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Q2 2015 Earnings Call – Sherritt International

Sherritt International · Jul 29, 2015 · 19 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2015 Earnings Call – Sherritt International – slide 1
    Second Quarter Results l July 29, 2015 SHERRITT INTERNATIONAL CORPORATION 1
  2. Q2 2015 Earnings Call – Sherritt International – slide 2
    QUARTERLY RESULTS David Pathe, President & CEO SHERRITT INTERNATIONAL CORPORATION 3
  3. Q2 2015 Earnings Call – Sherritt International – slide 3
    Q2 2015 Highlights Operational Results 8,035 tonnes finished nickel in a quarter that included 6 additional days planned downtime at Fort Saskatchewan, and Ambatovy impacts as announced Sustained the trend in improving cash costs,…
  4. Q2 2015 Earnings Call – Sherritt International – slide 4
    Reducing NDCC Across the Metals Business Since Q4 2013 7.19 7.26 7.50 6.83 6.98 7.00 6.50 5.74 U.S. /lb Ni 6.00 5.48 5.30 5.25 5.50 5.05 5.00 4.44 4.36 4.50 4.12 4.00 3.50 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2…
  5. Q2 2015 Earnings Call – Sherritt International – slide 5
    (1) Still Competitive on the Cash Cost Curve 12 10 Ambatovy 8 50th percentile = US5.23 Moa US5.74 US4.36 (Q1 2015) 6 (Q1 2015) 4 Ambatovy Moa US5.48 2 US4.12 (Q2 2015) (Q2 2015) 0 -2 -4 -6 -8 -10 50th…
  6. Q2 2015 Earnings Call – Sherritt International – slide 6
    Nickel Market 2015-2019 World Supply/Demand 2015-2019 LME inventories topping out 2,300 Chinese NPI production down 14% YoY with further reductions likely as ore 2,200 stockpiles decline 2,100 Chinese imports of refined nickel…
  7. Q2 2015 Earnings Call – Sherritt International – slide 7
    Approaching Financial Completion Requirement for financial completion by September 30, 2015 10 certificates required, with 2 Production Environmental Certificate Certificate remaining Pipeline Efficiency 3 received Independent…
  8. Q2 2015 Earnings Call – Sherritt International – slide 8
    OPERATIONS UPDATE Steve Wood, EVP and Chief Operating Officer SHERRITT INTERNATIONAL CORPORATION 9 9
  9. Q2 2015 Earnings Call – Sherritt International – slide 9
    Moa JV Highlights Finished nickel production of 3,877 tonnes (50% basis) in a quarter that included a once-in-ten year maintenance shutdown in Fort Saskatchewan Cash costs declined for the second consecutive quarter to US4.12/lb…
  10. Q2 2015 Earnings Call – Sherritt International – slide 10
    Construction Continues at Acid Plant A plant restart commenced in Q1 2015 Photo as of July 9, 2015 SHERRITT INTERNATIONAL CORPORATION 11
  11. Q2 2015 Earnings Call – Sherritt International – slide 11
    Ambatovy JV: Back to One Thickener and Performing Well Adjusted EBITDA of (1.7) million Net direct cash costs down to US5.48 Cash Costs Continue to Improve Even with Unplanned Disruption in Q2 5,000 7.19 7.26 5.74 7.50 6.98…
  12. Q2 2015 Earnings Call – Sherritt International – slide 12
    Oil and Gas in Q2 Adjusted EBITDA of 29.9 million vs 21.5 million in Q1 Cuba GWI production down 6% from Q1, but net working interest up 9% with higher cost recovery oil Three wells left to evaluate (2 in the PSC Extension area, and…
  13. Q2 2015 Earnings Call – Sherritt International – slide 13
    Power: Stable Adjusted EBITDA and Continued Repayments of the CSA Receivable Electricity generation up 6% from Q1 Adjusted EBITDA of 7.6 million vs 7.3 million in Q1 Cash received in the form of CSA repayments consistent with Q1, but…
  14. Q2 2015 Earnings Call – Sherritt International – slide 14
    FINANCE UPDATE Dean Chambers, Executive Vice President & CFO SHERRITT INTERNATIONAL CORPORATION 15
  15. Q2 2015 Earnings Call – Sherritt International – slide 15
    Balance sheet cash from Q1 to Q2 2015 550 26.7 500 477.7 (millions of dollars) 28.6 450 (63.7) 21.2 398.3 400 (19.9) (43.9) (28) 350 300 March 31, Other Working Interest paid Interest and Ambatovy Capital Net proceeds…
  16. Q2 2015 Earnings Call – Sherritt International – slide 16
    Combined Adjusted Operating Cash Flow Reconciliation from Q1 2015 to Q2 2015 60 56 3 50 (6) (3) (millions of dollars) 40 (15) 30 1 26 20 (11) 10 0 Combined Lower Lower Moa and Higher Oil & Lower Energas Higher…
  17. Q2 2015 Earnings Call – Sherritt International – slide 17
    Net Loss Reconciliation from Q1 2015 to Q2 2015 0.00 -0.05 0.06 (0.10) -0.10 0.04 (Cents Per Share) -0.15 0.06 -0.20 (0.18) 0.03 -0.25 (0.19) (0.01) (0.07) -0.30 -0.35 -0.40 Q1 2015 net Higher Higher Oil Lower…
  18. Q2 2015 Earnings Call – Sherritt International – slide 18
    Ambatovy Distributable Cash Flow Revenue Generated by Ambatovy (100%) subtract Payment of Operating Expenses (100%) subtract 1. Interest LIBOR + 255 bps (post financial Payment of Debt Service (2 parts) (100%) completion) 2.…
  19. Q2 2015 Earnings Call – Sherritt International – slide 19
    Sherritt International Corporation 181 Bay Street, 26th Floor, Brookfield Place, Toronto, Ontario, Canada M4T 2Y7 Investor Relations Flora Wood Telephone: 416.935.2457 Toll-Free: 1.800.704.6698 Email: investorsherritt.com Website:…

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