EDC PR 2016 (FS section)

On March 6, 2015, the BOD approved the authority to undertake a 2-year share buy-back program
authorizing the management to buy at its discretion from the market the Company’s share up to an
aggregate value of ₱4.0 billion worth of the Company’s shares. As of December 31, 2016, the
details of the shares acquired are as follows:
Date of Acquisition Number of Shares
Average price
per share Total Amount
May 3, 2016 1,000,000 ₱5.6350 ₱5,650,299
May 2, 2016 390,000 5.6623 2,214,701
April 8, 2016 2,000,000 5.6370 11,303,312
January 11, 2016 900,000 5.5475 5,005,731
January 8, 2016 3,700,000 5.6394 20,921,074
December 14, 2015 2,000,000 5.5813 11,190,764
December 11, 2015 3,000,000 5.7267 17,225,627
Total 12,990,000 ₱73,511,508
The share buy-back program commenced on March 15, 2015 and will conclude on
March 14, 2017.
Common Shares in Employee Trust Account
On March 25, 2008, the BOD of the Parent Company approved a share buyback program
involving up to ₱4.0 billion worth of the Parent Company’s common shares, representing
approximately 4% of the Parent Company’s market capitalization as of the date of the approval.
The buyback program was carried out within a two-year period which commenced on
March 26, 2008 and ended on March 25, 2010. The Parent Company intended to implement an
executive/employee stock option ownership plan through options, grants, purchases, or such other
equivalent methods. In 2008, the Parent Company acquired a total of 93,000,000 common shares
for a total cost of ₱404.2 million.
In 2009, 93,000,000 common shares held in treasury that were acquired in 2008 at the cost of
₱404.2 million have been issued irrevocably by the Parent Company to BDO Trust for the benefit
of the executive/employee grantees under the Parent Company’s Employee Stock Grant Plan
(ESGP). The BDO Trust is an independent and separate legal entity. EDC has neither control nor
discretion over the administration and investment activity on the common shares in
executive/employee benefit trust held by BDO Trust. These shares are part of the issued and
outstanding common shares and are entitled to vote and receive dividend. These shares will not
revert to EDC even if the planned stock grant plan or other such plan is terminated. Any fruits or
interests of these shares shall be for the sole and exclusive benefit of the officers and employees of
EDC who are identified grantees of such stock plans. Any capital appreciation or decline in value,
dividends, or other benefits declared on these shares shall accrue to the trust account and EDC
shall not have any claim thereon. The issuance of the common shares to BDO Trust was
recognized under the “Common shares in employee trust account” account in the
consolidatedstatements of financial position (see Note 30).
Cumulative Translation Adjustments
The details of cumulative translation adjustments as of December 31 are as follows:
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I Energy Development Corporation Performance Report 2016