UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________________
FORM 6-K
_________________________
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
_________________________
Date of Report: February 4, 2021
Commission file number 1- 33198
_________________________
ALTERA INFRASTRUCTURE L.P.
(Exact name of Registrant as specified in its charter)
_________________________
Altera House, Unit 3, Prospect Park, Arnhall Business Park,
Westhill, Aberdeenshire, AB32 6FJ, United Kingdom
(Address of principal executive office)
_________________________
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Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F. |
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Form 20-F
ý Form
40- F
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Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). |
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Yes
¨ No
ý
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Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). |
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Yes
¨ No
ý
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Item 1 — Information Contained in this Form 6-K Report
Attached as Exhibit 1 is a copy of an announcement of Altera
Infrastructure L.P. dated February 4, 2021.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly
authorized.
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ALTERA INFRASTRUCTURE L.P. |
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By: |
ALTERA INFRASTRUCTURE GP L.L.C., its general partner |
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Date: February 4, 2021 |
By: |
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/s/ Mark Mitchell |
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Mark Mitchell
Secretary |
Press Release
¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯
Altera Infrastructure Reports Fourth Quarter and Annual 2020
Results
Aberdeen, United Kingdom, February 4, 2021
- Altera Infrastructure GP LLC (Altera
GP),
the general partner of Altera Infrastructure L.P.
(Altera
or
the Partnership),
today reported the Partnership’s results for the quarter ended
December 31, 2020.
•Revenues
of $278.7 million and a net loss of $73.0 million, or $0.20 per
common unit, in the fourth quarter of 2020
•Adjusted
EBITDA(1)
of $142.2 million in the fourth quarter of 2020
The following table presents the Partnership's Consolidated
Financial Summary:
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Three Months Ended |
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December 31, |
September 30, |
December 31, |
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2020 |
2020 |
2019 |
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In thousands of U.S. Dollars, unaudited |
$ |
$ |
$ |
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IFRS FINANCIAL RESULTS |
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Revenues |
278,657 |
286,590 |
312,142 |
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Net loss
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(73,029) |
(5,955) |
(9.098) |
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Limited partners' interest in net loss per common unit -
basic
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(0.20) |
(0.03) |
(0.04) |
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NON-IFRS FINANCIAL MEASURE: |
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Adjusted EBITDA
(1)
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142,193 |
140,109 |
169,014 |
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(1)Please
refer to "Non-IFRS Measures" for the definition of this term and
reconciliation of this non-IFRS measure as used in this release to
the most directly comparable measure under IFRS.
The Partnership generated a net loss of $73 million for the three
months ended December 31, 2020, compared to a net loss of $9
million for the three months ended December 31, 2019. Results were
impacted by reduced revenue contribution from certain FPSO and FSO
vessels, the impact of lower fair value changes on financial
instruments and foreign exchange, reduced utilization in the Towage
segment and higher newbuild startup costs. These impacts were
partially offset by lower impairment charges, a favorable contract
dispute resolution and a gain on sale of vessel. Prior year results
included the benefit of a $58 million warrants
settlement.
Adjusted EBITDA was $142 million in the fourth quarter of 2020,
compared to $169 million in the same quarter of the prior year. The
decrease of $27 million is mainly reflecting lower economic uptime
on the
Petrojarl I
FPSO, lower contractual day rate on
Randgrid
FSO as well as lower utilization in the Towage segment, partially
offset by a favorable contract dispute resolution.
Altera Infrastructure L.P.
1
Operating Results
The commentary below compares certain results of the Partnership's
operating segments on the basis of the non-IFRS measure of Adjusted
EBITDA for the three months ended December 31, 2020 to the prior
quarter and the same period of the prior year.
The following table presents the Partnership's Adjusted EBITDA by
segment
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Three Months Ended |
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December 31, |
September 30, |
December 31, |
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2020 |
2020 |
2019 |
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In thousands of U.S. Dollars, unaudited |
$ |
$ |
$ |
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FPSO |
73,614 |
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58,244 |
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79,200 |
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Shuttle Tanker |
70,422 |
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61,166 |
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69,694 |
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FSO |
(457) |
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20,667 |
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22,415 |
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UMS |
(1,771) |
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(1,827) |
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(2,310) |
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Towage |
(744) |
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1,184 |
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1,518 |
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Conventional |
— |
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— |
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(8) |
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Corporate/Eliminations |
1,129 |
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675 |
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(1,495) |
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Partnership Adjusted EBITDA |
142,193 |
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140,109 |
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169,014 |
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The Partnership's
FPSO
segment generated adjusted EBITDA of $74 million, compared with
$79 million in the same period in 2019. The decrease of $5
million is mainly due to lower economic uptime on the
Petrojarl I
FPSO and
Voyageur
FPSO being off contract from mid-2020, partially offset by a
favorable contract dispute resolution.
The Partnership's
Shuttle Tanker
segment generated adjusted EBITDA of $70 million, and is in line
with the same period in 2019.
The Partnership's
FSO
segment generated adjusted EBITDA loss of $nil million, compared to
$22 million in the same period in 2019. The decrease of $22 million
is mainly due to a reduction in the
Randgrid
FSO contractual rate and absence of both the
Dampier
Spirit
FSO and
Apollo Spirit
FSO as their contracts ended in the third quarter of
2020.
The Partnership's
UMS
segment
generated adjusted EBITDA loss of $2 million and is in line with
the same period in 2019.
The Partnership's
Towage
segment
generated adjusted EBITDA loss of $1 million, compared with $2
million in the same period in 2019.
Liquidity Update
As at December 31, the Partnership had total liquidity of $236
million, a decrease of $1 million compared with the prior
quarter.
Strategic updates
Extension of the Cidade de Itajai FPSO contract
In November 2020 the Altera & Ocyan Joint Venture agreed with
Karoon Petroleum, the new license holder, following the assignment
of the Bauna license from Petrobras, the exercise of a 4-year
option extension of the charter and operating agreement of
Cidade de Itajai
FPSO until 2026.
Altera Infrastructure L.P.
2
Delivery of Shuttle Tanker Newbuildings
In January 2021, the Partnership took delivery of the fifth
LNG-fueled DP2 shuttle tanker newbuilding, the
Altera Wave.
The vessel is currently in transit to the North Sea. The sixth LNG
fueled vessel, the
Altera Wind,
is expected to be delivered in February 2021 and
the
East Coast of Canada newbuilding is expected to be delivered
early-2022.
Securities Repurchase Program
In September 2020, the Partnership announced a program to
repurchase the Partnership’s outstanding 8.50% Senior Notes due
2023 and Series A, B and E Preferred Units through open market
purchases, privately negotiated transactions and/or pursuant to
Rule 10b5-1 plans, in compliance with applicable securities laws
and other legal requirements. During the period from October 2020
to January 2021, the Partnership repurchased Senior Notes with a
face value of $13 million and preferred equities across the three
series with total face value of $8 million. The repurchase program
was completed in January.
Financings
In October 2020, the Partnership completed a $106 million upsizing
of the existing financing for the shuttle tankers currently
operating off the East Coast of Canada. The upsizing is to partly
fund a newbuilding shuttle tanker currently under construction and
built for operation off the East Coast of Canada. The $100 million
bridge loan for the same newbuild has consequently been
terminated.
Strategic Review
Altera Infrastructure is exploring with the assistance of retained
financial advisors, a number of potential strategic initiatives,
which may lead to certain asset sales to optimize our portfolio,
seeking joint venture partners for our business interests and/or
capital raises or other similar transactions to support future
growth.
Conference Call
The Partnership plans to host a conference call on Thursday,
February 4, 2021 at 09:00 a.m. (ET) to discuss the results for
the fourth quarter of 2020. All interested parties are invited to
listen to the live conference call by choosing from the following
options:
•By
dialing (conference ID code: 8314616)
◦Norway
(Toll free) 800 14947
◦Norway
(Local) +47 23 50 02 96
◦United
Kingdom (Toll free) +44 (0)330 336 9411
◦United
States (Local) +1 929-477-0402
◦Canada
(Local) +1 888-204-4368
•By
accessing the webcast, which will be available on Altera's website
at
www.alterainfra.com
(the archive will remain on the website for a period of one
year).
An accompanying Fourth Quarter 2020 Earnings Presentation will also
be available at www.alterainfra.com in advance of the conference
call start time. From 2021 Altera plans to host bi-annual Earnings
presentations in relation to the second and the fourth Quarter
Earnings releases.
Forward Looking Statements
This
release contains forward-looking statements (as defined in Section
21E of the Securities Exchange Act of 1934, as amended) which
reflect management’s current views with respect to certain future
events and performance, including, among others: the Partnership’s
review of potential strategic initiatives any related asset sales,
joint ventures, capital raises or other transactions; the timing of
vessel deliveries, the commencement of charter contracts and the
employment of newbuilding vessels; and the Partnership's proposed
actions to any disruptions from covid-19. The following factors are
among those that could cause actual results to differ materially
from the forward-looking statements, which involve risks and
uncertainties, and that should be considered in evaluating any such
statement: alternatives and conditions to implement any strategic
initiatites; delays in vessel deliveries or the commencement of
charter contracts or changes in expected employment of newbuilding
vessels; unanticipated market volatility (such as volatility
resulting from the recent COVID-19 outbreak); and other
factors
Altera Infrastructure L.P.
3
discussed in the Partnership’s filings from time to time with the
SEC, including its Report on Form 20-F for the fiscal year ended
December 31, 2020. The Partnership expressly disclaims any
obligation or undertaking 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 Altera Infrastructure L.P.
Altera
Infrastructure L.P. is a leading global energy infrastructure
services partnership primarily focused on the ownership and
operation of critical infrastructure assets in the offshore oil
regions of the North Sea, Brazil and the East Coast of Canada.
Altera has consolidated assets of approximately $4.4 billion,
comprised of 51 vessels, including floating production, storage and
offloading (FPSO)
units, shuttle tankers (including two newbuildings), floating
storage and offtake (FSO)
units, long-distance towing and offshore installation vessels and a
unit for maintenance and safety (UMS).
The majority of Altera’s fleet is employed on medium-term, stable
contracts.
Altera's preferred units trade on the New York Stock Exchange under
the symbols "ALIN PR A", "ALIN PR B" and "ALIN PR E",
respectively.
For Investor Relations enquiries contact:
Jan Rune Steinsland, Chief Financial Officer
Email: investor.relations@alterainfra.com
Tel: +47 97 05 25 33
Website:
www.alterainfra.com
Altera Infrastructure L.P.
4
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(LOSS)
(in thousands of U.S. Dollars)
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Three Months Ended
December 31, |
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Year Ended
December 31, |
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2020 |
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2019 |
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2020 |
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2019 |
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$ |
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$ |
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$ |
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$ |
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Revenues |
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278,657 |
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312,142 |
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1,182,110 |
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1,252,938 |
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Direct operating costs |
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(143,896) |
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(136,506) |
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(627,792) |
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(606,691) |
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General and administrative expenses |
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(24,217) |
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(33,858) |
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(44,360) |
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(54,927) |
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Depreciation and amortization |
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(81,128) |
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(84,501) |
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(316,317) |
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(358,474) |
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Interest expense |
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(50,511) |
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(47,638) |
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(192,723) |
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(205,667) |
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Interest income |
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1,870 |
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1,012 |
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2,770 |
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5,111 |
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Equity-accounted income (loss) |
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19,658 |
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23,158 |
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35,921 |
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33,768 |
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Impairment expense, net |
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(83,615) |
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(126,354) |
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(268,612) |
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(187,680) |
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Gain (loss) on dispositions, net |
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5,380 |
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— |
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3,411 |
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12,548 |
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Realized and unrealized gain (loss) on derivative
instruments |
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7,190 |
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72,402 |
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(96,499) |
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(34,682) |
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Foreign currency exchange gain (loss) |
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(514) |
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6,359 |
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(7,861) |
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2,193 |
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Other income (expenses), net |
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(844) |
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750 |
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(10,472) |
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(9,677) |
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Income (loss) before income tax (expense) recovery |
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(71,970) |
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(13,034) |
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(340,424) |
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(151,240) |
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Income tax (expense) recovery |
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Current |
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(1,303) |
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(427) |
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(6,543) |
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(4,666) |
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Deferred |
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244 |
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|
4,363 |
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|
804 |
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(3,161) |
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Net income (loss) |
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(73,029) |
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(9,098) |
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(346,163) |
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(159,067) |
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Attributable to: |
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Limited partners - common units |
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(80,120) |
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(17,291) |
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(368,341) |
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(181,424) |
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General partner |
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(615) |
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|
(127) |
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(2,771) |
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(1,384) |
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Limited partners - preferred units |
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7,989 |
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|
8,036 |
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32,103 |
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32,150 |
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Non-controlling interests in subsidiaries |
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(283) |
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284 |
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(7,154) |
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(8,409) |
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(73,029) |
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(9,098) |
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(346,163) |
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(159,067) |
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Basic and diluted earnings (loss) per limited partner common
unit |
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(0.20) |
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(0.04) |
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(0.90) |
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(0.44) |
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Altera Infrastructure L.P.
5
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)
(in thousands of U.S. Dollars)
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Three Months Ended
December 31, |
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Year Ended
December 31, |
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2020 |
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2019 |
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2020 |
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2019 |
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$ |
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$ |
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$ |
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$ |
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Net income (loss) |
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(73,029) |
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(9,098) |
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(346,163) |
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|
(159,067) |
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Other comprehensive income (loss) |
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Items that will not be reclassified subsequently to net income
(loss): |
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Pension adjustments, net of taxes |
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1,438 |
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(1,662) |
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|
1,438 |
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(1,662) |
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Items that may be reclassified subsequently to net income
(loss): |
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To interest expense: |
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Realized gain on qualifying cash flow hedging
instruments |
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(189) |
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(200) |
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(811) |
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(689) |
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To equity income: |
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Realized gain on qualifying cash flow hedging
instruments |
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(201) |
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(232) |
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(966) |
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(600) |
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Total other comprehensive income (loss) |
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1,048 |
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(2,094) |
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(339) |
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|
(2,951) |
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Comprehensive income (loss) |
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(71,981) |
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|
(11,192) |
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|
(346,502) |
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|
(162,018) |
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Attributable to: |
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Limited partners - common units |
|
(79,080) |
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|
(19,370) |
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|
(368,677) |
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|
(184,353) |
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General partner |
|
(607) |
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|
(142) |
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|
(2,774) |
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|
(1,406) |
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Limited partners - preferred units |
|
7,989 |
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|
8,036 |
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|
32,103 |
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|
32,150 |
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Non-controlling interests in subsidiaries |
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(283) |
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|
284 |
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|
(7,154) |
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|
(8,409) |
|
|
|
|
(71,981) |
|
|
(11,192) |
|
|
(346,502) |
|
|
(162,018) |
|
Altera Infrastructure L.P.
6
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL
POSITION
(in thousands of U.S. Dollars)
|
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|
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|
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As at |
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As at |
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As at |
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December 31, |
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December 31, |
|
January 1, |
|
|
|
2020 |
|
2019 |
|
2019 |
|
|
|
|
$ |
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$ |
|
$ |
|
|
ASSETS |
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Current assets |
|
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Cash and cash equivalents |
|
235,734 |
|
199,388 |
|
225,040 |
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Financial assets |
|
103,514 |
|
107,992 |
|
9,568 |
|
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Accounts and other receivable, net |
|
222,629 |
|
204,825 |
|
143,710 |
|
|
Vessels and equipment classified as held for sale |
|
7,500 |
|
15,374 |
|
12,528 |
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Inventory |
|
16,308 |
|
18,581 |
|
20,254 |
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Due from related parties |
|
9,980 |
|
— |
|
58,885 |
|
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Other assets |
|
37,326 |
|
16,844 |
|
20,989 |
|
|
Total current assets |
|
632,991 |
|
563,004 |
|
490,974 |
|
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Non-current assets |
|
|
|
|
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Financial assets |
|
36,372 |
|
— |
|
2,075 |
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Accounts and other receivable, net |
|
— |
|
17,276 |
|
36,536 |
|
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Vessels and equipment |
|
3,029,415 |
|
3,025,716 |
|
3,548,501 |
|
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Advances on newbuilding contracts |
|
127,335 |
|
297,100 |
|
113,796 |
|
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Equity-accounted investments |
|
241,731 |
|
232,216 |
|
208,819 |
|
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Deferred tax assets |
|
5,153 |
|
7,000 |
|
9,168 |
|
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Due from related parties |
|
— |
|
— |
|
949 |
|
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Other assets |
|
185,521 |
|
218,813 |
|
185,191 |
|
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Goodwill |
|
127,113 |
|
127,113 |
|
127,113 |
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Total non-current assets |
|
3,752,640 |
|
3,925,234 |
|
4,232,148 |
|
|
Total assets |
|
4,385,631 |
|
4,488,238 |
|
4,723,122 |
|
|
LIABILITIES |
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and other |
|
302,414 |
|
272,618 |
|
213,480 |
|
|
Other financial liabilities |
|
198,985 |
|
21,697 |
|
23,290 |
|
|
Borrowing |
|
362,079 |
|
353,238 |
|
554,336 |
|
|
Due to related parties |
|
7 |
|
21,306 |
|
183,795 |
|
|
Total current liabilities |
|
863,485 |
|
668,859 |
|
974,901 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
|
Accounts payable and other |
|
128,671 |
|
222,659 |
|
264,732 |
|
|
Other financial liabilities |
|
144,350 |
|
164,511 |
|
144,867 |
|
|
Borrowings |
|
2,808,898 |
|
2,831,274 |
|
2,543,406 |
|
|
Due to related parties |
|
194,628 |
|
— |
|
— |
|
|
Deferred tax liabilities |
|
700 |
|
3,133 |
|
2,183 |
|
|
Total non-current liabilities |
|
3,277,247 |
|
3,221,577 |
|
2,955,188 |
|
|
Total liabilities |
|
4,140,732 |
|
3,890,436 |
|
3,930,089 |
|
|
EQUITY |
|
|
|
|
|
|
|
|
Limited partners - common units |
|
— |
|
169,737 |
|
350,088 |
|
|
Limited partners - Class A common units |
|
(2,505) |
|
— |
|
— |
|
|
Limited partners - Class B common units |
|
(157,897) |
|
— |
|
— |
|
|
Limited partners - preferred units |
|
376,512 |
|
384,274 |
|
384,274 |
|
|
General partner |
|
6,828 |
|
9,587 |
|
10,971 |
|
|
Accumulated other comprehensive income |
|
4,071 |
|
4,410 |
|
7,361 |
|
|
Non-controlling interests in subsidiaries |
|
17,890 |
|
29,794 |
|
40,339 |
|
|
Total equity |
|
244,899 |
|
597,802 |
|
793,033 |
|
|
Total liabilities and equity |
|
4,385,631 |
|
4,488,238 |
|
4,723,122 |
|
Altera Infrastructure L.P.
7
ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIES
UNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(in thousands of U.S. Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended
December 31, |
|
|
2020 |
|
2019 |
|
|
|
$ |
|
$ |
|
Operating Activities |
|
|
|
|
|
Net income (loss) |
|
(346,163) |
|
|
(159,067) |
|
|
Adjusted for the following items: |
|
|
|
|
|
Depreciation and amortization |
|
316,317 |
|
|
358,474 |
|
|
Equity-accounted (income) loss, net of distributions
received |
|
(6,532) |
|
|
(16,113) |
|
|
Impairment expense, net |
|
268,612 |
|
|
187,680 |
|
|
(Gain) loss on dispositions, net |
|
(3,411) |
|
|
(12,548) |
|
|
Unrealized (gain) loss on derivative instruments |
|
36,045 |
|
|
443 |
|
|
Deferred income tax expense (recovery) |
|
(804) |
|
|
3,161 |
|
|
Provisions and other items |
|
(3,503) |
|
|
(1,547) |
|
|
Other non-cash items |
|
53,267 |
|
|
(22,942) |
|
|
Changes in non-cash working capital, net |
|
(31,507) |
|
|
13,341 |
|
|
Net operating cash flow |
|
282,321 |
|
|
350,882 |
|
|
Financing Activities |
|
|
|
|
|
Proceeds from borrowings |
|
312,149 |
|
|
492,517 |
|
|
Repayments of borrowings and settlement of related derivative
instruments |
|
(329,073) |
|
|
(410,429) |
|
|
Financing costs related to borrowings |
|
(8,023) |
|
|
(20,752) |
|
|
Proceeds from borrowings related to sale and leaseback of
vessels |
|
119,073 |
|
|
23,800 |
|
|
Repayments of borrowings related to sale and leaseback of
vessels |
|
(1,190) |
|
|
— |
|
|
Financing costs related to borrowings from sale and leaseback of
vessels |
|
(187) |
|
|
(2,256) |
|
|
Proceeds from borrowings from related parties |
|
205,000 |
|
|
95,000 |
|
|
Prepayment of borrowings from related parties |
|
— |
|
|
(200,000) |
|
|
Lease liability repayments |
|
(20,332) |
|
|
(14,695) |
|
|
Capital provided by others who have interests in
subsidiaries |
|
— |
|
|
1,500 |
|
|
|
|
|
|
|
Distributions to limited partners and preferred
unitholders |
|
(32,103) |
|
|
(32,150) |
|
|
Distributions to others who have interests in
subsidiaries |
|
(4,750) |
|
|
(3,636) |
|
|
Repurchase of preferred units |
|
(6,200) |
|
|
— |
|
|
Net financing cash flow |
|
234,364 |
|
|
(71,101) |
|
|
Investing Activities |
|
|
|
|
|
Additions |
|
|
|
|
|
Vessels and equipment |
|
(479,981) |
|
|
(231,658) |
|
|
Equity-accounted investments |
|
(3,948) |
|
|
(7,886) |
|
|
Dispositions |
|
|
|
|
|
Vessels and equipment |
|
27,996 |
|
|
33,341 |
|
|
Restricted cash |
|
(26,522) |
|
|
(98,329) |
|
|
Acquisition of company (net of cash acquired of $6.4
million) |
|
6,430 |
|
|
— |
|
|
Net investing cash flow |
|
(476,025) |
|
|
(304,532) |
|
|
Cash and cash equivalents |
|
|
|
|
|
Change during the year |
|
40,660 |
|
|
(24,751) |
|
|
Impact of foreign exchange on cash |
|
(4,314) |
|
|
(901) |
|
|
Balance, beginning of the year |
|
199,388 |
|
|
225,040 |
|
|
Balance, end of the year |
|
235,734 |
|
|
199,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Altera Infrastructure L.P.
8
Non-IFRS Measures
To supplement the unaudited interim condensed consolidated
financial statements, we use Adjusted EBITDA, which is a non-IFRS
financial measure, as a measure of our performance. Adjusted EBITDA
is calculated as net income (loss) before interest expense,
interest income, income tax expense, and depreciation and
amortization and is adjusted to exclude certain items whose timing
or amount cannot be reasonably estimated in advance or that are not
considered representative of core operating performance. Such
adjustments include impairment expenses, gain (loss) on
dispositions, net, unrealized gain (loss) on derivative
instruments, foreign currency exchange gain (loss) and certain
other income or expenses. Adjusted EBITDA also excludes: realized
gain or loss on interest rate swaps, as we, in assessing our
performance, view these gains or losses as an element of interest
expense; realized gain or loss on derivative instruments resulting
from amendments or terminations of the underlying instruments; and
equity-accounted income (loss). Adjusted EBITDA also includes our
proportionate share of Adjusted EBITDA from our equity-accounted
investments and excludes the non-controlling interests'
proportionate share of Adjusted EBITDA. We do not have control over
the operations of, nor do we have any legal claim to the revenues
and expenses of our equity-accounted investments. Consequently, the
cash flow generated by our equity-accounted investments may not be
available for use by us in the period that such cash flows are
generated.
Adjusted EBITDA is intended to provide additional information and
should not be considered as the sole measure of our performance or
as a substitute for net income (loss) or other measures of
performance prepared in accordance with IFRS. In addition, this
measure does not have a standardized meaning and may not be
comparable to similar measures presented by other companies. These
non-IFRS measures are used by our management, and we believe that
these supplementary metrics assist investors and other users of our
financial reports in comparing our financial and operating
performance across reporting periods and with other
companies.
Non-IFRS Financial Measures
The following table includes reconciliations of Adjusted EBITDA to
net income (loss) for the periods presented in the Partnership's
Consolidated Financial Summary.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
(in thousands of U.S. Dollars, unaudited) |
December 31, |
|
September 30, |
|
December 31, |
|
2020 |
|
2020 |
|
2019 |
|
|
$ |
|
$ |
|
$ |
|
Adjusted EBITDA |
142,193 |
|
|
140,109 |
|
|
169,014 |
|
|
Depreciation and amortization |
(81,128) |
|
|
(79,049) |
|
|
(84,501) |
|
|
Interest expense |
(50,511) |
|
|
(48,036) |
|
|
(47,638) |
|
|
Interest income |
1,870 |
|
|
190 |
|
|
1,012 |
|
|
Expenses and gains (losses) relating to equity-accounted
investments |
(11,485) |
|
|
(10,442) |
|
|
(8,013) |
|
|
Impairment expense, net |
(83,615) |
|
|
(4,720) |
|
|
(126,354) |
|
|
Gain (loss) on dispositions, net |
5,380 |
|
|
(19) |
|
|
— |
|
|
Realized and unrealized gain (loss) on derivative
instruments |
6,061 |
|
|
1,752 |
|
|
73,897 |
|
|
Foreign currency exchange gain (loss) |
(514) |
|
|
(2,958) |
|
|
6,359 |
|
|
Other income (expenses), net |
(844) |
|
|
(4,262) |
|
|
750 |
|
|
Adjusted EBITDA attributable to non-controlling
interests |
623 |
|
|
2,028 |
|
|
2,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax (expense) recovery |
(71,970) |
|
|
(5,407) |
|
|
(13,034) |
|
|
Income tax (expense) recovery: |
|
|
|
|
|
|
Current |
(1,303) |
|
|
(1,639) |
|
|
(427) |
|
|
Deferred |
244 |
|
|
1,091 |
|
|
4,363 |
|
|
Net loss |
(73,029) |
|
|
(5,955) |
|
|
(9,098) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Altera Infrastructure L.P.
9
Adjusted EBITDA from equity-accounted investments, which is a
non-IFRS financial measure and should not be considered as an
alternative to equity accounted income (loss) or any other measure
of financial performance presented in accordance with IFRS,
represents our proportionate share of Adjusted EBITDA (as defined
above) from equity-accounted investments. This measure does not
have a standardized meaning, and may not be comparable to similar
measures presented by other companies. Adjusted EBITDA from
equity-accounted investments is summarized in the table
below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
(in thousands of U.S. Dollars, unaudited) |
December 31, |
|
September 30, |
|
December 31, |
|
|
|
2020 |
|
2020 |
|
2019 |
|
|
|
$ |
|
$ |
|
$ |
|
|
Equity-accounted income (loss) |
19,658 |
|
|
11,890 |
|
|
23,158 |
|
|
|
Less: |
|
|
|
|
|
|
|
Depreciation and amortization |
(7,713) |
|
|
(8,084) |
|
|
(7,856) |
|
|
|
Interest expense, net |
(5,102) |
|
|
(2,273) |
|
|
(3,364) |
|
|
|
Income tax (expense) recovery |
|
|
|
|
|
|
|
Current |
(139) |
|
|
(43) |
|
|
(149) |
|
|
|
|
|
|
|
|
|
|
EBITDA |
32,612 |
|
|
22,290 |
|
|
34,527 |
|
|
|
Less: |
|
|
|
|
|
|
|
Realized and unrealized gain (loss) on derivative
instruments |
1,395 |
|
|
(298) |
|
|
3,153 |
|
|
|
Foreign currency exchange gain (loss) |
74 |
|
|
340 |
|
|
203 |
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA from equity-accounted investments
|
31,143 |
|
|
22,332 |
|
|
31,171 |
|
|
Altera Infrastructure L.P.
10
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