2014 Financial Statement

EDC 2014 Performance Report
The following table shows the Company’s reconciliation of EBITDA to the consolidated net
income for the years ended December 31, 2014, 2013 and 2012.
2014 2013 2012
EBITDA ₱17,922,104,956 ₱15,641,074,993 ₱17,551,842,280
Add (deduct):
Depreciation and amortization
(Notes 12, 13, 21 and 22) (4,079,299,297) (3,569,347,351) (3,559,528,922)
Interest expense (Note 24) (3,754,010,722) (3,384,499,304) (3,703,648,469)
Reversal of previously impaired property, plant and
equipment (Notes 3 and 12) 2,051,903,642 – –
Provision for income tax (Note 28) (1,222,589,401) (485,983,349) (775,122,594)
Proceeds from insurance claims (Note 12) 539,212,484 – –
Interest income (Note 24) 184,691,655 294,047,366 364,640,989
Foreign exchange gains (losses) - net
(Notes 25 and 31) (102,531,122) (1,261,278,106) 1,053,466,774
Provision for doubtful accounts (Notes 8, 15 and 22) (59,627,889) (59,979,611) (234,415,270)
Reversal of (provision for) impairment of parts
and supplies inventories (Notes 3, 10 and 22) 25,340,773 (123,020,733) 83,504,018
Reversal of (loss on) impairment of damaged assets
due to Typhoon Yolanda (Notes 10 and 12) 53,443,007 (625,013,609) –
Impairment loss on exploration and evaluation
assets (Note 14) – (574,820,864) –
Miscellaneous - net (Note 26) 259,370,942 (223,109,595) (161,713,679)
Net income from continuing operations 11,818,009,028 5,628,069,837 10,619,025,127
Net income from discontinued operation – – 97,495,445
Consolidated net income ₱11,818,009,028 ₱5,628,069,837 ₱10,716,520,572
There were intersegment revenue, Parent to GCGI/BGI, GCGI to BGI and BGI to FG Hydro for
the sale of steam and electricity. Intersegment revenues are all eliminated in consolidation.
Segment information is measured in conformity with the accounting policies adopted for
preparing and presenting the consolidated financial statements. Intersegment revenues are made at
normal commercial terms and conditions.
Unallocated expenses pertain to expenses of the corporate, technical and administrative support
groups while unallocated corporate assets and liabilities which include among others certain cash
and cash equivalents, property, plant and equipment, parts and supplies inventories, trade and
other payables and retirement and post-retirement benefits, pertain to the Head Office and are
managed on a group basis.
As discussed in Notes 3 and 12, the Company recognized an impairment loss of ₱4,998.6 million
in 2011 and reversal of impairment amounting to ₱63.6 million in 2012. Such impairment loss
and partial reversal thereof were recognized under the NIGBU segment.
In 2014, the Company reversed previously recognized impairment loss related to the NNGP
Project amounting to ₱2,051.9 million (Note 12).
Also, the impairment loss on exploration and evaluation assets related to Cabalian Project
recognized in 2013 was recorded as part of expense of LGBU segment (see Notes 3 and 14).
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