EDC 2014 SR (UPDATED)
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<strong>EDC</strong> <strong>2014</strong> Performance Report<br />
On July 24, <strong>2014</strong>, the <strong>EDC</strong> entered into an additional contract with Thermaprime for<br />
the sale of Rig 15 and its ancillary items for an amount of ₱825 million, exclusive of<br />
applicable VAT. The gain on sale amounted to ₱164.6 million.<br />
iv.<br />
Other Related Parties<br />
First Gas Holdings Corporation and First Gas Power Corporation are subsidiaries of<br />
First Gen. First Philippine Holdings, parent company of First Gen, is a subsidiary of<br />
Lopez Holdings Corporation (formerly Benpres Holdings Corporation).<br />
Bayan Telecommunications Inc. (Bayantel) is 97.3%-owned by Bayantel Holdings on<br />
which Lopez Holdings Corporation has 47.3% ownership.<br />
Lopez Holdings Corporation has 57.3% interest on ABS-CBN Corp. ABS-CBN<br />
Publishing, Inc. is a wholly owned subsidiary of ABS-CBN Corp, ABS-CBN<br />
Foundation.<br />
Rockwell Land Corporation is 86.79% owned by First Philippine Holdings.<br />
F<strong>EDC</strong>OR is a wholly owned subsidiary of First Philippine Holdings.<br />
Adtel Inc. is a wholly owned subsidiary of Lopez,Inc.<br />
First Philec Manufacturing Technologies Corp., Securities Transfer Services, Inc. and<br />
First Philippine Realty Corp. (FPRC), formerly known as INAEC Development Corp<br />
are wholly owned subsidiaries of First Philippine Holdings.<br />
First Gen Energy Solutions (First GES) is a wholly owned subsidiary of First Gen.<br />
b.<br />
Intercompany Guarantees<br />
<strong>EDC</strong> Chile Limitada, <strong>EDC</strong>’s subsidiary in Chile, is participating in the bids for geothermal<br />
concession areas by the Chilean government. The bid rules call for the provision of proof of<br />
<strong>EDC</strong> Chile Limitada’s financial capability to participate in said bids or evidence of financial<br />
support from its Parent Company. Letters of credit amounting to US$80.0 million were issued<br />
by <strong>EDC</strong> in favor of <strong>EDC</strong> Chile Limitada as evidence of its financial support.<br />
c.<br />
Remuneration of Key Management Personnel<br />
The remuneration of the directors and other members of key management personnel by benefit<br />
type are as follows:<br />
<strong>2014</strong> 2013 2012<br />
Short-term employee benefits ₱163,521,032 ₱103,950,586 ₱118,627,463<br />
Post-employment benefits<br />
(Note 27) 14,459,571 14,459,571 9,290,493<br />
Share-based payments (Note 30) 7,800,204 11,878,361 24,742,375<br />
₱185,780,807 ₱130,288,518 ₱152,660,331<br />
220
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