Second Quarter 2021 Earnings Call
July 28, 2021
Forward-looking statements
Certain statements contained in this presentation may constitute forward-look ing statements within the meaning of the Private Securities
Litigation Reform Act of 1995. This presentation may contain "forward-look ing 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-look ing
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-look ing statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and
mark ets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: mark et
competition; economic downturn; disruption to business operations, including the length and magnitude of disruption resulting from the
global COVID-19 pandemic; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other
business relationships; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness
which could limit our operating flexibility and opportunities; 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-look ing statements contained in this
press release. We undertake no obligation to update or revise any forward-look ing statement as a result of new information, future events or
otherwise, except as required by law.
Second Quarter 2021 - Earnings Call | 2 |
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 results and trends and believes this information to also be useful for investors. Adjusted EBITDA measures are frequently
used by securities analysts, investors and other interested parties in their evaluation of Constellium and in comparison to other companies,
many of which present an adjusted EBITDA-related performance measure when reporting their results. Adjusted EBITDA, Adjusted EBITDA
per Metric Ton, Free Cash Flow and Net debt are not presentations made in accordance with IFRS and may not be comparable to similarly
titled measures of other companies. These non-GAAP financial measures supplement our IFRS disclosures and should not be considered
an alternative to the IFRS measures. This presentation provides a reconciliation of non-GAAP financial measures to the most directly
comparable GAAP financial measures.
We are not able to provide a reconciliation of Adjusted EBITDA guidance to net income, the comparable GAAP measure, because certain
items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, we are unable to
forecast the timing or magnitude of realized and unrealized gains and losses on derivative instruments, metal lag, impairment or
restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the
aggregate, our net income in the future.
Second Quarter 2021 - Earnings Call | 3 |
Jean-Marc Germain
Chief Executive Officer
Q2 2021 Highlights
Shipments: 406kt (+31% YoY)
Revenue increased 47% YoY to €1.5 billion
Net income: €108 million
Record Adj. EBITDA of €170 million (+110% YoY; +2% vs. 2019)
Record Adj. EBITDA in P&ARP and AS&I
Cash from Operations of €73 million
Free Cash Flow of €35 million
H1 2021 FCF: €81 million
Leverage of 3.7x at June 30, 2021
Joined the Russell 2000® Index
Leverage
Leverage back to pre-pandemic level
Strong results; increasing 2021 Adjusted EBITDA guidance to €545-560 million
and FCF guidance to >€125 million
Second Quarter 2021 - Earnings Call | 5 |
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Constellium SE published this content on 28 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2021 13:53:11 UTC.