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MPIC_PFS1216 Metro Pacific Investment.pdf

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  Metro Pacific InvestmentsCorporation Parent Company Financial StatementsDecember 31, 2016 and 2015andIndependent Auditor’s Report  *SGVFS021830*  A member firm of Ernst & Young Global Limited INDEPENDENT AUDITOR’S REPORT The Board of Directors and StockholdersMetro Pacific Investments Corporation Report on the Audit of the Parent Company Financial StatementsOpinion We have audited the parent company financial statements of Metro Pacific Investments Corporation(theCompany), which comprise the parent company statements of financial position as at December 31, 2016and 2015, and the parent company statements of comprehensive income, parent company statements of changes in equity and parent company statements of cash flows for the years then ended, and notes to the parent company financial statements, including a summary of significant accounting policies.In our opinion, the accompanying parent company financial statements present fairly, in all materialrespects, the financial position of the Company as at December 31, 2016 and 2015, and its financial performance and its cash flows for the years then ended in accordance with Philippine FinancialReporting Standards (PFRSs). Basis for Opinion We conducted our audits in accordance with Philippine Standards on Auditing (PSAs). Our responsibilities under those standards are further described in the  Auditor’s Responsibilities for the Audit of the Parent Company Financial Statements  section of our report. We are independent of the Companyin accordance with the Code of Ethics for Professional Accountants in the Philippines (Code of Ethics)together with the ethical requirements that are relevant to our audit of the parent company financialstatements in the Philippines, and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our opinion. Responsibilities of Management and Those Charged with Governance for the Parent CompanyFinancial Statements Management is responsible for the preparation and fair presentation of the parent company financialstatements in accordance with PFRSs, and for such internal control as management determines isnecessary to enable the preparation of parent company financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the parent company financial statements, management is responsible for assessing theCompany’s ability to continue as a going concern, disclosing, as applicable, matters related to goingconcern and using the going concern basis of accounting unless management either intends to liquidatethe Company or to cease operations, or has no realistic alternative but to do so. SyCip Gorres Velayo & Co.6760 Ayala Avenue1226 Makati CityPhilippinesTel: (632) 891 0307Fax: (632) 819 0872ey.com/phBOA/PRC Reg. No. 0001, December 14, 2015, valid until December 31, 2018SEC Accreditation No. 0012-FR-4 (Group A), November 10, 2015, valid until November 9, 2018  A member firm of Ernst & Young Global Limited  *SGVFS021830*  A member firm of Ernst & Young Global Limited - 2 -Those charged with governance are responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Parent Company Financial Statements Our objectives are to obtain reasonable assurance about whether the parent company financial statementsas a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’sreport that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaranteethat an audit conducted in accordance with PSAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these parent company financial statements.As part of an audit in accordance with PSAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: · Identify and assess the risks of material misstatement of the parent company financial statements,whether due to fraud or error, design and perform audit procedures responsive to those risks, andobtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. · Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the Company’s internal control. · Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by management. · Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern.If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’sreport to the related disclosures in the parent company financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date of our auditor’s report. However, future events or conditions may cause the Company tocease to continue as a going concern. · Evaluate the overall presentation, structure and content of the parent company financial statements,including the disclosures, and whether the parent company financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internalcontrol that we identify during our audit.  A member firm of Ernst & Young Global Limited  *SGVFS021830*  A member firm of Ernst & Young Global Limited - 3 -We also provide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, relatedsafeguards. Report on the Supplementary Information Required Under Revenue Regulations 15-2010 Our audits were conducted for the purpose of forming an opinion on the parent company financialstatements taken as a whole. The supplementary information required under Revenue Regulations15-2010 in a separate schedule is presented for purposes of filing with the Bureau of Internal Revenueand is not a required part of the basic financial statements. Such information is the responsibility of themanagement of Metro Pacific Investments Corporation. The information has been subjected to theauditing procedures applied in our audit of the basic financial statements. In our opinion, the informationis fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.The engagement partner on the audit resulting in this independent auditor’s report is Marydith C. Miguel.SYCIP GORRES VELAYO & CO.Marydith C. MiguelPartner CPA Certificate No. 65556SEC Accreditation No. 0087-AR-4 (Group A), May 1, 2016, valid until May 1, 2019Tax Identification No. 102-092-270BIR Accreditation No. 08-001998-55-2015, February 27, 2015, valid until February 26, 2018PTR No. 5908731, January 3, 2017, Makati CityMarch 1, 2017  A member firm of Ernst & Young Global Limited

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Nov 19, 2018
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