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CLEVELAND, March 19, 2018 /PRNewswire/ — Aleris Corporation today appear after-effects for the three months and year concluded December 31, 2017.

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“2017 was a acknowledged and cardinal year at Aleris,” Sean Stack, Aleris Administrator and CEO said. “Our North America automotive action is essentially able and bearing chump material, our aloft Lewisport abeyance is complete, and our key aerospace affairs accept been renewed with college shares. We are assertive to activate the adeptness of our cardinal eyes and investments. I am admiring with the focused beheading of our all-around teams on these projects as able-bodied as all-embracing improvements in our operations which I accept has put us in the position to badly adapt our antithesis alley in 2018 and beyond.”

Net accident was $107 actor in the fourth division of 2017 compared to $35 actor in the fourth division of 2016. Adapted EBITDA was $37 actor in the fourth division of 2017 compared to $43 actor in the fourth division of 2016. Fourth division net accident and Adapted EBITDA were impacted by the following:

These abortive changes to net accident were partially anniversary by a $9 actor favorable change in abeyant acquired gains/losses ($4 actor of abeyant assets in the fourth division of 2017 compared to $5 actor of abeyant losses in the fourth division of 2016).

In the fourth division of 2017, basic expenditures were $33 actor as compared to $62 actor in the fourth division of 2016. The majority of the basic expenditures were for the North America ABS action at our Lewisport, Kentucky adeptness and accompanying spending to advancement analytic accessories and capabilities at the facility. The ABS action continues to advance on agenda and ABS shipments commenced in the fourth division of 2017.

As of December 31, 2017, Aleris had clamminess of about $231 million, which consisted of about $123 actor of availability beneath our ABL Facility, $102 actor of banknote on duke and $6 actor of banknote belted for the acquittal of the China Loan Facility. Clamminess does not accommodate $80 actor of chump accommodation catch fees accepted to be absolutely accomplished aboriginal in the added quarter, $40 actor of which accept been accomplished in the aboriginal division of 2018. All milestones for the accommodation catch fees accept been met.

North America articulation assets was $13 actor in the fourth division of 2017 compared to $16 actor in the fourth division of 2016. Articulation Adapted EBITDA added to $15 actor in the fourth division of 2017 from $14 actor in the fourth division of 2016. Accomplishment drivers for articulation assets and articulation Adapted EBITDA included:

In accession to the factors above, articulation assets was impacted by a $5 actor abortive about-face in metal bulk lag.

Europe articulation assets was $26 actor in the fourth division of 2017 compared to $36 actor in the fourth division of 2016. Articulation Adapted EBITDA was $26 actor in the fourth division of 2017 compared to $34 actor in the fourth division of 2016. Accomplishment drivers for articulation assets and articulation Adapted EBITDA included:

In accession to the factors above, articulation assets was impacted by a $2 actor abortive about-face in metal bulk lag.

Asia Pacific articulation assets was $5 actor in the fourth division of 2017 and 2016. Articulation Adapted EBITDA was $4 actor in the fourth division of 2017 and 2016. Accomplishment drivers for articulation assets and articulation Adapted EBITDA included:

This “Outlook” area contains assorted advanced statements about our industry, the appeal for our articles and casework and our projected results. See “Forward-Looking Statements.” In particular, statements absolute in this “Outlook” area apropos the approaching banking appulse of chump acquirement commitments and basic bulk projects, including our North America ABS Action and assertive aerospace projects, are advanced statements (the “outlook statements”). These angle statements are accountable to assorted risks and uncertainties, abounding of which are aloft our control. For example, we accept estimated the approaching banking appulse of assertive chump acquirement commitments net of their accepted costs. Absolute costs may beat our projections, including as a aftereffect of added aluminum, energy, action or added operating costs or added factors, which could absolute the allowances we apprehend to apprehend from these chump acquirement commitments. We accept additionally fabricated assertive assumptions apropos chump acquirement commitments based on our absolute acquaintance with such barter and industry practice. Some of these commitments are not accountable to acknowledged arrangements, and to the admeasurement these barter seek to abate or adjournment their commitments, we will not apprehend the allowances accepted from these commitments. In addition, assertive of the advancing allowances absolute in or adumbrated by the angle statements are not accepted to be accomplished until the acknowledged ramp-up of ABS assembly at our Lewisport adeptness and of assertive aerospace assembly at our Koblenz and Zhenjiang facilities. As a result, we apprehend to apprehend alone a allocation of the advancing allowances absolute in or adumbrated by these angle statements during the year catastrophe December 31, 2018, as ramp-up at these accessories is accepted to action over the abutting several years. See “Forward-Looking Statements” for a altercation of added risks, uncertainties and added factors that may anniversary our absolute after-effects to alter materially from those bidding in our angle statements.

The afterward discusses trends impacting the aloft end uses we serve as able-bodied as the factors advancing to accept a cogent appulse on our approaching performance.

Automotive

Aluminum acceptance in automotive applications has been growing steadily. This advance is due to government regulations targeted at abbreviation carbon emissions and accretion ammunition efficiency. Efforts by aboriginal accessories manufacturers (“OEMs”) to abate agent weight in acclimation to accommodated these regulations has added the appeal for aluminum ABS in applications such as auto hoods, roofs and doors. Ducker Worldwide estimates the appeal for aluminum in North America will admission from 1.2 billion pounds in 2016 to 3.4 billion pounds by 2025 and the aluminum agreeable per ablaze agent will admission from 397 pounds in 2015 to 565 pounds by 2028, with ABS per ablaze agent accretion from 14 pounds to 61 pounds per agent over the aforementioned time frame. The accepted admission in aluminum agreeable per ablaze agent in North America is apparent below:

View photos

* Source: July 2017 Ducker Worldwide

* Source: July 2017 Ducker Worldwide

In apprehension of the admission in appeal for aluminum for ABS, we accept completed the installation, allotment and accomplishment of assertive alloys at our new advanced algid comminute and aboriginal CALP at the Lewisport facility. We accept completed the architecture and accession and are decidedly through allotment of the facility’s added CALP. These investments are accepted to absolute about $425.0 actor and are targeted at acceptable our artefact alms in North America to accredit us to participate in the growing appeal for aluminum ABS.

Aluminum ABS articles are accepted to accomplish added than alert the bartering allowance per ton of the accepted administration area currently produced at the Lewisport facility. Over the abutting several years, this is accepted to accept a allusive appulse on our profitability. Based on absolute abiding chump commitments, which anniversary for over 60% of our ABS accommodation through 2025 and accommodate cogent “take or pay” obligations, we accept the articulation assets and Adapted EBITDA appulse of the North America ABS Action could ambit from $65 actor to $75 actor annually during 2019. We apprehend the abounding admission up of ABS shipments from our accumulated CALP band accommodation to action over the abutting four years as the accepted able appeal from the automotive area is accepted to accredit us to ample the antithesis of our accessible accommodation in this time frame.

In alertness for us to activate the ramp-up of our ABS production, we accept additionally decidedly upgraded the absolute asset abject at Lewisport. In particular, in 2017 we accomplished and auspiciously completed a aloft planned hot comminute outage. The abeyance targeted advance our batten scalper, pre-heating boiler capabilities, accession our hot comminute and installing advanced comminute controls. This all-important abeyance took about 60 canicule (together with the allotment of the hot comminute afterwards the outage, finer 75 days) to complete and impacted our adeptness to aftermath and address articles to customers. In advancing for and active this outage, we appraisal that we absent 100 actor pounds (45 kilotons) of chump shipments, which, in turn, we appraisal bargain our North America articulation assets and Adapted EBITDA by about $30 actor in 2017. Additionally, in Europe we blocked accommodation of the CALP at our Duffel adeptness to accumulation ABS to North America for chump accomplishment purposes. We appraisal that this absent aggregate could accept added Europe articulation assets and Adapted EBITDA by about $4 actor in 2017.

In 2018, we apprehend all-around automotive volumes to admission as shipments from Lewisport activate to admission up and as barter barrage new models. In addition, chump archetypal barrage delays and the blocked accommodation discussed above, which abnormally impacted Europe automotive volumes in 2017, are not advancing to appulse 2018. However, the appulse of the accepted added aggregate on our North America articulation assets and Adapted EBITDA will be bound in the aboriginal bisected of 2018 as the North America ABS volumes are not accepted to accord advisedly until the aboriginal CALP is bearing at abreast run bulk volumes, which is accepted to be accomplished in the added bisected of 2018.

Aerospace

Despite aerospace benevolence in 2017, due to connected accumulation alternation destocking, aircraft acclimation backlogs for Airbus and Boeing were over 13,000 planes in December 2017, an best aerial for the industry. Several aircraft OEMs are accretion body ante on abounding distinct alley and bounded jets, which we apprehend to added than anniversary the appulse of lower body ante on beyond aircraft. Aircraft excess trends at Airbus and Boeing as able-bodied as absolute and estimated approaching aircraft deliveries are apparent below:

View photos

* Source: Airbus and Boeing websites and body bulk estimates (data as of December 31, 2017)

* Source: Airbus and Boeing websites and body bulk estimates (data as of December 31, 2017)

 

View photos

* Source: Airbus and Boeing websites for absolute data; Aleris estimates for 2018-2020 data.

* Source: Airbus and Boeing websites for absolute data; Aleris estimates for 2018-2020 data.

During 2016 and 2017, several of our abiding affairs with aloft aircraft OEMs were auspiciously renewed. Anniversary arrangement was renewed with a college allotment of the OEM’s aerospace business and with a college value-added mix of articles and alloys. Based aloft accepted aircraft body rates, these new affairs and articles are accepted to admission articulation assets and Adapted EBITDA by $20 actor to $30 actor annually, alpha in 2019. The abounding anniversary account of these affairs is not accepted to be accomplished until 2022; however, we apprehend to activate to apprehend some of these allowances afterwards the aboriginal bisected of 2018, back the accepted account destocking is accepted to end.

Additionally, both our Koblenz and Zhenjiang accessories allocated accessories run time in 2017, and will admeasure added accessories run time in 2018, for the development and accomplishment of new wingskin products, which banned accommodation accessible for chump assembly and shipments. We accept this impacted articulation assets and Adapted EBITDA by about $4 actor in 2017 and will appulse articulation assets and Adapted EBITDA by about $4 actor in 2018. We apprehend to acquaint wingskin assembly at Koblenz in the added bisected of 2018 and at Zhenjiang in aboriginal 2019.

In 2018, we apprehend convalescent appeal as the OEM account destocking ends and allowances from college aircraft assembly ante and our new abiding affairs activate to be realized. However, the appulse of a decidedly weaker U.S. dollar and lower rolling margins are accepted to anniversary abundant of the absolute year-over-year appulse from the advancing aggregate advance and artefact mix improvement.

Building and Architecture and Atom Spreads

Housing starts are accepted to see accession year of advance in 2018, with experts ciphering that absolute apartment starts in the U.S will admission from 1,203,000 in 2017 to 1,271,000 in 2018. Importantly, the mix amid single-family and multi-family architecture is accepted to abide to trend agreeably for us. Additionally, the demographic trends in the U.S. about citizenry advance and ancestors accumulation ante abide to advance backbone in this important end use. With advance in apartment starts, we apprehend appeal for our architecture and architecture articles to admission in 2018.

Many of our architecture and architecture articles are able to be produced with aluminum atom rather than primary aluminum. If the contempo trend of added aluminum prices continues, year-over-year atom spreads in North America may be agreeably impacted, decidedly in the aboriginal bisected of 2018. Additionally, accomplished acquaintance suggests that there will acceptable be added appeal this year advancing from the regions that accomplished blow accident in 2017, as rebuilding efforts continue.

The articulation assets and Adapted EBITDA impacts discussed aloft in ” – Automotive” and ” – Aerospace” accept been provided for allegorical purposes only. These impacts are presented, in part, to authenticate the abeyant incremental improvements to 2017 Adapted EBITDA we accept we would accept accomplished if the planned abeyance at our Lewisport adeptness and the allocation of accessories run time at our Duffel, Koblenz and Zhenjiang accessories as discussed aloft did not action in 2017, and to authenticate the allowances we apprehend to accept from assertive absolute chump commitments in approaching years. Estimates of the articulation assets and Adapted EBITDA appulse from assertive absolute commitments accept been bent application a ambit of accepted chump nominated volumes based on absolute chump commitments and applying an adapted appraisal of boilerplate advantage per ton. To actuate an appraisal of boilerplate North America articulation assets and Adapted EBITDA per ton we acclimated the ambit of rolling margins per ton included in the appraisement acceding of our absolute chump arrangements. These rolling margins were again compared to Lewisport’s boilerplate rolling allowance per ton in 2017. Advantage per ton additionally reflects an appraisal of incremental banknote about-face costs. The appraisal of boilerplate Europe and Asia Pacific articulation assets and Adapted EBITDA per ton was bent application the 2017 Company-wide boilerplate Adapted EBITDA per ton for aerospace articles added an appraisal of advantage allowances from anchored bulk leverage, which was based on our 2017 aerospace anchored bulk assimilation and adapted for the college assembly volumes accepted to be accomplished in the approaching beneath assertive aerospace contracts.

2018 Outlook 

For 2018, we apprehend that articulation assets and Adapted EBITDA will be essentially college than 2017, as North America volumes not alone balance from the 2017 Lewisport hot comminute abeyance but additionally activate to account from the mix about-face to college value-added ABS articles and a favorable U.S. apartment market, while European appeal from automotive and aerospace barter is accepted to improve. In addition, alpha in 2018, accepted alloys acclimated in articles fabricated by our North America articulation may potentially account from barter case activity. We apprehend the year-over-year improvements to advance alpha in the added division and abide throughout the year. Pre-tax assets will be impacted by these factors as able-bodied as the absence of several large, ancient accuse recorded in 2017 and essentially lower start-up costs associated with the North America ABS Project. We apprehend abounding year basic expenditures of about $125.0 actor to $140.0 million.

Conference Alarm and Webcast Information

Aleris will authority a appointment alarm and webcast on March 19, 2018 at 10:00 a.m. Eastern Time. Sean M. Stack, administrator and arch controlling officer, and Eric M. Rychel, controlling carnality president, arch banking administrator and treasurer, will host the alarm to altercate results.

The webcast can be accessed through the Company’s website, www.aleris.com. The appointment alarm can be accessed by dialing 1-877-870-4263 or 1-412-317-0790 (for all-embracing callers) and allurement for the “Aleris call”. A epitomize of the alarm will be acquaint on the Company’s website in the Broker Relations section.

Forward-Looking Statements

Certain statements absolute in this columnist absolution are “forward-looking statements” aural the acceptation of the federal balance laws. Statements beneath headings with “Outlook” in the appellation and statements about our behavior and expectations and statements absolute the words “may,” “could,” “would,” “should,” “will,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “look advanced to,” “intend” and agnate expressions advised to betoken approaching contest and affairs aggregate advanced statements. Advanced statements accommodate statements about, amid added things, approaching costs and prices of commodities, assembly volumes, industry trends, advancing bulk savings, advancing allowances from new products, facilities, acquisitions or divestitures, projected after-effects of operations, accomplishment of assembly efficiencies, accommodation expansions, approaching prices and appeal for our articles and estimated banknote flows and capability of banknote flows to armamentarium operations, basic expenditures and debt account obligations. Advanced statements absorb accepted and alien risks and uncertainties, which could anniversary absolute after-effects to alter materially from those absolute in or adumbrated by any advanced statement. Important factors that could anniversary absolute after-effects to alter materially from the advanced statements include, but are not bound to, the following: (1) our adeptness to auspiciously apparatus our business strategy; (2) the success of accomplished and approaching acquisitions or divestitures; (3) the alternate attributes of the aluminum industry, absolute adverse changes in the aluminum industry or our end-uses, such as all-around and bounded accumulation and appeal altitude for aluminum and aluminum products, and changes in our customers’ industries; (4) increases in the cost, or bound availability, of raw abstracts and energy; (5) our adeptness to admission into able metal, action and added article derivatives or arrange with barter to administer finer our acknowledgment to article bulk fluctuations and changes in the appraisement of metals, abnormally London Metal Exchange-based aluminum prices; (6) our adeptness to accomplish acceptable banknote flows to armamentarium our operations and basic bulk requirements and to accommodated our debt obligations; (7) adversary appraisement activity, antagonism of aluminum with another abstracts and the accepted appulse of antagonism in the industry end-uses we serve; (8) our adeptness to absorb the casework of assertive associates of our management; (9) the accident of acclimation volumes from any of our better customers; (10) our adeptness to absorb customers, a abundant cardinal of whom do not accept abiding acknowledged arrange with us; (11) risks of advance in and administering operations on a all-around basis, including political, social, economic, bill and authoritative factors; (12) airheadedness in accepted bread-and-butter or political altitude on a all-around or bounded basis; (13) accepted ecology liabilities and the bulk of acquiescence with and liabilities beneath bloom and assurance laws; (14) action relations (i.e., disruptions, strikes or assignment stoppages) and action costs; (15) our centralized controls over banking advertisement and our acknowledgment controls and procedures may not anticipate all accessible errors that could occur; (16) our levels of acknowledgment and debt account obligations, including changes in our acclaim ratings, absolute increases in our bulk of borrowing or the abortion of banking institutions to accomplish their commitments to us beneath committed facilities; (17) our adeptness to admission acclaim or basic markets; (18) the achievability that we may acquire added acknowledgment in the future; (19) limitations on operating our business and incurring added acknowledgment as a aftereffect of acceding restrictions beneath our indebtedness, and our adeptness to pay amounts due beneath our outstanding indebtedness; and (20) added factors discussed in our filings with the Balance and Barter Commission, including the sections advantaged “Risk Factors” absolute therein. Investors, abeyant investors and added readers are apprenticed to accede these factors anxiously in evaluating the advanced statements and are cautioned not to abode disproportionate assurance on such advanced statements. We undertake no obligation to about amend or alter any advanced statements, whether in acknowledgment to new information, futures contest or otherwise, except as contrarily adapted by law.

Non-GAAP Banking Measures

In accession to the after-effects appear in accordance with GAAP, this columnist absolution includes advice apropos assertive non-GAAP banking measures. Management uses EBITDA, Adapted EBITDA, articulation Adapted EBITDA and bartering allowance (collectively, the “Non-GAAP Measures”) as accomplishment metrics and believes these measures accommodate added advice frequently acclimated by the holders of the Chief Addendum and parties to our ABL Adeptness with account to the advancing accomplishment of our basal business activities, as able-bodied as our adeptness to accommodated our approaching debt service, basic expenditures and alive basic needs. In addition, EBITDA with assertive adjustments is a basic of assertive covenants beneath the indentures administering the Chief Notes. Adapted EBITDA, including the appulse of metal bulk lag, is a basic of assertive banking covenants beneath the acclaim acceding administering the ABL Facility. Management additionally uses bartering allowance as a accomplishment metric and believes that it provides advantageous advice apropos the accomplishment of our segments because it measures the bulk at which we advertise our aluminum articles aloft the belted bulk of the metal and the furnishings of metal bulk lag, thereby absorption the value-added apparatus of our bartering activities absolute of aluminum prices which we cannot control.

Our EBITDA calculations represent net assets and accident attributable to Aleris Corporation afore absorption assets and expense, accouterment for and account from assets taxes, abrasion and acquittal and assets and accident from discontinued operations, net of tax. Adapted EBITDA is authentic as EBITDA excluding metal bulk lag, abeyant assets and losses on acquired banking instruments, restructuring charges, bill barter assets and losses on debt, stock-based advantage expense, start-up costs, accident on concealment of debt, crime of amounts captivated in escrow accompanying to the auction of the recycling business and assertive added assets and losses. Articulation Adapted EBITDA represents Adapted EBITDA on a per articulation basis. EBITDA as authentic in the indentures administering the Chief Addendum additionally banned the bulk of adjustments for bulk savings, operational advance and synergies for the purpose of free our acquiescence with such covenants. Adapted EBITDA as authentic beneath the ABL Adeptness additionally banned the bulk of adjustments for restructuring accuse and requires added adjustments be fabricated if assertive anniversary alimony allotment levels are exceeded. Bartering allowance represents revenues beneath the belted bulk of metal and the furnishings of metal bulk lag.

The Non-GAAP Measures, as we use them, may not be commensurable to analogously blue-blooded measures acclimated by added companies. We account the Non-GAAP Banking Measures by eliminating the appulse of a cardinal of items we do not accede apocalyptic of our advancing operating performance, and assertive added items. You are encouraged to appraise anniversary acclimation and the affidavit we accede it adapted for added analysis. However, the Non-GAAP Banking Measures are not banking abstracts accustomed beneath GAAP, and back allegory our operating performance, investors should use the Non-GAAP Banking Measures in accession to, and not as an another for, net assets and accident attributable to Aleris Corporation, operating assets and loss, or any added accomplishment admeasurement acquired in accordance with GAAP, or in accession to, and not as an another for, banknote breeze from operating activities as a admeasurement of our liquidity. The Non-GAAP Banking Measures accept limitations as analytic tools, and they should not be advised in isolation, or as a acting for, or above to, our measures of banking accomplishment able in accordance with GAAP.

Website Posting

We use our broker website (investor.aleris.com) as a approach of administration of Company information. The advice we column through this approach may be accounted material. Accordingly, investors should adviser this channel, in accession to afterward our columnist releases, Balance and Barter Commission (“SEC”) filings, and accessible appointment calls and webcasts. The agreeable of our website is not, however, a allotment of this columnist release.

About Aleris

Aleris is a abreast held, all-around baton in aluminum formed articles production. Headquartered in Cleveland, Ohio, Aleris operates 13 assembly accessories in North America, Europe and Asia. For added information, appointment www.aleris.com.

The advice appear in this columnist absolution is believed by Aleris to be authentic as of the date hereof.  Aleris especially disclaims any assignment to amend the advice absolute in this columnist release. Persons agreeable in any affairs with Aleris or in Aleris’s balance are cautioned that there may abide added absolute advice apropos Aleris that is not about available.

 

Aleris Corporation

Consolidated Statements of Operations

(unaudited)

(in millions)

For the three months ended

For the year ended

December 31,2017

December 31,2016

December 31,2017

December 31,2016

Revenues

$

694.1

$

613.1

$

2,857.3

$

2,663.9

Cost of sales

643.1

550.1

2,597.9

2,376.0

Gross profit

51.0

63.0

259.4

287.9

Selling, accepted and authoritative expenses

67.1

59.2

220.8

218.5

Restructuring charges

0.8

(0.3)

2.9

1.5

Losses on acquired banking instruments

14.1

9.3

44.7

12.1

Other operating expense, net

1.8

1.3

5.7

3.9

Operating (loss) income

(32.8)

(6.5)

(14.7)

51.9

Interest expense, net

33.8

24.1

124.1

82.5

Other bulk (income), net

29.1

(4.2)

35.2

1.7

Loss afore assets taxes

(95.7)

(26.4)

(174.0)

(32.3)

Provision for assets taxes

15.4

9.5

40.4

40.0

Loss from continuing operations

(111.1)

(35.9)

(214.4)

(72.3)

Income (loss) from discontinued operations, net of tax

3.8

1.3

3.8

(3.3)

Net loss

$

(107.3)

$

(34.6)

$

(210.6)

$

(75.6)

 

 

Aleris Corporation

Operating and Articulation Information

(unaudited)

(in millions)

For the three months ended

For the year ended

December 31,2017

December 31,2016

December 31,2017

December 31,2016

Segment income:

North America

$

12.8

$

16.3

$

88.0

$

86.1

Europe

25.7

35.6

127.4

149.4

Asia Pacific

5.0

4.6

15.0

10.8

Total articulation income

43.5

56.5

230.4

246.3

Depreciation and amortization

(33.7)

(26.0)

(115.7)

(104.9)

Other accumulated accepted and authoritative expenses

(24.2)

(12.3)

(56.3)

(51.8)

Restructuring charges

(0.8)

0.3

(2.9)

(1.5)

Interest expense, net

(33.8)

(24.1)

(124.1)

(82.5)

Unallocated assets (losses) on acquired banking instruments

4.1

(4.6)

3.1

19.1

Unallocated bill barter assets (losses)

1.2

0.6

(2.5)

(0.5)

Start-up costs

(20.9)

(15.5)

(73.6)

(46.0)

Loss on concealment of debt

(12.6)

Impairment of amounts captivated in escrow accompanying to the auction of therecycling business

(22.8)

(22.8)

Other (expense) income, net

(8.3)

(1.3)

(9.6)

2.1

Loss afore assets taxes

$

(95.7)

$

(26.4)

$

(174.0)

$

(32.3)

 

 

Aleris Corporation

Operating and Articulation Information

(unaudited)

(Dollars in millions, except per ton measures, metric bags in thousands)

For the three months ended

For the year ended

December 31, 2017

December 31, 2016

December 31, 2017

December 31, 2016

Metric bags of accomplished artefact shipped:

North America

101.6

109.5

462.0

486.3

Europe

76.9

75.9

317.3

326.7

Asia Pacific

7.4

5.3

26.9

22.2

Intra-entity shipments

(2.1)

(1.7)

(6.6)

(6.2)

Total metric bags of accomplished artefact shipped

183.8

189.0

799.6

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829.0

Revenues:

North America

$

338.8

$

310.8

$

1,467.8

$

1,365.1

Europe

331.6

281.7

1,300.7

1,222.6

Asia Pacific

35.1

24.9

122.3

100.5

Intra-entity revenues

(11.4)

(4.3)

(33.5)

(24.3)

Consolidated revenues

$

694.1

$

613.1

$

2,857.3

$

2,663.9

Commercial margin(1):

North America

$

131.0

$

133.1

$

580.6

$

568.1

Europe

143.6

136.8

561.9

574.2

Asia Pacific

16.6

13.6

56.4

50.7

Total bartering margin(2)

$

290.8

$

283.6

$

1,198.9

$

1,193.1

Commercial allowance per metric ton shipped:

North America

$

1,289.5

$

1,215.4

$

1,256.6

$

1,168.5

Europe

1,867.1

1,803.6

1,771.0

1,757.4

Asia Pacific

2,234.8

2,564.3

2,101.0

2,278.3

Segment Adapted EBITDA(1):

North America(3)

$

15.4

$

14.2

$

96.5

$

81.4

Europe

26.5

34.4

127.7

151.3

Asia Pacific

4.4

4.2

12.6

10.4

Corporate

(9.4)

(10.0)

(36.2)

(38.0)

Total Adapted EBITDA

$

36.9

$

42.8

$

200.6

$

205.1

Segment Adapted EBITDA per metric ton shipped:

North America

$

151.3

$

129.2

$

208.8

$

167.3

Europe

344.6

453.0

402.4

463.0

Asia Pacific

586.7

786.6

469.7

468.1

Aleris Corporation

198.3

226.5

249.7

247.5

(1) See the afterward tables for a adaptation to the applicative GAAP measure.

(2) Amounts may not bottom as they represent the affected totals based on absolute amounts and not the angled amounts presented in this table.

(3) Articulation Adapted EBITDA excludes start-up operating costs and losses incurred during the start-up period. For the three months and years concluded December 31, 2017 and 2016, start-up costs were $18.5 million, $13.3 million, $66.6 actor and $41.5 million, respectively.

 

 

Aleris Corporation

Consolidated Antithesis Sheet

(unaudited)

(in millions, except allotment and per allotment data)

ASSETS

December 31,2017

December 31, 2016

Current Assets

Cash and banknote equivalents

$

102.4

$

55.6

Accounts receivable (net of allowances of $4.9 and $7.6 at December 31, 2017 and 2016, respectively)

245.7

218.7

Inventories

631.2

538.9

Prepaid costs and added accepted assets

36.1

33.4

Total Accepted Assets

1,015.4

846.6

Property, bulb and equipment, net

1,470.9

1,346.0

Intangible assets, net

34.7

36.8

Deferred assets taxes

70.7

88.3

Other abiding assets

52.7

72.2

Total Assets

$

2,644.4

$

2,389.9

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities

Accounts payable

$

299.2

$

246.6

Accrued liabilities

197.4

201.4

Current allocation of abiding debt

9.1

27.7

Total Accepted Liabilities

505.7

475.7

Long-term debt

1,771.4

1,438.5

Deferred assets taxes

4.0

2.8

Accrued alimony benefits

170.2

158.4

Accrued postretirement benefits

34.3

34.2

Other abiding liabilities

66.1

63.7

Total Long-Term Liabilities

2,046.0

1,697.6

Stockholders’ Equity

Common stock; par amount $.01; 45,000,000 shares authorized; 32,001,318 and 31,904,250 shares issued at December 31, 2017 and December 31, 2016, respectively

0.3

0.3

Preferred stock; par amount $.01; 1,000,000 shares authorized; none issued

Additional paid-in capital

436.3

428.0

Retained (deficit) earnings

(203.4)

11.8

Accumulated added absolute loss

(140.5)

(223.5)

Total Equity

92.7

216.6

Total Liabilities and Equity

$

2,644.4

$

2,389.9

 

 

Aleris Corporation

Consolidated Statements of Banknote Flows

(unaudited)

(in millions)

For the three months ended

For the year ended

December 31,2017

December 31, 2016

December 31,2017

December 31,2016

Operating activities

Net loss

$

(107.3)

$

(34.6)

$

(210.6)

$

(75.6)

Adjustments to accommodate net accident to net banknote provided (used)by operating activities:

Depreciation and amortization

33.7

26.0

115.7

104.9

Provision for deferred assets taxes

18.4

6.2

32.3

21.5

Stock-based advantage expense

9.8

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1.8

11.3

7.0

Unrealized (losses) assets on acquired banking instruments

(4.5)

4.7

(3.0)

(19.0)

Amortization of debt arising costs

0.7

1.4

2.8

5.7

Loss on concealment of debt

12.6

Net (gain) accident on auction of discontinued operations

(4.6)

(1.4)

(4.5)

3.3

Impairment of amounts captivated in escrow accompanying to the auction ofthe recycling business

22.8

22.8

Other

1.1

0.8

10.1

4.9

Changes in operating assets and liabilities:

    Change in accounts receivable

54.6

50.8

(5.7)

(9.4)

    Change in inventories

(5.4)

(60.8)

(58.4)

(70.2)

    Change in added assets

(2.3)

(2.1)

3.9

(1.4)

    Change in accounts payable

(2.1)

(5.6)

33.7

41.7

    Change in accrued liabilities

(13.7)

(21.8)

18.2

(14.0)

Net banknote provided (used) by operating activities

1.2

(34.6)

(31.4)

12.0

Investing activities

Payments for property, bulb and equipment

(32.8)

(62.4)

(207.7)

(358.1)

Proceeds from the auction of businesses, net of banknote transferred

5.0

5.0

Other

(0.6)

(0.4)

(3.0)

(1.5)

Net banknote acclimated by advance activities

(33.4)

(57.8)

(210.7)

(354.6)

Financing activities

Proceeds from revolving acclaim facilities

173.5

160.3

575.1

360.4

Payments on revolving acclaim facilities

(107.0)

(45.3)

(536.3)

(107.0)

Proceeds from chief anchored notes, across-the-board of premiums and discounts

263.8

540.4

Payments on chief notes, including premiums

(443.8)

Net payments on added abiding debt

(0.9)

(0.6)

(6.4)

(7.3)

Debt arising costs

(0.3)

(0.4)

(2.8)

(4.0)

Other

(1.6)

0.1

(2.9)

(0.6)

Net banknote provided by costs activities

63.7

114.1

290.5

338.1

Effect of barter bulk differences on cash, banknote equivalents and belted cash

1.0

(2.6)

4.0

(2.1)

Net admission (decrease) in cash, banknote equivalents and belted cash

32.5

19.1

52.4

(6.6)

Cash, banknote equivalents and belted banknote at alpha of period

75.5

36.5

55.6

62.2

Cash, banknote equivalents and belted banknote at end of period

$

108.0

$

55.6

$

108.0

$

55.6

Cash and banknote equivalents

$

102.4

$

55.6

$

102.4

$

55.6

Restricted banknote (included in “Prepaid costs and added accepted assets”)

5.6

5.6

Cash, banknote equivalents and belted cash

$

108.0

$

55.6

$

108.0

$

55.6

 

 

Aleris Corporation

Reconciliation of Adapted EBITDA to

Net Accident and Banknote Flows Provided (Used) by Operating Activities

(unaudited)

(in millions)

For the three months ended

For the year ended

December 31,2017

December 31, 2016

December 31,2017

December 31,2016

Adjusted EBITDA

$

36.9

$

42.8

$

200.6

$

205.1

Unrealized assets (losses) on acquired banking instruments

4.5

(4.7)

3.0

19.0

Restructuring charges

(0.8)

0.3

(2.9)

(1.5)

Unallocated bill barter assets (losses) on debt

0.7

0.3

(2.5)

(0.6)

Stock-based advantage expense

(9.8)

(1.8)

(11.3)

(7.0)

Start-up costs

(20.9)

(15.5)

(73.6)

(46.0)

(Unfavorable) favorable metal bulk lag

(2.7)

3.8

(6.3)

3.2

Loss on concealment of debt

(12.6)

Impairment of amounts captivated in escrow accompanying to the auction of therecycling business

(22.8)

(22.8)

Other

(13.3)

(1.5)

(18.4)

(4.5)

EBITDA

(28.2)

23.7

65.8

155.1

Interest expense, net

(33.8)

(24.1)

(124.1)

(82.5)

Provision for assets taxes

(15.4)

(9.5)

(40.4)

(40.0)

Depreciation and amortization

(33.7)

(26.0)

(115.7)

(104.9)

Income (loss) from discontinued operations, net of tax

3.8

1.3

3.8

(3.3)

Net loss

(107.3)

(34.6)

(210.6)

(75.6)

Depreciation and amortization

33.7

26.0

115.7

104.9

Provision for deferred assets taxes

18.4

6.2

32.3

21.5

Stock-based advantage expense

9.8

1.8

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11.3

7.0

Unrealized (gains) losses on acquired banking instruments

(4.5)

4.7

(3.0)

(19.0)

Amortization of debt arising costs

0.7

1.4

2.8

5.7

Loss on concealment of debt

12.6

Net (gain) accident on auction of discontinued operations

(4.6)

(1.4)

(4.5)

3.3

Impairment of amounts captivated in escrow accompanying to the auction of the recycling business

22.8

22.8

Other

1.1

0.8

10.1

4.9

Change in operating assets and liabilities:

Change in accounts receivable

54.6

50.8

(5.7)

(9.4)

Change in inventories

(5.4)

(60.8)

(58.4)

(70.2)

Change in added assets

(2.3)

(2.1)

3.9

(1.4)

Change in accounts payable

(2.1)

(5.6)

33.7

41.7

Change in accrued liabilities

(13.7)

(21.8)

18.2

(14.0)

Net banknote provided (used) by operating activities

$

1.2

$

(34.6)

$

(31.4)

$

12.0

 

 

Aleris Corporation

Reconciliation of Articulation Assets to

Segment Adapted EBITDA

(unaudited)

(in millions)

For the three months ended

For the year ended

December 31,2017

December 31,2016

December 31,2017

December 31,2016

North America

Segment income

$

12.8

$

16.3

$

88.0

$

86.1

Unfavorable (favorable) metal bulk lag

2.5

(2.2)

8.5

(4.7)

Segment Adapted EBITDA (1)

$

15.4

$

14.2

$

96.5

$

81.4

Europe

Segment income

$

25.7

$

35.6

$

127.4

$

149.4

Unfavorable (favorable) metal bulk lag

0.8

(1.2)

0.3

1.9

Segment Adapted EBITDA (1)

$

26.5

$

34.4

$

127.7

$

151.3

Asia Pacific

Segment income

$

5.0

$

4.6

$

15.0

$

10.8

Favorable metal bulk lag

(0.6)

(0.4)

(2.4)

(0.4)

Segment Adapted EBITDA (1)

$

4.4

$

4.2

$

12.6

$

10.4

(1) Amounts may not bottom as they represent the affected totals based on absolute amounts and not the angled amounts presented in this table.

 

 

Aleris Corporation

Reconciliation of Revenues to

Commercial Margin

(unaudited)

(in millions)

For the three months ended

For the year ended

December 31,2017

December 31,2016

December 31,2017

December 31,2016

North America

Revenues

$

338.8

$

310.8

$

1,467.8

$

1,365.1

Hedged bulk of metal

(210.3)

(175.5)

(895.7)

(792.3)

Unfavorable (favorable) metal bulk lag

2.5

(2.2)

8.5

(4.7)

Commercial margin

$

131.0

$

133.1

$

580.6

$

568.1

Europe

Revenues

$

331.6

$

281.7

$

1,300.7

$

1,222.6

Hedged bulk of metal

(188.8)

(143.7)

(739.1)

(650.3)

Unfavorable (favorable) metal bulk lag

0.8

(1.2)

0.3

1.9

Commercial margin

$

143.6

$

136.8

$

561.9

$

574.2

Asia Pacific

Revenues

$

35.1

$

24.9

$

122.3

$

100.5

Hedged bulk of metal

(17.9)

(10.9)

(63.5)

(49.4)

Favorable metal bulk lag

(0.6)

(0.4)

(2.4)

(0.4)

Commercial margin

$

16.6

$

13.6

$

56.4

$

50.7

Aleris Corporation

Revenues

$

694.1

$

613.1

$

2,857.3

$

2,663.9

Hedged bulk of metal

(406.0)

(325.7)

(1,664.7)

(1,467.6)

Unfavorable (favorable) metal bulk lag

2.7

(3.8)

6.3

(3.2)

Commercial margin

$

290.8

$

283.6

$

1,198.9

$

1,193.1

 

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