v2.4.0.6

Guarantees and condensed consolidating financial information (Tables) | 3 Months Ended
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Mar. 31, 2013
Guarantees and condensed consolidating financial information |
Schedule of consolidating balance sheet |
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 79.4 |  | $ | — |  | $ | 6.3 |  | $ | — |  | $ | 85.7 |
Restricted cash |  |  | 43.5 |  |  | — |  |  | — |  |  | — |  |  | 43.5 |
Accounts receivable |  |  | 142.5 |  |  | 14.5 |  |  | 2.1 |  |  | (80.7 | ) |  | 78.4 |
Prepayments, supplies, and other current assets |  |  | 43.9 |  |  | 1.1 |  |  | 6.3 |  |  | (1.0 | ) |  | 50.3 |
Asset held for sale |  |  | 346.8 |  |  | — |  |  | — |  |  | — |  |  | 346.8 |
Total current assets |  |  | 656.1 |  |  | 15.6 |  |  | 14.7 |  |  | (81.7 | ) |  | 604.7 |
Property, plant, and equipment, net |  |  | 1,849.0 |  |  | 172.3 |  |  | — |  |  | (1.3 | ) |  | 2,020.0 |
Equity investments in unconsolidated affiliates |  |  | 4,692.1 |  |  | — |  |  | 1,001.3 |  |  | (5,282.3 | ) |  | 411.1 |
Other intangible assets, net |  |  | 350.6 |  |  | 155.1 |  |  | — |  |  | — |  |  | 505.7 |
Goodwill |  |  | 276.5 |  |  | 58.2 |  |  | — |  |  | — |  |  | 334.7 |
Other assets |  |  | 523.6 |  |  | — |  |  | 438.6 |  |  | (899.0 | ) |  | 63.2 |
Total assets |  | $ | 8,347.9 |  | $ | 401.2 |  | $ | 1,454.6 |  | $ | (6,264.3 | ) | $ | 3,939.4 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 87.9 |  | $ | 16.5 |  | $ | 63.7 |  | $ | (80.7 | ) | $ | 87.4 |
Revolving credit facility |  |  | 44.1 |  |  | — |  |  | 20.0 |  |  | — |  |  | 64.1 |
Current portion of long-term debt |  |  | 121.7 |  |  | — |  |  | — |  |  | — |  |  | 121.7 |
Liabilities held for sale |  |  | 205.3 |  |  | — |  |  | — |  |  | — |  |  | 205.3 |
Other current liabilities |  |  | 28.7 |  |  | — |  |  | 3.9 |  |  | (1.0 | ) |  | 31.6 |
Total current liabilities |  |  | 487.7 |  |  | 16.5 |  |  | 87.6 |  |  | (81.7 | ) |  | 510.1 |
Long-term debt |  |  | 824.1 |  |  | 190.0 |  |  | 460.0 |  |  | — |  |  | 1,474.1 |
Convertible debentures |  |  | — |  |  | — |  |  | 418.2 |  |  | — |  |  | 418.2 |
Other non-current liabilities |  |  | 1,217.0 |  |  | 8.4 |  |  | 0.5 |  |  | (844.1 | ) |  | 381.8 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common shares |  |  | 5,082.0 |  |  | 186.3 |  |  | 1,285.3 |  |  | (5,268.3 | ) |  | 1,285.3 |
Preferred shares issued by a subsidiary company |  |  | 256.7 |  |  | — |  |  | — |  |  | (35.4 | ) |  | 221.3 |
Accumulated other comprehensive loss |  |  | (2.4 | ) |  | — |  |  | — |  |  | — |  |  | (2.4 | )
Retained deficit |  |  | 248.3 |  |  | — |  |  | (797.0 | ) |  | (34.8 | ) |  | (583.5 | )
Total Atlantic Power Corporation shareholders' equity |  |  | 5,584.6 |  |  | 186.3 |  |  | 488.3 |  |  | (5,338.5 | ) |  | 920.7 |
Noncontrolling interests |  |  | 234.5 |  |  | — |  |  | — |  |  | — |  |  | 234.5 |
Total equity |  |  | 5,819.1 |  |  | 186.3 |  |  | 488.3 |  |  | (5,338.5 | ) |  | 1,155.2 |
Total liabilities and equity |  | $ | 8,347.9 |  | $ | 401.2 |  | $ | 1,454.6 |  | $ | (6,264.3 | ) | $ | 3,939.4 |
Consolidating statement of operations | Three months ended March 31, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Project revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total project revenue |  | $ | 131.6 |  | $ | 8.8 |  | $ | — |  | $ | (0.2 | ) | $ | 140.2 |
Project expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel |  |  | 49.6 |  |  | — |  |  | — |  |  | — |  |  | 49.6 |
Operations and maintenance |  |  | 26.5 |  |  | 1.6 |  |  | 0.3 |  |  | (0.1 | ) |  | 28.3 |
Development |  |  | 1.7 |  |  | — |  |  | — |  |  | — |  |  | 1.7 |
Depreciation and amortization |  |  | 37.5 |  |  | 3.8 |  |  | — |  |  | — |  |  | 41.3 |
|  |  | 115.3 |  |  | 5.4 |  |  | 0.3 |  |  | (0.1 | ) |  | 120.9 |
Project other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivative instruments |  |  | 12.6 |  |  | — |  |  | — |  |  | — |  |  | 12.6 |
Equity in earnings of unconsolidated affiliates |  |  | 7.2 |  |  | — |  |  | — |  |  | — |  |  | 7.2 |
Interest, net |  |  | (5.2 | ) |  | (2.8 | ) |  | — |  |  | — |  |  | (8.0 | )
|  |  | 14.6 |  |  | (2.8 | ) |  | — |  |  | — |  |  | 11.8 |
Project income (loss) |  |  | 30.9 |  |  | 0.6 |  |  | (0.3 | ) |  | (0.1 | ) |  | 31.1 |
Administrative and other expenses (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administration |  |  | 4.6 |  |  | — |  |  | 3.7 |  |  | — |  |  | 8.3 |
Interest, net |  |  | 19.3 |  |  | — |  |  | 6.6 |  |  | — |  |  | 25.9 |
Foreign exchange gain |  |  | (2.5 | ) |  | — |  |  | (5.0 | ) |  | — |  |  | (7.5 | )
|  |  | 21.4 |  |  | — |  |  | 5.3 |  |  | — |  |  | 26.7 |
Income (loss) from continuing operations before income taxes |  |  | 9.5 |  |  | 0.6 |  |  | (5.6 | ) |  | (0.1 | ) |  | 4.4 |
Income tax benefit |  |  | (2.5 | ) |  | — |  |  | — |  |  | — |  |  | (2.5 | )
Net income (loss) from continuing operations |  |  | 12.0 |  |  | 0.6 |  |  | (5.6 | ) |  | (0.1 | ) |  | 6.9 |
Net income from discontinued operations |  |  | 0.9 |  |  | — |  |  | — |  |  | — |  |  | 0.9 |
Net income (loss) |  |  | 12.9 |  |  | 0.6 |  |  | (5.6 | ) |  | (0.1 | ) |  | 7.8 |
Net income (loss) attributable to noncontrolling interest |  |  | (1.9 | ) |  | — |  |  | — |  |  | 3.2 |  |  | 1.3 |
Net income (loss) attributable to Atlantic Power Corporation |  | $ | 14.8 |  | $ | 0.6 |  | $ | (5.6 | ) | $ | (3.3 | ) | $ | 6.5 |
Consolidating statement of comprehensive income | Three months ended March 31, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net income (loss) |  | $ | 12.9 |  | $ | 0.6 |  | $ | (5.6 | ) | $ | (0.1 | ) | $ | 7.8 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net amount reclassified to earnings |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
Net unrealized losses on derivatives |  |  | 0.3 |  |  | — |  |  | — |  |  | — |  |  | 0.3 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Foreign currency translation adjustments |  |  | (12.1 | ) |  | — |  |  | — |  |  | — |  |  | (12.1 | )
Other comprehensive loss, net of tax |  |  | (11.8 | ) |  | — |  |  | — |  |  | — |  |  | (11.8 | )
Comprehensive income (loss) |  |  | 1.1 |  |  | 0.6 |  |  | (5.6 | ) |  | (0.1 | ) |  | (4.0 | )
Less: Comprehensive income attributable to noncontrolling interests |  |  | 1.3 |  |  | — |  |  | — |  |  | — |  |  | 1.3 |
Comprehensive income (loss) attributable to Atlantic Power Corporation |  | $ | (0.2 | ) | $ | 0.6 |  | $ | (5.6 | ) | $ | (0.1 | ) | $ | (5.3 | )
Consolidating statement of cash flows | Three months ended March 31, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net cash provided by operating activities |  | $ | 51.3 |  | $ | 0.2 |  | $ | 22.7 |  | $ | — |  | $ | 74.2 |
Cash flows used in investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions and investments, net of cash acquired |  |  | 3.0 |  |  | — |  |  | (3.0 | ) |  | — |  |  | — |
Construction in progress |  |  | (9.7 | ) |  | — |  |  | — |  |  | — |  |  | (9.7 | )
Change in restricted cash |  |  | (18.7 | ) |  | — |  |  | — |  |  | — |  |  | (18.7 | )
Purchase of property, plant and equipment |  |  | (2.0 | ) |  | (0.2 | ) |  | — |  |  | — |  |  | (2.2 | )
Net cash used in investing activities |  |  | (27.4 | ) |  | (0.2 | ) |  | (3.0 | ) |  | — |  |  | (30.6 | )
Cash flows provided by financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Offering costs related to tax equity |  |  | (0.6 | ) |  | — |  |  | — |  |  | — |  |  | (0.6 | )
Repayment for long-term debt |  |  | (2.6 | ) |  | — |  |  | — |  |  | — |  |  | (2.6 | )
Proceeds from project-level debt |  |  | 20.8 |  |  | — |  |  | — |  |  | — |  |  | 20.8 |
Payments for revolving credit facility borrowings |  |  | (2.9 | ) |  | — |  |  | — |  |  | — |  |  | (2.9 | )
Equity contribution from noncontrolling interest |  |  | — |  |  | — |  |  | 2.0 |  |  | — |  |  | 2.0 |
Dividends paid |  |  | (4.0 | ) |  | — |  |  | (32.3 | ) |  | — |  |  | (36.3 | )
Net cash provided by (used in) financing activities |  |  | 10.7 |  |  | — |  |  | (30.3 | ) |  | — |  |  | (19.6 | )
Net increase (decrease) in cash and cash equivalents |  |  | 34.6 |  |  | — |  |  | (10.6 | ) |  | — |  |  | 24.0 |
Less cash at discontinued operation |  |  | (5.0 | ) |  | — |  |  | — |  |  | — |  |  | (5.0 | )
Cash and cash equivalents at beginning of period at discontinued operations |  |  | 6.5 |  |  | — |  |  | — |  |  | — |  |  | 6.5 |
Cash and cash equivalents at beginning of period |  |  | 43.3 |  |  | — |  |  | 16.9 |  |  | — |  |  | 60.2 |
Cash and cash equivalents at end of period |  | $ | 79.4 |  | $ | — |  | $ | 6.3 |  | $ | — |  | $ | 85.7 |

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