OCI Resources LP (NYSE: OCIR) today reported its financial and
operating results for the fourth quarter and year ended
December 31, 2014.
Fourth Quarter and Year Ended 2014 Financial
Highlights:
- Net sales of $126.0 million increased
7.1% over the prior-year fourth quarter; year-to-date net sales of
$465.0 million increased 5.2% over the prior year.
- Adjusted EBITDA of $34.8 million
increased 7.7% over the prior-year fourth quarter; year-to-date
Adjusted EBITDA of $120.5 million increased 15.4% over the prior
year.
- Earnings per unit was $0.68 in the
fourth quarter, an increase of 9.7% over the prior-year fourth
quarter of $0.62; $2.23 year-to-date.
- Quarterly distribution declared per
unit of $0.5315, increased 6.3% over the prior-year fourth
quarter.
- Distributable cash flow of $14.3
million increased 8.3% over the prior-year fourth quarter; $53.1
million year-to-date. The distribution coverage ratio was 1.35 for
the fourth quarter; 1.29 year-to-date.
2015 Outlook:
- We expect our volume sold to increase
2% to 4%.
- We expect our international realized
prices to rise 3% to 5%.
- Expansion capital expenditures are
planned to be $18 to $25 million as we continue to focus on
de-bottlenecking our operation to produce additional volume.
- Maintenance of business capital
expenditures are planned to be in the range of $14 to $17
million.
Three Months Ended Years
Ended Financial Highlights December 31,
December 31, ($ in millions, except per unit amounts)
2014 2013 %
Change 2014 2013
% Change Soda ash volume
sold (millions of short tons) 0.686 0.658 4.3 % 2.548 2.492 2.3 %
Net sales $ 126.0 $ 117.6 7.1 % $ 465.0 $ 442.1 5.2 % Net income $
27.6 $ 25.4 8.7 % $ 91.9 $ 70.6 30.2 %
Net income attributable
to OCIR (1) $ 13.5 $ 12.5 8.0 % $ 44.5 $ 26.3 69.2 % Basic and
Diluted Earnings per Unit (1) $ 0.68 $ 0.62 9.7 % $ 2.23 $ 0.65
243.1 % Adjusted EBITDA (2) $ 34.8 $ 32.3 7.7 % $ 120.5 $ 104.4
15.4 % Adjusted EBITDA attributable to OCIR(2) $ 17.3 $ 16.2 6.8 %
$ 59.7 $ 47.1 26.8 % Distributable cash flow attributable to
OCIR(2) $ 14.3 $ 13.2 8.3 % $ 53.1 $ 14.0 279.3 % (1) Net
income attributable to OCIR and earnings per unit, for year ended
December 31, 2013, is subsequent to initial public offering (2) See
non-GAAP reconciliations
Kirk Milling, CEO, commented “We are pleased in the way we
finished up our first full year as a public company as we ended the
year with the highest volume sold in the company's history. The
higher volume combined with improved global pricing led to a 15%
improvement in our Adjusted EBITDA."
"We remain very focused on executing our organic growth plans
and are targeting to increase our distributions in 2015 as a result
by approximately 3 to 6%. Our outlook is for sales and EBITDA
growth to be driven by additional volume produced from our
de-bottlenecking projects, continued improvement in global pricing
and lower energy prices. We may experience some cost headwind in
the form of strengthened dollar to euro rates, higher pension
expenses and slightly higher freight expenses."
FOURTH QUARTER AND YEAR ENDED 2014 FINANCIAL AND OPERATING
RESULTS
Three Months Ended December 31, 2014 compared to Three Months
Ended December 31, 2013
Net sales
A summary of net sales, sales volumes and average sales price,
and the percentage change between the periods, is as follows:
Three Months Ended December
31,
PercentIncrease/(Decrease)
($ in millions, except per ton data) 2014
2013 Net sales: Domestic
$ 45.0 $ 47.7 (5.7 )% International $ 81.0 $ 69.9
15.9 % Total net sales $ 126.0 $ 117.6 7.1 %
Sales
volumes: Domestic (thousands of short tons) 189.7 195.3 (2.9 )%
International (thousands of short tons) 495.9 462.3
7.3 % Total soda ash volume sold (thousands of short tons) 685.6
657.6 4.3 %
Average sales price (per short
ton): Domestic $ 237.23 $ 244.00 (2.8 )% International $ 163.38
$ 151.25 8.0 % Average $ 183.82 $ 178.80 2.8 %
Percent of net
sales: Domestic sales 35.7 % 40.6 % International sales 64.3 %
59.4 % Total percent of net sales 100.0 % 100.0 %
Our net sales increased by 7.1% to $126.0 million for the three
months ended December 31, 2014 compared to $117.6 million for
the three months ended December 31, 2013, driven by increases
in both international average sales price of 8.0% and volumes sold
of 7.3%, partly offset by decreases in both domestic volumes sold
and average sales price of 2.9% and 2.8%, respectively.
Operating costs and expenses
Our cost of products sold, including depreciation, depletion and
amortization expense, increased 4.1% to $91.0 million for the three
months ended December 31, 2014 from $87.4 million for the three
months ended December 31, 2013, due primarily to increases in both
natural gas prices and freight costs during the period.
Our selling, general and administrative expenses increased 71.4%
to $6.0 million for the three months ended December 31, 2014, from
$3.5 million for the three months ended December 31, 2013,
primarily due to higher shared services expenses and increased
compliance costs in the current quarter compared to prior-year
fourth quarter.
Year Ended December 31, 2014 compared to Year Ended December
31, 2013
Net sales
A summary of net sales, sales volumes and average sales price,
and the percentage change between the periods, is as follows:
Years Ended December 31,
PercentIncrease/(Decrease)
($ in millions, except per ton data) 2014
2013 Net sales: Domestic $ 194.8 $
195.1 (0.2 )% International $ 270.2 $ 247.0 9.4 %
Total net sales $ 465.0 $ 442.1 5.2 %
Sales
volumes: Domestic (thousands of short tons) 817.8 802.6 1.9 %
International (thousands of short tons) 1,730.5 1,689.6
2.4 % Total soda ash volume sold (thousands of short tons)
2,548.3 2,492.2 2.3 %
Average sales price (per
short ton): Domestic $ 238.20 $ 243.05 (2.0 )% International $
156.16 $ 146.23 6.8 % Average $ 182.49 $ 177.41 2.9 %
Percent of
net sales: Domestic sales 41.9 % 44.1 % International sales
58.1 % 55.9 % Total percent of net sales 100.0 % 100.0 %
Our net sales increased by 5.2% to $465.0 million for the year
ended December 31, 2014 from $442.1 million for the year ended
December 31, 2013, driven by increases in both international
average sales price of 6.8% and total volumes sold of 2.3%, partly
offset by a decrease in domestic average sales price of 2.0%.
Operating costs and expenses
Our cost of products sold, including deprecation and
amortization expense, decreased by 0.4% to $347.7 million for the
year ended December 31, 2014 from $349.0 million for the year
ended December 31, 2013, primarily driven by a decrease in
depreciation and amortization expense during the year 2014 compared
to 2013.
Our selling, general and administrative expenses increased 53.8%
to $20.3 million for the year ended December 31, 2014 from
$13.2 million for the year ended December 31, 2013, primarily
due to higher shared services expenses and increased compliance
costs in 2014 compared to 2013.
Our loss on disposal of assets of $1.0 million for the year
ended December 31, 2014, relates to the disposal of one asset
which was replaced, and the write-off of canceled or abandoned
capital projects.
Our total other non-operating expense increased to $4.1 million
for the year ended December 31, 2014, compared to $2.2 million
for the year ended December 31, 2013, primarily due to the
interest expense recorded during 2014 related to our July 2013 debt
restructuring and the resulting higher average principal balance of
our long-term debt during 2014 versus 2013.
The Partnership is a limited partnership and generally is not
subject to federal or certain state income taxes. The Predecessor
was subject to income tax and was included in the consolidated
income tax returns of OCI Enterprises Inc. Income taxes were
allocated to the Predecessor based on separate-company computations
of income or loss. The income tax expense for the period ended
December 31, 2013 are those of the Predecessor.
CAPEX AND ORE TO ASH RATIO
The following table summarizes our capital expenditures
(including accruals) and ore to ash ratio for the three months and
years ended December 31, 2014 and 2013 in the table below:
Three Months Ended ($ in
millions, except for ratio data) December 31,
Years Ended December 31, 2014
2013 2014 2013 Capital
Expenditures Maintenance $ 5.9 $ 4.8 $ 10.4 $ 14.3 Expansion
8.4 1.5 20.0 2.7 Total $ 14.3 $ 6.3
$ 30.4 $ 17.0
Operating and Other Data:
Ore to ash ratio (1) 1.53: 1.0 1.62: 1.0 1.52: 1.0 1.62: 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 2014 compared to
2013 is driven by the increased planned expansion projects to
improve our operating capacity levels.
CASH FLOWS AND QUARTERLY CASH DISTRIBUTION
Cash Flows
Cash provided by operating activities increased 5.8% to $106.1
million during the year ended December 31, 2014 from $100.3
million during the year ended December 31, 2013, primarily
driven by an increase of 30.2% in net income during 2014, partially
offset by cash flows used in working capital of $9.8 million during
the year ended December 31, 2014 compared to $5.5 million of
cash flows provided from working capital in the prior year.
Quarterly Distribution
On January 16, 2015, the Partnership declared its fourth
quarter 2014 quarterly distribution of $0.5315 per unit. This
represents an increase of 1.24% over the last quarterly
distribution and an increase of 6.3% over the distribution declared
in the fourth quarter of 2013. The quarterly cash distribution is
payable on February 13, 2015 to unitholders of record on
January 30, 2015.
RELATED COMMUNICATIONS
OCI Resources LP will host a conference call tomorrow,
February 11, 2015 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 54295991. 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
54295991, and will remain available for the following seven days.
This conference call will be webcast live and archived for replay
on OCI Resources' website at www.ociresources.com.
ABOUT OCI RESOURCES LP
OCI Resources LP, a master limited partnership, operates the
trona ore mining and soda ash production business of OCI Wyoming
LLC, ("OCI 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
OCI Resources LP owns a controlling interest comprised of a 51%
membership interest in OCI Wyoming. Natural Resource Partners LP
("NRP") owns a non-controlling interest consisting of a 49%
membership interest in OCI 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, 2013, 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. 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
OCI RESOURCES LP CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Three Months Ended Years Ended
December 31, December 31, ($ and units outstanding
in millions, except per unit data) 2014
2013 2014 2013 Net
sales $ 126.0 $ 117.6 $ 465.0 $ 442.1
Operating costs and expenses: Cost of products sold
85.1 81.6 325.3 325.1 Depreciation, depletion and amortization
expense 5.9 5.8 22.4 23.9 Selling, general and administrative
expenses 6.0 3.5 20.3 13.2 Loss on disposal of assets, net —
— 1.0 — Total operating costs and expenses
97.0 90.9 369.0 362.2
Operating
income 29.0 26.7 96.0 79.9
Other income/(expenses):
Interest expense (1.3 ) (1.1 ) (5.2 ) (2.9 ) Other, net (0.1 ) (0.2
) 1.1 0.7 Total other income/(expense), net (1.4 )
(1.3 ) (4.1 ) (2.2 ) Income before provision for income taxes 27.6
25.4 91.9 77.7 Provision for income taxes — — —
7.1
Net income $ 27.6 $ 25.4 $
91.9 $ 70.6 Net income attributable to
non-controlling interest 14.1 12.9 47.4 44.3
Net income attributable to OCI Resources LP $ 13.5
$ 12.5 $ 44.5 $ 26.3 Less: Predecessor
net income prior to initial public offering on September 18, 2013 —
— — 13.3
Net income attributable to
OCI Resources LP subsequent to initial public offering $ 13.5
$ 12.5 $ 44.5 $ 13.0 Other
comprehensive (loss)/income: Income (loss) on derivative financial
instruments (0.3 ) (0.2 ) (0.2 ) — Comprehensive income 27.3
25.2 91.7 70.6 Comprehensive income attributable to non-controlling
interest 13.9 12.8 47.3 44.3
Comprehensive income attributable to OCI Resources LP $ 13.4
$ 12.4 $ 44.4 $ 26.3 Less: Predecessor comprehensive income prior
to initial public offering on September 18, 2013 — —
— 13.1 Comprehensive income attributable to OCI
Resources LP subsequent to initial public offering $ 13.4 $
12.4 $ 44.4 $ 13.2
Net income per
limited partner unit subsequent to initial public offering:
Common - Public and OCI Holdings (basic and diluted) $ 0.68 $ 0.62
$ 2.23 $ 0.65 Subordinated - OCI Holdings (basic and diluted) $
0.68 $ 0.62 $ 2.23 $ 0.65
Weighted average 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
Cash distribution declared per unit $ 0.5315 $ 0.5000 $
2.0565 $ 0.5707
OCI RESOURCES LP CONDENSED CONSOLIDATED
BALANCE SHEETS (Unaudited) As of
December 31, December 31, ($ in
millions) 2014 2013 ASSETS
Current assets:
Cash and cash equivalents
$ 31.0 $ 46.9 Accounts receivable - net 35.5 34.4 Accounts
receivable - ANSAC 70.4 58.1 Due from affiliates - net 19.6 20.4
Inventory 43.2 41.7 Other current assets 1.8 1.2
Total current assets 201.5 202.7 Property, plant and equipment -
net 245.0 238.0 Other non-current assets 0.9 1.3
Total assets $ 447.4 $ 442.0
LIABILITIES AND
EQUITY Current liabilities: Accounts payable $ 13.1 $
13.2 Due to affiliates 7.1 2.3 Accrued expenses 29.5 26.4
Total current liabilities 49.7 41.9 Long-term debt 145.0
155.0 Reclamation reserve 4.2 3.8 Total liabilities
198.9 200.7
Equity: Common unitholders
- Public and OCI Holdings (9.8 million units issued and outstanding
at December 31, 2014 and 2013, respectively) 106.3 104.5
Subordinated unitholders - OCI Holdings (9.8 million units issued
and outstanding at December 31, 2014 and 2013, respectively) 37.9
36.6 General partner unitholders - OCI Resource Partners LLC (0.4
million units issued and outstanding at December 31, 2014 and 2013,
respectively) 3.8 3.8 Accumulated other comprehensive loss (0.4 )
(0.3 ) Partners' capital attributable to OCI Resources LP 147.6
144.6 Non-controlling interests 100.9 96.7 Total
equity 248.5 241.3 Total liabilities and partners'
equity $ 447.4 $ 442.0
OCI RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited) Years Ended December 31,
($ in millions) 2014 2013
Cash flows from operating activities: Net income $ 91.9 $
70.6 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation, depletion and amortization
expense 22.8 23.9 Loss on disposal of assets, net 1.0 —
Equity-based compensation expense 0.4 — Deferred income taxes — 0.3
Other non-cash items (0.2 ) — Changes in operating assets and
liabilities: (Increase)/decrease in: Accounts receivable - net (1.1
) 0.8 Accounts receivable - ANSAC (12.3 ) (4.2 ) Inventory (1.5 ) —
Other current and other non-current assets — (2.0 ) Due from
affiliates - net 0.8 5.5 Increase/(decrease) in: Accounts payable
(0.1 ) 0.1 Due to affiliates 4.8 5.6 Accrued expenses and other
liabilities (0.4 ) (0.3 ) Net cash provided by operating activities
106.1 100.3
Cash flows from investing
activities: Capital expenditures (27.2 ) (16.2 ) Net cash used
in investing activities (27.2 ) (16.2 )
Cash flows from
financing activities: Proceeds from issuance of common units,
net of offering costs — 83.3 Distribution of IPO proceeds to
Predecessor and its affiliate — (83.3 ) Proceeds from issuance of
revolving credit facility — 135.0 Repayments of long-term debt
(10.0 ) (32.0 ) Distributions to common unitholders (20.5 ) —
Distributions to subordinated unitholders (20.5 ) — Distributions
to general partner (0.8 ) — Distributions to Predecessor — (72.9 )
Distributions to non-controlling interest (43.0 ) (90.0 ) Net cash
used in financing activities (94.8 ) (59.9 ) Net
(decrease)/increase in cash and cash equivalents (15.9 ) 24.2 Cash
and cash equivalents at beginning of year 46.9 22.7
Cash and cash equivalents at end of year $ 31.0 $ 46.9
Non-GAAP Financial Measures
We report our financial results in accordance with generally
accepted accounting principles in the United States or 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,
unrealized derivative gains and losses 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 U.S. 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 U.S. 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 Years
Ended December 31, December 31, 2014
2013 2014 2013
($ in millions, except per unit data) Reconciliation of
Adjusted EBITDA to net income: Net income 27.6 25.4 91.9
70.6
Add backs: Depreciation, depletion and amortization
expense 5.9 5.8 22.4 23.9 Interest expense 1.3 1.1 5.2 2.8 Loss on
disposal of assets, net — — 1.0 — Taxes — — —
7.1
Adjusted EBITDA $ 34.8 $ 32.3 $ 120.5 $ 104.4
Less: Adjusted EBITDA attributable to
non-controlling interest
17.5 16.1 60.8 57.3
Adjusted EBITDA attributable to OCI
Resources LP
$ 17.3 $ 16.2 $ 59.7 $ 47.1 Less: Adjusted EBITDA attributable to
Predecessor through September 17, 2013 — — —
29.8
Adjusted EBITDA attributable to OCI Resources LP
$ 17.3 $ 16.2 $ 59.7 $ 17.3
Reconciliation of distributable cash flow to Adjusted EBITDA
attributable to OCI Resources LP: Adjusted EBITDA attributable
to OCI Resources LP $ 17.3 $ 16.2 $ 59.7 $ 17.3 Less: Cash interest
expense, net attributable to OCIR 0.3 0.5 2.2 0.6
Maintenance capital expenditures
attributable to OCIR (1)
2.7 2.5 4.4 2.7
Distributable cash
flow attributable to OCI Resources LP (2) $ 14.3 $ 13.2
$ 53.1 $ 14.0 Cash distribution declared per
unit $ 0.5315 $ 0.5000 $ 2.0565 $ 0.5707 Total units outstanding
19.976 19.950 19.965 19.950
Total
distributions to unitholders and general partner $ 10.6
$ 10.0 $ 41.1 $ 11.4 Distribution
coverage ratio 1.35 1.32 1.29 1.23
Reconciliation of
Adjusted EBITDA to net cash from operating activities: Net cash
provided by operating activities $ 19.4 $ 28.9 $ 106.1 $ 100.3
Add/(less): Amortization of long-term loan financing (0.1 ) — (0.4
) — Equity-based compensation expense (0.1 ) — (0.4 ) — Deferred
income taxes — — — (0.3 ) Net change in working capital 14.1 2.3
9.8 (5.5 ) Interest expense - net 1.3 1.1 5.2 2.8 Taxes — — — 7.1
Other $ 0.2 $ — $ 0.2 $ —
Adjusted
EBITDA $ 34.8 $ 32.3 $ 120.5 $ 104.4 Less: Adjusted EBITDA
attributable to non-controlling interest 17.5 16.1
60.8 57.3
Adjusted EBITDA attributable to OCI
Resources LP $ 17.3 $ 16.2 $ 59.7 $ 47.1 Less: Adjusted EBITDA
attributable to Predecessor through September 17, 2013 — —
— 29.8
Adjusted EBITDA attributable to OCI
Resources LP $ 17.3 $ 16.2 $ 59.7 $ 17.3 Less: Cash interest
expense, net attributable to OCIR 0.3 0.5 2.2 0.6
Maintenance capital expenditures
attributable to OCIR (1)
2.7 2.5 4.4 2.7
Distributable cash
flow attributable to OCI Resources LP (2) $ 14.3 $ 13.2
$ 53.1 $ 14.0 (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. (2) For the year ended December
31, 2013, distributable cash flow attributable to OCIR is
calculated for the period from September 18, 2013, the closing date
of our IPO, until December 31, 2013.
The following table presents a reconciliation of the non-GAAP
financial measures of Adjusted EBITDA to GAAP financial measures of
net income:
Q1-2014 Q2-2014
Q3-2014 Q4-2014
YTD 2014 ($ in millions, except per unit data)
Reconciliation of Adjusted EBITDA to net income: Net
income $ 21.6 $ 21.1 $ 21.6 $ 27.6 $ 91.9
Add backs:
Depreciation, depletion and amortization expense 5.4 5.8 5.3 5.9
22.4 Interest expense 1.2 1.3 1.4 1.3 5.2 Loss on disposal of
assets, net — — 1.0 — 1.0
Adjusted
EBITDA $ 28.2 $ 28.2 $ 29.3 $ 34.8 $ 120.5 Less: Adjusted
EBITDA attributable to non-controlling interest 14.3 14.2
14.8 17.5 60.8
Adjusted EBITDA attributable
to OCI Resources LP $ 13.9 $ 14.0 $ 14.5 $
17.3 $ 59.7
Reconciliation of distributable cash
flow to Adjusted EBITDA attributable to OCI Resources LP:
Adjusted EBITDA attributable to OCI Resources LP $ 13.9 $ 14.0 $
14.5 $ 17.3 $ 59.7 Less: Cash interest expense, net attributable to
OCIR $ 0.5 $ 0.8 $ 0.6 $ 0.3 $ 2.2 Maintenance capital expenditures
attributable to OCIR(1) $ 0.3 $ 0.8 $ 0.6 $
2.7 $ 4.4
Distributable cash flow attributable to OCI
Resources LP $ 13.1 $ 12.4 $ 13.3 $ 14.3
$ 53.1 Cash distribution declared per unit $ 0.5000 $
0.5000 $ 0.5250 $ 0.5315 $ 2.0565 Total distributions to
unitholders and general partner $ 10.0 $ 10.0 $ 10.5 $ 10.6 $ 41.1
Distribution coverage ratio 1.31 1.24 1.27 1.35 1.29
(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.
OCI Resources LPInvestor RelationsScott Humphrey,
Director of Finance and Investor
Relations770-375-2387SHumphrey@ocienterprises.comorMediaAmy
McCool770-375-2321AMcCool@ocienterprises.com
OCI RESOURCES LP (NYSE:OCIR)
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