Tronox Holdings Plc · NYSE:TROX
Tronox — Merger or Acquisition (April 2019)
14 slides from Tronox's merger presentation, Apr 11, 2019
Slide 1: Tronox Completes Cristal Acquisition
1 © 2019 Tronox Holdings plc | All rights reserved. | 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: Transformative and Highly Synergistic
Transformative and Highly Synergistic • World’s largest vertically integrated TiO2 producer • Second largest TiO2 pigment producer • Second largest mineral sands producer • Second largest zircon producer • Unmatched global footprint on 6 continents • Rich diversity of talent with deep expertise acro
Slide 4: Enhancing Shareholder Value
Enhancing Shareholder Value • UK re-domiciliation facilitates share repurchases, both direct from Exxaro and open market purchases • Mineral Sands Completion Agreement provides for Exxaro’s orderly exit from 28.7 million TROX shares and preserves our $4 billion of NOLs • Sale of Cristal’s former Nor
Slide 5: Market Conditions across the TiO2 Value Chain
Market Conditions across the TiO2 Value Chain • Favorable market conditions in • Global TiO2 pigment markets in feedstock and co-products transition • Zircon delivering significant profitability • Anticipating return to normal customer and margin enhancement demand and inventory levels as • Signific
Slide 6: TiO2 Pigment Revenue 2018
TiO2 Pigment Revenue 2018 New Tronox (1) Tronox Cristal ex-Ashtabula (2) $2,537 million $1,265 million $1,272 million Middle Middle North East & East & Middle America, Latin Africa, North Africa, East & 1% America, 11% America, 5% North Africa, 11% 21% America, 18% Europe, 42% 23% Europe, Latin Amer
Slide 7: Unmatched Global Footprint
Unmatched Global Footprint Botlek the Netherlands Yanbu KSA Fuzhou Capacity: 90 kMT Capacity: 200 kMT China NYC and Stamford Capacity: 46 kMT USA Corporate Offices Stallingborough UK Capacity: 165 kMT Oklahoma City USA Administration & Technical Center Thann Snapper France Australia Hamilton Capacit
Slide 8: Highly Synergistic Combination
Highly Synergistic Combination COMPONENTS OF SYNERGIES SOURCES OF SYNERGIES (USD millions) • Increasing efficiency and quality; Pre-tax run-rate ~$230 ~$200 unlocking pigment volumes synergy targets: • Fully utilizing mineral sands assets $100m by Year 1 across the cycle to lower cost per ton ~$160
Slide 9: Cash Sources and Uses
Cash Sources and Uses Pro Forma Pro Forma ($ Millions) April 10, 2019 May 15, 2019 Source of Funds: New South African Term Debt 223 0 New South African Revolving Credit Facility ($70M) 0 0 ABL Draw 117 0 Cash from Balance Sheet 1,456 0 Cristal Equity Consideration (1) 526 0 Cash from Ashtabula Sale
Slide 10: Capitalization and Leverage Ratios
Capitalization and Leverage Ratios Pro Forma Pro Forma ($ millions) Maturity Pricing 12/31/2018 4/10/2019 (2) 5/15/2019 (2) Cash 1,696 79 503 USD ABL Revolver ($350M) Sept '22 L+125 0 117 0 Term Loan B Sept '24 L+300 2,129 2,028 1,928 Capital Lease - - 16 16 16 Secured Debt 2,145 2,161 1,944 Existin
Slide 11: The New Tronox
The New Tronox Now brighter than ever 11
Slide 12: The New Tronox Q&A session
The New Tronox Now brighter than ever Q&A session 12
Slide 13: Appendix
Appendix © 2019 Tronox Holdings plc | All rights reserved. | tronox.com 13
Slide 14: Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (non-U.S. GAAP)
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, 2018 2017 2018 2017 Net in