Good morning and welcome to Constellium's Fourth Quarter and Full-Year 2017 Earnings Presentation. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded today, Thursday, February 22, 2018. I will now like to turn the call over to Ryan Wentling, Director of Investor Relations at Constellium. Ryan, please go ahead.

Thank you, Operator. I would like to welcome everyone to our fourth quarter and Full-Year 2017 earnings call. On the call today are our Chief Executive Officer, Jean-Marc Germain; and our Chief Financial Officer, Peter Matt. After the presentation, we will have a Q&A session. A copy of the slide presentation for today's call is available on our website at constellium.com and today's call is being recorded. Before we begin, I'd like to encourage everyone to visit the company's website and take a look at our recent filings. Today's call may include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include statements regarding the company's anticipated financial and operating performance, future events and expectations, and may include known and unknown risks and uncertainties. For a summary of specific risk factors that could cause results to differ materially from those expressed in the forward-looking statements, please refer to the factors presented under the heading Risk Factors in our annual report on Form 20-F. All information in this presentation is as of the date of this presentation. 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. In addition, today's presentation includes information regarding certain non-GAAP financial measures. Please see the reconciliation of non-GAAP financial measures attached in today's slide presentation, which supplement our IFRS disclosures. I would now like to hand the call over to Jean-Marc.

Thank you, Ryan. Good morning, good afternoon, everyone. Thank you for your interest in Constellium. Before we go through the highlights, I would like recognize the hard work put in by the entire Constellium team over the past year. These efforts were evident in our results. And needless to say, I am very pleased with our performance in 2017. On slide number five, you will see some of the highlights from our fourth quarter performance. Shipments were 350,000 tons, that's up 2% compared to the fourth quarter of 2016 and included a 35% increase in our automotive shipments. Our revenue increased 8% to €1.2 billion. This was primarily due to higher metal prices, which as you know we substantially passed through. A net loss of €80 million compared to a net loss €20 million in the fourth quarter of last year. We did have several onetime charges in the quarter, namely a €78 million charge from the successful refinancing we did in October-November and a €16 million charge related to US tax reform. Adjusted EBITDA was €100 million, that is up 22% compared to the fourth quarter of last year. For the Full-Year, adjusted EBITDA increased 14% to €431. As you can see, this came in slightly above our guidance from the third quarter of around 13% growth. Much of this outperformance against our initial guidance came from strong end market demand and continued gains from Project 2019. I would also like to call your attention to the de-leveraging we achieved in 2017. We reduced leverage by a full term. This would not have been possible without the refinancing in the fourth quarter. Further in February, we announced that we signed a binding agreement to sell the North Building Assets at Sierre to Novelis for €200 million. This will be…

Thank you, Jean-Marc. Turning now to slide eight, you will find a change in adjusted EBITDA by segment for the fourth quarter and the Full-Year of 2017, compared to the same periods of last year. For the fourth quarter of 2017, Constellium achieved €100 million of adjusted EBITDA, an increase of €90 million or 22% year-over-year. I will walk through each of these segments at a high level here and then go into more detail in the following slides. A&T increased adjusted EBITDA by €12 million to €34 million in the quarter. AS&I adjusted EBITDA of €27 million increased €6 million year-over-year. And P&ARP adjusted EBITDA of €44 million was € 1 million higher than last year. Lastly, Holdings and Corporate was in line with last year. And we continue expect agency cost of approximately €6 million per year. At the bottom of the page, we present the Full-Year 2017. Constellium achieved €431 million of adjusted EBITDA. An increase of 14% compared to last year. Now turn to slide nine, and let's focus on the P&ARP segment. Adjusted EBITDA of €44 million was comparable to last year. Higher volumes drove a €2 million increase in adjusted EBITDA as P&ARP shipments increased 1% on higher automotive rolled product shipments. Pricing and mix was slightly headwind of €1 million and good cost performance was responsible for a €3 million improvement compared to last year. Lastly, foreign exchange and other represented a €3 million headwind during the quarter. Now turn to slide 10, and let's focus on the A&T segment. Adjusted EBITDA increased €12 million to €34 million. Volume in the quarter fell 6% resulting in a €9 million decline in adjusted EBITDA due to lower aerospace shipments that we have noted in prior quarters. Better price and mix drove a €23 million…

Thank you, Peter. Let me share now a few end market updates. I'll start with the automotive market, which as you know is a very important growth driver for Constellium. We will maintain our positive outlook for this market. Over the longer term, we remain confident that increase aluminum usage is a speculated trend for the automotive market driven by several factors. Aluminum's favorable strength to weight ratio in comparison here enables OEM to light weight diesel increased fuel efficiency, reduce C02 emissions and in the case of electric vehicle extend their range. In addition, aluminum also a superior energy absorption as compared to steel. This benefit is evident through the impressive level of examinations, one in our automotive structures business for price management systems and other body structures, many of which were substitutions for steel. Aluminum thermal conductivity also is a significant inherent advantage for battery boxes for electric vehicles. The last décor study support this constructive outlook. In North America, aluminum as a percentage of vehicle weight is forecasted to increase from 10% in 2015 to 13% in 2020. More importantly, however, is the growth we expect in the products that we produce. For instance, heat for closures and body in white is forecasted to increase from 37 pounds to a vehicle in 2015 to 87 pounds in 2020, like, steel products are forecasted to grow from 41 pounds to vehicle to 49 over the same period, and the study does not incorporate to full impact expected from market growth but electric vehicles which have a much higher content of aluminum rolled an exclusive products that we produce. Constellium is well-positioned to realize a benefit of the secular shift to aluminum in automotive. We will continue to closely monitor the market and we will remain prudent with our…

[Operator Instructions] And our first question is from Curt Woodworth with Credit Suisse. Your line is now open.

Our next question is from Novid Rassouli with Cowen. Your line is now open.

And our next question is from Piyush Sood with Morgan Stanley. Your line is now open.

Our next question is from Josh Sullivan with Seaport Global. Your line is now open.

L:

Our next question is from Sean Wondrack with Deutsche Bank. Your line is now open.

Our next question is from Matthew Fields with Bank of America. Your line is now open.

Our next question is from Karl Blunden with Goldman Sachs. Your line is now open.

And we have a follow-up question from Novid Rassouli with Cowen. Your line is now open.

And you have a follow-up question from Piyush Sood with Morgan Stanley. Your line is now open.

We have a follow-up question from Sean Wondrack with Deutsche Bank. Your line is now open.

We have a follow-up question from Karl Blunden with Goldman Sachs. Your line is now open.

And I'm kind of showing no further questions. I would now like to turn the call back over to Jean-Marc Germain for any further remarks.

Thank you very much, operator. Thank you everyone again for your interest in Constellium. As you see, we are very focused on the execution of our strategy, and we look forward to reporting on Q1 some time in late April. Until then, have a good day.

Ladies and gentlemen, thank you for participating in today's conference. You may now disconnect. Everyone have a great day.