AUDITOR’S REPORT BOA/PRC Accreditation No. 4782 October 4, 2018, valid until August 15, 2021 SEC Accreditation No. 0207-FR-2 (Group A) September 27, 2016, valid until September 27, 2019
Citibank Tower 8741 Paseo de Roxas Makati City 1226 Philippines Phone : +632 982 9100 Fax : +632 982 9111 Website : www.reyestacandong.com
INDEPENDENT AUDITORS’ REPORT
The Stockholders and the Board of Directors Alphaland Corporation
Opinion We have audited the accompanying consolidated financial statements of Alphaland Corporation and Subsidiaries (the Group), which comprise the consolidated statements of financial position as at December 31, 2018 and 2017, and the consolidated statements of comprehensive income, consolidated statements of changes in equity and consolidated statements of cash flows for each of the three years ended December 31, 2018, 2017 and 2016, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as at December 31, 2018 and 2017, and its consolidated financial performance and its consolidated cash flows for each of the three years ended December 31, 2018, 2017 and 2016 in accordance with Philippine Financial Reporting Standards (PFRS). Basis for Opinion We conducted our audits in accordance with Philippine Standards on Auditing (PSA). Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics) together with the ethical requirements that are relevant to the audit of the consolidated financial statements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for the other information. The other information comprises the information included in the Group’s Annual Report for the year ended December 31, 2018, but does not include the consolidated financial statements and our auditors’ report thereon. The Annual Report for the year ended December 31, 2018 is expected to be made available to us after the date of this auditors’ report. Our opinion on the consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
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