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™ Trademark of Trinseo S.A. or its affiliates
2016 Deutsche Bank
Global Industrials and
Materials Summit
June 9, 2016
™ Trademark of Trinseo S.A. or its affiliates
Introductions & Disclosure Rules
2
Introductions
• Chris Pappas, President & CEO
• David Stasse, Vice President, Corporate Finance & Treasury
Disclosure Rules
Cautionary Note on Forward-Looking Statements. This presentation contains forward-looking statements including, without limitation,
statements concerning plans, objectives, goals, projections, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical facts or guarantees or assurances of future performance. Forward- looking statements may be identified by the use of words like “expect,” “anticipate,” “intend,” “forecast,” “outlook,” “will,” “may,” “might,” “potential,” “likely,” “target,” “plan,” “contemplate,” “seek,” “attempt,” “should,” “could,” “would” or expressions of similar meaning. Forward-looking statements reflect management’s evaluation of information currently available and are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statementsrelate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Factors that might cause such a difference include, but are not limited to, those discussed in our Annual Report on Form 10-K, under Part I, Item 1A — “Risk Factors” and elsewhere in that report. As a result of these or other factors, our actual results may differ materially from those contemplated by the forward-looking statements. Therefore, we caution you against relying on any of these forward-looking statements. The forward-looking statements included in this presentation are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.
This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the US (“GAAP”) including Adjusted EBITDA, Adjusted EBITDA excluding inventory revaluation, Adjusted Net Income (loss), and Adjusted EPS - Diluted. We believe these measures provide relevant and meaningful information to investors and lenders about the ongoing operating results of the Company. Such measures when referenced herein should not be viewed as an alternative to GAAP measures of performance. We have provided a reconciliation of these measures in the Appendix section of this presentation.
3
Performance Materials
Net Sales: $480MM
Adj EBITDA: $72MM
Adj EBITDA ex Inv Reval: $77MM
Basic Plastics & Feedstocks
Net Sales: $414MM
Adj EBITDA: $97MM
Adj EBITDA ex Inv Reval: $101MM
Latex
Net Sales: $209MM
Adj EBITDA: $19MM
Strategic Intent:
Grow EBITDA via technology leadership in
focused markets
Stable and consistent cash generation
Organic growth and possible bolt-on
acquisitions
Strategic Intent:
Generate cash via cost control and margin
improvement
Manage JVs for cash generation
No organic investment
Styrenic Polymers / Americas Styrenics
Polycarbonate / Sumika Styron PC
Feedstocks
Synthetic Rubber
Net Sales: $102MM
Adj EBITDA: $23MM
Performance Plastics
Net Sales: $169MM
Adj EBITDA: $30MM
Net Sales: $894MM
Adj EBITDA: $143MM
Adj EBITDA ex Inv Reval: $153MM
Adj EPS: $1.62
Note: Division and Segment Adjusted EBITDA and Adjusted EBITDA excluding inventory revaluation exclude Corporate Segment Adjusted EBITDA of $(25)MM. Totals may not sum due to rounding.
Trinseo Overview – Q1 2016
Q1 2016 Adjusted EBITDA
ex Inventory Revaluation
$153MM• Record performance with no fly-up
styrene margin contribution
Full Year 2016 Guidance
$570MM - $590MMAdjusted EBITDA ex Inventory Reval
• Assumes minimal full-year inventory reval
• Fly-up styrene margin is upside to this
guidance
Q1 2016
Free Cash Flow
$63MM• Record cash balance and total liquidity,
inclusive of $57MM spent on share
repurchase
Q2 2016 Guidance
$140MM - $150MMAdjusted EBITDA ex Inventory Reval
• Slightly favorable inventory reval
expected
• Styrene margins increasing from Q1 due
to planned, seasonal outages
Gu
ida
nc
eR
esu
lts
Key Points
• Secondary stock sale with TSE participation
• TSE used $57 million to purchase 1.6 million shares
• Significantly increased public float
• Proxy filing seeks authorization for equity distributions and share repurchase
• Authorization for TSE Board to declare distributions; plan to begin later in 2016 at $1.20 per year
• Authorization for 4.5 million share repurchase over next 2 years under guidelines to be established by the Board
4
217
~320
550/580
2012 2013/14 2015/16
Very Weak
Very Weak
OK
Solid
5
Trinseo Value Progression
Adj EBITDA ($MM)
(1) 2013 and 2014 Adjusted EBITDA ex. inventory reval was $318 million and $326 million, respectively.
(2) Assumes midpoint of May 2016 guidance of $570 million to $590 million for full year 2016.
Portfolio
Styrene Margin
PC Margin
JV Performance
Perf Materials
Rebounding
Very Weak
Rebounding
Solid
Sustained Strength
Recovering
Strong
Solid
Actions
Costs
CapEx
Cap Structure
Control
Control
144A Bonds / IPO
Control
Control
Chem Public Co
Reduce
Cut
LBO
ex. Inventory Reval
(1)
(2)
Balance Sheet and Cash Flow
6
Liquidity ($MM)
Net Leverage(3)
(1) Free Cash Flow = cash from operating activities + cash from investing activities – change in restricted cash. 2015 value of $316MM excludes a call premium of approximately $69MM. 2014 value of $81MM
excludes approximately $56MM of termination fees for Latex JV Option and Bain Advisory Agreement.
(2) A/R Securitization facility commitment of $200MM ($133MM available at Q1’16) and Revolving Credit facility commitment of $325MM ($312MM available at Q1’16). NOTE: Totals may not sum due to rounding.
(3) Net Leverage = (Total Debt – Cash & Cash Equivalents) / LTM Adjusted EBITDA
Summary
• Q1 free cash flow of $63 million
• Full year 2016 free cash flow guide of $290 million
ex changes in working capital
Unused Borrowing
Facilities(2)
Cash & Cash
Equivalents
Free Cash Flow ($MM)(1)
$81
Call premium
related to
refinancing
$883
$431
$363
$431
$170
$25
$247 $294
$56
$69
$69
2013 2014 2015 Q1'16 LTM
$316
4.1x 3.8x
1.6x 1.5x
2013 2014 2015 Q1'16
$438
$445
Q1'16
™ Trademark of Trinseo S.A. or its affiliates
Appendix
Latex
Key Highlights
3% year-over-year volume growth
$5 million annual cost savings initiative achieved 1st half
2016, others ongoing
Evaluating asset footprint
North America
− Gales Ferry, CT plant closure end of 2015
− Increased utilization rates
− Improving margins via price increases
Deliver consistent results
– Grow Asia, carpet, performance latex
– Leverage cost-advantaged position to minimize
coated paper volume declines in North America /
Europe
8
Volume / EBITDA Margin
Business Overview Strategy
1,210 1,193 1,233
8% 8%8%
0%
2%
4%
6%
8%
10%
12%
400
500
600
700
800
900
1,000
1,100
1,200
1,300
2013 2014 2015
Ad
juste
d E
BIT
DA
Marg
in
MM
lbs
Trade Volume Adjusted EBITDA Margin
9
Source: IHS. Europe: Western Europe + Central Europe; Asia: Northeast Asia + Southeast Asia.
Note: Totals may not sum due to rounding.
Europe
North America
Asia
Total Capacity: 898kMT Total Capacity: 1,710kMT
Total Capacity: 477kMT
SB Latex Capacity
Trinseo30%
BASF SE26%
Synthomer19%
Other25%
Trinseo35%
OMNOVA Solutions
44%
BASF Corp.14%
Other7%
BASF SE10%
Nippon A & L10%
JSR 8%
Gao Qiao BASF Dispersion 6%
LG Chem 5%
Rizhao Kumho Jinma4%
Kumho Petrochemical
4%
Trinseo 4%
Asahi Kasei Chem. 3%
Shin Foong3%
Others 42%
Focused on high performance tire market
− Growing 2-3 times standard tire market
Mix shift toward premium products
− Enhanced SSBR as % of SSBR
– 38% 2012 → 57% 2015
Record sales volume in 2015
− 24% year-over-year growth in enhanced SSBR
Completed conversion of nickel to neodymium-PBR
Financial Overview
Shifting Volume Mix
10
Key Highlights
Synthetic Rubber
523 568
601
18%
22%20%
0%
5%
10%
15%
20%
25%
30%
0
100
200
300
400
500
600
2013 2014 2015
Ad
jus
ted
EB
ITD
A M
arg
in
MM
lbs
Trade Volume Adjusted EBITDA Margin
30%38%
45% 48%
0%
25%
50%
75%
100%
2012 2013 2014 2015
ESBR PBR-Li PBR-Ni SSBR
ESBR ESBR
Li-PBRLi-PBR
Ni-PBRNi-PBR
Base SSBR
Base SSBR
Enhanced SSBR
Enhanced SSBR
2012A 2015A
740 730
830
190 300
410
930
1,030
1,240
0
200
400
600
800
1,000
1,200
1,400
2010A 2015E 2020E
Standard (<=16") Premium (>=17")
Global Premium Passenger Car Tires Trinseo Synthetic Rubber Volume Mix Shift
Source: Global Insight, LMC Automotive.
Well Positioned to Benefit from Premium Tire Growth Doubled SSBR Capacity Since 2012
SSBR
Target
End-
market
Higher
Margin
Lower
margin
Being
converted
to higher
margin
Nd-PBR
2010 – 2020
CAGR
2.9%
8.0%
1.2%
11
MM
Synthetic Rubber – Focus on SSBR
Bridg/Firestn
56%
Lanxess16%
ASRC13%
DYNASOL13%
Goodyear3%
12
Source: IHS. Europe: Western Europe + Central Europe; Asia: Northeast Asia + Southeast Asia.
Note: Europe excludes 170kMT of Michelin captive capacity. Totals may not sum due to rounding.
Europe
North America
Asia
Total Capacity: 285kMT Total Capacity: 840kMT
Total Capacity: 320kMT
SSBR Capacity
Asahi Kasei Chem.19%
Nippon Zeon11%
Kumho Petrochemi
cal10%JSR
7%LG Chem
7%
Others46%
Trinseo60%Synthos
S.A.16%
Lanxess14%
Versalis S.p.A.11%
Sustainable, long-standing relationships with automotive,
consumer electronics, lighting, and medical industry
leaders
Production on four continents drives OEM platform design
wins
Record 2015 Adjusted EBITDA
4% year-over-year segment volume growth in 2015
excluding Latin America
CEM volume up 9% in 2015
Compounds and blends business focused on automotive
and consumer electronics, lighting, and medical
applications (CEM)
Differentiated products in line with key industry trends
such as auto light-weighting, aesthetics, recycled material
content
13
Business Overview Strategy
Volume / EBITDA Margin Key Highlights
Performance Plastics
579 580 590
7%8%
11%
0%
5%
10%
15%
20%
25%
300
400
500
600
2013 2014 2015
Ad
jus
ted
EB
ITD
A M
arg
in
MM
lbs
Trade Volume Adjusted EBITDA Margin
200
350
0
100
200
300
400
2014E 2020E
Kg
Avg. Car Plastic Components903 930 957 986 1,015 1,045
178 190 203 216 230 246
390 517
607 721
867
1,054
159
170
183
200
220
247
0
500
1,000
1,500
2,000
2,500
3,000
2014E 2015E 2016E 2017E 2018E 2019E
Kto
ns
Electrical Medical Connected Devices LED
14
2014 – 2019
CAGR
9.7%
9.2%
6.6%
22.0%
3.0%
Situated to Capitalize on Consumer Essential Markets and Vehicle Light Weighting Initiatives
Global Growth Trends in Consumer Essential Markets Weight Reduction in Automotive Design and Manufacture
Source: Roland Berger; IHS.
Average Plastic Content per Vehicle
Performance Plastics
Longer term trend toward higher styrene operating rates
and margins
− Aging industry asset base
− Demand growth forecasted to be higher than supply
growth over next five years
− Global operating rates in mid 80s
Polycarbonate
− Full-year impact of restructuring savings in 2015
− Market improvement
– Operating rates have increased to over 80%
– Significant margin expansion 2014 to 2016
– $100 / MT margin = $15MM EBITDA
15
Polycarbonate Margins & Operating Rates (a) Key Highlights
Styrene Margins(a) Americas Styrenics JV
Source: IHS/Trinseo
(a) Margins for Western Europe.
Basic Plastics & Feedstocks
$776
$174
$265 $227
$521
78%
76%75%
77%
80%+
2011 2012 2013 2014 2015
Glo
ba
l Op
era
ting
Rate
s
W E
uro
pe
Ma
rgin
US
D/M
T
Western Europe Margin Global Op Rates
$40 $45
$70
$250
$68 $78
$106
$283
2012 2013 2014 2015
$M
M
Distributions EBITDA
0
100
200
300
400
500
600
US
D/M
T
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
Sty
ren
e M
arg
in -
US
D/M
T
US
D/M
T
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2,200
Sty
ren
e M
arg
in -
US
D/M
T
US
D/M
TWestern Europe and Asia Styrene Margin Trends
16
Western Europe Margin
Asia Margin
Q1 to Q2
-$75/MT
Q1 to Q2
+$75/MT
Source: IHS/Trinseo. (1) Styrene: W. Europe Contract Monthly Market (Delivered W. Europe); Benzene: 50% W. Europe Spot Avg (CIF NW Europe / Basis ARA) and 50% W. Europe Contract – Market (FOB/CIF W.
Europe); Ethylene: W. Europe Contract – Market Pipeline (Delivered W. Europe). (2) Styrene: NE Asia Avg Spot Posting (CFR China); Benzene: NE Asia Spot Avg (FOB S. Korea); Ethylene: NE Asia Spot Avg (CFR
NE Asia). Margin: Styrene less 80% * Benzene less 30% * Ethylene.
Styrene
EthyleneBenzene
SM Margin
Styrene
Ethylene
Benzene
SM Margin
17
Capacity by Region(1)
Source: IHS/Trinseo. Europe: Western Europe + Central Europe; Asia: Northeast Asia + Southeast Asia.
Note: Totals may not sum due to rounding.
(a) 50% / 50% joint venture between Trinseo and Chevron Phillips Chemical Company.
Total Capacity: 5,455kMT
Total Capacity: 16,628kMT
Total Capacity: 6,022kMT
Europe
Asia
North America
Styrene Monomer Capacity
Trinseo15%
Lyondell/Bayer12%
Total PC11%
Versalis S.p.A.11%
Ellba10%
BASF SE10%
Styrolution9%
Other22% Styrolution
28%
LyondellBasell21%
Cosmar19%
Americas Styrenics
18%
Other14%
FCFC7%
Asahi Kasei Chem.4%
LG Chem4%Secco
4%Hanwha Total PC
4%
CNOOC & Shell PC4%
ZRCC/Lyondell JV4%
Other69%
18
Source: IHS/Trinseo
9,110kt's
6,699kt's
8,396kt's 8,917kt's
30+ Years 20 - 30 Years 10 - 20 Years Less than 10 Years
Global Styrene Capacity (33,122kt's)28%
20%
25%27%
2,035kt's
1,100kt's
2,040kt's
30+ Years 20 - 30 Years 10 - 20 Years
Western Europe Styrene Capacity (5,175kt's)
39%
21%
39%
1,040kt's
4,074kt's
3,055kt's
7,042kt's
30+ Years 20 - 30 Years 10 - 20 Years Less than 10 Years
Northeast Asia Styrene Capacity (15,211kt's)
7%
27%
20%
46%
Styrene Plant Ages
19
Source: IHS.
Note: Totals many not sum due to rounding.
Demand by Product Demand by Region
Styrene Demand
Polystyrene37%
Expandable PS21%
ABS Resins16%
S.B. Latex5%
Unsat. PE Resins
5%
S.B. Rubber4%
Other12%
Northeast Asia53%
Western Europe
16%
North America
14%
Southeast Asia5%
Other12%
20
North
America
Europe
Asia
Pacific400kta
1,700kta
500kta
100kta300kta From U.S.
South
America
Middle East
Africa
Based on 2015 Forecast
Global SM Capacity: 33 MM MT
Global SM Demand: 28 MM MT
Average Operating Rate: 84%
NameplateCapacity
Demand
Actual Production
Balance
Approx 3.2MM mt intercontinental
flow ≈ 11% SM demand
17,200 16,70014,400
-2,300
5,9004,000 5,200
1,200
700 900 500
-400
6,200 5,400 5,000
-400
3,100 1,000 2,800 1,800
Global Styrene Trade Flows 2015
Major SM Flow ME to Asia/Pacific
ME raw material advantaged “proxy” production base for China
0.1%
1.2%
Supply2015 - 2020 CAGR
Demand2015 - 2020 CAGR
2015 - 2020 Supply vs Demand
Other
Bldg & Construction
Consumer Products
Electronics/ Appliances
Packaging
0%
25%
50%
75%
100%
2015 - 2020 CAGR
Dem
an
d b
y M
ark
et
CAGR
Global Supply / Demand
21
Source: IHS. Europe: Western Europe + Central Europe; Asia: Northeast Asia + Southeast Asia.
Note: Totals may not sum due to rounding.
Total Capacity: 2,192kMT Total Capacity: 7,921kMT
Global Demand
Capacity by Region
Europe Asia
Polystyrene
0.5%
2.0%
1.0%
1.8%
0.8%
1.2%
Styrolution29%
Trinseo20%Total PC
13%
Versalis S.p.A.13%
Other25%
FCFC7%
Jiangsu Laidun
6%
Zhenjiang ChiMei
6%
Rentai Chemical
5%
Trinseo4%
Toyo Styrene4%
PS Japan4%
Huizhou Renxin PS
4%Secco 4%
Other56%
50% / 50% JV with CP Chem formed in 2008
– $1.6 billion revenue in 2015
Leading N.A. producer of styrene and polystyrene
– Second largest polystyrene producer in N.A.
– Fourth largest styrene producer in N.A.
– Also produces HIPS and GPPS products
22
EBITDA / Distributions Key Highlights
Business Overview North America Polystyrene Capacity(a)
Source: IHS.
Note: Totals may not sum due to rounding.
(a) Polystyrene Capacity for North America. 2015 Total Capacity: 2,579kMT.
2014 Summary
– EBITDA margins increased by 160bps over prior year
– 2014 record EBITDA
– $87MM of free cash flow
– $70MM of distributions to owners
– $50MM of JV equity income
2015 Summary
– $250MM of distributions to owners
– $135MM of JV equity income for TSE
Americas Styrenics JV
Americas Styrenics29%
Styrolution29%
Total PC26%
Other16%
$40 $45
$70
$250
$68 $78
$106
$283
2012 2013 2014 2015
$M
M
Distributions EBITDA
23
Source: IHS.
Note: Totals many not sum due to rounding.
Demand by RegionDemand by Market
Polystyrene Demand
Packaging -one time use
38%
Electronics / Appliances
30%
Consumer Products
13%
Building / Construction
8%
Other10%
Northeast Asia38%
North America20%
Western Europe
14%
Middle East6%
South America6%
Southeast Asia5%
Other11%
Covestro14%
Teijin11%
Formosa Idemitsu
8%
Samsung SDI7%
Thai Polycarbonate7%
LG Polycarbonate7%
Teijin Polycarb6%
Chi Mei-Asahi6%
Bayer Poly Shanghai
5%
Sumika Styron PCB
(SSPC)3%
Others26%
SABIC Plastics
40%
Covestro47%
Trinseo13%
24
Europe: Western Europe + Central Europe; Asia: Northeast Asia + Southeast Asia.; (1) IHS/Trinseo; (2) Frost & Sullivan. SSPC is a 50% / 50% venture with Sumika; NOTE: Totals may not sum due to rounding.
Increasing Margins with Operating Rate(1) Increasing Operating Rate
Total Capacity: 1,210kMT
Capacity by Region(1)
Europe Asia
Total Capacity: 2,413kMT
North America
Total Capacity: 858kMT
Polycarbonate
$776
$174
$265 $227
$521
78%
76%75%
77%
80%+
2011 2012 2013 2014 2015
Glo
ba
l Op
era
ting
Rate
s
W E
uro
pe
Ma
rgin
US
D/M
T
Western Europe Margin Global Op Rates
2%
5%
Supply2014 - 2019 CAGR(1)
Demand2014 - 2019 CAGR(2)
Rising Operating Rate from 2014 to 2019
SABIC Plastics
70%
Covestro30%
25
Source: IHS.
Note: Totals many not sum due to rounding.
Demand by RegionDemand by Market
Polycarbonate Demand
Electronics/Electrical21%
Sheet/Film20%
Appliances/Housewares13%
Automotive (Non-Window)
13%
Optical Media12%
Packaging5%
Other16%
Northeast Asia53%
North America14%
Western Europe13%
Southeast Asia6%
Other14%
26
Historical Polycarbonate Margins
Source: IHS
Polycarbonate GP Western Europe Margin
(500)
-
500
1,000
1,500
2,000
2,500
3,000
US
D/M
T
27
Historical Styrene Margins
Source: IHS
Styrene Western Europe Margin
0
100
200
300
400
500
600
700
US
D/M
T
Other16%
Appliances9% Automotive
14%
Building & Construction /
Sheet14%
Carpet & Turf5%
Consumer Electronics
5%Packaging
8%
Paper & Paperboard
17%
Tires / Rubber Goods
12%
Europe60%
United States14%
Asia Pacific22%
Other4%
28
Sales by End Markets Sales by Geography
Revenue Composition
Ability to Capture Margins Throughout the Value Chain
Connected Across the Value Chain with End-Market
Diversification
Feedstocks
Trinseo End-Markets
Trinseo Products
Pygas
Cracker
Propylene
Crude C4 Butadiene
Benzene
Cumene Bisphenol A
Ethylene Styrene
Latex
Compounds
& Blends
Synthetic
Rubber
Polystyrene
ABS/SAN
PolycarbonateACN
Polyprop.
Other Raw
Materials
Paper/Carpet
Automotive
Appliances
Consumer
electronics
Tires
Construction
Packaging
22%
14%
9%
5%
12%
14%
8%
% sales (a)
Other Purchased Raw Materials
29
(a) 2015 net sales by end market; excludes other end markets representing 16% of business.
US GAAP to Non-GAAP Reconciliation
30
NOTE: Totals may not sum due to rounding.
(in $millions, unless noted) Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 2013 2014 2015
Net Income (Loss) 17.1 (44.6) (10.1) (29.7) 37.7 0.8 52.1 43.1 76.7 (22.2) (67.3) 133.6
Interest expense, net 32.8 32.6 30.1 29.4 28.9 25.6 19.5 19.3 18.9 132.0 124.9 93.2
Provision for (benefit from) income taxes 12.8 5.5 3.7 (2.1) 17.9 7.5 21.2 23.6 21.9 21.8 19.7 70.2
Depreciation and amortization 23.7 27.1 27.8 24.9 22.5 21.7 23.0 29.5 23.2 95.2 103.7 96.8
EBITDA 86.4 20.6 51.5 22.5 107.0 55.6 115.8 115.5 140.7 226.8 181.0 393.8
Loss on extinguishment of long-term debt - - 7.4 - - 95.2 - - - 20.7 7.4 95.2
Other non-recurring items - 32.5 1.9 3.9 1.3 0.6 0.3 - 1.8 0.8 38.4 2.2
Restructuring and other charges 0.5 2.1 0.8 6.6 0.5 (0.1) 0.1 0.2 0.7 10.8 10.0 0.8
Net (gains) / losses on dispositions of businesses and assets - - - (0.6) - - - - - 4.2 (0.6) -
Fees paid pursuant to advisory agreement 1.2 24.2 - - - - - - - 4.7 25.4 -
Asset impairment charges or write-offs - - - - - - - - - 9.9 - -
Adjusted EBITDA 88.1 79.4 61.6 32.4 108.8 151.3 116.2 115.7 143.2 277.9 261.6 492.0
Inventory Revaluation (5.6) (2.6) 0.8 71.8 42.1 (29.4) 28.3 17.3 9.7 40.4 64.4 58.3
Adjusted EBITDA Ex Inv Reval 82.5 76.8 62.4 104.2 150.9 121.9 144.5 133.0 152.9 318.3 326.0 550.3
Adjusted EBITDA to Adjusted Net Income
Adjusted EBITDA 88.1 79.4 61.6 32.4 108.8 151.3 116.2 115.7 143.2 277.9 261.6 492.0
Interest expense, net 32.8 32.6 30.1 29.4 28.9 25.6 19.5 19.3 18.9 132.0 124.9 93.2
Provision for (benefit from) income taxes - Adjusted 12.0 10.1 5.4 1.8 18.3 25.5 22.3 18.7 22.4 28.4 29.4 84.9
Depreciation and amortization - Adjusted 23.7 25.8 25.6 24.5 22.3 21.6 22.1 23.4 22.6 95.2 99.6 89.3
Adjusted Net Income 19.6 10.9 0.5 (23.3) 39.3 78.6 52.3 54.3 79.3 22.3 7.7 224.6
Wtd Avg Shares - Diluted (000) 37,270 38,912 50,063 48,770 48,851 48,907 48,989 49,067 49,086 37,270 43,476 48,970
Adjusted EPS - Diluted ($) 0.53 0.28 0.01 (0.48) 0.80 1.61 1.07 1.11 1.62 0.60 0.18 4.59
Adjustments by Statement of Operations Caption
Loss on extinguishment of long-term debt - - 7.4 - - 95.2 - - - 20.7 7.4 95.2
Selling, general and administrative expenses 1.7 26.3 2.7 10.5 1.8 0.5 0.4 0.2 2.5 25.5 41.3 3.0
Other expense (income), net - 32.5 - (0.6) - - - - - 4.9 31.9 -
Total EBITDA Adjustments 1.7 58.8 10.1 9.9 1.8 95.7 0.4 0.2 2.5 51.1 80.6 98.2
Selected Segment Information
31
NOTE: Totals may not sum due to rounding.
(in $millions, unless noted) Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 2013 2014 2015 Q1'16 LTM
Latex 299 295 309 289 305 312 307 308 299 1,210 1,193 1,233 1,227
Synthetic Rubber 155 142 136 135 162 153 152 134 146 523 568 601 585
Performance Plastics 144 147 145 145 150 150 144 146 143 579 581 590 583
Performance Materials 598 584 591 569 617 616 603 588 588 2,312 2,342 2,423 2,394
Basic Plastics & Feedstocks 746 743 725 654 793 708 724 690 764 2,810 2,867 2,915 2,885
Trade Volume (MMLbs) 1,344 1,327 1,315 1,223 1,411 1,323 1,327 1,277 1,352 5,122 5,210 5,339 5,280
Latex 326 321 328 286 238 248 255 226 209 1,341 1,261 966 937
Synthetic Rubber 177 165 155 137 129 115 126 104 102 622 634 475 447
Performance Plastics 202 210 208 202 197 185 180 181 169 808 821 743 715
Performance Materials 705 695 691 624 565 548 561 510 480 2,771 2,716 2,184 2,099Basic Plastics & Feedstocks 654 645 614 498 454 480 467 387 414 2,536 2,412 1,788 1,748
Net Sales 1,359 1,341 1,305 1,122 1,018 1,029 1,028 897 894 5,307 5,128 3,972 3,848
Latex 26 27 26 18 21 15 24 18 19 106 97 79 76
Synthetic Rubber 43 37 27 30 26 18 27 21 23 113 137 93 90
Performance Plastics 17 17 19 16 25 21 15 22 30 62 69 83 88
Performance Materials 87 81 72 65 73 55 66 61 72 281 304 255 254
Basic Plastics & Feedstocks 23 16 4 (12) 59 122 70 75 97 103 31 327 364
Corporate (21) (17) (15) (20) (23) (25) (21) (20) (25) (107) (73) (90) (92)
Adjusted EBITDA 88 79 62 32 109 151 116 116 143 278 262 492 526
Performance Materials 82 80 73 85 93 48 72 71 77 304 319 284 268
Basic Plastics & Feedstocks 22 13 4 40 81 99 93 83 101 121 79 356 376
Corporate (21) (17) (15) (20) (23) (26) (21) (20) (25) (107) (73) (90) (92)
Adjusted EBITDA excl Inv Reval 83 77 62 104 151 122 144 133 153 318 326 550 552
Basic Plastics & Feedstocks 15 5 9 18 37 41 33 29 35 39 48 140 138
Equity in earnings (losses) of affiliates 15 5 9 18 37 41 33 29 35 39 48 140 138
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