Alcoa 2012 Annual Report Download - page 196

Reconciliation of Alumina Adjusted EBITDA
Year ended December 31, 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
After-tax operating income
(ATOI) $ 315 $ 415 $ 632 $ 682 $ 1,050 $ 956 $ 727 $ 112 $ 301 $ 607 $ 90
Add:
Depreciation, depletion, and
amortization 139 147 153 172 192 267 268 292 406 444 455
Equity (income) loss (1) – (1) – 2 (1) (7) (8) (10) (25) (5)
Income taxes 130 161 240 246 428 340 277 (22) 60 179 (27)
Other (14) (55) (46) (8) (6) 2 (26) (92) (5) (44) (8)
Adjusted EBITDA $ 569 $ 668 $ 978 $ 1,092 $ 1,666 $ 1,564 $ 1,239 $ 282 $ 752 $ 1,161 $ 505
Production (thousand metric
tons) (kmt) 13,027 13,841 14,343 14,598 15,128 15,084 15,256 14,265 15,922 16,486 16,342
Adjusted EBITDA/Production
($ per metric ton) $ 44 $ 48 $ 68 $ 75 $ 110 $ 104 $ 81 $ 20 $ 47 $ 70 $ 31
Reconciliation of Primary Metals Adjusted EBITDA
Year ended December 31, 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
ATOI $ 650 $ 657 $ 808 $ 822 $ 1,760 $ 1,445 $ 931 $ (612) $ 488 $ 481 $ 309
Add:
Depreciation, depletion, and
amortization 300 310 326 368 395 410 503 560 571 556 532
Equity (income) loss (44) (55) (58) 12 (82) (57) (2) 26 (1) 7 27
Income taxes 266 256 314 307 726 542 172 (365) 96 92 106
Other (47) 12 20 (96) (13) (27) (32) (176) (7) 2 (422)
Adjusted EBITDA $ 1,125 $ 1,180 $ 1,410 $ 1,413 $ 2,786 $ 2,313 $ 1,572 $ (567) $ 1,147 $ 1,138 $ 552
Production (thousand metric
tons) (kmt) 3,500 3,508 3,376 3,554 3,552 3,693 4,007 3,564 3,586 3,775 3,742
Adjusted EBITDA/Production
($ per metric ton) $ 321 $ 336 $ 418 $ 398 $ 784 $ 626 $ 392 $ (159) $ 320 $ 301 $ 148
Reconciliation of Global Rolled Products Adjusted EBITDA
Year ended December 31, 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
ATOI $ 225 $ 222 $ 254 $ 278 $ 233 $ 178 $ (3) $ (49) $ 220 $ 266 $ 358
Add:
Depreciation, depletion, and
amortization 184 190 200 220 223 227 216 227 238 237 229
Equity loss 411–2––––36
Income taxes 90 71 75 121 58 92 35 48 92 104 167
Other (8) (5) 1 1 20 1 6 (2) 1 1 (2)
Adjusted EBITDA $ 495 $ 479 $ 531 $ 620 $ 536 $ 498 $ 254 $ 224 $ 551 $ 611 $ 758
Total shipments (thousand
metric tons) (kmt) 1,814 1,893 2,136 2,250 2,376 2,482 2,361 1,888 1,755 1,866 1,943
Adjusted EBITDA/Total
shipments ($ per metric ton) $ 273 $ 253 $ 249 $ 276 $ 226 $ 201 $ 108 $ 119 $ 314 $ 327 $ 390
Reconciliation of Engineered Products and Solutions Adjusted EBITDA
Year ended December 31, 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
ATOI $ 63 $ 124 $ 156 $ 271 $ 365 $ 435 $ 533 $ 315 $ 415 $ 539 $ 612
Add:
Depreciation, depletion, and
amortization 150 166 168 160 152 163 165 177 154 158 158
Equity loss (income) – – – – 6 – – (2) (2) (1) –
Income taxes 39 55 65 116 155 192 222 139 195 260 297
Other 35 11 106 (11) (2) (7) 2 1 – (1) (8)
Adjusted EBITDA $ 287 $ 356 $ 495 $ 536 $ 676 $ 783 $ 922 $ 630 $ 762 $ 955 $ 1,059
Total sales $ 3,492 $ 3,905 $ 4,283 $ 4,773 $ 5,428 $ 5,834 $ 6,199 $ 4,689 $ 4,584 $ 5,345 $ 5,525
Adjusted EBITDA Margin 8% 9% 12% 11% 12% 13% 15% 13% 17% 18% 19%
Alcoa’s definition of Adjusted EBITDA (Earnings before interest, taxes, depreciation, and amortization) 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. The Other line in the tables above includes gains/losses on asset sales and other
nonoperating items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors because Adjusted EBITDA
provides additional information with respect to Alcoa’s operating performance and the Company’s ability to meet its financial obligations. The Adjusted EBITDA
presented may not be comparable to similarly titled measures of other companies.