ATLANTA, May 6, 2024
/PRNewswire/ --
Q4 Fiscal Year 2024 Highlights
- Net income attributable to our common shareholder and net
income from continuing operations of $166
million, up 6% YoY; Net income excluding special items was
$179 million, up 2% YoY
- Adjusted EBITDA of $514 million,
up 28% YoY
- Rolled product shipments of 951 kilotonnes, up 2% YoY
- Adjusted EBITDA per tonne shipped of $540, up 25% YoY
Full Fiscal Year 2024 Highlights
- Net income attributable to our common shareholder and net
income from continuing operations of $600
million, down 9% YoY; Net income excluding special items was
$688 million, down 12% YoY
- Adjusted EBITDA of $1.9 billion,
up 3% YoY
- Rolled product shipments of 3,673 kilotonnes, down 3% YoY
- Adjusted EBITDA per tonne shipped of $510, up 7% YoY
- Net leverage ratio of 2.3x
- Increased the recycled content of our products to 63% in fiscal
2024, compared to 61% in fiscal 2023
Novelis Inc., a leading sustainable aluminum solutions provider
and the world leader in aluminum rolling and recycling, today
reported results for the fourth quarter and full fiscal year
2024.
"Novelis delivered strong improvements in key financial metrics
in the fourth quarter driven by lower operating costs, improved
market demand and higher benefit from recycling," said Steve Fisher, president and CEO, Novelis Inc.
"In doing so, we once again demonstrated the strength and
resiliency of our business model, which is aided by our global
presence and diverse product portfolio. We are building on our
existing strengths with a number of expansion investments underway
to capture sustainability-driven demand for lightweight and
infinitely recyclable aluminum material, while enhancing
profitability and shareholder returns."
Fourth Quarter Fiscal Year 2024 Results
Net sales decreased 7% versus the prior year period to
$4.1 billion for the fourth quarter
of fiscal year 2024, driven by lower average aluminum prices,
partially offset by higher total shipments. Total flat rolled
product shipments increased 2% to 951 kilotonnes in the fourth
quarter of fiscal year 2024 versus the prior year period, due
primarily to increased demand for beverage packaging sheet.
Net income attributable to our common shareholder was up 6%
versus the prior year to $166 million
in the fourth quarter of fiscal year 2024, due primarily to higher
Adjusted EBITDA, partially offset by higher taxes and unfavorable
timing of unrealized derivative losses. Adjusted EBITDA increased
28% versus the prior year to $514
million in the fourth quarter of fiscal year 2024. This
significant improvement was primarily driven by favorable metal
benefit from recycling and lower operating costs than the prior
year period.
Full Year Fiscal Year 2024 Results
Net sales decreased 12% to $16.2
billion in fiscal year 2024, primarily driven by lower
average aluminum prices and a 3% decrease in total flat rolled
product shipments to 3,673 kilotonnes. The decrease in shipments is
mainly due to lower beverage packaging shipments driven by customer
inventory reductions in the first half of the fiscal year as well
as softer demand for specialties products in a weaker
macro-economic environment, partially offset by higher automotive
shipments on strong demand. With customer inventory reductions
complete, beverage packaging shipments increased sequentially each
quarter of fiscal 2024 and demand continues to strengthen.
Fiscal 2024 net income attributable to our common shareholder
decreased 9% versus the prior year to $600
million. The decrease is mainly driven by higher income tax
provision and interest expense, as well as unfavorable timing of
unrealized derivative losses in the current year compared to a gain
in the prior year, partially offset by higher Adjusted EBITDA and
improvement in metal price lag.
Adjusted EBITDA increased 3% to $1.9
billion in fiscal year 2024, compared to $1.8 billion in fiscal 2023, driven by higher
product pricing, including some cost pass-throughs to customers,
lower energy and freight costs, and favorable foreign exchange.
These factors were partially offset by lower metal benefit, higher
employment costs, an inventory timing effect from
capitalizing high operating costs in the prior year, and lower
volume.
Net cash flow provided by operating activities, continuing
operations was $1.3 billion in fiscal
year 2024 compared to $1.2 billion in
the prior fiscal year, primarily due to higher Adjusted EBITDA and
improvement in metal price lag. Adjusted Free Cash Flow was an
outflow of $75 million in fiscal year
2024 compared to a prior year period inflow of $431 million, due primarily to a 73%
year-over-year increase in capital expenditures, partially offset
by higher cash flow from operating activities. Fiscal year 2024
capital expenditures total $1.4
billion and reflect the planned increase in strategic,
sustainability-focused, capital investment projects that support
increased long-term customer demand.
"We have a strong track record of successfully deploying capital
to grow the business, as well as a balanced capital allocation
profile," said Devinder Ahuja,
executive vice president and CFO, Novelis Inc. "We are generating
robust operating cash flow to fund our organic investments
currently under way, and remain focused on executing our growth
strategy and delivering long-term value creation."
The company had a net leverage ratio (Net Debt / trailing twelve
months (TTM) Adjusted EBITDA) of 2.3x at the end of the fourth
quarter of fiscal year 2024. Total liquidity stood at $2.3 billion as of March
31, 2024, consisting of $1.3
billion in cash and cash equivalents and $1.0 billion in availability under committed
credit facilities.
Fourth Quarter and Full Fiscal Year 2024 Earnings
Conference Call
Novelis will discuss its fourth quarter and full fiscal year
2024 results via a live webcast and conference call for investors
at 7:00 a.m. EDT/4:30 p.m. IST on Monday, May 6, 2024. The
webcast link, access information and presentation materials can be
found at https://investors.novelis.com/. To view slides and listen
to the live webcast, visit:
https://links.ccwebcast.com/?EventId=NOV060524. To participate by
telephone, participants are requested to register at:
https://services.choruscall.in/DiamondPassRegistration/register?confirmationNumber=4748529&linkSecurityString=1ccc7ac9c0
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, income from continuing
operations 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 our investments
underway will capture demand for aluminum material, while enhancing
profitability and shareholder returns. 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; rises
in 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; 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; security breaches and other disruptions to
our information technology networks and systems; increased freight
costs on imported products; 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; risks related to the
broad range of environmental, health and safety laws and
regulations to which we are subject, and any related exposure to
substantial environmental, health and safety costs and liabilities;
our failure to comply with laws and regulations and industry
standards relating to privacy, data protection, advertising and
consumer protection; and exposure to significant legal proceedings
and investigations. 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.
Novelis
Inc.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
Fiscal Year
Ended
March 31,
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Net sales
|
$
4,077
|
|
$
4,397
|
|
$ 16,210
|
|
$ 18,486
|
Cost of goods sold
(exclusive of depreciation and amortization)
|
3,417
|
|
3,797
|
|
13,704
|
|
15,996
|
Selling, general and
administrative expenses
|
172
|
|
170
|
|
717
|
|
679
|
Depreciation and
amortization
|
148
|
|
135
|
|
554
|
|
540
|
Interest expense and
amortization of debt issuance costs
|
70
|
|
76
|
|
298
|
|
274
|
Research and
development expenses
|
26
|
|
26
|
|
98
|
|
95
|
Loss
on extinguishment of debt, net
|
—
|
|
—
|
|
5
|
|
—
|
Restructuring and
impairment expenses, net
|
9
|
|
26
|
|
42
|
|
33
|
Equity in net income of
non-consolidated affiliates
|
(3)
|
|
(2)
|
|
(4)
|
|
(16)
|
Other expenses
(income), net
|
13
|
|
12
|
|
(22)
|
|
79
|
|
3,852
|
|
4,240
|
|
15,392
|
|
17,680
|
Income
from continuing operations before income
tax provision
|
225
|
|
157
|
|
818
|
|
806
|
Income tax
provision
|
59
|
|
1
|
|
218
|
|
147
|
Net income from
continuing operations
|
166
|
|
156
|
|
600
|
|
659
|
Loss
from discontinued operations, net of
tax
|
—
|
|
—
|
|
—
|
|
(2)
|
Net loss from
discontinued operations
|
—
|
|
—
|
|
—
|
|
(2)
|
Net income
|
166
|
|
156
|
|
600
|
|
657
|
Net loss attributable
to noncontrolling interest
|
—
|
|
—
|
|
—
|
|
(1)
|
Net income attributable
to our common shareholder
|
$
166
|
|
$
156
|
|
$
600
|
|
$
658
|
Novelis
Inc.
CONDENSED
CONSOLIDATED BALANCE SHEETS (unaudited)
|
|
(in millions, except
number of shares)
|
March 31,
2024
|
|
March 31,
2023
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
1,309
|
|
$
1,498
|
Accounts receivable,
net
|
|
|
|
— third parties (net
of allowance for uncollectible accounts of $7 and $5 as of
March 31, 2024,
and March 31, 2023, respectively)
|
1,760
|
|
1,751
|
— related
parties
|
161
|
|
156
|
Inventories
|
2,515
|
|
2,729
|
Prepaid expenses and
other current assets
|
152
|
|
178
|
Fair value of
derivative instruments
|
45
|
|
145
|
Assets held for
sale
|
1
|
|
3
|
Total current
assets
|
5,943
|
|
6,460
|
Property, plant and
equipment, net
|
5,741
|
|
4,900
|
Goodwill
|
1,074
|
|
1,076
|
Intangible assets,
net
|
545
|
|
589
|
Investment in and
advances to non–consolidated affiliates
|
905
|
|
877
|
Deferred income tax
assets
|
143
|
|
166
|
Other long-term
assets
|
|
|
|
— third
parties
|
274
|
|
293
|
— related
parties
|
3
|
|
3
|
Total
assets
|
$
14,628
|
|
$
14,364
|
LIABILITIES AND
SHAREHOLDER'S EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Current portion of
long-term debt
|
$
33
|
|
$
88
|
Short-term
borrowings
|
759
|
|
671
|
Accounts
payable
|
|
|
|
— third
parties
|
2,992
|
|
3,100
|
— related
parties
|
280
|
|
277
|
Fair value of
derivative instruments
|
144
|
|
130
|
Accrued expenses and
other current liabilities
|
627
|
|
633
|
Total current
liabilities
|
4,835
|
|
4,899
|
Long-term debt, net of
current portion
|
4,866
|
|
4,881
|
Deferred income tax
liabilities
|
253
|
|
288
|
Accrued postretirement
benefits
|
559
|
|
554
|
Other long-term
liabilities
|
305
|
|
288
|
Total
liabilities
|
10,818
|
|
10,910
|
Commitments and
contingencies
|
|
|
|
Shareholder's
equity
|
|
|
|
Common stock, no par
value; unlimited number of shares authorized; 1,100 shares issued
and
outstanding as of March 31, 2024, and March 31,
2023
|
—
|
|
—
|
Additional paid-in
capital
|
1,108
|
|
1,208
|
Retained
earnings
|
3,072
|
|
2,472
|
Accumulated other
comprehensive loss
|
(381)
|
|
(238)
|
Total equity of our
common shareholder
|
3,799
|
|
3,442
|
Noncontrolling
interest
|
11
|
|
12
|
Total
equity
|
3,810
|
|
3,454
|
Total liabilities
and equity
|
$
14,628
|
|
$
14,364
|
Novelis
Inc.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
|
|
|
Fiscal Year
Ended
March 31,
|
(in
millions)
|
2024
|
|
2023
|
OPERATING
ACTIVITIES
|
|
|
|
Net income
|
$
600
|
|
$
657
|
Net loss from
discontinued operations
|
—
|
|
(2)
|
Net income from
continuing operations
|
$
600
|
|
$
659
|
Adjustments to
determine net cash provided by operating activities:
|
|
|
|
Depreciation and
amortization
|
554
|
|
540
|
Loss (gain)
on unrealized derivatives and other
realized derivatives in investing activities, net
|
40
|
|
(28)
|
Loss
on sale of assets, net
|
6
|
|
1
|
Non-cash restructuring
and impairment charges
|
28
|
|
23
|
Loss
on extinguishment of debt, net
|
5
|
|
—
|
Deferred income taxes,
net
|
20
|
|
(45)
|
Equity in net income of
non-consolidated affiliates
|
(4)
|
|
(16)
|
Loss (gain)
on foreign exchange remeasurement of
debt
|
2
|
|
(4)
|
Amortization of debt
issuance costs and carrying value adjustments
|
12
|
|
16
|
Other, net
|
3
|
|
(2)
|
Changes in assets and
liabilities including assets and liabilities held for sale (net of
effects from
divestitures):
|
|
|
|
Accounts
receivable
|
(25)
|
|
783
|
Inventories
|
185
|
|
235
|
Accounts
payable
|
(119)
|
|
(759)
|
Other
assets
|
42
|
|
3
|
Other
liabilities
|
(34)
|
|
(186)
|
Net cash provided by
operating activities – continuing operations
|
1,315
|
|
1,220
|
Net cash used in
operating activities – discontinued operations
|
—
|
|
(12)
|
Net cash provided by
operating activities
|
$
1,315
|
|
$
1,208
|
INVESTING
ACTIVITIES
|
|
|
|
Capital
expenditures
|
$
(1,358)
|
|
$
(786)
|
Acquisition of business
and other investments, net of cash acquired
|
—
|
|
(7)
|
Proceeds from sales of
assets, third party, net of transaction fees and hedging
|
—
|
|
6
|
Proceeds
from the sale of a business
|
2
|
|
3
|
Outflows
from investment in and advances to
non-consolidated affiliates, net
|
(36)
|
|
(17)
|
(Outflows)
proceeds from the settlement of
derivative instruments, net
|
(10)
|
|
7
|
Other
|
14
|
|
19
|
Net cash used in
investing activities
|
$
(1,388)
|
|
$
(775)
|
FINANCING
ACTIVITIES
|
|
|
|
Proceeds from issuance
of long-term and short-term borrowings
|
$
749
|
|
$
50
|
Principal payments of
long-term and short-term borrowings
|
(736)
|
|
(390)
|
Revolving credit
facilities and other, net
|
(8)
|
|
471
|
Debt issuance
costs
|
(3)
|
|
(7)
|
Return of capital to
our common shareholder
|
(100)
|
|
(100)
|
Net cash (used in)
provided by financing activities
|
$
(98)
|
|
$
24
|
Net (decrease) increase
in cash, cash equivalents and restricted cash
|
(171)
|
|
457
|
Effect of exchange
rate changes on cash
|
(18)
|
|
(30)
|
Cash, cash equivalents
and restricted cash — beginning of period
|
1,511
|
|
1,084
|
Cash, cash
equivalents and restricted cash — end of period
|
$
1,322
|
|
$
1,511
|
|
|
|
|
Cash and cash
equivalents
|
$
1,309
|
|
$
1,498
|
Restricted cash
(included in other long-term assets)
|
13
|
|
13
|
Cash, cash
equivalents and restricted cash — end of period
|
$
1,322
|
|
$
1,511
|
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
March 31,
|
|
Fiscal Year
Ended
March 31,
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Net income attributable
to our common shareholder
|
$
166
|
|
$
156
|
|
$
600
|
|
$
658
|
Net loss attributable
to noncontrolling interests
|
—
|
|
—
|
|
—
|
|
(1)
|
Income tax
provision
|
59
|
|
1
|
|
218
|
|
147
|
Interest,
net
|
64
|
|
70
|
|
275
|
|
254
|
Depreciation and
amortization
|
148
|
|
135
|
|
554
|
|
540
|
EBITDA
|
$
437
|
|
$
362
|
|
$
1,647
|
|
$
1,598
|
|
|
|
|
|
|
|
|
Adjustment to reconcile
proportional consolidation
|
$
11
|
|
$
13
|
|
$
44
|
|
$
53
|
Unrealized losses
(gains) on change in fair value of
derivative instruments, net
|
32
|
|
(3)
|
|
36
|
|
(23)
|
Realized gains on
derivative instruments not included in
Adjusted EBITDA
|
(2)
|
|
(1)
|
|
(6)
|
|
(4)
|
Loss
on extinguishment of debt, net
|
—
|
|
—
|
|
5
|
|
—
|
Restructuring and
impairment expenses, net
|
9
|
|
26
|
|
42
|
|
33
|
Loss
on sale or disposal of assets,
net
|
2
|
|
—
|
|
6
|
|
1
|
Loss
from discontinued operations, net of
tax
|
—
|
|
—
|
|
—
|
|
2
|
Metal price
lag
|
8
|
|
—
|
|
70
|
|
130
|
Other, net
|
17
|
|
6
|
|
29
|
|
21
|
Adjusted
EBITDA
|
$
514
|
|
$
403
|
|
$
1,873
|
|
$
1,811
|
The following table
presents the calculation of Adjusted EBITDA per tonne.
|
|
|
Three Months
Ended
March 31,
|
|
Fiscal Year
Ended
March 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Adjusted EBITDA (in
millions) (numerator)
|
$
514
|
|
$
403
|
|
$ 1,873
|
|
$ 1,811
|
Rolled product
shipments (in kt) (denominator)
|
951
|
|
936
|
|
3,673
|
|
3,790
|
Adjusted EBITDA per
tonne
|
$
540
|
|
$
431
|
|
$ 510
|
|
$ 478
|
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.
|
|
|
Fiscal Year
Ended
March 31,
|
(in
millions)
|
2024
|
|
2023
|
Net cash provided by
operating activities – continuing operations
|
$
1,315
|
|
$
1,220
|
Net cash used in
investing activities – continuing operations
|
(1,388)
|
|
(775)
|
Plus: Cash used in the
acquisition of business and other investments, net of cash
acquired
|
—
|
|
7
|
Less: Proceeds from
sales of assets and business, net of transaction fees, cash
income
taxes and hedging
|
(2)
|
|
(9)
|
Adjusted Free Cash Flow
from continuing operations
|
(75)
|
|
443
|
Net cash used in
operating activities – discontinued operations
|
—
|
|
(12)
|
Adjusted Free Cash
Flow
|
$
(75)
|
|
$
431
|
Net Leverage Ratio
(unaudited)
|
The following table
reconciles long-term debt, net of current portion to Net
Debt.
|
|
(in
millions)
|
March 31,
2024
|
|
March 31,
2023
|
Long–term debt, net of
current portion
|
$
4,866
|
|
$
4,881
|
Current portion of
long-term debt
|
33
|
|
88
|
Short-term
borrowings
|
759
|
|
671
|
Cash and cash
equivalents
|
(1,309)
|
|
(1,498)
|
Net Debt
|
$
4,349
|
|
$
4,142
|
The following table
shows the calculation of the Net Leverage Ratio (in millions,
except for the Net Leverage Ratio).
|
|
|
March 31,
2024
|
|
March 31,
2023
|
Net debt
(numerator)
|
$
4,349
|
|
$
4,142
|
TTM Adjusted EBITDA
(denominator)
|
$
1,873
|
|
$
1,811
|
Net Leverage
Ratio
|
2.3
|
|
2.3
|
Reconciliation of Net Income from
Continuing Operations, Excluding Special Items (unaudited) to
Net
Income from Continuing Operations
|
The following table
presents net income from continuing operations 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
March 31,
|
|
Fiscal Year
Ended
March 31,
|
(in
millions)
|
2024
|
|
2023
|
|
2024
|
|
2023
|
Net income from
continuing operations
|
$
166
|
|
$
156
|
|
$
600
|
|
$
659
|
Special
Items:
|
|
|
|
|
|
|
|
Loss
on extinguishment of debt, net
|
—
|
|
—
|
|
5
|
|
—
|
Metal price
lag
|
8
|
|
—
|
|
70
|
|
130
|
Restructuring and
impairment expenses, net
|
9
|
|
26
|
|
42
|
|
33
|
Tax effect on special
items
|
(4)
|
|
(7)
|
|
(29)
|
|
(41)
|
Net income from
continuing operations, excluding special items
|
$
179
|
|
$
175
|
|
$
688
|
|
$
781
|
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
March 31, 2024
|
|
North
America
|
|
Europe
|
|
Asia
|
|
South
America
|
|
Eliminations
and Other
|
|
Total
|
Adjusted
EBITDA
|
|
$
210
|
|
$
74
|
|
$
84
|
|
$
145
|
|
$
1
|
|
$
514
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments (in
kt)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolled products –
third party
|
|
391
|
|
244
|
|
165
|
|
151
|
|
—
|
|
951
|
Rolled products –
intersegment
|
|
—
|
|
2
|
|
18
|
|
13
|
|
(33)
|
|
—
|
Total rolled
products
|
|
391
|
|
246
|
|
183
|
|
164
|
|
(33)
|
|
951
|
|
Selected Operating
Results
Three Months Ended
March 31, 2023
|
|
North
America
|
|
Europe
|
|
Asia
|
|
South
America
|
|
Eliminations
and Other
|
|
Total
|
Adjusted
EBITDA
|
|
$
131
|
|
$
91
|
|
$
72
|
|
$
115
|
|
$
(6)
|
|
$
403
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments (in
kt)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolled products –
third party
|
|
363
|
|
244
|
|
185
|
|
144
|
|
—
|
|
936
|
Rolled products –
intersegment
|
|
—
|
|
4
|
|
2
|
|
—
|
|
(6)
|
|
—
|
Total rolled
products
|
|
363
|
|
248
|
|
187
|
|
144
|
|
(6)
|
|
936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Results
Fiscal Year
Ended March 31, 2024
|
|
North
America
|
|
Europe
|
|
Asia
|
|
South
America
|
|
Eliminations
and Other
|
|
Total
|
Adjusted
EBITDA
|
|
$
749
|
|
$
321
|
|
$
334
|
|
$
472
|
|
$
(3)
|
|
$ 1,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments (in
kt)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolled products –
third party
|
|
1,513
|
|
967
|
|
623
|
|
570
|
|
—
|
|
3,673
|
Rolled products –
intersegment
|
|
—
|
|
15
|
|
87
|
|
33
|
|
(135)
|
|
—
|
Total rolled
products
|
|
1,513
|
|
982
|
|
710
|
|
603
|
|
(135)
|
|
3,673
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Operating
Results
Fiscal Year
Ended March 31, 2023
|
|
North
America
|
|
Europe
|
|
Asia
|
|
South
America
|
|
Eliminations
and Other
|
|
Total
|
Adjusted
EBITDA
|
|
$
673
|
|
$
286
|
|
$
339
|
|
$
522
|
|
$
(9)
|
|
$ 1,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shipments (in
kt)
|
|
|
|
|
|
|
|
|
|
|
|
|
Rolled products –
third party
|
|
1,515
|
|
998
|
|
678
|
|
599
|
|
—
|
|
3,790
|
Rolled products –
intersegment
|
|
—
|
|
32
|
|
43
|
|
17
|
|
(92)
|
|
—
|
Total rolled
products
|
|
1,515
|
|
1,030
|
|
721
|
|
616
|
|
(92)
|
|
3,790
|
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SOURCE Novelis Inc.