- Century Aluminum reported financial results for the first quarter of 2009 with a net loss of $115 million compared to a net loss of $694 million in the fourth quarter of 2008.
- Operations have been impacted by weak end markets with plants performing safely though further capacity curtailments may be required to balance the aluminum market.
- The company has taken aggressive actions to reduce costs including full curtailment of the Ravenswood plant, curtailment of a potline at Hawesville, and production cuts at other facilities. Liquidity was also improved through an equity offering and tax refunds providing $267 million of cash on hand.
- While signs of potential market stabilization are emerging, the macro
Presentation referenced by Richard Yamarone of the Bloomberg Economic BRIEF, at the 2012 Texas Financial Market Roundtable sponsored by Professor Lewis Spellman at the McCombs School of Business, The University of Texas at Austin. Mr. Yamarone is the author of "The Trader's Guide to Key Economic Indicators."
Presentation referenced by Richard Yamarone of the Bloomberg Economic BRIEF, at the 2012 Texas Financial Market Roundtable sponsored by Professor Lewis Spellman at the McCombs School of Business, The University of Texas at Austin. Mr. Yamarone is the author of "The Trader's Guide to Key Economic Indicators."
This presentation was given by UDOT Program Development Director Cory Pope to the Infrastructure and General Governmental Appropriations Subcommittee on February 8, 2013.
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
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
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
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.
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
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
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my 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
2. Cautionary Statement
The following presentation, accompanying press release and comments
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. Century’s actual results or actions may differ materially from
those projected in these forward-looking statements. These forward-looking
statements are based on our current expectations and we assume no
p
obligation to update these forward-looking statements. Investors are
cautioned not to place undue reliance on these forward-looking statements.
For risks related to these forward-looking statements, please review Annex
g ,p
A and our periodic SEC filings, including the “Risk Factors” and
“Management's Discussion and Analysis” sections of our latest annual report
and quarterly reports.
2
1st Quarter Conference Call
4. Q109 Overview
• Macro environment
– End markets remain weak
– Tentative s g s o s ab a o
e a e signs of stabilization
– Early indications of improving economic conditions in China
– Full impact of announced closures not yet seen - further
curtailments required to balance aluminum market
• Operations
– Plants performed safely and well
– Full curtailment of Ravenswood
– Curtailment of one potline (~50K T) at Hawesville
– Gramercy producing at 50% of smelter grade alumina capacity
• Liquidity/restructuring
– $267MM cash balance at 3/31
– Numerous processes aimed at improving cash flow
4
1st Quarter Conference Call
5. Iceland Update
• Macroeconomic / political environment
– Rising unemployment
– Banking sys e s ab a o
a g system stabilization
– Permanent government change with upcoming elections
• Grundartangi – efficiencies improving, costs falling
g p g, g
• Helguvik
– Site activity significantly reduced
yg y
– Review of capital estimate
– Investment Agreement approved by Parliament
5
1st Quarter Conference Call
6. Global Days Aluminum Inventory vs. Price
$3,200 100
$3,000 90
$2,800 80
$2,600
70
ory
$2,400
Days Invento
Price ($/T)
)
60
$2,200
50
$2,000
40
D
$1,800
$1 800
30
$1,600
20
$1,400
10
$1,200
$1,000 -
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Global Days Inventory Quarter End LME Price
Note: Inventory includes TOCOM, Japanese port, NYMEX, Shanghai, LME & IAI unwrought stocks
Source: CRU Group - www.crugroup.com
6
1st Quarter Conference Call
7. Supply Significantly Reduced
40,000
39,000
Annual Production (Tonn - 000s)
38,000
nes
37,000
P
36,000
36 000
35,000
34,000
33,000
2008 Other China Alcoa Chalco UC Rusal Rio Tinto Alcan Other April 2009
Source: CRU Group - www.crugroup.com and public news
7
1st Quarter Conference Call
8. Announced Closures as % of 2008 Capacity
30%
28%
28%
28%
25%
21%
19%
19%
20%
city
% of 2008 capac
15%
12%
10%
7%
5%
0%
Century Norsk Hydro
y y Chalco Alcoa UC Rusal Rio Tinto Other China Others
Aluminum Alcan
Source: CRU Group - www.crugroup.com and public news
8
1st Quarter Conference Call
9. LME Prices Appear to be Stabilizing
$3,500
$3,250
$3,000
$2,750
$2,500
$/Tonne
$2,250
$2,000
$1,750
50th Percentile of Global Cash Cost Curve
Cre
$1,500 $1500/T
$1,250
$1250/T
$1,000
$
Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09
Source: CRU Group - www.crugroup.com
9
1st Quarter Conference Call
10. Operations
• Ravenswood
– Safe/orderly curtailment
– Sustaining s a o s e
Sus a g staff on site
– USWA negotiations upcoming
• Hawesville
– Line 5 curtailed early March
– Additional actions under consideration
– New power contract pending
• Gramercy / St. Ann
– Refinery operating efficiently at 500K mtpy smelter grade
alumina and 200K mtpy chemical grade alumina
– Third party bauxite sales
– Discussions with partner
10
1st Quarter Conference Call
11. Operations (continued)
• Mt. Holly
– Ongoing discussions with power supplier
– Discussions with pa e
scuss o s partner
• Grundartangi
– Stable operations – no impact from Iceland environment
p p
– Efficiencies improving, costs reductions successful
• Market
– North American end markets weak, other than rod/cable
(transmission grid)
– Short-term support due to scrap shortage
Short term
– Signs of potential stabilization in 2009 sequential order rates
– Stimulus spending in China yielding potential impact
– Few signs of recovery in other international markets
11
1st Quarter Conference Call
12. Q109 Summary Results
($MM, except per share amounts)
Q408 Q109
As Adjusted(a)
Net sales $ 402 $ 225
Operating loss (162) (107)
Net loss (694) (115)
Basic
B i EPS $ (14 14) $ (1 77)
(14.14) (1.77)
Diluted EPS $ (14.14) $ (1.77)
(a) Reflects the implementation of FASB Staff Position APB 14-1 – Accounting for Convertible Debt Instruments.
12
1st Quarter Conference Call
13. Liquidity Improved in Q1
$400
43
90
$350
25
$300
$MM’s)
61 267
16
104
11
$250
Cash and ST Investments ($
$200
143
$150
$100
C
$50
$0
12/31/2008 Net equity
qy Tax Workingg Revolver Cash loss Capex
p Cash 3/31/2009
proceeds ref unds capital/ repayment f rom interest
other operations*
*Includes cash curtailment costs at Ravenswood
13
1st Quarter Conference Call
14. Cash Flow
•Smelter cash costs* U.S. ~$1,800/T (assumes current power
contract at Hawesville) Iceland ~$1,350/T
•Ravenswood curtailment Q2-Q4 2009 – $30-35MM
2010 – $25-30MM
•SG&A $6MM/quarter average
•Capex Q2-Q4 2009 – <$10MM
2010 – ~$15MM
•Helguvik Q2-Q4 2009 – ~$15MM
2010 – ~$5MM (supplier payments)
•Cash i t
C h interest expense
t $22MM/year ($11MM remaining i 2009)
$22MM/ i i in
*At
* recent LME prices; assumes a market based alumina cost f G
for Grundartangi; net of premiums to LME for U.S. plants
f f S
14
1st Quarter Conference Call
15. Summary
• Macro environment
– Early signs of potential stabilization
– Further capac y cu a e required
u e capacity curtailment equ ed
• Aggressive actions completed
– Capacity curtailed at Ravenswood and Hawesville
p y
– Costs reduced at all operating facilities
– Liquidity increased with equity offering and tax refunds
• Next steps
– Additional capacity curtailment
– Discussions with suppliers, customers, partners
15
1st Quarter Conference Call
17. For Additional Information
Shelly Lair
y
VP and Treasurer
slair@centuryca.com
Century Aluminum Company
2511 Garden Road, Building A, Suite 200
Monterey, CA 93940
831-642-9300 (Office)
831-642-9328 (F )
831 642 9328 (Fax)
www.centuryca.com
17
1st Quarter Conference Call
18. Annex A: Forward Looking Statements
Statements in this presentation that relate to future results and events (including statements about Century’s anticipated financial and operating performance) are forward-
looking statements based on current expectations and projections about future events. Many of these statements may be identified by the use of forward-looking words
such as “expects,” “anticipates,” “plans,” “believes,” “projects,” “estimates,” “intends,” “should,” “could,” “would,” “will,” and “potential” and similar words. These forward-
looking statements are subject to risks, uncertainties and assumptions including, among other things, those discussed in Century’s periodic filings with the Securities and
Exchange Commission (SEC), including the “Risk Factors” and “Management’s Discussion and Analysis” section of our latest annual report and quarterly reports. Such
factors include:
•RRecent declines i aluminum prices h
t d li in l i i have adversely affected our fi
d l ff t d financial position and results of operations and could result i curtailment of operations at one or more of
il iti d lt f ti d ld lt in t il tf ti t f
our facilities if alternate sources of liquidity are not available or prices do not increase.
• A continuation or worsening of global financial and economic conditions could adversely impact our financial position and results of operations and limit our ability to
access the credit and capital markets on acceptable terms to obtain funding for our operations and capital projects.
• The recent turmoil in the financial markets could have adverse effects on our pension funding obligations.
• If economic and political conditions in Iceland continue to deteriorate, our financial position and results of operations could be adversely impacted.
• The market price of our common stock has declined significantly, may continue to be volatile, and may decline further.
• Our planned construction and development activities require substantial capital We may be unable to obtain needed capital or financing on satisfactory terms or at all
capital. all,
which could delay or curtail our planned construction projects.
• We may be required to write down the value of certain assets.
• Our credit ratings have been recently changed by two major credit rating agencies.
• The cyclical nature of the aluminum industry causes variability in our earnings and cash flows.
• Our molten aluminum sales at Hawesville are subject to long-term sales contracts which limit our ability to cut costs and create dependence on two major customers.
• We would be required to incur substantial costs in order to curtail unprofitable aluminum production.
• The cost of alumina used at Hawesville may be higher than under our LME-based alumina contracts. contracts
• Changes or disruptions to our raw material supply arrangements and power supply could increase our production costs and reduce the profitability of our operations.
• Changes in the relative cost and availability of certain raw materials and energy compared to the price of primary aluminum could affect our operating results.
• Unexpected events, including natural disasters, may increase our cost of doing business or disrupt our operations.
• We are subject to the risk of union disputes.
• We are subject to a variety of environmental laws and regulations that could result in costs or liabilities.
• International operations expose us to political, regulatory, currency and other related risks.
• Our historical financial information may not be comparable to our results for future periods.
• Our level of indebtedness requires significant cash flow to meet our debt service requirements, which reduces cash available for other purposes, such as the payment of
dividends, and limits our ability to pursue our growth opportunities.
• Restrictive covenants in our credit facility and the indenture governing our senior notes limit our ability to incur additional debt and pursue our growth strategy.
• Further consolidation within the metals industry could provide competitive advantages to our competitors.
• Reductions in the duty on primary aluminum imports into the European Union decrease our revenues at Grundartangi.
• We depend upon intercompany transfers from our subsidiaries to meet our debt service obligations.
• Provisions in our charter documents and state law may make it difficult for others to obtain control of Century, even though some stockholders may consider them to be
y y, g y
beneficial.
We believe the expectations reflected in these forward-looking statements are reasonable, based on information available to us on the date of this presentation. However,
given the described uncertainties and risks, we cannot guarantee our future performance or results of operations and you should not place undue reliance on these forward-
looking statements. Century undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
18
1st Quarter Conference Call