EDC PR 2016 (FS section)

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Financial Statement EWEHI EWEHI is a holding company incorporated on April 15, 2010. The following entities are the wholly owned subsidiaries of EWEHI: EBWPC was incorporated on April 13, 2010 to carry on the general business of generating, transmitting, and/or distributing energy. In September 2012, following EWEHI’s acquisition of 1,249,500 shares of EBWPC representing 33.33% ownership interest from EDC for ₱141.4 million, EBWPC became a wholly owned subsidiary of EWEHI (see Note 37). EPWPC was incorporated on February 29, 2012 to carry on the general business of generating, transmitting, and/or distributing energy. As of December 31, 2016, EPWPC remained non-operating. EBBWPC and EPBWPC were incorporated on May 22, 2014 to carry on the general business of generating, transmitting, and/or distributing energy. As of December 31, 2016, EBBPC and EPBWPC remained non-operating. M1REC, M2REC, M3REC and I1REC were incorporated on February 9, 2016, while N1REC was incorporated on March 16, 2016 to carry on the general business of generating, transmitting, and/or distributing energy. As of December 31, 2016, M1REC, M2REC, M3REC, I1REC and N1REC remained non-operating. EBSEHI EBSEHI is a holding company incorporated on May 23, 2014. The following entities are the wholly owned subsidiaries of EBSEHI: EBSPC was incorporated on May 22, 2014 to carry on the general business of generating, transmitting, and/or distributing energy. As of December 31, 2016, EBSPC remained non-operating. EBSC was incorporated on November 19, 2014 to carry on the general business of generating, transmitting, and/or distributing energy. As of December 31, 2016, EBSC remained non-operating. EMGI, KGI and MAREI became wholly-owned subsidiary of EBSEHI starting December 2016 after EGC sold all of its shares on these companies to EBSEHI. FG Hydro FG Hydro was incorporated on March 13, 2006 with primary activities on power generation, transmission, distribution and other energy-related businesses. FG Hydro operates the 132-MW PAHEP/MAHEP located in Nueva Ecija, Philippines. FG Hydro buys from and sells electricity to the WESM and to various privately-owned DUs under the PSAs and PSCs, and to NGCP through ancillary services under the ASPA. Principal Office Address The registered principal office address of the Parent Company is One Corporate Centre, Julia Vargas Avenue corner Meralco Avenue, Ortigas Center, Pasig City. 177
Authorization for Issuance of the Consolidated Financial Statements The consolidated financial statements were reviewed and recommended for approval by the Audit and Governance Committee to the Board of Directors (BOD) on February 22, 2017. The same consolidated financial statements were approved and authorized for issuance by the BOD on February 28, 2017.and BGI have agreed to allow EDC to bill BGI directly, on behalf of PSALM/ NPC. 2. Basic Preparation The consolidated financial statements have been prepared on a historical cost basis, except for derivative instruments, financial asset at fair value through profit or loss and available-for-sale (AFS) investments that are measured at fair value. The consolidated financial statements are presented in Philippine peso (₱), which is the Parent Company’s functional currency. All values are rounded to the nearest Peso, except when otherwise indicated. Statement of Compliance The consolidated financial statements of the Company are prepared in accordance with Philippine Financial Reporting Standards (PFRSs) issued by the Financial Reporting Standards Council (FRSC). Changes in Accounting Policies and Disclosures The Company applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after January 1, 2016. Adoption of these pronouncements did not have a significant impact on the Company’s financial position or performance unless otherwise indicated. Amendments to PFRS 10, Consolidated Financial Statements, and PAS 28, Investments in Associates and Joint Ventures - Investment Entities: Applying the Consolidation Exception These amendments clarify that the exemption in PFRS 10 from presenting consolidated financial statements applies to a parent entity that is a subsidiary of an investment entity that measures all of its subsidiaries at fair value and that only a subsidiary of an investment entity that is not an investment entity itself and that provides support services to the investment entity parent is consolidated. The amendments also allow an investor (that is not an investment entity and has an investment entity associate or joint venture), when applying the equity method, to retain the fair value measurement applied by the investment entity associate or joint venture to its interests in subsidiaries. These amendments are not applicable to the Company since none of the entities within the Company is an investment entity nor does the Company have investment entity associates or joint venture. Amendments to PFRS 11, Joint Arrangements - Accounting for Acquisitions of Interests in Joint Operations The amendments to PFRS 11 require that a joint operator accounting for the acquisition of an interest in a joint operation, in which the activity of the joint operation constitutes a business must apply the relevant PFRS 3 principles for business combinations accounting. The amendments also clarify that a previously held interest in a joint operation is not remeasured on the acquisition of an additional interest in the same joint operation while joint control is 178 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 and 22: Southern Negros, Valencia, Negros O
Page 23 and 24: EDC Drillco EDC Drillco is a compan
Page 25: Geotermica Chile SPA also incorpora
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
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
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₱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$14.0 million thereafter up to 20
Page 99 and 100:
Transactions for the years ended De
Page 101 and 102:
Remuneration of Key Management Pers
Page 103 and 104:
Net retirement and other post-emplo
Page 105 and 106:
The following tables summarize the
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The Company expects to contribute
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Beginning of Year Charged to Income
Page 111 and 112:
f. g. h. i. j. k. On June 29, 2011,
Page 113 and 114:
Stock awards granted by the Committ
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Foreign Currency Risk Foreign curre
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US$ 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
Page 131 and 132:
The Company monitors capital using
Page 133 and 134:
Legal Claims The Company is conting
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EDC also holds geothermal resource
Page 137 and 138:
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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