results of operations - Aboitiz

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RESULTS OF OPERATIONS Luzon Hydro achieved record generation in 2006 as it produced 254 Gwhrs of power, 11% higher than in 2005 and the highest in its 6 years of operations. LUZON HYDRO CORPORATION POWER GENERATION 18 ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006
RESULTS OF OPERATIONS Hedcor’s plants in Talomo, Davao were ISO certified in 2006. This makes Hedcor, Inc. a fully ISO-certified company with all of its 15 generating facilities in Benguet and Davao awarded ISO 9001 and ISO 14001 recognition. The development of the 42-MW Sibulan and the 31-MW Tamugan hydro projects in Davao is proceeding. Ground breaking for Sibulan is expected in the first half of 2007 while Tamugan will commence 12 months after Sibulan. The Board of Investments (BOI) approved on a pioneer status the grant for fiscal incentives to Hedcor’s Sibulan and Tamugan hydro power projects. Incentives include, among others, a 6-year income tax holiday that is granted to power projects using renewable energy and indigenous sources. Combined, both Sibulan and Tamugan have a total installed capacity of 73 MW and are expected to generate over 400 Gwhrs of Cleanergy annually to augment the energy requirements in the Mindanao region. Power generated from these plants will also be sold to Davao Light & Power Company. As earlier mentioned, Hedcor will supply DLPC 400 million kwh of new capacity starting August 2009. It had earlier submitted the lowest bid price of π4.0856 per kwh versus the π5.0985 offered by the other compliant bidder. Luzon Hydro Corporation (LHC) turned in a net income contribution of π655 million in 2006, down by 19% from the previous year. LHC achieved record generation in 2006 as it produced 254 Gwhrs of power, 11% higher than in 2005 and the highest in its 6 years of operations. Despite higher generation, LHC’s contribution declined primarily due A Southern Philippines Power Corporation (SPPC) crew ensures efficient plant operations to augment power supply in the Mindanao grid. to lower capacity fees in accordance with its Power Purchase Agreement with Napocor. In its first full year of operations, the Kayapa supplemental water project contributed 7,219 Mwhrs, approximately 3% of Bakun AC’s annual energy output. Western Mindanao Power Corporation (WMPC) and Southern Philippines Power Corporation (SPPC) had a combined contribution of π134 million in 2006, up by 56%. WMPC’s power output decreased by 44% to 225 Gwhrs in 2006 from 401 Gwhrs of the previous year, while SPPC posted a 21% decrease in generation producing 192 Gwhrs. These two plants deliver all of the power they produce to Napocor to augment the supply of electricity in the Mindanao grid. Power ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006 19
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 14 and 15: RESULTS OF OPERATIONS VECO extended
Page 16 and 17: RESULTS OF OPERATIONS Subic EnerZon
Page 18 and 19: RESULTS OF OPERATIONS Hedcor, Inc.
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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