AC2017 Annual Report ATA 012918-Lowres-Pages-Min PDF

THE WHITE SANDS OF BALESIN 1
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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5
OFFICE OF THE CHAIRMAN
ANNA BETTINA ONGPIN ROBERTO V. ONGPIN MICHAEL A.P.M. ASPERIN

VICE CHAIRMAN & PRESIDENT CHAIRMAN AND CEO COO & BALESIN ISLAND CLUB CEO
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CHAIRMAN’S LETTER
Januar y 29, 2018
Dear Members and Shareholders,
Alphaland continued its steady growth Early in 2017, BDO, the largest bank
and profitability during the year in the countr y, approved a Php5.5
2017. From a 2016 net income of billion loan for Alphaland (which was
Php7.1 billion, the company’s audited used principally to refinance existing
financial statements for 2017 showed debts), with a 7-year tenor (and a
an increase of 15.4% to Php8.2 billion. 1-year grace period). This refinancing
The company’s net worth increased by exercise placed Alphaland in a
15.3% from Php52.4 billion in 2016 to comfortable financial position. This
Php60.4 billion in 2017. On a per- clear vote of confidence in Alphaland
share basis, the company’s earnings by BDO tells a ver y important stor y
were Php6.43 in 2017 as compared about Alphaland. This loan facility
to Php5.56 in 2016, a net increase was further increased to Php6.7
of 15.7%, and the net book value per billion in 4th quarter 2017.
share was Php47.54 at the end of 2017
as compared to Php41.14 in 2016, or I am also pleased to inform you that the
an increase of 15.6%. company’s various projects continue
to make steady progress in 2017.
The company’s balance sheet continues Spearheaded by our latest and most
to be exceptionally strong with a debt/ popular project, Alphaland Baguio
equity ratio of 10.9% debt of Php6.6 Mountain Lodges, we completed 21
billion as against 60.4% in equity. This lodges in Phase 1, which consists of
is the exact opposite of most property 50 lodges. The balance of 29 will
companies, where the equity is typically be completed before Easter this year.
much smaller than the debt component. All 21 lodges were either sold or
Thus, the borrowing capacity of your reser ved before the start of 2018, with
company remains strong. 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.
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Our flagship project, Balesin Island With regard to our Balesin International
Club, continued its profitable Gateway project at Patnanungan
operations, despite the extremely Island, which is just 23 nautical miles
difficult access to the island due to from Balesin itself, we continued our
the congestion at NAIA. In order to land acquisition program. We have
address this problem, we now have now acquired over 700 hectares out
regular flights out of Clark, where of our target of 750 hectares, but we
there are no flight restrictions. (NAIA have decided not to commence this
has a “curfew” for private aircraft project until our land acquisition is
from noontime until 7:00 pm ever y 100% complete.
day.) We have also acquired a second
ATR72-500 aircraft, thus increasing With the completion of our Alphaland
our capacity (including our 3 other Makati Place project, we have decided
aircraft) to fly over 500 members and to embark on two significant changes
guests to and from the island daily. to the project, namely:
With the improved Alphaland facilities
at Clark, a significant number of our (a) We have decided to convert
members and guests who live in the the 3rd Tower, which was originally
northern part of Manila now prefer to planned to be ser viced apartments, to
travel to and from Balesin from Clark. an office Corporate Center, which is
ver y much in demand in our part of
In Balesin, we continue our steady Makati. After only two months on the
stream of additional facilities for our market, we have now leased more than
members and their guests. We built 3 60% of the project at premium rates;
private villas, and have sold 2 of these. and
We intend to build more as the demand
merits. These private villas are unique (b) We have decided to convert the
in that individuals or corporations can remaining units in Towers 1 and 2 into
own them outright and the title of the ser viced apartments. We are presently
land transferred to them. Thus, they in discussions with a number of world-
can allow any number of their guests class ser viced apartment operators.
to come and use these private villas
and the other facilities of Balesin With these conversions into rental
Island Club, without being a member, properties instead of properties for
or without being accompanied by a sale, we expect that our recurring
member. income in Alphaland will reach Php2
8
billion for 2018. This is a most welcomeFinally, I wish to thank all our shareholders,
development, since recurring income our staff, our members in the various clubs,
is always given a higher valuation by and our many customers and friends, for
the market than “one-off” sales. 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 ENRICO SISON
GENERAL MANAGER VP - HUMAN RESOURCES SVP - DESIGN
THE CITY CLUB AND ADMINISTRATION
MARK BIDDLE MA. AMELIA SANTIAGO CRISTINA ZAPANTA

EXECUTIVE CHEF SVP - INFORMATION TECHNOLOGY SVP - FINANCE
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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 13

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 cedar or pine logs imported from Scandinavia.
totally pollution-free mountain air. There are The entire property will be secured by an 8-foot
5 designs and floor plans to choose from, and concrete perimeter fence, with 12 security
the homes will be sited to maximize the views outposts.
of the surrounding pine-forested mountains.
The homes will range in size from 4 to 6 The master plan was completed by EcoPlan of
bedrooms, and will be sold fully furnished. Florida in the U.S., the same master planner
Each home will be constructed from western for Balesin Island. The lodges will be sold
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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, RIPRAP STONEWORK
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 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 INSIDE VIEW OF THE CHAPEL
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NURSERY FOR 50,000 PINE TREES
FLOWER NURSERY
ALPHALAND SLEEPER COACH HELIPAD
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22
ALPHALAND BALESIN ISLAND CLUB
MAP OF BALESIN ISLAND CLUB 23

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 resort redefines the Asian luxury beach experience,
the east coast of the Philippines, for members only. which is characterized by excellent service, and provides
It is the flagship project of Alphaland Corporation. a comprehensive array of facilities, for an endlessly
Balesin Island sits in the Pacific Ocean, 29 nautical varied and evolving lifetime experience for its members.
miles off the eastern coast of Luzon. It is 20 minutes’
flight time from Manila or 30 minutes from Clark, The accommodations consist of 7 villages,
on Alphaland’s private fleet of airplanes, which are each inspired by world-renowned destinations:
boarded at Alphaland’s private terminals at both Balesin, Bali, Costa del Sol, Mykonos, Phuket,
airports. Balesin Island is about 500 hectares in size, St. Tropez, and Toscana. Each village is a
of which less than 45 hectares (about 9%) will ever be distinct experience, and effectively a resort
developed. The majority of the island is undisturbed, in itself. Each is designed and executed
original tropical rainforest. The island is ringed by authentically, from architecture and interiors
more than seven kilometers of white-sand beach. to landscaping and cuisine. The emphasis of
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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, GUESTS CAN GO ON HORSEBACK BY THE BEACH
accessible via private elevator, with their own private
decks and jacuzzis. On the ground floor are 10 villa-
type 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
THE BALESIN SPA
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
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
BALESIN SPORTS BAR
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 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 THE BALESIN ROYAL VILLA
COSTA DEL SOL CASA GRANDE PHUKET SALATHIP
BALESIN SALA TOSCANA VILLAGE
ST. TROPEZ NUSA DUA BAR 27

RUNWAY LIGHTS
Balesin’s E.L. Tordesillas Airport, named after the

founder of the original resort, has a 1.5 kilometer-
long 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.
BALESIN CRAB CAUGHT AT BALESIN SEAFOOD FARM

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 man-
made 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.
FAMILY PICNIC GROVE

28
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
THE AVIARY
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.
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.
HOBIE CAT SAILING IN BALESIN’S CLEAR BLUE WATERS
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
PIER FROM BALESIN FISH FUN
Fun or Family Picnic Grove
• Gardening - Balesin has an Organic Vegetable Garden,
where guests may harvest their own salads • Horseback Riding - Island Trail Ride, Bullring (equestrian),
• Hiking - 8 kms of nature trails through forest and banana at the Stables
fields • Kayaking - Aquatic Sports Center
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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
BADMINTON COURTS • 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
THE INDOOR CLIMBING WALL • Gym - Sports Center
AT THE SPORTS CENTER • Karaoke - Babes’, Mike’s and Rannie’s KTV Rooms, Main
Clubhouse
• Knockerball - Sports Center and soccer pitch • Mahjong - Mahjong Rooms, Main Clubhouse
• Mountain Biking - The highest point of Balesin is just 10m • Mixed Martial Arts, with trainer - Sports Center
above sea level, but we do have mountain bikes available • Poker and other card games - Poker Rooms, Main
for rent Clubhouse
• Paddle Boarding, Standup - Aquatic Sports Center • Reading - E.L. Tordesillas Library, Main Clubhouse
• Paintball/War Games - Sports Center • Rock Climbing Wall - Sports Center
• Picnicking - Family Picnic Grove, which also offers fishing • Smoking - Tabacalera Cigar Divan, Main Clubhouse
• Sailing, Hobie Bravo - Aquatic Sports Center • Table Tennis (Ping Pong) - Game Room, Main Clubhouse
• Sailing, Paraw (native boat) - Aquatic Sports Center • Tennis - Indoor Tennis Court, Sports Center
• Scuba Diving - Aquatic Sports Center • Wii© - Wii© Room, Main Clubhouse
• Segway - Sports Center
• Snorkeling - Aquatic Sports Center DINING
• Soccer – Soccer pitch, near the Sports Center • Dining - Breakfast buffet, Main Clubhouse Lounge
• Sunbathing - The main beach and all pool areas are • Dining - Filipino, Main Clubhouse Lounge, Balesin Dining
provided with sun loungers. Room, Verandah, Balesin Sala
• Surfing - Available at certain seasons, off various • Dining - Fish “catch-it-yourself” at Fish Fun and Family
beaches. Our Aquatic Sports Center staff will show you Picnic Grove
the different breaks.
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Balesin Island Club
• Dining - French, at St. Tropez Village • Shopping - Sundries and souvenirs at Balesin Souvenir
• Dining - Greek at Thanassis Taverna and Cove Deck, Shop, Main Clubhouse and E.L. Tordesillas airport
Mykonos Village, and Poseidon, Mykonos Beach Villas • Worship - The Balesin Chapel offers regular Catholic
• Dining - Indonesian at Bali Warung and Nusa Dua Bar masses on Sundays, and other days of Catholic
• Dining - Italian at Toscana Village observance. It is open all day for private prayer, and
• Dining - Korean at Han Gang, Main Clubhouse available for weddings and other occasions.
• Dining - Japanese at Sakura, Main Clubhouse
• Dining - Spa cuisine at Ambrosia, Aegle Wellness Center TRANSPORTATION
• Dining - Spanish at the Restaurante Español and Tapas • Golf cart rides - All over the island
Bar, Costa del Sol Village • Jeepney rides - All over the island
• Dining - Thai at Salathip, Phuket Village • Bicycling - Bicycles are available for use at the Main
• Dining - Mongolian BBQ and mixed grill for lunch and Clubhouse
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
SEGWAYS
• 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,
PRIVATE MASSAGE BY THE BEACH
Main Clubhouse; The Balesin Royal Villa
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ALPHALAND MAKATI PLACE
THE BEDROOM OF A TYPICAL UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE 33

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.
Alphaland Makati Place is the only

EXTERIOR OF ALPHALAND complex in the Central Business District
MAKATI PLACE
to present such a comprehensive living
solution. It is designed by the well-
established group of architectural and
34
Alphaland Makati Place
FULLY FITTED KITCHEN AND DINING AREA AT THE RESIDENCES AT ALPHALAND MAKATI PLACE
engineering practice, Wong & Ouyang, and consumes far less water and energy than
the leading architectural firm in the countr y, comparable buildings, minimizing carbon
Casas + Architects. This complete community emissions and unnecessar y costs, while still
is designed to cut down on commuting to achieving a high level of comfort. Moreover,
enable residents to save time and energy, the basement has five levels of parking,
and minimize traffic, all in secure, private which provide approximately 1,000 parking
surroundings. spaces (the most of any building in Makati)
to reduce the urban “heat island effect”. The
Alphaland Makati Place is designed from project is registered under the United States
the ground up with state-of-the-art building Green Building Council (USGBC) rating
management, automation, and security, system, which administers the Leadership in
as well as energy-efficient mechanical, Energy and Environmental Design (LEED).
electrical, and sanitar y systems. The complex
UPMARKET AT ALPHALAND MAKATI PLACE 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 all-
granite 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
36
ALPHALAND CORPORATE TOWER
DESIGN INSPIRATIONS FOR THE SKY LOUNGE
ALPHALAND CORPORATE TOWER 37

38
THE CITY CLUB AT ALPHALAND MAKATI PLACE
THE CITY CLUB ATRIUM 39

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 is located within walking distance of many
Alphaland Makati Place. All tenants of major corporations, residential buildings,
Alphaland Corporate Tower and unit owners and commercial establishments in the Central
at The Residences at Alphaland Makati Business District. This provides convenience
Place are automatically members of The City from work, home, and everywhere in between.
Club, while non-residents may also purchase
memberships. Located along Ayala Avenue, The City Club houses 9 specialty restaurants
it occupies the top three floors of the six- where you can choose from a variety of
storey podium of Alphaland Makati Place, international cuisines. Among them are A Taste
with an area of 30,000 square meters. It of France (French), Balesin Islander (Filipino),
40
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
CONFERENCE ROOM
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. BANQUET HALL
41
GYM
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
MOVIE THEATER/AUDITORIUM
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,
LIBRARY 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.
PILATES STUDIO
42
The City Club at Alphaland Makati Place
CLUB AMENITIES • Tabacalera Cigar Divan

• Indoor Tennis Court • Outdoor Activity Area
• Indoor Basketball Court • Banquets and Events
• Badminton Courts • Wii© Room
• Boxing Ring • Game Room
• Squash Court • Club Lounge
• Gym • Barber Shop
• Billiard Tables • KTV Rooms
• Table Tennis Room • Screening Room
• Aerobics & Yoga Studio • Poolside Restaurant & Al Fresco Bar
• Martial Arts Studio • Restaurants:
• Pilates Studio — Sakura
• Dance Studios — Salathip Thai Restaurant
• Aegle Wellness Center & Spa — Hai Shin Lou
• Swimming Pool — A Taste of France
• Pool Sunbathing Deck — Costa del Sol
• High-Definition Virtual Golf Simulator — Toscana Ristorante Italiano
• Health Bar — Mark’s Prime Rib
• Meeting and Conference Rooms — Balesin Islander
• Movie Theater/Auditorium — Mykonos
• Librar y • The TWG Tea Lounge
• Business Center • Canadian American School
• Banquet Hall • Children’s Indoor Play Area
• Private Function Rooms • Pro Shop
• Chinese Function Rooms • Outdoor Playground
• Private Dining Rooms • Children’s Pool
• The Boardroom • Snack Bar
• Large Function Rooms • Barbecue Area
HAI SHIN LOU SALATHIP THAI RESTAURANT
43
44
THE RESIDENCES AT ALPHALAND MAKATI PLACE
TYPICAL UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE 45

THE RESIDENCES AT ALPHALAND
MAKATI PLACE RECEPTION
Dubbed “the home The residential towers offer several different

of the future”, unit types: 1-bedroom, 2-bedroom, premium
The Residences at 2-bedroom, and 3-bedroom suites. Each unit
Alphaland Makati Place is delivered in ready-to-move-in condition.
incorporates the limitless
Units offer open-plan kitchen, living, and
possibilities of future-
receptive technology dining areas, and maximized space through
into residents’ daily cleverly concealed built-in storage areas in
lives through the hallways and under windows to allow freedom
incorporation of fiber of movement around the unit.
optic infrastructure.
All units come with premium bathroom fixtures
and top-of-the-line appliances. All furniture,
fixtures, and major appliances are included
The Residences at Alphaland Makati Place, a in the unit price, and are installed and tested.
meticulously designed complex that ensures Each unit has a dishwasher, air conditioners,
a natural fusion of aesthetics and efficiency, beds, sofas, an intelligent lighting system,
offers fully fitted and fully furnished, state- bathroom and kitchen fixtures, refrigerator/
of-the-art Ayala Avenue apartments. The freezer, laundry washer and dryer, televisions,
strategic location of the complex makes it a minibar, and a safe. Premium units come with a
perfect home for dynamic executives, young wine chiller. Extensive storage is provided, with
families, and upwardly mobile singles. each unit containing ample shelves, closets and
46
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 high-
speed fiber-optic infrastructure, ensuring that
it will be technologically advanced for years
to come.
DESK AREA INSIDE A UNIT AT THE RESIDENCES AT
ALPHALAND MAKATI PLACE
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.
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
47
48
ALPHALAND SOUTHGATE TOWER AND MALL
ALPHALAND SOUTHGATE TOWER AND MALL LOCATED AT 49

THE CORNER OF EDSA AND CHINO ROCES AVENUE
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

The project began as an unfinished high-rise building
Located at the intersection of EDSA and Chino that remained idle for nearly 30 years.
Roces Avenue, Alphaland Southgate Tower has
become an iconic establishment and functions as The Alphaland Corporation reinvented it as a
the gateway to Makati. Its distinctive LED display, modern glass office tower with a podium mall,
set in the building’s blue glass facade, welcomes transforming a former eyesore into one of the city’s
visitors to the metropolis’ Central Business District. most recognizable and vibrant landmarks.
50
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, THE EIGHTH ANNIVERSARY OF
ALPHALAND SOUTHGATE
and Western Mindanao rounded out the rest of the
building’s occupants.
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.
COFFEE SHOP
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.
The Alphaland Southgate Mall is open from 10AM to

9PM, Mondays to Sundays, including holidays.
ALPHALAND SOUTHGATE MALL INTERIOR
51
52
AEGLE WELLNESS CENTER AT BALESIN ISLAND CLUB 53

AT THE CITY CLUB
Aegle Wellness Center is a state-of-the-

art 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.
Named after the Greek goddess of radiant Aegle is devoted to the maintenance of health through
good health, Aegle illustrates the marriage lifestyle modification based on cutting-edge technology
of science and health—Aegle being the from the basic sciences such as cell physiology, molecular
daughter of Aesculapius, the god of medicine, biology, and human genomics. Protocols are hinged on the
and Epione, the goddess of soothing of pain. four foundations of wellness: natural detoxification, weight
Aegle is the sister of Panacea, the goddess of management, ageing medicine, and holistic health.
medicines, and Hygeia, goddess of health.
54
Aegle Wellness Center
Complementing the limitations of Western medicine

►Gut Micro Biome Analysis
with the preventive health values of traditional healing,
►Oxidative Stress
Aegle provides multi-faceted programs to address health
►Neurotransmitter Assay
concerns ranging from treatment of lifestyle diseases,
►Amino Acid Assay
to enhancing function and athletic performance, to
►Cardiac Vascular
providing support to terminal illness prevention.
►Chronic Fatigue Syndrome
• Ancillary Assessment
Leading Aegle’s acclaimed medical team are Dr.
►Plethysmography
Claude Chauchard, world-renowned Anti- Ageing and
►Live Blood Analysis
Preventive Medicine specialist and Dr. Ben Valdecañas,
the country’s leading authority in the field of Sports and
Treatments
Regenerative Medicine.
• Hyperbaric Oxygen Therapy (HBOT)
• Colon Hydrotherapy
The city center facility of Aegle Wellness Center, which
• Intravenous Detoxification
is located at The City Club, began operations in late
• Intravenous Supplementation
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.
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
HYPERBARIC OXYGEN THERAPY
• 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
INTRAGEN TREATMENT
55
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 Odacité
and Goldfaden MD.
56
AEGLE AESTHETICS
AEGLE AESTHETICS 57
58
BALESIN GATEWAY
PATNANUNGAN ISLAND 59
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 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
.
n.m
320s that fly around the region.
23
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 DISTANCE FROM BALESIN TO PATNANUNGAN
CLOSER LOOK AT PATNANUNGAN ISLAND
60
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.
PATNANUNGAN SITE 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.
61
BRITISH AEROSPACE JETSTREAM 32 CESSNA 208B GRAND CARAVAN
62
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
63
ARRIVAL LOUNGE DEPARTURE LOUNGE
64
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
65
66
CORPORATE SOCIAL RESPONSIBILITY
BALESIN COASTAL CLEAN-UP VOLUNTEERS 67

BALESIN CEO MIKE ASPERIN AND VOLUNTEERS AT
BALESIN’S COASTAL CLEAN-UP DAY
Located on the coast, Atimonan is only 25

nautical miles from Balesin Island and can be
Corporate Social supported by our facilities at Balesin Island,
Responsibility 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
DRUG REHABILITATION FACILITY land from Manila (about 2-1/2 hours), and
in fact was used as the staging area during
After conducting an in-depth study on drug construction of Balesin Island Club. We will
rehabilitation centers and how other countries begin construction on this project in 2018.
have addressed this need, Alphaland plans
to allocate Php100 million to build a drug COMMUNITY DEVELOPMENT PROGRAMS
rehabilitation facility on a 2.1 hectare property
that it owns in Atimonan, Quezon. Our intention Balesin Island Club supports the island’s
is for this to be a “model” facility that can be residents through various community
used as a prototype for other centers to be development programs. One of the program’s
established by the government and the private main thrusts is the hiring of local residents to
sector to support the fight against drugs in the train with and eventually become part of the
country. island’s workforce. The club employs its staff
68
Corporate Social Responsibility
from a community of around 2,000 people. ANNUAL OUTREACH PROGRAMS

The children of these workers also become
scholars of Balesin Island Club. Eventually, Every December, Alphaland Corporation shares its
upon reaching high school, they may choose blessings with those less fortunate through a yearly
to take their “on-the-job training” (OJT) in the outreach program. The beneficiaries of this annual event
club, effectively becoming skilled workers in are the residents of the local Balesin island community.
the luxury hospitality industry. Members from various Alphaland departments are
chosen to fly to the island for a day of fellowship and
BALESIN INTEGRATED SCHOOL camaraderie. While on the island, they pack Christmas
ham and fruit baskets, attend a thanksgiving mass,
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 island- and share a simple yet meaningful meal in celebration
b a s e d sc h oo l t hat se r ve s t he ne e d s of the of the true meaning of the season. The children 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. local residents are also treated to a magic show, parlor
Fo u n d e d i n 1 9 9 9, it is a d ir e ct b e nefic iar y games, and loot bags.
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 ANNUAL COASTAL CLEAN-UP
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 Alphaland Balesin Island Club participates
th e s c h oo l t h r o ug h char it a b l e do nations in the annual International Coastal Cleanup,
a n d f un d i n g t e a che r sal ar ie s, Al p haland the world’s largest volunteer event on behalf
a ls o g r a n t s scho l ar ships t o de s er v ing of ocean health. This event is dedicated to
s tu d e n t s , m a n y o f w ho m co nt inue their improving beaches, coastal areas, and 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 surroundings.
ma in l a n d .
TRASH COLLECTED DURING BALESIN’S COASTAL CLEAN-UP DAY VOLUNTEERS AT BALESIN’S COASTAL CLEAN-UP DAY
69
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

Sen. Edgardo J. Angara

Lorenzo V. Tan
Advisor to the Board
70
CONSOLIDATED
FINANCIAL
STATEMENTS
71
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 Directorsis 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
72
AUDITOR’S REPORT
BOA/PRC Accreditation No. 4782 Citibank Tower
December 29, 2015, valid until December 31, 2018 8741 Paseo de Roxas
SEC Accreditation No. 0207-FR-2 (Group A) Makati City 1226 Philippines
September 27, 2016, valid until September 27, 2019 Phone : +632 982 9100
Fax : +632 982 9111
Website : www.reyestacandong.com

/EWEEdAUDITORS’ZWKZd

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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

73

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
 /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
74

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 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

75
Consolidated Statements
of Financial Position
>W,>EKZWKZd/KEE^h^//Z/^
KE^K>/d^ddDEd^K&&/EE/>WK^/d/KE

ĞĐĞŵďĞƌϯϭ
EŽƚĞ ϮϬϭϳ ϮϬϭϲ
^^d^
ƵƌƌĞŶƚƐƐĞƚƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϱ W
сϮϭϱ͕ϱϵϯ͕Ϭϰϯ сWϮϱϲ͕ϭϰϱ͕ϳϰϵ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ϲ ϭ͕ϵϵϯ͕ϱϬϰ͕ϭϬϰ ϭ͕Ϯϱϰ͕ϱϮϬ͕ϳϬϵ
>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĂŶĚƉĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞ ϳ ϯ͕ϵϰϮ͕ϯϳϱ͕ϯϳϭ ϱ͕ϰϯϲ͕Ϭϭϰ͕ϲϭϰ
ĚǀĂŶĐĞƐƚŽƌĞůĂƚĞĚƉĂƌƚŝĞƐ ϭϳ Ϯ͕ϳϳϳ͕Ϭϰϴ͕ϯϬϳ Ϯ͕ϰϭϮ͕ϳϰϮ͕ϱϴϭ
ǀĂŝůĂďůĞͲĨŽƌͲƐĂůĞ;&^ͿĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ ϵϴϱ͕ϴϭϬ͕ϵϬϬ ϵϴϱ͕ϴϭϬ͕ϵϬϬ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ϴ ϭ͕ϳϵϭ͕ϴϰϰ͕ϴϯϵ Ϯ͕ϭϮϲ͕ϱϲϮ͕ϵϲϳ
dŽƚĂůƵƌƌĞŶƚƐƐĞƚƐ ϭϭ͕ϳϬϲ͕ϭϳϲ͕ϱϲϰ ϭϮ͕ϰϳϭ͕ϳϵϳ͕ϱϮϬ
EŽŶĐƵƌƌĞŶƚƐƐĞƚƐ
/ŶǀĞƐƚŵĞŶƚƐŝŶĂŶĚĂĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ ϵ ϭϮ͕ϯϰϴ͕ϴϮϮ ϮϮ͕ϲϲϴ͕ϲϯϬ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐͲŶĞƚŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ ϭϬ Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ
WƌŽƉĞƌƚǇĂŶĚĞƋƵŝƉŵĞŶƚ ϭϮ ϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ ϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ
KƚŚĞƌŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ ϭϯ ϯϮϭ͕ϱϳϮ͕ϰϴϭ ϯϬϲ͕ϵϴϲ͕Ϯϴϵ
dŽƚĂůEŽŶĐƵƌƌĞŶƚƐƐĞƚƐ ϳϭ͕ϵϬϴ͕ϳϵϵ͕ϭϵϯ ϱϴ͕ϯϵϭ͕ϮϬϬ͕ϭϳϳ
W
сϴϯ͕ϲϭϰ͕ϵϳϱ͕ϳϱϳ сϳϬ͕ϴϲϮ͕ϵϵϳ͕ϲϵϳ
W

>//>/d/ÊYh/dz
ƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ ϭϰ W
сϮ͕ϴϬϴ͕ϱϴϰ͕ϲϳϲ сϮ͕ϱϭϵ͕ϱϯϲ͕ϳϱϮ
W
ƵƌƌĞŶƚƉŽƌƚŝŽŶŽĨ͗
>ŽŶŐͲƚĞƌŵĚĞďƚ ϭϱ ϭ͕Ϭϳϭ͕ϱϳϯ͕ϳϵϰ ϭ͕ϰϴϬ͕ϰϳϵ͕ϬϬϬ
Customers’ depositƐ ϭϴ ϳϯ͕ϱϬϰ͕ϭϴϳ ϮϮ͕ϵϯϮ͕ϱϳϮ
ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ ϭϳ ϴϭ͕ϳϲϯ͕ϴϳϳ ϴ͕ϲϵϮ͕ϵϱϭ
/ŶĐŽŵĞƚĂǆƉĂǇĂďůĞ ϰϱ͕Ϯϴϳ͕ϰϭϰ ϰ͕ϵϵϮ͕ϴϳϰ
dŽƚĂůƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ ϰ͕ϬϴϬ͕ϳϭϯ͕ϵϰϴ ϰ͕Ϭϯϲ͕ϲϯϰ͕ϭϰϵ
EŽŶĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ
>ŽŶŐͲƚĞƌŵĚĞďƚͲŶĞƚŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ ϭϱ ϱ͕ϱϮϱ͕Ϭϰϲ͕ϭϱϴ ϰ͕Ϭϰϭ͕ϴϳϴ͕ϯϰϵ
Customers’ deposits ͲŶĞƚŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ ϭϴ ϵϳ͕ϲϬϰ͕ϲϱϱ ϭϮϳ͕Ϭϯϯ͕ϴϴϬ
ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚǇ ϮϬ Ϯϰ͕ϰϱϭ͕ϯϲϴ ϯϭ͕ϰϭϱ͕ϵϭϱ
EĞƚĚĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƚŝĞƐ Ϯϭ ϭϯ͕ϰϱϭ͕ϱϮϴ͕ϱϭϴ ϭϬ͕ϭϮϰ͕ϰϴϲ͕ϳϴϵ
KƚŚĞƌŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ϮϬ͕ϭϭϳ͕ϵϮϴ ϴϵ͕ϴϬϴ͕ϰϳϬ
dŽƚĂůEŽŶĐƵƌƌĞŶƚ>ŝĂďŝůŝƚŝĞƐ ϭϵ͕ϭϭϴ͕ϳϰϴ͕ϲϮϳ ϭϰ͕ϰϭϰ͕ϲϮϯ͕ϰϬϯ
dŽƚĂů>ŝĂďŝůŝƚŝĞƐ Ϯϯ͕ϭϵϵ͕ϰϲϮ͕ϱϳϱ ϭϴ͕ϰϱϭ͕Ϯϱϳ͕ϱϱϮ
;&ŽƌǁĂƌĚͿ
76
ͲϮͲ

ĞĐĞŵďĞƌϯϭ
ƋƵŝƚǇƚƚƌŝďƵƚĂďůĞƚŽƋƵŝƚǇ,ŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚ
ŽŵƉĂŶǇ
ĂƉŝƚĂůƐƚŽĐŬ ϭϲ W
сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ
W
ĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐ ϰϬ͕ϯϰϯ͕ϱϵϴ͕ϵϵϬ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ
KƚŚĞƌĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞ͗
ƵŵƵůĂƚŝǀĞƵŶƌĞĂůŝǌĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ
ZĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ ϭϮ ϳϱ͕ϴϰϴ͕ϰϲϲ ϳϮ͕ϲϳϵ͕ϱϮϰ
ĐĐƵŵƵůĂƚĞĚƌĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶŽŶƌĞƚŝƌĞŵĞŶƚ
ůŝĂďŝůŝƚǇ ϰϱ͕ϯϰϵ͕ϳϲϯ ϮϮ͕ϴϰϱ͕ϱϲϵ
ϳϳ͕Ϯϵϯ͕ϬϴϬ͕ϰϴϮ ϲϵ͕Ϯϯϳ͕ϯϭϲ͕ϱϮϯ
>ĞƐƐ͗
WĂƌĞŶƚŽŵƉĂŶǇ’s shares held by a subsidiary ϭϲ ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱ ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬ
ŽƐƚŽĨϰϮϯ͕ϵϬϬƐŚĂƌĞƐĂŶĚϭ͕ϱϮϯ͕ϵϬϬƐŚĂƌĞƐŝŶ
ƚƌĞĂƐƵƌǇŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůǇ ϭϲ ϭ͕Ϯϭϯ͕ϱϮϲ ϭϮ͕Ϯϭϯ͕ϱϮϲ
ϲϬ͕ϰϭϬ͕ϲϰϳ͕Ϭϱϭ ϱϮ͕ϰϬϳ͕ϭϯϬ͕ϲϬϳ
EŽŶĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϰ͕ϴϲϲ͕ϭϯϭ ϰ͕ϲϬϵ͕ϱϯϴ
dŽƚĂůƋƵŝƚǇ ϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ ϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ
W
сϴϯ͕ϲϭϰ͕ϵϳϱ͕ϳϱϳ сϳϬ͕ϴϲϮ͕ϵϵϳ͕ϲϵϳ
W
ŽŽŬǀĂůƵĞƉĞƌƐŚĂƌĞ ϮϮ W
сϰϳ͘ϱϰϬ сϰϭ͘ϭϰϬ
W

^ĞĞĂĐĐŽŵƉĂŶǇŝŶŐEŽƚĞƐƚŽŽŶƐŽůŝĚĂƚĞĚ&ŝŶĂŶĐŝĂů^ƚĂƚĞŵĞŶƚƐ͘
77
OF COMPREHENSIVE INCOME
KE^K>/d^ddDEd^K&KDWZ,E^/s/EKD

zĞĂƌƐŶĚĞĚĞĐĞŵďĞƌϯϭ
EŽƚĞ ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ
ZsEh
ZĞĂůĞƐƚĂƚĞƐĂůĞƐ W
сϭ͕ϯϲϲ͕ϱϲϲ͕ϰϴϰ W
сϭ͕ϰϮϭ͕Ϯϯϰ͕ϴϭϴ W
сϭ͕ϰϭϳ͕ϴϳϴ͕ϵϴϳ
ZĞŶƚ ϭϴ ϴϯϰ͕ϳϴϬ͕ϰϰϮ ϲϵϲ͕Ϭϰϲ͕Ϭϲϰ ϲϲϮ͕ϴϭϲ͕ϴϯϬ
ŝƌƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ ϮϬϬ͕ϰϴϯ͕ϯϲϲ ϭϳϰ͕ϳϳϯ͕ϱϬϰ ϴϴ͕Ϭϭϭ͕ϬϬϬ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϱ ϭϳ͕ϳϲϰ͕ϭϲϵ ϭϵ͕ϲϯϱ͕ϯϯϭ ϭϯ͕ϱϬϴ͕ϲϯϮ
KƚŚĞƌƐ ϲϯ͕ϴϯϰ͕Ϭϲϳ Ϯϰ͕Ϭϱϳ͕ϴϯϮ ϱ͕Ϭϱϴ͕ϴϴϵ
Ϯ͕ϰϴϯ͕ϰϮϴ͕ϱϮϴ Ϯ͕ϯϯϱ͕ϳϰϳ͕ϱϰϵ Ϯ͕ϭϴϳ͕Ϯϳϰ͕ϯϯϴ
K^dÊyWE^^ ϭϵ
ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ϴϯϰ͕ϯϯϵ͕ϵϮϱ ϭ͕Ϭϵϰ͕ϴϱϳ͕ϰϴϲ ϭ͕ϮϬϳ͕ϯϴϲ͕ϮϮϮ
ŽƐƚŽĨƐĞƌǀŝĐĞƐ ϯϲϬ͕ϰϲϳ͕ϲϳϬ Ϯϴϱ͕ϴϴϯ͕ϱϵϯ ϮϬϮ͕ϴϴϰ͕ϭϴϭ
'ĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ϵϰϲ͕ϳϮϯ͕ϲϯϭ ϱϲϮ͕ϭϭϬ͕ϭϲϲ ϱϱϵ͕ϳϮϰ͕Ϯϰϭ
Ϯ͕ϭϰϭ͕ϱϯϭ͕ϮϮϲ ϭ͕ϵϰϮ͕ϴϱϭ͕Ϯϰϱ ϭ͕ϵϲϵ͕ϵϵϰ͕ϲϰϰ
Kd,Z/EKD;yWE^^Ϳ
'ĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞƐŽĨŝŶǀĞƐƚŵĞŶƚ
ƉƌŽƉĞƌƚŝĞƐ ϭϭ ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰ ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴ ϴ͕ϱϳϴ͕ϳϲϭ͕ϭϲϯ
/ŶƚĞƌĞƐƚĞǆƉĞŶƐĞĂŶĚŽƚŚĞƌĨŝŶĂŶĐĞĐŚĂƌŐĞƐ ϭϱ ;ϯϲϱ͕ϳϮϳ͕ϭϵϰͿ ;Ϯϵϰ͕ϳϰϵ͕ϰϲϳͿ ;Ϯϱϭ͕ϯϬϮ͕ϴϳϮͿ
'ĂŝŶŽŶƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ ϭϮϯ͕ϭϱϮ͕ϰϯϰ ϭϬϴ͕ϱϬϱ͕Ϭϰϵ ϮϳϮ͕ϯϰϮ͕ϰϰϵ
EĞƚĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞŐĂŝŶ;ůŽƐƐͿ ;ϭ͕ϭϭϴ͕ϲϳϰͿ ;ϭ͕ϴϴϯ͕ϵϱϰͿ ϳϵϵ͕ϱϲϴ
ƋƵŝƚǇŝŶŶĞƚŝŶĐŽŵĞ;ůŽƐƐͿŽĨĂƐƐŽĐŝĂƚĞƐ ϵ ϭ͕ϯϴϬ͕ϵϰϲ ;ϭ͕ϭϯϱ͕ϮϮϲͿ ;ϳϰϰ͕ϯϰϬͿ
ϭϭ͕ϮϮϵ͕ϱϬϲ͕Ϯϱϲ ϵ͕ϴϭϳ͕ϳϴϴ͕ϴϵϬ ϴ͕ϱϵϵ͕ϴϱϱ͕ϵϲϴ
/EKD&KZ/EKDdy ϭϭ͕ϱϳϭ͕ϰϬϯ͕ϱϱϴ ϭϬ͕ϮϭϬ͕ϲϴϱ͕ϭϵϰ ϴ͕ϴϭϳ͕ϭϯϱ͕ϲϲϮ
WZKs/^/KE&KZ/EKDdy Ϯϭ
ƵƌƌĞŶƚ ϱϴ͕ϭϲϬ͕ϵϮϲ ϴϳ͕Ϭϴϰ͕Ϭϴϲ ϲϯ͕ϵϬϬ͕ϵϰϳ
ĞĨĞƌƌĞĚ ϯ͕ϯϰϰ͕ϮϬϵ͕ϳϮϲ ϯ͕Ϭϰϲ͕ϳϳϳ͕ϱϮϱ Ϯ͕ϲϯϱ͕ϰϱϳ͕ϯϮϰ
ϯ͕ϰϬϮ͕ϯϳϬ͕ϲϱϮ ϯ͕ϭϯϯ͕ϴϲϭ͕ϲϭϭ Ϯ͕ϲϵϵ͕ϯϱϴ͕Ϯϳϭ
Ed/EKD ϴ͕ϭϲϵ͕ϬϯϮ͕ϵϬϲ ϳ͕Ϭϳϲ͕ϴϮϯ͕ϱϴϯ ϲ͕ϭϭϳ͕ϳϳϳ͕ϯϵϭ
;&ŽƌǁĂƌĚͿ

78
ͲϮͲ

Kd,ZKDWZ,E^/s/EKD;>K^^Ϳ
dŽďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶƐƵďƐĞƋƵĞŶƚ
ƉĞƌŝŽĚƐͲ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐŽŶĚŝƐƉŽƐĂůŽĨ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ ;W
сϮϭϲ͕Ϭϯϴ͕ϭϲϳͿ ;W
сϭϬϴ͕ϰϵϰ͕ϰϵϮͿ ;W
сϮϱϯ͕ϭϲϴ͕ϲϴϲͿ
hŶƌĞĂůŝǌĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐ ϭϬ ϱϴ͕ϭϰϱ͕ϴϱϲ ϳϮϱ͕Ϭϴϵ͕ϱϭϯ ϭ͕ϰϬϴ͕ϳϵϭ͕ϱϰϴ
/ŶĐŽŵĞƚĂǆĞĨĨĞĐƚ ϭϱ͕ϳϴϵ͕Ϯϯϭ ;ϲϭ͕ϲϲϰ͕ϱϬϯͿ ;ϭϭϱ͕ϱϲϮ͕ϮϴϲͿ
;ϭϰϮ͕ϭϬϯ͕ϬϴϬͿ ϱϱϰ͕ϵϯϬ͕ϱϭϴ ϭ͕ϬϰϬ͕ϬϲϬ͕ϱϳϲ
EŽƚƚŽďĞƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚŽƌůŽƐƐŝŶ
ƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚƐ͗
ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ ϭϮ ϵ͕ϱϭϰ͕ϴϱϲ ϭϬϯ͕ϴϮϳ͕ϴϵϭ –
/ŶĐŽŵĞƚĂǆĞĨĨĞĐƚ ;Ϯ͕ϴϱϰ͕ϰϱϳͿ ;ϯϭ͕ϭϰϴ͕ϯϲϳͿ –
ϲ͕ϲϲϬ͕ϯϵϵ ϳϮ͕ϲϳϵ͕ϱϮϰ –
ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶ;ůŽƐƐͿŽŶƌĞƚŝƌĞŵĞŶƚ
ůŝĂďŝůŝƚǇ ϮϬ ϮϮ͕ϱϬϰ͕ϭϵϰ ;ϭ͕ϯϰϱ͕ϴϲϰͿ ϵ͕Ϭϰϰ͕ϮϴϮ
;ϭϭϮ͕ϵϯϴ͕ϰϴϳͿ ϲϮϲ͕Ϯϲϰ͕ϭϳϴ ϭ͕Ϭϰϵ͕ϭϬϰ͕ϴϱϴ
dKd>KDWZ,E^/s/EKD W
сϴ͕Ϭϱϲ͕Ϭϵϰ͕ϰϭϵ W
сϳ͕ϳϬϯ͕Ϭϴϳ͕ϳϲϭ W
сϳ͕ϭϲϲ͕ϴϴϮ͕Ϯϰϵ
EĞƚŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽ͗
ƋƵŝƚǇŚŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇ W
сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ W
сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ W
сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ
EŽŶĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϭ͕ϯϳϬ͕ϰϮϭ ϰϭϳ͕ϯϮϳ ;ϳϮϮ͕ϵϳϱͿ
W
сϴ͕ϭϲϵ͕ϬϯϮ͕ϵϬϲ W
сϳ͕Ϭϳϲ͕ϴϮϯ͕ϱϴϯ W
сϲ͕ϭϭϳ͕ϳϳϳ͕ϯϵϭ
dŽƚĂůĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽ͗
ƋƵŝƚǇŚŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇ W
сϴ͕Ϭϱϰ͕ϳϲϴ͕ϰϭϲ W
сϳ͕ϳϬϮ͕ϲϳϬ͕ϰϯϰ W
сϳ͕ϭϲϳ͕ϲϬϱ͕ϮϮϰ
EŽŶĐŽŶƚƌŽůůŝŶŐŝŶƚĞƌĞƐƚƐ ϭ͕ϯϮϲ͕ϬϬϯ ϰϭϳ͕ϯϮϳ ;ϳϮϮ͕ϵϳϱͿ
W
сϴ͕Ϭϱϲ͕Ϭϵϰ͕ϰϭϵ W
сϳ͕ϳϬϯ͕Ϭϴϳ͕ϳϲϭ W
сϳ͕ϭϲϲ͕ϴϴϮ͕Ϯϰϵ
ĂƐŝĐͬŝůƵƚĞĚĂƌŶŝŶŐƐWĞƌ^ŚĂƌĞ
/ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚWŚŝůŝƉƉŝŶĞĐĐŽƵŶƚŝŶŐ
^ƚĂŶĚĂƌĚϯϯ͕ĂƌŶŝŶŐƐƉĞƌ^ŚĂƌĞΎ ϮϮ W
сϲ͘ϰϭϲ W
сϱ͘ϱϱϯ W
сϰ͘ϰϵϱ
ĂƐĞĚŽŶŽƵƚƐƚĂŶĚŝŶŐƐŚĂƌĞƐĂƚƚŚĞĞŶĚŽĨƚŚĞ
ǇĞĂƌΎΎ ϮϮ W
сϲ͘ϰϮϳ W
сϱ͘ϱϱϱ W
сϰ͘ϳϵϵ

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

79
of CHANGES IN EQUITY
KE^K>/d^ddDEd^K&,E'^/EYh/dz

W/d>^dK< ϭϲ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐĂŶĚĞŶĚŽĨǇĞĂƌ W
сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ W
сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ W
сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ
/d/KE>W/Ͳ/EW/d> ϭϲ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ
ǆĐĞƐƐŽĨĂĐƋƵŝƐŝƚŝŽŶƉƌŝĐĞŽǀĞƌŝŶƚĞƌĞƐƚ ϭ͕Ϭϯϵ͕ϵϲϭ – –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ
hDh>d/shEZ>/s>hd/KE'/EKE
&^&/EE/>^^d^ ϭϬ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ Ϯϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ Ϯϭ͕ϵϳϵ͕ϲϬϴ͕ϯϴϲ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶĂĚũƵƐƚŵĞŶƚƐŽŶĚŝƐƉŽƐĂůŽĨ&^
ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ;ϭϵϰ͕ϰϯϰ͕ϯϱϬͿ ;ϵϳ͕ϲϱϬ͕ϬϰϰͿ ;ϮϮϳ͕ϴϱϭ͕ϴϭϳͿ
hŶƌĞĂůŝǌĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϱϮ͕ϯϯϭ͕ϮϳϬ ϲϱϮ͕ϱϴϬ͕ϱϲϮ ϭ͕Ϯϲϳ͕ϵϭϮ͕ϯϵϯ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ Ϯϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ
Zs>hd/KE^hZW>h^ ϭϮ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϳϮ͕ϲϳϵ͕ϱϮϰ – –
ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ ϲ͕ϲϲϬ͕ϯϵϵ ϳϯ͕ϰϭϴ͕ϱϭϰ –
ŵŽƌƚŝǌĂƚŝŽŶŽĨƌĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ ;ϯ͕ϰϵϭ͕ϰϱϳͿ ;ϳϯϴ͕ϵϵϬͿ –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϳϱ͕ϴϰϴ͕ϰϲϲ ϳϮ͕ϲϳϵ͕ϱϮϰ –

hDh>dZD^hZDEd'/E
KEZd/ZDEd>//>/dz ϮϬ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϮϮ͕ϴϰϱ͕ϱϲϵ Ϯϰ͕ϭϵϭ͕ϰϯϯ ϭϱ͕ϭϰϳ͕ϭϱϭ
ZĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶ;ůŽƐƐͿŽŶƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚǇ ϮϮ͕ϱϬϰ͕ϭϵϰ ;ϭ͕ϯϰϱ͕ϴϲϰͿ ϵ͕Ϭϰϰ͕ϮϴϮ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϰϱ͕ϯϰϵ͕ϳϲϯ ϮϮ͕ϴϰϱ͕ϱϲϵ Ϯϰ͕ϭϵϭ͕ϰϯϯ

Zd/EZE/E'^
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ Ϯϱ͕Ϭϵϱ͕Ϯϵϵ͕ϴϬϮ ϭϴ͕ϵϳϲ͕ϳϵϵ͕ϰϯϲ
EĞƚŝŶĐŽŵĞĚƵƌŝŶŐƚŚĞǇĞĂƌ ϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ ϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ ϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ
ŵŽƌƚŝǌĂƚŝŽŶŽĨƌĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ ϯ͕ϰϵϭ͕ϰϱϳ ϳϯϴ͕ϵϵϬ –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϰϬ͕ϯϰϯ͕ϱϵϴ͕ϵϵϬ ϯϮ͕ϭϳϮ͕ϰϰϱ͕Ϭϰϴ Ϯϱ͕Ϭϵϱ͕Ϯϵϵ͕ϴϬϮ

PARENT COMPANY’S SHARES HELD BY A
^h^//Zz ϭϲ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ
ĚĚŝƚŝŽŶƐ ;ϲϯ͕Ϯϰϳ͕ϱϭϱͿ – –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ

dZ^hZz^,Z^ ϭϲ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ
ZĞŝƐƐƵĂŶĐĞ ϭϭ͕ϬϬϬ͕ϬϬϬ – –
ĚĚŝƚŝŽŶƐ – ;ϭϭ͕ϬϬϬ͕ϬϬϬͿ –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ

EKEKEdZK>>/E'/EdZ^d^
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϰ͕ϲϬϵ͕ϱϯϴ ϰ͕ϭϵϮ͕Ϯϭϭ ϰ͕ϵϭϱ͕ϭϴϲ
EĞƚŝŶĐŽŵĞ;ůŽƐƐͿ ϭ͕ϯϮϲ͕ϬϬϯ ϰϭϳ͕ϯϮϳ ;ϳϮϮ͕ϵϳϱͿ
ĐƋƵŝƐŝƚŝŽŶ ;ϭ͕Ϭϲϵ͕ϰϭϬͿ – –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϰ͕ϴϲϲ͕ϭϯϭ ϰ͕ϲϬϵ͕ϱϯϴ ϰ͕ϭϵϮ͕Ϯϭϭ
80
W
сϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ W
сϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ W
сϰϰ͕ϳϭϴ͕ϵϭϯ͕ϯϵϰ

of CASH FLOWS
KE^K>/d^ddDEd^K&^,&>Kt^

^,&>Kt^&ZKDKWZd/E'd/s/d/^
/ŶĐŽŵĞďĞĨŽƌĞŝŶĐŽŵĞƚĂǆ W
сϭϭ͕ϱϳϭ͕ϰϬϯ͕ϱϱϴ W
сϭϬ͕ϮϭϬ͕ϲϴϱ͕ϭϵϰ W
сϴ͕ϴϭϳ͕ϭϯϱ͕ϲϲϮ
ĚũƵƐƚŵĞŶƚƐĨŽƌ͗
'ĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞƐŽĨŝŶǀĞƐƚŵĞŶƚ
ƉƌŽƉĞƌƚŝĞƐ ϭϭ ;ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰͿ ;ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴͿ ;ϴ͕ϱϳϴ͕ϳϲϭ͕ϭϲϯͿ
/ŶƚĞƌĞƐƚĞǆƉĞŶƐĞĂŶĚŽƚŚĞƌĨŝŶĂŶĐĞĐŚĂƌŐĞƐ ϭϱ ϯϲϱ͕ϳϮϳ͕ϭϵϰ Ϯϵϰ͕ϳϰϵ͕ϰϲϳ Ϯϱϭ͕ϯϬϮ͕ϴϳϮ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝǌĂƚŝŽŶ ϭϮ ϭϮϰ͕ϱϲϲ͕ϬϬϰ ϭϮϭ͕ϴϱϴ͕ϴϴϭ ϭϬϰ͕ϰϲϱ͕ϵϯϲ
'ĂŝŶŽŶƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ ;ϭϮϯ͕ϭϱϮ͕ϰϯϰͿ ;ϭϬϴ͕ϱϬϱ͕ϬϰϵͿ ;ϮϳϮ͕ϯϰϮ͕ϰϰϵͿ
/ŶƚĞƌĞƐƚŝŶĐŽŵĞ ϱ ;ϭϳ͕ϳϲϰ͕ϭϲϵͿ ;ϭϵ͕ϲϯϱ͕ϯϯϭͿ ;ϭϯ͕ϱϬϴ͕ϲϯϮͿ
ƋƵŝƚǇŝŶŶĞƚŝŶĐŽŵĞŽĨĂƐƐŽĐŝĂƚĞƐ ϵ ;ϭ͕ϯϴϬ͕ϵϰϲͿ ϭ͕ϭϯϱ͕ϮϮϲ ϳϰϰ͕ϯϰϬ
hŶƌĞĂůŝǌĞĚĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞůŽƐƐ;ŐĂŝŶͿ ϭ͕ϭϭϴ͕ϲϳϰ ϭ͕ϴϴϯ͕ϵϱϰ ;ϳϵϵ͕ϱϲϴͿ
KƉĞƌĂƚŝŶŐŝŶĐŽŵĞďĞĨŽƌĞǁŽƌŬŝŶŐĐĂƉŝƚĂůĐŚĂŶŐĞƐ ϰϰϴ͕ϲϵϵ͕ϭϯϳ ϰϵϱ͕ϭϭϵ͕ϴϱϰ ϯϬϴ͕Ϯϯϲ͕ϵϵϴ
ĞĐƌĞĂƐĞ;ŝŶĐƌĞĂƐĞͿŝŶ͗
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ;ϳϯϴ͕ϵϴϯ͕ϯϵϱͿ ;ϰϱϴ͕ϯϴϯ͕ϭϲϯͿ ;ϯϰ͕ϯϳϮ͕ϳϬϴͿ
>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĂŶĚƉĂƌŬŝŶŐ
ůŽƚƐĨŽƌƐĂůĞ ;ϱϯϳ͕ϯϱϲ͕ϴϯϳͿ ;ϰϱϴ͕ϲϵϯ͕ϳϮϯͿ ;ϴϳϰ͕ϴϵϭ͕ϳϮϯͿ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ ;ϯϴϰ͕ϲϮϰ͕ϭϵϯͿ ϮϮϬ͕ϱϬϱ͕ϵϮϮ ;ϱϱ͕ϭϭϰ͕ϮϱϬͿ
/ŶĐƌĞĂƐĞŝŶ͗
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ ϯϮϭ͕ϬϯϬ͕ϴϰϮ ϭ͕ϬϲϮ͕ϴϵϮ͕Ϯϴϯ ϰϰϴ͕ϳϮϭ͕ϬϴϮ
Customers’ deposits Ϯϭ͕ϭϰϮ͕ϯϵϬ Ϯϱ͕ϵϵϬ͕ϳϱϵ ϭϯ͕ϰϵϮ͕ϵϬϮ
ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚǇ ϭϱ͕ϱϯϵ͕ϲϰϳ ϳ͕ϰϵϰ͕Ϭϲϯ ϰ͕ϲϴϬ͕ϲϴϴ
EĞƚĐĂƐŚŐĞŶĞƌĂƚĞĚĨƌŽŵ;ƵƐĞĚĨŽƌͿŽƉĞƌĂƚŝŽŶƐ ;ϴϱϰ͕ϱϱϮ͕ϰϬϵͿ ϴϵϰ͕ϵϮϱ͕ϵϵϱ ;ϭϴϵ͕Ϯϰϳ͕ϬϭϭͿ
/ŶĐŽŵĞƚĂǆĞƐƉĂŝĚ ;ϭϳ͕ϴϲϲ͕ϯϴϲͿ ;ϴϮ͕Ϭϵϭ͕ϮϭϮͿ ;ϲϯ͕ϴϲϲ͕ϬϵϳͿ
/ŶƚĞƌĞƐƚƌĞĐĞŝǀĞĚ ϭϳ͕ϳϲϰ͕ϭϲϵ ϭϵ͕ϲϯϱ͕ϯϯϭ ϭϯ͕ϱϬϴ͕ϲϯϮ
EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďǇ;ƵƐĞĚŝŶͿŽƉĞƌĂƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ;ϴϱϰ͕ϲϱϰ͕ϲϮϲͿ ϴϯϮ͕ϰϳϬ͕ϭϭϰ ;Ϯϯϵ͕ϲϬϰ͕ϰϳϲͿ
^,&>Kt^&ZKD/Es^d/E'd/s/d/^
ĚĚŝƚŝŽŶƐƚŽ͗
WƌŽƉĞƌƚǇĂŶĚĞƋƵŝƉŵĞŶƚ ϭϮ ;ϰϯϱ͕ϬϬϴ͕ϵϳϬͿ ;ϲϬϴ͕ϯϮϲ͕ϴϱϰͿ ;ϱϬϳ͕ϮϮϯ͕ϯϱϮͿ
^ŽĨƚǁĂƌĞ ϭϯ – ;ϭϱϯ͕ϱϳϮͿ ;ϭϮϵ͕ϰϲϰͿ
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ ϭϱϴ͕Ϯϭϰ͕Ϯϳϯ ϭϯϳ͕ϴϮϭ͕ϯϳϬ ϱϬϴ͕ϯϬϲ͕ϮϭϬ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ ϭϴϳ͕ϴϭϵ͕ϮϮϭ ;ϮϮϲ͕ϲϳϴ͕ϯϯϰͿ ;ϯϰϲ͕Ϭϭϵ͕ϭϱϰͿ
/ŶǀĞƐƚŵĞŶƚƐŝŶĂŶĚĂĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ ϵ͕ϲϳϬ͕ϱϲϵ – –
ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ ϭ͕ϲϴϵ͕ϮϬϬ ;ϲϵϱ͕ϳϰϰͿ ϱϬϵ͕ϲϰϮ
KƚŚĞƌŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐ ;ϭϴ͕ϵϬϯ͕ϱϮϱͿ ϱϮ͕ϱϭϳ͕ϮϳϮ ;ϱϴ͕Ϯϲϳ͕ϱϴϭͿ
ĚǀĂŶĐĞƐƚŽƌĞůĂƚĞĚƉĂƌƚŝĞƐ ;ϯϲϰ͕ϯϬϱ͕ϳϮϲͿ ;ϰϰϲ͕ϳϯϬ͕ϰϵϬͿ ;ϯϲϳ͕ϴϮϴ͕ϬϭϬͿ
WƌŽĐĞĞĚƐĨƌŽŵƐĂůĞŽĨƐƵďƐŝĚŝĂƌŝĞƐ – – ϴϯϯ͕ϯϯϯ͕ϯϯϯ
EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďǇ;ƵƐĞĚŝŶͿŝŶǀĞƐƚŝŶŐĂĐƚŝǀŝƚŝĞƐ ;ϰϲϬ͕ϴϮϰ͕ϵϱϴͿ ;ϭ͕ϬϵϮ͕Ϯϰϲ͕ϯϱϮͿ ϲϮ͕ϲϴϭ͕ϲϮϰ
;&ŽƌǁĂƌĚͿ

81
ͲϮͲ

^,&>Kt^&ZKD&/EE/E'd/s/d/^
WƌŽĐĞĞĚƐĨƌŽŵĂǀĂŝůŵĞŶƚƐŽĨůŽŶŐͲƚĞƌŵĚĞďƚ W
сϲ͕ϱϯϬ͕ϭϰϭ͕ϵϵϲ WсϮ͕ϭϱϳ͕ϳϴϰ͕ϭϵϲ W
сϯ͕ϯϭϬ͕ϵϰϯ͕ϴϲϬ
WĂǇŵĞŶƚƐŽĨ͗
>ŽŶŐͲƚĞƌŵĚĞďƚ ;ϱ͕ϯϭϴ͕ϲϮϲ͕ϵϬϬͿ ;ϭ͕ϳϭϯ͕ϱϰϬ͕ϱϱϴͿ ;Ϯ͕ϳϰϬ͕ϴϵϳ͕ϳϮϬͿ
/ŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĨŝŶĂŶĐĞĐŚĂƌŐĞƐ ;ϲϬϱ͕ϵϰϰ͕ϳϯϰͿ ;Ϯϯϭ͕ϲϭϯ͕ϵϬϮͿ ;ϯϭϵ͕ϬϮϱ͕ϮϯϲͿ
ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ ϳϯ͕ϬϳϬ͕ϵϮϲ ϯϰ͕ϬϭϬ͕Ϯϯϴ Ϯϭ͕ϯϭϰ͕ϳϬϭ
KƚŚĞƌŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ;ϲϵ͕ϲϵϬ͕ϱϰϮͿ ;Ϯ͕ϭϯϬ͕ϭϰϴͿ ;ϭϵ͕ϭϯϰ͕ϱϬϬͿ
DŽǀĞŵĞŶƚƐŝŶƚƌĞĂƐƵƌǇƐŚĂƌĞƐ ϭϲ ϭϭ͕ϬϬϬ͕ϬϬϬ ;ϭϭ͕ϬϬϬ͕ϬϬϬͿ –
WƵƌĐŚĂƐĞŽĨWĂƌĞŶƚŽŵƉĂŶǇƐŚĂƌĞƐŚĞůĚďǇĂ
ƐƵďƐŝĚŝĂƌǇ ;ϲϯ͕Ϯϰϳ͕ϱϭϱͿ – –
EĞƚĐĂƐŚƉƌŽǀŝĚĞĚďǇĨŝŶĂŶĐŝŶŐĂĐƚŝǀŝƚŝĞƐ ϱϱϲ͕ϳϬϯ͕Ϯϯϭ Ϯϯϯ͕ϱϬϵ͕ϴϮϲ Ϯϱϯ͕ϮϬϭ͕ϭϬϱ
&&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 ϱ Ϯϱϲ͕ϭϰϱ͕ϳϰϵ ϰϱϯ͕ϳϮϯ͕ϰϳϲ ϲϬϯ͕ϭϲϲ͕ϵϬϮ
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϴ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϱϱϭ͕Ϭϵϴ͕ϮϬϱ ϯϮϰ͕ϱϳϲ͕ϵϱϴ
ϵϳϲ͕ϲϳϭ͕ϯϭϱ ϭ͕ϬϬϰ͕ϴϮϭ͕ϲϴϭ ϵϮϳ͕ϳϰϯ͕ϴϲϬ
^,E^,Yh/s>Ed^dEK&zZ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ ϱ Ϯϭϱ͕ϱϵϯ͕Ϭϰϯ Ϯϱϲ͕ϭϰϱ͕ϳϰϵ ϰϱϯ͕ϳϮϯ͕ϰϳϲ
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϴ ϭ͕ϭϴϯ͕Ϯϰϱ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϱϱϭ͕Ϭϵϴ͕ϮϬϱ
W
сϮϭϲ͕ϳϳϲ͕Ϯϴϴ W
сϵϳϲ͕ϲϳϭ͕ϯϭϱ W
сϭ͕ϬϬϰ͕ϴϮϭ͕ϲϴϭ

82
NOTES TO CONSOLIDATED
FINANCIAL STATEMENTS
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

WĞƌĐĞŶƚĂŐĞŽĨ
WůĂĐĞŽĨ KǁŶĞƌƐŚŝƉ
ŽŵƉĂŶǇ /ŶĐŽƌƉŽƌĂƚŝŽŶ EĂƚƵƌĞŽĨƵƐŝŶĞƐƐ ϮϬϭϳ ϮϬϭϲ
ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ͕/ŶĐ͘
;^d/Ϳ WŚŝůŝƉƉŝŶĞƐ ZĞĂůƉƌŽƉĞƌƚǇĚĞǀĞůŽƉŵĞŶƚ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚZĞƐŽƌƚ
ŽƌƉŽƌĂƚŝŽŶ;/ZͿ WŚŝůŝƉƉŝŶĞƐ ZĞĂůƉƌŽƉĞƌƚǇĚĞǀĞůŽƉŵĞŶƚ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͕/ŶĐ͘
;ĂͿ
;DW/Ϳ WŚŝůŝƉƉŝŶĞƐ ZĞĂůƉƌŽƉĞƌƚǇĚĞǀĞůŽƉŵĞŶƚ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚĂŐƵŝŽDŽƵŶƚĂŝŶ>ŽŐ

,ŽŵĞƐ͕/ŶĐ͘;D>,/Ϳ WŚŝůŝƉƉŝŶĞƐ ZĞĂůƉƌŽƉĞƌƚǇĚĞǀĞůŽƉŵĞŶƚ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚĂůĞƐŝŶ'ĂƚĞǁĂǇ͕/ŶĐ͘
;'/Ϳ WŚŝůŝƉƉŝŶĞƐ ZĞĂůƉƌŽƉĞƌƚǇĚĞǀĞůŽƉŵĞŶƚ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚZĞĐůĂŵĂƚŝŽŶ
ŽƌƉŽƌĂƚŝŽŶ;ZͿ WŚŝůŝƉƉŝŶĞƐ ZĞĂůƉƌŽƉĞƌƚǇĚĞǀĞůŽƉŵĞŶƚ ϭϬϬ ϭϬϬ
ϮϮϱϴůƵĞ,ŽůĚŝŶŐƐ͕/ŶĐ͘
;ĂͿ
;ůƵĞ,ŽůĚŝŶŐƐͿ WŚŝůŝƉƉŝŶĞƐ ,ŽůĚŝŶŐĐŽŵƉĂŶǇ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞZĞƐƚĂƵƌĂŶƚƐ͕
;ĂͿ
/ŶĐ͘;^Z/Ϳ WŚŝůŝƉƉŝŶĞƐ ZĞƐƚĂƵƌĂŶƚŽƉĞƌĂƚŝŽŶƐ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů͕/ŶĐ͘;//Ϳ WŚŝůŝƉƉŝŶĞƐ ,ŽůĚŝŶŐĐŽŵƉĂŶǇ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚǀŝĂƚŝŽŶ͕/ŶĐ͘;/Ϳ WŚŝůŝƉƉŝŶĞƐ ǀŝĂƚŝŽŶ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚǀŝĂƚŝŽŶͲWĂŵƉĂŶŐĂ͕
;ďͿ
/ŶĐ͘;W/Ϳ WŚŝůŝƉƉŝŶĞƐ ǀŝĂƚŝŽŶ ϭϬϬ ϭϬϬ
ĞŐůĞtĞůůŶĞƐƐĞŶƚĞƌ͕/ŶĐ͘;t/Ϳ WŚŝůŝƉƉŝŶĞƐ tĞůůŶĞƐƐĐĞŶƚĞƌ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů͕/ŶĐ͘Ͳs/
;ĨŽƌŵĞƌůǇŝŐŝƚĂůǆĐĞů ƌŝƚŝƐŚsŝƌŐŝŶ
ĞǀĞůŽƉŵĞŶƚ͕>ƚĚ͘Ϳ /ƐůĂŶĚƐ ,ŽůĚŝŶŐĐŽŵƉĂŶǇ ϭϬϬ ϭϬϬ
ůƉŚĂůĂŶĚ/ŶƚĞƌŶĂƚŝŽŶĂů͕/ŶĐ͘Ͳ
^ĞǇĐŚĞůůĞƐ ^ĞǇĐŚĞůůĞƐ ,ŽůĚŝŶŐĐŽŵƉĂŶǇ ϭϬϬ ϭϬϬ
^ƵƉĞƌĨĂĐĞŶƚĞƌƉƌŝƐĞƐ>ŝŵŝƚĞĚ ,ŽŶŐŬŽŶŐ ,ŽůĚŝŶŐĐŽŵƉĂŶǇ ϭϬϬ ϭϬϬ
;ĐͿ
ĞŐůĞƌƵŐƐƚŽƌĞ/ŶĐ͘;/Ϳ WŚŝůŝƉƉŝŶĞƐ WŚĂƌŵĂĐǇ ϭϬϬ –

;&ŽƌǁĂƌĚͿ

83
ͲϮͲ

WĞƌĐĞŶƚĂŐĞŽĨ
WůĂĐĞŽĨ KǁŶĞƌƐŚŝƉ
ŽŵƉĂŶǇ /ŶĐŽƌƉŽƌĂƚŝŽŶ EĂƚƵƌĞŽĨƵƐŝŶĞƐƐ ϮϬϭϳ ϮϬϭϲ
ŚŽŝĐĞ/ŶƐƵƌĂŶĐĞƌŽŬĞƌĂŐĞ͕/ŶĐ͘
;ĚͿ
;//Ϳ WŚŝůŝƉƉŝŶĞƐ /ŶƐƵƌĂŶĐĞďƌŽŬĞƌĂŐĞ ϵϳ ϳϬ
ůƉŚĂĨŽƌĐĞ^ĞĐƵƌŝƚǇŐĞŶĐǇ͕/ŶĐ͘
;ĞͿ
;^/Ϳ WŚŝůŝƉƉŝŶĞƐ ^ĞĐƵƌŝƚǇŐĞŶĐǇ ϴϬ ϰϬ
;ĂͿ dŚƌŽƵŐŚ^d/
;ďͿ dŚƌŽƵŐŚ/͖ŝŶĐŽƌƉŽƌĂƚĞĚŝŶϮϬϭϲ
;ĚͿ ;ĐͿdŚƌŽƵŐŚDW/͖/ŶĐŽƌƉŽƌĂƚĞĚŝŶϮϬϭϳ
;ĚͿdŚƌŽƵŐŚůƵĞ,ŽůĚŝŶŐƐ
;ĞͿ ;ĞͿƐƐŽĐŝĂƚĞŝŶϮϬϭϲ
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
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.”.
84
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
85
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
ƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨdZϳϮdƵƌďŽƉƌŽƉŝƌĐƌĂĨƚ͕DÊϲϳϴ͘dŚŝƐůŽĂŶĨĂĐŝůŝƚǇǁĂƐƐƵďƐĞƋƵĞŶƚůǇŝŶĐƌĞĂƐĞĚ
ƚŽW
сϮϲϱ͘ϮŵŝůůŝŽŶŽŶKĐƚŽďĞƌϱ͕ϮϬϭϳ͘
KŶ DĂƌĐŚ ϰ͕ ϮϬϭϲ͕ / ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ
сWϯϬϵ͘ϬŵŝůůŝŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĨŝŶĂŶĐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨdZϳϮdƵƌďŽƉƌŽƉŝƌĐƌĂĨƚ͕DÊϲϲϲ͘
ĐƚƵĂů ůŽĂŶ ĂǀĂŝůŵĞŶƚƐ ŝŶ ϮϬϭϳ ĂŶĚ ϮϬϭϲ ĂŵŽƵŶƚĞĚ ƚŽW

сϲ͕ϱϯϬ͘ϭ ŵŝůůŝŽŶ ĂŶĚW
сϮ͕ϭϱϳ͘ϴ ŵŝůůŝŽŶ͕
ƌĞƐƉĞĐƚŝǀĞůǇ;ƐĞĞEŽƚĞϭϱͿ͘

86
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

87
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
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
88 ŽĨĂĐƌĞĚŝƚůŽƐƐƐŚŽƵůĚŶŽůŽŶŐĞƌǁĂŝƚĨŽƌƚŚĞƌĞƚŽďĞŽďũĞĐƚŝǀĞĞǀŝĚĞŶĐĞŽĨŝŵƉĂŝƌŵĞŶƚ͘
ͲϳͲ

o &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^ 89
ϮϬϭϰͲϮϬϭϲǇĐůĞĂŶĚĐůĂƌŝĨǇƚŚĂƚƚŚĞĞůĞĐƚŝŽŶƚŽŵĞĂƐƵƌĞĂƚĨĂŝƌǀĂůƵĞƚŚƌŽƵŐŚƉƌŽĨŝƚŽƌůŽƐƐĂŶ
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

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

90
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

91
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^͘
'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
92
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 93
ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂƌŝƐŝŶŐ ĨƌŽŵ ƚŚĞ ĨĂŝƌ ǀĂůƵĂƚŝŽŶ ŽĨ &^ ĨŝŶĂŶĐŝĂů ĂƐƐĞƚƐ ĂƌĞ ƌĞƉŽƌƚĞĚ ŝŶ ƚŚĞ
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
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
94
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
95
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
 ŽƐƚŽĨƚŚĞůĂŶĚ͖
 ŽŶƐƚƌƵĐƚŝŽŶĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ͖ĂŶĚ
 ŽƌƌŽǁŝŶŐĐŽƐƚƐ͕ƉůĂŶŶŝŶŐĂŶĚĚĞƐŝŐŶĐŽƐƚƐ͕ĐŽƐƚƐŽĨƐŝƚĞƉƌĞƉĂƌĂƚŝŽŶ͕ƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ͕ƉƌŽƉĞƌƚǇ
ƚƌĂŶƐĨĞƌƚĂǆĞƐ͕ĐŽŶƐƚƌƵĐƚŝŽŶŽǀĞƌŚĞĂĚƐĂŶĚŽƚŚĞƌƌĞůĂƚĞĚĐŽƐƚƐ͘
EZsŝƐƚŚĞĞƐƚŝŵĂƚĞĚƐĞůůŝŶŐƉƌŝĐĞŝŶƚŚĞŽƌĚŝŶĂƌǇĐŽƵƌƐĞŽĨƚŚĞďƵƐŝŶĞƐƐ͕ďĂƐĞĚŽŶŵĂƌŬĞƚƉƌŝĐĞƐĂƚ
ƚŚĞƌĞƉŽƌƚŝŶŐĚĂƚĞ͕ůĞƐƐĞƐƚŝŵĂƚĞĚƐƉĞĐŝĨŝĐĂůůǇŝĚĞŶƚŝĨŝĂďůĞĐŽƐƚƐƚŽĐŽŵƉůĞƚĞĂŶĚƚŚĞĞƐƚŝŵĂƚĞĚĐŽƐƚƐ
96
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 ƚĂǆĞƐ ƉƌŽǀŝĚĞĚ ƚŚĂƚ 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 97
 ŝƚƐĞǆƉĞŶƐĞƐ͕ŝŶĐůƵĚŝŶŐŝƚƐƐŚĂƌĞŽĨĂŶǇĞǆƉĞŶƐĞƐŝŶĐƵƌƌĞĚũŽŝŶƚůǇ͘
ͲϭϲͲ

/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
/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

98
ͲϭϳͲ

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 99
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
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
100
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

101
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
ŽƐƚĂŶĚǆƉĞŶƐĞZĞĐŽŐŶŝƚŝŽŶ
ŽƐƚ ĂŶĚ ĞǆƉĞŶƐĞƐ ĂƌĞ ĚĞĐƌĞĂƐĞƐ ŝŶ ĞĐŽŶŽŵŝĐ ďĞŶĞĨŝƚƐ ĚƵƌŝŶŐ ƚŚĞ ĂĐĐŽƵŶƚŝŶŐ ƉĞƌŝŽĚ ŝŶ ƚŚĞ ĨŽƌŵ ŽĨ
ŽƵƚĨůŽǁƐŽƌĚĞƉůĞƚŝŽŶƐŽĨĂƐƐĞƚƐŽƌŝŶĐƵƌƌĞŶĐĞŽĨůŝĂďŝůŝƚŝĞƐƚŚĂƚƌĞƐƵůƚŝŶĚĞĐƌĞĂƐĞŝŶĞƋƵŝƚǇ͕ŽƚŚĞƌƚŚĂŶ
102
ƚŚŽƐĞƌĞůĂƚŝŶŐƚŽĚŝƐƚƌŝďƵƚŝŽŶƐƚŽĞƋƵŝƚǇƉĂƌƚŝĐŝƉĂŶƚƐ͘
ͲϮϭͲ

ŽƐƚ ŽĨ ZĞĂů ƐƚĂƚĞ ^ŽůĚ͘ ŽƐƚ ŽĨ ƌĞĂů ĞƐƚĂƚĞ ƐŽůĚ ŝƐ ƌĞĐŽŐŶŝǌĞĚ ĐŽŶƐŝƐƚĞŶƚ ǁŝƚŚ ƚŚĞ ƌĞǀĞŶƵĞ
ƌĞĐŽŐŶŝƚŝŽŶŵĞƚŚŽĚĂƉƉůŝĞĚ͘ŽƐƚŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐƐŽůĚďĞĨŽƌĞƚŚĞĐŽŵƉůĞƚŝŽŶŽĨƚŚĞƉƌŽũĞĐƚŝƐ
ĚĞƚĞƌŵŝŶĞĚďĂƐĞĚŽŶĂĐƚƵĂůĐŽƐƚƐĂŶĚƉƌŽũĞĐƚĞƐƚŝŵĂƚĞƐŽĨďƵŝůĚŝŶŐĐŽŶƚƌĂĐƚŽƌƐĂŶĚƚĞĐŚŶŝĐĂůƐƚĂĨĨ͘
ŽŶƚƌĂĐƚĐŽƐƚƐŝŶĐůƵĚĞĂůůĚŝƌĞĐƚŵĂƚĞƌŝĂůƐĂŶĚůĂďŽƌĐŽƐƚƐĂŶĚƚŚŽƐĞĚŝƌĞĐƚĐŽƐƚƐƌĞůĂƚĞĚƚŽĐŽŶƚƌĂĐƚ
ƉĞƌĨŽƌŵĂŶĐĞ͘ǆƉĞĐƚĞĚůŽƐƐĞƐŽŶĐŽŶƚƌĂĐƚƐĂƌĞƌĞĐŽŐŶŝǌĞĚŝŵŵĞĚŝĂƚĞůǇǁŚĞŶŝƚŝƐƉƌŽďĂďůĞƚŚĂƚƚŚĞ
ƚŽƚĂůĐŽŶƚƌĂĐƚĐŽƐƚƐǁŝůůĞǆĐĞĞĚƚŽƚĂůĐŽŶƚƌĂĐƚƌĞǀĞŶƵĞ͘ŚĂŶŐĞƐŝŶĐŽŶƚƌĂĐƚƉĞƌĨŽƌŵĂŶĐĞ͕ĐŽŶƚƌĂĐƚ
ĐŽŶĚŝƚŝŽŶƐĂŶĚĞƐƚŝŵĂƚĞĚƉƌŽĨŝƚĂďŝůŝƚǇ͕ŝŶĐůƵĚŝŶŐƚŚŽƐĞĂƌŝƐŝŶŐĨƌŽŵĐŽŶƚƌĂĐƚƉĞŶĂůƚǇƉƌŽǀŝƐŝŽŶƐ͕ĂŶĚ
ĨŝŶĂů ĐŽŶƚƌĂĐƚ ƐĞƚƚůĞŵĞŶƚƐ ǁŚŝĐŚ ŵĂǇ ƌĞƐƵůƚ ŝŶ ƌĞǀŝƐŝŽŶƐ ƚŽ ĞƐƚŝŵĂƚĞĚ ĐŽƐƚƐ ĂŶĚ ŐƌŽƐƐ ŵĂƌŐŝŶƐ ĂƌĞ
ƌĞĐŽŐŶŝǌĞĚŝŶƚŚĞǇĞĂƌŝŶǁŚŝĐŚƚŚĞĐŚĂŶŐĞƐĂƌĞĚĞƚĞƌŵŝŶĞĚ͘
ŽƐƚŽĨ^ĞƌǀŝĐĞƐ͘ŽƐƚŽĨƐĞƌǀŝĐĞƐŝƐƌĞĐŽŐŶŝǌĞĚĂƐĞǆƉĞŶƐĞǁŚĞŶƐĞƌǀŝĐĞƐĂƌĞƌĞŶĚĞƌĞĚ͘
'ĞŶĞƌĂů ĂŶĚ ĚŵŝŶŝƐƚƌĂƚŝǀĞ ǆƉĞŶƐĞƐ͘ 'ĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ ĞǆƉĞŶƐĞƐ ĐŽŶƐƚŝƚƵƚĞ ĐŽƐƚƐ ŽĨ
ĂĚŵŝŶŝƐƚĞƌŝŶŐƚŚĞďƵƐŝŶĞƐƐ͘dŚĞƐĞĂƌĞĞǆƉĞŶƐĞĚĂƐŝŶĐƵƌƌĞĚ͘
ŵƉůŽǇĞĞĞŶĞĨŝƚƐ
^ŚŽƌƚͲƚĞƌŵĞŶĞĨŝƚƐ͘dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝǌĞƐĂůŝĂďŝůŝƚǇŶĞƚŽĨĂŵŽƵŶƚƐĂůƌĞĂĚǇƉĂŝĚĂŶĚĂŶĞǆƉĞŶƐĞ
ĨŽƌƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďǇĞŵƉůŽǇĞĞƐ ĚƵƌŝŶŐƚŚĞ ĂĐĐŽƵŶƚŝŶŐƉĞƌŝŽĚ͘ůŝĂďŝůŝƚǇŝƐĂůƐŽƌĞĐŽŐŶŝǌĞĚĨŽƌ
ƚŚĞ ĂŵŽƵŶƚĞǆƉĞĐƚĞĚƚŽďĞ ƉĂŝĚƵŶĚĞƌ ƐŚŽƌƚͲƚĞƌŵĐĂƐŚďŽŶƵƐŽƌƉƌŽĨŝƚƐŚĂƌŝŶŐƉůĂŶƐŝĨƚŚĞ 'ƌŽƵƉ
ŚĂƐĂƉƌĞƐĞŶƚůĞŐĂůŽƌĐŽŶƐƚƌƵĐƚŝǀĞŽďůŝŐĂƚŝŽŶƚŽƉĂǇƚŚŝƐĂŵŽƵŶƚĂƐĂƌĞƐƵůƚŽĨƉĂƐƚƐĞƌǀŝĐĞƉƌŽǀŝĚĞĚ
ďǇƚŚĞĞŵƉůŽǇĞĞ͕ĂŶĚƚŚĞŽďůŝŐĂƚŝŽŶĐĂŶďĞĞƐƚŝŵĂƚĞĚƌĞůŝĂďůǇ͘
ZĞƚŝƌĞŵĞŶƚ ĞŶĞĨŝƚ ŽƐƚƐ͘ dŚĞ 'ƌŽƵƉ ŚĂƐ ĂŶ ƵŶĨƵŶĚĞĚ͕ ŶŽŶͲĐŽŶƚƌŝďƵƚŽƌǇ ĚĞĨŝŶĞĚ ďĞŶĞĨŝƚ ƉůĂŶ
ĐŽǀĞƌŝŶŐ Ăůů ƋƵĂůŝĨŝĞĚ ĞŵƉůŽǇĞĞƐ͘ ZĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚ ĐŽƐƚƐ ĂƌĞ ĂĐƚƵĂƌŝĂůůǇ ĚĞƚĞƌŵŝŶĞĚ ƵƐŝŶŐ ƚŚĞ
ƉƌŽũĞĐƚĞĚƵŶŝƚĐƌĞĚŝƚŵĞƚŚŽĚǁŚŝĐŚƌĞĨůĞĐƚƐƐĞƌǀŝĐĞƐƌĞŶĚĞƌĞĚďǇĞŵƉůŽǇĞĞƐƚŽƚŚĞĚĂƚĞŽĨǀĂůƵĂƚŝŽŶ
and incorporates assumptions concerning employees’ projected salaries.
dŚĞ'ƌŽƵƉƌĞĐŽŐŶŝǌĞƐƐĞƌǀŝĐĞĐŽƐƚƐ͕ĐŽŵƉƌŝƐŝŶŐŽĨĐƵƌƌĞŶƚƐĞƌǀŝĐĞĐŽƐƚƐ͕ƉĂƐƚƐĞƌǀŝĐĞĐŽƐƚƐ͕ŐĂŝŶƐĂŶĚ
ůŽƐƐĞƐŽŶĐƵƌƚĂŝůŵĞŶƚƐĂŶĚŶŽŶƌŽƵƚŝŶĞƐĞƚƚůĞŵĞŶƚƐ͖ĂŶĚŝŶƚĞƌĞƐƚĞǆƉĞŶƐĞŝŶƉƌŽĨŝƚŽƌůŽƐƐ͘/ŶƚĞƌĞƐƚŝƐ
ĐĂůĐƵůĂƚĞĚďǇĂƉƉůǇŝŶŐƚŚĞĚŝƐĐŽƵŶƚƌĂƚĞƚŽƚŚĞƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚǇ͘
WĂƐƚƐĞƌǀŝĐĞĐŽƐƚƐĂƌĞƌĞĐŽŐŶŝǌĞĚŝŶƉƌŽĨŝƚŽƌůŽƐƐŽŶƚŚĞĞĂƌůŝĞƌŽĨƚŚĞĚĂƚĞŽĨƚŚĞƉůĂŶĂŵĞŶĚŵĞŶƚ
ŽƌĐƵƌƚĂŝůŵĞŶƚ͖ĂŶĚƚŚĞĚĂƚĞƚŚĂƚƚŚĞ'ƌŽƵƉƌĞĐŽŐŶŝǌĞƐƌĞƐƚƌƵĐƚƵƌŝŶŐͲƌĞůĂƚĞĚĐŽƐƚƐ͘
ZĞŵĞĂƐƵƌĞŵĞŶƚƐ ĐŽŵƉƌŝƐŝŶŐ ĂĐƚƵĂƌŝĂů ŐĂŝŶƐ ĂŶĚ ůŽƐƐĞƐ ĂŶĚ ƌĞƚƵƌŶ ŽŶ ƉůĂŶ ĂƐƐĞƚƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ
ŝŵŵĞĚŝĂƚĞůǇŝŶK/ŝŶƚŚĞƉĞƌŝŽĚŝŶǁŚŝĐŚƚŚĞǇĂƌŝƐĞ͘ZĞŵĞĂƐƵƌĞŵĞŶƚƐĂƌĞŶŽƚƌĞĐůĂƐƐŝĨŝĞĚƚŽƉƌŽĨŝƚ
ŽƌůŽƐƐŝŶƐƵďƐĞƋƵĞŶƚƉĞƌŝŽĚƐ͘
dŚĞ ĚĞĨŝŶĞĚ ƌĞƚŝƌĞŵĞŶƚ ďĞŶĞĨŝƚƐ ŽďůŝŐĂƚŝŽŶ ŝƐ ƚŚĞ ĂŐŐƌĞŐĂƚĞ ŽĨ ƚŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨ ƚŚĞ ĚĞĨŝŶĞĚ
ďĞŶĞĨŝƚ ŽďůŝŐĂƚŝŽŶ ĂŶĚ ƚŚĞ ĨĂŝƌ ǀĂůƵĞ ŽĨ ƉůĂŶ ĂƐƐĞƚƐ ŽƵƚ ŽĨ ǁŚŝĐŚ ƚŚĞ ŽďůŝŐĂƚŝŽŶƐ ĂƌĞ ƚŽ ďĞ ƐĞƚƚůĞĚ
ĚŝƌĞĐƚůǇ͘ dŚĞ ƉƌĞƐĞŶƚ ǀĂůƵĞ ŽĨƚŚĞ ƌĞƚŝƌĞŵĞŶƚ ůŝĂďŝůŝƚǇ ŝƐ ĚĞƚĞƌŵŝŶĞĚ ďǇ ĚŝƐĐŽƵŶƚŝŶŐ ƚŚĞ ĞƐƚŝŵĂƚĞĚ
ĨƵƚƵƌĞ ĐĂƐŚ ŽƵƚĨůŽǁƐ ƵƐŝŶŐ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŽŶ ŐŽǀĞƌŶŵĞŶƚ ďŽŶĚƐ ƚŚĂƚ ŚĂǀĞ ƚĞƌŵƐ ƚŽ ŵĂƚƵƌŝƚǇ
ĂƉƉƌŽǆŝŵĂƚŝŶŐƚŚĞƚĞƌŵƐŽĨƚŚĞƌĞůĂƚĞĚƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚǇ͘
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

103
ͲϮϮͲ

>ĞĂƐĞƐ
'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
ĞĨĞƌƌĞĚ ƚĂǆ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƌĞĐŽŐŶŝǌĞĚ ĨŽƌ Ăůů ƚĂǆĂďůĞ ƚĞŵƉŽƌĂƌǇ ĚŝĨĨĞƌĞŶĐĞƐ͕ ŝŶĐůƵĚŝŶŐ ĂƐƐĞƚ
ƌĞǀĂůƵĂƚŝŽŶƐ͘ĞĨĞƌƌĞĚƚĂǆůŝĂďŝůŝƚǇŝƐŶŽƚƌĞĐŽŐŶŝǌĞĚǁŚĞŶŝƚĂƌŝƐĞƐĨƌŽŵƚŚĞŝŶŝƚŝĂůƌĞĐŽŐŶŝƚŝŽŶŽĨĂŶ
104 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

105
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'ƌŽƵƉƉƌĞƐĞŶƚƐďŽŽŬǀĂůƵĞƉĞƌĐŽŵŵŽŶƐŚĂƌĞŽƵƚƐƚĂŶĚŝŶŐ͘
ŽŽŬ ǀĂůƵĞ ƉĞƌ ƐŚĂƌĞ ŝƐ ĐŽŵƉƵƚĞĚ ďǇ ĚŝǀŝĚŝŶŐ ƚŚĞ ƚŽƚĂů ĞƋƵŝƚǇ ďǇ ƚŚĞ ŽƵƚƐƚĂŶĚŝŶŐ ŶƵŵďĞƌ ŽĨ
ĐŽŵŵŽŶƐŚĂƌĞƐ͕ĞǆĐůƵĚŝŶŐĐŽŵŵŽŶƐŚĂƌĞƐƉƵƌĐŚĂƐĞĚďǇƚŚĞWĂƌĞŶƚŽŵƉĂŶǇŽƌŝƚƐƐƵďƐŝĚŝĂƌŝĞƐĂŶĚ
ŚĞůĚĂƐƚƌĞĂƐƵƌǇƐŚĂƌĞƐĂƐĂƚƌĞƉŽƌƚŝŶŐĚĂƚĞ͘

ϯ͘ ^ŝŐŶŝĨŝĐĂŶƚ:ƵĚŐŵĞŶƚƐ͕ĐĐŽƵŶƚŝŶŐƐƚŝŵĂƚĞƐĂŶĚƐƐƵŵƉƚŝŽŶƐ

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

106
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
ďƌĂŶĐŚĞƐ͘ dŚĞ 'ƌŽƵƉŚĂƐĚĞƚĞƌŵŝŶĞĚ͕ďĂƐĞĚŽŶĂŶĞǀĂůƵĂƚŝŽŶŽĨƚŚĞ 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 107
ƚŚƌŽƵŐŚŝƚƐƉŽǁĞƌŽǀĞƌƚŚĞŝŶǀĞƐƚĞĞ͘KŶƚŚĞŽƚŚĞƌŚĂŶĚ͕ũŽŝŶƚĐŽŶƚƌŽůŝƐƉƌĞƐƵŵĞĚƚŽĞǆŝƐƚǁŚĞŶƚŚĞ
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’sƐĂůĞŽĨĐŽŶĚŽŵŝŶŝƵŵƵŶŝƚƐĂŶĚƉƌĞĨĞƌƌĞĚƐŚĂƌĞƐ 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
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
108 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

109
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 ϴ W
сϭ͕ϳϵϬ͕ϲϲϭ͕ϱϵϰ сWϭ͕ϰϬϲ͕Ϭϯϳ͕ϰϬϭ
/ŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐ ϵ ϭϭ͕ϯϮϱ͕ϵϵϵ ϭϵ͕ϵϱϲ͕ϲϬϳ
WƌŽƉĞƌƚǇĂŶĚĞƋƵŝƉŵĞŶƚ ϭϮ ϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ ϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ
KƚŚĞƌŶŽŶĐƵƌƌĞŶƚĂƐƐĞƚƐΎΎ ϭϯ ϮϮϰ͕ϮϮϲ͕ϳϭϯ ϮϮϰ͕ϰϵϬ͕Ϭϭϯ
ΎǆĐůƵĚŝŶŐƌĞƐƚƌŝĐƚĞĚĐĂƐŚ
110 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 Wс Ϯϰ͘ϱ ŵŝůůŝŽŶ ĂŶĚWс 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

111
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

>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐĂŶĚƉĂƌŬŝŶŐ
ůŽƚƐĨŽƌƐĂůĞ ϳ W
сϮ͕ϲϱϲ͕ϳϵϮ͕ϬϮϴ W сϰ͕ϵϱϱ͕Ϯϳϭ͕ϳϮϭ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ ϭϭ͕ϳϲϯ͕Ϯϳϴ͕ϵϯϵ ϯ͕ϱϯϵ͕Ϯϰϲ͕Ϯϳϭ
W
сϭϰ͕ϰϮϬ͕ϬϳϬ͕ϵϲϳ W сϴ͕ϰϵϰ͕ϱϭϳ͕ϵϵϮ
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

112
ͲϯϭͲ

ϱ͘ ĂƐŚĂŶĚĂƐŚƋƵŝǀĂůĞŶƚƐ
dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨ͗

ϮϬϭϳ ϮϬϭϲ
ĂƐŚŽŶŚĂŶĚĂŶĚŝŶďĂŶŬƐ W
сϮϬϱ͕ϯϴϭ͕ϳϱϰ сWϭϭϬ͕ϵϮϴ͕ϰϲϬ
^ŚŽƌƚͲƚĞƌŵƉůĂĐĞŵĞŶƚƐ ϭϬ͕Ϯϭϭ͕Ϯϴϵ ϭϰϱ͕Ϯϭϳ͕Ϯϴϵ
W
сϮϭϱ͕ϱϵϯ͕Ϭϰϯ сϮϱϲ͕ϭϰϱ͕ϳϰϵ
W
ĂƐŚŝŶďĂŶŬƐĞĂƌŶŝŶƚĞƌĞƐƚĂƚƉƌĞǀĂŝůŝŶŐďĂŶŬĚĞƉŽƐŝƚƌĂƚĞƐ͘
^ŚŽƌƚͲƚĞƌŵ ƉůĂĐĞŵĞŶƚƐ ĂƌĞ ŵĂĚĞ ĨŽƌ ǀĂƌǇŝŶŐ ƉĞƌŝŽĚƐ ŽĨ ƵƉ ƚŽ ƚŚƌĞĞ ŵŽŶƚŚƐ͕ ĚĞƉĞŶĚŝŶŐ ŽŶ ƚŚĞ
ŝŵŵĞĚŝĂƚĞĐĂƐŚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ'ƌŽƵƉĂŶĚĞĂƌŶŝŶƚĞƌĞƐƚĂƚƚŚĞƉƌĞǀĂŝůŝŶŐƐŚŽƌƚͲƚĞƌŵƉůĂĐĞŵĞŶƚ
ƌĂƚĞƐ͘
^ŽƵƌĐĞƐŽĨŝŶƚĞƌĞƐƚŝŶĐŽŵĞƌĞĐŽŐŶŝǌĞĚďǇƚŚĞ'ƌŽƵƉĂƌĞĂƐĨŽůůŽǁƐ͗

ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐ W
сϰ͕ϭϳϮ͕ϳϬϰ сϭ͕ϯϰϰ͕ϳϰϱ
W сWϱ͕ϮϮϵ͕ϭϬϯ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ϲ ϱ͕ϯϲϳ͕ϲϴϯ ϵ͕ϰϴϵ͕ϵϯϵ ϲ͕ϱϮϱ͕Ϯϴϳ
/ŶͲŚŽƵƐĞĨŝŶĂŶĐŝŶŐ ϳ ϳ͕ϳϬϱ͕ϵϬϰ ϴ͕ϯϴϭ͕ϰϵϮ –
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϴ ϱϭϳ͕ϴϳϴ ϰϭϵ͕ϭϱϱ ϭ͕ϳϱϰ͕ϮϰϮ
W
сϭϳ͕ϳϲϰ͕ϭϲϵ сϭϵ͕ϲϯϱ͕ϯϯϭ
W сϭϯ͕ϱϬϴ͕ϲϯϮ
W

ϲ͘ dƌĂĚĞĂŶĚKƚŚĞƌZĞĐĞŝǀĂďůĞƐ

dƌĂĚĞƌĞĐĞŝǀĂďůĞƐĨƌŽŵ͗
^ĂůĞŽĨƌĞĂůĞƐƚĂƚĞ W
сϭ͕ϳϱϮ͕ϱϵϰ͕ϴϲϳ сϲϰϱ͕ϳϰϯ͕ϲϭϮ
W
ŝƌƚƌĂŶƐƉŽƌƚƐĞƌǀŝĐĞƐ ϮϬϳ͕ϵϭϮ͕ϯϵϴ ϯϱϮ͕ϲϴϵ͕ϬϬϱ
^ĂůĞŽĨĐůƵďƐŚĂƌĞƐ ϭϬ ϴϭ͕ϲϴϵ͕ϳϵϴ ϵϬ͕ϯϴϮ͕ϭϭϲ
dĞŶĂŶƚƐ ϭϴ ϯϯ͕ϵϱϱ͕ϯϮϰ ϭϱϯ͕ϰϲϮ͕Ϯϴϵ
ĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐ ϭϳ ϴ͕ϳϵϱ͕ϲϴϳ ϭϴ͕ϳϬϱ͕ϭϲϱ
KƚŚĞƌƐ ϮϬ͕ϰϬϭ͕ϳϰϳ ϯϯ͕ϰϰϰ͕ϭϵϮ
Ϯ͕ϭϬϱ͕ϯϰϵ͕ϴϮϭ ϭ͕Ϯϵϰ͕ϰϮϲ͕ϯϳϵ
>ĞƐƐĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ 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 ĂŶĚWс 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
113
ĚĞŵĂŶĚĂďůĞ͘
ͲϯϮͲ

ZĞĐĞŝǀĂďůĞƐĨƌŽŵƚĞŶĂŶƚƐĂƌĞŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĂŶĚĂƌĞŐĞŶĞƌĂůůǇŽŶĂϯϬͲĚĂǇƚĞƌŵ͘
ĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐĂƌĞŶŽŶͲŝŶƚĞƌĞƐƚďĞĂƌŝŶŐĂŶĚĂƌĞƐƵďũĞĐƚƚŽůŝƋƵŝĚĂƚŝŽŶ͘
KƚŚĞƌƌĞĐĞŝǀĂďůĞƐŵĂŝŶůǇĐŽŶƐŝƐƚŽĨĂĐĐƌƵĞĚŝŶƚĞƌĞƐƚŝŶĐŽŵĞ͕^^^ĐůĂŝŵƐĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ͘
ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐƉĞƌƚĂŝŶƐƚŽƌĞĐĞŝǀĂďůĞƐĨƌŽŵƐĞǀĞƌĂůůĞƐƐĞĞƐŽĨ^d/ ĂŶĚƵŶŝƚďƵǇĞƌƐ
ŽĨDW/ƚŚĂƚĂƌĞĂƚůĞĂƐƚϵϬĚĂǇƐƉĂƐƚĚƵĞ͘
DŽǀĞŵĞŶƚƐŽĨĂůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĂƌĞĂƐĨŽůůŽǁƐ͗

ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ W
сϯϵ͕ϵϬϱ͕ϲϳϬ сWϱ͕ϴϱϮ͕Ϭϴϱ сϱ͕ϴϱϮ͕Ϭϴϱ
W
WƌŽǀŝƐŝŽŶƐ ϭϵ ϳϭ͕ϵϰϬ͕Ϭϰϳ ϯϰ͕Ϭϱϯ͕ϱϴϱ –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ W
сϭϭϭ͕ϴϰϱ͕ϳϭϳ сϯϵ͕ϵϬϱ͕ϲϳϬ
W сϱ͕ϴϱϮ͕Ϭϴϱ
W
dŚĞ'ƌŽƵƉǁƌŽƚĞͲŽĨĨƚƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐĂŵŽƵŶƚŝŶŐƚŽWсϲ͘ϴŵŝůůŝŽŶĂŶĚWсϭϵ͘ϰŵŝůůŝŽŶŝŶϮϬϭϲ
ĂŶĚϮϬϭϱ͕ƌĞƐƉĞĐƚŝǀĞůǇ;ƐĞĞEŽƚĞϭϵͿ͘

ϳ͘ >ĂŶĚĂŶĚĞǀĞůŽƉŵĞŶƚŽƐƚƐĂŶĚWĂƌŬŝŶŐ>ŽƚƐĨŽƌ^ĂůĞ
dŚŝƐĂĐĐŽƵŶƚĐŽŶƐŝƐƚƐŽĨƚŚĞĨŽůůŽǁŝŶŐ͗
ϮϬϭϳ ϮϬϭϲ
>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ͗
ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ W
сϮ͕ϱϮϭ͕Ϭϰϭ͕ϴϭϳ сWϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ
ůƉŚĂůĂŶĚĂŐƵŝŽDŽƵŶƚĂŝŶ>ŽĚŐĞƐ ϭ͕ϬϱϬ͕ϳϲϲ͕ϴϯϮ ϰϴϬ͕ϳϰϮ͕ϴϵϯ
ĂůĞƐŝŶWƌŝǀĂƚĞsŝůůĂ Ϯϯϰ͕ϴϭϲ͕ϱϭϭ –
WĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞ ϭϯϱ͕ϳϱϬ͕Ϯϭϭ ϭϱϭ͕ϳϮϰ͕ϵϵϵ
W
сϯ͕ϵϰϮ͕ϯϳϱ͕ϯϳϭ Wсϱ͕ϰϯϲ͕Ϭϭϰ͕ϲϭϰ
ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ
DŽǀĞŵĞŶƚƐŝŶůĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐƉĞƌƚĂŝŶŝŶŐƚŽƚŚĞůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞƉƌŽũĞĐƚĂƌĞĂƐ
ĨŽůůŽǁƐ͗

сϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ Wсϰ͕ϯϲϬ͕ϭϮϲ͕Ϭϰϱ
dƌĂŶƐĨĞƌƐ ϭϭ ;Ϯ͕ϰϮϱ͕ϯϱϮ͕ϴϬϯͿ –
ĚĚŝƚŝŽŶƐ͗
ĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ϯϴϴ͕ϳϱϰ͕Ϯϯϱ ϭ͕ϰϵϯ͕ϱϵϰ͕ϰϬϱ
ĂƉŝƚĂůŝǌĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϭϱ ϭϭ͕ϵϮϲ͕ϵϰϱ Ϯϯ͕ϱϭϳ͕ϲϯϴ
ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ϭϵ ;Ϯϱϳ͕ϴϯϯ͕ϮϴϮͿ ;ϭ͕Ϭϳϯ͕ϲϵϭ͕ϯϲϲͿ
сϮ͕ϱϮϭ͕Ϭϰϭ͕ϴϭϳ Wсϰ͕ϴϬϯ͕ϱϰϲ͕ϳϮϮ

dŚĞůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞWƌŽũĞĐƚ͕ǁŚŝĐŚŝƐĂũŽŝŶƚǀĞŶƚƵƌĞǁŝƚŚ^W;ƐĞĞEŽƚĞϰͿ͕ŝƐůŽĐĂƚĞĚŽŶĂ
ŽŶĞͲŚĞĐƚĂƌĞůŽƚĂůŽŶŐǇĂůĂǀĞŶƵĞǆƚĞŶƐŝŽŶĐŽƌŶĞƌDĂůƵŐĂǇ^ƚƌĞĞƚ͕DĂŬĂƚŝŝƚǇ͘ůƉŚĂůĂŶĚDĂŬĂƚŝ
WůĂĐĞĐŽŶƐŝƐƚƐŽĨƚŚƌĞĞƌĞƐŝĚĞŶƚŝĂůƚŽǁĞƌƐĂƚŽƉĂƐŝǆͲƐƚŽƌĞǇƉŽĚŝƵŵĐŽŵƉƌŝƐŝŶŐŽĨĂƐŚŽƉƉŝŶŐĐĞŶƚĞƌ
114 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 сϵϭ͘ϰŵŝůůŝŽŶĂŶĚWсϭϭϲ͘Ϭmillion, 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

сϰϴϬ͕ϳϰϮ͕ϴϵϯ с–
W
ĚĚŝƚŝŽŶƐ͗
ĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ϳϴϴ͕ϱϲϮ͕ϭϬϮ ϳϱ͕ϰϯϴ͕ϭϯϬ
ĂƉŝƚĂůŝǌĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϭϱ ϰϵ͕ϴϲϴ͕ϯϲϵ ϭϮ͕ϵϮϭ͕ϱϮϴ
ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ϭϵ ;ϰϴϴ͕ϳϭϴ͕ϬϬϬͿ –
dƌĂŶƐĨĞƌƐ ϭϭ ϮϮϬ͕ϯϭϭ͕ϰϲϴ ϯϵϮ͕ϯϴϯ͕Ϯϯϱ
сϭ͕ϬϱϬ͕ϳϲϲ͕ϴϯϮ 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
115
ƚŚŝƐĂĐĐŽƵŶƚ͘dŚĞ'ƌŽƵƉŝƐĐƵƌƌĞŶƚůǇĂƉƉůǇŝŶŐĨŽƌĂůŝĐĞŶƐĞƚŽƐĞůů;ƐĞĞEŽƚĞϭϭͿ͘
ͲϯϰͲ

ĂůĞƐŝŶWƌŝǀĂƚĞsŝůůĂ
/Ŷ ϮϬϭϳ͕ ŵŽǀĞŵĞŶƚƐ ŝŶ ůĂŶĚ ĂŶĚ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ƉĞƌƚĂŝŶŝŶŐ ƚŽ ƚŚĞ ĂůĞƐŝŶ WƌŝǀĂƚĞ sŝůůĂ ĂƌĞ ĂƐ
ĨŽůůŽǁƐ͗

EŽƚĞ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ с–
W
ĚĚŝƚŝŽŶƐ͗
ĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ϭϵϰ͕ϯϴϬ͕ϰϮϰ
ĂƉŝƚĂůŝǌĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϭϱ ϱ͕Ϯϰϭ͕ϵϰϮ
dƌĂŶƐĨĞƌƐ ϭϭ ϭϬϳ͕ϬϬϴ͕ϬϬϬ
ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ϭϵ ;ϳϭ͕ϴϭϯ͕ϴϱϱͿ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ 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

сϭϱϭ͕ϳϮϰ͕ϵϵϵ сϭϳϮ͕ϴϵϭ͕ϭϭϵ
W
ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ ϭϵ ;ϭϱ͕ϵϳϰ͕ϳϴϴͿ ;Ϯϭ͕ϭϲϲ͕ϭϮϬͿ
сϭϯϱ͕ϳϱϬ͕Ϯϭϭ 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

/ŶƉƵƚsd W
сϵϰϭ͕ϳϱϭ͕ϴϭϮ сWϭ͕ϬϬϭ͕ϲϴϰ͕ϱϵϲ
ĚǀĂŶĐĞƐƚŽĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐ Ϯϱ ϲϭϭ͕ϭϲϰ͕ϴϳϮ Ϯϯϳ͕ϳϲϳ͕ϭϵϲ
td ϭϮϳ͕ϴϯϲ͕ϱϱϳ ϴϱ͕ϭϬϱ͕Ϭϯϲ
^ƵƉƉůŝĞƐ ϱϮ͕Ϯϲϯ͕ϳϵϭ ϰϵ͕ϮϰϮ͕ϱϴϰ
ĞĨĞƌƌĞĚƌĞŶƚ Ϯϵ͕ϯϭϴ͕ϵϱϱ ϭϲ͕ϵϬϮ͕ϵϵϰ
WƌĞƉĂǇŵĞŶƚƐ Ϯϴ͕ϯϮϱ͕ϲϬϳ ϭϱ͕ϯϯϰ͕ϵϵϱ
116 ZĞƐƚƌŝĐƚĞĚĐĂƐŚ 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

ϮϬϭϳ ϮϬϭϲ
ƐĐƌŽǁͲŶǀŝƌŽŶŵĞŶƚĂů&ƵŶĚƐ W
сϭ͕ϭϴϯ͕Ϯϰϱ сWϭ͕ϮϬϯ͕ϲϮϲ
Ğďƚ^ĞƌǀŝĐĞZĞƐĞƌǀĞĐĐŽƵŶƚ;^ZͿ – ϲϵϰ͕ϵϭϳ͕ϳϴϮ
ZĞƐĞƌǀĞ&ƵŶĚ – Ϯϰ͕ϰϬϰ͕ϭϱϴ
W
сϭ͕ϭϴϯ͕Ϯϰϱ 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

/ŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐ W
сϭϭ͕ϯϮϱ͕ϵϵϵ сϭϵ͕ϵϱϲ͕ϲϬϳ
W
ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐ ϭϳ ϭ͕ϬϮϮ͕ϴϮϯ Ϯ͕ϳϭϮ͕ϬϮϯ
W
сϭϮ͕ϯϰϴ͕ϴϮϮ сϮϮ͕ϲϲϴ͕ϲϯϬ
W

ĞƚĂŝůƐŽĨŝŶǀĞƐƚŵĞŶƚƐŝŶĂƐƐŽĐŝĂƚĞƐĂƌĞĂƐĨŽůůŽǁƐ͗

ϮϬϭϳ ϮϬϭϲ
ĐƋƵŝƐŝƚŝŽŶĐŽƐƚƐ͗
сϱϳ͕ϵϵϵ͕ϵϱϬ сϱϳ͕ϵϵϵ͕ϵϱϬ
W
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ;ϳ͕ϵϵϵ͕ϵϱϬͿ –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϱϬ͕ϬϬϬ͕ϬϬϬ ϱϳ͕ϵϵϵ͕ϵϱϬ
ĐĐƵŵƵůĂƚĞĚĞƋƵŝƚǇŝŶŶĞƚůŽƐƐ͗
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ;ϯϴ͕Ϭϰϯ͕ϯϰϯͿ ;ϯϲ͕ϵϬϴ͕ϭϭϳͿ
ƋƵŝƚǇŝŶŶĞƚůŽƐƐĞƐĚƵƌŝŶŐƚŚĞǇĞĂƌ ϭ͕ϯϴϬ͕ϵϰϲ ;ϭ͕ϭϯϱ͕ϮϮϲͿ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶ ;Ϯ͕Ϭϭϭ͕ϲϬϰͿ –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ;ϯϴ͕ϲϳϰ͕ϬϬϭͿ ;ϯϴ͕Ϭϰϯ͕ϯϰϯͿ
W
сϭϭ͕ϯϮϱ͕ϵϵϵ 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

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
118 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

ϮϬϭϳΎ ϮϬϭϲ ϮϬϭϱ
ZĞǀĞŶƵĞ W
сϭϳϰ сWϭϮ͕ϱϰϲ͕ϵϲϴ сϭϬ͕ϭϳϬ͕ϱϯϬ
W
ŽƐƚƐĂŶĚĞǆƉĞŶƐĞƐ ϱϬϬ ϭϱ͕ϯϳϬ͕ϲϯϮ ϵ͕ϭϳϴ͕Ϭϱϲ
EĞƚŝŶĐŽŵĞ;ůŽƐƐͿ ;W
сϯϮϲͿ ;W
сϮ͕ϴϮϯ͕ϲϲϰͿ 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

ϮϬϭϳ ϮϬϭϲ
Unquoted Clubs’ preferred shares:
// W
сϮϰ͕ϰϴϭ͕Ϯϲϴ͕ϬϱϬ сWϮϰ͕ϲϯϬ͕ϳϮϮ͕ϮϬϬ
dDW/ ϱ͕ϱϴϯ͕ϬϬϬ͕ϬϬϬ ϱ͕ϲϮϲ͕ϱϬϬ͕ϬϬϬ
W
сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ WсϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ
KŶ:ƵůǇϮϬ͕ϮϬϭϲ͕>W,ƐŽůĚƚŚĞĐůƵďƐŚĂƌĞŝŶtĂĐŬtĂĐŬĨŽƌW
сϭϴ͘ϬŵŝůůŝŽŶ͕ƌĞƐƵůƚŝŶŐŝŶĂŐĂŝŶŽĨ
сϳ͘ϰŵŝůůŝŽŶ͘
W
dŚĞƌŽůůĨŽƌǁĂƌĚĂŶĂůǇƐŝƐŽĨƚŚĞĂĐĐŽƵŶƚĂƐĂƚĞĐĞŵďĞƌϯϭŝƐĂƐĨŽůůŽǁƐ͗

ϮϬϭϳ ϮϬϭϲ
сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ сWϮϵ͕ϲϲϵ͕ϵϰϯ͕ϱϬϬ
^ĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ;Ϯϱϭ͕ϱϬϬ͕ϬϬϬͿ ;ϭϱϭ͕ϭϳϰ͕ϴϬϬͿ
&ĂŝƌǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐ ϱϴ͕ϭϰϱ͕ϴϱϬ ϳϯϴ͕ϰϱϯ͕ϱϬϬ
ĚĚŝƚŝŽŶĂůƐƵďƐĐƌŝƉƚŝŽŶƐ ϰϬϬ͕ϬϬϬ –
сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ

ƵƌƌĞŶƚ W
сϵϴϱ͕ϴϭϬ͕ϵϬϬ сϵϴϱ͕ϴϭϬ͕ϵϬϬ
W
EŽŶĐƵƌƌĞŶƚ Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ
W
сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ
119
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;dƌĂŶĐŚĞϮͿǁŝƚŚĂƉĂƌǀĂůƵĞŽĨWс50 per share. As a result, ABIRC’s subscription
ƚŽƚŚĞĂďŽǀĞϯ͕ϬϵϬƐŚĂƌĞƐǁĂƐĐŽŶǀĞƌƚĞĚƚŽϲ͕ϭϴϬƐŚĂƌĞƐ͘KŶ:ĂŶƵĂƌǇϯϭ͕ϮϬϭϯ͕ƚŚĞƐƚŽĐŬƐƉůŝƚ
ǁĂƐĂƉƉƌŽǀĞĚďǇƚŚĞ^͘
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
120 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 WсϭϬϬ
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
ƌĞƐƉĞĐƚŝǀĞůǇ͕ŽƌĂŶĂŐŐƌĞŐĂƚĞĂŵŽƵŶƚŽĨWсϬ͘ϰŵŝůůŝŽŶ͘
dŚĞŝŶŝƚŝĂůůŝĂďŝůŝƚǇƌĞůĂƚĞĚƚŽĂĐƋƵŝƐŝƚŝŽŶŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŵŽƵŶƚŝŶŐƚŽW
сϭ͕ϴϯϰ͘ϬŵŝůůŝŽŶŝƐ
ĂůůŽĐĂƚĞĚĨŽƌůƵǆƵƌǇǀŝůůĂĐůƵƐƚĞƌƐ;ϳϱйͿ͕ĐůƵďŚŽƵƐĞ;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 ϮϬϭϲ
EƵŵďĞƌŽĨ EƵŵďĞƌŽĨ
^ŚĂƌĞƐ ŵŽƵŶƚ ^ŚĂƌĞƐ ŵŽƵŶƚ
dƌĂŶĐŚĞϭ Ϯ͕ϲϲϰ W
сϭϬ͕ϲϱϲ͕ϬϬϬ͕ϬϬϬ Ϯ͕ϳϭϲ сWϭϬ͕ϴϲϰ͕ϬϬϬ͕ϬϬϬ
dƌĂŶĐŚĞϮ ϴ͕ϭϱϯ ϭϯ͕ϴϮϱ͕Ϭϲϴ͕ϬϱϬ ϲ͕ϭϱϯ ϭϯ͕ϳϲϲ͕ϳϮϮ͕ϮϬϬ
dƌĂŶĐŚĞϯ ϭ͕ϬϬϬ ϮϬϬ͕ϬϬϬ – –
W
сϮϰ͕ϰϴϭ͕Ϯϲϴ͕ϬϱϬ 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
ϮϬϭϳ ϮϬϭϲ
сϮϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ WсϮϯ͕Ϭϭϵ͕ϲϲϴ͕ϵϲϮ
ZĞĂůŝǌĞĚŐĂŝŶ ;ϭϵϰ͕ϰϯϰ͕ϯϱϬͿ ;ϵϳ͕ϲϱϬ͕ϬϰϰͿ
hŶƌĞĂůŝǌĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϱϮ͕ϯϯϭ͕ϮϳϬ ϲϱϮ͕ϱϴϬ͕ϱϲϮ
сϮϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ WсϮϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ
ZĞĐĞŝǀĂďůĞĂƌŝƐŝŶŐĨƌŽŵƚŚĞƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂŵŽƵŶƚĞĚƚŽWсϴϵ͘ϮŵŝůůŝŽŶĂŶĚW сϯϳϭ͘ϬŵŝůůŝŽŶ
ĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůǇ;ƐĞĞEŽƚĞƐϲĂŶĚϭϯͿ͘'ĂŝŶŽŶƐĂůĞŽĨ&^ĨŝŶĂŶĐŝĂů
ĂƐƐĞƚƐ ĂŵŽƵŶƚĞĚ ƚŽWсϭϮϯ͘Ϯ 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
DŽǀĞŵĞŶƚƐŝŶƚŚŝƐĂĐĐŽƵŶƚĂƌĞĂƐĨŽůůŽǁƐ͗

сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ сWϭϳ͕ϱϰϰ͕ϯϭϭ͕ϭϰϮ
&ĂŝƌǀĂůƵĞĐŚĂŶŐĞ ϭϭ͕ϰϳϭ͕ϴϭϴ͕ϳϰϰ ϭϬ͕ϬϬϳ͕ϬϱϮ͕ϰϴϴ
dƌĂŶƐĨĞƌƐ͗
>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ ϳ Ϯ͕Ϭϵϴ͕Ϭϯϯ͕ϯϯϱ ;ϯϵϮ͕ϯϴϯ͕ϮϯϱͿ
WƌŽƉĞƌƚǇĂŶĚĞƋƵŝƉŵĞŶƚ ϭϮ ;ϭϵ͕ϰϳϭ͕ϭϲϵͿ –
ZĞƐĐŝƐƐŝŽŶŽĨƐĂůĞ ϭ ;Ϯϭϲ͕Ϯϳϴ͕ϵϯϴͿ –
ĚĚŝƚŝŽŶƐ͗
WƵƌĐŚĂƐĞƐ ϮϬ͕ϴϮϰ͕ϱϬϬ ϱϯ͕ϱϴϲ͕ϳϱϬ
ĂƉŝƚĂůĞǆƉĞŶĚŝƚƵƌĞƐ ϭϮ͕ϲϯϱ͕Ϯϭϳ ϴϰ͕ϳϯϭ͕ϵϮϲ
ĂƉŝƚĂůŝǌĞĚďŽƌƌŽǁŝŶŐĐŽƐƚƐ ϰ͕Ϯϭϭ͕ϵϵϮ –
ŝƐƉŽƐĂůƐ ;ϱ͕ϬϬϬ͕ϬϬϬͿ –
122 ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ W
сϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ W сϮϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ
ͲϰϭͲ

/ŶǀĞƐƚŵĞŶƚƐĐĂƌƌŝĞĚĂƚĨĂŝƌǀĂůƵĞĐŽŶƐŝƐƚŽĨƚŚĞĨŽůůŽǁŝŶŐ͗

ϮϬϭϳ ϮϬϭϲ
ůƉŚĂůĂŶĚ^ŽƵƚŚŐĂƚĞdŽǁĞƌ W
сϭϬ͕ϭϭϰ͕ϳϭϱ͕ϴϰϲ сϵ͕ϲϰϬ͕Ϯϲϳ͕ϳϳϱ
W
ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚWƌŽƉĞƌƚǇ ϴ͕ϯϱϱ͕ϳϱϮ͕ϵϱϬ ϳ͕ϰϴϮ͕ϭϯϲ͕ϭϴϬ
ůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ͗
dŽǁĞƌϯ ϴ͕Ϯϭϰ͕ϴϵϳ͕ϱϵϬ –
WŽĚŝƵŵ ϯ͕ϱϰϴ͕ϯϴϭ͕ϯϰϵ ϯ͕ϱϯϵ͕Ϯϰϲ͕Ϯϳϭ
ĂŐƵŝŽWƌŽƉĞƌƚǇ ϰ͕ϰϰϯ͕ϭϱϮ͕Ϭϲϳ ϯ͕ϱϱϴ͕ϱϵϵ͕ϰϭϱ
^ŝůĂŶŐWƌŽƉĞƌƚǇ ϰ͕ϮϬϬ͕Ϭϭϭ͕ϮϬϬ ϭ͕ϴϵϬ͕ϬϬϱ͕ϬϰϬ
WĂƚŶĂŶŐƵŶĂŶWƌŽƉĞƌƚǇ ϭ͕ϳϳϮ͕ϰϱϴ͕ϮϱϬ ϵϱϲ͕Ϭϲϭ͕ϵϱϮ
ƚŝŵŽŶĂŶWƌŽƉĞƌƚǇ ϭϰ͕ϳϬϯ͕ϱϬϬ ϭϰ͕ϳϬϯ͕ϱϬϬ
W'KZŝƚǇWƌŽƉĞƌƚǇ – Ϯϭϲ͕Ϯϳϴ͕ϵϯϴ
W
сϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ 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 ŵŝůůŝŽŶ͕Wсϭϭϭ͘ϯ 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 123

ͲϰϮͲ

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
WĂƚŶĂŶƵŶŐĂŶWƌŽƉĞƌƚǇ
Ɛ Ăƚ ĞĐĞŵďĞƌ ϯϭ͕ ϮϬϭϲ ĂŶĚ ϮϬϭϱ͕ ƌĞƐƉĞĐƚŝǀĞůǇ͕ ƚŚĞ 'ƌŽƵƉ ĂĐƋƵŝƌĞĚ ƉĂƌĐĞůƐ ŽĨ ůĂŶĚ ĂŐŐƌĞŐĂƚŝŶŐ
124 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 ϮϬϭϲ
ůƉŚĂůĂŶĚ ůƉŚĂůĂŶĚ ůƉŚĂůĂŶĚ
^ŽƵƚŚŐĂƚĞ ^ŽƵƚŚŐĂƚĞ DĂŬĂƚŝWůĂĐĞ
^ŝŐŶŝĨŝĐĂŶƚhŶŽďƐĞƌǀĂďůĞ/ŶƉƵƚƐ dŽǁĞƌ
WŽĚŝƵŵ dŽǁĞƌϯΎ dŽǁĞƌ WŽĚŝƵŵ
^^ƚĂďŝůŝǌĞĚŶĞƚŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ
;EK/Ϳ W
сϱϰϮ͕ϰϳϵ͕ϯϳϮ W
сϰϱϴ͕ϬϮϱ͕ϵϱϮ W
сϰϴϯ͕ϮϮϵ͕ϮϳϬ W
сϱϭϳ͕ϴϴϴ͕ϵϮϬ сϲϳ͕ϵϲϳ͕ϱϳϲ
W
ĂƉŝƚĂůŝǌĂƚŝŽŶƌĂƚĞ ϱ͘ϯϵй ϱ͘ϬϬй ϱ͘ϬϬй ϱ͘ϬϬй Ϯ͘ϬϬй
ΎZĞĐůĂƐƐŝĨŝĞĚĨƌŽm “Land and development costs” in 2017.

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 125
ĚŝƐĐŽƵŶƚƌĂƚĞƐ;ƌĞĨůĞĐƚŝŶŐŵĞĂƐƵƌĞƐŽĨƌĞƚƵƌŶŽŶŝŶǀĞƐƚŵĞŶƚͿ͕ŽƌďŽƚŚ͘

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

ZĂŶŐĞ
^ŝŐŶŝĨŝĐĂŶƚhŶŽďƐĞƌǀĂďůĞ
WƌŽũĞĐƚ ůĂƐƐŽĨWƌŽƉĞƌƚǇ /ŶƉƵƚƐ ϮϬϭϳ ϮϬϭϲ
ůƉŚĂůĂŶĚĂůĞƐŝŶ/ƐůĂŶĚ >ĂŶĚ WƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌ W
сϵϱϬͲW
сϳ͕ϬϬϬ W
сϭ͕ϱϬϬͲW
сϴ͕ϯϬϬ
sĂůƵĞĂĚũƵƐƚŵĞŶƚƐ;ĨŽƌ
ĚĞǀĞůŽƉŵĞŶƚͿ ϭϵϬйͲϮϳϮй ϮϬϬйͲϮϮϬй
ƚŝŵŽŶĂŶ >ĂŶĚ WƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌ W
сϭ͕ϮϬϬͲW
с ϯ͕ϲϬϬ W
сϭ͕ϮϬϬͲW
сϯ͕ϲϬϬ
sĂůƵĞĂĚũƵƐƚŵĞŶƚƐ ϰϬйͲϴϬй ϰϬйͲϴϬй
WĂƚŶĂŶƵŶŐĂŶ >ĂŶĚ WƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌ W
сϰϬϬͲW
сϵϱϬ сϰϬϬͲW
W сϵϱϬ
sĂůƵĞĂĚũƵƐƚŵĞŶƚƐ ϱйͲϯϱй 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
 ƉƌŽƉĞƌƚǇůŽĐĂƚŝŽŶĂŶĚŶĞŝŐŚďŽƌŚŽŽĚĚĂƚĂ
 ƉƌĞƐĞŶƚƵƐĞŽĨƚŚĞƉƌŽƉĞƌƚǇŝƐĞŝƚŚĞƌĐŽŵŵĞƌĐŝĂůͬƌĞƐŝĚĞŶƚŝĂůͬĂŐƌŝĐƵůƚƵƌĂů
 ƋƵĂŶƚŝƚĂƚŝǀĞŵĂƌŬĞƚǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐďĂƐĞĚŽŶĞǆƚĞƌŶĂůĂŶĚŝŶƚĞƌŶĂůĨĂĐƚŽƌƐ
 ŚŝŐŚĞƐƚĂŶĚďĞƐƚƵƐĞ;ĐŽŵŵĞƌĐŝĂůĂŶĚƌĞƐŝĚĞŶƚŝĂůďƵŝůĚŝŶŐͬƌĞƐŽƌƚĂŶĚŝƚƐĂůůŝĞĚĚĞǀĞůŽƉŵĞŶƚͿ
^ŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶƉƌŝĐĞƉĞƌƐƋƵĂƌĞŵĞƚĞƌǁŽƵůĚƌĞƐƵůƚŝŶĂƐŝŐŶŝĨŝĐĂŶƚůǇŚŝŐŚĞƌ;ůŽǁĞƌͿ
ĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘^ŝŐŶŝĨŝĐĂŶƚŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿŝŶǀĂůƵĞĂĚũƵƐƚŵĞŶƚƐǁŽƵůĚƌĞƐƵůƚŝŶĂůŽǁĞƌ
;ŚŝŐŚĞƌͿĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘

126
ͲϰϱͲ

>ĂŶĚĞǀĞůŽƉŵĞŶƚƉƉƌŽĂĐŚ

ϮϬϭϳ
^ŝŐŶŝĨŝĐĂŶƚhŶŽďƐĞƌǀĂďůĞ/ŶƉƵƚ ĂŐƵŝŽ ^ŝůĂŶŐ
WĞƌŝŽĚŽĨůĂŶĚĚĞǀĞůŽƉŵĞŶƚĂŶĚƐĞůůŝŶŐƉƌŽŐƌĂŵ ϱǇĞĂƌƐ ϱͲϲǇĞĂƌƐ
ĚŵŝŶŝƐƚƌĂƚŝǀĞͬŵĂƌŬĞƚŝŶŐĐŽƐƚ ϳйŽĨŐƌŽƐƐƐĂůĞƐ ϭϮйŽĨŐƌŽƐƐƐĂůĞƐ
/ŶƚĞƌĞƐƚƌĂƚĞƐĞůĞĐƚĞĚĨŽƌĚŝƐĐŽƵŶƚŝŶŐ ϭϰй ϭϮй
Developer’s profit ϮϬйŽĨĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ ϮϬйŽĨĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ
WƌŽƉŽƐĞĚƐĞůůŝŶŐƉƌŝĐĞ W
сϰϬ͕ϬϬϬͲW
с ϱϬ͕ϬϬϬ W
сϭϴ͕ϬϬϬͲW
с Ϯϲ͕ϰϬϬ
ĂůĐƵůĂƚĞĚŶŽ͘ŽĨƐƵďĚŝǀŝƐŝŽŶůŽƚ ϯϮϬůŽƚƐ ϭϳϱͲϰϴϲůŽƚƐ
>ĂŶĚǀĂůƵĞͬĂŶŶƵĂůŝŶĐƌĞŵĞŶƚŽĨůĂŶĚǀĂůƵĞ 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 127
^ŝŐŶŝĨŝĐĂŶƚ ŝŶĐƌĞĂƐĞ;ĚĞĐƌĞĂƐĞͿ ŝŶĂĚŵŝŶŝƐƚƌĂƚŝǀe and marketing costs and developer’s profit would
ƌĞƐƵůƚŝŶĂůŽǁĞƌ;ŚŝŐŚĞƌͿĨĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚ͘

128
-46-
ͲϰϴͲ

ϭϮ͘ WƌŽƉĞƌƚǇĂŶĚƋƵŝƉŵĞŶƚ
dŚĞĐŽŵƉŽƐŝƚŝŽŶĂŶĚŵŽǀĞŵĞŶƚƐŽĨƚŚŝƐĂĐĐŽƵŶƚĂƌĞƉƌĞƐĞŶƚĞĚďĞůŽǁ͗

ϮϬϭϳ
DĂĐŚŝŶĞƌǇ͕
ŝƌĐƌĂĨƚƐ >ĞĂƐĞŚŽůĚ ƋƵŝƉŵĞŶƚ dƌĂŶƐƉŽƌƚĂƚŝŽŶ KĨĨŝĐĞ&ƵƌŶŝƚƵƌĞ͕ ŽŶƐƚƌƵĐƚŝŽŶ
EŽƚĞ ;ƚƌĞǀĂůƵĞĚĂŵŽƵŶƚͿ >ĂŶĚ /ŵƉƌŽǀĞŵĞŶƚƐ ƵŝůĚŝŶŐƐ ĂŶĚdŽŽůƐ ƋƵŝƉŵĞŶƚ ĂŶĚƋƵŝƉŵĞŶƚ ŝŶWƌŽŐƌĞƐƐ dŽƚĂů
ŽƐƚ
сϭ͕ϯϴϮ͕ϳϬϵ͕Ϭϱϯ W
с– W
сϯϯ͕ϮϮϴ͕ϭϵϯ W
сϭϮϵ͕ϰϴϬ͕ϲϲϴ W
сϮϵϱ͕ϭϰϵ͕ϯϬϰ W
сϮϵ͕ϭϰϵ͕ϵϲϰ WсϳϬ͕ϱϳϳ͕ϰϰϰ W
сϭϱ͕ϴϰϭ͕ϭϲϭ W
сϭ͕ϵϱϲ͕ϭϯϱ͕ϳϴϳ
ĚĚŝƚŝŽŶƐ ϯϰϭ͕ϯϰϵ͕ϰϬϭ – ϲ͕ϯϮϰ͕Ϭϲϳ ϯϭ͕ϱϯϴ͕Ϭϴϴ – ϮϮ͕ϲϳϵ͕ϱϯϰ ϭϴ͕ϴϯϴ͕ϱϱϱ ϭϰ͕Ϯϳϵ͕ϯϮϱ ϰϯϱ͕ϬϬϴ͕ϵϳϬ
ŝƐƉŽƐĂů – – – ;ϯϮ͕ϳϰϴ͕ϭϲϬͿ ;ϭϴϯ͕ϳϲϱͿ – ;ϳϯ͕ϭϮϱͿ – ;ϯϯ͕ϬϬϱ͕ϬϱϬͿ
ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ ϵ͕ϱϭϰ͕ϴϱϲ – – – – – – – ϵ͕ϱϭϰ͕ϴϱϲ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ – – ϰϴϮ͕ϭϰϯ – – – ϭϲ͕ϳϵϭ͕Ϭϰϱ ;ϭϳ͕Ϯϳϯ͕ϭϴϴͿ –
dƌĂŶƐĨĞƌƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚ
ƉƌŽƉĞƌƚŝĞƐ ϭϭ – ϭϵ͕ϰϳϭ͕ϭϲϵ – – – – – – ϭϵ͕ϰϳϭ͕ϭϲϵ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϭ͕ϳϯϯ͕ϱϳϯ͕ϯϭϬ ϭϵ͕ϰϳϭ͕ϭϲϵ ϰϬ͕Ϭϯϰ͕ϰϬϯ ϭϮϴ͕ϮϳϬ͕ϱϵϲ Ϯϵϰ͕ϵϲϱ͕ϱϯϵ ϱϭ͕ϴϮϵ͕ϰϵϴ ϭϬϲ͕ϭϯϯ͕ϵϭϵ ϭϮ͕ϴϰϳ͕Ϯϵϴ Ϯ͕ϯϴϳ͕ϭϮϱ͕ϳϯϮ
ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƚŝŽŶ
ĂŶĚŵŽƌƚŝǌĂƚŝŽŶ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϭϯϵ͕ϯϴϬ͕ϵϯϳ – ϭϱ͕ϬϱϮ͕ϴϬϰ ϭϮ͕ϮϮϬ͕ϯϲϵ Ϯϭϲ͕ϲϴϭ͕ϴϲϬ Ϯϱ͕Ϯϴϯ͕ϯϵϮ ϱϰ͕ϲϴϭ͕ϱϯϴ – ϰϲϯ͕ϯϬϬ͕ϵϬϬ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝǌĂƚŝŽŶ ϭϵ ϱϵ͕ϰϴϮ͕ϬϬϭ – ϰ͕Ϭϴϳ͕Ϯϭϱ ϯϳ͕ϱϴϰ͕ϵϳϱ ϲ͕Ϯϳϴ͕ϲϴϮ ϴ͕ϳϮϲ͕ϱϮϮ ϴ͕ϯϮϮ͕ϰϵϵ – ϭϮϰ͕ϰϴϭ͕ϴϵϰ
ŝƐƉŽƐĂů – – – ;ϯϮ͕ϳϰϴ͕ϭϲϬͿ ;ϭϴϯ͕ϳϲϱͿ – ;ϳϯ͕ϭϮϱͿ – ;ϯϯ͕ϬϬϱ͕ϬϱϬͿ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϭϵϴ͕ϴϲϮ͕ϵϯϴ – ϭϵ͕ϭϰϬ͕Ϭϭϵ ϭϳ͕Ϭϱϳ͕ϭϴϰ ϮϮϮ͕ϳϳϲ͕ϳϳϳ ϯϰ͕ϬϬϵ͕ϵϭϰ ϲϮ͕ϵϯϬ͕ϵϭϮ – ϱϱϰ͕ϳϳϳ͕ϳϰϰ
EĞƚĂƌƌǇŝŶŐŵŽƵŶƚ W
сϭ͕ϱϯϰ͕ϳϭϬ͕ϯϳϮ W
сϭϵ͕ϰϳϭ͕ϭϲϵ W
сϮϬ͕ϴϵϰ͕ϯϴϰ W
сϭϭϭ͕Ϯϭϯ͕ϰϭϮ W
сϳϮ͕ϭϴϴ͕ϳϲϮ W
сϭϳ͕ϴϭϵ͕ϱϴϰ W
сϰϯ͕ϮϬϯ͕ϬϬϳ W
сϭϮ͕ϴϰϳ͕Ϯϵϴ W
сϭ͕ϴϯϮ͕ϯϰϳ͕ϵϴϴ

ϮϬϭϲ
DĂĐŚŝŶĞƌǇ͕
ŝƌĐƌĂĨƚƐ >ĞĂƐĞŚŽůĚ ƋƵŝƉŵĞŶƚ dƌĂŶƐƉŽƌƚĂƚŝŽŶ KĨĨŝĐĞ&ƵƌŶŝƚƵƌĞ͕ ŽŶƐƚƌƵĐƚŝŽŶ
EŽƚĞ ;ƚƌĞǀĂůƵĞĚĂŵŽƵŶƚƐͿ >ĂŶĚ /ŵƉƌŽǀĞŵĞŶƚƐ ƵŝůĚŝŶŐƐ ĂŶĚdŽŽůƐ ƋƵŝƉŵĞŶƚ ĂŶĚƋƵŝƉŵĞŶƚ ŝŶWƌŽŐƌĞƐƐ dŽƚĂů
ŽƐƚ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ сϴϯϱ͕ϲϳϮ͕ϵϬϮ
W с–
W сϮϬ͕ϳϵϯ͕ϰϰϵ
W сϮϳ͕ϰϱϰ͕ϰϭϮ
W сϰϭϬ͕ϱϬϰ͕ϰϵϭ
W W
сϮϴ͕ϵϳϭ͕ϱϱϲ сϱϯ͕ϵϯϳ͕ϳϱϭ
W сϭϯ͕ϲϴϳ͕ϵϴϰ
W сϭ͕ϯϵϭ͕ϬϮϮ͕ϱϰϱ
W
ĚĚŝƚŝŽŶƐ ϰϰϯ͕ϮϬϴ͕ϮϲϬ – ϭϮ͕ϰϯϰ͕ϳϰϰ Ϯϴ͕ϳϲϴ͕Ϭϵϱ ϯϭ͕ϲϴϲ͕ϯϭϲ ϭϳϴ͕ϰϬϴ ϭϲ͕ϲϯϵ͕ϲϵϯ ϳϱ͕ϰϭϭ͕ϯϯϴ ϲϬϴ͕ϯϮϲ͕ϴϱϰ
ŝƐƉŽƐĂů – – – – ;ϭϰϳ͕Ϭϰϭ͕ϱϬϯͿ – – – ;ϭϰϳ͕Ϭϰϭ͕ϱϬϯͿ
ZĞǀĂůƵĂƚŝŽŶŝŶĐƌĞĂƐĞ ϭϬϯ͕ϴϮϳ͕ϴϵϭ – – – – – – – ϭϬϯ͕ϴϮϳ͕ϴϵϭ
ZĞĐůĂƐƐŝĨŝĐĂƚŝŽŶƐ – – – ϳϯ͕Ϯϱϴ͕ϭϲϭ – – – ;ϳϯ͕Ϯϱϴ͕ϭϲϭͿ –
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϭ͕ϯϴϮ͕ϳϬϵ͕Ϭϱϯ – ϯϯ͕ϮϮϴ͕ϭϵϯ ϭϮϵ͕ϰϴϬ͕ϲϲϴ Ϯϵϱ͕ϭϰϵ͕ϯϬϰ Ϯϵ͕ϭϰϵ͕ϵϲϰ ϳϬ͕ϱϳϳ͕ϰϰϰ ϭϱ͕ϴϰϭ͕ϭϲϭ ϭ͕ϵϱϲ͕ϭϯϱ͕ϳϴϳ
ĐĐƵŵƵůĂƚĞĚĞƉƌĞĐŝĂƚŝŽŶ
ĂŶĚŵŽƌƚŝǌĂƚŝŽŶ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϳϭ͕ϰϲϬ͕ϯϬϯ – ϭϮ͕ϯϬϰ͕Ϭϯϲ ϲ͕ϯϯϳ͕Ϭϲϭ ϯϯϰ͕ϲϬϰ͕ϳϯϰ Ϯϭ͕ϳϬϭ͕ϳϵϬ ϯϵ͕ϰϱϱ͕ϲϭϮ – ϰϴϱ͕ϴϲϯ͕ϱϯϲ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝǌĂƚŝŽŶ ϭϵ ϲϳ͕ϵϮϬ͕ϲϯϰ – Ϯ͕ϳϰϴ͕ϳϲϴ ϱ͕ϴϴϯ͕ϯϬϴ Ϯϲ͕ϯϳϲ͕ϭϯϳ ϯ͕ϱϴϭ͕ϲϬϮ ϭϱ͕ϮϮϱ͕ϵϮϲ – ϭϮϭ͕ϳϯϲ͕ϯϳϱ
ŝƐƉŽƐĂů – – – – ;ϭϰϰ͕Ϯϵϵ͕ϬϭϭͿ – – – ;ϭϰϰ͕Ϯϵϵ͕ϬϭϭͿ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϭϯϵ͕ϯϴϬ͕ϵϯϳ – ϭϱ͕ϬϱϮ͕ϴϬϰ ϭϮ͕ϮϮϬ͕ϯϲϵ Ϯϭϲ͕ϲϴϭ͕ϴϲϬ Ϯϱ͕Ϯϴϯ͕ϯϵϮ ϱϰ͕ϲϴϭ͕ϱϯϴ – ϰϲϯ͕ϯϬϬ͕ϵϬϬ
EĞƚĂƌƌǇŝŶŐŵŽƵŶƚ сϭ͕Ϯϰϯ͕ϯϮϴ͕ϭϭϲ
W с–
W сϭϴ͕ϭϳϱ͕ϯϴϵ
W сϭϭϳ͕ϮϲϬ͕Ϯϵϵ
W сϳϴ͕ϰϲϳ͕ϰϰϰ
W сϯ͕ϴϲϲ͕ϱϳϮ
W сϭϱ͕ϴϵϱ͕ϵϬϲ
W сϭϱ͕ϴϰϭ͕ϭϲϭ
W сϭ͕ϰϵϮ͕ϴϯϰ͕ϴϴϳ
W

- 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

WƌŽƉĞƌƚǇĂŶĚĞƋƵŝƉŵĞŶƚ W
сϭϮϰ͕ϰϴϭ͕ϴϵϰ сϭϮϭ͕ϳϯϲ͕ϯϳϱ
W сϭϬϰ͕ϯϯϲ͕ϰϴϱ
W
^ŽĨƚǁĂƌĞ ϭϯ ϴϰ͕ϭϭϬ ϭϮϮ͕ϱϬϲ ϭϮϵ͕ϰϱϭ
W
сϭϮϰ͕ϱϲϲ͕ϬϬϰ сϭϮϭ͕ϴϱϴ͕ϴϴϭ
W сϭϬϰ͕ϰϲϱ͕ϵϯϲ
W
ĞƉƌĞĐŝĂƚŝŽŶĞǆƉĞŶƐĞ ĂŵŽƵŶƚŝŶŐWсϳϱ͘ϮŵŝůůŝŽŶĂŶĚW
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

ĚǀĂŶĐĞƐƚŽĐŽŶƚƌĂĐƚŽƌƐĂŶĚƐƵƉƉůŝĞƌƐͲŶĞƚ
ŽĨĐƵƌƌĞŶƚƉŽƌƚŝŽŶ ϴ W
сϭϯϴ͕ϯϱϭ͕ϳϵϭ сϭϯϴ͕ϯϱϭ͕ϳϵϭ
W
/ŶƉƵƚsd ϴ ϲϬ͕ϰϲϰ͕ϯϲϲ ϲϬ͕ϴϮϳ͕Ϯϴϯ
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϭϴ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϯϱ͕ϰϱϯ͕ϭϮϵ
ZĞĐĞŝǀĂďůĞĨƌŽŵƐĂůĞŽĨ͗
ZĞĂůĞƐƚĂƚĞ ϲ ϰϭ͕ϱϯϭ͕ϴϲϮ Ϯϴ͕ϳϬϭ͕ϰϭϴ
ůƵďƐŚĂƌĞƐ ϭϬ ϳ͕ϱϱϲ͕ϯϯϳ ϭϴ͕ϯϰϭ͕ϳϮϵ
^ŽĨƚǁĂƌĞͲŶĞƚ ϳϲ͕ϳϴϰ ϭϲϬ͕ϴϵϰ
KƚŚĞƌƐ Ϯϱ͕ϯϯϯ͕ϳϳϮ Ϯϱ͕ϭϱϬ͕Ϭϰϱ
W
сϯϮϭ͕ϱϳϮ͕ϰϴϭ сϯϬϲ͕ϵϴϲ͕Ϯϴϵ
W
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐŝŶĐůƵĚĞďŝůůŝŶŐĂŶĚŵĞƚĞƌĚĞƉŽƐŝƚƐƚŽDĂŶŝůĂůĞĐƚƌŝĐŽŵƉĂŶǇ;DĞƌĂůĐŽͿ͘dŚĞƐĞ
ĂƌĞƌĞĨƵŶĚĂďůĞƵƉŽŶƚĞƌŵŝŶĂƚŝŽŶŽĨƐĞƌǀŝĐĞŽĨDĞƌĂůĐŽ͘
dŚĞŵŽǀĞŵĞŶƚŝŶƚŚĞƐŽĨƚǁĂƌĞŝƐĂƐĨŽůůŽǁƐ͗

ŽƐƚ
сϴ͕Ϭϯϵ͕ϰϱϲ сϳ͕ϴϴϱ͕ϴϴϰ
W
ĚĚŝƚŝŽŶƐ – ϭϱϯ͕ϱϳϮ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϴ͕Ϭϯϵ͕ϰϱϲ ϴ͕Ϭϯϵ͕ϰϱϲ
ĐĐƵŵƵůĂƚĞĚŵŽƌƚŝǌĂƚŝŽŶ
ĂůĂŶĐĞĂƚďĞŐŝŶŶŝŶŐŽĨǇĞĂƌ ϳ͕ϴϳϴ͕ϱϲϮ ϳ͕ϳϱϲ͕Ϭϱϲ
ŵŽƌƚŝǌĂƚŝŽŶ ϭϮ ϴϰ͕ϭϭϬ ϭϮϮ͕ϱϬϲ
ĂůĂŶĐĞĂƚĞŶĚŽĨǇĞĂƌ ϳ͕ϵϲϮ͕ϲϳϮ ϳ͕ϴϳϴ͕ϱϲϮ
EĞƚĂƌƌǇŝŶŐŵŽƵŶƚ W
сϳϲ͕ϳϴϰ сϭϲϬ͕ϴϵϰ
W

ϭϰ͘ dƌĂĚĞĂŶĚKƚŚĞƌWĂǇĂďůĞƐ

dƌĂĚĞ W
сϭ͕ϬϯϬ͕ϴϬϯ͕ϵϬϳ сϴϳϵ͕ϱϰϮ͕ϴϰϯ
W
ĐĐƌƵĞĚĞǆƉĞŶƐĞƐ͗
ŽŶƐƚƌƵĐƚŝŽŶĐŽƐƚƐ ϴϳϯ͕ϲϳϱ͕ϵϳϱ ϳϰϬ͕ϭϲϰ͕ϰϱϯ
/ŶƚĞƌĞƐƚ ϭϱ͕ϯϳϲ͕ϰϯϮ ϰϳ͕ϬϵϮ͕ϮϯϮ
KƚŚĞƌƐ ϭϲ͕ϯϲϴ͕ϴϮϭ ϲϯ͕ϰϳϯ͕ϭϱϬ
ZĞƚĞŶƚŝŽŶƉĂǇĂďůĞ Ϯϱ ϰϬϳ͕ϱϭϰ͕ϯϭϭ ϰϬϬ͕Ϯϴϱ͕ϲϱϯ
ĞƉŽƐŝƚƐĨƌŽŵƐĂůĞŽĨ͗
WƌĞĨĞƌƌĞĚƐŚĂƌĞƐ ϭϬ Ϯϯϵ͕ϭϲϰ͕ϵϱϱ ϭϮϴ͕Ϯϭϯ͕ϰϬϴ
ZĞĂůĞƐƚĂƚĞ ϳ ϵϭ͕ϰϭϱ͕ϴϬϯ ϭϭϱ͕ϵϱϰ͕Ϭϴϴ
hŶĞĂƌŶĞĚƌĞŶƚŝŶĐŽŵĞ ϵϴ͕Ϯϱϲ͕ϱϭϵ ϲϱ͕ϮϮϱ͕ϵϱϵ
KƚŚĞƌƐ ϯϲ͕ϬϬϳ͕ϵϱϯ ϳϵ͕ϱϴϰ͕ϵϲϲ
130 W
сϮ͕ϴϬϴ͕ϱϴϰ͕ϲϳϲ сϮ͕ϱϭϵ͕ϱϯϲ͕ϳϱϮ
W
ͲϱϭͲ
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dƌĂĚĞƉĂǇĂďůĞƐĂƌĞŶŽŶŝŶƚĞƌĞƐƚͲďĞĂƌŝŶŐĂŶĚĂƌĞĚƵĞĨŽƌƉĂǇŵĞŶƚǁŝƚŚŝŶϯϬƚŽϭϮϬͲĚĂǇƐ͘
ĐĐƌƵĞĚ ĞǆƉĞŶƐĞƐ ŵĂŝŶůǇ ƉĞƌƚĂŝŶ ƚŽ ĂĐĐƌƵĂůƐ ĨŽƌ ĚĞǀĞůŽƉŵĞŶƚ ĐŽƐƚƐ ĂŶĚ ŐĞŶĞƌĂů ĂŶĚ ĂĚŵŝŶŝƐƚƌĂƚŝǀĞ
ĞǆƉĞŶƐĞƐ͘KƚŚĞƌƉĂǇĂďůĞƐĐŽŶƐŝƐƚŽĨŐŽǀĞƌŶŵĞŶƚƉĂǇĂďůĞƐĂŶĚŶŽŶƚƌĂĚĞƉĂǇĂďůĞƐ͘ĐĐƌƵĞĚĞǆƉĞŶƐĞƐ
ĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐĂƌĞŐĞŶĞƌĂůůǇƐĞƚƚůĞĚǁŝƚŚŝŶŽŶĞǇĞĂƌ͘

ϭϱ͘ >ŽŶŐͲƚĞƌŵĞďƚ

WƌĞƐĞŶƚĞĚďĞůŽǁĂƌĞƚŚĞĚĞƚĂŝůƐŽĨƚŚŝƐĂĐĐŽƵŶƚ͗

ϮϬϭϳ ϮϬϭϲ
ŽƌƌŽǁĞƌ ƵƌƌĞŶƚ EŽŶĐƵƌƌĞŶƚ dŽƚĂů ƵƌƌĞŶƚ EŽŶĐƵƌƌĞŶƚ dŽƚĂů
>W, W
сϵϳϯ͕ϯϴϵ͕ϭϮϮ W
сϱ͕ϮϮϳ͕ϵϴϰ͕ϴϭϯ W
сϲ͕ϮϬϭ͕ϯϳϯ͕ϵϯϱ W
сϲϬ͕ϬϬϬ͕ϬϬϬ WсϰϮϬ͕ϬϬϬ͕ϬϬϬ WсϰϴϬ͕ϬϬϬ͕ϬϬϬ
W/ ϰϱ͕Ϯϲϵ͕ϳϭϬ ϭϲϳ͕ϳϰϭ͕ϵϱϴ Ϯϭϯ͕Ϭϭϭ͕ϲϲϴ – – –
/ ϱϮ͕ϵϭϰ͕ϵϲϮ ϭϮϵ͕ϯϭϵ͕ϯϴϳ ϭϴϮ͕Ϯϯϰ͕ϯϰϵ ϰϳ͕ϵϳϭ͕ϵϬϯ ϭϴϯ͕Ϯϴϰ͕ϵϴϵ Ϯϯϭ͕Ϯϱϲ͕ϴϵϮ
^d/ – – – Ϯϯϰ͕ϵϮϵ͕ϲϴϯ Ϯ͕Ϯϵϱ͕Ϭϲϭ͕Ϭϲϱ Ϯ͕ϱϮϵ͕ϵϵϬ͕ϳϰϴ
/Z – – – ϳϰϴ͕ϱϮϵ͕ϰϰϲ ϰϲϴ͕ϱϯϮ͕Ϯϵϱ ϭ͕Ϯϭϳ͕Ϭϲϭ͕ϳϰϭ
D>,/ – – – ϯϵ͕ϮϳϮ͕ϵϮϲ ϲϳϱ͕ϬϬϬ͕ϬϬϬ ϳϭϰ͕ϮϳϮ͕ϵϮϲ
DW/ – – – ϯϰϵ͕ϳϳϱ͕ϬϰϮ – ϯϰϵ͕ϳϳϱ͕ϬϰϮ
W
сϭ͕Ϭϳϭ͕ϱϳϯ͕ϳϵϰ W
сϱ͕ϱϮϱ͕Ϭϰϲ͕ϭϱϴ W
сϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ W
сϭ͕ϰϴϬ͕ϰϳϵ͕ϬϬϬ W
сϰ͕Ϭϰϭ͕ϴϳϴ͕ϯϰϵ 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 ŽĨWсϯϴ͕ϰϮϴ͘Ϭ 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
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- 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

ĂƌƌǇŝŶŐŵŽƵŶƚŽŶƚŚĞ
ĂƚĞŽĨZĞĨŝŶĂŶĐŝŶŐ /ŶƚĞƌĞƐƚZĂƚĞƐ
ŽƌƌŽǁĞƌ ĂŶŬ WƵƌƉŽƐĞŽĨƚŚĞ>ŽĂŶ ;ŝŶĐůƵƐŝǀĞŽĨŝŶƚĞƌĞƐƚͿ ϮϬϭϳ ϮϬϭϲ
ZĞĨŝŶĂŶĐŝŶŐĞǆŝƐƚŝŶŐK>^ǁŝƚŚK
hŶŝďĂŶŬĂŶĚĨŽƌĨŝŶĂŶĐŝŶŐŽĨŐĞŶĞƌĂů
^d/ WŽŵ ĐŽƌƉŽƌĂƚĞďƵƐŝŶĞƐƐ сϮ͕ϰϳϳ͕ϭϲϱ͕ϱϭϭ
W ϰ͘ϳйƚŽϱ͘ϲй ϰ͘ϯйƚŽϲ͘Ϭй
WĂƌƚŝĂůůǇƌĞĨŝŶĂŶĐŝŶŐƚŚĞůŽĂŶĨĂĐŝůŝƚǇĂŶĚ
ƉĂƌƚŝĂůůǇĨƵŶĚŝŶŐƚŚĞĐĂƉŝƚĂů
ĞǆƉĞŶĚŝƚƵƌĞƐĂŶĚŽƚŚĞƌŐĞŶĞƌĂů
/Z K ĐŽƌƉŽƌĂƚĞĞǆƉĞŶƐĞƐŽĨ/Z ϭ͕ϬϬϵ͕ϲϬϱ͕ϴϲϳ ϱ͘ϵй ϱ͘ϲйƚŽϲ͘ϭ
WĂƌƚŝĂůůǇĨŝŶĂŶĐŝŶŐƚŚĞĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚ
ĚĞǀĞůŽƉŵĞŶƚŽĨůƉŚĂůĂŶĚĂŐƵŝŽ
D>,/ WE DŽƵŶƚĂŝŶ>ŽĚŐĞƐWƌŽũĞĐƚ ϳϮϯ͕ϯϯϱ͕ϬϬϬ ϱ͘ϴй ϱ͘ϬйƚŽϲ͘Ϭй
WĂƌƚŝĂůůǇĨŝŶĂŶĐŝŶŐƚŚĞĚĞǀĞůŽƉŵĞŶƚ͕
W͕>W͕K ĐŽŶƐƚƌƵĐƚŝŽŶĂŶĚŽƉĞƌĂƚŝŽŶŽĨƚŚĞ
DW/ ĂŶĚDĂǇĂŶŬ WŚĂƐĞ/ŽĨůƉŚĂůĂŶĚDĂŬĂƚŝWůĂĐĞ 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
dŚĞůŽĂŶǁĂƐĨƵůůǇƐĞƚƚůĞĚŝŶϮϬϭϳ͘
132
ͲϱϯͲ
- 51 -

ĂƉŝƚĂůŝǌĞĚŝŶƚĞƌĞƐƚĂŶĚŽƚŚĞƌĨŝŶĂŶĐŝŶŐĐŽƐƚƐŽŶƚŚĞůŽĂŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ϳ W
сϲϳ͕Ϭϯϳ͕Ϯϱϲ сϯϲ͕ϰϯϵ͕ϭϲϲ
W сWϰϴ͕ϴϯϯ͕ϵϬϴ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ ϰ͕Ϯϭϭ͕ϵϵϮ – ϯϲ͕Ϭϵϰ͕ϲϮϴ
W
сϳϭ͕Ϯϰϵ͕Ϯϰϴ сϯϲ͕ϰϯϵ͕ϭϲϲ
W 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
DÊϲϳϴ͘W/ŵĂĚĞŝƚƐŝŶŝƚŝĂůĚƌĂǁĚŽǁŶĂŵŽƵŶƚŝŶŐƚŽW сϮϬϱ͘ϳŵŝůůŝŽŶŽŶ&ĞďƌƵĂƌǇϭϰ͕ϮϬϭϳĂƚĂĨŝǆĞĚ
ŝŶƚĞƌĞƐƚƌĂƚĞŽĨϳ͘ϬйƉĞƌĂŶŶƵŵ͘
KŶKĐƚŽďĞƌϱ͕ϮϬϭϳ͕ƚŚĞůŽĂŶĨĂĐŝůŝƚǇǁĂƐŝŶĐƌĞĂƐĞĚƚŽWсϮϲϱ͘ϮŵŝůůŝŽŶƚŽĂĐĐŽŵŵŽĚĂƚĞƚŚĞĨŝŶĂŶĐŝŶŐŽĨ
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 сWϰϱ͕ϲϳϱ͕ϰϱϳ
ϮϬϭϵ ϰϵ͕Ϭϴϯ͕ϰϴϱ
ϮϬϮϬĂŶĚŽŶǁĂƌĚƐ ϭϭϵ͕ϮϴϬ͕ϱϮϵ
Ϯϭϰ͕Ϭϯϵ͕ϰϳϭ
>ĞƐƐĚĞĨĞƌƌĞĚĨŝŶĂŶĐŝŶŐĐŽƐƚ ϭ͕ϬϮϳ͕ϴϬϯ
сϮϭϯ͕Ϭϭϭ͕ϲϲϴ
W
/
KŶ DĂƌĐŚ ϰ͕ ϮϬϭϲ͕ / ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ > ĂŐƌĞĞŵĞŶƚ ǁŝƚŚ K>&/ ĨŽƌ Ă ůŽĂŶ ĨĂĐŝůŝƚǇ ŽĨ
сϯϬϵ͘ϬŵŝůůŝŽŶĨŽƌƚŚĞƉƵƌƉŽƐĞŽĨĨŝŶĂŶĐŝŶŐƚŚĞĂĐƋƵŝƐŝƚŝŽŶŽĨdZϳϮdƵƌďŽƉƌŽƉŝƌĐƌĂĨƚ͕DÊϲϲϲ͘KŶ
W
DĂƌĐŚϰ͕ϮϬϭϲ͕/ŵĂĚĞŝƚƐĚƌĂǁĚŽǁŶĂŵŽƵŶƚŝŶŐƚŽW сϮϲϲ͘ϴŵŝůůŝŽŶ͘
>ŽĂŶ ŝŶƚĞƌĞƐƚ ƌĂƚĞ ŝƐ ƚŚĞ ƉƌĞǀĂŝůŝŶŐ ŵĂƌŬĞƚ ƌĂƚĞ ŽŶ ĂĐƚƵĂů ďŽŽŬŝŶŐ 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
133
ŵŝůůŝŽŶĂŶĚWсϭϱ͘ϰŵŝůůŝŽŶŝŶϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůǇ͘
- 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

ϮϬϭϳ ϮϬϭϲ ϮϬϭϱ
>ŽŶŐͲƚĞƌŵĚĞďƚ W
сϯϯϯ͕Ϯϰϴ͕Ϭϯϯ сϮϵϭ͕ϰϴϴ͕ϭϯϲ
W сϮϮϭ͕ϰϮϰ͕ϵϰϴ
W
&ŝŶĂŶĐĞĐŚĂƌŐĞƐ Ϯϵ͕Ϯϭϳ͕ϴϯϬ – Ϯϲ͕ϱϴϵ͕ϳϳϱ
KƚŚĞƌƐ ϯ͕Ϯϲϭ͕ϯϯϭ ϯ͕Ϯϲϭ͕ϯϯϭ ϯ͕Ϯϴϴ͕ϭϰϵ
W
сϯϲϱ͕ϳϮϳ͕ϭϵϰ сϮϵϰ͕ϳϰϵ͕ϰϲϳ
W сϮϱϭ͕ϯϬϮ͕ϴϳϮ
W

ϭϲ͘ ƋƵŝƚǇ
ĂƉŝƚĂů^ƚŽĐŬ
Ă͘ The composition of ALPHA’s capital stock consisting of all common shares as at December 31ŝƐĂƐ
ĨŽůůŽǁƐ͗

ϮϬϭϳ ϮϬϭϲ
EƵŵďĞƌŽĨ EƵŵďĞƌŽĨ
^ŚĂƌĞƐ ŵŽƵŶƚ ^ŚĂƌĞƐ ŵŽƵŶƚ
ƵƚŚŽƌŝǌĞĚͲW
сϭWĂƌsĂůƵĞ ϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ W
сϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ ϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ W
сϱ͕ϬϬϬ͕ϬϬϬ͕ϬϬϬ
/ƐƐƵĞĚĂŶĚƐƵďƐĐƌŝďĞĚ Ϯ͕ϲϱϰ͕ϳϬϳ͕ϰϭϳ W
сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ Ϯ͕ϲϱϰ͕ϳϬϳ͕ϰϭϳ W
сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ
dƌĞĂƐƵƌǇ ;ϰϮϯ͕ϵϬϬͿ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ;ϭ͕ϱϮϯ͕ϵϬϬͿ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ
Ϯ͕ϲϱϰ͕Ϯϴϯ͕ϱϭϳ Ϯ͕ϲϱϰ͕ϰϵϯ͕ϴϵϭ Ϯ͕ϲϱϯ͕ϭϴϯ͕ϱϭϳ Ϯ͕ϲϰϯ͕ϰϵϯ͕ϴϵϭ
WĂƌĞŶƚŽŵƉĂŶǇ’s shares held by a
ƐƵďƐŝĚŝĂƌǇ ;ϭ͕ϯϴϯ͕ϰϮϳ͕ϰϳϵͿ ;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ ;ϭ͕ϯϳϵ͕ϮϭϬ͕ϵϳϴͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ
ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ

134
- 53 -
ͲϱϱͲ

ĞůŽǁŝƐĂƐƵŵŵĂƌǇŽĨƚŚĞĐĂƉŝƚĂůƐƚŽĐŬŵŽǀĞŵĞŶƚŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇ͗

/ŶĐƌĞĂƐĞ EĞǁ /ƐƐƵĞͬ
ŝŶƵƚŚŽƌŝǌĞĚ ^ƵďƐĐƌŝƉƚŝŽŶƐͬ KĨĨĞƌ
ŽƌƉŽƌĂƚĞEĂŵĞ ĂƚĞŽĨƉƉƌŽǀĂů ĂƉŝƚĂů^ƚŽĐŬ /ƐƐƵĂŶĐĞƐ WƌŝĐĞ
ŐƌŽWůĂƐƚŝĐƐ͕/ŶĐ͘Ύ EŽǀĞŵďĞƌϭϵ͕ϭϵϵϬ ϭϬ͕ϬϬϬ͕ϬϬϬ Ϯ͕ϱϬϬ͕ϬϬϬ W
сϭ͘ϬϬ
DĂĐŽŶĚƌĂǇWůĂƐƚŝĐƐ͕/ŶĐ͘ :ƵŶĞϭ͕ϮϬϬϬ ϵϬ͕ϬϬϬ͕ϬϬϬ ϯϬ͕ϬϬϬ͕ϬϬϬ ϭ͘ϬϬ
DĂĐŽŶĚƌĂǇWůĂƐƚŝĐƐ͕/ŶĐ͘ EŽǀĞŵďĞƌϮϯ͕ϮϬϬϬ – ϭϲ͕ϳϰϬ͕ϬϬϬ ϱ͘ϯϴ
DĂĐŽŶĚƌĂǇWůĂƐƚŝĐƐ͕/ŶĐ͘ ^ĞƉƚĞŵďĞƌϭ͕ϮϬϬϭ ϯϬϬ͕ϬϬϬ͕ϬϬϬ ϳϲ͕ϯϮϮ͕ϬϬϬΎΎ ϭ͘ϬϬ
DĂĐŽŶĚƌĂǇWůĂƐƚŝĐƐ͕/ŶĐ͘ DĂǇϮϳ͕ϮϬϬϵ – Ϯϱ͕ϬϮϲ͕ϵϬϬΎΎ ϭ͘ϬϬ
ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ Ɖƌŝůϳ͕ϮϬϭϬ ϰ͕ϱϬϬ͕ϬϬϬ͕ϬϬϬ ϭ͕Ϯϲϵ͕ϳϯϰ͕ϬϰϭΎΎΎ ϭϬ͘ϬϬ
ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ EŽǀĞŵďĞƌϭϭ͕ϮϬϭϬ – ϴ͕ϴϵϳ͕ϯϰϲ ϭϬ͘ϬϬ
ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ DĂƌĐŚϯ͕ϮϬϭϭ – ϭϰϳ͕ϯϳϱ͕ϳϬϬΎΎΎΎ ϭϬ͘ϬϬ
ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ :ƵŶĞϮϳ͕ϮϬϭϭ – ϰϬϴ͕ϭϱϬ͕Ϯϲϰ ϭϬ͘ϬϬ
ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ :ĂŶƵĂƌǇϮ͕ϮϬϭϰ – ϲϬϬ͕ϬϬϬ͕ϬϬϬ Ϯ͘ϱϬ
ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ &ĞďƌƵĂƌǇϳ͕ϮϬϭϰ – ϭϬϴ͕ϯϯϲ͕ϴϲϲ Ϯ͘ϱϬ
ůƉŚĂůĂŶĚŽƌƉŽƌĂƚŝŽŶ &ĞďƌƵĂƌǇϭϵ͕ϮϬϭϰ – ϭϬϵ͕ϬϬϬ͕ϬϬϬ 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,͘

135
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 ŽĨWсϭ͕ϰϳϮ͘ϴ 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

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
ƌĞĐĞŝǀĞĚWсϮ͕ϱϬϬ͘Ϭ ŵŝůůŝŽŶ ŝŶ ĐĂƐŚ ŝŶ ĞǆĐŚĂŶŐĞ ĨŽƌ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ŵĂŝŶůǇ ĐŽŵƉƌŝƐŝŶŐ ŽĨ ϭϬϬй
ŽǁŶĞƌƐŚŝƉŽĨůƉŚĂůĂŶĚDĂŬĂƚŝdŽǁĞƌ͕/ŶĐ͘;Dd/Ϳ͖ϭϬϬйŽǁŶĞƌƐŚŝƉŽĨůƉŚĂůĂŶĚDĂƌŝŶĂŽƌƉŽƌĂƚŝŽŶ
136
;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

ϮϬϭϳ ϮϬϭϲ
WƵƌĐŚĂƐĞƐ ZĞŶƚĂů WƵƌĐŚĂƐĞƐ ZĞŶƚĂů
ƐƐŽĐŝĂƚĞͲ
^/ W
сϯϰ͕Ϯϳϯ͕Ϭϵϱ W
с– W
сϮϱ͕ϵϴϯ͕ϯϱϴ W
сϭϵϱ͕ϭϵϳ
ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌĐŽŵŵŽŶ
ŬĞǇŵĂŶĂŐĞŵĞŶƚ W
сϴϮ͕ϰϭϭ͕ϵϵϯ W
сϵϱϰ͕ϴϲϵ W
с– W
сϵϱϰ͕ϴϲϵ

ϮϬϭϳ ϮϬϭϲ
ŵŽƵŶƚŽĨ KƵƚƐƚĂŶĚŝŶŐ ŵŽƵŶƚŽĨ KƵƚƐƚĂŶĚŝŶŐ
dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ
ƐƐŽĐŝĂƚĞͲ
^/ W
с– W
с– W
сϯϲ͕ϲϳϭ Wсϯϲ͕ϲϳϭ
ŬĞǇŵĂŶĂŐĞŵĞŶƚ – ϭϯϰ͕ϯϭϴ ϯϵ͕ϯϰϲ͕ϭϲϵ Ϯϰ͕ϴϵϰ͕ϴϴϰ
W
сϭϯϰ͕ϯϭϴ W
сϮϰ͕ϵϯϭ͕ϱϱϱ

137
ͲϱϴͲ

- 56 -
ϮϬϭϳ ϮϬϭϲ
dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ
ƐƐŽĐŝĂƚĞͲ
^/ W
сϯϰ͕Ϯϳϯ͕Ϭϵϱ W
с– W
сϮϱ͕ϵϴϯ͕ϯϱϴ W
сϭ͕ϭϭϵ͕ϴϰϯ
ŬĞǇŵĂŶĂŐĞŵĞŶƚ ϴϮ͕ϰϭϭ͕ϵϵϯ ϱϮ͕ϲϰϬ Ϯϯ͕ϰϴϴ͕ϱϴϮ ϭϭ͕ϭϲϵ͕ϯϰϯ
W
сϱϮ͕ϲϰϬ W
сϭϮ͕Ϯϴϵ͕ϭϴϲ

ϮϬϭϳ ϮϬϭϲ
EĂƚƵƌĞŽĨdƌĂŶƐĂĐƚŝŽŶƐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ dƌĂŶƐĂĐƚŝŽŶƐ ĂůĂŶĐĞƐ
ĚǀĂŶĐĞƐƚŽ
ƐƐŽĐŝĂƚĞƐ͗
ZĞŝŵďƵƌƐĞŵĞŶƚŽĨ
^/ ĞǆƉĞŶƐĞƐ W
с– W
с– W
сϴϳϬ͕ϴϮϲ W
сϭ͕ϲϴϵ͕ϳϬϬ
ZĞŝŵďƵƌƐĞŵĞŶƚŽĨ
, ĞǆƉĞŶƐĞƐ – ϭ͕ϬϮϮ͕ϴϮϯ ϲϴϱ͕ϭϬϲ ϭ͕ϬϮϮ͕ϯϮϯ
W
сϭ͕ϬϮϮ͕ϴϮϯ W
сϮ͕ϳϭϮ͕ϬϮϯ
ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌ
ĐŽŵŵŽŶŬĞǇ ZĞŝŵďƵƌƐĞŵĞŶƚŽĨ
ŵĂŶĂŐĞŵĞŶƚ ĞǆƉĞŶƐĞƐ W
сϯϲϴ͕ϯϮϱ͕ϰϰϮ W
сϮ͕ϳϳϳ͕Ϭϰϴ͕ϯϬϳ W
сϴϯϯ͕ϭϴϬ͕ϱϳϯ W
сϮ͕ϰϭϮ͕ϳϰϮ͕ϱϴϭ

ĚǀĂŶĐĞƐĨƌŽŵ
ZĞůĂƚĞĚƉĂƌƚŝĞƐƵŶĚĞƌ WƵƌĐŚĂƐĞŽĨĂƐƐĞƚƐĂŶĚ
ĐŽŵŵŽŶŬĞǇ ƌĞŝŵďƵƌƐĞŵĞŶƚŽĨ
ŵĂŶĂŐĞŵĞŶƚ ĞǆƉĞŶƐĞƐ 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
 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
138 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

^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 139
W
сϭϳϭ͕ϭϬϴ͕ϴϰϮ сϭϰϵ͕ϵϲϲ͕ϰϱϮ
W
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 ŵŝůůŝŽŶ͕Wс 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 сWϭϬϲ͕ϰϲϰ͕ϯϱϳ
ĨƚĞƌŽŶĞǇĞĂƌďƵƚŶŽƚŵŽƌĞƚŚĂŶĨŝǀĞǇĞĂƌƐ 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
140

ͲϲϭͲ
- 59
-

ϭϵ͘ ŽƐƚĂŶĚǆƉĞŶƐĞƐ
ŽƐƚĂŶĚĞǆƉĞŶƐĞƐĂƌĞĐůĂƐƐŝĨŝĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂƐĨŽůůŽǁƐ͗

ŽƐƚŽĨƌĞĂůĞƐƚĂƚĞƐŽůĚ͗
>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚ ϳ W
сϴϭϴ͕ϯϲϱ͕ϭϯϳ сϭ͕Ϭϳϯ͕ϲϵϭ͕ϯϲϲ
W сϭ͕ϭϴϬ͕Ϭϭϳ͕ϳϳϴ
W
WĂƌŬŝŶŐůŽƚƐĨŽƌƐĂůĞ ϳ ϭϱ͕ϵϳϰ͕ϳϴϴ Ϯϭ͕ϭϲϲ͕ϭϮϬ Ϯϳ͕ϯϲϴ͕ϰϰϰ
W
сϴϯϰ͕ϯϯϵ͕ϵϮϱ сϭ͕Ϭϵϰ͕ϴϱϳ͕ϰϴϲ
W сϭ͕ϮϬϳ͕ϯϴϲ͕ϮϮϮ
W
ŽƐƚŽĨƐĞƌǀŝĐĞƐ͗
dƌĂŶƐƉŽƌƚĂƚŝŽŶ W
сϭϲϭ͕ϵϭϲ͕ϰϬϰ сWϭϱϳ͕Ϭϰϯ͕ϴϭϭ сWϲϵ͕ϰϳϳ͕ϳϰϴ
hƚŝůŝƚŝĞƐ ϭϵϮ͕ϳϱϳ͕ϲϯϯ ϭϮϭ͕ϲϯϮ͕ϴϵϭ ϭϯϮ͕ϭϯϴ͕ϯϮϭ
KƚŚĞƌƐ ϱ͕ϳϵϯ͕ϲϯϯ ϳ͕ϮϬϲ͕ϴϵϭ ϭ͕Ϯϲϴ͕ϭϭϮ
W
сϯϲϬ͕ϰϲϳ͕ϲϳϬ сϮϴϱ͕ϴϴϯ͕ϱϵϯ
W сϮϬϮ͕ϴϴϰ͕ϭϴϭ
W
'ĞŶĞƌĂůĂŶĚĂĚŵŝŶŝƐƚƌĂƚŝǀĞ͗
^ĂůĂƌŝĞƐĂŶĚĞŵƉůoyees’ ďĞŶĞĨŝƚƐ W
сϮϭϵ͕ϴϱϳ͕ϭϯϭ сϲϳ͕ϯϮϴ͕ϮϱϮ
W сϱϴ͕ϭϲϵ͕ϳϭϲ
W
ŽŶĂƚŝŽŶ ϭϭϰ͕ϭϯϭ͕ϲϵϲ – –
hƚŝůŝƚŝĞƐĂŶĚƌĞŶƚ ϭϬϵ͕ϯϳϭ͕ϱϲϰ ϴϳ͕ϯϱϯ͕ϯϭϳ ϱϵ͕ϱϰϬ͕ϭϴϭ
^ĞƌǀŝĐĞĂŶĚƉƌŽĨĞƐƐŝŽŶĂůĨĞĞƐ ϴϯ͕ϯϵϯ͕ϳϮϬ ϴϱ͕ϰϱϱ͕Ϭϵϱ ϳϭ͕ϯϯϬ͕ϴϳϰ
WƌŽǀŝƐŝŽŶĨŽƌŝŵƉĂŝƌŵĞŶƚ ϲ ϳϭ͕ϵϰϬ͕Ϭϰϳ ϯϰ͕Ϭϱϯ͕ϱϴϱ –
dĂǆĞƐĂŶĚůŝĐĞŶƐĞƐ ϲϵ͕ϭϬϵ͕ϳϴϴ ϱϬ͕ϬϬϭ͕Ϯϭϭ ϱϰ͕Ϭϭϲ͕ϲϮϭ
dƌĂǀĞůĂŶĚƚƌĂŶƐƉŽƌƚĂƚŝŽŶ ϲϮ͕ϵϰϰ͕ϰϳϮ Ϯϳ͕ϵϭϰ͕ϲϱϭ ϯϮ͕ϴϲϬ͕ϮϵϬ
ĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŽƌƚŝǌĂƚŝŽŶ ϭϮ ϰϵ͕ϯϱϲ͕Ϭϵϳ ϴϯ͕Ϭϳϱ͕ϲϱϮ ϭϬϰ͕ϰϲϱ͕ϵϯϲ
ZĞƉĂŝƌƐĂŶĚŵĂŝŶƚĞŶĂŶĐĞ ϯϵ͕Ϯϭϱ͕ϳϳϳ Ϯϵ͕ϵϮϮ͕Ϭϰϭ ϮϬ͕ϰϰϭ͕ϴϯϱ
/ŶƐƵƌĂŶĐĞ ϯϯ͕ϱϴϳ͕ϰϲϰ ϲ͕ϲϰϮ͕ϳϲϭ ϵ͕ϰϭϰ͕ϯϯϮ
ZĞƉƌĞƐĞŶƚĂƚŝŽŶ ϭϴ͕Ϯϲϭ͕ϭϬϭ ϭϬ͕ϰϯϯ͕ϵϰϵ ϳ͕ϵϰϬ͕ϱϳϯ
^ƵƉƉůŝĞƐ ϭϰ͕Ϭϳϯ͕ϰϱϮ ϲ͕ϲϬϱ͕ϴϳϰ ϰ͕ϭϮϬ͕ϳϲϳ
^ĂůĞƐĂŶĚŵĂƌŬĞƚŝŶŐ ϵ͕ϰϵϲ͕ϭϲϳ ϯϰ͕ϰϭϲ͕ϯϮϬ ϯϵ͕ϯϵϯ͕ϱϰϵ
ŽŵŵƵŶŝĐĂƚŝŽŶ ϳ͕ϴϲϴ͕ϭϯϵ ϰ͕Ϯϰϭ͕ϳϴϵ ϯ͕ϯϮϮ͕ϱϳϲ
tƌŝƚĞͲŽĨĨ͗
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐ ϲ – ϲ͕ϴϰϵ͕ϵϳϱ ϭϵ͕ϯϴϴ͕ϭϱϳ
>ĞĂƐĞŚŽůĚƌŝŐŚƚ ϭϮ – – ϯϯ͕ϳϮϴ͕Ϯϯϳ
>ŝƐƚŝŶŐĂŶĚĨŝůŝŶŐĨĞĞƐ – – ϰ͕ϳϭϳ͕ϯϴϲ
KƚŚĞƌƐ ϰϰ͕ϭϭϳ͕Ϭϭϲ Ϯϳ͕ϴϭϱ͕ϲϵϰ ϯϲ͕ϴϳϯ͕Ϯϭϭ
W
сϵϰϲ͕ϳϮϯ͕ϲϯϭ сϱϲϮ͕ϭϭϬ͕ϭϲϲ
W сϱϱϵ͕ϳϮϰ͕Ϯϰϭ
W
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
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dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƐƐƵŵŵĂƌŝǌĞƚŚĞĐŽŵƉŽŶĞŶƚƐŽĨƌĞƚŝƌĞŵĞŶƚĞǆƉĞŶƐĞƌĞĐŽŐŶŝǌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚ
ƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĂŶĚƌĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚǇƌĞĐŽŐŶŝǌĞĚŝŶƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚ
ŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶ͘

ZĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚĐŽƐƚ͗
ƵƌƌĞŶƚƐĞƌǀŝĐĞĐŽƐƚ сϭϬ͕ϱϰϴ͕ϭϵϰ
W сϲ͕Ϯϵϵ͕ϯϲϳ
W сϴ͕Ϯϳϭ͕ϯϲϱ
W
WĂƐƚƐĞƌǀŝĐĞĐŽƐƚͲĐƵƌƚĂŝůŵĞŶƚ ;ϲ͕Ϯϵϲ͕ϰϱϰͿ – –
/ŶƚĞƌĞƐƚĐŽƐƚ Ϯ͕ϭϳϯ͕Ϭϰϱ ϭ͕ϭϵϰ͕ϲϵϲ ϭ͕ϭϭϳ͕ϵϳϬ
сϲ͕ϰϮϰ͕ϳϴϱ
W сϳ͕ϰϵϰ͕Ϭϲϯ
W сϵ͕ϯϴϵ͕ϯϯϱ
W

ϮϬϭϳ ϮϬϭϲ
WƌĞƐĞŶƚǀĂůƵĞŽĨĚĞĨŝŶĞĚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶ͗
сϯϭ͕ϰϭϱ͕ϵϭϱ сϮϮ͕ϱϳϱ͕ϵϴϴ
W
ĐƚƵĂƌŝĂůŐĂŝŶŽŶŽďůŝŐĂƚŝŽŶ ;ϮϮ͕ϯϲϰ͕ϱϵϭͿ ϭ͕ϯϰϱ͕ϴϲϰ
ƵƌƌĞŶƚƐĞƌǀŝĐĞĐŽƐƚ ϭϬ͕ϱϰϴ͕ϭϵϰ ϲ͕Ϯϵϵ͕ϯϲϳ
ĚĚŝƚŝŽŶƐĚƵƌŝŶŐƚŚĞǇĞĂƌ ϴ͕ϵϳϱ͕Ϯϱϵ –
WĂƐƚƐĞƌǀŝĐĞĐŽƐƚͲĐƵƌƚĂŝůŵĞŶƚ ;ϲ͕Ϯϵϲ͕ϰϱϰͿ –
/ŶƚĞƌĞƐƚĐŽƐƚ Ϯ͕ϭϳϯ͕Ϭϰϱ ϭ͕ϭϵϰ͕ϲϵϲ
сϮϰ͕ϰϱϭ͕ϯϲϴ сϯϭ͕ϰϭϱ͕ϵϭϱ
W
WƌŝŶĐŝƉĂůĂĐƚƵĂƌŝĂůĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞƌĞƚŝƌĞŵĞŶƚďĞŶĞĨŝƚŽďůŝŐĂƚŝŽŶƐĂƌĞĂƐĨŽůůŽǁƐ͗

ϮϬϭϳ ϮϬϭϲ
ŝƐĐŽƵŶƚƌĂƚĞ ϱ͘ϳϬй ϱ͘ϯϴй
^ĂůĂƌǇŝŶĐƌĞĂƐĞƌĂƚĞ ϱ͘ϬϬй 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
^ĂůĂƌǇŝŶĐƌĞĂƐĞƌĂƚĞ͗
/ŶĐƌĞĂƐĞďǇϭϮ͘ϵйƚŽϭϰ͘ϰй ϯ͕Ϯϲϵ͕ϲϳϰ
ĞĐƌĞĂƐĞďǇϭϬ͘ϴйƚŽϭϭ͘ϵй ;Ϯ͕ϳϰϮ͕ϲϭϵͿ

ϮϬϭϲ
/ŶĐƌĞĂƐĞ;ĞĐƌĞĂƐĞͿ
ŝƐĐŽƵŶƚƌĂƚĞ͗
/ŶĐƌĞĂƐĞďǇϳ͘ϭйƚŽϭϱ͘ϳй сϮ͕ϰϱϮ͕ϭϭϬ
W
ĞĐƌĞĂƐĞďǇϱ͘ϴйƚŽϭϮ͘ϲй ;ϭ͕ϵϵϳ͕ϲϮϱͿ
^ĂůĂƌǇŝŶĐƌĞĂƐĞƌĂƚĞ͗
142 /ŶĐƌĞĂƐĞďǇϲ͘ϲйƚŽϭϰ͘ϱй Ϯ͕Ϯϲϳ͕Ϭϲϯ
ĞĐƌĞĂƐĞďǇϱ͘ϱйƚŽϭϭ͘ϵй ;ϭ͕ϴϵϮ͕ϬϮϯͿ
ͲϲϯͲ
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^ŚŽǁŶďĞůŽǁŝƐƚŚĞŵĂƚƵƌŝƚǇĂŶĂůǇƐŝƐŽĨƚŚĞƵŶĚŝƐĐŽƵŶƚĞĚďĞŶĞĨŝƚƉĂǇŵĞŶƚƐĂƐĂƚĞĐĞŵďĞƌϯϭ͗
ϮϬϭϳ ϮϬϭϲ
ϮϬϭϴ W
сϭ͕Ϯϱϰ͕ϰϯϮ сϭϱ͕ϳϴϵ͕ϬϬϬ
W
ϮϬϭϵ ϯϰϱ͕Ϯϰϱ –
ϮϬϮϬ ϭ͕ϴϲϯ͕ϰϴϲ –
ϮϬϮϭ ϯ͕ϴϬϯ͕ϱϴϯ ϭ͕ϱϬϳ͕ϭϯϱ
ϮϬϮϮ Ϯ͕ϲϬϰ͕ϵϯϵ –
ϮϬϮϯƚŽϮϬϮϳ Ϯϴ͕ϯϭϬ͕ϰϲϬ 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 W
сϳϱ͕ϱϭϮ͕ϮϴϬ с–
W
ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐĞƐ ϯϭ͕ϯϴϮ͕ϲϮϲ ϭϬ͕Ϯϭϲ͕Ϭϳϲ
D/d Ϯ͕ϴϰϯ͕Ϯϳϳ –
ĐƚƵĂƌŝĂů ϭ͕ϳϰϳ͕ϯϮϲ –
ϭϭϭ͕ϰϴϱ͕ϱϬϵ ϭϬ͕Ϯϭϲ͕Ϭϳϲ
W
сϭϯ͕ϰϱϭ͕ϱϮϴ͕ϱϭϴ сWϭϬ͕ϭϮϰ͕ϰϴϲ͕ϳϴϵ

143
ͲϲϰͲ
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- 62

dŚĞ ĨŽůůŽǁŝŶŐ ĚĞĨĞƌƌĞĚ ƚĂǆ ĂƐƐĞƚƐ ǁĞƌĞ ŶŽƚ ƌĞĐŽŐŶŝǌĞĚ ĂƐ ŝƚ ŝƐ ŶŽƚ ƉƌŽďĂďůĞ ƚŚĂƚ ƐƵĨĨŝĐŝĞŶƚ ƚĂǆĂďůĞ
ƉƌŽĨŝƚǁŝůůďĞĂǀĂŝůĂďůĞƚŽĂůůŽǁƚŚĞďĞŶĞĨŝƚŽĨƚŚĞŶĞƚĚĞĨĞƌƌĞĚƚĂǆĂƐƐĞƚƐƚŽďĞƵƚŝůŝǌĞĚŝŶƚŚĞĨƵƚƵƌĞ͗

ϮϬϭϳ ϮϬϭϲ
EK>K сϭϱϳ͕ϭϳϴ͕ϳϵϭ
W сϲϴ͕ϲϵϰ͕ϮϰϮ
W
D/d ϰ͕ϬϴϬ͕ϵϱϵ –
ůůŽǁĂŶĐĞĨŽƌŝŵƉĂŝƌŵĞŶƚůŽƐƐŽŶƌĞĐĞŝǀĂďůĞƐ Ϯ͕ϭϳϭ͕Ϭϴϵ ϭ͕ϳϱϱ͕ϲϮϲ
hŶĞĂƌŶĞĚŝŶĐŽŵĞ ϭϬϬ͕ϮϮϯ –
ZĞƚŝƌĞŵĞŶƚůŝĂďŝůŝƚǇ – ϴ͕ϲϲϰ͕ϲϲϬ
hŶƌĞĂůŝǌĞĚĨŽƌĞŝŐŶĞǆĐŚĂŶŐĞůŽƐƐĞƐ – ϲϱϴ͕ϭϴϴ
сϭϲϯ͕ϱϯϭ͕ϬϲϮ
W сϳϵ͕ϳϳϮ͕ϳϭϲ
W
dŚĞĚĞƚĂŝůƐŽĨEK>K͕ǁŚŝĐŚĐĂŶďĞĐůĂŝŵĞĚĂƐĚĞĚƵĐƚŝŽŶĨƌŽŵĨƵƚƵƌĞƚĂǆĂďůĞŝŶĐŽŵĞ͕ǁŝƚŚŝŶƚŚƌĞĞ
ǇĞĂƌƐĨƌŽŵƚŚĞǇĞĂƌƚŚĞEK>KǁĂƐŝŶĐƵƌƌĞĚ͕ŝƐƐŚŽǁŶďĞůŽǁ͘

ĞŐŝŶŶŝŶŐ
zĞĂƌ/ŶĐƵƌƌĞĚ ĂůĂŶĐĞ /ŶĐƵƌƌĞĚ ƉƉůŝĞĚͬǆƉŝƌĞĚ ŶĚŝŶŐĂůĂŶĐĞ sĂůŝĚhŶƚŝů
ϮϬϭϳ W
с– W
сϲϯϮ͕ϲϮϭ͕ϭϭϭ W
с– W
сϲϯϮ͕ϲϮϭ͕ϭϭϭ ϮϬϮϬ
ϮϬϭϲ ϭϭϰ͕ϲϬϯ͕ϰϱϲ – ;ϭϮ͕ϲϲϯ͕ϯϬϰͿ ϭϬϭ͕ϵϰϬ͕ϭϱϮ ϮϬϭϵ
ϮϬϭϱ ϱϮ͕ϴϰϬ͕ϯϬϲ – ;ϭϭ͕ϳϲϰ͕ϲϲϱͿ ϰϭ͕Ϭϳϱ͕ϲϰϭ ϮϬϭϴ
ϮϬϭϰ ϲϭ͕ϱϯϳ͕Ϭϰϱ – ;ϲϭ͕ϱϯϳ͕ϬϰϱͿ – ϮϬϭϳ
W
сϮϮϴ͕ϵϴϬ͕ϴϬϳ W
сϲϯϮ͕ϲϮϭ͕ϭϭϭ ;W
сϴϱ͕ϵϲϱ͕ϬϭϰͿ W
сϳϳϱ͕ϲϯϲ͕ϵϬϰ
dŚĞƌĞĐŽŶĐŝůŝĂƚŝŽŶŽĨŝŶĐŽŵĞƚĂǆĐŽŵƉƵƚĞĚĂƚƐƚĂƚƵƚŽƌǇƚĂǆƌĂƚĞƚŽƉƌŽǀŝƐŝŽŶĨŽƌŝŶĐŽŵĞƚĂǆƐŚŽǁŶŝŶ
ƚŚĞĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚƐŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞŝƐĂƐĨŽůůŽǁƐ͗

/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

;ĂͿ EĞƚŝŶĐŽŵĞĂƚƚƌŝďƵƚĂďůĞƚŽĞƋƵŝƚǇ
ŚŽůĚĞƌƐŽĨƚŚĞWĂƌĞŶƚŽŵƉĂŶǇ W
сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ
W сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ
W
;ďͿ tĞŝŐŚƚĞĚĂǀĞƌĂŐĞŶƵŵďĞƌŽĨƐŚĂƌĞƐ
ŽƵƚƐƚĂŶĚŝŶŐ ϭ͕ϮϳϮ͕ϵϲϰ͕Ϯϴϵ ϭ͕Ϯϳϰ͕ϯϳϯ͕ϲϯϵ ϭ͕ϯϲϭ͕Ϭϰϭ͕ϲϵϳ
144 ĂƐŝĐͬĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĂͬďͿ W
сϲ͘ϰϭϲ сϱ͘ϱϱϯ
W сϰ͘ϰϵϱ
W
ͲϲϱͲ
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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 W
сϴ͕ϭϲϳ͕ϲϲϮ͕ϰϴϱ сϳ͕Ϭϳϲ͕ϰϬϲ͕Ϯϱϲ
W сϲ͕ϭϭϴ͕ϱϬϬ͕ϯϲϲ
W
;ďͿ dŽƚĂůŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐ
ĂƚĞŶĚŽĨǇĞĂƌ ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ ϭ͕Ϯϳϱ͕ϬϳϮ͕ϱϯϵ
ĂƐŝĐͬĚŝůƵƚĞĚĞĂƌŶŝŶŐƐƉĞƌƐŚĂƌĞ;ĂͬďͿ;ďĂƐĞĚ
ŽŶĂƐƐƵŵƉƚŝŽŶͿ W
сϲ͘ϰϮϳ сϱ͘ϱϱϱ
W сϰ͘ϳϵϵ
W
ŽŽŬǀĂůƵĞƉĞƌƐŚĂƌĞŝƐĐŽŵƉƵƚĞĚĂƐĨŽůůŽǁƐ͗

;ĂͿ dŽƚĂůĞƋƵŝƚǇ W
сϲϬ͕ϰϭϱ͕ϱϭϯ͕ϭϴϮ W
сϱϮ͕ϰϭϭ͕ϳϰϬ͕ϭϰϱ
;ďͿ dŽƚĂůŶƵŵďĞƌŽĨƐŚĂƌĞƐŽƵƚƐƚĂŶĚŝŶŐĂƚĞŶĚ
ŽĨǇĞĂƌ ϭϲ ϭ͕ϮϳϬ͕ϴϱϲ͕Ϭϯϴ ϭ͕Ϯϳϯ͕ϵϳϮ͕ϱϯϵ
ŽŽŬǀĂůƵĞƉĞƌƐŚĂƌĞ;ĂͬďͿ W
сϰϳ͘ϱϰϬ сϰϭ͘ϭϰϬ
W

Ϯϯ͘ ZŝƐŬDĂŶĂŐĞŵĞŶƚKďũĞĐƚŝǀĞƐĂŶĚWŽůŝĐŝĞƐ
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

ϮϬϭϳ
EĞŝƚŚĞƌWĂƐƚƵĞŶŽƌ/ŵƉĂŝƌĞĚ WĂƐƚƵĞďƵƚ WĂƐƚƵĞ
dŽƚĂů ,ŝŐŚ'ƌĂĚĞ ^ƚĂŶĚĂƌĚ'ƌĂĚĞ dŽƚĂů ŶŽƚ/ŵƉĂŝƌĞĚ ĂŶĚ/ŵƉĂŝƌĞĚ
>ŽĂŶƐĂŶĚZĞĐĞŝǀĂďůĞƐ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ W
сϮϬϰ͕Ϭϱϰ͕ϬϴϬ W
с– W
с– W
с–
dƌĂĚĞĂŶĚŽƚŚĞƌ
ƌĞĐĞŝǀĂďůĞƐΎΎ͗
dƌĂĚĞ Ϯ͕Ϭϳϲ͕ϭϱϮ͕ϯϴϳ ϳϱϵ͕Ϯϰϳ͕ϰϯϲ ϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ ϭ͕ϵϲϰ͕Ϯϯϲ͕ϯϮϬ ϳϬ͕ϯϱϬ ϭϭϭ͕ϴϰϱ͕ϳϭϳ
KƚŚĞƌƐ ϮϬ͕ϰϬϭ͕ϳϰϳ ϮϬ͕ϰϬϭ͕ϳϰϳ – ϮϬ͕ϰϬϭ͕ϳϰϳ – –
ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚ
ƌĞůĂƚĞĚƉĂƌƚŝĞƐ Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ – Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ – –
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϭ͕ϭϴϯ͕Ϯϰϱ ϭ͕ϭϴϯ͕Ϯϰϱ – ϭ͕ϭϴϯ͕Ϯϰϱ – –
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϰϴ͕Ϯϱϳ͕ϱϲϵ – ϰϴ͕Ϯϱϳ͕ϱϲϵ – –
ϱ͕ϭϮϴ͕ϭϮϬ͕ϭϱϴ ϯ͕ϴϭϭ͕Ϯϭϱ͕ϮϬϳ ϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ ϱ͕Ϭϭϲ͕ϮϬϰ͕Ϭϵϭ ϳϬ͕ϯϱϬ ϭϭϭ͕ϴϰϱ͕ϳϭϳ
&^&ŝŶĂŶĐŝĂůƐƐĞƚƐ
Unquoted Clubs’ preferred
ƐŚĂƌĞƐ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ – ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ –
W
сϯϱ͕ϭϵϮ͕ϯϴϴ͕ϮϬϴ W
сϯϯ͕ϴϳϱ͕ϰϴϯ͕Ϯϱϳ W
сϭ͕ϮϬϰ͕ϵϴϴ͕ϴϴϰ W
сϯϱ͕ϬϴϬ͕ϰϳϮ͕ϭϰϭ W
сϳϬ͕ϯϱϬ W
сϭϭϭ͕ϴϰϱ͕ϳϭϳ
ΎǆĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽWсϭ͕ϯϮϳ͕ϲϳϰ͘
ΎΎǆĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐĂŵŽƵŶƚŝŶŐƚŽW
сϴ͕ϳϵϱ͕ϲϴϳ͘

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ͲϲϳͲ

ϮϬϭϲ
EĞŝƚŚĞƌWĂƐƚƵĞŶŽƌ/ŵƉĂŝƌĞĚ WĂƐƚƵĞďƵƚ WĂƐƚƵĞ
dŽƚĂů ,ŝŐŚ'ƌĂĚĞ ^ƚĂŶĚĂƌĚ'ƌĂĚĞ dŽƚĂů ŶŽƚ/ŵƉĂŝƌĞĚ ĂŶĚ/ŵƉĂŝƌĞĚ
ĂƐŚĂŶĚĐĂƐŚĞƋƵŝǀĂůĞŶƚƐΎ сϮϱϱ͕ϲϭϬ͕ϭϲϭ
W сϮϱϱ͕ϲϭϬ͕ϭϲϭ
W с–
W с–
W с–
W
ƌĞĐĞŝǀĂďůĞƐΎΎ͗
dƌĂĚĞ ϭ͕ϮϰϮ͕Ϯϳϳ͕ϬϮϮ ϭ͕ϭϴϯ͕ϳϴϳ͕Ϯϴϯ – ϭ͕ϭϴϯ͕ϳϴϳ͕Ϯϴϯ ϭϴ͕ϱϴϰ͕Ϭϲϵ ϯϵ͕ϵϬϱ͕ϲϳϬ
KƚŚĞƌƐ ϯϯ͕ϰϰϰ͕ϭϵϮ ϯϯ͕ϰϰϰ͕ϭϵϮ – ϯϯ͕ϰϰϰ͕ϭϵϮ – –
ƌĞůĂƚĞĚƉĂƌƚŝĞƐ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – –
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϳϮϬ͕ϱϮϱ͕ϱϲϲ – ϳϮϬ͕ϱϮϱ͕ϱϲϲ – –
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϯϱ͕ϰϱϯ͕ϭϮϵ ϯϱ͕ϰϱϯ͕ϭϮϵ – ϯϱ͕ϰϱϯ͕ϭϮϵ – –
ϰ͕ϳϬϮ͕ϳϲϰ͕ϲϳϰ ϰ͕ϲϰϰ͕Ϯϳϰ͕ϵϯϱ – ϰ͕ϲϰϰ͕Ϯϳϰ͕ϵϯϱ ϭϴ͕ϱϴϰ͕Ϭϲϵ ϯϵ͕ϵϬϱ͕ϲϳϬ
Unquoted Clubs’ preferred
ƐŚĂƌĞƐ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ – ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ – –
сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ
W сϯϰ͕ϵϬϭ͕ϰϵϳ͕ϭϯϱ
W с–
W сϯϰ͕ϵϬϭ͕ϰϵϳ͕ϭϯϱ
W сϭϴ͕ϱϴϰ͕Ϭϲϵ
W сϯϵ͕ϵϬϱ͕ϲϳϬ
W
ΎǆĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϱϯϱ͕ϱϴϴ͘
ΎΎǆĐůƵĚŝŶŐĂĚǀĂŶĐĞƐƚŽŽĨĨŝĐĞƌƐĂŶĚĞŵƉůŽǇĞĞƐĂŵŽƵŶƚŝŶŐƚŽWсϭϴ͕ϳϬϱ͕ϭϲϱ͘
dŚĞĨŽůůŽǁŝŶŐĂƌĞƚŚĞĂŐŝŶŐĂŶĂůǇƐĞƐŽĨĨŝŶĂŶĐŝĂůĂƐƐĞƚƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͗

ϮϬϭϳ
WĂƐƚƵĞƵƚEŽƚ/ŵƉĂŝƌĞĚ
EĞŝƚŚĞƌWĂƐƚƵĞ ϭ–ϯϬ ϯϭ–ϲϬ ϲϭ–ϵϬ DŽƌĞƚŚĂŶ WĂƐƚƵĞŶĚ
dŽƚĂů ŶŽƌ/ŵƉĂŝƌĞĚ ĂǇƐ ĂǇƐ ĂǇƐ ϵϬĂǇƐ /ŵƉĂŝƌĞĚ
с– W
с– W
с– W
с– W
с–
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐΎΎ Ϯ͕Ϭϵϲ͕ϱϱϰ͕ϭϯϰ ϭ͕ϴϵϴ͕ϰϰϯ͕ϯϲϲ ϭϭ͕ϱϲϮ͕Ϭϲϯ ϴ͕ϯϰϯ͕ϱϭϮ ϰ͕Ϭϳϳ͕ϴϲϵ ϲϮ͕Ϯϴϭ͕ϲϬϳ ϭϭϭ͕ϴϰϱ͕ϳϭϳ
ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚƌĞůĂƚĞĚ
ƉĂƌƚŝĞƐ Ϯ͕ϳϴϮ͕ϬϵϬ͕ϴϰϲ Ϯ͕ϳϴϮ͕ϬϵϬ͕ϴϰϲ – – – – –
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϭ͕ϭϴϯ͕Ϯϰϱ ϭ͕ϭϴϯ͕Ϯϰϱ – – – – –
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϰϴ͕Ϯϱϳ͕ϱϲϵ ϰϴ͕Ϯϱϳ͕ϱϲϵ – – – – –
ϱ͕ϭϯϮ͕ϭϯϵ͕ϴϳϰ ϰ͕ϵϯϰ͕ϬϮϵ͕ϭϬϲ ϭϭ͕ϱϲϮ͕Ϭϲϯ ϴ͕ϯϰϯ͕ϱϭϮ ϰ͕Ϭϳϳ͕ϴϲϵ ϲϮ͕Ϯϴϭ͕ϲϬϳ ϭϭϭ͕ϴϰϱ͕ϳϭϳ
Unquoted Clubs’ pƌĞĨĞƌƌĞĚƐŚĂƌĞƐ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ – – – – –
W
сϯϱ͕ϭϵϲ͕ϰϬϳ͕ϵϮϰ W
сϯϰ͕ϵϵϴ͕Ϯϵϳ͕ϭϱϲ W
сϭϭ͕ϱϲϮ͕Ϭϲϯ W
сϴ͕ϯϰϯ͕ϱϭϮ W
сϰ͕Ϭϳϳ͕ϴϲϵ W
сϲϮ͕Ϯϴϭ͕ϲϬϳ W
сϭϭϭ͕ϴϰϱ͕ϳϭϳ
ΎǆĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽWсϭ͕ϯϮϳ͕ϲϳϰ͘

ϮϬϭϲ
WĂƐƚƵĞƵƚEŽƚ/ŵƉĂŝƌĞĚ
EĞŝƚŚĞƌWĂƐƚƵĞ ϭ–ϯϬ ϯϭ–ϲϬ ϲϭ–ϵϬ DŽƌĞƚŚĂŶ WĂƐƚƵĞŶĚ
dŽƚĂů ŶŽƌ/ŵƉĂŝƌĞĚ ĂǇƐ ĂǇƐ ĂǇƐ ϵϬĂǇƐ /ŵƉĂŝƌĞĚ
W с–
W с–
W с–
W с–
W с–
W
dƌĂĚĞĂŶĚŽƚŚĞƌƌĞĐĞŝǀĂďůĞƐΎΎ ϭ͕Ϯϳϱ͕ϳϮϭ͕Ϯϭϰ ϭ͕ϮϬϱ͕ϲϱϲ͕ϳϴϮ ϲ͕ϲϬϵ͕ϴϮϲ ϭ͕Ϯϯϴ͕ϱϱϬ ϭ͕ϮϮϯ͕Ϭϲϯ Ϯϭ͕Ϭϴϳ͕ϯϮϯ ϯϵ͕ϵϬϱ͕ϲϳϬ
ĚǀĂŶĐĞƐƚŽĂƐƐŽĐŝĂƚĞƐĂŶĚƌĞůĂƚĞĚ
ƉĂƌƚŝĞƐ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – – – – –
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϳϮϬ͕ϱϮϱ͕ϱϲϲ ϳϮϬ͕ϱϮϱ͕ϱϲϲ – – – – –
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϯϱ͕ϰϱϯ͕ϭϮϵ ϯϱ͕ϰϱϯ͕ϭϮϵ – – – – –
ϰ͕ϳϬϮ͕ϳϲϰ͕ϲϳϰ ϰ͕ϲϯϮ͕ϳϬϬ͕ϮϰϮ ϲ͕ϲϬϵ͕ϴϮϲ ϭ͕Ϯϯϴ͕ϱϱϬ ϭ͕ϮϮϯ͕Ϭϲϯ Ϯϭ͕Ϭϴϳ͕ϯϮϯ ϯϵ͕ϵϬϱ͕ϲϳϬ
Unquoted Clubs’ preferred shares ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ – – – – –
сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ
W сϯϰ͕ϴϴϵ͕ϵϮϮ͕ϰϰϮ
W сϲ͕ϲϬϵ͕ϴϮϲ
W сϭ͕Ϯϯϴ͕ϱϱϬ
W сϭ͕ϮϮϯ͕Ϭϲϯ
W сϮϭ͕Ϭϴϳ͕ϯϮϯ
W сϯϵ͕ϵϬϱ͕ϲϳϬ
W
ΎǆĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽWсϱϯϱ͕ϱϴϴ͘
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
147
EŽƚĞϭϱ͘

- 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.

/ŶĐƌĞĂƐĞͬĞĐƌĞĂƐĞŝŶ/ŶƚĞƌĞƐƚZĂƚĞ ĨĨĞĐƚŽŶ/ŶĐŽŵĞďĞĨŽƌĞdĂǆ
ϮϬϭϳ нϭ͘Ϭй ;W
сϭϮ͕ϱϲϰ͕ϳϭϬͿ
–ϭ͘Ϭй ϭϮ͕ϱϲϰ͕ϳϭϬ
ϮϬϭϲ нϭ͘Ϭй ;Ϯϲ͕ϯϵϳ͕ϱϯϰͿ
–ϭ͘Ϭй Ϯϲ͕ϯϵϳ͕ϱϯϰ
ϮϬϭϱ нϭ͘Ϭй ;ϰϯ͕ϳϴϵ͕ϳϯϭͿ
–ϭ͘Ϭй 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
The tables below summarize the maturity profile of the Group’s financial assets useĚ ĨŽƌ ůŝƋƵŝĚŝƚǇ
ŵĂŶĂŐĞŵĞŶƚĂŶĚƚŚĞŵĂƚƵƌŝƚǇƉƌŽĨŝůĞŽĨĨŝŶĂŶĐŝĂůůŝĂďŝůŝƚŝĞƐĂƐŽĨĞĐĞŵďĞƌϯϭ͕ ϮϬϭϳĂŶĚϮϬϭϲďĂƐĞĚ
ŽŶƵŶĚŝƐĐŽƵŶƚĞĚĐĂƐŚĨůŽǁƐ͗

ϮϬϭϳ
KŶĞŵĂŶĚ ϭ–ϯϬĂǇƐ ϯϭ–ϲϬĂǇƐ ϲϭ–ϵϬĂǇƐ DŽƌĞƚŚĂŶϵϬĂǇƐ dŽƚĂů
&ŝŶĂŶĐŝĂůƐƐĞƚƐ
с– W
с– W
с– W
с– W
сϮϬϰ͕Ϭϱϰ͕ϬϴϬ
ƌĞĐĞŝǀĂďůĞƐΎΎ ϭ͕ϮϱϮ͕Ϯϭϭ͕ϰϰϳ – ϰϬ͕ϯϮϯ͕ϬϮϮ – ϳϭϱ͕ϳϵϮ͕ϬϬϬ Ϯ͕ϬϬϴ͕ϯϮϲ͕ϰϲϵ
ƌĞůĂƚĞĚƉĂƌƚŝĞƐ Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ – – – – Ϯ͕ϳϳϴ͕Ϭϳϭ͕ϭϯϬ
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϭ͕ϭϴϯ͕Ϯϰϱ – – – – ϭ͕ϭϴϯ͕Ϯϰϱ
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϰϴ͕Ϯϱϳ͕ϱϲϵ – – – – ϰϴ͕Ϯϱϳ͕ϱϲϵ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϵϴϱ͕ϴϭϬ͕ϵϬϬ – – – Ϯϵ͕Ϭϳϴ͕ϰϱϳ͕ϭϱϬ ϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ
W
сϱ͕Ϯϲϵ͕ϱϴϴ͕ϯϳϭ W
с– W
сϰϬ͕ϯϮϯ͕ϬϮϮ W
с– W
сϮϵ͕ϳϵϰ͕Ϯϰϵ͕ϭϱϬ W
сϯϱ͕ϭϬϰ͕ϭϲϬ͕ϱϰϯ
148
- 67 -
ͲϲϵͲ

ϮϬϭϳ
&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ͗
dƌĂĚĞ W
сϭ͕ϬϮϬ͕ϯϳϮ͕ϲϯϲ W
сϭϬ͕ϬϬϬ͕Ϭϯϳ W
с– W
с– W
сϰϯϭ͕Ϯϯϰ W
сϭ͕ϬϯϬ͕ϴϬϯ͕ϵϬϳ
ĐĐƌƵĞĚĞǆƉĞŶƐĞƐ ϴϵϬ͕Ϭϰϰ͕ϳϵϲ – – – – ϴϵϬ͕Ϭϰϰ͕ϳϵϲ
ZĞƚĞŶƚŝŽŶƉĂǇĂďůĞ ϯϲϳ͕ϰϱϮ͕ϯϮϵ – – – ϰϬ͕Ϭϲϭ͕ϵϴϮ ϰϬϳ͕ϱϭϰ͕ϯϭϭ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ ϭϱ͕ϯϳϲ͕ϰϯϮ – – – – ϭϱ͕ϯϳϲ͕ϰϯϮ
KƚŚĞƌƐ ϭϭϳ͕ϯϵϮ͕ϵϳϰ ϰ͕ϮϴϬ͕ϱϱϬ – – ϭϮ͕ϱϵϬ͕ϵϰϴ ϭϯϰ͕Ϯϲϰ͕ϰϳϮ
>ŽŶŐͲƚĞƌŵĚĞďƚ – – – Ϯϳϯ͕ϭϵϮ͕ϳϴϰ ϲ͕ϯϮϯ͕ϰϮϳ͕ϭϲϴ ϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ
Customers’ depŽƐŝƚƐ ϭϳϭ͕ϭϬϴ͕ϴϰϮ – – – – ϭϳϭ͕ϭϬϴ͕ϴϰϮ
ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚ
ƉĂƌƚŝĞƐ ϴϭ͕ϳϲϯ͕ϴϳϳ – – – – ϴϭ͕ϳϲϯ͕ϴϳϳ
W
сϮ͕ϲϲϯ͕ϱϭϭ͕ϴϴϲ W
сϭϰ͕ϮϴϬ͕ϱϴϳ W
с– W
сϮϳϯ͕ϭϵϮ͕ϳϴϰ W
сϲ͕ϯϳϲ͕ϱϭϭ͕ϯϯϮ W
сϵ͕ϯϮϳ͕ϰϵϲ͕ϱϴϵ
ΎǆĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽW сϭ͕ϯϮϳ͕ϲϳϰ͘

ϮϬϭϲ
&ŝŶĂŶĐŝĂůƐƐĞƚƐ
W с–
W с–
W с–
W с–
W
ƌĞĐĞŝǀĂďůĞƐΎΎ ϭ͕Ϭϲϴ͕ϱϬϱ͕Ϯϰϯ ϲϵ͕ϵϲϭ͕ϳϰϰ ϭϵ͕ϰϵϮ͕ϱϵϬ Ϯϱ͕ϲϱϬ͕ϲϯϰ ϵϮ͕ϭϭϭ͕ϬϬϯ ϭ͕Ϯϳϱ͕ϳϮϭ͕Ϯϭϰ
ƌĞůĂƚĞĚƉĂƌƚŝĞƐ Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ – – – – Ϯ͕ϰϭϱ͕ϰϱϰ͕ϲϬϰ
ZĞƐƚƌŝĐƚĞĚĐĂƐŚ ϳϮϬ͕ϱϮϱ͕ϱϲϲ – – – – ϳϮϬ͕ϱϮϱ͕ϱϲϲ
ZĞĨƵŶĚĂďůĞĚĞƉŽƐŝƚƐ ϯϱ͕ϰϱϯ͕ϭϮϵ – – – – ϯϱ͕ϰϱϯ͕ϭϮϵ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϵϴϱ͕ϴϭϬ͕ϵϬϬ – – – Ϯϵ͕Ϯϳϭ͕ϰϭϭ͕ϯϬϬ ϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ
сϱ͕ϰϴϭ͕ϯϱϵ͕ϲϬϯ
W сϲϵ͕ϵϲϭ͕ϳϰϰ
W сϭϵ͕ϰϵϮ͕ϱϵϬ
W сϮϱ͕ϲϱϬ͕ϲϯϰ
W сϮϵ͕ϯϲϯ͕ϱϮϮ͕ϯϬϯ
W сϯϰ͕ϵϱϵ͕ϵϴϲ͕ϴϳϰ
W

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚŝĞƐ
dƌĂĚĞĂŶĚŽƚŚĞƌƉĂǇĂďůĞƐ͗
dƌĂĚĞ сϳϲϱ͕ϴϱϱ͕ϵϯϰ
W сϯϳ͕Ϯϴϱ͕ϯϵϮ
W сϱϳ͕ϵϭϴ͕ϵϲϰ
W сϭϮϰ͕ϯϬϭ
W сϭϴ͕ϯϱϴ͕ϮϱϮ
W сϴϳϵ͕ϱϰϮ͕ϴϰϯ
W
ĐĐƌƵĞĚĞǆƉĞŶƐĞƐ ϭϮ͕ϭϯϰ͕ϴϭϴ ϱ͕Ϯϲϯ͕ϭϳϴ ϰϭϬ͕Ϭϭϵ – ϳϴϱ͕ϴϮϵ͕ϱϴϳ ϴϬϯ͕ϲϯϳ͕ϲϬϮ
ZĞƚĞŶƚŝŽŶƉĂǇĂďůĞ ϭϬ͕ϰϭϭ͕ϳϲϭ ϱϲϭ͕ϯϯϬ – – ϯϴϵ͕ϯϭϮ͕ϱϲϮ ϰϬϬ͕Ϯϴϱ͕ϲϱϯ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ ϰ͕ϭϵϳ͕ϭϳϲ ϭϴ͕ϵϭϴ͕ϴϲϱ ϭϯ͕ϴϳϱ͕ϭϯϱ ϭϬ͕ϭϬϭ͕Ϭϱϲ – ϰϳ͕ϬϵϮ͕ϮϯϮ
KƚŚĞƌƐ ϳϳ͕ϮϬϴ͕ϯϲϮ ϵϳϭ͕ϴϵϵ – – – ϳϴ͕ϭϴϬ͕Ϯϲϭ
>ŽŶŐͲƚĞƌŵĚĞďƚ – ϴϲ͕ϴϰϮ͕Ϭϭϰ Ϯϵϰ͕ϮϴϬ͕Ϯϱϱ ϭϴϰ͕ϵϭϰ͕ϮϲϬ ϰ͕ϵϱϲ͕ϯϮϬ͕ϴϮϬ ϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ
Customers’ deposits ϭϰϵ͕ϵϲϲ͕ϰϱϮ – – – – ϭϰϵ͕ϵϲϲ͕ϰϱϮ
ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚ
ƉĂƌƚŝĞƐ ϱ͕ϴϵϳ͕ϵϴϱ – Ϯ͕ϳϵϰ͕ϵϲϲ – – ϴ͕ϲϵϮ͕ϵϱϭ
сϭ͕ϬϮϱ͕ϲϳϮ͕ϰϴϴ
W сϭϰϵ͕ϴϰϮ͕ϲϳϴ
W сϯϲϵ͕Ϯϳϵ͕ϯϯϵ
W сϭϵϱ͕ϭϯϵ͕ϲϭϳ
W сϲ͕ϭϰϵ͕ϴϮϭ͕ϮϮϭ
W сϳ͕ϴϴϵ͕ϳϱϱ͕ϯϰϯ
W
ΎǆĐůƵĚŝŶŐĐĂƐŚŽŶŚĂŶĚĂŵŽƵŶƚŝŶŐƚŽWсϱϯϱ͕ϱϴϴ͘
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
- 68 -
ͲϳϬͲ

The components of the Group’s capital as at December 31, ϮϬϭϳĂŶĚϮϬϭϲĂƌĞĂƐĨŽůůŽǁƐ͗
ϮϬϭϳ ϮϬϭϲ
>ĂǇĞƌ/͗
ĂƉŝƚĂůƐƚŽĐŬ W
сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ сϮ͕ϲϱϱ͕ϳϬϳ͕ϰϭϳ
W
ĚĚŝƚŝŽŶĂůƉĂŝĚͲŝŶĐĂƉŝƚĂů ϭϬ͕ϳϰϬ͕Ϭϳϵ͕ϰϰϲ ϭϬ͕ϳϯϵ͕Ϭϯϵ͕ϰϴϱ
ϭϯ͕ϯϵϱ͕ϳϴϲ͕ϴϲϯ ϭϯ͕ϯϵϰ͕ϳϰϲ͕ϵϬϮ
>ĂǇĞƌ//͗
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͲŽƉĞƌĂƚŝŶŐŝŶĐŽŵĞ ϭϬ͕ϳϱϳ͕ϰϰϳ͕ϬϮϳ ϰ͕Ϭϱϭ͕Ϭϱϵ͕ϯϰϭ
dƌĞĂƐƵƌǇƐŚĂƌĞƐ ;ϭ͕Ϯϭϯ͕ϱϮϲͿ ;ϭϮ͕Ϯϭϯ͕ϱϮϲͿ
Parent Company’s shares held by a subsidiary ;ϭϲ͕ϴϴϭ͕Ϯϭϵ͕ϵϬϱͿ ;ϭϲ͕ϴϭϳ͕ϵϳϮ͕ϯϵϬͿ
;ϲ͕ϭϮϰ͕ϵϴϲ͕ϰϬϰͿ ;ϭϮ͕ϳϳϵ͕ϭϮϲ͕ϱϳϱͿ
>ĂǇĞƌ///͗
hŶƌĞĂůŝǌĞĚǀĂůƵĂƚŝŽŶŐĂŝŶŽŶ&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ Ϯϯ͕ϰϯϮ͕ϰϵϲ͕ϰϬϬ Ϯϯ͕ϱϳϰ͕ϱϵϵ͕ϰϴϬ
ZĞǀĂůƵĂƚŝŽŶƐƵƌƉůƵƐ ϳϱ͕ϴϰϴ͕ϰϲϲ ϳϮ͕ϲϳϵ͕ϱϮϰ
ĐĐƵŵƵůĂƚĞĚƌĞŵĞĂƐƵƌĞŵĞŶƚŐĂŝŶŽŶƌĞƚŝƌĞŵĞŶƚ
ŽďůŝŐĂƚŝŽŶ ϰϱ͕ϯϰϵ͕ϳϲϯ ϮϮ͕ϴϰϱ͕ϱϲϵ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͲŐĂŝŶŽŶĨĂŝƌǀĂůƵĞĐŚĂŶŐĞ
ŽĨŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ Ϯϴ͕ϴϮϰ͕Ϯϲϱ͕ϭϭϴ Ϯϳ͕ϯϱϵ͕ϰϵϴ͕ϴϲϮ
ZĞƚĂŝŶĞĚĞĂƌŶŝŶŐƐͲŐĂŝŶŽŶďĂƌŐĂŝŶƉƵƌĐŚĂƐĞ ϳϲϭ͕ϴϴϲ͕ϴϰϱ ϳϲϭ͕ϴϴϲ͕ϴϰϱ
ϱϯ͕ϭϯϵ͕ϴϰϲ͕ϱϵϮ ϱϭ͕ϳϵϭ͕ϱϭϬ͕ϮϴϬ
dŽƚĂůĐĂƉŝƚĂů W
сϲϬ͕ϰϭϬ͕ϲϰϳ͕Ϭϱϭ WсϱϮ͕ϰϬϳ͕ϭϯϬ͕ϲϬϳ
 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
dŚĞĨŽůůŽǁŝŶŐƚĂďůĞƉƌŽǀŝĚĞƐƚŚĞĨĂŝƌǀĂůƵĞŚŝĞƌĂƌĐŚǇŽĨĂƐƐĞƚƐĂŶĚůŝĂďŝůŝƚŝĞƐŵĞĂƐƵƌĞĚĂƚĨĂŝƌǀĂůƵĞ͗

ϮϬϭϳ
&ĂŝƌǀĂůƵĞŵĞĂƐƵƌĞŵĞŶƚƵƐŝŶŐ
^ŝŐŶŝĨŝĐĂŶƚ ^ŝŐŶŝĨŝĐĂŶƚ
YƵŽƚĞĚƉƌŝĐĞƐŝŶ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ
ĂĐƚŝǀĞŵĂƌŬĞƚƐ ŝŶƉƵƚƐ ŝŶƉƵƚƐ
EŽƚĞ ĂƌƌǇŝŶŐsĂůƵĞ &ĂŝƌsĂůƵĞ ;>ĞǀĞůϭͿ ;>ĞǀĞůϮͿ ;>ĞǀĞůϯͿ
DĞĂƐƵƌĞĚĂƚ&ĂŝƌsĂůƵĞ
&ŝŶĂŶĐŝĂůƐƐĞƚƐͲ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ WсϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ WсϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W
с– W сϯϬ͕Ϭϲϰ͕Ϯϲϴ͕ϬϱϬ W
с–

EŽŶͲĨŝŶĂŶĐŝĂůƐƐĞƚͲ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ – – ϰϬ͕ϲϲϰ͕ϬϳϮ͕ϳϱϮ

150
- 69 -
ͲϳϭͲ

ϮϬϭϳ
YƵŽƚĞĚƉƌŝĐĞƐŝŶ ŽďƐĞƌǀĂďůĞ ƵŶŽďƐĞƌǀĂďůĞ
&ĂŝƌsĂůƵĞƐĂƌĞŝƐĐůŽƐĞĚ
&ŝŶĂŶĐŝĂůƐƐĞƚͲ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐͲ ϭϯ
EŽŶĐƵƌƌĞŶƚƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ W
сϰϵ͕Ϭϴϴ͕ϭϵϵ W
сϰϵ͕Ϭϴϴ͕ϭϵϵ W
с– – W
сϰϵ͕Ϭϴϴ͕ϭϵϵ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚǇͲ
Customers’ deposits ϭϴ ϭϳϭ͕ϭϬϴ͕ϴϰϮ ϭϳϭ͕ϭϬϴ͕ϴϰϮ – – ϭϳϭ͕ϭϬϴ͕ϴϰϮ

ϮϬϭϲ
YƵŽƚĞĚƉƌŝĐĞƐŝŶ ŽďƐĞƌǀĂďůĞ hŶŽďƐĞƌǀĂďůĞ
DĞĂƐƵƌĞĚĂƚ&ĂŝƌsĂůƵĞ
&ŝŶĂŶĐŝĂůƐƐĞƚƐͲ
&^ĨŝŶĂŶĐŝĂůĂƐƐĞƚƐ ϭϬ WсϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ WсϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ с–
W сϯϬ͕Ϯϱϳ͕ϮϮϮ͕ϮϬϬ
W с–
W

EŽŶͲĨŝŶĂŶĐŝĂůƐƐĞƚͲ
/ŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϭϭ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ – – Ϯϳ͕Ϯϵϳ͕Ϯϵϵ͕Ϭϳϭ

&ĂŝƌsĂůƵĞƐĂƌĞŝƐĐůŽƐĞĚ
&ŝŶĂŶĐŝĂůƐƐĞƚͲ
>ŽĂŶƐĂŶĚƌĞĐĞŝǀĂďůĞƐͲ ϭϯ
EŽŶĐƵƌƌĞŶƚƚƌĂĚĞƌĞĐĞŝǀĂďůĞƐ ϰϳ͕Ϭϰϯ͕ϭϰϳ ϰϳ͕Ϭϰϯ͕ϭϰϳ – – ϰϳ͕Ϭϰϯ͕ϭϰϳ

&ŝŶĂŶĐŝĂů>ŝĂďŝůŝƚǇͲ
Customers’ deposits ϭϴ ϭϰϵ͕ϵϲϲ͕ϰϱϮ ϭϰϵ͕ϵϲϲ͕ϰϱϮ – – ϭϰϵ͕ϵϲϲ͕ϰϱϮ

Ϯϱ͘ ŽŵŵŝƚŵĞŶƚƐĂŶĚŽŶƚŝŶŐĞŶĐŝĞƐ
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

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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 ϮϬϭϳ ϮϬϭϲ EĂƚƵƌĞ
^ƵƉƉůǇŽĨůĂďŽƌ͕ŵĂƚĞƌŝĂůƐ͕ĞƋƵŝƉŵĞŶƚĂŶĚĂůů
ƌĞůĂƚĞĚĐŽŶƐƚƌƵĐƚŝŽŶǁŽƌŬƐĨŽƌůƉŚĂůĂŶĚĂŐƵŝŽ
D>,/ W
сϮϬϰ͕ϴϭϭ͕ϴϵϳ
сϯϰ͕ϵϳϮ͕ϴϲϲ
W DŽƵŶƚĂŝŶ>ŽĚŐĞƐWƌŽũĞĐƚ
ŝǀŝů͕ƐƚƌƵĐƚƵƌĂů͕ŵĂƐŽŶƌǇǁŽƌŬƐĂŶĚƐƵƉƉůǇĂŶĚ
ŝŶƐƚĂůůĂƚŝŽŶŽĨŵĂƚĞƌŝĂůƐĨŽƌůƉŚĂůĂŶĚDĂŬĂƚŝ
DW/ ϭϵϮ͕ϰϭϭ͕ϲϬϰ Ϯϳϭ͕Ϭϴϯ͕Ϯϰϴ WůĂĐĞ

ZĞƚĞŶƚŝŽŶWĂǇĂďůĞ
ZĞƚĞŶƚŝŽŶƉĂǇĂďůĞŝƐďĂƐĞĚƵƉŽŶƐƉĞĐŝĨŝĐĂůůǇŝĚĞŶƚŝĨŝĞĚĐŽŶƐƚƌƵĐƚŝŽŶĐŽŶƚƌĂĐƚƐƚŚĂƚƐƚŝƉƵůĂƚĞƚŚĞƌŝŐŚƚŽĨ
ƚŚĞ'ƌŽƵƉƚŽƌĞƚĂŝŶĂƉŽƌƚŝŽŶŽĨƚŚĞƉƌŽŐƌĞƐƐďŝůůŝŶŐƐŽĨĐŽŶƚƌĂĐƚŽƌƐ͘ĞƉĞŶĚŝŶŐŽŶƚŚĞƚĞƌŵƐŽĨƚŚĞ
ĐŽŶƚƌĂĐƚ͕ĂůůƌĞƚĞŶƚŝŽŶƉĂǇĂďůĞƐŚĂůůďĞƌĞůĞĂƐĞĚƚŽĐŽŶƚƌĂĐƚŽƌƐƵƉŽŶϭϬϬйĐŽŵƉůĞƚŝŽŶĂŶĚĂĐĐĞƉƚĂŶĐĞ
ŽĨ ǁŽƌŬƐ ŶŽƌŵĂůůǇ ǁŝƚŚŝŶ ŽŶĞ ǇĞĂƌ ĂĨƚĞƌ ĐŽŵƉůĞƚŝŽŶ͘ dŽƚĂů ƌĞƚĞŶƚŝŽŶ ƉĂǇĂďůĞ ĂŵŽƵŶƚĞĚ ƚŽWсϰϬϳ͘ϱ
ŵŝůůŝŽŶĂŶĚWсϰϬϬ͘ϯŵŝůůŝŽŶĂƐĂƚĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ͕ƌĞƐƉĞĐƚŝǀĞůǇ;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
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
152 ƌĂŶĐŚϮϳϰͿ Ͳ ĂĐŽŵƉůĂŝŶƚĨŽƌĐŽůůĞĐƚŝŽŶŽĨĂůůĞŐĞĚƵŶƉĂŝĚĂƐƐŽĐŝĂƚŝŽŶĚƵĞƐĨŝůĞĚŽŶEŽǀĞŵďĞƌϰ͕
ϮϬϭϯ͘KŶĞĐĞŵďĞƌϰ͕ϮϬϭϯ͕^d/ĨŝůĞĚŝƚƐĂŶƐǁĞƌǁŝƚŚĂĨĨŝƌŵĂƚŝǀĞĚĞĨĞŶƐĞƐƐĞĞŬŝŶŐƚŚĞĚŝƐŵŝƐƐĂů
ͲϳϯͲ

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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:

EKE^,&/EE/>/E&KZDd/KE
dƌĂŶƐĨĞƌĨƌŽŵůĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ
ƚŽŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐ ϳ W
сϮ͕ϰϮϱ͕ϯϱϮ͕ϴϬϯ W
с– W
с–
dƌĂŶƐĨĞƌƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƉƌŽƉĞƌƚŝĞƐƚŽ͗ ϭϭ
>ĂŶĚĂŶĚĚĞǀĞůŽƉŵĞŶƚĐŽƐƚƐ ϯϮϳ͕ϯϭϵ͕ϰϲϴ ϯϵϮ͕ϯϴϯ͕Ϯϯϱ –
WƌŽƉĞƌƚǇĂŶĚĞƋƵŝƉŵĞŶƚ ϭϵ͕ϰϳϭ͕ϭϲϵ – –
The reconciliation of the Group’s liabilities arising from financing activities is presented below:

ϮϬϭϲ ĂƐŚ&ůŽǁƐ EŽŶͲĐĂƐŚ&ůŽǁƐ ϮϬϭϳ
>ŽŶŐͲƚĞƌŵĚĞďƚ W
сϱ͕ϱϮϮ͕ϯϱϳ͕ϯϰϵ W
сϭ͕Ϯϭϭ͕ϱϭϱ͕Ϭϵϲ ;W
сϭϯϳ͕ϮϱϮ͕ϰϵϯͿ W
сϲ͕ϱϵϲ͕ϲϭϵ͕ϵϱϮ
ĐĐƌƵĞĚŝŶƚĞƌĞƐƚ ϰϳ͕ϬϵϮ͕ϮϯϮ ;ϲϬϱ͕ϵϰϰ͕ϳϯϰͿ ϱϳϰ͕ϮϮϴ͕ϵϯϰ ϭϱ͕ϯϳϲ͕ϰϯϮ
ĚǀĂŶĐĞƐĨƌŽŵƌĞůĂƚĞĚƉĂƌƚŝĞƐ ϴ͕ϲϵϮ͕ϵϱϭ ϳϯ͕ϬϳϬ͕ϵϮϲ – ϴϭ͕ϳϲϯ͕ϴϳϳ
KƚŚĞƌŶŽŶĐƵƌƌĞŶƚůŝĂďŝůŝƚŝĞƐ ϴϵ͕ϴϬϴ͕ϰϳϬ ;ϲϵ͕ϲϵϬ͕ϱϰϮͿ – ϮϬ͕ϭϭϳ͕ϵϮϴ
W
сϱ͕ϲϲϳ͕ϵϱϭ͕ϬϬϮ W
сϭ͕Ϭϴϴ͕Ϭϵϰ͕ϯϭϭ W
сϰϯϲ͕ϵϳϲ͕ϰϰϭ W
сϲ͕ϳϭϯ͕ϴϳϴ͕ϭϴϵ

153
154 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
Alphaland Makati Place

7232 Ayala Avenue Extension,
Makati City 1209, Philippines
T: +632.337.2031
E: info@alphaland.com.ph
www.alphaland.com.ph

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THE WHITE SANDS OF BALESIN 1

Alphaland Corporation, a Philippine property development company, is managed by

Alphaland’s corporate philosophy states:

ANNA BETTINA ONGPIN ROBERTO V. ONGPIN MICHAEL A.P.M. ASPERIN

Januar y 29, 2018

Dear Members and Shareholders,

In closing, we are ver y bullish ROBERTO V. ONGPIN

MARK BIDDLE MA. AMELIA SANTIAGO CRISTINA ZAPANTA

CHRISTENE C. YU BENEDICT FRANCIS VALDECAÑAS, MD ATTY. CLIBURN ANTHONY A. ORBE

BREATHTAKING VIEW FROM ALPHALAND BAGUIO MOUNTAIN LODGES PROJECT SITE 13

The Alphaland Baguio Mountain Lodges is a master-planned

individually as horizontal condominiums,

Each cluster of 5 to 8 homes will have its own

On the main Ambuklao Road part of the

After extensive site preparation and

CLUBHOUSE INN SCENIC ELEVATOR

VIEW FROM MODEL E DECK

MODEL E MASTER’S BEDROOM

MODEL B LIVING ROOM

MODEL B KITCHEN & DINING AREA

MODEL B SAUNA IN MASTER’S BEDROOM MODEL E DEN

FRONT VIEW OF THE CHAPEL INSIDE VIEW OF THE CHAPEL

ALPHALAND SLEEPER COACH HELIPAD

MAP OF BALESIN ISLAND CLUB 23

With more than seven kilometers of white-sand beach,

The Balesin Royal Villa is a majestic structure that is

The Balesin Private Villa is the Club’s newest amenity,

VIEW FROM THE BALESIN PRIVATE VILLA INFINITY POOL

In addition to the villages, there are extensive central

Balesin is also home to the M/Y “Obsessions” super

Balesin Island Club offers a number of complimentary

BALESIN PRIVATE VILLA

INTERIOR OF THANASSIS TAVERNA IN MYKONOS THE BALESIN ROYAL VILLA

COSTA DEL SOL CASA GRANDE PHUKET SALATHIP

BALESIN SALA TOSCANA VILLAGE

ST. TROPEZ NUSA DUA BAR 27

Balesin’s E.L. Tordesillas Airport, named after the

BALESIN CRAB CAUGHT AT BALESIN SEAFOOD FARM

FAMILY PICNIC GROVE

Location and ambiance are keys to Balesin Island’s

SPA & WELLNESS

THE BEDROOM OF A TYPICAL UNIT AT THE RESIDENCES AT ALPHALAND MAKATI PLACE 33

Alphaland Makati Place is a uniquely

It consists of 1 corporate and 2 residential

Alphaland Makati Place is the only

UPMARKET AT ALPHALAND MAKATI PLACE ZOO COFFEE

The Alphaland Corporate Tower is a 34-story,

There will be only one tenant company per floor, and

With fit-out substantially completed by the end of

ALPHALAND CORPORATE TOWER LOBBY

DESIGN INSPIRATIONS FOR THE SKY LOUNGE

ALPHALAND CORPORATE TOWER 37

THE CITY CLUB ATRIUM 39

All rolled into one, like no other! The City

MYKONOS RESTAURANT AT THE CITY CLUB

Doing business outside the office is never a problem at The

No club is complete without a pool, and The

In addition, The City Club has an extensive

CLUB AMENITIES • Tabacalera Cigar Divan

/EKD&KZ/EKDdy ϭϭ͕ϱϳϭ͕ϰϬϯ͕ϱϱϴ ϭϬ͕ϮϭϬ͕ϲϴϱ͕ϭϵϰ ϴ͕ϴϭϳ͕ϭϯϱ͕ϲϲϮ

Ed/EKD ϴ͕ϭϲϵ͕ϬϯϮ͕ϵϬϲ ϳ͕Ϭϳϲ͕ϴϮϯ͕ϱϴϯ ϲ͕ϭϭϳ͕ϳϳϳ͕ϯϵϭ

ALPHA’s Legal Subsidiaries as at ĞĐĞŵďĞƌϯϭ͕ϮϬϭϳĂŶĚϮϬϭϲ

WĂƌĞŶƚŽŵƉĂŶǇ’s Shares Held by a Subsidiary

ĞƚĞƌŵŝŶŝŶŐFair Value of Investments in Clubs’ Preferred Shares.dŚĞ'ƌŽƵƉĞƐƚĂďůŝƐŚĞƐĨĂŝƌǀĂůƵĞ

KŶ&ĞďƌƵĂƌǇϮϰ͕ϮϬϭϭ͕ƚŚĞWŚŝůŝƉƉŝŶĞ^ĂƉƉƌŽǀĞĚ/I’s Registration Statement on the Island