PERU LNG 2021 Annual Report
ANNUAL REPORT
PERU LNG 2021
CHAPTER 7
FINANCIAL INFORMATION
As far as the road tanker liquefied gas
loading terminal is concerned, as at the
31st of December 2021 three thousand
eight hundred and sixty two trucks had
been dispatched, representing a total
sales volume of 4 407 829 MMBtus,
5% more than the volume sold in 2020.
Demand next year is estimated at a total
of 13 trucks despatched per day.
Cash and cash equivalent as at the close
of fiscal year 2021 amounted to USD
89 million, a figure 36% lower than that
registered at the close of 2020 (USD
139 million), mainly as a result of the
need for cash to pay for repairs arising
from the unexpected events in the
plant, and to purchase spare parts, etc.
Furthermore, and in accordance with the
company's dividends policy, PERU LNG's
shareholders recently agreed not to pay a
dividend from the 2021 results.
As mentioned previously, the company.
received its credit rating reports in August
2021 from ratings agencies Moody's,
Fitch and Standard & Poor's, respectively,
who made adjustments to PERU LNG'S
previous ratings. This was principally due
to the unexpected events occurring in the
plant during 2021. As a result, Moody's
reduced its rating from "B1" to "B3", with
a negative outlook; whilst Fitch reduced its
rating from "BB-" to "B+", with a negative
outlook.
Financial information
The financial information on PERU
LNG given below was obtained from the
audited financial statements PERU LNG
and respective explanatory notes. The
financial statements cover the years
ending on the 31st of December 2020
and 2019, respectively and were audited
by Caipo y Asociados Sociedad Civil, a
member firm of KPMG International.
This financial information has been
prepared in accordance with the
International
Financial Reporting
Standards (IFRS) issued by the
International Accounting Standard Board
(IASB) in force as at the 31st December
2020. The following financial statements
are for the year ending on the 31st of
December 2020.
Independent auditors' opinion
To the shareholders of PERU LNG S.R.L.
We have audited the attached financial
statements of PERU LNG S.R.L., a
subsidiary of PERU LNG Company L.L.C.
of the United States of America, consisting
of the statement of financial position as at
the 31st of December 2021 and 2020, the
statement of income and other integral
results, changes in equity and cash flow for
the financial years ending on those dates,
as well as significant accounting policies
and notes 1 to 27 attached hereto.
the
Management responsibility for
financial statements
The management is responsible for the
preparation and reasonable presentation
of the individual financial statements
in accordance with the International
Financial Reporting Standards issued by
the International Accounting Standards
Board and internal controls implemented
by the management to ensure that the
individual financial statements are free
from material inaccuracies, whether
deliberate or erroneous.
Auditor's responsibility
Our responsibility consists in giving an
opinion on the financial statements based
on the our audits. Our audit was carried
out in accordance with international audit
standards approved for use in Peru by
the Board of Rectors of the Professional
Associations of Public Accountants of
Peru. These rules demand that we meet
ethical requirements and plan and carry
out our audit such that we are reasonable
certain that the financial statements do
not contain significant errors.
An audit consists of procedures to obtain
audit evidence of the balances and
information contained in the financial
statements. The procedures chosen
depend on the auditor's judgement and
include an evaluation of the risk that
material inaccuracies may exist in the
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