EDC 2014 SR (UPDATED)

EDC 2014 Performance Report
7.
Cash and Cash Equivalents
2014 2013
Cash on hand and in banks ₱2,675,815,987 ₱3,941,157,345
Cash equivalents 11,334,397,427 12,101,997,211
₱14,010,213,414 ₱16,043,154,556
Cash in banks earn interest at the respective bank deposit rates. Cash equivalents consist of
money market placements, which are made for varying periods of up to three months depending
on the immediate cash requirements of the Company. Total interest earned on cash and cash
equivalents, net of final tax, amounted to ₱159.0 million in 2014, ₱283.9 million in 2013 and
₱358.4 million in 2012 (see Notes 24 and 31).
8.
Trade and Other Receivables
2014 2013
Trade ₱6,424,986,333 ₱3,397,069,626
Others:
Non-trade accounts receivable 395,195,472 94,851,647
Loans and notes receivables 95,900,731 124,936,697
Advances to employees 53,107,976 73,699,085
Employee receivables 9,491,872 11,958,401
553,696,051 305,445,830
6,978,682,384 3,702,515,456
Less allowance for doubtful accounts 91,148,423 91,148,423
₱6,887,533,961 ₱3,611,367,033
Trade receivables are non-interest-bearing and are generally collectible in 30 to 60 days. Majority
of the Company’s trade receivables come from revenues from sale of electricity to NPC. (see
Notes 24 and 31).
Non-trade receivables include accrued interest, receivable from suppliers and other receivables
arising from transactions not in the usual course of the Company’s business such as disposal of
property and equipment. The non-trade receivable includes receivable from EDC Geotermica Spa
amounting to ₱254.0 million; this pertains to amounts receivable from suppliers and contractors.
The table below shows the rollforward analysis of the allowance for doubtful accounts on trade
receivables:
2014 2013
Balance at beginning of year ₱91,148,423 ₱75,602,750
Provision for doubtful accounts (Note 22) – 15,545,673
Balance at end of year ₱91,148,423 ₱91,148,423
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