Energy Development : EDC reports 1Q 2015 attributable recurring net income of Php2.5 billion, up by 14%

October 15, 2008

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)

May 15, 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 the disclosure requirements of the PSE, we submit the attached press release entitled "EDC reports 1Q 2015 attributable recurring net income of Php2.5 billion, up by 14%".

Thank you.

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)

Press Release

May 15, 2015

EDC reports 1Q 2015 attributable recurring net income of Php2.5 billion, up by 14%

Energy Development Corporation reported a consolidated recurring net income attributable to equity holder's of the Parent of Php2.5 billion for the first three months of 2015, 14% higher than the Php2.2 billion posted during the same period last year. The increase is largely due to higher energy sales coming from the Bacman Plants and the newly commissioned Nasulo Geothermal Project.
Consolidated revenues amounted to Php8.5 billion, up by Php1.4 billion, or 20%, from the Php7.1 billion recorded during the same period in 2014. The improvement was principally driven by higher revenue contribution of Php0.5 billion from the operations of Bacman's Unit 1,
2 and 3 power plants. The Nasulo and Burgos Wind power plants, which were commissioned at the latter part of 2014 also contributed Php0.4 billion and Php0.3 billion, respectively.
Inclusive of non-recurring items, consolidated net income attributable to equity holders of the Parent stood at Php2.5 billion in the first three months of 2015, 4% higher as compared with Php2.4 billion recorded during the same period last year.
"The first quarter results meet our expectations." EDC President and Chief Operating Officer
Richard Tantoco said.
"Q1's reported operating expenses, when annualized, are expected to be on the lower end of FY estimates. The pace of activities in our different project locations normally accelerate starting the second quarter, together with a corresponding rise in expenditure levels." Mr. Tantoco added.
As of the first three months of 2015, the Company's financial position remained healthy with cash balance at Php24 billion. It maintained a gearing level with consolidated net debt to equity of 1.22 to 1 and consolidated net debt to EBITDA of 2.86 to 1.