POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORPORATION
STATEMENT OF FINANCIAL POSITION
As of 30 September 2015
(In Philippine Peso)
ASSETS
Current Assets
Cash and cash equivalents
Power receivables, net
Receivable from IPPAs
Universal Charge - SCC Receivable
Due from GOCCs and government agencies
Other receivables
Other current assets
Total Current Assets
55,716,614,845
54,796,649,709
31,877,074,034
9,398,826,333
67,973,049,650
4,513,893,599
10,418,278,437
234,694,386,607
Non-Current Assets
Power receivables, net
Receivable from IPPAs
Universal Charge - SCC Receivable
Property and equipment, net
BOT Electric plants under capital lease, net
Investment in TransCo
Restricted Fund with the Bureau of Treasury
Other non-current assets
Total Non-Current Assets
19,618,311,738
318,389,671,562
15,706,541,667
34,915,724,242
42,118,581,424
218,547,624,745
7,982,916,664
909,189,969
658,188,562,011
TOTAL ASSETS
892,882,948,618
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable and accrued expenses
BOT lease obligation
Current portion of long-term liabilities
Deferred Income from UC - SCC
Current portion of assumed Rural Electrification Program Loans
Due to TRANSCO
Due to GOCCs and government agencies
Total Current Liabilities
22,471,120,334
10,241,052,551
6,291,297,425
3,365,687,500
1,805,161,525
102,094,785,647
46,426,976,861
192,696,081,843
Non-Current Liabilities
BOT lease obligation
Long-term liabilities
Deferred Income from UC - SCC
Other long-term liabilities
Total Non-Current Liabilities
TOTAL LIABILITIES
240,788,227,340
307,895,618,979
15,706,541,667
41,704,204,717
606,094,592,703
798,790,674,546
EQUITY
Capital from asset-debt transfer
Appraisal capital
Retained earnings
Total Equity
(14,514,102,173)
20,133,951,387
88,472,424,858
94,092,274,072
TOTAL LIABILITIES AND EQUITY
892,882,948,618
POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORPORATION
STATEMENT OF COMPREHENSIVE INCOME
For the period ended 30 September 2015
(In Philippine Peso)
INCOME
Universal Charge - SCC
IPPA, net
Dividend income
Power generation, net
Sale/disposal of assets
EXPENSES
Personal Services
Salaries & wages
Personnel benefits contribution
Other compensation
Other personnel benefits
Maintenance and Other Operating Expenses
Bad Debts
Professional services
Rent
Depreciation
Utilities
Taxes, insurance premiums & other fees
Subscription Expenses
Traveling expenses
Communication
Representation
Repairs & maintenance
Advertising expenses
Supplies & materials
Training and scholarship
Other maintenance & operating expenses
INCOME FROM OPERATIONS BEFORE FINANCIAL EXPENSES
FINANCIAL EXPENSES
Interest expense
Financial charges
LOSS FROM OPERATIONS AFTER FINANCIAL EXPENSES
OTHER INCOME (LOSS)
Gain (loss) on foreign exchange
Interest income
Miscellaneous income
NET LOSS
10,097,062,500
6,037,091,440
3,812,531,648
(2,164,707,923)
(99,197,305)
17,682,780,360
71,445,775
9,600,661
13,944,586
19,724,904
114,715,926
1,026,946,459
36,830,593
17,359,840
13,608,600
12,766,948
10,912,067
9,030,193
8,161,936
6,331,032
4,587,351
3,405,878
3,171,725
3,060,660
2,696,755
3,632,961
1,162,502,998
16,405,561,436
15,866,733,444
2,352,814,034
18,219,547,478
(1,813,986,042)
(14,836,576,622)
905,311,665
64,500,710
(13,866,764,247)
(15,680,750,289)
POWER SECTOR ASSETS AND LIABILITIES MANAGEMENT CORPORATION
STATEMENT OF CASH FLOWS
For the period ended 30 September 2015
(In Philippine Peso)
CASH FLOWS FROM OPERATING ACTIVITIES
Proceeds from privatization activities
Collection of IPPA generation payments
Collection of IPPA monthly payments
Proceeds from sale of generation assets
Collection of concession for transmission assets
Collection of VAT from IPPA
Collection of power receivables
Universal charge for stranded contract cost
Receipt of interest income from placements/deposits
Receipt of performance bonds/bid security
Other receipts & income
Payment of operating expenses
Fuel
Purchased power
Other operating expenses
Remittance to BIR - withholding taxes
Transfer of fund to NPC for OMA working fund
Payment of real property tax, transfer tax, documentary stamps
Remittance of statutory deductions (personnel related)
Transfer of fund to TransCo
Refund of performance bonds/contract retention
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Restricted Fund with the Bureau of Treasury
Capital expenditures
Net cash provided by investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
NG advances for Casecnan HEP, net
Remittance from DENR/NIA re Advances for SRMPP
Payment of lease obligation - BOT plants
Payment of principal debt
Prepayment of principal debt
Payment of interest
To creditors
To BIR (GRT, EWT and Final withholding tax)
Bond swap premium - principal only swap
Payment to BTr
Dividends
Guaranty Fee
Payment of guaranty fee - ADB
Other loan-related expenses
Net cash used by financing activities
25,773,405,363
22,959,022,616
420,000,000
4,605,610,255
2,140,691,332
25,425,370,921
9,300,918,000
294,737,643
2,808,314,828
17,773,279
(19,568,224,118)
(25,416,470,291)
(395,120,346)
(2,635,849,856)
(2,744,719,635)
(122,312,852)
(39,538,771)
(165,930,000)
(94,233,749)
42,563,444,620
6,067,728,626
(373,206,218)
5,694,522,408
365,900,797
5,120,000,000
(19,747,151,376)
(16,535,793,604)
(2,997,188,818)
(11,033,601,430)
(2,048,480,354)
(185,719,023)
(112,929,389)
(1,500,000,000)
(40,083,702)
(428,154,061)
(49,143,200,960)
EFFECT OF FOREIGN EXCHANGE CHANGES ON CASH AND CASH EQUIVALENTS
NET DECREASE IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
129,269,392
(755,964,539)
56,472,579,385
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD
55,716,614,845