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Ciner Resources LP Announces Third Quarter 2017 Financial Results
ATLANTA–(BUSINESS WIRE)–Ciner Resources LP (NYSE: CINR) today reported its financial and
operating results for the third quarter ended September 30, 2017.
Third Quarter 2017 Financial Highlights:
-
Net sales of $122.5 million increased 1.2% over the prior-year third
quarter; year-to-date net sales of $368.8 million increased 4.7% over
the prior-year. -
Net income of $19.3 million decreased 16.5% over the prior-year third
quarter; year-to-date net income of $59.2 million decreased 10.2% over
the prior-year. -
Adjusted EBITDA of $29.2 million decreased 4.9% over the prior-year
third quarter; year-to-date adjusted EBITDA of $85.3 million decreased
3.4% over the prior-year. -
Earnings per unit of $0.460 for the quarter decreased 17.9% over the
prior-year third quarter of $0.560; year-to- date of $1.410 decreased
10.8% over the prior-year. -
Quarterly distribution declared per unit of $0.567 remained flat
compared to the prior-year second quarter as well as second quarter of
2017. -
Net cash provided by operating activities of $19.5 million decreased
48.4% over prior-year third quarter; year- to-date net cash provided
by operating activities of $45.2 million decreased by 56.5% over the
prior-year. -
Distributable cash flow of $13.1 million was down 3.0% compared to the
prior-year third quarter; year-to-date distributable cash flow of
$37.5 million decreased by 4.8% over the prior year. The distribution
coverage ratio was 1.15 and 1.18 for the three months ended September
30, 2017 and 2016, respectively, and 1.10 and 1.15 for the nine months
ended September 30, 2017 and 2016, respectively.
Kirk Milling, CEO, commented: “Our 3rd quarter production performance
illustrated that we are beginning to make progress with our efforts to
improve both the utilization and reliability at our Wyoming facility.
While our production and sales volumes remained below 2016 levels, our
sequential production was up 5.6% and we believe we will see another
modest increase in the 4th quarter. On the pricing front, we have raised
our outlook for both international and domestic pricing as the soda ash
market remains tight with pricing in Asia particularly strong.”
“While we have begun to see some of the initial benefits of our various
production enabling projects, we expect most of the impact from these
efforts to be realized in 2018. We are optimistic these improvements
will have a positive impact on production stability and therefore our
distributable cash flow.”
2017 Outlook:
Our 2017 full year outlook provided below has changed from our previous
provided guidance as follows:
- We expect our soda ash volume sold to remain flat to 2016.
-
We expect international prices to be up 6% to 8% compared to our
previous range of 3% to 5%. -
We expect domestic pricing to be flat to up 2%, compared to our
previous range of flat to down 3%. -
Maintenance of business capital expenditures are planned to be in the
range of $10 to $12 million. -
Expansion capital expenditures are planned to be in the range of $17
to $20 million.
|
Three Months Ended |
Nine Months Ended |
|||||||||||
| Financial Highlights | September 30, | September 30, | ||||||||||
|
(Dollars in millions, except per unit |
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||
| Soda ash volume produced (millions of short tons) | 0.680 | 0.690 | (1.4 | )% | 1.975 | 2.021 | (2.3 | )% | ||||
| Soda ash volume sold (millions of short tons) | 0.677 | 0.697 | (2.9 | )% | 1.999 | 2.033 | (1.7 | )% | ||||
| Net sales | $ | 122.5 | $ | 121.0 | 1.2 | % | $ | 368.8 | $ | 352.1 | 4.7 | % |
| Net income | $ | 19.3 | $ | 23.1 | (16.5 | )% | $ | 59.2 | $ | 65.9 | (10.2 | )% |
| Net income attributable to Ciner Resources LP | $ | 9.2 | $ | 11.1 | (17.1 | )% | $ | 28.3 | $ | 31.6 | (10.4 | )% |
| Basic and Diluted Earnings per Limited Partner Unit | $ | 0.46 | $ | 0.56 | (17.9 | )% | $ | 1.41 | $ | 1.58 | (10.8 | )% |
| Adjusted EBITDA (1) | $ | 29.2 | $ | 30.7 | (4.9 | )% | $ | 85.3 | $ | 88.3 | (3.4 | )% |
| Adjusted EBITDA attributable to Ciner Resources LP(1) | $ | 14.5 | $ | 15.1 | (4.0 | )% | $ | 42.3 | $ | 43.5 | (2.8 | )% |
| Net cash provided by operating activities | $ | 19.5 | $ | 37.8 | (48.4 | )% | $ | 45.2 | $ | 103.9 | (56.5 | )% |
| Distributable cash flow attributable to Ciner Resources LP(1) | $ | 13.1 | $ | 13.5 | (3.0 | )% | $ | 37.5 | $ | 39.4 | (4.8 | )% |
| Distribution coverage ratio (1) | 1.15 | 1.18 | (2.5 | )% | 1.10 | 1.15 | (4.3 | )% | ||||
| (1)See non-GAAP reconciliations | ||||||||||||
Three Months Ended September 30, 2017 compared to Three Months
Ended September 30, 2016
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 |
Percent |
|||||
|
Net sales (Dollars in millions): |
2017 | 2016 | (Decrease) | |||
| Domestic | $ | 47.9 | $ | 48.4 | (1.0 | )% |
| International | $ | 74.6 | $ | 72.6 | 2.8 | % |
| Total net sales | $ | 122.5 | $ | 121.0 | 1.2 | % |
| Sales volumes (thousands of short tons): | ||||||
| Domestic | 217.6 | 222.7 | (2.3 | )% | ||
| International | 459.0 | 473.9 | (3.1 | )% | ||
| Total soda ash volume sold | 676.6 | 696.6 | (2.9 | )% | ||
| Average sales price (per short ton): | ||||||
| Domestic | $ | 220.13 | $ | 217.12 | 1.4 | % |
| International | $ | 162.53 | $ | 153.29 | 6.0 | % |
| Average | $ | 181.05 | $ | 173.70 | 4.2 | % |
| Percent of net sales: | ||||||
| Domestic sales | 39.1 | % | 40.0 | % | (2.3 | )% |
| International sales | 60.9 | % | 60.0 | % | 1.5 | % |
| Total percent of net sales | 100.0 | % | 100.0 | % |
Consolidated Results
Net sales. Net sales increased by 1.2% to $122.5 million for the
three months ended September 30, 2017 from $121.0 million for the three
months ended September 30, 2016, driven by an increase in total average
sales price of 4.2%, partially offset by a decrease in soda ash volumes
sold of 2.9%. The increased international average sales price reflects
the increase in freight costs driven by higher non-ANSAC export sales
volume, primarily CIDT. The decrease in sales volumes are primarily due
to lower production output compared to the prior period.
Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense, increased by 4.7% to
$95.0 million for the three months ended September 30, 2017 from $90.7
million for the three months ended September 30, 2016, primarily due to
an increase in freight costs of 19.0% to $35.1 million for three months
ended September 30, 2017, compared to $29.5 million for the three months
ended September 30, 2016. The increase in freight costs was driven by
higher non-ANSAC export sales volumes, primarily CIDT. The higher
incremental freight costs on non-ANSAC export sales is also reflected in
the higher average international sales price. In the three months ended
September 30, 2016, international sales primarily consisted of
transactions to ANSAC. During the three months ended September 30, 2017
we also had higher maintenance expense that was partially offset by
lower employee benefit costs, primarily resulting from changes to
postretirement benefits.
Selling, general and administrative expenses. Our selling,
general and administrative expenses decreased 9.5% to $5.7 million for
the three months ended September 30, 2017, compared to $6.3 million for
the three months ended September 30, 2016. The reduction was primarily
driven by a higher proportion of employee time spent on Ciner Corp
related activities in 2017, partially offset by higher professional
services fees. In addition, we experienced lower selling and
administrative fees relating to our affiliate, ANSAC.
Asset impairment charges. During the three months ended September
30, 2017, we incurred a $1.6 million asset impairment charge relating to
certain assets, which became obsolete as a result of energy sourcing
initiatives at our Wyoming facility.
Nine Months Ended September 30, 2017 compared to Nine Months Ended
September 30, 2016
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 |
Percent |
|||||
|
Net sales (Dollars in millions): |
2017 | 2016 | (Decrease) | |||
| Domestic | $ | 145.1 | $ | 144.3 | 0.6 | % |
| International | 223.7 | 207.8 | 7.7 | % | ||
| Total net sales | $ | 368.8 | $ | 352.1 | 4.7 | % |
| Sales volumes (thousands of short tons): | ||||||
| Domestic | 659.8 | 665.4 | (0.8 | )% | ||
| International | 1,338.9 | 1,367.9 | (2.1 | )% | ||
| Total soda ash volume sold | 1,998.7 | 2,033.3 | (1.7 | )% | ||
| Average sales price (per short ton): | ||||||
| Domestic | $ | 219.92 | $ | 216.82 | 1.4 | % |
| International | $ | 167.08 | $ | 151.91 | 10.0 | % |
| Average | $ | 184.52 | $ | 173.16 | 6.6 | % |
| Percent of net sales: | ||||||
| Domestic sales | 39.3 | % | 41.0 | % | (4.1 | )% |
|
International sales |
60.7 |
% |
59.0 |
% |
2.9 |
% |
|
Total percent of net sales |
100.0 |
% |
100.0 |
% |
||
Consolidated Results
Net sales. Net sales increased by 4.7% to $368.8 million for the
nine months ended September 30, 2017 from $352.1 million for the nine
months ended September 30, 2016, driven by increase in total average
sales price of 6.6%, partially offset by a decrease in soda ash volumes
sold of 1.7%. The increased international average sales price reflects
the increase in freight costs driven by higher non-ANSAC export sales
volume, primarily CIDT. The decrease in sales volumes are primarily due
to lower production output compared to the prior period.
Cost of products sold. Cost of products sold, including
depreciation, depletion and amortization expense, increased by 8.8% to
$288.6 million for the nine months ended September 30, 2017 from $265.3
million for the nine months ended September 30, 2016, primarily due to
an increase in freight costs of 27.9% to $111.0 million for the nine
months ended September 30, 2017, compared to $86.8 million for the nine
months ended September 30, 2016. The increase in freight costs was
driven by higher non-ANSAC export sales volumes, primarily CIDT. The
higher incremental freight costs on non-ANSAC export sales is also
reflected in the higher average international sales price. In the nine
months ended September 30, 2016, international sales primarily consisted
of transactions to ANSAC. During the nine months ended September 30,
2017, we also had higher maintenance expense that was partially offset
by lower employee benefit costs, primarily resulting from changes to
postretirement benefits.
Selling, general and administrative expenses. Our selling,
general and administrative expenses decreased 8.3% to $16.6 million for
the nine months ended September 30, 2017, compared to $18.1 million for
the nine months ended September 30, 2016. The decrease was primarily
driven by lower selling and administrative fees relating to our
affiliate, ANSAC, and a higher proportion of employee time spent on
Ciner Corp related activities in 2017.
Asset impairment charges. During the nine months ended September
30, 2017, we incurred a $1.6 million asset impairment charge relating to
certain assets, which became obsolete as a result of energy sourcing
initiatives at our Wyoming facility.
CAPEX AND ORE TO ASH RATIO
The following table below summarizes our capital expenditures, on an
accrual basis, and ore to ash ratio:
|
Three Months Ended |
Nine Months Ended |
|||||||
| (Dollars in millions) |
2017 |
2016 |
2017 |
2016 |
||||
| Capital Expenditures | ||||||||
| Maintenance |
$ |
1.8 |
$ |
3.2 |
$ |
6.8 |
$ |
6.0 |
| Expansion |
1.2 |
3.1 |
7.7 |
10.7 |
||||
| Total |
$ |
3.0 |
$ |
6.3 |
$ |
14.5 |
$ |
16.7 |
|
Operating and Other Data: |
||||
| Ore to ash ratio(1) | 1.51: 1.0 | 1.48: 1.0 | 1.49: 1.0 | 1.48: 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. In general, a lower ore to ash ratio
results in lower costs and improved efficiency.
FINANCIAL POSITION AND LIQUIDITY
As of September 30, 2017, we had cash and cash equivalents of $13.8
million. In addition, we have approximately $88.9 million ($225.0
million, less $124.5 million outstanding and less standby letters of
credit of $11.6 million) of remaining capacity under our revolving
credit facilities. As of September 30, 2017, our leverage and interest
coverage ratios, as calculated per the Ciner Wyoming Credit Facility,
were 1.17 and 27.89, respectively.
CASH FLOWS AND QUARTERLY CASH DISTRIBUTION
Cash Flows
Cash provided by operating activities decreased to $45.2 million during
the nine months ended September 30, 2017 compared to $103.9 million of
cash provided during nine months ended September 30, 2016, primarily
driven by $37.3 million of working capital used in operating activities
during the nine months ended September 30, 2017, compared to $17.5
million of working capital provided by operating activities during the
nine months ended September 30, 2016. The $54.8 million increase in
working capital used in operating activities was primarily due to the
$40.9 million increase in due-from affiliates.
Cash provided by operating activities during the nine months ended
September 30, 2017 were offset by cash used in investing activities of
$16.9 million for capital expenditures and cash used in financing
activities during the nine month period of $34.2 million. The cash used
in financing activities during the nine months ended September 30, 2017
was due to distributions paid of $70.9 million, partially offset by net
borrowings and debt issuance costs on the Ciner Wyoming revolving credit
facility of $36.7 million.
Quarterly Distribution
On October 26, 2017, the Partnership declared its third quarter 2017
quarterly distribution of $0.567 per unit. This is consistent with the
distribution declared during the third quarter of 2016. The quarterly
cash distribution is payable on November 20, 2017 to unitholders of
record on November 6, 2017.
RELATED COMMUNICATIONS
Ciner Resources LP will host a conference call tomorrow, November 7,
2017 at 8:30 a.m. ET. Participants can listen in by dialing
1-866-550-6980 (Domestic) or 1-804-977-2644 (International) and
referencing confirmation 5399369. 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 1-800-585-8367 or 404-537-3406 and
referencing confirmation 5399369, 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.ciner.us.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. 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”) and
Ciner Ic ve Dis Ticaret Anonim Sirket (“CIDT”), 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, 2016, 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 |
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|
CINER RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND (Unaudited) |
||||||||
|
Three Months Ended |
Nine Months Ended |
|||||||
|
(In millions, except per unit data) |
2017 |
2016 |
2017 |
2016 |
||||
|
Net sales: |
||||||||
|
Sales—affiliates |
74.6 |
72.6 |
$ |
223.7 |
$ |
207.8 |
||
|
Sales—others |
47.9 |
48.4 |
145.1 |
144.3 |
||||
|
Net sales |
$ |
122.5 |
$ |
121.0 |
$ |
368.8 |
$ |
352.1 |
| Operating costs and expenses: | ||||||||
| Cost of products sold | 88.0 | 84.1 | 268.4 | 246.0 | ||||
| Depreciation, depletion and amortization expense | 7.0 | 6.6 | 20.2 | 19.3 | ||||
| Selling, general and administrative expenses—affiliates | 4.3 | 5.0 | 12.4 | 14.2 | ||||
| Selling, general and administrative expenses—others | 1.4 | 1.3 | 4.2 | 3.9 | ||||
| Asset impairment charges | 1.6 | — | 1.6 | — | ||||
| Total operating costs and expenses | 102.3 | 97.0 | 306.8 | 283.4 | ||||
| Operating income | 20.2 | 24.0 | 62.0 | 68.7 | ||||
| Other income/(expenses): | ||||||||
| Interest expense, net | (0.9 | ) | (0.9 | ) | (2.6 | ) | (2.7 | ) |
| Other, net | — | — | (0.2 | ) | (0.1 | ) | ||
| Total other expense, net | (0.9 | ) | (0.9 | ) | (2.8 | ) | (2.8 | ) |
| Net income | $ | 19.3 | $ | 23.1 | $ | 59.2 | $ | 65.9 |
| Net income attributable to non-controlling interest | 10.1 | 12.0 | 30.9 | 34.3 | ||||
| Net income attributable to Ciner Resources LP | $ | 9.2 | $ | 11.1 | $ | 28.3 | $ | 31.6 |
| Other comprehensive loss: | ||||||||
| Loss on derivative financial instruments | (0.5 | ) | (1.3 | ) | (2.9 | ) | (0.9 | ) |
| Comprehensive income | 18.8 | 21.8 | 56.3 | 65.0 | ||||
| Comprehensive income attributable to non-controlling interest | 9.9 | 11.4 | 29.5 | 33.9 | ||||
| Comprehensive income attributable to Ciner Resources LP | $ | 8.9 | $ | 10.4 | $ | 26.8 | $ | 31.1 |
| Net income per limited partner unit: | ||||||||
| Common – Public and Ciner Holdings (basic and diluted) | $ | 0.46 | $ | 0.56 | $ | 1.41 | $ | 1.58 |
| Subordinated – Ciner Holdings (basic and diluted) | $ | — | $ | 0.55 | $ | — | $ | 1.58 |
| Net income per limited partner units (basic and diluted) | $ | 0.46 | $ | 0.555 | $ | 1.41 | $ | 1.58 |
|
Limited partner units outstanding: |
||||||||
| Weighted average common units outstanding (basic and diluted) | 19.6 | 9.8 | 19.6 | 9.8 | ||||
| Weighted average subordinated units outstanding (basic and diluted) | — | 9.8 | — | 9.8 | ||||
|
Weighted average limited partner units outstanding (basic and diluted) |
19.6 | 19.6 | 19.6 | 19.6 | ||||
| Cash distribution declared per unit | $ | 0.567 | $ | 0.567 | $ | 1.701 | $ | 1.698 |
|
CINER RESOURCES LP |
||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||
|
(Unaudited) |
||||
|
(In millions) |
As of |
|||
|
September 30, |
December 31, |
|||
|
2017 |
2016 |
|||
|
ASSETS |
||||
|
Current assets: |
||||
| Cash and cash equivalents | $ | 13.8 | $ | 19.7 |
| Accounts receivable—affiliates | 102.5 | 61.6 | ||
| Accounts receivable, net | 33.8 | 33.4 | ||
| Inventory | 19.8 | 19.0 | ||
| Other current assets | 1.5 | 2.3 | ||
| Total current assets | 171.4 | 136.0 | ||
| Property, plant and equipment, net | 248.8 | 256.1 | ||
| Other non-current assets | 20.1 | 21.0 | ||
| Total assets | $ | 440.3 | $ | 413.1 |
|
LIABILITIES AND EQUITY |
||||
|
Current liabilities: |
||||
| Current portion of long-term debt | $ | — | $ | 8.6 |
| Accounts payable | 17.4 | 15.0 | ||
| Due to affiliates | 4.6 | 4.2 | ||
| Accrued expenses | 27.3 | 27.7 | ||
| Total current liabilities | 49.3 | 55.5 | ||
| Long-term debt | 135.9 | 89.4 | ||
| Other non-current liabilities | 9.8 | 9.0 | ||
|
Total liabilities |
195.0 |
153.9 |
||
| Commitments and Contingencies | ||||
|
Equity: |
||||
|
Common unitholders – Public and Ciner Holdings (19.7 units issued |
146.0 | 151.0 | ||
|
General partner unitholders – Ciner Resource Partners LLC (0.4 |
3.7 | 3.9 | ||
| Accumulated other comprehensive loss | (3.1) | (1.6) | ||
| Partners’ capital attributable to Ciner Resources LP | ||||
| 146.6 | 153.3 | |||
| Non-controlling interest | 98.7 | 105.9 | ||
| Total equity | 245.3 | 259.2 | ||
| Total liabilities and partners’ equity | $ | 440.3 | $ | 413.1 |
|
CINER RESOURCES LP CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||
|
Nine Months Ended |
||||
|
(In millions) |
2017 |
2016 |
||
|
Cash flows from operating activities: |
||||
|
Net income |
$ | 59.2 |
$ |
65.9 |
|
Adjustments to reconcile net income to net cash provided by |
||||
|
Depreciation, depletion and amortization expense |
20.5 | 19.6 | ||
| Asset impairment charges | 1.6 | — | ||
| Equity-based compensation expense | 1.0 | 0.4 | ||
| Other non-cash items | 0.2 | 0.5 | ||
|
Changes in operating assets and liabilities: |
||||
| Accounts receivable—affiliates | (40.9 | ) | 7.9 | |
| Accounts receivable, net | (0.4 | ) | 1.8 | |
| Inventory | 0.8 | 1.6 | ||
| Other current and other non-current assets | 0.2 | 0.8 | ||
| Increase/(decrease) in: | ||||
| Accounts payable | 3.4 | 2.1 | ||
| Due to affiliates | 0.4 | (1.4 | ) | |
| Accrued expenses and other liabilities | (0.8 | ) | 4.7 | |
| Net cash provided by operating activities | 45.2 | 103.9 | ||
| Cash flows from investing activities: | ||||
|
Capital expenditures |
(16.9 | ) | (16.2 | ) |
| Net cash used in investing activities | (16.9 | ) | (16.2 | ) |
| Cash flows from financing activities: | ||||
| Borrowings on Ciner Wyoming credit facility | 70.5 | 7.0 | ||
| Repayments on Ciner Wyoming credit facility | (24.0 | ) | (17.5 | ) |
| Repayments on other long-term debt | (8.6 | ) | — | |
| Debt issuance costs | (1.2 | ) | — | |
| Distributions to common unitholders | (33.5 | ) | (16.6 | ) |
| Distributions to general partner | (0.7 | ) | (0.6 | ) |
| Distributions to subordinated unitholders | — | (16.5 | ) | |
| Distributions to non-controlling interest | (36.7 | ) | (34.3 | ) |
| Net cash used in financing activities | (34.2 | ) | (78.5 | ) |
| Net increase/(decrease) in cash and cash equivalents | (5.9 | ) | 9.2 | |
| Cash and cash equivalents at beginning of period | 19.7 | 20.4 | ||
| Cash and cash equivalents at end of period | $ | 13.8 | $ | 29.6 |
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,
equity-based compensation expense 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, each as attributable to Ciner Resources LP. Additionally, for the
period ended September 30, 2017, we amended our definition of
Distributable cash flow to include cash interest received as an offset
to cash paid for interest and have adjusted all prior periods
accordingly.
Contacts
Ciner Resources LP
Investor Relations:
Scott
Humphrey, 770-375-2387
Chief Financial Officer
[email protected]
