Constellium Reports Second Quarter 2013 Financial Results
Amsterdam, August 29, 2013 – Constellium N.V. (NYSE and NYSE Euronext:CSTM) today reported the following results for the three months ended June 30, 2013.
Second Quarter Highlights:
Adjusted EBITDA of €85 million – a new quarterly high
Strong cash flow from higher EBITDA and continued focus on working capital management, particularly on inventory levels
Stronger performance across all business segments despite market pressures
Successful divestment of selected non-strategic soft alloy plants in line with Constellium’s strategy to concentrate on its key markets
Exercise of over-allotment option completed the IPO process
Constellium reported another quarter of growth in Adjusted EBITDA, which at €85 million represented the highest quarterly profitability to date since becoming a standalone company. Adjusted EBITDA of €85 million represented an increase of €12 million from Q1 2013 and was €2 million greater than Adjusted EBITDA for Q2 2012. Comparisons of Q2 2013 financial results with those of Q2 2012 are unfavorably impacted by the ramp-up in volumes that occurred in Q2 2012 ahead of an employee strike at our Ravenswood facility in Q3 2012, and also by planned maintenance work at our Ravenswood facility in Q2 2013. Despite headwinds in certain market sectors, overall shipments remained strong. Adjusted Free Cash Flow for Q2 2013 was €12 million, which represented a decrease of €7 million from Q2 2012 and included the cash payment of €20 million of fees relating to our initial public offering completed in May 2013. Capital expenditure was also higher year-over-year.
Earnings Webcast and Conference Call
Constellium will host a conference call and webcast to present the results.
Time: 11:00 a.m. (Eastern Standard Time)
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