Howmet Aerospace Inc. · NYSE:HWM
Howmet Aerospace — Q4 2015 Earnings Presentation
66 slides from Howmet Aerospace's earnings presentation, Feb 1, 2016
Slide 1: 4th Quarter Earnings Conference
4th Quarter Earnings Conference UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Certain financial information, including net loss and basic and diluted loss per share, has been updated January 11,
Slide 2: Important Information
Important Information Forward-Looking Statements This presentation contains statements that relate to future events and expectations and as such constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include those
Slide 3: Important Information (continued)
Important Information (continued) Non-GAAP Financial Measures Some of the information included in this presentation is derived from Alcoa’s consolidated financial information but is not presented in Alcoa’s financial statements prepared in accordance with accounting principles generally accepted in
Slide 4: Klaus Kleinfeld
Klaus Kleinfeld Chairman and Chief Executive Officer January 11, 2016 4
Slide 5: 4Q 2015 Overview
UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Positioning Two Strong Companies Alcoa Inc. with the SEC on Feb. 1, 2016. Certain financial information, including net loss and basic and diluted loss per share, has been updated in the Form
Slide 6: William Oplinger
William Oplinger Executive Vice President and Chief Financial Officer January 11, 2016 6
Slide 7: Income Statement Summary
UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Income Statement Summary Certain financial information, including net loss and basic and diluted loss per share, has been updated in the Form 8-K/A t
Slide 8: Special Items
UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Special Items Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Certain financial information, including net loss and basic and diluted loss per share, has been updated in the Form 8-K/A to reflect t
Slide 9: Adjusted Earnings Down on Lower LME, API and Regional Premiums
Adjusted Earnings Down on Lower LME, API and Regional Premiums Net Income excluding Special Items ($ Millions) $432 -$420 $212 -$15 -$14 -$92 $65 $16 -$5 -$80 $31 4Q 14 Metal API Currency Volume Price / Productivity Energy Raw Cost 4Q 15 Price Mix Materials Increases / Other Market Performance Cost
Slide 10: Full Year Adjusted Earnings Down on Lower LME and Premiums
Full Year Adjusted Earnings Down on Lower LME and Premiums Net Income excluding Special Items ($ Millions) $749 -$177 -$2 -$447 $1,116 * -$734 $93 -$76 $787 * $328 -$63 2014 Metal API Currency Volume Price / Productivity Energy Raw Cost 2015 Price Mix Materials Increases / Other Market Performance C
Slide 11: GRP: Strong Productivity; Capacity, Innovation Investments Continue
GRP: Strong Productivity; Capacity, Innovation Investments Continue 4Q15 Actual and 1Q16 Outlook – Global Rolled Products 4th Quarter ATOI Results 4th Quarter Business Highlights Revenue up 6% year-over-year excluding divestitures/closures (-15%), lower 4Q 14 3Q 15 4Q 15 metal prices and currency
Slide 12: EPS: Record Revenue up 26% Year-Over-Year; Aerospace up 34%
EPS: Record Revenue up 26% Year-Over-Year; Aerospace up 34% 4Q15 Actual and 1Q16 Outlook – Engineered Products and Solutions 4th Quarter ATOI Results 4th Quarter Business Highlights 4Q 14 3Q 15 4Q 15 Record 4Q Revenue, up 26% year-over-year; Aerospace up 34% Revenue growth driven mainly by acqui
Slide 13: TCS: Strong Productivity Drove Record Q4 EBITDA Margin
TCS: Strong Productivity Drove Record Q4 EBITDA Margin 4Q15 Actual and 1Q16 Outlook – Transportation and Construction Solutions 4th Quarter ATOI Results 4th Quarter Business Highlights Revenue down 11% year-over-year; -7% currency and -4% volume (Brazil) 4Q 14 3Q 15 4Q 15 Record Q4 EBITDA margin
Slide 14: Alumina: Lower Prices Impact Result
Alumina: Lower Prices Impact Result 4Q15 Actual and 1Q16 Outlook – Alumina 4th Quarter ATOI Results 4th Quarter Business Highlights 4Q 14 3Q 15 4Q 15 API pricing down 24% sequentially, 43% in 2015 Production (kmt) 4,161 3,954 3,856 Announced 2.2 MMT, or 15%, of annual capacity curtailments 3rd P
Slide 15: Primary Metals: Lower Cost Position Improving Performance
Primary Metals: Lower Cost Position Improving Performance 4Q15 Actual and 1Q16 Outlook – Primary Metals 4th Quarter ATOI Results 4th Quarter Business Highlights 4Q 14 3Q 15 4Q 15 Realized price declined ~5% sequentially; Midwest transaction price down 28% in 2015 Production (kmt) 731 700 699 3rd P
Slide 16: Upstream: Five Business Units Diversify Revenue and EBITDA Sources
Upstream: Five Business Units Diversify Revenue and EBITDA Sources Upstream Revenues and EBITDA: Full year 2015 Actual Revenue ($B) Profitability (EBITDA %, $B) EBITDA 3rd Party Revenue Total Revenue % Margin EBITDA1 Sensitivity to LME: $19.0 17.4% $2.0 +/- $100/MT = ~$210M 3rd Party $2.2 Revenue In
Slide 17: Base Business DWC +2 days Year-over-Year, Acquisitions Add 4 days
Base Business DWC +2 days Year-over-Year, Acquisitions Add 14 days Average Days Working Capital since Fourth Quarter 2010 8 days Acquisitions (14 days) Lower from base Alcoa ex-Acquisitions (29 days) business 43 40 40 40 40 37 >$400M Cash 36 35 36 34 33 33 34 32 31 32 30 29 30 28 28 29 2 days higher
Slide 18: Strong Cash Generation; Cash Balance at $1.9 Billion
UPDATE (2/1/16): This document is Strong Cash Generation; Cash Balance at $1.9 Billion updated by, and should be read in conjunction with, the Form 8-K/A filed by 4Q14, 3Q15 and 4Q15F Cash Flow Alcoa Inc. with the SEC on Feb. 1, 2016. ($ Millions) 4Q14 3Q15 4Q15 Certain financial information, includ
Slide 19: Leverage Within Target Range of 2.25x to 2.75x Excluding RTI
Leverage Within Target Range of 2.25x to 2.75x Excluding RTI Debt, Net Debt, and Debt-to-LTM EBITDA ($ Millions) Cash Net Debt Debt-to-LTM EBITDA 9,165 9,371 9,103 8,829 8,852 8,319 1,543 1,939 1,861 1,877 1,919 1,437 4.20 3.39 3.27 2.87 2.71 2.49 2.80 excluding RTI 7,622 7,432 6,968 6,882 6,975 7,1
Slide 20: Delivered Strong Results in 2015
Delivered Strong Results in 2015 2015 full year results against Targets Generated $402M Free Cash Flow in 2015 Actual Productivity $900M $1,199M Return-Seeking Generated Capital $603M Free Cash $750M Flow Sustaining Capital $604M $402M $725M Debt-to-EBITDA 2.71 excluding RTI 2.25-2.75 2.80 i
Slide 21: China Aluminum Dynamic Improving, But More Action Still Required
China Aluminum Dynamic Improving, But More Action Still Required China’s dependency on import bauxite is rising Alumina curtailments response is substantial China domestic production, imports and total demand in 000 mt China 2016 alumina curtailments in 000 mt De-stocking 70% 188 Import Share of Dem
Slide 22: Chinese Refining Curtailments Contribute To A 2016 Alumina Deficit
Chinese Refining Curtailments Contribute To A 2016 Alumina Deficit Alumina fundamentals overview 2016 Alumina Forecast (as of Q42015) Alumina Price History: Platts Australia FOB ($/t) $425 Deficit $375 (2,755) $325 $275 $225 $200/t $175 Rest of China World Major curtailments in response to price act
Slide 23: Aluminum Market Fundamentals Are Solid
Aluminum Market Fundamentals Are Solid 6% 2016E Demand Growth Aluminum deficit increasing Rest of ’000 mt China World 2016 demand Deficit 2016 Production at 31,053 26,968 +6% Deficitkmt Beginning Run Rate (1,226) ROW +4% (1,226) 2016 Production to be 3,400 1,010 Added/Restarted 2016 Production to be
Slide 24: Klaus Kleinfeld
Klaus Kleinfeld Chairman and Chief Executive Officer January 11, 2016 24
Slide 25: Aerospace Remains Strong; Continued Growth in Automotive
Aerospace Remains Strong; Continued Growth in Automotive Alcoa End Markets: Current Assessment of 2016 vs. 2015 End Market 2016 Growth Global and Regional Commentary Aerospace • Large Commercial Aircraft segment growth of 15% as ramp-up increases continue for such programs as the A320, A350 and B787
Slide 26: HDT – N.A.: Relative Decline, Strength in Europe; Packaging Stable
HDT – N.A.: Relative Decline, Strength in Europe; Packaging Stable Alcoa End Markets: Current Assessment of 2016 vs. 2015 End Market 2016 Growth Global and Regional Commentary • 2015 4th highest production year: 322k trucks produced, record 376k trucks in 2006 Heavy Duty Truck • 2016 Production: 248
Slide 27: Commercial B&C and Global Airfoil Market Continue to Grow
Commercial B&C and Global Airfoil Market Continue to Grow Alcoa End Markets: Current Assessment of 2016 vs. 2015 End Market 2016 Growth Global and Regional Commentary Leading Indicators Positive but volatile: Building and • Non-Residential Contracts Awarded: +8.6% in Nov. (mean of 12-month rolling a
Slide 28: Upstream: Cost Competitive Industry Leader
Upstream: Cost Competitive Industry Leader Upstream Co. Business Operations and Key Attributes Robust projected aluminum demand growth of 6% in 2016 and double between 2010 and 2020; 3rd Party bauxite demand projected to double by 2025 Attractive Portfolio: World’s largest, low cost bauxite mi
Slide 29: Upstream: Track Record to Drive Profitability
Upstream: Track Record to Drive Profitability Alumina, Al pricing ($/MT), Portfolio Drivers for Upstream EBITDA from 2010 to 2015, Portfolio Improvements Maintaining earnings in unfavorable market conditions 2015 Portfolio Improvements Alumina Price ($/MT) Curtailed Sao Luis smelter: 74 kmt3 $333
Slide 30: Upstream: $600M Business Improvement Program to Counteract Market Headwinds
Upstream: $600M Business Improvement Program to Counteract Market Headwinds 2016 Upstream EBITDA Improvement Program, $US Millions $600M Program: $550M of Productivity Plus $50M of Margin Improvement Actions Productivity Improvement Margin Improvement Business Programs Procurement Overhead $100M $40
Slide 31: Value-Add Co: Premier Provider of Innovative Solutions to Growing Markets
Value-Add Co: Premier Provider of Innovative Solutions to Growing Markets Value-Add Co. Business Operations and Key Attributes Premier supplier of high-performance advanced multi-material products and solutions Positioned to strengthen in growth markets with significant customer synergies e.g.,
Slide 32: Value-Add Co: Meaningful Synergies Create Value
Value-Add Co: Meaningful Synergies Create Value Value-Add Co. Operating Model and Synergies between EPS, TCS, and GRP Businesses Technology: Talent3: Operating Model Surface Pilot Disciplined Execution: External ~20% Coatings Production Degrees of Implementation Hires Process Control Basic Modeling
Slide 33: Multi-Year Contracts Drive Future Value-Add Profits
Multi-Year Contracts Drive Future Value-Add Profits … Aerospace Portfolio Capabilities and Highlights of Aerospace Multi-Year Contracts Signed in 2015 2015 a Banner Year: Aerospace Portfolio Multi-Year Contracts ~$9B Full Service Ti Mill and High Performance Engine Castings Power and Propulsion Fabr
Slide 34: Increasing Content on Every High Growth Jet Engine
...Increasing Content on Every High Growth Jet Engine… Indexed Revenue by Key Engine Type Better Coverage of Key Engine Platforms Alcoa Pro forma Revenue / Engine (Indexed to CFM56) Firth Rixson RTI ~$740k Rev content / engine on 787 GEnx 1B +12% +16% +27% +14% +25% +13% +3% +35% +100% +15% +58% +21
Slide 35: Increasing Content on Every High Growth Aircraft Platform
...and Increasing Content on Every High Growth Aircraft Platform Indexed Revenue by Aircraft Type Strong Revenue Generator on All Platforms Alcoa Pro forma Revenue / Aircraft (Indexed to B737 NG) Firth Rixson RTI +1% B787 (CFRP): ~$6.4M Rev content / shipset B767(metallic): +11% ~$2.7M Rev content /
Slide 36: Innovation, Investments and Productivity Drive Past and Future Growth
Innovation, Investments and Productivity Drive Past and Future Growth Business Improvement Value-Add Portfolio Drivers to EBITDA and Margin Growth from 2008 to 2015 (in $B), Future Drivers Program: ~$650M Delivering Results 2016 Profitability Levers +700 basis point Margin Improvement Business Progr
Slide 37: Executing Separation – On Course for Second Half of 2016
Executing Separation – On Course for Second Half of 2016 Separation Approximate Timeline and Path to Completion 4Q 2015 1st Half 2016 2nd Half 2016 Launched Office the Separation Program Launch New Value-Add Name and Brand Form 10 Effectiveness and Final Board Approval Announced the Executive Se
Slide 38: On Track to Separate into Two Strong Companies
On Track to Separate into Two Strong Companies Pulling All Upstream Levers to Improve Profitability Value-Add Geared for Profitable Growth; Significant Aero, Auto Traction Robust Business Improvement Programs to Strengthen Both Portfolios On Track for Completing Separation 2nd Half of 2016 38
Slide 39: Additional Information
Additional Information Nahla Azmy Vice President, Investor Relations Alcoa 390 Park Avenue New York, NY 10022-4608 Telephone: (212) 836-2674 Email: nahla.azmy@alcoa.com www.alcoa.com 39
Slide 40: 2016 Modeling Support
2016 modeling support 2016 Modeling Support Operational, Investment, and Financial Business Improvement Programs Capital Pension Operational Value Add Overhead Upstream Expenditures Contribution Tax Rate $50M $550M $600M $50M • Sustaining: $700M ~$300M 32% • Return Seeking: $700M Total: $650M $600M
Slide 41: Composition of Regional Premium Pricing Convention
Composition of Regional Premium Pricing Convention 2015 Shipments Regional Premiums Estimated Pricing Convention 54% Midwest – Platts 15-day lag 35% Rotterdam DP – Metal Bulletin 15-day lag 10% CIF Japan – Platts Month prior to Quarter start 1% Negotiated Annual 41
Slide 42: Value-Add Co. Segment Bridges – 4Q 2015
Value-Add Co. Segment Bridges – 4Q 2015 EPS Sequential Quarter Bridge GRP Sequential Quarter Bridge $ Millions $ Millions $151 $0 $1 -$20 $11 -$20 $62 -$3 -$12 $123 $8 $52 -$8 $5 3Q15 Currency Volume Price / Mix Productivity Cost 4Q15 3Q15 Currency Volume Price / Productivity Cost 4Q15 Increases/ Mi
Slide 43: Upstream Co. Segment Bridges – 4Q 2015
Upstream Co. Segment Bridges – 4Q 2015 Alumina Year-over-Year Bridge Primary Metals Year-over-Year Bridge $ Millions $ Millions $178 -$35 $267 -$392 $-168 $13 -$33 $52 $98 $16 $16 $59 -$24 -$3 -$40 -$4 $11 $61 $21 $23 4Q14 LME API Currency Volume Price / Prod- Energy Cost 4Q15 4Q14 Metal API FX Volu
Slide 44: Special Items
UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Special Items Certain financial information, including net loss and basic and diluted loss per share, has been updated in the Form 8-K/A to reflect t
Slide 45: Revenue Change by Market - 4Q 2015
Revenue Change by Market - 4Q 2015 Sequential Year-Over-Year 4Q15 Third-Party Revenue Change Change Aerospace 1% 21% Automotive (8%) (2%) 25% Brazing (9%) (11%) 24% B&C (9%) (25%) Comm. Transport (6%) (5%) Industrial Products (5%) (37%) 3% 14% 2% IGT (8%) 5% 5% Packaging (7%) (23%) Distribution/Othe
Slide 46: Revenue Change by Market – FY 2015
Revenue Change by Market – FY 2015 FY 2015 Third-Party Revenue Year-Over-Year Change Aerospace 24% Automotive 60% 23% Brazing (8%) 25% B&C (21%) Comm. Transport 3% 3% Industrial Products (34%) 2% IGT 3% 15% 5% Packaging (18%) 7% Distribution/Other 17% 2% 2% 5% Alumina (2%) 11% Primary Metals (18%) 4
Slide 47: Composition of Upstream Production Costs
Composition of Upstream Production Costs Refining Cost Structure Input Cost Inventory flow Pricing Annual ATOI Fuel Oil Natural gas convention Sensitivity 4% 13% Conversion Fuel oil 1 – 2 months Prior month $2m per $1/bbl 39% Caustic 9% Natural gas1 N/A N/A N/A Spot & semi- $8m per Caustic soda 3 -
Slide 48: Alcoa Upstream capacity closed, sold and idled
Alcoa Upstream capacity closed, sold and idled Smelting Capacity1 Refining Capacity1 Closed/sold since December 2007 Idled Closed/sold since December 2007 Idled Facility Year kmt Facility kmt Facility Year kmt Facility kmt Baie Comeau 2008 53 Rockdale 191 Jamalco (sale of 55% interest) 2014 779 Suri
Slide 49: Reconciliations
UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Certain financial information, including net loss and basic and diluted loss per share, has been updated in the Form 8-K/A to reflect the impact of a
Slide 50: Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa
Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa(1) UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Certain financial information, including net loss and basic and dil
Slide 51: Reconciliation of ATOI – Supplemental View
Reconciliation of ATOI to Consolidated Net (Loss) Income Attributable to Alcoa(1) – Supplemental View UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Certain financial information, including net lo
Slide 52: Reconciliation of Adjusted Income (Loss)
UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Reconciliation of Adjusted Income (Loss) Certain financial information, including net loss and basic and diluted loss per share, has been updated in
Slide 53: Reconciliation of Adjusted Income (Loss), continued
Reconciliation of Adjusted Income (Loss), continued (in millions, except Income (Loss) Diluted EPS(3) per-share amounts) Year ended Year ended December 31, December 31, December 31, December 31, 2014 2015 2014 2015 UPDATE (2/1/16): This document is updated by, and should be read Net income (loss) in
Slide 54: Reconciliation of Alcoa Adjusted EBITDA
UPDATE (2/1/16): This document is updated by, and should be read in conjunction with, the Form 8-K/A filed by Alcoa Inc. with the SEC on Feb. 1, 2016. Reconciliation of Alcoa Adjusted EBITDA Certain financial information, including net loss and basic and diluted loss per share, has been updated in t
Slide 55: Reconciliation of Alumina Adjusted EBITDA
Reconciliation of Alumina Adjusted EBITDA ($ in millions, except per metric ton amounts) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15 After-tax operating income (ATOI) $682 $1,050 $956 $727 $112 $301 $607 $90 $259 $370 $746 $178 $212 $98 Add: Depreciation, depletion, and amo
Slide 56: Reconciliation of Primary Metals Adjusted EBITDA
Reconciliation of Primary Metals Adjusted EBITDA ($ in millions, except per metric ton amounts) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15 After-tax operating income (ATOI) $822 $1,760 $1,445 $931 $(612) $488 $481 $309 $(20) $594 $155 $267 $(59) $(40) Add: Depreciation, de
Slide 57: Reconciliation of Upstream Adjusted EBITDA
Reconciliation of Upstream(1) Adjusted EBITDA (in millions) 2008 2009 2010 2011 2012 2013 2014 2015(2) After-tax operating income (ATOI) $1,658 $(500) $789 $1,088 $399 $239 $964 $901 Add: Depreciation, depletion, and amortization 771 852 977 1,000 987 952 881 725 Equity (income) loss (9) 18 (11) (18
Slide 58: Reconciliation of Global Rolled Products Adjusted EBITDA
Reconciliation of Global Rolled Products Adjusted EBITDA(1) ($ in millions, except per metric ton amounts) 2005 2006 2007 2008 2009 2010(2) 2011(2) 2012(2) 2013 2014 2015 4Q14 3Q15 4Q15 After-tax operating income (ATOI) $278 $233 $178 $(3) $(49) $220 $266 $358 $292 $245 $244 $52 $62 $52 Add: Depreci
Slide 59: Reconciliation of Engineered Products and Solutions Adjusted EBITDA
Reconciliation of Engineered Products and Solutions(1) Adjusted EBITDA(2) ($ in millions) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15 After-tax operating income (ATOI) $183 $237 $351 $465 $321 $355 $436 $484 $569 $579 $595 $124 $151 $123 Add: Depreciation, depletion, and am
Slide 60: Reconciliation of Transportation and Construction Solutions Adjusted EBITDA
Reconciliation of Transportation and Construction Solutions(1) Adjusted EBITDA(2) ($ in millions) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 4Q14 3Q15 4Q15 After-tax operating income (ATOI) $94 $129 $94 $82 $5 $73 $109 $126 $167 $180 $166 $38 $44 $40 Add: Depreciation, depletion, and amo
Slide 61: Reconciliation of Value Add Adjusted EBITDA
Reconciliation of Value Add(1) Adjusted EBITDA(2) ($ in millions) 2008 2009 2010 2011 2012 2013 2014 2015 After-tax operating income (ATOI) $544 $277 $648 $811 $968 $1,028 $1,004 $1,005 Add: Depreciation, depletion, and amortization 387 410 400 402 393 392 414 503 Equity (income) loss – (2) (2) 2 6
Slide 62: Reconciliation of Free Cash Flow
Reconciliation of Free Cash Flow Year ended Quarter ended (in millions) December 31, December 31, December 31, December 31, December 31, December 31, December 31, September 30, December 31, 2010 2011 2012 2013 2014 2015 2014 2015 2015 Cash from $2,261 $2,193 $1,497 $1,578 $1,674 $1,582 $1,458 $420 $
Slide 63: Days Working Capital
Days Working Capital ($ in millions) Quarter ended 31-Mar-12 30-Jun-12 30-Sep-12 31-Dec-12 31-Mar-13 30-Jun-13 30-Sep-13 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14 31-Dec-14 31-Mar-15(3) 30-Jun-15(3) 30-Sep-15(3) 31-Dec-15(3) Receivables from customers, less allowances $1,709 $1,650 $1,600 $1,573 $1,70
Slide 64: Reconciliation of Net Debt
Reconciliation of Net Debt (in millions) December 31, 2010 2011 2012 2013 2014 2015 Short-term borrowings $92 $62 $53 $57 $54 $38 Commercial paper – 224 – – – – Long-term debt due within one year 231 445 465 655 29 21 Long-term debt, less amount due within one year 8,842 8,640 8,311 7,607 8,769 9,04
Slide 65: Reconciliation of Debt-to-Adjusted EBITDA Ratio
Reconciliation of Debt-to-Adjusted EBITDA Ratio ($ in millions) 2010 2011 2012 2013 2014 2015* Net income (loss) attributable to Alcoa $254 $611 $191 $(2,285) $268 $(121) Add: UPDATE (2/1/16): This document is updated by, and Net income (loss) attributable to noncontrolling should be read in conjunc
Slide 66: Advancing each generation. ALCOA
Advancing each generation. ALCOA 66