Alberta, Canada (State or other jurisdiction of incorporation) | 000-55864 (Commission File Number) | N/A (I.R.S. Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits The exhibit set forth below is being furnished pursuant to Item 2.02. |
Exhibit Number | Description |
99.1 |
KINDER MORGAN CANADA LIMITED | ||||
Dated: January 16, 2019 | By: | /s/ Dax Sanders | ||||
Dax Sanders Chief Financial Officer |
Exhibit 99.1 |
CONTACTS | ||
Media Relations | Investor Relations | |
(866) 775-5789 | (800) 315-0578 | |
media@kindermorgancanadalimited.com | kml_ir@kindermorgancanadalimited.com | |
www.kindermorgancanadalimited.com |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||
Revenues | $ | 105.2 | $ | 95.0 | $ | 383.8 | $ | 358.9 | |||||||||||||
Costs, expenses and other | |||||||||||||||||||||
Operations and maintenance | 37.7 | 37.7 | 154.5 | 162.5 | |||||||||||||||||
Depreciation and amortization | 21.5 | 18.0 | 82.6 | 71.7 | |||||||||||||||||
General and administrative | 12.4 | 8.7 | 39.0 | 30.9 | |||||||||||||||||
Taxes, other than income taxes | 2.2 | 1.4 | 6.2 | 6.7 | |||||||||||||||||
Other (income) expense, net | — | 0.4 | (9.3 | ) | 3.4 | ||||||||||||||||
73.8 | 66.2 | 273.0 | 275.2 | ||||||||||||||||||
Operating income | 31.4 | 28.8 | 110.8 | 83.7 | |||||||||||||||||
Other income (expense) | |||||||||||||||||||||
Interest, net | 21.1 | (3.6 | ) | 27.2 | (8.2 | ) | |||||||||||||||
Foreign exchange loss | 0.5 | 0.2 | 0.1 | (5.1 | ) | ||||||||||||||||
Other, net | 0.1 | 0.2 | (0.3 | ) | 0.9 | ||||||||||||||||
Income from continuing operations before income taxes | 53.1 | 25.6 | 137.8 | 71.3 | |||||||||||||||||
Income tax expense | (12.8 | ) | (7.6 | ) | (37.8 | ) | (25.3 | ) | |||||||||||||
Income from continuing operations | 40.3 | 18.0 | 100.0 | 46.0 | |||||||||||||||||
(Loss) Income from Discontinued Operations, net of tax (1) | (27.8 | ) | 28.4 | 1,320.0 | 114.7 | ||||||||||||||||
Net income | 12.5 | 46.4 | 1,420.0 | 160.7 | |||||||||||||||||
Preferred share dividends | (7.2 | ) | (4.6 | ) | (28.8 | ) | (6.6 | ) | |||||||||||||
Net income attributable to KMI interest | (2.6 | ) | (29.8 | ) | (974.4 | ) | (126.2 | ) | |||||||||||||
Net income available to restricted voting stockholders | $ | 2.7 | $ | 12.0 | $ | 416.8 | $ | 27.9 | |||||||||||||
Restricted Voting Shares | |||||||||||||||||||||
Basic and diluted earnings per restricted voting share from Continuing Operations | $ | 0.30 | 0.10 | $ | 0.62 | 0.27 | |||||||||||||||
Basic and diluted earnings per restricted voting share from Discontinued Operations (1) | $ | (0.22 | ) | 0.24 | $ | 11.38 | 0.73 | ||||||||||||||
Basic and diluted weighted average restricted voting shares outstanding (2) | 34.9 | 34.4 | 34.7 | 27.6 | |||||||||||||||||
Segment EBDA | % change | % change | |||||||||||||||||||
Terminals | $ | 52.4 | $ | 46.2 | 13 | % | $ | 193.2 | $ | 162.8 | 19 | % | |||||||||
Pipelines | 13.5 | 9.7 | 39 | % | 39.0 | 19.1 | 104 | % | |||||||||||||
Total Segment EBDA from Continuing Operations | $ | 65.9 | $ | 55.9 | 18 | % | $ | 232.2 | $ | 181.9 | 28 | % |
Notes | ||||||||||
(1) | Represents income from TMPL and TMEP and related assets, including a gain of $1,280.2 million, net of tax, for 2018. | |||||||||
(2) | Reflects our Jan. 2019 1-for-3 reverse stock split for all periods presented in accordance with U.S. GAAP. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||
2018 | 2017 | % change | 2018 | 2017 | % change | ||||||||||||||||
Segment EBDA before certain items (1) | |||||||||||||||||||||
Terminals | $ | 52.3 | $ | 46.2 | 13 | % | $ | 183.6 | $ | 162.8 | 13 | % | |||||||||
Pipelines | 13.5 | 9.7 | 39 | % | 39.0 | 19.1 | 104 | % | |||||||||||||
Subtotal | 65.8 | 55.9 | 18 | % | 222.6 | 181.9 | 22 | % | |||||||||||||
DD&A | (21.5 | ) | (18.0 | ) | (82.6 | ) | (71.7 | ) | |||||||||||||
General and administrative and corporate charges (1) | (8.3 | ) | (8.5 | ) | (33.5 | ) | (28.1 | ) | |||||||||||||
Interest income (expense), net (1) (2) | 21.1 | (3.6 | ) | 28.2 | (8.2 | ) | |||||||||||||||
Subtotal | 57.1 | 25.8 | 134.7 | 73.9 | |||||||||||||||||
Book taxes (1) | (14.0 | ) | (7.6 | ) | (36.9 | ) | (26.0 | ) | |||||||||||||
Income from continuing operations before Certain Items ("Adjusted Earnings from continuing operations") | 43.1 | 18.2 | 97.8 | 47.9 | |||||||||||||||||
Certain items | |||||||||||||||||||||
Foreign exchange loss on the KMI Loans | — | — | — | 0.2 | |||||||||||||||||
Gain on divestitures, net | (4.0 | ) | — | 3.1 | — | ||||||||||||||||
Other | — | (0.2 | ) | — | (2.8 | ) | |||||||||||||||
Subtotal certain items before tax | (4.0 | ) | (0.2 | ) | 3.1 | (2.6 | ) | ||||||||||||||
Book tax certain items | 1.2 | — | (0.9 | ) | 0.7 | ||||||||||||||||
Total certain items | (2.8 | ) | (0.2 | ) | 2.2 | (1.9 | ) | ||||||||||||||
Income from continuing operations | 40.3 | 18.0 | 100.0 | 46.0 | |||||||||||||||||
Income from discontinued operations (3) | (27.8 | ) | 28.4 | 1,320.0 | 114.7 | ||||||||||||||||
Net Income | 12.5 | 46.4 | 1,420.0 | 160.7 | |||||||||||||||||
Preferred share dividends | (7.2 | ) | (4.6 | ) | (28.8 | ) | (6.6 | ) | |||||||||||||
Net income attributable to KMI interest | (2.6 | ) | (29.8 | ) | (974.4 | ) | (126.2 | ) | |||||||||||||
Net income available to restricted voting stockholders | $ | 2.7 | $ | 12.0 | $ | 416.8 | $ | 27.9 | |||||||||||||
Continuing Operations: | |||||||||||||||||||||
Income from continuing operations | $ | 40.3 | $ | 18.0 | $ | 100.0 | $ | 46.0 | |||||||||||||
Total certain items | 2.8 | 0.2 | (2.2 | ) | 1.9 | ||||||||||||||||
Adjusted earnings from continuing operations | 43.1 | 18.2 | 97.8 | 47.9 | |||||||||||||||||
DD&A | 21.5 | 18.0 | 82.6 | 71.7 | |||||||||||||||||
Total book taxes | 14.0 | 7.6 | 36.9 | 26.0 | |||||||||||||||||
Cash taxes | (0.1 | ) | (0.2 | ) | (8.5 | ) | (0.2 | ) | |||||||||||||
Preferred share dividends | (7.2 | ) | (4.6 | ) | (28.8 | ) | (6.6 | ) | |||||||||||||
Sustaining capital expenditures | (8.4 | ) | (4.8 | ) | (18.5 | ) | (17.9 | ) | |||||||||||||
DCF from continuing operations | 62.9 | $ | 34.2 | 161.5 | $ | 120.9 | |||||||||||||||
DCF from continuing operations to KMI interest | (44.4 | ) | (24.0 | ) | (113.5 | ) | (90.2 | ) | |||||||||||||
DCF from continuing operations for restricted voting stockholders (4) | $ | 18.5 | $ | 10.2 | $ | 48.0 | $ | 30.7 | |||||||||||||
Weighted average split-adjusted restricted voting shares outstanding for dividends (5) | 35.0 | 34.7 | 34.9 | 34.6 | |||||||||||||||||
DCF from continuing operations per split-adjusted restricted voting share | $ | 0.53 | $ | 0.29 | $ | 1.38 | $ | 0.89 | |||||||||||||
Adjusted EBITDA from continuing operations (6) | $ | 57.5 | $ | 47.4 | $ | 189.1 | $ | 153.8 |
Notes (In millions of Canadian dollars) | ||||||||||||||||||
(1) | Excludes certain items: 4Q 2018 - Terminals $0.1, general and administrative $(4.1), book tax $1.2 4Q 2017 - General and administrative $(0.2) YTD 2018 - Terminals $9.6, general and administrative $(5.5), interest expense $(1.0), book tax $(0.9) YTD 2017 - General and administrative $(2.8), book tax $0.7 | |||||||||||||||||
(2) | For the periods prior to our May 30, 2017 initial public offering, amounts were associated with KMI loans that were repaid 2Q 2017. | |||||||||||||||||
(3) | Includes the gain on sale of Trans Mountain, net of tax, for 4Q 2018 and YTD 2018 of $(27.8) and $1,280.2, respectively. | |||||||||||||||||
(4) | DCF is calculated as follows: |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Discontinued Operations: | ||||||||||||||||
(Loss) Income from discontinued operations, net of tax | $ | (27.8 | ) | $ | 28.4 | $ | 1,320.0 | $ | 114.7 | |||||||
Certain items before book tax (3) | 36.1 | — | (1,131.2 | ) | 2.6 | |||||||||||
Book tax certain items (3) | (8.3 | ) | — | (101.2 | ) | (0.7 | ) | |||||||||
DD&A | — | 16.8 | 46.8 | 70.7 | ||||||||||||
Total book taxes before certain items | 0.5 | 14.2 | 35.5 | 39.6 | ||||||||||||
Sustaining capital expenditures | — | (10.9 | ) | (18.6 | ) | (25.1 | ) | |||||||||
DCF from discontinued operations | 0.5 | 48.5 | 151.3 | 201.8 | ||||||||||||
DCF from continuing operations for restricted voting stockholders | 18.5 | 10.2 | 48.0 | 30.7 | ||||||||||||
DCF from continuing operations to KMI interest | 44.4 | 24.0 | 113.5 | 90.2 | ||||||||||||
DCF | $ | 63.4 | $ | 82.7 | $ | 312.8 | $ | 322.7 |
(5) | Reflects our Jan. 2019 1-for-3 reverse stock split for all periods presented in accordance with U.S. GAAP. Also, includes stock awards of restricted voting shares that participate in dividends. The 2017 weighted average restricted voting shares outstanding for dividends calculation is based on the actual days in which the shares were outstanding for the period from May 30, 2017 to June 30, 2017. Therefore, the amounts differ from the GAAP weighted average restricted voting shares outstanding from the date of our formation. | |||||||||||||||||
(6) | Adjusted EBITDA is calculated as follows: |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Discontinued Operations: | |||||||||||||||||
(Loss) Income from discontinued operations, net of tax | $ | (27.8 | ) | $ | 28.4 | $ | 1,320.0 | $ | 114.7 | ||||||||
Total certain items | 27.8 | — | (1,232.4 | ) | 1.9 | ||||||||||||
DD&A | — | 16.8 | 46.8 | 70.7 | |||||||||||||
Total book taxes before certain items | 0.5 | 14.2 | 35.5 | 39.6 | |||||||||||||
Interest, net before certain items | (0.5 | ) | 1.3 | (6.5 | ) | 7.6 | |||||||||||
Adjusted EBITDA from discontinued operations | — | 60.7 | 163.4 | 234.5 | |||||||||||||
Continuing Operations: | |||||||||||||||||
Income from continuing operations | 40.3 | 18.0 | 100.0 | 46.0 | |||||||||||||
Total certain items | 2.8 | 0.2 | (2.2 | ) | 1.9 | ||||||||||||
DD&A | 21.5 | 18.0 | 82.6 | 71.7 | |||||||||||||
Total book taxes before certain items | 14.0 | 7.6 | 36.9 | 26.0 | |||||||||||||
Interest, net before certain items | (21.1 | ) | 3.6 | (28.2 | ) | 8.2 | |||||||||||
Adjusted EBITDA from continuing operations | 57.5 | 47.4 | 189.1 | 153.8 | |||||||||||||
Adjusted EBITDA | $ | 57.5 | $ | 108.1 | $ | 352.5 | $ | 388.3 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
Terminals | |||||||||||||
Liquids Leasable Capacity (MMBbl) (1) | 9.6 | 7.3 | 9.6 | 7.3 | |||||||||
Liquids Utilization % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||
Bulk Transload Tonnage (MMtons) | 1.2 | 1.3 | 4.1 | 4.5 | |||||||||
Pipelines | |||||||||||||
Canadian Cochin (MBbl/d - mainline throughput) | 75 | 86 | 83 | 86 | |||||||||
(1) | Includes KML's share of Joint Venture capacity. | |||||||||||||||||
December 31, | December 31, | ||||||
2018 | 2017 | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 4,338.1 | $ | 110.7 | |||
Current assets held for sale (1) | — | 192.7 | |||||
Other current assets | 39.6 | 37.2 | |||||
Property, plant and equipment, net | 981.3 | 988.4 | |||||
Long-term assets held for sale (1) | — | 3,050.4 | |||||
Deferred charges and other assets | 10.6 | 73.3 | |||||
TOTAL ASSETS | $ | 5,369.6 | $ | 4,452.7 | |||
LIABILITIES AND EQUITY | |||||||
Liabilities | |||||||
Credit facility | $ | — | $ | — | |||
Current liabilities held for sale (1) | — | 207.3 | |||||
Distribution payable | 1,195.1 | — | |||||
Distribution payable-related parties | 2,782.3 | — | |||||
Other current liabilities (2) | 427.5 | 91.0 | |||||
Long-term liabilities held for sale (1) | — | 163.2 | |||||
Other long-term liabilities (2) | 70.4 | 353.6 | |||||
Total liabilities | 4,475.3 | 815.1 | |||||
Equity | |||||||
Other equity | 650.1 | 1,474.7 | |||||
Accumulated other comprehensive loss | — | (8.8 | ) | ||||
Total KML equity | 650.1 | 1,465.9 | |||||
KMI interest | 244.2 | 2,171.7 | |||||
Total equity | 894.3 | 3,637.6 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 5,369.6 | $ | 4,452.7 | |||
Net Debt (Cash) | $ | (4,338.1 | ) | $ | (110.7 | ) | |
Net Debt (Cash) including 50% of KML preferred shares (3) | $ | (85.7 | ) | $ | 164.3 | ||
Adjusted EBITDA Twelve Months Ended | |||||||
December 31, | December 31, | ||||||
Reconciliation of Net Income to Adjusted EBITDA | 2018 | 2017 | |||||
Income from continuing operations | $ | 100.0 | $ | 46.0 | |||
Total certain items | (2.2 | ) | 1.9 | ||||
DD&A | 82.6 | 71.7 | |||||
Total book taxes before certain items | 36.9 | 26.0 | |||||
Interest, net before certain items | (28.2 | ) | 8.2 | ||||
Adjusted EBITDA from discontinued operations | 163.4 | 234.5 | |||||
Adjusted EBITDA (4) | $ | 352.5 | $ | 388.3 | |||
Net Debt (Cash) including 50% of KML preferred shares to Adjusted EBITDA | (0.2 | ) | 0.4 |
Notes | ||||||||||
(1) | Amounts related to Trans Mountain are presented as held for sale as of December 31, 2017 in accordance with GAAP. These assets and liabilities were not actually being held for sale at that point in time. | |||||||||
(2) | Includes impact to accrued taxes and deferred income taxes resulting from the sale of Trans Mountain pipeline system. | |||||||||
(3) | December 31, 2018 and 2017 amounts include: $275 million representing 50% of our preferred stock, which is included in Other equity. 2018 excludes Return of Capital dividends of $3,977.4 million. | |||||||||
(4) | Includes both continuing operations and discontinued operations, see Note (6) to Preliminary Earnings Contribution by Business Segment page. |
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end