TRONOX LTD STAMFORD, Conn., Nov. 5, 2014 /PRNewswire/ -- Tronox Limited (NYSE:TROX) today reported third quarter 2014 revenue of $429 million compared to $491 million in the third quarter 2013. Excluding external CP titanium slag sales of $40 million in the prior-year quarter to reflect withdrawal from the external CP titanium slag market in the current quarter, revenue of $429 million compares to $451 million in the prior-year quarter, down 5 percent. Adjusted EBITDA increased to $100 million versus $92 million in the prior-year quarter. Adjusted net income attributable to Tronox Limited was $6 million, or $0.05 per diluted share, versus an adjusted net loss of $55 million, or $0.48 per diluted share, in the year-ago quarter.
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Tom Casey, chairman and CEO of Tronox, said: "We delivered strong third quarter performance that reflects our vertical integration. We believe that we can consistently deliver a higher level of consolidated adjusted EBITDA per ton of pigment sold relative to non-integrated pigment producers. Our adjusted EBITDA margin reached 23 percent, the highest in the last eight quarters. Our gross margin on sales of 16 percent improved from 11 percent in the prior year and 12 percent in the prior quarter. Despite what we consider to be essentially trough conditions in Mineral Sands, segment adjusted EBITDA margin was 34 percent versus 39 percent in the prior year and 36 percent in the prior quarter. Pigment adjusted EBITDA of $57 million improved by $60 million versus prior year and the adjusted EBITDA margin of 19 percent increased for the seventh consecutive sequential quarter. Lower feedstock selling prices contributed to greater margins in our Pigment business and will continue to do so as pigment made from that feedstock is sold -- which is typically five to six months later. We expect feedstock market conditions to gradually improve as pigment plant operating rates have returned to normal and as feedstock inventories are worked down."
Casey concluded: "As we complete the year, we expect to see normal seasonally lighter pigment market conditions and look for positive developments in 2015. We continue to pursue our growth strategy and focus on unlocking superior value in both our operating businesses and across several strategic options."
Third Quarter 2014 Results
Mineral Sands
Mineral Sands segment revenue of $206 million was 16 percent lower than $245 million in the year-ago quarter, reflecting withdrawal from the external CP titanium slag market in the current quarter. Excluding external CP titanium slag sales of $40 million in the prior year, revenue was level to the year-ago quarter. As current selling prices for high grade chloride feedstock currently produce inadequate returns, we expect to sell CP titanium slag and natural rutile solely to our Pigment business and to non-pigment customers until slag market conditions improve. Sales volumes were up 12 percent excluding prior-year external CP titanium slag sales volumes. Selling prices for primary titanium feedstocks declined in the 20 to 25 percent range versus the prior-year quarter. Compared to the second quarter 2014, excluding external CP titanium slag sales in the second quarter, revenue increased 1 percent, as sales volumes declined 2 percent and selling prices increased for rutile prime and modestly for titanium feedstocks. Selling prices for zircon and pig iron remained level to the prior quarter.
Revenue from intercompany sales was $104 million in the quarter. Revenue from external sales was $102 million, including $80 million from zircon and pig iron. Mineral Sands continues to sell 100 percent of its synthetic rutile feedstock to Pigment on an intercompany basis. Zircon revenue increased 6 percent versus the prior-year quarter as sales volumes increased 15 percent and selling prices declined 8 percent. Compared to the second quarter, zircon sales volumes declined 11 percent and selling prices remained level.
Mineral Sands segment operating income of $8 million compares to operating income of $41 million in the year-ago quarter and $18 million in the prior quarter. Adjusted EBITDA was $71 million versus $95 million in the year ago quarter and $81 million in the prior quarter. The adjusted EBITDA margin was 34 percent versus 39 percent in the prior year and 36 percent in the prior quarter. Mineral Sands segment adjusted EBITDA is calculated before the elimination of gross profit on sales to the Pigment segment that occurs in consolidation at the company level. In the third quarter, $13 million of Mineral Sands gross profit and $2 million related to Mineral Sands lower-of-cost or market activity was eliminated in consolidation and $9 million of previously eliminated gross profit was reversed, for a net adjusted EBITDA reduction in consolidation of $ 6 million.
Construction continues to progress at our KZN Sands Fairbreeze mine in South Africa. All government permits and authorizations have been received. The Fairbreeze mine will supply feedstock to our slag furnaces at KZN and is expected to begin operations by the end of 2015 and be fully operational in 2016. Capital expenditures for this phase of the Fairbreeze mine project are estimated to be approximately $250 million. Approximately $80 million of the $250 million is expected to have been spent through 2014. The remaining $170 million is expected to be spent in 2015 and 2016. A second phase of the Fairbreeze mine project is planned for 2018-2019, with related capital expenditures estimated to be approximately $115 million.
Pigment
Pigment segment revenue of $296 million was 1 percent lower than $300 million in the prior-year quarter, as sales volumes were level and selling prices declined 1 percent. Sales volume gains were achieved in North America offset by declines in Europe, Asia and Latin America. Selling prices were modestly lower in North America and Europe, essentially level in Asia and up modestly in Latin America. Compared to the seasonally stronger second quarter, sales volumes declined while selling prices remained level, marking the fourth consecutive sequential quarter of essentially stable selling prices. At the end of the third quarter, finished pigment inventory was at normal seasonal levels, up from the second quarter and down from the first quarter. Plant utilization rates were in the mid-90 percent range.
Pigment segment operating income of $35 million increased by $64 million versus an operating loss of $29 million in the year-ago quarter. Pigment adjusted EBITDA of $57 million increased by $60 million compared to adjusted EBITDA of ($3) million in the year-ago quarter. The adjusted EBITDA margin reached 19 percent. On a sequential basis, adjusted EBITDA of $57 million improved for the seventh consecutive quarter, up from $37 million in the second quarter. Average feedstock cost reflected in the Pigment segment in the third quarter was $794 per metric ton, down from $834 per metric ton in the second quarter. During the third quarter, 100 percent of feedstock purchases made by Pigment were from Mineral Sands at an average cost of $758 per metric ton. Going forward, the Pigment segment will continue to benefit from lower feedstock costs. The lag time between purchases of feedstock by Pigment to the time that feedstock is reflected in the Pigment segment income statement is typically in the range of 5 to 6 months.
Corporate and Other
Revenue in Corporate and Other, which includes our electrolytic operations, was $31 million as compared to $35 million in the year-ago quarter, primarily as a result of lower sales volumes and selling prices for electrolytic manganese dioxide and lower selling prices for sodium chlorate. Corporate and Other loss from operations of $26 million in the quarter includes $6 million of the $10 million of total restructuring costs recorded in the quarter versus a $20 million loss from operations in the prior-year quarter. Adjusted EBITDA in Corporate and Other was ($22) million, which is principally related to corporate operations.
Consolidated
Selling, general and administrative expenses in the third quarter were $47 million versus $45 million in the prior-year quarter. Interest and debt expense, net, was $34 million versus $32 million in the year-ago quarter. On September 30, 2014, gross consolidated debt was $2,398 million, and debt, net of cash, was $1,053 million. For the quarter, capital expenditures were $39 million and depreciation, depletion and amortization was $68 million.
Third Quarter 2014 Conference Call and Webcast
Thursday, November 6, 2014, at 8:30 a.m. ET (New York): the live call is open to the public via Internet broadcast and telephone
Internet Broadcast: http://www.tronox.com/
Dial-in telephone numbers:
U.S. / Canada: (877) 831-3840
International: (253) 237-1184
Conference ID: 17058696
Conference Call Presentation Slides: will be used during the conference call and are available on our website at http://www.tronox.com/
Conference Call Replay: available via the Internet and telephone beginning on November 6, 2014 at 11:30 a.m. ET (New York), until November 11, 2014.
Internet Replay: www.tronox.com
Replay dial-in telephone numbers:
U.S. / Canada: (855) 859-2056
International: (404) 537-3406
Conference ID: 17058696
About Tronox
Tronox is a global leader in the production and marketing of mineral sands, titanium dioxide pigment and electrolytic products. Through the integration of its pigment and mineral sands businesses, the company provides its customers a dependable supply of brightening solutions for a variety of end uses. For more information, visit http://www.tronox.com.
Forward Looking Statements
Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements are based upon management's current beliefs and expectations and are subject to uncertainty and changes in circumstances and contain words such as "believe," "intended," "expect," and "anticipate" and include statements about expectations for future results including revenues. The forward-looking statements involve risks that may affect the company's operations, markets, products, services, prices and other risk factors discussed in the company's filings with the Securities and Exchange Commission (SEC), including those under the heading entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2013. Significant risks and uncertainties may relate to, but are not limited to, our ability to integrate the recently acquired mineral sands business including achieving the expected cost savings; financial, economic, competitive, environmental, political, legal regulatory and technological factors including, our access to unrestricted cash, compliance with our bank facility covenants, the price of our shares, general market conditions, our customers potentially reducing their demand for our products due to, among other things, the economic downturn, more competitive pricing from our competitors, increased supply from our competitors; operating efficiencies and other benefits expected. Unless otherwise required by applicable laws, the company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information or future developments.
Use of Non-U.S. GAAP Financial Information
To provide investors and others with additional information regarding Tronox Limited's operating results, we have disclosed in this press release certain non-U.S. GAAP financial measures, including Adjusted EBITDA. These non-U.S. GAAP financial measures are a supplement to, and not a substitute for or superior to, the company's results presented in accordance with U.S. GAAP. The non-U.S. GAAP financial measures presented by the company may be different than non-U.S. GAAP financial measures presented by other companies. The non-U.S. GAAP financial measures are provided to enhance the user's overall understanding of the company's operating performance. Specifically, the company believes the non-U.S. GAAP information provides useful measures to investors regarding the company's financial performance by excluding certain costs and expenses that the company believes are not indicative of its core operating results. The presentation of these non-U.S. GAAP financial measures are not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-U.S. GAAP financial measures to U.S. GAAP results is included herein.
Management believes these non-U.S. GAAP financial measures:
-- Reflect Tronox Limited's ongoing business in a manner that allows for
meaningful period-to-period comparison and analysis of trends in its
business, as they exclude income and expense that are not reflective of
ongoing operating results;
-- Provide useful information to investors and others in understanding and
evaluating Tronox Limited's operating results and future prospects in
the same manner as management and in comparing financial results across
accounting periods;
-- Provide additional view of the operating performance of the company by
adding interest expenses, taxes, depreciation, depletion and
amortization to the net income. Further adjustments due to purchase
accounting and stock-based compensation charges attempt to exclude items
that are either non-cash or non-recurring in nature;
-- Assist investors to assess the company's compliance with financial
covenants under its debt instruments;
-- In addition, Adjusted EBITDA is one of the primary measures management
uses for planning and budgeting processes and to monitor and evaluate
financial and operating results. Adjusted EBITDA is not a recognized
term under U.S. GAAP and does not purport to be an alternative to
measures of our financial performance as determined in accordance with
U.S. GAAP, such as net income (loss). Because other companies may
calculate EBITDA and Adjusted EBITDA differently than Tronox, EBITDA may
not be, and Adjusted EBITDA as presented in this release is not,
comparable to similarly titled measures reported by other companies.
Segment Information
The company has two reportable operating segments, Mineral Sands and Pigment. The Mineral Sands segment includes the exploration, mining and beneficiation of mineral sands deposits, as well as heavy mineral production. These operations produce titanium feedstock, including ilmenite, chloride slag, slag fines, synthetic rutile and natural rutile, as well as co-products pig iron and zircon. The Pigment segment primarily produces and markets TiO(2,) and has production facilities in the United States, Australia and the Netherlands. The company's Corporate and Other operations are comprised of corporate activities and electrolytic operations, which are located in the United States.
Segment performance is evaluated based on segment income/(loss) from operations, which represents the results of segment operations before unallocated costs, such as general corporate expenses not identified to a specific segment, environmental provisions, net of reimbursements, related to sites no longer in operation, interest expense, other income (expense) and income tax expense or benefit.
Media Contact: Bud Grebey
Direct: 203.705.3721
Investor Contact: Brennen Arndt
Direct: 203.705.3722
TRONOX LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Millions of U.S. dollars, except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
2014 2013 2014 2013
---- ---- ---- ----
Net sales $429 $491 $1,337 $1,486
Cost of goods sold 361 437 1,184 1,350
---
Gross profit 68 54 153 136
Selling, general, and administrative
expenses (47) (45) (138) (137)
Restructuring expense (10) - (10) -
----------
Income (loss) from operations 11 9 5 (1)
Interest and debt expense, net (34) (32) (101) (94)
Net loss on liquidation of non-
operating subsidiaries (35) (10) (35) (10)
Loss on extinguishment of debt - - (8) (4)
Other income, net 9 - 12 32
----------
Loss before income taxes (49) (33) (127) (77)
Income tax provision (41) (8) (15) (10)
----
Net loss (90) (41) (142) (87)
Net income attributable to
noncontrolling interest 3 8 9 32
---
Net loss attributable to Tronox
Limited $(93) $(49) $(151) $(119)
==== ==== ===== =====
Loss per share, basic and diluted $(0.82) $(0.43) $(1.33) $(1.05)
====== ====== ====== ======
Weighted average shares
outstanding, basic and diluted
(in thousands) 114,530 113,459 114,026 113,389
======= ======= ======= =======
Other Operating Data:
---------------------
Capital expenditures $39 $25 $101 $104
Depreciation, depletion and
amortization expense $68 $92 $225 $238
---------------------------- --- --- ---- ----
TRONOX LIMITED
SCHEDULE OF ADJUSTED INCOME (LOSS) (NON-U.S. GAAP)*
(UNAUDITED)
(Millions of U.S. dollars, except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
2014 2013 2014 2013
---- ---- ---- ----
Net sales $429 $491 $1,337 $1,486
Cost of goods sold 361 461 1,184 1,368
---
Gross profit 68 30 153 118
Selling, general, and administrative
expenses (47) (45) (138) (137)
----
Adjusted income (loss) from
operations 21 (15) 15 (19)
Interest and debt expense, net (34) (32) (101) (94)
Loss on extinguishment of debt - - (8) (4)
Other income, net 9 - 12 32
----------
Adjusted loss before income
taxes (4) (47) (82) (85)
Income tax benefit (provision) 13 (1) 39 (5)
---
Adjusted net income (loss) 9 (48) (43) (90)
Net income attributable to
noncontrolling interest 3 7 9 31
---
Adjusted net income (loss) attributable to
Tronox Limited (Non-U.S. GAAP)* $6 $(55) $(52) $(121)
=========================
Basic adjusted income (loss) per share, attributable to
Tronox Limited
$0.05 $(0.48) $(0.46) $(1.07)
===== ====== ====== ======
Diluted adjusted income (loss) per share, attributable to
Tronox Limited
$0.05 $(0.48) $(0.46) $(1.07)
===== ====== ====== ======
Weighted average shares
outstanding, basic (in
thousands) 114,530 113,459 114,026 113,389
======= ======= ======= =======
Weighted average shares
outstanding, diluted (in
thousands) 117,063 113,459 114,026 113,389
======= ======= ======= =======
* We believe that the non-U.S.
GAAP financial measure "Adjusted
net loss attributable to Tronox
Limited" and its presentation on a
per share basis, provides useful
information about our operating
results to investors and
securities analysts. We also
believe that excluding the effects
of these items from operating
results allows management and
investors to compare more easily
the financial performance of our
underlying businesses from period
to period. Additionally, the above
schedule is presented in a format
which reflects the manner in which
we manage our business, and is not
in accordance with U.S. GAAP.
TRONOX LIMITED
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES
(UNAUDITED)
(Millions of U.S. dollars, except share and per share data)
RECONCILIATION OF NET LOSS
ATTRIBUTABLE TO TRONOX LIMITED (U.S. GAAP)
TO ADJUSTED NET INCOME (LOSS)
ATTRIBUTABLE TO TRONOX LIMITED (NON-U.S. GAAP)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
2014 2013 2014 2013
---- ---- ---- ----
Net loss attributable
to Tronox Limited
(U.S. GAAP) $(93) $(49) $(151) $(119)
Restructuring expense
(a) 10 - 10 -
Net loss on
liquidation of non-
operating
subsidiaries (b) 35 10 35 10
Acquisition related
expense (c) - (24) - (18)
Tax valuation
allowance in The
Netherlands (d) 56 - 56 -
Tax and
noncontrolling
impact of
restructuring,
liquidation of non-
operating
subsidiaries and
acquisition related
items (e) (2) 8 (2) 6
--- --- --- ---
Adjusted net income
(loss) attributable
to Tronox Limited
(Non-U.S. GAAP) $6 $(55) $(52) $(121)
=== ==== ==== =====
Diluted loss per
share attributable
to Tronox Limited
(U.S. GAAP) $(0.82) $(0.43) $(1.33) $(1.05)
Restructuring expense 0.09 - 0.09 -
Net loss on
liquidation of non-
operating
subsidiaries, per
diluted share 0.31 0.09 0.31 0.09
Acquisition related
expense, per diluted
share - (0.21) - (0.15)
Tax valuation
allowance in The
Netherlands 0.49 - 0.49 -
Tax and
noncontrolling
impact of
restructuring,
liquidation of non-
operating
subsidiaries and
acquisition related
items, per diluted
share (0.02) 0.07 (0.02) 0.05
Diluted adjusted
income (loss) per
share attributable
to Tronox Limited
(Non-U.S. GAAP) $0.05 $(0.48) $(0.46) $(1.07)
===== ====== ====== ======
Weighted average
shares outstanding,
diluted (in
thousands) 117,063 113,459 114,026 113,389
======= ======= ======= =======
(a) Represents serverance,
outplacement services and other
associated costs and expenses
associated with our cost reduction
initiative, which began in
September 2014.
(b) Represents the liquidation of
non-operating subsidiaries, Tronox
Pigments International GmbH in 2014
and the Zurich branch of Tronox
Luxembourg S.a.r.l. in 2013.
(c) One-time non-operating items
and the effects of the acquisition
of the mineral sands business.
(d) Represents an adjustment to
account for a full valuation
allowance for Netherlands deferred
tax assets, which include a $42
million provision and a $14 million
reversal of 2014 tax benefits.
(e) Represents the tax and
noncontrolling impact on items
referenced in notes (a) and (c).
TRONOX LIMITED
SEGMENT INFORMATION
(UNAUDITED)
(Millions of U.S. dollars)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
2014 2013 2014 2013
---- ---- ---- ----
Sales
Mineral Sands segment $206 $245 $611 $855
Pigment segment 296 300 915 892
Corporate and Other 31 35 83 97
Eliminations (104) (89) (272) (358)
---- --- ---- ----
Net sales $429 $491 $1,337 $1,486
==== ==== ====== ======
Income (loss) from operations
Mineral Sands segment $8 $41 $9 $205
Pigment segment 35 (29) 30 (153)
Corporate and Other (26) (20) (63) (55)
Eliminations (6) 17 29 2
--- --- --- ---
Income (loss) from operations 11 9 5 (1)
Interest and debt expense, net (34) (32) (101) (94)
Net loss on liquidation of
non-operating subsidiaries (35) (10) (35) (10)
Loss on extinguishment of debt - - (8) (4)
Other income, net 9 - 12 32
Loss before income taxes (49) (33) (127) (77)
Income tax provision (41) (8) (15) (10)
--- --- --- ---
Net loss (90) (41) (142) (87)
Net income attributable to
noncontrolling interest 3 8 9 32
--- --- --- ---
Net loss attributable to
Tronox Limited $(93) $(49) $(151) $(119)
==== ==== ===== =====
TRONOX LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Millions of U.S. dollars, except share and per share data)
ASSETS September 30, 2014 December 31, 2013
------------------ -----------------
Current Assets
Cash and cash
equivalents $1,345 $1,478
Accounts
receivable, net
of allowance for
doubtful accounts 304 308
Inventories, net 778 759
Prepaid and other
assets 52 61
Deferred tax
assets 29 47
Total current
assets 2,508 2,653
Noncurrent Assets
Property, plant
and equipment,
net 1,201 1,258
Mineral
leaseholds, net 1,092 1,216
Intangible assets,
net 279 300
Long-term
deferred tax
assets 203 192
Other long-term
assets 64 80
Total assets $5,347 $5,699
====== ======
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable $139 $164
Accrued
liabilities 142 146
Long-term debt
due within one
year 18 18
Income taxes
payable 31 28
Deferred tax
liabilities - 7
Total current
liabilities 330 363
Noncurrent Liabilities
Long-term debt 2,380 2,395
Pension and
postretirement
healthcare
benefits 132 148
Asset retirement
obligations 89 90
Long-term
deferred tax
liabilities 177 204
Other long-term
liabilities 73 62
Total
liabilities 3,181 3,262
----- -----
Contingencies and Commitments
Shareholders' Equity
Tronox Limited
Class A ordinary
shares, par value
$0.01 -
65,088,376 shares
issued and
63,516,207 shares
outstanding at
September 30,
2014 and
64,046,647 shares
issued and
62,349,618 shares
outstanding at
December 31, 2013 1 1
Tronox Limited
Class B ordinary
shares, par value
$0.01 -
51,154,280 shares
issued and
outstanding at
September 30,
2014 and December
31, 2013 - -
Capital in excess
of par value 1,471 1,448
Retained earnings 835 1,073
Accumulated other
comprehensive
loss (325) (284)
Total
shareholders'
equity 1,982 2,238
Noncontrolling
interest 184 199
Total equity 2,166 2,437
Total
liabilities
and equity $5,347 $5,699
====== ======
TRONOX LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Millions of U.S. dollars)
Nine Months Ended
September 30,
2014 2013
---- ----
Cash Flows from Operating Activities:
Net loss $(142) $(87)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Depreciation,
depletion and
amortization 225 238
Deferred income taxes (13) 14
Share-based
compensation expense 17 16
Amortization of
deferred debt
issuance costs and
discount on debt 7 7
Pension and
postretirement
healthcare benefit
expense 4 7
Net loss on
liquidation of non-
operating
subsidiaries 35 10
Loss on extinguishment
of debt 8 4
Other noncash items
affecting net loss 4 (14)
Contributions to
employee pension and
postretirement plans (15) (4)
Changes in assets and liabilities:
(Increase) decrease in
accounts receivable (4) -
(Increase) decrease in
inventories (42) 106
(Increase) decrease in
prepaid and other
assets 6 (7)
Increase (decrease) in
accounts payable and
accrued liabilities (16) (42)
Increase (decrease) in
income taxes payable 18 (23)
Other, net (3) (15)
--- ---
Cash provided by
operating activities 89 210
--- ---
Cash Flows from Investing Activities:
Capital expenditures (106) (104)
Cash used in investing
activities (106) (104)
---- ----
Cash Flows from Financing Activities:
Repayments of debt (16) (185)
Proceeds from debt - 945
Debt issuance costs (2) (29)
Dividends paid (87) (86)
Proceeds from the
exercise of warrants
and options 5 1
Cash provided by (used
in) financing
activities (100) 646
---- ---
Effects of exchange
rate changes on cash
and cash equivalents (16) (11)
--- ---
Net (decrease)
increase in cash and
cash equivalents (133) 741
Cash and cash
equivalents at
beginning of period 1,478 716
Cash and cash
equivalents at end of
period $1,345 $1,457
====== ======
TRONOX LIMITED
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP)
(UNAUDITED)
(Millions of U.S. dollars)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- ------------------
2014 2013 2014 2013
---- ---- ---- ----
Net loss $(90) $(41) $(142) $(87)
Interest and debt expense, net 34 32 101 94
Interest income (4) (3) (10) (5)
Income tax provision 41 8 15 10
Depreciation, depletion and amortization
expense 68 92 225 238
---
EBITDA 49 88 189 250
Share-based compensation 5 5 17 16
Restructuring expense 10 - 10 -
Loss on extinguishment of debt - - 8 4
Net loss on liquidation of non-
operating subsidiaries 35 10 35 10
Amortization of inventory step-up and
unfavorable ore sales contracts
liability - (24) - (18)
Foreign currency remeasurement (4) 4 - (15)
Other items (a) 5 9 13 19
Adjusted EBITDA $100 $92 $272 $266
==== === ==== ====
(a) Includes
noncash
pension and
postretirement
costs,
accretion
expense,
severance
expense, and
other items.
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SOURCE Tronox Limited
