EDC 2014 SR (UPDATED)
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<strong>EDC</strong> <strong>2014</strong> Performance Report<br />
Statements of comprehensive income<br />
<strong>2014</strong> 2013 2012<br />
(In Thousand Pesos)<br />
Revenue ₱1,624,130 ₱2,501,217 ₱4,753,255<br />
Cost and operating expenses (918,884) (855,065) (932,300)<br />
Other charges (147,099) (170,476) (434,570)<br />
Income before income tax 558,147 1,475,676 3,386,385<br />
Benefit from (provision for) income<br />
tax (18,074) (8,868) 12,207<br />
Net income 540,073 1,466,808 3,398,592<br />
Other comprehensive income – (2,302) –<br />
Total comprehensive income ₱540,073 ₱1,464,506 ₱3,398,592<br />
20.<br />
Related Party Transactions<br />
Parties are considered to be related if one party has the ability, directly or indirectly, to control the<br />
other party or exercise significant influence over the other party in making financial and operating<br />
decisions. Parties are also considered to be related if they are subject to common control.<br />
a.<br />
Following are the amounts of transactions and outstanding balances as of and for the years<br />
ended December 31, <strong>2014</strong> and 2013:<br />
Transactions for the years<br />
ended December 31<br />
Net amounts due from/to related<br />
parties as at December 31<br />
Related Party Nature of Transaction Terms <strong>2014</strong> 2013 <strong>2014</strong> 2013<br />
Due to related parties:<br />
First Gen<br />
Consultancy fee<br />
Unsecured and will<br />
be settled in cash ₱175,284,706 ₱175,284,706 ₱43,998,784 ₱43,998,784<br />
Interest-free advances - do - 28,769,152 36,490,221 5,317,281 4,219,175<br />
Lopez Holdings Corporation Donation to Lopez Museum - do - – 5,042,750 – 5,042,750<br />
First Gas Power Corporation Interest-free advances - do - 579,088 460,503 40,841 73,110<br />
FGP Corp Interest-free advances - do - 408,775 281,616 95,562 13,186<br />
First Gas Holdings Corp. Interest-free advances - do - 51,480 52,280 – –<br />
First Gen Puyo Interest-free advances - do - 173,000 – 173,000 –<br />
₱205,266,201 ₱217,612,076 ₱49,625,468 ₱53,347,005<br />
Trade and other<br />
receivables (Note 9)<br />
Thermaprime Sale of rigs and inventories - do - ₱1,650,000,000 ₱– ₱– ₱–<br />
First GES Sale of electricity - do - ₱342,258,797 ₱169,368,975 ₱54,561,770 ₱61,993,428<br />
Trade and other payables<br />
(Note 16)<br />
Thermaprime<br />
Drilling and other related<br />
services - do - ₱1,441,980,032 ₱990,000,000 ₱367,606,957 ₱78,485,096<br />
First Balfour Inc.<br />
Steam augmentation and other<br />
services - do - 2,368,911,626 542,818,315 681,603,330 152,027,391<br />
First Philec Manufacturing<br />
Technologies Corp Purchase of services and utilities - do - 6,996,360 6,914,101 2,511,446 2,194,482<br />
Bayantel Purchase of services and utilities - do - 14,254,689 11,151,751 9,319,058 3,543,051<br />
Adtel Purchase of services and utilities - do - 1,857,576 4,159,919 (2,043,252) (2,460,292)<br />
FPRC Purchase of services and utilities - do - 2,390,863 1,553,151 – 898,609<br />
First Electro Dynamics<br />
Corporation (F<strong>EDC</strong>OR) Purchase of services and utilities - do - – 947,421 250,600 589,421<br />
ABS-CBN Foundation Purchase of services and utilities - do - 965,000 340,000 – 715,000<br />
ABS-CBN Publishing, Inc. Purchase of services and utilities - do - – 3,536 3,600 3,600<br />
ABS-CBN Corp. Purchase of services and utilities - do - 434,456 199,107 – –<br />
Rockwell Land Corporation Purchase of services and utilities - do - 125,104 16,800 – –<br />
₱3,837,915,706 ₱1,558,104,101 ₱1,059,251,739 ₱235,996,358<br />
Miscellaneous Income<br />
First Gen Dividend - do - 3,866,206 – – –<br />
218
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