Definitive Information Statement FINAL 20160329

COVER SHEET
S.E.C. Registration No.
(Company's Full Name)
(Business Address : No. Street City / Town / Province )
MARK S. GORRICETA
(632) 889-6467
Contact Person
Month
Day
Company Telephone Number
20-IS
2nd Week of May
FORM TYPE
Month
Fiscal Year
Day
Annual Meeting
N/A
Secondary License Type, If Applicable
N/A
Dept. Requiring this Doc.
Amended Articles Number/Section
Total Amount of Borrowings
Total No. of Stockholders
N/A
N/A
Domestic
Foreign
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------To be accomplished by SEC Personnel concerned
File Number
Document I.D.
STAMPS
LCU
Cashier
PROXY
The undersigned, being a stockholder of Xurpas Inc. (the Corporation), constitutes and
appoints _________________________, or in his/her absence, the Chairman of the
stockholders meeting, to be the undersigneds proxy, to represent and vote all shares registered
in the name of, and beneficially owned by, the undersigned at the annual meeting of the
stockholders of the Corporation scheduled on May 11, 2016, at 9:00 a.m., at the Main Lounge of
the Manila Polo Club, and at all adjournments thereof, as fully and to all intents and purposes as
the undersigned might or could lawfully do if present and acting in person. The undersigned
hereby ratifies and confirms any and all actions taken by said proxy on matters that may come
before such meeting or adjournments thereof as fully as the undersigned might or could lawfully
do if present, with full power of substitution and revocation in the premises.
This proxy revokes and supersedes all previous proxies executed by the undersigned. This proxy
continues to be in full force and effect until withdrawn by written notice delivered to the
Secretary of the Corporation, but shall not apply in instances where the undersigned personally
attends the meeting.
IN WITNESS WHEREOF, the undersigned executes this proxy this ____________________.
Signature of Stockholder/ Authorized Signatory:
___________________________
Name of Stockholder:
___________________________
Date:
___________________________
THIS PROXY SHOULD BE RECEIVED BY THE CORPORATE SECRETARY ON OR

BEFORE MAY 3, 2016, AT 7TH FLOOR CAMBRIDGE CENTRE BUILDING 108
TORDESILLAS ST., SALCEDO VILLAGE, MAKATI CITY.
VALIDATION OF PROXIES SHALL BE HELD ON MAY 6, 2016 AT THE OFFICE OF
THE CORPORATE SECRETARY.
SEC FORM 20-IS
1.
INFORMATION STATEMENT PURSUANT TO SECTION 20

OF THE SECURITIES REGULATION CODE
Check the appropriate box:
[
] Preliminary Information Statement
[! ] Definitive Information Statement

2.
Name of Registrant as specified in its charter: XURPAS INC.
3.
Province, country or other jurisdiction of incorporation or organization: Philippines
4.
SEC Identification Number: A200117708
5.
BIR Tax Identification Code: 219-934-330
6.
Address of principal office: 7th Floor Cambridge Centre

108 Tordesillas St., Salcedo Village
Makati City 1227
7.
Registrants telephone number, including area code: (632) 889-6467
8.
Date, time and place of the meeting of security holders:

Date :
May 11, 2016 (Wednesday)
Time :
9:00 a.m.
Place :
Main Lounge, Manila Polo Club
McKinley Road, Makati City
9.
Approximate date on which the Information Statement is first to be sent or given to

security holders: April 19, 2016
10.
Securities registered pursuant to Sections 8 and 12 of the Code or Sections 4 and 8 of

the RSA (information on number of shares and amount of debt is applicable only to
corporate registrants):
Title of Each Class
Number of Shares of Common Stock

Outstanding (As of March 29, 2016)
1,720,000,660
Common Shares
12.
Are any or all of registrant's securities listed in a Stock Exchange?

Yes [!]
No [ ]
If yes, disclose the name of such Stock Exchange and the class of securities listed
therein:
A total of 1,720,000,660 common shares are listed on the Philippine Stock
Exchange.
INFORMATION REQUIRED IN INFORMATION STATEMENT

WE ARE NOT ASKING FOR A PROXY AND
YOU ARE REQUESTED NOT TO SEND US A PROXY
A. GENERAL INFORMATION
Item 1.
Date, Time, Place of Meeting of Security Holders
The Annual Stockholders Meeting of XURPAS INC. (Xurpas or the Company) will be held
on the following date at the following address:
Item 2.
Date
Time
Place
:
:
:
May 11, 2016

9:00 a.m.
Main Lounge, Manila Polo Club
McKinley Road, Makati City
Complete mailing
address of registrant
7th Floor Cambridge Centre

Makati City 1227
Approximate mailing date

of this statement
April 19, 2016
Dissenters Right of Appraisal
There are no corporate matters or actions that will be taken up at the meeting that may give rise
to a possible exercise by stockholders of their appraisal rights under Section 81 of the
Corporation Code of the Philippines.
Item 3.
a.
Interest of Certain Persons in or Opposition to Matters to be Acted Upon

The incumbent directors and executive officers and their associates have no substantial
interest in any matter to be acted upon at the meeting other than election to the office.
b. No director has informed the Company of his opposition to any matter to be acted upon
at the meeting.
B. CONTROL AND COMPENSATION INFORMATION
Item 4. Voting Securities and Principal Holders Thereof
a.
Class of voting shares

Number of outstanding shares as
of March 3, 2016
Number of votes per share
1,720,000,660 common shares

:
One vote each share of stock held

as of record date of March 3, 2016
b. Record date
All stockholders of record as of March 3, 2016 are entitled to notice and to vote at the meeting.
c.
Election of directors and cumulative voting rights
The election of directors should be by ballot and cumulative voting is allowed.

Every stockholder entitled to vote shall have the right to vote in person or by proxy the number
of shares outstanding in his name at the time of the election. The stockholder may vote his
shares for as many persons as there are directors to be elected.
The stockholder may also cumulate his shares and give one candidate as many votes as the
number of directors to be elected multiplied by the number of his shares shall equal, or he may
distribute them on the same principle among as many candidates he may see fit; provided that
the whole number of votes cast by him shall not exceed the number of shares owned by him
multiplied by the whole number of directors to be elected. There is no condition precedent to the
exercise of the stockholders right to cumulative voting. The Company is not soliciting any proxy
or any discretionary authority to cumulate votes.
d. Security ownership of certain record and beneficial owners and management!
1. Security ownership of certain record and beneficial owners
As of March 29, 2016, the Company is not aware of any person who is directly or indirectly the
record or beneficial owner of more than 5% of the Companys capital stock except as set forth
below:
Title of
Class
Name, Address
of Record Owner
and Relationship
with Issuer
Common
Nico Jose S.
Nolledo
Urdaneta
Apartments, Ayala
Avenue,
Makati City
(Chairman,
President and
Chief Executive
Officer)
Raymond Gerard
S. Racaza
One Salcedo Place,
J. Velasquez St.,
Salcedo Village,
Makati City
(Treasurer and
Chief Operating
Officer)
Fernando Jude F.
Garcia
Common
Common
Name of
Beneficial
Owner and
Relationship
with Record
Owner
Citizenship
No. of Shares
and Nature of
Ownership
(Direct or
Indirect)
Percent
of Class
Nico Jose S.
Nolledo
Filipino
441,665,960
(Direct)
25.678%
Raymond Gerard
S. Racaza
Filipino
441,665,960
(Direct)
25.678%
Fernando Jude F.
Garcia
Filipino
441,665,960
(Direct)
25.678%
Common
Common
North Lane, Jem 2

Subd., Tandang
Sora, Quezon City
(Chief Technology
Officer)
PCD Nominee
Corp.
PCD Nominee
Corp.
PCD participants
acting for
themselves and
for their
customers1
PCD participants
acting for
themselves and
for their
customers2
Filipino
213,084,165
(Direct)
12.389%
Non-Filipino
181,904,471
(Direct)
10.576%
2. Security ownership of directors and management as of March 29, 2016

As of March 29, 2016 the Companys directors and executive officers own the following number
of shares:
Title of
Class
Name of Owner and Position
Citizenship
Common
Nico Jose S. Nolledo

Chairman, President and Chief
Executive Officer
Raymond Gerard S. Racaza
Director, Treasurer and Chief
Operating Officer
Fernando Jude F. Garcia
Director, Chief Technology Officer
Mercedita S. Nolledo
Director
Wilfredo O. Racaza
Director
Alvin D. Lao
Independent Director
Jonathan Gerard A. Gurango
Jose Vicente T. Colayco
Chief Business Development
Officer
Alfonso A. Tagaysay
Chief Marketing Officer
Filipino
441,665,960
(Direct)
25.678%
Filipino
441,665,960
(Direct)
25.678%
Filipino
441,665,960
(Direct)
1,878,338
(Direct)
1,060
(Direct)
1,018,010
(Direct)
169,399
(Direct)
18,250,320
(Direct)
25.678%
18,250,320
(Direct)
1.061%
1,364,565,327
79.335%
Common
Common
Common
Common
Common
Common
Common
Common
Total (Directors and Officers as a Group)
Filipino
Filipino
Filipino
Filipino
Filipino
Filipino
No. of Shares and

Nature of
Ownership (Direct
or Indirect)
Percent
of Class
0.109%
Nil
0.059%
0.010%
1.061%
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Each beneficial owner of shares through a PCD participant is the beneficial owner to the extent of the
number of shares in his account with the PCD participant. The Company has no record relating to the
power to decide how the shares held by PCD are to be voted.
2 Id.
1
3. Voting Trust Holders of 5% or More

The Company is not aware of any person holding 5% or more of the Companys shares under a
voting trust or similar agreement.
4. Changes in Control
There was no change of control in the Company during the year. There are no existing
provisions in the Companys Articles of Incorporation or By-Laws that will delay, defer, or in any
manner prevent a change in control of the Company.
Item 5. Directors and Executive Officers
a.
Board of Directors and Executive Officers
The stockholders elected the following members of the board of directors (Board) during the
Companys Annual Stockholders Meeting in 2015 for a term of one year.
Directors
Nationality
Position

Wilfredo O. Racaza
Alvin D. Lao
Filipino
Filipino
Filipino
Filipino
Filipino
Filipino
Filipino
Chairman
Director
Director
Director
Director
Year Position was

Assumed
2001
2001
2001
2001
2001
2014
2014
The attendance of the directors at the meetings of the Board held in 2015 is as follows:
Directors
Wilfredo O. Racaza
Alvin D. Lao
Number of Meetings Held

and Attended
13/13
12/13
13/13
12/13
13/13
11/13
13/13
Percentage
100%
92.3%
100%
92.3%
100%
84.6%
100%
In compliance with its Manual of Corporate Governance, the Company has established
committees to perform certain management functions and achieve sound corporate governance,
as follows:
Director
Raymond Gerard S.
Racaza
Executive
Compensation
and
Remuneration
C
M
Nomination
C
M
Audit
and
Risk
M
Finance
M
C

Wilfredo O. Racaza
Alvin D. Lao
Jonathan Gerard A.
Gurango
M
M
M
M
C
C - Chairman
M Member
b.
Nomination of Directors!
The Companys Nomination Committee pre-screened and accepted the nominations for the
following directors:
1.
2.
3.
4.
5.
6.
7.

Wilfredo O. Racaza
Alvin D. Lao, Independent
Jonathan Gerard A. Gurango, Independent
The Nomination Committee evaluated the qualifications of the nominees and prepared the final
list of nominees in accordance with the criteria provided in the Securities Regulation Code
(SRC), the Companys Manual on Corporate Governance and the Companys By-Laws.
As discussed in the table above, the Nomination Committee is headed by Mr. Nico Jose S.
Nolledo and its members are: Raymond Gerard S. Racaza, Mercedita S. Nolledo and Jonathan
Gerard A. Gurango.
Pursuant to the amendment of the Companys By-laws on July 10, 2014 providing for the
election of the independent directors possessing the required qualifications in accordance with
Rule 38 of the Securities Regulation Code, Mr. Jose Vicente T. Colayco, a stockholder,
nominated Mr. Alvin D. Lao and Mr. Jonathan Gerard A. Gurango as independent directors. Mr.
Lao and Mr. Gurango are neither related to Mr. Colayco nor to each other. They have both
accepted their nomination as independent directors.
Only nominees whose names appear on the final list of candidates are eligible for election as
directors. No nominations will be entertained or allowed on the floor during the annual
stockholders meeting.
A summary of the qualifications of the incumbent directors, nominees for directors and
incumbent officers for the past five years is set forth in Exhibit A.
The Board elects the officers of the Company annually during its organizational meeting.
c.
Significant Employees
The Company values the contribution of each employee no matter how big or small and
considers all its employees significant. There is no significant employee as defined in the SRC.
d. Family Relationships
Mr. Nico Jose S. Nolledo, Chairman, President and Chief Executive Officer, is the son of Atty.
Mercedita S. Nolledo, a director. Mr. Raymond Gerard S. Racaza, Treasurer and Chief Operating
Officer, is the son of Mr. Wilfredo O. Racaza.
There are no family relationships between the current members of the Board and the key officers
other than the above.
e.
Involvement in Certain Legal Proceedings
There are no material legal proceedings, bankruptcy petition, conviction by final judgment, order,
judgment or decree or any violation of a securities or commodities law for the past five years to
which the Company or any of its subsidiaries or affiliates or its directors or executive officers is a
party or of which any of its material properties is subject in any court or administrative
government agency.
As of this report, the Company is not a party to any litigation or arbitration proceedings of
material importance, which could be expected to have a material adverse effect on the Company
or on the results of its operations. No litigation or claim of material importance is known to be
pending or threated against of the Company or any of its properties.
f.
Certain Relationships and Related Transactions
The Company has regularly disclosed its related party transactions such as acquisition of shares in
corporations in which the Company has interlocking directors or common stockholders, with the
Securities and Exchange Commission and the Philippine Stock Exchange. In the conduct of its
day-to-day business, the Company engages in related party transactions such as service and
licensing agreements, always at arms-length and taking into consideration the best interest of the
Company.
g. Ownership Structure and Parent Company
As of March 29, 2016, the Companys incorporators, Messrs. Nolledo, Racaza and Garcia, own
77% of the Company. It has no parent company.
h. Resignation of directors
Since the date of the last stockholders meeting, no director has resigned or declined to stand for
re-election to the Board.
Item 6. Compensation of Directors and Executive Officers
a.
Executive compensation
Salary
Name
Position

Raymond Gerard S.
Racaza
Jose Vicente T. Colayco
Alfonso A. Tagaysay
President & Chief Executive Officer

Chief Technology Officer
Treasurer & Chief Operating Officer
Total
2016 (projected)
2015
2014
2013
2012
Estimated
Bonus
Other
Total
Chief Business Development Officer

Chief Marketing Officer
!29,333,185.00
29,390,786.72
10,351,294.00
N/A
N/A
N/A
N/A
N/A
N/A
The total annual compensation consists of basic pay and other taxable income.
N/A
N/A
N/A
N/A
!29,333,185.00
!29,390,786.72
10,351,294.00
N/A
N/A
The Companys executive officers have no other remuneration aside from the compensation
described above.
b. Compensation of Directors
i. Standard Arrangement
The directors receive a standard per diem of Php20,000.00 for every meeting attended, which
may be adjusted, as decided by the Compensation and Remuneration Committee. Non-executive
directors have no compensation aside from their per diem, while directors who hold executive
positions receive compensation discussed in Item 6, in addition to their per diem.
ii. Other Arrangements
The Company has no other existing arrangements such as bonus, profit sharing, stock options,
warrants, rights, or other compensation plans or arrangements with its directors except as
discussed above and as proposed in Item 8, the Employee Stock Option Plan, which is subject to
the approval of the stockholders during the 2016 Annual Stockholders Meeting.
c.
Employment Contracts, Termination of Employment, Change-in-Control

Arrangements
The Company does not have any compensatory plan or arrangements such as bonus, profit
sharing, stock options, warrants, rights or other compensation plans or arrangements that results
from the resignation, retirement of employment, or any other termination of an executive
officers employment with the Company, or from a change in control of the Company.
d. Warrants and Options Outstanding
As of date, the Company does not have any stock options, warrants or similar plans for any of its
directors or officers. Please refer to Item 8 for the Employee Stock Option Plan that the Board
has approved, subject to the approval of the stockholders during the 2016 Annual Stockholders
Meeting.
Item 7. Independent Public Accountants
a.
External Auditor
SyCip, Gorres, Velayo & Company (SGV) has been its external auditor since 2008. SGV is in
compliance with the SRC requirement of rotating the handling partner every five consecutive
years. The engagement partner who conducted the audit for the calendar year 2015 is Ms. Jessie
D. Cabaluna. She is also the recommended partner-in-charge for calendar year 2016. !
The Board approved the re-appointment of SGV as the Companys external auditor for 2016.
The re-appointment of the SGV will be presented to the stockholders for their approval at the
annual stockholders meeting.
For the past seven years, the Company has not had any disagreements with SGV on accounting
principles and practices, financial statement disclosures, or auditing scope or procedures. SGV
works with the Companys Audit Committee, which is composed of Mr. Alvin D. Lao as
Chairman and Mr. Raymond Gerard S. Racaza, Atty. Mercedita S. Nolledo and Mr. Wilfredo O.
Racaza as members.
Representatives of SGV will be present at the annual stockholders meeting and will have the
opportunity to make a statement if they desire to do so, and are expected to be available to
respond to appropriate questions.
Item 8. Compensation Plans

The Board has approved the Employee Stock Option Plan last January 20, 2016, subject to
further revisions and approval of the Stockholders in the 2016 annual stockholders meeting of
the Company. Directors, except Independent Directors, and Officers are entitled to participate in
the Employee Stock Option Plan (Plan). The details of the Plan are as follows:
Title and
Securities
Amount
Price
Option Expiry Date

Exercise of Privilege
Participants3
of 1.5% of the outstanding capital stock of the Companys common

share, but in no case the aggregate number of shares represented
by outstanding options shall exceed 1% of fully-diluted shares,
inclusive of shares represented by such outstanding options.
Not in any case be less than the Fair Market Value of the
Companys shares, or such lower purchase price as may be
allowed under the rules of the PSE or the SEC subject to
adjustment in case of change in the corporate structure or
capitalization of the Company's common stock as presently
constituted. However, in no case shall it be less than the
subscription price of P3.97 at which the Companys shares were
initially offered for sale to the public in December 2014.
3rd Year anniversary of the option grant date.
Within one (1)
1/3 of the total
year from the
grant
effectivity date
of each grant
Within two (2)
1/3 of the total
years from the
grant
effectivity date
of each grant
Within three (3)
1/3 of the total
years from the
grant
effectivity date
of each grant
or such shorter or longer period as the
Committee may prescribe from date of
effectivity thereof or the "Vesting
Period".
All such full time and regular employees of the Company and
such other qualified persons who may be recommended from
time to time by the Executive Committee to the Compensation
and Remuneration Committee are eligible to participate in the
Plan.
C. ISSUANCE AND EXCHANGE OF SECURITIES

Item 9. Authorization or Issuance of Securities Other than for Exchange
There are no matters or actions to be taken up with respect to authorization or issuance of
securities.
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
The amount of options to be received by the Directors/Officers, or all other employees of the Xurpas
group is not determinable as of date.
3
10
Item 10. Modification or Exchange of Securities

There are no matters or actions to be taken up for the modification of any class of the
Companys securities or the issuance or authorization for issuance of one class of the Companys
securities in exchange for outstanding securities of another class.
Item 11. Financial and Other Information
a.
Managements Discussion and Analysis, External Auditors Fees and Services, Brief
Description of Registrants Business and Subsidiaries and Market Price of Shares and
Dividends on Registrants Common Equity Exhibit B
b. Audited Consolidated Financial Statements for the years ended December 31, 2015 and
2014 Exhibit C
c. Index to Consolidated Financial Statements and Supplementary Schedules Exhibit D
Item 12. Mergers, Consolidations, Acquisitions and Similar Matters
There are no matters or actions to be taken up in the meeting with respect to a merger,
consolidation, acquisition by, sale or liquidation of the Company.
Item 13. Acquisition or Disposition of Property
There are no matters or actions to be taken up in the meeting with respect to an acquisition or
disposition of any property by the Company requiring stockholders approval.
Item 14. Restatement of Accounts
There is no action to be taken with respect to the restatement of any asset, capital, or surplus
account of the Company.
Item 15. Action with Respect to Reports
The minutes of the regular stockholders meeting held on May 27, 2015 will be presented to the
stockholders for approval. No matters arising from the said minutes of meetings will be taken up
during the annual stockholders meeting.
The matters taken up during the May 27, 2015 regular stockholders meeting were:
1.
2.
3.
4.
5.
Call to Order
Determination of Quorum
Approval of the Minutes of the Previous meeting
Message of the Chairman, President and Chief Executive Officer
Ratification of All Acts of the Board of Directors, the Officers and Management
Adopted During the Preceding Year
6. Election of Directors and Independent Directors
7. Appointment of External Auditors
8. Adjournment
The Company will present its Annual Report of Management and Audited Financial Statements
for the year ending December 31, 2015 for approval.
The approval of the audited financial statements and supplementary schedules to such financial
statements will also be taken up during the meeting.
11
At the annual meeting, the stockholders will be asked to ratify the acts of the Board and
management of Company from and including the previous regular stockholders meeting held on
May 27, 2015 up to the date of the meeting. Such acts were adopted in the ordinary course of
business and include the following:
Special Meeting of the Board held on June 25, 2015
1. Approval of the acquisition of 70% shareholdings in Seer Technologies, Inc.; and
2. Approval of the opening of bank accounts with Security Bank Corporation.
Special Meeting of the Board held on July 14, 2015
1. Ratification of the subscription of the Company to 67% shareholdings in Xeleb Inc.; and
2. Approval of the subscription of the Company to 21.17% shareholdings in Altitude
Games Inc.
Special Meeting of the Board held on July 31, 2015
1. Approval of re-allocation of Php785.98 million proceeds from the Companys initial
public offering proceeds.
Regular Board Meeting of the Board held on August 10, 2015
1. Approval of the Second Quarter Financial Report; and
2. Approval to secure the inclusion of another Subscriber Identification Module (SIM)
Card to the Companys GCash Account from Globe Telecommunications, Inc.
Special Meeting of the Board held on September 1, 2015
1. Approval of the acquisition of 51% shareholdings in Yondu Inc.
Special Meeting of the Board of Directors held on September 30, 2015
1. Authority to purchase the Convertible Note issued by Einsights Pte. Ltd; and
2. Authority to register the mark, Sarah G Popsters with the Intellectual Property Office.
Regular Board Meeting held on November 11, 2015
1. Approval of the 2015 Third Quarter Financial Report; and
2. Approval of the reservation of the name, Xurpas Enterprise Inc. with the Securities and
Exchange Commission.
Special Board Meeting held on December 29, 2015
1. Appropriation of unrestricted retained earnings for cash dividend declaration
Regular Board Meeting held on January 20, 2016
1. Approval of the adoption of the Employee Stock Option Plan, subject to further
revisions.
Special Board Meeting held on February 16, 2016
1. Subscription of Shares in Xurpas Enterprise Inc.
2. Approval of the Date and Venue of the 2015 Annual Stockholders Meeting
Special Board Meeting held on March 8, 2016
1. Approval of the Investment in Micro Benefits Limited;
2. Authority to apply for clearance/permit from the Optical Media Board; and
3. Authority to enter into contracts or agreements with Globe Telecom in relation to
application for additional broadband line.
Special Board Meeting held on March 29, 2016
1. Approval of the 2015 Audited Financial Statements; and
2. Appointment of 2016 External Auditor;
12
Item 16. Matters not Required to be Submitted

There are no matters or action to be taken up in the meeting that are required to be submitted to
a vote of security holders.
Item 17. Amendment of Charter, By-Laws or Other Documents
There are no matters or actions to be taken up in the meeting with respect to any amendment of
the Companys Articles of Incorporation or By-Laws.
Item 18. Other Proposed Action
There is no other proposed action to be taken up at the meeting.
Item 19. Voting Procedures
a. Vote Required
The vote for each item proposed for approval by the stockholders is as follows:
i.
ii.
With respect to the election of directors, nominees who receive the highest number
of votes will be declared elected.
For all other matters to be taken up, the affirmative vote of at least a majority of the
issued and outstanding capital stock entitled to vote and represented at the annual
stockholders meeting is required.
In the case of proxies, the votes should be cast in such manner and by such person as directed in
the proxy.
ii. Method of Voting
In all items for approval, each voting share of stock entitles its registered owner as of the record
date to one vote.
In the election of directors, straight and cumulative voting shall be allowed. Each stockholder
may vote such number of shares for as many persons as there are directors to be elected or he
may cumulate the shares and give one nominee as many votes as the number of directors to be
elected multiplied by the number of his shares, or he may distribute them on the same principle
among as many nominees as he shall see fit; provided that, the whole number of votes cast by
him shall not exceed the number of shares owned by him multiplied by the total number of
directors to be elected.
Upon registration at the annual stockholders meeting, each stockholder will be given a ballot to
enable him to vote in writing on each item or proposal in the Agenda. All votes will be counted
and tabulated by the Election Committee composed of representatives from the Office of the
Corporate Secretary and the SGV.
Undertaking to Provide Annual Report
Upon written request of a stockholder, the Corporation undertakes to furnish said
stockholder, without charge, a copy of its Annual Report or SEC Form 17-A. Such written
request may be addressed to:
13
MR. ALEXANDER D. CORPUZ

Chief Financial Officer and Chief Compliance Officer
Xurpas Inc.
7th Floor Cambridge Centre
Makati City 1227
[Signature Page Follows]
14
EXHIBIT A
QUALIFICATIONS OF DIRECTORS AND KEY OFFICERS
Below is a list of qualifications of the directors and key officers of the Corporation for the past
five (5) years.
Nico Jose S. Nolledo, Filipino, 39, director of the Company since 2001.
Mr. Nolledo is the Chairman and Chief Executive Officer of Xurpas Inc., the largest listed
consumer technology company in a Southeast Asian Stock Exchange. He is also the Philippine
venture partner of Wavemaker Partners, a member of the Draper Network which gives him a
pulse on the latest innovations in global technology. Mr. Nolledo is the first Filipino
Entrepreneur chosen by the Endeavour network. He is also the Ernst and Youngs 2015
Philippine Entrepreneur of the year and was chosen as one of the Top Outstanding Yong Men
(TOYM) in the Philippines in 2015. Mr. Nolledo holds a Bachelor of Science degree in
Management from Ateneo de Manila University.
Raymond Gerard S. Racaza, Filipino, 38, director of the Company since 2001.
Mr. Racaza is co-founder of the Company and has been its Treasurer and Chief Operating
Officer since November 2001. He is responsible for the overall business operations of the
Company, such as carrier-relationship management, marketing, product design, and other core
Company services. Before founding the Company, he was a Senior Solutions Consultant of
Wireless Internet Solutions, Inc. and was part of the original development team of iAyala that
built the first Wireless Application Protocol (WAP) site in the Philippines. Mr. Racaza holds a
Bachelor of Science degree in Computer Science, Major in Information Technology from De La
Salle University.
Fernando Jude F. Garcia, Filipino, 42, director of the Company since 2001.
Mr. Garcia is co-founder of the Company and has been its Chief Technology Officer since 2001.
He served as Corporate Secretary of the Company until December 2014. He created the
Companys Griffin Platform, the mobile consumer content gateway and platform for all of the
Companys mobile consumer content products and services. He also created the Companys
modular middleware system that can easily integrate with any modern billing gateway. He is the
chief engineer responsible for the Companys software architecture and systems integration.
Examples of such systems and protocols are the following: for SMS (CIMD2/EMIUCP/SMPP), for MMS (EIAF/MM7), for Voice Services (SIP), for Billing/IN
(Diameter/UCIP/ParlayX2.1) and Security (IPSEC). Before founding the Company, he was a
software developer in iAyala. Mr. Garcia holds a Bachelor of Science degree in Applied Physics
from the University of the Philippines in Diliman, Quezon City.
Wilfredo O. Racaza, Filipino, 68, director of the Company since 2001.
Mr. Racaza has 45 years of marketing and finance experience under his belt. He was the head of
New Business Development in Mobil Oil Philippines for 15 years. He is currently an insurance
executive in Manulife Financial Philippines for the last 29 years up to present. He has garnered
numerous accolades and awards such as multiple Branch of the Year awards and consistent
agency sales awards. He has been a consistent awardee in the General Agents and Managers
Association (GAMA) of the Philippines from 2003 to 2014. Mr. Racaza holds a Bachelor of
Science in Commerce Degree Major in Accountancy from Xavier University in Cagayan de Oro
City.
16
Mercedita S. Nolledo, 74, Filipino, director of the Company since 2001.

Atty. Nolledo is currently a director of Bank of the Philippine Islands, BPI Family Savings Bank
and BPI Capital Corporation, Anvaya Golf and Nature Club, Inc., Honda Cars Makati, Inc.,
Automotive Isuzu Dealership, Iconic Dealership, Inc. and Ayala Automotive Holdings. She is the
Chairman of BPI Investment Management Corporation. She is a member of the Board of
Trustees of Ayala Foundation, Inc. and BPI Foundation, Inc. She has served as a director of
Cebu Holdings, Inc. from 1993 to 2006 and of Ayala Corporation from 2004 to 2010. Atty.
Nolledo was formerly Corporate Secretary and General Counsel of the Ayala Group of
Companies and the Senior Managing Director of the Ayala Corporation. She served as Executive
Vice President, director and Corporate Secretary of Ayala Land, Inc. and as the firms Treasurer.
Atty. Nolledo placed second in the Certified Public Accountant exams in 1960 and also placed
second in the 1965 bar exams. She holds a Bachelor of Science degree in Business
Administration, magna cum laude, from the University of Philippines. Atty. Nolledo holds a
Bachelor of Laws degree, cum laude, from the University of the Philippines.
Jonathan Gerard A. Gurango, 58, Filipino, independent director of the Company since 2014.
Mr. Gurango has a solid track record in forming and running successful software companies. He
founded Match Data Systems (MDS) in Seattle, USA in 1987, MDS Philippines in 1991, and
MDS Australia in 1996. In 1999, he sold MDS to Great Plains Software, which was acquired by
Microsoft in 2001. Mr. Gurango served as the Asia Pacific Regional Director for Microsoft
Business Solutions, before he left in 2003 to form Gurango Software. In 2007, he was inducted
into the Hall of Fame for Microsoft's Most Valuable Professionals, in recognition of his mastery
of software technology and business. In 2006, the Philippine Center for Entrepreneurship
acknowledged him as one of the country's Ten Most Inspiring Technopreneurs. In addition to
leading Gurango Software as the most successful Microsoft Dynamics partner in the Philippines,
he has co-founded several other software start-ups such as SPRING.ph, and is currently the
President of the Philippine Software Industry Association. Mr. Gurango holds a Bachelor of
Science degree in Industrial Engineering from the University of the Philippines, Diliman,
Quezon City. He also obtained his Bachelor of Science degree in Electrical Engineering from the
University of Washington.
Alvin D. Lao, 44, Filipino, independent director since 2014.
Mr. Lao is the Executive Vice President and the Chief Financial Officer of D&L Industries, Inc.
He is also the Chief Financial Officer and Treasurer of Chemrez Technologies Inc. He serves as
Director of Axis REIT, a real estate investment trust listed in Malaysia and as a Vice President of
the Technology Club of the Philippines (Philippine alumni of the Massachusetts Institute of
Technology), and is a past president and current member of the Entrepreneurs Organization
(EO, Philippine Chapter). He is also a member of the Financial Executives Institute of the
Philippines (FINEX) and the Wallace Business Forum. He is a director of Enderun Colleges,
Gurango Software Corporation, First in Colours, Incorporated, D&L Polymer and Colours,
Incorporated, FIC Tankers Corporation, Ecozone Properties, Inc., Anonas LRT Property and
Devt Corp., and Hotel Acropolis, Inc. He graduated from the University of Western Australia
with a Bachelor of Science degree in Information Technology (Honours) and Statistics. He also
holds a Masters degree in Business Administration from the MIT Sloan School of Management.
Jose Vicente T. Colayco, 46, Filipino, Chief Business Development Officer of the Company
since 2014.
Before joining the Company, Mr. Colayco was the co-founder and co-managing director of
Digital Storm, Inc., a developer of online casual game platforms. He was the President of 888
Creative Studios (a subsidiary of Information Gateway, Inc.) from 2004 to 2010, during which
time he led the management of relationships with foreign and local licensors from the music,
motion picture and game industries. He also served as Managing Director for EMI Music
17
Philippines and Marketing Director for Sony Music Philippines. He holds a Bachelor of Arts
degree in Philosophy and Religious Studies from Brown University, Magna Cum Laude. He
obtained his Masters in Business Administration from Harvard Business School in Boston,
Massachusetts.
Alfonso A. Tagaysay, 42, Filipino, Chief Marketing Officer of the Company since 2014.
Mr. Tagaysay has 15 years of experience in the mobile consumer content industry, managing
mobile companies operating in various South East Asian markets: Philippines, Indonesia,
Malaysia and Bangladesh. Before joining the Company, he was the co-founder and co-managing
director of Digital Storm, Inc. From 2004 to 2010, he was a Managing Director of Information
Gateway, Inc.. From 2000-2004, he was with Globe Telecom as Director. Prior to mobile, he
worked in advertising with McCann Erickson from 1997 to 2000. Mr. Tagaysay holds a Bachelor
of Arts, Management Economics degree from Ateneo de Manila University.
Mark S. Gorriceta, 38, Filipino, Corporate Secretary, Chief Legal Officer and Assistant Chief
Compliance Officer of the Company since 2014.
Atty. Gorriceta has been in the practice of law for twelve years. He also acts as legal counsel to
several listed companies, its subsidiaries or affiliates, such as A. Brown, Inc. and the Metro
Pacific Tollways Group. He heads the Corporate and Tax departments of Gorriceta Africa
Cauton & Saavedra Law Offices. He was formerly connected with the Law Firm of Quiason
Makalintal Barot Torres & Ibarra. He is also a member of the Tax Management Association of
the Philippines. A member of the Philippine Bar, he holds a Bachelor of Arts, Political Science
degree from the Ateneo de Manila University. He also attended certificate courses in Finance at
the Asian Institute of Management in Makati City. Atty. Gorriceta is currently enrolled in
Harvard Universitys certificate program in Corporate Finance.
Alexander D. Corpuz, 49, Filipino, Chief Financial Officer, Chief Information Officer and
Chief Compliance Officer of the Company since 2014.
Mr. Corpuz has 23 years of experience in the field of finance, nine years of which was in
investment and commercial banking. He was Vice President of Bank of America in 2001, before
serving as CFO for Liberty Telecoms, Information Gateway, Maosa Group of Companies and
Hatchd Inc. Mr. Corpuz holds a Bachelor of Science in Business Administration degree from
University of the Philippines, Diliman, Cum Laude. He obtained his Masters in Business
Management from the Asian Institute of Management, Makati City. He is a member of the
Financial Executives Institute of the Philippines (FINEX).
18
EXHIBIT B
MANAGEMENT REPORT
I.
MANAGEMENTS DISCUSSION AND ANALYSIS

CONDITION AND RESULTS OF OPERATION
(MD&A)
OF
FINANCIAL
Financial Performance
For the year ended December 31, 2015 compared with the year ended December 31, 2014
Key Financial Data
In PhP Thousands
Revenues
Mobile consumer services
Mobile enterprise services
Knowledge process outsourcing
Other services
Interest income
Other income
Total Revenues
Cost of Services
Cost of Goods Sold
Gross Profit
General and Administrative Expenses
Equity in Net Loss of Associate
Income Before Income Tax
Provision for Income Tax
Net Income
Other Comprehensive Income (Loss)
Total Comprehensive Income
In PhP Thousands
Total Assets
Total Liabilities
Total Equity
For the year ended December 31

2015
2014
Amount
Change
Amount
Percentage
Amount
Percentage
576,055
91,508
151,943
78,868
9,435
13,409
921,218
314,695
63%
10%
16%
9%
1%
1%
100%
34%
69,812
8%
536,712
196,132
9,479
331,101
101,483
229,618
10,145
239,763
58%
21%
1%
36%
11%
25%
1%
26%
Dec. 31, 2015

Amount
3,394,373
1,830,622
1,563,752
% Increase
309,368
68,947
1,188
12,716
392,219
113,865
-
79%
18%
0%
0%
0%
3%
100%
29%
0%
266,687
22,561
151,943
78,868
8,247
694
529,000
200,830
69,812
n.a.
278,354
71%
39,214
239,141
48,421
190,719
(12,101)
178,618
10%
0%
61%
12%
49%
-3%
46%
258,358
156,919
9,479
91,960
53,061
38,899
22,246
61,145
93%
400%
n.a.
38%
110%
20%
-184%
34%
Dec. 31, 2014

Amount
1,654,459
163,901
1,490,558
Amount
Change
1,739,914
1,666,721
73,194
86%
33%
n.a.
n.a.
694%
5%
135%
176%
% Increase
105%
1017%
5%
Summary
The net income of the Group for the year ended December 31, 2015, increased by 20% (from !190.72 million in
2014 to !229.62 million in 2015). Core net income (which excludes non-recurring expenses) over the same period
increased by 32%. Although group revenues were expected to sustain its increasing trend in 2015 vis--vis 2014,
net income was not expected to grow at the same pace because of the i) greater expenses as a result of expansion and
organizational build-up of the parent company and its other subsidiaries ii) the parent company absorbing its share
of the net losses of the technology companies it invested in, many of which are either in their beta testing phase or
are in the stage of ramping up their operations iii) market expansion to Indonesia, and iv) higher effective tax rate
with the expiration of the income tax holiday of the parent company,
Total revenues increased by !529.00 million or 135% for the comparable period, from !392.22 million in 2014 to
!921.22 million in 2015. Of the incremental increase in revenues, !266.69 million or 50% was contributed by the
mobile consumer services of Xurpas and Yondu; !151.94 million or 29% of the net increase was from knowledge
"!
process outsourcing revenues, and !78.87 million or 15% was from other services. The revenue was enhanced by
the introduction of new revenue segments as a result of the acquisitions over the past 12 months. These were
knowledge process outsourcing (of Yondu) and other services, which refer to the flexible benefits revenues of Storm
Flex Systems Inc.
These results for the period ended December 31, 2015 include three and a half months of the financial results of
Yondu Inc. As disclosed on September 15, 2015 Globe Telecom, Inc. (PSE: GLO) and Xurpas Inc. (PSE: X)
completed the closing conditions required for Xurpas to invest Php900 Million for a 51% equity stake in Yondu
Inc., a wholly owned subsidiary of Globe. Yondu is a leading content developer and provider of mobile value-added
services and information technology services. A summary of the pro-forma consolidated 2015 profit and loss is
shown below as a result of the Xurpas/Yondu transaction:
In PhP
Proforma
FY 2015
1,498,595,621
467,486,728
329,584,577
Revenue
Income before tax
Net Income
The objective of this pro forma consolidated financial information is to show what the significant effects of the historical financial
information might have been had the transactions described below occurred at an earlier date. However, the pro forma consolidated
financial information is not necessarily indicative of the results of operations or related effects on the unaudited consolidated
financial statements that would have been attained, had the transaction described below actually occurred at an earlier date.
Nets out the results of the mobile advertising business of Yondu which is not part of the acquisition.
The blended cost of services (aggregating the subsidiaries costs) increased by 176% from !113.86 million for the
year ended December 31, 2014 to !314.69 million over the same period ended December 31, 2015. Cost of goods
sold attributable to other services and benefits rendered from the sale of goods was !69.81 million for the year
ended December 31, 2015. Gross profit margins for the year ended December 31, 2015 was at 58%, a decrease from
the same period last year at 71%. However, in absolute amount, gross profit increased by 93% from !278.35
million for the period ended December 31, 2014 to !536.71 million for the same period in 2015.
General and administrative expenses increased by 400%, from !39.21 million for the year ended December 31, 2014
to !196.13 million for the same period in 2015. Overall, the increase was mainly attributed to the costs related to
expansion: (i) absorption of the operating expenses of acquired subsidiaries, a number of which are just ramping up
their operations, (ii) increase in salaries and wages due to organizational build-up of the parent company and
acquired subsidiaries, and (iii) investment and acquisition-related costs and legal fees, the latter being non-recurring.
The Company also shares in the net loss of the associate companies it has invested in, which amounted to !9.48
million for full year 2015.
Taxes paid for the year ended December 31, 2015 resulted from a full income tax imposed (30%), as the income tax
holiday of the Parent Company expired in July 2014. Provision for taxes during the period of 2015 were !101.48
million or 110% higher than the same period in 2014 at !48.42 million.
Overall, the net income for the Group increased from !190.72 million for the full year 2015 to !229.62 million over
the same period in 2015; an increase of 20%; notwithstanding the expected increase in expenses due to
organizational build-up and acquisitions and the full imposition of the 30% corporate income tax.
As of December 31, 2015, core net income which excludes the non-recurring expenses amounting to !30.26 million,
was at !250.80 million or an increase of 32% over the previous period.
Consolidated total assets as of December 31, 2015 amounted to !3,394.37 million, an increase of 105% from
!1,654.46 million as of December 31, 2014. The increase was mainly brought about by the intangible assets and
goodwill recognized from the Companys acquisitions. Consolidated total liabilities increased by 1,017% from
!163.90 million as of December 31, 2014 to !1,830.62 million as of December 31, 2015, due mainly to the
"!
recognition of liabilities arising from Xurpas put option pertinent to the Yondu acquisition. Consolidated total
equity increased by 5% over the same period, from !1,490.56 million to !1,563.75 million.
Segment Financial Performance
As of December 31, 2015
In PhP Thousand
Mobile Consumer
Services
Mobile Enterprise
Services
Knowledge Process
Outsourcing
Amount
Amount
Amount
Revenues
91,508
100%
2%
0%
(276,342)
47%
(79,096)
86%
(111,315)
73%
Operating profit
Interest and Other income
297,377
33,254
51%
6%
12,412
4,760
14%
5%
40,633
179
Provision for income tax

Net Income
(96,780)
233,851
17%
40%
(3,273)
13,899
4%
15%
(13,198)
27,614
Operating expenses
(9,479)
151,948
100%
Equity in net loss of associates
583,199
Other Services
Amount
Intersegment
Adjustments Consolidated
Amount
Amount
100%
78,868
100%
(7,148)
0%
0%
898,374
(117,904)
149%
4,019
(580,639)
27%
0%
(39,036)
1,397
-49%
2%
(3,130)
(16,745)
308,257
22,844
9%
18%
8,834
(28,805)
11%
-37%
2,935
(16,940)
(101,483)
229,618
(9,479)
As of December 31, 2015, mobile consumer services revenue, operating profit and net income prior to eliminations
were !583.20 million, !297.38 million, and !233.85 million, respectively. These translated to 51% operating
margin and 40% net income margin. Mobile enterprise services had operating profit of !12.41 million (operating
profit margin of 14%) and net income of !13.90 million (net income margin of 15%) from revenues of !91.51
million. Knowledge process outsourcing (KPO) had a 27% margin from operations and netted out an 18% net
income margin. These figures were from !40.63 million operating profit and !27.61 million net income from
!151.95 million of revenues. The other services segment has yet to yield a positive contribution to the Group.
Profitability
Revenues
The consolidated revenues of the Group for the year ended December 31, 2015 amounted to !921.22 million, 135%
higher than the previous years same period level of !392.22 million.
Service Income comprised of the following segments:
Segment
Knowledge process
outsourcing
Other services
Description
Revenues ultimately derived from providing Mobile consumer services via the
Telcos
Revenues derived from the provision of mobile platform solutions to corporate
and government clients
Revenues derived from various enterprise solutions-based services to Telcos and
other companies for network, platform and applications development
Revenues derived from services related to the proprietary platform called Flex
Benefits System, which allows employees to convert their employee benefits to
other benefits which includes sale of goods
Revenues from the Mobile consumer services segment for the year ended December 31, 2015 amounted to !576.05
million, an increase of 86% from the previous years same period level of !309.37 million. Revenues from Mobile
enterprise services increased by 33% in December 31, 2015 to !91.51 million from !68.95 million in December 31,
2014. Revenues from Knowledge process outsourcing (KPO) was at !151.94 million for the period ended December
31, 2015. For the same period, other services revenue totaled !78.87 million.
"!
In PhP Thousands
Revenues
Knowledge process outsourcing
Other services
Interest income
Other income
Total Revenues

2015
2014
Incremental
Amount
Percentage
Amount
Percentage
Amount
Percentage
576,055
91,508
151,943
78,868
9,435
13,409
921,218
63%
10%
16%
9%
1%
1%
100%
309,368
68,947
1,188
12,716
392,219
79%
18%
0%
0%
0%
3%
100%
266,687
22,561
151,943
78,868
8,247
694
529,000
50%
4%
29%
15%
2%
0%
100%
2014-2015
% Revenue
Increase
86%
33%
n.a.
n.a.
694%
5%
135%
Majority of the service income is still the Mobile Consumer Services segment, which accounted for 63% of the total
revenues (!921.22 million) for the full year 2015. Growth of this segment year on year is 86%, from !309.37
million in 2014 to !576.05 million. The knowledge process outsourcing segment accounted for !151.94 million or
16% of total revenue over the same period. The other components of service income mobile enterprise services
and other services contributed !91.51 million (or 10%) and !78.87 million (or 9%), respectively, to total revenues.
The mobile enterprise services segment grew by 33%.
The incremental revenue is still mainly from the mobile consumer segment which accounted for 50% or !266.69
million of total incremental revenue of !529.00 million. Knowledge process outsourcing (KPO) services contributed
!151.95 million or 29% of the net revenue increase.
Interest income as of December 31, 2015 amounted to !9.43 million or 694% higher vis--vis the !1.19 million
from the same period in 2014. Interest income was derived from the interest generated by the Group from its cash
deposits in banks and cash equivalents. Other income which includes financial assets at FVPL as of December 31,
2015 amounted to !13.41 million or 5% higher vis--vis the !12.72 million from the same period in 2014.
Expenses
The Groups consolidated expenses during the year ended December 31, 2015 amounted to !580.64 million, a 279%
increase from the same period of the previous year at !153.08 million. The increase in overall expenses can be seen
as a direct result of the Parent Companys expansion and acquisitions:
the absorption of operational expenses of the acquired subsidiaries,
salaries and wages paid to the Groups new employees for its organizational build-up program;
market expansion to Indonesia
payment of professional and legal fees incurred from investments and acquisitions.
It should be noted that part of this periods acquisition-related costs was non-recurring; resulting from transactions
related to the Groups expansion.
For the year ended December 31, 2015, cost of services accounted for the bulk of expenses, totaling !314.70 million
or 54% of the Groups consolidated expenses at !580.64 million. For the same period in 2014, cost of services
amounted to !113.87 million or 74% of overall expenses of !153.08 million.
In PhP Thousands
Expenses
Cost of Services
Cost of Goods Sold
Total Expenses

2015
2014
Incremental
Amount
Percentage
Amount
Percentage
Amount
Percentage
314,695
69,812
196,132
580,639
54%
12%
34%
100%
113,865
39,214
153,078
Cost of Services
"!
74%
0%
26%
100%
200,830
69,812
156,919
427,560
47%
16%
37%
100%
2014-2015
% Increase
176%
n.a.
400%
279%
As shown in the table below, cost of services totaling !314.70 million for the year ended December 31, 2015, were
mainly driven by expenses relating to (1) salaries, wages, and employee benefits, (2) Segment fee and network costs,
and (3) Outsourced services, which accounted for 52%, 18%, and 12%, respectively, for the year ended December
31, 2015. These costs were borne from rendering mobile consumer services, mobile enterprise services, and
knowledge process outsourcing services to the Groups clients for the year ended 2015. In comparison, the year
ended December 31, 2014 cost of services (!113.87 million) was broken down into 37% salaries, wages, and
employee benefits, 32% outsourced services, and 15% segment fee and network costs. The termination of the
agreement with DSI and the compensation given to the DSI officers absorbed by the Group and managing director/
founder (who is now receiving a regular salary) accounted for a significant portion of the change in composition of
the cost of services.
In PhP Thousands
Cost of Service
Salaries, wages and employee benefits
Segment fee and network costs
Outsourced services
Others

2015
2014
Incremental
Amount
Percentage
Amount
Percentage
Amount
Percentage
164,988
55,100
36,539
58,068
314,695
52%
18%
12%
18%
100%
42,248
16,586
36,192
18,839
113,865
37%
15%
32%
17%
100%
122,740
38,513
347
39,229
200,830
61%
19%
0%
20%
100%
2014-2015
% Increase
291%
232%
1%
208%
176%
Cost of Goods Sold

For the year ended December 31, 2015, Cost of goods sold took up 12% of the Groups consolidated expenses,
amounting to !69.81 million. Cost of goods sold was taken entirely from Storm Flex Systems Inc. which was
acquired by the Parent Company in end of February 2015. Costs related to the sale of goods from its Flexible
Benefits programs were appropriated as cost of goods sold.
General and administrative expenses relating to the Groups day-to-day operations, for the year ended December 31,
2015 amounted to !196.13 million, higher by 400% compared to previous years same period level of !39.21
million. Salaries, wages, and employee benefits was !66.93 million or 34% of the total general and administrative
expenses (GAEX). The same expenses amounted to !11.06 million for the same period in 2014. The next biggest
cost component in 2015 was professional fees amounting to !19.25 million or 10% of total GAEX. The increase in
the GAEX was primarily brought about by the consolidation of operational expenses from acquired subsidiaries,
salaries and wages paid to the Groups new employees from its organizational build-up program, market expansion
to Indonesia, and other expenses related to securing viable acquisitions and investments for the Group, majority of
which are legal and tax advisory fees.
In PhP Thousands
General and Administrative
Salaries, wages and employee benefits
Professional fees
Marketing and promotions
Advertising
Others

2015
2014
Incremental
Amount
Percentage
Amount
Percentage
Amount
Percentage
66,933
19,253
13,527
10,331
86,088
196,132
34%
10%
7%
5%
44%
100%
11,057
7,690
1,350
1,793
17,324
39,214
Equity in Net Loss of Associates
"!
28%
20%
3%
5%
44%
100%
55,876
11,563
12,177
8,538
68,764
156,919
36%
7%
8%
5%
44%
100%
2014-2015
% Increase
505%
150%
902%
476%
397%
400%
The equity of the Group in the net loss of its associate companies, namely: Altitude Games, MatchMe, and Sembilan
Digital Investama (SDI), for the year ended December 31, 2015, amounted to !9.48 million. These companies are
still in their beta testing stage or are in the process of ramping up their operations.
Income before Income Tax

The Groups net income before taxes for the year ended December 31, 2015 was 36% of total revenues or a figure
of !331.10 million. The net income before taxes for the Group grew 38% from the same period ended December 31,
2014, which posted a figure of !239.14 million.
Provision for income tax during the year ended December 31, 2015 amounted to !101.48 million, compared to
2014, where provision for income tax was !48.42 million; a 110% increase. This significant increase partially
resulted from a full income tax imposed (30%) for the period ended December 31, 2015, as the income tax holiday
of the Parent Company expired in July 2014.
Net Income
The Group posted a consolidated net income of !229.62 million for the year ended December 31, 2015, an increase
of 20% from the previous years same period at !190.72 million. Despite the Groups continuing organizational
build-up, acquisition, investment-related expenses during this period versus that on December 31, 2014 the robust
revenues generated a healthy net income margin of 25% for the year ended December 31, 2015.
Core Net Income
As of December 31, 2015, core net income which excludes the non-recurring expenses amounting to !30.26 million,
was at !250.80 million or an increase of 32% over the previous period.
Financial Position
As of December 31, 2015 compared to December 31, 2014
Assets
Cash and Cash Equivalents
The Groups consolidated cash and cash equivalents amounted to !305.89 million for the year ended December 31,
2015, a net decrease of 68% or !652.03 million from consolidated cash and cash equivalents of !957.92 million as
at December 31, 2014. The decrease was due mainly to investment activities, foremost of which is the acquisition by
the Parent Company of 51% of Yondu.
Accounts Receivable
The Groups consolidated accounts receivable amounted to !756.41 million and !138.69 million as at December 31,
2015 and December 31, 2014, respectively, representing an increase of 445% or !617.72 million. In December 31,
2015, trade receivables were valued at !741.84 million, whereby Yondu accounts for !663.35 million or 89% of the
total. Of such amount, !481.05 million is due from Globe Telecom Inc. This is expected to be partially offset
against the dividends payable by Yondu to Globe Telecom Inc. amounting to !244.49 million, as of December 31,
2015.
"!
Financial Assets at Fair Value through Profit or Loss

As at December 31, 2015, the total Net Asset Value (NAV) and fair value of the Fund amounted to !80.32 million.
This was an 84% decrease from the 2014 level, as the !500.00 million fund (plus interest) was redeemed to partially
fund the acquisition of 51% of Yondu. Subsequently, the Group placed !80.00 million. The change in fair value
constituted the increase in financial assets at FVPL amounting to !0.32 million.
Available for Sale Financial Assets
As of December 31, 2015, the Groups available for sale financial assets amounted to !17.66 million. As of
December 31, 2015, the Groups convertible bonds invested in Pico Candy Pte. Ltd and MatchMe were at !3.60
million and !14.05 million, respectively.
Other Current Assets
The Groups consolidated other current assets totaled !44.30 million, an increase of !38.99 million or 734% from
its previous level on December 31, 2014. Deferred input VAT and prepaid expenses comprised majority of other
current assets.
Available for Sale Financial Assets-net of current portion
As of December 31, 2015, the Groups available for sale financial assets amounted to !67.96 million; a 1,676%
increase from the 2014 level of !3.83 million. These are the investments in Einsights Pte, Ltd. of !23.48 million;
Quick.ly, Inc.- !44.24 million; and Club Punta Fuego at !0.24 million.
Investment in Associates
As of December 31, 2015, the Groups consolidated Investment in Associates amounted to !102.81 million, a 209%
increase from its figure of !33.22 million during December 31, 2014. The breakdown of the carrying amounts of
these investments are: Altitude Games (!31.51 million), MatchMe (!60.47 million), and SDI (!10.83 million).
Property and Equipment
The Groups consolidated Property and Equipment was !58.18 million, a result of adding !49.27 million worth of
said assets in the year ended December 31, 2015. This figure increased by 552% from December 31, 2014 levels at
!8.92 million. Property and Equipment mainly consisted of transportation, office, information technology
equipment, furniture, and fixtures. The increase during the period was mostly due to the consolidation of the
property and equipment of Yondu which amounts to !39.60 million (net).
Intangible Assets
Intangible assets of !1,888.28 million were recognized in relation to the Groups acquisitions and investments. The
major components are goodwill, customer relationship, developed software, and leasehold rights.
Goodwill pertains to excess of the acquisition cost over the fair value of the identifiable assets and liabilities of
companies acquired by the Group. As of December 31, 2015, goodwill is at !687.81 million.
Customer relationship pertains to Yondus noncontractual and contractual agreements with Globe Telecoms, its
major customer which are expected to generate revenues for the Group in subsequent periods. As of December
31, 2015, customer relationship is valued at !1,077.81 million.
Developed software pertain to telecommunications equipment software licenses, corporate application software
and licenses and other VAS software applications that are not integral to the hardware or equipment. As of
December 31, 2015, developed software net book value is at !94.87 million.
Leasehold rights pertain to cost savings arising from lower than market rate rental in the lease contracts
"!
acquired through business combination. As of December 31, 2015, leasehold rights net book value is at !17.38
million.
Deferred Tax Assets Net
The Groups consolidated net deferred tax assets level amounted to !42.52 million as at December 31, 2015, higher
by 756% vis--vis its December 31, 2014 level at !4.97 million.
Other Noncurrent Assets
Other Noncurrent Assets amounted to !30.05 million as of December 31, 2015. This figure is 2,448% higher than
the value posted as of December 31, 2014 at !1.18 million. This is primarily rental deposits amounting to !16.95
million or 56% of total.
Liabilities
Accounts and Other Payables
The Groups consolidated accounts and other payables valued at !522.74 million as of the year ended December 31,
2015 was a 391% increase from its December 31, 2014 figure of !106.43 million. The Groups accounts and other
payables consisted mainly of dividends payable at !253.49 million (!244.49 million by Yondu to Globe); accounts
and other payables at !123.97 million (of which !113.27 million is Yondus); and deferred output VAT at !74.51
million (Yondus at !63.57 million).
Loans Payable
The Groups loans payable is attributable to Seers local bank loans amounting to !14.00 million as of December
31, 2015. These are interest-bearing, short-term, and collateralized by Seers trade receivables. Such loans are
payable in 60 days.
Income Tax Payable
The Groups consolidated income tax payable as of December 31, 2015 amounted to !39.24 million, an increase of
74% from the December 31, 2014 figure of !22.61 million. Of the total, Xurpas portion is !20.03 million and that
of Yondus is !16.56 million.
Liability for Written Put Option
Based on PAS 32, Financial Instruments: Presentation, a contract that contains an obligation for an entity to
purchase its own equity instruments for cash or another financial asset gives rise to a financial liability for the
present value of the redemption amount. As such, a liability for the written put option is recognized which is equal
to the present value of the amount payable upon exercise of the option is to be recognized. This amounts to !853.18
million, as of December 31, 2015.
Deferred Tax Liability
As of December 31, 2015, the deferred tax liability (net) was at !360.59 million which is a 3,810% increase from
the 2014 level of !9.21 million. This is primarily the deferred tax liability on fair value adjustment on intangible
assets.
Pension Liability
"!
The accrued pension of the Group is at !40.87 million, which is a 59% increase from the !25.65 million recognized
in 2014. In 2014, only the pension liabilities pertaining to Xurpas and Fluxion were recognized; but as of December
31, 2015, those of Seer and Yondu were included.
Equity
Total Equity
The Groups total equity as of December 31, 2015 was at !1,563.75 million, a 5% increase from its December 31,
2014 level at !1,490.56. The net increase in total equity was a result of the increase in retained earnings by !152.26
or 155% million in the year of December 31, 2015 from December 31, 2014. Likewise, as of December 31, 2015,
equity reserve of !848.50 million was recorded pertaining to the liability for written option. Noncontrolling
interests were at !771.52 million.
Liquidity and Capital Resources
The Groups liquidity is primarily driven by Cash Flows from Operating Activities and cash reserves. The Group
knows of no demands, commitments, events, or uncertainties that are reasonably likely to result in a material
increase or decrease in liquidity. The Group is current on all of its accounts The Group has minimal bank debt
through Seer Technologies Inc. which is short term in nature. The Group does not anticipate having any cash flow or
liquidity problems over the next 12 months. The Group is not in breach or default on any loan or other form of
indebtedness.
Cash Flows
Key Financial Data

In PhP
Net cash provided by (used in) Operating Activities
Net cash used in Investing Activities
Net cash used in Financing Activities
Effect of foreign currency exchange rate changes
Net increase (decrease) in cash
Cash at beginning of period
Cash at end of period

2015
2014
(30,018,115)
202,807,585
(526,449,030)
(537,591,033)
(84,178,026)
1,195,051,562
(245,051)
4,436
(652,032,225)
871,414,553
957,917,228
86,502,675
305,885,003
957,917,228
Cash Flows Provided by Operating Activities

For the full year of 2015, a strong operating income of !355.99 million was coupled with the corresponding increase
in account receivables and the decrease in account payables for a resulting !114.69 million net cash generated from
operations. Together with interest received and income taxes paid, this resulted in a net cash used for operating
activities of !30.02 million.
Cash Flows Used in Investing Activities
The Groups consolidated cash flows used in investing activities for acquisitions and associates for the years ended
December 31, 2015 and 2014 amounted to !537.59 million and !526.45 million, respectively.
Cash Flows Used in Financing Activities
"!
The Groups consolidated net cash flow used in financing activities for the years ended December 31, 2015
amounted to !84.18 million; compared to the net cash provided in 2014 of !1,195.05 million. For the year ended
December 31, 2015, consolidated net cash flow used in financing activities was attributable mainly to the payment
of cash dividends amounting to !77.55 million and to the principal payment Storms loans payable amounting to
!6.63 million.
Capital Expenditure
The Groups capital expenditures for the years ended December 31, 2015 and December 31, 2014 amounted
to !7.22 million and !7.46 million, respectively. Please note that in 2015, there were additions to capital expenditure
due to business combination.
December 31, 2014
December 31, 2015
Key Financial Data
Additions through
In PhP Thousands
Transportation Equipment
Office Equipment
IT Equipment
Furniture and Fixutres
Leasehold Improvements
Leased Asset
Total
business combination
77
528
16,055
995
23,941
2,860
44,456
Additions (regular)
1,629
6,510
1,736
3,430
13,305
Additions (regular)
1,418
1,185
488
4,356
7,448
Commitments and Contingent Liabilities

The Group has no contingent liabilities for the years ended December 31, 2015 and for the year ended December 31,
2014.
Key Performance Indicators
The key performance indicators disclosed below present the financial performance of the Group as a
whole. These are different with those in supplemental schedule of the consolidated financial statements which
were prepared only for the analysis of financial performance attributable to the Parent Company.
The following are the key performance indicators of the Group and its majority-owned subsidiaries:
"#!
For the years ended December 31

In Percentage
2015
2014
Current Ratio
84%
1242%
Quick Ratio
81%
1238%
Debt-to-Equity Ratio
n.a.
n.a.
217%
111%
Net Income Margin
25%
49%
Gross Margin
58%
71%
Operating Margin
36%
61%
Return on Total Assets
7%
12%
Return on Equity
15%
13%
Liquidity Ratios
Asset-to-Equity Ratio
Profitability Ratios
Current Ratios
Current Ratio and Quick Ratios in the full year of 2015 were 84% and 81%, respectively, a decrease from their
respective 1242% and 1238% figures during full year of 2014. The decrease in both ratios was primarily from the
increase in current liabilities of the Group for that period due to the recognition of a liability for the written put
option. This was substantially greater than the net decrease of the current assets.
The increase in the asset-to-equity ratio from 111% in December 31, 2014 to 217% in December 31, 2015 resulted
from the increase in equity, particularly retained earnings. The increase in net income of the Group drove the
increase in retained earnings in December 31, 2015.
Profitability margins decreased from December 31, 2014, as a result of business combination and expenses related
to the Groups investments and acquisitions. The decrease in Gross Profit Margin (58%), Net Income Margin (25%),
Operating Margin (36%), Return on Total Assets (7%) and Return on Equity (15%) was a result of the increase in
overall expenses as a direct result of the Parent Companys expansion and acquisitions: the absorption of
operational expenses of the acquired subsidiaries, salaries and wages paid to the Groups new employees for its
organizational build-up program; and payment of professional and legal fees incurred from investments and
acquisitions. In addition, the Company also shares in the net loss of the associate companies it has invested in.
Finally, the income tax holiday of the Parent Company expired on July 2014, which now subjects the Company to
the full income corporate tax rate of 30%.
The manner by which the Company calculates the foregoing indicators is as follows:
Current Ratios
1. Current ratio
2.
Quick ratio
Asset-to-equity Ratio
Current assets
Current liabilities
Current assets Other current assets
Current liabilities
Total assets
""!
Total equity attributable to Parent Company

1. Net income ratio
Net income attributable to Parent Company

Service income
Service income - Cost of services
Service income
2.
Gross margin
3.
Operating margin
Earnings before interest, tax, depreciation

and amortization
Service income
4.
Return on total assets

Average total assets
5.
Return on total equity

Average total equity attributable to the
Parent Company
Other Disclosures:
i.
ii.
iii.
iv.
v.
vi.
vii.
Liquidity. There are no known trends, events, or uncertainties that will result in the Groups liquidity
increasing or decreased in a material way.
Events that will trigger Direct or Contingent Financial Obligation. There are no events that will trigger
direct or contingent financial obligations that are material to the Group, including and default or
acceleration of an obligation.
Material Off-balance sheet Transactions, Arrangements, Obligations. Likewise, there were no
materials off-balance sheet transactions, arrangements, obligations (including contingent obligations),
and other relationships of the group with unconsolidated entities or other persons created during the
reporting period.
Material Commitments for Capital Expenditure. There are no material commitments for capital
expenditures.
Material Events/ Uncertainties. There are no known trends, events, or uncertainties that have had or
that are reasonably expected to have a material favorable or unfavorable impact on the Groups
revenues from continuing operations.
Results of Operations. There were no significant elements of income or loss that did not arise from
continuing operations.
Seasonality. The effects of seasonality or cyclicality on the operations of the Groups business are nonmaterial.
"#!
Financial Performance
Key Financial Data

In PhP Thousands

2014
2013
Amount
Change
Amount
Percentage
Amount
Percentage
% Increase
Revenues
Interest income
Other income
Total Revenues
Cost of Services
Gross Profit
Equity in Net Loss of Associate
309,368
68,947
1,188
12,716
392,219
113,865
278,354
39,214
-
79%
18%
1%
3%
100%
29%
71%
10%
0%
190,012
61,802
175
67
252,056
89,084
162,972
23,306
-
75%
25%
0%
0%
100%
35%
65%
9%
0%
119,357
7,145
1,013
12,648
140,162
24,780
115,382
15,908
-
63%
12%
579%
18817%
56%
28%
71%
68%
n.a.
Income Before Income Tax
239,141
61%
139,666
55%
99,474
71%
12%
49%
-3%
46%
20,178
8%
28,243
71,231
(12,097)
59,135
140%
60%
323530%
49%

Net Income
Other Comprehensive Income (Loss)
Total Comprehensive Income
48,421
190,719
(12,101)
178,619
119,488
(4)
119,484
47%
0%
47%
Summary
The consolidated revenues of the Company and its Subsidiary (the Group) for the year ended December 31, 2014
amounted to !392.22 million, 56% higher than the previous years same period level of !252.06 million. The main
growth driver was the mobile content service segment which accounts for 79% of total revenues or !309.37 million
for the year ended December 31, 2014, growing 63% from 2013.
Cost of Service increased by 28% from !89.08 million for year ended December 31, 2013 to !113.87 million in
2014, and percentage of revenues decreased from 35% to 29% in 2014. This resulted in the improvement of the
gross profit margin from 65% to 71% or from !162.97 million to !278.35 million, which is a 71% increase. On the
other hand, notwithstanding the 68% increase in general and administrative expenses from !23.31 million for the
year ended December 31, 2013 to !39.21 million in 2014, its proportion to the revenues slightly increased to 10%,
thus giving the Group, Income Before Income Tax margins of 55% and 61% for the years ended December 31, 2013
and December 31, 2014, respectively. Net income margins were kept at very healthy levels of 47% and 49% for the
years ended December 31, 2013 and 2014, respectively.
Total comprehensive income increased from !119.49 million for the year ended December 31, 2013 to !178.61
million in 2014, an increase of 49%.
Revenues
For the year ended December 31, 2014, total consolidated revenues of the Group amounted to
!392.22 million, an increase of !140.16 million or 56% higher than the previous years level of !252.06 million.
Majority of the Groups revenues or !378.32 million came from service income.
"#!
Service income pertains to revenues earned from (i) its mobile consumer products and services segment (i.e.,
revenues ultimately derived from providing mobile consumer content and services via the Telcos) and (ii) mobile
enterprise services segment (i.e., revenues derived from the provision of mobile platform solutions to corporate and
government clients).
Service income from the mobile consumer products and services segment for the year ended
December 31, 2014 amounted to !309.37 million, higher by !119.36 million or 63% against the previous years
level of !190.01 million. Service income from mobile enterprise services segment also increased to !68.95 million
for the year ended December 31, 2014 from the !61.80 million level recorded for the year ended December 31,
2013.
The increase in service income was driven primarily by the relentless marketing activity of the Group to push its
mobile consumer content products and services, such as mobile games through the Groups innovative games
platform (e.g. GlobeGameswithFriends, Grab-a-Gold, and others).
Interest income for the year ended December 31, 2014 amounted to !1.19 million, higher compared to the previous
years level of !0.18 million. Interest income pertains to the interest generated by the Group from its cash in banks
and cash equivalents.
Expenses
The Groups consolidated expenses for the year ended December 31, 2014 amounted to !153.08 million, higher by
!40.69 million or 36% compared to the previous years same period level of !112.39 million. Cost of services
accounted for the bulk of expenses amounting to !113.87 million or 74% of the total.
Cost of services was mainly driven by expenses relating to (i) salaries, wages and employee benefits and (ii)
outsourced services, which for 2014 accounted for 37% and 32%, respectively. This relates to the Groups
rendering of mobile consumer products and services and mobile enterprise services to its clients during the year.
Salaries, wages, and employee benefits amounted to !42.25 million in 2014 and are mainly attributed to the services
rendered by Digital Storm, Inc. (Digital Storm), an entity under common control, in favor of the Company. These
services include the promotion of mobile applications jointly developed with the Group and assistance in the
deployment of such applications in the Groups programs and events.
General and administrative expenses (such as salaries, wages and employee benefits, professional fees,
transportation and travel, supplies, taxes and licenses, depreciation and amortization, rent, repairs and maintenance,
utilities, among others) relating to the Groups day-to-day operations, on the other hand, amounted to !38.21 million
in 2014, higher by !15.91 million or 68% compared to the previous years level of !23.31 million. Approximately
half of the increase is attributable to the transaction costs incidental to the Companys initial public offering (IPO)
amounting to =
P7.35 million which were charged to general and administrative expenses.
Net Income before Tax
The Group posted a consolidated net income before tax of !239.14 million in 2014, significantly higher by !99.47
million or 71% compared to the !139.67 million level recorded for the year ended December 31, 2013.
Provision for income tax amounted to !48.42 million, higher by !28.24 million compared to the previous years
level of !20.18 million as a result of higher taxable income during the year.
Net Income
"#!
The Group posted a consolidated net income of !190.72 million for the year ended December 31, 2014, higher by
!71.23 million or 60% more than the !119.49 million level posted for the year ended December 31, 2013 in view of
the robust revenues generated by the Group during 2014 while managing the increase in total expenses. Core
earnings, which net out transaction costs incidental to the IPO amounting to =
P7.35 million, amounted to !195.91
million or a 64% increase from the net income of the previous year.
The share of the mobile consumer products and services segment, net of intersegment adjustments, in the Groups
consolidated net income amounted to !166.01 million or 87% of the total consolidated net income for the year
ended December 31, 2014, !66.80 million higher than the !99.20 million share in consolidated net income for the
year ended December 31, 2013. The share of the mobile enterprise services segment in the consolidated net income
for the period, meanwhile, amounted to !24.71 million or 13% of the total, which is higher by !4.43 million
compared to the !20.28 million share in net income posted for the year ended December 31, 2013.
Financial Position
As of December 31, 2014 compared to as of December 31, 2013
In =
P000,000
31-Dec
2014
2013
Amount
Change
% Increase
Current assets
Noncurrent assets
Total assets
1,602.35
52.11
1,654.46
172.25
10.61
182.86
1,430.10
41.50
1,471.60
830%
391%
805%
Current liabilities
Noncurrent liabilities
Total liabilities
Stockholders equity
Total liabilities and stockholders equity
129.04
34.86
163.9
1,490.56
1,654.46
51.86
14.11
65.97
116.89
182.86
77.18
20.75
97.93
1,373.67
1,471.60
149%
147%
148%
1175%
805%
Assets
Current Assets
Cash and Cash Equivalents
The Groups consolidated cash and cash equivalents amounted to !957.92 million as of
December 31, 2014, an increase of 1,007% or !871.41 million from consolidated cash and cash equivalents
amounting to !86.50 million as of December 31, 2013. The increase was due mainly to the proceeds received by the
Company in its IPO.
Accounts receivables
The Groups consolidated accounts receivables amounted to !138.69 million and !83.43 million as of December 31,
2014 and December 31, 2013, respectively, representing an increase of 66% or !55.25 million. Trade receivables
mainly accounted for most of the total at !137.11 million, which is mainly attributed to the receivables from Globe
Telecom and other companies for services rendered by the Groups mobile consumer content and services segment
and mobile enterprise services segment. These trade receivables are non-interest bearing and are generally settled
on a 30- to 60-day term.
"#!
Financial assets at fair value through profit or loss (FVPL)

During the year, the Group invested !500.00 million from the IPO proceeds of the Company in the SB Peso Money
Market Fund (the Fund) which is structured as a money market UITF. As of December 31, 2014, the total Net Asset
Value (NAV) and fair value of the Fund amounted to !500.43 million.
Other Current Assets
The Groups consolidated other current assets amounted to !5.31 million, an increase of !3.00 million or 129.49%
from the consolidated other current assets level of !2.31 million as of December 31, 2013. The increase was mainly
due to the increase in the level of deferred input value-added tax (!3.66 million), refundable deposits (!1.02
million), and prepaid expenses (!0.63 million) during the year compared to end December 2013 levels.
Deferred input VAT represents deferral of input VAT related to the unpaid balances of the services availed by the
Group. These will be recognized as input VAT and applied against output VAT upon payment. Any remaining
balance is recoverable in the future periods. Refundable deposits pertain to security deposits that can be refunded
within one year upon the termination of the lease contract. Prepaid expenses mainly include prepayments of rentals,
membership dues and taxes.
Investment in an Associate
During the year, the Group acquired 21.78% stake for 24.69 million ordinary shares in Altitude Games PTE Ltd
(Altitude Games), a Singaporean IT company engaged in computer game development and publishing, for a total
consideration of US$740,800 or US$0.03 per share.
Property and Equipment
The Groups consolidated property and equipment was !8.92 million as of December 31, 2014, representing a
significant increase of 109% from the !4.26 million level as of December 31, 2013. Property and equipment mainly
consisted of transportation, office and information technology equipment and furniture and fixtures. The evident
escalation in property and equipment is mainly attributable to the additional leasehold improvements incurred by the
Group in their new rented office spaces.
Deferred Tax Assets - net
The Groups consolidated net deferred tax assets level amounted to !4.97 million as of
December 31, 2014, higher by !2.56 million compared to the !2.40 million level as of
December 31, 2013. The Groups net deferred tax assets consisted primarily of deferred tax assets on pension
liability amounting to !4.41 million as of December 31, 2014.
Other Noncurrent Assets
Other noncurrent assets amounted to !1.18 million as of December 31, 2014, an increase of
!1.06 million from the !0.12 million level recorded as of December 31, 2013 due to security deposits paid for the
Groups rental of new office space and advance rentals.
Liabilities
Accounts and Other Payables
The Groups consolidated accounts and other payables stood at !106.43 million as of December 31, 2014, an
increase of !67.99 million or 177% compared to the !38.44 million level as of December 31, 2013. The Groups
accounts and other payables consisted mainly of taxes payable (!66.05 million), payable to related parties (!15.24
"#!
million), deferred output VAT (!10.06 million), trade payables (!9.26 million), accrued expenses (!5.41 million)
and other payables (!0.42 million).
The substantial increase in taxes payable was primarily caused by the accrual of percentage tax on proceeds of IPO
amounting to !54.63 million.
Income Tax Payable
The Groups consolidated income tax payable as of December 31, 2014 amounted to !22.61 million, representing an
increase of 69% or !9.19 million compared to the !13.42 million income tax payable level as of December 31,
2013.
Deferred Tax Liabilities-net
The Groups consolidated net deferred tax liabilities was !9.21 million as of December 31, 2014, an increase from
the consolidated net deferred tax liabilities of !7.27 million as of December 31, 2013. The deferred tax liabilities
primarily pertained to deferred tax liabilities on the accrued income and unrealized foreign exchange currency gain
posted by the Group during the year.
Pension Liabilities
The Groups consolidated pension liabilities amounted to !25.65 million and !6.84 million as of December 31, 2014
and 2013, respectively. The significant increase was mainly attributable to the increase in actuarial loss recognized
during the year amounting to !17.29 million.
Equity
Total Equity
The Companys total equity expanded to !1,490.56 million as of December 31, 2014, an increase of !1,373.67
million or 1,175% compared to the !116.89 million recorded as of December 31, 2013. The increase was basically
driven by the issuance of new shares in view of the Companys IPO. Total proceeds received from issuances
throughout the year amounted to !1,388.47 million.
In 2014, the Group obtained an actuarial valuation based on PAS19R. The Company recognized restatement on
retained earnings and actuarial loss on pension liabilities as of December 31, 2013 amounting to !0.34 million and
!0.01 million, respectively.
"#!
Key Performance Indicators

The following are the key performance indicators of the Group:
In Percentage
2014
2013
Current Ratio
1242%
332%
Quick Ratio
1238%
328%
111%
156%
Net Income M argin
49%
47%
Gross M argin
71%
65%
Operating M argin
61%
55%
Return on Total Assets
12%
64%
Return on Equity
13%
102%
Liquidity Ratios
Current Ratios
Both current ratio and quick ratio increased in 2014 due to higher increase in current assets of 830% as compared to
current liabilities of 149% (see Managements Discussion and Analysis of Financial Condition).
The slight decrease in asset-to-equity ratio, from 169% in 2013 to 112% in 2014, resulted from escalation in equity
caused by issuances of new shares in light of the Companys IPO.
Slight escalation in profitability ratios particularly in net income margin (48%), gross margin (70%), and operating
margin (64%) arose from the continuing growth in the Groups revenue.
Meanwhile, the apparent decrease both in return on total assets (20%) and return on equity (23%) were brought
about by the issuance of additional shares throughout the year in light with the Companys IPO.
The manner by which the Company calculates the foregoing indicators is as follows:
Current Ratios
3. Current ratio
4.
Quick ratio
Current assets
Current liabilities
Current assets Other current assets
Current liabilities
Total assets
Total equity attributable to Parent
Company
"#!
6.
Net income ratio
Net income attributable to Parent

Company
Service income
Service income - Cost of services
Service income
7.
Gross margin
8.
Operating margin
Earnings before interest,

depreciation and amortization
Service income
9.
Return on total assets

Company
Average total assets
10. Return on total equity

Company
Average total equity attributable to
the Parent Company
"#!
tax,
II.
INDEPENDENT PUBLIC ACCOUNTANTS, EXTERNAL AUDIT FEES AND SERVICES
The consolidated financial statements of the Group as of December 31, 2015 and 2014 and for the years ended
December 31, 2015, 2014 and 2013 were audited by SGV & Co., independent auditors, in accordance with
Philippine Standards on Auditing (PSA).
SGV & Co. has acted as the Groups independent auditors since 2008. Jessie D. Cabaluna is the current audit
partner for the Group and has served as such since 2013. The Company has not had any material disagreement on
accounting and financial disclosure with SGV & Co. for the periods stated above or during interim periods. SGV &
Co. has neither shareholdings in the Company nor any right, whether legally enforceable or not, to nominate persons
or to subscribe to the securities of the Company. The foregoing is in accordance with the Code of Ethics for
Professional Accountants in the Philippines set by the Board of Accountancy and approved by the Professional
Regulation Commission.
In relation to the audit and review of the Companys annual consolidated financial statement, the Audit Committee
shall, among other activities, (i) evaluate significant issues reported by the external auditors in relation to the
adequacy, efficiency and effectiveness of policies, controls, processes and activities of the Company; (ii) ensure that
other non-audit work provided by the external auditors is not in conflict with their functions as external auditors; and
(iii) ensure the compliance of the Company with acceptable auditing and accounting standards and regulation.
The aggregate fees billed for each of the last two calendar years for professional services rendered by the external
auditor were !800,000 and !450,000 for 2015 and 2014, respectively. The audit fees for 2016 are estimated to be at
!800,000. Services rendered include the audit of the financial statements and supplementary schedules for
submission to SEC, tax consultancy and assistance in the preparation of annual income tax returns.
The Audit Committee recommends to the Board of Directors the appointment of the external auditor and the fixing
of the audit fees. The Board of Directors and stockholders approve the Audit Committees recommendation.
"#!
III.
BRIEF DISCUSSIONS OF THE GENERAL NATURE AND SCOPE OF THE BUSINESS OF THE
REGISTRANT AND ITS SUBSIDIARIES
Xurpas Inc. (Xurpas or the Company) is a technology company specializing in the creation and development of
digital products and services for mobile end-users, as well as the creation, development and management of
proprietary platforms for mobile operators. The Company offers a complete portfolio of products, including online
casual games, messaging and other social discovery applications, as well as mission-critical applications such as
customized call/SMS/data bundles, peer-to-peer mobile airtime credit transfers and various forms of mobile
commerce.
In 2005, the Company acquired a 65% controlling stake in Fluxion, to expand its product and service portfolio.
Fluxion, originally an iAyala wholly-owned subsidiary, had been organized to engage in mobile and internet
systems design and the development of programming languages, usability and social media. Through Fluxion, the
Company developed mobile platform solutions for the benefit of its client Telcos, which were used (and are still
being used) by millions of mobile subscribers at any given time.
In 2015, Xurpas acquired several companies to expand its portfolio of mobile technology products and services,
mobile enterprise services, and invest in companies that will aid in the distribution of the aforementioned products
and services.
In February 2015, the Company acquired a 51% controlling stake in Storm, to enable Xurpas to expand beyond
telecommunication networks and into corporations through offering human resource (HR) technology solutions.
Storm is also engaged in the business of trading in general, sourcing for and supplying of goods to import and export
goods insofar as may be permitted by law.
In June 2015, Xurpas acquired 70% controlling stake in Seer, a company engaged in software consultancy, design,
development and managed services focused on mobile, cloud and data technologies. In the same month, the
Company created Xeleb, a 67%-owned subsidiary, to engage in the development, design, sale and distribution of
celebrity-branded games and applications.
In September 2015, the Company acquired 51% controlling stake in Yondu, originally a Globe Telecom whollyowned subsidiary which is presently engaged in the development and creation of wireless products and services
accessible through telephones or other forms of communication devices and media networks. It also provides
internet and mobile value added services, and information technology and technical services including software
development and related services.
PRODUCTS AND SERVICES

Mobile Consumer Content and Services
One of the Companys primary businesses is the creation and development of mobile consumer content and other
value-added services for mobile phone subscribers such as online casual games, info-on-demand services (e.g.,
news, social and other entertainment information), chat and messaging applications (e.g., mobile stickers), ringtones,
licensed or unlicensed content such as music, videos and other content of similar nature. In addition, for its online
casual games (e.g. Grab-a-Gold, GlobeGameswithFriends and PlaySmart) and mobile casual game applications (e.g.
Run Super V and Anne Galing!), each of which has been tailored an internet and online consumer base, the
Company develops and maintains its own platforms that host and enable mobile subscribers to access or use such
products. The provision of these products and services for end-users is performed by the Companys mobile
consumer content and services segment.
Content Provider Agreements with Telcos
"#!
As of December 31, 2015, the Company is a party to content provider agreements with all three of the Philippines
leading Telcos, namely, Smart Communications, Globe Telecom and Sun Cellular.
Under these arrangements, the Company is primarily responsible for conceptualizing, designing, sourcing,
generating, and maintaining (including, where necessary, de-bugging) mobile consumer content and services that its
client Telco may avail of for distribution to or access, subscription or use by its mobile phone subscribers. On the
other hand, the client Telco shall be responsible for all costs incurred in maintaining and operating its
telecommunications network, as well as the billing and collection of the fees prescribed by the Telco for access,
subscription or use of the mobile consumer content and services paid for by the Telcos mobile phone subscribers.
Access or subscription fees payable for access or subscription to the Companys mobile consumer content are paid
exclusively through a mobile subscribers outstanding mobile airtime credits, and payment of such fees is made by a
subscriber by crediting a short code (which is a specific network access code assigned by the Telco to the Company)
with the corresponding amount of mobile airtime credit. For instance, a mobile subscriber who wishes to subscribe
to a news service offered by the Company, subscription to which is available for a price of =
P2.50, will need to send
an instruction by SMS to the Telco through the short code (in the form of brief text commands) to debit his or her
outstanding mobile airtime credit with the amount of =
P2.50. All access or subscription fees paid (or deemed paid) by
the mobile subscriber are received and collected by the Telco.
In consideration for providing mobile consumer content and services (or access to such content, as for example,
licensed content such as music or videos) to the client Telco, the Company receives a share in the revenues derived
by the Telco from the fees paid by its mobile phone subscribers to the Telco to access, subscribe to or use such
mobile consumer content and services. This share may vary depending on the type of content or service provided by
the Company, but is typically equivalent to at least 50% of such access, subscription or usage fees, and is distributed
to the Company by the Telco on a monthly basis.
For the year ended December 31, 2015, the Groups total revenue and net income from its mobile consumer
products business net of intersegment adjustments were =
P576.05 million and =
P217 million, respectively, while total
revenue and net income from its mobile consumer products business for the year ended December 31, 2014
amounted =
P166.01 million, respectively.
Mobile Enterprise
The Company develops, on its own or in close collaboration with other technology companies, mobile platform
solutions for the benefit of clients such as Telcos, government agencies, including the Land Transportation Office,
the Social Security System, and other top-tiered companies like Nestle Philippines, Inc., Unilever Philippines, Inc.
and Citibank, N. A. (Philippine Branch). These products, which are tailored to a clients particular requirements and
are used by millions of mobile subscribers at any given time, comprise the Companys mobile enterprise services
segment and include mission-critical applications such as customized call/SMS/data bundles, peer-to-peer mobile
airtime credit transfers and various forms of mobile commerce.
The Company, through its subsidiaries, develops and customizes information technology platforms, provides system
integration, mobile platform consultancy, manages off-the-shelf application and social media-related services. These
are for the benefit of clients such as Philippine Telcos, publicly-listed corporations such as Energy Development
Corp. (EDC), and top-tiered companies such as Puregold Price Club Inc.
For the year ended December 31, 2015, the Companys total revenue and net income from its mobile enterprise
business were =
P13.90 million, respectively, while total revenue and net income from its mobile
enterprise business were =
P24.71 million, respectively, for the year ended December 31, 2014.
Mobile Marketing Solutions
The Company creates and provides mobile marketing solutions to local and international consumer brands seeking
to promote their products through mobile telecommunications. Through its service agreements with prominent
""!
brands such as Nestle, Petron, Unilever and Procter & Gamble, the Company develops applications that implement
the SMS portions of such brands mobile telecommunications marketing campaigns, as well as programs that
facilitate the interconnection of such applications with the telecommunications networks of its client Telcos.
In consideration of the services rendered by the Company, which includes licensing of the Griffin SMS Gateway
program, the Companys proprietary platform that allows the Company to deploy its mobile applications across the
telecommunications networks of all of its client Telcos, the Company generally receives stipulated development fees
and retainer fees where the engagement is on-going for a specified period of time.
Knowledge Process Outsourcing
The Company, through its subsidiaries, provides various enterprise solutions for network, platform, and applications
development for the benefit of its clients such as Globe Telecom and other companies. These services are provided
through deploying project managers, solutions architects, systems and data analysts, information technology (IT)
developers, engineers, and specialists to clients sites for project engagements. These licensed IT professionals are
experts in enterprise solutions such as Oracle, SAP, Java, and other systems integration platforms. These
services are offered for project-specific requirements which clients outsource to third party providers for efficiency
measures among other merits.
For the year ended December 31, 2015, the Companys total revenue and net income from its knowledge process
outsourcing business were =
P27.61 million, respectively.
Other Services
The Company, through its subsidiary Storm, provides HR technology solutions its clients such as Ayala Corp.,
Nestle, and Sun Life Financial. Storm developed a proprietary online platform which allows employees of any
company that has signed with Storm to exchange his or her current employee benefits and transform them into
products and services such as mobile phones, gadgets, or financial training services. The Companys subsidiary
designs, develops, and customizes the HR technology platforms and streamlines the logistical requirements for
product and service fulfillment.
For the year ended December 31, 2015, the Companys total revenue and net loss from its other services were =
P
78.87 million and =
P28.81 million.
"#!
IV.
MARKET FOR ISSUER'S COMMON EQUITY AND RELATED STOCKHOLDER

MATTERS
Principal market where the registrants common equity is traded.

On December 2, 2014, Xurpas Inc. had its initial public offering of 344.00 million common shares at the Philippine
Stock Exchange (PSE) at an offer price of =
P3.97 per share or =
P1.36 billion total proceeds. Net of costs, expenses,
and taxes, the estimated net proceeds is =
P1.24 billion.
The following table shows the high and low prices (in PHP) of Xurpas Inc.s shares in the Philippine Stock
Exchange for the year 2015:
2015
1st Quarter
2nd Quarter
3rd Quarter
4th Quarter
High
12.60
11.20
14.46
17.24
Low
9.30
8.40
8.93
14.10
The market capitalization of the Companys common shares as of end-2015, based on the closing price of
P15.22/share, was approximately =
P26.18 billion versus =
P16.08 billion the previous year or up 63%.
The price information of Xurpas common shares as of the close of the latest practicable trading date, March 23,
2016, is =
P17.84.
Holders
There are fifteen (15) registered holders of common shares, as of March 3, 2016 (based on number of accounts
registered with the Stock Transfer Agent)1.
Stockholder's Name
PCD Nominee Corp. (Filipino)
Outstanding & Issued

Total Holdings
Shares
Percentage to
Total
Nationality
1,538,082,015
1,538,082,015
89.42
Filipino
181,904,471
181,904,471
10.58
Others
Rogina C. Guda
6,000
6,000
0.00
Filipino
Aquilina V. Redo
5,000
5,000
0.00
Filipino
1,060
1,060
0.00
Filipino
Wilfredo Oposa Racaza
1,060
1,060
0.00
Filipino
Frederick D. Go
500
500
0.00
Filipino
Joselito C. Herrera
500
500
0.00
Filipino
10
10
0.00
Filipino
10
10
0.00
Filipino
Alvin D. Lao
10
10
0.00
Filipino
10
10
0.00
Filipino
10
10
0.00
Filipino
Owen Nathaniel S. Auitf: Li Marcus Au
0.00
Filipino
Joselito T. Bautista
0.00
Filipino
PCD Nominee Corp. (Non-Filipino)
!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
1
Based on the list of stockholders issued by BDO Unibank Inc. Stock and Investment Group; list includes PCD
Nominees
"#!
Dividends
Information on the Companys declaration of dividends follow:
Parent Company
Per Share
Amount
Record Date
Payable Date
0.40
0.56
68,800,026
36,000,000
May 14, 2015
June 2, 2015
September 20, 2014
June 30, 2014
Sept. 30, 2014
June 5, 2014
0.47
30,250,000
Dec. 31, 2013
Jun. 30, 2014
November 18, 2013
5.13
16,666,667
Sept. 30, 2013
Nov. 29, 2013
July 22, 2013
1.03
3,333,333
Jun. 30, 2013
Jul. 31, 2013
May 6, 2013
0.83
2,700,000
Dec. 31, 2012
May 31, 2013
March 13, 2013
3.08
10,000,000
Dec. 31, 2012
Mar. 31, 2013
July 10, 2014
0.95 shares 61,250,000
Sept. 20, 2014
Sept. 20, 2014
May 5, 2014
18.85 shares 61,250,000
May 5, 2014
May 5, 2014
Cash dividend declared on:

April 29, 2015
Stock dividend declared on:
Dividend policy
The Company has adopted a dividend policy pursuant to which stockholders may be entitled to receive, upon
declaration by the Companys Board of Directors and subject to the availability of the unrestricted retained earnings,
dividends equivalent to at least 30% of the prior years net income after tax based on the Companys audited
consolidated financial statements as of such year, except when: (i) justified by definite corporate expansion projects
or programs approved by the Board; or (ii) when the Company is prohibited under any loan agreement with any
financial institution or creditor, whether local or foreign, from declaring dividends without its consent, and such
consent has not been secured; or (iii) when it can be clearly shown that retention of earnings is necessary under
special circumstances obtaining in the Company, such as when there is a need for special reserves for probable
contingencies.
The Company cannot provide assurance that it will pay any dividends in the future. In making a decision to declare
dividends, the Board may consider various factors including the Companys cash, gearing, return on equity and
retained earnings, the results of its operations or the Companys financial condition at the end of the year and such
other factors as the Board may deem appropriate. The Company's Board may, at any time, modify such dividend
payout ratio depending upon the results of operations and future projects and plans of the Company.
"#!
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Definitive Information Statement FINAL 20160329

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COVER SHEET

S.E.C. Registration No.

(Company's Full Name)

(Business Address : No. Street City / Town / Province )

Company Telephone Number

2nd Week of May

Dept. Requiring this Doc.

Amended Articles Number/Section

Total Amount of Borrowings

Total No. of Stockholders

------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------To be accomplished by SEC Personnel concerned

THIS PROXY SHOULD BE RECEIVED BY THE CORPORATE SECRETARY ON OR

SEC FORM 20-IS

INFORMATION STATEMENT PURSUANT TO SECTION 20

] Preliminary Information Statement

[! ] Definitive Information Statement

Name of Registrant as specified in its charter: XURPAS INC.

Province, country or other jurisdiction of incorporation or organization: Philippines

SEC Identification Number: A200117708

BIR Tax Identification Code: 219-934-330

Address of principal office: 7th Floor Cambridge Centre

Registrants telephone number, including area code: (632) 889-6467

Date, time and place of the meeting of security holders:

Approximate date on which the Information Statement is first to be sent or given to

Securities registered pursuant to Sections 8 and 12 of the Code or Sections 4 and 8 of

Number of Shares of Common Stock

Are any or all of registrant's securities listed in a Stock Exchange?

INFORMATION REQUIRED IN INFORMATION STATEMENT

Date, Time, Place of Meeting of Security Holders

May 11, 2016

7th Floor Cambridge Centre

Approximate mailing date

April 19, 2016

Dissenters Right of Appraisal

Interest of Certain Persons in or Opposition to Matters to be Acted Upon

Class of voting shares

Number of votes per share

1,720,000,660 common shares

One vote each share of stock held

Election of directors and cumulative voting rights

The election of directors should be by ballot and cumulative voting is allowed.

North Lane, Jem 2

2. Security ownership of directors and management as of March 29, 2016

Name of Owner and Position

Nico Jose S. Nolledo

Total (Directors and Officers as a Group)

No. of Shares and

3. Voting Trust Holders of 5% or More

Board of Directors and Executive Officers

Nico Jose S. Nolledo

Year Position was

Number of Meetings Held

Fernando Jude F. Garcia

Nico Jose S. Nolledo

Involvement in Certain Legal Proceedings

Certain Relationships and Related Transactions

Nico Jose S. Nolledo

President & Chief Executive Officer

Chief Business Development Officer

Employment Contracts, Termination of Employment, Change-in-Control

Item 8. Compensation Plans

Option Expiry Date

of 1.5% of the outstanding capital stock of the Companys common

C. ISSUANCE AND EXCHANGE OF SECURITIES