results of operations - Aboitiz

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RESULTS OF OPERATIONS VECO extended its primary lines to the South Road Properties (SRP) project, a Special Economic Zone of 300 hectares of prime property on reclaimed land developed by the Cebu City government. VISAYAN ELECTRIC COMPANY POWER DISTRIBUTION 12 ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006
RESULTS OF OPERATIONS In the fourth quarter of 2006, DLPC completed its 138/69 kilovolt (kV) Don Ramon Aboitiz substation increasing transformation capacity by 200 mega-voltampere (MVA). The π286-million substation was built to improve voltage delivered to customers, improve system reliability, reduce system losses, and address the increasing demand in its franchise area, particularly in the north. In December 2006, DLPC completed a 31-kilometer fiber optic link from its ERA Substation to San Vicente Substation in Panabo at a price of π6 million. This link will provide a more robust communications link between the various substations, control centers and the company’s offices. In preparation for increased demand, DLPC added a 14 MVA transformer to its Bajada Power Plant (BPP) and increased its capability by as much as 21%. As of December 31, 2006, the rated capacity of BPP’s 12 generators has risen to 53 MW. In February 2007, DPLC awarded Hedcor, Inc. a 12-year power supply contract to purchase from them annually, starting August 2009, with 400 million kwh of Cleanergy, Aboitiz Power’s brand of clean and renewable energy. This reiterates the company’s commitment to support the development of alternative and environmentally-friendly sources of energy. The supply contract assures DLPC customers of enough power at a time when the Mindanao grid is expected to be tight of supply. Visayan Electric Company (VECO) contributed π237 million in 2006, up by 50% from 2005. The Cebu-based utility sold 1,571 Gwhrs, up by 3.9% from the previous year. Number of customers increased by 2.4% to 282,634. In spite of its growth, system losses continued to creep down to 9.82% in 2006 from 9.90% a year ago. Peak load increased by 5.8% to 308 MW. To gain more control of its power delivery infrastructure, VECO purchased two sub-transmission assets from TransCo: the Naga-Sibonga-Dumanjug 69 kV line, and the Banilad-Mandaue 69 kV line, for a total price of π77 million. VECO has implemented various improvement projects in anticipation of the growing needs in its franchise area. Its Pakna-an substation in Mandaue has been upgraded to 50 MVA and energized in September 2006. The π30-million project involved the installation of an additional 25 MVA, 69/23 kV power transformer. To further improve system reliability, VECO is halfway through its 3-year program of upgrading its substations with the goal of having a uniform distribution system voltage of 23 kV from the present 13.8 kV. The upgrade will give the electricity provider more flexibility to source power from nearby substations as needed, increasing reliability and ensuring uninterrupted power supply. To accommodate expected locators, VECO extended its primary lines to the South Road Properties (SRP) project, which is 300 hectares of prime property on reclaimed land developed by the Cebu City government. The SRP is a Special Economic Zone expected to bring in more manufacturing, commercial, tourism, IT and other service enterprises to Cebu. ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006 13 Power
Page 2 and 3: CONTENTS Financial Highlights 2 Rep
Page 4 and 5: FINANCIAL HIGHLIGHTS 06 05 04 Reven
Page 6 and 7: REPORT TO OUR STOCKHOLDERS FROM YOU
Page 8 and 9: We intend to list Aboitiz Power Cor
Page 10 and 11: Market Capitalization (in billion p
Page 12 and 13: RESULTS OF OPERATIONS FROM YOUR CHI
Page 16 and 17: RESULTS OF OPERATIONS Subic EnerZon
Page 18 and 19: RESULTS OF OPERATIONS Hedcor, Inc.
Page 20 and 21: RESULTS OF OPERATIONS Luzon Hydro a
Page 22 and 23: RESULTS OF OPERATIONS UnionBank’s
Page 24 and 25: RESULTS OF OPERATIONS City Savings
Page 26 and 27: RESULTS OF OPERATIONS ATS has conve
Page 28 and 29: RESULTS OF OPERATIONS The increase
Page 30 and 31: REPORT TO OUR STOCKHOLDERS FROM YOU
Page 32 and 33: REPORT TO OUR STOCKHOLDERS Growth P
Page 34 and 35: SN ABOITIZ POWER, INC. With four ge
Page 36 and 37: HEDCOR, INC. A Hedcor engineer uses
Page 38 and 39: DAVAO LIGHT AND POWER COMPANY Davao
Page 40 and 41: VISAYAN ELECTRIC COMPANY VECO linem
Page 42 and 43: UNIONBANK OF THE PHILIPPINES UnionB
Page 44 and 45: CITY SAVINGS BANK Moving forward, C
Page 46 and 47: PILMICO FOODS CORPORATION Living up
Page 48 and 49: ABOITIZ TRANSPORT SYSTEM The entry
Page 50 and 51: ABOITIZ GROUP FOUNDATION, INC. In 2
Page 52 and 53: CHRISTMAS OUTREACH PROJECT Expressi
Page 54 and 55: ABOITIZ FUTURE LEADERS’ BUSINESS
Page 56 and 57: ABOITIZ EQUITY VENTURES LOCATION OF
Page 58 and 59: CORPORATE OFFICERS Stephen G. Parad
Page 60 and 61: Independent Auditors’ Report The
Page 62 and 63: ABOITIZ EQUITY VENTURES, INC. AND S
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ABOITIZ EQUITY VENTURES, INC. AND S
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