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The Audit Committee Report to the Board of Directors


The Board Audit Committee is pleased to present our report for the financial year ended December 31, 2015.

Audit Committee Responsibility

The Board Audit Committee conducted its affairs in accordance with the duly approved Charter. Its primary purpose is to assist the Board in fulfilling its oversight responsibility to its stakeholders in: (a) keeping with the quality and integrity of the  Company’s  accounting,  auditing,  legal,  ethical  and  regulatory  compliance;  (b)  the  adequacy  and  effectiveness  of  its internal control system, governance and risk management processes; (c) reviewing the annual independent audit of the Company’s financial statements and the external auditors’ qualification and independence; (d) ensuring compliance with applicable laws and regulations that may have material financial exposure to the Company; and (e) providing an avenue of communication among the independent auditors, management, internal audit and the Company. Any proposed changes to the Audit Committee Charter are required to be first referred to the Board for approval..

Audit Committee Members and Attendance

The Board Audit Committee is composed of five (5) members, three (3) of whom are independent directors. The Charter requires the Committee to formally meet at least four (4) times a year to discharge its duties and responsibilities. Special meetings are also called as needed. 

In 2015, the committee membership and meeting attendance are as follows:

Member Mar 5, 2015 
Regular 
Meeting
May 7, 2015 
Regular 
Meeting
July 28, 2015 
Regular 
Meeting
Oct 26, 2015 
Regular 
Meeting
Dec 2, 2015 
Joint with 
Risk
 CARLOS C. EJERCITO
 Chairman, Independent 
 Director
 ROMEO L. BERNARDO
 Independent Director
 ALFONSO A. UY
 Independent Director
 ANTONIO R. MORAZA
 Executive Director
 MIKEL A. ABOITIZ
 Non-Executive Director
 
Present in these meetings are the Group Internal Audit Head, the Chief Reputation and Risk Management Officer and, by invitation, the Chief Financial Officer, Controller and other key leaders as required.

Financial Reports

The Committee reviewed, discussed, and endorsed for the approval of the Board the 2015 quarterly unaudited consolidated financial  statements  and  the  2015  annual  audited  financial  statements  of  Aboitiz  Power Corporation  and  Subsidiaries. Included in the review were the Management Discussion and Analysis of Financial Condition and Results of Operations after these had been presented and discussed with management, accounting, and the company’s independent external auditor, SyCip Gorres Velayo & Co. (SGV)—a member practice of Ernst & Young (EY) in the Philippines:

The activities of the Audit Committee are performed in the following context:
  • That  management  has  the  primary  responsibility  for  the  financial  statements  and  the  financial  reporting process; and
  • That  the  company’s  independent  external  auditor  is  responsible  for  expressing  an  unqualified  opinion  on the conformity and consistency of application of the Company’s audited financial statements with Philippine Financial Reporting Standards.

Independent Auditors

Upon the recommendation of the Board Audit Committee to the Board, and with the Board’s endorsement to the stockholders of the Aboitiz Power Corporation in its Annual General Stockholders Meeting held last May 18, 2015, SyCip Gorres Velayo & Co. (SGV) was re-appointed as the independent external auditor for 2015. The overall scope and audit plan of SGV were reviewed and approved during the October 26, 2015 regular Board Audit Committee meeting. The terms of engagement which covers audit-related services provided by SGV and its related fees were also reviewed and found to be reasonable. 

The results of the SGV audits and its assessment of the overall quality of the financial reporting process were discussed. SGV presented the effects of changes in relevant accounting standards and presentation of financial statements that impact on the reported results. These matters were covered during the first Board Audit Committee meeting held the following year on March 4, 2016.

Also, in the review of non-audit services provided by independent auditors, the Committee unanimously opined that there is no conflict of interest and that the work that had been contracted out to them was compatible with the general standard of independence for auditors imposed by relevant regulations

Internal Auditors

We are satisfied that the internal audit function is operating effectively and that it has been able to cover the key risks pertinent to the company in its audits. The Committee has reviewed and approved the annual audit program for the year which also covers the adequacy of resources, qualifications and competency of the staff and independence of the internal auditor. The Internal Audit also completed majority of the 2015 annual plan as approved.
 
 
With reference to the IPPF Attribute Standard 1100 which states that “The Internal Audit Activity must be independent, and internal auditors must be objective in performing their work”, the Committee confirms that the function is executed effectively and internal auditors have conducted their responsibilities objectively and in an unbiased manner. The Committee further confirms that, to the best of its knowledge and belief, the auditors have no personal or other impairments that would prevent them from objectively planning, conducting, reporting, or otherwise participating and reaching independent conclusions in their audit assignments in 2015. Internal audit is organizationally positioned to be independent— functionally reporting to the Board Audit Committee and administratively to the President and Chief Executive Officer. 

We are satisfied with the content and quality of reports prepared and issued by the internal auditors during the year under review.

The Group Internal Audit (GIA) takes the lead in setting the standards, initiatives and overall direction of the group-wide resident internal audit teams deployed to the different business units. It remains to be the single point of contact for the Board Audit Committee. The resident audit teams have allowed for the increase in scope and coverage of audits as well as specialize in areas of business covered by their teams.

The group information systems auditors handled all technical audits related to systems and technology. Focus areas reviewed in 2015 included information technology general controls, cloud management and software applications reviews.

Based on the information from the results of the audits conducted in 2015 for Aboitiz Power Corporation, its subsidiaries and alliances, with the contribution provided by management and other key leaders on the issues raised to their attention, Internal Audit believes that, overall there is reasonable assurance that the existing system of internal controls allows for a generally adequate management of identified risks and effectively supports the improvement of the management of the Company as a whole.

Key Initiatives

Part of the internal audit function is to continuously enhance its systems and processes. In 2015, the team completed the Go-live of its Audit Management System; scripting training on the Audit Command Language (ACL); has documented and signed its Master Services Agreement with the business units and corporate services units; and has reviewed and updated its audit risk register.

Learning  activities  were  also  conducted  to  include  holding  an  Audit  Forum  with  the  theme  “Taking  the  IA  function forward”; having an internal learning session with the audit committee on the power industry’s regulatory environment; having the first group-wide auditors’ teambuilding activity; and active participation in the activities of the Institute of Internal Auditors (IIA)-Philippines including a sponsorship during the Asian Confederation of the IIA (ACIIA) Convention held in Manila last November 2015.

Review of the Audit Charter

The Committee reviewed and assessed the current audit charter in its meeting held October 26, 2015 and found it adequate. No modification was suggested..

Self-Assessment

The Committee conducted its annual self-assessment in accordance with the guidelines of SEC Memo Cir. No. 4, series of 2012. The assessment result showed that it fully complied with the requirements set forth in the Audit Charter and met the necessary and most important requirements set by global standards and best practices.

Risk Management
 
The Audit Committee had a joint meeting with the Board Risk and Reputation Management Committee in December 2, 2015. The committee members were apprised of the top key strategic and project risks consequential to the Company’s ability to execute its strategies and achieve its business objectives for the following year. High-level risk exposures were presented and discussed as these could affect shareholder value and ultimately the viability of the company. The significant potential impact of these strategic risks warranted a more focused attention from the board and its directors.

Also in this meeting, the mandatory and planned assurance activities for the following year were reviewed and approved. A short overview on the importance of combined assurance using the Three Lines of Defense Model of the Institute of Internal Auditors was presented as being part of the board’s learning activities.

As in previous years, the Committee continues to so monitor action plans and commitments developed by management to address audit issues and to ensure that proposed solutions are workable, strategic and sustainable.

Finally, the Committee has undertaken its activities to ensure that it will pursue even greater focus on the integrity of financial reporting, effectiveness of internal controls, risk management, governance and compliance within the AboitizPower group of companies.

In behalf of the Committee,


Carlos C. Ejercito
Chairman, Independent Director
 


Statement of Management's
Responsibility for Financial Statements

 

SECURITIES AND EXCHANGE COMMISSION
SEC Building, EDSA Greenhills
Mandaluyong, Metro Manila

 
 
STATEMENT OF MANAGEMENT'S RESPONSIBILITY
FOR FINANCIAL STATEMENTS


 
The management of Aboitiz Equity Ventures, Inc. is responsible for the preparation and fair presentation of the consolidated financial statements for the years ended December 31, 2015 and 2014, including the additional components attached therein, in accordance with Philippine Financial Reporting Standards. This resposibility includes designing and implementing internal controls relevant to the preparation and fair presentation of financial statements that are free from materials misstatement, and aapplying appropriate accounting policies and making accounting estimates that are reasonable in the circumstances.

The Board of Directors reviews and approves the consolidated financial statements and submit the same to the stockholders.
 
Sycip Gorres Velayo & Co., the independent auditors, appointed by the stockholders has examined the financial statements of the company in accordance with Philippine Standards on Auditing, and in its report to the stockholders, has expressed its opinion on the fairness of presentation upon completion od such examamination. 


 
Signed this 8th day of March, 2016.

 

 
Republic of the Philippines
Taguig City, S.S.

 


 
Before me, a notary public in and for the city named above, personally appeared:
Name Passport/CTC    Date/Place Issue

Enrique M. Aboitiz, JR. 

Erramon I. Aboitiz   


Liza Luz T. Montelibano

 
EB9219812
02194391 
EB7151577
02252882

EC1111684
15267743
 
September 24, 2013, Manila
January 20, 2016, Cebu City
January 14, 2013, Cebu City
January 26, 2016, Cebu City

May 16, 2014, NCR South
February 24, 2016, Makati City
 
who are professionally known to me and to me known to be the same persons who presented the
foregoing instrument and signed the instrument in my presence, and who took an oath before me
as to such instrument.



Independent Auditors' Report



The Stockholders and the Board of Directors Aboitiz Power Corporation 
 
We have audited the accompanying consolidated financial statements of Aboitiz Power Corporation and Subsidiaries, which comprise the consolidated balance sheets as at December 31, 2015 and 2014, and the consolidated statements of income, statements of comprehensive income, statements of changes in equity and statements of cash flows for each of the three years in the period ended December 31, 2015, and a summary of significant accounting policies and other explanatory information. 

Management’s Responsibility for the Consolidated Financial Statements 

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Philippine Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. 

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits.  We conducted our audits in accordance with Philippine Standards on Auditing.  Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements.  The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.  In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control.  An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 

Opinion 

In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of Aboitiz Power Corporation and Subsidiaries as at December 31, 2015 and 2014, and their financial performance and their cash flows for each of the three years in the period ended December 31, 2015 in accordance with Philippine Financial Reporting Standards. 


SYCIP GORRES VELAYO & CO. 

Leovina Mae V. Chu 
Partner 
CPA Certificate No. 99910 
SEC Accreditation No. 1199‐AR‐1 (Group A), 
  June 22, 2015, valid until June 21, 2018 
Tax Identification No. 209‐316‐911 
BIR Accreditation No. 08‐001998‐96‐2015, 
  January 5, 2015, valid until January 4, 2018 
PTR No. 5321709, January 4, 2016, Makati City 
 
March 8, 2016 


Independent Auditors' Report on Supplementary Schedules


The Stockholders and the Board of Directors 
Aboitiz Power Corporation 
32nd Street, Bonifacio Global City 
Taguig City, Metro Manila 
Philippines


We have audited in accordance with Philippine Standards on Auditing, the consolidated financial statements of Aboitiz Power Corporation and Subsidiaries included in this Form 17‐A and have issued our report thereon dated March 8, 2016.  Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole.  The schedules listed in the Index to Financial Statements and Supplementary Schedules are the responsibility of the Company’s management.  These schedules are presented for purposes of complying with the Securities Regulation Code Rule 68, as amended (2011) and are not part of the basic financial statements. These schedules have been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, fairly state, in all material respects, the information required to be set forth therein in relation to the basic financial statements taken as a whole. 
 

SYCIP GORRES VELAYO & CO. 

Leovina Mae V. Chu 
Partner 
CPA Certificate No. 99910 
SEC Accreditation No. 1199‐AR‐1 (Group A), 
  June 22, 2015, valid until June 21, 2018 
Tax Identification No. 209‐316‐911 
BIR Accreditation No. 08‐001998‐96‐2015, 
  January 5, 2015, valid until January 4, 2018 
PTR No. 5321709, January 4, 2016, Makati City 
 
March 8, 2016 

Consolidated Balance Sheets




ABOITIZ POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in Thousands)


 
December 31               

  2015 2014

ASSETS

Current Assets
Cash and cash equivalents (Note 5)
Trade and other receivables (Note 6)
Derivative assets (Note 35)
Inventories (Note 7)
Other current assets (Note 8)
 

P 51,098,269
13,692,393
185,283
2,040,603
3,392,473



P 40,231,875
12,332,513
53,500
2,168,832
1,939,369

Total Current Assets 70,409,021 56,726,089

 
Noncurrent Assets
Investments and advances (Note 10)
Property, plant and equipment (Note 13)
Intangible asset ‐ service concession rights (Note 14)
Investment properties
Derivative assets ‐ net of current portion (Note 35)
Available‐for‐sale (AFS) investments ‐ net of allowance for
         impairment of P 5,254
Goodwill (Note 12)
Net pension assets (Note 28)
Deferred income tax assets (Note 30)
Other noncurrent assets (Note 15)
 
22,551,845
134,810,627
3,226,536
3,300
378,083

3,620
1,094,687
34,777
584,879
9,391,871

24,816,278
119,646,640
3,400,354
28,300
59,044

3,620
1,094,687
79,000
243,756
10,663,253

Total Noncurrent Assets 172,080,225 160,034,932


TOTAL ASSETS

P 242,489,246

P 216,761,021

 
LIABILITIES AND EQUITY

Current Liabilities
Bank loans (Note 17)
Current portions of:  
        Long‐term debts (Note 18)  
        Finance lease obligation (Note 36)
        Long‐term obligation on power distribution system  
               (Note 14)
Trade and other payables (Note 16)
Income tax payable (Note 30)
 

P 2,568,000

2,368,161
2,583,754

40,000
14,140,576
852,709



P 103,000

1,388,991
1,971,739

40,000
12,778,001
604,158

Total Current Liabilities 22,553,200 16,885,889



 
December 31               

  2015 2014

Noncurrent Liabilities
Noncurrent portions of:
        Long‐term debts (Note 18)
        Finance lease obligation (Note 36) 
        Long‐term obligation on power distribution system  
              (Note 14)
Customers’ deposits (Note 19)
Asset retirement obligation (Note 20)
Net pension liabilities (Note 28)
Deferred income tax liabilities (Note 30)
 

P 56,006,863
51,085,100

207,184
6,383,278
3,016,528
492,848
1,130,678


P 41,394,084
52,489,282

216,015
5,686,490
2,353,250
405,854
1,249,717

Total Noncurrent Liabilities 118,322,479 103,794,692


Total Liabilities

140,875,679

120,680,581

Equity Attributable to Equity Holders of the Parent
Capital stock (Note 21a)
Additional paid‐in capital (Note 21a)
Share in net unrealized valuation gains on AFS investments of an
         associate (Note 10)
Cumulative translation adjustments (Note 35)
Share in cumulative translation adjustments of associates and 
         joint ventures (Note 10)
Actuarial losses on defined benefit plans (Note 28)
Share in actuarial losses on defined benefit plans of associates
         and joint ventures (Note 10)
Acquisition of non‐controlling interests
Excess of cost over net assets of investments (Note 9)
Retained earnings (Note 21b) 
       Appropriated
       Unappropriated (Notes 10 and 21c)
 
7,358,604
12,588,894

114,920
185,431

(256,376)
(609,066)

(3,748)
(259,147)
(421,260)

20,900,000
57,970,269

7,358,604
12,588,894

119,087
38,091

(375,489)
(519,854)

(48,589)
(259,147)
(421,260)

20,900,000
52,581,755


Non‐controlling Interests
97,568,521
4,045,046
91,962,092
4,118,348

Total Equity (Note 21) 101,613,567 96,080,440


TOTAL LIABILITIES AND EQUITY

P 242,489,246

P 216,761,021

                                             See accompanying Notes to Consolidated Financial Statements. 

 

Consolidated Statements of Income



ABOITIZ POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except Earnings Per Share Amounts)



 
Years Ended December 31                              

  2015 2014 2013


OPERATING REVENUES
Sale of power (Notes 22 and 33):
         Generation
         Distribution
         Retail electricity supply
Technical, management and other fees (Note 33)
 

P 33,368,797
41,379,270
28,067,236
198,114


P 36,877,070
39,975,961
9,702,714
203,641


P 39,436,267
28,067,236
4,372,597
179,067

  85,173,952 86,759,386 72,055,167


OPERATING EXPENSES
Cost of purchased power (Note 23 and 33)
Cost of generated power (Note 24)
General and administrative (Note 25)
Depreciation and amortization (Notes 13, 14 and 15)
Operations and maintenance (Note 26)

27,902,180
18,524,059
5,818,090
4,322,000
3,921,046

29,834,149
21,037,658
5,500,130
4,643,302
3,393,388

24,715,315
17,642,484
4,120,297
3,875,299
2,224,483

  60,487,375 64,408,627 64,408,627


FINANCIAL INCOME (EXPENSES)
Interest income (Notes 5 and 33)
Interest expense and other financing costs
      (Notes 17, 18 and 34)

846,293

(6,633,858)

471,915

(5,994,097)

413,795

(5,343,728)

  (5,787,565) (5,522,182) (4,929,933


OTHER INCOME (EXPENSES)
Share in net earnings of associates and
        joint ventures (Note 10)
Other income (expenses) ‐ net (Note 29)
 

3,979,947
(336,639)


4,009,488
591,925


6,474,370
(1,083,764)

  3,643,308 4,601,413 5,390,606

 
INCOME BEFORE INCOME TAX

PROVISION FOR INCOME TAX
(Note 30)
22,542,320

3,589,669
21,429,990

3,424,089
19,937,962

526,625

 
NET INCOME P 18,952,651 P 18,005,901 P 19,411,337

 
ATTRIBUTABLE TO:
Equity holders of the parent
Non‐controlling interests

P 17,603,797
1,348,854

P 16,705,184
1,300,717

P 18,576,845
834,492

  P 18,952,651 P 18,005,901 P 19,411,337

 
EARNINGS PER COMMON SHARE (Note 31)
Basic and diluted, for income for the year
        attributable to ordinary equity holders of the
        parent


 
P 2.39



P 2.27



P 2.52

                                            See accompanying Notes to Consolidated Financial Statements.  

Consolidated Statements of Income



**ABOITIZ POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in Thousands, Except Earnings Per Share Amounts)



 
Years Ended December 31                              

  2015 2014 2013

NET INCOME ATTRIBUTABLE TO:
Equity holders of the parent
Non‐controlling interests
 
P17,603,797
1,348,854

P16,705,184
1,300,717

P18,576,845
834,492

  18,952,651 18,005,901 19,411,337


OTHER INCOME (EXPENSES)
Other comprehensive income (loss) that may be
     reclassified to profit or loss in subsequent
     periods:
Share in net unrealized valuation gains (losses) 
    on AFS investments of an associate      
   (Note 10)
Movement in cumulative translation 
    adjustments
Share in movement in cumulative translation 
    adjustment of associates and   
     joint ventures (Note 10)







(4,167)

147,340


119,113







30,900

62,602


13,068







2,891

145,334


459,032

Net other comprehensive income to be
      reclassified to profit or loss in
      subsequent periods


262,286


106,570


607,257

Other comprehensive income (loss) that will not
     be reclassified to profit or loss in subsequent
    periods:

   Actuarial gains (losses) on defined benefit
        plans, net of tax (Note 28)
  Share in actuarial gains (losses) on defined
       benefit plans of associates and  
       joint ventures, net of tax (Note 10)




(81,205)


44,841




170,244


(16,774)




(363,091)


59,659 

Net other comprehensive gain (loss) not to be
      reclassified to profit or loss in subsequent
     periods


(36,364)


153,470


(303,432)

Total other comprehensive income for the year, net of tax 225,922 260,040 303,825

TOTAL COMPREHENSIVE INCOME P19,178,573 P18,265,941 P19,715,162

ATTRIBUTABLE TO:
Equity holders of the parent
Non‐controlling interests  

P17,821,712
1,356,861

P16,969,872
1,296,069 

P18,951,123
764,039

  P19,178,573 P18,265,941 P19,715,162

 

                                       See accompanying Notes to Consolidated Financial Statements.  



Consolidated Statements of Changes in Equity






 

Consolidated Statements of Comprehensive Income

ABOITIZ POWER CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in Thousands)

 

Years Ended December 31​                              

  2015 2014 2013


CASH FLOWS FROM OPERATING ACTIVITIES​
Income before income tax
​Adjustments for:
         Distribution
         Interest expense and other financing costs (Note 34)
         Depreciation and amortization  
              (Notes 13, 14 and 15)
         Net unrealized foreign exchange losses
         Write‐off of project costs and other assets
             (Notes 13 and 15)
         Impairment losses on AFS and investment in an                        associate (Note 10)
         Gain on redemption of shares  
            (Note 29)
        Fair valuation gain on investment property
           Impairment loss on goodwill (Note 12)
        Gain on remeasurement in step acquisition  
           (Note 9)
       Gain on sale of property, plant and  
           equipment
       Unrealized fair valuation losses (gains) on derivatives                  (Note 35)
      Interest income (Notes 5 and 33)
      Share in net earnings of associates and joint ventures                 (Note 10)



P22,542,320

6,633,858
4,322,000
1,390,459



69,137
-

-

-

-
-

(5,656)


(317,645)                                             (846,293)

(3,979,947)

 

P21,429,990

5,994,097
4,643,302
188,018


26,000


2,834

(4,904)
(15,000)
-
-

(13,195)


897
(471,915)

(4,009,488)



P19,937,962

5,343,728
3,875,299
2,078,138


85,051

568,125

(4,792)
-
368,904

(964,600)

(1,323)


(395)
(413,795)

(6,474,370)

Net cash generated from operations
Income and final taxes paid
28,468,776
(3,269,179)
25,920,259
(2,482,280)
25,797,081
(1,383,938)

Net cash flows from operating activities 25,199,597 23,437,979 24,413,143

CASH FLOWS FROM INVESTING ACTIVITIES
Cash dividends received (Note 10)
Proceeds from redemption of shares  
    (Note 10)
Interest received
Net collection of advances (Note 10)
Proceeds from sale of property, plant and equipment

4,071,041

2,677,204
837,978
285,520
35,714

4,618,730

31,599
390,638
101,835
17,406

4,241,994

323,717
364,490
25,000
10,222

                             (Forward) 

Years Ended December 31​                              

  2015 2014 2013

Additional AFS investments 
Acquisitions through business combinations, net of cash acquired (Note 9)
Proceeds from sale of AFS
Additions to:
     Property, plant and equipment (Note 13)
    Intangible assets ‐ service concession rights
        (Note 14)
Increase in other noncurrent assets
Additional investments (Note 10)

P-
-
-

(15,701,414)

(20,046)
(636,988)
(451,655)

P- 
(1,182,366) 
200

(15,003,744)

(36,286)
(1,915,107)
(2,500)

(P200)
217,862
-

(15,618,273)

(41,694)
(968,892)
(56,250)

Net cash flows used in investing activities (8,902,646) (12,979,595) (11,502,024)

CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from availment of long‐term debt ‐ net of
      transaction costs (Note 18)
Cash dividends paid (Note 21b)
Payments of:
     Long‐term debt (Note 18)
    Finance lease obligation
Net availments (payments) of bank loans (Note 17)
Changes in non‐controlling interests
Interest paid
Payments to a preferred shareholder of a subsidiary


16,350,925
(12,215,283)

(908,611)
(7,482,447)
2,465,000
(1,430,153)
(2,228,186)

-


20,634,755
(12,215,283)

(854,220)
(6,970,625)
103,000
(949,131)
(1,367,428)
-


20,797,150
(13,834,176)

(8,965,920)
(6,722,939)
(2,332,000)
(612,229)
(513,562)
(62,140)

Net cash flows used in financing activities (5,448,755) (1,618,932) (12,245,816)

NET INCREASE IN CASH AND CASH EQUIVALENTS

EFFECT OF EXCHANGE RATE CHANGES  
  ON CASH AND CASH EQUIVALENTS 

CASH AND CASH EQUIVALENTS AT  
   BEGINNING OF YEAR
10,848,196


18,198


40,231,875
8,839,452


8,924


31,383,499
665,303


39,703


30,678,49

CASH AND CASH EQUIVALENTS AT  
    END OF YEAR (Note 5)

P51,098,269

P40,231,875

P31,383,499


 

See accompanying Notes to Consolidated Financial Statements.

Consolidated Statements of Cash Flows

 
Years Ended December 31                              

  2015 2014 2013

Additional AFS investments
Acquisitions through business combinations, net of 
     cash acquired (Note 9)
Proceeds from sale of AFS
 
 

P 33,368,797
41,379,270
28,067,236
198,114


P 36,877,070
39,975,961
9,702,714
203,641


P 39,436,267
28,067,236
4,372,597
179,067

  85,173,952 86,759,386 72,055,167


OPERATING EXPENSES
Cost of purchased power (Note 23 and 33)
Cost of generated power (Note 24)
General and administrative (Note 25)
Depreciation and amortization (Notes 13, 14 and 15)
Operations and maintenance (Note 26)

27,902,180
18,524,059
5,818,090
4,322,000
3,921,046

29,834,149
21,037,658
5,500,130
4,643,302
3,393,388

24,715,315
17,642,484
4,120,297
3,875,299
2,224,483

  60,487,375 64,408,627 64,408,627


FINANCIAL INCOME (EXPENSES)
Interest income (Notes 5 and 33)
Interest expense and other financing costs
      (Notes 17, 18 and 34)

846,293

(6,633,858)

471,915

(5,994,097)

413,795

(5,343,728)

  (5,787,565) (5,522,182) (4,929,933


OTHER INCOME (EXPENSES)
Share in net earnings of associates and
        joint ventures (Note 10)
Other income (expenses) ‐ net (Note 29)
 

3,979,947
(336,639)


4,009,488
591,925


6,474,370
(1,083,764)

  3,643,308 4,601,413 5,390,606

 
INCOME BEFORE INCOME TAX

PROVISION FOR INCOME TAX
 (Note 30)
22,542,320

3,589,669
21,429,990

3,424,089
19,937,962

526,625

 
NET INCOME P 18,952,651 P 18,005,901 P 19,411,337

 
ATTRIBUTABLE TO:
Equity holders of the parent
Non‐controlling interests

P 17,603,797
1,348,854

P 16,705,184
1,300,717

P 18,576,845
834,492

  P 18,952,651 P 18,005,901 P 19,411,337

 
EARNINGS PER COMMON SHARE (Note 31)
Basic and diluted, for income for the year
        attributable to ordinary equity holders of the
        parent


 
P 2.39



P 2.27



P 2.52

                                            See accompanying Notes to Consolidated Financial Statements.  






 
 


Investor Information


Head Office:
NAC Tower, 32nd Street, Bonifacio Global City,
Taguig City, Metro Manila 1634, Philippines
Tel (632) 886-2800 | Fax (632) 886-2407

Cebu Office:
Aboitiz Corporate Center
Gov. Manuel A. Cuenco Avenue,
Kasambagan, Cebu City 6000, Philippines
Tel (6332) 411-1800 | Fax (6332) 231-4037

Common Stock
The Company’s common stock is listed and traded
in the Philippine Stock Exchange.

Stockholders’ Meeting
The Company’s regular stockholders’ meeting is held
on the third Monday of May of every year.
 
Stockholder Services and Assistance
Stock Transfer Service, Inc. (STSI) serves as the Company’s stock
transfer agent registrar.

For matters concerning dividend payments, account status, lost or damaged stock 
certificates, change of address, please write or call:

STOCK TRANSFER SERVICE, INC.
34-D Rufino Pacific Tower,
6784 Ayala Avenue, Makati City 1226, Philippines
Tel (632) 403-3798 | (632) 403-2410 | (632) 403-2412
Fax (632) 403-2414
 
Contact person:
Mr. Michael C. Capoy - mccapoy@stocktransfer.com.ph
AEV welcomes inquiries from institutional investors, analysts, and the financial community.

Please write or call:

Investor Relations
Aboitiz Equity Ventures, Inc.
Mr. Judd Salas or Mr. Aristo de Borja
Tel (632) 886-2423 | Fax (632) 817-3560

Email: aev_investor@aboitiz.com
Website: www.aboitiz.com