Niska Gas Storage Partners LLC

CIK:0001483830|SEC Filings

Consolidated Statements of Earnings (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
REVENUES:
Fee-based revenue (Note 16)	$ 54,734	$ 92,340	$ 135,356
Optimization, net (Note 16)	(389)	5,979	72,040
Total revenues	54,345	98,319	207,396
EXPENSES (INCOME)
Operating	29,806	39,230	40,834
General and administrative	29,993	26,833	39,937
Depreciation and amortization (Notes 5, 6 and 17)	57,435	117,323	41,286
Interest (Notes 7 and 18)	52,301	51,336	66,315
Loss on extinguishment of debt (Note 8)			36,697
Impairment of goodwill (Note 6)		245,604
Losses (gains) on disposals of assets	268	(64)
Foreign exchange (gains) losses	(349)	380	1,182
Other (income) expense	(4)	(11)	358
EARNINGS (LOSS) BEFORE INCOME TAXES	(115,105)	(382,312)	(19,213)
Income tax expense (benefit) (Note 12)
Current	2,536	2,595	82
Deferred	(14,310)	(34,251)	(10,338)
Income tax expense (benefit)	(11,774)	(31,656)	(10,256)
NET EARNINGS (LOSS) AND COMPREHENSIVE INCOME (LOSS)	(103,331)	(350,656)	(8,957)
Net earnings (loss) allocated to:
Managing Member	(1,861)	(6,352)	(171)
Common unitholders	$ (101,470)	$ (344,304)	$ (8,786)
Earnings (loss) per unit allocated to common unitholders
Basic (in dollars per unit)	$ (2.67)	$ (9.34)	$ (0.25)
Diluted (in dollars per unit)	$ (2.67)	$ (9.34)	$ (0.25)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2014
Operating Activities
Net earnings (loss)	$ (103,331)	$ (350,656)	$ (8,957)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Unrealized foreign exchange (gains) losses	(206)	372	1,500
Deferred income tax benefit (Note 12)	(14,310)	(34,251)	(10,338)
Unrealized risk management losses (gains) (Notes 16)	16,566	(31,694)	8,732
Depreciation and amortization (Notes 5, 6 and 17)	57,435	117,323	41,286
Amortization of deferred financing costs (Notes 7 and 18)	4,076	3,652	3,354
Loss on extinguishment of debt (Note 8)			36,697
Losses (gains) on disposals of assets	268	(64)
Impairment of goodwill (Note 6)		245,604
Non-cash compensation (Note 15)	1,653	2,305
Write-downs of inventory (Note 16)	4,300	63,800	4,600
Changes in non-cash working capital (Note 21)	90,854	(55,835)	15,033
Net cash provided by (used in) operating activities	57,305	(39,444)	91,907
Investing Activities
Property, plant and equipment expenditures	(3,133)	(7,587)	(3,159)
Purchase of customer contracts			(2,007)
Proceeds on disposal of assets		14
Net cash used in investing activities	(3,133)	(7,573)	(5,166)
Financing Activities
Proceeds from debt issuance			575,000
Debt redemption / repurchase			(672,361)
Proceeds from credit facilities	211,800	712,700	784,500
Repayments of credit facilities	(260,300)	(638,700)	(730,000)
Payments of financing costs	(2,614)	(857)	(10,855)
Payments of unit issuance costs		(13)	(218)
Repayments of obligations under capital lease	(1,339)	(1,299)	(1,259)
Distributions to unitholders (Note 15)	(3,354)	(20,105)	(34,051)
Net cash (used in) provided by financing activities	(55,807)	51,726	(89,244)
Effect of translation on foreign currency cash and cash equivalents	182	(714)	(403)
Net (decrease) increase in cash and cash equivalents	(1,453)	3,995	(2,906)
Cash and cash equivalents, beginning of year	11,699	7,704	10,610
Cash and cash equivalents, end of year	$ 10,246	$ 11,699	$ 7,704

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Mar. 31, 2015
Current Assets
Cash and cash equivalents	$ 10,246	$ 11,699
Margin deposits	13,233	13,285
Trade receivables	3,041	2,598
Accrued receivables	35,630	44,140
Natural gas inventory	41,268	136,295
Prepaid expenses and other current assets (Note 4)	12,787	3,788
Short-term risk management assets (Notes 13 and 14)	37,460	41,600
Total current assets	153,665	253,405
Long-term Assets
Property, plant and equipment, net of accumulated depreciation (Note 5)	772,023	820,467
Intangible assets, net of accumulated amortization (Note 6)	35,852	41,829
Deferred financing costs, net of accumulated amortization (Note 7)	7,004	11,001
Other assets	3,183	3,329
Long-term risk management assets (Notes 13 and 14)	20,170	30,928
Total long-term assets	838,232	907,554
TOTAL	991,897	1,160,959
Current Liabilities
Obligations under credit facilities (Note 8)	146,086	193,500
Current portion of obligations under capital lease (Note 9)	1,381	1,339
Trade payables	389	885
Current portion of deferred taxes (Note 12)	1,154	2,334
Deferred revenue	457	6,669
Accrued liabilities (Note 10)	51,518	47,686
Short-term risk management liabilities (Notes 13 and 14)	32,146	25,560
Total current liabilities	233,131	277,973
Long-term Liabilities
Long-term risk management liabilities (Notes 13 and 14)	15,915	20,833
Asset retirement obligations (Note 11)	2,581	2,308
Other long-term liabilities	1,196	1,270
Deferred income taxes (Note 12)	75,229	88,317
Obligations under capital lease (Note 9)	8,206	9,587
Long-term debt (Note 8)	575,000	575,000
Total long-term liabilities	678,127	697,315
Members' Equity (Note 15)
Common units	(184,946)	(81,805)
Managing Member's interest	265,585	267,476
Total members' equity	$ 80,639	$ 185,671
Commitments and contingencies (Notes 8 and 20)
TOTAL	$ 991,897	$ 1,160,959