Tronox Holdings Plc · NYSE:TROX

Tronox — Q4 2018 Earnings Presentation

14 slides from Tronox's earnings presentation, Feb 28, 2019

  1. Slide 1: Fourth Quarter 2018 Conference Call

    Fourth Quarter 2018 Conference Call February 28, 2019 Title Arial Bold 28pt Botlek, the Netherlands TiO2 Pigment Plant Subtitle Arial 28pt © 2018 Tronox Limited | All rights reserved | www.tronox.com

  2. 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

  3. Slide 3: Strategic Developments

    Strategic Developments • Cristal TiO2 acquisition – Joint Motion to Revise Briefing Schedule for Appeal reflects significant progress by the parties in settlement discussions regarding divestiture of Cristal’s North American TiO2 business – Tronox and INEOS Enterprises have submitted finalized defin

  4. Slide 4: Fourth Quarter 2018 Summary

    Fourth Quarter 2018 Summary • Vertical integration benefits – Strong performance from feedstock and co-products led by zircon – TiO2 adjusted EBITDA margin of 35% – Zircon delivering significant profitability and margin enhancement – Continued favorable market conditions for high-grade feedstock – A

  5. Slide 5: TiO2 Commercial Performance 4Q18 vs 4Q17

    TiO2 Commercial Performance 4Q18 vs 4Q17 USD millions 4Q18 4Q17 Change Price and Volume Changes Price Volume Revenue 429 464 (8%) Pigment (16%) Revenue ex-Electrolytic (1) 429 450 (5%) Local Currency 1% Pigment 263 316 (17%) USD - Zircon 82 68 21% Zircon 28% (5%) Pig Iron 25 21 19% Pig Iron 14% 9% F

  6. Slide 6: TiO2 Commercial Performance 4Q18 vs 3Q18

    TiO2 Commercial Performance 4Q18 vs 3Q18 USD millions 4Q18 3Q18 Change Price and Volume Changes Price Volume Revenue 429 456 (6%) Pigment (15%) Revenue ex-Electrolytic (1) 429 446 (4%) Local Currency (1%) Pigment 263 315 (17%) USD (2%) Zircon 82 72 14% Zircon (1%) 15% Pig Iron 25 23 9% Pig Iron (1%)

  7. Slide 7: TiO2 Operations Performance 4Q18

    TiO2 Operations Performance 4Q18 USD millions 4Q18 4Q17 Change USD millions 4Q18 3Q18 Change Adjusted EBITDA 152 156 (3%) Adjusted EBITDA 152 150 1% Adjusted EBITDA margin 35% 34% 1 ppt Adjusted EBITDA margin 35% 33% 2 ppts • Adjusted EBITDA down 3% vs. 4Q17 as higher selling prices for zircon and C

  8. Slide 8: Financial Position

    Financial Position USD millions December 31, 2018 USD millions 4Q18 Debt 3,161 Capital expenditures 34 DD&A 50 Debt net of cash/cash equivalents 1,465 (1) Blended cost of debt 5.78% Cash and cash equivalents 1,696 (1) Liquidity 1,945 (2) (1) Includes $662 million of restricted cash for Cristal acqui

  9. Slide 9: Summary

    Summary • Cristal TiO2 acquisition – FTC staff completing internal processes to ensure divested business will be a viable competitor – Should the FTC staff recommend the remedy transaction, the next step would be filing of a Joint Motion to Withdraw which removes our case from adjudication and moves

  10. Slide 10: Q&A Session

    Q&A Session www.tronox.com © 2018 Tronox Limited | All rights reserved | www.tronox.com 10

  11. Slide 11: Appendix

    Appendix © 2018 Tronox Limited | All rights reserved | www.tronox.com

  12. Slide 12: 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

  13. Slide 13: 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, 2018 2017 2018 2017 Net in

  14. Slide 14: Segment Information

    Segment Information: Revenue, Operating Income and Adjusted EBITDA (Non-U.S. GAAP) and Free Cash Flow (Non-U.S. GAAP) TRONOX LIMITED SEGMENT INFORMATION REVENUE, OPERATING INCOME, ADJUSTED EBITDA (NON-U.S. GAAP) AND FREE CASH FLOW (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dolla rs) The following

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