EBITDA 63.8 50.3 Non-cash adjustments((a) () 57.7 32.9 Foreign exchange loss((b) () (16.3) (0.8) Restructuring((c) () 0.1 (0.0) Transaction related costs((d) () 4.4 0.5 Management fee((e) () 0.5 0.6 COVID-19 adjustment((f) () 0.2 0.2 Adjusted EBITDA $ 110.3 $ 83.8 ======== ======== thereof EL Segment Adjusted EBITDA $ 75.7 $ 54.7 ======== ======== thereof GMF Segment Adjusted EBITDA $ 34.6 $ 29.1 ======== ======== (a) Eliminates the non-cash impact of (1) share based compensation, (2) losses on the sale of fixed assets, (3) impairment charges and (4) mark to market adjustments related to our foreign currency derivatives entered into in connection with certain redenomination transactions not linked to underlying individual transactions and bifurcated embedded derivatives related to certain redemption features of the 6.250% Senior Notes due 2025 (the "Opco Notes") and 8.75%/9.50% Senior PIK Toggle Notes (the "Holdco Notes"), and (5) valuation adjustments from the revaluation of the earn-out liability initially recognized in 2019. The dollar value of these non-cash adjustments for each period presented above is set forth below: Three months ended (unaudited) --------------------------------- ($ in millions) March 31, 2021 March 31, 2020 -------------- -------------- Share based compensation $ 0.2 $ 0.1 Losses on the sale of fixed assets 0.2 0.2 Impairment charges (0.5) 0.2 Mark-to-market adjustments 59.3 32.5 Valuation adjustments (1.5) - Non-cash adjustments $ 57.7 $ 32.9 (b) Eliminates net foreign currency transactional gains and losses on balance sheet items. (c) Eliminates charges resulting from restructuring activities principally from the Company's cost reduction efforts. (d) Reflects an adjustment to eliminate (1) IPO related costs, linked to the existing equity and (2) professional fees paid to third party advisors in connection with the implementation of strategic initiatives. (e) Reflects an adjustment to eliminate fees paid to Carlyle. The consulting agreement pursuant to which management fees are paid to Carlyle will terminate on the earlier of (i) the second anniversary of the IPO and (ii) the date upon which Carlyle ceases to own more than ten percent of the outstanding voting securities of the Company. Management does not view these fees as indicative of the Company's operational performance and the removal of these fees from Adjusted EBITDA is consistent with the calculation of similar measures under our old senior secured credit facilities and our new credit agreement as well as the indentures that previously governed the Holdco Notes and Opco Notes. For a description of the consulting agreement with Carlyle, see Item 7.B. "Major Shareholders and Related Party Transactions--Related Party Transactions" in our Annual Report on Form 20-F. (f) Eliminates charges in connection with masks, sanitizers, and other COVID-19 related expenses at certain plant and office locations. ATOTECH LIMITED Organic Revenue Growth Reconciliation Three months ended March 31, 2021 (unaudited) ----------------------------------------------------------- Reported Revenue Impact of Palladium Organic Growth Currency Pass-Through Growth -------- --------- ------------- ------- Electronics 31% (8%) (2%) 21% General Metal Finishing 15% (5%) (1%) 9% -------- --------- ------------- ------- Total 25% (7%) (1%) 17% ======== ========= ============= ======= (________________________________________________________________________1) Adjusted EBITDA is a non-IFRS financial measure. Adjusted EBITDA should be considered in addition to, but not as a substitute for, the information provided in accordance with IFRS. A reconciliation for adjusted EBITDA to the most directly comparable IFRS financial measure is provided in the Reconciliation of Adjusted EBITDA to Consolidated Net Income (Loss) table. We are not able to forecast Consolidated net income (loss) on a forward-looking basis without unreasonable efforts due to the high variability and difficulty in predicting certain items that affect Consolidated net income (loss), including, but not limited to, Income taxes, Interest expense, and Foreign exchange income (loss).
(END) Dow Jones Newswires
May 04, 2021 06:00 ET (10:00 GMT)