VANCOUVER, Aug. 4 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)
announced today its earnings for the second quarter ending June 30, 2006.
Please see attached Report to Unitholders for details.
Westshore Terminals Income Fund
Second Quarter Report
For the six months ended June 30, 2006
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Dear Unitholders:
The cash inflows of Westshore Terminals Income Fund (the "Fund") are
based on the distributions received from the operations of Westshore Terminals
Limited Partnership ("Westshore"). The earnings and distributable cash of the
Fund are wholly dependent on the results of Westshore. Westshore's results are
determined largely by the volume of coal shipped by its coal mine customers
for sale in the export market, the rates charged by Westshore and Westshore's
costs. Westshore's throughput charges for approximately half of the coal it
handles are calculated at present by reference to coal prices. Higher prices
for hard coking coal resulted in Westshore's principal customer achieving much
higher average settlement prices for the 2005/06 coal year (ending March 31,
2006) compared to the 2004/05 coal year. For the 2006/07 coal year,
Westshore's principal customer is expecting to realize coal prices at
approximately US$107 per tonne, down from prices of approximately US$122 in
the last coal year, but still up significantly compared to the 2004/05 coal
year. As Westshore has some exposure to fluctuations in exchange rates (as a
result of pricing mechanisms under its customer contracts), Westshore has
engaged in limited currency hedging arrangements to provide some partial
shielding from material short-term swings in the CDN/US dollar exchange rate.
<<
Westshore Terminals Income Fund
- Management's Discussion and Analysis of Financial Condition
and Results of Operations
>>
This management's discussion and analysis refers to certain measures
other than those prescribed by Canadian Generally Accepted Accounting
Principles ("GAAP"). These measures do not have standardized meanings and may
not be comparable to similar measures presented by other trusts or
corporations. They are however determined by reference to the Fund's financial
statements. These non-GAAP measures are discussed because the Fund believes
that they provide investors with valuable information in understanding the
results of the Fund's operations and financial position. EBITDA is a non-GAAP
measure and its calculation may not be consistent from company to company. The
unaudited financial results along with management's discussion and analysis
contained in this report should be read in conjunction with the consolidated
audited financial statements and notes thereto included in the Fund's Annual
Report for the year ended December 31, 2005. The date of this management's
discussion and analysis and results of operations is August 3, 2006.
The following table sets out selected consolidated financial information
for the Fund for the quarter ended June 30, 2006. As at August 3, 2006, the
Fund had 70,381,111 issued and outstanding trust units.
<<
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(In thousands of dollars Three Months Three Months
except per unit amounts) Ended Ended
June 30, June 30,
2006 2005
$ $
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REVENUE
Coal 41,583 43,969
Other 2,869 (1,622)
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44,452 42,347
EXPENSES
Operating 15,256 17,237
Administrative 2,577 1,562
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17,833 18,799
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Earnings before depreciation and income taxes 26,619 23,548
Depreciation 5,404 5,728
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Earnings before income taxes 21,215 17,820
Provision for income taxes - 1,239
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Net earnings for the period 21,215 16,581
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Net earnings per trust unit 0.301 0.236
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Adjusted EBITDA
Earnings before depreciation and income
taxes 26,619 23,548
Add:
Unrealized losses on forward exchange contracts 32 2,324
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Adjusted EBITDA 26,651 25,872
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Distributions declared 19,003 14,076
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Distributions declared per trust unit 0.270 0.200
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>>
The following tables set out selected consolidated financial information
for the Fund on a quarterly basis for the last eight quarters.
<<
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Three Months Ended
--------------------------------------------------
(In thousands of Jun 30, Mar 31, Dec 31, Sep 30,
dollars except 2006 2006 2005 2005
per unit amounts) $ $ $ $
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Revenue
Coal 41,583 38,463 43,523 46,063
Other 2,869 858 1,898 4,190
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44,452 39,321 45,421 50,253
Expenses
Operating 15,256 15,739 16,436 16,762
Administrative 2,577 1,739 2,077 4,109
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17,833 17,478 18,513 20,871
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Earnings before
depreciation
and income taxes 26,619 21,843 26,908 29,382
Depreciation 5,404 5,405 6,224 5,728
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Earnings before
income taxes 21,215 16,438 20,684 23,654
Recovery of
(provision for)
income taxes - - 42,267 (446)
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Net earnings for
the period 21,215 16,438 62,951 23,208
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Net earnings
per trust unit 0.301 0.234 0.894 0.330
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Cash Distributions
declared 19,003 20,411 27,097 26,745
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Cash Distributions
per unit 0.270 0.290 0.385 0.380
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Distribution of units
in lieu of cash - - 1,540 -
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Distribution of units
in lieu of cash
per unit - - 0.022 -
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Three Months Ended
--------------------------------------------------
(In thousands of Jun 30, Mar 31, Dec 31, Sep 30,
dollars except 2005 2005 2004 2004
per unit amounts) $ $ $ $
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Revenue
Coal 43,969 31,692 29,323 28,448
Other (1,622) 21 5,547 4,985
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42,347 31,713 34,870 33,433
Expenses
Operating 17,237 16,339 17,390 17,146
Administrative 1,562 1,392 1,725 1,405
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18,799 17,731 19,115 18,551
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Earnings before
depreciation
and income taxes 23,548 13,982 15,755 14,882
Depreciation 5,728 5,728 5,850 5,790
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Earnings before
income taxes 17,820 8,254 9,905 9,092
Recovery of
(provision for)
income taxes (1,239) 2,222 2,284 303
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Net earnings for
the period 16,581 10,476 12,189 9,395
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Net earnings
per trust unit 0.236 0.149 0.173 0.133
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Cash Distributions
declared 14,076 14,076 16,891 9,853
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Cash Distributions
per unit 0.200 0.200 0.240 0.140
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>>
Results of Operations
In the second quarter of 2006, Westshore shipped approximately
4.6 million tonnes of coal, compared with 5.8 million tonnes shipped during
the same period in 2005. Lower shipment levels during the second quarter of
2006 were due to lower shipments from Westshore's primary customer Elk Valley
Coal Partnership (the "Coal Partnership").
Fording Canadian Coal Trust owns 60% of the Coal Partnership, which is
Westshore's largest customer and accounted for 92% of the terminal's
throughput by volume in 2005. Fording's second quarter report continues its
previous guidance that it expects a range of sale tonnages of between 22 and
25 million tonnes for the 2006 calendar year. Based on this and other
available information, Westshore anticipates its throughput for 2006 will be
in the range of 18 to 19 million tonnes.
Coal loading revenue decreased to $41.6 million in the second quarter of
2006 from $44.0 million in the second quarter of 2005. The decrease in revenue
was due to a decline in volumes partly offset by an increase in the average
loading rates and an adjustment of $4.4 million relating to a reconciliation
of loading rates for the 2005/06 coal contract year.
The average loading rate in the second quarter of 2006 rose to $8.01 per
tonne compared to $7.53 per tonne for the same period in 2005. Higher rates in
Q2 2006 reflect the higher carry over coal prices for the 2005/06 coal
contract year and rates for the 2006/07 coal year which continue at rates
significantly higher than the previous few years.
Other revenue was $2.9 million in the second quarter of 2006 as compared
to a loss of $1.6 million in the second quarter of 2005. Unrealized hedging
losses were immaterial in the three months ended June 30, 2006, compared to
unrealized losses of $2.6 million in the second quarter of 2005. Realized
hedging gains in the second quarter of 2006 increased by $1.2 million from the
second quarter in 2005. (See "Currency Fluctuations"). Demurrage and train
detention costs declined by $0.4 million from the same period in 2005.
Operating expenses decreased from $17.2 million in the second quarter of
2005 to $15.3 million for the second quarter of 2006. A significant reduction
in lease costs due to lower throughput added to an approximately 4% decrease
in other expenses. The decrease was due primarily to lower wage costs because
of reduced volumes, offset by a general increase in wage rates in accordance
with the collective agreements. Administrative expenses rose from $1.6 million
in 2005 to $2.6 million in 2006. The difference is represented by an earlier
accrual of management incentive fees in 2006 than was the case in 2005.
As a result of the foregoing, Westshore's earnings before depreciation
and income taxes increased to $26.6 million for the second quarter of 2006
compared to $23.5 million for the same period in 2005.
The Fund has not provided for income taxes in 2006 as the income of the
Fund is distributed to and taxed in the hands of unitholders.
Contract Rate Review
Under the contract that covers coal from the Elkview mine (the "Elkview
Contract"), the Coal Partnership gave notice on September 30, 2004 requesting
a review of the loading rate. The rate charged by Westshore for coal loaded
under the Elkview Contract is a function of the Canadian dollar price received
for such coal. The matter was heard before an arbitrator, as provided in the
Elkview Contract, during the last week of April, 2006. A decision was made in
favour of Westshore on July 13, 2006 confirming that there will be no changes
to the formula determining the loading rate which will run through the end of
the contract term to March 31, 2010.
Westshore's other contract with the Coal Partnership is the Port Services
Agreement made February 21, 2003 which covers coal from the Fording River
mine, the Greenhills mine and the Coal Mountain mine. That contract contains a
provision which allows either party, no later than October 1, 2006, to request
a review of the charges under the contract. Any change to the charges would be
effective April 1, 2007 for the remaining term to 2012.
Westshore Lease Extension and Capital Project
Westshore has negotiated a conditional lease extension with the Vancouver
Port Authority (the "VPA") which would extend the lease term to December 31,
2026 and give Westshore the further right to extend the lease term to December
31, 2046. The outstanding condition to be satisfied is receipt from the
Vancouver Port Authority of project permit approvals for a capital upgrade to
Westshore's existing equipment. Westshore believes it has provided the
necessary information to the VPA to obtain the permit, which it anticipates
receiving later this year. The cost of the upgrade is anticipated to be
approximately $42 million (in 2006 dollars). The upgrade would take
approximately two years to complete from the permit date and would increase
Westshore's annual throughput capacity to approximately 29 million tonnes.
Currency Fluctuations
Since sale prices for coal are set in US dollars, Westshore is exposed to
variations in its loading rate within a coal year by reason of change in the
Canadian-US dollar exchange rate. Since April 1, 2003, the loading rates under
most of Westshore's long-term handling contracts have depended in whole or in
part on the Canadian dollar price realized by Westshore's customer for coal
handled by Westshore. To mitigate its risk, Westshore has engaged in periodic
hedging activities pursuant to a flexible policy under which Westshore may
hedge a portion of its anticipated US dollar related revenues for the coming
year, based on its annual budget.
In the financial statements, the effect of currency fluctuations is shown
as impacting coal loading revenues before taking into account the effect of
hedging activities, the financial effect of which is accounted for as other
revenue. As stated in the audited Financial Statements of the Fund for the
year ending December 31, 2005, because Westshore's hedging transactions do not
qualify for "hedge accounting", the value of Westshore's forward exchange
contracts must be "marked to market" at each period end. On this basis, other
revenue for the first six months ended June 30, 2006 included an unrealized
loss on forward exchange contracts of $1.8 million, compared to a loss of $3.7
million for the first six months of 2005. The unrealized gains and losses are
non-cash items. The cash effect of the hedging program is recognized in other
revenue as the forward exchange contracts mature. For the first half of 2006,
the inclusion in other revenue on account of settled contracts was $3.4
million, compared to $1.8 million in 2005.
Liquidity and Capital Resources
The Fund is obliged to distribute to Unitholders its cash inflows less
administrative costs of the Fund (and amounts, if any, which may be paid in
connection with any cash redemption of units). The Fund has no fixed
distribution requirements, distributions being solely a function of amounts
received by the Fund. Because the Fund's investment in Westshore is of a
passive nature, it is not anticipated that the Fund will require significant
capital resources to maintain its investment in Westshore on an ongoing basis.
Westshore has in place with a Canadian chartered bank a $1 million
secured operating facility which, if required, can be utilized to meet working
capital requirements. This facility was not used during the second quarter and
remained undrawn at June 30, 2006. Westshore's distribution policy involves
leaving sufficient earnings before depreciation and unrealized gains or losses
on forward exchange contracts to cover cash requirements such as capital
expenditures and special pension contributions. Any major capital expenditures
may need to be financed, with repayment of any debt financing coming from
undistributed earnings. If Westshore receives the required permits from VPA
and proceeds with the planned capital expansion, the anticipated cost of the
upgrades of approximately $42 million (in 2006 dollars) would be funded
through a combination of cash on hand and debt financing on terms and
conditions acceptable to Westshore.
Quarterly Distributions
On July 15, 2006, the Fund distributed $19,002,900 ($0.27 per unit) in
cash for the second quarter of 2006 to Unitholders of record on June 30, 2006
as compared with $14,076,222 (representing $0.20 per unit) in cash for the
second quarter of 2005. The Q2 2006 distribution for unitholder income tax
purposes was comprised entirely of income. This may vary when calculated for
the year as a whole.
Outlook
The Fund's cash inflows are entirely dependent on Westshore's operating
results and are significantly influenced by four variables: the volume of coal
shipped through the Terminal; the US dollar denominated price received by
Westshore's customers for that coal; the Canadian-US dollar exchange rate; and
Westshore's operating and administrative costs.
Fording's second quarter report continues its previous guideance that it
expects a range of sale tonnages of between 22 and 25 million tonnes for the
2006 calendar year. Based on this and other information, Westshore now
anticipates its throughput for 2006 will be in the range of 18 to 19 million
tonnes.
As announced by Fording, the Coal Partnership has achieved sufficient
settlements to indicate that its average price for coal sales in the period
April 1, 2006 to March 31, 2007 is expected to be approximately US$107 per
tonne. This represents a reduction of approximately 11% from the US dollar
prices realized by the Coal Partnership for the coal year ending March 31,
2006, but would still be approximately double the average US dollar price
realized in the coal year ending March 31, 2005. These prices represent sales
for all products, not only those exported through Westshore. Coupled with the
continuing strength of the Canadian dollar relative to the US dollar, these
prices indicate that Westshore's loading rate for tonnage shipped at a
variable rate, and hence its average loading rate, for the 2006/07 coal year
will be lower than for the 2005/06 coal year.
For 2006 and based on current tonnage estimates, tonnages shipped at
fixed rates are expected to account for approximately 25% of the terminal's
throughput; tonnages shipped at variable rates but subject to a cap, in effect
for this year, are expected to account for approximately 25% of throughput;
and finally, tonnages shipped at full variable rates are expected to account
for approximately 50% of throughput at Westshore.
Based on the most current information available to it, the Fund is
budgeting for distributions for the 2006 calendar year to be at approximately
the same level as for the 2005 calendar year as a whole. Results in subsequent
quarters will determine the level of distributions, either positively or
negatively. If distributions for the calendar year 2006 exceed $1.035 per
unit, incentive fees will be payable by Westshore to the Manager under the
Management Agreement, as was the case in 2005.
There are many variables that will affect Westshore's EBITDA and the
Fund's distributions in 2006, most of which are outside the control of
Westshore or the Fund. The Fund has assessed the likely sensitivity of its
distributions, in respect of the six months from July 1, 2006 to December 31,
2006, to changes in tonnage shipped, the US dollar coal price and the
US/Canadian dollar exchange rate. The sensitivities described below are
expected to be applicable only for the six months from July 1, 2006 to
December 31, 2006 and are based on Westshore's current assumptions.
Sensitivities for any other period would depend upon assumptions that are
considered appropriate and relevant at such time(s).
Based on existing contract provisions, assumed aggregate tonnage for 2006
of 18 million tonnes (approximately 9.0 million tonnes for the six months
ending December 31, 2006), Westshore's current assumptions of volume per
specific customer, US dollar coal price assumption of US$107 per tonne and
exchange rates of US$0.87 per CDN$1.00.
<<
- for every 1,000,000 tonnes difference in throughput, the effect on
distributions by the Fund is expected to be approximately 5cents per
unit;
- for every US$5.00 change in the US dollar denominated coal price
received by the Elk Valley Coal Partnership, the effect on
distributions by the Fund is expected to be approximately 3cents per
unit; and
- for every US$0.01 change in the value of the Canadian dollar, the
effect on distributions by the Fund is expected to be approximately
0.6cents per unit.
>>
The foregoing sensitivities factor in the anticipated effects of
Westshore's hedges currently in place.
Forward-looking Statements
The foregoing statements concerning tonnages, coal prices, exchange
rates, loading rates and variability of distributions are forward-looking
statements but reflect the current expectations of the Fund and Westshore with
respect to future events and performance. Wherever used, the words "may,"
"will," "anticipate," "intend," "expect," "plan," "believe," and similar
expressions identify forward-looking statements. Forward-looking statements
should not be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at which,
such performance or results will be achieved.
Forward-looking statements are based on information available at the time
they are made, assumptions made by management, and management's good faith
belief with respect to future events, and are subject to the risks and
uncertainties outlined in the Fund's Annual Information Form that could cause
actual performance or results to differ materially from those reflected in the
forward-looking statements, historical results or current expectations.
All forward-looking statements will be impacted by and are subject to the
risks set out under Risk Factors in the Fund's Annual Information Form.
Additional Information
Additional information relating to the Fund, including the Fund's latest
Annual Report and Annual Information Form, are available on SEDAR at
www.sedar.com and on Westshore's website at www.westshore.com.
On behalf of the Trustees,
(signed)
William W. Stinson
Chairman
August 3, 2006
<<
Consolidated Statements of Earnings and Cumulative Earnings
(in thousands of dollars
except per unit amounts) Three months ended Six months ended
June 30 June 30 ,
$ $
2006 2005 2006 2005
-------------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
REVENUE
Coal 41,583 43,969 80,046 75,661
Other 2,869 (1,622) 3,727 (1,601)
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44,452 42,347 83,773 74,060
EXPENSES
Operating 15,256 17,237 30,995 33,576
Administrative 2,577 1,562 4,316 2,954
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17,833 18,799 35,311 36,530
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Earnings before
depreciation
and income taxes 26,619 23,548 48,462 37,530
Depreciation 5,404 5,728 10,809 11,456
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Earnings before
income taxes 21,215 17,820 37,653 26,074
Recovery of
(provision for)
income taxes - (1,239) - 983
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Net earnings
for the period 21,215 16,581 37,653 27,057
Cumulative
earnings -
Beginning of
period 386,794 267,616 370,356 257,140
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Cumulative
earnings -
End of period 408,009 284,197 408,009 284,197
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Basic and diluted
earnings per trust
unit 0.301 0.236 0.535 0.384
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Weighted average
number of
trust units
outstanding 70,381,111 70,381,111 70,381,111 70,381,111
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Consolidated Statements of Cash Flows
(in thousands of dollars)
Three months ended Six months ended
June 30 June 30
$ $
2006 2005 2006 2005
-------------------------------------------------------------------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Cash flows from
operating activities
Net earnings
for the period 21,215 16,581 37,653 27,057
Items not affecting
cash
Unrealized losses
on forward
exchange
contracts 32 2,324 1,757 3,667
Depreciation 5,404 5,728 10,809 11,456
Future income
tax recovery - (2,601) - (4,579)
Increase in
deferred
employee future
benefits costs (512) 202 (203) 209
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26,139 22,234 50,016 37,810
Decrease in non-cash
working capital (6,864) (4,032) (9,938) (11,258)
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19,275 18,202 40,078 26,552
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Cash flows from
financing
activities
Distributions paid
to unitholders (20,411) (14,076) (47,508) (30,967)
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(20,411) (14,076) (47,508) (30,967)
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Cash flows from
investing
activities
Additions to
plant and equipment (659) (720) (1,886) (907)
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(659) (720) (1,886) (907)
-------------------------------------------------------------------------
Increase (decrease)
in cash and cash
equivalents (1,795) 3,406 (9,316) (5,322)
Cash and cash
equivalents -
Beginning of period 32,383 27,272 39,904 36,000
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Cash and cash
equivalents -
End of period 30,588 30,678 30,588 30,678
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Supplemental cash
flow information
Cash received for
interest 482 137 715 278
Income taxes paid
(received) (166) 27 404 142
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Consolidated Balance Sheets
(in thousands of dollars) June 30, December 31,
2006 2005
$ $
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(Unaudited) (Audited)
ASSETS
Current assets
Cash and cash equivalents 30,588 39,904
Accounts receivable 15,507 10,633
Inventories 5,981 6,012
Prepaid expenses 5,171 2,844
Income taxes receivable 2,204 1,800
Other assets 6,537 6,202
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65,988 67,395
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Plant and equipment
At cost 465,502 463,780
Accumulated depreciation (332,100) (321,455)
-------------------------------------------------------------------------
133,402 142,325
-------------------------------------------------------------------------
Employee future benefits 1,957 1,754
Goodwill 365,541 365,541
Other assets - 2,092
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566,888 579,107
-------------------------------------------------------------------------
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LIABILITIES & UNITHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities 17,522 19,887
Distribution payable to unitholders 19,003 27,097
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36,525 46,984
-------------------------------------------------------------------------
Unitholders' equity
Capital contributions 663,602 663,602
Cumulative earnings 408,009 370,356
Cumulative distributions declared (541,248) (501,835)
-------------------------------------------------------------------------
530,363 532,123
-------------------------------------------------------------------------
566,888 579,107
-------------------------------------------------------------------------
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Notes to Financial Statements
1. Basis of presentation
These interim financial statements do not contain all the information
required for annual financial statements and should be read in
conjunction with the financial statements and notes included in the
Fund's Annual Report for the year ended December 31, 2005. These
interim financial statements have not been audited or reviewed by
external auditors.
2. Significant accounting policies
These interim financial statements have been prepared in accordance
with Canadian generally accepted accounting principles and follow the
same accounting principles and methods of application as set out in
Note 2 of the Fund's annual financial statements for the year ended
December 31, 2005.
3. Employee future benefits
Three months ended Six months ended
June 30 June 30
2006 2005 2006 2005
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(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Pension plan benefits $ (763) $ (71) $ (1,018) $ (338)
Other retirement and
post-employment
benefits 251 273 815 ` 547
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Employee future
benefits expense $ (512) $ 202 $ (203) $ 209
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>>
