Deutsche Bank Global Industrials and Basic Materials Conference
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1 Deutsche Bank Global Industrials and Basic Materials Conference Dante C. Parrini, Chairman & CEO John P. Jacunski, EVP & CFO June 4, 2015 NYSE: GLT
2 Forward-Looking Statements and Use of Non-GAAP Financial Measures Any statements included in this presentation which pertain to future financial and business matters are forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of The Company uses words such as anticipates, believes, expects, future, intends and similar expressions to identify forward-looking statements. Any such statements are based on management s current expectations and are subject to numerous risks, uncertainties and other unpredictable or uncontrollable factors that could cause future results to differ materially from those expressed in the forward-looking statements including, but not limited to: changes in industry, business, market, political and economic conditions in the U.S. and other countries in which the Company does business, demand for or pricing of its products, changes in tax legislation, governmental laws, regulations and policies, initiatives of regulatory authorities, technological changes and innovations, market growth rates, and cost reduction initiatives. In light of these risks, uncertainties and other factors, the forward-looking matters discussed in this presentation may not occur and readers are cautioned not to place undue reliance on these forward-looking statements. The forward-looking statements speak only as of the date of this presentation and Glatfelter undertakes no obligation, and does not intend, to update these forward-looking statements to reflect events or circumstances occurring after the date of this presentation. More information about these factors is contained in Glatfelter s filings with the U.S. Securities and Exchange Commission, which are available at During the course of this presentation, certain non-u.s. GAAP financial measures will be presented. A reconciliation of these measures to U.S. GAAP financial measures is included in the appendix of this presentation. 2
3 Agenda Business Overview Financial Overview 3
4 Investment Overview 2014 Net Sales: $1,802 million 50% Advanced Advanced Airlaid Airlaid Materials Materials $282 $239 Composite Composite Fibers $447 Fibers $618 Specialty Papers 50% $903 Specialty Papers $863 Growing fiber-based engineered materials businesses Leadership positions in key markets with growth rates of 2% to 8% Track record of profitable growth 66% 2014 Adj. EBITDA: $183.3 million *includes Other and Unallocated of ($17.4) Advanced Airlaid Materials $34.4 Composite Fibers $97.9 Specialty Papers $ % 5-year EPS CAGR of 19% Increased dividend 11% in 2013 and 10% in 2014 Maintaining strong balance sheet and financial flexibility to execute strategy Glatfelter continues to expand its position in global growth markets with approximately 50% of net sales and 66% of Adjusted EBITDA coming from growth businesses. 4
5 Composite Fibers Business Unit Market Positions (Worldwide, Pro-Forma) Tea Bags #1 Single-Serve Coffee Apps #1 Nonwoven Wallcovering #1 Metallized Products (Europe) # Key Product Sales Mix Revenue & Shipment Trends 157, , ,570 80,064 90,350 93,317 90,300 $566 $618 $595 $392 $419 $476 $ TTM Revenue Tons Sold 3/31/2015 Food & Beverage 48% Leading market positions driving growth Composite Laminates 6% Technical Specialties 9% Metallized Products 13% Nonwoven Wallcovering 24% Attractive long term growth rates Global tea and coffee markets ~ 4% Nonwoven wallcover market ~ 8% 5
6 Composite Fibers Business Unit $ in millions Operating Income & EBITDA Margin 15.9% 15.4% 15.5% Improving product mix with market leading positions 11.6% 13.5% 13.8% 13.6% Broadened electrical product line with October 2014 acquisition $62.4 $68.2 $63.6 Introducing new dispersible wipes product in mid $21.9 $33.0 $40.8 $ TTM 3/31/2015 Operating Income EBITDA Margin % Business being impacted by recession in Russia and weakened Euro Continuous Improvement program increasing productivity and expanding margins 6
7 Advanced Airlaid Materials Business Unit Market Positions (Worldwide) Feminine Hygiene #1 Adult Incontinence #2 Specialty Wipes #2 Revenue & Shipment Trends 99,668 96,098 98,634 87,951 90,332 72,833 $252 $268 $282 $273 $246 $193 Wipes 6% Home Care 5% 2014 Sales Mix Adult Incontinence 6% Feminine Hygiene 77% Other 6% 2010* TTM 3/31/2015 Revenue Tons Sold Strong growth in shipments since acquisition in 2010 CAGR of 7% Hygiene markets growing ~ 5% per year Introduced new adult incontinence product in 2014 Note: * Represents period from February 12 to December 31,
8 Advanced Airlaid Materials Business Unit $ in millions Operating Income & EBITDA Margin 10.8% 11.3% 12.2% 12.4% Strong track record of profit and margin growth since % 8.7% Leading market positions driving growth $13.4 $18.0 $21.4 $25.3 $24.7 Continuous Improvement initiatives are expanding margins $ * TTM 3/31/2015 Operating Income EBITDA Margin % ~ 90% of revenue has cost passthrough arrangements Growth drivers include innovation and geographic expansion 8
9 Specialty Papers Business Unit Market Positions (North America) Postal Applications #1 Playing Cards #1 Trade Book Publishing #1 Carbonless Products #2 Greeting Cards #2 Envelope # Sales Mix 4.0% 0.0% Year-Over-Year Change in Shipments 1.6% 2.5% -5.0% -8.0% -0.7% 3.5% 2.0% 1.2% 1.4% 0.3% -2.3% % YTD 3/31/15 UFS Market Demand for N.A. -3.7% -3.4% -2.3% Glatfelter Shipments (adjusted for acquisitions) -8.1% -1.8% -3.5% Book Publishing 19% Envelope & Converting 26% Engineered Products 19% Carbonless & Forms 36% 10 consecutive years of outperforming broader market and growing market share Superior customer service Intensive focus on new products 9
10 Specialty Papers Business Unit $ in millions Operating Income & EBITDA Margin 11.8% 11.1% 10.7% $55.9 $58.4 $ % $ % 7.6% $39.7 $ % $45.6 Recent results impacted by following: Bottom of cycle pricing in 2013 Pulp production issues Customer service and new business development driving share gains Culture of continuous improvement and aggressive cost control TTM 3/31/2015 Operating Income EBITDA Margin % Manufacturing flexibility Track record of success 10
11 Agenda Business Overview Financial Overview 11
12 Q Highlights Adjusted EPS (EPS Before Special Items) $0.32 $0.45 $0.30 Q1'14 Q4'14 Q1'15 Q net sales totaled $417 million, a decrease of 8.4% vs. Q In constant currency, net sales down 2.3% Weak sales to Russia & Ukraine Specialty Papers outperformed UFS market Adjusted EPS down $0.02 vs. Q Foreign currency translation reduced adjusted EPS by $.08 SPBU operating profit up $7.1 million CFBU operating profit down 24% driven by wall cover and FX Pension expense increased $1.3 million On target to achieve cost savings of $25 million to $30 million in 2015 Achieved savings of $4 million in Q1 15 Balance Sheet remains strong 12
13 Financial Highlights Net Sales (in millions) Adj. EBITDA / Margin % (in millions) 10.7% 10.3% 10.2% 10.3% 11.0% 10.4% 10.2% $1,184 $1,455 $1,603 $1,578 $1,723 $1,802 $1,764 $126.2 $150.9 $164.0 $174.2 $177.2 $183.3 $ TTM 3/31/ TTM 3/31/2015 Adj. EBITDA Adj. EBITDA % of Net Sales Track record of growing net sales and EBITDA, driven by organic growth, execution of continuous improvement initiatives and strategic acquisitions. 13
14 Strong Growth in Adjusted EPS Adjusted EPS (EPS Before Special Items) $1.55 $1.53 $1.40 $1.25 $0.88 $1.01 $ TTM Adjusted EPS 3/31/2015 Effective strategic execution has driven long-term earnings growth. 14
15 Attractive Free Cash Flow Profile Adjusted FCF (excl. AFM/CBC & Major Capital Projects) TTM 3/31/2015 $107.9 $76.6 $58.0 $77.3 $94.3 $38.2 $44.1 Glatfelter continues to generate strong and consistent free cash flow to fund growth initiatives, dividends and share repurchases, and to maintain financial flexibility. Note: Figures in millions 15
16 Capital Expenditures and Annual Maintenance Outage for Specialty Papers Capital Expenditures Estimate (in millions) 2014A 2015E 2016E Normal Capital Expenditures $59.9 $70 - $75 $70 - $80 Major Projects Boiler Environmental Compliance (SPBU) $6.1 $40 - $45 $30 - $35 Total $66.0 $110 - $120 $100 - $115 Boiler Environmental Compliance Convert/Replace boilers to use natural gas Upgrade associated infrastructure including connecting to gas pipelines Total project cost of $85 million to $90 million SPBU Annual Maintenance Estimate Annual Maintenance Outage for Specialty Papers (in millions) 2014A 2015E 2016E Normal Cost $28 $26 $25 Superheater Replacement - $8 - Total $28 $34 $25 Replace 22 year old superheaters on recovery boiler in Spring Grove Extended downtime in pulp mill for replacement increasing the total cost of outages to $34 million in 2015 Expect outage costs to return to normalized levels in
17 Improved Returns on Invested Capital 8.5% 7.6% 8.3% 8.6% 9.3% 8.8% 8.0% 5.6% 6.3% 4.3% Strong earnings growth, consistent free cash flow and disciplined capital deployment have significantly improved return on capital, which is above GLT s weighted average cost of capital. Note: Return on invested capital based on after-tax earnings from operations excluding unusual items. 17
18 Pension Plan Remains Overfunded No cash contributions Funded needed status from ($mm) 2008 through 2014 Funded Status ($ millions) $79.6 $92.1 $113.5 $60.4 $28.0 $ (in millions) Estimate Pension (Income) / Expense $7.0 $9.2 $10.4 $11.6 $14.2 $6.7 $11.5 Cash contributions* $0 $0 $0 $0 $0 $0 $0 * Qualified plans only Over funding of pension plan declined in 2014 due to lower discount rates. No cash contribution required in 2015 or expected for the foreseeable future. Pension expense expected to increase in 2015 primarily driven by lower discount rates. 18
19 Balance Sheet Metrics (in millions) 31-Dec Dec Mar-15 Cash $122.9 $99.8 $71.6 Debt Current portion of long term debt ⅜% Notes, due October % Term Loan, due June % Term loan, due March Revolving credit agreement Total Debt $442.3 $404.6 $386.6 Net Debt $319.4 $304.8 $315.1 Shareholders Equity $683.7 $649.1 $622.9 TTM Adj. EBITDA (excl. Pension) $177.2 $183.3 $182.4 Refinanced revolving credit facility in Q year facility Increased facility to $400 million Reduced costs Leverage remained at 1.7x at March 31, 2015 Total liquidity of $315 million Sufficient financial flexibility and liquidity to meet near term investment needs and execute long term strategy Leverage* Cash available under bank facility $211.3 $246.6 $243.1 Notes: *The above calculation is not intended to be used for purposes of calculating debt covenant compliance. The sum of individual amounts set forth above may not agree to the column totals due to rounding. 19
20 Wrap-Up Leading positions in key growth markets Expansion of growth platforms both organically and through acquisition Near term challenges Recession in Russia Weakened Euro Focus Areas New product development New market opportunities Manufacturing execution Cost reduction target of $25 million to $30 million for 2015 Track record of profitable growth Delivering returns above cost of capital Financial strength to fund future growth Profitable Growth Delivering Returns Financial Strength 20
21 Appendix 21
22 Free Cash Flow (in millions) Adjusted EBITDA $164.0 $174.2 $177.2 $183.3 Change in Working Capital 10.1 (9.0) 26.7 (31.0) Taxes paid 8.3 (44.7) (15.6) (24.1) Interest Paid (24.2) (14.4) (17.2) (17.6) Other (17.9) (10.9) Cash Flow from Operations Less: Capital Expenditures (64.5) (58.8) (103.0) (66.0) Free Cash Flow Adjustment for major capital projects Exclude: CBC/AFM Credit (17.8) 6.7 (9.8) (1.4) Adjusted Free Cash Flow $58.0 $77.3 $94.3 $38.2 Notes: The sum of individual amounts set forth above may not agree to the column totals due to rounding. Working capital is defined as accounts receivable plus inventories less accounts payable. 22
23 Flexible Operating Platforms Strong Global Reach Fremont, OH Chillicothe, OH Gatineau, Quebec York, PA Spring Grove, PA Atlanta, GA Lydney, UK Caerphilly, UK Scaër, France Moscow, Russia Falkenhagen, Germany Dresden, Germany Gernsbach, Germany Dresden, Germany OberSchmitten, Germany Suzhou, China Hong Kong, China Corporate Headquarters Specialty Papers Composite Fibers Advanced Airlaid Materials Sales / Distribution Offices Glatfelter end-markets Lanao del Norte, Philippines 2014 Revenue Breakdown North America 61% $1.1 billion Europe 33% $0.6 billion ROW 6% $0.1 billion Total 100% $1.8 billion Glatfelter s strong global production platform in core geographies is enhanced by key sales and distribution operations. 23
24 Cost of Goods Sold Breakdown Total Glatfelter Specialty Papers 17% 47% 25% 37% 23% 3% 9% Composite Fibers Raw Materials Energy Labor Depreciation Other COGS 27% 8% Advanced Airlaid Materials 6% 9% 4% 9% 18% 18% 11% 56% 5% 64% 24
25 Reconciliation of Non-GAAP Measures Adjusted EPS TTM 3/31/2015 Net income (loss) $2.70 $1.17 $0.93 $1.36 $1.52 $1.57 $1.56 Charge for workforce efficiencies Cellulosic bio-fuel and alternative fuel mixture credits (2.09) (0.50) - (0.09) (0.23) (0.02) (0.02) Gains from sales of timberland and related transaction costs (0.00) (0.02) (0.10) (0.12) (0.04) (0.06) (0.09) Asset impairment charge Shutdown and restructuring charges Acquisition and integration related costs International legal entity restructuring Debt redemption costs Reserves for environmental matters Adjusted earnings (loss) $0.64 $0.88 $1.01 $1.25 $1.40 $1.55 $1.53 Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 25
26 Reconciliation of Non-GAAP Measures Adjusted EBITDA, Excluding Pension Pro-Forma Adjusted EBITDA, Excluding Pension TTM In millions 3/31/2015 Net Income $ $ 54.4 $ 42.7 $ 59.4 $ 67.2 $ 69.2 $ 68.5 Taxes 19.7 (20.9) Net Pension Expenses Depreciation and Amortization Net Interest Expense EBITDA, excluding Pension $ $ $ $ $ $ $ Adjustments / exclusions: Gains on Timberland Sales and Transaction Related Costs (0.5) (0.4) (3.4) (9.2) (1.4) (4.9) (6.7) Asset impairment charge Debt Redemption Costs Cellulosic Bio-fuel and Alternative Fuel Mixture Credits (105.5) Acquisition and Integration Related Costs Workforce Efficiency Charge International legal entity Restructuring Write-off of Concert Indemnification Receivable Foreign Currency Hedge on Acquisition Price Adjusted EBITDA, excluding pension $ $ $ $ $ $ $ Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 26
27 Reconciliation of Non-GAAP Measures Net Debt and Free Cash Flow Net debt & Leverage December 31 December 31 March 31 In millions Current Portion of Long-Term Debt $0.0 $5.7 $6.9 Long-Term Debt Total Debt Less: Cash (122.9) (99.8) (71.6) Net Debt $319.4 $304.8 $315.1 Net Debt $319.4 $304.8 $315.1 Divided by: TTM Adjusted EBITDA Leverage* 1.8x 1.7x 1.7x Note: The sum of individual amounts set forth above may not agree to the column totals due to rounding. 27
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