Constellium Reports First Quarter 2016 Financial Results
Amsterdam, May 12, 2016 – Constellium N.V. (NYSE and Euronext: CSTM) today reported results for the first quarter ended March 31, 2016. Highlights below are in comparison to the first quarter of 2015.
Shipments of 362 thousand metric tons
Revenue of €1.2 billion, down 5% on a like-for-like basis
Adjusted EBITDA of €92 million, down 3%
Automotive rolled product shipments up 30%
First test coils produced ahead of schedule in new finishing lines at Bowling Green, Kentucky and Neuf-Brisach in France
Strong liquidity position of €773 million, including proceeds from new issuance of $425 million Senior Secured Notes
Jean-Marc Germain to be nominated as Executive Director during Annual General Meeting in June 2016 with the view of subsequent appointment as Chief Executive Officer in the course of summer 2016
Constellium began 2016 with solid first quarter results. Revenues for the first quarter of 2016 were €1.2 billion, a decrease of 17% from €1.4 billion in the first quarter 2015, primarily driven by lower metal prices and a 5% decrease in volumes. On a like-for-like basis (excluding the impact of movements in London Metal Exchange prices, premiums and currency exchange rates), revenue was down 5% from the prior year. Adjusted EBITDA was €92 million, which represented a decrease of 3% from the first quarter 2015 Adjusted EBITDA of €95 million.
First quarter 2016 shipments were 362k metric tons, a decrease of 5% from Q1 2015. Adjusted EBITDA per metric ton for the first quarter 2016 remained stable at €255 per ton for the group.
Commenting on the first quarter 2016 results Pierre Vareille, Constellium’s Chief Executive Officer said: “First quarter results were solid with record performance in AS&I, further recovery and improvement in A&T and within our expectations for P&ARP. Overall, Constellium has a clear strategy and the means to execute its growth initiatives. I remain very optimistic about the mid and long-term future of our company.”
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Forward Looking Statement
Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. These risks and uncertainties include, but are not limited to, the ability of Constellium and Wise to achieve expected synergies and the timing thereof, Constellium’s increased levels of indebtedness which could limit Constellium’s operating flexibility and opportunities; the potential failure to retain key employees, the loss of customers, suppliers and other business relationships as a result of the acquisition of Wise Metals; disruptions to business operations; slower or lower than expected growth in the North American market for Body-in-White aluminium rolled products, the possibility that Constellium joint venture expansion with UACJ may have terms that differ materially from those currently contemplated, and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.