Tronox Holdings Plc · NYSE:TROX

Tronox — Q3 2018 Earnings Presentation

14 slides from Tronox's earnings presentation, Nov 6, 2018

  1. Slide 1: Third Quarter 2018 Conference Call

    Third Quarter 2018 Conference Call November 6, 2018 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: Cristal TiO2 Acquisition

    Cristal TiO2 Acquisition • Final approval of Cristal acquisition received from European Commission conditioned upon 8120 paper laminate product grade divestiture to Venator Materials PLC • Divestiture of 8120 paper laminate product grade to occur following approval of Cristal acquisition by the U.S.

  4. Slide 4: Third Quarter 2018 and TiO2 Market Trends

    Third Quarter 2018 and TiO2 Market Trends • Results demonstrated benefits of our vertical integration with solid performance realized in pigment, feedstock and co-products with all our assets in full operation • TiO2 adjusted EBITDA margin of 33% up 2 ppts over prior year reflecting broad-based cont

  5. Slide 5: TiO2 Commercial Performance 3Q18 vs 3Q17

    TiO2 Commercial Performance 3Q18 vs 3Q17 USD millions 3Q18 3Q17 Change Price and Volume Changes Price Volume Revenue 456 435 5% Pigment (6%) Pigment 315 316 0% USD 7% Zircon 72 53 36% Local currency 7% Pig Iron 23 18 28% Zircon 50% (9%) Feedstock & Other Products 36 37 (3%) Pig Iron 8% 17% • Revenue

  6. Slide 6: TiO2 Commercial Performance 3Q18 vs 2Q18

    TiO2 Commercial Performance 3Q18 vs 2Q18 USD millions 3Q18 2Q18 Change Price and Volume Changes Price Volume Revenue 456 492 (7%) Pigment (10%) Pigment 315 354 (11%) USD (1%) Zircon 72 78 (8%) Local currency - Pig Iron 23 20 15% Zircon 15% (19%) Feedstock & Other Products 36 25 44% Pig Iron 7% 7% •

  7. Slide 7: TiO2 Operations Performance

    TiO2 Operations Performance USD millions 3Q18 3Q17 Change USD millions 3Q18 2Q18 Change Adjusted EBITDA 150 136 10% Adjusted EBITDA 150 169 (11%) Adjusted EBITDA margin 33% 31% 2 ppts Adjusted EBITDA margin 33% 34% (1 ppt) Adjusted EBITDA 3Q18 vs 3Q17 (USD millions) ($14) $9 $52 $12 ($33) $150 $136

  8. Slide 8: Financial Position

    Financial Position USD millions September 30, 2018 USD millions 2018 Outlook Debt 3,165 Cash interest, net 160-170 Debt net of cash/cash equivalents 1,429 (1) Capital expenditures 120-125 Blended cost of debt 5.60% DD&A 185-195 Cash and cash equivalents 1,736 (1) Cash taxes 20-25 Liquidity 2,007 (2)

  9. Slide 9: Summary

    Summary • Cristal acquisition – Substantial progress in discussions with potential buyer of Cristal’s Ashtabula facility – Tronox, Cristal and prospective buyer in on-going discussions with FTC regarding terms and conditions of potential remedial transaction • Significant and differentiating benefit

  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 (non-U.S. GAAP)

    Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA (non‐U.S. GAAP) TRONOX LIMITED SEGMENT INFORMATION RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) Three Months Ended September 30, Nine Months Ended September 3

  14. Slide 14: Operating Income and Adjusted EBITDA and Free Cash Flow (Non-U.S. GAAP)

    Operating Income and Adjusted EBITDA (Non‐U.S. GAAP) and Free Cash Flow (Non‐U.S. GAAP) TRONOX LIMITED SEGMENT INFORMATION OPERATING INCOME AND ADJUSTED EBITDA (NON-U.S. GAAP) AND FREE CASH FLOW (NON-U.S. GAAP) (UNAUDITED) (Millions of U.S. dollars) The following table reconciles income from operati

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