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June 2016
Management
1
Sherry BuckVice President, Chief Financial Officer
Bill FoleyChairman and Chief Executive Officer
Kim HunterTreasurer and Vice President, Investor Relations
Material presented at this meeting includes forward-lookingstatements about Libbey Inc. These statements are subject torisks and uncertainties, including market conditions, competitive pressures, the value of the U.S. dollar and significant cost increases.
Please refer to the Company’s Form 10-K forfiscal year-end December 31, 2015, filed onFebruary 29, 2016, for further information.
Cautionary statement
2
Agenda
3
• Company Overview 4 - 9
• Own the Moment Strategy 10 - 11
• Investment Highlights 12 - 26
• Recent Financial Performance 27 - 30
• Appendices
� Timeline 32
� Definition and Reconciliation of Non-GAAP Measures 33 - 34
1. Global glass tableware leader: #2 in the world, #1 in the Western Hemisphere
Favorite U.S. glassware brand and strongest unaided brand recognition
2. #1 U.S. Foodservice business drives significant recurring revenue and profitability
#1 North American retail position drives consumer recognition and capacity
utilization
3. Established global presence with significant growth potential
4. Cost structure optimization combined with manufacturing innovation creates significant advantage
5. Strong cash flow, liquidity and credit profile
6. Balanced approach to capital allocation
Investment highlights
4
Libbey at a glance
A global tableware leader selling manufactured and sourced glass, ceramic and metal tableware. #2 global glassware position, #1 in the Americas!
5
Customers are the world’s largest foodservicedistributors and most recognized retail names
$822.3 million of net sales in 2015 sold to Foodservice, Retail and B2B channels globally
Libbey sells more than 1,000,000,000 glasses annually
Products central to life and gift giving that help celebrate important moments at home, in restaurants and on vacation
NYSE MKT: LBY
Libbey competes in four product categories
6
Category Products Manufacturing
Glass Tableware
• Tumblers, stemware, mugs, bowls, floral, salt shakers, shot glasses, canisters, candleholders
In-house
Other Glass Products
• Bakeware, handmade tableware, blender jars, mixing bowls, floral, candle, and washing machine windows
In-house
Ceramic Dinnerware
• Plates, bowls, platters, cups, saucers, and other tableware accessories
Sourced
Metalware • Knives, forks, spoons, serving utensils,
serving trays, pitchers, and other metal tableware accessories
Sourced
Libbey goes to market in three key channels
• Leading network of 500+ of the world’s finest U.S. distributors who sell to restaurants, bars, hotels and travel and tourism venues
• #1 glass tableware supplier and #2 dinnerware and flatware supplier in the U.S. and Canada
• 90% of sales are replacements, driving predictable revenue stream; beverages most profitable item for a restaurant
• Customers include marketers branding Libbey glassware with company logos and reselling to breweries, distilleries, soft drink companies, craft industries and food packing companies
• Companies using glass products for candle and floral applications, blender jars, mixing bowls and washing machine glass
Foodservice
Retail
Business-to-Business (B2B)
• Customers include leading mass merchants, department stores, upscale retailers, grocers and internet retailers
• North America’s #1 retail supplier of casual glass beverageware and an important driver of profitable factory utilization
7
No single customer accounts for 10% or more of sales
Established industry-leading global footprint
8
West Chicago, IL
Toledo, OH
Shreveport, LA
Monterrey, Mexico
Laredo, TX
Libbey Manufacturing and Warehousing / Distribution
Marinha Grande, Portugal
Leerdam, Netherlands Langfang,
China
Libbey Warehousing / Distribution
MillionTotal Sq. Ft.Libbey Warehousing / Distribution Centers7 8Libbey Manufacturing
Facilities6
Libbey Headquarters
Libbey is well positioned for a next phase of success
9
Recovery and reinforcement
• Cost reduction and de-leveraging
� Substantial cost containment measures
� Leverage reduced to ~3x 2014 adjusted EBITDA
• Continued investment to strengthen and build the business � Added low cost Mexican
production for North America markets
� Entered China for long-term opportunity
Acquisition leverage + Great Recession = Stress
• Acquisition-focused growth
� Averaging +10% annually from 2001 to 2008
• Great Recession financial stress
� Leverage reached unsustainably high >6x adjusted EBITDA
Winning from position of strength
• Libbey clearly positioned as market leader with strong profitability and cash flows
• Focus on creating sustainable value for our shareholders
• Three strategic levers:
� Grow and bolster U.S. and Canada and Latin America segments
� Expand margins through product innovation, price / mix, operating efficiencies, distribution expansion and business simplification
� Maintain disciplined capital management and return free cash flow to shareholders
2001 - 2006
2006 - 2014
2015 - 2020
10
Grow & Bolster U.S. and Canada, Latin America
• Grow around core in Foodservice
• Win in key accounts in Retail & B2B
• Strengthen/broaden new product offerings
• Expand to adjacencies• Redefine pricing/promotions
Maximize Returns in Asia Pacific & EMEA
• Targeted investments to drive value and differentiation
• Drive cost efficiency• Expand presence where under-
served• Build presence in growth
channels
Establish Foundation of Excellence
• Supply Chain• Talent & culture• Commercial capabilities• Information Technology• Financial structure/capital
deployment
• Drive organic growth
• Develop differentiated product offerings leveraging
� Enhanced market insight and innovation capabilities
� Emerging trends
� New technology and sourcing resources
• Improve margins
• Expand into adjacent categories
11
• Improve customer focus and responsiveness
� Customer feedback and consistent engagement
� Adapting operating practices to meet customer needs
• Remove non-value-added complexity
� Streamline supply chain network and product portfolio
� Improve product life-cycle management
� Support continuous improvement and cost reduction
� Match manufacturing platform to emerging trends and market conditions
Own the Moment strategy: three key focus areas
Growththrough
Innovation
Customer Focus
Business Simplification
1. Global glass tableware leader: #2 in the world; #1 in the Western Hemisphere
Favorite U.S. glassware brand with strongest unaided brand recognition
2. #1 U.S. Foodservice business drives significant recurring revenue and profitability
#1 North American retail position drives consumer recognition and capacity
utilization
3. Established global presence with significant growth potential
4. Cost structure optimization combined with manufacturing innovation creates significant advantage
5. Strong cash flow, liquidity and credit profile
6. Balanced approach to capital allocation
Investment highlights
12
10% global market share(1)
Market leadership in U.S. and Mexico
• ~60% share of U.S. foodservice glass beverageware market (1)
• ~53% share of Mexican glass tableware market (1)
• #1 casual glass beverageware position in the U.S. retail channel (2)
• Significant supplier in B2B segment
Strong shelf position with major retailers:
Recognized for excellence by leading foodservice distributors:
#1 producer of casual glass beverageware in the Western Hemisphere
(1) Management estimate(2) NPD Group Retail Tracking Service and management estimates
1
13
Favorite U.S. glassware brand and strongest unaided brand recognition
14
→ The favorite U.S. Glassware Brand and strongest unaided brand recognition;(1) extensive product line ranging from tumblers to fine stemware
→ Leading producer of glass tableware in Mexico and Latin America
→ Provides an expanded presence in Europe with products ranging from tumblers to stemware
→ Among the world leaders in producing and selling glass stemware
→ “Class of glass”; high performance for every occasion
→ Fine Bavarian crystal; crystal glassware specialist
→ Broad selection of unique dinnerware, flatware, hollowware
→ Broad range of dinnerware with distinctive designs and durable qualities
→ One of the world’s leading providers of high-end porcelain for foodservice
→ One of world’s foremost marketers of fine tableware, including flatware, stemware and dinnerware
Manufactured
Sourced
(1) According to survey conducted by NPD
1
#1 U.S. & Canada Foodservice
• 90% of Foodservice glass sales are replacements and drive a predictable revenue stream
• Strong distribution network and in-house salesforce provide a competitive advantage
• Depth and breadth of product line maximizes addressable market and highlights innovation capabilities
• Installed base and high switching costs in foodservice; establishments rarely change after initial investment
• Steady pace of innovation and critical profitability of beverageware lead to lower price sensitivity; U.S. and Canada foodservice business has achieved price increases in 42 of last 46 years
• Sourced dinnerware and flatware provide additional growth opportunities at very attractive ROIC(1)
• Additional growth opportunities outside full-service restaurants and bars
#1 in Western Hemisphere and #1 in North America2
15(1) See Appendix: Definition and reconciliation of non-GAAP measures for definition of ROIC
#1 North America Retail Position
• #1 Retail brands in U.S., Canada and Mexico(1)
• Ability to provide products across multiple price points leverages foodservice and B2B costs and capabilities
• Important driver of factory utilization
• Enhances trend/product life and innovation platform
• Important for brand recognition and brand loyalty – can be leveraged further
• Exclusive distributor for Spiegelau glassware in retail channel in the U.S. and Canada
2
16
#1 in Western Hemisphere and #1 in North America
(1) Casual glass beverageware category, NPD and management estimates
Established global presence with significant growth potential3
17
Grow and bolster U.S. and Canada, Latin America
• Grow around core foodservice business
• Expand in additional categories and market segments in retail and B2B
• Strengthen and broaden product offerings
Maximize returns in Asia Pacific and EMEA
• Complements Americas’ leadership position
• EMEA: reconfigure the business through targeted investments
• Asia Pacific: selective growth with managed investment
Expand footprint in underserved and emerging market segments
2015 Net Sales by Segment
2015 EBIT by Segment
U.S.& Canada
75%
Latin America
20%
EMEA1%
Other 4%
U.S. & Canada
61%
Other 4%
Latin America
20%
EMEA15%
3Libbey’s finest glassware: “elevates the everyday into art”
A laser cut rim ensures a fine and even edge
A pulled stem creates a strong and beautifully seamless transition between bowl and stem
Reinforced flat foot design provides extra stability and chip resistance
The exceptional brightness and clarity of the glass enhance the presentation of the wine
Unique LibbeyClearFire®
formula creates brilliance & strength
18
Retail Foodservice
Full line of stemware, tumblers and specialty drinkware for retail and foodservice channels3
19
A reinvention of a classic shape
Subtle design
Harmony and balance
Gentle contours and thick sham
Modern luxury
Extraordinary angles
Free-flowing movement
Dramatic height
Be Social artisan bakeware
20
• Be Social Artisan Bakeware
designed for retail channel
• New Libbey-designed stoneware
using sourced manufacturing
� Reactive blue glaze literally
makes every piece unique
� Four essential shapes
cover most baking needs
• Artisan stoneware that’s
dishwasher, oven and
microwave safe
Libbey makes oven to table beautiful
3
Launched three new “trend-right” collections in foodservice
21
Connecting toTrends & Insights
Mix & MatchNatural
Perfectly Imperfect
New matte-satin finish,
organic shapes
Organic shapes, earthy
color variations
Nostalgic patterns, “trend-right” blues and grays
3
Executed multiple cost reduction initiatives as part of Libbey 2015
• Workforce optimization
• Productivity improvements
• Realignment of capacity
Own the Moment continues focus on operating efficiencies
• Reduce manufacturing complexity
• End-to-end supply chain management
• Optimize manufacturing output through improved sales and operations planning
Innovation and world class manufacturing technologies create competitive advantage
• R&D innovation/disruptive technology – Libbey Signature™ and Masters Reserve® fine glassware
• Leading proprietary furnace, manufacturing and mold technologies
• Leveraging external relationships and partnerships to gain further advantage
Cost optimization combined with manufacturing innovation create significant advantage4
22
Position of strength and business model drive predictable revenue stream and cash flow
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Operating Cash Flow
23
Historical Cumulative
Adjusted Operating Cash flow (1)
(MM)
$(1)
$105
$176 $233
$358
$432
$558 $624
2008 2009 2010 2011 2012 2013 2014 2015
5
$810
$749 $800 $817 $825 $819
$852 $822
$85 $90 $116 $113 $132 $135 $123 $116
2008 2009 2010 2011 2012 2013 2014 2015
Net Sales Adjusted EBITDA
10.5%
12.0%
14.5%13.8%
16.0% 16.5%
14.5% 14.1%
Adjusted EBITDA Margin
Net Sales, Adjusted EBITDA and Margin (1)
(MM)
6.4
4.3
3.2 3.0 3.0 2.73.1 3.3
2008 2009 2010 2011 2012 2013 2014 2015
1.2 1.4 2.6 2.6
3.5 4.2
5.4 6.3
2008 2009 2010 2011 2012 2013 2014 2015
Flexible capital structure includes term loan and ABL facilities
• $440MM senior secured Term Loan B matures 2021
� LIBOR plus 300 bps (currently 3.75%)
� No financial covenants
� $150MM accordion option
• $100MM ABL facility matures 2019
� LIBOR plus 150-200 bps; maturity 2019
Improved interest coverage
• Significant reduction in borrowing rates since 2011 due to floating rate trend and debt agreement updates; annual interest expense reduced ~50% ($20MM)
• $220MM of the Term Loan B swapped to fixed, reducing floating rate exposure to ~50:50 mix, effective January 2016
Significant deleveraging despite investments to strengthen the business
• Fully funded U.S. pension in 2012, lowering annual cash contributions
• ~$8MM estimated global cash contribution in 2016, approximately all to non-U.S. plans
Capital structure and leverage policy provide financial flexibility
24
Adjusted EBITDA / Interest Expense
Net Debt / Adjusted EBITDA
5
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA and the ratio net debt/Adjusted EBITDA
• Strong cash generation and liquidity
� $25.6MM cash on hand at 3/31/16
� $91.4MM ABL availability at 3/31/16
• Seasonal working capital needs
� Average $30-$35MM peak to trough swing in
quarter-end working capital each year (1)
• Capital expenditures on average about
equal to depreciation
� ~$30 million growth investment for new glass
manufacturing technology over 2014-2015
� Flexibility to selectively review M&A
opportunities
• No significant long-term debt maturities
until Term Loan B in 2021
Significant liquidity resources and moderate near-term funding obligations
25
$122$136
$113
$142 $140
2011 2012 2013 2014 2015
Total of Cash and ABL Availability(MM)
Cash ABL Availability
0
10
20
30
40
50
60
2011 2012 2013 2014 2015
Capital Expenditures, Depreciation & Amortization
Capital Expenditures Depreciation & Amortization
$M
illi
on
s
5
(1) Working capital is defined as net accounts receivable plus net inventories less accounts payable as also noted in Appendix: Definition and reconciliation of non-GAAP measures
Balanced approach to capital allocation6
26
Invest in the
business
Maintain financial strength
and flexibility
Return capital to investors
• Support/accelerate the organic growth of our business
• Selectively consider acquisitions
• New technologies and manufacturing capabilities
• Other strategic initiatives
• Target to return ~50% of free cash flow to shareholders for period 2015 - 2017
� Over 50% distributed in 2015: $25MM
• Re-initiated common dividend at annual $0.44/share in 2015
� 5% dividend increase for 2016 to $0.46/share
• Share repurchase authorization increased to 1.5 million shares in 2015
� Over 513K shares repurchased since December 2014 totaling ~$17.5MM
• Long-term target leverage ratio range of 2.5x – 3.0x net debt to Adjusted EBITDA (1)
• Ability to flex up or down
• Plan to reduce debt in 2016 to target range; made a $5MM optional payment in Q1 2016
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA and the ratio net debt/Adjusted EBITDA
Delivered solid Q1 2016 in a challenging macroeconomic environment
27
Q1 Highlights
• Net sales grew 0.5% (constant currency),
in line with our expectations
� Continued strength in foodservice, up
6.3% (constant currency)
� 12th consecutive quarter of
foodservice volume growth despite
continued restaurant traffic softness
(Q1 2016 down 2-3%)
• Currency impact of ~$6MM on revenue
and ~$3MM on Adjusted EBITDA (1)
primarily due to weaker Mexican peso
• Adjusted EBITDA margin (1) was 180 bps
better than prior year due to favorable
price/mix, lower input costs and SG&A
• Adjusted EBITDA margin (1) was 13.9%,
excluding currency impact
Currency Impact vs. PY
$187
$183
$20
$22 $-
$50
$100
$150
$200
2015 2016Q1 Net Sales
Q1 Adjusted EBITDA
10.5%12.3%
0%
5%
10%
15%
20%
25%
Adjusted EBITDA Margin
Q1 Net Sales, Adjusted EBITDA and Margin (1)
Mil
lio
ns
$188
$25
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted EBITDA and Adjusted EBITDA Margin
We expect a continued challenging macroeconomic and competitive environment in 2016
28
2016 Earnings Outlook• Net sales growth of ~1% on a reported basis
• 2016 Adjusted SG&A(1) in the low 15% range
• 2016 Adjusted EBITDA(1) margin of ~14%
Tailwinds+ Net sales growth
+ Natural gas
Headwinds- Production activity
- Rebuild variable compensation
- Other benefit costs
- Currency impacts
(1) See Appendix: Definition and reconciliation of non-GAAP measures for details regarding calculation of Adjusted SG&A andAdjusted EBITDA
Long-term financial goals
29
FinancialMetric
Long-term Goal
Revenue growth $1B +
Adjusted EBITDA margin 17%
Net debt to adjusted EBITDA 2.5 to 3.0x
ROIC(1) 12% to 14%
TSR Top quartile
(1) See Appendix: Definition and reconciliation of non-GAAP measures for definition of ROIC
Market Firm Net Sales 2015A Rev. Split '16E Margin FV / EBITDA P / E Net Debt /
Company Cap Value 2016E 2017E N.A. Europe ROW EBITDA EBIT 2016E 2017E 2016E 2017E LTM EBITDA
New ell Brands Inc $22,633 $36,396 $13,504 $16,399 70% -- 30% 18.4% 15.7% 14.6x 12.1x 16.1x 15.4x 6.3x
Tupperw are Brands Corporation2,933 3,683 2,242 2,315 26 26 48 18.0 15.2 9.1 8.7 13.4 12.4 2.1
Helen of Troy Limited 2,760 3,259 1,589 1,649 84 12 4 14.6 11.1 14.0 13.2 16.2 14.9 1.9
Lifetime Brands, Inc. 246 334 599 617 79 14 8 -- -- -- -- 15.4 13.5 2.4
Mean $7,143 $10,918 $4,483 $5,245 64% 18% 22% 17.0% 14.0% 12.6x 11.3x 15.3x 14.1x 3.2x
Median 2,847 3,471 1,915 1,982 74 14 19 18.0 15.2 14.0 12.1 15.8 14.2 2.2
Libbey Inc. $405 $822 $831 $848 61% 15% 25% 14.1% 8.6% 7.0x 6.7x 12.2x 10.4x 3.4x
Trading at a significant discount to peers
30
Note: Forward metrics based on consensus Wall Street estimates (FactSet). Market data as of May 1, 2016. Balance sheet data as of Q1 2016.(1) Newell Brands pro forma for Jarden acquisition closed April 15, 2016.(2) Based on 497mm pro forma shares outstanding.(3) Based on pro forma debt of $13.9bn and pro forma cash of $181mm.(4) Based on pro forma LTM EBITDA of $2.2bn.(5) Revenue split based on fiscal year ended February 29, 2016.
($ in millions)
(1)
(5)
(2) (3) (3)(4)
Appendices
31
We have expanded globally and have a strong portfolio of brands
32
Jun 2006: Obtains remaining 51% stake in Crisa,
expanding presence to Monterrey,
Mexico
Jan 2005: Acquires Crisal, a glassware manufacturer based
in Portugal
1800s 1990
Jul 2013: Celebrates 125th Anniversary in
Toledo
2002 2006 20112008 20122000
Dec 2002: Acquires Royal Leerdam, expanding
glassware operations to Europe
May 2012: Refinancing
amended $100MM ABL facility
and issuance of $450MM 6.875% Senior Secured
Notes
Apr 2007: Opens Langfang, China
facility
Aug 1997:Acquires World Tableware and
49% of Crisa
2014
Apr 2014: Refinancing,
including amended $100MM ABL
Facility and new $440MM Term Loan B senior secured credit
facility
1818: Libbey founded as New England Glass Company in East Cambridge, MA
sJun 1993:
Libbey becomes a public company
1892:The company
changes its name to The Libbey
Glass Company
Oct 1995: Acquires
Syracuse China
Aug 2011: Bill Foley becomes Chairman of the
Board
2015
Jan 2015:Announce Own the Moment strategy.
Re-initiate dividend and share
repurchases
Jan 2016: Bill Foley
becomes CEO and Chairman of
the Board
2016
33
Definition and reconciliation of non-GAAP measures
Q1 2016 Q1 2015 FY 2015 FY 2014 FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008
Net income (loss) 0.7$ 3.1$ 66.3$ 5.0$ 28.5$ 7.0$ 23.6$ 70.1$ (28.8)$ (80.4)$
Add:
Interest expense 5.2 4.5 18.5 22.9 32.0 37.7 43.4 45.2 66.7 69.7
Provision (benefit) for income taxes (0.1) 1.3 (38.2) 8.5 13.2 5.7 1.7 11.6 2.7 6.3
Depreciation and amortization 12.1 10.2 42.7 40.4 44.0 41.5 42.2 41.1 43.2 44.4
Earnings before interest, taxes, deprecation and
amortization (EBITDA) 17.9 19.1 89.3 76.8 117.7 91.9 110.9 168.0 83.8 40.0
Add: Special items before interest and taxes:
Restructuring and facility closure charges - - - 1.0 6.5 - (0.1) 2.5 3.8 29.1
Severance - - - - 5.1 1.1 - - -
Pension curtailment and settlement charges - - 21.7 0.8 2.3 4.3 - - 3.2 -
Loss (gain) on redemption of debt - - - 47.2 2.5 31.1 2.8 (58.3) - -
Abandoned property - - - 1.8 - 2.7 - - -
Gain on sale of assets - - - - - (6.8) - - -
Goodwill and intangible impairment charges - - - - - - - - 11.9
Derivatives (0.3) 0.4 (0.2) 1.2 0.9 (0.3) (0.3) 0.8 - -
Other (1)
4.9 0.2 5.3 (3.6) 5.1 - 2.5 2.8 - 4.5
Less: Accelerated depreciation expense included in special
items and also in depreciation and amortization above - - - - (1.5) - - - (0.7) (0.3)
Adjusted EBITDA 22.5$ 19.7$ 116.1$ 123.4$ 135.3$ 132.1$ 112.8$ 115.8$ 90.1$ 85.2$
Net sales 182.8$ 187.4$ 822.3$ 852.5$ 818.8$ 825.3$ 817.1$ 799.8$ 748.6$ 810.2$
Adjusted EBITDA Margin 12.3% 10.5% 14.1% 14.5% 16.5% 16.0% 13.8% 14.5% 12.0% 10.5%
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), Adjusted EBITDA and Adjusted EBITDA Margin(Dollars in millions)
(1) Other in Q1 2016 and Q1 2015 includes $4.9 million and $0.2 million, respectively, for executive terminations. FY 2015 includes $4.3 million for reorganization charges, $0.9 million for executive termination,
and $0.2 million for an environmental obligation. 2014 includes $(4.8) million for furnace malfunction net proceeds, $0.9 million for executive retirement charges, and $0.3 million for an environmental obligation.
2013 includes $4.4 million of furnace malfunction charges and $0.7 million for executive retirement charges. 2011 includes $2.7 million for CEO transition expenses, $(1.0) million for an equipment credit and an
$0.8 million write-down of unutilized fixed assets. 2010 includes $2.7 million of fixed asset write-down charges, $1.0 million in expenses related to a secondary stock offering and a $(0.9) million insurance claim
recovery. 2008 includes a $4.5 million fixed asset write-down charge.
Adjusted EBITDA for the fiscal year ending December 31, 2016 is adjusted to exclude the impact of executive terminations and other non-recurring charges for the fiscal year ending December 31, 2016.
34
Definition and reconciliation of non-GAAP measures
2015 2014 2013 2012 2011 2010 2009 2008
Adjusted EBITDA (1)
116.1$ 123.4$ 135.3$ 132.1$ 112.8$ 115.8$ 90.1$ 85.2$
Debt (2)
431.0 437.9 402.4 454.2 390.1 436.6 512.0 543.5
Plus: Unamortized discount, finance fees and warrants (2)
5.8 7.0 9.5 12.3 11.6 16.9 5.0 11.4
Less: Carrying value in excess of principal on PIK notes - - - - - - 70.2 -
Less: Carrying value adjustment on debt related to the Interest
Rate Agreement - - (1.3) 0.4 4.1 3.3 - -
Gross Debt 436.9 444.9 413.2 466.1 397.6 450.2 446.8 554.9
Cash 49.0 60.0 42.2 67.2 58.3 76.3 55.1 13.3
Debt net of cash 387.9$ 384.9$ 371.0$ 398.9$ 339.3$ 373.9$ 391.7$ 541.6$
Debt net of cash to Adjusted EBITDA Ratio 3.3 3.1 2.7 3.0 3.0 3.2 4.3 6.4
Interest expense 18.5$ 22.9$ 32.0$ 37.7$ 43.4$ 45.2$ 66.7$ 69.7$
Adjusted EBITDA to Interest Expense Ratio 6.3 5.4 4.2 3.5 2.6 2.6 1.4 1.2
Reconciliation of Adjusted EBITDA to Debt net of cash to Adjusted EBITDA Ratio and Adjusted EBITDA to Interest Expense Ratio(Dollars in millions)
(1) - See prior page for calculation and reconciliation to net income.
(2) - All years reflect retrospective adoption of ASU 2015-03 and 2015-15, which presents debt issuance costs of senior debt as a reduction to the liability.
Definitions – Other Non-GAAP Measures
Working capital is defined as net accounts receivable plus inventory less accounts payable
Return on invested capital (ROIC) is defined as after tax income from operations (using a 30% tax rate), adjusted for special items, over ending working capital plus net book value of property, plant and equipment
Adjusted Operating Cash Flow is defined as net cash provided by operating activities plus 2012 pension contribution (to fully fund our target obligations under ERISA), plus call premiums on senior notes and/or floating rate notes, plus debt issuance costs.
2016 Adjusted SG&A is defined as selling, general and administrative expenses adjusted to exclude the impact of executive terminations and other non-recurring charges, if any, for the fiscal year ending December 31, 2016.
NYSE MKT: LBY
Kimberly Hunter
Treasurer and VP, Investor Relations
419-325-2612
email: [email protected]
Alpha IR Group
Chris Hodges & Sam Gibbons
312-445-2870
email: [email protected]
Additional Information
visit our website: www.libbey.com
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