EDC PR 2016 (FS section)

Financial Statement
ENERGY DEVELOPMENT CORPORATION
(A Subsidiary of Red Vulcan Holdings Corporation)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31
2016 2015 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax ₱11,389,506,297 ₱8,740,045,384 ₱13,040,598,429
Adjustments for:
Depreciation and amortization
(Notes 12, 13, 21 and 22) 5,698,840,026 5,154,836,697 4,079,299,297
Interest expense (Note 24) 4,503,290,214 4,558,747,688 3,754,010,722
Unrealized foreign exchange losses - net (Note 25) 807,777,497 1,364,681,733 97,182,774
Interest income (Notes 6, 11, 24 and 31) (282,807,903) (294,729,204) (184,691,655)
Unrealized derivative losses - net (Note 26) 108,730,960 – 7,547,020
Provision for doubtful accounts (Notes 7, 15
and 22) 70,225,399 96,829,805 59,627,889
Provision for (reversal of) impairment of parts and
supplies inventories (Notes 10 and 22)
Loss on direct write-off of input VAT claims
58,441,169 70,988,227 (25,340,773)
(Note 26) 56,780,938 131,424,016 234,188,828
Mark-to-market gain (loss) on financial asset
at fair value through profit or loss
(Notes 8 and 26) (4,236,002) 9,300,350 (23,593,442)
Loss (gain) on disposal and retirement
of property, plant and equipment
(Notes 12, 20 and 26) (2,073,430) 26,808,930 (362,228,309)
Provision for impairment of property, plant and
equipment (Notes 12 and 22) – 23,322,433 –
Reversal of damaged assets due
to Typhoon Yolanda (Notes 10, 12 and 26) – (16,831,578) (53,443,007)
Loss on direct write-off of exploration
and evaluation assets (Notes 3, 14 and 26) – 11,311,991 –
Share-based benefit expense (gain on reversal of
share-based benefit expense) (Notes 19
and 30) – (5,316,378) 7,800,204
Reversal of previously impaired property, plant and
equipment (Notes 3 and 12) – – (2,051,903,642)
Gain on sale of parts and inventories
(Notes 20 and 26) – – (108,679,584)
Operating income before working capital changes 22,404,475,165 19,871,420,094 18,470,374,751
Decrease (increase) in:
Trade and other receivables (2,454,693,161) 1,267,557,759 (3,320,155,188)
Parts and supplies inventories (286,509,774) (403,647,220) 446,904,139
Due from a related party (59,394,338) – –
Other current assets (82,122,044) (236,503,778) 276,429,851
Increase (decrease) in:
Trade and other payables (109,993,587) 2,238,924,647 650,201,093
Due to related parties (65,415,526) 52,144,166 (3,721,537)
Net retirement and other post-employment
benefits (Note 27) (313,616,918) 103,590,742 104,181,951
Provisions and other long-term liabilities (23,765,927) 43,123,741 99,799,975
Cash generated from operations 19,008,963,890 22,936,610,151 16,724,015,035
Income tax paid, including creditable withholding tax (1,575,707,992) (949,816,327) (637,327,909)
Net cash flows from operating activities 17,433,255,898 21,986,793,824 16,086,687,126
(Forward)
169