Alcoa 2000 Annual Report Download - page 45

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Name /alcoa/4500 06/01/2001 01:50PM Plate # 0 com g 43 # 1
0099989796
Capital Expenditures
Depreciation
Capital Expenditures
and Depreciation
millions of dollars
996
694
913
682
932
759
920
787
1,121
1,007
0099989796
25.5 25.0
31.7
28.3
38.6
Debt as a Percent of
Invested Capital
43
In 2000, dividends paid to shareholders increased by $120 to $418.
The increase was due to a higher number of shares outstanding as
wellasanincreaseinthedividendpersharein2000,withatotal
payout of 50 cents per share versus 40.3 cents per share in 1999. Alcoa
has a variable dividend program that provides for the distribution,
in the following year, of 30% of Alcoa’s annual earnings in excess
of $1.50 per basic share. The dividends paid to shareholders in 1999
were $298, an increase of $33 from 1998 when dividends paid were
37.5 cents per share.
The dividends paid to minority interests in 2000 were $212,
an increase of $90 from 1999. The increase was due to an increase
in dividends paid to Aluminio and
AWAC
. For 1999, the dividends paid
and return of capital to minority interests totaled $122, a decline
of $100 from 1998. The decline was due to a lack of dividends paid
at Aluminio and at entities comprising
AWAC
.
Investing Activities
Cash used for investing activities in 2000 totaled $4,309, up $3,142
from 1999. In 2000, cash used in investing activities included $3,121
for a number of acquisitions, consisting mainly of Reynolds, Cordant
and British Aluminium Limited. In 1999, Alcoa spent $122 to acquire
a number of businesses, none of which were individually significant.
Capital expenditures totaled $1,121 in 2000, compared with
$920 and $932 in 1999 and 1998, respectively. Of the total capital
expenditures in 2000, 32% related to capacity expansion, including
alumina production in Australia and automotive sheet production
in the U.S. Also included are costs of new and expanded facilities for
environmental control in ongoing operations totaling $96 in 2000,
$91 in 1999, and $105 in 1998. Alcoa added $94, $96 and $126 to its
investments in 2000, 1999 and 1998, respectively, primarily to acquire
a stake in the Norwegian metals producer, Elkem.
Subsequent Event
On January 31, 2001, Alcoa and Alliant Techsystems Inc.
(ATK)
announced that they had reached a definitive agreement under which
ATK
will acquire Thiokol for $685 cash. The transaction, which has
received all necessary corporate approvals of both companies, is
subject to customary regulatory approvals. It is expected to close
by the end of the second quarter of 2001.