EDC PR 2016 (FS section)

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Financial Statement December 31 2016 2015 Noncurrent Liabilities Long-term debts - net of current portion (Notes 17 and 31) ₱62,228,977,534 ₱66,650,689,335 Net retirement and other post-employment benefits (Notes 3 and 27) 1,212,216,093 1,914,904,494 Derivative liabilities - net of current portion (Note 31) 97,393,832 197,525,898 Deferred tax liabilities (Note 28) 32,496,386 – Provisions and other long-term liabilities (Notes 3 and 18) 1,906,555,706 2,061,532,772 Total Noncurrent Liabilities 65,477,639,551 70,824,652,499 Total Liabilities 82,995,690,513 88,811,370,149 Equity Equity attributable to equity holders of the Parent Company: Preferred stock (Note 19) 93,750,000 93,750,000 Common stock (Note 19) 18,750,000,000 18,750,000,000 Treasury stock (Note 19) (73,511,508) (28,416,391) Common shares in employee trust account (Notes 19 and 30) (350,247,130) (350,247,130) Additional paid-in capital (Notes 19 and 30) 6,284,045,797 6,284,045,797 Equity reserve (Note 19) (3,706,430,769) (3,706,430,769) Net accumulated unrealized gain on available-for-sale investments (Note 9) 102,467,745 104,003,133 Fair value adjustments on hedging transactions (Note 31) 985,947 (177,500,756) Cumulative translation adjustments (Notes 4 and 19) 507,911,827 (97,279,985) Retained earnings (Note 19) 29,597,124,258 24,778,400,459 51,206,096,167 45,650,324,358 Non-controlling interests (Note 19) 1,603,998,641 1,579,355,909 Total Equity 52,810,094,808 47,229,680,267 TOTAL LIABILITIES AND EQUITY ₱135,805,785,321 ₱136,041,050,416 See accompanying Notes to Consolidated Financial Statements. 163
ENERGY DEVELOPMENT CORPORATION (A Subsidiary of Red Vulcan Holdings Corporation) AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME Years Ended December 31 2016 2015 2014 REVENUE FROM SALE OF ELECTRICITY (Notes 3, 12, 20, 34, 35, 36, 37, 38, 40 and 41) ₱34,235,563,322 ₱34,360,459,794 ₱30,867,199,917 COSTS OF SALE OF ELECTRICITY (Notes 10, 12, 20, 21, 23, 27, 38 and 39) (13,757,233,474) (14,439,512,541) (11,314,332,241) GENERAL AND ADMINISTRATIVE EXPENSES (Notes 10, 12, 15, 22, 23 and 27) (5,570,203,174) (6,586,687,065) (5,744,349,133) FINANCIAL INCOME (EXPENSE) Interest income (Notes 6, 11, 24 and 31) 282,807,903 294,729,204 184,691,655 Interest expense (Notes 17, 18, 24 and 31) (4,503,290,214) (4,558,747,688) (3,754,010,722) (4,220,482,311) (4,264,018,484) (3,569,319,067) OTHER INCOME (CHARGES) Proceeds from insurance claims (Note 32) 1,512,129,674 1,172,802,874 539,212,484 Foreign exchange losses - net (Notes 25 and 31) (653,486,476) (1,365,523,827) (102,531,122) Reversal of previously impaired property, plant and equipment (Notes 3 and 12) Miscellaneous income (charges) - net (Note 26) – (156,781,264) – (137,475,367) 2,051,903,642 312,813,949 701,861,934 (330,196,320) 2,801,398,953 INCOME BEFORE INCOME TAX 11,389,506,297 8,740,045,384 13,040,598,429 PROVISION FOR (BENEFIT FROM) INCOME TAX (Note 28) Current 1,667,823,631 938,536,386 934,128,656 Deferred 6,100,105 (57,862,989) 288,460,745 1,673,923,736 880,673,397 1,222,589,401 NET INCOME ₱9,715,582,561 ₱7,859,371,987 ₱11,818,009,028 Net income attributable to: Equity holders of the Parent Company ₱9,352,420,983 ₱7,642,097,536 ₱11,681,155,539 Non-controlling interests 363,161,578 217,274,451 136,853,489 ₱9,715,582,561 ₱7,859,371,987 ₱11,818,009,028 Basic/Diluted Earnings Per Share for Net Income Attributable to Equity Holders of the Parent Company (Note 29) ₱0.499 ₱0.407 ₱0.623 See accompanying Notes to Consolidated Financial Statements. 164 I Energy Development Corporation Performance Report 2016
Page 1 and 2: 2016 Audited Consolidated Financial
Page 3 and 4: Compliance • We have monitored th
Page 5 and 6: 156 I Energy Development Corporatio
Page 7 and 8: We have fulfilled the responsibilit
Page 9 and 10: Those charged with governance are r
Page 11: ENERGY DEVELOPMENT CORPORATION (A S
Page 15 and 16: ENERGY DEVELOPMENT CORPORATION (A S
Page 17 and 18: Preferred Stock (Note 19) Common St
Page 19 and 20: Years Ended December 31 2016 2015 2
Page 21 and 22: Southern Negros, Valencia, Negros O
Page 23 and 24: EDC Drillco EDC Drillco is a compan
Page 25 and 26: Geotermica Chile SPA also incorpora
Page 27 and 28: Authorization for Issuance of the C
Page 29 and 30: These amendments are applied prospe
Page 31 and 32: Applicability of IFRIC 12, Service
Page 33 and 34: In August 2013, EDC Geotermica SpA
Page 35 and 36: Fair Value Measurement of Financial
Page 37 and 38: In 2011, EDC recognized full impair
Page 39 and 40: The factors that the Company consid
Page 41 and 42: Recognition of Deferred Income Tax
Page 43 and 44: Current versus Non-current Classifi
Page 45 and 46: In 2015, the functional currency of
Page 47 and 48: Construction in progress represents
Page 49 and 50: would have been determined, net of
Page 51 and 52: 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
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Future Changes in Accounting Polici
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The Company is currently assessing
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oader review of the research projec
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LGBU NIGBU BGBU MAGBU Pantabangan/
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7. Trade and Other Receivables 2016
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The movements of the net accumulate
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12. Property, Plant and Equipment L
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Total borrowing costs capitalized t
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Bac-Man 3 Engineering Procurement a
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13. Goodwill and Intangible Assets
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Carrying amount of exploration and
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2015 Long term receivables Input VA
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The long-term debts are presented n
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The Parent Company capitalized in i
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₱8.5 billion GCGI Term Loan On Ma
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19. Equity Capital Stock As require
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On March 6, 2015, the BOD approved
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US$14.0 million thereafter up to 20
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Transactions for the years ended De
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Remuneration of Key Management Pers
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Net retirement and other post-emplo
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The following tables summarize the
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The Company expects to contribute
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Beginning of Year Charged to Income
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f. g. h. i. j. k. On June 29, 2011,
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Stock awards granted by the Committ
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Foreign Currency Risk Foreign curre
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US$ Japanese yen (JP¥) Sweden kron
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2015 Foreign Currency Appreciates (
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The following tables demonstrate th
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Financial Assets and Financial Liab
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The Company classifies its financia
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The table below shows the derivativ
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Pertinent details of the IRS are as
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The Company monitors capital using
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Legal Claims The Company is conting
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EDC also holds geothermal resource
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As of December 31, 2016, the Compan
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As of December 31, 2016, the Compan
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Ancillary Services Procurement Agre
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41. ULGEI Power Supply Agreements A
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EDC PR 2016 (FS section)

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