EDC 2014 SR (UPDATED)
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<strong>EDC</strong> <strong>2014</strong> Performance Report<br />
Report of the<br />
Chief Financial Officer<br />
Dear Stakeholders,<br />
I<br />
am happy to report to you our<br />
<strong>2014</strong> financial results. <strong>2014</strong> can be<br />
viewed as a banner year for your<br />
company both from an operational<br />
and financial performance<br />
standpoint. First, the completion of<br />
the long-awaited permanent fix on<br />
the rehabilitation of our Bacman plant<br />
is now fully behind us. That humbling<br />
episode, for some time, cast a big cloud<br />
of doubt on our project execution<br />
capability. Second, the full and rapid<br />
return to service of our facilities in<br />
our Leyte Geothermal Business Unit<br />
(LGBU) following the devastation<br />
brought about by Typhoon Yolanda<br />
in late 2013. The only remaining task<br />
now is the complete implementation<br />
of a massive engineering intervention<br />
across our fleet that will permanently<br />
address our typhoon-related<br />
vulnerabilities. Third, the completion<br />
and commercial operation of our<br />
150MW Burgos Wind Project,<br />
currently the largest wind farm in the<br />
Philippines, and the 49.4MW Nasulo<br />
expansion project, both of which<br />
have been closely anticipated by<br />
our investing public. And while their<br />
contributions to our <strong>2014</strong> revenues<br />
are partial for now, these already<br />
serve as strong signals for healthier<br />
contributions in the coming years.<br />
Your company’s strong financial<br />
performance in <strong>2014</strong> has all the<br />
trimmings of a breakout year. As I<br />
will discuss below, the growth in our<br />
revenues, net earnings, and cash flows<br />
are all positive signs of a consistent<br />
and continuous growth of your<br />
company.<br />
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