Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | ADVANCED BIOENERGY, LLC | |
Entity Central Index Key | 1325740 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,410,851 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $20,192 | $21,982 |
Accounts receivable: | ||
Trade accounts receivable | 4,452 | 4,190 |
Other receivables | 165 | 77 |
Inventories | 4,374 | 4,046 |
Prepaid expenses | 1,027 | 682 |
Restricted cash | 4,744 | 5,945 |
Total current assets | 34,954 | 36,922 |
Property and equipment, net | 46,341 | 49,644 |
Other assets | 984 | 1,051 |
Total assets | 82,279 | 87,617 |
Current liabilities: | ||
Accounts payable | 5,780 | 4,263 |
Accrued expenses | 2,684 | 3,234 |
Current portion of long-term debt (stated principal amount of $38,118 and $3,117 at March 31, 2015 and September 30, 2014, respectively) | 39,563 | 4,763 |
Total current liabilities | 48,027 | 12,260 |
Other liabilities | 36 | 50 |
Long-term debt (stated principal amount of $40,025 at September 30, 2014) | 40,800 | |
Total liabilities | 48,063 | 53,110 |
Members' equity: | ||
Members' capital, no par value, 25,410,851 units issued and outstanding | 48,638 | 48,638 |
Accumulated deficit | -14,422 | -14,131 |
Total members' equity | 34,216 | 34,507 |
Total liabilities and members' equity | $82,279 | $87,617 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Current portion of long-term debt (stated principal amount) | $38,118 | $3,117 |
Principal amount of long-term debt | $40,025 | |
Members' capital, par value | ||
Members' capital, units issued | 25,410,851 | 25,410,851 |
Members' capital, units outstanding | 25,410,851 | 25,410,851 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Net sales | ||||
Ethanol and related products | $37,110 | $51,720 | $74,602 | $99,707 |
Other | 161 | 180 | 411 | 430 |
Total net sales | 37,271 | 51,900 | 75,013 | 100,137 |
Cost of goods sold | 39,380 | 45,612 | 73,842 | 85,710 |
Gross profit (loss) | -2,109 | 6,288 | 1,171 | 14,427 |
Selling, general and administrative expenses | 889 | 1,224 | 1,640 | 2,308 |
Operating income (loss) | -2,998 | 5,064 | -469 | 12,119 |
Other income, net | 32 | 121 | 234 | 28 |
Interest income | 6 | 8 | 12 | 18 |
Interest expense | -34 | -178 | -68 | -655 |
Net Income (loss) | ($2,994) | $5,015 | ($291) | $11,510 |
Weighted average units outstanding - basic and diluted | 25,411 | 25,411 | 25,411 | 25,411 |
Income (loss) per unit - basic and diluted | ($0.12) | $0.20 | ($0.01) | $0.45 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Members' Equity (USD $) | Total | Member's Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||
Beginning Balance at Sep. 30, 2014 | $34,507 | $48,638 | ($14,131) |
Beginning Balance, shares at Sep. 30, 2014 | 25,410,851 | 25,410,851 | |
Net loss | -291 | -291 | |
Ending Balance at Mar. 31, 2015 | $34,216 | $48,638 | ($14,422) |
Ending Balance, shares at Mar. 31, 2015 | 25,410,851 | 25,410,851 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | ($291) | $11,510 |
Adjustments to reconcile net income (loss) to operating activities cash flows: | ||
Depreciation | 5,470 | 5,422 |
Amortization of deferred financing costs | 44 | 45 |
Amortization of deferred revenue and rent | -14 | -15 |
Amortization of additional carrying value of debt | -792 | -1,273 |
(Gain) on troubled debt restructuring | -183 | |
Change in working capital components: | ||
Accounts receivable | -350 | 608 |
Inventories | -328 | -716 |
Prepaid expenses | -345 | -228 |
Accounts payable | 1,622 | -770 |
Accrued expenses | -550 | -200 |
Net cash provided by (used in) operating activities | 4,283 | 14,383 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -2,272 | -389 |
Proceeds from sale of assets | 6 | |
Change in other assets | 67 | 162 |
Change in restricted cash | 1,201 | -2,824 |
Net cash (used in) investing activities | -1,004 | -3,045 |
Cash flows from financing activities: | ||
Payments on debt | -5,069 | -5,882 |
Distribution to members | -7,877 | |
Net cash (used in) financing activities | -5,069 | -13,759 |
Net (decrease) in cash and cash equivalents | -1,790 | -2,421 |
Beginning cash and cash equivalents | 21,982 | 27,796 |
Ending cash and cash equivalents | 20,192 | 25,375 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $840 | $2,564 |
Organization_and_Significant_A
Organization and Significant Accounting Policies | 6 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Organization and Significant Accounting Policies | 1. Organization and Significant Accounting Policies | ||
The consolidated financial statements include the accounts of Advanced BioEnergy, LLC (“ABE” or the “Company”) and its wholly owned operating subsidiaries, ABE Fairmont, LLC (“ABE Fairmont”) and ABE South Dakota, LLC (“ABE South Dakota”). Substantially all of the assets of ABE Fairmont were sold in December 2012 and the subsidiary is now inactive. All intercompany balances and transactions have been eliminated in consolidation. | |||
The accompanying unaudited consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles, or GAAP, for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. The interim financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended September 30, 2014. The financial information as of March 31, 2015 and the results of operations for the three and six months ended March 31, 2015 are not necessarily indicative of the results for the fiscal year ending September 30, 2015. In the opinion of management, the interim financial statements reflect all normal recurring adjustments necessary for fair presentation. | |||
The Company currently operates three ethanol production facilities in the U.S. with a combined production capacity of 85 million gallons per year. The Company acquired existing facilities in Aberdeen, South Dakota (9 million gallons) and Huron, South Dakota (32 million gallons) in November 2006 and began operations at the 44 million gallon Aberdeen expansion facility in January 2008. | |||
Cash, Cash Equivalents and Restricted Cash | |||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s cash balances are maintained in bank depositories and periodically exceed federally insured limits. The Company has not experienced losses in these accounts. The Company segregates cash restricted for debt service and has classified these funds according to the future anticipated use of the funds. Restricted cash includes cash held for debt service under the terms of its debt agreements and a deposit for a rail car sublease. | |||
Receivables | |||
Credit sales are made to a relatively small numbers of customers with no collateral required. Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual receivables and considering a customer’s financial condition, credit history and current economic conditions. Receivables are written off if deemed uncollectible. Recoveries of receivables previously written off are recorded when received. There was no allowance for doubtful accounts recorded at March 31, 2015 or September 30, 2014. | |||
Inventories | |||
Chemicals and supplies, work in process, ethanol and distillers’ grains inventories are stated at the lower of weighted average cost or market. | |||
Property and Equipment | |||
Property and equipment is carried at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives: | |||
Office equipment | 3-7 Years | ||
Process equipment | 10 Years | ||
Buildings | 40 Years | ||
Maintenance and repairs are charged to expense as incurred; major improvements and betterments are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount on the asset group may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from operations are less than the carrying value of the asset group. An impairment loss would be measured by the amount by which the carrying value of the asset exceeds the estimated fair value on that date. | |||
Commodity Sales and Purchase Contracts, Derivative Instruments | |||
The Company currently does not enter into commodity futures and exchange-traded commodity options contracts for the sale of its products or purchases of its inputs. However, the Company does enter into forward sales contracts for ethanol, distillers grains and corn oil, and purchase contracts for corn and natural gas. The Company classifies these sales and purchase contracts as normal sales and purchase contracts and accordingly are not marked to market. These contracts provide for the sale or purchase of an item other than a financial instrument or derivative instrument that will be delivered in quantities expected to be sold or used over a reasonable period in the normal course of business. | |||
Revenue Recognition | |||
Ethanol revenue is recognized when product title and all risk of ownership is transferred to the customer as specified in the contractual agreements with the marketers. Under the terms of the marketing agreements, revenue is recognized when product is loaded into rail cars or trucks for shipment. Revenue from the sale of co-products is recorded when title and all risk of ownership transfers to customers. Co-products are normally shipped free on board (“FOB”) shipping point. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to the marketers are deducted from the gross sale price at the time of payment. Interest income is recognized as earned. | |||
Income per Unit | |||
Basic and diluted income per unit is computed using the weighted-average number of units outstanding during each period presented. | |||
Accounting Estimates | |||
Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. | |||
Income Taxes | |||
The Company has elected to be treated as a partnership for tax purposes and generally does not incur income taxes. Instead, the Company’s earnings and losses are included in the income tax returns of the members. Therefore, no provision or liability for federal or state income taxes has been included in these financial statements. The Company files income tax returns in the U.S. federal and various state jurisdictions. | |||
Risks and Uncertainties | |||
The supply and demand for ethanol are impacted by federal and state legislation and regulation, most significantly the Renewable Fuels Standard (“RFS”), and any changes in legislation or regulation could cause the demand for ethanol to decline or its supply to increase, which could have a material adverse effect on our business, results of operations and financial condition, and the ability to operate at a profit. | |||
In November 2013, the EPA proposed a 9.7% reduction of the original 2014 statutory corn-based ethanol blending volume requirements to approximately 13.0 billion gallons per year. This would be a reduction from the 2013 requirement of 13.8 billion gallons for corn-based ethanol, and the original 2014 volume per the statute of 14.4 billion gallons. Current ethanol production capacity is approximately 15.1 billion gallons per the RFA. The proposal was originally subject to a 60-day comment period and the EPA planned to release the final version of the 2014 Renewable Volume Obligations (“RVOs”) in June 2014, then extended the planned release date. On April 10, 2015, the EPA entered into a consent decree agreeing to a court-enforced timeline for establishing the RFS RVO numbers for 2014 and 2015. The proposed RVO numbers will be announced by June 1, 2015, and the final 2014 and 2015 RVO’s will be announced by November 30, 2015. The EPA has also committed to finalizing the 2016 RFS RVO numbers in 2015 as well, although this was not part of the consent decree. | |||
Ethanol has historically traded at a discount to gasoline; however, with the recent decline in gasoline prices, at times ethanol may trade at a premium to gasoline, causing a disincentive for discretionary blending of ethanol beyond the rates required to comply with the RFS. Consequently, there may be a negative impact on ethanol pricing and demand, which could result in a material adverse effect on our business, results of operations and financial condition. |
Inventories
Inventories | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | 2. Inventories | ||||||||
A summary of inventories is as follows (in thousands): | |||||||||
March 31, | September 30, | ||||||||
2015 | 2014 | ||||||||
Chemicals | $ | 533 | $ | 643 | |||||
Work in process | 907 | 768 | |||||||
Ethanol | 1,070 | 840 | |||||||
Distillers grain | 148 | 145 | |||||||
Supplies and parts | 1,716 | 1,650 | |||||||
Total | $ | 4,374 | $ | 4,046 | |||||
Property_and_Equipment
Property and Equipment | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | 3. Property and Equipment | ||||||||
A summary of property and equipment is as follows (in thousands): | |||||||||
March 31, | September 30, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 1,811 | $ | 1,811 | |||||
Buildings | 10,031 | 9,886 | |||||||
Process equipment | 106,625 | 103,833 | |||||||
Office equipment | 1,517 | 1,329 | |||||||
Construction in process | 35 | 1,022 | |||||||
120,019 | 117,881 | ||||||||
Accumulated depreciation | (73,678 | ) | (68,237 | ) | |||||
Property and equipment, net | $ | 46,341 | $ | 49,644 | |||||
Longterm_Debt
Long-term Debt | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Long-term Debt | 4. Long-term Debt | ||||||||||||||||
A summary of long-term debt is as follows (in thousands, except percentages): | |||||||||||||||||
March 31, | March 31, | September 30, | |||||||||||||||
2015 | 2015 | 2014 | |||||||||||||||
Interest Rate | |||||||||||||||||
ABE South Dakota: | |||||||||||||||||
Senior debt principal - variable | 4.27 | % | $ | 35,000 | $ | 40,000 | |||||||||||
Restructuring fee | N/A | 3,118 | 3,142 | ||||||||||||||
Additional carrying value of restructured debt | N/A | 1,445 | 2,421 | ||||||||||||||
Total outstanding | 39,563 | 45,563 | |||||||||||||||
Additional carrying value of restructured debt | N/A | (1,445 | ) | (2,421 | ) | ||||||||||||
Stated principal | $ | 38,118 | $ | 43,142 | |||||||||||||
The estimated maturities of debt at March 31 are as follows (in thousands): | |||||||||||||||||
Stated | Restructuring Fee | Amortization of | Total | ||||||||||||||
Principal | Additional Carrying | ||||||||||||||||
Value of | |||||||||||||||||
Restructured Debt | |||||||||||||||||
2016 | $ | 35,000 | $ | 3,118 | $ | 1,445 | $ | 39,563 | |||||||||
Total debt | $ | 35,000 | $ | 3,118 | $ | 1,445 | $ | 39,563 | |||||||||
Senior Credit Agreement for the South Dakota Plants | |||||||||||||||||
ABE South Dakota entered into an Amended and Restated Senior Credit Agreement (the “Senior Credit Agreement”), effective as of June 18, 2010, and amended on December 9, 2011, which was accounted for under troubled debt restructuring rules. The Senior Credit Agreement was executed among ABE South Dakota, the lenders from time to time party thereto, and an Administrative Agent and Collateral Agent. The Senior Credit Agreement converted the outstanding principal amount of the loans and certain other amounts under interest rate protection agreements to a senior term loan. The interest accrued on outstanding term and working capital loans under the previous credit agreement were reduced to zero. ABE South Dakota agreed to pay a $3.0 million restructuring fee to the lender due at the earlier of March 31, 2016 and the date on which the loans are repaid in full. ABE South Dakota recorded the restructuring fee as non-interest bearing debt on its consolidated balance sheets. See “Additional Carrying Value of Restructured Debt” below. | |||||||||||||||||
The principal amount of the term loan facility is payable in quarterly payments of $750,000, with the remaining principal amount fully due and payable on March 31, 2016. During the quarter ended March 31, 2015, ABE South Dakota made debt sweep payments totaling $250,000 in addition to its scheduled principal payment of $750,000. During the quarter ended December 31, 2014, ABE South Dakota made debt sweep payments totaling $3.25 million in addition to its scheduled principal payments of $750,000. ABE South Dakota also paid a waiver fee installment of $68,750 to the senior lenders during the quarter ended March 31, 2015. ABE South Dakota is obligated to pay a remaining waiver fee of $206,250, payable in equal installments over the next three quarterly periods. The Company has recorded this fee as non-interest bearing debt on its consolidated balance sheet and the fee, net of the unamortized discount of $88,520, is included in the Restructuring Fee category in the above Debt tables. | |||||||||||||||||
ABE South Dakota has the option to select the interest rate on the senior term loan between base rate and euro-dollar rates for maturities of one to six months. Base rate loans bear interest at the administrative agent’s base rate plus an applicable margin of 3.0%. Euro-dollar loans bear interest at LIBOR plus the applicable margin of 4.0%. As of March 31, 2015, ABE South Dakota had selected the LIBOR plus 4.0% rate for a period of one month. | |||||||||||||||||
ABE South Dakota’s obligations under the Senior Credit Agreement are secured by a first-priority security interest in the equity and assets of ABE South Dakota. | |||||||||||||||||
ABE South Dakota is allowed to make equity distributions (other than certain tax distributions) to ABE only upon ABE South Dakota meeting certain financial conditions and if there is no more than $25 million of principal outstanding on the senior term loan. Loans outstanding under the Senior Credit Agreement are subject to mandatory prepayment in certain circumstances, including, but not limited to, mandatory prepayments based upon receipt of certain proceeds of asset sales, casualty proceeds, termination payments, and cash flows. | |||||||||||||||||
The Senior Credit Agreement and the related loan documentation include, among other terms and conditions, limitations (subject to specified exclusions) on ABE South Dakota’s ability to make asset dispositions; merge or consolidate with or into another person or entity; create, incur, assume or be liable for indebtedness; create, incur or allow liens on any property or assets; make investments; declare or make specified restricted payments or dividends; enter into new material agreements; modify or terminate material agreements; enter into transactions with affiliates; change its line of business; and establish bank accounts. Substantially all cash of ABE South Dakota is required to be deposited into special, segregated project accounts subject to security interests to secure obligations in connection with the Senior Credit Agreement. The Senior Credit Agreement contains customary events of default and also includes an event of default for defaults on other indebtedness by ABE South Dakota and certain changes of control. | |||||||||||||||||
The Company believes that ABE South Dakota will be able to refinance its debt, or extend the maturity of that debt with its senior lenders or another lender, when the debt becomes due in March 2016. The Company is currently in discussions with outside lenders regarding refinancing the debt. | |||||||||||||||||
Additional Carrying Value of Restructured Debt | |||||||||||||||||
Since the future maximum undiscounted cash payments on the amended and restated senior credit facility (including principal, interest and the restructuring fee) exceeded the adjusted carrying value at the time of the restructuring, no gain for the forgiven interest was recorded, the carrying value was not adjusted and the modification of terms was accounted for on a prospective basis, via a new effective interest calculation, amortized over the life of the note, offsetting interest expense. | |||||||||||||||||
As a result of the debt sweep payments made during fiscal 2014 and the quarters ended December 31, 2014 and March 31, 2015, the carrying value of the debt exceeded the scheduled principal and interest payments remaining over the term of the loan. As a result of the prepayments made during the three and six months ended March 31, 2015, gains of approximately $11,000 and $183,000 were recognized as other income during the three and six months ended March 31, 2015, respectively. Since the remaining scheduled principal and interest payments are equal to the carrying amount, all remaining payments based on current interest rates will be treated as a reduction in the carrying value of debt. Accordingly, any additional prepayments will create additional gain recognition. | |||||||||||||||||
ABE Letter of Credit | |||||||||||||||||
The Company has a $1.5 million irrevocable and non-transferable standby letter of credit related to a rail car sublease. This letter of credit is collateralized by $1.5 million of cash in a restricted account, which has been classified as restricted cash. |
Major_Customers
Major Customers | 6 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||
Major Customers | 5. Major Customers | ||||||||||||
ABE South Dakota has marketing agreements (“Ethanol Marketing Agreements”) with NGL Energy Partners, LP (“NGL”), a diversified energy business. The Ethanol Marketing Agreements require that we sell to NGL all of the denatured fuel-grade ethanol produced at the South Dakota plants. The term of the Ethanol Marketing Agreements expires on June 30, 2016. | |||||||||||||
ABE South Dakota is party to a co-product marketing agreement with Dakotaland Feeds, LLC (“Dakotaland Feeds”), whereby Dakotaland Feeds markets the local sale of distillers’ grains produced at the ABE South Dakota Huron plant to third parties for an agreed-upon commission. ABE South Dakota has a marketing agreement with Gavilon to market the dried distillers’ grains from the Aberdeen plant through July 31, 2016. ABE South Dakota self-markets the wet distillers’ grains produced at the Aberdeen plant. | |||||||||||||
Sales and receivables from the ABE South Dakota’s major customers were as follows (in thousands): | |||||||||||||
As of and for | As of and for | As Of | |||||||||||
the Six | the Six | ||||||||||||
Months | Months | ||||||||||||
Ending | Ending | ||||||||||||
March 31, | March 31, | September 30, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
NGL Energy - Ethanol | |||||||||||||
Six months revenues | $ | 59,185 | $ | 78,366 | |||||||||
Receivable balance at period end | 3,426 | $ | 3,566 | ||||||||||
Gavilon - Distillers Grains | |||||||||||||
Six months revenues | $ | 7,857 | $ | 10,610 | |||||||||
Receivable balance at period end | 496 | $ | 341 | ||||||||||
Dakotaland Feeds - Distillers Grains | |||||||||||||
Six months revenues | $ | 6,040 | $ | 6,649 | |||||||||
Receivable balance at period end | 436 | $ | 168 |
Risk_Management
Risk Management | 6 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Risk Management | 6. Risk Management | ||||||||||||||
The Company is exposed to a variety of market risks, including the effects of changes in commodity prices and interest rates. These financial exposures are monitored and managed by the Company as an integral part of its overall risk management program. The Company’s risk management program seeks to reduce the potentially adverse effects that the volatility of these markets may have on its current and future operating results. To reduce these effects, the Company generally attempts to fix corn purchase prices and related sale prices of ethanol, distillers’ grains and corn oil, with forward purchase and sale contracts to lock in future operating margins. The Company had entered into the following fixed price forward contracts at March 31, 2015: | |||||||||||||||
Commodity | Type | Quantity | Amount (in 000’s) | Period Covered Through | |||||||||||
Ethanol | Sale | 2,822,400 gallons | $ | 3,841 | 30-Apr-15 | ||||||||||
Corn | Purchase | 520,000 bushels | 1,888 | 31-May-15 | |||||||||||
Distillers grains | Sale | 27,345 tons | 3,851 | September 30, 2015 | |||||||||||
Corn oil | Sale | 47,000 lbs | 12 | 30-Apr-15 | |||||||||||
Unrealized gains and losses on forward contracts, in which delivery has not occurred, are deemed “normal purchases and normal sales” and therefore are not marked to market in the financial statements. |
Parent_Financial_Statements
Parent Financial Statements | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||
Parent Financial Statements | 7. Parent Financial Statements | ||||||||||||||||
The following financial information represents the unconsolidated financial statements of Advanced BioEnergy, LLC (“ABE”) as of March 31, 2015 and September 30, 2014, and for the three and six months ended March 31, 2015 and 2014. ABE’s ability to receive distributions from ABE South Dakota is based on the terms and conditions in ABE South Dakota’s credit agreements. ABE South Dakota is allowed to make equity distributions (other than certain tax distributions) to ABE only upon ABE South Dakota meeting certain financial conditions and if there is no more than $25 million of principal outstanding on the senior term loan. There were no distributions from ABE South Dakota during the last three fiscal years. | |||||||||||||||||
Advanced BioEnergy, LLC (Unconsolidated) | |||||||||||||||||
Balance Sheets | |||||||||||||||||
(Unaudited) | |||||||||||||||||
March 31, | September 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,682 | $ | 8,988 | |||||||||||||
Restricted cash | 1,500 | 1,500 | |||||||||||||||
Prepaid expenses | 17 | 5 | |||||||||||||||
Total current assets | 10,199 | 10,493 | |||||||||||||||
Property and equipment, net | 272 | 340 | |||||||||||||||
Other assets: | |||||||||||||||||
Investment in ABE Fairmont | 99 | 109 | |||||||||||||||
Investment in ABE South Dakota | 24,406 | 24,363 | |||||||||||||||
Other assets | 32 | 32 | |||||||||||||||
Total assets | $ | 35,008 | $ | 35,337 | |||||||||||||
LIABILITIES AND MEMBERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Current liabilities, accrued expenses | $ | 756 | $ | 780 | |||||||||||||
Other liabilities | 36 | 50 | |||||||||||||||
Total liabilities | 792 | 830 | |||||||||||||||
Members’ equity: | |||||||||||||||||
Members’ capital, no par value, 25,410,851 units issued and outstanding | 48,638 | 48,638 | |||||||||||||||
Accumulated deficit | (14,422 | ) | (14,131 | ) | |||||||||||||
Total members’ equity | 34,216 | 34,507 | |||||||||||||||
Total liabilities and members’ equity | $ | 35,008 | $ | 35,337 | |||||||||||||
Advanced BioEnergy, LLC (Unconsolidated) | |||||||||||||||||
Statements of Operations | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
Equity in earnings (losses) of consolidated subsidiary | $ | (2,776 | ) | $ | 5,284 | $ | 33 | $ | 11,997 | ||||||||
Management fee income from subsidiary | — | 388 | — | 783 | |||||||||||||
Selling, general and administrative expenses | (224 | ) | (661 | ) | (335 | ) | (1,290 | ) | |||||||||
Operating income (loss) | (3,000 | ) | 5,011 | (302 | ) | 11,490 | |||||||||||
Other income | — | — | — | 12 | |||||||||||||
Interest income | 6 | 4 | 11 | 8 | |||||||||||||
Net Income (loss) | (2,994 | ) | 5,015 | (291 | ) | 11,510 | |||||||||||
Advanced BioEnergy, LLC (Unconsolidated) | |||||||||||||||||
Statements of Cash Flows | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Six Months Ended | |||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | (291 | ) | $ | 11,510 | ||||||||||||
Adjustments to reconcile net income (loss) to operating activities cash flows: | |||||||||||||||||
Depreciation | 68 | 78 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | (33 | ) | (11,997 | ) | |||||||||||||
Distributions from consolidated subsidiaries | — | 8,000 | |||||||||||||||
Gain on disposal of fixed assets | — | 6 | |||||||||||||||
Amortization of deferred revenue and rent | (14 | ) | (16 | ) | |||||||||||||
Change in working capital components: | |||||||||||||||||
Accounts receivable | — | (12 | ) | ||||||||||||||
Prepaid expenses | (12 | ) | (28 | ) | |||||||||||||
Accounts payable and accrued expenses | (24 | ) | 20 | ||||||||||||||
Net cash provided by (used in) operating activities | (306 | ) | 7,561 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchase of property and equipment | — | (79 | ) | ||||||||||||||
Net cash (used in) investing activities | — | (79 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Distribution to members | — | (7,877 | ) | ||||||||||||||
Net cash (used in) financing activities | — | (7,877 | ) | ||||||||||||||
Net (decrease) in cash and cash equivalents | (306 | ) | (395 | ) | |||||||||||||
Beginning cash and cash equivalents | 8,988 | 6,558 | |||||||||||||||
Ending cash and cash equivalents | $ | 8,682 | $ | 6,163 | |||||||||||||
Organization_and_Significant_A1
Organization and Significant Accounting Policies (Policies) | 6 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash | ||
The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s cash balances are maintained in bank depositories and periodically exceed federally insured limits. The Company has not experienced losses in these accounts. The Company segregates cash restricted for debt service and has classified these funds according to the future anticipated use of the funds. Restricted cash includes cash held for debt service under the terms of its debt agreements and a deposit for a rail car sublease. | |||
Receivables | Receivables | ||
Credit sales are made to a relatively small numbers of customers with no collateral required. Trade receivables are carried at original invoice amount less an estimate made for doubtful receivables based on a review of all outstanding amounts on a monthly basis. Management determines the allowance for doubtful accounts by regularly evaluating individual receivables and considering a customer’s financial condition, credit history and current economic conditions. Receivables are written off if deemed uncollectible. Recoveries of receivables previously written off are recorded when received. There was no allowance for doubtful accounts recorded at March 31, 2015 or September 30, 2014. | |||
Inventories | Inventories | ||
Chemicals and supplies, work in process, ethanol and distillers’ grains inventories are stated at the lower of weighted average cost or market. | |||
Property and Equipment | Property and Equipment | ||
Property and equipment is carried at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives: | |||
Office equipment | 3-7 Years | ||
Process equipment | 10 Years | ||
Buildings | 40 Years | ||
Maintenance and repairs are charged to expense as incurred; major improvements and betterments are capitalized. Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount on the asset group may not be recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows from operations are less than the carrying value of the asset group. An impairment loss would be measured by the amount by which the carrying value of the asset exceeds the estimated fair value on that date. | |||
Commodity Sales and Purchase Contracts, Derivative Instruments | Commodity Sales and Purchase Contracts, Derivative Instruments | ||
The Company currently does not enter into commodity futures and exchange-traded commodity options contracts for the sale of its products or purchases of its inputs. However, the Company does enter into forward sales contracts for ethanol, distillers grains and corn oil, and purchase contracts for corn and natural gas. The Company classifies these sales and purchase contracts as normal sales and purchase contracts and accordingly are not marked to market. These contracts provide for the sale or purchase of an item other than a financial instrument or derivative instrument that will be delivered in quantities expected to be sold or used over a reasonable period in the normal course of business. | |||
Revenue Recognition | Revenue Recognition | ||
Ethanol revenue is recognized when product title and all risk of ownership is transferred to the customer as specified in the contractual agreements with the marketers. Under the terms of the marketing agreements, revenue is recognized when product is loaded into rail cars or trucks for shipment. Revenue from the sale of co-products is recorded when title and all risk of ownership transfers to customers. Co-products are normally shipped free on board (“FOB”) shipping point. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to the marketers are deducted from the gross sale price at the time of payment. Interest income is recognized as earned. | |||
Income per Unit | Income per Unit | ||
Basic and diluted income per unit is computed using the weighted-average number of units outstanding during each period presented. | |||
Accounting Estimates | Accounting Estimates | ||
Management uses estimates and assumptions in preparing these financial statements in accordance with generally accepted accounting principles. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could differ from those estimates. | |||
Income Taxes | Income Taxes | ||
The Company has elected to be treated as a partnership for tax purposes and generally does not incur income taxes. Instead, the Company’s earnings and losses are included in the income tax returns of the members. Therefore, no provision or liability for federal or state income taxes has been included in these financial statements. The Company files income tax returns in the U.S. federal and various state jurisdictions. | |||
Risks and Uncertainties | Risks and Uncertainties | ||
The supply and demand for ethanol are impacted by federal and state legislation and regulation, most significantly the Renewable Fuels Standard (“RFS”), and any changes in legislation or regulation could cause the demand for ethanol to decline or its supply to increase, which could have a material adverse effect on our business, results of operations and financial condition, and the ability to operate at a profit. | |||
In November 2013, the EPA proposed a 9.7% reduction of the original 2014 statutory corn-based ethanol blending volume requirements to approximately 13.0 billion gallons per year. This would be a reduction from the 2013 requirement of 13.8 billion gallons for corn-based ethanol, and the original 2014 volume per the statute of 14.4 billion gallons. Current ethanol production capacity is approximately 15.1 billion gallons per the RFA. The proposal was originally subject to a 60-day comment period and the EPA planned to release the final version of the 2014 Renewable Volume Obligations (“RVOs”) in June 2014, then extended the planned release date. On April 10, 2015, the EPA entered into a consent decree agreeing to a court-enforced timeline for establishing the RFS RVO numbers for 2014 and 2015. The proposed RVO numbers will be announced by June 1, 2015, and the final 2014 and 2015 RVO’s will be announced by November 30, 2015. The EPA has also committed to finalizing the 2016 RFS RVO numbers in 2015 as well, although this was not part of the consent decree. | |||
Ethanol has historically traded at a discount to gasoline; however, with the recent decline in gasoline prices, at times ethanol may trade at a premium to gasoline, causing a disincentive for discretionary blending of ethanol beyond the rates required to comply with the RFS. Consequently, there may be a negative impact on ethanol pricing and demand, which could result in a material adverse effect on our business, results of operations and financial condition. |
Organization_and_Significant_A2
Organization and Significant Accounting Policies (Tables) | 6 Months Ended | ||
Mar. 31, 2015 | |||
Accounting Policies [Abstract] | |||
Estimated Useful Lives of Property and Equipment | Property and equipment is carried at cost less accumulated depreciation computed using the straight-line method over the estimated useful lives: | ||
Office equipment | 3-7 Years | ||
Process equipment | 10 Years | ||
Buildings | 40 Years |
Inventories_Tables
Inventories (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Summary of Inventories | A summary of inventories is as follows (in thousands): | ||||||||
March 31, | September 30, | ||||||||
2015 | 2014 | ||||||||
Chemicals | $ | 533 | $ | 643 | |||||
Work in process | 907 | 768 | |||||||
Ethanol | 1,070 | 840 | |||||||
Distillers grain | 148 | 145 | |||||||
Supplies and parts | 1,716 | 1,650 | |||||||
Total | $ | 4,374 | $ | 4,046 | |||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Summary of Property and Equipment | A summary of property and equipment is as follows (in thousands): | ||||||||
March 31, | September 30, | ||||||||
2015 | 2014 | ||||||||
Land | $ | 1,811 | $ | 1,811 | |||||
Buildings | 10,031 | 9,886 | |||||||
Process equipment | 106,625 | 103,833 | |||||||
Office equipment | 1,517 | 1,329 | |||||||
Construction in process | 35 | 1,022 | |||||||
120,019 | 117,881 | ||||||||
Accumulated depreciation | (73,678 | ) | (68,237 | ) | |||||
Property and equipment, net | $ | 46,341 | $ | 49,644 | |||||
Longterm_Debt_Tables
Long-term Debt (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Summary of Debt | A summary of long-term debt is as follows (in thousands, except percentages): | ||||||||||||||||
March 31, | March 31, | September 30, | |||||||||||||||
2015 | 2015 | 2014 | |||||||||||||||
Interest Rate | |||||||||||||||||
ABE South Dakota: | |||||||||||||||||
Senior debt principal - variable | 4.27 | % | $ | 35,000 | $ | 40,000 | |||||||||||
Restructuring fee | N/A | 3,118 | 3,142 | ||||||||||||||
Additional carrying value of restructured debt | N/A | 1,445 | 2,421 | ||||||||||||||
Total outstanding | 39,563 | 45,563 | |||||||||||||||
Additional carrying value of restructured debt | N/A | (1,445 | ) | (2,421 | ) | ||||||||||||
Stated principal | $ | 38,118 | $ | 43,142 | |||||||||||||
Schedule of Maturities of Long Term Debt | The estimated maturities of debt at March 31 are as follows (in thousands): | ||||||||||||||||
Stated | Restructuring Fee | Amortization of | Total | ||||||||||||||
Principal | Additional Carrying | ||||||||||||||||
Value of | |||||||||||||||||
Restructured Debt | |||||||||||||||||
2016 | $ | 35,000 | $ | 3,118 | $ | 1,445 | $ | 39,563 | |||||||||
Total debt | $ | 35,000 | $ | 3,118 | $ | 1,445 | $ | 39,563 | |||||||||
Major_Customers_Tables
Major Customers (Tables) | 6 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Risks and Uncertainties [Abstract] | |||||||||||||
Sales and Receivables | Sales and receivables from the ABE South Dakota’s major customers were as follows (in thousands): | ||||||||||||
As of and for | As of and for | As Of | |||||||||||
the Six | the Six | ||||||||||||
Months | Months | ||||||||||||
Ending | Ending | ||||||||||||
March 31, | March 31, | September 30, | |||||||||||
2015 | 2014 | 2014 | |||||||||||
NGL Energy - Ethanol | |||||||||||||
Six months revenues | $ | 59,185 | $ | 78,366 | |||||||||
Receivable balance at period end | 3,426 | $ | 3,566 | ||||||||||
Gavilon - Distillers Grains | |||||||||||||
Six months revenues | $ | 7,857 | $ | 10,610 | |||||||||
Receivable balance at period end | 496 | $ | 341 | ||||||||||
Dakotaland Feeds - Distillers Grains | |||||||||||||
Six months revenues | $ | 6,040 | $ | 6,649 | |||||||||
Receivable balance at period end | 436 | $ | 168 |
Risk_Management_Tables
Risk Management (Tables) | 6 Months Ended | ||||||||||||||
Mar. 31, 2015 | |||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||
Fixed Price Forward Contracts | The Company had entered into the following fixed price forward contracts at March 31, 2015: | ||||||||||||||
Commodity | Type | Quantity | Amount (in 000’s) | Period Covered Through | |||||||||||
Ethanol | Sale | 2,822,400 gallons | $ | 3,841 | 30-Apr-15 | ||||||||||
Corn | Purchase | 520,000 bushels | 1,888 | 31-May-15 | |||||||||||
Distillers grains | Sale | 27,345 tons | 3,851 | September 30, 2015 | |||||||||||
Corn oil | Sale | 47,000 lbs | 12 | 30-Apr-15 |
Parent_Financial_Statements_Ta
Parent Financial Statements (Tables) | 6 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||
Balance Sheets | Advanced BioEnergy, LLC (Unconsolidated) | ||||||||||||||||
Balance Sheets | |||||||||||||||||
(Unaudited) | |||||||||||||||||
March 31, | September 30, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 8,682 | $ | 8,988 | |||||||||||||
Restricted cash | 1,500 | 1,500 | |||||||||||||||
Prepaid expenses | 17 | 5 | |||||||||||||||
Total current assets | 10,199 | 10,493 | |||||||||||||||
Property and equipment, net | 272 | 340 | |||||||||||||||
Other assets: | |||||||||||||||||
Investment in ABE Fairmont | 99 | 109 | |||||||||||||||
Investment in ABE South Dakota | 24,406 | 24,363 | |||||||||||||||
Other assets | 32 | 32 | |||||||||||||||
Total assets | $ | 35,008 | $ | 35,337 | |||||||||||||
LIABILITIES AND MEMBERS’ EQUITY | |||||||||||||||||
Liabilities: | |||||||||||||||||
Current liabilities, accrued expenses | $ | 756 | $ | 780 | |||||||||||||
Other liabilities | 36 | 50 | |||||||||||||||
Total liabilities | 792 | 830 | |||||||||||||||
Members’ equity: | |||||||||||||||||
Members’ capital, no par value, 25,410,851 units issued and outstanding | 48,638 | 48,638 | |||||||||||||||
Accumulated deficit | (14,422 | ) | (14,131 | ) | |||||||||||||
Total members’ equity | 34,216 | 34,507 | |||||||||||||||
Total liabilities and members’ equity | $ | 35,008 | $ | 35,337 | |||||||||||||
Statements of Operations | Advanced BioEnergy, LLC (Unconsolidated) | ||||||||||||||||
Statements of Operations | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
March 31, | March 31, | March 31, | March 31, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
Equity in earnings (losses) of consolidated subsidiary | $ | (2,776 | ) | $ | 5,284 | $ | 33 | $ | 11,997 | ||||||||
Management fee income from subsidiary | — | 388 | — | 783 | |||||||||||||
Selling, general and administrative expenses | (224 | ) | (661 | ) | (335 | ) | (1,290 | ) | |||||||||
Operating income (loss) | (3,000 | ) | 5,011 | (302 | ) | 11,490 | |||||||||||
Other income | — | — | — | 12 | |||||||||||||
Interest income | 6 | 4 | 11 | 8 | |||||||||||||
Net Income (loss) | (2,994 | ) | 5,015 | (291 | ) | 11,510 | |||||||||||
Statements of Cash Flows | Advanced BioEnergy, LLC (Unconsolidated) | ||||||||||||||||
Statements of Cash Flows | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Six Months Ended | |||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2015 | 2014 | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||
Net income (loss) | $ | (291 | ) | $ | 11,510 | ||||||||||||
Adjustments to reconcile net income (loss) to operating activities cash flows: | |||||||||||||||||
Depreciation | 68 | 78 | |||||||||||||||
Equity in earnings of consolidated subsidiaries | (33 | ) | (11,997 | ) | |||||||||||||
Distributions from consolidated subsidiaries | — | 8,000 | |||||||||||||||
Gain on disposal of fixed assets | — | 6 | |||||||||||||||
Amortization of deferred revenue and rent | (14 | ) | (16 | ) | |||||||||||||
Change in working capital components: | |||||||||||||||||
Accounts receivable | — | (12 | ) | ||||||||||||||
Prepaid expenses | (12 | ) | (28 | ) | |||||||||||||
Accounts payable and accrued expenses | (24 | ) | 20 | ||||||||||||||
Net cash provided by (used in) operating activities | (306 | ) | 7,561 | ||||||||||||||
Cash flows from investing activities: | |||||||||||||||||
Purchase of property and equipment | — | (79 | ) | ||||||||||||||
Net cash (used in) investing activities | — | (79 | ) | ||||||||||||||
Cash flows from financing activities: | |||||||||||||||||
Distribution to members | — | (7,877 | ) | ||||||||||||||
Net cash (used in) financing activities | — | (7,877 | ) | ||||||||||||||
Net (decrease) in cash and cash equivalents | (306 | ) | (395 | ) | |||||||||||||
Beginning cash and cash equivalents | 8,988 | 6,558 | |||||||||||||||
Ending cash and cash equivalents | $ | 8,682 | $ | 6,163 | |||||||||||||
Organization_and_Significant_A3
Organization and Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | |
Nov. 30, 2013 | Mar. 31, 2015 | Sep. 30, 2014 | |
gal | |||
Facility | |||
Organization And Significant Accounting Policies [Line Items] | |||
Number of ethanol production facilities | 3 | ||
Cash and cash equivalents maturity period | Three months or less | ||
Allowance for doubtful accounts | $0 | $0 | |
Reduction of percentage in proposed volume requirement | 9.70% | ||
Reduction in volume requirement, comment period | 60 days | ||
Current ethanol production capacity | 15,100,000,000 | ||
Proposed Ethanol (Gallons) [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Proposed volume requirement | 13,000,000,000 | ||
Prior Year Ethanol (Gallons) [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Volume requirement | 13,800,000,000 | ||
Original Ethanol (Gallons) [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Original volume requirement | 14,400,000,000 | ||
South Dakota [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Capacity of production facilities | 85,000,000 | ||
Aberdeen 1 [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Capacity of production facilities | 9,000,000 | ||
Huron [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Capacity of production facilities | 32,000,000 | ||
Aberdeen 2 [Member] | |||
Organization And Significant Accounting Policies [Line Items] | |||
Capacity of production facilities | 44,000,000 |
Organization_and_Significant_A4
Organization and Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail) | 6 Months Ended |
Mar. 31, 2015 | |
Process Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Minimum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 years |
Maximum [Member] | Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 7 years |
Inventories_Summary_of_Invento
Inventories - Summary of Inventories (Detail) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Summary of inventories | ||
Chemicals | $533 | $643 |
Work in process | 907 | 768 |
Ethanol | 1,070 | 840 |
Distillers grain | 148 | 145 |
Supplies and parts | 1,716 | 1,650 |
Total | $4,374 | $4,046 |
Property_and_Equipment_Summary
Property and Equipment - Summary of Property and Equipment (Detail) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $120,019 | $117,881 |
Accumulated depreciation | -73,678 | -68,237 |
Property and equipment, net | 46,341 | 49,644 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,811 | 1,811 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 10,031 | 9,886 |
Process Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 106,625 | 103,833 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,517 | 1,329 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $35 | $1,022 |
Longterm_Debt_Summary_of_Debt_
Long-term Debt - Summary of Debt (Detail) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Additional carrying value of restructured debt | $1,445 | $2,421 |
Total long-term debt | 39,563 | 45,563 |
Stated principal | 38,118 | 43,142 |
ABE South Dakota [Member] | ||
Debt Instrument [Line Items] | ||
Restructuring fee | 3,118 | 3,142 |
Additional carrying value of restructured debt | 1,445 | 2,421 |
Total long-term debt | 39,563 | 45,563 |
ABE South Dakota [Member] | Senior Debt Principal - Variable [Member] | ||
Debt Instrument [Line Items] | ||
Interest Rate variable | 4.27% | |
Total long-term debt | $35,000 | $40,000 |
Longterm_Debt_Schedule_of_Matu
Long-term Debt - Schedule of Maturities of Long Term Debt (Detail) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule Of Maturities Of Long Term Debt [Line Items] | ||
Senior Debt Principal | $35,000 | |
Restructuring Fee Payable | 3,118 | |
Amortization of Additional Carrying Value of Restructured Debt | 1,445 | 2,421 |
Total | 39,563 | 45,563 |
2016 [Member] | ||
Schedule Of Maturities Of Long Term Debt [Line Items] | ||
Senior Debt Principal | 35,000 | |
Restructuring Fee Payable | 3,118 | |
Amortization of Additional Carrying Value of Restructured Debt | 1,445 | |
Total | $39,563 |
Longterm_Debt_Additional_Infor
Long-term Debt - Additional Information (Detail) (USD $) | 6 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jun. 18, 2010 | |
Debt Instrument [Line Items] | ||||
Restructuring fee paid to the lenders | $3,118,000 | $3,118,000 | ||
Reduction in accrued interest payable | The interest accrued on outstanding term and working capital loans under the previous credit agreement were reduced to zero | |||
Debt service | 0 | |||
Principal amount of term loan payable | 750,000 | |||
Senior term loan maturity period, Start Range | 1 month | |||
Senior term loan maturity period, End Range | 6 months | |||
Maximum loan limit for dividend payments | 25,000,000 | |||
Standby Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Irrevocable and non-transferable standby letter of credit | 1,500,000 | 1,500,000 | ||
Restricted account collateral for letter of credit | 1,500,000 | 1,500,000 | ||
ABE South Dakota [Member] | ||||
Debt Instrument [Line Items] | ||||
Restructuring fee paid to the lenders | 3,000,000 | 3,000,000 | ||
Principal amount of term loan payable | 750,000 | 750,000 | ||
Debt sweep payment | 250,000 | 3,250,000 | ||
Fee to senior lenders | 68,750 | |||
Remaining waiver fee | 206,250 | 206,250 | ||
Debt instrument, unamortized discount | 88,520 | 88,520 | ||
Debt instrument interest percentage | 4.00% | 4.00% | ||
Interest rate description | LIBOR plus 4.0% | |||
Maximum loan limit for dividend payments | 25,000,000 | |||
ABE South Dakota [Member] | Eurodollar Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate description | LIBOR plus the applicable margin of 4.0% | |||
ABE South Dakota [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest percentage | 3.00% | 3.00% | ||
ABE South Dakota [Member] | London Interbank Offered Rate (LIBOR) [Member] | Eurodollar Rate Loans [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest percentage | 4.00% | 4.00% | ||
Other Income [Member] | ||||
Debt Instrument [Line Items] | ||||
Recognized gains from the Debt | $183,000,000 | $11,000,000 |
Major_Customers_Additional_Inf
Major Customers - Additional Information (Detail) (ABE South Dakota [Member]) | 6 Months Ended |
Mar. 31, 2015 | |
Ethanol Marketing Agreements [Member] | |
Revenue, Major Customer [Line Items] | |
Agreement expiration date | 30-Jun-16 |
Co-product Marketing Agreement [Member] | |
Revenue, Major Customer [Line Items] | |
Agreement expiration date | 31-Jul-16 |
Major_Customers_Sales_and_Rece
Major Customers - Sales and Receivables (Detail) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Sep. 30, 2014 |
NGL Energy Ethanol [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | $59,185 | $78,366 | |
Receivable balance at period end | 3,426 | 3,566 | |
Gavilon Distillers Grains [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 7,857 | 10,610 | |
Receivable balance at period end | 496 | 341 | |
Dakotaland Feeds Distillers Grains [Member] | |||
Revenue, Major Customer [Line Items] | |||
Revenues | 6,040 | 6,649 | |
Receivable balance at period end | $436 | $168 |
Risk_Management_Fixed_Price_Fo
Risk Management - Fixed Price Forward Contracts (Detail) (Forward Contracts [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
gal | |
Ethanol (Gallons) [Member] | Short [Member] | |
Derivative [Line Items] | |
Forward contracts, Quantity | 2,822,400 |
Forward contracts, Amount | $3,841 |
Forward contracts, Period Covered Through | 30-Apr-15 |
Corn (Bushels) [Member] | Long [Member] | |
Derivative [Line Items] | |
Forward contracts, Quantity | 520,000 |
Forward contracts, Amount | 1,888 |
Forward contracts, Period Covered Through | 31-May-15 |
Distillers Grains (Tons) [Member] | Short [Member] | |
Derivative [Line Items] | |
Forward contracts, Quantity | 27,345 |
Forward contracts, Amount | 3,851 |
Forward contracts, Period Covered Through | 30-Sep-15 |
Corn Oil (Pounds) [Member] | Short [Member] | |
Derivative [Line Items] | |
Forward contracts, Quantity | 47,000 |
Forward contracts, Amount | $12 |
Forward contracts, Period Covered Through | 30-Apr-15 |
Parent_Financial_Statements_Ad
Parent Financial Statements - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2015 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | |
Maximum principal outstanding on senior term loan for equity distribution | $25,000,000 | |||
ABE South Dakota [Member] | ||||
Maximum principal outstanding on senior term loan for equity distribution | 25,000,000 | |||
Distributions from subsidiaries | $0 | $0 | $0 |
Parent_Financial_Statements_Ba
Parent Financial Statements - Balance Sheets (Detail) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Current assets: | ||||
Cash and cash equivalents | $20,192 | $21,982 | $25,375 | $27,796 |
Restricted cash | 4,744 | 5,945 | ||
Prepaid expenses | 1,027 | 682 | ||
Total current assets | 34,954 | 36,922 | ||
Property and equipment, net | 46,341 | 49,644 | ||
Other assets: | ||||
Other assets | 984 | 1,051 | ||
Total assets | 82,279 | 87,617 | ||
Liabilities: | ||||
Current liabilities, accrued expenses | 2,684 | 3,234 | ||
Other liabilities | 36 | 50 | ||
Total liabilities | 48,063 | 53,110 | ||
Members' equity: | ||||
Members' capital, no par value, 25,410,851 units issued | 48,638 | 48,638 | ||
Accumulated deficit | -14,422 | -14,131 | ||
Total members' equity | 34,216 | 34,507 | ||
Total liabilities and members' equity | 82,279 | 87,617 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 8,682 | 8,988 | 6,163 | 6,558 |
Restricted cash | 1,500 | 1,500 | ||
Prepaid expenses | 17 | 5 | ||
Total current assets | 10,199 | 10,493 | ||
Property and equipment, net | 272 | 340 | ||
Other assets: | ||||
Other assets | 32 | 32 | ||
Total assets | 35,008 | 35,337 | ||
Liabilities: | ||||
Current liabilities, accrued expenses | 756 | 780 | ||
Other liabilities | 36 | 50 | ||
Total liabilities | 792 | 830 | ||
Members' equity: | ||||
Members' capital, no par value, 25,410,851 units issued | 48,638 | 48,638 | ||
Accumulated deficit | -14,422 | -14,131 | ||
Total members' equity | 34,216 | 34,507 | ||
Total liabilities and members' equity | 35,008 | 35,337 | ||
ABE Fairmont [Member] | Parent Company [Member] | ||||
Other assets: | ||||
Investment in ABE | 99 | 109 | ||
ABE South Dakota [Member] | Parent Company [Member] | ||||
Other assets: | ||||
Investment in ABE | $24,406 | $24,363 |
Parent_Financial_Statements_Ba1
Parent Financial Statements - Balance Sheets (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Sep. 30, 2014 |
Members' capital, par value | ||
Members' capital, units issued | 25,410,851 | 25,410,851 |
Members' capital, units outstanding | 25,410,851 | 25,410,851 |
Parent Company [Member] | ||
Members' capital, par value | ||
Members' capital, units issued | 25,410,851 | 25,410,851 |
Members' capital, units outstanding | 25,410,851 | 25,410,851 |
Parent_Financial_Statements_St
Parent Financial Statements - Statements of Operations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
Selling, general and administrative expenses | ($889) | ($1,224) | ($1,640) | ($2,308) |
Operating income (loss) | -2,998 | 5,064 | -469 | 12,119 |
Other income | 32 | 121 | 234 | 28 |
Net Income (loss) | -2,994 | 5,015 | -291 | 11,510 |
Parent Company [Member] | ||||
Equity in earnings (losses) of consolidated subsidiary | -2,776 | 5,284 | 33 | 11,997 |
Management fee income from subsidiary | 388 | 783 | ||
Selling, general and administrative expenses | -224 | -661 | -335 | -1,290 |
Operating income (loss) | -3,000 | 5,011 | -302 | 11,490 |
Other income | 12 | |||
Interest income | 6 | 4 | 11 | 8 |
Net Income (loss) | ($2,994) | $5,015 | ($291) | $11,510 |
Parent_Financial_Statements_St1
Parent Financial Statements - Statements of Cash Flows (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income (loss) | ($291) | $11,510 |
Adjustments to reconcile net income (loss) to operating activities cash flows: | ||
Depreciation | 5,470 | 5,422 |
Amortization of deferred revenue and rent | -14 | -15 |
Change in working capital components: | ||
Accounts receivable | -350 | 608 |
Prepaid expenses | -345 | -228 |
Accounts payable and accrued expenses | -550 | -200 |
Net cash provided by (used in) operating activities | 4,283 | 14,383 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -2,272 | -389 |
Net cash (used in) investing activities | -1,004 | -3,045 |
Cash flows from financing activities: | ||
Distribution to members | -7,877 | |
Net cash (used in) financing activities | -5,069 | -13,759 |
Net (decrease) in cash and cash equivalents | -1,790 | -2,421 |
Beginning cash and cash equivalents | 21,982 | 27,796 |
Ending cash and cash equivalents | 20,192 | 25,375 |
Parent Company [Member] | ||
Cash flows from operating activities: | ||
Net income (loss) | -291 | 11,510 |
Adjustments to reconcile net income (loss) to operating activities cash flows: | ||
Depreciation | 68 | 78 |
Equity in earnings of consolidated subsidiaries | -33 | -11,997 |
Distributions from consolidated subsidiaries | 8,000 | |
Gain on disposal of fixed assets | 6 | |
Amortization of deferred revenue and rent | -14 | -16 |
Change in working capital components: | ||
Accounts receivable | -12 | |
Prepaid expenses | -12 | -28 |
Accounts payable and accrued expenses | -24 | 20 |
Net cash provided by (used in) operating activities | -306 | 7,561 |
Cash flows from investing activities: | ||
Purchase of property and equipment | -79 | |
Net cash (used in) investing activities | -79 | |
Cash flows from financing activities: | ||
Distribution to members | -7,877 | |
Net cash (used in) financing activities | -7,877 | |
Net (decrease) in cash and cash equivalents | -306 | -395 |
Beginning cash and cash equivalents | 8,988 | 6,558 |
Ending cash and cash equivalents | $8,682 | $6,163 |