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August 29, 2015 3:34 PM ET

Metals and Mining

Company Overview of Novelis Inc.

Company Overview

Novelis Inc. produces and sells aluminum rolled products. It operates through four segments: North America, Europe, Asia, and South America. The company produces aluminum sheet and light gauge products primarily for use in the beverage and food can, and foil products, as well as in automotive, transportation, electronics, architectural, and industrial product markets. It is also involved in the primary aluminum smelting and hydroelectric power generation activities in Brazil. The company was founded in 2004 and is headquartered in Atlanta, Georgia. Novelis Inc. is a subsidiary of AV Metals Inc.

3560 Lenox Road

Suite 2000

Atlanta, GA 30326

United States

Founded in 2004

11,560 Employees

Phone:

404-760-4000

Key Executives for Novelis Inc.

Chief Executive Officer, President and Chief Financial Officer
Age: 44
Senior Vice President and President of Novelis Europe
Age: 45
Senior Vice President and President of Novelis North America
Age: 58
Senior Vice President and President of Novelis South America
Age: 57
Senior Vice President and President of Novelis Asia
Age: 61
Compensation as of Fiscal Year 2015.

Novelis Inc. Key Developments

Novelis Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended June 30, 2015; Provides Earnings Guidance for the Full Year of Fiscal 2016; Reports Impairment Charges for the First Quarter Ended June 30, 2015

Novelis Inc. reported unaudited consolidated earnings results for the first quarter ended June 30, 2015. For the quarter, the company reported net sales of $2,634 million against $2,680 million a year ago. Loss before income taxes was $45 million against income before income taxes of $59 million a year ago. Net loss attributable to common shareholder was $60 million against net income attributable to common shareholder of $35 million a year ago. Net cash used in operating activities was $288 million against $24 million a year ago. Capital expenditures were $129 million against $138 million a year ago. EBITDA was $120 million against $228 million a year ago. Adjusted EBITDA was $127 million against $235 million a year ago. Adjusted EBITDA excluding metal price lag was $212 million against $233 million a year ago. The decrease in cash flow compared to the prior year is primarily a result of lower EBITDA and higher working capital requirements as the company ramps up new assets. Excluding certain items, net income down to $24 million compared to $28 million in prior year. Free cash flow was a negative $425 million for the first quarter of fiscal 2016, a $248 million decrease over the prior year. First quarter cash flow is seasonally low for the company, which includes semi-annual bond interest payments and $120 million in capital investments. The decrease in cash flow compared to the prior year is primarily a result of lower EBITDA and higher working capital requirements as the company ramps up new assets. Excluding certain tax-effected items, the company reported net income of $24 million in the first quarter of fiscal 2016 compared to $28 million in the first quarter of fiscal 2015. Despite the negative first quarter free cash flow, the company do expects working capital improvements, higher EBITDA and lower capital spending over the remaining quarters of fiscal 2016, will allow the company to achieve positive free cash flow for the full year. The company expects full year 2016 capital expenditures approximately $400 million. The company reported impairment charges of $1 million for the first quarter ended June 30, 2015.

Novelis Unveils Next-Generation High-Strength Alloys for Automotive Industry

Novelis announced the development of the Novelis Advanz 7000-series of high-strength alloys designed for safety-critical components of vehicle structures. Two to three times stronger than any automotive aluminum used in high volumes, Novelis Advanz 7000-series products can be used to manufacture components such as bumper systems, crash ring components and door intrusion beams. The new alloy series will offer a significant weight reduction when compared to current high strength steels in the marketplace, enabling automakers to further reduce the weight of vehicles while ensuring high levels of passenger safety. The Novelis Advanz 7000-series expands the Novelis family of aluminum alloys offering automakers a unique array of products designed to address customer requirements for strength, formability and styling. Customer testing of the first Novelis Advanz 7000-series alloys is currently underway with a number of global automakers.

Novelis Inc. Appoints Steve Fisher as President and CEO

Novelis Inc.'s Board of Directors announced that it has named Steve Fisher as its President and Chief Executive Officer, effective immediately. Fisher previously held the position of Chief Financial Officer and has been serving as Interim President and Chief Executive Officer since April 2015. He will continue to serve as Chief Financial Officer until a successor is named. Since joining the company in 2006, Fisher has served in a number of executive positions. During his tenure as Chief Financial Officer, Novelis invested approximately $2 billion to transform and grow its business.

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