Constellium Se · NYSE:CSTM
Constellium — Q1 2016 Earnings Presentation
20 slides from Constellium's earnings presentation, May 12, 2016
Slide 1: First Quarter 2016 Earnings Call
First Quarter 2016 Earnings Call May 12, 2016
Slide 2: Forward-looking statements
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 opera
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, Adjusted Free Cash Flow and Net Debt. These measures are presented because management uses this information to monitor and evaluate finan
Slide 4: Pierre Vareille, Chief Executive Officer
Pierre Vareille Chief Executive Officer
Slide 5: Q1 2016 Highlights
Q1 2016 Highlights (% change Q1 2016 vs Q1 2015) ► Adjusted EBITDA of €92 million, down 3%, driven by record performance in the AS&I segment, further recovery in the A&T segment and, as expected, lower performance in P&ARP ► Shipments of 362 metric tons, down 5% as Q1 2015 benefited from competitor’
Slide 6: Packaging and Automotive Rolled Products Segment
Packaging and Automotive Rolled Products Segment Segment Outlook/Mix Shipments of 244 kt in Q1 2016, down 8% reflecting lower volumes in packaging products due to Q1 2015 benefit from competitor’s mill outage in the U.S. Automotive rolled product shipments up 30% Lower demand for specialty and other
Slide 7: Aerospace and Transportation Segment
Aerospace and Transportation Segment Segment Outlook/Mix Shipments of 63 kt, up 5% Solid demand in aerospace market with majority of business under long-term contracts Continued recovery in aerospace Adjusted EBITDA and Adjusted EBITDA per ton Constellium Recent Developments Signed new contract with
Slide 8: Automotive Structures and Industry Segment
Automotive Structures and Industry Segment Segment Outlook/Mix Shipments of 57 kt, up 2% Strong demand in automotive structures applications and increasing global market share Constellium Recent Developments Record quarterly performance for Adjusted EBITDA and Adjusted EBITDA per ton Decin in Czech
Slide 9: Didier Fontaine, Chief Financial Officer
Didier Fontaine Chief Financial Officer
Slide 10: Q1 2016 Adjusted EBITDA vs Q1 2015
Q1 2016 Adjusted EBITDA vs Q1 2015 € millions Record results in AS&I and improvement in A&T offsetting expected lower performance in P&ARP, which benefited in Q1 2015 from a competitor’s mill outage First Quarter 2016 – Earnings Call 10
Slide 11: Q1 2016 Segment Performance vs Q1 2015
Q1 2016 Segment Performance vs Q1 2015 Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton (€) P&ARP Shipments: 266kt 244kt (8)% A&T Shipments: 59kt 63kt +5% AS&I Shipments: 56kt 57kt +2% First Quarter 2016 – Earnings Call 11
Slide 12: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation Three months Three months € millions ended ended March 31, 2016 March 31, 2015 Cash flow from operating activities (59) 12 Capital expenditure (78) (84) Adjusted Free Cash Flow (137) (72) Lower cash flow from operating activities primarily reflecting significan
Slide 13: Improved liquidity
Improved liquidity € millions March 31, 2016 Total Debt (*) 2,478 Cash and Cash Equivalents 625 Net Debt 1,853 Liquidity (**) 773 Successful issuance of $425 million Senior Secured Notes and cancellation of pre-existing €145 million RCF (*) Including fair value of cross currency interest swap and ca
Slide 14: Key Takeaways
Key Takeaways ► Record results and performance in AS&I and continued recovery in A&T ► Lower Q1 2016 performance in P&ARP, as expected ► Q1 2016 Shipments and Revenues (on a like-for-like basis) down 5% and Adjusted EBITDA down 3% compared to Q1 2015 ► First test coils produced in new Body-in-White
Slide 15: Q&A
Q&A First Quarter 2016 – Earnings Call 15
Slide 16: Appendix
Appendix First Quarter 2016 – Earnings Call 16
Slide 17: IFRS – Income Statement
IFRS – Income Statement Three months ended Three months ended € millions March 31, 2016 March 31, 2015 Revenue 1,150 1,393 Income / (loss) from operations 53 (4) Finance costs – net (41) (43) Share of loss of joint-ventures (1) (1) Income / (loss) before income taxes 11 (48) Income tax (expense) / b
Slide 18: IFRS – Statement of Financial Position
IFRS – Statement of Financial Position € millions March 31, 2016 December 31, 2015 Non-current assets 2,147 2,166 Current assets 1,728 1,449 Assets held for sale - 13 Total Assets 3,875 3,628 Equity (581) (540) Non-current liabilities 3,290 2,962 Current liabilities 1,166 1,193 Liabilities held for
Slide 19: Net Debt Reconciliation
Net Debt Reconciliation € millions March 31, 2016 December 31, 2015 Borrowings 2,501 2,233 Fair value of cross currency interest rate swap (13) (47) Cash and cash equivalents (625) (472) Cash pledged for issuance of guarantees (10) (11) Net Debt 1,853 1,703 First Quarter 2016 – Earnings Call 19
Slide 20: Reconciliation net income
Reconciliation net income Three months Three months € millions ended ended March 31, 2016 March 31, 2015 Net loss (8) (31) Income tax expense / (benefit) 19 (17) Income / (loss) before income tax 11 (48) Finance costs - net 41 43 Share of loss / (profit) of joint-ventures 1 1 Income / (loss) from op