The higher energy sales registered was from Burgos Wind power plant at PhP2.2 billion while Bacman and Nasulo contributed PhP1.2 billion and PhP0.6 billion, respectively.
In spite of the reported increase, FY 2015 revenues fell short of target, primarily due to reliability issues at the Tongonan Geothermal Plant and the temporary curtailment of Burgos Wind Project early in the year due to transmission constraints, according to EDC President and Chief Operating Officer Richard Tantoco.
“We look forward to start the full rehab and retrofit of the Tongonan units on October of this year with the new turbine rotors from Mitsubishi improving efficiency and increasing output,” he added.
Also, FY 2015 consolidated recurring net income attributable to equity holder’s of the parent of PhP8.8 billion registered a 4% reduction from the PhP9.2 billion posted in the previous year, on account of higher operating expenditures.
“Company results were generally in line with our full year expectation that expenditures would pick up coming into the end of the year,” Tantoco added.
Higher operating and depreciation expenses were incurred primarily for assets reporting their first full year of operations in 2015. In addition to this, the Company incurred increased power plant and pipeline maintenance expenditures for both the Leyte and Palinpinon projects. The company also invested in a fleet wide typhoon proofing project to make its facilities more resilient against severe weather.
Inclusive of non-recurring items, consolidated net income attributable to equity holders of the Parent stood at PhP7.6 billion, 35% lower than the PhP11.7 billion in 2014. The decrease was primarily driven by the absence in 2015 of a PhP2.1 billion impairment reversal recorded in 2014 for the Northern Negros power plant and higher foreign exchange losses of PhP1.3 billion in 2015 brought about by the depreciation of the peso against the US dollar.
The company’s financial position remained strong with cash balance of PhpP17.6 billion. It maintained a comfortable gearing level with consolidated net debt to equity of 1.20 to 1 and consolidated net debt to EBITDA of 3.05 to 1.