Y RT PS

Energy Development Corporation
38th Floor, One Corporate Centre Building, Julia Vargas corner Meralco Avenue
Ortigas Center, Pasig 1605, Philippines
Trunklines: +63 (2) 667-7332 (PLDT) / +63 (2) 755-2332 (Globe)
November 12, 2015
JANET A. ENCARNACION
HEAD, Disclosures Department
The Philippine Stock Exchange, Inc.
Philippine Stock Exchange Plaza
Ayala Triangle, Ayala Avenue, Makati City
Dear Ms. Encarnacion:

In compliance with PSE disclosure requirements, we submit the attached Energy
Development Corporation (Consolidated) Quarterly Report for the period ended
September 30, 2015 (SEC Form 17-Q).
SEC Number 66381

File Number _____
ENERGY DEVELOPMENT CORPORATION

(Companys full Name)
One Corporate Centre Julia Vargas cor. Meralco Ave., Ortigas Center, Pasig City
(Companys Address)
(632) 755-2332
(Telephone Number)
September 30, 2015

(Quarter Ending)
SEC FORM 17-Q

(Form Type)
COVER SHEET
6 6 3 8 1
SEC Registration Number
E N E R G Y
( A
D E V E L O P M E N T
S u b s i d i a r y
n g s
C O R P O R A T I O N
o f
R e d
V u l c a n
H o l d i
C o r p o r a t i o n )
A N D
S U B S I D I A R I E S
(Companys Full Name)
J u l i a
e ,
V a r g a s
O r t i g a s
C o r n e r
C e n t e r ,
M e r a l c o
P a s i g
A v e n u
C i t y
(Business Address: No. Street City/Town/Province)
Maribel A. Manlapaz
755-2332
(Contact Person)
(Company Telephone Number)
0 9
3 0
S E C 1 7
0 5
0 5
Month
Day
(Form Type)
Month
Day
(Fiscal Year)
(Annual Meeting)
(Secondary License Type, If Applicable)
Article I
Dept. Requiring this Doc.
Amended Articles Number/Section

Total Amount of Borrowings
675
P
= 39,732,163,966
P
= 30,080,237,788
Domestic
Foreign
Total No. of Stockholders

To be accomplished by SEC Personnel concerned
File Number
LCU
Document ID
Cashier
STAMPS
Remarks: Please use BLACK ink for scanning purposes.
SECURITIES AND EXCHANGE COMMISSION

SEC FORM 17-Q
QUARTERLY REPORT PURSUANT TO SECTION 17 OF THE SECURITIES
REGULATION CODE AND SRC RULE 17(2)(b) THEREUNDER
1.
For the quarterly period ended September 30, 2015
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
Province, country or other jurisdiction of
Incorporation or organization
7. One Corporate Centre Julia Vargas cor. Meralco Ave.,

Ortigas Center, Pasig City
Address of issuer's principal office
6.
(SEC Use Only)

Industry Classification Code
1605
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
Common Stock, P1.00 par value
Preferred Stock, P0.01 par value
Number of shares outstanding

as of September 30, 2015
18,750,000,000
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 Stock
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 [ ]
SEC Form 17Q 3Q 2015
PART 1: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS
Our unaudited consolidated financial statements for the nine-month period ended September 30,
2015 have been prepared in accordance with Philippine Accounting Standards (PAS) 34, Interim
Financial Reporting, and are filed as Annex I of this report.
ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS (MD & A)
The following is a discussion and analysis of the Companys consolidated financial
performance for the nine-month period ended September 30, 2015. The prime objective of this
MD&A is to help the readers understand the dynamics of our Companys business and the key
factors underlying our financial results. Hence, our MD&A is comprised of a discussion of
our core business and an analysis of the results of operations. This section also focuses on
key statistics from the unaudited financial statements and pertains to risks and uncertainties
relating to the geothermal and other renewable power industry in the Philippines where we
operate up to the stated reporting period. However, our MD&A should not be considered all
inclusive, as it excludes unknown risks, uncertainties and changes that may occur in the general
economic, political and environment condition after the stated reporting date.
Our MD&A should be read in conjunction with our unaudited consolidated financial
statements and the accompanying notes. All financial information is reported in Philippine
Pesos (PhP) unless otherwise stated.
Any references in this MD&A to we, us, our, or Company pertains to the Energy
Development Corporation and its subsidiaries. "EDC" pertains to the Parent Company Energy
Development Corporation.
Additional information about the Company can be found on our corporate website
www.energy.com.ph.
The following is a summary of the key sections of this MD&A:
OVERVIEW OF OUR BUSINESS..............................................................................................4

Principal products or services....................................................................................4
Distribution methods of products or services............................................................4
Competition...............................................................................................................5
Major customer..........................................................................................................5
Concessions...............................................................................................................6
New products or services..........................................................................................8
FINANCIAL HIGHLIGHTS........................................................................................................9
RESULTS OF OPERATIONS...................................................................................................10
FINANCIAL POSITION............................................................................................................14
CAPITAL AND LIQUIDITY RESOURCES............................................................................19
CASH FLOWS.............................................................................................................................20
DISCUSSION ON THE SUBSIDIARIES.................................................................................21
Green Core Geothermal Inc. (GCGI).................................................................................21
Bac-Man Geothermal Inc. (BGI).......................................................................................22
EDC Burgos Wind Power Corporation (EBWPC)............................................................23
Unified Leyte Geothermal Energy Inc. (ULGEI)..............................................................24
FG Hydro Power Corporation (FG Hydro)................................................................25
KEY PERFORMANCE INDICATORS....................................................................................26
Commitments that will have an impact on the issuers liquidity...................................................27
Foreign exchange rate volatility.....................................................................................................27
Material contingent financial obligation........................................................................................27
CASH DIVIDENDS.....................................................................................................................27
MAJOR STOCKHOLDERS......................................................................................................28
BOARD OF DIRECTORS AND OFFICERS..........................................................................29
OVERVIEW OF OUR BUSINESS

Principal Products or Services
The Company operates in five geothermal service contract areas where it is principally involved
in the generation and sale of electricity through Company-owned geothermal power plants to
NPC and privately-owned distribution utilities (DUs), pursuant to Power Purchase Agreements
(PPAs) and Power Supply Agreements (PSAs), respectively.
EDCs subsidiary, GCGI holds offtake agreements in the form of Transition Supply Contracts
(TSCs) and Power Supply Contracts (PSCs) with various customers. EDC and its subsidiaries
GCGI, BGI, and EBWPC also sell electricity to the Wholesale Electricity Spot Market (WESM).
Through its 60% equity interest in First Gen Hydro Power Corporation (FG Hydro), the
Company indirectly operates the 120 MW Pantabangan and 12 MW Masiway Hydroelectric
Power Plants, located in Pantabangan, Nueva Ecija. The power plants supply electricity into the
Luzon grid to service the consumption of its distribution utilities clients covered by bilateral
contract quantities.
The Company has evolved into being the countrys premier pure renewable energy player,
possessing interests in geothermal, wind, solar and hydro power. For geothermal energy, its
expertise spans the entire geothermal value chain, i.e., from geothermal energy exploration and
development, reservoir engineering and management, engineering design and construction,
environmental management and energy research and development. Its wind energy expertise
covers wind data assessment and project research & development. Similarly, its solar energy
expertise currently covers site assessment and project development & execution. With FG
Hydro, the Company has not only acquired expertise in hydropower operation and maintenance,
but also the capability to sell power on a merchant basis.
Distribution methods of products or services
About 46.8% or 2,917.1 GWh of the 6,237.3 GWh sales volume from its electricity business was
sold to NPC. A total of 1,512.9 GWh generated by the geothermal power plants in Leyte and
Palinpinon was sold to electric cooperatives and industrial customers in the Visayas region. BacMan geothermal power plants generated 770.4 GWh of electricity that was sold to electric
cooperatives and industrial customers in the Luzon region. The 275.0 GWh of electricity
generated by the Nasulo geothermal power plant were sold mainly to WESM.
FG Hydro's electricity generation of 214.0 GWh was sold to WESM and distribution utility
clients in Nueva Ecija. Ancillary services of 150.8 GWh was sold to NGCP.
Burgos wind and solar power plants generated 132.4 GWh and 3.6 GWh of electricity,
respectively, which were sold under the Feed-In-Tariff (FIT) regime.
ULGEIs 261.1 GWh strips of energy were sold mainly to WESM.
Competition
The Government, in implementing the thrust of the EPIRA, has paved the way for a more
independent and market-driven Philippine power industry. This has allowed for competition, not
limited by location, and driven by market forces. As such, selling power and, consequently, the
dispatch of power plants depend on the ability to offer competitively priced power supply to the
market. The Company has multiple power projects in Luzon,Visayas, and Mindanao.
The successful privatization of NPC assets and NPC-IPP contracts in Luzon and Visayas,
coupled with the integration of the two Grids under the WESM, introduced new players and
opened competition in the power industry. Multinationals that currently operate in the
Philippines and that could potentially compete against the Company include KEPCO Power
Corporation, CalEnergy International Services, Inc., Marubeni Energy Corporation, and AES
Corporation.
The local power companies of Aboitiz group and San Miguel group are the Companys two
closest competitors. In terms of generation capacities, Aboitiz group has a total of 2,232 MW [1]
of attributable capacity in its portfolio. Aboitiz Power Corporation is currently the Companys
largest competitor in the geothermal energy space, after it successfully bid for the 747 MW TiwiMakban geothermal power plant. Chevron Geothermal Philippines Holdings operates the TiwiMakban geothermal steam field that supplies the Aboitiz geothermal plant. The San Miguel
group reportedly has 2,615[2] MW in its portfolio after it acquired the co-generation power plant
of Petron. For wind power, its closest competitor is North Luzon Renewable Energy
Corporation, which operates the 81[3] MW Caparispisan Wind Farm in Pagudpud, Ilocos Norte.
Currently, solar energy projects in the country account for a total of 111 MW.
The Company will face competition in both the development of new power generation facilities
and the acquisition of existing power plants, as well as in the financing for these activities.
The performance of the Philippine economy and the historical high returns of power projects in
the country have attracted many potential competitors, including multinational development
groups and equipment suppliers, to explore opportunities in the development of electric power
generation projects in the Philippines. Accordingly, competition for and from new power
projects may increase in line with the long-term economic growth in the Philippines.
The Company believes that it will be able to compete because of its competitively-priced power,
the reliability of its power plants, its use of clean and renewable fuels, and its expertise and
experience in power supply contracting and trading.
[1]
Data from Aboitiz Power: www.aboitizpower.com

Data from San Miguel Corporation: www.sanmiguel.com.ph
[3]
Data from UPC Renewables: www.upcrenewables.com
[2]
Dependence on one or a few major customers and identity of any such major customers
Close to 36.5% of the Companys electricity revenue are derived from existing long-term Power
Purchase Agreements (PPAs) with NPC.
Concessions
As of September 30, 2015, the Company holds the following service contracts.
Geothermal Resource
The Company holds five (5) Geothermal Renewable Energy Service Contracts (GRESC) with the
DOE for the following geothermal projects:
Tongonan Geothermal Project (expiring in 2031)

Southern Negros Geothermal Project (expiring in 2031)
Bacon-Manito Geothermal Project (expiring in 2031)
Mt. Apo Geothermal Project (expiring in 2042)
Northern Negros Geothermal Project (expiring in 2044)
The Company, through its subsidiaries Green Core Geothermal Inc. and Bac-Man Geothermal Inc.
secured three (3) Geothermal Operating Contracts covering power plant operations:
Tongonan Geothermal Power Plant (with a twenty-five (25) year contract period expiring in
2037, renewable for another twenty-five (25) years)
Palinpinon Geothermal Power Plants (with a twenty-five (25) year contract period expiring in
2037, renewable for another twenty-five (25) years)
Bacon-Manito Geothermal Power Plants (with a twenty-five (25) year contract period
expiring in 2037, renewable for another twenty-five (25) years)
The Company also holds Geothermal Service Contracts (GSC) for the following prospect areas:
Ampiro Geothermal Project (with a five-year pre-development period expiring in 2017, 25year contract period expiring in 2037); renewable for another twenty-five (25) years
Mandalagan Geothermal Project (with a five-year pre-development period expiring in 2017,
25-year contract period expiring in 2037); renewable for another twenty-five (25) years
Mt. Zion Geothermal Project (with a five-year pre-development period expiring in 2017, 25year contract period expiring in 2037); renewable for another twenty-five (25) years
Lakewood Geothermal Project (with a five-year pre-development period expiring in 2017,
Balingasag Geothermal Project (with a five-year pre-development period expiring in 2017,
Mt. Zion 2 Geothermal Project (with a five-year pre-development period expiring in 2017,
25-year contract period expiring 2040); renewable for another twenty-five (25) years
Wind Resource
The Company holds ten (10) Wind Energy Service Contracts (WESC) with the DOE. The WESCs
cover the following:
150 MW wind project in Burgos, Ilocos Norte; under DOE Certificate of Registration No.
WESC 2009-09-004 (25-year contract period expiring in 2034); renewable for another
twenty-five (25) years
Pagudpud wind project in Pagudpud, Ilocos Norte; under DOE Certificate of Registration No.
Burgos 1 wind project in Burgos, Ilocos Norte; under DOE Certificate of Registration No.
Burgos 2 wind project in Burgos, Ilocos Norte; under DOE Certificate of Registration No.
Matnog 1 wind project in Matnog & Magdalena, Sorsogon; under DOE Certificate of
Registration No. WESC 2014-07-075 (25-year contract period expiring in 2039); renewable
for another twenty-five (25) years
Matnog 2 wind project in Matnog, Sorsogon; under DOE Certificate of Registration No.
Matnog 3 wind project in Matnog, Sorsogon; under DOE Certificate of Registration No.
Iloilo 1 wind project in Batad & San Dionisio, Iloilo; under DOE Certificate of Registration
No. WESC 2014-07-078 (25-year contract period expiring in 2039); renewable for another
Iloilo 2 wind project in Concepcion, Iloilo; under DOE Certificate of Registration No. WESC
2014-07-079 (25-year contract period expiring in 2039); renewable for another twenty-five
(25) years
Negros wind project in Manapla & Cadiz City, Negros Occidental; under DOE Certificate of
Registration No. WESC 2014-07-080 (25-year contract period expiring in 2039); renewable
for another twenty-five (25) years
Solar Resource
The Company holds six (6) Solar Energy Service Contracts (SESC) with the DOE. The SESCs cover
areas in the following:
4 MW solar project in Burgos, Ilocos Norte; under DOE Certificate of Registration No.
SESC 2014-07-088 (25-year contract period expiring in 2039); renewable for another twentyfive (25) years
Bago solar project in Bago City, Negros Occidental; under DOE Certificate of Registration
No. SESC 2014-04-066 (25-year contract period expiring in 2039); renewable for another
Murcia solar project in Murcia, Negros Occidental; under SESC No. 2015-03-113
(25-year contract period expiring in 2040); renewable for another twenty-five (25) years
President Roxas solar project in President Roxas, North Cotabato; under SESC No. 2015-03114 (25-year contract period expiring in 2040); renewable for another twenty-five (25) years
Kilada-Matalam solar project in Matalam, North Cotabato; under SESC No. 2015-03-119
(25-year contract period expiring in 2040); renewable for another twenty-five (25) years
Bogo solar project in Bogo, Cebu; under SESC No. 2015-06-234 (25-year contract period
expiring in 2040); renewable for another twenty-five (25) years
New Products or Services

On March 5, 2015, the Company has successfully commissioned its 4.16 MW Burgos Solar
Project, which is in the same vicinity of the EBWPCs wind farm. The Project, which is
geographically situated in Barangays Saoit, Poblacion, and Nagsurot, is located 1.6 km from the
Pan Pacific highway of Ilocos.
On April 17, 2015, EDC received the Certificate of Compliance (COC) for its Burgos Solar
Power Plant granted by the Energy Regulatory Commission (ERC) on April 6, 2015. The COC
specifies that the project, having a total capacity of 4.16 MW is entitled to the Feed-In Tariff
(FIT) rate of P9.68, subject to adjustments as may be approved by the ERC, from March 5, 2015
to March 4, 2035.
On April 14, 2015, EDC Burgos Wind Power Corporation (EBWPC) received the COC for its
Burgos Wind Power Project - Phase I & II granted by the ERC on April 13, 2015. The COC
specifies that the project, having a total capacity of 150 MW, is entitled to the FIT rate of P8.53,
subject to adjustments as may be approved by the ERC, from November 11, 2014 to November
10, 2034.
FINANCIAL HIGHLIGHTS
September 2015 vs. September 2014 Results
During the first three quarters of 2015, the recurring net income generated by the Company
decreased by 9.6% or P763.8 million to P7,216.3 million from the P7,980.1 million posted
during the same period in 2014. The decrease is mainly attributable to the P3,876.2 million
combined increase in costs of sale of electricity, general & administrative expenses and financial
expenses, offset by the P2,341.4 million increase in revenue mainly due to the full nine-month
operation of Burgos Wind, Bac-Man and Nasulo power plants.
Recurring net income attributable to equity holders of the Parent Company was posted at
P6,992.0 million, down by 10.5% as compared to the P7,812.3 million for the same period in
2014.
The Company posted a net income of P6,083.9 million in the nine-month period ended
September 30, 2015, a 42.3% or P4,459.8 million decrease from the P10,543.7 million in the
same period last year. The decrease was mainly driven by the P2,051.9 million impairment
reversal recognized in 2014 (no similar transaction reported in 2015), P3,272.7 million increase
in costs of sale of electricity and general & administrative expenses, P983.0 million increase in
foreign exchange losses, and P603.5 million increase in financial expenses. These were offset by
the P2,341.4 million increase in revenue mainly due to the full nine-month operation of Burgos
Wind, Bac-Man and Nasulo power plants.
Net income is equivalent to 24.0% of total revenue for the
September 30, 2015 as compared to the 45.9% for the same period in 2014.
period
ended
Net income attributable to equity holders of the Parent Company at P5,865.3 million for the first
three quarters of 2015 is a P4,511.5 million decrease from P10,376.8 million during the same
period in 2014.
RESULTS OF OPERATIONS
The following table details the results of operations of the Company for the first three quarters of
2015 and 2014.
S TATEMENTS OF INCOME
Horizontal and Vertical Analysis of Material Changes as of S eptember 30, 2015 and 2014
HORIZONTAL ANALYS IS VERTICAL ANALYS IS
Favorable (Unfavorable) Variance
(Amounts in PHP millions)
REVENUE
Sale of electricity
S ept. 2015
S ept. 2014
25,324.1
22,982.7
2,341.4
10.2%
100.0%
100.0%
(7,824.8)
(3,795.6)
(2,380.6)
(892.1)
-30.4%
-23.5%
-40.3%
-18.5%
-34.0%
-16.5%
137.2
(2,723.9)
(2,586.7)
82.1
(685.6)
(603.5)
59.8%
-25.2%
-23.3%
0.9%
-13.5%
-12.6%
0.6%
-11.9%
-11.3%
2,051.9
529.1
(179.9)
415.7
2,816.8
(2,051.9)
297.2
(983.0)
(523.6)
(3,261.3)
100.0%
56.2%
-546.4%
-126.0%
-115.8%
0.0%
3.3%
-4.6%
-0.4%
-1.8%
8.9%
2.3%
-0.8%
1.8%
12.3%
COS TS OF S ALE OF ELECTRICITY

Costs of sale of electricity
(10,205.4)
GENERAL AND ADMINIS TRATIVE EXPENS(4,687.7)
ES
FINANCIAL INCOME (EXPENS E)
Interest income
219.3
Interest expense
(3,409.5)
(3,190.2)
Amount
S ept. 2015 S ept. 2014
OTHER INCOME (CHARGES)

Reversal of previously impaired
property, plant and equipment
Proceeds from insurance claims
Foreign exchange gains (losses) - net
M iscellaneous, net
INCOME BEFORE INCOME TAX
PROVIS ION FOR INCOME TAX
Current
Deferred
NET INCOME
Net income attributable to:
Equity holders of the Parent Company
Non-controlling interests
EBITDA
RECURRING NET INCOME
826.3
(1,162.9)
(107.9)
(444.5)
6,796.3
11,592.4
(4,796.1)
-41.4%
26.8%
50.4%
(739.0)
26.6
(712.4)
6,083.9
(737.5)
(311.2)
(1,048.7)
10,543.7
(1.5)
337.8
336.3
(4,459.8)
-0.2%
108.5%
32.1%
-42.3%
-2.9%
0.1%
-2.8%
24.0%
-3.2%
-1.4%
-4.6%
45.9%
5,865.3
218.6
14,371.6
7,216.3
10,376.8
166.9
14,275.0
7,980.1
(4,511.5)
51.7
96.6
(763.8)
-43.5%
31.0%
0.7%
-9.6%
23.2%
0.9%
56.8%
28.5%
45.2%
0.7%
62.1%
34.7%
6,992.0
224.3
7,812.3
167.8
(820.3)
56.5
-10.5%
33.7%
27.6%
0.9%
34.0%
0.7%
Recurring net income attributable to:

10
YTD September 30, 2015 vs. YTD September 30, 2014

Revenue
Total revenue from sale of electricity for the period ended September 30, 2015 increased by
10.2% or P2,341.4 million to P25,324.1 million from P22,982.7 million during the same period
in 2014. The improvement was driven by the P3,063.0 million increase in combined revenue
contribution of Burgos Wind (P1,266.4 million), Bac-Man (P1,187.8 million), and Nasulo
(P608.8 million) power plants that were commissioned in the latter part of 2014.
The aforementioned were offset by the P705.5 million and P47.2 million revenue declines in
Leyte and Mindanao principally due to unplanned outages in Tongonan and Mindanao Unit 2
power plants, respectively.
Costs of Sale of Electricity
Costs of sale of electricity increased by 30.4% or P2,380.6 million to P10,205.4 million for the
period ended September 30, 2015 from P7,824.8 million during the same period in 2014 mainly
due to the following:
P1,019.7 million depreciation and amortization, due to commercial operations of Burgos
Wind, Nasulo and Bac-Man power plants;
P571.7 million purchased services and utilities, mainly due to the cost of ULGEIs
energy strips with PSALM;
P451.8 million repairs and maintenance, primarily for the restoration of field facilities
and typhoon proofing expenses in Leyte; and
P137.0 million rental, insurance and taxes, mainly due to Burgos Winds real estate taxes.
General and Administrative Expenses
General and administrative expenses increased by 23.5% or P892.1 million to P4,687.7 million
in the first three quarters of 2015 from P3,795.6 million during the same period in 2014 mainly
due to the following:
P396.5 million purchased services and utilities, mainly for the restoration of
administrative facilities in Leyte, Bac-Man and Palinpinon;
P337.1 million personnel-related costs; and
P143.0 million business and related expenses.
11
Financial Income (Expense)

Financial expenses - net increased by 23.3% or P603.5 million to P3,190.2 million for the period
ended September 30, 2015 from P2,586.7 million during the same period in 2014.
Interest Income
Interest income increased by 59.8% or P82.1 million to P219.3 million for the period
ended September 30, 2015 from P137.2 million during the same period in 2014 mainly
due to higher weighted average interest rates (YTD September 2015 = 2.23% vs. YTD
September 2014 = 2.05%) and higher average investible funds.
Interest Expense
Interest expense increased by 25.2% or P685.6 million to P3,409.5 million for the period
ended September 30, 2015 from P2,723.9 million during the same period in 2014 mainly
due to the US$315 million Debt Facility secured by EBWPC in the last quarter of 2014.
Other Income (Charges)
Other charges for the first three quarters of 2015 amounted to P444.5 million, a P3,261.3 million
turn-around from P2,816.8 million income during the same period in 2014.
Reversal of previously impaired property, plant and equipment
This account pertains to the P2,051.9 million impairment reversal recognized in 2014 for
Northern Negros Geothermal Power Plant (NNGP) transferred to and installed in Nasulo.
Proceeds from insurance claims increased by 56.2% or P297.2 million to P826.3 million
in the first three quarters of 2015 from P529.1 million last year due to claims attributable
to typhoons Yolanda, Seniang, Glenda and Sendong.
Foreign exchange gains (losses) - net
Foreign exchange losses - net for the nine-month period ended September 30, 2015
amounted to P1,162.9 million, a P983.0 million increase from P179.9 million during the
same period in 2014. The variance was mainly brought about by the PHP depreciating
further against US$ for the period ended September 30, 2015.
12
The comparative foreign exchange rates were as follows:
December 31, 2013

September 30, 2014
December 31, 2014
September 30, 2015
PHP:US$
44.395
44.875
44.720
46.740
Miscellaneous, net
Miscellaneous charges - net for the period ended September 30, 2015 amounted to
P107.9 million, a P523.6 million turn-around from the miscellaneous income - net of
P415.7 million during the same period in 2014 mainly due to the P482.2 million gains on
sale of Rigs 15 & 16 (with spare parts inventories) in 2014 with no similar transaction
reported in 2015.
Provision for Income Tax
Current
The Companys current tax expense increased by 0.2% or P1.5 million to P739.0 million
for the period ended September 30, 2015 from P737.5 million during the same period in
2014 mainly on account of higher taxable income.
Deferred
Benefit from deferred tax for the first three quarters of 2015 amounted to P26.6 million, a
P337.8 million turn-around from the P311.2 million deferred tax expense during the same
period in 2014, mainly due to the P205.2 million reversal of deferred tax asset on
recovery of NNGP impairment in 2014 (no similar transaction reported in 2015), and
higher recognition of deferred tax asset on unrealized foreign exchange loss in 2015.
Net Income
As a result of the foregoing, the Companys net income decreased by 42.3% or P4,459.8 million
to P6,083.9 million for the first three quarters of 2015 from P10,543.7 million net income during
the same period in 2014.
Net income is equivalent to 24.0% of total revenue for the period ended September 30, 2015 as
compared to 45.9 % for the same period in 2014.
13
FINANCIAL CONDITION
The following table details the financial condition of the Company as of September 30, 2015 and
December 31, 2014.
S TATEMENTS OF FINANCIAL POS ITION
Horizontal and Vertical Analysis of Material Changes as of S eptember 30, 2015 and December 31, 2014
HORIZONTAL
VERTICAL
ANALYS IS
ANALYS IS
Increase (Decrease)
(Amounts In PHP millions)
S ept. 2015
Dec. 2014
Amount
%
S ept. 2015 Dec. 2014
AS S ETS
Current Assets
Cash and cash equivalents
15,535.0
14,010.2
1,524.8
10.9%
11.7%
11.3%
Trade and other receivables
5,623.9
6,887.5
(1,263.6)
-18.3%
4.2%
5.5%
Financial asset at fair value through profit or loss
1,035.2
523.6
511.6
97.7%
0.8%
0.4%
Parts and supplies inventories
3,375.8
2,902.5
473.3
16.3%
2.5%
2.3%
Derivative assets
53.6
22.0
31.6
143.6%
0.0%
0.0%
Available-for-sale (AFS) investments
130.0
130.0
100.0%
0.1%
0.0%
Other current assets
2,228.4
721.0
1,507.4
209.1%
1.7%
0.6%
Total Current Assets
27,981.9
25,066.8
2,915.1
11.6%
21.1%
20.1%
Noncurrent Assets
Property, plant and equipment
87,034.7
83,073.5
3,961.2
4.8%
65.7%
66.7%
Goodwill and intangible assets
4,316.4
4,542.6
(226.2)
-4.9%
3.3%
3.6%
Exploration and evaluation assets
3,001.2
2,801.5
199.7
7.1%
2.3%
2.3%
Available-for-sale (AFS) investments
434.1
568.0
(133.9)
-23.6%
0.3%
0.5%
Deferred tax assets - net
1,102.1
1,050.0
52.1
5.1%
0.8%
0.8%
Derivative assets
294.7
132.1
162.6
123.1%
0.2%
0.1%
Other noncurrent assets
8,324.4
7,265.0
1,059.4
14.6%
6.3%
5.8%
Total Noncurrent Assets
104,507.6
99,432.7
5,074.9
5.1%
78.9%
79.9%
TOTAL ASSETS
132,489.5
124,499.5
7,990.0
6.4%
100.0%
100.0%
LIABILITIES AND EQUITY
LIABILITIES
Current Liabilities
Trade and other payables
Due to related parties
Income tax payable
Current portion of:
Long-term debts
Derivative liabilities
Total Current Liabilities
Noncurrent Liabilities
Long-term debts - net of current portion
Derivative liabilities - net of current portion
Deferred tax liability
Net retirement and other post-employment benefits
Provisions and other long-term liabilities
Total Noncurrent Liabilities
EQUITY
Equity Attributable to Equity Holders of the Parent
Preferred stock
Common stock
Common shares in employee trust account
Additional paid-in capital
Equity reserve
Net accumulated unrealized gain on AFS investments
Cumulative translation adjustment
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
12,092.6
91.4
220.9
7,639.3
49.6
58.7
4,453.3
41.8
162.2
58.3%
84.3%
276.3%
9.1%
0.1%
0.2%
6.1%
0.0%
0.0%
3,713.6
15.6
16,134.1
10,499.7
3.4
18,250.7
(6,786.1)
12.2
(2,116.6)
-64.6%
358.8%
-11.6%
2.8%
0.0%
12.2%
8.4%
0.0%
14.7%
66,625.6
361.4
3.1
2,045.8
1,888.1
70,924.0
58,962.6
166.3
2.6
1,796.0
1,701.1
62,628.6
7,663.0
195.1
0.5
249.8
187.0
8,295.4
13.0%
117.3%
19.2%
13.9%
11.0%
13.2%
50.3%
0.3%
0.0%
1.5%
1.4%
53.5%
47.4%
0.1%
0.0%
1.4%
1.4%
50.3%
93.8
18,750.0
(346.5)
6,286.0
(3,706.4)
104.4
(345.9)
23,015.4
43,850.8
1,580.6
45,431.4
132,489.5
93.8
18,750.0
(346.7)
6,285.8
(3,706.4)
143.2
(184.7)
21,095.1
42,130.1
1,490.1
43,620.2
124,499.5
0.2
0.2
(38.8)
(161.2)
1,920.3
1,720.7
90.5
1,811.2
7,990.0
0.0%
0.0%
-0.1%
0.0%
0.0%
-27.1%
87.3%
9.1%
4.1%
6.1%
4.2%
6.4%
0.1%
14.2%
-0.3%
4.7%
-2.8%
0.1%
-0.3%
17.4%
33.1%
1.2%
34.3%
100.0%
0.1%
15.1%
-0.3%
5.0%
-3.0%
0.1%
-0.1%
16.9%
33.8%
1.2%
35.0%
100.0%
14

Cash and cash equivalents increased by 10.9% or P1,524.8 million to P15,535.0 million as of
September 30, 2015 from the P14,010.2 million December 31, 2014 balance. The increase was
primarily attributable to the P9,376.3 million loan proceeds and P16,121.3 million net cash
generated from operating activities.
The aforementioned were offset by the following:
P9,928.2 million principal re-payments of long-term debts, mainly for the Series 1 P8.5
billion Peso Public Bond;
P7,291.8 million acquisition of property, plant and equipment, mainly on account of
drilling activities in Leyte and Palinpinon;
P3,123.1 million payments of interest and financing charges;
P2,010.5 million regular cash dividend payments;
P941.6 million invested for other non-current assets, mainly for the capital funding of
international projects; and
P500.0 million invested for financial assets at fair value through profit or loss.
This account decreased by 18.3% or P1,263.6 million to P5,623.9 million as of September 30,
2015, from the P6,887.5 million balance as of December 31, 2014, mainly due to collections
from customers.
Financial asset at fair value thru profit or loss
This account increased by 97.7% or P511.6 million to P1,035.2 million as of
September 30, 2015 from the P523.6 million December 31, 2014 balance due to additional
investments acquired in 2015.
Parts and supplies inventories increased by 16.3% or P473.3 million to P3,375.8 million as of
September 30, 2015 from the P2,902.5 million December 31, 2014 balance due to purchase of
various materials and supplies.
Derivative assets current
This account increased by P31.6 million to P53.6 million as of September 30, 2015 from the
P22.0 million December 31, 2014 balance as non-deliverable cross currency swap agreements
resulted in gain.
AFS investments- current
The P130.0 million balance as of September 30, 2015 pertains to the investment in ROP bonds
reclassified from noncurrent to current, with maturity in January 2016.
15

The 209.1% or P1,507.4 million increase to P2,228.4 million as of September 30, 2015 from the
P721.0 million balance as of December 31, 2014 was primarily due to the P864.7 million debt
service reserve accounts maintained in 2015 for the EBWPC and GCGI loans, and to various
prepaid expenses.
The 4.8% or P3,961.2 million increase to P87,034.7 million as of September 30, 2015 from the
P83,073.5 million balance as of December 31, 2014 was primarily due to the P7,634.2 million
additions mainly on account of drilling activities in Leyte and Palinpinon, offset by the P3,690.2
million depreciation and amortization for the period.
This account increased by 7.1% or P199.7 million to P3,001.2 million as of September 30,
2015 from the balance of P2,801.5 million as of December 31, 2014 mainly due to the
expenditures for Rangas and international projects.
Available-for-sale (AFS) investments noncurrent
This account decreased by 23.6% or P133.9 million to P434.1 million as of September 30, 2015,
from the P568.0 million balance as of December 31, 2014 mainly due to the P130.0 million
reclassification of investment in ROP bonds from noncurrent to current.
Derivative assets noncurrent
This account increased by 123.1% or P162.6 million to P294.7 million as of September 30, 2015
from the P132.1 million December 31, 2014 balance as non-deliverable cross currency swap
agreements resulted in gain.
Other noncurrent assets increased by 14.6% or P1,059.4 million to P8,324.4 million as of
September 30, 2015 from the P7,265.0 million as of December 31, 2014 primarily due to capital
funding of international projects.
This account increased by 58.3% or P4,453.3 million to P12,092.6 million as of September 30,
2015 from the P7,639.3 million as of December 31, 2014 primarily due to trade purchases made
during the current period that remained outstanding as of September 30, 2015.
16

The 84.3% or P41.8 million increase to P91.4 million as of September 30, 2015 from the P49.6
million balance as of December 31, 2014 was mainly due to outstanding consultancy fees with
First Gen Corporation.
Income tax payable
The P162.2 million increase to P220.9 million as of September 30, 2015 from the P58.7 million
balance as of December 31, 2014 arose from the taxable income for the period.
Current portion of long-term debts
The P6,786.1 million decrease to P3,713.6 million as of September 30, 2015 from
P10,499.7 million balance as of December 31, 2014 is mainly due to the maturity of the P8.5
billion Series 1 Peso Public Bond on June 4, 2015, offset by the P1,003.5 million current portion
of the P8.5 billion GCGI loan secured on March 18, 2015.
Current portion of derivative liabilities
This account increased by P12.2 million to P15.6 million as of September 30, 2015 from the P3.4
million December 31, 2014 balance, as interest rate swap agreements resulted in loss.
The P7,663.0 million increase to P66,625.6 million as of September 30, 2015 from
P58,962.6 million balance as of December 31, 2014 mainly pertains mainly to the P6,915.3
million noncurrent portion of the P8.5 billion GCGI loan secured on March 18, 2015.
This account increased by P195.1 million to P361.4 million as of September 30, 2015 from the
P166.3 million December 31, 2014 balance, as interest rate swap agreements resulted in loss.
Deferred tax liability
The 19.2% or P0.5 million increase to P3.1 million as of September 30, 2015 from the P2.6
million balance as of December 31, 2014 was due to unrealized foreign exchange gains.
This account increased by 13.9% or P249.8 million to P2,045.8 million as of September 30, 2015
from P1,796.0 million in December 31, 2014 mainly due to retirement expense recognize during
the period.
17

This account increased by 11.0% or P187.0 million to P1,888.1 million as of September 30, 2015
from the P1,701.1 million balance as of December 31, 2014 mainly due to the increase in asset
retirement obligation.
Net accumulated unrealized gain on AFS investments
The P38.8 million decrease to P104.4 million as of September 30, 2015 from the P143.2 million
balance as of December 31, 2014 is due to the decrease in fair value of AFS investments.
Cumulative translation adjustments
The P161.2 million movement to (P345.9 million) as of September 30, 2015 from the (P184.7
million) balance as of December 31, 2014 is mainly due to fair value adjustments on hedging
transactions.
Retained earnings
Retained earnings increased by 9.1% or P1,920.3 million to P23,015.4 million as of September
30, 2015 from P21,095.1 million as of December 31, 2014 due to the first three quarters net
income of P5,865.3 million offset by the P3,945.0 million total cash dividend declared during the
period.
Non-controlling interest increased by 6.1% or P90.5 million to P1,580.6 million as of September
30, 2015 from the P1,490.1 million balance as of December 31, 2014 due to the first three
quarters net income attributable to non-controlling interests of P218.5 million offset by the
P128.0 million total cash dividend paid to non-controlling interests during the period.
18
CAPITAL AND LIQUIDITY RESOURCES

As of the nine-month period ended
(in millions of pesos)
Statement of Financial Position Data
Total Assets
Total Liabilities...
Total Stockholders Equity
YTD September
2015
YTD September
2014
132,489.5
87,058.1
45,431.4
119,710.8
75,297.9
44,412.9
YoY change
12,778.7
11,760.2
1,018.5
The Companys assets as of September 30, 2015 amounted to P132,489.5 million, 10.7% higher
as compared to the P119,710.8 million level as of September 30, 2014.
19
CASH FLOW
YTD September 30, 2015 vs. YTD September 30, 2014
Net cash flows from operating activities increased by 35.4% or P4,215.8 million to P16,121.3
million for the period ended September 30, 2015 from P11,905.5 million during the same period
in 2014 mainly due to higher operating revenue offset by higher operating expenses.
Net cash flows used in investing activities decreased by 40.1% or P5,974.6 million to P8,928.9
million for the period ended September 30, 2015 as compared to the P14,903.5 million during
the same period in 2014 primarily due to higher capital expenditures.
Net cash flows used in financing activities for the nine-month period ended September 30, 2015
amounted to P5,685.5 million, a turn-around from the P475.4 million positive cash flows
generated during the same period last year. This is primarily due to higher payments of long-term
debts and financing charges.
20
DISCUSSION ON THE SUBSIDIARIES

Green Core Geothermal Inc. (GCGI)

Revenue
General and administrative expenses
Other income (charges) - net
Income before income tax
Provision for income tax
Net income
For the periods ended September 30

2015
2014
7,688.3
8,758.4
(6,655.7)
(6,687.1)
(413.6)
(327.7)
(204.6)
11.9
414.4
1,755.5
(87.0)
(203.8)
327.4
1,551.7
Total current assets

Total noncurrent assets
Total current liabilities
Total noncurrent liabilities
Total equity
As of
September 30,
December 31, 2014
2015
3,328.4
4,939.5
9,691.3
9,764.4
3,429.4
2,180.4
6,983.3
52.6
2,607.0
12,470.9
GCGIs revenue decreased by 12.2% or P1,070.1 million, to P7,688.3 million as of September 30, 2015 from P8,758.4
million for the same period in 2014. The unfavorable variance is due to lower sales volume by 132.7 GWh and decrease
in average tariff by P0.24/kWh. The decrease in volume was mainly due to the non-operation of Nasuji power plant since
July 2014 and the scheduled corrective maintenance of Tongonan Power Plants Unit 2.
General and administrative expenses increased by 26.2% or P85.9 million, to P413.6 million in 2015 from P327.7 million
in 2014 due to higher purchased services & utilities (P34.4 million), rental, insurance & taxes (P13.1 million) and business
& related expenses (P13.0 million).
This years other charges (P204.6 million) consisted mainly of interest expense, no similar transaction reported in 2014,
offset by interest income while last years other income (P11.9 million) pertained largely to interest income.
With the foregoing, net income decreased by 78.9% or P1,224.3 million, to P327.4 million in 2015 from P1,551.7 million
in 2014.
Total current assets decreased by 32.6% or P1,611.1 million, to P3,328.4 million as of September 30, 2015 from P4,939.5
million balance as of December 31, 2014. The decrease was traced to lower cash & cash equivalents (P1,437.1 million)
and trade and other receivables (P432.0 million) offset by higher other current assets (P257.3 million). The increase in
other current assets was attributed to this periods debt service reserve account, none in 2014, (P119.6 million) and higher
prepaid expenses (P81.4 million) and withholding tax certificates (P70.3 million).
Total current liabilities increased by 57.3% or P1,249.0 million, to P3,429.4 million as of September 30, 2015 from
P2,180.4 million as of December 31, 2014. The increase was attributed to this years current portion of long-term debt, no
similar transaction reported in 2014, (P1,003.5 million) and higher accounts payable (P306.7 million) offset by lower
income tax payable (P55.0 million).
Total noncurrent liabilities increased by P6,930.7 million, to P6,983.3 million as of September 30, 2015 from P52.6
million as of December 31, 2014 due to this periods long-term debt net of current portion, no similar transaction
reported in 2014, (P6,915.3 million).
Total equity decreased by 79.1% or P9,863 9 million, to P2,607.0 million as of September 30, 2015 from P12,470.9
million as of December 31, 2014. The decrease was due to this years purchase of treasury stocks (P8,193.3 million) and
cash dividend declared on June 30, 2015 (P2,000.0 million) offset by this periods net income (P327.4 million).
21
Bac-Man Geothermal Inc. (BGI)

Revenue
Other income (charges) - net
Net income

2015
2014
3,334.5
2,472.7
(1,700.6)
(1,684.9)
(162.8)
(131.2)
7.4
(1.9)
1,478.5
654.7
(0.6)
0.4
1,477.9
655.1

Total equity
As of
September 30,
December 31,
2015
2014
1,960.4
1,415.8
5,733.6
5,467.4
2,825.3
3,498.6
21.7
15.5
4,847.0
3,369.1
BGI declared commercial operations of Bac-Man Unit 3, Bac-Man Unit 1 and Bac-Man Unit 2 beginning October 1,
2013, January 28, 2014 and June 3, 2014, respectively.
Revenues increased by 34.9% or P
=861.8 million mainly on account of Unit 2s nine months operation in 2015
compared to only four months operation in 2014.
Cost of sales increased by 0.9% or P
=15.7 million primarily due to Unit 2s commercial operation and return-toservice costs due to typhoon Glenda.
General and administrative expenses increased by 24.1% or P
=31.6 million due to higher purchased services and
utilities.
This years other income of P
=7.4 million was a turn-around from last years other expense of =
P1.9 million due to
higher interest income and lower foreign exchange losses.
This years provision for income tax of P
=0.6 million was a turn-around from last years benefit from income tax of
=0.4 million due to current income tax.
P
Total current assets increased by 38.5% or P
=544.6 million primarily due to the increase of cash and cash equivalents
by =
P621.3 million and parts and supplies inventories by =
P23.0 million partly offset by the decrease of trade
receivables and other receivables by P
=116.9 million.
Total non-current assets increased by 4.9% or P
=266.2 million primarily due to the increase of property, plant and
equipment and other non-current assets by P
=200.1 million and P
=66.1 million, respectively.
Total current liabilities decreased by 19.2% or =
P673.3 million primarily due to the decrease in trade and other
payables by P
=716.1 million partly offset by the decrease in due to related parties by P
=33.8 million.
Total non-current liabilities increased by 40.0% or =
P6.2 million due to the increase of retirement and accrued leave
benefit liabilities by =
P4.5 million and P
Total equity increased by 43.9% or P
=1,477.9 million due to net income.
22
EDC Burgos Wind Power Corporation (EBWPC)

Revenue
Other charges net
Loss before income tax
Net loss

2015
2014
1,266.4
(709.2)
(108.3)
(17.1)
(893.9)
(16.6)
(445.0)
(33.7)
25.4
(419.6)
(33.7)

Total equity
As of
September 30,
December 31,
2015
2014
2,554.3
1,847.9
17,631.5
16,927.3
1,363.9
586.3
13,766.8
12,532.4
5,055.1
5,656.5
EBWPC reported =
P1,266.4 million revenue from sale of electricity for the quarter ended September 30, 2015. No
revenue was reported for the same period in 2014.
Costs of sale of electricity was =
P709.2 million, which pertained mainly to depreciation (P
=503.0 million) and
purchased services and utilities (P
=109.5 million).
General and administrative expenses increased by P
=91.2 million or 533% mainly due to higher purchased services
and utilities (P
=54.0 million), vehicle rental (P
=7.2 million) and business related expenses (P
=9.9 million).
Other charges - net increased by P
=877.3 million mainly due to interest expenses incurred on the US$315 million
debt facility secured in the last quarter of 2014.
Total current assets increased by 38% or =
P706.4 million primarily due to marketable securities (P
=697.3 million) and
increased in prepaid expenses by P
=30.4 million.
Total noncurrent assets increased by =
P704.2 million mainly due to increase in property, plant and equipment by
594.9 million.
Total liabilities increased by =
P2,012.0 million or 15% due to the increase in long-term debt by =
P1,359.8 million.
Total equity decreased by 11% mainly due to net loss.
23
=
P
Unified Leyte Geothermal Energy Inc. (ULGEI)

Revenue
Other income (charges) net
Loss before income tax
Net loss

2015
2014
1,065.8
(1,329.6)
(4.7)
(268.5)
(268.5)

Total capital deficiency
As of
September 30,
December 31,
2015
2014
243.0
8.6
0.8
533.4
29.7
(289.6)
(21.1)
ULGEI commenced its commercial operation on December 26, 2014 for the 40 MW Strips of Energy. The
Company reported =
P1,065.8 million revenue from sale of electricity for the period ended September 30, 2015
(P
=88.4 million from contracted sales and =
P977.4 million from WESM sales).
Costs of sale of electricity was =
P1,329.6 million. General and administrative expenses was P
=4.7 million, composed
mainly of WESM fees (P
=4.0 million), and purchased services, taxes, business & other fees (P
=0.7 million).
The foregoing resulted to a =
P268.5 million net loss for the period.
Total currents assets increased by P
=234.4 million due to increase in trade receivables. Total non-current assets was
=0.8 million, which pertains to Input VAT.
P
Total current liabilities increased by P
=503.7 million due to increase in trade payables (P
=329.2 million) and due to
affiliates (P
=174.5 million).
Total capital deficiency increased by P
=268.5 million due to net loss for the period.
24
FG Hydro Power Corporation (FG Hydro)

Revenue
Other charges net
Net income

2015
2014
1,583.7
1,714.3
(444.5)
(318.0)
(259.2)
(379.0)
(128.7)
(125.1)
751.3
892.2
(205.2)
(4.4)
546.1
887.8

Total equity
As of
September 30,
December 31,
2015
2014
1,895.3
1,522.9
5,730.8
6,080.0
640.0
655.6
3,032.7
3,220.0
3,953.4
3,727.3
FG Hydro generated revenues of P1,583.7 million for the period ended September 30, 2015, P130.6 million or 7.6%
lower than the revenues of P1,714.3 million for the same period in 2014. The unfavorable variance was mainly on
account of lower electricity generated in 2015 as compared to the same period in 2014 due to the combined effects
of significantly lower level of water in the dam and lower irrigation diversion requirement, decreased ancillary
service revenues and lower spot prices in the WESM.
Operating expenses for the period ended September 30, 2015 of P703.7 million was slightly higher than the P697.0
million for the same period in 2014. The unfavorable variance was mainly due to slight increases in depreciation and
operation and maintenance expenses.
Interest expense as of September 30, 2015, however, was P10.0 million or 7.7% lower at P120.5 million compared
to P130.5 million for the same period in 2014 due to reduced long-term debt balance.
Provision for current income tax for the period ended September 30, 2015 significantly increased by P200.8 million
to P205.2 million from P4.4 million for the same period in 2014. The unfavorable variance was mainly due to the
expiry of FG Hydros income tax holiday incentive on April 13, 2014.
Overall, FG Hydro posted a net income of P546.1 million for the period ended September 30, 2015, P341.7 million
or 38.5% lower than the P887.8 million reported income for the same period in 2014.
Total assets as of September 30, 2015 stood at P7,626.1 million, P23.2 million or slightly higher than the December
31, 2014 level of P7,602.9 million. The favorable variance was mainly due to higher cash balance in 2015.
As of September 30, 2015, total liabilities stood at P3,672.7 million, P202.9 million or 5.2% lower than the
December 31, 2014 level of P3,875.6 million. The favorable variance is mainly on account of lower long-term debt
balance.
Total equity as of September 30, 2015 of P3,953.4 million is P226.1 million or 6.1% higher compared to the
December 31, 2014 level of P3,727.3 million.
25
KEY PERFORMANCE INDICATORS

The top eight (8) key performance indicators are set forth below:
Ratio
Current Ratio
Debt-to-Equity Ratio
Net Debt-to-Equity Ratio
Return on Assets (%)
Return on Equity (%)
Solvency Ratio
Interest Rate Coverage Ratio
Asset-to-Equity Ratio
September 2015
1.73:1
1.55:1
1.21:1
5.84
16.38
0.17:1
3.08:1
2.92:1
September 2014
1.40:1
1.45:1
1.15:1
9.15
25.32
0.22:1
4.21:1
2.70:1
Current Ratio Total current assets divided by total current liabilities. This ratio is a rough indication of
a companys ability to pay its short-term obligations. Generally, a current ratio above 1.00 is indicative of
a companys greater capability to settle its current obligations.
Debt-to-Equity Ratio Total interest-bearing debts divided by stockholders equity. This ratio expresses
the relationship between capital contributed by the creditors and the owners. The higher the ratio, the
greater the risk being assumed by the creditors. A lower ratio generally indicates greater long-term
financial safety.
Net-Debt-to-Equity Ratio Total interest-bearing debts less cash & cash equivalents divided by
stockholders equity. This ratio measures the companys financial leverage and stability. A negative net
debt-to-equity ratio means that the total of cash and cash equivalents exceeds interest-bearing
liabilities.
Return on Assets Net income (annual basis) divided by total assets (average). This ratio indicates how
profitable a company is relative to its total assets. This also gives an idea as to how efficient management
is at using its assets to generate earnings.
Return on Equity Net income (annual basis) divided by total stockholders equity (average). This ratio
reveals how much profit a company earned in comparison to the total amount of shareholder equity found
on the balance sheet. A business that has a high return on equity is more likely to be one that is capable of
internally generating cash. For the most part, the companys return on equity is compared with an industry
average. The company is considered superior if its return on equity is greater than the industry average.
Solvency Ratio Net income excluding depreciation and non-cash provisions divided by total debt
obligations. This ratio gauges a companys ability to meet its long-term obligations.
Interest Rate Coverage Ratio Earnings before interest and taxes of one period divided by interest
expense of the same period. This ratio determines how easily a company can pay interest on outstanding
debt.
Asset-to-Equity Ratio Total assets divided by total stockholders equity.
companys leverage, the amount of debt used to finance the firm.
This ratio shows a
26
Commitments that will have an impact on the issuers liquidity

As of September 30, 2015, the Company has unserved purchase orders and awarded contracts for
the purchase of various capital goods in the total amount of P2,700 million.
Other than these, we are not aware of any other material commitments that should impact the
Companys liquidity.
Foreign Exchange Rate Volatility
The Company has P
=30,080.2 million in long-term US dollar denominated loans as of
September 30, 2015 which is 42.8% of the total Companys long-term loans.
Any events that will trigger direct or contingent financial obligation that is material to the
company, including any default or acceleration of an obligation
There are no material changes in the contingent financial obligations since the last annual
balance sheet date.
CASH DIVIDENDS
On March 6, 2015, EDC declared cash dividends amounting to P
=1,900.0 million to its common
shareholders and P
=7.5 million to its preferred shareholder of record as of March 20, 2015
payable on or before April 16, 2015.
On September 9, 2015, EDC declared special cash dividends amounting to P
=2,100.0 million to
its common stockholders of record as of September 23, 2015 payable on or before October 7,
2015.
On January 8, 2015, FG Hydro declared cash dividends amounting to P
=320 million to its
common stockholders of record as of January 15, 2015 payable on or before January 23, 2015.
27
MAJOR STOCKHOLDERS
As of September 30, 2015, the total number of stockholders was 675 and the stock price was P5.50.
Public float level was at 49.27% (or 9,238,025,739 common shares).
List of Top 20 Stockholders as of September 30, 2015
Number of Shares
Rank
Name
Nationality
Preferred
Common
Total
Red Vulcan Holdings Corporation
Filipino
9,375,000,000
7,500,000,000
16,875,000,000
60.00
PCD Nominee Corporation
Foreign
5,662,412,045
5,662,412,045
20.13
PCD Nominee Corporation
Filipino
3,570,986,206
3,570,986,206
12.70
First Gen Corporation
Filipino
991,782,700
991,782,700
3.53
Northern Terracotta Power

5
Corporation
Filipino
986,337,000
986,337,000
3.51
Peter D. Garrucho, Jr.
Filipino
5,670,000
5,670,000
0.02
F. Yap Securities, Inc.
Filipino
4,000,000
4,000,000
0.01
Peace Equity Access for Community

8
Empowerment Foundation, Inc.
Filipino
3,030,000
3,030,000
0.01
Benjamin K. Liboro/Luisa Liboro
Filipino
2,525,500
2,525,500
0.01
10
Croslo Holdings Corporation
Filipino
2,200,000
2,200,000
0.01
11
Asuncion Tiu Go
Filipino
2,000,000
2,000,000
0.01
12
Manuel Moreno/Maria Terasa Lopez
Filipino
1,310,000
1,310,000
0.00
13
Anthony M. Mabasa
Filipino
1,000,000
1,000,000
0.00
14
Arthur A. de Guia
Filipino
950,000
950,000
0.00
15
ALG Holdings Corporation
Filipino
875,000
875,000
0.00
16
First Life Financial Co., Inc.
Filipino
800,000
800,000
0.00
17
Peter Mar &/or Annabelle C. Mar
Filipino
700,000
700,000
0.00
18
Rosalind Camara
Filipino
663,750
663,750
0.00
19
Emelita D. Sabella
Filipino
521,000
521,000
0.00
20
Ma. Consuelo R. Lopez
Filipino
500,000
500,000
0.00
28
BOARD OF DIRECTORS
As of September 30, 2015, the members of the Board of Directors of EDC are as follows:
Oscar M. Lopez
Federico R. Lopez
Peter D. Garrucho, Jr.
Elpidio L. Ibaez
Ernesto B. Pantangco
Francis Giles B. Puno
Richard B. Tantoco
Jonathan C. Russell
Edgar O. Chua
Francis Ed. Lim
Arturo T. Valdez
Chairman Emeritus
Chairman and Chief Executive Officer
Director
Director
Director and Executive Vice President
Director
Director, President and Chief Operating Officer
Director
Independent Director
OFFICERS
As of September 30, 2015, the Officers of EDC are as follows:
Name
Federico R. Lopez
Richard B. Tantoco
Ernesto B. Pantangco
Nestor H. Vasay
Manuel S. Ogena
Dominic M. Camu
Ma. Elizabeth D. Nasol

Vincent Martin C. Villegas
Erwin O. Avante
Ferdinand B. Poblete
Ariel Arman V. Lapus
Ellsworth R. Lucero
Manuel C. Paete
Liberato S. Virata
Wilfredo A. Malonzo*
Reman A. Chua
Raymundo N. Jarque
Position
Chief Executive Officer
President and Chief Operating Officer
Executive Vice President
Senior Vice President for the Finance
Group/CFO/Treasurer/Head of Finance & Shared
Services Group
Senior Vice President, Geosciences and Reservoir
Engineering Group
Senior Vice President, Operations and Engineering
Group and Concurrent Head of Leyte Geothermal
Business Unit (LGBU)
Vice President, Human Resource Management Group
Vice President, Business Development Sector
Vice President, Corporate Finance, Compliance
Officer (SEC & PSE)
Vice President, Information Technology Group/Chief
Information Officer
Vice President, Business Development, and
Managing Director for Latin America
Vice President, Head of LGBU Facilities Operations
Management
Vice President, Head of LGBU Projects & Resource
Management
Vice President, Head of BGBU Projects & Resource
Exploration Management
Vice President, Strategic Contracting
Vice President, Head of Wind Ilocos Norte Business
Unit
Vice President for International and Frontier/Business
Development Group
29
Rassen M. Lopez
Maribel A. Manlapaz
Teodorico Jose R. Delfin
Ana Maria A. Katigbak
Glenn L. Tee
Erudito S. Recio
Vice President, Head of Legal and Regulatory Group

Assistant Vice President, Comptroller
Corporate Secretary
Assistant Corporate Secretary
Chief Audit Executive
Investor Relations and Corporate Information Officer
*Resigned effective Oct. 2, 2015
30
ENERGY DEVELOPMENT CORPORATION AND SUBSIDIARIES

FINANCIAL SOUNDNESS INDICATORS
Ratio
September 30
2015
2014
Current
1.73:1.00
1.40:1.00
Debt-to-Equity
1.55:1.00
1.45:1.00
Net Debt-to-Equity
1.21:1.00
1.15:1.00
Return on Assets (%)
5.84
9.15
Return on Equity (%)
16.38
25.32
Solvency
0.17:1.00
0.22:1.00
Interest Rate Coverage
3.08:1.00
4.21:1.00
Asset-to-Equity
2.92:1.00
2.70:1.00
Prime Terracotta
Holdings Corporation
E: 100%
V: 100%
Red Vulcan
Holdings Corporation
E: 40%
V: 60%
D: 100%
D: 60%
EDC Geothermal
Corporation (EGC)
ID: 100%
Green Core Geothermal Inc.

(GCGI)
Bac-Man Geothermal Inc.
(BGI)
Unified Leyte Geothermal
Energy Inc. (ULGEI)
Southern Negros Geothermal,
Inc. (SNGI)
EDC Mindanao Geothermal
Inc. (EMGI)
Bac-Man Energy
Development Corporation
(BEDC)
Kayabon Geothermal, Inc.
(KGI)
Mount Apo Renewable Energy
Inc. (MAREI)
Legend:
D Direct Ownership
ID Indirect Ownership
E Economic Interest
V Voting Interest
EDC Wind Energy

Holdings Inc.
(EWEHI)
First Gen Hydro Power

Corporation (FGHPC)
ID: 0.01%
D: 99.99%
Energy Development (EDC)

Corporation Chile Limitada
ID: 95%
EDC Soluciones
Sostenibles Ltd
ID: 100%
EDC Energia Verde Chile SpA
ID: 100%
ID: 100%
ID: 100%
EDC Pagali Burgos

Wind Power
Corporation
(EPBWPC)
ID: 100%
EDC Pagudpod
Wind Power
Corporation
(EPWPC)
EDC Bayog Burgos

Wind Power
Corporation
(EBBWPC)
ID: 100%
ID: 100%
PT EDC Indonesia
PT EDC Panas Bumi

Indonesia
ID: 95%
EDC Chile
Holdings SPA
EDC Drillco
Corporation (EDC
Drillco)
ID: 100%
EDC Burgos Wind

Power
Corporation
(EBWPC)
D: 100%
D: 100%
D: 100%
EDC Bright Solar

Energy Holdings Inc.
(EBSEHI)
ID: 100%
EDC Bago
Solar Power
Corporation
(EBSPC)
ID: 99.96%
EDC Energia de la Tierra SpA

Geotermica Crucero
Peru S.A.C.
Geotermica Tutupaca
Norte Peru S.A.C.
EDC Energia
Geotermica S.A.C.
Geotermica Loriscota
Peru S.A.C.
ID: 70%
Geotermica
Quellaapacheta Peru
S.A.C.
EDC Energia Peru S.A.C.
EDC Progreso Geotermico

S.A.C.
EDC Energia Renovable

S.A.C.
ID: 0.01%
ID: 99.99%
Energy Development
Corporation Hong Kong
Limited
(EDC HKL)
ID: 0.01%
EDC Peru
Holdings S.A.C.
ID: 0.01%
ID: 99.99%
EDC Geotermica
Peru S.A.C.
ID: 30%
EDC Energia Azul S.A.C.
ID: 100%
ID: 99.99%
EDC Energia Verde

Peru S.A.C.
ID: 70%
ID: 70%
EDC Burgos
Solar
Corporation
(EBSC)
EDC Desarollo
Sostenible Ltd
EDC Geotermica Del Sur

S.A.C.
EDC Holdings
International Limited
(EHIL)
ID: 100%
ID: 100%
ID: 100%
EDC Geotermica Chile

SPA
D: 100%
ID: 70%
ID: 0.01%
Exhibit 2.2
(A Subsidiary of Red Vulcan Holdings Corporation)
SUPPLEMENTARY SCHEDULE OF ALL EFFECTIVE STANDARDS

AND INTERPRETATIONS
SEPTEMBER 30, 2015
PHILIPPINE FINANCIAL REPORTING STANDARDS AND

INTERPRETATIONS
Effective as of September 30, 2015
Framework for the Preparation and Presentation of Financial
Statements
Conceptual Framework Phase A: Objectives and qualitative
characteristics
Adopted
Not
Adopted
Not
Applicable
PFRSs Practice Statement Management Commentary
Philippine Financial Reporting Standards
First-time Adoption of Philippine Financial

Reporting Standards
Amendments to PFRS 1 and PAS 27: Cost of an

Investment in a Subsidiary, Jointly Controlled
Entity or Associate
Amendments to PFRS 1: Additional Exemptions for

First-time Adopters
Amendment to PFRS 1: Limited Exemption from

Comparative PFRS 7 Disclosures for First-time
Adopters
Amendments to PFRS 1: Severe Hyperinflation and

Removal of Fixed Date for First-time Adopters
Amendments to PFRS 1: Government Loans
Share-based Payment
Amendments to PFRS 2: Vesting Conditions and

Cancellations
Amendments to PFRS 2: Group Cash-settled Sharebased Payment Transactions
Amendments to PAS 39 and PFRS 4: Financial

Guarantee Contracts
Non-current Assets Held for Sale and Discontinued

Operations
Exploration for and Evaluation of Mineral

Resources
PFRS 1
(Revised)
PFRS 2
PFRS 3
(Revised)
Business Combinations
PFRS 4
Insurance Contracts
PFRS 5
PFRS 6

INTERPRETATIONS
Adopted
Not
Adopted
Not
Applicable
Financial Instruments: Disclosures
Amendments to PFRS 7: Transition
Amendments to PAS 39 and PFRS 7:

Reclassification of Financial Assets

Reclassification of Financial Assets - Effective Date
and Transition
Amendments to PFRS 7: Improving Disclosures

about Financial Instruments
Amendments to PFRS 7: Disclosures - Transfers of

Financial Assets
Amendments to PFRS 7: Disclosures - Offsetting

Financial Assets and Financial Liabilities
Amendments to PFRS 7: Mandatory Effective Date

of PFRS 9 and Transition Disclosures
PFRS 8
Operating Segments
PFRS 9
Financial Instruments (2010 version)*
Amendments to PFRS 9: Mandatory Effective Date

of PFRS 9 and Transition Disclosures*
PFRS 7
PFRS 10
Consolidated Financial Statements
Amendments to PFRS 10, PFRS 12 and PAS 27:

Investment Entities
Amendments to PFRS 10 and PAS 28: Sale or

Contribution of Assets between an Investor and its
Associate or Joint Venture*
PFRS 11
Joint Arrangements
PFRS 12
Disclosure of Interests in Other Entities

Investment Entities
PFRS 13
Fair Value Measurement
PFRS 14
Regulatory Deferral Accounts*
PFRS 15
Revenue from Contracts with Customers*
Presentation of Financial Statements
Amendment to PAS 1: Capital Disclosures
Amendments to PAS 32 and PAS 1: Puttable
Philippine Accounting Standards

PAS 1
(Revised)

INTERPRETATIONS
Adopted
Not
Adopted
Not
Applicable
Financial Instruments and Obligations Arising on

Liquidation
Amendments to PAS 1: Presentation of Items of
Other Comprehensive Income
PAS 2
Inventories
PAS 7
Statement of Cash Flows
PAS 8
Accounting Policies, Changes in Accounting

Estimates and Errors
PAS 10
Events after the Balance Sheet Date
PAS 11
Construction Contracts
PAS 12
Income Taxes
Amendment to PAS 12 - Deferred Tax: Recovery of

Underlying Assets
Property, Plant and Equipment
Amendments to PAS 16 and PAS 18: Clarification

of Acceptable Methods of Depreciation and
Amortization*
Amendments to PAS 16 and PAS 41: Bearer Plants*
PAS 16
PAS 17
Leases
PAS 18
Revenue
PAS 19
Employee Benefits
Amendments to PAS 19: Actuarial Gains and

Losses, Group Plans and Disclosures
Amendments to PAS 19: Defined Benefit Plans:

Employee Contributions*
PAS 19
(Amended)
Employee Benefits
PAS 20
Accounting for Government Grants and Disclosure

of Government Assistance
The Effects of Changes in Foreign Exchange Rates
Amendment: Net Investment in a Foreign Operation
PAS 21
PAS 23
(Revised)
Borrowing Costs
PAS 24
(Revised)
Related Party Disclosures
PAS 26
Accounting and Reporting by Retirement Benefit

Plans
PAS 27
Separate Financial Statements

INTERPRETATIONS
(Amended)

Investment Entities
Adopted
Not
Adopted
Not
Applicable
Amendment: Equity Method in Separate Financial

Statements*
Investments in Associates and Joint Ventures
Amendment: Accounting for Acquisitions of

Interests in Joint Operations*
Financial Reporting in Hyperinflationary

Economies
PAS 31
Interests in Joint Ventures
PAS 32
Financial Instruments: Disclosure and Presentation
Amendments to PAS 32 and PAS 1: Puttable

Financial Instruments and Obligations Arising on
Liquidation
Amendment to PAS 32: Classification of Rights

Issues
Amendments to PAS 32: Offsetting Financial Assets

and Financial Liabilities
PAS 33
Earnings per Share
PAS 34
Interim Financial Reporting
PAS 36
Impairment of Assets
Amendment to PAS 36: Impairment of Assets

Recoverable Amount Disclosures for Non-Financial
Assets
Provisions, Contingent Liabilities and Contingent

Assets
PAS 38
Intangible Assets
PAS 39
Financial Instruments: Recognition and

Measurement
Amendments to PAS 39: Transition and Initial

Recognition of Financial Assets and Financial
Liabilities
Amendments to PAS 39: Cash Flow Hedge

Accounting of Forecast Intragroup Transactions
Amendments to PAS 39: The Fair Value Option
Amendments to PAS 39 and PFRS 4: Financial

Guarantee Contracts

Reclassification of Financial Assets
PAS 28
(Amended)
PAS 29
PAS 37

INTERPRETATIONS
Adopted
Not
Adopted
Not
Applicable
Reclassification of Financial Assets - Effective Date

and Transition
Amendments to Philippine Interpretation IFRIC-9
and PAS 39: Embedded Derivatives
Amendment to PAS 39: Eligible Hedged Items
Amendment to PAS 39: Novation of Derivatives

and Continuation of Hedge Accounting
PAS 40
Investment Property
PAS 41
Agriculture
Philippine Interpretations
IFRIC 1
IFRIC 2
IFRIC 4
IFRIC 5
IFRIC 6
IFRIC 7
Changes in Existing Decommissioning, Restoration

and Similar Liabilities
Members Share in Co-operative Entities and
Similar Instruments
Determining Whether an Arrangement Contains a

Lease
Rights to Interests arising from Decommissioning,

Restoration and Environmental Rehabilitation
Funds
Liabilities arising from Participating in a Specific

Market - Waste Electrical and Electronic Equipment
Applying the Restatement Approach under PAS 29

Financial Reporting in Hyperinflationary
Economies
IFRIC 8
Scope of PFRS 2
IFRIC 9
Reassessment of Embedded Derivatives
Amendments to Philippine Interpretation

IFRIC - 9 and PAS 39: Embedded Derivatives
IFRIC 10
Interim Financial Reporting and Impairment
IFRIC 11
PFRS 2- Group and Treasury Share Transactions
IFRIC 12
Service Concession Arrangements
IFRIC 13
Customer Loyalty Programmes
IFRIC 14
The Limit on a Defined Benefit Asset, Minimum

Funding Requirements and their Interaction
Amendments to Philippine Interpretations

IFRIC- 14, Prepayments of a Minimum Funding
Requirement
IFRIC 15
Agreements for the Construction of Real Estate*
IFRIC 16
Hedges of a Net Investment in a Foreign Operation

INTERPRETATIONS
Adopted
Not
Adopted
Not
Applicable
IFRIC 17
Distributions of Non-cash Assets to Owners
IFRIC 18
Transfers of Assets from Customers
IFRIC 19
Extinguishing Financial Liabilities with Equity

Instruments
Stripping Costs in the Production Phase of a Surface

Mine
IFRIC 20
IFRIC 21
Levies
SIC-7
Introduction of the Euro
SIC-10
Government Assistance - No Specific Relation to

Operating Activities
SIC-12
SIC-13
Consolidation - Special Purpose Entities
Amendment to SIC - 12: Scope of SIC 12
Jointly Controlled Entities - Non-Monetary

Contributions by Venturers
SIC-15
Operating Leases - Incentives
SIC-21
Income Taxes - Recovery of Revalued NonDepreciable Assets
Income Taxes - Changes in the Tax Status of an

Entity or its Shareholders
Evaluating the Substance of Transactions Involving

the Legal Form of a Lease
SIC-25
SIC-27
SIC-29
Service Concession Arrangements: Disclosures.
SIC-31
Revenue - Barter Transactions Involving

Advertising Services
Intangible Assets - Web Site Costs
SIC-32
*These standards, interpretations and amendments to existing standards became effective subsequent to September 30, 2015.
The Company did not early adopt these standards, interpretations and amendments.
Energy Development Corporation

and Subsidiaries
Unaudited Interim Condensed Consolidated Financial Statements
September 30, 2015 (With Comparative Audited Figures as of December 31, 2014)
and For the Nine-Month Periods Ended September 30, 2015 and 2014

AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
As of September 30, 2015
(With Comparative Audited Figures as of December 31, 2014)
September 30,
2015
(Unaudited)
December 31,
2014
(Audited)
P
=15,535,001,359
5,623,860,469
3,375,844,818
1,035,235,015
=14,010,213,414
P
6,887,533,961
2,902,452,788
523,593,442
129,983,940
53,583,350
2,228,374,444
27,981,883,395
22,024,164
720,967,433
25,066,785,202
87,034,656,430
4,316,400,553
3,001,200,046
434,147,181
1,102,089,025
294,708,426
8,324,377,067
104,507,578,728
83,073,524,410
4,542,553,788
2,801,502,406
567,976,890
1,049,978,028
132,144,980
7,264,999,222
99,432,679,724
ASSETS
Current Assets
Cash and cash equivalents (Notes 5 and 23)
Trade and other receivables (Notes 6 and 23)
Parts and supplies inventories (Note 7)
Financial assets at fair value through profit or loss (Note 23)
Current portion of:
Available-for-sale investments (Note 23)
Derivative assets (Note 23)
Other current assets (Note 8)
Total Current Assets
Noncurrent Assets
Property, plant and equipment (Note 9)
Goodwill and intangible assets (Note 10)
Available-for-sale investments (Note 23)
Deferred tax assets - net of current portion
Derivative assets - net of current portion (Note 23)
Other noncurrent assets (Notes 11 and 23)
Total Noncurrent Assets
TOTAL ASSETS
=124,499,464,926
P
=132,489,462,123 P
LIABILITIES AND EQUITY

Current Liabilities
Trade and other payables (Notes 12 and 23)
Due to related parties (Notes 22 and 23)
Income tax payable
Current portion of:
Long-term debts (Notes 13 and 23)
Derivative liabilities (Note 23)
Total Current Liabilities
(Forward)
P
=12,092,591,971
91,457,297
220,872,287
=7,639,327,438
P
49,625,468
58,743,150
3,713,570,132
15,570,516
16,134,062,203
10,499,672,112
3,394,698
18,250,762,866
-2-
Noncurrent Liabilities
(Notes 13 and 23)
(Note 23)
Deferred tax liabilities
Total Noncurrent Liabilities
Total Liabilities
Equity
Equity attributable to equity holders of the Parent Company:
Preferred stock
Common stock
Common shares in employee trust account
Additional paid-in capital
Equity reserve
Net accumulated unrealized gain on available-for-sale
investments
Cumulative translation adjustments on hedging transactions
Cumulative translation adjustment on foreign subsidiaries
Retained earnings
Total Equity
TOTAL LIABILITIES AND EQUITY
September 30,
2015
(Unaudited)
December 31,
2014
(Audited)
P
=66,625,562,653
=58,962,569,562
P
361,438,933
3,109,398
2,045,766,373
1,888,107,187
70,923,984,544
87,058,046,747
166,340,202
2,612,598
1,795,995,440
1,701,097,781
62,628,615,583
80,879,378,449
93,750,000
18,750,000,000
(346,478,400)
6,286,036,186
(3,706,430,769)
93,750,000
18,750,000,000
(346,730,774)
6,285,845,818
(3,706,430,769)
104,365,651
(343,524,002)
(2,365,849)
23,015,433,191
43,850,786,008
1,580,629,368
45,431,415,376
143,192,675
(178,182,172)
(6,530,344)
21,095,090,585
42,130,005,019
1,490,081,458
43,620,086,477
=124,499,464,926
P
=132,489,462,123 P
See accompanying Notes to Unaudited Interim Condensed Consolidated Financial Statements.

AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF INCOME
Three-Month Periods Ended
September 30
2014
2015
Nine-month Periods Ended

September 30
2014
2015
REVENUE FROM SALE OF

ELECTRICITY
P
=8,548,705,916
=22,982,750,535
=7,755,499,596 P
P
=25,324,102,231 P
COSTS OF SALE OF ELECTRICITY

(Note 15)
(3,777,026,128)
(3,043,446,794) (10,205,373,341)
(7,824,794,640)
GENERAL AND ADMINISTRATIVE

EXPENSES (Note 16)
(1,540,987,796)
(1,254,107,879)
(4,687,668,353)
(3,795,633,308)
69,393,021
(1,031,661,207)
(962,268,186)
48,376,636
(881,487,215)
(833,110,579)
219,342,215
(3,409,544,187)
(3,190,201,972)
137,257,514
(2,723,938,366)
(2,586,680,852)
(928,918,891)
75,252,959
(554,787,582)
265,534,452
(1,162,914,908)
826,345,449
(179,928,249)
529,084,042
FINANCIAL INCOME (EXPENSES)

Interest income (Notes 4 and 18)
Interest expense (Notes 4 and 17)
OTHER INCOME (CHARGES)

Foreign exchange losses - net
(Note 19)
Reversal of previously impaired property,
plant and equipment (Note 9)
Miscellaneous income (expenses) - net
(Note 20)
INCOME BEFORE INCOME TAX

PROVISION FOR(BENEFIT FROM)
INCOME TAX
Current
Deferred
NET INCOME
Net income attributable to:
Equity Holders of the Parent
Company
Basic/Diluted Earnings Per Share for

Net Income Attributable to Equity
Holders of the Parent Company
(Note 21)
2,051,903,642
13,846,983
(839,818,949)
100,309,084
1,862,959,596
1,428,604,857
4,487,793,940
(224,402,672)
79,187,681
(145,214,991)
(216,605,246)
(207,934,200)
(424,539,446)
(107,937,162)
(444,506,621)
6,796,351,944
(739,036,011)
26,574,583
(712,461,428)
2,051,903,642
415,730,386
2,816,789,821
11,592,431,556
(737,501,593)
(311,208,569)
(1,048,710,162)
P
=1,283,389,866
=4,063,254,494
P
P
=1,256,786,123
26,603,743
P
=1,283,389,866
=4,091,477,633 P
P
=10,376,801,597
=5,865,342,606 P
(28,223,139)
166,919,797
218,547,910
=4,063,254,494 P
P
P10,543,721,394
=6,083,890,516 =
P
=0.067
=10,543,721,394
P
=6,083,890,516 P
=0.218
P
P
=0.312
=0.553
P

AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME
NET INCOME
OTHER COMPREHENSIVE INCOME
(LOSS)
Other comprehensive income(loss) to be
reclassified to profit or loss in
subsequent periods:
Cumulative translation adjustment on
hedging transactions
Changes in fair value of
available-for- sale investments
Cumulative translation adjustments on
foreign subsidiaries
TOTAL COMPREHENSIVE INCOME

Total comprehensive income
attributable to:
Non-controlling interest
Three-Month Periods Ended

September 30
2014
2015
Nine-Month Periods Ended

September 30
2014
2015
=4,063,254,494
P
=10,543,721,394
P
=6,083,890,516 P
P
=1,283,389,866
(266,767,181)
44,805,487
(165,341,830)
38,488,778
(58,881,631)
58,179,547
(38,827,024)
126,733,333
61,227,980
(264,420,832)
(23,184,102)
79,800,932
4,164,496
(200,004,358)
(13,403,771)
151,818,340
P
=1,018,969,034
=4,143,055,426
P
P4,171,278,565
P
=992,365,291 =
(28,223,139)
26,603,743
P
=1,018,969,034
=4,143,055,426
P
=10,695,539,734
P
=5,883,886,158 P
=10,528,619,937
P
=5,665,338,248 P
166,919,797
218,547,910
=10,695,539,734
P
=5,883,886,158 P

AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER 30, 2015 AND 2014
Preferred
Stock
Balances, January 1, 2015
Total comprehensive income:
Net income
available-for-sale
investments recognized
in equity
Cumulative translation
adjustments on hedging
transactions
adjustments on foreign
subsidiaries
Cash dividends (Note 14)
Cash dividends to non-controlling
interest
Share-based payment
Balances, September 30, 2015
Common
Stock
P
=93,750,000 P
=18,750,000,000
Common
Shares in
Employee
Trust Account
Equity Attributable to Equity Holders of the Parent Company

Net
Cumulative
Cumulative
Accumulated
Translation
Translation
Additional
Unrealized Gain Adjustments on Adjustments on
Paid-in
Equity on Available-forHedging
Foreign
Capital
Reserve sale investments
Transactions
Subsidiaries
(P
=346,730,774) P
=6,285,845,818 (P
=3,706,430,769)
252,374
190,368
P
=93,750,000 P
=18,750,000,000
(P
=346,478,400) P
=6,286,036,186 (P
=3,706,430,769)
P
=143,192,675
(38,827,024)
(38,827,024)
(P
=178,182,172)
Subtotal
(P
=6,530,344) P
=21,095,090,585 P
=42,130,005,019
Total Equity
P
=1,490,081,458 P
=43,620,086,477
5,865,342,606
(38,827,024)
(38,827,024)
(165,341,830)
(165,341,830)
4,164,495
(200,004,359)
(3,945,000,000)
4,164,495
(200,004,359)
(3,945,000,000)
(165,341,830)
(165,341,830)
4,164,495
4,164,495
(P
=343,524,002)
5,865,342,606.
(3,945,000,000)
5,865,342,606
Non-controlling
Interests
P
=104,365,651
Retained
Earnings
442,742
(P
=2,365,849) P
=23,015,433,191 P
=43,850,786,008
218,547,910
(128,000,000)
6,083,890,516
(128,000,000)
442,742
P
=1,580,629,368 P
=45,431,415,376
-2-
Preferred
Stock
Balances, January 1, 2014
Total comprehensive income:
Net income
Available-for-sale investments
recognized
in equity
adjustments
adjustments on foreign
subsidiaries
Cash dividend (Note 14)
Investments from non-controlling
shareholders
Share based payment
Balances, September 30, 2014
(Unaudited)
Common
Stock
Common
Shares in
Employee
Trust Account
(P
=351,494,001)
Additional
Paid-in
Capital
Total Equity
P
=34,238,167,498
P
=2,006,791,407
P
=36,244,958,905
10,376,801,595
10,376,801,595
166,919,799
10,543,721,394
126,733,333
38,488,778
126,733,333
38,488,778
3,572,420
2,277,732
P
=93,750,000
P
=18,750,000,000
P
=156,344,654
(P
=17,126,940)
(P
=8,698,511)
P
=13,204,236,334
(P
=3,706,430,769)
(P
=55,615,718)
Non-controlling
Interests
P
=6,285,086,574
P
=29,611,321
Subtotal
P
=18,750,000,000
(P
=3,706,430,769)
Retained
Earnings
P
=93,750,000
(P
=347,921,581)
P
=6,282,808,842
Equity Attributable to Equity Holders of the Parent Company

Net
Accumulated
Cumulative
Cumulative
Unrealized
Translation
Translation
Gain on Available Adjustments on Adjustments on
Equity
for Sale
Hedging
Foreign
Reserve
Investments
Transactions
Subsidiaries
(13,403,771)
(13,403,771)
(P
=22,102,282)
126,733,333
126,733,333
38,488,778
38,488,778
10,376,801,595
(1,882,500,000)
(13,403,771)
10,528,619,935
(1,882,500,000)
166,919,799
(658,255,057)
(13,403,771)
10,695,539,734
(2,540,755,057)
5,850,152
7,293,406
7,293,406
5,850,152
P
=21,698,537,929
P
=42,890,137,585
P
=1,522,749,555
P
=44,412,887,140

AND SUBSIDIARIES
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine-Month Periods
Ended September 30
2014
2015
CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments for:
Depreciation and amortization (Notes 9 and 10)
Interest expense (Note 17)
Unrealized foreign exchange losses - net
Reversal of previously impaired property, plant and

equipment (Note 9)
Retirement and post-employment benefits costs
Interest income (Note 18)
Loss on direct write-off of input VAT claims (Note 20)
Provision for doubtful accounts (Notes 11 and 16)
Mark-to-market gain on financial assets at fair value
through profit or loss
Gain on sale of property, plant and equipment
(Notes 9, 20 and 22)
Share-based payment expense
Derivative losses - net (Note 23)
Operating income before working capital changes
Decrease (increase) in:
Increase (decrease) in:
Cash generated from operations
Income taxes paid including creditable withholding taxes
Net cash flows from operating activities
(Forward)
P
=6,796,351,944
=11,592,431,556
P
3,794,592,726
3,409,544,187
1,177,445,306
2,858,013,445
2,723,938,366
212,748,960
249,770,933
(219,342,215)
87,111,648
49,876,869
(2,051,903,642)
231,715,617
(137,257,514)
48,307,739
(11,641,573)
(7,911,584)
(7,317,074)
442,742
15,326,835,493
(362,123,597)
5,850,153
15,121,356,519
(1,086,502,200)
1,001,809,810
(473,392,030)
61,500,689
(2,698,778,124)
199,778,785
2,185,079,750
123,462,831
41,831,829
17,119,125,483
(997,811,685)
16,121,313,798
(335,536,665)
52,284,947
(23,849,986)
12,376,756,165
(471,282,749)
11,905,473,416
7,547,020
For the Nine-Month Periods

Ended September 30
2014
2015
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisitions of property, plant and equipment (Note 9)
Purchase of financial assets at fair value through
profit or loss
Interest received
Purchase of available-for-sale investments
Proceeds from:
Sale of property, plant and equipment
Redemption of available-for-sale investments
Increase in:
Intangible assets
Revenue generated from testing of property,
plant and equipment
Net cash flows used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long term debt (Note13)
Investments from non-controlling shareholders
Payments of:
Long-term debts (Note 13)
Interest and other financing charges
Cash dividends (Note 14)
Net cash flows from (used in) financing activities
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
EFFECT OF FOREIGN EXCHANGE RATE CHANGES
ON CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT
BEGINNING OF PERIOD (Notes 5 and 23)
CASH AND CASH EQUIVALENTS AT END OF PERIOD
(Notes 5 and 23)
(7,291,757,174)
(14,836,828,284)
(500,000,000)
227,175,061
(29,026,924)
(500,000,000)
163,691,500
(76,510,586)
4,827,269
(199,697,641)
(198,805,195)
(941,573,732)
(8,928,858,336)
1,455,494,065
346,448,103
(391,196,928)
(2,985,049)
(1,161,348,574)
99,756,273
(14,903,479,480)
P
=9,376,287,113
=6,574,053,340
P
7,293,406
(9,928,238,750)
(3,123,081,875)
(2,010,500,000)
(5,685,533,512)
(1,030,736,500)
(2,534,459,851)
(2,540,755,057)
475,395,338
1,506,921,950
(2,522,610,726)
17,865,995
46,934,724
14,010,213,414
16,043,154,556
P
=15,535,001,359
=13,567,478,554
P

AND SUBSIDIARIES
NOTES TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
1. Corporate Information
General
Energy Development Corporation (the Parent Company or EDC) was incorporated in the
Philippines and registered with the Securities and Exchange Commission on March 5, 1976.
Beginning December 13, 2006, the common shares of EDC were listed and traded in the
Philippine Stock Exchange.
The Parent Company and its subsidiaries (collectively referred to as the Company) are primarily
engaged in the business of exploring, developing, and operating geothermal energy and other
indigenous renewable energy projects in the Philippines.
Red Vulcan is the immediate parent company of EDC while Lopez, Inc. is the ultimate parent
company. Red Vulcan and Lopez, Inc. are both incorporated in the Philippines.
Corporate Address
The Parent Companys principal place of business is at 38th Floor, One Corporate Centre, Julia
Vargas Avenue corner Meralco Avenue, Ortigas Centre, Pasig City.
Authorization for Issuance of the Unaudited Interim Condensed Consolidated Financial
Statements
The interim condensed consolidated financial statements as of September 30, 2015 and for the
nine-month period ended September 30, 2015 and 2014 were reviewed, approved and authorized
for issuance by the Board of Directors (BOD) through the Audit and Governance Committee on
November 10, 2015.
2. Basis of Preparation
The unaudited interim condensed consolidated financial statements of the Company as of
September 30, 2015 and for the nine-month periods ended September 30, 2015 and 2014 have
been prepared in accordance with Philippine Accounting Standard (PAS) 34, Interim Financial
Reporting. The unaudited interim condensed consolidated financial statements do not include all
the information and disclosures required in the annual financial statements, and should be read in
conjunction with the Companys annual financial statements as at December 31, 2014.
The unaudited interim condensed consolidated financial statements have been prepared on a
historical cost basis, except for the financial assets at fair value through profit or loss (FVPL),
derivative instruments and available-for-sale (AFS) investments which have been measured at fair
value. The unaudited interim condensed consolidated financial statements are presented in
Philippine peso (Peso), which is the Parent Companys functional currency. All values are
rounded to the nearest peso, except when otherwise indicated.
-2-
3. Significant Accounting Policies

The accounting policies adopted in the preparation of the unaudited interim condensed
consolidated financial statements are consistent with those followed in the preparation of the
Companys annual consolidated financial statements as of and for the year ended
December 31, 2014, except for the adoption of the following amended accounting standards that
became effective beginning January 1, 2015. The Company has not early adopted any other
standard, interpretation or amendment that has been issued but is not yet effective.
PAS 19, Employee Benefits - Defined Benefit Plans: Employee Contributions (Amendments)
PAS 19 requires an entity to consider contributions from employees or third parties when
accounting for defined benefit plans. Where the contributions are linked to service, they
should be attributed to periods of service as a negative benefit. These amendments clarify that,
if the amount of the contributions is independent of the number of years of service, an entity is
permitted to recognize such contributions as a reduction in the service cost in the period in
which the service is rendered, instead of allocating the contributions to the periods of service.
This amendment is effective for annual periods beginning on or after January 1, 2015. This
amendment is not relevant to the Company since none of the entities within the Company has
defined benefit plans with contributions from employees or third parties.
Annual Improvements to PFRSs (2010-2012 cycle)

The Annual Improvements to PFRSs (2010-2012 cycle) are effective for annual periods
beginning on or after July 1, 2014 and do not have a material impact on the Company. They
include:
PFRS 2, Share-based Payment - Definition of Vesting Condition

This improvement is applied prospectively and clarifies various issues relating to the
definitions of performance and service conditions which are vesting conditions, including:
A performance condition must contain a service condition
A performance target must be met while the counterparty is rendering service
A performance target may relate to the operations or activities of an entity, or to those
of another entity in the same group
A performance condition may be a market or non-market condition
If the counterparty, regardless of the reason, ceases to provide service during the
vesting period, the service condition is not satisfied.
-3
PFRS 8, Operating Segments - Aggregation of Operating Segments and Reconciliation of

the Total of the Reportable Segments Assets to the Entitys Assets
The amendments are applied retrospectively and clarify that:
An entity must disclose the judgments made by management in applying the
aggregation criteria in the standard, including a brief description of operating
segments that have been aggregated and the economic characteristics (i.e., sales and
gross margins) used to assess whether the segments are similar.
The reconciliation of segment assets to total assets is only required to be disclosed if
the reconciliation is reported to the chief operating decision maker, similar to the
required disclosure for segment liabilities.
PAS 16, Property, Plant and Equipment, and PAS 38, Intangible Assets - Revaluation
Method - Proportionate Restatement of Accumulated Depreciation and Amortization
The amendment is applied retrospectively and clarifies in PAS 16 and PAS 38 that the
asset may be revalued by reference to the observable data on either the gross or the net
carrying amount. In addition, the accumulated depreciation or amortization is the
difference between the gross and carrying amounts of the asset.
PAS 24, Related Party Disclosures - Key Management Personnel

The amendment is applied retrospectively and clarifies that a management entity, which is
an entity that provides key management personnel services, is a related party subject to the
related party disclosures. In addition, an entity that uses a management entity is required
to disclose the expenses incurred for management services.
Annual Improvements to PFRSs (2011-2013 cycle)

The Annual Improvements to PFRSs (2011-2013 cycle) are effective for annual periods
beginning on or after July 1 , 2014 and do not have a material impact on the Company. They
include:
PFRS 3, Business Combinations - Scope Exceptions for Joint Arrangements

The amendment is applied prospectively and clarifies the following regarding the scope
exceptions within PFRS 3:
Joint arrangements, not just joint ventures, are outside the scope of PFRS 3.
This scope exception applies only to the accounting in the financial statements of the
joint arrangement itself.
PFRS 13, Fair Value Measurement - Portfolio Exception

The amendment is applied prospectively and clarifies that the portfolio exception in
PFRS 13 can be applied not only to financial assets and financial liabilities, but also to
other contracts within the scope of PAS 39.
-4
PAS 40, Investment Property

The amendment is applied prospectively and clarifies that PFRS 3, and not the description
of ancillary services in PAS 40, is used to determine if the transaction is the purchase of
an asset or business combination. The description of ancillary services in PAS 40 only
differentiates between investment property and owner-occupied property (i.e., property,
plant and equipment).
4. Operating Segment Information

The Companys operating segments are determined based on geographical segment, with each
segment representing a strategic business location that has similar economic and political
conditions, proximity of operations and specific risks associated with operations in a particular
area.
The Companys identified reportable segments below are consistent with the segments reported to
the BOD, which is the Chief Operating Decision Maker (CODM) of the Company:
a. Leyte Geothermal Business Unit (LGBU) - This segment pertains to Leyte geothermal
production field and power plants. This includes projects in Tongonan, Mahanagdong, Upper
Mahiao, Malitbog and other projects in Leyte Province.
b. Negros Island Geothermal Business Unit (NIGBU) - This segment refers to Southern Negros
geothermal production field and power plants. Power plants included in NIGBU are
Palinpinon I, Palinpinon II, Northern Negros Geothermal Power Plant and Nasulo.
c. Bacon-Manito Geothermal Business Unit (BGBU) - This segment relates to Bacon-Manito
geothermal production field and power plants.
d. Mt. Apo Geothermal Business Unit (MAGBU) - This segment refers to Mt. Apo geothermal
production field and power plants.
e. Pantabangan/Masiway - This segment relates to Pantabangan-Masiway hydroelectric complex
located in Nueva Ecija Province.
f.
Wind-Ilocos Norte Business Unit (WINBU) - This segment pertains to both wind and solar
projects commercially operating in Northern Luzon.
g. All others This refers to other renewable energy projects, foreign investments and head
office of the Company.
Management monitors the operating results of the business segments separately for the purpose of
making decisions about resources to be allocated and of assessing performance. Other charges
and income are managed on a group basis.
Segment performance is evaluated based on net income for the period and earnings before interest,
taxes, and depreciation and amortization (EBITDA). Net income for the period is measured
consistent with consolidated net income reported in the consolidated financial statements.
EBITDA is calculated as revenues minus costs of sale of electricity and general and administrative
expenses, excluding non-cash items such as depreciation and amortization, impairment losses on
non-financial assets, and loss on disposal of property, plant and equipment, among others.
-5-
Financial information on the operating segments are summarized as follows:

LGBU
For the Nine-Month Period Ended
September 30, 2015
Segment revenue
Intersegment revenue
Segment revenue from external customers
Segment expenses
Unallocated expenses
Interest income
Interest expense
Other income (expense) - net
Provision for (benefit from) income taxes
Net income (loss)
EBITDA
P
=13,015,273,561
(1,913,985,162)
11,101,288,399
(6,615,536,438)
105,063,848
(1,199,802,881)
350,251,843
(377,993,673)
P
= 3,363,271,098
P
=6,131,924,417
NIGBU
P
=9,534,252,757
(3,460,270,662)
6,073,982,095
(2,879,273,952)
63,449,958
(779,702,334)
(320,148,047)
(185,321,154)
P
=1,972,986,566
P
=3,890,320,887
BGBU
P
=4,593,684,941
(1,259,174,394)
3,334,510,547
(1,864,755,337)
24,328,770
(323,555,939)
(30,459,497)
33,593,516
P
=1,173,662,060
P
=1,857,413,491
MAGBU
P
=1,703,344,029
1,703,344,029
(1,248,361,593)
12,256,352
(209,746,410)
(55,468,192)
(9,858,593)
P
=192,165,593
P
=785,546,927
Pantabangan/
Masiway
P
=1,583,689,252
1,583,689,252
(703,670,685)
6,678,511
(120,508,737)
(14,828,101)
(205,204,128)
P
=546,156,112
P
=1,202,992,771
WINBU
P
=1,301,511,079
1,301,511,079
(830,074,470)
7,556,682
(529,757,110)
(371,697,157)
23,152,526
(P
=399,308,450)
P
=988,162,155
All others
Consolidated
P
=1,065,835,786 P
=32,797,591,405
(840,058,956)
(7,473,489,174)
225,776,830
25,324,102,231
(14,141,672,475)
(751,369,219)
(751,369,219)
8,094
219,342,215
(246,470,776)
(3,409,544,187)
(2,157,470)
(444,506,621)
9,170,078
(712,461,428)
(P
=765,042,463) P
=6,083,890,516
P
=225,776,830 P
=15,082,137,478
(710,492,973)
P
=14,371,644,505
-6-
LGBU
For the Nine-Month Period Ended
September 30, 2014
Segment revenue
Intersegment revenue
Segment revenue from external customers
Segment expenses
Interest income
Interest expense
Reversal of previously impaired property,
plant and equipment
Other income (expense) - net
Provision for (Benefit from) Income taxes
Net income (loss)
EBITDA
NIGBU
BGBU
MAGBU
Pantabangan/
Masiway
WINBU
All others
Consolidated
=13,985,717,721
P
(2,180,529,227)
=11,805,188,494
P
(5,449,186,441)
73,954,478
(1,315,558,248)
P9,306,408,696
=
(3,477,050,867)
=5,829,357,829
P
(2,213,256,726)
33,894,019
(681,329,727)
=3,115,104,565
P
(968,679,978)
=2,146,424,587
P
(1,604,165,563)
14,434,748
(331,429,324)
=1,737,029,261
P
=1,737,029,261
P
(1,323,806,984)
9,890,371
(262,999,661)
=1,464,750,364
P
=1,464,750,364
P
(696,950,287)
4,908,735
(130,517,651)
=
P
=
P
(17,101,876)
173,923
= =
P
P29,609,010,607
(6,626,260,072)
= P
P
=22,982,750,535
(11,304,467,877)
(315,960,070)
(315,960,070)
1,240
137,257,514
(2,103,755)
(2,723,938,366)
372,129,214
(551,732,083)
=4,934,795,414
P
=7,830,853,938
P
2,051,903,642
90,528,952
(487,654,849)
=4,623,443,140
P
=4,097,751,715
P
(911,876)
42,582,666
=266,935,238
P
=867,462,786
P
28,190,871
(9,036,010)
=179,267,848
P
=694,183,293
P
(832,380)
(26,881,615)
=614,477,166
P
=1,083,779,206
P
(17,063,830)
(1,694)
(P
=33,993,477)
(P
=9,293,036)
2,051,903,642
292,845,227
764,886,178
(15,986,577)
(1,048,710,162)
(P
=41,203,935) =
P10,543,721,394
= P
P
=14,564,737,902
(289,693,222)
=14,275,044,680
P
-7-
As of and for the period ended September 30, 2015

Segment assets
Unallocated corporate assets
Total assets
Segment liabilities
Unallocated corporate liabilities
Total liabilities
Capital expenditures
Unallocated capital expenditures
Total capital expenditures
Depreciation and amortization
Unallocated depreciation and amortization
Total depreciation and amortization
Other non-cash expense - net
As of and for the year ended December 31,2014

Segment assets
Unallocated corporate assets
Total assets
Segment liabilities
Unallocated corporate liabilities
Total liabilities
Capital expenditure
Unallocated capital expenditure
Total capital expenditure
Depreciation and amortization
Unallocated depreciation and amortization
Total depreciation and amortization
Other non-cash expense - net
LGBU
NIGBU
BGBU
MAGBU
Pantabangan/
Masiway
WINBU
P
=75,614,622,793
P
=24,093,516,851
P
=15,841,027,928
P
=9,348,513,919
P
=7,626,135,221
P
=20,614,371,401
(P
=63,104,433,415)
P
=34,626,493,354
P
=22,228,183,378
P
=17,694,613,084
P
=4,491,846,660
P
=3,672,700,670
P
=15,540,761,752
(P
=65,190,090,108)
P
=2,273,779,153
P
=2,077,503,490
P
=972,248,759
P
=70,572,589
P
=80,912,800
P
=1,098,339,144
P
=1,542,967,616
P
=678,159,752
P
=373,570,165
P
=324,943,777
P
=322,974,204
P
=511,100,967
P
=1,231,734
P
=103,204,840
P
=17,452,992
P
=14,088,116
P
=5,620,714
P
=
P
=5,624,581
P
=
Elimination
Total
P
=90,033,754,698
42,455,707,426
P
=132,489,462,124
P
=33,064,508,790
53,993,537,957
P
=87,058,046,747
P
=6,573,355,935
1,060,865,758
P
=7,634,221,693
P
=3,754,948,215
39,644,511
P
=3,794,592,726
P
=145,991,243
LGBU
NIGBU
BGBU
MAGBU
Pantabangan /
Masiway
WINBU
Elimination
Total
P
=71,608,301,585
P
=33,197,063,395
P
=13,848,796,054
P
=9,932,116,993
P
=7,604,603,949
P
=24,740,355,824
(P
=68,445,028,981)
P
=32,311,663,166
P
=30,804,576,157
P
=17,471,359,008
P
=5,044,341,948
P
=3,876,731,551
P
=15,590,036,477
(P
=71,464,533,288)
P
=2,980,724,113
P
=2,715,395,635
P
=1,391,152,987
P
=80,468,199
P
=118,332,958
P
=12,292,374,252
P
=96,230,146
P
=1,977,166,821
P
=702,804,914
P
=435,957,718
P
=370,617,590
P
=421,559,899
P
=133,316,576
P
=
P
=21,758,128
P
=12,864,970
(P
=11,331,477)
P
=3,770,502
P
=
P
=7,224,993
P
=
P
=92,486,208,819
32,013,256,107
P
=124,499,464,926
P
=33,634,175,019
47,245,203,430
P
=80,879,378,449
P
=19,674,678,290
433,882,606
P
=20,108,560,896
P
=4,041,423,518
37,875,779
P
=4,079,299,297
P
=34,287,116
-8-
The following table shows the Companys reconciliation of EBITDA to the consolidated net
income for the nine-month periods ended September 30, 2015 and 2014:
EBITDA
Add (deduct):
Interest expense (Note 17)
Foreign exchange losses - net (Note 19)
Interest income (Note 18)
Provision of impairment of parts
and supplies inventories
Provision for doubtful accounts (Note 16)
Reversal of previously impaired property, plant
and equipment (Note 9)
Miscellaneous - net (Note 20)
Consolidated net income
September 30,
September 30,
2014
2015
(Unaudited)
(Unaudited)
=14,275,044,680
P
=14,371,644,505 P
(3,794,592,726)
(3,409,544,187)
(1,162,914,908)
826,345,449
(712,461,428)
219,342,215
(2,858,013,445)
(2,723,938,366)
(179,928,249)
529,084,042
(1,048,710,162)
137,257,514
(96,114,373)
(49,876,869)
(6,400,909)
(48,307,739)
2,051,903,642
415,730,386
(107,937,162)
=10,543,721,394
P
=6,083,890,516 P
In the normal course of business, entities within the Company engage in intercompany sale and
purchase of steam and electricity. Intersegment revenues are all eliminated in consolidation.
Segment information is measured in conformity with the accounting policies adopted for
preparing and presenting the consolidated financial statements. Intersegment revenue are made at
normal commercial terms and conditions.
Unallocated expenses pertain to expenses of the corporate, technical and administrative support
groups while unallocated corporate assets and liabilities, which include among others certain cash
and cash equivalents, property, plant and equipment, parts and supplies inventories, trade and
other payables and retirement and post-employment benefits, pertain to the Head Office and are
managed on a group basis.
Proceeds from insurance pertain to properties damaged by natural calamities.
5. Cash and Cash Equivalents
Cash on hand and in banks

Cash equivalents
December 31,
September 30,
2014
2015
(Audited)
(Unaudited)
=2,675,815,987
P
=2,556,381,063 P
12,978,620,296 11,334,397,427
P14,010,213,414
P
=15,535,001,359 =
Cash in banks earn interest at the respective bank deposit rates. Cash equivalents consist of
money market placements, which are made for varying periods of up to months depending on the
immediate cash requirements of the Company.
-9-
6. Trade and Other Receivables
Trade
Others:
Non-trade accounts receivable
Loans and notes receivables
Advances to employees
Receivables from employees
Less allowance for doubtful accounts
September 30,
2015
(Unaudited)
P
=5,426,036,090
December 31,
2014
(Audited)
=6,424,986,333
P
118,118,042
92,306,952
68,867,837
9,679,971
288,972,802
5,715,008,892
91,148,423
P
=5,623,860,469
395,195,472
95,900,731
53,107,976
9,491,872
553,696,051
6,978,682,384
91,148,423
=6,887,533,961
P
Trade receivables are noninterest-bearing and are generally collectible in 30 to 60 days. Majority
of the Companys trade receivables arose from sale of electricity to National Power Corporation
(NPC).
7. Parts and Supplies Inventories
Drilling tubular products and equipment spares

Power plant spares
Pump, production/steam gathering system, steam
turbine, valves and valve spares
Electrical, cable, wire product and compressor
spares
Construction and hardware supplies, stationeries and
office supplies, hoses, communication and other
spares and supplies
Heavy equipment spares
Chemical, chemical products, gases and catalyst
Automotive, mechanical, bearing, seals, v-belt,
gasket, tires and batteries
Measuring instruments, indicators and tools, safety
equipment and supplies
September 30,
2015
(Unaudited)
P
=1,472,822,751
813,793,477
December 31,
2014
(Audited)
=1,261,382,306
P
742,487,866
755,148,405
554,540,047
91,974,328
94,043,026
85,491,685
56,691,397
33,926,669
68,189,468
56,136,387
53,564,508
42,235,971
46,123,084
23,760,135
P
=3,375,844,818
25,986,096
=2,902,452,788
P
- 10 -
8. Other current assets
Debt service reserve account (Note 13)

Prepaid expenses
Withholding tax certificates
Advances to contractors
Tax credit certificates
September 30,
2015
(Unaudited)
P
= 816,970,999
614,313,919
332,247,495
172,961,765
291,880,266
P
=2,228,374,444
December 31,
2014
(Audited)
=293,372,006
P
176,198,301
64,685,465
186,711,661
=720,967,433
P
- 11 -
9. Property, Plant and Equipment

September 30, 2015 (Nine Months)
Land
Power Plants
Fluid Collection and

Recycling System
(FCRS) and
Production Wells
Buildings,
Improvements
and Other
Structures
Exploration,
Machinery and
Equipment
Furniture,
Fixtures and
Equipment
Laboratory Transportation
Equipment
Equipment
Construction
in Progress
Total
Cost
Balances at January 1
Additions
Disposals/retirements
Reclassifications
Balances at September 30
P
=589,066,312 P
=59,577,057,719
38,412,099
33,823,580
(95,003)
3,515,738,800
627,478,411 63,126,525,096
P
=30,192,192,743 P
=4,239,601,990
37,305,985
6,976,957
(71,911)
2,418,361,065
128,234,964
32,647,859,793
4,374,742,000
P
=4,251,389,923
5,505,628
(373,478)
(21,456,588)
4,235,065,485
P
=1,281,953,440
36,891,889
(14,995,464)
(18,255,905)
1,285,593,960
P
=706,277,459
65,371,618
(1,060,527)
2,171,135
772,759,685
P
=151,535,137
14,180,706
(5,654,661)
1,015,649
161,076,831
Accumulated Depreciation and

Amortization
Depreciation and amortization for the period
Reclassifications
Net Book Value
17,627,581
12,069,397,981
2,366,606,355
(12,159,736)
21,022,779
17,627,581 14,444,867,379
P
=609,850,830 P
=48,681,657,717
9,457,338,583
866,221,681
776,438,285
233,107,679
(176,111)
2,210,450
10,233,776,868
1,101,363,699
P
=22,414,082,925 P
=3,273,378,301
2,475,756,340
143,482,901
(370,084)
58,173,146
2,677,042,303
P
=1,558,023,182
622,573,853
95,650,626
(5,057,980)
1,065,224
714,231,723
P
=571,362,237
364,215,824
56,560,379
(1,058,096)
11,522
419,729,629
P
=353,030,056
81,036,916
18,383,276
(5,918,841)
204,798
93,706,149
P
=67,370,682
P
=9,505,900,500
25,954,168,759
3,690,229,501
(24,740,848)
82,687,919
29,702,345,331
P
=87,034,656,430
Laboratory
Equipment
Transportation
Equipment
Construction
in Progress
Total
P
=8,038,618,446 P
=109,027,693,169
7,395,753,229
7,634,221,691
(22,251,044)
(5,928,471,175)
97,337,945
9,505,900,500
116,737,001,761
December 31, 2014 (One Year)
Land
Cost
Additions
Disposals/retirement
Reclassifications
Balances at December 31
=515,353,046
P
73,713,266
589,066,312
Accumulated Depreciation and

Amortization
17,627,581
Depreciation and amortization for the year
Reclassifications
Reversal of previously recognized impairment

property, plant and equipment
17,627,581
=571,438,731
P
Net Book Value
Power Plants
=38,731,016,968
P
155,555,848
(1,277,159)
20,691,762,062
59,577,057,719
11,895,257,449
2,586,834,136
(271,047)
(360,518,915)
(2,051,903,642)
12,069,397,981
=47,507,659,738
P
Fluid Collection and

Recycling System
(FCRS) and
Production Wells
Buildings,
Improvements
and Other
Structures
=25,467,012,393 P
P
=2,128,442,644
50,439,130
14,947,232
(1,300,549)
4,674,741,220 2,097,512,663
30,192,192,743 4,239,601,990
8,476,733,491
980,605,092
617,184,722
164,044,180
(1,300,536)
86,293,315
9,457,338,583
866,221,681
=20,734,854,160 P
P
=3,373,380,309
Exploration,
Machinery and
Equipment
Furniture,
Fixtures and
Equipment
=5,441,021,744
P
51,348,042
(1,374,632,581)
133,652,718
4,251,389,923
=1,101,387,317
P
54,825,091
(34,722,391)
160,463,423
1,281,953,440
=662,738,194
P
39,307,446
(1,265,142)
5,496,961
706,277,459
=193,057,863
P
36,621,092
(10,320,460)
(67,823,358)
151,535,137
P16,291,440,381
=
19,631,803,749
(27,884,625,684)
8,038,618,446
P90,531,470,550
=
20,108,560,896
(1,423,518,282)
(188,819,995)
109,027,693,169
2,412,546,361
69,312,578
(284,796,403)
278,693,804
511,330,385
124,141,646
(13,215,762)
317,584
291,595,936
73,723,742
(1,225,191)
121,337
69,185,062
19,796,161
(8,189,342)
245,035
245,034
(245,034)
24,291,460,987
4,018,702,569
(308,998,281)
4,907,126
622,573,853
=659,379,587
P
364,215,824
=342,061,635
P
81,036,916
=70,498,221
P
=8,038,618,446
P
(2,051,903,642)
25,954,168,759
=83,073,524,410
P
2,475,756,340
=1,775,633,583
P
*SGVFS014482*
- 12 -
Estimated Rehabilitation and Restoration Costs

FCRS and production wells include the estimated rehabilitation and restoration costs of the
Companys steam fields and power plants contract areas at the end of the contract period. These
were based on technical estimates of probable costs, which may be incurred by the Company in
the rehabilitation and restoration of the said concession areas from 2031 up to 2044, using a riskfree discount rate and adjusted the cash flows to settle the provision.
Similarly, the Company estimated a provision related to the removal and disposal of all wind farm
materials, equipment and facilities from the contract areas at the end of contract period. The
amount of provision was recorded as part of the cost of power plants.
These costs, net of accumulated depreciation, amounted to P
=4,823.0 million and P
=506.7 million as
of September 30, 2015 and December 31, 2014, respectively. As of September 30, 2015 and
December 31, 2014, the provision for rehabilitation costs recognized under Provisions and other
long-term liabilities amounted to P
Burgos Wind Power Project
On April 14, 2015, EDC Burgos Wind Power Corporation (EBWPC) received the Certificate of
Compliance (COC) for its Burgos Wind Power Project - Phase I and II granted by the Energy
Regulatory Commission (ERC) on April 13, 2015. The COC specifies that the project, having a
total capacity of 150 MW, is entitled to the FIT rate of P
=8.53 per kwh, subject to adjustments as
may be approved by the ERC, from November 11, 2014 to
November 10, 2034.
Based on reassessment made in June 2015, the Company changed the estimated useful life of the
Burgos wind power plant assets from 20 years to 25 years.
Burgos Solar and Bago Solar Projects
On March 5, 2015, the Company has successfully commissioned its 4.16 MW Burgos Solar
Project, which is in the same vicinity with EBWPCs wind farm. The Project, which is
geographically situated in Barangays Saoit, Poblacion, and Nagsurot, is located 1.6 km from the
Pan Pacific highway of Ilocos.
On April 17, 2015, EDC received the COC for its Burgos Solar Power Plant granted by the ERC
on April 6, 2015. The COC specifies that the project, having a total capacity of 4.16 MW is
entitled to the FIT rate of P9.68 per kwh, subject to adjustments as may be approved by the ERC,
from March 5, 2015 to March 4, 2035. On March 5, 2015, the Bago Solar Power Project was
granted a Certificate of Confirmation of Commerciality.
- 13 -
Depreciation and Amortization

Details of depreciation and amortization charges recognized in the unaudited interim consolidated
statements of income are shown below:

Intangible assets (Note 10)
Costs of sales of electricity (Note 15)
General and administrative (Note 16)
September 30,
2015
(Unaudited)
P
=3,690,229,501
104,363,225
P
=3,794,592,726
September 30,
2014
(Unaudited)
=2,772,428,515
P
85,584,930
=2,858,013,445
P
P
=3,566,752,054
227,840,672
P
=3,794,592,726
=2,547,060,857
P
310,952,588
=2,858,013,445
P
10. Goodwill and Intangible Assets
Goodwill
Cost
Additions
Reclassifications/restatement
Accumulated Amortization
Amortization
Net Book Value
Total
P
=2,651,447,390
2,651,447,390
P
=2,404,778,918
2,404,778,918
P
=312,519,889
198,805,195
(320,595,205)
190,729,879
P
=5,368,746,197
198,805,195
(320,595,205)
5,246,956,187
P
=2,651,447,390
781,553,149
72,143,368
853,696,517
P
=1,551,082,401
44,639,260
32,219,857
76,859,117
P
=113,870,762
826,192,409
104,363,225
930,555,634
P
=4,316,400,553
December 31, 2014 (One Year)

Other Intangible
Water Rights
Assets
Total
Goodwill
Cost
Additions
Reclassifications
Accumulated Amortization
Amortization
Net Book Value
September 30, 2015 (Nine Months)

Other Intangible
Water Rights
Assets
=2,535,051,530
P
116,395,860
2,651,447,390
=2,404,778,918
P
2,404,778,918
=171,776,021
P
86,577,781
54,166,087
312,519,889
=5,111,606,469
P
202,973,641
54,166,087
5,368,746,197
=2,651,447,390
P
685,361,992
96,191,157
781,553,149
=1,623,225,769
P
26,717,178
17,922,082
44,639,260
=267,880,629
P
712,079,170
114,113,239
826,192,409
=4,542,553,788
P
Water rights are amortized using the straight-line method over 25 years, which is the term of the
agreement with National Irrigation Administration. The remaining amortization period of water
rights is 16.0 years as of September 30, 2015.
- 14 -
During the year the Company reclassified from property plant and equipment to intangible asset
amounting to P
=320.6 million.
Other intangible assets pertain to the Companys accounting software.
11. Other Noncurrent Assets
Input value-added tax (VAT)

Tax credit certificates
Long-term receivables
Prepaid expenses
Special deposits and funds
Others
Less allowance for doubtful accounts
September 30,
2015
(Unaudited)
P
=4,880,241,705
2,163,272,118
1,038,338,784
469,486,686
124,330,840
69,177,980
8,744,848,113
420,471,046
P
=8,324,377,067
December 31,
2014
(Audited)
=4,556,990,530
P
2,426,395,074
113,822,523
374,215,948
109,398,960
90,709,011
7,671,532,046
406,532,824
=7,264,999,222
P
Provision for doubtful accounts pertaining to input VAT and long-term receivables amounted to
=49.9 million and P
P
=28.6 million for the nine-month periods ended September 30, 2015 and 2014,
respectively (Note 16). Long-term receivables mostly pertains to capital funding for Chile
Projects.
12. Trade and Other Payables
Accounts payable:
Third parties
Related parties (Note 22)
Dividends payable (Note 14)
Accrued interest on long-term debts
Withholding and other taxes payable
Government share payable
Deferred credits
SSS and other contributions payable
Other payables
September 30,
2015
(Unaudited)
December 31,
2014
(Audited)
P
=5,134,650,841
1,838,469,976
2,062,500,000
999,247,881
280,216,070
67,187,336
46,318,838
5,372,823
1,658,628,206
P
=12,092,591,971
=4,652,153,805
P
1,059,251,739
800,318,523
532,795,426
58,286,539
37,587,664
4,525,306
494,408,436
=7,639,327,438
P
Accounts payable are noninterest-bearing and are normally settled on a 30 to 60 days term. Other
payables contain mainly of other short term employee benefits and deferred output vat.
The accrued interest represents interest accrual on outstanding loans.
- 15 -
13. Long-term Debts
Creditor/Project
US$300.0 Million Notes
Peso Public Bonds
Series 1 - P
=8.5 billion
Series 2 - P
=3.5 billion
International Finance Corporation
(IFC)
IFC 1 - P
=4.1 billion
IFC 2 - P
=3.3 billion
Fixed Rate Note Facility (FXCN)
P
=4.0 billion
P
=3.0 billion
Refinanced Syndicated Term Loan
US$175.0 million
Restructured Philippine National Bank
(PNB) and Allied Bank Peso Loan
Maturities
January 20, 2021
June 4, 2015
December 4, 2016
8.6418%
9.3327%
7.4% per annum for the
first five years
subject to
repricing for another
2012-2033
five to 10 years
2013-2025
6.6570%
2012-2022
2012-2022
June 27, 2017
November 7, 2022
2013 Peso Fixed-Rate Bonds
P
=4.0 billion
P
=3.0 billion
US$80 Million Term Loan
US$315 Million Burgos Wind Project
Financing Agreement
US$35.5 Million US Dollar Commercial
Debt Facility
US$139 Million US Dollar ECA Debt
Facility
P
=5.17 Billion Peso Commercial Debt
Facility
P
=8.5 Billion Term Loan
Total
Less current portion
Noncurrent portion
Interest Rate
6.5%
May 3, 2023
May 3, 2020
June 21, 2018
October 23, 2029
3,489,090,595
8,488,355,479
3,482,744,901
2,704,403,027
2,595,591,439
2,870,394,380
2,716,078,159
5.25%
5.25%
LIBOR plus a margin
of 175 basis points
1.5% + PDST-F rate
or 1.0% + BSP
overnight rate
3,958,289,790
2,942,591,668
3,857,085,232
2,891,564,383
5,287,250,902
5,433,656,909
3,378,750,000
3,570,000,000
4.7312%
4.1583%
1.8% margin plus
LIBOR
3,806,322,598
2,853,608,615
3,924,428,609
2,969,167,021
3,539,179,699
3,370,629,611
October 23, 2029
2% margin plus
LIBOR
2.35% margin plus
LIBOR
2% + PDST-F rate
2015-2022
5.25%
October 23, 2029
September 30,
2015 December 31, 2014
(Audited)
(Unaudited)
=13,306,210,227
P
=13,923,589,327 P
P
=1,698,781,110
=1,539,787,705
P
6,733,185,759
5,953,597,209
5,509,763,358
7,918,734,898
70,339,132,785
3,713,570,132
P
=66,625,562,653
5,088,541,849
69,462,241,674
10,499,672,112
=58,962,569,562
P
The Companys foreign-currency denominated long-term debts were translated into Philippine
pesos based on the prevailing foreign exchange rates at the date of the unaudited interim
consolidated statement of financial position (US$1= P
=46.74 on September 30, 2015 and
US$1= P
=44.72 on December 31, 2014).
Amended FXCN
Due to the steady decline in interest rates over the past two years, and the cessation of the use of
the PDST-F as a benchmark rate, EDC and the Noteholders have deemed it appropriate to amend
the FXCN loan agreement on April 30, 2015, to revise the interest rate levels and as well as to
effect other amendments in order to align the same with the other loan covenants of EDC.
Changes in interest rate are, Tranche 1 (P
=3.0 billion) - from 6.6173% to 5.25% and Tranche 2
(P
=4.0 billion) - from 6.6108% to 5.25%.
EBWPC Loan
As of September 30, 2015, EBWPC has fully drawn the US$315 million financing agreement in
ECA Debt Facility, USD Commercial Debt Facility, Peso Commercial Debt Facility with various
banks.
As part of the agreement, EBWPC will provide a debt service reserve account for the principal
and interest payment of the loan amounting to P
=697.3 million.
- 16 -
GCGI Loan
On March 6, 2015, GCGI completed the execution of separate loan agreement each with Asia
United Bank Corporations, Bank of the Philippine Islands, BDO Unibank Inc., Development
Bank of the Philippines, Land Bank of the Philippines, Rizal Commercial Banking Corporation,
Robinsons Bank Corporation and Union Bank of the Philippines for the total amount of
P
=8.5 billion. BDO Capital and Investment Corporation acted as sole arranger.
As part of the agreement, GCGI will provide a debt service reserve account for the principal and
interest payment of the loan amounting to P
=119.6 million.
14. Dividends
Parent Company
On September 9, 2015, EDC approved the declaration of P
shareholders of record as of September 23, 2015 payable on or before October 7, 2015.
On March 6, 2015, EDC declared cash dividends amounting to P
shareholders and P
=7.5 million to its preferred shareholder of record as of March 20, 2015 payable
on or before April 16, 2015.
First Gen Hydro
On January 8, 2015, FG Hydro declared cash dividends amounting to P
=320.0 million to its
common stockholders of record as of January 15, 2015 payable on or before January 23, 2015.
15. Costs of Sale of Electricity

Purchased services and utilities (Note 22)
Personnel costs
Rental, insurance and taxes
Repairs and maintenance
Parts and supplies issued
Royalty fees
Business and related expenses
September 30,
2015
(Unaudited)
P
=3,566,752,054
2,145,525,793
1,620,175,105
981,085,574
898,844,581
653,916,444
200,858,936
138,214,854
P
=10,205,373,341
September 30,
2014
(Unaudited)
=2,547,060,857
P
1,573,820,994
1,366,360,740
844,114,038
447,045,481
760,492,579
205,861,524
80,038,427
=7,824,794,640
P
- 17 -
16. General and Administrative Expenses
Purchased services and utilities

Personnel costs
Rental, insurance and taxes
Business and related expenses
Repairs and maintenance
Parts and supplies issued
Provision for doubtful accounts (Notes 6 and 11)
Provision for impairment of parts and supplies
inventories
September 30,
2015
(Unaudited)
P
=1,606,402,686
1,461,951,509
573,171,499
440,370,781
227,840,672
122,000,265
109,939,699
49,876,869
September 30,
2014
(Unaudited)
=1,209,923,081
P
1,124,887,788
557,350,403
297,340,930
310,952,588
68,390,342
172,079,528
48,307,739
96,114,373
P
=4,687,668,353
6,400,909
=3,795,633,308
P
September 30,
2015
(Unaudited)
September 30,
2014
(Unaudited)
P
=3,377,445,266
=2,693,561,765
P
26,240,590
5,858,331
P
=3,409,544,187
24,518,271
5,858,330
=2,723,938,366
P
September 30,
2015
(Unaudited)
P
=210,083,545
4,095,582
4,064,654
1,024,144
74,290
P
=219,342,215
September 30,
2014
(Unaudited)
=101,591,504
P
1,856,071
32,677,467
1,058,783
73,689
=137,257,514
P
17. Interest Expense
Interest on long-term debts including amortization

of transaction costs
Interest accretion on provision for rehabilitation
and restoration costs
Interest on loans payable
18. Interest Income
Interest on placements
Interest on overdue accounts/others
Interest on savings/current accounts
Accretion of Day 1 loss on security deposit
Others
- 18 -
19. Foreign Exchange Losses- net
Realized foreign exchange gains - net

Unrealized foreign exchange losses- net
September 30,
2015
(Unaudited)
P
=10,365,903
(1,173,280,811)
(P
=1,162,914,908)
September 30,
2014
(Unaudited)
=46,224,482
P
(226,152,731)
(P
=179,928,249)
This account pertains mainly to foreign exchange adjustments on repayment of loans and
restatement of outstanding balances of foreign currency-denominated loans, short-term placements
and cash in banks.
20. Miscellaneous Income (Expense) - net
Input VAT claims written-off

Mark-to-market gain on financial assets at fair value
through profit or loss
Gain on sale of property, plant and equipment
Gain on sale of parts and supplies inventories
Equipment Handling costs
Derivative gains net
Others
September 30,
2015
(Unaudited)
(P
=87,111,648)
September 30,
2014
(Unaudited)
=
P
11,641,573
7,317,074
(3,785,471)
(2,066,387)
(33,932,303)
(P
=107,937,162)
303,457,149
108,679,584
15,481,461
(11,887,808)
=415,730,386
P
- 19 -
21. Earnings Per Share

The earnings per share amounts were computed as follows:
September 30,
2014
(Unaudited)
September 30,
2015
(Unaudited)
Net income attributable to equity shareholders of
the Parent Company
Less dividends on preferred stock
Net income attributable to common shareholders of
the Parent Company (a)
Weighted average number of common shares
outstanding (b)
Basic/diluted earnings per share (a/b)
=10,376,801,597
P
=5,865,342,606 P
7,500,000
7,500,000
=10,369,301,597
P
=5,857,842,606 P
18,750,000,000
=0.553
P
18,750,000,000
P
=0.312
The Parent Company does not have dilutive common stock equivalents as of September 30, 2015
and 2014.
22. Related Party Transactions
Parties are considered to be related if one party has the ability, directly or indirectly, to control the
other party or exercise significant influence over the other party in making financial and operating
decisions. Parties are also considered to be related if they are subject to common control.
Following are the amounts of transactions for the nine-month periods ended September 30, 2015
and 2014 and outstanding balances as of September 30, 2015 and December 31, 2014:
Related Party
Entities under common
control
Nature of Transaction
First Gen Corporation
Consultancy fee
Interest-free advances
Unsecured and will

be settled in cash
- do -
First Gas Power Corporation

FGP Corporation
Lopez Holdings
Corporation
First Gas Holdings
Corporation
First Gen Puyo Hydro
Corporation
- do - do -
Balances
September 30, December 31,
2015
2014
(Unaudited)
(Audited)
2014
2015
P
= 279,656,471
15,076,609
=131,463,529
P
26,809,160
- do - do -
65,137
43,300
900,769
4,258
- do -
- do -
-do-
-do-
51,480
- do -
- do -
P
= 294,841,517
=159,224,938
P
P
= 91,457,297
173,000
P49,625,468
=
P
= 267,404,336
=255,209,531
P
P
= 34,924,182
=54,561,770
P

control
Trade and other
receivables (Note 6)
First Gen Energy Solutions,
Inc.
Sale of electricity
(Forward)
Terms
Transactions for the nine-month

periods ended September 30
(Unaudited)
2014
2015
Unsecured and will be

settled in cash
P43,998,784
P
= 85,377,607 =
5,317,281
6,075,432
40,841
95,562
- 20 -
Related Party
Nature of Transaction
Transactions for the nine-month

period ended September 30
(Unaudited)
2014
2015
Terms
Balances
September 30,
December 31,
2015
2014
(Unaudited)
(Audited)
2014
2015

control
(Note 12)
First Balfour Inc.
Steam augmentation and other

services
=1,746,642,543
P
= 2,155,129,029 P
P
= 1,336,762,582
=681,603,330
P
1,141,360,841
525,000,000
449,429,217
367,606,957
- do -
14,847,639
11,401,289
4,212,822
9,319,058
- do -
11,547,371
40,291,313
- do -
2,159,181
2,108,898
218,926
- do - do -
351,830
344,997
6,914,101
1,736,686
9,117,293
(1,990,431)
2,511,446
(2,043,252)
- do - do -
- do - do -
150,311
80,810
86,875
3,600
3,600
- do -
- do -
3,654
3,654
- do - do - do -
- do - do - do -
Thermaprime Well Services,

Inc
Drilling and other related services
Bayan Telecommunications,
Inc.
- do First Gen Energy Solutions,
Inc.
- do First Philippine Realty
Corporation
- do First Philec Manufacturing
Technologies Corp
Purchase of services and utilities
Adtel, Inc.
- do ABS-CBN Publishing, Inc.
Rockwell Land Corporation
First Philippine Industrial
Corp.
First Electro Dynamics
Corporation
ABS-CBN Foundation
ABS-CBN Corp.
- do Unsecured and
will be settled in
cash
715,000
365,781
=2,294,971,173
P
= 3,325,975,663 P
250,600
358,000
63,000
=
P
1,059,251,739
P
= 1,838,469,976
Entities under common control are indirect subsidiaries of Lopez, Inc., the Companys ultimate
parent company. The sales to and purchases from related parties are made at normal commercial
terms and conditions. The amounts of outstanding receivables or payables are unsecured and will
be settled in cash. Except for the US$80.0 million letters of credit issued by the Parent Company
in favor of EDC Chile Limitada, there were no guarantees that have been given to and/or received
from any related party in 2015 and 2014. The Company has not recognized any impairment loss
on trade and other receivables relating to intercompany transactions as of September 30, 2015 and
December 31, 2014.
23. Financial Risk Management Objectives and Policies

The Companys financial instruments consist mainly of cash and cash equivalents, AFS
investments and long-term debts. The main purpose of these financial instruments is to finance
the Companys operations and accordingly manage its exposure to financial risks. The Company
has various other financial assets and liabilities such as trade receivables, trade payables and other
liabilities, which arise directly from operations. The Company classifies its financial instruments
in the following categories.
The Company classifies its financial instruments in the following categories.
September 30, 2015 (Unaudited)
Financial Assets
Trade receivables
Non-trade receivables
Loans and
Receivables
AFS
Investments
P
=15,535,001
5,334,888
118,118
P
=
Liabilities at
Financial
Amortized
assets at
Cost
FVPL
(In Thousand Pesos)
P
=
P
=
Derivatives
Designated as
Cash Flow
Hedges
P
=
Total
P
=15,535,001
5,334,888
118,118
- 21 September 30, 2015 (Unaudited)
Loans and notes

receivables
Employee receivables
AFS - debt investments
AFS - equity investments
Financial assets at FVPL
Derivative assets
Total financial assets
Financial Liabilities
Accounts payable*
Accrued interest on longterm debts
Other payables**
Long-term debts
Liabilities at
Financial
Amortized
assets at
Cost
FVPL
(In Thousand Pesos)
Loans and
Receivables
AFS
Investments
92,307
9,680
969,562
P
=22,059,556
264,631
299,500
P
=564,131
P
=
P
=
P
=6,919,034
P
=
P
=
999,248
16,311
91,457
70,339,133
P
=78,365,183
1,035,235
P
= P
=1,035,235
(In Thousand Pesos)
Derivatives
Designated as
Cash Flow
Hedges
Total
348,292
P
=348,292
92,307
9,680
969,562
264,631
299,500
1,035,235
348,292
P
=24,007,214
P
=
P
=
P
=6,919,034
P
=
377,009
P
=377,009
999,248
16,311
91,457
70,339,133
377,009
P
=78,742,192
*excluding statutory liabilities to the Government

**excluding non-financial liabilities.
December 31, 2014 (Audited)
Loans and
Receivables
AFS
Investments
Liabilities at
Amortized
Cost
Financial
assets at
FVPL
Derivatives
Designated as
Cash Flow
Hedges
Total
(In Thousand Pesos)
Financial Assets
Trade receivables
Loans and notes
receivables
AFS - debt investments
AFS - equity investments
Derivative assets
=14,010,213
P
6,334,373
395,195
95,901
9,492
85,754
=20,930,928
P
=
P
259,847
308,130
=567,977
P
=
P
=
P
=
P
=
P
=14,010,213
P
6,334,373
395,195
523,593
=523,593
P
154,169
=154,169
P
95,901
9,492
85,754
259,847
308,130
523,593
154,169
=22,176,667
P
(In Thousand Pesos)
Financial Liabilities
Accounts payable*
Accrued interest on longterm debts
Other payables**
Long-term debts
=
P
=
P
=5,681,577
P
=
P
=
P
=5,681,577
P
=
P
=
P
800,319
24,708
49,625
69,462,242
=76,018,471
P
=
P
169,735
=169,735
P
800,319
24,708
49,625
69,462,242
169,735
=76,188,206
P
*excluding statutory liabilities to the Government

**excluding non-financial liabilities.
- 22 -
The following tables show the fair value information of financial instruments classified under
loans and receivables, financial assets at FVPL, AFS investments, and derivatives designated as
cash flow hedges and analyzed by sources of inputs on fair valuation as follows:
Quoted prices in active markets for identical assets or liabilities (Level 1);
Those involving inputs other than quoted prices included in Level 1 that are observable for the
asset or liability, either directly (as prices) or indirectly (derived from prices) (Level 2); and
Those with inputs for the asset or liability that are not based on observable market data
(unobservable inputs) (Level 3)
Carrying
Amounts
Financial assets for which

fair values are disclosed
Financial assets carried at fair
value
AFS investments:
Debt investments
Equity investments
Derivative assets designated as
cash flow hedges
Financial liabilities for which
Long-term debts
Financial liabilities carried at fair
value
designated as cash flow hedges
Financial liabilities for which

Long-term debts
Financial liabilities carried at fair
value
Derivative liabilities designated
as cash flow hedges
Level 2
Level 3
P
=969,562,079
P
=918,554,550
P
=
P
=
P
=918,554,550
1,035,235,015
1,035,235,015
1,035,235,015
264,631,490
299,499,631
264,631,490
299,499,631
264,631,490
299,499,631
348,291,776
348,291,776
348,291,776
70,339,132,786
81,124,414,078
81,124,414,078
377,009,449
377,009,449
377,009,449
Carrying
Amounts
Financial assets for which
Financial assets carried at fair
value
AFS investments:
Debt investments
Equity investments
Derivative assets designated as
cash flow hedges

Fair Values
Total
Level 1

Fair Values
Total
Level 1
Level 2
Level 3
=85,753,718
P
=80,742,027
P
=
P
=
P
=80,742,027
P
523,593,442
523,593,442
523,593,442
259,846,955
308,129,936
259,846,955
308,129,936
259,846,955
308,129,936
154,169,144
154,169,144
154,169,144
69,462,241,673
86,080,409,672
86,080,409,672
169,734,900
169,734,900
169,734,900
Due to relatively short-term maturity, ranging from one to three months, carrying amounts
approximate fair values for cash in banks, trade and other receivables, loans and notes receivables,
due to related parties and trade and other payables.
- 23 -
The methods and assumptions used by the Company in estimating the fair value of financial
instruments are:
Long-term Receivables
The fair value of long-term receivables was computed by discounting the expected cash flow using
the applicable rate of 2.74% and 3.06% as at September 30, 2015 and December 31, 2014.
AFS Investments
Fair values of quoted debt and equity securities are based on quoted market prices. For equity
investments that are not quoted, the investments are carried at cost less allowance for impairment
losses due to the unpredictable nature of future cash flows and the lack of suitable methods of
arriving at a reliable fair value.
The fair values of financial assets at FVPL are measured using inputs that are observable at the
reporting date such as government and corporate securities listed in the Philippine Dealing and
Exchange Corporation provided by the counterparty bank.
Derivative assets and liabilities designated as cash flow hedges
The fair values of derivative assets and liabilities designated as cash flow hedges are based on
quotations provided by the counterparty banks.
Long-term Debts
The fair values for the Companys long-term debts are estimated using the discounted cash flow
methodology with the applicable rates ranging from 1.75% to 2.89% and 1.76% to 6.71% as at
September 30, 2015 and December 31, 2014, respectively.
For the nine-month period ended September 30, 2015, and for the year ended December 31, 2014
there were no transfers between Level 1 and Level 2 fair value measurements and no transfers into
and out of Level 3 fair value measurements.
Credit Risk
The Companys geothermal and power generation business trades with only one major customer,
NPC, a government-owned-and-controlled corporation. Any failure on the part of NPC to pay its
obligations to the Company would significantly affect the Companys business operations. As a
practice, the Company monitors closely its collection from NPC and charges interest on delayed
payments following the provision of its respective Steam Sales Agreements (SSAs) and Power
Purchase Agreements (PPAs). Receivable balances are monitored on an ongoing basis to ensure
that the Companys exposure to bad debts is not significant. The maximum exposure of trade
receivable is equal to its carrying amount.
With respect to the credit risk arising from other financial assets of the Company, which comprise
of cash and cash equivalents excluding cash on hand, Financial assets at FVPL, other receivables
and AFS investments, the Companys exposure to credit risk arises from default of the
counterparty, with a maximum exposure equal to the carrying amount of these instruments before
taking into account any collateral and other credit enhancements.
The following tables below show the aging analysis of the Companys financial assets as of
September 30, 2015 and December 31, 2014:
- 24 -
Neither Past
Due nor
Impaired
Loans and receivables:
Cash and cash
equivalents
(excluding cash on
hand)
P
=15,452,815
Trade receivables
3,641,737
Loans and notes
receivables
92,307
9,680
50,212
969,562
AFS investments:
Debt investments
264,631
Equity investments
299,500
1,035,235
Derivatives designated as
cash flow hedges:
348,292
Total
P
=22,163,971
Neither Past
Due nor
Impaired
Loans and receivables:
Cash and cash
equivalents
(excluding cash on
hand)
P13,869,256
=
Trade receivables
3,766,128
Loans and notes
receivables
95,901
9,492
345,810
85,754
AFS investments:
Debt investments
259,847
Equity investments
308,130
523,593
cash flow hedges:
Derivative assets
154,169
Total
=19,418,080
P
Less than
30 Days

Past Due but Not Impaired
Over 1 Year
31 Days
up to
Over
to 1 Year
3 Years
3 Years
(In Thousand Pesos)
Past
Due and
Impaired
Total
P
=
553,059
P
=
56,136
P
=
1,083,955
P
=
46,542
19,001
2,363
68,777
92,307
9,680
118,118
1,038,339
264,631
299,500
1,035,235
P
=599,601
P
=75,137
P
=1,086,318
P
=
Less than
30 Days

Past Due but Not Impaired
Over 1 Year
31 Days
up to
Over
to 1 Year
3 Years
3 Years
(In Thousand Pesos)
P
= P
=15,452,815
91,148
5,426,035
348,292
P
=159,925 P
=24,084,952
Past
Due and
Impaired
Total
=
P
1,334,308
=
P
1,155,556
=
P
78,381
=
P
=
P
90,613
=13,869,256
P
6,424,986
33,058
14,873
1,455
78,488
95,901
9,492
395,196
164,242
259,847
308,130
523,593
=1,367,366
P
=1,170,429
P
=79,836
P
=
P
=169,101
P
154,169
=22,204,812
P
Credit Quality of Financial Assets

Financial assets are classified as high grade if the counterparties are not expected to default in
settling their obligations. Thus, the credit risk exposure is minimal. These counterparties
normally include customers, banks and related parties who pay on or before due date. Financial
assets are classified as a standard grade if the counterparties settle their obligation with the
Company with tolerable delays. Low grade accounts are accounts, which have probability of
impairment based on historical trend. These accounts show propensity of default in payment
despite regular follow-up actions and extended payment terms.
As of September 30, 2015 and December 31, 2014, financial assets categorized as neither past due
nor impaired are viewed by management as high grade, considering the collectability of the
- 25 -
receivables and the credit history of the counterparties. Meanwhile, past due but not impaired
financial assets are classified as standard grade.
Derivative Financial Instruments
The Company engages in derivative transactions, particularly currency swaps and interest rate
swaps to manage its foreign currency risk and/or interest rate risk arising from its foreign-currency
denominated loans.
The table below shows the derivative financial instruments of the Company:
Derivative
Derivative
Assets
Liabilities

Derivative
Derivative
Assets
Liabilities
accounting hedges:
Cross-currency swaps
Interest rate swaps
Total derivatives
P
=348,291,776
P
=348,291,776
P
=
377,009,449
P
=377,009,449
=154,169,144
P
=154,169,144
P
=
P
169,734,900
=169,734,900
P
Presented as:
Current
Noncurrent
Total derivatives
P
=53,583,350
294,708,426
P
=348,291,776
P
=15,570,516
361,438,933
P
=377,009,449
P22,024,164
=
132,144,980
=154,169,144
P
=3,394,698
P
166,340,202
=169,734,900
P
Cross Currency Swap Contracts

In 2012, the Parent Company entered into six (6) non-deliverable cross-currency swap (NDCCS)
agreements with an aggregate notional amount of US$65.00 million. These derivative contracts
are designed to partially hedge the foreign currency and interest rate risks on the Parent
Companys Refinanced Syndicated Term Loan (Hedged Loan) that is benchmarked against US
LIBOR and with flexible interest reset feature that allows the Parent Company to select what
interest reset frequency to apply (i.e., monthly, quarterly or semi-annually) [see Note 13]. As it is
the Parent Companys intention to reprice the interest rate on the Hedged Loan quarterly, the
Parent Company utilizes NDCCS with quarterly interest payments and receipts.
During 2014, the Parent Company entered into additional six (6) NDCCS with an aggregate
notional amount of US$45.0 million to further hedge its foreign currency risks and interest rate
risks arising from the Hedged Loan.
Effectively, the twelve (12) NDCCS converted 62.86% of Hedged Loan into a fixed rate peso loan.
Under the NDCCS agreements, the Parent Company receives floating interest based on 3-month
US LIBOR plus 175 basis points and pays fixed peso interest. On specified dates, the Parent
Company also receives specified USD amounts in exchange for specified peso amounts based on
the agreed swap rates. These USD receipts correspond with the expected interest and fixed
principal amounts due on the Hedged Loan.
Pertinent details of the NDCCS are as follows:
Notional
amount (in
millions)
US$15.00
Trade Effective
Date
Date
03/26/12 03/27/12
Maturity
Swap Fixed
Date
rate
rate
06/17/17 P43.05 4.87%
Variable rate
3-month LIBOR + 175 bps
- 26 -
10.00
10.00
10.00
10.00
10.00
7.50
7.50
7.50
7.50
7.50
7.50
04/18/12
05/03/12
06/15/12
07/17/12
10/29/12
05/14/14
05/14/14
06/09/14
06/09/14
07/10/14
07/09/14
06/27/12
06/27/12
06/27/12
09/27/12
12/27/12
06/27/14
06/27/14
06/27/14
06/27/14
9/27/14
9/27/14
06/17/17
06/17/17
06/17/17
06/17/17
06/17/17
06/17/17
06/17/17
06/17/17
06/17/17
06/17/17
06/17/17
42.60
42.10
42.10
41.25
41.19
43.60
43.57
43.55
43.55
43.29
43.37
4.92
4.76
4.73
4.58
3.44
3.80
3.80
3.60
3.60
3.50
3.68

The maturity date of the 12 NDCCS coincides with the maturity date of the Hedged Loan.
As of September 30, 2015 and December 31, 2014, the outstanding aggregate notional amount of
the Parent Companys NDCCS amounted to US$110 million. The aggregate fair value changes on
these NDCCS amounted to P
=8.0 million gain and P
=8.4 million loss as of September 30, 2015 and
December 31, 2014, respectively.
As of September 30, 2015 and December 31, 2014, the fair value of the outstanding NDCCS
amounted to P
=154.2 million, respectively. Since the critical terms of the
Hedged Loan and NDCCS match, the Parent Company recognized the aggregate fair value
changes on these NDCCS under Cumulative Translation Adjustment on Hedging Transactions
account in the consolidated statements of financial position.
Interest Rate Swap Contracts
In the last quarter of 2014, EBWPC entered into four (4) interest rate swaps (IRS) with an
aggregate notional amount of US$150 million. This is to partially hedge the interest rate risks on
its ECA and Commercial Debt Facility (Foreign Facility) that is benchmarked against US LIBOR
and with flexible interest reset feature that allows EBWPC to select what interest reset frequency
to apply (i.e., monthly, quarterly or semi-annually) [see Note 13]. As it is EBWPC's intention to
reprice the interest rate on the Foreign Facility semi-annually, EBWPC utilizes IRS with semiannual interest payments and receipts.
Under the IRS agreement, EBWPC will receive semi-annual interest of 6-month USD-LIBOR and
will pay fixed interest. EBWPC designated the IRS as hedging instruments in cash flow hedge
against the interest rate risks arising from the Foreign Facility.
Pertinent details of the IRS are as follows:
Notional
amount
(in million)
US$62.00
40.00
39.00
9.00
Trade
Date
10/20/14
10/20/14
12/11/14
10/20/14
Effective
Date
12/15/14
12/15/14
12/15/14
12/15/14
Maturity
Fixed
Date
rate
10/23/29 2.635%
10/23/29
2.635
10/23/29
2.635
10/23/29
2.508
Variable rate
6-month LIBOR
6-month LIBOR
6-month LIBOR
6-month LIBOR
- 27 -
The maturity date of the four IRS coincides with the maturity date of the Foreign Facility.
As of September 30, 2015 and December 31, 2014, the outstanding aggregate notional amount of
EBWPCs IRS amounted to US$150 million. The aggregate fair value changes on these IRS
amounted to P
=351.6 million loss and P
=169.7 million loss as of September 30, 2015 and
December 31, 2014, respectively.
As of September 30, 2015 and December 31, 2014, the fair value of the outstanding IRS amounted
to (P
=377.0 million) and (P
=169.7 million), respectively. Since the critical terms of the Foreign
Facility and IRS match, EBWPC recognized the aggregate fair value changes on these IRS under
Cumulative Translation Adjustment on Hedging Transactions account in the consolidated
statements of financial position.
Cumulative Translation Adjustment
The net movement of changes made to Cumulative Translation Adjustment on Hedging
Transactions account for the Companys cash flow hedges is as follows:
Balance at beginning of the period

Changes in fair value of the cash flow hedges
Transferred to consolidated statement of income
Foreign exchange (gain) / loss
Interest expense
Balance before tax
Tax
Balance at end of the period
September 30, 2015 December 31, 2014

(One year)
(Nine months)
(Audited)
(Unaudited)
(P
=178,182,172)
(P
=55,615,718)
(132,172,633)
3,623,495
(187,788,351)
(174,558,677)
(175,807,500)
(16,775,412)
(192,582,912)
(367,141,589)
23,617,587
(P
=343,524,002)
(52,375,000)
67,222,119
14,847,119
(172,941,234)
(5,240,938)
(P
=178,182,172)
- 28 -
Fair Value Changes of Derivatives

The tables below summarize the net movement in fair values of the Companys derivatives as of
September 30, 2015 and December 31, 2014.
Balance at beginning of the period

Net changes in fair value of derivatives:
Designated as accounting hedges
Not designated as accounting hedges
Fair value of settled instruments:
Designated as accounting hedges
Not designated as accounting hedges
Balance at end of the period
Presented as:
Derivative assets
September 30,
2015 December 31, 2014
(One year)
(Nine months)
(Audited)
(Unaudited)
=56,931,779
P
(P
=15,565,756)
3,623,495
3,623,495
(132,172,633)
7,517,980
(124,654,653)
(16,775,412)
(16,775,412)
(P
=28,717,673)
67,222,118
(15,065,000)
52,157,118
(P
=15,565,756)
P
=348,291,776
(377,009,449)
(P
=28,717,673)
=154,169,144
P
(169,734,900)
(P
=15,565,756)
The effective portion of the changes in the fair value of the derivatives designated as accounting
hedges were deferred in equity under Cumulative Translation Adjustment on Hedging
Transactions account.
Capital Management
The primary objective of the Companys capital management is to ensure that it maintains a
healthy capital ratio in order to comply with its financial loan covenants and support its business
operations.
The Company manages and makes adjustment to its capital structure as it deems necessary. To
maintain or adjust its capital structure, the Company may increase the levels of capital
contributions from its creditors and owners/shareholders through debt and new shares issuance,
respectively. No significant changes have been made in the objectives, policies and processes of
the Company from the previous periods.
The Company monitors capital using the debt ratio, which is long-term liabilities divided by
long-term liabilities plus equity. The Companys policy is to keep the debt ratio at not more than
70:30. The Companys long-term liabilities include both the current and long-term portions of
long-term debts. Equity includes all items presented in the equity section of the consolidated
statement of financial position.
- 29 -
The table below shows the Companys debt ratio as of September 30, 2015 and December 31,
2014.
Long-term liabilities
Equity
Total
Debt ratio
December 31,
September 30,
2014
2015
(Audited)
(Unaudited)
=69,462,241,673
P
=70,339,132,786 P
43,620,086,477
45,431,415,377
P113,082,328,150
P
=115,770,548,163 =
61.4%
60.8%
As of September 30, 2015 and December 31, 2014, the Company is able to meet its capital
management objectives.
24. Notes to Company Statements of Cash Flows

Non-cash investing activity consists of recognition of movement in provision for rehabilitation
and restoration amounting to P
=58.56 million under property, plant and
equipment as of September 30, 2015 and 2014, respectively.
25. Events after Reporting Period

On September 9, 2015, BGI completed execution of separate loan agreements with BDO
Unibank, Inc, Bank of the Philippine Islands and Security Bank Corporation for the total amount
of P
=5.0 billion. The initial drawdown amounting to P
=2.5 billion was made on October 7, 2015.
The remaining P
=2.5 billion will be drawn on December 7, 2015. BDO Capital and Investment
Corporation acted as a structuring supervisor and sole bookrunner. As part of the agreement, BGI
will provide a debt service reserve account for the principal and interest payment of the loan.
26. Other Matters

Seasonality or Cyclicality of Interim Operations
For Wind Ilocos Norte Business Unit, higher revenue and operating profits are expected in the last
quarter of the year which is based on the generation profile of Burgos. Solar power plant is
expected to generate its highest revenue during summer months. For the rest of the entities, except
for FG Hydros sale of electricity coming from hydroelectric power/operations, seasonality or
cyclicality of interim operations is not applicable to the Parent Companys type of business
because of the nature of its contracts with NPC, which includes guaranteed volume under the
applicable take-or-pay, minimum energy off-take or contracted energy provisions. GCGIs sales
to cooperatives and industries are also not subject to seasonality or cyclicality.
Issuances, Repurchases, and Repayments of Debt and Equity Securities
There are no issuances, repurchases and repayments of debt and equity securities during the
current period
Changes in Estimates of Amounts Reported in Prior Financial Years
- 30 -
The key assumptions concerning the future and other key sources of estimation uncertainty used in
preparation of the unaudited interim condensed consolidated financial statements are consistent
with those followed in the preparation of the Companys annual consolidated financial statements
as of and for the year ended December 31, 2014.
Changes in the Composition of the Company During the Interim Period
There are no material changes in the composition of the registrant during the period.
Changes in Contingent Liabilities or Contingent Assets Since the Last Annual Reporting Date
There are no material changes in the contingent liabilities or contingent assets since the last annual
reporting date.
Existence of Material Contingencies and Any Other Events or Transactions that are Material to
an Understanding of the Current Interim Period
There are no material contingencies and any other events or transactions during the period.
Arbitration case
On April 14, 2015, BGI received a request for arbitration filed by its contractor Weir Engineering
Services Limited (WEIR) with the Construction Industry Arbitration Commission in respect of
alleged unpaid balance of contract price, legal interest and attorney's fees, liquidated damages, and
sums due to BGI in relation to defects and damage caused by workmanship. WEIR had been
engaged by BGI in 2012 for the completion of works to the steam turbine and generator of
BacMan Units 1 to 3.
On April 20, 2015, BGI filed, a request for arbitration (Request) of its dispute against WEIR
with the International Court of Arbitration of the International Chamber of Commerce.
The Request seeks the payment in BGIs favor of the amount of at least US$8,818,667.00
(exclusive of interest) on account of Weirs breaches of the Contract for Works Completion of
Works to Steam Turbine and Generator of Units 1, 2 and 3 dated March 29, 2012 (the Contract)
entered into between BGI as "Employer" and Weir as "Contractor", whereby BGI engaged Weir to
carry out rehabilitation works on steam turbine, generator and rotor installations in three existing
power-generating units at BGIs Bacon-Manito geothermal power plant (BacMan Plant): Units
1 and 2 at the BacMan I Plant in Palayan, and Unit 3 at the BacMan II Plant in Cawayan.
EDC signs EPC contract for Power Plant of Bac-Man 3 Project
Lopez-led Energy Development Corporation has signed a design and equipment supply contract
with Hyundai Engineering Co., Ltd. (HEC) and a construction services contract with Galing
Power & Energy Construction Co. Inc., both dated September 15, 2015 for the engineering,
procurement and construction of its 31-MW Bac-Man 3 geothermal power plant in Barangays
Capuy, Bucalbucan, Rizaland Bulabog, Sorsogon City, Sorsogon Province. The Bac-Man 3
project has an estimated project cost of P
= 7.6 Billion and is targeted to be completed and
operational by the last quarter of 2017.

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Energy Development Corporation

November 12, 2015

Dear Ms. Encarnacion:

SEC Number 66381

ENERGY DEVELOPMENT CORPORATION

September 30, 2015

SEC FORM 17-Q

(Companys Full Name)

(Business Address: No. Street City/Town/Province)

(Company Telephone Number)

(Secondary License Type, If Applicable)

Amended Articles Number/Section

Total No. of Stockholders

SECURITIES AND EXCHANGE COMMISSION

For the quarterly period ended September 30, 2015

Commission identification number: 66381

BIR Tax Identification No. 000-169-125-000

Exact name of issuer as specified in its charter: ENERGY DEVELOPMENT CORPORATION

7. One Corporate Centre Julia Vargas cor. Meralco Ave.,

(SEC Use Only)

Number of shares outstanding

11. Are any or all of the securities listed on a Stock Exchange?

SEC Form 17Q 3Q 2015

PART 1: FINANCIAL INFORMATION

SEC Form 17Q 3Q 2015

The following is a summary of the key sections of this MD&A:

OVERVIEW OF OUR BUSINESS..............................................................................................4

SEC Form 17Q 3Q 2015

OVERVIEW OF OUR BUSINESS

SEC Form 17Q 3Q 2015

Data from Aboitiz Power: www.aboitizpower.com

SEC Form 17Q 3Q 2015

Tongonan Geothermal Project (expiring in 2031)

SEC Form 17Q 3Q 2015

SEC Form 17Q 3Q 2015

New Products or Services

SEC Form 17Q 3Q 2015

SEC Form 17Q 3Q 2015

COS TS OF S ALE OF ELECTRICITY

S ept. 2015 S ept. 2014

OTHER INCOME (CHARGES)

Recurring net income attributable to:

SEC Form 17Q 3Q 2015

YTD September 30, 2015 vs. YTD September 30, 2014

SEC Form 17Q 3Q 2015

Financial Income (Expense)

SEC Form 17Q 3Q 2015

The comparative foreign exchange rates were as follows:

December 31, 2013

SEC Form 17Q 3Q 2015

SEC Form 17Q 3Q 2015

Cash and cash equivalents

SEC Form 17Q 3Q 2015

Other current assets

SEC Form 17Q 3Q 2015

Due to related parties

SEC Form 17Q 3Q 2015

Provisions and other long-term liabilities

SEC Form 17Q 3Q 2015

CAPITAL AND LIQUIDITY RESOURCES

SEC Form 17Q 3Q 2015

SEC Form 17Q 3Q 2015

DISCUSSION ON THE SUBSIDIARIES