶ ĂŶĚW сϮ͕ϭϱϳ͘ϴ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϱͿ͘ 


ͲϱͲ   Ϯ͘ ^ƵŵŵĂƌLJŽĨ^ŝŐŶŝĨŝĐĂŶƚĐĐŽƵŶƚŝŶŐWŽůŝĐŝĞƐ ĂƐŝƐŽĨWƌĞƉĂƌĂƚŝŽŶĂŶĚ^ƚĂƚĞŵĞŶƚŽĨŽŵƉůŝĂŶĐĞ dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĐŽŵƉůŝĂŶĐĞ ǁŝƚŚ WŚŝůŝƉƉŝŶĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;W&Z^Ϳ ŝƐƐƵĞĚ ďLJ ƚŚĞ WŚŝůŝƉƉŝŶĞ &ŝŶĂŶĐŝĂů ZĞƉŽƌƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ŽƵŶĐŝů ĂĚŽƉƚĞĚ ďLJ ƚŚĞ ^͕ ŝŶĐůƵĚŝŶŐ ^ ƉƌŽŶŽƵŶĐĞŵĞŶƚƐ͘  dŚŝƐ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĨƌĂŵĞǁŽƌŬ ŝŶĐůƵĚĞƐ W&Z^͕ WŚŝůŝƉƉŝŶĞ ĐĐŽƵŶƚŝŶŐ ^ƚĂŶĚĂƌĚƐ ;W^Ϳ͕ ĂŶĚ WŚŝůŝƉƉŝŶĞ /ŶƚĞƌƉƌĞƚĂƚŝŽŶƐ ĨƌŽŵ/ŶƚĞƌŶĂƚŝŽŶĂů&ŝŶĂŶĐŝĂůZĞƉŽƌƚŝŶŐ/ŶƚĞƌƉƌĞƚĂƚŝŽŶƐŽŵŵŝƚƚĞĞ;/&Z/Ϳ͘ DĞĂƐƵƌĞŵĞŶƚĂƐĞƐ The consolidated financial statements are presented in Philippine Peso, the Group’s functional ĐƵƌƌĞŶĐLJ͘ůůĂŵŽƵŶƚƐĂƌĞƌŽƵŶĚĞĚƚŽƚŚĞŶĞĂƌĞƐƚWĞƐŽƵŶůĞƐƐŽƚŚĞƌǁŝƐĞƐƚĂƚĞĚ͘  dŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚŽŶĂŚŝƐƚŽƌŝĐĂůĐŽƐƚďĂƐŝƐ͕ ĞdžĐĞƉƚ ĨŽƌ ĂǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ ;&^Ϳ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ĐƵƐƚŽŵĞƌ ĚĞƉŽƐŝƚƐ ĂŶĚ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ǁŚŝĐŚĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞĂŶĚĂŝƌĐƌĂĨƚƐpresented under “Property and equipment” ǁŚŝĐŚŝƐ ƐƚĂƚĞĚĂƚƌĞǀĂůƵĞĚĂŵŽƵŶƚ͘,ŝƐƚŽƌŝĐĂůĐŽƐƚŝƐŐĞŶĞƌĂůůLJďĂƐĞĚŽŶƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶ ŐŝǀĞŶŝŶĞdžĐŚĂŶŐĞŽĨĂƐƐĞƚƐ͘  &Ăŝƌ ǀĂůƵĞ ŝƐ ƚŚĞ ƉƌŝĐĞ ƚŚĂƚ ǁŽƵůĚ ďĞ ƌĞĐĞŝǀĞĚ ƚŽ ƐĞůů ĂŶ ĂƐƐĞƚ Žƌ ƉĂŝĚ ƚŽ ƚƌĂŶƐĨĞƌ Ă ůŝĂďŝůŝƚLJ ŝŶ ĂŶ ŽƌĚĞƌůLJƚƌĂŶƐĂĐƚŝŽŶďĞƚǁĞĞŶŵĂƌŬĞƚƉĂƌƚŝĐŝƉĂŶƚƐĂƚƚŚĞŵĞĂƐƵƌĞŵĞŶƚĚĂƚĞ͘  dŚĞ 'ƌŽƵƉƵƐĞƐŵĂƌŬĞƚŽďƐĞƌǀĂďůĞĚĂƚĂ ƚŽĂ ƉŽƐƐŝďůĞ ĞdžƚĞŶƚ ǁŚĞŶŵĞĂƐƵƌŝŶŐƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶ ĂƐƐĞƚŽƌĂůŝĂďŝůŝƚLJ͘&ĂŝƌǀĂůƵĞƐĂƌĞĐĂƚĞŐŽƌŝnjĞĚŝŶƚŽĚŝĨĨĞƌĞŶƚůĞǀĞůƐŝŶĂĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJďĂƐĞĚŽŶ ŝŶƉƵƚƐƵƐĞĚŝŶƚŚĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĂƐĨŽůůŽǁƐ͗ 

>ĞǀĞůϭͲYƵŽƚĞĚ;ƵŶĂĚũƵƐƚĞĚͿŵĂƌŬĞƚƉƌŝĐĞƐŝŶĂĐƚŝǀĞŵĂƌŬĞƚƐĨŽƌŝĚĞŶƚŝĐĂůĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐ͘

>ĞǀĞůϮͲsĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĨŽƌǁŚŝĐŚƚŚĞůŽǁĞƐƚůĞǀĞůŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚŝƐĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJŽďƐĞƌǀĂďůĞ͘

>ĞǀĞůϯͲsĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐĨŽƌǁŚŝĐŚƚŚĞůŽǁĞƐƚůĞǀĞůŝŶƉƵƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚƚŽƚŚĞĨĂŝƌǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚŝƐƵŶŽďƐĞƌǀĂďůĞ͘

/ĨƚŚĞŝŶƉƵƚƐƵƐĞĚƚŽŵĞĂƐƵƌĞƚŚĞĨĂŝƌǀĂůƵĞŽĨĂŶĂƐƐĞƚŽƌĂůŝĂďŝůŝƚLJŵŝŐŚƚďĞĐĂƚĞŐŽƌŝnjĞĚŝŶĚŝĨĨĞƌĞŶƚ ůĞǀĞůƐŽĨƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJ͕ƚŚĞŶƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚŝƐĐĂƚĞŐŽƌŝnjĞĚŝŶŝƚƐĞŶƚŝƌĞƚLJŝŶƚŚĞ ƐĂŵĞ ůĞǀĞů ŽĨ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŚŝĞƌĂƌĐŚLJ ĂƐ ƚŚĞ ůŽǁĞƐƚ ůĞǀĞů ŝŶƉƵƚ ƚŚĂƚ ŝƐ ƐŝŐŶŝĨŝĐĂŶƚ ƚŽ ƚŚĞ ĞŶƚŝƌĞ ŵĞĂƐƵƌĞŵĞŶƚ͘

 

dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝnjĞƐƚƌĂŶƐĨĞƌƐďĞƚǁĞĞŶůĞǀĞůƐŽĨƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJĂƚƚŚĞĞŶĚŽĨƚŚĞƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚĚƵƌŝŶŐǁŚŝĐŚƚŚĞĐŚĂŶŐĞŚĂƐŽĐĐƵƌƌĞĚ͘  &ƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂƐƐƵŵƉƚŝŽŶƐŵĂĚĞŝŶŵĞĂƐƵƌŝŶŐĨĂŝƌǀĂůƵĞƐŝƐŝŶĐůƵĚĞĚŝŶEŽƚĞƐϭϬ͕ ϭϭ͕ϭϮĂŶĚϮϰ͘ 

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ͲϲͲ  

ĚŽƉƚŝŽŶŽĨEĞǁĂŶĚŵĞŶĚĞĚW&Z^ dŚĞĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐĂĚŽƉƚĞĚĂƌĞĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚŽƐĞŽĨƚŚĞƉƌĞǀŝŽƵƐĨŝŶĂŶĐŝĂůLJĞĂƌ͕ĞdžĐĞƉƚĨŽƌ ƚŚĞĂĚŽƉƚŝŽŶŽĨƚŚĞĨŽůůŽǁŝŶŐŶĞǁĂŶĚĂŵĞŶĚĞĚW&Z^ǁŚŝĐŚƚŚĞ'ƌŽƵƉĂĚŽƉƚĞĚĞĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂů ƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϭϳ͗   ŵĞŶĚŵĞŶƚƐ ƚŽ W^ϳ͕ ^ƚĂƚĞŵĞŶƚ ŽĨ ĂƐŚ &ůŽǁƐ Ͳ ŝƐĐůŽƐƵƌĞ /ŶŝƚŝĂƚŝǀĞ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ƌĞƋƵŝƌĞĞŶƚŝƚŝĞƐƚŽƉƌŽǀŝĚĞŝŶĨŽƌŵĂƚŝŽŶƚŚĂƚĞŶĂďůĞƚŚĞƵƐĞƌƐŽĨĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐƚŽĞǀĂůƵĂƚĞ ĐŚĂŶŐĞƐŝŶůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ͘   ŵĞŶĚŵĞŶƚƐ ƚŽ W^ ϭϮ͕ /ŶĐŽŵĞ dĂdžĞƐ Ͳ ZĞĐŽŐŶŝƚŝŽŶ ŽĨ ĞĨĞƌƌĞĚ dĂdž ƐƐĞƚƐ ĨŽƌ hŶƌĞĂůŝnjĞĚ >ŽƐƐĞƐ–dŚĞĂŵĞŶĚŵĞŶƚƐĐůĂƌŝĨLJƚŚĞĂĐĐŽƵŶƚŝŶŐĨŽƌĚĞĨĞƌƌĞĚƚĂdžǁŚĞƌĞĂŶĂƐƐĞƚŝƐŵĞĂƐƵƌĞĚĂƚ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵe is below the asset’s tax base, ĂƐ ǁĞůů ĂƐ ĐĞƌƚĂŝŶ ŽƚŚĞƌ ĂƐƉĞĐƚƐ ŽĨ ĂĐĐŽƵŶƚŝŶŐĨŽƌĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͘   ŵĞŶĚŵĞŶƚƐƚŽW&Z^ϭϮ͕ŝƐĐůŽƐƵƌĞƐŽĨ/ŶƚĞƌĞƐƚƐŝŶKƚŚĞƌŶƚŝƚŝĞƐͲůĂƌŝĨŝĐĂƚŝŽŶŽĨƚŚĞ^ĐŽƉĞŽĨ ƚŚĞ^ƚĂŶĚĂƌĚ–dŚĞĂŵĞŶĚŵĞŶƚƐĂƌĞƉĂƌƚŽĨƚŚĞŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽW&Z^ϮϬϭϰͲϮϬϭϲLJĐůĞ ĂŶĚĐůĂƌŝĨLJƚŚĂƚƚŚĞĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐŝŶW&Z^ϭϮĂƉƉůLJƚŽŝŶƚĞƌĞƐƚƐŝŶĞŶƚŝƚŝĞƐǁŝƚŚŝŶƚŚĞ ƐĐŽƉĞ ŽĨ W&Z^ ϱ͕ EŽŶͲĐƵƌƌĞŶƚ ƐƐĞƚƐ ,ĞůĚ ĨŽƌ ^ĂůĞ ĂŶĚ ŝƐĐŽŶƚŝŶƵĞĚ KƉĞƌĂƚŝŽŶƐ͕ ĞdžĐĞƉƚ ĨŽƌ ƐƵŵŵĂƌŝnjĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶĨŽƌƚŚŽƐĞŝŶƚĞƌĞƐƚƐ͘ dŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ŶĞǁ ĂŶĚ ĂŵĞŶĚĞĚ W&Z^ ĚŝĚ ŶŽƚ ŚĂǀĞ ĂŶLJ ŵĂƚĞƌŝĂů ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ĚĚŝƚŝŽŶĂů ĚŝƐĐůŽƐƵƌĞƐ ŚĂǀĞ ďĞĞŶ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂƐĂƉƉůŝĐĂďůĞ͘

88

EĞǁĂŶĚŵĞŶĚĞĚW&Z^ŝŶ/ƐƐƵĞƵƚEŽƚzĞƚĨĨĞĐƚŝǀĞ ZĞůĞǀĂŶƚŶĞǁĂŶĚĂŵĞŶĚĞĚW&Z^ǁŚŝĐŚĂƌĞŶŽƚLJĞƚĞĨĨĞĐƚŝǀĞĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ ĂŶĚ ŚĂǀĞ ŶŽƚ ďĞĞŶ ĂƉƉůŝĞĚ ŝŶ ƉƌĞƉĂƌŝŶŐ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ƐƵŵŵĂƌŝnjĞĚ ďĞůŽǁ͘  ĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϭϴ͗   W&Z^ ϵ͕ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ – dŚŝƐ ƐƚĂŶĚĂƌĚ ǁŝůů ƌĞƉůĂĐĞ W^ϯϵ͕ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͗ ZĞĐŽŐŶŝƚŝŽŶ ĂŶĚ DĞĂƐƵƌĞŵĞŶƚ͕ ;ĂŶĚ Ăůů ƚŚĞ ƉƌĞǀŝŽƵƐ ǀĞƌƐŝŽŶƐ ŽĨ W&Z^ϵͿ͘ /ƚ ĐŽŶƚĂŝŶƐ ƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚŵĞĂƐƵƌĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ ŝŵƉĂŝƌŵĞŶƚ͕ŚĞĚŐĞĂĐĐŽƵŶƚŝŶŐ͕ƌĞĐŽŐŶŝƚŝŽŶĂŶĚĚĞƌĞĐŽŐŶŝƚŝŽŶ͘  o W&Z^ ϵ ƌĞƋƵŝƌĞƐ Ăůů ƌĞĐŽŐŶŝnjĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŽ ďĞ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĂŵŽƌƚŝnjĞĚ ĐŽƐƚ Žƌ ĨĂŝƌ ǀĂůƵĞ ;ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ Žƌ ƚŚƌŽƵŐŚ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞͿ͕ ĚĞƉĞŶĚŝŶŐŽŶƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶďLJƌĞĨĞƌĞŶĐĞƚŽƚŚĞďƵƐŝŶĞƐƐŵŽĚĞůǁŝƚŚŝŶǁŚŝĐŚƚŚĞƐĞĂƌĞ ŚĞůĚĂŶĚŝƚƐĐŽŶƚƌĂĐƚƵĂůĐĂƐŚĨůŽǁĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ͘    o &ŽƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐ͕ƚŚĞŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĞĨĨĞĐƚŽĨW&Z^ϵƌĞůĂƚĞƐƚŽĐĂƐĞƐǁŚĞƌĞƚŚĞĨĂŝƌ ǀĂůƵĞŽƉƚŝŽŶŝƐƚĂŬĞŶ͗ƚŚĞĂŵŽƵŶƚŽĨĐŚĂŶŐĞŝŶĨĂŝƌǀĂůƵĞŽĨĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJĚĞƐŝŐŶĂƚĞĚĂƐ Ăƚ ĨĂŝƌǀĂůƵĞ ƚŚƌŽƵŐŚ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ƚŚĂƚ ŝƐ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐƌĞĚŝƚ ƌŝƐŬ ŽĨ ƚŚĂƚ ůŝĂďŝůŝƚLJŝƐƌĞĐŽŐŶŝnjĞĚŝŶŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ƌĂƚŚĞƌƚŚĂŶŝŶƉƌŽĨŝƚŽƌůŽƐƐͿ͕ƵŶůĞƐƐ ƚŚŝƐĐƌĞĂƚĞƐĂŶĂĐĐŽƵŶƚŝŶŐŵŝƐŵĂƚĐŚ͘  o For the impairment of financial assets, PFRS 9 introduces an “expected credit loss” model ďĂƐĞĚŽŶƚŚĞĐŽŶĐĞƉƚŽĨƉƌŽǀŝĚŝŶŐĨŽƌĞdžƉĞĐƚĞĚůŽƐƐĞƐĂƚŝŶĐĞƉƚŝŽŶŽĨĂĐŽŶƚƌĂĐƚ͖ƌĞĐŽŐŶŝƚŝŽŶ ŽĨĂĐƌĞĚŝƚůŽƐƐƐŚŽƵůĚŶŽůŽŶŐĞƌǁĂŝƚĨŽƌƚŚĞƌĞƚŽďĞŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞŽĨŝŵƉĂŝƌŵĞŶƚ͘


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 

ͲϳͲ   &Žƌ ŚĞĚŐĞ ĂĐĐŽƵŶƚŝŶŐ͕ W&Z^ϵ ŝŶƚƌŽĚƵĐĞƐ Ă ƐƵďƐƚĂŶƚŝĂů ŽǀĞƌŚĂƵů ĂůůŽǁŝŶŐ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐƚŽďĞƚƚĞƌƌĞĨůĞĐƚŚŽǁƌŝƐŬŵĂŶĂŐĞŵĞŶƚĂĐƚŝǀŝƚŝĞƐĂƌĞƵŶĚĞƌƚĂŬĞŶǁŚĞŶŚĞĚŐŝŶŐ ĨŝŶĂŶĐŝĂůĂŶĚŶŽŶͲĨŝŶĂŶĐŝĂůƌŝƐŬĞdžƉŽƐƵƌĞƐ͘

 o dŚĞĚĞƌĞĐŽŐŶŝƚŝŽŶƉƌŽǀŝƐŝŽŶƐĂƌĞĐĂƌƌŝĞĚŽǀĞƌĂůŵŽƐƚƵŶĐŚĂŶŐĞĚĨƌŽŵW^ϯϵ͘  dŚĞ 'ƌŽƵƉ ŚĂƐ ƉĞƌĨŽƌŵĞĚ Ă ƉƌĞůŝŵŝŶĂƌLJ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ƚŚĞ ŝŵƉĂĐƚ ŽĨ W&Z^ ϵ ŽŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďĂƐĞĚ ŽŶ ĂŶ ĂŶĂůLJƐŝƐ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ƚŚĞ ĨĂĐƚƐ ĂŶĚ ĐŝƌĐƵŵƐƚĂŶĐĞƐƚŚĂƚĞdžŝƐƚĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘  o ƉĂƌƚ ĨƌŽŵ ĞƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚƐ ĐůĂƐƐŝĨŝĞĚ ĐƵƌƌĞŶƚůLJ ĂƐ &^ ĂŶĚ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌ ǀĂůƵĞ ƚŚƌŽƵŐŚŽƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƚŚĂƚƐŚŽƵůĚďĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚ ŽƌůŽƐƐƵŶĚĞƌW&Z^ϵ͕ĂůůŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐƐŚŽƵůĚĐŽŶƚŝŶƵĞƚŽďĞ ŵĞĂƐƵƌĞĚŽŶƚŚĞƐĂŵĞďĂƐĞƐĂƐĐƵƌƌĞŶƚůLJƵŶĚĞƌW^ϯϵ͘  o ŽŶĐĞƌŶŝŶŐ ŝŵƉĂŝƌŵĞŶƚ͕ ƚŚĞ 'ƌŽƵƉ ĞdžƉĞĐƚƐ ƚŽ ĂƉƉůLJ ƚŚĞ ƐŝŵƉůŝĨŝĞĚ ĂƉƉƌŽĂĐŚ ƚŽ ƌĞĐŽŐŶŝnjĞ lifetime expected credit loss for the Group’s trade and other receivables. Although the 'ƌŽƵƉŝƐĐƵƌƌĞŶƚůLJĂƐƐĞƐƐŝŶŐƚŚĞĞdžƚĞŶƚŽĨƚŚŝƐŝŵƉĂĐƚ͕ŝƚŝƐĂŶƚŝĐŝƉĂƚĞĚƚŚĂƚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨ ĞdžƉĞĐƚĞĚĐƌĞĚŝƚůŽƐƐŵŽĚĞůŽĨW&Z^ϵǁŝůůƌĞƐƵůƚŝŶĞĂƌůŝĞƌƌĞĐŽŐŶŝƚŝŽŶŽĨĐƌĞĚŝƚůŽƐƐĞƐ͘  ŵĞŶĚŵĞŶƚƐƚŽW&Z^Ϯ͕^ŚĂƌĞͲďĂƐĞĚWĂLJŵĞŶƚͲůĂƐƐŝĨŝĐĂƚŝŽŶĂŶĚDĞĂƐƵƌĞŵĞŶƚŽĨ^ŚĂƌĞͲďĂƐĞĚ WĂLJŵĞŶƚ dƌĂŶƐĂĐƚŝŽŶƐ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĐůĂƌŝĨLJ ƚŚĞ ĞĨĨĞĐƚƐ ŽĨ ǀĞƐƚŝŶŐ ĂŶĚ ŶŽŶͲǀĞƐƚŝŶŐ ĐŽŶĚŝƚŝŽŶƐ ŽŶ ƚŚĞ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ĐĂƐŚͲƐĞƚƚůĞĚ ƐŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐĨŽƌƐŚĂƌĞͲďĂƐĞĚƉĂLJŵĞŶƚƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚĂŶĞƚƐĞƚƚůĞŵĞŶƚĨĞĂƚƵƌĞĨŽƌǁŝƚŚŚŽůĚŝŶŐ ƚĂdž ŽďůŝŐĂƚŝŽŶƐ͕ ĂŶĚ ƚŚĞ ĞĨĨĞĐƚ ŽĨ Ă ŵŽĚŝĨŝĐĂƚŝŽŶ ƚŽ ƚŚĞ ƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶ ŽĨ Ă ƐŚĂƌĞͲďĂƐĞĚ ƉĂLJŵĞŶƚƚŚĂƚĐŚĂŶŐĞƐƚŚĞĐůĂƐƐŝĨŝĐĂƚŝŽŶŽĨƚŚĞƚƌĂŶƐĂĐƚŝŽŶĨƌŽŵĐĂƐŚͲƐĞƚƚůĞĚƚŽĞƋƵŝƚLJƐĞƚƚůĞĚ͘  W&Z^ ϭϱ͕ ZĞǀĞŶƵĞ ĨƌŽŵ ŽŶƚƌĂĐƚ ǁŝƚŚ ƵƐƚŽŵĞƌƐ – dŚĞ ŶĞǁ ƐƚĂŶĚĂƌĚ ƌĞƉůĂĐĞƐ W^ ϭϭ͕ ŽŶƐƚƌƵĐƚŝŽŶ ŽŶƚƌĂĐƚƐ͕ W^ ϭϴ͕ ZĞǀĞŶƵĞ ĂŶĚ ƌĞůĂƚĞĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘ /ƚ ĞƐƚĂďůŝƐŚĞƐ Ă ƐŝŶŐůĞ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ĨƌĂŵĞǁŽƌŬ ĨŽƌ ƌĞǀĞŶƵĞ ƌĞĐŽŐŶŝƚŝŽŶ ƚŽ ĂƉƉůLJ ĐŽŶƐŝƐƚĞŶƚůLJ ĂĐƌŽƐƐ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ŝŶĚƵƐƚƌŝĞƐĂŶĚĐĂƉŝƚĂůŵĂƌŬĞƚƐ͕ǁŝƚŚĂĐŽƌĞƉƌŝŶĐŝƉůĞ;ďĂƐĞĚŽŶĂĨŝǀĞͲƐƚĞƉŵŽĚĞůƚŽďĞĂƉƉůŝĞĚƚŽ Ăůů ĐŽŶƚƌĂĐƚƐ ǁŝƚŚ ĐƵƐƚŽŵĞƌƐͿ͕ ĞŶŚĂŶĐĞĚ ĚŝƐĐůŽƐƵƌĞƐ͕ ĂŶĚ ŶĞǁ Žƌ ŝŵƉƌŽǀĞĚ ŐƵŝĚĂŶĐĞ ;Ğ͘Ő͘ ƚŚĞ ƉŽŝŶƚ Ăƚ ǁŚŝĐŚ ƌĞǀĞŶƵĞ ŝƐƌĞĐŽŐŶŝnjĞĚ͕ ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ǀĂƌŝĂďůĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ ĐŽƐƚƐŽĨ ĨƵůĨŝůůŝŶŐ ĂŶĚŽďƚĂŝŶŝŶŐĂĐŽŶƚƌĂĐƚ͕ĞƚĐ͘Ϳ͘  ĂƐĞĚŽŶƚŚĞĐƵƌƌĞŶƚĂĐĐŽƵŶƚŝŶŐƚƌĞĂƚŵĞŶƚŽĨƚŚĞ'ƌŽƵƉ’sŵĂũŽƌƐŽƵƌĐĞƐŽĨƌĞǀĞŶƵĞ͕ƚŚĞ'ƌŽƵƉ ĚŽĞƐŶŽƚĂŶƚŝĐŝƉĂƚĞƚŚĂƚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨW&Z^ϭϱǁŝůůŚĂǀĞĂƐŝŐŶŝĨŝĐĂŶƚŝŵƉĂĐƚŽŶŝƚƐĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶĂŶĚͬŽƌĨŝŶĂŶĐŝĂůƉĞƌĨŽƌŵĂŶĐĞ͕ĂƉĂƌƚĨƌŽŵƉƌŽǀŝĚŝŶŐŵŽƌĞĞdžƚĞŶƐŝǀĞĚŝƐĐůŽƐƵƌĞƐŽŶƚŚĞ 'ƌŽƵƉ’s revenue transactiŽŶƐ͘,ŽǁĞǀĞƌ͕ĂƐƚŚĞ'ƌŽƵƉŝƐƐƚŝůůŝŶƚŚĞƉƌŽĐĞƐƐŽĨĂƐƐĞƐƐŝŶŐƚŚĞĨƵůů ŝŵƉĂĐƚŽĨƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨW&Z^ϭϱŽŶƚŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ŝƚŝƐŶŽƚƉƌĂĐƚŝĐĂďůĞƚŽƉƌŽǀŝĚĞ ĂƌĞĂƐŽŶĂďůĞĨŝŶĂŶĐŝĂůĞƐƚŝŵĂƚĞŽĨƚŚĞĞĨĨĞĐƚƵŶƚŝůƚŚĞ'ƌŽƵƉĐŽŵƉůĞƚĞƚŚĞĚĞƚĂŝůĞĚƌĞǀŝĞǁ͘  ŵĞŶĚŵĞŶƚƚŽW&Z^ϭϱ͕ZĞǀĞŶƵĞĨƌŽŵŽŶƚƌĂĐƚǁŝƚŚƵƐƚŽŵĞƌƐͲůĂƌŝĨŝĐĂƚŝŽŶƚŽW&Z^ϭϱ–dŚĞ ĂŵĞŶĚŵĞŶƚƐ ƉƌŽǀŝĚĞ ĐůĂƌŝĨŝĐĂƚŝŽŶƐ ŽŶ ƚŚĞ ĨŽůůŽǁŝŶŐ ƚŽƉŝĐƐ͗ ;ĂͿ ŝĚĞŶƚŝĨLJŝŶŐ ƉĞƌĨŽƌŵĂŶĐĞ ŽďůŝŐĂƚŝŽŶƐ͖ ;ďͿ ƉƌŝŶĐŝƉĂů ǀĞƌƐƵƐ ĂŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͖ ĂŶĚ ;ĐͿ ůŝĐĞŶƐŝŶŐ͘ dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĂůƐŽ ƉƌŽǀŝĚĞƐŽŵĞƚƌĂŶƐŝƚŝŽŶƌĞůŝĞĨĨŽƌŵŽĚŝĨŝĞĚĐŽŶƚƌĂĐƚƐĂŶĚĐŽŵƉůĞƚĞĚĐŽŶƚƌĂĐƚƐ͘ ŵĞŶĚŵĞŶƚƐƚŽW^Ϯϴ͕/ŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐĂŶĚ:ŽŝŶƚsĞŶƚƵƌĞƐͲDĞĂƐƵƌŝŶŐĂŶƐƐŽĐŝĂƚĞ Žƌ:ŽŝŶƚsĞŶƚƵƌĞĂƚ&ĂŝƌsĂůƵĞ–dŚĞĂŵĞŶĚŵĞŶƚƐĂƌĞƉĂƌƚŽĨƚŚĞŶŶƵĂů/ŵƉƌŽǀĞŵĞŶƚƐƚŽW&Z^ ϮϬϭϰͲϮϬϭϲLJĐůĞĂŶĚĐůĂƌŝĨLJƚŚĂƚƚŚĞĞůĞĐƚŝŽŶƚŽŵĞĂƐƵƌĞĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂŶ

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ͲϴͲ   ŝŶǀĞƐƚŵĞŶƚŝŶĂŶĂƐƐŽĐŝĂƚĞŽƌĂũŽŝŶƚǀĞŶƚƵƌĞƚŚĂƚŝƐŚĞůĚďLJĂŶĞŶƚŝƚLJƚŚĂƚŝƐĂǀĞŶƚƵƌĞĐĂƉŝƚĂů ŽƌŐĂŶŝnjĂƚŝŽŶ͕ŵƵƚƵĂůĨƵŶĚ͕ƵŶŝƚƚƌƵƐƚŽƌŽƚŚĞƌƋƵĂůŝĨLJŝŶŐĞŶƚŝƚLJ͕ŝƐĂǀĂŝůĂďůĞĨŽƌĞĂĐŚŝŶǀĞƐƚŵĞŶƚ ŝŶĂŶĂƐƐŽĐŝĂƚĞŽƌũŽŝŶƚǀĞŶƚƵƌĞŽŶĂŶŝŶǀĞƐƚŵĞŶƚͲďLJͲŝŶǀĞƐƚŵĞŶƚďĂƐŝƐ͕ƵƉŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͘ 

ŵĞŶĚŵĞŶƚƐ ƚŽ W^ ϰϬ͕ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚLJ Ͳ dƌĂŶƐĨĞƌƐ ŽĨ /ŶǀĞƐƚŵĞŶƚ WƌŽƉĞƌƚLJ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĐůĂƌŝĨLJ ƚŚĂƚ ƚƌĂŶƐĨĞƌƐ ƚŽ͕ Žƌ ĨƌŽŵ͕ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ ;ŝŶĐůƵĚŝŶŐ ĂƐƐĞƚƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚͿƐŚŽƵůĚďĞŵĂĚĞǁŚĞŶ͕ĂŶĚŽŶůLJǁŚĞŶ͕ƚŚĞƌĞŝƐĞǀŝĚĞŶĐĞƚŚĂƚĂ ĐŚĂŶŐĞŝŶƵƐĞŽĨĂƉƌŽƉĞƌƚLJŚĂƐŽĐĐƵƌƌĞĚ͘

WŚŝůŝƉƉŝŶĞ /ŶƚĞƌƉƌĞƚĂƚŝŽŶ ĨƌŽŵ /&Z/ ϮϮ͕ &ŽƌĞŝŐŶ ƵƌƌĞŶĐLJ dƌĂŶƐĂĐƚŝŽŶƐ ĂŶĚ ĚǀĂŶĐĞ ŽŶƐŝĚĞƌĂƚŝŽŶ–dŚĞŝŶƚĞƌƉƌĞƚĂƚŝŽŶƉƌŽǀŝĚĞƐŐƵŝĚĂŶĐĞĐůĂƌŝĨLJŝŶŐƚŚĂƚƚŚĞĞdžĐŚĂŶŐĞƌĂƚĞƚŽƵƐĞŝŶ ƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚŝŶǀŽůǀĞĂĚǀĂŶĐĞĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚŽƌƌĞĐĞŝǀĞĚŝŶĂĨŽƌĞŝŐŶĐƵƌƌĞŶĐLJŝƐƚŚĞŽŶĞ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ƚŚĞ ŶŽŶͲŵŽŶĞƚĂƌLJ ƉƌĞƉĂLJŵĞŶƚ ĂƐƐĞƚ Žƌ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ůŝĂďŝůŝƚLJ͘  ĨĨĞĐƚŝǀĞĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϭϵ͗   W&Z^ϭϲ͕ >ĞĂƐĞƐ – dŚŝƐ ƐƚĂŶĚĂƌĚ ƌĞƉůĂĐĞƐ W^ ϭϳ͕ >ĞĂƐĞƐ͕ ĂŶĚ ŝƚƐ ƌĞůĂƚĞĚ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƐ͘ dŚĞ ŵŽƐƚƐŝŐŶŝĨŝĐĂŶƚĐŚĂŶŐĞŝŶƚƌŽĚƵĐĞĚďLJƚŚĞŶĞǁƐƚĂŶĚĂƌĚŝƐƚŚĂƚĂůŵŽƐƚĂůůůĞĂƐĞƐǁŝůůďĞďƌŽƵŐŚƚ onto lessees’ statement of financial position under a single model (except leases of less than  ϭϮŵŽŶƚŚƐ ĂŶĚ ůĞĂƐĞƐ ŽĨ ůŽǁͲǀĂůƵĞ ĂƐƐĞƚƐͿ͕ ĞůŝŵŝŶĂƚŝŶŐ ƚŚĞ ĚŝƐƚŝŶĐƚŝŽŶ ďĞƚǁĞĞŶ ŽƉĞƌĂƚŝŶŐ ĂŶĚ ĨŝŶĂŶĐĞ ůĞĂƐĞƐ͘ >ĞƐƐŽƌ ĂĐĐŽƵŶƚŝŶŐ͕ ŚŽǁĞǀĞƌ͕ ƌĞŵĂŝŶƐ ůĂƌŐĞůLJ ƵŶĐŚĂŶŐĞĚ ĂŶĚ ƚŚĞ ĚŝƐƚŝŶĐƚŝŽŶ ďĞƚǁĞĞŶŽƉĞƌĂƚŝŶŐĂŶĚĨŝŶĂŶĐĞůĞĂƐĞŝƐƌĞƚĂŝŶĞĚ͘

WŚŝůŝƉƉŝŶĞ /ŶƚĞƌƉƌĞƚĂƚŝŽŶ ĨƌŽŵ /&Z/ Ϯϯ͕ hŶĐĞƌƚĂŝŶƚLJ KǀĞƌ /ŶĐŽŵĞ dĂdž dƌĞĂƚŵĞŶƚƐ – dŚĞ ŝŶƚĞƌƉƌĞƚĂƚŝŽŶƉƌŽǀŝĚĞƐŐƵŝĚĂŶĐĞŽŶŚŽǁƚŽƌĞĨůĞĐƚƚŚĞĞĨĨĞĐƚƐŽĨƵŶĐĞƌƚĂŝŶƚLJŝŶĂĐĐŽƵŶƚŝŶŐĨŽƌ ŝŶĐŽŵĞ ƚĂdžĞƐ ƵŶĚĞƌ W^ ϭϮ͕ /ŶĐŽŵĞ dĂdžĞƐ͕ ŝŶ ƉĂƌƚŝĐƵůĂƌ ;ŝͿ ǁŚĞƚŚĞƌ ƵŶĐĞƌƚĂŝŶ ƚĂdž ƚƌĞĂƚŵĞŶƚƐ ƐŚŽƵůĚ ďĞ ĐŽŶƐŝĚĞƌĞĚ ƐĞƉĂƌĂƚĞůLJ͕ ;ŝŝͿ ĂƐƐƵŵƉƚŝŽŶƐ ĨŽƌ ƚĂdžĂƚŝŽŶ ĂƵƚŚŽrities’ examinations, (iii) ĚĞƚĞƌŵŝŶĂƚŝŽŶŽĨƚĂdžĂďůĞƉƌŽĨŝƚ;ƚĂdž ůŽƐƐͿ͕ƚĂdžďĂƐĞƐ͕ƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ͕ƵŶƵƐĞĚ ƚĂdžĐƌĞĚŝƚƐĂŶĚ ƚĂdžƌĂƚĞƐ͕ĂŶĚ;ŝǀͿĞĨĨĞĐƚŽĨĐŚĂŶŐĞƐŝŶĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ 





90

ĞĨĞƌƌĞĚĞĨĨĞĐƚŝǀŝƚLJͲ 

ŵĞŶĚŵĞŶƚ ƚŽ W&Z^ ϭϬ͕ ŽŶƐŽůŝĚĂƚĞĚ &ŝŶĂŶĐŝĂů ^ƚĂƚĞŵĞŶƚƐ ĂŶĚ W^ Ϯϴ͕ /ŶǀĞƐƚŵĞŶƚƐ ŝŶ ƐƐŽĐŝĂƚĞƐ ĂŶĚ :ŽŝŶƚ sĞŶƚƵƌĞƐ Ͳ ^ĂůĞ Žƌ ŽŶƚƌŝďƵƚŝŽŶ ŽĨ ƐƐĞƚƐ ĞƚǁĞĞŶ ĂŶ /ŶǀĞƐƚŽƌ ĂŶĚ ŝƚƐ ƐƐŽĐŝĂƚĞ Žƌ :ŽŝŶƚ sĞŶƚƵƌĞ – dŚĞ ĂŵĞŶĚŵĞŶƚƐ ĂĚĚƌĞƐƐ Ă ĐƵƌƌĞŶƚ ĐŽŶĨůŝĐƚ ďĞƚǁĞĞŶ ƚŚĞ ƚǁŽ ƐƚĂŶĚĂƌĚƐĂŶĚĐůĂƌŝĨLJƚŚĂƚĂŐĂŝŶŽƌůŽƐƐƐŚŽƵůĚďĞƌĞĐŽŐŶŝnjĞĚĨƵůůLJǁŚĞŶƚŚĞƚƌĂŶƐĂĐƚŝŽŶŝŶǀŽůǀĞƐ ĂďƵƐŝŶĞƐƐ͕ĂŶĚƉĂƌƚŝĂůůLJŝĨŝƚŝŶǀŽůǀĞƐĂƐƐĞƚƐƚŚĂƚĚŽŶŽƚĐŽŶƐƚŝƚƵƚĞĂďƵƐŝŶĞƐƐ͘dŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞ ŽĨƚŚĞĂŵĞŶĚŵĞŶƚƐ͕ŝŶŝƚŝĂůůLJƐĞƚĨŽƌĂŶŶƵĂůƉĞƌŝŽĚƐďĞŐŝŶŶŝŶŐŽŶŽƌĂĨƚĞƌ:ĂŶƵĂƌLJϭ͕ϮϬϭϲ͕ǁĂƐ ĚĞĨĞƌƌĞĚŝŶĚĞĨŝŶŝƚĞůLJŝŶĞĐĞŵďĞƌϮϬϭϱďƵƚĞĂƌůŝĞƌĂƉƉůŝĐĂƚŝŽŶŝƐƐƚŝůůƉĞƌŵŝƚƚĞĚ͘

 hŶĚĞƌ ƉƌĞǀĂŝůŝŶŐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ ƚŚĞ ĂĚŽƉƚŝŽŶ ŽĨ ƚŚĞ ĨŽƌĞŐŽŝŶŐ ŶĞǁ ĂŶĚ ĂŵĞŶĚĞĚ W&Z^ ŝƐ ŶŽƚ ĞdžƉĞĐƚĞĚƚŽŚĂǀĞĂŶLJŵĂƚĞƌŝĂůĞĨĨĞĐƚŽŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĞdžĐĞƉƚ ĨŽƌ W&Z^ ϵ ĂŶĚ W&Z^ ϭϱ ĂƐ ĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ͘  ĚĚŝƚŝŽŶĂů ĚŝƐĐůŽƐƵƌĞƐ ǁŝůů ďĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͕ĂƐĂƉƉůŝĐĂďůĞ͘ 


ͲϵͲ  

ĂƐŝƐŽĨŽŶƐŽůŝĚĂƚŝŽŶ  ^ƵďƐŝĚŝĂƌŝĞƐͲ^ƵďƐŝĚŝĂƌŝĞƐĂƌĞĞŶƚŝƚŝĞƐĐŽŶƚƌŽůůĞĚďLJƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͘dŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐŝŶĐůƵĚĞƚŚĞĂĐĐŽƵŶƚƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJĂŶĚŝƚƐƐƵďƐŝĚŝĂƌŝĞƐ͘dŚĞWĂƌĞŶƚŽŵƉĂŶLJ ŚĂƐĐŽŶƚƌŽůǁŚĞŶŝƚŝƐĞdžƉŽƐĞĚ͕ŽƌŚĂƐƌŝŐŚƚ͕ƚŽǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀĞƐƚŵĞŶƚǁŝƚŚƚŚĞŝŶǀĞƐƚĞĞ ĂŶĚŝƚŚĂƐƚŚĞĂďŝůŝƚLJƚŽĂĨĨĞĐƚƚŚŽƐĞƌĞƚƵƌŶƐƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌƐŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͘ ^ƵďƐŝĚŝĂƌŝĞƐĂƌĞĐŽŶƐŽůŝĚĂƚĞĚĨƌŽŵƚŚĞĚĂƚĞŽĨĂĐƋƵŝƐŝƚŝŽŶŽƌŝŶĐŽƌƉŽƌĂƚŝŽŶ͕ďĞŝŶŐƚŚĞĚĂƚĞŽŶǁŚŝĐŚ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶLJ ŽďƚĂŝŶƐ ĐŽŶƚƌŽů͕ ĂŶĚ ĐŽŶƚŝŶƵĞ ƚŽ ďĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƵŶƚŝů ƚŚĞ ĚĂƚĞ ƐƵĐŚ ĐŽŶƚƌŽů ĐĞĂƐĞƐ͘ƐƐĞƚƐ͕ůŝĂďŝůŝƚŝĞƐ͕ŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐŽĨĂƐƵďƐŝĚŝĂƌLJĂĐƋƵŝƌĞĚŽƌĚŝƐƉŽƐĞĚŽĨĚƵƌŝŶŐƚŚĞ LJĞĂƌ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĨƌŽŵ ƚŚĞ ĚĂƚĞ ƚŚĞ 'ƌŽƵƉ ŐĂŝŶƐ ĐŽŶƚƌŽů ƵŶƚŝůƚŚĞĚĂƚĞƚŚĞ'ƌŽƵƉĐĞĂƐĞƐƚŽĐŽŶƚƌŽůƚŚĞƐƵďƐŝĚŝĂƌLJ͘ dŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌŝĞƐ ĂƌĞ ƉƌĞƉĂƌĞĚ ĨŽƌ ƚŚĞ ƐĂŵĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĂƐ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶLJ͕ ƵƐŝŶŐ ĐŽŶƐŝƐƚĞŶƚ ĂĐĐŽƵŶƚŝŶŐ ƉŽůŝĐŝĞƐ͘  ůů ŝŶƚƌĂͲŐƌŽƵƉ ďĂůĂŶĐĞƐ͕ ƚƌĂŶƐĂĐƚŝŽŶƐ͕ ƵŶƌĞĂůŝnjĞĚŐĂŝŶƐĂŶĚůŽƐƐĞƐƌĞƐƵůƚŝŶŐĨƌŽŵŝŶƚƌĂͲŐƌŽƵƉƚƌĂŶƐĂĐƚŝŽŶƐĂŶĚĚŝǀŝĚĞŶĚƐĂƌĞĞůŝŵŝŶĂƚĞĚŝŶ ĨƵůů͘  ŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐŽŶƚƌŽůůŝŶŐ ĞƋƵŝƚLJ ŽǁŶĞƌƐŚŝƉ ;ŝ͘Ğ͕͘ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ŶŽŶͲĐŽŶƚƌŽůůŝŶŐ ŝŶƚĞƌĞƐƚ ΀E/΁ Žƌ ƉĂƌƚŝĂůĚŝƐƉŽƐĂůŽĨŝŶƚĞƌĞƐƚŽǀĞƌĂƐƵďƐŝĚŝĂƌLJͿƚŚĂƚĚŽŶŽƚƌĞƐƵůƚŝŶĂůŽƐƐŽĨĐŽŶƚƌŽůĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌ ĂƐĞƋuity transactions and presented as “Excess of acquisitiŽŶƉƌŝĐĞŽǀĞƌ ĂĐƋƵŝƌĞĚŝŶƚĞƌĞƐƚ” ƵŶĚĞƌ “Additional paidͲŝŶĐapital”. tŚĞŶƚŚĞWĂƌĞŶƚŽŵƉĂŶLJŚĂƐůĞƐƐƚŚĂŶĂŵĂũŽƌŝƚLJŽĨƚŚĞǀŽƚŝŶŐŽƌƐŝŵŝůĂƌƌŝŐŚƚƐŽĨĂŶŝŶǀĞƐƚĞĞŝƚ ŚĂƐƉŽǁĞƌŽǀĞƌƚŚĞ ŝŶǀĞƐƚĞĞǁŚĞŶ ƚŚĞǀŽƚŝŶŐƌŝŐŚƚƐĂƌĞƐƵĨĨŝĐŝĞŶƚ ƚŽŐŝǀĞŝƚƚŚĞƉƌĂĐƚŝĐĂůĂďŝůŝƚLJƚŽ ĚŝƌĞĐƚƚŚĞƌĞůĞǀĂŶƚĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞŝŶǀĞƐƚĞĞƵŶŝůĂƚĞƌĂůůLJ͘dŚĞWĂƌĞŶƚŽŵƉĂŶLJĐŽŶƐŝĚĞƌƐĂůůƌĞůĞǀĂŶƚ ĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐŝŶĂƐƐĞƐƐŝŶŐǁŚĞƚŚĞƌŝƚŚĂƐƉŽǁĞƌŽǀĞƌĂŶŝŶǀĞƐƚĞĞ͕ŝŶĐůƵĚŝŶŐ͗    

The size of the Parent Company’s holding of voting rights relative to the size and dispersion of ŚŽůĚŝŶŐƐŽĨƚŚĞŽƚŚĞƌǀŽƚĞŚŽůĚĞƌƐ͖  dŚĞĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚǁŝƚŚƚŚĞŽƚŚĞƌǀŽƚĞŚŽůĚĞƌƐŽĨƚŚĞŝŶǀĞƐƚĞĞ͖  ZŝŐŚƚƐĂƌŝƐŝŶŐĨƌŽŵŽƚŚĞƌĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚƐ͖Žƌ  The Parent Company’s voting rights and potential voting rights.

dŚĞWĂƌĞŶƚ ŽŵƉĂŶLJƌĞͲĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌŽƌŶŽƚŝƚĐŽŶƚƌŽůƐĂŶŝŶǀĞƐƚĞĞŝĨĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞĂƌĞĐŚĂŶŐĞƐƚŽĞůĞŵĞŶƚƐĞǀŝĚĞŶĐŝŶŐĐŽŶƚƌŽů͘ E/ƌĞƉƌĞƐĞŶƚƚŚĞƉŽƌƚŝŽŶŽĨŶĞƚƌĞƐƵůƚƐĂŶĚŶĞƚĂƐƐĞƚƐŶŽƚŚĞůĚďLJƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͘dŚĞƐĞĂƌĞ ƉƌĞƐĞŶƚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ǁŝƚŚŝŶ ĞƋƵŝƚLJ͕ ĂƉĂƌƚ ĨƌŽŵ ĞƋƵŝƚLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ĞƋƵŝƚLJ ŚŽůĚĞƌƐ ŽĨ ƚŚĞ ƉĂƌĞŶƚ ĂŶĚ ĂƌĞ ƐĞƉĂƌĂƚĞůLJ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘E/ƉĞƌƚĂŝŶƐƚŽƚŚĞĞƋƵŝƚLJŝŶƚĞƌĞƐƚŝŶ//ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ ϮϬϭϳĂŶĚϮϬϭϲĂŶĚ^/ĨŽƌƚŚĞƚǁŽŵŽŶƚŚƐĞŶĚĞĚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘ 

>ŽƐƐĞƐǁŝƚŚŝŶĂƐƵďƐŝĚŝĂƌLJĂƌĞĂƚƚƌŝďƵƚĞĚƚŽƚŚĞE/ĞǀĞŶŝĨƚŚĂƚƌĞƐƵůƚƐŝŶĂĚĞĨŝĐŝƚďĂůĂŶĐĞ͘ 

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ͲϭϬͲ   /ĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJůŽƐĞƐĐŽŶƚƌŽůŽǀĞƌĂƐƵďƐŝĚŝĂƌLJ͕ŝƚ͗ 

ĞƌĞĐŽŐŶŝnjĞƐ ƚŚĞ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŽĨ ƚŚĞ ĨŽƌŵĞƌ ƐƵďƐŝĚŝĂƌLJ ĨƌŽŵ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͖

ZĞĐŽŐŶŝnjĞƐ ĂŶLJ ŝŶǀĞƐƚŵĞŶƚ ƌĞƚĂŝŶĞĚ ŝŶ ƚŚĞ ĨŽƌŵĞƌ ƐƵďƐŝĚŝĂƌLJ ǁŚĞŶ ĐŽŶƚƌŽů ŝƐ ůŽƐƚ ĂŶĚ ƐƵďƐĞƋƵĞŶƚůLJ ĂĐĐŽƵŶƚƐ ĨŽƌ ŝƚ ĂŶĚ ĨŽƌ ĂŶLJ ĂŵŽƵŶƚƐ ŽǁĞĚ ďLJ Žƌ ƚŽ ƚŚĞ ĨŽƌŵĞƌ ƐƵďƐŝĚŝĂƌLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌĞůĞǀĂŶƚW&Z^͘dŚĂƚƌĞƚĂŝŶĞĚŝŶƚĞƌĞƐƚŝƐƌĞŵĞĂƐƵƌĞĚĂŶĚƚŚĞƌĞŵĞĂƐƵƌĞĚǀĂůƵĞ ŝƐƌĞŐĂƌĚĞĚĂƐƚŚĞĨĂŝƌǀĂůƵĞŽŶŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^ϯϵ Žƌ͕ ǁŚĞŶ ĂƉƉƌŽƉƌŝĂƚĞ͕ ƚŚĞ ĐŽƐƚ ŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ŝŶ ĂŶ ĂƐƐŽĐŝĂƚĞ Žƌ ũŽŝŶƚ ǀĞŶƚƵƌĞ͖ĂŶĚ

ZĞĐŽŐŶŝnjĞƐ ƚŚĞ ŐĂŝŶ Žƌ ůŽƐƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ůŽƐƐ ŽĨ ĐŽŶƚƌŽů ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ĨŽƌŵĞƌ ĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚ͘

ƵƐŝŶĞƐƐŽŵďŝŶĂƚŝŽŶƐĂŶĚ'ŽŽĚǁŝůůͲƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶƐĂƌĞĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶ ŵĞƚŚŽĚ͘dŚĞĐŽƐƚŽĨĂŶĂĐƋƵŝƐŝƚŝŽŶŝƐŵĞĂƐƵƌĞĚĂƐƚŚĞĂŐŐƌĞŐĂƚĞŽĨƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶƚƌĂŶƐĨĞƌƌĞĚ͕ ŵĞĂƐƵƌĞĚ Ăƚ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ĂŶLJ E/ ŝŶ ƚŚĞ ĂĐƋƵŝƌĞĞ͘  &Žƌ ĞĂĐŚ ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ͕ƚŚĞĂĐƋƵŝƌĞƌŵĞĂƐƵƌĞƐƚŚĞ E/ŝŶƚŚĞ ĂĐƋƵŝƌĞĞĞŝƚŚĞƌĂƚĨĂŝƌǀĂůƵĞŽƌĂƚƚŚĞ proportionate share of the acquiree’s identifiable net assets.  tŚĞŶ ƚŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞƐ Ă ďƵƐŝŶĞƐƐ͕ ŝƚ ĂƐƐĞƐƐĞƐ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ ĨŽƌ ĂƉƉƌŽƉƌŝĂƚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶ ĂŶĚ ĚĞƐŝŐŶĂƚŝŽŶ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ĐŽŶƚƌĂĐƚƵĂů ƚĞƌŵƐ͕ ĞĐŽŶŽŵŝĐ ĐŝƌĐƵŵƐƚĂŶĐĞƐĂŶĚƉĞƌƚŝŶĞŶƚĐŽŶĚŝƚŝŽŶƐĂƐĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞ͘dŚŝƐŝŶĐůƵĚĞƐƚŚĞƐĞƉĂƌĂƚŝŽŶŽĨ ĞŵďĞĚĚĞĚĚĞƌŝǀĂƚŝǀĞƐŝŶŚŽƐƚĐŽŶƚƌĂĐƚƐďLJƚŚĞĂĐƋƵŝƌĞĞ͘ If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s ƉƌĞǀŝŽƵƐůLJŚĞůĚĞƋƵŝƚLJŝŶƚĞƌĞƐƚŝŶƚŚĞĂĐƋƵŝƌĞĞŝƐƌĞŵĞĂƐƵƌĞĚƚŽĨĂŝƌǀĂůƵĞĂƚƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞĂŶĚ ĂŶLJƌĞƐƵůƚŝŶŐŐĂŝŶŽƌůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘ ŶLJĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶƚŽďĞƚƌĂŶƐĨĞƌƌĞĚďLJƚŚĞĂĐƋƵŝƌĞƌǁŝůůďĞƌĞĐŽŐŶŝnjĞĚĂƚĨĂŝƌǀĂůƵĞĂƚƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘  ^ƵďƐĞƋƵĞŶƚ ĐŚĂŶŐĞƐ ƚŽ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ǁŚŝĐŚ ŝƐ ĚĞĞŵĞĚƚŽďĞĂŶĂƐƐĞƚŽƌůŝĂďŝůŝƚLJǁŝůůďĞƌĞĐŽŐŶŝnjĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚW^ϯϵĞŝƚŚĞƌŝŶƉƌŽĨŝƚŽƌ ůŽƐƐ Žƌ ĂƐ Ă ĐŚĂŶŐĞ ƚŽ ŽƚŚĞƌ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ;K/Ϳ͘  /Ĩ ƚŚĞ ĐŽŶƚŝŶŐĞŶƚ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĞƋƵŝƚLJ͕ ŝƚ ƐŚŽƵůĚ ŶŽƚ ďĞ ƌĞŵĞĂƐƵƌĞĚ͘  ^ƵďƐĞƋƵĞŶƚ ƐĞƚƚůĞŵĞŶƚ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ǁŝƚŚŝŶ ĞƋƵŝƚLJ͘/ŶŝŶƐƚĂŶĐĞǁŚĞƌĞƚŚĞĐŽŶƚŝŶŐĞŶƚĐŽŶƐŝĚĞƌĂƚŝŽŶĚŽĞƐŶŽƚĨĂůůǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨW^ϯϵ͕ŝƚŝƐ ŵĞĂƐƵƌĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉƌŽƉƌŝĂƚĞW&Z^͘

92

'ŽŽĚǁŝůů ŝƐ ŝŶŝƚŝĂůůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ďĞŝŶŐ ƚŚĞ ĞdžĐĞƐƐ ŽĨ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚƌĂŶƐĨĞƌƌĞĚ ĂŶĚ ƚŚĞ ĂŵŽƵŶƚ ƌĞĐŽŐŶŝnjĞĚ ĨŽƌ E/ ŽǀĞƌ ƚŚĞ ŶĞƚ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ ĂĐƋƵŝƌĞĚ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƐƐƵŵĞĚ͘  /Ĩ ƚŚŝƐ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ůŽǁĞƌ ƚŚĂŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ŶĞƚ ĂƐƐĞƚƐ ŽĨ ƚŚĞ ƐƵďƐŝĚŝĂƌLJ ĂĐƋƵŝƌĞĚ͕ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘  /Ĩ ƚŚĞ ŝŶŝƚŝĂů ĂĐĐŽƵŶƚŝŶŐ ĨŽƌ ďƵƐŝŶĞƐƐĐŽŵďŝŶĂƚŝŽŶĐĂŶďĞĚĞƚĞƌŵŝŶĞĚŽŶůLJƉƌŽǀŝƐŝŽŶĂůůLJďLJƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚďLJǁŚŝĐŚƚŚĞ combination is effected because either the fair values to be assigned to the acquiree’s idĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ Žƌ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ Žƌ ƚŚĞ ĐŽƐƚ ŽĨ ƚŚĞ ĐŽŵďŝŶĂƚŝŽŶ ĐĂŶ ďĞ ĚĞƚĞƌŵŝŶĞĚ ŽŶůLJ ƉƌŽǀŝƐŝŽŶĂůůLJ͕ ƚŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ƚŚĞ ĐŽŵďŝŶĂƚŝŽŶ ƵƐŝŶŐ ƉƌŽǀŝƐŝŽŶĂů ǀĂůƵĞƐ͘ ĚũƵƐƚŵĞŶƚƐ ƚŽ ƚŚĞƐĞ ƉƌŽǀŝƐŝŽŶĂůǀĂůƵĞƐ ĂƐĂƌĞƐƵůƚŽĨĐŽŵƉůĞƚŝŶŐƚŚĞŝŶŝƚŝĂůĂĐĐŽƵŶƚŝŶŐƐŚĂůůďĞŵĂĚĞ ǁŝƚŚŝŶϭϮŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ͘  dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚ͕ ůŝĂďŝůŝƚLJ Žƌ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚLJƚŚĂƚŝƐƌĞĐŽŐŶŝnjĞĚĂƐĂƌĞƐƵůƚŽĨĐŽŵƉůĞƚŝŶŐƚŚĞŝŶŝƚŝĂůĂĐĐŽƵŶƚŝŶŐƐŚĂůůďĞĐĂůĐƵůĂƚĞĚĂƐŝĨŝƚƐ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ŚĂĚ ďĞĞŶ ƌĞĐŽŐŶŝnjĞĚ ĨƌŽŵ ƚŚĂƚ ĚĂƚĞ ĂŶĚ ŐŽŽĚǁŝůů Žƌ ĂŶLJ ŐĂŝŶ ƌĞĐŽŐŶŝnjĞĚƐŚĂůůďĞĂĚũƵƐƚĞĚĨƌŽŵƚŚĞĂĐƋƵŝƐŝƚŝŽŶĚĂƚĞďLJĂŶĂŵŽƵŶƚĞƋƵĂůƚŽƚŚĞĂĚũƵƐƚŵĞŶƚƚŽƚŚĞ


ͲϭϭͲ   ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ĚĂƚĞ ŽĨ ƚŚĞ ŝĚĞŶƚŝĨŝĂďůĞ ĂƐƐĞƚ͕ ůŝĂďŝůŝƚLJ Žƌ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚLJ ďĞŝŶŐ ƌĞĐŽŐŶŝnjĞĚŽƌĂĚũƵƐƚĞĚ͘ ĨƚĞƌŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ŐŽŽĚǁŝůůŝƐŵĞĂƐƵƌĞĚĂƚĐŽƐƚůĞƐƐĂŶLJĂĐĐƵŵƵůĂƚĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ͘&Žƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ƚĞƐƚŝŶŐ͕ ŐŽŽĚǁŝůů ĂĐƋƵŝƌĞĚ ŝŶ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ŝƐ͕ ĨƌŽŵ ƚŚĞ acquisition date, allocated to each of the Group’s cashͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐ;'hͿƚŚĂƚĂƌĞĞdžƉĞĐƚĞĚƚŽ ďĞŶĞĨŝƚĨƌŽŵƚŚĞĐŽŵďŝŶĂƚŝŽŶ͕ŝƌƌĞƐƉĞĐƚŝǀĞŽĨǁŚĞƚŚĞƌŽƚŚĞƌĂƐƐĞƚƐŽƌůŝĂďŝůŝƚŝĞƐŽĨƚŚĞĂĐƋƵŝƌĞĞĂƌĞ ĂƐƐŝŐŶĞĚƚŽƚŚŽƐĞƵŶŝƚƐ͘ tŚĞƌĞŐŽŽĚǁŝůůĨŽƌŵƐƉĂƌƚŽĨĂ'hĂŶĚƉĂƌƚŽĨƚŚĞŽƉĞƌĂƚŝŽŶǁŝƚŚŝŶƚŚĂƚƵŶŝƚŝƐĚŝƐƉŽƐĞĚŽĨ͕ƚŚĞ ŐŽŽĚǁŝůů ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ĚŝƐƉŽƐĞĚ ŽĨ ŝƐ ŝŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶǁŚĞŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞŐĂŝŶŽƌůŽƐƐŽŶĚŝƐƉŽƐĂůŽĨƚŚĞŽƉĞƌĂƚŝŽŶ͘'ŽŽĚǁŝůůĚŝƐƉŽƐĞĚŽĨŝŶ ƚŚŝƐ ĐŝƌĐƵŵƐƚĂŶĐĞ ŝƐ ŵĞĂƐƵƌĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ƌĞůĂƚŝǀĞ ǀĂůƵĞƐ ŽĨ ƚŚĞ ŽƉĞƌĂƚŝŽŶ ĚŝƐƉŽƐĞĚ ŽĨ ĂŶĚ ƚŚĞ ƉŽƌƚŝŽŶŽĨƚŚĞ'hƌĞƚĂŝŶĞĚ͘ &ŝŶĂŶĐŝĂůƐƐĞƚƐĂŶĚ>ŝĂďŝůŝƚŝĞƐ ĂƚĞŽĨZĞĐŽŐŶŝƚŝŽŶ͘dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝnjĞƐĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶǁŚĞŶŝƚďĞĐŽŵĞƐĂƉĂƌƚLJƚŽƚŚĞĐŽŶƚƌĂĐƚƵĂůƉƌŽǀŝƐŝŽŶƐŽĨĂĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ͘  /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ Ă ƌĞŐƵůĂƌ ǁĂLJ ƉƵƌĐŚĂƐĞ Žƌ ƐĂůĞ ŽĨ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ ƌĞĐŽŐŶŝƚŝŽŶ ĂŶĚ ĚĞƌĞĐŽŐŶŝƚŝŽŶ͕ĂƐĂƉƉůŝĐĂďůĞŝƐĚŽŶĞƵƐŝŶŐƐĞƚƚůĞŵĞŶƚĚĂƚĞĂĐĐŽƵŶƚŝŶŐ͘ /ŶŝƚŝĂůZĞĐŽŐŶŝƚŝŽŶ͘&ŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŝƚŝĂůůLJĂƚĨĂŝƌǀĂůƵĞ͕ǁŚŝĐŚŝƐƚŚĞĨĂŝƌǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŐŝǀĞŶ ;ŝŶ ĐĂƐĞ ŽĨ ĂŶ ĂƐƐĞƚͿ Žƌ ƌĞĐĞŝǀĞĚ ;ŝŶ ĐĂƐĞ ŽĨ Ă ůŝĂďŝůŝƚLJͿ͘  dŚĞ ŝŶŝƚŝĂů ŵĞĂƐƵƌĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͕ĞdžĐĞƉƚĨŽƌƚŚŽƐĞĚĞƐŝŐŶĂƚĞĚĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚĂŶĚ ůŽƐƐ;&sW>Ϳ͕ŝŶĐůƵĚĞƐƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚ͘ “Day 1” Differences.tŚĞƌĞƚŚĞƚƌĂŶƐĂĐƚŝŽŶŝŶĂŶŽŶͲĂĐƚŝǀĞŵĂƌŬĞƚŝƐĚŝĨĨĞƌĞŶƚĨƌŽŵƚŚĞĨĂŝƌǀĂůƵĞŽĨ ŽƚŚĞƌ ŽďƐĞƌǀĂďůĞ ĐƵƌƌĞŶƚ ŵĂƌŬĞƚ ƚƌĂŶƐĂĐƚŝŽŶƐ ŝŶ ƚŚĞ ƐĂŵĞ ŝŶƐƚƌƵŵĞŶƚ Žƌ ďĂƐĞĚ ŽŶ Ă ǀĂůƵĂƚŝŽŶ ƚĞĐŚŶŝƋƵĞ ǁŚŽƐĞ ǀĂƌŝĂďůĞƐ ŝŶĐůƵĚĞ ŽŶůLJ ĚĂƚĂ ĨƌŽŵ ŽďƐĞƌǀĂďůĞ ŵĂƌŬĞƚ͕ ƚŚĞ 'ƌŽƵƉ ƌĞĐŽŐŶŝnjĞƐ ƚŚĞ difference between the transaction price and fair value (a “Day 1” difference) in profit or loss. In ĐĂƐĞƐ ǁŚĞƌĞ ƚŚĞƌĞ ŝƐ ŶŽŽďƐĞƌǀĂďůĞ ĚĂƚĂŽŶ ŝŶĐĞƉƚŝŽŶ͕ ƚŚĞ 'ƌŽƵƉ ĚĞĞŵƐƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ƉƌŝĐĞ ĂƐ the best estimate of fair value and recognizes “Day 1” difference in profit or loss when the inputs ďĞĐŽŵĞ ŽďƐĞƌǀĂďůĞ Žƌ ǁŚĞŶ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚ ŝƐ ĚĞƌĞĐŽŐŶŝnjĞĚ͘  &Žƌ ĞĂĐŚ ƚƌĂŶƐĂĐƚŝŽŶ͕ ƚŚĞ 'ƌŽƵƉ determines the appropriate method of recognizing the “Day 1” difference. ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͘dŚĞ'ƌŽƵƉĐůĂƐƐŝĨŝĞƐŝƚƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ ƵŶĚĞƌƚŚĞĨŽůůŽǁŝŶŐĐĂƚĞŐŽƌŝĞƐ͗;ĂͿĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƚ&sW>͕;ďͿŚĞůĚͲƚŽͲŵĂƚƵƌŝƚLJ;,dDͿŝŶǀĞƐƚŵĞŶƚƐ͕ ;ĐͿ ůŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂŶĚ ;ĚͿ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͘  &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ͕ ŽŶ ƚŚĞ ŽƚŚĞƌ ŚĂŶĚ͕ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĞŝƚŚĞƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ Ăƚ &sW> Žƌ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ Ăƚ ĂŵŽƌƚŝnjĞĚ ĐŽƐƚ͘  dŚĞ ĐůĂƐƐŝĨŝĐĂƚŝŽŶĚĞƉĞŶĚƐŽŶƚŚĞƉƵƌƉŽƐĞĨŽƌǁŚŝĐŚƚŚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƌĞĂĐƋƵŝƌĞĚŽƌŝŶĐƵƌƌĞĚ ĂŶĚǁŚĞƚŚĞƌƚŚĞLJĂƌĞƋƵŽƚĞĚŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚ͘ ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƚ&sW> ĂŶĚ,dDŝŶǀĞƐƚŵĞŶƚƐ͘ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘  &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ŶŽŶĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ĞŝƚŚĞƌ ĚĞƐŝŐŶĂƚĞĚŝŶƚŚŝƐĐĂƚĞŐŽƌLJŽƌŶŽƚĐůĂƐƐŝĨŝĞĚŝŶĂŶLJŽĨƚŚĞŽƚŚĞƌĐĂƚĞŐŽƌŝĞƐ͘dŚĞƐĞĂƌĞƉƵƌĐŚĂƐĞĚĂŶĚ ŚĞůĚ ŝŶĚĞĨŝŶŝƚĞůLJ͕ ĂŶĚ ŵĂLJ ďĞ ƐŽůĚ ŝŶ ƌĞƐƉŽŶƐĞ ƚŽ ůŝƋƵŝĚŝƚLJ ƌĞƋƵŝƌĞŵĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ĐŽŶĚŝƚŝŽŶƐ͘ĨƚĞƌŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͘dŚĞƵŶƌĞĂůŝnjĞĚ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ĨĂŝƌ ǀĂůƵĂƚŝŽŶ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ

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ͲϭϮͲ   ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŶĚ ŝŶ ƚŚĞ ĞƋƵŝƚLJ ƐĞĐƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͘  dŚĞƐĞ ĐŚĂŶŐĞƐ ŝŶ ĨĂŝƌ ǀĂůƵĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ĞƋƵŝƚLJ ƵŶƚŝů ƚŚĞ ŝŶǀĞƐƚŵĞŶƚŝƐƐŽůĚ͕ĐŽůůĞĐƚĞĚ͕ŽƌŽƚŚĞƌǁŝƐĞĚŝƐƉŽƐĞĚŽĨŽƌƵŶƚŝůƚŚĞŝŶǀĞƐƚŵĞŶƚŝƐĚĞƚĞƌŵŝŶĞĚƚŽďĞ ŝŵƉĂŝƌĞĚ͕ Ăƚ ǁŚŝĐŚ ƚŝŵĞ ƚŚĞ ĐƵŵƵůĂƚŝǀĞ ŐĂŝŶ Žƌ ůŽƐƐ ƉƌĞǀŝŽƵƐůLJ ƌĞƉŽƌƚĞĚ ŝŶ ĞƋƵŝƚLJ ĂƌĞ ŝŶĐůƵĚĞĚ ŝŶ ƉƌŽĨŝƚŽƌůŽƐƐ͘ ůĂƐƐŝĨŝĞĚƵŶĚĞƌƚŚŝƐĐĂƚĞŐŽƌLJĂƌĞŝŶǀĞƐƚŵĞŶƚŝŶƐŚĂƌĞƐŽĨƐƚŽĐŬŽĨ//;/ƐůĂŶĚůƵďͿĂŶĚdDW/ ;ŝƚLJůƵďͿ͘ >ŽĂŶƐ ĂŶĚ ZĞĐĞŝǀĂďůĞƐ͘  >ŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ŶŽŶͲĚĞƌŝǀĂƚŝǀĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁŝƚŚ ĨŝdžĞĚ Žƌ ĚĞƚĞƌŵŝŶĂďůĞƉĂLJŵĞŶƚƐĂŶĚŵĂƚƵƌŝƚŝĞƐƚŚĂƚĂƌĞŶŽƚƋƵŽƚĞĚŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚ͘ ^ƵďƐĞƋƵĞŶƚƚŽŝŶŝƚŝĂůŵĞĂƐƵƌĞŵĞŶƚ͕ůŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐĂƌĞŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚƵƐŝŶŐƚŚĞ ĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚŵĞƚŚŽĚ͕ůĞƐƐĂŶLJŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞ͘ŵŽƌƚŝnjĞĚĐŽƐƚŝƐĐĂůĐƵůĂƚĞĚďLJƚĂŬŝŶŐŝŶƚŽ ĂĐĐŽƵŶƚĂŶLJĚŝƐĐŽƵŶƚŽƌƉƌĞŵŝƵŵŽŶĂĐƋƵŝƐŝƚŝŽŶĂŶĚĨĞĞƐƚŚĂƚĂƌĞĂŶŝŶƚĞŐƌĂůƉĂƌƚŽĨƚŚĞĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͘  'ĂŝŶƐ Žƌ ůŽƐƐĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ǁŚĞŶ ůŽĂŶƐ ĂŶĚ ƌĞĐĞŝǀĂďůĞƐ ĂƌĞ ĚĞƌĞĐŽŐŶŝnjĞĚŽƌŝŵƉĂŝƌĞĚ͕ĂƐǁĞůůĂƐƚŚƌŽƵŐŚƚŚĞĂŵŽƌƚŝnjĂƚŝŽŶƉƌŽĐĞƐƐ͘ /ŶĐůƵĚĞĚ ŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌLJ ĂƌĞ ĐĂƐŚ ĂŶĚ ĐĂƐŚ ĞƋƵŝǀĂůĞŶƚƐ͕ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ;ĞdžĐůƵĚŝŶŐ ĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐͿ͕ĂĚǀĂŶĐĞƐƚŽƌĞůĂƚĞĚƉĂƌƚŝĞƐ͕ƌĞƐƚƌŝĐƚĞĚĐĂƐŚ;ƉƌĞƐĞŶƚĞĚƵŶĚĞƌ “ŽƚŚĞƌ ĐƵƌƌĞŶƚ ĂƐƐĞƚƐ”Ϳ͕ ƌĞĨƵŶĚĂďůĞ ĚĞƉŽƐŝƚƐ ;ƉƌĞƐĞŶƚĞĚ ƵŶĚĞƌ “ŽƚŚĞƌ ŶŽŶĐƵƌƌĞŶƚ ĂƐƐĞƚƐ”Ϳ ĂŶĚ ĂĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ͘ KƚŚĞƌ &ŝŶĂŶĐŝĂů >ŝĂďŝůŝƚŝĞƐ Ăƚ ŵŽƌƚŝnjĞĚ ŽƐƚ͘  &ŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ĐůĂƐƐŝĨŝĞĚ ŝŶ ƚŚŝƐ ĐĂƚĞŐŽƌLJ ŝĨ ƚŚĞƐĞĂƌĞŶŽƚŚĞůĚĨŽƌƚƌĂĚŝŶŐŽƌĂƌĞŶŽƚĚĞƐŝŐŶĂƚĞĚĂƐĂƚ&sW>ƵƉŽŶƚŚĞŝŶĐĞƉƚŝŽŶŽĨƚŚĞůŝĂďŝůŝƚLJ͘ dŚĞƐĞŝŶĐůƵĚĞůŝĂďŝůŝƚŝĞƐĂƌŝƐŝŶŐĨƌŽŵŽƉĞƌĂƚŝŽŶƐŽƌƚŚƌŽƵŐŚďŽƌƌŽǁŝŶŐƐ͘ KƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶŝƚŝĂůůLJĂƚĨĂŝƌǀĂůƵĞůĞƐƐĂŶLJĚŝƌĞĐƚƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ͘ĨƚĞƌ ŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ŽƚŚĞƌĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƌĞƐƵďƐĞƋƵĞŶƚůLJŵĞĂƐƵƌĞĚĂƚĂŵŽƌƚŝnjĞĚĐŽƐƚƵƐŝŶŐƚŚĞ ĞĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ŵĞƚŚŽĚ͘  ŵŽƌƚŝnjĞĚ ĐŽƐƚ ŝƐ ĐĂůĐƵůĂƚĞĚ ďLJ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ĂŶLJ ĚŝƐĐŽƵŶƚ Žƌ ƉƌĞŵŝƵŵ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐǁŚĞŶƚŚĞůŝĂďŝůŝƚŝĞƐĂƌĞĚĞƌĞĐŽŐŶŝnjĞĚŽƌ ƚŚƌŽƵŐŚƚŚĞĂŵŽƌƚŝnjĂƚŝŽŶƉƌŽĐĞƐƐ͘ dŚŝƐ ĐĂƚĞŐŽƌLJ ŝŶĐůƵĚĞƐ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƉĂLJĂďůĞƐ ;ĞdžĐůƵĚŝŶŐ ĚĞƉŽƐŝƚƐ ĨƌŽŵ ƐĂůĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ͕ ƵŶĞĂƌŶĞĚ ŝŶĐŽŵĞ ĂŶĚ ƐƚĂƚƵƚŽƌLJ ƉĂLJĂďůĞƐͿ͕ ůŽŶŐͲƚĞƌŵ ĚĞďƚ͕ ĐƵƐƚŽŵĞƌƐ’ ĚĞƉŽƐŝƚƐ͕ ĂĚǀĂŶĐĞƐ ĨƌŽŵ ƌĞůĂƚĞĚƉĂƌƚŝĞƐĂŶĚŽƚŚĞƌŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ͘ /ŵƉĂŝƌŵĞŶƚŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐ dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞǁŚĞƚŚĞƌƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚĂĨŝŶĂŶĐŝĂůĂƐƐĞƚ ŽƌŐƌŽƵƉŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŝŵƉĂŝƌĞĚ͘

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ĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌĂŐƌŽƵƉŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐĚĞĞŵĞĚƚŽďĞŝŵƉĂŝƌĞĚŝĨ͕ĂŶĚŽŶůLJŝĨ͕ƚŚĞƌĞŝƐĂŶ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĂƐ Ă ƌĞƐƵůƚ ŽĨ ŽŶĞ Žƌ ŵŽƌĞ ĞǀĞŶƚƐ ƚŚĂƚ ŚĂǀĞ ŽĐĐƵƌƌĞĚ ĂĨƚĞƌ ƚŚĞ ŝŶŝƚŝĂůƌĞĐŽŐnition of the asset (a “loss event”) and that loss event (or events) has an impact on the ĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŽĨƚŚĞĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌƚŚĞŐƌŽƵƉŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĐĂŶďĞƌĞůŝĂďůLJ ĞƐƚŝŵĂƚĞĚ͘  ǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ŵĂLJ ŝŶĐůƵĚĞ ŝŶĚŝĐĂƚŝŽŶƐ ƚŚĂƚ ƚŚĞ ďŽƌƌŽǁĞƌ Žƌ Ă ŐƌŽƵƉ ŽĨ ďŽƌƌŽǁĞƌƐ ŝƐ ĞdžƉĞƌŝĞŶĐŝŶŐ ƐŝŐŶŝĨŝĐĂŶƚ ĨŝŶĂŶĐŝĂů ĚŝĨĨŝĐƵůƚLJ͕ ĚĞĨĂƵůƚ Žƌ ĚĞůŝŶƋƵĞŶĐLJ ŝŶ ŝŶƚĞƌĞƐƚ Žƌ ƉƌŝŶĐŝƉĂůƉĂLJŵĞŶƚƐ͕ƚŚĞƉƌŽďĂďŝůŝƚLJƚŚĂƚƚŚĞLJǁŝůůĞŶƚĞƌďĂŶŬƌƵƉƚĐLJŽƌŽƚŚĞƌĨŝŶĂŶĐŝĂůƌĞŽƌŐĂŶŝnjĂƚŝŽŶ ĂŶĚǁŚĞƌĞŽďƐĞƌǀĂďůĞĚĂƚĂŝŶĚŝĐĂƚĞƚŚĂƚƚŚĞƌĞŝƐŵĞĂƐƵƌĂďůĞĚĞĐƌĞĂƐĞŝŶƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚ ĨůŽǁƐ͕ƐƵĐŚĂƐĐŚĂŶŐĞƐŝŶĂƌƌĞĂƌƐŽƌĞĐŽŶŽŵŝĐĐŽŶĚŝƚŝŽŶƐƚŚĂƚĐŽƌƌĞůĂƚĞǁŝƚŚĚĞĨĂƵůƚƐ͘


ͲϭϯͲ   >ŽĂŶƐ ĂŶĚZĞĐĞŝǀĂďůĞƐ͘dŚĞ 'ƌŽƵƉĂƐƐĞƐƐĞƐĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞǁŚĞƚŚĞƌŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞŽĨ ŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐŝŶĚŝǀŝĚƵĂůůLJĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞŝŶĚŝǀŝĚƵĂůůLJƐŝŐŶŝĨŝĐĂŶƚĂŶĚŝŶĚŝǀŝĚƵĂůůLJŽƌ ĐŽůůĞĐƚŝǀĞůLJĨŽƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐƚŚĂƚĂƌĞŶŽƚŝŶĚŝǀŝĚƵĂůůLJƐŝŐŶŝĨŝĐĂŶƚ͘/ĨƚŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐƚŚĂƚŶŽ ŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞŽĨŝŵƉĂŝƌŵĞŶƚĞdžŝƐƚƐĨŽƌŝŶĚŝǀŝĚƵĂůůLJĂƐƐĞƐƐĞĚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ǁŚĞƚŚĞƌƐŝŐŶŝĨŝĐĂŶƚ Žƌ ŶŽƚ͕ ŝƚ ŝŶĐůƵĚĞƐ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ŝŶ Ă ƉŽƌƚĨŽůŝŽ ǁŝƚŚ ƐŝŵŝůĂƌ ĐƌĞĚŝƚ ƌŝƐŬ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐƐ ĂŶĚ ĐŽůůĞĐƚŝǀĞůLJ ĂƐƐĞƐƐĞƐ ƚŚĞŵ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ͘  &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ƚŚĂƚ ĂƌĞ ŝŶĚŝǀŝĚƵĂůůLJ ĂƐƐĞƐƐĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚĂŶĚĨŽƌǁŚŝĐŚĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐ͕ŽƌĐŽŶƚŝŶƵĞƐƚŽďĞ͕ƌĞĐŽŐŶŝnjĞĚĂƌĞŶŽƚŝŶĐůƵĚĞĚŝŶ ƚŚĞĐŽůůĞĐƚŝǀĞĂƐƐĞƐƐŵĞŶƚĨŽƌŝŵƉĂŝƌŵĞŶƚ͘ /ĨƚŚĞƌĞŝƐŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞƚŚĂƚĂŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŚĂƐďĞĞŶŝŶĐƵƌƌĞĚ͕ƚŚĞĂŵŽƵŶƚŽĨƚŚĞůŽƐƐŝƐ ŵĞĂƐƵƌĞĚ ĂƐ ƚŚe excess of financial asset’s carrying amount over its net realizable value ;EZsͿ͕ ŶŽƌŵĂůůLJ ďĂƐĞĚ ŽŶ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ͘ dŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŝƐĚŝƐĐŽƵŶƚĞĚĂƚƚŚĞĨinancial asset’s original ĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞ͘dŝŵĞǀĂůƵĞŝƐŐĞŶĞƌĂůůLJŶŽƚĐŽŶƐŝĚĞƌĞĚǁŚĞŶƚŚĞĞĨĨĞĐƚŽĨĚŝƐĐŽƵŶƚŝŶŐŝƐŶŽƚ ŵĂƚĞƌŝĂů͘  /Ĩ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŚĂƐ Ă ǀĂƌŝĂďůĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ͕ ƚŚĞ ĚŝƐĐŽƵŶƚ ƌĂƚĞ ĨŽƌ ŵĞĂƐƵƌŝŶŐ ĂŶLJ ŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƚŚĞĐƵƌƌĞŶƚĞĨĨĞĐƚŝǀĞŝŶƚĞƌĞƐƚƌĂƚĞ͕ĂĚũƵƐƚĞĚĨŽƌƚŚĞŽƌŝŐŝŶĂůĐƌĞĚŝƚƌŝƐŬƉƌĞŵŝƵŵ͘ dŚĞĐĂůĐƵůĂƚŝŽŶŽĨƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŽĨĂĐŽůůĂƚĞƌĂůŝnjĞĚĨŝŶĂŶĐŝĂů ĂƐƐĞƚƌĞĨůĞĐƚƐƚŚĞĐĂƐŚĨůŽǁƐƚŚĂƚŵĂLJƌĞƐƵůƚĨƌŽŵĨŽƌĞĐůŽƐƵƌĞůĞƐƐĐŽƐƚƐĨŽƌŽďƚĂŝŶŝŶŐĂŶĚƐĞůůŝŶŐƚŚĞ ĐŽůůĂƚĞƌĂů͕ǁŚĞƚŚĞƌŽƌŶŽƚĨŽƌĞĐůŽƐƵƌĞŝƐƉƌŽďĂďůĞ͘ŶLJŝŵƉĂŝƌŵĞŶƚůŽƐƐĚĞƚĞƌŵŝŶĞĚŝƐƌĞĐŽŐŶŝnjĞĚŝŶ ƉƌŽĨŝƚŽƌůŽƐƐ͘ dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ŝŵƉĂŝƌĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ƌĞĚƵĐĞĚ ƚŽ ŝƚƐ EZs ƚŚƌŽƵŐŚ ƚŚĞ ƵƐĞ ŽĨ ĂŶ ĂůůŽǁĂŶĐĞ ĂĐĐŽƵŶƚ͘  &Žƌ ĂŶ ŝŵƉĂŝƌĞĚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ͕ ŝŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ĐŽŶƚŝŶƵĞƐ ƚŽ ďĞ ƌĞĐŽŐŶŝnjĞĚ ƵƐŝŶŐƚŚĞƌĂƚĞŽĨŝŶƚĞƌĞƐƚƵƐĞĚƚŽĚŝƐĐŽƵŶƚƚŚĞĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨŵĞĂƐƵƌŝŶŐƚŚĞ ŝŵƉĂŝƌŵĞŶƚůŽƐƐ͘ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘  /Ŷ ƚŚĞ ĐĂƐĞ ŽĨ ĞƋƵŝƚLJ ŝŶǀĞƐƚŵĞŶƚƐ͕ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ǁŽƵůĚ ŝŶĐůƵĚĞ Ă ƐŝŐŶŝĨŝĐĂŶƚŽƌƉƌŽůŽŶŐĞĚĚĞĐůŝŶĞŝŶĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƐďĞůŽǁŝƚƐĐŽƐƚ͘tŚĞƌĞƚŚĞƌĞŝƐĞǀŝĚĞŶĐĞ ŽĨŝŵƉĂŝƌŵĞŶƚ͕ƚŚĞĐƵŵƵůĂƚŝǀĞůŽƐƐ ͲŵĞĂƐƵƌĞĚĂƐƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚĂŶĚ ƚŚĞ ĐƵƌƌĞŶƚ ĨĂŝƌ ǀĂůƵĞ͕ ůĞƐƐ ĂŶLJ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŽŶ ƚŚĂƚ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝnjĞĚ͕ ŝƐ ƌĞŵŽǀĞĚĨƌŽŵK/ĂŶĚƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘/ŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŽŶĞƋƵŝƚLJŝŶǀĞƐƚŵĞŶƚƐĂƌĞŶŽƚ ƌĞǀĞƌƐĞĚƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐ͘/ŶĐƌĞĂƐĞƐŝŶĨĂŝƌǀĂůƵĞĂĨƚĞƌŝŵƉĂŝƌŵĞŶƚĂƌĞƌĞĐŽŐŶŝnjĞĚĚŝƌĞĐƚůLJŝŶ K/͘ ĞƌĞĐŽŐŶŝƚŝŽŶŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂŶĚ>ŝĂďŝůŝƚŝĞƐ &ŝŶĂŶĐŝĂůƐƐĞƚƐ͘ĨŝŶĂŶĐŝĂůĂƐƐĞƚ;Žƌ͕ǁŚĞƌĞĂƉƉůŝĐĂďůĞĂƉĂƌƚŽĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚŽƌƉĂƌƚŽĨĂŐƌŽƵƉ ŽĨƐŝŵŝůĂƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐͿŝƐĚĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶ͗



ƚŚĞƌŝŐŚƚƚŽƌĞĐĞŝǀĞĐĂƐŚĨůŽǁƐĨƌŽŵƚŚĞĂƐƐĞƚŚĂƐĞdžƉŝƌĞĚ͖

ƚŚĞ'ƌŽƵƉƌĞƚĂŝŶƐƚŚĞƌŝŐŚƚƚŽƌĞĐĞŝǀĞĐĂƐŚĨůŽǁƐĨƌŽŵƚŚĞĂƐƐĞƚ͕ďƵƚŚĂƐĂƐƐƵŵĞĚĂŶŽďůŝŐĂƚŝŽŶ to pay them in full without material delay to a third party under a “passͲthrough” arrangement; Žƌ

ƚŚĞ 'ƌŽƵƉ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ŝƚƐ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ĞŝƚŚĞƌ͗ ;ĂͿŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨƚŚĞĂƐƐĞƚ͕Žƌ;ďͿŚĂƐŶĞŝƚŚĞƌƚƌĂŶƐĨĞƌƌĞĚŶŽƌ ƌĞƚĂŝŶĞĚƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨƚŚĞĂƐƐĞƚ͕ďƵƚŚĂƐƚƌĂŶƐĨĞƌƌĞĚĐŽŶƚƌŽůŽĨƚŚĞ ĂƐƐĞƚ͘ 

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ͲϭϰͲ   tŚĞŶ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ƚƌĂŶƐĨĞƌƌĞĚ ŝƚƐ ƌŝŐŚƚ ƚŽ ƌĞĐĞŝǀĞ ĐĂƐŚ ĨůŽǁƐ ĨƌŽŵ ĂŶ ĂƐƐĞƚ ĂŶĚ ŚĂƐ ŶĞŝƚŚĞƌ ƚƌĂŶƐĨĞƌƌĞĚ ŶŽƌ ƌĞƚĂŝŶĞĚ ƐƵďƐƚĂŶƚŝĂůůLJ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ƚŚĞ ĂƐƐĞƚ ŶŽƌ ƚƌĂŶƐĨĞƌƌĞĚ ĐŽŶƚƌŽůŽĨƚŚĞĂƐƐĞƚ͕ƚŚĞĂƐƐĞƚŝƐƌĞĐŽŐŶŝnjĞĚƚŽ the extent of the Group’s continuing involvement ŝŶ ƚŚĞ ĂƐƐĞƚ͘  ŽŶƚŝŶƵŝŶŐ ŝŶǀŽůǀĞŵĞŶƚ ƚŚĂƚ ƚĂŬĞƐ ƚŚĞ ĨŽƌŵ ŽĨ Ă ŐƵĂƌĂŶƚĞĞ ŽǀĞƌ ƚŚĞ ƚƌĂŶƐĨĞƌƌĞĚ ĂƐƐĞƚ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ůŽǁĞƌ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂů ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐĞƚ ĂŶĚ ƚŚĞ ŵĂdžŝŵƵŵ ĂŵŽƵŶƚŽĨĐŽŶƐŝĚĞƌĂƚŝŽŶƚŚĂƚƚŚĞ'ƌŽƵƉĐŽƵůĚďĞƌĞƋƵŝƌĞĚƚŽƌĞƉĂLJ͘ &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ͘ĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝƐĚĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶƚŚĞŽďůŝŐĂƚŝŽŶƵŶĚĞƌƚŚĞůŝĂďŝůŝƚLJŝƐ ĚŝƐĐŚĂƌŐĞĚ͕ĐĂŶĐĞůůĞĚŽƌĞdžƉŝƌĞĚ͘tŚĞŶĂŶĞdžŝƐƚŝŶŐĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŝƐƌĞƉůĂĐĞĚďLJĂŶŽƚŚĞƌĨƌŽŵ ƚŚĞ ƐĂŵĞ ůĞŶĚĞƌ ŽŶ ƐƵďƐƚĂŶƚŝĂůůLJ ĚŝĨĨĞƌĞŶƚ ƚĞƌŵƐ͕ Žƌ ƚŚĞ ƚĞƌŵƐ ŽĨ ĂŶ ĞdžŝƐƚŝŶŐ ůŝĂďŝůŝƚLJ ĂƌĞ ƐƵďƐƚĂŶƚŝĂůůLJ ŵŽĚŝĨŝĞĚ͕ ƐƵĐŚ ĂŶ ĞdžĐŚĂŶŐĞ Žƌ ŵŽĚŝĨŝĐĂƚŝŽŶ ŝƐ ƚƌĞĂƚĞĚ ĂƐ Ă ĚĞƌĞĐŽŐŶŝƚŝŽŶ ŽĨ ƚŚĞ ŽƌŝŐŝŶĂůůŝĂďŝůŝƚLJĂŶĚƚŚĞƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶĞǁůŝĂďŝůŝƚLJ͘dŚĞĚŝĨĨĞƌĞŶĐĞ ŝŶƚŚĞƌĞƐƉĞĐƚŝǀĞĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘ KĨĨƐĞƚƚŝŶŐ&ŝŶĂŶĐŝĂůƐƐĞƚƐĂŶĚ>ŝĂďŝůŝƚŝĞƐ &ŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŽĨĨƐĞƚ ĂŶĚ ƚŚĞ ŶĞƚ ĂŵŽƵŶƚ ŝƐ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶŝĨ͕ĂŶĚŽŶůLJŝĨ͕ƚŚĞƌĞŝƐĂĐƵƌƌĞŶƚůLJĞŶĨŽƌĐĞĂďůĞůĞŐĂůƌŝŐŚƚƚŽŽĨĨƐĞƚ ƚŚĞƌĞĐŽŐŶŝnjĞĚĂŵŽƵŶƚƐĂŶĚƚŚĞƌĞŝƐĂŶŝŶƚĞŶƚŝŽŶƚŽƐĞƚƚůĞŽŶĂŶĞƚďĂƐŝƐ͕ŽƌƚŽƌĞĂůŝnjĞƚŚĞĂƐƐĞƚƐ ĂŶĚ ƐĞƚƚůĞ ƚŚĞ ůŝĂďŝůŝƚŝĞƐ ƐŝŵƵůƚĂŶĞŽƵƐůLJ͘  dŚŝƐ ŝƐ ŶŽƚ ŐĞŶĞƌĂůůLJ ƚŚĞ ĐĂƐĞ ǁŝƚŚ ŵĂƐƚĞƌ ŶĞƚƚŝŶŐ ĂŐƌĞĞŵĞŶƚƐ͕ ĂŶĚ ƚŚĞ ƌĞůĂƚĞĚ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƉƌĞƐĞŶƚĞĚ ŐƌŽƐƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘ ůĂƐƐŝĨŝĐĂƚŝŽŶŽĨ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚďĞƚǁĞĞŶ>ŝĂďŝůŝƚLJĂŶĚƋƵŝƚLJ ĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚŝƐĐůĂƐƐŝĨŝĞĚĂƐůŝĂďŝůŝƚLJŝĨŝƚƉƌŽǀŝĚĞƐĨŽƌĂĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶƚŽ͗   ĞůŝǀĞƌĐĂƐŚŽƌĂŶŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƚŽĂŶŽƚŚĞƌĞŶƚŝƚLJ͖   džĐŚĂŶŐĞ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ Žƌ ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚŝĞƐ ǁŝƚŚ ĂŶŽƚŚĞƌ ĞŶƚŝƚLJ ƵŶĚĞƌ ĐŽŶĚŝƚŝŽŶƐ ƚŚĂƚ ĂƌĞ ƉŽƚĞŶƚŝĂůůLJƵŶĨĂǀŽƌĂďůĞƚŽƚŚĞ'ƌŽƵƉ͖Žƌ   ^ĂƚŝƐĨLJƚŚĞŽďůŝŐĂƚŝŽŶŽƚŚĞƌƚŚĂŶďLJƚŚĞĞdžĐŚĂŶŐĞŽĨĂĨŝdžĞĚĂŵŽƵŶƚŽĨĐĂƐŚŽƌĂŶŽƚŚĞƌĨŝŶĂŶĐŝĂů ĂƐƐĞƚĨŽƌĂĨŝdžĞĚŶƵŵďĞƌŽĨŽǁŶĞƋƵŝƚLJƐŚĂƌĞƐ͘ /ĨƚŚĞ'ƌŽƵƉĚŽĞƐŶŽƚŚĂǀĞĂŶƵŶĐŽŶĚŝƚŝŽŶĂůƌŝŐŚƚƚŽĂǀŽŝĚĚĞůŝǀĞƌŝŶŐĐĂƐŚŽƌĂŶŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚ ƚŽƐĞƚƚůĞŝƚƐĐŽŶƚƌĂĐƚƵĂůŽďůŝŐĂƚŝŽŶ͕ƚŚĞŽďůŝŐĂƚŝŽŶŵĞĞƚƐƚŚĞĚĞĨŝŶŝƚŝŽŶŽĨĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJ͘ >ĂŶĚĂŶĚĞǀĞůŽƉŵĞŶƚŽƐƚƐĂŶĚWĂƌŬŝŶŐ>ŽƚƐĨŽƌ^ĂůĞ WƌŽƉĞƌƚLJĂĐƋƵŝƌĞĚŽƌďĞŝŶŐĐŽŶƐƚƌƵĐƚĞĚĨŽƌƐĂůĞŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ƌĂƚŚĞƌƚŚĂŶƚŽďĞ ŚĞůĚĨŽƌƌĞŶƚĂůŽƌĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƚŝŽŶ͕ŝƐŚĞůĚĂƐŝŶǀĞŶƚŽƌLJĂŶĚŝƐŵĞĂƐƵƌĞĚĂƚƚŚĞůŽǁĞƌŽĨĐŽƐƚĂŶĚ EZs͘ ŽƐƚŝŶĐůƵĚĞƐ͗   

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ŽƐƚŽĨƚŚĞůĂŶĚ͖ ŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ͖ĂŶĚ ŽƌƌŽǁŝŶŐĐŽƐƚƐ͕ƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶĐŽƐƚƐ͕ĐŽƐƚƐŽĨƐŝƚĞƉƌĞƉĂƌĂƚŝŽŶ͕ƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ͕ƉƌŽƉĞƌƚLJ ƚƌĂŶƐĨĞƌƚĂdžĞƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶŽǀĞƌŚĞĂĚƐĂŶĚŽƚŚĞƌƌĞůĂƚĞĚĐŽƐƚƐ͘

EZsŝƐƚŚĞĞƐƚŝŵĂƚĞĚƐĞůůŝŶŐƉƌŝĐĞŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨƚŚĞďƵƐŝŶĞƐƐ͕ďĂƐĞĚŽŶŵĂƌŬĞƚƉƌŝĐĞƐĂƚ ƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ůĞƐƐĞƐƚŝŵĂƚĞĚƐƉĞĐŝĨŝĐĂůůLJŝĚĞŶƚŝĨŝĂďůĞĐŽƐƚƐƚŽĐŽŵƉůĞƚĞĂŶĚƚŚĞĞƐƚŝŵĂƚĞĚĐŽƐƚƐ ƚŽƐĞůů͘


ͲϭϱͲ  

KƚŚĞƌƵƌƌĞŶƚƐƐĞƚƐ dŚŝƐ ĂĐĐŽƵŶƚ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚĞ ĞdžĐĞƐƐ ŽĨ ŝŶƉƵƚ ǀĂůƵĞͲĂĚĚĞĚ ƚĂdž ;sdͿ ŽǀĞƌ ŽƵƚƉƵƚ sd͕ ĂĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐ͕ĐƌĞĚŝƚĂďůĞǁŝƚŚŚŽůĚŝŶŐƚĂdžĞƐ;tdͿ͕ƐƵƉƉůŝĞƐ͕ĚĞĨĞƌƌĞĚƌĞŶƚ͕ƉƌĞƉĂLJŵĞŶƚƐ ĂŶĚƌĞƐƚƌŝĐƚĞĚĐĂƐŚ͘ sd͘ZĞǀĞŶƵĞƐ͕ĞdžƉĞŶƐĞƐĂŶĚĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŶĞƚŽĨƚŚĞĂŵŽƵŶƚŽĨsd͕ĞdžĐĞƉƚ͗ 

ǁŚĞƌĞƚŚĞƚĂdžŝŶĐƵƌƌĞĚŽŶĂƉƵƌĐŚĂƐĞŽĨĂƐƐĞƚƐŽƌƐĞƌǀŝĐĞƐŝƐŶŽƚƌĞĐŽǀĞƌĂďůĞĨƌŽŵƚŚĞƚĂdžĂƚŝŽŶ ĂƵƚŚŽƌŝƚLJ͕ŝŶǁŚŝĐŚĐĂƐĞƚŚĞƚĂdžŝƐƌĞĐŽŐŶŝnjĞĚĂƐƉĂƌƚŽĨƚŚĞĐŽƐƚŽĨĂĐƋƵŝƐŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚŽƌĂƐ ƉĂƌƚŽĨƚŚĞĞdžƉĞŶƐĞŝƚĞŵĂƐĂƉƉůŝĐĂďůĞ͖ĂŶĚ

ƌĞĐĞŝǀĂďůĞƐĂŶĚƉĂLJĂďůĞƐƚŚĂƚĂƌĞƐƚĂƚĞĚǁŝƚŚƚŚĞĂŵŽƵŶƚŽĨƚĂdžŝŶĐůƵĚĞĚ͘

The net amount of tax recoverable from the taxation authority is included as part of “Other current assets” in the consoůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘ ĚǀĂŶĐĞƐ ƚŽ ŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ^ƵƉƉůŝĞƌƐ͘  ĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ ƌĞƉƌĞƐĞŶƚ ĂĚǀĂŶĐĞ payments on services to be incurred in connection with the Group’s operations. These are charged ƚŽ ĞdžƉĞŶƐĞ Žƌ ĐĂƉŝƚĂůŝnjĞĚ ƚŽ ƉƌŽũĞĐƚƐ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͕ ƵƉŽŶ ĂĐƚƵĂůƌĞĐĞŝƉƚŽĨƐĞƌǀŝĐĞƐŽƌƐƵƉƉůŝĞƐ͘dŚĞƐĞĂƌĞĐŽŶƐŝĚĞƌĞĚĂƐŶŽŶĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐĂƐƚŚĞƐĞǁŝůů ďĞĂƉƉůŝĞĚĂŐĂŝŶƐƚĨƵƚƵƌĞďŝůůŝŶŐƐĨƌŽŵĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐ͘ĚǀĂŶĐĞƉĂLJŵĞŶƚƐƚŽĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ͕ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƚŚĂƚ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ ĂŶĚ ĂĚǀĂŶĐĞƉĂLJŵĞŶƚƐƚŚĂƚǁŝůůďĞĂƉƉůŝĞĚĂŐĂŝŶƐƚĨƵƚƵƌĞďŝůůŝŶŐƐďĞLJŽŶĚϭϮŵŽŶƚŚƐĨƌŽŵƚŚĞƌĞƉŽƌƚŝŶŐ date, are presented as part of “Other noncurrent assets” account in the consolidated statementƐŽĨ ĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘ td͘  td ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ ĂŵŽƵŶƚ ǁŝƚŚŚĞůĚ by the Group’s customers in relation to its income͘ tdƐĐĂŶďĞƵƚŝůŝnjĞĚĂƐ ƉĂLJŵĞŶƚ ĨŽƌ ŝŶĐŽŵĞ ƚĂdžĞƐƉƌŽǀŝĚĞĚƚŚĂƚ ƚŚĞƐĞĂƌĞ ƉƌŽƉĞƌůLJƐƵƉƉŽƌƚĞĚďLJ ĐĞƌƚŝĨŝĐĂƚĞƐŽĨĐƌĞĚŝƚĂďůĞƚĂdžǁŝƚŚŚĞůĚĂƚƐŽƵƌĐĞƐƵďũĞĐƚƚŽƚŚĞƌƵůĞƐŽŶWŚŝůŝƉƉŝŶĞŝŶĐŽŵĞƚĂdžĂƚŝŽŶ͘ WƌĞƉĂLJŵĞŶƚƐ͘WƌĞƉĂLJŵĞŶƚƐ ĂƌĞĞdžƉĞŶƐĞƐ ŶŽƚ LJĞƚŝŶĐƵƌƌĞĚďƵƚ ƉĂŝĚŝŶĂĚǀĂŶĐĞ͘ WƌĞƉĂLJŵĞŶƚƐĂƌĞ ĂƉƉŽƌƚŝŽŶĞĚ ŽǀĞƌ ƚŚĞ ƉĞƌŝŽĚ ĐŽǀĞƌĞĚ ďLJ ƚŚĞ ƉĂLJŵĞŶƚ ĂŶĚ ĐŚĂƌŐĞĚ ƚŽ ƚŚĞ ĂƉƉƌŽƉƌŝĂƚĞ ĂĐĐŽƵŶƚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ǁŚĞŶ ŝŶĐƵƌƌĞĚ͘  WƌĞƉĂLJŵĞŶƚƐ ƚŚĂƚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ƌĞĂůŝnjĞĚ ĨŽƌ ŶŽ ŵŽƌĞ ƚŚĂŶ ϭϮ ŵŽŶƚŚƐĂĨƚĞƌƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐĐƵƌƌĞŶƚĂƐƐĞƚ͘KƚŚĞƌǁŝƐĞ͕ƚŚĞƐĞĂƌĞĐůĂƐƐŝĨŝĞĚĂƐ ŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚ͘ ZĞƐƚƌŝĐƚĞĚĂƐŚ͘ZĞƐƚƌŝĐƚĞĚĐĂƐŚŝŶĐůƵĚĞƐĐĂƐŚŝŶďĂŶŬƐƵŶĚĞƌƚƌƵƐƚĂŶĚƚŽďĞƵƐĞĚĨŽƌŝŶƚĞƌĞƐƚĂŶĚ ƉƌŝŶĐŝƉĂůůŽĂŶƉĂLJŵĞŶƚƐ͕ĨƵŶĚƐƌĞƐĞƌǀĞĚĨŽƌƚŚĞƉƵƌĐŚĂƐĞŽĨƵƌŽŶŽƚĞƐĂŶĚĞŶǀŝƌŽŶŵĞŶƚĂůĞƐĐƌŽǁ ĨƵŶĚƐ͘  dŚŝƐ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ĐƵƌƌĞŶƚ ĂƐƐĞƚ ŝĨ ƚŚĞ ĞdžƉĞĐƚĞĚ ƌĞůĞĂƐĞ ŝƐ ǁŝƚŚŝŶ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĚĂƚĞ͘KƚŚĞƌǁŝƐĞ͕ƚŚŝƐŝƐĐůĂƐƐŝĨŝĞĚĂƐĂŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚ͘ /ŶƚĞƌĞƐƚƐŝŶ:ŽŝŶƚKƉĞƌĂƚŝŽŶƐ  ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ ŝƐ Ă ũŽŝŶƚ ĂƌƌĂŶŐĞŵĞŶƚ ǁŚĞƌĞďLJ ƚŚĞ ƉĂƌƚŝĞƐ ƚŚĂƚ ŚĂǀĞ ũŽŝŶƚ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚŚĂǀĞƌŝŐŚƚƐƚŽƚŚĞĂƐƐĞƚƐ͕ĂŶĚŽďůŝŐĂƚŝŽŶƐĨŽƌƚŚĞůŝĂďŝůŝƚŝĞƐƌĞůĂƚŝŶŐƚŽƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘ dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝnjĞƐŝŶƌĞůĂƚŝŽŶƚŽŝƚƐŝŶƚĞƌĞƐƚŝŶĂũŽŝŶƚŽƉĞƌĂƚŝŽŶ͗     

ŝƚƐĂƐƐĞƚƐ͕ŝŶĐůƵĚŝŶŐŝƚƐƐŚĂƌĞŽĨĂŶLJĂƐƐĞƚƐŚĞůĚũŽŝŶƚůLJ͖ ŝƚƐůŝĂďŝůŝƚŝĞƐ͕ŝŶĐůƵĚŝŶŐŝƚƐƐŚĂƌĞŽĨĂŶLJůŝĂďŝůŝƚŝĞƐŝŶĐƵƌƌĞĚũŽŝŶƚůLJ͖ ŝƚƐƌĞǀĞŶƵĞĨƌŽŵƚŚĞƐĂůĞŽĨŝƚƐƐŚĂƌĞŽĨƚŚĞŽƵƚƉƵƚĂƌŝƐŝŶŐĨƌŽŵƚŚĞũŽŝŶƚŽƉĞƌĂƚŝŽŶ͖ ŝƚƐƐŚĂƌĞŽĨƚŚĞƌĞǀĞŶƵĞĨƌŽŵƚŚĞƐĂůĞŽĨƚŚĞŽƵƚƉƵƚďLJƚŚĞũŽŝŶƚŽƉĞƌĂƚŝŽŶ͖ĂŶĚ ŝƚƐĞdžƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐŝƚƐƐŚĂƌĞŽĨĂŶLJĞdžƉĞŶƐĞƐŝŶĐƵƌƌĞĚũŽŝŶƚůLJ͘

97


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/ŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐ The Group’s investments in associates are accounted for using the equity method. An associate is ĂŶĞŶƚŝƚLJŝŶǁŚŝĐŚƚŚĞ'ƌŽƵƉŚĂƐƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞ͘ hŶĚĞƌƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͕ŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞĐĂƌƌŝĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨ financial position at cost plus post acquisition changes in the Group’s share of net assets of the ĂƐƐŽĐŝĂƚĞƐ͘'ŽŽĚǁŝůůƌĞůĂƚŝŶŐƚŽĂŶĂƐƐŽĐŝĂƚĞŝƐŝŶĐůƵĚĞĚŝŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚ ĂŶĚŝƐŶĞŝƚŚĞƌĂŵŽƌƚŝnjĞĚŶŽƌŝŶĚŝǀŝĚƵĂůůLJƚĞƐƚĞĚĨŽƌŝŵƉĂŝƌŵĞŶƚ͘ dŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞƌĞĨůĞĐƚƚŚĞƐŚĂƌĞŽĨƚŚĞƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ͘  tŚĞƌĞ ƚŚĞƌĞ ŚĂƐ ďĞĞŶ Ă ĐŚĂŶŐĞ ƌĞĐŽŐŶŝnjĞĚ ĚŝƌĞĐƚůLJ ŝŶ ƚŚĞ ĞƋƵŝƚLJ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝnjĞƐŝƚƐƐŚĂƌĞŽĨĂŶLJĐŚĂŶŐĞƐĂŶĚĚŝƐĐůŽƐĞƐƚŚŝƐ͕ǁŚĞŶĂƉƉůŝĐĂďůĞ͕ŝŶƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞƋƵŝƚLJ͘  hŶƌĞĂůŝnjĞĚ ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ƌĞƐƵůƚŝŶŐ ĨƌŽŵ ƚƌĂŶƐĂĐƚŝŽŶƐďĞƚǁĞĞŶƚŚĞ'ƌŽƵƉĂŶĚƚŚĞĂƐƐŽĐŝĂƚĞƐĂƌĞĞůŝŵŝŶĂƚĞĚƚŽ ƚŚĞĞdžƚĞŶƚŽĨƚŚĞŝŶƚĞƌĞƐƚŝŶ ƚŚĞĂƐƐŽĐŝĂƚĞƐ͘ The share in net income of the associates is shown as “Equity in net income (loss) of associates” ĂĐĐŽƵŶƚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͘ dŚĞĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐŽĨƚŚĞĂƐƐŽĐŝĂƚĞƐĂƌĞƉƌĞƉĂƌĞĚĨŽƌƚŚĞƐĂŵĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂƐƚŚĞ'ƌŽƵƉ͘ tŚĞƌĞŶĞĐĞƐƐĂƌLJ͕ĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂĚĞ ƚŽďƌŝŶŐƚŚĞ ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐŝĞƐ ŝŶůŝŶĞ ǁŝƚŚƚŚŽƐĞŽĨƚŚĞ 'ƌŽƵƉ͘ hƉŽŶ ůŽƐƐ ŽĨ ƐŝŐŶŝĨŝĐĂŶƚ ŝŶĨůƵĞŶĐĞ ŽǀĞƌ ĂŶ ĂƐƐŽĐŝĂƚĞ͕ ƚŚĞ 'ƌŽƵƉ ŵĞĂƐƵƌĞƐ ĂŶĚ ƌĞĐŽŐŶŝnjĞƐ ĂŶLJ ƌĞƚĂŝŶŝŶŐŝŶǀĞƐƚŵĞŶƚĂƚŝƚƐĨĂŝƌǀĂůƵĞ͘ŶLJĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐŽĐŝĂƚĞ ƵƉŽŶůŽƐƐŽĨƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞĂŶĚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƌĞƚĂŝŶŝŶŐŝŶǀĞƐƚŵĞŶƚĂŶĚƉƌŽĐĞĞĚƐĨƌŽŵ ĚŝƐƉŽƐĂůŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐ /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĐŽŵƉƌŝƐĞŽĨĐŽŵƉůĞƚĞĚƉƌŽƉĞƌƚŝĞƐĂŶĚůĂŶĚĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚŚĞůĚďLJƚŚĞ 'ƌŽƵƉƚŽĞĂƌŶƌĞŶƚĂůƐŽƌĨŽƌĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƚŝŽŶ͕ŽƌďŽƚŚ͘/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞŵĞĂƐƵƌĞĚŝŶŝƚŝĂůůLJ ĂƚĐŽƐƚ͕ŝŶĐůƵĚŝŶŐƚƌĂŶƐĂĐƚŝŽŶĐŽƐƚƐ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŝŶĐůƵĚĞƐƚŚĞĐŽƐƚŽĨƌĞƉůĂĐŝŶŐƉĂƌƚŽĨĞdžŝƐƚŝŶŐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ Ăƚ ƚŚĞ ƚŝŵĞ ƚŚĂƚ ĐŽƐƚ ŝƐ ŝŶĐƵƌƌĞĚ ĂŶĚ ŝĨ ƚŚĞ ƌĞĐŽŐŶŝƚŝŽŶ ĐƌŝƚĞƌŝĂ ĂƌĞ ŵĞƚ͕ ĂŶĚ ĞdžĐůƵĚĞƐƚŚĞĐŽƐƚƐŽĨĚĂLJͲƚŽͲĚĂLJƐĞƌǀŝĐŝŶŐŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͘^ƵďƐĞƋƵĞŶƚƚŽŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶ͕ ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞƐƚĂƚĞĚĂƚĨĂŝƌǀĂůƵĞ͕ǁŚŝĐŚƌĞĨůĞĐƚƐŵĂƌŬĞƚĐŽŶĚŝƚŝŽŶƐĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ ĂƐĚĞƚĞƌŵŝŶĞĚďLJŝŶĚĞƉĞŶĚĞŶƚĂƉƉƌĂŝƐĞƌƐ͘'ĂŝŶƐĂŶĚůŽƐƐĞƐĂƌŝƐŝŶŐĨƌŽŵĐŚĂŶŐĞƐŝŶƚŚĞĨĂŝƌǀĂůƵĞƐŽĨ ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚĞƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞLJĞĂƌŝŶǁŚŝĐŚƚŚĞLJĂƌŝƐĞ͘ dƌĂŶƐĨĞƌƐĂƌĞŵĂĚĞƚŽŽƌĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJŽŶůLJǁŚĞŶƚŚĞƌĞŝƐĂĐŚĂŶŐĞŝŶƵƐĞ͘&ŽƌĂƚƌĂŶƐĨĞƌ ĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJƚŽŽǁŶĞƌŽĐĐƵƉŝĞĚƉƌŽƉĞƌƚLJ͕ƚŚĞĚĞĞŵĞĚĐŽƐƚĨŽƌƐƵďƐĞƋƵĞŶƚĂĐĐŽƵŶƚŝŶŐŝƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ĐŚĂŶŐĞ ŝŶ ƵƐĞ͘  /Ĩ ŽǁŶĞƌ ŽĐĐƵƉŝĞĚ ƉƌŽƉĞƌƚLJ ďĞĐŽŵĞƐ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ͕ƚŚĞ'ƌŽƵƉĂĐĐŽƵŶƚƐĨŽƌƐƵĐŚƉƌŽƉĞƌƚLJŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƉŽůŝĐLJŽŶƉƌŽƉĞƌƚLJ͕ƉůĂŶƚĂŶĚ ĞƋƵŝƉŵĞŶƚƵƉƚŽƚŚĞĚĂƚĞŽĨĐŚĂŶŐĞŝŶƵƐĞ͘



98

/ŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ĚĞƌĞĐŽŐŶŝnjĞĚ ǁŚĞŶ ĞŝƚŚĞƌ ƚŚĞLJ ŚĂǀĞ ďĞĞŶ ĚŝƐƉŽƐĞĚ ŽĨ Žƌ ǁŚĞŶ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ƉĞƌŵĂŶĞŶƚůLJ ǁŝƚŚĚƌĂǁŶ ĨƌŽŵ ƵƐĞ ĂŶĚ ŶŽ ĨƵƌƚŚĞƌ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚ ŝƐ ĞdžƉĞĐƚĞĚĨƌŽŵŝƚƐĚŝƐƉŽƐĂů͘ŶLJŐĂŝŶŽƌůŽƐƐŽŶƚŚĞƌĞƚŝƌĞŵĞŶƚŽĨĚŝƐƉŽƐĂůŽĨĂŶŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJŝƐ ƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞLJĞĂƌŽĨƌĞƚŝƌĞŵĞŶƚŽƌĚŝƐƉŽƐĂů͘ 


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WƌŽƉĞƌƚLJĂŶĚƋƵŝƉŵĞŶƚ WƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ͕ĞdžĐĞƉƚůĂŶĚĂŶĚĂŝƌĐƌĂĨƚƐ͕ĂƌĞƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐĂĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶ͕ ĂŵŽƌƚŝnjĂƚŝŽŶĂŶĚŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞ͕ŝĨĂŶLJ͘>ĂŶĚŝƐƐƚĂƚĞĚĂƚĐŽƐƚůĞƐƐĂŶLJŝŵƉĂŝƌŵĞŶƚŝŶǀĂůƵĞ͘ dŚĞ ŝŶŝƚŝĂů ĐŽƐƚ ŽĨ ƉƌŽƉĞƌƚLJ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ĐŽŶƐŝƐƚƐ ŽĨ ŝƚƐ ƉƵƌĐŚĂƐĞ ƉƌŝĐĞ͕ ŝŶĐůƵĚŝŶŐ ŝŵƉŽƌƚ ĚƵƚŝĞƐ͕ ŶŽŶƌĞĨƵŶĚĂďůĞƚĂdžĞƐĂŶĚĂŶLJĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞĐŽƐƚƐŝŶďƌŝŶŐŝŶŐƚŚĞĂƐƐĞƚƚŽŝƚƐǁŽƌŬŝŶŐĐŽŶĚŝƚŝŽŶ ĂŶĚůŽĐĂƚŝŽŶĨŽƌŝƚƐŝŶƚĞŶĚĞĚƵƐĞ͘^ƵĐŚĐŽƐƚŝŶĐůƵĚĞƐƚŚĞĐŽƐƚŽĨƌĞƉůĂĐŝŶŐƉĂƌƚŽĨƐƵĐŚƉƌŽƉĞƌƚLJĂŶĚ ĞƋƵŝƉŵĞŶƚǁŚĞŶƚŚĂƚĐŽƐƚŝƐŝŶĐƵƌƌĞĚŝĨƚŚĞƌĞĐŽŐŶŝƚŝŽŶĐƌŝƚĞƌŝĂĂƌĞŵĞƚ͘ džƉĞŶĚŝƚƵƌĞƐŝŶĐƵƌƌĞĚĂĨƚĞƌƚŚĞƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚŚĂǀĞďĞĞŶƉƵƚŝŶƚŽŽƉĞƌĂƚŝŽŶ͕ƐƵĐŚĂƐƌĞƉĂŝƌƐ ĂŶĚŵĂŝŶƚĞŶĂŶĐĞ͕ĂƌĞŶŽƌŵĂůůLJĐŚĂƌŐĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƉĞƌŝŽĚǁŚĞŶƚŚĞĐŽƐƚƐĂƌĞŝŶĐƵƌƌĞĚ͘/Ŷ ƐŝƚƵĂƚŝŽŶƐǁŚĞƌĞŝƚĐĂŶďĞĐůĞĂƌůLJĚĞŵŽŶƐƚƌĂƚĞĚƚŚĂƚƚŚĞĞdžƉĞŶĚŝƚƵƌĞƐŚĂǀĞƌĞƐƵůƚĞĚŝŶĂŶŝŶĐƌĞĂƐĞŝŶ ƚŚĞ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ŽďƚĂŝŶĞĚ ĨƌŽŵ ƚŚĞ ƵƐĞ ŽĨ ĂŶ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚLJ ĂŶĚ ĞƋƵŝƉŵĞŶƚďĞLJŽŶĚŝƚƐŽƌŝŐŝŶĂůůLJĂƐƐĞƐƐĞĚƐƚĂŶĚĂƌĚŽĨƉĞƌĨŽƌŵĂŶĐĞ͕ƚŚĞĞdžƉĞŶĚŝƚƵƌĞƐĂƌĞĐĂƉŝƚĂůŝnjĞĚĂƐ ĂĚĚŝƚŝŽŶĂůĐŽƐƚŽĨƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ͘ ĂĐŚƉĂƌƚŽĨƚŚĞƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚǁŝƚŚĂĐŽƐƚƚŚĂƚŝƐƐŝŐŶŝĨŝĐĂŶƚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƚŽƚĂůĐŽƐƚŽĨ ƚŚĞŝƚĞŵŝƐĚĞƉƌĞĐŝĂƚĞĚƐĞƉĂƌĂƚĞůLJ͘  /Ŷ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ĂĚŽƉƚĞĚ ƚŚĞ ƌĞǀĂůƵĂƚŝŽŶ ŵŽĚĞů ŝŶ ŵĞĂƐƵƌŝŶŐ ŝƚƐ ĂŝƌĐƌĂĨƚƐ͘  dŚŝƐ ĐŚĂŶŐĞ ŝŶ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐƉŽůŝĐLJǁĂƐĂƉƉůŝĞĚďLJƚŚĞ'ƌŽƵƉƉƌŽƐƉĞĐƚŝǀĞůLJ͘hŶĚĞƌƚŚĞƌĞǀĂůƵĂƚŝŽŶŵŽĚĞů͕ĂŝƌĐƌĂĨƚŝƐ ŝŶŝƚŝĂůůLJ ƌĞĐŽƌĚĞĚĂƚ ĐŽƐƚ ĂŶĚ ƐƵďƐĞƋƵĞŶƚůLJ ŵĞĂƐƵƌĞĚ Ăƚ ĨĂŝƌǀĂůƵĞ͘ sĂůƵĂƚŝŽŶƐĂƌĞ ƉĞƌĨŽƌŵĞĚ ǁŝƚŚ ƐƵĨĨŝĐŝĞŶƚƌĞŐƵůĂƌŝƚLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨĂƌĞǀĂůƵĞĚĂƐƐĞƚĚŽĞƐŶŽƚĚŝĨĨĞƌŵĂƚĞƌŝĂůůLJĨƌŽŵ ŝƚƐĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͘ĚĚŝƚŝŽŶƐƐƵďƐĞƋƵĞŶƚƚŽƚŚĞůĂƐƚĂƉƉƌĂŝƐĂůĚĂƚĞĂƌĞƐƚĂƚĞĚĂƚĂĐƋƵŝƐŝƚŝŽŶĐŽƐƚ͘  ƌĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ ŝƐ ƌĞĐŽƌĚĞĚ ŝŶŝƚŝĂůůLJ ŝŶ K/ ĂŶĚ ĂĐĐƵŵƵůĂƚĞĚ ƚŽ ƚŚĞ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ŝŶ ĞƋƵŝƚLJ͘ ,ŽǁĞǀĞƌ͕ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ƌĞǀĞƌƐĞƐ Ă ƌĞǀĂůƵĂƚŝŽŶ ĚĞĐƌĞĂƐĞ ŽĨ ƚŚĞ ƐĂŵĞ ĂƐƐĞƚ ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƉƌŽĨŝƚ Žƌ ůŽƐƐ͘   ƌĞǀĂůƵĂƚŝŽŶ ĚĞĐƌĞĂƐĞŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐ͕ĞdžĐĞƉƚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚŽĨĨƐĞƚƐĂŶĞdžŝƐƚŝŶŐƐƵƌƉůƵƐŽŶƚŚĞ ƐĂŵĞĂƐƐĞƚƌĞĐŽŐŶŝnjĞĚŝŶƌĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐŝŶĞƋƵŝƚLJŝŶǁŚŝĐŚĐĂƐĞƚŚĞĚĞĐƌĞĂƐĞŝƐƌĞĐŽŐŶŝnjĞĚŝŶ K/͘ hƉŽŶ ĚŝƐƉŽƐĂů͕ ĂŶLJ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉĂƌƚŝĐƵůĂƌ ĂƐƐĞƚ ďĞŝŶŐ ƐŽůĚ ŝƐ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƌĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ͘ ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŝƐĐŽŵƉƵƚĞĚŽŶƚŚĞƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐ ŽĨ ƚŚĞ ĂƐƐĞƚƐ ;ĞdžĐĞƉƚ ĨŽƌ ůĂŶĚͿ͘  dŚĞ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝnjĂƚŝŽŶ ƉĞƌŝŽĚƐ ĨŽƌ ƉƌŽƉĞƌƚLJ ĂŶĚ ĞƋƵŝƉŵĞŶƚ͕ďĂƐĞĚŽŶƚŚĞĂďŽǀĞƉŽůŝĐŝĞƐ͕ĂƌĞĂƐĨŽůůŽǁƐ͗  ƐƐĞƚdLJƉĞ EƵŵďĞƌŽĨzĞĂƌƐ ŝƌĐƌĂĨƚƐ Ϯϯ ƵŝůĚŝŶŐƐ ϮϬƚŽϰϬ dƌĂŶƐƉŽƌƚĂƚŝŽŶĞƋƵŝƉŵĞŶƚ ϮƚŽϮϱ DĂĐŚŝŶĞƌLJ͕ĞƋƵŝƉŵĞŶƚĂŶĚƚŽŽůƐ ϮƚŽϭϱ KĨĨŝĐĞĨƵƌŶŝƚƵƌĞĂŶĚĞƋƵŝƉŵĞŶƚ ϮƚŽϱ >ĞĂƐĞŚŽůĚŝŵƉƌŽǀĞŵĞŶƚƐ ϮƚŽϭϬŽƌůĞĂƐĞƚĞƌŵ͕ǁŚŝĐŚĞǀĞƌŝƐƐŚŽƌƚĞƌ dŚĞ ĞƐƚŝŵĂƚĞĚ ƵƐĞĨƵů ůŝǀĞƐ ĂŶĚ ĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚ ĂŵŽƌƚŝnjĂƚŝŽŶ ŵĞƚŚŽĚ ĂƌĞ ƌĞǀŝĞǁĞĚ ƉĞƌŝŽĚŝĐĂůůLJ ƚŽ ĞŶƐƵƌĞƚŚĂƚƚŚĞƉĞƌŝŽĚƐĂŶĚŵĞƚŚŽĚŽĨĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶŝƐĐŽŶƐŝƐƚĞŶƚǁŝƚŚƚŚĞĞdžƉĞĐƚĞĚ ƉĂƚƚĞƌŶŽĨĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĨƌŽŵŝƚĞŵƐŽĨƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ͘

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ͲϭϴͲ   Ŷ ŝƚĞŵ ŽĨ ƉƌŽƉĞƌƚLJ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ŝƐ ĚĞƌĞĐŽŐŶŝnjĞĚ ƵƉŽŶ ĚŝƐƉŽƐĂů Žƌ ǁŚĞŶ ŶŽ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐĂƌĞĞdžƉĞĐƚĞĚĨƌŽŵŝƚƐƵƐĞ͘ŶLJŐĂŝŶŽƌůŽƐƐĂƌŝƐŝŶŐŽŶĚĞƌĞĐŽŐŶŝƚŝŽŶŽĨƚŚĞĂƐƐĞƚ;ĐĂůĐƵůĂƚĞĚĂƐ ƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞŶĞƚĚŝƐƉŽƐĂůƉƌŽĐĞĞĚƐĂŶĚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚͿŝƐŝŶĐůƵĚĞĚŝŶ ƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞLJĞĂƌƚŚĞĂƐƐĞƚŝƐĚĞƌĞĐŽŐŶŝnjĞĚ͘ &ƵůůLJĚĞƉƌĞĐŝĂƚĞĚŝƚĞŵƐĂƌĞƌĞƚĂŝŶĞĚĂƐƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚƵŶƚŝůƚŚĞƐĞĂƌĞŶŽůŽŶŐĞƌŝŶƵƐĞ͘ ŽŶƐƚƌƵĐƚŝŽŶŝŶƉƌŽŐƌĞƐƐ͕ǁŚŝĐŚŝŶĐůƵĚĞƐĐŽƐƚŽĨĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽƚŚĞƌĚŝƌĞĐƚĐŽƐƚƐ͕ŝƐƐƚĂƚĞĚĂƚĐŽƐƚ ĂŶĚŝƐŶŽƚĚĞƉƌĞĐŝĂƚĞĚƵŶƚŝůƐƵĐŚƚŝŵĞĂƐƚŚĞƌĞůĞǀĂŶƚĂƐƐĞƚƐĂƌĞĐŽŵƉůĞƚĞĚĂŶĚƉƵƚŝŶƚŽŽƉĞƌĂƚŝŽŶĂů ƵƐĞ͘  ƐƐĞƚƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ĂƌĞ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ Ă ƐƉĞĐŝĨŝĐ ĐĂƚĞŐŽƌLJ ŽĨ ƉƌŽƉĞƌƚLJ ĂŶĚ ĞƋƵŝƉŵĞŶƚ ǁŚĞŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽƚŚĞƌƌĞůĂƚĞĚĂĐƚŝǀŝƚŝĞƐŶĞĐĞƐƐĂƌLJƚŽƉƌĞƉĂƌĞƚŚĞĂƐƐĞƚƐĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚ ƵƐĞĂƌĞĐŽŵƉůĞƚĞĚĂŶĚƚŚĞĂƐƐĞƚƐĂƌĞĂǀĂŝůĂďůĞĨŽƌƵƐĞ͘ ^ŽĨƚǁĂƌĞ ^ŽĨƚǁĂƌĞ ŝƐ ŵĞĂƐƵƌĞĚ ŝŶŝƚŝĂůůLJ Ăƚ ĐŽƐƚ͘  ^ŽĨƚǁĂƌĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝĨ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ƚŚĞ ĨƵƚƵƌĞ ĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐƚŚĂƚĂƌĞĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂƐƐĞƚǁŝůůĨůŽǁƚŽƚŚĞĞŶƚĞƌƉƌŝƐĞĂŶĚƚŚĞĐŽƐƚŽĨƚŚĞ ĂƐƐĞƚ ĐĂŶ ďĞ ŵĞĂƐƵƌĞĚ ƌĞůŝĂďůLJ͘  ĨƚĞƌ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ͕ ƐŽĨƚǁĂƌĞ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ĐŽƐƚ ůĞƐƐ ĂĐĐƵŵƵůĂƚĞĚĂŵŽƌƚŝnjĂƚŝŽŶĂŶĚĂŶLJŝŵƉĂŝƌŵĞŶƚůŽƐƐ͘ ŵŽƌƚŝnjĂƚŝŽŶŽĨƐŽĨƚǁĂƌĞŝƐĐŽŵƉƵƚĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝĨĞŽĨĨŝǀĞ LJĞĂƌƐ͘  dŚĞĂŵŽƌƚŝnjĂƚŝŽŶƉĞƌŝŽĚĂŶĚŵĞƚŚŽĚĂƌĞƌĞǀŝĞǁĞĚƉĞƌŝŽĚŝĐĂůůLJƚŽĞŶƐƵƌĞƚŚĂƚƚŚĞƐĞĂƌĞĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚĞdžƉĞĐƚĞĚƉĂƚƚĞƌŶŽĨĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐĨƌŽŵƚŚĞŝŶƚĂŶŐŝďůĞĂƐƐĞƚƐ͘ /ŵƉĂŝƌŵĞŶƚŽĨEŽŶĨŝŶĂŶĐŝĂůƐƐĞƚƐ EŽŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞǀŝĞǁĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ǁŚĞŶ ĞǀĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŵĂLJŶŽƚďĞƌĞĐŽǀĞƌĂďůĞ͘dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞǁŚĞƚŚĞƌ ƚŚĞƌĞ ŝƐ ĂŶ ŝŶĚŝĐĂƚŝŽŶ ƚŚĂƚ ĂŶ ĂƐƐĞƚ ŵĂLJ ďĞ ŝŵƉĂŝƌĞĚ͘  /Ĩ ĂŶLJ ƐƵĐŚ ŝŶĚŝĐĂƚŝŽŶ ĞdžŝƐƚƐ͕ Žƌ ǁŚĞŶ ĂŶŶƵĂů ŝŵƉairment testing for an asset is required, the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cashͲgenerating unit’s fair value ůĞƐƐĐŽƐƚƐƚŽƐĞůůĂŶĚŝƚƐǀĂůƵĞŝŶƵƐĞĂŶĚŝƐĚĞƚĞƌŵŝŶĞĚĨŽƌĂŶŝŶĚŝǀŝĚƵĂůĂƐƐĞƚ͕ƵŶůĞƐƐƚŚĞĂƐƐĞƚĚŽĞƐ ŶŽƚŐĞŶĞƌĂƚĞĐĂƐŚŝŶĨůŽǁƐƚŚĂƚĂƌĞůĂƌŐĞůLJŝŶĚĞƉĞŶĚĞŶƚŽĨƚŚŽƐĞĨƌŽŵŽƚŚĞƌĂƐƐĞƚƐŽƌŐƌŽƵƉƐŽĨĂƐƐĞƚƐ͘ tŚĞƌĞ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŶ ĂƐƐĞƚ ĞdžĐĞĞĚƐ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͕ ƚŚĞ ĂƐƐĞƚ ŝƐ ĐŽŶƐŝĚĞƌĞĚ ŝŵƉĂŝƌĞĚ ĂŶĚ ŝƐ ǁƌŝƚƚĞŶ ĚŽǁŶ ƚŽ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘  /Ŷ ĂƐƐĞƐƐŝŶŐ ǀĂůƵĞ ŝŶ ƵƐĞ͕ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĨƵƚƵƌĞ ĐĂƐŚ ĨůŽǁƐ ĂƌĞ ĚŝƐĐŽƵŶƚĞĚ ƚŽ ƚŚĞŝƌ ƉƌĞƐĞŶƚ ǀĂůƵĞ ƵƐŝŶŐ Ă ƉƌĞͲƚĂdž ĚŝƐĐŽƵŶƚ ƌĂƚĞ ƚŚĂƚ ƌĞĨůĞĐƚƐ ĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞĂƐƐĞƚ͘

100



ŶĂƐƐĞƐƐŵĞŶƚŝƐŵĂĚĞĂƚĞĂĐŚƌĞƉŽƌƚŝŶŐĚĂƚĞĂƐƚŽǁŚĞƚŚĞƌƚŚĞƌĞŝƐĂŶLJŝŶĚŝĐĂƚŝŽŶƚŚĂƚƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝnjĞĚŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐŵĂLJŶŽůŽŶŐĞƌĞdžŝƐƚŽƌŵĂLJŚĂǀĞĚĞĐƌĞĂƐĞĚ͘/ĨƐƵĐŚŝŶĚŝĐĂƚŝŽŶĞdžŝƐƚƐ͕ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŝƐ ĞƐƚŝŵĂƚĞĚ͘   ƉƌĞǀŝŽƵƐůLJ ƌĞĐŽŐŶŝnjĞĚ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞǀĞƌƐĞĚ ŽŶůLJ ŝĨ there has been a change in the estimates used to determine the asset’s recoverable amount since the ůĂƐƚŝŵƉĂŝƌŵĞŶƚůŽƐƐǁĂƐƌĞĐŽŐŶŝnjĞĚ͘/ĨƚŚĂƚŝƐƚŚĞĐĂƐĞ͕ƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞĂƐƐĞƚŝƐŝŶĐƌĞĂƐĞĚ ƚŽ ŝƚƐ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͘  dŚĂƚ ŝŶĐƌĞĂƐĞĚ ĂŵŽƵŶƚ ĐĂŶŶŽƚ ĞdžĐĞĞĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ƚŚĂƚ ǁŽƵůĚ ŚĂǀĞďĞĞŶĚĞƚĞƌŵŝŶĞĚ͕ŶĞƚŽĨĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ͕ŚĂĚŶŽŝŵƉĂŝƌŵĞŶƚůŽƐƐďĞĞŶƌĞĐŽŐŶŝnjĞĚ ĨŽƌƚŚĞĂƐƐĞƚŝŶƉƌŝŽƌLJĞĂƌƐ͘^ƵĐŚƌĞǀĞƌƐĂůŝƐƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐƵŶůĞƐƐƚŚĞĂƐƐĞƚŝƐĐĂƌƌŝĞĚĂƚ ƌĞǀĂůƵĞĚĂŵŽƵŶƚ͕ŝŶǁŚŝĐŚĐĂƐĞƚŚĞƌĞǀĞƌƐĂůŝƐƚƌĞĂƚĞĚĂƐĂƌĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ͘ĨƚĞƌƐƵĐŚĂƌĞǀĞƌƐĂů ƚŚĞĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶĐŚĂƌŐĞŝƐĂĚũƵƐƚĞĚŝŶĨƵƚƵƌĞƉĞƌŝŽĚƐƚŽĂůůŽĐĂƚĞƚŚĞĂƐƐet’s revised ĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͕ůĞƐƐĂŶLJƌĞƐŝĚƵĂůǀĂůƵĞ͕ŽŶĂƐLJƐƚĞŵĂƚŝĐďĂƐŝƐŽǀĞƌŝƚƐƌĞŵĂŝŶŝŶŐƵƐĞĨƵůůŝĨĞ͘ 


ͲϭϵͲ   'ŽŽĚǁŝůů͘dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐǁŚĞƚŚĞƌƚŚĞƌĞĂƌĞĂŶLJŝŶĚŝĐĂƚŽƌƐƚŚĂƚŐŽŽĚǁŝůůŝƐŝŵƉĂŝƌĞĚĂƚĞĂĐŚ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘  'ŽŽĚǁŝůů ŝƐ ƚĞƐƚĞĚ ĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ĂŶŶƵĂůůLJ ĂŶĚ ǁŚĞŶ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŵĂLJ ďĞ ŝŵƉĂŝƌĞĚ͘  /ŵƉĂŝƌŵĞŶƚ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ĨŽƌ ŐŽŽĚǁŝůů ďLJ ĂƐƐĞƐƐŝŶŐƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐ͕ƚŽǁŚŝĐŚƚŚĞŐŽŽĚǁŝůůƌĞůĂƚĞƐ͘ tŚĞƌĞƚŚĞƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚŽĨƚŚĞĐĂƐŚͲŐĞŶĞƌĂƚŝŶŐƵŶŝƚƐŝƐůĞƐƐƚŚĂŶƚŚĞŝƌĐĂƌƌLJŝŶŐĂŵŽƵŶƚ͕ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ͘  /ŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐ ƌĞůĂƚŝŶŐ ƚŽ ŐŽŽĚǁŝůů ĐĂŶŶŽƚ ďĞ ƌĞǀĞƌƐĞĚ ŝŶ ĨƵƚƵƌĞƉĞƌŝŽĚƐ͘ /ŶǀĞƐƚŵĞŶƚƐŝŶƐƐŽĐŝĂƚĞƐ͘ĨƚĞƌĂƉƉůŝĐĂƚŝŽŶŽĨƚŚĞĞƋƵŝƚLJŵĞƚŚŽĚ͕ƚŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌ it is necessary to recognize an impairment loss on the Group’s investment in its associates. The 'ƌŽƵƉ ĚĞƚĞƌŵŝŶĞƐĂƚĞĂĐŚ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞǁŚĞƚŚĞƌ ƚŚĞƌĞŝƐ ĂŶLJŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞ ƚŚĂƚ ƚŚĞŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞŝŵƉĂŝƌĞĚ͘/ĨƚŚŝƐŝƐƚŚĞĐĂƐĞ͕ƚŚĞ'ƌŽƵƉĐĂůĐƵůĂƚĞƐƚŚĞĂŵŽƵŶƚŽĨ ŝŵƉĂŝƌŵĞŶƚ ĂƐ ƚŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ĂŶĚ ƚŚĞŝƌ carrying values and recognizes the amount in profit or loss under the “Equity in net income;ůŽƐƐͿ ŽĨĂƐƐŽciates” account. ĂƉŝƚĂů^ƚŽĐŬĂŶĚĚĚŝƚŝŽŶĂůWĂŝĚͲŝŶĂƉŝƚĂů ĂƉŝƚĂů ƐƚŽĐŬ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƉĂƌ ǀĂůƵĞ ĨŽƌ Ăůů ƐŚĂƌĞƐ ŝƐƐƵĞĚ͘  WƌŽĐĞĞĚƐ ĂŶĚͬŽƌ ĨĂŝƌ ǀĂůƵĞ ŽĨ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐƌĞĐĞŝǀĞĚŝŶĞdžĐĞƐƐŽĨƉĂƌǀĂůƵĞ͕ŝĨĂŶLJ͕ĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐĂĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů͘ /ŶĐƌĞŵĞŶƚĂů ĐŽƐƚƐ ĚŝƌĞĐƚůLJ ĂƚƚƌŝďƵƚĂďůĞ ƚŽ ƚŚĞ ŝƐƐƵĞ ŽĨ ŶĞǁ ĐĂƉŝƚĂů ƐƚŽĐŬ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ĂƐ Ă ĚĞĚƵĐƚŝŽŶ͕ŶĞƚŽĨƚĂdž͕ĨƌŽŵƚŚĞĞƋƵŝƚLJ͘ ZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ Retained earnings represent the cumulative balance of the Group’s results of operations͕ ŶĞƚ ŽĨ ĚŝǀŝĚĞŶĚĚŝƐƚƌŝďƵƚŝŽŶƐ͘ K/ K/ĐŽŵƉƌŝƐĞƐŽĨŝƚĞŵƐŽĨŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƚŚĂƚĂƌĞŶŽƚƌĞĐŽŐŶŝnjĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐĨŽƌƚŚĞLJĞĂƌ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W&Z^͘  K/ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ƉĞƌƚĂŝŶƐ ƚŽ ƵŶƌĞĂůŝnjĞĚ ǀĂůƵĂƚŝŽŶ ŽŶ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ͕ƌĞŵĞĂƐƵƌĞŵĞŶƚŽŶƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJĂŶĚƌĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ͘ dƌĞĂƐƵƌLJ^ƚŽĐŬ KǁŶ ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ ǁŚŝĐŚ ĂƌĞ ƌĞĂĐƋƵŝƌĞĚ ;ƚƌĞĂƐƵƌLJ ƐƚŽĐŬͿ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ Ăƚ ĐŽƐƚ ĂŶĚ ĚĞĚƵĐƚĞĚ ĨƌŽŵ ĞƋƵŝƚLJ͘  EŽ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ŽŶ ƚŚĞ ƉƵƌĐhase, sale, issue or cancellation of the Group’s own equity ŝŶƐƚƌƵŵĞŶƚƐ͘  ŶLJ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĂŶĚƚŚĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ŝĨ ƌĞŝƐƐƵĞĚ͕ ŝƐ ƌĞĐŽŐŶŝnjĞĚĂƐĂĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů͘sŽƚŝŶŐƌŝŐŚƚƐƌĞůĂƚĞĚƚŽƚƌĞĂƐƵƌLJƐŚĂƌĞƐĂƌĞŶƵůůŝĨŝĞĚĨŽƌ ƚŚĞ'ƌŽƵƉĂŶĚŶŽĚŝǀŝĚĞŶĚƐĂƌĞĂůůŽĐĂƚĞĚƚŽƚŚĞŵ͘



WĂƌĞŶƚŽŵƉĂŶLJ’s Shares Held by a Subsidiary Parent’s shares which are held by a subsidiary are treated ƐŝŵŝůĂƌ ƚŽ ƚƌĞĂƐƵƌLJ ƐŚĂƌĞƐ ĂŶĚ ƌĞĐŽŐŶŝnjĞĚ ĂŶĚ ĚĞĚƵĐƚĞĚĨƌŽŵĞƋƵŝƚLJ Ăƚ ĐŽƐƚ͘  EŽ ŐĂŝŶ Žƌ ůŽƐƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐof comprehensive income on the purchase, sale, issue or cancellation of the Group’s ŽǁŶ ĞƋƵŝƚLJ ŝŶƐƚƌƵŵĞŶƚƐ͘  ŶLJ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ĂŶĚ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶ ŝƐ ƌĞĐŽŐŶŝnjĞĚĂƐĂĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů͘ 

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ͲϮϬͲ  

ZĞǀĞŶƵĞZĞĐŽŐŶŝƚŝŽŶ ZĞǀĞŶƵĞŝƐ ƌĞĐŽŐŶŝnjĞĚƚŽƚŚĞĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐƉƌŽďĂďůĞƚŚĂƚ ƚŚĞĞĐŽŶŽŵŝĐďĞŶĞĨŝƚƐǁŝůů ĨůŽǁƚŽƚŚĞ 'ƌŽƵƉ ĂŶĚ ƚŚĞ ƌĞǀĞŶƵĞ ĐĂŶ ďĞ ƌĞůŝĂďůLJ ŵĞĂƐƵƌĞĚ͘  ZĞǀĞŶƵĞ ŝƐ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶƐŝĚĞƌĂƚŝŽŶƌĞĐĞŝǀĞĚ͕ĞdžĐůƵĚŝŶŐĚŝƐĐŽƵŶƚƐĂŶĚƌĞďĂƚĞƐ͘dŚĞĨŽůůŽǁŝŶŐƐƉĞĐŝĨŝĐƌĞĐŽŐŶŝƚŝŽŶĐƌŝƚĞƌŝĂ ŵƵƐƚĂůƐŽďĞŵĞƚďĞĨŽƌĞƌĞǀĞŶƵĞŝƐƌĞĐŽŐŶŝnjĞĚ͘ ZĞĂůƐƚĂƚĞ^ĂůĞƐ͘ZĞǀĞŶƵĞĨƌŽŵƐĂůĞƐŽĨĐŽŵƉůĞƚĞĚƉƌŽũĞĐƚƐŝƐĂĐĐŽƵŶƚĞĚĨŽƌƵƐŝŶŐƚŚĞĨƵůůĂĐĐƌƵĂů ŵĞƚŚŽĚ͘  dŚĞ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ŵĞƚŚŽĚ ǁŝůů ďĞ ƵƐĞĚ ƚŽ ƌĞĐŽŐŶŝnjĞ ŝŶĐŽŵĞ ĨƌŽŵ ƐĂůĞƐ ŽĨ ƉƌŽũĞĐƚƐǁŚĞƌĞƚŚĞ'ƌŽƵƉŚĂƐŵĂƚĞƌŝĂůŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞƐĂůĞƐĐŽŶƚƌĂĐƚƐƚŽĐŽŵƉůĞƚĞƚŚĞƉƌŽũĞĐƚ ĂĨƚĞƌ ƚŚĞ ƉƌŽƉĞƌƚLJ ŝƐ ƐŽůĚ͘  hŶĚĞƌ ƚŚŝƐ ŵĞƚŚŽĚ͕ ƐĂůĞƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ƚŚĞ ƌĞůĂƚĞĚ ŽďůŝŐĂƚŝŽŶƐ ĂƌĞ ĨƵůĨŝůůĞĚ͕ŵĞĂƐƵƌĞĚƉƌŝŶĐŝƉĂůůLJŽŶƚŚĞďĂƐŝƐŽĨƚŚĞĞƐƚŝŵĂƚĞĚĐŽŵƉůĞƚŝŽŶŽĨĂƉŚLJƐŝĐĂůƉŽƌƚŝŽŶŽĨƚŚĞ ĐŽŶƚƌĂĐƚǁŽƌŬ͘ŽƐƚƐƚŚĂƚƌĞůĂƚĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶ͕ĚĞǀĞůŽƉŵĞŶƚ͕ŝŵƉƌŽǀĞŵĞŶƚĂŶĚĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ƚŚĞƌĞĂůĞƐƚĂƚĞƉƌŽũĞĐƚƐĂƌĞĐĂƉŝƚĂůŝnjĞĚĂŶĚĂƌĞĐŚĂƌŐĞĚƚŽŽƉĞƌĂƚŝŽŶƐǁŚĞŶƚŚĞƌĞůĂƚĞĚƌĞǀĞŶƵĞƐĂƌĞ ƌĞĐŽŐŶŝnjĞĚ͘ dŚĞ'ƌŽƵƉĂĐĐŽƵŶƚƐĨŽƌĂŶLJĐĂƐŚƌĞĐĞŝǀĞĚĨƌŽŵďƵLJĞƌƐĂƐĚĞƉŽƐŝƚƐĨƌŽŵƐĂůĞŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐ ǁŚĞŶƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŝƐŶŽƚďĞLJŽŶĚĂƉƌĞůŝŵŝŶĂƌLJƐƚĂŐĞ͘ŽŶƐƚƌƵĐƚŝŽŶŝƐŶŽƚďĞLJŽŶĚĂƉƌĞůŝŵŝŶĂƌLJ ƐƚĂŐĞ ŝĨ ĞŶŐŝŶĞĞƌŝŶŐ ĂŶĚ ĚĞƐŝŐŶ ǁŽƌŬ͕ ĞdžĞĐƵƚŝŽŶ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚƐ͕ ƐŝƚĞ ĐůĞĂƌĂŶĐĞ ĂŶĚ ƉƌĞƉĂƌĂƚŝŽŶ͕ĞdžĐĂǀĂƚŝŽŶ͕ĂŶĚĐŽŵƉůĞƚŝŽŶŽĨƚŚĞďƵŝůĚŝŶŐĨŽƵŶĚĂƚŝŽŶĂƌĞŝŶĐŽŵƉůĞƚĞ͘WƌŽĐĞĞĚƐƐŚĂůů ďĞĂĐĐŽƵŶƚĞĚĨŽƌĂƐĚĞƉŽƐŝƚƐƵŶƚŝůƚŚĞĐƌŝƚĞƌŝĂĨŽƌƉĞƌĐĞŶƚĂŐĞŽĨĐŽŵƉůĞƚŝŽŶŵĞƚŚŽĚĂƌĞŵĞƚ͘džĐĞƐƐ of collections over the recognized receivables are included in the “Trade and other payables” ĂĐĐŽƵŶƚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ͕ ŝĨ ĞdžƉĞĐƚĞĚ ƚŽ ďĞ ĂƉƉůŝĞĚ ǁŝƚŚŝŶ ϭϮŵŽŶƚŚƐĨƌŽŵƚŚĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĚĂƚĞ͘KƚŚĞƌǁŝƐĞ͕ƚŚĞƐĞĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚLJ under “Other noncurrent liabilities” account in the consolidated statementƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘ &ŽƌƐĂůĞŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐĂŶĚƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐƵŶĚĞƌĂƐŝŶŐůĞĐŽŶƚƌĂĐƚƚŽƐĞůů͕ƚŚĞƐĞůůŝŶŐƉƌŝĐĞ ŝƐĂůůŽĐĂƚĞĚƚŽĞĂĐŚĐŽŵƉŽŶĞŶƚƵƐŝŶŐƚŚĞƌĞƐŝĚƵĂůŵĞƚŚŽĚ͘ŽůůĞĐƚŝŽŶƐƌĞĐĞŝǀĞĚĂƌĞŝŶŝƚŝĂůůLJĂƉƉůŝĞĚ ƚŽƚŚĞƐĞůůŝŶŐƉƌŝĐĞŽĨƚŚĞĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚĂŶĚƚŚĞƌĞŵĂŝŶĚĞƌƚŽƚŚĞƐĞůůŝŶŐƉƌŝĐĞŽĨƚŚĞƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞ͘ ZĞǀĞŶƵĞŽŶƚŚĞƐĂůĞŽĨƉĂƌŬŝŶŐůŽƚƐŝƐƌĞĐŽŐŶŝnjĞĚƵƐŝŶŐƚŚĞĨƵůůĂĐĐƌƵĂůŵĞƚŚŽĚ͘ ZĞŶƚ͘ZĞŶƚŝŶĐŽŵĞĨƌŽŵŽƉĞƌĂƚŝŶŐůĞĂƐĞƐŝƐƌĞĐŽŐŶŝnjĞĚŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞƚĞƌŵŽĨƚŚĞ ůĞĂƐĞ͘  ŽŶƚŝŶŐĞŶƚ ƌĞŶƚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ǁŚĞŶ ŝƚ ĂƌŝƐĞƐ͘  dŚŝƐ ĂůƐŽ ŝŶĐůƵĚĞƐ ĐŽŵŵŽŶ ƵƚŝůŝƚŝĞƐ͕ ƐĞƌǀŝĐĞƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞĐŚĂƌŐĞƐ͕ĂƐǁĞůůĂƐŽƚŚĞƌŝŶĐŝĚĞŶƚĂůŝŶĐŽŵĞŝŶƉƌŽǀŝĚŝŶŐƚŚĞƐĞƌǀŝĐĞ͘ ŝƌ dƌĂŶƐƉŽƌƚ ^ĞƌǀŝĐĞƐ͘ ŝƌ ƚƌĂŶƐƉŽƌƚ ƐĞƌǀŝĐĞƐ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ǁŚĞŶ ƚŚĞ ƌĞůĂƚĞĚ ƐĞƌǀŝĐĞ ŚĂƐ ďĞĞŶ ƌĞŶĚĞƌĞĚ͘ 'ĂŝŶ ŽŶ ^ĂůĞ ŽĨ &^ &ŝŶĂŶĐŝĂů ƐƐĞƚƐ͘  'ĂŝŶ ŽŶ ƐĂůĞ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ƵƉŽŶ ƚƌĂŶƐĨĞƌŽĨƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐƚŽƚŚĞďƵLJĞƌ͘ /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ͘  /ŶƚĞƌĞƐƚ ŝŶĐŽŵĞ ŝƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ƚŚĞ ŝŶƚĞƌĞƐƚ ĂĐĐƌƵĞƐ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ƚŚĞ ĞĨĨĞĐƚŝǀĞLJŝĞůĚŽŶƚŚĞĂƐƐĞƚƐ͘ KƚŚĞƌ/ŶĐŽŵĞ͘/ŶĐŽŵĞĨƌŽŵŽƚŚĞƌƐŽƵƌĐĞƐŝƐƌĞĐŽŐŶŝnjĞĚǁŚĞŶĞĂƌŶĞĚĚƵƌŝŶŐƚŚĞƉĞƌŝŽĚ͘

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ŽƐƚĂŶĚdžƉĞŶƐĞZĞĐŽŐŶŝƚŝŽŶ ŽƐƚ ĂŶĚ ĞdžƉĞŶƐĞƐ ĂƌĞ ĚĞĐƌĞĂƐĞƐ ŝŶ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĚƵƌŝŶŐ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉĞƌŝŽĚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ ŽƵƚĨůŽǁƐŽƌĚĞƉůĞƚŝŽŶƐŽĨĂƐƐĞƚƐŽƌŝŶĐƵƌƌĞŶĐĞŽĨůŝĂďŝůŝƚŝĞƐƚŚĂƚƌĞƐƵůƚŝŶĚĞĐƌĞĂƐĞŝŶĞƋƵŝƚLJ͕ŽƚŚĞƌƚŚĂŶ ƚŚŽƐĞƌĞůĂƚŝŶŐƚŽĚŝƐƚƌŝďƵƚŝŽŶƐƚŽĞƋƵŝƚLJƉĂƌƚŝĐŝƉĂŶƚƐ͘


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ĐƚƵĂƌŝĂů ǀĂůƵĂƚŝŽŶƐ ĂƌĞ ŵĂĚĞ ǁŝƚŚ ƐƵĨĨŝĐŝĞŶƚ ƌĞŐƵůĂƌŝƚLJ ƐŽ ƚŚĂƚ ƚŚĞ ĂŵŽƵŶƚƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĚŽ ŶŽƚ ĚŝĨĨĞƌ ŵĂƚĞƌŝĂůůLJ ĨƌŽŵ ƚŚĞ ĂŵŽƵŶƚƐ ƚŚĂƚ ǁŽƵůĚ ďĞ ĚĞƚĞƌŵŝŶĞĚĂƚƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͘ 

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'ƌŽƵƉĂƐĂ>ĞƐƐĞĞͲ&ŝŶĂŶĐĞ>ĞĂƐĞ͘&ŝŶĂŶĐĞůĞĂƐĞƐ͕ǁŚŝĐŚƚƌĂŶƐĨĞƌƚŽƚŚĞ'ƌŽƵƉƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞ ƌŝƐŬƐĂŶĚďĞŶĞĨŝƚƐŝŶĐŝĚĞŶƚĂůƚŽŽǁŶĞƌƐŚŝƉŽĨƚŚĞůĞĂƐĞĚŝƚĞŵ͕ĂƌĞĐĂƉŝƚĂůŝnjĞĚĂƚƚŚĞŝŶĐĞƉƚŝŽŶŽĨƚŚĞ ůĞĂƐĞĂƚƚŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞůĞĂƐĞĚƉƌŽƉĞƌƚLJŽƌ͕ŝĨůŽǁĞƌ͕ĂƚƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨƚŚĞŵŝŶŝŵƵŵůĞĂƐĞ ƉĂLJŵĞŶƚƐ͘  >ĞĂƐĞ ƉĂLJŵĞŶƚƐ ĂƌĞ ĂƉƉŽƌƚŝŽŶĞĚ ďĞƚǁĞĞŶ ƚŚĞ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ ĂŶĚ ƌĞĚƵĐƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞůŝĂďŝůŝƚLJƐŽĂƐƚŽĂĐŚŝĞǀĞĂĐŽŶƐƚĂŶƚƌĂƚĞŽĨŝŶƚĞƌĞƐƚŽŶƚŚĞƌĞŵĂŝŶŝŶŐďĂůĂŶĐĞŽĨƚŚĞůŝĂďŝůŝƚLJ͘ &ŝŶĂŶĐĞĐŚĂƌŐĞƐĂƌĞĐŚĂƌŐĞĚƚŽĐƵƌƌĞŶƚŽƉĞƌĂƚŝŽŶƐ͘ĂƉŝƚĂůŝnjĞĚůĞĂƐĞĚĂƐƐĞƚƐĂƌĞĚĞƉƌĞĐŝĂƚĞĚŽǀĞƌ ƚŚĞƐŚŽƌƚĞƌŽĨƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨƚŚĞĂƐƐĞƚƐŽƌƚŚĞƌĞƐƉĞĐƚŝǀĞůĞĂƐĞƚĞƌŵƐ͘ 'ƌŽƵƉĂƐĂ>ĞƐƐĞĞͲKƉĞƌĂƚŝŶŐ>ĞĂƐĞ͘>ĞĂƐĞƐǁŚĞƌĞƚŚĞůĞƐƐŽƌƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚ ƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͘KƉĞƌĂƚŝŶŐůĞĂƐĞƉĂLJŵĞŶƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶ ƉƌŽĨŝƚŽƌůŽƐƐŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵ͘ 'ƌŽƵƉ ĂƐ Ă >ĞƐƐŽƌ͘  >ĞĂƐĞƐ ŝŶ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ĚŽĞƐ ŶŽƚ ƚƌĂŶƐĨĞƌ ƐƵďƐƚĂŶƚŝĂůůLJ Ăůů ƚŚĞ ƌŝƐŬƐ ĂŶĚ ďĞŶĞĨŝƚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚĂƌĞĐůĂƐƐŝĨŝĞĚĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞƐ͘/ŶŝƚŝĂůĚŝƌĞĐƚĐŽƐƚƐŝŶĐƵƌƌĞĚŝŶ ŶĞŐŽƚŝĂƚŝŶŐĂŶŽƉĞƌĂƚŝŶŐůĞĂƐĞĂƌĞĂĚĚĞĚƚŽƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚŚĞůĞĂƐĞĚĂƐƐĞƚĂŶĚƌĞĐŽŐŶŝnjĞĚ ŽǀĞƌƚŚĞůĞĂƐĞƚĞƌŵŽŶƚŚĞƐĂŵĞďĂƐĞƐĂƐƌĞŶƚŝŶĐŽŵĞ͘ŽŶƚŝŶŐĞŶƚƌĞŶƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĂƐƌĞǀĞŶƵĞ ŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞLJĂƌĞĞĂƌŶĞĚ͘ ŽƌƌŽǁŝŶŐŽƐƚƐ ŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞĐĂƉŝƚĂůŝnjĞĚŝĨƚŚĞLJĂƌĞĚŝƌĞĐƚůLJĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽƌĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂ ƋƵĂůŝĨLJŝŶŐ ĂƐƐĞƚ͘  ĂƉŝƚĂůŝnjĂƚŝŽŶŽĨ ďŽƌƌŽǁŝŶŐ ĐŽƐƚƐ ĐŽŵŵĞŶĐĞƐ ǁŚĞŶ ƚŚĞĂĐƚŝǀŝƚŝĞƐ ƚŽ ƉƌĞƉĂƌĞ ƚŚĞ ĂƐƐĞƚĂƌĞŝŶƉƌŽŐƌĞƐƐĂŶĚĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚďŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞďĞŝŶŐŝŶĐƵƌƌĞĚ͘ŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞ ĐĂƉŝƚĂůŝnjĞĚƵŶƚŝůƚŚĞĂƐƐĞƚƐĂƌĞƐƵďƐƚĂŶƚŝĂůůLJƌĞĂĚLJĨŽƌƚŚĞŝƌŝŶƚĞŶĚĞĚƵƐĞ͘/ĨƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨ ƚŚĞ ĂƐƐĞƚ ĞdžĐĞĞĚƐ ŝƚƐ ĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞ ĂŵŽƵŶƚ͕ ĂŶ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŝƐ ƌĞĐŽƌĚĞĚ͘  ůů ŽƚŚĞƌ ďŽƌƌŽǁŝŶŐĐŽƐƚƐĂƌĞĞdžƉĞŶƐĞĚŝŶƚŚĞƉĞƌŝŽĚƚŚĞLJŽĐĐƵƌ͘ &ŽƌĞŝŐŶƵƌƌĞŶĐLJĞŶŽŵŝŶĂƚĞĚdƌĂŶƐĂĐƚŝŽŶƐ dƌĂŶƐĂĐƚŝŽŶƐ ĚĞŶŽŵŝŶĂƚĞĚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐŝĞƐ ĂƌĞ ŝŶŝƚŝĂůůLJ ƌĞĐŽƌĚĞĚ ŝŶ WŚŝůŝƉƉŝŶĞ ƉĞƐŽ ƵƐŝŶŐ ƚŚĞ ĞdžĐŚĂŶŐĞƌĂƚĞƉƌĞǀĂŝůŝŶŐĂƚƚŚĞĚĂƚĞŽĨƚƌĂŶƐĂĐƚŝŽŶ͘DŽŶĞƚĂƌLJĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĚĞŶŽŵŝŶĂƚĞĚŝŶ ĨŽƌĞŝŐŶĐƵƌƌĞŶĐŝĞƐ ĂƌĞƌĞƐƚĂƚĞĚĂƚ ƚŚĞĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJƵƐŝŶŐƚŚĞƌĂƚĞ ŽĨĞdžĐŚĂŶŐĞ ƉƌĞǀĂŝůŝŶŐĂƚ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͘  &ŽƌĞŝŐŶ ĞdžĐŚĂŶŐĞ ĚŝĨĨĞƌĞŶĐĞƐ ďĞƚǁĞĞŶ ƚŚĞ ƌĂƚĞ Ăƚ ƚƌĂŶƐĂĐƚŝŽŶ ĚĂƚĞ ĂŶĚ ƐĞƚƚůĞŵĞŶƚ ĚĂƚĞ ŽƌƌĞƉŽƌƚŝŶŐĚĂƚĞĂƌĞĐƌĞĚŝƚĞĚƚŽŽƌĐŚĂƌŐĞĚĂŐĂŝŶƐƚ ƉƌŽĨŝƚŽƌůŽƐƐ͘EŽŶŵŽŶĞƚĂƌLJ ŝƚĞŵƐ ƚŚĂƚ ĂƌĞ ŵĞĂƐƵƌĞĚ ŝŶ ƚĞƌŵƐ ŽĨ ŚŝƐƚŽƌŝĐĂů ĐŽƐƚ ŝŶ ĨŽƌĞŝŐŶ ĐƵƌƌĞŶĐLJ ĂƌĞ ƚƌĂŶƐůĂƚĞĚ ƵƐŝŶŐ ƚŚĞ ĞdžĐŚĂŶŐĞƌĂƚĞĂƚƚŚĞĚĂƚĞƐŽĨŝŶŝƚŝĂůƚƌĂŶƐĂĐƚŝŽŶƐ͘ /ŶĐŽŵĞdĂdžĞƐ ƵƌƌĞŶƚdĂdž͘ƵƌƌĞŶƚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĨŽƌƚŚĞĐƵƌƌĞŶƚĂŶĚƉƌŝŽƌƉĞƌŝŽĚƐĂƌĞŵĞĂƐƵƌĞĚĂƚƚŚĞ ĂŵŽƵŶƚĞdžƉĞĐƚĞĚƚŽďĞƌĞĐŽǀĞƌĞĚĨƌŽŵŽƌƉĂŝĚƚŽƚŚĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚŝĞƐ͘dŚĞƚĂdžƌĂƚĞĂŶĚƚŚĞƚĂdž ůĂǁƐƵƐĞĚƚŽĐŽŵƉƵƚĞƚŚĞĂŵŽƵŶƚĂƌĞƚŚŽƐĞƚŚĂƚĂƌĞĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞĞŶĚŽĨ ƚŚĞƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ ĞĨĞƌƌĞĚ dĂdž͘  ĞĨĞƌƌĞĚ ƚĂdž ŝƐ ƉƌŽǀŝĚĞĚ ŽŶ Ăůů ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ďĞƚǁĞĞŶ ƚŚĞ ƚĂdž ďĂƐĞƐ ŽĨ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ƚŚĞŝƌ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐ ĨŽƌ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐƉƵƌƉŽƐĞƐ͘

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ĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝnjĞĚ ĨŽƌ Ăůů ƚĂdžĂďůĞ ƚĞŵƉŽƌĂƌLJ ĚŝĨĨĞƌĞŶĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ĂƐƐĞƚ ƌĞǀĂůƵĂƚŝŽŶƐ͘ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚLJŝƐŶŽƚƌĞĐŽŐŶŝnjĞĚǁŚĞŶŝƚĂƌŝƐĞƐĨƌŽŵƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶ ĂƐƐĞƚ Žƌ ůŝĂďŝůŝƚLJ ŝŶ Ă ƚƌĂŶƐĂĐƚŝŽŶ ƚŚĂƚ ŝƐ ŶŽƚ Ă ďƵƐŝŶĞƐƐ ĐŽŵďŝŶĂƚŝŽŶ ĂŶĚ͕ Ăƚ ƚŚĞ ƚŝŵĞ ŽĨ ƚŚĞ


ͲϮϯͲ   ƚƌĂŶƐĂĐƚŝŽŶ͕ĂĨĨĞĐƚƐŶĞŝƚŚĞƌƚŚĞĂĐĐŽƵŶƚŝŶŐƉƌŽĨŝƚŽƌůŽƐƐŶŽƌƚĂdžĂďůĞƉƌŽĨŝƚŽƌůŽƐƐ͘ĞĨĞƌƌĞĚŝŶĐŽŵĞ ƚĂdžůŝĂďŝůŝƚŝĞƐĂƌĞŶŽƚƉƌŽǀŝĚĞĚŽŶŶŽŶͲƚĂdžĂďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂƐƐŽĐŝĂƚĞĚǁŝƚŚŝŶǀĞƐƚŵĞŶƚƐŝŶ ĚŽŵĞƐƚŝĐƐƵďƐŝĚŝĂƌŝĞƐ͕ĂƐƐŽĐŝĂƚĞƐĂŶĚŝŶƚĞƌĞƐƚƐŝŶũŽŝŶƚǀĞŶƚƵƌĞƐ͘ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂƌĞƌĞĐŽŐŶŝnjĞĚĨŽƌĂůůĚĞĚƵĐƚŝďůĞƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐ͕ĐĂƌƌLJĨŽƌǁĂƌĚďĞŶĞĨŝƚƐŽĨ ƵŶƵƐĞĚ ƚĂdž ĐƌĞĚŝƚƐ ;ĞdžĐĞƐƐ ŽĨ ŵŝŶŝŵƵŵ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞ ƚĂdžĞƐ Žƌ D/d ŽǀĞƌ ƌĞŐƵůĂƌ ĐŽƌƉŽƌĂƚĞ ŝŶĐŽŵĞƚĂdžĞƐŽƌZ/dͿĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐ;ŶĞƚŽƉĞƌĂƚŝŶŐůŽƐƐĐĂƌƌLJŽǀĞƌŽƌEK>KͿ͕ƚŽƚŚĞĞdžƚĞŶƚ ƚŚĂƚŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƐƵĨĨŝĐŝĞŶƚĨƵƚƵƌĞƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞĂŐĂŝŶƐƚǁŚŝĐŚƚŚĞĚĞĚƵĐƚŝďůĞ ƚĞŵƉŽƌĂƌLJĚŝĨĨĞƌĞŶĐĞƐĂŶĚĐĂƌƌLJĨŽƌǁĂƌĚďĞŶĞĨŝƚƐŽĨƵŶƵƐĞĚƚĂdžĐƌĞĚŝƚƐĂŶĚƵŶƵƐĞĚƚĂdžůŽƐƐĞƐĐĂŶďĞ ƵƚŝůŝnjĞĚ͘ dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ŝƐ ƌĞǀŝĞǁĞĚ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ĂŶĚ ƌĞĚƵĐĞĚ ƚŽ ƚŚĞ ĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽ ůŽŶŐĞƌ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ĨƵƚƵƌĞ ƚĂdžĂďůĞ ƉƌŽĨŝƚ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂůůŽǁ Ăůů Žƌ ƉĂƌƚ ŽĨ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ƚŽ ďĞ ƵƚŝůŝnjĞĚ͘  hŶƌĞĐŽŐŶŝnjĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐĂƌĞƌĞͲĂƐƐĞƐƐĞĚĂƚƚŚĞĞŶĚŽĨĞĂĐŚƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚĂŶĚĂƌĞƌĞĐŽŐŶŝnjĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĂƚŝƚ ŚĂƐ ďĞĐŽŵĞ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ĨƵƚƵƌĞ ƚĂdžĂďůĞ ƉƌŽĨŝƚ ǁŝůů ĂůůŽǁ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ƚŽ ďĞ ƌĞĐŽǀĞƌĞĚ͘ ĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŵĞĂƐƵƌĞĚ Ăƚ ƚŚĞ ƚĂdž ƌĂƚĞ ƚŚĂƚ ĂƌĞ ĞdžƉĞĐƚĞĚ ƚŽ ĂƉƉůLJ ƚŽ ƚŚĞ ƉĞƌŝŽĚǁŚĞŶƚŚĞĂƐƐĞƚŝƐƌĞĂůŝnjĞĚŽƌƚŚĞůŝĂďŝůŝƚLJŝƐƐĞƚƚůĞĚ͕ďĂƐĞĚŽŶƚĂdžƌĂƚĞĂŶĚƚĂdžůĂǁƐƚŚĂƚŚĂǀĞ ďĞĞŶĞŶĂĐƚĞĚŽƌƐƵďƐƚĂŶƚŝǀĞůLJĞŶĂĐƚĞĚĂƚƚŚĞĞŶĚŽĨƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͘ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐĂƌĞŽĨĨƐĞƚŝĨĂůĞŐĂůůLJĞŶĨŽƌĐĞĂďůĞƌŝŐŚƚĞdžŝƐƚƐƚŽŽĨĨƐĞƚƚŚĞĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŐĂŝŶƐƚ ƚŚĞ ĚĞĨĞƌƌĞĚ ƚĂdž ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ƚŚĞ ĚĞĨĞƌƌĞĚ ŝŶĐŽŵĞ ƚĂdžĞƐ ƌĞůĂƚĞ ƚŽ ƚŚĞ ƐĂŵĞ ƚĂdžĂďůĞĞŶƚŝƚLJĂŶĚƚŚĞƐĂŵĞƚĂdžĂƚŝŽŶĂƵƚŚŽƌŝƚLJ͘ ĞĨĞƌƌĞĚƚĂdžƌĞůĂƚŝŶŐƚŽŝƚĞŵƐƌĞĐŽŐŶŝnjĞĚŽƵƚƐŝĚĞƉƌŽĨŝƚŽƌůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚŽƵƚƐŝĚĞƉƌŽĨŝƚŽƌůŽƐƐ͘ ĞĨĞƌƌĞĚƚĂdžŝƚĞŵƐĂƌĞƌĞĐŽŐŶŝnjĞĚŝŶƌĞůĂƚŝŽŶƚŽƚŚĞƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƚŝŽŶĞŝƚŚĞƌŝŶK/ŽƌĚŝƌĞĐƚůLJŝŶ ĞƋƵŝƚLJ͘ ZĞůĂƚĞĚWĂƌƚŝĞƐ WĂƌƚŝĞƐĂƌĞĐŽŶƐŝĚĞƌĞĚƚŽďĞƌĞůĂƚĞĚŝĨŽŶĞƉĂƌƚLJŚĂƐƚŚĞĂďŝůŝƚLJ͕ĚŝƌĞĐƚůLJŽƌŝŶĚŝƌĞĐƚůLJ͕ƚŽĐŽŶƚƌŽůƚŚĞ ŽƚŚĞƌƉĂƌƚLJŽƌĞdžĞƌĐŝƐĞƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞŽǀĞƌƚŚĞŽƚŚĞƌƉĂƌƚLJŝŶŵĂŬŝŶŐĨŝŶĂŶĐŝĂůĂŶĚŽƉĞƌĂƚŝŶŐ ĚĞĐŝƐŝŽŶƐ͘  WĂƌƚŝĞƐ ĂƌĞ ĂůƐŽ ĐŽŶƐŝĚĞƌĞĚ ƚŽ ďĞ ƌĞůĂƚĞĚ ŝĨ ƚŚĞLJ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĐŽŵŵŽŶ ĐŽŶƚƌŽů Žƌ ĐŽŵŵŽŶƐŝŐŶŝĨŝĐĂŶƚŝŶĨůƵĞŶĐĞ͘  ƌĞůĂƚĞĚ ƉĂƌƚLJ ƚƌĂŶƐĂĐƚŝŽŶ ŝƐ Ă ƚƌĂŶƐĨĞƌ ŽĨ ƌĞƐŽƵƌĐĞƐ͕ ƐĞƌǀŝĐĞƐ Žƌ ŽďůŝŐĂƚŝŽŶƐ ďĞƚǁĞĞŶ Ă ƌĞƉŽƌƚŝŶŐ ĞŶƚŝƚLJĂŶĚĂƌĞůĂƚĞĚƉĂƌƚLJ͕ƌĞŐĂƌĚůĞƐƐŽĨǁŚĞƚŚĞƌĂƉƌŝĐĞŝƐĐŚĂƌŐĞĚ͘





WƌŽǀŝƐŝŽŶƐ WƌŽǀŝƐŝŽŶƐĂƌĞƌĞĐŽŐŶŝnjĞĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐĂƉƌĞƐĞŶƚŽďůŝŐĂƚŝŽŶ;ůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞͿĂƐĂƌĞƐƵůƚ ŽĨ Ă ƉĂƐƚ ĞǀĞŶƚ͕ ŝƚ ŝƐ ƉƌŽďĂďůĞ ƚŚĂƚ ĂŶ ŽƵƚĨůŽǁ ŽĨ ƌĞƐŽƵƌĐĞƐ ĞŵďŽĚLJŝŶŐ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ǁŝůů ďĞ ƌĞƋƵŝƌĞĚ ƚŽ ƐĞƚƚůĞ ƚŚĞ ŽďůŝŐĂƚŝŽŶ͕ ĂŶĚ Ă ƌĞůŝĂďůĞ ĞƐƚŝŵĂƚĞ ĐĂŶ ďĞ ŵĂĚĞ ŽĨ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ŽďůŝŐĂƚŝŽŶ͘ WƌŽǀŝƐŝŽŶƐĂƌĞŵĂĚĞ ƵƐŝŶŐƚŚĞ ďĞƐƚĞƐƚŝŵĂƚĞƐŽĨƚŚĞĂŵŽƵŶƚ ƌĞƋƵŝƌĞĚƚŽƐĞƚƚůĞƚŚĞŽďůŝŐĂƚŝŽŶĂŶĚ ĂƌĞĚŝƐĐŽƵŶƚĞĚƚŽƉƌĞƐĞŶƚǀĂůƵĞƐƵƐŝŶŐĂƉƌĞͲƚĂdžƌĂƚĞƚŚĂƚƌĞĨůĞĐƚƐĐƵƌƌĞŶƚŵĂƌŬĞƚĂƐƐĞƐƐŵĞŶƚƐŽĨƚŚĞ ƚŝŵĞǀĂůƵĞŽĨŵŽŶĞLJĂŶĚƚŚĞƌŝƐŬƐƐƉĞĐŝĨŝĐƚŽƚŚĞŽďůŝŐĂƚŝŽŶ͘ŚĂŶŐĞƐŝŶĞƐƚŝŵĂƚĞƐĂƌĞƌĞĨůĞĐƚĞĚŝŶ ƉƌŽĨŝƚŽƌůŽƐƐŝŶƚŚĞƉĞƌŝŽĚƚŚĞLJĂƌŝƐĞ͘ 

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ͲϮϰͲ  

ŽŶƚŝŶŐĞŶĐŝĞƐ ŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ŶŽƚ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘  dŚĞƐĞ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ƵŶůĞƐƐ ƚŚĞ ƉŽƐƐŝďŝůŝƚLJ ŽĨ ĂŶ ŽƵƚĨůŽǁ ŽĨ ƌĞƐŽƵƌĐĞƐ ĞŵďŽĚLJŝŶŐ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ŝƐ ƌĞŵŽƚĞ͘  ŽŶƚŝŶŐĞŶƚ ĂƐƐĞƚƐ ĂƌĞ ŶŽƚ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ďƵƚ ĂƌĞ ĚŝƐĐůŽƐĞĚ ǁŚĞŶ ĂŶ ŝŶĨůŽǁ ŽĨ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ŝƐ ƉƌŽďĂďůĞ͘ ǀĞŶƚƐĂĨƚĞƌƚŚĞZĞƉŽƌƚŝŶŐĂƚĞ WŽƐƚ LJĞĂƌͲend events that provide additional information about the Group’s financial position at ƌĞƉŽƌƚŝŶŐĚĂƚĞ;ĂĚũƵƐƚŝŶŐĞǀĞŶƚƐͿĂƌĞƌĞĨůĞĐƚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘WŽƐƚLJĞĂƌͲ ĞŶĚ ĞǀĞŶƚƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ĂĚũƵƐƚŝŶŐ ĞǀĞŶƚƐ ĂƌĞ ĚŝƐĐůŽƐĞĚ ŝŶ ƚŚĞ ŶŽƚĞƐ ƚŽ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐǁŚĞŶŵĂƚĞƌŝĂů͘ ĂƌŶŝŶŐƐƉĞƌ^ŚĂƌĞƚƚƌŝďƵƚĂďůĞƚŽƚŚĞƋƵŝƚLJ,ŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ dŚĞ'ƌŽƵƉƉƌĞƐĞŶƚƐďĂƐŝĐĂŶĚĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞĚĂƚĂĨŽƌŝƚƐĐŽŵŵŽŶƐŚĂƌĞƐ͘ ĂƐŝĐĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐĂůĐƵůĂƚĞĚ ďLJ ĚŝǀŝĚŝŶŐ ƚŚĞ ŶĞƚ ŝŶĐŽŵĞ ĂƚƚƌŝďƵƚĂďůĞ ƚŽĞƋƵŝƚLJ ŚŽůĚĞƌƐŽĨ ƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶLJ ďLJ ƚŚĞ ǁĞŝŐŚƚĞĚ ĂǀĞƌĂŐĞ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ĂŶĚ ŽƵƚƐƚĂŶĚŝŶŐ ĚƵƌŝŶŐƚŚĞLJĞĂƌ͕ĞdžĐůƵĚŝŶŐĐŽŵŵŽŶƐŚĂƌĞƐƉƵƌĐŚĂƐĞĚďLJƚŚĞWĂƌĞŶƚŽŵƉĂŶLJŽƌŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ ŚĞůĚĂƐƚƌĞĂƐƵƌLJƐŚĂƌĞƐ͘ ŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ĂŵŽƵŶƚƐ ĂƌĞ ĐŽŵƉƵƚĞĚ ŝŶ ƚŚĞ ƐĂŵĞ ŵĂŶŶĞƌ͕ ĂĚũƵƐƚĞĚ ĨŽƌ ƚŚĞ ĚŝůƵƚŝǀĞ ĞĨĨĞĐƚŽĨĂŶLJƉŽƚĞŶƚŝĂůĐŽŵŵŽŶƐŚĂƌĞƐ͘ dŚĞWĂƌĞŶƚŽŵƉĂŶLJŚĂƐŶŽĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůĐŽŵŵŽŶƐŚĂƌĞƐ͘ ŽŽŬsĂůƵĞƉĞƌ^ŚĂƌĞ dŚĞ'ƌŽƵƉƉƌĞƐĞŶƚƐŬǀĂůƵĞƉĞƌĐŽŵŵŽŶƐŚĂƌĞŽƵƚƐƚĂŶĚŝŶŐ͘ ŽŽŬ ǀĂůƵĞ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďLJ ĚŝǀŝĚŝŶŐ ƚŚĞ ƚŽƚĂů ĞƋƵŝƚLJ ďLJ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ŶƵŵďĞƌ ŽĨ ĐŽŵŵŽŶƐŚĂƌĞƐ͕ĞdžĐůƵĚŝŶŐĐŽŵŵŽŶƐŚĂƌĞƐƉƵƌĐŚĂƐĞĚďLJƚŚĞWĂƌĞŶƚŽŵƉĂŶLJŽƌŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ ŚĞůĚĂƐƚƌĞĂƐƵƌLJƐŚĂƌĞƐĂƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞ͘  ϯ͘ ^ŝŐŶŝĨŝĐĂŶƚ:ƵĚŐŵĞŶƚƐ͕ĐĐŽƵŶƚŝŶŐƐƚŝŵĂƚĞƐĂŶĚƐƐƵŵƉƚŝŽŶƐ 

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dŚĞ ƉƌĞƉĂƌĂƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W&Z^ ƌĞƋƵŝƌĞƐ ŵĂŶĂŐĞŵĞŶƚ ƚŽ ŵĂŬĞ ũƵĚŐŵĞŶƚƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĂĨĨĞĐƚ ĂŵŽƵŶƚƐ ŽĨ ĂƐƐĞƚƐ͕ ůŝĂďŝůŝƚŝĞƐ͕ŝŶĐŽŵĞĂŶĚĞdžƉĞŶƐĞƐƌĞƉŽƌƚĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘dŚĞũƵĚŐŵĞŶƚƐ͕ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ĂƌĞ ďĂƐĞĚ ƵƉŽŶ management’s evaluation of relevant facts and circumstances as of the ĚĂƚĞ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘  tŚŝůĞ ŵĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŚĂƚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ĂƌĞ ƌĞĂƐŽŶĂďůĞ ĂŶĚ ĂƉƉƌŽƉƌŝĂƚĞ͕ ƐŝŐŶŝĨŝĐĂŶƚ ĚŝĨĨĞƌĞŶĐĞƐ ŝŶ ƚŚĞ ĂĐƚƵĂů ĞdžƉĞƌŝĞŶĐĞ Žƌ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐ ŵĂLJ ŵĂƚĞƌŝĂůůLJĂĨĨĞĐƚƚŚĞĞƐƚŝŵĂƚĞĚĂŵŽƵŶƚƐ͘ĐƚƵĂůƌĞƐƵůƚƐĐŽƵůĚĚŝĨĨĞƌĨƌŽŵƐƵĐŚĞƐƚŝŵĂƚĞƐ͘  :ƵĚŐŵĞŶƚƐ In the process of applying the Group’s accounting policies, management has made the following ũƵĚŐŵĞŶƚƐ͕ ĂƉĂƌƚ ĨƌŽŵ ƚŚŽƐĞ ŝŶǀŽůǀŝŶŐ ĞƐƚŝŵĂƚŝŽŶƐ͕ ǁŚŝĐŚ ŚĂǀĞ ƚŚĞ ŵŽƐƚ ƐŝŐŶŝĨŝĐĂŶƚ ĞĨĨĞĐƚ ŽŶ ƚŚĞ ĂŵŽƵŶƚƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ 


ͲϮϱͲ   ZĞĐŽŐŶŝnjŝŶŐZĞǀĞŶƵĞĨƌŽŵ^ĂůĞŽĨZĞĂůƐƚĂƚĞďĂƐĞĚŽŶWĞƌĐĞŶƚĂŐĞŽĨŽŵƉůĞƚŝŽŶ͘dŚĞƌĞĐŽŐŶŝƚŝŽŶ of revenue requires certain judgments based on the buyer’s commitment on the sale which may be ĂƐĐĞƌƚĂŝŶĞĚ through the significance of the buyer’s initial investment and completion of development. The buyers’ commitment is evaluated based on collections and credit standing of the buyers. The Group’s revenue from sale of real estate is recognized using the perĐĞŶƚĂŐĞͲŽĨͲ ĐŽŵƉůĞƚŝŽŶŵĞƚŚŽĚǁŚĞŶƚŚĞ'ƌŽƵƉŚĂƐŵĂƚĞƌŝĂůŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞƐĂůĞƐĐŽŶƚƌĂĐƚƐƚŽĐŽŵƉůĞƚĞ ƚŚĞƉƌŽũĞĐƚĂĨƚĞƌƚŚĞƉƌŽƉĞƌƚLJŝƐƐŽůĚ͘dŚĞƉĞƌĐĞŶƚĂŐĞŽĨĐŽŵƉůĞƚŝŽŶŽĨĚĞǀĞůŽƉŵĞŶƚŝƐĚĞƚĞƌŵŝŶĞĚ based on engineer’s judgment and estimates on the ƉŚLJƐŝĐĂůƉŽƌƚŝŽŶŽĨĐŽŶƚƌĂĐƚǁŽƌŬĚŽŶĞĂŶĚƚŚĂƚ ƚŚĞĚĞǀĞůŽƉŵĞŶƚŝƐďĞLJŽŶĚƚŚĞƉƌĞůŝŵŝŶĂƌLJƐƚĂŐĞ͘ ZĞĂůĞƐƚĂƚĞƐĂůĞƐƌĞĐŽŐŶŝnjĞĚĂŵŽƵŶƚĞĚƚŽW сϭ͕ϯϲϲ͘ϲŵŝůůŝŽŶ͕W сϭ͕ϰϮϭ͘ϮŵŝůůŝŽŶĂŶĚW сϭ͕ϰϭϳ͘ϵŵŝůůŝŽŶŝŶ ϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ ĞƚĞƌŵŝŶŝŶŐ &ƵŶĐƚŝŽŶĂů ƵƌƌĞŶĐLJ͘  ĂƐĞĚ ŽŶ ƚŚĞ ĞĐŽŶŽŵŝĐ ƐƵďƐƚĂŶĐĞ ŽĨ ƚŚĞ ƵŶĚĞƌůLJŝŶŐ ĐŝƌĐƵŵƐƚĂŶĐĞƐ ƌĞůĞǀĂŶƚ ƚŽ ƚŚĞ 'ƌŽƵƉ͕ ĨƵŶĐƚŝŽŶĂů ĐƵƌƌĞŶĐLJ ŚĂƐ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ ƚŽ ďĞ ƚŚĞ WŚŝůŝƉƉŝŶĞ WĞƐŽ͘  dŚĞ WŚŝůŝƉƉŝŶĞ WĞƐŽ ŝƐ ƚŚĞ ĐƵƌƌĞŶĐLJ ŽĨ ƚŚĞ ƉƌŝŵĂƌLJ ĞĐŽŶŽŵŝĐ ĞŶǀŝƌŽŶŵĞŶƚ ŝŶ ǁŚŝĐŚƚŚĞ'ƌŽƵƉŽƉĞƌĂƚĞƐ͘ ĞƚĞƌŵŝŶŝŶŐƚŚĞůĂƐƐŝĨŝĐĂƚŝŽŶŽĨKƉĞƌĂƚŝŶŐ>ĞĂƐĞŽŵŵŝƚŵĞŶƚƐͲdŚĞ'ƌŽƵƉĂƐĂ>ĞƐƐŽƌ͘dŚĞ'ƌŽƵƉ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ŶƵŵďĞƌ ŽĨ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƐ Ă ůĞƐƐŽƌ͘  Ɛ Ă ůĞƐƐŽƌ͕ ƚŚĞ 'ƌŽƵƉ ŚĂƐ ĚĞƚĞƌŵŝŶĞĚƚŚĂƚŝƚƌĞƚĂŝŶƐƐƵďƐƚĂŶƚŝĂůůLJĂůůƚŚĞƌŝƐŬƐĂŶĚƌĞǁĂƌĚƐŽĨŽǁŶĞƌƐŚŝƉŽĨƚŚĞĂƐƐĞƚƐďĞŝŶŐ ůĞĂƐĞĚŽƵƚƵŶĚĞƌŽƉĞƌĂƚŝŶŐůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͘ dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝnjĞĚƌĞŶƚŝŶĐŽŵĞĂŵŽƵŶƚŝŶŐƚŽW сϴϯϰ͘ϴŵŝůůŝŽŶ͕W сϲϵϲ͘ϬŵŝůůŝŽŶĂŶĚW сϲϲϮ͘ϴŵŝůůŝŽŶŝŶ ϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϴͿ͘ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ KƉĞƌĂƚŝŶŐ >ĞĂƐĞ ŽŵŵŝƚŵĞŶƚƐ Ͳ dŚĞ 'ƌŽƵƉ ĂƐ Ă >ĞƐƐĞĞ͘  dŚĞ 'ƌŽƵƉĞŶƚĞƌĞĚŝŶƚŽǀĂƌŝŽƵƐĐĂŶĐĞůůĂďůĞůĞĂƐĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚŝƚƐƌĞůĂƚĞĚƉĂƌƚŝĞƐĐŽǀĞƌŝŶŐ AWCI’s ďƌĂŶĐŚĞƐ͘dŚĞ 'ƌŽƵƉ ŚĂƐĚĞƚĞƌŵŝŶĞĚ͕ďĂƐĞĚŽŶĂŶĞǀĂůƵĂƚŝŽŶŽĨƚŚĞ ƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͕ ƚŚĂƚ ƚŚĞ ůĞƐƐŽƌ ƌĞƚĂŝŶƐ Ăůů ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬƐ ĂŶĚ ďĞŶĞĨŝƚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚŝĞƐĂŶĚŚĂƐĐůĂƐƐŝĨŝĞĚƚŚĞůĞĂƐĞĂƐŽƉĞƌĂƚŝŶŐůĞĂƐĞ͘ ZĞŶƚĞdžƉĞŶƐĞĂŵŽƵŶƚĞĚƚŽW сϮϯ͘ϮŵŝůůŝŽŶŝŶϮϬϭϲ;ƐĞĞEŽƚĞϭϴͿ͘ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ &ŝŶĂŶĐŝĂů /ŶƐƚƌƵŵĞŶƚƐ͘  dŚĞ 'ƌŽƵƉ ĞdžĞƌĐŝƐĞƐ ũƵĚŐŵĞŶƚƐ ŝŶ ĐůĂƐƐŝĨLJŝŶŐ Ă ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚ ŽŶ ŝŶŝƚŝĂů ƌĞĐŽŐŶŝƚŝŽŶ ĞŝƚŚĞƌ ĂƐ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ͕ Ă ĨŝŶĂŶĐŝĂů ůŝĂďŝůŝƚLJŽƌĂŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƐƵďƐƚĂŶĐĞŽĨƚŚĞĐŽŶƚƌĂĐƚƵĂůĂƌƌĂŶŐĞŵĞŶƚ ĂŶĚƚŚĞĚĞĨŝŶŝƚŝŽŶƐŽĨĂĨŝŶĂŶĐŝĂůĂƐƐĞƚ͕ĂĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚLJŽƌĂŶĞƋƵŝƚLJŝŶƐƚƌƵŵĞŶƚ͘dŚĞƐƵďƐƚĂŶĐĞ ŽĨĂĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚ͕ƌĂƚŚĞƌƚŚĂŶŝƚƐůĞŐĂůĨŽƌŵ͕ŐŽǀĞƌŶƐŝƚƐĐůĂƐƐŝĨŝĐĂƚŝŽŶŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘ /ŶĂĚĚŝƚŝŽŶ͕ƚŚĞ'ƌŽƵƉĐůĂƐƐŝĨŝĞƐĨŝŶĂŶĐŝĂůĂƐƐĞƚƐďLJĞǀĂůƵĂƚŝŶŐ͕ĂŵŽŶŐŽƚŚĞƌƐ͕ǁŚĞƚŚĞƌƚŚĞĂƐƐĞƚŝƐ ƋƵŽƚĞĚ Žƌ ŶŽƚ ŝŶ ĂŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚ͘  /ŶĐůƵĚĞĚ ŝŶ ƚŚĞ ĞǀĂůƵĂƚŝŽŶ ŽŶ ǁŚĞƚŚĞƌ Ă ĨŝŶĂŶĐŝĂů ĂƐƐĞƚ ŝƐ ƋƵŽƚĞĚ ŝŶ ĂŶ ĂĐƚŝǀĞ ŵĂƌŬĞƚ ŝƐ ƚŚĞ ĚĞƚĞƌŵŝŶĂƚŝŽŶ ŽŶ ǁŚĞƚŚĞƌ ƚŚĞ ƋƵŽƚĞĚ ƉƌŝĐĞƐ ĂƌĞ ƌĞĂĚŝůLJ ĂŶĚ ƌĞŐƵůĂƌůLJ ĂǀĂŝůĂďůĞ͕ ĂŶĚ ǁŚĞƚŚĞƌ ƚŚŽƐĞ ƉƌŝĐĞƐ ƌĞƉƌĞƐĞŶƚ ĂĐƚƵĂů ĂŶĚ ƌĞŐƵůĂƌůLJ ŽĐĐƵƌƌŝŶŐ ŵĂƌŬĞƚ transactions on an arm’s length basis. ĞƚĞƌŵŝŶŝŶŐ ŽŶƚƌŽů͕ :ŽŝŶƚ ŽŶƚƌŽů Žƌ ^ŝŐŶŝĨŝĐĂŶƚ /ŶĨůƵĞŶĐĞ ŽǀĞƌ ĂŶ /ŶǀĞƐƚĞĞ ŽŵƉĂŶLJ͘  ŽŶƚƌŽů ŝƐ ƉƌĞƐƵŵĞĚ ƚŽ ĞdžŝƐƚ ǁŚĞŶ ĂŶ ŝŶǀĞƐƚŽƌ ŚĂƐ ƉŽǁĞƌ ŽǀĞƌ ƚŚĞ ŝŶǀĞƐƚĞĞ͕ ŝƐ ĞdžƉŽƐĞĚ͕ Žƌ ŚĂƐ ƌŝŐŚƚƐ͕ ƚŽ ǀĂƌŝĂďůĞƌĞƚƵƌŶƐĨƌŽŵŝƚƐŝŶǀŽůǀĞŵĞŶƚǁŝƚŚƚŚĞ ŝŶǀĞƐƚĞĞ ĂŶĚŚĂƐƚŚĞ ĂďŝůŝƚLJƚŽĂĨĨĞĐƚƚŚŽƐĞ ƌĞƚƵƌŶƐ ƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ũŽŝŶƚĐŽŶƚƌŽůŝƐƉƌĞƐƵŵĞĚƚŽĞdžŝƐƚǁŚĞŶƚŚĞ

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ͲϮϲͲ   ŝŶǀĞƐƚŽƌƐĐŽŶƚƌĂĐƚƵĂůůLJĂŐƌĞĞĚƚŽƐŚĂƌĞĐŽŶƚƌŽůŽĨĂŶĂƌƌĂŶŐĞŵĞŶƚ͕ǁŚŝĐŚĞdžŝƐƚƐŽŶůLJǁŚĞŶĚĞĐŝƐŝŽŶƐ ĂďŽƵƚ ƚŚĞ ƌĞůĞǀĂŶƚ ĂĐƚŝǀŝƚŝĞƐ ƌĞƋƵŝƌĞ ƚŚĞ ƵŶĂŶŝŵŽƵƐ ĐŽŶƐĞŶƚ ŽĨ ƚŚĞ ƉĂƌƚŝĞƐ ƐŚĂƌŝŶŐ ĐŽŶƚƌŽů͘ dŚĞ 'ƌŽƵƉŚĂƐĂƐƐĞƐƐĞĚŝƚŚĂƐĐŽŶƚƌŽůŽǀĞƌŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚũŽŝŶƚĐŽŶƚƌŽůŝŶĂůůũŽŝŶƚĂƌƌĂŶŐĞŵĞŶƚƐ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ Ă ϱϬй ŝŶƚĞƌĞƐƚ ŝŶ ůƉŚĂůĂŶĚ ,ĞĂǀLJ ƋƵŝƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ;,Ϳ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂŶĚ ϰϬй ŝŶƚĞƌĞƐƚ ŝŶ ^/ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐĨŽƌƚŚĞƐĞŝŶǀĞƐƚŵĞŶƚƐĂƐĂƐƐŽĐŝĂƚĞƐƐŝŶĐĞŵĂŶĂŐĞŵĞŶƚŚĂƐĂƐƐĞƐƐĞĚƚŚĂƚƚŚĞƌĞŝƐŶŽũŽŝŶƚ ĐŽŶƚƌŽůďĞƚǁĞĞŶƚŚĞƉĂƌƚŝĞƐ͘ ĞƚĞƌŵŝŶŝŶŐ ƚŚĞ ůĂƐƐŝĨŝĐĂƚŝŽŶ ŽĨ :ŽŝŶƚ ƌƌĂŶŐĞŵĞŶƚƐ͘  dŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ ^W ŝƐ ĂĐĐŽƵŶƚĞĚĨŽƌĂƐĂũŽŝŶƚŽƉĞƌĂƚŝŽŶƐŝŶĐĞƚŚĞƉĂƌƚŝĞƐƚŚĂƚŚĂǀĞũŽŝŶƚĐŽŶƚƌŽůŽĨƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͕ŚĂǀĞ ƌŝŐŚƚƐƚŽƚŚĞĂƐƐĞƚƐ͕ĂŶĚŽďůŝŐĂƚŝŽŶƐĨŽƌƚŚĞůŝĂďŝůŝƚŝĞƐ͕ƌĞůĂƚŝŶŐƚŽƚŚĞĂƌƌĂŶŐĞŵĞŶƚ͘ ůĂƐƐŝĨLJŝŶŐ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐĂŶĚKǁŶĞƌͲKĐĐƵƉŝĞĚWƌŽƉĞƌƚŝĞƐ͘dŚĞ'ƌŽƵƉĚĞƚĞƌŵŝŶĞƐǁŚĞƚŚĞƌĂ ƉƌŽƉĞƌƚLJƋƵĂůŝĨŝĞƐĂƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͘/ŶŵĂŬŝŶŐŝƚƐũƵĚŐŵĞŶƚ͕ƚŚĞ'ƌŽƵƉĐŽŶƐŝĚĞƌƐǁŚĞƚŚĞƌƚŚĞ ƉƌŽƉĞƌƚLJ ŐĞŶĞƌĂƚĞƐĐĂƐŚ ĨůŽǁƐ ůĂƌŐĞůLJ ŝŶĚĞƉĞŶĚĞŶƚŽĨ ƚŚĞŽƚŚĞƌ ĂƐƐĞƚƐ ŚĞůĚ ďLJĂŶ ĞŶƚŝƚLJ͘ KǁŶĞƌͲ ŽĐĐƵƉŝĞĚƉƌŽƉĞƌƚŝĞƐŐĞŶĞƌĂƚĞĐĂƐŚĨůŽǁƐƚŚĂƚĂƌĞĂƚƚƌŝďƵƚĂďůĞŶŽƚŽŶůLJƚŽƚŚĞƉƌŽƉĞƌƚLJďƵƚĂůƐŽƚŽ ƚŚĞŽƚŚĞƌĂƐƐĞƚƐƵƐĞĚŝŶƚŚĞƉƌŽĚƵĐƚŝŽŶŽƌƐƵƉƉůLJƉƌŽĐĞƐƐ͘ ^ŽŵĞƉƌŽƉĞƌƚŝĞƐĐŽŵƉƌŝƐĞĂƉŽƌƚŝŽŶƚŚĂƚŝƐŚĞůĚƚŽĞĂƌŶƌĞŶƚĂůƐĨŽƌĐĂƉŝƚĂůĂƉƉƌĞĐŝĂƚŝŽŶĂŶĚĂŶŽƚŚĞƌ ƉŽƌƚŝŽŶ ƚŚĂƚ ŝƐ ŚĞůĚ ĨŽƌ ƵƐĞ ŝŶ ƚŚĞ ƉƌŽĚƵĐƚŝŽŶ Žƌ ƐƵƉƉůLJ ŽĨ ŐŽŽĚƐ Žƌ ƐĞƌǀŝĐĞƐ Žƌ ĨŽƌ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ƉƵƌƉŽƐĞƐ͘  /Ĩ ƚŚĞƐĞ ƉŽƌƚŝŽŶƐ ĐĂŶŶŽƚ ďĞ ƐŽůĚ ƐĞƉĂƌĂƚĞůLJ͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ŝƐ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĂŶ ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJŽŶůLJŝĨĂŶŝŶƐŝŐŶŝĨŝĐĂŶƚƉŽƌƚŝŽŶŝƐŚĞůĚĨŽƌƵƐĞŝŶƚŚĞƐƵƉƉůLJŽĨŐŽŽĚƐŽƌƐĞƌǀŝĐĞƐ ŽƌĨŽƌĂĚŵŝŶŝƐƚƌĂƚŝǀĞƉƵƌƉŽƐĞƐ͘:ƵĚŐŵĞŶƚŝƐĂƉƉůŝĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐǁŚĞƚŚĞƌĂŶĐŝůůĂƌLJƐĞƌǀŝĐĞƐĂƌĞƐŽ ƐŝŐŶŝĨŝĐĂŶƚ ƚŚĂƚ Ă ƉƌŽƉĞƌƚLJ ĚŽĞƐ ŶŽƚ ƋƵĂůŝĨLJ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ͘  dŚĞ 'ƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ĞĂĐŚ ƉƌŽƉĞƌƚLJƐĞƉĂƌĂƚĞůLJŝŶŵĂŬŝŶŐŝƚƐũƵĚŐŵĞŶƚ͘ ƐƚŝŵĂƚĞƐĂŶĚƐƐƵŵƉƚŝŽŶƐ dŚĞŬĞLJĂƐƐƵŵƉƚŝŽŶƐĐŽŶĐĞƌŶŝŶŐƚŚĞĨƵƚƵƌĞĂŶĚŽƚŚĞƌŬĞLJƐŽƵƌĐĞƐŽĨĞƐƚŝŵĂƚŝŽŶƵŶĐĞƌƚĂŝŶƚLJĂƚƚŚĞ ĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͕ ƚŚĂƚ ŚĂǀĞ Ă ƐŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬ ŽĨ ĐĂƵƐŝŶŐ Ă ŵĂƚĞƌŝĂů ĂĚũƵƐƚŵĞŶƚ ƚŽ ƚŚĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐǁŝƚŚŝŶƚŚĞŶĞdžƚĨŝŶĂŶĐŝĂůLJĞĂƌĂƌĞĚŝƐĐƵƐƐĞĚďĞůŽǁ͘ ZĞĐŽŐŶŝnjŝŶŐ ZĞǀĞŶƵĞ ĂŶĚ ŽƐƚ͘  The Group’s revenue ĂŶĚ ĐŽƐƚ ƌĞĐŽŐŶŝƚŝŽŶ ƉŽůŝĐŝĞƐ ƌĞƋƵŝƌĞ ŵĂŶĂŐĞŵĞŶƚƚŽŵĂŬĞƵƐĞŽĨĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƚŚĂƚŵĂLJĂĨĨĞĐƚ ƚŚĞƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŽĨ ƌĞǀĞŶƵĞĂŶĚĐŽƐƚ͘ZĞǀĞŶƵĞĂŶĚĐŽƐƚĨƌŽŵƐĂůĞŽĨƌĞĂůĞƐƚĂƚĞƌĞĐŽŐŶŝnjĞĚďĂƐĞĚŽŶƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨ ĐŽŵƉůĞƚŝŽŶ ĂƌĞ ŵĞĂƐƵƌĞĚ ƉƌŝŶĐŝƉĂůůLJ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ƚŚĞ ĞƐƚŝŵĂƚĞĚ ĐŽŵƉůĞƚŝŽŶ ŽĨ ƉŚLJƐŝĐĂů ƉƌŽƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ĐŽŶƚƌĂĐƚ ǁŽƌŬ͕ ĂŶĚ ďLJ ƌĞĨĞƌĞŶĐĞ ƚŽ ƚŚĞ ĂĐƚƵĂů ĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ƚŽ ĚĂƚĞ ŽǀĞƌ ƚŚĞ ĞƐƚŝŵĂƚĞĚƚŽƚĂůĐŽƐƚƐŽĨƚŚĞƉƌŽũĞĐƚ͘ ZĞǀĞŶƵĞ ĨƌŽŵ AMPI’s ƐĂůĞŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐĂŶĚƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐ and ABIRC’s sale of private ǀŝůůĂ ĂŶĚ ůĂŶĚ ƵŶĚĞƌ Ă ƐŝŶŐůĞ ĐŽŶƚƌĂĐƚ ƚŽ ƐĞůů ĂƌĞ ĂůůŽĐĂƚĞĚ ƚŽ ĞĂĐŚ ĐŽŵƉŽŶĞŶƚ ƵƐŝŶŐ ƚŚĞ ƌĞƐŝĚƵĂů ŵĞƚŚŽĚ͘ dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƉƌĞĨĞƌƌĞĚƐŚĂƌĞŝƐŵĞĂƐƵƌĞĚĂƚŝƚƐĐƵƌƌĞŶƚĐĂƐŚƐĞůůŝŶŐƉƌŝĐĞƚŽƚŚŝƌĚƉĂƌƚŝĞƐŽŶĂ ƐƚĂŶĚͲĂůŽŶĞ ďĂƐŝƐ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ ŝƐ ƚŚĞ ƌĞƐŝĚƵĂů ĂŵŽƵŶƚ ŽĨ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶƉƌŝĐĞ͘

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ZĞǀĞŶƵĞ ƌĞĐŽŐŶŝnjĞĚ ďĂƐĞĚ ŽŶ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ĂŵŽƵŶƚĞĚ ƚŽ W с ϭ͕ϯϲϲ͘ϲ ŵŝůůŝŽŶ͕ сϭ͕ϰϮϭ͘ϮŵŝůůŝŽŶĂŶĚW W сϭ͕ϰϭϳ͘ϵŵŝůůŝŽŶŝŶϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ŽƐƚƌĞĐŽŐŶŝnjĞĚďĂƐĞĚ ŽŶ ƉĞƌĐĞŶƚĂŐĞ ŽĨ ĐŽŵƉůĞƚŝŽŶ ĂŵŽƵŶƚĞĚ ƚŽW сϴϯϰ͘ϯ ŵŝůůŝŽŶ͕W сϭ͕Ϭϵϰ͘ϵŵŝůůŝŽŶ ĂŶĚW сϭ͕ϮϬϳ͘ϰ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϵͿ͘


ͲϮϳͲ   ĞƚĞƌŵŝŶŝŶŐ&ĂŝƌsĂůƵĞŽĨ&ŝŶĂŶĐŝĂů/ŶƐƚƌƵŵĞŶƚƐ͘W&Z^ƌĞƋƵŝƌĞƐĐĞƌƚĂŝŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐ ƚŽďĞĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞ͕ǁŚŝĐŚƌĞƋƵŝƌĞƐĞdžƚĞŶƐŝǀĞƵƐĞŽĨĂĐĐŽƵŶƚŝŶŐĞƐƚŝŵĂƚĞƐ͘tŚŝůĞƐŝŐŶŝĨŝĐĂŶƚ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ ǁĞƌĞ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ǀĞƌŝĨŝĂďůĞ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ͕ ƚŚĞ ĂŵŽƵŶƚŽĨĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞǁŽƵůĚĚŝĨĨĞƌŝĨƚŚĞ'ƌŽƵƉƵƚŝůŝnjĞĚĚŝĨĨĞƌĞŶƚǀĂůƵĂƚŝŽŶŵĞƚŚŽĚŽůŽŐŝĞƐ͘ ŶLJĐŚĂŶŐĞƐŝŶĨĂŝƌǀĂůƵĞŽĨƚŚĞƐĞĨŝŶĂŶĐŝĂůĂƐƐĞƚƐǁŽƵůĚĂĨĨĞĐƚƉƌŽĨŝƚĂŶĚůŽƐƐĂŶĚĞƋƵŝƚLJ͘ The fair value of the Group’s financial assets and liabilities are disclosed in Note Ϯϰ͘ ƐƚŝŵĂƚŝŶŐ /ŵƉĂŝƌŵĞŶƚ >ŽƐƐĞƐ ŽĨ dƌĂĚĞ ĂŶĚ KƚŚĞƌ ZĞĐĞŝǀĂďůĞƐ ĂŶĚ ĚǀĂŶĐĞƐ ƚŽ ƐƐŽĐŝĂƚĞƐ ĂŶĚ ZĞůĂƚĞĚWĂƌƚŝĞƐ͘  dŚĞ 'ƌŽƵƉ ĞƐƚŝŵĂƚĞƐ ƚŚĞ ĂůůŽǁĂŶĐĞĨŽƌ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐĞƐƌĞůĂƚĞĚ ƚŽ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐĂŶĚĂĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚƌĞůĂƚĞĚƉĂƌƚŝĞƐďĂƐĞĚŽŶƐƉĞĐŝĨŝĐĞǀĂůƵĂƚŝŽŶŽĨ ĂĐĐŽƵŶƚƐĂŶĚĐŽůůĞĐƚŝǀĞůLJĨŽƌƌĞĐĞŝǀĂďůĞƐƚŚĂƚĂƌĞŶŽƚŝŶĚŝǀŝĚƵĂůůLJƐŝŐŶŝĨŝĐĂŶƚ͕ĂŶĚǁŚĞƌĞƚŚĞ'ƌŽƵƉ ŚĂƐ ŝŶĨŽƌŵĂƚŝŽŶ ƚŚĂƚ ĐĞƌƚĂŝŶ ĐƵƐƚŽŵĞƌƐ ĂƌĞ ƵŶĂďůĞ ƚŽ ŵĞĞƚ ƚŚĞŝƌ ĨŝŶĂŶĐŝĂů ŽďůŝŐĂƚŝŽŶƐ͘  /Ŷ ƚŚĞƐĞ ĐĂƐĞƐ͕ƚŚĞƵƐĞŽĨĞƐƚŝŵĂƚĞŝƐďĂƐĞĚŽŶƚŚĞďĞƐƚĂǀĂŝůĂďůĞĨĂĐƚƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ŝŶĐůƵĚŝŶŐďƵƚŶŽƚ ůŝŵŝƚĞĚ ƚŽ͕ ƚŚĞ ůĞŶŐƚŚ ŽĨ ƌĞůĂƚŝŽŶƐŚŝƉ ǁŝƚŚ ƚŚĞ ĐƵƐƚŽŵĞƌƐ ĂŶĚ ŬŶŽǁŶ ŵĂƌŬĞƚ ĨĂĐƚŽƌƐ͕ ƚŽ ƌĞĐŽƌĚ ƐƉĞĐŝĨŝĐ ƌĞƐĞƌǀĞƐ ĂŐĂŝŶƐƚ ĂŵŽƵŶƚƐ ĚƵĞ ĨƌŽŵ ĚĞďƚŽƌƐ ƚŽ ƌĞĚƵĐĞ ƚŚĞ ƌĞĐĞŝǀĂďůĞ ĂŵŽƵŶƚ ƚŚĂƚ ŝƐ ĞdžƉĞĐƚĞĚƚŽďĞĐŽůůĞĐƚĞĚ͘ /ŵƉĂŝƌŵĞŶƚ ůŽƐƐ ƌĞĐŽŐŶŝnjĞĚ ŽŶ ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϳϭ͘ϵ ŵŝůůŝŽŶ͕ сϯϰ͘ϭŵŝůůŝŽŶĂŶĚŶŝůŝŶϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƚƌĂĚĞĂŶĚŽƚŚĞƌ W ƌĞĐĞŝǀĂďůĞƐĂŵŽƵŶƚĞĚƚŽW сϭ͕ϵϵϯ͘ϱŵŝůůŝŽŶĂŶĚW сϭ͕Ϯϱϰ͘ϱŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϲͿ͘ ĞƚĞƌŵŝŶŝŶŐEZsŽĨ>ĂŶĚĂŶĚĞǀĞůŽƉŵĞŶƚŽƐƚƐĂŶĚWĂƌŬŝŶŐ>ŽƚƐĨŽƌ^ĂůĞ͘dŚĞ'ƌŽƵƉǁƌŝƚĞƐĚŽǁŶ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ ĨŽƌ ƐĂůĞ ǁŚĞŶĞǀĞƌ ƚŚĞ EZs ďĞĐŽŵĞƐ ůŽǁĞƌ ƚŚĂŶ ĐŽƐƚ ĚƵĞ ƚŽ ĐŚĂŶŐĞƐ ŝŶ ŵĂƌŬĞƚ ƉƌŝĐĞƐ Žƌ ŽƚŚĞƌ ĐĂƵƐĞƐ͘  dŚĞ EZs ŽĨ ƉƌŽũĞĐƚƐ ƵŶĚĞƌ ĐŽŶƐƚƌƵĐƚŝŽŶ ŝƐ ĂƐƐĞƐƐĞĚ ǁŝƚŚ ƌĞĨĞƌĞŶĐĞ ƚŽ ŵĂƌŬĞƚ ƉƌŝĐĞ Ăƚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĨŽƌ ƐŝŵŝůĂƌ ĐŽŵƉůĞƚĞĚƉƌŽƉĞƌƚLJ͕ůĞƐƐĞƐƚŝŵĂƚĞĚĐŽƐƚƐƚŽĐŽŵƉůĞƚĞƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚĞƐƚŝŵĂƚĞĚĐŽƐƚƐƚŽƐĞůů͘ dŚĞĐĂƌƌLJŝŶŐǀĂůƵĞŝƐƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJĨŽƌĂŶLJĚĞĐůŝŶĞŝŶǀĂůƵĞ͘ dŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚƐ ĐŽƐƚƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϯ͕ϴϬϲ͘ϲ ŵŝůůŝŽŶ ĂŶĚ сϱ͕Ϯϴϰ͘ϯŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘WĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞĂŵŽƵŶƚĞĚƚŽ W сϭϯϱ͘ϴŵŝůůŝŽŶĂŶĚW W сϭϱϭ͘ϳŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϳͿ͘ ĞƚĞƌŵŝŶŝŶŐFair Value of Investments in Clubs’ Preferred Shares.dŚĞ'ƌŽƵƉĞƐƚĂďůŝƐŚĞƐĨĂŝƌǀĂůƵĞ by using recent arm’s length market transactions between knowledgeable, willing parties. The fair ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŽĨ ƚŚĞ ůƵďƐ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ĐƵƌƌĞŶƚ ĐĂƐŚ ƐĞůůŝŶŐƉƌŝĐĞƚŽƚŚŝƌĚƉĂƌƚŝĞƐ͘ dŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ŝŶǀĞƐƚŵĞŶƚƐ ŝŶ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϯϬ͕Ϭϲϰ͘ϯ ŵŝůůŝŽŶ ĂŶĚ W сϯϬ͕Ϯϱϳ͘ϮŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϬͿ͘



ƐƐĞƐƐŝŶŐ/ŵƉĂŝƌŵĞŶƚŽĨ&^&ŝŶĂŶĐŝĂůƐƐĞƚƐ͘dŚĞ'ƌŽƵƉĂƐƐĞƐƐĞƐ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŝŵƉĂŝƌĞĚ ǁŚĞŶƚŚĞƌĞŚĂƐďĞĞŶĂƐŝŐŶŝĨŝĐĂŶƚŽƌƉƌŽůŽŶŐĞĚĚĞĐůŝŶĞŝŶƚŚĞĨĂŝƌǀĂůƵĞďĞůŽǁŝƚƐĐŽƐƚŽƌǁŚĞƚŚĞƌ ŽƚŚĞƌ ŽďũĞĐƚŝǀĞ ĞǀŝĚĞŶĐĞ ŽĨ ŝŵƉĂŝƌŵĞŶƚ ĞdžŝƐƚƐ͘  The determination of what is ‘significant’ or ‘prolonged’ requires judgment.  dŚe Group treats ‘significant’ generally as 20% or more of the original cost of investment, and ‘prolonged’ as period more than 12 months. In addition, the 'ƌŽƵƉ ĞǀĂůƵĂƚĞƐ ŽƚŚĞƌ ĨĂĐƚŽƌƐ͕ ŝŶĐůƵĚŝŶŐ ŶŽƌŵĂů ǀŽůĂƚŝůŝƚLJ ŝŶ ƐŚĂƌĞ ƉƌŝĐĞ ĨŽƌ ƋƵŽƚĞĚ ĞƋƵŝƚŝĞƐ ĂŶĚ ĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĂŶĚƚŚĞĚŝƐĐŽƵŶƚĨĂĐƚŽƌƐĨŽƌƵŶƋƵŽƚĞĚĞƋƵŝƚŝĞƐ͘ 

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ͲϮϴͲ   The Group’s AFS financial assets amounted to W с ϯϬ͕Ϭϲϰ͘ϯ ŵŝůůŝŽŶ ĂŶĚW с ϯϬ͕Ϯϱϳ͘Ϯ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϬͿ͘ ƐƚŝŵĂƚŝŶŐhƐĞĨƵů>ŝǀĞƐ ŽĨ WƌŽƉĞƌƚLJĂŶĚ ƋƵŝƉŵĞŶƚ͘  dŚĞ 'ƌŽƵƉĞƐƚŝŵĂƚĞƐ ƚŚĞ ƵƐĞĨƵů ůŝǀĞƐŽĨ ƚŚĞ ƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚďĂƐĞĚŽŶƚŚĞƉĞƌŝŽĚŽǀĞƌǁŚŝĐŚƚŚĞƐĞĂƐƐĞƚƐĂƌĞĞdžƉĞĐƚĞĚƚŽďĞĂǀĂŝůĂďůĞ ĨŽƌƵƐĞ͘dŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐĂƌĞƌĞǀŝĞǁĞĚƉĞƌŝŽĚŝĐĂůůLJĂŶĚĂƌĞƵƉĚĂƚĞĚŝĨĞdžƉĞĐƚĂƚŝŽŶƐĚŝĨĨĞƌ ĨƌŽŵƉƌĞǀŝŽƵƐĞƐƚŝŵĂƚĞƐĚƵĞƚŽƉŚLJƐŝĐĂůǁĞĂƌĂŶĚƚĞĂƌ͕ƚĞĐŚŶŝĐĂůŽƌĐŽŵŵĞƌĐŝĂůŽďƐŽůĞƐĐĞŶĐĞĂŶĚ ůĞŐĂůŽƌŽƚŚĞƌůŝŵŝƚƐŽŶƚŚĞƵƐĞŽĨƚŚĞƐĞĂƐƐĞƚƐ͘/ŶĂĚĚŝƚŝŽŶ͕ĞƐƚŝŵĂƚŝŽŶŽĨƚŚĞƵƐĞĨƵůůŝǀĞƐŝƐďĂƐĞĚ ŽŶ ĐŽůůĞĐƚŝǀĞ ĂƐƐĞƐƐŵĞŶƚ ŽĨ ŝŶĚƵƐƚƌLJ ƉƌĂĐƚŝĐĞ͕ ŝŶƚĞƌŶĂů ƚĞĐŚŶŝĐĂů ĞǀĂůƵĂƚŝŽŶ ĂŶĚ ĞdžƉĞƌŝĞŶĐĞ ǁŝƚŚ ƐŝŵŝůĂƌ ĂƐƐĞƚƐ͘  /ƚ ŝƐ ƉŽƐƐŝďůĞ͕ ŚŽǁĞǀĞƌ͕ ƚŚĂƚ ĨƵƚƵƌĞ ƌĞƐƵůƚƐ ŽĨ ŽƉĞƌĂƚŝŽŶƐ ĐŽƵůĚ ďĞ ŵĂƚĞƌŝĂůůLJ ĂĨĨĞĐƚĞĚ ďLJ ĐŚĂŶŐĞƐ ŝŶ ĞƐƚŝŵĂƚĞƐ ďƌŽƵŐŚƚ ĂďŽƵƚ ďLJ ĐŚĂŶŐĞƐ ŝŶ ĨĂĐƚŽƌƐ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ͘  dŚĞ ĂŵŽƵŶƚƐĂŶĚƚŝŵŝŶŐŽĨƌĞĐŽƌĚĞĚĞdžƉĞŶƐĞƐĨŽƌĂŶLJƉĞƌŝŽĚǁŽƵůĚďĞĂĨĨĞĐƚĞĚďLJĐŚĂŶŐĞƐŝŶƚŚĞƐĞ ĨĂĐƚŽƌƐĂŶĚĐŝƌĐƵŵƐƚĂŶĐĞƐ͘ dŚĞƌĞŝƐŶŽĐŚĂŶŐĞŝŶƚŚĞĞƐƚŝŵĂƚĞĚƵƐĞĨƵůůŝǀĞƐŽĨƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚŝŶϮϬϭϳĂŶĚϮϬϭϲ͘dŚĞ ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨƉƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚĂŵŽƵŶƚĞĚƚŽW сϭ͕ϴϯϮ͘ϯŵŝůůŝŽŶĂŶĚW сϭ͕ϰϵϮ͘ϴŵŝůůŝŽŶĂƐ ĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϮͿ͘ ƐƚŝŵĂƚŝŶŐ /ŵƉĂŝƌŵĞŶƚ ŽĨ EŽŶĨŝŶĂŶĐŝĂů ƐƐĞƚƐ͘  dŚĞ 'ƌŽƵƉ ĂƐƐĞƐƐĞƐ ŝŵƉĂŝƌŵĞŶƚ ŽŶ ŶŽŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐǁŚĞŶĞǀĞƌ ĞǀĞŶƚƐ Žƌ ĐŚĂŶŐĞƐ ŝŶĐŝƌĐƵŵƐƚĂŶĐĞƐ ŝŶĚŝĐĂƚĞ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚŽĨ ƚŚĞƐĞ ĂƐƐĞƚƐ ŵĂLJ ŶŽƚ ďĞ ƌĞĐŽǀĞƌĂďůĞ͘  dŚĞ ĨĂĐƚŽƌƐ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ĐŽŶƐŝĚĞƌƐ ŝŵƉŽƌƚĂŶƚ ǁŚŝĐŚ ĐŽƵůĚ ƚƌŝŐŐĞƌĂŶŝŵƉĂŝƌŵĞŶƚƌĞǀŝĞǁŝŶĐůƵĚĞƚŚĞĨŽůůŽǁŝŶŐ͗ 

^ŝŐŶŝĨŝĐĂŶƚ ƵŶĚĞƌƉĞƌĨŽƌŵĂŶĐĞ ƌĞůĂƚŝǀĞ ƚŽ ĞdžƉĞĐƚĞĚ ŚŝƐƚŽƌŝĐĂů Žƌ ƉƌŽũĞĐƚĞĚ ĨƵƚƵƌĞ ŽƉĞƌĂƚŝŶŐ ƌĞƐƵůƚƐ͖

^ŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ŵĂŶŶĞƌ ŽĨ ƵƐĞ ŽĨ ƚŚĞ ĂĐƋƵŝƌĞĚ ĂƐƐĞƚƐ Žƌ ƚŚĞ ƐƚƌĂƚĞŐLJ ĨŽƌ ŽǀĞƌĂůů ďƵƐŝŶĞƐƐ͖ĂŶĚ͕

^ŝŐŶŝĨŝĐĂŶƚŶĞŐĂƚŝǀĞŝŶĚƵƐƚƌLJŽƌĞĐŽŶŽŵŝĐƚƌĞŶĚƐ͘

ŶŝŵƉĂŝƌŵĞŶƚůŽƐƐŝƐƌĞĐŽŐŶŝnjĞĚǁŚĞŶĞǀĞƌƚŚĞĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨĂŶĂƐƐĞƚĞdžĐĞĞĚƐŝƚƐĞƐƚŝŵĂƚĞĚ ƌĞĐŽǀĞƌĂďůĞĂŵŽƵŶƚ͘ /ŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞƉƌĞƐĞŶƚǀĂůƵĞŽĨĞƐƚŝŵĂƚĞĚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐĞdžƉĞĐƚĞĚƚŽďĞŐĞŶĞƌĂƚĞĚĨƌŽŵ ƚŚĞ ĐŽŶƚŝŶƵĞĚ ƵƐĞ ŽĨ ƚŚĞĂƐƐĞƚƐ͕ƚŚĞ 'ƌŽƵƉ ŝƐ ƌĞƋƵŝƌĞĚƚŽŵĂŬĞ ĞƐƚŝŵĂƚĞƐ ĂŶĚ ĂƐƐƵŵƉƚŝŽŶƐ ƚŚĂƚ ĐĂŶŵĂƚĞƌŝĂůůLJĂĨĨĞĐƚƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂůƐƚĂƚĞŵĞŶƚƐ͘ EŽ ŝŵƉĂŝƌŵĞŶƚ ůŽƐƐ ŽŶ ŶŽŶĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ǁĂƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͘  dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚƐŽĨŶŽŶĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞĂƐĨŽůůŽǁƐ͗  KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐΎ /ŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐ WƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ KƚŚĞƌŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐΎΎ

110 

EŽƚĞ ϴ ϵ ϭϮ ϭϯ

ϮϬϭϳ ϮϬϭϲ W сϭ͕ϳϵϬ͕ϲϲϭ͕ϱϵϰ сWϭ͕ϰϬϲ͕Ϭϯϳ͕ϰϬϭ ϭϭ͕ϯϮϱ͕ϵϵϵ ϭϵ͕ϵϱϲ͕ϲϬϳ ϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ ϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ ϮϮϰ͕ϮϮϲ͕ϳϭϯ ϮϮϰ͕ϰϵϬ͕Ϭϭϯ

ΎdžĐůƵĚŝŶŐƌĞƐƚƌŝĐƚĞĚĐĂƐŚ ΎΎdžĐůƵĚŝŶŐŶŽŶĐƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐĂŶĚƌĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ




ͲϮϵͲ   ĞƚĞƌŵŝŶŝŶŐ&ĂŝƌsĂůƵĞŽĨ/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐ͘dŚĞ'ƌŽƵƉĞŶŐĂŐĞĚĂŶŝŶĚĞƉĞŶĚĞŶƚĂƉƉƌĂŝƐĞƌƚŽ ĚĞƚĞƌŵŝŶĞƚŚĞĨĂŝƌǀĂůƵĞŽĨŝƚƐŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͘dŚĞ&ĂŝƌǀĂůƵĞƐŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐǁĞƌĞ ďĂƐĞĚŽŶƚŚĞǀĂůƵĂƚŝŽŶƉĞƌĨŽƌŵĞĚŝŶϮϬϭϳĂŶĚϮϬϭϲ͘dŚĞĨĂŝƌǀĂůƵĞƐŽĨůĂŶĚǁĞƌĞĚĞƚĞƌŵŝŶĞĚƵƐŝŶŐ ƐĂůĞƐ ĐŽŵƉĂƌŝƐŽŶ ĂŶĚ ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƉƉƌŽĂĐŚ͘  ^ĂůĞƐ ĐŽŵƉĂƌŝƐŽŶ ĂƉƉƌŽĂĐŚ ŝŶǀŽůǀĞƐ ƚŚĞ ĐŽŵƉĂƌŝƐŽŶŽĨƚŚĞůĂŶĚƚŽƚŚŽƐĞƚŚĂƚĂƌĞŵŽƌĞŽƌůĞƐƐ ůŽĐĂƚĞĚǁŝƚŚŝŶƚŚĞǀŝĐŝŶŝƚLJŽĨ ƚŚĞ ĂƉƉƌĂŝƐĞĚ ƉƌŽƉĞƌƚLJĂŶĚĂƌĞƐƵďũĞĐƚŽĨƌĞĐĞŶƚƐĂůĞƐĂŶĚŽĨĨĞƌŝŶŐƐ͘/ĨƚŚĞƌĞŝƐůŝŵŝƚĞĚĚĂƚĂǁŝƚŚŝŶƚŚĞĂƌĞĂ͕ƚŚĞ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌ ĐŽŶƐŝĚĞƌƐ ƚŚĞ ĞdžƉĂŶƐŝŽŶ ŽĨ ƚŚĞ ƌĞƐĞĂƌĐŚ ŽŶ ƉƌŽƉĞƌƚŝĞƐ ĐŽŶƐŝĚĞƌĞĚ ĐŽŵƉĂƌĂďůĞ͘ĚũƵƐƚŵĞŶƚƐǁĞƌĞŵĂĚĞƚŽĂƌƌŝǀĞĂƚƚŚĞŵĂƌŬĞƚǀĂůƵĞďLJĐŽŶƐŝĚĞƌŝŶŐƚŚĞůŽĐĂƚŝŽŶ͕ƐŝnjĞ͕ ƐŚĂƉĞ͕ƵƚŝůŝƚLJ͕ĚĞƐŝƌĂďŝůŝƚLJĂŶĚƚŝŵĞĞůĞŵĞŶƚ͘>ĂŶĚĚĞǀĞůŽƉŵĞŶƚĂƉƉƌŽĂĐŚŝƐďĂƐŝĐĂůůLJĂĚŝƐĐŽƵŶƚŝŶŐ process wherein the present worth of the potential value of the property as “raw” land for ƐƵďĚŝǀŝƐŝŽŶƉƵƌƉŽƐĞƐŵĂLJďĞĞƐƚŝŵĂƚĞĚ͘dŚĞĨĂŝƌǀĂůƵĞŽĨƉƌŽƉĞƌƚŝĞƐŚĞůĚĨŽƌůĞĂƐĞ͕ǁĂƐĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ŝŶĐŽŵĞ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ǁŚŝĐŚ ĐŽŶƐŝĚĞƌƐ ŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶƐĞ ĚĂƚĂ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉƌŽƉĞƌƚLJ ďĞŝŶŐ ǀĂůƵĞĚ ĂŶĚ ĞƐƚŝŵĂƚĞĚ ŝƚ ƚŚƌŽƵŐŚ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ƉƌŽĐĞƐƐ͘  ĂƉŝƚĂůŝnjĂƚŝŽŶ ƌĞůĂƚĞƐ ŝŶĐŽŵĞ͕ƵƐƵĂůůLJĂŶĞƚŝŶĐŽŵĞĨŝŐƵƌĞ͕ĂŶĚĂĚĞĨŝŶĞĚǀĂůƵĞƚLJƉĞďLJĐŽŶǀĞƌƚŝŶŐĂŶŝŶĐŽŵĞĂŵŽƵŶƚŝŶƚŽ ĂǀĂůƵĞĞƐƚŝŵĂƚĞ͘ &ƵƌƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞĂƐƐƵŵƉƚŝŽŶƐŵĂĚĞŝŶŵĞĂƐƵƌŝŶŐĨĂŝƌǀĂůƵĞƐŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ĂƌĞĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭϭ͘ 'ĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞƐǁŚŝĐŚǁĂƐƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽW сϭϭ͕ϰϳϭ͘ϴ ŵŝůůŝŽŶ͕W сϭϬ͕ϬϬϳ͘ϭ ŵŝůůŝŽŶ ĂŶĚW сϴ͕ϱϳϴ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘  ĂƌƌLJŝŶŐ ǀĂůƵĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂŵŽƵŶƚĞĚ ƚŽW сϰϬ͕ϲϲϰ͘ϭ ŵŝůůŝŽŶ ĂŶĚ сϮϳ͕Ϯϵϳ͘ϯŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϭͿ͘ W ĞƚĞƌŵŝŶŝŶŐ ZĞƚŝƌĞŵĞŶƚ ĞŶĞĨŝƚ ŽƐƚƐ͘  The determination of the Group’s obligation ĂŶĚ ĐŽƐƚ ĨŽƌ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚƐ ŝƐ ĚĞƉĞŶĚĞŶƚ ŽŶ ƚŚĞ ƐĞůĞĐƚŝŽŶ ŽĨ ĐĞƌƚĂŝŶ ĂƐƐƵŵƉƚŝŽŶƐ ƵƐĞĚ ďLJ ĂĐƚƵĂƌŝĞƐ ŝŶ ĐĂůĐƵůĂƚŝŶŐƐƵĐŚĂŵŽƵŶƚƐ͘dŚŽƐĞĂƐƐƵŵƉƚŝŽŶƐĂƌĞĚĞƐĐƌŝďĞĚŝŶEŽƚĞϮϬƚŽƚŚĞĐŽŶƐŽůŝĚĂƚĞĚĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ZĞƚŝƌĞŵĞŶƚ ĞdžƉĞŶƐĞ ĂŵŽƵŶƚĞĚ ƚŽW сϲ͘ϰ ŵŝůůŝŽŶ͕W сϳ͘ϱ ŵŝůůŝŽŶ ĂŶĚW сϵ͘ϰ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘ ZĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚLJ ĂŵŽƵŶƚĞĚ ƚŽ W с Ϯϰ͘ϱ ŵŝůůŝŽŶ ĂŶĚW с ϯϭ͘ϰ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϮϬͿ͘ ƐƐĞƐƐŝŶŐ ZĞĂůŝnjĂďŝůŝƚLJ ŽĨĞĨĞƌƌĞĚdĂdž ƐƐĞƚƐ͘ dŚĞ 'ƌŽƵƉ ƌĞǀŝĞǁƐ ŝƚƐ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚ ĂƚĞĂĐŚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ĂŶĚ ƌĞĚƵĐĞƐ ƚŚĞĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ƚŽ ƚŚĞĞdžƚĞŶƚ ƚŚĂƚ ŝƚ ŝƐ ŶŽ ůŽŶŐĞƌ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨƚŚĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽďĞƵƚŝůŝnjĞĚ͘ dŚĞƌĞŝƐŶŽĂƐƐƵƌĂŶĐĞƚŚĂƚƚŚĞ'ƌŽƵƉǁŝůůŐĞŶĞƌĂƚĞƐƵĨĨŝĐŝĞŶƚƚĂdžĂďůĞƉƌŽĨŝƚƚŽĂůůŽǁĂůůŽƌƉĂƌƚŽĨ ŝƚƐĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƚŽďĞƵƚŝůŝnjĞĚ͘

 

ZĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐŽĨƚŚĞ 'ƌŽƵƉĂŵŽƵŶƚĞĚƚŽW сϭϭϭ͘ϱŵŝůůŝŽŶĂŶĚW сϭϬ͘ϮŵŝůůŝŽŶ ĂƐĂƚ ĞĐĞŵďĞƌϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘  hŶƌĞĐŽŐŶŝnjĞĚ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ĂŵŽƵŶƚĞĚ ƚŽ W сϭϲϯ͘ϱ ŵŝůůŝŽŶ ĂŶĚW сϳϵ͘ϴ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůLJ ;ƐĞĞ EŽƚĞ ϮϭͿ͘ DĂŶĂŐĞŵĞŶƚ ďĞůŝĞǀĞƐ ƚŚĂƚ ŝƚ ŝƐ ŶŽƚ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ƚĂdžĂďůĞ ŝŶĐŽŵĞ ǁŝůů ďĞ ĂǀĂŝůĂďůĞ ƚŽ ĂůůŽǁĂůůƚŚĞƐĞĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƚŽďĞƵƚŝůŝnjĞĚ͘ 



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ͲϯϬͲ   ϰ͘ :ŽŝŶƚKƉĞƌĂƚŝŽŶ KŶ:ƵŶĞϯϬ͕ϮϬϬϴ͕DW/ĂŶĚ^WĞŶƚĞƌĞĚŝŶƚŽĂ:ŽŝŶƚsĞŶƚƵƌĞŐƌĞĞŵĞŶƚƚŽĚĞǀĞůŽƉƚŚĞDĂůƵŐĂLJ WƌŽƉĞƌƚLJ ŝŶƚŽ Ă ĨŝƌƐƚ ĐůĂƐƐ ĐŽŵŵĞƌĐŝĂů ĚĞǀĞůŽƉŵĞŶƚ ƚŽ ďĞ ŬŶŽǁŶ ĂƐ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ (the “Project”) whereby BSP shall contribute the Malugay Property while AMPI shall contribute the improvements (the “Development Costs”) and its exclusive right (the “Leasehold Rights”) over the DĂůƵŐĂLJ WƌŽƉĞƌƚLJ͕ ĂƐ ǁĞůů ĂƐ ƚŽ ƉƌŽǀŝĚĞ Ăůů ŶĞĐĞƐƐĂƌLJ ĨƵŶĚƐ͕ ĞƋƵŝƉŵĞŶƚ͕ ŵĂƚĞƌŝĂůƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ǁŽƌŬƐ͕ĞdžƉĞƌƚŝƐĞĂŶĚƌĞůĂƚĞĚƵŶĚĞƌƚĂŬŝŶŐƐĨŽƌƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞWƌŽũĞĐƚ͘  dŚĞ WƌŽũĞĐƚ ĐŽŶƐŝƐƚƐ ŽĨ ƚŚƌĞĞ ŚŝŐŚͲĞŶĚ ƌĞƐŝĚĞŶƚŝĂů ƚŽǁĞƌƐ ĂƚŽƉ ĂŶ ƵƉƐĐĂůĞ ƐŝdžͲƐƚŽƌĞLJ ƉŽĚŝƵŵ͕ ƚŚĞ ďŽƚƚŽŵŚĂůĨŽĨǁŚŝĐŚŝƐĂƐŚŽƉƉŝŶŐĐĞŶƚĞƌĂŶĚƚŚĞƚŽƉŚĂůĨĂŝƚLJůƵďĨŽƌƵƌďĂŶƐƉŽƌƚƐĂŶĚůĞŝƐƵƌĞ͘ dŚĞ WƌŽũĞĐƚ ĂůƐŽ ŝŶĐůƵĚĞƐ Ă ŽLJ ^ĐŽƵƚ ŽŶǀĞŶƚŝŽŶ ĞŶƚĞƌ ĂƐ ƉƌŽǀŝĚĞĚ ŝŶ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͘  DW/ ĂŶĚ ^W ĂŐƌĞĞĚ ƚŽ ƐŚĂƌĞ Ăƚ ϴϱй ĂŶĚ ϭϱй͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ŽĨ ƚŚĞ ƚŽƚĂů ŐƌŽƐƐ ĨůŽŽƌ ĂƌĞĂ ŽĨ ĐŽŵƉůĞƚĞĚĂŶĚĚŝƐƉŽƐĂďůĞƵŶŝƚƐŝŶƚŚĞWƌŽũĞĐƚ͘dŚĞϴϱйƐŚĂƌĞŽĨDW/ƐŚĂůůŝŶĐůƵĚĞdŚĞŝƚLJůƵď ĂŶĚƚŚĞϭϱйƐŚĂƌĞŽĨ^WƐŚĂůůŝŶĐůƵĚĞƚŚĞŽLJ^ĐŽƵƚŽŶǀĞŶƚŝŽŶĞŶƚĞƌ͘ƐƉƌŽǀŝĚĞĚŝŶƚŚĞ:ŽŝŶƚ sĞŶƚƵƌĞŐƌĞĞŵĞŶƚ͕DW/ƐŚĂůůƐƵďŵŝƚƉƌŽŐƌĞƐƐƌĞƉŽƌƚƐŽĨƚŚĞĚĞǀĞůŽƉŵĞŶƚǁŽƌŬƐŝŶƚŚĞWƌŽũĞĐƚŽŶ ĂƌĞŐƵůĂƌďĂƐŝƐƚŽ^W͘  KŶ:ƵŶĞϮ͕ϮϬϭϭ͕^WƐŽůĚƚŚĞDĂůƵŐĂLJWƌŽƉĞƌƚLJƚŽDW/ĨŽƌĂƚŽƚĂůĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨW сϲϬϬ͘ϬŵŝůůŝŽŶ͘ dŚĞĂŵŽƵŶƚŽĨĐŽŶƐŝĚĞƌĂƚŝŽŶƉĂŝĚƚŽ^WǁĂƐƚŚĞŶĐŽŶƚƌŝďƵƚĞĚďLJ^WƚŽƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨƚŚĞ WƌŽũĞĐƚ͘dŚĞ>ĞĂƐĞŚŽůĚZŝŐŚƚǁĂƐĞĨĨĞĐƚŝǀĞůLJƚĞƌŵŝŶĂƚĞĚǁŚĞŶDW/ĂĐƋƵŝƌĞĚƚŚĞůĂŶĚĨƌŽŵ^WŝŶ :ƵŶĞ ϮϬϭϭ͘  ĞƐƉŝƚĞ ƚŚĞ ƐĂůĞ͕ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ƌĞŵĂŝŶĞĚ ĂŶĚ ƚŚĞ ƉĂƌƚŶĞƌƐ ĐŽŶƚŝŶƵĞĚ ƚŚĞ ϴϱ͗ϭϱ ^ŚĂƌŝŶŐ^ĐŚĞŵĞ͘dŚĞƉĂƌƚŶĞƌƐŚĂǀĞĂŵĞŶĚĞĚƚŚĞ:ŽŝŶƚsĞŶƚƵƌĞŐƌĞĞŵĞŶƚĂĐĐŽƌĚŝŶŐůLJ͘  WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͕ >W, ŚĂƐ ŝƐƐƵĞĚ Ă ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚLJ ŝŶ ĨĂǀŽƌŽĨ ^W ǁŚĞƌĞďLJ͕ŝŶƚŚĞĞǀĞŶƚDW/ŝƐƵŶĂďůĞƚŽĐŽŵƉůĞƚĞƚŚĞWƌŽũĞĐƚ;ĨŽƌƌĞĂƐŽŶƐĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĨĂƵůƚ ŽĨDW/Ϳ͕>W,ƐŚĂůůƉĂLJ^WƚŚĞĂŵŽƵŶƚŽĨW с600.0 million in exchange for BSP’s 15% share in the ƐŚĂƌŝŶŐƐĐŚĞŵĞĂƐĚĞĨŝŶĞĚŝŶƚŚĞ:ŽŝŶƚsĞŶƚƵƌĞŐƌĞĞŵĞŶƚ͘ dŚĞ 'ƌŽƵƉ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ũŽŝŶƚ ǀĞŶƚƵƌĞ ĂƌƌĂŶŐĞŵĞŶƚ ĂƐ Ă ũŽŝŶƚ ŽƉĞƌĂƚŝŽŶ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝnjĞĚŝƚƐƐŚĂƌĞŝŶƚŚĞĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐŽĨƚŚĞWƌŽũĞĐƚ;ĞdžĐůƵĚŝŶŐ ƚŚĞĐŽƐƚƐƌĞůĂƚĞĚƚŽƚŚĞŝƚLJůƵďͲƐĞĞEŽƚĞϳͿŝŶƚŚĞĨŽůůŽǁŝŶŐĂĐĐŽƵŶƚƐ͗   EŽƚĞ ϮϬϭϳ ϮϬϭϲ >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĂŶĚƉĂƌŬŝŶŐ ůŽƚƐĨŽƌƐĂůĞ ϳ W сϮ͕ϲϱϲ͕ϳϵϮ͕ϬϮϴ W сϰ͕ϵϱϱ͕Ϯϳϭ͕ϳϮϭ /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ ϭϭ͕ϳϲϯ͕Ϯϳϴ͕ϵϯϵ ϯ͕ϱϯϵ͕Ϯϰϲ͕Ϯϳϭ   W сϭϰ͕ϰϮϬ͕ϬϳϬ͕ϵϲϳ W сϴ͕ϰϵϰ͕ϱϭϳ͕ϵϵϮ

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KŶ ^ĞƉƚĞŵďĞƌ ϴ͕ ϮϬϭϱ͕ ƚŚĞ WĂƌƚŝĞƐ ĞdžĞĐƵƚĞĚ Ă ^ƵƉƉůĞŵĞŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͘  dŚĞ ^ƵƉƉůĞŵĞŶƚ ĞdžƉƌĞƐƐůLJ ĞŶƵŵĞƌĂƚĞƐ ƚŚĞ ƐƉĞĐŝĨŝĐ ƵŶŝƚƐ ŝŶ ƚŚĞ WƌŽũĞĐƚ ƚŚĂƚ ĐŽŶƐƚŝƚƵƚĞ ƚŚĞ ^W ^ŚĂƌĞ ǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞWŽĚŝƵŵ͕dŽǁĞƌϭ͕dŽǁĞƌϮĂŶĚWĂƌŬŝŶŐ^ůŽƚƐ͘dŚĞ^ƵƉƉůĞŵĞŶƚĨƵƌƚŚĞƌƉƌŽǀŝĚĞƐ ƚŚĂƚƚŚĞ^W^ŚĂƌĞŝŶdŽǁĞƌϯƐŚĂůůďĞĚĞƚĞƌŵŝŶĞĚŝŶĂŶŽƚŚĞƌ^ƵƉƉůĞŵĞŶƚƚŽďĞĞŶƚĞƌĞĚŝŶƚŽďLJƚŚĞ WĂƌƚŝĞƐĂĨƚĞƌƚŚĞƉůĂŶƐĨŽƌdŽǁĞƌϯƐŚĂůůŚĂǀĞďĞĞŶĨŝŶĂůŝnjĞĚĂŶĚĐŽŵƉůĞƚĞĚ͘ 


ͲϯϭͲ   ϱ͘ ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ 

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗ ϮϬϭϳ W сϮϬϱ͕ϯϴϭ͕ϳϱϰ ϭϬ͕Ϯϭϭ͕Ϯϴϵ W сϮϭϱ͕ϱϵϯ͕Ϭϰϯ

 ĂƐŚŽŶŚĂŶĚĂŶĚŝŶďĂŶŬƐ ^ŚŽƌƚͲƚĞƌŵƉůĂĐĞŵĞŶƚƐ 

ϮϬϭϲ сWϭϭϬ͕ϵϮϴ͕ϰϲϬ ϭϰϱ͕Ϯϭϳ͕Ϯϴϵ сϮϱϲ͕ϭϰϱ͕ϳϰϵ W

ĂƐŚŝŶďĂŶŬƐĞĂƌŶŝŶƚĞƌĞƐƚĂƚƉƌĞǀĂŝůŝŶŐďĂŶŬĚĞƉŽƐŝƚƌĂƚĞƐ͘ ^ŚŽƌƚͲƚĞƌŵ ƉůĂĐĞŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ĨŽƌ ǀĂƌLJŝŶŐ ƉĞƌŝŽĚƐ ŽĨ ƵƉ ƚŽ ƚŚƌĞĞ ŵŽŶƚŚƐ͕ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ŝŵŵĞĚŝĂƚĞĐĂƐŚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚĞĂƌŶŝŶƚĞƌĞƐƚĂƚƚŚĞƉƌĞǀĂŝůŝŶŐƐŚŽƌƚͲƚĞƌŵƉůĂĐĞŵĞŶƚ ƌĂƚĞƐ͘ ^ŽƵƌĐĞƐŽĨŝŶƚĞƌĞƐƚŝŶĐŽŵĞƌĞĐŽŐŶŝnjĞĚďLJƚŚĞ'ƌŽƵƉĂƌĞĂƐĨŽůůŽǁƐ͗   EŽƚĞ ϮϬϭϳ ϮϬϭϲ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ  W сϰ͕ϭϳϮ͕ϳϬϰ сϭ͕ϯϰϰ͕ϳϰϱ W dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ϲ ϱ͕ϯϲϳ͕ϲϴϯ ϵ͕ϰϴϵ͕ϵϯϵ /ŶͲŚŽƵƐĞĨŝŶĂŶĐŝŶŐ ϳ ϳ͕ϳϬϱ͕ϵϬϰ ϴ͕ϯϴϭ͕ϰϵϮ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϴ ϱϭϳ͕ϴϳϴ ϰϭϵ͕ϭϱϱ   W сϭϳ͕ϳϲϰ͕ϭϲϵ сϭϵ͕ϲϯϱ͕ϯϯϭ W

ϮϬϭϱ сWϱ͕ϮϮϵ͕ϭϬϯ ϲ͕ϱϮϱ͕Ϯϴϳ – ϭ͕ϳϱϰ͕ϮϰϮ сϭϯ͕ϱϬϴ͕ϲϯϮ W

  ϲ͘ dƌĂĚĞĂŶĚKƚŚĞƌZĞĐĞŝǀĂďůĞƐ 



dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗  dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĨƌŽŵ͗  ^ĂůĞŽĨƌĞĂůĞƐƚĂƚĞ  ŝƌƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ  ^ĂůĞŽĨĐůƵďƐŚĂƌĞƐ  dĞŶĂŶƚƐ ĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ KƚŚĞƌƐ  >ĞƐƐĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ 

EŽƚĞ    ϭϬ ϭϴ ϭϳ   

ϮϬϭϳ ϮϬϭϲ   W сϭ͕ϳϱϮ͕ϱϵϰ͕ϴϲϳ сϲϰϱ͕ϳϰϯ͕ϲϭϮ W ϮϬϳ͕ϵϭϮ͕ϯϵϴ ϯϱϮ͕ϲϴϵ͕ϬϬϱ ϴϭ͕ϲϴϵ͕ϳϵϴ ϵϬ͕ϯϴϮ͕ϭϭϲ ϯϯ͕ϵϱϱ͕ϯϮϰ ϭϱϯ͕ϰϲϮ͕Ϯϴϵ ϴ͕ϳϵϱ͕ϲϴϳ ϭϴ͕ϳϬϱ͕ϭϲϱ ϮϬ͕ϰϬϭ͕ϳϰϳ ϯϯ͕ϰϰϰ͕ϭϵϮ Ϯ͕ϭϬϱ͕ϯϰϵ͕ϴϮϭ ϭ͕Ϯϵϰ͕ϰϮϲ͕ϯϳϵ ϭϭϭ͕ϴϰϱ͕ϳϭϳ ϯϵ͕ϵϬϱ͕ϲϳϬ W сϭ͕ϵϵϯ͕ϱϬϰ͕ϭϬϰ сWϭ͕Ϯϱϰ͕ϱϮϬ͕ϳϬϵ

ZĞĐĞŝǀĂďůĞƐ ĨƌŽŵ ƐĂůĞ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ĂŶĚ ĐůƵď ƐŚĂƌĞƐ ŚĂǀĞ ƚĞƌŵƐ ƌĂŶŐŝŶŐ ĨƌŽŵŽŶĞ ƚŽ ƚŚƌĞĞLJĞĂƌƐ͘ EŽŶĐƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨƚŚĞƐĞƌĞĐĞŝǀĂďůĞƐĂƌĞƉƌĞƐĞŶƚĞĚƵŶĚĞr “Other noncurrent assets” account in ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ;ƐĞĞ EŽƚĞ ϭϯͿ͘ ŵŽƌƚŝnjĂƚŝŽŶŽĨ ŝŶƚĞƌĞƐƚŽŶ ƚŚĞƐĞ ƌĞĐĞŝǀĂďůĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽW сϱ͘ϰ ŵŝůůŝŽŶ͕W сϵ͘ϱ ŵŝůůŝŽŶ ĂŶĚW с ϲ͘ϱ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕was recorded as part of “Interest income” account in the consolidated statements of ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ƐĞĞEŽƚĞϱͿ͘ ZĞĐĞŝǀĂďůĞ ĨƌŽŵ Ăŝƌ ƚƌĂŶƐƉŽƌƚ ƐĞƌǀŝĐĞƐ ĂƌĞ ƵŶƐĞĐƵƌĞĚ͕ ŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ ĂŶĚ ĂƌĞ ĚƵĞ ĂŶĚ ĚĞŵĂŶĚĂďůĞ͘

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ͲϯϮͲ   ZĞĐĞŝǀĂďůĞƐĨƌŽŵƚĞŶĂŶƚƐĂƌĞŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĂŶĚĂƌĞŐĞŶĞƌĂůůLJŽŶĂϯϬͲĚĂLJƚĞƌŵ͘ ĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚĂƌĞƐƵďũĞĐƚƚŽůŝƋƵŝĚĂƚŝŽŶ͘ KƚŚĞƌƌĞĐĞŝǀĂďůĞƐŵĂŝŶůLJĐŽŶƐŝƐƚŽĨĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͕^^^ĐůĂŝŵƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͘ ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐƉĞƌƚĂŝŶƐƚŽƌĞĐĞŝǀĂďůĞƐĨƌŽŵƐĞǀĞƌĂůůĞƐƐĞĞƐŽĨ^d/ ĂŶĚƵŶŝƚďƵLJĞƌƐ ŽĨDW/ƚŚĂƚĂƌĞĂƚůĞĂƐƚϵϬĚĂLJƐƉĂƐƚĚƵĞ͘ DŽǀĞŵĞŶƚƐŽĨĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĂƌĞĂƐĨŽůůŽǁƐ͗   EŽƚĞ ϮϬϭϳ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  W сϯϵ͕ϵϬϱ͕ϲϳϬ WƌŽǀŝƐŝŽŶƐ ϭϵ ϳϭ͕ϵϰϬ͕Ϭϰϳ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  W сϭϭϭ͕ϴϰϱ͕ϳϭϳ

ϮϬϭϲ сWϱ͕ϴϱϮ͕Ϭϴϱ ϯϰ͕Ϭϱϯ͕ϱϴϱ сϯϵ͕ϵϬϱ͕ϲϳϬ W

ϮϬϭϱ сϱ͕ϴϱϮ͕Ϭϴϱ W – сϱ͕ϴϱϮ͕Ϭϴϱ W

dŚĞ'ƌŽƵƉǁƌŽƚĞͲŽĨĨƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŵŽƵŶƚŝŶŐƚŽWсϲ͘ϴŵŝůůŝŽŶĂŶĚWсϭϵ͘ϰŵŝůůŝŽŶŝŶϮϬϭϲ ĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϵͿ͘

  ϳ͘ >ĂŶĚĂŶĚĞǀĞůŽƉŵĞŶƚŽƐƚƐĂŶĚWĂƌŬŝŶŐ>ŽƚƐĨŽƌ^ĂůĞ dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

ϮϬϭϳ ϮϬϭϲ   W сϮ͕ϱϮϭ͕Ϭϰϭ͕ϴϭϳ сWϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ ϭ͕ϬϱϬ͕ϳϲϲ͕ϴϯϮ ϰϴϬ͕ϳϰϮ͕ϴϵϯ Ϯϯϰ͕ϴϭϲ͕ϱϭϭ – ϭϯϱ͕ϳϱϬ͕Ϯϭϭ ϭϱϭ͕ϳϮϰ͕ϵϵϵ W сϯ͕ϵϰϮ͕ϯϳϱ͕ϯϳϭ W сϱ͕ϰϯϲ͕Ϭϭϰ͕ϲϭϰ

 >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ͗  ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ  ůƉŚĂůĂŶĚĂŐƵŝŽDŽƵŶƚĂŝŶ>ŽĚŐĞƐ  ĂůĞƐŝŶWƌŝǀĂƚĞsŝůůĂ WĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞ 





114

ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ DŽǀĞŵĞŶƚƐŝŶůĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞƉƌŽũĞĐƚĂƌĞĂƐ ĨŽůůŽǁƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ dƌĂŶƐĨĞƌƐ ĚĚŝƚŝŽŶƐ͗  ĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ  ĂƉŝƚĂůŝnjĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ

EŽƚĞ  ϭϭ   ϭϱ ϭϵ

ϮϬϭϳ ϮϬϭϲ W сϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ W сϰ͕ϯϲϬ͕ϭϮϲ͕Ϭϰϱ ;Ϯ͕ϰϮϱ͕ϯϱϮ͕ϴϬϯͿ –   ϯϴϴ͕ϳϱϰ͕Ϯϯϱ ϭ͕ϰϵϯ͕ϱϵϰ͕ϰϬϱ ϭϭ͕ϵϮϲ͕ϵϰϱ Ϯϯ͕ϱϭϳ͕ϲϯϴ ;Ϯϱϳ͕ϴϯϯ͕ϮϴϮͿ ;ϭ͕Ϭϳϯ͕ϲϵϭ͕ϯϲϲͿ W сϮ͕ϱϮϭ͕Ϭϰϭ͕ϴϭϳ W сϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ

dŚĞůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞWƌŽũĞĐƚ͕ǁŚŝĐŚŝƐĂũŽŝŶƚǀĞŶƚƵƌĞǁŝƚŚ^W;ƐĞĞEŽƚĞϰͿ͕ŝƐůŽĐĂƚĞĚŽŶĂ ŽŶĞͲŚĞĐƚĂƌĞůŽƚĂůŽŶŐLJĂůĂǀĞŶƵĞdžƚĞŶƐŝŽŶĐŽƌŶĞƌDĂůƵŐĂLJ^ƚƌĞĞƚ͕DĂŬĂƚŝŝƚLJ͘ůƉŚĂůĂŶĚDĂŬĂƚŝ WůĂĐĞĐŽŶƐŝƐƚƐŽĨƚŚƌĞĞƌĞƐŝĚĞŶƚŝĂůƚŽǁĞƌƐĂƚŽƉĂƐŝdžͲƐƚŽƌĞLJƉŽĚŝƵŵĐŽŵƉƌŝƐŝŶŐŽĨĂƐŚŽƉƉŝŶŐĐĞŶƚĞƌ ĂŶĚ ƚŚĞ ŝƚLJ ůƵď ĨŽƌ ƐƉŽƌƚƐ ĂŶĚ ůĞŝƐƵƌĞ ;ƐĞĞ EŽƚĞ ϭϭͿ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ƉƌŽũĞĐƚŝƐĐŽŵƉůĞƚĞĚĨŽƌdŽǁĞƌϯĂŶĚdŽǁĞƌƐϭĂŶĚϮ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘


ͲϯϯͲ   Project cost classified as land and development costs pertains to the Group’s proportionaƚĞŝŶƚĞƌĞƐƚ ŝŶƚŚĞƚŚƌĞĞƌĞƐŝĚĞŶƚŝĂůƚŽǁĞƌƐŽĨůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞƚŚĂƚĂƌĞŝŶƚĞŶĚĞĚĨŽƌƐĂůĞ͘/ŶϮϬϭϳ͕ƚŚĞ 'ƌŽƵƉĐŚĂŶŐĞƐŝƚƐŝŶƚĞŶƚŝŽŶƚŽůĞĂƐĞdŽǁĞƌϯƚŽƚŚŝƌĚƉĂƌƚŝĞƐŝŶƐƚĞĂĚŽĨƐĞůůŝŶŐŝƚĂƐĂĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ͘ĐĐŽƌĚŝŶŐůLJ͕ĐŽƐƚŽĨdŽǁĞƌϯǁĂƐƌĞĐlassified to “Investment Properties” (see Note 11). /Ŷ KĐƚŽďĞƌ ϮϬϭϭ͕ ƚŚĞ 'ƌŽƵƉ ƐƚĂƌƚĞĚ ƚŚĞ ƉƌĞͲƐĞůůŝŶŐ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŝŶ dŽǁĞƌ ϭ ĂŶĚ ŝŶ EŽǀĞŵďĞƌϮϬϭϯĨŽƌdŽǁĞƌϮ͘dŚĞƚĞƌŵƐĂŶĚĐŽŶĚŝƚŝŽŶƐŽĨƚŚĞŽŶƚƌĂĐƚƚŽ^Ğůů;d^ͿŝŶǀŽůǀĞƚŚĞƐĂůĞ ŽĨ ŽŶĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ ĂŶĚ ŽŶĞ ŝƚLJ ůƵď ƐŚĂƌĞ͕ ŝ͘Ğ͕͘ Ă ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞ ŽĨ dDW/͕ ŝŶ ǁŚŝĐŚ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚ ĂŶĚ ƚŚĞ ŝƚLJ ůƵď ƐŚĂƌĞ ĂƌĞ ŝŶƐĞƉĂƌĂďůĞ͘ hŶĚĞƌ ƚŚĞ d^͕ ƚŚĞ ĐŽŵƉŽŶĞŶƚƐĂƌĞƐŽůĚƵŶĚĞƌĂƐŝŶŐůĞƐĞůůŝŶŐƉƌŝĐĞǁŝƚŚĚŽǁŶƉĂLJŵĞŶƚƉĂLJĂďůĞƵƉŽŶƐŝŐŶŝŶŐŽĨƚŚĞd^ ĂŶĚ ƚŚĞ ƵŶƉĂŝĚ ďĂůĂŶĐĞ ƉĂLJĂďůĞ ŝŶ ŵŽŶƚŚůLJ ŝŶƐƚĂůůŵĞŶƚƐ ĨŽƌ Ă ƉĞƌŝŽĚ ŽĨ ƚŚƌĞĞ LJĞĂƌƐ ĨƌŽŵ ĚĂƚĞ ŽĨ d^͘KǁŶĞƌƐŚŝƉŽĨƚŚĞŝƚLJůƵďƐŚĂƌĞǁŝůůĂůůŽǁƚŚĞďƵLJĞƌƚŽĞŶũŽLJƚŚĞĂŵĞŶŝƚŝĞƐĂŶĚĨĂĐŝůŝƚŝĞƐŽĨ ƚŚĞŝƚLJůƵď͘ dŚĞ,ŽƵƐŝŶŐĂŶĚ>ĂŶĚhƐĞZĞŐƵůĂƚŽƌLJŽĂƌĚŝƐƐƵĞĚƚŚĞƉĞƌŵĂŶĞŶƚ>ŝĐĞŶƐĞƚŽ^Ğůů;>d^ͿƚŽDW/ĨŽƌ ƚŚĞƐĂůĞŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐŝŶdŽǁĞƌϭŽĨůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞŽŶKĐƚŽďĞƌϵ͕ϮϬϭϮĂŶĚĨŽƌƚŚĞ ƐĂůĞŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐŝŶdŽǁĞƌϮŽŶDĂLJϮϳ͕ϮϬϭϰ͘ Ɛ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϰ͕ ŽŶ ^ĞƉƚĞŵďĞƌ ϴ͕ ϮϬϭϱ͕ ƚŚĞ WĂƌƚŝĞƐ ĞdžĞĐƵƚĞĚ Ă ^ƵƉƉůĞŵĞŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞŐƌĞĞŵĞŶƚĞŶƵŵĞƌĂƚŝŶŐƚŚĞƐƉĞĐŝĨŝĐƵŶŝƚƐŝŶƚŚĞWƌŽũĞĐƚƚŚĂƚĐŽŶƐƚŝƚƵƚĞƚŚĞ^W^ŚĂƌĞǁŝƚŚ ƌĞƐƉĞĐƚƚŽƚŚĞWŽĚŝƵŵ͕dŽǁĞƌϭ͕dŽǁĞƌϮĂŶĚWĂƌŬŝŶŐ^ůŽƚƐ͘ ^ŽŵĞŽĨƚŚĞĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐŽĨdŽǁĞƌƐϭĂŶĚϮǁĞƌĞƚƵƌŶĞĚŽǀĞƌƚŽƚŚĞďƵLJĞƌƐŝŶϮϬϭϱ͘KƚŚĞƌ ƵŶŝƚƐǁŝůůďĞƚƵƌŶĞĚŽǀĞƌƵƉŽŶƐĞƚƚůĞŵĞŶƚŽĨƚŚĞĚŽǁŶƉĂLJŵĞŶƚ͘



DW/ƌĞĐĞŝǀĞĚĚĞƉŽƐŝƚƐĨƌŽŵƚŚĞƐĂůĞŽĨƌĞĂůĞƐƚĂƚĞ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶĂŵŽƵŶƚŝŶŐƚŽW сϵϭ͘ϰŵŝůůŝŽŶĂŶĚW сϭϭϲ͘Ϭmillion, respectively, were presented under “Trade and other payables” account (see Note 1ϰͿ ĂŶĚƚŚĞŶŽŶĐƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ĂŵŽƵŶƚŝŶŐ ƚŽW сϳ͘ϭ ŵŝůůŝŽŶ ĂŶĚW сϯ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ respectively, were presented under “Other noncurrent liabilities” account in the consolidated statements of financial position.  ůƉŚĂůĂŶĚĂŐƵŝŽDŽƵŶƚĂŝŶ>ŽĚŐĞƐ DŽǀĞŵĞŶƚƐ ŝŶ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ WƌŽũĞĐƚĂƌĞĂƐĨŽůůŽǁƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĚĚŝƚŝŽŶƐ͗  ĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ  ĂƉŝƚĂůŝnjĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ dƌĂŶƐĨĞƌƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ

EŽƚĞ    ϭϱ ϭϵ ϭϭ

ϮϬϭϳ W сϰϴϬ͕ϳϰϮ͕ϴϵϯ  ϳϴϴ͕ϱϲϮ͕ϭϬϮ ϰϵ͕ϴϲϴ͕ϯϲϵ ;ϰϴϴ͕ϳϭϴ͕ϬϬϬͿ ϮϮϬ͕ϯϭϭ͕ϰϲϴ W сϭ͕ϬϱϬ͕ϳϲϲ͕ϴϯϮ

ϮϬϭϲ с– W  ϳϱ͕ϰϯϴ͕ϭϯϬ ϭϮ͕ϵϮϭ͕ϱϮϴ – ϯϵϮ͕ϯϴϯ͕Ϯϯϱ сϰϴϬ͕ϳϰϮ͕ϴϵϯ W

dŚĞůƉŚĂůĂŶĚĂŐƵŝŽDŽƵŶƚĂŝŶ>ŽĚŐĞƐWƌŽũĞĐƚƉĞƌƚĂŝŶƐƚŽϭϲ͘ϴŚĞĐƚĂƌĞƐŽĨůĂŶĚƐŝƚƵĂƚĞĚŝŶĞŶŐƵĞƚ ƚŚĂƚŝƐĐƵƌƌĞŶƚůLJďĞŝŶŐĚĞǀĞůŽƉĞĚĂƐŚŽƌŝnjŽŶƚĂůĐŽŶĚŽŵŝŶŝƵŵĨŽƌƐĂůĞ͘ /ŶϮϬϭϲ, due to the management’s ĚĞĐŝƐŝŽŶƚŽĚĞǀĞůŽƉƚŚĞƉƌŽƉĞƌƚLJĂƐŚŽƌŝnjŽŶƚĂůĐŽŶĚŽŵŝŶŝƵŵĨŽƌ ƐĂůĞ͕ ϭϯ͘ϭ ŚĞĐƚĂƌĞƐ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚLJ ƚŚĂƚ ŝƐ ĐƵƌƌĞŶƚůLJ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ĨŽƌ ƐƵĐŚ ƉƵƌƉŽƐĞ͕ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚƚŽ“LĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ”͘ /ŶϮϬϭϳ͕ĂĚĚŝƚŝŽŶĂůϯ͘ϳŚĞĐƚĂƌĞƐǁĂƐƚƌĂŶƐĨĞƌƌĞĚƚŽ ƚŚŝƐĂĐĐŽƵŶƚ͘dŚĞ'ƌŽƵƉŝƐĐƵƌƌĞŶƚůLJĂƉƉůLJŝŶŐĨŽƌĂůŝĐĞŶƐĞƚŽƐĞůů;ƐĞĞEŽƚĞϭϭͿ͘

115


ͲϯϰͲ  



ĂůĞƐŝŶWƌŝǀĂƚĞsŝůůĂ /Ŷ ϮϬϭϳ͕ ŵŽǀĞŵĞŶƚƐ ŝŶ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ĂůĞƐŝŶ WƌŝǀĂƚĞ sŝůůĂ ĂƌĞ ĂƐ ĨŽůůŽǁƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĚĚŝƚŝŽŶƐ͗  ĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ  ĂƉŝƚĂůŝnjĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ dƌĂŶƐĨĞƌƐ ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ

EŽƚĞ    ϭϱ ϭϭ ϭϵ 

 с– W  ϭϵϰ͕ϯϴϬ͕ϰϮϰ ϱ͕Ϯϰϭ͕ϵϰϮ ϭϬϳ͕ϬϬϴ͕ϬϬϬ ;ϳϭ͕ϴϭϯ͕ϴϱϱͿ сϮϯϰ͕ϴϭϲ͕ϱϭϭ W

dŚĞĂůĞƐŝŶWƌŝǀĂƚĞsŝůůĂƉĞƌƚĂŝŶƐƚŽϰ͘ϰŚĞĐƚĂƌĞƐŽĨůĂŶĚ ƐŝƚƵĂƚĞĚŝŶĂůĞƐŝŶ/ƐůĂŶĚƚŚĂƚŝƐĐƵƌƌĞŶƚůLJ ďĞŝŶŐĚĞǀĞůŽƉĞĚĂƐƉƌŽƉĞƌƚŝĞƐĨŽƌƐĂůĞ;ƐĞĞEŽƚĞϭϭͿ͘ /Ŷ ϮϬϭϳ͕ ĚƵĞ ƚŽ ƚŚĞ ĐŽŵŵĞŶĐĞŵĞŶƚ ŽĨ ĚĞǀĞůŽƉŵĞŶƚ ŽŶ ƚŚĞ ƉƌŽƉĞƌƚLJ ǁŝƚŚ Ă ǀŝĞǁ ƚŽ ƐĞůů͕ ƚŚĞ ƉƌŽƉĞƌƚLJ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚ from “Investment property” to “LĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ”  ;ƐĞĞEŽƚĞϭϭͿ͘ WĂƌŬŝŶŐ>ŽƚƐĨŽƌ^ĂůĞ DŽǀĞŵĞŶƚƐŝŶƉĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞĂƌĞĂƐĨŽůůŽǁƐ͗   EŽƚĞ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ϭϵ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ



ϮϬϭϳ W сϭϱϭ͕ϳϮϰ͕ϵϵϵ ;ϭϱ͕ϵϳϰ͕ϳϴϴͿ W сϭϯϱ͕ϳϱϬ͕Ϯϭϭ

ϮϬϭϲ сϭϳϮ͕ϴϵϭ͕ϭϭϵ W ;Ϯϭ͕ϭϲϲ͕ϭϮϬͿ сϭϱϭ͕ϳϮϰ͕ϵϵϵ W

/Ŷ DĂLJ ϮϬϭϲ͕ DW/ ƐƚĂƌƚĞĚ ƚŽ ƐĞůů ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ ƵŶĚĞƌ ŝŶͲŚŽƵƐĞ ĨŝŶĂŶĐŝŶŐ ĂƌƌĂŶŐĞŵĞŶƚĂƚϱйĚŽǁŶƉĂLJŵĞŶƚ͕ƉĂLJĂďůĞŵŽŶƚŚůLJŽǀĞƌĂŵĂdžŝŵƵŵŽĨϭϬLJĞĂƌƐǁŝƚŚŝŶƚĞƌĞƐƚƌĂƚĞ ĂƚϴйƉĞƌĂŶŶƵŵ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ DW/ ŚĂƐ ϮϭϬ ĂŶĚ Ϯϭϵ ƐŽůĚ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĂŶĚ ƉĂƌŬŝŶŐ ůŽƚƐ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘ /ŶƚĞƌĞƐƚ ĞĂƌŶĞĚ ĨƌŽŵ ƌĞĂů ĞƐƚĂƚĞ ƐĂůĞƐ ƵŶĚĞƌ ŝŶͲŚŽƵƐĞ ĨŝŶĂŶĐŝŶŐ ĂŵŽƵŶƚŝŶŐ ƚŽ сϳ͘ϳ ŵŝůůŝŽŶ ĂŶĚW W с8.4 million in 2017 and 2016, respectively, was recorded as part of “Interest income” accoƵŶƚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ;ƐĞĞEŽƚĞϱͿ͘  ϴ͘ KƚŚĞƌƵƌƌĞŶƚƐƐĞƚƐ 

116

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗  /ŶƉƵƚsd ĚǀĂŶĐĞƐƚŽĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐ td ^ƵƉƉůŝĞƐ ĞĨĞƌƌĞĚƌĞŶƚ WƌĞƉĂLJŵĞŶƚƐ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ 

EŽƚĞ  Ϯϱ     

ϮϬϭϳ ϮϬϭϲ W сϵϰϭ͕ϳϱϭ͕ϴϭϮ сWϭ͕ϬϬϭ͕ϲϴϰ͕ϱϵϲ ϲϭϭ͕ϭϲϰ͕ϴϳϮ Ϯϯϳ͕ϳϲϳ͕ϭϵϲ ϭϮϳ͕ϴϯϲ͕ϱϱϳ ϴϱ͕ϭϬϱ͕Ϭϯϲ ϱϮ͕Ϯϲϯ͕ϳϵϭ ϰϵ͕ϮϰϮ͕ϱϴϰ Ϯϵ͕ϯϭϴ͕ϵϱϱ ϭϲ͕ϵϬϮ͕ϵϵϰ Ϯϴ͕ϯϮϱ͕ϲϬϳ ϭϱ͕ϯϯϰ͕ϵϵϱ ϭ͕ϭϴϯ͕Ϯϰϱ ϳϮϬ͕ϱϮϱ͕ϱϲϲ  W сϭ͕ϳϵϭ͕ϴϰϰ͕ϴϯϵ W сϮ͕ϭϮϲ͕ϱϲϮ͕ϵϲϳ


ͲϯϱͲ  

/ŶƉƵƚsd /ŶƉƵƚ sd ĂƌŝƐĞƐ ĨƌŽŵ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ůĂŶĚ ĂŶĚ ƉĂLJŵĞŶƚƐ ƚŽ ƐƵƉƉůŝĞƌƐ ĂŶĚ ĐŽŶƚƌĂĐƚŽƌƐ ĨŽƌ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶŽĨŐŽŽĚƐĂŶĚĚĞǀĞůopment of the Group’s projects. ĚǀĂŶĐĞƐƚŽŽŶƚƌĂĐƚŽƌƐĂŶĚ^ƵƉƉůŝĞƌƐ ĚǀĂŶĐĞƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĂŶĚ ƐƵƉƉůŝĞƌƐ ƌĞƉƌĞƐĞŶƚ ĂĚǀĂŶĐĞ ƉĂLJŵĞŶƚƐ ƚŽ ĐŽŶƚƌĂĐƚŽƌƐ ĨŽƌ ƚŚĞ construction and development of the Group’s projects and are recouped upon every progress billing ƉĂLJŵĞŶƚĚĞƉĞŶĚŝŶŐŽŶƚŚĞƉĞƌĐĞŶƚĂŐĞŽĨĂĐĐŽŵƉůŝƐŚŵĞŶƚ͘ĚǀĂŶĐĞƐƚŽĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐ͕ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉŽƌƚŝŽŶ ŽĨ ƚŚĞ ƉƌŽũĞĐƚ ƚŚĂƚ ŝƐ ĐůĂƐƐŝĨŝĞĚ ĂƐ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ ĂŶĚ ƚŽ ĂĚǀĂŶĐĞ ƉĂLJŵĞŶƚƐ ƚŚĂƚ ǁŝůů ďĞ ĂƉƉůŝĞĚ ĂŐĂŝŶƐƚ ĨƵƚƵƌĞ ďŝůůŝŶŐƐ ďĞLJŽŶĚ ϭϮ ŵŽŶƚŚƐ ĨƌŽŵ ƚŚĞ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ͕ ĂŵŽƵŶƚŝŶŐ ƚŽW сϭϯϴ͘ϰ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ are presented under “Other noncurrent assets” account in the consolidated statements of financial position (see Note 1ϯͿ͘ WƌĞƉĂLJŵĞŶƚƐ WƌĞƉĂLJŵĞŶƚƐŝŶĐůƵĚĞƉƌĞƉĂŝĚƌĞŶƚ͕ŝŶƐƵƌĂŶĐĞĂŶĚĐŽŵŵŝƐƐŝŽŶŝŶŐĨĞĞƐ͘ ZĞƐƚƌŝĐƚĞĚĂƐŚ ĞƚĂŝůƐŽĨƌĞƐƚƌŝĐƚĞĚĐĂƐŚĂƌĞĂƐĨŽůůŽǁƐ͗   ƐĐƌŽǁͲŶǀŝƌŽŶŵĞŶƚĂů&ƵŶĚƐ Ğďƚ^ĞƌǀŝĐĞZĞƐĞƌǀĞĐĐŽƵŶƚ;^ZͿ ZĞƐĞƌǀĞ&ƵŶĚ 

ϮϬϭϳ W сϭ͕ϭϴϯ͕Ϯϰϱ – – W сϭ͕ϭϴϯ͕Ϯϰϱ

ϮϬϭϲ сWϭ͕ϮϬϯ͕ϲϮϲ ϲϵϰ͕ϵϭϳ͕ϳϴϮ Ϯϰ͕ϰϬϰ͕ϭϱϴ сϳϮϬ͕ϱϮϱ͕ϱϲϲ W

ƐĐƌŽǁ Ͳ ŶǀŝƌŽŶŵĞŶƚĂů &ƵŶĚƐ ƌĞƉƌĞƐĞŶƚ ĐĂƐŚ ĚĞƉŽƐŝƚĞĚ ǁŝƚŚ WŽŵ͕ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ŶǀŝƌŽŶŵĞŶƚĂůŽŵƉůŝĂŶĐĞĞƌƚŝĨŝĐĂƚĞŝƐƐƵĞĚƚŽ/ZƌĞůĂƚŝŶŐƚŽƚŚĞƌĞŚĂďŝůŝƚĂƚŝŽŶŽĨƚŚĞWƌŽũĞĐƚͲ ĂĨĨĞĐƚĞĚĂƌĞĂƚŚƌŽƵŐŚŽƵƚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨƚŚĞ/ƐůĂŶĚůƵď͘dŚĞĨƵŶĚƐƐŚĂůůďĞ ƌĞƉůĞŶŝƐŚĞĚĂŶŶƵĂůůLJŽƌǁŚĞŶĞǀĞƌƚŚĞĂŵŽƵŶƚŐŽĞƐďĞůŽǁϱϬйŽĨƚŚĞŝŶŝƚŝĂůĚĞƉŽƐŝƚ͘ hŶĚĞƌƚŚĞK>^͕^d/͕DW/͕/Z;ĐŽůůĞĐƚŝǀĞůLJ͕ƚŚĞŽƌƌŽǁĞƌƐͿĂƌĞƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶĂ^ZĨŽƌ ƚŚĞƐĞĐƵƌŝƚLJŽĨŝŶƚĞƌĞƐƚĂŶĚͬŽƌƉƌŝŶĐŝƉĂůƌĞƉĂLJŵĞŶƚƐƚŽƚŚĞůĞŶĚĞƌƐ͘dŚĞŽƌƌŽǁĞƌƐĂƌĞƌĞƋƵŝƌĞĚƚŽ ĚĞƉŽƐŝƚ ĐĂƐŚ ƚŽ ƚŚĞ ^Z ĞƋƵŝǀĂůĞŶƚ ƚŽ ƚŚĞ ƵƉĐŽŵŝŶŐ ŝŶƚĞƌĞƐƚ ĂŶĚͬŽƌ ƉƌŝŶĐŝƉĂů ƌĞƉĂLJŵĞŶƚ ;ƐĞĞEŽƚĞϭϱͿ͘ƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭ͕ƚŚĞK>^ǁĂƐƉƌĞƚĞƌŵŝŶĂƚĞĚĂŶĚƌĞĨŝŶĂŶĐĞĚƚŚƌŽƵŐŚKƚŽ ĨŝŶĂŶĐĞŶĞǁƉƌŽũĞĐƚƐĂŶĚǁŽƌŬŝŶŐĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉ͘ ZĞƐĞƌǀĞ&ƵŶĚͲƉĞƌƚĂŝŶƐƚŽĐĂƐŚƉůĂĐĞĚŝŶĂďĂŶŬƚŽďĞƵƐĞĚƐƚƌŝĐƚůLJĨŽƌďƵLJŝŶŐƵƌŽŶŽƚĞƐ͘dŚĞƵƌŽ ŶŽƚĞƐ ǁĞƌĞ ƵƐĞĚ ĨŽƌ ƚŚĞ ƉƵƌĐŚĂƐĞ ŽĨ ůŽŐƐ ŝŶ ƌĞůĂƚŝŽŶ ƚŽ ƚŚĞ ůƉŚĂůĂŶĚ ĂŐƵŝŽ DŽƵŶƚĂŝŶ >ŽĚŐĞƐ ƉƌŽũĞĐƚ;ƐĞĞEŽƚĞϭϭͿ͘

  

/ŶƚĞƌĞƐƚŝŶĐŽŵĞĞĂƌŶĞĚĨƌŽŵƌĞƐƚƌŝĐƚĞĚĐĂƐŚĂŵŽƵŶƚĞĚƚŽW сϬ͘ϱŵŝůůŝŽŶ͕W сϬ͘ϰŵŝůůŝŽŶĂŶĚW сϭ͘ϴŵŝůůŝŽŶ ŝŶϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϱͿ͘ 

117


ͲϯϲͲ   ϵ͘ /ŶǀĞƐƚŵĞŶƚƐŝŶĂŶĚĚǀĂŶĐĞƐƚŽƐƐŽĐŝĂƚĞƐ 



dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗  /ŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐ ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ 

EŽƚĞ  ϭϳ 

ĞƚĂŝůƐŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞĂƐĨŽůůŽǁƐ͗   ĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ  ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ  ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ ĐĐƵŵƵůĂƚĞĚĞƋƵŝƚLJŝŶŶĞƚůŽƐƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ƋƵŝƚLJŝŶŶĞƚůŽƐƐĞƐĚƵƌŝŶŐƚŚĞLJĞĂƌ  ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ  ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ 

         



ϮϬϭϳ W сϭϭ͕ϯϮϱ͕ϵϵϵ ϭ͕ϬϮϮ͕ϴϮϯ W сϭϮ͕ϯϰϴ͕ϴϮϮ

ϮϬϭϲ сϭϵ͕ϵϱϲ͕ϲϬϳ W Ϯ͕ϳϭϮ͕ϬϮϯ сϮϮ͕ϲϲϴ͕ϲϯϬ W

ϮϬϭϳ  W сϱϳ͕ϵϵϵ͕ϵϱϬ ;ϳ͕ϵϵϵ͕ϵϱϬͿ ϱϬ͕ϬϬϬ͕ϬϬϬ  ;ϯϴ͕Ϭϰϯ͕ϯϰϯͿ ϭ͕ϯϴϬ͕ϵϰϲ ;Ϯ͕Ϭϭϭ͕ϲϬϰͿ ;ϯϴ͕ϲϳϰ͕ϬϬϭͿ W сϭϭ͕ϯϮϱ͕ϵϵϵ

ϮϬϭϲ  сϱϳ͕ϵϵϵ͕ϵϱϬ W – ϱϳ͕ϵϵϵ͕ϵϱϬ  ;ϯϲ͕ϵϬϴ͕ϭϭϳͿ ;ϭ͕ϭϯϱ͕ϮϮϲͿ – ;ϯϴ͕Ϭϰϯ͕ϯϰϯͿ сϭϵ͕ϵϱϲ͕ϲϬϳ W

ĞƚĂŝůƐŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĂŶĚĂĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂƌĞĂƐĨŽůůŽǁƐ͗    ϮϬϭϳ  ϮϬϭϲ  /ŶǀĞƐƚŵĞŶƚƐ ĚǀĂŶĐĞƐ /ŶǀĞƐƚŵĞŶƚƐ ĚǀĂŶĐĞƐ , W сϭϭ͕ϯϮϱ͕ϵϵϵ W сϭ͕ϬϮϮ͕ϯϮϯ сϭϭ͕ϯϮϱ͕ϵϵϬ W сϳϬϱ͕ϲϱϭ W ^/ – – ϴ͕ϲϯϬ͕ϲϭϳ Ϯ͕ϬϬϲ͕ϯϳϮ  W сϭϭ͕ϯϮϱ͕ϵϵϵ W сϭ͕ϬϮϮ͕ϯϮϯ сϭϵ͕ϵϱϲ͕ϲϬϳ W сϮ͕ϳϭϮ͕ϬϮϯ W 

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dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞĂƐƐŽĐŝĂƚĞƐŽĨƚŚĞ'ƌŽƵƉĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗    WĞƌĐĞŶƚĂŐĞŽĨKǁŶĞƌƐŚŝƉ ƐƐŽĐŝĂƚĞƐ WƌŝŶĐŝƉĂůĐƚŝǀŝƚŝĞƐ ϮϬϭϳ ϮϬϭϲ , ^ĂůĞĂŶĚůĞĂƐĞŽĨŚĞĂǀLJĞƋƵŝƉŵĞŶƚ ϱϬй ϱϬй ^/Ύ ^ĞĐƵƌŝƚLJĂŐĞŶĐLJ – ϰϬй   Ύ^/ďĞĐĂŵĞĂƐƵďƐŝĚŝĂƌLJŝŶϮϬϭϳ;ƐĞĞEŽƚĞϭͿ͘  , KŶƉƌŝůϱ͕ϮϬϭϯ͕ƚŚĞKŽĨ,ĂƉƉƌŽǀĞĚĂƌĞƐŽůƵƚŝŽŶƚŽƐŚŽƌƚĞŶƚŚĞĐŽƌƉŽƌĂƚĞůŝĨĞŽĨ,ƚŽ ĨŽƵƌLJĞĂƌƐ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ, AHEC’s liquidation is still in progress. The reŵĂŝŶŝŶŐĐĂƌƌLJŝŶŐ amount represents the Group’s share in the residual net assets of AHEC. ^/ ^/ ǁĂƐ ŝŶĐŽƌƉŽƌĂƚĞĚ ĂŶĚ ƌĞŐŝƐƚĞƌĞĚ ǁŝƚŚ ƚŚĞ WŚŝůŝƉƉŝŶĞ ^ ŽŶ DĂƌĐŚ ϭϴ͕ ϮϬϭϭ ƉƌŝŵĂƌŝůLJ ƚŽ ĞŶŐĂŐĞ ŝŶ ƚŚĞ ďƵƐŝŶĞƐƐ ŽĨ ƉƌŽǀŝĚŝŶŐ ƐĞĐƵƌŝƚLJ ĂŶĚ ŝŶǀĞƐƚŝŐĂƚŝŽŶ ƐĞƌǀŝĐĞƐ ƚŽ ƉƌŝǀĂƚĞ ŝŶƐƚŝƚƵƚŝŽŶƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ŽƌŐĂŶŝnjĂƚŝŽŶƐ͘ >W, ŝŶŝƚŝĂůůLJ ƐƵďƐĐƌŝďĞĚ ƚŽ ϳϵ͕ϵϵϵ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ŽĨ ^/ ƌĞƉƌĞƐĞŶƚŝŶŐ ϰϬй ŽĨ ŝƚƐ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ŝŶ DĂƌĐŚ ϮϬϭϭ͕ ǁŚŝĐŚ ǁĂƐ ƚŚĞŶ ĂĐĐŽƵŶƚĞĚ ĨŽƌ ĂƐ ĂŶ ĂƐƐŽĐŝĂƚĞ͘  /Ŷ KĐƚŽďĞƌ ϮϬϭϳ͕ >W, ƉƵƌĐŚĂƐĞĚ ĂĚĚŝƚŝŽŶĂů ϳϵ͕ϵϵϵ ĨƌŽŵ ĂŶ ĞdžŝƐƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ĨŽƌ






ͲϯϳͲ   сϭϭ͘ϮŵŝůůŝŽŶincreasing ALPHA’s ownership to 80%͘ W ŽŶĚĞŶƐĞĚĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŽĨƚŚĞĂƐƐŽĐŝĂƚĞƐƉƌĞƉĂƌĞĚŽŶƚŚĞŚŝƐƚŽƌŝĐĂůďĂƐŝƐŽĨĂĐĐŽƵŶƚŝŶŐĂƌĞ ĂƐĨŽůůŽǁƐ͗   ϮϬϭϳ ϮϬϭϲ ƵƌƌĞŶƚĂƐƐĞƚƐ W сϰϲ͕ϱϯϮ͕Ϯϳϳ сϴϴ͕ϮϭϬ͕Ϯϴϯ W EŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ – ϭ͕ϰϬϴ͕ϰϲϵ ƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ Ϯϯ͕ϴϴϴ͕ϮϳϬ ϯϱ͕ϳϭϮ͕Ϯϴϲ EŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ – ϴ͕ϵϳϱ͕Ϯϱϵ EĞƚĞƋƵŝƚLJ ϮϮ͕ϲϰϰ͕ϬϬϳ ϰϰ͕ϵϯϭ͕ϮϬϳ  ZĞǀĞŶƵĞ ŽƐƚƐĂŶĚĞdžƉĞŶƐĞƐ EĞƚŝŶĐŽŵĞ;ůŽƐƐͿ

ϮϬϭϳΎ W сϭϳϰ ϱϬϬ ;W сϯϮϲͿ

ϮϬϭϲ сWϭϮ͕ϱϰϲ͕ϵϲϴ ϭϱ͕ϯϳϬ͕ϲϯϮ ;W сϮ͕ϴϮϯ͕ϲϲϰͿ

ϮϬϭϱ сϭϬ͕ϭϳϬ͕ϱϯϬ W ϵ͕ϭϳϴ͕Ϭϱϲ сϵϵϮ͕ϰϳϰ W

Ύ/ŶĐůƵĚŝŶŐ^/ƵƉƚŽKĐƚŽďĞƌϮϬϭϳ͘

dŚĞ'ƌŽƵƉŚĂƐŶŽƚŝŶĐƵƌƌĞĚĂŶLJĐŽŶƚŝŶŐĞŶƚůŝĂďŝůŝƚŝĞƐŝŶƌĞůĂƚŝŽŶƚŽŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶĂƐƐŽĐŝĂƚĞƐŶŽƌ ĚŽ ƚŚĞ ĂƐƐŽĐŝĂƚĞƐ ƚŚĞŵƐĞůǀĞƐ ŚĂǀĞ ĂŶLJ ĐŽŶƚŝŶŐĞŶƚ ůŝĂďŝůŝƚŝĞƐ ĨŽƌ ǁŚŝĐŚ ƚŚĞ 'ƌŽƵƉ ŝƐ ĐŽŶƚŝŶŐĞŶƚůLJ ůŝĂďůĞĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘ dŚĞ'ƌŽƵƉŚĂƐŶŽƚĞŶƚĞƌĞĚŝŶƚŽĂŶLJĐĂƉŝƚĂůĐŽŵŵŝƚŵĞŶƚƐŝŶƌĞůĂƚŝŽŶƚŽŝƚƐŝŶǀĞƐƚŵĞŶƚŝŶĂƐƐŽĐŝĂƚĞƐ ĂŶĚĚŝĚŶŽƚƌĞĐĞŝǀĞĂŶLJĚŝǀŝĚĞŶĚƐĨƌŽŵƚŚĞĂƐƐŽĐŝĂƚĞƐŝŶϮϬϭϳĂŶĚϮϬϭϲ͘   ϭϬ͘ &^&ŝŶĂŶĐŝĂůƐƐĞƚƐ dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗   Unquoted Clubs’ preferred shares:  //  dDW/ 

ϮϬϭϳ ϮϬϭϲ   W сϮϰ͕ϰϴϭ͕Ϯϲϴ͕ϬϱϬ сWϮϰ͕ϲϯϬ͕ϳϮϮ͕ϮϬϬ ϱ͕ϱϴϯ͕ϬϬϬ͕ϬϬϬ ϱ͕ϲϮϲ͕ϱϬϬ͕ϬϬϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ

KŶ:ƵůLJϮϬ͕ϮϬϭϲ͕>W,ƐŽůĚƚŚĞĐůƵďƐŚĂƌĞŝŶtĂĐŬtĂĐŬĨŽƌW сϭϴ͘ϬŵŝůůŝŽŶ͕ƌĞƐƵůƚŝŶŐŝŶĂŐĂŝŶŽĨ сϳ͘ϰŵŝůůŝŽŶ͘ W 

dŚĞƌŽůůĨŽƌǁĂƌĚĂŶĂůLJƐŝƐŽĨƚŚĞĂĐĐŽƵŶƚĂƐĂƚĞĐĞŵďĞƌϯϭŝƐĂƐĨŽůůŽǁƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ^ĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ &ĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ ĚĚŝƚŝŽŶĂůƐƵďƐĐƌŝƉƚŝŽŶƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ  ƵƌƌĞŶƚ EŽŶĐƵƌƌĞŶƚ 

ϮϬϭϳ ϮϬϭϲ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сWϮϵ͕ϲϲϵ͕ϵϰϯ͕ϱϬϬ ;Ϯϱϭ͕ϱϬϬ͕ϬϬϬͿ ;ϭϱϭ͕ϭϳϰ͕ϴϬϬͿ ϱϴ͕ϭϰϱ͕ϴϱϬ ϳϯϴ͕ϰϱϯ͕ϱϬϬ ϰϬϬ͕ϬϬϬ – W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ   W сϵϴϱ͕ϴϭϬ͕ϵϬϬ сϵϴϱ͕ϴϭϬ͕ϵϬϬ W Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ

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ͲϯϴͲ   dŚĞ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŚĞůĚ ďLJ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ŶŽƚ ƌĞƋƵŝƌĞĚ ƚŽ ŐĂŝŶ ĐŽŶƚƌŽů ŽĨ ƚŚĞ ůƵďƐ ĂŶĚ ĂƌĞ ŝŶƚĞŶĚĞĚ ƚŽ ďĞ ĚŝƐƉŽƐĞĚŽĨ ŽǀĞƌ ƚŝŵĞ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ͘ dŚĞ ƉƌĞĨĞƌƌĞĚƐŚĂƌĞŚŽůĚĞƌƐ ĂƌĞ ĞŶƚŝƚůĞĚƚŽ ŶĂŵĞŽŶĞŶŽŵŝŶĞĞƉĞƌƐŚĂƌĞƚŽďĞĐŽŵĞĂŵĞŵďĞƌĂŶĚĂǀĂŝůŽĨƚŚĞĂŵĞŶŝƚŝĞƐĂŶĚĨĂĐŝůŝƚŝĞƐŽĨƚŚĞ ůƵďƐ͕ƵŶůĞƐƐĂƐŽƚŚĞƌǁŝƐĞƌĞƋƵŝƌĞĚďLJĂƉƉůŝĐĂďůĞůĂǁƐ͘dŚĞLJĂƌĞŶŽƚĞŶƚŝƚůĞĚƚŽǀŽƚĞĂŶĚďĞǀŽƚĞĚ ĨŽƌŝŶĂůůŵĞĞƚŝŶŐƐŽĨƚŚĞƐŚĂƌĞŚŽůĚĞƌƐŽĨƚŚĞůƵďƐ͘dŚĞƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐŚĂǀĞƉƌĞĨĞƌĞŶĐĞŽǀĞƌƚŚĞ issuer’s common shares in the distribution of assets in case of dissolution and liquidatiŽŶ͘ >ŝĂďŝůŝƚLJZĞůĂƚĞĚƚŽĐƋƵŝƐŝƚŝŽŶŽĨ&^&ŝŶĂŶĐŝĂůƐƐĞƚƐ The cost of the Group’s investments in the preferred shares of ABICI and TCCAMPI includes the cash consideration and the cost of the obligation to deliver as incurred and to complete the Clubs’ ĨĂĐŝůŝƚŝĞƐ͘ Ă͘ // KŶ &ĞďƌƵĂƌLJ ϭϬ͕ ϮϬϭϭ͕ >W,͕ /Z ĂŶĚ // ĞŶƚĞƌĞĚ ŝŶƚŽ Ă  ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ construction of a resort club (the “Island Club”). It is agreed that ABIRC will develop and ĐŽŶƐƚƌƵĐƚƚŚĞ/ƐůĂŶĚůƵďǁŝƚŚ>W,ĞdžƚĞŶĚŝŶŐĂŶLJĨŝŶĂŶĐŝŶŐƌĞƋƵŝƌĞĚĨŽƌƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞ /ƐůĂŶĚ ůƵď ĂŶĚ ŝƚƐ ĂŵĞŶŝƚŝĞƐ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ƚŚĞ // ƐŚĂƌĞƐ͘  /ƚ ǁĂƐ ĐůĂƌŝĨŝĞĚ ƚŚĂƚ͕ ŝŶ consideration for the Island Club’s construction, ABICI agrees that the excess of the construction ĐŽƐƚƐ ŽǀĞƌ ƚŚĞ ƉĂƌ ǀĂůƵĞ ŽĨ ƚŚĞ ƐŚĂƌĞƐ ŝƐƐƵĞĚ ďLJ // ƐŚĂůů ďĞ ƚƌĞĂƚĞĚ ĂƐ ĂĚĚŝƚŝŽŶĂů ƉĂŝĚͲŝŶ ĐĂƉŝƚĂůĂƐĐŽƐƚŝƐŝŶĐƵƌƌĞĚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ŝƚǁĂƐĐůĂƌŝĨŝĞĚƚŚĂƚƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞ/ƐůĂŶĚůƵď͕ŝƚƐ ĨĂĐŝůŝƚŝĞƐĂŶĚĂŵĞŶŝƚŝĞƐǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽ//ĂƐĐŽƐƚŝƐŝŶĐƵƌƌĞĚ͘ KŶ&ĞďƌƵĂƌLJϮϰ͕ϮϬϭϭ͕ƚŚĞWŚŝůŝƉƉŝŶĞ^ĂƉƉƌŽǀĞĚ/I’s Registration Statement on the Island Club Offer Shares for the primary offering of 391 of its Class “B” preferred shares and secondary offering of its 3,519 Class “B” preferred shares (Offer Shares or Tranche 1). In 2013, the SEC approved ABICI’s AmenĚĞĚ ZĞŐŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞŵĞŶƚ ƚŽ ŝŶĐƌĞĂƐĞ ŝƚƐ ŽĨĨĞƌ ƉƌŝĐĞ ĨƌŽŵW сϮ͕ϬϬϬ͕ϬϬϬ ƉĞƌ ƐŚĂƌĞ ƚŽW с ϯ͕ϬϬϬ͕ϬϬϬ ƉĞƌ ƐŚĂƌĞ͘  // ĨŝůĞĚ ŝŶ ϮϬϭϯ Ă ^ĞĐŽŶĚ ŵĞŶĚĞĚ ZĞŐŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞŵĞŶƚƚŽĨƵƌƚŚĞƌŝŶĐƌĞĂƐĞŝƚƐŽĨĨĞƌƉƌŝĐĞƚŽW сϱ͕ϬϬϬ͕ϬϬϬ͕ǁŚŝĐŚŝƐƐƚŝůůƐƵďũĞĐƚĨŽƌĂƉƉƌŽǀĂůďLJ ƚŚĞ^ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘ In 2012, ABIRC subscribed to additional Class “B” preferred shares of ABICI totaling 3,090 shares. ƐĂĐŽŶƐŝĚĞƌĂƚŝŽŶĨŽƌƚŚĞĂĚĚŝƚŝŽŶĂůĂĐƋƵŝƐŝƚŝŽŶƐŽĨ//ƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐ͕/ZĞŶƚĞƌĞĚŝŶƚŽĂ Supplemental DA with ABICI in June 2012 increasing its obligation to complete the Island Club’s ĨĂĐŝůŝƚŝĞƐ͘LJǀŝƌƚƵĞŽĨƚŚĞƐĞĂĚĚŝƚŝŽŶĂůƐƵďƐĐƌŝƉƚŝŽŶƐ͕/ZƚƌĂŶƐĨĞƌƌĞĚŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐƚŽ // ĂŵŽƵŶƚŝŶŐ ƚŽW сϰϱϯ͘ϯ ŵŝůůŝŽŶ ĂŶĚ ƚŚĞ ůŝĂďŝůŝƚLJ ƌĞůĂƚĞĚ ƚŽ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ // ƐŚĂƌĞƐ ŝŶĐƌĞĂƐĞĚďLJW сϭ͕ϰϭϰ͘ϬŵŝůůŝŽŶ;ƐĞĞEŽƚĞϭϭͿ͘ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϮ͕ƚŚĞŽƌŝŐŝŶĂůϭϴϬǀŝůůĂƐĂƐ ĐŽŵŵŝƚƚĞĚ ŝŶ ƚŚĞ ZĞŐŝƐƚƌĂƚŝŽŶ ^ƚĂƚĞŵĞŶƚ ǁĞƌĞ ĂůƌĞĂĚLJ ƚŚĞŶ ĐŽŵƉůĞƚĞ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů͘ džƉĂŶƐŝŽŶƉƌŽũĞĐƚƐǁĞƌĞƵŶĚĞƌƚĂŬĞŶƚŽŝŶĐƌĞĂƐĞƚŚĞŶƵŵďĞƌŽĨǀŝůůĂƐ͘ƚƉƌĞƐĞŶƚ͕ƚŚĞůƵďŚĂƐ ϯϭϰǀŝůůĂƐͬƌŽŽŵƐ͘ On November 12, 2012, the shareholders of ABICI approved an amendment to the ABICI’s ƐŚĂƌĞŚŽůĚĞƌ ƐƚƌƵĐƚƵƌĞ ǁŚĞƌĞďLJ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ϯ͕ϬϵϬ ƐŚĂƌĞƐ ǁŝƚŚ ƉĂƌ ǀĂůƵĞ ŽĨW сϭϬϬ ǁĞƌĞ ƐƉůŝƚ ŝŶƚŽϲ͕ϭϴϬƐŚĂƌĞƐ;dƌĂŶĐŚĞϮͿǁŝƚŚĂƉĂƌǀĂůƵĞŽĨW с50 per share. As a result, ABIRC’s subscription ƚŽƚŚĞĂďŽǀĞϯ͕ϬϵϬƐŚĂƌĞƐǁĂƐĐŽŶǀĞƌƚĞĚƚŽϲ͕ϭϴϬƐŚĂƌĞƐ͘KŶ:ĂŶƵĂƌLJϯϭ͕ϮϬϭϯ͕ƚŚĞƐƚŽĐŬƐƉůŝƚ ǁĂƐĂƉƉƌŽǀĞĚďLJƚŚĞ^͘

120

KŶ :ĂŶƵĂƌLJ ϱ͕ ϮϬϭϳ͕ ƚŚĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ ŝŶĐƌĞĂƐĞ ŝŶ ĂƵƚŚŽƌŝnjĞĚ ĐĂƉŝƚĂů ƐƚŽĐŬ ŽĨ // ĨƌŽŵ сϮ͘ϭŵŝůůŝŽŶĚŝǀŝĚĞĚŝŶƚŽϭϰ͕ϬϬϬĐŽŵŵŽŶƐŚĂƌĞƐǁŝƚŚƉĂƌǀĂůƵĞW W сϭϬϬƉĞƌƐŚĂƌĞ͕ĂŶĚϭϬ͕ϬϵϬůĂƐƐ “B” preferred shares divided further into 3,910 Class “BͲ1” preferred shares with par value of  с100 a share and 6,180 Class “BͲ2” preferred shares with par value of W W сϱϬĂƐŚĂƌĞƚŽW сϯ͘ϬŵŝůůŝŽŶ


ͲϯϵͲ   ĚŝǀŝĚĞĚ ŝŶƚŽ ϮϬ͕ϬϬϬ ĐŽŵŵŽŶ ƐŚĂƌĞƐ ǁŝƚŚ ƉĂƌ ǀĂůƵĞ ŽĨW с100 per share, and 15,000 Class “B” preferred shares divided further into 2,000 Class “BͲ1” preferred shares with par value of W сϭϬϬ per share, 12,000 Class “BͲ2” preferred shares with par value of W сϱϬƉĞƌƐŚĂƌĞ͕ĂŶĚϭ͕ϬϬϬůĂƐƐ “BͲ3” preferred shares with par value of W сϮϬϬƉĞƌƐŚĂƌĞ͘ KŶ DĂLJ ϯϭ͕ ϮϬϭϳ͕ /Z ƐƵďƐĐƌŝďĞĚ ƚŽ additional 2,000 Class “BͲ2” preferred shares and  1,000 Class “BͲ3” preferred shares at a subscription price of W сϭϬϬƉĞƌƐŚĂƌĞĂŶĚW сϮϬϬƉĞƌƐŚĂƌĞ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ŽƌĂŶĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨW сϬ͘ϰŵŝůůŝŽŶ͘ dŚĞŝŶŝƚŝĂůůŝĂďŝůŝƚLJƌĞůĂƚĞĚƚŽĂĐƋƵŝƐŝƚŝŽŶŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŵŽƵŶƚŝŶŐƚŽW сϭ͕ϴϯϰ͘ϬŵŝůůŝŽŶŝƐ ĂůůŽĐĂƚĞĚĨŽƌůƵdžƵƌLJǀŝůůĂĐůƵƐƚĞƌƐ;ϳϱйͿ͕ĐůƵƵƐĞ;ϭϭйͿĂŶĚƵƚŝůŝƚŝĞƐĂŶĚŽƚŚĞƌĨĂĐŝůŝƚŝĞƐ;ϭϰйͿ͘ ƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ŶŽůŝĂďŝůŝƚLJƌĞůĂƚĞĚƚŽƚŚĞĂĐƋƵŝƐŝƚŝŽŶǁĂƐŽƵƚƐƚĂŶĚŝŶŐƐŝŶĐĞ ƚŚĞ/ƐůĂŶĚůƵďǁĂƐĨƵůůLJĐŽŵƉůĞƚĞĚŝŶĞĐĞŵďĞƌϮϬϭϰ͘ /ŶƉƌŝůϮϬϭϯ͕//ĂŶĚ/ZĞdžĞĐƵƚĞĚĂ>ĞƚƚĞƌŐƌĞĞŵĞŶƚǁŚĞƌĞŝŶƚŚĞƉĂƌƚŝĞƐĂŐƌĞĞĚƚŚĂƚƚŚĞ ĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞďƵĚŐĞƚƵŶĚĞƌƚŚĞ^ƵƉƉůĞŵĞŶƚĂƌLJĂŶĚƚŚĞĂĐƚƵĂůĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ǁŝůů ďĞ ƚƌĞĂƚĞĚ ĂƐ ĂĚǀĂŶĐĞƐ ƚŽ //͘ ĚǀĂŶĐĞƐ ƚŽ // ƌĞůĂƚĞĚ ƚŽ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚ ĂŵŽƵŶƚĞĚƚŽW сϭ͕ϱϳϱ͘ϱŵŝůůŝŽŶ ĂƐ ĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϰ ;ƐĞĞ EŽƚĞ ϭϳͿ͘  /Ŷ ϮϬϭϱ͕ // ĂůƌĞĂĚLJ ĨŝŶĂŶĐĞĚŝƚƐŽǁŶĐŽŶƐƚƌƵĐƚŝŽŶŝŶƚŚĞ/ƐůĂŶĚůƵď͘ ABICI’s Tranche 1 and Tranche 2 preferred shares entitle the holder for 14 and 7 free villa night’s ƐƚĂLJŝŶƚŚĞ/ƐůĂŶĚůƵď͕ƌĞƐƉĞĐƚŝǀĞůLJ͘dƌĂŶĐŚĞϮŝƐƐƉĞĐŝĨŝĐĂůůLJŽĨĨĞƌĞĚƚŽĨŽƌĞŝŐŶŶĂƚŝŽŶĂůƐŽŶůLJ͘ dŚĞĨĂŝƌǀĂůƵĞŽĨƵŶƐŽůĚƐŚĂƌĞƐĂƐĂƚĞĐĞŵďĞƌϯϭŝƐĂƐĨŽůůŽǁƐ͗    ϮϬϭϳ   dƌĂŶĐŚĞϭ dƌĂŶĐŚĞϮ dƌĂŶĐŚĞϯ 

EƵŵďĞƌŽĨ ^ŚĂƌĞƐ Ϯ͕ϲϲϰ ϴ͕ϭϱϯ ϭ͕ϬϬϬ 

ŵŽƵŶƚ W сϭϬ͕ϲϱϲ͕ϬϬϬ͕ϬϬϬ ϭϯ͕ϴϮϱ͕Ϭϲϴ͕ϬϱϬ ϮϬϬ͕ϬϬϬ W сϮϰ͕ϰϴϭ͕Ϯϲϴ͕ϬϱϬ

EƵŵďĞƌŽĨ ^ŚĂƌĞƐ Ϯ͕ϳϭϲ ϲ͕ϭϱϯ – 

ϮϬϭϲ ŵŽƵŶƚ сWϭϬ͕ϴϲϰ͕ϬϬϬ͕ϬϬϬ ϭϯ͕ϳϲϲ͕ϳϮϮ͕ϮϬϬ – сϮϰ͕ϲϯϬ͕ϳϮϮ͕ϮϬϬ W

ď͘ dDW/ /Ŷ KĐƚŽďĞƌ ϮϬϭϬ͕ ^d/͕ DW/ ĂŶĚ dDW/ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă  ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨĂŝƚLJůƵďŝŶůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͘/ƚŝƐĂŐƌĞĞĚƚŚĂƚ ^d/ĂŶĚͬŽƌDW/ǁŝůů ĚĞǀĞůŽƉ ĂŶĚ ĐŽŶƐƚƌƵĐƚ ƚŚĞ ŝƚLJ ůƵď ǁŝƚŚ DW/ ĞdžƚĞŶĚŝŶŐ ĂŶLJ ĨŝŶĂŶĐŝŶŐ ƌĞƋƵŝƌĞĚ ĨŽƌ ŝƚƐ ĐŽŵƉůĞƚŝŽŶĂŶĚĂŵĞŶŝƚŝĞƐŝŶĞdžĐŚĂŶŐĞĨŽƌƚŚĞdDW/ƐŚĂƌĞƐ͘ KŶ ĞĐĞŵďĞƌ ϵ͕ϮϬϭϬ͕ ƚŚĞ ^ ĂƉƉƌŽǀĞĚ ƚŚĞ dDW/’s registration of an aggregate of 5,000 ƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐ͕ǁŝƚŚŝƐƐƵĞƉƌŝĐĞŽĨW сϭϬϬƉĞƌƐŚĂƌĞ͕ĐŽŵƉƌŝƐŝŶŐŽĨϱϬϬƐŚĂƌĞƐƚŽďĞŽĨĨĞƌĞĚďLJ ǁĂLJŽĨƉƌŝŵĂƌLJŽĨĨĞƌŝŶŐĂŶĚϰ͕ϱϬϬƐŚĂƌĞƐďLJǁĂLJŽĨƐĞĐŽŶĚĂƌLJŽĨĨĞƌŝŶŐ͘ /Ŷ ĞĐĞŵďĞƌ ϮϬϭϬ͕ ^d/͕ DW/ ĂŶĚ dDW/ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ^ƵƉƉůĞŵĞŶƚĂů  ƚŽ ĐůĂƌŝĨLJ ƚŚĂƚ ƵŶĚĞƌƚŚĞ͕ŝƚŝƐDW/ǁŚŽŚĂƐƚŚĞƉƌŝŵĂƌLJŽďůŝŐĂƚŝŽŶƚŽĚĞǀĞůŽƉĂŶĚĐŽŶƐƚƌƵĐƚƚŚĞŝƚLJůƵď͘ DŽƌĞŽǀĞƌ͕ŝƚwas clarified that, in consideration for the City Club’s construction, TCCAMPI agrees ƚŽĐŽŶǀĞƌƚĂŶLJĂŶĚĂůůĂĚǀĂŶĐĞƐƉƌŽǀŝĚĞĚďLJ^d/ĂŶĚDW/ƚŽĂĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂůĂƐĐŽƐƚ ŝƐŝŶĐƵƌƌĞĚ͘&ƵƌƚŚĞƌŵŽƌĞ͕ŝƚǁĂƐĐůĂƌŝĨŝĞĚƚŚĂƚƚŚĞŽǁŶĞƌƐŚŝƉŽĨƚŚĞŝƚLJůƵď͕ŝƚƐĨĂĐŝůŝƚŝĞƐĂŶĚ ĂŵĞŶŝƚŝĞƐǁŝůůďĞƚƌĂŶƐĨĞƌƌĞĚƚŽdDW/ĂƐĐŽƐƚŝƐŝŶĐƵƌƌĞĚ͘

121


ͲϰϬͲ   dŚĞŝŶŝƚŝĂůůŝĂďŝůŝƚLJƌĞůĂƚĞĚƚŽĂĐƋƵŝƐŝƚŝŽŶŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŵŽƵŶƚŝŶŐƚŽW сϭ͕ϭϵϬ͘ϲŵŝůůŝŽŶŝƐ ĂůůŽĐĂƚĞĚ ĨŽƌ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶŽĨ ƉŽĚŝƵŵ ĂŶĚ ĐůƵďĞƋƵŝƉŵĞŶƚ ;ϴϴйͿ ĂŶĚ ůĂŶĚ ;ϭϮйͿ͘ dŚĞ ŝƚLJ ůƵďǁĂƐĨƵůůLJĐŽŵƉůĞƚĞĚŝŶ:ĂŶƵĂƌLJϮϬϭϰ͘ AMPI’s AFS financial assets are marked to market using the fair value of W сϭ͘ϱŵŝůůŝŽŶƉĞƌƐŚĂƌĞĂƐ ĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͘ dŚĞƌĞĂƌĞϯ͕ϳϮϮĂŶĚϯ͕ϳϱϭƵŶƐŽůĚƐŚĂƌĞƐĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ƐĂƚ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƚŚĞĨĂŝƌǀĂůƵĞŽĨƵŶƐŽůĚƐŚĂƌĞƐĂŵŽƵŶƚĞĚƚŽW сϱ͕ϱϴϯ͘ϬŵŝůůŝŽŶĂŶĚ сϱ͕ϲϮϲ͘ϱŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ W hŶƌĞĂůŝnjĞĚsĂůƵĂƚŝŽŶ'ĂŝŶƐŽŶ&^&ŝŶĂŶĐŝĂůƐƐĞƚƐ The Group’s AFS financial assets is marked to market using the fair value equivalent to the cash ƐĞůůŝŶŐ ƉƌŝĐĞ ŽĨ Ă ƌĞĐĞŶƚ ƐĂůĞ ƚŽ ƚŚĞ ƉƵďůŝĐ ĨŽƌ ƚŚĞ ƵŶƋƵŽƚĞĚ ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ĂŶĚ ƉƵďůŝƐŚĞĚ ƉƌŝĐĞ ƋƵŽƚĂƚŝŽŶƐŝŶĂŶĂĐƚŝǀĞŵĂƌŬĞƚĨŽƌƚŚĞƋƵŽƚĞĚŽƌĚŝŶĂƌLJƐŚĂƌĞƐ͘ DŽǀĞŵĞŶƚƐŝŶƚŚĞƵŶƌĞĂůŝnjĞĚŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ŶĞƚŽĨƌĞůĂƚĞĚƚĂdžĞĨĨĞĐƚ͕ĂƌĞĂƐĨŽůůŽǁƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ZĞĂůŝnjĞĚŐĂŝŶ hŶƌĞĂůŝnjĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ

ϮϬϭϳ ϮϬϭϲ W сϮϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ W сϮϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ ;ϭϵϰ͕ϰϯϰ͕ϯϱϬͿ ;ϵϳ͕ϲϱϬ͕ϬϰϰͿ ϱϮ͕ϯϯϭ͕ϮϳϬ ϲϱϮ͕ϱϴϬ͕ϱϲϮ W сϮϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ W сϮϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ

ZĞĐĞŝǀĂďůĞĂƌŝƐŝŶŐĨƌŽŵƚŚĞƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŵŽƵŶƚĞĚƚŽW сϴϵ͘ϮŵŝůůŝŽŶĂŶĚW сϯϳϭ͘ϬŵŝůůŝŽŶ ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞƐϲĂŶĚϭϯͿ͘'ĂŝŶŽŶƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂŵŽƵŶƚĞĚ ƚŽW сϭϮϯ͘Ϯ ŵŝůůŝŽŶ͕W сϭϬϴ͘ϱ ŵŝůůŝŽŶ ĂŶĚW сϮϳϮ͘ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ĚĞƉŽƐŝƚƐ ƌĞĐĞŝǀĞĚ ĨƌŽŵ ďƵLJĞƌƐ ŽĨ ĐůƵď ƐŚĂƌĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽ сϮϯϵ͘ϮŵŝůůŝŽŶĂŶĚW W сϭϮϴ͘Ϯmillion, respectively, were presented under “Trade and other payables” ĂĐĐŽƵŶƚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ;ƐĞĞEŽƚĞϭϰͿ͘  ϭϭ͘ /ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚŝĞƐ 

122

DŽǀĞŵĞŶƚƐŝŶƚŚŝƐĂĐĐŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ͗  ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ &ĂŝƌǀĂůƵĞĐŚĂŶŐĞ dƌĂŶƐĨĞƌƐ͗  >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ  WƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ ZĞƐĐŝƐƐŝŽŶŽĨƐĂůĞ ĚĚŝƚŝŽŶƐ͗  WƵƌĐŚĂƐĞƐ  ĂƉŝƚĂůĞdžƉĞŶĚŝƚƵƌĞƐ  ĂƉŝƚĂůŝnjĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ŝƐƉŽƐĂůƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ

EŽƚĞ    ϳ ϭϮ ϭ     

ϮϬϭϳ ϮϬϭϲ W сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ сWϭϳ͕ϱϰϰ͕ϯϭϭ͕ϭϰϮ ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰ ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴ   Ϯ͕Ϭϵϴ͕Ϭϯϯ͕ϯϯϱ ;ϯϵϮ͕ϯϴϯ͕ϮϯϱͿ ;ϭϵ͕ϰϳϭ͕ϭϲϵͿ – ;Ϯϭϲ͕Ϯϳϴ͕ϵϯϴͿ –   ϮϬ͕ϴϮϰ͕ϱϬϬ ϱϯ͕ϱϴϲ͕ϳϱϬ ϭϮ͕ϲϯϱ͕Ϯϭϳ ϴϰ͕ϳϯϭ͕ϵϮϲ ϰ͕Ϯϭϭ͕ϵϵϮ – ;ϱ͕ϬϬϬ͕ϬϬϬͿ –  W сϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ W сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ




ͲϰϭͲ   /ŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗  ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚWƌŽƉĞƌƚLJ ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͗  dŽǁĞƌϯ  WŽĚŝƵŵ ĂŐƵŝŽWƌŽƉĞƌƚLJ ^ŝůĂŶŐWƌŽƉĞƌƚLJ WĂƚŶĂŶŐƵŶĂŶWƌŽƉĞƌƚLJ ƚŝŵŽŶĂŶWƌŽƉĞƌƚLJ W'KZŝƚLJWƌŽƉĞƌƚLJ 

         



ϮϬϭϳ W сϭϬ͕ϭϭϰ͕ϳϭϱ͕ϴϰϲ ϴ͕ϯϱϱ͕ϳϱϮ͕ϵϱϬ  ϴ͕Ϯϭϰ͕ϴϵϳ͕ϱϵϬ ϯ͕ϱϰϴ͕ϯϴϭ͕ϯϰϵ ϰ͕ϰϰϯ͕ϭϱϮ͕Ϭϲϳ ϰ͕ϮϬϬ͕Ϭϭϭ͕ϮϬϬ ϭ͕ϳϳϮ͕ϰϱϴ͕ϮϱϬ ϭϰ͕ϳϬϯ͕ϱϬϬ –  W сϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ

ϮϬϭϲ сϵ͕ϲϰϬ͕Ϯϲϳ͕ϳϳϱ W ϳ͕ϰϴϮ͕ϭϯϲ͕ϭϴϬ  – ϯ͕ϱϯϵ͕Ϯϰϲ͕Ϯϳϭ ϯ͕ϱϱϴ͕ϱϵϵ͕ϰϭϱ ϭ͕ϴϵϬ͕ϬϬϱ͕ϬϰϬ ϵϱϲ͕Ϭϲϭ͕ϵϱϮ ϭϰ͕ϳϬϯ͕ϱϬϬ Ϯϭϲ͕Ϯϳϴ͕ϵϯϴ сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ W

ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ /Ŷ:ĂŶƵĂƌLJϮϬϬϴ͕^d/ĂĐƋƵŝƌĞĚĨƌŽŵ^ŽƵƚŚŚŝŶĂZĞƐŽƵƌĐĞƐ͕/ŶĐ͘ĂŶĚƚŚĞWƵLJĂƚĨĂŵŝůLJƚǁŽƉĂƌĐĞůƐŽĨ ůĂŶĚŵĞĂƐƵƌŝŶŐĂƚŽƚĂůŽĨϵ͕ϰϵϳƐƋƵĂƌĞŵĞƚĞƌƐ͕ŵŽƌĞŽƌůĞƐƐ͕ĂƚƚŚĞĐŽƌŶĞƌŽĨ^ĂŶĚŚŝŶŽZŽĐĞƐ ǀĞŶƵĞŝŶDĂŬĂƚŝŝƚLJƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞĞdžŝƐƚŝŶŐŝŵƉƌŽǀĞŵĞŶƚƐƚŚĞƌĞŽŶ͘dŚĞƉƌŽƉĞƌƚLJŝƐŶŽǁĂĨƵůůLJ ĚĞǀĞůŽƉĞĚ ĂŶĚ ŽƉĞƌĂƚŝŽŶĂů ϮϬͲƐƚŽƌĞLJ ŽĨĨŝĐĞ ƚŽǁĞƌ ďƵŝůĚŝŶŐ ǁŝƚŚ Ă ϲͲƐƚŽƌĞLJ ƉŽĚŝƵŵ ŬŶŽǁŶ ĂƐ ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ͘/ƚǁĂƐĚĞĐůĂƌĞĚĂŶ/ŶĨŽƌŵĂƚŝŽŶdĞĐŚŶŽůŽŐLJŽŶĞŽŶ:ĂŶƵĂƌLJϭϮ͕ϮϬϬϵ ďLJƚŚĞWŚŝůŝƉƉŝŶĞ ĐŽŶŽŵŝĐŽŶĞƵƚŚŽƌŝƚLJ͕ƉƵƌƐƵĂŶƚ ƚŽWƌĞƐŝĚĞŶƚŝĂůWƌŽĐůĂŵĂƚŝŽŶEŽ͘ϭϲϵϮĚĂƚĞĚ ĞĐĞŵďĞƌϮϮ͕ϮϬϬϴ͘ ZĞŶƚŝŶĐŽŵĞĨƌŽŵůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌŝŶĐůƵĚŝŶŐĐŽŵŵŽŶƵƚŝůŝƚŝĞƐ͕ƐĞƌǀŝĐĞƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ĐŚĂƌŐĞƐ ĂŵŽƵŶƚĞĚ ƚŽW сϳϰϬ͘ϯ ŵŝůůŝŽŶ͕W сϲϮϰ͘ϲ ŵŝůůŝŽŶ ĂŶĚW сϱϴϲ͘Ϭ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘  ŝƌĞĐƚ ĐŽƐƚƐ ƌĞůĂƚĞĚ ƚŽ ƌĞŶƚ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽW сϭϮϳ͘ϲ ŵŝůůŝŽŶ͕W сϭϭϭ͘ϯ ŵŝůůŝŽŶ ĂŶĚ сϭϮϭ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ǁŚŝĐŚ ŵĂŝŶůLJ ĐŽŵƉƌŝƐĞĚ ŽĨ ƵƚŝůŝƚŝĞƐ ĂŶĚ W ĐŽŵŵŝƐƐĂƌLJĐŽƐƚƐ;ƐĞĞEŽƚĞϭϴͿ͘  dŚĞ ƉƌŽƉĞƌƚLJ ĐƵƌƌĞŶƚůLJ ƐĞĐƵƌĞƐ ƚŚĞ ůŽŶŐͲƚĞƌŵ ůŽĂŶ ĨĂĐŝůŝƚLJ ŽĨ >W, ƵŶĚĞƌ K>^ ǁŝƚŚ K ;ƐĞĞEŽƚĞϭϱͿ͘dŚĞƐĂŵĞƉƌŽƉĞƌƚLJǁĂƐƵƐĞĚƚŽƐĞĐƵƌĞƚŚĞůŽŶŐͲƚĞƌŵĚĞďƚŽĨ^d/ǁŚŝĐŚǁĂƐƐĞƚƚůĞĚ ŝŶϮϬϭϳ͘



ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚWƌŽƉĞƌƚLJ /ZĂĐƋƵŝƌĞĚĂƉƉƌŽdžŝŵĂƚĞůLJϯϵϰŚĞĐƚĂƌĞƐŽĨůĂŶĚŝŶĂůĞƐŝŶ/ƐůĂŶĚ͕WŽůŝůůŽ͕YƵĞnjŽŶ͘ĚĚŝƚŝŽŶĂůϭϮ ŚĞĐƚĂƌĞƐǁĞƌĞĂůƐŽĂĐƋƵŝƌĞĚǀŝĂůĂŶĚͲĨŽƌͲƐŚĂƌĞƐǁĂƉƐǁŝƚŚĞdžŝƐƚŝŶŐĂůĞƐŝŶ/ƐůĂŶĚůĂŶĚŽǁŶĞƌƐ͘dŚŝƐ ďƌŝŶŐƐƚŚĞƚŽƚĂůůĂŶĚŽǁŶĞƌƐŚŝƉƚŽϰϬϲŚĞĐƚĂƌĞƐ͘KĨƚŚŝƐƚŽƚĂů͕ĂƉƉƌŽdžŝŵĂƚĞůLJϵϴŚĞĐƚĂƌĞƐŝŶϮϬϭϳ ĂŶĚϮϬϭϲǁĂƐĐŽŵŵŝƚƚĞĚĨŽƌƚƌĂŶƐĨĞƌƚŽ//;ƐĞĞEŽƚĞϭϬͿ͘dŚĞƚƌĂŶƐĨĞƌŽĨĐĞƌƚŝĨŝĐĂƚĞƐŽĨƚŝƚůĞŝƐ ĐƵƌƌĞŶƚůLJďĞŝŶŐƉƌŽĐĞƐƐĞĚ͘  ĞƌƚĂŝŶůŽƚƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐŝŶĂůĞƐŝŶ/ƐůĂŶĚĐƵƌƌĞŶƚůLJƐĞĐƵƌĞƚŚĞůŽŶŐͲƚĞƌŵůŽĂŶĨĂĐŝůŝƚLJŽĨ>W, ƵŶĚĞƌK>^ǁŝƚŚK͘dŚĞƐĂŵĞůŽƚƐƐĞĐƵƌĞƚŚĞůŽĂŶƐƉĂLJĂďůĞŽďƚĂŝŶĞĚďLJ/ZŽŶDĂLJϮϭ͕ϮϬϭϯ ĂŶĚDĂƌĐŚϮϵ͕ϮϬϭϮǁŚŝĐŚǁĂƐƐĞƚƚůĞĚŝŶϮϬϭϳ;ƐĞĞEŽƚĞϭϱͿ͘  /ŶϮϬϭϳ͕/ZƐƚĂƌƚĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚŽĨĐĞƌƚĂŝŶƉŽƌƚŝŽŶƐŽĨŝƚƐůĂŶĚĨŽƌƐĂůĞ͘ ĐĐŽƌĚŝŶŐůLJ͕ƚŚĞƐĞ ƉŽƌƚŝŽŶƐǁĞƌĞƌĞĐůĂƐƐified to “Land and development costs” ;ƐĞĞEŽƚĞϳͿ͘ 

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ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ dŚŝƐ ƌĞƉƌĞƐĞŶƚƐ ƚŚĞ WŽĚŝƵŵ ĂŶĚ dŽǁĞƌ ϯ Ăƚ ƚŚĞ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͘ dŚĞ WŽĚŝƵŵ ŝƐ ĐƵƌƌĞŶƚůLJ ŽƉĞƌĂƚĞĚ ĂƐ Ă ŵĂůů ĂŶĚ ŝƐ ĨŽƌ ůĞĂƐĞ ƚŽ ƚŚŝƌĚ ƉĂƌƚŝĞƐ ;ƐĞĞ EŽƚĞƐ ϰ ĂŶĚ ϳͿ͘  /Ŷ ϮϬϭϳ͕ ƚŚĞ 'ƌŽƵƉ reclassified Tower 3 from “Land and development costs” to “Investment Property” due to change in ŝŶƚĞŶƚŝŽŶ ŽǀĞƌ ƚŚĞ ƉƌŽƉĞƌƚLJ ĨƌŽŵ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ĨŽƌ ƐĂůĞ ƚŽ Ă ƉƌŽƉĞƌƚLJ ŚĞůĚ ĨŽƌ ůĞĂƐŝŶŐ͘ dŚĞ change in management’s intention was evidenced by actual change in the use of property.  ZĞŶƚ ŝŶĐŽŵĞ ĞĂƌŶĞĚ ĨƌŽŵ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ĂŵŽƵŶƚĞĚ ƚŽW сϵϰ͘ϱ ŵŝůůŝŽŶ͕W сϳϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚ сϳϲ͘ϴŵŝůůŝŽŶŝŶϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϴͿ͘ W dŚĞ ƉƌŽƉĞƌƚLJ ĐƵƌƌĞŶƚůLJ ƐĞĐƵƌĞƐ ƚŚĞ ůŽŶŐͲƚĞƌŵ ůŽĂŶ ĨĂĐŝůŝƚLJ ŽĨ >W, ƵŶĚĞƌ K>^ ǁŝƚŚ K ;ƐĞĞ EŽƚĞ ϭϱͿ͘ dŚĞ ƉƌŽƉĞƌƚLJ͕ ŝŶĐůƵĚŝŶŐ ƚŚĞ ƉƌŽũĞĐƚ ĐŽƐƚ ĐůĂƐƐŝĨŝĞĚ ĂƐ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ;ƐĞĞEŽƚĞϳͿ͕ƐĞĐƵƌĞƐƚŚĞůŽŶŐͲƚĞƌŵĚĞďƚŽďƚĂŝŶĞĚďLJDW/ǁŚŝĐŚǁĂƐƐĞƚƚůĞĚŝŶϮϬϭϳ;ƐĞĞEŽƚĞϭϱͿ͘ ĂŐƵŝŽWƌŽƉĞƌƚLJ dŚŝƐ ĐŽŶƐŝƐƚƐ ŽĨ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ ĂŶĚ ƌĞůĂƚĞĚ ƚƌĂŶƐĂĐƚŝŽŶ ĐŽƐƚƐ ĂĐƋƵŝƌĞĚ ďLJ ƚŚĞ 'ƌŽƵƉ ;ƚŚƌŽƵŐŚ Ă ǁŚŽůůLJͲŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJͿ ĨƌŽŵ ǀĂƌŝŽƵƐ ƐĞůůĞƌƐ ŝŶ :ƵůLJ ϮϬϭϱ͘  dŚĞ ďĞŶĞĨŝĐŝĂů ŽǁŶĞƌ ŽĨ ƚŚĞ ĞŶƚŝƌĞ ƉƌŽƉĞƌƚLJŝƐZsK͕ƚŚĞŵĂũŽƌŝƚLJƐŚĂƌĞŚŽůĚĞƌĂŶĚŚĂŝƌŵĂŶŽĨ>W,͘ dŚĞƐĞ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ͕ ŵĞĂƐƵƌŝŶŐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϳϯ͘ϰ ŚĞĐƚĂƌĞƐ ĂƐ ŽĨ ƚŚĞ ĞŶĚ ŽĨ ϮϬϭϱ͕ ŽĨ ƌŽůůŝŶŐ ƚĞƌƌĂŝŶƐ ĂƌĞ ƐŝƚƵĂƚĞĚ ŝŶ /ƚŽŐŽŶ͕ ĞŶŐƵĞƚ͕ ũƵƐƚ ƚĞŶ ŵŝŶƵƚĞƐ ĨƌŽŵ ĂŐƵŝŽ ŝƚLJ ďLJ ůĂŶĚ͘  ZsK ůŝŬĞǁŝƐĞ ƚƌĂŶƐĨĞƌƌĞĚ ƚŽ ƚŚĞ 'ƌŽƵƉ ƌŝŐŚƚƐ ƚŽ ĂŶŽƚŚĞƌ Ϯ͘ϵ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ƚŽ ĐŽŵƉůĞƚĞ ƚŚĞ ƚŽƚĂů ĂƌĞĂ Ăƚ ϳϲ͘ϯŚĞĐƚĂƌĞƐ͘dŚĞ'ƌŽƵƉŝƐĚĞǀĞůŽƉŝŶŐƚŚĞƉƌŽƉĞƌƚLJŝŶƚŽƚŚĞůƉŚĂůĂŶĚĂŐƵŝŽDŽƵŶƚĂŝŶ>ŽĚŐĞƐ͘ dŚĞĨĂŝƌǀĂůƵĞŽĨƚŚĞƉƌŽƉĞƌƚLJďĂƐĞĚŽŶan independent appraiser’s ƌĞƉŽƌƚĚĂƚĞĚEŽǀĞŵďĞƌϭϬ͕ϮϬϭϳ ĂŶĚĞĐĞŵďĞƌϮ͕ϮϬϭϲŝƐĂƚW сϳ͕ϯϱϯƉĞƌƐƋƵĂƌĞŵĞƚĞƌŽƌĂƚŽƚĂůŽĨW сϰ͘ϰďŝůůŝŽŶĂŶĚW сϱ͕ϵϬϬƉĞƌƐƋƵĂƌĞ ŵĞƚĞƌŽƌĂƚŽƚĂůŽĨW сϯ͘ϲďŝůůŝŽŶ͘ dŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞĚ ƚŚĞ ƉƌŽƉĞƌƚLJ ŝŶ ϮϬϭϱ Ăƚ ŝƚƐ njŽŶĂů ǀĂůƵĞ͕ Žƌ Ă ƚŽƚĂů ĂĐƋƵŝƐŝƚŝŽŶ ĐŽƐƚ ŽĨ сϭϬϲ͘Ϭ ŵŝůůŝŽŶ͕ ǁŚŝĐŚ ŝƐ ƐƵďƐƚĂŶƚŝĂůůLJ ďĞůŽǁ ƚŚĞ ĂƉƉƌĂŝƐĞĚ ǀĂůƵĞ͘ Ɛ Ă ĐŽŶƐŝĚĞƌĂƚŝŽŶ ƚŽ ZsK ĨŽƌ W ŚĂǀŝŶŐƐŽůĚƚŚĞƉƌŽƉĞƌƚLJĂƚŝƚƐnjŽŶĂůǀĂůƵĞ͕ZsKƐŚĂůůŚĂǀĞĂϭϱйŝŶƚĞƌĞƐƚŝŶƚŚĞƉƌŽũĞĐƚǁŝƚŚŽƵƚŶĞĞĚ ŽĨĂŶLJĨƵƌƚŚĞƌŝŶǀĞƐƚŵĞŶƚŽƌĞƋƵŝƚLJŝŶĨƵƐŝŽŶ͘dŚĞ'ƌŽƵƉǁŝůůƐŚŽƵůĚĞƌĂůůĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐƌĞƋƵŝƌĞĚ ĨŽƌƚŚĞƉƌŽũĞĐƚ͘ In 2016, due to the management’s ĚĞĐŝƐŝŽŶƚŽĚĞǀĞůŽƉƚŚĞƉƌŽƉĞƌƚLJĂƐŚŽƌŝnjŽŶƚĂůĐŽŶĚŽŵŝŶŝƵŵĨŽƌ ƐĂůĞ͕ ϭϯ͘ϭ ŚĞĐƚĂƌĞ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚLJ ƚŚĂƚ ŝƐ ĐƵƌƌĞŶƚůLJ ďĞŝŶŐ ĚĞǀĞůŽƉĞĚ ĨŽƌ ƐƵĐŚ ƉƵƌƉŽƐĞ͕ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ͘  ĚĚŝƚŝŽŶĂů ϯ͘ϳ ŚĞĐƚĂƌĞƐ ǁĂƐ ƌĞĐůĂƐƐŝĨŝĞĚ ƚŽ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐŝŶϮϬϭϳ͘ /ŶϮϬϭϳ͕ƚŚĞ'ƌŽƵƉƐƚĂƌƚĞĚƚŚĞĚĞǀĞůŽƉŵĞŶƚĨŽƌƚŚĞŝŶŝƚŝĂůƉŚĂƐĞŽĨƚŚĞƉƌŽũĞĐƚĂŶĚƚŚĞ'ƌŽƵƉĂůƐŽ ĂĐƋƵŝƌĞĚĂĚĚŝƚŝŽŶĂůůĂŶĚ͕ŵĞĂƐƵƌŝŶŐϰ͘ϮŚĞĐƚĂƌĞƐ͘dŚĞƚŽƚĂůůĂŶĚĂƌĞĂŽĨƚŚĞƉƌŽƉĞƌƚLJĂƉƉƌŽdžŝŵĂƚĞƐ ϳϳ͘ϱŚĞĐƚĂƌĞƐĂƐŽĨƚŚĞĞŶĚŽĨϮϬϭϳ͘ ^ŝůĂŶŐWƌŽƉĞƌƚLJ ASTI’s three parcels of land in Silang, Cavite, measuring a total of 300,000 square meters, more or ůĞƐƐ͕ŝƐƌĞƐĞƌǀĞĚĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘dŚĞƉƌŽƉĞƌƚLJĐƵƌƌĞŶƚůLJƐĞĐƵƌĞƐƚŚĞůŽŶŐͲƚĞƌŵůŽĂŶĨĂĐŝůŝƚLJ ŽĨ>W,ƵŶĚĞƌK>^ǁŝƚŚK;ƐĞĞEŽƚĞϭϱͿ͘

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WĂƚŶĂŶƵŶŐĂŶWƌŽƉĞƌƚLJ Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ƚŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞĚ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ ĂŐŐƌĞŐĂƚŝŶŐ ĂƉƉƌŽdžŝŵĂƚĞůLJ ϯϴϱ͘ϲ ŚĞĐƚĂƌĞƐ ĂŶĚ ϯϮϱ͘ϯ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ŝŶ WĂƚŶĂŶƵŶŐĂŶ͕ YƵĞnjŽŶ͘


ͲϰϯͲ   dŚŝƐ ďƌŝŶŐƐ ƚŚĞ ƚŽƚĂů ůĂŶĚ ŽǁŶĞƌƐŚŝƉ ƚŽ ϳϭϬ͘ϵ ŚĞĐƚĂƌĞƐ͕ ŵŽƌĞ Žƌ ůĞƐƐ͕ ǁŚŝĐŚ ŝƐ ƌĞƐĞƌǀĞĚ ĨŽƌ ĨƵƚƵƌĞ ĚĞǀĞůŽƉŵĞŶƚ͘  /Ŷ ĞĐĞŵďĞƌ ϮϬϭϳ͕ ƚŚĞ 'ƌŽƵƉ ƐŽůĚ ϮϬ͘Ϭ ŚĞĐƚĂƌĞƐ ƚŽ ZĞĚ ^ƵŶ ĂƉŝƚĂů ,ŽůĚŝŶŐƐ ŽƌƉŽƌĂƚŝŽŶ ĨŽƌ сϴ͘ϬŵŝůůŝŽŶ͕ƌĞƐƵůƚŝŶŐƚŽĂŐĂŝŶĂŵŽƵŶƚŝŶŐƚŽW W сϮ͘ϭŵŝůůŝŽŶ͘ ƚŝŵŽŶĂŶWƌŽƉĞƌƚLJ ABIRC’s land in Atimonan, Quezon Province, measuring a total of 21,000.5 square meters, more or ůĞƐƐ͕ŝƐƌĞƐĞƌǀĞĚĨŽƌĨƵƚƵƌĞĚĞǀĞůŽƉŵĞŶƚ͘ dŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϱ ŝƐ ďĂƐĞĚ ŽŶ ǀĂůƵĂƚŝŽŶƐ ƉĞƌĨŽƌŵĞĚ ďLJ ĂĐĐƌĞĚŝƚĞĚ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌƐ͘  Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ͕ ƚŚĞ ŵĂŶĂŐĞŵĞŶƚ ĞǀĂůƵĂƚĞĚ ƚŚĂƚ ƚŚĞ ĐĂƌƌLJŝŶŐ ǀĂůƵĞ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ ĂƉƉƌŽdžŝŵĂƚĞƐ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĂƐ Ăƚ ƌĞƉŽƌƚŝŶŐ ĚĂƚĞ ƐŝŶĐĞ ƚŚĞƌĞ ǁĞƌĞ ŶŽ ƐŝŐŶŝĨŝĐĂŶƚ ĐŚĂŶŐĞƐ ŝŶ ƚŚĞ ĐŽŶĚŝƚŝŽŶ ŽĨ ƚŚŝƐ ƉƌŽƉĞƌƚLJ ĂŶĚ ĞĐŽŶŽŵŝĐĞŶǀŝƌŽŶŵĞŶƚďĞƚǁĞĞŶƚŚŽƐĞĚĂƚĞƐ͘  dŚĞĚĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞǀĂůƵĂƚŝŽŶƚĞĐŚŶŝƋƵĞƐƵƐĞĚĂŶĚŬĞLJŝŶƉƵƚƐƚŽĨĂŝƌǀĂůƵĂƚŝŽŶĂƌĞĂƐĨŽůůŽǁƐ͘ W'KZŝƚLJWƌŽƉĞƌƚLJ /ŶĞĐĞŵďĞƌϮϬϭϱ͕ƚŚĞ'ƌŽƵƉ;ƚŚƌŽƵŐŚĂǁŚŽůůLJͲŽǁŶĞĚƐƵďƐŝĚŝĂƌLJͿĂĐƋƵŝƌĞĚW'KZŝƚLJWƌŽƉĞƌƚLJ ĂƚŝƚƐnjŽŶĂůǀĂůƵĞŽĨW сϱϬ͕ϬϬϬƉĞƌƐƋƵĂƌĞŵĞƚĞƌŽƌĂƚŽƚĂůŽĨW сϭϵϴ͘ϵŵŝůůŝŽŶ͘,ŽǁĞǀĞƌ͕ŽŶ:ĂŶƵĂƌLJϭϭ͕ ϮϬϭϳƚŚĞƉĂƌƚŝĞƐĂŐƌĞĞĚƚŽƌĞƐĐŝŶĚƚŚĞƉƵƌĐŚĂƐĞǁŚĞƌĞďLJƚŚĞ'ƌŽƵƉƌĞƚƵƌŶĞĚĂŶĚĚĞůŝǀĞƌĞĚƚŽƚŚĞ ^ĞůůĞƌ ƚŚĞ ƚŝƚůĞƐ ƚŽ͕ ĂŶĚ Ăůů ŽƚŚĞƌ ƌŝŐŚƚƐ ŽǀĞƌ ƚŚĞ ƉƌŽƉĞƌƚLJ͘ /Ŷ ƚƵƌŶ͕ ƚŚĞ ^ĞůůĞƌ ƌĞƚƵƌŶĞĚ ƚŚĞ ĨƵůů WƵƌĐŚĂƐĞWƌŝĐĞŽĨƚŚĞWƌŽƉĞƌƚLJĂŶĚŽƚŚĞƌĐŽƐƚƐƚŽƚŚĞ'ƌŽƵƉ͘  /ŶĐŽŵĞĂƉŝƚĂůŝnjĂƚŝŽŶƉƉƌŽĂĐŚ  



ϮϬϭϳ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ

ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ

ϮϬϭϲ ůƉŚĂůĂŶĚ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ DĂŬĂƚŝWůĂĐĞ dŽǁĞƌ WŽĚŝƵŵ

^ŝŐŶŝĨŝĐĂŶƚhŶŽďƐĞƌǀĂďůĞ/ŶƉƵƚƐ WŽĚŝƵŵ dŽǁĞƌϯΎ ^^ƚĂďŝůŝnjĞĚŶĞƚŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ ;EK/Ϳ W сϱϰϮ͕ϰϳϵ͕ϯϳϮ W сϰϱϴ͕ϬϮϱ͕ϵϱϮ W сϰϴϯ͕ϮϮϵ͕ϮϳϬ W сϱϭϳ͕ϴϴϴ͕ϵϮϬ ĂƉŝƚĂůŝnjĂƚŝŽŶƌĂƚĞ ϱ͘ϯϵй ϱ͘ϬϬй ϱ͘ϬϬй ϱ͘ϬϬй ΎZĞĐůĂƐƐŝĨŝĞĚĨƌŽm “Land and development costs” in 2017.

сϲϳ͕ϵϲϳ͕ϱϳϲ W Ϯ͘ϬϬй

 dŚĞƐŝŐŶŝĨŝĐĂŶƚƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐƵƐĞĚŝŶƚŚĞĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚĐĂƚĞŐŽƌŝnjĞĚǁŝƚŚŝŶ>ĞǀĞůϯŽĨ ƚŚĞĨĂŝr value hierarchy of the entity’s portfolios of investment properties are:   ^ƚĂďŝůŝnjĞĚ EK/͗ ĐĂůĐƵůĂƚŝŽŶ ƵƐĞĚ ƚŽ ŝĚĞŶƚŝĨLJ ƉĞƌĨŽƌŵĂŶĐĞ ŽĨ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ ƚŚĂƚ ƉƌŽĚƵĐĞƐƐƚĂďůĞŝŶĐŽŵĞ͘ 



ĂƉŝƚĂůŝnjĂƚŝŽŶƌĂƚĞ͗ƌĂƚĞƵƐĞĚƚŽĞƐƚŝŵĂƚĞƚŚĞƉŽƚĞŶƚŝĂůƌĞƚƵƌŶŽĨƚŚĞŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͘

/ŶĐŽŵĞ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ĂƉƉƌŽĂĐŚ ŝƐ Ă ĐŽŵƉĂƌĂƚŝǀĞ ĂƉƉƌŽĂĐŚ͕ ǁŚŝĐŚ ĐŽŶƐŝĚĞƌƐ ŝŶĐŽŵĞ ĂŶĚ ĞdžƉĞŶƐĞ ĚĂƚĂ ƌĞůĂƚŝŶŐ ƚŽ ƚŚĞ ƉƌŽƉĞƌƚLJ ďĞŝŶŐ ǀĂůƵĞĚ ĂŶĚ ĞƐƚŝŵĂƚĞĚ ŝƚ ƚŚƌŽƵŐŚ Ă ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ƉƌŽĐĞƐƐ͘ ĂƉŝƚĂůŝnjĂƚŝŽŶƌĞůĂƚĞƐŝŶĐŽŵĞĂŶĚĂĚĞĨŝŶĞĚǀĂůƵĞƚLJƉĞďLJĐŽŶǀĞƌƚŝŶŐĂŶŝŶĐŽŵĞĂŵŽƵŶƚŝŶƚŽĂǀĂůƵĞ ĞƐƚŝŵĂƚĞ͘  dŚŝƐ ƉƌŽĐĞƐƐ ŵĂLJ ĐŽŶƐŝĚĞƌ ĚŝƌĞĐƚ ƌĞůĂƚŝŽŶƐŚŝƉƐ ;ŬŶŽǁŶ ĂƐ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ƌĂƚĞƐͿ͕ LJŝĞůĚ Žƌ ĚŝƐĐŽƵŶƚƌĂƚĞƐ;ƌĞĨůĞĐƚŝŶŐŵĞĂƐƵƌĞƐŽĨƌĞƚƵƌŶŽŶŝŶǀĞƐƚŵĞŶƚͿ͕ŽƌďŽƚŚ͘ 

125


ͲϰϰͲ   ^ĞŶƐŝƚŝǀŝƚLJ ŶĂůLJƐŝƐ͘  'ĞŶĞƌĂůůLJ͕ ĂŶ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ƐƚĂďŝůŝnjĞĚ EK/ ǁŝůů ƌĞƐƵůƚ ŝŶ ĂŶ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿƚŽƚŚĞĨĂŝƌǀĂůƵĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚLJ͘ŶŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶƚŚĞĐĂƉŝƚĂůŝnjĂƚŝŽŶƌĂƚĞ ǁŝůů ƌĞƐƵůƚ ŝŶ Ă ĚĞĐƌĞĂƐĞ ;ŝŶĐƌĞĂƐĞͿ ƚŽ ƚŚĞ ĨĂŝƌǀĂůƵĞŽĨ ĂŶ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚLJ͘  dŚĞ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ƌĂƚĞŵĂŐŶŝĨŝĞƐƚŚĞĞĨĨĞĐƚŽĨĂĐŚĂŶŐĞŝŶƐƚĂďŝůŝnjĞĚEK/͕ǁŝƚŚĂůŽǁĞƌĐĂƉŝƚĂůŝnjĂƚŝŽŶƌĂƚĞƌĞƐƵůƚŝŶŐŝŶĂ ŐƌĞĂƚĞƌŝŵƉĂĐƚŽĨĂĐŚĂŶŐĞŝŶƐƚĂďŝůŝnjĞĚEK/ƚŚĂŶĂŚŝŐŚĞƌĐĂƉŝƚĂůŝnjĂƚŝŽŶƌĂƚĞ͘ 

DĂƌŬĞƚĂƚĂƉƉƌŽĂĐŚ 



WƌŽũĞĐƚ ůĂƐƐŽĨWƌŽƉĞƌƚLJ ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚ >ĂŶĚ

 ^ŝŐŶŝĨŝĐĂŶƚhŶŽďƐĞƌǀĂďůĞ /ŶƉƵƚƐ WƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌ sĂůƵĞĂĚũƵƐƚŵĞŶƚƐ;ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚͿ

ƚŝŵŽŶĂŶ 

>ĂŶĚ 

WƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌ sĂůƵĞĂĚũƵƐƚŵĞŶƚƐ

WĂƚŶĂŶƵŶŐĂŶ

>ĂŶĚ

WƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌ sĂůƵĞĂĚũƵƐƚŵĞŶƚƐ





ZĂŶŐĞ

ϮϬϭϳ ϮϬϭϲ W сϵϱϬͲW сϳ͕ϬϬϬ W сϭ͕ϱϬϬͲW сϴ͕ϯϬϬ ϭϵϬйͲϮϳϮй

ϮϬϬйͲϮϮϬй

W сϭ͕ϮϬϬͲW с ϯ͕ϲϬϬ W сϭ͕ϮϬϬͲW сϯ͕ϲϬϬ ϰϬйͲϴϬй ϰϬйͲϴϬй W сϰϬϬͲW сϵϱϬ ϱйͲϯϱй

сϰϬϬͲW W сϵϱϬ ϱйͲϲϬй

dŚĞƐŝŐŶŝĨŝĐĂŶƚƵŶŽďƐĞƌǀĂďůĞŝŶƉƵƚƐƚŽĨĂŝƌǀĂůƵĂƚŝŽŶĂƌĞĂƐĨŽůůŽǁƐ͗ WƌŝĐĞ ƉĞƌ ƐƋƵĂƌĞ ŵĞƚĞƌ͗  ĞƐƚŝŵĂƚĞĚ ǀĂůƵĞ ƉƌĞǀĂŝůŝŶŐ ŝŶ ƚŚĞ ƌĞĂů ĞƐƚĂƚĞ ŵĂƌŬĞƚ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ ůŽĐĂƚŝŽŶ͕ĂƌĞĂ͕ƐŚĂƉĞĂŶĚƚŝŵĞĞůĞŵĞŶƚ͘ sĂůƵĞĂĚũƵƐƚŵĞŶƚƐ͗ĂĚũƵƐƚŵĞŶƚƐĂƌĞŵĂĚĞƚŽďƌŝŶŐƚŚĞĐŽŵƉĂƌĂƚŝǀĞǀĂůƵĞƐŝŶĂƉƉƌŽdžŝŵĂƚŝŽŶƚŽƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ƚĂŬŝŶŐ ŝŶƚŽ ĂĐĐŽƵŶƚ ĞdžƚĞƌŶĂů ĨĂĐƚŽƌƐ ;ŵĂƌŬĞƚ ĐŽŶĚŝƚŝŽŶƐ͕ ĐŽŵƉĞƚŝƚŝǀĞŶĞƐƐ͕ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶͬĚĞŵĂŶĚͬŐƌŽǁƚŚ͕ ƚŝŵĞ ĞůĞŵĞŶƚͿ ĂŶĚ ŝŶƚĞƌŶĂů ĨĂĐƚŽƌƐ ;ůŽĐĂƚŝŽŶ͕ ƐŝnjĞͬƐŚĂƉĞͬ ƚĞƌƌĂŝŶĂŶĚĚĞǀĞůŽƉŵĞŶƚͿ͘ /ŶǀĂůƵŝŶŐƚŚĞůĂŶĚƵƐŝŶŐƐĂůĞƐĐŽŵƉĂƌŝƐŽŶĂƉƉƌŽĂĐŚ͕ƌĞĐŽƌĚƐŽĨƌĞĐĞŶƚƐĂůĞƐĂŶĚŽĨĨĞƌŝŶŐƐŽĨƐŝŵŝůĂƌ ůĂŶĚ ĂƌĞ ĂŶĂůLJnjĞĚ ĂŶĚ ĐŽŵƉĂƌŝƐŽŶƐ ǁĞƌĞ ŵĂĚĞ ĨŽƌ ƐƵĐŚ ĨĂĐƚŽƌƐ ĂƐ ƐŝnjĞ͕ ĐŚĂƌĂĐƚĞƌŝƐƚŝĐ ŽĨ ƚŚĞ ůŽƚ͕ ůŽĐĂƚŝŽŶ͕ƋƵĂůŝƚLJĂŶĚƉƌŽƐƉĞĐƚŝǀĞƵƐĞ͘ ^ĞŶƐŝƚŝǀŝƚLJŶĂůLJƐŝƐ͘dŚĞĨŽůůŽǁŝŶŐĨĂĐƚŽƌƐǁĞƌĞĐŽŶƐŝĚĞƌĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐƚŚĞŵĂƌŬĞƚǀĂůƵĞŽĨƚŚĞ ƐƵďũĞĐƚƉƌŽƉĞƌƚLJ͗    



126

ƉƌŽƉĞƌƚLJůŽĐĂƚŝŽŶĂŶĚŶĞŝŐŚďŽƌŚŽŽĚĚĂƚĂ ƉƌĞƐĞŶƚƵƐĞŽĨƚŚĞƉƌŽƉĞƌƚLJŝƐĞŝƚŚĞƌĐŽŵŵĞƌĐŝĂůͬƌĞƐŝĚĞŶƚŝĂůͬĂŐƌŝĐƵůƚƵƌĂů ƋƵĂŶƚŝƚĂƚŝǀĞŵĂƌŬĞƚǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐďĂƐĞĚŽŶĞdžƚĞƌŶĂůĂŶĚŝŶƚĞƌŶĂůĨĂĐƚŽƌƐ ŚŝŐŚĞƐƚĂŶĚďĞƐƚƵƐĞ;ĐŽŵŵĞƌĐŝĂůĂŶĚƌĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐͬƌĞƐŽƌƚĂŶĚŝƚƐĂůůŝĞĚĚĞǀĞůŽƉŵĞŶƚͿ

^ŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶƉƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌǁŽƵůĚƌĞƐƵůƚŝŶĂƐŝŐŶŝĨŝĐĂŶƚůLJŚŝŐŚĞƌ;ůŽǁĞƌͿ ĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘^ŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐǁŽƵůĚƌĞƐƵůƚŝŶĂůŽǁĞƌ ;ŚŝŐŚĞƌͿĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘  


>ĂŶĚĞǀĞůŽƉŵĞŶƚƉƉƌŽĂĐŚ   ^ŝŐŶŝĨŝĐĂŶƚhŶŽďƐĞƌǀĂďůĞ/ŶƉƵƚ

ͲϰϱͲ    

  WĞƌŝŽĚŽĨůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƐĞůůŝŶŐƉƌŽŐƌĂŵ ĚŵŝŶŝƐƚƌĂƚŝǀĞͬŵĂƌŬĞƚŝŶŐĐŽƐƚ   /ŶƚĞƌĞƐƚƌĂƚĞƐĞůĞĐƚĞĚĨŽƌĚŝƐĐŽƵŶƚŝŶŐ   Developer’s profit   WƌŽƉŽƐĞĚƐĞůůŝŶŐƉƌŝĐĞ   ĂůĐƵůĂƚĞĚŶŽ͘ŽĨƐƵďĚŝǀŝƐŝŽŶůŽƚ  >ĂŶĚǀĂůƵĞͬĂŶŶƵĂůŝŶĐƌĞŵĞŶƚŽĨůĂŶĚǀĂůƵĞ 

ĂŐƵŝŽ

ϮϬϭϳ

^ŝůĂŶŐ

ϱLJĞĂƌƐ ϱͲϲLJĞĂƌƐ ϳйŽĨŐƌŽƐƐƐĂůĞƐ ϭϮйŽĨŐƌŽƐƐƐĂůĞƐ ϭϰй ϭϮй ϮϬйŽĨĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ ϮϬйŽĨĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ W сϰϬ͕ϬϬϬͲW с ϱϬ͕ϬϬϬ W сϭϴ͕ϬϬϬͲW с Ϯϲ͕ϰϬϬ ϯϮϬůŽƚƐ ϭϳϱͲϰϴϲůŽƚƐ Ϯϱй ϭϬйͲϮϬй

   ϮϬϭϲ ^ŝŐŶŝĨŝĐĂŶƚhŶŽďƐĞƌǀĂďůĞ/ŶƉƵƚ   ĂŐƵŝŽ ^ŝůĂŶŐ WĞƌŝŽĚŽĨůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƐĞůůŝŶŐƉƌŽŐƌĂŵ ϱLJĞĂƌƐ ϱLJĞĂƌƐ ĚŵŝŶŝƐƚƌĂƚŝǀĞͬŵĂƌŬĞƚŝŶŐĐŽƐƚ ϳйŽĨŐƌŽƐƐƐĂůĞƐ ϭϮйŽĨŐƌŽƐƐƐĂůĞƐ /ŶƚĞƌĞƐƚƌĂƚĞƐĞůĞĐƚĞĚĨŽƌĚŝƐĐŽƵŶƚŝŶŐ   ϭϰй ϭϰй Developer’s profit   ϮϬйŽĨĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ ϮϱйŽĨĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ WƌŽƉŽƐĞĚƐĞůůŝŶŐƉƌŝĐĞ   сϰϬ͕ϬϬϬͲW W сϱϬ͕ϬϬϬ сϭϴ͕ϬϬϬͲW W сϮϲ͕ϰϬϬ ĂůĐƵůĂƚĞĚŶŽ͘ŽĨƐƵďĚŝǀŝƐŝŽŶůŽƚ   ϯϬϬůŽƚƐ ϲϬϬůŽƚƐ >ĂŶĚǀĂůƵĞͬĂŶŶƵĂůŝŶĐƌĞŵĞŶƚŽĨůĂŶĚǀĂůƵĞ   ϵϬй ϭϬй

 hƐŝŶŐ ƚŚĞ ůĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĂƉƉƌŽĂĐŚ͕ ƚŚĞ ƉƌŽƉĞƌƚŝĞƐ ĂƌĞ ƚƌĞĂƚĞĚ ĂƐ ŵŝdžĞĚͲƵƐĞĚ ƐƵďĚŝǀŝƐŝŽŶ ĚĞǀĞůŽƉŵĞŶƚ ĂŶĚ ƚŚĞ ŐƌŽƐƐ ƐĂůĞƐ ƚŚĂƚŵĂLJ ďĞ ĞdžƉĞĐƚĞĚ ĨƌŽŵ ƚŚĞ ƉƌŽƉŽƐĞĚ ƐĂůĞĂďůĞ ůŽƚƐ ĂƌĞ ƚŚĞŶ ĞƐƚŝŵĂƚĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ƉƌŝĐĞƐ ŽĨ ĐŽŵƉĂƌĂďůĞ ĚĞǀĞůŽƉŵĞŶƚ ƐƵďĚŝǀŝƐŝŽŶ ůŽƚƐ ǁŝƚŚŝŶ ƚŚĞ ŝŵŵĞĚiate vicinity. Overhead and sales expenses, and developer’s profit, the residual sales income is then attributed to the “raw” land value. dŚĞǀĂůƵĂƚŝŽŶƉƌŽĐĞƐƐĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗   WƌĞƉĂƌĂƚŝŽŶ ŽĨ Ă ƐƵďĚŝǀŝƐŝŽŶ ƐƚƵĚLJ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ ŚŝŐŚĞƐƚ ĂŶĚ ďĞƐƚ ƵƐĞ ĐŽŶĐĞƉƚ ;ŝ͘Ğ͘ƌĞƐŝĚĞŶƚŝĂůƐƵďĚŝǀŝƐŝŽŶĚĞǀĞůŽƉŵĞŶƚͿŽĨƚŚĞůĂŶĚ͖   ƐƚĂďůŝƐŚŵĞŶƚ ŽĨ ƚŽƚĂů ƌĞǀĞŶƵĞ Žƌ ƉƌŽĐĞĞĚƐ ŽĨ ƐĂůĞƐ ŽĨ ƐƵďĚŝǀŝƐŝŽŶ ůŽƚƐ ŽŶ ƚŚĞ ďĂƐŝƐ ŽĨ ǁŚĂƚ ƌĞĂĚLJͲƚŽͲďƵŝůĚƐŝƚĞƐŝŶƐŝŵŝůĂƌƐƵďĚŝǀŝƐŝŽŶƐĂƌĞƐĞůůŝŶŐ͖   ĞƚĞƌŵŝŶĂƚŝŽŶŽĨĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĐŽŶƐŝƐƚŝŶŐŽĨĐůĞĂƌŝŶŐĂŶĚŐƌĂĚŝŶŐ͕ƐƵƌǀĞLJ͕ƚŝůƚŝŶŐƐĞƌǀŝĐĞƐ͕ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ĂĐĐĞƐƐ ƌŽĂĚƐ͕ ƌŽĂĚǁĂLJƐ͕ ĐƵƌďƐ ĂŶĚ ŐƵƚƚĞƌƐ͕ ƐĞǁĞƌĂŐĞ ĂŶĚ ĚƌĂŝŶĂŐĞ ƐLJƐƚĞŵ͕ ǁĂƚĞƌ ƐƵƉƉůLJ ĂŶĚ ĞůĞĐƚƌŝĐĂů ĚŝƐƚƌŝďƵƚŝŽŶ͕ ƌŝƉͲƌĂƉƉŝŶŐ ĂŶĚ ƐƵƉĞƌǀŝƐŝŽŶ ĂŶĚ ŽƚŚĞƌ ĐŽŶƚŝŶŐĞŶĐLJ ŝƚĞŵƐ considering current prices for construction materials, labor, contractor’s profit and ŽǀĞƌŚĞĂĚĞdžƉĞŶƐĞƐ͖  Estimation of overhead and sales expenses such as broker’s commissions, promotion and ĂĚǀĞƌƚŝƐĞŵĞŶƚ͕ĂĚŵŝŶŝƐƚƌĂƚŝǀĞĂŶĚĐŽůůĞĐƚŝŽŶ͕ƚĂdžĞƐĂŶĚŵŝƐĐĞůůĂŶĞŽƵƐĞdžƉĞŶƐĞƐ͘ ^ĞŶƐŝƚŝǀŝƚLJ ŶĂůLJƐŝƐ͘  ^ŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ ;ĚĞĐƌĞĂƐĞͿ ŝŶ ůĂŶĚ ǀĂůƵĞ͕ ƉƌŽƉŽƐĞĚ ƐĞůůŝŶŐ ƉƌŝĐĞ ĂŶĚ ĐĂůĐƵůĂƚĞĚ ŶŽ͘ ŽĨ ůŽƚƐ ǁŽƵůĚ ƌĞƐƵůƚ ŝŶ Ă ƐŝŐŶŝĨŝĐĂŶƚůLJ ŚŝŐŚĞƌ ;ůŽǁĞƌͿ ĨĂŝƌ ǀĂůƵĞ ŵĞĂƐƵƌĞŵĞŶƚ͘ ^ŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿ ŝŶĂĚŵŝŶŝƐƚƌĂƚŝǀe and marketing costs and developer’s profit would ƌĞƐƵůƚŝŶĂůŽǁĞƌ;ŚŝŐŚĞƌͿĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘ 

127






EĞƚĂƌƌLJŝŶŐŵŽƵŶƚ

 ŽƐƚ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĚĚŝƚŝŽŶƐ ŝƐƉŽƐĂů ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƚŝŽŶ  ĂŶĚŵŽƌƚŝnjĂƚŝŽŶ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ ŝƐƉŽƐĂů ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ



EĞƚĂƌƌLJŝŶŐŵŽƵŶƚ

 ŽƐƚ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĚĚŝƚŝŽŶƐ ŝƐƉŽƐĂů ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ dƌĂŶƐĨĞƌƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƚŝŽŶ ĂŶĚŵŽƌƚŝnjĂƚŝŽŶ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ ŝƐƉŽƐĂů ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ





 – – – –

 ϭϯϵ͕ϯϴϬ͕ϵϯϳ ϱϵ͕ϰϴϮ͕ϬϬϭ – ϭϵϴ͕ϴϲϮ͕ϵϯϴ

  ϭϵ  





  ϭϵ  

EŽƚĞ       



сϭ͕Ϯϰϯ͕ϯϮϴ͕ϭϭϲ W

 ϳϭ͕ϰϲϬ͕ϯϬϯ ϲϳ͕ϵϮϬ͕ϲϯϰ – ϭϯϵ͕ϯϴϬ͕ϵϯϳ

ŝƌĐƌĂĨƚƐ ;ƚƌĞǀĂůƵĞĚĂŵŽƵŶƚƐͿ  сϴϯϱ͕ϲϳϮ͕ϵϬϮ W ϰϰϯ͕ϮϬϴ͕ϮϲϬ – ϭϬϯ͕ϴϮϳ͕ϴϵϭ – ϭ͕ϯϴϮ͕ϳϬϵ͕Ϭϱϯ

с– W

 – – – –

>ĂŶĚ  с– W – – – – –

W сϭϵ͕ϰϳϭ͕ϭϲϵ

ϭϵ͕ϰϳϭ͕ϭϲϵ ϭϵ͕ϰϳϭ͕ϭϲϵ

– ϭ͕ϳϯϯ͕ϱϳϯ͕ϯϭϬ

ϭϭ 

W сϭ͕ϱϯϰ͕ϳϭϬ͕ϯϳϮ

>ĂŶĚ  W с– – – – –

EŽƚĞ      

ŝƌĐƌĂĨƚƐ ;ƚƌĞǀĂůƵĞĚĂŵŽƵŶƚͿ  W сϭ͕ϯϴϮ͕ϳϬϵ͕Ϭϱϯ ϯϰϭ͕ϯϰϵ͕ϰϬϭ – ϵ͕ϱϭϰ͕ϴϱϲ –



сϭϴ͕ϭϳϱ͕ϯϴϵ W

 ϭϮ͕ϯϬϰ͕Ϭϯϲ Ϯ͕ϳϰϴ͕ϳϲϴ – ϭϱ͕ϬϱϮ͕ϴϬϰ

>ĞĂƐĞŚŽůĚ /ŵƉƌŽǀĞŵĞŶƚƐ  сϮϬ͕ϳϵϯ͕ϰϰϵ W ϭϮ͕ϰϯϰ͕ϳϰϰ – – – ϯϯ͕ϮϮϴ͕ϭϵϯ

W сϮϬ͕ϴϵϰ͕ϯϴϰ

ϰ͕Ϭϴϳ͕Ϯϭϱ – ϭϵ͕ϭϰϬ͕Ϭϭϵ

 ϭϱ͕ϬϱϮ͕ϴϬϰ

– ϰϬ͕Ϭϯϰ͕ϰϬϯ



сϭϭϳ͕ϮϲϬ͕Ϯϵϵ W

 ϲ͕ϯϯϳ͕Ϭϲϭ ϱ͕ϴϴϯ͕ϯϬϴ – ϭϮ͕ϮϮϬ͕ϯϲϵ

ƵŝůĚŝŶŐƐ  сϮϳ͕ϰϱϰ͕ϰϭϮ W Ϯϴ͕ϳϲϴ͕Ϭϵϱ – – ϳϯ͕Ϯϱϴ͕ϭϲϭ ϭϮϵ͕ϰϴϬ͕ϲϲϴ

W сϭϭϭ͕Ϯϭϯ͕ϰϭϮ

 ϭϮ͕ϮϮϬ͕ϯϲϵ ϯϳ͕ϱϴϰ͕ϵϳϱ ;ϯϮ͕ϳϰϴ͕ϭϲϬͿ ϭϳ͕Ϭϱϳ͕ϭϴϰ

– ϭϮϴ͕ϮϳϬ͕ϱϵϲ

ƵŝůĚŝŶŐƐ  W сϭϮϵ͕ϰϴϬ͕ϲϲϴ ϯϭ͕ϱϯϴ͕Ϭϴϴ ;ϯϮ͕ϳϰϴ͕ϭϲϬͿ – –

ͲϰϴͲ -46 

>ĞĂƐĞŚŽůĚ /ŵƉƌŽǀĞŵĞŶƚƐ  W сϯϯ͕ϮϮϴ͕ϭϵϯ ϲ͕ϯϮϰ͕Ϭϲϳ – – ϰϴϮ͕ϭϰϯ

dŚĞĐŽŵƉŽƐŝƚŝŽŶĂŶĚŵŽǀĞŵĞŶƚƐŽĨƚŚŝƐĂĐĐŽƵŶƚĂƌĞƉƌĞƐĞŶƚĞĚďĞůŽǁ͗

ϭϮ͘ WƌŽƉĞƌƚLJĂŶĚƋƵŝƉŵĞŶƚ

128 сϳϴ͕ϰϲϳ͕ϰϰϰ W

 ϯϯϰ͕ϲϬϰ͕ϳϯϰ Ϯϲ͕ϯϳϲ͕ϭϯϳ ;ϭϰϰ͕Ϯϵϵ͕ϬϭϭͿ Ϯϭϲ͕ϲϴϭ͕ϴϲϬ

ϮϬϭϲ DĂĐŚŝŶĞƌLJ͕ ƋƵŝƉŵĞŶƚ ĂŶĚdŽŽůƐ  сϰϭϬ͕ϱϬϰ͕ϰϵϭ W ϯϭ͕ϲϴϲ͕ϯϭϲ ;ϭϰϳ͕Ϭϰϭ͕ϱϬϯͿ – – Ϯϵϱ͕ϭϰϵ͕ϯϬϰ

W сϳϮ͕ϭϴϴ͕ϳϲϮ

 Ϯϭϲ͕ϲϴϭ͕ϴϲϬ ϲ͕Ϯϳϴ͕ϲϴϮ ;ϭϴϯ͕ϳϲϱͿ ϮϮϮ͕ϳϳϲ͕ϳϳϳ

– Ϯϵϰ͕ϵϲϱ͕ϱϯϵ

ϮϬϭϳ DĂĐŚŝŶĞƌLJ͕ ƋƵŝƉŵĞŶƚ ĂŶĚdŽŽůƐ  W сϮϵϱ͕ϭϰϵ͕ϯϬϰ – ;ϭϴϯ͕ϳϲϱͿ – –

сϯ͕ϴϲϲ͕ϱϳϮ W

 Ϯϭ͕ϳϬϭ͕ϳϵϬ ϯ͕ϱϴϭ͕ϲϬϮ – Ϯϱ͕Ϯϴϯ͕ϯϵϮ

dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƋƵŝƉŵĞŶƚ  W сϮϴ͕ϵϳϭ͕ϱϱϲ ϭϳϴ͕ϰϬϴ – – – Ϯϵ͕ϭϰϵ͕ϵϲϰ

W сϭϳ͕ϴϭϵ͕ϱϴϰ

 Ϯϱ͕Ϯϴϯ͕ϯϵϮ ϴ͕ϳϮϲ͕ϱϮϮ – ϯϰ͕ϬϬϵ͕ϵϭϰ

– ϱϭ͕ϴϮϵ͕ϰϵϴ

dƌĂŶƐƉŽƌƚĂƚŝŽŶ ƋƵŝƉŵĞŶƚ  W сϮϵ͕ϭϰϵ͕ϵϲϰ ϮϮ͕ϲϳϵ͕ϱϯϰ – – –

сϭϱ͕ϴϵϱ͕ϵϬϲ W

 ϯϵ͕ϰϱϱ͕ϲϭϮ ϭϱ͕ϮϮϱ͕ϵϮϲ – ϱϰ͕ϲϴϭ͕ϱϯϴ

KĨĨŝĐĞ&ƵƌŶŝƚƵƌĞ͕ ĂŶĚƋƵŝƉŵĞŶƚ  сϱϯ͕ϵϯϳ͕ϳϱϭ W ϭϲ͕ϲϯϵ͕ϲϵϯ – – – ϳϬ͕ϱϳϳ͕ϰϰϰ

W сϰϯ͕ϮϬϯ͕ϬϬϳ

 ϱϰ͕ϲϴϭ͕ϱϯϴ ϴ͕ϯϮϮ͕ϰϵϵ ;ϳϯ͕ϭϮϱͿ ϲϮ͕ϵϯϬ͕ϵϭϮ

– ϭϬϲ͕ϭϯϯ͕ϵϭϵ

KĨĨŝĐĞ&ƵƌŶŝƚƵƌĞ͕ ĂŶĚƋƵŝƉŵĞŶƚ  W сϳϬ͕ϱϳϳ͕ϰϰϰ ϭϴ͕ϴϯϴ͕ϱϱϱ ;ϳϯ͕ϭϮϱͿ – ϭϲ͕ϳϵϭ͕Ϭϰϱ

сϭϱ͕ϴϰϭ͕ϭϲϭ W

 – – – –

ŽŶƐƚƌƵĐƚŝŽŶ ŝŶWƌŽŐƌĞƐƐ  сϭϯ͕ϲϴϳ͕ϵϴϰ W ϳϱ͕ϰϭϭ͕ϯϯϴ – – ;ϳϯ͕Ϯϱϴ͕ϭϲϭͿ ϭϱ͕ϴϰϭ͕ϭϲϭ

W сϭϮ͕ϴϰϳ͕Ϯϵϴ

–

 – – –

– ϭϮ͕ϴϰϳ͕Ϯϵϴ

ŽŶƐƚƌƵĐƚŝŽŶ ŝŶWƌŽŐƌĞƐƐ  W сϭϱ͕ϴϰϭ͕ϭϲϭ ϭϰ͕Ϯϳϵ͕ϯϮϱ – – ;ϭϳ͕Ϯϳϯ͕ϭϴϴͿ

сϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ W

 ϰϴϱ͕ϴϲϯ͕ϱϯϲ ϭϮϭ͕ϳϯϲ͕ϯϳϱ ;ϭϰϰ͕Ϯϵϵ͕ϬϭϭͿ ϰϲϯ͕ϯϬϬ͕ϵϬϬ

dŽƚĂů  сϭ͕ϯϵϭ͕ϬϮϮ͕ϱϰϱ W ϲϬϴ͕ϯϮϲ͕ϴϱϰ ;ϭϰϳ͕Ϭϰϭ͕ϱϬϯͿ ϭϬϯ͕ϴϮϳ͕ϴϵϭ – ϭ͕ϵϱϲ͕ϭϯϱ͕ϳϴϳ

W сϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ

 ϰϲϯ͕ϯϬϬ͕ϵϬϬ ϭϮϰ͕ϰϴϭ͕ϴϵϰ ;ϯϯ͕ϬϬϱ͕ϬϱϬͿ ϱϱϰ͕ϳϳϳ͕ϳϰϰ

ϭϵ͕ϰϳϭ͕ϭϲϵ Ϯ͕ϯϴϳ͕ϭϮϱ͕ϳϯϮ

dŽƚĂů  W сϭ͕ϵϱϲ͕ϭϯϱ͕ϳϴϳ ϰϯϱ͕ϬϬϴ͕ϵϳϬ ;ϯϯ͕ϬϬϱ͕ϬϱϬͿ ϵ͕ϱϭϰ͕ϴϱϲ –


- ͲϰϵͲ 47  

&ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚ /Ŷ ϮϬϭϲ͕ ƚŚĞ 'ƌŽƵƉ ĂĚŽƉƚĞĚ ƚŚĞ ƌĞǀĂůƵĂƚŝŽŶ ŵŽĚĞů ĨŽƌ ƚŚĞ ƐƵďƐĞƋƵĞŶƚ ŵĞĂƐƵƌĞŵĞŶƚ ŽĨ ŝƚƐ ĂŝƌĐƌĂĨƚ under transportation equipment. The fair value of the Group’s aircraft as dĞƚĞƌŵŝŶĞĚ ďLJ ĂŶ ŝŶĚĞƉĞŶĚĞŶƚ ĂƉƉƌĂŝƐĞƌ ŽŶ EŽǀĞŵďĞƌ ϳ͕ ϮϬϭϳ ƵƐŝŶŐ DĂƌŬĞƚ ĂƚĂ ƉƉƌŽĂĐŚ ĂŵŽƵŶƚĞĚ ƚŽ сϱϱϴ͘ϱ ŵŝůůŝŽŶ͘  dŚĞ ĚŝĨĨĞƌĞŶĐĞ ďĞƚǁĞĞŶ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ĂŶĚ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞ ĂŝƌĐƌĂĨƚ W ĂŵŽƵŶƚŝŶŐ ƚŽW сϵ͘ϱ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ƌĞǀĂůƵĂƚŝŽŶ ŝŶĐƌĞĂƐĞ͘ &ƵƌƚŚĞƌ ŝŶĨŽƌŵĂƚŝŽŶ ĂďŽƵƚ ƚŚĞ ĂƐƐƵŵƉƚŝŽŶƐŵĂĚĞŝŶŵĞĂƐƵƌŝŶŐĨĂŝƌǀĂůƵĞƐŝƐŝŶĐůƵĚĞĚŝŶEŽƚĞϮϰ͘ dŚĞ ƌĞǀĂůƵĂƚŝŽŶ ƐƵƌƉůƵƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĞƋƵŝƚLJ ƐĞĐƚŝŽŶ ŽĨ ƚŚĞ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĨŝŶĂŶĐŝĂů ƉŽƐŝƚŝŽŶ ĂŵŽƵŶƚĞĚ ƚŽWсϳϱ͘ϴ ŵŝůůŝŽŶ ĂŶĚWсϳϮ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ƌĞƐƉĞĐƚŝǀĞůLJ͘  dŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ĂŝƌĐƌĂĨƚ ŚĂĚ ŝƚ ďĞĞŶ ƌĞĐŽŐŶŝnjĞĚ Ăƚ ĐŽƐƚ ĂŵŽƵŶƚĞĚ ƚŽW с ϭ͕ϰϮϰ͘ϲ ŵŝůůŝŽŶ ĂŶĚ сϭ͕ϭϴϭ͘ϭŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ W ĂƐƐĂƵůƚ&ĂůĐŽŶϵϬϬy >ĞĂƐĞŚŽůĚƌŝŐŚƚǁĂƐŽďƚĂŝŶĞĚďLJƚŚĞ'ƌŽƵƉŽŶĞĐĞŵďĞƌϮϵ͕ϮϬϭϰŽǀĞƌĂĐĞƌƚĂŝŶĂŝƌĐƌĂĨƚĨŽƌƵƐĞŝŶƚŚĞ Group’s operations. In 2015, this leasehold right was cancelled and replaced by the acquisition of a ŶĞǁĂŝƌĐƌĂĨƚ;&ĂůĐŽŶϵϬϬy͕ZWͲϵϬϭϴͿŝŶ:ƵŶĞϮϬϭϱ͘dŚĞĐĂŶĐĞůůĂƚŝŽŶŽĨůĞĂƐĞŚŽůĚƌŝŐŚƚƌĞƐƵůƚĞĚƚŽĂ ůŽƐƐŽĨW сϯϯ͘ϳŵŝůůŝŽŶŝŶϮϬϭϱ;ƐĞĞEŽƚĞϭϵͿ͘  dŚĞŶĞǁĂŝƌĐƌĂĨƚǁĂƐĂĐƋƵŝƌĞĚƚŚƌŽƵŐŚ/͕ĂǁŚŽůůLJͲŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ͕ĨŽƌĐŽƌƉŽƌĂƚĞƵƐĞĂŶĚƵƐĞŽĨ s/W ĐůŝĞŶƚƐ͘  ZsK͕ ƚŚĞ ŵĂũŽƌŝƚLJ ƐŚĂƌĞŚŽůĚĞƌ ĂŶĚ ŚĂŝƌŵĂŶ ŽĨ >W,͕ ĂĚǀĂŶĐĞĚ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ϭϬ͘Ϭ ŵŝůůŝŽŶh͘^͘ŽůůĂƌƐƚŽĞŶĂďůĞƚŚĞ'ƌŽƵƉƚŽĂĐƋƵŝƌĞƚŚĞĂŝƌĐƌĂĨƚ͘dŚŝƐĂĚǀĂŶĐĞďLJZsKǁĂƐŽĨĨƐĞƚĂŐĂŝŶƐƚ ŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐƚŚĂƚƚŚĞ'ƌŽƵƉŚĂƐĨƌŽŵZsK͘ /ŶϮϬϭϱ͕ƚŚĞ'ƌŽƵƉĐĂƉŝƚĂůŝnjĞĚĂƉŽƌƚŝŽŶŽĨƚŚĞĚĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞĂŵŽƵŶƚŝŶŐƚŽW сϭϳ͘ϭŵŝůůŝŽŶ͕ǁŚŝĐŚ ŝƐƌĞůĂƚĞĚƚŽŵĂĐŚŝŶĞƌLJĂŶĚĞƋƵŝƉŵĞŶƚďĞŝŶŐƵƐĞĚĨŽƌƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶ;ƐĞĞEŽƚĞϭϭͿ͘ ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶƌĞĐŽŐŶŝnjĞĚŝŶĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƌĞĂƐ ĨŽůůŽǁƐ͗   EŽƚĞ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ WƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ  W сϭϮϰ͕ϰϴϭ͕ϴϵϰ сϭϮϭ͕ϳϯϲ͕ϯϳϱ W сϭϬϰ͕ϯϯϲ͕ϰϴϱ W ^ŽĨƚǁĂƌĞ ϭϯ ϴϰ͕ϭϭϬ ϭϮϮ͕ϱϬϲ ϭϮϵ͕ϰϱϭ   W сϭϮϰ͕ϱϲϲ͕ϬϬϰ сϭϮϭ͕ϴϱϴ͕ϴϴϭ W сϭϬϰ͕ϰϲϱ͕ϵϯϲ W ĞƉƌĞĐŝĂƚŝŽŶĞdžƉĞŶƐĞ ĂŵŽƵŶƚŝŶŐW сϳϱ͘ϮŵŝůůŝŽŶĂŶĚW сϯϴ͘ϴ ŵŝůůŝŽŶŝŶ ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ ǁĂƐ recorded as part of “ŽƐƚ ŽĨ ƐĞƌǀŝĐĞƐ” account in the consolidated statements of coŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ;ƐĞĞEŽƚĞϭϵͿ͘ 





129


ͲϱϬͲ  

- 48 -

ϭϯ͘ KƚŚĞƌEŽŶĐƵƌƌĞŶƚƐƐĞƚƐ 

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗  ĚǀĂŶĐĞƐƚŽĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐͲŶĞƚ ŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ /ŶƉƵƚsd ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ZĞĐĞŝǀĂďůĞĨƌŽŵƐĂůĞŽĨ͗  ZĞĂůĞƐƚĂƚĞ  ůƵďƐŚĂƌĞƐ ^ŽĨƚǁĂƌĞͲŶĞƚ KƚŚĞƌƐ 

EŽƚĞ ϴ ϴ ϭϴ  ϲ ϭϬ   

ϮϬϭϳ

ϮϬϭϲ

W сϭϯϴ͕ϯϱϭ͕ϳϵϭ ϲϬ͕ϰϲϰ͕ϯϲϲ ϰϴ͕Ϯϱϳ͕ϱϲϵ  ϰϭ͕ϱϯϭ͕ϴϲϮ ϳ͕ϱϱϲ͕ϯϯϳ ϳϲ͕ϳϴϰ Ϯϱ͕ϯϯϯ͕ϳϳϮ W сϯϮϭ͕ϱϳϮ͕ϰϴϭ

сϭϯϴ͕ϯϱϭ͕ϳϵϭ W ϲϬ͕ϴϮϳ͕Ϯϴϯ ϯϱ͕ϰϱϯ͕ϭϮϵ  Ϯϴ͕ϳϬϭ͕ϰϭϴ ϭϴ͕ϯϰϭ͕ϳϮϵ ϭϲϬ͕ϴϵϰ Ϯϱ͕ϭϱϬ͕Ϭϰϱ сϯϬϲ͕ϵϴϲ͕Ϯϴϵ W

ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐŝŶĐůƵĚĞďŝůůŝŶŐĂŶĚŵĞƚĞƌĚĞƉŽƐŝƚƐƚŽDĂŶŝůĂůĞĐƚƌŝĐŽŵƉĂŶLJ;DĞƌĂůĐŽͿ͘dŚĞƐĞ ĂƌĞƌĞĨƵŶĚĂďůĞƵƉŽŶƚĞƌŵŝŶĂƚŝŽŶŽĨƐĞƌǀŝĐĞŽĨDĞƌĂůĐŽ͘ dŚĞŵŽǀĞŵĞŶƚŝŶƚŚĞƐŽĨƚǁĂƌĞŝƐĂƐĨŽůůŽǁƐ͗  ŽƐƚ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ĚĚŝƚŝŽŶƐ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ ĐĐƵŵƵůĂƚĞĚŵŽƌƚŝnjĂƚŝŽŶ ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ ŵŽƌƚŝnjĂƚŝŽŶ ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ EĞƚĂƌƌLJŝŶŐŵŽƵŶƚ

EŽƚĞ       ϭϮ  

ϮϬϭϳ  W сϴ͕Ϭϯϵ͕ϰϱϲ – ϴ͕Ϭϯϵ͕ϰϱϲ  ϳ͕ϴϳϴ͕ϱϲϮ ϴϰ͕ϭϭϬ ϳ͕ϵϲϮ͕ϲϳϮ W сϳϲ͕ϳϴϰ

ϮϬϭϲ  сϳ͕ϴϴϱ͕ϴϴϰ W ϭϱϯ͕ϱϳϮ ϴ͕Ϭϯϵ͕ϰϱϲ  ϳ͕ϳϱϲ͕Ϭϱϲ ϭϮϮ͕ϱϬϲ ϳ͕ϴϳϴ͕ϱϲϮ сϭϲϬ͕ϴϵϰ W

EŽƚĞ

ϮϬϭϳ W сϭ͕ϬϯϬ͕ϴϬϯ͕ϵϬϳ  ϴϳϯ͕ϲϳϱ͕ϵϳϱ ϭϱ͕ϯϳϲ͕ϰϯϮ ϭϲ͕ϯϲϴ͕ϴϮϭ ϰϬϳ͕ϱϭϰ͕ϯϭϭ  Ϯϯϵ͕ϭϲϰ͕ϵϱϱ ϵϭ͕ϰϭϱ͕ϴϬϯ ϵϴ͕Ϯϱϲ͕ϱϭϵ ϯϲ͕ϬϬϳ͕ϵϱϯ W сϮ͕ϴϬϴ͕ϱϴϰ͕ϲϳϲ

ϮϬϭϲ сϴϳϵ͕ϱϰϮ͕ϴϰϯ W  ϳϰϬ͕ϭϲϰ͕ϰϱϯ ϰϳ͕ϬϵϮ͕ϮϯϮ ϲϯ͕ϰϳϯ͕ϭϱϬ ϰϬϬ͕Ϯϴϱ͕ϲϱϯ  ϭϮϴ͕Ϯϭϯ͕ϰϬϴ ϭϭϱ͕ϵϱϰ͕Ϭϴϴ ϲϱ͕ϮϮϱ͕ϵϱϵ ϳϵ͕ϱϴϰ͕ϵϲϲ сϮ͕ϱϭϵ͕ϱϯϲ͕ϳϱϮ W

  ϭϰ͘ dƌĂĚĞĂŶĚKƚŚĞƌWĂLJĂďůĞƐ 

130

dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗  dƌĂĚĞ ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ͗  ŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ  /ŶƚĞƌĞƐƚ  KƚŚĞƌƐ ZĞƚĞŶƚŝŽŶƉĂLJĂďůĞ ĞƉŽƐŝƚƐĨƌŽŵƐĂůĞŽĨ͗  WƌĞĨĞƌƌĞĚƐŚĂƌĞƐ  ZĞĂůĞƐƚĂƚĞ hŶĞĂƌŶĞĚƌĞŶƚŝŶĐŽŵĞ KƚŚĞƌƐ 

    Ϯϱ  ϭϬ ϳ  


ͲϱϭͲ - 49   dƌĂĚĞƉĂLJĂďůĞƐĂƌĞŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĂŶĚĂƌĞĚƵĞĨŽƌƉĂLJŵĞŶƚǁŝƚŚŝŶϯϬƚŽϭϮϬͲĚĂLJƐ͘ ĐĐƌƵĞĚ ĞdžƉĞŶƐĞƐ ŵĂŝŶůLJ ƉĞƌƚĂŝŶ ƚŽ ĂĐĐƌƵĂůƐ ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞdžƉĞŶƐĞƐ͘KƚŚĞƌƉĂLJĂďůĞƐĐŽŶƐŝƐƚŽĨŐŽǀĞƌŶŵĞŶƚƉĂLJĂďůĞƐĂŶĚŶŽŶƚƌĂĚĞƉĂLJĂďůĞƐ͘ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ ĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐĂƌĞŐĞŶĞƌĂůůLJƐĞƚƚůĞĚǁŝƚŚŝŶŽŶĞLJĞĂƌ͘

  ϭϱ͘ >ŽŶŐͲƚĞƌŵĞďƚ   WƌĞƐĞŶƚĞĚďĞůŽǁĂƌĞƚŚĞĚĞƚĂŝůƐŽĨƚŚŝƐĂĐĐŽƵŶƚ͗   ŽƌƌŽǁĞƌ >W, W/ / ^d/ /Z D>,/ DW/

ƵƌƌĞŶƚ W сϵϳϯ͕ϯϴϵ͕ϭϮϮ ϰϱ͕Ϯϲϵ͕ϳϭϬ ϱϮ͕ϵϭϰ͕ϵϲϮ – – – – W сϭ͕Ϭϳϭ͕ϱϳϯ͕ϳϵϰ

ϮϬϭϳ EŽŶĐƵƌƌĞŶƚ W сϱ͕ϮϮϳ͕ϵϴϰ͕ϴϭϯ ϭϲϳ͕ϳϰϭ͕ϵϱϴ ϭϮϵ͕ϯϭϵ͕ϯϴϳ – – – – W сϱ͕ϱϮϱ͕Ϭϰϲ͕ϭϱϴ

dŽƚĂů W сϲ͕ϮϬϭ͕ϯϳϯ͕ϵϯϱ Ϯϭϯ͕Ϭϭϭ͕ϲϲϴ ϭϴϮ͕Ϯϯϰ͕ϯϰϵ – – – – W сϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ

ƵƌƌĞŶƚ W сϲϬ͕ϬϬϬ͕ϬϬϬ – ϰϳ͕ϵϳϭ͕ϵϬϯ Ϯϯϰ͕ϵϮϵ͕ϲϴϯ ϳϰϴ͕ϱϮϵ͕ϰϰϲ ϯϵ͕ϮϳϮ͕ϵϮϲ ϯϰϵ͕ϳϳϱ͕ϬϰϮ W сϭ͕ϰϴϬ͕ϰϳϵ͕ϬϬϬ

ϮϬϭϲ EŽŶĐƵƌƌĞŶƚ W сϰϮϬ͕ϬϬϬ͕ϬϬϬ – ϭϴϯ͕Ϯϴϰ͕ϵϴϵ Ϯ͕Ϯϵϱ͕Ϭϲϭ͕Ϭϲϱ ϰϲϴ͕ϱϯϮ͕Ϯϵϱ ϲϳϱ͕ϬϬϬ͕ϬϬϬ – W сϰ͕Ϭϰϭ͕ϴϳϴ͕ϯϰϵ

dŽƚĂů W сϰϴϬ͕ϬϬϬ͕ϬϬϬ – Ϯϯϭ͕Ϯϱϲ͕ϴϵϮ Ϯ͕ϱϮϵ͕ϵϵϬ͕ϳϰϴ ϭ͕Ϯϭϳ͕Ϭϲϭ͕ϳϰϭ ϳϭϰ͕ϮϳϮ͕ϵϮϲ ϯϰϵ͕ϳϳϱ͕ϬϰϮ W сϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ

>W,  KŵŶŝďƵƐ>ŽĂŶĂŶĚ^ĞĐƵƌŝƚLJŐƌĞĞŵĞŶƚǁŝƚŚK  KŶ &ĞďƌƵĂƌLJ ϭϱ͕ ϮϬϭϳ͕ >W, ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ K>^ ǁŝƚŚ K ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚLJ ŽĨ сϱ͕ϱϬϬ͘Ϭ ŵŝůůŝŽŶ ƚŽ ƌĞĨŝŶĂŶĐĞ ƚŚĞ ĞdžŝƐƚŝŶŐ ůŽĂŶƐ ĂŶĚ ƚŽ ĨŝŶĂŶĐĞ ŶĞǁ ƉƌŽũĞĐƚƐ ĂŶĚ ǁŽƌŬŝŶŐ ĐĂƉŝƚĂů W ƌĞƋƵŝƌĞŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ͘ dŚĞ ůŽĂŶ ŚĂƐ Ă ƚĞƌŵ ŽĨ ƐĞǀĞŶ LJĞĂƌƐ͕ ƉĂLJĂďůĞ ŝŶ Ϯϱ ƋƵĂƌƚĞƌůLJ ƉƌŝŶĐŝƉĂů ĂŵŽƌƚŝnjĂƚŝŽŶƐ ĐŽŵŵĞŶĐŝŶŐ ŽŶĞ LJĞĂƌ ĂĨƚĞƌ ŝŶŝƚŝĂů ĚƌĂǁĚŽǁŶ ĚĂƚĞ͘ dŚŝƐ ůŽĂŶ ĨĂĐŝůŝƚLJ ǁĂƐ ƐƵďƐĞƋƵĞŶƚůLJ ŝŶĐƌĞĂƐĞĚ ƚŽW сϲ͕ϳϮϲ͘Ϭ ŵŝůůŝŽŶ ŝŶ ůĂƐƚ ƋƵĂƌƚĞƌ ŽĨ ϮϬϭϳ͘ KŶ ǀĂƌŝŽƵƐ ĚĂƚĞƐ ŝŶ ϮϬϭϳ͕ >W, ŵĂĚĞ ŝƚƐ ĚƌĂǁĚŽǁŶƐ ĂŵŽƵŶƚŝŶŐ ƚŽ W с ϲ͕Ϯϴϲ͘Ϭ ŵŝůůŝŽŶ͘  >W, ŚĂĚ ƵŶĚƌĂǁŶ ďŽƌƌŽǁŝŶŐ ĨĂĐŝůŝƚLJ ĂǀĂŝůĂďůĞ ĂŵŽƵŶƚŝŶŐƚŽW сϰϰϬ͘ϬŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͘ /ŶƚĞƌĞƐƚ͕ ǁŚŝĐŚ ŝƐ ďĂƐĞĚ ŽŶ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ &ŝdžĞĚ dƌĂŶĐŚĞ /ŶƚĞƌĞƐƚ ZĂƚĞ ĂŶĚ ƚŚĞ &ůŽĂƚŝŶŐ dƌĂŶĐŚĞ /ŶƚĞƌĞƐƚZĂƚĞ͕ŝƐƉĂLJĂďůĞƋƵĂƌƚĞƌůLJ͘&ŝdžĞĚdƌĂŶĐŚĞ/ŶƚĞƌĞƐƚZĂƚĞŝƐƚŚĞƐƵŵŽĨƚŚĞƉƌĞǀĂŝůŝŶŐƐĞǀĞŶͲLJĞĂƌ W^dͲZϮ ƌĂƚĞ ĂŶĚ Ϯ͘ϳϱй ƉĞƌ ĂŶŶƵŵ͘ &ůŽĂƚŝŶŐ dƌĂŶĐŚĞ /ŶƚĞƌĞƐƚ ZĂƚĞ ŝƐ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ƐƵŵ ŽĨ ƚŚĞ ƉƌĞǀĂŝůŝŶŐƚŚƌĞĞͲŵŽŶƚŚW^dͲZϮƌĂƚĞĂŶĚϮ͘ϳϱйƉĞƌĂŶŶƵŵŽƌƚŚĞƐƵŵŽĨƚŚĞƉƌĞǀĂŝůŝŶŐĚĞƉŽƐŝƚĨĂĐŝůŝƚLJ ƌĂƚĞĂĚŽƉƚĞĚďLJƚŚĞĂŶŐŬŽ^ĞŶƚƌĂůŶŐWŝůŝƉŝŶĂƐĨŽƌĚĞƉŽƐŝƚĨĂĐŝůŝƚŝĞƐǁŝƚŚĂƚĞƌŵŽĨϮϴĚĂLJƐĂŶĚϭ͘Ϯϱй ƉĞƌĂŶŶƵŵ͘ ĨĨĞĐƚŝǀĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ŽĨ ƚŚĞ ůŽŶŐͲƚĞƌŵ ĚĞďƚ ƌĂŶŐĞ ĨƌŽŵ ϰ͘ϴй ƚŽ ϴ͘ϭй ƉĞƌ ĂŶŶƵŵ ŝŶ ϮϬϭϳ͘ /ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽW сϮϲϴ͘Ϯ ŵŝůůŝŽŶŝŶϮϬϭϳ͘



dŚĞK>^ǁŝƚŚKŝƐƐĞĐƵƌĞĚďLJ͗ĂͿƌĞĂůĞƐƚĂƚĞŵŽƌƚŐĂŐĞŽǀĞƌƚŚĞůŽƚƐĂŶĚŝŵƉƌŽǀĞŵĞŶƚƐŝŶĂůĞƐŝŶ /ƐůĂŶĚ͕ƉƌŽƉĞƌƚŝĞƐŝŶůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͕ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌĂŶĚ^ŝůĂŶŐWƌŽƉĞƌƚLJǁŝƚŚĂŶ ĂŐŐƌĞŐĂƚĞ ĂŵŽƵŶƚ ŽĨW сϯϴ͕ϰϮϴ͘Ϭ ŵŝůůŝŽŶ ;ƐĞĞ EŽƚĞƐ ϭϭ ĂŶĚ ϭϮͿ͖ ďͿ ŽŶƚŝŶƵŝŶŐ ^ƵƌĞƚLJ ŐƌĞĞŵĞŶƚ ǁŝƚŚ >W,͕ //͕ /Z͕ DW/ ĂŶĚ ^d/͖ ĂŶĚ ĐͿ ^ŚĂƌĞ DŽƌƚŐĂŐĞ ŝŶ ůƉŚĂůĂŶĚ WƌŽƉĞƌƚLJ DĂŶĂŐĞŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ͕/ZĂŶĚ//͘ 

131


ͲϱϮͲ - 50   The scheduled maturities of ALPHA’s outstanding loans as at Decemberϯϭ͕ϮϬϭϳĂƌĞĂƐĨŽůůŽǁƐ͗  ϮϬϭϴ  сϵϵϲ͕ϭϲϬ͕ϬϬϬ W ϮϬϭϵ  ϵϵϲ͕ϭϲϬ͕ϬϬϬ ϮϬϮϬĂŶĚŽŶǁĂƌĚƐ  ϰ͕Ϯϵϯ͕ϲϴϬ͕ϬϬϬ   ϲ͕Ϯϴϲ͕ϬϬϬ͕ϬϬϬ >ĞƐƐĚĞĨĞƌƌĞĚĨŝŶĂŶĐŝŶŐĐŽƐƚ  ϴϰ͕ϲϮϲ͕Ϭϲϱ   W сϲ͕ϮϬϭ͕ϯϳϯ͕ϵϯϱ 

dŚĞĚĞƚĂŝůƐŽĨƚŚĞůŽĂŶƐƌĞĨŝŶĂŶĐĞĚŝŶϮϬϭϳƚŚƌŽƵŐŚƚŚĞK>^ǁŝƚŚKĂƌĞĂƐĨŽůůŽǁƐ͗  

 

 

ŽƌƌŽǁĞƌ

ĂŶŬ

^d/

WŽŵ

/Z

K

D>,/

WE

DW/

W͕>W͕K ĂŶĚDĂLJĂŶŬ

WƵƌƉŽƐĞŽĨƚŚĞ>ŽĂŶ ZĞĨŝŶĂŶĐŝŶŐĞdžŝƐƚŝŶŐK>^ǁŝƚŚK hŶŝďĂŶŬĂŶĚĨŽƌĨŝŶĂŶĐŝŶŐŽĨŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞďƵƐŝŶĞƐƐ WĂƌƚŝĂůůLJƌĞĨŝŶĂŶĐŝŶŐƚŚĞůŽĂŶĨĂĐŝůŝƚLJĂŶĚ ƉĂƌƚŝĂůůLJĨƵŶĚŝŶŐƚŚĞĐĂƉŝƚĂů ĞdžƉĞŶĚŝƚƵƌĞƐĂŶĚŽƚŚĞƌŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞĞdžƉĞŶƐĞƐŽĨ/Z WĂƌƚŝĂůůLJĨŝŶĂŶĐŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚ ĚĞǀĞůŽƉŵĞŶƚŽĨůƉŚĂůĂŶĚĂŐƵŝŽ DŽƵŶƚĂŝŶ>ŽĚŐĞƐWƌŽũĞĐƚ WĂƌƚŝĂůůLJĨŝŶĂŶĐŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕ ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ WŚĂƐĞ/ŽĨůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ







ĂƌƌLJŝŶŐŵŽƵŶƚŽŶƚŚĞ ĂƚĞŽĨZĞĨŝŶĂŶĐŝŶŐ

 /ŶƚĞƌĞƐƚZĂƚĞƐ

;ŝŶĐůƵƐŝǀĞŽĨŝŶƚĞƌĞƐƚͿ

ϮϬϭϳ

ϮϬϭϲ

сϮ͕ϰϳϳ͕ϭϲϱ͕ϱϭϭ W

ϰ͘ϳйƚŽϱ͘ϲй

ϰ͘ϯйƚŽϲ͘Ϭй

ϭ͕ϬϬϵ͕ϲϬϱ͕ϴϲϳ

ϱ͘ϵй

ϱ͘ϲйƚŽϲ͘ϭ

ϳϮϯ͕ϯϯϱ͕ϬϬϬ

ϱ͘ϴй

ϱ͘ϬйƚŽϲ͘Ϭй

ϯϱϭ͕ϮϳϬ͕Ϯϭϱ

ϱ͘ϬйƚŽϲ͘Ϭй

ϱ͘ϬйƚŽϲ͘Ϭй

сϰ͕ϱϲϭ͕ϯϳϲ͕ϱϵϯ W





dŚĞƌĞĨŝŶĂŶĐĞĚůŽĂŶƐĂƌĞƐĞĐƵƌĞĚďLJ;ĂͿůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ͖;ďͿƌĞĂůĞƐƚĂƚĞŵŽƌƚŐĂŐĞŽǀĞƌůŽƚƐ ŝŶĂůĞƐŝŶ/ƐůĂŶĚ͖;ĐͿĐŽŶƚŝŶƵŝŶŐƐƵƌĞƚLJƐŚŝƉĂŐƌĞĞŵĞŶƚǁŝƚŚ>W,͖;ĚͿĚĞĞĚŽĨƉůĞĚŐĞĐŽǀĞƌŝŶŐϭ͕ϬϬϬ // ƉƌĞĨĞƌƌĞĚ ƐŚĂƌĞƐ ŚĞůĚ ďLJ /Z͖ ;ĞͿ ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚĞĞ ŽĨ ^d/͖ ;ĨͿ ƉƌŽƉĞƌƚŝĞƐ ůŽĐĂƚĞĚ ŝŶ WĂƌĂŹĂƋƵĞ ŝƚLJ͖ ;ŐͿ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ͖ ĂŶĚ ;ŚͿ ^ŝůĂŶŐ ƉƌŽƉĞƌƚLJ͘ dŽƚĂů ǀĂůƵĞŽĨƚŚĞĐŽůůĂƚĞƌĂůĂŵŽƵŶƚĞĚƚŽW сϴϯ͕Ϭϭϯ͘ϱŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ͘ /ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ƌĞĨŝŶĂŶĐĞ ůŽĂŶƐ ĂŵŽƵŶƚĞĚ ƚŽW сϰϴ͘ϵ ŵŝůůŝŽŶ ĂŶĚW сϮϮϯ͘ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ >ŽĂŶ&ĂĐŝůŝƚLJǁŝƚŚWŽŵ  KŶ&ĞďƌƵĂƌLJϭϭ͕ϮϬϭϲ͕>W,ĞŶƚĞƌĞĚŝŶƚŽĂŶK>^ǁŝƚŚWŽŵĨŽƌĂůŽĂŶĨĂĐŝůŝƚLJŽĨWсϰϴϬ͘ϬŵŝůůŝŽŶĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ŐĞŶĞƌĂů ĐŽƌƉŽƌĂƚĞ ƉƵƌƉŽƐĞ ŽĨ >W,͘  KŶ &ĞďƌƵĂƌLJ ϭϭ͕ ϮϬϭϲ ĂŶĚ DĂLJ ϭϭ͕ ϮϬϭϲ͕ >W, ŵĂĚĞ ƚŚĞ ĨŝƌƐƚ ĂŶĚ ƐĞĐŽŶĚ ĚƌĂǁĚŽǁŶ ĂŵŽƵŶƚŝŶŐ ƚŽ W с ϰϬϬ͘Ϭ ŵŝůůŝŽŶ ĂŶĚ сϴϬ͘ϬŵŝůůŝŽŶ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ W dŚĞůŽĂŶŚĂƐĂƚĞƌŵŽĨƐĞǀĞŶLJĞĂƌƐĨƌŽŵŝŶŝƚŝĂůĚƌĂǁĚŽǁŶĚĂƚĞ͕ŝŶĐůƵƐŝǀĞŽĨĂŐƌĂĐĞƉĞƌŝŽĚŽĨŽŶĞLJĞĂƌ ƌĞĐŬŽŶĞĚ ĨƌŽŵ ƚŚĞ ŝŶŝƚŝĂů ĚƌĂǁĚŽǁŶ ĚĂƚĞ͕ ƉĂLJĂďůĞ ŝŶ Ϯϰ ƋƵĂƌƚĞƌůLJ ƉƌŝŶĐŝƉĂů ĂŵŽƌƚŝnjĂƚŝŽŶƐ ĂĨƚĞƌ ƚŚĞ ůĂƉƐĞ ŽĨ ƚŚĞ ŐƌĂĐĞ ƉĞƌŝŽĚ͘/ŶƚĞƌĞƐƚ͕ ǁŚŝĐŚ ŝƐ ďĂƐĞĚ ŽŶ ĨůŽĂƚŝŶŐ ƌĂƚĞ ŽĨ ƚŚĞ ŚŝŐŚĞƌ ŽĨ ƚŚĞ ƚŚƌĞĞͲŵŽŶƚŚ ĞŶĐŚŵĂƌŬZĂƚĞƉůƵƐƐƉƌĞĂĚŽĨϯйƉĞƌĂŶŶƵŵĂŶĚ^WKǀĞƌŶŝŐŚƚŽƌƌŽǁŝŶŐZĂƚĞƉůƵƐƐƉƌĞĂĚŽĨϭ͘Ϯϱй ƉĞƌĂŶŶƵŵ͕ŝƐƉĂLJĂďůĞƋƵĂƌƚĞƌůLJ͘

132



dŚĞůŽĂŶǁĂƐĨƵůůLJƐĞƚƚůĞĚŝŶϮϬϭϳ͘ 


ͲϱϯͲ - 51  ĂƉŝƚĂůŝnjĞĚŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝŶŐĐŽƐƚƐŽŶƚŚĞůŽĂŶƐĂƌĞĂƐĨŽůůŽǁƐ͗   EŽƚĞ ϮϬϭϳ ϮϬϭϲ >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ϳ W сϲϳ͕Ϭϯϳ͕Ϯϱϲ сϯϲ͕ϰϯϵ͕ϭϲϲ W /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ ϰ͕Ϯϭϭ͕ϵϵϮ –   W сϳϭ͕Ϯϰϵ͕Ϯϰϴ сϯϲ͕ϰϯϵ͕ϭϲϲ W

ϮϬϭϱ сWϰϴ͕ϴϯϯ͕ϵϬϴ ϯϲ͕Ϭϵϰ͕ϲϮϴ сϴϰ͕ϵϮϴ͕ϱϯϲ W

dŚĞ ƌĂƚĞ ƵƐĞĚ ƚŽ ĚĞƚĞƌŵŝŶĞ ƚŚĞ ĂŵŽƵŶƚ ŽĨ ďŽƌƌŽǁŝŶŐ ĐŽƐƚ ĞůŝŐŝďůĞ ĨŽƌ ĐĂƉŝƚĂůŝnjĂƚŝŽŶ ǁĂƐϳ͘ϭй͕ϱ͘ϳй͕ ĂŶĚϱ͘ϲйŝŶϮϬϭϳ͕ϮϬϭϲĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůLJ W/ KŶ &ĞďƌƵĂƌLJ ϯ͕ ϮϬϭϳ͕ W/ ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚLJ ŽĨ с Ϯϰϱ͘Ϭ ŵŝůůŝŽŶ ĨŽƌ ƚŚĞ ƉƵƌƉŽƐĞ ŽĨ ĨŝŶĂŶĐŝŶŐ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ŽĨ ĂŶ dZϳϮ dƵƌďŽƉƌŽƉ ŝƌĐƌĂĨƚ͕ W D^Eϲϳϴ͘W/ŵĂĚĞŝƚƐŝŶŝƚŝĂůĚƌĂǁĚŽǁŶĂŵŽƵŶƚŝŶŐƚŽW сϮϬϱ͘ϳŵŝůůŝŽŶŽŶ&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϳĂƚĂĨŝdžĞĚ ŝŶƚĞƌĞƐƚƌĂƚĞŽĨϳ͘ϬйƉĞƌĂŶŶƵŵ͘ KŶKĐƚŽďĞƌϱ͕ϮϬϭϳ͕ƚŚĞůŽĂŶĨĂĐŝůŝƚLJǁĂƐŝŶĐƌĞĂƐĞĚƚŽW сϮϲϱ͘ϮŵŝůůŝŽŶƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĨŝŶĂŶĐŝŶŐŽĨ Ă ƌĞƉůĂĐĞŵĞŶƚ ĞŶŐŝŶĞ ĨŽƌ ƚŚĞ ƐĂŝĚ ĂŝƌĐƌĂĨƚ͘  W/ ŵĂĚĞ ŝƚƐ ƐĞĐŽŶĚ ĚƌĂǁĚŽǁŶ ĂŵŽƵŶƚŝŶŐ ƚŽ сϯϴ͘ϰŵŝůůŝŽŶŽŶEŽǀĞŵďĞƌϭϲ͕ϮϬϭϳĂƚĂĨŝdžĞĚŝŶƚĞƌĞƐƚƌĂƚĞŽĨϴ͘ϬйƉĞƌĂŶŶƵŵ͘ W /ŶƚĞƌĞƐƚĞdžƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŵŽƵŶƚĞĚƚŽW с ϭϮ͘ϴŵŝůůŝŽŶŝŶϮϬϭϳ͘dŚĞƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚŽĨƚŚĞůŽĂŶŝƐƉĂLJĂďůĞǁŝƚŚŝŶϲϬŵŽŶƚŚƐĨƌŽŵƚŚĞĚĂƚĞ ŽĨŝŶŝƚŝĂůďŽƌƌŽǁŝŶŐ͘ dŚĞ > ŝƐ ƐĞĐƵƌĞĚ ďLJ ƚŚĞ͗ ;ĂͿ ĚĞĞĚ ŽĨ ĐŚĂƚƚĞů ŵŽƌƚŐĂŐĞ ŽǀĞƌ ƚŚĞ ƐƵďũĞĐƚ ĂŝƌĐƌĂĨƚ ǁŝƚŚ Ă ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚŽĨW сϯϬϯ͘ϬĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͖ĂŶĚ;ďͿĐŽŶƚŝŶƵŝŶŐƐƵƌĞƚLJŽĨ>W,͕/͕^d/ĂŶĚ/Z͘ 

The scheduled maturities of AAPI’s outstanding loans as at December 31, 2017 are as follows: ϮϬϭϴ ϮϬϭϵ ϮϬϮϬĂŶĚŽŶǁĂƌĚƐ  >ĞƐƐĚĞĨĞƌƌĞĚĨŝŶĂŶĐŝŶŐĐŽƐƚ 

     

сWϰϱ͕ϲϳϱ͕ϰϱϳ ϰϵ͕Ϭϴϯ͕ϰϴϱ ϭϭϵ͕ϮϴϬ͕ϱϮϵ Ϯϭϰ͕Ϭϯϵ͕ϰϳϭ ϭ͕ϬϮϳ͕ϴϬϯ сϮϭϯ͕Ϭϭϭ͕ϲϲϴ W

/ KŶ DĂƌĐŚ ϰ͕ ϮϬϭϲ͕ / ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚLJ ŽĨ сϯϬϵ͘ϬŵŝůůŝŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĨŝŶĂŶĐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨdZϳϮdƵƌďŽƉƌŽƉŝƌĐƌĂĨƚ͕D^Eϲϲϲ͘KŶ W DĂƌĐŚϰ͕ϮϬϭϲ͕/ŵĂĚĞŝƚƐĚƌĂǁĚŽǁŶĂŵŽƵŶƚŝŶŐƚŽW сϮϲϲ͘ϴŵŝůůŝŽŶ͘ >ŽĂŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŝƐ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ŵĂƌŬĞƚ ƌĂƚĞ ŽŶ ĂĐƚƵĂů ŬŝŶŐ ĚĂƚĞ ƵƉ ƚŽ :ĂŶƵĂƌLJ ϭ͕ ϮϬϭϳ͘   ƐƵďƐĞƋƵĞŶƚ ĂŐƌĞĞŵĞŶƚ ĐŚĂŶŐĞĚ ƚŚĞ ĨŝdžĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŝŶƚŽ Ă ĨůŽĂƚŝŶŐ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƚŚĂƚ ŝƐ ƌĞƉƌŝĐĞĚ ƋƵĂƌƚĞƌůLJďĂƐĞĚŽŶƚŚĞƐƵŵŽĨƚŚĞƉƌĞǀĂŝůŝŶŐƚŚƌĞĞͲŵŽŶƚŚW^dͲZϮƌĂƚĞĂŶĚϮ͘ϳϱйƉĞƌĂŶŶƵŵĞĨĨĞĐƚŝǀĞ :ĂŶƵĂƌLJ Ϯ͕ϮϬϭϳ͘dŚĞ ƉƌŝŶĐŝƉĂůĂŶĚŝŶƚĞƌĞƐƚŽĨƚŚĞ ůŽĂŶŝƐƉĂLJĂďůĞǁŝƚŚŝŶĨŝǀĞLJĞĂƌƐĨƌŽŵƚŚĞĚĂƚĞŽĨ ŝŶŝƚŝĂůďŽƌƌŽǁŝŶŐ͘DŽŶƚŚůLJĂŵŽƌƚŝnjĂƚŝŽŶĂŵŽƵŶƚƐƚŽW сϱ͘ϯŵŝůůŝŽŶ͘ /ŶƚĞƌĞƐƚƌĂƚĞŽĨƚŚĞůŽŶŐͲƚĞƌŵĚĞďƚƌĂŶŐĞƐĨƌŽŵϱ͘ϬϲйƚŽϳ͘ϮϱйƉĞƌĂŶŶƵŵŝŶϮϬϭϳĂŶĚϮϬϭϲ͘/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽW сϭϯ͘Ϭ ŵŝůůŝŽŶĂŶĚWсϭϱ͘ϰŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘

133


- 52 ͲϱϰͲ   dŚĞ > ŝƐ ƐĞĐƵƌĞĚ ďLJ ƚŚĞ ĨŽůůŽǁŝŶŐ͗ ;ĂͿ ĚĞĞĚ ŽĨ ĐŚĂƚƚĞů ŵŽƌƚŐĂŐĞ ŽǀĞƌ ƚŚĞ ƐƵďũĞĐƚ ĂŝƌĐƌĂĨƚ ǁŝƚŚ Ă ĐĂƌƌLJŝŶŐĂŵŽƵŶƚŽĨW сϰϬϭ͘ϲĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϲ͖ĂŶĚ;ďͿĐŽŶƚŝŶƵŝŶŐƐƵƌĞƚLJŽĨ^d/ĂŶĚ/Z͘

The scheduled maturities of AAI’s outstanding loans as at December 31, 2017 are as follows:  ϮϬϭϴ  сϱϯ͕ϭϲϯ͕ϰϴϴ W ϮϬϭϵ  ϱϱ͕ϵϭϴ͕ϭϲϵ ϮϬϮϬĂŶĚŽŶǁĂƌĚƐ  ϳϯ͕ϵϴϵ͕ϲϮϴ   ϭϴϯ͕Ϭϳϭ͕Ϯϴϱ >ĞƐƐĚĞĨĞƌƌĞĚĨŝŶĂŶĐŝŶŐĐŽƐƚ  ϴϯϲ͕ϵϯϲ   сϭϴϮ͕Ϯϯϰ͕ϯϰϵ W WƵƌƐƵĂŶƚ ƚŽ ƚŚĞ ƚĞƌŵƐ ŽĨ ƚŚĞ ůŽĂŶ ĂŐƌĞĞŵĞŶƚƐ͕ ƚŚĞ 'ƌŽƵƉ ŝƐ ƌĞƐƚƌŝĐƚĞĚ ĨƌŽŵ ƉĞƌĨŽƌŵŝŶŐ ĐĞƌƚĂŝŶ ĐŽƌƉŽƌĂƚĞĂĐƚƐǁŝƚŚŽƵƚǁƌŝƚƚĞŶĐŽŶƐĞŶƚĨƌŽŵƚŚĞĐƌĞĚŝƚŽƌďĂŶŬĂŶĚŝƐƌĞƋƵŝƌĞĚƚŽĐŽŵƉůLJǁŝƚŚĐĞƌƚĂŝŶ ĨŝŶĂŶĐŝĂůĐŽǀĞŶĂŶƚƐ͘ dŚĞĂŐƌĞĞŵĞŶƚƐĂůƐŽĐŽŶƚĂŝŶĐƌŽƐƐĚĞĨĂƵůƚƉƌŽǀŝƐŝŽŶƐƚƌŝŐŐĞƌĞĚďLJĨĂŝůƵƌĞŽĨƚŚĞ'ƌŽƵƉƚŽĐŽŵƉůLJǁŝƚŚ ĂŶLJƚĞƌŵ͕ŽďůŝŐĂƚŝŽŶŽƌĐŽǀĞŶĂŶƚĐŽŶƚĂŝŶĞĚŝŶĂŶLJůŽĂŶĂŐƌĞĞŵĞŶƚ͘



/ŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ ĂŶĚ ŽƚŚĞƌ ĨŝŶĂŶĐĞ ĐŚĂƌŐĞƐ ƌĞĐŽŐŶŝnjĞĚ ŝŶ ƚŚĞ ĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐ ŽĨ ĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƌĞĂƐĨŽůůŽǁƐ͗  >ŽŶŐͲƚĞƌŵĚĞďƚ &ŝŶĂŶĐĞĐŚĂƌŐĞƐ KƚŚĞƌƐ 

   



ϮϬϭϳ W сϯϯϯ͕Ϯϰϴ͕Ϭϯϯ Ϯϵ͕Ϯϭϳ͕ϴϯϬ ϯ͕Ϯϲϭ͕ϯϯϭ W сϯϲϱ͕ϳϮϳ͕ϭϵϰ

ϮϬϭϲ сϮϵϭ͕ϰϴϴ͕ϭϯϲ W – ϯ͕Ϯϲϭ͕ϯϯϭ сϮϵϰ͕ϳϰϵ͕ϰϲϳ W

ϮϬϭϱ сϮϮϭ͕ϰϮϰ͕ϵϰϴ W Ϯϲ͕ϱϴϵ͕ϳϳϱ ϯ͕Ϯϴϴ͕ϭϰϵ сϮϱϭ͕ϯϬϮ͕ϴϳϮ W

  ϭϲ͘ ƋƵŝƚLJ ĂƉŝƚĂů^ƚŽĐŬ



134

 

Ă͘ The composition of ALPHA’s capital stock consisting of all common shares as at December 31ŝƐĂƐ ĨŽůůŽǁƐ͗    ƵƚŚŽƌŝnjĞĚͲW сϭWĂƌsĂůƵĞ

ϮϬϭϳ EƵŵďĞƌŽĨ  ^ŚĂƌĞƐ ŵŽƵŶƚ ϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ W сϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ

ϮϬϭϲ EƵŵďĞƌŽĨ  ^ŚĂƌĞƐ ŵŽƵŶƚ ϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ W сϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ

/ƐƐƵĞĚĂŶĚƐƵďƐĐƌŝďĞĚ dƌĞĂƐƵƌLJ  WĂƌĞŶƚŽŵƉĂŶLJ’s shares held by a ƐƵďƐŝĚŝĂƌLJ 

Ϯ͕ϲϱϰ͕ϳϬϳ͕ϰϭϳ ;ϰϮϯ͕ϵϬϬͿ Ϯ͕ϲϱϰ͕Ϯϴϯ͕ϱϭϳ

W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ Ϯ͕ϲϱϰ͕ϰϵϯ͕ϴϵϭ

Ϯ͕ϲϱϰ͕ϳϬϳ͕ϰϭϳ ;ϭ͕ϱϮϯ͕ϵϬϬͿ Ϯ͕ϲϱϯ͕ϭϴϯ͕ϱϭϳ

W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ Ϯ͕ϲϰϯ͕ϰϵϯ͕ϴϵϭ

;ϭ͕ϯϴϯ͕ϰϮϳ͕ϰϳϵͿ ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ

;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ 

;ϭ͕ϯϳϵ͕ϮϭϬ͕ϵϳϴͿ ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ

;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ 






- 53 ͲϱϱͲ   ĞůŽǁŝƐĂƐƵŵŵĂƌLJŽĨƚŚĞĐĂƉŝƚĂůƐƚŽĐŬŵŽǀĞŵĞŶƚŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ͗   ŽƌƉŽƌĂƚĞEĂŵĞ ŐƌŽWůĂƐƚŝĐƐ͕/ŶĐ͘Ύ DĂĐŽŶĚƌĂLJWůĂƐƚŝĐƐ͕/ŶĐ͘ DĂĐŽŶĚƌĂLJWůĂƐƚŝĐƐ͕/ŶĐ͘ DĂĐŽŶĚƌĂLJWůĂƐƚŝĐƐ͕/ŶĐ͘ DĂĐŽŶĚƌĂLJWůĂƐƚŝĐƐ͕/ŶĐ͘ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ

 

ĂƚĞŽĨƉƉƌŽǀĂů EŽǀĞŵďĞƌϭϵ͕ϭϵϵϬ :ƵŶĞϭ͕ϮϬϬϬ EŽǀĞŵďĞƌϮϯ͕ϮϬϬϬ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϬϭ DĂLJϮϳ͕ϮϬϬϵ Ɖƌŝůϳ͕ϮϬϭϬ EŽǀĞŵďĞƌϭϭ͕ϮϬϭϬ DĂƌĐŚϯ͕ϮϬϭϭ :ƵŶĞϮϳ͕ϮϬϭϭ :ĂŶƵĂƌLJϮ͕ϮϬϭϰ &ĞďƌƵĂƌLJϳ͕ϮϬϭϰ &ĞďƌƵĂƌLJϭϵ͕ϮϬϭϰ

/ŶĐƌĞĂƐĞ ŝŶƵƚŚŽƌŝnjĞĚ ĂƉŝƚĂů^ƚŽĐŬ ϭϬ͕ϬϬϬ͕ϬϬϬ ϵϬ͕ϬϬϬ͕ϬϬϬ – ϯϬϬ͕ϬϬϬ͕ϬϬϬ – ϰ͕ϱϬϬ͕ϬϬϬ͕ϬϬϬ – – – – – –

EĞǁ ^ƵďƐĐƌŝƉƚŝŽŶƐͬ /ƐƐƵĂŶĐĞƐ Ϯ͕ϱϬϬ͕ϬϬϬ ϯϬ͕ϬϬϬ͕ϬϬϬ ϭϲ͕ϳϰϬ͕ϬϬϬ ϳϲ͕ϯϮϮ͕ϬϬϬΎΎ Ϯϱ͕ϬϮϲ͕ϵϬϬΎΎ ϭ͕Ϯϲϵ͕ϳϯϰ͕ϬϰϭΎΎΎ ϴ͕ϴϵϳ͕ϯϰϲ ϭϰϳ͕ϯϳϱ͕ϳϬϬΎΎΎΎ ϰϬϴ͕ϭϱϬ͕Ϯϲϰ ϲϬϬ͕ϬϬϬ͕ϬϬϬ ϭϬϴ͕ϯϯϲ͕ϴϲϲ ϭϬϵ͕ϬϬϬ͕ϬϬϬ

/ƐƐƵĞͬ KĨĨĞƌ WƌŝĐĞ W сϭ͘ϬϬ ϭ͘ϬϬ ϱ͘ϯϴ ϭ͘ϬϬ ϭ͘ϬϬ ϭϬ͘ϬϬ ϭϬ͘ϬϬ ϭϬ͘ϬϬ ϭϬ͘ϬϬ Ϯ͘ϱϬ Ϯ͘ϱϬ Ϯ͘ϱϬ

Ύ>W, ǁĂƐ ŝŶĐŽƌƉŽƌated on November 19, 1990 as “Agro Plastics, Inc.”. On March 15, 1995, it changed its corporate name to “Macondray Plastics, Inc.”. On November 23, 2000, it had its initial public offering. On April 7, 2010, it changed its corporĂƚĞŶĂŵĞƚŽ “Alphaland CorpŽƌĂƚŝŽŶ͘” ΎΎdŚŝƐƌĞƉƌĞƐĞŶƚƐϭϱϱйĂŶĚϮϬйƐƚŽĐŬĚŝǀŝĚĞŶĚ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ ΎΎΎ^ŚĂƌĞͲĨŽƌͲƐŚĂƌĞƐǁĂƉǁŝƚŚƐŚĂƌĞŚŽůĚĞƌƐŽĨ^d/͘



ΎΎΎΎWĂƌƚŝĂůůLJƉĂŝĚ͕ǁŝƚŚƐƵďƐĐƌŝƉƚŝŽŶƌĞĐĞŝǀĂďůĞŽĨW сϭ͕ϰϳϮ͘ϴŵŝůůŝŽŶŝŶϮϬϭϰ͘/Ŷ:ƵŶĞϮϰ͕ϮϬϭϱ͕>W,ĚĞĐůĂƌĞĚƚŚĞƐƵďƐĐƌŝďĞĚƐŚĂƌĞƐĂƐ ĚĞůŝŶƋƵĞŶƚĂŶĚƐƵďƐĞƋƵĞŶƚůLJĐĂŶĐĞůůĞĚĂŶĚƌĞƚƵƌŶĞĚƚŚĞƐĂŵĞĂƐƵŶŝƐƐƵĞĚƐŚĂƌĞƐŽĨ>W,͘

Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ƚŽƚĂů ŶƵŵďĞƌ ŽĨ ƐŚĂƌĞŚŽůĚĞƌƐ͕ ǁŚŝĐŚ ŝŶĐůƵĚĞƐ W EŽŵŝŶĞĞŽƌƉŽƌĂƚŝŽŶ͕ŝƐϱϳ͘

 ď͘ ĞůŝƐƚŝŶŐƉƌŽĐĞĚƵƌĞƐŝŶŝƚŝĂƚĞĚďLJƚŚĞW^

>W,ĐŽŵŵŝƚƚĞĚĚĞůĂLJƐŝŶĐŽŵƉůLJŝŶŐǁŝƚŚŝƚƐĚŝƐĐůŽƐƵƌĞƌĞƋƵŝƌĞŵĞŶƚƐǁŝƚŚƚŚĞW^ĂƐĂƌĞƐƵůƚŽĨ ƚŚĞ ĚŝƐƉƵƚĞ ďĞƚǁĞĞŶ ƚŚĞ ƚǁŽ ŵĂũŽƌ ŐƌŽƵƉƐ ŽĨ ƐƚŽĐŬŚŽůĚĞƌƐ͘  dŚĞ ĚĞůĂLJ ŝŶ ƚŚĞ ĚŝƐĐůŽƐƵƌĞ ǁĂƐ ďƌŽƵŐŚƚĂďŽƵƚďLJĂŐŽŽĚĨĂŝƚŚĞĨĨŽƌƚƚŽĂƌƌŝǀĞĂƚĂŶĂŵŝĐĂďůĞƐĞƚƚůĞŵĞŶƚǁŝƚŚƚŚĞ,'ƌŽƵƉ͘KŶ :ƵŶĞ ϭϳ͕ ϮϬϭϰ͕ ŝŶ Ă ŚĞĂƌŝŶŐ ĐŽŶĚƵĐƚĞĚ ďLJ ƚŚĞ W^͕ >W, ĨŽƌŵĂůůLJ ŝŶĨŽƌŵĞĚ ƚŚĞ W^ ŽĨ ƚŚĞ ƐĞƚƚůĞŵĞŶƚ ďĞƚǁĞĞŶ ďŽƚŚ ƉĂƌƚŝĞƐ ĂŶĚ ƐƵƉƉŽƌƚĞĚ ǀŽůƵŶƚĂƌŝůLJ ƚŚĞ ĚĞůŝƐƚŝŶŐ ƉƌŽĐĞĚƵƌĞƐ ŝŶŝƚŝĂƚĞĚ ďLJ ƚŚĞ W^͘KŶ^ĞƉƚĞŵďĞƌϴ͕ϮϬϭϰ͕ƚŚĞW^ŝƐƐƵĞĚĂƌĞƐŽůƵƚŝŽŶĚĞůŝƐƚŝŶŐ>W,ĨŽƌǀŝŽůĂƚŝŽŶŽĨƚŚĞ ĚŝƐĐůŽƐƵƌĞƌƵůĞƐĂŶĚŵĂŶĚĂƚĞĚ>W,ƚŽŚŽůĚĂƚĞŶĚĞƌŽĨĨĞƌƚŽďƵLJĂůůƚŚĞƐŚĂƌĞƐŽĨŝƚƐƌĞƚĂŝůͬŶŽŶͲ ƐƚƌĂƚĞŐŝĐ ƐŚĂƌĞŚŽůĚĞƌƐ͘  KŶ KĐƚŽďĞƌ ϭϳ͕ ϮϬϭϰ͕ >W, ĐŽŵƉůĞƚĞĚ ŝƚƐ ƚĞŶĚĞƌ ŽĨĨĞƌ ƚŽ Ϯ͕ϲϳϮ͕ϳϴϵ >W, ƐŚĂƌĞƐ͕ ƌĞͲĂĐƋƵŝƌĞĚ ƚŚƌƵ ^d/͕ ĞƋƵŝǀĂůĞŶƚ ƚŽW сϮϰ͘Ϯ ŵŝůůŝŽŶ͘ dŚĞ W^ ĂůƐŽ ƉƌŽŚŝďŝƚĞĚ >W, ĨƌŽŵĂƉƉůLJŝŶŐĨŽƌƌĞůŝƐƚŝŶŐǁŝƚŚŝŶĂƉĞƌŝŽĚŽĨĨŝǀĞLJĞĂƌƐĨƌŽŵƚŚĞĞĨĨĞĐƚŝǀĞĚĂƚĞŽĨĚĞůŝƐƚŝŶŐ͘



Đ͘ Dt/^ƚŽĐŬ^ƵďƐĐƌŝƉƚŝŽŶ  KŶ DĂƌĐŚ ϯ͕ ϮϬϭϭ͕ ƚŚĞ džĞĐƵƚŝǀĞ ŽŵŵŝƚƚĞĞ ŽĨ ƚŚĞ K ŽĨ >W, ĂƵƚŚŽƌŝnjĞĚ ƚŚĞ ŝƐƐƵĂŶĐĞ ƚŽ Dt/ŽĨϭϰϳ͕ϯϳϱ͕ϳϬϬĐŽŵŵŽŶƐŚĂƌĞƐĨƌŽŵƚŚĞƵŶŝƐƐƵĞĚƉŽƌƚŝŽŶŽĨŝƚƐĂƵƚŚŽƌŝnjĞĚĐĂƉŝƚĂůƐƚŽĐŬĂƚ ĂŶŝƐƐƵĞƉƌŝĐĞŽĨW сϭϬƉĞƌƐŚĂƌĞ͘dŚŝƐƌĞƐƵůƚĞĚŝŶĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞŝƐƐƵĞĚĂŶĚƐƵďƐĐƌŝďĞĚƐŚĂƌĞƐŽĨ >W,͕ŶĞƚŽĨϰϮϯ͕ϵϬϬƚƌĞĂƐƵƌLJ ƐŚĂƌĞƐ͕ĨƌŽŵϭ͕ϰϮϴ͕ϳϵϲ͕ϯϴϳƐŚĂƌĞƐƚŽϭ͕ϱϳϲ͕ϭϳϮ͕Ϭϴϳ͘dŚĞƐŚĂƌĞƐ ŝƐƐƵĞĚƚŽDt/ƌĞƉƌĞƐĞŶƚĂƉƉƌŽdžŝŵĂƚĞůLJϵ͘ϯϱйŽĨƚŚĞƚŚĞŶƌĞƐƵůƚŝŶŐŽƵƚƐƚĂŶĚŝŶŐĐĂƉŝƚĂůƐƚŽĐŬŽĨ >W,͘ 

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ͲϱϲͲ  - 54  KƵƚŽĨƚŚĞƚŽƚĂůƐƵďƐĐƌŝƉƚŝŽŶŵĂĚĞďLJDt/͕W сϭ͘ϬŵŝůůŝŽŶǁĂƐƉĂŝĚŝŶĐĂƐŚǁŝƚŚƚŚĞďĂůĂŶĐĞŽĨW с ϭ͕ϰϳϮ͘ϴŵŝůůŝŽŶƚŽďĞƉĂŝĚďLJĐŽŶǀĞLJĂŶĐĞƚŽ>W,ŽĨƐŚĂƌĞƐŽĨƐƚŽĐŬŽĨ͘dŚĞĐŽŶǀĞLJĂŶĐĞŽĨ ƐŚĂƌĞƐŽĨƐƚŽĐŬƚŽ>W,ǁŝůůďĞĞĨĨĞĐƚĞĚŝŵŵĞĚŝĂƚĞůLJĂĨƚĞƌDt/ŚĂƐĐŽŶǀĞLJĞĚƚŚĞĂĚĚŝƚŝŽŶĂů ĨŽƵƌŚĞĐƚĂƌĞƐŽĨůĂŶĚƚŽƚŽďƌŝŶŐƚŚĞƚŽƚĂůĚĞǀĞůŽƉŵĞŶƚĂƌĞĂŽĨƚŚĞĂLJŝƚLJWƌŽũĞĐƚƚŽĂƚůĞĂƐƚ ϯϮŚĞĐƚĂƌĞƐ͘ As at December 31, 2014, there was no conveyance yet of ABCC’s shares of stock from DMWAI to >W, ŶŽƌ ŚĂƐ Dt/ ĐŽŶǀĞLJĞĚ ƚŚĞ ĂĚĚŝƚŝŽŶĂů ĨŽƵƌ ŚĞĐƚĂƌĞƐ ŽĨ ůĂŶĚ ƚŽ ͘  dŚĞ ƌĞůĂƚĞĚ ƐƵďƐĐƌŝƉƚŝŽŶ ƌĞĐĞŝǀĂďůĞ ŽĨW сϭ͕ϰϳϮ͘ϴ ŵŝůůŝŽŶ ǁĂƐ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ĚĞĚƵĐƚŝŽŶ ĨƌŽŵ ƚŚĞ ƐƵďƐĐƌŝďĞĚ ĐĂƉŝƚĂůƐƚŽĐŬŝŶƚŚĞĞƋƵŝƚLJƐĞĐƚŝŽŶŽĨƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘  &Žƌ ŶŽŶƉĂLJŵĞŶƚ ŽĨ ƚŚĞ ĨƵůů ƉƵƌĐŚĂƐĞ ƉƌŝĐĞ ĚĞƐƉŝƚĞ ĚĞŵĂŶĚ͕ ƚŚĞ K ŽĨ >W,͕ ďLJ ƌĞƐŽůƵƚŝŽŶ adopted on June 24, 2015, declared as delinquent DMWAI’s subscription to 147,375,700 common ƐŚĂƌĞƐŽĨ>W,ĂƚĂŶŝƐƐƵĞ ƉƌŝĐĞŽĨϭϬƉĞƌƐŚĂƌĞ ĂŶĚƐĞƚƚŚĞ ĚĞůŝŶƋƵĞŶĐLJƐĂůĞŽŶ:ƵůLJϮϳ͕ϮϬϭϱ͘ dŚĞ ŶŽƚŝĐĞ ŽĨ ĚĞůŝŶƋƵĞŶĐLJ ƐĂůĞ ǁĂƐ ƉƵďůŝƐŚĞĚ ƚǁŝĐĞ͕ ŽŶ :ƵůLJ ϭϯ͕ ϮϬϭϱ ĂŶĚ :ƵůLJϮϬ͕ ϮϬϭϱ͕ ŝŶ Ă ŶĞǁƐƉĂƉĞƌŽĨŐĞŶĞƌĂůĐŝƌĐƵůĂƚŝŽŶŝŶƚŚĞWŚŝůŝƉƉŝŶĞƐ͘^ƵďƐĞƋƵĞŶƚůLJ͕ĚƵĞƚŽƚŚĞĂďƐĞŶĐĞŽĨďŝĚĚĞƌƐ ĂŶĚ ŽĨ ĂĚĞƋƵĂƚĞ ƵŶƌĞƐƚƌŝĐƚĞĚ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ƚŽ ƐƵƉƉŽƌƚ ƚŚĞ ĂĐƋƵŝƐŝƚŝŽŶ ďLJƚŚĞ ŽƌƉŽƌĂƚŝŽŶŽĨ ƚŚĞ ĚĞůŝŶƋƵĞŶƚ ƐŚĂƌĞƐ͕ ƚŚĞ ƐƵďƐĐƌŝƉƚŝŽŶ ŽĨ Dt/ ǁĂƐ ĐĂŶĐĞůůĞĚ ĂŶĚ ƚŚĞ ϭϰϳ͕ϯϳϱ͕ϳϬϬ ĐŽŵŵŽŶ ƐŚĂƌĞƐǁĞƌĞƌĞƚƵƌŶĞĚĂƐƉĂƌƚŽĨƚŚĞƵŶŝƐƐƵĞĚƐŚĂƌĞƐŽĨ>W,͘  dŚĞ ƌĞƐƵůƚŝŶŐ ƐŚĂƌĞŚŽůĚĞƌ ƐƚƌƵĐƚƵƌĞ ŽĨ >W,͕ ĂĨƚĞƌ ƚŚĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ŵĞŶƚŝŽŶĞĚ ĂďŽǀĞ͕ ŶĞƚ ŽĨ ƚƌĞĂƐƵƌLJƐŚĂƌĞƐĂŶĚƐŚĂƌĞƐŚĞůĚďLJĂƐƵďƐŝĚŝĂƌLJ͕ŝƐĂƐĨŽůůŽǁƐ͗  ^ŚĂƌĞŚŽůĚĞƌƐ EƵŵďĞƌŽĨ^ŚĂƌĞƐ ZsKĂƉŝƚĂů ϴϰϮ͕ϲϱϲ͕ϳϰϱ ŽĞƌƐƚĂƌŽƌƉŽƌĂƚŝŽŶ ϭϲϳ͕ϳϴϴ͕ϰϯϬ ZĞĚƉŽĐŚ'ƌŽƵƉ>ƚĚ͘ ϵϲ͕ϭϭϯ͕ϰϭϯ &ŝŶĞ>ĂŶĚ>ŝŵŝƚĞĚ ϴϵ͕ϬϬϬ͕ϬϬϬ njƵƌĞƐƚĂƌŽƌƉŽƌĂƚŝŽŶ Ϯϴ͕ϬϲϮ͕ϲϯϲ ŝƚĂĚĞů/ŶǀĞƐƚŵĞŶƚƐ>ŝŵŝƚĞĚ ϭϬ͕ϬϬϬ͕ϬϬϬ ĞƌĞŬƌĐƵůůŝ ϭϬ͕ϬϬϬ͕ϬϬϬ KƚŚĞƌŵŝŶŽƌŝƚLJ Ϯϳ͕Ϯϯϰ͕ϴϭϰ  ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ

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 ZĞƚĂŝŶĞĚĂƌŶŝŶŐƐ ĐĐƵŵƵůĂƚĞĚĞƋƵŝƚLJŝŶŶĞƚŝŶĐŽŵĞŽĨĂƐƐŽĐŝĂƚĞƐĂŶĚƐƵďƐŝĚŝĂƌŝĞƐŶŽƚĂǀĂŝůĂďůĞĨŽƌĚŝǀŝĚĞŶĚĚĞĐůĂƌĂƚŝŽŶ ĂŵŽƵŶƚĞĚƚŽW сϮϰ͕ϴϳϵ͘ϰŵŝůůŝŽŶĂŶĚW сϯϮ͕ϲϮϵ͘ϰŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ ^ŝŐŶŝĨŝĐĂŶƚ ĐŽŵƉŽŶĞŶƚƐ ŽĨ ƚŚĞ ƌĞƚĂŝŶĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌƚĂŝŶ ƚŽ ĐƵŵƵůĂƚŝǀĞ ŐĂŝŶ ŽŶ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ͘Further, the Group’s existing loans with various banks prohibit the declaration ĂŶĚƉĂLJŵĞŶƚŽĨĚŝǀŝĚĞŶĚƐ͘  WĂƌĞŶƚŽŵƉĂŶLJ’s Shares Held by a Subsidiary KŶ:ƵŶĞϱ͕ϮϬϭϰ͕ůƉŚĂůĂŶĚ,ŽůĚŝŶŐƐ;^ŝŶŐĂƉŽƌĞͿWƚĞ͘>ŝŵŝƚĞĚ;,ͿĂŶĚDĂƐƌŝĐŬƐƚĂƌŽƌƉŽƌĂƚŝŽŶ;DͿ on one hand, and another group affiliated with RVO including ALPHA and ASTI (collectively, the “RVO Group”) entered into a Memorandum of Agreement (MOA) to settle a shareholder dispute. Pursuant ƚŽƚŚĞDK͕>W,͕ƚŚƌŽƵŐŚŝƚƐϭϬϬйͲŽǁŶĞĚƐƵďƐŝĚŝĂƌLJ͕^d/ĂĐƋƵŝƌĞĚƚŚĞƐŚĂƌĞƐŽĨƐƚŽĐŬŽĨ>W, ŽǁŶĞĚ ďLJ ,͕ D ĂŶĚ ƌĞĚŝƚ ^ƵŝƐƐĞ ;^ŝŶŐĂƉŽƌĞͿ >ŝŵŝƚĞĚ ;ƌĞĚŝƚ ^ƵŝƐƐĞͿ͕ ĂŶŽƚŚĞƌ ƐŚĂƌĞŚŽůĚĞƌ͕ ĂŶĚ ƌĞĐĞŝǀĞĚW сϮ͕ϱϬϬ͘Ϭ ŵŝůůŝŽŶ ŝŶ ĐĂƐŚ ŝŶ ĞdžĐŚĂŶŐĞ ĨŽƌ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŵĂŝŶůLJ ĐŽŵƉƌŝƐŝŶŐ ŽĨ ϭϬϬй ŽǁŶĞƌƐŚŝƉŽĨůƉŚĂůĂŶĚDĂŬĂƚŝdŽǁĞƌ͕/ŶĐ͘;Dd/Ϳ͖ϭϬϬйŽǁŶĞƌƐŚŝƉŽĨůƉŚĂůĂŶĚDĂƌŝŶĂŽƌƉŽƌĂƚŝŽŶ ;DͿ ŝŶĐůƵĚŝŶŐ AMC’s investment in preferred shares of ůƉŚĂůĂŶĚ DĂƌŝŶĂ ůƵď͕ /ŶĐ͘ ;D/Ϳ͖ ϱϬй


ͲϱϳͲ  - 55  ŽǁŶĞƌƐŚŝƉŽĨůƉŚĂůĂŶĚĂLJŝƚLJŽƌƉŽƌĂƚŝŽŶ;Ϳ͕ƚŚĞũŽŝŶƚǀĞŶƚƵƌĞĐŽŵƉĂŶLJĨŽƌŵĞĚďLJ^d/ĂŶĚĂ group led by D.M.Wenceslao & Associates, Inc. (DMWAI) (the Wenceslao Group or “WG”); and 60% ŝŶƚĞƌĞƐƚ ŝŶƚŚĞ ƵŶŝŶĐŽƌƉŽƌĂƚĞĚ ũŽŝŶƚ ǀĞŶƚƵƌĞ ďĞƚǁĞĞŶ ƚŚĞ'ƌŽƵƉ ĂŶĚ ŬĞĂŶ ZĞƐŽƌƚƐ ŽƌƉŽƌĂƚŝŽŶ ĂŶĚ ƚŚĞĂĚĚŝƚŝŽŶĂůƉĂƌĐĞůƐŽĨůĂŶĚĂĐƋƵŝƌĞĚďLJƚŚĞ'ƌŽƵƉǁŝƚŚƚŽƚĂůĂƌĞĂŽĨĂƉƉƌŽdžŝŵĂƚĞůLJϭϬ͘ϴϭŚĞĐƚĂƌĞƐ͘ KŶKĐƚŽďĞƌϭϳ͕ϮϬϭϰ͕ƚŚĞƐĞĂƐƐĞƚƐŽǁŶĞĚďLJƚŚĞ'ƌŽƵƉǁĞƌĞƚƌĂŶƐĨĞƌƌĞĚƚŽĞĚĨŽƌĚďƵƌLJĞǀĞůŽƉŵĞŶƚ ŽƌƉŽƌĂƚŝŽŶ ;Ϳ͕ Ă ŶĞǁůLJ ŝŶĐŽƌƉŽƌĂƚĞĚ ĐŽŵƉĂŶLJ ŽǁŶĞĚ ďLJ , ĂŶĚ D͘  ,͕ D ĂŶĚ  ǁŝůů ďĞ collectively referred to as the “AH Group”. The Group’s joint venture with WG is subject to litigation because of WG’s actions in causing a delay in ASTI and AMC’s construction and development of the Marina Club Project. With BDC’s takeover of DĂŶĚD/͕ĂƐƐƵŵĞĚƚŚĞƌĞƐƉŽŶƐŝďŝůŝƚLJŽĨŚĂŶĚůŝŶŐƚŚĞůŝƚŝŐĂƚŝŽŶǁŝƚŚt'͘  WƵƌƐƵĂŶƚ ƚŽ ŝŵƉůĞŵĞŶƚĂƚŝŽŶ ŽĨ ƚŚĞ DK ĚŝƐĐƵƐƐĞĚ ĂďŽǀĞ͕ ^d/ ĂĐƋƵŝƌĞĚ ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ŽĨ >W, ŽǁŶĞĚďLJ,͕DĂŶĚƌĞĚŝƚ^ƵŝƐƐĞĂŵŽƵŶƚŝŶŐƚŽW сϭϲ͕ϴϭϴ͘ϬŵŝůůŝŽŶ͘  /Ŷ ϮϬϭϳ͕ ^d/ ĂĐƋƵŝƌĞĚ ĂĚĚŝƚŝŽŶĂů ƐŚĂƌĞƐ ŽĨ ƐƚŽĐŬ ŽĨ >W, ŽǁŶĞĚ ďLJ Ă ŵŝŶŽƌŝƚLJ ƐŚĂƌĞŚŽůĚĞƌ ŽĨ сϲϯ͘ϮŵŝůůŝŽŶ͘ W  ^ƚŽĐŬ^Ɖůŝƚ ^ƵďũĞĐƚ ƚŽ ĂƉƉƌŽǀĂůŽĨƚŚĞ ^͕ >W, ǁŝůů ƵŶĚĞƌƚĂŬĞ ĂϭϬͲĨŽƌͲϭƐƚŽĐŬ ƐƉůŝƚ ǁŚĞƌĞďLJ ŝƚƐ ĐĂƉŝƚĂů ƐƚŽĐŬ ǁŽƵůĚďĞĚŝǀŝĚĞĚŝŶƚŽW сϱϬ͘ϬďŝůůŝŽŶĐŽŵŵŽŶƐŚĂƌĞƐǁŝƚŚĂƉĂƌǀĂůƵĞW сϬ͘ϭϬĞĂĐŚƐŚĂƌĞ͘dŚĞƐƚŽĐŬƐƉůŝƚ ǁĂƐ ĂƉƉƌŽǀĞĚ ďLJ ƚŚĞ K ŽĨ >W, ŽŶ EŽǀĞŵďĞƌ ϭϳ͕ ϮϬϭϲ ĂŶĚ ďLJ ƐƚŽĐŬŚŽůĚĞƌƐ ƌĞƉƌĞƐĞŶƚŝŶŐ ŵŽƌĞ ƚŚĂŶ Ϯͬϯ ŽĨ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ĐĂƉŝƚĂů ƐƚŽĐŬ ŽĨ >W, ĚƵƌŝŶŐ ƚŚĞ ĂŶŶƵĂů ŵĞĞƚŝŶŐ ŚĞůĚ ŽŶ DĂLJϭϬ͕ϮϬϭϳ͘dŚĞϭϬͲĨŽƌͲϭƐƚŽĐŬƐƉůŝƚǁĂƐĨŝůĞĚǁŝƚŚƚŚĞ^ŽŶ:ĂŶƵĂƌLJϭϵ͕ϮϬϭϴ͘   ϭϳ͘ ZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƚŝŽŶƐ





dŚĞ'ƌŽƵƉ͕ŝŶŝƚƐƌĞŐƵůĂƌĐŽŶĚƵĐƚŽĨďƵƐŝŶĞƐƐ͕ŚĂƐƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚŝƚƐƌĞůĂƚĞĚƉĂƌƚŝĞƐ͘dŚĞĨŽůůŽǁŝŶŐ ƚĂďůĞƐƐƵŵŵĂƌŝnjĞƚŚĞƚƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚƚŚĞƌĞůĂƚĞĚƉĂƌƚŝĞƐĂŶĚŽƵƚƐƚĂŶĚŝŶŐďĂůĂŶĐĞĂƌŝƐŝŶŐĨƌŽŵƚŚĞƐĞ ƚƌĂŶƐĂĐƚŝŽŶƐ͘   ƐƐŽĐŝĂƚĞͲ  ^/

  WƵƌĐŚĂƐĞƐ  W сϯϰ͕Ϯϳϯ͕Ϭϵϱ

ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌĐŽŵŵŽŶ ŬĞLJŵĂŶĂŐĞŵĞŶƚ

W сϴϮ͕ϰϭϭ͕ϵϵϯ

  dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ƐƐŽĐŝĂƚĞͲ  ^/ ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌĐŽŵŵŽŶ ŬĞLJŵĂŶĂŐĞŵĞŶƚ  

ϮϬϭϳ

ZĞŶƚĂů  W с–

  WƵƌĐŚĂƐĞƐ  W сϮϱ͕ϵϴϯ͕ϯϱϴ

W сϵϱϰ͕ϴϲϵ

W с–

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ   W с–

  ŵŽƵŶƚŽĨ dƌĂŶƐĂĐƚŝŽŶƐ   W сϯϲ͕ϲϳϭ

– 

ϭϯϰ͕ϯϭϴ W сϭϯϰ͕ϯϭϴ

ϯϵ͕ϯϰϲ͕ϭϲϵ 

Ϯϰ͕ϴϵϰ͕ϴϴϰ W сϮϰ͕ϵϯϭ͕ϱϱϱ









  ŵŽƵŶƚŽĨ dƌĂŶƐĂĐƚŝŽŶƐ   W с–

ϮϬϭϳ

ϮϬϭϲ

ZĞŶƚĂů  W сϭϵϱ͕ϭϵϳ W сϵϱϰ͕ϴϲϵ

ϮϬϭϲ

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ   W сϯϲ͕ϲϳϭ

137


  ŵŽƵŶƚŽĨ dƌĂŶƐĂĐƚŝŽŶƐ

  dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ ƐƐŽĐŝĂƚĞͲ  ^/ ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌĐŽŵŵŽŶ  ŬĞLJŵĂŶĂŐĞŵĞŶƚ 







  ŵŽƵŶƚŽĨ dƌĂŶƐĂĐƚŝŽŶƐ

  W сϯϰ͕Ϯϳϯ͕Ϭϵϱ

  W с–

  W сϮϱ͕ϵϴϯ͕ϯϱϴ

  W сϭ͕ϭϭϵ͕ϴϰϯ

ϴϮ͕ϰϭϭ͕ϵϵϯ 

ϱϮ͕ϲϰϬ W сϱϮ͕ϲϰϬ

Ϯϯ͕ϰϴϴ͕ϱϴϮ 

ϭϭ͕ϭϲϵ͕ϯϰϯ W сϭϮ͕Ϯϴϵ͕ϭϴϲ

EĂƚƵƌĞŽĨdƌĂŶƐĂĐƚŝŽŶƐ 

 , 

ZĞŝŵďƵƌƐĞŵĞŶƚŽĨ ĞdžƉĞŶƐĞƐ ZĞŝŵďƵƌƐĞŵĞŶƚŽĨ ĞdžƉĞŶƐĞƐ 

ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌ ĐŽŵŵŽŶŬĞLJ ŵĂŶĂŐĞŵĞŶƚ

ZĞŝŵďƵƌƐĞŵĞŶƚŽĨ ĞdžƉĞŶƐĞƐ

 ^/

 ĚǀĂŶĐĞƐĨƌŽŵ ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌ ĐŽŵŵŽŶŬĞLJ ŵĂŶĂŐĞŵĞŶƚ

ϮϬϭϳ

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ



 ĚǀĂŶĐĞƐƚŽ ƐƐŽĐŝĂƚĞƐ͗

ͲϱϴͲ  - 56 -

 

WƵƌĐŚĂƐĞŽĨĂƐƐĞƚƐĂŶĚ ƌĞŝŵďƵƌƐĞŵĞŶƚŽĨ ĞdžƉĞŶƐĞƐ

ϮϬϭϳ ŵŽƵŶƚŽĨ KƵƚƐƚĂŶĚŝŶŐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ     W с– – 

W с– ϭ͕ϬϮϮ͕ϴϮϯ W сϭ͕ϬϮϮ͕ϴϮϯ

W сϯϲϴ͕ϯϮϱ͕ϰϰϮ W сϮ͕ϳϳϳ͕Ϭϰϴ͕ϯϬϳ

ϮϬϭϲ

KƵƚƐƚĂŶĚŝŶŐ ĂůĂŶĐĞƐ

ϮϬϭϲ ŵŽƵŶƚŽĨ KƵƚƐƚĂŶĚŝŶŐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ     W сϴϳϬ͕ϴϮϲ

W сϭ͕ϲϴϵ͕ϳϬϬ

ϲϴϱ͕ϭϬϲ 

ϭ͕ϬϮϮ͕ϯϮϯ W сϮ͕ϳϭϮ͕ϬϮϯ

W сϴϯϯ͕ϭϴϬ͕ϱϳϯ W сϮ͕ϰϭϮ͕ϳϰϮ͕ϱϴϭ

 

 

 

 

W сϳϳ͕ϬϵϬ͕ϲϰϮ

W сϴϭ͕ϳϲϯ͕ϴϳϳ

W сϮϭ͕ϳϭϰ͕Ϭϱϯ

W сϴ͕ϲϵϮ͕ϵϱϭ

ĚǀĂŶĐĞƐ ƚŽ ĂƐƐŽĐŝĂƚĞƐ ĂŵŽƵŶƚŝŶŐ ƚŽW сϭ͘Ϭ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂƌĞ ŝŶĐůƵĚĞĚ under “Investments in and advances to associates” account in the consolidated statements of financial ƉŽƐŝƚŝŽŶ;ƐĞĞEŽƚĞϵͿ͘ KƚŚĞƌƚƌĂŶƐĂĐƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉǁŝƚŚŝƚƐƌĞůĂƚĞĚƉĂƌƚŝĞƐĂƌĞĂƐĨŽůůŽǁƐ͗

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Ɛ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϭϭ͕ ZsK ŝƐ ƚŚĞ ďĞŶĞĨŝĐŝĂů ŽǁŶĞƌ ŽĨ ƚŚĞ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ ;Ğ͘ŝ͘ ĂŐƵŝŽ WƌŽƉĞƌƚLJĂŶĚW'KZŝƚLJWƌŽƉĞƌƚLJͿĂĐƋƵŝƌĞĚďLJƚŚĞ'ƌŽƵƉĚƵƌŝŶŐϮϬϭϱ͘

/ŶϮϬϭϲ͕ƚŚĞ'ƌŽƵƉĞŶƚĞƌĞĚŝŶƚŽůĞĂƐĞĂŐƌĞĞŵĞŶƚƐǁŝƚŚdDW/ĂŶĚ//ĨŽƌƚŚĞƌĞŶƚĂůƐƉĂĐĞŽĨ t/ĨŽƌĂŶŝŶĚĞĨŝŶŝƚĞƉĞƌŝŽĚƵŶƚŝůƐƵĐŚĂŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚ͘ZĞŶƚĞdžƉĞŶƐĞĂŵŽƵŶƚĞĚƚŽŶŝů ĂŶĚW сϮϯ͘ϮŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϴͿ͘

/ŶƉƌŝůϮϬϭϯ͕//ĂŶĚƚŚĞ/ZĞdžĞĐƵƚĞĚĂ>ĞƚƚĞƌŐƌĞĞŵĞŶƚǁŚĞƌĞŝŶƚŚĞƉĂƌƚŝĞƐĂŐƌĞĞĚƚŚĂƚ ƚŚĞĚŝĨĨĞƌĞŶĐĞďĞƚǁĞĞŶƚŚĞďƵĚŐĞƚƵŶĚĞƌƚŚĞ^ƵƉƉůĞŵĞŶƚĂƌLJĂŶĚƚŚĞĂĐƚƵĂůĐŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ ŝŶĐƵƌƌĞĚ ǁŝůů ďĞ ƚƌĞĂƚĞĚ ĂƐ ĂĚǀĂŶĐĞƐ ƚŽ //͘  ĚǀĂŶĐĞƐ ƚŽ // ƌĞůĂƚĞĚ ƚŽ ƚŚŝƐ ĂŐƌĞĞŵĞŶƚ ĂŵŽƵŶƚŝŶŐƚŽW сϭ͕ϱϳϱ͘ϱŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϰŝƐĚƵĞĂŶĚĚĞŵĂŶĚĂďůĞ;ƐĞĞEŽƚĞϭϬͿ͘

KŶ ƵŐƵƐƚ ϱ͕ ϮϬϭϮ͕ >W,͕ ^d/ ĂŶĚ // ĞdžĞĐƵƚĞĚ Ă >ĞƚƚĞƌ ŐƌĞĞŵĞŶƚ ǁŚĞƌĞďLJ ^d/͕ ĂƐ ƚŚĞ development arm of the Alphaland Group and on behalf of ALPHA, undertakes to perform ALPHA’s ŽďůŝŐĂƚŝŽŶƐƵŶĚĞƌƚŚĞ;ĂƐƐƵƉƉůĞŵĞŶƚĞĚͿĞŶƚĞƌĞĚŝŶƚŽďLJ>W,ǁŝƚŚ/ZĂŶĚ//ŽǀĞƌƚŚĞ Island Club, specifically to provide a subsidy to the Island Club’s operations during ABICI’s ĐŽŶƐƚƌƵĐƚŝŽŶƉĞƌŝŽĚ͘


ͲϱϵͲ  - 57 ĚǀĂŶĐĞƐ ƚŽ ŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽLJĞĞƐ ĂŵŽƵŶƚĞĚ ƚŽ W с ϴ͘ϴ ŵŝůůŝŽŶ ĂŶĚ W с ϭϴ͘ϳ ŵŝůůŝŽŶ ĂƐ Ăƚ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϲͿ͘

dĞƌŵƐĂŶĚŽŶĚŝƚŝŽŶƐŽĨdƌĂŶƐĂĐƚŝŽŶƐǁŝƚŚZĞůĂƚĞĚWĂƌƚŝĞƐ KƵƚƐƚĂŶĚŝŶŐ ďĂůĂŶĐĞƐ ĂƐ ŽĨ LJĞĂƌͲĞŶĚ ĂƌĞ ƵŶƐĞĐƵƌĞĚ͕ ŝŶƚĞƌĞƐƚͲĨƌĞĞ ĂŶĚ ƐĞƚƚůĞŵĞŶƚ ŽĐĐƵƌƐ ŝŶ ĐĂƐŚ Žƌ ĞƋƵŝƚLJ͘dŚĞ'ƌŽƵƉŚĂƐŶŽƚŵĂĚĞĂŶLJƉƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐƌĞůĂƚŝŶŐƚŽƚŚĞĂŵŽƵŶƚƐŽǁĞĚďLJ ƌĞůĂƚĞĚƉĂƌƚŝĞƐ͘  ŽŵƉĞŶƐĂƚŝŽŶŽĨ<ĞLJDĂŶĂŐĞŵĞŶƚWĞƌƐŽŶŶĞů dŚĞ ĚĞƚĂŝůƐŽĨĐŽŵƉĞŶƐĂƚŝŽŶŽĨŬĞLJŵĂŶĂŐĞŵĞŶƚƉĞƌƐŽŶŶĞů͕ǁŚŝĐŚŝŶĐůƵĚĞ ŝƚƐƐĞŶŝŽƌǀŝĐĞƉƌĞƐŝĚĞŶƚƐ͕ ĨŽůůŽǁ͗   ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ^ŚŽƌƚͲƚĞƌŵĞŵƉůŽLJĞĞďĞŶĞĨŝƚƐ W сϴϯ͕ϴϲϴ͕ϯϭϬ сϯϲ͕ϯϮϲ͕Ϯϲϴ W сϱϰ͕ϱϯϱ͕ϲϱϵ W WŽƐƚͲĞŵƉůŽLJŵĞŶƚďĞŶĞĨŝƚƐ Ϯϴ͕ϲϯϳ͕ϵϱϮ ϵ͕ϲϴϳ͕ϬϬϱ ϭϲ͕ϵϬϴ͕ϵϬϳ  W сϭϭϮ͕ϱϬϲ͕ϮϲϮ сϰϲ͕Ϭϭϯ͕Ϯϳϯ W сϳϭ͕ϰϰϰ͕ϱϲϲ W 

^ƚŽĐŬKƉƚŝŽŶWůĂŶ KŶĞĐĞŵďĞƌϭϵ͕ϮϬϭϲ͕ƚŚĞ ^ƚŽĐŬKƉƚŝŽŶWůĂŶŽŵŵŝƚƚĞĞĂǁĂƌĚĞĚƐƚŽĐŬŽƉƚŝŽŶƐƚŽŬĞLJŽĨĨŝĐĞƌƐ ĂŶĚ ĞŵƉůŽLJĞĞƐŽĨƚŚĞ'ƌŽƵƉ͕ƐƵďũĞĐƚƚŽƚŚĞĂƉƉƌŽǀĂůŽĨƚŚĞ^͘dŚĞ^ƚŽĐŬKƉƚŝŽŶWůĂŶǁĂƐĂƉƉƌŽǀĞĚďLJ ƚŚĞKŽĨ>W,ŽŶ:ƵŶĞϱ͕ϮϬϭϯ͕ĂŶĚďLJƐƚŽĐŬŚŽůĚĞƌƐƌĞƉƌĞƐĞŶƚŝŶŐŵŽƌĞƚŚĂŶϮͬϯŽĨƚŚĞŽƵƚƐƚĂŶĚŝŶŐ ĐĂƉŝƚĂůƐƚŽĐŬŽĨ>W,ĚƵƌŝŶŐƚŚĞĂŶŶƵĂůŵĞĞƚŝŶŐŚĞůĚŽŶĞĐĞŵďĞƌϯ͕ϮϬϭϰ͘

  ϭϴ͘ KƉĞƌĂƚŝŶŐ>ĞĂƐĞŽŵŵŝƚŵĞŶƚƐ

^d/ ĞŶƚĞƌĞĚ ŝŶƚŽ ǀĂƌŝŽƵƐ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƐ Ă ůĞƐƐŽƌ ĐŽǀĞƌŝŶŐ ŵĂůů ĂŶĚ ŽĨĨŝĐĞ ƐƉĂĐĞƐ Ăƚ ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌĨŽƌĂƉĞƌŝŽĚŽĨŽŶĞƚŽƚĞŶLJĞĂƌƐ͕ǁŚŝĐŚŵĂLJďĞƌĞŶĞǁĞĚŽƌĞdžƚĞŶĚĞĚƵŶĚĞƌ ƐƵĐŚ ŶĞǁ Žƌ ĂĚĚŝƚŝŽŶĂů ƚĞƌŵƐ Žƌ ĐŽŶĚŝƚŝŽŶƐ ĂŐƌĞĞĚ ďLJ ƚŚĞ ƉĂƌƚŝĞƐ͘  hƉŽŶ ŝŶĐĞƉƚŝŽŶ ŽĨ ƚŚĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ͕ƚĞŶĂŶƚƐ ĂƌĞ ƌĞƋƵŝƌĞĚƚŽƉĂLJĐĞƌƚĂŝŶĂŵŽƵŶƚƐ ŽĨĚĞƉŽƐŝƚƐ͘dĞŶĂŶƚƐůŝŬĞǁŝƐĞ ƉĂLJĞŝƚŚĞƌĂ ĨŝdžĞĚŵŽŶƚŚůLJƌĞŶƚ͕ǁŚŝĐŚŝƐĐĂůĐƵůĂƚĞĚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĂĨŝdžĞĚƐƵŵƉĞƌƐƋƵĂƌĞŵĞƚĞƌŽĨĂƌĞĂůĞĂƐĞĚ͕ ŽƌƉĂLJƌĞŶƚŽŶĂƉĞƌĐĞŶƚĂŐĞƌĞŶƚĂůďĂƐŝƐ͕ǁŚŝĐŚĐŽŵƉƌŝƐĞƐĂďĂƐŝĐŵŽŶƚŚůLJĂŵŽƵŶƚĂŶĚĂƉĞƌĐĞŶƚĂŐĞŽĨ ŐƌŽƐƐƐĂůĞƐŽƌĂŵŝŶŝŵƵŵƐĞƚĂŵŽƵŶƚ͕ǁŚŝĐŚĞǀĞƌŝƐŚŝŐŚĞƌ͘ /Ŷ ϮϬϭϮ͕ DW/ ĞŶƚĞƌĞĚ ŝŶƚŽ ǀĂƌŝŽƵƐ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƐ Ă ůĞƐƐŽƌ ĐŽǀĞƌŝŶŐ ŵĂůů ƐƉĂĐĞƐ Ăƚ ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞĨŽƌǀĂƌLJŝŶŐƉĞƌŝŽĚƐƌĂŶŐŝŶŐĨƌŽŵƚǁŽƚŽĨŝǀĞLJĞĂƌƐ͕ǁŚŝĐŚŵĂLJďĞƌĞŶĞǁĞĚŽƌ ĞdžƚĞŶĚĞĚƵŶĚĞƌƐƵĐŚŶĞǁŽƌĂĚĚŝƚŝŽŶĂůƚĞƌŵƐŽƌĐŽŶĚŝƚŝŽŶƐĂŐƌĞĞĚďLJƚŚĞƉĂƌƚŝĞƐ͘hƉŽŶŝŶĐĞƉƚŝŽŶŽĨ ƚŚĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ͕ ƚĞŶĂŶƚƐ ĂƌĞ ƌĞƋƵŝƌĞĚ ƚŽ ƉĂLJ ƐĞĐƵƌŝƚLJ ĚĞƉŽƐŝƚƐ ĞƋƵŝǀĂůĞŶƚ ƚŽ ƚŚƌĞĞ ŵŽŶƚŚƐ ŽĨ ƌĞŶƚ͘dĞŶĂŶƚƐůŝŬĞǁŝƐĞƉĂLJĂĨŝdžĞĚŵŽŶƚŚůLJƌĞŶƚƐƵďũĞĐƚƚŽĂϱйĞƐĐĂůĂƚŝŽŶƌĂƚĞďĞŐŝŶŶŝŶŐŽŶƚŚĞƚŚŝƌĚ LJĞĂƌŽĨƚŚĞůĞĂƐĞƚĞƌŵ͕ŝŶǁŚŝĐŚƚŚĞŵŽŶƚŚůLJƌĞŶƚŝƐĐĂůĐƵůĂƚĞĚǁŝƚŚƌĞĨĞƌĞŶĐĞƚŽĂĨŝdžĞĚƐƵŵƉĞƌƐƋƵĂƌĞ ŵĞƚĞƌŽĨůĞĂƐĞĚĂƌĞĂ͕ĂŶĚͬŽƌƉĂLJƌĞŶƚŽŶĂƉĞƌĐĞŶƚĂŐĞƌĞŶƚĂůďĂƐŝƐ͕ǁŚŝĐŚĐŽŵƉƌŝƐĞƐĂƉĞƌĐĞŶƚĂŐĞŽĨ ŐƌŽƐƐ ƐĂůĞƐ͘ ŽŵŵĞŶĐĞŵĞŶƚ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ ƐƚĂƌƚĞĚ ƵƉŽŶ ĐŽŵƉůĞƚŝŽŶ ŽĨ ĐŽŶƐƚƌƵĐƚŝŽŶ ŽĨ ƚŚĞ ŵĂůů ƐƉĂĐĞƐŝŶEŽǀĞŵďĞƌϮϬϭϯ͘  The Group’s customers’ deposits on lease contracts are as follows:   ϮϬϭϳ ϮϬϭϲ ƵƌƌĞŶƚ W сϳϯ͕ϱϬϰ͕ϭϴϳ сϮϮ͕ϵϯϮ͕ϱϳϮ W EŽŶĐƵƌƌĞŶƚ ϵϳ͕ϲϬϰ͕ϲϱϱ ϭϮϳ͕Ϭϯϯ͕ϴϴϬ  W сϭϳϭ͕ϭϬϴ͕ϴϰϮ сϭϰϵ͕ϵϲϲ͕ϰϱϮ W

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ͲϲϬͲ - 58   Customers’ deposits on lease contracts are generally equivalent to six months rental and refundable at ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘  ƵƌƌĞŶƚ ƉŽƌƚŝŽŶ ƉĞƌƚĂŝŶƐ ƚŽ ŽŶĞ LJĞĂƌ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ǁŚŝůĞ ŶŽŶĐƵƌƌĞŶƚƉŽƌƚŝŽŶƉĞƌƚĂŝŶƐƚŽƚǁŽƚŽĨŝǀĞyears’ŽƉĞƌĂƚŝŶŐůĞĂƐĞĂŐƌĞĞŵĞŶƚƐ͘ dŚĞƚĞƌŵƐŽĨƚŚĞůĞĂƐĞĂŐƌĞĞŵĞŶƚƐĂůƐŽƉƌŽǀŝĚĞĨŽƌĂŶŝŶĐƌĞĂƐĞŝŶƚŚĞƌĞŶƚŐĞŶĞƌĂůůLJĂƚƚŚĞƌĂƚĞŽĨϱй ƚŽϭϬйƐƚĂƌƚŝŶŐŽŶƚŚĞƐĞĐŽŶĚLJĞĂƌĂŶĚĂŶŶƵĂůůLJƚŚĞƌĞĂĨƚĞƌ͕ĂƐĂƉƉůŝĐĂďůĞ͘ ZĞŶƚ ŝŶĐŽŵĞ ĂŶĚ ĐŽŵŵŽŶ ƵƚŝůŝƚŝĞƐ͕ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŚĂƌŐĞƐ ĨƌŽŵ ůƉŚĂůĂŶĚ ^ŽƵƚŚŐĂƚĞ dŽǁĞƌ ĂŵŽƵŶƚĞĚ ƚŽW с ϳϰϬ͘ϯ ŵŝůůŝŽŶ͕W с ϲϮϰ͘ϲ ŵŝůůŝŽŶ ĂŶĚW с ϱϴϲ͘Ϭ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ ;ƐĞĞ EŽƚĞ ϭϭͿ͘  ŝƌĞĐƚ ĐŽƐƚƐ ƌĞůĂƚĞĚ ƚŽ ƌĞŶƚ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽW с ϭϮϳ͘ϲ ŵŝůůŝŽŶ͕ сϭϭϭ͘ϯ ŵŝůůŝŽŶ ĂŶĚW W сϭϮϭ͘Ϯ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͕ ǁŚŝĐŚ ŵĂŝŶůLJ ĐŽŵƉƌŝƐĞĚ ŽĨ ƵƚŝůŝƚŝĞƐĂŶĚĐŽŵŵŝƐƐĂƌLJĐŽƐƚƐ;ƐĞĞEŽƚĞϭϭͿ͘ ZĞŶƚ ŝŶĐŽŵĞ ĂŶĚ ĐŽŵŵŽŶ ƵƚŝůŝƚŝĞƐ͕ ƐĞƌǀŝĐĞƐ ĂŶĚ ŵĂŝŶƚĞŶĂŶĐĞ ĐŚĂƌŐĞƐ ĨƌŽŵ ůƉŚĂůĂŶĚ DĂŬĂƚŝ WůĂĐĞ ĂŵŽƵŶƚĞĚ ƚŽW сϵϰ͘ϱ ŵŝůůŝŽŶ͕W сϳϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚW сϳϲ͘ϴ ŵŝůůŝŽŶ ŝŶ ϮϬϭϳ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůLJ ;ƐĞĞEŽƚĞϭϭͿ͘  The Group recognizes the customers’ deposits at fair value. The fair value of the deposit is determined ďĂƐĞĚŽŶƚŚĞƉƌĞǀĂŝůŝŶŐŵĂƌŬĞƚƌĂƚĞŽĨŝŶƚĞƌĞƐƚĨŽƌĂƐŝŵŝůĂƌůŽĂŶ͘dŚĞĞdžĐĞƐƐŽĨƚŚĞƉƌŝŶĐŝƉĂůĂŵŽƵŶƚŽĨ ƚŚĞĚĞƉŽƐŝƚŽǀĞƌŝƚƐĨĂŝƌǀĂůƵĞŝƐĂĐĐŽƵŶƚĞĚĨŽƌĂƐĚĞĨĞƌƌĞĚůĞĂƐĞŝŶĐŽŵĞĂŶĚĂŵŽƌƚŝnjĞĚŽŶĂƐƚƌĂŝŐŚƚͲ ůŝŶĞ ďĂƐŝƐ͘  dŚĞ ĚĞĨĞƌƌĞĚ ůĞĂƐĞ ŝŶĐŽŵĞ ĂŵŽƵŶƚĞĚ ƚŽ W с Ϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚ сϯ͘ϳŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͕ĂŶĚŝƐŝŶĐluded under “Other noncurrent W liabilities” account in the consolidated statements of financial position. Aside from customers’ deposits paid by tenants, advance rentals generally equivalent to two months ƌĞŶƚĂůĂƌĞĂůƐŽƉĂŝĚĂŶĚŝŶĐůƵĚĞĚŝŶƚŚĞŝŶŝƚŝĂůďŝůůŝŶŐƚŽƚĞŶĂŶƚƐ͕ǁŚŝĐŚƐŚĂůůďĞĂƉƉůŝĞĚƚŽƚŚĞŵŽŶƚŚůLJ ƌĞŶƚĂů Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ůĞĂƐĞ ƚĞƌŵ͘  ĚǀĂŶĐĞ ƌĞŶƚĂů ĂŵŽƵŶƚĞĚ ƚŽ W с ϭϳ͘ϳ ŵŝůůŝŽŶ ĂŶĚ сϯϵ͘ϴŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ, respectively, and is included under “Other noŶĐƵƌƌĞŶƚ W liabilities” account in the consolidated statements of financial position. ƐƚŝŵĂƚĞĚ ŵŝŶŝŵƵŵ ĨƵƚƵƌĞ ƌĞŶƚĂů ƌĞĐĞŝǀĂďůĞ ƵŶĚĞƌ ƚŚĞ ůĞĂƐĞ ĂŐƌĞĞŵĞŶƚƐ ĂƌĞ ĂƐ ĨŽůůŽǁƐ ĂƐ Ăƚ ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳ͗ tŝƚŚŝŶŽŶĞLJĞĂƌ ĨƚĞƌŽŶĞLJĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶĨŝǀĞLJĞĂƌƐ 



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сWϭϬϲ͕ϰϲϰ͕ϯϱϳ ϯϲϴ͕ϳϲϴ͕ϭϲϰ сϰϳϱ͕ϮϯϮ͕ϱϮϭ W

t/ ŚĂƐ ĞŶƚĞƌĞĚ ŝŶƚŽ Ă ĐŽŵŵĞƌĐŝĂů ůĞĂƐĞ ĨŽƌ ƚŚĞ ƌĞŶƚĂů ƐƉĂĐĞ ŽĨ ǁĞůůŶĞƐƐ ĐĞŶƚĞƌƐ ĨŽƌ ĂŶ ŝŶĚĞĨŝŶŝƚĞ ƉĞƌŝŽĚƵŶƚŝůƐƵĐŚĂŐƌĞĞŵĞŶƚŝƐƚĞƌŵŝŶĂƚĞĚ͘t/ŚĂƐĚĞƚĞƌŵŝŶĞĚ͕ďĂƐĞĚŽŶĂŶĞǀĂůƵĂƚŝŽŶŽĨƚŚĞƚĞƌŵƐ ĂŶĚ ĐŽŶĚŝƚŝŽŶƐ ŽĨ ƚŚĞ ĂƌƌĂŶŐĞŵĞŶƚ͕ ƚŚĂƚ ƚŚĞ ůĞƐƐŽƌ ƌĞƚĂŝŶƐ Ăůů ƚŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ƌŝƐŬƐ ĂŶĚ ƌĞǁĂƌĚƐ ŽĨ ŽǁŶĞƌƐŚŝƉ ŽĨ ƚŚĞ ƉƌŽƉĞƌƚŝĞƐ ĂŶĚ ƚŚƵƐ͕ ĂĐĐŽƵŶƚƐ ĨŽƌ ƚŚĞ ĐŽŶƚƌĂĐƚ ĂƐ ĂŶ ŽƉĞƌĂƚŝŶŐ ůĞĂƐĞ͘ KŶ :ĂŶƵĂƌLJϯϬ͕ϮϬϭϳ͕ƚŚĞƉĂƌƚŝĞƐĂŐƌĞĞĚƚŽƌĞƐĐŝŶĚƚŚĞĂŐƌĞĞŵĞŶƚŽŶƚŚĞĐŽŵŵĞƌĐŝĂůůĞĂƐĞ͘ t/ƌĞĐŽŐŶŝnjĞĚƌĞŶƚĞdžƉĞŶƐĞĂŵŽƵŶƚŝŶŐƚŽW сϮϯ͘ϮŵŝůůŝŽŶŝŶϮϬϭϲ;ƐĞĞEŽƚĞϭϳͿ͘ ^ĞĐƵƌŝƚLJĚĞƉŽƐŝƚƐƉƌŝŵĂƌŝůLJƉĞƌƚĂŝŶ ƚŽĚĞƉŽƐŝƚ ĞƋƵŝǀĂůĞŶƚ ƚŽƚŚƌĞĞmonths’ rent and stand as security ĨŽƌƚŚĞƉƌŽƉĞƌĂŶĚĚƵĞƉĞƌĨŽƌŵĂŶĐĞŽĨĂůůƚŚĞ'ƌŽƵƉ’s obligations under the lease agreement. These ĂƌĞƌĞĨƵŶĚĂďůĞƵƉŽŶƚĞƌŵŝŶĂƚŝŽŶŽĨƚŚĞůĞĂƐĞƚĞƌŵ;ƐĞĞEŽƚĞϭϯͿ͘ 


ͲϲϭͲ - 59   ϭϵ͘ ŽƐƚĂŶĚdžƉĞŶƐĞƐ 

ŽƐƚĂŶĚĞdžƉĞŶƐĞƐĂƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐĨŽůůŽǁƐ͗ EŽƚĞ  ϳ ϳ 

ϮϬϭϳ  W сϴϭϴ͕ϯϲϱ͕ϭϯϳ ϭϱ͕ϵϳϰ͕ϳϴϴ W сϴϯϰ͕ϯϯϵ͕ϵϮϱ

ϮϬϭϲ  сϭ͕Ϭϳϯ͕ϲϵϭ͕ϯϲϲ W Ϯϭ͕ϭϲϲ͕ϭϮϬ сϭ͕Ϭϵϰ͕ϴϱϳ͕ϰϴϲ W

ϮϬϭϱ  сϭ͕ϭϴϬ͕Ϭϭϳ͕ϳϳϴ W Ϯϳ͕ϯϲϴ͕ϰϰϰ сϭ͕ϮϬϳ͕ϯϴϲ͕ϮϮϮ W

ŽƐƚŽĨƐĞƌǀŝĐĞƐ͗  dƌĂŶƐƉŽƌƚĂƚŝŽŶ  hƚŝůŝƚŝĞƐ  KƚŚĞƌƐ 

    

 W сϭϲϭ͕ϵϭϲ͕ϰϬϰ ϭϵϮ͕ϳϱϳ͕ϲϯϯ ϱ͕ϳϵϯ͕ϲϯϯ W сϯϲϬ͕ϰϲϳ͕ϲϳϬ

 сWϭϱϳ͕Ϭϰϯ͕ϴϭϭ ϭϮϭ͕ϲϯϮ͕ϴϵϭ ϳ͕ϮϬϲ͕ϴϵϭ сϮϴϱ͕ϴϴϯ͕ϱϵϯ W

 сWϲϵ͕ϰϳϳ͕ϳϰϴ ϭϯϮ͕ϭϯϴ͕ϯϮϭ ϭ͕Ϯϲϴ͕ϭϭϮ сϮϬϮ͕ϴϴϰ͕ϭϴϭ W

'ĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͗  ^ĂůĂƌŝĞƐĂŶĚĞŵƉůoyees’ ďĞŶĞĨŝƚƐ ŽŶĂƚŝŽŶ hƚŝůŝƚŝĞƐĂŶĚƌĞŶƚ ^ĞƌǀŝĐĞĂŶĚƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ dĂdžĞƐĂŶĚůŝĐĞŶƐĞƐ dƌĂǀĞůĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝnjĂƚŝŽŶ  ZĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ  /ŶƐƵƌĂŶĐĞ  ZĞƉƌĞƐĞŶƚĂƚŝŽŶ  ^ƵƉƉůŝĞƐ  ^ĂůĞƐĂŶĚŵĂƌŬĞƚŝŶŐ  ŽŵŵƵŶŝĐĂƚŝŽŶ  tƌŝƚĞͲŽĨĨ͗   dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ  >ĞĂƐĞŚŽůĚƌŝŐŚƚ >ŝƐƚŝŶŐĂŶĚĨŝůŝŶŐĨĞĞƐ KƚŚĞƌƐ 

  

 W сϮϭϵ͕ϴϱϳ͕ϭϯϭ ϭϭϰ͕ϭϯϭ͕ϲϵϲ ϭϬϵ͕ϯϳϭ͕ϱϲϰ ϴϯ͕ϯϵϯ͕ϳϮϬ ϳϭ͕ϵϰϬ͕Ϭϰϳ ϲϵ͕ϭϬϵ͕ϳϴϴ ϲϮ͕ϵϰϰ͕ϰϳϮ ϰϵ͕ϯϱϲ͕Ϭϵϳ ϯϵ͕Ϯϭϱ͕ϳϳϳ ϯϯ͕ϱϴϳ͕ϰϲϰ ϭϴ͕Ϯϲϭ͕ϭϬϭ ϭϰ͕Ϭϳϯ͕ϰϱϮ ϵ͕ϰϵϲ͕ϭϲϳ ϳ͕ϴϲϴ͕ϭϯϵ  – – – ϰϰ͕ϭϭϳ͕Ϭϭϲ W сϵϰϲ͕ϳϮϯ͕ϲϯϭ

 сϲϳ͕ϯϮϴ͕ϮϱϮ W – ϴϳ͕ϯϱϯ͕ϯϭϳ ϴϱ͕ϰϱϱ͕Ϭϵϱ ϯϰ͕Ϭϱϯ͕ϱϴϱ ϱϬ͕ϬϬϭ͕Ϯϭϭ Ϯϳ͕ϵϭϰ͕ϲϱϭ ϴϯ͕Ϭϳϱ͕ϲϱϮ Ϯϵ͕ϵϮϮ͕Ϭϰϭ ϲ͕ϲϰϮ͕ϳϲϭ ϭϬ͕ϰϯϯ͕ϵϰϵ ϲ͕ϲϬϱ͕ϴϳϰ ϯϰ͕ϰϭϲ͕ϯϮϬ ϰ͕Ϯϰϭ͕ϳϴϵ  ϲ͕ϴϰϵ͕ϵϳϱ – – Ϯϳ͕ϴϭϱ͕ϲϵϰ сϱϲϮ͕ϭϭϬ͕ϭϲϲ W

 сϱϴ͕ϭϲϵ͕ϳϭϲ W – ϱϵ͕ϱϰϬ͕ϭϴϭ ϳϭ͕ϯϯϬ͕ϴϳϰ – ϱϰ͕Ϭϭϲ͕ϲϮϭ ϯϮ͕ϴϲϬ͕ϮϵϬ ϭϬϰ͕ϰϲϱ͕ϵϯϲ ϮϬ͕ϰϰϭ͕ϴϯϱ ϵ͕ϰϭϰ͕ϯϯϮ ϳ͕ϵϰϬ͕ϱϳϯ ϰ͕ϭϮϬ͕ϳϲϳ ϯϵ͕ϯϵϯ͕ϱϰϵ ϯ͕ϯϮϮ͕ϱϳϲ  ϭϵ͕ϯϴϴ͕ϭϱϳ ϯϯ͕ϳϮϴ͕Ϯϯϳ ϰ͕ϳϭϳ͕ϯϴϲ ϯϲ͕ϴϳϯ͕Ϯϭϭ сϱϱϵ͕ϳϮϰ͕Ϯϰϭ W

 ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ͗  >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ  WĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞ 

          

 

ϲ ϭϮ

ϲ ϭϮ 

KŶ ĞĐĞŵďĞƌ ϮϬϭϳ͕ ^d/ ĚŽŶĂƚĞĚ ƚŽ ƚĞŶĞŽ ĚĞ DĂŶŝůĂ͕ /ŶĐ͘ ;ƚĞŶĞŽͿ͕ Ă ŶŽŶͲƐƚŽĐŬ͕ ŶŽŶͲƉƌŽĨŝƚ ĞĚƵĐĂƚŝŽŶĂůŝŶƐƚŝƚƵƚŝŽŶ͕ǀĂƌŝŽƵƐƌĞĂůĂŶĚƉĞƌƐŽŶĂůƉƌŽƉĞƌƚLJŝŶƐƵƉƉŽƌƚŽĨƚŚĞŵŝƐƐŝŽŶŽĨƚĞŶĞŽƚŽďĞĂŶ ĞĚƵĐĂƚŝŽŶĂů ŝŶƐƚŝƚƵƚŝŽŶ ǁŝƚŚ ƚŚĞ ŚŝŐŚĞƐƚ ůĞǀĞů ŽĨ ƉƌŽĨĞƐƐŝŽŶĂů ĐŽŵƉĞƚĞŶĐĞ ĂŶĚ ƐĞƌǀŝĐĞ ŝŶ ŽƌĚĞƌ ƚŽ ƉƌŽǀŝĚĞƚŚĞďĞƐƚƉŽƐƐŝďůĞƋƵĂůŝƚLJŽĨĨŽƌŵĂƚŝŽŶĂŶĚĞĚƵĐĂƚŝŽŶƚŽŝƚƐƐƚƵĚĞŶƚƐ͘  ϮϬ͘ ZĞƚŝƌĞŵĞŶƚ>ŝĂďŝůŝƚLJ



dŚĞ 'ƌŽƵƉ ŚĂƐ ĂŶ ƵŶĨƵŶĚĞĚ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ƉůĂŶ ĐŽǀĞƌŝŶŐ Ăůů ŝƚƐ ƌĞŐƵůĂƌ ĞŵƉůŽLJĞĞƐ͘  ĞŶĞĨŝƚƐ ĂƌĞ ĐŽŵƉƵƚĞĚ ƵƐŝŶŐ ĂŶ ĂŵŽƵŶƚ ĞƋƵŝǀĂůĞŶƚ ƚŽ ŽŶĞͲhalf month’s salary for every year of service, with six ŵŽŶƚŚƐ Žƌ ŵŽƌĞ ŽĨ ƐĞƌǀŝĐĞ ĐŽŶƐŝĚĞƌĞĚ ĂƐ ŽŶĞ LJĞĂƌ͘  dŚĞ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚLJ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ƚŚĞ ƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚ͘ 

141


ͲϲϮͲ - 60  dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐƵŵŵĂƌŝnjĞƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨƌĞƚŝƌĞŵĞŶƚĞdžƉĞŶƐĞƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ ƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŶĚƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJƌĞĐŽŐŶŝnjĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚ ŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘   ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ZĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚĐŽƐƚ͗     ƵƌƌĞŶƚƐĞƌǀŝĐĞĐŽƐƚ сϴ͕Ϯϳϭ͕ϯϲϱ W W сϭϬ͕ϱϰϴ͕ϭϵϰ сϲ͕Ϯϵϵ͕ϯϲϳ W  WĂƐƚƐĞƌǀŝĐĞĐŽƐƚͲĐƵƌƚĂŝůŵĞŶƚ – – ;ϲ͕Ϯϵϲ͕ϰϱϰͿ  /ŶƚĞƌĞƐƚĐŽƐƚ ϭ͕ϭϵϰ͕ϲϵϲ ϭ͕ϭϭϳ͕ϵϳϬ Ϯ͕ϭϳϯ͕Ϭϰϱ  сϵ͕ϯϴϵ͕ϯϯϱ W W сϲ͕ϰϮϰ͕ϳϴϱ сϳ͕ϰϵϰ͕Ϭϲϯ W   ϮϬϭϳ ϮϬϭϲ WƌĞƐĞŶƚǀĂůƵĞŽĨĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶ͗    ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨLJĞĂƌ W сϯϭ͕ϰϭϱ͕ϵϭϱ сϮϮ͕ϱϳϱ͕ϵϴϴ W  ĐƚƵĂƌŝĂůŐĂŝŶŽŶŽďůŝŐĂƚŝŽŶ ;ϮϮ͕ϯϲϰ͕ϱϵϭͿ ϭ͕ϯϰϱ͕ϴϲϰ  ƵƌƌĞŶƚƐĞƌǀŝĐĞĐŽƐƚ ϭϬ͕ϱϰϴ͕ϭϵϰ ϲ͕Ϯϵϵ͕ϯϲϳ  ĚĚŝƚŝŽŶƐĚƵƌŝŶŐƚŚĞLJĞĂƌ ϴ͕ϵϳϱ͕Ϯϱϵ –  WĂƐƚƐĞƌǀŝĐĞĐŽƐƚͲĐƵƌƚĂŝůŵĞŶƚ ;ϲ͕Ϯϵϲ͕ϰϱϰͿ –  /ŶƚĞƌĞƐƚĐŽƐƚ Ϯ͕ϭϳϯ͕Ϭϰϱ ϭ͕ϭϵϰ͕ϲϵϲ  ĂůĂŶĐĞĂƚĞŶĚŽĨLJĞĂƌ W сϮϰ͕ϰϱϭ͕ϯϲϴ сϯϭ͕ϰϭϱ͕ϵϭϱ W 

WƌŝŶĐŝƉĂůĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗  ŝƐĐŽƵŶƚƌĂƚĞ ^ĂůĂƌLJŝŶĐƌĞĂƐĞƌĂƚĞ

ϮϬϭϳ ϱ͘ϳϬй ϱ͘ϬϬй

ϮϬϭϲ ϱ͘ϯϴй ϱ͘ϬϬй

dŚĞ ƐĞŶƐŝƚŝǀŝƚLJ ĂŶĂůLJƐŝƐ ďĞůŽǁ ŚĂƐ ďĞĞŶ ĚĞƚĞƌŵŝŶĞĚ ďĂƐĞĚ ŽŶ ƌĞĂƐŽŶĂďůLJ ƉŽƐƐŝďůĞ ĐŚĂŶŐĞƐ ŽĨ ĞĂĐŚ ƐŝŐŶŝĨŝĐĂŶƚ ĂƐƐƵŵƉƚŝŽŶ ŽŶ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ ĂƐ ŽĨ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ ƌĞƉŽƌƚŝŶŐƉĞƌŝŽĚ͕ĂƐƐƵŵŝŶŐĂůůŽƚŚĞƌĂƐƐƵŵƉƚŝŽŶƐǁĞƌĞŚĞůĚĐŽŶƐƚĂŶƚ͗   ϮϬϭϳ  /ŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿ ŝƐĐŽƵŶƚƌĂƚĞ͗   /ŶĐƌĞĂƐĞďLJϭϰ͘ϬйƚŽϭϱ͘ϱй W сϯ͕ϱϰϰ͕ϳϱϳ  ĞĐƌĞĂƐĞďLJϭϭ͘ϱйƚŽϭϮ͘ϱй ;Ϯ͕ϵϬϲ͕ϯϱϯͿ



142

^ĂůĂƌLJŝŶĐƌĞĂƐĞƌĂƚĞ͗  /ŶĐƌĞĂƐĞďLJϭϮ͘ϵйƚŽϭϰ͘ϰй  ĞĐƌĞĂƐĞďLJϭϬ͘ϴйƚŽϭϭ͘ϵй

 ϯ͕Ϯϲϵ͕ϲϳϰ ;Ϯ͕ϳϰϮ͕ϲϭϵͿ

  ŝƐĐŽƵŶƚƌĂƚĞ͗  /ŶĐƌĞĂƐĞďLJϳ͘ϭйƚŽϭϱ͘ϳй  ĞĐƌĞĂƐĞďLJϱ͘ϴйƚŽϭϮ͘ϲй

ϮϬϭϲ /ŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿ  сϮ͕ϰϱϮ͕ϭϭϬ W ;ϭ͕ϵϵϳ͕ϲϮϱͿ

^ĂůĂƌLJŝŶĐƌĞĂƐĞƌĂƚĞ͗  /ŶĐƌĞĂƐĞďLJϲ͘ϲйƚŽϭϰ͘ϱй  ĞĐƌĞĂƐĞďLJϱ͘ϱйƚŽϭϭ͘ϵй

 Ϯ͕Ϯϲϳ͕Ϭϲϯ ;ϭ͕ϴϵϮ͕ϬϮϯͿ


ͲϲϯͲ - 61  ^ŚŽǁŶďĞůŽǁŝƐƚŚĞŵĂƚƵƌŝƚLJĂŶĂůLJƐŝƐŽĨƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚďĞŶĞĨŝƚƉĂLJŵĞŶƚƐĂƐĂƚĞĐĞŵďĞƌϯϭ͗ ϮϬϭϳ W сϭ͕Ϯϱϰ͕ϰϯϮ ϯϰϱ͕Ϯϰϱ ϭ͕ϴϲϯ͕ϰϴϲ ϯ͕ϴϬϯ͕ϱϴϯ Ϯ͕ϲϬϰ͕ϵϯϵ Ϯϴ͕ϯϭϬ͕ϰϲϬ

 ϮϬϭϴ ϮϬϭϵ ϮϬϮϬ ϮϬϮϭ ϮϬϮϮ ϮϬϮϯƚŽϮϬϮϳ

 

ϮϬϭϲ сϭϱ͕ϳϴϵ͕ϬϬϬ W – – ϭ͕ϱϬϳ͕ϭϯϱ – Ϯϯ͕ϳϯϳ͕ϴϴϭ

dŚĞĂǀĞƌĂŐĞĚƵƌĂƚŝŽŶŽĨƚŚĞĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶĂƚƚŚĞĞŶĚŽĨƚŚĞƉĞƌŝŽĚŝƐϭϮ͘ϴLJĞĂƌƐƚŽ ϭϰ͘ϬLJĞĂƌƐĂŶĚϭϬ͘ϭLJĞĂƌƐƚŽϭϳ͘ϯLJĞĂƌƐŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ Ϯϭ͘ /ŶĐŽŵĞdĂdžĞƐ /Ŷ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƚŚĞ ƉƌŽǀŝƐŝŽŶ ĨŽƌ ĐƵƌƌĞŶƚ ŝŶĐŽŵĞ ƚĂdž ƌĞƉƌĞƐĞŶƚƐ D/d ĨŽƌ /Z ĂŶĚ DW/ ĂŶĚ Z/dĨŽƌŽƚŚĞƌĐŽŵƉĂŶŝĞƐǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͘  &Žƌ ŝŶĐŽŵĞ ƚĂdž ƉƵƌƉŽƐĞƐ͕ ĨƵůů ƌĞĐŽŐŶŝƚŝŽŶ ŝƐ ĂƉƉůŝĞĚ ǁŚĞŶ ŵŽƌĞ ƚŚĂŶ Ϯϱй ŽĨ ƚŚĞ ƐĞůůŝŶŐ ƉƌŝĐĞ ŽĨ ĐŽŶĚŽŵŝŶŝƵŵ ƵŶŝƚƐ ŚĂƐ ďĞĞŶ ĐŽůůĞĐƚĞĚ ŝŶ ƚŚĞ LJĞĂƌ ŽĨ ƐĂůĞ͘  KƚŚĞƌǁŝƐĞ͕ ƚŚĞ ŝŶƐƚĂůůŵĞŶƚ ŵĞƚŚŽĚ ŝƐ ĂƉƉůŝĞĚ͘  dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞĐomponents of the Group’s net deferred tax liabilities:   ϮϬϭϳ ϮϬϭϲ ĞĨĞƌƌĞĚƚĂdžůŝĂďŝůŝƚŝĞƐ͗   'ĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ W сϭϬ͕ϲϲϮ͕ϲϬϱ͕ϵϳϵ W сϳ͕Ϯϱϰ͕ϯϲϮ͕ϳϲϴ hŶƌĞĂůŝnjĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ Ϯ͕ϲϬϯ͕ϲϭϬ͕ϳϭϯ Ϯ͕ϲϭϵ͕ϯϵϵ͕ϵϰϱ ĐĐƵŵƵůĂƚĞĚĚĞƉƌĞĐŝĂƚŝŽŶĨŽƌƚĂdžƉƵƌƉŽƐĞƐ ϭϰϱ͕Ϯϵϯ͕ϴϴϵ ϭϮϳ͕ϭϬϳ͕ϳϰϱ džĐĞƐƐƌĞŶƚŝŶĐŽŵĞƵŶĚĞƌŽƉĞƌĂƚŝŶŐůĞĂƐĞĐŽŵƉƵƚĞĚ ŽŶĂƐƚƌĂŝŐŚƚͲůŝŶĞďĂƐŝƐ ϲϯ͕ϵϭϮ͕ϯϮϬ ϲϬ͕ϰϳϴ͕ϳϮϱ ĂƉŝƚĂůŝnjĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϱϱ͕Ϭϴϰ͕ϲϰϭ ϰϮ͕ϮϬϱ͕ϯϭϱ ZĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ ϯϮ͕ϱϬϲ͕ϰϴϱ ϯϭ͕ϭϰϴ͕ϯϲϳ  ϭϯ͕ϱϲϯ͕Ϭϭϰ͕ϬϮϳ ϭϬ͕ϭϯϰ͕ϳϬϮ͕ϴϲϱ ĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ͗ EK>K ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ D/d ĐƚƵĂƌŝĂů  







 W сϳϱ͕ϱϭϮ͕ϮϴϬ с– W ϯϭ͕ϯϴϮ͕ϲϮϲ ϭϬ͕Ϯϭϲ͕Ϭϳϲ Ϯ͕ϴϰϯ͕Ϯϳϳ – ϭ͕ϳϰϳ͕ϯϮϲ – ϭϭϭ͕ϰϴϱ͕ϱϬϵ ϭϬ͕Ϯϭϲ͕Ϭϳϲ W сϭϯ͕ϰϱϭ͕ϱϮϴ͕ϱϭϴ сWϭϬ͕ϭϮϰ͕ϰϴϲ͕ϳϴϵ



143


ͲϲϰͲ - 62   dŚĞ ĨŽůůŽǁŝŶŐ ĚĞĨĞƌƌĞĚ ƚĂdž ĂƐƐĞƚƐ ǁĞƌĞ ŶŽƚ ƌĞĐŽŐŶŝnjĞĚ ĂƐ ŝƚ ŝƐ ŶŽƚ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ƚĂdžĂďůĞ ƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁƚŚĞďĞŶĞĨŝƚŽĨƚŚĞŶĞƚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐƚŽďĞƵƚŝůŝnjĞĚŝŶƚŚĞĨƵƚƵƌĞ͗   ϮϬϭϳ ϮϬϭϲ EK>K W сϭϱϳ͕ϭϳϴ͕ϳϵϭ сϲϴ͕ϲϵϰ͕ϮϰϮ W D/d ϰ͕ϬϴϬ͕ϵϱϵ – ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶƌĞĐĞŝǀĂďůĞƐ ϭ͕ϳϱϱ͕ϲϮϲ Ϯ͕ϭϳϭ͕Ϭϴϵ hŶĞĂƌŶĞĚŝŶĐŽŵĞ ϭϬϬ͕ϮϮϯ – ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚLJ ϴ͕ϲϲϰ͕ϲϲϬ – hŶƌĞĂůŝnjĞĚĨŽƌĞŝŐŶĞdžĐŚĂŶŐĞůŽƐƐĞƐ ϲϱϴ͕ϭϴϴ –  W сϭϲϯ͕ϱϯϭ͕ϬϲϮ сϳϵ͕ϳϳϮ͕ϳϭϲ W dŚĞĚĞƚĂŝůƐŽĨEK>K͕ǁŚŝĐŚĐĂŶďĞĐůĂŝŵĞĚĂƐĚĞĚƵĐƚŝŽŶĨƌŽŵĨƵƚƵƌĞƚĂdžĂďůĞŝŶĐŽŵĞ͕ǁŝƚŚŝŶƚŚƌĞĞ LJĞĂƌƐĨƌŽŵƚŚĞLJĞĂƌƚŚĞEK>KǁĂƐŝŶĐƵƌƌĞĚ͕ŝƐƐŚŽǁŶďĞůŽǁ͘  zĞĂƌ/ŶĐƵƌƌĞĚ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ ϮϬϭϰ 

ĞŐŝŶŶŝŶŐ ĂůĂŶĐĞ W с– ϭϭϰ͕ϲϬϯ͕ϰϱϲ ϱϮ͕ϴϰϬ͕ϯϬϲ ϲϭ͕ϱϯϳ͕Ϭϰϱ W сϮϮϴ͕ϵϴϬ͕ϴϬϳ

/ŶĐƵƌƌĞĚ W сϲϯϮ͕ϲϮϭ͕ϭϭϭ – – – W сϲϯϮ͕ϲϮϭ͕ϭϭϭ

ƉƉůŝĞĚͬdžƉŝƌĞĚ W с– ;ϭϮ͕ϲϲϯ͕ϯϬϰͿ ;ϭϭ͕ϳϲϰ͕ϲϲϱͿ ;ϲϭ͕ϱϯϳ͕ϬϰϱͿ ;W сϴϱ͕ϵϲϱ͕ϬϭϰͿ

ŶĚŝŶŐĂůĂŶĐĞ W сϲϯϮ͕ϲϮϭ͕ϭϭϭ ϭϬϭ͕ϵϰϬ͕ϭϱϮ ϰϭ͕Ϭϳϱ͕ϲϰϭ – W сϳϳϱ͕ϲϯϲ͕ϵϬϰ

sĂůŝĚhŶƚŝů ϮϬϮϬ ϮϬϭϵ ϮϬϭϴ ϮϬϭϳ 

dŚĞƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŝŶĐŽŵĞƚĂdžĐŽŵƉƵƚĞĚĂƚƐƚĂƚƵƚŽƌLJƚĂdžƌĂƚĞƚŽƉƌŽǀŝƐŝŽŶĨŽƌŝŶĐŽŵĞƚĂdžƐŚŽǁŶŝŶ ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝƐĂƐĨŽůůŽǁƐ͗   ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ /ŶĐŽŵĞƚĂdžĐŽŵƉƵƚĞĚĂƚƐƚĂƚƵƚŽƌLJƚĂdžƌĂƚĞ W сϯ͕ϱϬϯ͕ϮϬϳ͕Ϭϰϯ W сϯ͕Ϭϲϯ͕ϮϬϱ͕ϱϱϴ W сϮ͕ϲϰϱ͕ϭϰϬ͕ϲϵϵ ŚĂŶŐĞŝŶƵŶƌĞĐŽŐŶŝnjĞĚĚĞĨĞƌƌĞĚƚĂdžĂƐƐĞƚƐ ;ϴϯ͕ϳϱϴ͕ϯϰϲͿ ϭϱ͕ϮϬϰ͕ϳϮϲ ϰϲ͕ϯϱϲ͕ϭϭϬ džƉŝƌĞĚEK>K Ϯϱ͕ϳϴϵ͕ϱϬϰ ϭϲ͕ϱϯϬ͕ϰϳϬ Ϯϭ͕ϮϮϰ͕ϰϮϬ ĚĚŝƚŝŽŶƐƚŽ;ƌĞĚƵĐƚŝŽŶƐŝŶͿŝŶĐŽŵĞƚĂdž ƌĞƐƵůƚŝŶŐĨƌŽŵ͗     /ŶĐŽŵĞƐƵďũĞĐƚĞĚƚŽĐĂƉŝƚĂůŐĂŝŶƐƚĂdž ;ϱϰ͕ϲϲϮ͕ϴϳϯͿ ;ϯϮ͕ϱϱϭ͕ϱϭϱͿ ;ϴϭ͕ϳϬϮ͕ϳϯϱͿ  EŽŶĚĞĚƵĐƚŝďůĞĞdžƉĞŶƐĞƐĂŶĚŽƚŚĞƌƐ ϳ͕ϵϭϵ͕ϰϳϵ ϲϳ͕ϮϬϱ͕ϰϭϯ ϲϴ͕ϱϴϱ͕ϴϮϳ  EŽŶƚĂdžĂďůĞŝŶĐŽŵĞ ϰ͕ϮϳϮ͕ϯϳϬ ϰ͕ϴϰϳ͕ϬϬϰ ϭ͕ϴϰϴ͕ϵϱϰ  /ŶƚĞƌĞƐƚŝŶĐŽŵĞƐƵďũĞĐƚĞĚƚŽĨŝŶĂůƚĂdž ;ϯϵϲ͕ϱϮϱͿ ;ϱϮϵ͕ϭϳϬͿ ;Ϯ͕Ϭϵϱ͕ϬϬϰͿ  KƚŚĞƌƐ – ;ϱϬ͕ϴϳϱͿ –  W сϯ͕ϰϬϮ͕ϯϳϬ͕ϲϱϮ W сϯ͕ϭϯϯ͕ϴϲϭ͕ϲϭϭ W сϮ͕ϲϵϵ͕ϯϱϴ͕Ϯϳϭ 

 ϮϮ͘ ĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞĂŶĚŽŽŬsĂůƵĞWĞƌ^ŚĂƌĞŽŵƉƵƚĂƚŝŽŶ ĂƐŝĐͬĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŽŶŶĞƚŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚ͗

144

 ;ĂͿ EĞƚŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJ  ŚŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ ;ďͿ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐ  ŽƵƚƐƚĂŶĚŝŶŐ ĂƐŝĐͬĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĂͬďͿ

ϮϬϭϳ

ϮϬϭϲ

ϮϬϭϱ

W сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ

сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ W

сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ W

ϭ͕ϮϳϮ͕ϵϲϰ͕Ϯϴϵ W сϲ͘ϰϭϲ

ϭ͕Ϯϳϰ͕ϯϳϯ͕ϲϯϵ сϱ͘ϱϱϯ W

ϭ͕ϯϲϭ͕Ϭϰϭ͕ϲϵϳ сϰ͘ϰϵϱ W


ͲϲϱͲ - 63   dŚĞ'ƌŽƵƉŚĂƐŶŽĚŝůƵƚŝǀĞƉŽƚĞŶƚŝĂůĐŽŵŵŽŶƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐ͕ƚŚĞƌĞĨŽƌĞďĂƐŝĐĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞŝƐ ƚŚĞƐĂŵĞĂƐĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ͘



dŚĞ ĂďŽǀĞ ĐŽŵƉƵƚĂƚŝŽŶ ŝƐ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ W^ϯϯ ǁŚŝĐŚ ƉƌŽǀŝĚĞƐ ƚŚĂƚƚŚĞ ďĂƐŝĐͬĚŝůƵƚĞĚĞĂƌŶŝŶŐƐ ƉĞƌƐŚĂƌĞƐŚŽƵůĚďĞĐŽŵƉƵƚĞĚďĂƐĞĚŽŶƚŚĞǁĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĨŽƌƚŚĞ LJĞĂƌ͘  ,ŽǁĞǀĞƌ͕ ĂƐƐƵŵŝŶŐ ƚŚĂƚ ƚŚĞ ďĂƐŝĐͬĚŝůƵƚĞĚ ĞĂƌŶŝŶŐƐ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďĂƐĞĚ ŽŶ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ƐŚĂƌĞƐ ĂƐ Ăƚ ƚŚĞ ĞŶĚ ŽĨ ƚŚĞ LJĞĂƌ͕ ƚŚĞ ƌĞƐƵůƚ ŝƐ ƉƌĞƐĞŶƚĞĚ ďĞůŽǁ ĂŶĚ ŝƐ ŝŶƚĞŶĚĞĚ ĨŽƌ management’s reporting purposes only.  ;ĂͿ EĞƚŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽĞƋƵŝƚLJŚŽůĚĞƌƐ  ŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶLJ ;ďͿ dŽƚĂůŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐ  ĂƚĞŶĚŽĨLJĞĂƌ ĂƐŝĐͬĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĂͬďͿ;ďĂƐĞĚ ŽŶĂƐƐƵŵƉƚŝŽŶͿ

ŽŽŬǀĂůƵĞƉĞƌƐŚĂƌĞŝƐĐŽŵƉƵƚĞĚĂƐĨŽůůŽǁƐ͗   ;ĂͿ dŽƚĂůĞƋƵŝƚLJ ;ďͿ dŽƚĂůŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚĞŶĚ  ŽĨLJĞĂƌ ŽŽŬǀĂůƵĞƉĞƌƐŚĂƌĞ;ĂͬďͿ   Ϯϯ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚKďũĞĐƚŝǀĞƐĂŶĚWŽůŝĐŝĞƐ

ϮϬϭϳ

ϮϬϭϲ

ϮϬϭϱ

W сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ

сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ W

сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ W

ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ

ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ

ϭ͕Ϯϳϱ͕ϬϳϮ͕ϱϯϵ

W сϲ͘ϰϮϳ

сϱ͘ϱϱϱ W

сϰ͘ϳϵϵ W

EŽƚĞ   ϭϲ 

ϮϬϭϳ ϮϬϭϲ W сϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ W сϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ W сϰϳ͘ϱϰϬ

ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ сϰϭ͘ϭϰϬ W

The Group’s principal financial instruments comprise of cash and cash equivalents, ƚƌĂĚĞ ĂŶĚ ŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐ͕ĂĚǀĂŶĐĞƐƚŽƌĞůĂƚĞĚƉĂƌƚŝĞƐ͕ůŽĂŶƐƉĂLJĂďůĞĂŶĚůŽŶŐͲƚĞƌŵĚĞďƚ͘dŚĞŵĂŝŶƉƵƌƉŽƐĞŽĨƚŚĞƐĞ financial instruments is to provide funds for the Group’s operations. The Group has various financial instruments such as trade and other receivables, trade and other payables, customers’ deposits and ĂĚǀĂŶĐĞƐƚŽĂŶĚĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ͕ǁŚŝĐŚĂƌŝƐĞĚŝƌĞĐƚůLJĨƌŽŵŝƚƐŽƉĞƌĂƚŝŽŶƐ͘ The BOD has overall responsibility for the establishment and oversight of the Group’s risk management framework. The Group’s risk management policies are established to identify andmanage the Group’s ĞdžƉŽƐƵƌĞ ƚŽ ĨŝŶĂŶĐŝĂů ƌŝƐŬƐ͕ ƚŽ ƐĞƚ ĂƉƉƌŽƉƌŝĂƚĞ ƚƌĂŶƐĂĐƚŝŽŶ ůŝŵŝƚƐ ĂŶĚ ĐŽŶƚƌŽůƐ͕ ĂŶĚ ƚŽ ŵŽŶŝƚŽƌ ĂŶĚ ĂƐƐĞƐƐ ƌŝƐŬƐ ĂŶĚĐŽŵƉůŝĂŶĐĞ ƚŽŝŶƚĞƌŶĂůĐŽŶƚƌŽůƉŽůŝĐŝĞƐ͘ZŝƐŬŵĂŶĂŐĞŵĞŶƚƉŽůŝĐŝĞƐ ĂŶĚƐƚƌƵĐƚƵƌĞĂƌĞ ƌĞǀŝĞǁĞĚƌĞŐƵůĂƌůLJƚŽƌĞĨůĞĐƚĐŚĂŶges in market conditions and the Group’s activities.



dŚĞ'ƌŽƵƉŚĂƐĞdžƉŽƐƵƌĞƚŽĐƌĞĚŝƚƌŝƐŬ͕ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂŶĚůŝƋƵŝĚŝƚLJƌŝƐŬĨƌŽŵƚŚĞƵƐĞŽĨŝƚƐĨŝŶĂŶĐŝĂů instruments. The Group’s exposure to foreign currency risk is minimal as it does not normally eŶƚĞƌ ŝŶƚŽƚƌĂŶƐĂĐƚŝŽŶƐŝŶĐƵƌƌĞŶĐŝĞƐŽƚŚĞƌƚŚĂŶŝƚƐĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJ͘dŚĞKƌĞǀŝĞǁƐĂŶĚĂƉƉƌŽǀĞƐƚŚĞ ƉŽůŝĐŝĞƐĨŽƌŵĂŶĂŐŝŶŐĞĂĐŚŽĨƚŚĞƐĞƌŝƐŬƐ͘ 

145


- 64 ͲϲϲͲ  

ƌĞĚŝƚZŝƐŬ The Group trades only with recognized and creditworthy third parties. It is the Group’s policLJƚŚĂƚĂůů ĐƵƐƚŽŵĞƌƐǁŚŽǁŝƐŚƚŽƚƌĂĚĞŽŶĐƌĞĚŝƚƚĞƌŵƐĂƌĞƐƵďũĞĐƚƚŽĐƌĞĚŝƚǀĞƌŝĨŝĐĂƚŝŽŶƉƌŽĐĞĚƵƌĞƐ͘/ŶĂĚĚŝƚŝŽŶ͕ ƌĞĐĞŝǀĂďůĞďĂůĂŶĐĞƐĂƌĞŵŽŶŝƚŽƌĞĚŽŶĂŶŽŶŐŽŝŶŐďĂƐŝƐǁŝƚŚƚŚĞƌĞƐƵůƚƚŚĂƚƚŚĞ'ƌŽƵƉĞdžƉŽƐƵƌĞƚŽďĂĚ ĚĞďƚƐ ŝƐŶŽƚ ƐŝŐŶŝĨŝĐĂŶƚ͘&ŽƌƚƌĂŶƐĂĐƚŝŽŶƐƚŚĂƚĂƌĞ ŶŽƚ ĚĞŶŽŵŝŶĂƚĞĚŝŶƚŚĞ ĨƵŶĐƚŝŽŶĂůĐƵƌƌĞŶĐLJŽĨƚŚĞ WĂƌĞŶƚ ŽŵƉĂŶLJ͕ ƚŚĞ 'ƌŽƵƉ ĚŽĞƐ ŶŽƚ ŽĨĨĞƌ ĐƌĞĚŝƚ ƚĞƌŵƐ ǁŝƚŚŽƵƚ ƚŚĞ ƐƉĞĐŝĨŝĐ ĂƉƉƌŽǀĂů ŽĨ ƚŚĞ ŚŝĞĨ &ŝŶĂŶĐĞKĨĨŝĐĞƌ͘ tŝƚŚƌĞƐƉĞĐƚƚŽĐƌĞĚŝƚƌŝƐŬĂƌŝƐŝŶŐĨƌŽŵƚŚĞŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͕ƚŚĞ'ƌŽƵƉ’s exposure to credit risk ĂƌŝƐĞƐ ĨƌŽŵ ĚĞĨĂƵůƚ ŽĨ ƚŚĞ ĐŽƵŶƚĞƌƉĂƌƚLJ͕ ǁŝƚŚ Ă ŵĂdžŝŵƵŵ ĞdžƉŽƐƵƌĞ ĞƋƵĂů ƚŽ ƚŚĞ ĐĂƌƌLJŝŶŐ ĂŵŽƵŶƚ ŽĨ ƚŚĞƐĞŝŶƐƚƌƵŵĞŶƚƐ͘ ^ŝŶĐĞƚŚĞ'ƌŽƵƉƚƌĂĚĞƐǁŝƚŚƌĞĐŽŐŶŝnjĞĚƚŚŝƌĚƉĂƌƚŝĞƐĂŶĚƌĞůĂƚĞĚƉĂƌƚŝĞƐ͕ƚŚĞƌĞŝƐŶŽƌĞƋƵŝƌĞŵĞŶƚĨŽƌ ĐŽůůĂƚĞƌĂů͘dŚĞƌĞĂƌĞŶŽŽƚŚĞƌĐŽŶĐĞŶƚƌĂƚŝŽŶƐŽĨĐƌĞĚŝƚƌŝƐŬǁŝƚŚŝŶƚŚĞ'ƌŽƵƉ͘ ƌĞĚŝƚYƵĂůŝƚLJŽĨ&ŝŶĂŶĐŝĂůƐƐĞƚƐ͘dŚĞĐƌĞĚŝƚƋƵĂůŝƚLJŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŝƐŵĂŶĂŐĞĚďLJƚŚĞ'ƌŽƵƉƵƐŝŶŐ ŝŶƚĞƌŶĂůĐƌĞĚŝƚƌĂƚŝŶŐƐƐƵĐŚĂƐŚŝŐŚŐƌĂĚĞĂŶĚƐƚĂŶĚĂƌĚŐƌĂĚĞ͘ ,ŝŐŚ 'ƌĂĚĞ Ͳ ƉĞƌƚĂŝŶƐ ƚŽ ĚĞƉŽƐŝƚƐ Žƌ ƉůĂĐĞŵĞŶƚƐ ƚŽ ĐŽƵŶƚĞƌƉĂƌƚŝĞƐ ǁŝƚŚ ŐŽŽĚ ĐƌĞĚŝƚ ƌĂƚŝŶŐ Žƌ ďĂŶŬ ƐƚĂŶĚŝŶŐ͘  &Žƌ ƌĞĐĞŝǀĂďůĞƐ͕ ƚŚŝƐ ĐŽǀĞƌƐ ĂĐĐŽƵŶƚƐ ŽĨ ŐŽŽĚ ƉĂLJŝŶŐ ĐƵƐƚŽŵĞƌƐ͕ ǁŝƚŚ ŐŽŽĚ ĐƌĞĚŝƚ ƐƚĂŶĚŝŶŐ ĂŶĚ ĂƌĞ ŶŽƚ ĞdžƉĞĐƚĞĚ ďLJ ƚŚĞ 'ƌŽƵƉ ƚŽ ĚĞĨĂƵůƚ ŝŶ ƐĞƚƚůŝŶŐ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐ͕ ƚŚƵƐ ĐƌĞĚŝƚ ƌŝƐŬ ĞdžƉŽƐƵƌĞ ŝƐ ŵŝŶŝŵĂů͘  dŚŝƐ ŶŽƌŵĂůůLJ ŝŶĐůƵĚĞƐ ůĂƌŐĞ ƉƌŝŵĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚŝƚƵƚŝŽŶƐ͕ ĐŽŵƉĂŶŝĞƐ ĂŶĚ ŐŽǀĞƌŶŵĞŶƚ ĂŐĞŶĐŝĞƐ͘ ^ƚĂŶĚĂƌĚ'ƌĂĚĞͲŽƚŚĞƌĨŝŶĂŶĐŝĂůĂƐƐĞƚƐŶŽƚďĞůŽŶŐŝŶŐƚŽŚŝŐŚƋƵĂůŝƚLJĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƌĞŝŶĐůƵĚĞĚŝŶƚŚŝƐ ĐƌĞĚŝƚƌĂƚŝŶŐ͘ dŚĞƚĂďůĞďĞůŽǁƐŚŽǁƐƚŚĞĐƌĞĚŝƚƋƵĂůŝƚLJŽĨƚŚĞ'ƌŽƵƉŶĞŝƚŚĞƌƉĂƐƚĚƵĞŶŽƌŝŵƉĂŝƌĞĚĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐ ŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲĂƐĨŽůůŽǁƐ͗     >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞĂŶĚŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ͗  dƌĂĚĞ  KƚŚĞƌƐ ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚ ƌĞůĂƚĞĚƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ  &^&ŝŶĂŶĐŝĂůƐƐĞƚƐ Unquoted Clubs’ preferred ƐŚĂƌĞƐ 



146

 dŽƚĂů  W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

ϮϬϭϳ EĞŝƚŚĞƌWĂƐƚƵĞŶŽƌ/ŵƉĂŝƌĞĚ ,ŝŐŚ'ƌĂĚĞ ^ƚĂŶĚĂƌĚ'ƌĂĚĞ dŽƚĂů    W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ W с– W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

WĂƐƚƵĞďƵƚ ŶŽƚ/ŵƉĂŝƌĞĚ  W с–

WĂƐƚƵĞ ĂŶĚ/ŵƉĂŝƌĞĚ  W с–

 Ϯ͕Ϭϳϲ͕ϭϱϮ͕ϯϴϳ ϮϬ͕ϰϬϭ͕ϳϰϳ

 ϳϱϵ͕Ϯϰϳ͕ϰϯϲ ϮϬ͕ϰϬϭ͕ϳϰϳ

 ϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ –

 ϭ͕ϵϲϰ͕Ϯϯϲ͕ϯϮϬ ϮϬ͕ϰϬϭ͕ϳϰϳ

 ϳϬ͕ϯϱϬ –

 ϭϭϭ͕ϴϰϱ͕ϳϭϳ –

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϱ͕ϭϮϴ͕ϭϮϬ͕ϭϱϴ 

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϯ͕ϴϭϭ͕Ϯϭϱ͕ϮϬϳ 

– – – ϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ 

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϱ͕Ϭϭϲ͕ϮϬϰ͕Ϭϵϭ 

– – – ϳϬ͕ϯϱϬ 

– – – ϭϭϭ͕ϴϰϱ͕ϳϭϳ 

ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϭϵϮ͕ϯϴϴ͕ϮϬϴ

ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϯ͕ϴϳϱ͕ϰϴϯ͕Ϯϱϳ

– W сϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ

ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϬϴϬ͕ϰϳϮ͕ϭϰϭ

– W сϳϬ͕ϯϱϬ

 W сϭϭϭ͕ϴϰϱ͕ϳϭϳ

ΎdžĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϭ͕ϯϮϳ͕ϲϳϰ͘ ΎΎdžĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐĂŵŽƵŶƚŝŶŐƚŽW сϴ͕ϳϵϱ͕ϲϴϳ͘




- 65 ͲϲϳͲ    ϮϬϭϲ   EĞŝƚŚĞƌWĂƐƚƵĞŶŽƌ/ŵƉĂŝƌĞĚ  dŽƚĂů ,ŝŐŚ'ƌĂĚĞ ^ƚĂŶĚĂƌĚ'ƌĂĚĞ dŽƚĂů >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ     ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ сϮϱϱ͕ϲϭϬ͕ϭϲϭ W сϮϱϱ͕ϲϭϬ͕ϭϲϭ W с– W сϮϱϱ͕ϲϭϬ͕ϭϲϭ W dƌĂĚĞĂŶĚŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ͗      dƌĂĚĞ ϭ͕ϮϰϮ͕Ϯϳϳ͕ϬϮϮ ϭ͕ϭϴϯ͕ϳϴϳ͕Ϯϴϯ – ϭ͕ϭϴϯ͕ϳϴϳ͕Ϯϴϯ  KƚŚĞƌƐ ϯϯ͕ϰϰϰ͕ϭϵϮ ϯϯ͕ϰϰϰ͕ϭϵϮ – ϯϯ͕ϰϰϰ͕ϭϵϮ ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚ ƌĞůĂƚĞĚƉĂƌƚŝĞƐ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϳϮϬ͕ϱϮϱ͕ϱϲϲ – ϳϮϬ͕ϱϮϱ͕ϱϲϲ ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϯϱ͕ϰϱϯ͕ϭϮϵ ϯϱ͕ϰϱϯ͕ϭϮϵ – ϯϱ͕ϰϱϯ͕ϭϮϵ  ϰ͕ϳϬϮ͕ϳϲϰ͕ϲϳϰ ϰ͕ϲϰϰ͕Ϯϳϰ͕ϵϯϱ – ϰ͕ϲϰϰ͕Ϯϳϰ͕ϵϯϱ &^&ŝŶĂŶĐŝĂůƐƐĞƚƐ     Unquoted Clubs’ preferred ƐŚĂƌĞƐ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ – ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ  сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ W сϯϰ͕ϵϬϭ͕ϰϵϳ͕ϭϯϱ W с– W сϯϰ͕ϵϬϭ͕ϰϵϳ͕ϭϯϱ W ΎdžĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϱϯϱ͕ϱϴϴ͘ ΎΎdžĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐĂŵŽƵŶƚŝŶŐƚŽW сϭϴ͕ϳϬϱ͕ϭϲϱ͘





WĂƐƚƵĞďƵƚ ŶŽƚ/ŵƉĂŝƌĞĚ  с– W

WĂƐƚƵĞ ĂŶĚ/ŵƉĂŝƌĞĚ  с– W

 ϭϴ͕ϱϴϰ͕Ϭϲϵ –

 ϯϵ͕ϵϬϱ͕ϲϳϬ –

– – – ϭϴ͕ϱϴϰ͕Ϭϲϵ 

– – – ϯϵ͕ϵϬϱ͕ϲϳϬ 

– сϭϴ͕ϱϴϰ͕Ϭϲϵ W

– сϯϵ͕ϵϬϱ͕ϲϳϬ W

dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞĂŐŝŶŐĂŶĂůLJƐĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗     >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐΎΎ ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ  &^&ŝŶĂŶĐŝĂůƐƐĞƚƐ Unquoted Clubs’ pƌĞĨĞƌƌĞĚƐŚĂƌĞƐ 

  dŽƚĂů  W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ Ϯ͕Ϭϵϲ͕ϱϱϰ͕ϭϯϰ

 EĞŝƚŚĞƌWĂƐƚƵĞ ŶŽƌ/ŵƉĂŝƌĞĚ  W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ ϭ͕ϴϵϴ͕ϰϰϯ͕ϯϲϲ

ϭ–ϯϬ ĂLJƐ  W с– ϭϭ͕ϱϲϮ͕Ϭϲϯ

Ϯ͕ϳϴϮ͕ϬϵϬ͕ϴϰϲ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϱ͕ϭϯϮ͕ϭϯϵ͕ϴϳϰ  ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϭϵϲ͕ϰϬϳ͕ϵϮϰ

Ϯ͕ϳϴϮ͕ϬϵϬ͕ϴϰϲ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϰ͕ϵϯϰ͕ϬϮϵ͕ϭϬϲ  ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϰ͕ϵϵϴ͕Ϯϵϳ͕ϭϱϲ

– – – ϭϭ͕ϱϲϮ͕Ϭϲϯ  – W сϭϭ͕ϱϲϮ͕Ϭϲϯ

ϮϬϭϳ WĂƐƚƵĞƵƚEŽƚ/ŵƉĂŝƌĞĚ ϯϭ–ϲϬ ϲϭ–ϵϬ ĂLJƐ ĂLJƐ   W с– W с– ϴ͕ϯϰϯ͕ϱϭϮ ϰ͕Ϭϳϳ͕ϴϲϵ

DŽƌĞƚŚĂŶ ϵϬĂLJƐ  W с– ϲϮ͕Ϯϴϭ͕ϲϬϳ

 WĂƐƚƵĞŶĚ /ŵƉĂŝƌĞĚ  W с– ϭϭϭ͕ϴϰϱ͕ϳϭϳ

– – – ϰ͕Ϭϳϳ͕ϴϲϵ  – W сϰ͕Ϭϳϳ͕ϴϲϵ

– – – ϲϮ͕Ϯϴϭ͕ϲϬϳ  – W сϲϮ͕Ϯϴϭ͕ϲϬϳ

– – – ϭϭϭ͕ϴϰϱ͕ϳϭϳ  – W сϭϭϭ͕ϴϰϱ͕ϳϭϳ

ϮϬϭϲ WĂƐƚƵĞƵƚEŽƚ/ŵƉĂŝƌĞĚ ϯϭ–ϲϬ ϲϭ–ϵϬ ĂLJƐ ĂLJƐ   с– W с– W ϭ͕Ϯϯϴ͕ϱϱϬ ϭ͕ϮϮϯ͕Ϭϲϯ

DŽƌĞƚŚĂŶ ϵϬĂLJƐ  с– W Ϯϭ͕Ϭϴϳ͕ϯϮϯ

 WĂƐƚƵĞŶĚ /ŵƉĂŝƌĞĚ  с– W ϯϵ͕ϵϬϱ͕ϲϳϬ

– – – ϴ͕ϯϰϯ͕ϱϭϮ  – W сϴ͕ϯϰϯ͕ϱϭϮ

ΎdžĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϭ͕ϯϮϳ͕ϲϳϰ͘ ΎΎdžĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐĂŵŽƵŶƚŝŶŐƚŽW сϴ͕ϳϵϱ͕ϲϴϳ͘     >ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐΎΎ ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ  &^&ŝŶĂŶĐŝĂůƐƐĞƚƐ Unquoted Clubs’ preferred shares 

  dŽƚĂů  сϮϱϱ͕ϲϭϬ͕ϭϲϭ W ϭ͕Ϯϳϱ͕ϳϮϭ͕Ϯϭϰ

 EĞŝƚŚĞƌWĂƐƚƵĞ ŶŽƌ/ŵƉĂŝƌĞĚ  сϮϱϱ͕ϲϭϬ͕ϭϲϭ W ϭ͕ϮϬϱ͕ϲϱϲ͕ϳϴϮ

ϭ–ϯϬ ĂLJƐ  с– W ϲ͕ϲϬϵ͕ϴϮϲ

Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϯϱ͕ϰϱϯ͕ϭϮϵ ϰ͕ϳϬϮ͕ϳϲϰ͕ϲϳϰ  ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ W

Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϯϱ͕ϰϱϯ͕ϭϮϵ ϰ͕ϲϯϮ͕ϳϬϬ͕ϮϰϮ  ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сϯϰ͕ϴϴϵ͕ϵϮϮ͕ϰϰϮ W

– – – ϲ͕ϲϬϵ͕ϴϮϲ  – сϲ͕ϲϬϵ͕ϴϮϲ W

– – – ϭ͕Ϯϯϴ͕ϱϱϬ  – сϭ͕Ϯϯϴ͕ϱϱϬ W

– – – ϭ͕ϮϮϯ͕Ϭϲϯ  – сϭ͕ϮϮϯ͕Ϭϲϯ W

– – – Ϯϭ͕Ϭϴϳ͕ϯϮϯ  – сϮϭ͕Ϭϴϳ͕ϯϮϯ W

– – – ϯϵ͕ϵϬϱ͕ϲϳϬ  – сϯϵ͕ϵϬϱ͕ϲϳϬ W

ΎdžĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϱϯϱ͕ϱϴϴ͘ ΎΎdžĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐĂŵŽƵŶƚŝŶŐƚŽW сϭϴ͕ϳϬϱ͕ϭϲϱ͘



/ŶƚĞƌĞƐƚZĂƚĞZŝƐŬ /ŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂƌŝƐĞƐĨƌŽŵƚŚĞƉŽƐƐŝďŝůŝƚLJƚŚĂƚĐŚĂŶŐĞƐŝŶŝŶƚĞƌĞƐƚƌĂƚĞƐǁŝůůĂĨĨĞĐƚĨƵƚƵƌĞĐĂƐŚĨůŽǁƐŽƌ ƚŚĞĨĂŝƌǀĂůƵĞƐŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐ͘The Group’s exposure to interest rate risk relates primarily to ŝƚƐ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ǁŝƚŚ ĨůŽĂƚŝŶŐ ŝŶƚĞƌĞƐƚ ĂŶĚͬŽƌ ĨŝdžĞĚ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ͘  &ŝdžĞĚ ƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƐƵďũĞĐƚ ƚŽ ĨĂŝƌ ǀĂůƵĞ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ ǁŚŝůĞ ĨůŽĂƚŝŶŐ ƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ĂƌĞ ƐƵďũĞĐƚƚŽĐĂƐŚĨůŽǁŝŶƚĞƌĞƐƚ ƌĂƚĞ ƌŝƐŬ͘ZĞͲƉƌŝĐŝŶŐŽĨĨůŽĂƚŝŶŐƌĂƚĞĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐŝƐĚŽŶĞĞǀĞƌLJ ƚŚƌĞĞ ƚŽ Ɛŝdž ŵŽŶƚŚƐ͘  /ŶƚĞƌĞƐƚ ŽŶ ĨŝdžĞĚ ƌĂƚĞ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŝƐ ĨŝdžĞĚ ƵŶƚŝů ŵĂƚƵƌŝƚLJ ŽĨ ƚŚĞ ŝŶƐƚƌƵŵĞŶƚ͘dŚĞĚĞƚĂŝůƐŽĨĨŝŶĂŶĐŝĂůŝŶƐƚƌƵŵĞŶƚƐƚŚĂƚĂƌĞĞdžƉŽƐĞĚƚŽŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬĂƌĞĚŝƐĐůŽƐĞĚŝŶ EŽƚĞϭϱ͘ 

147


- 66 ͲϲϴͲ   The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s ůŽŶŐͲƚĞƌŵĚĞďƚƐƵďũĞĐƚƚŽĨůŽĂƚŝŶŐŝŶƚĞƌĞƐƚƌĂƚĞƐĂƐĚŝƐĐƵƐƐĞĚŝŶEŽƚĞϭϱ͘

dŚĞ ŽƚŚĞƌ ĨŝŶĂŶĐŝĂů ŝŶƐƚƌƵŵĞŶƚƐ ŽĨ ƚŚĞ 'ƌŽƵƉ ĂƌĞ ŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐ ĂŶĚ͕ ƚŚĞƌĞĨŽƌĞ͕ ŶŽƚ ƐƵďũĞĐƚ ƚŽ ŝŶƚĞƌĞƐƚƌĂƚĞƌŝƐŬ͘



The following table demonstrates the sensitivity of the Group’s profit before tax due to a reasonably ƉŽƐƐŝďůĞ ĐŚĂŶŐĞ ŝŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞƐ ŝŶ ƚŚĞ ŶĞdžƚ ƌĞƉŽƌƚŝŶŐ ƉĞƌŝŽĚ ǁŝƚŚ Ăůů ŽƚŚĞƌ ǀĂƌŝĂďůĞƐ ŚĞůĚ ĐŽŶƐƚĂŶƚ͘ There is no other impact on the Group’s equity other than those already affecting profit and loss.  ϮϬϭϳ  ϮϬϭϲ  ϮϬϭϱ 

/ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞŝŶ/ŶƚĞƌĞƐƚZĂƚĞ нϭ͘Ϭй –ϭ͘Ϭй нϭ͘Ϭй –ϭ͘Ϭй нϭ͘Ϭй –ϭ͘Ϭй

ĨĨĞĐƚŽŶ/ŶĐŽŵĞďĞĨŽƌĞdĂdž ;W сϭϮ͕ϱϲϰ͕ϳϭϬͿ ϭϮ͕ϱϲϰ͕ϳϭϬ ;Ϯϲ͕ϯϵϳ͕ϱϯϰͿ Ϯϲ͕ϯϵϳ͕ϱϯϰ ;ϰϯ͕ϳϴϵ͕ϳϯϭͿ ϰϯ͕ϳϴϵ͕ϳϯϭ

>ŝƋƵŝĚŝƚLJZŝƐŬ >ŝƋƵŝĚŝƚLJ ƌŝƐŬ ŝƐ ƚŚĞ ƌŝƐŬ ƚŚĂƚ ƚŚĞ 'ƌŽƵƉ ǁŝůů ŶŽƚ ďĞ ĂďůĞ ƚŽ ƐĞƚƚůĞ Žƌ ŵĞĞƚ ŝƚƐ ŽďůŝŐĂƚŝŽŶƐ ŽŶ ƚŝŵĞ͘ DĂŶĂŐĞŵĞŶƚ ŝƐ ƌĞƐƉŽŶƐŝďůĞ ĨŽƌ ůŝƋƵŝĚŝƚLJ͕ ĨƵŶĚŝŶŐ ĂƐ ǁĞůů ĂƐ ƐĞƚƚůĞŵĞŶƚ ŵĂŶĂŐĞŵĞŶƚ͘  /Ŷ ĂĚĚŝƚŝŽŶ͕ ůŝƋƵŝĚŝƚLJ ĂŶĚ ĨƵŶĚŝŶŐ ƌŝƐŬƐ͕ ƌĞůĂƚĞĚ ƉƌŽĐĞƐƐĞƐ ĂŶĚ ƉŽůŝĐŝĞƐ ĂƌĞ ŽǀĞƌƐĞĞŶ ďLJ ŵĂŶĂŐĞŵĞŶƚ͘  dŚĞ 'ƌŽƵƉ ŵĂŶĂŐĞƐ ŝƚƐ ůŝƋƵŝĚŝƚLJ ƌŝƐŬ ďĂƐĞĚ ŽŶ ďƵƐŝŶĞƐƐ ŶĞĞĚƐ͕ ƚĂdž͕ ĐĂƉŝƚĂů Žƌ ƌĞŐƵůĂƚŽƌLJ ĐŽŶƐŝĚĞƌĂƚŝŽŶƐ͕ ŝĨ ĂƉƉůŝĐĂďůĞ͕ƚŚƌŽƵŐŚŶƵŵĞƌŽƵƐƐŽƵƌĐĞƐŽĨĨŝŶĂŶĐĞŝŶŽƌĚĞƌƚŽŵĂŝŶƚĂŝŶĨůĞdžŝďŝůŝƚLJ͘ dŚĞ 'ƌŽƵƉ ĂůƐŽ ŵĂŝŶƚĂŝŶƐ Ă ďĂůĂŶĐĞ ďĞƚǁĞĞŶ ĐŽŶƚŝŶƵŝƚLJ ŽĨ ĨƵŶĚŝŶŐ ĂŶĚ ĨůĞdžŝďŝůŝƚLJ͘  dŚĞ ƉŽůŝĐLJ ŽĨ ƚŚĞ 'ƌŽƵƉŝƐƚŽĨŝƌƐƚĞdžŚĂƵƐƚůŝŶĞƐĂǀĂŝůĂďůĞĨƌŽŵĂĨĨŝůŝĂƚĞĚĐŽŵƉĂŶŝĞƐďĞĨŽƌĞůŽĐĂůďĂŶŬůŝŶĞƐĂƌĞĂǀĂŝůĞĚŽĨ͘ dŚĞ'ƌŽƵƉƐĞĞŬƐƚŽŵĂŶĂŐĞŝƚƐůŝƋƵŝĚĨƵŶĚƐƚŚƌŽƵŐŚĐĂƐŚƉůĂŶŶŝŶŐŽŶĂǁĞĞŬůLJďĂƐŝƐ͘dŚĞ'ƌŽƵƉƵƐĞƐ ŚŝƐƚŽƌŝĐĂůĨŝŐƵƌĞƐĂŶĚĞdžƉĞƌŝĞŶĐĞƐĂŶĚĨŽƌĞĐĂƐƚƐĨƌŽŵŝƚƐĐŽůůĞĐƚŝŽŶƐĂŶĚĚŝƐďƵƌƐĞŵĞŶƚƐ͘ƐƉĂƌƚŽĨŝƚƐ ůŝƋƵŝĚŝƚLJƌŝƐŬŵĂŶĂŐĞŵĞŶƚ͕ƚŚĞ'ƌŽƵƉƌĞŐƵůĂƌůLJ ĞǀĂůƵĂƚĞƐŝƚƐƉƌŽũĞĐƚĞĚĂŶĚĂĐƚƵĂůĐĂƐŚĨůŽǁƐ͘/ƚĂůƐŽ ĐŽŶƚŝŶƵŽƵƐůLJ ĂƐƐĞƐƐĞƐ ĐŽŶĚŝƚŝŽŶƐ ŝŶ ƚŚĞ ĨŝŶĂŶĐŝĂů ŵĂƌŬĞƚƐ ĨŽƌ ŽƉƉŽƌƚƵŶŝƚŝĞƐ ƚŽ ƉƵƌƐƵĞ ĨƵŶĚ ƌĂŝƐŝŶŐ ĂĐƚŝǀŝƚŝĞƐ͘  ůƐŽ͕ ƚŚĞ 'ƌŽƵƉ ŽŶůLJ ƉůĂĐĞƐ ĨƵŶĚƐ ŝŶ ƚŚĞ ŵŽŶĞLJ ŵĂƌŬĞƚ ǁŚŝĐŚ ĂƌĞ ĞdžĐĞĞĚŝŶŐ ƚŚĞ 'ƌŽƵƉ ƌĞƋƵŝƌĞŵĞŶƚƐ͘  WůĂĐĞŵĞŶƚƐ ĂƌĞ ƐƚƌŝĐƚůLJ ŵĂĚĞ ďĂƐĞĚ ŽŶ ĐĂƐŚ ƉůĂŶŶŝŶŐ ĂƐƐƵŵƉƚŝŽŶƐ ĂŶĚ ĐŽǀĞƌƐ ŽŶůLJ Ă ƐŚŽƌƚƉĞƌŝŽĚŽĨƚŝŵĞ͘



148

The tables below summarize the maturity profile of the Group’s financial assets useĚ ĨŽƌ ůŝƋƵŝĚŝƚLJ ŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŵĂƚƵƌŝƚLJƉƌŽĨŝůĞŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ ϮϬϭϳĂŶĚϮϬϭϲďĂƐĞĚ ŽŶƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ͗   &ŝŶĂŶĐŝĂůƐƐĞƚƐ ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ dƌĂĚĞĂŶĚŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚ ƌĞůĂƚĞĚƉĂƌƚŝĞƐ ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ 

ϮϬϭϳ ϯϭ–ϲϬĂLJƐ  W с–

KŶĞŵĂŶĚ  W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

ϭ–ϯϬĂLJƐ  W с–

ϲϭ–ϵϬĂLJƐ DŽƌĞƚŚĂŶϵϬĂLJƐ   W с– W с–

dŽƚĂů  W сϮϬϰ͕Ϭϱϰ͕ϬϴϬ

ϭ͕ϮϱϮ͕Ϯϭϭ͕ϰϰϳ

–

ϰϬ͕ϯϮϯ͕ϬϮϮ

–

ϳϭϱ͕ϳϵϮ͕ϬϬϬ

Ϯ͕ϬϬϴ͕ϯϮϲ͕ϰϲϵ

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϵϴϱ͕ϴϭϬ͕ϵϬϬ W сϱ͕Ϯϲϵ͕ϱϴϴ͕ϯϳϭ

– – – – W с–

– – – – W сϰϬ͕ϯϮϯ͕ϬϮϮ

– – – – W с–

– – – Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ W сϮϵ͕ϳϵϰ͕Ϯϰϵ͕ϭϱϬ

Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ ϭ͕ϭϴϯ͕Ϯϰϱ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϱ͕ϭϬϰ͕ϭϲϬ͕ϱϰϯ


- 67 ͲϲϵͲ     &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ͗  dƌĂĚĞ  ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ  ZĞƚĞŶƚŝŽŶƉĂLJĂďůĞ  ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ  KƚŚĞƌƐ >ŽŶŐͲƚĞƌŵĚĞďƚ Customers’ depŽƐŝƚƐ ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ 

ϭ–ϯϬĂLJƐ

  W сϭ͕ϬϮϬ͕ϯϳϮ͕ϲϯϲ ϴϵϬ͕Ϭϰϰ͕ϳϵϲ ϯϲϳ͕ϰϱϮ͕ϯϮϵ ϭϱ͕ϯϳϲ͕ϰϯϮ ϭϭϳ͕ϯϵϮ͕ϵϳϰ – ϭϳϭ͕ϭϬϴ͕ϴϰϮ

  W сϭϬ͕ϬϬϬ͕Ϭϯϳ – – – ϰ͕ϮϴϬ͕ϱϱϬ – –

  W с– – – – – – –

  W с– – – – – Ϯϳϯ͕ϭϵϮ͕ϳϴϰ –

  W сϰϯϭ͕Ϯϯϰ – ϰϬ͕Ϭϲϭ͕ϵϴϮ – ϭϮ͕ϱϵϬ͕ϵϰϴ ϲ͕ϯϮϯ͕ϰϮϳ͕ϭϲϴ –

  W сϭ͕ϬϯϬ͕ϴϬϯ͕ϵϬϳ ϴϵϬ͕Ϭϰϰ͕ϳϵϲ ϰϬϳ͕ϱϭϰ͕ϯϭϭ ϭϱ͕ϯϳϲ͕ϰϯϮ ϭϯϰ͕Ϯϲϰ͕ϰϳϮ ϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ ϭϳϭ͕ϭϬϴ͕ϴϰϮ

ϴϭ͕ϳϲϯ͕ϴϳϳ W сϮ͕ϲϲϯ͕ϱϭϭ͕ϴϴϲ

– W сϭϰ͕ϮϴϬ͕ϱϴϳ

– W с–

– W сϮϳϯ͕ϭϵϮ͕ϳϴϰ

– W сϲ͕ϯϳϲ͕ϱϭϭ͕ϯϯϮ

ϴϭ͕ϳϲϯ͕ϴϳϳ W сϵ͕ϯϮϳ͕ϰϵϲ͕ϱϴϵ

ϮϬϭϲ ϯϭ–ϲϬĂLJƐ  с– W

ϲϭ–ϵϬĂLJƐ DŽƌĞƚŚĂŶϵϬĂLJƐ   с– W с– W

dŽƚĂů  сϮϱϱ͕ϲϭϬ͕ϭϲϭ W

ϭϵ͕ϰϵϮ͕ϱϵϬ

Ϯϱ͕ϲϱϬ͕ϲϯϰ

ϵϮ͕ϭϭϭ͕ϬϬϯ

ϭ͕Ϯϳϱ͕ϳϮϭ͕Ϯϭϰ

– – – – сϭϵ͕ϰϵϮ͕ϱϵϬ W

– – – – сϮϱ͕ϲϱϬ͕ϲϯϰ W

– – – Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ сϮϵ͕ϯϲϯ͕ϱϮϮ͕ϯϬϯ W

Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϯϱ͕ϰϱϯ͕ϭϮϵ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ W

ΎdžĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϭ͕ϯϮϳ͕ϲϳϰ͘ ΎΎdžĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐĂŵŽƵŶƚŝŶŐƚŽW сϴ͕ϳϵϱ͕ϲϴϳ͘     KŶĞŵĂŶĚ ϭ–ϯϬĂLJƐ &ŝŶĂŶĐŝĂůƐƐĞƚƐ   ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ сϮϱϱ͕ϲϭϬ͕ϭϲϭ W с– W dƌĂĚĞĂŶĚŽƚŚĞƌ ƌĞĐĞŝǀĂďůĞƐΎΎ ϭ͕Ϭϲϴ͕ϱϬϱ͕Ϯϰϯ ϲϵ͕ϵϲϭ͕ϳϰϰ ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚ ƌĞůĂƚĞĚƉĂƌƚŝĞƐ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϳϮϬ͕ϱϮϱ͕ϱϲϲ – ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϯϱ͕ϰϱϯ͕ϭϮϵ – &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϵϴϱ͕ϴϭϬ͕ϵϬϬ –  сϱ͕ϰϴϭ͕ϯϱϵ͕ϲϬϯ W сϲϵ͕ϵϲϭ͕ϳϰϰ W  &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ dƌĂĚĞĂŶĚŽƚŚĞƌƉĂLJĂďůĞƐ͗  dƌĂĚĞ  ĐĐƌƵĞĚĞdžƉĞŶƐĞƐ  ZĞƚĞŶƚŝŽŶƉĂLJĂďůĞ  ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ  KƚŚĞƌƐ >ŽŶŐͲƚĞƌŵĚĞďƚ Customers’ deposits ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚ ƉĂƌƚŝĞƐ 

ϮϬϭϳ ϯϭ–ϲϬĂLJƐ

KŶĞŵĂŶĚ

ϲϭ–ϵϬĂLJƐ DŽƌĞƚŚĂŶϵϬĂLJƐ

dŽƚĂů

   сϳϲϱ͕ϴϱϱ͕ϵϯϰ W ϭϮ͕ϭϯϰ͕ϴϭϴ ϭϬ͕ϰϭϭ͕ϳϲϭ ϰ͕ϭϵϳ͕ϭϳϲ ϳϳ͕ϮϬϴ͕ϯϲϮ – ϭϰϵ͕ϵϲϲ͕ϰϱϮ

   сϯϳ͕Ϯϴϱ͕ϯϵϮ W ϱ͕Ϯϲϯ͕ϭϳϴ ϱϲϭ͕ϯϯϬ ϭϴ͕ϵϭϴ͕ϴϲϱ ϵϳϭ͕ϴϵϵ ϴϲ͕ϴϰϮ͕Ϭϭϰ –

   сϱϳ͕ϵϭϴ͕ϵϲϰ W ϰϭϬ͕Ϭϭϵ – ϭϯ͕ϴϳϱ͕ϭϯϱ – Ϯϵϰ͕ϮϴϬ͕Ϯϱϱ –

   сϭϮϰ͕ϯϬϭ W – – ϭϬ͕ϭϬϭ͕Ϭϱϲ – ϭϴϰ͕ϵϭϰ͕ϮϲϬ –

   сϭϴ͕ϯϱϴ͕ϮϱϮ W ϳϴϱ͕ϴϮϵ͕ϱϴϳ ϯϴϵ͕ϯϭϮ͕ϱϲϮ – – ϰ͕ϵϱϲ͕ϯϮϬ͕ϴϮϬ –

   сϴϳϵ͕ϱϰϮ͕ϴϰϯ W ϴϬϯ͕ϲϯϳ͕ϲϬϮ ϰϬϬ͕Ϯϴϱ͕ϲϱϯ ϰϳ͕ϬϵϮ͕ϮϯϮ ϳϴ͕ϭϴϬ͕Ϯϲϭ ϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ ϭϰϵ͕ϵϲϲ͕ϰϱϮ

ϱ͕ϴϵϳ͕ϵϴϱ сϭ͕ϬϮϱ͕ϲϳϮ͕ϰϴϴ W

– сϭϰϵ͕ϴϰϮ͕ϲϳϴ W

Ϯ͕ϳϵϰ͕ϵϲϲ сϯϲϵ͕Ϯϳϵ͕ϯϯϵ W

– сϭϵϱ͕ϭϯϵ͕ϲϭϳ W

– сϲ͕ϭϰϵ͕ϴϮϭ͕ϮϮϭ W

ϴ͕ϲϵϮ͕ϵϱϭ сϳ͕ϴϴϵ͕ϳϱϱ͕ϯϰϯ W

ΎdžĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϱϯϱ͕ϱϴϴ͘ ΎΎdžĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽLJĞĞƐĂŵŽƵŶƚŝŶŐƚŽW сϭϴ͕ϳϬϱ͕ϭϲϱ͘ 



ĂƉŝƚĂůDĂŶĂŐĞŵĞŶƚ The primary objective of the Group’s capital management is to ensure that the Group haƐ ƐƵĨĨŝĐŝĞŶƚ ĨƵŶĚƐŝŶŽƌĚĞƌƚŽƐƵƉƉŽƌƚŝƚƐďƵƐŝŶĞƐƐ͕ƉĂLJĞdžŝƐƚŝŶŐŽďůŝŐĂƚŝŽŶƐĂŶĚŵĂdžŝŵŝnjĞƐŚĂƌĞŚŽůĚĞƌǀĂůƵĞ͘dŚĞ 'ƌŽƵƉ ŵĂŶĂŐĞƐ ŝƚƐ ĐĂƉŝƚĂů ƐƚƌƵĐƚƵƌĞ ĂŶĚ ŵĂŬĞƐ ĂĚũƵƐƚŵĞŶƚƐ ƚŽ ŝƚ͕ ŝŶ ůŝŐŚƚ ŽĨ ĐŚĂŶŐĞƐ ŝŶ ĞĐŽŶŽŵŝĐ ĐŽŶĚŝƚŝŽŶƐ͘dŽŵĂŶĂŐĞŽƌĂĚũƵƐƚƚŚĞĐĂƉŝƚĂůƐƚƌƵĐƚƵƌĞ͕ƚŚĞ'ƌŽƵƉŵĂLJŽďƚĂŝŶĂĚĚŝƚŝŽŶĂůĂĚǀĂŶĐĞƐĨƌŽŵ ƐƚŽĐŬŚŽůĚĞƌƐ͕ĂĚũƵƐƚƚŚĞƌĞƚƵƌŶĐĂƉŝƚĂůƚŽƐƚŽĐŬŚŽůĚĞƌƐŽƌŝƐƐƵĞŶĞǁƐŚĂƌĞƐ͘EŽĐŚĂŶŐĞƐǁĞƌĞŵĂĚĞŝŶ ƚŚĞŽďũĞĐƚŝǀĞƐ͕ƉŽůŝĐŝĞƐŽƌƉƌŽĐĞƐƐĞƐŝŶϮϬϭϳĂŶĚϮϬϭϲ͘dŚĞ'ƌŽƵƉŵŽŶŝƚŽƌƐĐĂƉŝƚĂůƵƐŝŶŐƚŚĞŵŽŶƚŚůLJ ĐĂƐŚ ƉŽƐŝƚŝŽŶ ƌĞƉŽƌƚ ĂŶĚ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘  dŚĞ WĂƌĞŶƚ ŽŵƉĂŶLJ ŝƐ ŶŽƚ ƐƵďũĞĐƚ ƚŽ ĞdžƚĞƌŶĂůůLJ ŝŵƉŽƐĞĚĐĂƉŝƚĂůƌĞƋƵŝƌĞŵĞŶƚƐ͘ĞƌƚĂŝŶƐƵďƐŝĚŝĂƌŝĞƐ͕ŚŽǁĞǀĞƌ͕ĂƌĞƌĞƋƵŝƌĞĚƚŽŵĂŝŶƚĂŝŶĂĚĞďƚƚŽĞƋƵŝƚLJ ƌĂƚŝŽĂƐƉƌŽǀŝĚĞĚŝŶƚŚĞůŽĂŶĂŐƌĞĞŵĞŶƚƐ;ƐĞĞEŽƚĞϭϱͿ͘ 

149


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ͲϳϬͲ   The components of the Group’s capital as at December 31, ϮϬϭϳĂŶĚϮϬϭϲĂƌĞĂƐĨŽůůŽǁƐ͗ ϮϬϭϳ  W сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ ϭϯ͕ϯϵϱ͕ϳϴϲ͕ϴϲϯ  ϭϬ͕ϳϱϳ͕ϰϰϳ͕ϬϮϳ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ ;ϲ͕ϭϮϰ͕ϵϴϲ͕ϰϬϰͿ  Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ ϳϱ͕ϴϰϴ͕ϰϲϲ

 >ĂLJĞƌ/͗  ĂƉŝƚĂůƐƚŽĐŬ  ĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů  >ĂLJĞƌ//͗  ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͲŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ  dƌĞĂƐƵƌLJƐŚĂƌĞƐ  Parent Company’s shares held by a subsidiary  >ĂLJĞƌ///͗  hŶƌĞĂůŝnjĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  ZĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ  ĐĐƵŵƵůĂƚĞĚƌĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶŽŶƌĞƚŝƌĞŵĞŶƚ ŽďůŝŐĂƚŝŽŶ  ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͲŐĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞ ŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ  ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͲŐĂŝŶŽŶďĂƌŐĂŝŶƉƵƌĐŚĂƐĞ  dŽƚĂůĐĂƉŝƚĂů

ϰϱ͕ϯϰϵ͕ϳϲϯ

ϮϬϭϲ  сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ W ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϭϯ͕ϯϵϰ͕ϳϰϲ͕ϵϬϮ  ϰ͕Ϭϱϭ͕Ϭϱϵ͕ϯϰϭ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϭϮ͕ϳϳϵ͕ϭϮϲ͕ϱϳϱͿ  Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ ϳϮ͕ϲϳϵ͕ϱϮϰ ϮϮ͕ϴϰϱ͕ϱϲϵ

Ϯϴ͕ϴϮϰ͕Ϯϲϱ͕ϭϭϴ Ϯϳ͕ϯϱϵ͕ϰϵϴ͕ϴϲϮ ϳϲϭ͕ϴϴϲ͕ϴϰϱ ϳϲϭ͕ϴϴϲ͕ϴϰϱ ϱϯ͕ϭϯϵ͕ϴϰϲ͕ϱϵϮ ϱϭ͕ϳϵϭ͕ϱϭϬ͕ϮϴϬ W сϲϬ͕ϰϭϬ͕ϲϰϳ͕Ϭϱϭ W сϱϮ͕ϰϬϳ͕ϭϯϬ͕ϲϬϳ

Layer I is composed of the Group’s contributed capital;

>ĂLJĞƌ//ŝƐĐŽŵƉŽƐĞĚŽĨŝŶĐŽŵĞĨƌŽŵŽƉĞƌĂƚŝŽŶƐ͕ĞdžĐĞƐƐŽĨĂĐƋƵŝƐŝƚŝŽŶƉƌŝĐĞŽǀĞƌĂĐƋƵŝƌĞĚŝŶƚĞƌĞƐƚ ĂŶĚƚƌĞĂƐƵƌLJƐŚĂƌĞƐ͖ĂŶĚ

>ĂLJĞƌ /// ŝƐ ĐŽŵƉŽƐĞĚ ŽĨ ŝŶĐŽŵĞ ĨƌŽŵ ĨĂŝƌ ǀĂůƵĞ ĐŚĂŶŐĞƐ ŽĨ ŝŶǀĞƐƚŵĞŶƚ ƉƌŽƉĞƌƚŝĞƐ͕ ŐĂŝŶ ŽŶ ďĂƌŐĂŝŶ ƉƵƌĐŚĂƐĞĂŶĚƵŶƌĞĂůŝnjĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ͘

  Ϯϰ͘ &ĂŝƌsĂůƵĞDĞĂƐƵƌĞŵĞŶƚƐ 

150

dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌŽǀŝĚĞƐƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚLJŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͗  

 DĞĂƐƵƌĞĚĂƚ&ĂŝƌsĂůƵĞ &ŝŶĂŶĐŝĂůƐƐĞƚƐͲ  &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ  EŽŶͲĨŝŶĂŶĐŝĂůƐƐĞƚͲ  /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ 

 





EŽƚĞ ĂƌƌLJŝŶŐsĂůƵĞ &ĂŝƌsĂůƵĞ       ϭϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ       ϭϭ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ   

ϮϬϭϳ

&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ ^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ YƵŽƚĞĚƉƌŝĐĞƐŝŶ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ ĂĐƚŝǀĞŵĂƌŬĞƚƐ ŝŶƉƵƚƐ ŝŶƉƵƚƐ ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ       W с– W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W с–       – – ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ   


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ͲϳϭͲ    

 EŽƚĞ &ĂŝƌsĂůƵĞƐĂƌĞŝƐĐůŽƐĞĚ  &ŝŶĂŶĐŝĂůƐƐĞƚͲ   >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐͲ ϭϯ   EŽŶĐƵƌƌĞŶƚƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ    &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚLJͲ   Customers’ deposits ϭϴ  





ĂƌƌLJŝŶŐsĂůƵĞ    W сϰϵ͕Ϭϴϴ͕ϭϵϵ   ϭϳϭ͕ϭϬϴ͕ϴϰϮ

&ĂŝƌsĂůƵĞ    W сϰϵ͕Ϭϴϴ͕ϭϵϵ   ϭϳϭ͕ϭϬϴ͕ϴϰϮ

 





 EŽƚĞ ĂƌƌLJŝŶŐsĂůƵĞ &ĂŝƌsĂůƵĞ DĞĂƐƵƌĞĚĂƚ&ĂŝƌsĂůƵĞ    &ŝŶĂŶĐŝĂůƐƐĞƚƐͲ     &^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ     EŽŶͲĨŝŶĂŶĐŝĂůƐƐĞƚͲ     /ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ     &ĂŝƌsĂůƵĞƐĂƌĞŝƐĐůŽƐĞĚ    &ŝŶĂŶĐŝĂůƐƐĞƚͲ     >ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐͲ ϭϯ     EŽŶĐƵƌƌĞŶƚƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ  ϰϳ͕Ϭϰϯ͕ϭϰϳ ϰϳ͕Ϭϰϯ͕ϭϰϳ     &ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚLJͲ     Customers’ deposits ϭϴ ϭϰϵ͕ϵϲϲ͕ϰϱϮ ϭϰϵ͕ϵϲϲ͕ϰϱϮ

  Ϯϱ͘ ŽŵŵŝƚŵĞŶƚƐĂŶĚŽŶƚŝŶŐĞŶĐŝĞƐ

ϮϬϭϳ

&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ ^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ YƵŽƚĞĚƉƌŝĐĞƐŝŶ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ ĂĐƚŝǀĞŵĂƌŬĞƚƐ ŝŶƉƵƚƐ ŝŶƉƵƚƐ ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ          W с– – W сϰϵ͕Ϭϴϴ͕ϭϵϵ       – – ϭϳϭ͕ϭϬϴ͕ϴϰϮ ϮϬϭϲ YƵŽƚĞĚƉƌŝĐĞƐŝŶ ĂĐƚŝǀĞŵĂƌŬĞƚƐ ;>ĞǀĞůϭͿ   с– W   –     –   –

&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ ^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ ŽďƐĞƌǀĂďůĞ hŶŽďƐĞƌǀĂďůĞ ŝŶƉƵƚƐ ŝŶƉƵƚƐ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ     сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ W с– W     – Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ         – ϰϳ͕Ϭϰϯ͕ϭϰϳ     – ϭϰϵ͕ϵϲϲ͕ϰϱϮ

ŽŵŵŝƚŵĞŶƚƐ



Ă͘ ŽƌƉŽƌĂƚĞ'ƵĂƌĂŶƚLJ  Ɛ ĚŝƐĐƵƐƐĞĚ ŝŶ EŽƚĞ ϰ͕ ƉƵƌƐƵĂŶƚ ƚŽ ƚŚĞ :ŽŝŶƚ sĞŶƚƵƌĞ ŐƌĞĞŵĞŶƚ͕ >W, ŝƐƐƵĞĚ Ă ĐŽƌƉŽƌĂƚĞ ŐƵĂƌĂŶƚLJŝŶĨĂǀŽƌŽĨ^WǁŚĞƌĞďLJ͕ŝŶƚŚĞĞǀĞŶƚDW/ŝƐƵŶĂďůĞƚŽĐŽŵƉůĞƚĞƚŚĞWƌŽũĞĐƚ;ĨŽƌƌĞĂƐŽŶƐ ĂƚƚƌŝďƵƚĂďůĞƚŽƚŚĞĨĂƵůƚŽĨDW/Ϳ͕  >W,ƐŚĂůůƉĂLJ^WƚŚĞĂŵŽƵŶƚŽĨW сϲϬϬ͘ϬŵŝůůŝŽŶŝŶexchange for BSP’s 15% share in the sharing ƐĐŚĞŵĞĂƐĚĞĨŝŶĞĚŝŶƚŚĞ:ŽŝŶƚsĞŶƚƵƌĞŐƌĞĞŵĞŶƚ͘ 

151


ͲϳϮͲ  - 70 

ď͘ ŽŶƐƚƌƵĐƚŝŽŶŽŶƚƌĂĐƚƐ  dŚĞ 'ƌŽƵƉ ĞŶƚĞƌĞĚ ŝŶƚŽ ǀĂƌŝŽƵƐ ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚƐ ĨŽƌ ƚŚĞ ĚĞǀĞůŽƉŵĞŶƚ ŽĨ ŝƚƐ ƉƌŽũĞĐƚƐ ;ƐĞĞEŽƚĞϭϯͿ͘dŽƚĂůĂĚǀĂŶĐĞƐƚŽĐŽŶƚƌĂĐƚŽƌƐĂŵŽƵŶƚĞĚƚŽW сϳϮϯ͘ϵŵŝůůŝŽŶĂŶĚW сϯϳϲ͘ϭŵŝůůŝŽŶĂƐĂƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ͕ ƌĞƐƉĞĐƚŝǀĞůLJ ;ƐĞĞ EŽƚĞƐ ϴ ĂŶĚ ϭϯͿ͘  dŚĞ ƐŝŐŶŝĨŝĐĂŶƚ ĐŽŶƐƚƌƵĐƚŝŽŶ ĐŽŶƚƌĂĐƚƐƚŚĂƚŐĂǀĞƌŝƐĞƚŽƚŚĞĂĚǀĂŶĐĞƐĂƌĞĂƐĨŽůůŽǁƐ͗  ^ƵďƐŝĚŝĂƌLJ D>,/ DW/ 

ϮϬϭϳ

ϮϬϭϲ

EĂƚƵƌĞ ^ƵƉƉůLJŽĨůĂďŽƌ͕ŵĂƚĞƌŝĂůƐ͕ĞƋƵŝƉŵĞŶƚĂŶĚĂůů ƌĞůĂƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬƐĨŽƌůƉŚĂůĂŶĚĂŐƵŝŽ W сϮϬϰ͕ϴϭϭ͕ϴϵϳ сϯϰ͕ϵϳϮ͕ϴϲϲ W DŽƵŶƚĂŝŶ>ŽĚŐĞƐWƌŽũĞĐƚ ŝǀŝů͕ƐƚƌƵĐƚƵƌĂů͕ŵĂƐŽŶƌLJǁŽƌŬƐĂŶĚƐƵƉƉůLJĂŶĚ ŝŶƐƚĂůůĂƚŝŽŶŽĨŵĂƚĞƌŝĂůƐĨŽƌůƉŚĂůĂŶĚDĂŬĂƚŝ ϭϵϮ͕ϰϭϭ͕ϲϬϰ Ϯϳϭ͕Ϭϴϯ͕Ϯϰϴ WůĂĐĞ   

ZĞƚĞŶƚŝŽŶWĂLJĂďůĞ ZĞƚĞŶƚŝŽŶƉĂLJĂďůĞŝƐďĂƐĞĚƵƉŽŶƐƉĞĐŝĨŝĐĂůůLJŝĚĞŶƚŝĨŝĞĚĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚƐƚŚĂƚƐƚŝƉƵůĂƚĞƚŚĞƌŝŐŚƚŽĨ ƚŚĞ'ƌŽƵƉƚŽƌĞƚĂŝŶĂƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽŐƌĞƐƐďŝůůŝŶŐƐŽĨĐŽŶƚƌĂĐƚŽƌƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞƚĞƌŵƐŽĨƚŚĞ ĐŽŶƚƌĂĐƚ͕ĂůůƌĞƚĞŶƚŝŽŶƉĂLJĂďůĞƐŚĂůůďĞƌĞůĞĂƐĞĚƚŽĐŽŶƚƌĂĐƚŽƌƐƵƉŽŶϭϬϬйĐŽŵƉůĞƚŝŽŶĂŶĚĂĐĐĞƉƚĂŶĐĞ ŽĨ ǁŽƌŬƐ ŶŽƌŵĂůůLJ ǁŝƚŚŝŶ ŽŶĞ LJĞĂƌ ĂĨƚĞƌ ĐŽŵƉůĞƚŝŽŶ͘  dŽƚĂů ƌĞƚĞŶƚŝŽŶ ƉĂLJĂďůĞ ĂŵŽƵŶƚĞĚ ƚŽW сϰϬϳ͘ϱ ŵŝůůŝŽŶĂŶĚW сϰϬϬ͘ϯŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůLJ;ƐĞĞEŽƚĞϭϰͿ͘  ^ŝŐŶŝĨŝĐĂŶƚĐŽŶƚƌĂĐƚǁŝƚŚƌĞƚĞŶƚŝŽŶĐůĂƵƐĞĂƌŝƐĞƐĨƌŽŵƚŚĞĐŝǀŝů͕ƐƚƌƵĐƚƵƌĂůĂŶĚŵĂƐŽŶƌLJǁŽƌŬƐĨŽƌdŽǁĞƌƐ ϭƚŽϯĂŶĚƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶŽĨƚŚĞƉŽĚŝƵŵ͘dŽƚĂůƌĞƚĞŶƚŝŽŶƉĂLJĂďůĞƌĞĐŽŐŶŝnjĞĚďLJDW/ĂƐĂƚĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ƌĞůĂƚĞĚ ƚŽ ƐƵĐŚ ĐŽŶƚƌĂĐƚ ĂŵŽƵŶƚĞĚ ƚŽW с ϯϱϭ͘ϰ ŵŝůůŝŽŶ ĂŶĚW с ϯϴϵ͘ϯ ŵŝůůŝŽŶ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘ ŽŶƚŝŶŐĞŶĐŝĞƐ ƐĂƌĞƐƵůƚŽĨƚŚĞĚŝƐƉƵƚĞďĞƚǁĞĞŶƚŚĞ'ƌŽƵƉĂŶĚǁŝƚŚƚŚĞt';ƐĞĞEŽƚĞϰͿ͕ƚŚĞĨŽůůŽǁŝŶŐĐĂƐĞƐŚĂǀĞ ďĞĞŶĨŝůĞĚĂŐĂŝŶƐƚĞĂĐŚŽƚŚĞƌ͖ƚŽŐĞƚŚĞƌǁŝƚŚƚŚĞŝƌƐƚĂƚƵƐĂƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞ͗

152

Ă͘ ^d/ĂŶĚDǀ͘Dt/͕ĞƚĂů͘΀ŝǀŝůĂƐĞEŽ͘ϭϯͲϱϰϬƉĞŶĚŝŶŐďĞĨŽƌĞƚŚĞZĞŐŝŽŶĂůdƌŝĂůŽƵƌƚŽĨ DĂŬĂƚŝŝƚLJ͕ƌĂŶĐŚϭϰϮ;ƚŚĞŽƵƌƚͿ΁ͲĂĐŽŵƉůĂŝŶƚĨŽƌŝŶũƵŶĐƚŝŽŶĨŝůĞĚŽŶDĂLJϵ͕ϮϬϭϯƐĞĞŬŝŶŐƚŽ ĞŶũŽŝŶ ƚŚĞ ĚĞĨĞŶĚĂŶƚƐ͕ t'͕ ĨƌŽŵ ŽďƐƚƌƵĐƚŝŶŐ ĂŶĚͬŽƌ ĚĞůĂLJŝŶŐ Žƌ ĨƌŽŵ ƚĂŬŝŶŐ ĂŶLJ ŽƚŚĞƌ ĂĐƚŝŽŶͬƐ ƚŚĂƚ ŵĂLJ ŝŵƉĞĚĞͬŽďƐƚƌƵĐƚ ĂŶĚͬŽƌ ĚĞůĂLJ ƚŚĞ ĐŽŶƐƚƌƵĐƚŝŽŶͬĚĞǀĞůŽƉŵĞŶƚ ŽĨ ƚŚĞ ůƉŚĂůĂŶĚ DĂƌŝŶĂ WƌŽũĞĐƚ͘KŶDĂLJϭϱ͕ϮϬϭϯ͕ƚŚĞŽƵƌƚŝƐƐƵĞĚĂdĞŵƉŽƌĂƌLJZĞƐƚƌĂŝŶŝŶŐKƌĚĞƌĂŐĂŝŶƐƚƚŚĞĚĞĨĞŶĚĂŶƚƐ͘ On June 3, 2013, the Court issued an Order granting the plaintiffs’ application for preliminary ŝŶũƵŶĐƚŝŽŶ͘dŚĞt'ŚĂƐĞůĞǀĂƚĞĚƚŚĞĐĂƐĞƚŽƚŚĞŽƵƌƚŽĨƉƉĞĂůƐďLJĨŝůŝŶŐƚŚƌĞĞƐĞƉĂƌĂƚĞƉĞƚŝƚŝŽŶƐ for certiorari. ASTI and AMC’s motion for consolidation of the three petitions, filed with the Court ŽĨƉƉĞĂůƐŽŶƉƌŝůϰ͕ϮϬϭϰ͕ǁĂƐŐƌĂŶƚĞĚĂŶĚƚŚĞƚŚƌĞĞƉĞƚŝƚŝŽŶƐǁĞƌĞĐŽŶƐŽůŝĚĂƚĞĚĂŶĚĂƐƐŝŐŶĞĚƚŽ ƚŚĞ^ŝdž;ϲƚŚͿŝǀŝƐŝŽŶ͕ǁŚĞƌĞƚŚĞĐĂƐĞƐĂƌĞƉƌĞƐĞŶƚůLJƉĞŶĚŝŶŐ͘  ď͘ ǀ͘^d/;EZͲEZĂƐĞEŽ͘ϮϬϭϯͲϭϮϮϲͲĂĐŽŵƉůĂŝŶƚĨŽƌĐĂŶĐĞůůĂƚŝŽŶŽĨƚŚĞ&ŽƌĞƐŚŽƌĞ>ĞĂƐĞ ŐƌĞĞŵĞŶƚ ĞdžĞĐƵƚĞĚ ďĞƚǁĞĞŶ ^d/ ĂŶĚ ƚŚĞ EZ ĨŝůĞĚ ŽŶ KĐƚŽďĞƌ Ϯϰ͕ ϮϬϭϯ͘  EZ ĚĞŶŝĞĚ ƚŚĞ WƌŽƚĞƐƚ ŽŶ ĞĐĞŵďĞƌ ϭϴ͕ ϮϬϭϰ͘  KŶ ϮϮ :ĂŶƵĂƌLJ ϮϬϭϱ͕  ĨŝůĞĚ  DŽƚŝŽŶ ĨŽƌ ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͕ ǁŚŝĐŚŝƐƉƌĞƐĞŶƚůLJƉĞŶĚŝŶŐƌĞƐŽůƵƚŝŽŶ͘  Đ͘ Wǀ͘^d/;ŝǀŝůĂƐĞEŽ͘ϭϯͲϬϯϮϯƉĞŶĚŝŶŐďĞĨŽƌĞƚŚĞZĞŐŝŽŶĂůdƌŝĂůŽƵƌƚŽĨWĂƌĂŶĂƋƵĞŝƚLJ͕ ƌĂŶĐŚϮϳϰͿ Ͳ ĂĐŽŵƉůĂŝŶƚĨŽƌĐŽůůĞĐƚŝŽŶŽĨĂůůĞŐĞĚƵŶƉĂŝĚĂƐƐŽĐŝĂƚŝŽŶĚƵĞƐĨŝůĞĚŽŶEŽǀĞŵďĞƌϰ͕ ϮϬϭϯ͘KŶĞĐĞŵďĞƌϰ͕ϮϬϭϯ͕^d/ĨŝůĞĚŝƚƐĂŶƐǁĞƌǁŝƚŚĂĨĨŝƌŵĂƚŝǀĞĚĞĨĞŶƐĞƐƐĞĞŬŝŶŐƚŚĞĚŝƐŵŝƐƐĂů


ͲϳϯͲ  - 71  ŽĨ ƚŚĞ ĐĂƐĞ͘  Zd ƌĂŶĐŚ Ϯϳϰ ĚĞŶŝĞĚ ƚŚĞ ĂĨĨŝƌŵĂƚŝǀĞ ĚĞĨĞŶƐĞ ŽĨ ůĂĐŬ ŽĨ ũƵƌŝƐĚŝĐƚŝŽŶ ŝŶ ƚŚĞ KƌĚĞƌ ĚĂƚĞĚ ϭϮ EŽǀĞŵďĞƌ ϮϬϭϰ͕ ƚŽ ǁŚŝĐŚ ĚĞĨĞŶĚĂŶƚ ^d/ ĨŝůĞĚ ŝƚƐ DŽƚŝŽŶ ĨŽƌ ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ͘  dŚĞ DŽƚŝŽŶĨŽƌZĞĐŽŶƐŝĚĞƌĂƚŝŽŶŝƐŶŽǁƉĞŶĚŝŶŐƌĞƐŽůƵƚŝŽŶ͘  Ě͘ ^d/ ǀ͘ Dt/ ;ŝǀŝů ĂƐĞ EŽ͘ ϭϰ ͲϬϱϲ ƉĞŶĚŝŶŐ ďĞĨŽƌĞ ƚŚĞ ZĞŐŝŽŶĂů dƌŝĂů ŽƵƌƚ ŽĨ DĂŬĂƚŝ ŝƚLJ͕ ƌĂŶĐŚ ϭϯϳͿ Ͳ Ă ĐŽŵƉůĂŝŶƚ ĨŽƌ ƐƉĞĐŝĨŝĐ ƉĞƌĨŽƌŵĂŶĐĞ ĨŝůĞĚ ďLJ ^d/ ŽŶ :ĂŶƵĂƌLJ Ϯϭ͕ ϮϬϭϰ ƐĞĞŬŝŶŐ ĚĞůŝǀĞƌLJŽĨƚŚĞĂĚĚŝƚŝŽŶĂůůŽƚƐƚŚĂƚDt/ŝƐŽďůŝŐĞĚƚŽĚĞůŝǀĞƌƉƵƌƐƵĂŶƚƚŽƚŚĞ&Z/͘KŶDĂƌĐŚϰ͕ ϮϬϭϰ͕Dt/ĨŝůĞĚĂDŽƚŝŽŶƚŽŝƐŵŝƐƐ͘KŶDĂƌĐŚϯϭ͕ϮϬϭϰ͕^d/ĨŝůĞĚŝƚƐŽŵŵĞŶƚƚŽĚĞfendant’s Motion to Dismiss. DMWAI’s Motion to Dismiss was granted on June 30, 2014. ^d/ĨŝůĞĚĂDŽƚŝŽŶ ĨŽƌ ZĞĐŽŶƐŝĚĞƌĂƚŝŽŶ ŽĨ ƚŚĞ KƌĚĞƌ ŐƌĂŶƚŝŶŐ ƚŚĞ DŽƚŝŽŶ ƚŽ ŝƐŵŝƐƐ͕ ǁŚŝĐŚ ŝƐ ƉƌĞƐĞŶƚůLJ ƉĞŶĚŝŶŐ ƌĞƐŽůƵƚŝŽŶ͘  tŚŝůĞĐĂƐĞƐǁĞƌĞĨŝůĞĚďĞƚǁĞĞŶƚŚĞ'ƌŽƵƉĂŶĚt'͕ƚŚĞĂŐƌĞĞŵĞŶƚƐŝŐŶĞĚďLJƚŚĞŵĂũŽƌƐŚĂƌĞŚŽůĚĞƌƐ of the ALPHA as discussed in Note 1 includes the transfer of the Group’s interest in ABCC and the ƐĞƚƚůĞŵĞŶƚŽĨƚŚĞƐĂŝĚĚŝƐƉƵƚĞƐǁŝƚŚƚŚĞt'͘  ĞĨŝĐŝĞŶĐLJ sd ƐƐĞƐƐŵĞŶƚ ĨŽƌ ^d/ ĂŶĚ DW/͘  dŚĞ ƵƌĞĂƵ ŽĨ /ŶƚĞƌŶĂů ZĞǀĞŶƵĞ ;/ZͿ ŝƐƐƵĞĚ Ă &ŝŶĂů ĞĐŝƐŝŽŶ ŽŶ ŝƐƉƵƚĞĚ ƐƐĞƐƐŵĞŶƚ ;&Ϳ ƚŽ ƚŚĞ 'ƌŽƵƉ ŽŶ :ƵŶĞ ϯϬ͕ ϮϬϭϲ ĐŽǀĞƌŝŶŐ ƚŚĞ ƚĂdžĂďůĞ LJĞĂƌƐ ϮϬϭϰĂŶĚϮϬϭϯĂŵŽƵŶƚŝŶŐƚŽW сϯϬ͘ϵŵŝůůŝŽŶ͘dŚĞ'ƌŽƵƉĨŝůĞĚŝƚƐŵŽƚŝŽŶĨŽƌƌĞĐŽŶƐŝĚĞƌĂƚŝŽŶŽĨƚŚĞƐĂŝĚ &ĂŶĚĚĞĐŝƐŝŽŶŝƐƐƚŝůůƉĞŶĚŝŶŐǁŝƚŚƚŚĞ/Z͘  KƚŚĞƌ>ĞŐĂůĂƐĞƐ͘dŚĞƌĞĂƌĞĐĞƌƚĂŝŶůĂǁƐƵŝƚƐĂŶĚĐůĂŝŵƐĨŝůĞĚďLJƚŚŝƌĚƉĂƌƚŝĞƐĂŐĂŝŶƐƚƚŚĞ'ƌŽƵƉǁŚŝĐŚ ĂƌĞĞŝƚŚĞƌƉĞŶĚŝŶŐĚĞĐŝƐŝŽŶďLJƚŚĞƉƌŽƉĞƌũƵĚŝĐŝĂůďŽĚŝĞƐŽƌƵŶĚĞƌŶĞŐŽƚŝĂƚŝŽŶ͕ƚŚĞŽƵƚĐŽŵĞŽĨǁŚŝĐŚ ĂƌĞƉƌĞƐĞŶƚůLJƵŶĚĞƚĞƌŵŝŶĂďůĞ͘In the opinion of the Group’s management, the ultimate disposition of ƚŚĞƐĞĐĂƐĞƐ͕ĚŝƐƉƵƚĞƐĂŶĚĂƐƐĞƐƐŵĞŶƚƐǁŝůůŶŽƚŚĂǀĞĂŵĂƚĞƌŝĂůĂĚǀĞƌƐĞĞĨĨĞĐƚŽŶƚŚĞĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ ŽƌƌĞƐƵůƚƐŽĨŽƉĞƌĂƚŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ͘  Ϯϲ͘ EŽƚĞƚŽŽŶƐŽůŝĚĂƚĞĚ^ƚĂƚĞŵĞŶƚƐŽĨĂƐŚ&ůŽǁƐ The Group’s noncash activities are presented below:  

EŽƚĞ

EKE^,&/EE/>/E&KZDd/KE dƌĂŶƐĨĞƌĨƌŽŵůĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ƚŽŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ dƌĂŶƐĨĞƌƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐƚŽ͗  >ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ  WƌŽƉĞƌƚLJĂŶĚĞƋƵŝƉŵĞŶƚ

ϮϬϭϳ

ϮϬϭϲ

ϮϬϭϱ







W сϮ͕ϰϮϱ͕ϯϱϮ͕ϴϬϯ  ϯϮϳ͕ϯϭϵ͕ϰϲϴ ϭϵ͕ϰϳϭ͕ϭϲϵ

W с–  ϯϵϮ͕ϯϴϯ͕Ϯϯϱ –

W с–  – –

 ϳ ϭϭ  

The reconciliation of the Group’s liabilities arising from financing activities is presented below:  >ŽŶŐͲƚĞƌŵĚĞďƚ ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ KƚŚĞƌŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ







ϮϬϭϲ W сϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ ϰϳ͕ϬϵϮ͕ϮϯϮ ϴ͕ϲϵϮ͕ϵϱϭ ϴϵ͕ϴϬϴ͕ϰϳϬ W сϱ͕ϲϲϳ͕ϵϱϭ͕ϬϬϮ

ĂƐŚ&ůŽǁƐ W сϭ͕Ϯϭϭ͕ϱϭϱ͕Ϭϵϲ ;ϲϬϱ͕ϵϰϰ͕ϳϯϰͿ ϳϯ͕ϬϳϬ͕ϵϮϲ ;ϲϵ͕ϲϵϬ͕ϱϰϮͿ W сϭ͕Ϭϴϴ͕Ϭϵϰ͕ϯϭϭ

EŽŶͲĐĂƐŚ&ůŽǁƐ ;W сϭϯϳ͕ϮϱϮ͕ϰϵϯͿ ϱϳϰ͕ϮϮϴ͕ϵϯϰ – – W сϰϯϲ͕ϵϳϲ͕ϰϰϭ

ϮϬϭϳ W сϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ ϭϱ͕ϯϳϲ͕ϰϯϮ ϴϭ͕ϳϲϯ͕ϴϳϳ ϮϬ͕ϭϭϳ͕ϵϮϴ W сϲ͕ϳϭϯ͕ϴϳϴ͕ϭϴϵ

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A TYPICAL MODEL HOME AT ALPHALAND BAGUIO MOUNTAIN LODGES


Legal Counsel Angara Abello Concepcion Regala & Cruz Ponferrada & San Juan Vicente T. Verdadero Tanjuatco Oreta and Partners Independent Public Auditors Reyes Tacandong & Co. Banks Banco De Oro Unibank, Inc. Bank of Commerce East West Banking Corporation Landbank of the Philippines Maybank Philippines, Inc. Metropolitan Bank and Trust Company Philippine Bank of Communications Philippine National Bank Sterling Bank of Asia United Coconut Planters Bank Stock Transfer Agent AB Stock Transfers Corporation


Annual Report 2017

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