Pattern Energy Group Inc. - FORM 8-K - EX-99.5 - May 2, 2014

Attached files

file filename
8-K - 8-K - Pattern Energy Group Inc.d719275d8k.htm
EX-99.1 - EX-99.1 - Pattern Energy Group Inc.d719275dex991.htm
EX-99.4 - EX-99.4 - Pattern Energy Group Inc.d719275dex994.htm
EX-99.3 - EX-99.3 - Pattern Energy Group Inc.d719275dex993.htm
EX-23.1 - EX-23.1 - Pattern Energy Group Inc.d719275dex231.htm
EX-99.2 - EX-99.2 - Pattern Energy Group Inc.d719275dex992.htm
EX-99.6 - EX-99.6 - Pattern Energy Group Inc.d719275dex996.htm
EX-2.1 - EX-2.1 - Pattern Energy Group Inc.d719275dex21.htm

Exhibit 99.5

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Panhandle B Member 2 LLC

For the Three Months Ended March 31, 2014 and

the Period: March 1, 2013 (Date of Inception) to March 31, 2013

Panhandle B Member 2 LLC

Consolidated Financial Statements (Unaudited)

For the Three Months Ended March 31, 2014 and

the Period: March 1, 2013 (Date of Inception) to March 31, 2013

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

 

Consolidated Statements of Financial Position

      1   

Consolidated Statements of Operations and Comprehensive Loss

      2   

Consolidated Statements of Changes in Member’s Capital

      3   

Consolidated Statements of Cash Flows

      4   

Panhandle B Member 2 LLC

Consolidated Statements of Financial Position

(In Thousands of U.S. Dollars)

(Unaudited)

 

     March 31,     December 31,  
     2014     2013  

Assets

     

Current assets:

     

Cash and cash equivalents

    $ 181      $ 196   

Prepaid expenses and other current assets

      4,040        4,662   

Deposit

      24,000        24,000   

Deferred financing costs, net of accumulated amortization of $2,477 and $273 as of March 31, 2014 and December 31, 2013, respectively

      5,606        7,599   
  

 

 

    

 

 

  

Total current assets

      33,827        36,457   

Turbine advances

      58,365        111,820   

Construction in progress

      123,947        12,281   

Property, plant and equipment

      1,654        82   
  

 

 

    

 

 

  

Total assets

    $ 217,793      $ 160,640   
  

 

 

    

 

 

  

Liabilities and member’s capital

     

Current liabilities:

     

Accounts payable and other accrued liabilities

    $ 8      $ 151   

Accrued construction costs

      34,689        886   

Related party payable

      1,613        1,604   

Accrued interest

      —          62   

Short-term debt

      93,815        70,906   
  

 

 

    

 

 

  

Total current liabilities

      130,125        73,609   

Asset retirement obligation

      1,622        50   
  

 

 

    

 

 

  

Total liabilities

      131,747        73,659   
  

 

 

    

 

 

  

Member’s capital:

     

Capital

      86,408        87,033   

Accumulated loss

      (362 )      (52 ) 
  

 

 

    

 

 

  

Total member’s capital

      86,046        86,981   
  

 

 

    

 

 

  

Total liabilities and member’s capital

    $ 217,793      $ 160,640   
  

 

 

    

 

 

  

 

1

Panhandle B Member 2 LLC

Consolidated Statements of Operations and Comprehensive Loss

(In Thousands of U.S. Dollars)

(Unaudited)

 

           March 1, 2013  
     Three months     (Date of Inception)  
     ended     to  
     March 31, 2014     March 31, 2013  

Revenue:

     

Electricity sales

    $ —        $ —     
  

 

 

    

 

 

  

Total revenue

      —          —     

Cost of revenue:

     

General and administrative

      —          —     
  

 

 

    

 

 

  

Total cost of revenue

      —          —     
  

 

 

    

 

 

  

Operating loss

      —          —     

Other expense:

     

Interest expense

      (310 )      —     
  

 

 

    

 

 

  

Total other expense

      (310 )      —     
  

 

 

    

 

 

  

Net and comprehensive loss

    $ (310 )    $ —     
  

 

 

    

 

 

  

 

2

Panhandle B Member 2 LLC

Consolidated Statements of Changes in Member’s Capital

(In Thousands of U.S. Dollars)

(Unaudited)

 

           Accumulated        
     Capital     Loss     Total  

Balances at December 31, 2013

    $ 87,033      $ (52 )    $ 86,981   

Capital distributions

      (625 )      —          (625 ) 

Net and comprehensive loss

      —          (310 )      (310 ) 
  

 

 

    

 

 

    

 

 

  

Balances at March 31, 2014

    $ 86,408      $ (362 )    $ 86,046   
  

 

 

    

 

 

    

 

 

  

 

3

Panhandle B Member 2 LLC

Consolidated Statements of Cash Flows

(In Thousands of U.S. Dollars)

(Unaudited)

 

           March 1, 2013  
     Three months     (Date of Inception)  
     ended     to  
     March 31, 2014     March 31, 2013  

Operating activities

     

Net loss

    $ (310 )    $ —     

Adjustments to reconcile net loss to net cash used in operating activities:

     

Amortization of financing costs

      179        —     

Changes in operating assets and liabilities:

     

Prepaid expenses and other current assets

      491        —     

Accounts payable and other accrued liabilities

      (11 )      —     

Related party payable

      9        —     
  

 

 

    

 

 

  

Net cash provided by operating activities

      358        —     
  

 

 

    

 

 

  

Investing activities

     

Capital expenditures

      (22,283 )      (2 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (22,283 )      (2 ) 

Financing activities

     

Capital contributions

      —          2   

Capital distributions

      (625 )      —     

Proceeds from issuance of short-term debt

      22,909        —     

Payment of deferred equity issuance costs

      (20 )      —     

Payment of deferred financing costs

      (354 )      —     
  

 

 

    

 

 

  

Net cash provided by financing activities

      21,910        2   
  

 

 

    

 

 

  

Net change in cash and cash equivalents

      (15 )      —     

Cash and cash equivalents at beginning of quarter

      196        —     
  

 

 

    

 

 

  

Cash and cash equivalents at end of quarter

    $ 181      $ —     
  

 

 

    

 

 

  

Schedule of non-cash activities

     

Capitalized interest to short-term debt

    $ 269      $ —     

Capitalized commitment fee to short-term debt

      286        —     

Accrued construction in progress costs

      33,803        22   

Amortization of prepaid expenses and other current assets - included as construction in progress

      150        —     

Amortization of deferred financing costs - included as construction in progress

      2,026        —     

Change in property, plant and equipment

      1,572        —     

Capitalized interest - included as construction in progress

      269        —     

 

4

Pattern Energy Group Inc. Reports