HAMILTON, Bermuda, Aug. 25, 2016 /PRNewswire/ -- Höegh LNG Partners
LP (NYSE: HMLP) (the "Partnership") today reported its financial
results for the quarter ended June 30,
2016.
Highlights
- Reported total time charter revenues of $22.8 million for the second quarter of 2016
compared to $11.1 million of time
charter revenues for the second quarter of 2015
- Generated operating income of $11.3
million and net income of $4.1
million for the second quarter of 2016 compared to operating
income of $18.7 million and net
income of $16.4 million for the
second quarter of 2015; operating income and net income were
impacted by unrealized losses on derivative instruments on the
Partnership's share of equity in losses of joint ventures in the
second quarter of 2016 compared with unrealized gains for the
second quarter of 2015
- Excluding the impact of the unrealized losses on derivatives
for the three months ended June 30,
2016 and 2015 affecting the equity in earnings of joint
ventures, operating income for the three months ended June 30, 2016 would have been $15.5 million, an increase of $6.6 million or approximately 74% from
$8.9 million for the three months
ended June 30, 2015
- Generated Adjusted EBITDA1 of $25.2
million for the second quarter of 2016 compared to
$16.0 million for the second quarter
of 2015
- On August 15, 2016, paid a
$0.4125 per unit distribution with
respect to the second quarter of 2016, equivalent to $1.65 per unit on an annual basis
Richard Tyrrell, Chief Executive
Officer and Chief Financial Officer stated: "During the second
quarter, Höegh LNG Partners generated strong cash flows that were
consistent with expectations after factoring in contractual
protections in the form of indemnities and warranties that offset
the cost of previously disclosed maintenance to the Höegh Gallant.
Our FSRUs continued to perform according to their multi-year
contracts, generating stable fixed-fee revenues. Höegh LNG Partners
declared a cash distribution of $0.4125 per unit for the second quarter of 2016,
which is unchanged from the previous quarter and represents a 22%
increase since the initial public offering. We expect to have the
opportunity to acquire the Höegh Grace once it goes on contract
later this year and to be in a position to increase the
distribution further. As LNG production and liquefaction continue
to expand at a rapid pace, we are confident that our FSRUs will
remain the preferred method of connecting new markets to global LNG
trade. Our dropdown pipeline of state-of-the-art, purpose-built
FSRUs, combined with Höegh's leadership in the sector, position us
well to continue benefitting from these long-term trends."
Financial Results Overview
The Partnership reported net income for the three months ended
June 30, 2016 of $4.1 million, a decrease of $12.4 million from net income of $16.4 million for the three months ended
June 30, 2015. The net income for
both periods was impacted by unrealized gains (losses) on
derivative instruments mainly on the Partnership's share of equity
in earnings (losses) of joint ventures.
Excluding all the unrealized gains (losses) on derivative
instruments, net income for the three months ended June 30, 2016 would have been $7.9 million, an increase of $1.3 million or 19.7% from $6.6 million for the three months ended
June 30, 2015. Excluding the
unrealized gains (losses) on derivative instruments, the increase
is primarily due to the inclusion of the results of the Höegh
Gallant which is partially offset by the reduction of the
interest income on the $140 million
demand note cancelled as part of the acquisition price.
The PGN FSRU Lampung was on-hire for the entire second
quarter of 2016. The Höegh Gallant was on reduced hire for
the equivalent of approximately two days of off-hire in second
quarter of 2016. Due to an issue identified in the scheduled
maintenance inspections in the first quarter of 2016, additional
maintenance for the Höegh Gallant occurred in the second
quarter of 2016.
Equity in losses of joint ventures was $1.9 million for the three months ended
June 30, 2016, a decrease of
$13.3 million from equity in earnings
of $11.5 million for the three months
ended June 30, 2015. The joint
ventures own the GDF Suez Neptune and the GDF Suez Cape
Ann. The reason for the loss was an unrealized loss of
$4.2 million on derivative
instruments in our joint ventures for the three months ended
June 30, 2016. By comparison, the
equity in earnings for the three months ended June 30, 2015 was significantly impacted by an
unrealized gain of $9.9 million on
derivative instruments. The joint ventures do not apply hedge
accounting for interest rate swaps and all changes in fair value
are included in equity in earnings (losses) of joint ventures. For
the three months ended June 30, 2016,
the Partnership's share of operating income in the joint ventures
was $6.1 million compared to
$5.7 million for the three months
ended June 30, 2015.
1Adjusted EBITDA is a non-GAAP financial measure used
by investors to measure financial and operating performance. Please
see Appendix A for a reconciliation of Adjusted EBITDA and Segment
EBITDA to net income, the most directly comparable GAAP financial
measure.
Operating income for the three months ended June 30, 2016 was $11.3
million, a decrease of $7.4
million from operating income of $18.7 million for the three months ended
June 30, 2015. Excluding the impact
of the unrealized gains (losses) on derivative instruments for the
three months ended June 30, 2016 and
2015 on the equity in earnings (losses) of joint ventures,
operating income for the three months ended June 30, 2016 would have been $15.5 million, an increase of $6.6 million from $8.9
million for the three months ended June 30, 2015. The increase for the three months
ended June 30, 2016 is primarily due
to the inclusion of the results of the Höegh Gallant which
was acquired on October 1, 2015.
Operating income for the three months ended June 30, 2016 was impacted by a warranty
provision of $0.3 million recorded as
construction contract expenses, reduced revenues and higher vessel
operating expenses from incurring liquidated damages and additional
consumables related to for the maintenance of the Höegh
Gallant.
Adjusted EBITDA2 was $25.2
million for the three months ended June 30, 2016, an increase of $9.2 million from $16.0
million for the three months ended June 30, 2015.
Financing and Liquidity
As of June 30, 2016, the
Partnership had cash and cash equivalents of $18.0 million and an undrawn sponsor credit
facility of $85 million. Current
restricted cash for operating obligations of the PGN FSRU
Lampung was $9.9 million and
long-term restricted cash required under the Lampung facility was
$14.4 million as of June 30, 2016. In addition, the Partnership had
long-term restricted cash of $0.2
million related to cash balances required for tax guarantees
related to the Höegh Gallant as of June 30, 2016. The Partnership has reduced its
exposure in Egyptian pounds which are not readily exchangeable into
other currencies by repaying approximately $0.5 million of amounts due to owners and
affiliates in Egyptian pounds as of June 30,
2016. As of June 30, 2016, the
Partnership's total current liabilities exceeded total current
assets by $16.6 million which is
partly a result of mark-to market valuations of its interest rate
swaps (derivative instruments) of $5.0
million. The Partnership does not plan to terminate the
interest rate swaps before their maturity and, as a result, the
Partnership believes its current resources, including the sponsor
credit facility, are sufficient to meet the Partnership's working
capital requirements for its current business for the next twelve
months.
During the second quarter of 2016, the Partnership made
quarterly repayments of $4.8 million
on the Lampung facility and $3.3
million on the Gallant facility. The Partnership's
outstanding principal on long-term debt was $357.2 million and the total long-term debt, net
of unamortized debt issuance cost and the unamortized fair value of
debt assumed, was $347.8 million as
of June 30, 2016.
As of June 30, 2016, the
Partnership had outstanding interest rate swap agreements for a
total notional amount of $322.7
million to hedge against the interest rate risks of its
long-term debt under the Lampung and Gallant facilities. The
Partnership applies hedge accounting for derivative instruments
related to those facilities. The Partnership receives interest
based on three month US dollar LIBOR and pays a fixed rate of 2.8%
for the Lampung facility. The Partnership receives interest based
on three month US dollar LIBOR and pays a fixed rate of
approximately 1.9% for the Gallant facility. The carrying value of
the liability for derivative instruments was $18.5 million as of June
30, 2016. The effective portion of the changes in fair value
of the interest rate swaps are recorded in other comprehensive
income. The gain on the derivative instruments for the three months
ended June 30, 2016 was $0.3 million, an increase of $0.3 million compared to the three months ended
June 30, 2015. The gain on derivative
instruments for the three months ended June
30, 2016 related to the interest rate swaps for the Lampung
and Gallant facilities, while the loss for the three months ended
June 30, 2015 related to the Lampung
facility. The increase is mainly due to higher amortization of the
amount excluded from hedge effectiveness related to interest rate
swaps for the Gallant facility.
During August 2016, the
Partnership drew $5.4 million on the
$85 million sponsor credit
facility.
On August 15, 2016, the
Partnership paid a cash distribution of $0.4125 per unit with respect to the second
quarter of 2016, equivalent to $1.65
per unit on an annualized basis. The total amount of the
distribution was $11.0 million.
In the third quarter of 2016, the Partnership filed and was paid
$1.8 million of claims for
indemnification from Höegh LNG for the three months ended
June 30, 2016 under the omnibus
agreement related to the PGN FSRU Lampung and the
contribution, purchase and sale agreement for the acquisition of
the Höegh Gallant. The claims were with respect to
$0.8 million of non-budgeted expenses
(including an additional warranty provision, withholding tax and
penalties for the late withholding tax filing) for the PGN FSRU
Lampung and losses of $0.9
million with respect to the commencement of services under
the time charter with Hoegh LNG Egypt LLC due to start up technical
issues and $0.1 million with respect
to other costs incurred for the Höegh Gallant.
2 Adjusted EBITDA is a non-GAAP financial measure
used by investors to measure financial and operating performance.
Please see Appendix A for a reconciliation of Adjusted EBITDA and
Segment EBITDA to net income, the most directly comparable GAAP
financial measure.
Outlook
Due to an issue identified in scheduled maintenance inspections
for the Höegh Gallant during first quarter of 2016, further
maintenance is expected to result in several days of reduced hire
for the Höegh Gallant in the third quarter of 2016.
Pursuant to the omnibus agreement that the Partnership entered
into with Höegh LNG at the time of the IPO (i) Höegh LNG is
obligated to offer to the Partnership any FSRU or LNG carrier
operating under a charter of five or more years and (ii) the
Partnership has a right to purchase from Höegh LNG all or a portion
of its interests in the Independence within 24 months after
the acceptance of the vessel by her charterer, AB Klaipedos Nafta
("ABKN") subject to reaching an agreement with Höegh LNG regarding
the purchase price and other terms of the transaction and subject
to the consent of ABKN.
Accordingly, the Partnership has, or may in the future have, the
opportunity to acquire the FSRUs listed below:
- On May 26, 2015, Höegh LNG signed
a contract for a term of twenty years with Octopus LNG SpA
("Octopus") to provide an FSRU to service the Penco-Lirquen LNG
import terminal to be located in Concepcion Bay, Chile. The contract is subject to Octopus
completing financing and obtaining necessary environmental
approvals. Höegh LNG is expected to service the contract with Hull
No. 2865 which is currently being constructed by Hyundai Heavy
Industries Co., Ltd. ("HHI"). The contract is expected to commence
in the second quarter of 2018.
- On November 1, 2014, Höegh LNG
signed a contract for a minimum term of ten years with Sociedad
Portaria El Cayao S.A.E.S.P ("SPEC") to provide an FSRU (the Höegh
Grace) to service a new LNG import terminal in Columbia. The Höegh
Grace was delivered by the shipyard in the first quarter of 2016,
and its contract is expected to commence in the fourth quarter of
2016.
- On December 5, 2014, the
Independence began operating under its time charter with ABKN. The
Partnership and Höegh LNG continue to pursue, but have not
received, ABKN's consent to the acquisition of the Independence by
the Partnership.
In addition to the FSRU under construction for Octopus, Höegh
LNG has one additional FSRU (Hull No. 2552) on order which
is scheduled to be delivered in mid-2017. The newbuilding has not
yet been contracted.
There can be no assurance that the Partnership will acquire any
vessels from Höegh LNG or of the terms upon which any such
acquisition may be made.
Presentation of Second Quarter 2016 Results
A presentation will be held today, Thursday, August 25, 2016, at 8:30 A.M. (EST) to discuss financial results for
the second quarter of 2016. The results and presentation material
will be available for download at
http://www.hoeghlngpartners.com.
The presentation will be immediately followed by a Q&A
session. Participants will be able to join this presentation using
the following details:
a. Webcast
https://www.webcaster4.com/Webcast/Page/942/16850
b. Teleconference
International
call:
|
+1-412-542-4123
|
US Toll Free
call:
|
+1-855-239-1375
|
Canada Toll Free
call:
|
+1-855-669-9657
|
Participants should ask to be joined into the Höegh LNG Partners
LP call.
There will be a Q&A session after the presentation.
Information on how to ask questions will be given at the beginning
of the Q&A session.
For those unable to participate in the conference call, a replay
will be available from one hour after the end of the conference
call until September 2, 2016.
The replay dial-in numbers are as follows:
International
call:
|
+1-412-317-0088
|
US Toll Free
call:
|
+1-877-344-7529
|
Canada Toll Free
call:
|
+1-855-669-9658
|
Replay
passcode:
|
10091772
|
Financial Results on Form 6-K
The Partnership has filed a Form 6-K with detailed information
on the Partnership's results of operations for the three months
ended June 30, 2016 with the SEC that
contains "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and unaudited condensed
interim consolidated and combined financial statements. The Form
6-K can be viewed on the SEC's website: http://www.sec.gov and at
HMLP's website: http://www.hoeghlngpartners.com
FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements
concerning future events and the Partnership's operations,
performance and financial condition. Forward-looking statements
include, without limitation, any statement that may predict,
forecast, indicate or imply future results, performance or
achievements, and may contain the words "believe," "anticipate,"
"expect," "estimate," "project," "will be," "will continue," "will
likely result," "plan," "intend" or words or phrases of similar
meanings. These statements involve known and unknown risks and are
based upon a number of assumptions and estimates that are
inherently subject to significant uncertainties and contingencies,
many of which are beyond the Partnership's control. Actual results
may differ materially from those expressed or implied by such
forward-looking statements. Important factors that could cause
actual results to differ materially include, but are not limited
to:
- FSRU and LNG carrier market trends, including hire rates and
factors affecting supply and demand;
- the Partnership's anticipated growth strategies;
- the Partnership's anticipated receipt of dividends and
repayment of indebtedness from subsidiaries and joint
ventures;
- effects of volatility in global prices for crude oil and
natural gas;
- the effect of the worldwide economic environment;
- turmoil in the global financial markets;
- fluctuations in currencies and interest rates;
- general market conditions, including fluctuations in hire rates
and vessel values;
- changes in the Partnership's operating expenses, including
drydocking and insurance costs;
- the Partnership's ability to make or increase cash
distributions on the Partnership's units and the amount of any such
distributions;
- the Partnership's ability to comply with financing agreements
and the expected effect of restrictions and covenants in such
agreements;
- the future financial condition of the Partnership's existing or
future customers;
- the Partnership's ability to make additional borrowings and to
access public equity and debt capital markets;
- planned capital expenditures and availability of capital
resources to fund capital expenditures;
- the exercise of purchase options by the customers;
- the Partnership's ability to maintain long-term relationships
with customers;
- the Partnership's ability to leverage Höegh LNG's relationships
and reputation in the shipping industry;
- the Partnership's ability to purchase vessels from Höegh LNG in
the future, including the Independence, the Höegh Grace or Höegh
LNG's other FSRU newbuildings;
- . the Partnership's ability to integrate and realize the
anticipated benefits from the acquisition of the Höegh
Gallant;
- the Partnership's continued ability to enter into long-term,
fixed-rate charters;
- the operating performance of the Partnership's vessels;
- the Partnership's ability to maximize the use of its vessels,
including the redeployment or disposition of vessels no longer
under long-term charters;
- expected pursuit of strategic opportunities, including the
acquisition of vessels;
- the Partnership's ability to compete successfully for future
chartering and newbuilding opportunities;
- timely acceptance of the Partnership's vessels by their
charterers;
- termination dates and extensions of charters;
- the cost of, and the Partnership's ability to comply with,
governmental regulations and maritime self-regulatory organization
standards, as well as standard regulations imposed by its
charterers applicable to its business;
- demand in the FSRU sector or the LNG shipping sector in general
and the demand for the Partnership's vessels in particular;
- availability of skilled labor, vessel crews and
management;
- the Partnership's incremental general and administrative
expenses as a publicly traded limited partnership and the
Partnership's fees and expenses payable under the Partnership's
ship management agreements, the technical information and services
agreement and the administrative services agreements;
- the anticipated taxation of the Partnership and distributions
to unitholders;
- estimated future maintenance and replacement capital
expenditures;
- the Partnership's ability to retain key employees;
- customers' increasing emphasis on environmental and safety
concerns;
- potential liability from any pending or future litigation;
- potential disruption of shipping routes due to accidents,
political events, piracy or acts by terrorists;
- future sales of common units in the public market;
- the Partnership's business strategy and other plans and
objectives for future operations; and
- the Partnership's ability to successfully remediate any
material weaknesses in its internal control over financial
reporting and its disclosure controls and procedures.
- other factors listed from time to time in the reports and other
documents that the Partnership files with the SEC, including its
Annual Report on Form 20-F for the year ended December 31, 2015 and quarterly report on Form
6-K for the quarter ended June 30,
2016.
All forward-looking statements included in this press release
are made only as of the date of this release. New factors emerge
from time to time, and it is not possible for the Partnership to
predict all of these factors. Further, the Partnership cannot
assess the impact of each such factor on its business or the extent
to which any factor, or combination of factors, may cause actual
results to be materially different from those contained in any
forward-looking statement. The Partnership does not intend to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in its
expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is
based.
HÖEGH LNG PARTNERS
LP
|
UNAUDITED
CONDENSED INTERIM CONSOLIDATED AND COMBINED
CARVE-OUT
|
STATEMENTS OF
INCOME
|
(in thousands of
U.S. dollars, except per unit amounts)
|
|
|
|
Three months
ended
|
|
|
Six months
ended
|
|
|
|
June
30,
|
|
|
June
30,
|
|
|
|
2016
|
|
|
2015
|
|
|
2016
|
|
|
2015
|
|
REVENUES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Time charter
revenues
|
|
$
|
22,785
|
|
|
|
11,065
|
|
|
|
44,454
|
|
|
$
|
22,577
|
|
Total
revenues
|
|
|
22,785
|
|
|
|
11,065
|
|
|
|
44,454
|
|
|
|
22,577
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vessel operating
expenses
|
|
|
(4,252)
|
|
|
|
(1,599)
|
|
|
|
(8,034)
|
|
|
|
(3,859)
|
|
Construction contract
expenses
|
|
|
(315)
|
|
|
|
—
|
|
|
|
(315)
|
|
|
|
—
|
|
Administrative
expenses
|
|
|
(2,395)
|
|
|
|
(2,215)
|
|
|
|
(4,700)
|
|
|
|
(4,314)
|
|
Depreciation and
amortization
|
|
|
(2,636)
|
|
|
|
(8)
|
|
|
|
(5,265)
|
|
|
|
(16)
|
|
Total operating
expenses
|
|
|
(9,598)
|
|
|
|
(3,822)
|
|
|
|
(18,314)
|
|
|
|
(8,189)
|
|
Equity in earnings
(losses) of joint ventures
|
|
|
(1,866)
|
|
|
|
11,481
|
|
|
|
(8,575)
|
|
|
|
9,359
|
|
Operating income
(loss)
|
|
|
11,321
|
|
|
|
18,724
|
|
|
|
17,565
|
|
|
|
23,747
|
|
FINANCIAL INCOME
(EXPENSE), NET
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
232
|
|
|
|
2,425
|
|
|
|
505
|
|
|
|
4,852
|
|
Interest
expense
|
|
|
(6,354)
|
|
|
|
(3,710)
|
|
|
|
(12,760)
|
|
|
|
(7,510)
|
|
Gain (loss) on
derivative instruments
|
|
|
326
|
|
|
|
(8)
|
|
|
|
662
|
|
|
|
113
|
|
Other items,
net
|
|
|
(962)
|
|
|
|
(934)
|
|
|
|
(2,001)
|
|
|
|
(2,034)
|
|
Total financial
income (expense), net
|
|
|
(6,758)
|
|
|
|
(2,227)
|
|
|
|
(13,594)
|
|
|
|
(4,579)
|
|
Income (loss)
before tax
|
|
|
4,563
|
|
|
|
16,497
|
|
|
|
3,971
|
|
|
|
19,168
|
|
Income tax
expense
|
|
|
(501)
|
|
|
|
(59)
|
|
|
|
(949)
|
|
|
|
(152)
|
|
Net income
(loss)
|
|
$
|
4,062
|
|
|
|
16,438
|
|
|
|
3,022
|
|
|
$
|
19,016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per
unit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common units public
(basic and diluted)
|
|
$
|
0.15
|
|
|
$
|
0.62
|
|
|
$
|
0.11
|
|
|
$
|
0.72
|
|
Common units Höegh
LNG (basic and diluted)
|
|
$
|
0.16
|
|
|
$
|
0.62
|
|
|
$
|
0.12
|
|
|
$
|
0.72
|
|
Subordinated units
(basic and diluted)
|
|
$
|
0.16
|
|
|
$
|
0.62
|
|
|
$
|
0.12
|
|
|
$
|
0.72
|
|
HÖEGH LNG PARTNERS
LP
|
UNAUDITED
CONDENSED INTERIM CONSOLIDATED AND COMBINED
CARVE-OUT
|
BALANCE
SHEETS
|
(in thousands of
U.S. dollars)
|
|
|
|
As
of
|
|
|
|
June
30,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
18,006
|
|
|
$
|
32,868
|
|
Restricted
cash
|
|
|
10,331
|
|
|
|
10,630
|
|
Trade
receivables
|
|
|
8,227
|
|
|
|
8,200
|
|
Amounts due from
affiliates
|
|
|
4,378
|
|
|
|
4,239
|
|
Advances to joint
ventures
|
|
|
6,725
|
|
|
|
7,130
|
|
Inventory
|
|
|
734
|
|
|
|
767
|
|
Current portion of
net investment in direct financing lease
|
|
|
3,335
|
|
|
|
3,192
|
|
Current deferred tax
asset
|
|
|
—
|
|
|
|
381
|
|
Prepaid expenses and
other receivables
|
|
|
519
|
|
|
|
528
|
|
Total current
assets
|
|
|
52,255
|
|
|
|
67,935
|
|
Long-term
assets
|
|
|
|
|
|
|
|
|
Restricted
cash
|
|
|
14,640
|
|
|
|
15,198
|
|
Vessels, net of
accumulated depreciation
|
|
|
347,834
|
|
|
|
353,078
|
|
Other
equipment
|
|
|
635
|
|
|
|
119
|
|
Intangibles and
goodwill
|
|
|
17,450
|
|
|
|
18,646
|
|
Advances to joint
ventures
|
|
|
3,598
|
|
|
|
6,861
|
|
Net investment in
direct financing lease
|
|
|
288,407
|
|
|
|
290,111
|
|
Long-term deferred
tax asset
|
|
|
2,623
|
|
|
|
1,645
|
|
Other long-term
assets
|
|
|
8,442
|
|
|
|
10,150
|
|
Total long-term
assets
|
|
|
683,629
|
|
|
|
695,808
|
|
Total
assets
|
|
$
|
735,884
|
|
|
$
|
763,743
|
|
HÖEGH LNG PARTNERS
LP
|
UNAUDITED
CONDENSED CONSOLIDATED AND COMBINED CARVE-OUT
|
BALANCE
SHEETS
|
(in thousands of
U.S. dollars)
|
|
|
|
|
As
of
|
|
|
|
June
30,
|
|
|
December
31,
|
|
|
|
2016
|
|
|
2015
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities
|
|
|
|
|
|
|
|
|
Current portion of
long-term debt
|
|
$
|
32,208
|
|
|
$
|
32,208
|
|
Trade
payables
|
|
|
475
|
|
|
|
1,350
|
|
Amounts due to owners
and affiliates
|
|
|
9,569
|
|
|
|
10,604
|
|
Loans and promissory
notes due to owners and affiliates
|
|
|
—
|
|
|
|
287
|
|
Value added and
withholding tax liability
|
|
|
2,394
|
|
|
|
2,078
|
|
Derivative financial
instruments
|
|
|
4,954
|
|
|
|
4,912
|
|
Current deferred tax
liability
|
|
|
2,065
|
|
|
|
450
|
|
Accrued liabilities
and other payables
|
|
|
17,232
|
|
|
|
20,782
|
|
Total current
liabilities
|
|
|
68,897
|
|
|
|
72,671
|
|
Long-term
liabilities
|
|
|
|
|
|
|
|
|
Accumulated losses of
joint ventures
|
|
|
51,082
|
|
|
|
42,507
|
|
Long-term
debt
|
|
|
315,573
|
|
|
|
330,635
|
|
Sellers' credit
note
|
|
|
47,000
|
|
|
|
47,000
|
|
Derivative financial
instruments
|
|
|
13,539
|
|
|
|
5,855
|
|
Long-term deferred
tax liability
|
|
|
582
|
|
|
|
644
|
|
Other long-term
liabilities
|
|
|
15,348
|
|
|
|
14,633
|
|
Total long-term
liabilities
|
|
|
443,124
|
|
|
|
441,274
|
|
Total
liabilities
|
|
|
512,021
|
|
|
|
513,945
|
|
EQUITY
|
|
|
|
|
|
|
|
|
Common units
public
|
|
|
201,639
|
|
|
|
209,372
|
|
Common units Höegh
LNG
|
|
|
5,264
|
|
|
|
6,604
|
|
Subordinated
units
|
|
|
32,734
|
|
|
|
41,063
|
|
Total partners'
capital
|
|
|
239,637
|
|
|
|
257,039
|
|
Accumulated other
comprehensive income (loss)
|
|
|
(15,774)
|
|
|
|
(7,241)
|
|
Total
equity
|
|
|
223,863
|
|
|
|
249,798
|
|
Total liabilities
and equity
|
|
$
|
735,884
|
|
|
$
|
763,743
|
|
HÖEGH LNG PARTNERS LP
UNAUDITED
SEGMENT INFORMATION FOR THE QUARTER ENDED JUNE 30, 2016 AND 2015
(in thousands of
U.S. dollars)
Segment information
There are two operating segments. The segment profit measure is
Segment EBITDA, which is defined as earnings before interest,
taxes, depreciation, amortization and other financial items (gains
and losses on derivative instruments and other items, net). Segment
EBITDA is reconciled to operating income and net income in the
segment presentation below. The two segments are "Majority held
FSRUs" and "Joint venture FSRUs." In addition, unallocated
corporate costs that are considered to benefit the entire
organization and interest income from advances to joint ventures
and the demand note due from Höegh LNG (cancelled on October 1, 2015) and interest expense related to
the seller's credit note are included in "Other."
For the three months ended June 30,
2016, Majority held FSRUs includes the direct financing
lease related to the PGN FSRU Lampung and the operating
lease related to the Höegh Gallant. For the three months
ended June 30, 2015, Majority held
FSRUs includes the direct financing lease related to the PGN
FSRU Lampung.
As of June 30, 2016 and 2015,
Joint venture FSRUs include two 50% owned FSRUs, the GDF Suez
Neptune and the GDF Suez Cape Ann, that operate under
long term time charters with one charterer, GDF Suez Global LNG
Supply SA, a subsidiary of ENGIE.
The accounting policies applied to the segments are the same as
those applied in the consolidated and combined carve-out financial
statements, except that Joint venture FSRUs are presented under the
proportional consolidation method for the segment note and under
equity accounting for the consolidated and combined carve-out
financial statements. Under the proportional consolidation method,
50% of the Joint venture FSRUs' revenues, expenses and assets are
reflected in the segment note. Management monitors the results of
operations of joint ventures under the proportional consolidation
method and not the equity method of accounting.
|
|
Three months ended
June 30, 2016
|
|
|
|
|
|
|
Joint
venture
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
Majority
|
|
|
FSRUs
|
|
|
|
|
|
Total
|
|
|
|
|
|
and
combined
|
|
|
|
held
|
|
|
(proportional
|
|
|
|
|
|
Segment
|
|
|
Elimin-
|
|
|
carve-out
|
|
(in thousands of
U.S. dollars)
|
|
FSRUs
|
|
|
consolidation)
|
|
|
Other
|
|
|
reporting
|
|
|
ations
|
|
|
reporting
|
|
Time charter
revenues
|
|
$
|
22,785
|
|
|
|
10,379
|
|
|
|
—
|
|
|
|
33,164
|
|
|
|
(10,379)
|
|
|
$
|
22,785
|
|
Total
revenues
|
|
|
22,785
|
|
|
|
10,379
|
|
|
|
—
|
|
|
|
33,164
|
|
|
|
|
|
|
|
22,785
|
|
Operating
expenses
|
|
|
(5,123)
|
|
|
|
(1,908)
|
|
|
|
(1,524)
|
|
|
|
(8,555)
|
|
|
|
1,908
|
|
|
|
(6,647)
|
|
Construction contract
expenses
|
|
|
(315)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(315)
|
|
|
|
|
|
|
|
(315)
|
|
Equity in earnings
(losses) of joint
ventures
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,866)
|
|
|
|
(1,866)
|
|
Segment
EBITDA
|
|
|
17,347
|
|
|
|
8,471
|
|
|
|
(1,524)
|
|
|
|
24,294
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
(2,636)
|
|
|
|
(2,376)
|
|
|
|
—
|
|
|
|
(5,012)
|
|
|
|
2,376
|
|
|
|
(2,636)
|
|
Operating income
(loss)
|
|
|
14,711
|
|
|
|
6,095
|
|
|
|
(1,524)
|
|
|
|
19,282
|
|
|
|
|
|
|
|
11,321
|
|
Gain (loss) on
derivative instruments
|
|
|
326
|
|
|
|
(4,174)
|
|
|
|
—
|
|
|
|
(3,848)
|
|
|
|
4,174
|
|
|
|
326
|
|
Other financial
income (expense), net
|
|
|
(6,048)
|
|
|
|
(3,787)
|
|
|
|
(1,036)
|
|
|
|
(10,871)
|
|
|
|
3,787
|
|
|
|
(7,084)
|
|
Income (loss)
before tax
|
|
|
8,989
|
|
|
|
(1,866)
|
|
|
|
(2,560)
|
|
|
|
4,563
|
|
|
|
—
|
|
|
|
4,563
|
|
Income tax
expense
|
|
|
(500)
|
|
|
|
—
|
|
|
|
(1)
|
|
|
|
(501)
|
|
|
|
—
|
|
|
|
(501)
|
|
Net income
(loss)
|
|
$
|
8,489
|
|
|
|
(1,866)
|
|
|
|
(2,561)
|
|
|
|
4,062
|
|
|
|
—
|
|
|
$
|
4,062
|
|
HÖEGH LNG PARTNERS
LP
|
UNAUDITED SEGMENT
INFORMATION FOR THE QUARTER ENDED JUNE 30, 2016 AND
2015
|
(in thousands of
U.S. dollars)
|
|
|
|
|
Three months ended
June 30, 2015
|
|
|
|
|
|
|
Joint
venture
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
Majority
|
|
|
FSRUs
|
|
|
|
|
|
Total
|
|
|
|
|
|
and
combined
|
|
|
|
held
|
|
|
(proportional
|
|
|
|
|
|
Segment
|
|
|
Elimin-
|
|
|
carve-out
|
|
(in thousands of
U.S. dollars)
|
|
FSRUs
|
|
|
consolidation)
|
|
|
Other
|
|
|
reporting
|
|
|
ations
|
|
|
reporting
|
|
Time charter
revenues
|
|
$
|
11,065
|
|
|
|
11,141
|
|
|
|
—
|
|
|
|
22,206
|
|
|
|
(11,141)
|
|
|
$
|
11,065
|
|
Total
revenues
|
|
|
11,065
|
|
|
|
11,141
|
|
|
|
—
|
|
|
|
22,206
|
|
|
|
|
|
|
|
11,065
|
|
Operating
expenses
|
|
|
(2,299)
|
|
|
|
(3,159)
|
|
|
|
(1,515)
|
|
|
|
(6,973)
|
|
|
|
3,159
|
|
|
|
(3,814)
|
|
Equity in earnings
(losses) of joint
ventures
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
11,481
|
|
|
|
11,481
|
|
Segment
EBITDA
|
|
|
8,766
|
|
|
|
7,982
|
|
|
|
(1,515)
|
|
|
|
15,233
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
(8)
|
|
|
|
(2,309)
|
|
|
|
—
|
|
|
|
(2,317)
|
|
|
|
2,309
|
|
|
|
(8)
|
|
Operating income
(loss)
|
|
|
8,758
|
|
|
|
5,673
|
|
|
|
(1,515)
|
|
|
|
12,916
|
|
|
|
|
|
|
|
18,724
|
|
Gain (loss) on
derivative instruments
|
|
|
(8)
|
|
|
|
9,871
|
|
|
|
—
|
|
|
|
9,863
|
|
|
|
(9,871)
|
|
|
|
(8)
|
|
Other financial
income (expense), net
|
|
|
(4,339)
|
|
|
|
(4,063)
|
|
|
|
2,120
|
|
|
|
(6,282)
|
|
|
|
4,063
|
|
|
|
(2,219)
|
|
Income (loss)
before tax
|
|
|
4,411
|
|
|
|
11,481
|
|
|
|
605
|
|
|
|
16,497
|
|
|
|
—
|
|
|
|
16,497
|
|
Income tax
expense
|
|
|
(59)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(59)
|
|
|
|
—
|
|
|
|
(59)
|
|
Net income
(loss)
|
|
$
|
4,352
|
|
|
|
11,481
|
|
|
|
605
|
|
|
|
16,438
|
|
|
|
—
|
|
|
$
|
16,438
|
|
HÖEGH LNG PARTNERS
LP
|
UNAUDITED SCHEDULE
OF FINANCIAL INCOME AND EXPENSE
|
(in thousands of
U.S. dollars)
|
The following table
includes the financial income (expense), net for the three months
ended June 30, 2016 and 2015.
|
|
|
|
|
Three months
ended
|
|
|
|
June
30,
|
|
(in thousands of
U.S. dollars)
|
|
2016
|
|
|
2015
|
|
Interest
income
|
|
$
|
232
|
|
|
$
|
2,425
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
|
(5,533)
|
|
|
|
(2,759)
|
|
Commitment
fees
|
|
|
(301)
|
|
|
|
(301)
|
|
Amortization of debt
issuance cost and fair value of debt assumed
|
|
|
(520)
|
|
|
|
(650)
|
|
Total interest
expense
|
|
|
(6,354)
|
|
|
|
(3,710)
|
|
Gain (loss) on
derivative instruments
|
|
|
326
|
|
|
|
(8)
|
|
Other items,
net:
|
|
|
|
|
|
|
|
|
Unrealized foreign
exchange gain (loss)
|
|
|
(18)
|
|
|
|
(258)
|
|
Realized foreign
exchange gain (loss)
|
|
|
(10)
|
|
|
|
12
|
|
Bank charges, fees
and other
|
|
|
(11)
|
|
|
|
(13)
|
|
Withholding tax on
interest expense and other
|
|
|
(923)
|
|
|
|
(675)
|
|
Total other items,
net
|
|
|
(962)
|
|
|
|
(934)
|
|
Total financial
income (expense), net
|
|
$
|
(6,758)
|
|
|
$
|
(2,227)
|
|
Appendix A: Adjusted EBITDA and Segment EBITDA
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 of gains and losses on derivative instruments and
other items, net (including foreign exchange gains and losses and
withholding tax on interest expenses). Adjusted EBITDA is defined
as earnings before interest, depreciation and amortization, taxes,
other financial items, cash collections on direct financing lease
investments, amortization in revenues for above market contracts
and amortization of deferred revenues for the joint ventures. Cash
collections on direct financing lease investments consist of the
difference between the payments under the time charter and the
revenues recognized as a financing lease (representing the
repayment of the principal recorded as a receivable). Amortization
in revenues for above market contracts consist of the non-cash
amortization of the intangible for the above market time charter
contract related to the acquisition of Höegh Gallant.
Amortization of deferred revenues for the joint ventures accounted
for under the equity method consist of non-cash amortization to
revenues of charterer payments for modifications and drydocking to
the vessels. Segment EBITDA and Adjusted EBITDA are used as
supplemental financial measures by management and external users of
financial statements, such as the Partnership's lenders, to assess
its financial and operating performance. The Partnership believes
that Segment EBITDA and Adjusted EBITDA assist its management and
investors by increasing the comparability of its performance from
period to period and against the performance of other companies in
the industry that provide Segment EBITDA and Adjusted EBITDA
information. This increased comparability is achieved by excluding
the potentially disparate effects between periods or companies of
interest, other financial items, depreciation and amortization and
taxes, which items are affected by various and possibly changing
financing methods, capital structure and historical cost basis and
which items may significantly affect net income between periods.
The Partnership believes that including Segment EBITDA as a
financial and operating measure benefits investors in (a) selecting
between investing in it and other investment alternatives and (b)
monitoring its ongoing financial and operational strength in
assessing whether to continue to hold common units. The Partnership
believes Adjusted EBITDA benefits investors in comparing its
results to other investment alternatives that account for time
charters as operating leases rather than financial leases. Segment
EBITDA and Adjusted EBITDA should not be considered alternatives to
net income, operating income or any other measure of financial
performance presented in accordance with U.S. GAAP. Segment EBITDA
and Adjusted EBITDA exclude some, but not all, items that affect
net income, and these measures may vary among other companies.
Therefore, Segment EBITDA and Adjusted EBITDA as presented below
may not be comparable to similarly titled measures of other
companies. The following tables reconcile Segment EBITDA and
Adjusted EBITDA for each of the segments and the Partnership as a
whole (combined carve-out reporting) to net income (loss), the
comparable U.S. GAAP financial measure, for the periods
presented:
|
|
Three months ended
June 30, 2016
|
|
|
|
|
|
|
Joint
venture
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
Majority
|
|
|
FSRUs
|
|
|
|
|
|
Total
|
|
|
and
|
|
|
|
held
|
|
|
(proportional
|
|
|
|
|
|
Segment
|
|
|
combined
|
|
(in thousands of
U.S. dollars)
|
|
FSRUs
|
|
|
consolidation)
|
|
|
Other
|
|
|
reporting
|
|
|
reporting
|
|
Reconciliation to
net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
8,489
|
|
|
|
(1,866)
|
|
|
|
(2,561)
|
|
|
|
4,062
|
|
|
$
|
4,062
|
|
Interest
income
|
|
|
—
|
|
|
|
—
|
|
|
|
(232)
|
|
|
|
(232)
|
|
|
|
(232)
|
|
Interest expense,
net
|
|
|
5,102
|
|
|
|
3,787
|
|
|
|
1,252
|
|
|
|
10,141
|
|
|
|
6,354
|
|
Depreciation and
amortization
|
|
|
2,636
|
|
|
|
2,376
|
|
|
|
—
|
|
|
|
5,012
|
|
|
|
2,636
|
|
Income tax (benefit)
expense
|
|
|
500
|
|
|
|
—
|
|
|
|
1
|
|
|
|
501
|
|
|
|
501
|
|
Equity in earnings
of JVs: Interest
(income) expense,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
3,787
|
|
Equity in earnings
of JVs: Depreciation
and
amortization
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,376
|
|
Other financial items
(1)
|
|
|
620
|
|
|
|
4,174
|
|
|
|
16
|
|
|
|
4,810
|
|
|
|
636
|
|
Equity in earnings
of JVs: Other
financial items
(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,174
|
|
Segment
EBITDA
|
|
|
17,347
|
|
|
|
8,471
|
|
|
|
(1,524)
|
|
|
|
24,294
|
|
|
|
24,294
|
|
Cash collection/
principal payment on
direct financing
lease
|
|
|
789
|
|
|
|
—
|
|
|
|
—
|
|
|
|
789
|
|
|
|
789
|
|
Amortization in
revenues for above
market
contracts
|
|
|
598
|
|
|
|
—
|
|
|
|
—
|
|
|
|
598
|
|
|
|
598
|
|
Equity in earnings
of JVs: Amortization
of deferred
revenue
|
|
|
—
|
|
|
|
(509)
|
|
|
|
—
|
|
|
|
(509)
|
|
|
|
(509)
|
|
Adjusted
EBITDA
|
|
$
|
18,734
|
|
|
|
7,962
|
|
|
|
(1,524)
|
|
|
|
25,172
|
|
|
$
|
25,172
|
|
|
(1)
|
Other financial items
consist of gains and losses on derivative instruments and other
items, net including foreign
exchange gains or losses and withholding tax on interest
expense.
|
|
|
Three months ended
June 30, 2015
|
|
|
|
|
|
|
Joint
venture
|
|
|
|
|
|
|
|
|
Consolidated
|
|
|
|
Majority
|
|
|
FSRUs
|
|
|
|
|
|
Total
|
|
|
and
|
|
|
|
held
|
|
|
(proportional
|
|
|
|
|
|
Segment
|
|
|
combined
|
|
(in thousands of
U.S. dollars)
|
|
FSRUs
|
|
|
consolidation)
|
|
|
Other
|
|
|
reporting
|
|
|
reporting
|
|
Reconciliation to
net income (loss)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
4,352
|
|
|
|
11,481
|
|
|
|
605
|
|
|
|
16,438
|
|
|
$
|
16,438
|
|
Interest
income
|
|
|
—
|
|
|
|
—
|
|
|
|
(2,425)
|
|
|
|
(2,425)
|
|
|
|
(2,425)
|
|
Interest expense,
net
|
|
|
3,407
|
|
|
|
4,089
|
|
|
|
303
|
|
|
|
7,799
|
|
|
|
3,710
|
|
Depreciation and
amortization
|
|
|
8
|
|
|
|
2,309
|
|
|
|
—
|
|
|
|
2,317
|
|
|
|
8
|
|
Income tax (benefit)
expense
|
|
|
59
|
|
|
|
—
|
|
|
|
—
|
|
|
|
59
|
|
|
|
59
|
|
Equity in earnings
of JVs: Interest (income) expense,
net
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
4,089
|
|
Equity in earnings
of JVs: Depreciation
and amortization
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
2,309
|
|
Other financial items
(1)
|
|
|
940
|
|
|
|
(9,897)
|
|
|
|
2
|
|
|
|
(8,955)
|
|
|
|
942
|
|
Equity in earnings
of JVs: Other
financial items
(1)
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(9,897)
|
|
Segment
EBITDA
|
|
|
8,766
|
|
|
|
7,982
|
|
|
|
(1,515)
|
|
|
|
15,233
|
|
|
|
15,233
|
|
Cash collection/
principal payment on
direct financing
lease
|
|
|
722
|
|
|
|
—
|
|
|
|
—
|
|
|
|
722
|
|
|
|
722
|
|
Adjusted
EBITDA
|
|
$
|
9,488
|
|
|
|
7,982
|
|
|
|
(1,515)
|
|
|
|
15,955
|
|
|
$
|
15,955
|
|
|
(1)
|
Other financial items
consist of gains and losses on derivative instruments and other
items, net including foreign
exchange gains or losses and withholding tax on interest
expense.
|
Appendix B: Distributable Cash Flow
Distributable cash flow represents Segment EBITDA adjusted for
cash collections on principal payments on the direct financing
lease, amortization in revenues for above market contracts,
amortization of deferred revenues for the joint ventures, interest
income, interest expense less amortization of debt issuance cost
and fair value of debt assumed, other items (net), unrealized
foreign exchange losses (gains), current income tax expense, and
other adjustments including indemnification paid by Hoegh LNG
related to earnings and estimated maintenance and replacement
capital expenditures. Estimated maintenance and replacement capital
expenditures, including estimated expenditures for drydocking,
represent capital expenditures required to maintain over the
long-term the operating capacity of, or the revenue generated by,
the Partnership's capital assets.
Distributable cash flow is presented starting with Total Segment
reporting using the proportional consolidation method for the
Partnership's 50% interests in the joint ventures as shown in
Appendix A. Therefore, the adjustments to Segment EBITDA include
the Partnership's share of the joint venture's adjustments. The
Partnership believes distributable cash flow is an important
measure of operating performance used by management and investors
in publicly traded partnerships to compare cash generating
performance of the Partnership from period to period and to compare
the cash generating performance for specific periods to the cash
distributions (if any) that are expected to be paid to our
unitholders. Distributable cash flow will not reflect changes in
working capital balances. Distributable cash flow is a non-GAAP
financial measure and should not be considered as an alternative to
net income, or any other indicator of the Partnership's performance
calculated in accordance with GAAP. Distributable cash flow
excludes some, but not all, items that affect net income and the
measures may vary among companies. Therefore, distributable cash
flow may not be comparable to similarly titled measures of other
companies. Distributable cash flow is not the same measure as
available cash or operating surplus, both of which are defined by
the Partnership's partnership agreement. The table below reconciles
distributable cash flow to Segment EBITDA, which is reconciled to
net income, the most directly comparable GAAP measure, in Appendix
A. Refer to Appendix A for the definition of Segment EBITDA and
Adjusted EBITDA.
(in thousands of
U.S. dollars)
|
|
Three months
ended
June 30, 2016
|
|
|
|
|
|
Segment
EBITDA
|
|
$
|
24,294
|
|
Cash
collection/Principal payment on direct financing lease
|
|
|
789
|
|
Amortization in
revenues for above market contracts
|
|
|
598
|
|
Equity in earnings
of JVs: Amortization of deferred revenue
|
|
|
(509)
|
|
Adjusted
EBITDA
|
|
$
|
25,172
|
|
Interest
income
|
|
|
232
|
|
Interest expense
(1)
|
|
|
(10,141)
|
|
Amortization of debt
issuance cost (1) and fair value of debt assumed
|
|
|
565
|
|
Other items,
net
|
|
|
(962)
|
|
Unrealized foreign
exchange losses (gains)
|
|
|
18
|
|
Current income tax
expense
|
|
|
(30)
|
|
Other
adjustments:
|
|
|
|
|
Indemnification paid
by Höegh LNG after quarter end for non-budgeted expenses &
losses
|
|
|
1,701
|
|
Estimated maintenance
and replacement capital expenditures
|
|
|
(3,870)
|
|
Distributable cash
flow
|
|
$
|
12,685
|
|
|
(1)
|
The Partnership's
interest in the joint ventures' interest expense and amortization
of debt issuance cost is $3,788 and
$45, respectively
|
Media contact:
Richard Tyrrell
Chief Executive Officer and Chief Financial Officer
+44 7919 058830
www.hoeghlngpartners.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hoegh-lng-partners-lp-reports-financial-results-for-the-quarter-ended-june-30-2016-300318036.html
SOURCE Hoegh LNG Partners LP