letter to pdex 5.15.17 (sec form 17-q 1st q ended 31 march...

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Page 1: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 2: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 3: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 4: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 5: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 6: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 7: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 8: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 9: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 10: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 11: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 12: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 13: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 14: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 15: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 16: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 17: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 18: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 19: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 20: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 21: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 22: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 23: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 24: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 25: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 26: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 27: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 28: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 29: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 30: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 31: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 32: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 33: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 34: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 35: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 36: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 37: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 38: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 39: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 40: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 41: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 42: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 43: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 44: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 45: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 46: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 47: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 48: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 49: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 50: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 51: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated
Page 52: Letter to PDEx 5.15.17 (SEC Form 17-Q 1st Q ended 31 March ...smcglobalpower.com.ph/files/reports/17-A/Letter_to_PDEx_5.15_.17... · Standard (PAS) No. 34, ... (PFRS). The consolidated