ContourGlobal : Inka 2020 Results - Audited Financial Statements

(Free translation from the original in Spanish)

ENERGIA EOLICA S.A.

FINANCIAL STATEMENTS

DECEMBER 31, 2020 AND 2019

Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada.

Av. Santo Toribio 143, Piso 7, San Isidro, Lima, Perú T: [phone], F: [phone]www.pwc.pe

(Free translation from the original in Spanish)

ENERGIA EOLICA S.A.

FINANCIAL STATEMENTS

DECEMBER 31, 2020 AND 2019

CONTENT	Pages
Independent auditor's report	1 - 2
Statement of financial position	3
Statement of comprehensive income	4
Statement of changes in equity	5
Statement of cash flows	6
Notes to the financial statements	7 - 35

S/	=	Peruvian sol
US$	=	United States dollar
MW	= Megawatt
KW	=	Kilowatt

(Free translation from the original in Spanish)

INDEPENDENT AUDITOR'S REPORT

To the Shareholders

Energía Eólica S.A.

March 30, 2021

We have audited the accompanying financial statements of Energía Eólica S.A., a subsidiary of ContourGlobal LP, ultimate Parent Company, which comprise the statements of financial position at December 31, 2020 and 2019, and the statements of comprehensive income, changes in equity and cash flows for the years then ended, and a summary of significant accounting policies and other accompanying explanatory notes from 1 to 23.

Management's responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's responsibility

Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with International Standards on Auditing approved for application in Peru by the Board of Deans of Institutes of Peruvian Certified Public Accountants ("Junta de Decanos de Colegios de Contadores Públicos de Perú"). Those standards require that we comply with ethical requirements and plan and perform the audits to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada.

Av. Santo Toribio 143, Piso 7, San Isidro, Lima, Perú T: [phone], F: [phone]www.pwc.pe

Gaveglio Aparicio y Asociados Sociedad Civil de Responsabilidad Limitada es una firma miembro de la red global de PricewaterhouseCoopers International Limited (PwCIL). Cada una de las firmas es una entidad legal separada e independiente que no actúa en nombre de PwCIL ni de cualquier otra firma miembro de la red. Inscrita en la Partida No. 11028527, Registro de Personas Jurídicas de Lima y Callao

March 30, 2021

Energía Eólica S.A.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements referred to above, present fairly, in all material respects, the financial position of Energía Eólica S.A. at December 31, 2020 and 2019, and its financial performance and its cash flows for the years then ended, in accordance with International Financial Reporting Standards issued by the International Accounting Standards Board.

Countersigned by

-----------------------------------------------------(partner)

Rafael Ferrer Tafur

Peruvian Certified Public Accountant Registration No.01-23720

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(Free translation from the original in Spanish)
							26,010,264		26,010,264
ENERGIA EOLICA S.A.
STATEMENT OF FINANCIAL POSITION
(IN U.S. DOLLARS)
ASSETS					LIABILITIES AND EQUITY
		At December 31,				At December 31,
	Note	2020		2019		Note	2020		2019
		US$	US$			US$	US$
Current assets					Current liabilities
Cash and cash equivalents	5	316,422		2,391,976	Borrowings and interest payable	10	7,079,223		6,034,699
Trade receivables	6	11,017,979		6,202,017	Trade accounts payable and accruals	11	2,769,943		2,372,723
Other receivables	7	5,346,722		4,295,105	Other accounts payable to related parties	8	9,683		85,906
Other receivables from related parties	8	61,733		67,794	Other current liabilities		2,070,509		3,547,119
Prepaid expenses		68,285		181,752	Current Portion of lease liability	12	363,151		469,375
Total current assets		16,811,141		13,070,850	Total current liabilities		12,292,509		12,509,822
Non-current assets					Non-current liabilities
Other accounts receivable from related parties	8	53,922,679		43,993,670	Non-current borrowings	10	161,131,792		167,835,848
Property, plant and equipment	9	164,835,414		172,726,563	Lease liability	12	3,761,976		3,192,739
Intangible assets		50,778		56,822	Decommisioning provision	13	6,057,922		4,137,606
Total non-current assets		218,808,871		216,844,849	Deferred income tax liability	14	10,889,481		7,020,074
					Total non-current liabilities		181,841,171		182,186,267
					Equity
					Share capital	15	46,277,512		46,277,512
					Accumulated losses	15	(4,791,180)		(11,057,902)
					Total equity		41,486,332		35,219,610
TOTAL ASSETS					TOTAL LIABILITIES AND EQUITY
	235,620,012		229,915,699		235,620,012		229,915,699

The accompanyng notes from pages 7 to 35 are part of the financial statements.

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