Historic Plant of the Future Investment
ADJUSTED FREE CASH FLOW AND NET LEVERAGE
Novelis
YTD
FY24 FY23
YTD
Net leverage ratio (Net debt/TTM Adjusted EBITDA)
$ Millions
Adjusted EBITDA
1,359
1,408
Interest paid
Taxes paid
Capital expenditures
(198)
(172)
5.0
Aleris
acquisition
(133)
(157)
3.8
(960)
(462)
4.0
3.7
3.3
Metal price lag
(62)
(130)
2.9
3.0
Working capital & other
(523)
(645)
2.5 2.4 2.3
Adjusted free cash flow from continuing
(517)
(158)
2.0
operations
Adjusted free cash flow from disc. operations
(12)
1.0
Adjusted free cash flow
(517)
(170)
Adjusted free cash flow before capex
443
292
Reinvesting cash in strategic capital expenditure investments in new rolling & recycling capacity
expansions underway
Update full year FY24 capital expenditure guidance to be between $1.4 to $1.6 billion
Net leverage ratio at 2.7x and total liquidity of $2.1 billion at December 31, 2023
Q1FY21
Q2FY21
Q3FY21
Q4FY21
Q1FY22
Q2FY22
Q3FY22
Q4FY22
Q1FY23
Q2FY23
Q3FY23
Q4FY23
Q1FY24
Q2FY24
Q3FY24
2.7 2.7 2.7
2.6
2.3
2.3
2.2 2.2
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