Exhibit 99.5
CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Panhandle B Member 2 LLC
For the Three Months Ended March 31, 2014 and
the Period: March 1, 2013 (Date of Inception) to March 31, 2013
Panhandle B Member 2 LLC
Consolidated Financial Statements (Unaudited)
For the Three Months Ended March 31, 2014 and
the Period: March 1, 2013 (Date of Inception) to March 31, 2013
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Consolidated Statements of Financial Position | 1 | |||
Consolidated Statements of Operations and Comprehensive Loss | 2 | |||
Consolidated Statements of Changes in Member’s Capital | 3 | |||
Consolidated Statements of Cash Flows | 4 |
Panhandle B Member 2 LLC
Consolidated Statements of Financial Position
(In Thousands of U.S. Dollars)
(Unaudited)
| March 31, | December 31, | |||||||
| 2014 | 2013 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 181 | $ | 196 | ||||
Prepaid expenses and other current assets | 4,040 | 4,662 | ||||||
Deposit | 24,000 | 24,000 | ||||||
Deferred financing costs, net of accumulated amortization of $2,477 and $273 as of March 31, 2014 and December 31, 2013, respectively | 5,606 | 7,599 | ||||||
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Total current assets | 33,827 | 36,457 | ||||||
Turbine advances | 58,365 | 111,820 | ||||||
Construction in progress | 123,947 | 12,281 | ||||||
Property, plant and equipment | 1,654 | 82 | ||||||
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Total assets | $ | 217,793 | $ | 160,640 | ||||
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Liabilities and member’s capital | ||||||||
Current liabilities: | ||||||||
Accounts payable and other accrued liabilities | $ | 8 | $ | 151 | ||||
Accrued construction costs | 34,689 | 886 | ||||||
Related party payable | 1,613 | 1,604 | ||||||
Accrued interest | — | 62 | ||||||
Short-term debt | 93,815 | 70,906 | ||||||
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Total current liabilities | 130,125 | 73,609 | ||||||
Asset retirement obligation | 1,622 | 50 | ||||||
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Total liabilities | 131,747 | 73,659 | ||||||
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Member’s capital: | ||||||||
Capital | 86,408 | 87,033 | ||||||
Accumulated loss | (362 | ) | (52 | ) | ||||
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Total member’s capital | 86,046 | 86,981 | ||||||
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Total liabilities and member’s capital | $ | 217,793 | $ | 160,640 | ||||
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1
Panhandle B Member 2 LLC
Consolidated Statements of Operations and Comprehensive Loss
(In Thousands of U.S. Dollars)
(Unaudited)
| March 1, 2013 | ||||||||
| Three months | (Date of Inception) | |||||||
| ended | to | |||||||
| March 31, 2014 | March 31, 2013 | |||||||
Revenue: | ||||||||
Electricity sales | $ | — | $ | — | ||||
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Total revenue | — | — | ||||||
Cost of revenue: | ||||||||
General and administrative | — | — | ||||||
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Total cost of revenue | — | — | ||||||
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Operating loss | — | — | ||||||
Other expense: | ||||||||
Interest expense | (310 | ) | — | |||||
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Total other expense | (310 | ) | — | |||||
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Net and comprehensive loss | $ | (310 | ) | $ | — | |||
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2
Panhandle B Member 2 LLC
Consolidated Statements of Changes in Member’s Capital
(In Thousands of U.S. Dollars)
(Unaudited)
| Accumulated | ||||||||||||
| Capital | Loss | Total | ||||||||||
Balances at December 31, 2013 | $ | 87,033 | $ | (52 | ) | $ | 86,981 | |||||
Capital distributions | (625 | ) | — | (625 | ) | |||||||
Net and comprehensive loss | — | (310 | ) | (310 | ) | |||||||
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Balances at March 31, 2014 | $ | 86,408 | $ | (362 | ) | $ | 86,046 | |||||
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3
Panhandle B Member 2 LLC
Consolidated Statements of Cash Flows
(In Thousands of U.S. Dollars)
(Unaudited)
| March 1, 2013 | ||||||||
| Three months | (Date of Inception) | |||||||
| ended | to | |||||||
| March 31, 2014 | March 31, 2013 | |||||||
Operating activities | ||||||||
Net loss | $ | (310 | ) | $ | — | |||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Amortization of financing costs | 179 | — | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses and other current assets | 491 | — | ||||||
Accounts payable and other accrued liabilities | (11 | ) | — | |||||
Related party payable | 9 | — | ||||||
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Net cash provided by operating activities | 358 | — | ||||||
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Investing activities | ||||||||
Capital expenditures | (22,283 | ) | (2 | ) | ||||
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Net cash used in investing activities | (22,283 | ) | (2 | ) | ||||
Financing activities | ||||||||
Capital contributions | — | 2 | ||||||
Capital distributions | (625 | ) | — | |||||
Proceeds from issuance of short-term debt | 22,909 | — | ||||||
Payment of deferred equity issuance costs | (20 | ) | — | |||||
Payment of deferred financing costs | (354 | ) | — | |||||
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Net cash provided by financing activities | 21,910 | 2 | ||||||
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Net change in cash and cash equivalents | (15 | ) | — | |||||
Cash and cash equivalents at beginning of quarter | 196 | — | ||||||
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Cash and cash equivalents at end of quarter | $ | 181 | $ | — | ||||
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Schedule of non-cash activities | ||||||||
Capitalized interest to short-term debt | $ | 269 | $ | — | ||||
Capitalized commitment fee to short-term debt | 286 | — | ||||||
Accrued construction in progress costs | 33,803 | 22 | ||||||
Amortization of prepaid expenses and other current assets - included as construction in progress | 150 | — | ||||||
Amortization of deferred financing costs - included as construction in progress | 2,026 | — | ||||||
Change in property, plant and equipment | 1,572 | — | ||||||
Capitalized interest - included as construction in progress | 269 | — | ||||||
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