Venator Business Overview and Cost Savings Initiatives
2022A-2027E CFADS Build-up
VENATOR
Cash Flow ($m)
2022
2023E
2024E
2025E
2026E
2027E
Total Revenue
2,173
1,901
2,083
2,066
2,182
2,262
1
Total EBITDA
53
(120)
104
175
219
237
2
Normal Course Capex
(69)
(55)
(68)
(62)
(62)
(60)
Change in Working Capital
(135)
18
28
28
(11)
(11)
(7)
Other
152
115
(45)
(18)
(21)
(25)
CFADS (pre One-Off Expenses)
1
(41)
20
84
126
145
4
Operational Restructuring
(36)
(25)
(39)
(38)
(15)
(27)
Project Volt Costs
CFADS (post One-Off Expenses)
(35)
(81)
(147)
(19)
46
111
118
1 Reflects TiO2 business incl. operational restructurings, Performance Additives, corporate SG&A and annual contingencies
2 2023E capex limited to necessary maintenance expenditures with select growth investments from 2024E onwards
3
■ Total capex spend on decoupling FAD business at Duisburg and specialty grade transfer to Uerdingen is c.$22m
☐
Following the sale of the Iron Oxide business, capital expenditures for TiO2 business expected to be approximately 75-85% of
total company annual spend
Includes net proceeds from sale of Iron Oxide business to Cathay Industries in Q1'23 of $130m(1), other investing & financing cash
flows, cash income tax, pensions and other items
4 Reflects one-off costs to implement cost savings initiatives and address legacy issues in Germany and France (2)
52
52
Cash flow before debt service expected to be negative c.($145m) in July 2023 before turning positive
Aug-23 ABL borrowing base forecasted at c.$230m, decreasing to c.$208m at 2023 Y/E
Note:
(1)
(2)
CFADS is defined as change in cash pre-debt service (both interest and principal repayment/drawdown); net ECO income / cost is captured in COGS
ABL borrowing base reduced by approximately $85m as a result of the transaction
Includes $6m of restructuring costs for Calais from H2'23E onwardsView entire presentation