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COMPANY PROFILE

DEVELOPMENT BANK OF THE PHILIPPINES

The DBP, under its new charter, is classified as a development bank and
may perform all other functions of a thrift bank. Its primary objective is
to provide banking services principally to cater to the medium and long-
term needs of agricultural and industrial enterprises with emphasis on
small and medium-scale industries.

GOLDEN BRIA HOLDINGS, INC.

Golden Bria Holdings, Inc. (HVN), formerly Golden Haven, Inc., was incorporated on
November 16, 1982 and is mainly engaged in the
development and sale of memorial lots across various parts
of the Philippines. The Company likewise develops,
constructs and operates columbarium facilities.The
Company offers memorial lots at varying lot sizes and price points within each of its
existing memorial park and within those memorial parks presently in development. The
four basic lot packages are lawn lot; garden niche; family patio; and family estate.
Purchasers of a family estate lot can elect to construct a mausoleum, the design and
construction of which must conform to the Company's parameters as part of the terms of
the purchase. The Company also provides, as an additional service and at additional
cost to the client, construction and associated services for these mausoleums.

EASTERN SAMAR STATE UNIVERSITY

The University shall primarily provide advanced education, higher professional

and technological instruction and training in the fields of agriculture, arts and
sciences, business and industry, computer and information technology,
education, engineering, environmental sciences, fishery, forestry, law and
criminal justice, medicine and allied sciences, and other related fields of study. It shall intensify
its research and extension, and production functions and provide progressive leadership in its area
of specialization.
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Company Total Total Outstandi Year Majority Auditor Auditor Auditor's Audit Report
Name Assets Liabilities ng Shares End Stockholders Signing Opinion
Develop ₱505,349,9 ₱467,533,3 31-Dec There are no Emma V. Unqualified
ment 20 01 125,000,00 stockholders since Comissi Moises Opinion
Bank of 0 DBP is a on on
the government-owned Audit
Philippin company and it is a
es non-publicly listed
entity.
Golden ₱2,877,917 ₱1,559,861 494,117,64 31-Dec Jerry M. Navarette P&A Nelson J. Unqualified
Bria ,346 ,613 9 Grant Dinio Opinion
Holdings Maribeth C. Thorton
Inc. Tolentino
Joy J. Fernandez
Frances Rosalie T.
Coloma
Cynthia Marie S.
Delfin
Anna Marie V.
Pagsibigan
Garth F. Castañeda
Eastern ₱1,095,614 ₱54,949,39 n/a 31-Dec There are no Comissi Adelina A. Unqualified
Samar ,581 2 stockholders since on on Nerida Opinion
State Eastern Samar State Audit
Universit University is a
y government-owned
university and it is a
non-publicly listed
entity.
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Part 1.1 Types of Investments

Company: Development Bank of the Philippines
Non Publicly Listed Company

Bank premises, furniture, fixtures, and equipment

Bank premises, furniture, fixtures, and equipment, including leasehold improvements,
are stated at cost, less accumulated depreciation and amortization, and any impairment in
value.
It is initially measured at purchase price, less any discounts, plus any and all taxes
(on a net basis) and any directly attributable cost to bringing the asset to its working
condition and location for its intended use. Depreciation is computed based on a straight-line
method net of residual value equivalent to 10-percent of the acquisition or appraisal value
over the estimated useful life of the related assets; and starts after the completion/purchase
irrespective of the date within the month.
Financial assets at fair value through profit and loss
Financial Assets at Fair Value Through Profit and Loss is acquire principally for the
purpose of selling the asset in the near term or generating a profit for short-term fluctuations
in price or dealer’s margin. These assets are normally classified as current assets.
Initially recorded at fair value and subsequently still at fair or market value. Gains or
losses arising from change in fair value or market revaluation are credited or charged to
operations.
Financial assets available for sale – net
Financial assets Available-For-Sales (AFS) are purchased and held indefinitely,
which may be sold in response to liquidity needs or changes in interest rates, exchange
rates or equity prices. These securities may be classified as current or non-current
depending on whether they are held within one year or for more than a year.
Initially recorded at fair value plus transaction cost; Subsequently, still at fair or
market value. Unrealized gains or losses on market valuation or change in fair value are
reported as separate components in the Statement of Profit or Loss and Other
Comprehensive Income.
Financial assets held to maturity – net
Financial assets held to maturity investments are non-derivative financial assets with
a fixed or determinable payments and fixed maturities that the management has the positive
intention and ability to hold to maturity. As provided under PAS 239, if the Group decides to
sell or reclass more than an insignificant amount of held-to-maturity assets before maturity or
causes other than as a consequence of non-recurring isolated event beyond its control that
could not be reasonably anticipated, the entire category would be tainted and reclassified as
available-for-sale for the current and the next two financial reporting years. Such securities
are normally classified as non-current investments.
Initially recorded at fair value plus transaction cost; Subsequently, at amortized cost
using the effective interest method. Gain or losses on amortization or on sales are credited
or charged to the operations.
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Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of the
Group’s share in the net identifiable assets of the acquires subsidiary at the date of
acquisition. Goodwill on acquisitions of subsidiaries is included under Other Assets.

Computer Software

Computer Software represent cost of software licenses, application system software

and development fees. The amortization expense commence on the following month upon
100 percent completion of the software/project. Computer software are measured at cost
and amortized based on a straight line method with an expected useful life.

Costs associated with developing or maintaining computer software programs are

recognized as an expense when incurred. Costs that are directly associated with the
production of identifiable and unique software products controlled by the Parent Bank, and
that will probably generate economic benefits exceeding costs beyond one year, are
recognized as intangible assets. Direct costs include software development, employee costs
and an appropriate portion of relevant overheads.

Non-current assets held for sale (NCAHFS)

NCAHFS consist of real and other properties acquired (ROPA) through foreclosure of
mortgaged properties, dacion-en-pago arrangements, or Sales Contract Receivables (SCR)
rescissions, where foremost objective is immediate disposal generally under cash or term
sale transactions.

Initial carrying amount is computed as the outstanding balance of the loan less
allowance for impairment plus transaction costs, where allowance for impairment is set up if
the carrying amount exceeds the fair value of the ROPA.

Investment property

Investment property includes land and buildings acquired upon foreclosure which are
not immediately available for sale in the next 12 months. This is stated at cost less
accumulated depreciation.

It is also subject to regular impairment tests. An impairment loss is recognized for the
amount by which the property’s carrying amount exceeds its recoverable amount, which is
the property’s fair value less costs to sell and value in use.

Equity investments in subsidiaries – net

Subsidiaries are entities over which the Parent has the power to control its financial
and operating policies. The Parent Bank obtains and exercises control through voting rights.
Subsidiaries’ financial statements are consolidated with the Parent when the Parent has
control over it and cease to be consolidated on the date the Parent loses its control. The cost
of an acquisition is measured as the fair value of the assets given, equity instruments issued
and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to
the acquisition.
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Identifiable assets acquired and liabilities and contingent liabilities assumed in a

business combination are measured initially at their fair value at the acquisition date,
irrespective of the extent of any minority interest. The excess of the cost of acquisition over
the fair value of the group’s share of the identifiable net assets is recorded as goodwill.

Equity investments in associates and joint ventures – net

Associates and joint ventures are entities over which the Parent Bank has significant
influence but not control, generally accompanying a shareholding of between 20 percent and
50 percent of the voting rights. Investments in associates and joint venture in the
consolidated financial statements are accounted for under the equity method of accounting.
Under the equity method, the carrying amount is increased or decreased to
recognize the investor’s share of profit or loss of the investee after the date of acquisition.

Investments in subsidiaries, associates and joint ventures

Equity investments are account for at cost method in accordance with PAS 27. Under
cost method, income from investment is recognized in the Statement of Profit or Loss only to
the extent that the investor received distributions from accumulated net income of the
investee arising subsequent to the date of acquisition. Distribution received in excess of
such profits are recognized as reduction of the investment. The Parent Bank calculated the
amount of impairment or the difference between the recoverable amount and the carrying
value and the difference is recognized in profit or loss

Securities purchased under agreement to resell

Securities purchased under agreement to resell are treated as financing transactions
and are usually used to raise short-term capital. The securities are purchased by the Bank
with the agreement to sell them at a higher price at a specific future date. Initially recorded at
the amounts at which the securities will be subsequently resold.
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Company: Eastern Samar State University

Educational Institution

Property , Plant and Equipment (including biological assets)

In order for an asset to be classified as a Property, Plant and Equipment(PPE) it has

to be a tangible asset, held for use in production or supply of goods or services, for rentals to
others, or for administrative purposes and are expected to be used for one or more
reporting period. And a PPE is recognized as an asset if it is probable that future economic
benefits or service potential associated with the item will flow to the entity and the cost or fair
value of the item can be reliably measured.

Intangible Assets

Intangible assets is an identifiable non-monetary asset without physical

substance that possesses the three attributes specifically: Identifiability, Control and Future
economic benefits.
Intangible assets acquired separately are initially recorded at cost; Internally
generated intangible assets are expensed except capitalized development costs, and is
reflected in surplus and deficit in the period in which the expenditure is incurred; and
intangible asset acquired in a non-exchange transaction is at fair value at the date of
acquisition.
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Company: Golden Bria Holdings, Inc.

Listed Company

Property and equipment – net

Property and equipment are stated at cost less accumulated depreciation,
amortization and any impairment in value. The cost of an asset comprises its purchase price
and directly attributable costs of bringing the asset to working condition for its intended use.
Expenditures for addition, major improvement and renewals are capitalized while repairs are
charged to expense as incurred. Depreciation and amortization is computed on a straight-
line method over the estimated useful lives of the assets.
Construction in progress represents properties under construction and is stated at
cost. Leasehold improvements are amortized over the expected useful life, determined by
reference to comparable asset owned, or the term of the lease, whichever is shorter. Fully
depreciated and fully amortized are retained in the accounts until they are no longer in use
and no depreciation and amortization is made.
Investment Properties
Investment properties are properties held either to earn rental income or for capital
appreciation or for both, but not for sale in the ordinary course of business, use in the
production or supply of goods or services or for administration purposes. It is measure at
cost less an impairment in value.
Investment held as trust fund
As stated in the terms of the contract between the Company and the purchasers of
the memorial lots, a portion of the amount paid by the purchasers is set aside as Perpetual
Care Fund, a Trust Fund. As a practice in the industry, the amount turned over to the Trust
Fund is only for fully collected contracts in as much as the outstanding may still be forfeited
and/or rescinded.
The income earned from the Trust Fund will be used in the perpetual care and
maintenance of the memorial lots. Once transferred in the Trust Fund, all assets, liabilities
and expenses pertaining to the fund are considered distinct and separate from the Company
itself, thus, do not form part of the accounts of the Company.
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Part 1.2 General Observations on Investments

(Conservative or Aggressive)

As Development Bank of the Philippines, a bank institution and a non-public listed

entity, Golden Haven Memorial Park Incorporated considered as a publicly listed entity and
Eastern Samar State University as an educational institution, financial statements have been
prepared in compliance with the accounting principles, generally accepted principle. There
are some changes in their accounting policy and disclosure but does not incorporate
significant effect with regards on their financial statements. Financial assets are recognized
at initial measurement. The following entities acquire properties according to their nature.
Launching of more projects during the current year on Golden Haven Memorial Park Inc. as
a result on increase of their investment properties. However, for Eastern Samar State
Universityand Development of the Philippines, there are no major events and significant
variations in their investments in the current year compared to the previous year that may
greatly effect on their financial statements. Somehow, Eastern Samar State University, an
educational institution, invest on purchasing and construction of property, plants and
equipment, while on the other hand, Development Bank of the Philippines involves on
different investing activities such as securities purchased under agreement to resell, financial
assets at fair value through profit or loss, financial assets available for sale-net, financial
assets held to maturity-net, bank premises, furniture, fixtures and equipment-net,
Investment property-net, equity investments in subsidiaries-net, equity investment in
associates and joint ventures-net, non-current assets held for sale-net, and intangible
assets.

Moreover, Golden Haven Memorial Park Incorporated performs the more aggressive
part since its property and equipment show an increased by 473%, from P 24.79 million as
of December 31, 2015 to P141.97 million as of December 31, 2016 due to the on-going
construction of the Chapel and Crematorium amounting to P114.2 million classified as
property, plant and equipment. Investment properties increased by 547%, from P 41.33
million as of December 31, 2015 to P 267.31 million as of December 31, 2016 due to the
acquisitions of investment properties for expansion projects. Total stockholder’s equity
increased by P 883.37 million, or 203%, from P 434.66 million as of December 31, 2015 to P
1,318.02 million as of December 31, 2016. This change was primarily due to the 2371% or P
474.19 million increase in capital stock, and the P 628.93 million increase in additional paid-
in capital as part of the initial public offering, with the corresponding 53% or P 219.81 million
decrease in retained earnings due to dividends declared.
Development Bank of the Philippines and Eastern Samar State University plays the
conservative part. Based on their financial statements, they obtain investments but lesser as
compared to Golden Haven Memorial Park. In fact, there were only some insignificant
variations on their investment properties property, plant and equipment, investment in
equities between the previous year and current year. During 2016, Eastern Samar University
property, plant and equipment increases by 5.24% and intangible assets decreases by
10.19%. In Development Bank of the Philippines investments any gain or loss on disposal is
determined by comparing the proceeds with the carrying amount of the investment and
recognized in profit or loss.
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Part 2. Analytical Procedures

Horizontal Analysis and Reasons of Fluctuations
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Part 2.2 Fluctuations on Investments and related accounts

Company: DEVELOPMENT BANK OF THE PHILIPPINES

A. Financial assets at fair value through profit or less
 Debt Securities
Group and Parent: 91% decrease
A favorable fair value during the year for the financial assets measured at fair
value resulted, thus, encouraged the company to dispose some of its debt
securities.
 Equity Securities
Group and Parent: 15% decrease
Like the debt securities, equity securities were disposed during the year.
 Derivatives with positive fair value
Group and Parent: 99% decrease
A number of derivatives are disposed during the year which decreased the
account by 99%.
 Accrued Interest Receivable
Group and Parent: 49% decrease
A decrease in the amount of financial assets corresponds to a decrease in the
amount of interest receivable accrued at year end.

B. Financial assets available for sale – net

a. Debt Securities
Government:
 Treasury Notes
Group and Parent: 13% increase
Additions and fair value adjustments were made during 2015
 Retail Treasury Bonds
Group: 9% decrease Parent: 8% decrease
Disposal of retail treasury bonds was probably made during 2015 resulting to the
decrease of 884,604
 Treasury Bonds – ROP
Group and Parent: 10% increase
The decrease in the group and parent accounts amounting to 590,972 and
600,972, respectively indicates both disposal and fair value adjustments.
 Treasury Bonds – US
Group and Parent: 100% increase
The increase indicates an acquisition of treasury bonds - US measured at the
foreign exchange rate as of Decemeber 31, 2015
 Other Gov't Guaranteed Securities - PSALM/NPC/Indonesian Bonds
Group and Parent: 69% increase
The increase of 3,360,004 results from an acquisition of government securities
during 2015.
 Purchase Onshore Dollar Bonds, Pertamina Persero PT (PERU Bonds) and
State Bank of India Bonds
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Group and Parent: 100% decrease

The 100% decrease in the accounts indicates a full disposal of the bonds, thus,
the bond debtors already paid the amount in full during 2015.
 Industrial Credit and Investment Corp. of India Bank Ltd.
Group and Parent: 110% increase
The debt security held in Industrial Credit and Investment Corp. of India Bank
Ltd. Increase results from both an acquisition of additional securities and fair
value adjustments.
 Under Repurchased
Group and Parent: 52% increase
The increase results from an additional repurchase of debt securities amounting
to 3,812,062
 Global Peso Note
Group and Parent: 83% increase
An acquisition was made during 2015 amounting to 253,267.
Private
Group and Parent: 123% increase
Additional private debt securities were acquired during 2015.
b. Equity Securities:
 Private – Quoted
Group: 2% increase
The increase of the private quoted equity securities results from the fair value
adjustments at year end.
 Private – Unquoted
Group and Parent: 5% increase
An increase amounting to 335,001 results from an acquisition during 2015.
c. Accrued Interest Receivable
Group and Parent: 27% increase
The 27% increase in accrued interest receivable reflects the increase of all related
accounts.
d. Unearned Interest Income
Group and Parent: 5% decrease
The unearned interest income is decreased by 5% reflecting the effect of the accrued
interest receivable,thus, reducing the unearned interest income for 2015.
e. Allowance for Impairment
Group and Parent: 0% change
As disclosed in the notes to financial statements, during the year 2015, there were
several additions and disposal on the financial assets, on the other hand, at year
end, these assets were also valued at fair value resulting to a fair value adjustments
(decrease of 1,374, 199)

C. Financial assets held to maturity – net

Group and Parent: 104% increase
The notes to financial statement indicates that the movements of financial assets held to
maturity result from additions, maturities, exchange differences, amortization of
premium, accrued interest receivable and unearned interest income. (See note 12)
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D. Bank premises, furniture, fixtures and equipment – net

 Construction in Progress
Group: 778% increase Parent: 786% increase
The notes to financial statements indicate that the fluctuation results from an
addition of 228,476, disposal of 7,202 and an adjustment to cost of 4,089.

E. Investment Property – net

Group and Parent: 38% increase
The 38% change of the Investment Property is the net effect from addition,
reclassification and disposal as disclosed in the notes to financial statements.

F. Equity investment in subsidiaries – net

 DBP Leasing Corporation
Parent: 12% increase
During 2015, the parent company invested 120,000 to its subsidiary thus
increasing its investment by 12%.

G. Equity investment in associates and joint ventures – net

 Allowance for Impairment
Group and Parent: 239% increase

H. Non-current assets held for sale – net

Group and Parent: 74% decrease
A decrease of 423,920 is shown in the account reflecting the disposal made during
2015.

I. Intangible Assets
Group and Parent: 27% increase
An increase of 27% indicates an additional acquisition of intangible assets during 2015.
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Company: EASTERN SAMAR STATE UNIVERSITY

A. Property, Plant and Equipment
 Land Improvements (32% increase)
An acquisition of 8,097,367 was made during 2015.
 Infrastructure Assets (15% increase)
Infrastructure assets of 53,500 was acquired.
 Buildings and Other Structures (15% increase)
During 2015, buildings and other structures increase by 15% resulting
from an addition of 76,374,323.
 Machinery and Equipment (30% increase)
The net increase of 30% in the machinery and equipment is the net effect
of both the addition amounting to 6,516,569 and the recognized
depreciation for the year.

B. Intangible Assets – Internally Developed (10% decrease)

The net decrease of 10% is caused by the recorded amortization for the year of
the intangible asset.
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Company: GOLDEN BRIA HOLDINGS, INC.

A. Property and Equipment
 Leasehold Improvement (81% increase)
Leasehold improvements were acquired during the year. Accumulated
depreciation difference were caused by some assets that were fully
depreciated and by the leasehold improvements acquired.
 Service Vehicle (16% increase)
During 2015, an additional service vehicle was acquired amounting to
4,955,478, thus, resulting to an increase by 16% net of accumulated
depreciation.
 Service Equipment (35% increase)
The fluctuation of 35% is the net effect of the addition aomunting to
2,178,581 and the depreciation recognized for the year 2016.
 Park Maintenance Tools and Equipment (11% decrease)
The decrease of 11% is the net effect on the Park Maintainance account
due to the addition amounting to 1,635,229 and the recognized
depreciation for the year.
 Office Furniture, Fixtures and Equipment (5% decrease)
The 5% decrease for the year 2015 is the net effect of the additional Office
furnitures, fixtures and equipments amounting to 3,213,652 and the
depreciation charged for the year 2015.
 System Development Cost (45% decrease)
Net decrease of 45% is a result of both the acquisition and depreciation
charged to System Development Cost.
 Construction in Progress (100% increase)
The increase in Construction in Progress represents the costs of construction of
the Golden Haven Las Piñas Chapel and Crematorium.

B. Investment Property (547% increase)

During 2016, an acquisition of 225,962,080 was made resulting to an increase of 547%.

C. Investments Held as Trust Funds

 Investment in unit investment trust funds (90% decrease)
 Investment in government securities (100% decrease)
 Investment in other securities and debt instruments (93% decrease)
 Investments in Mutual Funds (100% increase)
Movements on these accounts held as trust fund reflect how much of the funds
are used for the purchaser of memorial lots. These funds are used in the
perpetual care and maintenance of the memorial lots.
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Part 3. Significant Disclosures

EASTERN SAMAR STATE UNIVERSITY

Note 3:Summary of Significant Accounting Principle
3.6.Property, Plant, and Equipment
Recognition
Measurement at Recognition
An item recognized as property, plant, and equipment is measured at cost.
A PPE acquired through non-exchange transaction is measure at its fair value as
at the date of acquisition.
The cost of the PPE is the cash price equivalent or, for PPE acquired through
non-exchange transaction its cost is its fair value as at recognition date.
Measurement After Recognition
After recognition, all property, plant, and equipment are stated at cost less
accumulated depreciation and impairment losses.
When significant parts of property, plant, and equipment are required to be
replaced at intervals; the University recognizes such parts as individual assets
with specific useful lives and depreciated them accordingly. Likewise, when a
major repair/replacement is done, its cost is recognized in the carrying amount of
the plant and equipment as a replacement if the recognition criteria are satisfied.
All other repair and maintenance costs are recognized as expense in surplus or
deficit as incurred.
Depreciation Method and Policy
The straight line method of depreciation is adopted unless another method is
more appropriate for agency operation. The University uses the Schedule on the
Estimated Useful Life of PPE by classification prepared by COA.The University
uses a residual value equivalent to at least five percent (5%) of the cost of the
PPE.
Impairment
An asset’s carrying amount is written down to its recoverable amount, or
recoverable service amount, if the asset’s carrying amount is greater than its
estimated recoverable service amount.
Intangible Assets Initial Recognition

 Intangible assets acquired separately

If payment for an intangible asset is deferred beyond normal credit terms, its cost
is the cash price equivalent. The difference between this amount and the total
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payments is recognized as interest expense over the period of credit unless it is

capitalized in accordance with the capitalization treatment permitted in PPSAS 5,
Borrowing Costs

 Intangible Assets Acquired through Non-Exchange Transactions

The cost of intangible assets acquired in a non-exchange transaction is their fair
value at the date these were acquired.

 Internally Generated Intangible Assets

Internally generated intangible assets are measured to the extent of capitalized
development cost.
Subsequent Measurement of Intangible Assets
The straight line method is adopted in the amortization of the expected pattern of
consumption of the expected future economic benefits or service potential of
intangible assets with finite useful life.
Intangible assets with indefinite useful life are not amortized but are subject to
assessment for impairment whenever there is an indication that the asset may be
impaired.
Note 9:Property, Plant, and Equipment
Land Infrastructure Building and Other Machinery and
Land Total
Improvements Assets Structures Equipment
Carrying Amount, January 1, 2016 5,659,104.40 21,890,202.27 340,265.80 416,632,017.64 401,179,234.01 845,700,824.12
Additions/Acqusitions - 8,097,367.48 53,500.00 76,374,323.42 6,516,568.70 91,041,759.60
Total 5,659,104.40 29,987,569.75 393,765.80 493,006,341.06 407,695,802.71 936,742,583.72
Disposals - - - - - -
Depreciation as per Statement of Financial Performance - (1,501,479.08) (1,694.17) (12,299,933.43) (32,930,424.42) (46,733,531.10)
impairment loss as per income statement - - - - - -
Carrying Amount, December 31, 2016 (As per Statement
of Financial Positions) 5,659,104.40 28,486,090.67 392,071.63 480,706,407.63 374,765,378.29 890,009,052.62
-
Gross Cost (Asset Account Balance per Statement of
Financial Position) 5,659,104.40 37,397,827.11 393,765.80 575,313,492.53 448,867,177.38 1,067,631,367.22
Accumulated Depreciation - (8,911,736.44) (1,694.17) (94,607,084.90) (74,101,799.09) (177,622,314.60)
Allowance for Impairment - - - - - -
Carrying Amount, December 31, 2016 (As per Statement
of Financial Positions) 5,659,104.40 28,486,090.67 392,071.63 480,706,407.63 374,765,378.29 890,009,052.62

Note 10: Intangible Assets

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GOLDEN BRIA HOLDINGS, INC.

Note 2:Summary of Significant Accounting Principle
2.3Financial Assets
Initial Recognition

 Financial Assets carried at Fair Value Through Profit and Loss are initially
recorded at fair value and transaction costs related to it are recognized in
profit or loss.
 Financial Assets that are not classified as at FVTPL are initially
recognized at fair value plus any directly attributable transaction costs.
Subsequent Measurement
Financial assets are subsequently measured