Slide 1: Tronox Announces Amendment to Cristal TiO2 Agreement and Reports 4Q17 Results
Tronox Announces Amendment to Cristal TiO2 Agreement and Reports 4Q17 Results March 1, 2018 © 2018 Tronox Limited | All rights reserved | www.tronox.com
Slide 2: Safe Harbor Statement and Non-U.S. GAAP Financial Terms
Safe Harbor Statement and Non‐U.S. GAAP Financial Terms Statements in this presentation that are not historical are forward‐looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward‐looking statements, which are su
Slide 3: Tronox Announces Extension to Cristal TiO2 Agreement
Tronox Announces Extension to Cristal TiO2 Agreement • Amended acquisition agreement extends end date to June 30, 2018 – Automatic 3‐month extensions to March 31, 2019 if necessary – No fee paid for this extension – No fee for termination up to December 31, 2018 if we determine regulatory approval i
Slide 4: Fourth Quarter and Full Year 2017 Summary
Fourth Quarter and Full Year 2017 Summary 4Q17 (1) Full Year 2017 (1) ($ millions) Consolidated TiO2 Consolidated TiO2 Revenue 464 464 1,698 1,698 Adjusted EBITDA (Non‐GAAP) 135 156 420 500 Cash Provided by Operating 72 96 166 434 Activities Capital Expenditures (28) (28) (91) (89) Free Cash Flow (2
Slide 5: TiO2 Fourth Quarter 2017 Performance
TiO2 Fourth Quarter 2017 Performance TiO2 ($ millions) 4Q17 3Q17 4Q16 TiO2 ($ millions) 4Q17 Cash Provided by Operating Revenue 464 435 352 96 Activities Income from Operations 93 75 18 Capital Expenditures (28) Adjusted EBITDA (Non‐GAAP) 156 136 80 Free Cash Flow (1) (Non‐GAAP) 68 Compared to 4Q16
Slide 6: Fourth Quarter 2017 Financial Position
Fourth Quarter 2017 Financial Position Tronox ($ millions) 4Q17 3Q17 4Q16 Corporate Income(Loss) from Operations (33) (1) (24) (17) Adjusted EBITDA (Non‐GAAP) (21) (13) (20) Cash Used in Operations (24) (105) (2) (43) SG&A 65 (1) 55 54 Interest & Debt Expense, Net 48 47 47 Tronox ($ millions) Dec 31
Slide 7: Tronox Tax Position
Tronox Tax Position Tronox has very favorable tax attributes: • $4.1B of US Federal NOLs at 12/31/17, subject to Section 382 limitations • $1.1B of Foreign NOLs ($0.7B Australia, $0.2B Netherlands, $0.15B South Africa, $0.05B UK) • $1.2B of Section 163(j) and Section 267(A) interest deductions, subj
Slide 8: 2018 Perspectives
2018 Perspectives • Strong performance in pigment and titanium feedstock & co‐products expected – Benefits of vertical integration with all assets in full operation – Seeing continued tightness in pigment supply‐demand balance globally, coupled with tightening supply‐demand in feedstock and zircon m
Slide 9: Q&A Session
Q&A Session www.tronox.com © 2018 Tronox Limited | All rights reserved | www.tronox.com 9
Slide 10: Appendix
Appendix © 2018 Tronox Limited | All rights reserved | www.tronox.com
Slide 11: Reconciliation of Non-U.S. GAAP Financial Measures
Reconciliation of Non‐U.S. GAAP Financial Measures TRONOX LIMITED RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES (UNAUDITED) (Millions of U.S. dollars, except share and per share data) RECONCILIATION OF NET INCOME (LOSS) ATTRIBUTABLE TO TRONOX LIMITED (U.S. GAAP) TO ADJUSTED NET INCOME (LOSS) FR
Slide 12: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA
Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (non‐U.S. GAAP) TRONOX LIMITED RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Three Months Ended December 31, Year Ended December 31, 2017 2016 2017 2016 Net in
Slide 13: Reconciliation of Net Income (Loss) to Adjusted EBITDA
Reconciliation of Net Income (Loss) to Adjusted EBITDA (non‐U.S. GAAP) The following table reconciles income (loss) from operations, the comparable measure for segment reporting under U.S. GAAP, to Adjusted EBITDA by segment for the periods presented: Three Months Ended December 31, Year Ended Decem