Alcoa and subsidiaries
Statement of Consolidated Operations (unaudited)
(in millions, except per-share, share, and metric ton amounts)
Quarter ended
March 31, December 31, March 31,
2009 2009 2010
Sales $ 4,147 $ 5,433 $ 4,887
Cost of goods sold (exclusive of expenses below) 4,143 4,905 4,013
Selling, general administrative, and other expenses 244 291 239
Research and development expenses 41 51 39
Provision for depreciation, depletion, and amortization 283 369 358
Restructuring and other charges 69 69 187
Interest expense 114 121 118
Other expenses, net 30 21 21
Total costs and expenses 4,924 5,827 4,975
Loss from continuing operations before income taxes (777 ) (394 ) (88 )
(Benefit) provision for income taxes (307 ) (137 ) 84
Loss from continuing operations (470 ) (257 ) (172 )
Loss from discontinued operations (17 ) (11 ) (7 )
Net loss (487 ) (268 ) (179 )
Less: Net income attributable to noncontrolling interests 10 9 22
NET LOSS ATTRIBUTABLE TO ALCOA $ (497 ) $ (277 ) $ (201 )
AMOUNTS ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS:
Loss from continuing operations $ (480 ) $ (266 ) $ (194 )
Loss from discontinued operations (17 ) (11 ) (7 )
Net loss $ (497 ) $ (277 ) $ (201 )
EARNINGS PER SHARE ATTRIBUTABLE TO ALCOA COMMON SHAREHOLDERS:
Basic:
Loss from continuing operations $ (0.59 ) $ (0.27 ) $ (0.19 )
Loss from discontinued operations (0.02 ) (0.01 ) (0.01 )
Net loss $ (0.61 ) $ (0.28 ) $ (0.20 )
Diluted:
Loss from continuing operations $ (0.59 ) $ (0.27 ) $ (0.19 )
Loss from discontinued operations (0.02 ) (0.01 ) (0.01 )
Net loss $ (0.61 ) $ (0.28 ) $ (0.20 )
Average number of shares used to compute:
Basic earnings per common share 816,743,426 974,377,851 1,007,221,162
Diluted earnings per common share 816,743,426 974,377,851 1,007,221,162
Common stock outstanding at the end of the period 974,275,393 974,378,820 1,020,819,182
Shipments of aluminum products (metric tons) 1,175,000 1,404,000 1,134,000
Alcoa and subsidiaries
Consolidated Balance Sheet (unaudited)
(in millions)
December 31,
2009
March 31,
2010
ASSETS
Current assets:
Cash and cash equivalents $ 1,481 $ 1,292
Receivables from customers, less allowances of $70 in 2009 and $61 in 2010
1,529 1,647
Other receivables 653 308
Inventories 2,328 2,394
Prepaid expenses and other current assets 1,031 978
Total current assets 7,022 6,619
Properties, plants, and equipment 35,525 35,757
Less: accumulated depreciation, depletion, and amortization 15,697 16,090
Properties, plants, and equipment, net 19,828 19,667
Goodwill 5,051 5,065
Investments 1,061 1,058
Deferred income taxes 2,958 2,918
Other noncurrent assets 2,419 2,388
Assets held for sale 133 120
Total assets $ 38,472 $ 37,835
LIABILITIES
Current liabilities:
Short-term borrowings $ 176 $ 166
Accounts payable, trade 1,954 1,868
Accrued compensation and retirement costs 925 799
Taxes, including income taxes 345 371
Other current liabilities 1,345 1,274
Long-term debt due within one year 669 666
Total current liabilities 5,414 5,144
Long-term debt, less amount due within one year 8,974 8,925
Accrued pension benefits 3,163 2,547
Accrued postretirement benefits 2,696 2,689
Other noncurrent liabilities and deferred credits 2,605 2,631
Liabilities of operations held for sale 60 49
Total liabilities 22,912 21,985
CONVERTIBLE SECURITIES OF SUBSIDIARY 40
EQUITY
Alcoa shareholders equity:
Preferred stock 55 55
Common stock 1,097 1,141
Additional capital 6,608 7,100
Retained earnings 11,020 10,787
Treasury stock, at cost (4,268 ) (4,191 )
Accumulated other comprehensive loss (2,092 ) (2,223 )
Total Alcoa shareholders' equity 12,420 12,669
Noncontrolling interests 3,100 3,181
Total equity 15,520 15,850
Total liabilities and equity $ 38,472 $ 37,835
Alcoa and subsidiaries
Statement of Consolidated Cash Flows (unaudited)
(in millions)
Three months ended
March 31,
2009 2010
CASH FROM OPERATIONS
Net loss $ (487 ) $ (179 )
Adjustments to reconcile net loss to cash from operations:
Depreciation, depletion, and amortization 283 358
Deferred income taxes (24 ) 68
Equity loss (income), net of dividends 27 (15 )
Restructuring and other charges 69 187
Net gain from investing activities asset sales (27 ) (2 )
Loss from discontinued operations 17 7
Stock-based compensation 26 25
Other 37 65
Changes in assets and liabilities, excluding effects of acquisitions, divestitures, and foreign currency translation adjustments:
Decrease (increase) in receivables 302 (176 )
Decrease (increase) in inventories 523 (105 )
Decrease in prepaid expenses and other current assets 11 14
(Decrease) in accounts payable, trade (474 ) (55 )
(Decrease) in accrued expenses (303 ) (326 )
(Decrease) increase in taxes, including income taxes (339 ) 321
Pension contributions (34 ) (22 )
Decrease (increase) in noncurrent assets 30 (9 )
Increase in noncurrent liabilities 98 53
Decrease (increase) in net assets held for sale 1 (17 )
CASH (USED FOR) PROVIDED FROM CONTINUING OPERATIONS (264 ) 192
CASH (USED FOR) PROVIDED FROM DISCONTINUED OPERATIONS (7 ) 7
CASH (USED FOR) PROVIDED FROM OPERATIONS (271 ) 199
FINANCING ACTIVITIES
Net change in short-term borrowings 209 (9 )
Net change in commercial paper (1,202 )
Additions to long-term debt 689 53
Debt issuance costs (13 )
Payments on long-term debt (1 ) (86 )
Proceeds from exercise of employee stock options 5
Issuance of common stock 876
Dividends paid to shareholders (137 ) (32 )
Dividends paid to noncontrolling interests (77 ) (72 )
Contributions from noncontrolling interests 159 27
Acquisitions of noncontrolling interests (66 )
CASH PROVIDED FROM (USED FOR) FINANCING ACTIVITIES 503 (180 )
INVESTING ACTIVITIES
Capital expenditures (468 ) (221 )
Capital expenditures of discontinued operations (3 )
Acquisitions, net of cash acquired (a) 18 5
Proceeds from the sale of assets and businesses 116
Additions to investments (29 ) (129 )
Sales of investments 506 137
Other (4 )
CASH PROVIDED FROM (USED FOR) INVESTING ACTIVITIES 136 (208 )
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
1
Net change in cash and cash equivalents 369 (189 )
Cash and cash equivalents at beginning of year 762 1,481
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,131 $ 1,292
(a) Acquisitions, net of cash acquired for the three months ended March 31, 2010 was a cash inflow as this line item includes cash received as a result of post-closing adjustments related to the acquisition of a BHP Billiton subsidiary that holds interests in four bauxite mines and one refining facility in the Republic of Suriname, which was completed on July 31, 2009. Acquisitions, net of cash acquired for the three months ended March 31, 2009 was a cash inflow as this line item includes cash acquired in the exchange of Alcoas 45.45% stake in the Sapa AB joint venture for Orkla ASAs 50% stake in the Elkem Aluminium ANS joint venture, which was completed on March 31, 2009.
Alcoa and subsidiaries
Segment Information (unaudited)
(dollars in millions, except realized prices; production and shipments in thousands of metric tons [kmt])
1Q09 2Q09 3Q09 4Q09 2009 1Q10
Alumina:
Alumina production (kmt) 3,445 3,309 3,614 3,897 14,265 3,866
Third-party alumina shipments (kmt) 1,737 2,011 2,191 2,716 8,655 2,126
Third-party sales $ 430 $ 441 $ 530 $ 760 $ 2,161 $ 638
Intersegment sales $ 384 $ 306 $ 432 $ 412 $ 1,534 $ 591
Equity income $ 2 $ 1 $ 2 $ 3 $ 8 $ 2
Depreciation, depletion, and amortization $ 55 $ 67 $ 81 $ 89 $ 292 $ 92
Income taxes $ (1 ) $ (21 ) $ 13 $ (13 ) $ (22 ) $ 27
After-tax operating income (ATOI) $ 35 $ (7 ) $ 65 $ 19 $ 112 $ 72
Primary Metals:
Aluminum production (kmt) 880 906 881 897 3,564 889
Third-party aluminum shipments (kmt) 683 779 698 878 3,038 695
Alcoas average realized price per metric ton of aluminum 1,567
1,667
1,972
2,155
1,856
2,331
Third-party sales $ 844 $ 1,146 $ 1,362 $ 1,900 $ 5,252 $ 1,702
Intersegment sales $ 393 $ 349 $ 537 $ 557 $ 1,836 $ 623
Equity (loss) income $ (30 ) $ 4 $ $ $ (26 ) $
Depreciation, depletion, and amortization $ 122 $ 139 $ 143 $ 156 $ 560 $ 147
Income taxes $ (147 ) $ (119 ) $ (52 ) $ (47 ) $ (365 ) $ 18
ATOI $ (212 ) $ (178 ) $ (8 ) $ (214 ) $ (612 ) $ 123
Flat-Rolled Products:
Third-party aluminum shipments (kmt) 442 448 476 465 1,831 379
Third-party sales $ 1,510 $ 1,427 $ 1,529 $ 1,603 $ 6,069 $ 1,435
Intersegment sales $ 26 $ 23 $ 34 $ 30 $ 113 $ 46
Depreciation, depletion, and amortization $ 52 $ 55 $ 60 $ 60 $ 227 $ 59
Income taxes $ $ (1 ) $ 17 $ 32 $ 48 $ 18
ATOI $ (61 ) $ (35 ) $ 10 $ 37 $ (49 ) $ 30
Engineered Products and Solutions:
Third-party aluminum shipments (kmt) 41 50 43 46 180 46
Third-party sales $ 1,270 $ 1,194 $ 1,128 $ 1,097 $ 4,689 $ 1,074
Equity income $ $ $ 1 $ 1 $ 2 $ 1
Depreciation, depletion, and amortization $ 40 $ 46 $ 41 $ 50 $ 177 $ 41
Income taxes $ 46 $ 40 $ 33 $ 20 $ 139 $ 31
ATOI $ 95 $ 88 $ 75 $ 57 $ 315 $ 81
Reconciliation of ATOI to consolidated net (loss) income attributable to Alcoa:
Total segment ATOI $ (143 ) $ (132 ) $ 142 $ (101 ) $ (234 ) $ 306
Unallocated amounts (net of tax):
Impact of LIFO 29 39 80 87 235 (14 )
Interest income 1 8 (1 ) 4 12 3
Interest expense (74 ) (75 ) (78 ) (79 ) (306 ) (77 )
Noncontrolling interests (10 ) 5 (47 ) (9 ) (61 ) (22 )
Corporate expense (71 ) (70 ) (71 ) (92 ) (304 ) (67 )
Restructuring and other charges (46 ) (56 ) (3 ) (50 ) (155 ) (122 )
Discontinued operations (17 ) (142 ) 4 (11 ) (166 ) (7 )
Other (166 ) (31 ) 51 (26 ) (172 ) (201 )
Consolidated net (loss) income attributable to Alcoa
(497
(454
77
(277
(1,151
(201
The difference between certain segment totals and consolidated amounts is in Corporate.
Alcoa and subsidiaries
Calculation of Financial Measures (unaudited)
(in millions)
Earnings before interest, taxes, depreciation,
and amortization (EBITDA)
Quarter ended
March 31,
2010
Net loss attributable to Alcoa $ (201 )
Add:
Net income attributable to noncontrolling interests 22
Loss from discontinued operations 7
Provision for income taxes 84
Other expenses, net 21
Interest expense 118
Restructuring and other charges 187
Provision for depreciation, depletion, and amortization 358
EBITDA $ 596
Alcoas definition of EBITDA is net margin plus an add-back for depreciation, depletion, and amortization. Net margin is equivalent to Sales minus the following items: Cost of goods sold; Selling, general administrative, and other expenses; Research and development expenses; and Provision for depreciation, depletion, and amortization. EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because EBITDA provides additional information with respect to Alcoas operating performance and the Companys ability to meet its financial obligations. The EBITDA presented may not be comparable to similarly titled measures of other companies.
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