Enterprise Products Partners L.P.

SEC Filings

S-1/A
ENTERPRISE PRODUCTS PARTNERS L P filed this Form S-1/A on 07/21/1998
Entire Document
 
<PAGE>
 
         SUMMARY HISTORICAL AND PRO FORMA FINANCIAL AND OPERATING DATA
   
  The following table sets forth for the periods and at the dates indicated,
selected historical and pro forma financial and operating data for the
Company. The selected historical financial data (except for EBITDA of
unconsolidated affiliates) have been derived from the Company's audited
financial statements for the periods indicated. The selected historical income
statement data for each of the three years in the period ended December 31,
1997 and the selected balance sheet data for each of the two years in the
period ended December 31, 1997 should be read in conjunction with the audited
financial statements for such periods included elsewhere in this Prospectus.
EBITDA of unconsolidated affiliates has been derived from the audited
financial statements of such entities for the periods indicated. The selected
historical data for the three-month periods ending March 31, 1997 and 1998 are
derived from the Company's unaudited financial statements included elsewhere
in this Prospectus and should be read in conjunction therewith. In the
Company's opinion, each of the unaudited financial statements include all
adjustments, consisting of normal recurring adjustments, necessary for a fair
statement of the results of the unaudited periods. The selected pro forma
financial and operating data of the Company are derived from the unaudited pro
forma consolidated financial statements included elsewhere in this Prospectus
and should be read in conjunction therewith. See also "Management's Discussion
and Analysis of Financial Condition and Results of Operations." The dollar
amounts in the table below, except per Unit data, are in thousands.     
 

<TABLE>   
<CAPTION>
                                                                                                               PRO FORMA
                                                                              PRO FORMA     THREE MONTHS      THREE MONTHS
                                    YEAR ENDED DECEMBER 31,                   YEAR ENDED   ENDED MARCH 31,       ENDED
                         --------------------------------------------------  DECEMBER 31, ------------------   MARCH 31,
                           1993      1994      1995      1996       1997         1997       1997      1998        1998
                         --------  --------  --------  --------  ----------  ------------ --------  --------  ------------
<S>                      <C>       <C>       <C>       <C>       <C>         <C>          <C>       <C>       <C>
INCOME STATEMENT DATA:
 Revenues............... $551,054  $586,609  $790,080  $999,506  $1,020,281   $1,020,281  $255,652  $190,517    $190,517
 Operating costs and
  expenses..............  505,454   533,929   726,207   906,367     937,068      935,968   229,136   181,447     180,827
                         --------  --------  --------  --------  ----------   ----------  --------  --------    --------
 Operating margin.......   45,600    52,680    63,873    93,139      83,213       84,313    26,516     9,070       9,690
 Selling, general and
  administrative
  expenses..............   21,768    17,826    22,250    24,227      23,060       12,000     6,636     5,754       3,000
                         --------  --------  --------  --------  ----------   ----------  --------  --------    --------
 Operating income.......   23,832    34,854    41,623    68,912      60,153       72,313    19,880     3,316       6,690
                         --------  --------  --------  --------  ----------   ----------  --------  --------    --------
 Interest expense.......  (26,131)  (25,411)  (27,567)  (26,310)    (25,717)      (5,993)   (5,967)   (6,734)     (1,498)
 Interest income........    1,809     2,477       554     2,705       1,934        5,230       587       275         927
 Equity in income of
  unconsolidated
  affiliates:
   Mont Belvieu
    Associates(1).......    3,095     7,257     6,167     6,004       6,377        6,377     1,352     1,947       1,947
   Belvieu Environmental
    Fuels(2)............       --        --     6,107     9,752       9,305        9,305     1,668       875         875
 Gain (loss) on sale of
  assets................       --     4,271     7,948        --        (155)        (155)       --        --          --
 Other income
  (expense), net........       38        45       305       364         793          793     1,065         2           2
                         --------  --------  --------  --------  ----------   ----------  --------  --------    --------
 Income before minority
  interest..............    2,643    23,493    35,137    61,427      52,690       87,870    18,585      (319)      8,943
 Minority interest(3)...      (26)     (235)     (351)     (614)       (527)        (879)     (186)        3         (89)
                         --------  --------  --------  --------  ----------   ----------  --------  --------    --------
 Net income............. $  2,617  $ 23,258  $ 34,786  $ 60,813  $   52,163   $   86,991  $ 18,399  $   (316)   $  8,854
                         ========  ========  ========  ========  ==========   ==========  ========  ========    ========
 Net income per
  Unit(4)...............                                                      $     1.29                        $   0.13
                                                                              ==========                        ========
BALANCE SHEET DATA (AT
 PERIOD END):
 Total assets........... $526,372  $573,348  $610,931  $711,151  $  697,713   $  713,979  $697,609  $683,626    $753,168
 Long-term debt.........  291,395   268,585   281,656   255,617     230,237       89,200   252,741   227,363      89,200
 Combined
  equity/Partner's
  equity................  158,001   189,366   198,815   266,021     311,885      559,861   297,440   342,885     551,849
OTHER FINANCIAL DATA:
 Cash flows from
  Operating Activities.. $ 24,326  $ 49,997  $ 12,212  $ 91,431  $   57,795   $       --  $ 15,666  $(35,989)   $     --
 Cash flows from
  Investing Activities..  (19,099)  (36,944)   (9,233)  (57,725)    (30,982)          --   (10,232)   (3,648)         --
 Cash flows from
  Financing Activities..  (18,166)  (21,973)   11,995   (24,930)    (26,551)          --    (8,353)   (8,234)         --
 EBITDA(5)..............   46,702    55,430    65,406    87,109      79,882       94,986    25,535     8,219      12,153
 EBITDA of
  unconsolidated
  affiliates(6).........    4,859     7,198    18,520    25,012      24,372       24,371     5,202     4,825       4,838
OPERATING DATA(7):
 Fractionation
   Production...........      145       158       158       166         189          189       170       207         207
   Volume from tolling
    operations..........      95%       94%       86%       90%         96%          96%       95%       96%         96%
 Isomerization
   Production...........       66        66        67        71          67           67        58        62          62
   Volume from tolling
    operations..........      66%       68%       86%       84%         92%          92%       88%       75%         75%
 MTBE
   Production...........       --         8        10        13          14           14        14        10          10
   Volume from tolling
    operations..........       --        --        --        --          --           --        --        --          --
 Propylene
  Fractionation
   Production...........       16        14        16        16          26           26        23        24          24
   Volume from tolling
    operations..........      36%       35%       35%       33%         47%          47%       30%       49%         49%
</TABLE>
    
 
See notes on following page
 
                                      52