Post Holdings, Inc. · NYSE:POST
Post — Debt Investor Presentation (March 2015)
22 slides from Post's debt investor presentation, Mar 18, 2015
Slide 1: Post Holdings, Inc. Lender Presentation
Post Holdings, Inc. Lender Presentation March 18, 2015
Slide 2: Forward-Looking Statements
Certain matters discussed in this presentation are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on the current expectations of Post Holdings, Inc. (“Post,” “the Company”, “we,” “us,” or “our”) and ar
Slide 3: Important Notice Regarding the Information Contained in this Presentation
Important Notice Regarding the Information Contained in this Presentation This presentation is intended to facilitate discussions with representatives of certain institutions regarding a potential financing for Post Holdings, Inc. (“Post” or the “Company”). You should not rely on the information con
Slide 4: Prospective Financial Information
Prospective Financial Information The prospective financial information provided in this presentation regarding Post’s future performance, including Post’s expected Adjusted EBITDA for fiscal 2015 and specific dollar amounts and other plans, expectations, estimates and similar statements, represents
Slide 5: Financial Information for Acquired or to be Acquired Businesses
Financial Information for Acquired or to be Acquired Businesses The financial information set forth in this presentation for Dakota, Golden Boy, Dymatize, Michael Foods, ABC and MOM Brands are estimates based on the internal financial statements for those businesses that were prepared by their respe
Slide 6: 1. Transaction overview
1. Transaction overview 5
Slide 7: Summary Overview
Summary Overview 6 (1) On a cash-free, debt-free basis. See Post’s January 26, 2015 press releases and Form 8-Ks for further details. (2) Multiple of 7.9x represents: (i) purchase price of $1.15bn minus estimated $200 NPV of tax benefits, divided by (ii) Adjusted EBITDA. (3) Multiple of 5.6x represe
Slide 8: Illustrative Transaction Overview
Illustrative Transaction Overview $700mm TL 7 Note: Net leverage ratio calculated using entire cash balance, however credit agreement allows for $100 million cash netting. (1) Excludes one-time costs to achieve synergies. (2) Cash adjustment is pro forma for $342 million equity offering proceeds (in
Slide 9: 2. Acquisition of MOM Brands
2. Acquisition of MOM Brands 8
Slide 10: Combination Overview
Financial(1): 12/31/14 Sales ($mm) ~$4,300 $759 $5,059 12/31/14 Adjusted EBITDA ($mm) $517(3) $120 $687(4) % margin 12.0% 15.8% 13.6% Market share(2): RTE cereal market share 11% 7% 18% # of Top 50 RTE cereal brands 7 9 16 RTE market rank #3 #4 Strong #3 Sales business mix(5) Combination Overview 9
Slide 11: Post's Transformation from a Slow-Growth, Single Category Participant to a Growing, Diversified Enterprise
(1) Fiscal year ended September 30, 2012. (2) Last twelve months ended December 31, 2014; pro forma to include all closed acquisitions as of January 26, 2015 including both pre- and post-acquisition periods, as well as the pending acquisition of MOM Brands. 10 Post’s Transformation from a Slow-Growt
Slide 12: Focus on Strong Cash Generation
Focus on Strong Cash Generation 11 Key Cash Flow Characteristics The MOM Brands Transaction is Highly Accretive to FCF 1 2 3 4 Recurring revenue stream supported by strong market or growing positions and attractive category trends Attractive Adjusted EBITDA margins Limited capex needs Modest working
Slide 13: 4. Financial update
4. Financial update 12
Slide 14: Post Holdings Adjusted EBITDA Bridge
Post Holdings Adjusted EBITDA Bridge Pro Forma Adjusted EBITDA(1) $416 $517 $687 $3 $83 $15 $170 Post Adj 4 Adj 5 Adj 6 End Adj 6 End LTM Q1 2015 (1) Please see appendix for details of full year pro forma adjustments. (2) Includes $10 million of cost savings associated with Michael Foods. (3) See Po
Slide 15: Appendix
Appendix 14
Slide 16: Post Historical Financials Reconciliation
($ in mm) Fiscal Year Ended Sep 30 Fiscal Q1 LTM Ended Dec 31 2014 2014 Operating profit (loss) $ ($207.7) ($192.0) Depreciation and amortization 155.8 197.8 EBITDA $ (51.9) 5.8 Stock compensation 14.5 17.4 Intangible asset impairment 295.6 295.6 Impact of mark-to-market accounting for economic hedg
Slide 17: Post Historical Financials Reconciliation (Pro Forma)
($ in mm) Fiscal Year Ended Sep 30 Fiscal Q1 LTM Ended Dec 31 2014 2014 Reported Adjusted EBITDA $ 344.5 416.2 Dakota Growers Adjusted EBITDA 7.4 – Dymatize Adjusted EBITDA 4.2 0.1 Golden Boy Adjusted EBITDA 13.4 2.5 Michael Foods Adjusted EBITDA 143.1 73.3 American Blanching Adjusted EBITDA 15.9 14
Slide 18: Pro Forma Adjusted EBITDA Note
17 Note: Post prepares Pro Forma Adjusted EBITDA by further adjusting Adjusted EBITDA to give effect to recent acquisitions, as well as its pending acquisition of MOM Brands, as if those acquisitions had occurred on January 1, 2014 by adding management’s estimate of the Adjusted EBITDA for each such
Slide 19: Acquired Businesses Adjusted EBITDA Reconciliation
18 ($ in mm) Dakota (1) Golden Boy (2) Dymatize (3) Michael Foods (4) American Blanching (5) October 1, 2013 through December 31, 2013 October 1, 2013 through January 31, 2014 October 1, 2013 through January 31, 2014 September 29, 2013 through June 1, 2014 October 1, 2013 through September 30, 2014
Slide 20: Adjusted EBITDA Acquisition Adjustments (Partial Year)
19 ($ in mm) Golden Boy (1) Dymatize (2) Michael Foods (3) American Blanching (4) January 1, 2014 through January 31, 2014 January 1, 2014 through January 31, 2014 December 29, 2013 through June 1, 2014 January 1, 2014 through October 31, 2014 Earnings (Loss) Before Tax $ (21.6) $ (3.2) $ (226.8) $
Slide 21: MOM Brands Historical Financials Reconciliation
20 MOM Brands Historical Financials Reconciliation Fiscal Year Ended Dec. 28, 2013 Fiscal Year Ended Dec. 27, 2014 Earnings before income taxes $ 28.9 $ 47.6 Depreciation and amortization 57.9 56.9 Interest Expense 10.1 9.5 Restructuring expenses 4.5 – Transaction costs – 0.9 Consulting fees 4.2 4.2
Slide 22: Post Holdings, Inc.
Post Holdings, Inc.
Post Holdings — Debt Investor Presentation (March 2015) on 6ix