EX-15.1 8 tv516271_ex15-1.htm EXHIBIT 15.1

   

Exhibit 15.1

 

Schedule I- Condensed Financial Information of Registrant

  

CONDENSED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

 

   Year ended
December 31,
 
(in thousands of U.S. dollars)  2018   2017   2016 
Total revenue  $       $ 
EXPENSES               
Administrative expenses   (5,822)   (8,608)   (6,903)
Equity in earnings of subsidiaries   68,359    66,521    36,730 
Equity in earnings (losses) of joint ventures   17,938    5,139    16,622 
Interest income   93    83     
Interest expense   (2,938)   (3,934)   (5,072)
Other items, net   (8)   (11)    
Net income  $77,622    59,190   $41,377 
Share of subsidiaries unrealized losses on cash flow hedges   (2,290)   3,335    1,883 
Share of subsidiaries income tax benefit   (299)   (347)   (378)
Comprehensive income  $75,033    62,178   $42,882 

 

See accompanying notes to condensed financial statements.

 

CONDENSED BALANCE SHEETS

 

   As of
December 31,
 
(in thousands of U.S. dollars)  2018   2017 
Cash  $7,006   $6,632 
Promissory note from subsidiaries   123,248    123,248 
Prepaid expenses and other receivables   14     
Total current assets   130,268    129,880 
Investments in subsidiaries   433,088    418,488 
Total long-term assets   433,088    418,488 
Total assets  $563,356   $548,368 
LIABILITIES AND PARTNER'S CAPITAL          
Trade payables  $56   $301 
Amounts due to owners and affiliates   417    554 
Accrued liabilities and other payables   346    276 
Total current liabilities   819    1,131 
Accumulated losses of joint ventures   2,808    20,746 
Loans and promissory notes due to owners and affiliates   39,292    51,832 
Total liabilities   42,919    73,709 
Total partners' capital   520,437    474,659 
Total liabilities and partners' capital  $563,356   $548,368 

 

See accompanying notes to condensed financial statements.

 

 

 

  

Schedule I- Condensed Financial Information of Registrant

  

Exhibit 15.1

 

   CONDENSED STATEMENT OF CASH FLOW

 

   Year ended
December 31,
 
(in thousands of U.S. dollars)  2018   2017   2016 
Net cash provided by operating activities  $42,401    6,862    (3,608)
                
INVESTING ACTIVITIES               
Expenditure for purchase of Höegh Grace entities       (137,475)    
(Increase) decrease in restricted cash designated for purchase of the Höegh Grace entities       91,768    (91,768)
Proceeds from investment in subsidiaries       12,202    26,616 
Net cash provided by (used in) investing activities       (33,505)   (65,152)
                
FINANCING ACTIVITIES               
Net proceeds from issuance of Series A Preferred Units   38,659    110,924     
Net proceeds from issuance of common units   4,563           
Proceeds from public offering, net of underwriters' discounts and expenses           111,529 
Repayment of amounts due to owners and affiliates   (17,500)   (58,705)   (12,617)
Proceeds from loans and promissory notes due to owners and affiliates   5,400    25,730    8,622 
Proceeds from indemnifications received from Höegh LNG   1,701    2,075    3,843 
Repayment of indemnifications received from Höegh LNG   (2,353)   (1,534)    
Cash distributions to limited partners   (72,497)   (57,037)   (43,877)
Net cash provided by (used in) financing activities   (42,027)   21,453    67,500 
                
Increase (decrease) in cash, cash equivalents and restricted cash   374    (5,190)   (1,261)
Cash, cash equivalents and restricted cash, beginning of period   6,632    11,822    13,082 
Cash, cash equivalents and restricted cash, end of period  $7,006    6,632    11,822 

 

See accompanying notes to condensed financial statements.

 

1. Basis of presentation

 

Höegh LNG Partners LP – the 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 financial statements contained elsewhere in the Partnership’s Report on Form 20-F for the year ended December 31, 2018.

 

2. Dividends

 

A cash dividend of $51.7 million, $17.7 million and $7.9 million was paid to the Parent company from its consolidated subsidiaries for the years ended December 31, 2018, 2017 and 2016, respectively.