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Notes to Consolidated Financial Statements - 17 The Group continues to assess the impact of the above new, amended and improved accounting standards and interpretations effective subsequent to December 31, 2013 on its consolidated financial statements in the period of initial application. Additional disclosures required by these amendments will be included in the Group’s consolidated financial statements when these amendments are adopted. Basis of Consolidation and Non-controlling Interests Following is a list of the legal subsidiaries as of December 31, 2013, 2012 and 2011:

Company ADI ABIRC AMPI (a) AMTI (a) AMC (a) ARC ABPI Blue Holdings (a) (b) AAI(b) AHCI (c) ASRI (a) (d) CIBI (b) (e)

(a)

Through ADI Incorporated in 2012 (c) Incorporated in 2013 (d) Associate in 2012 and 2011 (e) Through Blue Holdings

Nature of Business Real property development Real property development Real property development Real property development Real property development Real property development Real property development Holding company Aviation Holding company Restaurant operations Insurance brokerage

Percentage of Effective Ownership 2012 2011 2013 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 – 100 100 – 100 100 – 100 – 100 – – 100 70 – 70

(b)

All subsidiaries are incorporated in the Philippines. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: ƒ ƒ ƒ

Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee), Exposure, or rights, to variable returns from its involvement with the investee, and The ability to use its power over the investee to affect its returns.

When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: ƒ ƒ ƒ

The contractual arrangement with the other vote holders of the investee Rights arising from other contractual arrangements The Group’s voting rights and potential voting rights.

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. 62

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