EGE Haina 1Q 2014

Page 1

EMPRESA GENERADORA DE ELECTRICIDAD HAINA, S.A. FINANCIAL QUARTERLY REPORT MARCH, 2014

EGE Haina Reports First Quarter 2014 Net Income of US$25.4 million; Revenues of US$193.4 million Special points of interest:

Santo Domingo, Dominican Republic, May 13, 2014 – EGE Haina announced today a Net Income of US$29.5 million for the first quarter of 2014, compared

 As of March 31, 2014, EGE

to a Net Income of US$26.6 million in the first quarter of 2013, driven by an

Haina reported a Consolidated Net Debt to Consolidated EBITDA Ratio of 1.82:1.0 and Minimum Debt Service Coverage ratio of 3.86:1.0.

increase in thermal and wind generation, higher energy demand and higher spot sales for the period. First quarter 2014 revenues amounted to US$193.4 million, showing a 3% decrease when compared to the same period of the

 As of March 31, 2014, the

previous year.

Company repaid the Bridge Loan in the amount of US$100 million.

Financial and Operational Summary

 In March, 2014, the

(US$ Thousands, except for Operational data)

Company signed a short term promissory note for the amount of US$14 million. The maturity date is July 7, 2014.

Description

 In March 2014, EGE Haina

entered into a PPA agreement with DOMICEM, S.A., under which EGE Haina will supply the capacity and associated energy demanded by DOMICEM. The PPA establishes an original term of 3 years, which matures in 2017.

1Q'14

1Q'13

Var %

Revenues

169,012

174,125

-3%

Operating Costs

127,044

142,147

-11%

Variable M argin

72,603

59,271

22%

EBITDA¹

51,145

37,180

38%

Operating Income

41,968

31,978

31%

Net Income

29,525

26,649

11%

Operating cash, net

82,614

(71,144)

-216%

Availability, %

99

98

1%

Sales, GWh

668

658

2%

Generation, GWh

765

498

54%

(100)

(68)

46%

4

229

-98%

Spot (Sales) Purchases, GWh PPA Purchases, GWh

What’s inside  Quarter highlights

2

 External factors

2

 MD&A

3

 Financial Debt

5

 Collections

6

 Financial Results

7

1 EBITDA is a non-GAAP financial measure, which is calculated by adding depreciation and amortization expenses to the operating income.

1


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