HAMILTON, Bermuda, Nov. 30, 2015 /PRNewswire/ -- Höegh LNG Partners
LP (NYSE: HMLP) (the "Partnership") announced that it has restated
its financial statements for the years ended December 31, 2014 and 2013 and its previously
announced results for the quarter ended June
30, 2015. Today, the Partnership has filed a Form
20-F/A for the fiscal year ended December
31, 2014 (the "Form 20-F/A") and furnished a Form 6-K for
the quarter ended June 30, 2015 (the
"Form 6-K") with the U.S. Securities and Exchange Commission (the
"SEC"), reporting its restated historical results for the periods
set forth therein. The Partnership has not amended its reports on
Form 6-K for the quarters ended September
30, 2014 and March 31,
2015. As a result, investors should not rely on these filings
but should instead rely only on the restated consolidated and
combined carve-out financial statements contained in the Form
20-F/A and Form 6-K for the quarter ended June 30, 2015.
The restatement adjusts the Partnership's financial statements
for:
- certain Indonesian value added taxes ("VAT") and withholding
taxes ("WHT") that were not recorded correctly;
- recognition of related revenue for reimbursable tax amounts;
and
- related adjustments to the Partnership's direct financing lease
and amortization of deferred debt issuance costs.
The Partnership is indemnified by Höegh LNG Holdings Ltd.
("HLNG") for certain non-budgeted, non-creditable Indonesian VAT
and non-budgeted Indonesian WHT, including any related impact on
cash flow, for the periods and as further described in the Form
20-F/A. The Partnership filed a claim for, and received payment
from HLNG with respect to, such indemnification for approximately
$1.2 million in the fourth quarter of
2015. The indemnification payment received from HLNG will be
recorded as a contribution to equity in the fourth quarter of
2015.
The change to the accounting for the Indonesian WHT and VAT is
not expected to materially affect the Partnership's cash flows,
liquidity or distributable cash flow on a prospective
basis.
As a result of the closing of the acquisition of the entity that
owns the FSRU Höegh Gallant, management of the Partnership
reaffirms its previously announced intention to recommend to the
Board of Directors of the Partnership that it consider an increase
to $0.4125 per unit in the
Partnership's quarterly cash distribution effective for the
distribution with respect to the quarter ending December 31, 2015. Any increased distribution
would be conditional upon, among other things, the approval by the
Board and the absence of any material adverse developments that
would make such an increase inadvisable.
Please read the Form 20-F/A and the Form 6-K for a complete
description of the Partnership's restated financial results.
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, the prospective effect of the change in accounting for
Indonesian WHT and VAT, the Partnership's ability to increase its
distributions and the amount of any such increase and the other
factors listed in the Form 20-F/A and the Form 6-K as well as in
the other reports and documents the Partnership files with the
SEC. 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 the Partnership's expectations with respect
thereto or any change in events, conditions or circumstances on
which any such statement is based.
About Höegh LNG Partners LP
Höegh LNG Partners LP is a growth-oriented limited partnership
formed by Höegh LNG Holdings Ltd., a leading floating LNG service
provider, to own, operate and acquire floating storage and
regasification units, LNG carriers and other LNG infrastructure
assets under long-term charters of five or more years.
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-restated-historical-results-300185155.html
SOURCE Hoegh LNG Partners LP