EDC PR 2016 (FS section)

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Financial Statement respect to the closing foreign exchange rates used in the translation of monetary assets and liabilities of the Company as of December 31, 2016, 2015 and 2014, is presented in Note 31 to the consolidated financial statements. 26. Miscellaneous Income (Charges) 2016 2015 2014 Derivative gains (loss) - net (Note 31) Loss on direct write-off of input (₱109,535,316) ₱– ₱7,517,980 VAT claims (Note 15) (56,780,938) (131,424,016) (234,188,828) Mark-to-market gain (loss) on financial asset at fair value through profit or loss (Note 8) 4,236,002 (9,300,350) 23,593,442 Gain (loss) on disposal and retirement of property, plant and equipment - net (Notes 12 and 20) 2,073,430 (26,808,930) 362,228,309 Reversal of impairment of damaged assets due to Typhoon Yolanda (Notes 5, 10 and 32) – 16,831,578 53,443,007 Loss on direct write off of exploration and evaluation assets (Notes 3, 5 and 14) – (11,311,991) – Gain on sale of parts and inventories (Note 20) – – 108,679,584 Others - net 3,225,558 24,538,342 (8,459,545) (₱156,781,264) (₱137,475,367) ₱312,813,949 27. Retirement and Other Post-employment Benefits The Parent Company, GCGI, and BGI have a funded, non-contributory, defined benefit retirement plan. The Company also provides post-employment medical and life insurance benefits which are unfunded. The plan covers all permanent employees and is administered by trustee banks. Generally, upon fulfillment of certain employment conditions, the retirement benefits are payable in lump sum upon retirement, which is determined on the basis of the retiree’s final salary and computed at certain percentage of final monthly salary base pay for every year of service. Under the existing regulatory framework, Republic Act 7641 requires a provision for retirement pay to qualified private sector employees in the absence of any retirement plan in the entity, provided however that the employee’s retirement benefits under any collective bargaining and other agreements shall not be less than those provided under the law. The law does not require minimum funding of the plan. 255
The following tables summarize the components of net benefit expense recognized in the profit or loss and the funded status and amounts recognized in the consolidated statement of financial position: Changes in the present value of the defined benefit obligation are as follows: Changes in the fair value of plan assets are as follows: 2016 2015 2014 Current service cost ₱268,924,535 ₱256,350,101 ₱238,936,137 Settlement gain (420,425,437) – – Net interest 90,474,169 77,296,009 72,199,814 Retirement and other post-employment benefit costs (gain) (Note 23) (₱61,026,733) ₱333,646,110 ₱311,135,951 2016 2015 Present value of defined benefits obligation ₱3,160,290,165 ₱4,438,873,692 Fair value of plan assets (1,948,074,072) (2,523,969,198) Net retirement and other post-employment benefits liability ₱1,212,216,093 ₱1,914,904,494 2016 2015 Defined benefits obligation at beginning of year ₱4,438,873,692 ₱4,218,408,384 Current service cost 268,924,535 256,350,101 Interest cost on benefits obligation 209,581,249 181,416,691 Benefits paid (1,053,866,538) (232,026,119) Settlement gain (420,425,437) – Remeasurements arising from: Changes in financial assumptions (185,643,428) (177,300,717) Deviations of experience from assumptions (97,153,908) 192,025,352 Defined benefits obligation at end of year ₱3,160,290,165 ₱4,438,873,692 2016 2015 Fair value of plan assets at beginning of year ₱2,523,969,198 ₱2,422,412,944 Interest income 119,107,080 104,121,994 Contributions to the plan 252,396,104 230,055,368 Benefits paid (1,053,866,538) (232,026,119) Return on plan assets, excluding interest income 106,468,228 (594,989) Fair value of plan assets at end of year ₱1,948,074,072 ₱2,523,969,198 Actual return on plan assets ₱225,574,906 ₱103,527,005 The retirement benefits fund of EDC, GCGI and BGI are maintained by the BDO Trust. This trustee bank is also responsible for investment of the plan assets. Management reviews the performance of the defined benefit retirement plan on a regular basis. The overall investment policy and strategy of the Company’s retirement benefit plan is guided by the objective of achieving an investment return which, together with contributions, ensures that there will be sufficient assets to pay retirement benefits as they fall due while also mitigating the 256 I Energy Development Corporation Performance Report 2016
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2016 Audited Consolidated Financial
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Compliance • We have monitored th
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156 I Energy Development Corporatio
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We have fulfilled the responsibilit
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Those charged with governance are r
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ENERGY DEVELOPMENT CORPORATION (A S
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Preferred Stock (Note 19) Common St
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Years Ended December 31 2016 2015 2
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Southern Negros, Valencia, Negros O
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EDC Drillco EDC Drillco is a compan
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Geotermica Chile SPA also incorpora
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Authorization for Issuance of the C
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These amendments are applied prospe
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Applicability of IFRIC 12, Service
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In August 2013, EDC Geotermica SpA
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Fair Value Measurement of Financial
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In 2011, EDC recognized full impair
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The factors that the Company consid
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Recognition of Deferred Income Tax
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Current versus Non-current Classifi
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In 2015, the functional currency of
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Construction in progress represents
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would have been determined, net of
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Classified under loans and receivab
Page 53 and 54: Derivative financial instruments ar
Page 55 and 56: the allowance account. Any subseque
Page 57 and 58: maturity or expected disposal date
Page 59 and 60: has expired, as well as the Parent
Page 61 and 62: Proceeds from Insurance Claims Proc
Page 63 and 64: Future Changes in Accounting Polici
Page 65 and 66: The Company is currently assessing
Page 67 and 68: oader review of the research projec
Page 69 and 70: LGBU NIGBU BGBU MAGBU Pantabangan/
Page 71 and 72: 7. Trade and Other Receivables 2016
Page 73 and 74: The movements of the net accumulate
Page 75 and 76: 12. Property, Plant and Equipment L
Page 77 and 78: Total borrowing costs capitalized t
Page 79 and 80: Bac-Man 3 Engineering Procurement a
Page 81 and 82: 13. Goodwill and Intangible Assets
Page 83 and 84: Carrying amount of exploration and
Page 85 and 86: 2015 Long term receivables Input VA
Page 87 and 88: The long-term debts are presented n
Page 89 and 90: The Parent Company capitalized in i
Page 91 and 92: ₱8.5 billion GCGI Term Loan On Ma
Page 93 and 94: 19. Equity Capital Stock As require
Page 95 and 96: On March 6, 2015, the BOD approved
Page 97 and 98: US$14.0 million thereafter up to 20
Page 99 and 100: Transactions for the years ended De
Page 101 and 102: Remuneration of Key Management Pers
Page 103: Net retirement and other post-emplo
Page 107 and 108: The Company expects to contribute
Page 109 and 110: Beginning of Year Charged to Income
Page 111 and 112: f. g. h. i. j. k. On June 29, 2011,
Page 113 and 114: Stock awards granted by the Committ
Page 115 and 116: Foreign Currency Risk Foreign curre
Page 117 and 118: US$ Japanese yen (JP¥) Sweden kron
Page 119 and 120: 2015 Foreign Currency Appreciates (
Page 121 and 122: The following tables demonstrate th
Page 123 and 124: Financial Assets and Financial Liab
Page 125 and 126: The Company classifies its financia
Page 127 and 128: The table below shows the derivativ
Page 129 and 130: Pertinent details of the IRS are as
Page 131 and 132: The Company monitors capital using
Page 133 and 134: Legal Claims The Company is conting
Page 135 and 136: EDC also holds geothermal resource
Page 137 and 138: As of December 31, 2016, the Compan
Page 139 and 140: As of December 31, 2016, the Compan
Page 141 and 142: Ancillary Services Procurement Agre
Page 143 and 144: 41. ULGEI Power Supply Agreements A
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EDC PR 2016 (FS section)

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