Superior Plus Corp. Announces 2013 Third Quarter Results and 2014 Financial Outlook
(firmenpresse) - CALGARY, ALBERTA -- (Marketwired) -- 10/31/13 -- Superior Plus Corp. (TSX: SPB)
Third Quarter Highlights
CRA Income Tax Update
As anticipated in Superior's previous disclosure, Superior received on April 2, 2013 from the CRA Notices of Reassessment for Superior's 2009 and 2010 taxation years reflecting the CRA's intent to challenge the tax consequences of Superior's corporate conversion transaction (Conversion) which occurred on December 31, 2008. The CRA's position is based on the acquisition of control rules, in addition to the general anti-avoidance rules in the Income Tax Act (Canada). The table below summarizes Superior's estimated tax liabilities and payment requirements associated with the received and anticipated Notices of Reassessment.
Superior filed a Notice of Objection with respect to the Notice of Reassessments on May 8, 2013. The CRA did not respond or settle the Notice of Objection with Superior in the 90 days after filing, as such Superior filed a Notice of Appeal with the Tax Court of Canada on August 7, 2013. Superior anticipates that if the application proceeds in the Tax Court of Canada a decision could be rendered by the beginning of fiscal 2015. If a decision of the Tax Court of Canada were to be appealed, the appeal process could reasonably be expected to take an additional 2 years. If Superior receives a positive decision then any taxes, interest and penalties paid to the CRA will be refunded plus interest and if Superior is unsuccessful then any remaining taxes payable plus interest and penalties will have to be remitted.
Superior remains confident in the appropriateness of its tax filing position and the expected tax consequences of the Conversion and intends to vigorously defend such position and intends to file its future tax returns on a basis consistent with its view of the outcome of the Conversion.
Superior's 2013 and 2014 financial outlooks includes the impact of the reassessments although the interim tax payments made by Superior will be recorded to the balance sheet and will not impact either adjusted operating cash flow or net earnings.
Based on the midpoint of Superior's current 2014 financial outlook of AOCF per share of $1.80, if the tax pools from the Conversion were not available to Superior, the impact would be an increase to cash income taxes of approximately $0.15 per share for 2014. As previously stated, Superior intends to file its future income tax returns on a basis consistent with its view of the outcome of the Conversion.
2013 Financial Outlook
Superior expects 2013 AOCF per share of $1.60 to $1.85, consistent with the financial outlook provided at the end of the second quarter of 2013. Superior's 2013 financial outlook excludes the impact of one-time restructuring costs anticipated to be incurred in 2013.
2014 Financial Outlook
Superior expects 2014 AOCF per share of $1.65 to $1.95. The increase in the mid-point of the 2014 financial outlook relative to the 2013 financial outlook is due to ongoing improvements in the businesses as a result of Superior's business initiative projects. Superior's 2014 financial outlook assumes there is no material change to the outlook for the North American economy and that average temperatures throughout 2014 are consistent with the 5-year average. Superior's 2014 financial outlook excludes the impact of one-time restructuring costs anticipated to be incurred in 2014.
In conjunction with Superior's 2014 Financial Outlook, Superior is also confirming its previously provided Destination 2015 growth rate in AOCF per share of 5% to 7% for 2014 and 9% to 12% for 2015. Superior continues to see positive momentum in its Energy Services and Construction Products Distribution businesses due to a combination of traction on its business initiatives and improved market conditions. The expected improvement in the Energy Services business and the Construction Products Distribution business is being offset in part by reduced results at the Specialty Chemicals business due to lower average selling prices on sodium chlorate combined with higher electricity rates; caustic, chlorine and hydrochloric acid pricing are anticipated to be consistent with 2013.
Luc Desjardins, Superior's President and Chief Executive Officer stated "I am pleased with the results for the third quarter and the fact we were able to confirm our financial outlook for 2013 based on year-to-date results, the current state of the North American economy and the assumption that average temperatures for the last quarter of 2013 are consistent with the 5-year average. I am also pleased to confirm that the initiatives that underpin Superior's Destination 2015 continue to track to our expectations. As a result, Superior's expected growth rates for 2014 and 2015 as noted above remain on track.
We remain committed to transforming Superior into a best-in-class organization. As I have reiterated in the past, a significant amount of work is required in order for Superior to meet its long-term goals. In order to meet these goals, we have determined that there are additional restructuring opportunities in our Canadian propane and Construction Products Distribution businesses to improve their operational and financial performance.
Efforts to improve all aspects of the Canadian propane business have been underway throughout 2012 and 2013. Although we have realized tangible improvements in many aspects of the business; such as, customer service, customer retention, sales and intelligent pricing, we still have a significant amount of work to do to become a best-in-class operator. The update to our IT platform which will facilitate ongoing improvements in the efficiency of our operations began in September 2013, beginning with the Atlantic region. To date the implementation has gone well and we remain on track to roll out the ADD system to our remaining regions throughout the remainder of 2013 and over the first half of 2014. As we have communicated in the past, the ADD IT system will facilitate improvements to our operations by providing the platform to improve our forecasting and distribution efficiency. In order to ensure we continue to transform the Canadian propane business to realize both the financial and operational improvements in a timely manner, we will be undertaking some additional restructuring activities which will accelerate the realization of operational efficiencies by implementing a more disciplined and consistent management operating system across the company designed to leverage the new processes and information system investments. Restructuring activities, which will begin in 2013, are anticipated to be completed by end of 2014. A project team with assistance from an external consulting firm has been established to implement the restructuring and business improvement initiatives.
In 2012 the CPD business underwent successful operational restructuring through branch rationalization to reduce operating expenses. In 2013 and into 2014, the CPD business will undergo further realignment to make the organization more agile and increase our ability to capitalize on the U.S. residential and commercial construction recovery. We are implementing common business processes and systems across the business which was delayed over the past several years due to challenging market conditions. In addition, we are reorganizing our regional operational structure to align across all business segments. These transformation initiatives will be implemented over the next two years and will result in a completely integrated business with improved operating effectiveness and an ability to react quickly to changing market conditions, providing the necessary platform to operate at a best-in-class level."
Superior's 2013 and 2014 financial outlooks have been provided on the basis that Superior will continue to prepare and file its future tax returns on a basis consistent with its view of the outcome of the CRA's challenge of its corporate conversion transaction.
For additional details on the assumptions underlying the 2013 and 2014 financial outlooks, see Superior's 2013 Third Quarter Management's Discussion and Analysis.
Debt Management Update
Superior remains committed to reducing its total debt and its total debt leverage ratios. Superior anticipates its total debt to EBITDA ratio as at December 31, 2013 will be in the range of 3.3X to 3.7X, consistent with the update provided at the second quarter of 2013, but with a bias towards the high end of the range due to recent commodity price increases for propane which negatively impacts Superior's working capital requirements.
Superior's December 31, 2013 and 2014 forecasted total debt to EBITDA leverage ratios are stated before restructuring costs due to uncertainty in the timing in the recognition of these costs. Superior anticipates that restructuring costs will be recognized over the fourth quarter of 2013 and the first and second quarters of 2014.
Superior's anticipated debt repayment for 2014 and total debt to EBITDA leverage ratio as at December 31, 2014, based on Superior's 2013 and 2014 financial outlooks and Superior's 2013 year-to-date results, is detailed in the chart below.
2013 Detailed Third Quarter Results
Superior's 2013 Third Quarter Management's Discussion and Analysis is attached and is also available on Superior's website at under the Investor Relations section.
2013 Third Quarter and Annual Results Conference Call
Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2013 Third Quarter Results at 8:30 a.m. MDT on Friday November 1, 2013. To participate in the call, dial: 1-866-226-1798. An archived recording of the call will be available for replay until midnight, December 31, 2013. To access the recording, dial: 1-800-408-3053 and enter pass code 2815242 followed by the # key. Internet users can listen to the call live, or as an archived call, on Superior's website at .
Superior Plus 2013 Annual Investor Day
Superior is pleased to announce its upcoming Annual Investor Day on Friday, November 29, 2013 at the King Edward Hotel in Toronto. A detailed update on Superior's current operations, short and long-term growth opportunities and financial position will be presented. The formal presentation will commence at 9:00AM EST, a light breakfast and lunch will be served. Members of the professional investment community are invited to attend. To confirm your participation, please rsvp by e-mailing your contact information to . Details of the event can also be found on Superior's website at .
Forward Looking Information
Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving Superior, Superior LP and its businesses. Such forward looking information or statements are typically identified by words such as "anticipate", "believe", "continue", "could", "estimate", "expect", "plan", "intend", "forecast", "future", "guidance", "may", "predict", "project", "should", "strategy", "target", "will" or similar expressions suggesting future outcomes.
Forward-looking information in this document includes: future financial position, consolidated and business segment outlooks, expected EBITDA from operations, expected adjusted operating cash flow (AOCF) and adjusted operating cash flow per share, expected leverage ratios and debt repayment, debt management summary, expectations in terms of the cost of operations, capital spend and maintenance and the variability of these costs, business strategy and objectives, development plans and programs, business expansion and improvement projects, expected timing of commercial production and the costs and benefits associated therewith, market conditions in Canada and the U.S., expected tax consequences of the Conversion, the expected challenge by the CRA of the tax consequences of the Conversion (and the expected timing and impact of such process including any payment of taxes and the quantum of such payments), future income taxes, the impact of proposed changes to Canadian tax legislation or U.S. tax legislation, future economic conditions, future exchange rates and exposure to such rates, dividend strategy, payout ratio, expected weather, expectations in respect to the global economic environment, our trading strategy and the risk involved in these strategies, the impact of certain hedges on future reported earnings and cash flows, commodity prices and costs, the impact of contracts for commodities, demand for propane, heating oil and similar products, demand for chemicals including sodium chlorate and chloralkali, effect of operational and technological improvements, anticipated costs and benefits of restructuring activities, business enterprise system upgrade plans, future working capital levels, expected governmental regulatory regimes and legislation and their expected impact on regulatory and legislative compliance costs, expectations for the outcome of existing or potential legal and contractual claims, our ability to obtain financing on acceptable terms, expected life of facilities and statements regarding expenditure requirements of Superior or Superior Plus LP.
Forward-looking information is provided for the purpose of providing information about management's expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third party sources, and the historic performance of Superior's businesses. Such assumptions include anticipated financial performance, current business and economic trends, the amount of future dividends paid by Superior, business prospects, availability and utilization of tax basis, regulatory developments, currency, exchange and interest rates, trading data, cost estimates, our ability to obtain financing on acceptable terms, the assumptions set forth under the "Financial Outlook" sections of our third quarter management's discussion and analysis ("MD&A") and are subject to the risks and uncertainties set forth below.
By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior's or Superior LP's actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information. These risks and uncertainties include incorrect assessments of value when making acquisitions, increases in debt service charges, the loss of key personnel, fluctuations in foreign currency and exchange rates, inadequate insurance coverage, liability for cash taxes, counterparty risk, compliance with environmental laws and regulations, operational risks involving our facilities, force majeure, labour relations matters, our ability to access external sources of debt and equity capital, and the risks identified in (i) our MD&A under the heading "Risk Factors" and (ii) Superior's most recent Annual Information Form. The preceding list of assumptions, risks and uncertainties is not exhaustive.
When relying on our forward-looking information to make decisions with respect to Superior, investors and others should carefully consider the preceding factors, other uncertainties and potential events. Any forward-looking information is provided as of the date of this document and, except as required by law, neither Superior nor Superior LP undertakes to update or revise such information to reflect new information, subsequent or otherwise. For the reasons set forth above, investors should not place undue reliance on forward-looking information.
For more information about Superior, visit our website at .
Management's Discussion and Analysis of 2013 Third Quarter Results
October 31, 2013
The following Management Discussion & Analysis (MD&A) is a review of the financial performance and position of Superior Plus Corp. (Superior) as at September 30, 2013 and for the three and nine months ended September 30, 2013 and 2012. The information in this MD&A is current to October 31, 2013. This MD&A should be read in conjunction with Superior's audited consolidated financial statements and notes to those statements as at and for the twelve months ended December 31, 2012 and its December 31, 2012 MD&A. Additional information regarding Superior, including the Annual Information Form, is available on SEDAR at , and on Superior's website, .
The accompanying unaudited condensed consolidated financial statements of Superior were prepared by and are the responsibility of Superior's management. Superior's unaudited condensed consolidated financial statements were prepared in accordance with International Accounting Standard 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB). Dollar amounts in this MD&A are expressed in Canadian dollars and millions except where otherwise noted.
Overview of Superior
Superior is a diversified business corporation. Superior holds 99.9% of Superior Plus LP (Superior LP), a limited partnership formed between Superior General Partner Inc. (Superior GP) as general partner and Superior as limited partner. Superior owns 100% of the shares of Superior GP and Superior GP holds 0.1% of Superior LP. The cash flow of Superior is solely dependent on the results of Superior LP and is derived from the allocation of Superior LP's income to Superior by means of partnership allocations. Superior, through its ownership of Superior LP and Superior GP, has three operating segments: the Energy Services segment, which includes a Canadian propane distribution business, a U.S. refined fuels distribution business, a fixed-price energy services business and a supply portfolio management business; the Specialty Chemicals segment; and the Construction Products Distribution segment.
Third Quarter Results
Summary of Adjusted Operating Cash Flow
Third quarter adjusted operating cash flow was $24.2 million, a decrease of $9.5 million or 28% from the prior year quarter. The decrease in adjusted operating cash flow was primarily due to lower operating results at Specialty Chemicals as the prior year period included a one-time net benefit from the TransCanada settlement of $12.5 million and lower Energy Services results offset in part by higher Construction Products Distribution results and lower corporate and interest costs. Adjusted operating cash flow was $3.0 million higher than the prior year quarter, excluding the impact of the TransCanada settlement from the prior year, due primarily to higher Construction Products Distribution results and lower interest costs. Adjusted operating cash flow of $0.19 per share, decreased by $0.11 per share as compared to the prior year quarter due to a 28% decrease in adjusted operating cash flow as noted above and a 12% increase in the weighted average number of shares outstanding. Excluding the TransCanada settlement, adjusted operating cash flow per share of $0.19 was consistent with the prior year quarter. The average number of shares outstanding increased in 2013 as a result of shares issued from Superior's Dividend Reinvestment Program and Optional Share Purchase Plan (DRIP) and the completion of an equity offering on March 27, 2013.
Adjusted operating cash flow for the nine months ended September 30, 2013 was $136.4 million, an increase of $7.9 million or 6% from the prior year period. The increase in adjusted operating cash flow was due to higher operating results at Construction Products Distribution and lower interest costs offset in part by lower operating results at Specialty Chemicals as the prior year period included a one-time net benefit from the TransCanada settlement of $12.5 million and an increase in shares outstanding. Excluding the TransCanada settlement, adjusted operating cash flow per share was higher than the prior year period due to higher Construction Products Distribution results and lower interest costs. Adjusted operating cash flow was $1.12 per share for the nine months ended September 30, 2013, a decrease of $0.03 per share as compared to the prior year period as the 6% increase in adjusted operating cash flow as noted above was more than offset by a 9% increase in the weighted average number of shares outstanding. Excluding the TransCanada settlement, adjusted operating cash flow per share of $1.12 was higher than the prior year period due to higher contribution from Energy Services, Construction Products Distribution and lower interest costs. The average number of shares outstanding increased in 2013 as a result of shares issued from Superior's Dividend Reinvestment Program and Optional Share Purchase Plan (DRIP) and the completion of an equity offering on March 27, 2013.
Net earnings for the third quarter were $35.9 million and consistent with the net earnings of $35.9 million in the prior year quarter. Net earnings were primarily impacted by a decrease in gross profits fully offset by lower operating expenses and income tax expense. Unrealized losses on financial instruments were consistent with the prior year quarter as higher losses in the current quarter on Superior's embedded debenture derivatives as a result of fluctuations in Superior's share price were offset by lower losses on natural gas derivatives due to fluctuations in the spot price of natural gas. Revenues of $813.8 were $23.7 million higher than the prior year quarter due to increased Specialty Chemicals revenue as a result of higher sales volumes and pricing for some products and increased revenue at Construction Products Distribution as a result of ongoing improvement in the U.S. residential construction market. Gross profit of $184.9 million was $11.0 million lower than the prior year quarter primarily due to the one-time net benefit from the TransCanada settlement of $12.5 million at Specialty Chemicals in the prior year period offset in part by higher Construction Products Distribution gross profits due to higher revenue and gross margins. Operating expenses of $167.7 million in the third quarter were $4.2 million lower than in the prior year quarter due to reduced amortization expense, lower restructuring costs and lower corporate related costs. Total income tax expense for the third quarter was $0.2 million compared to income tax expense of $7.6 million in the prior year quarter. The decrease in income tax expense was due to lower taxable earnings in the third quarter of 2013 as compared to the prior year quarter.
Net earnings for the nine months ended September 30, 2013 were $41.8 million, compared to net earnings of $76.5 million in the prior year period. Net earnings were primarily impacted by higher unrealized losses on financial instruments in the current period offset in part by higher gross profits. The change in unrealized losses on financial instruments was due principally to losses in the current period on Superior's embedded debenture derivatives compared to the prior year period as a result of fluctuations in Superior's share price and losses on natural gas derivative due to fluctuations in the spot price of natural gas. Revenues of $2,718.1 million were $27.8 million higher than the prior year period due to increased revenue at Specialty Chemicals as a result of increased sales volumes and pricing for some products and increased revenue at Construction Products Distribution as a result of ongoing improvement in the U.S. residential construction market. Gross profit of $628.0 million was $9.9 million higher than the prior year period primarily due to increased Energy Services gross profits due to higher sales volumes and gross margins and higher Construction Products Distribution gross profits on higher sales volumes and margins offset in part by lower Specialty Chemical gross profits due to one-time TransCanada settlement in the prior year period. Operating expenses of $517.1 million were $1.4 million lower than in the prior year period due to reduced amortization expense and restructuring costs offset in part by higher operating costs associated with increased sales volumes within the Energy Services segment. Total income tax expense was $12.9 million compared to income tax expense of $9.9 million in the prior year period. The increase in income tax expense was due to changes in Superior's future tax rates offset in part by lower taxable year-to-date earnings.
Revenues for the third quarter of 2013 were $459.0, an increase of $5.2 million from revenues of $453.8 million in 2012. The increase in revenues was primarily due to higher commodity prices offset in part by lower sales volumes as compared to the prior year quarter. Total gross profit for the third quarter of 2013 was $83.6 million, a decrease of $1.8 million or 2% as compared to the prior year quarter. The decrease in gross profit was primarily due to lower fixed-price energy services gross profits as a result of reduced customer renewals and customer aggregation. A summary and detailed review of gross profit is provided below.
Gross Profit Detail
Canadian Propane Distribution
Canadian propane distribution gross profit for the third quarter was $47.6 million, a slight increase of $0.3 million or 1% from 2012, due to higher gross margins offset in part by lower sales volumes. Residential and commercial sales volumes increased by 2 million litres or 4% from the prior year quarter due to new residential sales and improved customer retention. Average weather across Canada for the third quarter, as measured by degree days, was 10% colder than the prior year and 2% warmer than with the five-year average. However, heating related volumes in the second and third quarters are generally not materially impacted by average weather due to the seasonality of Canadian Propane Distribution operations. Industrial volumes declined by 11 million litres or 7% due to reduced customer activity and the gasification of certain customer sites. Automotive propane volumes increased by 1 million litres or 4%. This increase is in contrast to the historical structural decline in this end-use market due to the continued favourable price spread between propane and gasoline.
Average propane sales margins for the third quarter increased to 20.5 cents per litre from 19.7 cents per litre in the prior year quarter. The increase is principally due to favourable movement in the sales mix as the current quarter included a higher proportion of higher-margin sales volumes offset in part by a rise in the wholesale cost of propane which negatively impacted margins.
Canadian Propane Distribution Sales Volumes
U.S. Refined Fuels Distribution
U.S. refined fuels distribution gross profit for the third quarter was $16.8 million, a slight increase of $0.3 million from the prior year quarter. The increase in gross profit was due to higher gross margins offset in part by lower sales volumes. Sales volumes of 326 million litres, decreased by 9 million litres or 3% from the prior year quarter. The decrease was primarily due to lower Marcellus Shale drilling activity, competitive pressures and a focus on higher margin customers. Average weather as measured by heating degree days for the third quarter was consistent with both the prior year and the 5-year average. Average U.S. refined fuels sales margins of 5.1 cents per litre increased slightly from 4.9 cents per litre in the prior year quarter. Sales margins were positively impacted by a favourable sales mix due to a higher proportion of higher-margin sales volumes offset in part by the impact of higher wholesale propane costs which negatively impacted sales margins.
U.S. Refined Fuels Distribution Sales Volumes
Other Services
Other services gross profit was $10.0 million in the third quarter, an increase of $0.3 million from the prior year quarter due to higher service calls and installation work.
Supply Portfolio Management
Supply portfolio management gross profits were $4.4 million in the third quarter, an increase of $0.5 million from the prior year quarter due to favourable market conditions, lower supply costs and optimization of arbitrage opportunities through logistics management.
Fixed-Price Energy Services
Fixed-Price Energy Services Gross Profit
Fixed-price energy services gross profit was $4.8 million in the third quarter, a decrease of $3.2 million or 40% from $8.0 million in the prior year quarter. Natural gas gross profit was $3.4 million, a decrease of $2.4 million from the prior year quarter due to lower gross margins. Gross profit per unit was 72.3 cents per gigajoule (GJ), a decrease of 53.8 cents per GJ or 43% from the prior year quarter due to sales mix as the existing customer base contains a lower proportion of higher margin residential customers and overall decline in the number of higher-margin residential customers. Sales volumes of natural gas were 4.7 million GJ, an increase of 0.1 million GJ or 2% than the prior year quarter due to a higher customer demand. Electricity gross profit in the third quarter of 2013 was $1.4 million, a decrease of $0.8 million or 36% from the prior year quarter due to an increase in the supply cost of electricity and other charges offset in part by higher customer demand.
Operating Costs
Cash operating and administrative costs were $75.3 million in the third quarter of 2013, an increase of $2.9 million or 4% from the prior year quarter. The increase in expenses was primarily due to the timing of truck maintenance, system conversion costs, regulatory and compliance costs, process re-engineering costs, and consulting costs associated with ongoing business initiatives offset in part by the impact of cost reduction initiatives implemented in 2012 and 2013.
Financial Outlook
EBITDA from operations for Energy Services is anticipated to increase during the remainder of 2013 as compared to 2012 due to improved gross margins and sale volumes. Additionally, Superior expects to realize ongoing improvements in its financial results as a result of its business initiative activities which will more than offset a reduction in the contribution from the fixed-price energy services business due to Superior exiting the Canadian residential market in prior years. Weather for the fourth quarter of 2013 is anticipated to be consistent with the 5-year average. EBITDA from operations for 2014 is anticipated to be higher than in 2013 due to improved results at the Canadian propane and U.S. refined fuels businesses. Improvement in EBITDA is anticipated as a result of modestly higher sales volumes and improved average sales margins due to the ongoing implementation of business initiatives. EBITDA from the fixed-price energy services and wholesale supply business are anticipated to be consistent with 2013. Operating expenses are anticipated to be consistent with 2013 due to improvements in operational efficiencies from business initiatives offset by costs associated with higher volumes. Average weather, as measured by degree days, is anticipated to be consistent with the 5-year average in 2014. Operating conditions for 2014 are anticipated to be similar to 2013.
Initiatives to improve results in the Energy Services business continued during the third quarter of 2013 in conjunction with Superior's goal for each of its businesses to become best-in-class. Business improvement projects for 2013 and 2014 include: a) improving customer service, b) improving overall logistics and procurement functions, c) enhancing the management of margins, d) working capital management e) improving existing and implementing new technologies to facilitate improvements to the business and f) completing a detailed restructuring plan and commencing the related work.
The restructuring plan for Canadian Propane distribution business will accelerate realization of operating efficiencies by implementing a more disciplined and consistent management operating system across the company designed to leverage the new processes and information system investments.
System Conversion
In 2013, Canadian propane distribution commenced the implementation of an order to cash, billing and logistics IT system to replace the distribution and invoicing functions of the present enterprise system. To mitigate the risk associated with system changes, Canadian propane distribution will leverage the learnings from the U.S Refined fuels organization that have been using this system for several years. The total estimated cost of the implementation is $17.2 million, approximately $13.8 million has been incurred to date and the estimated completion is the summer of 2014. During the third quarter, the initial roll out of the new system began with the Atlantic region and the remaining regions will be transitioned throughout the remainder of 2013 and the first half of 2014. The implementation has been done in phases in order to minimize the impact on the business during the heating season.
In addition to the significant assumptions detailed above, refer to "Risk Factors to Superior" for a detailed review of significant business risks affecting the Energy Services' businesses.
Chemical revenue for the third quarter of $143.6 million was $11.0 million or 8% higher than in the prior year quarter primarily due to higher sales volumes and pricing for sodium chlorate. Third quarter gross profit of $59.2 million was $1.1 million lower than in the prior year quarter excluding the one-time net benefit of the TransCanada settlement of $12.5 million which was received in the prior year quarter. Sodium chlorate gross profits increased due to higher sales volumes offset in part by lower gross margins. Sodium chlorate gross margins were lower due to higher electricity and transportation costs offset in part by higher average selling prices. Sodium chlorate sales volumes increased by approximately12,000 tonnes or 10% compared to the prior year quarter due to higher demand from export markets and shipments from North America to Chile. Chloralkali/potassium products gross profits were lower than the prior year quarter due to slightly lower sales volumes and gross margins. Sales volumes decreased by 2,000 tonnes or 3% due to downtime at the Port Edwards production facility for normal course maintenance. Gross margins were lower due to a reduction in average selling prices for chloralkali due to a weaker pricing environment for chlorine and hydrochloric acid. This was partially offset by higher caustic soda and potassium caustic pricing.
Cash operating and administrative costs of $34.6 million were $2.8 million or 9% higher than in the prior year quarter due to unfavourable foreign currency translation of U.S. denominated net working capital, timing of plant maintenance and general inflationary increases.
Major Capital Projects
As announced in the first quarter of 2012, Superior has approved an $18.0 million expansion of hydrochloric acid production capacity at the Port Edwards, Wisconsin chloralkali facility. The existing capacity of 110,000 wet metric tonnes (WMT), or 36,000 dry metric tonnes, will be increased to approximately 220,000 WMT. The expansion project commenced in 2012, with commercial production now expected in the fourth quarter of 2014, earlier than the update provided on August 21, 2013, which anticipated commercial production in the first quarter of 2015 as a result of the acid burner being damaged during the shipping process. As previously disclosed, the Port Edwards project has been delayed as a result of an accident involving the hydrochloric acid burner while being prepared for shipment to the Port Edwards facility.
As announced in the third quarter of 2012, Superior has approved a $25.0 million expansion of the hydrochloric acid production capacity at the Saskatoon, Saskatchewan chloralkali facility. The existing capacity of 70,000 WMT, or 22,000 dry metric tonnes, will be increased to approximately 140,000 WMT. The expansion project commenced in 2012, with commercial production expected in the fourth quarter of 2014.
As of September 30, 2013, a total of $12.8 million has been spent on the two projects. Upon completion of both projects, Superior will have total hydrochloric acid production capacity of approximately 360,000 WMT. The two expansions will allow Superior to optimize overall returns at both facilities by converting a larger portion of its chlorine into higher-value hydrochloric acid.
Strategic Supply Agreement
Specialty Chemicals has entered into a supply agreement with Tronox LLC ("Tronox") to purchase up to 130,000 metric tonnes of sodium chlorate per year from Tronox's Hamilton, Mississippi facility. The initial term of the agreement extends to December 31, 2016 and may be automatically extended in one year increments thereafter. Under the terms of the agreement, Tronox will continue to own and operate the facility, and Specialty Chemicals will purchase sodium chlorate to meet customer under certain customer contracts being assumed. Specialty Chemicals will pay an initial fee of $5.0 million and a quarterly fee of $0.8 million during the initial term of the agreement, plus a cost for sodium chlorate delivered. As part of the Agreement, Specialty Chemicals will acquire finished inventory, assume existing railcar leases and assume existing customer contracts, as assigned. Additionally, the parties have entered into a strategic long-term agreement for the supply of chloralalkali product to service Tronox's requirements in North America.
Financial Outlook
Superior expects business conditions for the remainder of 2013 for its Specialty Chemicals business to be similar to the conditions experienced through year-to-date 2013. EBITDA from operations for 2014 is expected to be lower than 2013 due to lower sodium chlorate contribution from higher average electricity prices and lower average selling prices, offset in part by the contribution from the Strategic Supply Agreement noted above. Contribution from the chloralkali segment is anticipated to be modestly higher than 2013 due to the completion of the hydrochloric acid facility expansions during 2014. Sales volumes of caustic, chlorine and hydrochloric acid are anticipated to be modestly higher than 2013 which will be offset in part by a modest reduction in average sales pricing on an electrical chemical unit basis. Supply demand fundamentals in the chloralkali markets in which Superior operates are anticipated to remain consistent with the prior year.
In addition to the significant assumptions detailed above, refer to "Risk Factors to Superior" for a detailed review of the significant business risks affecting Superior's Specialty Chemicals' segment.
GSD and C&I revenues of $210.1 million for the third quarter of 2013 were $8.3 million or 4% higher than in the prior year quarter. GSD revenue increased due to higher sales volumes, as a result of ongoing improvement in U.S. new housing starts offset in part by lower contribution from some Canadian regions due to the impact of a slowdown in new housing starts in Canada and branch closures completed during 2012. C&I revenues were higher than the prior year quarter as investments in sales and marketing and other initiatives to increase sales have been successful.
Gross profits of $51.4 million in the third quarter were $4.7 million or 10% higher than in the prior year quarter primarily due to the higher revenues as noted above and increased gross margins. The increase in GSD gross margins was due to improved average selling prices, successful procurement initiatives and the benefit of exiting less profitable markets. C&I gross margins were slightly lower than the prior year quarter due to a larger proportion of lower margin industrial projects.
Cash operating and administrative costs were $41.3 million in the third quarter, a decrease of $1.8 million or 4% from the prior year quarter. The decrease was primarily due to cost savings from restructuring activities completed during 2012 and the inclusion of $2.7 million of restructuring costs in the prior year quarter offset in part by higher employee compensation costs.
Financial Outlook
Superior expects business conditions for the remainder of 2013 for its Construction Products Distribution business to continue to improve as compared to 2012 primarily in the U.S. residential construction market. EBITDA from operations is anticipated to be higher due to the benefit from the ongoing business initiative activities and the improved U.S. residential market. Superior anticipates that EBITDA from operations in 2014 will be higher than in 2013 due to continued improvements in U.S. construction markets, in particular, U.S. residential construction as well as benefits associated with completing ongoing business initiatives. Superior anticipates that the U.S. commercial market will be modestly improved in 2014 compared to 2013 and that the Canadian residential and commercial markets will continue to be challenging.
Initiatives to improve results in the Construction Products Distribution business continued during the third quarter. Ongoing business improvement projects for 2013 and 2014 include: a) assessment of overall logistics and existing branch network, b) review of supply chain management including procurement and transportation, c) review of product pricing, d) working capital management, e) sales growth in select focus products/markets and f) completing a detailed restructuring plan and commencing the related work.
In 2012 the CPD business underwent successful operational restructuring through branch rationalization to reduce operating expenses. In 2013 and into 2014, the CPD business will undergo further realignment to make the organization more agile and increase our ability to capitalize on the U.S. residential and commercial construction recovery. Common business processes and systems will be implemented across the business which was delayed over the past several years due to challenging market conditions. Also, the regional operational structure will be aligned across all the business segments.
In addition to the Construction Products Distribution segment's significant assumptions detailed above, refer to "Risk Factors to Superior" for a detailed review of the significant business risks affecting Superior's Construction Products Distribution segment.
Consolidated Capital Expenditure Summary
Efficiency, process improvement and growth related expenditures were $11.0 million in the third quarter compared to $4.4 million in the prior year quarter. These are primarily related to the expansion projects at Specialty Chemicals and Energy Services' purchases of rental assets and truck related expenditures although additional expenditures were made during the quarter on the Canadian Propane distribution system conversion. Other capital expenditures were $12.3 million in the third quarter compared to $4.1 million in the prior year quarter, consisting primarily of required maintenance and general capital across all of Superior's segments although additional expenditures were made at Specialty Chemicals. Proceeds on the disposal of capital were $4.8 million in the third quarter and consisted of Superior's disposition of surplus tanks, cylinders and property. During the third quarter Superior entered into new leases with capital equivalent value of $1.3 million primarily related to delivery vehicles for the Energy Services and Construction Products Distribution segments.
Corporate and Interest Costs
Corporate costs for the third quarter were $3.7 million, compared to $5.3 million in the prior year quarter. The decrease was primarily due to lower long term incentive costs as a result of a decrease in Superior's share price during the quarter offset in part by higher consulting and legal costs.
Interest expense on borrowing and finance lease obligations for the third quarter was $7.3 million, compared to $9.5 million in the prior year quarter. The decrease was due to lower average debt as a result of Superior's $143.9 million equity offering ($137.8 million net of issuance costs) which closed on March 27, 2013, higher cash flows and the benefit of debt repayment efforts during the past 12 months. See "Liquidity and Capital Resources" discussion for further details on the change in average debt levels.
Interest on Superior's convertible unsecured subordinated debentures ("Debentures" which include all series of convertible unsecured subordinated debentures) for the third quarter was $8.2 million compared to $8.8 million in the prior year quarter. The decrease was due to the redemption of $49.9 million of Superior's 5.75% convertible subordinated debentures due December 31, 2012 on August 1, 2012, $50.0 million of Superior's 5.85% convertible subordinated debentures due October 31, 2015 on January 3, 2013, $25.0 million of Superior's 5.85% convertible subordinated debentures due October 31, 2015 on April 9, 2013 and $68.9 million of Superior's 7.50% convertible subordinated debentures due December 31, 2014 on September 3, 2013. The above noted decrease was offset in part by the issuance of $97.0 million of 6.00% convertible subordinated debentures on July 22, 2013 which mature on June 30, 2019.
Income Taxes
Total income tax expense for the third quarter was $0.2 million and consists of $0.4 million in cash income tax recovery and $0.6 million in deferred income tax expense, compared to a total income tax expense of $7.6 million in the prior year quarter, which consisted of $0.3 million in cash income tax expense and a $7.3 million deferred income tax expense.
Cash income tax recovery (expense) for the third quarter was $0.4 million and consisted of income tax recovery in the U.S. of $0.4 million (2012 Q3 - ($0.3) million of U.S. cash tax expense). Deferred income tax expense for the third quarter was $0.6 million (2012 Q3 - $7.3 million deferred income tax expense), resulting in a corresponding net deferred income tax asset of $281.7 million as at September 30, 2013. The decrease in deferred income tax expense was due to lower taxable earnings compared to the prior year quarter.
Canada Revenue Agency (CRA) Income Tax Update
As anticipated in Superior's previous disclosures, Superior received on April 2, 2013 from the CRA, Notices of Reassessment for Superior's 2009 and 2010 taxation years reflecting the CRA's intent to challenge the tax consequences of Superior's corporate conversion transaction (Conversion) which occurred on December 31, 2008. The CRA's position is based on the acquisition of control rules, in addition to the general anti-avoidance rules in the Income Tax Act (Canada). The table below summarizes Superior's estimated tax liabilities and payment requirements associated with the received and anticipated Notices of Reassessment. Upon receipt of the Notices of Reassessment, 50% of the taxes payable pursuant to such Notices of Reassessment, must be remitted to the CRA.
Superior filed a Notice of Objection with respect to the Notice of Reassessments on May 8, 2013. The CRA did not respond or settle the Notice of Objection with Superior in the 90 days after filing; as such Superior filed a Notice of Appeal with the Tax Court of Canada on August 7, 2013. Superior anticipates that if the application proceeds in the Tax Court of Canada a decision could be rendered by the beginning of fiscal 2015. If a decision of the Tax Court of Canada were to be appealed, the appeal process could reasonably be expected to take an additional 2 years. If Superior receives a positive decision then any taxes, interest and penalties paid to the CRA will be refunded plus interest and if Superior is unsuccessful then any remaining taxes payable plus interest and penalties will have to be remitted.
Superior remains confident in the appropriateness of its tax filing position and the expected tax consequences of the Conversion and intends to vigorously defend such position and intends to file its future tax returns on a basis consistent with its view of the outcome of the Conversion.
Superior's 2013 and 2014 financial outlook as provided in this MD&A includes the impact of the reassessments received to date although the interim tax payments made by Superior will be recorded to the balance sheet and will not impact either adjusted operating cash flow or net earnings. Please refer to the Debt Management Summary on page 28 for the cash flow implications.
Based on the midpoint of Superior's current 2014 financial outlook of adjusted operating cash flow per share of $1.80, if the tax pools from the Conversion were not available to Superior, the impact would be an increase to cash income taxes of approximately $0.15 per share for 2014. As previously stated, Superior intends to file its future income tax returns on a basis consistent with its view of the outcome of the Conversion.
Financial Outlook
Superior's outlook is for adjusted operating cash flow for 2013 to be between $1.60 per share and $1.85 per share consistent with the outlook included in Superior's second quarter MD&A. The 2013 financial outlook is provided before restructuring charges. Superior is introducing its adjusted operating cash flow 2014 financial outlook of between $1.65 to $1.95, before restructuring charges, an approximate increase of 5% over the anticipated 2013 financial results. Achieving Superior's adjusted operating cash flow is dependent on the operating results of its three operating segments.
In addition to the operating results of Superior's three operating segments, significant assumptions underlying Superior's 2013 and 2014 outlooks are:
Debt Management Update
Superior anticipates its total debt to EBITDA ratio as at December 31, 2013 will be in the range of 3.3X to 3.7X, consistent with the range provided in Superior's third quarter MD&A, but with a bias towards the high end of the range due to recent commodity price increases for propane which negatively impacts Superior's working capital requirements.
Superior's December 31, 2013 and 2014 forecasted total debt to EBITDA leverage ratios are stated before restructuring costs due to uncertainty in the timing in the recognition of these costs. Superior anticipates that restructuring costs will be recognized over the fourth quarter of 2013 and the first and second quarters of 2014.
Superior's anticipated debt repayment for 2014 and total debt to EBITDA leverage ratio as at December 31, 2014, based on Superior's 2013 and 2014 financial outlooks and year-to-date results, are detailed in the chart below.
In addition to Superior's significant assumptions detailed above, refer to "Risk Factors to Superior" for a detailed review of Superior's significant business risks.
Liquidity and Capital Resources
Superior's revolving syndicated bank facility (Credit Facility), term loans and finance lease obligations (collectively Borrowing) before deferred financing fees totaled $456.3 million as at September 30, 2013, a decrease of $183.3 million from December 31, 2012. The decrease in Borrowing was primarily due to the equity offering that Superior closed on March 27, 2013 for net proceeds of $137.8 million, the proceeds from the issuance of $97.0 million of 6.00% debentures on July 22, 2013 and the seasonal reduction of net working capital offset in part by $143.9 million of debenture redemptions (see Redemptions below) during 2013.
On September 19, 2013, Superior announced that on October 28, 2013, it would redeem all of its outstanding $150.0 million, 8.25% senior unsecured debentures due October 27, 2016. The early redemption allows for Superior to benefit from lower average interest costs.
On June 10, 2013, Superior completed an extension of its $570 million Credit Facility with eight lenders. The Credit Facility matures on June 27, 2016 and can be expanded to $750 million. Financial covenant ratios were unchanged with consolidated secured debt to consolidated EBITDA ratio and a consolidated debt to consolidated EBITDA ratio of 3.0x and 5.0x, respectively. See "Summary of Cash Flow" for details on Superior's sources and uses of cash.
As at September 30, 2013, Debentures (before deferred issue fees) issued by Superior totaled $494.5 million which was $47.0 million lower than the balance as at December 31, 2012 due to the redemption of the 5.85%, 5.75%, and 7.50% convertible unsecured subordinated debentures during 2013, see Redemptions below for further details, offset in part the issuance of $97.0 million of unsecured subordinated debentures on July 22, 2013. See Note 11 to the unaudited condensed consolidated financial statements for additional details on Superior's Debentures.
Redemptions
On January 3, 2013, Superior completed the previously announced redemption of $50.0 million principal amount of its previously issued 5.85% convertible subordinated debentures (2015 Debentures) due October 31, 2015 and the remaining $25.0 million principal amount on April 9, 2013. Superior used funds from its Credit Facility to fund the redemption of the 2015 Debentures. The debentures were redeemed, at the redemption price of $1,000 in cash per $1,000 principal amount of 2015 Debentures plus accrued and unpaid interest up to but excluding the redemption date.
On July 22, 2013, Superior redeemed the entire $68.9 million principal amount of its 7.50% convertible unsecured subordinated debentures (7.50% Debentures) in accordance with the indenture governing the 7.50% Debentures. The 7.50% Debentures were redeemed at the redemption price which is equal to the outstanding principal amount of the 7.50% Debentures to be redeemed, together with all accrued and unpaid interest thereon up to the Redemption Date, being $1,013.3562 per $1,000 principal amount of the 7.50% Debentures. The 7.50% Debentures ceased to bear interest from and after the Redemption Date.
As at September 30, 2013, approximately $395.2 million was available under the Credit Facility which Superior considers sufficient to meet its expected net working capital, capital expenditure and refinancing requirements.
Consolidated net working capital was $202.0 million as at September 30, 2013, a decrease of $77.2 million from net working capital of $279.2 million as at December 31, 2012. The decrease was primarily due to a reduction in inventory and accounts receivables within the Energy Services segment as a result of the seasonality of the business. Superior's net working capital requirements are financed from revolving term bank credit facilities.
Proceeds received from the DRIP were $nil million for the three months ended September 30, 2013 (three months ended September 30, 2012 $3.6 million). On March 7, 2013, Superior announced that it will stop the active operation of its DRIP program effective after payment of the March dividend in April. Proceeds received from the DRIP were $4.9 million for the nine months ended September 30, 2013 (nine months ended September 30, 2012 $10.6 million).
As at September 30, 2013, when calculated in accordance with the Credit Facility, the consolidated secured debt to compliance EBITDA ratio was 1.2 to 1.0 (December 31, 2012 - 1.9 to 1.0) and the consolidated debt to compliance EBITDA ratio was 1.7 to 1.0 (December 31, 2012 - 2.4 to 1.0). For both of these covenants all outstanding Debentures are not included. These ratios are within the requirements contained in Superior's debt covenants. In accordance with the Credit Facility, Superior must maintain a consolidated secured debt to compliance EBITDA ratio of not more than 3.0 to 1.0 and not more than 3.5 to 1.0 as a result of acquisitions. In addition, Superior must maintain a consolidated debt to compliance EBITDA ratio of not more than 5.0 to 1.0, excluding Debentures. Also, Superior is subject to several distribution tests and the most restrictive stipulates that Distributions (including Debenture holders and related payments) cannot exceed compliance EBITDA less cash income taxes, plus $35.0 million on a trailing 12-month rolling basis. On a 12-month rolling basis as at September 30, 2013, Superior's available distribution amount was $145.0 million under the above noted distribution test.
On March 28, 2013, Standard and Poor's confirmed both Superior and Superior LP's long-term corporate credit rating as BB- and the secured debt rating as BB+. The outlook rating for Superior remains stable. On July 2, 2013, DBRS confirmed Superior LP's senior secured rating of BB (high) and Superior LP's senior unsecured rating of BB (low). The trend for both ratings is stable.
As at September 30, 2013, Superior had an estimated defined benefit pension solvency deficiency of approximately $21.4 million (December 31, 2012 - $36.7 million) and a going concern solvency surplus (deficiency) of approximately $1.6 million (December 31, 2012 - ($6.5) million). Funding requirements required by applicable pension legislation are based upon going concern and solvency actuarial assumptions. These assumptions differ from the going concern actuarial assumptions used in Superior's financial statements. Superior has sufficient liquidity through existing revolving term bank credits and anticipated future operating cash flow to fund this deficiency over the prescribed funding period.
In the normal course of business, Superior is subject to lawsuits and claims. Superior believes the resolution of these matters will not have a material adverse effect, individually or in the aggregate, on Superior's liquidity, consolidated financial position or results of operations. Superior records costs as they are incurred or when they become determinable.
Shareholders' Capital
The weighted average number of common shares issued and outstanding during the third quarter was 126.2 million shares, an increase of 14.0 million common shares from the prior year quarter due to the issuance of 13,806,271 common shares over the year and the resulting impact on weighted average number of common shares outstanding. The following table provides details:
As at October 31, 2013, September 30, 2013 and December 31, 2012, the following common shares and securities convertible into common shares were issued and outstanding:
Dividends Paid to Shareholders
Dividends paid to Superior's shareholders depend on its cash flow from operating activities with consideration for Superior's changes in working capital requirements, investing activities and financing activities. See "Summary of Adjusted Operating Cash Flow" and "Summary of Cash Flow" for additional details.
Dividends paid to shareholders in the third quarter were $18.9 million or $0.15 per share, an increase of $2.1 million due to the issuance of shares under Superior DRIP during the past 12 months and the equity offering completed on March 27, 2013. Superior's monthly dividend is $0.05 per share or $0.60 per share on an annualized basis. See "Debt Management Update" for further details. Dividends to shareholders are declared at the discretion of Superior's Board of Directors.
Superior's primary sources and uses of cash are detailed below:
Summary of Cash Flow (1)
Financial Instruments - Risk Management
Derivative and non-financial derivatives are used by Superior to manage its exposure to fluctuations in foreign currency exchange rates, interest rates, share-based compensation and commodity prices. Superior assesses the inherent risks of these instruments by grouping derivative and non-financial derivatives related to the exposures these instruments mitigate. Superior's policy is not to use derivative or non-financial derivative instruments for speculative purposes. Superior does not formally designate its derivatives as hedges and, as a result, Superior does not apply hedge accounting and is required to designate its derivatives and non-financial derivatives as held for trading. Refer to Superior's 2012 Annual MD&A for further details on financial instrument risk management.
As at September 30, 2013, Superior has hedged approximately 70% of its estimated US dollar exposure for 2013 and approximately 83% in 2014. The estimated sensitivity of adjusted operating cash flow for Superior, including divisional US exposures and the impact on US-denominated debt with respect to a $0.01 change in the Canadian to United States exchange rate for 2013 is $0.2 million and for 2014 is $0.4 million after giving effect to United States forward contracts for 2013 and 2014, as shown in the table below. Superior's sensitivities and guidance are based on an anticipated average Canadian to US dollar foreign currency exchange rate for 2013 and 2014 of 1.03.
For additional details on Superior's financial instruments, including the amount and classification of gains and losses recorded in Superior's third quarter condensed consolidated financial statements, summary of fair values, notional balances, effective rates and terms, and significant assumptions used in the calculation of the fair value of Superior's financial instruments, see Note 12 to the unaudited condensed consolidated financial statements.
Disclosure Controls and Procedures and Internal Controls Over Financial Reporting
No changes have been made in Superior's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, Superior's internal control over financial reporting in the quarter ended September 30, 2013.
The Canadian propane business system roll out (see System Conversion) commenced during the third quarter of 2013 and management has concluded that the change materially affected Superior's internal controls over financial reporting. Superior's management team has participated at all levels of planning and execution of the IT system and has concluded that no material deficiency has resulted from this change to internal controls over financial reporting .The planning and execution of the system transition will continue to be overseen by senior management with involvement by the President and VP Finance of the business and the certifying officers.
Critical Accounting Policies and Estimates
Superior's unaudited condensed consolidated financial statements have been prepared in accordance with IFRS. The significant accounting policies are described in the unaudited condensed consolidated financial statements for the period ended September 30, 2013. Certain of these accounting policies, as well as estimates made by management in applying such policies, are recognized as critical because they require management to make subjective or complex judgments about matters that are inherently uncertain. Our critical accounting estimates relate to the allowance for doubtful accounts, employee future benefits, future income tax assets and liabilities, the valuation of derivatives and non-financial derivatives and asset impairments and the assessment of potential provision retirement obligations.
Recent Accounting Pronouncements
Certain new standards, interpretations, amendments or improvements to existing standards were issued by the IASB or the International Financial Reporting I
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Datum: 31.10.2013 - 16:54 Uhr
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