EX-99.1 2 ex99_1.htm RIDGEWOOD ELECTRIC POWER TRUST V UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ex99_1.htm
Exhibit 99.1
RIDGEWOOD ELECTRIC POWER TRUST V
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
 
The following unaudited pro forma condensed consolidated financial statements as of and for the year ended December 31, 2006 have been derived from the historical consolidated financial statements of Ridgewood Electric Power Trust V (the “Trust”) to give effect to the sale (the “Sale”) of the interests of Ridgewood UK, LLC (“RUK”) in CLPE Holdings Limited (“CLPE”). RUK is a Delaware limited liability company owned 69.6% by the Trust and 30.4% by The Ridgewood Power Growth Fund (the “Fund”). The sale of the shares of CLPE was completed on February 22, 2007 subject to the terms and conditions set forth in the Sale Agreement and the Sellers Agreement, both dated January 23, 2007. 
 
 The unaudited pro forma condensed consolidated balance sheet as of December 31, 2006 gives effect to the Sale as if the Sale had occurred on December 31, 2006. Pro forma adjustments reflect the removal of assets, liabilities and equity of CLPE at December 31, 2006. Pro forma adjustments also reflect the cash proceeds to the Trust from the Sale of $35,885,000, which is net of transaction costs and minority interest payments to the Fund, and includes cash received from RUK resulting from the termination of certain sharing agreements between RUK and Ridgewood Renewable PowerBank LLC, Ridgewood Renewable PowerBank II LLC, Ridgewood Renewable PowerBank III LLC and Ridgewood Renewable PowerBank IV LLC, which occurred in connection with, and at the time of, the Sale.
 
The unaudited pro forma condensed consolidated statement of operations giving effect to the Sale for the year ended December 31, 2006 reflects adjustments as if the Sale had taken place on January 1, 2006. The gain from the Sale, and the termination of the RUK sharing agreements mentioned above, are not included in the consolidated statement of operations due to their nonrecurring nature.
 
The unaudited pro forma adjustments are based upon available information and certain assumptions that the Trust believes are reasonable.
 
The unaudited pro forma condensed consolidated financial statements are for information purposes only and are not intended to represent or be indicative of the consolidated results of operations or financial position that would have been reported had the Sale been completed on the dates indicated, and should not be taken as representative of future consolidated results of operations or financial position of the Trust.
 
 
RIDGEWOOD ELECTRIC POWER TRUST V
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited, in thousands, except per share data and share data)
 
   
Year Ended December 31, 2006
  
         
Pro Forma
    
Total
  
   
Historical
    
Adjustments
    
Pro Forma
  
                   
Revenues
   $ 44,751     $ (44,751 )   $ -  
                         
Cost of revenues
     36,872       (36,872 )     -  
                         
Gross profit
     7,879       (7,879 )     -  
                         
Operating expenses
                        
     General and administrative expenses
     1,805       (889 )     916  
     Management fee to the Managing Shareholder
     2,332       -       2,332  
     Impairment of plant and equipment
     1,210       (1,210 )     -  
   Total operating expenses
     5,347       (2,099 )     3,248  
                         
Income from operations
     2,532       (5,780 )     (3,248 )
                         
Other income (expense):
                        
       Interest income
     846       (400 )     446  
       Interest expense
     (6,700 )     6,585       (115 )
       Equity in income (loss) of investments
     2,083       -       2,083  
       Other expense, net
     (191 )     191       -  
   Total other expense, net
     (3,962 )     6,376       2,414  
                         
Loss before income tax and minority interest
     (1,430 )     596       (834 )
                         
Income tax expense
     941       (941 )     -  
                         
Loss before minority interest
     (2,371 )     1,537       (834 )
                         
Minority interest in the loss of subsidiaries
     299       (299 )     -  
                         
     Net loss
   $ (2,072 )   $ 1,238     $ (834 )
                         
                         
Managing Shareholder - Net loss
   $ (21 )   $ 13     $ (8 )
Shareholders - Net loss
     (2,051 )     1,225       (826 )
Net loss per Investor Share
     (2,199 )     1,314       (885 )
                         
Investor Shares outstanding
     932.8875       932.8875       932.8875  
 
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.
 
 
RIDGEWOOD ELECTRIC POWER TRUST V
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited, in thousands)
 
   
December 31, 2006
  
         
Pro Forma
    
Total
  
   
Historical
    
Adjustments
    
Pro Forma
  
ASSETS
                  
Current assets:
                  
         Cash and cash equivalents
   $ 7,498     $ 28,785     $ 36,283  
         Restricted cash
     2,484       (2,484 )     -  
         Accounts receivable
     4,438       (4,438 )     -  
         Unbilled receivables
     7,642       (7,642 )     -  
         Due from affiliates
     2,575       (1,343 )     1,232  
         Inventory
     994       (994 )     -  
         Prepaid expenses and other current assets
     297       (271 )     26  
Total current assets
     25,928       11,613       37,541  
Notes receivable - affiliates
     4,859       -       4,859  
Investments
     8,657       -       8,657  
Plant and equipment, net
     61,900       (61,900 )     -  
Intangibles, net
     12,571       (12,571 )     -  
Deferred financing costs, net
     423       (423 )     -  
Other assets
     285       -       285  
                         
   Total assets
   $ 114,623     $ (63,281 )   $ 51,342  
                         
LIABILITIES AND SHAREHOLDERS' EQUITY
                        
Current liabilities:
                        
       Accounts payable
   $ 1,713     $ (1,620 )   $ 93  
       Accrued expenses
     17,980       (17,980 )     -  
       Revolving credit facility
     2,351       (2,351 )     -  
       Long-term debt - current portion
     2,300       (2,300 )     -  
       Capital lease obligations - current portion
     5,407       (5,407 )     -  
       Construction advances - current portion
     589       (589 )     -  
       Due to affiliates
     291       -       291  
   Total current liabilities
     30,631       (30,247 )     384  
Long-term debt - noncurrent portion
     16,982       (16,982 )     -  
Capital lease obligations - noncurrent portion
     43,455       (43,455 )     -  
Construction advances - noncurrent portion
     9,235       (9,235 )     -  
Deferred income taxes
     1,548       (1,548 )     -  
   Total liabilities
     101,851       (101,467 )     384  
                         
Shareholders’ equity
     12,772       38,186       50,958  
                         
   Total liabilities and shareholders’ equity
   $ 114,623     $ (63,281 )   $ 51,342  
 
 
The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.