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MANILA ELECTRIC COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

Note

December 31
2014
2015
(Amounts in millions)

ASSETS
Noncurrent Assets
Utility plant and others
Investments in associates and interests
in joint ventures
Investment properties
Deferred tax assets - net
Other noncurrent assets
Total Noncurrent Assets
Current Assets
Cash and cash equivalents
Trade and other receivables
Inventories
Other current assets
Total Current Assets
Total Assets

7,10 and 15

P
=124,913

=
P120,830

8
9 and 15
28
2, 7, 10, 12, 27, 29 and 30

13,603
1,538
11,296
35,594
186,944

14,532
1,526
7,089
12,464
156,441

11 and 27
10, 12, 18 and 27
13 and 25
14, 23 and 27

50,840
26,761
2,273
15,421
95,295
P
=282,239

69,469
30,629
2,212
10,302
112,612
=
P269,053

15

P
=11,273

4,111

=
P11,273
(8)
4,111

16

(328)
1,049

(328)
1,049

10

102

112

(72)

355

(12)

(20)

26
15
15

935
(11)

1,302
(11)

11,000
52,229

11,000
50,319

80,276
585
80,861

79,154
320
79,474

EQUITY AND LIABILITIES


Equity Attributable to Equity Holders
of the Parent
Common stock
Subscriptions receivable
Additional paid-in capital
Excess of acquisition cost over carrying value
of non-controlling interest acquired
Employee stock purchase plan
Unrealized fair value gains on available-forsale financial assets
Cumulative translation adjustments of
subsidiaries and associates
Share in remeasurement adjustments on
associates retirement liabilities
Remeasurement adjustments on retirement
and other post-employment liabilities
Treasury shares
Retained earnings:
Appropriated
Unappropriated
Equity Attributable to Equity Holders
of the Parent
Non-controlling Interests
Total Equity
(Forward)

*SGVFS015182*

-2-

Note

Noncurrent Liabilities
Interest-bearing long-term financial liabilities net of current portion
Customers deposits - net of current portion
Long-term employee benefits
Provisions
Refundable service extension costs net of current portion
Deferred tax liabilities - net
Other noncurrent liabilities
Total Noncurrent Liabilities
Current Liabilities
Notes payable
Trade payables and other current liabilities
Customers refund
Income tax payable
Current portion of long-term employee
benefits
Current portion of interest-bearing long-term
financial liabilities
Total Current Liabilities
Total Liabilities
Total Liabilities and Equity

December 31
2014
2015
(Amounts in millions)

17, 25 and 27
18, 22 and 27
26
19, 22 and 29

P
=27,370
23,584
3,620
21,014

=
P27,743
24,344
4,887
16,073

22 and 27
28
2, 5, 7, 24 and 29

4,234
17
28,324
108,163

7,006
5
25,993
106,051

21, 25 and 27
15, 17, 18, 19, 22, 23, 24,
27and 29
2, 20 and 27

1,043

400

79,557
5,550
1,883

73,624
5,937
1,668

26

3,287

17, 25 and 27

1,895
93,215
201,378
P
=282,239

1,899
83,528
189,579
=
P269,053

See accompanying Notes to Consolidated Financial Statements.

*SGVFS015182*

MANILA ELECTRIC COMPANY AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF INCOME

Note

REVENUES
Sale of electricity
Sale of other services
COSTS AND EXPENSES
Purchased power
Salaries, wages and employee benefits
Provision for probable losses and expenses from claims
Depreciation and amortization
Contracted services
Provision for doubtful accounts - net
Taxes, fees and permits
Other expenses
OTHER INCOME (EXPENSES)
Interest and other financial income
Interest and other financial charges
Foreign exchange gains
Equity in net earnings (losses) of associates
and joint ventures
Derivative mark-to-market losses
Others

23, 24 and 32
9 and 23

P
= 249,773
8,626
258,399

=
P261,740
4,596
266,336

=
P294,849
3,787
298,636

24 and 30
25 and 26
19, 24 and 29
7, 9 and 10

192,117
12,420
11,628
6,910
4,668
502
595
6,151
234,991

203,242
11,008
10,720
6,093
4,292
460
662
3,765
240,242

238,198
11,261
10,749
6,118
3,719
504
539
3,398
274,486

1,538

770

1,172

12
23 and 25

25
7, 17, 18, 21
and 25
8
2 and 30

INCOME BEFORE INCOME TAX


PROVISION FOR (BENEFIT FROM)
INCOME TAX
Current
Deferred

Earnings Per Share Attributable to Equity Holders


of the Parent
Basic
Diluted

(1,216)
367

(1,439)
8

(1,479)
353

(27)

806
1,468

295

740
374

(259)
(24)
414
177

24,876

26,468

24,327

9,732
(4,045)
5,687

9,961
(1,624)
8,337

9,889
(2,835)
7,054

28

NET INCOME
Attributable To
Equity holders of the Parent
Non-controlling interests

Years Ended December 31


2014
2013
2015
(Amounts in millions, except per share data)

31

P
=19,189

=
P18,131

=
P17,273

P
=19,098
91
P
=19,189

=
P18,053
78
=
P18,131

=
P17,211
62
=
P17,273

P
=16.94
16.94

=
P16.02
16.02

=
P15.27
15.27

31

See accompanying Notes to Consolidated Financial Statements.

*SGVFS015182*

MANILA ELECTRIC COMPANY AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Note

Years Ended December 31


2014
2013
2015
(Amounts in millions)

NET INCOME
OTHER COMPREHENSIVE INCOME (LOSS)
Items that will be reclassified to profit or
loss in subsequent years:
Unrealized fair value gain (loss) on
Available-for-sale financial assets
Income tax effect
Cumulative translation adjustments of
subsidiaries and associates
Items that will not be reclassified to
profit or loss in subsequent years:
Remeasurement adjustments on retirement
and other post-employment liabilities
Income tax effect
Share in remeasurement adjustments on
associates retirement liabilities
OTHER COMPREHENSIVE INCOME (LOSS),
NET OF INCOME TAX
TOTAL COMPREHENSIVE INCOME,
NET OF INCOME TAX
Total Comprehensive Income Attributable To
Equity holders of the Parent
Non-controlling interests

=
P18,131

P
=19,189

=
P17,273

10

(14)
4
(10)

10
(3)
7

(21)
6
(15)

(427)

(34)

386

26

(524)
157
(367)

(215)
71
(144)

1,653
(496)
1,157

(1)

(20)

(805)

(191)

1,528

P
=18,384

=
P17,940

=
P18,801

=18,293
P
91
=18,384
P

=
P17,862
78
=
P17,940

=
P18,739
62
=
P18,801

See accompanying Notes to Consolidated Financial Statements.

*SGVFS015182*

=
P11,273

=
P11,273

At January 1, 2014
Net income
Other comprehensive loss
Total comprehensive income (loss)
Collection of subscriptions receivable
Dividends

(Forward)

At December 31, 2014

At December 31, 2015

=
P11,273

=
P11,273

At January 1, 2015
Net income
Other comprehensive income (loss)
Total comprehensive income (loss)
Effect of disposal of an associate
Collection of subscriptions receivable
Dividends

(P
=69)

61

61
(P
=8)

(P
= 8)

8
P
=

Common
Stock Subscriptions
(Note 15) Receivable

=
P4,111

=
P4,111

=
P4,111

=
P4,111

Additional
Paid-in
Capital

(P
=328)

(P
=328)

(P
= 328)

(P
= 328)

Excess of
Acquisition
Cost Over
Carrying
Value of
Noncontrolling
Interest
Acquired

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY


FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013

MANILA ELECTRIC COMPANY AND SUBSIDIARIES

=
P1,049

=
P1,049

=
P1,049

=
P1,049
P
=105

7
7

P
=112

=
P112

(10)
(10)

=
P102
=
P

(20)
(20)

(P
=20)

(P
= 20)

(1)
(1)
9

(P
= 12)
P
=389

(34)
(34)

P
=355

=
P355

(427)
(427)

(P
= 72)

(Amounts in millions)

=
P1,446

(144)
(144)

=
P1,302

=
P1,302

(367)
(367)

=
P935

Equity Attributable to Equity Holders of the Parent


Remeasurement
Share in Cumulative Adjustments
Unrealized
on
Fair Value Remeasure- Translation
Retirement
Gains
ment Adjustments
and Other
of
on Adjustments
Employee
on Subsidiaries
PostAFS
Stock
and Employment
Financial
Associates
Purchase
Liabilities
Associates
Assets
Retirement
Plan
(Note 26)
(Note 8)
(Note 10)
(Note 16)
Liabilities

(P
=11)

(P
=11)

(P
= 11)

(P
= 11)

=
P11,000

=
P11,000

=
P11,000

=
P11,000

Appropriated
Treasury
Retained
Shares
Earnings
(Note 15)
(Note 15)

=
P46,197
18,053

18,053

(13,931)
(13,931)
=
P50,319

=
P50,319
19,098

19,098

(17,188)
(17,188)
=
P52,229

=
P75,162
18,053
(191)
17,862
61
(13,931)
(13,870)
=
P79,154

=
P79,154
19,098
(805)
18,293
9
8
(17,188)
(17,180)
=
P80,276

Equity
Unappropriated Attributable
to Equity
Retained
Holders of
Earnings
(Note 15)
the Parent

=
P75,335
18,131
(191)
17,940
61
(13,862)
(13,801)
=
P79,474

=
P79,474
19,189
(805)
18,384
9
8
(17,014)
(17,006)
=
P80,861

Total
Equity

*SGVFS015182*

P
=173
78

78

69
69
P
=320

=
P320
91

91

174
174
=
P585

Noncontrolling
Interests
(Note 6)

(P
=211)

142

142
(P
=69)

=
P11,273

=
P11,273

See accompanying Notes to Consolidated Financial Statements.

At December 31, 2013

At January 1, 2013
Net income
Other comprehensive income (loss)
Total comprehensive income (loss)
Collection of subscriptions receivable
Dividends
Appropriation of unrestricted retained
earnings

Common
Stock Subscriptions
(Note 15) Receivable

=
P4,111

=
P4,111

Additional
Paid-in
Capital

(P
=328)

(P
=328)

Excess of
Acquisition
Cost Over
Carrying
Value of
Noncontrolling
Interest
Acquired

=
P1,049

=
P1,049

P
=105

P
=120

(15)
(15)

=
P

=
P

P
=389

=
P3

386
386

(Amounts in millions)

=
P1,446

P
=289

1,157
1,157

Equity Attributable to Equity Holders of the Parent


Remeasurement
Share in Cumulative Adjustments
Unrealized
Fair Value Remeasure- Translation
on
Gains
Retirement
ment Adjustments
Employee
on Adjustments
and Other
of
on Subsidiaries
Stock
AFS
PostPurchase
Financial
and Employment
Associates
Plan
Assets
Liabilities
Associates
Retirement
(Note 26)
(Note 16)
(Note 10)
(Note 8)
Liabilities

-2-

(P
=11)

(P
=11)

5,000
5,000
=
P11,000

=
P6,000

Appropriated
Treasury
Retained
Shares
Earnings
(Note 15)
(Note 15)

(5,000)
(16,621)
=
P46,197

=
P45,607
17,211

17,211

(11,621)

(11,479)
=
P75,162

=
P67,902
17,211
1,528
18,739
142
(11,621)

Equity
Unappropriated Attributable
to Equity
Retained
Holders of
Earnings
(Note 15)
the Parent

(11,616)
=
P75,335

=
P68,150
17,273
1,528
18,801
142
(11,758)

Total
Equity

*SGVFS015182*

(137)
P
=173

P
=248
62

62

(137)

Noncontrolling
Interests
(Note 6)

MANILA ELECTRIC COMPANY AND SUBSIDIARIES


CONSOLIDATED STATEMENTS OF CASH FLOWS

Years Ended December 31


Note

CASH FLOWS FROM OPERATING ACTIVITIES


Income before income tax
Adjustments for:
Depreciation and amortization
Provision for probable losses and expenses
from claims - net
Interest and other financial income
Interest and other financial charges
Provision for doubtful accounts
Equity in net losses (earnings) of associates and joint
ventures
Others
Operating income before working capital changes
Decrease (increase) in:
Trade and other receivables
Inventories
Other current assets
Increase (decrease) in:
Trade payables and other current liabilities
Customers refund
Customers deposits
Long-term employee benefits
Cash generated from operations
Income tax paid
Net cash provided by operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions to:
Held-to-maturity investments
Available-for-sale investments
Utility plant and others
Investments in associates and interests
in joint ventures
Intangible assets
Investment properties
Short-term investments
Interest and other financial income received
Increase in minority interest due to acquisition of a
subsidiary
Proceeds from disposal of utility plant and others
Proceeds from disposal of investment in associates and
interests in joint ventures
Dividends received from associates
Proceeds from disposal of investment properties
Decrease (increase) in other noncurrent assets
Net cash used in investing activities

2014
2015
(Amounts in millions)

2013

=24,876
P

=
P26,468

=
P24,327

6,910

6,093

6,118

19, 24 and 29
25
25
12

11,611
(1,538)
1,216
502

10,720
(770)
1,439
460

10,736
(1,172)
1,479
504

27
(568)
43,036

(295)
(194)
43,921

259
(323)
41,928

5,496
(59)
(754)

10,075
(750)
2,290

(20,985)
(1,379)
(147)

887
(387)
(1,342)
1,496
48,373
(6,690)
41,683

(10,199)
(76)
(1,079)
480
44,662
(7,167)
37,495

25,060
(114)
2,983
(2,997)
44,349
(7,205)
37,144

10
10
7

(21,118)
(10,799)
(10,383)

(12,062)

(9,311)

8 and 14
10

(80)
(707)
(33)

698

(1,422)
(514)
(6)

659

(16,383)
(876)

(4,841)
1,106

7, 9 and 10

14

174
148
8

330
605
20
(1,243)
(42,388)

166

554

9
(12,616)

127

411
91
(716)
(30,392)

(Forward)

*SGVFS015182*

-2-

Note

CASH FLOWS FROM FINANCING ACTIVITIES


Proceeds from:
Availment of notes payable
Collection of subscriptions receivable
Availment of interest-bearing long-term financial
liabilities
Issuances of bonds, net of issue costs
Payments of:
Dividends
Interest and other financial charges
Interest-bearing long-term financial liabilities
Notes payable
Increase (decrease) in non-controlling interest
Increase (decrease) in other noncurrent liabilities
Net cash used in financing activities

2013

21

=929
P
8

=
P432
61

=
P4,705
142

17
17

7,330

18,314

(16,926)
(1,882)
(400)
(286)

633
(17,924)

(13,834)
(1,996)
(9,508)
(1,846)
69
4,031
(15,261)

(12,553)
(4,036)
(9,424)
(4,678)
(27)
156
(7,401)

(18,629)

9,618

69,469

59,851

60,500

P
=50,840

=
P69,469

=
P59,851

15

21

NET INCREASE (DECREASE) IN CASH


AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS
AT END OF YEAR

Years Ended December 31


2014
2015
(Amounts in millions)

11

(649)

See accompanying Notes to Consolidated Financial Statements.

*SGVFS015182*