PSPC 17Q - Sept2017

SEC Number: CS201000985
File Number: ____________
PHOENIX SEMICONDUCTOR
PHILIPPINES CORP.
__________________________________
(Companys Full Name)
Panday Pira Avenue, corner Creekside Road,

Clark Freeport Zone, Pampanga, Philippines
__________________________________
(Company Address)
(045) 499-1741 / (045) 499-1742

__________________________________
(Telephone Numbers)
September 30, 2014

__________________________________
(Quarter Ending)
SEC Form 17-Q Quarterly Report

__________________________________
(Form Type)
__________________________________
(Amendments)
SECURITIES AND EXCHANGE COMMISSION
SEC FORM 17-Q

QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES
REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER
1. For the quarterly period ended September 30, 2014

2. Commission Identification Number CS201000985
3. BIR Tax Identification No. 007-582-936
4. Exact name of issuer as specified in its charter:
PHOENIX SEMICONDUCTOR PHILIPPINES CORP.
5. Province, country or other jurisdiction of incorporation or organization: Pampanga, Philippines
6. Industry Classification Code:
(SEC Use Only)
7. Address of issuer's principal office and postal code

Panday Pira Avenue corner Creekside Road, Clark Freeport Zone, Pampanga 2009
8. Issuer's telephone number, including area code: (045) 499-1822
9. Former name, former address and former fiscal year, if changed since last report: n/a
10.Securities registered pursuant to Sections 8 and 12 of the Code, or Sections 4 and 8 of the RSA
Title of each Class
Common Shares
Number of shares issued and outstanding

2,165,024,111*
*Number of shares issued and outstanding after December 1, 2014 listing date
11. Are any or all of the securities listed on a Stock Exchange?

Yes [ x ] No [ ]
Stock Exchange: Philippine Stock Exchange
Securities Listed: Common Shares
12. Indicate by check mark whether the registrant:
(a) has filed all reports required to be filed by Section 17 of the Code and SRC Rule 17 thereunder or
Sections 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of the
Corporation Code of the Philippines, during the preceding twelve (12) months (or for such
shorter period the registrant was required to file such reports)
Yes [ x ]
No [ ]
(b) has been subject to such filing requirements for the past ninety (90) days.
Yes [ x ]
No [ ]
TABLE OF CONTENTS
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Unaudited Interim Statements of Financial Position as of September 30, 2014, with Comparative
Audited Figures as of December 31, 2013
Unaudited Interim Statements of Comprehensive Income for the Three Months Ended September 30,
2014 and September 30, 2013, and for the Nine Months Ended September 30, 2014 and September
30, 2013
Unaudited Interim Statements of Changes in Equity for the Nine Months Ended September 30, 2014
September 30, 2013
Unaudited Interim Statements of Cash Flows for the Nine Months Ended September 30, 2014 and
September 30, 2013
Notes to Unaudited Interim Financial Statements
Supplementary Schedules (please see attached schedules)

Schedule I:
Schedule II:
Schedule III:
Schedule IV:
Reconciliation of Retained Earnings

Schedule of Effective Standards and Interpretations
Conglomerate Map
Financial Soundness Indicators
Aging of Trade Accounts Receivables (please refer to attached Annex A)
Item 2. Managements Discussion and Analysis of Financial Position and Results of Operations
Material changes (+/- 5% or more) in the Companys financial statements

Key Performance Indicators
Other Disclosures
PART II - OTHER INFORMATION
SIGNATURES
COVER SHEET
C S 2 0 1 0 0 0 9 8 5
SEC Registration Number
P H O E N I X
S E M I C O N D U C T O R
P H I L I P P I N E S
C O R P .
(Companys Full Name)
P a n d a y
Si d e
P i r a
R o a d ,
A v e n u e
C l a r k
c o r n e r
F r e e p o r t
C r e e k s
Z o n e
P a
m p a n g a
(Business Address: No. Street City/Town/Province)
Mr. Kyuho Han
(045) 499-1741
(Contact Person)
(Company Telephone Number)
1 2
3 1
Month
Day
1 7 - Q
(Form Type)
Month
(Fiscal Year)
Day
(Annual Meeting)
(Secondary License Type, If Applicable)
Dept. Requiring this Doc.
Amended Articles Number/Section
Total Amount of Borrowings
8
Total No. of Stockholders
Domestic
Foreign
To be accomplished by SEC Personnel concerned
File Number
LCU
Document ID
Cashier
STAMPS
Remarks: Please use BLACK ink for scanning purposes.
Part I. Financial Information

Item 1. Financial Statements
Phoenix Semiconductor Philippines Corp.
Unaudited Interim Condensed Financial Statements

As of September 30, 2014
(With Comparative Audited Figures as of December 31, 2013)
And for the nine-month periods ended September 30, 2014 and 2013

INTERIM STATEMENT OF FINANCIAL POSITION
September 30, 2014
(With Comparative Audited Figures as of December 31, 2013)
(In U.S. Dollars)
September 30,
2014
(Unaudited)
December 31,
2013
(Audited)
$27,454,367
20,866,051
13,474,328
13,421,290
47,900
$75,263,936
$23,105,776
21,141,915
11,587,418
854,679
130,804
56,820,592
108,931,244
83,824
8,731,631
117,746,699
$193,010,635
114,954,193
320,243
17,091,912
132,366,348
$189,186,940
Current Liabilities
Accounts payable and accrued expenses (Notes 10, 12 and 18)
Interest payable (Note 11)
Income tax payable
Current portion of loans payable (Notes 11 and 18)
Total Current Liabilities
$22,881,303
761,210
385,314
20,750,000
44,777,827
$16,016,239
901,566
447,406
20,750,000
38,115,211
Noncurrent Liabilities
Loans payable - net of current portion (Notes 11 and 18)
Retirement liability
Deferred income tax liability - net (Note 19)
Other noncurrent liability
Total Noncurrent Liabilities
Total Liabilities
64,890,101
142,622
91,735
119,630
65,244,088
110,021,915
80,291,487
106,014
39,523
80,437,024
118,552,235
44,999,980
37,988,740
82,988,720
$193,010,635
44,999,980
25,634,725
70,634,705
$189,186,940
ASSETS
Current Assets
Cash and cash equivalents (Notes 4 and 18)
Trade and other receivables (Notes 5 and 18)
Inventories (Note 6)
Prepayments and other current assets (Note 7)
Derivative financial asset (Note 9)
Total Current Assets
Noncurrent Assets
Property, plant and equipment (Note 8)
Derivative financial asset (Note 9)
Other noncurrent assets (Note 7)
Total Noncurrent Assets
LIABILITIES AND EQUITY
Equity
Capital stock
Retained earnings
Total Equity
See accompanying Notes to Interim Condensed Financial Statements.

INTERIM STATEMENTS OF COMPREHENSIVE INCOME
(In U.S. Dollars)
Three Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
Nine Months Ended

September 30
2013
2014
(Unaudited) (Unaudited)
$60,988,335
190,171
111,586
61,290,092
$57,593,000
173,280
26,854
57,793,134
$170,312,778 $153,547,546
583,107
587,419
172,156
242,388
171,142,585 154,302,809
41,400,036
4,397,593
1,132,171
37,897,607
4,492,396
1,182,809
111,170,679
13,556,542
3,297,220
98,513,834
13,325,042
3,399,665
(798,844)
7,659,589
53,790,545
191,726
6,924,197
50,688,735
(831,955)
22,466,062
149,658,548
199,201
19,784,426
135,222,168
GROSS PROFIT
General and Administrative
Expenses (Note 14)
7,499,547
7,104,399
21,484,037
19,080,641
1,114,201
874,040
2,933,876
2,727,958
OPERATING INCOME
Finance Cost (Note 15)
Other Income (Note 15)
Other Expenses (Note 15)
6,385,346
(1,374,734)
300,345
(586,643)
6,230,359
(1,809,707)
84,186
(55,775)
18,550,161
(4,096,616)
689,496
(628,108)
16,352,683
(6,607,252)
221,438
(357,599)
4,724,314
4,449,063
14,514,933
9,609,270
536,876
418,046
1,160,918
1,342,073
4,187,438
4,031,017
13,354,015
8,267,197
OTHER COMPREHENSIVE INCOME
TOTAL COMPREHENSIVE INCOME
$4,187,438
$4,031,017
$13,354,015
$8,267,197
$0.0021
$0.0020
REVENUE
Sales
Warehousing
Others
COST OF GOODS SOLD

Raw materials used (Notes 6 and 12)
Depreciation (Note 8)
Direct labor
Changes in work-in-process and finished
goods inventories (Note 6)
Other manufacturing costs (Note 13)
INCOME BEFORE INCOME TAX

PROVISION FOR INCOME
TAX (Note 19)
NET INCOME
EARNINGS PER SHARE (Note 21)

Basic/diluted
$0.0067
$0.0041

INTERIM STATEMENTS OF CHANGES IN EQUITY
For the nine months ended September 30, 2014 and 2013
(In U.S. Dollars)
Balances at January 1, 2014

Issuance of shares
Net income/total
comprehensive income
Cash Dividends
Balances at
September 30, 2014
(Unaudited)
Balances at January 1, 2013
Net income/total comprehensive
income
Balances at
September 30, 2013
(Unaudited)
Shares
2,002,644,109
2
Capital Stock
Amount
$44,999,980
Retained
Earnings
Total
$25,634,725
$70,634,705
2,002,644,111
$44,999,980
$37,988,740
$82,988,720
2,002,644,109
$44,999,980
$12,041,310
$57,041,290
8,267,197
8,267,197
2,002,644,109
$44,999,980
$20,308,507
$65,308,487
13,354,015
(1,000,000)
13,354,015
(1,000,000)

INTERIM STATEMENTS OF CASH FLOWS
For the nine months ended September 30, 2014 and 2013
(In U.S. Dollars)
Nine Months Ended September 30
2013
2014
(Unaudited)
(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax
Adjustments for:
Interest expense (Note 15)
Unrealized foreign currency exchange loss - net
Amortization of intangible assets (Note 7)
Interest income (Note 15)
Fair value loss - derivative (Note 15)
Loss (gain) on disposal of property, plant and equipment
Operating income before changes in operating assets and liabilities
Changes in operating assets and liabilities:
Decrease (increase) in:
Trade and other receivables
Inventories
Prepayments and other current assets
Increase (decrease) in:
Accounts payable and accrued expenses
Retirement liability
Other long-term liability
Net cash generated from operations
Interest paid
Interest received (Note 4)
Income taxes paid
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property, plant and equipment (Notes 8 and 20)
Proceeds from disposal of property, plant and equipment (Note 8)
Increase in nontrade receivable from CDC and other noncurrent assets
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Payments of bank loans
Dividends paid
Proceeds from bank loan
Net cash used in financing activities
$14,514,933
$9,609,270
14,103,149
3,303,880
279,463
91,850
(349,550)
319,323
(33,905)
32,229,143
13,720,322
4,004,450
383,768
87,863
(115,104)
1,865,734
3,200
29,559,503
329,097
(1,886,910)
88,204
(1,290,326)
(854,318)
316,938
2,614,101
38,268
119,630
33,531,533
(3,283,122)
102,695
(1,167,652)
29,183,454
(2,377,074)
79,510
25,434,233
(3,770,670)
115,104
(793,216)
20,985,451
(4,373,350)
416,177
(4,329,631)
(8,286,804)
(3,448,800)
(10,857,702)
(14,306,502)
(15,562,500)
(1,000,000)
(16,562,500)
(34,187,500)
28,525,074
(5,662,426)
EFFECT OF EXCHANGE RATE CHANGES ON CASH

AND CASH EQUIVALENTS
14,441
NET INCREASE IN CASH AND CASH EQUIVALENTS
4,348,591
983,628
23,105,776
25,736,114
$27,454,367
$26,719,742
CASH AND CASH EQUIVALENTS AT JANUARY 1

CASH AND CASH EQUIVALENTS AT SEPTEMBER 30 (Note
4)
(32,895)

NOTES TO INTERIM CONDENSED FINANCIAL STATEMENTS
1.
Corporate Information
Phoenix Semiconductor Philippines Corp. (the Company), a subsidiary of STS Semiconductor &
Telecommunications Co., Ltd (the Parent Company), was incorporated in the Philippines on January 27,
2010.
The primary purpose of the Company is the construction, ownership and operation of a plant for the
manufacture, assembly, test and warehousing of semiconductor and memory devices and applications and
related products, as well as the performance of related or incidental activities thereto. The Company
started its commercial operation in February 2011.
The registered office address of the Company is Panday Pira Avenue, Corner Creekside, Clark Freeport
Zone, Pampanga.
The interim condensed financial statements were approved and authorized for issuance by the Board of
Directors on December 18, 2014.
2.
Summary of Significant Accounting Policies

Basis of Preparation
The accompanying interim condensed financial statements of the Company have been prepared in
accordance with Philippine Accounting Standard (PAS) 34, Interim Financial Reporting. The interim
condensed financial statements do not include all of the information and disclosures required in the annual
financial statements, and should be read in conjunction with the Companys annual financial statements as
at December 31, 2013.
Changes in Accounting Policies and Disclosures
The accounting policies adopted in the preparation of interim condensed financial statements are
consistent with those followed in the preparation of the Companys annual financial statements for the
year ended December 31, 2013, except for the adoption of new standards and interpretations effective as of
January 1, 2014. Except as otherwise indicated, these new, revised and amended standards and
interpretations did not have any impact on the accounting policies, financial position or performance of the
Company.
PAS 36, Impairment of Assets - Recoverable Amount Disclosures for Non-Financial Assets (Amendments)
These amendments remove the unintended consequences of Philippine Financial Reporting Standards
(PFRS) 13 on the disclosures required under PAS 36. In addition, these amendments require disclosure of
the recoverable amounts for the assets or cash-generating units (CGUs) for which impairment loss has
been recognized or reversed during the period.
PAS 39, Financial Instruments: Recognition and Measurement - Novation of Derivatives and
Continuation of Hedge Accounting (Amendments)
These amendments provide relief from discontinuing hedge accounting when novation of a derivative
designated as a hedging instrument meets certain criteria. The Company has not novated its derivatives
during the current period. However, these amendments would be considered for future novations.
PAS 32, Financial Instruments: Presentation - Offsetting Financial Assets and Financial Liabilities
(Amendments)
The amendments clarify the meaning of currently has a legally enforceable right to set-off and also
clarify the application of the PAS 32 offsetting criteria to settlement systems (such as central clearing
house systems) which apply gross settlement mechanisms that are not simultaneous. The amendments
affect presentation only and have no impact on the Companys financial position or performance.
Investment Entities (Amendments to PFRS 10, PFRS 12 and PAS 27)
This provides an exception to the consolidation requirement for entities that meet the definition of an
investment entity under PFRS 10. The exception to consolidation requires investment entities to account
for subsidiaries at fair value through profit or loss. It is not expected that this amendment would be
relevant to the Company since none of the entities in the Company would qualify to be an investment
entity under PFRS 10.
Philippine Interpretation IFRIC 21, Levies (IFRIC 21)
IFRIC 21 clarifies that an entity recognizes a liability for a levy when the activity that triggers payment, as
identified by the relevant legislation, occurs. For a levy that is triggered upon reaching a minimum
threshold, the interpretation clarifies that no liability should be anticipated before the specified minimum
threshold is reached.
The Company has not early adopted any other standard, interpretation or amendment that has been issued
but is not yet effective.
3.
Significant Accounting Judgments and Estimates

Judgments
In the process of applying the Companys accounting policies, management has made the following
judgments, apart from those involving estimations, which has the most significant effect on the amounts
recognized in the financial statements:
Recognition of receivable from Clark Development Corporation (CDC)
Pursuant to Executive Order No. 856 (Expanding the Coverage of Executive Order No. 666, Series of
2007, In Support of the Power Requirement of Clark Freeport Zone) dated January 2010 signed by the
then President of the Philippines Gloria Macapagal-Arroyo, the Philippine Government agreed to provide
electricity to the Company at a discounted or subsidized rate, in line with the Philippine Governments
thrust to support power-intensive industries with substantial investments in recognition of the
corresponding benefit of their investments to the economy. Subsequently, in March 2010, the Company
entered into a lease agreement with CDC that, among others, further embodied the grant of incentives to
the Company as a foreign locator in the Clark Freeport Zone, including the power subsidy.
The grant of the power subsidy to the Company has not been implemented yet, which resulted in the
accumulation of unpaid electricity charges. To address the then power disconnection threats against the
Company and its adverse impact on the business of the Company, the Company was constrained to pay for
its power consumptions from 2011 to date at commercial rate, inclusive of the amount corresponding to
the subsidized portion of the Companys electricity charges. The payments do not constitute waiver of the
Companys existing rights under the law and the March 2010 lease agreement with CDC and were made
on the understanding that the Company will be able to claim reimbursement of the advances/payments
covering the power subsidy.
In a letter dated December 2, 2013, CDC informed the Company that the National Government has
included in its 2014 National Budget an amount for the power subsidy of the Company. The amount will
prioritize the reimbursement of the Companys power subsidy advances for year 2014, while the remaining
amount will be for the reimbursement of advances made for previous years (i.e., 2011, 2012 and 2013).
The advances that will not be paid from the 2014 National Budget will be requested for inclusion in the
2015 and 2016 National Budgets. With these developments, the Company assessed that the Government
will fulfill its power subsidy commitment and has accordingly recognized the fair value of the receivable
from CDC corresponding to the amount of the power subsidy advances.
In another letter dated April 3, 2014, CDC advised the inclusion of the amount for the power subsidy in
the 2014 National Budget as part of the unprogrammed funds that will be released when the revenue
collections of the Government exceed the original revenue targets submitted by the President of the
Philippines to Congress.
Recently, the Supreme Court (SC) promulgated the Disbursement Acceleration Program (DAP) case (in
Araullo, et al., v. Aquino, et al., GR. Nos. 209287 /209135/ 209136/ 209155/ 209164/ 209260/ 209442/
209517/ 209569, July 1, 2014) which included a ruling and statements relating to the disbursement of the
unprogrammed funds. The SC declared void the use of the unprogrammed funds from the General
Appropriations Act (GAAs) of 2011, 2012 and 2013 for the DAP despite the absence of a certification by
the National Treasurer that the revenue collections exceeded the revenue targets for noncompliance with
the conditions provided in the GAAs. The Company and its legal counsel believe that the ruling in the
DAP case did not impose an additional legal requirement for the collectibility of the power subsidy
receivable and that it merely clarifies the condition for the release of unprogrammed funds and the effect
of noncompliance with that condition .
In July 2014, CDC advised that the Department of Budget and Management (DBM), through the
Philippine Economic Zone Authority (PEZA), requested for the documents supporting the Companys
claims on the power subsidy. The Company submitted these documents on July 21, 2014 through CDC.
Based on recent developments, management assessed that there are no changes in the recognition and
estimated timing of collection of receivable from CDC.
The carrying amount of receivable recognized under Prepaid and other current assets and Other
noncurrent assets amounted to $18.55 million and $14.28 million as of September 30, 2014 and
December 31, 2013, respectively (see Note 7).
4.
Cash and Cash Equivalents

This account consists of:
Cash on hand
Cash in banks
Time deposits
Debt service account
September 30
2014
2013
2014
(Unaudited)
(Unaudited)
$8,010
$9,267
7,013,711
10,963,337
12,959,347
10,000,000
6,738,674
6,481,763
$26,719,742
$27,454,367
December 31,
2013
(Audited)
$22,822
3,365,437
12,950,450
6,767,067
$23,105,776
Cash in banks earn interest at the prevailing bank deposit rates. For the nine months ended
September 30, 2014 and 2013, the Company earned 0.25% to 0.50% and 0.10% and 0.25% on Dollar
(USD) accounts, respectively. Time deposits are generally made on 30-day term and earned interest at
1.375% to 1.75% for PHP accounts and 0.875% to 1.50% for USD accounts for the nine months ended
September, 2014 and 2013, respectively.
Debt Service Account maintained with the BDO Unibank, Inc. - Trust and Investments Group (trustee) is
to be used solely for the next quarterly payment of interest, and principal due that is related to facility loan
granted by BDO Unibank, Inc. (BDO) to the Company.
Interest income from cash and cash equivalents recognized in profit or loss amounted to $28,105 and
$41,479 for the three months ended September 30, 2014 and 2013, respectively, and $102,695 and
$115,104 for the nine months ended September 30, 2014 and 2013, respectively.
5.
Trade and Other Receivables

Trade accounts receivables

Others
September 30,
2014
(Unaudited)
$20,432,220
433,831
$20,866,051
December 31,
2013
(Audited)
$19,858,783
1,283,132
$21,141,915
Trade receivables are non-interest bearing and are generally on an average 30-day term.
Other receivables include advances to employees, receivable from lease of machines, receivable from
customers and certain suppliers.
The carrying amount of all trade accounts receivable as of September 30, 2014 and December 31, 2013 are
pledged, through execution of Assignment Agreement, for the loan with BDO.
6.
Inventories
At cost:
Raw materials
Raw materials in transit
Work in process
Finished goods
September 30,
2014
(Unaudited)
December 31,
2013
(Audited)
$9,123,916
1,835,712
2,125,586
389,114
$13,474,328
$8,489,808
1,414,865
1,510,329
172,416
$11,587,418
The amount of inventories recognized as part of cost of goods sold during the period amounted to
$40,601,192 and $38,089,333 for the three months ended September 30, 2014 and 2013, and
$110,338,724 and $98,713,035 for the nine months ended September 30, 2014 and September 30, 2013,
respectively.
7.
Prepayments and Other Current Assets/Other Noncurrent Assets

Prepayments and other current assets consist of:
Nontrade receivable from CDC

Prepayments
Advances to suppliers
Refundable deposits
Advance rental
Others
September 30,
2014
(Unaudited)
$12,602,738
323,344
98,012
31,331
365,865
$13,421,290
December 31,
2013
(Audited)
$
167,824
375,413
169,187
78,789
63,466
$854,679
Other noncurrent assets consist of:

September 30,
2014
(Unaudited)
$5,946,751
1,423,430
990,877
278,618
29,412
62,543
$8,731,631
Nontrade receivable from CDC

Refundable deposits
Other investment
Intangible assets
Loan receivable from employees
Others
December 31,
2013
(Audited)
$14,280,473
1,438,370
969,662
370,468
32,939
$17,091,912
Amortization of the intangible assets for the three months ended September 30, 2014 and 2013 amounted
to $29,110 and $33,632, while amortization for the nine months ended September 30, 2014 and 2013
amounted to $91,850 and $87,863 respectively.
8.
Property, Plant and Equipment

The rollforward analysis of this account follows:
Building and
Improvements
Cost
Balances at January 1
Acquisitions (Note 11)
Disposals
Balances at September 30
Accumulated depreciation
Depreciation
Disposals
Balances at September 30
Net book values
2014 (Nine Months)

(Unaudited)
Furniture and
Transportation
Production
Other
Machinery
Equipment
Equipment
Equipment
Construction
in Progress
Total
$51,483,785
70,838
51,554,623
$77,664,851
2,627,652
(630,545)
79,661,958
$459,441
(27,366)
432,075
$10,378,871
583,285
(66,306)
10,895,850
$16,074,206
5,285,505
(2,055)
21,357,656
$2,436
2,436
$156,063,590
8,567,280
(726,272)
163,904,598
3,730,537
966,163
4,696,700
$46,857,923
23,583,843
8,372,994
(217,474)
31,739,363
$47,922,595
260,684
66,176
(11,859)
315,001
$117,074
4,864,879
1,593,008
(8,470)
6,449,417
$4,446,433
8,669,454
3,104,808
(1,389)
11,772,873
$9,584,783
$2,436
41,109,397
14,103,149
(239,192)
54,973,354
$108,931,244
2013 (One Year)

(Audited)
Production
Equipment
Furniture and
Other
Equipment
Building and
Improvements
Machinery
Transportation
Equipment
Construction
in Progress
Cost
Acquisitions (Note 11)
Disposals
Transfers
Adjustments
Balances at December 31
$51,442,336
41,449
51,483,785
$75,790,512
1,874,350
(11)
77,664,851
$454,592
4,849
459,441
$9,877,079
503,493
(1,697)
(4)
10,378,871
$14,225,103
1,967,267
(4,783)
(113,381)
16,074,206
$88,741
(86,305)
2,436
$151,878,363
4,391,408
(6,480)
(86,305)
(113,396)
156,063,590
Accumulated depreciation
Depreciation
Disposals
Balances at December 31
Net book values
2,443,525
1,287,012
3,730,537
$47,753,248
12,643,841
10,940,002
23,583,843
$54,081,008
169,607
91,077
260,684
$198,757
2,850,963
2,014,227
(311)
4,864,879
$5,513,992
4,628,699
4,042,965
(2,210)
8,669,454
$7,404,752
$2,436
22,736,635
18,375,283
(2,521)
41,109,397
$114,954,193
Total
The carrying amounts of all items of property, plant and equipment as of September 30, 2014 and
December 31, 2013 are subject to first ranking mortgage to secure the Companys loan with BDO.
9.
Derivative Financial Asset

In 2011, the Company, as borrower, entered into a loan agreement with BDO with loan facility amounting
to $83,000,000. The Company made three (3) drawdowns and four (4) drawdowns totaling to
$30,000,000 and $53,000,000 in 2012 and 2011, respectively, fully utilizing the loan facility in 2012.
The Company may at its option prepay the loan with minimum amount of $5,000,000 anytime from the
date of drawdown. If the prepayment is made on interest payment date, no penalty shall be imposed.
Otherwise, the Company shall pay a penalty of one and a half per cent (1.50%) for each month and
fraction thereof.
The prepayment option derivative has been separated from loans payable and carried at fair value through
profit or loss.
The table below shows the movement in the fair value of derivative financial asset for the nine months
ended September 30, 2014 and for the year ended December 31, 2013:
Balance at beginning of period

Fair value loss - derivative (see Note 14)
Balance at end of period
September 30,
2014
(Nine Months)
(Unaudited)
$451,047
(319,323)
$131,724
December 31,
2013
(One Year)
(Audited)
$2,223,075
(1,772,028)
$451,047
The net fair value loss for the three months ended September 30, 2013 and for the nine months ended
September 30, 2013 amounted to $275,238 and $1,865,734, respectively (see Note 14).
The carrying value of the prepayment option derivative as of September 30, 2014 and December 31, 2013
is presented as follows:
Current portion
Noncurrent portion
September 30,
2014
(Unaudited)
$47,900
83,824
$131,724
December 31,
2013
(Audited)
$130,804
320,243
$451,047
September 30,
2014
(Unaudited)
December 31,
2013
(Audited)
$12,222,957
8,694,278
20,917,235
1,613,870
252,711
97,487
$22,881,303
$8,841,147
5,439,048
14,280,195
1,439,285
236,173
60,586
$16,016,239
10. Accounts Payable and Accrued Expenses

Trade accounts payable

Related parties (Note 12)
Third parties
Accrued expenses
Payable to government agencies
Others
11. Loans Payable

The carrying value of loans payable to BDO as of September 30, 2014 and December 31, 2013:
September 30,
2014
(Unaudited)
$20,750,000
64,890,101
$85,640,101
Current portion
Noncurrent portion
December 31,
2013
(Audited)
$20,750,000
80,291,487
$101,041,487
Interest expense charged to profit or loss amounted to $1,052,501 and $1,324,764for the three months
ended September 30, 2014 and 2013, respectively, and $3,303,881 and $4,004,450 for the nine months
ended September 30, 2014 and 2013, respectively (Note 14). Interest payable as of September 30, 2014
and December 31, 2013 amounted to $761,210 and $901,566, respectively.
12. Related Party Transactions

The Companys transactions with the related parties follow:
Category
Parent Company
Raw materials used
Property, plant and
equipment
Direct labor
Other manufacturing costs
As of and for the nine months ended September 30, 2014

(Unaudited)
Outstanding
Amount/volume
balance Nature, terms and conditions
$64,059,624
6,273,240
260,979
2,137,029
General and administrative

expenses
Finance cost
302,830
Other income
Accounts payable and
accrued expenses
176,170
473,413
Prepaid and other current

assets
Trade and Other receivables
Bokwang Jeju Co., Ltd. affiliate

Other non-current assets
Phoenix Semiconductor
Telecommunications
(Suzhou) Co., Ltd - affiliate
Other income
21,215
$ Purchases of raw materials

Purchases of property and
equipment
Secondment fees for the salaries
and other charges
Purchases of various
production-related items and
expenses
and other charges
Guarantee fee related to the
facility loan agreement
Equipment lease rental
12,225,957 Outstanding balance related to
above transactions; 20-day
non-interest bearing,
unsecured; to be settled in
cash
296,572 Returns of raw materials and
property and equipment and
50% of the IPO cost to be
shouldered by the Parent
Company; 30-day noninterest bearing, unsecured
239,419 Outstanding balance on
equipment lease rental
Payment for transaction tax on
the purchase of membership
shares, fully paid by the
Company
38,580 Gain on sale of machinery
Category
Parent Company
Raw materials used
Property, plant and
equipment
Direct labor
For the three months ended September 30, 2014

(Unaudited)
Outstanding
Amount/volume
balance Nature, terms and conditions
$22,552,779
5,412,284
107,322
682,861

expenses
Finance cost
121,658
Other income
Phoenix Semiconductor
Telecommunications
(Suzhou) Co., Ltd - affiliate
Other income
Category
Parent Company
Raw materials used
Property, plant and
equipment
Direct labor

expenses
Finance cost
Other income
Category
Parent Company
Raw materials used
Property, plant and
equipment
Direct labor

expenses
Finance cost
Other income
146,529
110,365
35,636

equipment
and other charges
production-related items
and expenses
and other charges

Gain on sale of machinery
For the nine months ended September 30, 2013

(Unaudited)
Outstanding
Amount/volume
balance
Nature, terms and conditions
$62,053,724
3,376,208
373,064
2,724,118
311,043
737,068
17,375

equipment
and other charges
and expenses
and other charges
For the three months ended September 30, 2013

(Unaudited)
Outstanding
Amount/volume
balance
$28,845,001
753,265
134,763
1,121,412
97,611
209,205
17,375

Equipment
and other charges
and expenses
and other charges
Category
Parent Company
accrued expenses
Prepaid and other

current assets
Amount/volume
As of December 31, 2013

(Audited)
Outstanding
balance
$8,841,147
373,574
Outstanding balance related to

above transactions; 20-day
non-interest bearing,
unsecured; to be settled in
cash
Returns of raw materials and
property and equipment;
30-day non-interest bearing,
unsecured
Remuneration of key management personnel

Total remunerations of key management personnel consist of short term employee benefits amounting to
$1,133,663 and $1,142,443 for the three months ended September 30, 2014 and 2013, and $2,471,332 and
$2,533,185 for the nine months ended September 30, 2014 and 2013, respectively.
There are no agreements between the Company and any of its directors and key officers providing for
benefits upon termination of employment.
13. Other Manufacturing Costs

Other manufacturing costs consist of:
Utilities
Production consumables
Service fee
Spare parts, tools and jigs
Indirect labor (Note 16)
Repairs and maintenance
Insurance
Production supplies
Rent
Jigs and tools
Taxes and dues
Communications
Miscellaneous
Three Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$2,072,320
$2,049,731
1,506,463
1,521,170
1,161,049
1,163,529
569,517
1,190,639
687,044
661,584
304,574
405,069
107,716
105,237
61,118
97,169
66,476
65,269
64,736
72,016
59,946
46,784
24,589
25,773
238,649
255,619
6,924,197
$7,659,589
Nine Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$5,902,478
$5,963,576
4,325,241
4,976,545
3,590,259
3,431,120
1,529,545
3,166,757
1,937,187
1,900,785
840,984
1,134,687
376,159
392,235
157,480
233,210
207,492
195,016
103,418
128,125
114,889
107,373
78,020
71,998
621,274
764,635
$19,784,426
$22,466,062
14. General and Administrative Expenses

General and administrative expenses consists of:
Salaries, wages and benefits (Note 16)

Outside services
Professional fees
Taxes and licenses
Insurance
Repairs and maintenance
Entertainment, amusement and recreation
Supplies
Communications, light and water
Rent
Transportation and travel
Miscellaneous
Three Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$378,203
$437,596
170,900
186,351
119,962
120,011
8,627
57,573
16,944
125,337
42,776
41,582
24,384
40,839
17,957
22,165
20,906
14,792
14,987
16,458
10,930
21,860
7,745
7,620
39,719
22,017
$874,040
$1,114,201
Nine Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$1,105,099
$1,096,022
522,280
534,977
360,207
361,195
95,484
185,648
47,172
154,292
175,755
129,366
125,520
103,474
70,724
76,402
73,291
55,955
46,507
50,110
25,533
46,033
23,606
22,139
56,780
118,263
$2,727,958
$2,933,876
Three Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$1,324,764
$1,052,500
275,738
175,705
209,205
146,529
$1,809,707
$1,374,734
Nine Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$4,004,450
$3,303,880
737,068
473,413
1,865,734
319,323
$6,607,252
$4,096,616
Three Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$41,479
$112,070
17,015
36,113
6,149
5,949
19,543
146,213
$84,186
$300,345
Nine Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$115,104
$349,550
55,628
100,908
17,822
17,785
32,884
221,253
$221,438
$689,496
Three Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$30,099
$469,815
25,676
116,828
$55,775
$586,643
Nine Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$250,807
$271,387
106,792
356,721
$357,599
$628,108
15. Finance Cost/Other Income/Expense

Finance costs consist of:
Interest expense
Guarantee fee
Fair value loss
Other income consists of:
Interest income
Income from sale of scrap
Rental income
Miscellaneous
Other expense consists of:
Foreign currency exchange loss - net

Miscellaneous
16. Salaries and Employee Benefits

The details of salaries and employee benefits for the nine months ended September 30 follow:
Salaries and wages

Employee benefits
Three Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$1,535,097
$1,540,637
712,959
690,713
Nine Months Ended

September 30
2013
2014
$4,443,157
$4,397,653
1,998,794
1,896,373
$2,231,350
$6,294,026
$2,248,056
$6,441,951
Salaries and wages and employee benefits included in cost of goods sold and general and administrative
expenses amounted to$1,793,754 and $437,596 for the three months ended September 30, 2014,
respectively, and $5,198,004 and $1,096,022, respectively, for the nine months ended September 30, 2014.
For the three months ended September 30, 2013, salaries and wages and employee benefits in cost of
goods sold and general and administrative expenses amounted to$1,869,853 and $378,203, respectively,
and $5,336,852 and $1,105,099, respectively, for the nine months ended September 30, 2013.
17. Fair Value Measurement

PFRS 13 requires disclosures relating to fair value measurements using a three-level fair value hierarchy.
The level within which the fair value measurement is categorized in its entirety is determined on the basis
of the lowest level input that is significant to the fair value measurement. Assessing the significance of a
particular input requires judgment, considering factors specific to the asset or liability.
The following table shows financial instruments recognized at fair value, categorized between those whose
fair value is based on:
Level 1: Quoted prices in active markets for identical assets or liabilities;
Level 2: Other techniques for which all inputs that have a significant effect on the recorded fair value
are observable, either directly or indirectly; and
Level 3: Techniques that use inputs that have a significant effect on the recorded fair value that are not
based on observable market data.
The Companys financial instruments comprise of cash and cash equivalents, trade and other receivables,
refundable deposits, accounts payable and accrued expenses. Due to the short term nature of these
accounts,
the carrying amount approximates fair value.
The Derivative financial asset amounting to $131,724 and $451,047 as of September 30, 2014 and
December 31, 2013, respectively, in the interim statements of financial position is the only financial
instrument carried at fair value and is classified under Level 3 in the fair value hierarchy. The fair value
of loans payable carried at amortized cost amounted to $86,202,812 and $98,193,447 as of
September 30, 2014 and December 31, 2013, respectively, is categorized under Level 3 in the fair value
hierarchy. There were no transfers between levels of the fair value hierarchy in 2014 and 2013.
The fair value of the Companys embedded derivative financial asset and loans payable which fair value is
disclosed, are measured using interest rate binomial tree method for valuing call, put and prepayment
options embedded in host debt contracts. The method incorporates various inputs such as the following:
a) USD yield curve
b) Volatility of USD interest rates based on historical data
c) Credit spread from most recent quotes from banks
Valuation is performed on a quarterly basis for internal reporting purposes and is performed by the
Companys own internal valuer. The Company decides whether the fair value can be determined reliably,
which valuation method should be applied and the assumptions made for unobservable inputs used in the
valuation methods. The Company further performs an analysis to determine if the change in fair value is
reasonable by comparing the change in fair value with relevant external resources.
As of September 30, 2014 and December 31, 2013, the Company used the volatility of 25.00% and credit
spread of 3.90% in the valuation which are considered as significant unobservable inputs. The 5.00%
increase in the volatility used in the valuation of derivative financial asset would result in increase in fair
value of $48,656 and $113,397; while the 5.00% decrease would result in decrease in fair value of $46,621
and $113,658 as of September 30, 2014 and December 31, 2013, respectively. The 1.00% increase in the
credit spread would result in increase in fair value of $6,699 and $91,662; while the decrease in credit
spread would decrease the fair value by $5,170 and $94,381 as of September 30, 2014 and
December 31, 2013, respectively.
18. Financial Risk Management Objectives and Policies

The Company has various financial assets such as cash and cash equivalents, trade and other receivables,
nontrade receivables and refundable deposits, which arise directly from normal operations.
The Companys principal financial liabilities consist of accounts payable and accrued expenses, interest
payable and loans payable. The main purpose of these financial liabilities, except loans payable, is to raise
working capital for the Companys operations. The main purpose of the loan payable is to finance the
construction of the Companys plant and administration office and purchase and installation of machinery
and equipment.
The main risks arising from the Companys financial instruments are market risk, credit risk and liquidity
risk. The management reviews the procedures and agrees policies for managing each of these risks as
summarized below:
Foreign currency risk
As of September 30, 2014 and December 31, 2013, the foreign-currency denominated financial assets and
financial liabilities in original currencies and their U.S. Dollar equivalents are as follows:
September 30, 2014
(Unaudited)
Financial assets
Cash and cash equivalents
Loans and receivables:
Nontrade receivables from
CDC
Refundable deposits
Receivable from employees
Other receivables
Financial liabilities
accrued expenses
Trade
Accrued expenses
Others (nontrade)
PHP
JPY
Equivalents in
USD
P
= 11,340,155
JPY
$252,677
832,501,127
63,142,881
1,320,000
2,532,313
P
= 910,836,476
JPY
18,549,489
1,406,927
29,412
56,424
$20,294,929
P
= 21,029,429
64,650,487
3,640,042
89,319,958
P
= 821,516,518
JPY22,789,500
22,789,500
(JPY22,789,500)
$676,789
1,440,519
81,106
2,198,414
$18,096,515
September 30, 2013

(Unaudited)
Financial assets
CDC
Refundable deposits
Other receivables
accrued expenses
Trade
Accrued expenses
Others (nontrade)
PHP
JPY
Equivalents in
USD
=40,190,383
P
JPY
$923,068
395,819,655
63,598,401
2,722,500
5,724,499
508,055,438
9,090,943
1,460,689
62,529
131,477
$11,668,706
13,350,812
102,151,456
2,303,889
117,806,157
=390,249,281
P
22,543,000
22,543,000
(JPY22,543,000)
556,460
2,346,152
52,914
2,955,526
$8,713,180
December 31, 2013

(Audited)
Financial assets
CDC
Refundable deposits
Other receivables
accrued expenses
Trade
Accrued expenses
Others (nontrade)
PHP
JPY
Equivalents in
USD
=30,333,187
P
JPY
$683,187
634,052,985
63,502,881
1,462,500
6,496,169
735,847,722
14,280,473
1,430,245
32,939
146,310
16,573,154
17,871,753
60,066,051
2,494,064
80,431,868
=655,415,854
P
6,063,650
6,063,650
(JPY6,063,650)
460,393
1,309,147
56,173
1,825,713
$14,747,441
The following table demonstrates the sensitivity to a reasonably possible change in the U.S. DollarPhilippine Peso and U.S Dollar - Japan Yen exchange rates, with all variables held constant, of the
Companys income before income tax (due to changes in the fair value of monetary assets and liabilities)
for the nine months ended September 30, 2014 and 2013:
2014
(Unaudited)
2013
(Unaudited)
Increase/decreas Effect on income

e in PHP rate before income tax
+1%
($183,047)
-1%
183047
+1%
-1%
(89,630)
89,630
Increase/decreas Effect on income

e in JPY rate before income tax
+1%
$2,082
-1%
(2,082)
2014
(Unaudited)
2013
(Unaudited)
+1%
-1%
2,498
(2,498)
The sensitivity analysis has been prepared on the basis that the proportion of financial instruments in
foreign currencies is constant.
The exchange rate used to restate the Companys PHP-denominated assets and liabilities is P
= 44.88 to
$1.00 as of September 30, 2014 and P
=44.40 to $1.00 as of December 31, 2013. For the Companys JPYdenominated liabilities, the exchange rate used is JPY109.45 as of September 30, 2014 and JPY104.77 to
$1.00 as of December 31, 2013. There is no other impact on the Companys other comprehensive income
other than those already affecting the income before income tax.
Interest rate risk
The Companys exposure to the risk of changes in market interest rates relates primarily to the Companys
loans payable with BDO with floating interest rate.
The following table sets forth, for the period indicated, the sensitivity to reasonably changes in interest
rates with all other variables held constant for the nine months ended September 30, 2014 and 2013:
Changes in basis Effect on income
points before income tax
+1%
$589,440
-1%
(589,440)
2014
(Unaudited)
2013
(Unaudited)
+1%
-1%
729,543
(729,543)
Credit Risk
Risk concentrations of the maximum exposure to credit risk
As of September 30, 2014 and December 31, 2013, receivables from Samsung, which specializes in digital
appliances and media, semiconductors, memory and system integration, amounted to $20,432,220 and
$19,858,783 respectively.
Credit quality per class of financial assets
The table below shows the credit quality of the Companys neither past due nor impaired loans and
receivables.
September 30, 2014
(Unaudited)
Cash in banks
Refundable deposits
Nontrade receivables from CDC
Neither past due nor impaired

High grade
Standard grade
$27,454,100
$
20,432,220
1,454,761
18,549,490
$67,890,571
433,831
$433,831
Total
$27,454,100
20,866,051
1,454,761
18,549,490
$68,324,402
December 31, 2013

(Audited)
Cash in banks
Refundable deposits
Nontrade receivables from CDC
Neither past due nor impaired

High grade
Standard grade
$23,082,954
$
Total
$23,082,954
19,858,783
1,607,557
14,280,473
$58,829,767
21,141,915
1,607,557
14,280,473
$60,112,899
1,283,132
$1,283,132
Liquidity Risk
The table below summarizes the maturity profile of the Companys financial assets and liabilities as of
September 30, 2014 and December 31, 2013 based on undiscounted cash flows:
On demand
Financial assets
Loans and receivables
Nontrade receivable from
CDC
Refundable deposits
Accounts payable and accrued
expenses**
Trade
Accrued expenses
Others
Loans payable including interest
September 30, 2014

(Unaudited)
Less than 3
3 to
months
12 months
More than
12 months
Total
$10,972,604
$16,484,400
$27,457,004
20,432,220
433,831
20,866,051
$10,972,604
$36,916,620
12,821,030
31,331
$13,286,192
6,068,531
1,423,430
$7,491,961
$20,917,235
1,358,840
93,106
$22,369,181
$
255,030
4,381
20,750,000
$21,009,411
65,734,899
$65,734,899
$20,917,235
1,613,870
97,487
86,484,899
$109,113,491
More than
12 months
Total
18,889,561*
1,454,761
$68,667,377
*Maturities are based on managements assessment on the estimated timing of collection (see Note 3)
**Excluding statutory liabilities amounting to $252,711.
On demand
Financial assets
Loans and receivables
Nontrade receivable from
CDC
Refundable deposits
Accounts payable and accrued
expenses**
Trade
Accrued expenses
Others
Loans payable including interest
December 31, 2013

(Audited)
Less than 3
3 to
months
12 months
$3,388,259
$19,786,407
$23,174,666
19,858,783
1,283,132
21,141,915
$3,388,259
$39,645,190
169,187
$1,452,319
14,862,542
1,438,370
$16,300,912
$14,280,195
1,431,094
56,171
6,523,836
$22,291,296
$
8,191
4,415
19,278,243
$19,290,849
89,311,554
$89,311,554
*Maturities are based on managements assessment on the estimated timing of collection (see Note 3)
**Excluding statutory liabilities amounting to $236,173
14,862,542*
1,607,557
$60,786,680
$14,280,195
1,439,285
60,586
115,113,633
$130,893,699
Capital management
There were no changes made in the objectives, policies or processes for managing capital for the nine
months ended September 30, 2014 and 2013.
The Company is not subject to externally imposed capital requirements.
19. Income Taxes

The Companys provision for income tax consists of:
Three Months Ended September
30
2013
2014
(Unaudited)
(Unaudited)
RCIT at 30%
MCIT at 2%
Gross income tax at 5%
Current tax
Deferred tax
Provision for income tax
$
702
391,264
391,966
144,910
$536,876
369,948
369,948
48,098
$418,046
Nine Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$
3,507
1,105,199
1,108,706
52,212
$1,160,918
973,881
973,881
368,192
$1,342,073
The components of the Companys net deferred income tax assets and liabilities are as follows:
Deferred income tax assets:

Provision for interest expense
Unamortized accretion of interest on nontrade
receivable from CDC
Provision for bonuses and other benefits
MCIT
Deferred income tax liability:
Effect of changes in foreign exchange rates on
nonmonetary assets
September 30,
2014
(Unaudited)
December 31,
2013
(Audited)
$38,061
$45,078
18,378
8,412
3,507
30,720
10,730
(160,093)
($91,735)
(126,051)
($39,523)
The table below shows the reconciliation between the provision for income tax at statutory tax rate to the
provision for income tax in the interim statements of comprehensive income:
Three Months Ended
September 30
2013
2014
(Unaudited)
(Unaudited)
Income tax at statutory income tax
rate
Additions to (reductions in) income
taxes resulting from:
Effect of income from CFZ
registered activities
Nontaxable income
Income subjected to final tax
Nondeductible expenses
Functional currency differences
Nine Months Ended

September 30
2013
2014
(Unaudited)
(Unaudited)
$1,417,294
$1,334,719
$4,354,480
$2,882,781
(1,071,727)
(43,397)
(8,432)
102,830
140,308
$536,876
(1,070,761)
(77,247)
(12,443)
198,456
45,322
$418,046
(3,144,798)
(92,582)
(30,809)
40,585
34,042
$1,160,918
(2,097,905)
(133,616)
(34,531)
357,562
367,782
$1,342,073
20. Notes to Cash Flow Statements

For the nine months ended September 30, 2014 and 2013, the Company acquired certain property and
equipment that remained unpaid as of balance sheet date amounting to $4,193,930 and $112,331
respectively.
21. Earnings per Share (EPS)

Basic and diluted EPS for the nine months ended September 30 were computed as follows:
Three Months Ended
September 30
2014
2013
(Unaudited)
(Unaudited)
Net income for basic and diluted
EPS
Weighted average number of
shares outstanding for basic
and diluted EPS
Basic/diluted earnings per share
Nine Months Ended

September 30
2014
2013
$4,187,438
$4,034,097
$13,354,015
2,002,644,111
$0.0021
2,002,644,109
$0.0020
2,002,644,110
$0.0067
$8,267,197
2,002,644,10
9
$0.0041
As of September 30, 2014 and December 31, 2013, there were no outstanding dilutive potential shares.
22. Operating Segment

For management purposes, the Company is organized and managed as one business segment. The
Companys business is the manufacture, assembly, test and warehousing of semiconductor and memory
devices and applications and related products which accounted for the majority of the Companys total
revenue. Accordingly, the Company operates mainly in one reportable business and geographical
segment which is the Philippines.
23. Events After Reporting Period

On December 1, 2014, the Company listed its shares on the Philippine Stock Exchange. The Company
sold 162,380,000 primary common shares at an offer price of P
= 3.15 per share while the selling
shareholders sold 162,380,000 secondary common shares at the offer price of P
=3.15 per share.
Item 2. Management's Discussion and Analysis of Financial Position and Results of

Operations.
Business Overview
Phoenix Semiconductor Philippines Corp. (PSPC) was incorporated on January 27, 2010. It is engaged in the
construction, ownership and operation of a plant for the manufacture, assembly, test and warehousing of
semiconductor and memory devices and applications and related products, as well as the performance of
related or incidental activities thereto. PSPC provides turnkey solutions that include wafer back grinding,
assembly and packaging, final testing of semiconductor devices, and delivery and shipment to its customer.
PSPC is a technology-oriented enterprise whose vision is to strive to become the worlds best semiconductor
company. It aims to achieve this vision through constant innovation in technology for manufacturing its
products and continuous improvement of its processes with focus on quality control, customer satisfaction and
cost competitiveness.
PSPC started its commercial operations in February 2011 and has since been awarded as one of the top
exporters within the Clark Freeport Zone
Financial Position
Phoenix Semiconductor Philippines Corp. balance sheet continues to be solid with total assets of US$193.01
million as of September 30, 2014. The Company remains liquid with current assets amounting to US$75.26
million as against its current obligations of US$44.78 million, resulting in current ratio of 1.68:1 as of
September 30, 2014.
Total receivable for the amount corresponding to the power subsidy amounting to US$18.55 million as of
September 30, 2014 represents the Company's advances to the electricity service provider covering the
Government's subsidy for its electricity charges. Out of the US$18.55 million, the Company expects to receive
collection from the receivable for the amount corresponding to the power subsidy amounting to US$12.60
million by the end of the first quarter of 2015, on the basis of CDC confirmation of the approval by the
Congress of the 2014 National Budget which includes the amount which, according to CDC, was intended for
payment of the power subsidy advanced by the Company.
The Companys total liabilities amounted to US$110.02 million as of September 30, 2014 from US$118.55
million as of December 31, 2013, resulting to a Debt-to-Equity Ratio of 1.33:1.
Non-current liabilities amounting to US$65.24 million as of September 30, 2014 is composed significantly of
loans payable to BDO Unibank, Inc. totaling US$64.89 million. These loans refer to the loan agreements
executed by the Company with BDO on March 23, 2011 and May 24, 2013.
Return on equity was at 16% for the nine months ended September 30, 2014.
Results of Operations for the Nine Months Ended September 30, 2014
Phoenix Semiconductor Philippines Corp. continued to deliver steady growth in the first nine months of 2014
as net income grew by 61.53% from US$8.27 million to US$13.35 million in the same period in 2013.
Revenues for the first nine months of 2014 reached US$171.14 million, 10.91% higher than the total revenue
earned during the same period in 2013. Revenues from sales increased by 10.92% from US$153.55 million for
the nine months ended September 30, 2013 to US$170.31 million for the same period in 2014 driven by the
increase in demand for memory modules.
Cost of sales which includes raw materials used, depreciation, direct labor and other manufacturing costs,
increased by 10.68% due to the 12.85% increase in raw materials used and 13.55% increase in other
manufacturing cost as a result in increase in demand for memory module.
General and administrative expenses, which consist of salaries, wages and benefits, outside services,
depreciation, professional fees, representation fees, communication and other admin-related expenses,
increased by 7.55%.
Finance cost for the nine months ended September 30, 2014 decreased by 38% from US$6.61 million in 2013
to US$4.10 million in 2014. Finance costs include interest expense, guarantee fee and fair value loss on
derivatives related to BDO Loan.
Other income for the period, which is composed of interest income, income from scrap, rental income and
miscellaneous income, increased by 211.37% from US$221K for the nine months ended September 30, 2013 to
US$689K for the same period in 2013. Other expenses, on the other hand, which included exchange rate loss
and other miscellaneous expenses, increased by 75.65% from US$358K in 2013 to US$628K in 2014.
Income before income tax improved by 51.05%, from US$9.61 million for the nine months ended September
30, 2013 to US$14.51 million for the same period in 2014.
Material Changes (+/- 5% or more) in the Companys Financial Statements
Financial Position as at September 30, 2014 versus December 31, 2013
19% increase in cash and cash equivalents
Increase in cash and cash equivalents is attributable to the following: (a) cash flows from operating activities
amounting to US$29.18 million; (b) net cash used in investing activities amounting to US$4.33 million as a
result of the Companys advances to electricity provider covering the government subsidy for electricity
charges and US$4.37 million acquisition of property and equipment; and (c) US$16.56 million used for the
payment of bank loan and dividends.
16% increase in inventories
Increase in inventories was attributable to the increase in raw material and sub-material purchases for memory
module products and component products, respectively.
1470% increase in prepayments and other current assets
The significant increase in the account is significantly attributable to the reclassification from the non-current
to the current portion of the nontrade receivable from CDC representing the government power subsidy and the
additional advances made by the Company to electricity provider for the government subsidy portion in 2014,
which the Company expects to collect within the next twelve months.
71% decrease in derivative financial asset (current and noncurrent)
The decrease is due to lower valuation of embedded derivative asset on the BDO loan.
5% decrease in property, plant and equipment, net
Decrease in property, plant and equipment was mainly attributed to the 34% increase in accumulated
depreciation.
49% decrease in other non-current assets
Decrease in other non-current assets was attributed by the reclassification of the current portion of the nontrade
receivable from CDC representing the government power subsidy which the Company expects to collect by
first quarter of 2015.
43% increase in accounts payable and accrued expenses
Increase in accounts payable and accrued expenses was due to the increase of raw material purchases and
additional machinery and equipment purchased during the period.
16% decrease in interest payable

Decrease in interest payable was directly attributed to the decrease in principal loan balance resulting from
payments during the period.
14% decrease in income tax payable
The decrease in income tax payable was due to lower provision for income tax.
15% decrease in loans payable (current and noncurrent)
Decrease in loans payable was directly attributable to the principal repayments made during the period. Total
payments on loans for the nine months ended September 30, 2014 amounted to $15.56 million.
35% increase in retirement liability
Increase in retirement liability resulted from additional accrual recorded for the nine months ended September
30, 2014.
100% increase in other noncurrent liabilities
The increase was due to the recognition of rent payable in relation to the non-cancellable operating lease
agreement entered into with CDC covering the land for its plant and administration offices.
132% increase in deferred income tax liability - net
Increase in deferred income tax liability was due to the increase in foreign exchange differences on nonmonetary assets.
48% increase in retained earnings
Increase of retained earnings was due to the net income earned for the nine months ended September 30, 2014,
offset by the dividends paid during the period amounting to US$1.0 million.
Results of Operations for the Nine Months Ended September 30, 2014 Compared to the Nine Months Ended
September 30, 2013
11% increase in sales revenue
Increase in sales revenue was attributed to the increase in sales of higher density products such as servers and
modules.
41% increase in other revenue
Increase in other revenue was attributed to the increase in high value scrap sales.
11% increase in cost of sales
The increase is due to the increase in raw materials used in production and other manufacturing costs such as
production consumables and spare parts used in the production of higher density products in view of the
increase in sales.
13% increase in gross profit
Increase in gross profit resulted from the increase of sales revenue (product sales).
8% increase in general and administrative expenses
Increase in general and administrative expenses was directly attributable to professional fees and other fees
incurred in relation to the Companys initial public offering.
38% decrease in finance cost
The decrease in finance cost was due to the decrease interest expense on loans payable to BDO Unibank, Inc.
as well as the related guarantee fee consistent with the decrease in loans payable.
211% increase in other income
Increase was attributed to the increase in interest income from the accretion on nontrade receivable from CDC.
76% increase in other expense

The significant increase in other expense is directly attributable to the accounted depreciation of the leased
assets to STS.
14% decrease in provision for income tax
Decrease in the account resulted from the decrease in deferred tax on foreign exchange differences on
nonmonetary asset
62% increase in net income
Increase in income before income tax is mainly due to the increase in gross profit and other income, as well as
the decrease in finance costs.
Other Disclosures
A. Any known trends or any known demands,
commitments, events or uncertainties that will result
to or that are reasonably likely to result in the
registrants liquidity increasing or decreasing in any
material way
B. Any events that will trigger direct or contingent
financial obligation that is material to the company,
including any default or acceleration of an obligation
C. Material off-balance sheet transactions,
arrangements, obligations (including contingent
obligations), and other relationships of the company
with unconsolidated entities or other persons created
during the reporting period
D. Any material commitments for capital expenditures,
the general purpose of such commitments, and the
expected sources of funds for such expenditures
should be described
E. Any known trends, events or uncertainties that have
had or that are reasonably expected to have a material
favorable or unfavorable impact on net sales or
revenues or income from continuing operations
should be described
F. Any significant elements of income or loss that did
not arise from the registrant's continuing operations
None.
G. Any seasonal aspects that had a material effect on the

financial condition or results of operations
None.
H. Material events subsequent to the end of the interim

period that have not been reflected in the financial
statements for the interim period
Listing of 162,380,000 primary common

shares and 162,380,000 secondary
common shares in the Philippine Stock
Exchange on December 1, 2014. Shares
are sold to the public at Php3.15 per
share. The Company raised gross
proceeds of Php 511.50 million from the
primary offer.
None.
None.
None.
None.
None.
Key Performance Indicators

The Companys top five (5) key performance indicators are listed below:
Amounts in thousand US$, except ratios, and
where indicated
Debt to Equity Ratio
EBITDA
EBITDA Margin
Earnings per share
Return on Assets (ROA)
September 30,
2014
1.33x
32,807
19.17%
0.0067
6.99%
September 30, 2013
December 31, 2013
1.96x
30,025
19.46%
0.0041
4.29%
1.68x
-
Notes:
1.
It is a measure of a company's financial leverage calculated by dividing its total liabilities by stockholders' equity.
2.
Earnings before interest, tax, depreciation and amortization
3.
It shows earnings before interest, tax, depreciation and amortization (EBITDA) as a percentage of revenue.
4.
It is computed by dividing net income of the Company by the weighted average number of common shares issued and
outstanding during the year, adjusted for any subsequent stock dividends declared.
5.
It is the ratio of annual net income to average total assets of a business as of reporting date.
Supporting Computations:
Total Liabilities
Total Equity
September 30, 2014
September 30, 2013
December 31,
2013
110,021,915
127,765,892
118,552,235
82,988,720
65,308,486
70,634,705
1.33
1.96
1.68
EBITDA (Net Income + finance cost + Income tax + Depreciation + Amortization)

Net Income After Tax
Finance Cost
Depreciation
Amortization of Intangibles
EBITDA
13,354,015
8,267,197
4,096,616
6,607,252
1,160,918
1,342,073
14,103,149
13,720,322
91,850
87,863
32,806,548
30,024,707
EBITDA Margin
(EBITDA/Sales)
EBITDA
Sales
EBITDA Margin
32,806,548
30,024,707
171,142,585
154,302,809
19.17%
19.46%
Earnings per share (Net Income/Weighted Average. Number of Shares)

Net Income
Wtd. Ave Outstanding Shares
EPS
13,354,015
8,267,197
2,002,644,110
2,002,644,109
0.0067
0.0041
Return on Assets (ROA) (Net Income/Average Total Assets)

Net Income
13,354,015
8,267,197
Total Assets, beg
189,186,940
192,410,125
Total Assets, end
193,010,635
193,074,377
Average Total Assets
191,098,788
192,742,251
6.99%
4.29%
Return on Assets (ROA)
PART II - OTHER INFORMATION

A. New project or investments in another line of
business or corporation
B. Composition of Board of Directors
(as of September 30, 2014)
C. Performance of the corporation or

result/progress of operations
D. Declaration of dividends
E. Contracts of merger, consolidation or joint
venture; contract of management, licensing,
marketing, distributorship, technical assistance or
similar agreements
F. Offering of rights, granting of Stock Options and
corresponding plans therefore
G. Acquisition of additional mining claims or other
capital assets or patents, formula, real estate
H. Other information, material events or
happenings that may have affected or may affect
market price of security
I. Transferring of assets, except in normal course of
business
J. Other information not previously disclosed
None.
Mr. Byeongchun Lee - Chairman, President & CEO
Mr. Dongjoo Kim - Vice President & CFO
Mr. Kyuho Han - Director
Mr. Sanghoon Ha - Director
Mr. Seung Ug Lim - Director
Mr. Carlos R. Alindada - Director
Ms. Mary Delia Tomacruz - Director
Please see financial statements and managements
discussion on results of operations.
None.
None.
None.
None.
None.
None.
As disclosed in the Companys prospectus, gross and

net proceeds from the primary offer were estimated at
Php511.50 million and Php466.91 million, respectively.
The Company received actual gross proceeds
amounting to Php511.50 million from the primary
offering of 162,380,000 shares on December 1, 2014,
and incurred Php43.83 million IPO-related expenses,
resulting to actual net proceeds of Php467.67 million.
Schedule I: Reconciliation of Retained Earnings

RECONCILIATION OF RETAINED EARNINGS AVAILABLE FOR DIVIDEND
DECLARATION (ANNEX 68-C)
September 30, 2014
Unappropriated Retained Earnings, as adjusted to available for

dividend distribution, beginning
Net Income during the period closed to Retained Earnings
$ 25,634,725
13,354,015
Less:
Dividend declarations during the period
TOTAL RETAINED EARNINGS AVAILABLE FOR DIVIDEND, END
(1,000,000)
$ 37,988,740
Schedule II: Schedule of Effective Standards and Interpretations

SUPPLE MENTARY SCHEDULE OF ALL PHILIPPINE FINANCIAL REPORTING
STANDARDS (PFRSs) [which consist of PFRSs, Philippine Accounting Standards (PAS) and
Philippine Interpretations] effective as at
September 30, 2014
PHILIPPINE FINANCIAL REPORTING STANDARDS AND
INTERPRETATIONS
Effective as of September 30,2014
Framework for the Preparation and Presentation of Financial
Statements
Conceptual Framework Phase A: Objectives and qualitative
characteristics
PFRSs Practice Statement Management Commentary
Philippine Financial Reporting Standards
PFRS 1
(Revised)
First-time Adoption of Philippine Financial Reporting

Standards
Amendments to PFRS 1 and PAS 27: Cost of an
Investment in a Subsidiary, Jointly Controlled Entity or
Associate
Amendments to PFRS 1: Additional Exemptions for Firsttime Adopters
Amendment to PFRS 1: Limited Exemption from
Comparative PFRS 7 Disclosures for First-time Adopters
Amendments to PFRS 1: Severe Hyperinflation and
Removal of Fixed Date for First-time Adopters
Amendments to PFRS 1: Government Loans
Amendments to PFRS 1: Borrowing Costs
Amendments to PFRS 1: Meaning of Effective PFRS
PFRS 2
Share-based Payment
Amendments to PFRS 2: Vesting Conditions and
Cancellations
Amendments to PFRS 2: Group Cash-settled Share-based
Payment Transactions
Amendments to PFRS 2: Definition of Vesting Condition
PFRS 3
(Revised)
Business Combinations
Amendment to PFRS 3: Accounting for Contingent
Considerations in a Business Combination
Amendment to PFRS 3: Scope Exceptions for Joint
Arrangements
PFRS 4
Insurance Contracts
Amendments to PAS 39 and PFRS 4: Financial Guarantee
Contracts
PFRS 5
Non-current Assets Held for Sale and Discontinued

Operations
PFRS 6
Exploration for and Evaluation of Mineral Resources
Adopted
Not
Adopted
Not
Applicable

INTERPRETATIONS
PFRS 7
Financial Instruments: Disclosures

Amendments to PAS 39 and PFRS 7: Reclassification of
Financial Assets
Financial Assets - Effective Date and Transition
Amendments to PFRS 7: Improving Disclosures about
Financial Instruments
Amendments to PFRS 7: Disclosures - Transfers of
Financial Assets
Amendments to PFRS 7: Disclosures - Offsetting
Financial Assets and Financial Liabilities
Amendments to PFRS 7: Mandatory Effective Date of
PFRS 9 and Transition Disclosures
PFRS 8
Operating Segments
Amendments to PFRS 8: Aggregation of Operating
Segments and Reconciliation of the Total of the Reportable
Segments Assets to the Entitys Assets
PFRS 9**
Financial Instruments
Amendments to PFRS 9: Mandatory Effective Date of
PFRS 9 and Transition Disclosures
PFRS 10
Consolidated Financial Statements

Amendments to PFRS 10: Investment Entities
PFRS 11
Joint Arrangements
PFRS 12
Disclosure of Interests in Other Entities

PFRS 13
Fair Value Measurement (2013 Version)

Amendment to PFRS 13: Short-term Receivables and
Payables
Amendment to PFRS 13: Portfolio Exception
Philippine Accounting Standards

PAS 1
(Revised)
Presentation of Financial Statements

Amendment to PAS 1: Capital Disclosures
Amendments to PAS 32 and PAS 1: Puttable Financial
Instruments and Obligations Arising on Liquidation
Amendments to PAS 1: Presentation of Items of Other
Comprehensive Income
Amendments to PAS 1: Clarification of the Requirements
for Comparative Presentation
PAS 2
Inventories
PAS 7
Statement of Cash Flows
PAS 8
Accounting Policies, Changes in Accounting Estimates

and Errors
Adopted
Not
Adopted
Not
Applicable

INTERPRETATIONS
PAS 10
Events after the Reporting Period
PAS 11
Construction Contracts
PAS 12
Income Taxes
Amendment to PAS 12 - Deferred Tax: Recovery of
Underlying Assets
PAS 16
Property, Plant and Equipment

Amendment to PAS 16: Classification of Servicing
Equipment
Amendment to PAS 16: Revaluation Method
Proportionate Restatement of Accumulated Depreciation
PAS 17
Leases
PAS 18
Revenue
PAS 19
(Amended)
Employee Benefits
PAS 20
Accounting for Government Grants and Disclosure of

Government Assistance
PAS 21
The Effects of Changes in Foreign Exchange Rates
Amendments to PAS 19: Defined Benefit Plans: Employee

Contributions
Amendment: Net Investment in a Foreign Operation

PAS 23
(Revised)
Borrowing Costs
PAS 24
(Revised)
Related Party Disclosures
PAS 26
Accounting and Reporting by Retirement Benefit Plans
PAS 27
(Amended)
Separate Financial Statements
PAS 28
(Amended)
Investments in Associates and Joint Ventures
PAS 29
Financial Reporting in Hyperinflationary Economies
PAS 32
Financial Instruments: Disclosure and Presentation
Amendments to PAS 24: Key Management Personnel
Amendments to PAS 27: Investment Entities
Amendments to PAS 32 and PAS 1: Puttable Financial

Instruments and Obligations Arising on Liquidation
Amendment to PAS 32: Classification of Rights Issues
Amendments to PAS 32: Offsetting Financial Assets and
Financial Liabilities
PAS 33
Earnings per Share
PAS 34
Interim Financial Reporting

Amendment to PAS 34: Interim Financial Reporting and
Segment Information for Total Assets and Liabilities
PAS 36
Impairment of Assets
Amendments to PAS 36: Recoverable Amount Disclosures
for Non-Financial Assets
PAS 37
Provisions, Contingent Liabilities and Contingent Assets
Adopted
Not
Adopted
Not
Applicable

INTERPRETATIONS
PAS 38
Intangible Assets
Amendments to PAS 38: Revaluation Method
Proportionate Restatement of Accumulated Amortization
PAS 39
Financial Instruments: Recognition and Measurement

Amendments to PAS 39: Transition and Initial
Recognition of Financial Assets and Financial Liabilities
Amendments to PAS 39: Cash Flow Hedge Accounting of
Forecast Intragroup Transactions
Amendments to PAS 39: The Fair Value Option
Amendments to PAS 39 and PFRS 4: Financial Guarantee
Contracts
Financial Assets
Financial Assets Effective Date and Transition
Amendments to Philippine Interpretation IFRIC9 and
PAS 39: Embedded Derivatives
Amendment to PAS 39: Eligible Hedged Items
Amendment to PAS 39: Novation of Derivatives and
Continuation of Hedge Accounting
PAS 40
Investment Property
Amendment to PAS 40: Investment Property
PAS 41
Agriculture
Philippine Interpretations
IFRIC 1
Changes in Existing Decommissioning, Restoration and

Similar Liabilities
IFRIC 2
Members' Share in Co-operative Entities and Similar

Instruments
IFRIC 4
Determining Whether an Arrangement Contains a Lease
IFRIC 5
Rights to Interests arising from Decommissioning,

Restoration and Environmental Rehabilitation Funds
IFRIC 6
Liabilities arising from Participating in a Specific Market

- Waste Electrical and Electronic Equipment
IFRIC 7
Applying the Restatement Approach under PAS 29

Financial Reporting in Hyperinflationary Economies
IFRIC 8
Scope of PFRS 2
IFRIC 9
Reassessment of Embedded Derivatives

Amendments to Philippine Interpretation IFRIC9 and
PAS 39: Embedded Derivatives
IFRIC 10
Interim Financial Reporting and Impairment
IFRIC 11
PFRS 2- Group and Treasury Share Transactions
IFRIC 12
Service Concession Arrangements
IFRIC 13
Customer Loyalty Programmes
Adopted
Not
Adopted
Not
Applicable

INTERPRETATIONS
IFRIC 14
The Limit on a Defined Benefit Asset, Minimum Funding

Requirements and their Interaction
Amendments to Philippine Interpretations IFRIC- 14,
Prepayments of a Minimum Funding Requirement
IFRIC 15
Agreements for the Construction of Real Estate
IFRIC 16
Hedges of a Net Investment in a Foreign Operation
IFRIC 17
Distributions of Non-cash Assets to Owners
IFRIC 18
Transfers of Assets from Customers
IFRIC 19
Extinguishing Financial Liabilities with Equity

Instruments
IFRIC 20
Stripping Costs in the Production Phase of a Surface Mine
IFRIC 21
Levies
SIC-7
Introduction of the Euro
SIC-10
Government Assistance - No Specific Relation to

Operating Activities
SIC-12
Consolidation - Special Purpose Entities
SIC-13
Amendment to SIC - 12: Scope of SIC 12

Jointly Controlled Entities - Non-Monetary Contributions
by Venturers
SIC-15
Operating Leases - Incentives
SIC-25
Income Taxes - Changes in the Tax Status of an Entity or

its Shareholders
SIC-27
Evaluating the Substance of Transactions Involving the

Legal Form of a Lease
SIC-29
Service Concession Arrangements: Disclosures.
SIC-31
Revenue - Barter Transactions Involving Advertising

Services
SIC-32
Intangible Assets - Web Site Costs
Adopted
Not
Adopted
Not
Applicable
Schedule III: Conglomerate Map
Schedule IV: Financial Soundness Indicators

September
30, 2014
September 30,
2013
December 31,
2013
1. Current/Liquidity Ratios
a. Current Ratio
b. Quick Ratio
1.68
1.08
2.69
2.08
1.49
1.16
2. Debt Equity Ratio
1.33
1.96
1.68
3. Asset to Equity Ratio
2.33
2.96
2.68
4. Interest Rate Coverage Ratio
8.69
6.33
7.80%
5.36%
6.99%
17.39%
4.29%
13.51%
5. Profitability ratios
a. Net Income Margin
b. Return on Assets
c. Return on Equity
Computations:
1. Current/Liquidity Ratios
092014
a. Current Ratio (Current Assets/Current liabilities)

Current Assets
75,263,936
Current Liabilities
Current Ratio
44,777,827
1.68
092013
122013
71,978,180
56,820,592
26,713,385
2.69
38,115,211
1.49
b. Quick Ratio (CCE + Trade and Other Receivables)/Current Liabilities)

Cash and Cash Equivalents
Trade and Other Receivables
27,454,367
20,866,051
26,719,742
28,898,985
23,105,776
21,141,915
Total
Current Liabilities
48,320,418
44,777,827
55,618,727
26,713,385
44,247,691
38,115,211
1.08
2.08
1.16
110,021,915
82,988,720
1.33
127,765,892
65,308,486
1.96
118,552,235
70,634,705
1.68
193,010,635
82,988,720
2.33
193,074,377
65,308,486
2.96
189,186,940
70,634,705
2.68
Quick Ratio
2. Debt Equity Ratio (Total liabilities/SHE)
Total liabilities
Stockholder's Equity
Debt Equity Ratio
3. Asset to Equity Ratio (Total Assets/SHE)
Total Assets
Stockholder's Equity
Asset to Equity Ratio
4. Interest Rate Coverage Ratio (EBITDA/Interest Expense)
Net Income After Tax

Finance Cost
Depreciation
September
30, 2014
13,354,015
4,096,616
1,160,918
14,103,149
September 30,
2013
8,267,197
6,607,252
1,342,073
13,720,322
Amortization of Intangibles
EBITDA
91,850
32,806,548
87,863
30,024,707
Interest Expense*
Interest Rate Coverage Ratio
3,777,293
8.69
4,741,518
6.33
*This includes interest expense and guarantee fee (see Note 15)
5. Profitability ratios
a. Net Income Margin (Net Income/Revenue)
Net Income
Revenue
Net Income Margin
13,354,015
171,142,585
7.80%
8,267,197
154,302,809
5.36%
13,354,015
189,186,940
193,010,635
191,098,788
6.99%
8,267,197
192,410,125
193,074,377
192,742,251
4.29%
c. Return on Equity (Net Income/Ave Shareholder's Equity)

Net Income
13,354,015
Shareholders Equity, beginning
70,634,705
Shareholders Equity, end
82,988,720
Average Shareholder's Equity
76,811,713
8,267,197
57,041,290
65,308,486
61,174,888
b. Return on Assets (Net Income/Total Assets)

Net Income
Total Assets, beg
Total Assets, end
Average Total Assets
Return on Assets
Return on Equity
17.39%
13.51%
ANNEX A
Aging of Trade Accounts Receivables
AS OF SEPTEMBER 30, 2014
Date
Customer
Currency
9/30/2014
Samsung Electronics Co., Ltd.
USD
Total Trade Accounts Receivable (see Notes to FS Item 5)
Source
20,432,220
20,432,220
Functional
20,432,220
20,432,220
0 to 30 days
20,432,220
20,432,220
31 to
60
days
61 to 90
days
Over 90
days

PSPC 17Q - Sept2017

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SEC Number: CS201000985

File Number: ____________

Panday Pira Avenue, corner Creekside Road,

(045) 499-1741 / (045) 499-1742

September 30, 2014

SEC Form 17-Q Quarterly Report

SECURITIES AND EXCHANGE COMMISSION

SEC FORM 17-Q

1. For the quarterly period ended September 30, 2014

(SEC Use Only)

7. Address of issuer's principal office and postal code

Number of shares issued and outstanding

11. Are any or all of the securities listed on a Stock Exchange?

Notes to Unaudited Interim Financial Statements

Supplementary Schedules (please see attached schedules)

Reconciliation of Retained Earnings

Aging of Trade Accounts Receivables (please refer to attached Annex A)

Material changes (+/- 5% or more) in the Companys financial statements

PART II - OTHER INFORMATION

(Companys Full Name)

(Business Address: No. Street City/Town/Province)

Mr. Kyuho Han

(Company Telephone Number)

(Secondary License Type, If Applicable)

Dept. Requiring this Doc.

Amended Articles Number/Section

Total Amount of Borrowings

To be accomplished by SEC Personnel concerned

Part I. Financial Information

Phoenix Semiconductor Philippines Corp.

Unaudited Interim Condensed Financial Statements

PHOENIX SEMICONDUCTOR PHILIPPINES CORP.

LIABILITIES AND EQUITY

See accompanying Notes to Interim Condensed Financial Statements.

PHOENIX SEMICONDUCTOR PHILIPPINES CORP.

Three Months Ended

Nine Months Ended

OTHER COMPREHENSIVE INCOME

TOTAL COMPREHENSIVE INCOME

COST OF GOODS SOLD

INCOME BEFORE INCOME TAX

EARNINGS PER SHARE (Note 21)

See accompanying Notes to Interim Condensed Financial Statements.

PHOENIX SEMICONDUCTOR PHILIPPINES CORP.

Balances at January 1, 2014

See accompanying Notes to Interim Condensed Financial Statements.

PHOENIX SEMICONDUCTOR PHILIPPINES CORP.

EFFECT OF EXCHANGE RATE CHANGES ON CASH

NET INCREASE IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT JANUARY 1

PHOENIX SEMICONDUCTOR PHILIPPINES CORP.

Summary of Significant Accounting Policies

Significant Accounting Judgments and Estimates

Cash and Cash Equivalents

Trade and Other Receivables

Trade accounts receivables

Prepayments and Other Current Assets/Other Noncurrent Assets

Nontrade receivable from CDC

Other noncurrent assets consist of:

Nontrade receivable from CDC

Property, Plant and Equipment

2014 (Nine Months)

2013 (One Year)