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