Noranda Aluminum Holding Corporation Financial Ratios — NORNQ

Profitability (USD)

	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015

Return on Common Equity (%)	- -	75.2	- -	- -	- -	- -	119.71	- -	- -	- -
Return on Assets (%)	- -	1.37	-4.13	5.58	4.3	10.09	3.62	-3.55	-2.01	-21.58
Return on Capital (%)	- -	3.84	- -	13.18	13.42	34.28	12.77	- -	- -	- -
Return on Invested Capital (%)	- -	6.79	- -	-2.15	4.82	12.28	3.08	- -	- -	- -
Gross Margin (%)	18.53	14.52	11.35	-1.3	14.09	13.8	8.4	5.33	6.89	-1.3
EBITDA Margin (%)	20.04	17.66	13.28	20.7	12.83	14.05	9.54	5.25	7.87	-2.47
Operating Margin (%)	15.68	10.54	5.52	-5.46	5.21	7.78	2.48	-1.9	1.26	-10.21
Incremental Operating Margin (%)	- -	-71.49	59.94	- -	20.87	20.35	52.64	- -	367.24	- -
Pretax Margin (%)	13.42	2.95	-8.45	20.78	7.87	11.94	5.35	-5.79	-2.12	-25.01
Profit Margin (%)	8.68	1.61	-5.85	13.17	5.17	9.03	3.55	-3.54	-1.96	-21.14
Net Income to Common Margin (%)	8.68	1.61	-5.85	13.17	5.17	9.03	3.55	-3.54	-1.96	-21.14
Effective Tax Rate (%)	35.36	45.59	- -	36.62	34.35	24.37	33.65	- -	- -	- -
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	50.46	192.12	-18.49	-10.15	-0.54
Sustainable Growth Rate (%)	- -	75.2	- -	- -	- -	- -	-110.28	- -	- -	- -

Credit (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015

Total Debt	160	1,152	1,347	952	420	428	596	659	668	742
ST Debt	- -	30	32	8	- -	2	3	5	12	742
LT Debt	160	1,121	1,314	944	420	426	592	654	656	- -
Total Debt/EBITDA	0.61	4.67	8.01	5.97	2.53	1.96	4.48	9.35	6.27	-24.5
Net Debt/EBITDA	0.45	4.37	6.91	4.92	2.32	1.76	4.2	8.22	6.07	-22.65
Total Debt/EBIT	0.78	7.83	19.26	-22.63	6.22	3.53	17.22	-25.85	39.06	-5.92
Net Debt/EBIT	0.58	7.32	16.62	-18.65	5.72	3.18	16.17	-22.73	37.87	-5.47
EBITDA to Interest Expense	- -	34.28	- -	2.98	5.34	10.19	4.02	1.48	2.12	-0.58
EBITDA-CapEx/Interest Expense	- -	34.28	- -	2.98	5.34	10.19	4.02	1.48	2.12	-0.58
EBIT to Interest Expense	- -	20.46	- -	-0.79	2.17	5.65	1.05	-0.54	0.34	-2.38
Interest Expense	- -	7	- -	54	31	22	33	48	50	53
Common Equity/Total Assets	3.68	0.01	-9.09	-4.4	-0.53	4.65	1.37	-2.87	-5.17	-30.28
Long-Term Debt/Equity (%)	15.87	- -	3,587.57	1,024.44	141.93	164.14	388.97	444.13	910.4	- -
Long-Term Debt/Capital (%)	72.92	97.35	112.28	106.93	100.36	85.46	95.5	104.32	108.33	- -
Long-Term Debt/Total Assets (%)	9.9	67.94	67.88	55.62	29.67	30.93	43.63	49.48	49.8	- -
Total Debt/Equity (%)	15.87	-1,515,357.89	3,675.74	1,032.58	141.93	165.06	391.14	447.45	926.49	-431.82
Total Debt/Capital (%)	72.92	99.98	115.04	107.78	100.36	85.94	96.03	105.1	110.25	177.16
Total Debt/Total Assets (%)	9.9	69.78	69.55	56.06	29.67	31.11	43.88	49.85	50.68	68.25
Net Debt to Equity	11.84	-1,415,844.74	3,171.54	851.12	130.5	148.61	367.43	393.55	898.06	-399.19
Net Debt/Capital (%)	66.78	99.98	117.86	109.6	100.39	84.62	95.79	105.84	110.61	189.09
EBITDA	263	246	168	159	166	219	133	70	107	-30
EBITDA-CapEx	263	246	168	159	166	219	133	70	107	-30
Operating Income (Loss)	206	147	70	-42	68	121	35	-26	17	-125

Liquidity (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015

Cash Ratio	0.23	0.43	1.15	1	0.15	0.16	0.19	0.49	0.1	0.06
Current Ratio	2.16	2.2	3.09	3.33	1.76	1.48	1.96	2.26	1.69	0.32
Quick Ratio	0.97	1.03	1.7	1.52	0.73	0.58	0.77	1.03	0.63	0.15
CFO/Avg Current Liab	- -	1.15	0.39	1.35	1.38	0.57	0.08	0.37	0.17	0.03
Common Equity/Total Assets	3.68	0.01	-9.09	-4.4	-0.53	4.65	1.37	-2.87	-5.17	-30.28
Long-Term Debt/Equity (%)	15.87	- -	3,587.57	1,024.44	141.93	164.14	388.97	444.13	910.4	- -
Long-Term Debt/Capital (%)	72.92	97.35	112.28	106.93	100.36	85.46	95.5	104.32	108.33	- -
Long-Term Debt/Total Assets (%)	9.9	67.94	67.88	55.62	29.67	30.93	43.63	49.48	49.8	- -
Total Debt/Equity (%)	15.87	-1,515,357.89	3,675.74	1,032.58	141.93	165.06	391.14	447.45	926.49	-431.82
Total Debt/Capital (%)	72.92	99.98	115.04	107.78	100.36	85.94	96.03	105.1	110.25	177.16
Total Debt/Total Assets (%)	9.9	69.78	69.55	56.06	29.67	31.11	43.88	49.85	50.68	68.25
CFO/Total Liabilities	31.19	12.24	3.45	13.73	24.21	12.58	1.57	5.46	2.46	1.42
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	1.81	1.61	1.02	0.67	1.83	2.17	1.72	1.4	1.43	-0.36

Working Capital (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015

Accounts Receivable Turnover	- -	12.34	14.76	9.58	11.89	13.04	13.02	13.9	14.32	14.67
Days Sales Outstanding	- -	29.58	24.73	38.1	30.7	27.99	28.02	26.26	25.48	24.88
Inventory Turnover	- -	6.67	7.03	4.85	5.8	6.94	6.68	6.79	6.72	7.49
Days Inventory Outstanding	- -	54.73	51.9	75.2	62.91	52.61	54.61	53.74	54.3	48.72
Accounts Payable Turnover	- -	13.21	16.75	11.85	13.66	13.88	12.67	12.78	12.08	11.39
Accounts Payable Turnover Days	- -	27.62	21.79	30.81	26.72	26.29	28.8	28.56	30.2	32.03
Cash Conversion Cycle	- -	56.69	54.84	82.49	66.89	54.31	53.83	51.43	49.57	41.56
Inventory to Cash Days	- -	-25.15	-27.17	-37.11	-32.21	-24.63	-26.58	-27.48	-28.82	-23.84
Inventories	177	180	139	182	201	186	196	179	197	135
Raw Materials	49	54	55	55	61	110	99	96	110	77
Work In Process	61	43	38	51	66	52	59	49	49	35
Finished Goods	50	46	29	25	28	26	30	25	31	23
Other Inventory	20	53	109	83	59	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015

Market Capitalization	- -	- -	- -	- -	753	553	413	224	242	- -
- Cash & Cash Equivalents	41	76	185	167	34	43	36	79	20	56
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	6	6	6	6	6	6	6
+ Total Debt	160	1,152	1,347	952	420	428	596	659	668	742
Enterprise Value	119	1,076	1,162	790	1,145	945	978	809	895	692
Total Capital	219	1,152	1,171	883	418	499	620	627	606	419
Total Debt/Capital (%)	72.92	99.98	115.04	107.78	100.36	85.94	96.03	105.1	110.25	177.16
Total Debt / EV	1.34	1.07	1.16	1.2	0.37	0.45	0.61	0.81	0.75	1.07
EV/Sales	0.09	0.77	0.92	1.03	0.88	0.61	0.7	0.6	0.66	0.56
EV/EBITDA	0.45	4.37	6.91	4.96	6.89	4.31	7.35	11.48	8.4	- -
EV/EBIT	0.58	7.32	16.62	- -	16.96	7.78	28.28	- -	52.35	- -
EV/Cash Flow to Firm	0.63	5.23	17.73	3.11	3.93	6.02	23.94	8.68	11.58	11.1
EV/Free Cash Flow to Firm	0.63	5.23	17.73	3.11	3.93	6.02	23.94	8.68	11.58	11.1
Diluted Market Cap	- -	- -	- -	- -	771	564	422	224	242	- -
Diluted Enterprise Value	119	1,076	1,162	790	1,163	956	988	809	895	692
EV per Share	19.1	172.09	185.82	127.12	155.41	98.65	101.38	83.38	91.25	- -
TTM Sales	1,313	1,395	1,266	770	1,295	1,560	1,395	1,344	1,355	1,228
TTM EBITDA	263	246	168	159	166	219	133	70	107	-30
TTM Operating Income	206	147	70	-42	68	121	35	-26	17	-125
TTM Cash Flow to Firm	190	206	66	254	291	157	41	93	77	62
TTM Free Cash Flow to Firm	190	206	66	254	291	157	41	93	77	62

Multiples (USD)

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	2006 Y	2007 Y	2008 Y	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y
As of date	12/31/2006	12/31/2007	12/31/2008	12/31/2009	12/31/2010	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015

Price/Free Cash Flow	- -	- -	- -	- -	2.85	4.01	22.35	3.48	7.9	- -
EV/EBIT	0.58	7.32	16.62	- -	16.96	7.78	28.28	- -	52.35	- -
Enterprise Value	119	1,076	1,162	790	1,145	945	978	809	895	692
Low Price	- -	- -	- -	- -	41.09	46.69	37.66	15.47	19.53	0.28
EV/Sales	0.09	0.77	0.92	1.03	0.88	0.61	0.7	0.6	0.66	0.56
EV/EBITDA	0.45	4.37	6.91	4.96	6.89	4.31	7.35	11.48	8.4	- -
Price/Earnings	- -	- -	- -	- -	11.25	3.93	8.34	- -	- -	- -
Price/Earnings Average	- -	- -	- -	- -	7.03	5.95	11.05	-5.32	-10.08	- -
Price/Earnings High	- -	- -	- -	- -	11.33	8.48	17.99	-9.78	-14.56	- -
Price/Earnings Low	- -	- -	- -	- -	4.52	3.17	7.34	-3.15	-7.2	- -
Price/Book Value	- -	- -	- -	- -	-100.37	8.63	22.19	-5.88	-3.55	- -
Price/Book Value Average	- -	- -	- -	- -	-62.73	13.08	29.41	-6.67	-3.94	- -
Price/Book Value High	- -	- -	- -	- -	-101.06	18.64	47.87	-12.25	-5.69	- -
Price/Book Value Low	- -	- -	- -	- -	-40.35	6.98	19.54	-3.95	-2.81	- -
Price/Tangible Book Value	- -	- -	- -	- -	8.85	10.08	-8.88	-4.91	-2.11	- -
Price/Tangible Book Value Average	- -	- -	- -	- -	5.53	15.28	-11.77	-5.57	-2.33	- -
Price/Tangible Book Value High	- -	- -	- -	- -	8.91	21.77	-19.15	-10.23	-3.37	- -
Price/Tangible Book Value Low	- -	- -	- -	- -	3.56	8.15	-7.82	-3.3	-1.67	- -
Price/Sales	- -	- -	- -	- -	0.58	0.35	0.3	0.17	0.18	- -
Price/Sales Average	- -	- -	- -	- -	0.36	0.54	0.39	0.19	0.2	- -
Price/Sales High	- -	- -	- -	- -	0.59	0.77	0.64	0.35	0.29	- -
Price/Sales Low	- -	- -	- -	- -	0.23	0.29	0.26	0.11	0.14	- -
Price/Cash Flow	- -	- -	- -	- -	2.78	3.93	21.84	3.48	7.9	- -
Price/Cash Flow Average	- -	- -	- -	- -	1.74	5.97	28.95	3.95	8.76	- -
Price/Cash Flow High	- -	- -	- -	- -	2.8	8.5	47.11	7.25	12.66	- -
Price/Cash Flow Low	- -	- -	- -	- -	1.12	3.18	19.23	2.34	6.26	- -
Price/Free Cash Flow Average	- -	- -	- -	- -	1.78	6.08	29.62	3.95	8.76	- -
Price/Free Cash Flow High	- -	- -	- -	- -	2.87	8.66	48.2	7.25	12.66	- -
Price/Free Cash Flow Low	- -	- -	- -	- -	1.14	3.24	19.68	2.34	6.26	- -
EV/Sales Average	0.09	0.77	0.92	1.03	0.67	0.79	0.8	0.62	0.68	0.56
EV/Sales High	0.09	0.77	0.92	1.03	0.89	1.02	1.04	0.78	0.77	0.56
EV/Sales Low	0.09	0.77	0.92	1.03	0.54	0.54	0.67	0.55	0.62	0.56
EV/EBITDA Average	0.45	4.37	6.91	4.96	5.19	5.62	8.36	11.9	8.64	-22.84
EV/EBITDA High	0.45	4.37	6.91	4.96	6.92	7.24	10.94	14.91	9.76	-22.84
EV/EBITDA Low	0.45	4.37	6.91	4.96	4.18	3.83	6.98	10.44	7.93	-22.84
EV/EBIT Average	0.58	7.32	16.62	-18.79	12.78	10.14	32.16	-32.91	53.89	-5.52
EV/EBIT High	0.58	7.32	16.62	-18.79	17.03	13.07	42.08	-41.22	60.87	-5.52
EV/EBIT Low	0.58	7.32	16.62	-18.79	10.29	6.91	26.85	-28.86	49.42	-5.52
Last Price	- -	- -	- -	- -	102.2	57.75	42.77	23.03	24.64	0.32
High Price	- -	- -	- -	- -	102.9	124.74	92.26	47.95	39.48	27.51
Enterprise Value Average	119	1,076	1,162	790	862	1,231	1,113	839	922	692
Enterprise Value High	119	1,076	1,162	790	1,150	1,587	1,456	1,051	1,041	692
Enterprise Value Low	119	1,076	1,162	790	695	839	929	736	845	692

Shares Outstanding	8	8	8	8	10	10	10	10	10	10
Diluted Weighted Avg Shares	6	6	6	6	8	10	10	10	10	- -
Basic Weighted Avg Shares	6	6	6	6	7	10	10	10	10	- -
Revenue per Share	209.94	223.11	202.54	123.82	175.8	162.82	144.55	138.42	138.11	- -
EBITDA per Share	42.07	39.4	26.9	25.63	22.56	22.87	13.79	7.26	10.86	- -
Operating Income per Share	32.93	23.51	11.18	-6.76	9.16	12.67	3.59	-2.63	1.74	- -
Basic EPS, GAAP	18.22	3.59	-11.84	16.3	9.08	14.71	5.13	-4.9	-2.71	- -
Basic EPS from Cont Ops	18.22	3.59	-11.84	16.3	9.08	14.71	5.13	-4.9	-2.71	- -
Diluted EPS, GAAP	18.22	3.59	-11.84	16.3	8.87	14.43	5.01	-4.9	-2.71	- -
Diluted EPS from Cont Ops	18.22	3.59	-11.84	16.3	8.87	14.43	5.01	-4.9	-2.71	- -
Dividend per Share	- -	- -	- -	- -	- -	7.42	9.85	0.91	0.28	- -
Cash Flow per Share	30.34	32.3	10.48	35.45	36.78	14.68	1.96	6.61	3.12	- -
Free Cash Flow per Basic Share	30.34	32.3	10.48	35.45	36.78	14.68	1.96	6.61	3.12	- -
Cash & Equivalents per Share	6.48	12.1	29.54	26.9	4.59	4.46	3.74	8.18	2.09	- -
Book Value per Share	9.5	0.03	-28.16	-12.01	-1.02	6.69	1.93	-3.92	-6.94	- -
Tangible Book Value per Share	107.5	-52.19	-43.58	-20.01	11.55	5.73	-4.82	-4.69	-11.7	- -

Noranda Aluminum Holding Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)