 Exhibit
99.1 Goldman Sachs
Chicago Small Cap
Summit
August 1, 2012 |
 Safe Harbor
Statement Safe Harbor Statement
Some of the information included in this presentation contains “forward-looking
statements” (as defined in Section 27A of the
Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as
amended). Such forward-looking statements are based on management’s beliefs
and assumptions and on information currently available. Forward-looking statements
include the information concerning SunCoke’s possible or assumed future results of operations, the planned Master
Limited Partnership, business strategies, financing plans, competitive position, potential
growth opportunities, potential operating performance improvements, the effects of
competition and the effects of future legislation or regulations. Forward-looking
statements include all statements that are not historical facts and may be identified by the
use of forward-looking terminology such as the words “believe,”
“expect,”
“plan,”
“intend,”
“anticipate,”
“estimate,”
“predict,”
“potential,”
“continue,”
“may,”
“will,”
“should”
or the negative of these terms or similar expressions. Forward-looking statements involve
risks, uncertainties and assumptions. Actual results may differ materially from those
expressed in these forward-looking statements. You should not put undue reliance on
any forward-looking statements. In accordance with the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, SunCoke has included in its filings
with the Securities and Exchange Commission cautionary language identifying important factors (but not necessarily all the
important factors) that could cause actual results to differ materially from those expressed
in any forward-looking statement made by SunCoke. For more information concerning
these factors, see SunCoke's Securities and Exchange Commission filings. All
forward-looking statements included in this presentation are expressly qualified in their
entirety by such cautionary statements. SunCoke does not have any intention or
obligation to update publicly any forward-looking statement (or its associated cautionary
language) whether as a result of new information or future events or after the date of this
presentation, except as required by applicable law.
This presentation includes certain non-GAAP financial measures intended to supplement, not
substitute for, comparable GAAP measures. Reconciliations of non-GAAP financial
measures to GAAP financial measures are provided in the Appendix at the end of the
presentation. Investors are urged to consider carefully the comparable GAAP measures and the reconciliations to those
measures provided in the Appendix, or on our website at www.suncoke.com.
SunCoke Energy -
Goldman Sachs Small Cap Summit
2 |
 About
SunCoke About SunCoke
Largest independent producer of
metallurgical coke in the Americas
–
Coke is an essential ingredient in blast
furnace production of steel
Coal mining operations represents
~15% of Adjusted EBITDA
(1)
–
High quality mid-vol. metallurgical coal
reserves in Virginia and West Virginia
–
2012 expected production of 1.6 million
tons
Cokemaking business generates
~85% of Adjusted EBITDA
(1)
–
5.9 million tons of capacity in six
facilities; five in U.S. and one in Brazil
–
Represents 18% of North American coke
supply
(2)
SunCoke Energy -
Goldman Sachs Small Cap Summit
(1)
For a definition and reconciliation of Adjusted EBITDA, please see appendix.
(2)
Source: Company estimates
3
Jewell
Coke,
21%
Other
Domestic
Coke,
66%
Int'l Coke,
1%
Coal
Mining,
12%
First Half 2012 Adjusted EBITDA
(1)
: $121 million
SunCoke Business
Segments
(excluding corporate costs) |
 More than
doubled capacity since 2006 with four new plants
Proven ability
to
permit,
design,
construct and start up greenfield
developments and work
internationally
Industry-leading environmental
signature
–
Meet U.S. EPA Maximum Achievable
Control Technology
Secure, long-term take-or-pay
contracts with leading steelmakers
–
Coal, operating and transportation costs
are passed through
The Leading Independent Cokemaker
The Leading Independent Cokemaker
SunCoke
Cokemaking Capacity
(In thousands of tons)
SunCoke Energy -
Goldman Sachs Small Cap Summit
4
2006
2007
2008
2009
2010
2011
Jewell Coke
Indiana Harbor
Haverhill I
Vitória
Haverhill II
Granite City
Middletown
2,490
4,190
4,740
5,390
5,390
5,940 |
 Our cokemaking
operations are strategically located in proximity to our customers’
integrated steelmaking facilities
SunCoke Operations
SunCoke Operations
Middletown
Haverhill 1
Haverhill 2
114M tons of
reserves
Coal
Mining
Vitoria,
Brazil
SunCoke Energy -
Goldman Sachs Small Cap Summit
5
Our metallurgical coal
mining business is located
in Central Appalachia
Jewell
Coke
Granite
City
Indiana
Harbor |
 SunCoke’s
Cokemaking Technology SunCoke’s Cokemaking Technology
6
SunCoke Energy -
Goldman Sachs Small Cap Summit |
 SunCoke’s
Heat Recovery vs. By-Product Oven SunCoke’s Heat Recovery vs. By-Product
Oven Pressurization
Negative pressure
Positive pressure
Air Emissions
MACT standard for new batteries
Potential for emission of hazardous
compounds
Power Generation
Cogenerates power
Power consuming process
Hazardous Inputs
None
Yes – sulfuric acid
Volatile Organic Compounds
Complete combustion
No combustion
Solid Wastes
No toxic solid wastes
Process produces toxic waste streams
7
SunCoke Energy -
Goldman Sachs Small Cap Summit
SunCoke Heat Recovery
Traditional By-Product |
 SunCoke‘s
Value Proposition SunCoke‘s Value Proposition
SunCoke Energy -
Goldman Sachs Small Cap Summit
8
High Quality
& Reliable
Coke Supply
Turndown
Flexibility
Coal
Flexibility
Capital
Efficiency
& Flexibility
Environment
/Economic
Trade-offs
Provide an assured supply of coke to steelmakers
Larger, stronger coke for improved blast furnace performance
Demonstrated sustained 15%-20% turndown
High quality coke with cheaper coal blends
—
Burn loss vs. by-product
Capital preservation and lower capacity cost per ton;
particularly relative to greenfield
investment
Stringent U.S. regulatory environment
Power prices and reliability versus value of coke oven gas and
by
product "credits"
- |
 SunCoke’s
Contract Proposition SunCoke’s Contract Proposition
SunCoke Energy -
Goldman Sachs Small Cap Summit
We deliver coke to customers through a competitive turnkey solution,
which produces a consistent stream of earnings
9
SunCoke
SunCoke
Energy
Energy
Customer
Customer
Capital Funding and Ownership
Permits and Approvals
Engineering, Procurement
& Construction
Plant Production and
Environmental Compliance
Reliable, High-Quality
Coke Supply
Take-Or-Pay
Fixed Fee
(Profit and Return on Capital)
Coal Cost Component
(Pass-Through)
Operating Cost Component
(Pass-Through)
Taxes, Transportation & Future
Environmental Costs
(Pass-Through)
What SunCoke Offers
Typical Key
Coke Contract Provisions |
 Q2 2012
Earnings Overview Results driven by strong Coke business
performance
–
Middletown startup has been a success
–
Continued improvement at Indiana Harbor
–
Strong operations at other facilities
Coal action plan progressing
–
Difficult demand/price environment
–
Taking action to reduce high cash
production costs
–
Achieved improved sequential quarter
performance
Strong liquidity position
–
Generated $66 million of free cash flow
(2)
in
first half 2012
–
Cash balance of $190 million and virtually
undrawn revolver of $150 million
(1)
For a definition and reconciliation of Adjusted EBITDA, please see the appendix.
(2)
For a definition and reconciliation of free cash flow, please see the appendix.
SunCoke Energy -
Goldman Sachs Small Cap Summit
10
$0.17
$0.24
$0.32
$0.32
2011
2012
Q1
Q2
$26.6
$55.8
$37.7
$65.5
2011
2012
Q1
Q2
Earnings Per Share (diluted)
Adjusted EBITDA
(1)
(in millions) |
 Adjusted
EBITDA Adjusted EBITDA
(1)
(1)
Bridge –
Bridge –
Q2 2011 to Q2 2012
Q2 2011 to Q2 2012
SunCoke Energy -
Goldman Sachs Small Cap Summit
11
Quarter’s performance led by strong Coke business results
($ in millions)
Q2 2011
Adjusted
EBITDA (1)
Middletown
Coke Business
(Jewel/Haverhill/
Indiana Harbor/
Granite City/Int'l)
Coal Mining
Corporate
Costs
Q2 2012
Adjusted
EBITDA (1)
$37.7
$65.5
$4.9
$11.1
$14.0
($2.2)
For a definition and reconciliation of Adjusted EBITDA, please see the appendix.
(1) |
 Domestic Coke
Business Summary Domestic Coke Business Summary
(Jewell Coke & Other Domestic Coke)
(Jewell Coke & Other Domestic Coke)
SunCoke Energy -
Goldman Sachs Small Cap Summit
12
Strong performance driven by Middletown, Indiana Harbor and other operations
Domestic Coke Adjusted EBITDA
(1)
Per Ton
Domestic Coke Production
(1)
For a definition of EBITDA and Adjusted EBITDA/Ton and reconciliations, please see the
appendix. (2)
Includes Indiana Harbor contract billing adjustment of $6.0 million, net of NCI, and
inventory adjustment of $6.2 million, net of NCI, of which $3.1 million is
attributable to Q3 2011. (3)
Includes a $2.4 million, net of NCI, charge related to coke inventory reduction and a $1.3
million, net of NCI, lower cost or market adjustment on pad coal inventory and
lower coal-to-coke yields related to the startup at Middletown.
|
 Domestic Coke
Business Outlook Domestic Coke Business
Outlook ($ in millions, except as noted)
Estimated
Low
Estimated
High
Domestic Coke Adjusted EBITDA
(1)
Per Ton
$55
$60
Annual Domestic Coke Sales Volumes (in millions of tons)
x 4.3
x 4.4
Domestic Coke Adjusted EBITDA
(1)
$237
$264
Less: Ongoing Capital Expenditures
($35)
($35)
Annual Domestic Coke Adjusted EBITDA
(1)
less Ongoing
Capital Expenditures
$202
$229
Illustrative Liquidity Ratios for Domestic Coke Business
Estimated
Estimated
Net Debt
(2)
to Adjusted EBITDA
(1)
2.7x
2.3x
Interest Coverage
(3)
4.6x
5.2x
All figures are estimates based on current expectations for domestic coke business (Jewell
Coke and Other Domestic Coke segments); for example purposes only
•
Expect
domestic
coke
Adjusted
EBITDA
(1)
per
ton
to
be
$55
-
$60
for
balance
of
2012
•
Based on current sentiment, 2012 coke sales volume expected to be in middle of range
SunCoke Energy -
Goldman Sachs Small Cap Summit
13
(1)
For a definition and reconciliation of Adjusted EBITDA, please see the appendix.
(2)
Net Debt represents Total Debt less cash balance at end of period. Net Debt provides a
perspective on the Company's overall debt position. Net Debt was calculated by subtracting our 6/30/2012
cash balance of $190.0 million from our Total Debt of $724.9 million on 6/30/2012.
(3)
Interest coverage is Adjusted EBITDA divided by expected 2012 interest expense of $44 million,
net of amortization of issuance, discount and other fees. |
 Coal Mining
Financial Summary Coal Mining Financial Summary
SunCoke Energy -
Goldman Sachs Small Cap Summit
14
($ in millions, except per ton amounts)
Cash production costs increasing in face of
difficult demand/price environment
–
Pricing up modestly, reflecting strong mid-vol.
pricing/volumes, offset by weak
hi-vol. & thermal pricing/volumes
–
Cash costs up $11/ton, reflecting decreased mix and
higher costs of hi-vol. & thermal production
Coal action plan implemented in Q1 2012
gaining traction
–
Focus on most productive mines to reduce costs
delivered sequential quarter improvement
–
Cash cost per ton at Jewell decreased from
$161 in Q1 2012 to 143 in Q2 2012
–
Jewell reject rates improved from 68% in Q1
2012 to 66% in Q2 2012,
–
Expect further cash cost reductions for 2013
Intend to maintain cash neutral position in
2012
–
Reduced capital spending in line with outlook
Coal Sales, Production and Purchases
Coal Mining Adjusted EBITDA
(1)
and Avg. Sales
Price/Ton
(2)
(1)
For a definition and a reconciliation of Adjusted EBITDA, please see the appendix.
(2)
Average Sales Price is the weighted average sales price for all coal sales volumes, including
sales to affiliates and sales to Jewell Coke.
(3)
Q4 2011 Adjusted EBITDA inclusive of Black Lung Liability charge of $3.4 million and
OPEB expense allocation of $1.8 million.
|
 2012 Adjusted
EBITDA 2012 Adjusted EBITDA
(1)
(1)
Outlook
Outlook
($ in millions)
SunCoke Energy -
Goldman Sachs Small Cap Summit
15
(1)
For a definition of Adjusted EBITDA and reconciliation of Adjusted EBITDA, please see the
appendix. Strong U.S. cokemaking business expected to
drive increase in Adjusted EBITDA
(1)
in 2012
$95 -
$110
$5 -
$15
$9 -
$14
$141
$250 -
$280
Coke Business
Coal Mining
Corporate
Costs
2011
Adjusted
EBITDA
2012 Adjusted
EBITDA
(1)
(1) |
 2012
Guidance Metric
Expected 2012 Outlook
Adjusted EBITDA
(1)
$250 million –
$280 million
EPS* (at 22% tax rate)
$1.30 –
$1.65
Capital Expenditures
& Investments
Approximately $85million
Free Cash Flow
(1)
$100 million +
Cash Tax Rate
10% –
15%
Effective Tax Rate
20% –
24%
Corporate Costs
$30 million –
$35 million
Coke Production
In excess of 4.3 million tons
Coal Production
Approximately 1.6 million tons
*Diluted
SunCoke Energy -
Goldman Sachs Small Cap Summit
16
(1)
For a definition of Adjusted EBITDA and Free Cash Flow and their reconciliations, please see
the appendix. |
 Strategies for
Enhancing Shareholder Value 17
SunCoke Energy -
Goldman Sachs Small Cap Summit
Maintain focus on details
and discipline of coke and
coal mining operations
Sustain and enhance top
quartile safety performance
and ability to meet
environment standards
Leverage operating know-
how and technology to
continuously improve yields
and operating costs
Coke MLP
Execute plan to place a
portion of our
cokemaking assets into
an MLP structure
Coal
Optimize operations
and investments to
enhance long-term
strategic flexibility
U.S. & Canada
Continue permitting
efforts for next
potential U.S. facility
Explore opportunities to
make strategic
investments in existing
capacity
International
Execute India entry and
pursue follow-on growth
Operational
Excellence
Grow The Coke
Business
Strategically Optimize
Assets |
 Operations
Excellence Operations Excellence
SunCoke Energy -
Goldman Sachs Small Cap Summit
18
Financial
Financial
Performance
Performance
Rigorous focus on the details
and discipline
of coke and
coal mining operations
Sustain and enhance
top quartile safety
performance
Meet and exceed
environmental
standards
Leverage operating know-
how and technology to
continuously improve yields
and operating
& maintenance costs
Execution
Safety & Environment
Productivity
The SunCoke Way |
 SunCoke
believes it has the opportunity to displace higher cost coke imports .
(US$/ton)
Source: Steel Business Briefing, 2012
(1)
Other Domestic Coke sales and other operating revenues less energy sales divided by
tons sold.
SunCoke
(1)
Chinese
Q2 2012:
$395
$449
2011 Average:
$371
$454
2008-2010 Average:
$326
$430
Grow the Coke Business:
U.S. and Canada
19
Source: CRU, Metallurgical Coke Market Outlook 2012
(Tons in millions)
SunCoke Energy -
Goldman Sachs Small Cap Summit
U.S. and Canada Coke Imports
Chinese
Coke
Price
vs.
Representative
SunCoke
Price
(1) |
 Coke Price
Comparison 20
SunCoke’s coke is highly competitive on price, quality and reliability
versus Chinese imported coke
Source: World Price (DTC), CRU and Coke Market Report, company estimates
SunCoke Energy -
Goldman Sachs Small Cap Summit
$551
SunCoke Coke Price
Chinese Coke Price FOB Ex. Export Tax
(Includes $50/ton freight and $40 handling loss)
Jewel
Other
Domestic
Coke
Chinese
Coke
$399
$395
$407
$144
Delivered Coke Prices -
$/ton
Chinese Export Tax Premium (40%) |
 SunCoke
Energy - Goldman Sachs Small Cap Summit
Source: CRU, The Annual Outlook for Metallurgical Coke 2012.
Replace aging coke batteries operated by integrated steel producers
Source: CRU, The Annual Outlook for Metallurgical Coke 2012
51% of coke capacity is at facilities >30 years old
Integrated
Integrated
Steel
Steel
Producers
Producers
63%
63%
SunCoke
18%
DTE
5%
Other Merchant
Other Merchant
& Foundry
& Foundry
6%
6%
Imports
Imports
8%
8%
Grow the Coke Business:
Grow the Coke Business:
U.S. and Canada
U.S. and Canada
21
9
43
27%
24%
SunCoke
U.S. &
Canada
(excl SXC)
30-40 years
40+ years
Aging Cokemaking Facilities
Average Age
%
of U.S. & Canada
coke production
U.S. & Canada Coke Supply |
 Grow the Coke
Business: Grow the Coke Business:
U.S. and Canada
U.S. and Canada
Impact of low natural gas prices on
coke demand
–
Displaces coke in blast furnace
–
Natural gas cannot completely
replace coke; coke provides
structure in blast furnace,
facilitating the flow of
oxygen/air and hot liquid metal
–
The less coke used the more
important the coke’s quality
–
Makes coke oven gases less valuable
–
Integrated steelmakers capture
coke oven gases produced in
their own coke batteries for use
in downstream operations
–
This may impact steelmakers’
decision to reinvest/rebuild in
their own coke batteries
Source: CRU, The Annual Outlook for Metallurgical Coke 2011;
Company estimates. SunCoke Energy -
Goldman Sachs Small Cap Summit
22
2010 Coke Rate:
894 lbs/thm
2015E Coke Rate:
800 lbs/thm
In million tons
BF/BOF Crude Steel Production
and Blast Furnace Coke Demand |
 Grow the Coke
Business: Grow the Coke Business:
U.S. and Canada
U.S. and Canada
23
SunCoke Energy -
Goldman Sachs Small Cap Summit
U.S. and Canada
Coke Market Opportunity
in millions of tons
5
2
3
Permit a potential new
Permit a potential new
660k/TPY U.S. plant
660k/TPY U.S. plant
(likely multi-customer)
(likely multi-customer)
Explore acquisition of
Explore acquisition of
existing coke assets
existing coke assets
SunCoke’s Strategy
Aging battery
replacement
Import displacement
Expected demand opportunity
by 2015 |
 Sources: CRU, The Annual Outlook for
Metallurgical Coke 2011, CIA World Factbook.
Grow the Coke Business:
Grow the Coke Business:
International -
International -
India
India
SunCoke Energy -
Goldman Sachs Small Cap Summit
24
India
Steel/Coke
Market
Growing Steel
Market
Coke supply
Deficit
Active
Merchant
Market
Electric Power
Deficit
Projected to be 3rd largest
steel market by 2020
Blast furnace to play a
critical role in growth
Importing approximately
2 million tons annually
Coke capacity investment
lags steel investment
3.5 million tons merchant
production or 13% of total
17 active merchant
coke producers
10% -
20% short power
Average wholesale price
>$80 mwh (2x U.S. rate)
•
•
Committed to
Committed to
India entry
India entry
strategy
strategy
–
–
Discussing
Discussing
opportunities in
opportunities in
India
India
–
–
Targeting potential
Targeting potential
entry
entry
by early 2013
by early 2013 |
 Master Limited
Partnership Master Limited Partnership
Board approved formation of MLP
Expected Assets/Structure
–
A portion of our interests in
Haverhill and Middletown
–
SXC to own General Partner,
incentive distribution rights and a
portion of the partnership units
Proceeds to SXC
–
Expected uses will include paying
down debt, funding expansion and
other general corporate purposes
Timing
–
Expect to close no sooner than
fourth quarter 2012
Additional details will be in S-1
SunCoke Energy -
Goldman Sachs Small Cap Summit
25
Middletown Operations
Haverhill Operations |
 ____ __
____ _____ ____ ______ _____ _____
____ _____
_____ _____
____ _____
Appendix |
 Definitions
•
Adjusted
EBITDA
represents
earnings
before
interest,
taxes,
depreciation,
depletion
and
amortization
(“EBITDA”)
adjusted for sales discounts and the deduction of income attributable to non-controlling
interests in our Indiana Harbor
cokemaking
operations.
EBITDA
reflects
sales
discounts
included
as
a
reduction
in
sales
and
other
operating
revenue.
The
sales
discounts
represent
the
sharing
with
our
customers
of
a
portion
of
nonconventional
fuels
tax
credits,
which
reduce
our
income
tax
expense.
However,
we
believe
that
our
Adjusted
EBITDA
would
be
inappropriately penalized if these discounts were treated as a reduction of EBITDA since they
represent sharing of a tax benefit which is not included in EBITDA. Accordingly, in
computing Adjusted EBITDA, we have added back these sales discounts. Our Adjusted
EBITDA also reflects the deduction of income attributable to noncontrolling interest in
our Indiana Harbor cokemaking operations. EBITDA and Adjusted EBITDA do not
represent and should not be considered alternatives to net income or operating income
under United States generally accepted accounting
principles
(GAAP)
and
may
not
be
comparable
to
other
similarly
titled
measures
of
other
businesses.
Management believes Adjusted EBITDA is an important measure of the operating performance of
the Company’s assets and is indicative of the Company’s ability to generate
cash from operations. •
Adjusted
EBITDA/Ton
represents
Adjusted
EBITDA
divided
by
tons
sold.
•
Free Cash Flow
equals cash from operations less cash used in investing activities less cash distributions to
non- controlling interests. Management believes Free Cash Flow information
enhances an investor’s understanding of a business’
ability to generate cash. Free Cash Flow does not represent and should not be
considered an alternative to net income or cash flows from operating activities as
determined under GAAP and may not be comparable to other similarly titled measures of
other businesses. SunCoke Energy -
Goldman Sachs Small Cap Summit
27 |
 Reconciliations
SunCoke Energy -
Goldman Sachs Small Cap Summit
28
$ in millions
Q2 2012
Q1 2012
Q4 2011
Q3 2011
Q2 2011
Q1 2011
Adjusted Operating Income
46.6
37.1
14.9
33.5
24.6
7.4
Net Income (Loss) attributable to Noncontrolling Interest
1.3
(0.3)
(0.5)
3.4
1.6
(6.2)
Subtract: Depreciation Expense
(20.2)
(18.4)
(16.0)
(14.7)
(14.7)
(13.0)
Adjusted EBITDA
65.5
55.8
31.4
44.8
37.7
26.6
Subtract: Depreciation, depletion and amortization
(20.2)
(18.4)
(16.0)
(14.7)
(14.7)
(13.0)
Subtract: Financing expense, net
(11.8)
(12.0)
(7.1)
(3.3)
4.5
4.5
Subtract: Income Tax
(7.0)
(5.3)
2.9
(5.1)
(1.9)
(3.1)
Subtract: Sales Discount
(3.8)
(3.2)
(3.2)
(3.5)
(3.1)
(3.1)
Add: Net Income attributable to NCI
1.3
(0.3)
(0.5)
3.4
1.6
(6.2)
Net Income
24.0
16.6
7.5
21.6
24.1
5.7
Reconciliations from Adjusted Operating Income and Adjusted EBITDA to Net Income
|
     Reconciliations
SunCoke Energy -
Goldman Sachs Small Cap Summit
29
$ in millions, except per ton data
Jewell Coke
Other
Domestic
Coke
International
Coke
Jewell Coal
Corporate
Combined
Domestic
Coke
Q2 2012
Adjusted EBITDA
12.5
48.6
0.7
9.3
(5.6)
65.5
61.1
Subtract: Depreciation, depletion and amortization
(1.3)
(13.7)
(0.1)
(4.3)
(0.8)
(20.2)
(15.0)
Add (Subtract): Net (Income) loss attributable
to noncontrolling interests
1.3
1.3
1.3
Adjusted Pre-Tax Operating Income
11.2
36.2
0.6
5.0
(6.4)
46.6
47.4
Adjusted EBITDA
12.5
48.6
0.7
9.3
(5.6)
65.5
61.1
Sales Volume (thousands of tons)
170
892
358
373
1,062
Adjusted EBITDA per Ton
73.5
54.5
2.0
24.9
57.5
Q1 2012
Adjusted EBITDA
15.0
40.1
0.1
7.4
(6.8)
55.8
55.1
Subtract: Depreciation, depletion and amortization
(1.3)
(12.6)
(0.1)
(4.1)
(0.3)
(18.4)
(13.9)
Add (Subtract): Net (Income) loss attributable
to noncontrolling interests
(0.3)
(0.3)
(0.3)
Adjusted Pre-Tax Operating Income
13.7
27.2
-
3.3
(7.1)
37.1
40.9
Adjusted EBITDA
15.0
40.1
0.1
7.4
(6.8)
55.8
55.1
Sales Volume (thousands of tons)
186
892
358
373
1,078
Adjusted EBITDA per Ton
80.6
45.0
0.3
19.8
51.1
Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income
|
 Reconciliations
SunCoke Energy -
Goldman Sachs Small Cap Summit
30
$ in millions, except per ton data
Jewell Coke
Other
Domestic
Coke
International
Coke
Jewell Coal
Corporate
Combined
Domestic
Coke
Q4 2011
Adjusted EBITDA
10.6
21.3
10.2
2.5
(13.2)
31.4
31.9
Subtract: Depreciation, depletion and amortization
(1.2)
(10.6)
(0.1)
(3.7)
(0.4)
(16.0)
(11.8)
Add (Subtract): Net (Income) loss attributable
to noncontrolling interests
(0.5)
(0.5)
(0.5)
Adjusted Pre-Tax Operating Income
9.4
10.2
10.1
(1.2)
(13.6)
14.9
19.6
Adjusted EBITDA
10.6
21.3
10.2
2.5
(13.2)
31.4
31.9
Sales Volume (thousands of tons)
166
837
295
363
1,003
Adjusted EBITDA per Ton
63.9
25.4
34.6
6.9
31.8
Q3 2011
Adjusted EBITDA
13.9
34.3
1.7
9.2
(14.3)
44.8
48.2
Subtract: Depreciation, depletion and amortization
(1.2)
(9.9)
-
(3.3)
(0.3)
(14.7)
(11.1)
Add (Subtract): Net (Income) loss attributable
to noncontrolling interests
3.4
3.4
3.4
Adjusted Pre-Tax Operating Income
12.7
27.8
1.7
5.9
(14.6)
33.5
40.5
Adjusted EBITDA
13.9
34.3
1.7
9.2
(14.3)
44.8
48.2
Sales Volume (thousands of tons)
191
777
373
371
968
Adjusted EBITDA per Ton
72.8
44.1
4.6
24.8
49.8
Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income
|
 Reconciliations
SunCoke Energy -
Goldman Sachs Small Cap Summit
31
$ in millions, except per ton data
Jewell Coke
Other
Domestic
Coke
International
Coke
Jewell Coal
Corporate
Combined
Domestic
Coke
Q2 2011
Adjusted EBITDA
10.6
25.3
0.8
11.5
(10.5)
37.7
35.9
Subtract: Depreciation, depletion and amortization
(1.4)
(9.6)
(0.1)
(3.2)
(0.4)
(14.7)
(11.0)
Add (Subtract): Net (Income) loss attributable
to noncontrolling interests
1.6
1.6
1.6
Adjusted Pre-Tax Operating Income
9.2
17.3
0.7
8.3
(10.9)
24.6
26.5
Adjusted EBITDA
10.6
25.3
0.8
11.5
(10.5)
37.7
35.9
Sales Volume (thousands of tons)
170
757
412
334
927
Adjusted EBITDA per Ton
62.4
33.4
1.9
34.4
38.7
Q1 2011
Adjusted EBITDA
11.0
8.5
1.0
12.3
(6.2)
26.6
19.5
Subtract: Depreciation, depletion and amortization
(1.1)
(8.6)
-
(2.7)
(0.6)
(13.0)
(9.7)
Add (Subtract): Net (Income) loss attributable
to noncontrolling interests
(6.2)
(6.2)
(6.2)
Adjusted Pre-Tax Operating Income
9.9
(6.3)
1.0
9.6
(6.8)
7.4
3.6
Adjusted EBITDA
11.0
8.5
1.0
12.3
(6.2)
26.6
19.5
Sales Volume (thousands of tons)
175
697
362
386
872
Adjusted EBITDA per Ton
62.9
12.2
2.8
31.9
22.4
Reconciliations from Adjusted EBITDA to Adjusted Pre-Tax Operating Income
|
  (in
millions) 2012E
Low
2012E
High
Net Income
$98
$122
Depreciation, Depletion and Amortization
74
72
Total financing costs, net
48
46
Income tax expense
25
37
EBITDA
$245
$277
Sales discounts
11
10
Noncontrolling interests
(6)
(7)
Adjusted EBITDA
$250
$280
Estimated EBITDA Reconciliation
2012E Net Income to Adjusted EBITDA Reconciliation
SunCoke Energy -
Goldman Sachs Small Cap Summit
32 |
 Free Cash Flow
Reconciliations 2012E Estimated Free Cash Flow Reconciliation
SunCoke Energy -
Goldman Sachs Small Cap Summit
33
(in millions)
1
st
Half
2012
Cash from operations
$ 86.7
Less cash used for investing activities
(20.7)
Less payments to minority interest
( -
)
Free Cash Flow
$ 66.0
(in millions)
2012
Cash from operations
In excess of
$ 189
Less cash used for investing activities
Approx.
(85)
Less payments to minority interest
Approx.
(4)
Free Cash Flow
In excess of
$ 100
First Half 2012 Free Cash Flow Reconciliation |