Hoegh LNG Partners LP

CIK:0001603016|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	12 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
REVENUES
Time charter revenues	$ 141,260	$ 143,095	$ 145,321
Other revenue			115
Total revenues	141,260	143,095	145,436
OPERATING EXPENSES
Vessel operating expenses	(28,845)	(24,072)	(30,870)
Administrative expenses	(12,410)	(9,740)	(9,861)
Depreciation and amortization	(20,418)	(20,937)	(21,477)
Total operating expenses	(61,673)	(54,749)	(62,208)
Equity in earnings (losses) of joint ventures	25,836	6,420	6,078
Operating income (loss)	105,423	94,766	89,306
FINANCIAL INCOME (EXPENSE), NET
Interest income	553	605	947
Interest expense	(26,829)	(24,430)	(27,692)
Gain (loss) on debt extinguishment			1,030
Other items, net	(2,862)	(2,232)	(3,575)
Total financial income (expense), net	(29,138)	(26,057)	(29,290)
Income (loss) before tax	76,285	68,709	60,016
Income tax benefit (expense)	(16,290)	(5,564)	(7,275)
Net income (loss)	59,995	63,145	52,741
Preferred unitholders' interest in net income	15,508	14,802	13,850
Limited partners' interest in net income (loss)	$ 44,487	$ 48,343	$ 38,891
Common units public [Member]
Earnings per unit
Earnings per share, basic	$ 1.32	$ 1.40	$ 1.12
Earnings per share, diluted	1.32	1.40	1.12
Common Units Hegh LNG [Member]
Earnings per unit
Earnings per share, basic	1.35	1.51	1.84
Earnings per share, diluted	1.35	1.51	1.84
Subordinated Units Hoegh LNG [Member]
Earnings per unit
Earnings per share, basic	0.00	0.00	0.70
Earnings per share, diluted	$ 0.00	$ 0.00	$ 0.70

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
OPERATING ACTIVITIES
Net income (loss)	$ 59,995	$ 63,145	$ 52,741
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	20,418	20,937	21,477
Equity in (earnings) losses of joint ventures	(25,836)	(6,420)	(6,078)
Changes in accrued interest income on advances to joint ventures	(376)	(321)	(295)
Amortization of deferred debt issuance cost	5,677	2,289	2,361
Amortization in revenue for above market contract	2,755	3,052	3,631
Expenditure for drydocking	(3,062)		(3,107)
(Gain) loss on debt extinguishment			(1,030)
Changes in accrued interest expense	532	(435)	2,246
Receipts from repayment of principal on financing lease	4,969	4,551	4,168
Unrealized foreign exchange losses (gains)	(20)	(380)	360
Gain (loss) on the settlement of the derivatives			(199)
Proceeds from settlement of derivative instruments			1,398
Unrealized loss (gain) on derivative instruments	274	173	21
Non-cash revenue: tax paid directly by charterer	(889)	(867)	(867)
Non-cash income tax expense: tax paid directly by charterer	889	867	867
Deferred tax expense and provision for tax uncertainty	10,129	2,118	3,707
Issuance of units for Board of Directors' fees	211	181	194
Other adjustments	8	123	512
Changes in working capital:
Trade receivables	(3,235)	176	543
Inventory		463	183
Prepaid expenses and other receivables	302	(1,168)	(2,081)
Trade payables	3,432	(80)	(10)
Amounts due to owners and affiliates	(2,815)	744	244
Value added and withholding tax liability	(750)	(633)	2,827
Accrued liabilities and other payables	6,647	(2,690)	1,439
Net cash provided by (used in) operating activities	79,255	85,825	85,252
INVESTING ACTIVITIES
Expenditure for vessel and other equipment		(8)	(269)
Payment on principal on advances to joint ventures	(2,983)
Net cash provided by (used in) investing activities	(2,983)	(8)	(269)
FINANCING ACTIVITIES
Proceeds from long-term debt	14,750		368,300
Proceeds from revolving credit facility due to owners and affiliates	6,000	21,750	3,500
Repayment of long-term debt	(44,432)	(44,660)	(342,416)
Payment of debt issuance costs	(4,513)		(5,797)
Repayment of revolving credit facility due to owners and affiliates			(34,000)
Repayment of customer loan for funding of value added liability on import			(438)
Net proceeds from issuance of common units	818		1,029
Net proceeds from issuance of Series A preferred units	8,318	3,174	13,065
Cash distributions to limited partners and preferred unitholders	(46,333)	(74,886)	(73,804)
Repayment of indemnifications received from Hoegh LNG			(64)
Net cash provided by (used in) financing activities	(65,392)	(94,622)	(70,625)
Increase (decrease) in cash, cash equivalents and restricted cash	10,880	(8,805)	14,358
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(23)	49	7
Cash, cash equivalents and restricted cash, beginning of period	51,063	59,819	45,454
Cash, cash equivalents and restricted cash, end of period	$ 61,920	$ 51,063	$ 59,819

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 42,519	$ 31,770
Restricted cash	8,410	7,198
Trade receivables	3,653	415
Amounts due from affiliates	7,500	3,639
Advances to joint ventures		3,284
Current portion of net investment in financing lease	5,426	4,969
Prepaid expenses and other receivables	3,772	3,883
Total current assets	71,280	55,158
Long-term assets
Restricted cash	10,991	12,095
Accumulated earnings of joint ventures	35,708	9,690
Advances to joint ventures	7,511	869
Vessels, net of accumulated depreciation	602,289	619,620
Other equipment	100	109
Intangibles and goodwill	11,301	14,056
Net investment in financing lease	263,862	269,288
Long-term deferred tax asset	144	102
Other long-term assets	822	823
Total long-term assets	932,728	926,652
Total assets	1,004,008	981,810
Current liabilities
Current portion of long-term debt	46,385	59,119
Trade payables	3,890	467
Amounts due to owners and affiliates	3,655	2,600
Value added and withholding tax liability	935	1,445
Derivative instruments	5,239	6,945
Accrued liabilities and other payables	16,105	7,232
Total current liabilities	76,209	77,808
Long-term liabilities
Long-term debt	339,687	355,470
Revolving credit facility due to owners and affiliates	24,942	18,465
Derivative instruments	7,631	19,530
Long-term tax liability	6,391	2,668
Long-term deferred tax liability	18,462	14,430
Other long-term liabilities	166	124
Total long-term liabilities	397,279	410,687
Total liabilities	473,488	488,495
EQUITY
Accumulated other comprehensive income (loss)	(15,699)	(29,572)
Total partners' capital	530,520	493,315
Total equity	530,520	493,315
Total liabilities and equity	1,004,008	981,810
8.75% Series A Preferred Units [Member]
EQUITY
Preferred units	176,078	167,760
Common units public [Member]
EQUITY
Common units	317,515	308,850
Common Units Hegh LNG [Member]
EQUITY
Common units	$ 52,626	$ 46,277