01—Abstract
Summary
Summary of the 10-K/A filed February 29, 2016. Cited figures are marked; the original filing is the authoritative source.
This filing sets out Item 9B (Other Information) and the Item 15 exhibit index for Cheniere Energy Partners, L.P.'s annual report for the fiscal year ended December 31, 2015, signed February 29, 2016 by Michael J.
Wortley, Senior Vice President and Chief Financial Officer, and Leonard Travis, Chief Accounting Officer. It states that Cheniere Energy Partners did not engage in any transactions with Iran or with persons or entities related to Iran during 2015, which is the sole compliance disclosure the partnership makes under Section 13(r) of the Securities Exchange Act of 1934. The filing also reports, as relayed from Blackstone Group L.P., the Iran-related activities of two portfolio companies that may be deemed affiliates of the partnership through Blackstone's ownership.
Blackstone CQP Holdco LP holds more than 29% of the partnership's outstanding equity interests and has three representatives on the Board of Directors of the general partner. Hilton Worldwide Holdings reported that an Iranian governmental delegation stayed one night at the Transcorp Hilton Abuja, generating revenues of approximately $5,320a and net profit of approximately $495. Travelport Worldwide reported gross revenues of approximately $551,000 and net profits of approximately $389,000 from travel technology services provided to Iran Air and Iran Air Tours.
The partnership states it has not independently verified these disclosures. The exhibit index lists the partnership's and its subsidiaries' organizational documents, indentures and senior secured notes, credit facilities, LNG terminal use and sale and purchase agreements, engineering, procurement and construction agreements for the Sabine Pass LNG liquefaction facilities (including Stage 2 and Stage 3), management and operation agreements, and incentive plan forms. Several exhibits are incorporated by reference to earlier filings, while others are noted as filed with the original filing or furnished with it.
02—Key points
Key Highlights
- The partnership reports no transactions with Iran or with Iran-related persons or entities during fiscal 2015.
- Blackstone CQP Holdco LP holds more than 29% of the partnership's outstanding equity interests and has three representatives on the general partner's Board of Directors, making Blackstone Group potentially an affiliate under Exchange Act Rule 12b-2.
- Hilton reported approximately $5,320 in revenues and approximately $495 in net profit from an Iranian governmental delegation's one-night stay at the Transcorp Hilton Abuja, which it believes was exempt from Iranian sanctions regulations.
- Travelport reported approximately $551,000 in gross revenues and approximately $389,000 in net profits from providing services to Iran Air and Iran Air Tours in 2015.
- The exhibit index lists a Sabine Pass Liquefaction, LLC EPC agreement for the Stage 3 liquefaction facility dated May 4, 2015, along with 2015 credit facilities including a Second Amended and Restated Credit Agreement (Term Loan A) dated June 30, 2015.
- The filing was signed on February 29, 2016 by the Chief Financial Officer and Chief Accounting Officer on behalf of Cheniere Energy Partners GP, LLC, the general partner.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2015, Cheniere Energy Partners lost $1.18.
- Revenue$270.0M100.0%
- Cost of revenue$31.0M11.5%
- Gross profit$301.0M111.5%
- Operating costs−$298.0M110.4%
- Operating income$3.0M1.1%
- Interest, other & tax−$322.0M119.3%
- Net income−$319.0M118.1%
04—Financials
Financial Highlights
Figures from 10-K/AFY2015filed February 29, 2016Financial Statements
FY2015 against FY2014
| Line item | FY2015FY2014 | Change |
|---|---|---|
| Revenue | $270.00M$268.70M | +0.5% |
| Cost of Revenue | -$31.00M-$342K | −8964.3% |
| Gross Profit | $301.00M$269.04M | +11.9% |
| R&D Expenses | $3.00M$9.32M | −67.8% |
| Operating Expenses | $267.00M$268.18M | −0.4% |
| Operating Income | $3.00M$515K | +482.5% |
| Interest Expense | $185.00M$177.03M | +4.5% |
| Net Income | -$319.00M-$410.04M | +22.2% |
| EPS (Basic) | $-0.43$-0.89 | +51.7% |
| Shares Outstanding (Basic) | 57.10M57.08M | 0.0% |
05—Questions
Frequently Asked Questions
Did Cheniere Energy Partners engage in any business with Iran in 2015?
No. The filing states that during the fiscal year ended December 31, 2015, the partnership did not engage in any transactions with Iran or with persons or entities related to Iran.
Why does this filing discuss Hilton and Travelport?
Blackstone Group, which holds more than 29% of the partnership's equity interests through Blackstone CQP Holdco LP and has three board representatives, may be deemed an affiliate of the partnership. Blackstone reported Iran-related activities by two of its portfolio companies, Hilton Worldwide Holdings and Travelport Worldwide, which the partnership relays while stating it has not independently verified them.
What Iran-related revenues did Hilton and Travelport report?
Hilton reported approximately $5,320 in revenues and approximately $495 in net profit from an Iranian governmental delegation's stay at the Transcorp Hilton Abuja, which it says was exempt from sanctions. Travelport reported gross revenues of approximately $551,000 and net profits of approximately $389,000 from services to Iran Air and Iran Air Tours, which it says are exempt or specifically licensed.
What does the exhibit list cover?
The exhibit index covers the partnership's organizational documents, indentures and senior secured notes, credit agreements, LNG terminal use and sale and purchase agreements, EPC and change order agreements for the Sabine Pass liquefaction facilities, management and operation agreements, and equity incentive plan forms. Many exhibits are incorporated by reference to earlier SEC filings.
06—Continue