EDC PR 2016 (FS section)

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Financial Statement Substantially all of the segment revenues of LGBU, NIGBU and MAGBU are derived from the sale of electricity to these customers. Financial information on the operating segments are summarized as follows: LGBU NIGBU BGBU MAGBU Pantabangan/ Masiway WINBU Others Total Year ended December 31, 2016 Segment revenue ₱18,746,089,825 ₱11,892,914,929 ₱5,283,330,641 ₱2,544,425,855 ₱2,286,369,509 ₱2,822,085,792 ₱– ₱43,575,216,551 Intersegment revenue (3,450,391,445) (3,749,009,415) (2,140,252,369) – – – – (9,339,653,229) Total segment revenue 15,295,698,380 8,143,905,514 3,143,078,272 2,544,425,855 2,286,369,509 2,822,085,792 – 34,235,563,322 Segment expenses (9,482,595,441) (3,347,485,951) (2,435,422,404) (1,688,281,485) (933,233,625) (1,473,887,396) – (19,360,906,302) Unallocated expenses – – – – – – 33,469,654 33,469,654 Interest income 114,380,229 48,169,048 52,946,395 19,994,102 13,014,816 34,023,912 279,401 282,807,903 Interest expense (1,579,237,424) (789,193,405) (544,769,873) (305,351,825) (115,429,873) (843,988,002) (325,319,812) (4,503,290,214) Other income (charges) - net (498,496,845) 35,095,417 1,158,359,900 (93,582,285) (8,437,378) 190,846,899 (81,923,774) 701,861,934 Income taxes (492,648,476) (478,901,186) (340,569,451) (23,035,070) (333,801,597) (90,144,297) 85,176,341 (1,673,923,736) Segment result ₱3,357,100,423 ₱3,611,589,437 ₱1,033,622,839 ₱454,169,292 ₱908,481,852 ₱638,936,908 (₱288,318,190) ₱9,715,582,561 EBITDA ₱8,182,693,293 ₱5,773,653,910 ₱1,446,316,789 ₱1,297,450,654 ₱1,801,205,388 ₱2,153,484,062 ₱– ₱20,654,804,096 Unallocated Expenses 80,829,172 ₱20,735,633,268 LGBU NIGBU BGBU MAGBU Pantabangan/ Masiway WINBU Others Total Year ended December 31, 2015 Segment revenue ₱18,977,160,404 ₱12,067,317,850 ₱6,231,829,731 ₱2,390,916,337 ₱1,884,371,871 ₱2,403,655,423 ₱– ₱43,955,251,616 Intersegment revenue (3,515,942,304) (4,071,127,643) (2,007,721,875) – – – – (9,594,791,822) Total segment revenue 15,461,218,100 7,996,190,207 4,224,107,856 2,390,916,337 1,884,371,871 2,403,655,423 – 34,360,459,794 Segment expenses (9,883,154,436) (4,010,374,948) (2,701,184,744) (1,657,870,159) (922,516,067) (1,257,327,087) – (20,432,427,441) Unallocated expenses – – – – – – (593,772,165) (593,772,165) Interest income 139,587,480 77,005,310 40,393,949 17,052,294 8,648,465 12,037,836 3,870 294,729,204 Interest expense (1,772,182,442) (745,814,784) (496,877,296) (292,008,930) (154,648,508) (764,044,701) (333,171,027) (4,558,747,688) Other income (charges)- net 261,417,203 (182,333,973) 152,355,624 (83,168,615) (28,184,820) (442,212,962) (8,068,777) (330,196,320) Income taxes (561,955,691) (325,233,102) 22,260,992 (23,548,417) (244,444,806) 28,790,289 223,457,338 (880,673,397) Segment result ₱3,644,930,214 ₱2,809,438,710 ₱1,241,056,381 ₱351,372,510 ₱543,226,135 (₱19,101,202) (₱711,550,761) ₱7,859,371,987 EBITDA ₱7,775,645,104 ₱4,939,071,178 ₱2,056,897,067 ₱1,164,042,525 ₱1,394,656,669 ₱1,846,557,501 ₱– ₱19,176,870,044 Unallocated Expenses (496,632,692) ₱18,680,237,352 LGBU NIGBU BGBU MAGBU Pantabangan/ Masiway WINBU Others Total Year ended December 31, 2014 Segment revenue ₱18,364,197,709 ₱12,644,433,901 ₱4,494,754,347 ₱2,368,843,658 ₱1,624,130,409 ₱188,304,621 ₱8,337,288 ₱39,693,001,933 Intersegment revenue (2,779,106,429) (4,588,402,375) (1,458,293,212) – – – – (8,825,802,016) Total segment revenue 15,585,091,280 8,056,031,526 3,036,461,135 2,368,843,658 1,624,130,409 188,304,621 8,337,288 30,867,199,917 Segment expenses (7,979,398,782) (3,372,114,185) (2,341,764,411) (1,801,952,981) (918,884,082) (177,902,756) – (16,592,017,197) Unallocated expenses – – – – – – (466,664,177) (466,664,177) Interest income 85,281,147 42,110,150 17,277,300 11,065,979 28,421,845 533,136 2,098 184,691,655 Interest expense (1,724,439,558) (907,465,848) (458,834,430) (348,769,365) (172,264,865) (89,174,965) (53,061,691) (3,754,010,722) Other charges - net 356,025,843 108,560,848 (39,774,107) 24,558,255 (3,256,276) (463,470) 303,844,218 749,495,311 Income taxes (639,569,890) (602,584,327) 57,316,899 (11,388,706) (18,074,121) (2,646,292) (5,642,964) (1,222,589,401) Reversal of previously impaired property, plant and equipment – 2,051,903,642 – – – – – 2,051,903,642 Segment result ₱5,682,990,040 ₱5,376,441,806 ₱270,682,386 ₱242,356,840 ₱540,072,910 (₱81,349,726) (₱213,185,228) ₱11,818,009,028 EBITDA ₱9,604,617,446 ₱5,399,587,225 ₱1,119,322,968 ₱941,278,769 ₱1,126,806,226 ₱150,943,432 ₱8,337,288 ₱18,350,893,354 Unallocated Expenses (428,788,398) ₱17,922,104,956 219
LGBU NIGBU BGBU MAGBU Pantabangan/ Masiway WINBU Elimination Total As of and for the year ended December 31, 2016 Segment assets ₱71,830,851,517 ₱19,046,382,013 ₱13,175,783,312 ₱9,861,092,932 ₱6,063,412,072 ₱21,865,053,301 (₱38,339,874,694) ₱103,502,700,453 Unallocated corporate assets 32,303,084,868 Total assets ₱135,805,785,321 Segment liabilities ₱30,094,354,575 ₱14,424,246,263 ₱15,560,872,488 ₱4,651,206,360 ₱2,050,722,762 ₱15,127,165,791 (₱38,778,961,825) ₱43,129,606,414 Unallocated corporate liabilities 39,866,084,099 Total liabilities ₱82,995,690,513 Capital expenditure ₱6,652,032,560 ₱344,892,701 ₱232,428,549 ₱124,941,132 ₱32,844,400 ₱139,251,381 ₱– ₱7,526,390,723 Unallocated capital expenditure 770,606,569 Total capital expenditure ₱8,296,997,292 Depreciation and amortization ₱2,299,697,591 ₱949,906,279 ₱723,054,475 ₱428,612,448 ₱448,069,504 ₱802,140,213 ₱26,526,212 ₱5,678,006,722 Unallocated depreciation and amortization 20,833,304 Total depreciation and amortization ₱5,698,840,026 Other non-cash items ₱69,892,763 ₱27,328,069 ₱15,606,446 ₱12,693,837 ₱– ₱3,145,453 ₱– ₱128,666,568 Unallocated non-cash items – Total other non-cash items ₱128,666,568 LGBU NIGBU BGBU MAGBU Pantabangan/ Masiway WINBU Elimination Total As of and for the year ended December 31, 2015 Segment assets ₱78,058,899,778 ₱32,936,609,463 ₱17,500,580,950 ₱9,818,726,619 ₱7,403,627,346 ₱21,135,652,224 (₱74,253,610,830) ₱92,600,485,550 Unallocated corporate assets 43,440,564,866 Total assets ₱136,041,050,416 Segment liabilities ₱36,810,240,513 ₱30,236,009,726 ₱19,286,579,171 ₱4,802,875,925 ₱3,453,122,772 ₱15,519,077,210 (₱74,528,409,031) ₱35,579,496,286 Unallocated corporate liabilities 53,231,873,863 Total liabilities ₱88,811,370,149 Capital expenditure ₱3,190,355,706 ₱2,000,554,649 ₱1,073,681,653 ₱259,986,884 ₱199,538,446 ₱2,299,087,704 (₱225,590,000) ₱8,797,615,042 Unallocated capital expenditure 1,660,293,121 Total capital expenditure ₱10,457,908,163 Depreciation and amortization ₱2,092,459,202 ₱918,912,641 ₱518,360,990 ₱427,234,777 ₱432,800,865 ₱691,251,183 (₱1,002,965) ₱5,080,016,693 Unallocated depreciation and amortization 74,820,004 Total depreciation and amortization ₱5,154,836,697 Other non-cash items ₱105,122,238 ₱34,343,277 ₱15,612,965 ₱3,761,570 ₱– ₱8,834,795 ₱– ₱167,674,845 Unallocated non-cash items 23,465,622 Total other non-cash items ₱191,140,467 220 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
Page 13 and 14:
Page 15 and 16:
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
Page 63 and 64: Future Changes in Accounting Polici
Page 65 and 66: The Company is currently assessing
Page 67: oader review of the research projec
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
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2015 Foreign Currency Appreciates (
Page 121 and 122:
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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