Exhibit 99.1
SunCoke Energy Partners, L.P.
Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
(Dollars and units in millions, except per unit amounts) | ||||||||||||||||
Revenues | ||||||||||||||||
Sales and other operating revenue | $ | 243.8 | $ | 224.1 | $ | 721.1 | $ | 667.5 | ||||||||
Costs and operating expenses | ||||||||||||||||
Cost of products sold and operating expenses | 180.6 | 162.2 | 544.9 | 484.3 | ||||||||||||
Selling, general and administrative expenses | 6.6 | 7.8 | 27.8 | 24.7 | ||||||||||||
Depreciation and amortization expense | 25.8 | 23.1 | 82.2 | 64.8 | ||||||||||||
Long-lived asset and goodwill impairment | 247.4 | — | 247.4 | — | ||||||||||||
Total costs and operating expenses | 460.4 | 193.1 | 902.3 | 573.8 | ||||||||||||
Operating (loss) income | (216.6 | ) | 31.0 | (181.2 | ) | 93.7 | ||||||||||
Interest expense, net | 14.3 | 14.9 | 43.3 | 44.9 | ||||||||||||
Gain on extinguishment of debt, net | (1.9 | ) | — | (1.9 | ) | — | ||||||||||
(Loss) income before income tax expense (benefit) | (229.0 | ) | 16.1 | (222.6 | ) | 48.8 | ||||||||||
Income tax expense (benefit) | 1.5 | 0.4 | (87.8 | ) | 1.0 | |||||||||||
Net (loss) income | (230.5 | ) | 15.7 | (134.8 | ) | 47.8 | ||||||||||
Less: Net income attributable to noncontrolling interests | 0.5 | 0.4 | 3.0 | 1.5 | ||||||||||||
Net (loss) income attributable to SunCoke Energy Partners, L.P. | $ | (231.0 | ) | $ | 15.3 | $ | (137.8 | ) | $ | 46.3 | ||||||
General partner's interest in net (loss) income | $ | (4.6 | ) | $ | 0.4 | $ | (2.8 | ) | $ | 1.0 | ||||||
Limited partners' interest in net (loss) income | $ | (226.4 | ) | $ | 14.9 | $ | (135.0 | ) | $ | 45.3 | ||||||
Net income per common unit (basic and diluted) | $ | (4.90 | ) | $ | 0.32 | $ | (2.92 | ) | $ | 0.98 | ||||||
Weighted average common units outstanding (basic and diluted) | 46.2 | 46.2 | 46.2 | 46.2 |
SunCoke Energy Partners, L.P.
Consolidated Balance Sheets
September 30, 2019 | December 31, 2018 | |||||||
(Unaudited) | ||||||||
(Dollars in millions) | ||||||||
Assets | ||||||||
Cash | $ | 11.7 | $ | 12.6 | ||||
Receivables, net | 36.6 | 48.8 | ||||||
Receivables from affiliate, net | 6.9 | 3.1 | ||||||
Inventories | 107.0 | 79.0 | ||||||
Other current assets | 2.0 | 1.0 | ||||||
Total current assets | 164.2 | 144.5 | ||||||
Properties, plants and equipment (net of accumulated depreciation of $541.1 million and $499.9 million at September 30, 2019 and December 31, 2018, respectively) | 1,153.0 | 1,245.1 | ||||||
Goodwill | — | 73.5 | ||||||
Other intangible assets, net | 34.8 | 155.8 | ||||||
Deferred charges and other assets | 4.7 | 0.2 | ||||||
Total assets | $ | 1,356.7 | $ | 1,619.1 | ||||
Liabilities and Equity | ||||||||
Accounts payable | $ | 65.5 | $ | 68.8 | ||||
Accrued liabilities | 14.6 | 13.5 | ||||||
Deferred revenue | 2.1 | 3.0 | ||||||
Current portion of long-term debt and financing obligation | 2.9 | 2.8 | ||||||
Interest payable | 14.4 | 3.2 | ||||||
Total current liabilities | 99.5 | 91.3 | ||||||
Long-term debt and financing obligation | 639.5 | 793.3 | ||||||
Deferred income taxes | 28.0 | 115.7 | ||||||
Other deferred credits and liabilities | 12.2 | 12.1 | ||||||
Total liabilities | 779.2 | 1,012.4 | ||||||
Equity | ||||||||
Held by public: | ||||||||
Common units (no issued units at September 30, 2019 and issued 17,727,249 units at December 31, 2018) | — | 194.1 | ||||||
Held by parent: | ||||||||
Common units (issued 46,227,148 units at September 30, 2019 and 28,499,899 units at December 31, 2018) | 511.9 | 351.6 | ||||||
General partner's interest | 52.5 | 49.3 | ||||||
Partners' capital attributable to SunCoke Energy Partners, L.P. | 564.4 | 595.0 | ||||||
Noncontrolling interest | 13.1 | 11.7 | ||||||
Total equity | 577.5 | 606.7 | ||||||
Total liabilities and equity | $ | 1,356.7 | $ | 1,619.1 |
SunCoke Energy Partners, L.P.
Consolidated Statements of Cash Flows
(Unaudited)
Nine Months Ended September 30, | ||||||||
2019 | 2018 | |||||||
(Dollars in millions) | ||||||||
Cash Flows from Operating Activities: | ||||||||
Net (loss) income | $ | (134.8 | ) | $ | 47.8 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Long-lived asset and goodwill impairment | 247.4 | — | ||||||
Depreciation and amortization expense | 82.2 | 64.8 | ||||||
Deferred income tax expense | (87.7 | ) | 1.1 | |||||
Gain on extinguishment of debt, net | (1.9 | ) | — | |||||
Changes in working capital pertaining to operating activities: | ||||||||
Receivables, net | 12.2 | (11.0 | ) | |||||
Receivables/payables from affiliate, net | (3.8 | ) | 5.1 | |||||
Inventories | (28.0 | ) | (2.7 | ) | ||||
Accounts payable | 0.1 | 30.3 | ||||||
Accrued liabilities | 0.6 | (1.4 | ) | |||||
Deferred revenue | (0.9 | ) | 0.9 | |||||
Interest payable | 11.2 | 12.3 | ||||||
Other | (2.1 | ) | 0.8 | |||||
Net cash provided by operating activities | 94.5 | 148.0 | ||||||
Cash Flows from Investing Activities: | ||||||||
Capital expenditures | (46.6 | ) | (44.4 | ) | ||||
Other | 0.2 | — | ||||||
Net cash used in investing activities | (46.4 | ) | (44.4 | ) | ||||
Cash Flows from Financing Activities: | ||||||||
Repayment of long-term debt | (46.6 | ) | — | |||||
Repayment of financing obligation | (2.1 | ) | (1.9 | ) | ||||
Proceeds from revolving credit facility | 204.5 | 127.2 | ||||||
Repayment of revolving credit facility | (309.5 | ) | (152.2 | ) | ||||
Distributions to unitholders (public and parent) | (37.8 | ) | (67.2 | ) | ||||
Distributions to noncontrolling interest (SunCoke Energy, Inc.) | (1.6 | ) | (1.9 | ) | ||||
Capital contributions from SunCoke | 145.0 | 10.0 | ||||||
Other financing activities | (0.9 | ) | — | |||||
Net cash used in financing activities | (49.0 | ) | (86.0 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (0.9 | ) | 17.6 | |||||
Cash and cash equivalents at beginning of period | 12.6 | 6.6 | ||||||
Cash and cash equivalents at end of period | $ | 11.7 | $ | 24.2 | ||||
Supplemental Disclosure of Cash Flow Information | ||||||||
Interest paid, net of capitalized interest of $2.3 million and $2.2 million, respectively | $ | 29.7 | $ | 30.1 | ||||
Income taxes paid | $ | 1.8 | $ | 2.9 |