EFTA01367120.pdf

Amendment #4 Page 691 of 868 teelr. .cpelstli 2013 'Sea 1 and 3 Len then 1 yew yeses Mare then 3 years Total at Loans and Borrowings (including irterest) 12742,157 20530752 170,160525 203,430,434 Trade accounts payable 41.193 — — 41,193 Accounts payable to reified entries 9931,828 — — 0,601,828 22.775.178 M530.752 170.166.525 213.472455 Ceplealmariagement The Company actively manages a capital base to cover the risks inherent to its adrvties The Company's capital adequacy is monitored by using, among other measurements, the ratios established by Managemert The Company's obnothres wren rreregrg its capital is a concept broader than the 'Eqsly that appears in the statements of financial poston and they we (i) to safeguard the Comparry's ability to keep on operating so trot c contnues ottenng returns to the shareholders in trie fauna. and (ii) to Maintain a sours Gaeta' base to support the develqxnent and growth of its &cavities As of December 31. 2014 and 2013, there have net been any changes in the adrydes and potties of the Company s capital management Ire Company monitors capital using a geanng tato, defined as ex result of net debt tended by total captal plus net debt In Managements opinion, geanrg ratios as d Dissenter 31, 2014 and 2013 are in lire with the thence' adheres of the Company 2014 2013 at Financial debt 180 662 184 108.938,984 Gross debt 180,662,184 108,998,984 Total equity 74,819279 67,439,500 Total equity y gross debt 269477,463 170439484 Gearing ratio (%) 70.72 61 78 22. Information on fair value of financial instruments The mettoqqoges and assumptions used by the Company to delermne the estimated market values depend on the terms and risk characteristics of the averse financial instruments and comprise the following (0 Assets whose fair value is similar to their took value For (refloat assets a rid liabiltes trot are liquid or have short-term matumies (shorter than 3 months), it es deemed that their book value is similar to their fair yak* This assumpton is also appscable to term deer/site savings accents without ;Wok matunry and fireman nstrumerts at vanate interest rile These iretrurnerts are classified into Level 1of tIe fair value hierarch/ F-371 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-0058648 CONFIDENTIAL SDNY_GM_00204832 EFTA01367120