Exhibit 99.1
ATLANTIC POWER LIMITED PARTNERSHIP
AND SUBSIDIARIES
Consolidated Financial Statements
For the Three Months Ended March 31, 2015
ATLANTIC POWER LIMITED PARTNERSHIP
AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in millions of U.S. dollars)
| | March 31, | | December 31, | |
| | 2015 | | 2014 | |
| | (unaudited) | | | |
Assets | | | | | |
Current assets: | | | | | |
Cash and cash equivalents | | $ | 47.9 | | $ | 50.2 | |
Accounts receivable | | 40.8 | | 46.4 | |
Inventory | | 12.4 | | 16.2 | |
Prepayments and other current assets | | 10.4 | | 10.6 | |
Refundable income taxes | | 0.1 | | 0.7 | |
Total current assets | | 111.6 | | 124.1 | |
| | | | | |
Property, plant, and equipment, net | | 745.4 | | 791.1 | |
Equity investment in unconsolidated affiliate | | 132.4 | | 135.0 | |
Power purchase agreements and intangible assets, net | | 327.2 | | 348.4 | |
Goodwill | | 197.2 | | 197.2 | |
Derivative instruments asset | | 0.3 | | 1.1 | |
Deferred financing costs | | 35.2 | | 36.5 | |
Other assets | | 9.1 | | 9.0 | |
Total assets | | $ | 1,558.4 | | $ | 1,642.4 | |
| | | | | |
Liabilities | | | | | |
Current liabilities: | | | | | |
Accounts payable | | $ | 5.2 | | $ | 7.9 | |
Related party payables | | 59.3 | | $ | 57.8 | |
Accrued interest | | 2.7 | | 0.2 | |
Other accrued liabilities | | 16.8 | | 20.5 | |
Current portion of long-term debt | | 5.4 | | 5.6 | |
Current portion of derivative instruments liability | | 27.9 | | 29.7 | |
Other current liabilities | | 5.7 | | 6.8 | |
Total current liabilities | | 123.0 | | 128.5 | |
| | | | | |
Long-term debt | | 681.1 | | 717.5 | |
Derivative instruments liability | | 30.1 | | 35.4 | |
Deferred income taxes | | 87.2 | | 91.1 | |
Power purchase and fuel supply agreement liabilities, net | | 31.0 | | 33.4 | |
Other long-term liabilities | | 52.1 | | 53.8 | |
Total liabilities | | 1,004.5 | | 1,059.7 | |
| | | | | |
Commitments and contingencies | | | | | |
| | | | | |
Equity | | | | | |
Partners’ capital | | 1,020.1 | | 1,020.1 | |
Accumulated other comprehensive loss | | (101.1 | ) | (65.9 | ) |
Retained deficit | | (586.4 | ) | (592.8 | ) |
Total Atlantic Power Limited Partnership equity | | 332.6 | | 361.4 | |
Preferred shares issued by a subsidiary company | | 221.3 | | 221.3 | |
Total equity | | 553.9 | | 582.7 | |
Total liabilities and equity | | $ | 1,558.4 | | $ | 1,642.4 | |
ATLANTIC POWER LIMITED PARTNERSHIP
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions of U.S. dollars)
(unaudited)
| | Three months ended
March 31, | |
| | 2015 | | 2014 | |
Project revenue: | | | | | |
Energy sales | | $ | 49.6 | | $ | 59.0 | |
Energy capacity revenue | | 27.7 | | 28.4 | |
Other | | 23.5 | | 27.2 | |
| | 100.8 | | 114.6 | |
Project expenses: | | | | | |
Fuel | | 40.9 | | 51.6 | |
Operations and maintenance | | 17.3 | | 22.0 | |
Depreciation and amortization | | 25.0 | | 27.7 | |
| | 83.2 | | 101.3 | |
Project other income (expense): | | | | | |
Change in fair value of derivative instruments | | 0.9 | | 16.0 | |
Equity in earnings of unconsolidated affiliates | | 0.6 | | 0.8 | |
Interest expense, net | | — | | (6.1 | ) |
| | 1.5 | | 10.7 | |
Project income | | 19.1 | | 24.0 | |
| | | | | |
Administrative and other expenses (income): | | | | | |
Administration | | 0.2 | | 0.1 | |
Interest, net | | 12.0 | | 31.4 | |
Foreign exchange gain | | (14.3 | ) | (6.6 | ) |
| | (2.1 | ) | 24.9 | |
Loss from continuing operations before income taxes | | 21.2 | | (0.9 | ) |
Income tax benefit | | (0.8 | ) | (10.8 | ) |
Net income from continuing operations | | 22.0 | | 9.9 | |
Net income from discontinued operations | | — | | 2.0 | |
Net income | | 22.0 | | 11.9 | |
Net income attributable to preferred shares of a subsidiary company | | 2.3 | | 2.8 | |
Net income attributable to Atlantic Power Limited Partnership | | $ | 19.7 | | $ | 9.1 | |
ATLANTIC POWER LIMITED PARTNERSHIP
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions of U.S. dollars)
(unaudited)
| | Three months
ended March 31, | |
| | 2015 | | 2014 | |
Cash flows from operating activities: | | | | | |
Net income | | $ | 22.0 | | $ | 11.9 | |
Adjustments to reconcile to net cash provided by operating activities: | | | | | |
Depreciation and amortization | | 25.0 | | 27.7 | |
Gain on sale of asset | | — | | (2.1 | ) |
Distributions from unconsolidated affiliate | | 3.2 | | — | |
Equity in earnings from unconsolidated affiliate | | (0.6 | ) | (0.8 | ) |
Unrealized foreign exchange gain | | (14.3 | ) | (6.6 | ) |
Change in fair value of derivative instruments | | (0.9 | ) | (16.0 | ) |
Change in deferred income taxes | | (1.9 | ) | (12.1 | ) |
Change in other operating balances | | | | | |
Accounts receivable | | 5.6 | | 14.1 | |
Inventory | | 3.8 | | — | |
Prepayments, supplies and other assets | | 1.9 | | (1.4 | ) |
Accounts payable | | (5.4 | ) | 3.4 | |
Accruals and other liabilities | | (2.4 | ) | (19.3 | ) |
Cash flows provided by (used in) operating activities | | 36.0 | | (1.2 | ) |
| | | | | |
Cash flows used in investing activities: | | | | | |
Proceeds from sale of asset, net | | — | | 1.0 | |
Purchase of property, plant and equipment | | (1.2 | ) | (2.3 | ) |
Cash flows used in investing activities | | (1.2 | ) | (1.3 | ) |
| | | | | |
Cash flows (used in) provided by financing activities: | | | | | |
Proceeds from senior secured term loan facility | | — | | 600.0 | |
Repayment of corporate and project-level debt | | (21.4 | ) | (415.0 | ) |
Contributions from parent | | — | | 8.1 | |
Distributions to parent | | (13.4 | ) | (127.5 | ) |
Deferred financing costs | | — | | (38.9 | ) |
Dividends paid on preferred shares of a subsidiary company | | (2.3 | ) | (5.9 | ) |
Cash flows (used in) provided by financing activities | | (37.1 | ) | 20.8 | |
| | | | | |
Net (decrease) increase in cash and cash equivalents | | (2.3 | ) | 18.3 | |
Cash and cash equivalents at beginning of period | | 50.2 | | 29.8 | |
Cash and cash equivalents at end of period | | $ | 47.9 | | $ | 48.1 | |
| | | | | |
Supplemental cash flow information | | | | | |
Interest paid | | $ | 6.8 | | $ | 36.9 | |
Taxes paid | | $ | 0.8 | | $ | 0.6 | |
