Jansen Mann posted a photo:
May 2013
| ( | ( | ( | i | ) | ) | ) | tuvalahiti listening station |
Jansen Mann, 22/05/2013 | Source: Jansen Mann's photos
Jansen Mann, 22/05/2013 | Source: Jansen Mann's photos
John Hempton, 16/05/2013 | Source: Bronte Capital
Ms. Yan, 47, has had many years of experience in financial engineering...
John Hempton, 23/04/2013 | Source: Bronte Capital
Common shares held directly
|
Interests in common shares held subject to the discretion of the EBT Trustee
|
% of enlarged issued share capital
|
Number of options over common shares under the Share Option Plan
| |
Todd Kozel
|
255,004
|
-
|
0.03
|
13,961,473
|
John Hempton, 23/04/2013 | Source: Bronte Capital
John Hempton, 19/04/2013 | Source: Bronte Capital
With respect to Vodafone, obviously, we made a public announcement on April 2, and I would reference all of you back to that announcement. Of course, as we've always said before, we are very interested in acquiring the 45% stake in Verizon Wireless that we don't already own. I will say, though, that there has been a lot of speculation about the tax consequences of a purchase of this 45%, and we are extremely confident that such a transaction could be accomplished in a manner that is very tax-efficient and would not result in a tax on the gain in that stake. So beyond that, I don't think there is really much else to say. So with that, I will pass it on to the next question.
John Hempton, 18/04/2013 | Source: Bronte Capital
Ironically, Google's Android mobile operating system dominates the smartphone market in China, despite the company's strained relationship with the government. But those devices don't come with Google services that are standard elsewhere, such as YouTube, search, and Google Maps. Also, without access to the Google Play store, Chinese users have a weaker selection of apps to choose from.
John Hempton, 17/04/2013 | Source: Bronte Capital
The Far Wilds is a unique turn based strategy game. Configure an army and fight on a random battlefield.
Battles are dynamic. You must adapt your strategy to different battlefields conditions and opponents....
The Celestial Imperium moves out toward the northern wastes to respond to the rising tide of the Hordes of Chaos. Disciplined and Powerful Psions wield their minds against twisted Mutants. Priests and Paladins of Xosa battle with Demons and armies of Orcs across the wilderness of the Borderlands.
John Hempton, 09/04/2013 | Source: Bronte Capital
John Hempton, 08/04/2013 | Source: Bronte Capital
Dr. Michael Stone, 08/04/2013 | Source: rooloose.com
Mrs Watanabe may now return to buying common stocks on the TOPIX.
John Hempton, 08/04/2013 | Source: Bronte Capital
We must do something.
This is something.
Therefore we must do it.
John Hempton, 05/04/2013 | Source: Bronte Capital
John Hempton, 03/04/2013 | Source: Bronte Capital
John Hempton, 02/04/2013 | Source: Bronte Capital
John Hempton, 01/04/2013 | Source: Bronte Capital
“At the back of all this is my vision for the public responsibility of social science: we’re about educating global citizens for the 21st century, not just factory-like graduates with their 2:1s,” Professor Brewer said. “It’s about inculcating within our students a set of values, an attitude towards others, that realises the public value.”The Professor (John Brewer) is aware of the obvious criticism... to quote the Times article...
Although he is well aware that many people would like to remove all talk of “values” from the social sciences, Professor Brewer said he sees himself instead in the tradition of 18th-century Scottish moralists such as Adam Smith and David Hume - “the cohort of people who gave us social science in the first place as it grew out of moral philosophy. They did not see any incompatibility between their practice as scientists and their argument that society was based on values.”Professor Brewer tells us that David Hume - of all people - did not see any incompatibility with his practice as scientists and his argument that society was based on values. Well - only if you ignore the fact that he wrestled with it extensively. This is probably the single most famous paragraph ever written by David Hume:
“In every system of morality, which I have hitherto met with, I have always remark’d, that the author proceeds for some time in the ordinary way of reasoning, and establishes the being of a God, or makes observations concerning human affairs; when of a sudden I am surpriz’d to find, that instead of the usual copulations of propositions, is, and is not, I meet with no proposition that is not connected with an ought, or an ought not. This change is imperceptible; but is, however, of the last consequence. For as this ought, or ought not, expresses some new relation or affirmation,’tis necessary that it shou’d be observ’d and explain’d; and at the same time that a reason should be given, for what seems altogether inconceivable, how this new relation can be a deduction from others, which are entirely different from it … [I] am persuaded, that a small attention [to this point] wou’d subvert all the vulgar systems of morality, and let us see, that the distinction of vice and virtue is not founded merely on the relations of objects, nor is perceiv’d by reason.”Hume here is quoted as "the distinction of vice and virtue is not founded merely on the relationship of objects, nor is it perceiv'd by reason".
John Hempton, 28/03/2013 | Source: Bronte Capital
Virtually all of our long-term contracts are subject to price adjustment provisions, which permit an increase or decrease periodically in the contract price to reflect changes in specified price indices or items such as taxes, royalties or actual production costs. These provisions, however, may not assure that the contract price will reflect every change in production or other costs. Failure of the parties to agree on a price pursuant to an adjustment or a reopener provision can, in some instances, lead to early termination of a contract. Some of the long-term contracts also permit the contract to be reopened for renegotiation of terms and conditions other than pricing terms, and where a mutually acceptable agreement on terms and conditions cannot be concluded, either party may have the option to terminate the contract.These are not reset to spot prices. These are reset in prices due to changes in operating costs and the like. Still resetting of the prices for this company to anything akin to market means likely bankruptcy - so the contract resetting terms are critical.
In 2010, approximately 92.4% and 89.0% of our sales tonnage and total coal sales, respectively, were sold under long-term contracts (contracts having a term of one year or greater) with committed term expirations ranging from 2011 to 2016. As of January 28, 2011, our nominal commitment under long-term contracts was approximately 31.1 million tons in 2011, 27.3 million tons in 2012, 24.1 million tons in 2013 and 19.0 million tons in 2014.
In 2011, approximately 92.2% and 90.5% of our sales tonnage and total coal sales, respectively, were sold under long-term contracts (contracts having a term of one year or greater) with committed term expirations ranging from 2012 to 2016. As of January 28, 2012, our nominal commitment under long-term contracts was approximately 33.8 million tons in 2012, 33.5 million tons in 2013, 27.2 million tons in 2014 and 19.8 million tons in 2015.
In 2012, approximately 94.2% and 94.3% of our sales tonnage and total coal sales, respectively, were sold under long-term contracts (contracts having a term of one year or greater) with committed term expirations ranging from 2013 to 2020. As of January 28, 2013, our nominal commitment under long-term contracts was approximately 38.5 million tons in 2013, 30.7 million tons in 2014, 23.4 million tons in 2015 and 18.7 million tons in 2016.
We reported Net Income of ARLP of $192.2 million, an increase of 43.2% in 2009 compared to Net Income of ARLP of $134.2 million in 2008. The increase of $58.0 million was principally due to improved contract pricing resulting in an average coal sales price of $46.60 per ton sold, compared to $40.23 per ton sold in 2008, partially offset by lower sales volumes and higher operating expense per ton sold in 2009.
We reported record Net Income of ARLP of $321.0 million in 2010 compared to $192.2 million in 2009. This increase of $128.8 million was principally due to increased tons sold and improved contract pricing resulting in an average coal sales price of $51.21 per ton sold, as compared to $46.60 per ton sold in 2009.
We reported record Net Income of ARLP of $389.4 million in 2011 compared to $321.0 million in 2010. This increase of $68.4 million was principally due to increased tons sold and improved contract pricing resulting in an average coal sales price of $55.95 per ton sold, as compared to $51.21 per ton sold in 2010.
A higher average coal sales price in 2012, which increased to $56.28 per ton sold as compared to $55.95 per ton sold in 2011, resulted from improved contract pricing for Illinois Basin coal sales offset partially by lower coal volumes sold by our Mettiki mine into the metallurgical export markets.
John Hempton, 25/03/2013 | Source: Bronte Capital
By Kate Holton, Chris Vellacott and Sinead Carew
(Reuters) - Almost five years after taking the helm at the world's second-largest mobile phone company, Vittorio Colao doesn't want to be the third Vodafone boss to be stumped by its seemingly intractable U.S. 'problem'.
The urbane Italian, who has streamlined a company built on the foundations of aggressive expansion, is exploring what to do with the one remaining asset he does not control - the stake in U.S. operator Verizon Wireless, which makes up about 75 percent of the firm's value.
On paper Colao has several options, each with pros and cons: sell all or part of the stake to majority owner Verizon Communications, maintain the status quo in the face of Verizon's desire for a deal, or sell Vodafone in its entirety to Verizon.I desire problems like Vodafone's intractable "US problem".
But with an asking price for Vodafone's 45 percent stake in Verizon Wireless around $115 billion and a potential $20 billion tax bill on the capital gain, Vodafone investors worry that Verizon may not be willing to pay enough for a business it already controls.No. What Vodafone investors are scared of is that Vodafone will sell its best asset grotesquely tax-inefficiently to buy inferior assets at prices two turns higher.
Vodafone has lawyers from Linklaters, bankers from UBS and consultants from McKinsey looking at deal options and structure, and for ways to reduce the tax bill, according to three people familiar with the situation.You bet they are. But as an American analyst points out:
It is not clear how a large proportion of any capital gains tax liability could be mitigated while allowing Vodafone to make a clean break from US. Even if a feasible solution could be found we disagree with the bull-case view that any point of tax law would be clear cut. In our view, Vodafone could face protracted debate with tax authorities, something we believe it wants to avoid.But even this analyst is not correct. What our "urbane Italian" wants is to avoid isn't difficulties with the IRS. It is being shafted when he sells the business which belongs to shareholders (including my clients).
John Hempton, 22/03/2013 | Source: Bronte Capital
John Hempton, 22/03/2013 | Source: Bronte Capital
December 31,
| ||||||||
2011
|
2010
| |||||||
(Dollars in thousands)
| ||||||||
Change in benefit obligation:
| ||||||||
Beginning of year obligation
|
$
|
174,014
|
$
|
152,079
| ||||
Service cost
|
7,496
|
9,258
| ||||||
Interest cost
|
9,492
|
8,963
| ||||||
Net change in actuarial gain
|
3,536
|
12,668
| ||||||
Benefit and administrative payments
|
(8,899
|
)
|
(8,954
|
)
| ||||
Net obligation at end of year
|
185,639
|
174,014
| ||||||
Change in plan assets:
| ||||||||
Fair value of plan assets at beginning of period
|
—
|
—
| ||||||
Employer contributions
|
8,899
|
8,954
| ||||||
Benefits paid
|
(8,899
|
)
|
(8,954
|
)
| ||||
Fair value of plan assets at end of period
|
—
|
—
| ||||||
Obligation at end of period
|
$
|
185,639
|
$
|
174,014
| ||||
| 2012 | 2011 | |
| Beginning balance | $73,201.00 | $67,687.00 |
| Accruals | $24,812.00 | $22,254.00 |
| Payments | ($10,477.00) | ($11,235.00) |
| Interest accretion | $2,739.00 | $3,174.00 |
| Valuation gain | ($13,229.00) | ($8,679.00) |
| Ending balance | $77,046.00 | $73,201.00 |
Your liability as a limited partner may not be limited, and our unitholders may have to repay distributions or make additional contributions to us under certain circumstances.
As a limited partner in a partnership organized under Delaware law, you could be held liable for our obligations to the same extent as a general partner if you participate in the "control" of our business. Our general partners generally have unlimited liability for the obligations of the partnership, except for those contractual obligations of the partnership that are expressly made without recourse to our general partners. Additionally, the limitations on the liability of holders of limited partner interests for the obligations of a limited partnership have not been clearly established in many jurisdictions.
Under certain circumstances, our unitholders may have to repay amounts wrongfully distributed to them. Under Delaware law, we may not make a distribution to our unitholders if the distribution would cause our liabilities to exceed the fair value of our assets. Delaware law provides that for a period of three years from the date of the impermissible distribution, partners who received the distribution and who knew at the time of the distribution that it violated Delaware law will be liable to the partnership for the distribution amount. Liabilities to partners on account of their partnership interest and liabilities that are non-recourse to the partnership are not counted for purposes of determining whether a distribution is permitted.
John Hempton, 21/03/2013 | Source: Bronte Capital
John Hempton, 20/03/2013 | Source: Bronte Capital
| Patriot Coal | Alliance Resources | |||||
| tons (millions) | Employees | tons/ employees | tons (millions) | Employees | tons/ employees | |
| 2007 | 22.1 | 2300 | 9609 | 24.3 | 2600 | 9346 |
| 2008 | 28.5 | 4300 | 6628 | 26.4 | 2955 | 8934 |
| 2009 | 32.8 | 3500 | 9371 | 25.8 | 3090 | 8350 |
| 2010 | 30.9 | 3700 | 8351 | 28.9 | 3558 | 8123 |
| 2011 | 31.1 | 4300 | 7233 | 30.8 | 3832 | 8038 |
| 2012 | 24.9 | 4100 | 6073 | 35.2 | 4345 | 8101 |
| 2007-11 | 145.4 | 18100 | 8033 | 136.2 | 16035 | 8494 |
| 2007-12 | 170.3 | 22200 | 7671 | 171.4 | 20380 | 8410 |
John Hempton, 19/03/2013 | Source: Bronte Capital
John Hempton, 18/03/2013 | Source: Bronte Capital
John Hempton, 14/03/2013 | Source: Bronte Capital
Peabody - $million - 2012 Property, plant, equipment and mine development Land and coal interests 10947.7 Buildings and improvements 1321.3 Machinery and equipment 3162.2 Less: accumulated depreciation, depletion and amortization -3629.5 Property, plant, equipment and mine development, net 11801.7
Alliance Resource partners $million Mining equipment and processing facilities 1435 Land and mineral rights 304 Buildings, office equipment and improvements 208 Construction in progress 130 Mine development costs 285 Property, plant and equipment, at cost 2362 Less accumulated depreciation, depletion and amortization −832 Total property, plant and equipment, net 1530
John Hempton, 13/03/2013 | Source: Bronte Capital
John Hempton, 12/03/2013 | Source: Bronte Capital
In 1999, we produced 14.1 million tons of coal and sold 15.0 million tons of coal. The coal we produced in 1999 was 19.9% low-sulfur coal, 19.9% medium-sulfur coal and 60.2% high-sulfur coal. In 1999, approximately 85% of our medium- and high-sulfur coal was sold to utility plants with installed pollution control devices, also known as "scrubbers," to remove sulfur dioxide.
EMPLOYEES
We have approximately 1,360 employees, including 100 corporate employees and 1,260 employees involved in active mining operations. Our work-force is entirely union-free. Relations with our employees are generally good, and there have been no recent work stoppages or union organizing campaigns among our employees.
CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2012 AND 2011 (In thousands, except unit data) |
December 31, | |||||||
|---|---|---|---|---|---|---|---|
| 2012 | 2011 | ||||||
ASSETS
| |||||||
CURRENT ASSETS:
| |||||||
Cash and cash equivalents
| $ | 28,283 | $ | 273,528 | |||
Trade receivables
| 172,724 | 128,643 | |||||
Other receivables
| 1,019 | 3,525 | |||||
Due from affiliates
| 658 | 5,116 | |||||
Inventories
| 46,660 | 33,837 | |||||
Advance royalties
| 11,492 | 7,560 | |||||
Prepaid expenses and other assets
| 20,476 | 11,945 | |||||
Total current assets
| 281,312 | 464,154 | |||||
PROPERTY, PLANT AND EQUIPMENT:
| |||||||
Property, plant and equipment, at cost
| 2,361,863 | 1,974,520 | |||||
Less accumulated depreciation, depletion and amortization
| (832,293 | ) | (793,200 | ) | |||
Total property, plant and equipment, net
| 1,529,570 | 1,181,320 | |||||
OTHER ASSETS:
| |||||||
Advance royalties
| 23,267 | 27,916 | |||||
Due from affiliate
| 3,084 | — | |||||
Equity investments in affiliates
| 88,513 | 40,118 | |||||
Other long-term assets
| 30,226 | 18,010 | |||||
Total other assets
| 145,090 | 86,044 | |||||
TOTAL ASSETS
| $ | 1,955,972 | $ | 1,731,518 | |||
LIABILITIES AND PARTNERS' CAPITAL
| |||||||
CURRENT LIABILITIES:
| |||||||
Accounts payable
| $ | 100,174 | $ | 96,869 | |||
Due to affiliates
| 327 | 494 | |||||
Accrued taxes other than income taxes
| 19,998 | 15,873 | |||||
Accrued payroll and related expenses
| 38,501 | 35,876 | |||||
Accrued interest
| 1,435 | 2,195 | |||||
Workers' compensation and pneumoconiosis benefits
| 9,320 | 9,511 | |||||
Current capital lease obligations
| 1,000 | 676 | |||||
Other current liabilities
| 19,572 | 15,326 | |||||
Current maturities, long-term debt
| 18,000 | 18,000 | |||||
Total current liabilities
| 208,327 | 194,820 | |||||
LONG-TERM LIABILITIES:
| |||||||
Long-term debt, excluding current maturities
| 773,000 | 686,000 | |||||
Pneumoconiosis benefits
| 59,931 | 54,775 | |||||
Accrued pension benefit
| 31,078 | 27,538 | |||||
Workers' compensation
| 68,786 | 64,520 | |||||
Asset retirement obligations
| 81,644 | 70,836 | |||||
Long-term capital lease obligations
| 18,613 | 2,497 | |||||
Other liabilities
| 9,147 | 6,774 | |||||
Total long-term liabilities
| 1,042,199 | 912,940 | |||||
Total liabilities
| 1,250,526 | 1,107,760 | |||||
COMMITMENTS AND CONTINGENCIES
| |||||||
PARTNERS' CAPITAL:
| |||||||
Limited Partners—Common Unitholders 36,874,949 and 36,775,741 units outstanding, respectively
| 1,020,823 | 943,325 | |||||
General Partners' deficit
| (273,113 | ) | (279,107 | ) | |||
Accumulated other comprehensive loss
| (42,264 | ) | (40,460 | ) | |||
Total Partners' Capital
| 705,446 | 623,758 | |||||
TOTAL LIABILITIES AND PARTNERS' CAPITAL
| $ | 1,955,972 | $ | 1,731,518 | |||
CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 (In thousands, except unit and per unit data) |
Year Ended December 31, | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2012 | 2011 | 2010 | ||||||||
SALES AND OPERATING REVENUES:
| ||||||||||
Coal sales
| $ | 1,979,437 | $ | 1,786,089 | $ | 1,551,539 | ||||
Transportation revenues
| 22,034 | 31,939 | 33,584 | |||||||
Other sales and operating revenues
| 32,830 | 25,532 | 24,942 | |||||||
Total revenues
| 2,034,301 | 1,843,560 | 1,610,065 | |||||||
EXPENSES:
| ||||||||||
Operating expenses (excluding depreciation, depletion and amortization)
| 1,303,291 | 1,131,750 | 1,009,935 | |||||||
Transportation expenses
| 22,034 | 31,939 | 33,584 | |||||||
Outside coal purchases
| 38,607 | 54,280 | 17,078 | |||||||
General and administrative
| 58,737 | 52,334 | 50,818 | |||||||
Depreciation, depletion and amortization
| 218,122 | 160,335 | 146,881 | |||||||
Asset impairment charge
| 19,031 | — | — | |||||||
Total operating expenses
| 1,659,822 | 1,430,638 | 1,258,296 | |||||||
INCOME FROM OPERATIONS
| 374,479 | 412,922 | 351,769 | |||||||
Interest expense (net of interest capitalized of $8,436, $14,797 and $888, respectively)
| (28,684 | ) | (21,954 | ) | (30,062 | ) | ||||
Interest income
| 229 | 375 | 200 | |||||||
Equity in loss of affiliates, net
| (14,650 | ) | (3,404 | ) | — | |||||
Other income
| 3,115 | 983 | 851 | |||||||
INCOME BEFORE INCOME TAXES
| 334,489 | 388,922 | 322,758 | |||||||
INCOME TAX EXPENSE (BENEFIT)
| (1,082 | ) | (431 | ) | 1,741 | |||||
NET INCOME
| $ | 335,571 | $ | 389,353 | $ | 321,017 | ||||
GENERAL PARTNERS' INTEREST IN NET INCOME
| $ | 106,837 | $ | 86,251 | $ | 73,172 | ||||
LIMITED PARTNERS' INTEREST IN NET INCOME
| $ | 228,734 | $ | 303,102 | $ | 247,845 | ||||
BASIC AND DILUTED NET INCOME PER LIMITED PARTNER UNIT
| $ | 6.12 | $ | 8.13 | $ | 6.68 | ||||
DISTRIBUTIONS PAID PER LIMITED PARTNER UNIT
| $ | 4.1625 | $ | 3.6275 | $ | 3.205 | ||||
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING—BASIC AND DILUTED
| 36,863,022 | 36,769,126 | 36,710,431 | |||||||
In 2012, we sold a record 35.2 million tons of coal and produced a record 34.8 million tons of coal, of which 3.8% was low-sulfur coal, 18.8% was medium-sulfur coal and 77.4% was high-sulfur coal. In 2012, we sold 93.1% of our total tons to electric utilities, of which 98.7% was sold to utility plants with installed pollution control devices.Again we can work out that they produced 1.3 million tons of low sulfur coal, 6.5 million tons of medium sulfur coal and 26.9 million tons of high sulfur coal.
To conduct our operations, as of February 1, 2013, we employed 4,345 full-time employees, including 4,091 employees involved in active mining operations, 86 employees in other operations, and 168 corporate employees. Our work force is entirely union-free. We believe that relations with our employees are generally good.From this we see what I think is the most unusual thing about all the giant capital spend at Alliance Resource Partners. The huge capital equipment spend has not improved labor productivity. Production is now 8009 tons per employee per year - and about 8500 tons per mining employee per year.
| Year Ended December 31, | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (in millions, except unit, per unit and per ton data) | 2012 | 2011 | 2010 | 2009 | 2008 | |||||||||||
Statements of Income
| ||||||||||||||||
Sales and operating revenues:
| ||||||||||||||||
Coal sales
| $ | 1,979.4 | $ | 1,786.1 | $ | 1,551.5 | $ | 1,163.9 | $ | 1,093.1 | ||||||
Transportation revenues
| 22.0 | 31.9 | 33.6 | 45.7 | 44.7 | |||||||||||
Other sales and operating revenues
| 32.9 | 25.6 | 24.9 | 21.4 | 18.7 | |||||||||||
Total revenues
| 2,034.3 | 1,843.6 | 1,610.0 | 1,231.0 | 1,156.5 | |||||||||||
Expenses:
| ||||||||||||||||
Operating expenses (excluding depreciation, depletion and amortization)
| 1,303.3 | 1,131.8 | 1,009.9 | 797.6 | 801.9 | |||||||||||
Transportation expenses
| 22.0 | 31.9 | 33.6 | 45.7 | 44.7 | |||||||||||
Outside coal purchases
| 38.6 | 54.3 | 17.1 | 7.5 | 23.8 | |||||||||||
General and administrative
| 58.8 | 52.3 | 50.8 | 41.1 | 37.2 | |||||||||||
Depreciation, depletion and amortization
| 218.1 | 160.3 | 146.9 | 117.5 | 105.3 | |||||||||||
Asset impairment charge
| 19.0 | — | — | — | — | |||||||||||
Gain from sale of coal reserves
| — | — | — | — | (5.2 | ) | ||||||||||
Net gain from insurance settlement and other(1)
| — | — | — | — | (2.8 | ) | ||||||||||
Total operating expenses
| 1,659.8 | 1,430.6 | 1,258.3 | 1,009.4 | 1,004.9 | |||||||||||
Income from operations
| 374.5 | 413.0 | 351.7 | 221.6 | 151.6 | |||||||||||
Interest expense (net of interest capitalized)
| (28.7 | ) | (22.0 | ) | (30.1 | ) | (30.8 | ) | (22.1 | ) | ||||||
Interest income
| 0.2 | 0.4 | 0.2 | 1.0 | 3.7 | |||||||||||
Equity in loss of affiliates, net
| (14.7 | ) | (3.4 | ) | — | — | — | |||||||||
Other income
| 3.2 | 1.0 | 0.9 | 1.3 | 0.9 | |||||||||||
Income before income taxes
| 334.5 | 389.0 | 322.7 | 193.1 | 134.1 | |||||||||||
Income tax expense (benefit)
| (1.1 | ) | (0.4 | ) | 1.7 | 0.7 | (0.5 | ) | ||||||||
Net income
| $ | 335.6 | $ | 389.4 | $ | 321.0 | $ | 192.4 | $ | 134.6 | ||||||
Less: Net loss attributable to noncontrolling interest
| — | — | — | (0.2 | ) | (0.4 | ) | |||||||||
Net income attributable to Alliance Resource Partners, L.P. ("Net Income of ARLP")
| $ | 335.6 | $ | 389.4 | $ | 321.0 | $ | 192.2 | $ | 134.2 | ||||||
General Partners' interest in Net Income of ARLP
| $ | 106.8 | $ | 86.3 | $ | 73.2 | $ | 60.7 | $ | 45.7 | ||||||
Limited Partners' interest in Net Income of ARLP
| $ | 228.8 | $ | 303.1 | $ | 247.8 | $ | 131.5 | $ | 88.5 | ||||||
Basic and diluted net income of ARLP per limited partner unit(2)
| $ | 6.12 | $ | 8.13 | $ | 6.68 | $ | 3.56 | $ | 2.39 | ||||||
Distributions paid per limited partner unit
| $ | 4.1625 | $ | 3.6275 | $ | 3.205 | $ | 2.95 | $ | 2.53 | ||||||
Weighted average number of units outstanding-basic and diluted
| 36,863,022 | 36,769,126 | 36,710,431 | 36,655,555 | 36,604,707 | |||||||||||
Balance Sheet Data:
| ||||||||||||||||
Working capital
| $ | 73.0 | $ | 269.3 | $ | 348.7 | $ | 54.9 | $ | 239.8 | ||||||
Total assets
| 1,956.0 | 1,731.5 | 1,501.3 | 1,051.4 | 1,030.6 | |||||||||||
Long-term obligations(3)
| 791.6 | 688.5 | 704.2 | 422.5 | 440.8 | |||||||||||
Total liabilities(4)
| 1,250.5 | 1,107.8 | 1,045.5 | 730.4 | 740.4 | |||||||||||
Partners' capital(4)
| $ | 705.5 | $ | 623.7 | $ | 455.8 | $ | 321.0 | $ | 290.2 | ||||||
Other Operating Data:
| ||||||||||||||||
Tons sold
| 35.2 | 31.9 | 30.3 | 25.0 | 27.2 | |||||||||||
Tons produced
| 34.8 | 30.8 | 28.9 | 25.8 | 26.4 | |||||||||||
Coal sales per ton sold(5)
| $ | 56.28 | $ | 55.95 | $ | 51.21 | $ | 46.60 | $ | 40.23 | ||||||
Cost per ton sold(6)
| $ | 38.15 | $ | 37.15 | $ | 33.90 | $ | 32.23 | $ | 30.39 | ||||||
Other Financial Data:
| ||||||||||||||||
Net cash provided by operating activities
| $ | 555.9 | $ | 574.0 | $ | 520.6 | $ | 282.7 | $ | 261.0 | ||||||
Net cash used in investing activities
| (623.4 | ) | (401.1 | ) | (295.0 | ) | (320.1 | ) | (184.1 | ) | ||||||
Net cash provided by (used in) financing activities
| (177.7 | ) | (238.9 | ) | 92.7 | (186.6 | ) | 166.8 | ||||||||
EBITDA(7)
| 581.1 | 570.8 | 499.5 | 340.4 | 257.8 | |||||||||||
Maintenance capital expenditures(8)
| 282.6 | 192.7 | 90.5 | 96.1 | 77.7 | |||||||||||
John Hempton, 11/03/2013 | Source: Bronte Capital
Finally domestic coal declined 21% although the rate of decline moderated somewhat from what we saw earlier in the year. Now let’s take a closer look at some of the individual markets in more detail and let’s start with coal. Coal revenue declined 18% to $747 million. Domestic volume declined 21% as natural gas prices remain low leading to the continued displacement of coal and high stockpiles at many utilities. In addition, electrical generation declined in the Eastern United States. Export coal volume declined 10% as demand for metallurgical coal softened particularly in the Asian markets. Total revenue per unit was flat as core pricing gains in domestic markets offset lower export rates. Looking ahead at this point export coal volume is expected to decline in the first quarter and our best estimate of full year volume is about 40 million tons.
Furthermore we anticipate our rates to be pressured as we work with producers to keep U.S. coal competitive globally in an environment where underlying commodity process for thermal and metallurgical coal are low. At the same time domestic coal headwinds will persist but we expect them to continue to moderate throughout 2013. As a result we anticipate domestic volume will decline in the 5% to 10% range for the full year.
David Vernon - Sanford Bernstein
Okay. And just as a quick follow-up with the length of haul increase on the domestic, is that a change in type of coal is it the Illinois Basin coming in perhaps going into a plant that used to be taking PRB or is it just the ebbs and flows across the network?
Michael Ward - Chairman, President and Chief Executive Officer of CSX
Some of it is Illinois Basin coal, but it’s not going into plants that took PRB, it was going into plants that took Central App. And the rest of it has just been the ordering patterns of the utilities fulfilling their coal contracts.This appraisal of Illinois Basin coal displacing Appalachia coal is widely reported. The Energy Information Administration has reported the same thing - with rising volumes for Illinois basin coal but falling prices. They have reported falling prices and volumes for Appalachian coal.
Dr. Michael Stone, 02/03/2013 | Source: rooloose.com
So, if you wait for the robins, spring will be over.
Dr. Michael Stone, 29/01/2013 | Source: rooloose.com
The Share Price / Earnings per Share = PE Ratio
edmittance, 09/01/2013 | Source: del.icio.us/edmittance
edmittance, 08/01/2013 | Source: del.icio.us/edmittance
edmittance, 08/01/2013 | Source: del.icio.us/edmittance
edmittance, 05/01/2013 | Source: del.icio.us/edmittance
edmittance, 03/01/2013 | Source: del.icio.us/edmittance
edmittance, 03/01/2013 | Source: del.icio.us/edmittance
Anonymous, 02/01/2013 | Source: tumblr.com :: sighted










Website for David Tsirekas’ fantastic restaurant Xanthi at Westfield Sydney. A clean and adaptable (widescreen and mobile) website was delivered with Bootstrap framework and Adobe Typekit. Easy to maintain, with little extras like chefs being able to post photos to the Facebook page by hashtagging #xanthisydney on Instagram.
edmittance, 21/12/2012 | Source: del.icio.us/edmittance
edmittance, 18/12/2012 | Source: del.icio.us/edmittance
Dr. Michael Stone, 12/12/2012 | Source: rooloose.com
Toledo Chess (rooloose version) running in my Android Phone has attracted some attention of late.
Dr. Michael Stone, 04/11/2012 | Source: rooloose.com
The race that’s bigger than Big Red
Jansen Mann, 31/10/2012 | Source: Jansen Mann's photos