As of December 2014, the working capital was positive and amounted to USD 18.7 MM, which represented a 150% increase compared to 2013 (USD 7.5 MM). This is explained by the improvement made to the collection process in 2014, mainly to distribution companies.

As a consequence, the current asset increased by 30.2%, from USD 47.2 M in December 2013 to USD 61.4 M at year ended December 31, 2014.

Additionally, the current liabilities increased 7.5% from USD 39.7 M in December 2013 to USD 42.7 M, mainly due to the increase of the short-term debt, and in 2013 the loan interests were not considered as short-term debts.

As of December 31, 2014, the investment account had a balance of USD 169.3 MM, which represents the significant investments made by the company for the construction of the Cheves hydropower plant.

At year ended December 31, 2014, the properties, plant and equipment account amounted to USD 189.5 MM, which is equivalent to USD 0.2 MM more than recorded in the same period in 2013. The slight increase is explained by the priority given by Statkraft Peru to the Cheves project.

In the reported period, non-current liabilities decreased 10.1%, from USD 197.1 MM in 2013 to USD 177.2 MM, mainly due to the repayment of the long-term syndicated loan (USD 15.4 MM) and the mid-term loan (USD 3.3 MM).

The company’s net equity at year ended December 31, 2014 is represented by 719,660,948 ordinary shares, fully subscribed and paid-in, with a nominal value of PEN 1 each. Compared to 2013, the total equity increased by 10.1%, from USD 310.2 MM to USD 341.6 MM at year end. This positive variation is explained by:

• Increase of USD 29.1 MM for the result of year 2014.
• Increase of USD 2.9 MM in legal reserves.