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2016-Final-Audited-FS.Pdf SEC Number 66381 File Number ENERGY DEVELOPMENT CORPORATION (Company’s full Name) One Corporate Centre Julia Vargas cor. Meralco Ave., Ortigas Center, Pasig City (Company’s Address) (632) 755-2332 (Telephone Number) December 31, 2016 (Fiscal Year Ending) SEC FORM 17-A (2016) (Form Type) Corporation Finance Department (SEC Department) Total Number of Stockholders as of December 31, 2016: 679 SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17 OF THE SECURITIES REGULATION CODE AND SECTION 141 OF THE CORPORATION CODE OF THE PHILIPPINES 1. For the fiscal year ended December 31, 2016 2. Commission identification number: 66381 3. BIR Tax Identification No. 000-169-125-000 4. Exact name of issuer as specified in its charter: ENERGY DEVELOPMENT CORPORATION 5. PHILIPPINES 6. (SEC Use Only) Province, country or other jurisdiction of Industry Classification Code incorporation or organization 7. One Corporate Centre Julia Vargas cor. Meralco Ave., Ortigas Center, Pasig City 1605 Address of issuer's principal office Postal Code 8. (632) 755-2332 Issuer's telephone number, including area code: 9. Former name, former address and former fiscal year, if changed since last report: 10. Securities registered pursuant to Sections 8 and 12 of the Code, or Sections 4 and 8 of the RSA Title of each Class Number of shares outstanding as of December 31, 2016 Common Stock, P1.00 par value 18,737,010,000 Preferred Stock, P0.01 par value 9,375,000,000 11. Are any or all of the securities listed on a Stock Exchange? Yes [ √ ] No [ ] If yes, state the name of such Stock Exchange and the class/es of securities listed therein: PHILIPPINE STOCK EXCHANGE COMMON SHARES PHILIPPINE DEALING EXCHANGE PESO PUBLIC BONDS FIXED RATE PESO BONDS SINGAPORE EXCHANGE SECURITIES TRADING LIMITED (SGX-ST) USD BONDS 12. Indicate by check mark whether the registrant: (a) has filed all reports required to be filed by Section 17 of the Code and SRC Rule 17 thereunder or Sections 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of the Corporation Code of the Philippines, during the preceding twelve (12) months (or for such shorter period the registrant was required to file such reports) Yes [ √ ] No [ ] (b) has been subject to such filing requirements for the past ninety (90) days. Yes [ √ ] No [ ] Table of Contents PART I – BUSINESS ........................................................................................................................1 Nature of Operations .................................................................................................................... 1 History of Ownership ................................................................................................................... 2 Subsidiaries .................................................................................................................................. 2 Operational Highlights ................................................................................................................. 7 Electricity Generation ................................................................................................................... 7 Health, Safety and Environment .................................................................................................. 8 Corporate Social Responsibility ................................................................................................. 12 BUSINESS OF THE ISSUER ................................................................................................... 17 Principal Products or Services and their markets .................................................17 Distribution methods of products or services .......................................................17 New Products or Services .....................................................................................18 Competition ..........................................................................................................18 Dependence on one or a few major customers and identity of any such major customers ..............................................................................................................19 Patent, trademarks and concessions .....................................................................19 Effect of existing or probable governmental regulations on the business ............22 Cost and effects of compliance with environmental laws ....................................24 Development Activities ........................................................................................24 Employees and Labor Relations ...........................................................................25 FACTORS AFFECTING THE COMPANY’S RESULTS OF OPERATIONS ....................... 28 The Company’s Relationship with NPC ...............................................................28 Impact of Coal ......................................................................................................28 Exchange Rate Fluctuations .................................................................................29 PROPERTY ................................................................................................................................ 29 LEGAL PROCEEDINGS .......................................................................................................... 32 ▪ Expropriation Proceedings ...........................................................................32 ▪ Tax Cases .....................................................................................................33 ▪ Civil Cases ....................................................................................................34 ▪ Labor Cases ..................................................................................................34 PART II – SECURITIES OF THE REGISTRANT ....................................................................35 MARKET INFORMATION ...................................................................................................... 35 COMPANY’S SHARE CAPITAL ............................................................................................ 36 CASH DIVIDENDS ................................................................................................................... 38 RECENT SALE OF UNREGISTERED OR EXEMPT SECURITIES ..................................... 38 PART III – FINANCIAL INFORMATION.................................................................................40 A. FINANCIAL RESULTS FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014 ......................................................................................................................... 40 FINANCIAL HIGHLIGHTS ..................................................................................................... 41 Major Transactions for 2016 ................................................................................41 INCOME STATEMENT ........................................................................................................... 42 December 2016 vs. December 2015 Results ........................................................42 December 2015 vs. December 2014 Results ........................................................45 BALANCE SHEET .................................................................................................................... 48 December 2016 vs. December 2015 Balances .....................................................48 December 2015 vs. December 2014 Balances .....................................................52 CASH FLOWS ........................................................................................................................... 55 Selected Financial Data .............................................................................................................. 57 DISCUSSION ON THE SUBSIDIARIES ................................................................................. 58 Green Core Geothermal Inc. (GCGI) ...................................................................58 Bac-Man Geothermal Inc (BGI). ..........................................................................60 FG Hydro Power Corporation ..............................................................................62 EDC Burgos Wind Power Corporation (EBWPC) ...............................................63 Unified Leyte Geothermal Energy Inc. (ULGEI) .................................................64 Top Eight (8) Key Performance Indicators ................................................................................ 65 Foreign Exchange Rate Volatility .............................................................................................. 65 Inflation and Interest Rates ......................................................................................................... 66 Any event that will trigger direct or contingent financial obligation that is material to the company, including any default or acceleration of an obligation ........................................ 66 Any significant elements of income or loss (from continuing operations) ................................ 67 Seasonal aspects that have material effect on the FS ................................................................. 67 All material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and other relationships of the company with unconsolidated entities or other persons created during the
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