EDC 2014 SR (UPDATED)

EDC 2014 Performance Report
14.
Exploration and Evaluation Assets
2014 2013
Cost
Balances at January 1 ₱2,955,596,353 ₱1,604,105,412
Additions 420,726,917 1,351,490,941
Write-off (574,820,864) –
Balances at December 31 2,801,502,406 2,955,596,353
Accumulated Impairment
Balances at January 1 574,820,864 –
Write-off (Note 3) (574,820,864) –
Provision for impairment (Note 3) – 574,820,864
Balances at December 31 – 574,820,864
Net Book Value ₱2,801,502,406 ₱2,380,775,489
Details of exploration and evaluation assets per project are as follows:
2014 2013
Rangas/Kayabon ₱1,585,001,266 ₱1,293,546,768
Mindanao III 1,014,256,667 980,434,215
Dauin/Bacong 71,633,928 60,360,367
Others 130,610,545 46,434,139
₱2,801,502,406 ₱2,380,775,489
15.
Other Noncurrent Assets
2014 2013
Input VAT ₱4,556,990,530 ₱4,177,522,698
Tax credit certificates 2,426,395,074 1,560,618,288
Prepaid expenses 374,215,948 155,364,932
Long-term receivables (Note 31) 113,822,523 88,962,765
Special deposits and funds 109,398,960 177,990,509
Others 90,709,011 168,287,470
7,671,532,046 6,328,746,662
Less allowance for doubtful accounts 406,532,824 473,125,916
₱7,264,999,222 ₱5,855,620,746
Input VAT
Input VAT includes the outstanding input VAT claims of ₱1,782.4 million and ₱1,514.2 million
as of December 31, 2014 and 2013. Input VAT claims for 2012 (₱843.7 million), 2011
(₱460.6 million), 2010 (₱257.4 million), 2008 (₱131.6 million), and 2007 (₱89.1 million) are still
pending with the Bureau of Internal Revenue (BIR)/Court of Tax Appeals as of
December 31, 2014.
On April 17, 2013, the 2006 VAT claim was resolved by a Resolution issued by CTA denying the
motion for reconsideration on the input VAT claim amounting to ₱276.0 million and the CTA
partly granted the Parent Company TCC amounting to ₱17.0 million. The TCC is still pending
from the BIR as of December 31, 2014.
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