Altera Infrastructure L.P. 7.25 (ALIN-PA)
| Previous close | 22.07 |
| Open | 22.22 |
| Bid | 22.13 x 900 |
| Ask | 22.25 x 1200 |
| Day's range | 22.17 - 22.22 |
| 52-week range | 13.69 - 22.25 |
| Volume | 4,617 |
| Avg. volume | 8,595 |
| Market cap | N/A |
| Beta (5Y monthly) | N/A |
| PE ratio (TTM) | N/A |
| EPS (TTM) | N/A |
| Earnings date | N/A |
| Forward dividend & yield | N/A (N/A) |
| Ex-dividend date | N/A |
| 1y target est | N/A |
- Globe Newswire
Altera Infrastructure Reports First Quarter 2021 Results
ABERDEEN, United Kingdom, May 05, 2021 (GLOBE NEWSWIRE) -- 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 March 31, 2021. Revenues of $272.8 million and net income of $5.9 million, or $0.00 per common unit, in the first quarter of 2021Adjusted EBITDA(1) of $120.3 million in the first quarter of 2021 The following table presents the Partnership's Consolidated Financial Summary: Three Months Ended March 31, December 31, March 31, 2021 2020 2020 In thousands of U.S. Dollars, unaudited$ $ $IFRS FINANCIAL RESULTS Revenues272,754 278,657 312,401 Net Income (loss)5,901 (73,029) (258.932)Limited partners' interest in net income (loss) per common unit - basic0.00 (0.20) (0.63) NON-IFRS FINANCIAL MEASURE: Adjusted EBITDA (1)120,270 142,193 163,548 (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 net income of $6 million for the three months ended March 31, 2021, compared to a net loss of $259 million for the three months ended March 31, 2020. The results for the recent quarter benefited mainly from the absence of a $172 million impairment loss and a decrease of $105 million in loss on derivatives, compared to the same quarter in the prior year. This was partially offset by lower revenues from the Petrojarl FPSO, and the Randgrid FSO and an absence of Voyageur FPSO revenues as a result of the unit being in lay-up. Adjusted EBITDA was $120 million in the first quarter of 2021, compared to $164 million in the same quarter of the prior year. The decrease of $44 million mainly reflects lower economic uptime on the Petrojarl l FPSO, an absence of Voyageur FPSO revenues, lower day rates on the Rangrid FSO and an absence of revenues from two vessels in the FSO segment that were sold. Operating ResultsThe commentary below compares certain results of the Partnership's operating segments on the basis of the non-IFRS measure of Adjusted EBITDA for the three months ended March 31, 2021 to the same period of the prior year. The following table presents the Partnership's Adjusted EBITDA by segment: Three Months Ended March 31, December 31, March 31, 2021 2020 2020In thousands of U.S. Dollars, unaudited$ $ $FPSO52,768 72,355 79,593 Shuttle Tanker67,194 71,823 64,867 FSO7,405 (458) 23,892 UMS(1,695) (1,771) (2,606)Towage(2,350) (744) (2,003)Corporate/Eliminations(3,052) 988 (195)Partnership Adjusted EBITDA120,270 142,193 163,548 The Partnership's Shuttle Tanker segment generated Adjusted EBITDA of $67 million for the three months ended March 31, 2021, compared to $65 million for the three months ended March 31 2020. The Partnership's FPSO segment generated Adjusted EBITDA of $53 million for the three months ended March 31, 2021, compared to $80 million for the three months ended March 31, 2020. The decrease of $27 million is mainly due to lower economic uptime on the Petrojarl I FPSO and the impact of the Voyageur FPSO ceasing operations under its contract in mid-2020. The Partnership's FSO segment generated Adjusted EBITDA of $7 million for the three months ended March 31, 2021, compared to $24 million in the same period in 2020. The decrease of $17 million is mainly due to a reduction in the Randgrid FSO contract rate and the absence of contribution from 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 in the most recent quarter, in line with same period in 2020. The Partnership's Towage segment generated Adjusted EBITDA loss of $2 million in the most recent quarter, which includes revenues from freeing up a container vessel in the Suez canal. Adjusted EBITDA is in line with same period in 2020. Liquidity UpdateAs at March 31, 2021 the Partnership had total liquidity of $222 million, including $25 million of undrawn lines under a revolving credit facility, representing a decrease of $14 million from the prior quarter. Strategic updates Delivery of Shuttle Tanker NewbuildingsIn January 2021, the Partnership took delivery of the fifth LNG-fueled DP2 shuttle tanker newbuilding, the Altera Wave. The vessel has commenced operations and is trading as part of the Partnership's CoA fleet in the North Sea. The sixth LNG fueled vessel, the Altera Wind, was delivered in March 2021 and has arrived in Norway for testing, while the seventh vessel is expected to be delivered early in 2022 and to operate off the East Coast of Canada.FinancingsDuring the three months ended March 31, 2021, the Partnership entered into two additional unsecured revolving credit facilities with Brookfield Business Partners LP and its affiliates, which provide for total borrowings of up to $100 million and mature in February 2022. 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, including any related asset sales, joint ventures, capital raises or other transactions; and the timing of vessel deliveries, the commencement of charter contracts and the employment of newbuilding vessels. 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 initiatives; delays in vessel deliveries or the commencement of charter contracts or changes in expected employment of newbuilding vessels; and other factors 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 one newbuilding), 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 OfficerEmail: investor.relations@alterainfra.com Tel: +47 97 05 25 33Website: www.alterainfra.com ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) (in thousands of U.S. Dollars) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 $ $ $Revenues 272,754 278,657 312,401 Direct operating costs (161,841) (143,896) (153,819)General and administrative expenses (12,668) (24,217) (14,802)Depreciation and amortization (77,249) (81,128) (78,534)Interest expense (47,684) (50,511) (48,269)Interest income 28 1,870 667 Equity-accounted income (loss) 19,384 19,658 (4,055)Impairment expense, net — (83,615) (172,002)Gain (loss) on dispositions, net — 5,380 (562)Realized and unrealized gain (loss) on derivative instruments 13,860 7,190 (90,923)Foreign currency exchange gain (loss) 325 (514) (3,440)Other income (expenses), net (26) (844) (1,229)Income (loss) before income tax (expense) recovery 6,883 (71,970) (254,567)Income tax (expense) recovery Current (982) (1,303) (2,136)Deferred — 244 (2,229)Net income (loss) 5,901 (73,029) (258,932)Attributable to: Limited partners - common units (302) (80,120) (258,141)General partner (2) (615) (1,907)Limited partners - preferred units 7,880 7,989 8,038 Non-controlling interests in subsidiaries (1,675) (283) (6,922) 5,901 (73,029) (258,932)Basic and diluted earnings (loss) per limited partner common unit 0.00 (0.20) (0.63) ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (in thousands of U.S. Dollars) Three Months Ended March 31, December 31, March 31, 2021 2020 2020 $ $ $Net income (loss) 5,901 (73,029) (258,932)Other comprehensive income (loss) Items that will not be reclassified subsequently to net income (loss): Pension adjustments, net of taxes — 1,438 — Items that may be reclassified subsequently to net income (loss): To interest expense: Realized gain on qualifying cash flow hedging instruments (190) (189) (208)To equity income: Realized gain on qualifying cash flow hedging instruments (196) (201) (255)Total other comprehensive income (loss) (386) 1,048 (463)Comprehensive income (loss) 5,515 (71,981) (259,395)Attributable to: Limited partners - common units (685) (79,080) (258,601)General partner (5) (607) (1,910)Limited partners - preferred units 7,880 7,989 8,038 Non-controlling interests in subsidiaries (1,675) (283) (6,922) 5,515 (71,981) (259,395) ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(in thousands of U.S. Dollars) As at As at March 31, December 31, 2021 2020 $ $ASSETS Current assets Cash and cash equivalents 197,078 235,734 Financial assets 48,621 103,514 Accounts and other receivable, net 217,392 222,629 Vessels and equipment classified as held for sale 7,500 7,500 Inventory 21,586 16,308 Due from related parties 2,723 9,980 Other assets 34,571 37,326 Total current assets 529,471 632,991 Non-current assets Financial assets 45,753 36,372 Vessels and equipment 3,213,592 3,029,415 Advances on newbuilding contracts 26,094 127,335 Equity-accounted investments 243,698 241,731 Deferred tax assets 5,144 5,153 Other assets 169,887 185,521 Goodwill 127,113 127,113 Total non-current assets 3,831,281 3,752,640 Total assets 4,360,752 4,385,631 LIABILITIES Current liabilities Accounts payable and other 333,400 302,414 Other financial liabilities 40,307 198,985 Borrowings 349,890 362,079 Due to related parties 73,226 7 Total current liabilities 796,823 863,485 Non-current liabilities Accounts payable and other 114,068 128,671 Other financial liabilities 207,425 144,350 Borrowings 2,799,400 2,808,898 Due to related parties 199,648 194,628 Deferred tax liabilities 700 700 Total non-current liabilities 3,321,241 3,277,247 Total liabilities 4,118,064 4,140,732 EQUITY Limited partners - Class A common units (2,509) (2,505)Limited partners - Class B common units (156,267) (157,897)Limited partners - preferred units 376,488 376,512 General partner 6,826 6,828 Accumulated other comprehensive income 3,685 4,071 Non-controlling interests in subsidiaries 14,465 17,890 Total equity 242,688 244,899 Total liabilities and equity 4,360,752 4,385,631 ALTERA INFRASTRUCTURE L.P. AND SUBSIDIARIESUNAUDITED INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(in thousands of U.S. Dollars) Three months EndedMarch 31, 2021 2020 $ $Operating Activities Net income (loss) 5,901 (258,932)Adjusted for the following items: Depreciation and amortization 77,249 78,534 Equity-accounted (income) loss, net of distributions received (990) 19,550 Impairment expense, net — 172,002 (Gain) loss on dispositions, net — 562 Unrealized (gain) loss on derivative instruments (162,257) 83,849 Deferred income tax expense (recovery) — 2,229 Provisions and other items (193) (940)Other non-cash items 12,086 6,246 Changes in non-cash working capital, net 39,239 (17,964)Net operating cash flow (28,965) 85,136 Financing Activities Proceeds from borrowings 75,000 72,015 Repayments of borrowings and settlement of related derivative instruments (99,367) (74,217)Financing costs related to borrowings (750) (201)Proceeds from borrowings related to sale and leaseback of vessels 71,400 11,900 Repayments of borrowings related to sale and leaseback of vessels (2,881) — Financing costs related to borrowings from sale and leaseback of vessels — (65)Proceeds from borrowings from related parties 75,000 30,000 Lease liability repayments (3,392) (5,753)Distributions to limited partners and preferred unitholders (7,880) (8,038)Distributions to others who have interests in subsidiaries (1,750) (4,750)Repurchase of preferred units (24) — Net financing cash flow 105,356 20,891 Investing Activities Additions Vessels and equipment (156,317) (201,707)Equity-accounted investments (1,172) (465)Dispositions: Vessels and equipment — 15,060 Restricted cash 42,202 83,815 Acquisition of company (net of cash acquired of $6.4 million) — 6,430 Net investing cash flow (115,287) (96,867)Cash and cash equivalents Change during the period (38,896) 9,160 Impact of foreign exchange on cash 240 (4,822)Balance, beginning of the period 235,734 199,388 Balance, end of the period 197,078 203,726 Non-IFRS MeasuresTo supplement the unaudited interim condensed consolidated financial statements, the Partnership uses Adjusted EBITDA, which is a non-IFRS financial measure, as a measure of the Partnership's 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 the Partnership in assessing its performance, views 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; realized gain or loss on foreign currency forward contracts; and equity-accounted income (loss). Adjusted EBITDA also includes the Partnership's proportionate share of Adjusted EBITDA from its equity-accounted investments and excludes the non-controlling interests' proportionate share of Adjusted EBITDA. The Partnership does not have control over the operations of, nor does it have any legal claim to the revenues and expenses of its equity-accounted investments. Consequently, the cash flow generated by the Partnership's equity-accounted investments may not be available for use by the Partnership 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 the Partnership's 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 the Partnership's management, and the Partnership believes that these supplementary metrics assist investors and other users of its financial reports in comparing its 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)March 31, December 31, March 31, 2021 2020 2020 $ $ $Adjusted EBITDA120,270 142,193 163,548 Depreciation and amortization(77,249) (81,128) (78,534)Interest expense(47,684) (50,511) (48,269)Interest income28 1,870 667 Expenses and gains (losses) relating to equity-accounted investments(4,869) (11,485) (28,908)Impairment expense, net— (83,615) (172,002)Gain (loss) on dispositions, net— 5,380 (562)Realized and unrealized gain (loss) on derivative instruments13,860 6,061 (89,620)Foreign currency exchange gain (loss)325 (514) (3,440)Other income (expenses), net(26) (844) (1,229)Adjusted EBITDA attributable to non-controlling interests2,228 623 3,782 Income (loss) before income tax (expense) recovery6,883 (71,970) (254,567)Income tax (expense) recovery: Current(982) (1,303) (2,136)Deferred— 244 (2,229)Net loss5,901 (73,029) (258,932) 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)March 31, December 31, March 31, 2021 2020 2020 $ $ $Equity-accounted income (loss)19,384 19,658 (4,055)Less: Depreciation and amortization(7,565) (7,713) (7,838)Interest expense, net(2,068) (5,102) (3,834)Income tax (expense) recovery Current(47) (139) (132)EBITDA29,064 32,612 7,749 Less: Realized and unrealized gain (loss) on derivative instruments5,527 1,395 (15,078)Foreign currency exchange gain (loss)(716) 74 (2,036)Adjusted EBITDA from equity-accounted investments24,253 31,143 24,863
- Globe Newswire
Altera Infrastructure Declares Distributions on Series A, B and E Preferred Units
ABERDEEN, United Kingdom, April 29, 2021 (GLOBE NEWSWIRE) -- Altera Infrastructure GP LLC, the general partner of Altera Infrastructure L.P. (Altera Infrastructure or the Partnership), has declared the following distributions: UnitsDistribution PeriodAmount (Per Unit)Record DatePayment DateSeries A Preferred UnitsFebruary 15, 2021 to May 14, 2021$0.4531May 10, 2021May 17, 2021Series B Preferred UnitsFebruary 15, 2021 to May 14, 2021$0.5313May 10, 2021May 17, 2021Series E Preferred UnitsFebruary 15, 2021 to May 14, 2021$0.5547May 10, 2021May 17, 2021 Altera Infrastructure’s cash distributions are reported on Form 1099 for United States tax purposes. About Altera Infrastructure Altera Infrastructure is a leading global energy infrastructure services partnership primarily focused on the ownership and operation of critical infrastructure assets in offshore oil regions of the North Sea, Brazil and the East Coast of Canada. Altera Infrastructure has consolidated assets of approximately $4.5 billion, comprised of 50 offshore assets, including floating production, storage and offloading (FPSO) units, shuttle tankers (including one new build), 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 Infrastructure’s fleet is employed on medium-term, stable contracts. Affiliates of global asset manager Brookfield Business Partners L.P. (NYSE: BBU) (TSX: BBU.UN) own 100 percent of Altera Infrastructure’s general partner. Altera Infrastructure’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 enquires contact: Jan Rune Steinsland, Chief Financial Officer Tel:+47 97 05 25 33E-mail:investor.relations@alterainfra.com
- Motley Fool
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