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