results of operations - Aboitiz

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HEDCOR, INC. A Hedcor engineer uses a Global Positioning Station (GPS) handheld device to establish coordinates of a proposed hydropower station in Davao. Hedcor has been studying hydropower potentials in the region since 1993. POWER GENERATION 34 ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006
HEDCOR DAVAO HYDRO PROJECTS Powering Mindanao with Cleanergy Cleanergy: Clean and renewable power from Aboitiz Hedcor, Inc., with its track record of operating and maintaining hydroelectric power plants mostly located in Luzon, is well positioned for further growth, continuing to seize opportunities to expand its generating capacity. The largest developer of mini hydropower plants in the Philippines, Hedcor is bringing more of its hydro expertise and experience to Mindanao, in line with its vision to lead in the promotion and development of clean energy. After its successful acquisition of the Talomo mini hydros in 2005, Hedcor is building new plants in southern Mindanao specifically to supply the future energy requirements of Davao Light and Power Company (DLPC) under a Power Supply Agreement won through a competitive bidding early this year. The plants will be developed by Hedcor subsidiaries Hedcor Sibulan, Inc. and Hedcor Tamugan, Inc. These projects have been registered with the Board of Investments, which has approved on pioneer status incentives for both companies because of their use of renewable energy. Among the incentives are a six-year income tax holiday, tax-free and reduced duty on importation of machinery, equipment and materials, and tax credits for locally purchased capital equipment. The incentives will make it possible to deliver clean energy at competitive rates benefiting both the consumer and the environment. The sale of electricity sourced from renewable sources is also VAT exempt, resulting to even further savings to DLPC consumers. Hedcor has earmarked π10 billion for the development of the new run-of-river plants in the region in the next four years. These plants will have a total capacity of 73 MW and are projected to generate more than 400 million kwh of Cleanergy annually, approximately 20 percent of DLPC’s power needs when these plants become operational. The Sibulan project, which is composed of two plants, will have a combined capacity of 42 MW of electricity and can generate 212 million kwh annually. The plants utilize the waters of the Sibulan and Baroring Rivers in Davao del Sur. Construction of the project, estimated to cost π5.06 billion, will start shortly and is projected to start supplying the incremental load requirements of DLPC by August 2009. Hedcor Tamugan, Inc.’s project will include three plants with a total capacity of 31 MW. The biggest among them is the 19-MW Tamugan project, which will utilize the waters of the Tamugan River and will generate 126 GWhrs annually. The 6-MW Panigan and 5.5-MW Suawan plants will combine for 75 GWhrs by year 2010. The project is currently in the detailed engineering phase of its development. Construction of the three plants is targeted to start in early 2008 and will cost an estimated π4.8 billion. Hedcor engineers conduct one of many river flow measurements. This process is one of the essential phases of a feasibility study to determine the optimum capacity of a proposed hydropower plant. The host communities will benefit from Hedcor’s power projects through real property taxes and contributions for the community. The projects will prioritize local employment during its construction and operations stages, aside from providing electricity to the host communities. The company will also support infrastructure projects (roads, bridges and irrigation projects), education and community development in the host barangays. ABOITIZ EQUITY VENTURES ANNUAL REPORT 2006 35
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 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 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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Investor Information Head Office: A
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