Attached files
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| 8-K - 8-K - AEROJET ROCKETDYNE HOLDINGS, INC. | d714871d8k.htm |
 IDEAS
POWERING FREEDOM CORPORATE OVERVIEW
Exhibit 99.1 |
 Forward Looking
Statements 1
Certain information contained in this report should be considered “forward-looking
statements” as defined by Section 21E of the Private Securities Litigation Reform
Act of 1995. All statements in this report other than historical information may be
deemed forward-looking statements. These statements present (without limitation) the
expectations, beliefs, plans and objectives of management and future financial performance and
assumptions underlying, or judgments concerning, the matters discussed in the statements. The
words “believe,” “estimate,” “anticipate,”
“project” and “expect,” and similar expressions, are intended to identify forward-
looking statements. Forward-looking statements involve certain risks, estimates, assumptions
and uncertainties, including with respect to future sales and activity levels, cash
flows, contract performance, the outcome of litigation and contingencies, environmental
remediation and anticipated costs of capital. A variety of factors could cause actual
results or outcomes to differ materially from those expected and expressed in our forward-
looking statements. Important risk factors that could cause actual results or outcomes to differ
from those expressed in the forward-looking statements are described in the section
“Risk Factors” in Item 1A of our Annual Report to the Securities Exchange
Commission on Form 10-K for the fiscal year ended November 30, 2013. Additional risk
factors may be described from time to time in our future filings with the Securities and Exchange
Commission.
2014 Annual Shareholder Meeting– Rev K 13Mar2014
|
 GenCorp At A
Glance Business Portfolio
Tactical Systems
Real Estate
Advanced Programs
Space and Launch
Systems
Missile Defense and
Strategic Systems
2
SSST
SM-3
Antares
Dreamchaser
X-51 2013 Revenues of $1,383.1M
Aerojet Rocketdyne –
$1,377.4M
Easton –
$5.7M
Key Capabilities Enabling
Space and Launch Systems
Tactical Systems
Missile Defense and Strategic
Systems
Advanced Programs
Significant Real Estate Holdings
2014 Annual Shareholder Meeting– Rev K 13Mar2014
|
 Steadily
Improving Financial Performance 3
Net Debt
(3)
($ in millions)
Adjusted EBITDAP
(1)
($ in millions)
Net
Sales
($ in millions)
Cash & Cash Equivalents
(2)
($ in millions)
Total Contract Backlog
($ in millions)
Funded Backlog
($ in millions)
$795.4
$857.9
$918.1
$994.9
$1,383.1
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
FY09
FY10
FY11
FY12
FY13
$96.4
$110.7
$115.4
$110.9
$155.6
$50
$70
$90
$110
$130
$150
$170
FY09
FY10
FY11
FY12
FY13
$1,191
$1,377
$1,422
$1,526
$2,523
$0
$250
$500
$750
$1,000
$1,250
$1,500
$1,750
$2,000
$2,250
$2,500
$2,750
2009
2010
2011
2012
2013
$811
$804
$902
$1,018
$1,664
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
2009
2010
2011
2012
2013
$126.3
$208.2
$188.0
$162.1
$197.6
$0
$50
$100
$150
$200
$250
2009
2010
2011
2012
2013
$312.3
$188.5
$138.4
$86.6
$501.6
$0
$100
$200
$300
$400
$500
$600
2009
2010
2011
2012
2013
(1) Non-GAAP Measure. The Company defines Adjusted EDITDAP as GAAP income before income
taxes adjusted by interest expense, interest income, depreciation and
amortization, retirement benefit plan costs and unusual items.
(2) Includes cash and cash equivalents, restricted cash and marketable securities. (3)
Non-GAAP Measure. Defined as debt principal less cash and marketable securities.
2014 Annual Shareholder Meeting– Rev K 13Mar2014
|
 Balanced Capital
Deployment Strategy CAPITAL STRUCTURE
•
MERGERS & ACQUISITIONS
SHAREHOLDERS
INTERNAL INVESTMENTS
•
•
INTEGRATED
CAPITAL
DEPLOYMENT
PLAN
4
RETURN CASH TO
Planning (ERP)
Enterprise Resource
•
•
Surety Bonds utilized
to generate more
liquidity
Increased Research &
Development
2013
$43M
2012
$30M
2011
$27M
Rocketdyne business
acquisition completed June
2013
Share Repurchase
authorized for $75M
Flexible Capital
Structure allowing use
of value creation tools
• |
 Aerojet
Rocketdyne Business Strategy DELIVER
excellent performance in our core business
DRIVE
initiatives across all aspects of the operating model to
maximize our competitive posture
CREATE
value by enhancing and expanding the core
and diversifying into broader markets
5
2014 Annual Shareholder Meeting– Rev K 13Mar2014
|
 6
Aerojet Rocketdyne: Diversified and Balanced
Portfolio Aligned With Government Priorities
Major Customers
(1)
Lockheed
Martin
Raytheon
All Other
ULA
Portfolio Attributes:
Cost Reimbursable
End Users
(1)
MDA
Army
NASA
Air Force
All Other
Navy
Contract Type
Fixed Price
Other
(1) Based on total GenCorp revenue.
2014 Annual Shareholder Meeting– Rev K 13Mar2014
Missile defense
Access to and exploration of space
Tactical weapon systems
49%
5%
46%
21%
19%
20%
18%
15%
7%
18%
23%
32%
27%
Leading positions in core markets
Strong and growing backlog
Compelling “technology pipeline”
to fuel
further expansion and growth
Exceptionally high percentage of
follow-on business
High revenue visibility |
 Substantial Real
Estate Holdings GenCorp owns over 12,000 acres of land in the
Sacramento metropolitan region
6,000 acres (Easton) have been targeted for
monetization
Major development opportunity with desirable
in-fill location along a key growth corridor
Long-term regional demographics favor population and
job growth
Development Agreement for Easton Place &
Glenborough now completed with significant progress
on others
Real Estate asset provides GenCorp additional financial
flexibility
7
Business Overview
Regional Context
Easton Projects
Acres
Environmentally
Unrestricted
Environmentally
Restricted
Total
Entitled
Limited
Entitlement
Glenborough & Easton Place
1,043
349
1,392
1,392
–
Rio del Oro at Easton
1,818
491
2,309
–
2,309
Westborough
1,387
272
1,659
–
–
Hillsborough
532
97
629
–
629
Office Park and Auto Mall
47
8
55
55
-
Total Easton
4,827
1,217
6,044
1,447
2,938
2014 Annual Shareholder Meeting– Rev K 13Mar2014
|
 Easton Represents
a Value Creation Opportunity 8
GenCorp’s Opportunity
Attractive master planned community between
San Francisco and Lake Tahoe
Wide range of property and product types
Glenborough and Easton Place fully entitled
Long lead times for competition
Flexible options on monetization tied to market
dynamics and demand
Easton’
s Focus
Position Easton to meet evolving market
demands
Pursuing full entitlement vested by
development agreements on all projects
Establish Easton as one of the best master
planned communities in California
Setting quality and land use standards to drive
value creation
2014 Annual Shareholder Meeting– Rev K 13Mar2014
|
 Summary
Large, diversified and well positioned program portfolio
Strong revenue and backlog visibility
Extended history of growth, increased profitability and strong
cash flow generation
Substantial real estate holdings additive to financial flexibility
Demonstrated Capital Deployment Strategy
9
2014 Annual Shareholder Meeting– Rev K 13Mar2014
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