CIEL Textile Limited (FKL.mu) listed on the Stock Exchange of Mauritius under the Investment sector has released it’s 2017 interim results for the first quarter.For more information about CIEL Textile Limited (FKL.mu) reports, abridged reports, interim earnings results and earnings presentations, visit the CIEL Textile Limited (FKL.mu) company page on AfricanFinancials.Document: CIEL Textile Limited (FKL.mu) 2017 interim results for the first quarter.Company ProfileCIEL Textile Limited is engaged in the manufacturing and sale of knitted garments locally and internationally. The countries in which the company sells these products include Mauritius, Madagascar, Asia, and South Africa. Within the company’s production line, there are fabrics, jersey-wear garments, t-shirts and polo shirts, sweatshirts, joggers, and knitwear. CIEL Textile Limited operates the sale of its products through the company’s subsidiaries such as Harris Wilson, Blu River, Aquarelle Shirt, and Floreal Boutique. The company is a subsidiary of CIEL Group and is based in Ebène, Mauritius. CIEL Textile Limited is listed on the Stock Exchange of Mauritius.
New African Properties Limited (NAP.bw) listed on the Botswana Stock Exchange under the Property sector has released it’s 2017 interim results for the half year.For more information about New African Properties Limited (NAP.bw) reports, abridged reports, interim earnings results and earnings presentations, visit the New African Properties Limited (NAP.bw) company page on AfricanFinancials.Document: New African Properties Limited (NAP.bw) 2017 interim results for the half year.Company ProfileNew African Properties Limited, listed on the Botswana Stock Exchange is a public variable rate loan stock company which offers investors the opportunity to share in a diversified portfolio of 64 well-established and well-positioned properties made up of a mix of retail, commercial and industrial properties with quality tenants. Its primary focus is the retail property sector. NAP aims to provide positive returns to investors by investing in appropriate retail properties; maintaining a profile of strong, quality tenants; maximising contractual rentals and minimising rental arrears, bad debts and vacancies; and optimising expenditure using a sound governance framework and skilled service providers. New African Properties Limited is a subsidiary of Cash Bazaar Holdings (Proprietary) Limited.
Please enter your comment! By now we all know the story: After multiple burglaries the owner of the AOK Tire Mart posted a message on a sign in front of the store offering a $1,000 reward for information leading to an arrest. Photos of the sign were tweeted and posted on Facebook and went viral (the story published by The Apopka Voice reached nearly 22,000 people on Facebook).Last week the sign changed. The owner is now thanking the Apopka Police Department. As The Apopka Voice reported on April 7th; an arrest had been made.But what about the $1,000 Reward?The store manager, Tyler Hall, confirmed that the $1,000 reward had been paid to someone who came forward, but wishes to stay anonymous.“The tip was important, but the real credit for solving the crimes goes to Apopka Police Detective Graber,” said Hall. “He went above and beyond on this one.”Hall estimated that the store had suffered about $20,000 in damage due to multiple burglaries over the past few months. UF/IFAS in Apopka will temporarily house District staff; saves almost $400,000 Please enter your name here LEAVE A REPLY Cancel reply Previous articleArrowsmith, Bankson, Becker, Ruth – The Final Four Apopka StyleNext articleApopka Election Day 2.0: 475 Voters Before 10 AM Dale Fenwick RELATED ARTICLESMORE FROM AUTHOR Gov. DeSantis says new moment-of-silence law in public schools protects religious freedom Share on Facebook Tweet on Twitter Save my name, email, and website in this browser for the next time I comment. Florida gas prices jump 12 cents; most expensive since 2014 You have entered an incorrect email address! Please enter your email address here
Protesting for living wage, Oct. 30.New York, Oct. 30 — With the Rude Mechanical Orchestra providing noisy and spirited support, dozens of activists picketed Dylan’s Candy Bar store on Manhattan’s East Side tonight. Many wore Halloween costumes and carried signs that said, “I’m not a sucker,” as this candy store boss, Dylan Lauren — Ralph Lauren’s daughter — was exposed for being worth more than $4 billion. Meanwhile, Dylan’s workers are demanding fairness, dignity and a living wage.Hundreds of colorful fliers were distributed by activists all around the two-story store. They answered questions from passersby who wanted to know what was behind the protest.These Dylan’s workers are organizing with the Retail, Wholesale and Department Store Union to win living wages. They are demanding increased pay to $13.99 per hour — the price of 1 pound of bulk candy; just hours with more stable scheduling and guaranteed hours for all workers; and an end to favoritism.FacebookTwitterWhatsAppEmailPrintMoreShare thisFacebookTwitterWhatsAppEmailPrintMoreShare this
SHARE SHARE By Hoosier Ag Today – May 1, 2020 Home News Feed Heat Unit Concepts Related To Corn Development Facebook Twitter Heat Unit Concepts Related To Corn Development Facebook Twitter Previous articleLogansport Tyson Plant to Reopen Next WeekNext articleFarm Resilience Starts With a Solid Financial Foundation Hoosier Ag Today By Bob NielsenPurdue UniversityGrowth and development of corn are strongly dependent on temperature. Corn develops faster when temperatures are warmer and more slowly when temperatures are cooler. For example, a string of warmer than normal days in late spring will encourage faster leaf development than normal. Another example is that a cooler than normal grain filling period will delay the calendar date of grain maturity. The phrases “string of warmer than normal days” and “cooler than normal grain filling period” can be converted mathematically into measures of thermal time by calculating the daily accumulations of heat using temperature data. Commonly used terms for thermal time are Growing Degree Days (GDDs), Growing Degree Units (GDUs), or heat units (HUs).Different methods exist for calculating heat units depending on a) the crop or biological organism of interest and b) the whim or personal preference of the researcher. The GDD estimation method most commonly used throughout the U.S. for determining heat unit accumulation relative to corn phenology was first evaluated by Gilmore & Rogers (1958) and termed “Effective Degrees”. Barger (1969) later proposed that the same method, which he termed “Modified Growing Degree Days”, be adopted as the standard heat unit formula by the National Oceanic and Atmospheric Administration.This Modified GDD method calculates daily accumulation of GDD as the average daily temperature (oF) minus 50. The “modification” refers to the limits imposed on the daily maximum and minimum temperatures allowed in the calculation. Daily maximums greater than 86oF are set equal to 86 in the calculation of the daily average temperature. Similarly, daily minimums less than 50oF are set equal to 50 in the calculation.Example 1:If the daily maximum temperature was 80oF and the minimum was 55oF, the GDD accumulation for the day would be ((80 + 55) / 2) – 50 or 17.5 GDDs.Example 2 (Illustrating the limit on daily maximums):If the daily maximum temperature was 90oF and the minimum was 72oF, the GDD accumulation for the day would be ((86 + 72) / 2) – 50 or 29 GDDs.Example 3 (Illustrating the limit on daily minimums):If the daily maximum temperature was 68oF and the minimum was 41oF, the GDD accumulation for the day would be ((68 + 50) / 2) – 50 or 9 GDDs.In late April to early May, normal daily GDD accumulations for central Indiana are about 10 GDDs. By late July, the normal daily accumulation rises to about 23 GDDs. For a typical corn growing season in central Indiana, say from late April to late September, the total seasonal accumulation of GDDs is about 2800 GDDs.NOTE: Calculation of GDD for corn is not limited to the use of air temperatures. From planting until roughly V6, germination and development of young seedlings respond more directly to soil temperature than air temperature. Soil temperature does not precisely mirror air temperature. Consequently, it is appropriate during that time frame to calculate GDD using soil temperatures. Ideally, one would use soil temperature recorded in the upper two inches of soil because that depth corresponds best to seed placement and initial growing point position. Realistically, however, most available online sources of soil temperature data are based on standard NWS-NOAA 4-inch soil depth measurements. That’s okay, though, because corn development still correlates well with soil GDD based on 4-inch temperatures.There are a number of sources of daily temperature data, both air and soil. There are increasingly more commercial sources of weather and climate data available to everyday consumers. One source of weather and climate data for those with Indiana interests is the Indiana State Climate Office, located on the campus of Purdue University. A range of types of data are available for a number of locations around the state (https://ag.purdue.edu/indiana-state-climate/data).Specifically for corn, the Useful to Usable (U2U) multi-state research and Extension project, originally funded by USDA, developed a useful GDD decision support tool (HPRCC, 2020) that estimates county-level GDD accumulations (based only on air temperatures) and corn development dates for the states of North Dakota, South Dakota, Nebraska, Kansas, Minnesota, Iowa, Missouri, Wisconsin, Illinois, Michigan, Indiana, Ohio, Kentucky, and Tennessee. The GDD Tool uses current and historical GDD data plus user selected start dates, relative hybrid maturity ratings, and freeze temperature threshold values. The GDD and corn development predictions are displayed graphically and in tabular form, plus the GDD accumulation estimates can be downloaded in a Comma Separated Value (.csv) format for you to work with in your own spreadsheet program.Figure 1 shows a screen capture from the GDD Tool in which I selected “Tippecanoe Co., IN”, a start date (aka planting date) of Apr 20, a relative hybrid maturity rating of 111 “days”, and a freeze temperature threshold of 28oF. The tool automatically adds estimated GDD values from planting to silking and black layer based on the “corn maturity days” you enter, but each is customizable if you know the GDD values specific to your hybrid. The tool displays estimates of actual cumulative GDD from planting to today’s date, then estimates of cumulative GDD for the remainder of the season. Estimates of silking and black layer dates are displayed, as well as the early and late ranges of those estimates. When you are viewing the actual graph on the Web site, estimates of GDD accumulations at specific dates “pop up” when you hover your computer mouse over parts of the line graph.For more information on how to use GDD to make hybrid maturity decisions, see my accompanying article (Nielsen, 2019b)For information on how to predict corn leaf stage development using GDD, see my accompanying article (Nielsen, 2019c).
The issues of three Sudanese newspapers were seized and a journalist arrested this week after they criticised the government’s recent withdrawal from peace talks in Nairobi with the rebel Sudan People’s Liberation Army (SPLA). Receive email alerts RSF_en Follow the news on Sudan to go further September 6, 2002 – Updated on January 20, 2016 Press attacked for criticising government’s pull-out from peace talks News Covid-19 in Africa: RSF joins a coalition of civil society organizations to demand the release of imprisoned journalists on the continent SudanAfrica April 6, 2020 Find out more SudanAfrica “We protest against these decisions and we are concerned about the repeated attacks on the press in recent months,” said Reporters Without Borders secretary-general Robert Ménard. “Negotiations between the government and the SPLA are a crucial part of Sudanese political life and the press should be able to cover them without pressure.” He noted that security police had closed down or seized issues of about 10 newspapers over the past year.Osman Mergani, a journalist with the daily Al Rai Al Aam, was arrested on 3 September by security officials and taken to security headquarters, where he was briefly questioned and then taken to Dabak prison, north of Khartoum. He was released on 5 September. He had criticised the government’s withdrawal from the peace talks in a broadcast on the Arab TV station Al-Jazeera on 1 September. The paper published an article criticising Vice-President Ali Osman Mohamed Taha on 3 September.The 4 September issues of two privately-owned newspapers, the Khartoum Monitor and Al-Horriya were seized the evening before by security officials who went to the printing works.Alfred Taban, managing editor of the Khartoum Monitor, and Albino Okeny, his editor-in-chief, were summoned on 4 September before security officials, who reproached them for criticising the government. That day’s issue of the paper carried the text of a speech by opposition leader Sadek El-Mahdi criticising the pull-out from the talks. Another article reported the demands of Abyei, a town on the border with southern Sudan, whose inhabitants wanted to be part of the south, not the north.Al-Horriya’s 4 September edition contained an editorial saying the decision to suspend the talks was wrong. The paper’s managing editor, Haj Warrag, and journalist Lubna Ahmed Husein were summoned the next day before security officials, who interrogated them about it.The 5 September issue of the daily As Sahafa was also seized at the printing works at dawn the same day. The previous day’s issue had criticised the peace talks pull-out. Coronavirus infects press freedom in Africa Sudan : Press freedom still in transition a year after Omar al-Bashir’s removal News April 10, 2020 Find out more News Organisation News Help by sharing this information March 29, 2020 Find out more
HerbeautyIs It Bad To Give Your Boyfriend An Ultimatum?HerbeautyHerbeautyHerbeautyStop Eating Read Meat (Before It’s Too Late)HerbeautyHerbeautyHerbeauty9 Of The Best Family Friendly Dog BreedsHerbeautyHerbeautyHerbeautyThe Most Heartwarming Moments Between Father And DaughterHerbeautyHerbeautyHerbeauty5 Things To Avoid If You Want To Have Whiter TeethHerbeautyHerbeautyHerbeauty10 Female Celebs Women Love But Men Find UnattractiveHerbeautyHerbeauty 6 recommended0 commentsShareShareTweetSharePin it Commercial Real Estate News Ethika Investments Allocates Capital for Acquisition of Class A Office Building in Los Angeles From STAFF REPORTS Published on Thursday, February 19, 2015 | 11:16 am Ethika Investments, LLC, a U.S.-based real estate investment firm, has announced a capital allocation for the acquisition of 199 South Los Robles located in Pasadena, California. This marks the 13th investment from Ethika’s Diversified Opportunity Real Estate Fund and the second investment for the fund in the Los Angeles metro area.With nearly seven million square feet of office space, Pasadena is one of the largest submarkets in the Los Angeles area and has consistently maintained one of the market’s lowest vacancy and highest rental rates. This is due in large part to its diversified tenant base, strong labor pool and excellent retail and entertainment amenities.“Pasadena’s fundamentals are rapidly improving toward their pre-recession peak, when vacancy rates were below 3 percent. 199 South Los Robles represents a rare opportunity to acquire an institutional-quality, Class A office asset in Los Angeles with significant repositioning potential. The location of the building, adjacent to Paseo Colorado and near the Metro Gold Line, is irreplaceable. This is yet another example of Ethika’s ability to identify underperforming real estate in Top 30 markets and create value through acquiring at attractive bases and taking an active management approach. This is the third office investment for the fund,” said Austin Khan, Chief Investment Officer of Ethika Investments. “And as with our other office assets, we will implement a comprehensive renovation strategy to meet the needs of today’s office tenant.”“The all-encompassing renovation program will drive rental rates, occupancy and tenant satisfaction,” said Talal Elass, Vice President of Fund Management for Ethika Investments. “Considerable improvements will be noticed in the lobby, corridors, bathrooms, elevator lobby, overall common areas and building systems.”Pasadena is home to several of the region’s largest office employers and office tenants, including the California Institute of Technology, NASA’s Jet Propulsion Laboratory and Parsons Corporation. Populated by a highly educated workforce, its well-known research facilities have made Pasadena appealing to a wide range of industries including technology, healthcare, media, engineering and financial services.The building is located at 199 South Los Robles in Pasadena, California.Ethika Investments is a real estate private equity firm formed to provide investors access to a unique platform by tactically investing in opportunistic real estate assets primarily in the United States. It is affiliated with Laurus Corporation, a real estate investment and development company that specializes in hotel & resorts, office buildings, multifamily and mixed-use properties. Community News Community News First Heatwave Expected Next Week Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. More Cool Stuff faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Subscribe Your email address will not be published. Required fields are marked * Make a comment Top of the News Business News Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday Name (required) Mail (required) (not be published) Website Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena
Your email address will not be published. Required fields are marked * Cover Story Parent and Me Swim Class By ANGELA MORGAN Published on Monday, December 7, 2015 | 5:02 pm Top of the News Spending time with your kids is one of the best activities in the world. There is nothing better than watching them take their first step or teaching them to ride a bike. Some activities are a little harder to teach than others which is why Waterworks Aquatics offers Parent and Me swim lessons for ages three months to three years.You will be an integral part of the learning experience. Classes are either Mommy and Me or Daddy and Me. Waterworks Aquatics says “In a fun, relaxed environment, skills are taught through repetition of songs and activities. The class emphasizes positive reinforcement and progress at a comfortable pace for you and your child.”There are three levels of classes. The Beginner class is for new students. It will teach floating and get the child used to being under water. Skill sets and routines are introduced.The Intermediate class teaches students to roll on their back, control breathing as well as go under water alone. Even though it will be hard this session wants parents to allow the little ones to become more independent in the water.The Advanced Class is a stepping stone between the Parent and Me classes and regular swim lessons. The class will also help with skills needed to swim alone.Waterworks Aquatics was voted “Best Swim Classes” in Orange County by Parenting OC Magazine for the seventh consecutive year this summer. Feel confident when enrolling your precious guppies with them. Waterworks Aquatics is located at 2290 East Foothill Boulevard, Pasadena. Call (626) 8361200 or visit waterworksswim.com/Pasadena/ to get more information. Subscribe Pasadena’s ‘626 Day’ Aims to Celebrate City, Boost Local Economy Community News HerbeautyFollow This Summer Most Popular Celeb Beauty TrendHerbeautyHerbeautyHerbeauty6 Lies You Should Stop Telling Yourself Right NowHerbeautyHerbeautyHerbeautyWant To Seriously Cut On Sugar? You Need To Know A Few TricksHerbeautyHerbeautyHerbeautyAncient Beauty Remedies From India To Swear By For Healthy SkinHerbeautyHerbeautyHerbeauty15 Countries Where Men Have Difficulties Finding A WifeHerbeautyHerbeautyHerbeautyInstall These Measures To Keep Your Household Safe From Covid19HerbeautyHerbeauty More Cool Stuff EVENTS & ENTERTAINMENT | FOOD & DRINK | THE ARTS | REAL ESTATE | HOME & GARDEN | WELLNESS | SOCIAL SCENE | GETAWAYS | PARENTS & KIDS Make a comment Get our daily Pasadena newspaper in your email box. Free.Get all the latest Pasadena news, more than 10 fresh stories daily, 7 days a week at 7 a.m. Name (required) Mail (required) (not be published) Website Community News 9 recommended0 commentsShareShareTweetSharePin it Business News Pasadena Will Allow Vaccinated People to Go Without Masks in Most Settings Starting on Tuesday faithfernandez More » ShareTweetShare on Google+Pin on PinterestSend with WhatsApp,Virtual Schools PasadenaHomes Solve Community/Gov/Pub SafetyPASADENA EVENTS & ACTIVITIES CALENDARClick here for Movie Showtimes First Heatwave Expected Next Week Home of the Week: Unique Pasadena Home Located on Madeline Drive, Pasadena
$ Common unit issuance for the Hamlet Drop-Down ) Facebook 51,434 Partners’ capital: WhatsApp Principal payments on senior secured revolving credit facility ) 2019 Local NewsBusiness 3,103 Year EndedDecember 31, Income tax expense 16,473 ENVIVA PARTNERS, LP AND SUBSIDIARIES Consolidated Balance Sheets December 31, 2020 and 2019 (In thousands, except number of units) (Unaudited) 4,139 MSA Fee Waivers Operating lease right-of-use assets 0.7800 ) Common unit issuance for deferred consideration for Wilmington Drop-Down (423 $ Common unitholders—public (26,209,862 and 19,870,436 units issued and outstanding at December 31, 2020 and 2019, respectively) (358,311 124,212 601,777 Interest expense, net of amortization of debt issuance costs, debt premium, original issue discount, interest expense on the redemption of the 2021 Notes in 2019, and impact from incremental borrowings related to Chesapeake Incident and Hurricane Events Acquisition and integration costs and other ) Commitments and contingencies 40,000 Commercial Services Asset impairments and disposals 190,294 ) Non-GAAP Financial Measures In addition to presenting our financial results in accordance with accounting principles generally accepted in the United States (“GAAP”), we use adjusted net income, adjusted gross margin, adjusted gross margin per metric ton, adjusted EBITDA, and distributable cash flow to measure our financial performance. Adjusted Net Income We define adjusted net income as net income excluding interest expense associated with incremental borrowings related to a fire that occurred in February 2018 at the Chesapeake terminal (the “Chesapeake Incident”) and Hurricanes Florence and Michael (the “Hurricane Events”), early retirement of debt obligation, and acquisition and integration costs, adjusting for the effect of certain sales and marketing, scheduling, sustainability, consultation, shipping, and risk management services (collectively, “Commercial Services”), and including certain non-cash waivers of fees for management services provided to us by our sponsor (collectively, “MSA Fee Waivers”). We believe that adjusted net income enhances investors’ ability to compare the past financial performance of our underlying operations with our current performance separate from certain items of gain or loss that we characterize as unrepresentative of our ongoing operations. Adjusted Gross Margin and Adjusted Gross Margin per Metric Ton We define adjusted gross margin as gross margin excluding asset impairments and disposals, depreciation and amortization, changes in unrealized derivative instruments related to hedged items included in gross margin, non-cash unit compensation expenses, and acquisition and integration costs, adjusting for the effect of Commercial Services, and including MSA Fee Waivers. We define adjusted gross margin per metric ton as adjusted gross margin per metric ton of wood pellets sold. We believe adjusted gross margin and adjusted gross margin per metric ton are meaningful measures because they compare our revenue-generating activities to our operating costs for a view of profitability and performance on a total-dollar and a per-metric ton basis. Adjusted gross margin and adjusted gross margin per metric ton will primarily be affected by our ability to meet targeted production volumes and to control direct and indirect costs associated with procurement and delivery of wood fiber to our wood pellet production plants and our production and distribution of wood pellets. Adjusted EBITDA We define adjusted EBITDA as net income excluding depreciation and amortization, interest expense, income tax expense (benefit), early retirement of debt obligations, non-cash unit compensation expense, asset impairments and disposals, changes in unrealized derivative instruments related to hedged items included in gross margin and other income and expense, and acquisition and integration costs, adjusting for the effect of Commercial Services, and including MSA Fee Waivers. Adjusted EBITDA is a supplemental measure used by our management and other users of our financial statements, such as investors, commercial banks and research analysts, to assess the financial performance of our assets without regard to financing methods or capital structure. Distributable Cash Flow We define distributable cash flow as adjusted EBITDA less maintenance capital expenditures, cash income tax expenses, and interest expense net of amortization of debt issuance costs, debt premium, original issue discounts, interest expense associated with the redemption of the $355.0 million of aggregate principal amount of 6.5% senior unsecured notes due 2021 (the “2021 Notes”), and the impact from incremental borrowings related to the Chesapeake Incident and Hurricane Events. We use distributable cash flow as a performance metric to compare our cash-generating performance from period to period and to compare the cash-generating performance for specific periods to the cash distributions (if any) that are expected to be paid to our unitholders. We do not rely on distributable cash flow as a liquidity measure. Limitations of Non-GAAP Financial Measures Adjusted net income, adjusted gross margin, adjusted gross margin per metric ton, adjusted EBITDA, and distributable cash flow are not financial measures presented in accordance with GAAP. We believe that the presentation of these non-GAAP financial measures provides useful information to investors in assessing our financial condition and results of operations. Our non-GAAP financial measures should not be considered as alternatives to the most directly comparable GAAP financial measures. Each of these non-GAAP financial measures has important limitations as an analytical tool because they exclude some, but not all, items that affect the most directly comparable GAAP financial measures. You should not consider adjusted net income, adjusted gross margin, adjusted gross margin per metric ton, adjusted EBITDA, or distributable cash flow in isolation or as substitutes for analysis of our results as reported under GAAP. Our definitions of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. The estimated incremental adjusted EBITDA that can be expected from the Multi-Plant Expansions is based on an internal financial analysis of the anticipated benefit from the incremental production capacity and cost savings at the Sampson, Hamlet, and Cottondale plants and is based on numerous assumptions that are subject to significant risks and uncertainties. Those assumptions are inherently uncertain and subject to significant business, economic, financial, regulatory, and competitive risks and uncertainties that could cause actual results and amounts to differ materially from such estimate. A reconciliation of the estimated incremental adjusted EBITDA expected to be generated by the Multi-Plant Expansions to the closest GAAP financial measure, net income, is not provided because net income expected to be generated by the expansions is not available without unreasonable effort, in part because the amount of estimated incremental interest expense related to the financing of the expansions and depreciation is not available at this time. The following tables present a reconciliation of adjusted net income, adjusted gross margin, adjusted gross margin per metric ton, adjusted EBITDA, and distributable cash flow to the most directly comparable GAAP financial measures, as applicable, for each of the periods indicated. 22,600 Property, plant and equipment acquired under finance leases — Previous articleAxway Software – 2020 Full-Year Results: Success of the Transformation Plan, Resilience of the New Business ModelNext articleAT&T to Host Analyst Day on Friday, March 12 Digital AIM Web Support 3,742 (177,483 $160.0 – 180.0 Total current liabilities 2020 Deferred tax liabilities, net Other revenue Other long-term assets 11,248 35,189 $ $ 1,429,612 $ Interest expense $ 4,579 Accounts payable Other long-term liabilities 780 $ Asset impairments and disposals Related-party payables, net (1,216 $ $ ) Net revenue ) 94 (526,000 $ $ 1,705 Current portion of long-term debt and finance lease obligations Early retirement of debt obligation 10,142 41,190 (358 128,372 Long-term debt and finance lease obligations 4,139 Facebook $ Other 276,027 2,460 54 85,615 $ Net (loss) income Twitter 9,042 $ 762,242 5,410 (9,042 17,080 5,448 2,516 929 3,103 ) 6,978 99,660 44,551 4,139 Loss on disposal of assets 107,123 (1,889 (18 4,588 (4,996 2019 (24,300 280,768 Noncontrolling interest $42.3 – 62.3 929 $ Amortization of debt issuance costs, debt premium and original issue discounts 17,080 33,469 9,042 1,347 11,713 89.6 ) Accrued interest 5,410 $ (10,643 (in thousands) ) 2020 Other non-cash expenses 4,411 2019 10,004 2,414 (12,428 Distributable cash flow attributable to Enviva Partners, LP Property, plant and equipment acquired included in accounts payable and accrued liabilities 49,700 13.0 Distributable cash flow attributable to Enviva Partners, LP limited partners $ Prepaid expenses and other current assets ) We will seek to drive innovative improvements in our supply chain. To address emissions generated as part of our upstream and downstream supply chain—our Scope 3 emissions—we commit to proactively engage with our partners and other key stakeholders to adopt clean energy solutions.Given the durability and consistency of our operations, particularly with respect to transportation logistics, we believe our business provides a unique opportunity to test innovative approaches for supply-chain decarbonization. We commit to work with our stakeholders to improve the environmental emissions intensity of trucking, rail, and shipping logistics, and we commit further to take steps to accelerate and advocate for the development of new solutions and to work with our stakeholders to bring these solutions to market. $ 22,683 Derivatives 277,310 $ 42.54 December 31, 0.9 Cash flows from investing activities: ) ) (1,210 5.0 MSA Fee Waivers 52.83 12,848 — (435 TAGS Gross margin 32,998 1,153,585 28,188 38,954 6,978 767,956 603,325 Proceeds from debt issuance (1,210 28,188 ) A memorandum of understanding (“MOU”) with a major trading house in Japan outlining the terms under which we and our sponsor would supply up to 1 million MPTY to an emerging segment of the Japanese renewable energy market, combined heat and power plants that could be converted from fossil fuels to co-fired or dedicated biomass plants. These facilities are most often co-located with major manufacturing complexes in Japan. The decarbonization of the industrial sector is increasingly important for countries to meet net-zero targets. As of February 1, 2021, the Partnership’s current production capacity is matched with a portfolio of firm, take-or-pay off-take contracts that has a total weighted-average remaining term of 12.8 years and a total product sales backlog of $14.6 billion. Assuming all volumes under the firm and contingent off-take contracts held by our sponsor were included, our total weighted-average remaining term and product sales backlog would increase to 14.0 years and $19.9 billion, respectively. The Partnership expects to have the opportunity to acquire off-take contracts from our sponsor. Sustainability Consistent with our mission to displace coal, grow more trees, and fight climate change, we and our sponsor recently announced our commitment to become “net-zero” in GHG emissions from our operations by 2030. Although the product we manufacture helps reduce the lifecycle GHG emissions of our customers, we believe we must also do our part within our operations to mitigate the impacts of climate change. In order to deliver “net-zero” emissions by 2030, we have committed to the following:We will reduce, eliminate, or offset all of our direct emissions. We will immediately begin to minimize the emissions from fossil fuels used directly in our operations—our Scope 1 emissions. As our efforts to minimize the use of fossil fuels, adopt lower-carbon processes, and improve the efficiency of our operations will take time and continue to mature, in the interim we will offset 100 percent of our residual emissions through investments in projects that result in real, additional, and third-party-verified net-carbon reductions. We will focus on forest offsets created in the U.S. Southeast as part of our relationships with Finite Carbon and others, building on our experience working directly with private landowners. We plan to work with key stakeholders and others who are investing in such high-quality offsets, prioritizing those created from forest management, afforestation, and reforestation projects. Cash paid related to debt issuance costs and deferred offering costs 424,825 Payment of deferred consideration for Wilmington Drop-Down 12,800 2019 Common unitholder—sponsor (13,586,375 and 13,586,375 units issued and outstanding at December 31, 2020 and 2019, respectively) 1.59 6,459 — 3,211 3,008 $ Total liabilities 45,345 77,471 Three Months EndedDecember 31, 596,430 20,466 Basic and diluted (111,269 951 Current portion of interest payable Income from operations 9,437 $ 6,932 195,262 ) (39,344 Estimated distributable cash flow Limited partners: — We will transparently track and report on our progress. We will annually report on all emissions: Scope 1 (direct emissions from our manufacturing), Scope 2 (indirect emissions from energy we purchase), and Scope 3 (indirect emissions in our value chain). We also commit to disclosing climate-relevant data and risks through CDP (formerly the Carbon Disclosure Project) by the end of 2022. We plan to accomplish these goals in partnership with our key stakeholders, including through direct engagement with our customers, who share our commitment to achieving immediate and measurable atmospheric GHG emissions reductions and in many cases are pursuing not only net-zero carbon emissions strategies, but also projects including innovations like BECCS, where we believe Enviva can help pioneer a carbon-negative solution. “Enviva and the sustainable and renewable fuel we supply to our customers are part of an all-in solution to climate change,” said Keppler. “It’s essential that we act right now to do our part to mitigate rising temperatures. Our plan to achieve net-zero in our operations by 2030, with critical near-term milestones, is just the latest expression of our commitment to be a leader in the fight against climate change.” Partnership Development Activities The Partnership continues to commission certain assets and ramp production from the existing expansion projects (the “Mid-Atlantic Expansions”) at its wood pellet production plants in Northampton, North Carolina and Southampton, Virginia. The Partnership expects both plants to reach a nameplate production capacity of approximately 750,000 MTPY at each plant by the end of 2021. Following the successful completion of construction at the Mid-Atlantic Expansions, the Partnership has commenced a series of projects (the “Multi-Plant Expansions”) at our wood pellet production plants in Sampson, North Carolina (the “Sampson plant”), Hamlet, North Carolina (the “Hamlet plant”), and Cottondale, Florida (the “Cottondale plant”), subject to receiving the necessary permits. The Partnership expects to invest approximately $50.0 million in connection with the Multi-Plant Expansions to de-bottleneck manufacturing processes, eliminate certain costs, and increase production capacity, while reducing GHG emissions at the same time. Upon completion and ramp-up, the Partnership expects the Multi-Plant Expansions to generate approximately $20.0 million in total incremental annual adjusted EBITDA. The Partnership expects to fund the Multi-Plant Expansions using our 50/50 equity/debt capital structure and to complete the Multi-Plant Expansions by the end of 2022. Sponsor Development Activities Our sponsor recently closed a $325.0 million senior secured green term loan facility (the “Holdings Green Term Loan”), using a portion of the proceeds to purchase its joint venture partner’s interest (the “JV Buyout”) in the sponsor’s development joint venture. With the benefit of the Holdings Green Term Loan, which we do not expect to affect the Partnership’s credit ratings, the associated JV Buyout, and the $300.0 million in undrawn equity capital raised during our sponsor’s previously announced recapitalization transaction in July 2020, our sponsor has materially reduced its cost of capital associated with the development and construction of renewable energy infrastructure assets, including:The construction of the fully contracted wood pellet production plant in Lucedale, Mississippi (the “Lucedale plant”) and the deep-water marine terminal in Pascagoula, Mississippi (the “Pascagoula terminal”). 9,042 — (0.54 ) Income tax expenses 6 148 5,000 54.02 (16,330 $ ) (19,537 2020 — 219,750 Cash, cash equivalents and restricted cash, end of period ) Net (loss) income before income tax expense (91 7,722 Deferred consideration to sponsor included in related-party payable 77,471 Reconciliation of net (loss) income to adjusted net income: 15,409 50,521 9,437 453,000 Prepaid expenses and other current and long-term assets — Net (loss) income 61,778 9,053 General and administrative expenses The evaluation of additional sites for wood pellet production plants across the Southeastern United States, which would be exported through the Partnership’s existing terminals and the Pascagoula terminal, to serve the balance of the $5.3 billion in current long-term contracted demand at the sponsor, which is complemented by material contract volumes under negotiation with utilities and power generators in current and evolving markets around the globe. Conference Call We will host a conference call with executive management related to our fourth-quarter and full-year 2020 results and a more detailed market update at 10:00 a.m. (Eastern Time) on Thursday, February 25, 2021. Information on how interested parties may listen to the conference call is available on the Investor Relations page of our website ( www.envivabiomass.com ). A replay of the conference call will be available on our website after the live call concludes. Requests for Audited Financial Statements The Partnership’s Annual Reports on Form 10-K are available through its website at https://ir.envivapartners.com/sec-filings, as well as on the U.S. Securities and Exchange Commission’s website at https://www.sec.gov/. The Partnership’s security holders are entitled to receive, free of charge, copies of its complete audited financial statements by sending a request to Investor Relations, Enviva Partners, LP, 7200 Wisconsin Ave., Suite 1000, Bethesda, Maryland 20814, or by telephone at (240) 482-3856. About Enviva Partners, LP Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, Europe, and increasingly in Japan. The Partnership owns and operates nine plants with a combined production capacity of approximately 5.3 million MTPY in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi. In addition, the Partnership exports wood pellets through its marine terminals at the Port of Chesapeake, Virginia and the Port of Wilmington, North Carolina and from third-party marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida. To learn more about Enviva Partners, LP, please visit our website at www.envivabiomass.com and follow us on social media @Enviva. Notice This press release is intended to be a qualified notice under Treasury Regulation Section 1.1446-4(b)(4). Brokers and nominees should treat 100 percent of the Partnership’s distributions to non-U.S. investors as being attributable to income that is effectively connected with a United States trade or business. Accordingly, the Partnership’s distributions to non-U.S. investors are subject to federal income tax withholding at the highest applicable effective tax rate. Maintenance capital expenditures $ 3,851 Interest expense net of amortization of debt issuance costs, debt premium, and original issue discount Total liabilities and partners’ capital ) $ 3,971 Depreciation and amortization ) — $ (5,571 ) ) (0.36 2020 Principal payments on other long-term debt and finance lease obligations Twitter Cash distributions declared attributable to Enviva Partners, LP limited partners 2,541 (635,500 Cost of goods sold — 18,985 36,065 Distributions declared per common unit $ Acquisition and integration costs and other 6,590 0.6750 250,744 3.0000 51,581 Maintenance capital expenditures 155,625 273 1,429,612 26,917 Net income (loss) Adjusted net income ) Add: (2,943 ) — 50,074 $ ) ) 830,528 7,407 53,860 53,284 $ Acquisition and integration costs and other — ) Includes expected $19.0 million of MSA Fee Waivers associated with the acquisition of the Greenwood plant Cautionary Note Concerning Forward-Looking Statements Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our expectations for future revenues and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisitions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: (i) the volume and quality of products that we are able to produce or source and sell, which could be adversely affected by, among other things, operating or technical difficulties at our wood pellet production plants or deep-water marine terminals; (ii) the prices at which we are able to sell our products; (iii) our ability to successfully negotiate, complete, and integrate drop-down or third-party acquisitions, including the associated contracts, or to realize the anticipated benefits of such acquisitions; (iv) failure of our customers, vendors, and shipping partners to pay or perform their contractual obligations to us; (v) our inability to successfully execute our project development, expansion, and construction activities on time and within budget; (vi) the creditworthiness of our contract counterparties; (vii) the amount of low-cost wood fiber that we are able to procure and process, which could be adversely affected by, among other things, disruptions in supply or operating or financial difficulties suffered by our suppliers; (viii) changes in the price and availability of natural gas, coal, or other sources of energy; (ix) changes in prevailing economic conditions; (x) unanticipated ground, grade or water conditions; (xi) inclement or hazardous environmental conditions, including extreme precipitation, temperatures, and flooding; (xii) fires, explosions, or other accidents; (xiii) changes in domestic and foreign laws and regulations (or the interpretation thereof) related to renewable or low-carbon energy, the forestry products industry, the international shipping industry, or power, heat, and combined heat and power generators; (xiv) changes in the regulatory treatment of biomass in core and emerging markets; (xv) our inability to acquire or maintain necessary permits or rights for our production, transportation, or terminaling operations; (xvi) changes in the price and availability of transportation; (xvii) changes in foreign currency exchange or interest rates, and the failure of our hedging arrangements to effectively reduce our exposure to the risks related thereto; (xviii) risks related to our indebtedness; (xix) our failure to maintain effective quality control systems at our wood pellet production plants and deep-water marine terminals, which could lead to the rejection of our products by our customers; (xx) changes in the quality specifications for our products that are required by our customers; (xxi) labor disputes, unionization or similar collective actions; (xxii) our inability to hire, train or retain qualified personnel to manage and operate our business and newly acquired assets; (xxiii) the effects of the exit of the UK from the EU on our and our customers’ businesses; (xxiv) our inability to borrow funds and access capital markets; and (xxv) viral contagions or pandemic diseases, such as the recent outbreak of a novel strain of coronavirus known as COVID-19. For additional information regarding known material factors that could cause the Partnership’s actual results to differ from projected results, please read our filings with the U.S. Securities and Exchange Commission, including the Annual Report on Form 10-K and the Quarterly Reports on Form 10-Q most recently filed with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Partnership undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information or future events or otherwise. View source version on businesswire.com:https://www.businesswire.com/news/home/20210224006093/en/ CONTACT: Investor: Wushuang Ma [email protected] +1 (240) 482-3856 KEYWORD: UNITED STATES NORTH AMERICA MARYLAND INDUSTRY KEYWORD: NATURAL RESOURCES MANUFACTURING OTHER MANUFACTURING OTHER NATURAL RESOURCES FOREST PRODUCTS SOURCE: Enviva Partners, LP Copyright Business Wire 2021. PUB: 02/24/2021 04:30 PM/DISC: 02/24/2021 04:30 PM http://www.businesswire.com/news/home/20210224006093/en 81,068 3,103 141,556 $ $ 3,887 $ ) ) 59,066 12,487 Cash, cash equivalents and restricted cash, beginning of period 8,486 2.6500 ) $ (133,217 To reduce the emissions arising from our electricity purchases in our operations—our Scope 2 emissions—we pledge to source 100 percent renewable energy for our operations by no later than 2030, with a target of at least 50 percent by 2025.Today, all of the fuel utilized in our drying operations is already provided by 100 percent renewable resources, but we still use electricity from the grid.Our manufacturing operations are located in the U.S. Southeast, where electricity generation relies heavily on coal and natural gas and where market structures make renewable energy supply more difficult than in many other parts of the United States. We recognize that efforts are underway to transition the grid in our operating regions to lower-emissions sources and we intend to play a positive role in accelerating these trends. We will work with renewable energy suppliers to generate zero-carbon renewable energy for our operations.We will seek to both maximize the use of on-site renewable energy generation at our facilities, as well as to develop new off-site renewable energy resources physically located in our operating regions where possible. December 31, (in thousands) Non-cash unit compensation expense Net loss per limited partner common unit: ) 15,409 ) 1.50 2019 119,335 15,834 994,818 Total cost of goods sold Accumulated other comprehensive (loss) income 22,600 Accounts payable, accrued liabilities and other current liabilities $ (3,769 Related-party payables and accrued liabilities Payments in relation to the Georgia Biomass Acquisition, net of cash acquired 8,386 ) — 31,218 Other income (expense): The development and construction of a fully contracted wood pellet production plant in Epes, Alabama, where our sponsor has completed the purchase of the project site and commenced certain pre-construction activities. 5,940 304 ) Operating lease liabilities (5,828 6,978 162,154 27,252 Non-cash unit compensation expense Interest expense (44,902 Estimated adjusted EBITDA $ — An amendment to increase the volume from 400,000 MTPY to 420,000 MTPY under an existing 20-year, take-or-pay off-take contract with a major Japanese trading house to supply a new biomass power plant. Deliveries under this contract are expected to commence in 2024. This contract is subject to certain conditions precedent, which the sponsor expects to be met during the first half of 2021. 1.5 Purchases of property, plant and equipment (100,106 (249 154,402 (101,739 Payments in relation to the Greenwood Drop-Down, net of cash acquired (12,434 — — 11,083 (163,299 ) Deferred revenue $ $ Property, plant and equipment, net BETHESDA, Md.–(BUSINESS WIRE)–Feb 24, 2021– Enviva Partners, LP (NYSE: EVA) (“Enviva,” the “Partnership,” or “we”) today reported financial and operating results for the fourth quarter and full year of 2020. Highlights:The Partnership reported a net loss of $0.4 million, adjusted net income of $11.1 million, and adjusted EBITDA of $69.3 million for the fourth quarter, and net income of $17.1 million, adjusted net income of $46.0 million, and adjusted EBITDA of $190.3 million for the full year, of 2020For the fourth quarter of 2020, the Partnership declared a distribution of $0.78 per common unit, a 15.6% increase over the same quarter of 2019, bringing distributions for full-year 2020 to $3.00 per common unit, a 13.2% increase over 2019The Partnership provided full-year 2021 guidance for net income in the range of $42.3 million to $62.3 million and adjusted EBITDA in the range of $230.0 million to $250.0 million, and expects to distribute at least $3.17 per common unit for full-year 2021, before considering the benefit of any acquisitions or drop-down transactionsFollowing successful completion of construction of the Mid-Atlantic Expansions, the Partnership announced $50.0 million in new expansion projects expected to generate $20.0 million of incremental run rate adjusted EBITDAIn addition to new take-or-pay off-take agreements, the Partnership’s sponsor executed an MOU with a major trading house for up to 1 million MTPY of deliveries to combined heat and power plants, an emerging segment of the Japanese biomass energy marketThe Partnership and our sponsor announced a commitment and plan to become “net-zero” in our operations by 2030 “We are very proud of our accomplishments in 2020. Despite the challenges presented by COVID-19, we operated our plant and terminal assets stably and reliably, we made uninterrupted deliveries to our customers, we completed two transformative acquisitions, we met our increased guidance expectations for adjusted EBITDA, distributable cash flow, and full-year distributions, and we delivered a 30% total return to our unitholders, all while keeping our people safe and healthy,” said John Keppler, Chairman and Chief Executive Officer of Enviva. “As we turn the page to 2021, our ability to generate stable cash flows that grow over time is poised to be more robust than ever, fueled both by organic growth as we look to replicate the highly accretive expansion projects in our existing portfolio and, against the backdrop of the forthcoming start-up of our sponsor’s fully-contracted Lucedale plant and Pascagoula terminal, coupled with existing and new long-term take-or-pay off-take energy supply contracts with large customers around the world, through additional drop-downs.” Fourth-Quarter and Annual Financial Results For the fourth quarter of 2020, we generated net revenue of $277.3 million, as compared to $200.5 million for the corresponding quarter of 2019. The $76.8 million increase in net revenue was primarily attributable to a $65.6 million increase in product sales on sale volumes that were 29.4 percent higher and an $11.2 million increase in other revenue. Included in other revenue for the fourth quarter of 2020 were $15.4 million in payments to the Partnership for adjusting deliveries under our take-or-pay off-take contracts, which otherwise would have been included in product sales. For the fourth quarter of 2020, we generated gross margin of $26.6 million, as compared to $28.2 million for the corresponding quarter of 2019. Adjusted gross margin was $72.8 million for the fourth quarter of 2020, as compared to $55.0 million for the fourth quarter of 2019, an increase of $17.8 million, or 32.3 percent. Adjusted gross margin per metric ton was $54.02 for the fourth quarter of 2020, as compared to adjusted gross margin per metric ton of $52.83 for the fourth quarter of 2019. The increase in adjusted gross margin is primarily attributable to higher sales volumes and higher pricing due to customer contract mix, partially offset by a corresponding increase in cost of goods sold. For the fourth quarter of 2020, net loss and adjusted net income were $0.4 million and $11.1 million, respectively. For the fourth quarter of 2019, net income and adjusted net income were $0.9 million and $17.2 million, respectively. Adjusted EBITDA for the fourth quarter of 2020 was $69.3 million, as compared to $53.3 million for the corresponding quarter of 2019. The increase of $16.0 million, or 30.1 percent, was primarily due to the same factors that increased adjusted gross margin. Distributable cash flow, prior to any distributions attributable to incentive distribution rights paid to our general partner, was $54.8 million for the fourth quarter of 2020, an increase of $15.5 million, or 39.4 percent, as compared to the corresponding quarter of 2019. For full-year 2020, we generated net revenue of $875.1 million, as compared to net revenue of $684.4 million for 2019. The $190.7 million increase in net revenue was primarily attributable to a $156.3 million increase in product sales revenue on sales volumes that were 21.5 percent higher and a $34.4 million increase in other revenue. Included in other revenue for full-year 2020 were $32.5 million in payments to the Partnership for adjusting deliveries under our take-or-pay off-take contracts, which otherwise would have been included in product sales. Gross margin was $107.1 million for full-year 2020, as compared to $81.1 million for 2019, an increase of $26.1 million. Adjusted gross margin was $204.9 million for full-year 2020, as compared to $151.6 million for 2019, an increase of $53.2 million, or 35.1 percent. Adjusted gross margin per metric ton was $47.29 for full-year 2020, as compared to $42.54 for full-year 2019. Gross margin and adjusted gross margin increased primarily due to higher sales volumes and higher pricing due to customer contract mix, partially offset by a corresponding increase in cost of goods sold. For full-year 2020, net income and adjusted net income were $17.1 million and $46.0 million, respectively. For full-year 2019, net loss and adjusted net income were $2.9 million and $39.0 million, respectively. Adjusted EBITDA for full-year 2020 was $190.3 million, as compared to $141.3 million for full-year 2019. The increase of $49.0 million, or 34.7 percent, was primarily due to the same factors that increased adjusted gross margin. Distributable cash flow, prior to any distributions attributable to incentive distribution rights paid to our general partner, was $141.6 million for full-year 2020, an increase of $43.1 million, or 43.8 percent, as compared to full-year 2019. As of December 31, 2020, the Partnership’s liquidity, which includes cash on hand and availability under our $350.0 million revolving credit facility, was $239.7 million. The integration of the wood pellet production plants in Greenwood, South Carolina (the “Greenwood plant”) and Waycross, Georgia (the “Waycross plant”) into the Partnership is progressing as expected. The Partnership has received the necessary permits to expand the Greenwood plant’s production capacity to 600,000 metric tons per year (“MTPY”). Construction is ongoing and the expansion is on track for completion by the end of 2021. Performance at the Waycross plant has consistently met or exceeded our expectations prior to the acquisition. The Partnership continues to report that, to date, our operating and financial results have not been materially impacted by the outbreak of a novel strain of coronavirus (“COVID-19”) and all of our customers have performed in accordance with their contracts with us. Although the full implications of COVID-19 are not yet known, we have contingency and business continuity plans in place that we believe would mitigate the impact of potential business disruptions if necessary. Distribution As announced on January 27, 2021, the board of directors of our general partner (the “Board”) declared a distribution of $0.78 per common unit for the fourth quarter of 2020, an increase of 15.6% over the same quarter of 2019. This distribution represents the twenty-second consecutive distribution increase since the Partnership’s initial public offering. The Partnership’s distributable cash flow, net of amounts attributable to incentive distribution rights paid to our general partner, of $46.7 million for the fourth quarter of 2020 covered the distribution for the quarter at 1.50 times. With its fourth-quarter distribution, the Partnership has declared aggregate distributions of $3.00 per common unit for full-year 2020, an increase of 13.2% over the aggregate distributions per common unit for 2019. The quarterly distribution will be paid on Friday, February 26, 2021, to unitholders of record as of the close of business on Monday, February 15, 2021. Outlook and Guidance The Partnership expects full-year 2021 net income to be in the range of $42.3 million to $62.3 million, adjusted EBITDA to be in the range of $230.0 million to $250.0 million, and distributable cash flow to be in the range of $160.0 million to $180.0 million, prior to any distributions attributable to incentive distribution rights paid to our general partner. The Partnership expects to distribute at least $3.17 per common unit for full-year 2021, before considering the benefit of any acquisitions or drop-down transactions, and target a distribution coverage ratio of 1.20 times on a forward-looking annual basis. The guidance amounts provided above do not include the impact of any additional acquisitions by the Partnership from our sponsor or third parties. The Partnership’s quarterly income and cash flow are subject to seasonality and the mix of customer shipments made, which vary from period to period. Similar to previous years, the Partnership expects net income, adjusted EBITDA, and distributable cash flow for the second half of 2021 to be significantly higher than for the first half of the year. “The solid financial results we delivered for full-year 2020 set the stage for a strong 2021 during which we expect to continue our track record of organic growth and accretive drop-down transactions, which has enabled us to consistently and durably increase per-unit distributions since our initial public offering,” said Shai Even, Chief Financial Officer of Enviva. “We expect our fully contracted business model, combined with conservative financial policies, to put us in a position to stably and reliably grow the Partnership in size and scale.” Market and Contracting Update In one of the new administration’s first actions, President Joe Biden signed an executive order recommitting the United States to the Paris Agreement, the international accord designed to avert catastrophic global warming. This action caps a landmark twelve-month period during which the global community, including many of the regulators, policymakers, academics, and businesses in the jurisdictions where our existing and prospective customers are located, made unprecedented commitments and significant progress to phase out coal, cut greenhouse gas (“GHG”) emissions, and achieve “net-zero” by 2050 in order to limit the impact of climate change. In December 2020, the European Union (the “EU”) took another decisive step towards legislating the 2050 “net-zero” target into the European Climate Law, when EU leaders from all 27 member states, including heavily coal-dependent countries such as Poland and the Czech Republic, agreed to raise the EU’s 2030 GHG emissions reduction target from 40 percent to 55 percent, as compared to 1990 levels. EU leaders also reached agreement on an economic recovery package that included over 110 billion euros of grants dedicated to climate and environmental purposes. The European Council, Parliament, and Commission have now entered into the “trilogue” in order to formally adopt this law. The United Kingdom (the “UK”), which has been at the forefront of the renewable energy transition, recently raised its GHG emissions reduction commitment under the Paris Agreement to at least 68 percent by 2030, up from the previous target of 53 percent, as compared to 1990 levels. Furthermore, through a series of important energy policy publications, including the Prime Minister’s Ten Point Plan for a Green Industrial Revolution, the Energy White Paper “Powering Our Net Zero Future,” and the Committee on Climate Change’s Sixth Carbon Budget, the UK government underlined its continued commitment to bioenergy as a source of heat and power and outlined its intention to support Bioenergy with Carbon Capture and Storage (BECCS) as a key negative carbon emissions solution and explore bioenergy’s role in hydrogen production. In Japan, following Prime Minister Yoshihide Suga’s “net-zero” pledge in October 2020, the country’s Ministry of Economy, Trade and Industry recently unveiled a “Green Growth Strategy Towards 2050 Carbon Neutrality.” The strategy sets the target for renewable energy sources to make up 50 percent to 60 percent of the nation’s power supply by 2050 and proposes tax incentives and other support to achieve this goal, including a 2 trillion yen ($19 billion) “Green Innovation Fund.” The continued favorable climate change policy declarations, complemented by the recent execution of several new agreements by our sponsor, reinforce our conviction in the long-term growth profile of the Partnership. In addition to the approximately 3.5 million MTPY of long-term off-take contracts with Japanese counterparties the Partnership and our sponsor previously announced, our sponsor recently executed several agreements with Japanese counterparties, including:A new contract with a major Japanese trading house regarding 20-year, take-or-pay off-take supply for a new biomass power plant. The contract is subject to certain conditions precedent, which our sponsor expects to be met during 2021. Sales related to this contract are expected to commence in 2024 with annual deliveries of 240,000 MTPY of wood pellets. 5,294 39,785 344 MSA Fee Waivers — 3,701 Net cash provided by operating activities $ 15,343 Cash flows from financing activities: (27,933 684,863 Current liabilities: Supplemental information: Common—basic and diluted 120,089 Less: $ 7,952 ) 9,053 Interest expense 3,427 2020 Non-cash unit compensation expense (3,949 Changes in unrealized derivative instruments 12,434 8,119 (7,560 69 Proceeds from common unit issuances, net 190,529 87,021 — $ Twelve Months EndingDecember 31, 2021 674,251 Total other expense, net Changes in unrealized derivative instruments 912,721 MSA Fee Waivers $ — 549,701 6,922 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Payments in relation to the Hamlet Drop-Down (in thousands) (2,943 $ ) Gross margin 875,079 4,328 300,184 7,407 278,421 130,216 50,521 Total general and administrative expenses 6,593 $ 2020 — 2,722 Cash and cash equivalents 324,219 (129,631 4,139 1,263 9,351 ) — WhatsApp 29,457 — Metric tons sold ) $ 23,400 50,000 Depreciation and amortization 16,197 Total partners’ capital 3,742 9,042 6,493 72,762 — 108,976 — 3,742 Asset impairments and disposals Commercial Services $ 76,115 ) 151,630 Other income Related-party receivables, net Total Enviva Partners, LP partners’ capital 2020 2,211 Add: Inventories (60,235 81,068 12,798 5,940 Interest paid, net of capitalized interest 929 Three Months Ended 684,393 10,004 (47,622 17,080 Inventories 24,642 107,123 3,564 2019 2020 6,978 (99 $ 44,902 2.0 Adjusted EBITDA 539 22,150 Year EndedDecember 31, ) ) 27,669 — 35,893 Early retirement of debt obligation Net cash used in investing activities 609 1,392 (4,139 ) 1,770 9,042 3,421 $ 114,639 (435 Proceeds from senior secured revolving credit facility By Digital AIM Web Support – April 6, 2021 764 Weighted-average number of limited partner units outstanding: Interest expense from incremental borrowings related to Chesapeake Incident and Hurricane Events 72,421 14,229 (48,192 ) 17,149 ) (74,700 5,278 45,959 — Income tax expense $ 8,386 $230.0 – 250.0 2,541 42,364 69 — $ Unrealized gains on foreign currency transactions, net 3,103 ) 0.99 51,581 2,024 — ) 36,389 1,542 2019 32,830 ) 6,195 3,851 4,328 4,588 Current assets: 172,352 ENVIVA PARTNERS, LP AND SUBSIDIARIES Consolidated Statements of Cash Flows (continued) Years ended December 31, 2020 and 2019 (In thousands) (Unaudited) 10,913 26,566 Cash flows from operating activities: ) 13,217 ) 1,510 Early retirement of debt obligation ) $ 4,504 2019 Loss on disposal of assets — Long-term operating lease liabilities 4,139 ) Commercial Services 55,001 Pinterest 11,461 (7,544 Three Months EndedDecember 31, $ (142,404 1,041 ENVIVA PARTNERS, LP AND SUBSIDIARIES Consolidated Statements of Operations (In thousands, except per unit amounts) (Unaudited) 40,786 Adjusted gross margin per metric ton Total current assets 22,600 Accounts receivable 2,541 Reconciliation of net (loss) income to adjusted EBITDA: 47.29 ) $ 82,300 0.98 755,500 13,328 2020 9,287 Net (loss) income General partner (no outstanding units) ) 15,419 446 ) (2,943 (48,192 Total assets 17,080 ) 751,780 2019 (4,139 ) 929 2019 57.0 $ Depreciation and amortization $ 10,643 Early retirement of debt obligation 58.7 994,818 96,822 $ (2,943 Other long-term liabilities $ Cash paid for redemption premium from early retirement of debt 1,575 ) ) Net cash provided by financing activities 344 (1,910 ) $ 141,275 33,457 $ 32,545 11.0 (396,805 15,208 $ 17,197 — 1,542 Net increase in cash, cash equivalents and restricted cash 204,852 (4,826 5,617 4,332 1,243 $ ) Change in operating assets and liabilities: Assets 23 46,726 ) 54,845 (0.10 $ 232,576 ENVIVA PARTNERS, LP AND SUBSIDIARIES Consolidated Statements of Cash Flows Years ended December 31, 2020 and 2019 (In thousands) (Unaudited) 1,905 4,139 (44,629 Less: 41,816 76,115 2020 Payment for withholding tax associated with Long-Term Incentive Plan vesting Year EndedDecember 31, Accrued and other current liabilities 9,053 (9,042 $ 200,540 2020 16,457 39,354 ) 98,460 (5,148 759 Three Months EndedDecember 31, Goodwill 11,439 (95,659 825 Accounts and insurance receivables $ (0.24 (40,000 Less: Distributable cash flow attributable to incentive distribution rights (13,819 — Non-cash investing and financing activities: Distributions to unitholders, distribution equivalent rights and incentive distribution rights holder Depreciation and amortization 69,314 23,400 ) 115,318 Liabilities and Partners’ Capital 88,761 Pinterest Related-party receivables ) MSA Fee Waivers 1 Unit-based compensation The following table provides a reconciliation of the estimated range of adjusted EBITDA to the estimated range of net income, in each case for the twelve months ending December 31, 2021 (in millions): Deferred consideration for drop-downs due to related-party Estimated net income (4,139 ) Depreciation and amortization 44,679 177 39,344 Payment in relation to the Hamlet Drop-Down 4,411 12,337 Reconciliation of gross margin to adjusted gross margin and adjusted gross margin per metric ton: $ Acquisition and integration costs Year Ended 19.0 31,791 Product sales 2019 Related-party management services agreement fee 26,566 40,000 36,813 Adjusted gross margin 3,289 Enviva Partners, LP Reports Financial Results for the Fourth Quarter and Full Year of 2020 and Announces Commitment to “Net Zero” 260,837 (2,943 1,071,819 Fair value changes in derivatives 27,252 23,400 Distribution coverage ratio (435 $ 195,451
Carrington Mortgage Holdings Delinquencies Existing Home Sales Foreclosures home price appreciation Home Prices Homes HOUSING Inventory mortgage New Home Sales Values 2018-04-10 Radhika Ojha Radhika Ojha is an independent writer and copy-editor, and a reporter for DS News. She is a graduate of the University of Pune, India, where she received her B.A. in Commerce with a concentration in Accounting and Marketing and an M.A. in Mass Communication. Upon completion of her masters degree, Ojha worked at a national English daily publication in India (The Indian Express) where she was a staff writer in the cultural and arts features section. Ojha, also worked as Principal Correspondent at HT Media Ltd and at Honeywell as an executive in corporate communications. She and her husband currently reside in Houston, Texas. Print This Post The Best Markets For Residential Property Investors 2 days ago Demand Propels Home Prices Upward 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Previous: HUD Awards $28 Billion for Disaster Recovery Next: Fitch Examines Top Servicers Demand Propels Home Prices Upward 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Assessing the State of the Market Sign up for DS News Daily Related Articles Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Tagged with: Carrington Mortgage Holdings Delinquencies Existing Home Sales Foreclosures home price appreciation Home Prices Homes HOUSING Inventory mortgage New Home Sales Values in Daily Dose, Featured, Foreclosure, News April 10, 2018 4,258 Views The Week Ahead: Nearing the Forbearance Exit 2 days ago How is the housing market poised at the end of the first quarter of 2018 and what can one expect in the near and long-term future? A webinar about The State of the U.S. Housing Market by Carrington Mortgage Holdings hosted by Rick Sharga, EVP, Carrington Mortgage Holdings looked at the various indicators that are affecting the housing market today and how they would impact it in the future.Starting off with an overview of the overall U.S. economy, Sharga said, “Inflation is something that people are watching more closely.” The solid numbers posted by the economy have meant that the Fed is now watching for inflation to get to a certain level and put brakes on the economic stimulus to keep it there. The strong job numbers have also helped boost the overall economic indicators as more workers are re-entering the workforce.The market might be finally putting the foreclosure crisis behind it according to the report. “We are seeing foreclosure activity falling rapidly with the activity concentrated only in a handful of states,” Sharga said. Citing data from Black Knight’s recent Mortgage Monitor Report the report said that delinquencies and foreclosures starts were declining with total U.S. delinquency rates at 4.3 percent and total U.S. foreclosure inventory rate falling to around 0.65 percent. The total delinquency rates were a little higher than expected due to the natural disasters of 2017 but they were showing a decline on a month-over-month basis. “There simply won’t be many distressed properties going around by this time next year,” Sharga said. “You won’t see many people in foreclosure until late 2019 or early 2020.”Moving on to the housing market, Sharga pointed out that existing home sales were off to a weak start in 2018. “Existing home sales are still well away from the record numbers we saw during the housing boom of 2006,” Sharga said. While existing home sales stagnated at 5.4 million by the end of 2017, we should be closer to 6 million existing home sales by the end of 2018.The culprit? Inventory shortage. According to Sharga, existing home sales inventory was a little under four months’ supply at present. “A significant percentage of existing home sales inventory is not for sale right now, which is driving inventory shortage,” Sharga said, citing various factors such as a psychological hangover where people were afraid to put their homes on the market because they wouldn’t be able to sell it for enough to buy a new home, and the fact that homeowners were staying in a home for a longer period of time, with the average being 10-11 years today, compared to 6-7 years in the previous years. This scarcity was also driving prices higher, with Black Knight’s HPI estimating a 6.6 percent home price appreciation in 2017 and a median home price of around $283,000. Despite these price increases, Sharga said that affordability was better than what people thought. “The prior peak was reached in 2006, and since then we’ve had 12 years of wage appreciation and even with the higher interest rates today, we still have lower mortgage rates than we had in 2006 which was in the 6-7 percent range,” Sharga said. While the inventory crisis is not as acute for new homes, sales for these were also lagging in the first quarter of 2018 according to the report, as labor, capital issues, and regulatory constraints continued to restrict builder activity leading to weak housing starts. About Author: Radhika Ojha Home / Daily Dose / Assessing the State of the Market Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Subscribe