PowerPoint Presentation - supind.com...Forward-Looking Statements This webcast and presentation...

Investor PresentationMay 2016

Non-GAAP Financial Measures and Forward-Looking Statements

Forward-Looking Statements

This webcast and presentation contain statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as "may," "should," "could," “will,” "expects," "seeks to," "anticipates," "plans," "believes," "estimates," "intends," "predicts," "projects," "potential" or "continue" or the negative of such terms and other comparable terminology. These statements also include, but are not limited to the 2016 outlook and projections for reported net sales, value-added sales, EBITDA margin, income before income taxes, capital expenditures and the change in working capital, and the Company’s strategic and operational initiatives, and are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, risks and uncertainties discussed in the Company's Securities and Exchange Commission filings and reports, including the Company's most recent Quarterly Report on Form 10-Q and our reports from time to time filed with the Securities and Exchange Commission. You are cautioned not to unduly rely on such forward looking statements when evaluating the information presented in this presentation. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this presentation.

Use of Non-GAAP Financial Measures

In addition to the results reported in accordance with GAAP included throughout this presentation, this presentation refers to “Adjusted EBITDA,” which we have defined as earnings before interest, taxes, depreciation, amortization, restructuring charges and impairments of long-lived assets and investments and “Value-Added Sales,” which we define as net sales less upcharges primarily for the aluminum value in net sales. Adjusted EBITDA as a percentage of value added sales is a key measure that is not calculated according to GAAP. Adjusted EBITDA as a percentage of value-added sales is defined as Adjusted EBITDA divided by value-added sales.

Management believes the non-GAAP financial measures used in this presentation are useful to both management and investors in their analysis of the Company’s financial position and results of operations. Further, management uses these non-GAAP financial measures for planning and forecasting future periods. This non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP. These non-GAAP measures may be different from similar measures used by other companies.

We have not quantitatively reconciled differences between Adjusted EBITDA, Adjusted EBITDA margins or valued-added sales and their corresponding GAAP measures due to the inherent uncertainty regarding variables affecting the comparison of these measures. The magnitude of these differences, however, may be significant. We have provided GAAP results and the applicable reconciliations for the first quarter 2016 and full year 2015.

2

Company Overview

North American market share and capacity leader in aluminum wheels for light vehicles

NYSE listed since 1969 (“SUP”); market cap ~$650M

Five manufacturing facilities - four in Mexico, one in Arkansas

1Q16 LTM unit sales of 11.9M

Approximately 3,200 employees

1Q16 LTM Value-Added Sales of approximately $381M

1Q16 - no debt; cash of $46M

Continuous dividend payout since 1982

Mission critical supplier to leading automotive OEMs

3

A Highly Differentiated Automotive Product

Integral to vehicle styling appeal

Safety critical component

Key Driver Interface – Ride and Handling

Helps achieve Fuel Economy Standards

4

Customer Base Includes Industry Leaders

*BMW, Subaru, Mazda, Tesla, Volkswagen

% of Shipments by Customer - 2015 % of Shipments by Vehicle Type - 2015

*Pick-up trucks, vans, SUVs, crossover vehicles

Light Truck*71%

Passenger Car29%Ford

42%

GM25%

Toyota14%

FCA8%

Nissan5%

Others*6%

5

North American Industry Landscape

North America Market Share – 2015(Includes Wheels Produced Overseas)

Production Capacity within North America - 2015

Superior20%

Prime20%

Dicastal18%

Hitachi6%

Ronal6%

Enkei5%

Sungwoo4%

Hands3%

CMWA3%

Maxion3%

Kalink2%

Wanfeng2%

CAPTIN2%

Borbet2%

Lizhong2%

Lioho2%

Other1%

Superior 36%

Prime 19%Enkei 10%

Hitachi 9%

CMWA 7%

Ronal 7%

Maxion 4%

Borbet 4%Captin 4%

6

Source: Company estimates

$0.33

$0.90

$1.80

$0.00

$0.50

$1.00

$1.50

$2.00

2014 2015 2016E

$56

$76

$95

$30

$50

$70

$90

$110

2014 2015 2016E

11.111.2

11.8

11.0

11.2

11.4

11.6

11.8

2014 2015 2016E

$369

$361

$388

$350

$360

$370

$380

$390

$400

2014 2015 2016E

($ in Millions)

+5%

Annual Financial Highlights

+6%

(in Millions)

($ in Millions)+70%

+940bps

15.1%

21.1%

24.5%

(1) Based on mid-point of 2016 guidance provided on 4/19/16; (2) See Appendix for definition of adjusted EBITDA and value-added sales; (3) Based on consensus estimates

(1)

(1)

(1)

7

+~450%

(3)

Units Sold Value-Added Sales(2)

Adjusted EBITDA(2) /Margin as a % of Value-Added Sales Earnings Per Share

+41%

+16%

+4%

(16%)

(40%)

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

May-14 Aug-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16Superior S&P 500 Russell 2000 Peer Set

Total Shareholder Return(1)

8

(1) Total Shareholder Returns calculated as the compounded return between two time periods, assuming that dividends are re-invested at the closing share price of the ex-dividend date(2) Peer set reflects the simple average TSR of Accuride, Commercial Vehicle Group, Dorman Products, Drew Industries, Fuel Systems Solutions, Gentherm, Miller Industries, Modine Manufacturing, Shiloh Industries, Spartan Motors, Standard Motor Products, Stoneridge, Strattec Security, and Tower International

(2)

Current Market Dynamics

Customer Dynamics + Localization of vehicle production+ Customer preference for vehicle differentiation+ Increased number of vehicle models and trim levels per platform + Accelerated program cadence, increased speed to market

Efficiency and Emissions + Focus on light-weighting of vehicles + Substitution of lighter and stronger materials Downsizing, boosting, and electrification of powertrains

Safety and Technology + Continued focus on enhanced safety of passengers Advanced sensors Connected vehicles – advanced infotainment and electronics Autonomous, self driving vehicles

Comfort

+ Tailwind for Superior

+ Increased quality, style and comfort+ Additional features for lower priced vehicles Adaptive drive assistance

9

Superior’s Strategic Priorities

Improving global competitiveness

Building on culture of product innovation and technology

Evaluating opportunities for growth and value creation

Balanced approach to capital allocation

Increasing visibility with financial community

10

Improving Global Competitiveness

Diversifying customer base

Reducing cost per wheel

Enhancing product quality

Expanding value-added offerings

Improving safety

Increasing manufacturing capacity in Mexico

11

Superior Transformation

36%

10%

64%

90%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2013 2016

Superior Production Capacity by Country

US Mexico

9% 11%

28% 23%

49%42%

14%24%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2015 2018E

Superior Wheel Size Mix

15" + 16" 17" 18" 19" and above

12

Platform Sourcing - Mid-Size Car Platform

SuperiorWin

Original Quote Launch Lineup Variance

16'' BASE PAINT No 450,000 250,000 (200,000)

17'' BASE PAINT Yes 435,000 535,000 +100,000

18'' BRIGHT MACHINED Yes 80,000 180,000 +100,000

18'' POLISHED Yes 100,000 - (100,000)

19'' PREMIUM PAINT Yes 90,000 190,000 +100,000

TOTAL ~ 1.2 million ~ 1.2 million

Bidding all wheel styles and sizes on a platform requires a competitive product offering and offers reduced revenue volatility

13

Executing strategic investments in IP portfolio

Making process and material handling improvements to cast lighter wheels

Actively working with customers on design ideas and engineering concepts to shorten time to market

Implementing program management process and new ERP system, providing better data for cost analysis

Building on Culture of Product Innovation and Technology

14

Superior recognized by Mazda as a 2015 Supplier of Excellence, a

first for Superior

Recent Customer Awards

Recognition of How Superior Interfaces with Customers and Drives Product Innovation and Process Achievements

Superior recently received the GM Supplier of the Year award, the first time in

more than 10 years

“The companies we recognize…not only have brought innovation, they delivered it with the quality our customers deserve.” - GM

15

Executing Opportunities for Growth and Value Creation

Launched additional 500,000 wheel capacity at the newest plant in Mexico

Investing in high-end finishing capabilities in Mexico

Focusing on larger more complex products

Establishing global relationships to broaden geographic opportunities

16

Balanced Approach to Capital Allocation

Nearly $220M in capital expenditures from 2013 - 2015 to expand capacity, add efficiency, improve process control and maintain plants

Strong track record of both dividends and share repurchases

• Returned $150M to shareholders over the last 5 years

• Cash dividend since 1982 – currently approximately $20M annually

New $50M stock repurchase program approved in January 2016

Financial capacity to strategically pursue M&A prospects to drive growth and value creation

17

Financial Performance Outlook for 2016

(1) Value-added sales are defined as net sales less pass-through charges, primarily for the value of aluminum; (2) Net Sales include the value of aluminum and outsourced process costs passed through to customers

Key Metrics Initial 2016 Outlook Current 2016 Outlook

Unit Volume Growth 1% - 4% 3% - 6%

Value-Added Sales1 / $370 - $390 million $380 - $395 millionAdjusted EBITDA Margin 22.3% - 23.1% 24.1% - 24.8%

Net Sales2 / $720 - $740 million $690 - $710 millionAdjusted EBITDA Margin 11.4% - 12.2% 13.3% - 13.8%

Capital Expenditures Approximately $40M Approximately $40M

Working Capital A slight net source of funds A net source of funds

Effective Tax Rate Low 20% range 25% - 27% range

Dividend Payments Approximately $20M Approximately $20M

18

Appendix

$82

$102

$70

$80

$90

$100

$110

Q1 '15 Q1 '16

Value-Added Sales(1)

($ in Millions)

+24%

First Quarter 2016 Summary Financial Highlights

$0.16

$0.56

$0.00

$0.15

$0.30

$0.45

$0.60

Q1 '15 Q1 '16

($1)

$16

($5)

$0

$5

$10

$15

$20

Q1 '15 Q1 '16

$13

$28

$10

$15

$20

$25

$30

Q1 '15 Q1 '16

2.5

3.2

2.3

2.6

2.9

3.2

3.5

Q1 '15 Q1 '16

+25%

Units

Earnings Per Share Operating Cash Flow

(in Millions)

($ in Millions) ($ in Millions)

$174

$186

$170

$175

$180

$185

$190

Q1 '15 Q1 '16

Net Sales

($ in Millions)

+7%

+250%+110%

+1,121bps

16.3%

27.5%

(1) See Appendix for definition of adjusted EBITDA and value-added sales

20

Adjusted EBITDA(1) /Margin as a % of Value-Added Sales

First Quarter Income StatementsU

naud

ited

(1) Value-Added Sales excludes aluminum and upcharges(2) 1Q16 and 1Q15 actual EBITDA adjusted for $466K and $1,355K of Rogers closure cost respectively

(US$ in Thousands, except for units and per share amounts)

1Q16 1Q15Actual Actual Actual

Unit Shipments 3,180,049 2,538,345 641,704

Total Revenues 186,065$ 173,729$ 12,337$

Value Added Revenue (1) 102,339$ 82,263$ 20,076$

Gross Profit 27,715$ 11,222$ 16,493$ % of Revenues 14.9% 6.5% 8.4% % of Value-Added Revenue 27.1% 13.6% 13.4%SG&A Expenses (8,993)$ (7,552)$ (1,441)$ % of Revenues -4.8% -4.3% -0.5%

Operating Income 18,722$ 3,669$ 15,052$

Interest Income, net 32$ 85$ (53)$ Foreign Exchange Gain (Loss) 199$ (233)$ 431$ Other Income (Expense), net 69$ 51$ 18$

Income Before Income Taxes 19,022$ 3,573$ 15,449$

Income Tax (Provision) Benefit (4,558)$ 761$ (5,319)$

Net Income 14,464$ 4,334$ 10,131$

Income Per Share - Diluted 0.56$ 0.16$ 0.40$

EBITDA 27,636$ 12,016$ 15,621$ EBITDA % of Revenue 14.9% 6.9% 7.9%EBITDA % of Value-Added Revenue 27.0% 14.6% 12.4%

EBITDA Adjusted (2) 28,102$ 13,370$ 14,731$ EBITDA % Revenue Adjusted (2) 15.1% 7.7% 7.4%EBITDA % Value-Added Revenue Adjusted (2) 27.5% 16.3% 11.2%

Variance

21

Summary Balance SheetU

naud

ited

(US$ in Millions)

DecemberASSETS 2016 Actual 2015 ActualCash & Cash Equivalents 45.5$ 52.0$ Short Term Investments 0.8 1.0 Accounts Receivable, net 112.9 112.6 Inventories, net 63.8 61.8 Prepaid Aluminum 18.7 12.4 Other Current Assets 6.5 6.1 Total Current Assets 248.1 245.8

Property, Plant & Equipment 230.4 234.6 Investments 2.0 2.0 Deferred Taxes 25.3 25.6 Other Assets 34.2 31.9 Total Assets 540.0$ 539.9$

LIABILITIES & EQUITYAccounts Payable 23.1$ 20.9$ Other Current Liabilities 50.4 52.9 Total Current Liabilities 73.5 73.9

Non-Current Liabilities 54.8 52.2 Shareholders' Equity 411.8 413.9 Total Liabilities & Equity 540.0$ 539.9$

March

22

BS Data

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Top

Balance Sheet

Superior Industries International, Inc.

Summary Balance Sheets

(US$ in Millions)

MarchIncreaseDecemberIncrease

ASSETS2016 Actual2016 Budget(Decrease)2015 Actual(Decrease)

Cash & Cash Equivalents$ 45.5$ 56.5$ (11.0)$ 52.0$ (6.5)

Short Term Investments0.81.0(0.2)1.0(0.2)

Accounts Receivable, net112.9125.4(12.5)112.60.3

Inventories, net63.868.6(4.7)61.82.1

Prepaid Aluminum18.77.511.112.46.2

Other Current Assets6.518.6(12.1)6.10.4

Total Current Assets248.1277.5(29.4)245.82.3

Property, Plant & Equipment230.4238.1(7.6)234.6(4.2)

Investments2.02.00.02.00.0

Deferred Taxes25.317.57.825.6(0.3)

Other Assets34.230.43.831.92.3

Total Assets$ 540.0$ 565.5$ (25.5)$ 539.9$ 0.1

LIABILITIES & EQUITY

Accounts Payable$ 23.1$ 35.9$ (12.8)$ 20.9$ 2.2

Other Current Liabilities50.444.26.252.9(2.6)

Total Current Liabilities73.580.1(6.6)73.9(0.4)

Non-Current Liabilities54.864.2(9.5)52.22.6

Shareholders' Equity411.8421.2(9.4)413.9(2.1)

Total Liabilities & Equity$ 540.0$ 565.5$ (25.5)$ 539.9$ 0.1

* Net Working Capital$ 172.3$ 165.6$ 6.7$ 165.9$ 6.4

DSOERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

DPOERROR:#NAME?60ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

Inventory Turnover11.211.10.010.70.5

* Net Working Capital capital equals Accounts recievable, Inventory & prepaid aluminum less accounts payable.

A/R112.9125.4112.6

Inventory63.868.661.8

Ppd Alum18.77.512.4

Less: A/P(23.1)(35.9)(20.9)

172.3165.6165.9

Prepaid Aluminum12,424,71618,654,229

Cash Flow YTD


Summary Cash Flow Statements

3 Months Ended December 2016 and 2015

(US$ in Millions)

1Q162015Increase1Q15Increase

ActualBudget(Decrease)Actual(Decrease)

Net Income (Loss)$ 14.5$ 21.9$ (7.4)$ 4.3$ 10.2

Depreciation8.739.1(30.4)8.50.2

Impairment of Long Lived Assets (Synergies)- 0- 0- 0

Deferred Income Taxes & FIN 48 (0.6)(4.6)4.0(1.5)0.9

Accounts Receivable(1.2)(9.2)8.0(3.9)2.7

Inventories(2.1)(2.0)(0.1)(1.2)(0.9)

Prepaid Aluminum(6.2)0.6(6.8)(7.1)0.9

Accounts Payable and Accrued Liabilities2.35.9(3.6)0.12.2

Other Operations Related Items0.6(0.9)1.5(0.2)0.8

Cash Flow from Operations16.050.8(34.8)(1.0)17.0

Cash Dividends(4.7)(19.5)14.8(4.8)0.1

Capital Expenditures(6.1)(39.2)33.1(15.0)8.9(0.593)

Proceeds from Exercise of Stock Options0.2- 00.24.1(3.9)

Stock Repurchase(11.9)(2.1)(9.8)

Proceeds from Sales of Fixed Assets0.01.0(1.0)1.8(1.8)

- 0- 0

- 0

All Other- 0(0.1)0.1(0.8)0.8

Net Increase (Decrease)(6.5)(7.0)0.5(17.8)11.3

- 0- 0

Cash - Beginning52.085.9(33.9)62.5(10.5)

193193193- 0

Cash - Ending$ 45.5$ 78.9$ (33.4)$ 44.7$ 0.8

Cash Flow Reported $ (6.5)$ (7.0)$ 0.5$ (17.8)$ 11.3

Dividends4.719.5(14.8)4.8(0.1)

Share Repurchases11.9- 011.92.19.8

Plant 15 Capex- 05.0(5.0)7.1(7.1)

Cash flow adjusted$ 10.1$ 17.5$ (7.4)$ (3.8)$ 13.9

Net Income$ 14.5$ 21.9$ (7.4)$ 4.3$ 10.2

Cash Flow Conversion Ratio0.700.80(0.10)(0.88)1.58

Cash Flow qtr


Summary Cash Flow Statements

Quarter Ended December 2015 and 2014

(US$ in Millions)

4Q154Q15Increase4Q14Increase

ActualBudget(Decrease)Actual(Decrease)

Net Income (Loss)$ (1.3)$ 6.6$ (7.9)$ (3.1)$ 1.8-3.1

0

Depreciation(17.0)10.3(27.3)(17.4)0.4-17.4

Impairment of Long Lived Assets (Synergies)- 0- 0- 0- 0- 0

Deferred Income Taxes & FIN 48 1.5(0.8)2.3(1.8)3.3-0.3

Accounts Receivable17.114.62.513.04.115.4

Inventories(14.4)(4.0)(10.4)10.4(24.8)7.7

Prepaid Aluminum(11.7)7.1(18.8)(1.5)(10.2)4.4

Accounts Payable and Accrued Liabilities(1.1)2.3(3.4)(4.6)3.5-11.8

Other Operations Related Items3.75.6(1.9)(1.7)5.4-1.4

Cash Flow from Operations(23.2)41.7(64.9)(6.7)(16.5)

Cash Dividends9.7(4.9)14.69.8(0.1)

Capital Expenditures26.5(6.7)33.277.0(50.5)

Proceeds from Exercise of Stock Options(7.1)- 0(7.1)(1.5)(5.6)

Stock Repurchase2.5- 02.519.7(17.2)

Net Change in Maturing InvestmentsERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!

Proceeds from Sales of Fixed Assets(1.8)- 0(1.8)(0.2)(1.6)

- 0- 0- 0- 0- 0

- 0- 0- 0- 0- 0

- 0- 0- 0- 0- 0

- 0- 0- 0- 0- 0

All Other2.20.12.10.31.9

Net Increase (Decrease)ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!

- 0- 0

Cash - Beginning49.948.71.283.1(33.2)

193193193- 0

Cash - EndingERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!

Cash Flow Reported ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!

Dividends(9.7)4.9(14.6)(9.8)0.1

Share Repurchases(2.5)- 0(2.5)(19.7)17.2

Plant 15 Capex0.7- 00.715.6(14.9)

Cash flow adjustedERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!

Net Income$ (1.3)$ 6.6$ (7.9)$ (3.1)$ 1.8

Cash Flow Conversion RatioERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!ERROR:#REF!

CheckERROR:#REF!ERROR:#REF!ERROR:#REF!

Plant 15 June Ytd Capex per CI schedule

DSO

Finance

ActualBudgetfin

TotalAdj

All_Depts

Corp.Consol

All_Exptype

All_Projects

USDActualActualActualActualActualActualActualActualActualActualOctfcstBudgetfinBudgetfinBudgetfinBudgetfinActualkBudgetfinBudgetfinBudgetfin

PeriodicYTDPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicPeriodicJunfcstJunfcstJunfcstJunfcst

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12100Trade A/RERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 101,971,000ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 97,060,132$ 95,874,000$ 98,400,000$ 103,550,000

12200Other A/RERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 8,865,000ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

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12000Accounts Receivable NetERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 110,292,000ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

30100Trade Sales

Tom Marty: Tom Marty:In aluminum reportACTUALERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 171,877,000$ 180,437,000$ 175,918,000$ 199,116,000

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31000Sales AdjustmentsERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

32000Proj Dev RevenuesERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

30000Net SalesERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 171,877,000$ 180,437,000$ 175,918,000$ 199,116,000

Days Sales OutstandingERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?48.750.246.1

Change (Mo or Qtr)Days (4,4,5)91919191919191919191919191919191

ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

911822733649118227336491182273364

Note:

DPO

Finance

ActualBudgetfin

TotalAdj

All_Depts

Corp.Consol

All_Exptype

All_Projects

USDActualActualActualActualActualActualActualActualMayfcstBudgetfin

PeriodicPeriodicPeriodicPeriodicPeriodicperiodicYTDPeriodicYTDPeriodicPeriodic

YTDERROR:#NAME?2016.Q12014.Q42015.Q12014.Q42016.Q12014.Q42015.Q42016.Q12016.Q1

211001ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 27,078,000ERROR:#NAME?

211002ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?













22000ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 27,078,000ERROR:#NAME?

40000ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ 506,955,195

LESSAlum in COGS

Tom Marty: Tom Marty:In aluminum reportACTUAL$ 77,357,925$ 83,600,935ERROR:#VALUE!$ 321,975,327$ 99,323,574

LESS42191ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?












LESS43300ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ - 0

LESS43400ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?$ - 0

Adjusted Trade COGSERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

Days Payables OutstandingERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?ERROR:#NAME?

Change (Mo or Qtr)Days (4,4,5)919136436491

Notes:

COGS is adjusted for certain items that do not run through payables:

-AluminumValue in From Aluminum Report

-DepreciationAlum thru COGS

-Wages2014.Jan$ 20,192,924

-Fringes2014.Feb$ 24,299,257

-Scrap Income/Expense2014.Mar$ 33,241,911

-Pre Production Charges2014.Q1$ 77,734,093

-R&D2014.Apr$ 23,978,728

-Obsolete and slow moving Inventory2014.May$ 29,973,345

2014.Jun$ 35,525,900

2014.Q2$ 89,477,974

2014.Jul$ 20,687,635

2014.Aug$ 26,477,239

2014.Sep$ 37,003,434

2014.Q3$ 84,168,308

2014.Oct$ 28,469,997

2014.Nov$ 28,433,768

2014.Dec$ 29,264,181

2014.Q4$ 87,693,000

2015.Jan$ 21,819,47120,845,91321434711.9507045

2015.Feb$ 27,786,16628,781,09229151273.6736037

2015.Mar$ 33,995,29934,700,08234893298.7719325

2015.Q1$ 83,600,935

2015.Apr$ 25,567,94327,204,56027325502.1591162

2015.May$ 25,870,06427,583,39127594872.0603638

2015.Jun$ 32,869,51633,447,60033603894.8861795

2015.Q2$ 84,307,523

2015.Jul$ 18,307,74519,116,34519139956.3469794

2015.Aug$ 25,054,50027,032,64927032649.2350961

2015.Sep$ 32,650,54032,996,59533088986.2741199

2015.Q3$ 76,012,784$ 79,261,592

2015.Oct$ 25,513,12726,577,77226485380.0739015

2015.Nov$ 25,517,41927,020,31327631985.1080396

2015.Dec$ 27,023,53926,764,04126764040.5241281

2015.Q4$ 78,054,084$ 80,881,406

2016.Jan$ 21,423,289

2016.Feb$ 26,073,444

2016.Mar$ 29,861,192

2016.Q1$ 77,357,925

2016.AprGet Data

2016.MayGet Data

2016.JunGet Data

2016.Q2Get Data

2016.JulGet Data

2016.AugGet Data

2016.SepGet Data

2016.Q3Get Data

2016.OctGet Data

2016.NovGet Data

2016.DecGet Data

2016.Q4Get Data

FSM

Action PaneAction PaneShrs OutstandingSTUVXYZAAACADAEAFACADAEAFACADAEAF

AppFINANCEAppFINANCE

ACCOUNTBAL_SHEETACCOUNTWASOYEAR

CATEGORYACTUALCATEGORYBUDGET

DATASRCTotalAdjDATASRCInput

DEPARTMENTALL_DEPTSDEPARTMENTALL_DEPTS

ENTITYCorp.ConsolENTITYCorp.Consol

EXPENSETYPEALL_EXPTYPEEXPENSETYPEALL_EXPTYPE

MEASURESPeriodicMEASURESPeriodic

PROJECTALL_PROJECTSPROJECTALL_PROJECTS3,8553,1495,279

RPTCURRENCYUSDRPTCURRENCYLC

TIME2012.TOTALTIME2014.TOTAL 3,816 4215,279

2010.Q12010.Q22010.Q32010.Q42010.Total2011.Q12011.Q22011.Q32011.Q42011.Total2012.Q12012.Q22012.Q32012.Q42012.Total2013.Q12013.Q22013.Q32013.Q42013.Total2014.Q12014.Q22014.Q32014.Q42014.Total2015.Q12015.Q22015.Q32015.Q42015.Total2016.Q12016.Q22016.Q32016.Q42016.Total2017.Q12017.Q22017.Q32017.Q42017.Total2018.Q12018.Q22018.Q32018.Q42018.Total2015.Q12015.Q22015.Q32015.Q42015.Total

ActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfin

xAcct No.Account NameBPC Base MappingCF MappingAssumptionsNotes(USD in thousands)As of December 31,2010.Q12010.Q22010.Q32010.Q420102011.Q12011.Q22011.Q32011.Q420112012.Q12012.Q22012.Q32012.Q420122013.Q12013.Q22013.Q32013.Q420132014.Q12014.Q22014.Q32014.Q420142015.Q12015.Q22015.Q32015.Q42015F2016.Q12016.Q22016.Q32016.Q42016B2017.Q12017.Q22017.Q32017.Q42017B2018.Q12018.Q22018.Q32018.Q42018F(USD in thousands)As of December 31,2015.Q12015.Q22015.Q32015.Q42015B

Assets Assets

Current Assets Current Assets

10000Cash & Cash Equival101115Cash FlowBeginning cash + Δ in cashCash and cash equivalents127,075133,150130,814129,631$129,631158,304144,474147,067187,795$187,795193,157207,494214,894203,364$203,364186,170202,536182,724199,301$199,301157,799126,69783,13362,451$62,45144,67557,34149,94864,943$64,94336,42256,59045,97778,158$78,15853,94580,58774,641109,482$109,482123,244121,150134,639104,088$104,088Cash and cash equivalents43,21249,74848,77378,883$78,883

11000ST Investments115001InvestingStraight linebeginning investments+purchases- proceedsShort-term investments10,21910,2195,23121,92221,92219,2275,1375,1265,1265,1264,7994,7915,0113,9703,9703,9703,9703,7503,7503,7503,7503,7503,7503,7503,7503,7501,150950950950950950950950950950950950950950950950950950950Short-term investments3,7503,7503,7503,7503,750

12100Trade A/R121000% of Net Sales Trade A/R92,745129,390127,206105,745105,745109,531122,612119,656114,811114,811123,624125,102115,59991,74791,747108,474101,034114,58582,80982,809101,854104,08897,03596,17796,17797,06093,950110,748101,054101,054121,699109,247125,857104,893104,893121,584112,904127,324105,145105,145- 0- 0- 0- 0- 0Trade A/R103,695104,345104,51089,97189,971

12200Other A/R128001Straight line Other A/R7,2727,04710,64111,96411,96415,36113,1277,4415,4235,4233,9544,1255,6197,2937,2936,2646,1826,3977,7247,7247,3157,8077,5746,8306,8308,8799,5638,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,8658,865Other A/R7,5747,5747,5747,5747,574

12300Bad Debt Reserves129100% of Net Sales Bad Debt Reserves(433)(718)(1,225)(983)(983)(704)(1,070)(653)(339)(339)(436)(699)(475)(573)(573)(920)(634)(972)(910)(910)(979)(452)(528)(514)(514)(573)(1,071)(658)(540)(540)(718)(1,245)(748)(561)(561)(718)(1,287)(757)(562)(562)- 0- 0- 0- 0- 0Bad Debt Reserves(424)(453)(431)(475)(475)

12000Accounts Receivable NetOperating1 Accounts receivable, net99,583135,719136,621116,726116,726124,187134,670126,445119,895119,895127,142128,529120,74398,46798,467113,818106,582120,00989,62389,623108,190111,443104,081102,493102,493105,366102,442118,955109,379109,379129,846116,867133,974113,197113,197129,732120,483135,432113,448113,4488,8658,8658,8658,8658,865Accounts receivable, net110,844111,466111,65397,07097,070

13100MRO Inventory130000% of Trade STD COGSBased on Trade STD COGSMRO Inventory9,82311,07711,37611,98111,98112,58913,19112,74614,41714,41715,44715,8586,00610,22510,22510,0179,2288,6909,1579,1579,5699,4398,8398,7718,7719,2508,8018,58910,73710,73711,2249,5168,5049,4009,40011,0779,6928,4789,3019,301- 0- 0- 0- 0- 0MRO Inventory9,1278,8918,5498,5618,561

13200Costed Raw Materials131101Days' Sales in Raw MaterialsBased on aluminum COGSCosted Raw Materials9,3715,9289,6296,5796,5799,81711,83018,67913,98613,9868,5249,71613,0328,7528,75211,8176,3835,7667,9767,9767,0937,8498,19810,53810,53812,1539,3548,76910,15510,15514,74110,9629,89311,05511,05514,43111,0909,82611,02111,021- 0- 0- 0- 0- 0Costed Raw Materials7,2337,7307,4328,2438,243

13300WIP132101Days' Sales in WIPBased on Trade STD COGSWIP24,53124,93929,26634,20634,20640,65630,55129,87326,14726,14732,43830,04232,21731,92331,92333,57927,90232,55130,72830,72827,68126,09633,91229,90629,90632,54332,94639,03928,81828,81839,47538,60844,04131,37231,37238,64439,06043,74131,27531,275- 0- 0- 0- 0- 0WIP27,86629,78228,63531,75931,759

13400Finished Goods133101Days' Sales in Finished GoodsBased on Trade STD COGSFinished Goods20,27818,71921,40323,36423,36421,43324,24121,89215,15415,15419,89919,80620,05822,96522,96524,11231,37126,57026,35526,35525,49225,68525,54023,92723,92724,19325,78920,97923,05723,05729,34730,22123,66725,10025,10028,72930,57423,50625,02325,023- 0- 0- 0- 0- 0Finished Goods25,51525,54325,38925,39925,399

13500Consignment134000Straight line Consignment1,4011,3372,0471,7711,7711,055777777777777777777777777777777777777777Consignment77777

13610Obsolete/Slowing Reserve135001% of Finished Goods Obsolete/Slowing Reserve(13,521)(12,071)(10,987)(10,723)(10,723)(9,872)(9,594)(8,784)(4,629)(4,629)(4,930)(4,972)(262)(116)(116)(146)(124)(150)(145)(145)(169)(156)(191)(216)(216)(252)(246)(316)(208)(208)(305)(288)(357)(226)(226)(299)(292)(354)(225)(225)- 0- 0- 0- 0- 0Obsolete/Slowing Reserve(191)(191)(190)(190)(190)

13630FIFO ReserveNot budgeted FIFO Reserve3,0663,652537,8467,8465,1889,7587,4291,9871,987(2,166)(3,118)(4,377)(1,713)(1,713)(768)(4,354)(5,511)(6,708)(6,708)(3,605)(2,254)1,6231,6991,699(2,639)(6,889)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)(14,772)00000FIFO Reserve- 0- 0- 0- 0- 0

13640LCM ReserveNot budgeted LCM Reserve(173)(250)(204)(191)(191)(186)(214)(148)(142)(142)(133)(129)(142)(133)(133)(564)(181)- 0- 0- 0- 0- 0(118)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 000000LCM Reserve- 0- 0- 0- 0- 0

13650Std Cost Rev ReserveNot budgeted Standard Cost Revisions- 05262864645014851664017363648(33)(258)(178)(178)(188)(67)(137)4444(5)(213)(74)(74)(74)(74)(74)(74)(74)(74)(74)(74)(74)(74)(74)00000Standard Cost Revisions- 0- 0- 0- 0- 0

13600Inventory ReservesInventory Reserves(10,628)(8,143)(11,535)(3,004)(3,004)(4,819)98(1,453)(2,778)(2,778)(7,189)(8,218)(4,773)(1,925)(1,925)(1,430)(4,693)(5,919)(7,030)(7,030)(3,962)(2,477)1,1771,5281,528(3,112)(7,486)(15,562)(15,054)(15,054)(15,151)(15,134)(15,203)(15,072)(15,072)(15,145)(15,138)(15,200)(15,072)(15,072)00000Inventory Reserves(191)(191)(190)(190)(190)

13000Inventories NetOperating2 Inventories, net54,77653,85662,18674,89774,89780,73079,91981,74566,93366,93369,12667,21266,54671,94871,94878,10270,19867,66567,19367,19365,88066,59977,67474,67774,67775,03369,41261,82257,72157,72179,64374,18070,90961,86261,86277,74275,28570,35761,55661,55677777Inventories, net69,55771,76369,82373,78073,780

14000Income Tax Receivable141001Operating5Supporting Schedules Income taxes receivable35(0)(0)1,2211,2211,2212,9803,8234,9504,9501,9933,6691,9034,9254,9254,0344,4605,5757,5847,5844,4502,2646,3043,7403,7401,7841,4202,6632,6632,6632,3332,3332,3332,3332,3332,3332,3332,3332,3332,3332,3332,3332,3332,3332,333Income taxes receivable4,3043,3042,0042,0042,004

14100Current Def Tax Asset141010Operating4Straight line Deferred income taxes7,0981,8212,0393,9203,9206,2456,1103,8145,2995,2995,9995,6415,5137,9357,9358,0547,9047,9457,9177,9177,9147,9257,8549,8979,8979,8129,7649,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,5719,571Deferred income taxes7,8547,8547,8547,8547,854

14210Ppd Taxes142101 Straight line Ppd Taxes9973(201)(81)(81)(52)6064323210761742626110606422221469070171711591474747474747474747474747474747474747Ppd Taxes7070707070

14220Ppd Insurance143101 Straight line Ppd Insurance1635561,0275735732197851,3768438433339221,7931,1271,1278691,0361,4719419414988631,5451,0111,0119451,3761,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,4681,468Ppd Insurance1,5451,5451,5451,5451,545

14230Ppd Rent144000 Straight line Ppd Rent1603535353535353535353739413535353638545450474339394629292929292929292929292929292929292929Ppd Rent4343434343

14240Ppd Aluminum145400 Days' Sales in Prepaid Ppd Aluminum19,5177,07618,02826,88426,8843,30417,93518,95111,74311,74310,7346,8776,50710,63310,63315,62810,74210,8336,1146,11414,59910,74411,71514,40414,40421,50818,3598,91712,85812,85817,67912,29813,44715,67915,67919,09312,49513,70216,03916,03920,65512,88410,99715,58315,583Ppd Aluminum17,72812,44813,4887,5867,5865,279

14250Ppd Other146105 Straight line Ppd Other1,3041,5031,3981,3351,3351,1382,4112,518131131121642,5782,4772,4771,6421,2921,0751,7181,7181,2049396792,2962,2962,3621,8031,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,9071,907Ppd Other679679679679679

14200Ppd & Other Curr AssetOperating3Other current assets21,2439,24320,28828,74728,7474,64321,22622,94412,78512,78511,3337,96310,99414,29914,29918,28413,16613,4818,8498,84916,49812,68314,05217,76817,76824,97621,65812,36716,30816,30821,12915,74816,89719,12919,12922,54315,94517,15219,48919,48924,10516,33414,44719,03319,033Other current assets20,06514,78515,8259,9239,923

14900Assets Held for SaleInvestingNot budgeted Assets held for sale6,7586,7576,6054,5484,5484,5484,2094,2091,5001,5001,5001,500- 0- 0- 0- 0- 0- 0- 0- 0- 0- 01,0001,2351,235- 02,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,8972,897Assets held for sale- 0- 0- 0- 0- 0

100Current AssetsTotal current assets326,786350,765363,784381,612381,612399,107398,725395,172404,283404,283415,049426,799425,604404,909404,909412,432408,817401,149384,218384,218364,482331,360297,849276,011276,011265,397266,084259,172264,432264,432282,791279,137283,509288,097288,097299,713308,051313,334319,727319,727171,972162,108173,709147,744147,744Total current assets259,586262,671259,683273,265273,265

0 - 0- 0- 0- 0- 0- 0- 0- 0- 0 - 0

17000PP&E Cost170010Investing1Schedule PP&E500,556483,045486,264491,856491,856500,244509,965479,726474,986474,986492,471482,160492,039494,794494,794514,453507,757548,404581,123581,123612,977632,824628,430605,554605,554608,004598,879584,054591,233591,233598,882606,532614,181621,830621,830628,255634,680641,105647,530647,530655,030662,530670,030677,530677,530PP&E657,038667,746676,509683,251683,251

18000PP&E Accum Dep180020 Schedule PP&E Accum Dep(320,383)(311,059)(319,031)(324,649)(324,649)(332,058)(342,198)(331,036)(329,239)(329,239)(342,289)(339,924)(344,942)(347,250)(347,250)(361,197)(357,953)(361,627)(361,231)(361,231)(367,701)(370,355)(369,912)(350,519)(350,519)(353,728)(351,230)(344,251)(353,343)(353,343)(363,788)(374,269)(384,091)(393,978)(393,978)(403,450)(412,914)(421,836)(430,813)(430,813)(430,813)(430,813)(430,813)(430,813)(430,813)PP&E Accum Dep(389,855)(399,482)(409,422)(419,697)(419,697)

Manual SumPP&EInvestingBeg. Bal + CapEx - DeprProperty, plant and equipment, net180,173171,986167,233167,207167,207168,186167,767148,689145,747145,747150,182142,237147,097147,543147,543153,257149,804186,776219,892219,892245,276262,469258,518255,035255,035254,276247,649239,803237,890237,890235,094232,263230,090227,853227,853224,805221,767219,269216,717216,717224,217231,717239,217246,717246,717Property, plant and equipment, net267,183268,265267,087263,554263,554

19000Investment in Subs191010InvestingStraight lineInvestment in SynergiesInvestment in unconsolidated affiliate20,64602,5004,5004,5004,8464,7944,7424,7254,7254,6384,6384,6384,6384,6384,6384,6384,6384,5654,5654,5594,5224,5002,0002,0002,0002,0002,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,0132,013Investment in unconsolidated affiliate4,5004,5004,5004,5004,500

19100LT Deferred Tax Asset195500Operating4Straight lineLT Deferred Tax AssetNon-current deferred income taxes, net018,32421,670- 0- 0- 0- 0- 016,79516,79514,10411,63347117,03917,03917,39817,30717,29014,664

William McBride: William McBride:decrease due to SERP, actuarial gain adj. to OCI. Non cash related.14,66414,87814,78215,10517,85217,85215,39615,21617,48117,48117,48118,94518,94518,94518,94518,94518,94518,94518,94518,94518,94518,94518,94518,94518,94518,945Non-current deferred income taxes, net15,10615,10615,10615,10615,106

19800Other Long Term Assets193110Operating3Straight lineSERPOther non-current assets16,63719,95817,75419,12319,12318,45717,51718,20821,68221,68222,98322,55027,69325,47225,47225,83329,60729,13330,04830,04831,91630,79429,73529,01129,01129,43830,48730,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,39130,391Other non-current assets29,73529,73529,73529,73529,735

16000Long Term AssetsTotal long-term assets217,457210,269209,157190,830190,830191,489190,079171,639188,948188,948191,907181,058179,899194,693194,693201,127201,355237,838269,170269,170296,629312,567307,858303,898303,898301,110295,351289,688287,775287,775286,443283,612281,439279,202279,202276,154273,116270,618268,066268,066275,566283,066290,566298,066298,066Total long-term assets316,523317,605316,427312,894312,894

1AssetsTotal Assets544,243561,033572,941572,442572,442590,596588,804566,811593,231593,231606,956607,857605,504599,601599,601613,559610,172638,987653,388$653,388661,111643,927605,707579,910$579,910$566,507$561,435$548,860$552,207$552,207$569,234$562,748$564,947$567,299$567,299$575,868$581,167$583,952$587,793$587,793$447,538$445,174$464,276$445,810$445,810Total Assets$576,110$580,276$576,110$586,160$586,160

Liabilities and Stockholders' Equity Liabilities and Stockholders' Equity

Current Liabilities Current Liabilities

22000Accounts Payable211001Operating6Supporting Schedules Accounts payable26,01732,40131,49630,230$30,23030,16924,36926,29529,018$29,01830,79538,98436,02432,400$32,40032,55732,24533,36634,494$34,49432,63231,70925,97123,93823,93822,49022,93626,22829,126$29,12641,26433,05031,02933,697$33,69734,53033,97929,45532,220$32,220(90,642)(88,435)(64,562)(78,190)($78,190)Accounts payable16,89720,78019,02428,473$28,473

23100Payroll & Benefits221001Operating7Supporting Schedules Payroll & Benefits12,29412,77814,39313,23913,23915,08314,98615,31714,73914,73915,45115,30417,00314,02614,02616,41115,25517,52616,07616,07616,28715,31718,35514,70914,70913,99512,76514,31213,22813,22814,47813,53214,64712,48012,48014,38513,74514,91712,73112,731- 0- 0- 0- 0- 0Payroll & Benefits16,14816,08815,56215,70015,700

23200Insurance Reserves223501Operating7Straight line Insurance Reserves2,2901,8182,0512,1742,1742,0401,9321,9372,1072,1071,9371,9431,8181,7381,7381,5712,0622,0401,9371,9371,9311,9461,8621,7881,7881,5991,5601,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,5471,547Insurance Reserves1,8621,8621,8621,8621,862

23300Interest & Dividends223901Financing1Supporting Schedules Interest and Dividends4,2674,2674,2734,2904,2904,3124,3444,3464,3474,3474,3504,3564,360- 0- 0- 0- 05494,8844,8844,8844,8394,7944,8624,8624,9304,9714,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,9594,959Interest and Dividends4,7944,7944,7944,7944,794

23400Taxes Other Than Income224011Operating7Straight lineVAT Tax, Comp Withholding, Sales&UseTaxes Other Than Income10,63013,01913,46112,91712,91713,63711,86911,43011,77611,77612,04013,2049,0778,1918,1918,4143,4884,0645,7305,7307,6158,1187,2396,9616,9617,1597,5645,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,4625,462Taxes Other Than Income7,2397,2397,2397,2397,239

239996Other Accrued Liab-USD224011Operating7Straight line Other Accrued Liab-USD- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 07,27317,56517,56524,66220,8047,9613413410- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Other Accrued Liab-USD- 0- 0- 0- 0- 0

239997Other Accrued Liab-EUR224011Operating7Straight line Other Accrued Liab-EUR- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 04,9817,4857,4857,6204,1941,2092,7662,766990- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Other Accrued Liab-EUR- 0- 0- 0- 0- 0

239998Other Accrued Liab-MXN224011Operating7Straight line Other Accrued Liab-MXN- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 03,8212,6182,6182,2462,671458983983435- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Other Accrued Liab-MXN- 0- 0- 0- 0- 0

OtherOther4,7153,8253,8772,1962,1962,2501,6691,7721,4051,4052,5302,6612,3902,2782,2781,9091,6732,5902,5652,5653,7362,6153,0628,2788,2789,6649,52614,247- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Other- 0- 0- 0- 0- 0

23500Other Accrued Liab239401Investing1Supporting Schedules Other Accrued Liabilities4,7153,8253,8772,1962,1962,2501,6691,7721,4051,4052,5302,6612,3902,2782,2781,9091,67318,66630,23430,23438,26530,28512,69012,36812,36811,0899,52614,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,24714,247Other Accrued Liabilities3,0623,0623,0623,0623,062

23000Accrued Expenses Accrued expenses34,19635,70838,05634,81634,81637,32334,80134,80134,37434,37436,30837,46734,64826,23326,23328,30522,47842,84558,86158,86168,98160,50544,93940,68940,68938,77136,38640,52639,44239,44240,69139,74640,86138,69438,69440,59839,95841,13038,94538,94526,21426,21426,21426,21426,214Accrued expenses33,10433,04432,51832,65632,656

24000Income Tax Payable247100Operating5Straight lineFederal and foreign taxes payableIncome tax payable2,23476141(0)(0)4,8861,495(0)008209693,1781,9571,957(52)351000326(27)2,2362,2361,5322,8240001,1341,1341,1341,1341,1341,1341,1341,1341,1341,1341,1341,1341,1341,1341,134Income tax payable(27)(27)(27)(27)(27)

25000Current Def Tax LiabOperating4Not budgeted Deferred tax liability- 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- 0Deferred tax liability- 0- 0- 0- 0- 0

25200Current Tax Liabilities249100Operating7Not budgeted Current tax liabilities- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0300300300- 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- 0Current tax liabilities- 0- 0- 0- 0- 0

26000Deferred Revenue250100Operating7Straight line Deferred revenue6,7347,9155,4405,4915,4915,5355,0115,4275,1585,1584,7264,7355,7085,6885,6886,0096,1766,0716,0756,0755,8385,5015,8015,1005,1004,5774,4903,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,5913,591Deferred revenue5,8015,8015,8015,8015,801

20001Current LiabilitiesTotal current liabilities69,18176,10075,13470,53870,53877,91365,67766,52368,55068,55072,64982,15579,55866,57866,57867,11961,24982,28299,43099,430107,48397,72176,68471,96271,96267,37166,63670,34572,15972,15986,68177,52276,61577,11677,11679,85478,66375,31175,89075,890(59,703)(57,496)(33,623)(47,251)(47,251)Total current liabilities55,77659,59957,31766,90366,903

27200Intercompany Liabilities260107Not budgeted Intercompany Liabilities30000(0)00(0)(0)(0)(0)(0)(0)(0)(0)(0)(0)00(0)(0)(0)(0)(0)0(0)111111111111111111Intercompany Liabilities(0)(0)(0)(0)(0)

27700LT Def Tax Liability284050Operating4Supporting SchedulesDue to accelerated depreciationNon-current deferred income tax liabilities, net32,65446,43749,05525,49225,49226,12221,70914,833(0)(0)(0)(0)(0)18,87618,87619,95518,66318,96921,07021,07021,00321,07220,35415,12215,12215,51315,21913,95013,95013,95013,13312,31611,49810,68110,68110,2819,8819,4819,0819,0818,3087,5356,7625,9895,989Non-current deferred income tax liabilities, net18,54417,66416,78315,90315,903

27800LT Tax Liabilities285000Operating8Supporting SchedulesFin48 adjustments - LT liability for uncertain taxNon-current income tax liabilities29,13129,37230,33733,04933,04934,80036,03831,44933,10233,10237,22229,2129,74411,32811,32811,97711,73012,25515,05015,05015,56816,01916,15413,62113,6217,0577,1908,2298,2298,2298,0087,7867,5647,3437,3437,0596,7766,4926,2096,2096,4096,6096,8097,0097,009Non-current income tax liabilities13,48113,68112,71511,87011,870

27900Other LT Liabilities289001Operating7Straight line Other non-current liabilities31,86829,14430,01329,88129,88129,96629,16029,61331,06331,06330,95731,13933,20635,91435,91435,67439,52238,50034,77534,77534,42234,03834,61540,19940,19940,65540,07643,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,08043,080Other non-current liabilities34,61534,61534,61534,61534,615

27000Long Term LiabilitiesTotal long-term liabilities93,656104,953109,40588,42288,42290,88986,90775,89564,16664,16668,17860,35242,95066,11866,11867,60669,91569,72470,89470,89470,99271,12971,12368,94268,94263,22562,48565,26065,26065,26064,22163,18262,14361,10461,10460,42159,73759,05458,37058,37057,79757,22456,65156,07856,078Total long-term liabilities66,64065,95964,11362,38862,388

Manual SumTotal Liabilities 162,838181,053184,539158,960158,960168,802152,584142,418132,716132,716140,827142,507122,508132,696132,696134,725131,164152,007170,325170,325178,476168,850147,807140,904140,904130,596129,122135,605137,420137,420150,902140,704138,758138,220138,220140,274138,400134,364134,260134,260(1,906)(271)23,0298,8288,828Total Liabilities 122,416125,558121,430129,291129,291

Shareholders' Equity Shareholders' Equity

291000Common Stock291000Operating9Straight line Common Stock57,08257,90258,26561,67561,67563,75967,46468,12668,77568,77569,62770,19371,00271,81971,81959,67660,69960,76060,94560,94561,69862,54063,35965,21465,21468,74070,44069,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,99369,993Common Stock63,35963,35963,35963,35963,359

291001Stock Option Tax Effects291001Operating9Straight line Stock Option Tax Effects- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 01,0911,3401,303192192126(113)(146)(224)(224)(416)(1,614)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)(1,688)Stock Option Tax Effects(146)(146)(146)(146)(146)

291002Stock Based Compensation291002Operating9Reference P&LBased on Q1'13 plus forecasted stock based comp. (A/C 635100).Stock Based Compensation- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 012,02212,14812,98314,16814,16814,78815,41015,99916,48316,48317,04117,75318,54319,15219,15219,72820,30320,87821,45221,45222,32723,20224,07724,95224,95225,69526,52627,15827,72527,725Stock Based Compensation17,01617,52918,04218,55518,555

29100Capital Stock Capital Stock57,08257,90258,26561,67561,67563,75967,46468,12668,77568,77569,62770,19371,00271,81971,81972,78974,18775,04675,30575,30576,61277,83779,21381,47381,47385,36586,57986,84887,45887,45888,03388,60889,18389,75889,75890,63391,50892,38393,25893,25894,00094,83195,46396,03096,030Capital Stock80,22980,74281,25581,76981,769

29200APIC292000Not budgeted APIC- 0- 0- 0- 0- 0- 00000000000000000000000- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0APIC- 0- 0- 0- 0- 0

29310Beg Retained Earnings293000Beg Retained Earnings372,994372,994372,989424,633424,633424,633424,633424,633491,802491,802491,802491,802491,802491,802491,802522,693522,693522,693522,693522,693545,517545,517545,517545,517545,517554,320554,320554,320554,320554,320581,644581,644581,644581,644581,644612,957612,957612,957612,957612,957653,234653,234653,234653,234653,234Beg Retained Earnings552,182552,182552,182552,182552,182

29999Current Earnings299999 Current Earnings8,89718,98729,385- 0- 08,05422,75426,982- 0- 06,73313,14728,20430,89130,8914,93411,25816,42922,82422,8244,8229,8617,4428,8038,8034,33410,86615,81427,32427,3247,79915,76724,16831,31331,31310,47121,60032,37640,27640,276- 0- 0- 0- 0- 0Current Earnings5,61811,01215,34521,90221,902

295000Ret Earnings -SUP Buyback295000 Share Repurchase- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0(6,969)(6,969)(8,548)(18,071)(25,605)(25,605)(25,605)(27,329)(31,893)(37,494)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)(43,251)Share Repurchase(25,605)(25,605)(25,605)(25,605)(25,605)

29320Dividends Declared294000Financing1Straight line Dividends Declared(4,267)(8,534)(12,814)(17,104)(17,104)(21,423)(25,769)(30,115)(34,462)(34,462)(38,811)(43,167)(47,527)(64,993)(64,993)(64,993)(64,993)(65,542)(70,427)(70,427)(75,314)(80,159)(84,942)(89,756)(89,756)(94,615)(99,455)(104,224)(109,054)(109,054)(113,885)(118,715)(123,546)(128,376)(128,376)(133,207)(138,037)(142,868)(147,698)(147,698)(152,529)(157,359)(162,190)(167,020)(167,020)Dividends Declared(94,708)(99,591)(104,474)(109,357)(109,357)

29300Retained EarningsRetained Earnings377,623383,447389,561407,529407,529411,264421,618421,500457,341457,341459,724461,782472,479457,700457,700462,634468,958473,580468,122468,122466,478457,148442,412438,959438,959436,711433,838428,417429,339429,339432,308435,445439,016441,330441,330446,970453,269459,214462,284462,284457,454452,623447,793442,962442,962Retained Earnings437,487437,998437,448439,123439,123

29400Accumltd OCI Gain/Loss296000Straight line Accumulated other comprehensive loss(53,300)(61,369)(59,424)(55,722)(55,722)(53,228)(52,861)(65,233)(65,600)(65,600)(63,223)(66,625)(60,484)(62,614)(62,614)(56,589)(64,138)(61,646)(60,363)(60,363)(60,455)(59,908)(63,726)(81,425)(81,425)(86,164)(88,103)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)(102,009)Accumulated other comprehensive loss(64,023)(64,023)(64,023)(64,023)(64,023)

29000Shareholders' EquityBeg. Bal+NI-Div+(-)OtherTotal Shareholders' Equity381,405379,981388,402413,482413,482421,795436,220424,393460,515460,515466,129465,350482,996466,905466,905478,834479,008486,980483,063483,063482,636475,077457,900439,006439,006435,912432,313413,255414,787414,787418,332422,044426,189429,078429,078435,593442,768449,587453,533453,533449,444445,445441,247436,983436,983Total Shareholders' Equity453,694454,718454,681456,869456,869

20000Liabilities & SH EquityTotal Liabilities and Shareholders' Equity544,243561,033572,941572,442$572,442590,596588,804566,811593,231$593,231606,956607,857605,504599,601$599,601613,559610,172638,987653,388$653,388661,111643,927605,707579,910$579,910566,507561,435548,860552,207$552,207569,234562,748564,948567,299$567,299575,868581,168583,952587,793$587,793447,538445,174464,276445,810$445,810Total Liabilities and Shareholders' Equity576,110580,276576,110586,160$586,160

Balance check0(0)0(0)000(0)- 0- 0(0)(0)(0)(0)0.00.0(0.0)(0.0)(0.0)(0.0)(0.0)(0.0)(0.0)(0.0)(0.0)(0)($0.0)($0.0)($0.1)($0.1)($0.1)($0.1)($0.1)($0.1)($0.1)($0.1)($0.1)($0.1)($0.1)($0.1)(0)(0)(0)(0)(0)Balance check(0.000000)(0.000000)(0.000000)(0.000000)(0.000000)

xAccountBudget assumptionMappingDescription(USD in thousands)Fiscal Year Ended December 31,2010.Q12010.Q22010.Q32010.Q420102011.Q12011.Q22011.Q32011.Q420112012.Q12012.Q22012.Q32012.Q420122013.Q12013.Q22013.Q32013.Q420132014.Q12014.Q22014.Q32014.Q420142015.Q12015.Q22015.Q32015.Q42015F2016.Q12016.Q22016.Q32016.Q42016B2017.Q12017.Q22017.Q32017.Q42017B2018.Q12018.Q22018.Q32018.Q42018F(USD in thousands)Fiscal Year Ended December 31,2015.Q12015.Q22015.Q32015.Q42015B

99999 NET INCOME (LOSS)$8,897$10,090$10,398$22,258$51,643$8,054$14,700$4,228$40,187$67,169$6,733$6,414$15,056$2,687$30,891$4,934$6,324$5,171$6,395$22,824$4,822$5,039($2,419)$1,361$8,803$4,334$6,533$4,948$11,510$27,324$7,799$7,968$8,401$7,145$31,313$10,471$11,130$10,775$7,901$40,276- 0- 0- 0- 0- 0NET INCOME (LOSS)$5,618$5,394$4,333$6,558$21,902$11,012

Adjustments to reconcile net income (loss)Adjustments to reconcile net income (loss)- 0

to net cash provided by operating activities:to net cash provided by operating activities:- 0

42191MFG-Depreciation & Amort6,1425,8486,0046,358$24,3536,4436,5076,7456,507$26,2026,4386,6899,7828,748$31,6577,6998,0208,2348,428$32,3809,8079,9269,2529,236$38,2218,8348,9098,3528,327$34,422- 08,5859,0729,3709,624$36,652$17,657

44191CSD-Depreciation & Amort34346169$19869675653$24651494937$186434026214$32357634739$20557634739$205- 057634739$205$120

61191ADM-Depreciation & Amort435440456463$1,794463476517544$2,0005665891,643914$3,712780433409447$2,069575485516604$2,181575485516604$2,181- 0575485516604$2,181$1,060

62191SEL-Depreciation & Amort4445$185555$196777$276433$156788$286788$28- 06788$28$13

Depreciation29,09327,5386,6166,3266,5256,89526,3626,9807,0557,3237,10928,4667,0617,33511,4819,70535,5828,5288,4968,6719,09234,78710,44610,4819,8229,88640,6359,4729,4638,9238,97736,836- 0- 0- 0- 0- 0Depreciation9,2249,6279,94110,27439,066$18,850

Operating8Fin48 and VATReserve changes- 0- 0(25,175)(1,100)(26,275)3564184052,5513,730523419374(1,897)(581)(6,452)1361,050- 0(5,266)(222)(222)(222)(222)(887)(283)(283)(283)(283)(1,134)200200200200800Reserve changes(2,973)200(967)(845)(4,584)($2,773)x($2,606)

Loss on sale of investment4,110- 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- 0Loss on sale of investment- 0- 0- 0- 0- 0- 0

Impairment of long-lived assets1,1531,336- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 02,5002,500- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Impairment of long-lived assets- 0- 0- 0- 0- 0- 0

Not budgetedOther 55107(202)62153(601)(588)319(170)54(607)(404)2181,734770(273)2,4491,04449203- 01,297- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Other - 0- 0- 0- 0- 0- 0

Operating9Non-cash expense (A/C 635100). Approx. $2M Annl.Stock based compensation2,3732,2514845175055662,0725394475141,1852,6856196905234832,3155597117906102,6695765755755752,3008758758758753,5007428316325662,772Stock based compensation5135135135132,052$1,026x

Equity losses (earnings) of joint venture, net of dividends received2,847- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Equity losses (earnings) of joint venture, net of dividends received- 0

Not budgetedNet (gain) loss on disposal of assets486- 0- 0161171332- 0- 0(6)(4)(10)- 0- 0116(5)111(534)(97)(31)- 0(662)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Net (gain) loss on disposal of assets- 0- 0- 0- 0- 0- 0

Operating4Per G.BormanDeferred Income Taxes8,627(38,704)(2,898)6,70310,417(596)13,626(339)16(22)2,2451,900(341)(201)(431)(4,229)(5,202)4,227(1,638)551- 03,140(817)(817)(817)(817)(3,269)(400)(400)(400)(400)(1,600)(773)(773)(773)(773)(3,092)Deferred Income Taxes(880)(880)(880)(880)(3,521)($1,761)

Not budgeted(Gain) loss on disposition of fixed assets- 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(Gain) loss on disposition of fixed assets- 0- 0- 0- 0- 0- 0

Not budgetedGain on Land Grant- 0- 0- 0- 0- 0- 0- 0- 0(681)(681)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Gain on Land Grant- 0- 0- 0- 0- 0- 0

Not budgetedUnrealized foreign exchange (gain)/loss- 0- 0(299)299- 0- 0(70)70- 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- 0Unrealized foreign exchange (gain)/loss- 0- 0- 0- 0- 0- 0

Changes in operating assets and liabilities:Changes in operating assets and liabilities:- 0

Operating1Accounts Receivable(22,136)(11,016)(6,423)(4,098)10,06721,88221,428(14,779)6,253(13,087)30,6879,074(18,946)(4,346)6,421687(16,184)(3,855)2,891(17,350)9,576(8,738)(20,467)12,979(17,107)20,777(3,818)(16,535)9,249(14,949)21,984(251)104,583- 0- 0- 0104,583Accounts Receivable(22,992)(622)(187)14,583(9,218)($23,614)

Operating2Inventories(25,832)4,609(2,835)2,079(4,710)(2,879)(8,345)(5,837)8,2752,8784005,716488(1,437)(10,624)2,276(9,297)(1,192)6,3877,0854,10116,380(21,922)5,4623,2719,048(4,141)(15,880)2,4574,9288,80130661,549- 0- 0- 061,549Inventories2,245(2,206)1,940(3,957)(1,978)$39

Operating7Other AccruedOther liabilities4,4486,6562,1554,1004,825(2,296)8,7843,1211341,4172,4787,1504,126(1,262)

William McBride: William McBride:($2.1M)-Borick Retirement5,428(3,461)4,831797(294)707(1,084)1261,250(945)1,114(2,167)(748)1,904(640)1,172(2,186)251(12,731)- 0- 0- 0(12,731)Other liabilities(2,104)(60)(526)138(2,552)($2,164)x

Operating3Primarily Prepaid AluminumOther assets(23,961)8,031(382)1,570(4,018)(5,296)(8,126)(5,879)(1,382)1,9741,717(3,570)(10,402)3,986(2,538)(5,016)(13,970)(8,478)2768,009(3,941)(4,134)(4,822)5,381(1,149)(2,231)(2,821)(3,414)6,598(1,207)(2,337)(360)(4,616)7,7711,886(4,586)456Other assets(10,773)5,279(1,039)5,901(632)($5,494)

Other assets, net(19,512)14,6871,7735,670807(7,592)658(2,759)(1,248)3,3914,1953,579(6,276)2,7242,890(8,477)(9,139)(7,681)(18)8,716(5,025)(4,007)(3,572)4,436(35)(4,398)(3,569)(1,510)5,958(35)(4,523)(110)(17,347)7,7711,886(4,586)(12,275)Other assets, net(12,877)5,219(1,565)6,040(3,183)($7,657)

Operating6Accounts payable5,488(719)1,2268,447(4,186)(2,803)2,684(804)768411(2,924)(2,549)(2,015)(1,895)(827)(1,372)(6,109)(682)5403,5102,8996,26712,137(8,213)(2,022)2,6684,570833(551)(4,524)2,765(1,477)(122,862)2,20823,873(13,628)(110,410)Accounts payable(5,579)3,883(1,756)9,4485,996($1,696)x

Operating5Income taxes receivable/payable7,713(3,553)3,801(1,543)3,967(2,439)3,786(1,216)(165)(1,644)(1,755)(4,780)3,1612,165(4,122)5,1746,3787242,198(4,145)- 0(1,223)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Income taxes receivable/payable2,0001,0001,300- 04,300$3,000x

Potential tax exposure (i.e., tax uncertainties which may reversed during audit).Noncurrent income tax liability (FIN 48)(15,043)3,4681,705(5,993)3033,115(870)(24)24- 0(297)(297)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Noncurrent income tax liability (FIN 48)- 0- 0- 0- 0- 0- 0

Net Cash Provided (Used) by Operating Activities30,57867,6599,98024,58413,89017,30665,761(12,631)27,9975,31848,56969,253(10,686)12,2274,1525,93311,626(981)26,18813,99932,76271,968(16,042)32,6491,86744,66163,134(12,958)37,8985,31046,09776,34626,09210,23725,819(18,220)43,927Net Cash Provided (Used) by Operating Activities(25,701)22,12812,67141,73450,833($3,573)

CASH FLOWS FROM INVESTING ACTIVITIES: CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of investment($22,094)($4,924)(8)(2,800)(1,170)1($3,977)(200)(2,600)(950)- 0(3,750)(200)(2,600)(950)(3,750)(200)200(950)- 0(950)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Purchase of investment- 0- 0- 0- 0- 0- 0

Proceeds from sales of fixed assets$406$1,66041321,925(80)$1,9814(2)1131638551,880(100)1,8731,758- 057- 01,815- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Proceeds from sales of fixed assets1,000- 0- 0- 01,000$1,000

Proceeds from sale of investments$36,149$21,7203352,8079501,041$5,1332002,6001,170- 03,9702002,6009503,7502002,4001,150- 03,750- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Proceeds from sale of investments- 0- 0- 0- 0- 0- 0

Collection of receivable from Suoftec sale$4,945$2,867- 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- 0Collection of receivable from Suoftec sale- 0- 0- 0- 0- 0- 0

Purchase of equity investments($4,500)- 0- 0- 0- 0- 0- 0Purchase of equity investments- 0

Advance (to) from affiliated company($450)5252- 0- 0$104- 0- 0- 073733437877823637- 00- 037- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Advance (to) from affiliated company- 0- 0- 0- 0- 0- 0

Premiums paid on life insurance($447)($637)- 0- 0(352)(1)($353)- 0(347)- 0(347)- 0(340)- 0(340)- 0- 0(333)- 0(333)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Premiums paid on life insurance- 0- 0- 0- 0- 0- 0

Proceeds from life insurance policy$4061,726- 0- 0(1)$1,725297- 0- 0297594352- 0- 0- 0352- 0278(0)- 0278- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Proceeds from life insurance policy- 0- 0- 0- 0- 0- 0

Proceeds from affordable-housing partnership investment- 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- 0Proceeds from affordable-housing partnership investment- 0- 0- 0- 0- 0- 0

Proceeds from affordable housing partnership investment- 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- 0Proceeds from affordable housing partnership investment- 0- 0- 0- 0- 0- 0

Investing1Additions to property, plant and equipment($9,313)($16,961)(4,288)(4,373)(5,604)(8,880)($23,145)(7,753)(9,387)(26,268)(24,572)(67,980)(25,423)(30,055)(36,565)(20,512)(112,555)(14,983)(8,352)(9,294)(7,179)(39,808)(7,649)(7,649)(7,649)(7,649)(30,598)(6,425)(6,425)(6,425)(6,425)(25,700)(7,500)(7,500)(7,500)(7,500)(30,000)Additions to property, plant and equipment(13,064)(10,709)(8,763)(6,741)(39,277)($23,772)

Net Cash Provided (Used) in Investing Activities5,1463,681(2,179)(4,182)(4,251)(7,920)(18,532)(7,452)(9,389)(26,384)(24,199)(67,424)(24,999)(29,963)(34,938)(20,534)(110,434)(13,188)(5,474)(9,370)(7,179)(35,211)(7,649)(7,649)(7,649)(7,649)(30,598)(6,425)(6,425)(6,425)(6,425)(25,700)(7,500)(7,500)(7,500)(7,500)(30,000)Net Cash Provided (Used) in Investing Activities(12,064)(10,709)(8,763)(6,741)(38,277)($22,772)

CASH FLOW FROM FINANCING ACTIVITIES:CASH FLOW FROM FINANCING ACTIVITIES:

Financing1Cash dividends paid($17,108)($17,358)(4,347)(4,356)(4,360)(21,815)($34,878)- 0- 0- 0(550)(550)(4,886)(4,891)(4,828)(4,746)(19,351)(4,791)(4,798)(4,782)(4,831)(19,201)(4,831)(4,831)(4,831)(4,831)(19,322)(4,831)(4,831)(4,831)(4,831)(19,322)(4,831)(4,831)(4,831)(4,831)(19,322)Cash dividends paid(4,883)(4,883)(4,883)(4,883)(19,532)($9,766)

Stock options exercised$2,448$4,54636750393720$1,5304317023821,3512,8661,0152,4562,0971,8557,4233,8712,613781- 07,265- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Stock options exercised- 0- 0- 0- 0- 0

Repurchases of common stock- 0- 0- 0- 0- 0- 0- 0- 0(8,134)(8,134)(1,840)(11,138)(8,812)- 0(21,790)(2,069)(5,478)(6,827)(5,757)(20,131)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Repurchases of common stock- 0- 0- 0- 0- 0

Excess tax benefit from exercises- 0$303- 0- 0- 04$4- 0324(2)(70)2523232159106192(186)(6)- 0(0)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Excess tax benefit from exercises- 0- 0- 0- 0- 0

Net Cash Used in Financing Activities(14,660)(12,509)($3,980)($4,306)($3,967)($21,091)(33,344)$431$1,026$380($7,403)(5,566)(5,708)(13,550)(11,522)(2,832)(33,612)(2,797)(7,849)(10,835)(10,588)(32,068)(4,831)(4,831)(4,831)(4,831)(19,322)(4,831)(4,831)(4,831)(4,831)(19,322)(4,831)(4,831)(4,831)(4,831)(19,322)Net Cash Used in Financing Activities(4,883)(4,883)(4,883)(4,883)(19,532)($9,766)

Effect of Exchange Rate Changes on Cash- 0($667)$1,540($1,758)$2,026($124)$1,684$2,458($3,269)$874($389)($326)($109)$184($1,256)($3,249)($4,430)($811)($200)($1,186)- 0($2,196)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Effect of Exchange Rate Changes on Cash- 0- 0- 0- 0- 0

Net Increase (Decrease) in Cash and Equivalents$21,064$58,164$5,361$14,338$7,698($11,829)$15,569($17,194)$16,365($19,812)$16,578($4,063)(41,502)(31,102)(43,564)(20,682)($136,850)(17,776)12,665(7,392)14,9952,492(28,522)20,169(10,613)32,18113,215(24,213)26,642(5,946)34,84131,32413,761(2,093)13,488(30,551)(5,395)Net Increase (Decrease) in Cash and Equivalents(42,647)6,536(975)30,110(6,976)($36,111)

Cash and Equivalents at Beginning of Period$108,567$129,631$187,795$193,156$207,494$215,193$187,795$203,364$186,170$202,536$182,724203,364199,301157,799126,69783,133199,30162,45144,67557,34049,94862,45164,94336,42256,59045,97764,94378,15853,94580,58774,64178,158109,482123,244121,150134,639109,482Cash and Equivalents at Beginning of Period85,85943,21249,74848,77385,859

Cash and Equivalents at End of Period$129,631$187,795$193,156$207,494$215,193$203,364$203,364$186,170$202,536$182,724$199,301$199,301$157,799$126,697$83,133$62,451$62,451$44,675$57,340$49,948$64,943$64,943$36,422$56,590$45,977$78,158$78,158$53,945$80,587$74,641$109,482$109,482$123,244$121,150$134,639$104,088$104,088Cash and Equivalents at End of Period$43,212$49,748$48,773$78,883$78,883

Balance check$0($1)$1($1)($298)($0)($0)$0$0$0($0)($0)$0($0)$0$0$0$0$1.6$0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Balance check- 0- 0- 0- 0- 0

xSupporting Schedules ('000)2010.Q12010.Q22010.Q32010.Q42010.Total2011.Q12011.Q22011.Q32011.Q42011.Total2012.Q12012.Q22012.Q32012.Q42012.Total2013.Q12013.Q22013.Q32013.Q42013.Total2014.Q12014.Q22014.Q32014.Q42014.Total2015.Q12015.Q22015.Q32015.Q42015.Total2016.Q12016.Q22016.Q32016.Q42016.Total2017.Q12017.Q22017.Q32017.Q42017.Total2016.Q12016.Q22016.Q32016.Q42016.TotalSupporting Schedules ('000)2015.Q12015.Q22015.Q32015.Q42015.Total

Acct No.Account Name ActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualActualSepfcsts1Sepfcsts1BudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinBudgetfinForecastForecastForecastForecastForecastBudgetBudgetBudgetBudgetBudget

30100Trade Sales Trade Sales147,028191,576182,896187,157708,657186,673206,452204,115213,524810,764201,057213,123191,639208,278814,097204,101195,311188,176189,509777,097180,561195,895173,478184,009733,943171,877181,241174,771193,339721,229215,509210,751198,614200,684825,559215,306217,807200,929201,166835,208- 0- 0- 0- 0- 0Trade Sales183,824196,380186,841205,900772,944

40100Trade Standard COGS Trade Standard COGS123,388154,466152,119153,824583,797154,104164,144162,748179,210660,206180,858193,895175,416189,642739,812186,598177,450176,534178,059718,642168,736179,601156,382160,261664,980152,739167,776171,335196,175688,025185,337181,396169,647171,744708,125182,908184,745169,125169,948706,727- 0- 0- 0- 0- 0Trade Standard COGS161,474172,577165,931184,035684,018

41100Material Price VarianceMaterial Price Variance5,9329,1672,67511,94029,7149,13617,60717,4277,31651,485(2,279)(1,590)(8,149)(3,536)(15,555)(1,395)(7,171)(10,533)(12,640)(31,739)(8,547)(4,698)1,8715,782(5,591)(176)(7,957)(20,443)(30,049)(58,626)3693093354071,41912075114192500- 0- 0- 0- 0- 0Material Price Variance92124131167514

42000MFG-Plant PerformanceMFG-Plant Performance3,983(4,216)(1,508)(1,695)(3,436)5,9123,8745,762(283)15,266(1,040)(2,267)6,8695,9109,473854(1,115)1,167(167)7392,8606116,7562,17912,406(641)(6,828)(7,689)(8,265)(23,424)3,3752,9832,8534,26313,4742,0601,9642,1285,39611,547- 0- 0- 0- 0- 0MFG-Plant Performance4,0487191,858(661)5,964

43100Inventory RevaluationInventory Revaluation746764(638)(557)315(219)(287)(550)(865)(1,921)(210)(232)(353)(1,017)(1,812)(478)49459(492)(418)5883(103)(18)20277(194)(92)- 0(8)113- 0- 0- 01134- 0- 0- 04- 0- 0- 0- 0- 0Inventory Revaluation- 0- 0- 0- 0- 0

43120FIFO Cst RevaluationFIFO Cst Revaluation(4,712)(587)3,681(7,875)(9,492)(1,656)(4,501)2,3295,4421,6141,8929511,259(2,664)1,438(1,580)3,5861,1561,1974,359(2,780)(1,351)(3,877)(549)(8,558)1,0634,2647,8832,48615,69626(46)(60)(62)(142)(100)(19)814912- 0- 0- 0- 0- 0FIFO Cst Revaluation- 0- 0- 0- 0- 0

COGS - Actual129,337159,595156,329155,637600,898167,277180,838187,716190,820726,650179,221190,758175,042188,335733,356183,999173,244168,383165,958691,584160,327174,246161,029167,655663,257153,261157,061150,994160,347621,663189,220184,641172,775176,353722,989184,991186,766171,447175,585718,789- 0- 0- 0- 0- 0COGS - Actual165,614173,421167,920183,541690,496

roll forward (ASP Summary)Aluminum COGS (based on actual COGS)64,47584,08680,36178,169307,09186,905101,543103,220105,003396,67090,545102,83485,61593,259372,25292,32988,03284,50979,979344,85077,73485,72183,44989,341336,24585,47988,52479,65378,279331,93594,136102,42595,78795,453387,801101,663104,06697,60397,648400,980109,979107,30178,33594,870390,486Aluminum COGS (based on actual COGS)94,39399,32496,07699,240389,034

40000Cost of Goods SoldCost of Goods Sold137,568166,670163,994162,032630,263172,657189,187194,483198,786755,112185,349199,337178,906197,255760,847192,923182,756176,201173,624725,504167,754183,234169,100175,136695,224162,507164,022159,170168,768654,466197,123192,213179,562183,722752,621192,972194,459178,340183,156748,927- 0- 0- 0- 0- 0Trade Standard COGS161,474172,577165,931184,035684,018

Adjsuted COGS (excl. Aluminum,Wages,Depr, other)35,31042,12642,12742,293161,85645,19742,41447,82249,645185,07950,06850,40050,95052,498203,91650,67745,98646,99549,553193,21146,62650,67038,43442,807178,53738,77739,40642,88153,500174,56562,58350,12747,06051,107210,87752,37051,53444,67348,867197,444(109,979)(107,301)(78,335)(94,870)(390,486)Trade Standard COGS (excl. Aluminum,Wages,Depr)25,62831,51728,85443,184129,182

42191MFG-Depreciation & Amort Depreciation.MFG7,2396,9536,7936,67827,6636,6796,8176,2635,70425,4636,1425,8486,0046,35824,3536,4436,5076,7456,50726,2026,4386,6899,7828,74831,6577,6998,0208,2348,42832,3809,8079,9269,2529,23638,2218,8348,9098,3528,32734,422- 0- 0- 0- 0- 0Depreciation.MFG- 0- 0- 0- 0- 0

44191CSD-Depreciation & Amort Depreciation.CSD1005945(103)1013545424675893434616919869675653246514949371864340262143235763473920557634739205- 0- 0- 0- 0- 0Depreciation.CSD- 0- 0- 0- 0- 0

61191ADM-Depreciation & Amort Depreciation.ADM128495831(4)1,4503153473864151,4634354404564631,7944634765175442,0005665891,6439143,7127804334094472,0695754855166042,1815754855166042,181- 0- 0- 0- 0- 0Depreciation.ADM- 0- 0- 0- 0- 0

62191SEL-Depreciation & Amort Depreciation.SEL42229377522444518555519677727643315678828678828- 0- 0- 0- 0- 0Depreciation.SEL- 0- 0- 0- 0- 0

Depreciation7,4707,5107,6706,57329,2237,0327,2166,6986,59227,5386,6166,3266,5256,8956,9807,0557,3237,10928,4667,0617,33511,4819,70535,5828,5288,4968,6719,09234,78710,44610,4819,8229,88640,6359,4729,4638,9238,97736,836- 0- 0- 0- 0- 0Depreciation9,2249,6279,94110,27439,066

42110MFG-WagesMFG-Wages15,90219,50820,44621,11176,96720,79121,33222,63223,30288,05723,44524,02424,12526,20997,80324,95623,40221,83521,55791,75020,09221,45120,22718,79980,56915,03314,04114,47314,50958,05516,49516,21615,18615,08962,98715,82915,98815,10515,03361,955- 0- 0- 0- 0- 0MFG-Wages16,29116,42215,97515,98664,674

44110CSD-WagesCSD-Wages1,7351,6992,0041,7387,1751,8461,6791,7371,6576,9201,8041,8201,7801,9487,3521,8492,0472,0731,8997,8691,9341,9761,9591,9237,7922,3871,8311,7332,0818,0311,9832,0001,9571,9227,8611,9832,0001,9571,9227,861- 0- 0- 0- 0- 0CSD-Wages1,9832,0001,9571,9227,861

61110ADM-WagesADM-Wages1,4051,4481,4501,5425,8451,9651,8891,9381,8637,6551,8051,7871,7661,8737,2311,7111,8012,7951,8768,1832,6971,7481,7741,9628,1801,7301,7642,0392,4467,9791,7901,8201,8171,7717,1981,7901,8201,8171,7717,198- 0- 0- 0- 0- 0ADM-Wages1,7901,8201,8171,7717,198

62110SEL-WagesSEL-Wages3373703413681,4153914093794001,5803934113954391,6383794203724761,6464294664374391,7724175623743881,7414014124174061,6364014124174061,636- 0- 0- 0- 0- 0SEL-Wages4014124174061,636

42120MFG-Fringe BenefitsMFG-Fringe Benefits6,4116,9226,6017,38727,3227,7048,7327,7807,16531,3819,0217,6528,34710,01135,0329,5949,3168,3008,36235,5729,4379,7149,1377,96136,2496,9046,7015,4676,38925,4616,2485,9295,4565,43623,0686,3446,2495,6805,67923,952- 0- 0- 0- 0- 0MFG-Fringe Benefits8,3598,1917,7198,04132,310

44120CSD-Fringe BenefitsCSD-Fringe Benefits1,4621,0151,7098044,9901,3627832,4211,2745,8401,5052,0391,4801,2776,3011,9241,9579791,2926,1521,2111,8291,1958235,0581,4541,2091,0961,4885,2481,6421,5581,4861,5496,2351,7421,6591,5871,6506,638- 0- 0- 0- 0- 0CSD-Fringe Benefits1,5971,5151,4421,5056,059

61120ADM-Fringe BenefitsADM-Fringe Benefits1,4832,2321,6501,5306,8951,6311,2701,640614,6021,6501,4611,5147855,4101,6101,7001,6331,6136,5561,5221,9151,6529936,0821,2931,7512,1002,1147,2581,7411,6901,6721,6486,7522,0041,9531,9351,9117,804- 0- 0- 0- 0- 0ADM-Fringe Benefits1,6181,5671,5491,5256,259

62120SEL-Fringe BenefitsSEL-Fringe Benefits1912842383761,0893022181991979152591902191898573692382282231,0592832282521168802662692612761,072202195195192785213206207203829- 0- 0- 0- 0- 0SEL-Fringe Benefits191184184180738

Total Wages & Fringe Benefits131,69935,99136,31238,72635,920146,95039,88239,38539,62642,731161,62442,39140,88038,21537,299158,78537,60539,32736,63433,015146,58129,48528,12827,54229,691114,84530,50229,82028,18628,012116,52130,30630,28828,70628,574117,874- 0- 0- 0- 0- 0Total Wages & Fringe Benefits32,23032,11031,06031,336126,736

3834751,0385582,454(72)101415(33)(67)111313(30)

45000Pre-Production ChargesPre-Production Charges3,9885,1824,3943,60117,1653,4544,3964,1223,93215,9034,1113,9094,0992,99215,1113,9613,6753,0393,60614,2813,9303,6923,0473,70314,372

46000Research & DevelopmentResearch & Development21130(94)54201613811011932810965411123277575757530075757575300

43400Obsolete/Slow Moving ExpObsolete/Slow Moving Exp4267012022341,563524220(24)3951,115127(199)430218576208210205195818211212201202827

71000Interest IncomeInterest Income4132947392031,6493033902572131,1623002163573891,2624354414133891,6793483112332021,0951446674137420175175175175700213213213213850- 0- 0- 0- 0- 0Interest Income154114112137517

72000Interest ExpenseInterest Expense(13)(12)(12)(7)(45)(13)(31)(11)(7)(61)- 0(0)- 0(9)(9)- 0(0)- 01313(0)- 0- 0(0)(0)(59)(8)(130)(50)(247)(50)(50)(50)(50)(200)(50)(50)(50)(50)(200)- 0- 0- 0- 0- 0Interest Expense(50)(50)(50)(50)(200)

79999Inc before Tx & EqtyEarnPre-tax Income6,08116,25412,60122,54657,48311,16713,6465,12411,99041,92610,8648,4389,8825,30534,4896,8759,8727,71812,37736,8428,0598,662(2,740)1,72115,7023,57310,7337,61616,44338,36512,43312,70213,39311,33849,86516,58617,62517,06712,53663,814- 0- 0- 0- 0- 0Pre-tax Income4,7009,0935,8609,59929,251

EBIT5,66815,96011,86222,34355,83410,86413,2564,86711,77740,76410,5658,2229,5254,91633,2276,4409,4307,30511,98835,1637,7118,350(2,973)1,51914,6073,42910,6677,54216,30637,94412,25812,52713,21811,16349,16516,37417,41316,85412,32462,964- 0- 0- 0- 0- 0EBIT4,5458,9795,7479,46228,734

99999Net Income Net Income8,89710,09010,39822,25851,6438,05414,7004,22840,18767,1696,7336,41415,0562,68730,8914,9346,3245,1716,39522,8244,8225,039(2,419)1,3618,8034,3346,5334,94811,51027,3247,7997,9688,4017,14531,31310,47111,13010,7757,90140,276- 0- 0- 0- 0- 0Net Income5,6185,3944,3336,55821,902

Inventory @ STD (excludes MRO)54,17949,58560,29864,14964,14971,90666,62370,44455,28755,28760,86159,56465,30663,64163,64169,50765,65664,88765,05965,05960,26659,62967,65064,37164,37168,88968,08968,78862,03062,03083,56379,79277,60167,52767,52781,80380,72477,07267,31967,319- 0- 0- 0- 0- 0Inventory @ STD (excludes MRO)60,61463,05661,45765,40165,401

Information onlyAccounts receivable roll-forward Accounts receivable roll-forward

Information onlyAccounts receivable, beginning of period (BOP) balance- 0127,142128,529120,74398,467113,818106,582120,00989,623108,190111,443104,081102,493105,366102,442118,955109,379129,846116,867133,974113,197129,732120,483135,432113,4488,8658,8658,865Accounts receivable, beginning of period (BOP) balance87,852110,844111,466111,653

Information only+/- additions6,4234,098(10,067)(21,882)14,779(6,253)13,087(30,687)18,9464,346(7,362)(1,588)2,873(2,924)16,513(9,576)20,467(12,979)17,107(20,777)16,535(9,249)14,949(21,984)(104,583)- 0- 0- 0+/- additions22,992622187(14,583)

Information onlyFx / Other120,719(2,711)2,281(394)572(983)340301(379)(1,093)- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0- 0Fx / Other- 0- 0- 0- 0

Information onlyAccounts receivable, end of period (EOP) balance$ 127,142$ 128,529$ 120,743$ 98,467$ 113,818$ 106,582$ 120,009$ 89,623$ 108,190$ 111,443$ 104,081$ 102,493$ 105,366$ 102,442$ 118,955$ 109,379$ 129,846$ 116,867$ 133,974$ 113,197$ 129,732$ 120,483$ 135,432$ 113,448$ 8,865$ 8,865$ 8,865$ 8,865Accounts receivable, end of period (EOP) balance$ 110,844$ 111,466$ 111,653$ 97,070

Information only

Information only+/- adjustments- 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+/- adjustments- 0- 0- 0- 0

Information onlyAR as % of sales63.2%60.3%63.0%47.3%55.8%54.6%63.8%47.3%59.9%56.9%60.0%55.7% 61.3%56.5%68.1%56.6%60.3%55.5%67.5%56.4%60.3%55.3%67.4%56.4%ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!AR as % of sales60.3%56.8%59.8%47.1%

Information onlyDays Sales Outstanding (1 Qtr DSO)55.954.659.247.950.749.758.043.054.551.854.650.755.851.461.951.554.850.561.451.354.850.361.351.3ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Days Sales Outstanding (1 Qtr DSO)54.951.754.442.9

Trade accounts receivable roll-forward Trade accounts receivable roll-forward

Trade accounts receivable, beginning of period (BOP) balance- 0123,624125,102115,59991,747108,474101,034114,58582,809101,854104,08897,03596,17797,06093,950110,748101,054121,699109,247125,857104,893121,584112,904127,324105,145- 0- 0- 0Trade accounts receivable, beginning of period (BOP) balance80,705103,695104,345104,510

+/- additions123,6241,478(9,503)(23,852)16,727(7,440)13,551(31,776)19,0452,234(7,052)(859)883(3,111)16,798(9,694)20,646(12,453)16,610(20,964)16,692(8,680)14,420(22,179)(105,145)- 0- 0- 0+/- additions22,990651165(14,539)

roll forwardTrade accounts receivable, end of period (EOP) balance$ 123,624$ 125,102$ 115,599$ 91,747$ 108,474$ 101,034$ 114,585$ 82,809$ 101,854$ 104,088$ 97,035$ 96,177$ 97,060$ 93,950$ 110,748$ 101,054$ 121,699$ 109,247$ 125,857$ 104,893$ 121,584$ 112,904$ 127,324$ 105,145- 0- 0- 0- 0Trade accounts receivable, end of period (EOP) balance$ 103,695$ 104,345$ 104,510$ 89,971

roll forwardTrade AR as % of sales61.5%58.7%60.3%44.1%53.1%51.7%60.9%43.7% 56.4%53.1%55.9%52.3%56.5%51.8%63.4%52.3%56.5%51.8%63.4%52.3%56.5%51.8%63.4%52.3%56.4%53.1%51.9%56.3%Trade AR as % of sales56.4%53.1%55.9%43.7%

Days Sales Outstanding (DSO)57.452.863.856.658.452.551.254.050.052.454.053.157.145.351.044.648.852.147.447.646.547.852.847.849.551.248.053.349.850.847.049.953.952.350.947.949.054.452.650.9ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Days Sales Outstanding (DSO)51.348.450.939.8

Bad Debt Reserves as % of Trade AR(0.4%)(0.6%)(0.4%)(0.6%)(0.8%)(0.6%)(0.8%)(1.1%)(1.0%)(0.4%)(0.5%)(0.5%)(0.6%)(1.1%)(0.6%)(0.5%)(0.6%)(1.1%)(0.6%)(0.5%)(0.6%)(1.1%)(0.6%)(0.5%)ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Bad Debt Reserves as % of Trade AR(0.4%)(0.4%)(0.4%)(0.5%)

Sensitivity $2,291$2,356$2,023$2,025 $2,430$2,070$2,198$1,747 $2,189$2,176$1,840$2,013$1,897$1,959$2,078$2,027$2,588$2,191$2,337$2,005$2,540$2,305$2,341$2,000ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!Sensitivity$2,020$2,158$2,053$2,263

Other accounts receivable roll-forward Other accounts receivable roll-forward

Other accounts receivable, beginning of period (BOP) balance- 03,9544,1255,6197,2936,2646,1826,3977,7247,3157,8077,5746,8308,8799,5638,8658,8658,8658

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