EX-15.1 7 tv488320_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)  2017   2016   2015 
Total revenue  $       $ 
EXPENSES               
Administrative expenses   (8,608)   (6,903)   (6,089)
Equity in earnings of subsidiaries   66,521    36,730    26,118 
Equity in earnings (losses) of joint ventures   5,139    16,622    17,123 
Interest income   83        6,267 
Interest expense   (3,934)   (5,072)   (2,140)
Other items, net   (11)        
Net income  $59,190    41,377   $41,279 
Share of subsidiaries unrealized losses on cash flow hedges   3,335    1,883    1,329 
Share of subsidiaries income tax benefit   (347)   (378)   (395)
Comprehensive income  $62,178    42,882   $42,213 

 

 

See accompanying notes to condensed financial statements.

 

 

   As of
December 31,
 
(in thousands of U.S. dollars)  2017   2016 
Cash  $6,632   $11,822 
Promissory note from subsidiaries   123,248    123,248 
Prepaid expenses and other receivables       93 
Total current assets   129,880    135,163 
Cash designated for acquisition       91,768 
Investments in subsidiaries   418,488    207,982 
Total long-term assets   418,488    299,750 
Total assets  $548,368   $434,913 
LIABILITIES AND PARTNER'S CAPITAL          
Trade payables  $301   $755 
Amounts due to owners and affiliates   554    85 
Loans and promissory notes due to owners and affiliates   51,832    43,005 
Accrued liabilities and other payables   276    392 
Total current liabilities   52,963    44,237 
Accumulated losses of joint ventures   20,746    25,886 
Total liabilities   73,709    70,123 
Total partners' capital   474,659    364,790 
Total liabilities and partners' capital  $548,368   $434,913 

 

See accompanying notes to condensed financial statements.

 

 

 

  

Schedule I- Condensed Financial Information of Registrant

  

Exhibit 15.1

  

   Year ended
December 31,
 
(in thousands of U.S. dollars)  2017   2016   2015 
Net cash provided by operating activities  $6,862    (3,608)  $10,255 
                
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    4,600 
Net cash provided by (used in) investing activities   (33,505)   (65,152)   4,600 
                
FINANCING ACTIVITIES               
Net proceeds from issuance of Series A Preferred Units   110,924         
Net proceeds from issuance of common units       111,529     
Repayment of amounts due to owners and affiliates   (58,705)   (12,617)    
Proceeds from loans and promissory notes due to owners and affiliates   25,730    8,622     
Proceeds from indemnifications received from Höegh LNG   2,075    3,843    6,596 
Repayment of indemnifications received from Höegh LNG   (1,534)        
Cash distributions to limited partners   (57,037)   (43,877)   (35,524)
Net cash provided by (used in) financing activities   21,453    67,500    (28,928)
                
Increase (decrease) in cash and cash equivalents   (5,190)   (1,261)   (14,073)
Cash and cash equivalents, beginning of period   11,822    13,082    27,155 
Cash and cash equivalents, end of period  $6,632    11,822   $13,082 

 

 

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, 2017.

 

2. Dividends

 

A cash dividend of $17.7 million, $7.9 million and $8.4 million was paid to the Parent company from its consolidated subsidiaries for the years ended December 31, 2017, 2016 and 2015, respectively.