Golar LNG Partners LP

CIK:0001415916|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating revenues
Total operating revenues	$ 284,734	$ 299,652	$ 346,650
Operating expenses
Vessel operating expenses	(56,509)	(60,958)	(65,247)
Voyage and commission expenses	(7,986)	(7,648)	(11,222)
Administrative expenses	(15,367)	(13,412)	(14,809)
Depreciation and amortization	(79,996)	(83,239)	(98,812)
Total operating expenses	(159,858)	(165,257)	(190,090)
Operating income	124,876	134,395	156,560
Other non-operating income	661	4,795	449
Financial income/(expense)
Interest income	17,354	13,278	8,950
Interest expense	(68,855)	(79,791)	(80,650)
(Losses)/gains on derivative instruments, net	(51,922)	(38,796)	8,106
Other financial items, net	1,000	675	(592)
Net financial expenses	(102,423)	(104,634)	(64,186)
Income before tax, equity in net earnings of affiliate and non-controlling interests	23,114	34,556	92,823
Income taxes	(16,767)	(17,962)	(17,465)
Equity in net earnings of affiliate	11,730	4,540	1,190
Net income	18,077	21,134	76,548
Non-controlling interests	(1,119)	3,329	3,358
Golar LNG Partners LP Owners	19,196	17,805	73,190
General partner's interest in net income	142	115	1,223
Common unitholders’ interest in net income	6,945	5,648	59,925
Time Charter
Operating revenues
Total operating revenues	284,734	299,652	346,650
Preferred Units
Financial income/(expense)
Preferred unitholders’ interest in net income	12,109	12,042	12,042
Common Units
Financial income/(expense)
Common unitholders’ interest in net income	$ 6,945	$ 5,648	$ 59,925
Common Units
Earnings per unit - Common units:
Basic and diluted (in dollars per share)	$ 0.10	$ 0.08	$ 0.86
Cash distributions declared and paid per unit in the period (in dollars per share)	$ 0.46	$ 1.62	$ 1.96

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Operating activities

Net income

$ 18,077

$ 21,134

$ 76,548

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization expenses

79,996

83,239

98,812

Equity in net earnings of affiliate

(11,730)

(4,540)

(1,190)

Deferred tax expense

2,114

3,620

1,728

Amortization of deferred charges and debt guarantee, net

3,402

2,683

7,154

Foreign exchange losses/(gains)

435

941

(995)

Unit options expense

207

234

Drydocking expenditure

(1,641)

(10,463)

(25,522)

Dividends received from affiliates

11,352

2,328

1,191

Interest element included in obligation under finance lease

(55)

Gain on recognition of net investment in leased vessel

(4,195)

Sales-type lease payments received in excess of interest income

2,308

2,030

Movement in credit loss allowances

(371)

Change in market value of derivatives

35,306

43,746

(5,921)

Change in assets and liabilities:

Trade accounts receivable

837

10,682

(9,730)

Inventories

983

(670)

1,475

Other current assets and non-current assets

(12,362)

(6,421)

3,906

Amounts due to/(from) related parties

(2,852)

3,622

(319)

Trade accounts payable

(990)

(2,836)

(3,610)

Accrued expenses

2,503

3,414

(6,566)

Other current liabilities

15,470

4,183

Net cash provided by operating activities

142,906

152,707

137,166

Investing activities

Additions to vessels and equipment

(3,188)

(10,232)

(10,735)

Dividends received from affiliates

12,627

14,216

755

Acquisition of investment in affiliate from Golar

(10,296)

(9,652)

Net cash provided by/(used in) investing activities

9,439

(6,312)

(19,632)

Financing activities

Repayments of long-term debt (including related parties)

(148,114)

(100,156)

(155,902)

Proceeds from long-term debt (including related parties)

45,000

40,000

51,419

Repayments of obligation under finance lease

(1,922)

(1,569)

(1,286)

Financing arrangement fees and other costs

(4,339)

(1,699)

Advances from related party for Methane Princess lease security deposit

2,605

601

633

Cash distributions paid

(44,954)

(126,599)

(165,250)

Common units repurchased and canceled

(1,565)

(13,980)

Proceeds from issuances of equity, net of issue costs

13,854

Net cash used in financing activities

(151,724)

(189,288)

(272,211)

Effect of exchange rate changes on cash

3,625

3,723

(6,118)

Net increase/(decrease) in cash, cash equivalents and restricted cash

4,246

(39,170)

(160,795)

Cash, cash equivalents and restricted cash at beginning of year

^[1]

229,922

269,092

429,887

Cash, cash equivalents and restricted cash at end of year

^[1]

234,168

229,922

269,092

Cash paid during the year for:

Interest expense

68,792

75,892

81,962

Income taxes

10,021

13,791

5,929

Total cash, cash equivalents, restricted cash and restricted cash equivalents

^[1]

$ 234,168

$ 269,092

[1]

The following table identifies the balance sheet line-items included in "cash, cash equivalents and restricted cash" presented in the consolidated statements of cash flows:


	December 31,
(in thousands of $)	2020	2019	2018	2017
Cash and cash equivalents	48,783	47,661	96,648	246,954
Restricted cash and short-term deposits - current	55,547	46,333	31,330	27,306
Restricted cash - non-current	129,838	135,928	141,114	155,627
	234,168	229,922	269,092	429,887

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 48,783	$ 47,661
Restricted cash and short-term deposits	55,547	46,333
Trade accounts receivable	16,466	17,303
Amounts due from related parties	804	5,098
Current portion of investment in leased vessel, net	2,570	2,308
Inventories	1,719	2,702
Other current assets	20,932	11,894
Total current assets	146,821	133,299
Non-current assets
Restricted cash	129,838	135,928
Investment in affiliate	185,562	193,270
Vessels and equipment, net	1,308,206	1,369,665
Vessel under finance lease, net	102,534	108,433
Investment in leased vessel, net	109,216	111,829
Intangible assets, net	41,295	50,409
Other non-current assets	4,189	2,779
Total assets	2,027,661	2,105,612
Current liabilities
Current portion of long-term debt	702,962	225,254
Current portion of obligation under finance lease	2,521	1,990
Trade accounts payable	1,766	2,756
Accrued expenses	25,157	23,451
Other current liabilities	99,871	55,703
Total current liabilities	832,277	309,154
Non-current liabilities
Long-term debt	416,746	991,679
Obligation under finance lease	122,029	120,789
Other non-current liabilities	31,288	31,296
Total liabilities	1,402,340	1,452,918
Commitments and contingencies
Common units, outstanding (in shares)	69,301,636	69,301,636
Partners’ capital:
Common unitholders: 69,301,636 units issued and outstanding at December 31, 2020 (2019: 69,301,636)	$ 361,912	$ 387,631
Preferred unitholders: 5,520,000 preferred units issued and outstanding at December 31, 2020 (2019: 5,520,000)	132,991	132,991
General partner interest: 1,436,391 units issued and outstanding at December 31, 2020 (2019: 1,436,391)	48,306	48,841
Total partners’ capital before non-controlling interests	543,209	569,463
Non-controlling interests	82,112	83,231
Total equity	625,321	652,694
Total liabilities and equity	$ 2,027,661	$ 2,105,612
Common unit, issued (in shares)	69,301,636	69,301,636