Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Celanese Corp | june1820178-kdoc.htm |
| EX-99.5 - EXHIBIT 99.5 - Celanese Corp | june1820178-kex995.htm |
| EX-99.4 - EXHIBIT 99.4 - Celanese Corp | june1820178-kex994.htm |
| EX-99.2 - EXHIBIT 99.2 - Celanese Corp | june1820178-kex992.htm |
| EX-99.1 - EXHIBIT 99.1 - Celanese Corp | june1820178-kex991.htm |
Celanese and Blackstone
to Form Joint Venture in
Acetate Tow
J U N E 1 8 , 2 0 1 7
Combines complementary tow portfolios to
drive innovation and enhance cost competitiveness
Proceeds from transaction to be deployed
in high-growth businesses at Celanese
2A C E T A T E T O W J V – J U N E 2 0 1 7
Disclosures
Forward-Looking Statements
This presentation contains “forward-looking statements,” which include information concerning the Company’s plans, objectives, goals, strategies, future revenues, synergies,
or performance, financing needs and other information that is not historical information. All forward-looking statements are based upon current expectations and beliefs and
various assumptions, including the announced joint venture transaction. There can be no assurance that the Company will realize these expectations or that these beliefs will
prove correct. There are a number of risks and uncertainties that could cause actual results to differ materially from the results expressed or implied in the forward-looking
statements contained in this presentation, including with respect to the joint venture. These risks and uncertainties include, among other things: changes in general economic,
business, political and regulatory conditions in the countries or regions in which we operate; the length and depth of product and industry business cycles, particularly in the
automotive, electrical, textiles, electronics and construction industries; changes in the price and availability of raw materials, particularly changes in the demand for, supply of,
and market prices of ethylene, methanol, natural gas, wood pulp and fuel oil and the prices for electricity and other energy sources; the ability to pass increases in raw material
prices on to customers or otherwise improve margins through price increases; the ability to maintain plant utilization rates and to implement planned capacity additions and
expansions; the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants;
increased price competition and the introduction of competing products by other companies; changes in the degree of intellectual property and other legal protection afforded
to our products or technologies, or the theft of such intellectual property; compliance and other costs and potential disruption or interruption of production or operations due
to accidents, interruptions in sources of raw materials, cyber security incidents, terrorism or political unrest or other unforeseen events or delays in construction or operation
of facilities, including as a result of geopolitical conditions, the occurrence of acts of war or terrorist incidents or as a result of weather or natural disasters; potential liability for
remedial actions and increased costs under existing or future environmental regulations, including those relating to climate change; potential liability resulting from pending or
future litigation, or from changes in the laws, regulations or policies of governments or other governmental activities in the countries in which we operate; changes in currency
exchange rates and interest rates; our level of indebtedness, which could diminish our ability to raise additional capital to fund operations or limit our ability to react to changes
in the economy or the chemicals industry; and various other factors discussed from time to time in the Company’s filings with the Securities and Exchange Commission. In
addition to the risks and uncertainties identified above, the following risks and uncertainties, among others, could cause the Company’s actual results of operations regarding
the joint venture to differ materially from the results expressed or implied in this presentation: the timing or ultimate completion of the transaction as the transaction is subject
to closing conditions, including antitrust clearance; the benefits of the transaction may not materialize as expected; ability to successfully implement the integration strategy for
the joint venture; and the ability to ensure continued performance or market growth of the combined tow businesses. Any forward-looking statement speaks only as of the date
on which it is made, and the Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which it is made
or to reflect the occurrence of anticipated or unanticipated events or circumstances.
Results Unaudited
The results in this document, together with the adjustments made to present the results on a comparable basis, have not been audited and are based on internal financial data
furnished to management. Quarterly results should not be taken as an indication of the results of operations to be reported for any subsequent period or for the full fiscal year.
Presentation
This document presents the Company’s business segments in two subtotals, reflecting our two cores, the Acetyl Chain and Materials Solutions, based on similarities among
customers, business models and technical processes. As described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q, the Acetyl Chain
includes the Company’s Acetyl Intermediates segment and the Industrial Specialties segment. Materials Solutions includes the Company’s Advanced Engineered Materials
segment and the Consumer Specialties segment. The Consumer Specialties segment includes the Company’s Cellulose Derivatives business.
Non-GAAP Financial Measures
This presentation, and statements made in connection with this presentation, refer to non-GAAP financial measures. For more information on the non-GAAP financial measures
used by the Company, including the most directly comparable GAAP financial measure for each non-GAAP financial measures used, including definitions and reconciliations
of the differences between such non-GAAP financial measures and the comparable GAAP financial measures, please refer to the Non-US GAAP Financial Measures and
Supplemental Information documents available on our website, www.celanese.com, under Investor Relations/Financial Information/Non-GAAP Financial Measures.
3A C E T A T E T O W J V – J U N E 2 0 1 7
Agenda
> Value creation at Celanese
> Tow transaction de-risks portfolio
and unlocks tremendous value
> Clear path to accelerate growth
4A C E T A T E T O W J V – J U N E 2 0 1 7
…drives value creation at Celanese
Structural and commercial uniqueness...
Competitive
Advantages
Differentiated
Business
Models
LEADERSHIP
POSITIONS
MANAGING
COMPLEXITY
GLOBAL
PRESENCE
BROAD PRODUCT
PORTFOLIO
FLEXIBLE
MANUFACTURING
& SUPPLY CHAIN
ADVANTAGED
COST
POSITIONS
WINNING
CULTURE &
MINDSET
+
MARKET
PLACE
PRESENCE
GLOBAL
ASSETS &
RESOURCES
BROADEST
MATERIALS
PORTFOLIO
DIFFERENTIATOR
CAPABILITIES
PRODUCTIVITY UNPARALLELED
CHOICES
EXPANDED
FLEXIBILITY
EXCEPTIONAL
EXECUTION
COMPETITIVE ADVANTAGES
DIFFERENTIAL ACTIONS
DIFFERENTIAL MARGIN PERFORMANCE
ACETYL CHAIN
#1 OR #2
IN OUR
MARKETS
LOW-COST
OPERATIONS
ADVANTAGED
TECHNOLOGY
HIGHLY
INTEGRATED
VALUE CHAIN
BEST PIPELINE MANAGEMENT SYSTEM
COMPLETE PACKAGECUSTOMER
ROBUST OPPORTUNITY PIPELINE
ADVANCED ENGINEERED MATERIALS (AEM)
+
CUSTOMER NEEDS
C
US
TOMER
M
ATERIAL
PART
PIPELINE
AGGREGATION
& EXECUTION
MACHINE
Customer
Engagement to Map
Project Options
Translation
of Wins
Real-time
Screening Process
Programming
of Resources
Prioritized Solution
Development
Identification of
Customer Trends
5A C E T A T E T O W J V – J U N E 2 0 1 71. 2015 free cash flow excludes payment of $177 million related to the termination of an existing supplier agreement
2. 2016 free cash flow excludes voluntary payment of $300 million for pension deleveraging
…supported by strong commercial and operational fundamentals
A track record of robust growth...
2012 2013 2014 2015 2016 2017F
$4.07
$4.50
$5.67
$6.02
$6.61
~8-11%
GROWTH
2012 2013 2014 2015 2016 2017F
$361 $392
$548
$7331
$9232
~$850
13%
CAGR
2012-16
26%
CAGR
2012-16
2012 2013 2014 2015 2016
17.5%
16.2%
17.8%
18.6%
19.4%
$88
$247
$394
$594
$701
18%
2012 2013 2014 2015 2016
CELANESE
AVG. ADJUSTED
ROIC
11%
PEER
MEAN ROIC
China
Eastman
Celanese
Daicel
Solvay
Other
2016 Acetate Tow Capacity
ADJUSTED EPS FREE CASH FLOW
I N M I L L I O N S
6A C E T A T E T O W J V – J U N E 2 0 1 7
Growth reinforced by capital stewardship...
1. ROIC for proxy peers is defined as Net Operating Profit After Tax divided by the average Invested Capital at the beginning and ending of each measurement period.
ROIC for proxy peers is per Bloomberg. ROIC for Celanese is per Celanese non-GAAP disclosure
Proxy peers include ALB, APD, ASH, ECL, EMN, FMC, HUN, MON, PPG, PX, RPM, VAL
2. Cumulative change in market cap through end of Q1 2017
3. Bloomberg total shareholder return from start of 2012 through end of Q1 2017
…has generated total shareholder return of ~120%3
2012 2013 2014 2015 2016 2017F
$4.07
$4.50
$5.67
$6.02
$6.61
~8-11%
GROWTH
2012 2013 2014 2015 2016 2017F
$361 $392
$548
$7331
$9232
~$850
13%
CAGR
2012-16
26%
CAGR
2012-16
2012 2013 2014 2015 2016
17.5%
16.2%
17.8%
18.6%
19.4%
$88
$247
$394
$594
$701
18%
2012 2013 2014 2015 2016
CELANESE
AVG. ADJUSTED
ROIC
11%
PEER
MEAN ROIC
China
Eastman
Celanese
Daicel
Solvay
Other
2016 Acetate Tow Capacity
$0.09
$0.9
$2.4
$2.7
$3.2
$5.1
-$0.2
$0.3
$0.7
$1.3
$2.0
2012 2013 4 2015 2016 2017F2
ADJUSTED ROIC1
2 0 1 2 - 2 0 1 6
MARKET CAP AND CASH RETURN
I N B I L L I O N S
A rigor in capital deployment that
delivers outsized returns…
…and growing market cap and
returning cash to shareholders
CUMULATIVE CHANGE IN AVERAGE
MARKET CAP SINCE 2011
CUMULATIVE DIVIDENDS
CUMULATIVE SHARE REPURCHASES
7A C E T A T E T O W J V – J U N E 2 0 1 7
Numerous headwinds identified and addressed
Taking steps to overcome the remaining headwind – tow
> Currency
> Industrial Ethanol
> Methanol Contract Expiration
> Decline in AEM Affiliate Earnings
> Complexity in AEM
> Weakness in Acetyl Chain Margins
OFFSET
OFFSET
OFFSET
OFFSET
OFFSET
OFFSET
2012-2017 HEADWINDS
8A C E T A T E T O W J V – J U N E 2 0 1 71. Celanese estimates
2. Rhodia Acetow assets recently acquired by Blackstone
...and has delivered high levels of cash and earnings growth
Acetate tow is a high-value global business…
> Capacity ~270 kT
> Most production
in JVs with China
National Tobacco
Corporation
(CNTC)
> Celanese JVs
have the largest
share of the
Chinese market
> Imports into
China have
dropped by 75%
over recent years
> Capacity ~540 kT
> Four global
players
INSIDE CHINAOUTSIDE CHINA
ACETATE TOW CAPACITY
2 0 1 6
2012 2013 2014 2015 2016 2017F
$4.07
$4.50
$5.67
$6.02
$6.61
~8-11%
GROWTH
2012 2013 2014 2015 2016 2017F
$361 $392
$548
$7331
$9232
~$850
13%
CAGR
2012-16
26%
CAGR
2012-16
2012 2013 2014 2015 2016
17.5%
16.2%
17.8%
18.6%
19.4%
$88
$247
$394
$594
$701
18%
2012 2013 2014 2015 2016
CELANESE
AVG. ADJUSTED
ROIC
11%
PEER
MEAN ROIC
China
Eastman
Celanese
Daicel
Solvay
Other
2016 Acetate Tow Capacity
~810 kT
TOTAL
GLOBAL
CAPACITY1
CHINA
EASTMANCELANESE
DAICEL
SOLVAY2
OTHER
9A C E T A T E T O W J V – J U N E 2 0 1 71. GAMA data, Euromonitor, Celanese estimates
2. Stick Equivalent
Recent shifts in Chinese demand pattern…
2011-2014 2014-2020E
CHINA CIGARETTES CHINA IMPORT VOLUME (KT)ROW CIGARETTES IMPORT % OF CHINESE TOW DEMAND
CAGR CAGR
-0.7% -1.5%
2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
6.3 6.3 6.26.2 5.9 5.9 5.8 5.7 5.6 5.6
2011 2012
I
M
P
O
R
T
%
I
M
P
O
R
T
V
O
L
U
M
E
(
K
T
)
2013 2014 2015 2016E 2017E 2018E2011
200
160
120
80
40
0
50%
40%
30%
20%
10%
0%
I
M
P
O
R
T
%
I
M
P
O
R
T
V
O
L
U
M
E
(
K
T
)
200
160
120
80
40
0
50%
40%
30%
20%
10%
0%
43% 43%
36%
32%
19%
15%
9%
5%
43% 43%
36%
32%
19%
15%
9%
5%
2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E
6.3 6.3 6.26.2 6.0 5.9 5.8 5.7 5.6 5.6
2011 2012 2013 2014 2015 2016E 2017E 2018E2011
CU
M
U
L
AT
I
V
E
CA
SH
GE
NE
R
AT
I
O
N
2011
2016 2017 2018 2019 2020
$x
$x
C
U
M
U
L
A
T
I
V
E
C
A
S
H
G
E
N
E
R
A
T
I
O
N
V
A
L
U
E
S
C
A
L
E
HIGHEST
2016 2017 2018 2019 2020
$6.0B
$4.2B
$2.5B
C
U
M
U
L
A
T
I
V
E
C
A
S
H
G
E
N
E
R
A
T
I
O
N
20161 2017F 2018F 2019F 2020F
$6.2B
$4.6B
H
I G
H
E
S
T
V
A
L
U
E
H
I
G
H
E
S
T
V
A
L
U
E
$1.8
$0.9 1
2016: $0.9
2017F: $1.8
2018F: Orange: $2.7; Silver: $1.6
2019F: Orange: $3.6; Silver: $1.6
2020F: Orange: $4.6; Silver: $1.6
$1.6
$4.2B
I
M
P
O
R
T
%
I
M
P
O
R
T
V
O
L
U
M
E
(
K
T
)
200
160
120
80
40
0
50%
40%
30%
20%
10%
0%
43% 43%
36%
32%
19%
15%
9%
5%
2012 2013 2014 2015 2016E 2017E 2018E2011
120
80
40
0
43% 43%
36%
32%
19%
15%
9%
5%
2012 2013 2014 2015 2016E 2017E 2018E2011
...have lowered industry tow utilization rates
GLOBAL CIGARETTE DEMAND1
T R I L L I O N S E 2
CHINA TOW IMPORTS
Demand for cigarettes in China
hit an inflection point in 2015
China’s shift to self-sufficiency resulted
in sharp decline in tow imports
10A C E T A T E T O W J V – J U N E 2 0 1 71. Subject to regulatory approval
2. Combined 2017 pro forma estimates
Addresses concerns about tow and positions the JV for growth
Timely transaction creates leading tow supplier
REVENUE2 EBITDA MARGIN2 OWNERSHIP
$1.3 BILLION >40% 70% CELANESE
Celanese and Blackstone combine1 resources to deliver strategic benefits to all stakeholders
> Enhanced innovation driven by combined technology to
support evolving consumer trends
> Improved reliability from global production footprint
> Enhanced technical expertise to support customers
> Improved efficiency from combined supply chain
> Attractive growth opportunities
> Cash unlocked from monetization
> Enhanced earnings potential
CONSUMERS
CUSTOMERS
EMPLOYEES
SHAREHOLDERS
11A C E T A T E T O W J V – J U N E 2 0 1 7
Amsterdam, Netherlands (New Company HQ)
Freiburg, Germany
Lanaken, Belgium
Celanese-CNTC JV
Zhuhai, China (30%)
Narrows, VA
Santo Andre, Brazil
Ocotlan, Mexico
Celanese-CNTC JV
Kunming, China (30%)
Celanese-CNTC JV
Nantong, China (31%)
Serpukhov, Russia
Roussillon, France
Kingsport, TN
1. Combined 2016 pro forma revenue
…enhances efficiency of the supply chain and reliability for customers
Combined assets expand global footprint...
CELANESE BLACKSTONE
Americas ~16% Europe ~49% Asia ~31%
NEW COMPANY PRO FORMA REVENUE MIX1
ROW ~4%
12A C E T A T E T O W J V – J U N E 2 0 1 7
Significant value creation for Celanese
TOW JOINT VENTURE
Immediately EPS neutral
Full run-rate synergies will more than offset the cost of JV debt
Expect $0.50 - $0.75 of adjusted EPS
accretion in year 3 after close
1. Debt after paying down $0.6 billion of debt from Blackstone
2. Pro forma 2017 forecasted EBITDA including pro forma run-rate synergy estimates
Cost Synergies
> Combination of technology expertise
> Optimization of supply chain networks
> Procurement economies of scale
> Tax synergies
CELANESE
Optimal Capital Structure
> JV to take on $2.2 billion debt1 supported
by strong cash flow generation
> JV distributes $1.6 billion
to Celanese as initial dividend
> Debt largely non-recourse to parents
> JV debt/EBITDA of ~3.5x2
$1.6 billion initial dividend
> Proceeds to be deployed in organic growth, acquisitions, share repurchases, and debt reduction
> Celanese committed to maintaining investment grade rating, $0.8 billion to be used to de-lever
13A C E T A T E T O W J V – J U N E 2 0 1 7
Tow transaction advances significant growth options for Celanese
Multi-faceted successes
> $1.6 billion initial monetization of Cellulose Derivatives
> Opportunity to create value uplift through reallocation
of capital to higher-growth businesses
> Enhanced cost competitiveness
> Improved value proposition
> Enhanced long-term strategic options
> End of tow earnings decline
DE-RISK
MONETIZE
REALLOCATE
14A C E T A T E T O W J V – J U N E 2 0 1 7
...supported by robust cash flow generation from acetyls and tow
Clear set of growth opportunities at Celanese...
Robust Cash Generation
Acetate Tow JV
> Tow JV will enable earnings enhancement
> Initial monetization to unlock cash
Acetyl Chain
> Outsized share of industry growth
> Engagement in activities that improve global landscape
Explosive Growth
AEM
> Turbocharge the existing customer project
pipeline engagement model
> Bolt-on M&A
> Larger transactions offer step change options
DI
SC
IPL
INE
D CA
PITAL EARNINGS
AE
M
AEMD
EP
LO
YME
NT GROW
TH
A c e t y l C h a i n & To w J V
CASH F LOW
E X PANDING
VALUE
UPLIFT
CYCLE
15A C E T A T E T O W J V – J U N E 2 0 1 71. Celanese estimates of industry utilization at 1Q of each year
Differentiated performance overcomes weak industry dynamics
Acetyl Chain model delivers strong results
12%
10%
10%
16%
14%
13%
64%
61%
63%
70%
65%64%
Q1
2012
Q1
2013
Q1
2014
Q1
2015
Q1
2016
Q1
2017
8-10%
OLD
RANGE
12-16%
NEW
RANGE
ADJUSTED EBIT MARGIN
ACETIC ACID INDUSTRY UTILIZATION1
LTM ADJ. EBIT MARGIN
PRODUCTIVITY UNPARALLELED
CHOICES
EXPANDED
FLEXIBILITY
EXCEPTIONAL
EXECUTION
COMPETITIVE ADVANTAGES
DIFFERENTIAL ACTIONS
DIFFERENTIAL MARGIN PERFORMANCE
#1 OR #2
IN OUR
MARKETS
LOW-COST
OPERATIONS
ADVANTAGED
TECHNOLOGY
HIGHLY
INTEGRATED
VALUE CHAIN
16A C E T A T E T O W J V – J U N E 2 0 1 7
Acetyl Chain positioned for growth in excess of GDP
Multiple growth layers in Acetyl Chain
> Leadership positions and advantaged cost footprint allow the
Acetyl Chain to capture disproportionate share of industry growth
> Dynamic optimization of commercial model delivers margin capture
> Environmental regulations in China creating pressure on coal gasification
> Access more molecules through co-supply options and various
partnerships
> Explore smart M&A opportunities along the chain
> Drive innovation in downstream derivatives
> Enhance productivity and conversion technology
OUTSIZED
SHARE OF
INDUSTRY
GROWTH
CHAIN
EXTENSION
INNOVATION
17A C E T A T E T O W J V – J U N E 2 0 1 71. Engineered materials: AEM excluding affiliates
...which has driven significant earnings growth with upgraded margins
AEM is a project-based business...
GLOBAL ASSETS
& RESOURCES
MARKET PLACE
PRESENCE
DIFFERENTIATOR
CAPABILITIES
BROADEST
MATERIALS
PORTFOLIO
C
US
TOMER
M
ATERIAL
PART
PIPELINE
AGGREGATION
& EXECUTION
MACHINE
MILLION
+ + =
SOLID
EARNINGS
GROWTH
CUSTOMER NEEDS
~$175
Customer
Engagement to Map
Project Options
Translation
of Wins
Real-time
Screening Process
Programming
of Resources
Prioritized Solution
Development
Identification of
Customer Trends
COMPLETE PACKAGE BEST PIPELINE MANAGEMENT S YSTEM
EM1 AD JUSTED EBIT EM1 AD JUSTED EBIT MARGIN ORGANIC VOLUME GROWTH
113%
INCREASE 2014-2016
1,320 BASIS POINTS
EXPANSION 2014-2016
~10%
ONGOING
ADVANCED ENGINEERED MATERIALS
18A C E T A T E T O W J V – J U N E 2 0 1 71. Launches refers to projects commercialized (received initial Purchase Order for) in the year through the AEM pipeline
…delivering high single-digit organic volume growth each year
AEM has a long runway for profitable growth…
NEXT PROJECT
SYSTEM
STEP-UPINORGANIC
PLATFORM
EXPANSION
(SO.F.TER., NILIT
PLASTICS)
PROGRAMS
REALIGNED TO
REVEALED
MARKET PULLORGANIC PLATFORM
EXPANSION
ORGANIC
PLATFORM
EXTENSIONS
> Additional M&A
> Evolve project management
system to improve win rate
> Accelerate growth in medical
applications
> Drive increased value through
JVs
> Leverage portfolio to accelerate
translation
> Supercharged customer project
options engagement model
2015 1 ,000 LAUNCHES 1
DIFFERENTIATED
MODEL
IMPLEMENTATION
APRIL 2015
2016 1 ,385 LAUNCHES
2017F 1 ,900+ LAUNCHES
MANY MORE STEPS
6
5
4
3
2
1
A PERPETUAL
SET OF
IMPROVEMENT
OPPORTUNITIES
SIGNIFICANT ENTERPRISE VALUE CREATION
THROUGH A DIFFERENTIATED MODEL
25% IMPROVEMENT IN WIN RATE
2015–2017
19A C E T A T E T O W J V – J U N E 2 0 1 7
AEM poised for step change in value delivery
> Find the most
projects
> Screen projects
for winners
> Remove complexity
from the customers
> Continuously
improve win rates
> One of the broadest
polymer portfolios in
the industry
> Deep customer
relations
> Abundance of
solution options
to meet customer
challenges
> Expand to new
solution capabilities
and polymer
platforms
> Price for
package value
> Immediately
accretive
> Successful
integration
> Recent success
with SO.F.TER.
and Nilit Plastics
ORGANIC
GROWTH
INORGANIC
GROWTH
INORGANIC
GROWTH
PROVEN
MODEL
+
FOCUSED CORE
COMPETENCIES
+
UNLOCKED
CAPITAL
Numerous high-return opportunities available in growth businesses
INDUSTRY-LEADING
PACKAGE
PERFECTING
THE MODEL
EXTENSION THROUGH
ACQUISITION
STEP CHANGE IN
GROWTH OPTIONS
20A C E T A T E T O W J V – J U N E 2 0 1 7
C
U
M
U
L
A
T
I
V
E
C
A
S
H
G
E
N
E
R
A
T
I
O
N
20161 2017F 2018F 2019F 2020F
$6.2B
$4.6B
H
I G
H
E
S
T
V
A
L
U
E
$2.5B
1. 2016 free cash flow excludes voluntary payment of $300 million for pension deleveraging
2. Including estimated ongoing cash flow available to CE from new acetate tow JV
3. Includes voluntary payment of $300 million in 2016 for pension deleveraging. Excludes any deleveraging at the new acetate tow JV
$6.2B of cash generation to be deployed to enhance growth
Value uplift via thoughtful capital allocation
HIGH ROIC PROJECTS
RETURNING CASH TO SHAREHOLDERS
ANTICIPATED $1.6B INITIAL DIVIDEND
FROM NEW ACETATE TOW JV
COMMITMENT TO MAINTAIN INVESTMENT GRADECELANESE CASH GENERATION
FROM OPERATIONS2
SOURCES OF CASH
2 0 1 6 - 2 0 2 0
I N B I L L I O N S
USES OF CASH
2 0 1 6 - 2 0 2 0
I N B I L L I O N S
~$1.3
~$2.0
~$1.8
~$1.13
DELEVERAGING
ORGANIC
GROWTH
AND
M&A
DIVIDENDS
SHARE REPURCHASES
NO EXCESS CASH ON
BALANCE SHEET