2014 Financial Statement
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EDC <strong>2014</strong> Performance Report<br />
ENERGY DEVELOPMENT CORPORATION<br />
(A Subsidiary of Red Vulcan Holdings Corporation)<br />
AND SUBSIDIARIES<br />
CONSOLIDATED STATEMENTS OF INCOME<br />
Years Ended December 31<br />
<strong>2014</strong> 2013 2012<br />
REVENUE FROM SALE OF ELECTRICITY<br />
(Notes 3, 12, 34, 35, 37 and 38) ₱30,867,199,917 ₱25,656,270,470 ₱28,368,552,055<br />
COSTS OF SALE OF ELECTRICITY<br />
(Notes 2, 10, 12, 20, 21, 23 and 27) (11,314,332,241) (9,435,354,924) (9,824,274,420)<br />
GENERAL AND ADMINISTRATIVE EXPENSES<br />
(Notes 2, 8, 10, 12, 15, 22, 23 and 27) (5,744,349,133) (4,332,188,248) (4,702,875,529)<br />
FINANCIAL INCOME (EXPENSE)<br />
Interest income (Notes 7, 24 and 31) 184,691,655 294,047,366 364,640,989<br />
Interest expense (Notes 17, 24 and 31) (3,754,010,722) (3,384,499,304) (3,703,648,469)<br />
(3,569,319,067) (3,090,451,938) (3,339,007,480)<br />
OTHER INCOME (CHARGES)<br />
Reversal of impairment of property, plant and equipment<br />
(Notes 3 and 12) 2,051,903,642 – 63,614,885<br />
Proceeds from insurance claims (Note 12) 539,212,484 – –<br />
Foreign exchange gains (losses) - net (Notes 25 and 31) (102,531,122) (1,261,278,106) 1,053,466,774<br />
Reversal of (loss on) impairment of damaged assets<br />
due to Typhoon Yolanda (Notes 10 and 12) 53,443,007 (625,013,609) –<br />
Loss on impairment of exploration and evaluation assets<br />
(Notes 3 and 14) – (574,820,864) –<br />
Miscellaneous - net (Note 26) 259,370,942 (223,109,595) (225,328,564)<br />
2,801,398,953 (2,684,222,174) 891,753,095<br />
INCOME BEFORE INCOME TAX FROM<br />
CONTINUING OPERATIONS 13,040,598,429 6,114,053,186 11,394,147,721<br />
PROVISION FOR (BENEFIT FROM) INCOME TAX<br />
(Note 28)<br />
Current 934,128,656 685,663,122 433,838,464<br />
Deferred 288,460,745 (199,679,773) 341,284,130<br />
1,222,589,401 485,983,349 775,122,594<br />
NET INCOME FROM CONTINUING OPERATIONS 11,818,009,028 5,628,069,837 10,619,025,127<br />
NET INCOME FROM DISCONTINUED<br />
OPERATIONS (Note 5) – – 97,495,445<br />
NET INCOME ₱11,818,009,028 ₱5,628,069,837 ₱10,716,520,572<br />
Net income attributable to:<br />
Equity holders of the Parent Company ₱11,681,155,539 ₱4,739,577,464 ₱9,002,361,919<br />
Non-controlling interests 136,853,489 888,492,373 1,714,158,653<br />
₱11,818,009,028 ₱5,628,069,837 ₱10,716,520,572<br />
Basic/Diluted Earnings Per Share for:<br />
Net Income from Continuing Operations Attributable to<br />
Equity Holders of the Parent<br />
Company (Note 29) ₱0.623 ₱0.252 ₱0.475<br />
Net Income Attributable to Equity Holders of<br />
the Parent Company (Note 29) ₱0.623 ₱0.252 ₱0.480<br />
See accompanying Notes to Consolidated <strong>Financial</strong> <strong>Statement</strong>s.<br />
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