Cvr Energy Inc. · NYSE:CVI
Cvr Energy — FY2012 Earnings Presentation
13 slides from Cvr Energy's earnings presentation, Mar 13, 2013
Slide 1: 4th Quarter and Full Year 2012 Earnings Report
4th Quarter and Full Year 2012 Earnings Report March 12, 2013
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Fourth Quarter earnings conference call held on March 12, 2013. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as a nu
Slide 3: Consolidated Results
Consolidated Results Note: Adjusted EBITDA for the fourth quarter and full year 2012 excludes turnaround expense of $93.7mm and $128.5mm, respectively and $54.1mm and $66.4mm for fourth quarter and full year 2011, respectively Non-GAAP reconciliation on slide 10 Non-GAAP reconciliation on slide 11 N
Slide 4: Financial Results
Financial Results Note: Adjusted EBITDA for the fourth quarter and full year 2012 excludes turnaround expense of $93.7mm and $128.5mm, respectively and $54.1mm and $66.4mm for fourth quarter and full year 2011, respectively Definition on slide 7 and Non-GAAP reconciliation on slide 10 Non-GAAP recon
Slide 5: Debt Metrics
Debt Metrics Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2008 2009 2010 2011 2012 Debt to Capital 46% 43% 41% 43% 37% Debt to Adj. EBITDA 2.3 2.4 2.5 1.2 0.7 Consolidated Net Debt (Cash) ($s in millions) 487.0 454.4 277.0 475.5 2.2 $0 $100 $200 $300 $400 $500 $600 2008
Slide 6: Appendix
Appendix
Slide 7: Non-GAAP Financials Measures
Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non-GAAP measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative for GAAP
Slide 8: Non-GAAP Financials Measures
Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income before income tax expense, interest expense and other financing costs and depreciation and amortization. Management believes that EBITDA provides relevant and useful information that enables investors to better und
Slide 9: Capital Structure
Capital Structure* Note: 2011 includes debt related to acquisition of Gary Williams but only 16 days of EBITDA contribution * Includes cash and debt of Nitrogen Fertilizer segment, which is held separately by CVR Partners LP, which has a separate capital structure Adjusted for FIFO, turnaround expen
Slide 10: Consolidated Non-GAAP Financial Measures
Consolidated Non-GAAP Financial Measures Financials ($ in millions) Fourth Quarter Full Year 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Consolidated net income (loss) attributable to CVR Energy $ 40.2 $ 65.9 $ 378.6 $ 345.8 Interest expense, net of interest income 17.9 14.7 74.6 55.3 Depreciation a
Slide 11: Consolidated Non-GAAP Financial Measures
Consolidated Non-GAAP Financial Measures Financials(1) ($ in millions) Fourth Quarter Full Year 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Consolidated net income (loss) attributable to CVR Energy $ 40.2 $ 65.9 $ 378.6 $ 345.8 FIFO impact (favorable) unfavorable 7.9 (21.3) 35.5 (15.5) Share-based c
Slide 12: Fertilizer Non-GAAP Financial Measures
Fertilizer Non-GAAP Financial Measures Financials ($ in millions) Fourth Quarter Full Year 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Operating income $ 16.0 $ 42.6 $ 115.8 $ 136.2 Depreciation and amortization 4.9 4.9 20.7 18.9 Other income (expense) - - 0.1 0.2 Major scheduled turnaround expense
Slide 13: Petroleum Non-GAAP Financial Measures
Petroleum Non-GAAP Financial Measures Financials ($ in millions) Fourth Quarter Full Year 12/31/2012 12/31/2011 12/31/2012 12/31/2011 Operating income $ 121.3 $ (3.3) $ 1,012.5 $ 465.7 FIFO impacts (favorable) unfavorable $ 12.9 $ (35.1) $ 58.4 $ (25.6) Share-based compensation $ 4.7 $ 0.7 $ 13.5 $