Constellium ends Q2 with liquidity of €404 million, higher net debt

By Lisa Kerner

Charlotte, N.C., Aug. 29 - Constellium NV ended its second quarter of 2013 with cash and cash equivalents of €163 million, net debt of €208 million and liquidity of €404 million, according to the company's earnings conference call on Thursday.

Net debt at June 30 was up €191 million from €17 million at year-end.

Liquidity was comprised of €199 million available under Constellium's factoring facilities, €42 million under its asset-backed loan facility and the €163 million of cash and cash equivalents.

"This was another good quarterly performance for the company, and underlying demand from our key end markets continues to be solid," said chief executive officer Pierre Vareille.

Financial highlights

Constellium reported second-quarter adjusted EBITDA of a record €85 million.

Adjusted free cash flow was down €7 million from the prior year at €12 million.

Cash flow from operating activities, excluding margin calls, was €44 million.

Constellium is a Paris-based designer and manufacturer of aluminum products and components.

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