EFTA Document EFTA01367159

Amendment #4 Page 730 of 868 1111.1k an, Credit risk Credit nsk is ire risk that counterparty fails to meet its crolgaticns tr&r a financial rem anent or contract, casing a loss The Company is exposed to credit nsk from a operating aCtryilieS, mainly fa es accounts receivable, and is financing activities, including deposits with banks and financial instrtakins foreign (*treaty transactions and other financial instruments Managemere televes rat the Company has no mat risk because thee man customers rave payment periods 01 30 days on average, not having had problems meanings collections The Company places es excess kuucity hn prestigous 'namel instiktions, provides conservative credo policies and constantly evaluates existing conItions n the market in when it operates Accordingly the Company does not antopete significant losses arising from the risk Ole Credit risk assccored nth (a 1) Trade receivables The Company assesses concentrators d credit nsk related to tie trade accounts receivable The Company oedemas an assessment over the risk of recoverability of es accounts receivables in order to determine the appropriate alerwance for doWtful accounts The maxmum exposure to credit risk at December 31, 2014, nitre carrying yak* of each Bass cr trade accounts receivable see note 6 As of December 31 2014 and 2013, 4 and 5 customers represent 72 and 75 percent of the trade accounts receivable respectvely Management of the Company beans that there a no sgrificant credit risk because customers of the Company are renowned in the local market and are regulated (a 2) Financial instruments and cash deposits This risk is managed by the Adanistratial acccrOng to corporate policies determined by its Pumps', in older 10 memo the concentration of risks and therefore mitigate financial loss through courterparty s potential fable to make payments. The Conerries merman exposure to creel nsk for the components d the statement of firencel position at 31 December 2014 and 2013 is the carrying anoint of 'Cash and cash equivalents Liquidity risk The Company monitors its risk of finds shortage try using a shod4erm and long-term projected cash now. The Company's objective is to keep certain fads continuity and flerdalty through an adequate quality of cormitted creed sources and the ability to settle transactors, mainly trose of Indebtedness The Company has sufficient credit capacity to have access to credit Imes from frst.level m artial entries and under reasonable con:Mors The followrg tare presents the matinties of Iry otagatuos contracted by the Company at the date of the statements of Manual position aril the amounts to draturse at tier maturity. based ono* noodscoureed payments to be made 2014 Lass than Between 1 Between 3 More than 1 year and 3 yws and 5 years 6 years Total 914060) St.(000) 91.(000) 3/(000) 3/.(000) Loans and borrowongs (including rterest) 16.436 50116 33.608 65.634 165,936 Trade °occults payable 304 — — — 304 Accourts payable to related enttes 5 — — — 5 other accounts payable 471 — — — 471 17,216 50.118 31608 65.834 166.776 F-410 http://cfdocs.btogo.com:27638/cf/drv7/pub/edgar/2015/07/20/0001193125-15-256461/d78... 7/20/2015 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0058687 CONFIDENTIAL SDNY_GM_00204871 EFTA01367159