Superior Industries International

Similar documents
CAR RENTAL / MINI-LEASE CONTRACT PROPOSAL

Call and Webcast 2 nd Quarter 2018 Financial Results

Call and Webcast 4 th Quarter and FY 2018 Financial Results January 29, 2019

Superior Industries Reports Fourth Quarter and Full Year 2016 Financial Results

Third Quarter 2017 Results. October 24, 2017

Fourth Quarter & Year End 2008 Conference Call

Superior Industries Reports Second Quarter 2018 Financial Results

24MAR Magna International Inc. First Quarter Report

FIRST QUARTER 2018 EARNINGS CONFERENCE CALL MAY 9, 2018

MANAGEMENT DISCUSSION AND ANALYSIS OF OPERATING RESULTS AND FINANCIAL POSITION. For the three and six months ended June 30, 2018

Q2 11 COMPANY UPDATE

Earnings Conference Call and Webcast 1 st Quarter 2018 Financial Results

MANAGEMENT DISCUSSION AND ANALYSIS OF OPERATING RESULTS AND FINANCIAL POSITION. For the three and nine months ended September 30, 2017

Q2 operating income of $2.6 billion, down $0.4 billion Y-O-Y. H1 operating income of $5.5 billion, up $0.5 billion Y-O-Y.

SANLUIS Corporación, S.A.B. de C.V. and Subsidiaries Results for the Third Quarter of Third Quarter 2013 Highlights:

INVESTOR PRESENTATION

Creating Shareholder Value. JP Morgan Auto Conference. August 12, 2014

PRESS RELEASE MARTINREA INTERNATIONAL INC. REPORTS RECORD SECOND QUARTER RESULTS, NEW PRODUCT AWARDS AND ANNOUNCES DIVIDEND

SECOND QUARTER REPORT

Strong return on invested capital-adjusted (ROIC-adjusted) of 27.6%, down 430 bps Y-O-Y, but well above our 2017 target of greater than 25%.

SUPERIOR INDUSTRIES INTERNATIONAL, INC. INVESTOR PRESENTATION OCTOBER 30, 2018

Third Quarter Earnings Conference Call

Continued momentum in order intake and growth

SECOND QUARTER REPORT

EARNINGS PRESENTATION

Telenav Reports Second Quarter Fiscal 2019 Financial Results

Fourth Quarter 2015 Earnings Call

THREE MONTHS ENDED SEPTEMBER 30, All results are reported in millions of U.S. dollars, except per share figures, which are in U.S. dollars.

Net income to common stockholders improved $1.4 billion Y-O-Y to a Q3 record of $2.8 billion.

MARTINREA INTERNATIONAL INC. Reports Record Quarterly Earnings, Strong Margin Improvement and Announces Dividend

Agenda Challenging Year, Great Learnings A Glimpse into 2009 Global Auto Industry GM -- What s s Next

MARTINREA INTERNATIONAL INC. Reports Record Third Quarter Earnings, Strong Margin Improvement and Announces Dividend

FY 2017 Third Quarter Earnings Call

ITW Conference Call. First Quarter 2008

MAGNA INTERNATIONAL INC. Management's Discussion and Analysis of Results of Operations and Financial Position

Fourth-Quarter 2015 Earnings Supporting Information. January 28, 2016

Fourth Quarter and Full Year 2017 Earnings Conference Call

INVESTOR PRESENTATION

Second Quarter Earnings Conference Call

Third Quarter 2018 Results October 30, 2018

FIRST QUARTER Earnings Conference Call April 26, 2016

TEREX ANNOUNCES THIRD QUARTER 2010 RESULTS

quarterly dividend. for the year HIGHLIGHTS Tenth of $94.5 million OVERVIEW to deliver also pleased won $30 Fred Di Tosto, on a basic and

Deutsche Bank Leveraged Finance Conference September 30, 2015

Cooper Standard 1Q First Quarter 2011 Earnings Call

Q Earnings. Webcast Presentation November 1, 2018

Q Earnings Call February 20, 2019

Nine months to September 30

Kaiser Aluminum Corporation Reports Second Quarter and First Half 2017 Financial Results

Earnings Conference Call and Webcast 3 rd Quarter 2017 Financial Results

Second Quarter 2017 Earnings Call

PPG Industries, Inc. First 2018 Financial Results Earnings Brief April 19, 2018

ITW Conference Call. Fourth Quarter 2003

November 10, 2014 For Immediate Release

NOVELIS Q1 FISCAL 2019 EARNINGS CONFERENCE CALL

February 1, Fellow Stockholders,

FORD UNIVERSITY. July 15, 2016

MARTINREA INTERNATIONAL INC.

Third Quarter 2018 Earnings Call

INVESTOR PRESENTATION

MANAGEMENT DISCUSSION AND ANALYSIS OF OPERATING RESULTS AND FINANCIAL POSITION. For the three months ended March 31, 2018

2006 Credit Suisse Conference

INVESTOR PRESENTATION

ITW Conference Call. Third Quarter 2007

Second Quarter 2017 Earnings Conference Call

AUTOCANADA REPORTS 2018 FIRST QUARTER RESULTS

2010 FOURTH QUARTER AND FULL YEAR EARNINGS REVIEW AND 2011 OUTLOOK JANUARY 28, 2011 (PRELIMINARY RESULTS)

SUPERIOR INDUSTRIES INTERNATIONAL, INC. Deutsche Bank Global Auto Industry Conference. January 17, 2018

BORGWARNER REPORTS SECOND QUARTER 2017 U.S. GAAP NET EARNINGS OF $1.00 PER DILUTED SHARE, OR $0.96 PER DILUTED SHARE EXCLUDING NON-COMPARABLE ITEMS

J.P. Morgan Global High Yield & Leveraged Finance Conference

Semi-Annual Report As of and for the three and six months ended June 30, 2017

Third Quarter 2018 Earnings Release Supplement

Ally Financial Inc. 4Q Earnings Review

Novelis Q4 and Fiscal Year 2016 Earnings Conference Call

Third Quarter 2015 Earnings Call October 29, 2015

DEUTSCHE BANK GLOBAL AUTO INDUSTRY CONFERENCE

INVESTOR PRESENTATION

Q Results October 25, 2016

Cooper Tire & Rubber Company Reports Third Quarter 2015 Results

MARTINREA INTERNATIONAL INC.

Second Quarter 2016 Earnings Call

Earnings Call Presentation

Second Quarter 2017 Performance and Business Update. July 27, 2017

BOB EVANS REPORTS FISCAL 2015 FOURTH-QUARTER AND FULL-YEAR RESULTS; PROVIDES FISCAL YEAR 2016 OUTLOOK

July 28, 2016 Conference Call Slide Presentation HARLEY-DAVIDSON, INC SECOND QUARTER UPDATE

Q2 EARNINGS PRESENTATION. August 2nd, 2018

Visteon Q4 and Full Year 2018 Earnings. February 21, 2019

Group 1 Automotive Announces Second Quarter 2018 Financial Results

FY2012 first-half financial results

Retain. Joe Hinrichs 2014 FIRST QUARTER EARNINGS REVIEW. Executive Vice President, Ford Motor Company President, The Americas APRIL 25, 2014

ACTUANT REPORTS THIRD QUARTER RESULTS; UPDATES FISCAL 2018 GUIDANCE

AUTOCANADA INC. MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Q EARNINGS PRESENTATION

Fourth Quarter/Full Year 2006 Results and 2007 Financial Guidance

Third Quarter 2017 Earnings Conference Call

AUTOCANADA INC. Announces 2014 Annual Results with 26.2% Increase in Basic EPS

MYERS INDUSTRIES, INC. Fourth Quarter & Full Year 2018 Earnings Presentation

Three months ended June Change ( million, except as otherwise noted) Change FINANCIAL RESULTS

Fiscal year 2012 financial results

Fourth Quarter 2017 Conference Call. February 8, 2018

Transcription:

NYSE: SUP Year End 2013 Earnings Conference Call March 7 th, 2014 Superior Industries International

Forward-Looking Statements Any forward-looking statements made in this webcast or contained in this presentation are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially because of issues and uncertainties that need to be considered in evaluating our financial outlook. We assume no obligation to update publicly any forward-looking statements. Conditions, issues and uncertainties that may be discussed from time-to-time include, but are not limited to, global competition, product pricing and mix, domestic and foreign market demand, commodity prices including metal, energy and foreign currency, manufacturing capacity including progress in constructing a new manufacturing facility, productivity, capital investment, operating and manufacturing challenges, dividends, share repurchases and our strategic and operating plans. Please refer to the company s SEC filings, including our 2013 Annual Report on Form 10-K, for a complete discussion on forward-looking statements and risk factors that may cause actual events to differ from these forward-looking statements. Page 2

North American Vehicle Production vs. Superior Shipments In 2013, NA Production posted the first 16M plus year since 2002. Superior s shipments were down 5% from the prior year. 6.0 Superior Shipments North American Light Vehicle Production Units (in millions) 5.0 4.0 3.0 2.0 1.0 3.5 3.4 3.1 2.9 3.0 2.7 2.2 2.2 1.7 1.8 1.4 1.4 2.3 2.0 2.7 2.9 2.4 2.4 3.1 3.0 3.0 3.4 2.9 2.9 2.8 2.8 3.1 3.2 2.9 2.9 4.0 4.0 3.4 3.2 3.1 3.3 4.2 4.0 3.7 3.8 3.8 4.0 3.2 3.0 3.1 3.0 2.9 2.9 0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2008 2009 2010 2011 2012 2013 Source: WardsAuto Note: North American light vehicle production includes passenger cars, light trucks, and SUVS YOY Comparison NA Light Vehicle Production Superior Shipments 2013 16.1 11.9 2012 15.4 12.5 % Change 4.5% (4.6%) Units (in millions) Page 3

NA Vehicle Production Year-over-Year Comparison The top five OEM s posted year-over-year gains. More emphasis was on the light truck market (Vehicles in thousands) 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Light Trucks Passenger Cars 9.9% 1.3% 5.9% 4.3% 10.8% 0.5% 3,917 3,936 3,277 3,041 3,236 2,768 2,360 2,498 960 1,069 1,269 1,246 2,340 2,318 657 641 1,776 1,853 1,328 1,472 879 907 1,808 1,973 1,967 2,031 1,703 1,857 976 1,038 1,578 1,618 897 945 352 433 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 (Vehicles in thousands) 16,000 12,000 8,000 4,000 0 7% 2% 8,305 8,856 7,080 7,220 2012 2013 2012 2013 Ford General Motors Chrysler Toyota Nissan Other Int'l Light Trucks Passenger Cars Ford posted +10% production increase which was the strongest of the Detroit Big 3 Passenger cars +11% on Fusion, MKZ and C-Max Light Trucks +9% on Explorer, Escape, Edge and F-Series GM production +1% compared to the prior year Passenger cars (- 2%) on Chevrolet Malibu / Volt and Cadillac CTS declines; growth in Cadillac ATS Light trucks +3% on strong GMT 900 / K2XX, Chevrolet Trax and GMC Acadia production Chrysler production +6% compared to the prior year Passenger cars (-2%) on Chrysler 200/300 and Fiat 500 Light Trucks +9% on Dodge Ram, Durango, Town and Country; increases on all active Jeep programs offset by discontinued Jeep Liberty Production for international brands +3% in total Toyota +4 % on Avalon, Tundra and RAV4 Nissan +11% passenger car growth on strong on Altima, Sentra and Note. Light truck growth of +23% on Pathfinder and Infinity Q60 production BMW and VW (-1%) and (- 11%), respectively Page 4

Superior Shipments Year-over-Year Comparison Annual shipments were 5% lower overall. The decline in passenger cars reflects program changes and more selective program bidding in the context of our overall manufacturing capacity constraints. (Wheels in thousands) 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Light Trucks Passenger Cars 8.8% (11.1%) (17.2%) 21.4% (40.6%) (21.3%) 4,645 5,055 1,127 1,140 3,302 2,935 3,518 580 252 1,519 3,915 1,258 1,179 1,431 2,722 2,683 105 1,117 112 347 557 663 730 574 1,415 972 1,146 832 874 565 393 286 145 98 336 288 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 2012 2013 (Wheels in thousands) 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 0.4% (17.4% ) 8,968 9,005 3,523 2,911 2012 2013 2012 2013 Ford General Motors Chrysler Toyota Nissan Other Int'l Light Trucks Passenger Cars Shipments to Ford +9% Gains on both light trucks and passenger cars Passenger cars +1% Fiesta and MKZ offset losses on Fusion and Mustang Light trucks +11% on F-Series, Explorer, Flex, Expedition and Edge Shipments to GM (-11%) Decline in passenger car (-57%) still a result of Malibu Light trucks -1% Cadillac ATS offset some of the losses of the Malibu program. GMT 900 / K2XX, one of our largest platforms, was up slightly year over year Shipments to Chrysler (-17%) Decline in light trucks (-19%) Losses on Jeep brand and Dodge Caravan and Journey outpaced gains on Dodge Ram and Chrysler Town and Country International (-12%) Solid growth at Toyota partially offset losses at Nissan, BMW and VW Toyota +21% on strong passenger car shipments 2x increases on redesigned Avalon light trucks up on Sienna and Tundra Nissan (-41%) on Sentra, Maxima. Altima and Versa, offset some by new business on the Note BMW (-14%) on X3 and VW (-12%) on the Jetta program Page 5

NA Production / Superior Sequential Quarter Comparison Stronger sequential quarterly growth at Chrysler and GM while Ford was up slightly. Superior s shipments were relatively flat against a 4% market increase. Units (in millions) QOQ Comparison NA Light Vehicle Production Superior Shipments Q4 13 4.0 2.9 Q3 13 3.8 2.9 % Change 4.1% 0.1% Market The Detroit Big 3 plus Toyota and Nissan all posted sequential quarterly gains Ford +1% - Mostly on F-Series GM +5% - Passenger cars +13% on Malibu, Lacrosse light trucks flat - GMT 900 / K2XX down on change over Chrysler +15% - Passenger cars +18% on Avenger and 200/300 light truck + 14% on Dodge Ram and Jeep Grand Cherokee International brands +2% - Toyota +7% on strong Corolla production Nissan +4% strong Rogue production Superior Shipments were relatively flat due to customer production mix Ford +2% - Up on passenger cars Fiesta, Fusion and MKZ light trucks flat as increases on Edge offsets F-Series declines GM flat - GMT 900 / K2XX down on change over offset by Enclave, SRX and Volt Chrysler +3% - Mostly on Town & Country and somewhat offset by the Dodge Ram Toyota (-11%) Lower in line with customers production mix Avalon, Camry and Highlander all lower Nissan (-3%) Down on limited light truck business passenger cars up slightly on Maxima and Altima Demand and mix fluctuations point to further softening in 1Q14 when compared to a strong first quarter of 2013. Page 6

2013 Significant Highlights - Sales Price/Mix improved on a better mix of wheels with premium finished and processes. However, net sales decreased due to lower aluminum prices and volumes Millions Variance Millions Variance Q4 2013 Q4 2012 Amount Percent YTD 2013 YTD 2012 Amount Percent Volume (Wheels Shipped) 2.94 3.16 (0.21) -7% 11.92 12.49 (0.58) -5% Net Sales: Total $192.5 $210.0 ($17.5) -8% $789.6 $821.5 ($31.9) -4% Volume ($12.8) ($34.5) Project Development $0.2 $1.0 Sales Adjustments $1.1 $4.1 Pass-Through Upcharges ($2.8) ($9.2) Price / Mix ($3.2) $6.7 Aluminum Content - Price ($5.1) ($5.4) ($12.9) Aluminum Content - Weight ($3.2) ($0.3) $6.7 $5.1 FX Impact ($0.5) $1.6 Price / Mix Other $2.7 $12.9 ($7.8) Page 7

2013 Significant Highlights Gross Profit Gross profit, excluding 2012 one-time items, improved $7M on a more favorable mix and better cost performance. Volume - 575K less units Mix / Rate Reflects higher mix of premium wheel finishes and processes FX 2013 average Peso rate 3.2% stronger than in 2012 Aluminum Pass Through - Timing difference of aluminum adjustments with customers vs. suppliers Cost Performance Performance much improved in the Midwest as 2012 was hampered by launches, equipment issues and high capacity requirements. Mexico continues to operate smoothly overall focus on keeping plants filled Depreciation increased on higher rate of capital investment in 2012 and 2013 Consumption tax (VAT) reversal due to audit settlement in 3Q12 Capacity Utilization¹ 2013 = 99% 2012 = 102% Page 8 (1) Capacity is computed based on straight time with a standard mix and no provision for unplanned downtime.

Sequential Margin Improvement Gross Profit Volume - slight change in volume Mix / Rate Reflects higher mix of premium wheel finishes and processes FX Slight devaluation in the Peso Aluminum Pass Through - Timing difference of aluminum adjustments with customers vs. suppliers Cost Performance Performance much improved in the Midwest in 4Q13. Improved labor utilization and scrap rates on a better mix, more stable equipment and improved processes control Depreciation increased on higher rate of capital investment in 2012 and 2013 Page 9

2013 Income Statements Other Comments 2012 included a $3.5M favorable consumption tax adjustment due to audit settlement SG&A expense Total year increase of $1.7M mostly reflects executive severance cost; other detailed changes offset each other Income tax expense increased to $14.0M or 38.0% for 2013 from $3.6M or 10.4% in 2012. Effective income tax rates for both 2013 and 2012 affected by a variety of factors, most notably: 2012 - Net $10.2M benefit from reversal of net liability for uncertain tax positions, offset partially by $3.4M increase in valuation allowances related to state deferred tax assets 2013 - $2.1M increase in net liability for uncertain tax positions, $1.0M increase for Mexico tax rate changes, offset partially by the $2.2M in tax credits Page 10

Balance Sheet & Cash Flow Comments Balance Sheet Cash and short-term investments decreased $4.3M during the year to $203.1M Accounts receivable decreased $8.9M compared to year-end 2012 reflects effect of more shutdown days in last fiscal week of 2013 Net inventory declined $4.7M compared to year-end 2012 - finished goods increase offset by decrease in WIP and raw materials Other current liabilities increased $28M due to non-cash accruals for new plant Working capital and current ratio declined but remained strong at $284.8M and 3.87:1 at the end of 2013 Decline of $34M from September 2013 and $54M from year-end 2012 Decrease primarily due to the capital requirements for the new wheel plant and existing facilities Cash Flow Capital expenditures 4Q13 Total Year Existing facilities $ 8.5M $32.2M New Mexico facility 16.1M 35.8M Total 2013 $24.6M $68.0M Total 2012 $ 8.8M $23.1M 12.5% quarterly dividend increase ($0.02/share) increment paid in 4Q13 2013 dividend payments accelerated into 2012 Full quarterly dividend payment restored in 1Q14 Total of $10M shares repurchased under $30M authority granted by board of directors in March 2013 - $8M repurchased through year-end 2013 Page 11

Future Cash Flow Considerations Cash investment in the new manufacturing facility will be the largest incremental change from 2013. New facility spending estimates 2013 spending = $35.8M Currently expect $80M - $90M of cash outflow over 1Q14-3Q14 as equipment arrives onsite and is installed Roughly 80% of cash investment in 1H14 based on current schedules $8M start-up expense to fund operations prior to commercial shipments $20-$25M of supporting working capital towards end of 2015 Capital investment for on base business Could reach $40M in 2014 However, higher discretionary component will allow for more variability based on 2014 performance Aluminum sensitivity Aluminum cost increased in the beginning of 2014 due to higher Midwest Premiums and alloy components MW premiums are + 7.5 / pound from year- end 2013 Although the majority of the commodity aluminum component will pass through to our market, additional working capital is required to support higher metal cost Rough sensitivity is 1 / pound for metal = $1M in working capital Dividend 2013 dividend payments were minimal; should approximate $20M per year at current rate Page 12

New Manufacturing Facility Update Progress on the new manufacturing facility is proceeding on plan. Building construction is on schedule Structure completely enclosed with floors and internal walls quickly following Mechanicals such as piping, conduit and motorized doors progressing well Critical path items such as electrical equipment being installed Machinery and equipment decisions are finalized and equipment is starting to arrive onsite Paint system, compressors and other equipment starting to be installed Equipment selection focused on ensuring process capability to meet market requirements, but also to leverage tried-and-true designs to mitigate start-up and operational risk Approximately 83% of the total project budget has been committed Estimated start of commercial production during 1H15 Cost estimates remain in $125-$135 million range Infrastructure sized to allow for future expansion up to 500k wheels / year Page 13

New Manufacturing Facility Update (continued) Page 14

Conclusion NA auto production for 2013 was at the highest level since 2002 Superior s market share declined on a year-over-year basis due to discontinued production programs and more selective program bidding as a result of managing our overall capacity constraints Plant utilization rates still remained at high levels Mexico operations continue to run smoothly additional shutdown days this year impacted 2013 margins, but focus is on keeping low cost facilities full Cost performance at U.S. facilities improved as capital put in place has addressed many equipment reliability and process issues New wheel plant construction progressing ahead of schedule - will expand on success in Mexico, help to lower overall cost structure and provide more flexibility 12.5% dividend increase instituted in Q413 Allocated $10M of capital to repurchase common stock Liquidity remains strong but will continue to decrease as capital spending for the new plant and base business increases Page 15

4Q13 Quarter Income Statements (US$ in Thousands, except for per share amounts) Favorable (Unfavorable) Q4 2013 Q4 2012 Amount Percent Unit Shipments 2,944,439 3,155,735 (211,296) -7% Total Revenues $ 192,511 $ 210,018 $ (17,507) -8% Unaudited Gross Profit $ 18,887 $ 12,763 $ 6,124 48% % of Revenues 9.8% 6.1% 3.7% SG&A Expenses 6,913 7,392 479 6% % of Revenues 3.6% 3.5% 0.1% Operating Income 11,974 5,371 6,603 123% % of Revenues 6.2% 2.6% 3.7% Interest Income, net 403 380 23 6% Foreign Exchange Gain (Loss) (16) (477) 461 97% Other Income (Expense), net 16 31 (15) -48% Income Before Income Taxes and Equity Earnings of JVs 12,377 5,305 7,072 133% Income Tax (Provision) Benefit (5,982) (2,617) (3,365) -129% Net Income $ 6,395 $ 2,688 $ 3,707 138% Income Per Share - Diluted $ 0.23 $ 0.10 $ 0.13 Page 16

December 2013 YTD Income Statements (US$ in Thousands, except for per share amounts) Favorable (Unfavorable) 2013 2012 Amount Percent Unit Shipments 11,915,550 12,490,609 (575,059) -5% Total Revenues $ 789,564 $ 821,454 $ (31,890) -4% Gross Profit $ 64,061 $ 60,607 $ 3,454 6% % of Revenues 8.1% 7.4% 0.7% Unaudited SG&A Expenses 29,468 27,727 (1,741) -6% % of Revenues 3.7% 3.4% 0.4% Operating Income 34,593 32,880 1,713 5% % of Revenues 4.4% 4.0% 0.4% Interest Income, net 1,691 1,252 439 35% Foreign Exchange Gain (Loss) 194 91 103 113% Other Income (Expense), net 363 266 97 36% Income Before Income Taxes 36,841 34,489 2,352 7% Income Tax (Provision) Benefit (14,017) (3,598) (10,419) -290% Net Income $ 22,824 $ 30,891 $ (8,067) -26% Income Per Share - Diluted $ 0.83 $ 1.13 $ (0.30) Page 17

Summary Balance Sheets Unaudited (US$ in Millions) December December Increase ASSETS 2013 2012 (Decrease) Cash & Cash Equivalents $ 199.3 $ 203.4 $ (4.1) Short Term Investments 3.8 4.0 $ (0.2) Accounts Receivable, net 89.6 98.5 (8.9) Inventories, net 67.2 71.9 (4.7) Prepaid Aluminum 6.1 10.7 (4.6) Other Current Assets 18.2 16.4 1.8 Total Current Assets 384.2 404.9 (20.7) Property, Plant & Equipment 219.9 147.5 72.4 Investments 4.6 4.6 - Deferred Taxes 14.7 17.0 (2.3) Other Assets 30.0 25.6 4.4 Total Assets $ 653.4 $ 599.6 $ 53.8 LIABILITIES & EQUITY Accounts Payable $ 34.5 $ 32.4 $ 2.1 Other Current Liabilities 64.9 34.2 30.7 Total Current Liabilities 99.4 66.6 32.8 Non-Current Liabilities 70.9 66.1 4.8 Shareholders' Equity 483.1 466.9 16.2 Total Liabilities & Equity $ 653.4 $ 599.6 $ 53.8 Page 18

Summary Cash Flow Statements (US$ in Millions) 2013 2012 Increase Actual Actual (Decrease) Net Income (Loss) $ 22.8 $ 30.9 $ (8.1) Unaudited Depreciation 28.5 26.4 2.1 Deferred Income Taxes & FIN 48 5.3 (13.5) 18.8 Accounts Receivable 9.1 21.4 (12.3) Inventories 5.7 (8.3) 14.0 Prepaid Aluminum 4.5 1.1 3.4 Accounts Payable and Accrued Liabilities (2.5) 2.7 (5.2) Other Operations Related Items (4.1) 5.1 (9.2) Cash Flow from Operations 69.3 65.8 3.5 Cash Dividends (0.6) (34.9) 34.3 Capital Expenditures (68.0) (23.1) (44.9) Proceeds from Exercise of Stock Options 2.9 1.5 1.4 Stock Repurchase (8.1) Net Change in Maturing Investments 0.2 1.1 (0.9) All Other 0.2 5.2 (5.0) Net Increase (Decrease) (4.1) 15.6 (19.7) Cash - Beginning 203.4 187.8 15.6 Cash - Ending $ 199.3 $ 203.4 $ (4.1) Page 19