2015 Annual Report

Messages

Dear fellow stakeholders,

At First Gen, we continue to dream and to dare for a better, more livable future that we are committed to shaping. We are of the belief that it is possible to do good and to do well. Our prevailing strategic commitment is to serve the growing needs of the Filipino consumer with clean, affordable electricity and address it by focusing our efforts to grow our clean and renewable energy portfolio and to expand our natural gas platform beyond power generation by developing a world-class Liquefied Natural Gas (LNG) regasification terminal to prepare the country for a postMalampaya domestic gas world. We have indeed set a high bar for ourselves and believe that making difficult but correct choices are not easy but will pay off for all of us.

 

FINANCIAL HIGHLIGHTS

We ended 2015 with our net income attributable to the Parent at USD167.3 million, which was USD25.8 million (or 13.4 percent) lower from the previous year. Energy Development Corporation (EDC) was primarily responsible for this as it reported certain nonrecurring gains in 2014.

More importantly, on a recurring basis, we performed solidly as our attributable net income increased by 6.6 percent to USD163.0 million in 2015 from USD152.9 million. The growth was driven by the higher dispatch of our natural gas-fired plants and lower business development expenses. EDC and First Gen Hydro Power Corporation (FG Hydro), however, delivered marginally lower recurring attributable net income.

We also recognize that our financial results were below our own expectations. We incurred delays in the construction of the 97-megawatt (MW) Avion (Avion) and the 414-MW San Gabriel (San Gabriel) natural gas power plants. We also encountered operational difficulties with one of the 37.5-MW units of EDC’s 112.5-MW Tongonan geothermal plant (Tongonan).

Pages: 1 2 3 4 5 6 7 8 9

Dear fellow stakeholders,

At First Gen, we continue to dream and to dare for a better, more livable future that we are committed to shaping. We are of the belief that it is possible to do good and to do well. Our prevailing strategic commitment is to serve the growing needs of the Filipino consumer with clean, affordable electricity and address it by focusing our efforts to grow our clean and renewable energy portfolio and to expand our natural gas platform beyond power generation by developing a world-class Liquefied Natural Gas (LNG) regasification terminal to prepare the country for a postMalampaya domestic gas world. We have indeed set a high bar for ourselves and believe that making difficult but correct choices are not easy but will pay off for all of us.

 

FINANCIAL HIGHLIGHTS

We ended 2015 with our net income attributable to the Parent at USD167.3 million, which was USD25.8 million (or 13.4 percent) lower from the previous year. Energy Development Corporation (EDC) was primarily responsible for this as it reported certain nonrecurring gains in 2014.

More importantly, on a recurring basis, we performed solidly as our attributable net income increased by 6.6 percent to USD163.0 million in 2015 from USD152.9 million. The growth was driven by the higher dispatch of our natural gas-fired plants and lower business development expenses. EDC and First Gen Hydro Power Corporation (FG Hydro), however, delivered marginally lower recurring attributable net income.

We also recognize that our financial results were below our own expectations. We incurred delays in the construction of the 97-megawatt (MW) Avion (Avion) and the 414-MW San Gabriel (San Gabriel) natural gas power plants. We also encountered operational difficulties with one of the 37.5-MW units of EDC’s 112.5-MW Tongonan geothermal plant (Tongonan).

Pages: 1 2 3 4 5 6 7 8 9