EGE Haina estados financieros consolidados 3Q'2014

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

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

Sept'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

71,446,230 3,738,841 377,230,536 5,415,443 54,893,430 5,145,140 439,911 518,309,531

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

5,918,677 627,226,757 107,772 4,756,754 318,884 1,156,638,375

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

42,300,000 55,650,645 140,506,027 2,238,430 4,048 11,411,309 704,549 48,569 5,925,026 258,788,603

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

263,474,159 20,112,817 3,000 542,378,579

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

289,000,000 28,900,000 328,165,386 (31,805,590) 614,259,796

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

1,156,638,375

1,157,561,555

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

Three month period ended September 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 (expense) income, net Income before income tax Income tax Current Deferred Net income Other comprehensive income (loss), net of tax Cash flow hedge Comprehensive income

Nine month period ended September 30, 2014 2013

170,142,451 17,044,791 718,623

167,705,248 17,009,629 553,221

487,188,035 49,825,347 1,862,396

482,856,013 48,400,724 1,732,067

187,905,865

185,268,098

538,875,778

532,988,804

94,885,307 1,767,086 4,189,878 3,874,553 9,048,453 14,615,052 9,258,589 137,638,918

54,949,441 60,624,724 4,976,878 2,034,923 8,931,974 14,861,695 6,331,977 152,711,612

269,416,651 6,265,995 12,470,050 11,774,962 25,499,869 43,429,932 27,617,305 396,474,764

174,883,523 155,489,090 13,215,520 6,422,173 23,659,367 44,344,725 18,039,686 436,054,084

50,266,947 (3,990,018) 108,797 (36,991) 46,348,735

32,556,486 (11,949,219) 1,441,191 (258,930) 21,789,528

142,401,014 (13,173,611) 807,503 314,746 130,349,652

96,934,720 (17,049,278) 3,880,211 (209,099) 83,556,554

(8,955,696) (1,342,585)

(5,574,086) (252,292)

(25,462,715) (5,533,261)

(14,994,389) (822,308)

36,050,454

15,963,150

99,353,676

67,739,857

405,607

540,633

99,759,283

68,280,490

393,504 36,443,958

(308,089) 15,655,061

EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. AND SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 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

3,732,686 -

99,353,676 (3,732,686) -

405,607

99,353,676 405,607

(31,805,590)

614,259,796

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

289,000,000

28,900,000

328,165,386

EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. AND SUBSIDIARY UNAUDITED CONDENSED CONSOLIDATED CASH FLOW STATEMENTS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2014 AND 2013 Amounts in US$ Three month period ended September 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

36,050,454

15,963,150

Nine month period ended September 30, 2014 2013

99,353,676

67,739,857

25,103 1,342,585 9,258,589 (126,798) (146,078) 725,696

231,656 252,292 6,331,977 (4,000) 46,943 6,950 5,215,870

183,922 (17,733) 5,533,261 27,617,305 (307,102) 2,609,075

356,430 (22,929) 822,308 18,039,686 18,918 166,008 (223,171) 9,671,120

(69,954,882) (868,364) 1,519,305 125,274 39,705,398 6,203,924 (314,814) 1,187,961 24,733,353

(25,296,422) (7,172,416) 1,582,380 39,149,340 (121,003) 109,520 943,693 37,239,930

(32,194,181) (10,477,243) (1,357,711) 154,710 13,842,372 15,096,074 (250,581) (1,422,138) 118,363,706

(58,835,058) (11,085,526) (669,152) 3,422 45,797,910 (9,398,183) 1,502,258 (5,226,429) 58,657,469

(8,404,861) 177,778 (8,227,083)

(3,665,292) 103,256 177,778 (3,384,258)

17,733 (12,402,711) 533,333 (11,851,645)

22,929 (66,774,958) (16,545) 13,940,109 533,333 (52,295,132)

(597,897) (10,790,418) (750,000) (12,138,315)

115,000,000 (171,468,134) (744,635) (57,212,769)

(188,097,897) 21,883,876 (48,274,656) 99,999,980 (6,300,280) (835,627) (121,624,604)

(30,000,000) 170,000,000 (174,208,913) 19,000,000 (16,975,062) (744,635) (32,928,610)

4,367,955

(23,357,097)

(15,112,543)

(26,566,273)

Cash and cash equivalents at the beginning of the period

67,078,275

138,451,967

86,558,773

141,661,143

Cash and cash equivalents at the end of the period

71,446,230

115,094,870

71,446,230

115,094,870

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 Collection of notes receivable Net used in investing activities 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 financing activities Net increase (decrease) in cash and cash equivalents