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2015 Annual Report FORFINANCIAL the YEAR ENDED DECEMBER HIGHLIGHTS 31

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2015 Annual Report FORFINANCIAL the YEAR ENDED DECEMBER HIGHLIGHTS 31 2015 Annual Report FORFINANCIAL THE YEAR ENDED DECEMBER HIGHLIGHTS 31, (IN U.S. DOLLARS) 2015 2014 2013 Total revenues $ 57,116,202 $ 65,559,078 $ 63,822,131 Net income $ 7,518,701 $ 6,265,358 $ 8,594,519 Income from operations $ 8,468,064 $ 6,461,059 $ 7,661,576 1HWFDVKƮRZVIURPRSHUDWLRQV $ 17,319,786 $ 18,184,861 $ 9,379,944 Total assets $ 161,616,698 $ 160,459,831 $ 165,364,854 Total stockholders’ equity $ 148,195,105 $ 144,082,664 $ 141,498,373 Dividends declared per share $ 0.30 $ 0.30 $ 0.30 Basic earnings per share $ 0.51 $ 0.43 $ 0.59 Diluted earnings per share $ 0.51 $ 0.42 $ 0.58 Net income as a % of total revenues 13.16 % 9.56 % 13.47 % Income from operations as a % of total revenues 14.83 % 9.86 % 12.00 % 1HWFDVKƮRZVIURPRSHUDWLQJDFWLYLWLHVDVD 30.32 % 27.74 % 14.70 % of total revenues TRADING IN SHARES 2015 2014 Shares outstanding at year end 14,781,201 14,715,899 Low closing share price during year $ 9.78 $ 9.33 High closing share price during year $ 13.50 $ 14.47 Closing share price at year end $ 12.24 $ 10.68 CONSOLIDATED WATER (THE “COMPANY”) WAS INCORPORATED AS CAYMAN WATER IN 1973. OVER THE YEARS, WE HAVE BENEFITED FROM THE EXPLOSIVE GROWTH IN TOURISM-RELATED DEVELOPMENT IN THE CAYMAN ISLANDS; GROWTH THAT HAS BEEN FACILITATED BY THE WATER WE HAVE PROVIDED. CONSOLIDATED WATER OPERATES IN THE CAYMAN ISLANDS AS CAYMAN WATER COMPANY LIMITED AND OCEAN CONVERSION (CAYMAN) LIMITED, WHICH TOGETHER OPERATE SEVEN PLANTS TO PRODUCE SUBSTANTIALLY ALL OF THE PIPED DRINKING WATER ON GRAND CAYMAN. 2 2015 ANNUAL REPORT Dear Shareholders, I am pleased to report that 2015 was a year of Revenues generated by our retail water operations JUHDWSURJUHVVLQZDWHUSURGXFWLRQHIƭFLHQFLHVDQG were $23,254,757 in 2015 as compared to $24,104,932 for LQFUHDVHGSURƭWDELOLW\IRURXUFRPSDQ\ 2014. The drop in retail revenues in 2015 is attributable to a decrease in electricity prices from 2014 to 2015 It is important to note that we increased net that reduced the electrical energy component of retail LQFRPHIURPWRGHVSLWHVLJQLƭFDQWO\ORZHU water rates. revenues arising from declines in energy prices that decreased our rates and a reduction in the volume of Bulk water revenues declined to $31,854,255 for 2015 as water sold by our bulk operations. This increase in net compared to $39,201,011 for 2014. The decrease in bulk LQFRPHUHƮHFWV L LPSURYHPHQWVLQSODQWRSHUDWLQJ revenues from 2014 to 2015 is principally attributable to HIƭFLHQFLHV ZDWHU ORVV PLWLJDWLRQ HIIRUWV DQG our Bahamas and Cayman operations, whose revenues construction activities that enabled us to maintain decreased by approximately $5,641,000 and $1,532,000, RXU JURVV SURƭW DW DQ DPRXQW HVVHQWLDOO\ HTXDO WR respectively. The 2015 revenue decrease for bulk water WKDW IRU GHVSLWH WKH GURS LQ UHYHQXHV DQG LL RSHUDWLRQV UHVXOWHG IURP VLJQLƭFDQW GHFUHDVHV LQ WKH a reduction in our G&A expenses arising principally prices of diesel fuel in the Bahamas and electricity in from the culmination of our development activities the Bahamas and Cayman Islands from 2014 to 2015 that with respect to our proposed project to build a reduced the energy component of bulk water rates, desalination plant in Rosarito Beach, Mexico. declines of 13% and 3% in the volumes of water sold by the Bahamas and Cayman operations, respectively, Net income attributable to our common stockholders a reallocation of production to the Red Gate plant from LQFUHDVHGLQWR SHUVKDUHRQD the North Sound plant while the North Sound plant was IXOO\GLOXWHGEDVLV DVFRPSDUHGWR being refurbished, and a reduction in rates charged for SHUVKDUHRQDIXOO\GLOXWHGEDVLV IRU water produced from the North Sound Plant under the terms of the two-year operating agreement extension. Total revenues for 2015 decreased to $57,116,202 from The lower volumes of water sold by bulk operations in $65,559,078 in 2014 due to decreases in revenues for UHƮHFWV WKH FRQWLQXLQJ ZDWHU FRQVHUYDWLRQ DQG all three business segments. distribution line loss mitigation efforts of the Water Net Income Total Revenue ($ in millions) ($ in millions) 65.6 63.8 8.6 57.1 7.5 6.3 2013 2013 2015 2015 2014 2014 2015 ANNUAL REPORT 3 and Sewerage Corporation of the Bahamas and &RQVROLGDWHG JHQHUDO DQG DGPLQLVWUDWLYH Ƌ* $ƌ a decrease in purchases by the Water Authority- expenses decreased to $14,458,494 for 2015, as Cayman. compared to $16,654,439 for 2014. The decline in FRQVROLGDWHG* $H[SHQVHVIURPWRUHƮHFWV Our services segment revenues decreased to L DGHFUHDVHLQSURIHVVLRQDOIHHVRIDOPRVW $2,007,190 for 2015 as compared to $2,253,135 for as we incurred added fees in 2014 for the judicial 2014 due to a decline in our material supply chain review conducted in connection with its retail license procurement services fees of approximately $221,000. QHJRWLDWLRQV DQG LL D GHFUHDVH RI DSSUR[LPDWHO\ $1,534,000 in the project development expenses &RQVROLGDWHG JURVV SURƭW GHFOLQHG VOLJKWO\ WR incurred by NSC, our Mexico subsidiary. DSSUR[LPDWHO\PLOOLRQ RIWRWDOUHYHQXHV LQ YHUVXV DSSUR[LPDWHO\ PLOOLRQ RI Interest expense decreased to $269,090 in 2015 from WRWDOUHYHQXHV LQ5HWDLOVHJPHQWJURVVSURƭW LQDVLQWHUHVWH[SHQVHIRUUHƮHFWV ZDV RIUHWDLOUHYHQXHV IRUXS the prepayment premium paid for the early redemption IURP RIUHWDLOUHYHQXHV IRU7KH in February 2014 of the remaining outstanding balance LPSURYHPHQWLQUHWDLOJURVVSURƭWDVDSHUFHQWDJHRI on bonds payable and the amortization of the related revenues from 2014 to 2015 is due to energy prices, bond discount and deferred issuance costs. maintenance expenses and a decrease in water distribution system losses for 2015 that were less than $VDUHVXOWRIWKHGHFOLQLQJFDVKƮRZVSURMHFWHGIURP WKRVHIRU*URVVSURƭWIRUWKHEXONVHJPHQWZDV OC-BVI’s Bar Bay contract, we recorded impairment RIUHYHQXHV IRUDVFRPSDUHG charges aggregating $1,060,000 in 2015 to reduce WR RI UHYHQXHV IRU 7RWDO the carrying value of our investment in OC-BVI to its JURVVSURƭWGROODUVIRUWKHEXONVHJPHQWGHFUHDVHG estimated fair value. in 2015 due to maintenance and repairs expenses that exceeded those for 2014 by approximately Other expense increased to $626,400 for 2015 from $363,000 and the lower revenues generated in 2015. $203,135 for 2014 due to incremental foreign currency 7KH VHUYLFHV VHJPHQW JHQHUDWHG D JURVV SURƭW RI losses recorded for our Bali subsidiary of approximately $377,969 in 2015 as opposed to a gross loss in 2014 of $223,000. DVDUHVXOWRILPSURYHGJURVVSURƭWPDUJLQV for construction activities. Stockholders’ Equity Diluted Earnings At Year End Per Share ($ in millions) (in $) 148.2 144.1 141.5 0.58 0.51 0.42 2013 2013 2015 2015 2014 2014 4 2015 ANNUAL REPORT Negotiations with the Water Authority-Cayman to potential new customers that may be looking for a new retail license recommenced during the for the build/own/operate type arrangements that WKLUGTXDUWHURI:HUHPDLQXQDEOHWRSUHGLFW have constituted the foundation of our business for WKH FRPSOHWLRQ GDWH RU ƭQDO UHVROXWLRQ RI WKHVH PDQ\\HDUV:HDUHFRQƭGHQWWKHDGGHGFDSDELOLWLHV new negotiations but we remain encouraged SURGXFWVFXVWRPHUVDQGRYHUDOOGLYHUVLƭFDWLRQWKDW and optimistic by our recent discussions with the WKH $HUH[ DFTXLVLWLRQ EULQJV WR RXU FRPSDQ\ ZLOO WAC since both parties are resolute in reaching an eventually result in a substantial enhancement of agreement. The most recent extension of our retail shareholders value. license was scheduled to expire December 31, 2015; however, we have been informed by the WAC that In closing I would like to emphasize our excitement the license will be extended to June 30, 2016. about the future prospects for our company. And as always, I would like to express my appreciation for 'XULQJ WKH ODWWHU KDOI RI ZH LGHQWLƭHG $HUH[ the efforts and contributions of my fellow Directors, ,QGXVWULHV ,QF DV D SRWHQWLDO DFTXLVLWLRQ FDQGLGDWH RXU ([HFXWLYH 2IƭFHUV PDQDJHPHQW SHUVRQQHO DQG After customary negotiations and due diligence we staff, and thank our shareholders, business partner DFTXLUHGRIWKHRZQHUVKLSRI$HUH[LQ)HEUXDU\ customers, valued suppliers and other stakeholders 2016 and have an option exercisable after three years in our business for their continued business support. WR SXUFKDVH WKH UHPDLQLQJ +HDGTXDUWHUHG LQ )RUW 3LHUFH )ORULGD $HUH[ LV DQ RULJLQDO HTXLSPHQW Yours truly, manufacturer and service provider of a wide range of products and services applicable to the municipal and industrial water treatment industries and has served as one of our most highly respected and valued suppliers for many years. We believe that Aerex’s current business is an excellent addition to WiWilmerlmer FF. PePergandergande CWCO. Furthermore Aerex’s market footprint in the Chairman of the Board USA and its outstanding reputation give us access March 15, 2016 AEREX INDUSTRIES, INC. Consolidated Water now owns 51% of Aerex Industries, Inc., an original equipment manufacturer and service provider of a wide range of products and services applicable to municipal and industrial water treatment. 2015 ANNUAL REPORT 5 SERVICE LOCATIONS Bimini Nassau Jost Van Ambergris Dyke Caye Grand Cayman Tortola Bali DIVERSIFIED OPERATIONS CONSOLIDATED WATER CONTINUES TO ACTIVELY PURSUE WATER PROJECTS AND ACQUISITION OPPORTUNITIES IN THE CARIBBEAN, THE AMERICAS, MEXICO, ASIA AND OTHER AREAS OF THE WORLD. 6 2015 ANNUAL REPORT ABOUT THE COMPANY 7KH&RPSDQ\LQVWDOOHGLWVƭUVW6HDZDWHU5HYHUVH2VPRVLV 6:52 SODQWLQDQGWKHUHIRUHKDVPRUHWKDQ 25 years of design development and operational experience with this technology. SWRO is used in all the Company’s operations. In 1990, the Company’s exclusive retail water license to supply the famed Seven Mile Beach tourist
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