EFTA01366909.pdf

Amendment #4 Page 480 of 868 *Mktg t 6. Accounts receivable litirch 31 December 31 2015 2014 Emaresa National de Erergla Electra (ENEE) S 11,778,488 S 12.293.184 Value added taxes (VAT) related to the Project's oonstructon 1,710,343 2.430.681 ganco Firencsera Ccmercsal liondurere S A (FCCHSA) 070,042 — Crane rental services receivable 68,811 25,947 Intercompany accosts receivable (Nose 6) 10,024 — Others 19,284 77,046 14,248A72 14.826.838 Ian Dm-current portion ohm (1,718,343) (2.430.661) S 12,539= S 12 306177 The otrtstanding balances clue from ENEE correspond to trade receivables for the sale of electnc power Terms of these accounts receivable extend to 18 days for ENEE horn the corresponding Invoice issue dale. are riot sUxect to early-payment discounts, and do not generate 'defeat except for We charges. The outstanding balance of VAT relates to funds reimbursed to the main Project's subcontractors. Genrea and benSOLe. who were obligated to pay VAT on the acquisrlion of certain equpmert and natenals during the construction phase or the Project Nonetheless. the Company was exempted from such VAT. The VAT receivable is denominated nn Lemptras The Honduran Tax Authorly tes been reneguing the Company* ngtt to such VAT. however its reimburse-nett depends on the timing of the review of the documentation by the Tax AuMority. Reimbursement or such amounts occurs throup credit notes issued by the Tax Authority. Those erects notes can be traded in the local market. although normally with a discoid ranging from 15% to 20% The Company behaves Mat such VAT is fully recoverable in credit notes from the Tax Adhonty VAT batman as presented above reflect the anticipated discount that will be realized ,on cos tai Tre balance with FICCHSA corresponds to VAT credits sold and full collecton of the balance took place in May 2015 6. Balances and transactions with related parties The related parties with wtuom the Company mantains balances and performs transactions are cities under trie common control d to parent company. Globeleg Mesoamenca Energy mind). Limited A breakdown ci These bakirces and the respects* terms and conditions is as rotates March 31, December 31, 2016 2014 Accounts receivable Admmistraden Energlas Rerovables S A (rote 5) S 10,024 $ Maturity tents for accounts receivable and payable extend up to 30 days horn the cocrespordng invoices issue dates and are not *Abject to any discounts for earIppayrnent F-160 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-0058437 CONFIDENTIAL SDNY_GM_00204621 EFTA01366909