Batelec II Working Sheet - 121619

1
Unit 2014 2015 2016 2017 Year 1

Growth Rate (Inflation) % 10%
Fixed Assets
Remaining life of old asset No. of years 25 Based on prev. years average
Depreciation of new assetsNo. of years 30
Transfer to UPIS % 50%
Additions to CWIP % 50%
2 3 4 5 6 7 8 9 10
Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
5% 5% 5% 5% 5% 5% 5% 5% 5%
11 12 13 14 15 16 17 18 19
Year 11 Year 12 Year 13 Year 14 Year 15 Year 16 Year 17 Year 18 Year 19
5% 5% 5% 5% 5% 5% 5% 5% 5%
20 21 22 23 24 25
Year 20 Year 21 Year 22 Year 23 Year 24 Year 25
5% 5% 5% 5% 5% 5%
2014 2015
Revenues
Residential 2,086,115,000 2,063,227,795
Commercial 1,169,326,288 1,221,712,380
Industrial 39,072,186 35,352,922
Communal water system 231,830,850 222,628,995
Public building and facilities 1,284,543,296 1,117,176,455
Public street and hi-way lighting 144,684,424 134,227,833
4,955,572,044 4,794,326,380
Other Revenue
Cost of Energy
Power purchased (Note 17) 4,676,329,219 4,240,376,008
Less, prompt payment discount -762,624
4,637,887,257 4,240,376,008
Expenses
Distribution Cost
Overhead lines 113,843,525 116,617,431
Meters 37,198,372 32,455,072
Station 18,766,922 20,037,199
Supervision and engineering 15,328,976 15,464,248
Consumer installation 3,439,748 5,585,530
Line transformer 2,918,684 2,189,056
Load dispatching 1,067,245 1,006,413
Miscellaneous 5,137,011 5,001,486
Depreciation 57,333,728 56,913,602
Consumer Accounts
Records and collection 66,424,154 58,467,960
Info & instructional adv. 22,978,558 27,908,967
Meter reading 27,779,521 27,734,793
Supervision 10,735,285 10,576,146
Consumer prompt payment discount 3,012,924 1,658,293
1% Uncollectible accounts 3,902,712 1,323,492
Miscellaneous consumer services - 1,400
Administrative Expenses
G&A salaries 29,387,636 28,913,705
Office Supplies 19,277,762 19,941,389
Outside services employed 33,483,672 27,574,315
Property Insurance 99,743 119,512
Injuries and damages 1,989,350 2,590,385
Franchise Requirements 431,899 588,192
Employees pensions & benefits 43,010,205 43,010,205
Rents 812,922 747,466
Maintenance of general plant 5,160,970 5,647,615
Travel and trainings 4,158,720 3,759,077
Association dues 102,500 144,184
Officers Allowances and Benefits 5,468,318 4,951,241
Depreciation 35,996,940 36,869,618
Interest charges
Miscellaneous 3,405,648 4,381,521
Taxes on properties 669,893 1,503,476
183,456,178 180,741,901
PROPERTY, PLANT AND EQUIPMENT

Utility plant in-service 2,421,535,744 2,593,999,765
Appraisal increase 1,767,852,709 1,767,852,709
4,189,388,453 4,361,852,474
Less, accumulated depreciation
At cost 848,444,716 942,227,936
Appraisal Increase 821,749,245 872,309,502
1,670,193,961 1,814,537,438
Net Book Value 2,519,194,492 2,547,315,036
Construction work in-progress 267,717,768 134,943,379
NUPIS 2,786,912,260 2,682,258,415
OTHER ASSET NON-CURRENT ASSETS
Restricted fund
Retirement fund 77,246,675 157,141,018
Sinking fund for reinvestment 129,202,797 157,945,197
Membership 791,156 790,970
Sinking fund for loan amortization 238,931 239,639
207,479,559 316,116,824
Deferred debits
Prudential requirement - WESM 44,298,455 52,529,721
Security deposit - Transco 17,433,053 17,661,847
Preliminary survey and investigation 6,177,346 6,177,346
Input tax 1,894,655 3,408,342
Creditable withholding tax 1,157,837 1,686,710
Advance rental deposit 517,297 568,297
Miscellaneous deferred debits 3,603,654 133,240,360
75,082,297 215,272,623
Other investment
Investment in Government Securities
Investment in Special Trust Fund -BOO 30,000,000
Investment in REFC Shares of Stocks 1,000,000 1,000,000
Time deposits-Membership Fund 1,518,343 1,530,670
2,518,343 32,530,670
Total 285,080,199 563,920,117
CASH
General and other funds

Cash in Bank - saving (43,755,660) 289,480,408
Loan Fund 179,195,763 23,571,134
Cash in Bank - current 15,530,017 76,906,224
150,970,120 389,957,766
Cash on hand 71,879,116 24,571,194

Working fund 360,000 360,000
Temporary cash investments 500,000 298,478
72,739,116 25,229,672
Total 223,709,236 415,187,438
RECEIVABLES - NET
Consumers' accounts receivable 1,042,930,520 990,531,664

Less, allowance for doubtful/uncollectible 20,690,487 22,015,758
1,022,240,033 968,515,906
Interest on overdue lngasco accounts 94,933,940 105,604,148

BOM 177,001,447 58,460,042
Retirement and medical loan 52,435,855 36,145,556
PEMC-WESM Operations 32,903,159 60,735,957
Returned checks 3,882,136 3,832,239
Pole rental 2,028,457 5,468,132
Employee benefits 745,033 605,159
Supplier (Private Contractor) 804,751 146,048
Telephone/ cellphone bill 687,835 708,610
others 7,383,724 8,140,111
372,806,337 279,846,002
Notes Receivable
Apprehended consumers 11,709,449 15,627,405
Powerbill restructuring 7,062,098 9,592,746
Meter loan 1,387,496 1,467,829
Energy deposits 795,313 795,312
Pole rental 304,832 468,293
21,259,188 27,951,585
Advances to officers and employees 11,800 112,211

Net realizable value 1,416,317,358 1,276,425,704
MATERIALS AND SUPPLIES INVENTORY
Special equipment - 39,832,225

Electric 53,780,120 45,457,499
House Wiring 330,596 151,945
Office supplies 4,061,343 2,780,233
Stores expense undistributed 92,903 169,234
Others 50,342,066 60,303,930
Total 108,607,028 148,695,066
PREPAYMENTS AND OTHER CURRENT ASSETS
Prepaid interest on NEA loans 31,510,982 1,351,348

Rice allowance 1,647,800 1,847,500
Insurance 1,195,989 1,838,253
Others 2,154,155 2,032,989
36,508,926 7,070,090
DONATED CAPITAL
PSALM 516,794,701 516,794,701

Subsidy 132,751,698 215,143,626
Subsidy- Calamity -
Liquidation of Projects-NEA -
USAID 2,306,106 2,306,106
651,852,505 734,244,433
MISCELLANEOUS CONTRIBUTED CAPITAL
Consumer"s contribution for expansion 1,637,669,634 1,869,981,842

Contribution in aid of construction 13,136,770 13,136,770
1,650,806,404 1,883,118,612
REVALUATION INCREMENT
Revaluation increment 946,080,805 895,520,548
ACCUMULATED LOSS
Accumulated loss, beginning (110,178,324) (432,193,218)

Correction of prior years. net (132,365,997) (88,777,731)
Corrected balance, beginning (242,544,321) (520,970,949)
Net income for the year (189,648,896) 18,320,351
(432,193,217) (502,650,598)
LONG-TERM DEBT
Restructured loan - PSALM - 206,394,832

Reloan R (Capex Loan) 129,700,454 125,013,325
Reloan P (PL Loan) - 47,981,709 45,476,769
Restructured Loan
Reloan O (PL Loan) 25,214,483 23,330,810
Reloan K (Meter Clustering Loan) 23,267,955 16,323,014
Reloan M (Meter Clustering Loan) 15,970,726 13,787,726
Computerization 2,924,832 2,924,832
Reloan N (Working Capital Loan) 4,852,690
Calamity loan - 26,757,865
OECF - Re Loan 1,613,875
Restructed loan 95,079,562 35,073,754
346,606,286 495,082,927
Less: Current portion of long term debt 25,538,120 39,840,471
Non-current portion of long term debt 321,068,166 455,242,456
CONSUMERS' DEPOSIT
Bill deposit 34,462,108 35,409,411

Special lighting 11,333,159 20,295,450
Power bill w/ prompt payment discount 20,295,450 12,752,576
Power bill 1,019,187 1,428,509
Energy 791,146 791,146
Transformer 148,027 148,027
House-wiring 1,737 1,737
Total 68,050,814 70,826,856
CONSUMERS' DEPOSIT
Bill deposit 34,462,108 35,409,411

Special lighting 11,333,159 20,295,450
Power bill w/ prompt payment discount 20,295,450 12,752,576
Power bill 1,019,187 1,428,509
Energy 791,146 791,146
Transformer 148,027 148,027
House-wiring 1,737 1,737
Total 68,050,814 70,826,856
OTHER NON-CURRENT LIABILITIES
Performance bond 4,581,331 9,712,610

Bond/Bid bond 7,541,615 5,714,880
Retention fee 1,093,535 1,093,535
13,216,481 16,521,025
Deferred revenues - Private Construction 50,929,116 63,049,991
Consumer energy prepayments 21,090,788 22,655,014
Consumer advances tor construction 11,630,057 10,602,464
Other deferred credits 513,836,995 522,588,455
597,486,956 618,895,924
Deferred Output Tax 24,938,244 24,041,918
Generation - Trans Asia 1,222,867 1,216,446
Transmission 584,730 85,215
26,745,841 25,343,579
Distribution & other charges 637,449,278 660,760,528
POWER SUPPLY ACCOUNT PAYABLE
GMCP 128,677,933 291,390,293

NGCP 64,047,241 68,027,036
PEMC 88,516,719 11,701,069
NPC-Spug 741,839 697,170
NPC/PSALM 196,665,806
LIMA 386,728 629,495
Total 479,036,266 372,445,063
TRADE PAYABLES AND ACCRUED EXPENSES
Accounts payable
Suppliers 69,955,880 54,451,302
Output tax 7,354,259 8,612,191
Expanded withholding tax 303,403 289,390
Insurance 35,198 34,795
NEA subsidy 54,791,801
Others 17,081,441 13,784,506
149,521,982 77,172,184
Accrued liabilities
Universal Charge (Note 21) 86,124,746 98,669,681
Feed In Tariff Allowance (FIT-ALL) 10,583,503
Accrued payroll 559,361 500,501
BEMCO 3,432,563 3,170,025
SSS and Medicare contribution 2,750,929 2,289,170
Pag-ibig . 1,656,184 1,314,914
Insurance 22,372 22,445
Accrued interest NEA loan 557,917
Others 2,019,623 1,709,306
96,565,778 118,817,462
Total 246,087,760 195,989,646
22,251,684
The composition of prior period adjustments follows:
CWIP-Force Account adiustment

Pole Rentals (3,235,070)
Unpaid interest charges of Golden Era Steel Mill, Inc
- F AO CKU Steel Corp.
Adjustment ERC Case No. 2011-019 CF (682,000)
Purchased Power Adjustment 3,251,323
Others (88,111,986)
Total (132,365,997) (88,777,733)
FINANCE COST
This represents interests and surcharges on NEA loans (Note 15), as follows:
Items
Interest on LTD & STD 34,319,617 26,883,623
IL TD - Restructured Loan - PSALM 1,083,940
IL TD -RE Loan R (CAPEX Loan) 2,616,307 10,237,743
Re Loan P (PL Loan) 4,448,692 4,235,380
Restructured loan 12,645,586 5,443,190
Re Loan o ( PL Loan) 2,337,795 2,225,700
Loan K 2,202,846 542,750
Loan L 1,553,539
Restructured loan
Loan M 1,497,893 1,738,764
IL TD - Calamity Loan (548,323)
Loan OECF ReLoan 178,687 206,554
Re Loan Q (Working capital loan) 7,438,583
Re Loan N ( Working capital loan) 953,228 164,386
Other interest charges 1,857,294 74,065
Total 70,496,528 53,841,311
Growth Rate (Inflation)

2016 2017 Year 1 Year 2 Year 3
2,230,832,882 2,680,441,256
1,306,367,536 1,561,015,168
1,150,479,602 771,334,473
225,660,246 269,210,992
142,522,467 169,503,453
33,651,863 39,014,554
5,089,514,596 5,490,519,896
4,503,153,981 4,869,709,660 5,020,634,079 5,164,139,654 5,312,391,657
4,503,153,981 4,869,709,660 5,020,634,079 5,164,139,654 5,312,391,657
124,310,153 127,830,431 140,613,474 147,644,148 155,026,355

35,830,742 36,168,721 39,785,593 41,774,873 43,863,616
19,521,335 23,767,903 26,144,693 27,451,928 28,824,524
16,425,593 16,358,665 17,994,532 18,894,258 19,838,971
4,057,530 4,115,953 4,527,548 4,753,926 4,991,622
3,037,290 2,176,261 2,393,887 2,513,581 2,639,261
1,324,544 1,975,991 2,173,590 2,282,270 2,396,383
5,223,944 6,073,733 6,681,106 7,015,162 7,365,920
69,029,515 63,742,169
57,049,087 58,307,756 64,138,532 67,345,458 70,712,731

30,770,108 35,286,927 38,815,620 40,756,401 42,794,221
28,761,652 26,924,110 29,616,521 31,097,347 32,652,214
11,902,404 12,345,119 13,579,631 14,258,612 14,971,543
3,767,018 2,713,444 2,984,788 3,134,028 3,290,729
2,161,274 2,161,274 2,161,274 2,161,274 2,161,274
84,821 - - - -
31,479,936 34,994,733 38,494,206 40,418,917 42,439,862

18,549,655 22,803,487 25,083,836 26,338,027 27,654,929
29,725,547 37,894,919 41,684,411 43,768,631 45,957,063
59,531 14,883 16,371 17,190 18,049
2,234,973 2,822,343 3,104,577 3,259,806 3,422,796
661,448 1,259,854 1,385,839 1,455,131 1,527,888
43,010,205 43,010,205 47,311,226 49,676,787 52,160,626
869,362 747,931 822,724 863,860 907,053
4,423,681 4,597,356 5,057,092 5,309,946 5,575,443
4,356,336 4,746,290 5,220,919 5,481,965 5,756,063
314,953 354,001 389,401 408,871 429,315
5,103,944 7,070,212 7,777,233 8,166,095 8,574,400
30,297,797 24,461,116 24,461,116 24,461,116 24,461,116
3,299,012 6,473,159 7,120,475 7,476,499 7,850,324

2,355,793 32,445,915 35,690,507 37,475,032 39,348,783
176,742,173 223,696,404 243,619,933 254,577,874 266,083,712
2,743,260,430 2,927,229,874
1,767,852,710 1,767,852,709
4,511,113,140 4,695,082,583
1,041,555,248 1,129,758,533 99,327,312 69,029,515

922,869,759 968,530,026 50,560,257
1,964,425,007 2,098,288,559
2,546,688,133 2,596,794,024
144,950,591 112,058,263
2,691,638,724 2,708,852,287
203,162,187 278,411,814
157,511,268 138,099,567
837,128 629,079
179,182
361,689,765 417,140,460
81,620,343 81,620,343
17,970,269 17,970,269
6,177,346 6,177,346
2,830,573 3,535,389
1,758,885 2,093,456
568,297 587,297
108,551,666 133,004,563
219,477,379 244,988,663
- 45,242,752
30,147,690 30,147,690
7,542,000 16,542,000
1,540,754 1,558,438
39,230,444 93,490,880
620,397,588 755,620,003
573,400,164 453,427,422
23,799,095 27,057,209
(59,284,855) (6,282,293)
537,914,404 474,202,338
31,242,275 38,082,753
360,000 360,000
298,478 298,478
31,900,754 38,741,231
569,815,158 512,943,569
972,053,085 984,754,785
23,339,250 25,500,524
948,713,835 959,254,261
119,798,204 133,953,478
53,046,972 46,145,003
32,643,796 32,827,844
13,640,789 13,426,079
4,064,587 2,056,249
1,200,245 1,433,250
955,081 695,972
159,326 159,326
644,996 -
9,325,765 10,138,444
235,479,761 240,835,645
20,349,346 18,563,518
9,583,280 11,173,246
1,384,458 1,565,019
795,312 795,312
165,141 631,173
32,277,537 32,728,268
46,746 8,167
1,216,517,879 1,232,826,341
69,161,764 115,345,649
50,072,806 75,234,592
8,196,442 6,582,743
4,046,639 4,084,286
232,339 349,763
68,298,262 58,716,944
200,008,252 260,313,977
1,992,229
1,802,500 1,740,000
2,206,157 1,386,659
3,208,824 3,380,620
7,217,481 8,499,508
516,794,701 516,794,701
132,751,698 132,751,698
24,160,000 24,160,000
82,391,928 80,144,560
2,306,106 2,306,106
758,404,433 756,157,065
2,125,744,221 2,397,841,504
13,136,770 13,136,770
2,138,880,991 2,410,978,274
844,960,291 794,400,034
(502,650,598) (473,664,329)
19,258,704 80,025,706
(483,391,894) (393,638,623)
64,736,703 285,774
(418,655,191) (393,352,849)
206,437,185 191,136,558
119,939,824 114,448,105
42,738,661 39,745,680
26,096,131
22,079,078 20,470,875
14,702,791 12,061,618
12,856,375 11,403,198
2,924,832 2,924,832
2,514,766 2,284,969
-
450,289,643 394,475,835
36,864,213 76,637,408
413,425,430 317,838,427
65,114,012 100,366,063
13,707,335 15,062,426
20,295,450 10,692,672
1,731,667 2,298,435
791,146 791,146
148,027 148,027
1,737 1,737
101,789,374 129,360,506
65,114,012 100,366,063
13,707,335 15,062,426
20,295,450 10,692,672
1,731,667 2,298,435
791,146 791,146
148,027 148,027
1,737 1,737
101,789,374 129,360,506
7,611,616 9,232,752
8,289,051 7,832,247
1,094,535 1,094,535
16,995,202 18,159,534
67,571,688 65,180,424
23,760,744 22,433,210
13,669,397 19,961,928
340,221,945 120,783,224
445,223,774 228,358,786
24,670,629 24,896,163
- -
- -
24,670,629 24,896,163
486,889,605 271,414,483
297,065,137 336,432,106
63,283,897 77,004,740
3,558,096 32,005,453
807,839 883,845
629,495 846,988
365,344,465 447,173,132
73,854,853 66,300,511
8,016,486 9,038,259
483,317 3,079,071
29,218 18,319
38,818,037 59,632,148
121,201,911 138,068,308
103,845,099 110,531,025
28,255,914 37,163,426
8,974,994 8,321,654
7,277,695 1,865,162
2,110,053 2,177,858
506,591 390,022
16,491 16,410
- -
2,303,549 4,943,794
153,290,386 165,409,351
274,492,297 303,477,659
(11,451,482)
(283,642)
(262,765)
54,820,398
16,506,516
(40,070,322)
74,079,103 80,025,706
36,753,327
13,042,353 12,692,199
9,851,371 9,433,153
4,002,212 3,747,339
3,550,792
2,135,545 1,969,233
1,885,995 1,705,120
1,216,543
1,348,416 1,172,189
936,643 78,947
-
-
20,945 303,702
73,527,599 32,318,425
10% 5% 5%
5,465,548,408 5,623,773,819 5,848,478,198 6,082,170,752 6,325,211,009 6,577,972,875
5,465,548,408 5,623,773,819 5,848,478,198 6,082,170,752 6,325,211,009 6,577,972,875
162,777,673 170,916,557 179,462,384 188,435,504 197,857,279 207,750,143

46,056,797 48,359,637 50,777,619 53,316,500 55,982,325 58,781,441
30,265,751 31,779,038 33,367,990 35,036,390 36,788,209 38,627,619
20,830,920 21,872,466 22,966,089 24,114,393 25,320,113 26,586,119
5,241,203 5,503,263 5,778,426 6,067,348 6,370,715 6,689,251
2,771,224 2,909,785 3,055,274 3,208,038 3,368,440 3,536,862
2,516,202 2,642,012 2,774,113 2,912,819 3,058,460 3,211,383
7,734,216 8,120,926 8,526,973 8,953,321 9,400,987 9,871,037
74,248,368 77,960,786 81,858,825 85,951,767 90,249,355 94,761,823

44,933,932 47,180,628 49,539,660 52,016,643 54,617,475 57,348,349
34,284,825 35,999,066 37,799,020 39,688,971 41,673,419 43,757,090
15,720,120 16,506,126 17,331,433 18,198,004 19,107,904 20,063,300
3,455,266 3,628,029 3,809,430 3,999,902 4,199,897 4,409,892
2,161,274 2,161,274 2,161,274 2,161,274 2,161,274 2,161,274
- - - - - -
44,561,856 46,789,948 49,129,446 51,585,918 54,165,214 56,873,475

29,037,675 30,489,559 32,014,037 33,614,739 35,295,476 37,060,250
48,254,916 50,667,662 53,201,045 55,861,097 58,654,152 61,586,860
18,952 19,899 20,894 21,939 23,036 24,188
3,593,936 3,773,633 3,962,315 4,160,431 4,368,452 4,586,875
1,604,282 1,684,496 1,768,721 1,857,157 1,950,015 2,047,516
54,768,657 57,507,090 60,382,445 63,401,567 66,571,645 69,900,228
952,406 1,000,026 1,050,028 1,102,529 1,157,655 1,215,538
5,854,216 6,146,926 6,454,273 6,776,986 7,115,836 7,471,628
6,043,866 6,346,060 6,663,363 6,996,531 7,346,357 7,713,675
450,780 473,319 496,985 521,835 547,926 575,323
9,003,120 9,453,276 9,925,939 10,422,236 10,943,348 11,490,516
24,461,116 24,461,116 24,461,116 24,461,116 24,461,116 24,461,116
8,242,840 8,654,982 9,087,731 9,542,117 10,019,223 10,520,184

41,316,223 43,382,034 45,551,135 47,828,692 50,220,127 52,731,133
278,164,841 290,850,028 304,169,473 318,154,891 332,839,580 348,258,503
5% 5% 5% 5% 5% 5%
11 12 13 14
Year 10 Year 11 Year 12 Year 13 Year 14
6,840,845,216 7,114,232,451 7,398,555,175 7,694,250,808 8,001,774,267
6,840,845,216 7,114,232,451 7,398,555,175 7,694,250,808 8,001,774,267
218,137,650 229,044,532 240,496,759 252,521,597 265,147,677

61,720,513 64,806,539 68,046,866 71,449,209 75,021,670
40,559,000 42,586,950 44,716,298 46,952,113 49,299,718
27,915,424 29,311,196 30,776,755 32,315,593 33,931,373
7,023,713 7,374,899 7,743,644 8,130,826 8,537,368
3,713,705 3,899,390 4,094,359 4,299,077 4,514,031
3,371,952 3,540,549 3,717,577 3,903,456 4,098,628
10,364,589 10,882,818 11,426,959 11,998,307 12,598,222
99,499,914 104,474,909 109,698,655 115,183,588 120,942,767

60,215,766 63,226,554 66,387,882 69,707,276 73,192,640
45,944,945 48,242,192 50,654,302 53,187,017 55,846,367
21,066,465 22,119,788 23,225,777 24,387,066 25,606,419
4,630,386 4,861,906 5,105,001 5,360,251 5,628,264
2,161,274 2,161,274 2,161,274 2,161,274 2,161,274
- - - - -
59,717,148 62,703,006 65,838,156 69,130,064 72,586,567

38,913,262 40,858,925 42,901,871 45,046,965 47,299,313
64,666,203 67,899,513 71,294,489 74,859,213 78,602,174
25,397 26,667 28,000 29,401 30,871
4,816,218 5,057,029 5,309,881 5,575,375 5,854,144
2,149,892 2,257,386 2,370,256 2,488,768 2,613,207
73,395,239 77,065,001 80,918,251 84,964,164 89,212,372
1,276,315 1,340,131 1,407,137 1,477,494 1,551,369
7,845,209 8,237,469 8,649,343 9,081,810 9,535,900
8,099,359 8,504,327 8,929,543 9,376,020 9,844,821
604,089 634,293 666,008 699,308 734,274
12,065,041 12,668,293 13,301,708 13,966,793 14,665,133
24,461,116 24,461,116 24,461,116 24,461,116 24,461,116
11,046,194 11,598,503 12,178,428 12,787,350 13,426,717

55,367,690 58,136,074 61,042,878 64,095,022 67,299,773
364,448,372 381,447,735 399,297,066 418,038,864 437,717,751
5% 5% 5% 5% 5%
15 16 17 18 19
8,321,598,663 8,654,216,036 9,000,138,104 9,359,897,054 9,734,046,362
8,321,598,663 8,654,216,036 9,000,138,104 9,359,897,054 9,734,046,362
278,405,061 292,325,314 306,941,579 322,288,658 338,403,091

78,772,753 82,711,391 86,846,960 91,189,308 95,748,774
51,764,704 54,352,940 57,070,587 59,924,116 62,920,322
35,627,942 37,409,339 39,279,806 41,243,796 43,305,986
8,964,236 9,412,448 9,883,070 10,377,224 10,896,085
4,739,733 4,976,719 5,225,555 5,486,833 5,761,175
4,303,560 4,518,738 4,744,675 4,981,908 5,231,004
13,228,133 13,889,540 14,584,017 15,313,218 16,078,879
126,989,905 133,339,401 140,006,371 147,006,689 154,357,024

76,852,272 80,694,886 84,729,630 88,966,111 93,414,417
58,638,686 61,570,620 64,649,151 67,881,609 71,275,689
26,886,740 28,231,077 29,642,631 31,124,763 32,681,001
5,909,677 6,205,161 6,515,419 6,841,190 7,183,249
2,161,274 2,161,274 2,161,274 2,161,274 2,161,274
- - - - -
76,215,895 80,026,690 84,028,025 88,229,426 92,640,897

49,664,279 52,147,493 54,754,868 57,492,611 60,367,241
82,532,282 86,658,896 90,991,841 95,541,433 100,318,505
32,414 34,035 35,736 37,523 39,399
6,146,851 6,454,193 6,776,903 7,115,748 7,471,535
2,743,867 2,881,061 3,025,114 3,176,369 3,335,188
93,672,990 98,356,640 103,274,472 108,438,195 113,860,105
1,628,937 1,710,384 1,795,904 1,885,699 1,979,984
10,012,695 10,513,330 11,038,997 11,590,947 12,170,494
10,337,063 10,853,916 11,396,611 11,966,442 12,564,764
770,988 809,537 850,014 892,514 937,140
15,398,390 16,168,309 16,976,725 17,825,561 18,716,839
24,461,116 24,461,116 24,461,116 24,461,116 24,461,116
14,098,053 14,802,956 15,543,104 16,320,259 17,136,272

70,664,762 74,198,000 77,907,900 81,803,295 85,893,459
458,380,583 480,076,556 502,857,328 526,777,139 551,892,940
5% 5% 5% 5% 5%
20 21 22 23 24
10,123,161,643 10,527,841,534 10,948,708,622 11,386,410,393 11,841,620,235
10,123,161,643 10,527,841,534 10,948,708,622 11,386,410,393 11,841,620,235
355,323,246 373,089,408 391,743,879 411,331,072 431,897,626

100,536,212 105,563,023 110,841,174 116,383,233 122,202,394
66,066,338 69,369,655 72,838,137 76,480,044 80,304,047
45,471,285 47,744,849 50,132,092 52,638,696 55,270,631
11,440,889 12,012,934 12,613,580 13,244,259 13,906,472
6,049,233 6,351,695 6,669,280 7,002,744 7,352,881
5,492,554 5,767,182 6,055,541 6,358,318 6,676,234
16,882,823 17,726,964 18,613,312 19,543,978 20,521,177
162,074,875 170,178,619 178,687,550 187,621,927 197,003,023

98,085,138 102,989,395 108,138,864 113,545,808 119,223,098
74,839,474 78,581,447 82,510,520 86,636,046 90,967,848
34,315,051 36,030,804 37,832,344 39,723,961 41,710,159
7,542,412 7,919,532 8,315,509 8,731,284 9,167,848
2,161,274 2,161,274 2,161,274 2,161,274 2,161,274
- - - - -
97,272,942 102,136,589 107,243,419 112,605,590 118,235,869

63,385,604 66,554,884 69,882,628 73,376,759 77,045,597
105,334,430 110,601,152 116,131,209 121,937,770 128,034,658
41,369 43,438 45,610 47,890 50,285
7,845,112 8,237,368 8,649,236 9,081,698 9,535,783
3,501,947 3,677,044 3,860,897 4,053,942 4,256,639
119,553,111 125,530,766 131,807,304 138,397,670 145,317,553
2,078,983 2,182,932 2,292,079 2,406,682 2,527,017
12,779,019 13,417,970 14,088,868 14,793,311 15,532,977
13,193,002 13,852,652 14,545,285 15,272,549 16,036,177
983,997 1,033,197 1,084,857 1,139,100 1,196,055
19,652,681 20,635,315 21,667,081 22,750,435 23,887,957
24,461,116 24,461,116 24,461,116 24,461,116 24,461,116
17,993,085 18,892,740 19,837,377 20,829,246 21,870,708

90,188,132 94,697,539 99,432,416 104,404,037 109,624,239
578,264,531 605,954,702 635,029,381 665,557,794 697,612,628
5% 5% 5% 5% 5%
25
Year 25
12,315,038,470
12,315,038,470
453,492,507
128,312,514
84,319,249
58,034,163
14,601,796
7,720,525
7,010,045
21,547,236
206,853,175
125,184,253
95,516,240
43,795,667
9,626,241
2,161,274
-
124,147,663
80,897,877
134,436,391
52,799
10,012,572
4,469,471
152,583,431
2,653,367
16,309,626
16,837,986
1,255,857
25,082,354
24,461,116
22,964,243
115,105,451
731,270,204
5%
Actual Actual
P/Millions Notes 2014 2015
INCOME STATEMENT
Operating revenue 4,955.6 4,794.3
1% Other operating revenue 102.2 58.6
Total operating revenues 5,057.7 4,853.0
Purchased power cost 4,637.9 4,240.4
Gross profit 419.9 612.6
Non-power costs
Distribution 197.7 198.4
Consumer account 134.8 127.7
General and administrative expenses 147.5 143.9
Total non-power costs 480.0 469.9
EBITDA -60.1 142.7
Depreciation 93.3 93.8
EBIT -153.5 48.9
Interest expense
Other expense (income), net 36.2 27.0
Income before tax -189.6 21.9
0.3 Provision for income tax
Net income after tax -189.6 21.9
0.5 Profit Sharing

0.8 Investor
0.2 EC
4
#NUM!
BALANCE SHEET
ASSETS
Current Assets
Cash and cash equivalents 223,709,236 415,187,438
Receivables - net 1,416,317,358 1,276,425,704
Materials and supplies 108,607,028 148,695,066
Prepayments and other current assets 36,508,926 7,070,090
Total Current Assets 1,785,142,548 1,847,378,298
Noncurrent Assets
Noncurrent receivables
Financial assets at cost
Utility plant, property and equipment - net 2,786,912,260 2,682,258,415
Other noncurrent assets - net 285,080,199 563,920,117
Total Noncurrent Assets 3,071,992,459 3,246,178,532
TOTAL ASSETS 4,857,135,007 5,093,556,830
LIABILITIES AND MEMBERS' EQUITY
Current Liabilities
Power supply payables 479,036,266 372,445,063
Current portion on long-term borrowings 25,538,120 39,840,471
Accounts payable and accrued expenses 246,087,760 195,989,646
Total Current Liabilities 750,662,146 608,275,180
Noncurrent Liabilities
Retirement liability 262,041,904 286,869,602
Borrowings and other long-term liabilities 321,068,166 455,242,456
Consumers' deposits 68,050,814 70,826,856
Other non-current liabilities 637,449,278 660,760,528
Total Noncurrent Liabilities 1,288,610,162 1,473,699,442
Members' Equity
Share capital 1,316,203 1,349,213
Deposit for share capital subscription
Donated capital 651,852,505 734,244,433
Reinvestment fund for sustainable CAPEX 1,650,806,404 1,883,118,612
Statutory funds:
Reserve fund
Education and training fund
Optional fund, land and buildings and any other necessary fund
Community and development fund
PSP Investment
Revaluation increment 946,080,805 895,520,548
Other comprehensive income (432,193,217) (502,650,598)
Accumulated earnings (loss)
Dividends
Total Members' Equity 2,817,862,699 3,011,582,208
TOTAL LIABILITIES AND MEMBERS' EQUITY 4,857,135,007 5,093,556,830
Checker: should be zero (0) -
Beginning Cash
Cash Inflow
Collections from CAR
Other Revenue
Capital Contribution
Consumer Deposit
Non-operating Revenue
Subtotal
Cash Outflow
Payments to Power Suppliers
Payments to Other Suppliers
Payout to Partner
OPEX
CAPEX (New Customers)
Non-operating Expense
Taxes
Dividends
Subtotal
Net Cashflow
Actual Batelec II JVCo JVCo JVCo
2016 2017 Year 1 Year 2 Year 3
5,089.5 5,490.5 5,653.5 5,885.3 6,128.0

46.9 61.4 74.8 77.9 81.1
5,136.4 5,551.9 5,728.3 5,963.2 6,209.1
4,503.2 4,869.7 5,020.6 5,164.1 5,312.4
633.3 682.2 707.7 799.1 896.7
209.7 218.5 240.3 252.3 264.9

134.5 137.7 151.3 158.8 166.6
146.4 199.2 219.2 230.1 241.6
490.7 555.4 610.8 641.2 673.2
142.6 126.8 96.9 157.9 223.5
99.3 88.2 111.1 115.7 121.3
43.3 38.6 -14.2 42.2 102.2
36.8 32.3 0.0 0.0 0.0

6.5 6.2 -14.2 42.2 102.2
-4.3 12.7 30.7
6.5 6.2 -9.9 29.5 71.5
-5.0 14.8 35.8

-4.0 11.8 28.6
-1.0 3.0 7.2
569,815,158 512,943,569 1,228,372,564 749,410,988 269,145,486

1,216,517,879 1,232,826,341 774,450,412 806,210,168 839,445,712
200,008,252 260,313,977 320,619,702 380,925,427 441,231,152
7,217,481 8,499,508 - - -
1,993,558,770 2,014,583,395 2,323,442,678 1,936,546,582 1,549,822,350
2,691,638,725 2,708,852,287 2,763,825,564 2,840,247,298 2,918,869,888

620,397,588 755,620,003
3,312,036,313 3,464,472,290 2,763,825,564 2,840,247,298 2,918,869,888
5,305,595,082 5,479,055,685 5,087,268,242 4,776,793,880 4,468,692,237
365,344,465 447,173,132
36,864,213 76,637,408
274,492,297 303,477,659 418,386,173 430,344,971 442,699,305
676,700,975 827,288,199 418,386,173 430,344,971 442,699,305
301,803,486 308,523,086 - - -
413,425,430 317,838,427 - - -
101,789,374 129,360,506 45,691,286 64,554,537 84,195,414
486,889,605 271,414,483
1,303,907,895 1,027,136,502 45,691,286 64,554,537 84,195,414
1,395,688 1,439,323 4,628,160,510 4,628,160,510 4,628,160,510
758,404,433 756,157,065
2,138,880,991 2,410,978,274
844,960,291 794,400,034
(418,655,191) (338,343,712)
(9,939,456) 19,596,201 91,132,887
4,969,728 (9,798,100) (45,566,444)
3,324,986,212 3,624,630,984 4,623,190,783 4,637,958,611 4,673,726,954
5,305,595,082 5,479,055,685 5,087,268,242 5,132,858,119 5,200,621,673
(1) - - 356,064,239 731,929,435
1,228,372,564 749,410,988
4,879,037,595 5,079,124,056 5,288,507,984

74,838,808 77,907,904 81,119,611
1,658,994,246
45,691,286 18,863,251 19,640,877
6,658,561,936 6,404,267,774 6,138,679,460
4,602,247,906 4,733,794,683 4,869,692,352

60,305,725 60,305,725 60,305,725
610,769,606 641,200,023 673,151,960

166,095,629 192,130,389 199,957,014
(4,259,767) 12,658,139 30,658,580

(4,969,728) 14,767,828 35,768,343
5,430,189,371 5,654,856,787 5,869,533,974
1,228,372,564 749,410,988 269,145,486

JVCo JVCo JVCo JVCo JVCo
6,381.2 6,645.3 6,923.5 7,214.4 7,518.2

84.5 88.0 91.7 95.5 99.5
6,465.7 6,733.3 7,015.1 7,309.9 7,617.7
5,465.5 5,623.8 5,848.5 6,082.2 6,325.2
1,000.1 1,109.5 1,166.6 1,227.8 1,292.5
278.2 292.1 306.7 322.0 338.1

174.8 183.4 192.5 202.0 212.0
253.7 266.4 279.7 293.7 308.4
706.7 741.9 778.9 817.8 858.5
293.4 367.6 387.7 410.0 434.0
127.6 134.4 143.2 153.3 164.3
165.8 233.1 244.5 256.7 269.7
0.0 0.0 0.0 0.0 0.0

165.8 233.1 244.5 256.7 269.7
49.7 69.9 73.3 77.0 80.9
116.1 163.2 171.1 179.7 188.8
58.0 81.6 85.6 89.9 94.4

46.4 65.3 68.5 71.9 75.5
11.6 16.3 17.1 18.0 18.9
(212,673,918) (696,079,299) (1,290,406,121) (1,906,214,599) (2,544,821,868)

874,139,441 910,313,944 948,419,571 988,278,542 1,029,889,193
501,536,877 561,842,602 622,148,327 682,454,052 742,759,777
- - - - -
1,163,002,400 776,077,246 280,161,777 (235,482,005) (772,172,897)
3,000,192,751 3,084,522,180 3,265,261,952 3,452,308,937 3,646,304,255

3,000,192,751 3,084,522,180 3,265,261,952 3,452,308,937 3,646,304,255
4,163,195,151 3,860,599,427 3,545,423,729 3,216,826,933 2,874,131,358
455,462,367 468,647,818 487,373,183 506,847,563 527,100,917

455,462,367 468,647,818 487,373,183 506,847,563 527,100,917
- - - - -
- - - - -
104,648,035 125,947,047 148,137,634 171,260,817 195,357,584
104,648,035 125,947,047 148,137,634 171,260,817 195,357,584
4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510
207,200,161 370,393,932 541,542,885 721,246,942 910,017,509

(103,600,080) (185,196,966) (270,771,442) (360,623,471) (455,008,755)
4,731,760,591 4,813,357,476 4,898,931,953 4,988,783,981 5,083,169,265
5,291,870,994 5,407,952,342 5,534,442,770 5,666,892,361 5,805,627,766
1,128,675,842 1,547,352,915 1,989,019,041 2,450,065,429 2,931,496,408
269,145,486 (212,673,918) (696,079,299) (1,290,406,121) (1,906,214,599)
5,507,078,476 5,734,977,845 5,975,043,298 6,226,154,818 6,488,301,919

84,472,231 87,967,944 91,650,271 95,502,032 99,523,066
20,452,622 21,299,012 22,190,586 23,123,184 24,096,766

5,881,148,814 5,631,570,884 5,392,804,856 5,054,373,913 4,705,707,152
5,010,086,040 5,155,126,001 5,361,105,015 5,575,323,190 5,798,110,091

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
706,701,495 741,928,506 778,916,867 817,754,647 858,534,315

208,952,717 218,752,878 323,959,341 340,336,898 358,291,932
49,743,117 69,940,187 73,349,551 77,016,024 80,901,672

58,033,637 81,596,885 85,574,477 89,852,028 94,385,284
6,093,822,731 6,327,650,183 6,683,210,977 6,960,588,512 7,250,529,020
(212,673,918) (696,079,299) (1,290,406,121) (1,906,214,599) (2,544,821,868)

10 11 12 13

7,835.0 8,165.3 8,509.6 8,868.4 9,242.4

103.7 108.1 112.6 117.4 122.3
7,938.7 8,273.4 8,622.2 8,985.8 9,364.8
6,578.0 6,840.8 7,114.2 7,398.6 7,694.3
1,360.8 1,432.6 1,508.0 1,587.3 1,670.5
355.1 372.8 391.4 411.0 431.6

222.5 233.5 245.1 257.2 270.0
323.8 340.0 357.0 374.8 393.6
901.4 946.3 993.5 1,043.1 1,095.1
459.4 486.2 514.5 544.2 575.4
176.1 188.6 201.9 215.9 230.6
283.3 297.6 312.6 328.3 344.8
0.0 0.0 0.0 0.0 0.0

283.3 297.6 312.6 328.3 344.8
85.0 89.3 93.8 98.5 103.4
198.3 208.3 218.8 229.8 241.3
99.2 104.2 109.4 114.9 120.7

79.3 83.3 87.5 91.9 96.5
19.8 20.8 21.9 23.0 24.1
(3,207,389,104) (3,895,024,238) (4,608,832,650) (5,349,942,735) (6,119,519,323)

1,073,288,840 1,118,535,294 1,165,697,981 1,214,853,707 1,266,084,688
803,065,502 863,371,227 923,676,952 983,982,677 1,044,288,402
- - - - -
(1,331,034,762) (1,913,117,717) (2,519,457,717) (3,151,106,351) (3,809,146,233)
3,847,711,360 4,056,913,683 4,274,262,164 4,500,098,514 4,734,766,747

3,847,711,360 4,056,913,683 4,274,262,164 4,500,098,514 4,734,766,747
2,516,676,597 2,143,795,967 1,754,804,447 1,348,992,163 925,620,514
548,164,406 570,070,435 592,852,704 616,546,265 641,187,567

548,164,406 570,070,435 592,852,704 616,546,265 641,187,567
- - - - -
- - - - -
220,469,791 246,640,649 273,914,992 302,339,454 331,962,589
220,469,791 246,640,649 273,914,992 302,339,454 331,962,589
4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510
1,108,333,149 1,316,666,983 1,535,500,435 1,765,330,377 2,006,673,086

(554,166,574) (658,333,491) (767,750,218) (882,665,188) (1,003,336,543)
5,182,327,085 5,286,494,002 5,395,910,728 5,510,825,699 5,631,497,053
5,950,961,282 6,103,205,085 6,262,678,425 6,429,711,417 6,604,647,210
3,434,284,685 3,959,409,118 4,507,873,977 5,080,719,254 5,679,026,696
(2,544,821,868) (3,207,389,104) (3,895,024,238) (4,608,832,650) (5,349,942,735)
6,761,719,691 7,046,772,352 7,343,897,278 7,653,578,355 7,976,333,537

103,716,979 108,089,358 112,646,912 117,397,063 122,347,755
25,112,207 26,170,858 27,274,344 28,424,462 29,623,135

4,345,727,010 3,973,643,464 3,588,794,296 3,190,567,230 2,778,361,692
6,029,808,469 6,270,774,781 6,521,379,747 6,782,008,910 7,053,063,241

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
901,352,968 946,312,552 993,520,116 1,043,088,058 1,095,134,397

377,498,716 397,821,797 419,218,866 441,693,754 465,273,707
84,992,417 89,285,929 93,785,766 98,498,546 103,432,590

99,157,820 104,166,917 109,416,726 114,914,971 120,671,355
7,553,116,114 7,868,667,702 8,197,626,946 8,540,509,965 8,897,881,015
(3,207,389,104) (3,895,024,238) (4,608,832,650) (5,349,942,735) (6,119,519,323)

14 15 16 17 18

9,632.2 10,038.4 10,461.8 10,903.0 11,362.8

127.5 132.9 138.5 144.3 150.4
9,759.7 10,171.3 10,600.2 11,047.3 11,513.2
8,001.8 8,321.6 8,654.2 9,000.1 9,359.9
1,757.9 1,849.7 1,946.0 2,047.2 2,153.3
453.1 475.8 499.6 524.6 550.8

283.4 297.4 312.2 327.7 344.0
413.3 433.9 455.6 478.4 502.3
1,149.8 1,207.2 1,267.4 1,330.7 1,397.1
608.1 642.5 678.6 716.5 756.2
246.1 262.5 279.8 297.9 317.0
362.0 380.0 398.9 418.6 439.2
0.0 0.0 0.0 0.0 0.0

362.0 380.0 398.9 418.6 439.2
108.6 114.0 119.7 125.6 131.8
253.4 266.0 279.2 293.0 307.5
126.7 133.0 139.6 146.5 153.7

101.4 106.4 111.7 117.2 123.0
25.3 26.6 27.9 29.3 30.7
(6,918,771,271) (7,748,956,274) (8,611,384,387) (9,507,420,963) (10,438,489,375)

1,319,477,669 1,375,123,581 1,433,117,459 1,493,558,494 1,556,550,146
1,104,594,127 1,164,899,852 1,225,205,577 1,285,511,302 1,345,817,027
- - - - -
(4,494,699,475) (5,208,932,841) (5,953,061,351) (6,728,351,167) (7,536,122,201)
4,978,619,026 5,232,018,781 5,495,342,501 5,768,980,906 6,053,339,825

4,978,619,026 5,232,018,781 5,495,342,501 5,768,980,906 6,053,339,825
483,919,552 23,085,940 (457,718,849) (959,370,261) (1,482,782,377)
666,814,522 693,466,555 721,184,670 750,011,509 779,991,421

666,814,522 693,466,555 721,184,670 750,011,509 779,991,421
- - - - -
- - - - -
362,834,984 395,009,349 428,540,623 463,486,062 499,905,345
362,834,984 395,009,349 428,540,623 463,486,062 499,905,345
4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510
2,260,066,706 2,526,072,980 2,805,278,675 3,098,296,873 3,405,768,223

(1,130,033,353) (1,263,036,490) (1,402,639,337) (1,549,148,436) (1,702,884,111)
5,758,193,863 5,891,197,000 6,030,799,848 6,177,308,947 6,331,044,622
6,787,843,369 6,979,672,905 7,180,525,141 7,390,806,518 7,610,941,388
6,303,923,818 6,956,586,965 7,638,243,990 8,350,176,779 9,093,723,764
(6,119,519,323) (6,918,771,271) (7,748,956,274) (8,611,384,387) (9,507,420,963)
8,312,709,316 8,663,278,559 9,028,639,991 9,409,418,510 9,806,265,921

127,507,371 132,884,699 138,488,922 144,329,625 150,416,806
30,872,394 32,174,366 33,531,274 34,945,439 36,419,282

2,351,569,758 1,909,566,352 1,451,703,912 977,309,188 485,681,047
7,334,959,744 7,628,132,108 7,933,031,366 8,250,126,595 8,579,905,633

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
1,149,783,054 1,207,164,143 1,267,414,286 1,330,676,937 1,397,102,720

489,998,431 515,914,825 543,074,490 571,532,568 601,347,233
108,597,266 114,002,689 119,659,584 125,579,228 131,773,436

126,696,810 133,003,137 139,602,848 146,509,099 153,735,675
9,270,341,029 9,658,522,626 10,063,088,299 10,484,730,151 10,924,170,421
(6,918,771,271) (7,748,956,274) (8,611,384,387) (9,507,420,963) (10,438,489,375)

19 20 21 22 23

11,842.1 12,341.5 12,862.1 13,404.6 13,970.1

156.8 163.4 170.3 177.4 184.9
11,998.8 12,504.9 13,032.4 13,582.1 14,155.0
9,734.0 10,123.2 10,527.8 10,948.7 11,386.4
2,264.8 2,381.7 2,504.5 2,633.4 2,768.6
578.3 607.3 637.6 669.5 703.0

361.1 379.0 397.9 417.6 438.4
527.4 553.8 581.5 610.6 641.1
1,466.8 1,540.1 1,617.0 1,697.7 1,782.5
797.9 841.7 887.5 935.6 986.1
337.1 358.2 380.4 403.8 428.4
460.8 483.5 507.1 531.8 557.7
0.0 0.0 0.0 0.0 0.0

460.8 483.5 507.1 531.8 557.7
138.3 145.0 152.1 159.6 167.3
322.6 338.4 355.0 372.3 390.4
161.3 169.2 177.5 186.1 195.2

129.0 135.4 142.0 148.9 156.2
32.3 33.8 35.5 37.2 39.0
(11,406,073,675) (12,411,721,296) (13,457,045,829) (14,543,729,896) (15,673,528,147)

1,622,200,301 1,690,621,440 1,761,930,836 1,836,250,749 1,913,708,641
1,406,122,752 1,466,428,477 1,526,734,202 1,587,039,927 1,647,345,652
- - - - -
(8,377,750,622) (9,254,671,379) (10,168,380,791) (11,120,439,220) (12,112,473,853)
6,348,840,950 6,655,922,536 6,975,040,091 7,306,667,079 7,651,295,632

6,348,840,950 6,655,922,536 6,975,040,091 7,306,667,079 7,651,295,632
(2,028,909,672) (2,598,748,843) (3,193,340,699) (3,813,772,141) (4,461,178,221)
811,170,530 843,596,804 877,320,128 912,392,385 948,867,533

811,170,530 843,596,804 877,320,128 912,392,385 948,867,533
- - - - -
- - - - -
537,860,672 577,416,879 618,641,543 661,605,102 706,380,977
537,860,672 577,416,879 618,641,543 661,605,102 706,380,977
4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510 4,628,160,510
3,728,362,209 4,066,778,448 4,421,748,033 4,794,034,933 5,184,437,455

(1,864,181,105) (2,033,389,224) (2,210,874,016) (2,397,017,467) (2,592,218,727)
6,492,341,615 6,661,549,734 6,839,034,527 7,025,177,977 7,220,379,238
7,841,372,817 8,082,563,417 8,334,996,197 8,599,175,464 8,875,627,748
9,870,282,489 10,681,312,260 11,528,336,897 12,412,947,605 13,336,805,969
(10,438,489,375) (11,406,073,675) (12,411,721,296) (13,457,045,829) (14,543,729,896)
10,219,861,895 10,650,915,075 11,100,164,268 11,568,379,719 12,056,364,441

156,760,891 163,372,750 170,263,714 177,445,599 184,930,722
37,955,328 39,556,207 41,224,664 42,963,559 44,775,875

(23,911,261) (552,229,643) (1,100,068,650) (1,668,256,952) (2,257,658,858)
8,922,875,832 9,279,564,839 9,650,521,407 10,036,316,237 10,437,542,860

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
1,466,849,792 1,540,084,218 1,616,980,365 1,697,721,320 1,782,499,322

632,579,506 665,293,221 699,555,068 735,434,684 773,004,754
138,254,566 145,035,531 152,129,822 159,551,529 167,315,366

161,296,993 169,208,119 177,484,792 186,143,450 195,201,261
11,382,162,414 11,859,491,653 12,356,977,179 12,875,472,944 13,415,869,289
(11,406,073,675) (12,411,721,296) (13,457,045,829) (14,543,729,896) (15,673,528,147)

24 25 x
x
JVCo JVCo x
Year 24 Year 25 x
x
14,559.4 15,173.6 x
192.7 200.9 x
14,752.1 15,374.5 x
11,841.6 12,315.0 x
2,910.5 3,059.4 x
x
738.1 775.0 x
460.2 483.1 x
673.2 706.8 x
1,871.5 1,965.0 x
1,039.0 1,094.4 x
454.2 481.3 x
584.8 613.1 x
x
0.0 0.0 x
584.8 613.1 x
175.4 183.9 x
409.4 429.2 x
x
204.7 214.6 x
163.7 171.7 x
40.9 42.9 x
x
x
x
x
x
(16,848,270,380) (18,069,864,798) x
1,994,437,399 2,078,575,563 x
1,707,651,377 1,767,957,102 x
- - x
(13,146,181,604) (14,223,332,133) x
x
x
x
8,009,437,300 8,381,623,819 x
x
8,009,437,300 8,381,623,819 x
(5,136,744,304) (5,841,708,314) x
x
x
x
x
986,801,686 1,026,253,206 x
986,801,686 1,026,253,206 x
x
- - x
- - x
753,045,698 801,679,037 x
x
753,045,698 801,679,037 x
x
4,628,160,510 4,628,160,510 x
x
x
x
x
x
x
x
x
x
x
x
5,593,789,758 6,022,963,447
(2,796,894,879) (3,011,481,724)
7,425,055,389 7,639,642,234 x
9,164,902,774 9,467,574,477 x
14,301,647,078 15,309,282,790 x
x
x
x
(15,673,528,147) (16,848,270,380) x
x
x
12,564,955,614 13,095,026,048 x
192,731,924 200,862,593 x
x
46,664,721 48,633,338 x
x
(2,869,175,888) (3,503,748,401) x
x
x
10,854,818,549 11,288,785,264 x
60,305,725 60,305,725 x
x
1,871,516,224 1,964,983,972 x
812,341,141 853,523,010 x
x
175,436,701 183,931,581 x
204,676,152 214,586,845 x
13,979,094,492 14,566,116,397 x
x
(16,848,270,380) (18,069,864,798) x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
Unit 2013
IS and BS Schedules
Revenues
Residential
Commercial
Industrial
Communal water system
Public building and facilities
Public street and hi-way lighting
Other Revenue
Cost of Energy
Power purchased (Note 17) Php
Less, prompt payment discount Php
Php
1 Non-power costs
Distribution Php
Consumer account Php
General and administrative expenses Php
Total Php 479,992,875
OPEX/Cust
OPEX distribution
Distribution % 41%
Consumer account % 28%
General and administrative expenses % 31%
2 Management Fee
Gross revenues Php
% of management fee %
Management fee Php -
Management Fee %
3 Utility Plant
Total CAPEX
Spendings to UPIS
Spendings to CWIP
Average life of assets
CAPEX schedule
Demand in MW (PALECO historical and projection)
PPE
Total CAPEX requirement
ERC CAPEX filing

RFSC allowed spending
Subsidy/Loan/Reduction
PALECO CAPEX requirement
Allocation of funds and depreciation
ERC CAPEX filing
RFSC allowed spending
Subsidy/Loan/Reduction
a Old Assets
Utility Plant in Service (UPIS)
Beginning balance Php
Add: Additions Php
Completed projects Php
Appraisal Increase Php
Adjustments/(Disposals) Php
Reclassification Php
Ending balance Php -
Accumulated depreciation
Add: Depreciation for the year Php
Add: Appraisal Increase Php
Less: Disposals Php
PPE - net -
0.2 CWIP
Total
Checker: should be zero
Catch Up Capex (2017)
20 Catch Up Capex for new customers
NUPIS
Connections
NUPIS/Connection
Target NUPIS/Connection
CAPEX alignment/connection
Connection growth
Utility, plant in-service

Additions
Less: Accumulated depreciation
Net Book Value
Construction work in progress
Total
Construction work in progress (CWIP)

0.2 Add: Additions Php
0.8 Less: Transfer to UPIS Php
Transfers to UPIS #DIV/0!
b New Assets - RFSC

Utility Plant in Service (UPIS)
Add: Additions from CWIP to UPIS Php
Total UPIS Php
Accumulated Depreciation
Beginning Php
Less: Accumulated Depreciation Php
Accumulated Depreciation, End Php #REF!
Net Utility Plant in Service (NUPIS)

NUPIS/Connection
Yearly Depreciation
Estimated CAPEX Requirement

Investor's Initial CAPEX Investment
Computed Catch-up CAPEX after initial investment
CAPEX/Connection
Depreciation
Assumed Improvement
New Customers for the year
Customer Count of prior year
Depreciation Expense
Depreciation of old assets
Depreciation of new assets
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Year 11
Year 12
Year 13
Year 14
Year 15
Year 16
Year 17
Year 18
Year 19
Year 20
Year 21
Year 22
Year 23
Year 24
Year 25
Total Yearly Depreciation
CASH
General and other funds

Cash in Bank - saving
Loan Fund
Cash in Bank - current
Cash on hand
Working fund
Temporary cash investments
Total
4 Accounts Receivables
Receivables - energy sales
Add: Energy sales for the year Php
RFSC
Total Php
Less: Current month's sale Php
Total Collectibles Php
Less: Collections Php
Ending balance (net of A/R from PAR) Php
Ave Daily Sales

Days sales outstanding (no. of days)
Collection efficiency (97% will still be verified)
Collection efficiency improvement
Beg
Add Sales
Less One Month Sales
Less Collections
End Receivables
Allowance for impairment losses

Beginning balance
Add: Provision -
Ending balance
Allowance for impairment losses as a % of A/R #DIV/0!
Receivables - net -
5 RFSC
Beginning Cash Php

Billed RFSC Php
Less Current month's sale Php
Total Collectibles Php
Less: Collections Php
RFSC Cash Php
Loan Availment Php
Less: Outstanding Loan

Ending Cash after Loan Payment
5 Materials and Supplies
Special equipment Php

Electric Php
House Wiring Php
Office supplies Php
Stores expense undistributed Php
Others Php
Total Php

1% Add: Purchases
Add: Provision Php
Ending balance Php
PREPAYMENTS AND OTHER CURRENT ASSETS

Prepaid interest on NEA loans Php
Rice allowance Php
Insurance Php
Others Php
Php
Donated Capital
PSALM Php
Subsidy Php
Subsidy- Calamity Php
Liquidation of Projects-NEA Php
USAID Php
Php
MISCELLANEOUS CONTRIBUTED CAPITAL
Consumer's contribution for expansion Php

Contribution in aid of construction Php
Php
REVALUATION INCREMENT
Beg Php
Add Php
End Php
Membership
Beg Php
Add Php
End Php
ACCUMULATED LOSS
Accumulated loss, beginning Php
Correction of prior years. net Php
Corrected balance, beginning Php
Net income for the year Php
Php
Unrealized gain Php
6 Noncurrent receivables (PAR)

Add: Provision Php
Ending balance Php
OTHER ASSET NON-CURRENT ASSETS
Restricted fund
Retirement fund
Sinking fund for reinvestment
Membership
Sinking fund for loan amortization
Deferred debits
Prudential requirement - WESM
Security deposit - Transco
Preliminary survey and investigation
Input tax
Creditable withholding tax
Advance rental deposit
Miscellaneous deferred debits
Other investment
Investment in Government Securities
Investment in Special Trust Fund -BOO
Investment in REFC Shares of Stocks
Time deposits-Membership Fund
Total
7 Other noncurrent assets

Reinvestment fund for sustainable CAPEX
Add: Collection Php
Less: Utilization
Ending balance Php
NEA Subsidies
Add: Provision Php
Ending balance Php
POWER SUPPLY ACCOUNT PAYABLE
GMCP Php
NGCP Php
PEMC Php
NPC-Spug Php
NPC/PSALM Php
LIMA Php
Total Php
8 Trade payables
Accounts payable - power
Add: Purchased power cost Php
Total Php
Less: Current month's payable Php
Total Payables Php
Less: Payments Php
Ending balance Php
9 Accrued expenses
Beginning balance Php -
Add: Incurred expenses Php
Less: Payment of expenses
Ending balance Php
10 Interest on Share Capital and Patronage Refund Payable

Add: Allocation from net surplus
Less: Payments during the year
Add: Donations
Retirement liability
Beg
Add
End
11 Long-term Debt
Loans payable
Beginning Balance
Add: Availment
Less: Principal payments
Ending balance -
Payable to NPC (PAR)

Beginning balance
Less: Payments
Outstanding balance -
Total Long-term Debt -
Finance Cost
Beginning Balance
Additions
Ending Balance
12 Consumers' deposit
Add: Net collection Php
Ending balance Php
Beg Php
Add Php
Ending balance Php
Other Non-Current Liabilities
Performance bond Php

Bond/Bid bond Php
Retention fee Php
Deferred revenues - Private Construction Php

Consumer energy prepayments Php
Consumer advances tor construction Php
Other deferred credits Php
Deferred Output Tax Php
Generation - Trans Asia Php
Transmission Php
Distribution & other charges Php
Consumers' deposit as a % of energy sales %
13 Share capital
Add: Collections for the year Php
Ending balance Php
Amount of contribution per new customer Count
14 RFSC
Add: Reinvestment during the year Php
Less: Depreciation
Others
Ending balance Php
15 Statutory Funds
Reserve Fund
Add: Allocation from net surplus Php
Less: Charges to the fund
Ending balance Php
Education and Training Fund

Ending balance Php
Community Development Fund

Ending balance Php
Optional Fund, Land and Building Fund
Ending balance Php
Total Statutory Funds -
16 PSP Investment
Add: Additional investment from Investor-Manager Php
Less: Payment of PBR
Ending balance Php
PBR recognized as a deduction in unappropriated margins
PBR Computation
Income (loss) before tax

Add: Under / Over recoveries
Add: Interest expense
Add back: Non-cash items
Depreciation
Provision for doubtful accounts
Retirement provision
Loss on retirement of asset
Income before changes in working capital
Decrease (increase) in:
Accounts receivables
Materials and supplies inventories
Prepayments and other current assets
Increase (decrease) in:
Trade Payables
Accrued Payables
Consumers' Deposits
Base amount for PBR
Multiply by
PBR
Less: Penalties
System loss
Collection efficiency
PBR, net of penalties
Less: VAT, if applicable
PBR net of VAT
Check: Reconciliation of base amount for PBR and cash flow from operating activities
Base amount for PBR
Less: Items not included in the PBR computation
Over recoveries
Interest expense
Income tax
Net cash provided by (used in) operating activities
Check
System loss
Actual system loss
Target
Above / (below) target
Penalty (% on PBR)
Actual collection efficiency
Target
Below / (above) target
Penalty (% on PBR)
Penalty From
System loss
2% of PBR 0.50%
4% of PBR 1.00%
6% of PBR 2.00%
1% of PBR 1.00%
2% of PBR 2.00%
3% of PBR 3.00%
Actual Actual Actual Actual Forecast
2014 2015 2016 2017 Year 1
2,086,115,000 2,063,227,795 2,230,832,882 2,680,441,256

1,169,326,288 1,221,712,380 1,306,367,536 1,561,015,168
39,072,186 35,352,922 1,150,479,602 771,334,473
231,830,850 222,628,995 225,660,246 269,210,992
1,284,543,296 1,117,176,455 142,522,467 169,503,453
144,684,424 134,227,833 33,651,863 39,014,554
4,955,572,044 4,794,326,380 5,089,514,596 5,490,519,896 5,653,488,007
102,166,770 58,627,278 46,929,166 61,397,008
4,637,887,257 4,240,376,008 4,503,153,981 4,869,709,660 5,020,634,079
4,637,887,257 4,240,376,008 4,503,153,981 4,869,709,660 5,020,634,079
197,700,483 198,356,435 209,731,131 218,467,658 240,314,424

134,833,154 127,671,051 134,496,364 137,738,630 151,296,366
147,459,238 143,872,283 146,444,376 199,235,288 219,158,817
479,992,875 469,899,769 490,671,871 555,441,576 610,769,606
41% 42% 43% 39% 39%

28% 27% 27% 25% 25%
31% 31% 30% 36% 36%
- - - - -
70,140,709
100%
0%
#REF!
#REF!
2,927,229,873
2,743,260,431 2,927,229,874
2,351,395,035 2,421,986,288 2,593,999,765 2,743,260,431 2,708,852,287
70,140,709 201,413,361 186,595,777 291,093,911
1,767,852,709
1,767,852,709 1,767,852,710 1,767,852,709
(29,399,884) (37,335,111) (107,124,468)
4,189,388,453 4,361,852,474 4,511,113,141 4,695,082,583
1,526,303,036 1,670,193,961 1,814,537,438 1,964,425,007

93,330,668 93,783,220 99,327,312 88,203,285 180,590,152.47
50,560,257 50,560,257 50,560,257 45,660,267
1,670,193,961 1,814,537,438 1,964,425,007 2,098,288,559 2,528,262,135

2,519,194,492 2,547,315,036 2,546,688,134 2,596,794,024
267,717,768 134,943,379 144,950,591 112,058,263 89,022,577
2,786,912,260 2,682,258,415 2,691,638,725 2,708,852,287
- - - - 2,617,284,712
367,220,542.60
77,892,343.61
2,708,852,287
316,195 8,713
8,940.20 8,940
15,000
6,060
4%
267,717,768 134,943,379 144,950,591 -

166,095,629
132,774,389 (10,007,212) 32,892,328 83,047,814
- 134,943,379 144,950,591 112,058,263 83,047,814
#DIV/0! 50% -7% 23%
2,708,852,287
83,047,814
2,791,900,101
-
111,122,352
#REF! #REF! #REF! 111,122,352
2,763,825,564
8,940 12,200
88,203,285 111,122,352
166,095,629
77,892,344
8,940 8,940
88,203,285
8,713
217,815
108,354,091
2,768,260
111,122,352
(43,755,660) 289,480,408 573,400,164 453,427,422
179,195,763 23,571,134 23,799,095 27,057,209
15,530,017 76,906,224 (59,284,855) (6,282,293)
150,970,120 389,957,766 537,914,404 474,202,338
71,879,116 24,571,194 31,242,275 38,082,753

360,000 360,000 360,000 360,000
500,000 298,478 298,478 298,478
72,739,116 25,229,672 31,900,754 38,741,231
223,709,236 415,187,438 569,815,158 512,943,569
- 394,065,525 279,846,002 1,216,517,879

4,794,326,380 5,089,514,596 5,490,519,896
113,223,610 121,916,807 115,643,027
- 5,301,615,515 5,491,277,405 6,822,680,802
- (399,527,198) (424,126,216) (457,543,325)
- 4,902,088,317 5,067,151,189 6,365,137,478
1,416,317,358 (3,625,662,613) (3,850,633,310) (5,132,311,137)
1,416,317,358 1,276,425,704 1,216,517,879 1,232,826,341 774,450,412
15,489,008
103 89 81 50
#DIV/0! 74% 76% 81%
5,653,488,007
471,124,001
4,879,037,595
774,450,412
- - - -
- - - -
0% 0% 0% 0%
1,416,317,358 1,276,425,704 1,216,517,879 1,232,826,341
129,202,797 157,945,197 157,511,268

285,101,089 281,715,482 280,852,075
(19,359,351) (21,313,532) (22,674,774)
394,944,535 418,347,148 415,688,569
232,312,209 255,762,379 272,097,283
162,632,326 162,584,769 143,591,286
162,632,326 162,584,769 143,591,286

4,687,129 5,073,501 5,491,719
157,945,197 157,511,268 138,099,567
- 39,832,225 69,161,764 115,345,649 126,880,214

53,780,120 45,457,499 50,072,806 75,234,592 82,758,051
330,596 151,945 8,196,442 6,582,743 7,241,017
4,061,343 2,780,233 4,046,639 4,084,286 4,492,715
92,903 169,234 232,339 349,763 384,739
50,342,066 60,303,930 68,298,262 58,716,944 64,588,638
108,607,028 148,695,066 200,008,252 260,313,977 286,345,375
108,607,028 148,695,066 200,008,252 260,313,977

40,088,038 51,313,186 60,305,725 60,305,725
108,607,028 148,695,066 200,008,252 260,313,977 320,619,702

31,510,982 1,351,348 1,992,229
1,647,800 1,847,500 1,802,500 1,740,000
1,195,989 1,838,253 2,206,157 1,386,659
2,154,155 2,032,989 3,208,824 3,380,620
36,508,926 7,070,090 7,217,481 8,499,508
516,794,701 516,794,701 516,794,701 516,794,701

132,751,698 215,143,626 132,751,698 132,751,698
- 24,160,000 24,160,000
- 82,391,928 80,144,560
2,306,106 2,306,106 2,306,106 2,306,106
651,852,505 734,244,433 758,404,433 756,157,065
1,637,669,634 1,869,981,842 2,125,744,221 2,397,841,504

13,136,770 13,136,770 13,136,770 13,136,770
1,650,806,404 1,883,118,612 2,138,880,991 2,410,978,274
946,080,805 895,520,548 844,960,291

(50,560,257) (50,560,257) (50,560,257)
946,080,805 895,520,548 844,960,291 794,400,034
1,316,203 1,349,213 1,395,688

33,010 46,475 43,635
1,316,203 1,349,213 1,395,688 1,439,323
(110,178,324) (432,193,218) (502,650,598) (473,664,329)

(132,365,997) (88,777,731) 19,258,704 80,025,706
(242,544,321) (520,970,949) (483,391,894) (393,638,623)
(189,648,896) 18,320,351 64,736,703 285,774
(432,193,217) (502,650,598) (418,655,191) (393,352,849)
55,009,137
- - - -
- - - -
77,246,675 157,141,018 203,162,187 278,411,814
129,202,797 157,945,197 157,511,268 138,099,567
791,156 790,970 837,128 629,079
238,931 239,639 179,182
207,479,559 316,116,824 361,689,765 417,140,460
44,298,455 52,529,721 81,620,343 81,620,343

17,433,053 17,661,847 17,970,269 17,970,269
6,177,346 6,177,346 6,177,346 6,177,346
1,894,655 3,408,342 2,830,573 3,535,389
1,157,837 1,686,710 1,758,885 2,093,456
517,297 568,297 568,297 587,297
3,603,654 133,240,360 108,551,666 133,004,563
75,082,297 215,272,623 219,477,379 244,988,663
- 45,242,752
30,000,000 30,147,690 30,147,690
1,000,000 1,000,000 7,542,000 16,542,000
1,518,343 1,530,670 1,540,754 1,558,438
2,518,343 32,530,670 39,230,444 93,490,880
285,080,199 563,920,117 620,397,588 755,620,003
129,202,797 157,945,197 157,511,268

232,312,209 255,762,379 272,097,283
203,569,809 256,196,308 291,508,984
129,202,797 157,945,197 157,511,268 138,099,567
19,557,216 31,383,293
128,677,933 291,390,293 297,065,137 336,432,106
64,047,241 68,027,036 63,283,897 77,004,740
88,516,719 11,701,069 3,558,096 32,005,453
741,839 697,170 807,839 883,845
196,665,806
386,728 629,495 629,495 846,988
479,036,266 372,445,063 365,344,465 447,173,132
- 69,955,880 54,451,302 73,854,853

4,240,376,008 4,503,153,981 4,869,709,660 5,020,634,079
- 4,310,331,888 4,557,605,283 4,943,564,513
- (353,364,667) (375,262,832) (405,809,138)
- 3,956,967,221 4,182,342,451 4,537,755,375
3,902,515,919 4,108,487,598 4,471,454,864 4,602,247,906
69,955,880 54,451,302 73,854,853 66,300,511 418,386,173
73
- 96,565,778 118,817,462 153,290,386

479,992,875 469,899,769 490,671,871 555,441,576
383,427,097 447,648,085 456,198,947 543,322,611
96,565,778 118,817,462 153,290,386 165,409,351
- 651,852,505 734,244,433 758,404,433
- 82,391,929 24,160,000 (2,247,368)

651,852,505 734,244,433 758,404,433 756,157,065
262,041,904 286,869,602 301,803,486

24,827,698 14,933,884 6,719,600
262,041,904 286,869,602 301,803,486 308,523,086
321,068,166 455,242,456 413,425,430
134,174,290 (41,817,026) (95,587,003)
321,068,166 455,242,456 413,425,430 317,838,427
- - - -
321,068,166 455,242,456 413,425,430 317,838,427
36,176,910 26,957,688 36,774,272

(9,219,222) 9,816,584 (4,455,847)
36,176,910 26,957,688 36,774,272 32,318,425
68,050,814 70,826,856 101,789,374

2,776,042 30,962,518 27,571,132 45,691,286
68,050,814 70,826,856 101,789,374 129,360,506 45,691,286
45,691,286
4,581,331 9,712,610 7,611,616 9,232,752

7,541,615 5,714,880 8,289,051 7,832,247
1,093,535 1,093,535 1,094,535 1,094,535
13,216,481 16,521,025 16,995,202 18,159,534
50,929,116 63,049,991 67,571,688 65,180,424
21,090,788 22,655,014 23,760,744 22,433,210
11,630,057 10,602,464 13,669,397 19,961,928
513,836,995 522,588,455 340,221,945 120,783,224
597,486,956 618,895,924 445,223,774 228,358,786
24,938,244 24,041,918 24,670,629 24,896,163
1,222,867 1,216,446 - -
584,730 85,215 - -
26,745,841 25,343,579 24,670,629 24,896,163
637,449,278 660,760,528 486,889,605 271,414,483
1,316,203 1,349,213 1,395,688

33,010 46,475 43,635
1,316,203 1,349,213 1,395,688 1,439,323
- 129,202,797 157,945,197 157,511,268

285,101,089 281,715,482 280,852,075
256,358,688 282,149,412 300,263,776

- 157,945,197 157,511,268 138,099,567
- - - -
To
0.99% Above target

1.99% Above target
Above Above target
1.99% Below target

2.99% Below target
Above Below target
Forecast Forecast Forecast Forecast Forecast
5,885,334,224 6,127,953,695 6,381,217,916 6,645,291,789 6,923,462,869
5,164,139,654 5,312,391,657 5,465,548,408 5,623,773,819 5,848,478,198
5,164,139,654 5,312,391,657 5,465,548,408 5,623,773,819 5,848,478,198
252,330,145 264,946,652 278,193,985 292,103,684 306,708,868

158,753,120 166,582,712 174,803,784 183,435,910 192,499,642
230,116,758 241,622,596 253,703,725 266,388,912 279,708,357
641,200,023 673,151,960 706,701,495 741,928,506 778,916,867
39% 39% 39% 39% 39%

25% 25% 25% 25% 25%
36% 36% 36% 36% 36%
- - - - -
2,617,284,712 2,522,445,658 2,424,204,267 2,322,424,445 2,216,964,654
184,484,770 188,535,172 192,747,589 197,128,504 201,684,655
2,432,799,942 2,333,910,487 2,231,456,677 2,125,295,940 2,015,279,999
89,645,716 90,293,780 90,967,767 91,668,714 64,791,868
2,522,445,658 2,424,204,267 2,322,424,445 2,216,964,654 2,080,071,867

367,220,543 367,220,543 367,220,543 367,220,543
81,008,037.35 84,248,358.84 87,618,293.20 91,123,024.93 323,959,341
9,061 9,424 9,800 10,193 10,600

8,940 8,940 8,940 8,940 8,940
83,047,814 137,589,102 168,773,058 188,862,888 203,807,883

192,130,389 199,957,014 208,952,717 218,752,878 323,959,341
137,589,102 168,773,058 188,862,888 203,807,883 263,883,612
137,589,102 168,773,058 188,862,888 203,807,883 263,883,612
2,791,900,101 2,929,489,203 3,098,262,261 3,287,125,149 3,490,933,032

137,589,102 168,773,058 188,862,888 203,807,883 263,883,612
2,929,489,203 3,098,262,261 3,287,125,149 3,490,933,032 3,754,816,644
111,122,352 226,831,007 348,165,431 475,795,285 610,218,734

115,708,655 121,334,424 127,629,854 134,423,450 143,219,570
226,831,007 348,165,431 475,795,285 610,218,734 753,438,304
2,840,247,298 2,918,869,888 3,000,192,751 3,084,522,180 3,265,261,952

12,055 11,913 11,774 11,639 11,847
115,708,655 121,334,424 127,629,854 134,423,450 143,219,570
192,130,389 199,957,014 208,952,717 218,752,878 323,959,341

81,008,037 84,248,359 87,618,293 91,123,025 94,767,946
8,940 8,940 8,940 8,940 8,940
111,122,352 115,708,655 121,334,424 127,629,854 134,423,450
9,061 9,424 9,800 10,193 10,600

226,528 235,589 245,012 254,813 265,005
108,354,091 108,354,091 108,354,091 108,354,091 108,354,091
2,768,260 2,768,260 2,768,260 2,768,260 2,768,260

4,586,303 4,586,303 4,586,303 4,586,303 4,586,303
5,625,769 5,625,769 5,625,769 5,625,769
6,295,430 6,295,430 6,295,430
6,793,596 6,793,596
8,796,120
115,708,655 121,334,424 127,629,854 134,423,450 143,219,570

806,210,168 839,445,712 874,139,441 910,313,944 948,419,571
16,124,203 16,788,914 17,482,789 18,206,279 18,968,391

50 50 50 50 50
5,885,334,224 6,127,953,695 6,381,217,916 6,645,291,789 6,923,462,869

490,444,519 510,662,808 531,768,160 553,774,316 576,955,239
5,079,124,056 5,288,507,984 5,507,078,476 5,734,977,845 5,975,043,298
806,210,168 839,445,712 874,139,441 910,313,944 948,419,571
133,224,225 139,885,436 146,879,708 154,223,693 161,934,878
86,895,954 91,240,751 95,802,789 100,592,928 105,622,575
7,603,068 7,983,222 8,382,383 8,801,502 9,241,577
4,717,350 4,953,218 5,200,879 5,460,923 5,733,969
403,976 424,175 445,384 467,653 491,036
67,818,070 71,208,974 74,769,423 78,507,894 82,433,288
300,662,643 315,695,776 331,480,564 348,054,593 365,457,322
320,619,702 380,925,427 441,231,152 501,536,877 561,842,602

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
380,925,427 441,231,152 501,536,877 561,842,602 622,148,327

5,164,139,654 5,312,391,657 5,465,548,408 5,623,773,819 5,848,478,198
4,733,794,683 4,869,692,352 5,010,086,040 5,155,126,001 5,361,105,015

430,344,971 442,699,305 455,462,367 468,647,818 487,373,183
64,554,537 84,195,414 104,648,035 125,947,047 148,137,634
64,554,537 84,195,414 104,648,035 125,947,047 148,137,634
45,691,286 64,554,537 84,195,414 104,648,035 125,947,047

18,863,251 19,640,877 20,452,622 21,299,012 22,190,586
64,554,537 84,195,414 104,648,035 125,947,047 148,137,634
11

7,214,433,360 7,518,191,112 7,835,008,531 8,165,307,646 8,509,595,259
6,082,170,752 6,325,211,009 6,577,972,875 6,840,845,216 7,114,232,451
6,082,170,752 6,325,211,009 6,577,972,875 6,840,845,216 7,114,232,451
322,044,312 338,146,527 355,053,854 372,806,546 391,446,874

202,016,560 212,009,324 222,501,727 233,518,750 245,086,623
293,693,775 308,378,464 323,797,387 339,987,256 356,986,619
817,754,647 858,534,315 901,352,968 946,312,552 993,520,116
39% 39% 39% 39% 39%

25% 25% 25% 25% 25%
36% 36% 36% 36% 36%
- - - - -
2,080,071,867 1,930,256,624 1,767,015,543 1,589,701,223 1,397,576,582
217,882,622 234,899,467 252,814,064 271,689,000 291,580,090
1,862,189,244 1,695,357,157 1,514,201,479 1,318,012,223 1,105,996,493
68,067,380 71,658,386 75,499,743 79,564,359 83,843,773
1,930,256,624 1,767,015,543 1,589,701,223 1,397,576,582 1,189,840,266

340,336,898 358,291,932 377,498,716 397,821,797 419,218,866
11,024 11,465 11,924 12,401 12,897

8,940 8,940 8,940 8,940 8,940
263,883,612 302,110,255 330,201,094 353,849,905 375,835,851

340,336,898 358,291,932 377,498,716 397,821,797 419,218,866
302,110,255 330,201,094 353,849,905 375,835,851 397,527,359
302,110,255 330,201,094 353,849,905 375,835,851 397,527,359
3,754,816,644 4,056,926,899 4,387,127,993 4,740,977,898 5,116,813,749

302,110,255 330,201,094 353,849,905 375,835,851 397,527,359
4,056,926,899 4,387,127,993 4,740,977,898 5,116,813,749 5,514,341,108
753,438,304 906,728,216 1,071,024,831 1,247,116,443 1,435,735,917

153,289,912 164,296,615 176,091,612 188,619,474 201,870,386
906,728,216 1,071,024,831 1,247,116,443 1,435,735,917 1,637,606,302
3,452,308,937 3,646,304,255 3,847,711,360 4,056,913,683 4,274,262,164

12,044 12,231 12,411 12,582 12,746
153,289,912 164,296,615 176,091,612 188,619,474 201,870,386
340,336,898 358,291,932 377,498,716 397,821,797 419,218,866

98,558,664 102,501,010 106,601,051 110,865,093 115,299,696
8,940 8,940 8,940 8,940 8,940
143,219,570 153,289,912 164,296,615 176,091,612 188,619,474
11,024 11,465 11,924 12,401 12,897

275,605 286,630 298,095 310,019 322,419
108,354,091 108,354,091 108,354,091 108,354,091 108,354,091
2,768,260 2,768,260 2,768,260 2,768,260 2,768,260

4,586,303 4,586,303 4,586,303 4,586,303 4,586,303
5,625,769 5,625,769 5,625,769 5,625,769 5,625,769
6,295,430 6,295,430 6,295,430 6,295,430 6,295,430
6,793,596 6,793,596 6,793,596 6,793,596 6,793,596
8,796,120 8,796,120 8,796,120 8,796,120 8,796,120
10,070,342 10,070,342 10,070,342 10,070,342 10,070,342
11,006,703 11,006,703 11,006,703 11,006,703
11,794,997 11,794,997 11,794,997
12,527,862 12,527,862
13,250,912
153,289,912 164,296,615 176,091,612 188,619,474 201,870,386

988,278,542 1,029,889,193 1,073,288,840 1,118,535,294 1,165,697,981
19,765,571 20,597,784 21,465,777 22,370,706 23,313,960

50 50 50 50 50
7,214,433,360 7,518,191,112 7,835,008,531 8,165,307,646 8,509,595,259

601,202,780 626,515,926 652,917,378 680,442,304 709,132,938
6,226,154,818 6,488,301,919 6,761,719,691 7,046,772,352 7,343,897,278
988,278,542 1,029,889,193 1,073,288,840 1,118,535,294 1,165,697,981
170,031,622 178,533,203 187,459,863 196,832,856 206,674,499
110,903,704 116,448,889 122,271,333 128,384,900 134,804,145
9,703,656 10,188,839 10,698,280 11,233,194 11,794,854
6,020,667 6,321,701 6,637,786 6,969,675 7,318,159
515,587 541,367 568,435 596,857 626,700
86,554,953 90,882,700 95,426,835 100,198,177 105,208,086
383,730,188 402,916,698 423,062,533 444,215,659 466,426,442
622,148,327 682,454,052 742,759,777 803,065,502 863,371,227

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
682,454,052 742,759,777 803,065,502 863,371,227 923,676,952

6,082,170,752 6,325,211,009 6,577,972,875 6,840,845,216 7,114,232,451
5,575,323,190 5,798,110,091 6,029,808,469 6,270,774,781 6,521,379,747

506,847,563 527,100,917 548,164,406 570,070,435 592,852,704
171,260,817 195,357,584 220,469,791 246,640,649 273,914,992
171,260,817 195,357,584 220,469,791 246,640,649 273,914,992
148,137,634 171,260,817 195,357,584 220,469,791 246,640,649

23,123,184 24,096,766 25,112,207 26,170,858 27,274,344
171,260,817 195,357,584 220,469,791 246,640,649 273,914,992
12 13 14 15 16

8,868,432,062 9,242,418,225 9,632,186,985 10,038,402,139 10,461,757,450
7,398,555,175 7,694,250,808 8,001,774,267 8,321,598,663 8,654,216,036
7,398,555,175 7,694,250,808 8,001,774,267 8,321,598,663 8,654,216,036
411,019,217 431,570,178 453,148,687 475,806,121 499,596,428

257,232,891 269,986,472 283,377,732 297,438,554 312,202,418
374,835,950 393,577,748 413,256,635 433,919,467 455,615,440
1,043,088,058 1,095,134,397 1,149,783,054 1,207,164,143 1,267,414,286
39% 39% 39% 39% 39%

25% 25% 25% 25% 25%
36% 36% 36% 36% 36%
- - - - -
1,189,840,266 965,637,984 724,067,005 464,177,285 184,970,922
312,541,033 334,625,721 357,889,406 382,389,328 408,185,069
877,299,233 631,012,263 366,177,599 81,787,957 (223,214,147)
88,338,751 93,054,741 97,999,686 103,182,965 108,614,898
965,637,984 724,067,005 464,177,285 184,970,922 (114,599,249)

441,693,754 465,273,707 489,998,431 515,914,825 543,074,490
13,413 13,949 14,507 15,087 15,691

8,940 8,940 8,940 8,940 8,940
397,527,359 419,610,556 442,442,132 466,220,281 491,067,553

441,693,754 465,273,707 489,998,431 515,914,825 543,074,490
419,610,556 442,442,132 466,220,281 491,067,553 517,071,022
419,610,556 442,442,132 466,220,281 491,067,553 517,071,022
5,514,341,108 5,933,951,664 6,376,393,796 6,842,614,077 7,333,681,631

419,610,556 442,442,132 466,220,281 491,067,553 517,071,022
5,933,951,664 6,376,393,796 6,842,614,077 7,333,681,631 7,850,752,652
1,637,606,302 1,853,463,706 2,084,069,181 2,330,215,333 2,592,730,402

215,857,404 230,605,475 246,146,151 262,515,070 279,750,770
1,853,463,706 2,084,069,181 2,330,215,333 2,592,730,402 2,872,481,172
4,500,098,514 4,734,766,747 4,978,619,026 5,232,018,781 5,495,342,501

12,904 13,054 13,199 13,337 13,470
215,857,404 230,605,475 246,146,151 262,515,070 279,750,770
441,693,754 465,273,707 489,998,431 515,914,825 543,074,490

119,911,684 124,708,152 129,696,478 134,884,337 140,279,710
8,940 8,940 8,940 8,940 8,940
201,870,386 215,857,404 230,605,475 246,146,151 262,515,070
13,413 13,949 14,507 15,087 15,691

335,316 348,729 362,678 377,185 392,273
108,354,091 108,354,091 108,354,091 108,354,091 108,354,091
2,768,260 2,768,260 2,768,260 2,768,260 2,768,260

4,586,303 4,586,303 4,586,303 4,586,303 4,586,303
5,625,769 5,625,769 5,625,769 5,625,769 5,625,769
6,295,430 6,295,430 6,295,430 6,295,430 6,295,430
6,793,596 6,793,596 6,793,596 6,793,596 6,793,596
8,796,120 8,796,120 8,796,120 8,796,120 8,796,120
10,070,342 10,070,342 10,070,342 10,070,342 10,070,342
11,006,703 11,006,703 11,006,703 11,006,703 11,006,703
11,794,997 11,794,997 11,794,997 11,794,997 11,794,997
12,527,862 12,527,862 12,527,862 12,527,862 12,527,862
13,250,912 13,250,912 13,250,912 13,250,912 13,250,912
13,987,019 13,987,019 13,987,019 13,987,019 13,987,019
14,748,071 14,748,071 14,748,071 14,748,071
15,540,676 15,540,676 15,540,676
16,368,918 16,368,918
17,235,701
215,857,404 230,605,475 246,146,151 262,515,070 279,750,770

1,214,853,707 1,266,084,688 1,319,477,669 1,375,123,581 1,433,117,459
24,297,074 25,321,694 26,389,553 27,502,472 28,662,349

50 50 50 50 50
8,868,432,062 9,242,418,225 9,632,186,985 10,038,402,139 10,461,757,450

739,036,005 770,201,519 802,682,249 836,533,512 871,813,121
7,653,578,355 7,976,333,537 8,312,709,316 8,663,278,559 9,028,639,991
1,214,853,707 1,266,084,688 1,319,477,669 1,375,123,581 1,433,117,459
217,008,224 227,858,635 239,251,567 251,214,145 263,774,852
141,544,352 148,621,570 156,052,648 163,855,281 172,048,045
12,384,597 13,003,827 13,654,018 14,336,719 15,053,555
7,684,067 8,068,270 8,471,683 8,895,268 9,340,031
658,035 690,937 725,483 761,757 799,845
110,468,490 115,991,915 121,791,511 127,881,086 134,275,140
489,747,764 514,235,153 539,946,910 566,944,256 595,291,469
923,676,952 983,982,677 1,044,288,402 1,104,594,127 1,164,899,852

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
983,982,677 1,044,288,402 1,104,594,127 1,164,899,852 1,225,205,577

7,398,555,175 7,694,250,808 8,001,774,267 8,321,598,663 8,654,216,036
6,782,008,910 7,053,063,241 7,334,959,744 7,628,132,108 7,933,031,366

616,546,265 641,187,567 666,814,522 693,466,555 721,184,670
302,339,454 331,962,589 362,834,984 395,009,349 428,540,623
302,339,454 331,962,589 362,834,984 395,009,349 428,540,623
273,914,992 302,339,454 331,962,589 362,834,984 395,009,349

28,424,462 29,623,135 30,872,394 32,174,366 33,531,274
302,339,454 331,962,589 362,834,984 395,009,349 428,540,623
17 18 19 20 21

10,902,977,004 11,362,816,067 11,842,062,196 12,341,536,515 12,862,095,105
9,000,138,104 9,359,897,054 9,734,046,362 10,123,161,643 10,527,841,534
9,000,138,104 9,359,897,054 9,734,046,362 10,123,161,643 10,527,841,534
524,576,249 550,805,061 578,345,314 607,262,580 637,625,709

327,704,476 343,981,636 361,072,654 379,018,223 397,861,070
478,396,212 502,316,023 527,431,824 553,803,415 581,493,586
1,330,676,937 1,397,102,720 1,466,849,792 1,540,084,218 1,616,980,365
39% 39% 39% 39% 39%

25% 25% 25% 25% 25%
36% 36% 36% 36% 36%
- - - - -
(114,599,249) (435,631,528) (779,277,504) (1,146,744,386) (1,539,297,500)
435,338,793 463,915,422 493,982,783 525,611,759 558,876,420
(549,938,042) (899,546,950) (1,273,260,287) (1,672,356,144) (2,098,173,920)
114,306,514 120,269,447 126,515,901 133,058,644 139,911,014
(435,631,528) (779,277,504) (1,146,744,386) (1,539,297,500) (1,958,262,906)

571,532,568 601,347,233 632,579,506 665,293,221 699,555,068
16,319 16,971 17,650 18,356 19,090

8,940 8,940 8,940 8,940 8,940
517,071,022 544,301,795 572,824,514 602,702,010 633,997,615

571,532,568 601,347,233 632,579,506 665,293,221 699,555,068
544,301,795 572,824,514 602,702,010 633,997,615 666,776,342
544,301,795 572,824,514 602,702,010 633,997,615 666,776,342
7,850,752,652 8,395,054,447 8,967,878,961 9,570,580,971 10,204,578,586

544,301,795 572,824,514 602,702,010 633,997,615 666,776,342
8,395,054,447 8,967,878,961 9,570,580,971 10,204,578,586 10,871,354,928
2,872,481,172 3,170,375,336 3,487,363,650 3,824,442,031 4,182,653,666

297,894,163 316,988,314 337,078,381 358,211,635 380,437,513
3,170,375,336 3,487,363,650 3,824,442,031 4,182,653,666 4,563,091,178
5,768,980,906 6,053,339,825 6,348,840,950 6,655,922,536 6,975,040,091

13,596 13,718 13,834 13,945 14,052
297,894,163 316,988,314 337,078,381 358,211,635 380,437,513
571,532,568 601,347,233 632,579,506 665,293,221 699,555,068

145,890,899 151,726,535 157,795,596 164,107,420 170,671,717
8,940 8,940 8,940 8,940 8,940
279,750,770 297,894,163 316,988,314 337,078,381 358,211,635
16,319 16,971 17,650 18,356 19,090

407,963 424,282 441,253 458,903 477,259
108,354,091 108,354,091 108,354,091 108,354,091 108,354,091
2,768,260 2,768,260 2,768,260 2,768,260 2,768,260

4,586,303 4,586,303 4,586,303 4,586,303 4,586,303
5,625,769 5,625,769 5,625,769 5,625,769 5,625,769
6,295,430 6,295,430 6,295,430 6,295,430 6,295,430
6,793,596 6,793,596 6,793,596 6,793,596 6,793,596
8,796,120 8,796,120 8,796,120 8,796,120 8,796,120
10,070,342 10,070,342 10,070,342 10,070,342 10,070,342
11,006,703 11,006,703 11,006,703 11,006,703 11,006,703
11,794,997 11,794,997 11,794,997 11,794,997 11,794,997
12,527,862 12,527,862 12,527,862 12,527,862 12,527,862
13,250,912 13,250,912 13,250,912 13,250,912 13,250,912
13,987,019 13,987,019 13,987,019 13,987,019 13,987,019
14,748,071 14,748,071 14,748,071 14,748,071 14,748,071
15,540,676 15,540,676 15,540,676 15,540,676 15,540,676
16,368,918 16,368,918 16,368,918 16,368,918 16,368,918
17,235,701 17,235,701 17,235,701 17,235,701 17,235,701
18,143,393 18,143,393 18,143,393 18,143,393 18,143,393
19,094,150 19,094,150 19,094,150 19,094,150
20,090,067 20,090,067 20,090,067
21,133,254 21,133,254
22,225,878
297,894,163 316,988,314 337,078,381 358,211,635 380,437,513

1,493,558,494 1,556,550,146 1,622,200,301 1,690,621,440 1,761,930,836
29,871,170 31,131,003 32,444,006 33,812,429 35,238,617

50 50 50 50 50
10,902,977,004 11,362,816,067 11,842,062,196 12,341,536,515 12,862,095,105

908,581,417 946,901,339 986,838,516 1,028,461,376 1,071,841,259
9,409,418,510 9,806,265,921 10,219,861,895 10,650,915,075 11,100,164,268
1,493,558,494 1,556,550,146 1,622,200,301 1,690,621,440 1,761,930,836
276,963,595 290,811,774 305,352,363 320,619,981 336,650,980
180,650,447 189,682,969 199,167,118 209,125,474 219,581,747
15,806,233 16,596,544 17,426,372 18,297,690 19,212,575
9,807,033 10,297,384 10,812,253 11,352,866 11,920,509
839,838 881,830 925,921 972,217 1,020,828
140,988,897 148,038,342 155,440,259 163,212,272 171,372,886
625,056,042 656,308,844 689,124,286 723,580,501 759,759,526
1,225,205,577 1,285,511,302 1,345,817,027 1,406,122,752 1,466,428,477

60,305,725 60,305,725 60,305,725 60,305,725 60,305,725
1,285,511,302 1,345,817,027 1,406,122,752 1,466,428,477 1,526,734,202

9,000,138,104 9,359,897,054 9,734,046,362 10,123,161,643 10,527,841,534
8,250,126,595 8,579,905,633 8,922,875,832 9,279,564,839 9,650,521,407

750,011,509 779,991,421 811,170,530 843,596,804 877,320,128
463,486,062 499,905,345 537,860,672 577,416,879 618,641,543
463,486,062 499,905,345 537,860,672 577,416,879 618,641,543
428,540,623 463,486,062 499,905,345 537,860,672 577,416,879

34,945,439 36,419,282 37,955,328 39,556,207 41,224,664
463,486,062 499,905,345 537,860,672 577,416,879 618,641,543
22 23 24 25
Forecast Forecast Forecast Forecast x

Year 22 Year 23 Year 24 Year 25 x
x
x
x
x
x
x
x
x
x
13,404,630,468 13,970,073,082 14,559,393,013 15,173,601,611 x
x
x
x
x
10,948,708,622 11,386,410,393 11,841,620,235 12,315,038,470 x
x
10,948,708,622 11,386,410,393 11,841,620,235 12,315,038,470 x
x
x
669,506,995 702,982,344 738,131,462 775,038,035 x
417,646,060 438,420,299 460,233,251 483,136,850 x
610,568,265 641,096,678 673,151,512 706,809,088 x
1,697,721,320 1,782,499,322 1,871,516,224 1,964,983,972 x
x
x
x
x
39% 39% 39% 39% x
25% 25% 25% 25% x
36% 36% 36% 36% x
x
x
x
x
- - - - x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
(1,958,262,906) (2,405,030,143) (2,881,055,099) (3,387,863,016) x
x
x
x
x
x
x
x
x
x
593,854,173 630,625,907 669,276,145 709,893,202 x
x
x
(2,552,117,079) (3,035,656,050) (3,550,331,244) (4,097,756,218) x
x
147,086,937 154,600,951 162,468,228 170,704,602 x
x
(2,405,030,143) (2,881,055,099) (3,387,863,016) (3,927,051,616) x
x
x
x
735,434,684 773,004,754 812,341,141 853,523,010 x
x
19,854 20,648 21,474 22,333 x
8,940 8,940 8,940 8,940 x
x
x
x
x
x
x
x
x
x
x
x
x
666,776,342 701,105,513 737,055,134 774,698,137 x
735,434,684 773,004,754 812,341,141 853,523,010 x
701,105,513 737,055,134 774,698,137 814,110,574 x
701,105,513 737,055,134 774,698,137 814,110,574 x
x
x
x
x
10,871,354,928 11,572,460,441 12,309,515,574 13,084,213,712 x
701,105,513 737,055,134 774,698,137 814,110,574 x
11,572,460,441 12,309,515,574 13,084,213,712 13,898,324,285 x
x
x
4,563,091,178 4,966,898,875 5,395,275,076 5,849,474,548 x
403,807,697 428,376,201 454,199,472 481,336,491 x
4,966,898,875 5,395,275,076 5,849,474,548 6,330,811,040 x
x
7,306,667,079 7,651,295,632 8,009,437,300 8,381,623,819 x
14,154 14,251 14,345 14,434 x
x
x
403,807,697 428,376,201 454,199,472 481,336,491 x
x
735,434,684 773,004,754 812,341,141 853,523,010 x
x
177,498,585 184,598,529 191,982,470 199,661,769 x
8,940 8,940 8,940 8,940 x
380,437,513 403,807,697 428,376,201 454,199,472 x
x
19,854 20,648 21,474 22,333 x
496,350 516,204 536,852 558,326 x
x
x
x
108,354,091 108,354,091 108,354,091 108,354,091 x
x
2,768,260 2,768,260 2,768,260 2,768,260 x
4,586,303 4,586,303 4,586,303 4,586,303 x
5,625,769 5,625,769 5,625,769 5,625,769 x
6,295,430 6,295,430 6,295,430 6,295,430 x
6,793,596 6,793,596 6,793,596 6,793,596 x
8,796,120 8,796,120 8,796,120 8,796,120 x
10,070,342 10,070,342 10,070,342 10,070,342 x
11,006,703 11,006,703 11,006,703 11,006,703 x
11,794,997 11,794,997 11,794,997 11,794,997 x
12,527,862 12,527,862 12,527,862 12,527,862 x
13,250,912 13,250,912 13,250,912 13,250,912 x
13,987,019 13,987,019 13,987,019 13,987,019 x
14,748,071 14,748,071 14,748,071 14,748,071 x
15,540,676 15,540,676 15,540,676 15,540,676 x
16,368,918 16,368,918 16,368,918 16,368,918 x
17,235,701 17,235,701 17,235,701 17,235,701 x
18,143,393 18,143,393 18,143,393 18,143,393 x
19,094,150 19,094,150 19,094,150 19,094,150 x
20,090,067 20,090,067 20,090,067 20,090,067 x
21,133,254 21,133,254 21,133,254 21,133,254 x
22,225,878 22,225,878 22,225,878 22,225,878 x
23,370,184 23,370,184 23,370,184 23,370,184 x
24,568,504 24,568,504 24,568,504 x
25,823,271 25,823,271 x
27,137,019 x
403,807,697 428,376,201 454,199,472 481,336,491 x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
1,836,250,749 1,913,708,641 1,994,437,399 2,078,575,563 x
x
36,725,015 38,274,173 39,888,748 41,571,511 x
50 50 50 50 x
x
x
x
x
13,404,630,468 13,970,073,082 14,559,393,013 15,173,601,611 x
1,117,052,539 1,164,172,757 1,213,282,751 1,264,466,801 x
11,568,379,719 12,056,364,441 12,564,955,614 13,095,026,048 x
1,836,250,749 1,913,708,641 1,994,437,399 2,078,575,563 x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
353,483,529 371,157,706 389,715,591 409,201,371 x
230,560,835 242,088,876 254,193,320 266,902,986 x
20,173,203 21,181,863 22,240,957 23,353,004 x
12,516,535 13,142,362 13,799,480 14,489,454 x
1,071,869 1,125,463 1,181,736 1,240,823 x
179,941,530 188,938,607 198,385,537 208,304,814 x
797,747,502 837,634,877 879,516,621 923,492,452 x
x
x
x
1,526,734,202 1,587,039,927 1,647,345,652 1,707,651,377 x
60,305,725 60,305,725 60,305,725 60,305,725 x
x
1,587,039,927 1,647,345,652 1,707,651,377 1,767,957,102 x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
10,948,708,622 11,386,410,393 11,841,620,235 12,315,038,470 x
x
x
x
10,036,316,237 10,437,542,860 10,854,818,549 11,288,785,264 x
912,392,385 948,867,533 986,801,686 1,026,253,206 x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
661,605,102 706,380,977 753,045,698 801,679,037 x
661,605,102 706,380,977 753,045,698 801,679,037 x
x
618,641,543 661,605,102 706,380,977 753,045,698 x
42,963,559 44,775,875 46,664,721 48,633,338 x
661,605,102 706,380,977 753,045,698 801,679,037 x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
x
2017 Year 1
Customer Count
Customer Mix
Residential 94% 94%
Residential % 94% 94%
BAPA % 0% 0%
Low Voltage % 6% 6%
High Voltage % 0% 0%
Retail Electricity Supplier Customer % 0% 0%
Residential Count 205,065 213,268

Residential 204,080 212,243
BAPA 985 1,024
Low Voltage Count 12,477 12,976
High Voltage Count 273 284
Retail Electricity Supplier Customer Count 10 10
Total Count without RES 217,815 226,528
Total Count with RES 217,825 226,538
Growth 4%
Energy Sales
Sales Mix
Residential % 41% 41%
Low Voltage % 19% 19%
High Voltage % 25% 25%
Retail Electricity Supplier Customer %
Residential kWh 368,837,962 383,591,480

Low Voltage kWh 175,154,941 182,161,139
High Voltage kWh 228,324,834 237,457,827
Retail Electricity Supplier Customer kWh 126,321,381 131,374,236
Adjustments kWh (333,148)
Total without RES 771,984,589 803,210,446

Total with RES 898,305,970 934,584,683
CAGR
Growth 4%
Customer Intensity 295.35 295.48
Demand kW 0
Demand HV kW 41,098 42,742
Energy Details
Total kWh sales kWh 770,965,515 802,155,026
Coop use kWh 1,055,420 1,055,420
Actual energy sales kWh 771,984,589 803,210,446
Recovered sales kwh 1,031,094 1,031,094
System loss % 10.32% 9.50%
Power purchased kWh 861,950,689 888,664,686
Recoverable system loss cap % 12% 5.50%
Recoverable system loss kWh 88,935,006 48,876,558
Residential kWh
Low Voltage kWh
High Voltage kWh
Unrecoverable system loss kWh 35,546,587
Total system loss kWh
5.65
System Loss Projection % 9.50%
Gross-up Factor % 5.82%
Unrecoverable PPC P 200,825,363

Revenues
Operating Revenue
DSM
Residential P
Low Voltage P
High Voltage P
Public Building P
Streetlights P
Gen + Trans P
System Loss Charge P
Net Operating Revenue
RFSC P
VAT on DSM P
Gross Revenues 5,653,488,007
Universal Charge P
Total Billed Amount P
Retail Rate 6.8896
Tariff Rates
PPC P/kWh 5.6496 5.6496
Generation P/kWh 4.8573 4.8573
Transmission P/kWh 0.7923 0.7923
System Loss Charge P/kWh 0.3288
Average DSM P/kWh 0.9111
RFSC P/kWh 0.3216
Ave. Retail Rate P/kWh
VAT on DSM
Transmission Charge
Residential P/kWh 0.7588
Low Voltage P/kWh 0.6436
High Voltage P/kW 374.1766
System Loss Charge
Generation P/kWh 0.8343
Transmission P/kWh
Distribution Charge
Low Voltage P/kWh 0.3748
High Voltage P/kW 118.55
Retail Electric Service Charge
BAPA P/kWh 0.114
Low Voltage P/Cust./Mo. 59.73
High Voltage P/Cust./Mo. 59.73
Metering Charge
Retail Customer Charge
Residential P/Meter/Mo. 5
Low Voltage P/Meter/Mo. 54.92
High Voltage P/Meter/Mo. 54.92
Metering System Charge
BAPA P/kWh 0.246
RFSC P/kWh 0.3216
Lifeline Rate Subsidy P/kWh 0.0411
Senior Citizen Discount P/kWh 0.001
Universal Charge
Missionary Electrification Charge P/kWh 0.1561
Environmental Share P/kWh 0.0025
Stranded Contract Cost P/kWh 0.1938
NPC Stranded Debts P/kWh 0.0265
FIT-ALL P/kWh 0.183
VAT
Generation P/kWh 0.5389
Transmission P/kWh 0.0045
System Loss 0.0815
Generation P/kWh
Transmission P/kWh
VAT GenCo/TransCo
Distribution
Others
94% 94% 94% 94% 94%

94% 94% 94% 94% 94%
0% 0% 0% 0% 0%
6% 6% 6% 6% 6%
0% 0% 0% 0% 0%
0% 0% 0% 0% 0%
221,798 230,670 239,897 249,493 259,473

220,733 229,562 238,745 248,295 258,226
1,065 1,108 1,152 1,198 1,246
13,495 14,035 14,596 15,180 15,787
295 307 319 332 345
11 11 12 12 13
235,589 245,012 254,813 265,005 275,605
235,600 245,024 254,824 265,017 275,618
4% 4% 4% 4% 4%
41% 41% 41% 41% 41%

19% 19% 19% 19% 19%
25% 25% 25% 25% 25%
398,935,140 414,892,545 431,488,247 448,747,777 466,697,688

189,447,584 197,025,488 204,906,507 213,102,767 221,626,878
246,956,140 256,834,386 267,107,762 277,792,072 288,903,755
136,629,206 142,094,374 147,778,149 153,689,275 159,836,846
835,338,864 868,752,419 903,502,516 939,642,616 977,228,321

971,968,070 1,010,846,793 1,051,280,665 1,093,331,891 1,137,065,167
4% 4% 4% 4% 4%
295.48 295.48 295.48 295.48 295.48
0 0 0 0 0
44,452 46,230 48,079 50,002 52,002
834,283,444 867,696,999 902,447,096 938,587,196 976,172,901

1,055,420 1,055,420 1,055,420 1,055,420 1,055,420
835,338,864 868,752,419 903,502,516 939,642,616 977,228,321
1,031,094 1,031,094 1,031,094 1,031,094 1,031,094
8.50% 7.50% 6.50% 5.50% 5.50%
914,065,528 940,306,500 967,415,625 995,421,916 1,035,195,148
5.50% 5.50% 5.50% 5.50% 5.50%
50,273,604 51,716,858 53,207,859 54,748,205 56,935,733
27,421,966 18,806,130 9,674,156 - -
8.50% 7.50% 6.50% 5.50% 5.50%

5.82% 5.82% 5.82% 5.82% 5.82%
154,924,190 106,247,833 54,655,484 - -
5,885,334,224 6,127,953,695 6,381,217,916 6,645,291,789 6,923,462,869

6.8955 6.9026 6.9103 6.9184 6.9293
5.6496 5.6496 5.6496 5.6496 5.6496

4.8573 4.8573 4.8573 4.8573 4.8573
0.7923 0.7923 0.7923 0.7923 0.7923
0.3288 0.3288 0.3288 0.3288 0.3288
0.9170 0.9241 0.9319 0.9400 0.9508
11 12
94% 94% 94% 94% 94% 94%

94% 94% 94% 94% 94% 94%
0% 0% 0% 0% 0% 0%
6% 6% 6% 6% 6% 6%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
269,852 280,646 291,871 303,546 315,688 328,316

268,555 279,298 290,469 302,088 314,172 326,739
1,296 1,348 1,402 1,458 1,516 1,577
16,419 17,076 17,759 18,469 19,208 19,976
359 374 389 404 420 437
13 14 14 15 15 16
286,630 298,095 310,019 322,419 335,316 348,729
286,643 298,109 310,033 322,434 335,332 348,745
4% 4% 4% 4% 4% 4%
41% 41% 41% 41% 41% 41%

19% 19% 19% 19% 19% 19%
25% 25% 25% 25% 25% 25%
485,365,596 504,780,219 524,971,428 545,970,285 567,809,097 590,521,461

230,491,953 239,711,631 249,300,097 259,272,100 269,642,984 280,428,704
300,459,905 312,478,301 324,977,433 337,976,531 351,495,592 365,555,416
166,230,320 172,879,532 179,794,714 186,986,502 194,465,962 202,244,601
1,016,317,454 1,056,970,152 1,099,248,958 1,143,218,916 1,188,947,673 1,236,505,580

1,182,547,773 1,229,849,684 1,279,043,672 1,330,205,419 1,383,413,635 1,438,750,181
4% 4% 4% 4% 4% 4%
295.48 295.48 295.48 295.48 295.48 295.48
0 0 0 0 0 0
54,082 56,246 58,496 60,835 63,269 65,800
1,015,262,034 1,055,914,732 1,098,193,538 1,142,163,496 1,187,892,253 1,235,450,160

1,055,420 1,055,420 1,055,420 1,055,420 1,055,420 1,055,420
1,016,317,454 1,056,970,152 1,099,248,958 1,143,218,916 1,188,947,673 1,236,505,580
1,031,094 1,031,094 1,031,094 1,031,094 1,031,094 1,031,094
5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
1,076,559,310 1,119,578,038 1,164,317,515 1,210,846,572 1,259,236,790 1,309,562,618
5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
59,210,762 61,576,792 64,037,463 66,596,561 69,258,023 72,025,944
- - - - - -
5.50% 5.50% 5.50% 5.50% 5.50% 5.50%

5.82% 5.82% 5.82% 5.82% 5.82% 5.82%
- - - - - -
7,214,433,360 7,518,191,112 7,835,008,531 8,165,307,646 8,509,595,259 8,868,432,062

6.9411 6.9535 6.9661 6.9788 6.9915 7.0044
5.6496 5.6496 5.6496 5.6496 5.6496 5.6496

4.8573 4.8573 4.8573 4.8573 4.8573 4.8573
0.7923 0.7923 0.7923 0.7923 0.7923 0.7923
0.3288 0.3288 0.3288 0.3288 0.3288 0.3288
0.9627 0.9750 0.9876 1.0003 1.0131 1.0259
13 14 15 16 17 18
94% 94% 94% 94% 94% 94%

94% 94% 94% 94% 94% 94%
0% 0% 0% 0% 0% 0%
6% 6% 6% 6% 6% 6%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
341,448 355,106 369,310 384,083 399,446 415,424

339,808 353,401 367,537 382,238 397,528 413,429
1,640 1,706 1,774 1,845 1,919 1,995
20,775 21,606 22,470 23,369 24,304 25,276
455 473 492 511 532 553
17 17 18 19 19 20
362,678 377,185 392,273 407,963 424,282 441,253
362,695 377,202 392,291 407,982 424,301 441,273
4% 4% 4% 4% 4% 4%
41% 41% 41% 41% 41% 41%

19% 19% 19% 19% 19% 19%
25% 25% 25% 25% 25% 25%
614,142,319 638,708,012 664,256,332 690,826,586 718,459,649 747,198,035

291,645,852 303,311,686 315,444,153 328,061,920 341,184,396 354,831,772
380,177,632 395,384,737 411,200,127 427,648,132 444,754,057 462,544,220
210,334,385 218,747,760 227,497,671 236,597,578 246,061,481 255,903,940
1,285,965,803 1,337,404,435 1,390,900,613 1,446,536,637 1,504,398,103 1,564,574,027

1,496,300,188 1,556,152,196 1,618,398,283 1,683,134,215 1,750,459,583 1,820,477,967
4% 4% 4% 4% 4% 4%
295.48 295.48 295.48 295.48 295.48 295.48
0 0 0 0 0 0
68,432 71,169 74,016 76,976 80,055 83,257
1,284,910,383 1,336,349,015 1,389,845,193 1,445,481,217 1,503,342,683 1,563,518,607

1,055,420 1,055,420 1,055,420 1,055,420 1,055,420 1,055,420
1,285,965,803 1,337,404,435 1,390,900,613 1,446,536,637 1,504,398,103 1,564,574,027
1,031,094 1,031,094 1,031,094 1,031,094 1,031,094 1,031,094
5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
1,361,901,478 1,416,333,893 1,472,943,605 1,531,817,705 1,593,046,769 1,656,724,995
5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
74,904,581 77,898,364 81,011,898 84,249,974 87,617,572 91,119,875
- - - - - -
5.50% 5.50% 5.50% 5.50% 5.50% 5.50%

5.82% 5.82% 5.82% 5.82% 5.82% 5.82%
- - - - - -
9,242,418,225 9,632,186,985 10,038,402,139 10,461,757,450 10,902,977,004 11,362,816,067

7.0172 7.0301 7.0431 7.0560 7.0690 7.0821
5.6496 5.6496 5.6496 5.6496 5.6496 5.6496

4.8573 4.8573 4.8573 4.8573 4.8573 4.8573
0.7923 0.7923 0.7923 0.7923 0.7923 0.7923
0.3288 0.3288 0.3288 0.3288 0.3288 0.3288
1.0388 1.0517 1.0646 1.0776 1.0906 1.1036
19 20 21 22 23
94% 94% 94% 94% 94%

94% 94% 94% 94% 94%
0% 0% 0% 0% 0%
6% 6% 6% 6% 6%
0% 0% 0% 0% 0%
0% 0% 0% 0% 0%
432,041 449,323 467,296 485,987 505,427

429,966 447,164 465,051 483,653 502,999
2,075 2,158 2,245 2,334 2,428
26,287 27,339 28,432 29,569 30,752
575 598 622 647 673
21 22 23 24 25
458,903 477,259 496,350 516,204 536,852
458,924 477,281 496,373 516,228 536,877
4% 4% 4% 4% 4%
41% 41% 41% 41% 41%

19% 19% 19% 19% 19%
25% 25% 25% 25% 25%
777,085,956 808,169,395 840,496,170 874,116,017 909,080,658

369,025,043 383,786,045 399,137,487 415,102,986 431,707,106
481,045,988 500,287,828 520,299,341 541,111,315 562,755,767
266,140,097 276,785,701 287,857,129 299,371,415 311,346,271
1,627,156,988 1,692,243,267 1,759,932,998 1,830,330,318 1,903,543,531

1,893,297,085 1,969,028,969 2,047,790,127 2,129,701,733 2,214,889,802
4% 4% 4% 4% 4%
295.48 295.48 295.48 295.48 295.48
0 0 0 0 0
86,588 90,051 93,653 97,399 101,295
1,626,101,568 1,691,187,847 1,758,877,578 1,829,274,898 1,902,488,111

1,055,420 1,055,420 1,055,420 1,055,420 1,055,420
1,627,156,988 1,692,243,267 1,759,932,998 1,830,330,318 1,903,543,531
1,031,094 1,031,094 1,031,094 1,031,094 1,031,094
5.50% 5.50% 5.50% 5.50% 5.50%
1,722,950,351 1,791,824,721 1,863,454,066 1,937,948,584 2,015,422,883
5.50% 5.50% 5.50% 5.50% 5.50%
94,762,269 98,550,360 102,489,974 106,587,172 110,848,259
- - - - -
5.50% 5.50% 5.50% 5.50% 5.50%

5.82% 5.82% 5.82% 5.82% 5.82%
- - - - -
11,842,062,196 12,341,536,515 12,862,095,105 13,404,630,468 13,970,073,082

7.0951 7.1082 7.1214 7.1345 7.1477
5.6496 5.6496 5.6496 5.6496 5.6496

4.8573 4.8573 4.8573 4.8573 4.8573
0.7923 0.7923 0.7923 0.7923 0.7923
0.3288 0.3288 0.3288 0.3288 0.3288
1.1167 1.1298 1.1429 1.1561 1.1693
24 25
Year 24 Year 25
94% 94%
94% 94%
0% 0%
6% 6%
0% 0%
0% 0%
525,644 546,670
523,119 544,044
2,525 2,626
31,982 33,262
700 728
26 27
558,326 580,659
558,352 580,686
4% 4%
41% 41%
19% 19%
25% 25%
945,443,884 983,261,640
448,975,390 466,934,405
585,265,998 608,676,638
323,800,122 336,752,127
1,979,685,272 2,058,872,683
2,303,485,394 2,395,624,810
4% 4%
295.48 295.48
0 0
105,347 109,561
1,978,629,852 2,057,817,263
1,055,420 1,055,420
1,979,685,272 2,058,872,683
1,031,094 1,031,094
5.50% 5.50%
2,095,996,154 2,179,792,356
5.50% 5.50%
115,279,788 119,888,580
- -
5.50% 5.50%
5.82% 5.82%
- -
14,559,393,013 15,173,601,611
7.1610 7.1743
5.6496 5.6496
4.8573 4.8573
0.7923 0.7923
0.3288 0.3288
1.1825 1.1958
WACC 14.97%
2017 Year 1 Year 2
OPEX 555,441,576 610,769,606 641,200,023
2 Depreciation 88,203,285 111,122,352 115,708,655
Return on RAB 6,602,016 8,317,508 8,660,793
Cost of WCA 81,537,029 85,490,463 88,419,553
30% Corporate Income Tax 28,441,590 35,831,958 37,310,834
ARR 760,225,496 851,531,887 891,299,859
Energy Sales 898,305,970 934,584,683 971,968,070

Ave DSM 0.8463 0.9111 0.9170
673,151,960 706,701,495 741,928,506 778,916,867 817,754,647
121,334,424 127,629,854 134,423,450 143,219,570 153,289,912
9,081,882 9,553,095 10,061,595 10,719,985 11,473,750
91,464,798 94,631,020 97,923,253 102,110,729 106,479,548
39,124,892 41,154,884 43,345,513 46,181,866 49,429,099
934,157,956 979,670,347 1,027,682,317 1,081,149,018 1,138,426,955
1,010,846,793 1,051,280,665 1,093,331,891 1,137,065,167 1,182,547,773

0.9241 0.9319 0.9400 0.9508 0.9627
11 12 13
858,534,315 901,352,968 946,312,552 993,520,116 1,043,088,058 1,095,134,397
164,296,615 176,091,612 188,619,474 201,870,386 215,857,404 230,605,475
12,297,602 13,180,457 14,118,168 15,109,998 16,156,927 17,260,820
111,037,654 115,793,346 120,755,291 125,932,540 131,334,546 136,971,184
52,978,265 56,781,621 60,821,292 65,094,115 69,604,299 74,359,888
1,199,144,451 1,263,200,004 1,330,626,777 1,401,527,155 1,476,041,235 1,554,331,765
1,229,849,684 1,279,043,672 1,330,205,419 1,383,413,635 1,438,750,181 1,496,300,188

0.9750 0.9876 1.0003 1.0131 1.0259 1.0388
14 15 16 17 18 19
1,149,783,054 1,207,164,143 1,267,414,286 1,330,676,937 1,397,102,720 1,466,849,792
246,146,151 262,515,070 279,750,770 297,894,163 316,988,314 337,078,381
18,424,039 19,649,253 20,939,345 22,297,378 23,726,575 25,230,317
142,852,765 148,990,061 155,394,325 162,077,307 169,051,285 176,329,082
79,371,057 84,649,297 90,207,035 96,057,462 102,214,467 108,692,609
1,636,577,066 1,722,967,823 1,813,705,761 1,909,003,248 2,009,083,361 2,114,180,181
1,556,152,196 1,618,398,283 1,683,134,215 1,750,459,583 1,820,477,967 1,893,297,085

1.0517 1.0646 1.0776 1.0906 1.1036 1.1167
20 21 22 23 24 25
1,540,084,218 1,616,980,365 1,697,721,320 1,782,499,322 1,871,516,224 1,964,983,972
358,211,635 380,437,513 403,807,697 428,376,201 454,199,472 481,336,491
26,812,141 28,475,748 30,225,006 32,063,959 33,996,831 36,028,036
183,924,093 191,850,313 200,122,360 208,755,507 217,765,707 227,169,630
115,507,133 122,673,978 130,209,811 138,132,048 146,458,891 155,209,358
2,224,539,220 2,340,417,917 2,462,086,194 2,589,827,036 2,723,937,125 2,864,727,488
1,969,028,969 2,047,790,127 2,129,701,733 2,214,889,802 2,303,485,394 2,395,624,810

1.1298 1.1429 1.1561 1.1693 1.1825 1.1958
1 1 1
Year 1 Year 1 Year 1
Cash
Debit Credit Debit
Set Up JVCo
UPIS 2,708,852,287
Materials & Supplies 260,313,977
Cash 1,658,994,246
Capital Contribution 4,628,160,510
Cash
Cash
Capital Contribution
Sales
Accounts Receivable 5,653,488,007
Operating Income 5,653,488,007
Collection
Cash 4,879,037,595
Accounts Receivable 4,879,037,595
Set Up PPC
Power Purchased Cost 5,020,634,079
AP Power 5,020,634,079
Payment PPC
AP Power 4,602,247,906
Cash 4,602,247,906
Payment
OPEX 610,769,606
Cash 610,769,606
Payment
CWIP 445,112,886
Cash 445,112,886
UPIS 83,047,814
CWIP 83,047,814
UPIS
CWIP
Payment
Tax -4,259,767
Cash -4,259,767
Depreciation 111,122,352
Accumulated Depn 111,122,352
Cash 45,691,286
Consumer Deposit 45,691,286
Cash 0
Other Revenue 0
Dividends -4,969,728
Cash -4,969,728
Materials & Supplies 60,305,725

Cash 60,305,725
Cash
Non-operating Revenue
Non-operating Expense
Cash
26,130,388,274 26,130,388,274
1
Year 1
Cash
Credit
Dr Cr Balance
Set Up JVCo - - -
UPIS 2,791,900,101 - 2,791,900,101
Materials & Supplies 320,619,702 - 320,619,702
Cash 6,583,723,128 5,709,206,629 874,516,498
Capital Contribution - 4,628,160,510 (4,628,160,510)
Sales - - -
Accounts Receivable 5,653,488,007 4,879,037,595 774,450,412
Operating Income - 5,653,488,007 (5,653,488,007)
Collection - - -
Set Up PPC - - -
Power Purchased Cost 5,020,634,079 - 5,020,634,079
AP Power 4,602,247,906 5,020,634,079 (418,386,173)
Payment PPC - - -
Payment - - -
OPEX 610,769,606 - 610,769,606
CWIP 445,112,886 83,047,814 362,065,072
Tax (4,259,767) - (4,259,767)
Depreciation 111,122,352 - 111,122,352
Accumulated Depn - 111,122,352 (111,122,352)
Consumer Deposit - 45,691,286 (45,691,286)
Other Revenue - - -
Dividends (4,969,728) - (4,969,728)
Non-operating Revenue - - -
Non-operating Expense - - -
Actual Actual Actual Actual
2014 2015 2016 2017
Income Statement
Energy sales 4,955,572,044 4,794,326,380 5,089,514,596 5,490,519,896
Cost of energy 4,637,887,257 4,240,376,008 4,503,153,981 4,869,709,660
Gross revenue 317,684,787 553,950,372 586,360,615 620,810,236
Other revenue 102,166,770 58,627,278 46,929,166 61,397,008
G&A expense 147,459,238 143,872,283 146,444,376 199,235,288
O&M expense 197,700,483 198,356,435 209,731,131 218,467,658
Consumer accounts 134,833,154 127,671,051 134,496,364 137,738,630
Operating income (60,141,318) 142,677,881 142,617,910 126,765,668
Depreciation 93,330,668 97,399,841 95,927,334 94,161,469
Financing cost 36,176,910 26,957,688 36,774,272 32,318,425
Net Income (189,648,896) 18,320,352 9,916,304 285,774
Balance Sheet
Assets
Noncurrent Assets
Property, plant and equipment, net 2,786,912,260 2,682,258,415 2,691,638,724 2,708,852,287
Other non current assets 285,080,199 563,920,117 620,397,588 755,620,003
Total Noncurrent Assets 3,071,992,459 3,246,178,532 3,312,036,312 3,464,472,290

Current assets
Cash 223,709,236 415,187,438 569,815,158 512,943,569
Receivables 1,416,317,358 1,276,425,704 1,216,517,879 1,232,826,341
Material and supplies inventories 108,607,028 148,695,066 200,008,252 260,313,977
Prepayments and other current assets 36,508,926 7,070,090 7,217,481 8,499,508

Total current asset 1,785,142,548 1,847,378,298 1,993,558,770 2,014,583,395
Total Assets 4,857,135,007 5,093,556,830 5,305,595,082 5,479,055,685
Equity
Equities and Loss
Membership 1,316,203 1,349,213 1,395,688 1,439,323
Donated capital 651,852,505 734,244,433 758,404,433 756,157,065
Consumer's contribution for Capex 1,650,806,404 1,883,118,612 2,138,880,991 2,410,978,274
Revaluation increment 946,080,805 895,520,548 844,960,291 794,400,034
Unrealized gain 55,009,137
Accumulated loss -432,193,217 -502,650,598 -418,655,191 -393,352,849
Total Equity 2,817,862,699 3,011,582,208 3,324,986,212 3,624,630,984
Non-current Liabilities
Long-term debt 321,068,166 455,242,456 413,425,430 317,838,427
Consumers deposit 68,050,814 70,826,856 101,789,374 129,360,506
Retirement liability 262,041,904 286,869,602 301,803,486 308,523,086
Other non-current liabilities 637,449,278 660,760,528 486,889,605 271,414,483
Total Noncurrent Liabilities 1,288,610,162 1,473,699,442 1,303,907,895 1,027,136,502
Current Liabilities
Power supply payables 479,036,266 372,445,063 365,344,465 447,173,132
Current portion on long-term borrowin 25,538,120 39,840,471 36,864,213 76,637,408
Accounts payable and accrued expense 246,087,760 195,989,646 274,492,297 303,477,659
Total Current Liabilities 750,662,146 608,275,180 676,700,975 827,288,199
Total Liabilities 2,039,272,308 2,081,974,622 1,980,608,870 1,854,424,701
Total Equity and Liabilities 4,857,135,007 5,093,556,830 5,305,595,082 5,479,055,685
Cash Flow Statement
Operating Activities
Net Income (loss) (189,648,896.00) 18,320,352.00 9,916,304.00 285,774.00
Depreciation 93,330,668.00 97,399,841.00 95,927,334.00 94,161,469.00
Uncollectible accounts 2,161,274.00 2,161,274.00
Income from government grant (2,247,368.00)
Correction of prior years errors (132,365,997.00) (88,777,733.00) 74,079,103.00 80,025,706.00
Operating income before working capit (228,684,225.00) 26,942,460.00 182,084,015.00 174,386,855.00
Decrease (Increase) in:
Trade and other receivables 106,970,359.00 139,891,654.00 57,746,551.00 (18,469,735.00)
Inventories 10,946,768.00 (40,088,038.00) (51,313,186.00) (60,305,725.00)
Other current assets (30,901,028.00) 29,438,836.00 (147,391.00) (1,282,027.00)
Increase (Decrease) in:
Trade and other payables (397,030,335.00) (106,591,203.00) (7,100,598.00) 81,828,667.00
Accounts enable and accrued expenses 21,870,049.00 (50,098,114.00) 78,502,651.00 28,985,362.00
Net cash provided by operating activiti (516,828,412.00) (504,405.00) 259,772,042.00 205,143,397.00
Investing Activities
Decrease (Increase) in:
Property, plant and equipment -40,190,791 -278,839,918 -56,477,471 -161,935,292
Other non-current assets -70,140,709 7,254,004 -155,867,900 -135,222,415
Net cash provided by investing activitie -110,331,500 -271,585,914 -212,345,371 -297,157,707
Financing Activities
Increase (Decrease) In:
Membership contributions 32,460 33,010 46,475 43,635
Donated capital 5,733,387 82,391,928
Consumer's contribution for Capex 208,880,091 232,312,208 255,762,379 272,097,283
Long-term debts -12,217,363 148,476,641 -20,633,283 -55,813,808
Retirement liability 19,362,478 24,827,698 14,933,884 6,719,600
Other Non current Liabilities 514,104,828 23,311,250 -173,870,923 -215,475,122
Consumers deposits 10,970,971 2,776,042 30,962,518 27,571,132
Revaluation increment -50,560,257 -50,560,257
Net cash provided by financing activitie 696,306,595 463,568,520 107,201,050 35,142,720
Net Inc(Dec) in Cash 69,146,683 191,478,201 154,627,721 -56,871,590
Cash Beg 154,562,554 223,709,237 415,187,438 569,815,159
Cash End 223,709,237 415,187,438 569,815,159 512,943,569
Particulars Amount
Distribution Utility Plant and Equipment PHP 2,708,852,287
Catch-up CAPEX@15,000/connection 1,043,982,713 Assumes PHP 15000/connection
Materials & Supplies inventories 260,313,977 for purchase of JVCo
Working capital 615,011,533 Equivalent to 1mo. power cost and 3m
Total cash requirement for the initial year 4,628,160,510
Debt: Equity 4,628,160,510
EC share (20%) 925,632,102

Investor (80%) 3,702,528,408
JV Co payout to EC PHP 1,783,220,185
Less:
BATELEC II debt obligations a/o Dec 2017
Non-current liabilities
Long-term debt - net of current portion 317,838,427
Total Noncurrent Liabilities 317,838,427
Current Liabilities
Short-term Loans, Account Payables 750,650,791
Current portion of long-term debt 76,637,408

Total Current Liabilities 827,288,199
Total Liabilities 1,145,126,626
add: Cash and CAR 1,021,856,833
Net proceeds PHP 1,659,950,392
Amount (P/million)
Network Assets (base CAPEX) 2,709
Network Assets (catch-up at P15,000/connection) 1,044
Materials & Supplies inventories 260
Working capital (1 mo. power cost, 3 mos. OPEX) 615
Cash requirements for initial years 4,628
Debt: Equity (50:50) 2,314.08
80% share of investor in JVCo 1,851

20% share of BATELEC II in JVCo 463
Pay-out to BATELEC II (excess of 20% vs. EC's base 2,246

CAPEX)
BATELEC II's obligations 1,145
Excess/(Shortfall) 1,101
Cash and CAR 1,022

Net Proceeds 2,123
- revaluation surplus(loss)
umes PHP 15000/connection PHP 10,827 NUPIS/connection a/o Dec 2017
purchase of JVCo 15,000 new NUPIS/connection (2x)
ivalent to 1mo. power cost and 3mos. OPEX 250,189 Connections a/o Dec 2017
3,752,835,000 Catch-up CAPEX
100% 1,043,982,713
20% as of March 2019 (NEA website)

80% Operating Revenue (Php) 1,496,803,718
Power Cost 1,340,419,722
80% Non-Power Cost 168,204,959
Daily Sales 16,631,152

Ave collection Days 31
CAR as of Dec. 2019 (estimated) 508,913,264
Cash as of December 2019 (estimated) 512,943,569

Batelec II Working Sheet - 121619

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1

Unit 2014 2015 2016 2017 Year 1

PROPERTY, PLANT AND EQUIPMENT

OTHER ASSET NON-CURRENT ASSETS

General and other funds

Cash on hand 71,879,116 24,571,194

Consumers' accounts receivable 1,042,930,520 990,531,664

Interest on overdue lngasco accounts 94,933,940 105,604,148

Advances to officers and employees 11,800 112,211

MATERIALS AND SUPPLIES INVENTORY

Special equipment - 39,832,225

PREPAYMENTS AND OTHER CURRENT ASSETS

Prepaid interest on NEA loans 31,510,982 1,351,348

PSALM 516,794,701 516,794,701

MISCELLANEOUS CONTRIBUTED CAPITAL

Consumer"s contribution for expansion 1,637,669,634 1,869,981,842

Revaluation increment 946,080,805 895,520,548

Accumulated loss, beginning (110,178,324) (432,193,218)

Restructured loan - PSALM - 206,394,832

Bill deposit 34,462,108 35,409,411

Bill deposit 34,462,108 35,409,411

OTHER NON-CURRENT LIABILITIES

Performance bond 4,581,331 9,712,610

GMCP 128,677,933 291,390,293

TRADE PAYABLES AND ACCRUED EXPENSES

The composition of prior period adjustments follows:

CWIP-Force Account adiustment

Growth Rate (Inflation)

4,503,153,981 4,869,709,660 5,020,634,079 5,164,139,654 5,312,391,657

4,503,153,981 4,869,709,660 5,020,634,079 5,164,139,654 5,312,391,657

124,310,153 127,830,431 140,613,474 147,644,148 155,026,355

57,049,087 58,307,756 64,138,532 67,345,458 70,712,731

31,479,936 34,994,733 38,494,206 40,418,917 42,439,862

3,299,012 6,473,159 7,120,475 7,476,499 7,850,324

1,041,555,248 1,129,758,533 99,327,312 69,029,515

5,465,548,408 5,623,773,819 5,848,478,198 6,082,170,752 6,325,211,009 6,577,972,875

5,465,548,408 5,623,773,819 5,848,478,198 6,082,170,752 6,325,211,009 6,577,972,875

162,777,673 170,916,557 179,462,384 188,435,504 197,857,279 207,750,143

74,248,368 77,960,786 81,858,825 85,951,767 90,249,355 94,761,823

44,561,856 46,789,948 49,129,446 51,585,918 54,165,214 56,873,475

8,242,840 8,654,982 9,087,731 9,542,117 10,019,223 10,520,184

6,840,845,216 7,114,232,451 7,398,555,175 7,694,250,808 8,001,774,267

6,840,845,216 7,114,232,451 7,398,555,175 7,694,250,808 8,001,774,267

218,137,650 229,044,532 240,496,759 252,521,597 265,147,677

99,499,914 104,474,909 109,698,655 115,183,588 120,942,767

59,717,148 62,703,006 65,838,156 69,130,064 72,586,567

11,046,194 11,598,503 12,178,428 12,787,350 13,426,717

8,321,598,663 8,654,216,036 9,000,138,104 9,359,897,054 9,734,046,362

8,321,598,663 8,654,216,036 9,000,138,104 9,359,897,054 9,734,046,362

278,405,061 292,325,314 306,941,579 322,288,658 338,403,091

126,989,905 133,339,401 140,006,371 147,006,689 154,357,024

76,215,895 80,026,690 84,028,025 88,229,426 92,640,897

14,098,053 14,802,956 15,543,104 16,320,259 17,136,272

10,123,161,643 10,527,841,534 10,948,708,622 11,386,410,393 11,841,620,235

10,123,161,643 10,527,841,534 10,948,708,622 11,386,410,393 11,841,620,235

355,323,246 373,089,408 391,743,879 411,331,072 431,897,626

162,074,875 170,178,619 178,687,550 187,621,927 197,003,023

97,272,942 102,136,589 107,243,419 112,605,590 118,235,869

17,993,085 18,892,740 19,837,377 20,829,246 21,870,708

0.5 Profit Sharing

5,089.5 5,490.5 5,653.5 5,885.3 6,128.0

209.7 218.5 240.3 252.3 264.9

36.8 32.3 0.0 0.0 0.0