EFTA01366937.pdf

Amendment #4 Page 508 of 868 1#Ir .if Cottkah Orosi could therebre be exposed to fines per article 4 91 of the PPA contract with ICE fix approximately 11552,550,000 Based on lamination available as of the date of these hrencel statements, maregemert believes that such fines are probable n nature and they rave thus accrue.] m Ire accompanying March 31, 2015 statement of finance] positon & Prepaid sales tax As of March 31. 2015, the Cornoery reflects an asset for an amidst of USS7.290,C66 (2014 USS7.153.071) n ds financial statements which is related to sales taxes paid Ott of the balance, US37,022 301 relates to lases for the import of Ire generation equipment for the Protect The Company filed a request wth the Minsby of Treasury to obtain exempt purchase orders for the import of the equipment necessary for the Protects construction. This request, however. was denect This application, however was denied. Orosi was therefore forced to pay all of the sales taxes for the imports. On February 12 2015 the Company fed a claim against the State of Costa Rica through an ordirery process that would sox for the recovery of these taxes plus interest h me Mantel*, the Company will use the taxes paid as tax treats to be offset against taxes collected from the sale of energy Because the Company believes that a e probable that t will animate recover such prepaid saes tax aMOsts. 4 has reflected these amounts as a prepaid amount in its finance( statements and not as an incremerlal component of the protect constructor% & Intangible assets The Carve/1y exeunt% for the eons/Acton of Ire wind park weer the intangible asset model cortempfated in iFRC 12 Service Concession krangements, an interpretation from International Financial Reporting Standards Construction of the wind park began in December 2013 The intangible asset txuance as of March 31. 2015 and December 31, 2014 Is as folows. Much 31 December 31 2016 2014 Construction revenue anng 2015 3 11,962.020 S — Construction revenue doing 2014 94,619,373 94,754,166 Construdion revenue Onng 2013 4,782,687 4,752,567 Restoration Obligation during 2014 234,793 — 3 111,458,763 $ 93 606.733 Consuuction costs in the three-month period ended March 31 2015 associated to revenue amount to a toed d US$10,179,515 (March 31. 2014. USE 1,256.955) As of March 31. 2015 the Company accrues a liablity for coristrucion costs of 115517,027,880 (December 31, 2014 05610.846.303) over completed constructer) work for ...Mich the sub-contractor Gamest, has not yet bled the Company as of eat date Management has estrreled the overall percertage of completion of the Protect to be 98% as of March 31. 2015 (December 31. 2014 90%) beats° expected that the Protect wt, begin operations in early July 2015 Finance costs of USS3,8C0,800 were captedized in me three months period ended March 31, 2015 (December 2014. DSS2,259.121) with respect to the Project coretruebon based to an average effectrre interest rate of 650% (December 2014 6.18%) of ire correspandng bans obtained to fnance construction F-188 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058465 CONFIDENTIAL SDNY_GM_00204649 EFTA01366937