EREVAN/BAKOU (Reuters) - L'Arménie a reconnu dans la nuit de lundi à mardi que les forces du Haut-Karabakh s'étaient retirées d'une ville stratégique située entre l'enclave séparatiste et la frontière iranienne, un retrait qui apparaît comme une victoire militaire pour l'Azerbaïdjan alors que les nombreuses tentatives de cessez-le-feu ont toutes échoué depuis un mois.L'Azerbaïdjan, soutenu par la Turquie, tente de reprendre le contrôle de la région du Haut-Karabakh située sur son territoire mais peuplée majoritairement d'Arméniens.
Les appels au boycott des produits français se poursuivent dans les pays musulmans. Plus de 40 000 personnes ont défilé, mardi, au Bangladesh, accusant la France d'être "l'ennemie des musulmans".Des dizaines de milliers de personnes ont manifesté, mardi 27 octobre, à Dacca, appelant au boycott des produits français et brûlant une effigie du président Emmanuel Macron, l'accusant même d'"adorer Satan", après que ce dernier a défendu la liberté de caricaturer le prophète Mahomet.Selon la police, plus de 40 000 personnes participaient à cette marche organisée par un parti islamiste et qui a été stoppée avant de parvenir près de l'ambassade française dans la capitale du Bangladesh.Des centaines de policiers avaient érigé des barrages en fil de fer barbelé pour bloquer les manifestants, qui se sont dispersés sans violences.>> À lire : Paris appelle à mettre fin au boycott de produits français dans plusieurs pays du Moyen-OrientEmmanuel Macron est devenu la cible de manifestations dans plusieurs pays, après avoir promis que la France continuerait à défendre ce genre de caricatures le 21 octobre, lors d'un hommage national à Samuel Paty, un professeur décapité dans un attentat islamiste le 16 octobre pour en avoir montré certaines à ses élèves.La manifestation, organisée par l'Islami Andolan Bangladesh (IAB), l'un des principaux partis islamistes bangladais, avait démarré devant la principale mosquée du pays, Baitul Mukarram, située dans le centre de la capitale."Macron fait partie des quelques dirigeants qui adorent Satan"Les manifestants scandaient des slogans appelant au "boycott des produits français" et à "punir" Emmanuel Macron."Macron fait partie des quelques dirigeants qui adorent Satan", a déclaré à la foule un haut responsable de l'IAB, Ataur Rahman. Ce dernier a appelé le gouvernement bangladais à "mettre dehors" l'ambassadeur français. Un autre dirigeant islamiste, Hasan Jamal, a pour sa part déclaré que les protestataires allaient "mettre à terre chaque brique" de l'ambassade si l'ambassadeur n'était pas renvoyé."La France est l'ennemie des musulmans. Ceux qui la représentent sont aussi nos ennemis", a affirmé Nesar Uddin, un jeune responsable de l'organisation.>> À lire : La caricature, une longue tradition françaiseAprès l'arrêt de la manifestation, des protestataires ont continué à défiler dans des rues adjacentes en criant des slogans appelant au boycott de la France et assurant que "Macron va payer cher".La Turquie a pris la tête d'une colère grandissante dans le monde musulman et son président Recep Tayyip Erdogan a appelé au boycott des produits français et mis en question "la santé mentale" d’Emmanuel Macron.Avec AFP
Dans son livre Pourquoi je t'aime sorti en février dernier, Francis Huster, bientôt de retour dans Ici tout commence sur TF1, s'était confié sur l'un des événements les plus traumatisants de son existence.
DUBAI/PARIS (Reuters) - La France a été la cible de nouvelles critiques dans le monde musulman en raison de la volonté affichée par Emmanuel Macron de s'attaquer à "l'islamisme radical" après l'assassinat de Samuel Paty, professeur de collège ayant montré des caricatures de Mahomet lors d'un cours sur la liberté d'expression.Malgré ces accusations, notamment celles du président turc Recep Tayyip Erdogan visant personnellement son homologue français, le ministre de l'Intérieur Gérald Darmanin a défendu mardi la "souveraineté de la France" et sa volonté de lutter contre "un ennemi de l'intérieur".
Sur le plateau de "Quotidien", le réalisateur a reconnu qu'il a "peut-être [...] eu tort", que c'est un texte "écrit dans la colère", "un peu irresponsable".
À Chualluma, un quartier aymara de La Paz en Bolivie, les habitants placent leurs espoirs dans un projet d'art urbain coloré, conçu pour faire revivre le quartier grâce au tourisme, en attendant que la pandémie passe et que les visiteurs reviennent.
En juillet dernier, cinq enfants d'une même famille originaire de Vénissieux étaient morts dans cet accident sur l'autoroute A7, à hauteur d'Albon, dans la Drôme.
Trois ans après Solide mirage, Frànçois Marry annonce la sortie hivernale de son septième album, Banane bleue, coproduit avec Jaakko Eino Kalevi. Le lumineux premier single, Coucou, voit le leader du groupe français s'amuser d'une “forme de naïveté douceâtre”.
Recep Tayyip Erdogan soutient passionnément Basaksehir, le plus jeune des clubs d'Istanbul, opposé mercredi au PSG.
Eagle Eye Networks, le leader mondial de la vidéosurveillance sur le Cloud, a levé 40 millions de dollars de fonds de série E auprès de la société de capital-risque Accel pour poursuivre sa croissance et étendre son leadership technologique. Eagle Eye exploite l'intelligence artificielle (IA) sur sa véritable plateforme de Cloud computing pour remodeler radicalement la vidéosurveillance et améliorer la sûreté, la sécurité, les opérations et le service à la clientèle des entreprises du monde entier.
PARIS, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Constellium SE (NYSE: CSTM) today reported results for the third quarter ended September 30, 2020. For the third quarter of 2020: Shipments of 354 thousand metric tons, down 11% compared to Q3 2019Revenue of €1.2 billion, down 20% compared to Q3 2019Net income of €20 million compared to net income of €1 million in Q3 2019Adjusted EBITDA of €126 million, down 9% compared to Q3 2019Cash from Operations of €111 million and Free Cash Flow of €75 million For the first nine months of 2020: Shipments of 1.1 million metric tons, down 14% compared to YTD 2019Revenue of €3.6 billion, down 20% compared to YTD 2019Net loss of €43 million compared to net income of €42 million in YTD 2019Adjusted EBITDA of €354 million, down 20% compared to YTD 2019Cash from Operations of €263 million and Free Cash Flow of €129 millionNet debt / LTM Adjusted EBITDA of 4.3x as of September 30, 2020 Jean-Marc Germain, Constellium’s Chief Executive Officer said, "I am very proud of our third quarter results, including our Free Cash Flow performance of €75 million in the quarter. Packaging & Automotive Rolled Products reported record quarterly Adjusted EBITDA. Aerospace & Transportation maintained a strong focus on costs in the face of difficult market conditions. Automotive Structures & Industry benefited from better-than-expected market conditions and improved operational performance in Automotive Structures. These results further demonstrate the benefits of our end market diversification and our intense focus on costs." Mr. Germain continued, "Based on our current outlook, we expect Adjusted EBITDA of €450 million to €460 million and Free Cash Flow generation of €100 million to €150 million in 2020." Group Summary Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 354 395 (11)%1,057 1,221 (14)%Revenue (€ millions) 1,172 1,461 (20)%3,640 4,535 (20)%Net income / (loss) (€ millions) 20 1 n.m. (43)42 n.m. Adjusted EBITDA (€ millions) 126 139 (9)%354 441 (20)%Adjusted EBITDA per metric ton (€) 355 351 1%335 361 (7)% The difference between the sum of reported segment revenue and total group revenue includes revenue from certain non-core activities and inter-segment eliminations. The difference between the sum of reported segment Adjusted EBITDA and the Group Adjusted EBITDA is related to Holdings and Corporate. For the third quarter of 2020, shipments of 354 thousand metric tons decreased 11% compared to the third quarter of 2019 due to lower shipments in all three segments. Revenue of €1.2 billion decreased 20% compared to the third quarter of 2019 due to lower shipments and lower metal prices. Net income of €20 million compared to net income of €1 million in the third quarter of 2019. Adjusted EBITDA of €126 million decreased 9% compared to the third quarter of 2019 due to weaker results in the Aerospace and Transportation segment. For the first nine months of 2020, shipments of 1.1 million metric tons decreased 14% compared to the first nine months of 2019 due to lower shipments in all three segments. Revenue of €3.6 billion decreased 20% compared to the first nine months of 2019 primarily due to lower shipments and lower metal prices partially offset by improved price and mix. Net loss of €43 million compared to a net income of €42 million in the first nine months of 2019. Adjusted EBITDA of €354 million decreased 20% compared to the first nine months of 2019 due to weaker results in the Aerospace and Transportation and the Automotive Structures and Industry segments. Results by Segment Packaging and Automotive Rolled Products (P&ARP) Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 258 277 (7)%748 842 (11)%Revenue (€ millions) 672 789 (15)%1,989 2,438 (18)%Adjusted EBITDA (€ millions) 85 72 20%209 210 0%Adjusted EBITDA per metric ton (€) 332 259 28%280 250 12% For the third quarter of 2020, Adjusted EBITDA increased 20% compared to the third quarter of 2019 primarily due to strong cost control, partially offset by lower shipments. Shipments of 258 thousand metric tons decreased 7% compared to the third quarter of 2019 due to lower shipments of packaging and specialty products. Revenue of €672 million decreased 15% compared to the third quarter of 2019, primarily due to lower metal prices and lower shipments. For the first nine months of 2020, Adjusted EBITDA was comparable to the first nine months of 2019 due to strong cost control, offset by lower shipments. Shipments of 748 thousand metric tons decreased 11% compared to the first nine months of 2019 due to lower shipments across packaging, automotive and specialty products. Revenue of €2.0 billion decreased 18% compared to the first nine months of 2019, primarily due to lower shipments and lower metal prices. Aerospace and Transportation (A&T) Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 36 57 (37)%140 186 (25)%Revenue (€ millions) 202 351 (43)%811 1,112 (27)%Adjusted EBITDA (€ millions) 10 43 (77)%93 159 (41)%Adjusted EBITDA per metric ton (€) 275 740 (63)%666 854 (22)% For the third quarter of 2020, Adjusted EBITDA decreased 77% compared to the third quarter of 2019 primarily due to lower shipments due to continued challenging market conditions from the COVID-19 pandemic, partially offset by strong cost control. Shipments of 36 thousand metric tons decreased 37% compared to the third quarter of 2019 due to lower shipments of aerospace and TID products. Revenue of €202 million decreased 43% compared to the third quarter of 2019 due to lower shipments and lower metal prices. For the first nine months of 2020, Adjusted EBITDA decreased 41% compared to the first nine months of 2019 primarily due to lower shipments, partially offset by strong cost control and improved price and mix. Shipments of 140 thousand metric tons decreased 25% compared to the first nine months of 2019 due to lower shipments of aerospace and TID products. Revenue of €811 million decreased 27% compared to the first nine months of 2019 due to lower shipments and lower metal prices, partially offset by improved price and mix. Automotive Structures and Industry (AS&I) Q32020 Q32019 Var. YTD2020 YTD2019 Var. Shipments (k metric tons) 60 61 (3)%169 193 (13)%Revenue (€ millions) 304 336 (9)%868 1,027 (15)%Adjusted EBITDA (€ millions) 33 26 25%66 85 (23)%Adjusted EBITDA per metric ton (€) 551 428 29%389 439 (11)% For the third quarter of 2020, Adjusted EBITDA increased 25% compared to the third quarter of 2019 due to strong cost control. Shipments of 60 thousand metric tons decreased 3% compared to the third quarter of 2019 on lower shipments of Industry products. Revenue of €304 million decreased 9% compared to the third quarter of 2019 primarily due to lower metal prices and lower shipments. For the first nine months of 2020, Adjusted EBITDA decreased 23% compared to the first nine months of 2019 primarily due to lower shipments, partially offset by strong cost control. Shipments of 169 thousand metric tons decreased 13% compared to the first nine months of 2019 on lower shipments of automotive and industry products. Revenue of €868 million decreased 15% compared to the first nine months of 2019 due to lower shipments and lower metal prices. Net Income For the third quarter of 2020, net income of €20 million compared to net income of €1 million in the third quarter of last year. The change in net income is primarily related to a favorable change in gains and losses on derivatives related to our commodity hedging positions, reduced selling and administrative expenses and lower finance costs, partially offset by lower gross profit. For the first nine months of 2020, a net loss of €43 million compared to net income of €42 million in the first nine months of last year. The change is primarily related to lower gross profit and an unfavorable change in gains and losses on derivatives related to our commodity hedging positions, partially offset by a change in income taxes and reduced selling and administrative expenses. Cash Flow Free Cash Flow was €129 million for the first nine months of 2020 compared to €157 million in the same period of the prior year. The change was primarily due to weaker Adjusted EBITDA and less of a benefit from trade working capital, partially offset by lower capital expenditures, interest expense, and income taxes. Cash flows from operating activities were €263 million for the first nine months of 2020 compared to cash flows from operating activities of €340 million in the same period of the prior year. Constellium decreased factored receivables by €76 million for the first nine months compared to an increase of €19 million in the same period of the prior year. Cash flows used in investing activities were €133 million for the first nine months of 2020 compared to cash flows used in investing activities of €265 million in the same period of the prior year. Capital spending was lower in 2020 to reflect market conditions. The first nine months of 2019 included a net €83 million outflow related to the acquisition of our partner’s 49% interest in the Bowling Green joint venture. Cash flows from financing activities were €122 million for the first nine months of 2020 compared to cash flows used in financing activities of €90 million in the same period of the prior year. In the first nine months of 2020, Constellium raised $325 million of 5.625% Senior Notes due 2028, using a portion of the proceeds to redeem the remaining balance of the 4.625% Senior Notes due 2021, and entered into a €180 million loan partially guaranteed by the French State and a CHF 20 million facility partially guaranteed by the Swiss Government. The first nine months of 2019 included a €54 million lease redemption associated with the acquisition of Bowling Green and a €100 million partial redemption of the 4.625% Senior Notes due 2021. Liquidity and Net Debt Liquidity at September 30, 2020 was €1,018 million, comprised of €432 million of cash and cash equivalents and €586 million available under our committed lending facilities and factoring arrangements. Liquidity at September 30, 2020 includes the undrawn $166 million Delayed Draw Term Loan, which can be drawn until May 1, 2021. Net debt was €2,050 million at September 30, 2020 compared to €2,183 million at December 31, 2019. Outlook Based on our current outlook, we expect Adjusted EBITDA in a range of €450 million to €460 million in 2020. We are not able to provide a reconciliation of this 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, net income in the future. Forward-looking statements 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, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market 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-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law. About Constellium Constellium (NYSE: CSTM) is a global sector leader that develops innovative, value added aluminium products for a broad scope of markets and applications, including aerospace, automotive and packaging. Constellium generated €5.9 billion of revenue in 2019. Ryan Wentling – Investor RelationsPhone: +1 443 988 0600Investorfirstname.lastname@example.org Delphine Dahan-Kocher – External CommunicationsPhone: +1 (443) 420 email@example.com Constellium’s earnings materials for the third quarter ended September 30, 2020, are also available on the company’s website (www.constellium.com). CONSOLIDATED INCOME STATEMENT (UNAUDITED) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019 Revenue 1,172 1,461 3,640 4,535 Cost of sales (1,052) (1,316) (3,298) (4,064)Gross profit 120 145 342 471 Selling and administrative expenses (55) (66) (178) (204)Research and development expenses (9) (12) (29) (36)Restructuring costs (2) (1) (13) (2)Other gains and losses - net 10 (15) (53) (29)Income from operations 64 51 69 200 Finance costs - net (37) (46) (124) (135)Share of income of joint-ventures — — — 5 Income / (loss) before income tax 27 5 (55) 70 Income tax (expense) / benefit (7) (4) 12 (28)Net income / (loss) 20 1 (43) 42 Income / (loss) attributable to: Equity holders of Constellium 19 — (45) 39 Non-controlling interests 1 1 2 3 Net income / (loss) 20 1 (43) 42 Earnings per share attributable to the equity holders of Constellium, in euros per share Basic 0.13 0.00 (0.33) 0.29 Diluted 0.13 0.00 (0.33) 0.28 Weighted average shares, in thousands Basic 139,209 137,131 139,032 136,609 Diluted 143,002 141,911 139,032 141,911 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019 Net income / (loss) 20 1 (43) 42 Other comprehensive loss Items that will not be reclassified subsequently to the Unaudited Interim Consolidated Income Statement Remeasurement on post-employment benefit obligations (12) (48) (53) (110)Income tax on remeasurement on post-employment benefit obligations 3 8 12 23 Items that may be reclassified subsequently to the Unaudited Interim Consolidated Income Statement Cash flow hedges 12 (10) 12 (15)Net investment hedges — — — 4 Income tax on hedges (4) 3 (4) 5 Currency translation differences (8) 5 (10) 4 Other comprehensive loss (9) (42) (43) (89)Total comprehensive income / (loss) 11 (41) (86) (47)Attributable to: Equity holders of Constellium 10 (42) (88) (50)Non-controlling interests 1 1 2 3 Total comprehensive income / (loss) 11 (41) (86) (47) CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) (in millions of Euros) At September 30, 2020 At December 31, 2019 Assets Current assets Cash and cash equivalents 432 184 Trade receivables and other 467 474 Inventories 607 670 Other financial assets 23 22 1,529 1,350 Non-current assets Property, plant and equipment 1,971 2,056 Goodwill 437 455 Intangible assets 64 70 Investments accounted for under the equity method 1 1 Deferred income tax assets 218 185 Trade receivables and other 67 60 Other financial assets 8 7 2,766 2,834 Total Assets 4,295 4,184 Liabilities Current liabilities Trade payables and other 1,010 999 Borrowings 85 201 Other financial liabilities 43 35 Income tax payable 20 14 Provisions 27 23 1,185 1,272 Non-current liabilities Trade payables and other 29 21 Borrowings 2,371 2,160 Other financial liabilities 31 23 Pension and other post-employment benefit obligations 714 670 Provisions 98 99 Deferred income tax liabilities 27 24 3,270 2,997 Total Liabilities 4,455 4,269 Equity Share capital 3 3 Share premium 420 420 Retained deficit and other reserves (596) (519)Equity attributable to equity holders of Constellium (173) (96)Non controlling interests 13 11 Total Equity (160) (85) Total Equity and Liabilities 4,295 4,184 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (in millions of Euros) Sharecapital Sharepremium Re-measurement Cash flowhedges Foreigncurrencytranslationreserve Otherreserves Retainedlosses Total Equityholders ofConstellium Non-controllinginterests TotalequityAt January 1, 2020 3 420 (177) (10) 4 53 (389) (96) 11 (85)Net (loss) / income — — — — — — (45) (45) 2 (43)Other comprehensive (loss) / income — — (41) 8 (10) — — (43) — (43)Total comprehensive (loss) / income — — (41) 8 (10) — (45) (88) 2 (86)Transactions with equity holders Share-based compensation — — — — — 11 — 11 — 11 At September 30, 2020 3 420 (218) (2) (6) 64 (434) (173) 13 (160) (in millions of Euros) Sharecapital Sharepremium Re-measurement Cash flowhedgesand netinvestmenthedges Foreigncurrencytranslationreserve Otherreserves Retainedlosses Total Equityholders ofConstellium Non-controllinginterests TotalequityAt January 1, 2019 3 420 (129) (8) 3 37 (448) (122) 8 (114)Net income — — — — — — 39 39 3 42 Other comprehensive (loss) / income — — (87) (6) 4 — — (89) — (89)Total comprehensive (loss) / income — — (87) (6) 4 — 39 (50) 3 (47)Transactions with equity holders Share-based compensation — — — — — 12 — 12 — 12 Transactions with non-controlling interests — — — — — — — — — — At September 30, 2019 3 420 (216) (14) 7 49 (409) (160) 11 (149) CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Net income / (loss) 20 1 (43) 42 Adjustments Depreciation, amortization and impairment 73 66 210 183 Finance costs - net 37 46 124 135 Income Tax expense / (benefit) 7 4 (12) 28 Share of income of joint-ventures — — — (5)Unrealized (gains) / losses on derivatives - net and from remeasurement of monetary assets and liabilities - net (11) 5 (2) (12)Losses on disposal 2 — 2 2 Other - net 3 3 16 9 Interest paid (45) (54) (118) (132)Income tax paid (7) 8 11 (3)Change in trade working capital Inventories 15 34 50 58 Trade receivables (19) 12 (12) (17)Trade payables 38 (29) 20 75 Margin calls — — — 5 Change in provisions and pension obligations (8) (3) (6) (18)Other working capital 8 (13) 23 (10)Net cash flows from operating activities 111 80 263 340 Purchases of property, plant and equipment (36) (50) (134) (180)Acquisition of subsidiaries net of cash acquired — — — (83)Proceeds from disposals, net of cash — — 1 1 Other investing activities — 1 — (3)Net cash flows used in investing activities (36) (49) (133) (265) Proceeds from issuance of Senior Notes — — 290 — Repayment of Senior Notes — (100) (200) (100)Proceeds from French loan — — 180 — Proceeds from Swiss credit facility — — 18 — Lease repayments (8) (9) (25) (79)(Repayments) / proceeds from U.S. revolving credit facility and other loans (8) 12 (132) 88 Payment of deferred financing costs — — (9) — Transactions with non-controlling interests — — — (2)Other financing activities (2) 3 — 3 Net cash flows from / (used in) financing activities (18) (94) 122 (90) Net increase / (decrease) in cash and cash equivalents 57 (63) 252 (15)Cash and cash equivalents - beginning of period / year 378 213 184 164 Effect of exchange rate changes on cash and cash equivalents (3) 2 (4) 3 Cash and cash equivalents - end of period 432 152 432 152 ADJUSTED EBITDA BY SEGMENT Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019P&ARP 85 72 209 210 A&T 10 43 93 159 AS&I 33 26 66 85 H&C (2) (2) (14) (13)Adjusted EBITDA 126 139 354 441 SHIPMENTS AND REVENUE BY PRODUCT LINE Three months ended September 30, Nine months ended September 30,(in k metric tons) 2020 2019 2020 2019Packaging rolled products 192 211 584 630 Automotive rolled products 60 56 145 178 Specialty and other thin-rolled products 6 10 19 34 Aerospace rolled products 15 28 64 89 Transportation, industry, defense and other rolled products 21 29 76 97 Automotive extruded products 31 31 77 92 Other extruded products 29 30 92 101 Total shipments 354 395 1,057 1,221 Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Packaging rolled products 463 560 1,443 1,676 Automotive rolled products 185 191 466 630 Specialty and other thin-rolled products 24 38 80 132 Aerospace rolled products 110 201 475 630 Transportation, industry, defense and other rolled products 92 150 336 482 Automotive extruded products 187 202 482 589 Other extruded products 117 134 386 438 Other and inter-segment eliminations (6) (15) (28) (42)Total revenue 1,172 1,461 3,640 4,535 NON-GAAP MEASURES Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Net income / (loss) 20 1 (43) 42 Income tax expense / (benefit) 7 4 (12) 28 Income / (loss) before income tax 27 5 (55) 70 Finance costs - net 37 46 124 135 Share of income of joint-ventures — — — (5)Income from operations 64 51 69 200 Depreciation and amortization 64 66 196 183 Impairment of assets 9 — 14 — Restructuring costs 2 1 13 2 Unrealized (gains) / losses on derivatives (9) 4 1 (13)Unrealized exchange (gains) / losses from remeasurement of monetary assets and liabilities – net (2) — (1) — Losses on pension plans amendments — 1 2 1 Share-based compensation costs 3 5 11 12 Metal price lag (A) (7) 9 33 40 Start-up and development costs (B) 1 3 5 8 Losses on disposals 2 — 2 2 Bowling Green one-time costs related to the acquisition (C) — — — 6 Other (D) (1) (1) 9 — Adjusted EBITDA 126 139 354 441 (A) Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium Revenue are established and when aluminium purchase prices included in Cost of sales are established. The Group accounts for inventory using a weighted average price basis and this adjustment aims to remove the effect of volatility in LME prices. The calculation of the Group metal price lag adjustment is based on an internal standardized methodology applied at each of Constellium’s manufacturing sites and is primarily calculated as the average value of product recorded in inventory, which approximates the spot price in the market, less the average value transferred out of inventory, which is the weighted average of the metal element of cost of sales, based on the quantity sold in the period. (B) Start-up and development costs in the nine months ended September 30, 2020 and 2019 were related to new projects in our AS&I operating segment.(C) Bowling Green one-time costs related to the acquisition in the nine months ended September 30, 2019, was the non-cash reversal of the inventory step-up.(D) Other in the nine months ended September 30, 2020 includes i) €4 million of procurement penalties and termination fees incurred because of the Group's inability to fulfill certain commitments due to the Covid-19 pandemic and ii) a €5 million loss resulting from the discontinuation of hedge accounting for certain forecasted sales that were determined to be no longer expected to occur in light of the Covid-19 pandemic effects. Reconciliation of net cash flows from operating activities to Free Cash Flow (a non-GAAP measure) Three months ended September 30, Nine months ended September 30,(in millions of Euros) 2020 2019 2020 2019Net cash flows from operating activities 111 80 263 340 Purchases of property, plant and equipment (36) (50) (134) (180)Other investing activities — 1 — (3)Free Cash Flow 75 31 129 157 Reconciliation of borrowings to Net debt (a non-GAAP measure) (in millions of Euros) At September 30, 2020 At December 31, 2019 Borrowings 2,456 2,361 Fair value of cross currency basis swaps, net of margin calls 26 6 Cash and cash equivalents (432) (184)Net debt 2,050 2,183 Non-GAAP measures In addition to the results reported in accordance with International Financial Reporting Standards (“IFRS”), this press release includes information regarding certain financial measures which are not prepared in accordance with IFRS (“non-GAAP measures”). The non-GAAP measures used in this press release are: Adjusted EBITDA, Adjusted EBITDA per metric ton, Free Cash Flow and Net debt. Reconciliations to the most directly comparable IFRS financial measures are presented in the schedules to this press release. We believe these non-GAAP measures are important supplemental measures of our operating and financial performance. By providing these measures, together with the reconciliations, we believe we are enhancing investors’ understanding of our business, our results of operations and our financial position, as well as assisting investors in evaluating the extent to which we are executing our strategic initiatives. However, these non-GAAP financial measures supplement our IFRS disclosures and should not be considered an alternative to the IFRS measures and may not be comparable to similarly titled measures of other companies. In considering the financial performance of the business, management and our chief operational decision maker, as defined by IFRS, analyze the primary financial performance measure of Adjusted EBITDA in all of our business segments. The most directly comparable IFRS measure to Adjusted EBITDA is our net income or loss for the period. We believe Adjusted EBITDA, as defined below, is useful to investors and is used by our management for measuring profitability because it excludes the impact of certain non-cash charges, such as depreciation, amortization, impairment and unrealized gains and losses on derivatives as well as items that do not impact the day-to-day operations and that management in many cases does not directly control or influence. Therefore, such adjustments eliminate items which have less bearing on our core operating performance. 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 is defined as income / (loss) from continuing operations before income taxes, results from joint ventures, net finance costs, other expenses and depreciation and amortization as adjusted to exclude restructuring costs, impairment charges, unrealized gains or losses on derivatives and on foreign exchange differences on transactions which do not qualify for hedge accounting, metal price lag, share based compensation expense, effects of certain purchase accounting adjustments, start-up and development costs or acquisition, integration and separation costs, certain incremental costs and other exceptional, unusual or generally non-recurring items. Adjusted EBITDA is the measure of performance used by management in evaluating our operating performance, in preparing internal forecasts and budgets necessary for managing our business and, specifically in relation to the exclusion of the effect of favorable or unfavorable metal price lag, this measure allows management and the investor to assess operating results and trends without the impact of our accounting for inventories. We use the weighted average cost method in accordance with IFRS which leads to the purchase price paid for metal impacting our cost of goods sold and therefore profitability in the period subsequent to when the related sales price impacts our revenues. Management believes this measure also provides additional information used by our lending facilities providers with respect to the ongoing performance of our underlying business activities. Historically, we have used Adjusted EBITDA in calculating our compliance with financial covenants under certain of our loan facilities. Adjusted EBITDA is not a presentation made in accordance with IFRS, is not a measure of financial condition, liquidity or profitability and should not be considered as an alternative to profit or loss for the period, revenues or operating cash flows determined in accordance with IFRS. Free Cash Flow is defined as net cash flow from operating activities less capital expenditure, equity contributions and loans to joint ventures and other investing activities. Management believes that Free Cash Flow is a useful measure of the net cash flow generated or used by the business as it takes into account both the cash generated or consumed by operating activities, including working capital, and the capital expenditure requirements of the business. However, Free Cash Flow is not a presentation made in accordance with IFRS and should not be considered as an alternative to operating cash flows determined in accordance with IFRS. Free Cash Flow has certain inherent limitations, including the fact that it does not represent residual cash flows available for discretionary spending, notably because it does not reflect principal repayments required in connection with our debt or capital lease obligations. Net debt is defined as borrowings plus or minus the fair value of cross currency basis swaps net of margin calls less cash and cash equivalents and cash pledged for the issuance of guarantees. Management believes that Net debt is a useful measure of indebtedness because it takes into account the cash and cash equivalent balances held by the Company as well as the total external debt of the Company. Net debt is not a presentation made in accordance with IFRS, and should not be considered as an alternative to borrowings determined in accordance with IFRS.
DRAME - L'arme est tombée de la poche d'un membre de sa famille, d'après la police
Cathy, prétendante d'Éric dans la quinzième saison de L'amour est dans le pré, s'est confiée au Parisien du lundi 26 octobre 2020 sur la difficulté du tournage de l'émission alors qu'elle tentait de séduire son prétendant.
Marion, la petite amie de Dorian, aventurier de Koh-Lanta, les 4 terres, a fait quelques confidences sur le retour en France de son chéri après le tournage. Un retour qui n'a pas été tout à fait simple pour le jeune homme.
Le 11 octobre dernier, Meghan Markle et le prince Harry ont enregistré un podcast pour Teenage Therapy, et ce dans une luxueuse demeure, à deux pas de la leur. Et le prix de location était loin d'être donné...
La Turquie préfère ignorer l’accord militaire de Genève signé le vendredi 23 octobre entre les deux parties libyennes opposées pour un cessez-le-feu immédiat et global. L’accord stipule notamment le départ de tous les mercenaires étrangers dans un délai de 90 jours. Quelques heures après la signature de l’accord militaire à Genève, le président turc a affirmé qu’il n’en tiendrait pas compte. Et son ministre de la Défense a publié les photos des membres des forces de l’Ouest libyen à l’entraînement.Des Libyens entraînés en TurquieUn geste suivi en Libye d’une déclaration de Salah Eddine al-Namrouche, ministre de la Défense au gouvernement d’entente nationale qui affirme que l’accord de Genève n’empêche pas l’armée turque de former les forces de l’Ouest libyen. Il annonce également que des dizaines de combattants poursuivent leur formation en Turquie en vertu de l’accord militaire signé avec Ankara en 2019.Khaled al-Mishri, cet islamiste à la tête du Haut Conseil de l’État, doute de la capacité du camp Khalifa Haftar à tenir les engagements de Genève. À son tour, il affirme que les dernières résolutions ne concernent pas les accords militaires signés avec Ankara.Or, Stéphanie Williams, l’envoyée spéciale de l’ONU, avait annoncé la suspension des entraînements sur le terrain libyen et de tous les accords militaires jusqu’à l’arrivée d’un nouveau gouvernement d’union nationale (GNA).Par ailleurs, les ministres libyens des Affaires étrangères et de l’Intérieur étaient lundi à Doha pour signer un accord sécuritaire avec le Qatar en dépit des décisions prises à Genève. Doha et Ankara soutiennent le camp du GNA dans l’Ouest libyen. Tandis que Le Caire, Abou Dhabi et Riyad soutiennent le camp du maréchal Khalifa Haftar.►À écouter aussi : Invité international - Accord de cessez-le-feu en Libye: « C’est une bonne nouvelle mais ce n’est qu’un début »
Invité dans Les Enfants de la télé dimanche 25 octobre 2020, Patrick Poivre d'Arvor a de nouveau balancé sur TF1, douze ans après que la chaîne l'a subitement évincé du JT de 20h.
INSTAGRAM - Nicolas Bedos a qualifié son texte d’« irresponsable » sur le plateau de « Quotidien » ce lundi
Le Conseil des sages musulmans, sis à Abou Dhabi et regroupant des dignitaires musulmans d'horizons divers, a annoncé ce mardi son intention de poursuivre Charlie Hebdo en justice ainsi que "quiconque offense l'islam".
Alors que deux conseils de défense contre le coronavirus doivent se tenir ce mardi et ce mercredi, la crainte du reconfinement est dans tous les esprits.