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    AWC   AU000000AWC3

ALUMINA LIMITED

(AWC)
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Alumina Limited : - Alcoa Corp First Quarter 2021 Earnings Release

04/16/2021 | 09:58am EDT

Alumina Limited (ASX: AWC) notes Alcoa Corp's ('Alcoa') quarterly earnings release.

To assist readers in understanding relevant market, operational and commercial matters of the AWAC joint venture, selected information from the Alcoa Bauxite and Alumina Segments, AWAC joint venture and Alumina Limited plus other market data is attached.

Alumina Limited's CEO, Mike Ferraro, said 'The alumina price increased from Q4 2020 to an average of $301/t (on one month lag basis) and as a result the AWAC average realised price was $26/t higher at $298/t. As foreshadowed, the cash cost of production was higher, predominantly due to the higher Australian dollar, impacts from the Western Australian crusher move and seasonal maintenance. With a slightly higher margin than Q4 2020, AWAC continued to generate significant cash flow for the quarter, distributing a net $62m to Alumina Limited.

An abnormal spike in Handysize freight costs in February 2021 had a negative impact on the Chinese alumina import parity price, which has caused a decline in API in recent weeks. Since late March, the Handysize freight cost has begun to fall and we expect it to continue to decline over the course of 2021, which is likely to put upward pressure on the API. Freight costs of Capesize vessels, which are used to transport bauxite from Guinea to China, have been relatively stable over the same period'.

Contact:

Charles Smitheram

Tel: +61 3 8699 2613

Email: charles.smitheram@aluminalimited.com

About AWAC & Alcoa's Earnings Release

Alumina Limited owns 40% of each of the AWAC entities, which form a part of the Alcoa bauxite & alumina business segments. The Alcoa aluminium business segment includes the AWAC Portland smelting operations. The operating Afobaka power station and closed operations are included in Transformation & legacy pension/OPEB. Therefore, the AWAC results cannot be directly inferred from the Alcoa earnings release. Further, unlike Alumina Limited, Alcoa reports under US GAAP.

Forward-looking statements

This document may contain certain forward-looking statements, including forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. The words 'anticipate', 'aim', 'believe', 'expect', 'project', 'estimate', 'forecast', 'intend', 'likely', 'should', 'could', 'will', 'may', 'target', 'plan' and other similar expressions (including indications of 'objectives') are intended to identify forward-looking statements. Indications of, and guidance on, future financial position and performance and distributions, and statements regarding Alumina Limited's future developments and the market outlook, are also forward looking statements.

Any forward-looking statements contained in this document are not guarantees of future performance. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Alumina Limited and its directors, officers, employees and agents that may cause actual results to differ materially from those expressed or implied in such statements. Those risks, uncertainties and other factors include (without limitation): (a) material adverse changes in global economic conditions, alumina or aluminium industry conditions or the markets served by AWAC; (b) changes in production or development costs, production levels or sales agreements; (c) changes in laws, regulations or policies; (d) changes in alumina or aluminium prices or currency exchange rates; (e) Alumina Limited does not hold a majority interest in AWAC and decisions made by majority vote may not be in the best interests of Alumina Limited and (f) the other risk factors summarised in Alumina Limited's Annual Report 2020. Readers should not place undue reliance on forward-looking statements. Except as required by law, Alumina Limited disclaims any responsibility to update or revise any forward-looking statements to reflect any new information or any change in the events, conditions or circumstances on which a statement is based or to which it relates.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALCOA CORPORATION -0.46% 37.06 Delayed Quote.61.52%
ALUMINA LIMITED 2.53% 1.62 End-of-day quote.-11.72%
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Financials
Sales 2021 0,26 M 0,19 M 0,19 M
Net income 2021 213 M 157 M 157 M
Net Debt 2021 53,4 M 39,3 M 39,3 M
P/E ratio 2021 21,2x
Yield 2021 5,30%
Capitalization 4 699 M 3 464 M 3 461 M
EV / Sales 2021 18 386x
EV / Sales 2022 18 230x
Nbr of Employees 10
Free-Float 80,6%
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Mean consensus OUTPERFORM
Number of Analysts 10
Last Close Price 1,62 AUD
Average target price 1,87 AUD
Spread / Average Target 15,7%
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Managers and Directors
Michael P. Ferraro Chief Executive Officer, Director & MD
Grant A. Dempsey Chief Financial Officer
William Peter Day Chairman
Deborah Mary O'Toole Independent Non-Executive Director
John Andrew Bevan Independent Non-Executive Director
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