Hoegh LNG Partners LP (HMLP) 2022 Q1 法說會逐字稿

Good morning, and welcome to the Höegh LNG Partners First Quarter 2021 (sic) [2022] Earnings Conference Call. (Operator Instructions) Note this event is being recorded.

早上好，歡迎參加 Höegh LNG Partners 2021 年第一季度（原文如此）[2022] 收益電話會議。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Havard Furu, Chief Financial Officer and Interim CEO. Please go ahead.

我現在想將會議轉交給首席財務官兼臨時首席執行官 Havard Furu。請繼續。

Thank you, Andrea, and good morning, ladies and gentlemen, and welcome to Höegh LNG Partners earnings call for the first quarter of 2022. My name is Havard Furu, and I am the Chief Financial Officer of the partnership, and I also fill the role as Interim CEO. For your convenience, this webcast and presentation is available on our website.

謝謝安德里亞，女士們先生們，早上好，歡迎參加 2022 年第一季度的 Höegh LNG Partners 財報電話會議。我的名字是 Havard Furu，我是合夥企業的首席財務官，我也負責填寫擔任臨時首席執行官。為方便起見，我們的網站上提供了此網絡廣播和演示文稿。

Turning to Page 2 in today's presentation, we have an overview of the content of the presentation. I will start with some highlights from the first quarter then cover the quarterly financials. Thereafter, I will give a market update before summarizing the presentation. You will have the opportunity to ask questions at the end of the call.

轉到今天演示的第 2 頁，我們對演示的內容進行了概述。我將從第一季度的一些亮點開始，然後介紹季度財務。此後，我將在總結演示文稿之前提供市場更新。您將有機會在通話結束時提出問題。

Before we start, please take note of the forward-looking statements on Page 3 and a glossary on Page 4. Then turning to Page 5 and the highlights. I'm pleased to report that the fleet had 100% availability in the quarter. This resulted in total revenues of $35.3 million and a segment EBITDA of $33.4 million in the quarter.

在我們開始之前，請注意第 3 頁的前瞻性陳述和第 4 頁的詞彙表。然後轉到第 5 頁和亮點。我很高興地報告，該機隊在本季度有 100% 的可用性。這導致本季度的總收入為 3530 萬美元，部分 EBITDA 為 3340 萬美元。

As of today, the partnership has not been materially impacted by the COVID-19 pandemic. The Höegh LNG Group has taken steps to mitigate risks from COVID-19 and ensure the health and safety of our crews and staffs, which is our highest priority. Thanks to the hard work of our people onboard the vessels and onshore, the fleet is operating as expected despite the pandemic.

截至今天，該夥伴關係尚未受到 COVID-19 大流行的重大影響。 Höegh LNG 集團已採取措施降低 COVID-19 帶來的風險，並確保我們的船員和員工的健康和安全，這是我們的首要任務。由於我們船上和陸上人員的辛勤工作，儘管發生了大流行，船隊仍按預期運行。

The Höegh Gallant commenced FSRU operation in Jamaica for New Fortress Energy towards the end of the first quarter. Despite the pending arbitration with the charterer under the lease and maintenance agreement for the PGN FSRU Lampung, both parties have continued to perform their respective obligations under the agreement. No assurance can be given at this time as to the outcome of the dispute with the charterer.

Höegh Gallant 在第一季度末開始在牙買加為 New Fortress Energy 運營 FSRU。儘管根據 PGN FSRU Lampung 的租賃和維護協議與承租人進行仲裁，但雙方仍繼續履行各自在協議下的義務。目前無法保證與承租人發生爭議的結果。

The refinancing of the Cape Ann debt facility, which was agreed on December 15, 2021, is expected to close on June 1, 2022. Today, the partnership announced it has entered into a definitive merger agreement with Höegh LNG, pursuant to which Höegh LNG will acquire, for cash, all of the outstanding publicly held common units of the partnership at a price of $9.25 per common unit. I will speak more about this on the next page.

Cape Ann 債務融資的再融資於 2021 年 12 月 15 日達成一致，預計將於 2022 年 6 月 1 日結束。今天，該合作夥伴關係宣布已與 Höegh LNG 達成最終合併協議，根據該協議，Höegh LNG將以現金形式以每個普通單位 9.25 美元的價格收購合夥企業的所有已發行的公開持有的普通單位。我將在下一頁詳細討論這一點。

Turning to Page 6, we cover the merger agreement with Höegh LNG. As mentioned, pursuant to the merger agreement, Höegh LNG will acquire, for cash, all of the outstanding publicly held common units of the partnership at a price of $9.25 per common unit. The revised price represents an increase of $5 when compared to the offer of $4.25 per common unit made by Höegh LNG on December 3, 2021, and a premium of 35% to the closing price of the partnership's common units of $6.85 per unit yesterday.

轉到第 6 頁，我們介紹了與 Höegh LNG 的合併協議。如前所述，根據合併協議，Höegh LNG 將以每個普通單位 9.25 美元的價格，以現金收購合夥企業的所有已發行的公開持有的普通單位。與 Höegh LNG 在 2021 年 12 月 3 日提出的每普通單位 4.25 美元的報價相比，修訂後的價格增加了 5 美元，比昨天合夥企業普通單位每單位 6.85 美元的收盤價溢價 35%。

In connection with the transaction, the Board of Directors of the partnership directed the Conflicts Committee of the Board of Directors, comprised solely of directors unaffiliated with Höegh LNG, to consider Höegh LNG's offer. Following a period of discussion with Höegh LNG and its advisers, the Conflicts Committee approved the merger agreement and determined that the merger agreement and the transaction contemplated thereby are in the best interest of the partnership and the holders of the partnership's common units unaffiliated with Höegh LNG.

就交易而言，合夥企業董事會指示董事會的衝突委員會（僅由與 Höegh LNG 無關的董事組成）考慮 Höegh LNG 的要約。在與 Höegh LNG 及其顧問進行了一段時間的討論後，衝突委員會批准了合併協議，並確定合併協議及其預期的交易符合合夥企業和與 Höegh LNG 無關的合夥企業共同單位持有人的最佳利益.

Based on the recommendation of the Conflicts Committee, the Board of Directors unanimously approved the merger agreement and recommended that the partnership common unitholders approve the merger. The merger is expected to close in the second half of 2022 and is subject to approval of the merger agreement and the transaction contemplated thereby by a majority of the outstanding common units of the partnership and certain regulatory filings and customary closing conditions.

根據衝突委員會的建議，董事會一致通過了合併協議，並建議合夥企業普通單位持有人批准合併。合併預計將在 2022 年下半年完成，並須經合併協議的批准以及合夥企業中大多數已發行的普通單位以及某些監管備案和慣例成交條件的批准。

Höegh LNG owns 45.7% of the common units and has entered into a support agreement with the partnership, committing to vote its common units in favor of the merger. The Series A preferred units of the partnership will remain outstanding.

Höegh LNG 擁有 45.7% 的共同單位，並已與合作夥伴簽訂支持協議，承諾對其共同單位投票支持合併。合作夥伴關係的 A 系列首選單位將保持出色。

Turning to Page 7, we are showing an overview of the partnership's modern assets. The partnership has approximately 8.5 years average remaining contract length and full contract coverage until late 2026.

轉到第 7 頁，我們將展示合作夥伴的現代資產概覽。該合作夥伴關係的平均剩餘合同期限約為 8.5 年，合同涵蓋完整，直至 2026 年底。

Turning to Page 9. We have the key figures for the quarter showing an operating performance which was weaker than in the same quarter of 2021, with a segment EBITDA of $33.4 million in the quarter compared to $34.5 million in the first quarter of 2021. The decrease is mainly due to increased administrative expenses. The limited partners' interest in the net result was $16.3 million in the quarter, down from $20 million in the same quarter of 2021.

轉到第 9 頁。本季度的關鍵數據顯示，該季度的經營業績弱於 2021 年同期，該季度的 EBITDA 為 3340 萬美元，而 2021 年第一季度為 3450 萬美元。減少的主要原因是管理費用增加。有限合夥人對本季度淨收益的興趣為 1630 萬美元，低於 2021 年同一季度的 2000 萬美元。

Turning to Page 10, we are showing the development in key measures over time. And as you can see from the graphs, the operating performance remains relatively stable. Two quarters have marked negative deviations: the second quarter of 2019 and the second quarter of 2021.

轉到第 10 頁，我們展示了隨著時間的推移關鍵措施的發展。從圖表中可以看出，運行性能保持相對穩定。兩個季度出現了明顯的負偏差：2019 年第二季度和 2021 年第二季度。

In the first instance, the deviation was primarily caused by the dry docking and maintenance of the Höegh Gallant in 2019. The deviation in the second quarter of 2021 was primarily caused by a tax provision for previous periods following a result of a tax audit which we disagreed to and have disputed.

首先，偏差主要是由於 2019 年 Höegh Gallant 的干塢和維護造成的。2021 年第二季度的偏差主要是由於我們在進行稅務審計後的前期稅收準備金造成的。不同意並有爭議。

Turning to Page 11. Here, we are showing the income statement in more detail. Total revenues of $35.3 million in the quarter was about $0.5 million more than in the same period in 2021. Vessel operating expenses of $6.2 million in the quarter were almost the same as in the same period last year.

轉到第 11 頁。在這裡，我們更詳細地顯示了損益表。本季度總收入 3530 萬美元，比 2021 年同期增加約 50 萬美元。本季度 620 萬美元的船舶運營費用與去年同期幾乎相同。

Administrative expenses of $4.1 million in the quarter were $1.4 million higher than in the first quarter 2021. The increase is primarily caused by higher consultancy fees and audit fees. Equity in earnings of joint ventures for the quarter was $8.6 million, a decrease from $11.1 million for the same period of 2021.

本季度管理費用為 410 萬美元，比 2021 年第一季度增加 140 萬美元。增加的主要原因是諮詢費和審計費增加。本季度合資企業的權益收益為 860 萬美元，低於 2021 年同期的 1110 萬美元。

Unrealized gains on derivative instruments impacted the equity in earnings of joint ventures for the first quarter of 2022 and 2021, respectively. Excluding these derivative items, equity in earnings of joint ventures would have been $3.8 million in the -- this quarter, an increase from $3.4 million for the same period in 2021.

衍生工具的未實現收益分別影響了 2022 年第一季度和 2021 年第一季度的合資企業收益權益。不包括這些衍生項目，本季度合資企業的權益收益為 380 萬美元，高於 2021 年同期的 340 萬美元。

Total financial expense of $5.5 million in the quarter equals a decrease of $0.7 million from the same quarter of 2021. Income tax expense of $2.8 million in the quarter represents an increase of $1.1 million from the same quarter of 2021.

本季度財務費用總額為 550 萬美元，比 2021 年同期減少 70 萬美元。本季度所得稅費用為 280 萬美元，比 2021 年同期增加 110 萬美元。

Turning to Page 12. The balance sheet has not changed much since year-end 2021, with total liabilities and equity standing at $1 billion at the end of the quarter. The $85 million revolving credit facility from Höegh LNG, which is currently drawn with $24.5 million, is now classified as current liabilities as it matures on January 1, 2023.

轉到第 12 頁。自 2021 年底以來，資產負債表沒有太大變化，截至本季度末，總負債和權益為 10 億美元。來自 Höegh LNG 的 8500 萬美元循環信貸額度，目前已提取 2450 萬美元，現在被歸類為流動負債，因為它將於 2023 年 1 月 1 日到期。

Turning to Page 14 and the LNG market. Global LNG trade rose 8% in the first quarter of 2022 compared to the first quarter 2021. The LNG market witnessed a significant shift in regional demand, with Europe in the driving seat. The European LNG import increased with an impressive 64% in the quarter -- first quarter of 2022 compared to the first quarter of 2021, and LNG prices continue to be high. The high demand for LNG in Europe is, to a large degree, driven by uncertainty around access to Russian pipeline gas.

轉到第 14 頁和液化天然氣市場。與 2021 年第一季度相比，2022 年第一季度全球液化天然氣貿易增長了 8%。液化天然氣市場見證了區域需求的重大轉變，歐洲處於主導地位。與 2021 年第一季度相比，2022 年第一季度與 2021 年第一季度相比，歐洲液化天然氣進口增長了 64%，令人印象深刻，液化天然氣價格繼續居高不下。歐洲對液化天然氣的高需求在很大程度上是由獲得俄羅斯管道天然氣的不確定性驅動的。

Turning to Page 15, we have 2 graphs illustrating the projected development in global LNG markets from now until 2026. In the chart to the left, the incremental volume supply is projected for the most part to come from the USA, Russia and the Middle East.

轉到第 15 頁，我們有兩張圖表說明了從現在到 2026 年全球液化天然氣市場的預計發展情況。在左圖中，預計增量供應大部分來自美國、俄羅斯和中東.

The recent surge in demand and higher LNG prices have led to more long-term LNG sale and purchase agreements concluded lately, bringing potential new liquefaction capacity closer to FID. This would potentially add to the long-term supply growth at the back end of this period. The graph to the right shows the projected growth in LNG imports globally. As you can see, global LNG demand growth is projected to remain robust, mainly driven by the Asian region and Europe.

近期需求激增和液化天然氣價格上漲導致最近簽訂了更多長期液化天然氣買賣協議，使潛在的新液化能力更接近 FID。這可能會增加這一時期後期的長期供應增長。右圖顯示了全球液化天然氣進口的預計增長。如您所見，全球液化天然氣需求增長預計將保持強勁，主要由亞洲地區和歐洲推動。

In the current geopolitical situation, European countries seem to be determined to secure both LNG and LNG import capacity to safeguard the energy supply and shift away from Russian pipeline gas. This has recently led to an increased demand for FSRUs as import facilities from countries such as Germany, the Netherlands, Italy, Poland, Finland and others typically looking to secure a large capacity FSRUs with prompt delivery.

在當前的地緣政治形勢下，歐洲國家似乎決心同時確保液化天然氣和液化天然氣的進口能力，以保障能源供應並遠離俄羅斯的管道天然氣。這最近導致對 FSRU 作為進口設施的需求增加，這些國家包括德國、荷蘭、意大利、波蘭、芬蘭和其他通常希望確保及時交付的大容量 FSRU。

With that, I turn to Page 17 for a summary, where I would like to highlight the following: 100% availability of the fleet during the quarter; segment EBITDA of $33.4 million in the quarter; refinancing of the Cape Ann debt facility expected to close on June 1, 2022; merger agreement with Höegh LNG pursuant to which Höegh LNG will acquire, for cash, all of the outstanding publicly held common units of the partnership at a price of $9.25 per common unit.

至此，我轉至第 17 頁進行總結，我想在其中強調以下幾點： 本季度車隊 100% 的可用性；本季度分部 EBITDA 為 3340 萬美元； Cape Ann 債務融資的再融資預計將於 2022 年 6 月 1 日結束；與 Höegh LNG 達成的合併協議，根據該協議，Höegh LNG 將以每個普通單位 9.25 美元的價格，以現金收購合夥企業的所有已發行的公開持有的普通單位。

And with that, I think we will open for questions from the audience.

有了這個，我想我們會向觀眾提問。

(Operator Instructions) And our first question will come from Chris Wetherbee of Citi.

（操作員說明）我們的第一個問題將來自花旗的 Chris Wetherbee。

Great. Maybe the first question is just on the transaction. So curious if you could sort of help us understand the $5 premium relative to the last offer price, if there's some basis that was agreed upon on the back of that. Or how you think about sort of capturing that premium and, ultimately, how it's justified given this obviously strong market outlook that you have?

偉大的。也許第一個問題只是關於交易。很好奇你是否可以幫助我們了解相對於最後報價的 5 美元溢價，如果有一些在此基礎上達成一致的基礎。或者您如何考慮獲取溢價，以及最終，鑑於您擁有的這種明顯強勁的市場前景，它的合理性如何？

Yes. Chris. And as you've seen, the transaction was announced this morning. And as we say in the press release, it has been an ongoing process, obviously, between the Conflicts Committee and Höegh LNG, negotiating and arriving at what has been agreed as the price. Details around this will follow in the proxy statement that will be prepared and published to the shareholders in a few weeks from now. So I need to wait with further details until the proxy statement is complete.

是的。克里斯。正如你所看到的，這筆交易是今天早上宣布的。正如我們在新聞稿中所說，顯然，這是一個持續的過程，衝突委員會和 Höegh LNG 之間進行談判並達成已商定的價格。有關這方面的詳細信息將在代理聲明中提供，該聲明將在幾週後準備並發布給股東。所以我需要等待更多細節，直到代理聲明完成。

Okay. Okay. And then in terms -- and I know back half close is what we're thinking about. Do you have a rough sense of how many months, you think, you might need? Obviously, we need a shareholder vote, but then probably closing relatively shortly after that. Is this something that can get done in the third quarter? Or are we thinking fourth quarter?

好的。好的。然後就條款而言 - 我知道我們正在考慮的是半接近。您認為您可能需要多少個月？顯然，我們需要股東投票，但可能在那之後不久就結束了。這是第三季度可以完成的事情嗎？還是我們在考慮第四季度？

It's a bit hard to tell. I mean, we -- first of all, the proxy statement needs to be prepared and then approved by SEC for filing. That could take 1 to 2 months, and then there will be a shareholder meeting, as you say. So we think third quarter could be possible, but it's also likely that it slides into the fourth quarter. That's why we say during the second half.

這有點難說。我的意思是，我們首先需要準備委託書，然後由 SEC 批准提交。正如你所說，這可能需要 1 到 2 個月，然後會有股東大會。所以我們認為第三季度是可能的，但也有可能滑到第四季度。這就是為什麼我們說在下半場。

Okay. That's helpful. And then, I guess, the last question, just sort of taking a step back and thinking about the market a little bit more broadly. So clearly, significant demand in the market for FSRUs. A lack of capacity and, obviously, the geopolitical situation in Europe has changed the perspective the last several months.

好的。這很有幫助。然後，我想，最後一個問題，只是退後一步，更廣泛地考慮市場。很明顯，市場對 FSRU 的需求很大。在過去的幾個月裡，能力不足以及顯然歐洲的地緣政治局勢改變了人們的看法。

How does Höegh take advantage of that? So what are sort of the strategic opportunities that you guys are looking at to try to leverage this, just given the fact that you have 100% utilized fleet as it stands right now? I know that the merger is happening. So maybe this is a moot point, but I'm kind of curious about how you guys think about taking advantage (inaudible) could persist for some time.

Höegh 如何利用這一點？那麼，考慮到你們目前擁有 100% 利用率的機隊這一事實，你們正在尋找什麼樣的戰略機會來嘗試利用這一點？我知道合併正在發生。所以也許這是一個有爭議的問題，但我有點好奇你們如何看待利用（聽不清）可能會持續一段時間。

Yes, it's a good question. And as you know, the partnership has full contract coverage until 2026. So there's not much the partnership can do with existing assets. You may have seen that the parent has concluded 2 contracts into Europe recently. It has announced 2 contracts to Germany.

是的，這是個好問題。如您所知，合作夥伴關係的合同覆蓋範圍一直到 2026 年。因此，合作夥伴關係對現有資產無能為力。您可能已經看到母公司最近簽訂了 2 份進入歐洲的合同。它已宣布與德國簽訂兩份合同。

So the parent had assets available for short or, we call, almost immediate start-ups. So the parent has been able to utilize that market. And unfortunately, the -- or the partnership has full contract coverage so there's not much to do with that.

因此，母公司擁有可做空的資產，或者，我們稱之為幾乎直接的初創企業。因此，母公司已經能夠利用該市場。不幸的是， - 或合作夥伴關係具有完整的合同覆蓋範圍，因此與此沒有太大關係。

This concludes our question-and-answer session. I would like to turn the conference back over to Havard Furu for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給哈佛弗魯做任何閉幕詞。

Okay. Thank you. With that, I would like to thank everyone for dialing in and participating on the call. Thank you, and have a good day.

好的。謝謝你。藉此，我要感謝大家撥入和參與電話會議。謝謝你，有一個美好的一天。

The conference has now concluded. Thank you for attending today's presentation, and you may now disconnect.

會議現已結束。感謝您參加今天的演示，您現在可以斷開連接。