EDC PR 2016 (FS section)

More documents

Recommendations

Info

Financial Statement Government share are allocated between the DOE and Local Government Units (LGUs) where the geothermal resources are located and payable within 60 days after the end of each quarter. Government share amounted to ₱253.0 million, ₱260.2 million and ₱269.1 million in 2016, 2015 and 2014, respectively (see Note 21). “Other payables” account includes provision for shortfall generation amounting to ₱396.0 million and ₱441.5 million in 2016 and 2015, respectively (see Note 3), and deferred output VAT. 17. Long-term Debts The details of the Company’s long-term debts are as follows: Creditor/Project Maturities Interest Rate 2016 2015 US$300.0 Million Notes January 20, 2021 6.5% ₱14,837,792,253 ₱14,023,483,523 Peso Public Bonds Series 2 - ₱3.5 billion December 4, 2016 9.3327% – 3,491,326,269 International Finance Corporation 7.4% per annum for the (IFC) first five years IFC 1 - ₱4.1 billion 2012-2033 subject to 2,199,185,666 2,535,091,675 repricing for another five to 10 years IFC 2 - ₱3.3 billion 2013-2025 6.6570% 2,226,920,401 2,471,717,976 Fixed Rate Note Facility (FXCN) ₱4.0 billion 2012-2022 6.6108% per annum from 3,604,220,996 3,737,122,040 April 4, 2012 to April 30, 2015 and 5.25% from April 30, 2015 until maturity ₱3.0 billion 2012-2022 6.6173% per annum from 2,702,244,338 2,801,750,828 April 4, 2012 to April 30, 2015 and 5.25% from April 30, 2015 until maturity Refinanced Syndicated Term Loan US$175.0 million 2013 - 2017 LIBOR plus a margin of 175 basis points 4,343,404,792 4,916,764,416 2013 Peso Fixed-Rate Bonds ₱4.0 billion May 3, 2023 4.7312% 3,933,640,711 3,959,423,253 ₱3.0 billion May 3, 2020 4.1583% 2,979,887,923 2,943,911,465 US$80 Million Term Loan June 21, 2018 1.8% margin plus 3,592,174,050 3,568,385,220 LIBOR Commercial Debt Facility US$37.5 Million October 23, 2029 2% margin plus 1,692,063,306 1,675,035,601 LIBOR ECA Debt Facility US$150 Million October 23, 2029 2.35% margin plus 6,710,678,200 6,638,811,162 LIBOR Commercial Debt Facility ₱5.6 Billion October 23, 2029 2% + PDST-F rate 5,150,662,245 5,398,440,226 ₱291.2 Million Term Loan December 17, 2030 5.75% 289,168,798 288,932,892 ₱1.5 billion Term Loan December 5, 2026 5.25% 1,492,552,637 – ₱1.0 billion Term Loan December 5, 2031 5.5788% 992,659,414 – Restructured Philippine National Bank (PNB) and Allied Bank Peso Loan November 7, 2022 1.5% + PDST-F rate or 1.0% + BSP overnight rate 1,805,000,001 3,187,500,000 ₱8.5 Billion Term Loan March 6, 2022 5.25% 6,918,868,252 7,922,729,666 ₱5.0 Billion Term Loan September 9, 2025 5.25% 4,361,816,505 4,951,167,360 Total 69,832,940,488 74,511,593,572 Less current portion 7,603,962,954 7,860,904,237 Noncurrent portion ₱62,228,977,534 ₱66,650,689,335 The Company’s foreign-currency denominated long-term loans were translated into Philippine peso based on the prevailing foreign exchange rates as at financial reporting date (US$1= ₱49.72 on December 31, 2016) (US$1= ₱47.06 on December 31, 2015). 237
The long-term debts are presented net of unamortized transaction costs. A rollforward analysis of unamortized transactions costs follows: 2016 2015 Balance at beginning of year ₱980,251,666 ₱867,879,326 Additions 14,863,236 282,106,270 Amortization (Note 24) (176,362,395) (169,733,930) Balance at end of year ₱818,752,507 ₱980,251,666 Parent Company Loans The Parent Company entered into unsecured long-term loan arrangements with domestic and international financial institutions for its various development projects and working capital requirements. US$ 300.0 Million Notes On January 20, 2011, the Parent Company issued a 10-year US$300.0 million notes (₱13,350.0 million) at 6.50% interest per annum which will mature in January 2021. The notes are intended to be used by the Company to support the business expansion plans, finance capital expenditures, service debt obligations and for general corporate purposes. Such notes were listed and quoted on the Singapore Exchange Securities Trading Limited (SGX-ST). Peso Public Bonds On December 4, 2009, the Company received ₱12.0 billion proceeds from the issuance of fixed rate Peso public bonds - split into two tranches - ₱8.5 billion, due after five years and six months and ₱3.5 billion, due after seven years, paying a coupon of 8.6418% and 9.3327%, respectively. The peso public bonds are also listed on Philippine Dealing and & Exchange Corp. (PDEx). Effective November 14, 2013, certain covenants of the peso public bonds have been aligned with the 2013 Peso Fixed-Rate Bonds through consent solicitation exercise held by the Parent Company. Upon securing the required consents, a Supplemental Indenture embodying the parties’ agreement on the proposed amendments was signed on November 7, 2013 between EDC and Rizal Commercial Banking Corporation - Trust and Investments Group in its capacity as trustee for the bondholders. On December 5, 2016 and June 4, 2015, the Parent Company fully settled the ₱3.5 billion and ₱8.5 billion Peso public bonds, respectively. IFC The Parent Company entered into a loan agreement with IFC, a shareholder of the Parent Company, on November 27, 2008 for US$100.0 million or its Peso equivalent of ₱4.1 billion. On January 7, 2009, the Parent Company opted to draw the loan in Peso and received the proceeds amounting to ₱4,048.8 million, net of ₱51.5 million front-end fee. The loan is payable in 24 equal semi-annual installments after a three-year grace period at an interest rate of 7.4% per annum for the first five years subject to repricing for another five to 10 years. Under the loan agreement, the Parent Company is restricted from creating liens and is subject to certain financial covenants. On May 20, 2011, the Parent Company signed a 15-year US$75.0 million loan facility with the IFC to fund its medium-term capital expenditures program. The loan was drawn in Peso on September 30, 2011, amounting to ₱3,262.5 million. The loan is payable in 24 equal semi-annual installments after a three-year grace period at an interest rate of 6.657% per annum. The loan includes prepayment option, which allows the Company to prepay all or part of the loan anytime starting from the date of the loan agreement until maturity. The prepayment amount is equivalent 238 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 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 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: 2015 Long term receivables Input VA
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
show all

EDC PR 2016 (FS section)

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?