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Name | Symbol | Market | Type |
---|---|---|---|
Granite Falls Energy LLC (CE) | USOTC:GFGY | OTCMarkets | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2,900.00 | 0.00 | 01:00:00 |
x
|
Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
|
|
|
For the fiscal year ended October 31, 2012
|
|
|
|
OR
|
|
|
o
|
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
|
|
|
|
For the transition period from to .
|
|
|
|
COMMISSION FILE NUMBER 000-51277
|
Minnesota
|
|
41-1997390
|
||
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
||
|
|
|
||
15045 Highway 23 SE, Granite Falls, MN 56241-0216
|
||||
(Address of principal executive offices)
|
||||
|
||||
(320) 564-3100
|
||||
(Registrant's telephone number, including area code)
|
Large Accelerated Filer
o
|
Accelerated Filer
o
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Non-Accelerated Filer
x
|
Smaller Reporting Company
o
|
|
Page Number
|
|
|
•
|
Changes in the availability and price of corn and natural gas;
|
•
|
Demand for corn exceeding supply; and corresponding corn price increases;
|
•
|
Changes in our business strategy, capital improvements or development plans;
|
•
|
Our ability to profitably operate the ethanol plant and maintain a positive spread between the selling price of our products and our raw materials costs;
|
•
|
Results of our hedging transactions and other risk management strategies;
|
•
|
Decreases in the market prices of ethanol and distillers grains;
|
•
|
Ethanol supply exceeding demand; and corresponding ethanol price reductions;
|
•
|
Changes in the environmental regulations that apply to our plant operations and changes in our ability to comply with such regulations;
|
•
|
Changes in plant production capacity or technical difficulties in operating the plant;
|
•
|
Changes in general economic conditions or the occurrence of certain events causing an economic impact in the agriculture, oil or automobile industries;
|
•
|
Lack of transport, storage and blending infrastructure preventing ethanol from reaching high demand markets;
|
•
|
Changes in federal and/or state laws;
|
•
|
Changes and advances in ethanol production technology;
|
•
|
Effects of mergers, consolidations or contractions in the ethanol industry;
|
•
|
Competition from alternative fuel additives;
|
•
|
The development of infrastructure related to the sale and distribution of ethanol;
|
•
|
Our inelastic demand for corn, as it is the only available feedstock for our plant;
|
•
|
Our ability to retain key employees and maintain labor relations;
|
•
|
Changes to our current water intake system, or our ability to cost-effectively construct a modified water intake system; and
|
•
|
Volatile commodity and financial markets.
|
Company
|
Current Capacity
(mmgy)
|
|
Archer Daniels Midland
|
1,720.0
|
|
POET Biorefining
|
1,629.0
|
|
Valero Renewable Fuels
|
1,130.0
|
|
Green Plains Renewable Energy
|
730.0
|
|
•
|
A river water intake structure in the Minnesota River and a water pipeline to the plant from the Minnesota River to provide our primary water supply and two groundwater wells that provide a redundant water supply;
|
•
|
A Cold Lime Softening Water Treatment System for pre-treating the plant's water supply;
|
•
|
A processing building, which contains processing equipment, laboratories, control room, maintenance area and offices;
|
•
|
A grain receiving and shipping building, which contains corn storage silos, distillers grains storage and associated equipment;
|
•
|
A fermentation area comprised principally of four fermentation tanks;
|
•
|
Corn oil extraction equipment;
|
•
|
A mechanical building, which contains the boiler, thermal oxidizer and distillers grains dryers; and
|
•
|
An administrative building, along with furniture and fixtures, office equipment and computer and telephone systems.
|
Date Declared to Members of Record:
|
Total Distribution
|
Distribution
Per Unit
|
Distributed to Members on:
|
||||
October 27, 2011
|
$
|
9,196,800
|
|
$
|
300
|
|
December 15, 2011
|
November 23, 2010
|
$
|
9,196,800
|
|
$
|
300
|
|
December 15, 2010
|
Statement of Operations Data:
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
2009
|
|
2008
|
||||||||
Revenues
|
|
$
|
175,162,043
|
|
|
$
|
156,521,489
|
|
|
$
|
95,289,452
|
|
|
$
|
91,282,031
|
|
|
$
|
99,393,373
|
|
Cost Goods Sold
|
|
172,708,074
|
|
|
142,353,416
|
|
|
85,146,261
|
|
|
87,464,936
|
|
|
102,396,467
|
|
|||||
Lower of Cost or Market Adjustment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,947,000
|
|
|||||
Gross Profit (Loss)
|
|
2,453,969
|
|
|
14,168,073
|
|
|
10,143,191
|
|
|
3,817,095
|
|
|
(4,950,094
|
)
|
|||||
Operating Expenses
|
|
2,449,596
|
|
|
2,002,706
|
|
|
1,957,742
|
|
|
2,045,615
|
|
|
2,916,170
|
|
|||||
Operating Income (Loss)
|
|
4,373
|
|
|
12,165,367
|
|
|
8,185,449
|
|
|
1,771,480
|
|
|
(7,866,264
|
)
|
|||||
Other Income (Expense)
|
|
156,234
|
|
|
126,489
|
|
|
176,863
|
|
|
(685,300
|
)
|
|
188,005
|
|
|||||
Net Income (Loss)
|
|
$
|
160,607
|
|
|
$
|
12,291,856
|
|
|
$
|
8,362,312
|
|
|
$
|
1,086,180
|
|
|
$
|
(7,678,259
|
)
|
Weighted Average Units Outstanding - Basic and Diluted
|
|
30,614
|
|
|
30,656
|
|
|
30,656
|
|
|
30,781
|
|
|
31,156
|
|
|||||
Net Income (Loss) Per Capital Unit
|
|
$
|
5.25
|
|
|
$
|
400.96
|
|
|
$
|
272.78
|
|
|
$
|
35.29
|
|
|
$
|
(246.45
|
)
|
Distributions per Capital Unit
|
|
$
|
—
|
|
|
$
|
600.00
|
|
|
$
|
150.00
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
2009
|
|
2008
|
||||||||
Current Assets
|
|
$
|
20,715,050
|
|
|
$
|
27,542,361
|
|
|
$
|
23,429,993
|
|
|
$
|
14,015,271
|
|
|
$
|
9,382,784
|
|
Net Property and Equipment
|
|
40,418,082
|
|
|
35,898,961
|
|
|
36,327,497
|
|
|
42,425,018
|
|
|
48,648,041
|
|
|||||
Other Assets
|
|
—
|
|
|
—
|
|
|
10,050
|
|
|
32,894
|
|
|
35,694
|
|
|||||
Total Assets
|
|
$
|
61,133,132
|
|
|
$
|
63,441,322
|
|
|
$
|
59,767,540
|
|
|
$
|
56,473,183
|
|
|
$
|
58,066,519
|
|
Current Liabilities
|
|
6,002,937
|
|
|
13,680,184
|
|
|
3,733,360
|
|
|
4,004,077
|
|
|
6,108,632
|
|
|||||
Long-Term Debt
|
|
5,274,870
|
|
|
—
|
|
|
171,298
|
|
|
370,136
|
|
|
445,097
|
|
|||||
Members' Equity
|
|
$
|
49,855,325
|
|
|
$
|
49,761,138
|
|
|
$
|
55,862,882
|
|
|
$
|
52,098,970
|
|
|
$
|
51,512,790
|
|
Book Value Per Capital Unit
|
|
$
|
1,628.94
|
|
|
$
|
1,623.21
|
|
|
$
|
1,822.25
|
|
|
$
|
1,699.47
|
|
|
$
|
1,653.38
|
|
|
2012
|
|
2011
|
||||||||||
Income Statement Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||||
Revenue
|
$
|
175,162,043
|
|
|
100.0
|
%
|
|
$
|
156,521,489
|
|
|
100.0
|
%
|
Cost of Goods Sold
|
172,708,074
|
|
|
98.6
|
%
|
|
142,353,416
|
|
|
90.9
|
%
|
||
Gross Profit
|
2,453,969
|
|
|
1.4
|
%
|
|
14,168,073
|
|
|
9.1
|
%
|
||
Operating Expenses
|
2,449,596
|
|
|
1.4
|
%
|
|
2,002,706
|
|
|
1.3
|
%
|
||
Operating Income
|
4,373
|
|
|
—
|
%
|
|
12,165,367
|
|
|
7.8
|
%
|
||
Other Income, net
|
156,234
|
|
|
0.1
|
%
|
|
126,489
|
|
|
0.1
|
%
|
||
Net Income
|
$
|
160,607
|
|
|
0.1
|
%
|
|
$
|
12,291,856
|
|
|
7.9
|
%
|
Revenue Sources
|
Amount
|
|
Percentage of
Total Revenues
|
||||
|
|
|
|
||||
Ethanol sales
|
$
|
138,628,048
|
|
|
79.1
|
|
%
|
Distillers grains sales
|
32,214,496
|
|
|
18.4
|
|
%
|
|
Corn oil sales
|
4,319,499
|
|
|
2.5
|
|
%
|
|
Ethanol derivative activity losses
|
—
|
|
|
—
|
|
%
|
|
Total Revenues
|
$
|
175,162,043
|
|
|
100.0
|
|
%
|
Revenue Sources
|
Amount
|
|
Percentage of
Total Revenues
|
||||
|
|
|
|
||||
Ethanol sales
|
$
|
129,936,623
|
|
|
83.0
|
|
%
|
Distillers grains sales
|
22,745,766
|
|
|
14.5
|
|
%
|
|
Corn oil sales
|
3,843,726
|
|
|
2.5
|
|
%
|
|
Ethanol derivative activity losses
|
(4,626
|
)
|
|
—
|
|
%
|
|
Total Revenues
|
$
|
156,521,489
|
|
|
100.0
|
|
%
|
|
2011
|
|
|
|
2010
|
|
|
||||
Income Statement Data
|
Amount
|
|
%
|
|
Amount
|
|
%
|
||||
Revenues
|
$
|
156,521,489
|
|
|
100.0
|
|
$
|
95,289,452
|
|
|
100.0
|
Cost of Goods Sold
|
142,353,416
|
|
|
90.9
|
|
85,146,261
|
|
|
89.4
|
||
Gross Profit
|
14,168,073
|
|
|
9.1
|
|
10,143,191
|
|
|
10.6
|
||
Operating Expenses
|
2,002,706
|
|
|
1.3
|
|
1,957,742
|
|
|
2.1
|
||
Operating Income
|
12,165,367
|
|
|
7.8
|
|
8,185,449
|
|
|
8.6
|
||
Other Income, net
|
126,489
|
|
|
0.1
|
|
176,863
|
|
|
0.2
|
||
Net Income
|
$
|
12,291,856
|
|
|
7.9
|
|
$
|
8,362,312
|
|
|
8.8
|
Revenue Sources
|
Amount
|
|
Percentage of
Total Revenues
|
||||
Ethanol sales
|
$
|
129,936,623
|
|
|
83.0
|
|
%
|
Distillers grains sales
|
|
22,745,766
|
|
|
14.5
|
|
%
|
Corn oil sales
|
|
3,843,726
|
|
|
2.5
|
|
%
|
Ethanol derivative activity losses
|
|
(4,626
|
)
|
|
—
|
|
|
Total Revenues
|
$
|
156,521,489
|
|
|
100.0
|
|
%
|
Revenue Sources
|
Amount
|
|
Percentage of
Total Revenues
|
|||
Ethanol sales
|
$
|
81,317,691
|
|
|
85.3
|
%
|
Distillers grains sales
|
|
12,250,393
|
|
|
12.9
|
%
|
Corn oil sales
|
|
1,721,368
|
|
|
1.8
|
%
|
Total Revenues
|
$
|
95,289,452
|
|
|
100.0
|
%
|
|
October 31, 2012
|
|
October 31, 2011
|
||||
Current Assets
|
$
|
20,715,050
|
|
|
$
|
27,542,361
|
|
Current Liabilities
|
$
|
6,002,937
|
|
|
$
|
13,680,184
|
|
Long-Term Debt
|
$
|
5,274,870
|
|
|
$
|
—
|
|
Members' Equity
|
$
|
49,855,325
|
|
|
$
|
49,761,138
|
|
|
2012
|
|
2011
|
||||
Net cash provided by (used in) operating activities
|
$
|
(953,958
|
)
|
|
$
|
11,879,586
|
|
Net cash used in investing activities
|
(7,551,142
|
)
|
|
(50,020
|
)
|
||
Net cash used in financing activities
|
(3,873,632
|
)
|
|
(9,429,231
|
)
|
|
2011
|
|
2010
|
||||
Net cash provided by operating activities
|
$
|
11,879,586
|
|
|
$
|
14,079,296
|
|
Net cash used in investing activities
|
(50,020
|
)
|
|
(4,320,511
|
)
|
||
Net cash used in financing activities
|
(9,429,231
|
)
|
|
(4,811,066
|
)
|
|
|
Total
|
|
Less than One Year
|
|
One to Three Years
|
|
Three to Five Years
|
|
Greater Than Five Years
|
||||||||||
Long-Term Debt Obligations (1)
|
|
$
|
6,022,593
|
|
|
$
|
131,938
|
|
|
$
|
2,522,722
|
|
|
$
|
3,367,933
|
|
|
$
|
—
|
|
Operating Lease Obligations (2)
|
|
$
|
4,456,982
|
|
|
$
|
1,582,612
|
|
|
$
|
2,342,058
|
|
|
$
|
471,494
|
|
|
$
|
60,816
|
|
Purchase Obligations (3)
|
|
$
|
719,000
|
|
|
$
|
719,000
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
||
Total Contractual Obligations
|
|
$
|
11,198,575
|
|
|
$
|
2,433,550
|
|
|
$
|
4,864,780
|
|
|
$
|
3,839,427
|
|
|
$
|
60,816
|
|
Outstanding Variable Rate Debt at October 31, 2012
|
Interest Rate at October 31, 2012
|
Interest Rate Following 10% Adverse Change
|
Annual Adverse Change to Income
|
||
$4,891,952
|
3.12
|
%
|
3.43
|
%
|
$15,263
|
|
Estimated Volume Requirements for the next 12 months (net of forward and futures contracts)
|
Unit of Measure
|
Hypothetical Adverse Change in Price as of October 31, 2012
|
Approximate Adverse Change to Income
|
||||
Natural Gas
|
1,250,000
|
|
MMBTU
|
10
|
%
|
$
|
562,500
|
|
Ethanol
|
58,630,000
|
|
Gallons
|
10
|
%
|
$
|
14,071,200
|
|
Corn
|
20,315,000
|
|
Bushels
|
10
|
%
|
$
|
15,236,250
|
|
|
/s/ Boulay, Heutmaker, Zibell, and Co. P.L.L.P.
|
|
Certified Public Accountants
|
|
|
Minneapolis, Minnesota
|
|
January 29, 2013
|
|
ASSETS
|
|
October 31, 2012
|
|
October 31, 2011
|
||||
|
|
|
|
|
||||
Current Assets
|
|
|
|
|
||||
Cash
|
|
$
|
685,828
|
|
|
$
|
13,064,560
|
|
Restricted cash
|
|
494,000
|
|
|
1,503,000
|
|
||
Accounts receivable
|
|
7,356,534
|
|
|
3,777,547
|
|
||
Inventory
|
|
12,013,169
|
|
|
8,615,411
|
|
||
Commodity derivative instruments
|
|
—
|
|
|
404,050
|
|
||
Prepaid expenses and other current assets
|
|
165,519
|
|
|
177,793
|
|
||
Total current assets
|
|
20,715,050
|
|
|
27,542,361
|
|
||
|
|
|
|
|
||||
Property, Plant and Equipment
|
|
|
|
|
||||
Land and improvements
|
|
7,095,172
|
|
|
3,627,973
|
|
||
Railroad improvements
|
|
4,121,148
|
|
|
4,121,148
|
|
||
Process equipment and tanks
|
|
64,678,860
|
|
|
63,592,688
|
|
||
Administration building
|
|
279,734
|
|
|
279,734
|
|
||
Office equipment
|
|
154,072
|
|
|
154,072
|
|
||
Rolling stock
|
|
1,305,395
|
|
|
642,908
|
|
||
Construction in progress
|
|
3,831,263
|
|
|
366,979
|
|
||
|
|
81,465,644
|
|
|
72,785,502
|
|
||
Less accumulated depreciation
|
|
41,047,562
|
|
|
36,886,541
|
|
||
Net property, plant and equipment
|
|
40,418,082
|
|
|
35,898,961
|
|
||
|
|
|
|
|
||||
Total Assets
|
|
$
|
61,133,132
|
|
|
$
|
63,441,322
|
|
LIABILITIES AND MEMBERS' EQUITY
|
|
October 31, 2012
|
|
October 31, 2011
|
||||
|
|
|
|
|
||||
Current Liabilities
|
|
|
|
|
||||
Current portion of long-term debt
|
|
$
|
114,718
|
|
|
$
|
—
|
|
Accounts payable
|
|
3,527,840
|
|
|
1,591,036
|
|
||
Corn payable to FCE
|
|
1,995,997
|
|
|
2,516,923
|
|
||
Commodity derivative instruments
|
|
45,563
|
|
|
—
|
|
||
Accrued liabilities
|
|
318,819
|
|
|
375,425
|
|
||
Distribution payable
|
|
—
|
|
|
9,196,800
|
|
||
Total current liabilities
|
|
6,002,937
|
|
|
13,680,184
|
|
||
|
|
|
|
|
||||
Long-Term Debt, less current portion
|
|
5,274,870
|
|
|
—
|
|
||
|
|
|
|
|
||||
Commitments and Contingencies
|
|
|
|
|
||||
|
|
|
|
|
||||
Members' Equity, 30,606 and 30,656 units authorized, issued and outstanding at October 31, 2012 and 2011, respectively
|
|
49,855,325
|
|
|
49,761,138
|
|
||
|
|
|
|
|
||||
Total Liabilities and Members’ Equity
|
|
$
|
61,133,132
|
|
|
$
|
63,441,322
|
|
|
|
|
|
|
||||
|
|
|
|
|
For the fiscal years ended,
|
October 31, 2012
|
October 31, 2011
|
October 31, 2010
|
||||||
|
|
|
|
||||||
|
|
|
|
||||||
Revenues
|
$
|
175,162,043
|
|
$
|
156,521,489
|
|
$
|
95,289,452
|
|
|
|
|
|
||||||
Cost of Goods Sold
|
172,708,074
|
|
142,353,416
|
|
85,146,261
|
|
|||
|
|
|
|
||||||
Gross Profit
|
2,453,969
|
|
14,168,073
|
|
10,143,191
|
|
|||
|
|
|
|
||||||
Operating Expenses
|
2,449,596
|
|
2,002,706
|
|
1,957,742
|
|
|||
|
|
|
|
||||||
Operating Income
|
4,373
|
|
12,165,367
|
|
8,185,449
|
|
|||
|
|
|
|
||||||
Other Income (Expense)
|
|
|
|
||||||
Other income
|
182,186
|
|
37,281
|
|
89,890
|
|
|||
Interest income
|
18,050
|
|
93,566
|
|
97,677
|
|
|||
Interest expense
|
(44,002
|
)
|
(4,358
|
)
|
(10,704
|
)
|
|||
Total other income, net
|
156,234
|
|
126,489
|
|
176,863
|
|
|||
|
|
|
|
||||||
Net Income
|
$
|
160,607
|
|
$
|
12,291,856
|
|
$
|
8,362,312
|
|
|
|
|
|
||||||
Weighted Average Units Outstanding - Basic and Diluted
|
30,614
|
|
30,656
|
|
30,656
|
|
|||
|
|
|
|
||||||
Net Income Per Unit - Basic and Diluted
|
$
|
5.25
|
|
$
|
400.96
|
|
$
|
272.78
|
|
|
|
|
|
||||||
Distributions Per Unit
|
$
|
—
|
|
$
|
600.00
|
|
$
|
150.00
|
|
|
|
|
|
Balance - October 31, 2009
|
|
$
|
52,098,970
|
|
|
|
|
||
Member distributions
|
|
(4,598,400
|
)
|
|
|
|
|
||
Net income for the year ended October 31, 2010
|
|
8,362,312
|
|
|
|
|
|
||
Balance - October 31, 2010
|
|
55,862,882
|
|
|
|
|
|
||
Member distributions
|
|
(18,393,600
|
)
|
|
|
|
|
||
Net income for the year ended October 31, 2011
|
|
12,291,856
|
|
|
|
|
|
||
Balance - October 31, 2011
|
|
49,761,138
|
|
|
|
|
|
||
Repurchase of 50 membership units in December 2011
|
|
(66,420
|
)
|
|
|
|
|
||
Net income for the year ended October 31, 2012
|
|
160,607
|
|
|
|
|
|
||
Balance - October 31, 2012
|
|
$
|
49,855,325
|
|
For the fiscal years ended,
|
October 31, 2012
|
|
October 31, 2011
|
|
October 31, 2010
|
||||||
|
|
|
|
|
|
||||||
Cash Flows from Operating Activities
|
|
|
|
|
|
||||||
Net income
|
$
|
160,607
|
|
|
$
|
12,291,856
|
|
|
$
|
8,362,312
|
|
Adjustments to reconcile net income to net cash provided by operations:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
4,161,021
|
|
|
3,988,606
|
|
|
6,940,876
|
|
|||
Change in fair value of derivative instruments
|
1,651,799
|
|
|
(1,271,242
|
)
|
|
(1,889,836
|
)
|
|||
Change in operating assets and liabilities:
|
|
|
|
|
|
||||||
Restricted cash
|
1,009,000
|
|
|
(601,500
|
)
|
|
209,173
|
|
|||
Commodity derivative instruments
|
(1,202,186
|
)
|
|
1,619,692
|
|
|
1,498,772
|
|
|||
Accounts receivable
|
(3,578,987
|
)
|
|
(613,338
|
)
|
|
175,809
|
|
|||
Inventory
|
(3,397,758
|
)
|
|
(4,284,741
|
)
|
|
(1,479,030
|
)
|
|||
Prepaid expenses and other current assets
|
12,274
|
|
|
(60,904
|
)
|
|
62,733
|
|
|||
Accounts payable
|
286,878
|
|
|
871,671
|
|
|
141,558
|
|
|||
Accrued liabilities
|
(56,606
|
)
|
|
(60,514
|
)
|
|
56,929
|
|
|||
Net Cash (Used in) Provided by Operating Activities
|
(953,958
|
)
|
|
11,879,586
|
|
|
14,079,296
|
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Investing Activities
|
|
|
|
|
|
||||||
Proceeds from (payments for) maturity of short-term investments
|
—
|
|
|
3,500,000
|
|
|
(3,500,000
|
)
|
|||
Payments for capital expenditures
|
(1,381,680
|
)
|
|
(3,183,041
|
)
|
|
(80,415
|
)
|
|||
Payments for construction in process
|
(2,702,263
|
)
|
|
(366,979
|
)
|
|
(740,096
|
)
|
|||
Payments for land acquisitions
|
(3,467,199
|
)
|
|
—
|
|
|
—
|
|
|||
Net Cash Used in Investing Activities
|
(7,551,142
|
)
|
|
(50,020
|
)
|
|
(4,320,511
|
)
|
|||
|
|
|
|
|
|
||||||
Cash Flows from Financing Activities
|
|
|
|
|
|
||||||
Proceeds from long-term debt
|
5,490,926
|
|
|
—
|
|
|
—
|
|
|||
Payments on long-term debt
|
(101,338
|
)
|
|
(232,431
|
)
|
|
(212,666
|
)
|
|||
Payments for membership unit redemption
|
(66,420
|
)
|
|
—
|
|
|
—
|
|
|||
Member distributions paid
|
(9,196,800
|
)
|
|
(9,196,800
|
)
|
|
(4,598,400
|
)
|
|||
Net Cash Used in Financing Activities
|
(3,873,632
|
)
|
|
(9,429,231
|
)
|
|
(4,811,066
|
)
|
|||
|
|
|
|
|
|
||||||
Net Increase (Decrease) in Cash
|
(12,378,732
|
)
|
|
2,400,335
|
|
|
4,947,719
|
|
|||
|
|
|
|
|
|
||||||
Cash - Beginning of Period
|
13,064,560
|
|
|
10,664,225
|
|
|
5,716,506
|
|
|||
|
|
|
|
|
|
||||||
Cash - End of Period
|
$
|
685,828
|
|
|
$
|
13,064,560
|
|
|
$
|
10,664,225
|
|
|
|
|
|
|
|
||||||
Supplemental Cash Flow Information
|
|
|
|
|
|
||||||
Cash paid for:
|
|
|
|
|
|
||||||
Interest
|
$
|
44,002
|
|
|
$
|
6,857
|
|
|
$
|
11,611
|
|
|
|
|
|
|
|
||||||
Supplemental Disclosure of Noncash Investing and Financing Activities
|
|
|
|
|
|
||||||
Member distributions included in distribution payable
|
$
|
—
|
|
|
$
|
9,196,800
|
|
|
$
|
—
|
|
Transfer of construction in process to fixed assets
|
$
|
366,979
|
|
|
$
|
746,008
|
|
|
$
|
231,916
|
|
Capital expenditures and construction in process included in accounts payable
|
$
|
1,129,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Asset Description
|
Years
|
Land improvements
|
5-20 years
|
Buildings
|
10-30 years
|
Grain handling equipment
|
5-15 years
|
Mechanical equipment
|
5-15 years
|
Equipment
|
5-10 years
|
•
|
Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
|
•
|
Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
|
•
|
Level 3 inputs are unobservable inputs for the asset or liability.
|
|
October 31, 2012
|
|
October 31, 2011
|
||||
Raw materials
|
$
|
8,977,820
|
|
|
$
|
5,323,615
|
|
Spare parts
|
682,896
|
|
|
584,011
|
|
||
Work in process
|
1,183,188
|
|
|
1,150,239
|
|
||
Finished goods
|
1,169,265
|
|
|
1,557,546
|
|
||
Totals
|
$
|
12,013,169
|
|
|
$
|
8,615,411
|
|
|
Balance Sheet location
|
|
Assets
|
|
Liabilities
|
||||
|
|
|
|
|
|
||||
Corn contracts
|
Commodity derivative instruments
|
|
$
|
—
|
|
|
$
|
(45,563
|
)
|
|
|
|
|
|
|
||||
Totals
|
|
|
$
|
—
|
|
|
$
|
(45,563
|
)
|
|
Balance Sheet location
|
|
Assets
|
|
Liabilities
|
||||
|
|
|
|
|
|
||||
Corn contracts
|
Derivative instruments
|
|
$
|
404,050
|
|
|
$
|
—
|
|
|
|
|
|
|
|
||||
Totals
|
|
|
$
|
404,050
|
|
|
$
|
—
|
|
|
|
Statement of
|
|
Fiscal Years Ended October 31,
|
|||||||||||
|
|
Operations location
|
|
2012
|
|
|
2011
|
|
|
2010
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Ethanol contracts
|
|
Revenue
|
|
$
|
—
|
|
|
$
|
(4,626
|
)
|
|
$
|
(343,448
|
)
|
|
Corn contracts
|
|
Cost of Goods Sold
|
|
(1,651,799
|
)
|
|
1,280,413
|
|
|
2,339,286
|
|
||||
Natural gas contracts
|
|
Cost of Goods Sold
|
|
—
|
|
|
(4,545
|
)
|
|
(113,710
|
)
|
||||
Denaturant contracts
|
|
Cost of Goods Sold
|
|
—
|
|
|
—
|
|
|
7,708
|
|
||||
|
|
|
|
|
|
|
|
|
|||||||
Total gain (loss)
|
|
|
|
$
|
(1,651,799
|
)
|
|
$
|
1,271,242
|
|
|
$
|
1,889,836
|
|
|
October 31, 2012
|
|
October 31, 2011
|
||||
Shuttlewagon Railcar Mover Loan (5 year term at 3.875%)
|
$
|
497,636
|
|
|
$
|
—
|
|
Long Term Revolver
|
$
|
4,891,952
|
|
|
$
|
—
|
|
Less: Current Maturities
|
$
|
(114,718
|
)
|
|
$
|
—
|
|
|
|
|
|
||||
Total Long-Term Debt
|
$
|
5,274,870
|
|
|
$
|
—
|
|
November 1, 2012 to October 31, 2013
|
|
$
|
114,718
|
|
November 1, 2013 to October 31, 2014
|
119,233
|
|
||
November 1, 2014 to October 31, 2015
|
2,015,877
|
|
||
November 1, 2015 to October 31, 2016
|
2,128,801
|
|
||
November 1, 2016 to October 31, 2017
|
1,010,959
|
|
||
Total debt
|
|
$
|
5,389,588
|
|
November 1, 2012 to October 31, 2013
|
|
$
|
1,582,614
|
|
November 1, 2013 to October 31, 2014
|
1,307,919
|
|
||
November 1, 2014 to October 31, 2015
|
1,034,139
|
|
||
November 1, 2015 to October 31, 2016
|
343,990
|
|
||
November 1, 2016 to October 31, 2017
|
127,504
|
|
||
Thereafter
|
60,816
|
|
||
Total minimum lease commitments
|
|
$
|
4,456,982
|
|
|
Carrying Amount in Balance Sheet
October 31, 2012
|
Fair Value
October 31, 2012
|
Fair Value Measurement Using
|
||||||||||||
Quoted Prices in Active Markets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant unobservable inputs
(Level 3)
|
|||||||||||||
Financial Liabilities:
|
|
|
|
|
|
||||||||||
Derivative Instruments
|
$
|
45,563
|
|
$
|
45,563
|
|
$
|
45,563
|
|
$
|
—
|
|
$
|
—
|
|
|
Carrying Amount in Balance Sheet
October 31, 2011
|
Fair Value
October 31, 2011
|
Fair Value Measurement Using
|
||||||||||||
Quoted Prices in Active Markets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant unobservable inputs
(Level 3)
|
|||||||||||||
Financial Assets:
|
|
|
|
|
|
||||||||||
Derivative Instruments
|
$
|
404,050
|
|
$
|
404,050
|
|
$
|
404,050
|
|
$
|
—
|
|
$
|
—
|
|
|
October 31, 2012
|
|
October 31, 2011
|
||||
|
|
|
|
||||
Financial statement basis of assets
|
$
|
61,133,132
|
|
|
$
|
63,441,322
|
|
Organization & start-up costs capitalized for tax purposes, net
|
715,109
|
|
|
821,605
|
|
||
Tax depreciation greater than book depreciation
|
(25,653,678
|
)
|
|
(27,702,345
|
)
|
||
Unrealized derivatives gains
|
45,563
|
|
|
(404,050
|
)
|
||
Capitalized inventory
|
10,957
|
|
|
20,000
|
|
||
|
|
|
|
|
|
||
Income tax basis of assets
|
$
|
36,251,083
|
|
|
$
|
36,176,532
|
|
|
|
|
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Fiscal year ended October 31, 2012
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
43,745,776
|
|
|
$
|
39,025,122
|
|
|
$
|
42,435,763
|
|
|
$
|
49,955,382
|
|
Gross profit (loss)
|
|
3,687,950
|
|
|
657,416
|
|
|
54,694
|
|
|
(1,946,091
|
)
|
||||
Operating income (loss)
|
|
3,024,214
|
|
|
66,935
|
|
|
(597,187
|
)
|
|
(2,489,589
|
)
|
||||
Net income (loss)
|
|
3,042,288
|
|
|
116,466
|
|
|
(565,637
|
)
|
|
(2,432,510
|
)
|
||||
Basic and diluted earnings (loss) per unit
|
|
99.29
|
|
|
3.81
|
|
|
(18.49
|
)
|
|
(79.36
|
)
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Fiscal year ended October 31, 2011
|
|
|
|
|
|
|
|
|
|
|
||||||
Revenues
|
|
$
|
30,716,346
|
|
|
$
|
34,537,750
|
|
|
$
|
45,414,923
|
|
|
$
|
45,852,470
|
|
Gross profit
|
|
3,533,733
|
|
|
3,704,535
|
|
|
2,068,381
|
|
|
4,861,424
|
|
||||
Operating income
|
|
2,975,612
|
|
|
3,245,729
|
|
|
1,550,481
|
|
|
4,393,545
|
|
||||
Net income
|
|
3,011,596
|
|
|
3,270,110
|
|
|
1,586,882
|
|
|
4,423,268
|
|
||||
Basic and diluted earnings per unit
|
|
98.24
|
|
|
106.67
|
|
|
51.76
|
|
|
144.29
|
|
|
|
First
Quarter
|
|
Second
Quarter
|
|
Third
Quarter
|
|
Fourth
Quarter
|
||||||||
Fiscal year ended October 31, 2010
|
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
$
|
23,424,562
|
|
|
$
|
22,237,999
|
|
|
$
|
23,632,382
|
|
|
$
|
25,994,509
|
|
Gross profit
|
|
2,346,940
|
|
|
1,730,098
|
|
|
1,386,818
|
|
|
4,679,335
|
|
||||
Operating income
|
|
1,837,999
|
|
|
1,267,328
|
|
|
919,429
|
|
|
4,160,693
|
|
||||
Net income
|
|
1,927,176
|
|
|
1,298,247
|
|
|
939,019
|
|
|
4,197,870
|
|
||||
Basic and diluted earnings per unit
|
|
62.86
|
|
|
42.35
|
|
|
30.63
|
|
|
136.94
|
|
(1)
|
Financial Statements
|
(2)
|
Financial Statement Schedules
|
(3)
|
Exhibits
|
Exhibit No.
|
Exhibit
|
|
Filed Herewith
|
|
Incorporated by Reference
|
|
3.1
|
Articles of Organization
|
|
|
|
Exhibit 3.1 to the registrant's Form SB-2 filed with the Commission on August 30, 2002.
|
|
3.2
|
Amendment of Articles of Organization
|
|
|
|
Exhibit 3.1 to the registrant's Form 10-QSB filed with the Commission on August 15, 2005.
|
|
3.3
|
Fifth Amended and Restated Operating and Member Control Agreement, First Amendment to the Fifth Amended and Restated Operating and Member Control Agreement and Second Amendment to the Fifth Amended and Restated Member Control Agreement
|
|
|
|
Exhibit 3.2 to the registrant's Form 10-QSB filed with the Commission on September 14, 2006.
|
|
4.1
|
Form of Membership Unit Certificate.
|
|
|
|
Exhibit 4.1 to the registrant's Pre-Effective Amendment No. 1 to Form SB-2 filed with the Commission on December 20, 2002.
|
|
10.1
|
Corn Storage and Delivery Agreement and Pre-Closing Memorandum dated October 6, 2003 between the Company and Farmers Cooperative Elevator Company.
|
|
|
|
Exhibit 10.2 to the registrant's Form 10-QSB filed with the Commission on November 14, 2003.
|
|
10.2
|
Grain Procurement Agreement with Farmers Cooperative Elevator Company.
|
|
|
|
Exhibit 10.2 to the registrant's Form 10-QSB filed with the Commission on November 15, 2004.
|
|
10.3
|
Electric Service Agreement dated August, 2004 with Minnesota Valley Cooperative Light and Power.
|
|
|
|
Exhibit 10.13 to the registrant's Form 10-KSB filed with the Commission on March 31, 2005.
|
|
10.4
|
Trinity Rail Proposal for Rail Cars.
|
|
|
|
Exhibit 10.16 to the registrant's Form 10-KSB filed with the Commission on March 31, 2005.
|
|
10.5
|
Job Opportunity Building Zone Business Subsidy Agreement.
|
|
|
|
Exhibit 10.17 to the registrant's Form 10-KSB filed with the Commission on March 31, 2005.
|
|
10.6
|
Ethanol Marketing Agreement with Eco-Energy, Inc. dated December 24, 2008. +
|
|
|
|
Exhibit 10.1 to the registrant's Form 10-K filed with the Commission on January 27, 2009.
|
|
10.7
|
Corn Oil Marketing Agreement between the registrant and Renewable Products Marketing Group, LLC dated April 29, 2010. +
|
|
|
|
Exhibit 10.1 to the registrant's Form 10-Q filed with the Commission on June 14, 2010.
|
|
10.8
|
Distillers Grains Marketing Agreement between RPMG, Inc. and Granite Falls Energy, LLC dated December 10, 2010.+
|
|
|
|
Exhibit 10.31 to the registrant's Form 10-K filed with the Commission on January 26, 2011.
|
|
10.9
|
Amended Employment Contract between Granite Falls Energy, LLC and Tracey Olson dated November 22, 2010.
|
|
|
|
Exhibit 10.30 to the registrant's Form 10-K filed with the Commission on January 26, 2011.
|
|
10.10
|
Insider Trading Policy of Granite Falls Energy, LLC dated February 17, 2011.
|
|
|
|
Exhibit 10.1 to the registrant's Form 10-Q filed with the Commission on March 16, 2011.
|
|
10.11
|
Ethanol Marketing Agreement Amendment No. 2 between Eco-Energy, Inc. and Granite Falls Energy, LLC dated August 30, 2011. +
|
|
|
|
Exhibit 99.1 to the registrant's Form 8-K filed with the Commission on September 1, 2011.
|
|
10.12
|
Amended Employment Contract between Tracey L. Olson and Granite Falls Energy, LLC dated November 21, 2011.
|
|
|
|
Exhibit 10.34 to the registrant's Form 10-K filed with the Commission on January 30, 2012.
|
|
10.13
|
|
CEO/GM Employment Contract between Steve Christensen and Granite Falls Energy, LLC dated April 19, 2012.
|
|
|
|
Exhibit 10.1 to the registrant's Form 10-Q filed with the Commission on June 14, 2012.
|
10.14
|
|
Master Loan Agreement between United FCS, PCA and Granite Falls Energy, LLC dated August 22, 2012.
|
|
X
|
|
|
10.15
|
|
Revolving Term Loan Supplement between United FCS, PCA and Granite Falls Energy, LLC dated August 22, 2012.
|
|
X
|
|
|
10.16
|
|
Monitored Revolving Credit Supplement between United FCS, PCA and Granite Falls Energy, LLC dated August 22, 2012.
|
|
X
|
|
|
14.1
|
Code of Ethics
|
|
|
|
Exhibit 14.1 to the registrant's Form 10-KSB filed with the Commission on March 30, 2004.
|
|
31.1
|
Certification of Chief Executive Officer pursuant to 17 CFR 240.13a-14(a)
|
|
X
|
|
|
|
31.2
|
Certification of Chief Financial Officer pursuant to 17 CFR 240.13a-14(a)
|
|
X
|
|
|
|
32.1
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350
|
|
X
|
|
|
|
32.2
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350
|
|
X
|
|
|
|
101
|
The following financial information from Granite Falls Ethanol, LLC's Annual Report on Form 10-K for the fiscal year ended October 31, 2012, formatted in XBRL (eXtensible Business Reporting Language): (i) Balance Sheets as of October 31, 2012 and October 31, 2011, (ii) Statements of Operations for the fiscal years ended October 31, 2012, 2011, and 2010, (iii) Statement of Changes in Members' Equity; (iv) Statements of Cash Flows for the fiscal years ended October 31, 2012, 2011, and 2010, and (v) the Notes to Financial Statements.**
|
|
|
|
|
|
|
GRANITE FALLS ENERGY, LLC
|
|
|
|
Date:
|
January 29, 2013
|
/s/ Steve Christensen
|
|
|
Steve Christensen
|
|
|
Chief Executive Officer
|
|
|
|
Date:
|
January 29, 2013
|
/s/ Stacie Schuler
|
|
|
Stacie Schuler
|
|
|
Chief Financial Officer
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Steve Christensen
|
|
|
|
Steve Christensen, Chief Executive Officer and General Manager
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Stacie Schuler
|
|
|
|
Stacie Schuler, Chief Financial Officer
|
|
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Paul Enstad
|
|
|
|
Paul Enstad, Governor and Chairman
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Rodney R. Wilkison
|
|
|
|
Rodney R. Wilkison, Governor and Vice Chairman
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Dean Buesing
|
|
|
|
Dean Buesing, Governor
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Julie Oftedahl-Volstad
|
|
|
|
Julie Oftedahl-Volstad, Governor and Secretary
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Marten Goulet
|
|
|
|
Marten Goulet, Governor
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Steven Core
|
|
|
|
Steven Core, Governor
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Myron Peterson
|
|
|
|
Myron Peterson, Governor
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Shannon Johnson
|
|
|
|
Shannon Johnson, Governor
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ David Thompson
|
|
|
|
David Thompson, Governor
|
|
|
|
|
Date:
|
January 29, 2013
|
|
/s/ Marty Seifert
|
|
|
|
Marty Seifert, Alternate Governor
|
1 Year Granite Falls Energy (CE) Chart |
1 Month Granite Falls Energy (CE) Chart |
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