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  • ALTERRA CAPITAL PARTNERS, INC.

    (Formerly: iRipple, Inc.)

    STATEMENTS OF FINANCIAL POSITION

    December 31, 2016 and 2015

    (In Philippine Peso)

    NOTES //////2016 /////2015

    A S S E T S

    Current Assets

    Cash 7 148,523,534 4,487,718

    Due from a related party 18 3,477,308 -

    Financial assets at FVTPL 8 - 24,119,795

    Other current assets 11 558,742 449,796

    152,559,584 29,057,309

    Non-current Asset

    Deferred tax assets 29 - 1,335,551

    TOTAL ASSETS 152,559,584 30,392,860

    LIABILITY AND STOCKHOLDERS' EQUITY

    L I A B I L I T I E S

    Current Liabilities

    Payables 16 1,546,495 1,864,109

    Deposit for future stock subscription 20 125,000,000 -

    TOTAL LIABILITIES 126,546,495 1,864,109

    S T O C K H O L D E R S ' E Q U I T Y

    Capital Stock 19 15,569,015 15,569,015

    Additional Paid-In Capital 19 13,928,475 13,928,475

    Deficit (3,484,401) (968,739)

    TOTAL STOCKHOLDERS' EQUITY 26,013,089 28,528,751

    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 152,559,584 30,392,860

    (See Notes to Financial Statements)

  • ALTERRA CAPITAL PARTNERS, INC.

    (Formerly: iRipple, Inc.)

    STATEMENTS OF COMPREHENSIVE INCOME

    For the Years Ended December 31, 2016, 2015 and 2014

    (In Philippine Peso)

    NOTES //////////2016 /////2015 ///2014

    REVENUES 22 - 11,131,226 78,686,833

    COST OF SALES AND SERVICES 23 - 8,816,081 39,619,257

    GROSS PROFIT 6 - 2,315,145 39,067,576

    OTHER INCOME 24 353,564 881,128 7,863,639

    353,564 3,196,273 46,931,215

    OPERATING EXPENSES 25 1,533,675 7,984,512 26,852,236

    FINANCE COST - - 159,412

    FOREIGN EXCHANGE LOSS 6 - 19,863 596,401

    PROFIT (LOSS) BEFORE TAX (1,180,111) (4,808,102) 19,323,166

    INCOME TAX EXPENSE (BENEFIT) 28 1,335,551 (1,274,487) 6,041,824

    PROFIT (LOSS) (2,515,662) (3,533,615) 13,281,342

    OTHER COMPREHENSIVE GAIN (LOSS)

    ITEM THAT WILL NOT BE RECLASSIFIED

    SUBSEQUENTLY TO PROFIT OR LOSS:

    REMEASUREMENTS net of related tax 26 - 558,289 (300,609)

    TOTAL COMPREHENSIVE INCOME (LOSS) (2,515,662) (2,975,326) 12,980,733

    EARNINGS PER SHARE

    Basic Earnings (Loss) per Share 30 (0.040) (0.057) 0.213

    (See Notes to Financial Statements)

  • ALTERRA CAPITAL PARTNERS, INC.

    (Formerly: iRipple, Inc.)

    STATEMENTS OF CHANGES IN EQUITY

    For the Years Ended December 31, 2016, 2015 and 2014

    (In Philippine Peso)

    Notes Capital Stock

    //Additional

    //Paid-In Capital

    Retained

    Earnings

    (Deficit)

    Remeasurements

    net

    Fair Value Gain on

    Available-for-sale

    Financial Assets //////Total

    Balance, January 1, 2014 15,569,015 13,928,475 16,996,381 (257,680) (86,535) 46,149,656

    Profit 13,281,342 13,281,342

    Cash dividends, as restated 21 (27,712,847) (27,712,847)

    Other comprehensive loss 26 (300,609) (300,609)

    Reclassification adjustment 86,535 86,535

    Balance, January 1, 2015 19 15,569,015 13,928,475 2,564,876 (558,289) - 31,504,077

    Loss (3,533,615) (3,533,615)

    Other comprehensive income 26 558,289 558,289

    Balance, December 31, 2015 15,569,015 13,928,475 (968,739) - - 28,528,751

    Loss (2,515,662) (2,515,662)

    Balance, December 31, 2016 15,569,015 13,928,475 (3,484,401) - - 26,013,089

    (See Notes to Financial Statements)

  • ALTERRA CAPITAL PARTNERS, INC.

    (Formerly: iRipple, Inc.)

    STATEMENTS OF CASH FLOWS

    For the Years Ended December 31, 2016, 2015 and 2014

    (In Philippine Peso)

    NOTES /////////////2016 //////2015 ////2014

    CASH FLOWS FROM OPERATING ACTIVITIES

    Profit (Loss) before tax (1,180,111) (4,808,102) 19,323,166

    Adjustments for:

    Finance income 7,8,24 (353,564) (123,564) (176,822)

    Depreciation 15,25 - 505,574 3,645,418

    Retirement benefit 25 - - 198,796

    Finance cost 6 - - 159,412

    Reclassification adjustment - - 86,535

    Loss on sale of available-for-sale financial asset 25 - - 62,781

    Impairment loss 25 - - 6,018

    Unrealized foreign exchange loss 6 - - 596,401

    Operating cash flows before changes in working capital (1,533,675) (4,426,092) 23,901,705

    Decrease (Increase) in operating assets:

    Receivables - 6,947,766 (5,668,271)

    Inventories - 421,039 (1,730,307)

    Other current assets (108,945) (285,671) (2,245,726)

    Decrease (Increase) in payables (317,614) (6,200,136) 2,634

    Cash generated from (used in) operations (1,960,234) (3,543,094) 14,260,035

    Income taxes paid - (3,187,779) (1,999,574)

    Net cash from (used in) operating activities (1,960,234) (6,730,873) 12,260,461

    CASH FLOWS FROM INVESTING ACTIVITIES

    Finance income received 7,8,24 17,458 246,807 14,429

    Proceeds from disposal of assets and assumption of liabilities 1 - 26,079,236 -

    Finance lease receivable granted 12 - (670,251) (1,925,982)

    Proceeds from sale of available-for-sale financial asset - - 4,818,434

    Collection of finance lease receivables - - 453,038

    Additions to property and equipment - - (1,411,963)

    Net cash from investing activities 17,458 25,655,792 1,947,956

    CASH FLOWS FROM FINANCING ACTIVITIES

    Proceeds from deposit for future stock subscription 20 125,000,000 - -

    Proceeds from redemption of financial assets at FVTPL 8 24,455,900 - -

    Advances made to a related party 18 (3,477,308) - -

    Availment of finance lease obligations - - 981,372

    Finance cost paid - - (15,275)

    Payment of finance lease obligations - - (94,023)

    Payment of dividends 21 - (26,155,945) (1,556,902)

    Acquisition of financial assets at FVTPL 8 - (24,000,000) -

    Net cash from (used in) financing activities 145,978,592 (50,155,945) (684,828)

    EFFECTS OF FOREIGN EXCHANGE RATE CHANGES ON CASH - - 3,726

    NET INCREASE (DECREASE) IN CASH 144,035,816 (31,231,026) 13,527,315

    CASH AT BEGINNING OF YEAR 4,487,718 35,718,744 22,191,429

    CASH AT END OF YEAR 148,523,534 4,487,718 35,718,744

    (See Notes to Financial Statements)

  • 1

    ALTERRA CAPITAL PARTNERS, INC.

    (Formerly: iRipple, Inc.) NOTES TO FINANCIAL STATEMENTS

    December 31, 2016 and 2015

    1. CORPORATE INFORMATION

    Alterra Capital Partners, Inc. (the Company) is a service and trading corporation

    incorporated and registered with the Philippine Securities and Exchange Commission

    (SEC) on November 21, 2000. The Companys primary purpose is to engage in the

    business of a holding company by buying and holding shares of other companies,

    whether common, preferred, treasury, founders or other kinds of shares, either by

    subscribing to the unissued shares of the capital stock in public or private offering or

    by purchasing the shares of other stockholders by way of assignment in private sale;

    to invest in the stock or equity of other companies; to acquire rights in the stock of

    other companies by way of sale, pledge, chattel mortgage or assignment; to sell,

    dispose, assign, pledge or convey any or all or its shareholdings in other companies in

    favor of qualified persons by way of private sale, assignment or other form of private

    conveyance, all in accordance with the Corporation Code, the Securities Regulation

    Code (SRC) and other applicable laws and regulations; to vote its shareholdings in

    other companies and exercise all the rights of a shareholder under the Corporation

    Code and applicable laws provided that it will not act as stockbroker or dealer of

    securities.

    The Company started its commercial operations in January 2002. The Company is

    substantially owned by Filipino individuals and the control rests with the members of

    the Board.