Beruflich Dokumente
Kultur Dokumente
FINAL REQUIREMENT
FOR
ADVANCED FINANCIAL
ACCOUNTING 2
PHILEX MINIG CORP. AND SUBSIDIARIES
I.
Introduction
Philex Mining Corporation and its subsidiaries are organized into two main
business groupings: the metals business under Philex Mining Corporation,
and the energy and hydrocarbon business under Philex Petroleum
Corporation.
Philex Mining Corporation (the Parent Company or PMC) was incorporated
on July 19, 1995 in the Philippines and is listed in the Philippine Stock
Exchange on November 23, 1956. Having reached the end of its 50 years
corporate life, the Parent Companys Philippine Stock and Exchange
Commission (SEC) registration was renewed on July23, 2004. The Parent
Company,Philex Gold Philippines, Inc. (PGPI, a wholly-owned subsidiary
through a holding company and incorporated in the Philippines), Lascogon
Mining Corporation (LMC), (a subsidiary of PGPI and incorporated in the
Philippines), and Silangan Mindanao Exploration Co., Inc. (SMECI, a whollyowned subsidiary directly by the Parent company and through a holding
company and PGPI, and incorporated in the Philippines) and its subsidiary,
Silangan Mindanao Mining Co. Inc. (SMMCI, a wholly-owned subsidiary
directly by the Parent Company and through SMECI, and incorporated in
the Philippines) are all primarily engaged in large-scale exploration,
development amd utilization of mineral resources. The Parent Company
operates the Pacdal Mine in Benguet. PGP operated the Bulawan mine in
Negros Occidental until second quarter of 2002. LMC conducts exploration
work on Taganaan, Surigao del Norte. SMMCI own the Silangan Project
covering the Boyogan and Bayugo deposits, which are under prefeasibility study stage as of December 31, 2012.
Philex Petroleum Corporation (PPC, a 64.8% oqwned subsidiary of the
Parent Company and incorporated in the Philippines) and its subsidiaries:
Forum Energy plc (FEP, 60.5% owned and registered in England and
Wales) and its subsidiaries, and FEC Resources, Inc. (FEC, 51.2% owned
and incorporated in Canada) are engaged primarily in oil and gas
operation activities, holding participations in oil and gas production and
exploration activities through their investee companies. Brixton Energy &
Mining Corporation (BEMC), a wholly-owned subsidiary of PPC and
incorporated in the Phillippines commenced operation of its coal mine in
Diplahan, Zamboanga Sibugay in November 2010 but suspended
operation in December 2012, pending results of a detailed review of the
coal mine operations and prospects. (Source: SGV & Co., Ernst & Young)
a. Statement of the problem
i. Are there changes in the ownership interest of the Parent
company in its subsidiaries?
II.
III.
2011
Direct
Indirect
2010
Direct
Indirec
PGHI
100.0
-
PGMC-BV
PGI
PGPI
LMC
SMECI
S
MMCI
PPC
64.8
BEMC
FEP
FEC
LMC
FEP
SMECI
40.0
SMMCI
16.7
FSTI
100.0
PLI
100.0
PIAI
100.0
Additional Information:
100.0
100.0
100.0
98.9
60.0
83.3
100.0
-
100.0
100.0
100.0
60.0
60.
83.3
100.0
-
t
100.0
100.0
100.0
60.0
60.0
83.3
64.8
40.0
16.7
100.0
100.0
100.0
100.0
38.8
51.2
40.0
25.6
-
100.0
40.0
16.7
100.0
100.0
100.0
100.0
38.8
51.2
40.0
25.6
-
100.0
36.4
51.2
1.1
24.1
-
Parent's
Ownership
Interest
100%
PPC's Issued Capital Stock As of May 16, 2011 (After Distribution of Property Dividends By Parent)
35%
NCI
65%
BEMC'S Issued Capital Stock As of 2010 (Before the Said Property Dividend Distribution By Parent)
Parent's Ownership Interest
100%
BEMC's Issued Capital Stock As of 2011 & 2012 (After the Property Dividend Distribution By Parent)
35%
NCI
Parent
65%
20%
30%
30%
FEP's Issued Capital Stock As of 2012 (After Dilution of PPC's and FEC's Interest in FEP)
25%
37%
38%
40%
60%
40%
60%
99%
2010
Direct
PGHI
Indirect
100%
PGMC-BV
x100.0%
100%
PGI
x100.0%
100%
PGPI
x100.0%
100%
LMC
x60.0%
60.0%
SMECI
x60.0%
60.0%
SMMCI
PPC
x83.3%
100.0%
BEMC
x100.0%
100.0%
FEP
x38.8%
38.8%
FEC
x51.2%
51.2%
LMC
x40.0%
20.5%
FEP
x25.6%
13.1%
50.0%
SMECI
40.0%
SMMCI
16.7%
FSII
100.0%
PLI
100.0%
PIAI
100.0%
2011
Direct
PGHI
Indirect
100%
PGMC-BV
x100.0%
100%
PGI
x100.0%
100%
PGPI
x100.0%
100%
LMC
x60.0%
60.0%
SMECI
x60.0%
60.0%
SMMCI
PPC
x83.3%
64.8%
BEMC
x100.0%
64.8%
FEP
x38.8%
25.1%
FEC
x51.2%
33.2%
LMC
x40.0%
13.3%
FEP
x25.6%
8.5%
SMECI
40.0%
SMMCI
16.7%
FSII
100.0%
PLI
100.0%
50.0%
PIAI
100.0%
2012
Direct
PGHI
Indirect
100%
PGMC-BV
x100.0%
100%
PGI
x100.0%
100%
PGPI
x100.0%
100%
LMC
x 98.9%
98.9%
SMECI
x 60.0%
60.0%
SMMCI
PPC
x 83.3%
64.8%
BEMC
x100.0%
64.8%
FEP
x36.4%
23.6%
FEC
x51.2%
33.2%
LMC
x1.1%
0.4%
FEP
x24.1%
8.0%
SMECI
40.0%
SMMCI
16.7%
FSII
100.0%
PLI
100.0%
PIAI
100.0%
50.0%
IV.
Summary
PARENTS OWNERSHIP INTEREST
Subsidiaries
2012
2011
2010
PGHI
100%
100%
100%
PGMC-BV
100%
100%
100%
PGI
100%
100%
100%
PGPI
100%
100%
100%
LMC
99.3%
73.3%
80.5%
SMECI
100%
100%
100%
SMMCI
66.7%
100%
100%
PPC
64.8%
64.8%
100%
BEMC
64.8%
64.8%
100%
FEP
31.6%
33.6%
51.9%
FEC
33.2%
33.2%
51.2%
FSII
100%
100%
100%
PLI
100%
100%
100%
PIAI
100%
100%
100%