Constellium Se · NYSE:CSTM
Constellium — Q1 2021 Earnings Presentation
22 slides from Constellium's earnings presentation, Apr 28, 2021
Slide 1: First Quarter 2021 Earnings Call
First Quarter 2021 Earnings Call April 28, 2021 Exhibit 99.2
Slide 2: Forward-looking statements
Certain statements contained in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation may contain “forward-looking statements” with respect to our business, results of operations and financial conditi
Slide 3: Non-GAAP measures
Non-GAAP measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA per metric ton, Free Cash Flow and Net debt. These measures are presented because management uses this information to monitor and evaluate financial resu
Slide 4: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 5: Adj. EBITDA Above Guidance Range; Strong FCF Generation
Adj. EBITDA Above Guidance Range; Strong FCF Generation Q1 2021 Highlights Ø Shipments of 385kt, down 2% YoY Ø Revenue decreased 7% YoY to €1.3 billion Ø Net income of €48 million Ø Adj. EBITDA of €121 million, down 18% YoY Ø Cash from Operations of €75 million Ø Free Cash Flow of €46 million Ø Leve
Slide 6: 2020 Sustainability Performance
2020 Sustainability Performance 2020 Sustainability Highlights SPT 1: GHG Emissions Intensity SPT 2: Recycled Input Ø Safety: Recordable Case Rate of 1.82*, a record low for CSTM Ø Landfilled waste: 33% reduction in waste sent to landfill vs. 2015 Ø Energy Efficiency: 3.3% improvement versus 2015 Ø
Slide 7: Peter Matt, Chief Financial Officer
Peter Matt Chief Financial Officer
Slide 8: Q1 2021 Performance: Packaging and Automotive Rolled Products
Q1 2021 Performance Packaging and Automotive Rolled Products Q1 Adjusted EBITDA Bridge € in millions Q1 2021 Q1 2020 Var. Shipments (kt) 267 269 (1)% Revenue (€m) 766 752 2% Adj. EBITDA (€m) 68 66 3% Adj. EBITDA (€ / t) 255 245 4% Ø Adjusted EBITDA of €68 million Ø Lower packaging shipments from the
Slide 9: Q1 2021 Performance: Aerospace and Transportation
Q1 2021 Performance Aerospace and Transportation Q1 2021 Q1 2020 Var. Shipments (kt) 48 59 (18)% Revenue (€m) 245 359 (32)% Adj. EBITDA (€m) 19 52 (62)% Adj. EBITDA (€ / t) 409 887 (54)% Q1 Adjusted EBITDA Bridge € in millions Ø Adjusted EBITDA of €19 million Ø Lower aerospace shipments partially of
Slide 10: Q1 2021 Performance: Automotive Structures and Industry
Q1 2021 Performance Automotive Structures and Industry Q1 2021 Q1 2020 Var. Shipments (kt) 70 65 8% Revenue (€m) 350 342 2% Adj. EBITDA (€m) 38 34 10% Adj. EBITDA (€ / t) 540 529 2% Q1 Adjusted EBITDA Bridge € in millions Ø Adjusted EBITDA of €38 million Ø Record automotive shipments; higher industr
Slide 11: Q1 Cost Highlights and Horizon 2022 Update
Q1 Cost Highlights Strong cost performance across segments Extraordinary events in P&ARP (strike, adverse weather, semiconductor shortage) A&T managing well despite lower aerospace shipment levels Higher activity levels in AS&I Refinancing reduced interest cost by €20m p.a. Horizon 2022 Update Multi
Slide 12: Net Debt and Liquidity
Net Debt and Liquidity € in millions Net Debt and Leverage Ø Committed to deleveraging Ø Reduced gross debt and cash interest in February refinancing Ø Expect to resume deleveraging in Q2 2021 Ø Targeting leverage of 2.5x Ø No near term bond maturities Ø Extended maturity of ABL to 2026 Ø Strong liq
Slide 13: Jean-Marc Germain, Chief Executive Officer
Jean-Marc Germain Chief Executive Officer
Slide 14: End Market Updates
End Market Updates Diversified end market exposure; primarily targeting secular growth markets Market Highlights % LTM Revenue Packaging Secular Growth Strong market in North America and in Europe Focus on sustainability driving increased demand for aluminium cans Canmakers adding capacity in both N
Slide 15: Key Messages and Guidance
Solid performance in Q1 2021 Exceeded our Adj. EBITDA guidance range Continued to deliver strong cost performance Extended track record of consistent FCF generation Sustainability Mega-Trends are a Significant Opportunity Circular Economy: Infinitely recyclable aluminium can and increasing our recyc
Slide 16: Q&A
Q&A @ constellium Fist Quarter 2021 -Eamings Cal 16
Slide 17: Appendix
Appendix e Constellium First Quarter 2021 -Eamings Call 17.
Slide 18: Reconciliation of Net Income to Adjusted EBITDA
Reconciliation of Net Income to Adjusted EBITDA Three months ended March 31, (in millions of Euros) 2021 2020 Net income / (loss) 48 (31 ) Income tax expense / (benefit) 11 (8 ) Income / (loss) before income tax 59 (39 ) Finance costs - net 55 45 Income from operations 114 6 Depreciation and amortiz
Slide 19: Free Cash Flow Reconciliation
(in millions of Euros) Three months ended March 31, 2021 March 31, 2020 Net cash flows from operating activities 75 144 Purchases of property, plant and equipment (32) (57) Property, plant and equipment grants received 3 — Free Cash Flow 46 87 Free Cash Flow Reconciliation
Slide 20: Net Debt Reconciliation
(in millions of Euros) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Borrowings 2,325 2,391 2,456 2,536 2,399 Fair value of cross currency basis swaps, net of margin calls 25 42 26 5 1 Cash and cash equivalents (342) (439) (432) (378) (270) Net Debt 2,008 1,994 2,0
Slide 21: Reconciliation of Net Income to Adjusted EBITDA (Twelve months)
Reconciliation of Net Income to Adjusted EBITDA Twelve months ended (in millions of Euros) March 31, 2021 December 31, 2020 September 30, 2020 June 30, 2020 March 31, 2020 Net income / (loss) 62 (17) (21) (40) 8 Income tax expense / (benefit) 2 (17) (22) (25) (4) Income / (loss) before income tax 64
Slide 22: Borrowings Table
Borrowings Table At March 31, At December 31, 2021 2020 (in millions of Euros) Nominal Value in Currency Nominal Rate Nominal Value in Euros (Arrangement fees) Accrued Interests Carrying Value Carrying Value Secured Pan-U.S. ABL (due 2022) $ — Floating — — — — — Secured U.S. DDTL (due 2022) $ — Floa