Ciner Resources Lp (CINR) 10-K Annual Report March 2019

Atlanta, Georgia February 14, 2019 -- Ciner Resources LP (NYSE: CINR) today reported its financial and operating results for the fourth quarter and year ended December 31, 2018.

Fourth Quarter and Year Ended 2018 Financial Highlights:


•	Net sales of $132.2 million increased 2.9% over the prior-year fourth quarter; year-to-date net sales of $486.7 million decreased 2.1% over the prior-year.


•	Net income of $28.6 million increased 5.1% over the prior-year fourth quarter; year-to-date net income of $103.0 million, including a $27.5 million litigation settlement gain, increased 19.2% over the prior-year.


•	Adjusted EBITDA of $37.0 million increased 6.0% over the prior-year fourth quarter; year-to-date Adjusted EBITDA of $136.5 million, including a $27.5 million litigation settlement gain, increased 13.7% over the prior-year.


•	Basic and diluted earnings per unit of $0.70 for the quarter increased 4.5% and 6.1% over the prior-year fourth quarter of $0.67 and $0.66; full year basic and diluted earnings per unit of $2.48, including a $27.5 million litigation settlement, increased 19.2% and 19.8% over the prior-year.


•	Quarterly distribution declared per unit of $0.567 remained flat compared to each of the prior-year quarter.


•	Net cash provided by operating activities for the quarter of $30.8 million decreased 9.7% over prior-year fourth quarter; year-to-date net cash provided by operating activities of $162.2 million increased by 104.5% over the prior-year.

•

Distributable cash flow for the quarter of $13.9 million was down 4.8% compared to the prior-year fourth quarter, full year distributable cash flow of $58.4 million was up 12.3% over the prior year. The distribution coverage ratio was 1.22: 1.00 and 1.28: 1.00 for the three months ended December 31, 2018 and 2017, respectively; and 1.28: 1.00 and 1.14: 1.00 for the twelve months ended December 31, 2018 and 2017.

Kirk Milling, CEO, commented: “Coming off two difficult quarters where we experienced lower ore grade and an unplanned extended outage, I’m proud our team persevered and finished the year on a high note. We set a new quarterly record of 709k tons produced. This represents a 2.5% improvement in overall production compared to Q4 2017 primarily driven by better ore quality and improving equipment reliability. Although we experienced better than expected international pricing, increasing maintenance capital expenditure costs caused a 4.8% decline in DCF compared to last year.”

“As we look ahead to 2019, we are increasing our maintenance capital to $25 million for the year. While this will have some near term impact on our DCF, our goal is to improve the reliability and sustainability of our production volumes which ultimately drives more consistency in our DCF. Higher trending production volumes coupled with improving global pricing leads us to anticipate continued improvement in our operating performance for the year.”

2019 Outlook:


•	We expect our total volume sold to increase 2% to 4%.


•	We expect domestic volume to decrease by 140,000 to 160,000 short tons.


•	We expect domestic pricing to be up 5% to 7%.


•	We expect international prices to be up 2% to 4%.


•	Maintenance of business capital expenditures are planned to be in the range of $23 to $27 million.


•	Expansion capital expenditures are planned to be in the range of $35 to $40 million.

The following information was filed by Ciner Resources Lp (CINR) on Thursday, February 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Ciner Resources Lp's 10-K Annual Report:

Financial - Expense Highlight
Cost of products sold, including depreciation, depletion and amortization expense and freight costs, decreased slightly to $383.4 million for the twelve months ended December 31, 2018 from $383.8 million for the twelve months ended December 31, 2017, primarily due to a decrease in freight costs of 4.5% to $139.1 million for the twelve months ended December 31, 2018, compared to $145.7 million for the twelve months ended December 31, 2017.

Financial - Cash Flow Highlight
The following is a summary of cash provided by or used in each of the indicated types of activities: Operating Activities Our operating activities during the twelve months ended December 31, 2018 provided cash of $162.2 million, an increase of 104.5% from the $79.3 million of cash provided during the twelve months ended December 31, 2017, primarily as a result of the following: Investing Activities We used cash flows of $39.4 million in investing activities during the twelve months ended December 31, 2018, compared to $24.7 million during the twelve months ended December 31, 2017, for capital projects as described in "Capital Expenditures" above.
Revenue - Product Highlight
Net sales decreased by 2.1% to $486.7 million for the twelve months ended December 31, 2018 from $497.3 million for the twelve months ended December 31, 2017, driven by a decrease in soda ash volumes sold of 3.4% primarily as a result of unexpected equipment repairs needed, which were resolved during our second quarter, as well as lower production volume in the third quarter primarily due to ore grade degradation.
Financial - Expense Highlight
Although the impact of inflation has slowed in recent years, it is still a factor in the U.S. economy and may increase our cost to acquire or replace properties, plant and equipment.
Financial - Expense Highlight
Cost of products sold, including freight costs, depreciation, depletion and amortization expense, increased by 6.1% to $383.8 million for the twelve months ended December 31, 2017 from $361.7 million for the twelve months ended December 31, 2016, primarily due to an increase in freight costs of 21.8% to $145.7 million for the twelve months ended December 31, 2017, compared to $119.6 million for the twelve months ended December 31, 2016.
Financial - Cash Flow
The GAAP measures most directly...Read more
Other - Other
The increase in expansion capital...Read more
Revenue - Product
Please read "Risk Factors-Risks Inherent...Read more
M & A - Other
Expansion capital expenditures are incurred...Read more
Financial - Cash Flow
Adjusted EBITDA, distributable cash flow...Read more
Revenue - Product
The increase in the percentage...Read more
Financial - Income
Maintenance capital expenditures (including expenditures...Read more
Financial - Expense
During the twelve months ended...Read more
Other - Other
As of December 31, 2018,...Read more
Financial - Expense
To the extent permitted by...Read more
Other - Other
Please read "Cautionary Statement Concerning...Read more
Financial - Expense
Our selling, general and administrative...Read more
Revenue - Product
The decrease in sales volumes...Read more
Financial - Cash Flow
We define distribution coverage ratio...Read more
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Our transportation agreement with Union...Read more
Financial - Expense
Our operations have been and...Read more
Financial - Expense
Inflation may also increase our...Read more
Financial - Expense
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One of the primary impacts...Read more
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Financial - Debt
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We are currently considering plans...Read more
Financial - Income
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Adjusted EBITDA and distributable cash...Read more
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Financial - Expense
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Ciner Resources Lp provided additional information to their SEC Filing as exhibits

Exhibit 10.3: Material Contract

Exhibit 10.16: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Exhibit 95.1: Exhibit 95.1

Ticker: CINR
CIK: 1575051
Form Type: 10-K Annual Report
Accession Number: 0001575051-19-000032
Submitted to the SEC: Fri Mar 08 2019 7:05:36 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Mining And Quarrying Of Nonmetallic Minerals No Fuels