Century Aluminum Company · NASDAQ:CENX
Century Aluminum — Q1 2021 Earnings Presentation
15 slides from Century Aluminum's earnings presentation, May 5, 2021
Slide 1: Century Aluminum Company 1st Quarter Earnings Call
Century Aluminum Company 1st Quarter Earnings Call May 5, 2021
Slide 2: Cautionary Statement
Cautionary Statement This presentation and statements made by Century Aluminum Company management on the quarterly conference call contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21
Slide 3: Speakers
Speakers • Mike Bless – President and Chief Executive Officer • Craig Conti – Executive Vice President and Chief Financial Officer • Peter Trpkovski – Director of Financial Planning and Analysis • Shelly Harrison – Senior Vice President, Finance and Treasurer 2
Slide 4: Overview
Overview • Progress on safety and sustainability efforts • Industry conditions uniformly robust • Operations stable – production increase projects in progress • New Mt. Holly power contract provides opportunity for long-term growth • Refinancing generates lower-cost capital structure, additional liq
Slide 5: Industry Environment
Industry Environment Aluminum Supply and Demand Balance – FY21 Global Inventory Days of Primary Aluminum Consumption 1) Source: CRU Group, Century Aluminum Company 4
Slide 6: Industry Environment - Prices
Industry Environment - Prices LME Aluminum Midwest Premium European Duty Paid Premium Billet Premium – US Midwest Spot 1) Source: CRU Group, Century Aluminum Company 5
Slide 7: Summary of Financial Results
Summary of Financial Results ($MM, except per share and tonne amounts) Q420 Q121 Income statement Shipments (tonnes) 194,940 195,697 Net sales $ 389 $ 444 Net income/(loss) (36) (140) Earnings/(loss) per share (0.40) (1.55) 1 Adjusted net income/(loss) (31) (53) 1 Adjusted earnings / (loss) per shar
Slide 8: Financial Results: Q4 2020 vs. Q1 2021 Adjusted EBITDA
Financial Results Q420 vs. Q121 Adjusted EBITDA ($MM) 1) See reconciliation to comparable GAAP financial measure in appendix 7
Slide 9: Financial Results: Q4 2020 vs. Q1 2021 Cash Flow
Financial Results Q420 vs. Q121 Cash Flow ($MM) 1) See reconciliation to comparable GAAP financial measure in appendix 8
Slide 10: Appendix
Appendix
Slide 11: Non-GAAP Financial Measures
Non-GAAP Financial Measures Adjusted EBITDA, adjusted net income / (loss) and adjusted earnings / (loss) per share and net debt are non-GAAP financial measures that management uses to evaluate Century's financial performance. These non-GAAP financial measures facilitate comparisons of this period’s
Slide 12: Adjusted Net Income (Loss) Non-GAAP Reconciliation
Adjusted Net Income (Loss) Non-GAAP Reconciliation Q420 Q121 $MM EPS $MM EPS Net income (loss) as reported $ (35.5) $ (0.40) $ (140.0) $ (1.55) Lower of cost or NRV inventory adjustment, net of tax (2.4) (0.02) (3.9) (0.04) Unrealized (gain) loss on forward and derivative contracts, net of tax 13.6
Slide 13: Adjusted EBITDA Non-GAAP Reconciliation
Adjusted EBITDA Non-GAAP Reconciliation ($MM) Q420 Q121 Net income (loss) as reported $ (35.5) $ (140.0) Interest expense 8.7 9.0 Interest expense - term loan 0.3 0.3 Interest income (0.2) (0.1) Net (gain) loss on forward and derivative contracts 15.4 98.1 Other (income) expense - net (0.5) (1.9) In
Slide 14: 2021 Sensitivities
2021 Sensitivities ($MM) Variance Annual EBITDA6 Annual Cash7 LME +/- $100/MT $ 52 $ 43 1 MWP +/- $22.04/MT 12 4 EDPP2 +/- $22.04/MT 7 7 Alumina Price Index +/- $10/MT 2 2 MISO Indiana Hub3 +/- $1/MWh 6 6 Nord Pool4 +/- $1/MWh 1.4 0.3 Coke5 +/- $10/MT 3 3 5 Pitch +/- $10/MT 1 1 1) Midwest Premium fo
Slide 15: For Additional Information
For Additional Information Peter Trpkovski investorrelations@centuryaluminum.com 312-696-3132 (Office) Century Aluminum Company One South Wacker Dr, Suite 1000 Chicago, IL 60606 312-696-3102 (Fax) www.centuryaluminum.com 14
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