UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K

CURRENT REPORT
 
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): May 5, 2016

Ciner Resources LP
(Exact Name of Registrant as Specified in Charter)

	
					
Delaware	 	001-36062	 	46-2613366	
(State or other jurisdiction	 	(Commission	 	(IRS Employer	
of incorporation or organization)	 	File Number)	 	Identification No.)	

	
			
Five Concourse Parkway	 	 	
Suite 2500	 	 	
Atlanta, Georgia	 	30328	
(Address of principal executive office)	 	(Zip Code)	
 
(770) 375-2300
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

	
		
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.

In accordance with General Instruction B.2. of Form 8-K, the following information and the exhibits referenced herein are being furnished pursuant to Item 2.02 of Form 8-K and are not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, are not subject to the liabilities of that section and are not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

On May 5, 2016 , Ciner Resources LP (the “Partnership”) announced via a press release its financial results for the first quarter ended March 31, 2016 . A copy of that press release is being furnished as Exhibit 99.1 hereto and is incorporated herein by reference. In addition, on Friday , May 6, 2016 , the Partnership will hold a conference call for analyst and media to discuss results for the first quarter ended March 31, 2016 . The conference call will be made available via a simultaneous webcast live on the Partnership’s website at www.cinerresources.com.

Item 9.01 Financial Statements and Exhibits.
(d)      Exhibits.

	
					
Exhibit Number	 	Description	
99.1	 	Press Release, dated May 5, 2016	

SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	
			
 	CINER RESOURCES LP	
 	 	 	
 	By:	Ciner Resource Partners LLC,	
 	 	its General Partner	
 	 	 	
 	By:	/s/ Nicole C. Daniel	
 	 	Nicole C. Daniel	
 	 	Vice President, General Counsel and Secretary	
 
Date: May 5, 2016

EXHIBIT INDEX

					
Exhibit Number	 	Description	
99.1	 	Press Release, dated May 5, 2016	

 

  

Exhibit 99.1
CINER RESOURCES LP

CINER RESOURCES LP ANNOUNCES FIRST QUARTER 2016 FINANCIAL RESULTS

Atlanta, Georgia May 5, 2016 -- Ciner Resources LP (NYSE: CINR) today reported its financial and operating results for the first quarter ended March 31, 2016 .

First Quarter 2016 Financial Highlights:

•	Net sales of $114.4 million decreased 5.0% over the prior-year first quarter;	

•	Adjusted EBITDA of $28.2 million decreased 14.5% over the prior-year first quarter;	

•	Earnings per unit of $0.51 for the quarter decreased 20.3% over the prior-year first quarter of $0.64 ;	

•	Quarterly distribution declared per unit of $0.564 increased by 4.8% over the prior-year first quarter; and 1.2% over fourth quarter 2015 .	

•	Distributable cash flow of $12.5 million decreased 8.1% over the prior-year first quarter; The distribution coverage ratio was 1.11 for the three months ended March 31, 2016 ; and 1.23 for the cumulative four quarters ended March 31, 2016 .	

2016 Outlook:

•	Our full year outlook related to total volume sold, domestic volume sold, international pricing and maintenance and expansion capital expenditures remains unchanged (previously provided with fourth quarter and year end 2015 financial results).	

											
Financial Highlights	Three Months Ended 
 March 31,	
($ in millions, except per unit amounts)	2016	 	2015	 	% Change	
 	 	 	 	 	 	
Soda ash volume produced (millions of short tons)	0.662		 	0.673		 	(1.6	)%	
Soda ash volume sold (millions of short tons)	0.660		 	0.653		 	1.1	 %	
Net sales	$	114.4		 	$	120.4		 	(5.0	)%	
Net income	$	21.1		 	$	26.5		 	(20.4	)%	
Net income attributable to Ciner Resources LP	$	10.1		 	$	12.8		 	(21.1	)%	
Basic and Diluted Earnings per Unit	$	0.51		 	$	0.64		 	(20.3	)%	
Adjusted EBITDA (1)	$	28.2		 	$	33.0		 	(14.5	)%	
Adjusted EBITDA attributable to Ciner Resources LP (1)	$	13.9		 	$	16.3		 	(14.7	)%	
Distributable cash flow attributable to Ciner Resources LP (1)	$	12.5		 	$	13.6		 	(8.1	)%	
Distribution coverage ratio (1)	1.11		 	1.27		 	(12.6	)%	
(1) See non-GAAP reconciliations	 	 	 	 	 	

Kirk Milling, CEO, commented “Our first quarter results were adversely impacted by several production issues, the most significant being a drop in ore quality. This was a result of our mining operations moving into a previously undeveloped ore section in February.  We have taken corrective actions and have seen improved production performance since early April.”

“During our planned April maintenance outage, we made further modifications to our processing equipment in order to better handle any significant variations in ore quality encountered going forward. We believe these improvements should result in higher than planned production rates for the remainder of the year.  Accordingly, we remain comfortable with our 2016 outlook.”

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Three Months Ended March 31, 2016 compared to Three Months Ended March 31, 2015
The following table sets forth a summary of net sales, sales volumes and average sales price, and the percentage change between the periods.

											
 	 	Three Months Ended 
 March 31,	 	Percent Increase/(Decrease)	
 	 	2016	 	2015	 		
 	 	 	 	 	 	 	
Net sales ($ in millions):	 	 	 	 	 	 	
Domestic	 	$	47.9		 	$	48.6		 	(1.4)%	
International	 	66.5		 	71.8		 	(7.4)%	
Total net sales	 	$	114.4		 	$	120.4		 	(5.0)%	
Sales volumes (thousands of short tons):	 	 	 	 	 	 	
Domestic	 	221.5		 	209.6		 	5.7%	
International	 	438.6		 	443.5		 	(1.1)%	
Total soda ash volume sold	 	660.1		 	653.1		 	1.1%	
Average sales price (per short ton):	 	 	 	 	 	 	
Domestic	 	$	216.35		 	$	231.87		 	(6.7)%	
International	 	$	151.52		 	$	161.98		 	(6.5)%	
Average	 	$	173.28		 	$	184.41		 	(6.0)%	
Percent of net sales:	 	 	 	 	 	 	
Domestic sales	 	41.9	%	 	40.4	%	 	3.7%	
International sales	 	58.1	%	 	59.6	%	 	(2.5)%	
Total percent of net sales	 	100.0	%	 	100.0	%	 	 	
Net sales . Net sales decreased by 5.0% to $114.4 million for the three months ended March 31, 2016 from $120.4 million for the three months ended March 31, 2015 , driven by a decrease in total average sales price of 6.0% , slightly offset by an increase in soda volumes sold of 1.1% .
Domestic average sales price declined 6.7% in the three months ended March 31, 2016, mostly due to freight. Our efforts to increase our domestic market share resulted in soda ash prices flat to slightly below 2015 levels. However, we had more volume in 2016 to customers who arrange their own freight, as well as one customer who switched volume to a closer location, resulting in lower freight costs. Freight is billed as a pass through to our customers, impacting the $15.52 reduction in domestic average price in the first quarter of 2016.
International average sales price declined 6.5% in the three months ended March 31, 2016, slightly lower than our prior outlook. Our international segment includes both ANSAC and customers in Europe and South Africa. We made a decision to scale back our sales volume into Europe in 2016 due to unfavorable exchange rates, as our net profit from both ANSAC and domestic volumes are higher. The mix shift from Europe to additional ANSAC volume results in lower international prices as the Europe price includes freight all the way to the customer’s location.
Cost of products sold. Cost of products sold, including depreciation, depletion and amortization expense, decreased by 1.8% to $86.4 million for the three months ended March 31, 2016 from $88.0 million for the three months ended March 31, 2015 , due primarily to a decrease in maintenance and operating costs, freight costs and energy costs as a result of lower natural gas prices, partially offset by an increase in royalty rates.

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CAPEX AND ORE TO ASH RATIO
The following table below summarizes our capital expenditures, on an accrual basis, and ore to ash ratio:

									
($ in millions)	 	Three Months Ended 
 March 31,	
 	 	2016	 	2015	
Capital Expenditures	 	 	 	 	
Maintenance	 	$	1.0		 	$	3.6		
Expansion	 	4.4		 	1.4		
Total	 	$	5.4		 	$	5.0		
 	 	 	 	 	
Operating and Other Data:	 	 	 	 	
Ore to ash ratio  (1)	 	1.51: 1.0		 	1.51: 1.0		
 	 	 	 	 	
(1) Ore to ash ratio expresses the number of short tons of trona ore needed to produce one short ton of soda ash and includes our deca rehydration recovery process.	
Capital expenditures during three months ended March 31, 2016 and three months ended March 31, 2015 reflect differences in the timing of capital expenditure programs in each year, respectively.

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FINANCIAL POSITION AND LIQUIDITY

As of March 31, 2016 , we had cash and cash equivalents of $22.9 million . In addition we have approximately $96 million of remaining capacity under our revolving credit facilities. As of March 31, 2016 , our leverage and fixed charge coverage ratios, as calculated in Ciner Wyoming Credit Facility, were 0.93 and 1.16 , respectively.

CASH FLOWS AND QUARTERLY CASH DISTRIBUTION
  
Cash Flows

Cash provided by operating activities increased to $36.8 million during the three months ended March 31, 2016 compared to $34.7 million of cash generated during three months ended March 31, 2015 , primarily driven by an increase in cash flows provided from working capital of $9.2 million , partially offset by a decrease of $5.4 million in net income during the three months ended March 31, 2016 compared to three months ended March 31, 2015 .

Cash provided by operating activities during the three months ended March 31, 2016 were partially offset by cash used in investing activities of $4.4 million for capital expenditures and cash used in financing activities, during the period of $29.9 million , the majority was due to distributions paid of $23.4 million and repayments on revolving credit facility of $6.5 million .

Quarterly Distribution
On April 13, 2016 , the Partnership declared its first quarter 2016 quarterly distribution of $0.564 per unit. This represents an increase of 1.2% and 4.8% over the distributions declared during the fourth quarter 2015 and first quarter of 2015 , respectively. The quarterly cash distribution is payable on May 13, 2016 to unitholders of record on April 29, 2016 .

RELATED COMMUNICATIONS

Ciner Resources LP will host a conference call tomorrow, May 6, 2016 at 8:30 a.m. ET. Participants can listen in by dialing 1-866-550-6980 (Domestic) or 1-804-977-2644 (International) and referencing confirmation 91386452 . Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. A telephonic replay of the call will be available approximately two hours after the call’s completion by calling 1-800-585-8367 or 404-537-3406 and referencing confirmation 91386452 , and will remain available for the following seven days. This conference call will be webcast live and archived for replay on Ciner Resources’ website at www.cinerresources.com.

ABOUT CINER RESOURCES LP

Ciner Resources LP, a master limited partnership, operates the trona ore mining and soda ash production business of Ciner Wyoming LLC, (“Ciner Wyoming”), one of the largest and lowest cost producers of natural soda ash in the world, serving a global market from its facility in the Green River Basin of Wyoming. The facility has been in operation for more than 50 years.

NATURE OF OPERATIONS

Ciner Resources LP owns a controlling interest comprised of a 51% membership interest in Ciner Wyoming LLC (“Ciner Wyoming”). Natural Resource Partners L.P. (“NRP”) owns a non-controlling interest consisting of a 49% membership interest in Ciner Wyoming.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Statements other than statements of historical facts included in this press release that address activities, events or developments that the Partnership expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements contain words such as “possible,” “believe,” “should,” “could,” “would,” “predict,” “plan,” “estimate,” “intend,” “may,” “anticipate,” “will,” “if,” “expect” or similar expressions. Such statements are based only on the Partnership’s current beliefs, expectations and assumptions regarding the future of the Partnership’s business, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Partnership’s control. The Partnership’s actual results and financial condition may differ materially from those implied or expressed by these forward-looking statements. Consequently, you are cautioned not to place undue reliance on any forward-looking statement because no forward-looking statement can be guaranteed. Factors that could cause the Partnership’s actual results to differ materially from the results contemplated by such forward-looking statements include: changes

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in general economic conditions, the Partnership’s ability to meet its expected quarterly distributions, changes in the Partnership’s relationships with its customers, including American Natural Soda Ash Corporation (“ANSAC”), the demand for soda ash and the opportunities for the Partnership to increase its volume sold, the development of glass and glass making product alternatives, changes in soda ash prices, operating hazards, unplanned maintenance outages at the Partnership’s production facilities, construction costs or capital expenditures exceeding estimated or budgeted costs or expenditures, the effects of government regulation, tax position, and other risks incidental to the mining, processing, and shipment of trona ore and soda ash, as well as the other factors discussed in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2015 , and subsequent reports filed with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by such cautionary statements. Unless required by law, the Partnership undertakes no duty and does not intend to update the forward-looking statements made herein to reflect new information or events or circumstances occurring after this press release. All forward-looking statements speak only as of the date made.

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Supplemental Information
CINER RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(Unaudited)

								
 	Three Months Ended 
 March 31,	
(In millions, except per unit data)	2016	 	2015	
 	 	 	 	
Net sales	$	114.4		 	$	120.4		
Operating costs and expenses:	 	 	 	
Cost of products sold	80.2		 	82.4		
Depreciation, depletion and amortization expense	6.2		 	5.6		
Selling, general and administrative expenses	5.8		 	4.9		
Total operating costs and expenses	92.2		 	92.9		
Operating income	22.2		 	27.5		
Other income/(expenses):	 	 	 	
Interest expense, net	(0.9	)	 	(0.9	)	
Other, net	(0.2	)	 	(0.1	)	
Total other income/(expense), net	(1.1	)	 	(1.0	)	
Net income	$	21.1		 	$	26.5		
Net income attributable to non-controlling interest	11.0		 	13.7		
Net income attributable to Ciner Resources LP	$	10.1		 	$	12.8		
Other comprehensive income/(loss):	 	 	 	
Income/(loss) on derivative financial instruments	(1.1	)	 	(2.0	)	
Comprehensive income	20.0		 	24.5		
Comprehensive income attributable to non-controlling interest	10.5		 	12.7		
Comprehensive income attributable to Ciner Resources LP	$	9.5		 	$	11.8		
 	 	 	 	
Net income per limited partner unit:	 	 	 	
Common - Public and Ciner Holdings (basic and diluted)	$	0.51		 	$	0.64		
Subordinated - Ciner Holdings (basic and diluted)	$	0.51		 	$	0.64		
 	 	 	 	
Limited partner units outstanding:	 	 	 	
Weighted average common units outstanding (basic and diluted)	9.8	 	9.8	
Weighted average subordinated units outstanding (basic and diluted)	9.8	 	9.8	

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CINER RESOURCES LP
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

								
 	As of	
(In millions)	March 31,
2016	 	December 31,
2015	
 	 	 	 	
ASSETS	 	 	 	
Current assets:	 	 	 	
Cash and cash equivalents	$	22.9		 	$	20.4		
Accounts receivable, net	34.2		 	33.8		
Accounts receivable - ANSAC	47.6		 	52.2		
Due from affiliates, net	8.1		 	11.9		
Inventory	28.3		 	26.4		
Other current assets	1.1		 	2.2		
Total current assets	142.2		 	146.9		
Property, plant and equipment, net	254.2		 	255.2		
Other non-current assets	21.2		 	21.1		
Total assets	$	417.6		 	$	423.2		
LIABILITIES AND EQUITY	 	 	 	
Current liabilities:	 	 	 	
Accounts payable	$	14.6		 	$	13.4		
Due to affiliates	3.1		 	4.6		
Accrued expenses	29.6		 	25.2		
Total current liabilities	47.3		 	43.2		
Long-term debt	103.5		 	110.0		
Other non-current liabilities	7.0		 	6.8		
Total liabilities	157.8		 	160.0		
Commitments and Contingencies (See Note 9)		 		
Equity:	 	 	 	
Common unitholders - Public and Ciner Holdings (9.9 units issued and outstanding at March 31, 2016 and 9.8 units issued and outstanding at December 31, 2015)	110.3		 	110.8		
Subordinated unitholders - Ciner Holdings (9.8 units issued and outstanding at March 31, 2016 and December 31, 2015, respectively)	42.8		 	43.3		
General partner unitholders - Ciner Resource Partners LLC (0.4 units issued and outstanding at March 31, 2016 and December 31, 2015, respectively)	4.0		 	4.0		
Accumulated other comprehensive loss	(2.7	)	 	(2.1	)	
Partners’ capital attributable to Ciner Resources LP	154.4		 	156.0		
Non-controlling interest	105.4		 	107.2		
Total equity	259.8		 	263.2		
Total liabilities and partners’ equity	$	417.6		 	$	423.2		

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CINER RESOURCES LP
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

								
 	Three Months Ended 
 March 31,	
(In millions)	2016	 	2015	
 	 	 	 	
Cash flows from operating activities:	 	 	 	
Net income	$	21.1		 	$	26.5		
Adjustments to reconcile net income to net cash provided by operating activities:	 	 	 	
Depreciation, depletion and amortization expense	6.3		 	5.7		
Equity-based compensation expense	—		 	0.1		
Other non-cash items	0.2		 	0.2		
Changes in operating assets and liabilities:	 	 	 	
(Increase)/decrease in:	 	 	 	
Accounts receivable, net	(0.4	)	 	4.1		
Accounts receivable - ANSAC	4.6		 	5.3		
Due from affiliates, net	3.8		 	0.1		
Inventory	(2.1	)	 	(6.0	)	
Other current and other non-current assets	1.0		 	0.4		
Increase/(decrease) in:	 	 	 	
Accounts payable	(0.3	)	 	2.9		
Due to affiliates	(1.6	)	 	(2.4	)	
Accrued expenses and other liabilities	4.2		 	(2.2	)	
Net cash provided by operating activities	36.8		 	34.7		
Cash flows from investing activities:	 	 	 	
Capital expenditures	(4.4	)	 	(7.8	)	
Net cash used in investing activities	(4.4	)	 	(7.8	)	
Cash flows from financing activities:	 	 	 	
Repayments on Ciner Wyoming credit facility	(6.5	)	 	—		
Distributions to common unitholders	(5.5	)	 	(5.2	)	
Distributions to general partner	(0.2	)	 	(0.2	)	
Distributions to subordinated unitholders	(5.4	)	 	(5.2	)	
Distributions to non-controlling interest	(12.3	)	 	(10.9	)	
Net cash used in financing activities	(29.9	)	 	(21.5	)	
Net increase/(decrease) in cash and cash equivalents	2.5		 	5.4		
Cash and cash equivalents at beginning of period	20.4		 	31.0		
Cash and cash equivalents at end of period	$	22.9		 	$	36.4		

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Non-GAAP Financial Measures
We report our financial results in accordance with generally accepted accounting principles in the United States (“GAAP”). We also present the non-GAAP financial measures of:

•	Adjusted EBITDA;	

•	Distributable cash flow; and	

•	Distribution coverage ratio.	
We define Adjusted EBITDA as net income (loss) plus net interest expense, income tax, depreciation, depletion and amortization and certain other expenses that are non-cash charges or that we consider not to be indicative of ongoing operations. Distributable cash flow is defined as Adjusted EBITDA less net cash paid for interest, maintenance capital expenditures and income taxes. Distributable cash flow will not reflect changes in working capital balances. We define distribution coverage ratio as the ratio of distributable cash flow per outstanding unit (as of the end of the period) to cash distributions payable per outstanding unit with respect to such period.

Adjusted EBITDA, distributable cash flow and distribution coverage ratio are non-GAAP supplemental financial measures that management and external users of our consolidated financial statements, such as industry analysts, investors, lenders and rating agencies, may use to assess:
		
•	our operating performance as compared to other publicly traded partnerships in our industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods;	

•	the ability of our assets to generate sufficient cash flow to make distributions to our unitholders;	

•	our ability to incur and service debt and fund capital expenditures; and	

•	the viability of capital expenditure projects and the returns on investment of various investment opportunities.	
We believe that the presentation of Adjusted EBITDA, distributable cash flow and distribution coverage ratio provide useful information to investors in assessing our financial condition and results of operations. The GAAP measures most directly comparable to Adjusted EBITDA and distributable cash flow are net income and net cash provided by operating activities. Our non-GAAP financial measures of Adjusted EBITDA, distributable cash flow and distribution coverage ratio should not be considered as an alternatives to GAAP net income, operating income, net cash provided by operating activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjusted EBITDA and distributable cash flow have important limitations as analytical tools because they exclude some, but not all items that affect net income and net cash provided by operating activities. Investors should not consider Adjusted EBITDA, distributable cash flow and distribution coverage ratio in isolation or as a substitute for analysis of our results as reported under GAAP. Because Adjusted EBITDA, distributable cash flow and distribution coverage ratio may be defined differently by other companies, including those in our industry, our definition of Adjusted EBITDA, distributable cash flow and distribution coverage ratio may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

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The table below presents a reconciliation of the non-GAAP financial measures of Adjusted EBITDA and distributable cash flow to the GAAP financial measures of net income and net cash provided by operating activities:

								
 	Three Months Ended 
 March 31,	
 	2016	 	2015	
($ in millions, except per unit data)	 	 	 	
Reconciliation of Adjusted EBITDA to net income:	 	 	 	
Net income	$	21.1		 	$	26.5		
Add backs:	 	 	 	
Depreciation, depletion and amortization expense	6.2		 	5.6		
Interest expense, net	0.9		 	0.9		
Adjusted EBITDA	$	28.2		 	$	33.0		
Less: Adjusted EBITDA attributable to non-controlling interest	14.3		 	16.7		
Adjusted EBITDA attributable to Ciner Resources LP	$	13.9		 	$	16.3		
 	 	 	 	
Reconciliation of distributable cash flow to Adjusted EBITDA attributable to Ciner Resources LP:	 	 	 	
Adjusted EBITDA attributable to Ciner Resources LP	$	13.9		 	$	16.3		
Less: Cash interest expense, net attributable to Ciner Resources LP	0.4		 	0.5		
Maintenance capital expenditures attributable to Ciner Resources LP (1)	1.0		 	2.2		
Distributable cash flow attributable to Ciner Resources LP	$	12.5		 	$	13.6		
 	 	 	 	
Cash distribution declared per unit	$	0.564		 	$	0.538		
 	 	 	 	
Total distributions to unitholders and general partner	$	11.3		 	$	10.7		
 	 	 	 	
Distribution coverage ratio	1.11		 	1.27		
 	 	 	 	
Reconciliation of Adjusted EBITDA to net cash from operating activities:	 	 	 	
Net cash provided by operating activities	$	36.8		 	$	34.7		
Add/(less):	 	 	 	
Amortization of long-term loan financing	(0.1	)	 	(0.1	)	
Equity-based compensation expense	—		 	(0.1	)	
Net change in working capital	(9.2	)	 	(2.2	)	
Interest expense, net	0.9		 	0.9		
Other non-cash items	(0.2	)	 	(0.2	)	
Adjusted EBITDA	$	28.2		 	$	33.0		
Less: Adjusted EBITDA attributable to non-controlling interest	14.3		 	16.7		
Adjusted EBITDA attributable to Ciner Resources LP	$	13.9		 	$	16.3		
Less: Cash interest expense, net attributable to Ciner Resources LP	0.4		 	0.5		
Maintenance capital expenditures attributable to Ciner Resources LP (1)	1.0		 	2.2		
Distributable cash flow attributable to Ciner Resources LP	$	12.5		 	$	13.6		
 	 	 	 	
(1)  The Partnership may fund expansion-related capital expenditures with borrowings under existing credit facilities such that expansion-related capital expenditures will have no impact on cash on hand or the calculation of cash available for distribution.  In certain instances, the timing of the Partnership’s borrowings and/or its cash management practices will result in a mismatch between the period of the borrowing and the period of the capital expenditure.  In those instances, the Partnership adjusts designated reserves (as provided in the partnership agreement) to take account of the timing difference.  Accordingly, expansion-related capital expenditures have been excluded from the presentation of cash available for distribution.	

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The following table presents a reconciliation of the non-GAAP financial measures of Adjusted EBITDA to GAAP financial measure of net income for the periods presented:

																									
 	 	Cumulative Four Quarters ended Q1-2016	 	Q1-2016	 	Q4-2015	 	Q3-2015	 	Q2-2015	 	Q1-2015	
($ in millions, except per unit data)	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
Reconciliation of Adjusted EBITDA to net income:	 	 	 	 	 	 	 	 	 	 	 	 	
Net income	 	$	100.8		 	$	21.1		 	$	28.3		 	$	26.9		 	$	24.5		 	$	26.5		
Add backs:	 	 	 	 	 	 	 	 	 	 	 	 	
Depreciation, depletion and amortization expense	 	24.3		 	6.2		 	6.6		 	5.7		 	5.8		 	5.6		
Interest expense, net	 	4.0		 	0.9		 	1.0		 	1.0		 	1.1		 	0.9		
Adjusted EBITDA	 	$	129.1		 	$	28.2		 	$	35.9		 	$	33.6		 	$	31.4		 	$	33.0		
Less: Adjusted EBITDA attributable to non-controlling interest	 	65.2		 	14.3		 	18.0		 	16.9		 	16.0		 	16.7		
Adjusted EBITDA attributable to Ciner Resources LP	 	$	63.9		 	$	13.9		 	$	17.9		 	$	16.7		 	$	15.4		 	$	16.3		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjusted EBITDA attributable to Ciner Resources LP	 	$	63.9		 	$	13.9		 	$	17.9		 	$	16.7		 	$	15.4		 	$	16.3		
Less: Cash interest expense, net attributable to Ciner Resources LP	 	$	2.0		 	$	0.4		 	$	0.5		 	$	0.5		 	$	0.6		 	$	0.5		
Maintenance capital expenditures attributable to Ciner Resources LP (1)	 	$	7.2		 	$	1.0		 	$	0.7		 	$	2.8		 	$	2.7		 	$	2.2		
Distributable cash flow attributable to Ciner Resources LP	 	$	54.7		 	$	12.5		 	$	16.7		 	$	13.4		 	$	12.1		 	$	13.6		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Cash distribution declared per unit	 	$	2.218		 	$	0.564		 	$	0.558		 	$	0.551		 	$	0.545		 	$	0.538		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Total distributions to unitholders and general partner	 	$	44.3		 	$	11.3		 	$	11.1		 	$	11.0		 	$	10.9		 	$	10.7		
 	 	 	 	 	 	 	 	 	 	 	 	 	
Distribution coverage ratio	 	1.23		 	1.11		 	1.50		 	1.22		 	1.11		 	1.27		
 	 	 	 	 	 	 	 	 	 	 	 	 	
(1)  The Partnership may fund expansion-related capital expenditures with borrowings under existing credit facilities such that expansion-related capital expenditures will have no impact on cash on hand or the calculation of cash available for distribution.  In certain instances, the timing of the Partnership’s borrowings and/or its cash management practices will result in a mismatch between the period of the borrowing and the period of the capital expenditure.  In those instances, the Partnership adjusts designated reserves (as provided in the partnership agreement) to take account of the timing difference.  Accordingly, expansion-related capital expenditures have been excluded from the presentation of cash available for distribution.	

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Contacts:

Ciner Resources LP

Investor Relations
Scott Humphrey
Director of Finance and Treasurer
(770) 375-2387
SHumphrey@ocienterprises.com

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