External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
Financial Analysis - Technip SA designs and constructs industrial facilities....BCV
Financial Analysis - Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity
Demystifying Flexible Staffing's Role in Today's Labor Market & EconomyBeeline
Andrew Steinerman, JP Morgan
Business & Education Services
Mr. Steinerman explored how flexible labor is a concurrent indicator of the economy and a leading read on labor. According to Mr. Steinerman's research and relative to past recoveries, flexible labor has seen a faster lift off the bottom in the current cycle, as companies have recognized the value of labor flexibility in the uncertain economic environment following the great recession.
This compelling look into the economies of scale for flexible labor also showed how:
The professional segment drives flexible staffing growth and profitability
Flexible staffing is still a secular growth industry
Global trends in flexible staffing penetration
American Electric Power (NYSE: AEP) will share 2012 to 2014 plans, including 2012 ongoing earnings guidance (earnings excluding special items) and expected capital spend, during a meeting today with investors in New York.
The company is expected to announce an ongoing earnings guidance range for 2012 of $3.05 to $3.25 per share and set its 2012 capital budget at $3.1 billion. Capital expenditures for 2013 and 2014 are estimated at $3.5 billion to $3.7 billion per year.
Financial Analysis - Technip SA designs and constructs industrial facilities....BCV
Financial Analysis - Technip SA designs and constructs industrial facilities. The Company designs and builds factories which produce and process petroleum products, natural gas, and chemicals, and generate electricity
Demystifying Flexible Staffing's Role in Today's Labor Market & EconomyBeeline
Andrew Steinerman, JP Morgan
Business & Education Services
Mr. Steinerman explored how flexible labor is a concurrent indicator of the economy and a leading read on labor. According to Mr. Steinerman's research and relative to past recoveries, flexible labor has seen a faster lift off the bottom in the current cycle, as companies have recognized the value of labor flexibility in the uncertain economic environment following the great recession.
This compelling look into the economies of scale for flexible labor also showed how:
The professional segment drives flexible staffing growth and profitability
Flexible staffing is still a secular growth industry
Global trends in flexible staffing penetration
American Electric Power (NYSE: AEP) will share 2012 to 2014 plans, including 2012 ongoing earnings guidance (earnings excluding special items) and expected capital spend, during a meeting today with investors in New York.
The company is expected to announce an ongoing earnings guidance range for 2012 of $3.05 to $3.25 per share and set its 2012 capital budget at $3.1 billion. Capital expenditures for 2013 and 2014 are estimated at $3.5 billion to $3.7 billion per year.
Exposición de Guido Vildozo Méndez, con con motivo de la Reunión Nacional de Concesionarios de ACARA, viernes 17 de Junio, Salón Ceibo del Predio Ferial “La Rural”.
Exposición Ventas globales y tendencia (con impacto al evento en Japón)
Ventas regionales (flujo de vehículos entre Brasil, Argentina y México)
Tendencias de los mercados (Brasil - Argentina) para los próximos 10 años
For more information contact: emailus@marcusevans.com
Christian Menegatti who is the MD & Head of Global Economic Research at Roubini Global Economics shared her presentation entitled "Bracing for Balance Sheet Repair Mode: Pinpointing Growth Drivers amidst a Global Deleveraging Landscape" at the marcus evans Elite Summit.
Join the November 2014 Summit along with leading European family offices and global asset managers in an intimate environment for a focused discussion of key new drivers shaping wealth management strategies today.
For more information contact: emailus@marcusevans.com
Presentation by Meyer Shields, Managing Director Stifel, Nicolaus & Company, Inc. to the 66th Annual Fowler Seminar on Oct 12 2012 titled Equity Analyst’s View on Insurance
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
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how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
3. Directors: nominees to serve until 2011
Joseph T. Gorman Ratan N. Tata
Klaus Kleinfeld James W. Owens
Chairman and CEO, Chairman,
President and Chairman and CEO,
Moxahela Enterprises, LLC Tata Sons Limited
COO, Alcoa Caterpillar Inc.
Director since 1991 Director since 2007
Director since 2003 Director since 2005
4. Directors
Kathryn S. Fuller Carlos Ghosn Judith M. Gueron
Chair, The Ford Foundation President and CEO, Scholar in Residence at MDRC
Director since 2002 Nissan Motor Co. and Director since 1988
Renault S.A.
Director since 2002
Michael G. Morris E. Stanley O'Neal
Chairman, President and CEO, Former Chairman
American Electric and CEO,
Power Company, Inc. Merrill Lynch & Co., Inc.
Director since 2008 Director since 2008
5. Directors
Henry B. Schacht Franklin A. Thomas Ernesto Zedillo Alain J.P. Belda
Managing Director Consultant, The Study Director, Yale Center Chairman and CEO,
and Senior Advisor, Group; and Advisor, for the Study of Alcoa Inc.
Warburg Pincus LLC the UN Fund for Globalization Director since 1998
Director since 1994 International Partnerships Director since 2002
Director since 1977
6. Executive Council
Alain Belda Chairman & Chief Executive Officer
William Christopher EVP and Group President,
Engineered Products & Solutions
Regina Hitchery VP, Human Resources
Barbara Jeremiah EVP, Chairman’s Counsel
Klaus Kleinfeld President and Chief Operating
Officer, Director
Charles McLane EVP and Chief Financial Officer
Lawrence Purtell EVP, Chairman’s Counsel
7. Executive Council, cont.
Bernt Reitan EVP and Group President, Global
Primary Products
Mike Schell EVP, Business Development and Law
Jake Siewert VP, EHS, Global Communications
and Public Strategy
Helmut Wieser EVP and Group President, Global
Rolled Products and Hard Alloy
Extrusions and Asia
Mohammad Zaidi EVP, Market Strategy, Technology
and Quality
8. Forward Looking Statements
Today’s discussion may include “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995.
Such statements relate to future events and expectations and involve
known and unknown risks and uncertainties. Alcoa’s actual results
or actions may differ materially from those projected in the forward-
looking statements. For a summary of the specific risk factors that
could cause results to differ materially from those expressed in the
forward-looking statements, please refer to Alcoa’s Form 10-K for the
year ended December 31, 2007 and Form 10-Q for the quarter ended
March 31, 2008 filed with the Securities and Exchange Commission.
11. 2007 Financial Performance
• Record income from continuing
operations of $2.6b or $2.95 per share
• Record revenues of $30.7b
• Record cash from operations of $3.1b
• Debt to cap of 30.2%
• Trailing twelve months ROC of 16.1%
excluding impact of growth projects
• Dividend increase of 13%
12. 1st Quarter 2008 Financial
Overview
• Income from continuing operations of $303m or $0.37
per share - $361m or $0.44 per share excluding the
impact of restructurings
• Revenues of $7.4b
• Currency impact of $68m or $0.08 per share
sequentially, including $48m, or $0.06 per share non-
cash translation
• Segment ATOI increased 42% excluding Packaging
• Debt-to-cap at 31.5%
• Trailing four quarters ROC of 10.7%; 13.5% excluding
growth
13. Share Repurchase Program
Timeline Overview
Based on 868M Shares Outstanding
– 10% repurchase program
As of January 19, 2007
authorized January 2007
9.4% repurchased as of 3.31.08
82M
– Expanded 25% repurchase
program authorized 15.6% additional
authorized
October 2007 135M
– ~68M shares, or 7.8%,
repurchased in 2007
– ~14M shares, or 1.6%,
repurchased in Q1 2008
653M
16. Alcoa: A History of Growth
& Innovation
We reshaped
We innovated
We invented the industry
markets
the industry
1888 1900 1950 2008
17. Historical Perspective
Alcoa has grown from a $753 Million US- $30.7
based Company to a $30.7 Billion Global
Enterprise since 1958
Revenue in billions
$0.753
1958 1965 1972 1979 1986 1993 2000 2007
18. Historical Perspective
$30.7
Growth over the last 20 Years
has also been strong
Revenues in 1987 – $7.8 billion
Revenue in billions
$7.8
87
89
91
93
95
97
99
01
03
05
07
19
19
19
19
19
19
19
20
20
20
20
19. Last 5 Years
2007 Revenues + 50% vs. 2003
$30.7B
$30.4B
$25.6B
$22.6B
$20.3B
2003 2004 2005 2006 2007
21. Historical Perspective
World Aluminum Consumption
67
(million metric tons)
East Eur/
6% CAGR 7.3 Mid East/
6% CAGR Africa Europe/ME/
Africa
W.Europe
10.6
6% CAGR
6% CAGR 2.6 South
38 Americas
9.2
5% North
5%
4.6 Rest of
8.6
5% CAGR
5% CAGR Asia
4%
4%
8.2
22 6% 1.3
6%
2.8 6.7 Asia
5.6 8%
8%
1%
1% 5.2 29.1 China
0.8
5%
5%
3 6.7
4% 12.0
4%
0.7
12%
3.6 12%
0.8
0.06
2.5
1.4
0.11
1998 2007 2017
1958
Source: Brook Hunt, Alcoa analysis
22. Last time U.S. aluminum demand grew
(2006) it only represented 1% of global
demand
Source: HARBOR Intelligence
23. As demand in U.S. & Japan has stayed flat
consumption in China has increased 9-fold
since 1993
Source: HARBOR Intelligence
24. China not alone…
others catching-up too
PRIMARY ALUMINUM DEMAND PER CAPITA ´07 PRIMARY ALUMINUM DEMAND PER CAPITA ´07
(kg per capita) (kg per capita)
30
30
Germany 25.7 25.3 25.0
South Korea Canada 25
25
21.1
Taiwan 19.3 18.6
20
20
Japan 18.0
Italy USA
15
15
France
China 9.1
10
10 8.1
Russia 6.9 6.6
Thailand Venezuela 4.3
5 Brazil 5 3.5
Argentina
India 1.5 1.1 1.0
Indonesia Mexico
0.3
0 0
0 Philippines
Venezuela
Mexico
Italy
USA
Argentina
Brazil
Germany
Japan
South Korea
Canada
Taiwan
China
Thailand
India
Philippines
Indonesia
10 20 30 40 50
Russia
GDP per capita ($Thousands; PPP 2007 basis)
Source: HARBOR Intelligence
25. Global market boom expected to continue
PRIMARY ALUMINUM DEMAND PER CAPITA ´07
(kg per capita)
30
South Korea Germany
25
Taiwan
20
USA
Japan
15 China
Russia
10
Brazil
5
40 50
30 60
20
10
India GDP per capita ($ thousands; PPP 2007 basis)
Urbanizing &
Mature- Service/Tech
Agricultural
Industrializing
Source: HARBOR Intelligence
26. Our Strategies For Growth – Then and Now
20 Years Ago We Were Building for Growth
Sao Luis
30. Parental Advantage - Infrastructure
• Investments in IT/Oracle/ABS
• Back-office consolidation
• Increased connectivity
• Real-time safety data
• World-class EHS systems
• Integrated purchasing systems
– Req to Pay
31. Globalization Laid Groundwork for
Brownfield and Greenfield Investments
Upstream Examples
• Pinjarra
• Sao Luis
• Jamalco
• Juruti
• Iceland
32. Globalization Laid Groundwork for
Brownfield and Greenfield Investments
Downstream Examples
• Bohai – September 2008
• Russia – Belaya Kaltiva
and Samara
• Aerospace HT Sheet
and Plate +50%
33. We’ve Expanded into Additional
Areas to Serve Customers
• Purchased Howmet
• Added Fastening Systems
• Expanded Wheels
• New Capabilities For Customers
34. Our Innovation & Technology
Continue to Lead to Market Potential
Recycling Alloy Development Surface Enhancements
Recycling Alloy Development Surface Enhancements
Process Improvements Design Expertise Customer Solutions
Process Improvements Design Expertise Customer Solutions
35. Sustainability of Aluminum
Customers Want to Make Their Products
Green
• Green Buildings
• Aluminum Bottles vs. PET
• Recycling
• Trains, Planes and Autos
– Light-Weighting, Right-Weighting
37. Focusing on Climate Change
Leader in Public Policy
Founding Member USCAP
Alcoa CO2
31.1 mmt direct
27.9 mmt indirect
Alcoa is Favorably Positioned to Help Customers with GHG Emissions
40. Return on Capital
(in millions)
Bloomberg Return on Capital,
Bloomberg Return on Capital (1) Excluding Growth Investments (1)
Twelve months ended Twelve months ended
December 31, March 31, December 31, March 31,
2007 2008 2007 2008
Net income $ 2,564 $ 2,205 Net income $ 2,564 $ 2,205
Minority interests 365 317 Minority interests 365 317
Interest expense Interest expense
(after tax) 262 266 (after tax) 262 266
Numerator $ 3,191 $ 2,788 Numerator 3,191 2,788
Net losses of growth
investments (3) 91 96
Adjusted numerator $ 3,282 $ 2,884
Average Balances Average Balances
Short-term Short-term
borrowings $ 516 $ 524 borrowings $ 516 $ 524
Short-term debt 356 358 Short-term debt 356 358
Commercial paper 1,164 864 Commercial paper 1,164 864
Long-term debt 5,574 6,374 Long-term debt 5,574 6,374
Preferred stock 55 55 Preferred stock 55 55
Minority interests 2,130 2,320 Minority interests 2,130 2,320
Common equity (2) 15,269 15,563 Common equity (2) 15,269 15,563
Denominator $ 25,064 $ 26,058 Denominator 25,064 26,058
Capital projects in
progress and capital base
of growth investments (3) (4,620) (4,730)
Adjusted denominator $ 20,444 $ 21,328
Return on capital,
excluding growth
Return on capital investments
12.7% 10.7% 16.1% 13.5%
Return on capital, excluding growth investments is a non-GAAP financial measure. Management believes that this
measure is meaningful to investors because it provides greater insight with respect to the underlying operating
performance of the company’s productive assets. The company has significant growth investments underway in its
upstream and downstream businesses, as previously noted, with expected completion dates over the next several
years. As these investments generally require a period of time before they are productive, management believes that
a return on capital measure excluding these growth investments is more representative of current operating
performance.
(1) The Bloomberg Methodology calculates ROC based on the trailing four quarters. Average balances are
calculated as (March 2008 ending balance + March 2007 ending balance) divided by 2 for the twelve months
ended March 31, 2008, and (December 2007 ending balance + December 2006 ending balance) divided by 2 for
the twelve months ended December 31, 2007.
(2) Calculated as total shareholders’ equity less preferred stock.
(3) For all periods presented, growth investments include Russia, Bohai, and Kunshan.
41. Reconciliation of Adjusted Income
(in millions, except per-share amounts)
Net Income Diluted EPS
Quarter ended Quarter ended
1Q08 1Q08
Net income $ 303 $ 0.37
(Loss) income
from
discontinued
–
operations
Income from
continuing
303 0.37
operations
Discrete tax
items 28
Restructuring
and other
charges 30
Income from
continuing
operations –
excluding
restructuring
and other
charges and
discrete tax
$ 361
items 0.44
Income from continuing operations – excluding restructuring and other charges and discrete tax items is a non-GAAP
financial measure. Management believes that this measure is meaningful to investors because management reviews the
operating results of Alcoa excluding the impacts of restructuring and other charges and discrete tax items. There can be
no assurances that additional restructuring and other charges and discrete tax items will not occur in future periods. To
compensate for this limitation, management believes that it is appropriate to consider both income from continuing
operations determined under GAAP as well as income from continuing operations – excluding restructuring and other
charges and discrete tax items.
42. After-tax Operating Income (ATOI)
(in millions)
4Q07 1Q08
Total segment ATOI $ 518 $ 666
Unallocated amounts (net of tax):
Impact of LIFO 9 (31)
Interest income 10 9
Interest expense (53) (64)
Minority interests (64) (67)
Corporate expense (100) (82)
Restructuring and other charges 1 (30)
Discontinued operations 8 –
Other 303 (98)
Consolidated net income $ 632 $ 303
In the first quarter of 2008, management approved a realignment of Alcoa's reportable
segments to better reflect the core businesses in which Alcoa operates and how it is managed.
This realignment consisted of eliminating the Extruded and End Products segment, and
realigning its component businesses as follows: the building and construction systems business
is reported in the Engineered Products and Solutions segment; the hard alloy extrusions
business and the Russian extrusions business are reported in the Flat-Rolled Products
segment; and the remaining segment components, consisting primarily of the equity
investment/income of Alcoa's interest in the Sapa AB joint venture, and the Latin American
extrusions business, are reported in Corporate. Additionally, the Russian forgings business was
moved from the Engineered Products and Solutions segment to the Flat-Rolled Products
segment, where total Russian operations are now reported. Prior period amounts were
reclassified to reflect the new segment structure. Also, the Engineered Solutions segment was
renamed the Engineered Products and Solutions segment.
Quarter ended
December 31, March 31,
2007 2008
Total segment ATOI $ 518 $ 666
Packaging and Consumer 56 11
Total segment ATOI, excluding
Packaging and Consumer $ 462 $ 655
Total segment ATOI excluding the Packaging and Consumer segment is a non-GAAP financial
measure. Management believes that this measure is meaningful to investors because
management reviews the operating results of Alcoa excluding the Packaging and Consumer
segment due to the sale of the businesses within this segment in February 2008.