Century Aluminum Company · NASDAQ:CENX
Century Aluminum — Q3 2020 Earnings Presentation
14 slides from Century Aluminum's earnings presentation, Oct 29, 2020
Slide 1: Century Aluminum Company 3rd Quarter Earnings Call
Century Aluminum Company 3rd Quarter Earnings Call October 29, 2020
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 • Safe and sustainable operations during continuing health crisis • Industry environment stabilized and slowly improving • Q3 financial performance impacted by low commodity prices in April through June time frame • Mt. Holly at risk of full curtailment by year end due to uncompetitive powe
Slide 5: Industry Environment
Industry Environment LME Aluminum Pricing Aluminum Supply and Demand Balance Key Raw Materials 1) Source: CRU Group, Century Aluminum Company 4
Slide 6: Summary of Financial Results
Summary of Financial Results ($MM, except per share and tonne amounts) Q220 Q320 Income statement Shipments (tonnes) 210,309 203,022 Net sales $ 402 $ 393 Net income/(loss) (27) (58) Earnings/(loss) per share (0.30) (0.65) 1 Adjusted net income/(loss) (18) (64) 1 Adjusted earnings / (loss) per share
Slide 7: Financial Results: Q220 vs. Q320 Adjusted EBITDA
Financial Results Q220 vs. Q320 Adjusted EBITDA ($MM) 1) See reconciliation to comparable GAAP financial measure in appendix 6
Slide 8: Financial Results: Q220 vs. Q320 Cash Flow
Financial Results Q220 vs. Q320 Cash Flow ($MM) 1) See reconciliation to comparable GAAP financial measure in appendix 7
Slide 9: Appendix
Appendix
Slide 10: 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 11: Adjusted Net Income (Loss) Non-GAAP Reconciliation
Adjusted Net Income (Loss) Non-GAAP Reconciliation Q220 Q320 $MM EPS $MM EPS Net income (loss) as reported $ (26.9) $ (0.30) $ (58.2) $ (0.65) Lower of cost or NRV inventory adjustment, net of tax 6.4 0.07 (15.4) (0.17) Unrealized (gain) loss on forward and derivative contracts, net of tax 2.7 0.03
Slide 12: Adjusted EBITDA Non-GAAP Reconciliation
Adjusted EBITDA Non-GAAP Reconciliation ($MM) Q220 Q320 Net income (loss) as reported $ (26.9) $ (58.2) Interest expense 5.9 9.1 Interest expense - term loan 0.5 0.4 Interest income (0.4) (0.1) Net (gain) loss on forward and derivative contracts (3.7) 9.4 Loss on early extinguishment of debt - 1.2 O
Slide 13: 2H 2020 Sensitivities
2H 2020 Sensitivities ($MM) Variance 2H20 EBITDA7 LME +/- $100/MT $ 32 MWP1 +/- $22.04/MT 5 EDPP2 +/- $22.04/MT 4 Alumina Price Index +/- $10/MT 2 MISO Indiana Hub3 +/- $1/MWh 3 NYMEX Henry Hub Nat Gas4 +/- $0.10/MMBtu 0.5 Nord Pool5 +/- $1/MWh 1 Coke6 +/- $10/MT 2 Pitch6 +/- $10/MT 0.4 1) Midwest P
Slide 14: 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 13
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