2015 Annual Report

Business Review

Key Financial Figures (in PHP Millions)

Revenues increased by PHP1,017.6 million, or 3.5 percent due to Nasulo Geothermal Power Plant’s (Nasulo) full year operations, as well as Bacon-Manito Power Plant’s (BacMan) higher dispatch after the completion of its retrofit program. The increase was partially offset by lower revenues of the 112.5-MW Tongonan Geothermal (Tongonan) plant due to Unit II’s four-month unplanned outage from March to July 2015 following blade failure in its steam turbine rotor.

Net income decreased by PHP3,504.6 million, or 30.3 percent on the back of the geothermal assets’ higher operating costs due to higher depreciation and amortization from Nasulo and BacMan as a result of their respective rehabilitation programs and higher purchased services and utilities of Unified Leyte Geothermal Energy Inc.’s (ULGEI) energy strips, higher general and administrative expenses, and higher foreign exchange losses due to the greater depreciation of the Philippine Peso against the US Dollar arising from its US Dollar-denominated loans. This was likewise aggravated by the absence of one-time gains from the recovery of impairment of Northern Negros Geothermal Power plant in 2014 (nil in 2015).

 

Operating Statistics

Pages: 1 2 3

Key Financial Figures (in PHP Millions)

Revenues increased by PHP1,017.6 million, or 3.5 percent due to Nasulo Geothermal Power Plant’s (Nasulo) full year operations, as well as Bacon-Manito Power Plant’s (BacMan) higher dispatch after the completion of its retrofit program. The increase was partially offset by lower revenues of the 112.5-MW Tongonan Geothermal (Tongonan) plant due to Unit II’s four-month unplanned outage from March to July 2015 following blade failure in its steam turbine rotor.

Net income decreased by PHP3,504.6 million, or 30.3 percent on the back of the geothermal assets’ higher operating costs due to higher depreciation and amortization from Nasulo and BacMan as a result of their respective rehabilitation programs and higher purchased services and utilities of Unified Leyte Geothermal Energy Inc.’s (ULGEI) energy strips, higher general and administrative expenses, and higher foreign exchange losses due to the greater depreciation of the Philippine Peso against the US Dollar arising from its US Dollar-denominated loans. This was likewise aggravated by the absence of one-time gains from the recovery of impairment of Northern Negros Geothermal Power plant in 2014 (nil in 2015).

 

Operating Statistics

Pages: 1 2 3