Lyondellbasell Industries Nv · NYSE:LYB
Lyondellbasell Industries Nv — Q4 2011 Earnings Presentation
16 slides from Lyondellbasell Industries Nv's earnings presentation, Feb 10, 2012
Slide 1: Fourth-Quarter 2011 Earnings
Exhibit 99.2 Fourth-Quarter 2011 Earnings Jim Gallogly, Chief Executive Officer Karyn Ovelmen, Chief Financial Officer Sergey Vasnetsov, SVP - Strategic Planning and Transactions Doug Pike, VP - Investor Relations February 10, 2012
Slide 2: Information Related to Financial Measures
Information Related to Financial Measures We have included EBITDA in this presentation, which is a non-GAAP measure, as we believe that EBITDA is a measure commonly used by investors. However, EBITDA, as presented herein, may not be comparable to a similarly titled measure reported by other companie
Slide 3: Cautionary Statement
Cautionary Statement The information in this presentation includes forward-looking statements. These statements relate to future events, such as anticipated revenues, earnings, business strategies, competitive position or other aspects of our operations or operating results. Actual outcomes and resu
Slide 4: Highlights
Highlights ($ in millions, except per share data) 4Q'11 3Q'11 4Q'10 FY 2011 FY 2010 (1)(2) EBITDA $536 $1,788 $762 $5,279 $4,035 Net Income / (Loss) ($218) $895 $766 $2,140 $10,084 Diluted Earnings ($ / share) ($0.38) $1.51 $1.34 $3.74 NA (1)(2) Net Debt / LTM EBITDA 0.6x (0.0x) 0.5x 0.6x 0.5x Annua
Slide 5: Health, Safety and Environmental Performance
Health, Safety and Environmental Performance Injuries per 200,000 Hours Indexed Environmental Incidents Indexed Process Incidents Worked (1) 0.50 100% 100% 0.45 75% 75% 0.40 50% 50% 0.35 25% 25% 0.30 0% 0% 2009 2010 2011 2009 2010 2011 2009 2010 2011 • 2011 was a record year for health, safety and e
Slide 6: 2011 Accomplishments
2011 Accomplishments Overall Finance and Legal Manufacturing Commercial • Expanded number of • Capital restructuring • Increased U.S. ethane • Defined North American Independent Supervisory • $2.9 billion cash generated feedstock capabilities by olefins expansion and feed Board members from operatio
Slide 7: Key Volumes and Margins: 2009 - 2011
Key Volumes and Margins: 2009 - 2011 Ethylene Volumes Polyethylene Volumes Polypropylene Volumes PO&D Volumes HRO Crude Oil Rates billion lbs billion lbs billion lbs billion lbs MBPD 10 15 10 9.6 5.0 300 9.1 263 8.1 8.4 8.4 8.6 244 236 8 12 8 4.0 240 10.3 10.5 10.6 3.4 3.1 6 9 3.0 6 2.7 180 4 3.5 3.
Slide 8: 4Q'11 and 2011 Segment EBITDA
4Q’11 and 2011 Segment EBITDA 4Q‘11 EBITDA 2011 EBITDA $536 million $5,279 million 4Q‘11 Operating Income 2011 Operating Income $201 million $3,998 million ($ in millions) ($ in millions) $500 Fourth-Quarter 2011 EBITDA $2,500 2011 EBITDA 400 2,000 300 1,500 200 1,000 100 500 Olefins & Olefins & Int
Slide 9: Cash Flow
Cash Flow ($ in millions) Fourth-Quarter 2011 Since Emergence (May 1, 2010) $7,500 $10,000 6,000 $5,901 8,000 4,500 6,000 3,000 4,000 $2,711 1,500 2,000 $1,118 $1,118 0 0 4Q'11 CF from Working (1) Net Debt Capex (2) Other 4Q'11 (3) May 1, 2010 CF from Working (1) Net Debt Capex (2) Other 4Q'11 (3) B
Slide 10: Working Capital and Liquidity
Working Capital and Liquidity Working Capital(1) Liquidity and Cash Balance ($ in billions) ($ in billions) $8 $8 $6 6 $4 4 $2 2 Liquidity $0 Cash 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 0 4Q'10 1Q'11 2Q'11 3Q'11 4Q'11 ($2) ($4) Snapshot at December 31, 2011 Liquidity: $3.2 billion ($6) Net Debt: $2.9 billion
Slide 11: Olefins & Polyolefins - Americas Highlights and Business Drivers - 4Q'11
Olefins & Polyolefins - Americas Highlights and Business Drivers - 4Q’11 EBITDA(1) Performance vs. 3Q’11 ($ in millions) $800 EBITDA Margin Volume U.S. Olefins • Ethylene price down 2¢/lb 600 • ~78% of ethylene from NGLs • Lower co-product prices 400 Polyethylene • Margin compression from price 200
Slide 12: Olefins & Polyolefins - Europe, Asia, International Highlights and Business Drivers - 4Q'11
Olefins & Polyolefins - Europe, Asia, International Highlights and Business Drivers - 4Q’11 EBITDA(1) Performance vs. 3Q’11 ($ in millions) EBITDA Margin Volume $400 EU Olefins • Q4 EBITDA near breakeven • 13% volume decline 300 Polyethylene • Q4 Slightly below breakeven EBITDA 200 • Volume down 10%
Slide 13: Intermediates & Derivatives Highlights and Business Drivers - 4Q'11
Intermediates & Derivatives Highlights and Business Drivers - 4Q’11 EBITDA(1) Performance vs. 3Q’11 ($ in millions) $350 300 EBITDA Margin Volume Propylene Oxide and Derivatives 250 • PO and BDO turnaround • Poor deicer volumes • Year-end slowdown 200 150 Intermediates • Acetyl turnaround 100 • Lowe
Slide 14: Refining & Oxyfuels Highlights and Business Drivers - 4Q'11
Refining & Oxyfuels Highlights and Business Drivers - 4Q’11 EBITDA(1) Performance vs. 3Q’11 ($ in millions) EBITDA Margin Volume $600 Houston Refinery • Q4 crude throughput: 262 MBPD • Maya 2-1-1: $12.71 / bbl 450 Berre Refinery 300 • Q4 crude throughput: 61 MBPD • Urals 4-1-2-1: $8.02 / bbl • Refin
Slide 15: Fourth-Quarter Summary and Outlook
Fourth-Quarter Summary and Outlook Fourth-Quarter Summary Near-term Outlook • Business declines driven by: • Margin improvement in N.A. olefins and Houston refinery - Lower refinery spreads - Ethylene co-product price declines • Benefit from declining ethane and natural gas costs, increasing co-prod
Slide 16: Price Increases Benefiting Certain Businesses
Price Increases Benefiting Certain Businesses U.S. Gulf Coast Spot Ethylene Pricing and Margin Recent Price Movements (¢/lbs.) North America Contract Propylene Jan Feb - +16.5 ¢/lb Contract Butadiene Jan Feb +7 ¢/lb +14 ¢/lb Contract Benzene Jan Feb +70 ¢/gal +50 ¢/gal Contract PE Maya 2-1-1 Crack S
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