Icahn Enterprises L.p. · NASDAQ:IEP
Icahn Enterprises L.p — Investor Presentation (March 2021)
28 slides from Icahn Enterprises L.p's investor presentation, Mar 3, 2021
Slide 1: Icahn Enterprises L.P. Investor Presentation March 2021
Icahn Enterprises L.P. Investor Presentation March 2021
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Secur
Slide 3: Company Overview
Company Overview
Slide 4: Icahn Enterprises is a diversified holding company with operating segments
Icahn Enterprises L.P. is a diversified holding company with operating segments in Investment, Energy, Automotive, Food Packaging, Metals, Real Estate, Home Fashion and Pharma IEP is majority owned and controlled by Carl Icahn ◦Over many years, Carl Icahn has contributed most of his businesses to an
Slide 5: Icahn Enterprises L.P. corporate structure
Icahn Enterprises L.P. (NasdaqGS: IEP) 99% LP Interest Icahn Enterprises Holdings L.P. Icahn Enterprises G.P. Inc. 1% As of 12/31/2020, Icahn Enterprises had investments with a fair market value of approximately $4.3 billion in the Investment Funds One of the largest independent metal recycling comp
Slide 6: IEP's subsidiaries possess key competitive strengths and leading market positions
IEP’s subsidiary companies possess key competitive strengths and / or leading market positions IEP seeks to create incremental value by investing in organic growth and targeting businesses that offer consolidation opportunities ◦Capitalize on attractive interest rate environment to pursue acquisitio
Slide 7: IEP history and track record of acquisitions and sales
IEP began as American Real Estate Partners, which was founded in 1987, and now has diversified its portfolio to seven operating segments and approximately $25 billion of assets as of December 31, 2020 IEP has demonstrated a history of successfully acquiring undervalued assets and improving and enhan
Slide 8: IEP seeks undervalued companies and becomes actively involved
IEP seeks undervalued companies and often becomes “actively” involved in the targeted companies Putting Activism into Action Activist strategy requires significant capital, rapid execution and willingness to take control of companies Implement changes required to improve businesses Purchase of Stock
Slide 9: Led by Carl Icahn
Led by Carl Icahn ◦Substantial investing history provides IEP with unique network of relationships and access to Wall Street Team consists of professionals with diverse backgrounds ◦Well rounded team with professionals focusing on different areas such as equity, distressed debt and credit Note: As o
Slide 10: Overview of Operating Segments
Overview of Operating Segments
Slide 11: Investment Segment
Investment Segment FYE December 31, ($Millions) 2018 2019 2020 Significant Holdings As of December 31, 2020 Company Mkt. Value ($mm) % Ownership(2) $1,534 9.5% $985 15.6% (3) $971 6.4% $928 10.3% $735 16.8% Total economic ownership as a percentage of common shares issued and outstanding.
Slide 12: Energy Segment
Energy Segment FYE December 31, ($Millions) 2018 2019 2020
Slide 13: Automotive Segment
Automotive Segment FYE December 31, ($Millions) 2018 2019 2020
Slide 14: Food Packaging Segment
Food Packaging Segment FYE December 31, ($Millions) 2018 2019 2020
Slide 15: Metals Segment
Metals Segment FYE December 31, ($Millions) 2018 2019 2020
Slide 16: Real Estate Segment
Real Estate Segment FYE December 31, ($Millions) 2018 2019 2020
Slide 17: Home Fashion Segment
Home Fashion Segment FYE December 31, ($Millions) 2018 2019 2020
Slide 18: Pharma Segment
Pharma Segment December 31, ($Millions) 2020 Pharma segment results are for the period beginning December 11, 2020. alance Sheet data as of the end of each respective fiscal period.
Slide 19: Financial Performance
Financial Performance
Slide 20: Net Income (Loss) and Adjusted EBITDA Attributable to Icahn Enterprises
Net Income (Loss) Attributable to Icahn Enterprises Investment $319 ($775) ($765) Investment $339 ($723) ($673) Energy 213 246 (194) Energy 460 572 (15) Automotive (230) (197) (198) Automotive (48) (80) (45) Food Packaging (12) (17) 4 Food Packaging 43 37 48 Metals 5 (22) - Metals 24 2 20 Real Estat
Slide 21: ($Millions) FYE December 31, 2018 2019 2020
($Millions) FYE December 31, 2018 2019 2020
Slide 22: Balance sheet by segment as of December 31, 2020
($Millions) As of December 31, 2020 Investment Energy Automotive Food Packaging Metals Real Estate Home Fashion Pharma Holding Company Consolidated $14$667$45$16$1$21$2$8$925 1,5587--286-11 8,23925340--15--366 -1781098864103320- -2981,0808922-8110- -2,7478571608231065-7 -238376319121282- 4,308335582
Slide 23: Significant valuation demonstrated by market value of public subsidiaries
Significant Valuation demonstrated by market value of IEP’s public subsidiaries and Holding Company interest in Funds and book value or market comparable of other assets Market-valued Subsidiaries and Investments: Note: Indicative net asset value does not purport to reflect a valuation of IEP. The c
Slide 24: Adjusted EBITDA Reconciliation
Adjusted EBITDA Reconciliation
Slide 25: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP EBITDA and Adjusted EBITDA. EBITDA represents earnings from continuing operations before interest expense, income tax (benefit) expense and depreciation and amortiza
Slide 26: Adjusted EBITDA Reconciliation by Segment - Year Ended December 31, 2020
Adjusted EBITDA Recon jation by Segment - Year Ended December 31, 2020 duteaess etiname ot) an ga) s188) o 2 Ge on oo 0 so ery) Income oxenense bene) any on 5 2 a6 eben deletion andamontiton 2 95 2 nm ” A 2 10 {OA ore son cotangent iar ory ry ey cy 2 ry ry so) Gaver (Gaitossondisposionotssets net .
Slide 27: Adjusted EBITDA Reconciliation by Segment - Year Ended December 31, 2019
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Slide 28: Adjusted EBITDA Reconciliation by Segment - Year Ended December 31, 2018
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