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Alliance Resource Partners - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

Alliance Resource Partners (ISIN: US01877R1086, WKN: 925301) Kursdatum: 21.07.2017 Kurs: 19,950 USD
Beschreibung Daten
Symbol ARLP
Marktkapitalisierung 1.476.300.032,00 USD
Land Vereinigte Staaten von Amerika
Indizes NASDAQ Comp.
Sektor Grundstoffe
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 2014-06-17 - 2:1 | 2005-09-16 - 2:1 |
Internet
Letztes Bilanz Update 24.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
2,41 2,10 9,98% 11,74 49,84 5,73 0,76 1,35

Firmenbeschreibung

 

 

 

 

 

23.SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

 

 

 

 

 

A summary of our consolidated quarterly operating results in 2015 and 2014 is as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,2015

 

 

 

 

 

 

 

June 30,2015

 

 

 

 

 

 

 

September 30,2015 (1)

 

 

 

 

 

 

 

December 31,2015 (1)

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except unit and per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

$

 

560,416

 

 

 

 

 

 

 

$

 

604,720

 

 

 

 

 

 

 

$

 

566,445

 

 

 

 

 

 

 

$

 

542,152

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

123,470

 

 

 

 

 

124,530

 

 

 

 

 

107,217

 

 

 

 

 

6,212

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

 

 

106,465

 

 

 

 

 

94,864

 

 

 

 

 

83,384

 

 

 

 

 

21,479

 

 

 

 

 

 

 

 

 

Net income of ARLP

 

 

 

 

 

106,480

 

 

 

 

 

94,864

 

 

 

 

 

83,379

 

 

 

 

 

21,475

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income of ARLP per limited partner unit

 

 

 

 

 

 

 

$

 

0.92

 

 

 

 

 

 

 

$

 

0.76

 

 

 

 

 

 

 

$

 

0.61

 

 

 

 

 

 

 

$

 

(0.19)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of units outstanding – basic and diluted

 

 

 

 

 

74,130,405

 

 

 

 

 

74,188,784

 

 

 

 

 

74,188,784

 

 

 

 

 

74,188,784

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,2014

 

 

 

 

 

 

 

June 30,2014 (1)

 

 

 

 

 

 

 

September 30,2014

 

 

 

 

 

 

 

December 31,2014

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands, except unit and per unit data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

 

 

 

 

 

 

$

 

542,038

 

 

 

 

 

 

 

$

 

598,562

 

 

 

 

 

 

 

$

 

569,328

 

 

 

 

 

 

 

$

 

590,793

 

 

 

 

 

 

 

 

 

Income from operations

 

 

 

 

 

129,513

 

 

 

 

 

153,034

 

 

 

 

 

127,513

 

 

 

 

 

134,148

 

 

 

 

 

 

 

 

 

Income before income taxes

 

 

 

 

 

115,904

 

 

 

 

 

137,653

 

 

 

 

 

119,978

 

 

 

 

 

123,678

 

 

 

 

 

 

 

 

 

Net income of ARLP

 

 

 

 

 

115,904

 

 

 

 

 

137,653

 

 

 

 

 

119,978

 

 

 

 

 

123,694

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net income of ARLP per limited partner unit

 

 

 

 

 

 

 

$

 

1.10

 

 

 

 

 

 

 

$

 

1.37

 

 

 

 

 

 

 

$

 

1.13

 

 

 

 

 

 

 

$

 

1.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average number of units outstanding – basic and diluted

 

 

 

 

 

73,994,866

 

 

 

 

 

74,060,634

 

 

 

 

 

74,060,634

 

 

 

 

 

74,060,634

 

 

 

 

 

 

 

 

 

 

 

 

(1)

 

 

 

The comparability of our December 31, 2015 quarterly results to other quarters presented was affected by $89.4 million of asset impairment charges relating to our Onton mine, MC Mining mine and a surrendered lease (Note 4 - Long-Lived Asset Impairments), which was partially offset by a $22.5 million net gain relating to final business combination accounting for the Hamilton Acquisition (Note 3 – Acquisitions).  An impairment charge of $10.7 million impacted the comparability of our September 30, 2015 quarterly results to other quarters presented.  The comparability of our June 30, 2014 quarterly results to other quarters presented was affected by a $7.0 million insurance settlement related to adverse geological events at the Onton mine in 2013 and a gain of $4.4 million recognized on the sale of Pontiki’s assets.

 

Firmenstrategie

 

 

 

 

 

Consolidation—The accompanying consolidated financial statements present the consolidated financial position, results of operations and cash flows of ARLP, its subsidiary the Intermediate Partnership (a variable interest entity of which ARLP is the primary beneficiary), Alliance Coal (a variable interest entity of which the Intermediate Partnership is the primary beneficiary) and other directly and indirectly wholly- and majority-owned subsidiaries of the Intermediate Partnership and Alliance Coal.  The Intermediate Partnership, Alliance Coal and their wholly- and majority-owned subsidiaries represent virtually all the net assets of ARLP. MGP’s interests in both Alliance Coal and the Intermediate Partnership and SGP’s 0.01% interest in the Intermediate Partnership are reported as part of the overall two percent general partner interest in ARLP.  MGP’s incentive distribution rights in ARLP are also reported with the general partner interest in ARLP.  All intercompany transactions have been eliminated.  See Note 11 – Variable Interest Entities for more information regarding ARLP’s consolidation of the Intermediate Partnership and Alliance Coal.    See Note 9 – Distributions of Available Cash for more information regarding MGP’s incentive distribution rights.

 

 

RevenueRecognitionPolicyTextBlock

 

 

 

Revenue Recognition—Revenues from coal sales are recognized when title passes to the customer as the coal is shipped. Some coal supply agreements provide for price adjustments based on variations in quality characteristics of the coal shipped. In certain cases, a customer’s analysis of the coal quality is binding and the results of the analysis are received on a delayed basis. In these cases, we estimate the amount of the quality adjustment and adjust the estimate to actual when the information is provided by the customer. Historically, such adjustments have not been material. Non-coal sales revenues primarily consist of transloading fees, administrative service revenues from our affiliates, mine safety services and products, royalties and throughput fees earned from White Oak prior to July 31, 2015 as disclosed in Note 3 – Acquisitions, other coal contract fees and other handling and service fees.  Transportation revenues are recognized in connection with us incurring the corresponding costs of transporting coal to customers through third-party carriers for which we are directly reimbursed through customer billings.

 

 

SegmentReportingDisclosureTextBlock

 

 

 

22.SEGMENT INFORMATION

 

We operate in the eastern U.S. as a producer and marketer of coal to major utilities and industrial users.  We aggregate multiple operating segments into two reportable segments: Illinois Basin and Appalachia and an “all other” category referred to as Other and Corporate.  Our reportable segments correspond to major coal producing regions in the eastern U.S.  Similar economic characteristics for our operating segments within each of these two reportable segments generally include coal quality, geology, coal marketing opportunities, mining and transportation methods and regulatory issues.

 

As a result of acquiring the remaining equity interests in White Oak (the mining complex is now known as Hamilton Mine No. 1) (Note 3 – Acquisitions), we restructured our reportable segments to include Hamilton as part of our Illinois Basin segment due to the similarities in product, management, location, and operation with other mines included in the segment. This new organization reflects how our chief operating decision maker manages and allocates resources to our various operations. Prior periods have been recast to include White Oak in our Illinois Basin segment.

 

The Illinois Basin reportable segment is comprised of multiple operating segments, including Webster County Coal’s Dotiki mining complex, Gibson County Coal’s mining complex, which includes the Gibson North mine and Gibson South mine, Hopkins County Coal’s mining complex, which includes the Elk Creek mine, White County Coal’s Pattiki mining complex, Warrior’s mining complex, Sebree Mining’s mining complex, which includes the Onton mine, Steamport and certain Sebree Reserves, River View’s mining complex and the Hamilton County Coal mining complex.  In April 2014, production began at the Gibson South mine.  Illinois Basin reserves and other assets increased as a result of multiple acquisitions in 2014 and 2015 as discussed in Note 3 – Acquisitions.  The Elk Creek mine is currently expected to cease production in early 2016.  The Sebree Mining and Fies properties are held by us for future mine development.  During the fourth quarter of 2015, we idled our Onton and Gibson North mines in response to market conditions and continued increases in coal inventories at our mines and customer locations.

 

The Appalachia reportable segment is comprised of multiple operating segments, including the Mettiki mining complex, the Tunnel Ridge mining complex and the MC Mining mining complex.  The Mettiki mining complex includes Mettiki Coal (WV)’s Mountain View mine and Mettiki Coal’s preparation plant.  During the fourth quarter 2015, we surrendered the Penn Ridge leases as they were no longer a core part of our foreseeable development plans.  See Note 4 – Long-Lived Asset Impairment for further discussion of this surrender.  In June 2013, Alliance Resource Properties acquired reserves that extended the life of the Mettiki (WV) Mountain View mine.  For information regarding the reserves acquired, see Note 3 – Acquisitions.

 

Other and Corporate includes marketing and administrative expenses, ASI and its subsidiary, Matrix Design and its subsidiaries Matrix Design International, LLC and Matrix Design Africa (PTY) LTD, Alliance Design (collectively, the Matrix Design entities and Alliance Design are referred to as the “Matrix Group”), ASI’s ownership of aircraft, our Mt. Vernon dock activities, coal brokerage activity, MAC (Note 3 – Acquisitions), certain activities of Alliance Resource Properties, the Pontiki Coal, LLC mining complex, which sold most of its assets in May 2014, Wildcat Insurance, Alliance Minerals, and its affiliate, Cavalier Minerals (Note 11 – Variable Interest Entities), which holds an equity investment in AllDale Minerals (Note 12 – Equity Investments), and AROP Funding (Note 7 – Long-Term Debt).

 

Reportable segment results as of and for the years ended December 31, 2015, 2014 and 2013 are presented below.

 

EarningsPerSharePolicyTextBlock

 

 

 

13.NET INCOME OF ARLP PER LIMITED PARTNER UNIT

 

We utilize the two-class method in calculating basic and diluted earnings per unit (“EPU”).  Net income of ARLP is allocated to the general partners and limited partners in accordance with their respective partnership percentages, after giving effect to any special income or expense allocations, including incentive distributions to our managing general partner, the holder of the IDR pursuant to our partnership agreement, which are declared and paid following the end of each quarter (see Note 9 – Distributions).  Under the quarterly IDR provisions of our partnership agreement, our managing general partner is entitled to receive 15% of the amount we distribute in excess of $0.1375 per unit, 25% of the amount we distribute in excess of $0.15625 per unit, and 50% of the amount we distribute in excess of $0.1875 per unit.  Our partnership agreement contractually limits our distributions to available cash and therefore, undistributed earnings of the ARLP Partnership are not allocated to the IDR holder.  In addition, our outstanding unvested awards under our LTIP, SERP and Deferred Compensation Plan contain rights to nonforfeitable distributions and are therefore considered participating securities.  As such, we allocate undistributed and distributed earnings to the outstanding awards in our calculation of EPU.

 

The following is a reconciliation of net income of ARLP and net income used for calculating EPU and the weighted-average units used in computing EPU for the years ended December 31, 2015, 2014 and 2013, respectively:

 

 

 

 
 

 

 
 

Illinois
Basin

 
 

 

 
 

Appalachia

 
 

 

 
 

Other and
Corporate

 
 

 

 
 

Elimination
(1)

 
 

 

 
 

Consolidated

 
 

 

 
 

 

 
 

 

 
 

(in thousands)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Year ended December 31, 2015

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Total revenues (2)

 
 

 

 
 

  $

 
1,636,217 
 

 

 
 

  $

 
596,299 
 

 

 
 

  $

 
181,044 
 

 

 
 

  $

 
(139,827) 
 

 

 
 

  $

 
2,273,733  
 

 

 
 

Segment Adjusted EBITDA Expense (3)

 
 

 

 
949,271 
 

 

 
400,681 
 

 

 
153,720 
 

 

 
(127,247) 
 

 

 
1,376,425  
 

 

 
 

Segment Adjusted EBITDA (4)(5)

 
 

 

 
617,148 
 

 

 
183,908 
 

 

 
26,189 
 

 

 
(12,580) 
 

 

 
814,665  
 

 

 
 

Total assets (6)

 
 

 

 
1,694,044 
 

 

 
517,972 
 

 

 
265,661 
 

 

 
(114,547) 
 

 

 
2,363,130  
 

 

 
 

Capital expenditures (7)

 
 

 

 
145,352 
 

 

 
61,279 
 

 

 
6,166 
 

 

 
 

-

 
 

 

 
212,797  
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Year ended December 31, 2014 (recast)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Total revenues (2)

 
 

 

 
 

  $

 
1,647,694 
 

 

 
 

  $

 
630,452 
 

 

 
 

  $

 
34,090 
 

 

 
 

  $

 
(11,515) 
 

 

 
 

  $

 
2,300,721  
 

 

 
 

Segment Adjusted EBITDA Expense (3)

 
 

 

 
1,000,028 
 

 

 
364,689 
 

 

 
25,487 
 

 

 
(8,396) 
 

 

 
1,381,808  
 

 

 
 

Segment Adjusted EBITDA (4)(5)

 
 

 

 
616,727 
 

 

 
254,037 
 

 

 
8,599 
 

 

 
(3,119) 
 

 

 
876,244  
 

 

 
 

Total assets (6)

 
 

 

 
1,581,279 
 

 

 
604,352 
 

 

 
258,424 
 

 

 
(158,996) 
 

 

 
2,285,059  
 

 

 
 

Capital expenditures (7)

 
 

 

 
243,167 
 

 

 
56,840 
 

 

 
11,462 
 

 

 
 

-

 
 

 

 
311,469  
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Year ended December 31, 2013 (recast)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
  
 

 

 
 

 

 
 

Year Ended December 31,

 
 

 

 
 

 

 
 

 

 
 

2015

 
 

 

 
 

2014

 
 

 

 
 

2013

 
 

 

 
 

 

 
 

 

 
 

(in thousands, except per unit data)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Net income of ARLP

 
 

 

 
 

 $

 
306,198 
 

 

 
 

 

 
 

 $

 
497,229 
 

 

 
 

 

 
 

 $

 
393,490 
 

 

 
 

 

 
 

Adjustments:

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Managing general partner priority distributions

 
 

 

 
(144,576 
 

)

 
 

 

 
(132,449 
 

)

 
 

 

 
(117,995 
 

)

 
 

 

 
 

General partners’ 2% equity ownership

 
 

 

 
(3,262 
 

)

 
 

 

 
(7,325 
 

)

 
 

 

 
(5,554 
 

)

 
 

 

 
 

General partners’ special allocation of certain general and administrative expenses

 
 

 

 
1,500 
 

 

 
 

 

 
1,500 
 

 

 
 

 

 
2,200 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Limited partners’ interest in Net income of ARLP

 
 

 

 
159,860 
 

 

 
 

 

 
358,955 
 

 

 
 

 

 
272,141 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Less:

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Distributions to participating securities

 
 

 

 
(3,493 
 

)

 
 

 

 
(2,956 
 

)

 
 

 

 
(2,362 
 

)

 
 

 

 
 

Undistributed earnings attributable to participating securities

 
 

 

 
 

-

 
 

 

 
 

 

 
(2,669 
 

)

 
 

 

 
(1,350 
 

)

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Net income of ARLP available to limited partners

 
 

 

 
 

 $

 
156,367 
 

 

 
 

 

 
 

 $

 
353,330 
 

 

 
 

 

 
 

 $

 
268,429 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Weighted-average limited partner units outstanding – Basic and Diluted (1)

 
 

 

 
74,174 
 

 

 
 

 

 
74,044 
 

 

 
 

 

 
73,904 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

 

 
 

Basic and Diluted Net income of ARLP per limited partner unit (1)

 
 

 

 
 

 $