GrafTech International Ltd. Financial Statements — EAF Stock

Income Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Sales/Revenue/Turnover	1,007	1,320	1,248	1,167	825	- -	438	551	1,896	1,791	1,224	1,346	1,281	620	539
- Cost of Revenue	718	996	932	1,028	757	- -	468	463	706	750	564	701	726	584	559
+ Cost of Goods & Services	718	996	932	1,028	757	- -	468	463	706	750	564	701	726	584	559
+ Sales & Services Revenue	1,007	1,320	1,248	1,167	825	- -	438	551	1,896	1,791	1,224	1,346	1,281	620	539
Gross Profit	289	325	316	139	68	- -	-30	88	1,190	1,040	660	644	555	36	-20
- Operating Expenses	131	159	159	121	104	- -	61	56	64	66	72	136	81	80	52
+ Research & Development	12	14	14	10	10	- -	3	3	2	3	4	4	4	6	6
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Selling, General & Admin	119	145	146	111	95	- -	59	53	62	64	68	133	77	74	47
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	158	166	156	18	-36	- -	-91	32	1,126	974	589	508	474	-43	-72
- Non-Operating (Income) Loss	-16	23	22	58	122	- -	25	28	223	131	79	52	22	230	81
+ Interest Expense, Net	4	18	21	33	32	- -	20	24	111	118	87	59	40	55	65
+ Interest Expense	5	18	21	33	32	- -	20	24	112	123	89	60	45	59	71
- Interest Income	1	- -	- -	- -	- -	- -	- -	- -	2	5	2	1	4	3	6
+ Other Non-Op (Income) Loss	-19	5	1	25	90	- -	5	5	113	13	-9	-8	-18	175	16
Pretax Income	174	143	134	-40	-158	- -	-116	3	903	843	510	456	452	-274	-153
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Income Tax Expense (Benefit)	-1	-10	17	-13	-6	- -	-8	-11	49	98	76	68	69	-19	-22
Income (Loss) from Cont Ops	175	153	118	-27	-153	- -	-109	14	854	745	434	388	383	-255	-131
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	133	- -	127	6	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	-133	- -	-127	-6	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	266	- -	254	12	-1	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	175	153	118	-27	-285	- -	-236	8	854	745	434	388	383	-255	-131
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	175	153	118	-27	-285	- -	-236	8	854	745	434	388	383	-255	-131
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Preferred Dividends	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	175	153	118	-27	-285	- -	-236	8	854	745	434	388	383	-255	-131
Basic Weighted Avg Shares	123	145	139	135	136	- -	302	302	298	289	268	266	259	257	258
Basic EPS, GAAP	1.42	1.06	0.85	-0.2	-2.1	- -	-0.78	0.03	2.87	2.58	1.62	1.46	1.48	-0.99	-0.51
Basic EPS from Cont Ops	1.42	1.06	0.85	-0.2	-1.12	- -	-0.36	0.05	2.87	2.58	1.62	1.46	1.48	-0.99	-0.51
Diluted Weighted Avg Shares	123	146	140	135	136	- -	302	302	298	289	268	266	259	257	258
Diluted EPS, GAAP	1.41	1.05	0.84	-0.2	-2.1	- -	-0.78	0.03	2.87	2.58	1.62	1.46	1.48	-0.99	-0.51
Diluted EPS from Cont Ops	1.41	1.05	0.84	-0.2	-1.12	- -	-0.36	0.05	2.87	2.58	1.62	1.46	1.48	-0.99	-0.51
EBITDA	201	248	238	141	83	- -	-8	98	1,192	1,036	652	574	530	14	-10
EBITDA Margin (%)	19.93	18.78	19.08	12.08	10.1	- -	-1.92	17.83	62.9	57.84	53.22	42.64	41.35	2.19	-1.82
EBITA	158	166	156	18	-36	- -	-91	32	1,126	974	589	508	474	-43	-72
EBIT	158	166	156	18	-36	- -	-91	32	1,126	974	589	508	474	-43	-72
Gross Margin (%)	28.72	24.58	25.3	11.92	8.24	- -	-6.9	15.93	62.78	58.1	53.95	47.89	43.31	5.84	-3.68
Operating Margin (%)	15.69	12.57	12.53	1.51	-4.41	- -	-20.84	5.77	59.39	54.39	48.07	37.75	37.02	-6.98	-13.38
Profit Margin (%)	17.34	11.6	9.42	-2.34	-34.58	- -	-53.85	1.45	45.06	41.58	35.48	28.86	29.89	-41.14	-24.34
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	5.19	0.34	0.12	0.04	0.04	0.02	- -
Depreciation Expense	43	82	82	123	120	- -	83	66	66	62	63	66	55	57	62

Balance Sheet	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
Total Current Assets	546	732	823	776	645	427	331	355	638	683	629	628	815	675	637
+ Accounts & Notes Receiv	180	253	236	225	203	92	94	135	268	261	193	248	185	130	115
+ Accounts Receivable, Net	184	221	244	206	170	82	81	118	249	253	191	214	154	109	101
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	-4	32	-8	18	32	10	13	18	18	8	2	34	31	21	15
+ Cash, Cash Equivalents & STI	13	12	17	12	18	7	12	13	50	81	145	58	135	177	256
+ Cash & Cash Equivalents	13	12	17	12	18	7	12	13	50	81	145	58	135	177	256
+ ST Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	340	444	513	490	383	218	156	185	305	326	278	302	461	345	245
+ Inventory Adjustments	-3	-5	-4	-18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	64	74	73	76	85	62	49	49	68	52	55	30	38	35	30
+ Work In Process	160	206	214	239	176	89	52	86	126	131	110	127	193	186	123
+ Raw Materials	119	169	230	175	122	66	54	50	111	143	113	145	230	124	93
+ Other Inventory	- -	- -	- -	18	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	13	22	56	49	42	109	70	21	15	14	13	20	35	23	20
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	1,367	1,436	1,475	1,442	1,189	995	841	845	867	844	804	784	789	614	587
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Property, Plant & Equip, Net	692	777	834	821	654	551	509	513	514	513	506	501	519	522	483
- Accumulated Depreciation	636	655	698	768	847	20	77	130	175	220	279	314	350	398	428
+ Property, Plant & Equip	1,328	1,431	1,532	1,589	1,501	571	586	643	689	733	785	815	869	920	910
+ Other LT Assets	675	660	641	621	535	444	332	332	354	331	297	283	270	92	105
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Intangible Assets	499	499	498	497	420	172	294	171	171	255	244	233	223	42	34
+ Goodwill	499	499	498	497	420	172	171	171	171	171	171	171	171	- -	- -
+ Other Intangible Assets	- -	- -	- -	- -	- -	- -	122	- -	- -	84	72	62	52	42	34
+ Misc LT Assets	176	161	143	124	115	272	39	161	183	76	54	50	47	50	70
Total Assets	1,913	2,168	2,298	2,218	1,834	1,422	1,172	1,199	1,505	1,526	1,433	1,412	1,604	1,289	1,224
+ Payables & Accruals	152	201	167	155	117	50	58	93	188	156	133	191	155	116	92
+ Other Payables & Accruals	52	82	7	9	6	4	5	14	17	12	13	17	11	22	10
+ Accounts Payable	70	74	128	115	86	40	48	69	88	79	71	117	103	83	73
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Accrued Taxes	30	44	31	31	25	6	5	10	82	65	49	57	41	10	10
+ ST Debt	- -	14	8	1	188	5	9	16	106	- -	- -	- -	- -	- -	- -
+ ST Borrowings	- -	14	8	1	188	5	9	16	106	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Liabilities	69	62	70	59	47	41	46	42	33	64	65	43	83	75	47
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	56	54	63	50	41	41	46	22	28	53	52	33	55	43	36
+ Deferred Revenue	12	8	8	10	6	1	- -	21	5	12	13	10	28	32	11
Total Current Liabilities	221	277	245	216	352	96	112	152	327	220	198	235	238	191	140
+ LT Debt	276	388	536	542	342	362	357	323	2,050	1,813	1,420	1,030	922	926	1,087
+ LT Borrowings	276	388	536	542	342	362	357	323	2,050	1,813	1,420	1,030	922	926	1,087
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Liabilities	187	164	167	140	136	153	126	111	205	184	144	125	107	95	76
+ Accrued Liabilities	72	32	42	42	28	57	43	42	46	50	43	41	45	33	24
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	25	26	21	19	17	20	18	13	109	81	47	38	27	23	19
+ Pension Liabilities	90	105	104	79	91	75	65	57	50	54	54	46	35	39	33
Total Noncurrent Liabilities	463	551	703	681	477	515	482	434	2,255	1,997	1,564	1,154	1,029	1,020	1,163
Total Liabilities	683	828	948	897	829	611	595	586	2,582	2,217	1,762	1,389	1,266	1,211	1,303
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	1,784	1,800	1,814	1,822	1,827	854	854	854	823	768	761	764	748	752	758
+ Additional Paid in Capital	1,783	1,798	1,813	1,820	1,826	854	851	851	820	765	758	761	745	750	755
+ Common Stock	1	1	2	2	2	- -	3	3	3	3	3	3	3	3	3
- Treasury Stock	115	146	249	247	240	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-204	-51	67	40	-246	-34	-269	-261	-1,893	-1,452	-1,071	-733	-402	-662	-793
+ Other Equity	-236	-263	-282	-294	-337	-10	-8	20	-6	-7	-20	-7	-8	-11	-43
Equity Before Minority Interest	1,230	1,340	1,350	1,321	1,005	811	577	613	-1,077	-691	-329	23	338	78	-79
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	1,230	1,340	1,350	1,321	1,005	811	577	613	-1,077	-691	-329	23	338	78	-79
Total Liabilities & Equity	1,913	2,168	2,298	2,218	1,834	1,422	1,172	1,199	1,505	1,526	1,433	1,412	1,604	1,289	1,224
Shares Outstanding	145	144	134	136	137	- -	- -	302	291	270	267	263	257	257	257
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Debt	263	389	527	531	512	360	354	326	2,107	1,732	1,275	972	787	749	831
Net Debt to Equity	21.38	29.06	39.03	40.19	50.99	44.45	61.28	53.16	-195.66	-250.61	-386.99	4,154.23	233.12	956.93	-1,052.78
Tangible Common Equity Ratio	51.66	50.38	47.32	47.87	41.34	51.08	32.3	43.01	-93.52	-74.42	-48.18	-17.75	8.33	2.88	-9.52
Current Ratio	2.47	2.64	3.35	3.59	1.83	4.44	2.94	2.33	1.95	3.1	3.18	2.68	3.43	3.54	4.55
Cash Conversion Cycle	180.24	175.76	218.39	204.46	237.17	- -	174.46	157.08	127.44	165.31	208.62	158.46	198.6	256.5	201.96
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y
+ Net Income	175	153	118	-27	-285	- -	-236	8	854	745	434	388	383	-255	-131
+ Depreciation & Amortization	43	82	82	123	120	- -	83	66	66	62	63	66	55	57	62
+ Non-Cash Items	-31	-16	8	-11	230	- -	107	-18	94	47	-20	5	9	174	8
+ Asset Impairment Charge	- -	- -	- -	- -	217	- -	123	5	- -	- -	- -	- -	- -	171	- -
+ Deferred Income Taxes	-29	-45	8	-22	-16	- -	-12	-16	49	21	-1	-4	17	-28	-28
+ Other Non-Cash Adj	-9	20	-9	3	23	- -	-4	-7	44	24	-22	-8	-10	26	29
+ Stock-Based Compensation	7	9	10	8	6	- -	- -	- -	- -	2	3	17	2	4	6
+ Chg in Non-Cash Work Cap	-42	-143	-106	32	57	- -	69	-20	-178	-48	86	-16	-123	101	21
+ (Inc) Dec in Accts Receiv	-40	-68	-6	37	28	- -	3	-30	-139	- -	64	-29	57	41	-1
+ Inc (Dec) in Accts Payable	13	39	-31	-38	-26	- -	13	36	81	-30	-25	73	-7	-49	-42
+ (Inc) Dec in Inventories	-14	-111	-67	14	78	- -	54	-16	-126	-22	45	-28	-154	108	69
+ (Inc) Dec in Prepaid Assets	-2	-2	-2	- -	-15	- -	-1	-11	7	4	3	-32	1	3	9
+ Inc (Dec) in Other	- -	- -	- -	18	-9	- -	- -	- -	- -	- -	- -	- -	-19	-2	-14
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	145	77	101	117	121	- -	23	37	837	805	564	443	325	77	-40
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	5	- -	1	5	1	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	5	- -	1	5	1	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-1	14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	14	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inc in LT Investment	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-241	-21	- -	- -	- -	- -	16	27	- -	- -	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	-241	-21	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	16	27	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	-80	-156	-120	-84	-84	- -	-27	-35	-68	-64	-36	-58	-72	-54	-34
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-322	-162	-120	-84	-79	- -	-10	-2	-67	-64	-36	-58	-72	-54	-34
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	-1,544	-99	-31	-11	-10	-5	- -
+ Net Cash From Debt	130	102	137	-6	-24	- -	-15	-38	1,078	-350	-396	-400	-110	5	175
+ Cash From Debt	165	584	725	166	269	- -	56	77	2,235	- -	500	- -	- -	439	175
+ Repayments of Debt	-35	-482	-588	-172	-293	- -	-71	-115	-1,157	-350	-896	-400	-110	-434	- -
+ Cash (Repurchase) of Equity	-1	-31	-103	-2	-1	- -	- -	- -	-225	-261	-30	-50	-60	- -	- -
+ Decrease in Capital Stock	-1	-31	-103	-2	-1	- -	- -	- -	-225	-261	-30	-50	-60	- -	- -
+ Increase in Capital Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Financing Activities	10	15	-10	-30	-10	- -	6	5	-40	- -	-6	-11	4	19	-19
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	138	85	24	-38	-35	- -	-8	-33	-731	-710	-464	-472	-176	19	156
Effect of Foreign Exchange Rates	1	-1	-1	-1	-1	- -	1	- -	-2	-1	- -	-1	1	1	-2
Net Changes in Cash	-38	- -	6	-5	7	- -	4	1	38	32	64	-87	76	41	81
Capital Expenditures	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
EBITDA	201	248	238	141	83	- -	-8	98	1,192	1,036	652	574	530	14	-10
EBITDA Margin (%)	19.93	18.78	19.08	12.08	10.1	- -	-1.92	17.83	62.9	57.84	53.22	42.64	41.35	2.19	-1.82
Net Cash Paid for Acquisitions	241	21	- -	- -	- -	- -	-16	-27	- -	- -	- -	- -	- -	- -	- -
Free Cash Flow	145	77	101	117	121	- -	23	37	837	805	564	443	325	77	-40
Free Cash Flow to Firm	- -	- -	120	- -	- -	- -	- -	- -	943	914	639	494	363	- -	- -
Free Cash Flow to Equity	275	178	239	111	102	- -	9	4	1,916	455	168	43	215	81	135
Free Cash Flow per Basic Share	1.18	0.53	0.73	0.87	0.89	- -	0.08	0.12	2.81	2.79	2.1	1.66	1.25	0.3	-0.16
Price/Free Cash Flow	- -	- -	- -	- -	- -	- -	- -	- -	3.85	4.06	5	7.04	3.78	7.35	-11.12
Cash Flow to Net Income	0.83	0.5	0.86	-4.29	-0.42	- -	-0.1	4.58	0.98	1.08	1.3	1.14	0.85	-0.3	0.31

GrafTech International Ltd.

Income Statement

Balance Sheet

Cash Flow Statement