Slide 1: Third Quarter 2018 Business Update
Third Quarter 2018 Business Update November 8, 2018
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements that reflect management’s current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertaint
Slide 3: Third Quarter Highlights
Third Quarter Highlights • Net loss of $12.5 million or $(0.31) per share; EBITDA of $32.0 million – Includes $14.7 million for R&D credits related to current period projects • Entered into agreement to sell Bluffton, Lakota and Riga to Valero Renewable Fuels – $300 million in cash, plus $22 million
Slide 4: Green Plains Inc.
Green Plains Inc. | SWZ | . > Green Plains
Slide 5: Selected Operating Data
Selected Operating Data Green Plains Inc. (in thousands ) For the three months ended Sept. 30, 2018 Sept. 30, 2017 Ethanol production Ethanol (gallons) 304,826 313,642 Distillers grains (equivalent dried tons) 811 817 Corn oil (pounds) 78,304 75,440 Corn consumed (bushels) 105,965 109,544 Agribusine
Slide 6: Consolidated Crush Margin
Consolidated Crush Margin Green Plains Inc. For the three months ended 2018 2017 2018 2017 (in millions) (per gallon produced) Ethanol production: Operating income (loss) $(16.0) $3.1 $(0.05) $0.01 Depreciation and amortization 24.3 21.0 0.08 0.07 Total ethanol production 8.3 24.1 0.03 0.08 Intercom
Slide 7: Condensed Balance Sheet
Condensed Balance Sheet Green Plains Inc. (in millions) Assets Sept. 30, 2018 Dec 31, 2017 Current assets $1,187.6 $1,206.5 Property and equipment, net 1,143.5 1,176.7 Other assets 353.7 401.5 Total assets $2,684.8 $2,784.7 Liabilities and Stockholders’ Equity Current liabilities $867.5 $886.3 Long-
Slide 8: Condensed Income Statement
Condensed Income Statement Green Plains Inc. (in millions, except per share amounts) For the three months ended Sept. 30, 2018 Sept. 30, 2017 Revenues $1,000.1 $901.2 Costs and expenses 999.5 880.5 Operating income 0.6 20.7 Interest expense and other (22.7) (30.1) Income tax benefit 14.7 48.8 Net in
Slide 9: Segment Operations
Segment Operations Green Plains Inc. (in millions) For the three months ended Sept. 30, 2018 Sept. 30, 2017 Operating income (loss) Ethanol production (16.0) 3.1 Agribusiness and energy services 2.9 3.7 Food and ingredients 8.3 10.1 Partnership 16.7 16.3 Corporate activities (11.3) (12.5) 0.6 20.7 E
Slide 10: Liquidity and Capital Structure
Liquidity and Capital Structure Green Plains Inc. (in millions, except per share and per gallon amounts) Sept. 30, 2018 Sept. 30, 2018 Jun 30, 2018 Sept. 30, 2017 For the three months ended Pro-Forma Gross debt $894.4 $1,389.4 $1,295.3 $1,294.2 Working capital financing 556.6 556.6 457.5 457.8 Total
Slide 11: Green Plains Partners LP
Green Plains Partners LP | SWZ | . > Green Plains
Slide 12: Selected Operating Data - Green Plains Partners LP
Selected Operating Data Green Plains Partners LP (in million gallons) For the three months ended Sept. 30, 2018 Sept. 30, 2017 Product volumes Storage and throughput services 314.1 308.3 Terminal services 63.3 71.9 Railcar capacity billed (daily average) 98.2 95.1 | Page 12
Slide 13: Condensed Balance Sheet - Green Plains Partners LP
Condensed Balance Sheet Green Plains Partners LP (in millions) Assets Sept. 30, 2018 Dec 31, 2017 Current assets $19.7 $21.6 Property and equipment, net 46.2 48.3 Other assets 23.4 22.4 Total assets $89.3 $92.3 Liabilities and Partners’ Capital Current liabilities $17.0 $16.0 Long-term debt 136.0 13
Slide 14: Consolidated Income Statement - Green Plains Partners LP
Consolidated Income Statement Green Plains Partners LP (in millions, except per unit amounts) For the three months ended Sept. 30, 2018 Sept. 30, 2017 Revenues $25.8 $26.4 Operating expenses 9.5 10.5 Operating income 16.3 15.9 Interest expense and other (1.8) (1.4) Income tax expense - - Loss from e
Slide 15: Adjusted EBITDA and DCF
Adjusted EBITDA and DCF Green Plains Partners LP (in millions) For the three months ended LTM ended Sept. 30, 2018 Sept. 30, 2017 Sept. 30, 2018 Net income $14.5 $14.5 $57.9 Interest expense 1.9 1.4 6.7 Income tax expense - - 0.1 Depreciation and amortization 1.1 1.3 4.7 Minimum volume commitment ad
Slide 16: Appendix
Appendix | SWZ | . > Green Plains
Slide 17: Production and Utilization History
Production and Utilization History Green Plains Inc. (% of capacity) (mmgy) 400 100% 350 300 80% 250 60% 200 40% 150 100 20% 50 0% - Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q4-17 Q1-18 Q2-18 Q3-18 Production % of Capacity Prod
Slide 18: Non-GAAP Reconciliation
Non-GAAP Reconciliation Green Plains Inc. (in millions) For the three months ended Sept. 30, 2018 Sept. 30, 2017 Net income (loss) $(7.4) $39.4 Interest expense 23.4 31.9 Income tax benefit (14.7) (48.7) Depreciation and amortization 30.7 27.8 EBITDA $32.0 $50.4 | Page 18
Slide 19: Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com
Green Plains Inc. | NASDAQ: GPRE | www.gpreinc.com Green Plains Partners LP | NASDAQ: GPP | www.greenplainspartners.com