Constellium Paris: Constellium Reports First Quarter 2021 Results
First quarter 2021 highlights:
Revenue of €1.3 billion, down 7% compared to Q1 2020
Net income of €48 million compared to net loss of €31 million in Q1 2020
Adjusted EBITDA of €121 million, down 18% compared to Q1 2020
Cash from Operations of €75 million and Free Cash Flow of €46 million
Net debt / LTM Adjusted EBITDA of 4.6 at March 31, 2021
Jean-Marc Germain, Constellium s Chief Executive Officer said, Our team delivered solid first quarter results. Better-than-expected market demand and excellent cost performance propelled us above the top end of our Adjusted EBITDA guidance range. P&ARP demonstrated strong cost control, which helped to offset the effects of several one-off events. A&T results continue to be negatively affected by weak aerospace demand; however, TID has been a bright spot, with improving demand in both the U.S. and Europe. AS&I reported record first quarter Adjusted EBITDA and re
For years, Britain’s auditors and their regulator appear to have stood by as companies overlooked a crucial law on capital maintenance and creditor protection. This has likely contributed to some large and damaging bankruptcies and a broader loss of confidence in company accounts. So it’s welcome that the UK government put the issue front and centre in its recent proposals for restoring trust in audit and corporate governance. But rather than bolstering existing requirements, its suggested remedies fall dangerously short.
EBITDA is defined as operating income (loss) plus depreciation, amortization and impairment charges / (reversals). EBITDA includes severance charges of $5 million in 1Q 2021, 37 million in 4Q 2020 and $23 million in 1Q 2020. If these charges were not included EBITDA would have been $201 million (17.0%) in 1Q 2021, $229 million (20.3%) in 4Q 2020 and $303 million (17.2%) in 1Q 2020.
Our sales in the first quarter increased 5% sequentially as a recovery in sales in North America was tempered by lower sales in the Eastern Hemisphere. EBITDA, which included $23 million of additional costs associated to the Winter Storm Uri, increased 2% sequentially reflecting continued improvements in our industrial performance. Net income benefited from a strong contribution from our investment in Ternium.
Shinhan affiliates suffer losses in Indonesia
Posted : 2021-04-28 16:05
By Lee Kyung-min
Shinhan Financial Group s banking, financial investment and credit card businesses in Indonesia suffered losses last year.
The poor performance was most pronounced at the group s bank subsidiary. Shinhan Bank Indonesia reported an impairment loss of 14.2 billion won ($12.7 million) in 2020, accounting for over a third, or 34.3 percent, of the group s impairment loss of 41.4 billion won last year.
An impairment loss is a decrease in the net carrying value of an asset ― measured by acquisition cost minus depreciation.
If the future value of an asset is expected to be significantly lower than the carrying price following a steep drop in market value, this is treated as a loss in financial statements.