ATLANTA, Aug. 7, 2024
/PRNewswire/ --
Q1 Fiscal Year 2025 Highlights
- Net income attributable to our common shareholder of
$151 million, down 3% YoY; Net income
attributable to our common shareholder excluding special items was
$204 million, up 32% YoY
- Adjusted EBITDA of $500 million,
up 19% YoY
- Rolled product shipments of 951 kilotonnes, up 8% YoY
- Adjusted EBITDA per tonne shipped of $525, up 10% YoY
Novelis Inc., a leading sustainable aluminum solutions provider
and the world leader in aluminum rolling and recycling, today
reported results for the first quarter of fiscal year 2025.
"Novelis delivered meaningful year-over-year improvement across
a number of financial metrics in the quarter, led by a double-digit
increase in beverage packaging shipments benefiting from normalized
demand, our broad global presence and solid customer
relationships," said Steve Fisher,
president and CEO, Novelis Inc. "I commend our teams for staying
focused on driving operational efficiencies and serving our
customers, while at the same time continuing to advance
organic growth projects underway as we strategically invest to
capture strong mid- to long-term growth trends."
First Quarter Fiscal Year 2025 Financial Highlights
Net sales for the first quarter of fiscal year 2025 increased 2%
versus the prior year period to $4.2
billion, mainly driven by higher average aluminum
prices and higher total shipments. Total flat rolled product
shipments increased 8% to 951 kilotonnes in the first quarter of
fiscal year 2025 versus the prior year period, due primarily to
normalized demand for beverage packaging sheet compared to the
prior year, which had been impacted by customer inventory reduction
activity.
Net income attributable to our common shareholder decreased 3%
versus the prior year to $151 million
in the first quarter of fiscal year 2025 due to initial charges
associated with flooding at our Sierre, Switzerland, plant at the end of June, as well
as higher restructuring and unfavorable metal price lag, largely
offset by higher Adjusted EBITDA. Net income attributable to our
common shareholder, excluding special items, was up 32%
year-over-year to $204 million.
Adjusted EBITDA increased 19% versus the prior year to $500 million in the first quarter of fiscal year
2025, primarily driven by higher volume and favorable product
pricing, partially offset by less favorable product mix and higher
cost. Adjusted EBITDA per tonne increased 10% year-over-year to
$525.
Net cash flow provided by operating activities was $74 million in the first three months of fiscal
year 2025 compared to an outflow of $32
million in the prior fiscal year period, primarily due to
higher adjusted EBITDA and favorable changes in working capital.
Adjusted free cash flow was an outflow of $280 million in the first three months of fiscal
year 2025, an improvement compared to the prior year period outflow
of $349 million due to higher cash
flow from operating activities. Total capital expenditures were
$348 million for the first three
months of fiscal year 2025, primarily attributed to strategic
investments in new rolling and recycling capacity under
construction. The company had a net leverage ratio (Net Debt /
trailing twelve months (TTM) Adjusted EBITDA) of 2.4x at
June 30, 2024.
"We continue to take a prudent approach to capital allocation,
investing in our future while maintaining a disciplined net
leverage position," said Devinder
Ahuja, executive vice president and CFO, Novelis Inc.
The company had a total liquidity position of $2.2 billion, consisting of $886 million in cash and cash equivalents and
$1.3 billion in availability under
committed credit facilities, as of June 30, 2024.
Flooding in Sierre, Switzerland
On June 30, 2024, our plant located in Sierre,
Switzerland, was impacted by
exceptional flooding caused by unprecedented heavy rainfall. There
were no injuries, as all employees were safely evacuated; however,
water entered the plant premises and plant operations were halted.
As a result of this event, the Company recognized fixed asset
charges of $30 million and inventory
charges of $10 million during the
first quarter. Additionally, we expect to incur costs related to
repairs, clean-up, business interruption, and other costs related
to this event until the operations are restored at the facility.
The plant is insured for property damage and business interruption
losses related to such events, subject to deductibles and policy
limits. We will record an insurance receivable based on the
anticipated insurance proceeds when they can be reliably estimated.
Our current timeline suggests we can restart production by the end
of our second quarter. We estimate the total net cash impact from
this event, after insurance, to be $80
million. The net impact to Adjusted EBITDA is estimated to
be $30 million, the majority of which
will occur in the second quarter.
First Quarter Fiscal Year 2025 Earnings Conference
Call
Novelis will discuss its first quarter fiscal year 2025
results via a live webcast and conference call for investors at
7:00 a.m. EDT/4:30 p.m. IST on Wednesday, August 7, 2024.
The webcast link, presentation materials and access information can
also be found at novelis.com/investors. To view slides and listen
to the live webcast, visit:
https://event.choruscall.com/mediaframe/webcast.html?webcastid=ZAA0tjX3.
To participate by telephone, participants are requested to register
at:
https://services.incommconferencing.com/DiamondPassRegistration/register?confirmationNumber=13747461&linkSecurityString=1d578dfe0b%20.
About Novelis
Novelis Inc. is driven by its purpose of
shaping a sustainable world together. We are a global leader in the
production of innovative aluminum products and solutions and the
world's largest recycler of aluminum. Our ambition is to be the
leading provider of low-carbon, sustainable aluminum solutions and
to achieve a fully circular economy by partnering with our
suppliers, as well as our customers in the aerospace, automotive,
beverage packaging and specialties industries throughout
North America, Europe, Asia
and South America. Novelis had net
sales of $16.2 billion in fiscal year
2024. Novelis is a subsidiary of Hindalco Industries Limited, an
industry leader in aluminum and copper, and the metals flagship
company of the Aditya Birla Group, a multinational conglomerate
based in Mumbai. For more
information, visit novelis.com.
Non-GAAP Financial Measures
This news release and the
presentation slides for the earnings call contain non-GAAP
financial measures as defined by SEC rules. We believe these
measures are helpful to investors in measuring our financial
performance and liquidity and comparing our performance to our
peers. However, our non-GAAP financial measures may not be
comparable to similarly titled non-GAAP financial measures used by
other companies. These non-GAAP financial measures have limitations
as an analytical tool and should not be considered in isolation or
as a substitute for GAAP financial measures. To the extent we
discuss any non-GAAP financial measures on the earnings call, a
reconciliation of each measure to the most directly comparable GAAP
measure will be available in the presentation slides, which can be
found at novelis.com/investors. In addition, the Form 8-K includes
a more detailed description of each of these non-GAAP financial
measures, together with a discussion of the usefulness and purpose
of such measures.
Attached to this news release are tables showing the condensed
consolidated statements of operations, condensed consolidated
balance sheets, condensed consolidated statements of cash flows,
reconciliation of Adjusted EBITDA, Adjusted EBITDA per Tonne,
Adjusted Free Cash Flow, Net Leverage Ratio, Net Income
attributable to our common shareholder excluding Special Items, and
segment information.
Forward-Looking Statements
Statements made in this
news release which describe Novelis' intentions, expectations,
beliefs or predictions may be forward-looking within the meaning of
securities laws. Forward-looking statements include statements
preceded by, followed by, or including the words "believes,"
"expects," "anticipates," "plans," "estimates," "projects,"
"forecasts," or similar expressions. Examples of forward-looking
statements in this news release are statements about our beliefs
that insurance recoveries will be available for the Sierre outage,
the amount and timing of the net cash and Adjusted EBITDA impacts
from the Sierre outage, and the timing of the resumption of
production at the Sierre plant. Novelis cautions that, by their
nature, forward-looking statements involve risk and uncertainty and
Novelis' actual results could differ materially from those
expressed or implied in such statements. We do not intend, and we
disclaim any obligation, to update any forward-looking statements,
whether as a result of new information, future events or
otherwise.
Factors that could cause actual results or outcomes to differ
from the results expressed or implied by forward-looking statements
include, among other things: disruptions or changes in the business
or financial condition of our significant customers or the loss of
their business or reduction in their requirements; price and other
forms of competition from other aluminum rolled products producers
and potential new market entrants; competition in our end-markets,
and the willingness of our customer to accept substitutes for our
products, including steel, plastics, composite materials and glass;
our failure to realize the anticipated benefits of strategic
investments; increases in the cost of volatility in the
availability of primary aluminum, scrap aluminum, sheet ingot, or
other raw materials used in the production of our products; risks
related to the energy-intensive nature of our operations, including
increases to energy costs or disruptions to our energy supplies;
downturns in the automotive and ground transportation industries or
changes in consumer demand; union disputes and other employee
relations issues; the impact of labor disputes and strikes on our
customers; loss of our key management and other personnel, or an
inability to attract and retain such management and other
personnel; unplanned disruptions at our operating facilities,
including as a result of flooding or other adverse weather
phenomena; economic uncertainty, capital markets disruption and
supply chain interruptions, including as a result of geopolitical
instability due to the ongoing military conflict between
Russia and Ukraine, attacks on shipping vessels in the
Red Sea, and the ongoing conflicts in the Gaza Strip and the surrounding regions; risks
relating to certain joint ventures, subsidiaries and assets that we
do not entirely control; cybersecurity attacks against,
disruptions, failures or security breaches and other disruptions to
our information technology networks and systems; risks related to
rising inflation and prolonged periods of elevated interest rates;
timing differences between the prices we pay under purchase
contracts and metal prices we charge our customers; a deterioration
of our financial condition, a downgrade of our ratings by a credit
rating agency or other factors which could limit our ability to
enter into, or increase our costs of, financing and hedging
transactions; risks related to variable rate indebtedness,
including interest rate risk; adverse changes in currency exchange
rates; our inability to transact in derivative instruments, if our
exposure to price fluctuations is not adequately hedged under
derivative instruments, or if counterparties to our derivative
instruments fail to honor their agreements; an adverse decline in
the liability discount rate, lower-than-expected investment return
on pension assets; impairments to our goodwill, other intangible
assets and other long-lived assets; tax expense, tax liabilities or
tax compliance costs; operating and financial restrictions imposed
on us by the covenants in our credit facilities and the indentures
governing our Senior Notes; our inability to protect our
intellectual property, the confidentiality of our know-how, trade
secrets, technology, and other proprietary information; risks
related to our global operations, including the impact of complex
and stringent laws and government regulations; global climate
change or the legal, regulatory or market responses to such change;
and conflicts of interest and disputes arising between Hindalco,
our parent company, and the Company that could be resolve in a
manner unfavorable to the Company. The above list of factors is not
exhaustive. Other important factors are discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis"
in our Annual Report on Form 10-K for the fiscal year ended
March 31, 2024 and as the same may be
updated from time to time in our quarterly reports on Form 10-Q, or
in other reports which we from time to time file with the SEC.
|
Novelis
Inc.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
Three Months
Ended
June 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
Net sales
|
$
4,187
|
|
$
4,091
|
|
Cost of goods sold
(exclusive of depreciation and amortization)
|
3,481
|
|
3,501
|
|
Selling, general and
administrative expenses
|
181
|
|
174
|
|
Depreciation and
amortization
|
140
|
|
131
|
|
Interest expense and
amortization of debt issuance costs
|
72
|
|
77
|
|
Research and
development expenses
|
25
|
|
25
|
|
Restructuring and
impairment expenses, net
|
19
|
|
3
|
|
Equity in net income of
non-consolidated affiliates
|
(1)
|
|
(3)
|
|
Other expenses
(income), net
|
60
|
|
(27)
|
|
3,977
|
|
3,881
|
|
Income before income
tax provision
|
210
|
|
210
|
|
Income tax
provision
|
60
|
|
54
|
|
Net income
|
150
|
|
156
|
|
Net loss attributable
to noncontrolling interest
|
(1)
|
|
—
|
|
Net income attributable
to our common shareholder
|
$
151
|
|
$
156
|
|
Novelis
Inc.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
|
(in millions, except
number of shares)
|
June 30,
2024
|
|
March 31,
2024
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
886
|
|
$
1,309
|
|
Accounts receivable,
net
|
|
|
|
|
— third parties (net
of allowance for uncollectible accounts of $6 and $7 as of
June 30, 2024, and March 31, 2024, respectively)
|
2,021
|
|
1,760
|
|
— related
parties
|
161
|
|
161
|
|
Inventories
|
2,755
|
|
2,515
|
|
Prepaid expenses and
other current assets
|
148
|
|
152
|
|
Fair value of
derivative instruments
|
91
|
|
45
|
|
Assets held for
sale
|
1
|
|
1
|
|
Total current
assets
|
6,063
|
|
5,943
|
|
Property, plant and
equipment, net
|
5,849
|
|
5,741
|
|
Goodwill
|
1,073
|
|
1,074
|
|
Intangible assets,
net
|
548
|
|
545
|
|
Investment in and
advances to non–consolidated affiliates
|
903
|
|
905
|
|
Deferred income tax
assets
|
146
|
|
143
|
|
Other long-term
assets
|
|
|
|
|
— third
parties
|
275
|
|
274
|
|
— related
parties
|
2
|
|
3
|
|
Total
assets
|
$
14,859
|
|
$
14,628
|
|
LIABILITIES AND
SHAREHOLDER'S EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current portion of
long-term debt
|
$
33
|
|
$
33
|
|
Short-term
borrowings
|
623
|
|
759
|
|
Accounts
payable
|
|
|
|
|
— third
parties
|
3,292
|
|
2,992
|
|
— related
parties
|
285
|
|
280
|
|
Fair value of
derivative instruments
|
201
|
|
144
|
|
Accrued expenses and
other current liabilities
|
579
|
|
627
|
|
Total current
liabilities
|
5,013
|
|
4,835
|
|
Long-term debt, net of
current portion
|
4,859
|
|
4,866
|
|
Deferred income tax
liabilities
|
244
|
|
253
|
|
Accrued postretirement
benefits
|
537
|
|
559
|
|
Other long-term
liabilities
|
293
|
|
305
|
|
Total
liabilities
|
10,946
|
|
10,818
|
|
Commitments and
contingencies
|
|
|
|
|
Shareholder's
equity
|
|
|
|
|
Common stock, no par
value; unlimited number of shares authorized; 600,000,000 shares
issued and outstanding as of June 30, 2024, and March 31,
2024
|
—
|
|
—
|
|
Additional paid-in
capital
|
1,108
|
|
1,108
|
|
Retained
earnings
|
3,223
|
|
3,072
|
|
Accumulated other
comprehensive loss
|
(428)
|
|
(381)
|
|
Total equity of our
common shareholder
|
3,903
|
|
3,799
|
|
Noncontrolling
interest
|
10
|
|
11
|
|
Total
equity
|
3,913
|
|
3,810
|
|
Total liabilities
and equity
|
$
14,859
|
|
$
14,628
|
|
Novelis
Inc.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
Three Months
Ended
June 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net income
|
$
150
|
|
$
156
|
|
Adjustments to
determine net cash provided by operating activities:
|
|
|
|
|
Depreciation and
amortization
|
140
|
|
131
|
|
Gain on unrealized
derivatives and other realized derivatives in investing activities,
net
|
(18)
|
|
(31)
|
|
Loss on sale of assets,
net
|
1
|
|
—
|
|
Non-cash restructuring
and impairment charges
|
15
|
|
—
|
|
Deferred income taxes,
net
|
(1)
|
|
25
|
|
Equity in net income of
non-consolidated affiliates
|
(1)
|
|
(3)
|
|
(Gain) loss on foreign
exchange remeasurement of debt
|
(1)
|
|
1
|
|
Amortization of debt
issuance costs and carrying value adjustments
|
3
|
|
4
|
|
Non-cash charges
related to Sierre flooding
|
40
|
|
—
|
|
Other, net
|
3
|
|
1
|
|
Changes in assets and
liabilities including assets and liabilities held for
sale:
|
|
|
|
|
Accounts
receivable
|
(284)
|
|
(200)
|
|
Inventories
|
(264)
|
|
(155)
|
|
Accounts
payable
|
364
|
|
125
|
|
Other
assets
|
1
|
|
(6)
|
|
Other
liabilities
|
(74)
|
|
(80)
|
|
Net cash provided by
(used in) operating activities
|
$
74
|
|
$
(32)
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Capital
expenditures
|
$
(348)
|
|
$
(333)
|
|
(Outflows) proceeds
from investment in and advances to non-consolidated affiliates,
net
|
(7)
|
|
6
|
|
(Outflows) proceeds
from the settlement of derivative instruments, net
|
(2)
|
|
6
|
|
Other
|
3
|
|
4
|
|
Net cash used in
investing activities
|
$
(354)
|
|
$
(317)
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Proceeds from issuance
of long-term and short-term borrowings
|
$
50
|
|
$
50
|
|
Principal payments of
long-term and short-term borrowings
|
(55)
|
|
(35)
|
|
Revolving credit
facilities and other, net
|
(134)
|
|
(115)
|
|
Net cash used in
financing activities
|
$
(139)
|
|
$
(100)
|
|
Net decrease in cash,
cash equivalents and restricted cash
|
(419)
|
|
(449)
|
|
Effect of exchange
rate changes on cash
|
(8)
|
|
(8)
|
|
Cash, cash equivalents
and restricted cash — beginning of period
|
1,322
|
|
1,511
|
|
Cash, cash
equivalents and restricted cash — end of period
|
$
895
|
|
$
1,054
|
|
|
|
|
|
Cash and cash
equivalents
|
$
886
|
|
$
1,041
|
|
Restricted cash
(included in other long-term assets)
|
9
|
|
13
|
|
Cash, cash
equivalents and restricted cash — end of period
|
$
895
|
|
$
1,054
|
|
Reconciliation of Adjusted EBITDA
(unaudited) to Net Income Attributable to our Common
Shareholder
|
|
|
The following table
reconciles Adjusted EBITDA, a non-GAAP financial measure, to net
income attributable to our common shareholder.
|
|
|
Three Months
Ended
June 30,
|
|
Year
Ended
|
|
TTM
Ended(1)
|
|
(in
millions)
|
2024
|
|
2023
|
|
March 31,
2024
|
|
June 30,
2024
|
|
Net income attributable
to our common shareholder
|
$
151
|
|
$
156
|
|
$
600
|
|
$
595
|
|
Net loss attributable
to noncontrolling interests
|
(1)
|
|
—
|
|
—
|
|
(1)
|
|
Income tax
provision
|
60
|
|
54
|
|
218
|
|
224
|
|
Interest,
net
|
64
|
|
70
|
|
275
|
|
269
|
|
Depreciation and
amortization
|
140
|
|
131
|
|
554
|
|
563
|
|
EBITDA
|
$
414
|
|
$
411
|
|
$
1,647
|
|
$
1,650
|
|
|
|
|
|
|
|
|
|
Adjustment to reconcile
proportional consolidation
|
$
13
|
|
$
14
|
|
$
44
|
|
$
43
|
|
Unrealized gains on
change in fair value of derivative instruments, net
|
(7)
|
|
(4)
|
|
36
|
|
33
|
|
Realized losses (gains)
on derivative instruments not included in Adjusted
EBITDA
|
2
|
|
(3)
|
|
(6)
|
|
(1)
|
|
Loss on extinguishment
of debt, net
|
—
|
|
—
|
|
5
|
|
5
|
|
Restructuring and
impairment expenses, net
|
19
|
|
3
|
|
42
|
|
58
|
|
Loss on sale or
disposal of assets, net
|
1
|
|
—
|
|
6
|
|
7
|
|
Metal price
lag
|
7
|
|
(5)
|
|
70
|
|
82
|
|
Other,
net(2)
|
51
|
|
5
|
|
29
|
|
75
|
|
Adjusted
EBITDA
|
$
500
|
|
$
421
|
|
$
1,873
|
|
$
1,952
|
|
____________________
|
|
(1)
|
The amounts in the TTM
column are calculated by taking the amounts for the year ended
March 31, 2024, subtracting the amounts for the three months ended
June 30, 2023, and adding the amounts for the three months ended
June 30, 2024.
|
|
(2)
|
Other, net for the
three months ended June 30, 2024, includes $40 million of
non-recurring non-operating charges related to Sierre
flooding.
|
|
The following table
presents the calculation of Adjusted EBITDA per tonne.
|
|
|
Three Months
Ended
June 30,
|
|
2024
|
|
2023
|
|
Adjusted EBITDA (in
millions) (numerator)
|
$
500
|
|
$
421
|
|
Rolled product
shipments (in kt) (denominator)
|
951
|
|
879
|
|
Adjusted EBITDA per
tonne
|
$
525
|
|
$
479
|
|
_________________________
|
|
(1)
|
Adjusted EBITDA per
tonne may not recalculate due to rounding.
|
|
Adjusted Free Cash
Flow (unaudited)
|
|
|
The following table
reconciles Adjusted Free Cash Flow and Adjusted Free Cash Flow from
Continuing Operations,
non-GAAP financial measures, to net cash provided by operating
activities - continuing operations.
|
|
|
Three Months
Ended
June 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
Net cash provided by
(used in) operating activities – continuing
operations(1)
|
$
74
|
|
$
(32)
|
|
Net cash used in
investing activities – continuing
operations(1)
|
(354)
|
|
(317)
|
|
Adjusted Free Cash
Flow
|
$
(280)
|
|
$
(349)
|
|
_________________________
|
|
(1)
|
For the three months
ended June 30, 2024 and 2023, the Company did not have any cash
flows from discontinued
operations in operating activities or investing
activities.
|
|
Net Leverage Ratio
(unaudited)
|
|
|
The following table
reconciles long-term debt, net of current portion to Net
Debt.
|
|
|
(in
millions)
|
June 30,
2024
|
|
March 31,
2024
|
|
Long–term debt, net of
current portion
|
$
4,859
|
|
$
4,866
|
|
Current portion of
long-term debt
|
33
|
|
33
|
|
Short-term
borrowings
|
623
|
|
759
|
|
Cash and cash
equivalents
|
(886)
|
|
(1,309)
|
|
Net Debt
|
$
4,629
|
|
$
4,349
|
|
The following table
shows the calculation of the Net Leverage Ratio (in millions,
except for the Net Leverage Ratio).
|
|
|
June 30,
2024
|
|
March 31,
2024
|
|
Net debt
(numerator)
|
$
4,629
|
|
$
4,349
|
|
TTM Adjusted EBITDA
(denominator)
|
$
1,952
|
|
$
1,873
|
|
Net Leverage
Ratio
|
2.4
|
|
2.3
|
|
Reconciliation of
Net Income Attributable to our Common Shareholder, Excluding
Special Items (unaudited) to
Net Income attributable to our common shareholder
|
|
|
The following table
presents net income attributable to our common shareholder
excluding special items. We adjust for
items which may recur in varying magnitude which affect the
comparability of the operational results of our underlying
business.
|
|
|
Three Months
Ended
June 30,
|
|
(in
millions)
|
2024
|
|
2023
|
|
Net income attributable
to our common shareholder
|
$
151
|
|
$
156
|
|
Special
Items:
|
|
|
|
|
Metal price
lag
|
7
|
|
(5)
|
|
Restructuring and
impairment expenses, net
|
19
|
|
3
|
|
Sierre
flooding(1)
|
40
|
|
—
|
|
Tax effect on special
items
|
(13)
|
|
1
|
|
Net income attributable
to our common shareholder, excluding special items
|
$
204
|
|
$
155
|
|
_________________________
|
|
(1)
|
On June 30, 2024, our
plant located in Sierre, Switzerland was impacted by exceptional
flooding caused by unprecedented
heavy rainfalls. As a result of this event, the Company recognized
fixed asset charges of $30 million and inventory charges
of $10 million during the three months ended June 30,
2024.
|
|
Segment Information
(unaudited)
|
|
|
The following tables
present selected segment financial information (in millions, except
shipments which are in kilotonnes).
|
|
|
Selected Operating
Results
Three Months Ended
June 30, 2024
|
|
North
America
|
|
Europe
|
|
Asia
|
|
South
America
|
|
Eliminations
and Other
|
|
Total
|
|
Adjusted
EBITDA
|
|
$
183
|
|
$
90
|
|
$
92
|
|
$
132
|
|
$
3
|
|
$
500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments (in
kt)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolled products –
third party
|
|
388
|
|
261
|
|
159
|
|
143
|
|
—
|
|
951
|
|
Rolled products –
intersegment
|
|
—
|
|
2
|
|
35
|
|
11
|
|
(48)
|
|
—
|
|
Total rolled
products
|
|
388
|
|
263
|
|
194
|
|
154
|
|
(48)
|
|
951
|
|
|
Selected Operating
Results
Three Months Ended
June 30, 2023
|
|
North
America
|
|
Europe
|
|
Asia
|
|
South
America
|
|
Eliminations
and Other
|
|
Total
|
|
Adjusted
EBITDA
|
|
$
166
|
|
$
88
|
|
$
87
|
|
$
84
|
|
$
(4)
|
|
$
421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments (in
kt)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolled products –
third party
|
|
370
|
|
245
|
|
153
|
|
111
|
|
—
|
|
879
|
|
Rolled products –
intersegment
|
|
—
|
|
5
|
|
23
|
|
8
|
|
(36)
|
|
—
|
|
Total rolled
products
|
|
370
|
|
250
|
|
176
|
|
119
|
|
(36)
|
|
879
|
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SOURCE Novelis Inc.