TK Aluminum Ltd. Announces Preliminary Unaudited Consolidated Cash Flow Data for the Fourth Quarter Ended December 31, 2006 and the Month Ended January 31, 2007
CARMAGNOLA, Italy, February 13 -- TK Aluminum Ltd., the indirect parent of Teksid Aluminum Luxembourg S.à r.l., S.C.A., today announced preliminary unaudited consolidated cash flow data with respect to the fourth quarter ended December 31, 2006 and the month ended January 31, 2007.
As previously announced, on February 12, 2007, representatives of the Company and its advisors had a conference for the bondholders to discuss the status of the Nemak transaction and the contemplated consent solicitation. As discussed in the conference for the bondholders, the Company announced the following preliminary unaudited consolidated cash flow data for the quarter ended December 31, 2006. The cash flow data set forth below is preliminary in nature and has not been audited. There can be no assurance that the Company's cash flow data, had it been finalized after the Company's internal review and audited by the Company's independent auditors, would not vary from the preliminary data set forth below, perhaps significantly.
(EUR in millions)
Quarter Ended
Dec 31, 2006
EBITDA (11.8)
Change in working Capital - Total Teksid 20.3
Capital Expenditures (9.5)
Interest Payments (6.0)
Taxes Paid (2.8)
Other 8.2
______________________
Total change in cash (1.6)
Beginning Cash balance 58.0
Change in cash (1.6)
Ending cash balance 56.4
In addition, the Company has indicated that, based on preliminary unaudited estimates, consolidated EBITDA for, and the ending consolidated cash balance as of, the month ended January 31, 2007 were EUR1.3 million and EUR18.0 million, respectively.
The financial information contained in this press release is preliminary and unaudited and is limited in scope. The financial information does not purport to comply with accounting principles generally accepted in the United States of America ("GAAP"). The Company cautions readers not to place undue reliance upon the financial information. There can be no assurance that the financial information is complete and such information may be subject to revision. The financial information should not be viewed as indicative of future results.
The financial information has not been reviewed by the Company's audit committee or its independent auditors.
About Teksid Aluminum
Teksid Aluminum is a leading independent manufacturer of aluminum engine castings for the automotive industry. Our principal products are cylinder heads, engine blocks, transmission housings and suspension components. We operate 15 manufacturing facilities in Europe, North America, South America and Asia. Information about Teksid Aluminum is available on our website at www.teksidaluminum.com.
Until September 2002, Teksid Aluminum was a division of Teksid S.p.A., which was owned by Fiat. Through a series of transactions completed between September 30, 2002 and November 22, 2002, Teksid S.p.A. sold its aluminum foundry business to a consortium of investment funds led by equity investors that include affiliates of each of Questor Management Company, LLC, JPMorgan Partners, Private Equity Partners SGR SpA and AIG Global Investment Corp. As a result of the sale, Teksid Aluminum is owned by its equity investors through TK Aluminum Ltd., a Bermuda holding company.
For further information please call Investor Relations at +1-248-304-4001 or email investorinfo@teksidaluminum.net