EGE Haina 2Q 2014

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Empresa Generadora de Electricidad Haina, S.A. and Subsidiary Unaudited Condensed Consolidated Financial Statements In United States Dollars As of June 30, 2014 and December 31, 2013 and for the three and six month periods ended June 30, 2014 and 2013


EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. AND SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2014 AND DECEMBER 31, 2013 Amounts in US$

Jun'14 Assets: Current Assets: Cash and cash equivalents Restricted cash Accounts and notes receivable Accounts receivable to related parties Inventory Income tax receivable Prepaid expenses and other Deferred tax asset Total current assets

Dec'13

67,078,275 3,738,841 305,910,989 6,966,506 55,409,220 6,664,445 584,948 446,353,224

86,558,773 3,738,841 352,595,866 5,737,555 47,135,345 3,684,765 3,787,429 607,379 503,845,953

6,505,419 627,597,448 107,772 4,720,545 12,343 444,158 1,085,740,909

7,747,437 639,149,365 107,772 6,219,841 17,593 473,594 1,157,561,555

Liabilities and shareholders' equity: Current liabilities: Short-term debt Current portion of long-term debt Accounts payable Payable to related parties Dividends payable Income tax payable Derivative financial instrument Deferred tax liability Other current liabilities Total current liabilities

44,691,587 53,219,866 102,398,802 2,553,244 4,054 5,207,385 1,303,672 49,773 4,596,802 214,025,185

192,500,000 55,509,856 135,251,615 2,489,011 6,304,334 1,437,039 49,773 6,637,100 400,178,728

Long-term debt Derivative financial instrument Deferred tax liability Other non-current liabilities Total liabilities

274,901,665 54,660 18,940,561 3,000 507,925,071

227,735,983 80,187 15,063,144 3,000 643,061,042

289,000,000 28,332,475 292,682,457 (32,199,094) 577,815,838

289,000,000 25,167,314 232,544,396 (32,211,197) 514,500,513

Long term receivables Property, plant and equipment Intangible assets Deferred charges, net Deferred tax asset Other assets Total Assets

Shareholders' equity: Common stock Legal reserve Retained earnings Accumulated other comprehensive loss Total shareholders' equity Total liabilities and shareholders' equity

1,085,740,909

1,157,561,555


EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. AND SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2014 AND 2013 Amounts in US$

Three month period ended June 30, 2014 2013 Revenues Energy Capacity Other

Operating costs Fuel Purchased energy and capacity Transmission Compensation for frequency regulation Operating and maintenance expenses Administrative and general expenses Depreciation Operating income Financial expenses, net Foreign exchange gain Other income, net Income before income tax Income tax Current Deferred Net income Other comprehensive (loss) income, net of tax Cash flow hedge Comprehensive income

Six month period ended June 30, 2014 2013

165,216,980 16,149,981 591,702

156,726,947 16,242,657 625,925

317,045,584 32,780,556 1,143,773

315,150,765 31,391,095 1,178,846

181,958,663

173,595,529

350,969,913

347,720,706

91,379,676 146,435 3,819,863 3,455,535 9,235,724 14,572,852 9,181,249 131,791,334

52,809,905 52,650,526 5,225,759 1,884,398 7,526,341 14,594,719 6,505,699 141,197,347

174,531,344 4,498,909 8,280,172 7,900,409 16,451,416 28,814,880 18,358,716 258,835,846

119,934,082 94,864,366 8,238,642 4,387,250 14,727,393 29,483,030 11,707,709 283,342,472

50,167,329 (3,967,865) 73,342 372,499 46,645,305

32,398,182 (3,732,644) 1,072,505 215,275 29,953,318

92,134,067 (9,183,593) 698,706 351,737 84,000,917

64,378,234 (5,100,059) 2,439,020 49,831 61,767,026

(9,710,425) (3,156,781)

(4,440,860) (384,692)

(16,507,019) (4,190,676)

(9,420,303) (570,016)

33,778,099

25,127,766

63,303,222

51,776,707

799,608

12,103

848,722

25,927,374

63,315,325

52,625,429

(138,757) 33,639,342


EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. AND SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2014 AND THE YEAR ENDED DECEMBER 31, 2013 Amounts in US$

Common Stock US$

Legal Reserve US$

Retained Earnings US$

Accumulated Other Comprehensive Loss US$

Total US$

Balance at December 31, 2012

289,000,000

20,508,954

158,035,558

(32,815,225)

434,729,287

Net income Dividends Transfer to legal reserve Cash flow hedge Balance at December 31, 2013

289,000,000

4,658,360 25,167,314

93,167,198 (14,000,000) (4,658,360) 232,544,396

604,028 (32,211,197)

93,167,198 (14,000,000) 604,028 514,500,513

3,165,161 -

63,303,222 (3,165,161) -

12,103

63,303,222 12,103

(32,199,094)

577,815,838

Net income Transfer to legal reserve Cash flow hedge Balance at June 30, 2014

289,000,000

28,332,475

292,682,457


EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. AND SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENTS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2014 AND 2013 Amounts in US$ Three month period ended June 30, 2014 2013 Cash flows from operating activities: Net income Adjustments to reconcile net income to the net cash provided by operating activities: Loss on asset dispossal Gain on sale of property, plant and equipment Deferred income tax Depreciation Non-cash expenses Provision for doultful accounts Cash Flow hedge ineffectiveness Financial expenses Change in assets and liabilities: Accounts receivable Inventories Prepaid expenses Other assets Accounts payable Income tax payable Payable to related parties Other liabilities Net cash provided by operating activities

25,127,766

63,303,222

51,776,707

158,819 (4,794) 3,156,781 9,181,249 65,612 (98,678) 548,970

(22,929) 384,692 6,505,699 22,918 39,866 (226,554) (4,016,806)

158,819 (17,733) 4,190,676 18,358,716 126,798 (161,024) 1,883,379

124,774 (22,929) 570,016 11,707,709 22,918 119,065 (230,121) 4,455,250

(53,374,059) (7,753,686) (5,501,996) 19,436 22,605,935 7,328,198 141,155 765,498 11,016,539

38,275,066 (1,085,922) (3,141,338) (621) 38,515,532 (8,257,403) 463,175 (21,664) 92,561,477

37,760,701 (9,608,879) (2,877,016) 29,436 (25,863,026) 8,892,150 64,233 (2,610,099) 93,630,353

(33,538,636) (3,913,110) (2,251,532) 3,422 6,648,570 (9,277,180) 1,392,738 (6,170,122) 21,417,539

4,794 (1,305,841) 177,778 (1,123,269)

(17,844,827) (103,256) 3,250,636 22,929 118,518 (14,556,000)

17,733 (3,997,850) 355,555 (3,624,562)

(63,109,666) (119,801) 13,940,109 22,929 355,555 (48,910,874)

Cash flows from financing activities: Repayment of short-term debt Proceeds from short term debt Repayment of long-term debt Proceeds from long-term debt Dividends paid Debt issuance costs paid Net cash (used in) provided by financing activities

(46,000,000) 7,883,876 (26,123,367) 29,999,988 (691) (2,618) (34,242,812)

(30,000,000) 43,000,000 (1,454,744) (6,299,697) 5,245,559

(187,500,000) 21,883,876 (37,484,238) 99,999,980 (6,300,280) (85,627) (109,486,289)

(30,000,000) 55,000,000 (2,740,779) 19,000,000 (16,975,062) 24,284,159

Net (decrease) increase in cash and cash equivalents

(24,349,542)

83,251,036

(19,480,498)

(3,209,176)

Cash and cash equivalents at the beginning of the period

91,427,817

55,200,931

86,558,773

141,661,143

Cash and cash equivalents at the end of the period

67,078,275

138,451,967

67,078,275

138,451,967

Cash flows from investing activities: Proceeds from the sale of property, plant and equipment Purshases of property, plant and equipment Purchases of intangible asset Net changes in restricted cash Sale of property, plant and equipment Collection of notes receivable Net used in investing activities

33,778,099

Six month period ended June 30, 2014 2013


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