Kaiser Aluminum Corporation · NASDAQ:KALU
Kaiser Aluminum — Investor Presentation (September 2016)
83 slides from Kaiser Aluminum's investor presentation, Sep 12, 2016
Slide 1: Business Update
Business Update September 2016
Slide 2: Forward looking statements
Refer to kaiseraluminum.com Forward looking statements Our earnings release and reports filed with the SEC, including the Company’s most recent Form 10-K and Form 10-Q, provide a summary of the risk factors that could cause results to be materially different than any forward-looking statements in th
Slide 3: Investment considerations
Investment considerations Leading positions in attractive, growing market segments Strong track record of growth and performance Excellent earnings growth potential Financial strength and flexibility to support continued growth
Slide 4: Focus on demanding applications where we have competitive strength
Focus on demanding applications where we have competitive strength Value added revenue1 ($millions) Other, $68 General Engineering, $168 Auto, $40 Aero/High Strength, $224 5% CAGR3 Other, $25 General Engineering, $205 Auto, $114 Aero/High Strength, $462 LTM LTM2 value added revenue mix Other 3% Auto
Slide 5: Kaiser aerospace / high strength
Kaiser aerospace / high strength Annual value added revenue1 ($mm) Shipments$462 $451 $449$449 $430 $377 $324 $297$295 $278237244243 $256 224224 $224 192 142 1452012-2014: Aerospace 125 inventory destocking restocking- cycle, declining HT plate prices ‘05 ’06 ‘07’08’09’10 ‘11 ‘12 ‘13 ‘14’15LTM 2 Pos
Slide 6: Growing large commercial airframe backlog and build rates
Growing large commercial airframe backlog and build rates Boeing / Airbus order backlog 12,000 10,000 8,000 6,000 4,000 2,000 0 2000 2005 2010 2015 Global airframe builds (>50 seats) 2005 2010 2015 2,000 1,500 1,000 500 0 Sources: Airline Monitor, Boeing, Airbus, Kaiser estimate
Slide 7: Outlook — aero/high strength
Outlook — aero/high strength Kaiser’s served market applications1 Large Commercial ~60% Industrial ~10% Other Aero ~30% Positioned for continued growth Preliminary 2016-2019 outlook: ~5% demand CAGR2 Potential for destocking in 2017 Large commercial aerospace: growing builds larger airframes monolit
Slide 8: Kaiser automotive extrusions
Kaiser automotive extrusions Annual value added revenue1 ($mm) VAR $s/North American build ‘05 $2.55 40 $ ‘06 $2.54 39 $ ‘07 $3.36 51 $ ‘08 $3.30 42 $ ‘09 $3.66 31 $ ‘10 $3.83 46 $ ‘11 $3.94 52 $ ‘12 $3.83 59 $ ‘13 $4.09 66 $ ‘14 $5.35 91 $ $ ‘15 $6.32111 LTM $6.39114 $ Positioned for continued grow
Slide 9: CAFE regulations drive demand growth for aluminum extrusions
CAFE regulations drive demand growth for aluminum extrusions Corporate average fuel economy (CAFE) MPG regulations CAFE Standard 55 50 45 Gallon 40 per 35 Miles 30 25 20 15 2012 2025
Slide 10: Auto builds expected to sustain 18M rate
Auto builds expected to sustain 18M rate North American light vehicle builds (in millions) 18 16 14 12 10 8 6 4 2 0 2005 2010 2015 Sources: 2005-2015 – IHS; 2016-2019 – Kaiser estimate
Slide 11: Outlook — automotive extrusions
Outlook — automotive extrusions Kaiser’s served market applications1 Growing Applications Chassis, Structural, Safety ~50% Mature Applications ABS, Drivetrain ~50% Positioned for continued growth 2016-2019 outlook: ~6% demand CAGR2 Mature applications: Anti-lock brake systems Drivetrain components G
Slide 12: Kaiser general engineering
Kaiser general engineering Annual value added revenue1 ($mm) Armor plate demand surge 2006-2008 $249 $225 $200 $205 $191 $174 $175 $192 $186 $182 $168 $165 ‘05 ’06 ‘07’08’09’10 ‘11 ‘12 ‘13 ‘14’15 LTM Growth tied to U.S. industrial economy 2% CAGR3 from 2005 Highly recognized name brand Differentiate
Slide 13: Fabricated products value added revenue growth
Fabricated products value added revenue growth Annual value added revenue1 ($mm) Shipments $790$806 $736 $734 $733 $673 $639$644 $565 $556 $501 $513 526 548559514561564 4292012-2014: Aerospace inventory restocking- destocking cycle, declining HT plate prices ‘05 ’06 ‘07’08’09’10’11 ‘12’13 ‘14’15LTM
Slide 14: Investing for growth and competitive strength
Investing for growth and competitive strength Significant Investments 1 HT Plate Capacity & Capability Kalamazoo & Auto Expansion Quality, Efficiency, Sustaining Acquisitions (Alexco and Nichols Wire) Trentwood HT plate expansion and thin plate modernization2 Automotive capacity expansion Investment
Slide 15: Consolidated EBITDA
Consolidated EBITDA EBITDA ($mm) and EBITDA margin1,2 EBITDA margin $ 15.1% 76 $ 17.4% 99 $ 20.3% 129 $ 16.4% 111 $ 13.5% 70 $ 15.3% 85 $ 17.3% 111 $ 23.6%174 $ 23.7%174 $ 22.1%162 $ 23.2%183 $ 24.2%195 Strong cyclic growth trend Adjusted EBITDA and margin growth: Strong EBITDA through recession Str
Slide 16: VAR, EBITDA & margin walk
VAR, EBITDA & margin walk Lower HT plate prices more than offset by volume, cost efficiency and other price/cost VAR1 Walk (in $millions) 2007 639 Other Volume/Price 226 HT Plate Price 60 LTM 4 806 EBITDA2 Walk (in $millions) 2007 129 Other Vol/Price/Cost 125 HT Plate Price 60 LTM 4 195 Margin3 Walk
Slide 17: Returning cash to shareholders
Returning cash to shareholders ~$420M returned to shareholders since 2007 Dividends ($millions) $/Share 0.36 $ $ $0.84 17 $ $0.96 20 $ $0.96 19 $ $0.96 19 $ $1.00 20 $ $1.20 23 $ $1.4025 $ $1.6028 Share repurchases ($millions) $78 $49 $44$44 $28 ‘07 ‘08 ’09 ‘10’11’12’13’14’15
Slide 18: Financial flexibility and conservative capital structure
Financial flexibility and conservative capital structure Financial data as of 6/30/16 1 Cash & Short-term investments2 $267 ABL revolver ($300 million) due Dec 1, 2020 - 5.875% Senior Unsecured Notes due May 15, 2024 375 Total Debt $375 Net Debt $108 Book Equity 808 Total Capitalization $1,183 Total
Slide 19: Experienced management team
Experienced management team Jack Hockema CEO & Chairman Kaiser—24 years Industry—47 years Dan Rinkenberger EVP & CFO Kaiser—25 years Industry—25 years John Donnan EVP Legal, Compliance & Human Resources Kaiser—22 years Industry—22 years Keith Harvey President & COO Kaiser—35 years Industry—35 years
Slide 20: Investment considerations
Investment considerations Leading positions in attractive, growing market segments Strong track record of growth and performance Excellent earnings growth potential Financial strength and flexibility to support continued growth
Slide 21: Well positioned for further growth
Well positioned for further growth
Slide 22: Appendix — Company Overview
Appendix — Company Overview KAISER ALUMINUM
Slide 23: Forward looking statements
Forward looking statements The information contained in this presentation includes statements based on management’s current expectations, estimates and projections that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements
Slide 24: Non-run-rate items
Non-run-rate items Non-run-rate items to us are items that, while they may recur from period to period, (1) are particularly material to results, (2) impact costs as a result of external market factors and (3) may not recur in future periods if the same level of underlying performance were to occur.
Slide 25: Non-GAAP financial measures
Non-GAAP financial measures This information contains certain non-GAAP financial measures. A “non-GAAP financial measure” is defined as a numerical measure of a company’s financial performance that excludes or includes amounts so as to be different than the most directly comparable measure calculate
Slide 26: Investment considerations
Investment considerations Leading positions in attractive, growing market segments Demanding applications Strong market presence Competitive strength Excellent earnings growth potential Attractive, growing market segments Significant investments Platform for organic and acquisition growth Financial
Slide 27: Leading North American semi-fabricated specialty aluminum mill products company
Leading North American semi-fabricated specialty aluminum mill products company Twelve North American manufacturing locations Flat rolled products Extrusions Drawn products
Slide 28: Focused on strategic applications
Focused on strategic applications Commercial Aerospace Other Aerospace Automotive General Engineering
Slide 29: Focused on demanding applications where we have competitive strength
Focused on demanding applications where we have competitive strength Global flat rolled products market Heat-treat sheet and plate excluding automotive Automotive heat-treat sheet Foil Other sheet Can stock and plate North American extrusion market General engineering (rod, bar, tube) Auto and aeros
Slide 30: Served market segments
Served market segments LTM1 Value added revenue2 mix Auto 14% Aero/High Strength 57% General Engineering 26% Other 3% Strategic market segments Growing aerospace & automotive Demanding applications Strong long-term demand growth Mature general engineering General industrial end uses Growth with econ
Slide 31: Creating value with KaiserSelect products
Creating value with KaiserSelect ® products Differentiate with KaiserSelect® KaiserSelect® products with reliable machinability or other characteristics help create value for customers by improving their manufacturing processes and profitability We can offer KaiserSelect® products due to Kaiser’s st
Slide 32: Blue chip customer base
Blue chip customer base Original equipment manufacturers Service centers
Slide 33: Investing for growth and competitive strength
Investing for growth and competitive strength Significant Investments 1 HT Plate Capacity & Capability Kalamazoo & Auto Expansion Quality, Efficiency, Sustaining Acquisitions (Alexco and Nichols Wire) Trentwood HT plate expansion and thin plate modernization2 Automotive capacity expansion Investment
Slide 34: Fabricated products value added revenue growth
Fabricated products value added revenue growth Annual value added revenue1 ($mm) Shipments $806 $790 $736 $734 $733 $673 $639 $644 $565 $556 $501 $513 586 589 615 612 548 559 561 564 487 526 514 429 2012-2014: Aerospace inventory restocking-destocking cycle, declining HT plate prices ‘05 ‘06 ‘07 ‘08
Slide 35: Consolidated EBITDA
Consolidated EBITDA EBITDA ($mm) and EBITDA margin1,2 EBITDA margin $ 15.1% 76 $ 17.4% 99 20.3% 129 $ $ 16.4% 111 $ 13.5% 70 $ 15.3% 85 17.3% 111 $ $ 23.6% 174 23.7% 174 $ $ 22.1% 162 $ 23.2% 183 $ 24.2% 195 Strong cyclic growth trend Adjusted EBITDA and margin growth: Strong EBITDA through recessio
Slide 36: VAR, EBITDA & margin walk
VAR, EBITDA & margin walk Lower HT plate prices more than offset by volume, cost efficiency and other price/cost VAR1 Walk (in $millions) 2007 639 Other Volume/Price 226 HT Plate Price 60 LTM 4 806 EBITDA2 Walk (in $millions) 2007 129 Other Vol/Price/Cost 125 HT Plate Price 60 LTM 4 195 Margin3 Walk
Slide 37: Consolidated net income and EPS
Consolidated net income and EPS Adjusted net income1 (in $millions) $76 $74 $72 $70 $63 $56 $53 $42 $30 $28 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 LTM 3 Adjusted EPS2 ($ per share) $4.20 $3.95 $3.82 $3.65 $3.38 $2.82$ 2.61 $2.20 $1.56 $1.42 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 LTM3 1 Adjusted Net Income
Slide 38: Financial guidelines
Financial guidelines Liquidity Proactively plan and maintain strong liquidity through economic downturns and contraction of borrowing capacity to continue to pursue strategic growth Leverage Leverage guideline: 1.5x to 2.0x net debt to normalized forward-looking EBITDA Opportunistic debt level: can
Slide 39: Financial flexibility and conservative capital structure
Financial flexibility and conservative capital structure Financial data as of 6/30/16 1 Cash & Short-term investments2 $267 ABL revolver ($300 million) due Dec 1, 2020 - 5.875% Senior Unsecured Notes due May 15, 2024 375 Total Debt $375 Net Debt $108 Book Equity 808 Total Capitalization $1,183 Total
Slide 40: Additional financial considerations
Additional financial considerations Significant tax attributes1 Approximately $564 million of Net Operating Loss carry-forwards as of December 31, 2015 Applies to US Federal pretax income Single-digit percentage cash tax rate (lower than book tax rate) VEBA2 obligations Annual variable cash contribu
Slide 41: Metal price neutrality
Metal price neutrality Pricing Mechanism How it work Effe Spot Kaiser can change selling price up Metalpass-through to the point of shipment Price is a contractually negotiated Index-based conversion spread that “floats” over Metalpass-through a published index Kaiser and customer agree to firm Requ
Slide 42: Experienced management team
Experienced management team Jack Hockema CEO & Chairman Kaiser—24 years Industry—47 years Dan Rinkenberger EVP & CFO Kaiser—25 years Industry—25 years John Donnan EVP Legal, Compliance & Human Resources Kaiser—22 years Industry—22 years Keith Harvey President & COO Kaiser—35 years Industry—35 years
Slide 43: Appendix - Aerospace
Appendix - Aerospace KAISER ALUMINUM
Slide 44: Strong outlook for commercial aerospace demand
Strong outlook for commercial aerospace demand Commercial aerospace attributes Broad product offering High barriers to entry Growth drivers
Slide 45: Aluminum demand drivers for commercial aerospace applications
Aluminum demand drivers for commercial aerospace applications Build rates Aluminum content
Slide 46: Airframe build rates expected to grow
Airframe build rates expected to grow Increasing global travel Need for more fuel efficient aircraft Build rates
Slide 47: Global air travel is expected to double over the next years
Global air travel is expected to double over the next 15 years Global air travel is expected to double over the next 15 years North America and Europe Rest of World 9.1 61% 4.2 48% 2.1 32% 39% 52% 68% 2000 2015 2030 Source: Airline Monitor June 2016
Slide 48: Commercial airframe order backlog has tripled over the past decade
Commercial airframe order backlog has tripled over the past decade Boeing / Airbus order backlog Growing fleet Normal replacements Accelerated replacement for fuel-efficiency 12,000 10,000 8,000 6,000 4,000 2,000 2000 2005 2010 2015 Sources: Boeing, Airbus
Slide 49: Expect record airframe build rates
Expect record airframe build rates Global airframe builds (>50 seats) Record order backlog for airframes and growing demand Increasing aluminum plate content driven by: Growing use of monolithic design in airframe construction Larger airframes (longer and wider) 2,000 1,500 1,000 500 2005 2010 2015
Slide 50: Boeing & Airbus build projections Annual Builds
Boeing & Airbus build projections Annual Builds B737 B787 B777 B747 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 A320 A330 A350 A380 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Sources: Boe
Slide 51: Several factors influence airframe aluminum content
Several factors influence airframe aluminum content Size of airframes Monolithic design Material selection Aluminum content
Slide 52: Seats per airframe 2030
Seats per airframe 207 2030 2015 186 2010 182 Source: June 2016 Airline Monitor
Slide 53: Monolithic design has created a step-change increase in aluminum plate buy-to-fly ratio
Monolithic design has created a step-change increase in aluminum plate buy-to-fly ratio Traditional Metallic Monolithic Design Aluminum Plate Buy Weight 747-8 New Metallic 747-400 Traditional Metallic Aircraft Fly Weight Source: Kaiser estimates
Slide 54: Carbon fiber airframes require substantial aluminum buy weight
Carbon fiber airframes require substantial aluminum buy weight Traditional Metallic Carbon Fiber / Monolithic New Carbon Fiber with Monolithic Design Traditional Metallic Aluminum Plate Buy Weight Aircraft Fly Weight Source: Kaiser estimates
Slide 55: Growing aluminum plate buy weight
Growing aluminum plate buy weight larger airframes and monolithic design Traditional Metallic Carbon Fiber / Monolithic Monolithic Design Aluminum Plate Buy Weight A380 747-8 787-8 777-9 767 A330 747-400 737-8 A320 Aircraft Fly Weight Source: Kaiser estimates
Slide 56: Kaiser aerospace / high strength
Kaiser aerospace / high strength Annual value added revenue1 ($mm) Shipments $462 $451 $449 $449 $430 $377 $324 $297 $295 $278 237 244 243 $256 224 224 $224 192 155 158 159 145 2012-2014: Aerospace 125 142 inventory restocking-destocking cycle, declining HT plate prices ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘
Slide 57: Manufacturing Choices
Manufacturing Choices Traditional Sheet & Extrusion Build-Up Example: Wing Spar Shear Beam Monolithic Design Example: Wing Rib
Slide 58: KaiserLiner aircraft applications
KaiserLiner aircraft applications PLATE 1 Wing Ribs 2 Wing Spars 3 Leading Edge Ribs 6 Winglet Attach Structure 7 Trailing Edge Ribs 8 Wing Skins 12 Fuselage Frames 13 Bulkheads 14 Tailcone Components 15 Cargo Floor Beam 21 Door Components 25 Wing to Body Fairing Components 26 Engine Support Structu
Slide 59: Appendix - Automotive
Appendix - Automotive KAISER ALUMINUM
Slide 60: Strong outlook for automotive extrusion demand
Strong outlook for automotive extrusion demand Automotive extrusion attributes Demanding applications Key factors for success Growth drivers
Slide 61: Aluminum demand drivers for automotive applications
Aluminum demand drivers for automotive applications Build rates Aluminum content
Slide 62: Increasing N.A. vehicle build rates
Increasing N.A. vehicle build rates Vehicle production Sales Imports Exports Vehicle production Build rates
Slide 63: Auto sales have fully recovered from deep recession
Auto sales have fully recovered from deep recession North American light vehicle sales (in millions) U.S. new 8.4 8.1 8.2 car sales 8.0 per 100 5 5.0 drivers 2005 2010 2015 Sources: IHS Automotive, U.S. Department of Transportation, Kaiser estimate
Slide 64: Net North American vehicle imports
Net North American vehicle imports (millions of vehicles) Imports Net Imports 4 Exports 2005 2010 2015 Source: IHS Automotive
Slide 65: Auto builds expected to sustain 18M rate
Auto builds expected to sustain 18M rate North American light vehicle builds (in millions) 18 16 14 12 10 8 6 4 2 0 2005 2010 2015 Sources: 2005-2015 – IHS; 2016-2019 – Kaiser estimate
Slide 66: Auto aluminum content is growing
Auto aluminum content is growing CAFE regulations Light weighting with aluminum Aluminum content
Slide 67: Regulation is a significant driver for improved automotive fuel economy
Regulation is a significant driver for improved automotive fuel economy Corporate average fuel economy (CAFE) MPG regulations CAFE Actual 50.0 Gallon 40.0 per 30.0 Miles 20.0 10.0 2005 2010 2015 2020 2025 Source: U.S. Department of Transportation NHTSA
Slide 68: Automotive extrusion content
Automotive extrusion content Kaiser VAR1 $/Vehicle2 2005 $2.55 2006 $2.54 2007 $3.36 2008 $3.30 2009 $3.66 2010 $3.83 2011 $3.94 2012 $3.83 2013 $4.09 2014 $5.35 2015 $6.32 LTM $6.39 Robust secular growth trend Growth of aluminum in vehicles driven by CAFE regulations Content growth driven by conver
Slide 69: Kaiser automotive extrusions
Kaiser automotive extrusions Annual value added revenue1 ($mm) $114 $111 $91 $66 $59 $51 $52 $46 $40 $42 $39 $31 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 ‘13 ‘14 ‘15 LTM 2 Positioned for continued growth 10% CAGR3 from 2005 Strong market presence, reputation for performance; market focused technical sales an
Slide 70: Kaiser is strategically located to service the Tier automotive OEM's
Kaiser is strategically located to service the Tier 1 automotive OEM’s Kaiser Plants Tier 1 London, Ontario Kalamazoo, Michigan Bellwood, Virginia Sherman, Texas Tier 1 locations source: Kaiser Marketing
Slide 71: Kaiser light vehicle extrusions
Kaiser light vehicle extrusions Rocker (structural) Control Arm1 (chassis) ABS Valve Body 6xxx 7xxx Bumpers Driveshaft Roof Header Shotgun (structural) Radiator Support 1 Control arm designed and produced by Raufoss Neuman © Copyright 2015 Kaiser Aluminum. All Rights Reserved.
Slide 72: Kaiser Aluminum Light Vehicle Extrusion Applications
Kaiser Aluminum Light Vehicle Extrusion Applications PICKUP TRUCKS Recommended Aluminum Grade High Strength, Safety Critical High Strength, Structural High Strength, Crush Quality B-Pillar Rear Door Rear Roof Bows Frame Rail Support Pillar Bed Bottom Cross Member Tailgate Inner Cross Member Support
Slide 73: Kaiser Aluminum Light Vehicle Extrusion Applications
Kaiser Aluminum Light Vehicle Recommended High Strength, High Strength, High Strength, Extrusion Applications Aluminum Grade Safety Critical Structural Crush Quality SEDANS Roof Rail Shock Tower Front Header Reinforcement ABS Block Rear Header Roof X-members Side Panel X-member A-Pillar Front Frame
Slide 74: Appendix – General Engineering
Appendix – General Engineering
Slide 75: General engineering product offering
General engineering product offering General engineering attributes Broad product Performance Growth drivers offering attributes Plate Rod and Pipe and and bar Tube sheet Seamless and Standard structural shapes extruded (angles, channels, T, I) tube
Slide 76: General engineering applications and performance attributes
General engineering applications and performance attributes Performance attributes Machinability Mechanical properties Ballistics properties Structural strength Semi-conductor Tooling plate Armored vehicles vacuum chambers Parts from Kaiser Select® Air cylinder tubes Machine tool parts Precision Rod
Slide 77: Kaiser general engineering
Kaiser general engineering Annual value added revenue1 ($mm) Growth tied to U.S. industrial economy 2% CAGR3 from 2005 Highly recognized name brand Differentiated KaiserSelect® quality Broad product offering Commitment and infrastructure to support national service centers Armor plate demand surge 2
Slide 78: U.S. manufacturing
U.S. manufacturing Negative demand growth since IIP – Manufacturing1 (2012 = 100) MSCI Rod/Bar Shipments Index (2012 = 100) 109 110 104 103 106 100 100 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM3 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 1 CAGR = compound annual grow
Slide 79: Appendix – Financial Reconciliation
Appendix – Financial Reconciliation
Slide 80: Sales analysis by application—annual
Sales analysis by application—annual FY 2005 FY 2006FY 2007FY 2008FY 2009FY 2010FY 2011FY 2012FY 2013FY 2014FY 2015LTM1 Shipments (lbs, mm) Aero & High Strength 124.9 141.7155.0158.0144.8158.9192.0223.9224.3236.9243.5242.5 General Engineering 206.8 226.6246.0258.4189.0217.4220.2232.7222.5223.4231.42
Slide 81: Reconciliation of reported net income to adjusted EBITDA
Reconciliation of reported net income to adjusted EBITDA (in $ millions) Annual 2005 2006200720082009201020112012201320142015LTM1 Consolidated—Reported Net Income (Loss) from Continuing Operations ($1,112.7) $3,163.1 $101.0($68.5)$70.5$12.0$25.1$85.8$104.8$71.8($236.6)$87.7 Interest Expense (5.2) (1
Slide 82: Adjusted net income and EPS
Adjusted net income and EPS (in $ millions except EPS) Annual 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM1 GAAP Net Income (Loss) $ 101.0 $ (68.5) $ 70.5 $ 12.0 $ 25.1 $ 85.8 $ 104.8 $ 71.8 $ (236.6) $ 87.7 Operating NRR2 Items (25.9) 206.6 (55.8) 24.0 31.2 (18.9) (27.4) (7.0) 496.4 (17.7) Non-
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