Atlantic Power 8-K Aplp Holdings Limited Partnership

Exhibit 99.1

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

Consolidated Financial Statements (unaudited)

For the three and six months ended June 30,  2019 and 2018

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions of U.S. dollars)

(unaudited)

	June 30,		December 31,
	2019		2018
Assets
Current assets:
Cash and cash equivalents	$	25.8	$	22.4
Restricted cash		1.4		2.1
Accounts receivable - trade, unbilled and other		29.3		35.5
Accounts receivable - related party		35.0		33.6
Current portion of derivative instruments asset		0.3		4.2
Inventory		15.7		15.8
Prepayments and other current assets		6.9		6.7
Total current assets		114.4		120.3
Property, plant, and equipment, net		538.4		550.5
Equity investment in unconsolidated affiliates		137.6		140.9
Power purchase agreements and intangible assets, net		156.4		170.1
Goodwill		21.4		21.4
Derivative instruments asset		—		0.3
Other assets		5.8		5.8
Total assets	$	974.0	$	1,009.3
Liabilities
Current liabilities:
Accounts payable	$	1.8	$	2.1
Related party payables		28.6		20.8
Accrued interest		0.2		0.2
Other accrued liabilities		12.7		14.9
Current portion of long-term debt		113.1		68.1
Current portion of derivative instruments liability		6.8		3.3
Other current liabilities		0.7		0.1
Total current liabilities		163.9		109.5
Long-term debt, net of unamortized discount and deferred financing costs		471.1		540.7
Derivative instruments liability		18.2		15.5
Deferred income taxes		8.4		9.4
Power purchase and fuel supply agreement liabilities, net		20.7		21.2
Other long-term liabilities		53.9		51.0
Total liabilities		736.2		747.3
Commitments and contingencies
Equity
Partners’ capital		1,128.5		1,128.5
Accumulated other comprehensive loss		(140.1)		(144.4)
Retained deficit		(933.6)		(921.4)
Total APLP Holdings Limited Partnership equity		54.8		62.7
Preferred shares issued by a subsidiary company		183.0		199.3
Total equity		237.8		262.0
Total liabilities and equity	$	974.0	$	1,009.3

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions of U.S. dollars)

(unaudited)

	Three months ended June 30,				Six months ended June 30,
	2019		2018		2019		2018
Project revenue:
Energy sales	$	36.5	$	31.4	$	73.5	$	69.8
Energy capacity revenue		31.6		23.3		61.8		43.3
Other		3.2		11.5		9.0		33.0
		71.3		66.2		144.3		146.1
Project expenses:
Fuel		15.8		15.0		35.7		37.2
Operations and maintenance		18.7		27.3		35.0		48.3
Depreciation and amortization		16.1		21.0		32.3		44.7
		50.6		63.3		103.0		130.2
Project other income (expense):
Change in fair value of derivative instruments		(7.0)		(0.2)		(9.4)		3.6
Equity in earnings of unconsolidated affiliates		9.3		11.2		22.3		23.5
Interest expense, net		(0.2)		(0.4)		(0.6)		(1.0)
Other		(1.3)		—		(1.2)		—
		0.8		10.6		11.1		26.1
Project income		21.5		13.5		52.4		42.0
Administrative and other expenses (income):
Administration		1.0		1.1		2.4		1.9
Interest, net		9.4		10.4		18.5		22.0
Foreign exchange loss (gain)		3.1		(3.2)		6.3		(8.0)
Other expense		4.6		4.2		8.1		7.5
		18.1		12.5		35.3		23.4
Income before income taxes		3.4		1.0		17.1		18.6
Income tax expense		1.2		0.6		1.9		4.0
Net income		2.2		0.4		15.2		14.6
Net income (loss) attributable to preferred shares of a subsidiary company		1.7		1.6		(4.8)		(0.1)
Net income (loss) attributable to APLP Holdings Limited Partnership	$	0.5	$	(1.2)	$	20.0	$	14.7

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions of U.S. dollars)

(unaudited)

	June 30,
	2019		2018
Cash flows from operating activities:
Net income	$	15.2	$	14.6
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization		32.3		44.7
Asset retirement obligations		1.4		—
Stock-based compensation expense		0.8		1.2
Distributions from unconsolidated affiliates		25.4		27.3
Equity in earnings from unconsolidated affiliates		(22.3)		(23.5)
Unrealized foreign exchange loss (gain)		6.4		(7.9)
Change in fair value of derivative instruments		9.4		(3.6)
Change in deferred income taxes		(0.6)		2.0
Amortization of debt discount, deferred financing costs		2.9		—
Change in other operating balances
Accounts receivable		3.3		31.2
Inventory		0.1		3.7
Prepayments and other assets		(0.2)		6.4
Accounts payable		6.6		(10.8)
Accruals and other liabilities		0.4		(5.4)
Cash flows provided by operating activities		81.1		79.9
Cash flows provided by (used in) investing activities:
Proceeds from asset sales		1.5		—
Investment in unconsolidated affiliate		—		(1.1)
Purchase of property, plant and equipment		(0.3)		(1.3)
Cash flows provided by (used in) investing activities		1.2		(2.4)
Cash flows used in financing activities:
Dividends paid to Parent		(32.1)		(10.8)
Dividends paid on preferred shares of a subsidiary company		(3.7)		(4.3)
Repurchase of preferred shares of a subsidiary company		(7.9)		(4.5)
Cash payments for vested LTIP units withheld for taxes		(1.9)		(0.8)
Repayment of corporate and project-level debt		(34.0)		(58.8)
Cash flows used in financing activities		(79.6)		(79.2)
Net increase (decrease) in cash and cash equivalents		2.7		(1.7)
Cash, cash equivalents and restricted cash at beginning of period		24.5		35.2
Cash, cash equivalents and restricted cash at end of period	$	27.2	$	33.5
Supplemental cash flow information
Interest paid	$	5.6	$	19.3
Taxes paid	$	0.8	$	1.9
Accruals for construction	$	—	$	0.1