FY 2013 Financial and Operating Results March 2014 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L
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1 FY 2013 Financial and Operating Results March 2014 S T R I C T L Y P R I V A T E A N D C O N F I D E N T I A L
2 EDC, GCGI, BGI & FGHPC STRONG CASH FLOWS ARE GENERATED BY ASSETS HELD AT BOTH PARENT AND SUBSIDIARY LEVELS MW Power Plants MW Unified Leyte Power Project 106 MW Mindanao Power Project Note: 49 MW No. Negros was put on preservation mode starting July 2011 Bacman 190* 1% FG Hydro 2,501 10% FY 2013 Revenues Mindanao 1,877 7% 100% (1) EDC Geothermal Corporation (EGC) 100% 100% Green Core Geothermal Inc. (GCGI) MW Palinpinon MW Tongonan Bac-Man Geothermal Inc. (BGI) 110. MW Bac-Man I 20.0 MW Bac-Man II (1) Formerly First Luzon Geothermal Energy Corporation (FLGEC); 60% First Gen Hydro Power Corporation (FGHPC) MW Pantabangan 12.0 MW Masiway 100% Wind Energy Projects 87.0 MW Burgos Wind Power, Under Development International Expansion Chile Peru Indonesia 100% Tongonan 3,473 13% Palinpinon 7,204 28% Leyte 10,411 41% Notes: *Revenue from commercial operations of Bacman Unit 3 starting Oct 1,
3 EDC CONSOLIDATED REVENUES FY 2013 CONSOLIDATED REVENUES DECLINED BY PHP2.7 BILLION DUE MAINLY TO DECREASED CONTRIBUTION FROM FG HYDRO In Php Billions * 0.1 (2.2) 26.5 (0.8) Revenues, BGI GCGI FG Hydro Mindanao and Leyte Revenues, Notes: *Revenue from commercial operations of Bacman Unit 3 starting Oct 1,
4 EDC CONSOLIDATED RNI CONSOLIDATED RECURRING NET INCOME WAS DOWN BY PHP2.5 BILLION DUE MAINLY TO DECREASED CONTRIBUTION FROM FG HYDRO In Php Billions ** (1.2) 9.4 (1.9) (0.8) RNI, * GCGI BGI EDC Parent*** FG Hydro RNI, NCI RNI Attributable to EDC Note: * Subject to re-statement with the Company s adoption of PAS 19 starting 2013 ** excludes own generation offset against Property, Plant & Equipment *** includes Leyte, Mindanao and Other Subsidiaries 4
5 UNIFIED LEYTE REVENUES AND NET INCOME FROM UNIFIED LEYTE DECREASED AS SALES VOLUME DROPPED DUE TO TYPHOON YOLANDA AND FOREX LOSS Revenues 655 Net Income 1,575 Ave. Tariff (Php/KWh) Php111 Million 10, % 2, % % 11,066 * 3,740 Higher tariff 111 Lower volume (766) (655) Lower revenues (655) Lower expenses 335 Others, mainly foreign exchange loss (1,255) (1,575) Sales Volume (GWh) Php766 Million 3,469 3, % Note: * Subject to re-statement with the Company s adoption of PAS 19 starting
6 MINDANAO I & II REVENUES AND NET INCOME FROM MINDANAO I & II DECREASED DUE TO 2012 SHORTFALL ADJUSTMENT EFFECTED IN 2013 AND FOREX LOSS Revenues 109 Net Income 194 Ave. Tariff (Php/KWh) Php13 Million 1, % % % 1,986 * 225 Higher tariff 13 Lower Volume (46) Q adjustment for prior year s shortfall generation (none in 2012) (76) (109) Lower revenues (109) Lower provision for income tax 28 Others (mainly foreign exchange loss) (113) (194) Sales Volume (GWh) Php46 Million % Note: * Subject to re-statement with the Company s adoption of PAS 19 starting
7 GCGI (TONGONAN & PALINPINON) GCGI s INTEGRATED NET INCOME DECREASED BY 6% DUE TO FOREX LOSS Revenues 113 Net Income 295 FY 2013 Revenues Contracted 10,046 94% WESM 631 6% 10, % 5, % Ave. Tariff (Php/KWh) 10,564 * 5,326 Php217 Million % Higher tariff 217 Lower volume (104) 113 Higher revenues 113 Lower operating expenses 65 Others, mainly foreign exchange loss (499) Lower provision for income tax 26 (295) Sales Volume (GWh) 4.93 Php104 Million 2, % 2,144 Note: * Subject to re-statement with the Company s adoption of PAS 19 starting
8 BGI (BACMAN) IMPROVEMENTS IN OPERATING COSTS RESULTED TO A LOWER NET LOSS FOR BACMAN In Php Millions 2, * Bacman Geothermal Inc. Jan. 682* In GWh Supply Power Jan. Own Generation % WESM % 190** 1,477 Net cash generated from BGI s operations is Php 1,477 M 1,401*** 1,477 Net Loss Gross Cash Generated Replacement power cost from WESM Net Cash Generated * Trading revenues and replacement power costs are presented net in the P&L ** Php 190 million revenue from commercial operations of Bacman Unit 3. *** Php1,401 million in testing revenues generated by Bacman are netted off from PPE as required by Philippine Accounting Standards (PAS) 16 ****Subject to re-statement with the Company s adoption of PAS 19 starting 2013 (1,990) (1,191) -40.2% 799 Higher revenues 190 Lower operating expenses 803 **** Others, mainly foreign exchange loss (194) 799 8
9 FG HYDRO (PANTABANGAN-MASIWAY) FG HYDRO S REVENUE AND NET INCOME DECREASED DUE TO LOWER REVENUES FROM ANCILLARY SERVICES AND LOWER VOLUME Revenues 2,252 Ancillary Services, 649 2,501 Ancillary Services, 2, % 4,753 Lower Ancillary services (1,679) Higher tariff 84 Lower volume (657) (2,252) * Net Income 1,933 1, % 3,404 Lower revenues (2,252) Lower expenses mainly interest expense 319 (1,933) Net income attributable to: Non-controlling interest 890 EDC 581 1,471 FY 2013 Revenues (Php Millions) Contracted 1,149 46% WESM % Ancillary % Ave. Tariff (Php/KWh) Php84 Million BCQs Sales Volume (GWh) Php657 Million BCQs WESM % WESM % Note: * Subject to re-statement with the Company s adoption of PAS 19 starting
10 EDC CONSOLIDATED CASH FLOW CASH GENERATED FROM OPERATIONS AND PROCEEDS FROM THE PESO BONDS WERE USED TO SERVICE DEBT AND FUND IN CAPEX In Php Billions Cash Balance, Cash generated from operations Peso Bonds proceeds Debt Servicing Cash Dvidends PPE Acquisition, & Others Cash Balance, 10
11 FY 2013 FINANCIALS CURRENT RATIO IMPROVED WHILE BOTH NET DEBT-TO EQUITY AND NET DEBT-TO-EBITDA WEAKENED Current Ratio Net Debt-to-Equity Net Debt-to-EBITDA * 1.92 * 1.08 * 2.19 Current ratio improved due to higher current assets brought about by higher cash balance from Peso Bond issuance and term loan. Net debt-to-equity slightly increased mainly due to higher debt balance from the issuance of peso bonds and availment of term loan. Net debt-to-ebitda increased mainly due to lower EBITDA. Note: * Subject to re-statement with the Company s adoption of PAS 19 starting
12 END OF PRESENTATION 12
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