OCI Resources LP (NYSE: OCIR) today reported its financial and
operating results for the third quarter ended September 30,
2014.
Third Quarter 2014 Financial Highlights:
- Net sales of $109.8 million increased
4.0% over the prior-year third quarter; year-to-date net sales of
$339.0 million increased 4.4% over the prior year.
- Adjusted EBITDA of $29.3 million
increased 27.4% over the prior-year third quarter; year-to-date
Adjusted EBITDA of $85.7 million increased 18.7% over the prior
year.
- Earnings per unit were $0.52 for the
quarter; $1.55 year-to-date.
- Quarterly distribution per unit
increased by 5%.
- Distributable cash flow was $13.3
million for the quarter and $38.8 million year-to-date. The
distribution coverage ratio was 1.27 for each of the three and nine
months ended September 30, 2014, respectively; and 1.26 since
completion of our initial public offering ("IPO").
Outlook:
- We expect 2014 sales volumes to
increase approximately 2% to 3% and production volumes to increase
approximately 3% to 4% over 2013 levels.
- International prices are expected to
rise approximately 5% in 2014.
- We expect to spend approximately $21 to
$22 million on expansion capital expenditures in 2014.
Financial Highlights
Three Months Ended September
30,
Nine Months Ended September
30,
($ in millions, except per unit amounts) 2014
2013 % Change 2014
2013 % Change Soda ash
volume sold (millions of short tons) 0.598 0.597 0.2 % 1.863 1.835
1.5 % Net sales $ 109.8 $ 105.6 4.0 % $ 339.0 $ 324.6 4.4 % Net
income $ 21.6 $ 13.9 55.4 % $ 64.3 $ 45.2 42.3 %
Net income
attributable to OCIR $ 10.4 $ 4.4 136.4 % $ 31.0 $ 13.8 124.6 %
Basic and Diluted Earnings per Unit $ 0.52 $ 0.22 136.4 % $ 1.55 $
0.69 124.6 % Adjusted EBITDA (1) $ 29.3 $ 23.0 27.4 % $ 85.7 $ 72.2
18.7 % Adjusted EBITDA attributable to OCIR(1) $ 14.5 $ 9.8 48.0 %
$ 42.4 $ 30.9 37.2 % Distributable cash flow attributable to
OCIR(1) $ 13.3 ** N/A $ 38.8 ** N/A (1) See non-GAAP reconciliation
of Adjusted EBITDA ** Information was not calculated for the
stub period 9/13/2013 to 9/30/2013 as it was immaterial.
Kirk Milling, CEO, commented, “September marked our one year
anniversary as a public company. We are pleased with the execution
of our plans thus far and our business remains on pace for record
setting production and sales volumes in 2014. Higher international
prices and lower cost of products sold have driven substantial
improvements in Adjusted EBITDA over last year.
"Our continued stable cash flows combined with our improving
operational performance, gave us the confidence to raise our
distribution by 5% this quarter."
THIRD QUARTER 2014 FINANCIAL AND OPERATING RESULTS
Three Months Ended September 30, 2014 compared to Three
Months Ended September 30, 2013
Net sales
Our net sales increased by 4.0% to $109.8 million for the three
months ended September 30, 2014 compared to $105.6 million for
the three months ended September 30, 2013. Our average sales
price increased 3.9% to $183.61 per short ton for the three months
ended September 30, 2014, as compared to $176.80 per short ton
for the three months ended September 30, 2013.
- Domestic sales - Domestic sales
increased by 4.7% to $49.5 million for the three months ended
September 30, 2014, compared to $47.3 million for the three
months ended September 30, 2013, primarily as a result a 10.1%
increase in sales volume of approximately 213.4 thousand short tons
for the three months ended September 30, 2014, from
approximately 193.8 thousand short tons for the three months ended
September 30, 2013. The increase in volume was offset by a
decrease of 5.0% in average sales price over the comparable period,
primarily driven by higher purge liquor volume. Domestic sales
accounted for approximately 45.1% of our net sales for the three
months ended September 30, 2014, compared to 44.8% for the
three months ended September 30, 2013.
- International sales - International
sales increased by 3.4% to $60.3 million for the three months ended
September 30, 2014, compared to $58.3 million for the three
months ended September 30, 2013, primarily as a result of a
8.6% increase in average sales price to $156.85 per short ton
during the three months ended September 30, 2014, compared to
$144.46 per short ton for the three months ended September 30,
2013, offset by a decrease of 4.7% in international sales volume to
approximately 384.5 thousand short tons in 2014 compared to
approximately 403.3 thousand short tons in 2013. International
sales accounted for approximately 54.9% of our net sales for the
three months ended September 30, 2014, compared to 55.2% for
the three months ended September 30, 2013.
Operating costs and expenses
Our cost of products sold decreased by 3.9% to $76.3 million for
the three months ended September 30, 2014 from $79.4 million
for the three months ended September 30, 2013, due primarily
to a $1.7 million reduction in pension benefit expense driven by
favorable effects of higher actuarial discount rates and market
returns, as well as, reduced freight expense from customer mix in
domestic market.
Our selling, general and administrative expenses increased 56.3%
to $5.0 million for the three months ended September 30, 2014,
from $3.2 million for the three months ended September 30,
2013, primarily due to the incremental general and administrative
costs of being a public company, with majority due to increased
compliance costs.
Our loss on disposal of assets of $1.0 million for the three
months ended September 30, 2014, relates to the disposal of
one asset which was replaced, and the write-off of canceled or
abandoned capital projects.
Our other non-operating expense decreased to $0.6 million for
the three months ended September 30, 2014, compared to $1.1
million other expense for the three months ended September 30,
2013. The decrease in expense is principally due to a mark to
market gain on existing foreign currency forward contracts during
the third quarter 2014 of $0.7 million.
Nine Months Ended September 30, 2014 compared to Nine Months
Ended September 30, 2013
Net sales
Our net sales increased by 4.4% to $339.0 million for the nine
months ended September 30, 2014 compared to $324.6 million for
the nine months ended September 30, 2013, Our average sales
price increased 2.9% to $182.00 per short ton for the nine months
ended September 30, 2014, as compared to $176.91 per short ton
for the nine months ended September 30, 2013.
- International sales - International
sales increased by 6.8% to $189.2 million for the nine months ended
September 30, 2014, compared to $177.2 million for the nine
months ended September 30, 2013, primarily as a result of a
6.2% increase in average sales price to $153.26 per short ton
during the nine months ended September 30, 2014, compared to
$144.34 per short ton for the nine months ended September 30,
2013. The increase in average international sales price was
primarily due to higher prices in Asia. The higher average sales
price was accompanied by an increase of 0.6% in international sales
volume to approximately 1,234.5 thousand short tons in 2014
compared to approximately 1,227.3 thousand short tons in 2013.
International sales accounted for approximately 55.8% of our sales
for the nine months ended September 30, 2014, compared to
international sales of 54.6% for the nine months ended
September 30, 2013.
- Domestic sales - Domestic sales
increased by 1.6% to $149.8 million for the nine months ended
September 30, 2014, compared to $147.4 million for the nine
months ended September 30, 2013, primarily as a result of a
3.4% increase in volume to approximately 628.1 thousand short tons
for the nine months ended September 30, 2014, compared to
approximately 607.3 thousand short tons for the nine months ended
September 30, 2013. The increase in sales was offset by a
decrease of 1.8% in average sales price over the period. Domestic
sales accounted for approximately 44.2% of our sales for the nine
months ended September 30, 2014, compared to 45.4% for the
nine months ended September 30, 2013.
Operating costs and expenses
Our cost of products sold decreased by 1.4% to $240.2 million
for the nine months ended September 30, 2014 from $243.5
million for the nine months ended September 30, 2013,
primarily due to a $5.2 million reduction in pension benefit
expense driven by favorable effects of higher actuarial discount
rates and market returns, as well as, reduced freight expense from
customer mix in domestic market.
Our selling, general and administrative expenses increased 45.9%
to $14.3 million for the nine months ended September 30, 2014,
from $9.8 million for the nine months ended September 30,
2013, primarily due to the incremental general and administrative
costs of being a public company, with majority due to increased
compliance costs.
Our other non-operating expense increased to $2.7 million for
the nine months ended September 30, 2014, compared to $0.9
million other expense for the nine months ended September 30,
2013. The increase is primarily due to an increase in interest
expense related to debt restructuring and the resulting higher
principal balance in 2014, offset by a mark to market gain on
existing foreign currency derivatives of $1.2 million for the nine
months ended September 30, 2014.
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
September 30, 2013 are those of the Predecessor.
CAPEX AND ORE TO ASH RATIO
Capital expenditures, including accruals, were $9.2 million and
$7.0 million for the three months ended September 30, 2014 and
2013, respectively; $16.1 million and $10.7 million for the nine
months ended September 30, 2014 and 2013, respectively.
Maintenance capital expenditures were $2.0 million and $6.6 million
for third quarter 2014 and 2013, respectively, and $4.5 million and
$9.5 million for the nine months ended September 30, 2014 and
2013, respectively. Expansion capital expenditures for third
quarter 2014 were $7.2 million compared to $0.4 million during the
prior year second quarter; $11.6 million and $1.2 million for the
nine months ended September 30, 2014 and 2013, respectively.
The increase in capital expenditures during 2014 compared to 2013
is driven by the increased planned expansion projects to improve
our operating capacity levels.
The ore to ash ratio (which includes our deca rehydration
recovery process) for the three months ended September 30,
2014 and 2013 was 1.49: 1.0 and 1.62: 1.0, respectively; year to
date September 30, 2014 and 2013 ore to ash ratio was 1.52:
1.0 and 1.62: 1.0, respectively.
CASH FLOWS AND QUARTERLY CASH DISTRIBUTION
Cash provided by operating activities increased 21.4% to $86.7
million for the nine months ended September 30, 2014 compared
to $71.4 million cash generated in the same period in the
prior-year. The increase was driven by a $19.1 million increase in
net income, offset by lower cash provided by working capital of
$4.3 million during the nine months ended September 30, 2014,
compared to cash provided by working capital during the comparable
period of $7.8 million.
Our business objective is to generate stable cash flows,
allowing us to make quarterly cash distributions to our common and
subordinated unitholders and, over time, to increase those
quarterly cash distributions.
On October 17, 2014, the Partnership declared a 5% increase
in its third quarter 2014 quarterly distribution approved by the
board of directors of its general partner. The quarterly cash
distribution of $0.525 per unit is payable on November 14,
2014 to unitholders of record on October 31, 2014.
RELATED COMMUNICATIONS
OCI Resources LP will host a conference call tomorrow,
November 5, 2014 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 24112828. 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
24112828, and will remain available for the following six 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 LLC, ("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 September
30,
Nine Months Ended September
30,
($ and units outstanding in millions, except per unit data)
2014 2013 2014
2013 Net sales $ 109.8 $ 105.6 $
339.0 $ 324.6
Operating costs and expenses:
Cost of products sold 76.3 79.4 240.2 243.5 Depreciation and
amortization expense 5.3 5.9 16.5 18.1 Selling, general and
administrative expenses 5.0 3.2 14.3 9.8 Loss on disposal of
assets, net 1.0 — 1.0 — Total operating
costs and expenses 87.6 88.5 272.0 271.4
Operating income 22.2 17.1 67.0 53.2
Other
income/(expenses): Interest expense (1.4 ) (1.1 ) (3.9 ) (1.8 )
Other, net 0.8 — 1.2 0.9 Total other
income/(expense), net (0.6 ) (1.1 ) (2.7 ) (0.9 ) Income before
provision for income taxes 21.6 16.0 64.3 52.3 Provision for income
taxes — 2.1 — 7.1
Net income $
21.6 $ 13.9 $ 64.3 $ 45.2 Net income
attributable to non-controlling interest 11.2 9.5
33.3 31.4
Net income attributable to OCI Resources
LP $ 10.4 $ 4.4 $ 31.0 $ 13.8
Less: Predecessor net income prior to
initial public offering on September 18, 2013
— 3.9 — 13.3
Net income attributable
to OCI Resources LP subsequent to initial public offering $
10.4 $ 0.5 $ 31.0 $ 0.5 Other
comprehensive (loss)/income: Interest rate swaps 0.7 —
0.1 (0.4 ) Comprehensive income 22.3 13.9 64.4 44.8
Comprehensive income attributable to non-controlling interest 11.5
9.5 33.3 31.2
Comprehensive income
attributable to OCI Resources LP $ 10.8 $ 4.4 $ 31.1 $ 13.6
Less: Predecessor comprehensive income prior to initial public
offering on September 18, 2013 — 3.9 — 13.1
Comprehensive income attributable to OCI Resources LP
subsequent to initial public offering $ 10.8 $ 0.5 $
31.1 $ 0.5 Net income per limited partner
unit: Common - Public and OCI Holdings (basic and diluted) $ 0.52
$0.03 $ 1.55 $0.03 Subordinated - OCI Holdings (basic and diluted)
$ 0.52 $0.03 $ 1.55 $0.03 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 $ 0.525 $ — $ 1.525 $ —
OCI RESOURCES LP
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
As of ($ in millions)
September 30, 2014
December 31, 2013
ASSETS Current assets: Cash and cash
equivalents $ 56.2 $ 46.9 Accounts receivable - net 33.0 34.4
Accounts receivable - ANSAC 50.9 58.1 Due from affiliates - net
18.1 20.4 Inventory 46.7 41.7 Other current assets 2.5 1.2
Total current assets 207.4 202.7 Property, plant and
equipment - net 236.4 238.0 Other non-current assets 1.0 1.3
Total assets $ 444.8 $ 442.0
LIABILITIES
AND EQUITY Current liabilities: Accounts payable $ 9.6 $
13.2 Due to affiliates 5.1 2.3 Accrued expenses 28.5 26.4
Total current liabilities 43.2 41.9 Long-term debt 155.0
155.0 Reclamation reserve 4.1 3.8 Total liabilities
202.3 200.7
Equity: Common unitholders
- Public and OCI Holdings (9.8 million units issued and outstanding
at September 30, 2014 and December 31, 2013, respectively) 104.6
104.5 Subordinated unitholders - OCI Holdings (9.8 million units
issued and outstanding at September 30, 2014 and December 31, 2013,
respectively) 36.5 36.6 General partner unitholders - OCI Resource
Partners LLC (0.4 million units issued and outstanding at September
30, 2014 and December 31, 2013, respectively) 3.8 3.8 Accumulated
other comprehensive loss—interest rate swaps (0.2 ) (0.3 )
Partners' capital attributable to OCI Resources LP 144.7 144.6
Non-controlling interests 97.8 96.7 Total equity
242.5 241.3 Total liabilities and partners' equity $
444.8 $ 442.0
OCI RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
Nine Months Ended September
30,
($ in millions) 2014 2013
Cash flows from operating activities: Net income $ 64.3 $
45.2 Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization 16.8 18.1 Loss
on disposal of assets, net 1.0 — Equity-based compensation expense
0.3 — Deferred income taxes — 0.3 Changes in operating assets and
liabilities: (Increase)/decrease in: Accounts receivable - net 1.4
2.1 Accounts receivable - ANSAC 7.2 (1.4 ) Due from affiliates -
net 2.3 5.9 Inventory (4.8 ) (2.6 ) Other current and other
non-current assets (0.6 ) (2.4 ) Increase/(decrease) in: Accounts
payable (3.6 ) (3.8 ) Due to affiliates 2.8 9.5 Accrued expenses
and other liabilities (0.4 ) 0.5 Net cash provided by
operating activities 86.7 71.4
Cash flows from
investing activities: Capital expenditures (13.9 ) (10.7 ) Net
cash used in investing activities (13.9 ) (10.7 )
Cash flows
from financing activities: Proceeds from issuance of common
units, net of offering costs — 83.3 Proceeds from issuance of
revolving credit facility — 135.0 Repayments of long-term debt —
(32.0 ) Distributions to common unitholders (15.4 ) — Distributions
to general partner (0.6 ) — Distributions to subordinated
unitholders (15.3 ) — Distributions to Predecessor — (72.9 )
Distributions to non-controlling interest (32.2 ) (90.0 ) Net cash
(used in)/provided by financing activities (63.5 ) 23.4 Net
increase in cash and cash equivalents 9.3 84.1 Cash and cash
equivalents at beginning of period 46.9 22.7 Cash and
cash equivalents at end of period $ 56.2 $ 106.8
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 September
30,
Nine Months Ended September
30,
2014 2013 2014
2013 ($ in millions, except per unit data)
Reconciliation of Adjusted EBITDA to net income: Net
income 21.6 13.9 64.3 45.2
Add backs: Depreciation and
amortization expense 5.3 5.9 16.5 18.1 Interest expense, net 1.4
1.1 3.9 1.8 Loss on disposal of assets, net 1.0 — 1.0 — Taxes —
2.1 — 7.1
Adjusted EBITDA $ 29.3
$ 23.0 $ 85.7 $ 72.2 Less: Adjusted EBITDA attributable to
non-controlling interest 14.8 13.2 43.3 41.3
Adjusted EBITDA attributable to OCI Resources LP $
14.5 $ 9.8 $ 42.4 $ 30.9 Less: Adjusted EBITDA attributable to
Predecessor through September 17, 2013 — 8.6 —
29.7
Adjusted EBITDA attributable to OCI Resources LP
$ 14.5 $ 1.2 $ 42.4 $ 1.2
Reconciliation of distributable cash flow to Adjusted EBITDA
attributable to OCI Resources LP: Adjusted EBITDA attributable
to OCI Resources LP $ 14.5 ** $ 42.4 ** Less: Cash interest
expense, net attributable to OCIR 0.6 ** 1.9 ** Maintenance capital
expenditures attributable to OCIR(1) 0.6 ** 1.7 **
Distributable cash flow attributable to OCI Resources LP $
13.3 ** $ 38.8 ** Cash distribution declared per unit
$ 0.525 ** $ 1.525 ** Total units outstanding 19.976 **
19.961 **
Total distributions to unitholders and general
partner $ 10.5 ** $ 30.5 ** Distribution
coverage ratio 1.27 ** 1.27 **
Reconciliation of Adjusted
EBITDA to net cash from operating activities: Net cash provided
by operating activities $ 37.5 $ 25.6 $ 86.7 $ 71.4 Add/(less):
Amortization of long-term loan financing (0.1 ) — (0.3 ) —
Equity-based compensation expense (0.2 ) — (0.3 ) — Deferred income
taxes — (0.7 ) — (0.3 ) Net change in working capital (9.3 ) (5.1 )
(4.3 ) (7.8 ) Interest expense - net 1.4 1.1 3.9 1.8 Taxes —
2.1 — 7.1
Adjusted EBITDA $ 29.3 $ 23.0
$ 85.7 $ 72.2 Less: Adjusted EBITDA attributable to non-controlling
interest 14.8 13.2 43.3 41.3
Adjusted EBITDA attributable to OCI Resources LP $ 14.5 $
9.8 $ 42.4 $ 30.9 Less: Cash interest expense, net attributable to
OCIR 0.6 ** 1.9 ** Maintenance capital expenditures attributable to
OCIR(1) 0.6 ** 1.7 **
Distributable cash flow
attributable to OCI Resources LP $ 13.3 ** $ 38.8
**
** Information was not calculated for the stub period
9/13/2013 to 9/30/2013 as it was immaterial. (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 is a rolling reconciliation of distributable
cash flow to Adjusted EBITDA and distribution coverage ratio
attributable to OCI Resources LP since the completion of the
IPO:
Rolling Non-GAAP Reconciliation Schedule
YearEndedDecember31, 2013
(2)
Q1 Q2
Q3
RollingTotalSinceIPO
2014 ($
in millions, except per unit data) Adjusted EBITDA
attributable to OCI Resources LP $ 17.3 $ 13.9 $ 14.0 $ 14.5 $
59.7 Less: Cash interest expense, net attributable to OCIR 0.6 0.5
$ 0.8 $ 0.6 $ 2.5 Maintenance capital expenditures attributable to
OCIR(1) 2.7 0.3 0.8 0.6 $ 4.4
Distributable cash flow attributable to OCI Resources LP $
14.0 $ 13.1 $ 12.4 $ 13.3 $ 52.8
Total distributions to unitholders and general partner $ 11.4 $
10.0 $ 10.0 $ 10.5 $ 41.9 Distribution coverage ratio 1.23
1.31 1.24 1.27 1.26 (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) Adjusted EBITDA, distributable cash flow
and coverage ratio is only calculated subsequent to September 17,
2013.
OCI Resources LPInvestor RelationsScott Humphrey,
770-375-2387Director of Finance and Investor
RelationsSHumphrey@ocienterprises.comorMediaAmy McCool,
770-243-9191AMcCool@ocienterprises.com
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