Constellium Reports Full-Year and Fourth Quarter 2016 Results

09 Mar 2017 06:29 CET

Constellium Reports Full-Year and Fourth Quarter 2016 Results

Amsterdam – March 9, 2017 – Constellium N.V. (NYSE and Euronext: CSTM) today reported results for the full year and fourth quarter ended December 31, 2016.

Shipments of 1.5 million metric tons in 2016, in line with prior year;
Q4 shipments of 344 kt, up 2% from Q4 2015

Revenue of €4.7 billion in 2016, down 8% primarily due to lower metal prices;
Q4 revenue of €1.2 billion, up 3% from Q4 2015

Net loss of €4 million in 2016 compared to a net loss of €552 million, which included significant asset impairment charges, in 2015;
Q4 2016 net loss comparison benefited for similar reasons

Adjusted EBITDA of €377 million in 2016, up 10%; driven by strong performance in P&ARP and AS&I and stable performance in A&T;
Q4 Adjusted EBITDA of €81 million, up 8% from Q4 2015

Refinancing of the Wise Senior Secured Notes with Constellium Senior Notes completed in February 2017

Commenting on 2016 results, Jean-Marc Germain, Constellium’s Chief Executive Officer said: “In 2016 Constellium’s Adjusted EBITDA grew 10% to €377 million reflecting continued operational improvement in our P&ARP segment, strong momentum and higher profitability in our AS&I segment and stable performance in our A&T segment despite evidence of softening aerospace demand at year end. We remain confident in the long-term demand across our targeted end markets and in our ability to continue to grow Adjusted EBITDA in the high single digits annually over the next three years.”

Jean-Marc Germain further commented “2016 concluded our peak capital spending needs and we are focused on realizing the benefits of our investments. Our recent debt refinancing and Wise PIK Notes redemption were steps in the right direction towards addressing our capital structure and increasing our financial flexibility.”

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