Loews Corporation · NYSE:L
Loews — Altium Packaging — FY2021 Earnings Presentation
18 slides from Loews's earnings presentation, Mar 31, 2022
Slide 1: 4th Quarter and FY2021 Review
4th Quarter and FY2021 Review March 31, 2022
Slide 2: Notices & Disclaimer
Notices & Disclaimer • Forward-Looking Statements. The statements made in the course of this presentation and/or contained in the presentation materials may include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical ev
Slide 3: Altium Packaging Overview
Altium Packaging Overview A leading N. American manufacturer of rigid plastic packaging, with broad capabilities. Broad technology capabilities to support all major packaging segments Envision Plastics Packaging 2 U.S. Manufacturing 63 North American locations locations - Automotive - Dairy - Prescr
Slide 4: Altium's Vision & Strategy to Maximize Long-Term Value
Altium’s Vision & Strategy to Maximize Long- Term Value VISION – How we create value We enable our customers to grow their business by designing, developing and producing packaging solutions tailored to their business, and deliver these solutions through a flawless customer experience STRATEGY – To
Slide 5: External Factors Made 2021 Different Than Any Other Year
External Factors Made 2021 Different Than Any Other Year Resin Challenges Inflationary Pressures Labor Challenges Index Resin $/Lb Trends Inflationary Cost % Change from Year Ago U.S. Job Openings (thousands) Sources: U.S. Bureau of Labor Statistics; Society for Human Resource Management 5
Slide 6: FY2021 Performance Against Strategy
FY2021 Performance Against Strategy STRATEGY – To drive performance to Goals Accelerate Leverage Continuous Develop Solutions Selectively Develop a Organic Growth Improvement to That Meet Acquire for Scale Diverse Team Through Safely Deliver Customers’ Needs and to Expand Aligned with our Customer Q
Slide 7: Customer Requested Launches and Recent Commercial Successes
Customer Requested Launches and Recent Commercial Successes 7
Slide 8: Innovation Efforts Focused On Key Strategic Areas
Innovation Efforts Focused On Key Strategic Areas • Strategic focus areas allow us to become hyper-focused so we can focus on customer needs, and develop differentiated solutions and deliver sustainable growth Priority Segments PET Capabilities Sustainability 8
Slide 9: Building Upon the Momentum of Our Dura-Lite Platform
Building Upon the Momentum of Our Dura- Lite® Platform >1.9 25.8M lbs Savings is equivalent to… Billion pounds of virgin plastic equates to approximately Dura-Lite® 5,200 Bottles Shipped to Date1 56.8M kWh Powers average-sized U.S. homes for a year less energy 71.6M lbs Planting approximately 2.7M p
Slide 10: Driving Sustainability
Driving Sustainability Altium values sustainability as an opportunity to drive long-term success. Our mission is grounded upon improving our own environmental impact and enabling our customers to achieve their specific sustainability goals. ENVIRONMENTAL, HEALTH AND LEGISLATIVE EFFORTS CARBON FOOTPR
Slide 11: Resin Markets Eased in Q4 2021 But Still Significant Headwind
Resin Markets Eased in Q4 2021 But Still Significant Headwind Impact on 2021 Financials Index Resin Prices - $/Lb 11
Slide 12: Core Operating Revenue (COR) Growth
Core Operating Revenue (COR) Growth Q4 2021 Rigid Packaging COR - Actual FY 2021 Rigid Packaging COR - Actual ($ millions) ($ millions) $581 -0% $579 $151 $139 4Q 2020 4Q 2021 Dec 2020 YTD Dec 2021 YTD 1. Core Operating Revenue (or “COR”) defined as net sales minus raw material and external freight
Slide 13: Pro Forma Adjusted EBITDA
Pro Forma Adjusted EBITDA 4Q 2021 Proforma Adjusted EBITDA FY 2021 Proforma Adjusted EBITDA ($ millions) ($ millions) $53 $225 $50 -44% $215 $184 $33 $160 $30 22.1% 14.8% 19.9% 9.0% 4Q 2020 (1)(2) 4Q 2021(2) Dec 2020 YTD (3)(4) Dec 2021 YTD (4) Estimated temporary resin lag and Feb’21 winter storm i
Slide 14: Summary Financial Performance
Summary Financial Performance PF Rigid Packaging COR(1)(2) PF Adjusted EBITDA (1) ($M) ($M) $593 $579 $215 $196 $528 $445 $157 $163 $160 $399 $411 $374 $131 $114 2015 2016 2017 2018 2019 2020 2021 2015 2016 2017 2018 2019 (3) 2020(3) 2021(3) Capex(4) Free Cash Flow(5) ($M) PET investment and ($M) on
Slide 15: Balance Sheet as of 12/31/2021
Balance Sheet as of 12/31/2021 (in '000's) APKG LLC December 31 December 31, 2021 2020 (Unaudited) (Audited) ASSETS CURRENT ASSETS: CASH $ 2,205 $ 10,354 ACCOUNTS RECEIVABLE, NET 158,933 124,910 INVENTORIES 98,262 76,905 OTHER CURRENT ASSETS 22,723 23,576 TOTAL CURRENT ASSETS 282,123 235,745 PROPERT
Slide 16: Appendix
Altium Packaging APPENDIX
Slide 17: 2021 Financial Performance Summary
2021 Financial Performance Summary Although resin prices declined during 4Q 2021, this was offset by the prior resin headwinds from the unprecedented sequence of rising resin prices during the earlier quarters of the year so that the net impact for full year 2021 was still a significant temporary
Slide 18: Historical Adjusted EBITDA Reconciliation
Historical Adjusted EBITDA Reconciliation 2016 – 2021 EBITDA Reconciliation Commentary Plant Closure Costs and Related Charges: Completed two plant ($ milllions) 2016 2017 2018 2019 2020 2021 1 consolidations in 2018 and one in 2019, and the closure of the accounting office in 2020 Net Loss ($41.3)