EDC PR 2016

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Vision We will become the global leader in geothermal energy as we strengthen our leadership in the Philippine renewable energy industry. MISSION We are committed to providing the present and future generations with a better life with clean and renewable energy. We are committed to promoting customer and investor interests, employee development, community welfare, and environmental stewardship at all times. The Lopez Values We are guided by the following distinct Lopez Group values: • A Pioneering Entrepreneurial Spirit • Social Justice • Business Excellence • Integrity • Unity • Employee Welfare and Wellness • Nationalism Corporate objectives • Maximize Shareholders’ Value • Sustain Profitable Growth • Expand Customer Base • Enhance Customer Relationship • Achieve Operational Excellence • Sustain A High-performing Organization Our sustainability Commitment Energy, environment, and empowerment resound in all our business undertakings, using renewable power to enable national development and create a better life for everyone today and tomorrow. 16 I Energy Development Corporation Performance Report 2016 102-16
Awards and Recognition We publish this performance report every year precisely to measure our impacts, and we are heartened to receive validation for our corporate social responsibility, governance practices, and sustainability efforts. Chief Financial Officer Nestor H. Vasay received the Top Green Company Award during the 2016 ACES Awards in Singapore Asia’s Top Green Company Award 2016 Asia Corporate Excellence & Sustainability (ACES) Awards by MORS Group Institutional Investors’ Governance Award FTSE4Good Emerging Index for demonstrating strong Environmental, Social, and Governance (ESG) practices The FTSE4Good Index Series was created by global index provider group FTSE Russell (part of the London Stock Exchange Group) to independently assess companies for their ESG performance Top Ten Most Admired Companies in the Asia-Pacific 1st in the Philippines, 6th in Asia-Pacific CSR Asia Weekly Best Sustainability Report 2016 ASEAN Corporate Sustainability Summit & Awards Gold Anvil Award for the 2014 EDC Performance Report Anvil Awards by the Public Relations Society of the Philippines Quill Award of Merit for the 2014 EDC Performance Report Quill Awards by the International Association of Business Communicators Lopez Achievement Award - Public Responsibility and Environmental Stewardship for Mainstreaming Threatened Philippine Tree Species through the BINHI Tree for the Future Project Region 8 KABALIKAT Award for KEITECH Technical Skills Development Authority (TESDA) DENR Seal of Approval for the Tongonan Geothermal Project from the Department of Environment and Natural Resources (DENR) - Philippine Environment Partnership Program DENR Plaque of Recognition for Best Practices on Hazardous Waste Management, Operations of the Leyte Geothermal Airshed, and Supporting Adopt-An-Estero Program from the DENR - Environmental Management Bureau (EMB) Region 8 DENR Plaque of Recognition for the Operations of the Multipartite Monitoring Team from the DENR - EMB Region 8 2016 SHAPES Corporate Safety and Health Excellence Awards for Mt. Apo Geothermal Production Field and Power Plants, Southern Negros Geothermal Production Field, Palinpinon Geothermal Power Plants, BacMan Geothermal Power Plants, and FG Hydro from the Safety and Health Association of the Philippine Energy Sector, Inc. (SHAPES) 2016 SHAPES Outstanding Safety and Health Professional Awards from SHAPES to Antonio B. Razonable, Jr., Arnel D. Gamao, Romeo G. Carmona, Joselito O. Hatoc, Jr., Aljohn V. Biñas, Armando C. Ramos, Jr., Katrina M. Molina, Drigo C. Rizo, Nestor S. Evaristo, Rovel A. Bactol, Mateo C. Uribe, Roy M. Judilla, and Lysander M. Mabini ISO 9001:2008, ISO 14001:2004, and OHSAS 18001:2007 Certifications by Socotec - Certification International Philippines for FG Hydro DENR Saringaya Award for BacMan Geothermal Project 16th Saringaya Awards 17
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Page 3 and 4: Contents 4 10 11 15 16 17 18 22 28
Page 5 and 6: 4.16 MW Burgos Solar I 2.66 MW Burg
Page 7: 8,531.5 GWh clean power generated (
Page 10 and 11: Powering Infinite Possibilities @ 4
Page 12 and 13: Most tellingly, our stakeholders sh
Page 14 and 15: we wholeheartedly embrace the chall
Page 18 and 19: Message from the Chairman and CEO D
Page 20 and 21: Installations of RE have doubled in
Page 22 and 23: Report of the President and COO Dea
Page 24 and 25: NIGBU posted its highest revenue at
Page 26 and 27: Our 232.5MW Malitbog Power Plant ha
Page 28 and 29: Report of the Chief Financial Offic
Page 30 and 31: it increased its revenues by 16 per
Page 32 and 33: Investors’ Nook By continuing to
Page 34 and 35: POWER THE FUTURE WITH RENEWABLES
Page 36 and 37: We were able to increase our power
Page 38 and 39: Features Our Climate-Resilient Powe
Page 40 and 41: Features Powering the Local Economy
Page 42 and 43: doing good is good business
Page 44 and 45: “Many shareholders, all they look
Page 46 and 47: company’s operations and our CSR
Page 48 and 49: EDC’s HELEn by the Numbers HEALTH
Page 50 and 51: Features Enhancing Youth Employabil
Page 52 and 53: Features Learning from Disaster: Th
Page 54 and 55: Features EDC’s 106MW Mindanao 1 a
Page 56 and 57: SURVIVAL OF THE GREENEST 56 I Energ
Page 58 and 59: Toward a Low-Carbon Economy Renewab
Page 60 and 61: Energy Intensity* (in million GigaJ
Page 62 and 63: of 2,113.4 tons CO 2 e, and Burgos
Page 64 and 65: the parameters used in the assessme
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to prevent or minimize generation o
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The BINHI Program In 2008, EDC, thr
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‘10M in 10’ movement plants one
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100 replacements for 1 tree On top
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Features Nurtured watersheds and ca
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Features the search is over BINHI T
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develop a futureready workforce 78
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Ours is an increasingly dynamic and
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Employee turnover The strategic wor
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Petroleum Engineering, Engineering,
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As part of EDC’s dedication to ta
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Features Young apprentices explore
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SAFETY IS A SHARED RESPONSIBILITY 9
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When it comes to prioritizing and p
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safety programs and activities are
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We train our host communities to be
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with the Philippine Red Cross, the
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OUR CORPORATE GOVERNANCE Values-Dri
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Lastly, the Enterprise Risk Managem
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• Policy on Mergers, Acquisitions
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The following tables show the votin
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In 2016, EDC’s customer appreciat
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service to the community. To improv
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Aside from the Code of Conduct and
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Name of director Direct Shareholdin
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Number of EDC Shares Name of direct
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from the powers and responsibilitie
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BOARD COMMITTEES’ FUNCTIONS AND A
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The Operations Committee deliberate
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Below is the total remuneration rec
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Board of Directors Oscar M. Lopez F
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Board of Directors Bernadette Ann V
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of IBM Solutions Delivery Inc., and
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Key Executives FEDERICO R. LOPEZ Ch
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Key Executives MARK D. HABANA Head
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MANUEL C. PAETE Vice President, Hea
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Memberships A Association of Safety
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Assurance Statement of the External
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the following which may help enhanc
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GRI Content Index GRI STANDARDS (
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Material Topics General Disclosures
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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
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Preferred Stock (Note 19) Common St
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Years Ended December 31 2016 2015 2
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Southern Negros, Valencia, Negros O
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EDC Drillco EDC Drillco is a compan
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Geotermica Chile SPA also incorpora
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Authorization for Issuance of the C
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These amendments are applied prospe
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Applicability of IFRIC 12, Service
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In August 2013, EDC Geotermica SpA
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Fair Value Measurement of Financial
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In 2011, EDC recognized full impair
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The factors that the Company consid
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Recognition of Deferred Income Tax
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Current versus Non-current Classifi
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In 2015, the functional currency of
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Construction in progress represents
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would have been determined, net of
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Classified under loans and receivab
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Derivative financial instruments ar
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the allowance account. Any subseque
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maturity or expected disposal date
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has expired, as well as the Parent
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Proceeds from Insurance Claims Proc
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Future Changes in Accounting Polici
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The Company is currently assessing
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oader review of the research projec
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LGBU NIGBU BGBU MAGBU Pantabangan/
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7. Trade and Other Receivables 2016
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The movements of the net accumulate
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12. Property, Plant and Equipment L
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Total borrowing costs capitalized t
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Bac-Man 3 Engineering Procurement a
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13. Goodwill and Intangible Assets
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Carrying amount of exploration and
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2015 Long term receivables Input VA
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The long-term debts are presented n
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The Parent Company capitalized in i
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₱8.5 billion GCGI Term Loan On Ma
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19. Equity Capital Stock As require
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On March 6, 2015, the BOD approved
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US$14.0 million thereafter up to 20
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Transactions for the years ended De
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Remuneration of Key Management Pers
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Net retirement and other post-emplo
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The following tables summarize the
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The Company expects to contribute
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Beginning of Year Charged to Income
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f. g. h. i. j. k. On June 29, 2011,
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Stock awards granted by the Committ
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Foreign Currency Risk Foreign curre
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US$ 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
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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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EDC PR 2016

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