Constellium Reports Strong 2013 Financial Results
Amsterdam, March 20, 2014 – Constellium N.V. (NYSE and NYSE Euronext: CSTM) today reported results for the quarter and year ended December 31, 2013.
Highlights of results include:
Constellium’s Adjusted EBITDA for 2013 was €280 million, which represented an increase of 26% from 2012 Adjusted EBITDA of €223 million. Fourth quarter 2013 Adjusted EBITDA was €59 million, which represented an increase of 40% from €42 million in Q4 2012. Our 2013 performance was supported by improved productivity and favorable demand for our products primarily in the automotive and aerospace sectors.
Adjusted EBITDA per metric ton for 2013 was €273, which represented an increase of €57 per metric ton, or 26% higher than the Adjusted EBITDA per metric ton of €216 in 2012.
Total shipments in 2013 were 1,025k metric tons, approximately flat with 2012 shipments. Higher shipment volumes in aerospace and automotive were offset by lower volumes in soft alloys and packaging. On a like-for-like basis, adjusting for divestitures, total shipments represented an increase of 11k metric tons. Revenues for 2013 were €3,495 million, which represented a decrease of €115 million, or 3% from 2012 revenues of €3,610 million; however after adjusting for constant London Metal Exchange (or LME) prices, exchange rates and the divestiture of two soft alloy plants in France, revenues for 2013 calculated on a like-for-like basis were 4% ahead of 2012.
In Q4 2013, total shipments were 234k metric tons, approximately flat with Q4 2012 shipments. Revenues for Q4 2013 were €806 million, which represented a decrease of €9 million from Q4 2012, however after adjusting for constant LME prices, exchange rates and the divestiture of two soft alloy plants in France, revenues for Q4 calculated on a like-for-like basis were 9% ahead of Q4 2012 and total shipments represented an increase of 5k metric tons. Adjusted EBITDA per ton increased 40% in Q4 2013 to €253 per metric ton compared with Q4 2012.
In 2013, we implemented a new contract with Airbus and we signed a new contract with Boeing. Our results were favorably impacted by the combined enhancement of our product mix, higher sales to the aerospace and automotive markets and the continued benefit from the cost and productivity improvements achieved, partially offset by the limited impact of work stoppages at two of our French plants.
Commenting on 2013, Pierre Vareille, Constellium’s Chief Executive Officer said: “2013 was a transformational year for Constellium. We posted strong year over year financial performance improvement across all reporting segments on the back of continued improvement in our operational performance and positive market conditions. Importantly we became a public company and recently increased our public float to more than 84% of shares outstanding. In automotive, accelerating trends in both Europe and in North America are fueling our expansion on both continents. Going forward, we believe the long term outlook for our targeted business segments remains favorable and we expect to continue in our drive to enhance shareholder value.”
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Richard Ham – Investor Relations Europe
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