SunCoke Energy Partners, L.P. (NYSE: SXCP) today reported third quarter
2013 net income attributable to SXCP of $13.7 million, or $0.43 per
unit. Prior year net income of $17.4 million is not comparable as prior
year results are before the initial public offering of a 65 percent
interest in SunCoke Energy, Inc.'s (NYSE: SXC) Haverhill and Middletown
cokemaking facilities.
“Our commitment to creating value for unit holders is most directly
demonstrated through increases to our cash distributions per unit," said
Fritz Henderson, Chairman and Chief Executive Officer of SXCP. "Since
our initial public offering in January of this year, we have increased
our distributions per unit twice on the strength of our operating
performance. In addition, we recently completed two coal logistics
acquisitions that we expect will support future distribution growth. As
a result, we intend to raise our fourth quarter 2013 distribution to
$0.4750, nearly a 10 percent increase over third quarter and 15 percent
increase over our minimum quarterly distribution.”
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|
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Consolidated Results
|
|
Three Months Ended September 30,
|
|
|
|
|
|
2012
|
|
|
|
(in millions)
|
|
2013
|
|
(Predecessor)
|
|
Increase/(Decrease)
|
|
Revenues
|
|
$
|
162.0
|
|
|
$
|
195.2
|
|
|
$
|
(33.2
|
)
|
|
Operating Income
|
|
27.4
|
|
|
27.0
|
|
|
0.4
|
|
|
Adjusted EBITDA (1)
|
|
35.7
|
|
|
34.7
|
|
|
1.0
|
|
|
Adjusted EBITDA attributable to SXCP (2)
|
|
22.1
|
|
|
34.7
|
|
|
(12.6
|
)
|
|
Net Income attributable Predecessor/SXCP (2)
|
|
13.7
|
|
|
17.4
|
|
|
(3.7
|
)
|
|
(1)
|
|
See definition of Adjusted EBITDA and reconciliation elsewhere in
this release.
|
|
(2)
|
|
Prior year results not comparable as they include 100 percent of the
operating results of SXC's Haverhill and Middletown facilities,
whereas subsequent to the closing of the initial public offering of
SunCoke Energy Partners, L.P. on January 24, 2013, the current year
includes 65 percent of their results.
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|
|
|
Third quarter 2013 results are inclusive of one-month of performance at
SXCP's new Coal Logistics segment, which was formed upon the closing of
the Lakeshore Coal Handling Corporation (Lake Terminal) acquisition on
August 30, 2013.
Revenues were $162.0 million in third quarter 2013, a decline of $33.2
million from same prior year period due to the pass-through of lower
coal prices and slightly lower coke sales volumes. Our Coal Logistics
business handled 136 thousand tons of coal, generating $1.1 million of
revenues in third quarter 2013.
Operating income and Adjusted EBITDA were relatively flat in third
quarter at $27.4 million and $35.7 million, respectively. Operating
income and Adjusted EBITDA benefited from higher operating cost recovery
at our Middletown facility and the new Coal Logistics segment, which
added $0.7 million to Adjusted EBITDA and benefited from higher than
expected volumes and lower operating costs at Lake Terminal. Partly
offsetting this were higher corporate costs primarily related to
acquisition expenses, including $1.8 million paid to DTE Energy Company
in consideration for assigning its share of the Lake Terminal buy out
rights to SXCP. The portion of Adjusted EBITDA attributable to SXCP was
$22.1 million.
Third quarter 2013 net income attributable to SXCP of $13.7 million is
not comparable to prior year net income as prior year includes 100
percent of the operating results of SXC's Haverhill and Middletown
facilities.
CASH DISTRIBUTIONS
On October 22, 2013, the Board of Directors of SXCP's general partner
declared a quarterly cash distribution of $0.4325 per limited
partnership unit, an increase of 2.4 percent over the previous quarterly
cash distribution rate of $0.4225. This cash distribution will be paid
on November 29, 2013 to unit holders of record as of November 15, 2013.
OMNIBUS AGREEMENT WITH SUNCOKE ENERGY, INC.
Pursuant to our omnibus agreement with SXC, our general partner, we
anticipate receiving make-whole payments from SXC as a result of
temporarily trimming coke production at our Middletown facility to name
plate capacity level in the second half 2013 due to our customer's
unplanned blast furnace outage in late June 2013. These make-whole
payments will be remitted to us on a quarterly basis in second half 2013
based on actual production. In the third quarter 2013, this payment was
$0.6 million and is recorded as a capital contribution. Also, in
connection with this unplanned outage, we expect to provide our customer
a temporary extension of payment terms on December 2013 coke production.
Pursuant to our omnibus agreement, for the extended term receivables,
SXC will remit to us the amounts due under normal contract terms and
hold these receivables.
RELATED COMMUNICATIONS
We will host an investor conference call today at 10:00 a.m. Eastern
Time (9:00 a.m. Central Time). This conference call will be webcast live
and archived for replay on the Investor Relations section of www.sxcpartners.com.
Participants can listen in by dialing 1-800-471-6718 (domestic) or
1-630-691-2735 (international) and referencing confirmation 35775365.
Please log in or dial in at least 10 minutes prior to the start time to
ensure a connection. A replay of the call will be available for two
weeks by calling 1-888-843-7419 (domestic) or 1-630-652-3042
(international) and referencing confirmation 3577 5365#.
UPCOMING EVENTS
We plan to participate in the following investor conferences:
-
Goldman Sachs Global Metals and Mining/Steel Conference in New York,
New York on November 20, 2013
-
Bank of America/Merrill Lynch Leveraged Finance Conference in Boca
Raton, Florida on December 3, 2013
SUNCOKE ENERGY PARTNERS PREDECESSOR
Financial results for periods prior to the January 24, 2013 closing of
SXCP's initial public offering represent the financial results of SXCP's
predecessor, which was comprised of 100 percent of the cokemaking
operations and related assets of SXC's Haverhill and Middletown
facilities. These financial results include all revenues, costs, assets
and liabilities attributed to the predecessor after the elimination of
all significant intercompany accounts and transactions. Upon the closing
of the IPO, SXC contributed a 65 percent interest in the predecessor to
SXCP. Our financial reporting reflects SXC's 35 percent ownership
interest in these facilities as a noncontrolling interest.
NOTICE
This statement is intended to serve as qualified notice to nominees as
provided for under Treasury Regulation Section 1.1446-4(b)(4) and (d)
given by a publicly traded partnership for the nominee to be treated as
a withholding agent. Please note that SXCP's quarterly cash
distributions are treated as partnership distributions for federal
income tax purposes and that 100 percent of these distributions to
foreign investors are attributable to income that is effectively
connected with a United States trade or business. Accordingly, all of
SXCP's distributions to a nominee on behalf of foreign investors are
subject to federal income tax withholding at the highest marginal tax
rate for individuals or corporations, as applicable. Nominees, and not
SXCP, are treated as the withholding agents responsible for withholding
on the distributions received by them on behalf of foreign investors.
ABOUT SUNCOKE ENERGY PARTNERS, L.P.
SunCoke Energy Partners, L.P. (NYSE: SXCP) is a publicly-traded master
limited partnership that manufactures coke used in the blast furnace
production of steel and provides coal handling services to the coke,
steel and power industries. Our advanced, heat recovery cokemaking
process produces consistently high-quality coke, captures waste heat to
generate steam or electricity, and reduces environmental impacts. Our
coal handling terminals have the collective capacity to blend and
transload more than 30 million tons of coal annually and are
strategically located to enable material delivery to U.S. ports in the
Gulf Coast, East Coast and Great Lakes. Our General Partner is a wholly
owned subsidiary of SunCoke Energy, Inc. (NYSE: SXC), the largest
independent producer of coke in the Americas, with 50 years of
cokemaking experience and an international reputation for leadership,
innovation and environmental stewardship in our industry.
FORWARD LOOKING STATEMENTS
Some of the statements included in this press release constitute
“forward looking statements.” Forward-looking statements include all
statements that are not historical facts and may be identified by the
use of such words as “believe,” “expect,” “plan,” “project,” “intend,”
“anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,”
“will,” “should” or the negative of these terms or similar expressions.
Forward-looking statements are inherently uncertain and involve
significant known and unknown risks and uncertainties (many of which are
beyond the control of the Company) that could cause actual results to
differ materially.
Such risks and uncertainties include, but are not limited to domestic
and international economic, political, business, operational,
competitive, regulatory, and/or market factors affecting the Company, as
well as uncertainties related to: pending or future litigation,
legislation, or regulatory actions; liability for remedial actions or
assessments under existing or future environmental regulations; gains
and losses related to acquisition, disposition or impairment of assets;
recapitalizations; access to, and costs of, capital; the effects of
changes in accounting rules applicable to the Company; and changes in
tax, environmental and other laws and regulations applicable to the
Company’s businesses.
Forward-looking statements are not guarantees of future performance, but
are based upon the current knowledge, beliefs and expectations of
Company management, and upon assumptions by the Company concerning
future conditions, any or all of which ultimately may prove to be
inaccurate. The reader should not place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company does not intend, and expressly disclaims any
obligation, to update or alter its forward-looking statements (or
associated cautionary language), whether as a result of new information,
future events or otherwise after the date of this press release except
as required by applicable law.
The Company has included in its filings with the Securities and Exchange
Commission cautionary language identifying important factors (but not
necessarily all the important factors) that could cause actual results
to differ materially from those expressed in any forward-looking
statement made by the Company. For information concerning these factors,
see the Company’s Securities and Exchange Commission filings such as its
annual and quarterly reports and current reports on Form 8-K, copies of
which are available free of charge on the Company’s website at www.sxcpartners.com.
All forward-looking statements included in this press release are
expressly qualified in their entirety by such cautionary statements.
Unpredictable or unknown factors not discussed in this release also
could have material adverse effects on forward-looking statements.
|
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|
SunCoke Energy Partners, L.P.
|
|
Combined and Consolidated Statements of Income
|
|
(Unaudited)
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
(Unaudited)
|
|
Predecessor
|
|
(Unaudited)
|
|
Predecessor
|
|
|
|
(Dollars in millions)
|
|
Revenues
|
|
|
|
|
|
|
|
|
|
Sales and other operating revenue
|
|
$
|
162.0
|
|
|
$
|
195.2
|
|
|
$
|
514.6
|
|
|
$
|
554.0
|
|
Costs and operating expenses
|
|
|
|
|
|
|
|
|
|
Cost of products sold and operating expenses
|
|
118.9
|
|
|
155.3
|
|
|
383.3
|
|
|
446.4
|
|
Selling, general and administrative expenses
|
|
7.4
|
|
|
5.2
|
|
|
16.5
|
|
|
16.5
|
|
Depreciation expense
|
|
8.3
|
|
|
7.7
|
|
|
23.5
|
|
|
24.4
|
|
Total costs and operating expenses
|
|
134.6
|
|
|
168.2
|
|
|
423.3
|
|
|
487.3
|
|
Operating income
|
|
27.4
|
|
|
27.0
|
|
|
91.3
|
|
|
66.7
|
|
Interest expense, net
|
|
2.8
|
|
|
2.5
|
|
|
12.3
|
|
|
7.8
|
|
Income before income tax expense
|
|
24.6
|
|
|
24.5
|
|
|
79.0
|
|
|
58.9
|
|
Income tax expense
|
|
0.1
|
|
|
7.1
|
|
|
4.2
|
|
|
17.4
|
|
Net income
|
|
$
|
24.5
|
|
|
$
|
17.4
|
|
|
$
|
74.8
|
|
|
$
|
41.5
|
|
|
|
|
|
|
|
|
|
|
|
Less: Net income attributable to noncontrolling interests
|
|
10.8
|
|
|
|
|
30.0
|
|
|
|
|
Net income attributable to SunCoke Energy Partners,
L.P./Predecessor
|
|
$
|
13.7
|
|
|
|
|
$
|
44.8
|
|
|
|
|
Less: Predecessor net income prior to initial public offering on
January 24, 2013
|
|
—
|
|
|
|
|
3.5
|
|
|
|
|
Net income attributable to SunCoke Energy Partners, L.P.
subsequent to initial public offering
|
|
$
|
13.7
|
|
|
|
|
$
|
41.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General partner's interest in net income
|
|
$
|
0.3
|
|
|
|
|
$
|
0.9
|
|
|
|
|
Common unitholders' interest in net income
|
|
$
|
6.7
|
|
|
|
|
$
|
20.2
|
|
|
|
|
Subordinated unitholders' interest in net income
|
|
$
|
6.7
|
|
|
|
|
$
|
20.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common units outstanding (basic and diluted)
|
|
15.7
|
|
|
|
|
15.7
|
|
|
|
|
Weighted average subordinated units outstanding (basic and diluted)
|
|
15.7
|
|
|
|
|
15.7
|
|
|
|
|
Net income per common unit (basic and diluted)
|
|
$
|
0.43
|
|
|
|
|
$
|
1.29
|
|
|
|
|
Net income per subordinated unit (basic and diluted)
|
|
$
|
0.43
|
|
|
|
|
$
|
1.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Coke operating data
|
|
|
|
|
|
|
|
|
|
Capacity utilization (%)
|
|
108
|
|
|
109
|
|
|
109
|
|
|
107
|
|
Coke production volumes (thousands of tons)
|
|
447
|
|
|
452
|
|
|
1,344
|
|
|
1,324
|
|
Coke sales volumes (thousands of tons)
|
|
447
|
|
|
464
|
|
|
1,353
|
|
|
1,318
|
|
Coke Adjusted EBITDA(1)
|
|
$
|
38.7
|
|
|
$
|
34.7
|
|
|
$
|
119.1
|
|
|
$
|
93.8
|
|
Coke Adjusted EBITDA per ton(1) |
|
$
|
86.58
|
|
|
$
|
74.78
|
|
|
$
|
88.03
|
|
|
$
|
71.17
|
|
Coal Logistics operating data
|
|
|
|
|
|
|
|
|
|
Coal Tons Handled (thousands of tons)
|
|
136
|
|
|
|
|
136
|
|
|
|
|
Coal Logistics Adjusted EBITDA
|
|
$
|
0.7
|
|
|
|
|
$
|
0.7
|
|
|
|
|
Coal Logistics Adjusted EBITDA per ton(1) |
|
$
|
5.15
|
|
|
|
|
$
|
5.15
|
|
|
|
|
(1) Reflects Adjusted EBITDA divided by sales volumes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SunCoke Energy Partners, L.P.
|
|
Combined and Consolidated Balance Sheets
|
|
|
|
|
|
|
|
|
|
|
|
September 30, 2013
|
|
December 31, 2012
|
|
|
|
(Unaudited)
|
|
Predecessor
|
|
|
|
(Dollars in millions)
|
|
Assets
|
|
|
|
Cash
|
|
$
|
78.5
|
|
|
$
|
—
|
|
Receivables
|
|
26.0
|
|
|
27.4
|
|
Inventories
|
|
57.9
|
|
|
63.2
|
|
Total current assets
|
|
162.4
|
|
|
90.6
|
|
Properties, plants and equipment, net
|
|
792.5
|
|
|
768.7
|
|
Deferred income taxes
|
|
—
|
|
|
21.4
|
|
Deferred charges and other assets
|
|
7.9
|
|
|
4.8
|
|
Total assets
|
|
$
|
962.8
|
|
|
$
|
885.5
|
|
Liabilities and Equity
|
|
|
|
|
|
Accounts payable
|
|
41.5
|
|
|
41.5
|
|
Accrued liabilities
|
|
3.5
|
|
|
17.0
|
|
Interest payable
|
|
1.8
|
|
|
—
|
|
Total current liabilities
|
|
47.5
|
|
|
58.5
|
|
Long-term debt
|
|
149.7
|
|
|
225.0
|
|
Deferred income taxes
|
|
1.7
|
|
|
—
|
|
Other deferred credits and liabilities
|
|
0.3
|
|
|
0.3
|
|
Total liabilities
|
|
199.2
|
|
|
283.8
|
|
Equity
|
|
|
|
|
|
Parent net equity
|
|
—
|
|
|
601.7
|
|
Held by public:
|
|
|
|
|
|
Common units (13,502,708 units issued and outstanding at September
30, 2013)
|
|
239.4
|
|
|
—
|
|
Held by parent:
|
|
|
|
|
|
Common units (2,209,697 units issued and outstanding at September
30, 2013)
|
|
40.8
|
|
|
—
|
|
Subordinated units (15,709,697 units issued and outstanding at
September 30, 2013)
|
|
288.9
|
|
|
—
|
|
General partner interest (2% interest)
|
|
7.6
|
|
|
—
|
|
Partners' capital attributable to SunCoke Energy Partners, L.P./
parent net equity
|
|
576.7
|
|
|
601.7
|
|
Noncontrolling interest
|
|
186.9
|
|
|
—
|
|
Total equity
|
|
763.6
|
|
|
601.7
|
|
Total liabilities and partners'/parent net equity
|
|
$
|
962.8
|
|
|
$
|
885.5
|
|
|
|
SunCoke Energy Partners, L.P.
|
|
Combined and Consolidated Statements of Cash Flows
|
|
(Unaudited)
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2013
|
|
2012
|
|
|
|
|
|
Predecessor
|
|
|
|
(Dollars in millions)
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
Net income
|
|
$
|
74.8
|
|
|
$
|
41.5
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation expense
|
|
23.5
|
|
|
24.4
|
|
|
Deferred income tax expense
|
|
3.9
|
|
|
17.4
|
|
|
Changes in working capital pertaining to operating activities, net
of acquisition:
|
|
|
|
|
|
Receivables
|
|
(33.2
|
)
|
|
(22.6
|
)
|
|
Inventories
|
|
8.0
|
|
|
(4.4
|
)
|
|
Accounts payable
|
|
—
|
|
|
(25.6
|
)
|
|
Accrued liabilities
|
|
(13.5
|
)
|
|
—
|
|
|
Interest payable
|
|
1.8
|
|
|
—
|
|
|
Payable to affiliate
|
|
—
|
|
|
—
|
|
|
Other
|
|
4.4
|
|
|
—
|
|
|
Net cash provided by operating activities
|
|
69.7
|
|
|
30.7
|
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
Capital expenditures
|
|
(20.4
|
)
|
|
(8.1
|
)
|
|
Acquisition of business
|
|
(28.6
|
)
|
|
—
|
|
|
Net cash used in investing activities
|
|
(49.0
|
)
|
|
(8.1
|
)
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
Proceeds from issuance of common units of SunCoke Energy Partners,
L.P., net of offering costs
|
|
231.8
|
|
|
—
|
|
|
Proceeds from issuance of long-term debt
|
|
150.0
|
|
|
—
|
|
|
Payment for debt issuance costs related to the issuance of long-term
debt
|
|
(6.8
|
)
|
|
—
|
|
|
Repayment of long-term debt
|
|
(225.0
|
)
|
|
—
|
|
|
Net transfer to parent
|
|
—
|
|
|
(22.6
|
)
|
|
Capital contribution from SunCoke Energy Partners GP LLC
|
|
0.6
|
|
|
—
|
|
|
Distributions to unitholders (public and parent)
|
|
(23.3
|
)
|
|
—
|
|
|
Distributions to SunCoke Energy, Inc.
|
|
(69.5
|
)
|
|
—
|
|
|
Net cash provided by (used in) financing activities
|
|
57.8
|
|
|
(22.6
|
)
|
|
Net increase in cash
|
|
78.5
|
|
|
—
|
|
|
Cash at beginning of period
|
|
—
|
|
|
—
|
|
|
Cash at end of period
|
|
$
|
78.5
|
|
|
$
|
—
|
|
|
|
|
SunCoke Energy Partners, L.P.
|
|
Reconciliations of Non-GAAP Information
|
|
|
|
Adjusted EBITDA to Net Income
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
|
|
|
|
|
Predecessor
|
|
|
|
Predecessor
|
|
|
|
(Dollars in millions)
|
|
Adjusted EBITDA attributable to SunCoke Energy Partners,
L.P./Predecessor
|
|
$
|
22.1
|
|
|
$
|
34.7
|
|
|
$
|
75.9
|
|
|
$
|
93.8
|
|
Add: Adjusted EBITDA attributable to noncontrolling interest (1) |
|
13.6
|
|
|
—
|
|
|
38.3
|
|
|
—
|
|
Adjusted EBITDA
|
|
$
|
35.7
|
|
|
$
|
34.7
|
|
|
$
|
114.2
|
|
|
$
|
93.8
|
|
Subtract:
|
|
|
|
|
|
|
|
|
|
Depreciation expense
|
|
8.3
|
|
|
7.7
|
|
|
23.5
|
|
|
24.4
|
|
Interest expense, net
|
|
2.8
|
|
|
2.5
|
|
|
12.3
|
|
|
7.8
|
|
Income tax expense
|
|
0.1
|
|
|
7.1
|
|
|
4.2
|
|
|
17.4
|
|
Sales discounts provided to customers due to sharing of
nonconventional fuel tax credits(2) |
|
—
|
|
|
—
|
|
|
(0.6
|
)
|
|
2.7
|
|
Net income
|
|
$
|
24.5
|
|
|
$
|
17.4
|
|
|
$
|
74.8
|
|
|
$
|
41.5
|
|
(1)
|
|
Reflects net income attributable to noncontrolling interest adjusted
for noncontrolling interest share of interest, taxes and
depreciation.
|
|
(2)
|
|
At December 31, 2012, we had $12.4 million in accrued sales
discounts to be paid to our customer at our Haverhill facility.
During the first quarter of 2013, we settled this obligation for
$11.8 million which resulted in a gain of $0.6 million. This gain is
recorded in sales and other operating revenue on our combined and
consolidated statement of income.
|
|
|
|
Adjusted EBITDA to Net Income Disaggregated for Periods Prior
to and Subsequent to our IPO
|
|
|
|
|
|
SunCoke Energy
|
|
|
|
Nine Months
|
|
|
|
Partners, L.P.
|
|
SunCoke Energy
|
|
Ended September
|
|
|
|
Predecessor
|
|
Partners, L.P.
|
|
30, 2013
|
|
|
|
Through
|
|
From
|
|
|
|
|
|
January 23,
|
|
January 24,
|
|
|
|
|
|
2013
|
|
2013
|
|
|
|
|
|
(Dollars in millions)
|
|
Adjusted EBITDA attributable to Predecessor/SunCoke Energy Partners,
L.P.
|
|
$
|
9.7
|
|
|
$
|
66.2
|
|
|
$
|
75.9
|
|
|
Add: Adjusted EBITDA attributable to noncontrolling interest(1) |
|
—
|
|
|
38.3
|
|
|
38.3
|
|
|
Adjusted EBITDA
|
|
$
|
9.7
|
|
|
$
|
104.5
|
|
|
$
|
114.2
|
|
|
Subtract:
|
|
|
|
|
|
|
|
Depreciation expense
|
|
1.9
|
|
|
21.6
|
|
|
23.5
|
|
|
Interest expense, net
|
|
0.6
|
|
|
11.7
|
|
|
12.3
|
|
|
Income tax expense
|
|
3.7
|
|
|
0.5
|
|
|
4.2
|
|
|
Sales discounts provided to customers due to sharing of
nonconventional fuel tax credits
|
|
—
|
|
|
(0.6
|
)
|
|
(0.6
|
)
|
|
Net income
|
|
$
|
3.5
|
|
|
$
|
71.3
|
|
|
$
|
74.8
|
|
|
(1)
|
|
Reflects net income attributable to noncontrolling interest adjusted
for noncontrolling interest share of interest, taxes and
depreciation.
|
|
|
|
|
SunCoke Energy Partners, L.P.
|
|
|
Reconciliations of Non-GAAP Information
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA and
|
|
Distributable Cash Flow to Net Income
|
|
|
|
|
($ in Millions)
|
|
Q3'13
|
|
|
|
|
|
|
Net cash (used in) provided by operating activities
|
|
$
|
26.0
|
|
|
Depreciation
|
|
(8.3
|
)
|
|
Changes in working capital and other
|
|
6.8
|
|
|
Net income
|
|
$
|
24.5
|
|
|
|
|
|
|
|
Add:
|
|
|
|
|
Depreciation
|
|
$
|
8.3
|
|
|
Interest expense, net
|
|
2.8
|
|
|
Income tax expense
|
|
0.1
|
|
|
Sales discounts
|
|
—
|
|
|
Adjusted EBITDA
|
|
$
|
35.7
|
|
|
|
|
|
|
|
Adjusted EBITDA attributable to NCI
|
|
(13.6
|
)
|
|
|
|
|
|
|
Adjusted EBITDA attributable to Predecessor/SXCP
|
|
$
|
22.1
|
|
|
Less:
|
|
|
|
|
Ongoing capex
|
|
(2.2
|
)
|
|
Replacement capex accrual
|
|
(0.9
|
)
|
|
Cash interest accrual
|
|
(2.9
|
)
|
|
Make whole payment
|
|
0.6
|
|
|
Payment to DTE Energy Corporation in connection with the Lake
Terminal acquisition
|
|
1.8
|
|
|
Distributable cash flow
|
|
$
|
18.5
|
|
|
|
|
|
|
|
Quarterly Cash Distribution
|
|
$
|
13.9
|
|
|
|
|
|
|
|
Distribution Coverage Ratio
|
|
1.33
|
x
|
|
|
|
|
|
Copyright Business Wire 2013