document_description: This document contains the statements of comprehensive income for Hidroelectrica Santa Cruz S.A.C. for the years ended December 31, 2014, and 2013. It includes details on revenue, cost of sales, gross profit, operating expenses, financial income and expenses, exchange gains/losses, and net loss.

title: Hidroelectrica Santa Cruz S.A.C. Statements of Comprehensive Income


source: doj

document_description: This document provides the statements of changes in equity for Hidroelectrica Santa Cruz S.A.C. for the years ended December 31, 2014 and 2013. It includes details on share capital, legal reserve, other reserves, retained earnings, and total equity.

title: Statements of changes in equity for Hidroelectrica Santa Cruz S.A.C.

document_type: tabular

document_subtype: financial statement


document_description: The document contains the statements of cash flows for Hidroelectrica Santa Cruz S.A.C. for the years ended December 31, 2014, and 2013. It details the cash flows from operating, investing, and financing activities, as well as the net increase or decrease in cash and cash equivalents for the period.

title: Hidroelectrica Santa Cruz S.A.C. Statements of Cash Flows


document_description: The document provides notes to the financial statements of Hidroelectrica Santa Cruz S.A.C. as of December 31, 2014, and 2013. It includes information about the company's identification, business activities, and operations of various hydroelectric plants.

title: Hidroelectrica Santa Cruz S.A.C. Notes to the financial statements

document_type: financial

key_locations:
Lima, Peru
Santa Cruz River, Caraz, Ancash
Huasahuasi district, Tarma, Junin

document_subtype: financial statement notes

key_organizations:
Hidroelectrica Santa Cruz S.A.C.
Latin America Power Perú S.A.C.
Latin America Power Holding B.V.
HSC Holding S.A.C.


document_description: This document provides a summary of main contracts related to hydroelectric plants, including AOM contracts for Santa Cruz I & II and Huasahuasi I & II, and a trust agreement with La Fiduciaria S.A. The contracts involve administration, operation, and maintenance services, with financial disbursements recorded in 2013 and 2014. An addendum to the trust agreement was signed to modify financing installments and payment schedules.

title: Amendment #4 - Main Contracts

key_locations:
Santa Cruz I Hydroelectric Plant
Santa Cruz II Hydroelectric Plant
Huasahuasi I Hydroelectric Plant
Huasahuasi II Hydroelectric Plant

document_subtype: contract summary

key_organizations:
GCZ Servicios S.A.C.
La Fiduciaria S.A.
Banco Internacional del Perú S.A.A.
BBVA Banco Continental


document_description: The document discusses the approval of financial statements for the years ended December 31, 2014, and 2013, which have been authorized by Management and will be submitted for approval by the Board of Directors and General Shareholders' Meeting. It also outlines the main regulations affecting the electricity industry in Peru, including the Electrical Concessions Law and the promotion of renewable energy generation.

key_people:
Management
Board of Directors

document_subtype: financial statement approval and regulatory overview

key_organizations: Economic Operation Committee of the National Interconnected System (COES-SINAC)

reference_numbers:
Decree-Law N°25844
Supreme Decree N° 009-93-EM
Law N° 28832
Legislative Decree N° 1002


document_description: The document discusses the energy requirements for auctions related to renewable energy resources (RER) and the promotion of investment in electricity generation using water and other renewable resources. It also covers the legislative framework for investment in RER, the benefits of accelerated depreciation for such investments, and significant accounting policies and principles in accordance with IFRS.

title: Amendment #4

document_type: legal

document_subtype: Amendment

key_organizations: International Accounting Standards Board


document_description: This document contains amendments to IAS 36, IAS 39, and IFRIC 21, clarifying disclosures and accounting treatments related to impairment of assets, novation derivatives, and levies. It also includes a summary of significant accounting principles and policies, such as cash equivalents and foreign currency transactions.

title: Amendment #4

document_subtype: financial amendment


document_description: This document outlines the initial recognition and subsequent measurement of financial assets according to International Accounting Standard (IAS) 39. It details the classification of financial assets, their initial recognition at fair value, and subsequent measurement based on classification. The document also covers loans and receivables, their measurement at amortized cost using the effective interest rate method, and conditions for derecognition of financial assets.

title: Financial Instruments: Initial recognition and subsequent measurement


document_description: The document discusses the impairment of financial assets and financial liabilities. It outlines the criteria for determining impairment, the process for assessing impairment for assets carried at amortized cost, and the initial recognition and measurement of financial liabilities.


document_description: This document outlines the subsequent measurement of financial liabilities, including debt and interest-bearing loans, derecognition, offsetting of financial instruments, and fair value of financial instruments. It details the methods and conditions under which these financial elements are measured and recognized in financial statements.

title: Subsequent Measurement of Financial Liabilities


document_description: The document outlines the classification of assets and liabilities within the fair value hierarchy for financial statements. It describes the levels of fair value measurement, management's policies for recurring fair value measurement, and the recognition and measurement of derivative financial instruments and property, plant, and equipment.


document_description: The document outlines the depreciation and amortization policies for various asset categories, including buildings, machinery, vehicles, furniture, and intangible assets. It also covers the accounting treatment for finance and operating leases.


document_description: This document is an excerpt from a financial statement detailing the company's policies on impairment of long-lived assets, provisions, contingencies, revenue recognition, and taxes. It outlines how the company evaluates and records these financial elements.

title: Amendment #4 - Financial Statement Excerpt


document_description: This document outlines the accounting policies for deferred income tax and value added tax (VAT) as recognized by the company. It details the recognition and measurement of deferred tax assets and liabilities, the conditions under which VAT is recognized, and the company's decision not to early adopt certain IASB standards as of December 31, 2014.

title: Amendment #4 - Deferred Income Tax and Value Added Tax


document_description: This document discusses amendments to various International Financial Reporting Standards (IFRS), including IFRS 9, IFRS 15, IFRS 11, IAS 16, and IAS 38. It outlines the effective dates, application requirements, and expected impacts on the company's financial reporting. The amendments address classification and measurement of financial assets, revenue recognition, joint arrangements, and acceptable methods of depreciation and amortization.

title: Amendment #4


document_description: Restatement of 2013 financial statements due to identified errors and adjustments, including deferred income tax liability and cross-currency interest rate swaps.

document_subtype: financial statement restatement


document_description: This document provides a reconciliation of the statement of financial position as of January 1, 2013, detailing the originally issued financial statements, adjustments, reclassifications, and restated balances for various financial categories including assets, liabilities, and equity.

title: Reconciliation of statement of financial position as of January 1, 2013

document_subtype: financial reconciliation


document_description: This document provides a reconciliation of the statement of financial position as of December 31, 2013, showing originally issued financial statement balances and restated balances after adjustments and reclassifications. It includes details on assets, liabilities, and equity.

title: Reconciliation of statement of financial position as of December 31, 2013


document_description: This document provides a reconciliation of the income statement for the year ended December 31, 2013, including adjustments and restated balances. It also discusses judgments, estimates, and significant accounting assumptions made by management in the preparation of financial statements.

title: Reconciliation of Income Statement for the Year Ended December 31, 2013

document_subtype: financial statement reconciliation


document_description: The document provides a financial statement detailing cash and cash equivalents, as well as trade accounts receivable for the years 2014 and 2013. It includes information on current accounts, trust fund accounts, and trade accounts receivable, along with notes on the nature of these accounts and their management.


document_description: The document provides a detailed breakdown of other accounts receivable and property, plant, and equipment for the years 2013 and 2014. It includes information on VAT credits, restricted funds, and advance payments of income tax. Additionally, it outlines the cost, additions, transfers, and disposals of property, plant, and equipment, including land, buildings, machinery, and other assets.

title: Amendment #4 - Other Accounts Receivable and Property, Plant and Equipment


document_description: The document provides a detailed financial statement of accumulated depreciation and net book value of various assets as of December 31, 2014, and December 31, 2013. It includes information on land, buildings, machinery, transport units, and other equipment, with specific focus on hydroelectric plants.

key_locations: Huasahuasi I and II Hydroelectric Plants

key_locations: Santa Cruz I and II Hydroelectric Plants


document_description: The document contains financial data related to depreciation expenses, insurance policies, and intangible assets for the years 2013 and 2014. It includes tables detailing costs, additions, disposals, and amortization of intangible assets, as well as insurance coverage for hydroelectric plants.

reference_numbers:
note 76
note 77(a)
note 11(c)


document_description: The document details the sale of 43,992 CERs to the German agency KfW for EUR 67,000 and provides an analysis of loans and borrowings as of 2013 and 2014. It includes a table showing various loans, their interest rates, maturities, and amounts for 2013 and 2014.

key_organizations:
KfW
Banco Internacional del Perú S.A.A.
BBVA Banco Continental
La Fiduciaria


document_description: The document provides details on finance lease contracts and leaseback contracts related to the Santa Cruz I and II Hydroelectric Plants. It includes financial figures for minimum future payments for finance leases as of December 31, 2014 and 2013, and the maturities of loans and borrowings for the same years.

key_locations:
Santa Cruz I Hydroelectric Plant
Santa Cruz II Hydroelectric Plant

document_subtype: financial report


document_description: The document provides details on other accounts payable and derivative financial instruments as of December 31, 2014 and 2013. It includes a breakdown of miscellaneous provisions, insurances payable, and other minor accounts. Additionally, it details cross currency interest swaps contracted with BBVA Banco Continental to manage interest rate risk.

key_organizations: Rimac Internacional Compañía de Seguros y Reaseguros S.A.


document_description: The document provides a detailed breakdown of deferred income tax components for the years 2013 and 2014, including deferred assets and liabilities, and the income tax expenses for these years. It also includes information on the company's share capital as of December 31, 2014 and 2013.

title: Deferred Income Tax and Equity


document_description: The document provides a financial overview of shareholding participation, legal reserves, other reserves, retained earnings, and tax situation as of December 31, 2014 and 2013. It includes details on shareholder participation percentages, legal reserve requirements, statutory reserves, capital premiums, and dividend distributions for 2013 and 2012. The document also outlines the company's tax obligations under Peruvian legislation.

key_organizations:
GCZ Energía S.A.C
Latin America Power Perú S.A.C.
HSC Holding S.A.C


document_description: This document outlines the tax rates applicable on taxable income in Peru from 2015 onwards, including additional taxes on dividends for non-domiciled persons. It also discusses transfer pricing regulations and the potential for tax examinations by the Tax Authority. The document includes information on tax losses and options for carrying them forward.

title: Amendment #4 - Tax Rates and Regulations

document_subtype: financial


document_description: The document provides a financial summary for the years 2014 and 2013, including tax loss carryforward, cost of generation, and administrative expenses. It includes detailed tables showing losses before income tax, non-deductible expenses, temporary items, and other financial metrics.

title: Amendment #4 Financial Data


document_description: The document provides a breakdown of other income and expenses, financial expenses, contingencies, and foreign currency transactions for the years 2014 and 2013. It includes specific figures for financial activities and exchange rates.

title: Amendment #4 - Financial Statement Excerpts


document_description: The document provides a financial summary of the company's assets and liabilities as of December 31, 2014 and 2013, along with transactions with related entities during these years. It includes details of net loss due to exchange differences and accounts payable and receivable with related entities.

key_locations:
Santa Cruz I
Santa Cruz II
Huasahuasi I
Huasareasi II

key_organizations:
GCZ Servicios S.AC.
GCZ Fabricaciones S.AC.


document_description: The document outlines the financial risks management strategies of the Company, focusing on market risk, interest rate risk, and exchange rate risk. It includes a sensitivity analysis for the years 2013 and 2014, detailing the effects of changes in interest and exchange rates on income before tax.

title: Financial Risks Management


document_description: The document discusses the credit and liquidity risks faced by the Company. It outlines the credit risk associated with trade receivables and financial instruments, stating that the Company does not anticipate significant losses due to conservative credit policies and reputable customers. The liquidity risk is managed through projected cash flows and access to credit lines. A table presents the maturities of the Company's financial obligations as of December 31, 2014.

title: Credit and Liquidity Risk Assessment

document_subtype: financial risk assessment


document_description: The document provides financial information for the year 2013, including loans, borrowings, and accounts payable. It also discusses the company's capital management strategies and gearing ratios for 2013 and 2014. Additionally, it includes information on the fair value of financial instruments.

title: Amendment #4 - Financial Information


document_description: The document provides a comparison of carrying amounts and fair values of financial instruments of the Company as of December 31, 2014, and 2013. It includes details on financial liabilities, specifically fixed rate loans, and notes that there are no significant differences between book and fair values. It also mentions that no significant subsequent events occurred between January 1, 2015, and May 7, 2015.


document_description: The document is an independent auditor's report addressed to the Board of Directors and Quotaholders of Plantas Eólicas, S.R.L. It covers the audit of the restated financial statements for the years ending December 31, 2014, and 2013. The report outlines the responsibilities of management and the auditor, the audit process, and provides an opinion on the financial statements' conformity with International Financial Reporting Standards.

title: Independent auditors' report for Plantas Eólicas, S.R.L

key_people: Board of Directors of Plantas Eólicas, S.R.L

document_type: correspondence

document_subtype: auditor's report


document_description: The financial statements have been restated to correct errors in accounting for decommissioning provision, depreciation of property, plant and equipment, and deferred income taxes. This includes the disclosure of the January 1, 2013 statement of financial position. Ernst & Young, S.A. has not modified their opinion regarding this matter.

title: Restatement of Financial Statements for Plantas Eólicas, S.R.L.


document_description: This document contains the statements of financial position for Plantas Eblicas, S.R.L., a Costa Rican entity, as of December 31, 2014, December 31, 2013, and January 1, 2013. It includes details on assets, liabilities, and equity expressed in US dollars.

title: Statements of Financial Position for Plantas Eblicas, S.R.L.


document_description: The document is a financial statement showing the comprehensive income for Plantas Eblicas, S.R.L., a Costa Rican entity, for the years ended December 31, 2014, and 2013. It includes details on income from the sale of electric power, operating costs, and other financial metrics.

title: Statements of Comprehensive Income for Plantas Eblicas, S.R.L.


document_description: This document contains the statements of changes in equity for Plantas Eólicas, S.R.L., a Costa Rican entity, for the years ended December 31, 2014 and 2013. It details the capital quotas, legal reserve, retained earnings, and total equity for the specified periods.

title: Statements of changes in equity for Plantas Eólicas, S.R.L.


document_description: The document is a financial statement showing the cash flows of Plantas Eblicas, S.R.L., a Costa Rican entity, for the years ended December 31, 2014, and 2013. It includes details of operating, investing, and financing activities, as well as net cash changes and cash balances at the beginning and end of the year.

title: Statements of Cash Flows for Plantas Eblicas, S.R.L.


document_description: The document contains financial statements for Plantas Eólicas, S.R.L., a Costa Rican entity, for the years ending December 31, 2014 and 2013. It includes corporate information, details of a power purchase agreement with Instituto Costarricense de Electricidad (ICE), and compliance with Costa Rican laws and International Financial Reporting Standards (IFRS).

title: Plantas Eólicas, S.R.L. Financial Statements

key_people:
Chief Executive Officer
Chief Financial Officer

document_subtype: Financial Statements

reference_numbers:
Law N° 7200
Law N° 7508


document_description: The document contains restated financial statements prepared for a securities filing related to the acquisition of the Company. It includes corrections of accounting errors and adjustments for decommissioning provisions, residual values of wind turbines, and deferred income tax impacts.

document_subtype: restated financial statements


document_description: This document contains corrections to financial statements for the years ending December 31, 2014, and December 31, 2013. It includes retrospective adjustments and restated balances for various financial positions, comprehensive income, and cash flows.

title: Amendment #4 - Financial Statement Corrections


document_description: The document discusses the basis of valuation and presentation currency for financial statements as of December 31, 2014 and 2013, prepared on a historical cost basis. It outlines changes in accounting policies, including the adoption of amendments to standards and interpretations effective from January 1, 2014. These include amendments related to investment entities, offsetting financial assets and liabilities, novation of derivatives, IFRIC 21 levies, recoverable amount disclosures, and annual improvements for the 2010-2012 cycle.


document_description: The document outlines the amendments made in the 2011-2013 annual improvements cycle by the IASB, specifically to IFRS 1, and details the accounting policies of Plantas Eólicas. It includes information on currency and foreign currency transactions, cash, and financial instruments. The US dollar is adopted as the functional and presentation currency due to the nature of the company's transactions and obligations.

title: Amendment #4 - Summary of Significant Accounting Policies

key_organizations:
IASB
Plantas Eólicas


document_description: The document outlines the fair value determination and recognition of financial assets according to IAS 39. It details the initial recognition, measurement, and subsequent measurement of financial assets, including accounts receivable. It also discusses the impairment of financial assets and the criteria for recognizing impairment.


document_description: This document outlines the company's policies on the impairment of financial assets recorded at amortized cost, derecognition of financial assets, and the initial recognition, measurement, and derecognition of financial liabilities. It also covers the valuation of spare parts inventory.

title: Amendment #4 - Financial Asset Impairment and Liabilities


document_description: This document outlines the accounting policies for property, plant, and equipment, including acquisition cost, depreciation, and impairment. It details the estimated useful lives of various asset categories and the process for recognizing construction and installation costs. It also covers the derecognition of assets and impairment assessment for non-financial assets.

title: Amendment #4 - Property, Plant, and Equipment


document_description: The document outlines the recognition of revenue from energy sales, interest income from financial instruments, and tax policies including current income tax, deferred income tax, and sales tax. Revenue from energy sales is recognized when energy is delivered or capacity is made available. Interest income is recognized over time based on average monthly balances. Deferred tax assets and liabilities are offset under certain conditions, and sales tax is recorded net of sales tax amounts.


document_description: The document outlines the company's accounting policies regarding operating leases, significant accounting estimates, and standards issued but not yet effective as of December 31, 2014. It discusses IFRS 9, IFRS 14, IFRS 15, and amendments to IAS 16 and IAS 38.

title: Amendment #4 - Financial Statement Excerpt


document_description: The document outlines amendments to various International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), including IAS 16, IAS 41, IAS 19, IAS 27, and IFRS 11. These amendments address accounting requirements for bearer plants, defined benefit plans, equity method in separate financial statements, and acquisitions of interests in joint operations. The amendments are effective for annual periods beginning on or after January 1, 2016, with some effective from July 1, 2014, and allow for early adoption.

title: Amendment #4

document_subtype: amendment


document_description: The document contains amendments to various IFRS and IAS standards, clarifying their application. It also includes a financial table showing cash in banks and on hand for the years 2014 and 2013.

key_organizations: IFRS IAS


document_description: The document provides a detailed account of the company's accounts receivable and property, plant, and equipment as of December 31, 2014 and 2013. It includes outstanding balances due from Instituto Costarricense de Electricidad (ICE) and details on property, plant, and equipment costs, additions, retirements, and depreciation.

title: Accounts Receivable and Property, Plant, and Equipment


document_description: The document provides a detailed breakdown of accounts payable and accrued expenses for the years 2014 and 2013, including sales taxes, commercial vendors, and land rents payable. It also outlines balances and transactions with related parties under the control of Globeleq Mesoamerica Energy (Wind) Limited, detailing plant operation and administrative expenses. Additionally, it mentions the compensation to key management personnel and the company's equity structure as of December 31, 2014 and 2013.

title: Accounts Payable and Related Party Transactions


document_description: The document provides financial details including legal reserve requirements, dividend declarations, decommissioning provisions, and income tax calculations for Plantas Eólicas. It includes tables detailing the rollforward of decommissioning provisions and income tax components for the years 2013 and 2014.

title: Amendment #4 - Financial Statement


document_description: The document presents the components of deferred tax assets and liabilities for the years 2013 and 2014, including statements of financial position and comprehensive income. It also details the cost of operations and administrative expenses for the same years.

title: Deferred Tax Assets and Liabilities

key_organizations:
CR Operaciones y Mantenimiento, S.A.
TCR Holdings, S.A.


document_description: The document discusses operating leases and financial risk management for Plantas Eólicas. It includes details on lease agreements, financial instruments, and market risks, particularly foreign currency risk related to the Costa Rican colon.

title: Amendment #4 - Financial Report


document_description: The document provides a summary of assets and liabilities denominated in foreign currencies and expressed in US dollars for the years 2014 and 2013. It includes a sensitivity analysis of exchange rate variations and discusses credit and liquidity risks.

title: Summary of Assets and Liabilities in Foreign Currencies

key_organizations:
Plantas Eolicas
ICE


document_description: The document outlines the company's capital management objectives, fair value of financial instruments, and subsequent events. It discusses the company's approach to maintaining a solid credit ratio and financial capital ratios, the fair value hierarchy for financial instruments, and a Stock Purchase Agreement involving Globeleq Holdings and SunEdison.

title: Amendment #4 - Capital Management and Fair Value of Financial Instruments

key_organizations: Globeleq Holdings (Americas Renewables) Limited

key_organizations: Globeleq Mesoamerica Energy (Wind) Limited


document_description: The document is an independent auditors' report for Energia Eólica de Honduras, S.A., covering the financial statements for the years ending December 31, 2014, and 2013. It includes the auditors' opinion on the financial statements' conformity with International Financial Reporting Standards.

title: Independent Auditors' Report for Energia Eólica de Honduras, S.A.

key_people: Board of Directors of Energia Eólica de Honduras, S.A.

document_subtype: audit report


document_description: The financial statements have been restated to correct errors in accounting for decommissioning and restoration provisions, depreciation of property, plant and equipment, deferred income taxes, and classification of restricted cash. The restatement includes the disclosure of the January 1, 2013 statement of financial position. Ernst & Young, S.A. issued the opinion without modification.

title: Restatement of financial statements for Energia E6lica de Honduras, S.A.

key_organizations:
Energia E6lica de Honduras, S.A.
Ernst & Young, S.A.


document_description: This document contains the statements of financial position for Energia Eolica de Honduras, S.A. as of December 31, 2014, December 31, 2013, and January 1, 2013. It includes details on assets, liabilities, and equity.

title: Statements of Financial Position for Energia Eolica de Honduras, S.A.

document_subtype: financial statement

reference_numbers:
Note 3.2
Note 7
Note 10
Note 11
Note 14
Note 15


document_description: This document contains the statements of comprehensive income for Energia & Mica de Honduras, S.A. for the years ended December 31, 2014 and 2013. It includes details on income, operating costs, other income and expenses, and comprehensive income.

title: Energia & Mica de Honduras, S.A. Statements of Comprehensive Income

reference_numbers:
Note 3.2
Note 16
Note 17
Note 8-9
Note 18
Note 13 30


document_description: This document is a financial statement showing the changes in equity for Energia & Mica de Honduras, S.A. for the years ended December 31, 2014 and 2013. It includes details on share capital, contributed capital, legal reserve, hedging reserve, retained earnings, and total equity.

title: Statements of Changes in Equity for Energia & Mica de Honduras, S.A.

reference_numbers:
Note 3.2
Note 13
Note 15


document_description: The document is a financial statement showing the cash flows of Energia Eolica de Honduras, S.A. for the years ended December 31, 2014 and 2013. It includes details of operating, investing, and financing activities, along with net cash changes and cash balances at the beginning and end of the year.

title: Energia Eolica de Honduras, S.A. Statements of Cash Flows


document_description: The document provides notes to the financial statements of Energía Eólica de Honduras, S.A. for the years ending December 31, 2014 and 2013. It includes corporate information, details about the company's main activities, power purchase agreements, and regulatory environment. The company operates a 126 MW wind park and sells energy to the Honduran National Electric Energy Company (ENEE).

title: Energia Eblica de Honduras, S.A. Notes to Financial Statements

key_people: Globeleq Mesoamerica Energy (Wind) Limited

key_locations: Honduras Bermuda

document_subtype: financial statement notes


document_description: The document discusses the preparation and restatement of the company's financial statements for the years ending December 31, 2014, and 2013. It highlights compliance with IFRS, approval dates, and corrections of accounting errors related to restricted cash, decommissioning provisions, and depreciation of wind turbines.

key_organizations: International Financial Reporting Standards (IFRS)

reference_numbers:
Note 23
Note 3.2
Note 14


document_description: The document contains a restatement of financial statements for the years ended December 31, 2014, and December 31, 2013, including adjustments to assets, liabilities, equity, revenues, expenses, and cash flows.


document_description: The financial statements for the years ending December 31, 2014 and 2013 were prepared on a historical cost basis, with certain items measured according to specific accounting policies. The statements are in US dollars. The document outlines changes in accounting policies, including the adoption of amendments to standards and interpretations effective from January 1, 2014, which had no material impact on the financial statements. Key amendments include those related to investment entities, offsetting financial assets and liabilities, novation of derivatives, IFRIC 21 levies, and recoverable amount disclosures for non-financial assets.


document_description: The document discusses amendments to IFRS 1 regarding the adoption of international financial reporting standards, effective from 2014. It outlines the company's significant accounting policies, including the adoption of the US dollar as the functional and presentation currency, handling of foreign currency transactions, and treatment of cash and restricted cash in financial statements.


document_description: The document outlines the valuation and measurement of the Company's financial instruments, including fair value and amortized cost methods. It details the initial recognition and measurement of financial assets, subsequent measurement of accounts receivable, and impairment assessment of financial assets.


document_description: The document outlines the impairment and derecognition of financial assets and liabilities. It details the process for recognizing impairment losses on financial assets carried at amortized cost, the conditions for derecognizing financial assets, and the initial and subsequent measurement of financial liabilities. It also covers the derecognition of financial liabilities when obligations are paid, canceled, or replaced.


document_description: The document outlines the company's use of derivative financial instruments, such as interest rate swaps and caps, for hedging interest rate risks. It details the initial recognition, subsequent measurement, and accounting treatment of these derivatives, including their classification as cash flow hedges and the criteria for hedge accounting. The document also covers the classification of derivatives as current or non-current based on the underlying hedged item.

title: Derivative Financial Instruments and Hedge Accounting


document_description: This document is an amendment detailing accounting practices for Certified Emission Reductions (CERS), intangible assets, connectivity rights, research and development costs, software, and property, plant, and equipment. It includes changes to the recognition and measurement of these items in accordance with relevant accounting standards.

title: Amendment #4

key_organizations:
Energía Eólica
ENEE


document_description: The document outlines the accounting policies related to asset depreciation, construction costs, and revenue recognition. It includes a table of estimated useful lives for various asset categories and discusses the treatment of construction costs and asset decommissioning. The document also covers impairment assessment for non-financial assets and revenue recognition from energy sales.


document_description: The document outlines financial policies and practices related to revenue recognition, interest income from financial instruments, borrowing costs, termination benefits, and tax calculations. It includes specific details on how revenue is recognized, how interest income is calculated, the treatment of borrowing costs, employee termination benefits, and tax liabilities.


document_description: This document outlines the company's policies on deferred income tax, sales tax, operating leases, and significant accounting judgments, estimates, and assumptions. It details the methods for calculating deferred income tax, the treatment of sales tax in revenue and expenses, the classification of operating leases, and the judgments used in financial statement preparation, including the classification of derivative financial instruments as cash flow hedges.

title: Amendment #4 - Deferred Income Tax and Other Financial Policies


document_description: The document discusses estimates and assumptions related to financial instruments, impairment of non-financial assets, operating leases, and development costs. It also mentions standards issued but not yet effective as of December 31, 2014, including IFRS 9 Financial Instruments.


document_description: This document outlines amendments to various IFRS and IAS standards, including IFRS 14, IFRS 15, IAS 16, IAS 38, IAS 41, and IAS 19. It details changes in accounting policies for regulatory deferral accounts, revenue recognition, depreciation and amortization methods, accounting for bearer plants, and employee contributions to defined benefit plans.

title: Amendment #4


document_description: The document outlines amendments to IAS 27 and IFRS 11, allowing entities to use the equity method for investments in subsidiaries, joint ventures, and associates in separate financial statements. It also details amendments to IFRS 11 regarding accounting for acquisitions of interests in joint operations. Additionally, it lists annual improvements from the 2010-2012 and 2011-2013 cycles, effective from January 1, 2014.

title: Amendments to IAS 27 and IFRS 11

key_organizations: IASB IFRS


document_description: The document provides a financial statement detailing cash and restricted cash for the years 2014 and 2013. It includes unrestricted cash, petty cash, and restricted cash in banks, both current and non-current. The cash balances are restricted under financing documents between Energia Eólica and the Lenders, with specific provisions for operational and other purposes.

title: Cash and Restricted Cash


document_description: The document provides a detailed account of the company's accounts receivable and intangible assets for the years 2013 and 2014. It includes information on outstanding balances due from Empresa Nacional de Energía Eléctrica (ENEE) and VAT related to the project's construction. The document also details the cost, additions, and accumulated amortization of intangible assets such as connectivity rights, development costs, and software.

title: Accounts Receivable and Intangible Assets


document_description: The document provides a detailed breakdown of the company's property, plant, and equipment costs, additions, retirements, reclassifications, and accumulated depreciation as of December 31, 2012, 2013, and 2014. It includes information on the costs associated with land, buildings, machinery, major spare parts, furniture, vehicles, and construction in progress. The document also notes that the company's property, plant, and equipment is pledged as a fiduciary guarantee under third-party borrowing arrangements and mentions the capitalization of finance costs related to the Project Expansion.

title: Property, Plant and Equipment

key_organizations: ENEE Gamesa Iberdrola

reference_numbers:
Note 10
Note 1


document_description: The document provides details on notes and loans payable by the company, denominated in US dollars, with interest rates and maturity dates. It includes a table of loans from the Export-Import Bank of the United States and the Central American Bank for Economic Integration, along with their interest rates, maturity dates, and amounts for 2014 and 2013. It also summarizes the maturities of long-term notes and loans payable as of various future dates. The document mentions secured loans obtained in November 2010 for financing the Cerro de Hula Project, with arrangements to protect the security interest of the lenders.

title: Notes and Loans Payable


document_description: The document outlines secured loans entered into by the Company with Ex-Im and CABEI to finance a Project Expansion totaling US$53,733,675. It details the credit facilities, interest rates, periods, and guarantees associated with these loans. As of December 31, 2013, no withdrawals had been made, and deferred finance costs were recorded as assets. Financial covenants and compliance status as of December 31, 2014, are also discussed.

document_subtype: loan agreement

key_organizations: Ex-Im CABEI


document_description: The document provides a detailed breakdown of accounts payable and accrued expenses for the years 2014 and 2013, including engineering and procurement costs, commercial vendors, rent of land, employee bonuses, social security withholdings, and related party transactions. It also outlines the maturity terms for these accounts and details transactions with related parties under the control of Globeleq Mesoamerica Energy (Wind), Limited.

title: Accounts Payable and Accrued Expenses

key_organizations: Administración de Energías Renovables, S.A.


document_description: The document provides details on the compensation to key management personnel and the fair value of derivative instruments used by the company. It includes financial data for 2014 and 2013, highlighting the use of interest rate swaps and caps to hedge variable interest rate exposure. The document also summarizes the effects of these derivatives on the company's financial statements.

title: Amendment #4 - Compensation and Derivative Instruments


document_description: The document provides details on derivative instruments, decommissioning and restoration provisions, and equity information for a company. It includes a table of swap and cap transactions with effective and termination dates, notional amounts, and interest rates. It also discusses decommissioning obligations for a wind farm and equity details including share capital and contributed capital.

title: Derivative Instruments and Financial Provisions

key_organizations:
Energia Eólica
Ex-Im Bank
CABEi


document_description: The document outlines financial details including legal reserve requirements, equity transactions, dividends, and cost of operations for the years 2013 and 2014. It includes a table of costs associated with operations such as repair and maintenance, professional services, insurance, and more.

title: Amendment #4 - Financial Report

key_organizations: Ex-im CABI


document_description: The document provides a detailed breakdown of general and administrative expenses for the years 2014 and 2013, including employee salaries, professional services, materials, marketing, and utilities. It also outlines the components of deferred tax assets and liabilities, highlighting decommissioning provisions, property, plant, and equipment, and derivative financial instruments. Additionally, it discusses the company's tax obligations and guarantees under agreements and commitments.

title: General and Administrative Expenses and Deferred Tax Assets and Liabilities

key_organizations: Secretaría de Recursos Naturales y Ambiente-SERNA


document_description: The document outlines amendments related to environmental commitments, wind park expansion, maintenance agreements, and operating leases for a wind park project. It includes details on environmental compliance, construction agreements, maintenance guarantees, and lease terms.

title: Amendment #4

document_subtype: contract amendment

key_organizations: Iberdrola Ingeniería y Construcción Mexico SA de CV


document_description: The document outlines the financial risk management objectives and policies of Energía Eólica, focusing on market, credit, and liquidity risks. It details the company's exposure to market risks, particularly foreign currency and interest rate risks, and provides a sensitivity analysis of the impact of exchange rate variations on monetary assets and liabilities.

title: Financial Risk Management Objectives and Policies


document_description: The document discusses Energia Eólica's exposure to interest rate risk, credit risk, and liquidity risk. It includes a table showing the interest rate profile of the company's interest-bearing financial instruments for 2014 and 2013. The company manages interest rate risk through interest rate swaps/caps and monitors credit and liquidity risks through various strategies.

title: Interest Rate Risk and Financial Instruments

key_organizations:
Energia Eólica
ENEE


document_description: The document provides a summary of the maturity of the Company's financial liabilities as of December 31, 2014, and December 31, 2013. It includes details on notes and loans payable, accounts payable, accrued interest, and decommissioning provisions. Additionally, it discusses the Company's capital management strategy and gearing ratio for the years 2014 and 2013.


document_description: The document discusses the fair value of the company's financial instruments, including cash, accounts receivable, notes and loans payable, accounts payable, accrued expenses, and derivative financial instruments. It provides a table comparing the carrying amount and fair value of various loans for the years 2014 and 2013, and explains the fair value hierarchy used for valuation.

title: Fair Value of Financial Instruments


document_description: A Stock Purchase Agreement (SPA) was signed between Globeleq Holdings (Americas Renewables) Limited and Mesoamerica Power Limited as sellers and an affiliate of SunEdison as purchaser, for the sale of a 100% interest in Globeleq Mesoamerica Energy (Wind) Limited. The SPA is subject to various conditions, not all of which have been met as of the date of these financial statements.

document_subtype: Stock Purchase Agreement


document_description: The document is an independent auditor's report for Eolo de Nicaragua, S.A., covering the financial statements for the years ending December 31, 2014, and 2013. It includes the auditor's opinion on the financial statements' conformity with International Financial Reporting Standards.

title: Independent Auditors' Report for Eolo de Nicaragua, S.A.

key_organizations: International Accounting Standards Board


document_description: The financial statements of Eolo de Nicaragua, SA have been restated to correct errors in accounting for provisions, depreciation, deferred income taxes, and classification of restricted cash. The restatement also includes the disclosure of the January 1, 2013 statement of financial position. Ernst & Young, S A issued the opinion without modification.

document_subtype: Restatement of financial statements


document_description: The document is a financial statement for Eolo de Nicaragua, S.A., detailing the statements of financial position as of December 31, 2014, December 31, 2013, and January 1, 2013. It includes assets, liabilities, and equity expressed in US dollars.

title: Eolo de Nicaragua, S.A. Statements of Financial Position


document_description: The document is a financial statement for Eolo de Nicaragua, S.A., detailing the statements of comprehensive income for the years ended December 31, 2014, and 2013. It includes income from the sale of electric power, operating costs, and other income and expenses, resulting in a total comprehensive income of $6,058,029 for 2014 and $1,645,107 for 2013.

title: Eolo de Nicaragua, S.A. Statements of Comprehensive Income


document_description: This document is a financial statement showing the changes in equity for Eolo de Nicaragua, S.A. for the years ended December 31, 2014 and 2013. It includes details on share capital, contributed capital, accumulated deficit, and total equity.

title: Statements of Changes in Equity for Eolo de Nicaragua, S.A.


document_description: The document contains the statements of cash flows for Eolo de Nicaragua, S.A. for the years ended December 31, 2014 and 2013, expressed in US dollars. It details operating, investing, and financing activities, along with net cash changes and cash balances at the beginning and end of the year.

title: Statements of Cash Flows for Eolo de Nicaragua, S.A.


document_description: Eolo de Nicaragua, S.A. is a Nicaraguan corporation generating electricity from a 44 MW wind power park in Rivas, Nicaragua. It is a subsidiary of Globeleq Mesoamerica Energy (Wind) Limited and ultimately owned by Actis Infrastructure Fund 2LP. The company operates under Nicaraguan Law No. 272 and has power purchase agreements with Dissur and Disnorte. The project is registered under the UN's Clean Development Mechanism and eligible for Certified Emission Reductions from 2013 to 2019. The financial statements are prepared for a securities filing related to the company's acquisition.

title: Eolo de Nicaragua, S.A. Financial Statements

document_subtype: financial statements

key_organizations: Distribuidora de Electricidad del Sur, S.A.

key_organizations: Distribuidora de Electricidad del Norte, S.A.


document_description: The document is an amendment related to the restatement of financial statements for a securities filing in connection with a company acquisition. It includes corrections of accounting errors, such as the classification of restricted cash and the need for a decommissioning provision under IAS 37. The restatement affects deferred income tax and expands certain accounting disclosures.


document_description: The document contains a restatement of financial statements with retrospective adjustments for the years ended December 31, 2014, and December 31, 2013. It includes details on current and non-current assets, liabilities, equity, comprehensive income, and cash flows.


document_description: This document outlines the basis of valuation and presentation currency for financial statements as of December 31, 2014 and 2013, prepared on a historical cost basis. It details changes in accounting policies, including the adoption of amendments to standards and interpretations effective from January 1, 2014, such as Investment Entities, Offsetting Financial Assets and Liabilities, Novation of Derivatives, IFRIC 21 Levies, and Annual Improvements 2010-2012 Cycle. These amendments had no material impact on the company's financial statements.

title: Amendment #4

document_subtype: financial amendment

key_organizations: IFRS IASB


document_description: The document discusses the 2011-2013 annual improvements cycle by the IASB, which includes an amendment to IFRS 1 for first-time adoption of International Financial Reporting Standards. It outlines the adoption of the US dollar as the functional and presentation currency by a company in Nicaragua, detailing the translation of monetary and non-monetary items, and the treatment of foreign currency transactions. It also covers policies on cash and restricted cash.

title: Amendment #4


document_description: This document outlines the valuation and measurement of the company's financial instruments and assets. It details the methods for determining fair value and amortized cost, initial recognition and measurement of financial assets, subsequent measurement of notes and accounts receivable, and the impairment of financial assets. The document follows the guidelines of IAS 39 for financial instruments.

title: Amendment #4 - Financial Instruments and Assets


document_description: The document outlines the impairment, derecognition, and measurement of financial assets and liabilities, as well as inventory valuation. It details the process for recognizing impairment losses, derecognizing financial assets and liabilities, and measuring financial liabilities and inventories.


document_description: The document outlines the accounting policies for property, plant, and equipment, including depreciation methods, useful life estimates, and the treatment of construction costs. It also covers the recognition and amortization of intangible assets.

title: Property, Plant, and Equipment and Intangible Assets


document_description: The document outlines the accounting policies related to research and development costs, land usufruct rights, software, impairment of non-financial assets, and revenue recognition for a company involved in wind power generation projects. It includes details on the recognition of intangible assets, amortization periods, and revenue from energy sales and financial instruments.

title: Amendment #4


document_description: This document outlines amendments related to borrowing costs, benefits for termination of employment contracts, and tax regulations. It includes details on the capitalization of borrowing costs, post-employment benefits liability, and the calculation of current and deferred income taxes.

title: Amendment #4


document_description: This document is an excerpt from a financial statement detailing the company's accounting policies regarding sales tax, operating leases, and significant accounting judgments, estimates, and assumptions. It includes information on how sales tax is recorded, the classification of operating leases, and the criteria for capitalizing development costs.

title: Amendment #4 - Financial Statement Excerpt


document_description: This document outlines financial standards and interpretations issued but not yet effective as of December 31, 2014. It includes details on IFRS 9, IFRS 14, IFRS 15, and amendments to IAS 16, IAS 38, and IAS 41. The document discusses the effective dates and application requirements for these standards.

title: Amendment #4 - Standards issued but not yet effective

document_subtype: financial standards update


document_description: The document outlines amendments to various International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), including IAS 41, IAS 19, IAS 27, and IFRS 11. It discusses changes in accounting for government grants related to bearer plants, employee contributions to defined benefit plans, the equity method in separate financial statements, and acquisitions of interests in joint operations. It also includes annual improvements from the 2010-2012 and 2011-2013 cycles.

document_type: other

key_organizations:
IASB
IFRS Foundation


document_description: The document contains amendments to various IFRS and IAS standards, clarifying their application and scope. It also includes a table detailing cash and restricted cash for the years 2013 and 2014.


document_description: The document provides financial details including cash balances, accounts receivable, and prepaid expenses as of December 31, 2014 and 2013. It outlines the restrictions on cash balances under financing documents, details accounts receivable from electric power sales, and describes prepaid expenses related to maintenance agreements.

key_organizations: Distribuidora de Electricidad del Sur, S.A. (Dissur)

key_organizations: Distribuidora de Electricidad del Norte, S.A. (Disnorte)


document_description: The document provides a breakdown of balances and transactions with related parties under the control of Globeleq Mesoamerica Energy (Wind) Limited. It includes accounts and notes receivable, finance income, and professional services related to construction projects. The document also mentions a Management Services Agreement with Administración de Energías Renovables, S.A. and compensation details for key management personnel.

title: Balances and Transactions with Related Parties

key_organizations: Globeleq Holdings (Americas Renewables) Limited


document_description: The document provides a detailed breakdown of the cost, additions, retirements, and accumulated depreciation of property, plant, and equipment as of December 31, 2012, 2013, and 2014. It includes categories such as buildings, machinery, major spare parts, furniture, vehicles, and construction in progress. The document also discusses an agreement with Empresa Nacional de Transmisión Eléctrica of Nicaragua (Enatrel) regarding the transfer of substation components and a decommissioning provision related to a wind farm.

title: Property, Plant and Equipment

key_organizations: Empresa Nacional de Transmisión Eléctrica (Enatrel)


document_description: The document provides a detailed table of intangible assets, including development costs, land usufruct rights, and software, along with their costs, additions, accumulated amortization, and carrying amounts as of December 31 for the years 2012, 2013, and 2014. It also includes a description of project development costs and amortization periods.

title: Intangible Assets Table

key_organizations: Globeleq Mesoamerica Energy (Wind) Limited


document_description: The document outlines four loan agreements entered into by the Company on April 20, 2012, to finance a project with a total principal amount of up to US$91,500,000. It includes details of interest rates, principal amounts, and financial covenants. The loans are secured by the project and its assets, with Citibank, N.A. and Banco de América Central, S.A. acting as security trustees.

title: Notes and Loans Payable

key_organizations: Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO)

key_organizations: Société de Promotion et de Participation pour la Coopération (PROPARCO)

key_organizations: Deutsche Investitions-und Entwicklungsgesellschaft MBH (DEG)


document_description: The document outlines financial covenants related to debt agreements, including debt service coverage ratios and debt to equity ratios. It also provides a summary of maturities of long-term notes and loans payable as of December 31, 2014, and details on accounts payable terms with third-party vendors.

document_subtype: financial covenants


document_description: This document provides a detailed breakdown of accrued expenses and other accounts payable for the years 2013 and 2014, including sales tax, social security withholdings, employee bonuses, and contract accruals. It also discusses the decommissioning provision for a wind farm and income tax obligations.

title: Amendment #4 - Accrued Expenses and Other Accounts Payable


document_description: The document presents the components of deferred tax assets and liabilities for the years 2013 and 2014, including details on decommissioning provisions and property, plant, and equipment. It also covers equity details such as share capital, contributed capital, and equity transactions.

title: Deferred Tax Assets and Liabilities


document_description: The document provides a detailed breakdown of costs of operations, general and administrative expenses, and agreements, commitments, and contingencies for the years 2013 and 2014. It includes tables with financial figures for various categories such as repair and maintenance, insurance, professional services, employee compensation, and guarantee deposits.

title: Amendment #4 - Costs of Operations and Financial Commitments

document_subtype: financial report


document_description: The document outlines land usufruct and lease agreements between the Company and Nicaraguan entities Ganaderia El Limón, S.A and Corporación Ganadera Interamericana, S.A. The agreements allow the Company to develop a project on approximately 2,200 hectares of land for 20 years starting December 1, 2012. Compensation includes a percentage of energy sales and annual payments. The document also covers wind farm construction and maintenance agreements with Gamesa Eólica, S.L., and a tax assessment dispute with the Municipality of Rivas, Nicaragua.

title: Land Usufruct and Lease Agreements

document_type: property

document_subtype: lease agreements


document_description: The document outlines the financial risk management policies of the Company, focusing on market, credit, and liquidity risks. It highlights the Company's exposure to foreign currency risk, particularly with the Nicaraguan Cordoba, and provides a summary of monetary assets and liabilities in foreign currencies as of December 31, 2014. A sensitivity analysis is included to show the impact of exchange rate variations on monetary assets and liabilities.

title: Financial Risk Management and Policies

document_subtype: financial risk management

key_organizations:
Eolo
Central Bank of Nicaragua


document_description: The document discusses the credit and liquidity risks faced by the company, Eolo, as of December 31, 2014 and 2013. It outlines the credit risk from operating and financing activities, noting that no impairment allowance has been recognized as customer balances are current. The liquidity risk section details the company's strategy to maintain liquid assets over liabilities and provides a table summarizing the maturity of financial liabilities for 2014 and 2013.

title: Credit and Liquidity Risk Management

key_organizations: Eolo Disnorte Dissur


document_description: The document provides an overview of the company's capital management strategies, including its gearing ratio and fair value of financial instruments as of December 31, 2014 and 2013. It includes detailed tables on the company's liabilities, equity, and fair value assessments of loans.

title: Amendment #4 - Financial Overview


document_description: The document provides financial data related to loans to GME for the years 2013 and 2014, including carrying amounts and fair values. It explains the fair value hierarchy used by the company and reports subsequent events such as a cash dividend declaration and a Stock Purchase Agreement involving Globeleq Holdings and SunEdison.

title: Amendment #4


document_description: The document is an independent auditor's report by Ernst & Young, S.A. for Inversiones Eólicas de Orosi Dos, S.A. It covers the audit of financial statements for the years ending December 31, 2014, and 2013. The report includes the auditor's opinion that the financial statements present fairly in all material respects the financial position of the company in conformity with International Financial Reporting Standards. The report also discusses the restatement of financial statements due to corrections of errors in accounting for restoration provisions and classification of restricted cash.

title: Independent Auditors' Report for Inversiones Eólicas de Orosi Dos, S.A.


document_description: This document contains the statements of financial position for Inversiones &Micas de Orosi Dos, S.A., a Costa Rican entity, as of December 31, 2014, December 31, 2013, and January 1, 2013. It details the assets, liabilities, and equity expressed in US dollars.

title: Statements of Financial Position for Inversiones &Micas de Orosi Dos, S.A.


document_description: This document contains the Statements of Comprehensive Income for Inversiones &Micas de Orosi Dos, S.A., a Costa Rican entity, for the years ended December 31, 2014 and 2013. It includes details on construction revenue, construction costs, operating costs, and other financial metrics.

title: Inversiones &Micas de Orosi Dos, S.A. Statements of Comprehensive Income


document_description: This document is a financial statement showing the changes in equity for Inversiones &Micas de Orosi Dos, S.A., a Costa Rican entity, for the years ended December 31, 2014 and 2013. It includes details on share capital, contributed capital, accumulated deficit, and total equity.

title: Inversiones &Micas de Orosi Dos, S.A. Statements of Changes in Equity


document_description: The document is a financial statement detailing the cash flows of Inversiones Eolicas de Orosi Dos, S.A., a Costa Rican entity, for the years ended December 31, 2014, and 2013. It includes operating, investing, and financing activities, with specific figures for losses, depreciation, finance costs, and changes in assets and liabilities.

title: Statements of Cash Flows for Inversiones Eolicas de Orosi Dos, S.A.


document_description: The document provides corporate information and financial details for Inversiones Eólicas de Orosí Dos, S.A., a Costa Rican entity involved in constructing a 50 MW wind farm in Guanacaste, Costa Rica. It includes details about the Power Purchase Agreement with ICE, the EPC agreement with Gamesa, and financial arrangements for the project.

title: Notes to Financial Statements for Inversiones Eólicas de Orosí Dos, S.A.

key_locations: Quebrada Grande de Liberia, Guanacaste, Costa Rica

key_organizations:
Inversiones Eólicas de Orosí Dos, S.A.
Inversiones Eólicas de Costa Rica, S.A.
Globeleq Mesoamerica (Wind) Limited
Actis Infrastructure Fund 2LP
Instituto Costarricense de Electricidad
Gamesa Wind US LLC


document_description: Amendment #4 outlines the compliance with Costa Rican Law N° 7200 and its amendments, and details the basis of preparation and restatement of the company's financial statements for 2014 and 2013. The restatement addresses accounting errors, including the classification of restricted cash and the need for a restoration provision under IAS 37.

title: Amendment #4 to Financial Statements

document_subtype: financial statement amendment

reference_numbers:
Law N° 7200
Law N° 7508
IAS 37


document_description: This document contains corrections to financial statements, impacting various financial metrics for the years ended December 31, 2014 and 2013. It includes restated balances for assets, liabilities, equity, comprehensive income, and cash flows.

title: Amendment #4 - Financial Statement Corrections


document_description: The financial statements for the years ending December 31, 2014, and 2013 were prepared on a historical cost basis, with certain items measured according to specific accounting policies. The statements are in US dollars. The company adopted several amendments to standards and interpretations effective from January 1, 2014, which had no material impact on the financial statements.


document_description: The document outlines the adoption of the US dollar as the functional and presentation currency by Orosi, detailing the reasons for this choice and the implications for financial reporting. It also covers the treatment of foreign currency transactions and the classification of cash and restricted cash in financial statements.

title: Amendment #4 - Summary of Significant Accounting Policies

key_organizations: Orosi IASB


document_description: This document outlines the valuation methods for the Company's financial instruments, including fair value and amortized cost methods. It details the initial recognition and measurement of financial assets, subsequent measurement of accounts receivable, and impairment of financial assets. The document references IAS 39 Financial Instruments: Recognition and Measurement and describes the Company's approach to financial assets, including accounts receivable and derivative financial instruments.

title: Amendment #4 - Financial Instruments


document_description: The document outlines the impairment, derecognition, and measurement of financial assets and liabilities according to IAS 39. It details the process for recognizing impairment losses, derecognizing financial assets and liabilities, and the use of derivative financial instruments for hedging interest rate risks.


document_description: The document discusses the accounting treatment of derivatives and project equipment. Derivatives are classified as financial assets or liabilities based on their fair value and are used for hedge accounting. The document outlines the criteria for hedge accounting, the classification of derivatives, and the treatment of cash flow hedges. It also covers the accounting for project equipment, including depreciation and impairment.

title: Amendment #4 - Derivatives and Project Equipment


document_description: This document provides a breakdown of the estimated useful lives of various assets, including machinery, furniture, and vehicles. It also details the accounting treatment for intangible assets, research and development costs, and service concession arrangements related to wind power generation projects. The document outlines the conditions under which intangible assets are recognized and amortized, and how gains or losses from asset derecognition are handled.

title: Amendment #4 - Useful Lives and Intangible Assets


document_description: This document is an excerpt from a financial statement amendment, detailing the company's policies on impairment of non-financial assets, revenue recognition, borrowing costs, and benefits for termination of employment contracts. It includes specific methods for assessing asset impairment, recognizing revenue from construction services and financial instruments, capitalizing borrowing costs, and calculating severance compensation according to Costa Rica's Labor Code.


document_description: This document outlines the company's tax policies, including current and deferred income tax, sales tax, and significant accounting estimates and assumptions. It details how the company offsets tax assets and liabilities, calculates income tax, and recognizes deferred tax assets. It also discusses the treatment of sales tax in revenue and expenses, and the impact of accounting estimates on financial statements.

title: Amendment #4

document_subtype: Amendment


document_description: The document discusses estimates and assumptions related to future events affecting asset and liability amounts, revenue recognition for construction projects, impairment of non-financial assets, and standards issued but not yet effective as of December 31, 2014. It includes details on IFRS 9, IFRS 14, and IFRS 15.

title: Amendment #4 - Financial Statement


document_description: The document outlines amendments to various International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS), including IAS 16 and IAS 38 on depreciation and amortization methods, IAS 41 on bearer plants, IAS 19 on employee contributions to defined benefit plans, IAS 27 on the equity method in separate financial statements, and IFRS 11 on accounting for acquisitions of interests in joint arrangements. The amendments clarify accounting principles and are effective for annual periods beginning on or after specified dates, with early adoption permitted.

title: Amendments to IAS 16, IAS 38, IAS 41, IAS 19, IAS 27, and IFRS 11

document_subtype: Amendments to International Accounting Standards

key_organizations: International Accounting Standards Board (IASB)


document_description: The document outlines amendments related to the acquisition of interests in joint operations and improvements to various IFRS standards. These amendments are effective for annual periods beginning on or after January 1, 2016, with some improvements effective from July 1, 2014. The document details specific amendments to IFRS 2, IFRS 3, IFRS 8, IFRS 13, IAS 16, IAS 24, and IAS 40, clarifying definitions, scope exceptions, and disclosure requirements.

title: Amendment #4

document_subtype: amendment

key_organizations: IFRS IAS


document_description: This document contains financial data for the year 2014, including cash balances, restricted cash, prepaid sales tax, and intangible assets related to the construction of a wind park. It details changes in cash balances, restricted cash agreements, prepaid sales tax issues with the Costa Rican government, and intangible asset accounting under IFRIC 12.

document_subtype: financial statement

key_organizations:
Energia Eólica
Ministry of Treasury
Orosi

reference_numbers:
Note 11
Note 4.8.2
note 15


document_description: The document provides financial details related to construction costs, project completion, finance costs, project equipment, and derivative instruments as of December 31, 2014. It includes a table detailing costs, additions, retirements, and depreciation of project equipment over the years 2012 to 2014. It also discusses the fair value of a derivative instrument used for hedging interest rate exposure.

key_organizations: Gamesa BICSA

reference_numbers:
Note 13
Note 21
Note 11


document_description: This document outlines the main characteristics of a cap agreement effective from April 25, 2014, to October 25, 2028, with a maximum notional amount of US$19,526,000 and interest rates between 2.50% and 4.75%. It also provides a detailed summary of notes and loans payable for construction and land purchase, including interest rates, maturity dates, and amounts for 2014 and 2013.

title: Amendment #4 - Cap Agreement and Notes/Loans Payable

document_subtype: financial agreement

key_organizations: Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V.

key_organizations: Administración de Energías Renovables, S.A.

key_organizations: Corporación Ganadera Interamericana, S.A.


document_description: The document outlines the provisions of construction loans included in various agreements, secured by the Project and its assets. It details financial covenants, debt agreements, and deferred finance costs. The Company entered into an unsecured subordinated loan agreement with Administración de Energías Renovables, S.A. on September 2, 2014. Financial covenants include debt service coverage ratios and debt to equity ratios. As of December 31, 2014, the Company is in compliance with these covenants.

document_subtype: financial document


document_description: The document provides details on accrued expenses and accounts payable for the years 2013 and 2014, including engineering and procurement costs related to the Orosi Project. It also outlines balances and transactions with related parties under the control of Globeleq Mesoamerica Energy (Wind), Limited.

title: Accrued Expenses and Other Accounts Payable

reference_numbers:
Note 8
Note 11
Note 12


document_description: The document outlines financial agreements and transactions related to project management, compensation, restoration provisions, and equity for a company involved in wind farm operations. It includes details on management fees, inspection contracts, compensation to key personnel, restoration provisions, share capital, contributed capital, and equity transactions.


document_description: The document provides a financial overview of research expenses, cost of operations, general and administrative expenses, and income tax for the years 2013 and 2014. It includes detailed tables of expenses and notes on donations and tax rates.

key_organizations:
Guanacaste Dry Conservation Fund
Orosi


document_description: The document presents the reconciliation of the current income tax calculation, detailing losses before tax, non-deductible expenses, non-taxable income, and differences in exchange rates. It also outlines the components of deferred tax assets and liabilities, including organization costs and restoration provisions. The document discusses the amortization of organization costs and the impact of non-monetary assets denominated in Costa Rican colons. It includes sections on guarantees and environmental commitments related to the company's operations.

title: Amendment #4 - Income Tax Calculation and Deferred Tax Assets/Liabilities


document_description: The document outlines the company's financial risk management objectives and policies, including market risk, interest rate risk, and the construction of a power plant. It includes financial data on fixed and variable rate instruments for 2013 and 2014, and mentions an EPC agreement with Gamesa for power plane construction.

title: Financial Risk Management and Power Plane Construction

key_organizations:
Banco Nacional de Costa Rica
Gamesa
Setena


document_description: The document provides a financial analysis of Orosi's foreign currency risk and liquidity risk as of December 31, 2014. It includes a summary of monetary assets and liabilities in foreign currencies, expressed in US dollars, and a sensitivity analysis of exchange rate variations. Additionally, it summarizes the maturity of the company's financial liabilities based on payment commitments.

title: Foreign Currency and Liquidity Risk Analysis

key_organizations:
Orosi
Costa Rica Central Bank


document_description: The document provides a financial statement as of December 31, 2013, detailing notes and loans payable, accounts payable, and accrued expenses. It includes a capital management policy and fair value assessment of financial instruments, categorized by fair value hierarchy levels.

title: Amendment #4 Financial Statement


document_description: The document provides the fair value of bank loans as of December 31, 2014, and discusses subsequent events including a construction contract with Gamesa Wind US LLC and a Stock Purchase Agreement involving Globeleq Holdings.

title: Amendment #4 - Fair Value of Bank Loans and Subsequent Events

key_organizations: Globeleq Mesoamerica Energy (Wind) Limited


document_description: TerraForin Global seeks to deliver clean and sustainable energy by owning and operating long-term contracted power generating assets. The company aims to meet growing energy demand while providing investors with stable and growing dividends.

title: Amendment #4


document_description: This document is a preliminary prospectus for TerraForm's Class A common stock, listing 56,570,000 shares. It includes a table of contents and mentions several financial institutions involved in the offering.

title: TerraForm Class A Common Stock Preliminary Prospectus

document_subtype: prospectus

key_organizations:
TerraForm
J.P. Morgan
Barclays
Citigroup
Morgan Stanley
Goldman, Sachs & Co.
BofA Merrill Lynch
Deutsche Bank Securities
BTG Pactual
Itau BBA
Kotak Investment Banking
SMBC Nikko
SOCIETE GENERALE


document_description: This document is an amendment detailing the costs and expenses related to the issuance and distribution of shares of Class A common stock, excluding underwriting discounts and commissions. It includes a table of estimated expenses and discusses indemnification provisions for directors and officers under Delaware law.

title: Amendment #4


document_description: The document discusses indemnification provisions for directors and officers, insurance policies, and recent sales of unregistered securities. It outlines the company's intention to indemnify directors and officers to the fullest extent permitted by the DGCL, including advancing expenses. It also details recent grants of restricted stock and a private placement agreement with Baron Capital Management and Zimmer Partners.

title: Amendment #4

key_people:
Baron Capital Management
Zimmer Partners

key_organizations: SunEdison Global


document_description: This document is an amendment related to securities offerings, detailing representations from purchasers, exhibit and financial statement schedules, and undertakings regarding liability and indemnification under the Securities Act of 1933.

title: Amendment #4


document_description: Amendment #4 to a legal document related to the Securities Act of 1933, detailing undertakings by the registrant regarding liability and post-effective amendments.


document_description: Amendment No. 4 to the Registration Statement on Form S-1 for TerraForm Global, Inc., signed by authorized individuals including Jeremy Avenier, Ahmad Chatila, Carlos Domenech Zomoza, Martin Truong, and Brian Wuebbels, pursuant to the Securities Act of 1933.

title: Amendment No. 4 to Registration Statement on Form S-1

key_people:
Jeremy Avenier
Ahmad Chatila
Carlos Domenech Zomoza
Martin Truong
Brian Wuebbels


document_description: This document is an exhibit index listing various agreements and documents related to TerraForm Global, Inc. and SunEdison, Inc. It includes forms of underwriting agreements, stock contribution and purchase agreements, certificates of incorporation and bylaws, stock certificates, opinions, management services agreements, project support agreements, repowering services agreements, exchange agreements, registration rights agreements, indemnification agreements, operating agreements, long-term incentive plans, investment agreements, direct agreements, interest payment agreements, and unit purchase agreements.

title: Amendment #4 Exhibit Index

document_subtype: Exhibit Index

key_organizations: JPMorgan Chase Bank, National Association


document_description: This document is a table of contents listing various exhibits related to TerraForm Global, Inc. and its subsidiaries. It includes amended agreements, ownership agreements, lists of subsidiaries, and consents from various accounting and legal firms.

title: Amendment #4 - Table of Contents

document_subtype: exhibit list

key_organizations: Deloitte Touche Tohmatsu Auditores Independentes


document_description: Wire transfer instruction to transfer 10,000 Euros from a specified account to a beneficiary in Sweden.

key_people:
Darren Indyke
Marjorie Flash
Amar Siad
Bella Klein

document_subtype: wire transfer instruction


document_description: A confidential document related to the Jeffrey Epstein case, marked pursuant to Federal Rule of Criminal Procedure 6(e).


document_description: A memorandum from Harry Beller to Amenda Kirby instructing a wire transfer of EUR 2,307.69 from a specified debit account to a beneficiary in Paris, France.

key_people:
Harry Beller
Amenda Kirby
Monsieur Valdson Vieira Cotrin
Bella Klein

key_locations:
Paris, France
St. Dennis Paris 93200, France

document_subtype: wire transfer


document_description: This document is marked as confidential and is related to legal proceedings, specifically under the Federal Rules of Criminal Procedure 6(e). It contains identifiers such as DB-SDNY-0058832, SDNY_GM_00205016, and EFTA01367303, which may be case or document numbers.


document_description: The document is marked as confidential and is related to a legal matter, possibly a grand jury proceeding, as indicated by the reference to Federal Rule of Criminal Procedure 6(e).


document_description: A confidential meeting scheduled in Rich's office involving Rich, Stewart, and Paul.

title: Rich/Stewart/Paul Meeting

key_people:
Paul Morris
Rich
Stewart

document_subtype: meeting notice


document_description: A confidential communication from Deutsche Bank, which includes a disclaimer about unauthorized copying, disclosure, or distribution. It also states that Deutsche Bank does not provide legal or tax advice.


document_description: The document is a confidential communication from Deutsche Bank, indicating that it does not provide legal or tax advice. It is marked as confidential under Federal Rule of Criminal Procedure 6(e).


document_description: Authorization for asset movement for non-retirement accounts at Deutsche Bank Alex. Brown, signed by Darren K Indyke. The document authorizes a wire transfer of $180 from Jeffrey E Epstein's account. It includes provisions for checks, journals, and free deliveries, though these sections are not filled out. The document outlines the responsibilities and risks associated with the transmission of instructions and the bank's rights regarding verification and execution of instructions.

key_people:
Darren K Indyke
Jeffrey E Epstein

document_subtype: Authorization for Asset Movement


document_description: Wire transfer instruction from Darren K Indyke to Arthur Tendler to transfer 2,500 Euros from a specified account to a beneficiary at Banca Del Fucino.

key_people:
Darren K Indyke
Arthur Tendler


document_description: A Regulation E Disclosure document from Deutsche Bank Trust Company Americas detailing a remittance transfer from Jeffrey Epstein to himself, with a transfer amount of 120,000.00 EUR. The document includes information on transfer fees, total amount to recipient, and rights to dispute errors or cancel the transaction.

document_subtype: Regulation E Disclosure


document_description: The report focuses on the less-understood 40 million barrels per day of global crude production excluding OPEC, US onshore, and NGLs, and the outlook for the next 2-5 years. Key points include the expectation of no major roll-over in Non-OPEC supply through 2017, a call on US onshore growth of 500 Mb/d in 2017, the need for $65-$70/bbl oil to support this growth, and post-2017 Non-OPEC shortages driving increased demand for US crude and price inflation.

title: US Integrated Oils Industry

key_people:
Ryan Todd
Igor Grinman
David Fernandez

document_subtype: research report


document_description: This document is marked as confidential and is related to a legal matter under the jurisdiction of the Southern District of New York (SDNY). It references Federal Rule of Criminal Procedure 6(e), which pertains to the secrecy of grand jury proceedings.


document_description: The report analyzes the outlook for global crude production excluding OPEC and US onshore, predicting resilience in Non-OPEC production through 2017 and a call on US onshore growth. It discusses the need for higher oil prices to support US production growth and highlights preferred stocks in the context of a moderate oil price environment.

title: The "Other" 40 Million Barrels a Day and the Call on US Crude Growth

key_organizations:
Deutsche Bank
OPEC


document_description: This document is a report on the US Integrated Oils sector, covering topics such as non-OPEC growth outlook, capex reductions, and risks to the outlook. It includes a country-by-country outlook on key players in the oil industry.

title: US Integrated Oils

key_locations:
North Sea
U.S. Gulf of Mexico
Caspian Sea
Angola
Brazil
Canada
Colombia
Malaysia
Mexico
Russia


document_description: The document discusses the resilience of global Non-OPEC oil production despite cuts to global capex. It highlights major capital projects contributing to production growth between 2015 and 2017, with significant contributions from the US GoM, Brazil, Canada, and the North Sea. The document includes a table showing average growth barrel contributions and YoY Non-OPEC supply growth. It also provides a case study on Norway's production trends.

title: US Integrated Oils Executive Summary

key_locations:
US GoM
Brazil
Canada
North Sea
Norway

key_organizations:
Deutsche Bank
Wood Mackenzie
IEA


document_description: The document discusses the anticipated demand for US onshore crude production, highlighting a call on US onshore production growth due to stronger than expected global crude demand. It includes tables showing year-over-year growth from 2009 to 2016 and incremental demand for US onshore crude expected to emerge late 2016. The report anticipates demand acceleration through 2017 and significant growth in 2018 and beyond.

title: US Integrated Oils Report


document_description: The document discusses the breakeven oil prices required for US onshore drilling and completion activities, emphasizing the importance of corporate cash flow over single well rates of return. It provides a table of breakeven prices for various companies and discusses the impact of deferred Final Investment Decisions (FIDs) on US crude supply by late 2017. It includes tables showing major oil project sanctions and peak capacity by year.

title: Integrated Oil Analysis


document_description: The document discusses the outlook for US integrated oil stocks, focusing on the pace of crude price recovery and investment strategies. It upgrades Occidental Petroleum (OXY) to Buy due to its growth and free cash flow potential, while downgrading Hess Corporation (HES) to Hold due to high spending and lack of near-term cash flow. Key risks include global demand, supply delays, decline rates, and OPEC policies.

title: US Integrated Oils Analysis

key_people: OXY HES

key_locations:
Permian
North Malay Basin
Kurdistan
Saudi
Iran
Iraq
UAE


document_description: The document discusses global oil demand and decline rates, projecting a growth in global product demand in 2016 compared to 2015. It highlights the potential impact of demand growth on US crude production and prices. Additionally, it addresses the inventory overhang expected in 2Q16 and its implications.


document_description: The document discusses the outlook for Non-OPEC crude production growth, highlighting that despite expectations of decline due to capex cuts, significant investment in growth projects will sustain production levels. It includes data on project-driven growth and year-over-year crude production growth from 2004 to 2020.

title: The Non-OPEC growth outlook to 2017


document_description: The document discusses the impact of potential reductions in brownfield capital spending on oil production, emphasizing that large projects remain the primary driver of volume growth. It includes a table showing historical and projected oil production volumes across various categories from 2003 to 2016. The document also highlights the risks associated with Non-OPEC supply, which has historically underperformed expectations.

title: US Integrated Oils

key_organizations:
Deutsche Bank
IEA


document_description: The document discusses the growth in oil production from various regions, highlighting Brazil and Canada as major contributors outside the US onshore. It includes cumulative growth projections for 2014-2017 and 2014-2020, with detailed figures for each region.

title: Integrated Oil - US Integrated Oils

key_locations:
Brazil
Canada
Mexico
Non-OPEC Middle East
Colombia
North Sea
Alaska
Caspian Sea
India
Europe Non-OECD
Other Non-OECD Asia
Angola
Other FSU
Australia
Other Non-OPEC Latin America
Other Europe OECD
China
Indonesia
Other Asia OECD
Malaysia
Non-OPEC Africa
Russia
GoM


document_description: The document provides a tabular representation of Non-OPEC crude production by region from 2014 to 2020, with forecasted years indicated by 'E'. It highlights a general decrease in total production from 2014 to 2020, with a projected decrease of approximately 1500 MMb/d when Brazil and Canada are excluded. Including Brazil and Canada, production is projected to increase by 400 Mb/d. Key regions include GoM, Non-OPEC Middle East, Indonesia, Caspian Sea, India, Colombia, and Australia. The document also includes figures on the growth of 'Other Bbls' and sources of growth from 2015 to 2017.

title: Non-OPEC Crude Production by Region (2014-2020)

key_locations:
GoM
Non-OPEC Middle East
Indonesia
Caspian Sea
India
Colombia
Australia
Brazil
Canada


document_description: The document discusses the project risk and expected growth in the US Integrated Oils sector post-2017. It highlights the increasing importance of ultra-deepwater projects and provides a breakdown of development status and project types. The document also mentions the physical decomposition of crude barrels expected to enter the global market, with a focus on heavy Canadian oil sand volumes and medium heavy Brazilian barrels.

title: US Integrated Oils

key_locations: Canada Brazil


document_description: The document contains data on non-OPEC oil production mix and anticipated growth in oil production from 2014 to 2020. It includes tables showing the percentage composition of different oil types and a list of top 25 projects contributing to incremental oil production between 2014 and 2017.

title: US Integrated Oils

key_locations:
Latin America
North America
FSU
Africa
Europe
Norway
Canada
Brazil
Angola
United States
Mexico
UK
Kazakhstan
Russia

key_organizations:
Deutsche Bank
Wood Mackenzie
IEA
Petrobras
Imperial
SeverEnergia
ExxonMobil
ConocoPhillips
Canadian Natural Resources
Lundin Petroleum
Ta-Yuryakh
North Caspian Operating Co
Cenovus Energy
Total
Yargeo
LLOG Exploration
Eni
Anadar
Shell
Pemex
Chevres
Nexen
Husky Energy


document_description: This document contains a table listing the top 25 oil production projects from 2017 to 2020, detailing their regions, countries, basins, operators, project types, development statuses, API, production start-up years, peak production years, and incremental production figures.

title: Top 25 Projects (2017-2020) Incremental Oil Production

key_locations:
Brazil
Norway
Kazakhstan
Angola
Canada
Russia
Mexico
United States
UK

key_organizations:
Petrobras
Statoil
North Caspian Operating Co
Total
Suncor Energy
ExxonMobil
Gazpromneft Novi Port
Cobalt International Energy
Maersk Oil & Gas
Canadian Natural Resources
ConocoPhillips
Shell
LUKOIL Nizhnevalshskneft
Hess Corporation
Premier


document_description: The document discusses global capex trends in the oil and gas industry, highlighting significant reductions in capital expenditures (capex) for 2015 compared to 2014. It notes that these cuts are primarily due to major project deferrals rather than reductions in maintenance spending, which will impact production growth later in the decade but not immediately. The document also provides a survey of capex trends across 50 global oil and gas producers, noting an average cut of 20% in 2015. It highlights that capex cuts are largest in the US and among independent E&Ps, while global IOCs have more moderate cuts. The document mentions specific companies like XOM, CVX, COP, BP, RDS, TOT, ENI, STO, and Petrobras, discussing their capex strategies and production forecasts.

key_locations: US Russia Brazil

key_organizations:
Deutsche Bank Securities Inc.
XOM
CVX
COP
BP
RDS
TOT
ENI
STO
Petrobras


document_description: The document provides a detailed analysis of spending in the US Integrated Oils sector, focusing on offshore upstream CAPEX for 2014. It includes a breakdown of spending categories such as Greenfield, Brownfield, and Exploration CAPEX. The document also presents historical data on engineering, equipment, services, and SURF spending from 2006 to 2011, along with their share of Brownfield spending. Additionally, it discusses the impact of local currency devaluations on brownfield spending, using Norway's NOK as an example, and provides an illustrative example of how a stronger dollar can soften spending declines.

title: US Integrated Oils Spending Analysis

key_organizations:
Deutsche Bank
Wood Mackenzie


document_description: The document discusses the potential for a future oil price spike due to reduced budgets impacting long-term crude supply. It highlights the decline in global project FIDs from 2002 to 2014, with a significant drop in 2014 and 2015, which could lead to a supply crunch later in the decade.

title: Integrated Oil - US Integrated Oils


document_description: The document is a table tracking various oil projects around the world, detailing their country, project type, operator, participants, production start, peak production, and commentary. It includes projects in Norway, Angola, Nigeria, the United States, Brazil, Kazakhstan, and others, with operators like Statoil, Wintershall, Shell, ExxonMobil, BP, and Petrobras.

title: Near-Term FID Tracker

key_locations:
Norway
Angola
Nigeria
United States
Brazil
Kazakhstan

key_organizations: Statoil Wintershall Shell ExxonMobil BP Petrobras Tengachevrol


document_description: The document discusses trends in the Norwegian North Sea oil industry, highlighting a decline in production since 2000 despite increased capital expenditure. It includes a table showing production and capex data from 2000 to 2014, with projections for 2016. The document notes a shift in outlook due to new projects and a moderation in decline rates.

title: The North Sea: A Case Study On Spend and Decline Rates


document_description: The document provides an analysis of the decline rates in mature oil assets, highlighting the impact of capital budget reductions and redevelopment spending on these rates. It includes a table showing year-over-year growth from 2009 to 2016 and discusses the factors influencing decline rates, such as infill drilling and maintenance impacts. The analysis forecasts a normalized decline rate and its impact on future oil production estimates.

title: US Integrated Oils Analysis


document_description: The document analyzes the decline rate of North Sea oil production, adjusting for growth and maintenance outliers. It highlights a peak decline rate of 12% in 2011 and a reduction to 6.5% in 2014 due to re-developed projects. The analysis includes a table of adjusted base, decline, and actual production from 2009 to 2014.

title: North Sea Decline Rate Framework

key_locations:
North Sea
UK
Norway

key_organizations:
Deutsche Bank
Bloomberg
UK Oil and Gas
Norwegian Petroleum Directorate
Wood Mackenzie


document_description: The document discusses the challenges faced by the UK in terms of oil production, comparing it to Norway. It highlights issues such as fiscal policy, aging infrastructure, and cost inflation affecting production efficiency in the UK Continental Shelf (UKCS). The document includes tables showing operating costs, production efficiency, and investment categories.

title: US Integrated Oils Analysis

key_locations: UK Norway

key_organizations:
Deutsche Bank
UK Oil and Gas
DECC


document_description: The document discusses the anticipated growth in US onshore crude production, highlighting the need for US Lower 48 production to meet global demand. It projects a significant increase in production starting late 2016, with a call for 500 Mb/d growth escalating into 2017 and beyond.

title: US Integrated Oils - Implied Call on the US

key_organizations:
Deutsche Bank
IEA
Wood Mackenzie


document_description: The document provides projections for incremental demand for US onshore crude oil from late 2016 to 2020, with detailed quarterly and annual growth estimates. It includes tables showing the call on US crude production compared to 2015 and 1Q16 production levels, and discusses the anticipated trough in US production in 1Q16.

title: US Integrated Oils - Incremental Demand for US Onshore Crude


document_description: The document provides an analysis of US onshore crude growth based on macro assumptions about global product demand and OPEC production. It includes a table showing annual changes in various categories related to oil supply and demand.

title: US Integrated Oils Analysis


document_description: The document discusses the need for increased US onshore oil production and the necessary WTI price to incentivize this growth. It estimates that by late 2016, an additional 350 Mb/d of US onshore crude production will be needed compared to 2016 levels. The document provides a table with company-specific CFO to Capex ratios and discusses the assumptions made to estimate the oil price necessary to support corporate cash flow.

title: Incentivizing the US producer


document_description: The document provides a breakeven price analysis for various oil plays, highlighting the base case and sensitivity breakeven prices. It discusses the impact of rig additions on production growth and the volatility of oil prices.

title: US Integrated Oils Breakeven Analysis

key_organizations:
Deutsche Bank
Pioneer Natural Resources
EOG
OXY
NBL


document_description: The document provides an updated equities outlook for US Integrated Oils, highlighting a preference for companies with strong asset quality and balance sheets in a moderate oil price environment. It includes a table of key metrics for various companies and discusses investment strategies for defensive positioning and oil price bounce scenarios.

title: US Integrated Oils - Updated Equities Outlook


document_description: The document provides scorecards for US Integrated Oils, evaluating companies based on various financial metrics such as Outspend, Net Debt/TC, Div Yield, FCF Yield, EV/DACF, CF/DAS, Production CAGR, and Liquids leverage. It includes tables comparing companies on 2017 EV/DACF and CF/DAS growth from 2015-2017, as well as a discussion on the ratio of forecasted exit 2015 outspend relative to production CAGR.

title: US Integrated Oils Scorecards


document_description: The document provides a financial analysis of various US integrated oil companies, including MRO, COP, DVN, OXY, and APA. It includes tables summarizing outspend and production growth, EV/DACF ratios, and strip pricing scenarios. The data is sourced from Deutsche Bank.

title: US Integrated Oils Summary


document_description: The document provides an analysis of US Integrated Oils, specifically upgrading OXY to Buy from Hold due to its growth and free cash flow potential, and downgrading HES to Hold from Buy due to its high investment spend and cash flow concerns.

title: US Integrated Oils Report

key_organizations:
OXY
HES
Deutsche Bank Securities Inc.