SECURITIES AND EXCHANGE COMMISSIONSEC FORM 17-A, AS AMENDED

ANNUAL REPORT PURSUANT TO SECTION 17
OF THE SECURITIES REGULATION CODE AND SECTION 141
OF THE CORPORATION CODE OF THE PHILIPPINES

1. For the fiscal year ended

Dec 31, 2014

2. SEC Identification Number

C199800134

3. BIR Tax Identification No.

200-652-460

4. Exact name of issuer as specified in its charter

ABOITIZ POWER CORPORATION

5. Province, country or other jurisdiction of incorporation or organization

Philippines

6. Industry Classification Code(SEC Use Only)

7. Address of principal office

32nd Street, Bonifacio Global City, Taguig City, Metro Manila, Philippines Postal Code 1634

8. Issuer's telephone number, including area code

(02) 886-2800

9. Former name or former address, and former fiscal year, if changed since last report

N/A

10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA

Title of Each Class	Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Stock P1 Par Value	7,358,604,307
Amount of Debt Outstanding	97,347,096,000.00

11. Are any or all of registrant's securities listed on a Stock Exchange?

Yes

No

If yes, state the name of such stock exchange and the classes of securities listed therein:

Philippine Stock Exchange/Common

12. Check whether the issuer:

(a) has filed all reports required to be filed by Section 17 of the SRC and SRC Rule 17.1 thereunder or Section 11 of the RSA and RSA Rule 11(a)-1 thereunder, and Sections 26 and 141 of The Corporation Code of the Philippines during the preceding twelve (12) months (or for such shorter period that the registrant was required to file such reports)

Yes

No

(b) has been subject to such filing requirements for the past ninety (90) days

Yes

No

13. State the aggregate market value of the voting stock held by non-affiliates of the registrant. The aggregate market value shall be computed by reference to the price at which the stock was sold, or the average bid and asked prices of such stock, as of a specified date within sixty (60) days prior to the date of filing. If a determination as to whether a particular person or entity is an affiliate cannot be made without involving unreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided the assumptions are set forth in this Form

Php61,361,119,205.10 (as of end of 2014)

APPLICABLE ONLY TO ISSUERS INVOLVED IN INSOLVENCY SUSPENSION OF PAYMENTS PROCEEDINGS DURING THE PRECEDING FIVE YEARS

14. Check whether the issuer has filed all documents and reports required to be filed by Section 17 of the Code subsequent to the distribution of securities under a plan confirmed by a court or the Commission.

Yes

No

DOCUMENTS INCORPORATED BY REFERENCE

15. If any of the following documents are incorporated by reference, briefly describe them and identify the part of SEC Form 17-A into which the document is incorporated:

(a) Any annual report to security holders

None.

(b) Any information statement filed pursuant to SRC Rule 20

None.

(c) Any prospectus filed pursuant to SRC Rule 8.1

Prospectus dated June 19, 2014 for the Ten Billion Fixed Rate Peso Retail Bonds

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Aboitiz Power CorporationAP

PSE Disclosure Form 17-1 - Annual Report References: SRC Rule 17 and
Sections 17.2 and 17.8 of the Revised Disclosure Rules

For the fiscal year ended	Dec 31, 2014
Currency (indicate units, if applicable)	Phil. Peso-in thousands

Balance Sheet

	Year Ending	Previous Year Ending
	Dec 31, 2014	Dec 31, 2013
Current Assets	56,726,089	49,030,751
Total Assets	216,761,021	193,938,817
Current Liabilities	16,885,889	17,077,534
Total Liabilities	120,680,581	102,688,060
Retained Earnings/(Deficit)	73,481,755	68,991,854
Stockholders' Equity	96,080,440	91,250,757
Stockholders' Equity - Parent	91,962,092	87,628,763
Book Value per Share	12.5	11.91

Income Statement

	Year Ending	Previous Year Ending
	Dec 31, 2014	Dec 31, 2013
Operating Revenue	86,759,386	72,055,167
Other Revenue	5,073,329	5,804,401
Gross Revenue	91,832,715	77,859,568
Operating Expense	64,408,627	52,577,878
Other Expense	5,994,097	5,343,728
Gross Expense	70,402,724	57,921,606
Net Income/(Loss) Before Tax	21,429,990	19,937,962
Income Tax Expense	3,424,089	526,625
Net Income/(Loss) After Tax	18,005,901	19,411,337
Net Income/(Loss) Attributable to Parent Equity Holder	16,705,184	18,576,845
Earnings/(Loss) Per Share (Basic)	2.27	2.52
Earnings/(Loss) Per Share (Diluted)	2.27	2.52

Financial Ratios

	Formula	Fiscal Year Ended	Previous Fiscal Year
		Dec 31, 2014	Dec 31, 2013
Liquidity Analysis Ratios:
Current Ratio or Working Capital Ratio	Current Assets / Current Liabilities	3.36	2.87
Quick Ratio	(Current Assets - Inventory - Prepayments) / Current Liabilities	3.12	2.6
Solvency Ratio	Total Assets / Total Liabilities	-	-
Financial Leverage Ratios
Debt Ratio	Total Debt/Total Assets	-	-
Debt-to-Equity Ratio	Total Debt/Total Stockholders' Equity	1.26	1.13
Interest Coverage	Earnings Before Interest and Taxes (EBIT) / Interest Charges	4.88	5.04
Asset to Equity Ratio	Total Assets / Total Stockholders' Equity	2.26	2.13
Profitability Ratios
Gross Profit Margin	Sales - Cost of Goods Sold or Cost of Service / Sales	-	-
Net Profit Margin	Net Profit / Sales	20.8	27
Return on Assets	Net Income / Total Assets	-	-
Return on Equity	Net Income / Total Stockholders' Equity	21.3	26.5
Price/Earnings Ratio	Price Per Share / Earnings Per Common Share	18.9	13.47

Other Relevant Information

Other Ratios: Net Debt-to-Equity Ratio Net Debt/Total Stockholders' Equity: December 31, 2014 : 0.59 December 31, 2013 : 0.52 Gearing Ratio Net Debt/(Net Debt + Total Stockholders' Equity): December 31, 2014 : 37.28% December 31, 2013 : 34.05% Other details: The applicable financial ratios are those indicated above and as disclosed in AboitizPower’s Schedule of Relevant Financial Ratios, one of the supplementary schedules to the financial statements required by the Securities and Exchange Commission (SEC). Ratios left in blank are not relevant for the Company’s business and are not used by management as tools in gauging solvency, profitability and liquidity of the Company.