Refinancing Presentation
Pro Forma EBITDA Considerations
(US $M)
Full-Year Pro forma EBITDA
$250
$901
$203
$?
$200
$30
Break Even
Cash Flow
$150
$60
$113
$125
$25 Cash Tax
$100
.
$50 Cash Interest
$50
$50 Capex
2013
Current
Consensus
$90M Cost Adjusted Price/
Savings Consensus Utilisation
Run-Rate
Fixed
Charges
Run-Rate EBITDA Considerations:
.
Potential price and utilisation declines
• Cost savings impact:
$70M reduction (2013)
• $90M reduction (2014-2015)
One-time Inventory Obsolescence:
2H13 Estimate: ~$10 to $15M
•
• Global Products Manufacturing:
$20 to $25M of unabsorbed plant
costs due to minimal mfg. levels
Executed cost savings will help to mitigate the unknown potential impact of price erosion
The Company estimates that roughly two-thirds of this benefit will be realized in 2014
BOART LONGYEAR Refinancing Presentation - October 2013
14View entire presentation