PPG Frank S. Sklarsky Executive Vice President and Chief Financial Officer
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1 PPG Frank S. Sklarsky Executive Vice President and Chief Financial Officer Bank of America s 2016 Agriculture & Chemicals Conference Fort Lauderdale, FL Information current as of March 1, 2016
2 Forward Looking Statement The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of the Company. This presentation contains forward-looking statements that reflect the Company s current views with respect to future events and financial performance. You can identify forward-looking statements by the fact that they do not relate strictly to current or historic facts. Forward-looking statements are identified by the use of the words aim, believe, expect, anticipate, intend, estimate, project, outlook, forecast and other expressions that indicate future events and trends. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to update any forward looking statement, whether as a result of new information, future events or otherwise. You are advised, however, to consult any further disclosures we make on related subjects in our reports to the Securities and Exchange Commission. Also, note the following cautionary statements. Many factors could cause actual results to differ materially from the Company s forward-looking statements. Such factors include global economic conditions, increasing price and product competition by foreign and domestic competitors, fluctuations in cost and availability of raw materials, the ability to maintain favorable supplier relationships and arrangements, the timing of and the realization of anticipated cost savings from restructuring initiatives, difficulties in integrating acquired businesses and achieving expected synergies therefrom, economic and political conditions in international markets, the ability to penetrate existing, developing and emerging foreign and domestic markets, foreign exchange rates and fluctuations in such rates, fluctuations in tax rates, the impact of future legislation, the impact of environmental regulations, unexpected business disruptions and the unpredictability of existing and possible future litigation, including litigation that could result if the proposed asbestos settlement does not become effective. However, it is not possible to predict or identify all such factors. Consequently, while the list of factors presented here and under Item 1A of PPG s 2015 Form 10-K is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in the results compared with those anticipated in the forward-looking statements could include, among other things, lower sales or earnings, business disruption, operational problems, financial loss, legal liability to third parties, other factors set forth in Item 1A of PPG s 2015 Form 10-K and similar risks, any of which could have a material adverse effect on the Company s consolidated financial condition, results of operations or liquidity. 2
3 PPG: Creating Shareholder Value Global Coatings Industry Portfolio Optimization A Platform for Growth Financial Results 3
4 Global Coatings Industry (~$130B) Coatings Industry Geographic Sales Mix PPG Geographic Coatings Sales Mix Japan Asia Pacific 43% Latin America 8% U.S. & Canada 17% Asia/Pacific 17% Latin America 10% U.S & Canada 44% EMEA 32% China EMEA 29% Source: Kusumgar, Nerlfi, & Growney; Company Annual Reports; PPG estimates 4
5 Coatings Industry Consolidation Competitive Landscape Recent Notable Coatings Transaction/Consolidation Activity: PPG SigmaKalon (2008) PPG AkzoNobel N.A. architectural Coatings (2013) Other PPG Comex Mexico (2014) AkzoNobel ICI (2008) Sherwin Williams Comex U.S. and Canada (2013) Axalta Former Dupont Coatings Business (2013) PPG is the leader in a consolidating industry with many smaller competitors Valspar Ace, Inver, Quest (2013/2013/2015) Source: Orr and Boss; Company Annual Reports; PPG estimates 5
6 PPG: Creating Shareholder Value Global Coatings Industry Portfolio Optimization A Platform for Growth Financial Results 6
7 Business Portfolio Optimization $10.2B Sales* $15.3B 22% Coatings 7% 23% 55% Chemicals Glass 93% Coatings = $5.6B Coatings = $14.2B Significant transactions accelerate portfolio optimization Acquisitions: SigmaKalon (2008), AkzoNobel N.A. Architectural (2013), Comex (2014) Divestitures: Commodity Chemicals (2013), Transitions Optical (2014) Sales from Continuing Operations as originally reported 7
8 PPG s Global Footprint PPG Presence in ~70 countries 72% % % U.S. & Canada EMEA 2% 6% 20% 16% Asia/Pacific Latin America Global expansion delivers a more balanced coatings portfolio 8 10%
9 Coatings End-Use Markets Industry End-Market Demand (~$130B Sales Value) Aerospace 1% Packaging 2% PPG Coatings End-Use Sales Mix Architectural Coatings Refinish 6% Auto OEM 8% Protective & Marine 12% Architectural 43% 65% 35% General Industrial 28% Source: Kusumgar, Nerlfi, & Growney; Company Annual Reports; PPG estimates Special-Purpose Coatings: Aerospace General Industrial Automotive OEM Protective & Marine Automotive Refinish Packaging Specialty Coatings & Materials PPG mirrors the global coatings industry end-use mix 9
10 PPG Global Market Positions Position by Coatings Vertical Lower <---- Level of Consolidation ----> Higher Global Position PPG #1 Arch ~$56B General Industrial ~$36B Protective & Marine ~$16B Refinish / Collision ~$8B Auto OEM ~$10B Packaging ~$3B Aerospace ~$1B Participation in all end-use markets Participation in all end-use markets AkzoNobel #2 Sherwin Williams #3 Valspar #4 Axalta #6 BASF #7 #1 Market Position #2 Market Position #3 Market Position #4+ Market Position No Meaningful Presence PPG growth opportunity: To be #1 or #2 in every country/vertical Source: Orr and Boss; company annual reports, PPG estimates Source: Orr and Boss; Company Annual Reports; PPG estimates 10
11 Index Strengthened Business Portfolio 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% PPG Segment Sales * Coatings 55% ~$10.2B Commodity Chemicals Optical & Specialty Glass 93% Coatings Segments Earnings Growth (Indexed to 2005) * CAGR = 11% Portfolio shift to coatings end-use markets drives earnings growth * As originally reported, not adjusted for divestitures. ~$15.3B
12 PPG: Creating Shareholder Value Global Coatings Industry Portfolio Optimization A Platform for Growth Financial Results 12
13 Growth Levers Organic Growth Macro Economic Growth Acquisition Growth Innovative products focused on market trends and customer needs Leverage across coatings end-use markets/verticals and geographies Expansion into white spaces European volumes still ~17% below 2008 levels Strong incremental margins due to business restructuring and cost focus Proven track record of successful integrations Robust pipeline of global acquisition targets across businesses and geographies Incremental Growth Provides Significant Operating Leverage 13
14 Innovation Drives Success Research & Development Expenditures ($MM) $403 $443 $444 $479 $509 $505 $0 $200 $400 $600 ~3% of sales annually Defensible Positions Sustainable Innovation Automotive OEM Compact Process Wet-on-wet auto coating process Customer benefits: Lower capital costs (greenfield sites) Less energy required (greenfield and brown sites) PPG is the global leader, supplying over 40 customer plants around the world Aerospace Aircraft Fuel Efficiencies PPG s array of technologies to reduce weight and improve airplane fuel economy Structurally-loaded cockpit windows Basecoat clearcoat paint systems Solar heat management coatings Generation III lightweight sealants PPG technologies can enable over 1,000 lbs. reduction per plane New Product Sales Crossindustry synergies 14 Automotive Refinish Waterborne Coatings Environmentally-friendly coatings Customer benefits: Best-in-class color-match accuracy Anti-settle properties reduce the need for onsite mixing PPG supplies 2 out of 3 waterborne collision-repair shops in the US and Canada
15 Completed Significant Strategic Actions Continued Comex Mexico integration Consorcio Latinamericano REVOCOAT: automotive adhesives and sealants Le Joint Français: aerospace and automotive sealants & adhesives Cuming Microwave IVC: liquid and powder industrial coatings Chemfil Canada: automotive and industrial pretreatment Continued acquisitions across geographies and end-use markets 15
16 Acquisitions Contribute to Sales Growth (MM of USD) 4,000 3,500 3,000 Acquisition Sales Growth Over Prior Year Notable acquisitions: 2008 SigmaKalon 2013/4 AkzoNobel NA 2014/5 Comex 2,500 2,000 +6% average sales growth from acquisitions 1,500 1, Acquisitions supplement organic growth 16
17 Volume and Earnings Growth Trends 1,400 1,200 1, PPG Regional Earnings New Regional Record (excl. currency) 0 U.S. and Canada Europe Emerging Regions 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% -20% -25% PPG Coatings Volume Trend* (Indexed to 2008) -15% -20% -6% 25% 1% -17% U.S. & Canada Europe Emerging Regions Strong segment earnings; significant volume leverage remaining 17 * As originally reported, not adjusted for segment reporting changes.
18 PPG: Creating Shareholder Value Global Coatings Industry Portfolio Optimization A Platform for Growth Financial Results 18
19 PPG Adjusted Earnings Per Diluted Share Trend $6.00 $5.69 Key Drivers $5.50 $5.00 $4.50 $4.00 $3.83 $4.88 Global business expansion Innovation-led organic growth Ongoing, aggressive cost management $3.50 Recurring and disciplined cash deployment $3.00 $2.50 $2.44 $2.92 Acquisitions & synergies Share repurchases $2.00 Transformed portfolio and accretive cash deployment drive earnings growth * Adjusted Earnings Per Diluted Share from Continuing Operations See appendix for reconciliations to reported EPS 19
20 Balance Sheet and Cash Usage $3,000 Cash & Short Term Investments Cash Deployment (~$19B) $2,500 $2,393 23% 20% $2,000 $1,745 $1,500 $1,183 $1,455 18% $1,000 39% $500 $0 YE'12 YE'13 YE'14 YE'15 Capital Spending Dividends Acquisitions Share Repurchases Strong balance sheet with balanced, continued cash deployment 20
21 Return on Capital Capital ($MM) PPG Return on Capital (adjusted)* 20.0% 18.0% 16.0% 14.0% 19.1% 16.9% 17.2% 14.0% 16.6% 18.3% 17.2% 16.1% 16.0% 10,000 9,000 8,000 7, % 11.3% 6, % 8.0% 6.0% 4.0% 2.0% 0.0% 8.5% ,000 4,000 3,000 2,000 1,000 0 Capital Return on Capital ROC consistency demonstrates successful acquisition integration * Adjusted to exclude certain non-recurring charges, see appendix for reconciliation. All years as originally reported, not adjusted for business divestitures. 21
22 In Summary Optimized Paint and Coatings Portfolio Global paint and coatings leader with broad geographic coverage Leading positions in all coatings end-use markets Scale and breadth deliver earnings growth Growth Platform Innovation-led growth opportunities across verticals and geographies Strong incremental margins driven by European volume leverage 6 acquisitions closed in 2015, continued pipeline of candidates remain Shareholder Value Creation Consistent, robust earnings growth Balanced, accretive cash deployment Continue to invest organically and integrate acquisitions while maintaining attractive returns on capital 22
23 Additional Materials and Appendix Thank you for your interest in PPG Contact Information: Investors: Scott Minder - (412) Media: Mark Silvey - (412)
24 Adjusted EPS Reconciliation 1 st Quarter Reporting Period Continuing Operations Discontinued Operations Total PPG Net Income EPS Net Income EPS Net Income EPS Year 2015 Net Income/(Loss) Attributable to PPG as Reported $ 321 $ 1.16 $ 1 $ 0.01 $ 322 $ 1.17 Transaction-related costs Adjusted Net Income/(Loss) Attributable to PPG $ 327 $ 1.18 $ 1 $ 0.01 $ 328 $ 1.19 Year 2014 Net Income/(Loss) Attributable to PPG as Reported $ 277 $ 0.98 $ 985 $ 3.50 $ 1,262 $ 4.48 Transaction-related costs Adjusted Net Income/(Loss) Attributable to PPG $ 279 $ 0.99 $ 985 $ 3.50 $ 1,264 $ 4.49 Year 2013 Net Income/(Loss) Attributable to PPG as Reported $ 191 $ 0.64 $ 2,219 $ 7.51 $ 2,410 $ 8.15 Legacy pension costs Environmental costs Transaction-related costs U.S. tax law change enacted in 2013 (10) (0.03) (10) (0.03) Adjusted Net Income/(Loss) Attributable to PPG $ 207 $ 0.69 $ 2,219 $ 7.51 $ 2,426 $ 8.20 Year 2012 Net Income/(Loss) Attributable to PPG as Reported $ (49) $ (0.16) $ 61 $ 0.20 $ 12 $ 0.04 Business restructuring Environmental reserves Transaction-related costs Adjusted Net Income/(Loss) Attributable to PPG $ 191 $ 0.62 $ 87 $ 0.28 $ 278 $ 0.90 Year 2011 (no adjustments) Amounts in Millions of USD except EPS
25 Adjusted EPS Reconciliation 2 nd Quarter Reporting Period Continuing Operations Discontinued Operations Total PPG Net Income EPS Net Income EPS Net Income EPS Year 2015 Net Income/(Loss) Attributable to PPG as Reported $ 337 $ $ 337 $ 1.23 Transaction-related costs Business restructuring charge Adjusted Net Income/(Loss) Attributable to PPG $ 458 $ $ 458 $ 1.67 Year 2014 Net Income/(Loss) Attributable to PPG as Reported $ 393 $ 1.40 $ (7) $ (0.02) $ 386 $ 1.38 Pension settlement charge Transaction-related costs Adjusted Net Income/(Loss) Attributable to PPG $ 398 $ 1.42 $ (7) $ (0.02) $ 391 $ 1.40 Year 2013 Net Income/(Loss) Attributable to PPG as Reported $ 318 $ 1.09 $ 23 $ 0.08 $ 341 $ 1.17 Transaction-related costs Adjusted Net Income/(Loss) Attributable to PPG $ 331 $ 1.14 $ 25 $ 0.09 $ 356 $ 1.23 Year 2012 Net Income/(Loss) Attributable to PPG as Reported $ 266 $ 0.86 $ 96 $ 0.31 $ 362 $ 1.17 Business separation costs Adjusted Net Income/(Loss) Attributable to PPG $ 266 $ 0.86 $ 99 $ 0.32 $ 365 $ 1.18 Year 2011 (no adjustments) Amounts in Millions of USD except EPS 25
26 Adjusted EPS Reconciliation 3 rd Quarter Reporting Period Continuing Operations Discontinued Operations Total PPG Net Income EPS Net Income EPS Net Income EPS Year 2015 Net Income Attributable to PPG as Reported $ 433 $ $ 433 $ 1.59 Transaction-related costs Pension settlement charge Adjusted Net Income/(Loss) Attributable to PPG $ 439 $ $ 439 $ 1.61 Year 2014 Net Income/(Loss) Attributable to PPG as Reported $ 377 $ 1.35 $ (6) $ (0.02) $ 371 $ 1.33 Transaction-related costs Pension settlement charge Legacy environmental reserves Gain on asset sales (73) (0.26) (73) (0.26) Adjusted Net Income/(Loss) Attributable to PPG $ 394 $ 1.41 $ (6) $ (0.02) $ 388 $ 1.39 Year 2013 Net Income/(Loss) Attributable to PPG as Reported $ 204 $ 0.70 $ 22 $ 0.08 $ 226 $ 0.78 Transaction-related costs Legacy environmental reserves Business restructuring Adjusted Net Income/(Loss) Attributable to PPG $ 336 $ 1.15 $ 23 $ 0.08 $ 359 $ 1.23 Year 2012 Net Income/(Loss) Attributable to PPG as Reported $ 269 $ 0.86 $ 70 $ 0.23 $ 339 $ 1.09 Business separation costs Adjusted Net Income/(Loss) Attributable to PPG $ 269 $ 0.86 $ 79 $ 0.26 $ 348 $ 1.12 Year 2011 (no adjustments) Amounts in Millions of USD except EPS
27 Adjusted EPS Reconciliation 4 th Quarter Reporting Period Amounts in Millions of USD except EPS
28 PPG Adjusted Earnings Per Diluited Share Trend Reconciliation Adjusted EPS from Continuing Operations Y-O-Y Change in Adjusted EPS from Continuing Operations Period vs vs vs vs Q $ 0.44 $ 0.62 $ 0.69 $ 0.99 $ 1.18 $ 0.18 $ 0.07 $ 0.30 $ Q Q Q Full Year* $ 2.44 $ 2.92 $ 3.83 $ 4.88 $ 5.69 $ 0.48 $ 0.91 $ 1.05 $ 0.81 Year over year percentage increase in EPS +20% +31% +27% +17% *Full year diluted EPS was calculated using the full year weighted average shares outstanding. As such, the sum of the quarters may not equal the total EPS for the year. Amounts in Millions of USD except EPS 28
29 Adjusted Net Earnings Full Year * 2012* 2011* 2010* Net Earnings as Reported $1,405 $1,133 $1,034 $941 $1,095 $769 Adjustments: Debt refinancing charge Business restructuring charge Equity affiliate debt refinancing charge Transaction-related costs Environmental remediation charge Legacy pension settlement loss Tax rulings/law changes - (24) (10) Gain on asset dispositions - (73) Total Net Adjustments $150 $231 $168 $289 - $85 Adjusted Net Earnings $1,555 $1,364 $1,202 $1,230 $1,095 $854 *Amounts in Millions of USD Not adjusted for Commodity Chemicals separation or Transitions Optical divestiture for comparative purposes 29
30 Adjusted Net Earnings FULL YEAR Net Earnings as Reported $336 $538 $834 $711 $596 Adjustments: Business restructuring charge Divestiture-related costs Acquisition-related costs Environmental Charge Legal Settlement Debt Refinancing Impairments/Other Total Net Adjustments $141 $219 $34 $131 $167 Adjusted Net Earnings $477 $757 $868 $842 $763 Amounts in Millions of USD Not recast to reflect discontinued operations presentation 30
31 Adjusted Return on Capital Full Year * 2012* 2011* 2010* Adjusted Net Earnings $1,555 $1,364 $1,202 $1,230 $1,095 $854 Net Interest Expense (aftertax) Adjusted Net Earnings + Net Interest Expense $1,650 $1,507 $1,351 $1,387 $1,253 $994 Capital (Average Debt & Average Equity) as Reported Net Adjustment (see Net Earnings Reconciliations) $9,515 $9,200 $8,212 $7,371 $7,526 $6, Adjusted Capital** $9,603 $9,383 $8,395 $7,592 $7,526 $6,753 Adjusted Return on Capital 17.2% 16.0% 16.1% 18.3% 16.6% 14.0% *Amounts in Millions of USD Not adjusted for Commodity Chemicals separation or Transitions Optical divestiture for comparative purposes **This table does not foot due to the averaging effect of Net Adjustments 31
32 Adjusted Return on Capital Full Year Adjusted Net Earnings $477 $757 $868 $842 $763 Net Interest Expense (after-tax) Adjusted Net Earnings + Net Interest Expense $612 $932 $934 $903 $820 Capital (Average Debt & Average Equity) as Reported Net Adjustment (see Net Earnings Reconciliations) $7,088 $8,053 $5,403 $4,587 $4, Adjusted Capital** $7,237 $8,272 $5,437 $4,718 $4,853 Adjusted Return on Capital 8.5% 11.3% 17.2% 19.1% 16.9% Amounts in Millions of USD, except percents - Not adjusted for discontinued operations for comparative purposes **This table does not foot due to the rounding effect of Net Adjustments 32
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