EX-15.1 17 v433948_ex15-1.htm EXHIBIT 15.1

 

Exhibit 15.1

 

Schedule I- Condensed Financial Information of Registrant

  

CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME
(in thousands of U.S. dollars)  Year ended
December 31,
   April 28 to December 31, 
   2015   2014 
Total revenue  $   $13,269 
EXPENSES          
Administrative expenses   (6,089)   (1,718)
Equity in earnings of subsidiaries   26,118    1,086 
Equity in earnings (losses) of joint ventures   17,123    (2,158)
Interest income   6,267    3,243 
Interest expense   (2,140)   (467)
Net income   41,279    13,255 
Share of subsidiaries unrealized gains (losses) on cash flow hedges   1,329    (2,293)
Share of subsidiaries income tax benefit (expense)   (395)   17 
Comprehensive income  $42,213   $10,979 

 

See accompanying notes to condensed financial statements.

 

CONDENSED BALANCE SHEETS
   As of
December 31,
 
(in thousands of U.S. dollars)  2015   2014 
Current assets          
Cash  $13,082   $27,155 
Promissory note to subsidiaries   123,248    123,248 
Demand note due from owner       143,241 
Prepaid expenses and other receivables   96     
Total current assets   136,426    293,644 
Investments in subsidiaries   204,249    3,199 
Total assets  $340,675   $296,843 
LIABILITIES AND PARTNERS’ CAPITAL          
Trade Payables   283    155 
Amounts due to owners and affiliates   560    213 
Loans and promissory notes due to owners and affiliates   47,287    467 
Accrued liabilities and other payables   240     
Total current liabilities  $48,370   $835 
Accumulated losses of joint ventures   42,507    59,630 
Total liabilities   90,877    60,465 
Total partners' capital   249,798    236,378 
Total liabilities and partners' capital  $340,675   $296,843 

 

See accompanying notes to condensed financial statements.

 

 

 

 

Schedule I- Condensed Financial Information of Registrant

  

Exhibit 15.1

  

CONDENSED STATEMENT OF CASH FLOWS
(in thousands of U.S. dollars)  Year ended
December 31,
   April 28 to December 31, 
   2015   2014 
Net cash provided by operating activities  $10,252   $11,981 
           
INVESTING ACTIVITIES           
Demand note due from owner       (140,000)
Proceeds from investment in subsidiaries    4,600      
Net cash provided by (used in) investing activities   4,600    (140,000)
           
FINANCING ACTIVITIES          
Proceeds from initial public offering, net of underwriters' discounts and expenses of offering        203,467 
Cash from proceeds of initial public offering distributed to Höegh LNG       (43,467)
Proceeds from indemnifications received from Höegh LNG    6,596     
Cash distributions to unitholders   (35,524)   (4,826)
Net cash provided by (used in) financing activities    (28,928)   155,174 
           
Increase (decrease) in cash and cash equivalents   (14,076)   27,155 
Cash and cash equivalents, beginning of period   27,155      
Cash and cash equivalents, end of period  $13,079   $27,155 

 

See accompanying notes to condensed financial statements.

 

1. Basis of presentation

 

Höegh LNG Partners LP – Parent company is a Marshall Islands limited partnership formed on April 28, 2014.

 

In the parent-only financial statements, the investment in subsidiaries and investment in joint ventures are stated at cost plus equity in undistributed earnings of subsidiaries and accumulated losses in joint ventures since the date of acquisition and the closing of the initial public offering of Höegh LNG Partners LP (the “Partnership”) on August 12, 2014. The Partnership’s share of net income of its unconsolidated subsidiaries and joint ventures is included in the condensed income statement using the equity method. The Parent company’s financial statements should be read in conjunction with the Partnership’s consolidated and combined carve-out financial statements contained elsewhere in the Partnership’s Report on Form 20-F for the year ended December 31, 2015.

 

2. Dividends

 

A cash dividend of $8.4 million was paid to the Parent company from its consolidated subsidiaries for the year ended December 31, 2015. No dividend was paid for the year ended December 31, 2014.