Advertisement
Capital Product Partners L.P.
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands of United States Dollars)
For the years ended December 31, 2012 2011Cash flows from operating activities:Net (loss) / income $ (21,189) $ 87,120Adjustments to reconcile net (loss) / income to net cash provided by operating activities:Vessel depreciation 48,235 37,214Vessel impairment 43,178 --Gain from bargain purchase -- (82,453)Amortization of deferred charges 480 809Amortization of above market acquired charters 7,904 5,489Equity compensation expense 3,826 2,455Gain on interest rate swap agreement (1,448) (2,310)Gain on sale of vessels to third parties (1,296) --Changes in operating assets and liabilities:Trade accounts receivable 221 7,211Due from related parties -- 2Prepayments and other assets 237 (589)Inventories 1,677 5,576Trade accounts payable (5,594) (4,600)Due to related parties 7,009 (4,507)Accrued liabilities 480 (247)Deferred revenue 1,078 5,369 ----------- -----------Net cash provided by operating activities 84,798 56,539 ----------- -----------Cash flows from investing activities:Vessel acquisitions and new building advances (1,614) (27,003)Additions to restricted cash (3,750) (1,500)Proceeds from sale of vessels 21,299 --Cash and cash equivalents acquired in business acquisition -- 11,847 ----------- -----------Net cash provided by / (used in) investing activities 15,935 (16,656) ----------- -----------Cash flows from financing activities:Proceeds from issuance of Partnership units 140,000 1,470Expenses paid for issuance of Partnership units (1,673) --Proceeds from issuance of long-term debt -- 159,580Payments of long-term debt (175,215) (134,580)Loan issuance costs (348) (338)Dividends paid (73,316) (45,116) ----------- -----------Net cash used in financing activities (110,552) (18,984) ----------- -----------Net (decrease) / increase in cash and cash equivalents (9,819) 20,899 ----------- -----------Cash and cash equivalents at beginning of period 53,370 32,471 ----------- -----------Cash and cash equivalents at end of period 43,551 53,370 ----------- -----------Supplemental Cash Flow InformationCash paid for interest $ 25,864 $ 32,210Non-Cash Investing and Financing ActivitiesFair value of vessels transferred-in, M/V Archimidis and M/V Agamemnon $ 133,000 --Fair value of vessels transferred out, M/T Alexander the Great and M/T Achilleas, reduced by the net cash consideration received $ (137,500) --Acquisition of above market time charter $ 4,500 $ 48,551Units issued to acquire M/V Cape Agamemnon -- $ 57,055Capital expenditures included in liabilities $ 134 $ 252Offering expenses included in liabilities $ 1,908 --Crude's net assets at the completion of the business acquisition -- $ 211,144Units issued to acquire Crude -- $ 155,559Fair value of Crude's Equity Incentive Plan attributable to precombination services -- $ 1,505
