Alro SA (ALR RO) - Adj Highlights

Alro SA (ALR RO) - Adj Highlights
In Millions of RON FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013 12/31/2014
Market Capitalization 2,134.2 2,319.8 1,427.6 1,032.8 828.0
- Cash & Equivalents 306.8 270.2 221.6 63.9 108.2
+ Preferred & Other 1.9 1.9 1.4 0.9 1.0
+ Total Debt 619.2 713.7 755.3 602.1 813.0
Enterprise Value 2,448.5 2,765.1 1,962.6 1,571.9 1,533.8
Revenue, Adj 1,874.2 2,330.1 2,278.7 2,016.9 2,108.4

Growth %, YoY 16.7 24.3 -2.2 -11.5 4.5
Gross Profit, Adj 553.6 595.5 310.2 22.6 208.9
Margin % 29.5 25.6 13.6 1.1 9.9
EBITDA, Adj 464.1 568.8 253.9 -41.0 152.8
Margin % 24.8 24.4 11.1 -2.0 7.2
Net Income, Adj 183.8 242.8 -179.7 -102.5 -63.8
Margin % 9.8 10.4 -7.9 -5.1 -3.0
EPS, Adj 0.25 0.34 0.04 -0.28 0.08
Growth %, YoY 24.8 33.9 -88.7 — —
Cash from Operations 221.8 353.2 168.1 110.6 68.0

Capital Expenditures -51.6 -127.5 -81.6 -109.2 -98.0
Free Cash Flow 170.3 225.7 86.5 1.4 -30.0
Source: Bloomberg
FY 2015 FY 2016 FY 2017 FY 2018 Current/LTM
12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
942.2 835.1 2,334.1 2,198.4 1,691.7
131.0 285.9 320.8 203.6 203.6
0.9 0.9 1.4 1.7 1.7
933.7 1,054.6 918.5 950.4 950.4
1,745.9 1,604.7 2,933.2 2,947.0 2,440.2
2,422.8 2,302.8 2,726.3 2,982.5 2,982.5

14.9 -5.0 18.4 9.4
405.6 367.7 687.9 669.9 669.9
16.7 16.0 25.2 22.5 22.5
316.1 356.4 568.3 488.9 488.9
13.0 15.5 20.8 16.4 16.4
-0.1 71.5 393.3 204.1 204.1
0.0 3.1 14.4 6.8 6.8
0.09 0.18 0.55 0.29 0.29
1.7 112.7 203.4 -48.1
108.9 179.7 427.5 326.7 326.7

-94.3 -110.7 -198.9 -292.4 -292.4
14.6 69.0 228.6 34.3 34.3
Alro SA (ALR RO) - Enterprise Value
In Millions of RON except Per Share FY 2010 FY 2011 FY 2012 FY 2013
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Market Capitalization 2,134.2 2,319.8 1,427.6 1,032.8
- Cash & Equivalents 306.8 270.2 221.6 63.9
+ Preferred Equity 0.0 0.0 0.0 0.0
+ Minority Interest 1.9 1.9 1.4 0.9
+ Total Debt 619.2 713.7 755.3 602.1
Enterprise Value 2,448.5 2,765.1 1,962.6 1,571.9
Total Capital 1,583.3 2,229.0 1,789.5 1,531.8

Total Debt/Total Capital 39.11 32.02 42.21 39.31
Total Debt/EV 0.25 0.26 0.38 0.38
EV/Sales 1.31 1.19 0.86 0.78

EV/EBITDA 5.28 4.86 7.73 —
EV/EBIT 6.78 6.04 14.55 —
EV/Cash Flow to Firm 9.94 7.29 — —
EV/Free Cash Flow to Firm 12.58 10.97 — —
Diluted Market Cap 2,134.2 2,319.8 1,427.6 1,032.8

Diluted Enterprise Value 2,448.5 2,765.1 1,962.6 1,571.9
Periodic EV to Shares Outstanding 3.43 3.87 2.75 2.20
Reference Items
Trailing 12 Month Values for Ratios
Sales 1,874.2 2,330.1 2,278.7 2,016.9
EBITDA 464.1 568.8 253.9 -41.0
EBIT 361.1 457.8 134.9 -169.6
Cash Flow To Firm 246.2 379.4 — —
Free Cash Flow To Firm 194.7 252.0 — —
Source: Bloomberg
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Current
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 03/04/2019
828.0 942.2 835.1 2,334.1 2,198.4 1,691.7
108.2 131.0 285.9 320.8 203.6 203.6
0.0 0.0 0.0 0.0 0.0 0.0
1.0 0.9 0.9 1.4 1.7 1.7
813.0 933.7 1,054.6 918.5 950.4 950.4
1,533.8 1,745.9 1,604.7 2,933.2 2,947.0 2,440.2
1,661.7 1,763.5 1,955.5 2,133.9 2,120.6 2,120.6

48.93 52.95 53.93 43.05 44.82 44.82
0.53 0.53 0.66 0.31 0.32 0.39
0.73 0.72 0.70 1.08 0.99 0.82

10.04 5.52 4.50 5.18 6.05 5.01
30.09 8.91 6.93 6.68 8.13 6.74
— 16.04 6.74 6.02 8.15 6.75
— 120.19 12.58 10.18 42.59 35.27
828.0 942.2 835.1 2,334.1 2,198.4 1,691.7

1,533.8 1,745.9 1,604.7 2,933.2 2,947.0 2,440.2
2.15 2.45 2.25 4.11 4.13 4.13
2,108.4 2,422.8 2,302.8 2,726.3 2,982.5 2,982.5

152.8 316.1 356.4 566.3 487.4 487.4
51.0 196.0 231.4 438.9 362.3 362.3
— 108.8 238.2 487.2 361.6 361.6
— 14.5 127.6 288.3 69.2 69.2
Alro SA (ALR RO) - Multiples
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
P/E 11.50 9.56 — —
Average 14.92 14.08 7.17 —
High 19.47 16.15 9.81 —
Low 11.50 11.92 5.03 —
P/Book 2.22 1.53 1.38 1.11

Average 2.37 2.72 1.15 1.17
High 3.09 3.12 1.57 1.60
Low 1.88 2.30 0.81 0.97
P/Tangible Book 2.27 1.63 1.51 1.23

Average 2.43 2.78 1.22 1.28
High 3.17 3.19 1.67 1.76
Low 1.93 2.36 0.86 1.06
P/Sales 1.10 1.00 0.63 0.51

Average 1.35 1.35 0.75 0.53
High 1.76 1.57 1.04 0.75
Low 1.07 1.10 0.52 0.44
P/Cash Flow 9.29 6.57 8.49 9.34

Average 4.73 11.37 4.93 7.20
High 9.29 13.05 6.74 9.85
Low 3.74 9.63 3.45 5.94
P/Free Cash Flow 12.10 10.28 16.51 721.76

Average 5.43 14.82 7.71 13.99
High 12.10 17.00 10.55 19.15
Low 4.28 12.55 5.40 11.55
EV/Sales 1.31 1.19 0.86 0.78

Average 1.52 1.56 0.94 0.77
High 1.93 1.77 1.21 0.96
Low 1.24 1.19 0.71 0.67
EV/EBITDA 5.28 4.86 7.73 —

Average 6.53 6.29 3.88 6.87
High 8.31 7.14 7.73 8.63
Low 5.28 4.86 2.93 6.04
EV/EBIT 6.78 6.04 14.55 —
Average 8.50 8.08 4.84 12.93
High 10.82 9.17 14.55 16.24
Low 6.78 6.04 3.64 11.38
Price/Share 2.99 3.25 2.00 1.45

High 3.97 4.28 3.39 2.41
Low 2.41 3.00 1.70 1.39
Enterprise Value 2,448.5 2,765.1 1,962.6 1,571.9

Average 2,440.2 2,920.3 2,197.3 1,743.2
High 3,104.0 3,312.2 2,825.8 2,191.1
Low 1,997.6 2,448.5 1,665.2 1,534.4
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 03/04/2019
— — 11.70 5.98 9.45 7.27
— — 11.70 19.36 6.29
— — 11.70 33.60 9.45
— — 11.70 5.98 5.14
0.98 1.14 0.93 1.92 1.88 1.45

0.97 1.06 1.01 1.54 2.02
1.31 1.27 1.14 2.66 2.51
0.85 0.88 0.82 0.93 1.65
1.10 1.29 1.04 2.09 2.05 1.58

1.08 1.20 1.14 1.73 2.19
1.44 1.43 1.29 3.00 2.73
0.94 0.98 0.93 1.05 1.79
0.39 0.39 0.36 0.86 0.74 0.57

0.45 0.43 0.34 0.60 0.90
0.60 0.53 0.39 1.07 1.25
0.39 0.35 0.27 0.36 0.69
12.18 8.65 4.65 5.46 6.73 5.18

8.18 13.27 7.64 7.70 5.74
10.97 15.85 8.68 13.35 7.13
7.16 10.92 4.65 4.67 4.69
— 64.45 12.10 10.21 64.09 49.32

632.03 — 56.86 20.04 10.94
847.96 — 64.70 34.75 64.09
553.67 — 12.10 10.21 8.78
0.73 0.72 0.70 1.08 0.99 0.82

0.72 0.76 0.68 0.94 1.12
0.87 0.85 0.72 1.38 1.34
0.66 0.69 0.61 0.70 0.96
10.04 5.52 4.50 5.18 6.05 5.01

10.04 10.51 5.18 6.04 5.39
10.04 11.67 5.54 8.89 6.44
10.04 5.52 4.50 4.51 4.60
30.09 8.91 6.93 6.68 8.13 6.74
30.09 31.46 8.35 9.30 6.95
30.09 34.99 8.93 13.69 8.31
30.09 8.91 6.93 6.68 5.93
1.16 1.32 1.17 3.27 3.08 2.37

1.70 1.55 1.33 3.44 4.76 2.38
1.10 1.04 0.91 1.17 2.62 2.32
1,533.8 1,745.9 1,604.7 2,933.2 2,947.0 2,440.2

1,443.9 1,609.0 1,637.3 2,158.2 3,050.3
1,752.5 1,783.7 1,749.4 3,167.9 3,646.9
1,331.4 1,448.2 1,481.8 1,608.3 2,604.8
Alro SA (ALR RO) - Per Share
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Basic Shares Outstanding 713.8 713.8 713.8 713.8
Diluted Weighted Avg Shares 713.8 713.8 713.8 713.8
Basic Weighted Avg Shares 689.1 713.8 713.8 713.8
Per Share Data Items

Revenue 2.72 3.26 3.19 2.83
EBITDA 0.67 0.80 0.36 -0.06
Operating Income 0.52 0.64 0.19 -0.24
Net Income to Common - Basic 0.26 0.34 -0.25 -0.14
Net Income before XO - Basic 0.26 0.34 -0.25 -0.14
Normalized Net Income - Basic 0.26 0.34 0.04 -0.28
Net Income to Common - Diluted 0.26 0.34 -0.25 -0.14
Net Income before XO - Diluted 0.26 0.34 -0.25 -0.14
Normalized Net Income - Diluted 0.25 0.34 0.04 -0.28
Dividends 0.19 0.19 0.62 0.00
Cash Flow 0.32 0.49 0.24 0.15

Free Cash Flow 0.25 0.32 0.12 0.00
Cash & Equivalents 0.43 0.38 0.31 0.09

Book Value 1.35 2.12 1.45 1.30
Tangible Book Value 1.31 1.99 1.32 1.18
Source: Bloomberg
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Last 12M
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
713.8 713.8 713.8 713.8 713.8 713.8
713.8 713.8 713.8 713.8 713.8 713.8
713.8 713.8 713.8 713.8 713.8 713.8
2.95 3.39 3.23 3.82 4.18 4.18

0.21 0.44 0.50 0.79 0.68 0.68
0.07 0.27 0.32 0.61 0.51 0.51
-0.09 0.00 0.10 0.55 0.33 0.33
-0.09 0.00 0.10 0.55 0.33 0.33
0.08 0.09 0.18 0.55 0.29 0.29
-0.09 0.00 0.10 0.55 0.33 0.33
-0.09 0.00 0.10 0.55 0.33 0.33
0.08 0.09 0.18 0.55 0.29 0.29
0.00 0.00 0.09 0.54 —
0.10 0.15 0.25 0.60 0.46 0.46

-0.04 0.02 0.10 0.32 0.05 0.05
0.15 0.18 0.40 0.45 0.29 0.29

1.19 1.16 1.26 1.70 1.64 1.64
1.06 1.02 1.12 1.57 1.50 1.50
Alro SA (ALR RO) - Stock Value
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Last Price 2.99 3.25 2.00 1.45
Period-over-Period % Change 24.58 8.70 -38.46 -27.65
Open Price 2.50 3.15 3.28 2.00
High Price 3.97 4.28 3.39 2.41
Low Price 2.41 3.00 1.70 1.39

Current Shares Outstanding 713.78 713.78 713.78 713.78
Equity Float — — — —
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 03/04/2019
1.16 1.32 1.17 3.27 3.08 2.37
-19.83 13.79 -11.36 179.49 -5.81
1.42 1.18 1.33 1.18 3.35 2.32
1.70 1.55 1.33 3.44 4.76 2.38
1.10 1.04 0.91 1.17 2.62 2.32
828.0 942.2 835.1 2,334.1 2,198.4 1,691.7

713.78 713.78 713.78 713.78 713.78 713.78
85.95 85.95 85.95 112.85 112.85 112.85
Alro SA (ALR RO) - GAAP
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Revenue 1,874.2 2,330.1 2,278.7 2,016.9
+ Sales & Services Revenue — — — —
- Cost of Revenue 1,320.6 1,734.6 1,968.4 1,994.3
+ Cost of Goods & Services — — — —
+ Depreciation & Amortization — — — —
Gross Profit 553.6 595.5 310.2 22.6
+ Other Operating Income 34.1 62.1 43.9 8.2
- Operating Expenses 226.6 199.8 219.2 200.3
+ Selling, General & Admin — — 15.4 11.4
+ Selling & Marketing — — — —
+ General & Administrative — — — —
+ Research & Development — — — —
+ Prov For Doubtful Accts — — — —
+ Other Operating Expense — — 203.9 188.9
Operating Income (Loss) 361.1 457.8 134.9 -169.6
- Non-Operating (Income) Loss 119.4 164.7 362.9 -66.6
+ Interest Expense, Net 29.4 28.9 53.6 59.3
+ Interest Expense 32.0 31.7 55.2 63.8
- Interest Income 2.7 2.8 1.7 4.5
+ Foreign Exch (Gain) Loss 74.8 94.4 47.3 -12.1
+ (Income) Loss from Affiliates — — — —
+ Other Non-Op (Income) Loss 15.2 41.5 262.0 -113.8
Pretax Income 241.8 293.1 -228.0 -103.0
- Income Tax Expense (Benefit) 57.7 50.2 -47.9 0.0
+ Current Income Tax — — 1.4 0.2
+ Deferred Income Tax — — -49.2 -0.2
- (Income) Loss from Affiliates — — — —
Income (Loss) from Cont Ops 184.1 242.9 -180.2 -103.0
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations — — — —
+ XO & Accounting Changes — — — —
Income (Loss) Incl. MI 184.1 242.9 -180.2 -103.0
- Minority Interest 0.2 0.1 -0.5 -0.5
Net Income, GAAP 183.8 242.8 -179.7 -102.5
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments — — — —
Net Income Avail to Common, GAAP 183.8 242.8 -179.7 -102.5
Net Income Avail to Common, Adj 183.8 242.8 -179.7 -102.5

Net Abnormal Losses (Gains) -2.6 — 207.1 -98.0
Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0

Basic EPS, GAAP 0.26 0.34 -0.25 -0.14
Basic EPS from Cont Ops 0.26 0.34 -0.25 -0.14
Basic EPS from Cont Ops, Adjusted 0.26 0.34 0.04 -0.28

Diluted EPS, GAAP 0.26 0.34 -0.25 -0.14
Diluted EPS from Cont Ops 0.26 0.34 -0.25 -0.14
Diluted EPS from Cont Ops, Adjusted 0.25 0.34 0.04 -0.28
Reference Items
Accounting Standard IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS
EBITDA 464.1 568.8 253.9 -41.0
EBITDA Margin (T12M) 24.76 24.41 11.14 -2.03
EBITA — — — —
EBIT 361.1 457.8 134.9 -169.6
Gross Margin 29.54 25.56 13.61 1.12
Operating Margin 19.27 19.65 5.92 -8.41
Profit Margin 9.81 10.42 -7.88 -5.08
Sales per Employee 749,099.12 930,562.30 572,245.86 505,859.29
Dividends per Share 0.19 0.19 0.62 0.00
Total Cash Common Dividends 135.6 135.6 442.9 0.0
Personnel Expenses 73.9 — 71.0 74.3
Depreciation Expense — — — —
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
2,108.4 2,422.8 2,302.8 2,726.3 2,982.5 2,982.5
— — — 2,726.3 2,982.5 2,982.5
1,899.5 2,017.2 1,935.1 2,038.4 2,312.6 2,312.6
— — — 1,918.8 2,312.6 2,312.6
— — — 119.6 —
208.9 405.6 367.7 687.9 669.9 669.9
37.6 7.8 12.1 14.7 11.4 11.4
195.5 217.4 148.3 263.6 319.0 319.0
12.8 212.2 217.3 249.5 310.5 310.5
— — 5.2 — —
12.8 212.2 212.1 — —
— — — 0.0 —
— — — 7.7 —
— — — 0.6 —
182.7 5.2 -68.9 5.8 8.5 7.6
51.0 196.0 231.4 438.9 362.3 362.3
241.5 184.8 150.2 27.4 46.7 46.7
54.6 52.9 61.2 56.1 —
57.6 57.5 66.5 62.8 47.3 47.3
3.0 4.6 5.3 6.7 —
38.0 56.2 3.9 -32.7 19.6 19.6
— — — 0.0 —
148.9 75.7 85.2 4.1 -20.2 -18.0
-190.5 11.2 81.2 411.5 315.5 315.5
-126.9 11.2 9.7 20.4 82.8 82.8
— 1.6 1.5 10.2 —
— 9.6 8.2 10.2 —
— 0.0 — — —
-63.6 0.0 71.5 391.1 232.7 232.7
0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
-63.6 0.0 71.5 391.1 232.7 232.7
0.2 0.1 0.0 0.5 0.3 0.3
-63.8 -0.1 71.5 390.6 232.4 232.4
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-63.8 -0.1 71.5 390.6 232.4 232.4
-63.8 -0.1 71.5 393.3 204.1 204.1

123.7 61.1 58.1 2.7 -28.3 -28.3
0.0 0.0 0.0 0.0 0.0 0.0
713.8 713.8 713.8 713.8 713.8 713.8

-0.09 0.00 0.10 0.55 0.33 0.33
-0.09 0.00 0.10 0.55 0.33 0.33
0.08 0.09 0.18 0.55 0.29 0.29
713.8 713.8 713.8 713.8 713.8 713.8

-0.09 0.00 0.10 0.55 0.33 0.33
-0.09 0.00 0.10 0.55 0.33 0.33
0.08 0.09 0.18 0.55 0.29 0.29
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

152.8 316.1 356.4 566.3 487.4 487.4
7.25 13.05 15.48 20.77 16.34 16.34
— 314.2 233.6 — —
51.0 196.0 231.4 438.9 362.3 362.3
9.91 16.74 15.97 25.23 22.46 22.46
2.42 8.09 10.05 16.10 12.15 12.15
-3.02 -0.01 3.11 14.33 7.79 7.79
558,675.68 635,894.75 597,820.09 693,355.04 —
0.00 0.00 0.09 0.54 —
0.0 0.0 67.2 382.0 —
77.2 82.6 100.4 135.4 —
— 1.8 122.7 — —
Alro SA (ALR RO) - As Reported
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Income Statement
Revenues
Revenues 1,605.7 1,874.2 2,330.1 2,278.7
Operating Expenses
Cost of Goods Sold 1,201.7 1,320.6 1,734.6 1,968.4
Selling General and Administrative Expense — — — —
Other Operating Expenses 88.2 76.7 28.4 16.5
General and Administrative Expenses 148.5 147.3 174.6 202.7
Other Operating Income 92.7 34.1 62.1 43.9
Gross Profit 403.9 553.6 595.5 310.2
Operating Income 286.9 — — 134.9
Write-Back Of Depreciation And Provisions - — -2.6 — —
Depreciation And Impairment Of Fixed Asse -27.0 — -3.2 —
Net Foreign Exchange (Gain)Loss-Ordinary 68.1 74.8 94.4 —
Non-Operating Expenses
Interest Expense — — — —
Foreign Exchange — — — 47.3
Interest Expense - Net — — — 53.6
Income Tax Expense (Benefit) 29.7 57.7 50.2 -47.9
Income Before Income Taxes 175.0 241.8 293.1 -228.0
Derivative Gains/Losses — — — 262.1
Other Financial Gains — — — —
Other Financial Losses (Gains) 43.8 47.1 70.3 -0.1
(Gain)/Loss On Derivative/Hedging Activitie — — — —
Deriv Expn Not Abnormal Item Non-Operati — — — —
Earnings
Minority/Non Controlling Interest 0.1 0.2 0.1 -0.5
Basic EPS 0.20 0.26 — —
Weighted Avg. Shares - Basic 713.8 689.1 713.8 —
Basic & Diluted EPS — — 0.34 -0.25
Weighted Avg. Shares - Basic & Diluted — — — 713.8
Profit After Taxation Before Minority 145.3 184.1 242.9 -180.2
Net Income 145.2 183.8 242.8 -179.7
Others
Comprehensive Income
Foreign Currency Translation Adjustmen — — — 2.7
Change In Fair Value of Derivatives — — — 1.6
Pension Related Adjustments — — — 0.5
Other Comprehensive Income — — — -96.8
Total Comprehensive Income — — — -272.0
Tax Related To Chg In Fair Value of Deriv — — — -0.3
Tax Related To Minimum Pension Liabilit — — — -0.1
Tax Related To Other Comprehensive In — — — —
Comprehensive Income Attrib to Minority — — — -0.5
Net Income - Comprehensive Income — — — -180.2
Total Comprehensive Inc Including Minori — — — -272.6
Reference Items
Sales/Marketing/Advertising Expenses — — — —
Salaries Wages and Employee Benefits 61.5 73.9 — 71.0
Provision For Doubtful Accounts — — — —
Depreciation and Amortization — — — 9.7
Other Operating Expenses — — — 93.0
Interest Expense 35.4 32.0 31.7 55.2
Foreign Exchange — — — 47.3
(Gain)/Loss On Sale of Assets — — — —
Write-Down/Impairment of Assets — — — —
Other One-Time Charges — — — —
Interest Income -5.2 -2.7 -2.8 -1.7
General and Administrative Expenses — — — 15.4
Other Operating Income — — — —
Other Tax — — — —
Total Cash Common Dividends — — — —
Dividends Per Share 0.26 0.19 0.19 0.30
Basic & Diluted EPS — — — —
Weighted Avg. Shares - Basic & Diluted 713.8 713.8 713.8 713.8
Amortization of Intangible Assets — — — —
Impairment of Goodwill — — — —
Current Income Tax Expense (Benefit) — — — 1.4
Deferred Income Tax Expense (Benefit) — — — -49.2
Derivative Gains/Losses — — — 262.1
Adjusted Net Income-As Reported — — — —
Adjusted EPS 0.20 0.26 — —
Cost Of Materials 1.2 4.4 — 13.7
Other Financial Gains — — — —
Other Financial Losses (Gains) 13.6 17.8 41.5 -0.1
Other Purchases and External Charges — — — —
Total Exceptional Gains — — — —
Total Fees Paid To Audit Firms — — — —
Other Financial Losses — — — —
Auditor Expense - Audit — — — —
ARDR Rental Income and Other Property I — — — —
Depreciation And Amortization (Life) — — — —
(Gain)/Loss Derivative/Hedging Activities — — — —
Utility Expense 5.5 0.3 — —
Write-Up Of Assets/Investment Operating — — — —
Depreciation - Cost Of Good Sold — — — —
Depreciation - Operating Expenses — — — —
EBITDA - IS — — — —
Compensation To Directors — — — 12.5
Statutory Tax Rate - % — — — 16.00
Advertising Expenses — — — —
Nonaudit Service Fee Paid to Main Auditor — — — —
EBITDA Margin — — — —
ARDR Gross Margin — — — —
ARDR Revenue Growth — — — —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
2,016.9 2,108.4 2,422.8 2,302.8 2,726.3 2,982.5
1,994.3 1,899.5 2,017.2 1,935.1 2,038.4 2,312.6

— — — — 256.2 310.5
20.6 13.5 35.7 6.8 7.5 8.5
179.7 182.0 212.2 212.1 — —
8.2 37.6 28.2 17.8 14.7 11.4
22.6 208.9 405.6 367.7 687.9 669.9
-169.6 51.0 185.9 166.7 438.9 362.3
— — — — — —
— — — — — —
— — — — — —
— 57.6 57.5 66.5 50.9 47.3

-12.1 38.0 56.2 3.9 -32.7 19.6
59.3 — — — — —
0.0 -126.9 11.2 9.7 20.4 82.8
-103.0 -190.5 11.2 81.2 411.5 315.5
-116.7 147.2 62.6 — — —
— — -1.6 2.3 — —
2.9 -1.3 — — 9.2 15.0
— — — 12.8 — —
— — — — — -35.2
-0.5 0.2 0.1 0.0 0.5 0.3

— — — — — —
— — — — — —
-0.14 -0.09 — 0.10 0.55 0.33
713.8 713.8 713.8 — — 713.8
-103.0 -63.6 0.0 71.5 391.1 232.7
-102.5 -63.8 -0.1 71.5 390.6 232.4
2.2 -14.7 -24.8 -0.1 -8.4 9.5

-3.6 0.1 — — — —
-4.4 -3.5 7.0 -0.3 -4.2 -0.4
2.9 — — — — —
-104.0 -81.1 -18.8 71.2 378.6 241.4
— 0.0 — — — —
0.7 0.6 -1.1 0.1 0.6 0.0
0.6 — — — — —
-0.5 0.1 0.0 0.0 0.5 0.4
-103.0 -63.6 0.0 71.5 391.1 232.7
-104.5 -81.1 -18.8 71.1 379.1 241.8
— — — 5.2 — —
74.3 77.2 82.6 100.4 135.4 —
— — 1.8 122.7 — —
— — — — 0.6 —
8.9 7.6 7.3 — — —
75.3 75.1 108.2 43.4 — —
63.8 57.6 57.5 66.5 62.8 —
-12.1 — — — — —
— — — 0.2 1.8 2.8
— — 1.2 — 0.2 -1.3
— — 29.3 — — —
-4.5 -3.0 -4.6 -5.3 -6.7 —
11.4 12.8 — — — —
— — 7.2 11.6 13.8 —
— — 6.7 7.0 7.3 —
— — — — 382.0 —
0.00 — — — 0.54 —
— — — 0.10 0.55 —
713.8 713.8 — 713.8 713.8 —
— — — 1.0 — —
— — — 70.3 — —
0.2 — 1.6 1.5 10.2 —
-0.2 — 9.6 8.2 10.2 —
-116.7 — — — — —
— — — — — 246.5
— — — — — —
9.9 9.3 10.7 10.1 11.9 —
— — -0.2 0.0 — —
2.9 1.7 — -2.3 — —
— — — 41.6 45.2 —
— — -20.4 -5.0 — —
— — — 1.1 1.1 —
— — 3.2 3.3 4.1 —
— — — 1.1 1.1 —
— — 0.6 0.5 0.9 —
— — — — 1.1 —
— — — 4.4 1.2 -35.2
— — — — — —
— — — -0.7 — —
— — — — 119.6 —
— — — — 6.6 —
— 152.8 306.0 291.6 566.5 —
16.1 — — — — —
16.00 — — — — —
— — — — 5.2 —
— — — 0.0 0.1 —
— 7.20 12.60 12.70 20.80 —
— — — — — 22.00
— — — — — 9.00
Alro SA (ALR RO) - GAAP %
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Revenue 1,874.2 2,330.1 2,278.7 2,016.9
- Cost of Revenue 70.5 74.4 86.4 98.9
Gross Profit 29.5 25.6 13.6 1.1
+ Other Operating Expense — — 8.9 9.4
- Non-Operating (Income) Loss 6.4 7.1 15.9 -3.3
+ Other Non-Op (Income) Loss 0.8 1.8 11.5 -5.6
Pretax Income 12.9 12.6 -10.0 -5.1
+ Deferred Income Tax — — -2.2 0.0
- Minority Interest 0.0 0.0 0.0 0.0
Net Income, GAAP 9.8 10.4 -7.9 -5.1

Basic EPS, GAAP 0.0 0.0 0.0 0.0
Basic EPS from Cont Ops 0.0 0.0 0.0 0.0
Basic EPS from Cont Ops, Adjusted 0.0 0.0 0.0 0.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Diluted EPS from Cont Ops 0.0 0.0 0.0 0.0
Diluted EPS from Cont Ops, Adjusted 0.0 0.0 0.0 0.0
Reference Items
EBITDA 24.8 24.4 11.1 -2.0
EBITDA Margin (T12M) 1.3 1.0 0.5 -0.1
EBITA — — — —
EBIT 19.3 19.6 5.9 -8.4
Gross Margin 1.6 1.1 0.6 0.1
Profit Margin 0.5 0.4 -0.3 -0.3
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
2,108.4 2,422.8 2,302.8 2,726.3 2,982.5 2,982.5
— — — 100.0 100.0 100.0
90.1 83.3 84.0 74.8 77.5 77.5
— — — 70.4 77.5 77.5
— — — 4.4 —
9.9 16.7 16.0 25.2 22.5 22.5
1.8 0.3 0.5 0.5 0.4 0.4
9.3 9.0 6.4 9.7 10.7 10.7
0.6 8.8 9.4 9.2 10.4 10.4
— — 0.2 — —
0.6 8.8 9.2 — —
— — — 0.0 —
— — — 0.3 —
— — — 0.0 —
8.7 0.2 -3.0 0.2 0.3 0.3
2.4 8.1 10.1 16.1 12.1 12.1
11.5 7.6 6.5 1.0 1.6 1.6
2.6 2.2 2.7 2.1 —
2.7 2.4 2.9 2.3 1.6 1.6
0.1 0.2 0.2 0.2 —
1.8 2.3 0.2 -1.2 0.7 0.7
— — — 0.0 —
7.1 3.1 3.7 0.2 -0.7 -0.6
-9.0 0.5 3.5 15.1 10.6 10.6
-6.0 0.5 0.4 0.7 2.8 2.8
— 0.1 0.1 0.4 —
— 0.4 0.4 0.4 —
— 0.0 — — —
-3.0 0.0 3.1 14.3 7.8 7.8
0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
-3.0 0.0 3.1 14.3 7.8 7.8
0.0 0.0 0.0 0.0 0.0 0.0
-3.0 0.0 3.1 14.3 7.8 7.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-3.0 0.0 3.1 14.3 7.8 7.8
5.9 2.5 2.5 0.1 -0.9 -0.9

0.0 0.0 0.0 0.0 0.0 0.0
33.9 29.5 31.0 26.2 23.9 23.9
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
33.9 29.5 31.0 26.2 23.9 23.9

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

7.2 13.0 15.5 20.8 16.3 16.3
0.3 0.5 0.7 0.8 0.5 0.5
— 13.0 10.1 — —
2.4 8.1 10.1 16.1 12.1 12.1
0.5 0.7 0.7 0.9 0.8 0.8
0.1 0.3 0.4 0.6 0.4 0.4
-0.1 0.0 0.1 0.5 0.3 0.3
26,497.1 26,246.7 25,960.5 25,432.3 —
0.0 0.0 0.0 0.0 —
0.0 0.0 2.9 14.0 —
3.7 3.4 4.4 5.0 —
— 0.1 5.3 — —
Alro SA (ALR RO) - Standardized
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 308.5 306.8 270.2 221.6
+ Cash & Cash Equivalents 308.5 306.8 270.2 221.6
+ ST Investments — — — —
+ Accounts & Notes Receiv 52.1 74.1 43.1 29.2
+ Accounts Receivable, Net — — — 29.2
+ Notes Receivable, Net — — — —
+ Inventories 394.9 463.4 604.7 641.2
+ Raw Materials 113.7 139.6 171.6 314.3
+ Work In Process 101.3 115.5 146.4 197.9
+ Finished Goods 83.3 103.2 144.8 161.1
+ Other Inventory 96.6 105.1 141.8 -32.1
+ Other ST Assets 57.2 128.9 345.4 183.7
+ Prepaid Expenses — — — —
+ Derivative & Hedging Assets — — — —
+ Taxes Receivable — — — —
+ Misc ST Assets — — — —
Total Current Assets 812.7 973.1 1,263.4 1,075.6
+ Property, Plant & Equip, Net 970.6 921.1 1,001.7 1,000.5
+ Property, Plant & Equip — — — 2,883.5
- Accumulated Depreciation — — — 1,882.9
+ LT Investments & Receivables — — — 27.7
+ LT Investments — — — —
+ Other LT Assets 71.1 69.9 336.7 90.3
+ Total Intangible Assets 23.0 23.7 91.0 89.6
+ Goodwill 15.8 15.8 77.3 77.7
+ Other Intangible Assets 7.2 7.9 13.7 11.9
+ Deferred Tax Assets — 26.1 — 0.7
+ Investments in Affiliates — 0.0 — —
+ Misc LT Assets 48.1 20.1 245.7 0.0
Total Noncurrent Assets 1,041.7 990.9 1,338.4 1,118.6
Total Assets 1,854.5 1,964.1 2,601.8 2,194.2
Liabilities & Shareholders' Equity

+ Payables & Accruals — — — 162.5
+ Accounts Payable — — — 162.5
+ Accrued Taxes — — — —
+ Interest & Dividends Payable — — — —
+ Other Payables & Accruals — — — —
+ ST Debt 493.4 57.0 93.6 147.6
+ ST Borrowings 487.4 51.6 90.6 145.5
+ ST Capital Leases 6.1 5.4 3.0 2.1
+ Current Portion of LT Debt — — — —
+ Other ST Liabilities 229.0 278.1 270.8 191.1
+ Deferred Revenue — — — —
+ Derivatives & Hedging — — — —
+ Misc ST Liabilities 229.0 278.1 270.8 191.1
Total Current Liabilities 722.4 335.2 364.4 501.2
+ LT Debt 90.8 562.2 620.1 607.7
+ LT Borrowings 79.1 557.0 617.5 607.1
+ LT Capital Leases 11.7 5.2 2.5 0.6
+ Other LT Liabilities 124.0 102.6 101.9 51.2
+ Accrued Liabilities — — — —
+ Pension Liabilities — — — —
+ Deferred Tax Liabilities — — — 0.0
+ Misc LT Liabilities 124.0 102.6 101.9 51.1
Total Noncurrent Liabilities 214.8 664.8 722.0 658.8
Total Liabilities 937.2 1,000.0 1,086.4 1,160.0
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 953.1 953.1 953.1 953.1
+ Common Stock — — — —
+ Additional Paid in Capital — — — —
- Treasury Stock — 0.0 — 0.0
+ Retained Earnings -280.6 -226.3 -173.0 -293.5
+ Other Equity 243.07 235.34 733.35 373.24
Equity Before Minority Interest 915.6 962.2 1,513.5 1,032.9
+ Minority/Non Controlling Interest 1.7 1.9 1.9 1.4
Total Equity 917.3 964.1 1,515.3 1,034.2
Total Liabilities & Equity 1,854.5 1,964.1 2,601.8 2,194.2
Reference Items
Shares Outstanding 713.8 713.8 713.8 713.8
Number of Treasury Shares — 0.0 — 0.0
Pension Obligations — — — 26.7
Future Minimum Operating Lease Obligation — 0.0 — 0.0
Capital Leases - Total 17.8 10.6 5.5 2.7
Options Granted During Period — — — —
Options Outstanding at Period End — — — —
Net Debt 275.8 312.4 443.5 533.7
Net Debt to Equity 30.06 32.41 29.26 51.61
Tangible Common Equity Ratio 48.74 48.37 56.66 44.82
Current Ratio 1.13 2.90 3.47 2.15
Cash Conversion Cycle — — — —
Number of Employees 2,825.00 2,502.00 2,504.00 3,982.00
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
63.9 108.2 131.0 285.9 320.8 203.6

63.9 108.2 131.0 285.9 320.8 203.6
— — — — 0.0 0.0
37.3 40.8 57.9 78.9 76.9 70.1
37.3 40.8 57.9 78.9 76.9 70.1
— — — — 0.0 0.0
613.6 610.7 622.9 590.8 670.8 835.0
290.6 265.8 268.8 273.6 304.4 —
183.1 194.7 165.5 140.6 161.3 —
181.7 176.4 224.2 197.8 220.3 —
-41.9 -26.1 -35.6 -21.3 -15.2 —
110.5 123.4 108.0 117.5 150.1 438.6
— — — — 15.2 —
— — — — 3.3 0.0
— — — — 51.5 0.0
— — — — 80.1 438.6
825.3 883.1 919.8 1,073.0 1,218.6 1,547.4
972.7 971.2 952.7 946.1 1,015.0 1,190.4
2,944.9 3,007.0 3,080.7 3,115.2 3,290.9 —
1,972.1 2,035.8 2,128.0 2,169.1 2,275.9 —
110.1 101.6 33.2 0.0 54.3 0.0
— — — — 54.3 0.0
90.7 222.0 295.2 282.1 253.1 200.8
89.0 92.8 98.2 100.5 96.1 97.8
75.8 83.7 92.2 95.1 87.5 90.8
13.3 9.1 6.0 5.4 8.6 6.9
1.6 129.2 118.4 110.3 98.8 50.4
— — — — 0.0 —
— — — 0.0 0.0 —
0.0 0.0 78.6 71.3 58.1 52.6
1,173.5 1,294.8 1,281.1 1,228.3 1,322.5 1,391.1
1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
254.4 272.1 246.6 185.3 225.8 228.7

254.4 272.1 246.6 185.3 183.6 209.4
— — — — 37.6 17.4
— — — — 2.9 —
— — — — 1.6 1.9
50.5 704.9 142.9 815.0 69.3 76.1
49.9 704.5 142.1 813.1 0.4 73.6
0.7 0.4 0.7 2.0 2.4 2.5
— — — — 66.5 —
129.3 155.0 103.9 72.1 79.4 460.2
— — — — 0.0 —
— — — — 0.0 —
129.3 155.0 103.9 72.1 79.4 460.2
434.2 1,132.1 493.4 1,072.4 374.5 765.0
551.6 108.1 790.9 239.5 849.2 874.3
550.8 107.2 788.9 234.7 844.9 870.8
0.8 0.9 2.0 4.8 4.3 3.6
83.3 89.1 86.8 88.4 102.0 129.0
— — — — 27.6 50.0
— — — — 41.6 42.6
— — — — 0.0 —
— — — — — —
— — — — 0.0 —
83.3 89.1 86.8 88.4 32.9 36.5
634.9 197.2 877.7 327.9 951.2 1,003.4
1,069.1 1,329.2 1,371.1 1,400.3 1,325.8 1,768.3
0.0 0.0 0.0 0.0 0.0 0.0
953.1 406.1 406.1 406.1 442.4 456.4
— — — — 356.1 370.0
— — — — 86.4 86.4
0.0 0.0 0.0 0.0 0.0 0.0
-399.7 78.1 83.6 154.9 520.6 367.8
375.36 363.40 339.16 339.05 250.96 344.33
928.8 847.7 828.9 900.1 1,214.0 1,168.5
0.9 1.0 0.9 0.9 1.4 1.7
929.7 848.7 829.8 901.0 1,215.3 1,170.2
1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

713.8 713.8 713.8 713.8 713.8 713.8
0.0 0.0 0.0 0.0 0.0 0.0
34.9 40.8 36.2 36.9 41.6 42.6
0.0 0.0 0.0 0.0 0.0 —
1.5 1.3 2.7 6.8 6.7 6.1
0.0 0.0 — — 0.0 —
0.0 0.0 — — 0.0 —
538.2 704.9 802.7 768.7 597.7 746.8
57.89 83.06 96.74 85.32 49.18 63.82
43.97 36.20 34.75 36.33 45.72 37.69
1.90 0.78 1.86 1.00 3.25 2.02
82.16 73.73 72.40 84.11 91.59 98.87
3,987.00 3,774.00 3,810.00 3,852.00 3,932.00 —
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Balance Sheet
Current Assets
Cash and Equivalents 308.5 306.8 270.2 221.6
Accounts Receivable - Trade 50.1 72.0 41.5 29.2
Inventories 394.9 463.4 604.7 641.2
Restricted Cash (Short-Term) — — — —
Other Current Assets 55.1 130.8 128.1 125.4
Derivative Assets (Short-Term) — — — 39.1
Total Assets 1,854.5 1,964.1 2,601.8 2,194.2
Taxes Receivable — — — 19.2
Noncurrent Assets
Property Plant & Equipment - Net — — — 1,000.5
Total Intangible Assets - Net — — — —
Other Intangible Assets 7.2 7.9 13.7 11.9
Investment In Affiliates/Joint Ventures — — — —
Goodwill 15.8 15.8 77.3 77.7
Other Noncurrent Assets — 20.1 245.7 0.0
Deferred Tax Assets (Long-Term) 48.1 26.1 0.0 0.7
Other Long-Term Investments — — — —
Real Estate Investments — — — —
Derivative Assets (Long-Term) — — — —
Other Receivables (Long-Term) — — — —
Total Non-Current Assets 1,041.7 990.9 1,338.4 1,118.6
Plant And Equipment - Net 970.6 921.1 1,001.7 —
Other Financial Assets (Long-Term) — — — 27.7
Other Assets-Derivatives Used For Hedging 4.2 0.1 218.9 —
Current Liabilities
Accounts Payable - Trade — — — 162.5
Short-Term Capital Lease Obligations 6.1 5.4 3.0 2.1
Accrued Expenses and Other — — — —
Other Current Liabilities 124.5 156.0 110.7 191.0
Income Taxes Accrued/Payable 1.3 2.3 8.0 —
Other Payables 76.9 102.8 133.0 —
Derivative Liabilities (Short-Term) — — — 0.0
Short-Term Provisions 26.2 17.1 19.2 0.1
Overdrafts And Bank Loans (Short Term) 487.4 51.6 90.6 145.5
Non Current Liabilities
Long Term Capital Lease Obligations 11.7 5.2 2.5 0.6
Pension/Postretirement Liabilities — — — 26.7
Other Noncurrent Liabilities 115.7 94.6 91.8 0.9
Deferred Tax Liabilities (Long-Term) — — — 0.0
Bank Loans - Noncurrent 79.1 557.0 617.5 607.1
Other Provisions For Liabilities And Charges 8.2 8.0 10.1 23.5
Provisions And Reserves For Risks And Ex — — — —
Accrued Expenses And Other (Long-Term) — — — —
Stockholder Equity
Minority/Non Controlling Int (Stckhldrs Eqty) 1.7 1.9 1.9 1.4
Common Stock 883.7 883.7 883.7 883.7
Additional Paid In Capital 69.4 69.4 69.4 69.4
Retained Earnings (Accumulated Deficit) -280.6 -226.3 -173.0 -113.9
Total Shareholders Equity 917.3 964.1 1,515.3 1,034.2
Net Income/Loss (Stockholders Equity) — — — -179.7
Other Reserve 243.1 235.3 733.4 373.2
Total Shareholders Equity Excluding Minorit — — — 1,032.9
Total Liabilities and Shareholders Equity 1,854.5 1,964.1 2,601.8 2,194.2
Reference Items
Cash and Equivalents — — — —
Accounts Receivable - Trade 52.1 74.1 43.1 29.2
Inventories 394.9 463.4 604.7 641.2
Prepaid Expenses (ST) — — — 5.9
Restricted Cash (ST) — — — —
Other Current Assets — — — 119.5
Land — — — —
Buildings — — — —
Construction In Progress — — — —
Furniture/Machinery/Equipment — — — —
Property Plant & Equipment - Gross — — — 2,883.5
Accumulated Depreciation — — — —
Property Plant & Equipment - Net 970.6 921.1 1,001.7 —
Total Intangible Assets - Net — — — —
Other Intangible Assets — — — 8.0
Goodwill — — — —
Accounts Payable - Trade — — — —
Current Portion of Long-Term Debt — — — 55.1
Short-Term Capital Lease Obligations — — — —
Dividends Accrued/Payable — — — —
Other Current Liabilities — — — —
Long Term Capital Lease Obligations — — — —
Min/Non Cntrlling Int(Stckhldrs Eqty) — — — —
Common Stock — — — —
Additional Paid In Capital — — — —
Retained Earnings (Accumulated Deficit) — — — —
Par Value 0.50 0.50 0.50 0.50
Raw Materials 113.7 139.6 171.6 314.3
Work In Progress 101.3 115.5 146.4 197.9
Finished Goods 83.3 103.2 144.8 161.1
Other Gross Fixed Assets — — — —
Other Inventory 96.6 105.1 141.8 -32.1
Allowance For Doubtful Accounts — — — —
Total Shareholders Equity — — — —
Total Capital Leases — — — 2.7
Other Receivables (ST) -2.0 -2.1 -1.6 —
Commitments — — — —
Statutory Capital — — — 76.8
Number of Employees — — — —
Accumulated Amortization Of Goodwill — — — —
Accumulated Amortization Intangible Assets — — — —
Bank Loans - Noncurrent — — — 573.9
Construction In Progress/Adv Payments -Ne 49.3 20.1 65.0 61.1
Research & Development - Net — — — 4.0
Goodwill - Gross — — — —
Intangible Assets - Gross — — — —
Litigation Liabilities — — — 8.1
Net Income/Loss (Stockholders Equity) — — — —
Other Provisions For Liabilities & Charges — — — —
Other Tangible Assets - Net 65.5 76.7 127.1 —
Other Reserve — — — 296.4
Trade Receivables-Gross — — — —
Taxation And Social Security — — — —
Provisions For Litigation — — — —
Buildings - Net 265.9 275.8 266.8 268.8
Plant And Equipment - Net 506.2 464.7 459.0 587.0
Land - Net 83.7 83.7 83.7 83.7
Appropriated Retained Earnings-Legal Rsrv — — — —
Total Shareholder Equity Excludes Minority — — — —
Overdrafts And Bank Loans (Short Term) — — — 90.4
Other Short-Term Borrowings — — — —
Other Liabilities That Are LT Borrowings — — — 33.1
Taxes Receivable (Short-Term) — — — —
Current Capital Lease — — — 2.2
Total Capital Lease — — — 2.8
Capital Leases - Years 2 - 5 — — — 0.6
Capital Lease Interest — — — 0.1
Net Debt Cash — — — —
ARDR Present Value of Capital Lease Year — — — 2.1
ARDR Present Value of Capital Lease Years — — — 0.6
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
63.9 108.2 131.0 285.9 320.8 203.6

37.3 40.8 57.9 78.9 76.9 70.1
613.6 610.7 622.9 590.8 670.8 835.0
— 45.6 3.2 45.6 67.0 8.4
48.0 76.3 99.7 69.4 79.5 430.3
43.5 0.2 3.8 0.7 3.3 0.0
1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
19.0 1.3 1.3 1.8 0.3 0.0
825.3 883.1 919.8 1,073.0 1,218.6 1,547.4
972.7 971.2 952.7 946.1 1,015.0 1,190.4

— 9.1 — — — —
13.3 9.1 6.0 5.4 8.6 6.9
— — — 0.0 — —
75.8 83.7 92.2 95.1 87.5 90.8
0.0 0.0 65.0 19.3 58.1 52.6
1.6 129.2 118.4 110.3 98.8 50.4
— 18.7 — — 54.3 0.0
— — — 0.0 0.0 —
— — 13.6 0.0 — —
— — — 52.0 — —
1,173.5 1,294.8 1,281.1 1,228.3 1,322.5 1,391.1
— — — — — —
110.1 83.0 33.2 — — —
— — — — — —
254.4 272.1 246.6 185.3 183.6 209.4

0.7 0.4 0.7 2.0 2.4 2.5
1.1 1.6 1.6 1.6 1.6 1.9
128.0 145.4 73.3 70.1 87.5 429.0
— — 1.4 0.0 5.6 17.4
— — — — — —
0.1 0.0 0.0 — — —
0.0 8.0 27.6 0.2 26.8 31.2
49.9 704.5 142.1 813.1 66.9 73.6
434.2 1,132.1 493.4 1,072.2 374.5 765.0
634.9 197.2 877.7 328.1 951.2 1,003.4

0.8 0.9 2.0 4.8 4.3 3.6
34.9 40.8 36.2 36.9 41.6 42.6
0.9 0.4 0.5 0.7 2.1 3.6
— — — — — —
550.8 107.2 788.9 234.7 844.9 870.8
31.8 27.2 31.0 33.5 — —
— — — — 30.8 32.9
15.8 20.7 19.1 17.5 27.6 50.0
1,069.1 1,329.2 1,371.1 1,400.3 1,325.8 1,768.3
0.9 1.0 0.9 0.9 1.4 1.7

883.7 336.7 336.7 336.7 356.1 370.0
69.4 69.4 69.4 69.4 86.4 86.4
-297.2 141.9 83.7 83.3 49.4 135.4
929.7 848.7 829.8 901.0 1,215.3 1,170.2
-102.5 -63.8 -0.1 71.5 390.6 232.4
375.4 363.4 339.2 339.1 331.5 344.3
928.8 847.7 828.9 900.1 1,214.0 1,168.5
1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
— — 131.0 — 320.8 —
37.3 40.8 — — — —
613.6 610.7 — 590.8 670.8 —
3.8 2.8 8.9 4.8 15.2 —
— — — 45.6 — —
44.3 73.5 90.9 64.7 13.1 —
— — — 83.7 83.7 —
— — — 714.4 719.9 —
— — — 44.5 81.5 —
— — — 2,268.0 2,361.1 —
2,944.9 3,007.0 3,080.7 3,115.2 3,290.9 —
— 2,035.8 2,128.0 2,169.1 2,275.9 —
— 971.2 952.7 946.1 1,015.0 —
— — — — 96.1 —
10.6 8.1 6.0 5.4 8.6 —
— — 92.2 95.1 87.5 —
— — — 185.3 183.6 —
47.2 704.1 91.9 812.2 66.5 —
— 0.4 0.7 2.0 2.4 —
— — — 2.5 2.9 —
— — — 36.5 52.6 —
— 0.9 2.0 4.8 4.3 —
— — 0.9 — — 1.7
— — 336.7 — — 370.0
— — 69.4 — — 86.4
— — 83.7 — — 135.4
713.8 713.8 713.8 713.8 713.8 —
0.50 0.50 — — 0.50 —
290.6 265.8 268.8 273.6 304.4 —
183.1 194.7 165.5 140.6 161.3 —
181.7 176.4 224.2 197.8 220.3 —
— — — 4.6 44.6 —
-41.9 -26.1 -35.6 -21.3 -15.2 —
— — 2.1 1.6 2.2 —
— — 828.9 — — 1,170.2
1.5 1.3 2.7 6.8 6.7 —
— — — — — —
— — 17.5 — — —
76.8 79.3 — — — —
— — — 3,852.00 3,932.00 —
— — — — 67.5 —
— — — — 108.4 —
516.5 82.6 788.9 234.7 844.9 —
29.9 30.2 30.7 42.7 124.4 —
2.7 1.0 — 0.0 0.0 —
— — — 165.4 155.0 —
— — — — 204.4 —
8.0 8.0 6.3 0.0 0.0 —
— — -0.1 — — 232.4
— — — 33.5 — —
— 0.1 1.1 4.6 — —
298.5 284.1 339.2 — 251.0 344.3
— — 60.0 80.5 79.0 —
— — — 31.1 32.0 —
— — — 0.2 — —
264.9 252.2 241.5 238.3 224.2 —
594.2 604.9 595.7 576.7 582.7 —
83.7 83.7 83.7 83.7 83.7 —
— — — — 80.6 —
— — 829.8 — — 1,168.5
2.7 0.4 21.2 0.9 0.4 —
— — 29.0 — — —
34.3 24.6 — — — —
— — — — 51.1 —
0.7 0.5 0.8 2.2 2.6 —
1.6 1.4 2.9 7.3 7.1 —
0.9 1.0 2.1 5.1 4.5 —
0.1 0.1 0.2 0.5 0.4 —
— — — 768.7 561.7 —
0.7 0.4 0.7 2.0 2.4 —
0.8 0.9 2.0 4.8 4.3 —
Alro SA (ALR RO) - Common Size
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Assets 1,854.5 1,964.1 2,601.8 2,194.2
Total Assets
+ Cash, Cash Equivalents & STI 16.6 15.6 10.4 10.1
+ Cash & Cash Equivalents 16.6 15.6 10.4 10.1
+ ST Investments — — — —
+ Accounts & Notes Receiv 2.8 3.8 1.7 1.3
+ Accounts Receivable, Net — — — 1.3
+ Notes Receivable, Net — — — —
+ Inventories 21.3 23.6 23.2 29.2
+ Raw Materials 6.1 7.1 6.6 14.3
+ Work In Process 5.5 5.9 5.6 9.0
+ Finished Goods 4.5 5.3 5.6 7.3
+ Other Inventory 5.2 5.3 5.5 -1.5
+ Other ST Assets 3.1 6.6 13.3 8.4
+ Prepaid Expenses — — — —
+ Taxes Receivable — — — —
+ Misc ST Assets — — — —
Total Current Assets 43.8 49.5 48.6 49.0
+ Property, Plant & Equip, Net 52.3 46.9 38.5 45.6
+ Property, Plant & Equip — — — 131.4
- Accumulated Depreciation — — — 85.8
+ LT Investments & Receivables — — — 1.3
+ LT Investments — — — —
+ Other LT Assets 3.8 3.6 12.9 4.1
+ Total Intangible Assets 1.2 1.2 3.5 4.1
+ Goodwill 0.9 0.8 3.0 3.5
+ Other Intangible Assets 0.4 0.4 0.5 0.5
+ Deferred Tax Assets — 1.3 — 0.0
+ Investments in Affiliates — 0.0 — —
+ Misc LT Assets 2.6 1.0 9.4 0.0
Total Noncurrent Assets 56.2 50.5 51.4 51.0
Total Assets 100.0 100.0 100.0 100.0
Liabilities & Shareholders' Equity

+ Payables & Accruals — — — 7.4
+ Accounts Payable — — — 7.4
+ Accrued Taxes — — — —
+ Interest & Dividends Payable — — — —
+ Other Payables & Accruals — — — —
+ ST Debt 26.6 2.9 3.6 6.7
+ ST Borrowings 26.3 2.6 3.5 6.6
+ ST Capital Leases 0.3 0.3 0.1 0.1
+ Current Portion of LT Debt — — — —
+ Other ST Liabilities 12.3 14.2 10.4 8.7
+ Misc ST Liabilities 12.3 14.2 10.4 8.7
+ LT Debt 4.9 28.6 23.8 27.7
+ LT Borrowings 4.3 28.4 23.7 27.7
+ LT Capital Leases 0.6 0.3 0.1 0.0
+ Other LT Liabilities 6.7 5.2 3.9 2.3
+ Accrued Liabilities — — — —
+ Pension Liabilities — — — —
+ Deferred Tax Liabilities — — — 0.0
+ Misc LT Liabilities 6.7 5.2 3.9 2.3
Total Liabilities 50.5 50.9 41.8 52.9
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 51.4 48.5 36.6 43.4
+ Common Stock — — — —
+ Additional Paid in Capital — — — —
- Treasury Stock — 0.0 — 0.0
+ Retained Earnings -15.1 -11.5 -6.7 -13.4
+ Other Equity 13.1 12.0 28.2 17.0
Equity Before Minority Interest 49.4 49.0 58.2 47.1
+ Minority/Non Controlling Interest 0.1 0.1 0.1 0.1
Total Equity 49.5 49.1 58.2 47.1
Total Liabilities & Equity 100.0 100.0 100.0 100.0
Reference Items
Number of Treasury Shares — 0.0 — 0.0
Pension Obligations — — — 1.2
Future Minimum Operating Lease Obligation — 0.0 — 0.0
Capital Leases - Total 1.0 0.5 0.2 0.1
Options Granted During Period — — — —
Options Outstanding at Period End — — — —
Net Debt 14.9 15.9 17.0 24.3
Net Debt to Equity 1.6 1.6 1.1 2.4
Tangible Common Equity Ratio 2.6 2.5 2.2 2.0
Current Ratio 0.1 0.1 0.1 0.1
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
3.2 5.0 6.0 12.4 12.6 6.9

3.2 5.0 6.0 12.4 12.6 6.9
— — — — 0.0 0.0
1.9 1.9 2.6 3.4 3.0 2.4
1.9 1.9 2.6 3.4 3.0 2.4
— — — — 0.0 0.0
30.7 28.0 28.3 25.7 26.4 28.4
14.5 12.2 12.2 11.9 12.0 —
9.2 8.9 7.5 6.1 6.3 —
9.1 8.1 10.2 8.6 8.7 —
-2.1 -1.2 -1.6 -0.9 -0.6 —
5.5 5.7 4.9 5.1 5.9 14.9
— — — — 0.6 —
— — — — 0.1 0.0
— — — — 2.0 0.0
— — — — 3.2 14.9
41.3 40.5 41.8 46.6 48.0 52.7
48.7 44.6 43.3 41.1 39.9 40.5
147.3 138.1 140.0 135.4 129.5 —
98.7 93.5 96.7 94.3 89.6 —
5.5 4.7 1.5 0.0 2.1 0.0
— — — — 2.1 0.0
4.5 10.2 13.4 12.3 10.0 6.8
4.5 4.3 4.5 4.4 3.8 3.3
3.8 3.8 4.2 4.1 3.4 3.1
0.7 0.4 0.3 0.2 0.3 0.2
0.1 5.9 5.4 4.8 3.9 1.7
— — — — 0.0 —
— — — 0.0 0.0 —
0.0 0.0 3.6 3.1 2.3 1.8
58.7 59.5 58.2 53.4 52.0 47.3
100.0 100.0 100.0 100.0 100.0 100.0
12.7 12.5 11.2 8.1 8.9 7.8

12.7 12.5 11.2 8.1 7.2 7.1
— — — — 1.5 0.6
— — — — 0.1 —
— — — — 0.1 0.1
2.5 32.4 6.5 35.4 2.7 2.6
2.5 32.3 6.5 35.3 0.0 2.5
0.0 0.0 0.0 0.1 0.1 0.1
— — — — 2.6 —
6.5 7.1 4.7 3.1 3.1 15.7
— — — — 0.0 —
— — — — 0.0 —
6.5 7.1 4.7 3.1 3.1 15.7
21.7 52.0 22.4 46.6 14.7 26.0
27.6 5.0 35.9 10.4 33.4 29.8
27.6 4.9 35.8 10.2 33.3 29.6
0.0 0.0 0.1 0.2 0.2 0.1
4.2 4.1 3.9 3.8 4.0 4.4
— — — — 1.1 1.7
— — — — 1.6 1.5
— — — — 0.0 —
— — — — — —
— — — — 0.0 —
4.2 4.1 3.9 3.8 1.3 1.2
31.8 9.1 39.9 14.2 37.4 34.1
53.5 61.0 62.3 60.8 52.2 60.2
0.0 0.0 0.0 0.0 0.0 0.0
47.7 18.6 18.5 17.6 17.4 15.5
— — — — 14.0 12.6
— — — — 3.4 2.9
0.0 0.0 0.0 0.0 0.0 0.0
-20.0 3.6 3.8 6.7 20.5 12.5
18.8 16.7 15.4 14.7 9.9 11.7
46.5 38.9 37.7 39.1 47.8 39.8
0.0 0.0 0.0 0.0 0.1 0.1
46.5 39.0 37.7 39.2 47.8 39.8
100.0 100.0 100.0 100.0 100.0 100.0
IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

35.7 32.8 32.4 31.0 28.1 24.3
0.0 0.0 0.0 0.0 0.0 0.0
1.7 1.9 1.6 1.6 1.6 1.5
0.0 0.0 0.0 0.0 0.0 —
0.1 0.1 0.1 0.3 0.3 0.2
0.0 0.0 — — 0.0 —
0.0 0.0 — — 0.0 —
26.9 32.4 36.5 33.4 23.5 25.4
2.9 3.8 4.4 3.7 1.9 2.2
2.2 1.7 1.6 1.6 1.8 1.3
0.1 0.0 0.1 0.0 0.1 0.1
4.1 3.4 3.3 3.7 3.6 3.4
3,987.0 3,774.0 3,810.0 3,852.0 3,932.0 —
Alro SA (ALR RO) - Standardized
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Cash from Operating Activities
+ Net Income 183.8 242.8 -179.7 -102.5
+ Depreciation & Amortization 102.9 111.0 119.1 128.6
+ Non-Cash Items 53.6 117.0 280.7 -69.3
+ Other Non-Cash Adj 53.6 117.0 280.7 -69.3
+ Chg in Non-Cash Work Cap -118.5 -117.6 -52.0 153.8
+ (Inc) Dec in Accts Receiv -106.0 54.7 12.3 62.8
+ (Inc) Dec in Inventories -59.4 -133.1 -55.9 1.5
+ Inc (Dec) in Accts Payable 46.9 -39.2 -8.4 89.5
+ Inc (Dec) in Other 0.0 0.0 0.0 0.0
+ Net Cash From Disc Ops — — — —
Cash from Operating Activities 221.8 353.2 168.1 110.6
Cash from Investing Activities

+ Change in Fixed & Intang -50.0 -127.3 -81.2 -108.6
+ Disp in Fixed & Intang 1.5 0.2 0.4 0.6
+ Disp of Fixed Prod Assets — — — —
+ Disp of Intangible Assets — — — —
+ Acq of Fixed & Intang -51.6 -127.5 -81.6 -109.2
+ Net Change in LT Investment — — 0.0 0.0
+ Dec in LT Investment — — 0.0 0.0
+ Inc in LT Investment — — 0.0 0.0
+ Net Cash From Acq & Div — — — —
+ Cash from Divestitures — — — —
+ Cash for Acq of Subs — — — —
+ Cash for JVs — — — —
+ Other Investing Activities -56.2 -143.1 -41.3 17.2
Cash from Investing Activities -106.2 -270.4 -122.6 -91.4
Cash from Financing Activities

+ Dividends Paid -166.6 -153.5 -124.0 -38.3
+ Cash From (Repayment) Debt — 34.1 29.8 -138.5
+ Cash From (Repay) ST Debt — — — —
+ Cash From LT Debt — — — —
+ Repayments of LT Debt — — — —
+ Cash (Repurchase) of Equity — — 0.0 0.0
+ Increase in Capital Stock — — 0.0 0.0
+ Decrease in Capital Stock — — 0.0 0.0
+ Other Financing Activities — — — —
Cash from Financing Activities -117.2 -119.4 -94.3 -176.8
Effect of Foreign Exchange Rates — — — —
Net Changes in Cash -1.6 -36.6 -48.7 -157.6
Cash Paid for Taxes 32.9 46.5 27.6 0.0

Cash Paid for Interest 26.9 21.7 45.8 46.0
Reference Items
EBITDA 464.1 568.8 253.9 -41.0
Trailing 12M EBITDA Margin 24.76 24.41 11.14 -2.03
Interest Received — — -1.7 —
Free Cash Flow 170.3 225.7 86.5 1.4
Free Cash Flow to Firm 194.7 252.0 — —
Free Cash Flow to Equity — 260.0 116.7 -136.5
Free Cash Flow per Basic Share 0.25 0.32 0.12 0.00
Price to Free Cash Flow 12.10 10.28 16.51 721.76
Cash Flow to Net Income 1.21 1.45 — —
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
-63.8 -0.1 71.5 390.6 232.4 232.4

101.8 120.1 124.9 127.3 125.1 125.1
13.9 137.6 3.4 -16.1 106.9 106.9
13.9 137.6 3.4 -16.1 106.9 106.9
16.1 -148.7 -20.1 -74.3 -137.8 -137.8
-7.4 -56.5 — — —
24.3 -21.5 49.8 -71.7 -167.5 -167.5
-0.9 -70.7 — — —
0.0 0.0 -69.9 -2.6 29.8 29.8
— — — 0.0 0.0 0.0
68.0 108.9 179.7 427.5 326.7 326.7
-95.6 -92.4 -106.4 -197.6 -289.7 -289.7

2.4 2.0 4.3 1.3 2.7 2.7
— — — 1.3 2.7 2.7
— — — 0.0 0.0 0.0
-98.0 -94.3 -110.7 -198.9 -292.4 -292.4
0.0 0.0 0.0 0.0 80.7 80.7
0.0 0.0 0.0 0.0 80.7 80.7
0.0 0.0 0.0 0.0 0.0 0.0
— — — -3.4 55.1 53.8
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — -3.4 55.1 53.8
-62.3 -13.4 -10.8 -54.9 83.0 84.3
— — — 0.0 0.0 0.0
-158.0 -105.8 -117.2 -255.9 -71.0 -71.0
0.0 -51.8 -4.2 -64.3 -365.4

151.1 71.4 96.6 -72.2 -7.6 -7.6
— — — 0.0 0.0 0.0
— — — 2.4 62.6 2.1
— — — -74.5 -70.2 -65.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
134.2 19.7 92.4 -136.4 -373.0 -373.0
— — — -0.1 0.1 0.1
44.2 22.8 154.9 35.0 -117.2 -117.2
— — 3.4 2.9 20.7 20.7

42.7 93.4 63.9 57.8 41.2 41.2
152.8 316.1 356.4 566.3 487.4 487.4

7.25 13.05 15.48 20.77 16.34 16.34
— — 2.3 2.6 7.5 7.5
-30.0 14.6 69.0 228.6 34.3 34.3
— 14.5 127.6 288.3 69.2 64.4
123.5 88.0 169.9 157.7 29.4
-0.04 0.02 0.10 0.32 0.05 0.05
— 64.45 12.10 10.21 64.09 49.32
— — 2.51 1.09 1.41 2.11
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Flow
Cash From Operating Activities
Net Income - CF 175.0 241.8 293.1 —
Depreciation And Amortization - CF 86.7 102.9 111.0 119.1
Disposal/Sale of Assets — — — —
Other Non-Cash Items -91.3 42.5 69.4 179.4
Change in Inventories 217.6 -59.4 -133.1 -55.9
Change in Accounts Payable -65.2 46.9 -39.2 -8.4
Change in Accounts Receivable 139.5 -106.0 54.7 12.3
Impairments — — — —
Cash Paid For Taxes -19.6 -32.9 -46.5 -27.6
Cash Paid For Interest -29.7 -26.9 -21.7 -45.8
Total Cash Flows From Operations 460.4 221.8 350.4 166.5
Unrealized Appreciation/Depreciation of Inve — — — —
Interest Received — — — —
Foreign Exchange Gains/Losses 8.0 -17.8 25.6 4.0
Gain (Loss) From The Sale Of Fixed Assets 9.3 1.3 5.7 —
Change In Trade Payables & Other Current — — — —
Change In Provisions — — 2.5 -19.1
Interest Income - CF -5.2 -2.7 -2.8 -1.7
Dividends Income — — — —
Dividends Received — — — —
Increase/Decrease In Trade & Other Receiv — — — —
Profit Before Taxation And Minority Interest — — — -228.0
Depreciation And Amortization And Write-D — — — —
Financial Items - Net - CF — — — 183.0
Other Payments From Operating Activities — — — —
Cash From Investing Activities
Disposal of Fixed Assets 3.3 1.5 0.2 0.4
Proceeds From Short-Term Investments -39.0 -58.9 -64.2 -41.3
Sales (Purchases) of ST Investments - Net — — — —
Proceeds From Investments — — — —
Other Investing Activities 5.2 2.7 -78.8 0.0
Additions To Fixed And Intangible Assets -58.5 -51.6 -127.5 -81.6
Interest And Dividends Received — — 2.8 1.7
Proceeds From Sale Of Fixed & Intangible A — — — —
Interest Received From Investing Activities — — — —
Chg In Investments In/Advances Of Affiliate — — — —
Total Cash Flows From Investing -89.0 -106.2 -267.6 -120.9
Dividends Paid -145.0 -166.6 -153.5 -124.0
Increase In Short-Term Borrowings 1.2 — — —
Increase In Long-Term Borrowings — — 99.3 110.6
Decrease In Long-Term Borrowings — — -65.2 -80.9
Effect of Exchange Rates On Cash — — — —
Other Financing Activities — 49.4 — —
Net Change In Cash 227.5 -1.6 -36.6 -48.7
Cash and Cash Equivalents (End of Period) 308.5 306.8 270.2 221.6
Cash and Cash Equivalents (Beg of Period) 80.9 308.5 306.8 270.2
Chg In Cash Due To Exchange Rate Consoli — — — —
Total Cash Flows From Financing -143.8 -117.2 -119.4 -94.3
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
— — — — — —
128.6 101.8 120.1 — 127.3 125.1
— — 0.0 — — —
28.8 -32.0 74.4 -15.2 -4.5 13.4
1.5 24.3 -21.5 49.8 -71.7 -167.5
89.5 -0.9 -70.7 — — —
62.8 -7.4 -56.5 — — —
— — — — 0.2 -1.3
0.0 — — -3.4 -2.9 -20.7
-46.0 -42.7 -93.4 -63.9 -57.8 -41.2
106.1 64.8 106.0 177.4 424.9 319.2
— — — — 0.0 —
-4.5 -3.0 -4.6 -5.3 -6.7 -7.5
-17.3 66.9 64.8 21.0 -45.6 27.5
— 4.4 5.8 0.2 1.8 2.8
— — — -84.2 3.0 30.0
-0.1 0.0 19.7 -27.5 26.7 4.4
63.8 57.6 57.5 66.5 50.9 47.3
— — — — — —
— — — 0.0 0.0 0.0
— — — 0.0 — —
— — — 14.3 -5.6 -0.3
-103.0 -190.5 11.2 81.2 411.5 315.5
— — — 124.9 — —
-97.9 86.2 — 21.7 1.2 -35.2
— — -0.7 -2.7 -2.8 26.7
0.6 2.4 2.0 — 1.3 2.7

0.0 — — — — —
— — — 2.7 -66.5 58.6
— — — — — 80.7
17.2 -62.3 -13.4 — 11.7 24.3
-109.2 -98.0 -94.3 -110.7 -198.9 -292.4
4.5 3.3 2.9 — — —
— — — 4.3 — —
— — — 2.3 2.6 7.5
— — — -13.6 -3.4 55.1
-86.9 -154.7 -102.9 -114.9 -253.3 -63.5
-38.3 0.0 -51.8 -4.2 -64.3 -365.4
— — — — — —
6.0 204.5 712.6 239.4 2.4 62.6
-144.5 -53.3 -641.2 -142.8 -74.5 -70.2
— — — 0.0 -0.1 0.1
— -16.9 — — — —
-157.6 44.2 22.8 154.9 35.1 -117.3
63.9 108.2 131.0 285.9 320.8 203.6
221.6 63.9 108.2 131.0 285.9 320.8
— 0.0 0.0 — — —
-176.8 134.2 19.6 92.4 -136.4 -373.0
Alro SA (ALR RO) - Profitability
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Returns
Return on Common Equity 14.68 19.58 19.61 -14.11
Return on Assets 7.28 9.63 10.63 -7.49
Return on Capital 11.13 13.51 14.12 -6.66
Return on Invested Capital 15.67 18.27 20.04 6.21
Margins
Gross Margin 25.16 29.54 25.56 13.61
EBITDA Margin 23.27 24.76 24.41 11.14
Operating Margin 17.87 19.27 19.65 5.92
Incremental Operating Margin -10.23 27.64 21.20 -627.67
Pretax Margin 10.90 12.90 12.58 -10.01
Income before XO Margin 9.05 9.82 10.42 -7.91
Net Income Margin 9.04 9.81 10.42 -7.88
Net Income to Common Margin 9.04 9.81 10.42 -7.88
Additional
Effective Tax Rate 16.97 23.86 17.12 —
Dvd Payout Ratio 127.81 73.77 55.86 —
Sustainable Growth Rate -4.08 5.14 8.66 —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
-10.45 -7.18 -0.02 8.27 36.95 19.51

-4.89 -3.05 -0.01 3.18 16.13 8.48
-2.98 -0.95 -0.01 6.99 22.05 12.58
-9.58 9.10 -0.02 11.66 21.51 12.96
1.12 9.91 16.74 15.97 25.23 22.46

-2.03 7.25 13.05 15.48 20.77 16.34
-8.41 2.42 8.09 10.05 16.10 12.15
-116.29 240.84 46.13 — 49.00 —
-5.11 -9.04 0.46 3.53 15.09 10.58
-5.11 -3.02 0.00 3.10 14.35 7.80
-5.08 -3.02 -0.01 3.11 14.33 7.79
-5.08 -3.02 -0.01 3.11 14.33 7.79
— — 100.16 11.96 4.96 26.25

— — — 93.97 97.80 —
— — — 0.50 0.81 —
Alro SA (ALR RO) - Growth
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
1 Year Growth
Revenue -22.64 16.73 24.32 -2.21
EBITDA -12.29 24.21 22.56 -55.35
Operating Income -14.35 25.88 26.76 -70.54
Net Income to Common -30.11 26.61 32.06 —
EPS Diluted -30.11 26.61 32.01 —
EPS Diluted before XO -30.11 26.61 32.01 —
EPS Diluted before Abnormal -30.11 24.84 33.88 -88.69
Dividend per Share -55.17 -26.92 0.00 226.57
Accounts Receivable -2.10 42.21 -41.87 -32.31

Inventory -26.94 17.33 30.50 6.04
Fixed Assets -4.78 -5.11 8.75 -0.11
Total Assets -13.17 5.91 32.47 -15.66
Modified Working Capital -24.71 20.23 20.52 -21.59
Working Capital -78.90 606.38 40.91 -36.09
Employees -27.71 -11.43 0.08 59.03
Accounts Payable — — — —
Short-Term Debt 51.65 -88.44 64.08 57.71
Total Debt 1.96 5.99 15.25 5.83
Total Equity -13.79 5.10 57.18 -31.75
Capital -8.27 5.45 40.78 -19.72
Book Value per Share -13.82 5.09 57.29 -31.75
Cash From Operations 61.16 -51.81 59.21 -52.39

Capital Expenditures -62.60 -11.85 147.21 -35.95
Net Change In Cash — — -2,139.41 -33.03
Free Cash Flow 210.97 -57.63 32.56 -61.68
Cash Flow to Firm 57.00 -49.72 54.09 —
Free Cash Flow to Firm 177.30 -54.86 29.42 —
5 Year Growth
Revenue 2.68 3.08 0.43 1.95
EBITDA 7.99 13.05 -0.19 -13.91
Operating Income 9.26 13.35 -1.30 -21.28
Net Income to Common 2.58 9.77 -7.30 —
EPS Diluted -9.00 4.44 -7.54 —
EPS Diluted before XO — — -7.54 —
EPS Diluted before Abnormal — — -7.54 -40.83
Dividend per Share -3.51 6.76 -13.36 10.30
Accounts Receivable -15.53 -14.63 -14.27 -20.15
Inventory 8.80 13.77 6.86 8.42
Fixed Assets 9.78 8.78 1.30 0.44
Total Assets 8.94 5.67 7.81 1.56
Modified Working Capital 9.40 9.31 4.21 4.81
Working Capital -17.16 6.78 13.17 0.85
Employees — — — —
Short-Term Debt 32.65 -18.10 -10.41 -8.08
Total Debt 34.18 15.73 13.32 9.40
Total Equity -0.26 -1.78 5.01 -3.93
Total Capital 5 Year Growth 7.14 3.19 7.28 0.50
Book Value per Share -10.23 -2.07 4.72 -3.96
Cash From Operations 43.35 63.03 -0.48 -16.93

Free Cash Flow — — -0.27 -21.37
Cash Flow to Firm 44.41 48.78 -1.02 —
Free Cash Flow to Firm — — -1.10 —
Sequential Growth
Revenue -22.64 16.73 24.32 -2.21
EBITDA -12.29 24.21 22.56 -55.35
Operating Income -14.35 25.88 26.76 -70.54
Net Income to Common -30.11 26.61 32.06 -174.00
EPS Diluted -30.11 26.61 32.01 -174.12
EPS Diluted before XO -30.11 26.61 32.01 -174.12
EPS Diluted before Abnormal -30.11 24.84 33.88 -88.69
Dividend per Share -55.17 -26.92 0.00 226.57
Accounts Receivable -2.10 42.21 -41.87 -32.31

Inventory -26.94 17.33 30.50 6.04
Fixed Assets -4.78 -5.11 8.75 -0.11
Total Assets -13.17 5.91 32.47 -15.66
Modified Working Capital -24.71 20.23 20.52 -21.59
Working Capital -78.90 606.38 40.91 -36.09
Employees -27.71 -11.43 0.08 59.03
Short-Term Debt 51.65 -88.44 64.08 57.71
Total Debt 1.96 5.99 15.25 5.83
Total Equity -13.79 5.10 57.18 -31.75
Capital -8.27 5.45 40.78 -19.72
Book Value per Share -13.82 5.09 57.29 -31.75
Cash From Operations 61.16 -51.81 59.21 -52.39

Capital Expenditures -62.60 -11.85 147.21 -35.95
Net Change In Cash — -100.72 — —
Free Cash Flow 210.97 -57.63 32.56 -61.68
Cash Flow to Firm 57.00 -49.72 54.09 —
Free Cash Flow to Firm 177.30 -54.86 29.42 —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
-11.49 4.54 14.91 -4.95 18.39 9.40

— — 106.87 12.75 58.90 -13.93
— — 284.40 18.10 89.65 -17.47
42.95 37.79 99.80 — 446.03 -40.50
42.86 38.19 99.80 — 447.00 -40.40
42.86 38.19 99.80 — 447.00 -40.40
— — 1.70 112.66 203.42 -48.09
— — — — 468.37 —
27.89 9.46 41.86 36.23 -2.57 -8.75

-4.30 -0.47 2.00 -5.16 13.55 24.48
-2.78 -0.16 -1.90 -0.69 7.28 17.27
-8.91 8.96 1.06 4.56 10.42 15.64
-21.92 -4.31 14.43 11.55 16.45 23.36
-31.92 — — -99.87 146,957.67 -7.31
0.13 -5.34 0.95 1.10 2.08 —
56.58 6.96 -9.37 -24.86 -0.90 14.02
-65.77 1,294.93 -79.74 470.54 -91.50 9.75
-20.28 35.03 14.84 12.94 -12.90 3.47
-10.11 -8.72 -2.22 8.57 34.90 -3.71
-14.40 8.48 6.13 10.89 9.12 -0.62
-10.07 -8.74 -2.22 8.59 34.88 -3.75
-34.21 -38.53 60.19 64.97 137.88 -23.58

33.72 -10.23 -3.78 17.36 79.70 46.99
-223.80 — -48.42 578.99 -77.42 —
-98.35 — — 372.11 231.20 -84.99
— — — 118.90 104.48 -25.78
— — — 778.14 125.99 -76.00
-0.57 5.60 5.27 -0.24 3.65 8.14

— -16.38 -7.39 -8.93 17.40 —
— -29.22 -11.51 -12.75 26.62 —
— — — — — —
— — — — — —
— — — — — —
— -16.22 -19.59 -11.79 70.32 —
-100.00 -100.00 -100.00 -13.10 -2.91 —
-6.87 -4.77 -4.81 12.86 21.39 13.46
2.57 9.11 6.10 -0.46 0.91 6.36
-0.93 0.01 0.68 -1.13 0.29 4.12
-1.32 3.27 2.30 -2.42 2.98 8.01
-7.76 -3.23 -4.18 -5.65 2.12 11.90
-1.78 — -7.74 -77.04 8.00 14.87
0.40 5.96 8.77 9.00 -0.25 —
— — — — 2.48 -3.82
-31.10 7.40 20.15 54.16 -14.04 8.52
1.00 6.83 8.56 8.12 3.99 9.56
-2.66 -1.54 -2.95 -9.88 3.28 4.71
-1.32 2.05 2.18 -2.58 3.58 6.72
-2.65 -1.53 -2.94 -9.87 3.28 4.70
-17.28 -31.79 -13.26 -12.64 20.52 24.18

-59.37 — -38.80 -21.10 21.46 88.77
— — — — — —
— — — — — —
-11.49 4.54 14.91 -4.95 18.39 9.40

-116.14 — 106.87 12.75 58.90 -13.93
-225.73 — 284.40 18.10 89.65 -17.47
— — — — 446.03 -40.50
— — — — 447.00 -40.40
— — — — 447.00 -40.40
-830.91 — 1.70 112.66 203.42 -48.09
-100.00 — — — 468.37 —
27.89 9.46 41.86 36.23 -2.57 -8.75

-4.30 -0.47 2.00 -5.16 13.55 24.48
-2.78 -0.16 -1.90 -0.69 7.28 17.27
-8.91 8.96 1.06 4.56 10.42 15.64
-21.92 -4.31 14.43 11.55 16.45 23.36
-31.92 -163.66 — -99.87 146,957.67 -7.31
0.13 -5.34 0.95 1.10 2.08 —
56.58 6.96 -9.37 -24.86 -0.90 14.02
-65.77 1,294.93 -79.74 470.54 -91.50 9.75
-20.28 35.03 14.84 12.94 -12.90 3.47
-10.11 -8.72 -2.22 8.57 34.90 -3.71
-14.40 8.48 6.13 10.89 9.12 -0.62
-10.07 -8.74 -2.22 8.59 34.88 -3.75
-34.21 -38.53 60.19 64.97 137.88 -23.58

33.72 -10.23 -3.78 17.36 79.70 46.99
— — -48.42 578.99 -77.42 -435.12
-98.35 -2,197.83 — 372.11 231.20 -84.99
— — — 118.90 104.48 -25.78
— — — 778.14 125.99 -76.00
Alro SA (ALR RO) - Credit
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Short and Long Term Debt 584.2 619.2 713.7 755.3
Short-Term Debt 493.4 57.0 93.6 147.6
Long Term Debt 90.8 562.2 620.1 607.7
Total Debt/T12M EBITDA 1.56 1.33 1.25 2.97

Net Debt/EBITDA 0.74 0.67 0.78 2.10
Total Debt/EBIT 2.04 1.71 1.56 5.60

Net Debt/EBIT 0.96 0.87 0.97 3.96
EBITDA to Interest Expense 10.56 14.48 17.97 4.60

EBITDA-CapEx/Interest Expense 8.91 12.87 13.94 3.12
EBIT to Interest Expense 8.11 11.27 14.46 2.44
EBITDA/Cash Interest Paid 12.56 17.28 26.26 5.54

EBITDA-CapEx/Cash Interest Paid 10.60 15.36 20.38 3.76
EBIT/Cash Interest Paid 9.65 13.45 21.14 2.94
Cash Interest Paid 29.7 26.9 21.7 45.8

Common Equity/Total Assets 49.37 48.99 58.17 47.07

Long-Term Debt/Equity 9.90 58.31 40.92 58.76
Long-Term Debt/Capital 6.05 35.51 27.82 33.96
Long-Term Debt/Total Assets 4.90 28.62 23.83 27.69
Total Debt/Equity 63.69 64.23 47.10 73.03

Total Debt/Capital 38.91 39.11 32.02 42.21
Total Debt/Total Assets 31.50 31.53 27.43 34.42
Net Debt/Equity 30.06 32.41 29.26 51.61

Net Debt/Capital 23.11 24.47 22.64 34.04
EBITDA 373.6 464.1 568.8 253.9

EBITDA-CapEx 315.1 412.5 441.3 172.3
EBIT 286.9 361.1 457.8 134.9
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
602.1 813.0 933.7 1,054.6 918.5 950.4
50.5 704.9 142.9 815.0 69.3 76.1
551.6 108.1 790.9 239.5 849.2 874.3
— 5.32 2.95 2.96 1.62 1.95

— 4.61 2.54 2.16 1.06 1.53
— 15.95 4.76 4.56 2.09 2.62

— 13.83 4.10 3.32 1.36 2.06
-0.64 2.65 5.50 5.36 9.02 10.30

-2.35 0.95 3.86 3.70 5.85 4.12
-2.66 0.89 3.41 3.48 6.99 7.66
-0.89 3.58 3.38 5.58 9.80 11.83

-3.26 1.28 2.37 3.84 6.36 4.73
-3.69 1.19 2.10 3.62 7.60 8.79
46.0 42.7 93.4 63.9 57.8 41.2

63.8 57.6 57.5 66.5 62.8 47.3
46.47 38.92 37.66 39.11 47.77 39.76

59.33 12.74 95.30 26.59 69.88 74.72
36.01 6.51 44.84 12.25 39.80 41.23
27.60 4.96 35.93 10.41 33.42 29.75
64.76 95.80 112.52 117.05 75.58 81.22

39.31 48.93 52.95 53.93 43.05 44.82
30.12 37.33 42.42 45.83 36.15 32.34
57.89 83.06 96.74 85.32 49.18 63.82

36.66 45.37 49.17 46.04 32.97 38.96
-41.0 152.8 316.1 356.4 566.3 487.4

-150.2 54.8 221.8 245.7 367.4 195.0
-169.6 51.0 196.0 231.4 438.9 362.3
Alro SA (ALR RO) - Liquidity
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Cash Ratio 0.43 0.92 0.74 0.44
Current Ratio 1.13 2.90 3.47 2.15
Quick Ratio 0.50 1.14 0.86 0.50
CFO/Avg Current Liab 0.69 0.42 1.01 0.39
Common Equity/Total Assets 49.37 48.99 58.17 47.07
Long-Term Debt/Equity 9.90 58.31 40.92 58.76

Long-Term Debt/Capital 6.05 35.51 27.82 33.96
Long-Term Debt/Total Assets 4.90 28.62 23.83 27.69
Total Debt/Equity 63.69 64.23 47.10 73.03

Total Debt/Capital 38.91 39.11 32.02 42.21
Total Debt/Total Assets 31.50 31.53 27.43 34.42
CFO/Total Liabilities 49.12 22.18 32.51 14.49

CFO/CapEx 7.87 4.30 2.77 2.06
Altman's Z-Score 2.34 3.09 3.14 2.16
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
0.15 0.10 0.27 0.27 0.86 0.27
1.90 0.78 1.86 1.00 3.25 2.02
0.23 0.13 0.38 0.34 1.06 0.36
0.24 0.09 0.13 0.23 0.59 0.57
46.47 38.92 37.66 39.11 47.77 39.76
59.33 12.74 95.30 26.59 69.88 74.72

36.01 6.51 44.84 12.25 39.80 41.23
27.60 4.96 35.93 10.41 33.42 29.75
64.76 95.80 112.52 117.05 75.58 81.22

39.31 48.93 52.95 53.93 43.05 44.82
30.12 37.33 42.42 45.83 36.15 32.34
10.35 5.12 7.94 12.83 32.24 18.47

1.01 0.69 1.16 1.62 2.15 1.12
1.30 1.37 2.17 1.85 3.48 2.73
Alro SA (ALR RO) - Working Capital
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Accounts Receivable Turnover 30.49 29.70 39.77 63.09
Days Sales Outstanding 11.97 12.29 9.18 5.80
Inventory Turnover 2.57 3.08 3.25 3.16
Days Inventory Outstanding 142.07 118.61 112.37 115.82
Accounts Payable Turnover — — — —
Accounts Payable Turnover Days — — — —

Inventory to Cash Days 154.04 130.90 121.55 121.63
Total Inventory 394.9 463.4 604.7 641.2

Inventory Raw Materials 113.7 139.6 171.6 314.3
Inventory In Progress 101.3 115.5 146.4 197.9
Inventory Finished Goods 83.3 103.2 144.8 161.1
Other Inventory 96.6 105.1 141.8 -32.1
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
60.70 53.99 49.08 33.67 35.01 40.58
6.01 6.76 7.44 10.87 10.42 8.99
3.18 3.10 3.27 3.19 3.23 3.07
114.83 117.63 111.61 114.78 112.95 118.83
9.44 7.20 7.82 8.81 11.48 12.60
38.68 50.66 46.65 41.53 31.79 28.96
82.16 73.73 72.40 84.11 91.59 98.87

120.84 124.39 119.05 125.65 123.38 127.83
613.6 610.7 622.9 590.8 670.8 835.0

290.6 265.8 268.8 273.6 304.4 —
183.1 194.7 165.5 140.6 161.3 —
181.7 176.4 224.2 197.8 220.3 —
-41.9 -26.1 -35.6 -21.3 -15.2 —
Alro SA (ALR RO) - Yield Analysis
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
T12 Cash Flows to Equity
+ Cash From Operations 460.4 221.8 353.2 168.1
+ Capital Expenditures -58.5 -51.6 -127.5 -81.6
Free Cash Flow 401.9 170.3 225.7 86.5
Free Cash Flow Yield 23.46 8.26 9.73 6.06
Dividends Paid -145.0 -166.6 -153.5 -124.0

Net Share Repurchases — — — 0.0
Net ST Debt Repayments 1.2 — — —
Net LT Debt Repayments — — 34.1 29.8
Other Financing Activities — 49.4 — —
T12 Cash to Suppliers of Capital — — — -94.3
T12 Shareholder Yield — — — 6.60
- Dividends Paid -145.0 -166.6 -153.5 -124.0

- Net Share Repurchases — — — 0.0
T12 Cash to Shareholders — — — 124.0
T12 Shareholder Yield, Ex Debt — — — 8.69
T12 Cash Flows to the Firm

+ Cash From Operations 460.4 221.8 353.2 168.1
+ Capital Expenditures -58.5 -51.6 -127.5 -81.6
+ After-Tax Interest Expense 29.4 24.4 26.2 —
Trailing 12M Free Cash Flow To Firm 431.2 194.7 252.0 —
Periodic Enterprise Value 1,990.5 2,448.5 2,765.1 1,962.6
T12 FCFF Yield 21.66 7.95 9.11 —
- Dividends Paid -145.0 -166.6 -153.5 -124.0

- Net Share Repurchases — — — 0.0
- Net ST Debt Repayments 1.2 — — —
- Net LT Debt Repayments — — 34.1 29.8
- Other Financing Activities — 49.4 — —
T12 Cash to Suppliers of Capital — — — -94.3
T12 Capital Yield — — — 4.80
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
110.6 68.0 108.9 179.7 427.5 326.7

-109.2 -98.0 -94.3 -110.7 -198.9 -292.4
1.4 -30.0 14.6 69.0 228.6 34.3
1,032.8 828.0 942.2 835.1 2,334.1 2,198.4
0.14 -3.63 1.55 8.26 9.79 1.56
-38.3 0.0 -51.8 -4.2 -64.3 -365.4

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 — 0.0 —
-138.5 151.1 71.4 96.6 -72.2 -7.6
— -16.9 0.0 0.0 -0.1 0.1
-176.8 134.2 19.7 92.4 -136.6 -372.9
1,032.8 828.0 942.2 835.1 2,334.1 2,198.4
17.12 -16.21 -2.09 -11.06 5.85 16.96
-38.3 0.0 -51.8 -4.2 -64.3 -365.4

0.0 0.0 0.0 0.0 0.0 0.0
38.3 0.0 51.8 4.2 64.3 365.4
1,032.8 828.0 942.2 835.1 2,334.1 2,198.4
3.71 0.00 5.49 0.51 2.75 16.62
110.6 68.0 108.9 179.7 427.5 326.7

-109.2 -98.0 -94.3 -110.7 -198.9 -292.4
— — -0.1 58.5 59.7 34.9
— — 14.5 127.6 288.3 69.2
1,571.9 1,533.8 1,745.9 1,604.7 2,933.2 2,947.0
— — 0.83 7.95 9.83 2.35
-38.3 0.0 -51.8 -4.2 -64.3 -365.4

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 — 0.0 —
-138.5 151.1 71.4 96.6 -72.2 -7.6
— -16.9 0.0 0.0 -0.1 0.1
-176.8 134.2 19.7 92.4 -136.6 -372.9
1,571.9 1,533.8 1,745.9 1,604.7 2,933.2 2,947.0
11.25 -8.75 -1.13 -5.76 4.66 12.65
Alro SA (ALR RO) - DuPont Analysis
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Tax Burden
Net Inc to Comn/Pre-Tax Profit % 82.96 76.05 82.84 78.78
Adjustment Factor
Normlzd Net Inc/Net Inc to Cmn 1.00 0.99 1.00 —
Interest Burden
Pre-Tax Profit/EBIT % 83.19 88.30 90.25 131.96
Operating Margin
EBIT/Revenue % 13.10 14.61 13.94 -7.58
Asset Turnover
Revenue/Avg Assets 0.80 0.98 1.02 0.95
Leverage Ratio
Avg Assets/Avg Equity 2.02 2.03 1.84 1.88
Adjusted Return on Equity 14.68 19.31 19.61 2.16
5 Year Average Adj ROE 21.34 22.88 20.47 14.72

Payout Ratio 127.81 73.77 55.86 —
Sustainable Growth Rate -4.08 5.14 8.66 —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
99.54 33.47 -1.15 88.08 94.91 73.65
— — — 1.81 1.01 0.88
262.76 143.31 16.27 54.98 86.76 86.96
-1.94 -6.31 2.83 6.41 17.40 12.17
0.96 1.01 1.11 1.02 1.13 1.09
2.14 2.35 2.61 2.60 2.29 2.30
-20.45 6.75 7.27 14.99 37.21 17.14
7.06 5.47 3.07 2.14 9.15 16.67

— — — 93.97 97.80 —
— — — 0.50 0.81 —
Alro SA (ALR RO) - By Measure
In Millions of RON except Per Share FY 2007 FY 2008 FY 2009
12 Months Ending 12/31/2007 12/31/2008 12/31/2009
Revenue 2,069.3 100.0% 2,075.5 100.0% 1,605.7 100.0%
Primary Aluminum — — —
Processed Aluminum — — —
Alumina 0.2 0.0% 0.9 0.0% 0.9 0.1%
Bauxite — — —
Others — — —
Intersegment Adjustment — — —
Others -6.6 -0.3% 33.1 1.6% 39.2 2.4%
Processed Aluminum 385.6 18.6% 369.1 17.8% 402.9 25.1%
Primary Aluminum 1,690.1 81.7% 1,672.5 80.6% 1,162.6 72.4%
Intersegment Revenue — — —
Alumina — — —
Bauxite — — —
Others — — —
Intersegment Adjustment — — —
Gross Profit 652.5 100.0% 567.6 100.0% 403.9 100.0%
Bauxite — — —
Alumina -31.2 -4.8% 0.4 0.1% -5.0 -1.0%
Others — — —
Intersegment Adjustment -1.6 -74.3 -90.6
Others -11.6 -1.8% 33.2 5.2% 49.5 10.0%
Primary Aluminum 644.8 98.6% 597.7 93.1% 382.6 77.4%
Assets 2,030.4 100.0% 2,135.8 100.0% 1,854.5 100.0%
Others — — —
Alumina 273.9 16.8% 261.2 16.0% 270.7 18.5%
Bauxite — — —
Intersegment Adjustment -80.3 -69.3 -88.3
Others 22.1 1.4% 0.1 0.0% 0.2 0.0%
Primary Aluminum 1,076.7 66.2% 1,184.2 72.8% 935.5 63.9%
Unallocated Assets 483.8 577.7 478.6
Liabilities 766.5 100.0% 1,071.9 100.0% 1,146.9 100.0%
Others — — —
Bauxite — — —
Alumina 2.7 1.2% 2.8 1.2% 20.8 11.0%
Intersegment Adjustment -75.8 -77.5 105.2
Others 29.8 13.7% 0.2 0.1% 0.4 0.2%
Primary Aluminum 174.4 80.2% 199.5 82.3% 118.3 62.5%
Unallocated liabilities 624.7 906.9 852.4
Capital Expenditures — — —
Alumina — — —
Bauxite — — —
Source: Bloomberg
FY 2010 FY 2012 FY 2013 FY 2014 FY 2015
12/31/2010 12/31/2012 12/31/2013 12/31/2014 12/31/2015
1,874.2 100.0% 2,348.9 100.0% 2,654.7 100.0% 2,108.4 100.0% 2,422.8
— — — 1,769.8 49.7% 1,956.1
— — — 1,092.0 30.6% 1,273.0
32.5 1.7% 29.6 1.3% 517.5 19.5% 534.3 15.0% 632.9
— — — 136.8 3.8% 182.1
— 48.3 2.1% — 30.3 0.8% 41.2
— — — -1,454.8 -1,662.5
35.1 1.9% — — — —
651.4 34.8% 1,150.3 49.0% 1,059.9 39.9% — —
1,155.3 61.6% 1,120.7 47.7% 1,077.3 40.6% — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
553.6 100.0% 384.1 100.0% — — —
— 858.6 74.6% — — —
— 207.4 18.0% — — —
— -40.6 -3.5% — — —
20.0 1.8% 34.8 3.0% — — —
— 90.1 7.8% — — —
-527.6 -766.1 — — —
59.2 5.5% — — — —
56.0 5.2% — — — —
946.1 87.5% — — — —
1,964.1 100.0% 2,121.4 100.0% — — —
— 0.1 0.0% — — —
— 1,007.8 52.6% — — —
— 388.1 20.3% — — —
292.5 19.0% 412.2 21.5% — — —
— 106.2 5.5% — — —
-111.3 -323.0 — — —
0.3 0.0% — — — —
347.7 22.6% — — — —
895.9 58.3% — — — —
538.9 529.9 — — —
1,000.0 100.0% 1,215.3 100.0% — — —
— — — — —
— 139.9 24.7% — — —
50.9 22.4% 149.9 26.5% — — —
— — — — —
— — — — —
-119.1 -337.1 — — —
1.8 0.8% 3.7 0.7% — — —
91.6 40.4% 102.4 18.1% — — —
82.6 36.4% 169.8 30.0% — — —
892.3 986.7 — — —
— — — — —
— — — — —
— — — — —
— — — — —
— — — — —
FY 2015 FY 2016 FY 2017
12/31/2015 12/31/2016 12/31/2017
100.0% 2,302.8 100.0% 2,726.3 100.0%
47.9% 1,869.8 48.5% 2,187.0 48.5%
31.2% 1,178.1 30.5% 1,390.3 30.8%
15.5% 555.2 14.4% 635.4 14.1%
4.5% 222.5 5.8% 265.1 5.9%
1.0% 31.5 0.8% 29.8 0.7%
-1,554.2 -1,781.3
— —
— —
— —
0.0 0.0
853.7 54.9% 1,040.8 58.4%
486.0 31.3% 526.5 29.6%
190.0 12.2% 190.7 10.7%
24.5 1.6% 23.3 1.3%
0.0 0.0% 0.0 0.0%
-1,554.2 -1,781.3
— 687.9 100.0%
— 417.7 60.7%
— 136.8 19.9%
— 78.0 11.3%
— 45.5 6.6%
— 10.6 1.5%
— -0.8
— —
— —
— —
2,301.3 100.0% 2,541.1 100.0%
1,238.9 36.7% 1,224.4 33.5%
1,103.4 32.7% 1,184.2 32.4%
434.5 12.9% 565.8 15.5%
495.4 14.7% 514.9 14.1%
106.1 3.1% 168.2 4.6%
-1,077.1 -1,116.3
— —
— —
— —
— —
1,400.3 100.0% 1,325.8 100.0%
1,106.1 55.9% 1,025.4 54.1%
345.5 17.5% 309.6 16.3%
253.6 12.8% 259.5 13.7%
159.5 8.1% 167.4 8.8%
114.4 5.8% 131.7 7.0%
-578.7 -567.9
— —
— —
— —
— —
-118.1 -217.8
-13.5 11.5% -30.7 14.1%
-18.8 16.0% -37.2 17.1%
-26.2 22.2% -74.5 34.2%
-59.5 50.4% -75.4 34.6%
Alro SA (ALR RO) - By Geography
In Millions of RON except Per Share FY 2007 FY 2008 FY 2009
12 Months Ending 12/31/2007 12/31/2008 12/31/2009
Revenue 2,069.3 100.0% 2,075.5 100.0% 1,605.7 100.0%
European Union 1,427.2 69.0% 1,553.3 74.8% 1,147.8 71.5%
Romania 457.5 22.1% 379.6 18.3% 344.9 21.5%
Non-European Union 98.1 4.7% 97.2 4.7% 73.3 4.6%
Rest of the World 28.4 1.4% 28.8 1.4% 8.5 0.5%
United States of America 58.2 2.8% 16.6 0.8% 31.1 1.9%
Source: Bloomberg
FY 2010 FY 2012 FY 2015 FY 2016
12/31/2010 12/31/2012 12/31/2015 12/31/2016
1,874.2 100.0% 2,348.9 100.0% 2,422.8 100.0% 2,302.8 100.0%
1,311.0 69.9% 1,453.3 61.9% 1,567.3 64.7% 1,596.3 69.3%
388.4 20.7% 496.0 21.1% 472.0 19.5% 387.0 16.8%
120.3 6.4% 225.9 9.6% 223.7 9.2% 198.9 8.6%
23.6 1.3% 45.4 1.9% 90.9 3.8% 88.8 3.9%
31.0 1.7% 128.3 5.5% 69.0 2.8% 31.8 1.4%
Alro SA (ALR RO) - By Segment
12 Months Ending 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Processed Aluminum
Revenue — — — —
Assets — — — —
Capital Expenditures — — — —
Liabilities — — — —
Gross Profit — — — —
Intersegment Revenue — — — —
Primary Aluminum
Others
Alumina
Revenue 0.2 0.9 0.9 32.5
Assets 273.9 261.2 270.7 292.5
Liabilities 2.7 2.8 20.8 50.9
Gross Profit -31.2 0.4 -5.0 20.0
Bauxite
Intersegment Adjustment
Assets -80.3 -69.3 -88.3 -111.3
Liabilities -75.8 -77.5 105.2 -119.1
Gross Profit -1.6 -74.3 -90.6 -527.6
Primary Aluminum
Revenue 1,690.1 1,672.5 1,162.6 1,155.3
Liabilities 174.4 199.5 118.3 82.6
Assets 1,076.7 1,184.2 935.5 895.9
Gross Profit 644.8 597.7 382.6 946.1
Processed Aluminum
Revenue 385.6 369.1 402.9 651.4
Liabilities 10.8 39.9 49.7 91.6
Assets 254.2 181.9 257.8 347.7
Gross Profit 52.0 10.6 67.4 56.0
Unallocated Assets
Assets 483.8 577.7 478.6 538.9
Liabilities 624.7 906.9 852.4 892.3
Others
Liabilities 29.8 0.2 0.4 1.8
Revenue -6.6 33.1 39.2 35.1
Assets 22.1 0.1 0.2 0.3
Gross Profit -11.6 33.2 49.5 59.2
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017
— — 1,092.0 1,273.0 1,178.1 1,390.3

388.1 — — — 434.5 565.8
— — — — -26.2 -74.5
— — — — 114.4 131.7
207.4 — — — — 136.8
— — — — 0.0 0.0
— — 1,769.8 1,956.1 1,869.8 2,187.0

1,007.8 — — — 1,103.4 1,184.2
— — — — -59.5 -75.4
— — — — 159.5 167.4
858.6 — — — — 417.7
— — — — 853.7 1,040.8
48.3 — 30.3 41.2 31.5 29.8

0.1 — — — 1,238.9 1,224.4
— — — — 1,106.1 1,025.4
90.1 — — — — 10.6
— — — — 24.5 23.3
29.6 517.5 534.3 632.9 555.2 635.4

412.2 — — — 495.4 514.9
— — — — -13.5 -30.7
149.9 — — — 253.6 259.5
34.8 — — — — 45.5
— — — — 486.0 526.5
— — 136.8 182.1 222.5 265.1

106.2 — — — 106.1 168.2
— — — — -18.8 -37.2
139.9 — — — 345.5 309.6
-40.6 — — — — 78.0
— — — — 190.0 190.7
— — -1,454.8 -1,662.5 -1,554.2 -1,781.3

-323.0 — — — -1,077.1 -1,116.3
-337.1 — — — -578.7 -567.9
-766.1 — — — — -0.8
— — — — -1,554.2 -1,781.3
1,120.7 1,077.3 — — — —
169.8 — — — — —
— — — — — —
— — — — — —
1,150.3 1,059.9 — — — —
102.4 — — — — —
— — — — — —
— — — — — —
529.9 — — — — —
986.7 — — — — —
3.7 — — — — —
— — — — — —
— — — — — —
— — — — — —
Alro SA (ALR RO) - Benchmark
In Millions of RON except Per Share CY 2009 CY 2010 CY 2011 CY 2012
12 Months Ending 12/31/2009 12/31/2010 12/30/2011 12/31/2012
Return on Common Equity — — 19.61 -14.11
Bucharest Stock Exchange Trading Index 1.26 18.36 21.83 7.18
Return on Capital — — 14.12 -6.66
Operating Margin — — 19.65 5.92
Price/EPS — — 12.50 5.74
Price/Book — — 2.41 1.38
Periodic EV to Trailing 12M EBITDA — — 4.86 7.73
Bucharest Stock Exchange Trading Index 8.86 4.86 5.01 —
Net Debt/EBITDA — — 0.78 2.10
Bucharest Stock Exchange Trading Index -1.94 -0.81 -1.17 —
Source: Bloomberg
CY 2013 CY 2014 CY 2015 CY 2016 CY 2017 CY 2018
12/31/2013 12/31/2014 12/31/2015 12/30/2016 12/29/2017 12/31/2018
-10.45 -7.18 -0.02 8.27 36.95 19.51
9.31 8.80 5.16 7.33 10.47 13.67
-2.98 -0.95 -0.01 6.99 22.05 12.58
6.15 7.66 5.06 6.74 9.60 10.91
-8.41 2.42 8.09 10.05 16.10 12.15
16.81 17.64 12.44 14.11 24.38 21.43
— — — 11.70 5.98 9.45
11.10 11.43 17.73 12.00 8.87 6.85
1.11 0.98 1.14 0.93 1.92 1.88
1.03 0.96 0.86 0.84 0.94 0.88
— 10.04 5.52 4.50 5.18 6.05
— 3.41 3.25 — 4.50 4.34
— 4.61 2.54 2.16 1.06 1.53
— -1.60 -1.96 — -1.48 —
Alro SA (ALR RO) - Contractual Obligations
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Debt Schedule
Net Debt 275.8 312.4 443.5 533.7
Capital Leases Schedule

Capital Leases - Years 2 - 5 — — — 0.6
Total Future Value of Capital Leases — — — 2.8
Capital Lease Interest — — — 0.1
Present Value of ST Capital Leases 6.1 5.4 3.0 2.1
Present Value of LT Capital Leases 11.7 5.2 2.5 0.6
Total Present Value of Capital Leases 17.8 10.6 5.5 2.7
Operating Leases (Rental Expense) Schedule

Future Min Oper Lease Obligations — 0.0 — 0.0
Contractual Obligations Schedule
Purchase Obligations — 0.0 — 0.0
Lines of Credit
Commercial Paper
Contingent Liabilities — — — —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
538.2 704.9 802.7 768.7 597.7 746.8
0.9 1.0 2.1 5.1 4.5 —

1.6 1.4 2.9 7.3 7.1 —
0.1 0.1 0.2 0.5 0.4 —
0.7 0.4 0.7 2.0 2.4 2.5
0.8 0.9 2.0 4.8 4.3 3.6
1.5 1.3 2.7 6.8 6.7 6.1
0.0 0.0 0.0 0.0 0.0 —
0.0 0.0 0.0 0.0 0.0 —
— — 17.5 0.0 0.0 —

Alro SA (ALR RO) - Options
12 Months Ending 12/31/2010 12/31/2012 12/31/2013 12/31/2014
Options Activity
Options Granted During Period — — 0.0 0.0
Options Outstanding End Of Period — — 0.0 0.0
Options Exercisable End of Period — — 0.0 0.0
Price
Assumptions
Stock Expense
Expense For Stock-Based Compensation 0.0 0.0 0.0 0.0
Stock Option Expense (After Tax) 0.0 0.0 0.0 0.0
Source: Bloomberg
FY 2015 FY 2016 FY 2017
12/31/2015 12/31/2016 12/31/2017
— — 0.0
— — 0.0
— — 0.0
0.0 0.0 0.0

0.0 0.0 0.0
Alro SA (ALR RO) - Employee Data
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Employees - 1 Yr Growth — -27.71 -11.43 0.08
Actual Net Income per Employee 53,165.05 51,399.29 73,478.42 96,955.27
Actual Assets per Employee 546,522.78 656,445.31 785,004.40 1,039,045.93
Actual Cash Flow per Employee 73,094.17 162,961.42 88,665.07 141,047.52
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017
3,982.00 3,987.00 3,774.00 3,810.00 3,852.00 3,932.00
59.03 0.13 -5.34 0.95 1.10 2.08
572,245.86 505,859.29 558,675.68 635,894.75 597,820.09 693,355.04
-45,118.53 -25,708.30 -16,894.54 -33.86 18,569.83 99,333.93
551,034.66 501,328.07 577,074.72 577,665.35 597,420.04 646,261.95
42,223.25 27,743.67 18,017.22 28,589.50 46,649.79 108,714.90
Alro SA (ALR RO) - Fixed Charge
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
EBIT/Interest Expense 8.11 11.27 14.46 2.44
EBIT/Total Interest Expense 8.11 11.27 14.46 2.44
Degree of Financial Leverage 1.14 1.10 1.07 1.69
EBITDA less CAPEX /Interest Exp 8.91 12.87 13.94 3.12
EBITDA/Total Interest Expense 10.56 14.48 17.97 4.60
T12M CFO/Total Debt 0.79 0.36 0.49 0.22

T12M FCF/Total Debt 0.69 0.27 0.32 0.11
Operating Income/Total Debt 0.49 0.58 0.64 0.18
Total Debt/T12M EBITDA 1.56 1.33 1.25 2.97
Net Debt to T12M EBITDA 0.74 0.67 0.78 2.10
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
-2.66 0.89 3.41 3.48 6.99 7.66
-2.66 0.89 3.41 3.48 6.99 7.66
— -7.74 1.42 1.40 1.17 —
-2.35 0.95 3.86 3.70 5.85 4.12
-0.64 2.65 5.50 5.36 9.02 10.30
0.18 0.08 0.12 0.17 0.47 0.34

0.00 -0.04 0.02 0.07 0.25 0.04
-0.28 0.06 0.21 0.22 0.48 0.38
— 5.32 2.95 2.96 1.62 1.95
— 4.61 2.54 2.16 1.06 1.53
Alro SA (ALR RO) - CAPEX & Depreciation
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Depreciation Expenses — — — —
Depr Exp / Net Sales — — — —
Depr Exp / Net Fixed Assets — — — —
Accum Depr / Total Assets — — — 85.81
Accum Depr / Gross Fixed Assets — — — 65.30
Capital Expenditures -58.5 -51.6 -127.5 -81.6
CAPEX/Sales 3.64 2.75 5.47 3.58
CAPEX/Total Assets 2.93 2.70 5.58 3.40
Capital Expend / Depr Exp — — — —
Total Capital Expenditures - 1 Yr Growth -62.60 -11.85 147.21 -35.95
Average Age of Assets in Years — — — —
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
— — 1.8 122.7 — —
— — 0.08 5.33 — —
— — 0.00 0.13 — —
98.67 93.47 96.69 94.26 89.56 —
66.97 67.70 69.07 69.63 69.16 —
-109.2 -98.0 -94.3 -110.7 -198.9 -292.4
5.41 4.65 3.89 4.81 7.30 9.80
5.21 4.69 4.31 4.92 8.21 10.67
— — 51.00 0.90 — —
33.72 -10.23 -3.78 17.36 79.70 46.99
— — 1,150.89 17.67 — —
Alro SA (ALR RO) - Overview
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Last Price 2.99 3.25 2.00 1.45

Revenue 1,874.2 2,330.1 2,278.7 2,016.9

EBITDA 464.1 568.8 253.9 -41.0
Trailing 12M EBITDA Margin 24.76 24.41 11.14 -2.03
Net Income (Losses) 183.8 242.8 -179.7 -102.5
Trailing 12M Earnings per Share 0.26 0.34 -0.25 -0.14
Price/T12M Earnings per Share 11.50 9.56 — —

Dividend Payout Ratio 73.77 55.86 — —
Dividend Yield 6.27 6.89 15.82 20.68
Net Fixed Assets 921.1 1,001.7 1,000.5 972.7

Total Assets 1,964.1 2,601.8 2,194.2 1,998.8
Total Liabilities 1,000.0 1,086.4 1,160.0 1,069.1
Total Equity 964.1 1,515.3 1,034.2 929.7
Book Value per Share 1.35 2.12 1.45 1.30
Price/Book Value per Share 2.22 1.53 1.38 1.11
Net Tangible Assets per Share 1.31 1.99 1.32 1.18
Altman's Z-Score 3.09 3.14 2.16 1.30
Cash From Operations 221.8 353.2 168.1 110.6

Cash Flow per Share 0.32 0.49 0.24 0.15
Free Cash Flow 170.3 225.7 86.5 1.4
Free Cash Flow per Basic Share 0.25 0.32 0.12 0.00
Net Changes in Cash -1.6 -36.6 -48.7 -157.6
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
3,774.00 3,810.00 3,852.00 3,932.00 —
1.16 1.32 1.17 3.27 3.08 2.37

713.8 713.8 713.8 713.8 713.8 713.8
828.0 942.2 835.1 2,334.1 2,198.4 1,691.7
2,108.4 2,422.8 2,302.8 2,726.3 2,982.5 2,982.5

152.8 316.1 356.4 566.3 487.4 487.4
7.25 13.05 15.48 20.77 16.34 16.34
-63.8 -0.1 71.5 390.6 232.4 232.4
-0.09 0.00 0.10 0.55 0.33 0.33
— — 11.70 5.98 9.45 7.27
0.00 0.00 0.09 0.54 —

— — 93.97 97.80 —
— — — 2.88 17.38 19.39
971.2 952.7 946.1 1,015.0 1,190.4 1,190.4

2,177.9 2,200.9 2,301.3 2,541.1 2,938.5 2,938.5
1,329.2 1,371.1 1,400.3 1,325.8 1,768.3 1,768.3
848.7 829.8 901.0 1,215.3 1,170.2 1,170.2
1.19 1.16 1.26 1.70 1.64 1.64
0.98 1.14 0.93 1.92 1.88 1.45
1.06 1.02 1.12 1.57 1.50 1.50
1.37 2.17 1.85 3.48 2.73 2.73
68.0 108.9 179.7 427.5 326.7 326.7

0.10 0.15 0.25 0.60 0.46 0.46
-30.0 14.6 69.0 228.6 34.3 34.3
-0.04 0.02 0.10 0.32 0.05 0.05
44.2 22.8 154.9 35.0 -117.2 -117.2
Alro SA (ALR RO) - As Reported Summary
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Income Statement
Revenues
Revenues 1,605.7 1,874.2 2,330.1 2,278.7
Expenses
Earnings
Operating Income 286.9 — — 134.9
Net Income 145.2 183.8 242.8 -179.7
Balance Sheet
Assets
Total Assets 1,854.5 1,964.1 2,601.8 2,194.2
Liabilities
Stockholder Equity
Total Shareholders Equity 917.3 964.1 1,515.3 1,034.2
Total Liabilities and Shareholders Equity 1,854.5 1,964.1 2,601.8 2,194.2
Cash Flows
Cash From Operating Activities
Total Cash Flows From Operations 460.4 221.8 350.4 166.5
Cash From Investing Activities
Total Cash Flows From Investing -89.0 -106.2 -267.6 -120.9
Total Cash Flows From Financing -143.8 -117.2 -119.4 -94.3
Net Change In Cash 227.5 -1.6 -36.6 -48.7
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
2,016.9 2,108.4 2,422.8 2,302.8 2,726.3 2,982.5
-169.6 51.0 185.9 166.7 438.9 362.3

-102.5 -63.8 -0.1 71.5 390.6 232.4
825.3 883.1 919.8 1,073.0 1,218.6 1,547.4

1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
434.2 1,132.1 493.4 1,072.2 374.5 765.0

1,069.1 1,329.2 1,371.1 1,400.3 1,325.8 1,768.3
929.7 848.7 829.8 901.0 1,215.3 1,170.2

1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
106.1 64.8 106.0 177.4 424.9 319.2
-86.9 -154.7 -102.9 -114.9 -253.3 -63.5
-176.8 134.2 19.6 92.4 -136.4 -373.0

-157.6 44.2 22.8 154.9 35.1 -117.3
Alro SA (ALR RO) - Dividend Summary
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Dividends per Share - 5 Yr Geo Growth -3.51 6.76 -13.36 10.30
Dividend Yield 11.11 6.27 6.89 15.82
Dividend Payout Ratio 127.81 73.77 55.86 —
Cash Dividend Coverage 0.78 1.36 1.79 —
Dividends Paid -145.0 -166.6 -153.5 -124.0
Total Cash Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Preferred Dividends 0.0 0.0 0.0 0.0
Trailing 12M Common Dividends 185.6 135.6 135.6 442.9
Trailing 12M Dividends Per Share 0.26 0.19 0.19 0.62
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
0.00 0.00 0.00 0.09 0.54 —
-100.00 -100.00 -100.00 -13.10 -2.91 —
20.68 — — — 2.88 17.38
— — — 93.97 97.80 —
— — — 1.06 1.02 —
-38.3 0.0 -51.8 -4.2 -64.3 -365.4
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 67.2 382.0 —
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 67.2 382.0 —
0.00 0.00 0.00 0.09 0.54 —
Alro SA (ALR RO) - Sources of Capital
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Net Change Short Term Debt 168.1 -436.4 36.6 54.0
Net Change Long Term Debt -156.8 471.4 57.9 -12.4
Net Change in Other Liabilities — — — —
Net Change in Liabilities -134.7 62.8 86.4 73.6
Net Change in Liabilities % of Total 47.87 57.30 13.55 -18.05
Reinvested Earnings -40.4 48.2 107.2 -622.5

External Equity Financing -106.4 -1.6 444.1 141.9
Net Change in Total Equity -146.7 46.8 551.3 -481.1
Increase In Equity % of Total 52.13 42.70 86.45 118.05
Capital Employed 1,061.0 1,559.0 1,900.6 1,575.0

Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
-97.1 654.4 -562.1 672.2 -745.7 6.8
-56.1 -443.5 682.7 -551.3 609.7 25.1
61.8 49.3 -78.8 -91.7 61.9 411.1
-90.9 260.1 41.9 29.2 -74.6 442.6
46.52 145.26 181.80 29.12 -31.08 111.36
-102.5 -63.8 -0.1 4.3 8.6 —

-1.5 -17.4 -18.7 66.9 305.3 —
-104.5 -81.1 -18.8 71.1 314.4 -45.1
53.48 -45.26 -81.80 70.88 131.08 -11.36
1,363.9 722.2 1,379.2 946.7 1,859.1 1,972.8

Alro SA (ALR RO) - Comprehensive Income
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Net Income 183.8 242.8 -179.7 -102.5
+ Foreign Curr Transl Adj - Other Compre — — 2.7 2.2
+ Unrealized Gain (Loss) — — 1.6 -3.6
+ Pension Related Adjust Other Comprehe — — 0.5 -4.4
+ Oth Adj-Oth Comp Inc — — -96.8 2.9
+ Inc Tax Exp-Oth Comp Inc — — -0.3 1.3
Comprehensive Income — — -272.0 -104.0
Basic Comprehensive EPS — — -0.38 -0.15

Basic EPS 0.26 0.34 -0.25 -0.14
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
-63.8 -0.1 71.5 390.6 232.4 232.4
-14.7 -24.8 -0.1 -8.4 9.5 9.5
0.1 — — — —
-3.5 7.0 -0.3 -4.2 -0.4 -0.5
0.1 0.1 0.0 0.1 -0.1 -0.1
0.6 -1.1 0.1 0.6 0.0
-81.1 -18.8 71.2 378.6 241.4 241.4
-0.11 -0.03 0.10 0.53 0.34 0.34

-0.09 0.00 0.10 0.55 0.33 0.33
713.8 713.8 713.8 713.8 713.8 713.8
Alro SA (ALR RO) - Exec & Dir Comp
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Executive Compensation
CEO
CEO Duality No No No No
Other C-Suite
Board Compensation
Source: Bloomberg
FY 2015 FY 2016
12/31/2015 12/31/2016
No No
Alro SA (ALR RO) - ESG Ratios
12 Months Ending 12/31/2008 12/31/2009 12/31/2010 12/31/2011
Disclosure Scores
ESG Disclosure Score — — 8.68 8.68
Governance Disclosure Score — — 37.50 37.50
Greenhouse Gases
Carbon Dioxide
Energy
Water
Waste
Other Environmental
Social
R&D Expenditures per Cash Flow — — 0.00 —
Actual Net Income per Employee 53,165.05 51,399.29 73,478.42 96,955.27
Actual Cash Flow per Employee 73,094.17 162,961.42 88,665.07 141,047.52
Actual Personnel Expenses per Employee 21,712.13 21,765.31 29,545.56 —
Governance
Percentage of Non-Executive Directors on — — 88.89 80.00
% Independent Directors — — 22.22 20.00
% Women on Board — — 0.00 0.00
Percentage of Female Executives — — 0.00 0.00
Board of Directors Age Range — — 33.00 41.00
Board Average Age — — 53.56 50.50
Pct of Independent Directors on Audit Comm — — 66.67 66.67
% of Ind Directors on Compensation Commi — — 66.67 66.67
Source: Bloomberg
FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017
12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017
8.68 7.85 — 7.85 7.85 —

37.50 33.93 — 33.93 33.93 —
0.00 0.00 0.00 0.00 0.00 0.00

-45,118.53 -25,708.30 -16,894.54 -33.86 18,569.83 99,333.93
42,223.25 27,743.67 18,017.22 28,589.50 46,649.79 108,714.90
17,834.00 18,641.08 20,465.55 21,689.24 26,054.26 34,428.03
72.73 80.00 — 85.71 71.43 —

18.18 20.00 — 14.29 14.29 —
0.00 0.00 — 0.00 0.00 —
0.00 50.00 — 0.00 0.00 —
41.00 26.00 — 24.00 24.00 —
51.73 46.60 — 43.57 44.57 —
66.67 — — — — —
66.67 — — — — —
Alro SA (ALR RO) - GAAP Highlights
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Total Revenues 1,605.7 1,874.2 2,330.1 2,278.7
Operating Income 286.9 361.1 457.8 134.9
Net Income to Common 145.2 183.8 242.8 -179.7
Basic EPS, GAAP 0.20 0.26 0.34 -0.25
Diluted EPS, GAAP 0.20 0.26 0.34 -0.25
Cash and Equivalents 308.5 306.8 270.2 221.6

Total Assets 1,854.5 1,964.1 2,601.8 2,194.2
Total Equity 917.3 964.1 1,515.3 1,034.2
Shares Out on Balance Sheet 713.8 713.8 713.8 713.8
Cash From Operations 460.4 221.8 353.2 168.1

Cash From Investing -89.0 -106.2 -270.4 -122.6
Cash From Financing -143.8 -117.2 -119.4 -94.3
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
2,016.9 2,108.4 2,422.8 2,302.8 2,726.3 2,982.5
-169.6 51.0 196.0 231.4 438.9 362.3
-102.5 -63.8 -0.1 71.5 390.6 232.4
-0.14 -0.09 0.00 0.10 0.55 0.33
-0.14 -0.09 0.00 0.10 0.55 0.33
713.8 713.8 713.8 713.8 713.8 713.8
713.8 713.8 713.8 713.8 713.8 713.8
63.9 108.2 131.0 285.9 320.8 203.6

825.3 883.1 919.8 1,073.0 1,218.6 1,547.4
1,998.8 2,177.9 2,200.9 2,301.3 2,541.1 2,938.5
434.2 1,132.1 493.4 1,072.4 374.5 765.0
1,069.1 1,329.2 1,371.1 1,400.3 1,325.8 1,768.3
929.7 848.7 829.8 901.0 1,215.3 1,170.2
713.8 713.8 713.8 713.8 713.8 713.8
110.6 68.0 108.9 179.7 427.5 326.7

-91.4 -158.0 -105.8 -117.2 -255.9 -71.0
-176.8 134.2 19.7 92.4 -136.6 -372.9
Alro SA (ALR RO) - Earnings
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Revenue
Consensus Estimate 1,383.0 1,784.0 2,245.0 —
Comparable Actual 1,605.7 1,874.2 2,330.1 2,348.9
Revenue Surprise % 16.1 5.1 3.8 —
GAAP Actual 1,605.7 1,874.2 2,330.1 2,278.7
Adjusted Actual 1,605.7 1,874.2 2,330.1 2,278.7
Earnings Per Share

Comparable Actual 0.20 0.26 0.34 -0.34
GAAP Actual 0.20 0.26 0.34 -0.25
Adjusted Actual 0.20 0.25 0.34 0.04
EBIT
GAAP Actual 286.9 361.1 457.8 134.9
Adjusted Actual 286.9 361.1 457.8 134.9
EBITDA
Consensus Estimate 194.0 380.0 494.0 —
GAAP Actual 373.6 464.1 568.8 253.9
Adjusted Actual 373.6 464.1 568.8 253.9
Gross Margin %
GAAP Actual 25.2 29.5 25.6 13.6
Adjusted Actual 25.2 29.5 25.6 13.6
Pretax Income (Loss)

Consensus Estimate — 222.0 — —
GAAP Actual 175.0 241.8 293.1 -228.0
Adjusted Actual 175.0 241.8 293.1 -228.0
Net Income
Comparable Actual 145.2 183.8 242.8 -239.8
GAAP Actual 145.2 183.8 242.8 -179.7
Adjusted Actual 145.2 183.8 242.8 -179.7
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
— — — — — —
— — — — — —
— — — — — —
2,016.9 2,108.4 2,422.8 2,302.8 2,726.3 2,982.5
2,016.9 2,108.4 2,422.8 2,302.8 2,726.3 2,982.5
— — — — — —
-0.14 -0.09 0.00 0.10 0.55 0.33
-0.28 0.08 0.09 0.18 0.55 0.29
-169.6 51.0 196.0 231.4 438.9 362.3

-169.6 51.0 196.0 231.4 441.0 363.8
— — — — — —
-41.0 152.8 316.1 356.4 566.3 487.4
-41.0 152.8 316.1 356.4 568.3 488.9
1.1 9.9 16.7 16.0 25.2 22.5

1.1 9.9 16.7 16.0 25.2 22.5
— — — — — —
-103.0 -190.5 11.2 81.2 411.5 315.5
-103.0 -190.5 11.2 81.2 414.7 281.9
— — — — — —
-102.5 -63.8 -0.1 71.5 390.6 232.4
-102.5 -63.8 -0.1 71.5 393.3 204.1
Alro SA (ALR RO) - Adjusted
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Revenue 1,874.2 2,330.1 2,278.7 2,016.9
- Cost of Revenue 1,320.6 1,734.6 1,968.4 1,994.3
Gross Profit 553.6 595.5 310.2 22.6
+ Other Operating Expense — — — —
- Non-Operating (Income) Loss — — — —
+ Other Non-Op (Income) Loss — — — —
Pretax Income (Loss), Adjusted 241.8 293.1 -228.0 -103.0
- Abnormal Losses (Gains) -2.6 0.0 262.1 -116.7
+ Abnormal Derivatives — — — —
+ Disposal of Assets — — — —
+ Asset Write-Down — — — —
+ Impairment of Goodwill — — — —
Pretax Income (Loss), GAAP 241.8 293.1 -228.0 -103.0
+ Deferred Income Tax — — -49.2 -0.2
- Minority Interest 0.2 0.1 -0.5 -0.5
Net Income, GAAP 183.8 242.8 -179.7 -102.5


Basic EPS, GAAP 0.26 0.34 -0.25 -0.14
Basic EPS from Cont Ops 0.26 0.34 -0.25 -0.14
Basic EPS from Cont Ops, Adjusted 0.26 0.34 0.04 -0.28

Diluted EPS, GAAP 0.26 0.34 -0.25 -0.14
Reference Items
EBITDA 464.1 568.8 253.9 -41.0
EBITDA Margin (T12M) 24.76 24.41 11.14 -2.03
EBITA — — — —
EBIT 361.1 457.8 134.9 -169.6
Gross Margin 29.54 25.56 13.61 1.12
Profit Margin 9.81 10.42 -7.88 -5.08
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
2,108.4 2,422.8 2,302.8 2,726.3 2,982.5 2,982.5
— — — 2,726.3 2,982.5 2,982.5
1,899.5 2,017.2 1,935.1 2,038.4 2,312.6 2,312.6
— — — 1,918.8 2,312.6 2,312.6
— — — 119.6 —
208.9 405.6 367.7 687.9 669.9 669.9
37.6 7.8 12.1 14.7 11.4 11.4
195.5 217.4 148.3 261.6 317.5 317.5
12.8 212.2 217.3 249.5 310.5 310.5
— — 5.2 — —
12.8 212.2 212.1 — —
— — — 0.0 —
— — — 7.7 —
— — — 0.6 —
— — — 3.8 7.0 6.1
51.0 196.0 231.4 441.0 363.8 363.8
— — — 26.3 81.9 81.9
54.6 52.9 61.2 56.1 —
57.6 57.5 66.5 62.8 47.3 47.3
3.0 4.6 5.3 6.7 —
38.0 56.2 3.9 -32.7 19.6 19.6
— — — 0.0 —
— — — 2.9 15.0 17.2
-190.5 11.2 81.2 414.7 281.9 281.9
147.2 72.7 69.1 3.2 -33.6 -33.6
— — — 1.2 -35.2 -35.2
— — — 1.8 2.8 2.8
— 1.2 — 0.2 -1.3
— — 70.3 — —
-190.5 11.2 81.2 411.5 315.5 315.5
-126.9 11.2 9.7 20.4 82.8 82.8
— 1.6 1.5 10.2 —
— 9.6 8.2 10.2 —
— 0.0 — — —
-63.6 0.0 71.5 391.1 232.7 232.7
0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
-63.6 0.0 71.5 391.1 232.7 232.7
0.2 0.1 0.0 0.5 0.3 0.3
-63.8 -0.1 71.5 390.6 232.4 232.4
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-63.8 -0.1 71.5 390.6 232.4 232.4
-63.8 -0.1 71.5 393.3 204.1 204.1

123.7 61.1 58.1 2.7 -28.3 -28.3
0.0 0.0 0.0 0.0 0.0 0.0
713.8 713.8 713.8 713.8 713.8 713.8

-0.09 0.00 0.10 0.55 0.33 0.33
-0.09 0.00 0.10 0.55 0.33 0.33
0.08 0.09 0.18 0.55 0.29 0.29
713.8 713.8 713.8 713.8 713.8 713.8

-0.09 0.00 0.10 0.55 0.33 0.33
-0.09 0.00 0.10 0.55 0.33 0.33
0.08 0.09 0.18 0.55 0.29 0.29

152.8 316.1 356.4 568.3 488.9 488.9
7.25 13.05 15.48 20.85 16.39 16.39
— 314.2 233.6 — —
51.0 196.0 231.4 441.0 363.8 363.8
9.91 16.74 15.97 25.23 22.46 22.46
2.42 8.09 10.05 16.18 12.20 12.20
-3.02 -0.01 3.11 14.42 6.84 6.84
558,675.68 635,894.75 597,820.09 693,355.04 —
0.00 0.00 0.09 0.54 —
0.0 0.0 67.2 382.0 —
77.2 82.6 100.4 135.4 —
— 1.8 122.7 — —
Alro SA (ALR RO) - Reconciliation
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
EBITDA Reconciliation
EBIT, GAAP 361.1 457.8 134.9 -169.6
+ Revenue Adjustments — — — —
+ Cost of Revenue Adjustments — — — —
+ Other Op Inc Adjustments — — — —
+ SG&A Adjustments — — — —
+ R&D Expense Adjustments — — — —
+ D&A Adjustments — — — —
+ Prov for Doubtful Acct Adj — — — —
+ Other Op Exp Adjustments — — — —
EBIT, Adjusted 361.1 457.8 134.9 -169.6
+ Depreciation & Amortization 102.9 111.0 119.1 128.6
EBITDA, Adjusted 464.1 568.8 253.9 -41.0
EBIT Reconciliation
EBIT, GAAP 361.1 457.8 134.9 -169.6
EBIT, Adjusted 361.1 457.8 134.9 -169.6
Pretax Income Reconciliation

Net Income Reconciliation

Net Inc Avail to Common Sh, GAAP 183.8 242.8 -179.7 -102.5
Net Inc Avail to Common Cont 183.8 242.8 -179.7 -102.5
Earnings Per Share Reconciliation

Diluted EPS, GAAP 0.26 0.34 -0.25 -0.14
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
51.0 196.0 231.4 438.9 362.3 362.3

— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 2.0 1.5 1.5
51.0 196.0 231.4 441.0 363.8 363.8
101.8 120.1 124.9 127.3 125.1 125.1
152.8 316.1 356.4 568.3 488.9 488.9
51.0 196.0 231.4 438.9 362.3 362.3

— — — 1.8 2.8 2.8
— — — 0.2 -1.3
51.0 196.0 231.4 441.0 363.8 363.8
-190.5 11.2 81.2 411.5 315.5 315.5

— — — 1.2 -35.2 -35.2
— — — 1.8 2.8 2.8
— 1.2 — 0.2 -1.3
— — 70.3 — —
-190.5 11.2 81.2 414.7 281.9 281.9
-63.8 -0.1 71.5 390.6 232.4 232.4

— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
-63.8 -0.1 71.5 390.6 232.4 232.4
— — — 1.0 -29.5 -29.5
— — — 1.6 2.3 2.3
— — — 0.2 -1.1
-63.8 -0.1 71.5 393.3 204.1 204.1
-0.09 0.00 0.10 0.55 0.33 0.33

— — — 0.00 0.00 0.00
— — — 0.00 0.00 0.00
-0.09 0.00 0.10 0.55 0.33 0.33
— — — 0.00 -0.04 -0.04
— — — 0.00 0.00 0.00
— — — 0.00 0.00
0.08 0.09 0.18 0.55 0.29 0.29
Alro SA (ALR RO) - SBC & Amort
12 Months Ending 12/31/2010 12/31/2012 12/31/2013 12/31/2014
Earnings Per Share Reconciliation
Basic EPS Ex-SBC, Adj — — — —
Diluted EPS Ex-SBC, Adj — — — —
Stock Based Compensation

Pre-Tax 0.0 0.0 0.0 0.0
After-Tax — 0.0 0.0 0.0
Per Basic Share — — — —
Per Diluted Share — — — —
Amortization of Acquisition Related Intangibles
Amortization of Total Intangibles

Source: Bloomberg
FY 2015 FY 2016 FY 2017
12/31/2015 12/31/2016 12/31/2017
— — 0.55
— — 0.55
0.0 0.0 0.0

0.0 0.0 0.0
— — 0.00
— — 0.00
Alro SA (ALR RO) - Adj %
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Revenue 1,874.2 2,330.1 2,278.7 2,016.9
- Cost of Revenue 70.5 74.4 86.4 98.9
Gross Profit 29.5 25.6 13.6 1.1
+ Other Operating Expense — — — —
- Non-Operating (Income) Loss — — — —
+ Other Non-Op (Income) Loss — — — —
- Abnormal Losses (Gains) -0.1 0.0 11.5 -5.8
+ Deferred Income Tax — — -2.2 0.0
- Minority Interest 0.0 0.0 0.0 0.0
Net Income, GAAP 9.8 10.4 -7.9 -5.1


Basic EPS, GAAP 0.0 0.0 0.0 0.0
Basic EPS from Cont Ops 0.0 0.0 0.0 0.0
Basic EPS from Cont Ops, Adjusted 0.0 0.0 0.0 0.0

Diluted EPS, GAAP 0.0 0.0 0.0 0.0
Diluted EPS from Cont Ops 0.0 0.0 0.0 0.0
Diluted EPS from Cont Ops, Adjusted 0.0 0.0 0.0 0.0
Reference Items
EBITDA 24.8 24.4 11.1 -2.0
EBITDA Margin (T12M) 1.3 1.0 0.5 -0.1
EBITA — — — —
EBIT 19.3 19.6 5.9 -8.4
Gross Margin 1.6 1.1 0.6 0.1
Profit Margin 0.5 0.4 -0.3 -0.3
Source: Bloomberg
12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2018
2,108.4 2,422.8 2,302.8 2,726.3 2,982.5 2,982.5
— — — 100.0 100.0 100.0
90.1 83.3 84.0 74.8 77.5 77.5
— — — 70.4 77.5 77.5
— — — 4.4 —
9.9 16.7 16.0 25.2 22.5 22.5
1.8 0.3 0.5 0.5 0.4 0.4
9.3 9.0 6.4 9.6 10.6 10.6
0.6 8.8 9.4 9.2 10.4 10.4
— — 0.2 — —
0.6 8.8 9.2 — —
— — — 0.0 —
— — — 0.3 —
— — — 0.0 —
— — — 0.1 0.2 0.2
2.4 8.1 10.1 16.2 12.2 12.2
— — — 1.0 2.7 2.7
2.6 2.2 2.7 2.1 —
2.7 2.4 2.9 2.3 1.6 1.6
0.1 0.2 0.2 0.2 —
1.8 2.3 0.2 -1.2 0.7 0.7
— — — 0.0 —
— — — 0.1 0.5 0.6
-9.0 0.5 3.5 15.2 9.5 9.5
7.0 3.0 3.0 0.1 -1.1 -1.1
— — — 0.0 -1.2 -1.2
— — — 0.1 0.1 0.1
— 0.0 — 0.0 0.0
— — 3.1 — —
-9.0 0.5 3.5 15.1 10.6 10.6
-6.0 0.5 0.4 0.7 2.8 2.8
— 0.1 0.1 0.4 —
— 0.4 0.4 0.4 —
— 0.0 — — —
-3.0 0.0 3.1 14.3 7.8 7.8
0.0 0.0 0.0 0.0 0.0 0.0
— — — 0.0 0.0 0.0
— — — 0.0 0.0 0.0
-3.0 0.0 3.1 14.3 7.8 7.8
0.0 0.0 0.0 0.0 0.0 0.0
-3.0 0.0 3.1 14.3 7.8 7.8
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
-3.0 0.0 3.1 14.3 7.8 7.8
5.9 2.5 2.5 0.1 -0.9 -0.9

0.0 0.0 0.0 0.0 0.0 0.0
33.9 29.5 31.0 26.2 23.9 23.9

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
33.9 29.5 31.0 26.2 23.9 23.9

0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0 0.0 0.0

7.2 13.0 15.5 20.8 16.4 16.4
0.3 0.5 0.7 0.8 0.5 0.5
— 13.0 10.1 — —
2.4 8.1 10.1 16.2 12.2 12.2
0.5 0.7 0.7 0.9 0.8 0.8
0.1 0.3 0.4 0.6 0.4 0.4
-0.1 0.0 0.1 0.5 0.2 0.2
26,497.1 26,246.7 25,960.5 25,432.3 —
0.0 0.0 0.0 0.0 —
0.0 0.0 2.9 14.0 —
3.7 3.4 4.4 5.0 —
— 0.1 5.3 — —
Alro SA (ALR RO) - Metals/Mining
12 Months Ending 12/31/2009 12/31/2010 12/31/2011 12/31/2012
Featured Production Breakout
Primary Aluminum Production 0.3 0.2 0.3 0.2
Alumina Production — — — —
EV/Valued Reserves
Operating Statistics
Mining - Alumina Production — — — —
Mining - Primary Aluminum Production 0.3 0.2 0.3 0.2
Reserves & Resources
Other Company Operating Stats

Capital Expenditures -58.5 -51.6 -127.5 -81.6
Capital Expenditure to Sales 3.64 2.75 5.47 3.58
Cash Flow - 1 Yr Growth 61.16 -51.81 59.21 -52.39
Cash Flow per Diluted Share 1 yr Growth 61.16 -51.81 59.21 -52.39
Free Cash Flow Per Share - 1 Yr Growth 210.97 -56.11 27.98 -61.68
Source: Bloomberg
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
12/31/2013 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018
0.3 0.2 0.3 0.3 — —

— — 0.4 0.5 — —
— — 0.4 0.5 — —
0.3 0.2 0.3 0.3 — —
1,571.9 1,533.8 1,745.9 1,604.7 2,933.2 2,947.0

-109.2 -98.0 -94.3 -110.7 -198.9 -292.4
5.41 4.65 3.89 4.81 7.30 9.80
-34.21 -38.53 60.19 64.97 137.88 -23.58
-34.21 -38.53 60.19 64.97 137.88 -23.58
-98.35 — — 372.11 231.20 -84.99
Alro SA (ALR RO) - Mining - Reserves
In Millions of RON except Per Share FY 2018
12 Months Ending 12/31/2018
Proven & Probable Reserves
Source: Bloomberg
Alro SA (ALR RO) - Mining - Resources
Measured & Indicated Resources
Inferred Resources
Source: Bloomberg
Alro SA (ALR RO) - Mining - Production
12 Months Ending 12/31/2007 12/31/2008 12/31/2009 12/31/2010
Production
Bauxite/Alumina Production (Tons) — — — —
Primary Aluminum Production (Tons) 0.3 0.3 0.3 0.2
Total Cash Costs (By-Product Method)
Source: Bloomberg
FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016
12/31/2011 12/31/2012 12/31/2013 12/31/2014 12/31/2015 12/31/2016
— — — — 0.4 0.5
0.3 0.2 0.3 0.2 0.3 0.3
Alro SA (ALR RO) - Mining - Forecast
One-Year Production Forecast
Source: Bloomberg
Alro SA (ALR RO) - Mining - Sales
Sales Volume
Realized Price
Source: Bloomberg
Alro SA (ALR RO) - BI Precious Metals
Source: Bloomberg
Alro SA (ALR RO) - Gold Summary
Inferred Resources
Operating Summary
Gold Production
Gold Sales
Gold Costs
Source: Bloomberg
Alro SA (ALR RO) - Silver Summary
Inferred Resources
Operating Summary
Silver Production
Silver Sales
Silver Costs
Source: Bloomberg
Alro SA (ALR RO) - Copper Summary
Inferred Resources
Operating Summary
Copper Production
Copper Sales
Copper Costs
Source: Bloomberg
Alro SA (ALR RO) - Overview
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
ESG Disclosure Score 8.68 8.68 8.68 7.85
Environmental
Social
Governance
Governance Disclosure Score 37.50 37.50 37.50 33.93
Size of the Board 9.00 10.00 11.00 5.00
Indep Directors 2.00 2.00 2.00 1.00
% Indep Directors 22.22 20.00 18.18 20.00
Board Duration (Years) 1.00 1.00 1.00 —
# Board Meetings — — — 30.00
Source: Bloomberg
FY 2015 FY 2016
12/31/2015 12/31/2016
7.85 7.85
33.93 33.93
7.00 7.00
1.00 1.00
14.29 14.29
— —
30.00 27.00
Alro SA (ALR RO) - Environmental
In Millions of RON except Per Share
12 Months Ending
Source: Bloomberg
Alro SA (ALR RO) - Social
Employees
Employee Diversity
Gender Pay Gap
Employee Training
Safety
Supply Chain
Community & Customers
Policy
Bloomberg Gender-Equality Index
Source: Bloomberg
Alro SA (ALR RO) - Governance
12 Months Ending 12/31/2010 12/31/2011 12/31/2012 12/31/2013
Governance Disclosure Score 37.50 37.50 37.50 33.93
Board Structure
Size of the Board 9.00 10.00 11.00 5.00
Unitary or Two Tier Board System 1.00 1.00 1.00 1.00
# Employee Representatives on Board 0.00 0.00 0.00 0.00
Classified Board System n/a n/a n/a Yes
Board Independence
# Non Exec Dir on Board 8.00 8.00 8.00 4.00
% Non Exec Dir on Board 88.89 80.00 72.73 80.00
# Independent Directors 2.00 2.00 2.00 1.00
% Independent Directors 22.22 20.00 18.18 20.00
CEO Duality No No No No
Independent Chairperson No No No No
Independent Lead Director No No No No
Presiding Director No No No No
Former CEO or its Equivalent on Board No No No No
Board & Exec Diversity

# Women on Board 0.00 0.00 0.00 0.00
% Women on Board 0.00 0.00 0.00 0.00
Female Chief Executive Officer or Equivalen No No No No
Female Chairperson or Equivalent No No No No
# Executives / Company Mgrs 5.00 5.00 6.00 2.00
CEO or Equivalent Appointed from Within No Yes Yes Yes
# Female Executives 0.00 0.00 0.00 1.00
% Female Executives 0.00 0.00 0.00 50.00
Age of the Youngest Director 36.00 29.00 30.00 31.00
Age of the Oldest Director 69.00 70.00 71.00 57.00
Board of Directors Age Range 33.00 41.00 41.00 26.00
Board Average Age 53.56 50.50 51.73 46.60
Board Duration (Years) 1.00 1.00 1.00 —

Executive Director Board Duration 1.00 1.00 1.00 —
Board Committees
# Board Meetings — — — 30.00
Audit Committee
Size of Audit Committee 3.00 3.00 3.00 0.00
# Independent Dir on Audit Cmte 2.00 2.00 2.00 —
% Independent Dir on Audit Cmte 66.67 66.67 66.67 —
Independent Audit Committee Chairperson Yes Yes Yes n/a
# Non Exec Dir on Audit Cmte 3.00 3.00 3.00 —
Audit Committee Meetings 2.00 2.00 2.00 —
Compensation Committee
Size of Compensation Committee 3.00 3.00 3.00 0.00
# Independent Dir on Comp Cmte 2.00 2.00 2.00 —
% Independent Dir on Comp Cmte 66.67 66.67 66.67 —
Independent Compensation Committee Chai Yes Yes Yes n/a
# Non Exec Dir on Comp Cmte 3.00 3.00 3.00 —
Outside Compensation Advisors Appointed No No No No
Nomination Committee
CSR/Sustainability Committee No No No No
Board & Exec Activities

Non-Executive Director with Responsibility No No No No
Executive Director with Responsibility for C No No No No
Executive Compensation Linked to ESG No No No No
ESG Linked Compensation for Board No No No No
Clawback Provision for Executive Compensa No No No No
Chg of Ctrl Benefits/Golden Parachute Agr No No No No
Shareholder Rights
Dual Class Unequal Voting Rights - Commo No No No No
AGM Voting Results
Director Compensation
Compensation To Directors — — 12.5 16.1
Source: Bloomberg
FY 2015 FY 2016
12/31/2015 12/31/2016
33.93 33.93
7.00 7.00
1.00 1.00
0.00 0.00
Yes Yes
6.00 5.00
85.71 71.43
1.00 1.00
14.29 14.29
No No
No No
No No
No No
No No
0.00 0.00
0.00 0.00
No No
No No
2.00 2.00
Yes Yes
0.00 0.00
0.00 0.00
32.00 33.00
56.00 57.00
24.00 24.00
43.57 44.57
— —
— —
30.00 27.00
0.00 0.00
— —
— —
n/a n/a
— —
— —
0.00 0.00
— —
— —
n/a n/a
— —
No No
No No
No No
No No
No No
No No
No No
No No
No No
— —
Alro SA (ALR RO) - CDP
Reporting Period
Risks and Opportunities
GHG Emissions
Energy Use
Trading
Targets and Initiatives
Governance and Strategy

Source: Bloomberg

Alro SA (ALR RO) - Adj Highlights

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Alro SA (ALR RO) - Adj Highlights

In Millions of RON FY 2010 FY 2011 FY 2012 FY 2013 FY 2014

Revenue, Adj 1,874.2 2,330.1 2,278.7 2,016.9 2,108.4

Cash from Operations 221.8 353.2 168.1 110.6 68.0

2,422.8 2,302.8 2,726.3 2,982.5 2,982.5

108.9 179.7 427.5 326.7 326.7

Total Capital 1,583.3 2,229.0 1,789.5 1,531.8

EV/Sales 1.31 1.19 0.86 0.78

Diluted Market Cap 2,134.2 2,319.8 1,427.6 1,032.8

1,661.7 1,763.5 1,955.5 2,133.9 2,120.6 2,120.6

0.73 0.72 0.70 1.08 0.99 0.82

828.0 942.2 835.1 2,334.1 2,198.4 1,691.7

2,108.4 2,422.8 2,302.8 2,726.3 2,982.5 2,982.5

P/Book 2.22 1.53 1.38 1.11

P/Tangible Book 2.27 1.63 1.51 1.23

P/Sales 1.10 1.00 0.63 0.51

P/Cash Flow 9.29 6.57 8.49 9.34

P/Free Cash Flow 12.10 10.28 16.51 721.76

EV/Sales 1.31 1.19 0.86 0.78

EV/EBITDA 5.28 4.86 7.73 —

Price/Share 2.99 3.25 2.00 1.45

Enterprise Value 2,448.5 2,765.1 1,962.6 1,571.9

0.98 1.14 0.93 1.92 1.88 1.45

1.10 1.29 1.04 2.09 2.05 1.58

0.39 0.39 0.36 0.86 0.74 0.57

12.18 8.65 4.65 5.46 6.73 5.18

— 64.45 12.10 10.21 64.09 49.32

0.73 0.72 0.70 1.08 0.99 0.82

10.04 5.52 4.50 5.18 6.05 5.01

1.16 1.32 1.17 3.27 3.08 2.37

1,533.8 1,745.9 1,604.7 2,933.2 2,947.0 2,440.2

Per Share Data Items

Cash Flow 0.32 0.49 0.24 0.15

Cash & Equivalents 0.43 0.38 0.31 0.09

2.95 3.39 3.23 3.82 4.18 4.18

0.10 0.15 0.25 0.60 0.46 0.46

0.15 0.18 0.40 0.45 0.29 0.29

Market Capitalization 2,134.2 2,319.8 1,427.6 1,032.8

828.0 942.2 835.1 2,334.1 2,198.4 1,691.7

Net Income Avail to Common, Adj 183.8 242.8 -179.7 -102.5

Basic Weighted Avg Shares 689.1 713.8 713.8 713.8

Diluted Weighted Avg Shares 713.8 713.8 713.8 713.8

-63.8 -0.1 71.5 393.3 204.1 204.1

713.8 713.8 713.8 713.8 713.8 713.8

713.8 713.8 713.8 713.8 713.8 713.8

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

2,016.9 2,108.4 2,422.8 2,302.8 2,726.3 2,982.5

1,994.3 1,899.5 2,017.2 1,935.1 2,038.4 2,312.6

— 57.6 57.5 66.5 50.9 47.3

-0.5 0.2 0.1 0.0 0.5 0.3

2.2 -14.7 -24.8 -0.1 -8.4 9.5

Net Abnormal Losses (Gains) -0.1 — 9.1 -4.9

Diluted Weighted Avg Shares 38.1 30.6 31.3 35.4

5.9 2.5 2.5 0.1 -0.9 -0.9

33.9 29.5 31.0 26.2 23.9 23.9

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

Liabilities & Shareholders' Equity

63.9 108.2 131.0 285.9 320.8 203.6

254.4 272.1 246.6 185.3 225.8 228.7

IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS IAS/IFRS

63.9 108.2 131.0 285.9 320.8 203.6

972.7 971.2 952.7 946.1 1,015.0 1,190.4