Tronox Holdings Plc · NYSE:TROX
Tronox — Corporate Update (June 2019)
9 slides from Tronox's corporate update, Jun 6, 2019
Slide 1: Tronox Investor Conference Call
Tronox Investor Conference Call June 6, 2019 Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2019 1
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. Words such as “believe,” “estimate,” “will be,
Slide 3: Agenda
Agenda • Capital Allocation Priorities • TiO2 Pigment Quarterly Price, Volume and Inventory Trends • 2018–2019 Legacy Cristal Adjusted EBITDA Bridge • 2019–2020 Tronox Adjusted EBITDA Bridge Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2019 3
Slide 4: Capital Allocation Priorities
Capital • Continuing Disciplined Capex: • Lowering our costs and improving our efficiencies Allocation • Delivering the synergies • Unlocking the hidden factory: low-cost expansion opportunities vs. brownfield/greenfield Priorities • Accelerating Deleveraging - strong balance sheet across cycles 2x-
Slide 5: Historic Price, Volume and Inventory Trends
Historic Price, Volume and Inventory Trends • Legacy Cristal significantly increased prices from Q2 2017 through Q1 2018, resulting in volume and share losses • Tactics changed in Q2 2018 as legacy Cristal rapidly decreased prices to regain share while building inventory Note: Legacy Cristal data ex
Slide 6: Legacy Cristal 2018 to 2019 Adjusted EBITDA Bridge
Legacy Cristal 2018 to 2019 Adjusted EBITDA Bridge Major Factors Price: TiO2 average price expected to be ~$300/ton lower in 2019 vs. 2018 primarily the result of significantly higher prices in 1H 2018; $90M of $130M full-year EBITDA impact occurs in 1H CMA: Cristal Mining Australia – primarily Ging
Slide 7: 2020 Adjusted EBITDA of $900M to $1.1B
2020 Adjusted EBITDA of $900M to $1.1B Major Factors (USD Millions) 1,100 Synergies: Significant additional increase in synergies realized in second year 40-90 2020 20-30 Adj EBITDA CMA: Gingko concentrator in full operation; 25-30 20-40 Range 30-40 900 lower grade section of mine v. PY; near 80 ful
Slide 8: The New Tronox
The New Tronox • Strategy focused on creating an advantaged global leadership position • Built on our vertically integrated cost-advantaged model • Deployed across an unmatched global commercial and operational footprint • Acquired a good business and group of assets • High-quality pigment assets in
Slide 9: Q&A Session
Q&A Session Tronox Holdings plc | tronox.com | Confidential & Proprietary | © 2019 9