2014 Financial Statement

EDC 2014 Performance Report
ENERGY DEVELOPMENT CORPORATION
(A Subsidiary of Red Vulcan Holdings Corporation)
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years Ended December 31
2014 2013 2012
CASH FLOWS FROM OPERATING ACTIVITIES
Income before income tax from continuing operations ₱13,040,598,429 ₱6,114,053,186 ₱11,394,147,721
Income before income tax from discontinued operations
(Note 5) – – 139,279,207
Adjustments for:
Depreciation and amortization
(Notes 5, 12, 13, 21 and 22) 4,079,299,297 3,569,347,352 3,578,627,171
Interest expense (Notes 5 and 24) 3,754,010,722 3,384,499,304 3,703,648,469
Reversal of impairment of property, plant and
equipment (Notes 3 and 12 ) (2,051,903,642) – (63,614,885)
Loss (gain)on disposal and retirement of property,
plant and equipment (Notes 12, 20 26) (362,228,309) (4,026,459) 455,016
Retirement and other post-employment benefit costs
(income) [Notes 23 and 27] 311,135,951 288,176,016 (427,492,784)
Loss on direct write-off of input VAT claims
(Note 26) 234,188,828 220,039,070 –
Interest income (Notes 7, 24 and 31) (184,691,655) (294,047,366) (364,640,989)
Unrealized foreign exchange losses (gains) - net
(Notes 5 and 25) 99,350,940 1,274,306,832 (1,217,556,247)
Provision for doubtful accounts - net
(Notes 15 and 22) 59,627,889 44,433,938 203,286,078
Mark-to-market gain on financial asset at fair value
through profit or loss (Note 9) (23,593,442) – –
Share-based benefit cost (Notes 20 and 30) 7,800,204 11,878,361 24,742,375
Unrealized derivative losses (gains) - net (Note 31) 7,547,020 (7,298,261) (248,760)
Loss (reversal) on damaged assets due to Typhoon
Yolanda (Notes 10 and 12) (53,443,007) 625,013,609 –
Loss on impairment of exploration and evaluation
assets (Notes 3 and 14) – 574,820,864 –
Loss on debt extinguishment (Notes 17 and 26) – – 188,145,763
Operating income before working capital changes 18,917,699,225 15,801,196,446 17,158,778,135
Decrease (increase) in:
Trade and other receivables (3,320,155,188) 511,509,776 (721,533,010)
Due from related parties – – 7,812
Parts and supplies inventories 312,883,782 138,987,378 52,737,319
Other current assets 276,429,851 (539,811,446) 164,131,088
Increase (decrease) in:
Trade and other payables 650,201,093 (844,676,501) 1,062,312,440
Increase in provisions and other long-term liabilities 99,799,975 210,650,846 310,984,350
Due to related parties (3,721,537) 266,585,224 (64,093,934)
Cash generated from operations 16,933,137,201 15,544,441,723 17,963,324,200
Retirement and other post-employment benefits
contributions (Note 27) (206,954,000) (202,342,501) (363,665,405)
Income tax paid, including creditable withholding tax (637,327,909) (694,686,727) (563,089,655)
Net cash flows from operating activities 16,088,855,292 14,647,412,495 17,036,569,140
(Forward)
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