v2.4.0.8

Guarantees and condensed consolidating financial information (Tables) | 9 Months Ended
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Sep. 30, 2013
Guarantees and condensed consolidating financial information |
Schedule of consolidating balance sheet | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING BALANCE SHEET September 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 |  | $ | 163.5 |  | $ | — |  | $ | 7.2 |  | $ | — |  | $ | 170.7 |
Restricted cash |  |  | 119.8 |  |  | — |  |  | — |  |  | — |  |  | 119.8 |
Accounts receivable |  |  | 165.9 |  |  | 10.9 |  |  | 2.8 |  |  | (116.3 | ) |  | 63.3 |
Prepayments, supplies, and other current assets |  |  | 32.2 |  |  | 2.3 |  |  | 0.8 |  |  | (1.0 | ) |  | 34.3 |
Total current assets |  |  | 481.4 |  |  | 13.2 |  |  | 10.8 |  |  | (117.3 | ) |  | 388.1 |
Property, plant, and equipment, net |  |  | 1,702.7 |  |  | 172.5 |  |  | — |  |  | (1.3 | ) |  | 1,873.9 |
Equity investments in unconsolidated affiliates |  |  | 3,753.9 |  |  | — |  |  | 963.7 |  |  | (4,313.1 | ) |  | 404.5 |
Other intangible assets, net |  |  | 321.5 |  |  | 149.6 |  |  | — |  |  | — |  |  | 471.1 |
Goodwill |  |  | 238.1 |  |  | 58.2 |  |  | — |  |  | — |  |  | 296.3 |
Other assets |  |  | 473.7 |  |  | — |  |  | 434.3 |  |  | (845.2 | ) |  | 62.8 |
Total assets |  | $ | 6,971.3 |  | $ | 393.5 |  | $ | 1,408.8 |  | $ | (5,276.9 | ) | $ | 3,496.7 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 118.6 |  | $ | 3.9 |  | $ | 83.9 |  | $ | (116.3 | ) | $ | 90.1 |
Revolving credit facility |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Current portion of long-term debt |  |  | 16.7 |  |  | 190.0 |  |  | — |  |  | — |  |  | 206.7 |
Other current liabilities |  |  | 40.0 |  |  | — |  |  | 3.9 |  |  | (1.0 | ) |  | 42.9 |
Total current liabilities |  |  | 175.3 |  |  | 193.9 |  |  | 87.8 |  |  | (117.3 | ) |  | 339.7 |
Long-term debt |  |  | 814.1 |  |  | — |  |  | 460.0 |  |  | — |  |  | 1,274.1 |
Convertible debentures |  |  | — |  |  | — |  |  | 414.1 |  |  | — |  |  | 414.1 |
Other non-current liabilities |  |  | 1,184.0 |  |  | 8.5 |  |  | 0.5 |  |  | (845.2 | ) |  | 347.8 |
Total liabilities |  |  | 2,173.4 |  |  | 202.4 |  |  | 962.4 |  |  | (962.5 | ) |  | 2,375.7 |
Equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred shares issued by a subsidiary company |  |  | 232.1 |  |  | — |  |  | — |  |  | (10.8 | ) |  | 221.3 |
Common shares |  |  | 4,323.5 |  |  | 191.1 |  |  | 1,285.8 |  |  | (4,514.7 | ) |  | 1,285.7 |
Accumulated other comprehensive loss |  |  | (8.7 | ) |  | — |  |  | — |  |  | — |  |  | (8.7 | )
Retained deficit |  |  | (21.3 | ) |  | — |  |  | (839.4 | ) |  | 211.1 |  |  | (649.6 | )
Total Atlantic Power Corporation shareholders' equity |  |  | 4,525.6 |  |  | 191.1 |  |  | 446.4 |  |  | (4,314.4 | ) |  | 848.7 |
Noncontrolling interest |  |  | 272.3 |  |  | — |  |  | — |  |  | — |  |  | 272.3 |
Total equity |  |  | 4,797.9 |  |  | 191.1 |  |  | 446.4 |  |  | (4,314.4 | ) |  | 1,121.0 |
Total liabilities and equity |  | $ | 6,971.3 |  | $ | 393.5 |  | $ | 1,408.8 |  | $ | (5,276.9 | ) | $ | 3,496.7 |
Consolidating statement of operations | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Three months ended September 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Project revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total project revenue |  | $ | 134.2 |  | $ | 7.8 |  | $ | — |  | $ | (0.2 | ) | $ | 141.8 |
Project expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel |  |  | 47.2 |  |  | — |  |  | — |  |  | — |  |  | 47.2 |
Project operations and maintenance |  |  | 36.8 |  |  | 1.3 |  |  | — |  |  | (0.1 | ) |  | 38.0 |
Development |  |  | 1.4 |  |  | — |  |  | — |  |  | — |  |  | 1.4 |
Depreciation and amortization |  |  | 38.4 |  |  | 3.8 |  |  | — |  |  | — |  |  | 42.2 |
|  |  | 123.8 |  |  | 5.1 |  |  | — |  |  | (0.1 | ) |  | 128.8 |
Project other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivative instruments |  |  | (3.5 | ) |  | — |  |  | — |  |  | — |  |  | (3.5 | )
Equity in earnings of unconsolidated affiliates |  |  | 39.1 |  |  | — |  |  | — |  |  | — |  |  | 39.1 |
Interest expense, net |  |  | (6.3 | ) |  | (2.7 | ) |  | — |  |  | — |  |  | (9.0 | )
Other |  |  | (34.8 | ) |  | — |  |  | — |  |  | — |  |  | (34.8 | )
|  |  | (5.5 | ) |  | (2.7 | ) |  | — |  |  | — |  |  | (8.2 | )
Project income |  |  | 4.9 |  |  | — |  |  | — |  |  | (0.1 | ) |  | 4.8 |
Administrative and other expenses (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administration expense |  |  | 4.9 |  |  | — |  |  | 3.5 |  |  | — |  |  | 8.4 |
Interest, net |  |  | 18.9 |  |  | — |  |  | 8.6 |  |  | — |  |  | 27.5 |
Foreign exchange loss |  |  | 4.1 |  |  | — |  |  | 5.0 |  |  | — |  |  | 9.1 |
Other income |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  |  | 27.9 |  |  | — |  |  | 17.1 |  |  | — |  |  | 45.0 |
Loss from continuing operations before income taxes |  |  | (23.0 | ) |  | — |  |  | (17.1 | ) |  | (0.1 | ) |  | (40.2 | )
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net loss from continuing operations |  |  | (23.0 | ) |  | — |  |  | (17.1 | ) |  | (0.1 | ) |  | (40.2 | )
Net loss from discontinued operations |  |  | (0.4 | ) |  | — |  |  | — |  |  | — |  |  | (0.4 | )
Net loss |  |  | (23.4 | ) |  | — |  |  | (17.1 | ) |  | (0.1 | ) |  | (40.6 | )
Net income (loss) attributable to noncontrolling interest |  |  | (2.5 | ) |  | — |  |  | — |  |  | 3.2 |  |  | 0.7 |
Net loss attributable to Atlantic Power Corporation |  | $ | (20.9 | ) | $ | — |  | $ | (17.1 | ) | $ | (3.3 | ) | $ | (41.3 | )
ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS Nine months ended September 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Project revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total project revenue |  | $ | 394.1 |  | $ | 27.4 |  | $ | — |  | $ | (0.5 | ) | $ | 421.0 |
Project expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fuel |  |  | 148.8 |  |  | — |  |  | — |  |  | — |  |  | 148.8 |
Project operations and maintenance |  |  | 110.0 |  |  | 2.2 |  |  | 0.5 |  |  | (0.4 | ) |  | 112.3 |
Development |  |  | 4.9 |  |  | — |  |  | — |  |  | — |  |  | 4.9 |
Depreciation and amortization |  |  | 114.2 |  |  | 11.5 |  |  | — |  |  | — |  |  | 125.7 |
|  |  | 377.9 |  |  | 13.7 |  |  | 0.5 |  |  | (0.4 | ) |  | 391.7 |
Project other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of derivative instruments |  |  | 33.4 |  |  | — |  |  | — |  |  | — |  |  | 33.4 |
Equity in earnings of unconsolidated affiliates |  |  | 55.0 |  |  | — |  |  | — |  |  | — |  |  | 55.0 |
Interest expense, net |  |  | (17.4 | ) |  | (8.3 | ) |  | — |  |  | — |  |  | (25.7 | )
Other |  |  | (35.0 | ) |  | — |  |  | 0.3 |  |  | — |  |  | (34.7 | )
|  |  | 36.0 |  |  | (8.3 | ) |  | 0.3 |  |  | — |  |  | 28.0 |
Project income |  |  | 52.2 |  |  | 5.4 |  |  | (0.2 | ) |  | (0.1 | ) |  | 57.3 |
Administrative and other expenses (income): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Administration expense |  |  | 15.3 |  |  | — |  |  | 13.2 |  |  | — |  |  | 28.5 |
Interest, net |  |  | 57.1 |  |  | — |  |  | 21.6 |  |  | — |  |  | 78.7 |
Foreign exchange loss |  |  | (3.9 | ) |  | — |  |  | (9.0 | ) |  | — |  |  | (12.9 | )
Other income |  |  | (9.5 | ) |  | — |  |  | — |  |  |  |  |  | (9.5 | )
|  |  | 59.0 |  |  | — |  |  | 25.8 |  |  | — |  |  | 84.8 |
Income (loss) from continuing operations before income taxes |  |  | (6.8 | ) |  | 5.4 |  |  | (26.0 | ) |  | (0.1 | ) |  | (27.5 | )
Income tax benefit |  |  | (1.9 | ) |  | — |  |  | — |  |  | — |  |  | (1.9 | )
Net income (loss) from continuing operations |  |  | (4.9 | ) |  | 5.4 |  |  | (26.0 | ) |  | (0.1 | ) |  | (25.6 | )
Net loss from discontinued operations |  |  | (6.1 | ) |  | — |  |  | — |  |  | — |  |  | (6.1 | )
Net income (loss) |  |  | (11.0 | ) |  | 5.4 |  |  | (26.0 | ) |  | (0.1 | ) |  | (31.7 | )
Net income (loss) attributable to noncontrolling interest |  |  | (3.3 | ) |  | — |  |  | — |  |  | 9.5 |  |  | 6.2 |
Net income (loss) attributable to Atlantic Power Corporation |  | $ | (7.7 | ) | $ | 5.4 |  | $ | (26.0 | ) | $ | (9.6 | ) | $ | (37.9 | )
Consolidating statement of comprehensive income | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING STATEMENT OF COMPREHENSIVE INCOME Three and nine months ended September 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net loss |  | $ | (23.4 | ) | $ | — |  | $ | (17.1 | ) | $ | (0.1 | ) | $ | (40.6 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain on hedging activities |  |  | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Net amount reclassified to earnings |  |  | 0.2 |  |  | — |  |  | — |  |  | — |  |  | 0.2 |
Net unrealized losses on derivatives |  |  | 0.1 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |
Foreign currency translation adjustments |  |  | 10.7 |  |  | — |  |  | — |  |  | — |  |  | 10.7 |
Other comprehensive income, net of tax |  |  | 10.8 |  |  | — |  |  | — |  |  | — |  |  | 10.8 |
Comprehensive loss |  |  | (12.6 | ) |  | — |  |  | (17.1 | ) |  | (0.1 | ) |  | (29.8 | )
Less: Comprehensive income attributable to noncontrolling interest |  |  | 0.7 |  |  | — |  |  | — |  |  | — |  |  | 0.7 |
Comprehensive loss attributable to Atlantic Power Corporation |  | $ | (13.3 | ) | $ | — |  | $ | (17.1 | ) | $ | (0.1 | ) | $ | (30.5 | )
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net income (loss) |  | $ | (11.0 | ) | $ | 5.4 |  | $ | (26.0 | ) | $ | (0.1 | ) | $ | (31.7 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain on hedging activities |  |  | 0.5 |  |  | — |  |  | — |  |  | — |  |  | 0.5 |
Net amount reclassified to earnings |  |  | 0.6 |  |  | — |  |  | — |  |  | — |  |  | 0.6 |
Net unrealized losses on derivatives |  |  | 1.1 |  |  | — |  |  | — |  |  | — |  |  | 1.1 |
Foreign currency translation adjustments |  |  | (19.3 | ) |  | — |  |  | — |  |  | — |  |  | (19.3 | )
Other comprehensive income, net of tax |  |  | (18.2 | ) |  | — |  |  | — |  |  | — |  |  | (18.2 | )
Comprehensive income (loss) |  |  | (29.2 | ) |  | 5.4 |  |  | (26.0 | ) |  | (0.1 | ) |  | (49.9 | )
Less: Comprehensive income attributable to noncontrolling interest |  |  | 6.2 |  |  | — |  |  | — |  |  | — |  |  | 6.2 |
Comprehensive income (loss) attributable to Atlantic Power Corporation |  | $ | (35.4 | ) | $ | 5.4 |  | $ | (26.0 | ) | $ | (0.1 | ) | $ | (56.1 | )
Consolidating statement of cash flows | ATLANTIC POWER CORPORATION CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS Nine months ended September 30, 2013 (in millions of U.S. dollars)
|  | Guarantor Subsidiaries |  | Curtis Palmer |  | Atlantic Power |  | Eliminations |  | Consolidated Balance |
--- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Net cash provided by operating activities |  | $ | 69.8 |  | $ | 2.4 |  | $ | 71.1 |  | $ | — |  | $ | 143.3 |
Cash flows provided by (used in) investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from treasury grant |  |  | 103.2 |  |  | — |  |  | — |  |  | — |  |  | 103.2 |
Proceeds for sale of assets |  |  | 183.0 |  |  | — |  |  | — |  |  | — |  |  | 183.0 |
Cash (paid) received for equity investments |  |  | 8.5 |  |  | — |  |  | (8.5 | ) |  | — |  |  | — |
Change in restricted cash |  |  | (99.1 | ) |  | — |  |  | — |  |  | — |  |  | (99.1 | )
Biomass development costs |  |  | (0.1 | ) |  | — |  |  | — |  |  | — |  |  | (0.1 | )
Construction in progress |  |  | (32.2 | ) |  | — |  |  | — |  |  | — |  |  | (32.2 | )
Purchase of property, plant and equipment |  |  | (4.8 | ) |  | (2.4 | ) |  | — |  |  | — |  |  | (7.2 | )
Net cash provided by (used in) investing activities |  |  | 158.5 |  |  | (2.4 | ) |  | (8.5 | ) |  | — |  |  | 147.6 |
Cash flows provided by (used in) financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Offering costs related to tax equity |  |  | (1.0 | ) |  | — |  |  | — |  |  | — |  |  | (1.0 | )
Repayment of project-level debt |  |  | (115.3 | ) |  | — |  |  | — |  |  | — |  |  | (115.3 | )
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 |  |  | 42.6 |  |  | — |  |  | 1.9 |  |  | — |  |  | 44.5 |
Deferred financing costs |  |  | (0.5 | ) |  | — |  |  | — |  |  | — |  |  | (0.5 | )
Dividends paid |  |  | (13.9 | ) |  | — |  |  | (54.2 | ) |  | — |  |  | (68.1 | )
Net cash used in financing activities |  |  | (114.3 | ) |  | — |  |  | (72.3 | ) |  | — |  |  | (186.6 | )
Net increase (decrease) in cash and cash equivalents |  |  | 114.0 |  |  | — |  |  | (9.7 | ) |  | — |  |  | 104.3 |
Cash and cash equivalents at beginning of period |  |  | 49.5 |  |  | — |  |  | 16.9 |  |  | — |  |  | 66.4 |
Cash and cash equivalents at end of period |  | $ | 163.5 |  | $ | — |  | $ | 7.2 |  | $ | — |  | $ | 170.7 |

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