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.”
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 Metals to achieve expected synergies and the timing thereof; the risk that the businesses will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; Constellium’s increased levels of indebtedness as a result of the acquisition of Wise Metals, which could limit Constellium’s operating flexibility and opportunities; the potential failure to retain key employees as a result of the acquisition of Wise Metals or during the integration of the business, the loss of customers, suppliers and other business relationships as a result of the acquisition of Wise Metals; disruptions to business operations resulting from the acquisition of Wise Metals; slower or lower than expected growth in the North American market for Body-in-White aluminium rolled products 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.