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The website explains how distributable cash flow (DCF) is defined and why it is important to analyze it and derive a sustainable measure of DCF. Results reported by master limited partnerships (MLPs) are analyzed. comparisons of reported DCF to sustainable DCF are generated, and various coverage ratios and reports analyzing performance are generated. Simplified sources and uses of funds statements are presented to focus readers' attention on key cash flow items. The website also features general articles about MLPs and about other topics of interest to yield-focused investors.

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ETP: Energy Transfer Partners, L.P. - Quarterly DCF Data (as of 4Q11)

A breakdown by quarter of the numbers in the report titled “ETP: A Closer Look at Energy Transfer Partners’ 2011 Distributable Cash Flow” is presented below:

 3M3M3M3M3M3M3M3M
12/31/119/30/116/30/113/31/1112/31/109/30/106/30/103/31/10
Net cash provided by operating activities314.2390.8348.9290.699.4218.9383.2500.8
Less: Maintenance capital expenditures(53.6)(31.4)(29.5)(19.6)(29.0)(26.4)(24.2)(19.6)
Less: Working capital (generated)-(187.5)(79.4)--(12.6)(176.2)(155.8)
Less: net income attributable to GP
Less: Net income attributable to noncontrolling interests(10.5)(9.3)(8.4)-----
Sustainable DCF250.0162.6231.6271.070.4179.8182.8325.3
Add: Net income attributable to noncontrolling interests10.59.38.4-----
Working capital used29.4--71.8219.4---
Risk management activities25.375.0(2.7)(8.9)(9.0)(19.8)16.759.3
Proceeds from sale of assets / disposal of liabilities(3.2)1.02.3-(0.2)(0.3)0.5-
Other(1.6)18.3(16.3)3.23.80.80.00.0
DCF as reported310.4266.1223.3337.1284.4160.5200.0384.6

 

Figures in $ Millions

 3M3M3M3M3M3M3M3M
12/31/20119/30/20116/30/20113/31/201112/31/20109/30/20106/30/20103/31/2010
Distributions to unitholders ($ Millions)295.9294.9294.4274.2271.2256.2270.7267.9
Coverage ratio based on reported DCF1.050.900.761.231.050.630.741.44
Coverage ratio based on sustainable DCF0.840.550.790.990.260.700.681.21

 

 3M3M3M3M3M3M3M3M
12/31/20119/30/20116/30/20113/31/201112/31/20109/30/20106/30/20103/31/2010
Net cash from operations, less maintenance capex, less net income from non-controlling interests, less distributions(35.4)--(3.3)(200.8)(63.7)--
Capital expenditures ex maintenance, net of proceeds from sale of PP&E(411.5)(297.7)(381.5)(191.3)(284.8)(402.0)(464.6)(100.1)
Acquisitions, investments (net of sale proceeds)3.8(19.2) (1,943.3)(2.4)(7.4)1.64.3(148.5)
Cash contributions/distributions related to affiliates & noncontrolling interests-(177.2)-(11.1)(0.7)(0.5)(5.5)(0.1)
Debt incurred (repaid)(261.52)----(53.17)-(164.03)
Other CF from investing activities, net--------
Other CF from financing activities, net(7.6)(0.0)(12.3)---(23.3)-
(712.3)(494.1) (2,337.0)(208.0)(493.8)(517.7)(489.1)(412.7)
Net cash from operations, less maintenance capex, less net income from non-controlling interests, less distributions-64.525.0---88.3213.2
Cash contributions/distributions related to affiliates & noncontrolling interests8.3-580.1-----
Debt incurred (repaid)-401.4 1,078.7 158.5390.5-19.5-
Partnership units issued667.729.1712.857.465.2512.570.0513.4
Other CF from investing activities, net6.94.511.22.81.74.15.82.2
Other CF from financing activities, net----8.2---
682.9499.5 2,407.8 218.6465.6516.6183.6728.8
Net change in cash(29.4)5.370.810.6(28.2)(1.1)(305.5)316.1

 

Figures in $ Millions

 

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