EDC: 2014 performance
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Transcript of EDC: 2014 performance
Energy Development Corporation 38
th Floor, One Corporate Centre Building, Julia Vargas corner Meralco Avenue
Ortigas Center, Pasig 1605, Philippines
Trunklines: +63 (2) 667-7332 (PLDT) / +63 (2) 755-2332 (Globe)
March 9, 2015
JANET A. ENCARNACION
HEAD, Disclosures Department
The Philippine Stock Exchange, Inc.
Philippine Stock Exchange Plaza
Ayala Triangle, Ayala Avenue, Makati City
Dear Ms. Encarnacion:
In compliance with the disclosure requirements of the PSE, we submit the attached press
release entitled “EDC posts 40% increase in 2014 recurring net income”.
Energy Development Corporation 38
th Floor, One Corporate Centre Building, Julia Vargas corner Meralco Avenue
Ortigas Center, Pasig 1605, Philippines
Trunklines: +63 (2) 667-7332 (PLDT) / +63 (2) 755-2332 (Globe)
Press Release
March 9, 2011
EDC posts 40% increase in 2014 recurring net income
Energy Development Corporation (EDC), the country’s largest geothermal and
wind energy company, posted a Php 9.2 billion recurring net income attributable
to equity holders of the Parent for 2014. The FY 2014 result is 40% higher than
the Php 6.6 billion posted in the previous year. The record high performance
primarily resulted from electricity sales from the start of commercial operations
of its Bacman Plants following their rehabilitation. The timely commissioning of
the Nasulo Geothermal Project also significantly contributed to the record high
income.
Consolidated revenues reached Php 30.9 billion in 2014, up by Php 5.2 billion, or
20% from the Php 25.7 billion in 2013. More than half of the increase was
attributed to Bacman at Php 2.8 billion. The successful commissioning of both the
Nasulo power plant and the Burgos Wind project also added revenues amounting
to Php 0.7 billion and Php 0.2 billion, respectively. Php 0.5 billion in higher
electricity sales was also reported for Mindanao, mainly due to the absence of any
shortfall adjustments.
"We are now realizing the benefits from investments made for the Bacman plant
rehabilitation works, the 150.0 MW Burgos wind, and the 49.4MW Nasulo
geothermal projects," EDC President and Chief Operating Officer Richard
Tantoco said.
EDC has likewise executed well the past 12 months with the earlier than expected
return to service of the Yolanda-damaged Leyte plants last May 2014.
"Moving forward, we will progressively implement engineering solutions to
typhoon-proof the cooling tower assets of our geothermal power plants to prevent
similar damage in the future,” Mr. Tantoco added.
Inclusive of non-recurring items, consolidated net income attributable to equity
holders of the Parent reached Php 11.7 billion, 149% higher compared to the Php
4.7 billion recorded in the previous year. The movement was primarily driven by
the Php 5.2 billion increase in revenue and the Php 1.9 billion net recovery on
impairment for the Northern Negros Power Plant.