Hoegh Lng Partners Lp · OTC:HMLPF
Hoegh Lng Partners Lp — Q4 2015 Earnings Presentation
31 slides from Hoegh Lng Partners Lp's earnings presentation, Feb 29, 2016
Slide 1: Höegh LNG Partners LP – 4Q15 Financial Results
Höegh LNG Partners LP – The Floating LNG Infrastructure MLP 4Q15 Financial Results February 29, 2016
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain forward-looking statements concerning future events and our operations, performance and financial condition. Forward- looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future resul
Slide 3: Glossary
Glossary AB Klaipedos Nafta – “ABKN” Egyptian Natural Gas Holding Company – “EGAS” Perusahaan Gas Negara – “PGN” Floating, Storage, Regasification Unit – “FSRU” Höegh LNG Partners LP – “HMLP” Höegh LNG Holdings Ltd. – “HLNG” Octopus LNG SpA – “Octopus” (JV of Biobiogenera and Cheniere
Slide 4: Agenda
Agenda 4Q15 Financial Results Q&A 4
Slide 5: HMLP Partners Fourth Quarter Highlights
HMLP Partners Fourth Quarter Highlights Reported time charter revenues of $23.4 million for 4Q15 compared to $13.1 million of time charter revenues and $6.7 million of construction contract revenues for 4Q14 Generated operating income of $22.2 million for 4Q15 ($10.9 million for 4Q14) Generate
Slide 6: HMLP's Fleet of Four FSRUs
HMLP’s Fleet of Four FSRUs PGN FSRU Main project drivers: replace imported liquid fuels Lampung - Indonesia with domestic LNG Höegh Gallant - Main project drivers: to cover energy deficit in power Egypt production - 2 FSRU’s in operation, proven success Main project drivers: to cover industrial dema
Slide 7: All Operating According to Their Long Term Contracts
All Operating According to Their Long Term Contracts 16 18 20 22 24 26 28 30 32 34 36 Unit Type Ownership Built Charterer 20 20 20 20 20 20 20 20 20 20 20 Current HMLP Fleet (3) GDF Suez Neptune FSRU 50% 2009 Engie (3) GDF Suez Cape Ann FSRU 50% 2010 Engie (2) PGN FSRU Lampung FSRU 100% 2014 PGN (1)
Slide 8: Stable Contracted Revenue – No Commodity Price Exposure
Stable Contracted Revenue – No Commodity Price Exposure Adj. EBITDA(1), $m Adj. Net Income(2), $m 30,0 27,1 30,0 25,0 25,0 20,0 16,0 16,9 20,0 15,9 15,0 15,0 10,6 10,0 10,0 6,4 6,6 6,9 5,0 5,0 0,0 0,0 1Q15 2Q15 3Q15 4Q15 1Q15 2Q15 3Q15 4Q15 Distributable Cash Flow(1), $m Distribution, $/unit 30,0 0,
Slide 9: Income Statement
Income Statement Three months ended Year ended December 31, December 31, 2015 2014 2015 2014 (in thousands of U.S. dollars) (Restated ) (Restated) REVENUES Time charter revenues $ 23,426 13,140 57,465 $ 22,227 Construction contract revenues — 6,718 — 51,868 Other revenue — — — 474 Total revenues 23,
Slide 10: Segment Reporting
Segment Reporting Three months ended December 31, 2015 Joint venture Consolidated and Majority FSRUs Total combined held (proportional Segment Elimin- carve-out (in thousands of U.S. dollars) FSRUs consolidation) Other reporting ations reporting Time charter revenues $ 23,426 10,800 — 34,226 (10,800
Slide 11: Segment Reporting – 2014 Comparison
Segment Reporting – 2014 Comparison Three months ended December 31, 2014 Joint venture Consolidated and Majority FSRUs Total combined held (proportional Segment Elimin- carve-out (in thousands of U.S. dollars) FSRUs consolidation) Other reporting ations reporting (Restated) (Restated) (Restated) Tim
Slide 12: Financial Income and Expense
Financial Income and Expense Three months ended December 31, (in thousands of U.S. dollars) 2015 2014 (Restated) Interest income $ 293 $ 2,516 Interest expense: Interest expense (5,696) (3,064) Commitment fees (287) (283) Amortization of debt issuance cost and fair value of debt assumed (534) (1,187
Slide 13: Distributable Cash Flow
Distributable Cash Flow(1) Three months ended (in thousands of U.S. dollars) December 31, 2015 Net income $ 16,455 Depreciation and amortization 2,630 Equity in earnings of joint ventures: Depreciation and amortization 2,286 Interest income (293) Interest expense 6,517 Equity in earnings of joint ve
Slide 14: Balance Sheet
Balance Sheet As of December 31, 2015 2014 ASSETS (Restated) Current assets Cash and cash equivalents $ 32,868 $ 30,477 Restricted cash 10,630 21,935 Demand note due from owner — 143,241 Other current assets 24,416 16,655 Total current assets 67,914 212,308 Long-term assets Restricted cash 15,198 15
Slide 15: Summary
Summary Modern Technically • Average age 3.4 years(1) Advanced Fleet • Limited obsolescence risk • Averaging 14 years plus options(2) Long-term Charters • Contracted revenue on all FSRUs until 2025 Strong • Stand to benefit from low commodity prices Counterparties • Limited default risk • No commodi
Slide 16: Agenda
Agenda 4Q15 Financial Results Q&A 16
Slide 17: Appendix
TA HOEGH LNG PARTNERS LP WS \
Slide 18: Non-GAAP Financial Measures
Non-GAAP Financial Measures Segment EBITDA and Adjusted EBITDA. EBITDA is defined as earnings before interest, depreciation and amortization and taxes. Segment EBITDA is defined as earnings before interest, depreciation and amortization, taxes and other financial items. Other financial items consist
Slide 19: Segment EBITDA and Adjusted EBITDA
Segment EBITDA and Adjusted EBITDA Three months ended December 31, 2015 Joint venture Consolidated FSRUs Total & combined Majority (proportional Segment carve-out (in thousands of U.S. dollars) held FSRUs consolidation Other reporting reporting Reconciliation to net income (loss) Net income (loss) $
Slide 20: Segment EBITDA and Adjusted EBITDA
Segment EBITDA and Adjusted EBITDA Three months ended December 31, 2014 Joint venture Consolidated FSRUs Total & combined Majority (proportional Segment carve-out (in thousands of U.S. dollars) held FSRUs consolidation Other reporting reporting (Restated) (Restated) (Restated) Reconciliation to net
Slide 21: Segment EBITDA and Adjusted EBITDA
Segment EBITDA and Adjusted EBITDA Three months ended March 31, 2015 Joint venture Consolidated FSRUs Total & combined Majority (proportional Segment carve-out (in thousands of U.S. dollars) held FSRUs consolidation Other reporting reporting (Restated) (Restated) (Restated) Reconciliation to net inc
Slide 22: Segment EBITDA and Adjusted EBITDA
Segment EBITDA and Adjusted EBITDA Three months ended June 30, 2015 Joint venture Consolidated FSRUs Total & combined Majority (proportional Segment carve-out (in thousands of U.S. dollars) held FSRUs consolidation Other reporting reporting (Restated) (Restated) (Restated) Reconciliation to net inco
Slide 23: Segment EBITDA and Adjusted EBITDA
Segment EBITDA and Adjusted EBITDA Three months ended September 30, 2015 Joint venture Consolidated FSRUs Total & combined Majority (proportional Segment carve-out (in thousands of U.S. dollars) held FSRUs consolidation Other reporting reporting Reconciliation to net income (loss) Net income (loss)
Slide 24: Segment Reporting
Segment Reporting Three months ended March 31, 2015 Joint venture Consolidated and Majority FSRUs Total combined held (proportional Segment Elimin- carve-out (in thousands of U.S. dollars) FSRUs consolidation) Other reporting ations reporting (Restated) (Restated) (Restated) Time charter revenues $
Slide 25: Segment Reporting
Segment Reporting Three months ended June 30, 2015 Joint venture Consolidated and Majority FSRUs Total combined held (proportional Segment Elimin- carve-out (in thousands of U.S. dollars) FSRUs consolidation) Other reporting ations reporting (Restated) (Restated) (Restated) Time charter revenues $ 1
Slide 26: Segment Reporting
Segment Reporting Three months ended September 30, 2015 Joint venture Consolidated and Majority FSRUs Total combined held (proportional Segment Elimin- carve-out (in thousands of U.S. dollars) FSRUs consolidation) Other reporting ations reporting Time charter revenues $ 11,462 10,590 — 22,052 (10,59
Slide 27: Distributable Cash Flow
Distributable Cash Flow Distributable cash flow represents Segment EBITDA adjusted for cash collections on principal repayments on the direct financing lease, amortization in revenue for above market contracts, interest income, interest expense less amortization of debt issuance cost and fair value
Slide 28: Distributable Cash Flow
Distributable Cash Flow Distributable cash flow represents Segment EBITDA adjusted for cash collections on principal repayments on the direct financing lease, amortization in revenue for above market contracts, interest income, interest expense less amortization of debt issuance cost and fair value
Slide 29: Distributable Cash Flow
Distributable Cash Flow Distributable cash flow represents Segment EBITDA adjusted for cash collections on principal repayments on the direct financing lease, amortization in revenue for above market contracts, interest income, interest expense less amortization of debt issuance cost and fair value
Slide 30: Distributable Cash Flow
Distributable Cash Flow Distributable cash flow represents Segment EBITDA adjusted for cash collections on principal repayments on the direct financing lease, amortization in revenue for above market contracts, interest income, interest expense less amortization of debt issuance cost and fair value
Slide 31: Contact
Contact: www.hoeghlngpartners.com [email protected]