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Seizing Opportunity, Accelerating Seizing Opportunity, Accelerating Value 2010 Annual Report and Form 10-K 117517.indd 1 3/2/11 10:10 AM Financial and Operating Highlights dollars in millions, except per-share amounts 2010 2009 2008 Sales $21,013 $18,439 $26,901 Income (Loss) from continuing operations 262 (985) 229 Per common share data: Basic: Income (Loss) from continuing operations 0.25 (1.06) 0.27 Net income (loss) 0.25 (1.23) (0.10) Diluted: Income (Loss) from continuing operations 0.25 (1.06) 0.27 Net income (loss) 0.24 (1.23) (0.10) Dividends paid 0.12 0.26 0.68 Total assets 39,293 38,472 37,822 Capital expenditures from continuing operations 1,015 1,617 3,413 Cash provided from continuing operations 2,261 1,379 1,101 Book value* 13.26 12.70 14.60 Common stock outstanding – end of year (000) 1,022,026 974,379 800,317 Estimated number of shareholders** 325,000 301,000 292,000 * Book value = (Total shareholders’ equity minus Preferred stock) divided by Common stock outstanding, end of year. ** These estimates are based on the record date of the annual shareholders’ meeting held in the year following the year listed and include registered shareholders and benefi cial owners holding stock through banks, brokers, or other nominees. 2010 Sales: $21.0 Billion Alcoa at a Glance $0.2 7% $2.8 • Alcoa is the world’s leading producer of primary aluminum and fabricated 16% aluminum, as well as the world’s largest miner of bauxite and refi ner $7.1 of alumina. • In addition to inventing the modern-day aluminum industry, Alcoa innovation has been behind major milestones in the aerospace, automotive, packaging, $4.6 50% building and construction, commercial transportation, consumer electronics and industrial markets over the past 120 years. 27% • Among the solutions Alcoa markets are fl at-rolled products, hard alloy extrusions and forgings, as well as Alcoa® wheels, fastening systems, precision $6.3 and investment castings, and building systems in addition to its expertise in other light metals such as titanium and nickel-based superalloys. By Segment By Geographic Area • Sustainability is an integral part of Alcoa’s operating practices and the product $7.1 Primary Metals 50% United States design and engineering it provides to customers. $6.3 Flat-Rolled Products 27% Europe $4.6 Engineered Products 16% Pacifi c • Alcoa has been a member of the Dow Jones Sustainability Index for nine consecutive years and approximately 75 percent of all of the aluminum ever and Solutions 7% Other Americas produced since 1888 is still in active use today. $2.8 Alumina $0.2 Other • Alcoa employs approximately 59,000 people in 31 countries across the world. • More information can be found at www.alcoa.com. Learn more by scanning QR codes Number of Employees found in this report. Open your mobile phone’s browser, 2010 2009 2008 1) go to get.beetagg.com, 2) download U.S. 24,000 23,000 30,000 the free app, 3) launch the app, 4) click Europe 17,000 19,000 30,000 Scan, 5) center your camera on the Other Americas 11,000 10,000 19,000 coded images found in this report, Pacifi c 7,000 7,000 8,000 and 6) click to launch the content. 59,000 59,000 87,000 Alcoan on the Cover: Maria Melo do Nascimento, Juruti, Brazil 117517.indd 2 3/2/11 10:10 AM Klaus Kleinfeld Chairman and Chief Executive Offi cer It has been said that success happens at the moment when preparation meets opportunity. For Alcoa, 2010 was a year of great opportunity and promise for the future. We were able to seize that opportunity because we were well prepared. Our preparations began in early 2008, when we developed Three Strategic Priorities to guide Alcoa for the future: Profi table Growth, the Alcoa Advantage and Disciplined Execution. To achieve Profi table Growth, we restructured our cost base and reshaped our portfolio to focus on businesses that were number one or two in their markets. The Alcoa Advantage highlighted fi ve corporate levers that provide distinctive competitive advantages to our businesses: talent, technology, customers, procurement and operating system. Disciplined Execution focused on using those advantages to create a high performance culture across Alcoa. Little did we know that in a few months a sharp drop in the price of aluminum and widespread destruction of demand from our customers would test our strategic priorities. The successes of 2010, which put Alcoa on the road to profi table growth, are due to the application of those three priorities. Preparation met opportunity. We used the circumstances of the global fi nancial crisis to strengthen our cost structure and cash position. Building on the concept that “necessity is the mother of invention,” in early 2009 we put in place a Cash Sustainability Program to reverse the cash drain caused by the sharp drop in the London Metal Exchange aluminum price and demand destruction in many of our end markets. Thanks to our disciplined execution of that program during the crisis, Alcoa returned to cash-neutral by the end of 2009, and ended 2010 with strong cash fl ow. The Cash Sustainability Program has proven to be far more than a one-time, “quick fi x” for a challenging time. Rather, it has instilled a Company-wide discipline in cash and cost management that will ensure Alcoa’s long-term viability and success. It drew heavily on our Strategic Priorities. • We tapped into the Procurement Advantage in a major way. We committed to $1.5 billion in savings in 2009, and to $2.0 billion in savings in 2010. Through the team effort of many Alcoans, we achieved the $2.0 billion target by the end of 2009. Not satisfi ed with simply continuing this performance, we increased the 2010 target to Exceeded All Cash Sustainability Targets $2.5 billion, and we handily beat that number in spite of signifi cant headwinds coming from material 2010 Cash Sustainability Operational Targets and Actual Performance cost increases and currency exchange rates. Procurement1 Overhead Total Capex2 Working Capital $ Millions $ Millions $ Millions Days Working Capital • The story is similar with overhead. We had promised that we would reach $200 million in overhead cost reductions in 2009 and $400 million by 2010. Again, $2,6432 643 $509509 $1,250$1 250 35 we beat the two-year target in 2009, increased the $$500 $1,212 34 $2,500 2010 target by $100 million, and exceeded that goal as well. • We committed to dramatically limit the use of capital, reducing total capital expenditures to $1.8 billion in 2009, and to $1.25 billion in 2010. We achieved both of these targets. • We achieved a total reduction of 13 days 2010 2010 2010 2010 2010 2010 2010 2010 Actual Target Actual Target Actual Target Actual Target working capital over the last two years, which is 1Procurement and other productivity 2Total Capex includes investments in Ma’aden project approximately a 30% reduction. Alcoa 2010 Annual Report and Form 10-K 1 117517.indd 3 3/2/11 10:10 AM Liquidity and Financial Positions Continue to Strengthen Drove Cash Sustainability savings to the bottom line… …efficiently managed cash flows and capex… Adjusted Income (Loss) ($ Millions) Free Cash Flow ($ Millions) 223 1,005 101 139 96 761 39 9 87 176 (22) (221) (90) (186) (256) (409) (477) (742) 4Q ’08 1Q ’09 2Q ’09 3Q ’09 4Q ’09 1Q ’10 2Q ’10 3Q ’10 4Q ’10 4Q ’08 1Q ’09 2Q ’09 3Q ’09 4Q ’09 1Q ’10 2Q ’10 3Q ’10 4Q ’10 …improved liquidity… …strengthened the balance sheet Cash on Hand ($ Millions) 10,578 Debt ($ Millions) & Debt-to-Capital (%) 10,265 10,205 10,073 1,481 1,543 1,292 1,344 9,819 9,757 9,800 1,131 1,066 42.5% 851 843 9,309 762 38.7% 9,165 34.9% Gross Debt Debt-to-Cap 4Q ’08 1Q ’09 2Q ’09 3Q ’09 4Q ’09 1Q ’10 2Q ’10 3Q ’10 4Q ’10 4Q ’08 1Q ’09 2Q ’09 3Q ’09 4Q ’09 1Q ’10 2Q ’10 3Q ’10 4Q ’10 By the end of 2010, Alcoa’s fi nancial results showed the success of our Cash Sustainability Program: • Achieved cash from operations of $2.3 billion in 2010 compared to $1.4 billion in 2009, we drove free cash fl ow from $(257) million in 2009 to $1.2 billion in 2010. This is our best result since 2003. • Net income improved from $(1.15 billion) in 2009 to $254 million in 2010. • With adjusted EBITDA of $2.7 billion, a 653% improvement from 2009, our adjusted EBITDA margin was 12.9%, 11 points better than 2009. • We strengthened the balance sheet by reducing our debt by $654 million, and extended our debt maturity. • Our debt to capital ratio dropped to 34.9% – 380 basis points lower than 2009 and back in our target range. • Thanks to our fi nancial and operational initiatives, Alcoa maintained investment grade status through the downturn. We know that savings like these must be sustainable over the long-term. Certainly, there will be challenges along the way, from currency exchange rates to the high cost of energy in some regions – both issues that we continue to manage. Yet, with the systemic changes we have put in place, we are well-positioned in 2011 to maximize profi table growth and shareholder value as our end markets begin to mend and aluminum demand increases across most regions.
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