Schedule I – Condensed Financial Information of the Registrant (Parent Company Only)

GREEN PLAINS INC.

CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

STATEMENTS OF BALANCE SHEET – PARENT COMPANY ONLY

(in thousands)


	December 31,
	2014		2013
ASSETS
Current assets
Cash and cash equivalents	$	252,689	$	143,852
Restricted cash		6,309		-
Accounts receivable, including amounts from related parties of
$196 and $69, respectively		268		128
Prepaid expenses and other		893		860
Due from subsidiaries		30,823		20,987
Total current assets		290,982		165,827

Property and equipment, net		4,147		3,052
Investment in consolidated subsidiaries		611,311		568,410
Other assets		18,323		19,374
Total assets	$	924,763	$	756,663

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	2,098	$	4,310
Accrued liabilities		20,057		14,344
Current maturities of long-term debt		-		188
Total current liabilities		22,155		18,842

Long-term debt		100,845		186,654
Deferred income taxes		4,010		5,446
Other liabilities		304		363
Total liabilities		127,314		211,305

Stockholders' equity
Common stock		45		38
Additional paid-in capital		569,431		468,962
Retained earnings		299,101		148,505
Accumulated other comprehensive loss		(5,320)		(6,339)
Treasury stock		(65,808)		(65,808)
Total stockholders' equity		797,449		545,358
Total liabilities and stockholders' equity	$	924,763	$	756,663

See accompanying notes to the condensed financial statements.

GREEN PLAINS INC.

CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

STATEMENTS OF OPERATIONS – PARENT COMPANY ONLY

(in thousands)



	Year Ended December 31,
	2014		2013		2012
Selling, general and administrative expenses	$	-	$	88	$	-
Operating (loss)		-		(88)		-
Other income (expense)
Interest income		462		192		112
Interest expense		(9,539)		(8,742)		(7,165)
Other, net		(3,860)		(2,647)		(2,399)
Total other expense		(12,937)		(11,197)		(9,452)
Loss before income taxes		(12,937)		(11,285)		(9,452)
Income tax benefit		4,361		5,018		218
Loss before equity in earnings of subsidiaries		(8,576)		(6,267)		(9,234)
Equity in earnings of consolidated subsidiaries		168,080		49,658		21,013
Net income	$	159,504	$	43,391	$	11,779

See accompanying notes to the condensed financial statements.

GREEN PLAINS INC.

CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

STATEMENTS OF CASH FLOWS – PARENT COMPANY ONLY

(in thousands)



	Year Ended December 31,
	2014		2013		2012
Cash flows from operating activities:	$	(7,653)	$	(1,924)	$	(279)
Net cash provided (used) by operating activities		(7,653)		(1,924)		(279)

Cash flows from investing activities:
Purchases of property and equipment		(2,829)		(652)		(616)
Proceeds on disposal of assets, net		-		42		-
Investment in subsidiaries, net		125,179		(53,754)		54,426
Issuance of notes receivable from subsidiaries,
net of payments received		9,500		15,356		(6,832)
Investments in unconsolidated subsidiaries		(4,309)		(3,264)		(7,998)
Net cash provided (used) by investing activities		127,541		(42,272)		38,980

Cash flows from financing activities:
Proceeds from the issuance of long-term debt		-		120,000		-
Payments of principal on long-term debt		(238)		(1,841)		(204)
Payments on short-term borrowings		-		(27,162)		-
Payments for repurchase of common stock		-		-		(10,445)
Change in restricted cash		(6,309)		-		-
Payment of cash dividends		(8,908)		(2,426)		-
Payment of loan fees		-		(5,072)		-
Proceeds from the exercise of stock options		4,404		4,498		-
Other, net		-		-		452
Net cash provided (used) by financing activities		(11,051)		87,997		(10,197)

Net change in cash and equivalents		108,837		43,801		28,504
Cash and cash equivalents, beginning of period		143,852		100,051		71,547
Cash and cash equivalents, end of period	$	252,689	$	143,852	$	100,051

See accompanying notes to the condensed financial statements.

GREEN PLAINS INC.

CONDENSED FINANCIAL INFORMATION OF THE REGISTRANT

NOTES TO CONDENSED FINANCIAL STATEMENTS – PARENT COMPANY ONLY

1. BASIS OF PRESENTATION

References to the “Parent Company” refer to Green Plains Inc., a holding company that conducts substantially all of its business operations through its subsidiaries. As specified in certain of its subsidiaries’ debt agreements, there are restrictions on the Parent Company’s ability to obtain funds from certain of its subsidiaries through dividends, loans or advances. See Note 10 – Debt in the Notes to the Consolidated Financial Statements for further information. Accordingly, these condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in its consolidated subsidiaries are presented under the equity method of accounting. These financial statements should be read in conjunction with Green Plains Inc.’s audited consolidated financial statements included elsewhere herein.

2. COMMITMENTS AND CONTINGENCIES

Operating Leases

The Parent Company leases certain facilities under agreements that expire at various dates. For accounting purposes, rent expense is based on a straight-line amortization of the total payments required over the lease term. The Parent Company incurred lease expenses of $1.0 million, $0.9 million and $0.9 million during the years ended December 31, 2014, 2013 and 2012, respectively. Aggregate minimum lease payments under these agreements for future fiscal years are as follows (in thousands):



Year Ending December 31,	Amount
2015	$	1,085
2016		1,088
2017		296
2018		120
2019		122
Thereafter		249
Total	$	2,960

Parent Guarantees

The various operating subsidiaries of the Parent Company enter into contracts as a routine part of their business activities. Examples of these contracts include financing and lease arrangements, commodity purchase and sale agreements, and agreements with vendors. In certain instances, the contractual obligations of such subsidiaries are guaranteed by, or otherwise supported by, the Parent Company. As of December 31, 2014, the Parent Company had $187.9 million in guarantees of subsidiary contracts and indebtedness.

3. DEBT

Parent Company debt as of December 31, 2014 is comprised of the 3.25% Convertible Senior Notes due 2018, or the 3.25% Notes. Scheduled long-term debt repayments, excluding the effects of any debt discounts and including full accretion of the 3.25% Notes at their maturity, are as follows (in thousands):



Year Ending December 31,	Amount
2015	$	-
2016		-
2017		-
2018		120,000
2019		-
Thereafter		-
Total	$	120,000