EDC PR 2016 (FS section)

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Financial Statement Percentage of Ownership December 31, 2016 December 31, 2015 Direct Indirect Direct Indirect EDC Mindanao Geothermal Inc. (EMGI)**/**** – – – 100.00 Kayabon Geothermal, Inc. (KGI)**/**** – – – 100.00 Mount Apo Renewable Energy Inc.(MAREI)**/**** – – – 100.00 EDC Chile Limitada** 99.99 0.01 99.99 0.01 EDC Holdings International Limited (EHIL)*** 100.00 – 100.00 – Energy Development Corporation Hong Kong International Investment Limited (EDC HKIIL)* – 100.00 – – Energy Development Corporation Hong Kong Limited (EDC HKL)*** – 100.00 – 100.00 EDC Chile Holdings SPA*** – 100.00 – 100.00 EDC Geotermica Chile SPA** – 100.00 – 100.00 EDC Peru Holdings S.A.C.*** – 100.00 – 100.00 EDC Geotermica Peru S.A.C.** – 100.00 – 100.00 Energy Development Corporation Peru S.A. C.** – 100.00 – 100.00 EDC Geotérmica Del Sur S.A.C.** – 100.00 – 100.00 EDC Energía Azul S.A.C.** – 100.00 – 100.00 Geotermica Crucero Peru S.A.C.** – 70.00 – 70.00 EDC Energía Perú S.A.C. ** – 100.00 – 100.00 Geotermica Tutupaca Norte Peru S.A.C.** – 70.00 – 70.00 EDC Energía Geotérmica S.A.C.** – 100.00 – 100.00 EDC Progreso Geotérmica Perú S.A.C.** – 100.00 – 100.00 Geotermica Loriscota Peru S.A.C.** – 70.00 – 70.00 EDC Energía Renovable Perú S.A.C.** – 100.00 – 100.00 EDC Soluciones Sostenibles Ltd (formerly Hot Rock Chile Ltd BVI) – 100.00 – 100.00 EDC Energia Verde Chile SpA (formerly Hot Rock Chile) – 100.00 – 100.00 EDC Energia de la Tierra SpA (formerly Hemisferio Sur SpA) – 100.00 – 100.00 EDC Desarollo Sostenible Ltd (formerly Hot Rock Peru Ltd BVI) – 100.00 – 100.00 EDC Energia Verde Peru S.A.C. (formerly Hot Rock Peru) – 100.00 – 100.00 PT EDC Indonesia** – 95.00 – 95.00 PT EDC Panas Bumi Indonesia** – 95.00 – 95.00 EDC Wind Energy Holdings, Inc. (EWEHI)*** 100.00 – 100.00 – EDC Burgos Wind Power Corporation (EBWPC) – 100.00 – 100.00 EDC Pagudpud Wind Power Corporation (EPWPC)** – 100.00 – 100.00 EDC Bayog Burgos Wind Power Corporation (EBBWPC)** – 100.00 – 100.00 EDC Pagali Burgos Wind Power Corporation (EPBWPC)** – 100.00 – 100.00 Iloilo 1 Renewable Energy Corporation (I1REC)* – 100.00 – – Matnog 1 Renewable Energy Corporation (M1REC)* – 100.00 – – Matnog 2 Renewable Energy Corporation (M2REC)* – 100.00 – – Matnog 3 Renewable Energy Corporation (M3REC)* – 100.00 – – Negros 1 Renewable Energy Corporation (N1REC)* – 100.00 – – EDC Bright Solar Energy Holdings, Inc. (EBSEHI)*** 100.00 – 100.00 – EDC Bago Solar Power Corporation (EBSPC)** – 100.00 – 100.00 EDC Burgos Solar Corporation (EBSC)** – 100.00 – 100.00 EMGI**/**** – 100.00 – – KGI**/**** – 100.00 – – MAREI**/**** – 100.00 – – First Gen Hydro Power Corporation (FG Hydro) 60.00 – 60.00 – *Incorporated in 2016 and has not yet started commercial operations as of December 31, 2016. **Incorporated before 2016 and has not yet started commercial operations as of December 31, 2016. ***Serves as an investment holding company. ****Became wholly owned subsidiaries of EBSEHI starting December 2016. 173
EDC Drillco EDC Drillco is a company incorporated on September 28, 2009 to act as an independent service contractor, consultant and specialized technical adviser for well construction and drilling, and other related activities. As of December 31, 2016, EDC Drillco is already in the process of dissolution. EGC EGC was incorporated on April 9, 2008 to participate in the bid for another local power plant. The bid was won by and awarded to another local entity. Thereafter, EGC became an investment holding company of its wholly owned subsidiaries, namely GCGI, BGI, ULGEI, SNGI, BEDC, EMGI, KGI and MAREI. EGC also has a 0.01% stake in EDC Chile Limitada. In December 2016, EGC sold all of its shares in EMGI, KGI and MAREI to EBSEHI. Following such sale, EMGI, KGI and MAREI became wholly-owned subsidiaries of EBSEHI. Further details on EGC’s wholly owned subsidiaries follow: GCGI was incorporated on June 22, 2009 with primary activities on power generation, transmission, distribution and other energy-related businesses. GCGI is currently operating the 172.5-MW Palinpinon and 112.5-MW Tongonan 1 geothermal power plants in Negros Oriental and Leyte, respectively, following its successful acquisition from the Power Sector Assets and Liabilities Management Corporation (PSALM) in 2009. BGI was incorporated on April 7, 2010 primarily to carry on the general business of generating, transmitting, and/or distributing energy. BGI has successfully acquired the 150-MW Bac-Man Geothermal Power Plants (BMGPP) from PSALM in 2010. Prior to the acquisition of BGI of the BMGPP in May 2010, the Parent Company supplied and sold steam to NPC under the SSA. Details are as follows: a. b. Bacon-Manito I The SSA for the Bac-Man 110-MW geothermal resources entered in November 1988 provides, among others, that NPC shall pay the Parent Company a base price per kilowatt-hour of gross generation, subject to inflation adjustments and based on a guaranteed take-or-pay rate at 75% plant factor. The SSA is for a period of 25 years, which commenced in May 1993. Bacon-Manito II Bac-Man II’s SSA with NPC was signed in June 1996 for its two 20-MW capacity modular plants - Cawayan and Botong. The terms and conditions under the contract contain, among others, NPC’s commitment to pay the Parent Company a base price per kilowatt-hour of gross generation, subject to inflation adjustments and based on a guaranteed take-or-pay rate, commencing from the established commercial operation period, using the following plant factors: 50% for the first year, 65% for the second year and 75% for the third and subsequent years. The SSA is for a period of 25 years, which commenced in March 1994 for Cawayan and December 1997 for Botong. BGI declared that the Bac-Man Units 3, 1 and 2 were already complete and in the condition necessary for it to operate as intended by management on October 1, 2013, January 28, 2014 and June 3, 2014, respectively. Following such commercial operations, PSALM/NPC, EDC and BGI have agreed to allow EDC to bill BGI directly, on behalf of PSALM/NPC. 174 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 and 12: 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: Southern Negros, Valencia, Negros O
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
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
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Bac-Man 3 Engineering Procurement a
Page 81 and 82:
13. Goodwill and Intangible Assets
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Carrying amount of exploration and
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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
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₱8.5 billion GCGI Term Loan On Ma
Page 93 and 94:
19. Equity Capital Stock As require
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On March 6, 2015, the BOD approved
Page 97 and 98:
US$14.0 million thereafter up to 20
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Transactions for the years ended De
Page 101 and 102:
Remuneration of Key Management Pers
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Net retirement and other post-emplo
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The following tables summarize the
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The Company expects to contribute
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Beginning of Year Charged to Income
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f. g. h. i. j. k. On June 29, 2011,
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Stock awards granted by the Committ
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Foreign Currency Risk Foreign curre
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US$ 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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