Cvr Energy Inc. · NYSE:CVI
Cvr Energy — Q4 2013 Earnings Presentation
16 slides from Cvr Energy's earnings presentation, Feb 20, 2014
Slide 1: 4th Quarter 2013 Earnings Report
0 4th Quarter 2013 Earnings Report February 20, 2014
Slide 2: Forward Looking Statements
1 Forward Looking Statements This presentation should be reviewed in conjunction with CVR Energy, Inc.’s Fourth Quarter earnings conference call held on February 20, 2014. The following information contains forward-looking statements based on management’s current expectations and beliefs, as well as
Slide 3: Consolidated Results
2 Consolidated Results Note: Adjusted EBITDA for the fourth quarter 2013 and 2012 excludes turnaround expenses of $0.0mm and $93.7mm, respectively and for full year 2013 and 2012 excludes turnaround expenses of $0.0mm and $128.5mm, respectively (1) Non-GAAP reconciliation on slide 10 for fourth quar
Slide 4: Financial Results
3 Financial Results Note: Adjusted EBITDA for the fourth quarter 2013 and 2012 excludes turnaround expenses of $0.0mm and $93.7mm, respectively and for full year 2013 and 2012 excludes turnaround expenses of $0.0mm and $128.5mm, respectively (1) Non-GAAP reconciliation on slide 10 for fourth quarter
Slide 5: Debt Metrics
4 Debt Metrics Note: Refer to slide 8 for metrics used in calculations Financial Metrics 2008 2009 2010 2011 2012 2013 Debt to Capital 46% 43% 41% 43% 37% 36% Debt to Adj. EBITDA 2.3 2.4 2.5 1.2 0.7 1.0 Consolidated Net Debt (Cash) ($s in millions) 487.0 454.4 277.0 475.5 2.2 (165.9) ($200) ($10
Slide 6: Appendix
Appendix
Slide 7: Non-GAAP Financials Measures
6 Non-GAAP Financials Measures To supplement the actual results in accordance with GAAP for the applicable periods, the Company also uses non- GAAP measures as discussed below, which are reconciled to GAAP-based results. These non-GAAP financial measures should not be considered an alternative for G
Slide 8: Non-GAAP Financials Measures: EBITDA and Adjusted EBITDA
7 Non-GAAP Financials Measures EBITDA and Adjusted EBITDA. EBITDA represents net income (loss) before (i) interest expense and other financing costs, net of interest income, (ii) income tax expense (benefit) and (iii) depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for FIFO
Slide 9: Capital Structure
8 Capital Structure* Note: 2011 includes debt related to acquisition of Gary Williams but only 16 days of EBITDA contribution * Includes cash and debt of CVR Partners LP and CVR Refining LP (1) Adjusted for FIFO, turnaround expenses, SBC, financing costs, gains/losses on derivatives, net, current pe
Slide 10: Consolidated Non-GAAP Financial Measures
9 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year 2008 2009 2010 2011 2012 2013 Net income attributable to CVR Energy stockholders $ 163.9 $ 69.4 $ 14.3 $ 345.8 $ 378.6 $ 370.7 Interest expense and other financing costs, net of interest income 37.6 42.5 48.1 55.3 74.5 4
Slide 11: Consolidated Non-GAAP Financial Measures (Fourth Quarter)
10 (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated
Slide 12: Consolidated Non-GAAP Financial Measures (Full Year)
11 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Full Year 12/31/2013 12/31/2012 Net income attributable to CVR Energy stockholders $ 370.7 $ 378.6 Interest expense and other financing costs, net of interest income 49.3 74.5 Depreciation and amortization 142.8 130.0 Income tax
Slide 13: Consolidated Non-GAAP Financial Measures (Fourth Quarter)
12 Consolidated Non-GAAP Financial Measures Financials ($ in millions) Fourth Quarter 12/31/2013 12/31/2012 Income (loss) before income tax expense (benefit) $ (79.7) $ 61.5 FIFO impact (favorable) unfavorable 62.0 12.9 Share-based compensation 4.7 10.6 Loss on extinguishment of debt - 37.5 Major sc
Slide 14: Consolidated Non-GAAP Financial Measures (Full Year)
13 (1) Represents the portion of gain (loss) on derivatives, net related to contracts that matured during the respective periods and settled with counterparties. There are no premiums paid or received at inception of the derivative contracts and upon settlement, there is no cost recovery associated
Slide 15: Fertilizer Non-GAAP Financial Measures
14 Fertilizer Non-GAAP Financial Measures Financials ($ in millions) Fourth Quarter Full Year 12/31/2013 12/31/2012 12/31/2013 12/31/2012 Operating income $ 29.7 $ 16.0 $ 124.9 $ 115.8 Depreciation and amortization 7.0 4.9 25.6 20.7 Other income, net - - 0.1 0.1 Major scheduled turnaround expenses -
Slide 16: Petroleum Non-GAAP Financial Measures
15 Petroleum Non-GAAP Financial Measures Financials ($ in millions) Fourth Quarter Full Year 12/31/2013 12/31/2012 12/31/2013 12/31/2012 Operating income $ 14.9 $ 121.3 $ 603.0 $ 1,012.5 FIFO impacts (favorable) unfavorable 62.0 12.9 (21.3) 58.4 Share-based compensation, non-cash 1.2 4.7 9.5 13.5 Ma