Ciner Resources LP today reported its financial and operating
results for the third quarter ended September 30, 2015.
Third Quarter 2015 Financial Highlights:
- Net sales of $117.3 million increased
6.8% over the prior-year third quarter; year-to-date net sales of
$360.0 million increased 6.2% over the prior-year.
- Adjusted EBITDA of $33.6 million
increased 14.7% over the prior-year third quarter; year-to-date
Adjusted EBITDA of $98.1 million increased 14.5% over the
prior-year.
- Earnings per unit were $0.65 for the
quarter, an increase of 25.0% over the prior-year third quarter of
$0.52; year-to-date earnings per unit of $1.88 increased 21.3% over
the prior-year of $1.55.
- Quarterly distribution declared per
unit of $0.5510 increased by 5.0% over the prior-year third
quarter; and 3.7% over fourth quarter 2014.
- Distributable cash flow of $13.4
million decreased 0.8% over the prior-year third quarter;
year-to-date distributable cash flow of $39.1 million increased
0.8% over the prior-year. The distribution coverage ratio was 1.22
and 1.20 for the three and nine months ended 2015; and 1.27 and
1.27 for the three and nine months ended 2014.
2015 Outlook:
- Our full year outlook related to volume
sold, international pricing and maintenance capital expenditures
remains unchanged. (previously provided in conjunction with our
first quarter 2015 and year end 2014 financial results)
- Our outlook for expansion CAPEX has
been reduced to a range of $17 to $19M
Financial Highlights
Three Months Ended September
30,
Nine Months Ended September
30,
($ in millions, except per unit amounts) 2015
2014 % Change 2015
2014 % Change Soda ash volume
produced (millions of short tons) 0.656 0.634 3.5 % 1.9837 1.8839
5.3 % Soda ash volume sold (millions of short tons) 0.638 0.598 6.7
% 1.9510 1.8626 4.7 % Net sales $ 117.3 $ 109.8 6.8 % $ 360.0 $
339.0 6.2 % Net income $ 26.9 $ 21.6 24.5 % $ 77.9 $ 64.3 21.2 %
Net income attributable to Ciner Resources LP $ 13.1 $ 10.4
26.0 % $ 37.6 $ 31.0 21.3 % Basic and Diluted Earnings per Unit $
0.65 $ 0.52 25.0 % $ 1.88 $ 1.55 21.3 % Adjusted EBITDA (1) $ 33.6
$ 29.3 14.7 % $ 98.1 $ 85.7 14.5 % Adjusted EBITDA attributable to
Ciner Resources LP(1) $ 16.7 $ 14.5 15.2 % $ 48.4 $ 42.4 14.2 %
Distributable cash flow attributable to Ciner Resources LP(1) $
13.4 $ 13.3 0.8 % $ 39.1 $ 38.8 0.8 % Distribution coverage ratio
(1) 1.22 1.27 (3.9 )% 1.20 1.27 (5.5 )% (1) See non-GAAP
reconciliations
Kirk Milling, CEO, commented "We are very excited to usher in a
new era for the company as part of the Ciner Group along with our
name change to Ciner Resources LP. Our ticker symbol on the NYSE
will change tomorrow from OCIR to CINR. We had another excellent
quarter as greater sales and production volumes, combined with
lower energy costs, drove adjusted EBITDA attributable to Ciner
Resources for the quarter higher by 15.2%. Our third quarter
performance, coupled with our outlook for a strong fourth quarter,
allowed us to increase our distribution for the fifth consecutive
quarter as we continue executing on our distribution growth
strategy."
THIRD QUARTER 2015 FINANCIAL AND OPERATING RESULTS
Three Months Ended September 30, 2015 compared to Three
Months Ended September 30, 2014
The following table sets forth a summary of net sales, sales
volumes and average sales price, and the percentage change between
the periods.
Three Months Ended September
30,
PercentIncrease/(Decrease)
2015 2014 Net sales ($ in
millions): Domestic $ 47.2 $ 49.5 (4.6 )% International 70.1
60.3 16.3 % Total net sales $ 117.3 $
109.8 6.8 %
Sales volumes (thousands of short tons):
Domestic 208.5 213.4 (2.3 )% International 429.1
384.5 11.6 % Total soda ash volume sold 637.6
597.9 6.6 %
Average sales price (per short ton):
Domestic $ 226.36 $ 231.84 (2.4 )% International $ 163.49 $ 156.85
4.2 % Average $ 184.05 $ 183.61 0.2 %
Percent of net sales:
Domestic sales 40.2 % 45.1 % (10.9 )% International sales 59.8 %
54.9 % 8.9 % Total percent of net sales 100.0 % 100.0
%
Net sales. Net sales increased by 6.8% to $117.3 million for the
three months ended September 30, 2015 from $109.8 million for
the three months ended September 30, 2014, driven by increases
in both soda ash volumes sold of 6.6% and international average
sales price of 4.2%. These positive results were partially offset
by a decrease in domestic average sales price of 2.4% during
the third quarter of 2015 over the third quarter of 2014, partially
driven by a change in one of our large customer contracts
to take delivery of product at our plant. Generally, we
sell soda ash on a delivered basis, inclusive of freight, which is
included both in net sales and cost of products sold.
Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense, increased by 4.0%
to $84.9 million for the three months ended September 30, 2015
from $81.6 million for the three months ended September 30,
2014, due primarily to an increase in pension costs, as well as an
increase in sales volumes. These increases were moderately offset
by a decrease in energy costs as a result of lower natural gas
prices.
Nine Months Ended September 30, 2015 compared to Nine Months
Ended September 30, 2014
The following table sets forth a summary of net sales, sales
volumes and average sales price, and the percentage change between
the periods.
Nine Months Ended September
30,
PercentIncrease/(Decrease)
2015 2014 Net sales ($ in
millions): Domestic $ 145.6 $ 149.8 (2.8 )% International 214.4
189.2 13.3 % Total net sales $ 360.0 $ 339.0
6.2 %
Sales volumes (thousands of short tons):
Domestic 637.5 628.1 1.5 % International 1,313.5 1,234.5
6.4 % Total soda ash volume sold 1,951.0 1,862.6
4.7 %
Average sales price (per short ton): Domestic $
228.31 $ 238.49 (4.3 )% International $ 163.24 $ 153.26 6.5 %
Average $ 184.50 $ 182.00 1.4 %
Percent of net sales:
Domestic sales 40.4 % 44.2 % (8.6 )% International sales 59.6 %
55.8 % 6.8 % Total percent of net sales 100.0 % 100.0 %
Net sales. Net sales increased by 6.2% to $360.0 million for the
nine months ended September 30, 2015 from $339.0 million for
the nine months ended September 30, 2014, driven by increases
in both international average sales price of 6.5% and soda ash
volumes sold of 4.7%. These positive results were partially offset
by a decrease in domestic average sales price of 4.3% during
the nine months ended September 30, 2015 over the nine months
ended September 30, 2014, partially driven by a change in one
of our large customer contracts to take delivery of product at
our plant. Generally, we sell soda ash on a delivered basis,
inclusive of freight, which is included both in net sales and cost
of products sold.
Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense, increased by 3.0%
to $264.3 million for the nine months ended September 30, 2015
from $256.7 million for the nine months ended September 30,
2014, due primarily to an increase in pension costs, as well as an
increase in sales volumes. These increases were partly offset by a
decrease in energy costs as a result of lower natural gas
prices.
CAPEX AND ORE TO ASH RATIO
The following table below summarizes our capital expenditures,
on an accrual basis, and ore to ash ratio:
($ in millions)
Three Months Ended September
30,
Nine Months Ended September
30,
2015 2014 2015
2014 Capital Expenditures Maintenance $ 4.4 $ 2.0 $
13.8 $ 4.5 Expansion 6.2 7.2 12.5 11.6 Total $
10.6 $ 9.2 $ 26.3 $ 16.1
Operating
and Other Data: Ore to ash ratio (1) 1.51: 1.0 1.49: 1.0 1.51:
1.0 1.52: 1.0 (1) Ore to ash ratio expresses the number of
short tons of trona ore needed to produce one short ton of soda ash
and includes our deca rehydration recovery process.
The increase in capital expenditures during three and nine
months ended September 30, 2015 compared the three and nine
months ended September 30, 2014 is due the scope and timing of
projects.
CASH FLOWS AND QUARTERLY CASH DISTRIBUTION
Cash Flows
Cash provided by operating activities was $102.9 million during
the nine months ended September 30, 2015 compared to $86.7
million of cash generated during nine months ended
September 30, 2014, primarily driven by an increase of 21.2%
in net income, and $6.3 million of cash flows provided from working
capital during the nine months ended September 30, 2015
compared to $4.3 million of cash flows generated by working capital
during the prior-year third quarter.
Cash provided by operating activities during the nine months
ended September 30, 2015 were partially offset by cash used in
investing activities due to the timing of capital expenditures and
cash used in financing activities, during the year of $92.1 million
as a result of distributions paid and repayment of long-term
debt.
Quarterly Distribution
On October 16, 2015, the Partnership declared its third
quarter 2015 quarterly distribution of $0.5510 per unit. This
represents an increase of 1.2% and 5.0% over the distributions
declared during the second quarter of 2015 and third quarter of
2014, respectively. The quarterly cash distribution is payable on
November 13, 2015 to unitholders of record on October 30,
2015.
RELATED COMMUNICATIONS
Ciner Resources LP will host a conference call today at 2:00
p.m. ET. Participants can listen in by dialing 1-866-550-6980
(Domestic) or 1-804-977-2644 (International) and referencing
confirmation 55763783. Please log in or dial in at least 10 minutes
prior to the start time to ensure a connection. A telephonic replay
of the call will be available approximately two hours after the
call's completion by calling 1-855-859-2056, 404-537-3406, or
1-800-585-8367 and referencing confirmation 55763783, and will
remain available for the following seven days. This conference call
will be webcast live and archived for replay on Ciner Resources'
website at www.ociresources.com.
ABOUT CINER RESOURCES LP
Ciner Resources LP, a master limited partnership, operates the
trona ore mining and soda ash production business of Ciner Wyoming
LLC, ("Ciner Wyoming"), one of the largest and lowest cost
producers of natural soda ash in the world, serving a global market
from its facility in the Green River Basin of Wyoming. The facility
has been in operation for more than 50 years.
NATURE OF OPERATIONS
Ciner Resources LP owns a controlling interest comprised of a
51% membership interest in Ciner Wyoming LLC ("Ciner Wyoming").
Natural Resource Partners L.P. ("NRP") owns a non-controlling
interest consisting of a 49% membership interest in Ciner
Wyoming.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements.
Statements other than statements of historical facts included in
this press release that address activities, events or developments
that the Partnership expects, believes or anticipates will or may
occur in the future are forward-looking statements. These
statements contain words such as “possible,” “believe,” “should,”
“could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,”
“anticipate,” “will,” “if,” “expect” or similar expressions. Such
statements are based only on the Partnership’s current beliefs,
expectations and assumptions regarding the future of the
Partnership’s business, projections, anticipated events and trends,
the economy and other future conditions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of the
Partnership’s control. The Partnership’s actual results and
financial condition may differ materially from those implied or
expressed by these forward-looking statements. Consequently, you
are cautioned not to place undue reliance on any forward-looking
statement because no forward-looking statement can be guaranteed.
Factors that could cause the Partnership’s actual results to differ
materially from the results contemplated by such forward-looking
statements include: changes in general economic conditions, the
Partnership's ability to meet its expected quarterly distributions,
changes in the Partnership’s relationships with its customers,
including American Natural Soda Ash Corporation ("ANSAC"), the
demand for soda ash and the opportunities for the Partnership to
increase its volume sold, the development of glass and glass making
product alternatives, changes in soda ash prices, operating
hazards, unplanned maintenance outages at the Partnership’s
production facilities, construction costs or capital expenditures
exceeding estimated or budgeted costs or expenditures, the effects
of government regulation, tax position, and other risks incidental
to the mining, processing, and shipment of trona ore and soda ash,
as well as the other factors discussed in the Partnership’s Annual
Report on Form 10-K for the year ended December 31, 2014, and
subsequent reports filed with the Securities and Exchange
Commission. All forward-looking statements included in this press
release are expressly qualified in their entirety by such
cautionary statements. Unless required by law, the Partnership
undertakes no duty and does not intend to update the
forward-looking statements made herein to reflect new information
or events or circumstances occurring after this press release. All
forward-looking statements speak only as of the date made.
Supplemental Information
CINER RESOURCES LP CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
(In millions, except per unit data) 2015
2014 2015 2014
Net sales $ 117.3 $ 109.8 $ 360.0 $
339.0
Operating costs and expenses: Cost of products
sold 79.2 76.3 247.2 240.2 Depreciation, depletion and amortization
expense 5.7 5.3 17.1 16.5 Selling, general and administrative
expenses 4.5 5.0 14.1 14.3 Loss on disposal of assets, net —
1.0 — 1.0 Total operating costs and expenses
89.4 87.6 278.4 272.0
Operating
income 27.9 22.2 81.6 67.0
Other income/(expenses):
Interest expense, net (1.0 ) (1.4 ) (3.1 ) (3.9 ) Other, net —
0.8 (0.6 ) 1.2 Total other income/(expense),
net (1.0 ) (0.6 ) (3.7 ) (2.7 )
Net income $ 26.9 $
21.6 $ 77.9 $ 64.3 Net income attributable to
non-controlling interest 13.8 11.2 40.3 33.3
Net income attributable to Ciner Resources LP $ 13.1
$ 10.4 $ 37.6 $ 31.0 Other
comprehensive income/(loss): Income/(loss) on derivative financial
instruments (2.3 ) 0.7 (3.9 ) 0.1 Comprehensive
income 24.6 22.3 74.0 64.4 Comprehensive income attributable to
non-controlling interest 12.7 11.5 38.4 33.3
Comprehensive income attributable to Ciner Resources
LP $ 11.9 $ 10.8 $ 35.6 $ 31.1
Net income per limited partner unit: Common - Public and
Ciner Holdings (basic and diluted) $ 0.65 $ 0.52 $ 1.88 $ 1.55
Subordinated - Ciner Holdings (basic and diluted) $ 0.65 $ 0.52 $
1.88 $ 1.55 Limited partner units outstanding: Weighted
average common units outstanding (basic and diluted) 9.8 9.8 9.8
9.8 Weighted average subordinated units outstanding (basic and
diluted) 9.8 9.8 9.8 9.8
CINER RESOURCES LP
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
As of (In millions)
September 30, 2015
December 31, 2014
ASSETS Current assets: Cash and cash
equivalents $ 13.7 $ 31.0 Accounts receivable, net 30.8 35.5
Accounts receivable - ANSAC 67.4 70.4 Due from affiliates, net 10.1
19.6 Inventory 29.7 22.5 Other current assets 1.5 1.8
Total current assets 153.2 180.8 Property, plant and equipment, net
254.0 245.0 Other non-current assets 21.8 21.6 Total
assets $ 429.0 $ 447.4
LIABILITIES AND EQUITY
Current liabilities: Accounts payable $ 12.3 $ 13.1 Due to
affiliates 4.2 7.1 Accrued expenses 28.7 29.5 Total
current liabilities 45.2 49.7 Long-term debt 121.0 145.0 Other
non-current liabilities 6.7 4.2 Total liabilities
172.9 198.9 Commitments and Contingencies (See Note
9)
Equity: Common unitholders - Public and Ciner Holdings
(9.8 units issued and outstanding at September 30, 2015 and
December 31, 2014, respectively) 109.2 106.3 Subordinated
unitholders - Ciner Holdings (9.8 units issued and outstanding at
September 30, 2015 and December 31, 2014, respectively) 40.6 37.9
General partner unitholders - Ciner Resource Partners LLC (0.4
units issued and outstanding at September 30, 2015 and December 31,
2014, respectively) 3.9 3.8 Accumulated other comprehensive loss
(2.4 ) (0.4 ) Partners' capital attributable to Ciner Resources LP
151.3 147.6 Non-controlling interest 104.8 100.9
Total equity 256.1 248.5 Total liabilities and
partners' equity $ 429.0 $ 447.4
CINER RESOURCES LP CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (Unaudited)
Nine Months Ended September
30,
(In millions) 2015 2014
Cash flows from operating activities: Net income $ 77.9 $
64.3 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation, depletion and amortization
expense 17.4 16.8 Loss on disposal of assets, net — 1.0
Equity-based compensation expense 0.5 0.3 Other non-cash items 0.8
— Changes in operating assets and liabilities: (Increase)/decrease
in: Accounts receivable, net 4.7 1.4 Accounts receivable - ANSAC
3.0 7.2 Due from affiliates, net 9.5 2.3 Inventory (7.4 ) (4.8 )
Other current and other non-current assets (0.3 ) (0.6 )
Increase/(decrease) in: Accounts payable 1.6 (3.6 ) Due to
affiliates (1.6 ) 2.8 Accrued expenses and other liabilities (3.2 )
(0.4 ) Net cash provided by operating activities 102.9 86.7
Cash flows from investing activities: Capital
expenditures (28.1 ) (13.9 ) Net cash used in investing activities
(28.1 ) (13.9 )
Cash flows from financing activities: Due to
affiliates (1.3 ) — Borrowings on revolving credit facility 4.0 —
Repayments on revolving credit facility (28.0 ) — Distributions to
common unitholders (15.8 ) (15.4 ) Distributions to general partner
(0.7 ) (0.6 ) Distributions to subordinated unitholders (15.7 )
(15.3 ) Distributions to non-controlling interest (34.6 ) (32.2 )
Net cash used in financing activities (92.1 ) (63.5 ) Net
increase/(decrease) in cash and cash equivalents (17.3 ) 9.3 Cash
and cash equivalents at beginning of period 31.0 46.9
Cash and cash equivalents at end of period $ 13.7 $ 56.2
Non-GAAP Financial Measures
We report our financial results in accordance with generally
accepted accounting principles in the United States ("GAAP"). We
also present the non-GAAP financial measures of:
- Adjusted EBITDA;
- Distributable cash flow; and
- Distribution coverage ratio.
We define Adjusted EBITDA as net income (loss) plus net interest
expense, income tax, depreciation, depletion and amortization and
certain other expenses that are non-cash charges or that we
consider not to be indicative of ongoing operations. Distributable
cash flow is defined as Adjusted EBITDA less net cash paid for
interest, maintenance capital expenditures and income taxes.
Distributable cash flow will not reflect changes in working capital
balances. We define distribution coverage ratio as the ratio of
distributable cash flow per outstanding unit (as of the end of the
period) to cash distributions payable per outstanding unit with
respect to such period.
Adjusted EBITDA, distributable cash flow and distribution
coverage ratio are non-GAAP supplemental financial measures that
management and external users of our consolidated financial
statements, such as industry analysts, investors, lenders and
rating agencies, may use to assess:
- our operating performance as compared
to other publicly traded partnerships in our industry, without
regard to historical cost basis or, in the case of Adjusted EBITDA,
financing methods;
- the ability of our assets to generate
sufficient cash flow to make distributions to our unitholders;
- our ability to incur and service debt
and fund capital expenditures; and
- the viability of capital expenditure
projects and the returns on investment of various investment
opportunities.
We believe that the presentation of Adjusted EBITDA,
distributable cash flow and distribution coverage ratio provide
useful information to investors in assessing our financial
condition and results of operations. The GAAP measures most
directly comparable to Adjusted EBITDA and distributable cash flow
are net income and net cash provided by operating activities. Our
non-GAAP financial measures of Adjusted EBITDA, distributable cash
flow and distribution coverage ratio should not be considered as an
alternatives to GAAP net income, operating income, net cash
provided by operating activities, or any other measure of financial
performance or liquidity presented in accordance with GAAP.
Adjusted EBITDA and distributable cash flow have important
limitations as analytical tools because they exclude some, but not
all items that affect net income and net cash provided by operating
activities. Investors should not consider Adjusted EBITDA,
distributable cash flow and distribution coverage ratio in
isolation or as a substitute for analysis of our results as
reported under GAAP. Because Adjusted EBITDA, distributable cash
flow and distribution coverage ratio may be defined differently by
other companies, including those in our industry, our definition of
Adjusted EBITDA, distributable cash flow and distribution coverage
ratio may not be comparable to similarly titled measures of other
companies, thereby diminishing its utility.
The table below presents a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA and distributable cash flow
to the GAAP financial measures of net income and net cash provided
by operating activities:
Three Months Ended September
30,
Nine Months Ended September
30,
2015 2014 2015
2014 ($ in millions, except per unit data)
Reconciliation of Adjusted EBITDA to net income: Net
income $ 26.9 $ 21.6 $ 77.9 $ 64.3
Add backs:
Depreciation, depletion and amortization expense 5.7 5.3 17.1 16.5
Interest expense, net 1.0 1.4 3.1 3.9 Loss on disposal of assets,
net — 1.0 — 1.0
Adjusted EBITDA
$ 33.6 $ 29.3 $ 98.1 $ 85.7 Less: Adjusted EBITDA attributable to
non-controlling interest 16.9 14.8 49.7 43.3
Adjusted EBITDA attributable to Ciner Resources LP $
16.7 $ 14.5 $ 48.4 $ 42.4
Reconciliation of distributable cash flow to Adjusted EBITDA
attributable to Ciner Resources LP: Adjusted EBITDA
attributable to Ciner Resources LP $ 16.7 $ 14.5 $ 48.4 $ 42.4
Less: Cash interest expense, net attributable to Ciner Resources LP
0.5 0.6 1.6 1.9 Maintenance capital expenditures attributable to
Ciner Resources LP(1) 2.8 0.6 7.7 1.7
Distributable cash flow attributable to Ciner Resources LP $
13.4 $ 13.3 $ 39.1 $ 38.8 Cash
distribution declared per unit $ 0.551 $ 0.525 $ 1.634 $ 1.525
Total distributions to unitholders and general partner $
11.0 $ 10.5 $ 32.7 $ 30.5 Distribution coverage ratio 1.22
1.27 1.20 1.27
Reconciliation of Adjusted EBITDA to net
cash from operating activities: Net cash provided by operating
activities $ 41.4 $ 37.5 $ 102.9 $ 86.7 Add/(less): Amortization of
long-term loan financing (0.1 ) (0.1 ) (0.3 ) (0.3 ) Equity-based
compensation expense (0.1 ) (0.2 ) (0.5 ) (0.3 ) Net change in
working capital (8.5 ) (9.3 ) (6.3 ) (4.3 ) Interest expense, net
1.0 1.4 3.1 3.9 Other non-cash items (0.1 ) — (0.8 ) —
Adjusted EBITDA $ 33.6 $ 29.3 $ 98.1 $ 85.7 Less:
Adjusted EBITDA attributable to non-controlling interest 16.9
14.8 49.7 43.3
Adjusted EBITDA
attributable to Ciner Resources LP $ 16.7 $ 14.5 $ 48.4 $ 42.4
Less: Cash interest expense, net attributable to Ciner Resources LP
0.5 0.6 1.6 1.9 Maintenance capital expenditures attributable to
Ciner Resources LP(1) 2.8 0.6 7.7 1.7
Distributable cash flow attributable to Ciner Resources LP $
13.4 $ 13.3 $ 39.1 $ 38.8
(1) The Partnership may fund
expansion-related capital expenditures with borrowings under
existing credit facilities such that expansion-related capital
expenditures will have no impact on cash on hand or the calculation
of cash available for distribution. In certain instances, the
timing of the Partnership’s borrowings and/or its cash management
practices will result in a mismatch between the period of the
borrowing and the period of the capital expenditure. In those
instances, the Partnership adjusts designated reserves (as provided
in the partnership agreement) to take account of the timing
difference. Accordingly, expansion-related capital expenditures
have been excluded from the presentation of cash available for
distribution.
The following table presents a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA to GAAP financial measure of
net income for the periods presented:
CumulativeFourQuartersended
Q3-2015
Q3-2015 Q2-2015 Q1-2015 Q4-2014
Q3-2014 ($ in millions, except per unit data)
Reconciliation of Adjusted EBITDA to net income: Net
income $ 105.5 $ 26.9 $ 24.5 $ 26.5 $ 27.6 $ 21.6
Add
backs: Depreciation, depletion and amortization expense 23.0
5.7 5.8 5.6 5.9 5.3 Interest expense, net 4.3 1.0 1.1 0.9 1.3 1.4
Loss on disposal of assets, net — — — —
— 1.0
Adjusted EBITDA $ 132.8 $ 33.6 $ 31.4 $ 33.0 $
34.8 $ 29.3 Less: Adjusted EBITDA attributable to non-controlling
interest 67.1 16.9 16.0 16.7 17.5
14.8
Adjusted EBITDA attributable to Ciner Resources
LP $ 65.7 $ 16.7 $ 15.4 $ 16.3 $
17.3 $ 14.5 Adjusted EBITDA attributable to Ciner
Resources LP $ 65.7 $ 16.7 $ 15.4 $ 16.3 $ 17.3 $ 14.5 Less: Cash
interest expense, net attributable to Ciner Resources LP $ 1.9 $
0.5 $ 0.6 $ 0.5 $ 0.3 $ 0.6 Maintenance capital expenditures
attributable to Ciner Resources LP(1) $ 10.4 $ 2.8 $
2.7 $ 2.2 $ 2.7 $ 0.6
Distributable cash
flow attributable to Ciner Resources LP $ 53.4 $ 13.4
$ 12.1 $ 13.6 $ 14.3 $ 13.3 Cash
distribution declared per unit $ 2.166 $ 0.551 $ 0.545 $ 0.538 $
0.532 $ 0.525 Total distributions to unitholders and general
partner $ 43.2 $ 11.0 $ 10.9 $ 10.7 $ 10.6 $ 10.5
Distribution coverage ratio 1.24 1.22 1.11 1.27 1.35 1.27
(1) The Partnership may fund expansion-related capital
expenditures with borrowings under existing credit facilities such
that expansion-related capital expenditures will have no impact on
cash on hand or the calculation of cash available for distribution.
In certain instances, the timing of the Partnership’s borrowings
and/or its cash management practices will result in a mismatch
between the period of the borrowing and the period of the capital
expenditure. In those instances, the Partnership adjusts designated
reserves (as provided in the partnership agreement) to take account
of the timing difference. Accordingly, expansion-related capital
expenditures have been excluded from the presentation of cash
available for distribution.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151105005595/en/
Ciner Resources LPInvestor Relations:Scott Humphrey,
770-375-2387Director of Finance and
TreasurerSHumphrey@ocienterprises.com
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