EDC PR 2016 (FS section)

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Financial Statement If the Company loses control over a subsidiary, it derecognizes the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognized in profit or loss. Any investment retained is recognized at fair value. Business Combinations and Goodwill Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any NCI in the acquiree. For each business combination, the acquirer measures the NCI of the acquiree either at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred and included in “General and Administrative Expenses”. When the Company acquires a business, it assesses the financial assets and financial liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts of the acquiree. If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date and any gain or loss on remeasurement is recognized in the profit or loss. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of PAS 39, Financial Instrument Recognition and Measurement, is measured at fair value with changes in fair value recognized either in the profit or loss. If the contingent consideration is not within the scope of PAS 39, it is measured in accordance with the appropriate PFRS. Contingent consideration that is classified as equity is not remeasured and subsequent settlement is accounted for within equity. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interests and any previous interest held, over the net identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Company reassesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognized at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognized in the profit or loss. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Company’s CGUs that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a CGU and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative values of the operation disposed of and the portion of the CGU retained. 193
Current versus Non-current Classification The Company presents assets and liabilities in statement of financial position based on current/non-current classification. An asset as current when it is: Expected to be realized or intended to be sold or consumed in normal operating cycle; Held primarily for the purpose of trading; Expected to be realized within twelve months after the reporting period; or Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when: It is expected to be settled in normal operating cycle; It is held primarily for the purpose of trading; It is due to be settled within twelve months after the reporting period; or There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. The Company classifies all other liabilities as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities. Foreign Currency Translations The consolidated financial statements are presented in Philippine Peso, which is also the Parent Company’s functional currency. Each entity within the Company determines its own functional currency and measures items included in their financial statements using that functional currency. Transactions in foreign currencies are initially recorded at the functional currency exchange rate prevailing at the date of transaction. Monetary assets and monetary liabilities denominated in foreign currencies are translated at the closing rate of exchange prevailing at financial reporting date. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Foreign exchange differences between the rate at transaction date and the rate at settlement date or financial reporting date are recognized in the profit or loss. The functional currency of the Company’s subsidiaries is Philippine Peso, except for the following subsidiaries: Subsidiary Functional Currency EDC Burgos Wind Power Corporation* US dollar EDC HKL - do - EDC HKIIL - do - EDC Chile Holdings SPA Chilean peso EDC Geotermica Chile - do - EDC Chile Limitada - do - EDC Peru Holdings S.A.C. Peruvian nuevo sol EDC Geotermica Peru S.A.C. - do - (Forward) 194 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 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: Recognition of Deferred Income Tax
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
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$14.0 million thereafter up to 20
Page 99 and 100:
Transactions for the years ended De
Page 101 and 102:
Remuneration of Key Management Pers
Page 103 and 104:
Net retirement and other post-emplo
Page 105 and 106:
The following tables summarize the
Page 107 and 108:
The Company expects to contribute
Page 109 and 110:
Beginning of Year Charged to Income
Page 111 and 112:
f. g. h. i. j. k. On June 29, 2011,
Page 113 and 114:
Stock awards granted by the Committ
Page 115 and 116:
Foreign Currency Risk Foreign curre
Page 117 and 118:
US$ 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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