 Investor Meetings August 2012 Exhibit 99.1 |
    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. Investor Meetings - August 2012 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) Investor Meetings - August 2012 (1) For a definition and reconciliation of Adjusted EBITDA, please see appendix. (2) Source: Company estimates 3 |
    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) Investor Meetings - August 2012 4 |
    Our cokemaking operations are strategically located in proximity to our customers’ integrated steelmaking facilities SunCoke Operations SunCoke Operations Indiana Harbor Middletown Haverhill 1 Haverhill 2 Coal Mining Vitoria, Brazil Investor Meetings - August 2012 5 Our metallurgical coal mining business is located in Central Appalachia Jewell Coke Granite City 114M tons of reserves |
    SunCoke’s Cokemaking Technology SunCoke’s Cokemaking Technology 6 Investor Meetings - August 2012 |
    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 Investor Meetings - August 2012 SunCoke Heat Recovery Traditional By-Product |
    SunCoke‘s Value Proposition SunCoke‘s Value Proposition 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" High Quality & Reliable Coke Supply Turndown Flexibility Coal Flexibility Capital Efficiency & Flexibility Environment /Economic Trade-offs Investor Meetings - August 2012 8 |
    SunCoke’s Contract Proposition SunCoke’s Contract Proposition Investor Meetings - August 2012 We deliver coke to customers through a competitive turnkey solution, which produces a consistent stream of earnings Customer SunCoke Energy 9 What SunCoke Offers Capital Funding and Ownership Permits and Approvals Engineering, Procurement & Construction Plant Production and Environmental Compliance Reliable, High -Quality Coke Supply Typical Key Coke Contract Provisions 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) |
    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 $150 million (1) For a definition and reconciliation of Adjusted EBITDA, please see the appendix. (2) For a definition and reconciliation of free cash flow, please see the appendix. Investor Meetings - August 2012 10 |
    Adjusted EBITDA Adjusted EBITDA (1) (1) Bridge – Bridge – Q2 2011 to Q2 2012 Q2 2011 to Q2 2012 Investor Meetings - August 2012 11 Quarter’s performance led by strong Coke business results ($ in millions) (1) For a definition and reconciliation of Adjusted EBITDA, please see the appendix. |
    Domestic Coke Business Summary Domestic Coke Business Summary (Jewell Coke & Other Domestic Coke) (Jewell Coke & Other Domestic Coke) Investor Meetings - August 2012 12 Domestic Coke Production Domestic Coke Adjusted EBITDA (1) Per Ton (Tons in thousands) ($ in millions, except per ton amounts) (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 $6.2million, 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 $1.3 million, net of NCI, lower cost or market adjustment on pad coal inventory and lower coal-to-coke yields related to the startup at Middletown. Strong performance driven by Middletown, Indiana Harbor and other operations /Ton /Ton /Ton (3) /Ton (2) |
    Domestic Coke Business Outlook Domestic Coke Business Outlook ($ 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 Investor Meetings - August 2012 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 $44 million, net of amortization of issuance, discount and other fees. |
    Coal Mining Financial Summary Coal Mining Financial Summary Investor Meetings - August 2012 14 Coal Mining Adjusted EBITDA (1) and Avg. Sales Price/Ton (2) ($ 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 (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) Investor Meetings - August 2012 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 $141 $250 - $280 $95 - $110 $5 - $15 $9 - $14 2011 Adjusted EBITDA Coke Business Coal Mining 2012 Adjusted EBITDA Corporate Costs (1) (1) |
    2012 Guidance 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 $85 million Free Cash Flow (1) $100 million + Cash Tax Rate 10% – 15% Effective Tax Rate 20% – 24% Corporate Costs $30 million – $35 million Coke Production In excess of 4.3 million tons Coal Production Approximately 1.6 million tons *Diluted Investor Meetings - August 2012 16 (1) For a definition of Adjusted EBITDA and Free Cash Flow and their reconciliations, please see the appendix. |
 Strategies for Enhancing Shareholder Value Strategies for Enhancing Shareholder Value 17 Investor Meetings - August 2012 Operational Excellence • Maintain focus on details and discipline of coke and coal mining operations • Sustain and enhance top quartile safety performance and ability to meet environment standards • Leverage operating know- how and technology to continuously improve yields and operating costs Grow The Coke Business • U.S. & Canada • Continue permitting efforts for next potential U.S. facility • Explore opportunities to make strategic investments in existing capacity • International • Execute India entry and pursue follow-on growth Strategically Optimize Assets • Coke MLP • Execute plan to place a portion of our cokemaking assets into an MLP structure • Coal • Optimize operations and investments to enhance long-term strategic flexibility |
 Operations Excellence Operations Excellence Investor Meetings - August 2012 18 The SunCoke Way Safety & Environment Sustain and enhance top quartile safety performance Meet and exceed environmental standards Execution Rigorous focus on the details and discipline of coke and coal mining operations Productivity Leverage operating know- how and technology to continuously improve yields and operating & maintenance costs Financial Financial Performance Performance |
    Chinese Coke Price vs. Representative SunCoke Price SunCoke believes it has the opportunity to displace higher cost coke imports . (US$/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: Grow the Coke Business: U.S. and Canada U.S. and Canada 19 U.S. and Canada Coke Imports Source: CRU, Metallurgical Coke Market Outlook 2012 (Tons in millions) Investor Meetings - August 2012 |
 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 Investor Meetings - August 2012 $551 $399 $395 $407 $144 Jewel Other Domestic Coke Chinese Coke SunCoke Coke Price Chinese Coke Price FOB Ex. Export Tax (Includes $50/ton freight and $40/ton handling loss) Chinese Export Tax Premium (40%) Delivered Coke Prices - $/ton |
 Investor Meetings - August 2012 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 |
    BF/BOF Crude Steel Production and Blast Furnace Coke Demand 2010 Coke Rate: 894 lbs/thm 2015E Coke Rate: 800 lbs/thm In million tons Grow Grow the the Coke Coke Business: 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. Investor Meetings - August 2012 22 |
 Grow the Coke Business: Grow the Coke Business: U.S. and Canada U.S. and Canada Aging battery replacement Import displacement Expected demand opportunity by 2015 in millions of tons 5 23 Investor Meetings - August 2012 U.S. and Canada Coke Market Opportunity SunCoke’s Strategy Permit a potential new (likely multi-customer) 660k/TPY U.S. plant 660k/TPY U.S. plant Explore acquisition of Explore acquisition of existing coke assets existing coke assets 2 3 |
    Sources: CRU, The Annual Outlook for Metallurgical Coke 2011, CIA World Factbook. Grow the Coke Business: Grow the Coke Business: International - International - India India Investor Meetings - August 2012 24 India Steel/Coke Market Growing Steel Market Projected to be 3rd largest steel market by 2020 Blast furnace to play a critical role in growth Coke supply Deficit Importing approximately 2 million tons annually Coke capacity investment lags steel investment Active Merchant Market 3.5 million tons merchant production or 13% of total 17 active merchant coke producers Electric Power Deficit 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 Investor Meetings - August 2012 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. Investor Meetings - August 2012 27 |
    Reconciliations Investor Meetings - August 2012 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 Investor Meetings - August 2012 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 Investor Meetings - August 2012 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 Investor Meetings - August 2012 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 Investor Meetings - August 2012 32 |
    Free Cash Flow Reconciliations 2012E Estimated Free Cash Flow Reconciliation Investor Meetings - August 2012 33 (in millions) 1 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 st |