Huntsman Corporation. Goldman Sachs Basic Materials Conference 2007 May 16, 2007
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1 Huntsman Corporation Goldman Sachs Basic Materials Conference 2007 May 16, 2007
2 Forward Looking Statements This presentation includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends and other information that is not historical information. When used in this presentation, the words estimates, expects, anticipates, projects, plans, intends, believes, forecasts, or future or conditional verbs, such as will, should, could or may, and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management s examination of historical operating trends and data, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them. However, there can be no assurance that management s expectations, beliefs and projections will be achieved. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Such risks, uncertainties and other important factors include, among others: future global economic conditions, changes in raw material and energy prices, access to capital markets, industry production capacity and operating rates, the supply demand balance for our products and that of competing products, pricing pressures, technological developments, changes in government regulations, geopolitical events and other risk factors as discussed in our most recently filed Form 10-K and Forms 10-Q. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date made and are expressly qualified in their entirety by the cautionary statements included in this presentation. We undertake no obligation to update or revise forward-looking statements which may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. This presentation contains financial measures that are not in accordance with generally accepted accounting principles in the U.S. ("GAAP"), including EBITDA, adjusted EBITDA from continuing operations, adjusted EBITDA from discontinued operations, normalized EBITDA and net debt. The Company has provided reconciliations of non- GAAP financial measures to the most directly comparable GAAP financial measures in the Appendix to this presentation. 2
3 Huntsman Growth Story $14 Ciba TE Butadiene/MTBE Sale European Base Sale U.S. Base / Polymers Sale ( 07E) $12 Dow Ethyleneamines and Rhodia Surfactants Vantico Revenue ($ in Billions) $10 $8 $6 $4 $2 Shell PP American Hoechst Monsanto MAn/LAB Nova Styrenics Sale Packaging Spinoff Rexene Texaco PO/MTBE Texaco Chemical ICI $ Q LTM PF Total revenues Differentiated and Inorganic revenues Huntsman has been a leader in the consolidation of the global chemical industry 3
4 Portfolio Current Composition Q LTM Revenue (1) : $12.6 billion Q LTM Adjusted EBITDA (2) : $1,205 million Base Chemicals 18% Polyurethanes 28% Base Chemicals 14% Polymers 7% Polyurethanes 40% Polymers 14% Pigments 8% Pigments 8% Performance Products 16% Materials & Effects 16% Differentiated Commodity Performance Products 17% Materials & Effects 14% Inorganic (1) Percentage allocations in the segment revenues chart reflect the allocation of all intersegment revenue eliminations to our Base Chemicals segment. Includes discontinued operations. (2) Adjusted EBITDA excludes restructuring and plant closing costs, loss on the sale of accounts receivables and other unusual items; segment allocation is before corporate and other unallocated items. Includes discontinued operations. See appendix for more information. 4
5 Portfolio Positioning High Materials & Effects Polyurethanes Invest Competitive Strength Selectivity Base Chemicals Pigments Polymers Performance Products Low Harvest Low Market Attractiveness Selectivity High Note: size of bubbles represent revenue 5
6 Commodity Chemicals Divestitures ($ in millions ) 10 Yr Avg Normalized Date Transactions Buyer EBITDA (1) Price Multiple June 27, 2006 US Butadiene / MTBE TPC x December 29, 2006 European Base / Polymers Sabic (2) 8.0x Pending US Base / Polymers Koch Industries x $ 275 $ 1, x (1) Normalized EBITDA is adjusted for plant closures, divestitures, acquisitions and the Odessa plant modernization (2) Includes $685 million cash and $125 million of pension liabilities less $14 million working capital adjustment 6
7 Portfolio Composition New Huntsman Q LTM PF Revenue (1) : $8.9 billion Q LTM PF Adjusted EBITDA (1,2) : $945 million Pigments 12% Polyurethanes 39% Performance Products 23% Performance Products 21% Pigments 10% Polyurethanes 50% Materials & Effects 26% Differentiated Inorganic Materials & Effects 19% (1) Pro forma for Textile Effects acquisition, butadiene/mtbe, U.S. and European Base Chemicals and Polymers divestitures. See appendix for more information. (2) Adjusted EBITDA excludes restructuring and plant closing costs, loss on the sale of accounts receivables and other unusual items; segment allocation is before corporate and other unallocated items. See appendix for more information. 7
8 Geographically Diverse Q Differentiated and Inorganic Revenue Distribution U.S. & Canada 36 % Europe 34 % Asia Pacific 17% Rest of World 13% New plant construction Source: Q revenues include Polyurethanes, Advanced Materials, Textile Effects, Performance Products and Pigments 8
9 Growth and Earnings Profile Illustrative Earnings Cycles Categories Multiples Profitability (Absolute Amounts) 7-9% 1-2% Commodity 3-6% Diversified 3-4% Specialty Limited Growth Specialty Growth ~4.8x ~7.0x ~7.5x ~11.0x Differentiated Growth ~7.7x Time Commodity Specialty/Growth Differentiated/Growth Diversified Specialty/Limited Growth Source: Factset. EV EBITDA multiple as of 5/1/2007. (a) Multiple based on brokers consensus valuation. (b) Huntsman multiple based on Wall Street consensus. 9
10 Huntsman A Blend of Comparables Polyurethanes Rohm & Haas Acrylic Monomers Bayer Material Science Division Dow - Performance Plastics division Lucite (private) PMMA Arkema Fluorochemicals; PMMA Solutia PVOH and PVB films DuPont Flourochemicals; PVOH and PVB films Textile Effects Clariant Chemicals & Dyes Cognis (private) Chemicals Dystar (private) Chemicals & Dyes Advanced Materials Hexcel Composites Cytec Composites Sika Construction Chemicals and Sealants HB Fuller Adhesives and Sealants Altana Coatings ingredients Rohm & Haas Coatings ingredients; Electronic Materials Wacker Silicones; Electronic Materials Cytec Amines Performance Products Cognis Surfactants Croda Surfactants Polynt MAn 10
11 First Quarter 2007 Review ($ in millions ) 4Q Q 2007 Variance Comment Segment Adjusted EBITDA Polyurethanes $ $ $ $12 1Q07 MDI China outage Materials and Effects Performance Products Pigments $4 1Q07 Greatham outage Sub-total $ $ $ 65.1 Polymers Base Chemicals (5.6) -21 1Q07 Pt. Arthur Impact Corporate and Other (39.1) (34.9) 4.2 Total Continuing $ $ $ 63.7 Discontinued Operations 83.3 (0.4) (83.7) Total Continuing & Discontinued $ $ $ (20.0) 11
12 Polyurethanes Business Dimensions Markets include: Adhesives, Coatings and Elastomers Appliances Automotive Construction Composite Wood Products Footwear Furniture and Bedding Q LTM: Revenue $3.5 billion, Adjusted EBITDA $534 million Leadership positions in numerous market sectors Global reach: 2,300 associates and sales in 90+ countries Commitment and focus on MDI-based applications, over 500 products World scale MDI production facilities backward integrated into aniline/nitrobenzene Highly capable downstream systems capability 12
13 Polyurethanes Strongly Positioned in MDI Precursor MDI Capacity Share MDI Industry Occupacity Others 20% Huntsman 22% % 95% 95% 91% 92% 90% 92% 93% 94% 90% 91% 93% 93% 93% 93% 93% 93% 86% 84% 100% 95% 90% 85% Huntsman Dow BASF Bayer Lyondell Dow 13% Source: Nexant 2007 BASF 23% Bayer 22% Suppliers Polyurethane Portfolio 0% 20% 40% 60% 80% 100% Source: Nexant 2007 MDI TDI Polyol PO Cost Index '000 tes Source: Nexant Source: Nexant CAGR% World 7.0% Capacity Demand Occupacity Global Precursor MDI Cash Cost Curve 0 1,000 2,000 3,000 4,000 Total Nameplate Capacity ( 000 Tes) 80% 75% 70% 65% 60% 55% 50% 45% 13
14 Polyurethanes MTBE Profitability Compared to Urethanes Adjusted EBITDA $800 $734 Estimate MTBE Estimate Urethanes Adjusted EBITDA in millions $600 $400 $200 $409 $573 $ Adjusted EBITDA in millions $180 $130 $80 $30 $158 $172 $136 $108 $119 -$20 Q106 Q206 Q306 Q406 Q107 14
15 Materials & Effects Business Dimensions Markets include: Adhesives Aerospace Apparel Automotive Coatings Construction Electronics Marine Power Sports and Leisure Textiles - Home and Technical Wind Energy Q LTM PF: Revenue $2.3 billion, Adjusted EBITDA $211 million 6,500 employees Sales in more than 90 countries Over 7,500 products to approximately 15,000 customers 15
16 Materials and Effects Major Sites East Lansing Woodlands High Point Los Angeles McIntosh St Gabriel Atoto Duxford Basel Pamplona Bergkamen Langweid Bad Saeckingen Monthey Istanbul Panyu Mahachai Quingdao Tabao de Serra Advanced Materials Textile Effects Common site 16
17 Materials and Effects Textile Effects Competitive Landscape Large Dyes and chemicals Dyes only Chemicals only HUN Clariant Size Thai Ambica Mitsui etc Kung In Oh Young Cognis Rudolf CHT / Bezema Tanatex BASF DyStar LongShen ChuYuan Small Local Geographic Activity Global Source: company estimates 17
18 Materials and Effects Textile Effects Restructuring Plan 2 year comprehensive restructuring plan in progress Estimated cash spend of $135 million - $60 million in capital expenditures - $75 million in restructuring costs Up to $75 million in net identified cost savings opportunities by end Manufacturing $40 million - Purchasing $10 million - SG&A $25 million $50 million to $70 million in working capital release expected to fund a significant portion of the restructuring program 18
19 Performance Products Business Dimensions Markets include: Paints and Coatings Agriculture Fuels Construction Personal Care Gas Treatment Soaps and Detergents Ceramics Electronics Composites Paper Mining Metalworking Water Treatment Polyurethanes Q LTM: Revenue $2.1 billion, Adjusted EBITDA $229 million 1,850 employees 3.2 million tons production capacity 15 manufacturing sites, 2 joint venture sites, 3 R&D centers, 5 sales/admin centers Over 1,000 products sold in 100+ Countries 19
20 Performance Products The EO/EG Transition $ in millions Adjusted EBITDA $200 $150 $100 $50 Core Perf. Products CAGR 22% $0 -$ Q1 '07 LTM Core Perf. Products EO/EG 20
21 Pigments Business Dimensions Markets include: Coatings Plastics Inks Paper Ceramics Fibers Cosmetics Pharmaceuticals Food Additives Q LTM: Revenue $1.1 billion, Adjusted EBITDA $104 million 2,100 employees Sales to over 1,500 customers in 120 countries Well positioned in end use markets (coatings, plastics, inks, etc.) Competitive production via chloride and sulphate technologies 21
22 Pigments Structural Fixed Cash Costs Relentless Efficiency Drive Fixed Costs $mm $80mm reduction & $100mm inflation offset Asset Base Manufacturing Cost & Efficiency SG&A Closure of 75kt uneconomic capacity Offset by additional capacity release from surviving assets TOP, Victoria, Compete, Coronado & Six Sigma Reduced from 10% to 6% of Sales Global Shared Services on Global ERP Platform At constant exchange rates 22
23 Pigments Huntsman TiO 2 Performance Journey Coronado Titan EBITDA $mm Victoria Post Titan HUN competitive improvement drive has yielded significant benefits. Project Titan will generate additional uplift ($40 million). 50 kte Greatham expansion Ongoing actions to further upgrade market stance 23
24 Impact of Recent Transactions Leverage Impact Interest Expense Impact ($ in Millions) ($ in Millions) 10% $6,000 $600 8% $4,000 $400 6% $2,000 $200 4% $ Q1 '07 Q1 '07 PF(a) Net Debt $ Q1 '07 Q1 '07 PF (a) Interest Expense Constant YE '04 Actual Average Interest Rate 2% Fixed rate debt 64% 47% 48% 48% 48% Floating rate debt 36% 53% 52% 52% 52% Period end LIBOR rate 2.3% 4.3% 5.3% 5.3% 5.3% a) Pro forma basis to give effect to the US asset sale. Net Proceeds of $761 million applied to repay debt and to pay premiums, additional fees and expenses 24
25 Appendix
26 Huntsman Corporation Adjusted EBITDA Reconciliation $ in millions Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Net (loss) / income $ (52) $ 113 $ (30) $ (65) $ 69 $ 263 $ (182) $ 80 $ 47 Interest expense - net Income tax expense / (benefit) (50) 8 24 (6) (41) 12 Depreciation and amortization EBITDA Early extinguishment of debt Legal and contract settlement expense, net (9) Loss on sale of accounts receivable Loss due to the Port Arthur outage Restructuring and plant closing costs (1) 4-12 Gain (loss) on disposition of assets (92) (1) 1 (1) Loss from discontinued operations net of tax (98) (15) 6 (7) 9 (40) 232 (61) 2 Extraordinary gain on the acquisition of a business, net of tax (51) (7) 2 (2) Cumulative effect of changes in accounting principle (6) Adjusted EBITDA from continuing operations $ 387 $ 372 $ 319 $ 197 $ 300 $ 321 $ 260 $ 196 $ 260 Base Chemicals - Europe $ 103 $ 58 $ 0 $ 8 $ (8) $ 42 $ 44 $ 84 $ - Polyurethanes - TDI (3) (4) (0) (0) (1) (0) (1) (0) (0) Total Segment Adjusted EBITDA $ 488 $ 426 $ 319 $ 205 $ 292 $ 362 $ 304 $ 280 $ 260 Pro Forma (1) Pro Forma (1) Q LTM Net (loss) $ (167) $ (426) $ (228) $ (35) $ 230 $ 207 Interest expense - net Income tax (benefit) / expense (10) 32 (29) 21 (15) (11) Depreciation and amortization EBITDA , Cumulative effect of accounting change (167) Early extinguishment of debt Legal and contract settlement expense, net (9) Loss on sale of accounts receivable Asset impairment, write down Loss due to the Port Arthur outage Restructuring and plant closing costs Reorganization costs Gain on disposition of assets (92) (93) Loss from discontinued operations net of tax (22) (75) (197) (114) Extraordinary gain on the acquisition of a business, net of tax (56) (58) Cumulative effect of changes in accounting principle Adjusted EBITDA from continuing operations $ 772 $ 717 $ 1,024 $ 1,275 $ 1,077 $ 1,037 Base Chemicals - Europe $ 14 $ 78 $ 224 $ 170 $ 162 $ 170 Polyurethanes - TDI 9 (3) (8) (8) (2) (2) Total Segment Adjusted EBITDA $ 794 $ 792 $ 1,240 $ 1,437 $ 1,237 $ 1,205 (1) Pro forma as if Huntsman had acquired the remaining interest in HIH as of January 1, 2002 and 2003 and its interest in Advanced Materials as of January 1, 2002 and
27 Huntsman Corporation Segment Adjusted EBITDA Reconciliation $ in millions Q1 '05 Q2 '05 Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Adjusted EBITDA Polyurethanes $ 190 $ 198 $ 195 $ 150 $ 158 $ 172 $ 136 $ 108 $ 119 Materials & Effects Performance Products Pigments Polymers Australia Styrenics (3) (5) (1) (5) (1) (3) 4 (1) (1) Base Chemicals (3) 9 3 Corporate and other (69) (29) (39) (48) (44) (39) (17) (39) (35) Segment Adjusted EBITDA from cont. ops. (1) $ 387 $ 372 $ 319 $ 197 $ 300 $ 321 $ 260 $ 196 $ 260 Base Chemicals - Europe (8) Polyurethanes - TDI (3) (4) (0) (0) (1) (0) (1) (0) (0) Total Segment Adjusted EBITDA (2) $ 488 $ 426 $ 319 $ 205 $ 292 $ 362 $ 304 $ 280 $ 260 $ in millions Hurricane / POMTBE Outage / Fire Impact Q LTM Q3 '05 Q4 '05 Q1 '06 Q2 '06 Q3 '06 Q4 '06 Q1 '07 Adjusted EBITDA Polyurethanes Materials & Effects Performance Products Pigments Polymers Australia Styrenics (14) (2) (2) Base Chemicals Corporate and other (185) (139) (131) Segment Adjusted EBITDA from cont. ops. (1) $ 1,275 $ 1,077 $ 1,037 $ 59 $ 140 $ - $ 54 $ 67 $ 35 $ 21 Incremental - Textile Effects Incremental - Base Chemicals - C4s / MTBE (41) (10) (9) Pro Forma Segment Adjusted EBITDA $ 1,322 $ 1,111 $ 1,055 Base Chemicals - Europe $ 170 $ 162 $ 170 Polyurethanes - TDI (8) $ (2) (2) Total Segment Adjusted EBITDA (2) $ 1,437 $ 1,237 $ 1,205 (1) For a reconcilation of Segment Adjusted EBITDA to Net Income see previous page. (2) Includes assets designated as held for sale and presented as discontinued operations in GAAP financials. 27
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