EDC 2014 SR (UPDATED)

EDC 2014 Performance Report
23.
Personnel Costs
2014 2013 2012
Salaries and other benefits ₱3,526,143,932 ₱2,710,676,485 ₱3,834,883,185
Net retirement and other
post-employment benefit costs
(income) (Note 27) 311,135,951 288,176,016 (427,492,784)
Social security costs 46,272,115 31,692,285 36,584,470
₱3,883,551,998 ₱3,030,544,786 ₱3,443,974,871
2014 2013 2012
Costs of sales of electricity and steam
(Note 21) ₱2,040,257,709 ₱1,619,218,711 ₱1,681,195,017
General and administrative expenses
(Note 22) 1,785,339,678 1,241,744,195 1,606,426,813
Discontinued drilling operations
(Note 5) – – 1,596,097
Capitalized personnel costs
(Notes 12 and 13) 57,954,611 169,581,880 154,756,944
₱3,883,551,998 ₱3,030,544,786 ₱3,443,974,871
Personnel costs amounting to ₱58.0 million, ₱169.6 million and ₱154.8 million were capitalized
under property, plant and equipment in 2014, 2013 and 2012, respectively (see Notes 12 and 13).
24.
Interest Income and Interest Expense
Interest income consists of the following:
2014 2013 2012
Interest income on cash equivalents ₱158,432,173 ₱231,712,074 ₱354,778,763
Interest income on cash in banks 538,777 52,155,412 3,596,543
Others 25,720,705 10,179,880 6,265,683
₱184,691,655 ₱294,047,366 ₱364,640,989
Interest expense consists of the following:
2014 2013 2012
Interest on long-term debts
including amortization of
transaction costs
(Notes 17 and 31) ₱3,713,109,302 ₱3,352,639,778 ₱3,656,390,728
Interest accretion on provision for
rehabilitation and restoration
costs (Notes 3, 12 and 18) 33,090,313 24,048,418 27,644,866
Interest on liability from litigation
(Note 3) 7,811,107 7,811,108 8,608,023
Interest accretion of “Day 1” gain
(Note 31) – – 10,945,030
Interest on loan payable and others
(Note 31)
– – 59,822
₱3,754,010,722 ₱3,384,499,304 ₱3,703,648,469
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