Ciner Resources LP Investor Presentation August 2016
Ciner Resources LP - At A Glance Fixed-distribution Master Limited Partnership IPO in September 2013 One of the largest and lowest cost producers of natural soda ash in the world Soda ash, an essential raw material used in the…
Ciner Resources - Competitive Advantages Most efficient soda ash producer in North America Amongst lowest cost producers in the world Uniquely configured asset footprint Strong safety and environmental records Excellent…
Headlines 2015 Earnings Per Unit Earnings per unit 2.58 increased 15.7% Volumes sold and produced both increased more than 100,000 ST Both site records Cash from operations increased from 106M in 2014 to 150M in 2015 Working…
Delivering Value to Unitholders Long-term stable cash flows support MLP Quarterly Distribution Per Unit model 67+ year reserve life, significant cost inputs hedged, long-term customers Organic growth projects identified that would…
Growing Global Demand Diverse End-Market Uses Significant Consumption Growth Expected (Global Soda Ash Consumption by End Market, By volume, 2015) (Global Soda Ash Consumption, millions of tons) Demand = 61 million short tons…
Amongst the Lowest Cost Producers in the World Trona Based Production is Significantly Lowest-Cost Production Process Cost Advantaged U.S. Trona Solvay Hou As a producer of natural soda ash from trona, Ciner Resources has a…
Most Efficient Soda Ash Producer in Green River Basin Ciner has the highest soda ash production per employee and the best energy efficiency in the Green River Basin. Production Per Employee Green Rivers Most Energy Efficient (x10 ST,…
Trona Beds Closest to the Surface Beds 24 & 25 (closest to surface) are the key for lower manufacturing costs as lower halite impurities and shallow beds are conducive to efficient mining Schematic Section Green River Basin 10
Unique Pond Network Lowers Ore to Ash Ratio Wider pond surface area and a unique pond network facilitate the minimization of soda ash lost in processing Trona Advantageous Facility Layout Ponds enable Ciner to recover soda ash via…
Ability to Execute on Growth Opportunities Ciner has the balance sheet flexibility to capitalize on organic expansion & acquisition opportunities to drive growth Balance Sheet Flexibility to Support Growth Ciner Resources Leverage and…
Stable Operating and Financial Results Soda Ash Volume Sold (millions of ST) 2.66 2.5 2.5 2.55 2.3 2011 2012 2013 2014 2015 Ciner Wyoming EBITDA ( in millions) 142.4 133.9 126.0 120.5 104.4 2011 2012 2013 2014…
Market Trends Asia pricing affected by environmental shutdown Largest producer in China had a complete shutdown in Q1, which temporarily tightened the Asian market. Ammonium Chloride price fell to 73/MT. Should stabilize Asia…
Ciner Resources - Investment Highlights Compelling investment proposition provided through yield plus distribution growth Stable cash generation Organic and acquisition growth opportunities supporting annual distribution growth…
APPENDIX Confidential 16
Process Overview Mining Process Flow Continuous Mining Haulage Crushing Surge Storage Hoisting Ciners Unique Process Refining Process Flow Screening & Crushing Calcining Dissolving Filtering Deca Rehydration…
Ciner Organizational Structure Ciner Enterprises (100.0% Ownership) Ciner Resources Corporation (100.0% Ownership) Natural Resource Partners L.P. (100% Ownership) Ciner Wyoming 4.776 million common units Holding Co. 9.776…
About Ciner Group Established in 1978, Ciner Group is primarily active in energy, mining, shipping and media and is one of the largest conglomerates in Turkey Energy, Mining and Media Shipping Glass Coal & Copper Mining…
Non-GAAP Reconciliation Ciner Resources LP Quarter Ended 6/30/16 Quarter Ended 6/30/15 Net Income 21.8 24.5 Add: Depreciation, depletion and amortization 6.4 5.8 Interest expense (net) 0.9 1.1 Loss on Disposal of Assets (net) -…
Non-GAAP Reconciliation Ciner Resources LP Year Ended 12/31/15 Year Ended 12/31/14 Net Income 106.2 91.9 Add: Depreciation, depletion and amortization 23.7 22.4 Interest expense (net) 4.0 5.2 Loss on disposal of assets (net) -…
Non-GAAP Reconciliation Coverage Ratio Rolling Non-GAAP Reconciliation Schedule The following table presents a reconciliation of the non-GAAP financial measures of Adjusted EBITDA to GAAP financial measure of net income for the periods…
Capital Structure Capitalization Ciner Resources Available Liquidity As of Facility Available ( in millions) ( in millions) June 30, 2016 Size Liquidity Cash and Cash Equivalents 16.8 Revolving Credit Facility 10.0 10.0 Long Term…
IDR Structure & Subordination Period CINR IDR Structure Distribution per Unit Marginal Percentage Range Interest in Distributions (expressed as % of MQD) LP Share GP Share From To Initial Split 98% 2% 0% -- 115% 2nd Split 85% 15%…
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