2012 Q3 Form 10-Q Financial Statement

#000138365012000060 Filed on August 03, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2012 Q2 2011 Q2
Revenue $66.36M $61.42M $73.61M
YoY Change 2.24% -16.56% -43.27%
Cost Of Revenue $14.10M $10.70M $7.400M
YoY Change 58.43% 44.59% -20.43%
Gross Profit $52.30M $50.70M $66.20M
YoY Change -6.61% -23.41% -45.06%
Gross Profit Margin 78.81% 82.54% 89.93%
Selling, General & Admin $41.60M $8.100M $6.400M
YoY Change 617.24% 26.56% -11.11%
% of Gross Profit 79.54% 15.98% 9.67%
Research & Development $4.229M $14.47M $11.16M
YoY Change -52.86% 29.64% 2642.75%
% of Gross Profit 8.09% 28.54% 16.86%
Depreciation & Amortization $14.50M $18.00M $10.80M
YoY Change 35.51% 66.67% 2.86%
% of Gross Profit 27.72% 35.5% 16.31%
Operating Expenses $74.53M $48.67M $36.68M
YoY Change 110.64% 32.71% 31.99%
Operating Profit -$8.177M $12.75M $36.93M
YoY Change -127.7% -65.48% -63.78%
Interest Expense $43.63M $43.46M $43.40M
YoY Change 0.71% 0.14% -0.57%
% of Operating Profit 340.85% 117.51%
Other Income/Expense, Net -$43.19M -$43.14M -$43.80M
YoY Change -1.84% -1.52% 0.44%
Pretax Income -$51.40M -$30.40M -$6.900M
YoY Change 254.48% 340.58% -111.82%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$51.37M -$30.39M -$6.868M
YoY Change 254.8% 342.43% -111.77%
Net Earnings / Revenue -77.41% -49.47% -9.33%
Basic Earnings Per Share $0.04 $0.17 $0.32
Diluted Earnings Per Share -$231.4K -$124.6K -$42.57K
COMMON SHARES
Basic Shares Outstanding 31.49M shares 31.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q3 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $369.0M $171.0M $55.00M
YoY Change 292.55% 210.91% -8.33%
Cash & Equivalents $369.1M $171.0M $94.50M
Short-Term Investments
Other Short-Term Assets $130.0M $23.00M $22.00M
YoY Change 106.35% 4.55% 4.76%
Inventory $5.701M $621.0K $437.0K
Prepaid Expenses
Receivables $25.14M $26.00K $208.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $536.4M $198.9M $78.15M
YoY Change 225.97% 154.53% -5.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.414B $1.541B $1.534B
YoY Change 58.36% 0.46% -2.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.14M $35.38M $12.47M
YoY Change 139.08% 183.73% -89.34%
Total Long-Term Assets $2.934B $1.674B $1.648B
YoY Change 79.1% 1.55% -2.28%
TOTAL ASSETS
Total Short-Term Assets $536.4M $198.9M $78.15M
Total Long-Term Assets $2.934B $1.674B $1.648B
Total Assets $3.471B $1.873B $1.727B
YoY Change 92.5% 8.48% -2.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.883M $403.0K
YoY Change 2352.36%
Accrued Expenses $116.1M $37.57M $22.53M
YoY Change 99.82% 66.76% 25.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.5M $81.91M $55.44M
YoY Change 83.34% 47.74% 20.53%
LONG-TERM LIABILITIES
Long-Term Debt $2.296B $2.195B $2.190B
YoY Change 4.78% 0.21% 0.23%
Other Long-Term Liabilities $306.0K $310.0K $322.0K
YoY Change -4.67% -3.73% -99.23%
Total Long-Term Liabilities $2.296B $2.195B $2.190B
YoY Change 4.78% 0.21% -1.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.5M $81.91M $55.44M
Total Long-Term Liabilities $2.296B $2.195B $2.190B
Total Liabilities $2.474B $2.277B $2.246B
YoY Change 8.1% 1.39% -1.2%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $930.0M -$442.0M -$559.0M
YoY Change
Total Liabilities & Shareholders Equity $3.471B $1.873B $1.727B
YoY Change 92.5% 8.48% -2.45%

Cashflow Statement

Concept 2012 Q3 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$51.37M -$30.39M -$6.868M
YoY Change 254.8% 342.43% -111.77%
Depreciation, Depletion And Amortization $14.50M $18.00M $10.80M
YoY Change 35.51% 66.67% 2.86%
Cash From Operating Activities $2.600M -$7.600M $16.40M
YoY Change -129.55% -146.34% -167.77%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $37.80M -$42.40M -$3.900M
YoY Change -2462.5% 987.18% -110.8%
Cash From Investing Activities $37.80M -$42.40M -$3.900M
YoY Change -2462.5% 987.18% -110.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 157.8M 161.4M -4.000M
YoY Change 218.15% -4135.0% -94.29%
NET CHANGE
Cash From Operating Activities 2.600M -7.600M 16.40M
Cash From Investing Activities 37.80M -42.40M -3.900M
Cash From Financing Activities 157.8M 161.4M -4.000M
Net Change In Cash 198.2M 111.4M 8.500M
YoY Change 405.61% 1210.59% -114.6%
FREE CASH FLOW
Cash From Operating Activities $2.600M -$7.600M $16.40M
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Basis of Presentation </font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying unaudited Consolidated Financial Statements of Cheniere Energy Partners, L.P. have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and with Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation, have been included. As used in these Notes to Consolidated Financial Statements, the terms "Cheniere Partners", "we", "us" and "our" refer to Cheniere Energy Partners, L.P. and its wholly owned subsidiaries, unless otherwise stated or indicated by context. </font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Results of operations for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2012</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results of operations that will be realized for the year ending </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2012</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We are not subject to either federal or state income tax, as the partners are taxed individually on their proportionate share of our earnings. </font></div><div style="line-height:120%;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain reclassifications have been made to prior period information to conform to the current presentation.&#160; The reclassifications had no effect on our overall consolidated financial position, results of operations or cash flows. </font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For further information, refer to the consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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21355000 USD
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
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us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
23025000 USD
us-gaap Payments Of Capital Distribution
PaymentsOfCapitalDistribution
27040000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Net Income Loss
NetIncomeLoss
-44193000 USD
us-gaap Net Income Loss
NetIncomeLoss
-9078000 USD
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-24861000 USD
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
-6868000 USD
CY2012Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-43136000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2011Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-43800000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-87359000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
9590000 USD
CY2011Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
3904000 USD
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OperatingCostsAndExpenses
7144000 USD
us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
13256000 USD
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
43121000 USD
CY2011Q2 us-gaap Operating Expenses
OperatingExpenses
36677000 USD
us-gaap Operating Expenses
OperatingExpenses
87552000 USD
us-gaap Operating Expenses
OperatingExpenses
70000000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
78058000 USD
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
18275000 USD
CY2011Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
36932000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
43166000 USD
CY2012Q2 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
453000 USD
CY2011Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
187000 USD
CY2011Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
13358000 USD
CY2012Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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CY2012Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2011Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2722000 USD
CY2011Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
317000 USD
CY2012Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
310000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
108000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
132000 USD
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
61000 USD
CY2011Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
47000 USD
CY2012Q2 us-gaap Partners Capital
PartnersCapital
-442206000 USD
CY2011Q4 us-gaap Partners Capital
PartnersCapital
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us-gaap Partners Capital Account Distributions
PartnersCapitalAccountDistributions
-27040000 USD
us-gaap Partners Capital Account Exchanges And Conversions
PartnersCapitalAccountExchangesAndConversions
0 USD
us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
8800000 USD
CY2011 us-gaap Partners Capital Account Private Placement Of Units
PartnersCapitalAccountPrivatePlacementOfUnits
9000000 USD
us-gaap Partners Capital Account Sale Of Units
PartnersCapitalAccountSaleOfUnits
12379000 USD
CY2011Q3 us-gaap Partners Capital Account Sale Of Units
PartnersCapitalAccountSaleOfUnits
60000000 USD
CY2011 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
500000 shares
CY2011Q3 us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
1100000 shares
us-gaap Partners Capital Account Units Sold In Private Placement
PartnersCapitalAccountUnitsSoldInPrivatePlacement
400000 shares
CY2011Q3 us-gaap Partners Capital Account Units Sold In Public Offering
PartnersCapitalAccountUnitsSoldInPublicOffering
3000000 shares
us-gaap Payments For Advance To Affiliate
PaymentsForAdvanceToAffiliate
1508000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5530000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
39194000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5390000 USD
CY2011Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7976000 USD
CY2012Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9275000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
12379000 USD
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
9153000 USD
CY2012Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1540874000 USD
CY2011Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1514416000 USD
CY2012Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14472000 USD
CY2011Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11163000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17780000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
31141000 USD
CY2012Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
13732000 USD
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
13732000 USD
CY2012Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
82394000 USD
CY2011Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
82394000 USD
CY2012Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
629000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
11213000 USD
us-gaap Revenue From Related Parties
RevenueFromRelatedParties
2993000 USD
CY2011Q2 us-gaap Revenue From Related Parties
RevenueFromRelatedParties
6432000 USD
us-gaap Revenues
Revenues
130718000 USD
CY2012Q2 us-gaap Revenues
Revenues
61396000 USD
us-gaap Revenues
Revenues
148058000 USD
CY2011Q2 us-gaap Revenues
Revenues
73609000 USD
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2011Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
17622000 USD
CY2012Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
15437000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-71400000 USD
CY2011Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-18547000 USD
us-gaap Undistributed Earnings
UndistributedEarnings
-32324000 USD
CY2012Q2 us-gaap Undistributed Earnings
UndistributedEarnings
-38473000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-821000 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-331000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001383650
CY2012Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
31488488 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
Cheniere Energy Partners, L.P.

Files In Submission

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0001383650-12-000060-index-headers.html Edgar Link pending
0001383650-12-000060-index.html Edgar Link pending
0001383650-12-000060.txt Edgar Link pending
0001383650-12-000060-xbrl.zip Edgar Link pending
cqp-20120630.xml Edgar Link completed
cqp-20120630.xsd Edgar Link pending
cqp-20120630_cal.xml Edgar Link unprocessable
cqp-20120630_def.xml Edgar Link unprocessable
cqp-20120630_lab.xml Edgar Link unprocessable
cqp-20120630_pre.xml Edgar Link unprocessable
cqp20122ndqtrex311.htm Edgar Link pending
cqp20122ndqtrex312.htm Edgar Link pending
cqp20122ndqtrex321.htm Edgar Link pending
cqp20122ndqtrex322.htm Edgar Link pending
cqp2012form10q2ndqtr.htm Edgar Link pending
cqp2012form10qex101changeo.htm Edgar Link pending
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Financial_Report.xls Edgar Link pending
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