v2.4.0.8

Guarantees and condensed consolidating financial information (Tables) | 6 Months Ended
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Jun. 30, 2013
Guarantees and condensed consolidating financial information |
Schedule of consolidating balance sheet | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET June 30, 2013 (in millions of U.S. dollars) (Unaudited)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 195.6 |  | $ | — |  | $ | — |  | $ | — |  | $ | 195.6 |
Restricted cash |  |  | 40.1 |  |  | — |  |  | — |  |  | — |  |  | 40.1 |
Accounts receivable |  |  | 151.9 |  |  | 23.9 |  |  | 3.0 |  |  | (107.4 | ) |  | 71.4 |
Prepayments, supplies, and other current assets |  |  | 36.9 |  |  | 1.2 |  |  | 1.4 |  |  | (1.0 | ) |  | 38.5 |
Total current assets |  |  | 424.5 |  |  | 25.1 |  |  | 4.4 |  |  | (108.4 | ) |  | 345.6 |
Property, plant, and equipment, net |  |  | 1,761.1 |  |  | 172.5 |  |  | — |  |  | (1.3 | ) |  | 1,932.3 |
Equity investments in unconsolidated affiliates |  |  | 3,706.5 |  |  | — |  |  | 973.9 |  |  | (4,270.0 | ) |  | 410.4 |
Other intangible assets, net |  |  | 331.3 |  |  | 152.3 |  |  | — |  |  | — |  |  | 483.6 |
Goodwill |  |  | 273.0 |  |  | 58.2 |  |  | — |  |  | — |  |  | 331.2 |
Other assets |  |  | 521.4 |  |  | — |  |  | 437.1 |  |  | (894.2 | ) |  | 64.3 |
Total assets |  | $ | 7,017.8 |  | $ | 408.1 |  | $ | 1,415.4 |  | $ | (5,273.9 | ) | $ | 3,567.4 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 97.5 |  | $ | 18.5 |  | $ | 68.7 |  | $ | (107.4 | ) | $ | 77.3 |
Revolving credit facility |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current portion of long-term debt |  |  | 65.7 |  |  | — |  |  | — |  |  | — |  |  | 65.7 |
Liabilities from discontinued operations |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other current liabilities |  |  | 36.3 |  |  | — |  |  | 3.8 |  |  | (1.0 | ) |  | 39.1 |
Total current liabilities |  |  | 199.5 |  |  | 18.5 |  |  | 72.5 |  |  | (108.4 | ) |  | 182.1 |
Long-term debt |  |  | 812.0 |  |  | 190.0 |  |  | 460.0 |  |  | — |  |  | 1,462.0 |
Convertible debentures |  |  | (0.1 | ) |  | — |  |  | 408.4 |  |  | — |  |  | 408.3 |
Other non-current liabilities |  |  | 1,184.5 |  |  | 8.5 |  |  | 0.5 |  |  | (844.6 | ) |  | 348.9 |
Total liabilities |  |  | 2,195.9 |  |  | 217.0 |  |  | 941.4 |  |  | (953.0 | ) |  | 2,401.3 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common shares |  |  | 4,302.9 |  |  | 191.1 |  |  | 1,285.3 |  |  | (4,493.9 | ) |  | 1,285.4 |
Preferred shares issued by a subsidiary company |  |  | 248.2 |  |  | — |  |  | — |  |  | (26.9 | ) |  | 221.3 |
Accumulated other comprehensive income (loss) |  |  | (19.5 | ) |  | — |  |  |  |  |  | — |  |  | (19.5 | )
Retained deficit |  |  | 14.1 |  |  | — |  |  | (811.3 | ) |  | 199.9 |  |  | (597.3 | )
Total Atlantic Power Corporation shareholders' equity |  |  | 4,545.7 |  |  | 191.1 |  |  | 474.0 |  |  | (4,320.9 | ) |  | 889.9 |
Noncontrolling interest |  |  | 276.2 |  |  | — |  |  | — |  |  | — |  |  | 276.2 |
Total equity |  |  | 4,821.9 |  |  | 191.1 |  |  | 474.0 |  |  | (4,320.9 | ) |  | 1,166.1 |
Total liabilities and equity |  | $ | 7,017.8 |  | $ | 408.1 |  | $ | 1,415.4 |  | $ | (5,273.9 | ) | $ | 3,567.4 |
Consolidating statement of operations | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three months ended June 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Project revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total project revenue |  | $ | 128.3 |  | $ | 10.8 |  | $ | — |  | $ | (0.1 | ) | $ | 139.0 |
Project expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel |  |  | 52.0 |  |  | — |  |  | — |  |  | — |  |  | 52.0 |
Project operations and maintenance |  |  | 47.6 |  |  | (0.7 | ) |  | 0.2 |  |  | (0.2 | ) |  | 46.9 |
Development |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 1.8 |
Depreciation and amortization |  |  | 38.3 |  |  | 3.9 |  |  | — |  |  | — |  |  | 42.2 |
|  |  | 139.7 |  |  | 3.2 |  |  | 0.2 |  |  | (0.2 | ) |  | 142.9 |
Project other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivative instruments |  |  | 24.3 |  |  | — |  |  | — |  |  | — |  |  | 24.3 |
Equity in earnings of unconsolidated affiliates |  |  | 8.7 |  |  | — |  |  | — |  |  | — |  |  | 8.7 |
Interest expense, net |  |  | (5.9 | ) |  | (2.8 | ) |  | — |  |  | — |  |  | (8.7 | )
Other |  |  | (5.1 | ) |  | — |  |  | 0.3 |  |  | — |  |  | (4.8 | )
|  |  | 22.0 |  |  | (2.8 | ) |  | 0.3 |  |  | — |  |  | 19.5 |
Project income |  |  | 10.6 |  |  | 4.8 |  |  | 0.1 |  |  | 0.1 |  |  | 15.6 |
Administrative and other expenses (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administration expense |  |  | 5.8 |  |  | — |  |  | 6.0 |  |  | — |  |  | 11.8 |
Interest, net |  |  | 18.9 |  |  | — |  |  | 6.4 |  |  | — |  |  | 25.3 |
Foreign exchange gain |  |  | (5.5 | ) |  | — |  |  | (9.0 | ) |  | — |  |  | (14.5 | )
Other income |  |  | (9.5 | ) |  | — |  |  | — |  |  | — |  |  | (9.5 | )
|  |  | 9.7 |  |  | — |  |  | 3.4 |  |  | — |  |  | 13.1 |
Income (loss) from continuing operations before income taxes |  |  | 0.9 |  |  | 4.8 |  |  | (3.3 | ) |  | 0.1 |  |  | 2.5 |
Income tax expense |  |  | 0.6 |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
Net income (loss) from continuing operations |  |  | 0.3 |  |  | 4.8 |  |  | (3.3 | ) |  | 0.1 |  |  | 1.9 |
Net loss from discontinued operations |  |  | (0.7 | ) |  | — |  |  | — |  |  | — |  |  | (0.7 | )
Net income (loss) |  |  | (0.4 | ) |  | 4.8 |  |  | (3.3 | ) |  | 0.1 |  |  | 1.2 |
Net income attributable to noncontrolling interest |  |  | 1.1 |  |  | — |  |  | — |  |  | 3.1 |  |  | 4.2 |
Net income (loss) attributable to Atlantic Power Corporation |  | $ | (1.5 | ) | $ | 4.8 |  | $ | (3.3 | ) | $ | (3.0 | ) | $ | (3.0 | )
Six months ended June 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Project revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total project revenue |  | $ | 259.9 |  | $ | 19.6 |  | $ | — |  | $ | (0.3 | ) | $ | 279.2 |
Project expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel |  |  | 101.6 |  |  | — |  |  | — |  |  | — |  |  | 101.6 |
Project operations and maintenance |  |  | 74.1 |  |  | 0.9 |  |  | 0.5 |  |  | (0.3 | ) |  | 75.2 |
Development |  |  | 3.5 |  |  | — |  |  | — |  |  | — |  |  | 3.5 |
Depreciation and amortization |  |  | 75.8 |  |  | 7.7 |  |  | — |  |  | — |  |  | 83.5 |
|  |  | 255.0 |  |  | 8.6 |  |  | 0.5 |  |  | (0.3 | ) |  | 263.8 |
Project other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivative instruments |  |  | 36.9 |  |  | — |  |  | — |  |  | — |  |  | 36.9 |
Equity in earnings of unconsolidated affiliates |  |  | 15.9 |  |  | — |  |  | — |  |  | — |  |  | 15.9 |
Interest expense, net |  |  | (11.1 | ) |  | (5.6 | ) |  | — |  |  | — |  |  | (16.7 | )
Other |  |  | (5.1 | ) |  | — |  |  | 0.3 |  |  | — |  |  | (4.8 | )
|  |  | 36.6 |  |  | (5.6 | ) |  | 0.3 |  |  | — |  |  | 31.3 |
Project income (loss) |  |  | 41.5 |  |  | 5.4 |  |  | (0.2 | ) |  | — |  |  | 46.7 |
Administrative and other expenses (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administration expense |  |  | 10.4 |  |  | — |  |  | 9.7 |  |  | — |  |  | 20.1 |
Interest, net |  |  | 38.2 |  |  | — |  |  | 13.0 |  |  | — |  |  | 51.2 |
Foreign exchange gain |  |  | (8.0 | ) |  | — |  |  | (14.0 | ) |  | — |  |  | (22.0 | )
Other income |  |  | (9.5 | ) |  | — |  |  | — |  |  | — |  |  | (9.5 | )
|  |  | 31.1 |  |  | — |  |  | 8.7 |  |  | — |  |  | 39.8 |
Income (loss) from continuing operations before income taxes |  |  | 10.4 |  |  | 5.4 |  |  | (8.9 | ) |  | — |  |  | 6.9 |
Income tax benefit |  |  | (1.9 | ) |  | — |  |  | — |  |  | — |  |  | (1.9 | )
Net income (loss) from continuing operations |  |  | 12.3 |  |  | 5.4 |  |  | (8.9 | ) |  | — |  |  | 8.8 |
Net income from discontinued operations |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Net income (loss) |  |  | 12.5 |  |  | 5.4 |  |  | (8.9 | ) |  | — |  |  | 9.0 |
Net income (loss) attributable to noncontrolling interest |  |  | (0.8 | ) |  | — |  |  | — |  |  | 6.3 |  |  | 5.5 |
Net income (loss) attributable to Atlantic Power Corporation |  | $ | 13.3 |  | $ | 5.4 |  | $ | (8.9 | ) | $ | (6.3 | ) | $ | 3.5 |
Consolidating statement of comprehensive income | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME Three and six months ended June 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net income (loss) |  | $ | (0.4 | ) | $ | 4.8 |  | $ | (3.3 | ) | $ | 0.1 |  | $ | 1.2 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain on hedging activities |  |  | 0.6 |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
Net amount reclassified to earnings |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Net unrealized gain on derivatives |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 0.7 |
Foreign currency translation adjustments |  |  | (18.0 | ) |  | — |  |  | — |  |  | — |  |  | (18.0 | )
Other comprehensive loss, net of tax |  |  | (17.3 | ) |  | — |  |  | — |  |  | — |  |  | (17.3 | )
Comprehensive income (loss) |  |  | (17.7 | ) |  | 4.8 |  |  | (3.3 | ) |  | 0.1 |  |  | (16.1 | )
Less: Comprehensive income attributable to noncontrolling interest |  |  | 4.2 |  |  | — |  |  | — |  |  | — |  |  | 4.2 |
Comprehensive income (loss) attributable to Atlantic Power Corporation |  | $ | (21.9 | ) | $ | 4.8 |  | $ | (3.3 | ) | $ | 0.1 |  | $ | (20.3 | )
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net income (loss) |  | $ | 12.5 |  | $ | 5.4 |  | $ | (8.9 | ) | $ | — |  | $ | 9.0 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain on hedging activities |  |  | 0.6 |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
Net amount reclassified to earnings |  |  | 0.4 |  |  | — |  |  | — |  |  | — |  |  | 0.4 |
Net unrealized gain on derivatives |  |  | 1.0 |  |  | — |  |  | — |  |  | — |  |  | 1.0 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Foreign currency translation adjustments |  |  | (30.1 | ) |  | — |  |  | — |  |  | — |  |  | (30.1 | )
Other comprehensive loss, net of tax |  |  | (29.1 | ) |  | — |  |  | — |  |  | — |  |  | (29.1 | )
Comprehensive income (loss) |  |  | (16.6 | ) |  | 5.4 |  |  | (8.9 | ) |  | — |  |  | (20.1 | )
Less: Comprehensive income attributable to noncontrolling interest |  |  | 5.5 |  |  | — |  |  | — |  |  | — |  |  | 5.5 |
Comprehensive income (loss) attributable to Atlantic Power Corporation |  | $ | (22.1 | ) | $ | 5.4 |  | $ | (8.9 | ) | $ | — |  | $ | (25.6 | )
Consolidating statement of cash flows | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Six months ended June 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net cash provided by operating activities |  | $ | 45.6 |  | $ | 1.4 |  | $ | 49.9 |  | $ | — |  | $ | 96.9 |
Cash flows provided by (used in) investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from treasury grant |  |  | 53.7 |  |  | — |  |  | — |  |  | — |  |  | 53.7 |
Proceeds from sale of assets |  |  | 148.3 |  |  | — |  |  |  |  |  | — |  |  | 148.3 |
Cash (paid) received from equity investment |  |  | 5.5 |  |  | — |  |  | (5.5 | ) |  | — |  |  | — |
Change in restricted cash |  |  | (19.4 | ) |  | — |  |  | — |  |  | — |  |  | (19.4 | )
Biomass development costs |  |  | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Construction in progress |  |  | (26.2 | ) |  | — |  |  | — |  |  | — |  |  | (26.2 | )
Purchase of property, plant and equipment |  |  | (3.6 | ) |  | (1.4 | ) |  | — |  |  | — |  |  | (5.0 | )
Net cash provided by (used in) investing activities |  |  | 158.2 |  |  | (1.4 | ) |  | (5.5 | ) |  | — |  |  | 151.3 |
Cash flows provided by (used in) financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Offering costs related to tax equity |  |  | (1.0 | ) |  | — |  |  | — |  |  | — |  |  | (1.0 | )
Repayment of project-level debt |  |  | (64.2 | ) |  | — |  |  | — |  |  | — |  |  | (64.2 | )
Proceeds from project-level debt |  |  | 20.8 |  |  | — |  |  | — |  |  | — |  |  | 20.8 |
Payments for revolving credit facility borrowings |  |  | (47.0 | ) |  | — |  |  | (20.0 | ) |  | — |  |  | (67.0 | )
Equity investment from noncontrolling interest |  |  | 42.7 |  |  | — |  |  | 1.9 |  |  | — |  |  | 44.6 |
Dividends paid |  |  | (9.3 | ) |  | — |  |  | (43.2 | ) |  | — |  |  | (52.5 | )
Net cash provided by (used in) financing activities |  |  | (58.0 | ) |  | — |  |  | (61.3 | ) |  | — |  |  | (119.3 | )
Net increase (decrease) in cash and cash equivalents |  |  | 145.8 |  |  | — |  |  | (16.9 | ) |  | — |  |  | 128.9 |
Cash and cash equivalents at beginning of period |  |  | 49.8 |  |  | — |  |  | 16.9 |  |  | — |  |  | 66.7 |
Cash and cash equivalents at end of period |  | $ | 195.6 |  | $ | — |  | $ | — |  | $ | — |  | $ | 195.6 |

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