Company Presentation
January 2016
Strictly Private and Confidential
Disclaimer
1
These materials have been prepared by Genneia S.A. (the “Company”) and are being furnished to you solely for your information on a confidential
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the United States to any other third parties (including journalists) could result in a substantial delay to, or otherwise prejudice, the success of the proposed
offering.
The information contained in these materials has not been independently verified. No representation or warranty express or implied is made as to,
and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the
intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial position,
operations or prospects. The information contained in these materials should be considered in the context of the circumstances prevailing at the time and
has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. None of the Company, nor any
of its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever
arising from any use of these materials or their contents or otherwise arising in connection with these materials.
Certain statements contained in these materials constitute forward-looking statements. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of the
Company to be materially different from those expressed by, or implied by the forward-looking statements in these materials. There can be no assurance
that the results and events contemplated by the forward-looking statements contained in these materials will in fact occur. These forward-looking
statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we operate and are not
a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. The Company undertakes no
obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
Business Overview and Investment Highlights
Leading player in the development of new power generation in Argentina
3
33% RENEWABLE ENERGY
77.4MW Rawson Wind Farm, in operation since Jan 2012
43 Vestas AGs of 1.8MW each 44% average net load factor since COD¹ Wind capacity expansion plan of over 500 MW (240 MW ready-to-build)
61% THERMAL ENERGY
280 MW installed capacity in 9 Thermal Plants
Efficient peakers strategically located in high consumption areas Dual fuel technology 97% availability factor in 2014
¹ Commercial operation date
2014
CONSOLIDATED EBITDA
US$ 91 MILLION
More than 90% of revenues derived from long-term PPAs denominated in US$, providing for stable and predictable cash flows
0
20
40
60
80
100
120
2014
Solid track record of performance and growth
4
1991 • Empresa de Gas del Sudeste –
Emgasud SA was created, engaged in the propane gas distribution business
2001 • A.Ivannissevich
acquires Emgasud
2004 • Engaged in the Energy
trading business
2009 • Capital contribution of
US$35mm from AEI • Convertible bond
issuance of US$15mm
2007 - 2011 • Development of thermal power
generation assets with a combined IC of 280 MW
Dec. 2011 • Mr.Brito and Mr.Carballo
acquire part of Fintech's shares
Note: IC refers to installed capacity. ¹ Adjusted taking into account call options and participations assigned by Fintech to Andreas Keller S. and Fides
2006 • Construction of
Gasoducto Patagónico
2012 • Shareholders change
corporate name to “GENNEIA S.A.”
Thermal energy and others
1991 2001 2009 2013 2011 2012 2010 2008 2007
2012 • Rawson wind
farm becomes operative
Feb. 2012 • New capital
contribution of US$15mm (to cancel convertible bond)
Aug. 2011 • AEI sells its stake to Fintech • Issuance of subordinated
bond of US$50mm
2008 • AEI becomes
shareholder (US$25mm capital contribution)
2007 • Entrance of Private
Equity funds • US$40mm capital
contribution
2009 • Awarded the right to develop
and operate 2 wind farms in Rawson and 5 wind farms in Puerto Madryn (80 MW & 220 MW)
Shareholder structure
Renewable energy
EBITDA evolution (US$mm)
2012-2013 • Divestiture of
natural gas distribution and transportation businesses
2013 • US$90mm acquisition
of generation assets for 4 thermal plants (previously under lease agreements)
2014 • All thermal contracts
extended through “Resolución 220” with CAMMESA
Fintech Energy LLC
25%
Argentum Investments I
LLC 44%
Brito and Carballo families
25%
Prado Largo S.A. 6%
LTM 2015
2015 • Entrance of Argentum
Investments I LLC acquiring Ivanissevich´s stock
• $50mm capitalization and repayment of subordinated private note
Diversified asset base within a consolidated business and financial model
5
ThP CONCEPCIÓN (42 MW) - 2009
ThP MATHEU (42 MW) - 2008
ThP PINAMAR (20 MW) - 2008
ThP PARANA (42 MW) - 2009
ThP BRAGADO (50 MW) - 2011
ThP OLAVARRIA I (42 MW) - 2009
ThP MAYO Y COSTA (7 MW) – 2008/2009
ThP LAS ARMAS I & II (10 MW + 25 MW) –
2009/2011
WF RAWSON (77.4 MW) – 2012
Power generation assets Breakdown by business unit – LTM as of 9/30/2015
Revenue (US$MM)
Revenues: US$161.9mm
Thermal energy
74%
Renewable energy
23%
Other 3%
Thermal energy
61%
Renewable energy
35%
Other 4%
Consolidated EBITDA (US$MM)
EBITDA: US$82.8mm
Note: Other includes energy trading business
Installed capacity (MW) Energy sales (GWh)
Installed capacity: 357 MW
Thermal energy
76%
Renewable energy
22%
Isolated energy
2%
Thermal energy
74%
Renewable energy
26%
Energy sales: 1300 GWh
Thermal Energy Isolated Energy Wind Energy
Installed Capacity 273 MW 7 MW 77.4 MW
Total Investments US$315mm US$7mm US$154mm
Summary metrics
Note: Year indicates commercial operation date (COD)
Successful growth track record on the back of stable and predictable cash flows
6
Net revenues evolution (US$MM) EBITDA growth (US$MM)
Long-term Power Purchase Agreements (PPA) – Main Terms
Thermal Power Plants Renewable Energy Plants Off-taker CAMMESA ¹ ENARSA. GENNEIA receives payments from CAMMESA under these PPAs since
ENARSA has assigned to the Company its rights to receive payments under the WEM² Agreements that support each of our PPAs with ENARSA
Tenor 10 years from the date of commencement of commercial operations of each power plant (current contracts expire between 2018 and 2021) First 3 years with ENARSA and 7-year extension with CAMMESA
The first to occur of (i) 15 years as from the COD (which may be extended for an additional 18-month term at the option of ENARSA) and (ii) the dispatch of the maximum quantity of energy committed to be purchased by ENARSA (3,825 GWh on aggregate for both contracts)
Currency Denominated in US$; payable in Argentine Pesos (BCRA 3500) Denominated in US$; payable in Argentine Pesos (BCRA 3500)
Price Fixed availability charge of US$ 21,275 per MW-month Variable charge for electricity effectively delivered between US$ 7.45 and US$ 14.90 per MW-hour (compensation for variable operating and maintenance costs) Pass-through of actual fuel costs
Price for electricity effectively delivered: Rawson I (48.6 MW): US$ 128.70/MW-hour; Rawson II (28.8 MW): US$ 124.20/MW-hour
Thermal Power Plants Renewable Energy Plants
22% 23% 24% 69%
81% 96%
74% 72% 71%
31%
19% 4%
4% 5% 5%
65
121 134
162 166 158
2009 2010 2011 2012 2013 2014
Renewable Energy Conventional Energy Others
35% 32% 33% 76%
89% 94%
60% 62% 61%
24%
11% 6% 5%
6% 6%
21
56 59 72
86 91
2009 2010 2011 2012 2013 2014
Renewable Energy Conventional Energy Others
¹ Does not consider the 2 isolated power plants (Río Mayo and Gob. Costa) under PPAs with the Government of Chubut. ² WEM refers to the Argentine wholesale electricity market administered by CAMMESA
Uniquely positioned to benefit from a rebalancing energy matrix
Thermal-based sources (primarily natural gas) remain the
cornerstone of the electricity mix
The declining production of natural gas created the need to
import LNG and liquid fuels (fuel oil and gas oil), which has led to
a large increase in power generation costs
Current regulations provide incentives for new investments in the
sector (long-term US$-denominated PPAs) and new policies to
come are expected to generate further impulse on the back of
Macri administration´s global revision of the structure and
regulatory framework of the overall power sector
Overview Electric power generation–TWh
1990 2000 2010 2012 2013 2014
Thermal
Hydro
Nuclear + Ren + Imports
54
84
120 132 135
Fuel consumption at the WEM
7
Source: National Bureau for Nuclear Energy (CNEA) Source: Argentine Institute of Oil and Gas (IAPG) and Argentine Institute of Energy (IAE General Mosconi)
0
2
4
6
8
10
12
14 LNG Imports
Bolivian Imports
Exports
Source: CNEA – Síntesis MEM – dic 2014
Imports and exports of natural gas (Bn m3)
136
Natural Gas
Gas Oil Fuel Oil
Coal
…away from a strong dependency on fossil fuels
Average Electricity Cost (w/NG @ $2.68/MMBtu)
8
Source: National Bureau of Nuclear Energy (CNEA), IAE and Genneia´s estimates
Coal 3%
Fuel Oil 16%
Gas Oil 9%
Bolivian NG 32%
LNG 31%
Local NG 9%
Natural Gas 72%
Fossil fuels composition - 2014
63% of all thermal-based power generated in 2014
running on imported natural gas (allocating all imports to
power generation)
Average incremental electricity cost around US$34/MWh,
based on differential between import costs(US$11/MMBtu
from Bolivia and US$15/MMBtu for LNG) and local NG cost
@ US$2,68/MMBtu
Extreme LNG price cutback to $10/MMBtu would reduce
average incremental cost to around US$26/MWh
0
20
40
60
80
100
120
US$/MWh
Other
Extra cost (liquid fuels charge)
Extra cost (WEM contracts +other)Spot Price
… with focus on renewable energy sources in one of the regions with the most favorable wind resources worldwide
9
22%
28%
44%¹
52%¹
Rawson WF Madryn I (Estimate)
The average load factor of GENNEIA’s wind farms is significantly better than that observed in other countries.
This is a result of winds with high speed, uniformity, constant direction and low turbulence, which together maximize equipment performance and, consequently,
power generation Sources: 3Tier, Eurostat and Department of Energy. ¹ Based on Company estimates
Global winds
Average load factors
GENNEIA is well positioned to capture the upside in the renewable energy sector thanks to its early-entrant investments, existing infrastructure and state-of-the-art technology
Attractive growth opportunities on the back of a consolidated medium-term wind project pipeline
10
Wind Project Pipeline
Current wind energy pipeline of 500 MW – 240 MW ready-to-build
20 MW potential expansion of Rawson Wind Farm
220 MW Madryn Project with over 5 years in wind statistics,
providing for an estimated load factor of 50% @P50 (6,240 hectares
of land owned)
New Renewable Energy Law passed by Congress should create, once
enforced, further incentives for the development of the sector (incremental
demand, ability to sign private PPAs and tax incentives)
Continuously looking for new sites with the objective of adding 2 project
sites per year with at least 40-50 MW of wind power capacity each
Potential sites depend on energy generation capacity, transmission lines
availability and overall construction logistics
Total investment to be partially funded through the CARFON² fund
(US$14.8mm accrued as of 09/30/2015)
² Custodial account jointly managed by Genneia and CAMMESA, funded through monthly deductions from our ongoing PPAs with CAMMESA
Immediate growth opportunities through the construction of the first phase of the Madryn Project
11
Recently renegotiated PPAs with Enarsa provide for 20 months to COD for the first 50 MW phase
The Madryn Project (“PEM”) is located in the Province of Chubut (near the City of
Puerto Madryn) and is composed of five wind farms (4x 50MW + 1x 20 MW), based on
the signed PPAs with Enarsa
The PPAs have the same features as those currently under operation at the Rawson
Wind Farm, with an average selling price of US$110/MWh
Development started in 2008 with the installation of six met masts, with the continued
supervision from internationally recognized consultant GL Garrad Hassan
The project has been registered under the clean development mechanism of the U.N.
and has an estimated CO2 reduction of 588.000 tonnes per year (once in full operation)
PEM I of 50MW will be the first of the Madryn Wind Farms to be constructed:
Estimated US$100MM investment – technology still to be defined (finalizing
bidding process, counting with participation from leading international technology
firms)
Land where project is to be built already owned by Genneia (Madryn Sur)
Construction planned to be starting in 1Q 2016 with an estimated COD in 3Q 2017
Certified long-term net load factor of 49% (P50), equivalent to annual energy
production of 216 GWh
Pro-forma annual EBITDA generation capacity of over US$20MM
TERRENO SUR
ESTACIÓN DE TRANSFORMACIÓN
INTERNA 33/132kV
ESTACIÓN DE TRANSFORMACIÓN
132/500kV (SADI)
PUERTO
TERRENO NORTE
ESTACIÓN DE TRANSFORMACIÓN
INTERNA 33/132kV
LINEA AT 132kV
LINEA AT 132kV
GENNEIA has consolidated its cash flow generation capacity …
12
Consolidated EBITDA (US$MM) and EBITDA margin
42
57 61
70 64
31% 35% 37%
45% 39%
2011 2012 2013 2014 LTM 2015
Gross profit Gross margin
Gross profit (US$MM) and gross margin Revenues (US$MM)
Operating cash flow vs. CAPEX (US$MM)
Note: Operating cash flow calculated as consolidated EBITDA minus net interest expense and cash tax expense.
134
162 166 158 162
2011 2012 2013 2014 LTM 2015
39 44 49 58 55
66
51
98
18 11
2011 2012 2013 2014 LTM 2015
Operating Cash Flow CAPEX
59
72
86 91
83
44% 44%
52% 58%
51%
2011 2012 2013 2014 LTM 2015
EBITDA EBITDA margin
* Last 12 months as of 3/31/2015
59% 56% 67% 63% 60%
2011 2012 2013 2014 LTM 2015
2.6x
… and has established prudent financial policies
13
Financial objectives and policies
Maturity profile extension to better align it with the Company’s long-term operations
Financial debt primarily in US$ based on dollar-denominated long-term PPAs
Target long-term senior leverage of 3.0x to 3.5x
No dividend payments planned for the foreseeable future – full reinvestment in the business
Availability of working capital lines
Leverage ratios¹ Senior Debt / Total capitalization (%)
Total debt and net debt evolution (US$MM)
4,4x
3,3x 3,6x
3,0x 2,9x
3,5x
2,6x 3,0x
2,4x 2,3x
3,4x
2,6x 2,7x 2,2x 2,1x
2011 2012 2013 2014 LTM 2015
Total Debt/EBITDA Senior debt/EBITDA Net Senior Debt/EBITDA
2.9x 2.2x 2.2x
Interest
coverage
ratio
¹ Ratios calculated using US dollar converted figures; Total Debt, Senior Debt and Net Senior Debt based on end-of-period FX; EBITDA based on average FX
2.6x
* Last 12 months as of 9/30/2015
-
210
-
190
-
259
-
219
-
197
50 50
50
50 50
260
200
240
188
309
236 269
200
247
178
Senior debt Subordinated debt Net senior debt
2012 2013 2011 2014 Sep 2015
While leverage has come down significantly, the maturity profile requires further efforts to extend average life
14
10 27
8 4 14
58
49
25
2015 2016 2017 2018 2019
Debt in local currency (ARS)¹
Debt in USD (including USD Linked)
Subordinated USD Debt
Debt maturity profile – as of 09/30/2015 (US$MM)
Currency breakdown
USD Linked 60% USD Sub
20%
Local currency
16%
USD 4%
Total debt: US$247mm 66
50
76
33
As of 09/30/2015: Total debt: US$247mm Total senior debt: US$197mm Avg life: 2.7 yrs2
• US$50mm capitalization in
dec-2015 permitting full repayment of sub debt
• FY15 closed with US$211mm total debt
¹ Debt in local currency converted into USD. 2 Average life calculation excludes Subordinated USD debt
Note: Subordinated debt (Class V notes) are fully subordinated to Class II & III notes. Payment failure does not provide for holders’ rights to accelerate nor declare default. Upon maturity, if not fully repaid, the Class V notes are convertible, at holders’ option, into Class A preferred stock of GENNEIA
68
In summary, well defined strategic objectives translating into clear key drivers
15
A story of transformation, growth and consolidation that places us in a solid position to
face the present and the future
Unsustainable energy matrix
Need for new power supply and diversification from traditional sources
Great potential in wind energy
Unbeatable mix of industry and financial experience
Advantageous partnership of local knowledge and solid international financial backing
Financial Consolidation
Strategic Vision
Revenue and EBITDA stabilization after years of rapid growth
Progressive deleveraging as a result of a prudent financial policy
Operating assets featuring long-term dollar-denominated contracts State of the art technology Seasoned management with proven experience in their respective areas
Financial Consolidation
Proven Execution Business Leadership
Strategic Vision
Proven Execution
Business Leadership
Appendix
Solid shareholders’ platform and experienced management team
17
Management team
CEO Walter M. Lanosa
Joined the Company in 2012 More than 20 years of experience in the industry Held several senior positions at the Total Group
CFO Alejandro D. Lew
Projects and Construction Director
Arnoldo A. Girotti
Legal Director Diego Abelleyra
Human Resources Director
Maria Cecilia Russo
Commercial Director Federico Sbarbi Osuna
Institutional Relations Manager
Alfredo Bernardi
Joined the Company in 2012 Held various positions in the financial industry, including J.P. Morgan and HSBC and the Ministry of Economy of the Republic of Argentina
Joined the Company in 2009 More than 50 years of experience in the industry
Joined the Company in 2010 Previous experience includes senior positions at Marval, O'Farrell & Mairal, and other law firms
Joined the Company in 2003 Former Genneia’s Commercial and Planning Manager in charge of the Nat. Gas Transport
Joined the Company in 2013 Previous experience in Pricewaterhouse and Sullair, among others
Joined the Company in 2012 Served as Senior External Auditor at Pistrelli, Henry Martin y Asoc. S.R.L., members of EY Global
Unparalleled combination of shareholders with deep expertise in the Argentine energy spectrum and in the local and international financial markets
5% 12%
Part of the PointState Capital global investment funds with over us$10 billion in assets under management
Investment vehicle structured as a “private equity fund” focused on assets in Argentina
Long-term investment strategy on the back of an extended funding lock-up period
Wholly-owned subsidiary of Fintech Advisory, a NY-based investment fund managed by David Martinez
Focus on Emerging Markets (sovereigns and corporates) with a long-term total return investment strategy (debt/equity positions alike)
Active investors having, among others, the largest individual participation in Argentina-based Banco Macro (NYSE: BMA) with US$ 10bn in assets, 428 branches and 1109 ATMs
Jorge H. Brito and Jorge P. Brito currently hold positions at Banco Macro as Chairman of the Board and CFO, respectively
ARGENTUM INVESTMENTS I
LLC
FINTECH ENERGY
LLC
BRITO AND CARBALLO FAMILIES
Main shareholders
Internal Auditing Pamela Vago
Joined the Company in 2014 Previous experience in La Nacion and Petrobras
Operations and Maintenance Director
Patricio Neffa
Joined the Company in 2013 Senior engineer with over 15 years of experience in leading development programs in the automotive industry (France, Russia, Brazil and Argentina)
Electricity Market Framework
18
After experiencing serious energy shortages in 2007, the
authorities enforced new regulation to actively support the
deployment of new capacity from diverse technologies,
providing generation companies with long-term PPA contracts
as counterparties to the wholesale electricity demand (WEM) Res. #220/2007
(10 years)
Res. #1836/2007
(3 years)
All regulation issued by National Energy Secretariat
Res. #712/2009
(15 years)
Res. #108/2011
(15 years)
THERMAL
RENEWABLE
Law #26,190 of December, 2006 promoted the diversification of the national energy matrix, endorsing the use of renewable energy and contributing to mitigate climate change. The Law establishes an 8% share objective to be reached by the year 2016 of renewable energy in the national electricity generation matrix
+
The authorities also enforced the deployment of the Distributed Energy Program (ED I & II). ENARSA*, acting as generator (according to Resolution #1836/07), was able to subscribe PPA contracts with CAMMESA for new generation capacity to be installed by several contractors of ENARSA under ED I & II
+ *ENARSA is a state owned company and is engaged in the exploitation of petroleum and natural gas, and the production, industrialization, transport and trade of these and of electricity
The National Energy Secretariat (SEN) is responsible for policy setting and regulation, while the National Electricity Regulator (ENRE) is the independent entity responsible for applying the regulatory framework
CAMMESA, is the local entity responsible for the administration of the Wholesale Electricity Market (“WEM”), owned 20% by the Argentine government and 20% by each of the associations representing the WEM agents, including generation, transmission and distribution players as well as large consumers
Electricity is generated by dozens of private (75% of total) and state-owned companies in a relatively liberalized marketplace, while the transporters and distributors of electricity are heavily regulated as natural monopolies
Electricity Market and GENNEIA
19
Res. #1836/2007 PPA
(3 years)
Res. #220/2007 PPA
(+7 years)
ENARSA
(ED Program)
GENNEIA
GENNEIA
GENERATOR AGENT CONTRACTOR
CAMMESA
MARKET
Res. #1836/2007 PPA
(3 years)
BE
FO
RE
N
OW
Latest Changes in Regulation and expectations for the future
• Similar to the Distributed Energy Program for thermal power generation, in 2009 Authorities enforced the deployment of a Renewable Generation Program (GENREN).
• ENARSA as generator (according to Resolution #712/09) was able to subscribe PPA contracts with CAMMESA for new renewable generation to be installed by contractors of ENARSA under GENREN
• Lately, in 2011, according to Resolution #108/11, the SEN authorized the execution of PPA contracts between the wholesale electricity market for new energy generation from renewable sources proposed by private generation agents, co-generators and self- generators
• Resolution #95/2013 changed pricing levels in the spot market from market price (marginal cost system) to cost-plus (regulated cost of production + additional payment)
• Resolution #95/2013 restricted the subscription of PPAs between private parties CAMMESA now concentrates the relation between generator and consumers
• Due the fact that electricity system in Argentina is short of generation capacity, it is reasonable to expect that Government would not enforce policies against those market participants which have recently installed new capacity
• All PPA subscribed with WEM (Res. #1836, #220, #712, #108) are decoupled from intervened Argentina’s electricity market new regulation Resolution #95/13
• Challenges for any new Administration will be incorporating real generation costs into the tariff and new incentives to attract new generation projects. Both are beneficial for GENNEIA
2007 marked the starting point of GENNEIA in thermal electricity generation activities. Acting as contractor of ENARSA, GENNEIA installed 273 MW ISO of ultimate generation turbines at seven different sites across the provinces of Buenos Aires and Entre Ríos. PPA contracts were signed with ENARSA for three years
During 2011, GENNEIA negotiated with the energy Authorities the extension of the contracts for additional seven years under Resolution #220/07 (acting directly as a wholesale electricity market generator). New PPA contracts were signed with CAMMESA
State-of-the-art technology in both thermal and eolic generation assets
20
High quality and diversified asset base
Thermal plants Wind farms
7 dual-fuel fired plants (natural gas and diesel) with total
273 MW installed capacity and 2 gas-only plants with 7
MW installed capacity
COD¹ Thermal Plants
Province Technology Units Installed
Power (MW) Load factor
2014
2009 Paraná Entre Ríos
GT GE-
TM2500 2 42 18%
2009 Conc. Del Uruguay
Entre Ríos
GT GE-
TM2500 2 42 17%
2008 Matheu Bs. As. GT GE-
TM2500 2 42 17%
2009 Olavarría Bs. As. GT GE-
TM2500 2 42 18%
2011 Bragado Bs. As. GT P&W-FT8 2 50 44%
2011 Las Armas II Bs. As. GT P&W-FT8 1 25 54%
2009 Las Armas I Bs. As. GT Solar-T60 2 10 30%
2008 Pinamar Bs. As. GT Solar-T60 4 20 68%
2008 Río Mayo Chubut MG Cummins-QSK60G4
3 3.5 34%
2009 Gob. Costa Chubut MG Cummins-QSK60G4
3 3.5 41%
Total 23 280 30%
¹ Commercial operation date
COD¹ Wind Farm
Province
Technology Units
Installed Power (MW)
Wind Avg
(m/s)
Load factor 2014
2012 Rawson
I & II Chubut AG
Vestas-V90
43 77.4 8.0 44%
0
5
10
15
20
25
30
35
0
200
400
600
800
1000
1200
Jan
-12
Ap
r-1
2
Jul-
12
Oct
-12
Jan
-13
Ap
r-1
3
Jul-
13
Oct
-13
Jan
-14
Ap
r-1
4
Jul-
14
Oct
-14
Jan
-15
Ap
r-1
5
Jul-
15
Oct
-15
GWh GWh 3-mth rolling avg (RHS)
Cumulative energy generated by the WF Rawson
Rawson Wind Farm is the largest scale wind farm
connected to the National Interconnection System
(NIS) in Argentina
1082 GWh
Operational Overview
21
Energy source
Installed capacity
(MW) Status
Price for firm capacity
(US$/MWh)
Required availability factor (%)
Availability factor
2014
Price for electricity delivered
(US$/MWh) Net generation
(GWh) 2014 Capacity
contracted Expiration
date
Thermal Power Plants Gas/Diesel 280 97.0% 712 100%
Matheu Natural Gas/Diesel 42 Effective 21,275 92% 98.8% 10.00 / 14.90 59 100% 11/18/2018
Paraná Natural Gas/Diesel 42 Effective 21,275 92% 97.9% 9.16 / 14.90 64 100% 6/23/2019
Concepción del Uruguay Natural Gas/Diesel 42 Effective 21,275 92% 99.5% 8.70 / 14.90 60 100% 10/20/2019
Olavarría Natural Gas/Diesel 42 Effective 21,275 92% 99.4% 9.07 / 14.90 62 100% 9/21/2019
Las Armas I Natural Gas/Diesel 10 Effective 21,275 92% 85.8% 10.00 / 10.65 26 100% 11/17/2019
Las Armas II Natural Gas/Diesel 25 Effective 21,275 92% 95.9% 7.45/10.23 115 100% 1/20/2021
Bragado Natural Gas/Diesel 50 Effective 21,275 92% 95.9% 7.45/10.15 188 100% 6/15/2021
Pinamar Natural Gas/Diesel 20 Effective 21,275 92% 93.2% 9.18 / 10.65 114 100% 2/15/2018
Gobernador Costa Natural Gas 3.5 Effective 22,000 N/A 86.4% 160 12 100% 12/31/2025
Río Mayo Natural Gas 3.5 Effective 22,000 N/A 93.9% 160 10 100% 12/31/2025
Rawson Wind Farm Wind 77.4 97.8% 294 100%
Rawson I Wind 48.6 Effective N/A N/A 97.7% 128.7 182 100% 1/1/2027
Rawson II Wind 28.8 Effective N/A N/A 97.9% 124.2 112 100% 1/20/2027
Summary Operational Overview
Consolidated Financials - Overview
22
Summary Income Statement
Summary Balance Sheet
US$mm 2011 2012 2013 2014 LTM 09/30/2015
Continuing operations
Net sales 134.4 162.4 165.9 157.9 161.9
Cost of sales (92.6) (105.5) (104.4) (87.4) (98.2)
Gross profit 41.8 56.9 61.4 70.5 63.7
Selling expenses (1.3) (2.6) (1.6) (3.1) (3.8)
Administrative expenses (13.1) (16.8) (14.2) (12.9) (13.7)
Other income/expenses, net (1.6) (3.9) (0.4) (1.3) 0.6
Financial expense, net (24.6) (39.6) (57.7) (46.2) (39.0)
Net (loss) income before tax 1.3 (6.0) (12.6) 7.1 7.8
Income tax (3.2) (4.3) (6.4) (6.9) (3.7)
Net (loss) income from continuing operations (2.0) (10.3) (18.9) 0.2 4.1
Discontinued operations
Loss from discontinued operations (0.4) (2.0) (1.0) - -
Net (loss) income for the period (2.4) (12.3) (19.9) 0.2 4.1
US$mm 2011 2012 2013 2014 LTM 09/30/2015
Assets
Total current assets 78.1 88.9 103.6 102.9 96.2
Total non-current assets 356.7 332.4 393.2 370.7 360.3
Total assets 434.8 421.3 496.8 473.6 456.5
Liabilities
Total current liabilities 127.5 127.0 147.0 226.7 212.3
Total non-current liabilities 213.1 195.0 272.0 169.7 161.6
Total liabilities 340.6 322.0 419.0 396.4 373.9
Total shareholders' equity 94.2 99.3 77.8 77.2 82.6
Total liabilities and shareholders' equity 434.8 421.3 496.8 473.6 456.5