EX-99.1 2 a18-7822_1ex99d1.htm EX-99.1

Exhibit 99.1

 

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

Consolidated Financial Statements (unaudited)

 

For the Years Ended December 31, 2017 and 2016

 



 

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 

(in millions of U.S. dollars)
(unaudited)

 

 

 

December 31,

 

December 31,

 

 

 

2017

 

2016

 

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

 

$

29.1

 

$

26.0

 

Restricted cash

 

6.1

 

9.3

 

Accounts receivable - trade, unbilled and other

 

52.3

 

34.8

 

Accounts receivable - related party

 

36.6

 

40.2

 

Current portion of derivative instruments asset

 

2.7

 

4.1

 

Inventory

 

17.7

 

14.5

 

Prepayments and other current assets

 

12.2

 

6.3

 

Total current assets

 

156.7

 

135.2

 

 

 

 

 

 

 

Property, plant, and equipment, net

 

603.6

 

613.7

 

Equity investment in unconsolidated affiliates

 

163.6

 

266.8

 

Power purchase agreements and intangible assets, net

 

191.2

 

246.2

 

Goodwill

 

21.4

 

36.1

 

Derivative instruments asset

 

2.8

 

4.6

 

Other assets

 

8.1

 

5.2

 

Total assets

 

$

1,147.4

 

$

1,307.8

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

1.7

 

$

3.7

 

Related party payables

 

27.2

 

26.3

 

Accrued interest

 

0.3

 

0.3

 

Other accrued liabilities

 

23.1

 

17.5

 

Current portion of long-term debt

 

99.5

 

109.4

 

Current portion of derivative instruments liability

 

4.4

 

6.0

 

Other current liabilities

 

1.0

 

1.8

 

Total current liabilities

 

157.2

 

165.0

 

 

 

 

 

 

 

Long-term debt, net of unamortized discount and deferred financing costs

 

616.3

 

697.0

 

Derivative instruments liability

 

19.9

 

14.8

 

Deferred income taxes

 

12.3

 

69.2

 

Power purchase and fuel supply agreement liabilities, net

 

24.1

 

25.3

 

Other long-term liabilities

 

47.6

 

51.6

 

Total liabilities

 

877.4

 

1,022.9

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

Partners’ capital

 

1,325.8

 

1,202.0

 

Accumulated other comprehensive loss

 

(133.4

)

(146.5

)

Retained deficit

 

(1,137.6

)

(991.9

)

Total APLP Holdings Limited Partnership equity

 

54.8

 

63.6

 

Preferred shares issued by a subsidiary company

 

215.2

 

221.3

 

Total equity

 

270.0

 

284.9

 

Total liabilities and equity

 

$

1,147.4

 

$

1,307.8

 

 



 

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(in millions of U.S. dollars)
(unaudited)

 

 

 

Years ended December 31,

 

 

 

2017

 

2016

 

Project revenue:

 

 

 

 

 

Energy sales

 

$

148.9

 

$

172.8

 

Energy capacity revenue

 

105.7

 

123.0

 

Other

 

176.3

 

73.1

 

 

 

430.9

 

368.9

 

Project expenses:

 

 

 

 

 

Fuel

 

106.4

 

136.8

 

Operations and maintenance

 

88.3

 

94.3

 

Depreciation and amortization

 

113.1

 

106.1

 

 

 

307.8

 

337.2

 

Project other income (expense):

 

 

 

 

 

Change in fair value of derivative instruments

 

2.1

 

36.6

 

Equity in (loss) earnings of unconsolidated affiliates

 

(54.8

)

35.9

 

Interest expense, net

 

(17.5

)

(2.6

)

Impairment and other income (expense)

 

(101.0

)

(85.5

)

 

 

(171.2

)

(15.6

)

Project (loss) income

 

(48.1

)

16.1

 

 

 

 

 

 

 

Administrative and other expenses (income):

 

 

 

 

 

Administration

 

4.1

 

3.0

 

Interest, net

 

55.3

 

98.7

 

Foreign exchange loss

 

12.2

 

3.3

 

Other expense

 

13.0

 

15.1

 

 

 

84.6

 

120.1

 

Loss before income taxes

 

(132.7

)

(104.0

)

Income tax benefit

 

(59.0

)

(14.0

)

Net loss

 

(73.7

)

(90.0

)

Net income attributable to preferred shares of a subsidiary company

 

5.6

 

8.5

 

Net loss attributable to APLP Holdings Limited Partnership

 

$

(79.3

)

$

(98.5

)

 



 

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

(in millions of U.S. dollars)
(unaudited)

 

 

 

December 31,

 

 

 

2017

 

2016

 

Cash flows from operating activities:

 

 

 

 

 

Net loss

 

$

(73.7

)

$

(90.0

)

Adjustments to reconcile to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

113.1

 

106.1

 

Loss on sale of assets

 

0.1

 

0.2

 

Stock-based compensation expense

 

2.1

 

1.9

 

Distributions from unconsolidated affiliates

 

47.3

 

55.3

 

Equity in (loss) earnings from unconsolidated affiliates

 

54.9

 

(35.9

)

Unrealized foreign exchange loss

 

11.0

 

3.3

 

Change in fair value of derivative instruments

 

(2.1

)

(36.6

)

Change in deferred income taxes

 

(62.6

)

(16.9

)

Impairment

 

101.1

 

85.9

 

Change in other operating balances

 

 

 

 

 

Accounts receivable

 

(11.5

)

11.6

 

Inventory

 

(1.6

)

0.8

 

Prepayments, supplies and other assets

 

10.1

 

43.4

 

Accounts payable

 

(1.5

)

(19.8

)

Accruals and other liabilities

 

0.3

 

(2.3

)

Cash flows provided by operating activities

 

187.0

 

107.0

 

 

 

 

 

 

 

Cash flows provided by (used in) investing activities:

 

 

 

 

 

Proceeds from sale of equity investment

 

1.0

 

 

Change in restricted cash

 

7.1

 

1.1

 

Reimbursement of costs for third party construction project

 

 

4.7

 

Purchase of property, plant and equipment

 

(5.3

)

(7.2

)

Cash flows provided by (used in) investing activities

 

2.8

 

(1.4

)

 

 

 

 

 

 

Cash flows used in financing activities:

 

 

 

 

 

Dividends paid to Parent

 

(67.9

)

(250.3

)

Contribution from Parent

 

59.6

 

 

Dividends paid on preferred shares of a subsidiary company

 

(8.7

)

(8.5

)

Repurchase of preferred shares of a subsidiary company

 

(3.1

)

 

Cash payments for vested LTIP units withheld for taxes

 

(0.7

)

(0.5

)

Proceeds from senior secured term loan facility, net of discount

 

 

682.9

 

Repayment of corporate and project-level debt

 

(165.9

)

(547.3

)

Deferred financing costs

 

 

(16.2

)

Cash flows used in financing activities

 

(186.7

)

(139.9

)

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

3.1

 

(34.3

)

Cash and cash equivalents at beginning of period

 

26.0

 

60.3

 

Cash and cash equivalents at end of period

 

$

29.1

 

$

26.0

 

 

 

 

 

 

 

Supplemental cash flow information

 

 

 

 

 

Interest paid

 

$

65.7

 

$

54.2

 

Taxes paid

 

$

3.7

 

$

3.5

 

Accruals for construction

 

$

1.2

 

$

1.2