BIRMINGHAM, Ala., March 30, 2012 /PRNewswire/ -- Vulcan Materials
Company (NYSE: VMC) has released an updated investor presentation
on the Company's compelling value proposition. The
presentation is available at www.realaggregatesleader.com and on
Vulcan's corporate website at www.vulcanmaterials.com. It is
also being filed with the Securities and Exchange Commission
("SEC") and will be accessible on the SEC's website at www.sec.gov.
(Logo: http://photos.prnewswire.com/prnh/20090710/CL44887LOGO
)
In the presentation, Vulcan detailed the Company's strong value
proposition, including Vulcan's:
1. Premium aggregates operations.
- Vulcan's aggregates assets are positioned in better and faster
growing markets than those of Martin Marietta Materials, Inc.
(NYSE: MLM). Vulcan's top five states are projected to grow by over
16.1 million people between 2010 and 2020, 75% more than Martin
Marietta's top five states, which are projected to grow by just 9.2
million people.
- Vulcan serves 18 of the top 25 U.S. metropolitan areas ranked
by projected population growth; Martin Marietta serves only
9.(i)
- Vulcan has consistently achieved higher aggregates price
growth. Since 2006, Vulcan's aggregates prices have increased
at a 5.0% compounded annual growth rate, compared to just 3.6% for
Martin Marietta.(ii)
- Vulcan's aggregates 2011 cash gross profit unit margin was 32%
higher than Martin Marietta's ($4.08
per ton vs. $3.10 per ton).(ii)
2. Solid SAG and cash flow management.
- By the end of 2012, Vulcan is on target to have reduced
Selling, Administrative and General (SAG) expenses by at least 32%
since 2007.(iii)
- Vulcan's consistently superior working capital management leads
to more efficient cash conversion than Martin Marietta's.
3. Substantial operating leverage, which drives strong EBITDA
growth as markets recover.(iv)
- Vulcan achieved superior earnings growth during the previous
recovery. Between 2003 and 2006, Vulcan's EBITDA (Earnings
Before Interest, Taxes, Depreciation and Amortization) grew by
$555 million, or 70%, compared to
$193 million, or 57%, for Martin
Marietta.(iii)
- Vulcan's non-aggregates businesses are at cyclical troughs and
have considerable upside potential.(iv)
- Wall Street analysts estimate that Vulcan's EBITDA will grow at
more than double the rate of Martin Marietta's: Vulcan's EBITDA is
expected to grow by 233% from current levels to mid-cycle including
expected savings from the Profit Enhancement Plan, compared to 91%
expected EBITDA growth for Martin Marietta.(v)
4. Outperformance in results and Wall Street expectations
since Martin Marietta launched its hostile offer.
- Vulcan's fourth quarter 2011 results demonstrate Vulcan's
superior operating leverage and early signs of a market
recovery.(iv)
- Vulcan grew gross profit by $23.6
million in the fourth quarter of 2011 (from the fourth
quarter of 2010), while Martin Marietta's gross profit grew only
$1.3 million; Vulcan grew EBITDA by
$32.3 million in the fourth quarter
of 2011, while Martin Marietta's EBITDA declined by $1.0 million.(vi)
- Since Martin Marietta announced its hostile offer in
December 2011, Wall Street analysts
have raised their consensus estimate for Vulcan's 2012 EBITDA by
15%, compared to a 1% increase for Martin Marietta.(vii)
5. Well-defined Profit Enhancement Plan, which is expected to
add significant value that belongs to Vulcan shareholders.
- Vulcan has already captured $55
million in run-rate cost savings from its completed 2011
restructuring initiatives.
- Vulcan's recently announced Profit Enhancement Plan is expected
to generate an additional $100
million of annual EBITDA improvement.
6. Planned Asset Sales that accelerate deleveraging and build
value.
- $500 million in expected net
proceeds from Planned Asset Sales will be used to reduce debt,
further strengthening Vulcan's balance sheet and credit
profile.
7. De-risked balance sheet, which will further enhance
shareholder value.
8. Commitment to restore a competitive dividend when prudent
to do so.
The full basis for the Vulcan Board's recommendation to reject
the Martin Marietta offer is set forth in Vulcan's Schedule 14D-9,
which was filed on December 22, 2011
with the SEC and is available on the SEC's website at www.sec.gov.
Copies of the Schedule 14D-9 may also be obtained on
www.realaggregatesleader.com; the Company's corporate website at
www.vulcanmaterials.com; or by contacting MacKenzie Partners, Inc.
toll free at 1-800-322-2885 or via email at
vulcan@mackenziepartners.com.
About Vulcan Materials Company
Vulcan Materials Company, a member of the S&P 500 index, is
the nation's largest producer of construction aggregates, a major
producer of asphalt mix and concrete and a leading producer of
cement in Florida.
ADDITIONAL INFORMATION
This document does not constitute an offer to buy or
solicitation of an offer to sell any securities or a solicitation
of any vote, consent or approval. In response to the
unsolicited exchange offer commenced by Martin Marietta Materials,
Inc., a North Carolina corporation
("Martin Marietta"), Vulcan Materials Company ("Vulcan") has filed
a Solicitation/Recommendation statement on Schedule 14D-9 with the
U.S. Securities and Exchange Commission ("SEC"). INVESTORS
AND SECURITY HOLDERS OF VULCAN ARE URGED TO READ THE SOLICITATION /
RECOMMENDATION STATEMENT AND OTHER DOCUMENTS FILED WITH THE SEC
CAREFULLY IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT
INFORMATION. Investors and security holders may obtain free
copies of these documents and other documents filed with the SEC by
Vulcan through the website maintained by the SEC at
http://www.sec.gov. Copies of the Solicitation/Recommendation
Statement, any amendments and supplements to the
Solicitation/Recommendation Statement and other Vulcan materials
related to Martin Marietta's unsolicited offer will also be
available for free under the "Investor Relations" tab of Vulcan's
corporate website http://www.vulcanmaterials.com.
ADDITIONAL INFORMATION ABOUT POTENTIAL PARTICIPANTS
In addition, Vulcan intends to file a proxy statement with the
SEC with respect to the 2012 Annual Meeting of Stockholders.
Any definitive proxy statement will be mailed to stockholders
of Vulcan. Vulcan, its directors and certain of its executive
officers may be deemed to be participants in the solicitation of
proxies from Vulcan shareholders in connection with the matters to
be considered at the annual meeting. INVESTORS AND SECURITY HOLDERS
OF VULCAN ARE URGED TO READ ANY SUCH PROXY STATEMENT, ACCOMPANYING
PROXY CARD AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY IN
THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN
IMPORTANT INFORMATION. Investors and security holders will be
able to obtain free copies of these documents (when available) and
other documents filed with the SEC by Vulcan through the website
maintained by the SEC at http://www.sec.gov.
Detailed information regarding the identity of potential
participants, and their direct or indirect interests, by security
holdings or otherwise, will be set forth in the proxy statement and
other materials to be filed with the SEC in connection with
Vulcan's 2012 Annual Meeting. Information regarding the
direct and indirect beneficial ownership of Vulcan's directors and
executive officers in Vulcan's securities is included in their SEC
filings on Forms 3, 4 and 5, and additional information can also be
found in Vulcan's Annual Report on Form 10-K for the year ended
December 31, 2011, filed with the SEC
on February 29, 2012, and its
Quarterly Reports on Form 10-Q for the first three quarters of the
fiscal year ended September 30, 2011,
filed on May 6, 2011, August 4, 2011 and November 4, 2011, respectively. Relevant
information concerning such participants and their potential
interests is also contained in the Solicitation/Recommendation on
Schedule 14D-9. Shareholders will be able to obtain any proxy
statement, any amendments or supplements to the proxy statement and
other documents filed by Vulcan with the SEC for no charge at the
SEC's website at www.sec.gov. Copies will also be available at no
charge under the "Investor Relations" tab of our corporate website
at www.vulcanmaterials.com.
FORWARD-LOOKING STATEMENT DISCLAIMER
This document contains forward-looking statements.
Statements that are not historical fact, including statements
about Vulcan's beliefs and expectations, are forward-looking
statements. Generally, these statements relate to future
financial performance, results of operations, business plans or
strategies, projected or anticipated revenues, expenses, earnings
(including EBITDA and other measures), dividend policy, shipment
volumes, pricing, levels of capital expenditures, intended cost
reductions and cost savings, anticipated profit improvements and/or
planned divestitures and asset sales. These forward-looking
statements are sometimes identified by the use of terms and phrases
such as "believe," "should," "would," "expect," "project,"
"estimate," "anticipate," "intend," "plan," "will," "can," "may" or
similar expressions elsewhere in this document. These
statements are subject to numerous risks, uncertainties, and
assumptions, including but not limited to general business
conditions, competitive factors, pricing, energy costs, and other
risks and uncertainties discussed in the reports Vulcan
periodically files with the SEC.
Forward-looking statements are not guarantees of future
performance and actual results, developments, and business
decisions may vary significantly from those expressed in or implied
by the forward-looking statements. The following risks related to
Vulcan's business, among others, could cause actual results to
differ materially from those described in the forward-looking
statements: risks that Vulcan's intentions, plans and results with
respect to cost reductions, profit enhancements and asset sales, as
well as streamlining and other strategic actions adopted by Vulcan,
will not be able to be realized to the desired degree or within the
desired time period and that the results thereof will differ from
those anticipated or desired; uncertainties as to the timing and
valuations that may be realized or attainable with respect to
intended asset sales; future events relating to Martin Marietta's
unsolicited offer to acquire Vulcan; those associated with general
economic and business conditions; the timing and amount of federal,
state and local funding for infrastructure; the lack of a
multi-year federal highway funding bill with an automatic funding
mechanism; the reluctance of state departments of transportation to
undertake federal highway projects without a reliable method of
federal funding; the impact of a prolonged economic recession on
Vulcan's industry, business and financial condition and access to
capital markets; changes in the level of spending for private
residential and nonresidential construction; the highly competitive
nature of the construction materials industry; the impact of future
regulatory or legislative actions; the outcome of pending legal
proceedings; pricing of Vulcan's products; incurred and potential
costs associated with Martin Marietta's unsolicited takeover
attempt and proxy contest; weather and other natural phenomena;
energy costs; costs of hydrocarbon-based raw materials; healthcare
costs; the amount of long-term debt and interest expense incurred
by Vulcan; changes in interest rates; the impact of Vulcan's below
investment grade debt rating on Vulcan's cost of capital;
volatility in pension plan asset values which may require cash
contributions to the pension plans; the impact of environmental
clean-up costs and other liabilities relating to previously
divested businesses; Vulcan's ability to secure and permit
aggregates reserves in strategically located areas; Vulcan's
ability to manage and successfully integrate acquisitions; the
potential of goodwill impairment; the potential impact of future
legislation or regulations relating to climate change or greenhouse
gas emissions or the definition of minerals; and other assumptions,
risks and uncertainties detailed from time to time in the reports
filed by Vulcan with the SEC. All forward-looking statements in
this communication are qualified in their entirety by this
cautionary statement. Vulcan disclaims and does not undertake
any obligation to update or revise any forward-looking statement in
this document except as required by law. Vulcan notes that
forward-looking statements made in connection with a tender offer
are not subject to the safe harbors created by the Private
Securities Litigation Reform Act of 1995. Vulcan is not
waiving any other defenses that may be available under applicable
law.
Vulcan
Reconciliation
|
|
Reconciliation of Non-GAAP
Financial Measures
|
|
Amounts in millions of
dollars
|
|
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|
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|
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Generally Accepted Accounting
Principles (GAAP) does not define "cash gross profit" and "Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA)."
Thus, they should not be considered as an alternative to any
earnings measure defined by GAAP. We present these metrics for the
convenience of investment professionals who use such metrics in
their analysis, and for shareholders who need to understand the
metrics we use to assess performance. The investment community
often uses these metrics as indicators of a company's ability to
incur and service debt. We use cash gross profit, EBITDA and other
such measures to assess the operating performance of our various
business units and the consolidated company. We do not use these
metrics as a measure to allocate resources or as liquidity
measures. Reconciliations of these metrics to their nearest GAAP
measures are presented below:
|
|
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|
|
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|
|
|
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Cash gross profit
|
|
Cash gross profit adds back
noncash charges for depreciation, depletion, accretion and
amortization to gross profit.
|
|
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|
|
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|
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|
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EBITDA
|
|
|
EBITDA is an acronym for
Earnings Before Interest, Taxes, Depreciation and
Amortization.
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
2011
|
Q4/2011
|
2010
|
Q4/2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
(70.8)
|
(27.8)
|
(96.5)
|
(46.9)
|
30.3
|
0.9
|
450.9
|
470.2
|
389.0
|
288.7
|
195.0
|
|
|
Provision (benefit) for income
taxes
|
(78.4)
|
(30.6)
|
(89.7)
|
(28.3)
|
(37.8)
|
71.7
|
204.4
|
223.3
|
136.6
|
114.9
|
97.6
|
|
|
Interest expense,
net
|
217.2
|
53.4
|
180.7
|
46.2
|
173.0
|
169.7
|
41.6
|
20.1
|
20.5
|
34.6
|
49.6
|
|
|
Discontinued operations, net of
tax
|
(4.5)
|
1.9
|
(6.0)
|
0.9
|
(11.7)
|
2.4
|
12.2
|
10.0
|
(44.9)
|
(26.2)
|
23.7
|
|
|
Cumulative effect of accounting
change
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
18.8
|
|
|
EBIT
|
63.5
|
(3.1)
|
(11.5)
|
(28.1)
|
153.8
|
244.7
|
709.1
|
723.6
|
501.2
|
412.0
|
384.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Depr., depl., accretion
and amort.
|
361.7
|
88.0
|
382.1
|
92.9
|
394.6
|
389.1
|
271.5
|
226.4
|
222.4
|
211.3
|
216.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
425.2
|
84.9
|
370.6
|
64.8
|
548.4
|
633.8
|
980.6
|
950.0
|
723.6
|
623.3
|
600.8
|
|
|
Goodwill
Impairment
|
-
|
-
|
-
|
-
|
-
|
252.7
|
-
|
-
|
-
|
-
|
-
|
|
|
Restructuring and exchange offer
expenses
|
15.2
|
12.2
|
|
|
|
|
|
|
|
|
|
|
|
Sale of non-strat. assets and
settlements
|
(86.1)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
Adjusted
EBITDA
|
354.3
|
97.1
|
370.6
|
64.8
|
548.4
|
886.5
|
980.6
|
950.0
|
723.6
|
623.3
|
600.8
|
|
|
Florida Rock
EBITDA
|
-
|
-
|
-
|
-
|
-
|
-
|
221.1
|
394.1
|
322.2
|
237.0
|
188.0
|
|
|
Pro Forma
EBITDA
|
354.3
|
97.1
|
370.6
|
64.8
|
548.4
|
886.5
|
1,201.7
|
1,344.1
|
1,045.8
|
860.3
|
788.8
|
|
|
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|
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*Pro forma to include
pre-acquisition Florida Rock cash gross profit.
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|
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|
|
2011
|
Q4/2011
|
2010
|
Q4/2010
|
2009
|
2008
|
2007*
|
2006*
|
2005
|
2004
|
2003
|
|
|
Aggregates Segment Cash Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment Gross
Profit
|
306.2
|
79.2
|
320.2
|
57.7
|
393.3
|
657.6
|
|
|
|
|
|
|
|
Agg. Depr., depl., accretion and
amort.
|
277.8
|
66.3
|
293.0
|
70.4
|
312.2
|
310.8
|
|
|
|
|
|
|
|
Aggregates Segment Cash
Gross Profit
|
584.0
|
145.5
|
613.2
|
128.1
|
705.5
|
968.4
|
1,238.2
|
1,199.0
|
|
|
|
|
|
Aggregate Tons
|
143.0
|
34.5
|
147.6
|
33.7
|
150.9
|
204.3
|
|
|
|
|
|
|
|
Aggregates Segment Cash Gross
Profit Per Ton
|
4.08
|
4.22
|
4.14
|
3.80
|
4.68
|
4.74
|
|
|
|
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|
|
|
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|
|
|
|
|
|
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|
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|
|
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|
|
Cash Gross Profit, All Other
Segments
|
56.3
|
15.0
|
63.7
|
14.1
|
130.2
|
167.7
|
359.3
|
444.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
Total Cash Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
283.9
|
74.4
|
300.7
|
50.7
|
446.0
|
749.7
|
|
|
|
|
|
|
|
Plus: Seg. D,D &
A
|
356.4
|
86.1
|
376.2
|
91.5
|
389.7
|
386.4
|
|
|
|
|
|
|
|
Plus: Corporate D,D &
A
|
5.3
|
1.8
|
5.9
|
1.4
|
4.9
|
2.7
|
|
|
|
|
|
|
|
Cash Gross
Profit
|
645.6
|
162.3
|
682.8
|
143.6
|
840.6
|
1,138.8
|
1,599.9
|
1,645.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Admin. &
General
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, Admin. & General,
as reported
|
290.0
|
71.7
|
327.5
|
80.1
|
321.6
|
342.6
|
289.6
|
|
|
|
|
|
|
FRK pro forma
|
|
-
|
|
-
|
|
|
84.5
|
|
|
|
|
|
|
Total
|
290.0
|
71.7
|
327.5
|
80.1
|
321.6
|
342.6
|
374.1
|
|
|
|
|
|
|
Real estate
contribution
|
|
|
(9.2)
|
|
(5.6)
|
|
|
|
|
|
|
|
|
R&D (MLM excl.
R&D)
|
(1.1)
|
(0.1)
|
(1.6)
|
(0.4)
|
(1.5)
|
(1.5)
|
(1.6)
|
|
|
|
|
|
|
Adjusted Selling,
Admin. & General
|
288.9
|
71.6
|
316.7
|
70.5
|
314.5
|
341.1
|
372.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
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|
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|
|
*The information below is sourced from SEC Filings.
Martin Marietta
Reconciliation
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP
Financial Measures
|
|
Amounts in millions of
dollars
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash gross profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash gross profit adds back
noncash charges for depreciation, depletion, accretion and
amortization to gross profit.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
EBITDA is an acronym for
Earnings Before Interest, Taxes, Depreciation and
Amortization.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
Q4
2011
|
2010
|
Q4
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
|
Consolidated Net
Earnings
|
|
83.6
|
15.1
|
98.7
|
15.2
|
88.2
|
179.8
|
263.3
|
245.4
|
192.7
|
129.2
|
93.6
|
|
Provision for Income
Taxes
|
|
21.0
|
0.9
|
30.9
|
4.3
|
26.0
|
72.1
|
115.4
|
106.7
|
74.2
|
57.7
|
46.9
|
|
Interest Expense
|
|
|
58.6
|
13.3
|
68.4
|
16.9
|
73.5
|
74.3
|
60.9
|
40.4
|
42.6
|
42.7
|
42.6
|
|
Discontinued Operations, net of
tax
|
|
(4.0)
|
(3.8)
|
0.2
|
0.3
|
(3.5)
|
(4.7)
|
(2.1)
|
(2.0)
|
5.8
|
1.1
|
8.9
|
|
Accounting Change
|
|
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
6.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
|
|
159.2
|
25.5
|
198.2
|
36.7
|
184.1
|
321.4
|
437.5
|
390.5
|
315.3
|
230.7
|
198.9
|
|
Depreciation, depletion, and
amortization expense
|
173.4
|
43.7
|
181.5
|
45.6
|
179.4
|
171.1
|
150.3
|
141.4
|
138.3
|
132.9
|
139.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
332.6
|
69.3
|
379.7
|
82.3
|
363.5
|
492.6
|
587.8
|
531.9
|
453.5
|
363.5
|
338.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unsolicited exchange offer
expenses
|
|
12.0
|
12.0
|
-
|
-
|
|
|
|
|
|
|
|
|
Restructuring charges
|
|
|
4.4
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
349.0
|
81.3
|
379.7
|
82.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011
|
Q4
2011
|
2010
|
Q4
2010
|
2009
|
2008
|
2007
|
2006
|
2005
|
2004
|
2003
|
|
Aggregates Segment Cash Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
Aggregates Segment Gross
Profit
|
|
230.0
|
52.7
|
264.3
|
57.2
|
289.6
|
432.8
|
529.4
|
496.8
|
|
|
|
|
Agg. Depr., depl., accretion and
amort.
|
|
157.2
|
|
163.9
|
|
160.3
|
149.3
|
131.6
|
122.6
|
|
|
|
|
Aggregates Segment Cash
Gross Profit
|
387.2
|
|
428.2
|
|
449.9
|
582.1
|
661.0
|
619.4
|
|
|
|
|
Aggregates Tons
|
|
|
125.1
|
29.9
|
130.0
|
30.8
|
123.4
|
159.4
|
182.3
|
198.5
|
|
|
|
|
Aggregates Segment Cash Gross
Profit Per Ton
|
3.10
|
|
3.29
|
|
3.65
|
3.65
|
3.63
|
3.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Products Cash Gross
Profit
|
|
82.5
|
|
70.1
|
|
53.1
|
49.9
|
50.3
|
41.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Cash Gross
Profit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Profit
|
|
|
|
302.0
|
|
321.7
|
|
331.6
|
470.5
|
568.2
|
522.5
|
|
|
|
|
Plus: Seg. D,D &
A
|
|
|
164.3
|
|
172.2
|
|
167.8
|
157.3
|
138.5
|
130.3
|
|
|
|
|
Plus: Corporate D,D &
A
|
|
|
9.2
|
|
9.3
|
|
11.6
|
13.8
|
11.8
|
11.2
|
|
|
|
|
Cash Gross
Profit
|
|
|
475.4
|
|
503.3
|
|
511.0
|
641.6
|
718.5
|
664.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(i) Sources: Companies’ 2011 10-Ks, Moody’s 2010 – 2020
population projections, Woods & Poole Economics CEDDS 2011. Top
25 Metropolitan Statistical Areas (MSAs) are based on projected
population growth from 2010 to 2020. “Served” is defined as having
an aggregates-related facility inside of the MSA boundary.
(ii) Based on Company filings. Historical performance is
not a guarantee or assurance of future performance nor that
previous results will be attained or surpassed.
(iii) Based on Company filings. Note: Vulcan SAG and EBITDA
includes Florida Rock on a pro forma
basis.
(iv) Timing and extent of any economic recovery remains
uncertain, and realization of upsides discussed herein is not
guaranteed.
(v) IBES median estimates as of March 23,
2012. Vulcan’s profit-enhanced mid-cycle estimate is
based on the median of mid-cycle broker estimates prior to
announcement of the Profit Enhancement Plan ($1,079mm), adjusted for expected run-rate savings
of $100mm. Mid-cycle estimates from the following brokers were used
for Vulcan: D.A. Davidson:
$1,263mm, Jefferies: $1,079mm, KeyBanc: $1,076mm. Martin’s mid-cycle estimate is based on
the median of the latest available mid-cycle broker estimates.
Mid-cycle estimates from the following brokers were used for Martin
Marietta: D.A. Davidson: $540mm,
Jefferies: $707mm, KeyBanc: $665mm.
(vi) Based on Company filings. Vulcan and Martin Marietta EBITDA
excludes restructuring charges, gains / losses from sale of
non-strategic assets, gains / losses from legal settlements, and
expenses related to Martin Marietta’s unsolicited exchange
offer.
(vii) IBES median estimates as of March
23, 2012.
SOURCE Vulcan Materials Company