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First-Gen-2016-Annual-Report.Pdf THE LOPEZ CREDO AND VALUES We, as employees of the Lopez Group In our service to the Filipino people, we of Companies, believe that our primary will be guided by the following distinct reason for being is to serve God and the Lopez Values: Filipino people. Thus, we shall always conduct ourselves in a manner that is • A Pioneering Entrepreneurial Spirit mindful of the long-term mutual benefit • Business Excellence of the Lopez Group, and the various • Unity publics we serve. • Nationalism • Social Justice We will be responsible stewards of all our • Integrity resources, and conscious of our obligation • Concern for Employee Welfare and to present and future generations. Wellness Since 1928, and in the years and We know from generations of experience generations to follow, our commitment that it is by living according to these to the distinctive Lopez Values will not values that a company can be built to last. change as we remain committed to serve our stakeholders. 01 Vision/Mission TABLE OF 02 Why First Gen? 04 Portfolio of Assets 05 Corporate Structure CONTENTS 06 About Our Cover 08 Chairman’s Message 12 President’s Report 18 Natural Gas 26 Geothermal 34 Hydro 40 Wind & Solar 46 Corporate Social Responsibility 58 Board of Directors 62 Senior Management 66 Corporate Governance 69 Financial Report 238 Corporate Directory IBC Shareholder Information and Credits OUR VISION First Gen desires to enhance its position as the leading world-class Filipino energy company. First Gen aims to deliver cost-effective and reliable energy services to customers. First Gen will rise to the challenges of world-class competition. OUR MISSION TO BE THE PREFERRED PROVIDER We are committed to be the preferred provider of energy services. In performing our role as the preferred provider, we will acquire, develop, finance, operate, and maintain our investments with the single-minded focus on delivering superior services to our customers. TO BE THE PREFERRED EMPLOYER We are a company of talented, dynamic, highly motivated, and fun-loving individuals. We provide a work environment that encourages innovative and entrepreneurial employees to build our business. We retain and attract talent by offering competitive benefits and compensation packages, as well as professional development. TO BE THE PREFERRED INVESTMENT We strive to grow the business and enhance shareholder value by proactively pursuing opportunities and subjecting these to a diligent analysis of risks and rewards. We remain focused on our core power generation business while developing and seeking other viable energy-related business opportunities. We value our relationships with our investors and partners, and demonstrate this through good governance, transparency, and professionalism. TO BE THE PREFERRED PARTNER We aim to be the preferred partner in nation-building and community development. We are committed to the fulfillment of our social, ethical, environmental, and economic responsibilities. 2016 Annual Report 1 WHY FIRST GEN? A FORMIDABLE MARKET PLAYER WITH A PROVEN TRACK RECORD First Gen Corporation (First Gen) owns and operates 22 power plants across Luzon, Visayas, and Mindanao with 3,471 megawatts (MW) of capacity – 21.4 percent of the Philippines’ gross generation. The Company has a strong track record of developing, financing, building, bidding for, and operating power generation projects that have made First Gen into a leading power producer in the Philippines. The Company has an established track record of developing and implementing projects that deliver robust and stable cash flow. FINANCIAL PERFORMANCE (Amounts in USD Thousands Except per Share Data) (Audited) 2016 2015 2014 Revenues from Sale of Electricity 1,561,484 1,836,268 1,902,630 Consolidated Net Income 291,811 245,272 318,098 Net Income Attributable to Equity Holders of the Parent 199,590 167,318 193,155 Recurring Net Income Attributable to Equity Holders of 162,071 163,031 152,944 the Parent Total Assets 5,289,303 5,518,687 5,287,275 Total Liabilities 3,199,736 3,513,204 3,374,669 Equity Attributable to Equity Holders of the Parent 1,662,949 1,598,304 1,498,081 Non-Controlling Interests 426,618 407,179 414,525 Basic/Diluted Earnings Per Share for Net Income 0.047 0.037 0.046 Attributable to Equity Holders of the Parent NATURAL GAS POWERHOUSE First Gen’s 1,000-MW Santa Rita and 500-MW San Lorenzo plants, as well as the newly constructed 97-MW Avion peaking and 414-MW San Gabriel mid-merit power plants, collectively constitute the country’s largest natural gas-fired power plants. Both Avion and San Gabriel capitalize on the growing demand for peaking and mid-merit power in the Luzon grid and have been in commercial operations since September and November 2016, respectively. 2 First Gen Corporation DIVERSIFIED PORTFOLIO OF CLEAN POWER PLANTS First Gen has the largest portfolio of power plants that use clean, renewable, and indigenous fuels such as steam, water, wind, solar, and natural gas. The Company’s subsidiary, Energy Development Corporation (EDC), is the largest producer of geothermal energy in the Philippines. First Gen’s plants are present in all three grids of the Philippines and can serve the baseload, mid-merit, and peaking market segments. SOURCE NO. OF PLANTS GENERATION MIX Geothermal 12 Solar 2 Wind and Solar 4.5% Wind 1 Hydro Hydro 3 Natural Gas 3.9% Gas 4 57.9% TOTAL 22 Geothermal 33.7% A STRONG MAJORITY SHAREHOLDER First Gen’s majority shareholder, First Philippine Holdings Corporation (FPH), is a 55-year old Philippine corporation that is among the strongest and largest conglomerates in the Philippines. FPH is one of the core holding companies of the Lopez Group of Companies. This relationship allows First Gen to draw on the extensive business network and the in-depth local business knowledge and expertise of FPH and the Lopez Group. ESTABLISHED RELATIONSHIPS WITH WORLD-CLASS PARTNERS Through the development, construction, and operation of various power plants, the Company has benefited from the involvement of world-class project partners such as Siemens, Shell, Vestas, and Andritz, among others. ENERGY SOLUTIONS PROVIDER First Gen, through its wholly-owned subsidiary First Gen Energy Solutions, Inc. (FGES), is a full-service energy solutions provider that continues to grow its customer base and its market segments by delivering innovative solutions that are tailored to resolve energy concerns and add value to its customers’ businesses. FGES holds a Retail Electricity Supplier (RES) license and is a registered participant in the Wholesale Electricity Spot Market (WESM). Backed by First Gen’s portfolio of assets, FGES is the only RES in the Philippines with a 100.0 percent clean and green portfolio. 2016 Annual Report 3 PORTFOLIO OF ASSETS 4 First Gen Corporation PORTFOLIO OF CORPORATE ASSETS STRUCTURE Corporate Structure as of December 31, 2016 2016 Annual Report 5 ABOUT OUR COVER Last year, we made a commitment to not invest in coal because we are deeply concerned about the environment. Climate change is upon us, and this is something we can no longer ignore or belittle. It is this sense of urgency that we have tried to convey in this year’s annual report cover. But, the perils presented by climate change are also presenting companies like First Gen with big opportunities. Because of climate change, power systems all over the world are moving away from coal and toward cleaner, renewable sources of energy. This is what is being demanded globally today, by governments, communities, and customers. We believe this trend towards clean energy is inevitable, which is why we have chosen to be the pioneer in low-carbon energy in the country. Because as the world moves increasingly toward clean energy, eventually, so will the Philippines. 6 First Gen Corporation CLEAN ENERGY INVESTMENT ABOUT in USD Billions 400 287 OUR COVER 350 300 250 200 150 61.7 100 50 0 2004 2016 Source: Bloomberg New Energy Finance NEW BUILD OF CLEAN ENERGY PROJECTS Number of Clean Energy Projects 140 128 120 100 100 80 60 40 20 0 2012 2016 Source: Bloomberg New Energy Finance Global Investments in clean energy have been increasing since 2004. Ultimately, our commitment to the environment is also good business. 2016 Annual Report 7 8 First Gen Corporation Dear Fellow Stakeholders, At last year’s Annual Shareholders All 16 years of the 21st century rank meetings, First Gen and the other FPH among the 17 warmest on record, and group companies pledged that we the five warmest years have all occurred would no longer consider developing since 2010 with 2014, 2015, and 2016—in or investing in coal-fired power plants. quick succession—having been the hottest When we made the decision to close the years on historical record. According door to any of our companies putting up to the National Aeronautics and Space coal-fired power plants, it was not an easy Administration (NASA), the combined one. Even today, we are the only large Arctic and Antarctic sea ice numbers last energy company in the country that has February 13, 2017 were at their lowest done so unequivocally. point since satellites began to continuously measure them in 1979. Since that period, Recently, we’ve been inundated by even we have on average, “lost a chunk of sea more global evidence telling us that we ice larger than Mexico!” have much less time to act than originally believed. Global warming is already Many experts believe we are now living in wreaking havoc on the Earth’s water cycles an era where we could see more than half and creating weather extremes like we’ve the species on Earth wiped out before the never seen before, and it is accelerating end of the century.
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