Attached files
| file | filename |
|---|---|
| EX-10.2.1 - EXHIBIT 10.2.1 - SunCoke Energy, Inc. | sxc-201910xkex1021.htm |
| EX-32.2 - EXHIBIT 32.2 - SunCoke Energy, Inc. | sxc-201910xkex322.htm |
| EX-95.1 - EXHIBIT 95.1 - SunCoke Energy, Inc. | sxc-201910xkex951.htm |
| EX-32.1 - EXHIBIT 32.1 - SunCoke Energy, Inc. | sxc-201910xkex321.htm |
| EX-31.2 - EXHIBIT 31.2 - SunCoke Energy, Inc. | sxc-201910xkex312.htm |
| EX-31.1 - EXHIBIT 31.1 - SunCoke Energy, Inc. | sxc-201910xkex311.htm |
| EX-24.1 - EXHIBIT 24.1 - SunCoke Energy, Inc. | sxc-201910xkex241.htm |
| EX-23.1 - EXHIBIT 23.1 - SunCoke Energy, Inc. | sxc-201910xkex231.htm |
| EX-10.74 - EXHIBIT 10.74 - SunCoke Energy, Inc. | sxc-201910xkex1074.htm |
| EX-10.2 - EXHIBIT 10.2 - SunCoke Energy, Inc. | sxc-201910xkex102.htm |
| EX-4.3.2 - EXHIBIT 4.3.2 - SunCoke Energy, Inc. | sxc-201910xkex432.htm |
| EX-4.2 - EXHIBIT 4.2 - SunCoke Energy, Inc. | sxc-201910xkex42.htm |
| EX-2.11 - EXHIBIT 2.11 - SunCoke Energy, Inc. | sxc-201910xkex211.htm |
| 10-K - 10-K - SunCoke Energy, Inc. | sxc-2019123110xk.htm |
Exhibit 99.1
SunCoke Energy Partners, L.P.
Consolidated Statements of Operations
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(Unaudited) | |||||||||||
(Dollars and units in millions, except per unit amounts) | |||||||||||
Revenues | |||||||||||
Sales and other operating revenue | $ | 953.3 | $ | 892.1 | $ | 845.6 | |||||
Costs and operating expenses | |||||||||||
Cost of products sold and operating expenses | 726.4 | 648.9 | 586.7 | ||||||||
Selling, general and administrative expenses | 36.3 | 33.6 | 32.5 | ||||||||
Depreciation and amortization expense | 104.8 | 92.4 | 83.6 | ||||||||
Long-lived asset and goodwill impairment | 247.4 | — | — | ||||||||
Total costs and operating expenses | 1,114.9 | 774.9 | 702.8 | ||||||||
Operating (loss) income | (161.6 | ) | 117.2 | 142.8 | |||||||
Interest expense, net | 56.2 | 59.4 | 56.4 | ||||||||
(Gain) loss on extinguishment of debt, net | (1.9 | ) | — | 20.0 | |||||||
(Loss) income before income tax (benefit) expense | (215.9 | ) | 57.8 | 66.4 | |||||||
Income tax (benefit) expense | (87.8 | ) | (1.6 | ) | 83.9 | ||||||
Net (loss) income | (128.1 | ) | 59.4 | (17.5 | ) | ||||||
Less: Net income attributable to noncontrolling interests | 3.3 | 1.9 | 0.6 | ||||||||
Net (loss) income attributable to SunCoke Energy Partners, L.P. | $ | (131.4 | ) | $ | 57.5 | $ | (18.1 | ) | |||
General partner's interest in net (loss) income | $ | (2.6 | ) | $ | 1.2 | $ | 7.1 | ||||
Limited partners' interest in net (loss) income | $ | (128.8 | ) | $ | 56.3 | $ | (25.2 | ) | |||
Net (loss) income per common unit (basic and diluted) | $ | (2.79 | ) | $ | 1.22 | $ | (0.54 | ) | |||
Weighted average common units outstanding (basic and diluted)(1) | 46.2 | 46.2 | 46.2 | ||||||||
(1) | All outstanding units of the SunCoke Energy Partners, L.P. were owned by SunCoke Energy, Inc. subsequent to the Simplification Transaction on June 28, 2019. |
SunCoke Energy Partners, L.P.
Consolidated Balance Sheets
December 31, | ||||||||
2019 | 2018 | |||||||
(Unaudited) | ||||||||
(Dollars in millions) | ||||||||
Assets | ||||||||
Cash | $ | 29.3 | $ | 12.6 | ||||
Receivables, net | 34.7 | 48.8 | ||||||
Receivables from affiliate, net | 1.3 | 3.1 | ||||||
Inventories | 106.9 | 79.0 | ||||||
Other current assets | 0.3 | 1.0 | ||||||
Total current assets | 172.5 | 144.5 | ||||||
Properties, plants and equipment (net of accumulated depreciation of $559.8 million and $499.9 million at December 31, 2019 and 2018, respectively) | 1,152.3 | 1,245.1 | ||||||
Goodwill | — | 73.5 | ||||||
Other intangible assets, net | 34.2 | 155.8 | ||||||
Deferred charges and other assets | 4.4 | 0.2 | ||||||
Total assets | $ | 1,363.4 | $ | 1,619.1 | ||||
Liabilities and Equity | ||||||||
Accounts payable | $ | 83.3 | $ | 68.8 | ||||
Accrued liabilities | 13.0 | 13.5 | ||||||
Deferred revenue | 0.3 | 3.0 | ||||||
Current portion of financing obligation | 2.9 | 2.8 | ||||||
Interest payable | 2.2 | 3.2 | ||||||
Total current liabilities | 101.7 | 91.3 | ||||||
Long-term debt and financing obligation | 639.4 | 793.3 | ||||||
Deferred income taxes | 26.3 | 115.7 | ||||||
Other deferred credits and liabilities | 12.4 | 12.1 | ||||||
Total liabilities | 779.8 | 1,012.4 | ||||||
Equity | ||||||||
Held by public: | ||||||||
Common units (no issued units at December 31, 2019 and issued 17,727,249 units at December 31, 2018) | — | 194.1 | ||||||
Held by parent: | ||||||||
Common units (46,227,148 and 28,499,899 units issued at December 31, 2019 and 2018, respectively) | 518.2 | 351.6 | ||||||
General partner's interest | 52.6 | 49.3 | ||||||
Partners' capital attributable to SunCoke Energy Partners, L.P. | 570.8 | 595.0 | ||||||
Noncontrolling interest | 12.8 | 11.7 | ||||||
Total equity | 583.6 | 606.7 | ||||||
Total liabilities and equity | $ | 1,363.4 | $ | 1,619.1 | ||||
SunCoke Energy Partners, L.P.
Consolidated Statements of Cash Flows
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(Unaudited) | ||||||||||||
(Dollars in millions) | ||||||||||||
Cash Flows from Operating Activities: | ||||||||||||
Net (loss) income | $ | (128.1 | ) | $ | 59.4 | $ | (17.5 | ) | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||
Long-lived asset and goodwill impairment | 247.4 | — | — | |||||||||
Depreciation and amortization expense | 104.8 | 92.4 | 83.6 | |||||||||
Deferred income tax (benefit) expense | (89.4 | ) | (3.5 | ) | 81.3 | |||||||
(Gain) loss on extinguishment of debt, net | (1.9 | ) | — | 20.0 | ||||||||
Changes in working capital pertaining to operating activities: | ||||||||||||
Receivables, net | 14.1 | (6.6 | ) | (2.5 | ) | |||||||
Receivables/payables from affiliate, net | 1.8 | 2.6 | (9.0 | ) | ||||||||
Inventories | (27.9 | ) | 0.4 | (12.5 | ) | |||||||
Accounts payable | 11.2 | 13.2 | 3.1 | |||||||||
Accrued liabilities | (1.0 | ) | (0.9 | ) | 2.7 | |||||||
Deferred revenue | (2.7 | ) | 1.3 | (0.8 | ) | |||||||
Interest payable | (1.0 | ) | (0.8 | ) | (10.7 | ) | ||||||
Other | 0.7 | 5.3 | (1.0 | ) | ||||||||
Net cash provided by operating activities | 128.0 | 162.8 | 136.7 | |||||||||
Cash Flows from Investing Activities: | ||||||||||||
Capital expenditures | (61.2 | ) | (60.8 | ) | (39.0 | ) | ||||||
Other | 0.2 | 0.2 | — | |||||||||
Net cash used in investing activities | (61.0 | ) | (60.6 | ) | (39.0 | ) | ||||||
Cash Flows from Financing Activities: | ||||||||||||
Proceeds from issuance of long-term debt | — | — | 693.7 | |||||||||
Repayment of long-term debt | (46.6 | ) | — | (644.9 | ) | |||||||
Debt issuance costs | (15.8 | ) | ||||||||||
Repayment of financing obligation | (2.9 | ) | (2.6 | ) | (2.5 | ) | ||||||
Proceeds from revolving credit facility | 204.5 | 179.5 | 350.0 | |||||||||
Repayment of revolving credit facility | (309.5 | ) | (204.5 | ) | (392.0 | ) | ||||||
Distributions to unitholders (public and parent) | (37.8 | ) | (86.1 | ) | (119.2 | ) | ||||||
Distributions to noncontrolling interest (SunCoke Energy, Inc.) | (2.2 | ) | (2.5 | ) | (2.7 | ) | ||||||
Capital contributions from SunCoke, Energy, Inc. | 145.0 | 20.0 | — | |||||||||
Other financing activities | (0.8 | ) | — | — | ||||||||
Net cash used in financing activities | (50.3 | ) | (96.2 | ) | (133.4 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 16.7 | 6.0 | (35.7 | ) | ||||||||
Cash, cash equivalents and restricted cash at beginning of year | 12.6 | 6.6 | 42.3 | |||||||||
Cash and cash equivalents at end of year | $ | 29.3 | $ | 12.6 | $ | 6.6 | ||||||
Supplemental Disclosure of Cash Flow Information | ||||||||||||
Interest paid, net of capitalized interest of $2.3 million, $3.2 million and $1.1 million respectively | $ | 54.2 | $ | 56.9 | $ | 64.5 | ||||||
Income taxes paid | $ | 1.8 | $ | 2.9 | $ | 1.4 | ||||||
SunCoke Energy Partners, L.P.
Reconciliation of Non-GAAP Information
Adjusted EBITDA to Net (Loss) Income
Years Ended December 31, | ||||||||||||
2019 | 2018 | 2017 | ||||||||||
(Unaudited) | ||||||||||||
(Dollars in millions) | ||||||||||||
Net (loss) income | $ | (128.1 | ) | $ | 59.4 | $ | (17.5 | ) | ||||
Add: | ||||||||||||
Long-lived asset and goodwill impairment | 247.4 | — | — | |||||||||
Depreciation and amortization expense | 104.8 | 92.4 | 83.6 | |||||||||
Interest expense, net | 56.2 | 59.4 | 56.4 | |||||||||
(Gain) loss on extinguishment of debt, net | (1.9 | ) | — | 20.0 | ||||||||
Income tax (benefit) expense | (87.8 | ) | (1.6 | ) | 83.9 | |||||||
Contingent consideration adjustments(1) | (4.2 | ) | 2.5 | (1.7 | ) | |||||||
Simplification Transaction costs(2) | 4.9 | 0.4 | — | |||||||||
Adjusted EBITDA | $ | 191.3 | $ | 212.5 | $ | 224.7 | ||||||
Subtract: | ||||||||||||
Adjusted EBITDA attributable to noncontrolling interest(3) | 1.6 | 3.1 | 3.4 | |||||||||
Adjusted EBITDA attributable to SunCoke Energy Partners, L.P. | $ | 189.7 | $ | 209.4 | $ | 221.3 | ||||||
(1) | In connection with the CMT acquisition, SunCoke Energy Partners, L.P. (the "Partnership"), entered into a contingent consideration arrangement that requires the Partnership to make future payments to the seller based on future volume over a specified threshold, price and contract renewals. Adjustments to the fair value of the contingent consideration were primarily the result of modifications to the volume forecast. Customer events during the third quarter of 2019 reduced contingent consideration liability to zero. |
(2) | Costs expensed by the Partnership associated with the Simplification Transaction. |
(3) | Reflects net income attributable to noncontrolling interest adjusted for noncontrolling interest's share of interest, taxes, income, and depreciation and amortization. |