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  • BofA Merrill Lynch Global Agriculture & Materials Conference February 28, 2018

  • General Disclosure

    This presentation includes “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S.

    Securities Exchange Act of 1934, as amended. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future

    revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical

    information. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs,

    such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking

    statements, including, without limitation, management’s examination of historical operating trends and data, are based upon our current expectations of future events and

    various assumptions which may not be realized or accurate. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis

    for them. However, there can be no assurance that management’s expectations, beliefs and projections will be achieved. We undertake no obligation to update or revise

    forward-looking statements which may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

    There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Such

    risks, uncertainties and other important factors include, among others: future global economic conditions, delays in reconstruction of our Pori, Finland manufacturing facility or

    losses for business interruption or construction costs that exceed our coverage limit applicable to the fire at that facility, changes in raw material and energy prices, access to

    capital markets, industry production capacity and operating rates, the supply demand balance for our products and that of competing products, pricing pressures, technological

    developments, changes in government regulations, geopolitical events and other risk factors as discussed in our prospectus filed pursuant to Rule 424(b)(4) on December 1,

    2017 and our annual report on Form 10-K filed on February 23, 2018.

    This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including EBITDA, adjusted

    EBITDA, adjusted EBITDA margin, free cash flow and net debt and certain ratios and other metrics derived therefrom. We have provided reconciliations of non-GAAP financial

    measures to the most directly comparable GAAP financial measures in the Appendix to this presentation.

  • Architectural Coatings

    14%

    Industrial Coatings 11%

    Construction 44%

    Plastics 15%

    Personal Care, Food,

    Pharmaceuticals & Active Materials

    6%

    Agriculture & Water 4%

    Other 6%

    Venator Snapshot

    3

    E n

    d M

    a rk

    e ts

    (4 )

    FY17

    Revenue (mm)(1) $2,209

    Pro forma adj. EBITDA (mm)(2) $500

    % margin 23%

    FY17 4Q17 Run-rate(3)

    Revenue (mm) $1,604

    Adj. EBITDA (mm) $387 $476

    % margin 24% 30%

    FY17 4Q17 Run-rate(3)

    Revenue (mm) $605

    Adj. EBITDA (mm) $72 $60

    % margin 12% 10%

    Titanium Dioxide Performance Additives

    Note: See Appendix for a reconciliation of pro forma Adj. EBITDA and Run-rate Adj. EBITDA.

    (1) Excludes revenue from other businesses and entities not included in the separation of Venator from Huntsman; (2) Titanium Dioxide segment Adjusted EBITDA and Performance Additives segment Adjusted EBITDA adjusted to include estimated public company standalone costs of $40 million, pro forma for unrealized $66 million benefit from business improvement program, and excludes 1Q17 impact from Pori fire of $15 million; (3) Represents annualized segment 4Q17 adj. EBITDA, % margin based on FY17 revenue; not adjusted for seasonality; excludes allocation of standalone corporate costs and unrealized benefit from business improvement program; (4) FY17 revenues

    S e g

    m e n

    t

    Architectural Coatings

    28%

    Industrial Coatings 15%

    Plastics 34%

    Inks 6%

    Personal Care, Food,

    Pharmaceuticals & Active Materials

    6%

    Fibers & Films 8%

    Other 3%

    R e p

    re s e n

    ta ti

    v e

    C u

    s to

    m e rs

  • $306

    $699

    $449

    $117 $134

    ($8) $61

    $387 $476

    17%

    30%

    22%

    6% 7% N/A 4%

    24%

    30%

    2010 2011 2012 2013 2014 2015 2016 2017 4Q17 Run Rate

    (1) (1) (1) (1) (1)

    Titanium Dioxide Segment overview

    4

    Architectural Coatings

    28%

    Industrial Coatings 15%

    Plastics 34%

    Inks 6%

    Personal Care, Food,

    Pharmaceuticals & Active Materials

    6%

    Fibers & Films 8%

    Other 3%

    Chemours 17%

    Cristal 12%

    Venator 11%

    Lomon Billions 8%

    Kronos 8%

    Tronox 6%

    Others 38%

    Europe 50%

    Asia Pacific 22%

    US & Canada

    17%

    Rest of World 11%

    FY17 Revenues Source: Management Estimates

    Consumer 46%

    Segment

    Revenues

    $1.6 billion

    Segment

    Adjusted EBITDA

    $387 million

    COATINGS

    INKS

    2016 Nameplate Capacity; Excludes VNTR South African facility

    TiO2 Capacity

    End Markets FY17

    FY17 Revenues

    $ in millions Adj. EBITDA Margin

    Adjusted EBITDA History

    Revenues

    Note: See Appendix for a reconciliation of Adj. EBITDA and Run-rate Adj. EBITDA. Financial information prior to October 1, 2014 adjusted to include the acquisition of the Titanium Dioxide and Performance Additives businesses of Rockwood Holdings, based upon their management’s representation

    (1) Adjusted to include the Oct. 1, 2014 acquisition of the Performance Additives and Titanium Dioxide businesses of Rockwood Holdings, Inc. as if consummated at the beginning of the period; excludes the related sale of our TR52 product line – used in printing inks – to Henan Billions Chemicals Co., Ltd. in December 2014; and excludes the allocation of general corporate overhead by Rockwood; (2) Represents annualized Titanium Dioxide 4Q17 adj. EBITDA, % margin based on FY17 LTM revenue; not adjusted for seasonality; excludes allocation of standalone corporate costs and unrealized benefit from business improvement program

    (2)

  • Market Leader in High-Value Specialty TiO2

    Source: Management estimates5

    Venator has more than half of its sales in high value TiO2 categories

    1,000 2,000 3,000 4,000 5,000 6,000

    P ri c e

    Low Quality

    Functional

    Differentiated

    S p

    e c ia

    ltie s

    9%17% 42% 32%

    21%0% 49% 30%

    Legend:

    % Total global TiO2 industry demand

    % Venator TiO2 sales

    Venator Focus

    Estimated World Demand (kmt) Indicative EBITDA

    margins 1x 2x 3x+

    � Catalysts

    � Food

    � Pharma & Cosmetics

    � Fibers & Films

    � Solar

    � Speciality Inks

    � Industrial coatings

    � Performance plastics

    � Differentiated Inks

    � Functional coatings (architectural)

    � Functional plastics

    � Paper

    Applications

  • $60 $73 $78

    $57

    $17 $21 $35

    $5 $0 $15

    $31 $38 $46

    $69

    $114

    $142 $134

    4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17

    Adjusted EBITDA Commodity TiO2 Average Sales Price ($/ton)

    Price Momentum Expected to Continue

    Source: Company filings, management estimates and TZMI6

    Quarterly TiO2 Average Sales Price ($/MT)

    1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18F

    Venator TZMI

    4Q17 vs. 4Q13 – TiO2 sales price up $50/ton, Segment Operating Adjusted EBITDA up $74mm

    $ in millions

    Historical cyclical peak

    Note: Financial information prior to October 1, 2014 adjusted to include the acquisition of the Titanium Dioxide and Performance Additives businesses of Rockwood Holdings, based upon their management’s representation

  • Global TiO2 Operating Rate Outlook

    Improving utilization rates through gradual demand improvement

    Source: TZMI, management estimates7

    0%

    20%

    40%

    60%

    80%

    100%

    0

    2,000

    4,000

    6,000

    8,000

    2011 2012 2013 2014 2015 2016 2017E 2018P 2019P

    O p

    e ra

    ti n

    g R

    a te

    V o

    lu m

    e (

    k M

    T )

    Global Demand Global Effective Operating Rate ex. China (%) Global Effective Operating Rate (%)

    Global TiO2 Effective Operating Rate Outlook

    � We