APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(in millions of U.S. dollars)

(unaudited)


	December 31,		December 31,
	2020		2019
Assets
Current assets:
Cash and cash equivalents	$	17.3	$	26.1
Restricted cash		7.1		7.7
Accounts receivable - trade, unbilled and other		31.0		30.0
Accounts receivable - related party		32.1		34.0
Current portion of derivative instruments asset		0.4		0.7
Inventory		18.3		18.6
Insurance receivable		—		13.5
Prepayments and other current assets		7.5		5.5
Total current assets		113.7		136.1

Property, plant, and equipment, net		492.9		503.1
Equity method investments in unconsolidated affiliates		85.0		96.6
Power purchase agreements and intangible assets, net		120.3		144.3
Goodwill		21.4		21.4
Notes receivable - related party		45.1		43.5
Deferred income taxes		16.0		9.9
Other assets		0.9		2.9
Total assets	$	895.3	$	957.8

Liabilities
Current liabilities:
Accounts payable	$	5.4	$	7.8
Related party payables		39.0		29.8
Accrued interest		0.2		0.4
Other accrued liabilities		12.4		15.4
Current portion of long-term debt		95.7		76.4
Current portion of derivative instruments liability		9.5		8.8
Other current liabilities		0.6		0.8
Total current liabilities		162.8		139.4

Long-term debt, net of unamortized discount and deferred financing costs		384.1		473.5
Derivative instruments liability		8.1		15.9
Deferred income taxes		—		23.9
Power purchase and fuel supply agreement liabilities, net		18.0		19.8
Other long-term liabilities		50.1		54.2
Total liabilities		623.1		726.7
Commitments and contingencies

Equity
Partners' capital		1,194.4		1,193.3
Accumulated other comprehensive loss		(137.8)		(139.1)
Retained deficit		(953.2)		(1,005.8)
Total APLP Holdings Limited Partnership equity		103.4		48.4
Preferred shares issued by a subsidiary company		168.8		182.7
Total equity		272.2		231.1
Total liabilities and equity	$	895.3	$	957.8

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions of U.S. dollars)

(unaudited)


	Year Ended December 31,
	2020		2019
Project revenue:
Energy sales	$	137.9	$	138.0
Energy capacity revenue		113.8		125.4
Other		20.3		18.2
		272.0		281.6
Project expenses:
Fuel		70.9		72.3
Operations and maintenance		87.3		75.9
Depreciation and amortization		59.6		64.3
		217.8		212.5
Project other income (expense):
Change in fair value of derivative instruments		6.8		(8.9)
Equity in earnings (loss) of unconsolidated affiliates		42.9		(3.0)
Interest expense, net		(1.2)		(1.2)
Other income (expense), net		18.4		(8.0)
		66.9		(21.1)
Project income		121.1		48.0

Administrative and other expenses:
Administration		6.5		5.3
Interest expense, net		32.6		34.0
Foreign exchange loss		3.3		7.6
Other expense		13.6		15.1
		56.0		62.0
Income (loss) before income taxes		65.1		(14.0)
Income tax (benefit) expense		(24.2)		9.7
Net income (loss)		89.3		(23.7)
Net loss attributable to preferred shares of a subsidiary company		(0.7)		(1.2)
Net income (loss) attributable to APLP Holdings Limited Partnership	$	90.0	$	(22.5)

APLP HOLDINGS LIMITED PARTNERSHIP

AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions of U.S. dollars)

(unaudited)


	Year Ended December 31,
	2020		2019
Cash flows from operating activities:
Net income (loss)	$	89.3	$	(23.7)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		59.6		64.3
Asset retirement obligations		(2.1)		1.4
Impairment		—		5.8
Insurance (gain) loss		(0.7)		1.0
Gain of sale of assets		(0.8)		(0.1)
Stock-based compensation expense		1.4		1.5
Distributions from unconsolidated affiliates		54.2		59.5
Equity in (earnings) loss from unconsolidated affiliates		(42.9)		3.0
Unrealized foreign exchange loss		2.9		7.7
Change in fair value of derivative instruments		(6.8)		8.9
Change in deferred income taxes		(29.7)		5.0
Amortization of debt discount and deferred financing costs		4.7		6.1
Non-cash lease expense		0.7		0.5
Change in other operating balances
Accounts and notes receivable		(0.5)		6.2
Inventory		0.2		(1.8)
Prepayments and other assets		(2.0)		4.9
Accounts payable		6.0		10.9
Accruals and other liabilities		(3.1)		0.9
Cash flows provided by operating activities		130.4		162.0

Cash flows (used in) provided by investing activities:
Proceeds from asset sales		0.9		1.6
Insurance proceeds		13.5		11.3
Purchase of property, plant and equipment		(24.7)		(7.3)
Cash flows (used in) provided by investing activities		(10.3)		5.6

Cash flows used in financing activities:
Dividends paid to Parent		(37.5)		(68.5)
Deferred financing costs		(1.7)		—
Dividends paid on preferred shares of a subsidiary company		(6.8)		(7.4)
Repurchase of preferred shares of a subsidiary company		(6.4)		(8.0)
Cash payments for vested LTIP units withheld for taxes		(0.7)		(2.1)
Repayment of corporate and project-level debt		(76.4)		(72.3)
Cash flows used in financing activities		(129.5)		(158.3)

Net (decrease) increase in cash, restricted cash and cash equivalents		(9.4)		9.3
Cash, restricted cash and cash equivalents at beginning of period		33.8		24.5
Cash, restricted cash and cash equivalents at end of period	$	24.4	$	33.8
Supplemental cash flow information
Interest paid	$	32.0	$	32.3
Income taxes paid, net	$	5.3	$	2.0
Accruals for capital expenditures	$	0.1	$	0.3