Guidance Note:

 Use the term "STATEMENT" if first year audit or the opinion issued is only on the current year financial
statements.

 The third statement only applies to the Statement of Financial Position when an entity applies an accounting
policy retrospectively or make a retrospective restatement of items in its financial statements or when it
reclassifies items in its financial statements. Conversely, entities present only the comparative periods of
Statements of Comprehensive Income, Statements of Changes in Equity and Statement of Cash Flows.

 The Philippine Securities and Exchange Commission (“SEC”) requires an entity to present as a minimum line
item on the Statement of Financial Position amounts of due to and from related parties arising from
borrowings. Trade receivables from, and payables to, related parties may be presented as part of the trade
and other receivables and payables line items.

 Under paragraph Part I, 4(B) of SRC Rule 68, as revised, some entities are mandated to submit with their
audited financial statements a Reconciliation of Retained Earnings Available for Dividend Declaration which
should present the prescribed adjustments as indicated in Annex 68-D of the Rule. These entities are:
 Issuers of securities to the public; and
 Stock corporations with unrestricted retained earnings in excess of 100% of paid-in capital stock.

 The order of the arrangement for items of adjustments in the statements of cash flows must be from
highest to lowest (top priority order).

 For dividends and interests classification in the statements of cash flows, choice should be applied with
consistency.
 PHILIPPINES COMPANY, INC. AND ITS SUBSIDIARIES
 
(formerly INTERNATIONAL GAAP INDUSTRIES, INC.) [If there is a change in the corporate name]
PAS 1.10 (a)
PAS 1.10 (ea) CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
PAS 1.10 (f)
PAS 1.51 (b)
PAS 1.51 (c)

  December 31 January 1
PAS 1.10 (ea)
PAS 1.10 (f)     2019 2019
PIC Q&A 2013-
02   Notes 2020 (As restated) (As restated)
ASSETS
PAS 1.60 Current Assets
PAS 1.54 (i) Cash and cash equivalents 8 23,170 20,200 8,050
PAS 1.54 (h) Trade and other receivables - net 9 18,860 13,750 12,710
PAS 1.54 (d) Financial assets at fair value through
10 1,530 1,630 -
profit or loss
PAS 1.55 Due from related parties 39 13,050 6,080 -
PAS 1.55 Finance lease receivable - current 11 - - 190
Current portion of finance lease
PFRS 16:47(a) 11 190 180 -
receivables
PAS 1.54 (g) Inventories – net 12 29,870 28,120 28,930
Prepayments and other current
PAS 1.55 13 120 60 80
assets
PAS 1.55 Right to returned goods asset 14 250 250 -
PFRS 16:47(a) Contract assets - current 26 150 150 -
PFRS 15:105 Contract costs 26 - - -
87,190 70,420 49,960
PAS 1.54(j) Non-current assets held-for-sale 25 22,330 - -
Total Current Assets 109,520 70,420 49,960
PAS 1.60 Non-Current Assets -
PAS 1.54 (a) Property, plant and equipment - net 20 79,970 82,790 108,110
PAS 1.54 (c) Intangible assets – net 22 9,780 11,340 12,530
PFRS 16:47(a)
PIC Q&A No. Right-of-use assets 20, 23 190 150 200
2019-05
PAS 1.54 (f) Biological assets 19 - - -
PAS 1.54 (b) Investment properties 21 1,980 1,940 1,300
PAS 1.55 Goodwill 24 24,120 24,120 24,120
PAS 1.54 (e) Investments in associates 17 5,390 5,570 4,410
PAS 1.54 (e) Interests in joint ventures 18 4,000 3,660 3,420
PAS 1.54 (d) Financial assets at FVOCI 15 700 500 -
PAS 1.54 (d) Financial asset at amortized cost 16 1,280 1,240 -
PAS 1.55 Finance lease receivables - net of
11 830 710 740
current portion
PAS 1.55 Contract assets - non-current 26 150 150 -
PAS 1.54 (o) Deferred tax assets 57 350 680 1,840
PAS 1.55 Other non-current assets 570 140 -
Total Non-current Assets 129,310 132,990 156,670
  238,830 203,410 206,630
 LIABILITIES AND SHAREHOLDERS’ EQUITY  
PAS 1.60 Current Liabilities
PAS 1.54 (k) Trade and other payables 27 30,420 31,010 46,420
PAS 1.55 Unearned revenue 100 100 70
PAS 1.55 Due to related parties 39 3,720 220 -
PAS 1.55 Bank loans – current 28 - - 33,620
PAS 1.55 Bank overdrafts 28 240 250 -
PAS 1.55 Contract liabilities – current 37 100 70 -
PAS 1.54(n) Income tax payable 56 - - -
PFRS 16:47 (b) Lease liabilities – current 32 3,000 4,000
PAS 1.54 (l) Short-term provisions 33 3,350 3,190 2,240
PAS 1.55 Other financial liabilities 34 120 20 -
PAS 1.55 Refund liability 38 50 70 -
PAS 1.55 Other liabilities 300 400 -
41,400 39,330 82,350
Liabilities Directly Associated with Non-
PAS 1.54 (p) 25 3,680 - -
current Assets as Held-for-Sale
Total Current Liabilities 45,080 39,330 82,350
PAS 1.60 Non-current Liabilities
PAS 1.55 Bank loans-net of current portion 28 12,200 14,290 22,070
PAS 1.55 Convertible loan notes 30 4,110 4,110 -
PAS 1.54 (l) Long-term provisions 33 2,290 2,230 4,100
PAS 1.55 Deferred revenue - - 40
PAS 1.55 Retirement benefit obligation 31 2,980 2,260 2,190
PFRS 16:47 (b) Lease liabilities–net of current portion 32 5,000 5,000 -
PAS 1.54 (l) Asset retirement obligation 33 - - -
PAS 1.54 (o) Deferred tax liabilities 57 80 630 4,670
PAS 1.55 Contingent Liabilities 35 2,600 2,660 800
Redeemable cumulative preference
PAS 1.55 34 14,870 - -
shares
Contract Liabilities - non-current 37 90 70 -
PAS 1.54 (m) Other non-current financial liabilities 34 120 - -
PAS 1.55 Other non-current liabilities 610 600 -
Total Non-current Liabilities 44,950 31,850 33,870
  90,030 71,180 116,220
Shareholders' Equity
PAS 1.54 (r) Share capital 41 17,810 22,990 22,990
Share premium 16,000 15,670 15,670
PAS 1.54 (r) Other Reserves 42 1,290 380 290
PAS 1.54 (r) Retained earnings 111,060 89,800 48,070
146,160 128,840 87,020
Shareholders Equity Directly Associated
PAS 1.55 with Non-current Assets as Held-for- 25 - - -
Sale
Equity attributable to equity holders of
PAS 1.54 (r) 146,160 128,840 87,020
the Parent Company
PAS 1.54 (q) Non-controlling interests 43 2,640 3,390 3,390
  148,800 132,230 90,410
  238,830 203,410 206,630
See Notes to Financial Statements
PAS 1.10 (c)
PAS 1.10 (ea) PHILIPPINES COMPANY, INC. AND ITS SUBSIDIARIES
PAS 1.51 (b)
PAS 1.10 (c)
(formerly INTERNATIONAL GAAP INDUSTRIES, INC.) [If there is a change in the corporate name] 
PAS 1.51 (c) CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the year ended December 31, 2020
Properties Investment
Share Share General Revaluation Revaluation
  Notes Capital Premium Reserve Reserve Reserve
Balance, January 1, 2019 22,990 15,670 - 200 90
PAS 8.22, PAS Effects of changes in accounting
1.106(b) 64 - - - - -
policy
PAS 8.42(b) Correction of prior period errors 67 - - - - -
Balance, January 1, 2019 - as
22,990 15,670 - 200 90
restated
Profit (Loss) for the year - - - - -
PAS 1.106(a),
(d) Other comprehensive income - - - - -
Total comprehensive income (loss) - - - - -
PAS 1.106(d) Transactions with owners:
Equity compensation during the
- - - - -
year
Issuance of ordinary shares under
41 - - - - -
employee share option plan
Issuance of ordinary shares for
41 - - - - -
consulting services performed
Issuance of convertible notes 30 - - - - -
Share issue costs 41 - - - - -
Buy-back of common shares 41 - - - - -
Share buy-back costs 41 - - - - -
Investment revaluation 58 - - - - 90
Transfer to retained earnings - - - - -
Payment of dividends 44 - - - - -
Balance, December 31, 2019 22,990 15,670 - 200 180
Profit (Loss) for the year - - - - -
PAS 1.106(a),
(d) Other comprehensive income - - - - -
Total comprehensive income (loss) - - - - -
PAS 1.106(d) Transactions with owners:
Additional non-controlling
43 - - - - -
interests arising from acquisitions
Additional non-controlling
interests relating to outstanding
share-based payment 43 - - - - -
transactions of non-controlling
interests
Disposal of partial interest in a
3 - - - - -
subsidiary
Equity compensation during the
- - - - -
year
Recognition of share-based
- - - - -
payments
Issuance of ordinary shares under
41 310 330 - - -
employee share option plan
Issuance of ordinary shares for
41 10 10 - - -
consulting services performed
Issuance of convertible non-
30 - - - - -
participating preference shares
Issuance of convertible notes - - - - -
Share issue costs 41 - - - - -
Buy-back of common shares 41 (5,600) (20) - - -
Share buy-back costs 41 - - - - -
Investment revaluation 58 - - - - (90)
Distributions during the year 41 100 - - - -
Transfer to retained earnings - - 1,000 - -
Income tax relating to
- 10 - - -
transactions with owners
Payment of dividends 44 - - - - -

Balance, December 31, 2020 17,810 16,000 1,000 200 90

See Notes to Financial Statements

 .
.
.
.
Equity-settled Cash Flow Foreign Currency Option Premium Owners Non-
Employee Hedging Translation on Convertible Retained of the controlling
Benefits Reserve Reserve Reserve Notes Earnings Parent Interests Total
1, 2018 - - - - 48,070 87,020 3,390 90,410
counting
- - - - - - - -
policy
d errors - - - - - - - -
018 - as
- - - - 48,070 87,020 3,390 90,410
restated
the year - - - - 41,730 41,730 - 41,730
income - - - - - - - -
me (loss) - - - - 41,730 41,730 - 41,730
owners:
ring the
- - - - - - - -
year
es under
- - - - - - - -
ion plan
ares for
- - - - - - (1,190) (1,190)
rformed
le notes - - - - - - - -
ue costs - - - - - - - -
n shares - - - - - - - -
ck costs - - - - - - - -
aluation - - - - - 90 - 90
earnings - - - - - - - -
ividends - - - - - - - -
1, 2018 - - - - 89,800 128,840 2,200 131,040
the year - - - - 21,460 21,460 - 21,460
income - - - - (200) (200) - (200)
me (loss) - - - - 21,260 21,260 - 21,260
owners:
nterests
- - - - - - 440 440
uisitions
nterests
tanding
payment - - - - - - - -
ntrolling
nterests
terest in
- - - - - - - -
ne Corp.
ring the
- - - - - - - -
year
e-based
- - - - - - -
ayments
es under
- - - - - 640 - 640
ion plan
ares for
- - - - - 20 - 20
rformed
ble non-
- - - - - - - -
e shares
le notes - - - - - - - -
ue costs - - - - - - - -
n shares - - - - - (5,620) - (5,620)
ck costs - - - - - - - -
aluation - - - - - (90) - (90)
the year - - - - - 100 - 100
earnings - - - - - 1,000 - 1,000
sactions
- - - - - 10 - 10
owners
ividends - - - - - - - -
1, 2019 - - - - 111,060 146,160 2,640 148,800
PAS 1.10(b)
PAS 1.10
PHILIPPINES COMPANY, INC. AND ITS SUBSIDIARIES
(ea) (formerly INTERNATIONAL GAAP INDUSTRIES, INC.) [If there is a change in the corporate name]
PAS 1.51(b)
(c) CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

PAS 1.51(c) For the Years Ended December 31

  Notes 2020 2019
Continuing Operations: [only if applicable]
PAS 1.82(a) Revenue 46 108,350 130,910
PAS 1.99 Cost of Sales 39,360 44,930
PAS 1.85 Gross Profit 68,990 85,980
PAS 1.85 Other Income 53 510 580
PAS 1.85 Investment Income 47 3,580 2,400
  73,080 88,960
PAS 1.99 Selling Expense 12,630 9,620
PAS 1.99 General and Administrative Expenses 13,000 14,000
PAS 1.85 Other Expense 54 11,490 6,610
PAS 1.82(b)
PFRS 16:49 Finance Costs 52 3,470 3,910
PAS 1.82(c) Share in Equity in Net Earnings of Associates 17 180 (1,160)
PAS 1.82(c) Share in Equity in Net Earnings of a Joint Venture 18 (340) (240)
Gain Recognized on Disposal of Interest in former
PAS 1.85 17 - -
Associate
PAS 1.85 Profit from Continuing Operations Before Tax 32,650 55,460
PAS 1.82(d) Income Tax Expense 56 11,190 13,730
PAS 1.85 Profit for the Year from Continuing Operations 21,460 41,730
PAS Profit from Discontinued Operations - net of tax
1.82(ea) - -
[only if applicable]
PAS
1.81A(a) Profit for the Year 21,460 41,730
PAS 1.91(a) Other Comprehensive Income
PAS Items that will not be Reclassified Subsequently
1.82A(a) to Profit or Loss:
19, 20,
Gain (loss) on revaluation of properties - -
21
Share of gain (loss) on property revaluation of
17 - -
associates
Re-measurement of defined benefit obligation 31 (200) -
Others [please specify] - -
  (200) -
PAS Items that will be Reclassified Subsequently to
1.82A(b) Profit or Loss:
Exchange differences on translating foreign operations 42 - -
Net fair value gain on FVOCI 15 - -
Net fair value gain on hedging instruments entered
36 - -
into for cash flow hedges
Share of other comprehensive income of associates 17 - -
Others [please specify] - -
  - -
PAS
1.81A(b) Other Comprehensive Income - net of Income Tax (200) -
PAS
1.81A(c) Total Comprehensive Income for the Year 21,260 41,730
 Profit for the Year Attributable to:
PAS
1.81B(a)(ii) Equity holders of the Parent 21,460 41,730
PAS
1.81B(a)(i) Non-controlling interest 43 - -

  21,460 41,730

Total Comprehensive Income for the Year

Attributable to:
PAS
1.81B(b)(ii) Equity holders of the Parent - -
PAS
1.81B(b)(i) Non-controlling interest 43 - -

    - -

Earnings Per Share (Centavos per share)

[for publicly listed and deemed publicly listed entities]
From continuing and discontinued operations: 61
PAS 33.66 Basic earnings per share 63 1.29 2.51

PAS 33.66 Diluted earnings per share 63 1.29 2.51

From continuing operations: 61

PAS 33.66 Basic earnings per share 63 1.29 2.51

PAS 33.66 Diluted earnings per share 63 1.29 2.51

See Notes to Financial Statements.
PAS
1.10(d),
PHILIPPINES COMPANY, INC. AND ITS SUBSIDIARIES
(ea), (formerly INTERNATIONAL GAAP INDUSTRIES, INC.) [If there is a change in the corporate name] 
PAS
1.51(b), (c) CONSOLIDATED STATEMENTS OF CASH FLOWS

  For the Years Ended December 31

  Notes 2020 2019
PAS 7.10 Cash Flows from Operating Activities
PAS 7.18(b) Profit before tax 32,650 55,460
Adjustments for:
Depreciation and amortization 50 14,410 16,070
Investment income recognized in profit or loss 47 (3,580) 2,400
Finance costs 52 3,470 3,910
Share of profit of a joint venture 18 (2,990) (6,650)
Loss on inventory obsolescence 12 (1,860) -
Fair value loss (gain) on financial assets designated
(330) (290)
at FVTPL
Share of profit of associates 17 (180) 1,160
Fair value loss (gain) on financial liabilities classified
10 (150) -
as held for trading
Impairment loss on trade receivables 9 60 430
Gain arising on changes in fair value of investment
21 (30) (290)
property
Impairment loss on financial assets measured at
16 20 20
amortized cost
Expense recognized in respect of shares issued in
41 10 -
exchange for consulting services
Amortization of financial guarantee contracts 34 - -
Investments written down - -
Decline in value of financial instruments - -
Net (gain)/loss on disposal of financial assets at
15 - -
FVOCI
Loss (Gain) on disposal of property, plant and
20 - -
Equipment
Gain arising on effective settlement of legal claim
3 - -
against subsidiaries
Fair value loss (gain) on financial liabilities
34 - -
designated
Hedge ineffectiveness on cash flow hedges 36 - -
Gain on disposal of interest in former associate 17 - -
Foreign exchange losses (gains) - net 53 - -
Gain on disposal of a subsidiary 3 - -
Operating cash flows before working capital changes 41,500 72,220
Decrease (Increase) in:
Trade and other receivables - net 9 (4,950) (830)
Financial assets at fair value through profit or loss 10 (50) (1,630)
Other financial assets (1,000) 7,510
Due from related parties 39 (7,270) (3,720)
Inventories - net 12 (2,550) 810
Prepayments and other current assets 13 (60) 20
Right to returned goods asset 14 - (470)
Non-current Assets Held-for-Sale 24 - -
Increase (Decrease) in:
Trade and other payables 27 (4,780) (36,860)
Unearned revenue - 30
Due to related parties 39 3,500 220
Bank loans - current 28 6,470 (11,880)
Bank overdrafts and loans 28 (10) 250
Contract Liabilities 37 30 70
Short-term provisions 33 160 950
Other financial liabilities 34 100 20
Refund Liability 38 (20) 70
Other liabilities 900 400
Cash generated from operations 31,970 27,180
 Dividends received from an investee company
PAS 7.31 3,47 - -
[if classified as operating activity in prior years]
PAS 7.31 Finance costs paid 52 (4,100) (4,290)
PAS 7.35 Income taxes paid 56 (11,190) (13,730)
PFRS 16:50(b) Interest paid 52 - -
Interest and investment income received 47 8,220 4,520
Net cash from (used in) operating activities 24,900 13,680
PAS 7.10 Cash Flows from Investing Activities
Proceeds from sale of property, plant and equipment 20 11,450 22,680
PAS 7.39 Proceeds from disposal of subsidiaries 3 - -
Interest received
PAS 7.31 53 - -
[if classified as investing activity in prior years]
Royalties and other investment income received 47 - -
Repayments by related parties 39 (7,270) (3,720)
PAS 24.19(d) Dividends received from associates 17 (80) (30)
PAS 24.19(d) Proceeds from disposal of associates 17 - -
10, 15,
Proceeds from sale of financial assets - -
16
Proceeds from disposal of investment property 21 - (50)
Acquisitions of intangible assets 22 (10) (350)
Acquisitions of investment properties 21 (10) (200)
PAS 7.39 Acquisition of subsidiaries 3 - -
Amounts advanced to related parties 39 - -
10, 15,
Payments to acquire financial assets - -
16
Additions to property, plant and equipment 20 (32,670) (11,890)
Net cash from (used in) investing activities   (28,590) 6,440
PAS 7.10 Cash Flows from Financing Activities
Proceeds from borrowings 28 3,460 8,920
Proceeds from issue of redeemable preference shares 29 14,870 -
Proceeds from issuance of convertible notes 30 - (4,110)
Proceeds from issue of perpetual notes 29 - -
Proceeds from issuance of equity instruments 15 660 -
Proceeds on disposal of partial interest in a subsidiary
3 - -
PAS 7.42A that does not involve loss of control
Proceeds from government loans 28 - -
Payment for share issue costs 41 - -
Payment for share buy-back costs 41 - -
Payment for debt issue costs 29 - -
Dividends paid on redeemable cumulative preference
PAS 7.31 shares [if classified as Financing activity in prior 44 - -
years]
Dividends paid to owners of the Company [if
PAS 7.31 44 - -
classified as Financing activity in prior years]
Payment for buy-back of shares 41 5,620 -
Repayment of borrowings 28 (2,090) (7,780)
PFRS 16:50(a) Repayment of lease liabilities 32 (10,860) -
Finance cost paid [if classified as Financing activity in
PAS 7.31 52 - -
prior years]
Proceeds from short-term borrowings 28 - -
Net cash from (used in) financing activities   11,660 (2,970)
PAS 7.28 Effects of Exchange Rate Changes   (5,000) (5,000)
Net Increase in Cash and Cash Equivalents 8 2,970 12,150
Cash and Cash Equivalents, Beginning 8 20,200 8,050
Q&A IAS
1(2007): 54-1 Cash and Cash Equivalents, End 8 23,170 20,200
See Notes to Financial Statements.