01.03.16

Pattern Energy Group Inc.: Fiscal 2015 Results

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Pattern Energy Reports Fourth Quarter and Year End 2015 Financial Results
- $92.4 million in 2015 CAFD exceeds target -
- Declares increased dividend of $0.3810 per Class A common share for first quarter 2016 -

San Francisco -  Pattern Energy Group Inc. (the "Company" or "Pattern Energy") (NASDAQ: PEGI) (TSX: PEG) today announced its financial results for the 2015 fourth quarter and year.
Pattern Energy Group Inc. Logo

Highlights
(Comparisons made between fiscal 2015 and fiscal 2014 results, unless otherwise noted)

    Cash available for distribution (CAFD) of $92.4 million, up 49%
    Adjusted EBITDA of $250.5 million, up 26%
    Proportional GWh sold of 5,137 GWh, up 74%
    Revenue of $329.8 million, up 24%
    Declared a first quarter dividend of $0.3810 per Class A common share or $1.524 on an annualized basis, subsequent to the end of the period, representing a 2.4% increase over the previous quarter's dividend
    Increased owned capacity by 39% to 2,282 MW through the acquisition of interests in five projects
    Commenced commercial operations in December 2015 at the 150 MW Amazon Wind Farm Fowler Ridge project in which the Company holds an owned interest of 116 MW
    All 16 existing assets are operational with no new capital required to be raised for existing ownership interest levels

"Our portfolio of 16 projects generated a record $92.4 million of CAFD in 2015, exceeding the midpoint of our guidance by 10%. By reducing certain costs and increasing the operating performance of our projects during 2015, we were able to overcome the challenges of low wind in the first quarter, a weak Canadian dollar and reduced spot market prices. Our portfolio will continue to grow our CAFD in 2016 and the coming years as we ramp up to our run-rate CAFD," said Mike Garland, President and CEO of Pattern Energy. "The portfolio continues to provide growing, stable cash flow, allowing us to increase our dividend for the first quarter of 2016, our eighth consecutive dividend increase. With this good news we start 2016 in a strong position. We have no requirements to raise capital for our existing business, our list of ROFO assets will continue to grow in 2016, and we believe the market for renewable energy has never been stronger."

Financial Results

Pattern Energy sold 1,714,884 MWh of electricity on a proportional basis in the fourth quarter of 2015 compared to 918,976 MWh sold in the same period in 2014. Pattern Energy sold 5,136,675 MWh of electricity on a proportional basis for the year ended December 31, 2015, compared to 2,951,233 MWh sold in 2014. The increase in proportional MWh for the quarterly period is due to projects which were acquired and projects that became commercially operable in 2015. The increase in proportional MWh sold for the annual period was primarily attributable to a 1,724,872 MWh increase in volume from controlling interest in consolidated MWh and a 460,570 MWh increase in volume from equity method investments due to the acquisition of K2 in 2015 and commencement of operations of South Kent and Grand in 2014. Overall, production was slightly below the Company's expectations for the fourth quarter compared to its long-term forecast.

Adjusted EBITDA was $78.3 million for the fourth quarter of 2015 compared to $57.7 million in the same period last year. Adjusted EBITDA for the year 2015 was $250.5 million compared to $198.1 million in 2014. The increase in adjusted EBITDA for the quarterly period was primarily attributable to projects which were acquired and projects that became commercially operable in 2015. The increase in the annual period was primarily due to projects that were acquired or commenced commercial operation in 2014 and 2015. Reconciliations of adjusted EBITDA to net loss determined in accordance with GAAP for both the quarterly and annual periods are shown below.

Net loss was $3.9 million in the fourth quarter of 2015, compared to $16.0 million in the same period last year. The change in the quarterly period was primarily due to projects that were acquired and projects that completed construction during 2015. Also contributing to the decrease in net loss for the quarter was increased equity in earnings from unconsolidated investments primarily due to the acquisition of K2 in 2015.

Net loss was $55.6 million for the year ended 2015 compared to $40.0 million in 2014. The increase in net loss for the annual period was primarily due to increased other expense items related to interest expense, extinguishment of debt and related interest rate swap, and a decrease in net gains on transactions offset by increases in equity in earnings from unconsolidated investments.

Cash available for distribution was $32.9 million in the fourth quarter of 2015 compared to $17.3 million in the same period last year. The $15.6 million increase in cash available for distribution is due to additional revenues of  $21.7 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily from projects which were acquired or completed construction during 2015, a $7.5 million increase in cash distributions from unconsolidated investments, and decreased principal payments of $2.0 million. These increases were partially offset by increases in project expenses of approximately $11.4 million and operating expenses of $1.6 million primarily from projects which were acquired or completed construction during 2015, and increased distributions to noncontrolling interests of $2.9 million.

Cash available for distribution was $92.4 million for the full year 2015 compared to $62.1 million in 2014. Based on dividends paid during 2015, Pattern Energy's dividend payout ratio was 98% of 2015 cash available for distribution. The $30.3 million increase in cash available for distribution was due to additional revenues of $63.1 million (excluding unrealized loss on energy derivative and amortization of PPAs) primarily from projects which commenced commercial operations or were acquired during 2014 and 2015. In addition, the Company received an increase of $26.3 million in cash distributions from its unconsolidated investments when compared to the same period in the prior year which was due to full year operation at each of South Kent and Grand in 2015 compared to partial year operation in 2014 and the acquisition of K2 in the second quarter of 2015. Cash available for distribution was also impacted by a $6.2 million cash distribution from the partial refund of a deposit associated with the Gulf Wind energy derivative. These increases were partially offset by increases in project expenses of $36.8 million, operating expenses of $9.1 million, interest expense of $10.2 million, primarily from projects which commenced commercial operations during 2014 and 2015. In addition, increases in cash available for distribution were offset by increased distributions to noncontrolling interests of $5.8 million and increased principal payments of $4.8 million.

Reconciliations of cash available for distribution to net cash provided by operating activities determined in accordance with GAAP for both the quarterly and annual periods are shown below.

2016 Financial Guidance

For 2016, Pattern Energy expects annual cash available for distribution in a range of $125 million to $145 million, representing an increase of 46% at the midpoint of the range, compared to cash available for distribution in 2015.(1)

Quarterly Dividend

On February 24, 2016, Pattern Energy declared an increased dividend for the first quarter 2016, payable on April 29, 2016, to holders of record on March 31, 2016 in the amount of $0.3810 per Class A common share, which represents $1.524 on an annualized basis. This is a 2.4% increase from the fourth quarter 2015 dividend of $0.3720.

Acquisition Pipeline

Pattern Energy has the Right of First Offer (ROFO) on a pipeline of acquisition opportunities from Pattern Development.

On October 20, 2015, Pattern Development entered into a 25-year PPA with the Sacramento Municipal Utility District in connection with a 220 MW gross capacity wind power project, referred to as "Grady", based in Curry County, New Mexico, that was previously added to the identified ROFO list as part of the California/New Mexico project. Upon completion, the 220 MW project will deliver wind power directly into California.

(1) The forward looking measure of cash available for distribution for 2016 is a non-GAAP measure that cannot be reconciled to net cash provided by operating activities as the most directly comparable GAAP financial measure without unreasonable effort. A description of the adjustments to determine CAFD can be found within Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations-Key Metrics, of Pattern Energy's 2015 Annual Report on Form 10-K.

The identified ROFO list stands at 1,298 MW of total owned capacity. Since its IPO, Pattern Energy has purchased 832 MW from Pattern Development and in aggregate grown the identified ROFO list from 746 MW to a total of 2,130 MW. The table below sets forth the current list of identified ROFO projects:

Asset
    
    

Location
    
    

Owned MW
    
    

Status

Armow
    
    

Ontario
    
    

90
    
    

Operational

Meikle
    
    

British Columbia
    
    

180
    
    

In construction

Conejo Solar
    
    

Chile
    
    

84
    
    

In construction

Belle River
    
    

Ontario
    
    

50
    
    

Securing final permits

Henvey Inlet
    
    

Ontario
    
    

150
    
    

Late stage development

Mont Sainte-Marguerite
    
    

Québec
    
    

147
    
    

Late stage development

North Kent
    
    

Ontario
    
    

43
    
    

Late stage development

Broadview projects
    
    

New Mexico
    
    

259
    
    

Late stage development

Grady
    
    

New Mexico
    
    

176
    
    

Late stage development

Tsugaru
    
    

Japan
    
    

63
    
    

Late stage development

Ohorayama
    
    

Japan
    
    

31
    
    

Late stage development

Kanagi Solar
    
    

Japan
    
    

6
    
    

In construction

Futtsu Solar
    
    

Japan
    
    

19
    
    

Operational

Total
    
    
    
    

1,298
    
    

The list of identified ROFO projects represents a portion of Pattern Development's 5,900 MW pipeline of development projects, all of which are subject to Pattern Energy's ROFO. The 5,900 MW includes Pattern Development's interests in both its majority stake in Tokyo-based GPI and its joint venture with CEMEX Energia in Mexico. GPI has up to 1,000 MW of near and longer term wind and solar projects in development. The joint venture between Pattern Development and CEMEX Energia has a goal of developing 1,000 MW of wind and solar generation in Mexico over the next five years where recent reforms set a mandate of 35% of generation to come from clean resources by 2024.

Cash Available for Distribution and Adjusted EBITDA Non-GAAP Reconciliations

The following tables reconcile non-GAAP net cash provided by operating activities to cash available for distribution and net loss to adjusted EBITDA, respectively, for the periods presented (in thousands):

    

Three Months Ended December 31,
    
    

For the Year Ended December 31,

    

2015
    
    

2014
    
    

2015
    
    

2014

Net cash provided by operating activities
    

$
    

34,567
    
    
    

$
    

26,548
    
    
    

$
    

117,849
    
    
    

$
    

110,448
    

Changes in operating assets and liabilities
    

(451)
    
    
    

(1,282)
    
    
    

(6,880)
    
    
    

(9,002)
    

Network upgrade reimbursement
    

618
    
    
    


    
    
    

2,472
    
    
    

2,472
    

Release of restricted cash to fund project and general and
administrative costs
    

110
    
    
    

13
    
    
    

1,611
    
    
    

223
    

Operations and maintenance capital expenditures
    

(485)
    
    
    

(133)
    
    
    

(779)
    
    
    

(267)
    

Transaction costs for acquisitions
    

(228)
    
    
    

602
    
    
    

1,598
    
    
    

1,730
    

Distributions from unconsolidated investments
    

10,722
    
    
    

3,187
    
    
    

34,216
    
    
    

7,891
    

Reduction of other asset - Gulf Wind energy derivative deposit
    

850
    
    
    


    
    
    

6,205
    
    
    


    

Other
    

(368)
    
    
    


    
    
    

(1,921)
    
    
    


    

Less:
    


    
    
    
    
    
    
    

Distributions to noncontrolling interests
    

(3,500)
    
    
    

(630)
    
    
    

(7,882)
    
    
    

(2,100)
    

Principal payments paid from operating cash flows
    

(8,984)
    
    
    

(11,001)
    
    
    

(54,041)
    
    
    

(49,246)
    

Cash available for distribution
    

$
    

32,851
    
    
    

$
    

17,304
    
    
    

$
    

92,448
    
    
    

$
    

62,149
    

 

    

Three Months Ended December 31,
    
    

For the Year Ended December 31,

    

2015
    
    

2014
    
    

2015
    
    

2014

Net (loss) income
    

$
    

(3,873)
    
    
    

$
    

(15,986)
    
    
    

$
    

(55,607)
    
    
    

$
    

(39,999)
    

Plus:
    
    
    
    
    
    
    

Interest expense, net of interest income
    

18,886
    
    
    

19,044
    
    
    

75,309
    
    
    

66,729
    

Tax provision
    

4,267
    
    
    

4,641
    
    
    

4,943
    
    
    

3,136
    

Depreciation, amortization and accretion
    

40,469
    
    
    

31,941
    
    
    

143,376
    
    
    

104,417
    

Amortization of purchase power agreements, net (1)
    

771
    
    
    


    
    
    

1,946
    
    
    


    

EBITDA
    

$
    

60,520
    
    
    

$
    

39,640
    
    
    

$
    

169,967
    
    
    

$
    

134,283
    

Unrealized loss on energy derivative (1)
    

2,391
    
    
    

(7,265)
    
    
    

791
    
    
    

3,878
    

Loss (gain) on undesignated derivatives, net
    

1,908
    
    
    

6,062
    
    
    

5,490
    
    
    

15,743
    

Realized loss on designated derivatives
    


    
    
    


    
    
    

11,221
    
    
    


    

Early extinguishment of debt
    

828
    
    
    


    
    
    

4,941
    
    
    


    

Net (loss) gain on transactions
    

737
    
    
    

626
    
    
    

3,400
    
    
    

(13,843)
    

Plus, proportionate share from equity accounted investments:
    
    
    
    
    
    
    

Interest expense, net of interest income
    

6,452
    
    
    

4,884
    
    
    

23,537
    
    
    

14,081
    

Tax provision (benefit)
    


    
    
    


    
    
    


    
    
    

102
    

Depreciation, amortization and accretion
    

6,434
    
    
    

4,697
    
    
    

22,680
    
    
    

13,720
    

Loss (gain) on undesignated derivatives, net
    

(1,017)
    
    
    

9,080
    
    
    

8,514
    
    
    

30,148
    

Adjusted EBITDA
    

$
    

78,253
    
    
    

$
    

57,724
    
    
    

$
    

250,541
    
    
    

$
    

198,112
    

 (1) Amount is included in electricity sales on the consolidated statements of operations.

Conference Call and Webcast

Pattern Energy will host a conference call and webcast, complete with slide presentation, to discuss these results at 10:30 a.m. Eastern Time on Monday, February 29, 2016. Mike Garland, President and CEO, and Mike Lyon, CFO, will co-chair the call. Participants should call (888) 231-8191 or (647) 427-7450 and ask an operator for the Pattern Energy earnings call. Please dial in 10 minutes prior to the call to secure a line. A replay will be available shortly after the call. To access the replay, please dial (855) 859-2056 or (416) 849-0833 and enter access code 49568100. The replay recording will be available until 11:59 p.m. Eastern Time, March 14, 2016.

A live webcast of the conference call and the accompanying slide presentation will be also available on the events page in the investor section of Pattern's website at www.patternenergy.com. An archived webcast will be available for one year.

About Pattern Energy

Pattern Energy Group Inc. is an independent power company listed on The NASDAQ Global Select Market and Toronto Stock Exchange. Pattern Energy has a portfolio of 16 operating wind power facilities with a total owned interest of 2,282 MW in the United States, Canada and Chile that use proven, best-in-class technology. Pattern Energy's wind power facilities generate stable long-term cash flows in attractive markets and provide a solid foundation for the continued growth of the business. For more information, visit www.patternenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements contained in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and "forward-looking information" within the meaning of Canadian securities laws, including statements regarding the ability to grow our CAFD and to achieve the 2016 CAFD estimate, the ability of our portfolio to continue to grow our CAFD in 2016 and the coming years, the ability to not require new capital to be raised for existing business, the ability to continue to grow the list of ROFO assets in 2016, the ability to complete the Grady project and the Broadview projects, and the ability of the joint venture between Pattern Development and CEMEX Energia to achieve its five-year development goal. These forward-looking statements represent the Company's expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company's control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the Company's annual report on Form 10-K and any quarterly reports on Form 10-Q. The risk factors and other factors noted therein could cause actual events or the Company's actual results to differ materially from those contained in any forward-looking statement.

Contacts:

Media Relations

Matt Dallas

917-363-1333

matt.dallas@patternenergy.com
    
    

Investor Relations

Ross Marshall

416-526-1563

ross.marshall@loderockadvisors.com
    

 

Pattern Energy Group Inc.

Consolidated Balance Sheets

(In thousands of U.S. Dollars, except share data)


    

December 31,

    

2015
    
    

2014

Assets
    
    
    

Current assets:
    
    
    

Cash and cash equivalents
    

$
    

94,808
    
    
    

$
    

101,656
    

Restricted cash
    

14,609
    
    
    

7,945
    

Trade receivables
    

45,292
    
    
    

35,759
    

Related party receivable
    

734
    
    
    

671
    

Reimbursable interconnection costs
    

38
    
    
    

2,532
    

Derivative assets, current
    

24,338
    
    
    

18,506
    

Current net deferred tax assets
    


    
    
    

318
    

Prepaid expenses
    

14,498
    
    
    

15,275
    

Other current assets
    

6,891
    
    
    

12,679
    

Deferred financing costs, current, net of accumulated amortization of $5,192 and $3,493
as of December 31, 2015 and 2014, respectively
    

2,121
    
    
    

1,747
    

Total current assets
    

203,329
    
    
    

197,088
    

Restricted cash
    

36,875
    
    
    

39,745
    

Turbine advances
    


    
    
    

79,637
    

Construction in progress
    


    
    
    

26,195
    

Property, plant and equipment, net of accumulated depreciation of $409,161 and $278,291as
of December 31, 2015 and 2014, respectively
    

3,294,620
    
    
    

2,350,856
    

Unconsolidated investments
    

116,473
    
    
    

29,079
    

Derivative assets
    

44,014
    
    
    

49,369
    

Deferred financing costs
    

4,572
    
    
    

5,166
    

Net deferred tax assets
    

6,804
    
    
    

5,474
    

Finite-lived intangible assets, net of accumulated amortization of $4,357 and $154 as of
December 31, 2015 and 2014, respectively
    

97,722
    
    
    

1,257
    

Other assets
    

25,183
    
    
    

11,421
    

Total assets
    

$
    

3,829,592
    
    
    

$
    

2,795,287
    

Liabilities and equity
    
    
    

Current liabilities:
    
    
    

Accounts payable and other accrued liabilities
    

$
    

42,776
    
    
    

$
    

24,793
    

Accrued construction costs
    

23,565
    
    
    

20,132
    

Related party payable
    

1,646
    
    
    

5,757
    

Accrued interest
    

9,035
    
    
    

3,634
    

Dividends payable
    

28,022
    
    
    

15,734
    

Derivative liabilities, current
    

14,343
    
    
    

16,307
    

Revolving credit facility
    

355,000
    
    
    

50,000
    

Current portion of long-term debt, net of financing costs of $3,671 and $11,868 as of
December 31, 2015 and 2014, respectively
    

44,144
    
    
    

109,693
    

Current net deferred tax liabilities
    


    
    
    

149
    

Other current liabilities
    

2,156
    
    
    

4,000
    

Total current liabilities
    

520,687
    
    
    

250,199
    

Long-term debt, net of financing costs of $22,632 and $24,887 as of December 31, 2015 and
2014, respectively
    

1,174,380
    
    
    

1,304,165
    

Convertible senior notes, net of financing costs of $5,014 and $0 as of December 31, 2015 and 2014, respectively
    

197,362
    
    
    


    

Derivative liabilities
    

28,659
    
    
    

17,467
    

Net deferred tax liabilities
    

22,183
    
    
    

20,418
    

Finite-lived intangible liability, net of accumulated amortization of $2,168 and $0 as of December 31, 2015
and 2014, respectively
    

58,132
    
    
    


    

Other long-term liabilities
    

52,427
    
    
    

38,304
    

Total liabilities
    

2,053,830
    
    
    

1,630,553
    

Commitments and contingencies (Note 18)
    
    
    

Equity:
    
    
    

Class A common stock, $0.01 par value per share: 500,000,000 shares authorized;
74,644,141 and 62,062,841 shares outstanding as of December 31, 2015 and 2014, respectively
    

747
    
    
    

621
    

Additional paid-in capital
    

982,814
    
    
    

723,938
    

Accumulated loss
    

(77,159)
    
    
    

(44,626)
    

Accumulated other comprehensive loss
    

(73,325)
    
    
    

(45,068)
    

Treasury stock, at cost; 65,301 and 25,465 shares of Class A common stock as of
December 31, 2015 and 2014, respectively
    

(1,577)
    
    
    

(717)
    

Total equity before noncontrolling interest
    

831,500
    
    
    

634,148
    

Noncontrolling interest
    

944,262
    
    
    

530,586
    

Total equity
    

1,775,762
    
    
    

1,164,734
    

Total liabilities and equity
    

$
    

3,829,592
    
    
    

$
    

2,795,287
    

 

Pattern Energy Group Inc.

Consolidated Statements of Operations

(In thousands of U.S. dollars, except per share data)

    
    
    

    

Three Months Ended December 31,
    
    

For the Year Ended December 31,

    

2015
    
    

2014
    
    

2015
    
    

2014

Revenue:
    
    
    
    
    
    
    

Electricity sales
    

$
    

89,023
    
    
    

$
    

72,328
    
    
    

$
    

324,275
    
    
    

$
    

254,669
    

Related party revenue
    

1,010
    
    
    

987
    
    
    

3,640
    
    
    

3,317
    

Other revenue
    

564
    
    
    

6,103
    
    
    

1,916
    
    
    

7,507
    

Total revenue
    

90,597
    
    
    

79,418
    
    
    

329,831
    
    
    

265,493
    

Cost of revenue:
    
    
    
    
    
    
    

Project expense
    

32,544
    
    
    

21,166
    
    
    

114,619
    
    
    

77,775
    

Depreciation, amortization and accretion
    

41,379
    
    
    

31,941
    
    
    

143,376
    
    
    

104,417
    

Total cost of revenue
    

73,923
    
    
    

53,107
    
    
    

257,995
    
    
    

182,192
    

Gross profit
    

16,674
    
    
    

26,311
    
    
    

71,836
    
    
    

83,301
    

Operating expenses:
    
    
    
    
    
    
    

General and administrative
    

7,498
    
    
    

6,570
    
    
    

29,807
    
    
    

22,533
    

Related party general and administrative
    

2,273
    
    
    

1,632
    
    
    

7,589
    
    
    

5,787
    

Total operating expenses
    

9,771
    
    
    

8,202
    
    
    

37,396
    
    
    

28,320
    

Operating income
    

6,903
    
    
    

18,109
    
    
    

34,440
    
    
    

54,981
    

Other (expense) income:
    
    
    
    
    
    
    

Interest expense
    

(19,374)
    
    
    

(19,267)
    
    
    

(77,907)
    
    
    

(67,694)
    

(Loss) gain on undesignated derivatives, net
    

(1,908)
    
    
    

(6,062)
    
    
    

(5,490)
    
    
    

(15,743)
    

Realized loss on designated derivatives
    


    
    
    


    
    
    

(11,221)
    
    
    


    

Equity in earnings (losses) in unconsolidated investments
    

15,351
    
    
    

(4,057)
    
    
    

16,119
    
    
    

(25,295)
    

Related party income
    

636
    
    
    

876
    
    
    

2,665
    
    
    

2,612
    

Early extinguishment of debt
    

(828)
    
    
    


    
    
    

(4,941)
    
    
    


    

Net (loss) gain on transactions
    

(737)
    
    
    

(626)
    
    
    

(3,400)
    
    
    

13,843
    

Other (expense) income, net
    

351
    
    
    

(318)
    
    
    

(929)
    
    
    

433
    

Total other expense
    

(6,509)
    
    
    

(29,454)
    
    
    

(85,104)
    
    
    

(91,844)
    

Net (loss) income before income tax
    

394
    
    
    

(11,345)
    
    
    

(50,664)
    
    
    

(36,863)
    

Tax provision
    

4,267
    
    
    

4,641
    
    
    

4,943
    
    
    

3,136
    

Net (loss) income
    

(3,873)
    
    
    

(15,986)
    
    
    

(55,607)
    
    
    

(39,999)
    

Net (loss) income attributable to noncontrolling interest
    

(6,327)
    
    
    

4,406
    
    
    

(23,074)
    
    
    

(8,709)
    

Net (loss) income attributable to Pattern Energy
    

$
    

2,454
    
    
    

$
    

(20,392)
    
    
    

$
    

(32,533)
    
    
    

$
    

(31,290)
    

Loss per share information:
    
    
    
    
    
    
    

Net (loss) income attributable to Pattern Energy
    

2,454
    
    
    

(20,392)
    
    
    

(32,533)
    
    
    

(31,290)
    

Dividends declared on Class A common shares
    

(27,768)
    
    
    

(15,581)
    
    
    

(102,861)
    
    
    

(56,976)
    

Deemed dividends on Class B common shares
    


    
    
    

(7,222)
    
    
    


    
    
    

(21,901)
    

Earnings allocated to participating securities
    

(8)
    
    
    


    
    
    

(32)
    
    
    


    

Undistributed loss attributable to common stockholders
    

$
    

(25,322)
    
    
    

$
    

(43,195)
    
    
    

$
    

(135,426)
    
    
    

$
    

(110,167)
    

Weighted average number of shares:
    
    
    
    
    
    
    

Class A common stock - Basic and diluted
    

74,398,729
    
    
    

46,335,288
    
    
    

70,535,568
    
    
    

42,361,959
    

Class B common stock - Basic and diluted
    


    
    
    

15,555,000
    
    
    


    
    
    

15,555,000
    

Loss per share
    
    
    
    
    
    
    

Class A common stock:
    
    
    
    
    
    
    

Basic and diluted loss per share
    

$
    

0.03
    
    
    

$
    

(0.36)
    
    
    

$
    

(0.46)
    
    
    

$
    

(0.56)
    

Class B common stock:
    
    
    
    
    
    
    

Basic and diluted loss per share
    

$
    


    
    
    

$
    

(0.23)
    
    
    

$
    


    
    
    

$
    

(0.49)
    

Dividends declared per Class A common share
    

$
    

0.37
    
    
    

$
    

0.34
    
    
    

$
    

1.43
    
    
    

$
    

1.30
    

Deemed dividends per Class B common share
    

$
    


    
    
    

$
    

0.46
    
    
    

$
    


    
    
    

$
    

1.41
    

 

Pattern Energy Group Inc.

Consolidated Statements of Cash Flows

(In thousands of U.S. dollars)

    
    
    

    

Three Months Ended December 31,
    
    

For the Year Ended December 31,

    

2015
    
    

2014
    
    

2015
    
    

2014

Operating activities
    
    
    
    
    
    
    

Net loss
    

$
    

(3,873)
    
    
    

$
    

(15,986)
    
    
    

$
    

(55,607)
    
    
    

$
    

(39,999)
    

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

Depreciation, amortization and accretion
    

41,268
    
    
    

31,941
    
    
    

143,376
    
    
    

104,417
    

Impairment loss
    


    
    
    


    
    
    

398
    
    
    


    

Amortization of financing costs
    

1,854
    
    
    

2,063
    
    
    

7,435
    
    
    

6,309
    

Loss (gain) on derivatives, net
    

1,426
    
    
    

(2,196)
    
    
    

2,219
    
    
    

15,546
    

Stock-based compensation
    

1,228
    
    
    

977
    
    
    

4,462
    
    
    

4,105
    

Net gain on transactions
    


    
    
    


    
    
    


    
    
    

(16,526)
    

Deferred taxes
    

4,154
    
    
    

4,453
    
    
    

4,494
    
    
    

2,948
    

Equity in (earnings) losses in unconsolidated investments
    

(15,367)
    
    
    

4,057
    
    
    

(16,180)
    
    
    

25,295
    

Unrealized loss on exchange rate changes
    


    
    
    


    
    
    

823
    
    
    


    

Amortization of power purchase agreements, net
    

771
    
    
    


    
    
    

1,946
    
    
    


    

Amortization of debt discount/premium, net
    

862
    
    
    


    
    
    

1,660
    
    
    


    

Realized loss on designated derivatives
    

1,029
    
    
    


    
    
    

11,221
    
    
    


    

Early extinguishment of debt
    

764
    
    
    


    
    
    

4,722
    
    
    


    

Changes in operating assets and liabilities:
    
    
    
    
    
    
    

Trade receivables
    

(7,911)
    
    
    

(3,000)
    
    
    

(2,254)
    
    
    

(8,255)
    

Prepaid expenses
    

(2,722)
    
    
    

(1,401)
    
    
    

1,272
    
    
    

(4,100)
    

Other current assets
    

3,654
    
    
    

1,178
    
    
    

(2,929)
    
    
    

17,016
    

Other assets (non-current)
    

(314)
    
    
    

(146)
    
    
    

(2,336)
    
    
    

(649)
    

Accounts payable and other accrued liabilities
    

536
    
    
    

2,025
    
    
    

4,716
    
    
    

3,667
    

Related party receivable/payable
    

205
    
    
    

75
    
    
    

711
    
    
    

(942)
    

Accrued interest payable
    

2,519
    
    
    

2,294
    
    
    

4,489
    
    
    

1,377
    

Contingent liabilities
    

(249)
    
    
    


    
    
    

515
    
    
    


    

Long-term liabilities
    

2,613
    
    
    

214
    
    
    

2,696
    
    
    

239
    

Increase in restricted cash
    


    
    
    


    
    
    

(2,120)
    
    
    


    

Decrease in restricted cash
    

2,120
    
    
    


    
    
    

2,120
    
    
    


    

Net cash provided by operating activities
    

34,567
    
    
    

26,548
    
    
    

117,849
    
    
    

110,448
    

    
    
    
    
    
    
    

Investing activities
    
    
    
    
    
    
    

Cash paid for acquisitions, net of cash acquired
    

$
    

(27,508)
    
    
    

$
    

(138,999)
    
    
    

$
    

(433,792)
    
    
    

$
    

(306,584)
    

Decrease in restricted cash
    

20,763
    
    
    

22,839
    
    
    

62,583
    
    
    

46,700
    

Increase in restricted cash
    

(23,442)
    
    
    

(30,384)
    
    
    

(57,332)
    
    
    

(40,790)
    

Capital expenditures
    

(64,504)
    
    
    

(100,891)
    
    
    

(380,458)
    
    
    

(119,506)
    

Distribution from unconsolidated investments
    

14,746
    
    
    

4,915
    
    
    

38,240
    
    
    

22,019
    

Contribution to unconsolidated investments
    

(3)
    
    
    

(331)
    
    
    

(3)
    
    
    

(2,651)
    

Reimbursable interconnection receivable
    

625
    
    
    

2,474
    
    
    

2,494
    
    
    

3,892
    

Other assets
    

284
    
    
    

15,068
    
    
    

3,065
    
    
    

17,540
    

Net cash (used in) provided by investing activities
    

(79,039)
    
    
    

(225,309)
    
    
    

(765,203)
    
    
    

(379,380)
    

Financing activities
    
    
    
    
    
    
    

Proceeds from public offering, net of issuance costs
    

$
    

(390)
    
    
    

$
    

(77)
    
    
    

$
    

317,432
    
    
    

$
    

286,757
    

Proceeds from issuance of convertible senior notes, net of
issuance costs
    

(628)
    
    
    


    
    
    

218,929
    
    
    


    

Proceeds from exercise of stock options
    


    
    
    

54
    
    
    


    
    
    

327
    

Repurchase of shares for employee tax withholding
    

(529)
    
    
    

(313)
    
    
    

(860)
    
    
    

(693)
    

Dividends paid
    

(27,127)
    
    
    

(15,240)
    
    
    

(90,582)
    
    
    

(52,344)
    

Payment for deferred equity issuance costs
    

1,940
    
    
    

(550)
    
    
    


    
    
    

(550)
    

Buyout of noncontrolling interests
    


    
    
    


    
    
    

(121,224)
    
    
    


    

Capital contributions - noncontrolling interest
    

142,979
    
    
    

198,255
    
    
    

336,043
    
    
    

200,805
    

Capital distributions - noncontrolling interest
    

(3,500)
    
    
    

(630)
    
    
    

(7,882)
    
    
    

(2,100)
    

Decrease in restricted cash
    

14,789
    
    
    

6,119
    
    
    

56,218
    
    
    

19,627
    

Increase in restricted cash
    

(13,408)
    
    
    

(4,395)
    
    
    

(54,592)
    
    
    

(17,903)
    

Refund of deposit for letters of credit
    


    
    
    

(3,422)
    
    
    

3,425
    
    
    

(3,422)
    

Payment for deferred financing costs
    

(5,222)
    
    
    

(11,253)
    
    
    

(13,667)
    
    
    

(11,856)
    

Proceeds from revolving credit facility
    

110,000
    
    
    

50,000
    
    
    

405,000
    
    
    

50,000
    

Repayment of revolving credit facility
    


    
    
    


    
    
    

(100,000)
    
    
    


    

Proceeds from construction loans
    

34,568
    
    
    

58,691
    
    
    

329,070
    
    
    

59,778
    

Proceeds from long-term debt
    

164,973
    
    
    


    
    
    

164,973
    
    
    


    

Repayment of long-term debt
    

(380,887)
    
    
    

(206,352)
    
    
    

(785,923)
    
    
    

(259,437)
    

Payment for interest rate derivatives
    


    
    
    


    
    
    

(11,061)
    
    
    


    

Net cash provided by financing activities
    

37,558
    
    
    

70,887
    
    
    

645,299
    
    
    

268,989
    

Effect of exchange rate changes on cash and cash equivalents
    

(1,474)
    
    
    

(1,128)
    
    
    

(4,793)
    
    
    

(1,970)
    

Net change in cash and cash equivalents
    

(8,388)
    
    
    

(129,002)
    
    
    

(6,848)
    
    
    

(1,913)
    

Cash and cash equivalents at beginning of period
    

103,196
    
    
    

230,658
    
    
    

101,656
    
    
    

103,569
    

Cash and cash equivalents at end of period
    

$
    

94,808
    
    
    

$
    

101,656
    
    
    

$
    

94,808
    
    
    

$
    

101,656
    

Supplemental disclosures
    
    
    
    
    
    
    

Cash payments for income taxes
    

$
    

342
    
    
    

$
    

131
    
    
    

$
    

342
    
    
    

$
    

131
    

Cash payments for interest expense, net of capitalized interest
    

24,366
    
    
    

14,012
    
    
    

62,607
    
    
    

53,776
    

Acquired property, plant and equipment from acquisitions
    

2,122
    
    
    

338,622
    
    
    

581,834
    
    
    

1,013,365
    

Equity issuance costs paid in prior period related to current
period offerings
    

(866)
    
    
    


    
    
    

(433)
    
    
    


    

Schedule of non-cash activities
    
    
    
    
    
    
    

Change in fair value of designated interest rate swaps
    

$
    

8,700
    
    
    

$
    

(10,604)
    
    
    

$
    

13,210
    
    
    

$
    

(22,847)
    

Change in property, plant and equipment
    

(5,049)
    
    
    

(23,333)
    
    
    

15,695
    
    
    

(47,908)
    

Non-cash deemed dividends on Class B convertible common stock
    


    
    
    

7,222
    
    
    


    
    
    

21,901
    

Non-cash increase in additional paid-in capital from buyout
of noncontrolling interests
    


    
    
    


    
    
    

16,715
    
    
    


    

Amortization of deferred financing costs—included as
construction in progress
    


    
    
    

343
    
    
    


    
    
    

343
    

Assumption of contingent liability upon acquisition of Logan's Gap
    


    
    
    

(4,000)
    
    
    


    
    
    

(4,000)
    

 

Logo - http://photos.prnewswire.com/prnh/20150421/199964LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pattern-energy-reports-fourth-quarter-and-year-end-2015-financial-results-300227483.html

SOURCE Pattern Energy Group Inc.
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