2019 annual report (sec form 17- a)

SEC No. : PW00000216 File No. : ___

MABUHAY VINYL CORPORATION 3

rd Floor, Philamlife Building

126 L. P. Leviste St. Salcedo Village, Makati City

8817-8971 to 76 (Telephone Numbers)

8816-4785 / 8894-5325 (Fax Numbers)

01 January to 31 December (Calendar Year Ending)

2019 ANNUAL REPORT (SEC Form 17- A) (Form Type)

For The Calendar Year Ended December 31, 2019 (Period Ended Date)

of 27 MVC 2019 Annual Report (SEC Form 17-A)

SECURITIES AND EXCHANGE COMMISSION

SEC Form 17-A

ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE

1. For the yearly period ended : December 31, 2019 2. Commission Identification Number : 216 3. BIR Tax Identification Number : 000-164-009-000 VAT 4. Exact name of issuer as specified in its

charter : Mabuhay Vinyl Corporation

5. Province or country of incorporation : Philippines 6. Industry Classification Code : ___________ 7. Address of issuer’s principal office : 3


126 L.P. Leviste St. Salcedo Village, Makati City

8. Post Office Box : P.O. Box 2613 Makati Central Post Office, 1266 Makati City

9. Issuer’s telephone number : (632) 8817-8971 to 76 10. Securities registered pursuant to Sections 4 and 8 of the RSA:

Title of Each Class : Common Shares Number of Shares Outstanding : 661,309,398 shares as of Dec. 31, 2019

11. Are any or all of the securities listed in the Philippine Stock Exchange?

Yes (/) No ( )

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 and Sections 126 and 141 of the Corporation Code of the Philippines during the preceding twelve (12) months (or such period the registrant was required to file such reports). Yes (/) No ( ) b) has been subject to such filing requirements for the past ninety (90) days Yes (/) No ( )


13. Aggregate Market Value of the Voting Stock held by Non-Affiliates of the Registrant

Total Outstanding Shares (as of Dec. 31, 2019) 661,309,398 Less: Shareholdings of Affiliates of MVC (Stockholders owning at least 5% of the capital stock and companies represented in the Board) 1) Tosoh Corp. 581,785,835 2) Mitsubishi Corp. 39,679,999 621,465,834

Shareholdings of Non-Affiliates 39,843,564 Average Market Value of MVC Shares 3.10 Aggregate Market Value of the Voting Stock held by Non-Affiliates P123,515,048 DOCUMENTS INCORPORATED BY REFERENCE: NONE


PART I - BUSINESS

A. Description of Business

(1) Business Development Mabuhay Vinyl Corporation (MVC or the “Company”) was incorporated and duly registered with the Philippine Securities and Exchange Commission (SEC) as a rubber shoe manufacturer on July 20, 1934 under the name Mabuhay Rubber Corporation, and subsequently reorganized in 1960 to engage in chemical and PVC resin manufacturing. On October 10, 1966, the corporate name Mabuhay Vinyl Corporation was adopted. In 1984, the Board of Directors (BOD) of the Company approved the amendment of its Articles of Incorporation to extend the corporate life of the Company, which expired on July 20, 1984, for another 50 years up to July 20, 2034. The amended Articles of Incorporation was approved by the SEC in the same year. In 2001, the Company underwent a major business realignment when it decided to exit from the PVC business and focus on the chlor-alkali business. Subsequently, the Company expanded its chlor-alkali capacity (IEM1 Project) which plant started commercial operations in October 2003. On 13 December 2006, MVC started implementation of its Ion Exchange Membrane Phase 2 (IEM2) Project and commenced commercial operation on 25 August 2008. MVC is the only chlor-alkali producing company in the Philippines and caters to the industrial and household markets. On 26 November 2008, MVC’s landholding company, “MVC Properties, Inc.”, was registered with the SEC, which serves as the repository of all the real estate properties of MVC. MVC transferred/assigned ownership of the land assets of the Company to MVC Properties Inc. (“MPI”) in exchange for shares of stocks. MPI started commercial operations on the last quarter of 2009 with the issuance of the related TCTs in its name. In 2009, the Company and MPI, its subsidiary, entered into a contract of lease whereby MPI leases its parcels of land to the Company for a period of 10 years, commencing on 01 October 2009. Monthly rental rate is fixed at P246,689 (inclusive of 12% value added tax), subject to review and mutual agreement by both parties. Rental expense in 2019 and 2018 amounted to P2.64 million per year. In 2018, to accommodate the growing market demand, the Company constructed additional storage tanks at its depot in Bauan, Batangas. These storage tanks were completed in 2019. The principal products of the Company are caustic soda and chlorine derivatives which form about 99% of the total revenues of the Company. Competition in the sale of caustic soda and liquid chlorine basically comes from imported materials brought in by traders and indentors in Metro Manila and neighboring industrial provinces. For hydrochloric acid, competition comes from two (2) fertilizer manufacturers utilizing another process. Sodium hypochlorite, on the other hand, is produced by two (2) other manufacturers. Competition is principally based on price and quality of products. The Company believes that it can provide a competitive price and comply with customer specifications which allow the Company to compete effectively in the local market. The Company’s clientele are diverse in such a way that the business is not dependent on any single customer. All sales contracts are short term in nature and usually does not exceed one year in duration. Majority are usually on a per delivery basis. Nevertheless, higher import cost affects the pricing of the Company’s products but adverse effects is mitigated considering its leading position as both an importer and manufacturer. The Company uses salt as raw material. In 2019 and 2018, the Company purchased salt from Marubeni Corporation. The Company leases warehouse and depot facilities in major ports of entry. The products are transported to the depots via specialized shipping vessels then to customers’ warehouse via trucks contracted by MVC. As part of the regular maintenance and compliance with regulatory requirements, the Company’s three (3) chemical tankers undergo periodic drydocking works. Most marketing research is done by in house personnel or with the cooperation of prospective principals/investors with minimal cost on the part of the Company. The Company incurred minimal amounts for research and development activities, which do not amount to a significant percentage of revenues. Required permits were secured by the Company from the Philippine Drug Enforcement Agency (PDEA) for the manufacture, storage and handling of hydrochloric acid.


The Company has secured the required permits and clearances from the Department of Environment and Natural Resources (DENR)to operate all of its facilities. Implementation of the environmental laws particularly Republic Act (R.A.) 6969, as implemented by DENR Administrative Order (DAO) 29 cost MVC about P1.0 million annually.

Total Number of Full Time-Employees (As of December 31, 2019):

No CBA With CBA Total

Rank and File 9 69 78

Supervisors 45 16 61

Managers and Top Management 21 - 21

Total 75 85 160

It is expected that there will be minimal hiring for the ensuing year covering the replacement of retired or resigned employees. Except for a 15-day Christmas bonus when the financial condition of the Company allows, there is no other incentive arrangement with CBA-covered rank and file employees. CBA-covered supervisory employees are covered by a Performance Incentive Plan in addition to the 15-day Christmas bonus. For non-unionized employees, a separate incentive is in place based on performance with bonuses ranging from zero to 120% of a month’s pay. The major risks involved in the Company’s business as well as the measures being undertaken by the Company to manage such risks are as follows:

Major Risks Measures Undertaken 1. Price risk for caustic soda MVC imports more caustic soda and set local production at its

allowable minimum level in times of low prices. MVC maximizes caustic soda production when price of imported caustic soda is high.

2. Production loss due to breakdown of a major equipment

All the critical equipment has been identified; inventory of vital spare parts are maintained at sufficient levels. Contacts with concerned suppliers and technical people have been established.

3. Property loss due to accident Have identified all possible safety hazards, installed appropriate safety equipment, strict implementation of safety rules, adequate insurance coverage like fire, machinery breakdown, comprehensive general liability, industrial all risk, and life.

B. Description of Property

The following properties are owned by the Group:

• Iligan Plant

The Group’s main plant is located at Assumption Heights, Iligan City, Lanao Del Norte . Among the manufacturing facilities in the Iligan Plant are the Ion-Exchange Membrane Plants 1 and 2, Sodium Hypochlorite plant, product storage facilities, and Industrial Salt bulk storage yard (with a capacity of 30,000 MT), which are all in good operating condition. All machineries and equipment installed in the facilities of the Company were covered by a Mortgage Trust Indenture (MTI) with BDO as trustee to secure the Company’s 5-year term loan with the Bank of the Philippine Islands for P350 Million on January & March 2008. The loan partly financed the retrofitting project (IEM2) of its Diaphragm Cell Plant in Iligan City. The Mortgage Participation Certificate was cancelled upon full payment of the loan in January 2013.

• Sta. Rosa Plant

The property is located inside the Laguna Technopark in Biñan, Laguna. It has a highly automated 20,000 MTPY Sodium Hypochlorite production facility. This plant is equipped with adequate storage facilities and a 250 kilovolt-amperes (KVA) standby diesel-power generator owned by the Group.


The following properties are leased by the Group:

Property Location Renewal Option

Head office with 2 parking slots Makati City Subject to mutual agreement of both parties

BBTI depot BBTI extension lot

Bauan, Batangas -do-

Subject to mutual agreement

Mandaue depot Mandaue City Subject to renegotiation

Pulupandan depot Negros Oriental Subject to renegotiation

Davao depot

Davao City Subject to renegotiation. Lessee shall notify lessor in writing at least thirty (30) days prior to the expiration of the original term.

The Group has allocated funds for the acquisition or rehabilitation of the following properties in 2020:

a. M/T Snoopy I Dry Docking P10.1 Million was budgeted for the dry docking cost of the vessel to comply with regulatory requirements.

b. Refurbishment of Bipolar Elements

P6 Million was budgeted for the refurbishment of the Bitac and N-Bitac Bipolar Ion Exchange Elements to increase production efficiency.

c. Chlorine Leak Recovery System

P4.6 Million was budgeted for the acquisition and construction of a chlorine leak recovery system.

C. Legal Proceedings

1. Case Title : MVC vs. Lee Won Industries, Inc. Nature : Collection of sum of money in the amount of P1,228,541.60 Progress/Status : Resolution of pending motion to set case anew for examination of judgment debtor is

still dependent on obtaining the court records. Should retrieval of records cause further delay, reconstruction of court records thru submission of file copies will be undertaken.

Possible Gain/Loss : Same as amount involved 2. Case Title : MVC vs. Manugas/Acero Nature : Recovery of excess separation benefits Progress/Status : After granting MVC’s petition, the Supreme Court remanded the case to the Court of

Appeals for disposition of the substantial issues specifically the recovery of separation benefits which were erroneously paid by MVC. The case awaits resolution from the Court of Appeals.

Possible Gain/Loss : P508,662.61 3. Case Title : In Re: Petition for Corporate Rehabilitation of PRI/NPIC, Land Bank of the Philippines

(Petitioner) Nature : Corporate Rehabilitation Progress/Status : The case was suspended due to pendency of case at the Supreme Court. Land Bank

filed motion to convert proceedings into liquidation proceedings. Awaiting resolution of Supreme Court.

Evaluation : There is no assurance that MVC’s claim will be recovered since MVC is an unsecured creditor.

Possible Gain/Loss : P25,921,775.65 4. Case Title : MVC vs. Steel Corporation of the Philippines

RTC Branch 3, Batangas City Nature : Claim from a company presently under Liquidation Proceedings Progress/Status : Pursuant to an Out-of-Court-Restructuring Agreement (OCRA), signed on

27 March 2015, MVC received the last installment payment from Steel Corp. in May 2019.

Evaluation : Payment shall be made in eight (8) equal semi-annual amortizations payable in arrears starting at the end of the 6th month of the first year from the effectivity date of the OCRA.

Possible Gain/Loss : Liability has been paid in full in 2019. 5. Case Title : Mabuhay Vinyl Corporation vs. Ernesto C. Ouano Development & Management


Corporation, et. al. Nature : Petition for Interim Relief (Deposit of Amount of Money) Progress/Status : Motion for consignment of rental fees granted. 6. Case Title : Collection case against Atom Chemical Nature : Collection of a Sum of Money in amount of P729,263.00 Progress/Status : Case raffled to Makati RTC Branch 142. Pre-trial set on 06 March 2020. Possible Gain/Loss : P729,263.00 7. Case Title : MVEU-FDLO, Darwin Campugan et. al. vs. Wilsim Painting & Construction and MVC

CA GR SP No. 06386-MIN Nature : Labor Case Progress/Status : MVC filed an appeal with National Labor Relations Commission (NLRC) which

resulted in the reversal of the Labor Arbiter’s ruling. The NLRC ruled that Wilsim is an independent contractor and is solely liable to the money claims. The union elevated the case to the Court of Appeals. The Court of Appeals sustained the NLRC. The union filed a petition before the Supreme Court. Until the present, the Supreme Court has not acted yet on the petition.

8. Case Title : Underpayment of Night Differential on Special and Regular Holidays

ROX Case No. RO10-CV-2015-10-0086-G Nature : Complaint by the Union re underpayment of night shift differential (NSD) on special

and regular holidays.

Progress/Status : MVC maintains that its computation of night premiums is in accordance with the specific provision of the Collective Bargaining Agreement (CBA) which is more than what the DOLE Handbook requires. After having been pending with the DOLE Region X, the case was referred back to NCMB on 03 August 2018. The Voluntary Arbitrator (VA), in its decision dated 15 November 2018, decided in favor of MVC. The Union filed a motion for reconsideration for the VA’s decision. The VA denied the motion for reconsideration. On 23 January 2019, Union filed a Petition for Review to question the VA’s Decision before the Court of Appeals. MVC received on 15 March 2019 the resolution dated 26 February 2019 directing to file a Comment to the Petition. Furthermore, the Court later directed the parties to submit their respective memorandum in the resolution dated 26 April 2019. MVC already filed a memorandum.

9. Case Title : MVEU-FDLO vs. MVC re: extra one day holiday pay

CA G. R. SP-07592-MIN VA Case No. AC-209-RB 10-0107-05-2016

Nature : This pertains to the recent correction made by MVC, after it discovered the erroneous payment by MVC of an extra one day, whenever an employee works on his rest day or on special and legal holidays and on unworked legal holidays, in view of the absence of any valid basis thereto either by deliberate company grant, the Collective Bargaining Agreement (CBA), or by the Labor Code; thus, beginning 01 January 2016, the Company discontinued the payment of the extra (1) one day pay.

Progress/Status : The Voluntary Arbitrator (VA) decided the case against the Company. The Company elevated the case to the Court of Appeals. After the filing of the required pleadings, a decision was rendered by the Court of Appeals reversing the decision of the VA and affirmed the validity of the action of the Company discontinuing the payment of extra one day. The Union filed a motion for reconsideration but was subsequently denied by the Court of Appeals on 15 February 2018. On 14 March 2018, the union filed its motion for extension of time to file petition for review on certiorari with the Supreme Court (SC). The SC has in the resolution dated 05 December 2018 directed the Company to file its Comment on the Petition. MVC already filed the Comment.

10. Case Title : Dandasan vs. MVC

NLRC Case No. SRAB X-08-20389-17 Nature : Labor Case Progress/Status On 23 July 2017, a power dip caused the shutdown of the Liquid Chlorine Plant as

well as the two (2) Ion Exchange Membrane Plants (IEM 1 & 2). Both IEM plants were restarted on 24 July 2017. During initial inspection, it was determined that the data recorder of the Liquid


Chlorine Plant was damaged by the incident. However it was ascertained after further evaluation that the plant was safe to operate despite the defective recorder. The LCP Senior Operator, Dandasan, was instructed by both the Shift Manager and Shift Supervisor to restart operations but he refused to comply citing that the data recorder was damaged. He was charged and found guilty of Insubordination and a two (2) day suspension was sanctioned by the company. Dandasan filed a case for Illegal Suspension with the NLRC after serving the suspension. The Labor Arbiter in its Decision dated 28 April 2018 dismissed the Complaint. Mr. Dandasan appealed the case with the NLRC 8th Division. The NLRC affirmed the Decision of the Labor Arbiter dismissing the complaint. Mr. Dandasan filed his motion for reconsideration, and MVC’s opposition was filed thereto on 12 February 2019.

11. Case Title : Notice of Strike Re Labor Dispute

RCMB-X-LDN-NS-09-002-2018 Nature : Labor Case Progress/Status : This case arose after Mr. R. Dolendo was dismissed from employment effective

October 2018 in view of his failure to comply with the requirements of the New Chemistry Law (RA 10657). MVC filed a motion to dismiss the Notice of Strike and to refer the other issues back to the Grievance Machinery. The NCMB conducted several conciliation and mediation conferences but the parties could not come to a settlement. The last conference was held last 21 February 2019 where the union proposed that the issue of the legality of the dismissal of Mr. Dolendo be referred to the NLRC while the other issues are to be referred back to the Grievance Machinery. MVC agreed with the union but proposed that the issue on the dismissal of Mr. Dolendo be brought to voluntary arbitration. The case concerning the Notice of Strike was dismissed in 2019.

12. Case Title : Dolendo vs. MVC

NLRC Case No. RAB X-05-22191-19 Nature : Labor Case Progress/Status : Case filed by Rey Dolendo to question his termination. Mr. R. Dolendo was dismissed

from employment effective October 2018 in view of his failure to comply with the requirements of the New Chemistry Law (RA 10657). In the Decision dated 17 September 2019, the Labor Arbiter ruled in favor of Mr. Dolendo and directed MVC to pay the amount of P588,697.19 representing back wages, damages and attorney’s fee. MVC appealed the case to the NLRC 8th division. Mr. Dolendo filed his answer to the appeal and MVC filed a Comment to the answer of Mr. Dolendo.

13. Case Title : MVEU-FLDO vs. MVC

NLRC RAB Case No. RAB X-09-22531-19 Nature : Labor Case Progress/Status : Complainants filed a case for unfair labor practices, payment of wage differentials and

damages. MVC filed for a motion to dismiss under the grounds of lack of jurisdiction since the complainant’s cause of action is anchored on an interpretation or implementation of the Collective Bargaining Agreement between the parties. The case awaits decision from the Labor Arbiter.


PART II – SECURITIES OF THE REGISTRANT

(A) Market Price, Dividend and Related Stockholder Matters (1) Market Information

The principal market of Mabuhay Vinyl’s common equity is the Philippine Stock Exchange (PSE) where it was listed last February 05, 1997. The offering price was at P1.90 per share. The high and low sales prices by quarter for the last two (2) years are as follows:

1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 1st Quarter

Market Price 2018 2019 2018 2019 2018 2019 2018 2019 2020

High 3.90 3.90 3.52 3.78 3.38 3.56 3.40 3.63 3.54

Low 3.00 3.02 3.03 3.21 3.03 3.10 3.07 3.03 2.85

The price as of 03 April 2020 (latest practicable trading date) is P3.10. (2) Holders

There are approximately 2,282 holders of common shares of the Company as of 31 March 2020.

Top 25 Stockholders (As of 31 March 2020)

STOCKHOLDER

NATIONALITY

NUMBER OF SHARES

PERCENT OF OWNERSHIP

1. Tosoh Corporation Japanese 317,779,029 48.053%

2. Tosoh Corporation Japanese 264,006,806 39.922%

3. Mitsubishi Corporation Japanese 22,260,000 3.366%

4. Mitsubishi Corporation Japanese 17,419,999 2.634%

5. PCD Nominee Corporation (Filipino) Filipino 12,691,729 1.919%

6. Dennis T. Villareal Filipino 1,203,300 0.182%

7. William Lines, Inc. Filipino 1,050,000 0.159%

8. Santiago Sr. Tanchan Filipino 765,730 0.116%

9. Gonzalo Puyat & Sons, Inc. Filipino 585,169 0.088%

10. MultiFarms Agro-Industrial Filipino 336,000 0.051%

11. J E L P Real Estate Development Corporation Filipino 300,000 0.045%

12. Wilfredo C. Tecson Filipino 300,000 0.045%

13. Yang Songbo Chinese 300,000 0.045% 14. F. C. Roque Agro-Industrial Filipino 255,092 0.039%

15. Kenneth T. Gatchalian Filipino 250,000 0.038%

16. Ana Beatriz R. Medrano and/or Victoriano S. Medrano, Jr. Filipino

250,000

0.038%

17. FGU Insurance Corporation Filipino 243,000 0.037%

18. Jacinto U. Tiu Filipino 219,493 0.033%

19. Victoneta Investment Corporation Filipino 213,931 0.032%

20. PCD Nominee Corporation (Non-Filipino) Other Alien 200,001 0.030%

21. Ricardo Paras Filipino 197,823 0.030%

22. Felicito H. Tiu Filipino 186,000 0.028%

23. Gilbert Liu Filipino 180,000 0.027%

24. Vicente Tiu Filipino 178,568 0.027%

25. Josefa R. Luz Filipino 146,600 0.022%

Total 641,518,270 97.007%


(3) Dividends

Dividend Information on the Two Most Recent Fiscal Years No dividends were declared as of March 2020. Below is a summary of the dividends declared for the years ended December 31, 2019 and 2018:

Date of Declaration Date of Record Dividend rate Dividend per share

April 26, 2018 May 21, 2018 7% 0.07 April 25, 2019 May 23, 2019 7% 0.07

The cash dividend declaration does not require the approval of the stockholders. There are no restrictions that limit the payment of dividends on Common Shares. There is no recent sale of unregistered or exempt securities.

PART III - FINANCIAL INFORMATION

A. Management’s Discussion and Analysis or Plan of Operation

Management’s Discussion and Analysis The following table shows the consolidated financial highlights of the Company for the years then ended December 31, 2019, 2018 and 2017:

As of December 31 ( In Thousands)

2019 2018 2017

Income Statement Data

Total Revenues P2,323,002 P2,853,491 P2,173,256

Gross Profit 952,318 992,248 569,932

Operating Income 475,923 553,923 148,928

Net Income (Loss) * 364,191 396,210 126,772

Total Resources 2,872,185 2,598,804 1,932,457 * See page 13, Changes in Operating Results (2019 vs. 2018)

Revenues in 2019 decreased compared to 2018 due to lower sales volume and selling price during the year. Lower revenues were partially offset by lower cost of importation and production as well as lower foreign exchange rates. Weak demand for liquid caustic soda in the Asian region due to the trade war between the United States and China resulted to declining price of imported caustic soda while an extended maintenance shutdown by a local refinery caused lower demand for the chemical. Cash management was improved with excess cash from operations invested on short-term placements resulting in interest income amounting to P41.70 million. Revenues from logistics services and custom-tailored environmental services amounted to P20.18 million.


KEY PERFORMANCE INDICATORS (Note: Mabuhay Vinyl Corporation and its subsidiary, MVC Properties, Inc.)

Ratio Formula Current Year Prior Year a. Quick ratio (cash and cash equiv. + A/R + short term deposits) / current

liabilities

Cash and cash equivalents 753,574,762

Accounts receivable 451,472,086

Short term deposits 422,374,656

Total 1,627,421,504

Divided by: Total Current Liabilities 202,261,856

Quick ratio 8.05

8.05 5.23

b. Current ratio current assets / current liabilities

Total Current Assets 1,887,290,266


Current ratio 9.33

9.33 6.30

c. Solvency ratio (net income + depreciation expense) / average liabilities

Net income 364,191,173

Depreciation expense 79,807,083

Total 443,998,256

Divided by Average Total Liabilities* 383,974,359

Solvency ratio 1.16

*(beginning plus ending) / 2

1.16 1.47

d. Debt to equity ratio total liabilities/ total stockholders equity

Total Liabilities 365,253,574

Divided by: Total Stockholders’ Equity 2,506,931,291

Debt to equity ratio 0.15

0.15 0.18

e. Net profit margin net income / sales


Divided by: Total Net sales 2,323,002,069

Net profit margin 0.16

0.16 0.14

f. Return on equity net income / average stockholders equity


Divided by: Average Total Stockholders’ Equity*

2,351,520,123

Return on equity 0.15


0.15 0.20


Ratio Formula Current Year Prior Year a. Return on assets net income / average assets


Divided by: Average Total Assets 2,735,494,482

Return on assets 0.13


0.13 0.17

b. Debt to total asset ratio

total liabilities / total assets


Divided by: Total Assets 2,872,184,865

Debt to total asset ratio 0.13

0.13 0.15

c. Asset to equity ratio

total assets / total stockholders equity

Total Assets 2,872,184,865

Divided by: Total Stockholders’ Equity 2,506,931,291

Asset to equity ratio 1.15

1.15 1.18

d. Interest rate coverage ratio

earnings before interest and taxes / interest expense


Interest Expense 2,246,545

Provision for Income Tax 159,639,853

EBIT 526,077,571

Divided by: Total Net sales 2,246,545

Interest rate coverage ratio 234.17

234.17 0.00

2019 COMPARED TO 2018 Current Assets. Cash and cash equivalent increased by P519.1M due to sustained collection drive and investment of excess cash to short term placements with less than three months maturity. P653.1 million of the cash balance was invested in short-term money market placements with less than three months maturity. Short-term investments decreased by P172.5M due to investment of excess cash to placements with less than three months maturity. Trade and other receivables decreased by P110.7M due to sustained collection drive. Decrease in the value of Inventories of P19.0M is mainly due to sale of finished goods and normal depletion of materials to produce caustic soda and its co-products. Other current assets decreased by P7.5M due to closing of advances made to suppliers and utilization of creditable and input taxes.

Equity instruments designated at fair value through other comprehensive income consists of quoted and unquoted equity instruments and golf shares. No sale was made during the year. Decrease in the Equity instruments designated at fair value through other comprehensive income assets is due to the decrease in the fair value of the unquoted instruments.

Increase in the value of Property, plant and equipment - at cost is due to the acquisition of assets net of the depreciations and disposals during the year.

Land, at appraised value increased by P5.1M due to revaluation increment recognized resulting from the increase in the fair value of the land.

Retirement benefits asset decreased by P2.6M due to reclassification of retirement benefits to liability position as a result of loss/present value of defined benefit obligation recognized during the year net of retirement fund assets.

Increase in the Other noncurrent assets is due to advances made to suppliers.

Current Liabilities. Trade and other payables decreased by P65.3M due to settlement of liabilities to suppliers.

Increase in the Deferred income tax liabilities - net is mainly due to the tax effect of the revaluation of land, reversal of provision for contingencies, movement on the allowance for inventory losses and other temporary tax differences.


Changes in Operating Results Gross Margin increased by 6% compared to last year due to lower production and import costs. Operating expenses increased due to higher distribution cost and higher repairs. Interest and financing charges increased by P2.2M due to interest recognized for the adoption of PFRS 16 - Leases. Other income increased by P5.1M due to due to income from sale of scrap. 2018 COMPARED TO 2017 Current Assets. Cash and cash equivalent decreased by P159.6M due to investment of excess cash to short term placements with more than three months maturity. P108.0 million of the cash balance was invested in short-term money market placements with less than three months maturity. Short-term investments increased by P594.9M due to investment of excess cash to short term placements with more than three months maturity. Trade and other receivables increased by P58M due to higher sales. Decrease in the value of Inventories of P17.2M is mainly due to sale of finished goods and normal depletion of materials to produce caustic soda and its co-products. Other current assets decreased by P45.3M due to closing of advances made to suppliers and utilization of creditable and input taxes.

Equity instruments designated at fair value through other comprehensive income assets increased by P29.7M due to reclassification of assets previously presented as “Available for sale financial assets” as a result of adopting PFRS 9. Adoption of the new standard also requires valuation of the financial assets at fair value which contributed to the significant increase. Available for sale financial assets decreased by P6.0M due to reclassification of assets previously presented as “Available for sale financial assets” to “Equity instruments designated at fair value through other comprehensive income” as a result of adopting PFRS 9.

Decrease in the value of Property, plant and equipment - at cost is primarily due to the depreciation of the assets net of the acquisitions and disposals during the year.


Retirement benefits asset increased by P2.6M due to reclassification of retirement benefits to asset position as a result of gains/retirement fund assets recognized during the year net of the present value of defined benefit obligation.

Increase in the Other noncurrent assets is due to long term notes receivable extended to third parties and advances made to suppliers.

Current Liabilities. Trade and other payables increased by P39.7M due to purchases of inputs and accruals made for distribution and administrative expenses.

Increase in the Deferred income tax liabilities - net is mainly due to the tax effect of the revaluation of land, reversal of provision for contingencies, movement on the allowance for inventory losses and other temporary tax differences.

Changes in Operating Results Gross Margin increased by 9% compared to last year due to higher sales volume and price as well as reclassification of environmental services to “Revenue from contracts with customers” as a result of adopting the new accounting standards. Operating expenses increased due to higher distribution cost derived from higher volume sales. Interest and financing charges decreased by P0.1M due to lower bank charges. Financing charges are composed of bank charges. Other income decreased by P28.8M due to reclassification of the presentation of environmental services to “Revenue from contracts with customers” as a result of adopting PFRS 15. 2017 COMPARED TO 2016 Current Assets. Cash and cash equivalent decreased by P140.6M due to higher cost of imported caustic soda, payments for capital expenditures as well as payment of dividends to shareholders. P292.1 million of the cash balance was invested in short-term money market placements. Trade and other receivables increased by P127.5M due to higher sales. Increase in the value of Inventories of P130.9M is mainly due to purchase of imported caustic soda net of sale of finished goods and normal depletion of materials to produce caustic soda and its co-products. Other current assets increased by P6.4M due to advances made to suppliers for purchase of various equipment.

Available for sale financial assets consist of quoted and unquoted equity instruments and golf shares. No sale of available for sale financial assets was made during the year. Increase in the AFS financial asset is due to the increase of its fair value.


Decrease in the value of Property, plant and equipment - at cost is primarily due to the depreciation of the assets net of the acquisitions and disposals during the year.


Increase in the Other noncurrent assets is due to long term notes receivable extended to third parties.

Current Liabilities. Trade and other payables increased by P49.7M due to purchases of inputs and accruals made for distribution and administrative expenses. Movement in the Retirement benefits payable reflects the accrual of current year expenses for future retirement net of the retirement fund contributions for the year.

Increase in the Deferred income tax liabilities - net is mainly due to the tax effect of the revaluation of land, provision for contingencies, reversal of excess allowance for doubtful accounts, movement on the allowance for inventory losses and other temporary tax differences.

Changes in Operating Results Gross Margin decreased from 29% to 26% due to higher import and production cost. Nevertheless gross profit on sale of goods increased by P85.9M due to higher sales volume. Operating expenses increased due to higher distribution cost derived from higher volume sales, higher repairs and provision made for contingencies. Interest and financing charges increased by P0.03M due to slightly higher bank charges. Financing charges are composed of bank charges and accretion of asset retirement obligation. Other income decreased by P4.2M due to lower revenues from spent caustic treatment.

There are no known trends, events or uncertainties that have material impact on liquidity. Nevertheless, Management still continues to pursue intensive collection efforts to reduce accounts receivables and improve cash management. The Company is involved in legal proceedings, tax and/or regulatory assessments. The estimate of the probable costs for the resolution of possible claims against the Company has been developed in consultation with outside counsel handling the Company’s defense in these matters and is based upon an analysis of potential results. The inherent uncertainty over the outcome of these matters is brought about by the differences in the interpretation and application of the laws and rulings. The Company, in consultation with its external counsels, does not believe that these proceedings will have a material adverse effect on the consolidated financial statements. There are no material off-balance sheet transactions, arrangements, obligations and other relationships of the Company with unconsolidated entities or other persons created during the reporting period. The Company continues to spend for regular capital expenditures to improve the reliability of manufacturing plants and depots. With no known trends, events or uncertainties, 2020 sales is projected to be at P2.32 Billion. Material changes on line items in the financial statements are included in “Management’s Discussion and Analysis” above (refer to pages 10-14). The financial condition or results of operations of the Company are not affected by any seasonal change. SUBSEQUENT EVENTS On March 16, 2020, the President of the Philippines issued Proclamation No. 929 declaring a state of calamity throughout the Philippines due to COVID-19 which resulted to the imposition of an Enhanced Community Quarantine throughout Luzon starting midnight of March 16, 2020 until April 12, 2020 and was further extended until April 30, 2020, unless earlier lifted or extended as circumstances may warrant. The Company considers the measure taken by the government as a non-adjusting subsequent event. However, the outbreak may have an impact on our 2020 financial results. Considering the evolving nature of the outbreak, we cannot determine at this time the impact to our financial position, performance and cash flows. As of date, the Company is operating normally with reduced manpower at offices, plants and warehouses. Inventory of raw materials and traded commodities are at normal levels and deliveries to customers are completed successfully. The Company shall continue to monitor the situation and take additional measures as mandated by the National and Local Governments.


B. Information on Independent Accountant and Other Related Matters

(a) Reappointment of External Auditor

The Corporation’s External Auditor is the auditing firm of SyCip Gorres Velayo & Co. (“SGV”) and is being recommended by the Board of Directors and the Audit Committee for reappointment and approval by the stockholders for the fiscal year ended 2020 for a fee of PhP700,000.00, exclusive of VAT and out-of-pocket expenses. The auditing partner in charge for the financial year ended 31 December 2019, Mr. Manolito R. Elle, was appointed in 15 February 2018. Consistent with Rule 68, paragraph 3(b)(iv) of the Amended Implementing Rules and Regulations of the Securities Regulation Code (“SRC”) regarding the rotation of external auditors, there is no need to change the audit partner for the Corporation. During the two (2) most recent fiscal years or any subsequent interim period, the independent auditor has not resigned nor was dismissed or has declined to stand for reappointment after the completion of the current audit. Representatives from SGV are expected to be present at the Annual Stockholders’ Meeting, where they will have the opportunity to make a statement, if they so desire. They will also be available to respond to appropriate questions raised by stockholders.

(b) Audit and Audit-Related Fees

The aggregate annual external audit fees billed for each of the last two (2) fiscal years for the audit of the Corporation’s annual financial statements and audit services normally provided by the external auditor are as follows: For the year 2018 - P783,720 (billed and paid in 2019) For the year 2019 - P770,000 (accrued and paid as of February 2020) The audit fees described above include the following: (a) audit, other assurance, and related services by the External Auditor that are reasonably related to the performance of the audit or review of the Company’s financial statements (P700,000); and (b) All Other Fees, including estimated out of pocket expenses accrued by the Company as of February 2020 (P70,000). The Company engaged the services of SGV to handle the open tax assessment conducted for the Corporation covering the years 2012 and 2017. Total fees billed and paid by MVC related to this service for the year 2019 and 2018 amounted to P654,515 and P1,010,000, respectively.

(c) The Audit Committee’s approval of policies and procedures for the above services

The Audit Committee has the function of assessing the independence and professional qualifications of the external auditor, in compliance with the requirements under applicable law, rules and regulations; reviewing the performance of the external auditors; and recommending to the Board of Directors the appointment or discharge of external auditors as well as reviewing and approving audit related and non-audit services to be rendered by external auditors. Prior to the commencement of the audit, the Audit Committee shall discuss, review and recommend with the external auditors the nature, scope and fees of the audit, and ensure proper coordination, if more than one audit firm is involved in the activity to secure proper coverage and minimize duplication of efforts.

The following are the members of the Audit Committee for the year 2019 – 2020:

Dr. Jose O. Juliano, Chairman Mr. Takahiro Machiba, Member Mr. Renato N. Migrino, Member Atty. Barbara Anne C. Migallos, Member


PART IV – MANAGEMENT AND CERTAIN SECURITY HOLDERS (A) Directors, Executive Officers

(1) Directors

There are seven (7) members of the Board of Directors, two (2) of whom are Independent Directors. The term of office of each Director is one (1) year or from election at the Annual Stockholders’ Meeting until the succeeding Annual Stockholders’ Meeting and until his successor is elected and qualified. A Director who is elected to fill any vacancy in the Board of Directors during the interim will hold office only for the unexpired term of his predecessor. The following are the incumbent members of the Board of Directors:

1. Takahiro Machiba 2. Edwin Ll. Umali 3. Yasuhiro Fukuki 4. Jose O. Juliano – Independent Director 5. Barbara Anne C. Migallos 6. Renato N. Migriño – Independent Director 7. Takayuki Nakamura

1. TAKAHIRO MACHIBA - 49, Japanese

Graduated from Sophia University, Japan, Faculty of Economics Positions held: Chairman of the Board and Director [June 2018 to present] of Mabuhay Vinyl Corporation; President [June 2018 to present] Philippine Resins Industries, Inc.; Organic Chemical Division, Tosoh (Shanghai) Co. Ltd. [2007-2012]; Corporate Planning, Tosoh Corporation [2007]; Chlor-alkali Division, Tosoh Corporation [2002]; Accounting Department, Tosoh Corporation [1994].

2. EDWIN LL. UMALI - 64, Filipino B.S. in Industrial Management Engineering, minor in Mechanical Engineering, De La Salle University Positions held: President and Chief Operating Officer since 1999 and Director since 1997 of Mabuhay Vinyl Corporation; Director [1999-2001, 2003, 2005, 2007, 2009, 2011, 2013, 2015, 2017, 2019] Tosoh Polyvin Corporation; Chairman [2011 to present] New Golden Mix Feeds Corporation; Co-Chairman [2017 to present] and Trustee [2010 to present] Philippines-Japan Economic Cooperation Committee; Director [2006 to March 2014] Federation of Phil. Industries; Member [2002 to present] Philippine Business for Social Progress Luzon Regional Committee; Director [1996-2009] Chemical Industries Association of the Philippines (SPIK); Member [1996 to present] Management Association of the Philippines-MAP; EVP & COO [1996-1999] Mabuhay Vinyl Corporation; President [1999-2001] Chemical Industries Association of the Philippines (SPIK); Director [2000-2001] Phil. Resins Industries Inc.; Adviser [1996] Phil. Plastics Industries Association..

3. YASUHIRO FUKUKI - 49, Japanese Graduated from Tohoku University, Japan, Faculty of Economics Positions held: Director [May 2019 to present], Mabuhay Vinyl Corporation; Division Head, Petroleum, Chemicals & Industrial Materials Division [May 2019 to present], Mitsubishi Corporation, Manila Branch; Inorganic Chemicals Dept., Basic Chemicals Division [April 2017], Mitsubishi Corporation, Tokyo; Functional Materials Dept., Functional Chemicals Division [May 2008], Mitsubishi Corporation, Tokyo; [August 2003] - Mitsubishi Corporation, Kansai Branch; [March 1999] – PT. Peroksida Indonesia Pratama; [February 1998] – Inorganic Chemicals Dept., Mitsubishi Corporation, Tokyo; [April 1995] – Mitsubishi Corporation, Kansai Branch; [April 1992] – Inorganic Chemicals Dept., Mitsubishi Corporation, Tokyo Head Office.


4. JOSE O. JULIANO - 87, Filipino B.S. Agriculture, University of the Philippines; MS in Chemistry, Louisiana State University, USA, Ph.D. in Chemistry, University of California, USA; Post-doctorate, Department of Physics, Indiana University, Bloomington, Indiana, USA; Post-doctorate, Nuclear Reactor Physics Department, Argonne National Laboratory, Lemont Illinois, USA.; IAEA Fellow to Yavne Research Reactor Facility, Israel Atomic Energy, Israel Positions held: Independent Director, Chairman of both Audit and Nominations Committee, [May 2001 to present] Mabuhay Vinyl Corporation; President & CEO [1999 to present] Calamba Medical Center; President and General Manager,[1985-1995] Interphil Laboratories, President [1994-1996] Marsman Laboratories, Vice President for Operations [1981-1983] Bristol Myers Group of Companies in the Philippines, Chairman of the Board [2015 to present] the Medical City South Luzon; Independent Director, Luzon Development Bank [2014 to present]; President and CEO, [1999 to present] Calamba Eye Center; President & CEO [2004-2014] Southern Luzon Hospital and Medical Center; Trustee [2004-2010] Zuellig Foundation, Inc.; Secretary & Member of the Executive Council [1993-2002] National Academy of Science & Technology (NAST); Secretary and Trustee [1993-2003] NAST Foundation; Undersecretary for Trade [1996-1998] Dept. of Trade & Industry; Chairman, Board of Chemistry [1993-1996] Professional Regulation Commission; General Production Manager [1977-1981] Lever Division, Philippine Refining Co. Inc. (now Unilever Philippines); General Development Manager [1972-1977] Lever Division, Philippine Refining Co. Inc. (now Unilever Philippines).

5. BARBARA ANNE C. MIGALLOS - 65, Filipino Bachelor of Laws, University of the Philippines Positions held: Director since August 2000 of Mabuhay Vinyl Corporation; Managing Partner, [2006 to present] Migallos & Luna Law Offices; Director [2001 to present] Phil. Resins Industries, Inc.; Director [2013 to present] Philex Mining Corporation; Corporate Secretary [1998 to present] Philex Mining Corp; Professional Lecturer [2012 to present] De La Salle University, College of Law; Director [2010-2017]; Corporate Secretary [since 2007], PXP Energy Corporation; Corporate Secretary [since 2010] Nickel Asia Corporation; Cordillera Exploration Co., Inc.; Director [2013 to present] Philex Gold Phils. Inc.; Corporate Secretary, Philex Gold Phils. Inc.; Corporate Secretary [2005 to present] Eastern Telecommunications, Philippines, Inc.; Corporate Secretary, [2005 to present] Emerging Power Inc.; Corporate Secretary, [2015 to present] Alliance Select Foods International Inc.; Senior Partner [1988-2006] / Managing Partner [2000-2005], Roco, Kapunan, Migallos & Luna Law Offices.

6. RENATO N. MIGRIÑO - 70, Filipino BSC, Accounting, Philippine College of Commerce (now Polytechnic University of the Philippines) Positions held: Director since 2005, Mabuhay Vinyl Corporation; Treasurer since January 2015, Apex Mining Co., Inc.; Director and Treasurer since 2018, Monte Oro Resources & Energy, Inc.; Director and Treasurer since January 2019, A Brown Company, Inc.; Director and Treasurer [2011 to 2014], Philex Petroleum Corporation; Treasurer, Chief Financial Officer, Senior Vice-President - Finance and Compliance Officer, last position held [March 1998 to August 2013], Philex Mining Corporation; Director and Treasurer [to 2013], FEC Resources Inc. [in Canada]; Director and Treasurer [to January 2014], Fidelity Stock Transfers, Inc.; Senior Vice-President & Controller, last position held [1975-1998], Benguet Corporation; Senior Auditor, last position held [1970-1975], Sycip, Gorres, Velayo & Co.

7. TAKAYUKI NAKAMURA - 43, Japanese

Graduated from Waseda University, Japan, Department of Law�

Positions held: Director since 2016 of Mabuhay Vinyl Corporation; Manager, Corporate Strategy, [June 2016] Tosoh Corporation Tokyo Head Office; Manager, [Sep 2011] Tosoh Shanghai Co.,Ltd.; Chlor-alkali Division [June 2000] Tosoh Corporation Tokyo Head Office.


(2) Executive Officers The Company’s key executive officers as of 31 March 2020 are as follows: Takahiro Machiba - Chairman, Chief Executive Officer Edwin Ll. Umali - President, Chief Operating Officer Michael S. Yu - Treasurer, Vice President (“VP”) - Corporate Planning Ryo Kobayashi - VP-Finance Romeo G. Dela Cruz - VP-Marketing Steve S.C. Pangilinan - VP-Manufacturing Ma. Melva E. Valdez - Corporate Secretary, Compliance Officer Stephanie N. Dysangco - Assistant Corporate Secretary Consistent with the Corporation’s By-laws, the Executive Officers are elected or appointed annually by the Board of Directors during its Organizational Meeting held following the Annual Stockholders’ Meeting. The Executive Officers each hold office for one (1) year until the next Organizational Meeting of the Board of Directors in the following year and until a successor shall has been elected or appointed and has duly qualified.

INCUMBENT OFFICERS 1. TAKAHIRO MACHIBA - Chairman and Chief Executive Officer see foregoing Director’s Profile

2. EDWIN LL. UMALI - President and Chief Operating Officer see foregoing Director’s Profile

3. MICHAEL S. YU - Treasurer/Vice-President, Corporate Planning

45, Filipino, B.S. Chemical Engineering, De La Salle University; Master in Business Administration, Ateneo de Manila University

Positions held: Vice-President, Corporate Planning since May 2017 and Treasurer since 2011; Assistant Vice-President, Corporate Planning [July 2009 to April 2017]; Head of Makati Purchasing [Aug 2004-2010]; Senior Manager, Corporate Planning, [2006-2009]; Corporate Planning, IT, Business Development Manager, [2004-2005]; Corporate Planning Officer, [1999-2001]; and Corporate Planning Engineer, [1997-1999].

4. RYO KOBAYASHI - Vice-President, Finance

40, Japanese, Bachelor of Laws, Chuoh University Japan, Masters in Law, Graduate School of Hitotsubashi University, Japan

Positions held: Vice-President, Finance since October 2015; Synthetic Rubber, Functional Polymers [June 2012], Tosoh Corporation; Planning and Business Development, Organic Chemical Division [May 2008] Tosoh Corporation; Accounting Department [May 2004] Nanyo Complex, Tosoh Corporation.

5. ROMEO G. DELA CRUZ - Vice-President, Marketing

52, Filipino, B.S. Chemical Engineering, Mapua Institute of Technology; Master in Business Administration (completed academic requirements), De La Salle University

Positions held: Vice-President, Marketing since July 2015; Assistant Vice-President, Marketing [May 2008 to June 2015]; Area Sales Manager - Luzon [July 2004 to April 2008]; Head of Logistics/Regional Sales Manager for Luzon [Jan 2002 to June 2004]; Area Sales Manager for Luzon/Distribution Manager [Feb 1998 to Dec 2001]; Distribution Manager [Jan 1995 to Jan 1998]; Corporate Planning Engineer/Technical Specialist [July 1993 to Dec 1994]; Marketing Technical Assistant [July 1991 to June 1993]; Market Researcher & Technical Service Assistant [June 1989 to June 1991].

6. STEVE S.C. PANGILINAN - Vice-President, Manufacturing

53, Filipino, B.S. Chemical Engineering, University of San Carlos-Technological Center, Cebu City; Master in Business Administration, Ateneo de Cagayan-Xavier University

Positions held: Vice-President, Manufacturing since July 2015; Assistant Vice-President, Manufacturing [May 2013 to June 2015]; Manufacturing Manager [Nov 2009 to April 2013]; Production Manager [June 2003 to Oct 2009]; Shift Manager [Oct 1998 to May 2003]; Production Engineer [Jan 1995 to Sept 1998]; Section Supervisor – Liquid Chlorine Plant [June 1992 to Jan 1995]; Industrial Engineer [Nov 1989 to June 1992]; Temporary Cadet Engineer [May 1989 to Nov 1989].


7. MA. MELVA E. VALDEZ - Corporate Secretary

60, Filipino, Bachelor of Arts in Political Science and Bachelor of Laws, University of the Philippines

Positions held: Corporate Secretary since 1997 of Mabuhay Vinyl Corporation; Senior Partner [since 1998] and Management Committee Member, Bello Valdez & Fernandez; Corporate Secretary/Director since 1998 Keppel Phils. Holdings, Inc.; Corporate Secretary since 1998 Keppel Phils. Marine, Inc., Keppel Phils. Properties, Inc., SM Keppel Land Inc. and Asian Institute of Management; Corporate Secretary since 2004 Keppel Subic Shipyard, Inc.; Director/Corporate Secretary of various Keppel affiliates and subsidiaries; Director since December 2000 Leighton Contractors Phils., Inc.; Director/Chairman/President since September 2000 Servier Philippines, Inc.; Corporate Secretary of Calamba Medical Center, Inc. and Calamba Cancer Center, Inc.; Incoming Deputy Chair, Membership Committee of Inter-Pacific Bar Association (IPBA); and Treasurer of UP Women Lawyers Circle (WILOCI).

8. STEPHANIE MAREE N. DYSANGCO - Assistant Corporate Secretary

28, Filipino, Bachelor of Arts in European Studies, Minor in French Studies, Ateneo de Manila University; Juris Doctor, Ateneo Law School

Positions held: Assistant Corporate Secretary of Mabuhay Vinyl Corporation [2019 to present]; Assistant Corporate Secretary to Keppel Philippines Properties, Inc. [2019 to present]; Assistant Corporate Secretary to Ionics, Inc. [2017 to 2018]; Junior Associate at Bello Valdez & Fernandez [2018 to present].

(3) Significant Employees

The contribution of each of the Corporation’s employees is valued. The Company relies significantly on the continued collective efforts of its senior Executive Officers and expects each employee to do his share in achieving the Company’s goals. (4) Family Relationships

There are no family relationships up to the fourth civil degree either by consanguinity or affinity among Directors; Executive Officers; persons nominated, appointed, or elected by the Corporation to become Directors, Executive Officers, security holders of certain record, beneficial owner, or member of Management. (5) Certain Relationships and Related Transactions

The Corporation, in its regular conduct of business, entered into transactions with related parties which are mostly for the purchase and sale of inventories and lease agreements. The transactions were made on an arm’s length basis and at current market prices at the time of the transactions. The related party transactions of the Corporation are discussed in the Notes to the Consolidated Financial Statements (pages 47 to 49). The Corporation’s Directors, Executive Officers, employees, and other related parties are required to promptly disclose any business and family-related transactions with the Corporation to ensure that potential conflicts of interest are identified and brought to the attention of management.

(6) Involvement in Certain Legal Proceedings

As of 31 March 2020, to the knowledge of the Corporation, none of the Company’s Directors or Executive Officers have been involved in any legal proceedings during the last five (5) years that are material to an evaluation of their ability or integrity to act as such. No director has resigned or declined to stand for re-election to the board of directors since the date of the last annual meeting of security holders due to disagreement with the registrant on any matter relating to the registrant’s operations, policies and practices. None of the Directors and Executive Officers of the Corporation is involved in any of the following in the past five (5) years:

(i) A bankruptcy petition by or against any business of which a such person was a general partner

or Executive Officer either at the time of the bankruptcy or within two (2) years prior to that time; (ii) A conviction by final judgement in a criminal proceeding, domestic or foreign, or is being subject

to a pending criminal proceeding, domestic or foreign, excluding traffic violations and other minor offenses;


(iii) An order, judgement, or decree, not subsequently reversed, suspended, or vacated, by any court of competent jurisdiction, domestic or foreign, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities, commodities, or banking activities; nor

(iv) A conviction by a domestic or foreign court of competent jurisdiction in a civil action, the SEC or comparable foreign body, or a domestic or foreign exchange or other organized trading market or self-regulatory organization, to have violated securities or commodities law or regulation, and the judgement has not been reversed, suspended, or vacated.

(B) Compensation of Directors and Executive Officers

(a) Summary Compensation Table

The following table summarizes the compensation of the Chief Executive Officer (“CEO”) and five most highly compensated Executive Officers of the Corporation and the aggregate compensation of all Directors and Officers as a group for the last two completed fiscal years, and their estimated aggregate compensation for the present fiscal year.

SUMMARY COMPENSATION TABLE Annual Compensation (in Pesos)

Name & Principal Position Year Salary Bonus Other

Compensation CEO and five most highly compensated Executive Officers:

2020 (Projected)

10,246,754 2,512,137 875,307

Takahiro Machiba Chairman / CEO

Edwin Ll. Umali President / COO

Michael S. Yu Treasurer / VP-Corporate Planning Ryo Kobayashi VP-Finance Romeo Dela Cruz VP-Marketing Steve S.C. Pangilinan

VP-Manufacturing

2019 9,758,814 2,392,512 833,626

2018 9,394,796 1,634,670 846,543

All Directors and Executive Officers As A Group

2020 (Projected)

10,246,754 2,512,137 1,505,307

2019 9,758,814 2,392,512 1,433,626

2018 9,394,796 1,634,670 1,474,043

(b) Standard Arrangements

Each member of the Board of Directors receives a per diem of Ten Thousand Pesos (PhP10,000.00) per meeting of the Board of Directors. Independent Directors receive quarterly miscellaneous allowances. The Directors and Executive Officers do not receive any regular bonus and are not entitled to a percentage of the Corporation’s profits. The Corporation has a registered non-contributory retirement plan. All regular employees, including the Executive Officers, are covered by the retirement plan. No warrants or options on the Corporation’s shares of stock were issued or given to the Directors and Executive Officers as a form of compensation of services rendered.


During the last two (2) years, no director of the Corporation has received or become entitled to receive any benefit by reason of any contract with the Corporation, a related corporation, a firm of which the Director is a member or a corporation of which a director has a substantial financial interest. There are no transactions in the last two (2) years or proposed transactions to which the registrant was or is to be a party, in which any of the following persons had or is to have a direct or indirect material interest:

i. Any Director or Executive Officer of the Corporation; ii. Any nominee for election as a Director; iii. Any security holders; iv. Any member of the immediate family of the preceding persons.

(C) Security Ownership of Certain Record and Beneficial Owners

(1) The persons known to the registrant to be directly or indirectly the record or beneficial owner of

more than 5% of the registrant’s voting securities as of 31 March 2020 are as follows:

Title of Class

Name, Address of record owner and Relationship with

Issuer

Name of Beneficial Owner and Relationship with

Record Owner Citizenship No. of

Shares Held Percent

Common Tosoh Corporation (“Tosoh”) 4560 Kaisei-Cho, Shuunara-Shi, Yamaguchi 746-8501, Japan

Tosoh is both the record and beneficial owner. The right to vote or to direct the voting or disposition of the Corporation’s shares held by Tosoh are lodged in its Board of Directors.

The following are the representatives of Tosoh:

Yasuhiro Fukuki Takahiro Machiba

Barbara Anne C. Migallos Takayuki Nakamura

Japanese 581,785,835 (“r”)

87.9748

Common Mitsubishi Corporation (“Mitsubishi”) 6-3 Marunouchi 2-Chome Chiyoda-Ku, Tokyo, Japan

Mitsubishi is both the record and beneficial owner. The right to vote or to direct the voting or disposition of the Corporation’s shares held by Mitsubishi are lodged in its Board of Directors.

Mr. Yasuhiro Fukuki is the representative of Mitsubishi.

Japanese 39,679,999 6.0001

(2) Security Ownership of Directors and Management as of 31 March 2020:

Title of Class

Name of Beneficial Owner

Position

Amount and Nature of Beneficial Ownership

Citizenship Percentage (%) of Class

Board of Directors:

Common Takahiro Machiba Chairman/CEO 10,000 (d) Jpn 0.0015

Common Edwin Ll. Umali Director/ President/COO

6,410 (d) Fil 0.0010

Common Yasuhiro Fukuki Director 10,000 (d) Jpn 0.0015

Common Jose O. Juliano Indep. Director 10,000 (d) Fil 0.0015

Common Barbara Anne C. Migallos Director 5,000 (d) Fil 0.0008

Common Renato N. Migriño Indep. Director 5,629 (d) Fil 0.0009

Common Takayuki Nakamura Director 5,000 (d) Jpn 0.0008

Total for Directors 52,039 0.0080


Executive Officers: Common Shares

Takahiro Machiba Chairman & CEO/Director

- Fil -

Common Shares

Edwin LI. Umali

President & COO/Director

- Fil -

Common Shares

Michael S. Yu Treasurer / VP-Corporate Planning

- Fil -

Common Shares

Ryo Kobayashi VP-Finance - Jpn -

Common Shares

Romeo G. Dela Cruz

VP-Marketing - Fil -

Common Shares

Steve S.C. Pangilinan

VP-Manufacturing

- Fil -

Total for Officers - - Total Shares of Directors, Executive Officers, and Management

52,039

0.0080

(3) There are no voting trust holders of 5% or more of the common shares.

(4) There are no arrangements that may result to a change in control of the Corporation. No change in control of the Corporation has occurred since the beginning of its last fiscal year.

(D) Certain Relationships and Related Transactions

(1) Tosoh Corporation and Mitsubishi Corporation supplies the Company with Liquid Caustic Soda and other materials. The commercial dealings with Tosoh Corporation started in 2018 while that of Mitsubishi have been in effect for more than fifteen years under normal arms-length commercial terms and on a basis consistent with applicable Philippine laws on conflicts of interest and related party transactions. Pricing is dictated by prevailing international market. Total purchases from Tosoh amounted to P431.8M in 2019 and P424.7M in 2018 (nil in 2017) while purchases from Mitsubishi amounted to P117.4M in 2019, P373.0M in 2018 and P771.2M in 2017. There were no outstanding trade payable to Tosoh Corporation as of December 31, 2019 and 2018. Outstanding trade payable to Mitsubishi as of December 31, 2017 amounted to P0.83M (nil in 2019 and 2018).

(2) Aside from the party mentioned above, there is no other relationship that has existing negotiations on material transactions.

List of parents of the registrant a. Tosoh Corp.

No. of MVC shares owned 581,785,835 Percentage of control 87.9748%

(3) There is no transaction with promoters for the past 5 years.

PART V – CORPORATE GOVERNANCE

Pursuant to its Vision and Mission, the Corporation had significantly acted in accordance with its new Manual on Corporate Governance (MCG) for the year 2017. The Corporation had consistently performed its responsibilities, with its Corporate Values complementing the directions and activities for the corporation’s directors, officers and employees. The Board committees, including the Nominations and Audit committees, have consistently complied with their duties and responsibilities under the MCG. The Nominations Committee observes the nomination and election process for Independent directors, as provided under SRC Rule 38 (as amended). The Audit committee, on the other hand, has put in place an internal audit system which complies with the pertinent regulatory requirements and which ensures the integrity of internal control activities throughout the Company. There were no major deviations from the adopted Manual on Corporate Governance. In support of the foregoing, the following programs and interventions for employees and officers were implemented:


1. Annual kick-off planning and alignment of departmental objectives in line with the Company’s directions

was held at the start of the year. Also, annual strategic planning of Industrial Peace Council, Council of Solidarity, Corporate Council of Quality, Safety, Security, Health and Environment and other plant-wide committees to map out CSR, Employees and Family Welfare, Quality, Safety, Security and Environmental Programs and Activities for the current year.

2. Corporate Social Responsibility (CSR) initiatives in the areas of Education, Environment, and Health. a. Rehabilitation/repair of classrooms at Barangay Buru-un and Barangay Ditucalan, Iligan City b. Provision of school supplies for selected students in Iligan and Luzon through Brigada

Eskwela and in cooperation with the Department of Labor and Employment to support its Child Labor Prevention and Elimination Program (Project Angel Tree)

c. Donation of school supplies and industrial fans to Bauan Day Care Center in Batangas as part of Annual Brigada Eskwela program of MVC Luzon

d. Scholarship for selected indigent schoolchildren in Iligan adopted community e. Provision of materials and actual book covering of 200 workbooks by volunteer employees

during the 2019 Brigada Eskwela in partnership with Philippine Business for Social Progress f. Rehabilitation/repair and provision for chairs, tables, toys and educational materials for

adopted Day care centers in Iligan g. Donation of cleaning materials, gardening tools, painting materials and paraphernalia to

neighboring schools in Iligan City as part of the Brigada Eskwela h. Donation of gently-used and new reading materials (books/magazines) as part of the Book

Shower Program i. Continuing acceptance for On-the-Job trainees and K-12 immersions j. Narra and mangrove planting activities both in Iligan and Luzon k. Medical and Dental missions both in Iligan and Luzon l. Dengue Awareness and Prevention and Control Activities in adopted communities in Iligan

City m. Information, Education, and Communication (IEC) Campaigns on Emergency Response

Preparedness and Product Safe Handling in neighbouring communities of Iligan Plant n. Quarterly Mobile Blood Donation o. International Coastal Clean-up in Iligan p. Provision for trash/garbage bins in support to the solid waste segregation program of schools

3. “My Voluntary Contribution Drive” (M.V.C.) aimed to raise funds through employee donations: a. To support evacuees of earthquake stricken areas in Mindanao b. To supplement educational endeavors such as Brigada Eskwela and indigent school needs c. To support employee’s hospitalization needs

4. Activities under the Labor-Management Cooperation and through the Industrial Peace Council in Iligan and Council of Solidarity in Luzon were Health Awareness Campaign, Summer Workshop for Kids, Brigada Eskwela, Youth Day and Pamaskong Handog for adopted indigent communities and dependents of Police and Army assigned in Iligan and Marawi and other Community Outreach programs. All these programs were made possible with management-union participation and cooperation.

5. Small Improvement Group Activities-Productivity in Action program (SIGA-SI-PIA) aimed to imbibe a performance-based culture which remains an important direction for the Company.

6. Corporate Council on Quality, Safety, Security, Health and Environment (CCoQSSHE) continuously carried out programs for the health and welfare of the employees and their families/dependents such as the Palaro and year round Sports activities, Family Day, Nutrition Programs, Health Talks and Annual Physical Examination for employees and dependents.

7. Employee Engagement Initiatives through Council of Solidarity were successfully implemented such as Sports Fest, Bowling Tournament, Team Building, Company Outing, Christmas Party, and other thematic activities.

The Company submitted its Integrated Annual Corporate Governance Report (I-ACGR) on 31 May 2019 in compliance with SEC Memorandum circular No.15, series 2017. The directors and officers of the Corporation have attended Corporate Governance Seminars in compliance with SEC Memorandum Circular No. 20, series of 2013 and the Corporation’s Manual on Corporate Governance. The Independent directors have submitted their Certificates of Qualification as required by the SEC vis-à-vis Section 38 of the Securities Regulation Code.


PART VI – SUSTAINABILITY REPORT

Please refer to attached Sustainability Report


PART VII - EXHIBITS AND SCHEDULES (a) Exhibit

* 2019 Audited Financial Statements

(b) Reports on SEC Form 17-C 25 January 2019 • Setting of the Date of the Annual Stockholders' Meeting and Fixing of

the Record Date for Stockholders Entitled to Notice of and to Vote During the Annual Stockholders' Meeting

28 February 2019 • Approval of the Y2018 Audited Financial Statements

5 March 2019 • Details of the Annual Stockholders Meeting 25 April 2019 (Board) • Declaration of Cash Dividend 25 April 2019 (AGM) • Election of Directors • Ratification of Y2018 Annual Report and Audited Financial

Statements • Appointment of External Auditor 21 May 2019 • Resignation/Election of Director 5 July 2019 Resignation of Assistant Corporate Secretary 11 July 2019 Election of Assistant Corporate Secretary 07 October 2019 Change in Corporate Contact Details 13 November 2019 Material Related Party Transaction Policy


SIGNATURES

Pursuant to the requirements of Section 17 of the Securities Regulation Code and Section 141 of the Corporate Code of the Philippines, this amended annual report has been signed on behalf of the issuer, by the following persons in the capacities and on the dates indicated.

EDWIN Ll. UMALI President and Chief Operating Officer

MA. MELVA E. VALDEZ

Corporate Secretary

MICHAEL S. YU

Treasurer FATIMA BIANCA C. LENON

Accounting Manager

NOTE: There is no “Comptroller” position in the existing organizational structure of MVC. SUBSCRIBED AND SWORN to before me this 13th day of April 2020, affiants exhibiting to me their Tax Identification Number (TIN)/Social Security System (SSS) ID Nos., as follows:

AFFIANTS TIN/SSS Nos.

Edwin Ll. Umali 106-960-926

Ma. Melva E. Valdez 123-493-209

Michael S. Yu 193-284-786

Fatima Bianca C. Lenon 242-635-363

NOTARY PUBLIC

Doc. No. ______ Page No. ______ Book No. ______ Series of 2020 Upon the written request of the stockholder, the Company undertakes to furnish said stockholder a copy of SEC Form 17-A free of charge, except for exhibits attached thereto which shall be charged at cost. Please direct all requests to the Corporate Secretary, Atty. Ma. Melva E. Valdez, at the following address:

Mabuhay Vinyl Corporation 3rd Floor, Philamlife Bldg. 126 L.P. Leviste St., Salcedo Village Makati City Attention: The Corporate Secretary

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Treasurer

EDEDEDEDEDEDEDWIWIN Ll UMALI

SEC No. : PW00000216 File No. : ___

MABUHAY VINYL CORPORATION 3


126 L. P. Leviste St. Salcedo Village, Makati City

(632) 8817-8971 to 76 (Telephone Numbers)

(632) 8816-4785 or 8894-5325 (Fax Numbers)

01 January to 31 December (Calendar Year Ending)

2019 SUSTAINABILITY ANNUAL REPORT (Form Type)

For The Calendar Year Ended December 31, 2019 (Period Ended Date)

of 29 MVC 2019 Sustainability Report (SEC Form 17-A)

SECURITIES AND EXCHANGE COMMISSION

SUSTAINABILITY REPORT Pursuant to Memorandum Circular No. 4 Series of 2019

(ATTACHMENT TO SEC Form 17-A)

1. For the yearly period ended : December 31, 2019 2. Commission Identification Number : 216 3. BIR Tax Identification Number : 000-164-009-000 VAT 4. Exact name of issuer as specified in its

charter : Mabuhay Vinyl Corporation

5. Province or country of incorporation : Philippines 6. Industry Classification Code : ___________ 7. Address of issuer’s principal office : 3


126 L.P. Leviste St. Salcedo Village, Makati City

8. Post Office Box : P.O. Box 2613 Makati Central Post Office, 1266 Makati City

9. Issuer’s telephone number : (632) 8817-8971 to 76 10. Securities registered pursuant to Sections 4 and 8 of the RSA:

Title of Each Class : Common Shares Number of Shares Outstanding : 661,309,398 shares as of Dec. 31, 2019


This Sustainability Report follows the guidelines set forth by the Global Reporting Initiative’s (GRI) Sustainability Reporting Standards.

GRI 102: General Disclosures 1. Organizational Profile 102-1 Name of Organization

Mabuhay Vinyl Corporation

102-2 Primary products, activities and/or services

MVC is engaged in the sale, production, importation, trading and distribution of the following basic chemicals: 1. Liquid Caustic Soda 2. Hydrochloric Acid 3. Liquid Chlorine 4. Sodium Hypochlorite

102-3 Location of headquarters

3/F Philamlife Building 126 L.P. Leviste St. Salcedo Village Makati City, Philippines

102-4 Location of Operations

1. Office – Philamlife Building, 126 Leviste St. Salcedo Village, Makati City 2. Plant – 109 Commerce Road, Laguna Technopark Inc., Binan, Laguna 3. Plant – Assumption Heights, Buru-un, Iligan City 4. Depot – Batangas Bay Terminal Inc. Compound, Bauan, Batangas 5. Depot – Ouano Reclamation Area, Mandaue City, Cebu 6. Depot – Pulupandan, Negros Occidental 7. Depot – Pacific Oil Farmers, Inc. Compound, Bunawan, Davao City

102-5 Ownership and Legal Form

Mabuhay Vinyl Corporation (MVC) was incorporated and duly registered with the Philippine Securities and Exchange Commission as a rubber shoe manufacturer on July 20, 1934 under the name Mabuhay Rubber Corporation, and was reorganized in 1960 to engage in chemical and PVC resin manufacturing. The name Mabuhay Vinyl Corporation was adopted in October 10, 1966. The company corporate life was extended in 1984 by another 50 years up to July 20, 2034. MVC’s major shareholder is Tosoh Corporation (87.9748%) of Japan.

102-6 Markets served

MVC is the only manufacturer of liquid caustic soda and liquid chlorine in the Philippines. It is also the largest supplier of liquid caustic soda, hydrochloric acid and merchant sodium hypochlorite in the country. MVC primarily serves the domestic market such as manufacturing industries, power plants and water utilities.


102-7 Scale of the organization

Total Number of employees: 160 Total Number of operations: 7 Net Sales: Php 2,323,002,069 Total Capitalization: Php 661,309,398 Quantity of products provided: 173,180 metric tons

102-8 Information on employees and other workers

Number of Employees Male Female

1. Makati 11 14 2. Laguna 5 - 3. Batangas 4 - 4. Cebu 5 1 5. Negros Occidental 1 - 6. Davao 2 - 7. Iligan 101 16

Total 129 31

Number of Employees

Management Group

Supervisory Rank and

File Non-

CBA CBA

Non-CBA

CBA

1. Makati 9 15 0 1 0 2. Laguna 1 4 0 0 0 3. Batangas 0 4 0 0 0 4. Cebu 1 2 0 3 0 5. Negros Occidental 0 0 0 1 0 6. Davao 0 1 0 1 0 7. Iligan 11 19 16 3 69 Total 21 45 16 9 69

Age Profile Number of Employees Below 30 years old 0 24 5 3 37 30 – 40 years old 6 13 6 3 13 41 – 50 years old 7 1 0 2 6 51 – 60 years old 8 7 5 1 13

102-9 Supply chain

Suppliers Location Number

Industrial Salt Australia, Mexico 2

Electric Power Philippines 7

Service Contractors Philippines 12

Logistic Providers Philippines 25

Traded chemicals

Japan, China, Korea, Taiwan, Indonesia

4

MVC’s suppliers employ automated and mechanized processes and are not labor-intensive. The most labor-intensive components are the Logistic Providers which are composed of the marine vessel and truck lorry crews.

102-10 Significant changes to the organization and its supply chain

There are no significant changes to the organization’s size, structure, ownership and supply chain including the location of its operations, capital structure, location of and relationship with suppliers.


102-11 Precautionary principle or approach

Mabuhay Vinyl Corporation implements a procedure on risk assessment, the Identification of Internal and External Issues and Risks, where every department identifies the issues or risks it may face and identify preventive controls. Evaluation on the identified issues or risks is done regularly. In addition, the Company, through its EHS team, continually identifies ways to improve its processes and procedures in order to minimize environmental impact in times of emergencies.

102-12 External initiatives

MVC subscribes to the following economic, environmental and social charters, principles and initiatives: a. United Nations Global Compact Initiative

MVC was a signatory to the UN Global Compact Initiative in May 2002 and has been making a clear statement of this commitment to its stakeholders and the general public since April 2004 through a Communication of Progress section that is part of the company’s Annual Report that is distributed to shareholders and available to the general public. The UN Global Compact Initiative is a voluntary world-wide commitment to implement universal sustainability principles on human rights, environment and anti-corruption.

b. Responsible Care ®

Responsible Care is the chemical manufacturing industry’s environmental, health, safety and security performance initiative.

102-13 Membership in associations

1. Philippine Chamber of Commerce and Industry 2. Samahan sa Pilipinas ng mga Industriyang Kimika (Chemical Industries

Association of the Philippines) 3. Federation of Philippine Industries 4. Philippine Business for Social Progress 5. Iligan Bay Chamber of Industries 6. Semiconductor and Electronics Industries in the Philippines, Inc. 7. The Philippines-Japan Economic Cooperation Committee, Inc.

(PHILJEC)

2. Strategy 102-14 Statement from Senior decision maker

The management of MVC firmly believes that the company must operate in a manner that enables it to grow its present business without compromising the ability of the company and the future generations to meet their own needs. Through Sustainability Reporting, the company is able to assess and manage its economic, environmental and social impacts which ultimately benefits stakeholders interested in the organization’s ability to create value over time including employees, customers, suppliers, investors, business partners, local communities and regulators.


102-15 102-34

Key impacts, risks and opportunities Nature and total number of critical concerns

The following are the key risks MVC recognizes and manages:

• Market risk MVC sells to a wide range of industries and customers. Except for a petroleum and petrochemical producer, no other customer accounts for more than 10% of revenues. Sales contracts are likewise not longer than 1 year in duration. A certain portion of sales is based on an annual fixed price contract. Fixed price sales contracts are hedged by a) allocation of products sourced from local production and/or b) securing imported material at a price favorable to supplying the fixed-price sales contract.

• Credit risk There is credit risk as the Company's counterparty may fail to perform its obligations. To manage this risk, it is the Company's policy to require all customers, who wish to trade on credit terms, to comply with and undergo the credit verification process. This process emphasizes on the customer's capacity and willingness to pay. In addition, receivables are closely monitored so that exposure to bad debts is minimized.

• Human Resource risk This is the lack of qualified and capable people to manage the business and operate the plants due to retirement or resignations. To address this risk, MVC continually implements training programs to enhance the capability and experience of its employees based on future expected requirements arising from retirement or expansion. Employee engagement activities are also conducted to minimize resignations.

• Competitive risk The risk of declining business revenue or margins due to the actions of a competitor, higher cost of goods (for traded products), higher cost of production (for manufactured products), and distribution. Management regularly reviews and analyzes its cost to ensure competitiveness. Traded goods are procured on a spot basis to ensure the material's cost is reflective of market situation.

• Foreign Currency risk The risk that the fair value of future cash flows from the Company's foreign currency denominated assets or liabilities may fluctuate due to changes in foreign exchange rates. The Company manages this exposure by matching its receipts and payments for each individual currency. Purchases of finished goods and raw materials are subject to an open account from foreign suppliers and are settled immediately through a purchase of dollars from a local bank at spot rate once all documentation requirements are complete. The Company may also enter into currency forward contracts to manage the currency risks.

• Liquidity risk Liquidity risk arises when a company encounters difficulties in meeting commitments associated with financial instruments. Such risk may result from inadequate market depth, disruption or refinancing problems. The Company's objective is to maintain a balance between continuity of funding and flexibility through the use of bank loans and purchase contracts. Loans through trust receipts availed for operating requirements usually mature within 180 days while trade and other payables usually mature within 60 days. The Company also has existing credit lines with local banks which could be drawn when necessary.


• Environmental impact As a chemical company, pollution is a major concern and must be avoided at all times. To promote environmental preservation, MVC must ensure that the environmental implications of every proposal or actions undertaken are considered before the decisions are implemented. MVC is committed to provide clean, orderly and safe working conditions for the health and welfare of employees, customers and members of the community. The company implements systems and processes that ensure compliance with all laws on Safety, Health and Environmental standards.

3. Ethics and Integrity 102-16 Values, principles, standards, and norms of behavior

STATEMENT OF ETHICAL STANDARDS Mabuhay Vinyl Corporation adheres to the highest ideals of ethics in conducting its business. To this end, the company and its employees shall ensure commitment through words and deeds, to conform to the basic tenets of service, integrity, teamwork, excellence and social responsibility consistent with the value of God-centeredness. OUR CORPORATE CORE VALUES Values serve as our guide in our day-to-day behavior as we collectively create our desired organizational culture.

1. God-centeredness 2. Integrity 3. Entrepreneurial Spirit 4. Customer Focus 5. Innovation 6. Teamwork 7. Excellence 8. Social Responsibility

ETHICAL STANDARDS FOR SPECIFIC RELATIONAL DOMAINS Human Resources MVC is committed to develop and maintain highly trained employees. As an “equal opportunity employer” MVC adheres to the policy and practice of providing equal opportunities for employment, development and advancement for those qualified, and offering job vacancies and opportunities to qualified existing personnel, without regard to sex, age and creed. Bound by the fundamental principles of decency and propriety, MVC employees should refrain from any behavior and relationships which border on or might be considered obscene, indecent or immoral. As much as possible, let a good, wholesome and clean atmosphere pervade the workplace. Customers MVC shall at all time, seek to attain customer satisfaction and loyalty by delivering only quality products and services, stressing value and safety to the user while affirming the company’s reliability. To enhance and maintain customer confidence, an MVC employee is expected to attend to customers in an ethical manner and with utmost competence, knowing that the customers are the reason for the company’s existence.


Product Quality and Safety Control MVC shall:

� Obtain/maintain ISO or other appropriate certifications and observe their procedures to enhance product quality assurances and keep the continued trust of our customers.

� Provide customers with accurate product information. MVC shall design and develop its products in accordance with applicable laws and standards for product safety as well as in consideration of the environment, safety and health.

� Comply with the procedures of Chemical Material Safety Data Sheets (MSDS) when MVC supplies products to customers and carriers.

Shareholders Being the very source of MVC’s lifeblood, shareholders deserve no less than fair and full disclosure of information on the company’s worth. Transparency shall always be espoused. Competitors MVC undertakes to promote and market its products by abiding by the rules of free competition and fair play. It shall not resort to blackmail negative publicity and similar unfair practices aimed at securing undue advantage over its competitors. Government Having in mind the nobility of the government and the integrity of its officials and employees, MVC shall not resort to offering or giving questionable payments, expensive gifts, bribes or other similar payments and gifts to public officials and personnel, with or without anticipation of favor, privilege or facilitation. It shall faithfully comply with pertinent and existing statutes, ordinances and regulations. MVC shall comply with applicable laws pertaining to donations for political purposes. Environmental Conservation and Protection MVC shall:

� Respect the value of environmental conservation and protection, and comply with applicable environmental laws, regulations and internal MVC policies/rules.

� Be responsible for the entire process from research and development to waste disposal. We will endeavor to reduce material consumption, save energy, decrease waste, and protect the environment.

Community Being a responsible corporate citizen, MVC undertakes to share in the concerns of the communities where it operates. In conducting its business, it shall observe safe and environment-friendly practices. MVC shall comply with all applicable environmental and ecological statutes, ordinances and regulations. Suppliers/Contractors MVC will only do business with suppliers or contractors who deliver quality materials and services, who safeguard the rights and welfare of its workers by providing wages and benefits that comply with government laws and regulations, and who do not engage in forced labor and the hiring of minors. MVC will only do business with suppliers/contractors who commit to contribute and abide with the company’s programs on security, health, safety, environment and social responsibility. MVC will place an order for production, maintenance, or other services to a contractor with a written document that specifies all purchase conditions, and not engage in unfair treatment of contractors, including unjustified delay in payment, unjustified


return, or unjustified discount to the agreed price. MVC shall not give/receive any gift or entertainment to/from a customer or business partner that is outside accepted social norms. MVC has also defined Ethical Standards in the areas of:

• Security Export Control

• Compliance with Import and Export Laws and Regulations

• Compliance with Antitrust Laws and Regulations

• No Relations with Antisocial Force

• Intellectual Property Rights Policy

ENSURING A COMFORTABLE, SAFE, HEALTHY WORKPLACE MVC shall comply with the law, regulations and norms of the society. The officers and employees shall always act with sound common sense and responsibility as a member of society. Sound common sense and responsibility require genuine and fair respect for societal norms and compliance with applicable laws and rules. Compliance with applicable laws and rules means compliance with the laws listed in this Code, other local and international laws and regulations, pertaining to our business activities, including production, sales, research and development and others. In its production, research and development activities, MVC shall comply with business laws applicable to high-pressure gas, poisonous and deleterious substances, and pharmaceutical affairs. MVC is committed to provide clean, orderly and safe working conditions for the health and welfare of employees, customers and members of the community. A safe and clean place of work dignifies workers and instills pride in employment. The company implements systems and processes that ensure compliance with all laws on Safety, Health and environmental standards. MVC expects its employees to be well-informed on safety and environmental issues. All employees and contractors are mandated to undergo environmental and safety training. They are required to comply with the company’s health and safety rules and regulations. In the event of an accident or disaster, MVC shall take appropriate action to minimize damage and notify the relevant departments of the company and government authorities. It shall conduct the appropriate investigation of the accident or disaster and provide the report required within the company promptly. Stewardship of Social Responsibility MVC shall endeavor to continuously innovate products that contribute to the healthy development of society, provide a reliable supply of its products, and acquire the trust of society. MVC shall strive to be prosperous business and a cooperative and contributing member of the local communities where it conducts business. COMPLIANCE WITH RULES OF EMPLOYMENT MVC shall comply with applicable labor laws and strive to maintain and improve our work environment. It shall control its working days or hours in accordance with the Labor Law. The company will not allow the consumption or possession of alcohol at the workplace except for specific situations with appropriate, advance corporate authorization, such as company-sponsored events. MVC shall not allow the consumption or possession of any illegal drug at the workplace. MVC shall not engage in political or religious activities at the workplace, including solicitation on behalf of political or religious groups or requests for votes, except for specific situations, i.e. Christmas/Anniversary/First Friday masses, Fiesta mass sponsorship and other religious activities like Daily Prayer Offering, Retreat/Recollection/Way of the Cross during Lenten season which are with appropriate corporate authorization. MVC shall not act unfairly or dishonestly in violation of the requirements and policies stated in our


employee manual. It shall not discriminate against any person based on his or her origin, nationality, race, religion, sex, age, handicap or sexual preference. MVC shall not use any child or forced or compulsory labor. MVC shall not condone any form of sexual harassment, power harassment, violence or bullying. MVC shall not engage or condone harsh or abusive words and behavior. MVC also has specific policies in the areas of:

• Personal Information Protection

• Proper Use of Corporate Assets

• Proper Use of Information Technology System

• Dispatched Workers

• Compliance with Noncompetition Duty

• Trade Secrets Control

• Prohibition of Insider Dealings CONFLICT OF INTEREST A conflict of interest exists whenever an MVC official or employee by reason of his position or influence, makes use of said position or influence for his personal advantage to the prejudice or detriment of the company. MVC officials or employees are expected to place MVC’s interests in any business dealing above any personal interest. FINANCIAL INTEGRITY MVC’s accounting records accurately and fairly reflect the company’s financial condition. The company complies with all laws and regulations, and with generally accepted accounting principles. MVC shall process all business transactions using proper accounting procedures to ensure the reliability of the company’s financial reports and its compliance with applicable laws, regulations and internal MVC rules. MVC shall not fraudulently record transactions or have unrecorded assets or liabilities. MVC shall manage and maintain all records of the company’s business transactions and activities properly and in accordance with applicable laws and regulations and relevant MVC internal policies. MVC shall provide the appropriate cooperation to internal and external audits as well as investigations by public authorities, and shall not obstruct them by discarding, concealing, or tampering with the records. For investor relations, MVC shall disclose timely and precisely, information regarding the company’s business operations and financial results that could materially influence investors’ judgments. VIOLATION OF THIS CODE AND OTHER MVC REGULATIONS Failure by an MVC officer or employee to comply with this Code of Business Conduct and other regulations governing the Company’s business may result in disciplinary action including but not limited to removal from office or termination of employment.

102-17 Mechanisms for advice and concerns about ethics

Mabuhay Vinyl Corporation adheres to the highest ideals of ethics in conducting its business. To this end, the company and its employees shall ensure commitment through words and deeds, to conform to the basic tenets of service, integrity, teamwork, excellence and social responsibility consistent with the value of God-centeredness. The company has an internal reporting system which covers reporting of violations against company policies as well as immoral behaviors. The guidelines aim to provide a sustainable and reliable flow/process of internal reporting in the Corporation and to encourage its application by the employees/officers.


4. Governance 102-18 102-19 102-20 102-22 102-23 102-24 102-26 102-29 102-35 102-36 102-37

Governance structure Delegating Authority Executive-level responsibility for economic, environmental, and social topics Composition of the highest governance body and its committees Chair of the highest governance body Nominating and selecting the highest governance body Roles of highest governance body in setting purpose, values, and strategy Identifying and managing economic, environmental, and social impacts Remuneration policies Process for determining remuneration Stakeholders’ involvement in remuneration

The Board of Directors (BOD) and Management of Mabuhay Vinyl Corporation commit themselves to the principles of good corporate governance as guide in the performance of their functions and accomplishment of MVC’s goals and objectives. BOARD OF DIRECTORS Compliance with the principles of good corporate governance shall start with the Board of Directors (BOD). It shall be the BOD’s responsibility to foster MVC’s long-term success and ensure its sustained competitiveness in a manner consistent with its fiduciary responsibility, which shall be exercised in the best interest of MVC, as well as its shareholders and other stakeholders. To ensure a high standard of best practice for the corporation, its stockholders, the Board should conduct itself with utmost honesty and integrity in the discharge of its duties, functions and responsibilities. BOARD COMMITTEES To aid in complying with the principles of good corporate governance, the BOD shall constitute the following Committees, which shall directly report to the BOD in accordance with procedures duly approved by the BOD. The Committees shall focus on specific board functions to aid in the optimal performance of its roles and responsibilities.


Executive Committee The BOD shall create an Executive Committee, which shall be composed of not less than three (3) members of the BOD, including the Chairman thereof, Nominations Committee The Nominations Committee shall pre-screen and shortlist all candidates nominated to the BOD elections in accordance with the following qualifications and disqualifications and shall submit the same to the BOD for further review and approval Executive Compensation Committee The Executive Compensation Committee is responsible for developing and fixing executive remuneration packages of by-laws officers and directors, and provides oversight over remuneration of senior management and other key personnel to ensure that compensation is consistent with MVC’s culture, strategy and internal control environment.

Audit Committee The Audit Committee shall have the following responsibilities:

� Recommend the approval of the Internal Audit Charter (IA Charter) Through the Internal Audit Unit, monitor and evaluate the adequacy and effectiveness of the corporation’s internal control system, integrity of financial reporting, and security of physical and information assets. Well-designed internal control procedures and processes that will provide a system of checks and balances shall be in place in order to (a) safeguard the company’s resources and ensure their effective utilization, (b) prevent occurrence of fraud and other irregularities, protect the accuracy and reliability of the company’s financial data, and (d) ensure compliance with applicable laws and regulations;

� Review and monitor Management’s responsiveness to the Internal Auditor’s findings and recommendations;

� Recommend to the Board the appointment, reappointment, removal and fees of the External Auditor Details are provided in the company’s Manual on Corporate Governance

102-21 Consulting stakeholders on economic, environmental and social topics

The company conducts consultations with its stakeholders in the following manner:

Stakeholder Method of Consultation

Economic Shareholders, Budget process and meetings

Customers Meetings and surveys

Environmental Government Reports

Host community Meetings and CSR activities

Social Host community Meetings and CSR activities

102-25 Conflicts of interest

Everyone in MVC, its directors, officers and employees, are expected to uphold the interest of the Corporation whenever a conflict of interest arises. Where a potential conflict of interest arises, a Director must adhere to procedures provided by law and policies of the company. The Directors should ensure that there is transparency in all their decisions and that there is full and accurate disclosure of all material information on the financial and opening results of the company.


102-27 Collective knowledge of highest governance body

In accordance with the Company’s Manual on Corporate Governance, a director shall, before assuming as such, be required to attend a seminar on corporate governance, which shall be conducted by a duly recognized private or government institute. If necessary, funds shall be allocated for the purpose of conducting an orientation program or workshop to operationalize the Manual.

102-28 Evaluating the highest governance body’s performance

In accordance with the Company’s Manual on Corporate Governance:

� The Board should conduct an annual self-assessment of its performance, including the performance of the Chairman, individual members and committees. Every three (3) years, the assessment shall be supported by an external facilitator.

� The Board shall have in place, a system that provides, at the minimum, criteria and process to determine the performance of the Board, the individual directors, committees and such system shall allow for a feedback mechanism from the shareholders.

� Each Committee shall report regularly to the Board of Directors.

� The Compliance Officer shall establish an evaluation system to determine and measure compliance with the Manual; subject, however, to the adoption and approval by the BOD. Any violation thereof shall subject the responsible officer or employee to the penalty provided under the Manual.

102-30 Effectiveness of risk management processes

Management conducts a risk assessment and evaluates the effectiveness of countermeasures every six (6) months.

102-31 Review of economic, environmental, and social topics

MVC has monthly Executive Committee meetings (except for months when there is a scheduled BOD meeting), BOD meetings, and Audit Committee meetings where updates in company operations, financials, and relevant risks faced by the company are discussed.

102-32 Highest governance body’s role in sustainability reporting

The Sustainability Report is prepared by the management team and approved by the Board of Directors.

102-33 Communicating critical concerns

MVC has monthly Executive Committee meetings (except for months when there is a scheduled BOD meeting), BOD meetings, and Audit Committee meetings where updates in company operations, financials, and relevant risks faced by the company are discussed.


5. Stakeholder engagement 102-40 List of stakeholder groups

1. Employees / Workers 2. Customers 3. Stockholders 4. Government Agencies 5. External Service Providers / Contractors / Suppliers 6. Host Communities NGO’s / Professional Associations / Media Group

102-41 Collective bargaining agreements

1. Collective Bargaining Agreement made and entered between MVC and Rank and File Union since 1978. Latest CBA entered between MVC and Mabuhay Vinyl Employees Union – Federation of Democratic Labor Organizations (MVEU-FDLO) covered the CBA period Y2016-2021 for 69 union member-employees.

2. Collective Bargaining Agreement made and entered between MVC and Supervisors Union since 1995. Latest CBA entered between MVC and Mabuhay Vinyl Supervisory Union (MVSU) covered the CBA period Y2016-2021 for 16 supervisory union member-employees.

102-42 Identifying and selecting stakeholders

Stakeholders are identified and selected based on the following: 1. Parties affected by the company’s products and services 2. Interested parties relevant to MVC Integrated Management System. 3. Compliance/ legal obligations 4. Beneficiaries of Corporate Social Responsibility Programs

102-43 Approach to stakeholder engagement

1. Determine stakeholder requirements 2. Implement and monitor approved programs and activities 3. Use surveys and other methods to gauge stakeholder satisfaction

102-44 Key topics and concerns raised

1. Environmental Protection and Hazards Prevention 2. Compensation and Benefits 3. Safety, Security and Health 4. Livelihood 5. Family Welfare 6. Community Outreach Programs 7. Need for Dialogues and Consultative Meetings

6. Reporting practice 102-45 Entities included in the consolidated financial statements

Mabuhay Vinyl Corporation (Parent) MVC Properties Inc. (Subsidiary)

102-46 Defining report content and topic Boundaries

This report covers the operations of Mabuhay Vinyl Corporation (Parent) including its manufacturing operations in Iligan & Laguna, and depot operations in Batangas, Cebu, Negros Occidental & Davao.


Specific reporting boundaries are already explicitly shown in this GRI Index Table.

102-47 List of material topics Materiality Table

Protecting the Environment

Developing our employees

Helping Build Communities

Safeguarding Health & Safety

Contributing to Local and National

Economies

• Energy conservation

• Waste generation, treatment & disposal

• GHG emissions

• Biodiversity

• Environmental advocacy

• Employment

• Training & Development

• Employee Engagement

• Customer Health & Safety

• Customer Service

• Community Programs

• Business Continuity

• Occupational Health & Safety

• Compliance to regulations

• Customer product handling trainings

• Economic performance

• Indirect economic impacts

• Procurement practices

• Business partners

• Supplier assessment

• Risk management

• Integrity and anti-corruption

102-48 Restatements of information

This is the first Sustainability Report following the GRI standard. There are no restatements from prior years.

102-49 Changes in reporting

None

102-50 Reporting period

January 1 to December 31, 2019

102-51 Date of most recent report

This is the first Sustainability Report following the GRI standard.

102-52 Reporting cycle

Annual

102-53 Contact point for questions regarding the report

Michael S. Yu Vice President, Corporate Planning [email protected]


102-54 Claims of reporting in accordance with the GRI Standards

This report has been prepared in accordance with the GRI Standards: Core Option.

102-56 External assurance

No external assurance is provided for this report.

GRI 203: Indirect Economic Impacts 203-1 Infrastructure investments and services supported

1. Construction and maintenance of 2 Day Care Centers located in Purok 13 and Mimbalut, Brgy. Buruun, Iligan City

2. Construction and maintenance of a Health Center located in Purok 13, Brgy. Buruun, Iligan City

3. Construction and maintenance of a two (2) classroom building. Repair and painting of classrooms in identified elementary and high schools in areas where MVC operates. Participates in Brigada Eskwela activities in Iligan and Batangas.

4. Donated materials and technical support for the water distribution system in Brgy. Buru-un, Iligan City

5. Other services supported are the yearly Medical Mission/Free Clinic, community first aid and emergency preparedness training, indigent elementary to K-12 scholarship and tree planting activities.

203-2 Significant indirect economic impacts

1. MVC initiated the Hypochlorite Repacking Livelihood Project by creating and supporting the Timoga Multi-Purpose Cooperative in June 2001. From its humble beginnings of 3 drums of sodium hypochlorite and P5,000 as capital, it is now a multi-million peso sales and repacking business. The business has improved the quality of life of at least 100 families in the once indigent community of Purok 13, Timoga, Iligan City.

2. Support to academe-industry linkage research and immersion programs, on-the-job trainings of graduating students and other related educational programs. (e.g. MSU-IIT, MSU, and other Schools and Universities)

3. CSR donations in cash or in kind to LGU’s, schools, religious organizations, community organizations such as purok, women’s and fisher folks associations.

GRI 204: Procurement Practices 204-1 Proportion of spending on local suppliers

The Company follows the standard procurement practices that promote transparency and equality among suppliers. The procurement policies and procedures of the Company aim to conduct business with its suppliers on an arm’s length basis and under fair terms and conditions. All officers and employees of the Company involved in the procurement process for materials and services are required to comply fully with the established procurement policies. As part of our corporate social responsibility, the Company is committed in working with local suppliers to promote their access to business opportunity and growth. In 2019, around 70% of materials and services were procured


from local suppliers. These suppliers are appraised annually to ensure that they provide the best value to the Company. Supplier Accreditation and Evaluation As business partners of Mabuhay Vinyl Corporation, suppliers are expected to deliver the materials and/or services within the established requirements. In ensuring that the Company deals with reliable and competent suppliers, a vendor accreditation process was developed examining the suppliers’ impact on the Company’s operation and Safety, Health, and Environment. The company implements systems and processes that ensure suppliers compliance with all laws on Safety, Health and Environmental standards. The Company, before selecting suppliers, requires that they comply with all the regulatory requirements and are able to manifest their financial ability to supply the needed materials and/or services. To enhance sustainability of the Company’s procurement process, suppliers’ performance is evaluated annually based on their ability to meet criteria focusing on the quality of the product delivered, timeliness of delivery, price competitiveness and compliance to Health, Safety & Environment.

GRI 205: Anti-Corruption 205-1 Operations assessed for risks related to corruption

MVC’s long years of operation are grounded in maintaining high ethical standards in the conduct of its business. The Company has developed its Code of Conduct, Employee Handbook and policies; these outline its ethical principles and core values that the Company adheres to and serves as a guide in relating with co-employees, customers, and all the Company’s other stakeholders. MVC also has a policy on Compliance with Anti-bribery and Corruption. The Company expects its employees to appropriately observe all laws, regulations, internal policies/rules, and social norms applicable to our daily business activities, to foster respect, fairness and integrity. None of our business operations were assessed for risks related to corruption.

205-2 Communication and training about anti-corruption policies and procedures

The Company, through the HR Department, conducts regular and up-to-date communication on the provisions of the policy as it directly applies to everyday business practices, during new employee orientation and regular re-orientations for existing employees. All employees shall sign an attestation confirming their understanding and acceptance of the policy. Each employee has a copy of the Company’s Code of Conduct and Employee Handbook; policy on the Compliance with Anti-bribery and Corruption is also available for all employees to access.

205-3 Confirmed incidents of corruption and actions taken

We are not aware of any incident of corruption during 2019.


GRI 205: Anti-Corruption 206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly

practices

The company has established policy on Compliance with Antitrust or Competition Law which aims to provide all company employees with tools to identify situations that might run against such issuances on antitrust / competition law requirements and undertake immediate steps to address or correct the situation. We are not aware of any legal actions pending or completed during 2019 regarding anti-competitive behavior and violations of anti-trust.

GRI 301: Materials 301-1 Materials used by weight or volume

Total Qty used in production

Salt 33,801 metric tons

Water 4,860 million liter (ILI)

Bunker Fuel 2.14 million liters

301-2 Recycled input materials used

Percentage of recycled salt = 17%

301-3 Reclaimed products and their packaging materials

Spent caustic soda from customers is recovered for treatment.

GRI 302: Energy 302-1 Energy consumption within the organization

For 2019:

Site Total Energy Consumption (kWh)

Iligan Plant 48,119,364

Laguna Plant 127,040

302-2 Energy consumption outside of the organization

No disclosures are provided for energy consumption outside of the organization.

302-3 Energy intensity

MVC’s energy intensity for 2019 based on electrical consumption per dry metric tons of Caustic Soda is 1,212 kWh/metric ton NaOH. The Company has programs to reduce the use of electricity and fuel in its operations.

302-4 Reduction of energy consumption

Compared with 2018, MVC Iligan Plant’s energy consumption increased by 1.2% for 2019 due to higher production volume requiring a significant increase in energy.


302-5 Reductions in energy requirements of products and services

Topic is not applicable since MVC’s products are chemicals.

GRI 303: Water and Effluents 303-1 Interactions with water as a shared resource

a. Iligan Plant:

Water coming from the Agus River and Mimbalut is a surplus and renewable resource near Iligan Plant and is used in the various chlor-alkali production processes. Municipal water, used for firefighting, cleaning, gardening, cooking and other activities, is sourced from Iligan City Waterworks System. Spent water coming from the different production processes is subjected to pH adjustment and then discharged to Agus River, Timoga Creek and Iligan Bay.

b. MPBP (Laguna) Plant:

The plant is located inside the Laguna Technopark Industrial Park where water is supplied by Laguna AAA Water. The plant practices zero-discharge wherein all water used in production processes are recycled and reused.

303-2 Management of water discharge-related impacts

MVC complies with the Water Quality Guidelines and General Effluent Standards under DAO 2016-08 of the Department of Environment and Natural Resources (DENR). For the Iligan Plant, Agus River and Timoga Creek are both classified as Class C freshwater bodies while Iligan Bay is Class SC marine waters. To meet the requirements of DAO 2016-08, spent water from the various processes are treated prior to discharge into the receiving bodies of water. Monitoring equipment and other safeguards are also provided to ensure that compliance to effluent standards is met.

303-3 Water withdrawal

Water Source Total Water Withdrawal (ML)

Agus River 1,273.75

Mimbalut Creek 6,291.12

ICWS 9.65

Laguna 17

303-4 Water discharged by Plants

Total water discharged for MVC Iligan Plant is 2,733.02 million liters. Spent water is treated to meet regulatory requirements prior to discharge. MPBP has zero discharge.

303-5 Water consumption

Total water consumption for MVC Iligan Plant is 4,841.50 million liters. Total water consumption for MPBP is 16.842 million liters.


GRI 304: Habitats Protected or Restored 304-1 304-2 304-3

Operational sites owned, leased, managed in, or adjacent to, protected areas and areas of high biodiversity value outside protected areas; Significant impacts of activities, products and services on biodiversity; Habitats protected or restored

� MVC Iligan Plant, located 70 meters above sea level, is the location of the man-made Victor and Patro Park and Lagoon and regarded by the City Tourism Council as a must see attraction for nature lovers and enthusiasts. The Park is famous for its natural flora and fauna which has become a sanctuary to dozens of endangered iguanas, birds, butterflies and other wildlife including those that live in the protected areas of Maria Cristina Falls.

� Fishing ban surrounding MVC’s private jetty in Iligan City resulted to the breeding and restoration of schools of fish in the area which now became a fish sanctuary. Neighboring communities and fishermen had benefited due to this protection.

� MVC actively support mangrove planting and growing including the restoration work in Bayug, Iligan City, a joint project of Iligan City, other government agencies, institutions and Iligan Bay Chamber of Industries.

GRI 305: Emissions 305-1 Direct (Scope 1) GHG emissions

Total direct GHG emission for the Iligan Plant is 6,373 metric tons of CO2 equivalent in 2019 based on fuel oil consumption. Source of emission factors and global warming potential (GWP) rates used is the US Environmental Protection Agency (EPA).

305-2 Energy indirect (Scope 2) GHG emissions

Total energy indirect GHG emission for the Iligan and MPBP Plants is 14,885.8 metric tons CO2 equivalent for 2019 based on non-renewable energy consumption. Source of emission factors and global warming potential (GWP) rates used is the US Environmental Protection Agency (EPA).

305-3 Other indirect (Scope 3) GHG emissions

No disclosures are provided for Indirect GHG emissions.

305-4 GHG emissions intensity

The GHG emissions intensity for MVC Iligan Plant is 1.23 metric tons CO2 per dry metric tons of liquid caustic soda. This is based on the total direct and indirect GHG emissions divided by the actual production of Caustic Soda during 2019.

305-5 Reduction of GHG emissions

One of the Company’s targets is to reduce GHG emissions by improving the efficiency of current equipment in the manufacture of chlor-alkali products by ion exchange membrane technology and attaining the planned specific usages for fuel oil and power.

305-6 Emissions of ozone-depleting substances (ODS)

MVC does not use or purchase materials and equipment with ozone-depleting substances.


305-7 Nitrogen oxides (NOX), sulfur oxides (SOX), and other significant air

emissions

Based on the recent stack sampling analysis by a DENR-accredited testing laboratory on the emissions of the primary boiler used in the production of steam in Iligan Plant, the quantity of significant air emissions is as follows:

• Particulate Matter – 31 mg/Ncm

• NOx – 193 mg/Ncm

• SOx – 831 mg/Ncm

• CO – 292 mg/Ncm These results are in compliance to the National Emission Standards for Source Specific Standards by the DENR.

GRI 306: Effluents and Waste 306-1 Water discharge by quality and destination

For Iligan Plant:

Water Body Discharge (m

3/day)

Quality (pH) Acceptable Quality

Status

Agus River 54.4 8.22 6.0 to 9.5 Pass

Timoga Creek

67.7 8.50 6.0 to 9.5 Pass

Iligan Bay 32.5 6.58 6.0 to 9.0 Pass

MPBP has zero discharge.

306-2 Waste by type and disposal method

For Iligan Plant, the quantity of generated hazardous and non-hazardous wastes for 2019 are as follows: Hazardous wastes:

• Recovered fuel oil – 21,200 liters

• Busted fluorescent bulbs/ lamps – 43.6 kg Non-hazardous wastes:

• Solid wastes – 3,200 kg Recovered fuel oil from Boiler operations in MVC Iligan Plant and other identified hazardous wastes are treated by DENR-accredited third-party treaters and transporters. Solid wastes are sorted at source as metal, paper, plastics, and biodegradable. Recyclable wastes are brought to the Materials Recovery Facility for segregation, reuse and/or resale. Biodegradable wastes are composted and used as landfill material.

306-3 Significant spills

There is no recorded incidence of spills for all MVC sites during 2019.


306-4 Transport of hazardous waste

No hazardous waste materials were transported or treated during 2019.

306-5 Water bodies affected by water discharges and/runoff

The receiving bodies of water for MVC’s treated used water are Agus River, Timoga Creek, and Iligan Bay. The latter is largely influenced by freshwater run-off from Agus River and Timoga Creek which contributes to a muddy substrate seashore. The coral reef can be found 300 meters from the shoreline. In terms of fish fauna, four coral reef-related species are identified along with other fish commonly caught by fishermen in the area. This is based on the 2001 survey of the area. Iligan Bay is primarily used for fishing, bathing, and other recreational uses. Since MPBP has zero wastewater discharge, no nearby water bodies are affected.

GRI 307: Effluents and Waste 307-1 Non-compliance with environmental laws and regulations

MVC is compliant with all relevant environmental laws and regulations. In keeping with our Environmental Management System, MVC has established plans, policies, and procedures to comply with identified relevant environmental laws and regulations promulgated by DENR and other associated governing bodies. Any non-compliance issues are addressed in accordance with documented information on corrective actions.

GRI 308: Supplier Environmental Assessment 308-1 New suppliers that were screened using environmental criteria

The company has set performance rating criteria in evaluating its suppliers. This evaluation process considers assessment of their impact and compliance on Safety, Health and Environment policies of the Company. MVC’s Environmental Management System is accredited under ISO 14001 since 2007 and is now certified under the latest version of the standard, ISO 14001: 2015. The Iligan plant was also awarded certification of its Health and Safety Management System as required by ISO 45001:2018 standards.

308-2 Negative environmental impacts in the supply chain and actions taken

We are not aware of any negative environmental impacts in our supply chain that occurred in 2019.


GRI 401: Employment 401-1 New employee hires and employee turnover

MVC Site New Hires Employee Turnover Makati 1 - Laguna 2 - Batangas - - Cebu - - Negros Occidental - - Davao - - Iligan 16 5 Total 19 5

401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees

1. Transportation Allowance / Shuttle Service 2. Rice Subsidy 3. Medical Insurance (HMO) including dependents 4. Life Insurance 5. Vacation Leaves 6. Sick Leaves 7. Uniform 8. Maternity Benefit 9. Christmas Package 10. Retirement Benefit 11. Loyalty Awards 12. Bereavement Assistance 13. Merit Increase for Management Group / Across the Board

Increase for CBA members 14. Other CBA negotiated benefits

401-3 Parental leave

As stated in MVC Employee Handbook, any employee, who has been certified as a solo parent by the Department of Social Welfare and Development (DSWD), shall be entitled to avail of seven (7) working days parental leave in any given year subject to the allowable reasons stated in the company’s policy on leaves under the Solo Parent Act.

GRI 402: Labor/Management Relations 402-1 Minimum notice periods regarding operational changes

There are several communication channels in place to notify operational changes. 1. Through memos at least one-week prior to implementation. 2. For significant operational changes which created new rules and

guidelines, 2 notices are given – the first is for the soft implementation and the second notice for full implementation after at least a month.

3. Operational changes are communicated through Department meetings, weekly production planning, monthly labor-management meetings through the Industrial Peace Council and Council of Solidarity, and monthly Safety Council meetings.

4. A quarterly publication, the Pipeline, also features information of significant operational changes.


GRI 403: Occupational Health and Safety

403-1 Occupational health and safety management system

The Company is committed to the prevention of work-related injuries and illnesses to workers and to provide safe and healthy workplaces. Accordingly, the Company takes effective preventive and protective measures to eliminate hazards and minimize Occupational Health and Safety (OH&S) risks. The OH&S management system of the main manufacturing site in Iligan City is certified with the latest international standard for OH&S which is ISO 45001 version 2018. This replaces the former BS OHSAS 18001:2015. The new standard is focused on a risk-based approach in identifying workplace hazards and determining the needs and expectations of workers and other interested parties. The Company continually improves the suitability, adequacy, and effectiveness of the OH&S management system and determines opportunities for improvement through monitoring, measurement, and analysis of its performance, and through the conduct of internal audit and management review. The scope of Iligan Plant’s OH&S management system covers all employees, in-house contractor personnel in-charge of project and maintenance activities, suppliers/vendors, student On-the-Job trainees, product transport service providers, visitors, and other identified interested parties that have access to plant premises.

403-2 Hazard identification, risk assessment, and incident investigation

The Company has a documented procedure on Hazard Identification, Risk Assessment and Determining Controls, or HIRADC. Hazards due to interaction with people, work environment, machines/equipment, and materials are identified for the following: routine and non-routine activities, off-site activities done by people under the control of the Company, activities outside the plant premises but may affect the workplace, new or proposed/modified processes, and new activities that are part of corrections and/or corrective actions. The OH&S risks are then identified for each hazard and an assessment of the risks is performed. The hazard is significant if it is covered by legal or regulatory requirements and if incidents have occurred in the past with respect to the identified hazard. Control measures are then provided for significant hazards according to the hierarchy of controls: (1) elimination, (2) substitution, (3) engineering controls, (4) administrative controls and, (5) personal protective equipment. Residual risk assessment is done in order to verify effectiveness of existing controls. A review for changes to the controls is performed annually according to the procedure on Management of Change. The output for such activity is then discussed during the Management Review. Workers may report in person or in writing any work-related hazard and hazardous situation to their immediate superior, the department manager, or to the Environment, Health and Safety (EHS) Section without fear of discrimination or reprisal. Any reports are treated with confidentiality and subjected to investigation according to the procedures on Accident/Incident Investigation and Corrective Action. In the event that an incident has occurred, the supervisor of the area involved conducts an immediate investigation and submits a report to the EHS Section. EHS then evaluates and gives recommendations to prevent recurrence of the incident. The details of the incident and corrective actions provided are presented during the monthly Health and Safety Committee meeting, in the form of the Corporate Council on Quality, Security, Safety


and Health, and Environment or CCOQSSHE.

403-3 Occupational health services

The Company is compliant to the requirements mandated by Republic Act 11058 and the Occupational Safety and Health Standards by the Department of Labor and Employment (DOLE) with regard to the provision of competent and qualified Occupational Health (OH) personnel and facilities. For the Iligan Plant, one (1) full-time OH Nurse and one (1) part-time OH Physician are provided by the Health Maintenance Organization (HMO) provider of the Company to render OH services. Certified first-aiders of the Company are trained annually by DOLE accredited training organizations. The OH personnel are duly complemented with the required medical supplies, equipment, and Clinic facility. In case of emergencies, an emergency service vehicle is readily available for transporting workers to the nearest hospital from the Plant. Workers’ personal health-related information is private and subjected to strict confidentiality. Safeguards are put into place to ensure that medical records are kept classified and restricted to relevant OH personnel and the Management.

403-4 Worker participation, consultation, and communication on occupational health and safety

The Company ensures that appropriate communication, participation, and consultation processes are established on OH&S related matters. Workers are involved, consulted, and represented in the development and review of policies and procedures to manage OH&S issues. The CCOQSSHE is the planning and policymaking group of the MVC Iligan Plant for the Quality Management System (QMS), Environmental Management System (EMS) and Occupational Safety and Health Management System (OSHMS). It provides the venue for discussion of all matters pertaining to quality, security, safety & health and environment through monthly meetings with representatives from the unions. The CCOQSSHE is the counterpart of DOLE’s requirement for a company Health & Safety Committee and is composed of the IMS Management Representative, EHS Section, department heads, workers’ representatives, and chairpersons of committees. The Industrial Peace Council (IPC) of the MVC Iligan Plant also serves as an avenue for participation of workers in policy and decision-making processes of the Company in so far as those processes will directly affect their rights, benefits and welfare, except those which are covered by collective bargaining agreements or are traditional areas of bargaining. The IPC is composed of representatives from the unions and management group, chairpersons of committees, and department representatives. The IPC is equivalent to the Labor Management Council as required by DOLE.

403-5 Worker training on occupational health and safety

The Company trains and develops its workers to ensure that all jobs are performed in the required manner and its current and future needs for skills are met. The Company ensures that persons performing work under its control are aware of the OH&S policies and relevant objectives. These policies are also communicated to other interested parties. The Human Resource Department (HRD) is responsible for establishing, maintaining, and continuously improving systems and procedures to identify training needs, develop training plans and courses, prepare for conduct of trainings, evaluate training effectiveness, and retain documented information on training.


Department and Section Heads are responsible for defining the training needs of workers on OH&S, confirming training plans and courses, ensuring that training programs for workers are implemented, and monitoring and supporting the application of workers learning on the job. In compliance to RA 11058, all workers, including new hires, are provided training and information for hazards associated with their work, health promotion, health risks involved or to which they are exposed to, preventive measures to eliminate or minimize OH&S risks, emergency response, and safety instructions for activities and tasks handled. All safety and health personnel are required to undergo the mandatory orientation on OH&S as prescribed by DOLE.

403-6 Promotion of worker health

The Company ensures that workers are protected against health hazards in the workplace and provided with access to adequate medical care and treatment. Workers are required to undergo physical examinations prior to their employment and every year through the Annual Physical Examination (APE). A clinic is provided within the premises of the Company where workers may be brought for examination and treatment of their injuries or illnesses, medical consultations, or health monitoring by competent and qualified OH personnel. Medicines, medical supplies and first aid equipment are also provided in the clinic and other strategic locations or in portable kits. The least minimum quantity of each is according to the provisions of Rule 1960 of the OSH Standards. A 24-hour emergency vehicle is also provided as a means of transportation and access to the nearest hospital. Periodic inspection of premises is conducted to ensure that the working environment is fit for all workers. Personal health maintenance, physical fitness, and proper nutrition practices can be availed by workers through health talks and other proper communication channels so that workers will be adequately informed.

403-7 Prevention and mitigation of occupational health and safety impacts directly linked by business relationships

The Company has determined the needs and expectations of interested parties that are relevant to the OH&S management system, including those with access to the workplace and their activities, such as contractors, visitors and other persons; those in the vicinity of the workplace who can be affected by the activities of the organization; and workers at a location not under the direct control of the organization. The requirements of the OH&S management system and other pertinent OH&S information are communicated to the interested parties as identified by the Company.


403-8 Workers covered by an occupational health and safety management system

The scope of the OH&S management system for MVC Iligan Plant involves the following:

• All MVC employees (including regular and probationary workers)

• In-house contractors or service providers for projects, maintenance, and other service activities (Electrical, Mechanical, Instrumentation, Steel Works, PVC Works, Carpentry and Masonry, Machining, Rubber-lining, Motorpool, Janitorial, Transportation, Security, Canteen, Product Handling)

• Product trucking service providers

• Suppliers/vendors

• Student On-the-Job trainees

• Visitors (VIP, government inspectors, academe, etc.)

• Other identified interested parties

403-9 Work-related injuries

MVC Iligan Plant has achieved a frequency rate of 0.00 for year 2019; the severity rate is 0. The frequency rate is calculated using the number of disabling injuries or illnesses divided by the employees-hours of exposure, multiplied by the million man-hour unit. The severity rate, on the other hand, is based on the total days lost divided by the employees-hours of exposure, multiplied by the million man-hour unit. The formulas are stipulated in Rule 1050 of the OSH Standards of DOLE.

403-10 Work-related ill health

No work-related illnesses have occurred for year 2019 according to APE results and records provided by the Clinic and OH personnel.

GRI 404: Training and Education 404-1 Average hours of training per year per employee

A Training Plan is executed/implemented each year that ensures training for every employee at an average of 24 hours per year: 1. Safety, environment and health related training for 8 hrs. 2. Competency-based training for at least 8 hrs. 3. Continuing Education for Professionals for at least 8 hours 4. Refresher course skills training for rank and file for at least 8 hours

404-2 Programs for upgrading employee skills and transition assistance programs

1. Attendance to Seminars and Conventions 2. Supervisory Development Programs / MVC Academy 3. Succession Planning and Intervention Program, On-the -Job Trainings,

Job Rotation, Coaching & Mentoring 4. Regular Drills 5. Continuing Education Assistance (Scholarship) Program 6. TESDA Accreditation

404-3 Percentage of employees receiving regular performance and career development reviews

Performance review:

1. Luzon – 100% 2. Cebu – 100% 3. Davao – 100% 4. Iligan – 100%


Career Development review: 1. Luzon – 30% 2. Cebu – 0% 3. Davao – 0% 4. Iligan - 25%

GRI 405: Diversity and Equal Opportunity 405-1 Diversity of governance bodies and employees

MVC adopts the policy of non-discrimination in hiring and promotion regardless of age, gender or sexual preference, and creed or religion. (Please refer to 102-8) Percentage of workers by age group

Age Group Headcount % of Workers Below 30 years old 69 43% 30 – 40 years old 41 26% 41 – 50 years old 16 10% 51 – 60 years old 34 21%

�Governance bodies like the Board of Directors and Management Team’s Field of Interest and/or Profession include:

1. Filipino Management Team

� Banking and Finance

� Engineering / Manufacturing

� Law

� Mining

2. Japanese Management Team / Counterparts

� Accounting and Finance

� Chemical Manufacturing

� Law

� Audit

405-2 Ratio of basic salary and remuneration of women to men

The ratio is 1:1 for male and female. The company’s salary structure and salary administration scheme is applicable to all regardless of employee category, gender and age.

GRI 406: Non-Discrimination 406-1 Incidents of non-discrimination and corrective action taken

None. The MVC Employee Handbook has a section on rules and discipline that have a specific sanction on discriminatory acts. Company policies have specific provision on non-discrimination and stipulation of roles and responsibilities of employer and employees

GRI 407: Freedom of Association and Collective Bargaining 407-1 Operations and suppliers in which the right to freedom of association and

collective bargaining may be at risk

Since the Iligan Plant was inaugurated in 1965 and the R&F Union was established in 1978, there were no known operations and suppliers which prevented the workers to their right to freedom of association and collective bargaining as management systems and Labor-Management Cooperation


(LMC) best practices are in place. However, for risk assessment purposes, the contractors and vendors are identified as possible suppliers that may pose risk to collective bargaining.

GRI 408: Child Labor 408-1 Operations and suppliers at significant risk for incidents of child labor

• MVC never had an incident of child labor. The corporate policy on Child Protection and Child Friendly Environment Policy laid down worksite programs to ensure that there will be no incidents of child labor starting from the recruitment and employment process. Should there be employed below 18 years old, guidelines for work arrangement, work accommodation and continuing education are in place.

• MVC extended its commitment to “no child labor” by imposing its child protection policy to contractors and vendors thru contract agreements and inspections.

GRI 409: Forced or Compulsory Labor 409-1 Operations and suppliers at significant risk for incidents of forced or

compulsory labor

• MVC ensures that there shall be no incidents of forced and compulsory labor by strict adherence and compliance to Labor Standards and Occupational Health and Safety Standards in all MVC worksites.


INDEX OF EXHIBIT

EXHIBIT A AUDITED FINANCIAL STATEMENTS For the year 2019 and 2018

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!.Q$P+#/&313(.&3'/$Z'E$BBJNLLANKBK0PS$I((,#+3&.&3'/$Z'E$JLNJJAKKLNABLNBJAK=

$ Z'F#?5#,$BM=$BJAK=$F.*3+$6/&3*$Z'F#?5#,$BC=$BJBB

>!S$Z'E$LAB^B;;=$_./6.,7$M=$BJBJ=$4.).&3$93&7

<#5,6.,7$BM=$BJBJ

!"#$%&'())*+&,*-."(&/&#(01213&4".-.&45*67*8991&:.;.<$&#$<"=>$-$%%$6*+

?*-@&A1B9C&DE8&3B32F.G@&A1B9C&D8E&3D29*"0H(IJ%>

KL4J=M#&M*N0&O(0&3338P&&&LH<(Q*)&RP&938DP&5.-$S&76<$-&47N7+<&9RP&9398!T#&4HH)*S$<.<$(6&O(0&3389UFMUV&A')(7%&4CP&&&O(5*IQ*)&1P&938DP&5.-$S&76<$-&O(5*IQ*)&VP&9398

4&I*IQ*)&W$)I&(W&T)6+<&/&X(76N&'-(Q.-&Y$I$<*S

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS AND

SUPPLEMENTARY SCHEDULES

2019 Audited Consolidated Financial Statements

Statement of Management’s Responsibility for Financial Statements

Independent Auditors’ Report

Consolidated Balance Sheets as of December 31, 2019 and 2018

Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017

Consolidated Statements of Comprehensive Income for the years ended December 31, 2019, 2018 and 2017

Consolidated Statements of Changes in Equity for the years ended December 31, 2019, 2018 and 2017

Consolidated Statements of Cash Flows for the years ended December 31, 2019, 2018 and 2017

Notes to Consolidated Financial Statements

List of All Effective Standards and Interpretations under the Philippine Financial Reporting Standards

Forms and Content Schedules

Page Number

Independent Auditor’s Report on Supplementary Schedules

A – Financial Assets 1

B – Amounts Receivable from Directors, Officers, Employees, Related Parties

and Principal Stockholders (Other than Related Parties)

Not Applicable

C – Amounts Receivable from Related Parties which were Eliminated during

the Consolidation of Financial Statements

Not Applicable

D – Long-term Debt Not Applicable

E – Indebtedness to Related Parties 2

F – Guarantees of Securities and Other Issuers Not Applicable

G – Capital Stock 3

Schedule of Retained Earnings Available for Dividend Declaration 4

Map of the Conglomerate or Group of Companies 5

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- 1 -

MABUHAY VINYL CORPORATION

Schedule A – Financial Assets

December 31, 2019

Investments

Name of Issuing entity and

association of each issue

Number of shares

or principal

amount of bonds

and notes

Amount

shown in the

balance sheet

Valued based on

market quotation

at end of

reporting period

Income

received and

accrued

Equity instruments designated at FVOCI:

PLDT - Preferred stock - 10%

cumulative, series U

350

P=4,025

P=4,025

P=�

Piltel 600 1,680 1,680 �

Atlas Consolidated Mining Corp. 79,000 394,210 394,210 �

The Orchard Golf and Country

Club, Inc. (Class A)

1

300,000

300,000 �

�

Valley Golf and Country Club 1 300,000 300,000 �

Total quoted 79,952 999,915 999,915 �

Tosoh Polyvin Corporation 26,291 25,763,502 25,763,502 �

Total unquoted 26,291 25,763,502 25,763,502 �

106,243 P=26,763,417 P=26,763,417 P=�

�

Debt instruments at amortized cost:

�

Cash in banks and cash equivalents � P=751,514,762 P=� P=��

Short-term investments �� 422,374,656 ��

Trade and other receivables �� 451,472,086 ��

Notes receivables - noncurrent – 3,849,343 – –

Security and rental deposits �� 4,692,322 � ��

�� 1,633,903,167 � �

Total financial assets �� P=1,660,666,584 P=� P=��

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- 2 -


Schedule E – Indebtedness to Related Parties

December 31, 2019

Name of Related Party Balance at Beginning of Period Balance at End of Period

MVC Properties Inc. P=2,750,456 P=2,029,312

- 3 -


Schedule G – Capital Stock

December 31, 2019

Title of Issue

Number of

Shares

Authorized

Number of

Shares Issued

and

Outstanding

Number of

Shares

Reserved for

Options,

Warrants,

Conversion

and Other

Rights

Number of

Shares Held

by Related

Parties

Number of

Shares

Held by

Directors

and

Officers

Number of

Shares Held

by Others

Common

1,072,942,532

661,309,398

–

621,465,834

52,039

39,791,525

- 4 -


Schedule of Retained Earnings Available for Dividend Declaration

December 31, 2019

Amount

Unappropriated retained earnings, as previously reported P=281,729,481

Adjustment for deferred income tax assets (10,794,794)

Deferred income tax asset recognized in other comprehensive income 1,697,308

Unappropriated retained earnings beginning, as adjusted 272,631,995

Add: Net income actually earned/realized during the year

Net income for the year 365,649,859

Net increase in recognized deferred income

tax assets

3,524,096

Total 641,805,950

Dividends declared during the year (46,291,659)

Total Retained Earnings Available for Dividend Declaration P=595,514,291

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- 1 -

TOSOH CORPORATION Map of the conglomerate or group of companies

40% Ownership

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- 1 -


Financial Ratios

For the years ended December 31, 2019 and 2018

Ratio Formula Current Year Prior Year

a. Quick ratio (cash and cash equiv. + A/R + short term deposits) /

current liabilities

Cash and cash equivalents 753,574,762

Accounts receivable 451,472,086

Short term deposits 422,374,656

Total 1,627,421,504


Quick ratio 8.05

8.05 5.23

b. Current ratio current assets / current liabilities

Total Current Assets 1,887,290,266


Current ratio 9.33

9.33 6.30

c. Solvency ratio (net income + depreciation expense) / average liabilities


Depreciation expense 79,807,083

Total 443,998,256

Divided by Average Total

Liabilities* 383,974,359

Solvency ratio 1.16


1.16 1.47

d. Debt to equity ratio total liabilities/ total stockholders equity


Divided by: Total Stockholders’

Equity

2,506,931,291

Debt to equity ratio 0.15

0.15 0.18

e. Net profit margin net income / sales


Divided by: Total Net sales 2,323,002,069

Net profit margin 0.16

0.16 0.14

f. Return on equity net income / average stockholders equity


Divided by: Average Total

Stockholders’ Equity*

2,351,520,123

Return on equity 0.15


0.15 0.20

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- 2 -

Ratio Formula Current Year Prior Year

g. Return on assets net income / average assets


Divided by: Average Total Assets 2,735,494,482

Return on assets 0.13


0.13 0.17

h. Debt to total asset

ratio

total liabilities / total assets


Divided by: Total Assets 2,872,184,865

Debt to total asset ratio 0.13

0.13 0.15

i. Asset to equity

ratio

total assets / total stockholders equity

Total Assets 2,872,184,865

Divided by: Total Stockholders’

Equity

2,506,931,291

Asset to equity ratio 1.15

1.15 1.18

j. Interest rate

coverage ratio

earnings before interest and taxes / interest expense


Interest Expense 2,246,545

Provision for Income Tax 159,639,853

EBIT 526,077,571

Divided by: Total Net sales 2,246,545

Interest rate coverage ratio 234.17

234.17 0.00

GFFS (rev 2006)

FAX NO.:

PSIC:

2019 2018

( in P'000 ) ( in P'000 )A. 2,872,185 2,598,804

1,914,054 1,707,655

753,575 234,456

100,489 126,411

653,086 108,045

451,472 562,217

451,472 562,217

A.1.2.1.1 450,559 561,020

A.1.2.1.2 0 0

A.1.2.1.3 9,605 9,889

A.1.2.1.3.1

A.1.2.1.3.2 9,605 9,889

A.1.2.1.4 (8,692) (8,692)

- -

A.1.2.2.1

A.1.2.2.2

A.1.2.2.3

A.1.2.2.4

233,763 252,768

41,286 74,462

6,943 3,875

161,096 145,635

24,438 28,796

A.1.3.6.1 24,438 28,796

A.1.3.6.2

26,763 29,704

A.1.4.1.1A.1.4.1.2A.1.4.1.3A.1.4.1.4 A.1.4.1.5

- -

A.1.4.2.1A.1.4.2.2A.1.4.2.3A.1.4.2.4A.1.4.2.5

Others, specify (A.1.2.1.3.1+A.1.2.1.3.2)

Others, specify (A.1.3.6.1+A.1.3.6.2)

Allowance for doubtful accounts (negative entry)

Tax Claims and Creditable Withholding Taxes

Others

Materials and supplies

Public Non-Financial Institutions

A.1.4

A.1.4.1Financial Assets at Fair Value through Profit or Loss - issued by domestic entities

(A.1.4.1.1 + A.1.4.1.2 + A.1.4.1.3 + A.1.4.1.4 + A.1.4.1.5)

A.1.2 Trade and Other Receivables (A.1.2.1 + A.1.2.2)

A.1.2.1 Due from domestic entities (A.1.2.1.1 + A.1.2.1.2 + A.1.2.1.3 + A.1.2.1.4)

Due from customers (trade)

Control No.:

Form Type:

GENERAL FORM FOR FINANCIAL STATEMENTS

NAME OF CORPORATION: MABUHAY VINYL CORPORATION AND SUBSIDIARY

Cash and cash equivalents (A.1.1.1 + A.1.1.2 + A.1.1.3)

3F PHILAMLIFE CENTER 126 LP LEVISTE ST SALCEDO VILLAGE MAKATI CITY

TEL. NO.:

COMPANY TYPE : MANUFACTURING

8816-4785

CURRENT ADDRESS:

8817-8971

Domestic corporations are those which are incorporated under Philippine laws or branches/subsidiaries of foreign corporations that are licensed to do

business in the Philippines where the center of economic interest or activity is within the Philippines. On the other hand, foreign corporations are those

that are incorporated abroad, including branches of Philippine corporations operating abroad.

Financial Institutions are corporations principally engaged in financial intermediation, facilitating financial intermediation, or auxiliary financial services.

Non-Financial institutions refer to corporations that are primarily engaged in the production of market goods and non-financial services.

Private Non-Financial Institutions

This general form is applicable to companies engaged in Agriculture, Fishery, Forestry, Mining, and Quarrying, Manufacturing, Electricity, Gas and

Water, Construction, Wholesale and Retail Trade, Transportation, Storage and Communications, Hotels and Restaurants, Real Estate, Community,

Social and Personal Services, other forms of production, and general business operations. This form is also applicable to other companies that do not

have industry-specific Special Forms. Special forms shall be used by publicly-held companies and those engaged in non-bank financial intermediation

Public Financial InstitutionsPublic Non-Financial InstitutionsPrivate Financial InstitutionsPrivate Non-Financial Institutions

NOTE:

Held to Maturity Investments - issued by domestic entities

(A.1.4.2.1 + A.1.4.2.2 + A.1.4.2.3 + A.1.4.2.4 + A.1.4.2.5)National Government

A.1.4.2

ASSETS (A.1 + A.2 + A.3 + A.4 + A.5 + A.6 + A.7 + A.8 + A.9 + A.10)

A.1 Current Assets (A.1.1 + A.1.2 + A.1.3 + A.1.4 + A.1.5)

A.1.1

Financial Assets other than Cash/Receivables/Equity investments (A.1.4.1 + A.1.4.2 +

A.1.4.3 + A.1.4.4+A.1.4.5+A.1.4.6)

Private Financial Institutions

National GovernmentPublic Financial Institutions

On hand and in Banks

A.1.1.2

A.1.3 Inventories (A.1.3.1 + A.1.3.2 + A.1.3.3 + A.1.3.4 + A.1.3.5 + A.1.3.6)

A.1.3.1 Raw materials and supplies

A.1.3.6

A.1.3.4 Merchandise/Goods in transit

If these are based on consolidated financial statements, please so indicate in the caption.

Allowance for doubtful accounts (negative entry)

A.1.2.2Due from foreign entities, specify

(A.1.3.2.1 + A.1.3.2.2 + A.1.3.2.3 + A.1.3.2.4)

Table 1. Balance Sheet

F I N A N C I A L D A T A

Short term placements

A.1.1.1

A.1.1.3

Due from related parties

A.1.3.5 Unbilled Services (in case of service providers)

A.1.3.2 Goods in process (including unfinished goods, growing crops, unfinished seeds)

A.1.3.3 Finished goods

GFFS (rev 2006)

FAX NO.:PSIC:

2019 2018( in P'000 ) ( in P'000 )

A.1.4.3 - -

A.1.4.3.1

A.1.4.3.2

A.1.4.3.3

A.1.4.3.4

A.1.4.3.5

A.1.4.4 26,763 29,704

A.1.4.4.1

A.1.4.4.2

A.1.4.4.3 400 400A.1.4.4.4

A.1.4.4.5 26,363 29,304A.1.4.5

A.1.4.5.1

A.1.4.5.2

A.1.4.5.3

A.1.4.5.4

448,481 628,510A.1.5.1 1,980 12,995A.1.5.2 12,433 14,660A.1.5.3 11,693 5,951A.1.5.4 Short-term investments 422,375 594,904

928,971 859,656499,736 494,670355,913 349,807

1,746,490 1,734,472265,325 247,629112,553 62,906

A.2.5.1 Office furniture and equipment 42,854 42,834A.2.5.2 33,737 20,072A.2.5.3 27,940 0A.2.5.4 2,261 0A.2.5.5 5,761 0

- - A.2.6.1A.2.6.2A.2.6.3A.2.6.4

(2,051,046) (2,029,828)A.2.8 Impairment Loss or Reversal (if loss, negative entry)

- -

- - A.3.3.1A.3.3.2A.3.3.3A.3.3.4

Investment Property 0 0Biological Assets

- - - -

A.6.1.1 - - A.6.1.2A.6.1.3A.6.1.4

- - A.6.2.1A.6.2.2A.6.2.3A.6.2.4

A.7A.8

Construction in progress

Software Cost

Equity in foreign branches/subsidiaries/affiliates

A.6.2

Right-of-use asset-landRight-of-use asset-buildingRight-of-use asset-warehouse and storage tanks

Investment in stocks

Available-for-sale financial assets

Available-for-sale financial assets / Equity Instruments designated at fair value through

other comprehensive income - issued by domestic entities:

(A.1.4.4.1 + A.1.4.4.2 + A.1.4.4.3 + A.1.4.4.4 + A.1.4.4.5)

National Government

Prepaid expenses and other current assets

Others, specify (A.6.2.1 + A.6.2.2 + A.6.2.3 + A.6.2.4)

Intangible Assets (A.6.1 + A.6.2)

Others, specify (A.3.1.1 + A.3.2.1 + A.3.3.1 + A.3.3.4)A.3.3

A.3.1 Equity in domestic subsidiaries/affiliates

Loans and Receivables - issued by domestic entities:

(A.1.4.3.1 + A.1.4.3.2 + A.1.4.3.3 + A.1.4.3.4 + A.1.4.3.5)National Government

Public Financial Institutions

COMPANY TYPE :

Held-to-maturity investmentsLoans and Receivables

Private Financial Institutions

MANUFACTURING

Financial Assets issued by foreign entities: (A.1.4.5.1+A.1.4.5.2+A.1.4.5.3+A.1.4.5.4)

TEL. NO.:

Private Non-Financial Institutions

CURRENT ADDRESS:8817-8971

Public Non-Financial Institutions




Control No.:

Form Type:

GENERAL FORM FOR FINANCIAL STATEMENTSNAME OF CORPORATION: MABUHAY VINYL CORPORATION AND SUBSIDIARY


A.2.6 Appraisal increase, specify (A.2.6.1 + A.2.6.2 + A.2.6.3 + A.2.6.4)

A.2.1 Land

A.2.4 Transportation/motor vehicles, automotive equipment, autos and trucks, and delivery equipmentA.2.5 Others, specify (A.2.5.1 + A.2.5.2 + A.2.5.3 + A.2.5.4 + A.2.5.5)

A.2.3 Machinery and equipment (on hand and in transit)

A.6.1 Major item/s, specify (A.6.1.1 + A.6.1.2 + A.6.1.3 + A.6.1.4)

A.4

A.2.7 Accumulated Depreciation (negative entry)

A.5

A.3

A.6

A.3.2

Investments accounted for using the equity method (A.3.1 + A.3.2 + A.3.3 )

Assets included in Disposal Groups Classified as Held for SaleAssets Classified as Held for Sale

Public Financial InstitutionsPublic Non-Financial InstitutionsPrivate Financial InstitutionsPrivate Non-Financial Institutions

Financial Assets at fair value through profit or loss

A.1.4.6 Allowance for decline in market value (negative entry)

Building and improvements including leasehold improvement

A.1.5 Other Current Assets (state separately material items) (A.1.5.1 + A.1.5.2 + A.1.5.3 + A.1.5.4)Input tax - net

A.2.2

Creditable withholding tax

A.2 Property, plant, and equipment (A.2.1 + A.2.2 + A.2.3 + A.2.4 + A.2.5 + A.2.6 + A.2.7+A.2.8)

GFFS (rev 2006)

FAX NO.:PSIC:

2019 2018( in P'000 ) ( in P'000 )

Long-term receivables (net of current portion) (A.9.1 + A.9.2 + A.9.3) - - A.9.1. - -

A.9.1.1A.9.1.2A.9.1.3A.9.1.4

A.9.2 - - A.9.2.1A.9.2.2A.9.2.3A.9.2.4

A.9.3Other Assets (A.10.1 + A.10.2 + A.10.3 + A.10.4+A.10.5) 29,160 31,493

29,160 31,493 A.10.4.1 16,276 15,468

A.10.4.2 9,035 7,017A.10.4.3 0 2,599A.10.4.4 3,849 6,409

B. LIABILITIES (B.1 + B.2 + B.3 + B.4 + B.5) 365,254 402,695Current Liabilities (B.1.1 + B.1.2 + B.1.3 + B.1.4 + B.1.5 + B.1.6 + B.1.7) 227,420 266,323

153,849 215,027 B.1.1.1 Current portion of lease liabilities 4,818 0

B.1.1.2 Trade Payables 43,886 113,938 B.1.1.3 - -

B.1.1.3.1B.1.1.3.2B.1.1.3.3

B.1.1.4 105,145 101,089

B.1.1.4.1 73,223 72,244B.1.1.4.2 22,568 22,258B.1.1.4.3 9,354 6,587

- -

B.1.2.1B.1.2.2B.1.2.3B.1.2.4

0 0

- -

B.1.4.1 B.1.4.2 B.1.4.3 B.1.4.4

B.1.5 35,304 39,211 B.1.6

38,267 12,085

B.1.7.1 Dividends declared and not paid at balance sheet date 13,109 12,085

B.1.7.2 Lease Liabilities - net of current portion 25,158 0 B.1.7.3 Liabilities under Trust Receipts 0 0 B.1.7.4 Portion of Long-term Debt Due within one year 0 0 B.1.7.5 Deferred Income

B.1.7.6 - -

B.1.7.6.1 0 0 B.1.7.6.2

B.1.7.6.3

B.1.7.6.4

Any other current liability in excess of 5% of Total Current Liabiilities, specify:

(B.1.7.6.1 + B.1.7.6.2 + B.1.7.6.3 + B.1.7.6.4)Short term loans

Liabilities for Current Tax

Trade and Other Payables to Domestic Entities

Payables to Related Parties, specify (B.1.1.3.1 + B.1.1.3.2 + B.1.1.3.3)

Others, specify (If material, state separately; indicate if the item is payable to public/private

or financial/non-financial institutions)

Deferred Tax Liabilities

A.10.5


CURRENT ADDRESS:8817-8971


A.10.3 Advance/Miscellaneous depositsA.10.4 Others, specify (A.10.4.1 + A.10.4.2 + A.10.4.3 + A.10.4.4)

Control No.: Form Type:


TEL. NO.:

B.1.4

Security and rental depositsAdvances to suppliers noncurrentRetirement benefits asset - net

Customer deposits

Allowance for write-down of deferred charges/bad accounts (negative entry)

B.1.3 Provisions

Notes receivable - noncurrent portion

Financial Liabilities (excluding Trade and Other Payables and Provisions)

(B.1.4.1 + B.1.4.2 + B.1.4.3)

Others

Trade and Other Payables to Foreign Entities (specify) (B.1.2.1+B.1.2.2+B.1.2.3+B.1.2.4)

Others, specify (B.1.1.4.1 + B.1.1.4.2 + B.1.1.4.3)Accrued expenses


Deferred charges - net of amortization


A.9From domestic entities, specify (A.9.1.1 + A.9.1.2 + A.9.1.3 + A.9.1.4)


From foreign entities, specify (A.9.2.1 + A.9.2.2 + A.9.2.3 + A.9.2.4)

B.1.7

Deferred Income Tax

Allowance for doubtful accounts, net of current portion (negative entry)

A.10.2

B.1.1

A.10.1A.10

B.1

B.1.2

GFFS (rev 2006)

FAX NO.:PSIC:

2019 2018( in P'000 ) ( in P'000 )

- -

0 0

Indebtedness to Affiliates and Related Parties (Non-Current)

B.4

Other Liabilities (B.5.1 + B.5.2) 137,834 136,372

135,423 134,578

2,411 1,794

B.5.2.1 617 0

B.5.2.2 1,794 1,794

B.5.2.3

B.5.2.4

C. 2,506,931 2,196,109

661,309 661,309

661,309 661,309

Subscribed Capital Stock (no. of shares, par value and total value) (C.2.1 + C.2.2 + C.2.3) - -

Paid-up Capital Stock (C.3.1 + C.3.2) 0 0

Common shares

Preferred Shares

Additional Paid-in Capital / Capital in excess of par value / Paid-in Surplus 176,594 176,594

Minority Interest 9,643 8,884

Others, specify (C.6.1 + C.6.2 + C.6.3 + C.6.4 + C.6.5) (7,806) 2,817

(5,031) (2,090)

(2,775) 4,907

Appraisal Surplus/Revaluation Increment in Property/Revaluation Surplus 340,361 336,815

Retained Earnings (C.8.1 + C.8.2) 1,326,830 1,009,690

Appropriated 700,000 700,000

Unappropriated 626,830 309,690

Head / Home Office Account (for Foreign Branches only)

Cost of Stocks Held in Treasury (negative entry) 0 0

2,872,185 2,598,804

B.3

B.5

C.1

Liabilities Included in the Disposal Groups Classified as Held for Sale

Others, specify (B.5.2.1 + B.5.2.2 + B.5.2.3 + B.5.2.4)

B.5.1

EQUITY (C.3 + C.4 + C.5 + C.6 + C.7 + C.8 + C.9+C.10)

B.5.2


Domestic Public Non-Financial Institutions

Foreign Financial Institutions



B.2.2

Domestic Private Financial Institutions B.2.3

Control No.:

Form Type:



TEL. NO.:CURRENT ADDRESS: 3F PHILAMLIFE CENTER 126 LP LEVISTE ST SALCEDO VILLAGE MAKATI CITY

8817-8971

Common shares

Authorized Capital Stock (no. of shares, par value and total value; show details)

(C.1.1+C.1.2+C.1.3)

Long-term Debt - Non-current Interest-bearing Liabilities (B.2.1 + B.2.2 + B.2.3 + B.2.4 + B.2.5)

B.2.1 Domestic Public Financial Institutions

B.2

B.2.4

B.2.5

Domestic Private Non-Financial Institutions

Deferred Income Tax

C.3

C.2.2

688,309,398 shares, P1 par valueC.1.1

Retirement benefits payable

Preferred Shares

Preferred Shares

Asset retirement obligation

C.1.2

C.2

Others

Remeasurement gains (losses) on retirement benefits - net of deferred income tax effect

C.3.1

OthersC.2.3

C.6.1

C.6.3

Reserve for fluctuations in available-for-sale financial assets

C.1.3

C.2.1 Common shares

C.8

C.7

C.6.5

C.6.2

C.5

C.6.4

C.3.2

C.4

C.6

D. TOTAL LIABILITIES AND EQUITY (B + C)

C.9

C.8.1

C.8.2

C.10

GFFS (rev 2006)

FAX NO.:

PSIC:

2019 2018

( in P'000 ) ( in P'000 )

A. 2,373,156 2,870,322

2,323,002 2,853,491

A.2

8,075 2,954

8,075 2,954

A.3.5.1 Other Income 8,075 2,954

A.3.5.2 0 0

A.3.5.3

A.3.5.4

A.3.5.5

A.3.5.6

A.3.5.7

42,079 13,877

41,696 15,594

315 624

A.4.3.1 315 435

A.4.3.2 0 189

A.4.3.3

A.4.3.4

68 (2,341)

A.4.4.1 68 (2,341)

A.4.4.2

A.4.4.3

A.4.4.4

B. 1,370,684 1,861,242

1,385,492 1,821,475

1,123,535 1,547,813

36,353 35,813

228,672 234,569

3,875 7,155

(6,943) (3,875)

146,288 186,055

(161,096) (146,288)

C. - 0

D. - -

D.3D.4D.5

Logistics and other services

D.6

Gain (Loss) on sale of equipment

B.1.5

B.2

D.1

COST OF SERVICES, SPECIFY (D.1 + D.2 + D.3 + D.4 + D.5 + D.6)

C.1 Purchases

B.3

C.2 Merchandise Inventory, Beginning

C.3 Merchandise Inventory, End (negative entry)

D.2

Unrealized interest income on notes receivables

Foreign exchange gain (loss) - net

Goods in Process, Beginning

Finished Goods, End (negative entry)

Finished Goods, Beginning

Goods in Process, End (negative entry)

COST OF SALES (C.1 + C.2 + C.3)

Other Manufacturing Cost / Overhead

B.1.2 Direct Labor

B.1.3

Cost of Goods Manufactured (B.1.1 + B.1.2 + B.1.3 + B.1.4 + B.1.5)

B.1.1 Direct Material Used

B.1

A.3.5

COST OF GOODS SOLD (B.1 + B.2 + B.3)

Others, specify (A.3.5.1 + A.3.5.2 + A.3.5.3 + A.3.5.4 + A.3.5.5 +

A.3.5.6 + A.3.5.7)

Gain / (Loss) from selling of Assets, specify

(A.4.3.1 + A.4.3.2 + A.4.3.3 + A.4.3.4 + A.4.3.5 + A.4.3.6 + A.4.3.7)

Other Income (non-operating) (A.4.1 + A.4.2 + A.4.3 + A.4.4)A.4

A.4.1 Interest Income

A.4.2

A.3.4

A.3

Receipts from Sale of Merchandise (trading) (from Secondary Activity)

Rental Income from Land and Buildings

A.3.3 Sale of Real Estate or other Property and Equipment

Royalties, Franchise Fees, Copyrights (books, films, records, etc.)

Control No.:

Form Type:


TEL. NO.:

CURRENT ADDRESS:

8817-8971




REVENUE / INCOME (A.1 + A.2 + A.3)

A.1Net Sales or Revenue / Receipts from Operations (manufacturing, mining,utilities, trade,

services, etc.) (from Primary Activity)

Table 2. Income Statement


Dividend Income


Share in the Profit or Loss of Associates and Joint Ventures accounted for using the Equity

Method

A.4.3

A.4.4 Gain / (Loss) on Foreign Exchange (A.4.4.1 + A.4.4.2 + A.4.4.3 + A.4.4.4)

Other Revenue (A.3.1 + A.3.2 + A.3.3 + A.3.4 + A.3.5)

A.3.1

A.3.2

GFFS (rev 2006)

FAX NO.:

PSIC:

2019 2018( in P'000 ) ( in P'000 )

E. - -

E.1 0 0

E.2

E.3

E.4

E.5

E.6

F. 1,002,472 1,009,080

G. 478,641 438,586

G.1 Selling or Marketing Expenses

G.2 Administrative Expenses

G.3 General Expenses 476,394 438,325

G.4 Other Expenses, specify (G.4.1 + G.4.2 + G.4.3 + G.4.4 + G.4.5 + G.4.6) 2,247 261

G.4.1 Interest and other financing charges 2,247 261

G.4.2 - 0

G.4.3

G.4.4

G.4.5

G.4.6

H.

I. 523,831 570,494

J. INCOME TAX EXPENSE (negative entry) (159,640) (174,283)

K. INCOME AFTER TAX 364,191 396,211

L.

L.1

L.2

M. Profit or Loss Attributable to Minority Interest 759 467

N. Profit or Loss Attributable to Equity Holders of the Parent 363,432 395,744



COMPANY TYPE :

3F PHILAMLIFE CENTER 126 LP LEVISTE ST SALCEDO VILLAGE MAKATI CITYCURRENT ADDRESS:

Table 2. Income Statement


FINANCE COSTS

Impairment loss on investment property

Increase in revaluation increment

GROSS PROFIT (A - B - C - D - E)

OTHER DIRECT COSTS, SPECIFY (E.1 + E.2 + E.3 + E.4 + E.5 + E.6)

Cost of sales - Property

Net changes in fairvalue of AFS

Amount of (i) Post-Tax Profit or Loss of Discontinued Operations; and (ii)

Post-Tax Gain or Loss Recognized on theMeasurement of Fair Value less

Cost to Sell or on the Disposal of the Assets or Disposal Group(s)

constituting the Discontinued Operation (if any)

NET INCOME (LOSS) BEFORE TAX ( F - G - H)

OPERATING EXPENSES (G.1 + G.2 + G.3 + G.4)

Control No.:

Form Type:


MANUFACTURING

TEL. NO.: 8817-8971

GFFS (rev 2006)

FAX NO.:

PSIC:

2019 2018( in P'000 ) ( in P'000 )

523,831 570,494

79,807 105,253Others, specify: (41,696) (15,594)

(7,760) (7,949)(249) (189)

2,247 0222 228

(315) (435)0 0

Loss on sale of Property, Plant, and EquipmentChanges in Assets and Liabilities:

Decrease (Increase) in:Receivables 118,924 (50,758)Inventories 19,004 17,214Other Current Assets 9,727 47,572Others, specify: (4,428) (4,221)

Increase (Decrease) in:Accounts payable and accrued expenses (64,490) 38,721Trust receipts payable 0 0Others, specify: 310 1,152

Asset retirement obligation 0 0Cash generated from operationsIncome Taxes paid, including creditable withholding taxes (163,156) (154,820)Interest Paid 0

A. Net Cash Provided by (Used in) Operating Activities (sum of above rows) 471,978 546,668CASH FLOWS FROM INVESTING ACTIVITIES

(Increase) Decrease in Short-term investments 172,530 (594,904)(Increase) Decrease in Advances to suppliers - (7,017)Reductions/(Additions) to Property, Plant, and Equipment (108,428) (68,142)Others, specify: Proceeds from sale of equipment 650 435

Decrease in investment property 0 0Dividends Received 0 0Interest received 33,590 8,910Increase in notes receivables - net 2,736 2

B. Net Cash Provided by (Used in) Investing Activities (sum of above rows) 101,078 (660,716)CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from: Loans

Long-term DebtIssuance of SecuritiesOthers, specify: 0 0

Payments of: (Loans)

(Long-term Debt) 0 - (Notes Payable) 0 0Others, specify (negative entry):

(6,200) 0(2,247) 0

(45,268) (45,291)

C. Net Cash Provided by (Used in) Financing Activities (sum of above rows) (53,715) (45,291)D. EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS (222) (228) NET (DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C+ D) 519,119 (159,567)

Cash and Cash EquivalentsBeginning of year 234,456 394,023End of year 753,575 234,456

Customer deposits

CASH FLOWS FROM OPERATING ACTIVITIESNet Income (Loss) Before Tax and Extraordinary ItemsAdjustments to Reconcile Net Income to Net Cash Provided by Operating Activities

Dividend income

Depreciation and amortizationInterest income

Gain on sale of property and equipment

Unrealized interest income on notes receivables



CURRENT ADDRESS:

8817-8971


NAME OF CORPORATION:

GENERAL FORM FOR FINANCIAL STATEMENTSMABUHAY VINYL CORPORATION AND SUBSIDIARY

Control No.:

Form Type:

TEL. NO.:

Other noncurrent assets

Retirement benefit cost

Unrealized foreign exchange lossInterest expense


Table 3. Cash Flow Statements

Short term loans

Dividends paidInterest paid

Principal portion of lease liabilities

GFFS (rev 2006)

FAX NO.:

PSIC:

Capital StockAdditional Paid-in

Capital

Revaluation

Increment

Remeasurement PAS

19R

Reserve for fluctuation

of AFS

Appropriated Retained

Earnings

Unappropriated

Retained Earnings

Noncontrolling

interestTOTAL

A. Balance, 661,309 176,594 171,959 947 (79) 0 634,524 8,417 1,653,6710

(4,444) 25,714 21,270 B. Restated Balance 661,309 176,594 171,959 947 (4,523) 0 660,238 8,417 1,674,941 C.

0

C.4.1 0

C.4.2 0

C.4.3 164,856 3,960 2,433 171,249

C.4.4C.4.5

D. 395,743 467 396,210E. (46,291) (46,291)F. 700,000 (700,000) 0

G.

G.2G.3 0

H. 661,309 176,594 336,815 4,907 (2,090) 700,000 309,690 8,884 2,196,109

0I. Restated Balance 661,309 176,594 336,815 4,907 (2,090) 700,000 309,690 8,884 2,196,109J.

0

J.4.10

J.4.2 0

J.4.3 3,546 (7,682) (2,941) (7,077)

J.4.4K. 363,432 759 364,191L. (46,292) (46,292)M.

0

N.

N.2N.3

O. 661,309 176,594 340,361 (2,775) (5,031) 700,000 626,830 9,643 2,506,931

M.4

M.2M.3

Balance, 31-Dec-19

Preferred Stock

M.5Issuance of Capital Stock

N.1 Common Stock

Others

Other comprehensive

Net Income (Loss) for the PeriodDividends (negative entry)

M.1 Capital ExpendituresAppropriation for (specify)

Net unrealized gain

Retirement of TSon AFS financila assets

J.2Surplus (Deficit) on Revaluation

of Investments

J.3 Currency Translation J.4 Other Surplus (specify)

H.1 Correction of Error (s)H.2 Changes in Accounting Policy

Surplus

J.1Surplus (Deficit) on Revaluation

of Properties

G.1 Common StockPreferred StockRedemption of preferred stock

Balance, 31-Dec-18

Capital Expenditures

F.3F.2

Dividends (negative entry)Appropriation for (specify)

Net unrealized gain on

AFS financila assets

C.3

Treasury sharesOther comprehensive

Control No.:

Form Type:

GENERAL FORM FOR FINANCIAL STATEMENTSMABUHAY VINYL CORPORATION AND SUBSIDIARYNAME OF CORPORATION:

Currency Translation

3F PHILAMLIFE CENTER 126 LP LEVISTE ST SALCEDO VILLAGE MAKATI CITY8817-8971

Table 4. Statement of Changes in Equity

COMPANY TYPE : MANUFACTURINGIf these are based on consolidated financial statements, please so indicate in the caption.

CURRENT ADDRESS:

TEL. NO.:

Net Income (Loss) for the Period

A.2 Changes in Accounting Policy

C.4 Other Surplus (specify)

F.48

Surplus

C.1Surplus (Deficit) on Revaluation

of Properties

C.2Surplus (Deficit) on Revaluation

of Investments

Issuance of Capital Stock

F.1

(Amount in P'000)


A.1 Correction of Error(s)

1-Jan-18

2019 annual report (sec form 17- a)

Documents