Constellium SE (CSTM) 2022 Q4 法說會逐字稿

Hello, and welcome to today's Constellium Fourth Quarter and Full Year 2021 Results Call. My name is Bailey, and I'll be the moderator for today's call. All lines will be muted during the presentation portion of the call with an opportunity for questions and answers at the end.(Operator Instructions) I would now like to pass the conference over to Jason Hershiser Head of Investor Relations. Please go ahead.

大家好，歡迎來到今天的 Constellium 第四季度和 2021 年全年業績電話會議。我叫 Bailey，我將擔任今天電話會議的主持人。在電話的演示部分，所有線路都將靜音，最後有機會提問和回答。（操作員說明）我現在想將會議轉交給投資者關係主管 Jason Hershiser。請繼續。

Thank you, Bailey. I would like to welcome everyone to our fourth quarter and full-year 2022 earnings call. On the call today, we have our Chief Executive Officer, Jean-Marc Germain, our Chief Financial Officer, Peter Matt, and Jack Guo, our CFO Designate. 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 involve 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.

謝謝你，貝利。歡迎大家參加我們的第四季度和 2022 年全年收益電話會議。在今天的電話會議上，有我們的首席執行官 Jean-Marc Germain、我們的首席財務官 Peter Matt 和我們的首席財務官 Jack Guo。演講結束後，我們將進行問答環節。我們的網站 constellium.com 上提供了今天電話會議的幻燈片演示副本，今天的電話會議正在錄製中。在我們開始之前，我想鼓勵大家訪問公司的網站並查看我們最近的文件。今天的電話會議可能包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。此類陳述包括有關公司預期財務和經營業績、未來事件和預期的陳述，並可能涉及已知和未知的風險和不確定性。有關可能導致結果與前瞻性陳述中表達的結果存在重大差異的特定風險因素的摘要，請參閱我們年度報告 20-F 表中風險因素標題下列出的因素。

All information in the presentation is as of the date of the presentation. We undertake no obligation to update or revise any forward-looking statements to results 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 reconciliations of non-GAAP financial measures attached in today's slide presentation, which supplement our IFRS disclosures. Without further ado, I'd like to turn the call over to Jean-Marc.

演示文稿中的所有信息均截至演示文稿之日。除非法律要求，否則我們不承擔更新或修改任何前瞻性陳述的義務，以反映新信息、未來事件或其他方面的結果。此外，今天的演示文稿還包括有關某些非 GAAP 財務措施的信息。請參閱今天的幻燈片演示文稿中所附的非 GAAP 財務措施的對賬，它補充了我們的 IFRS 披露。事不宜遲，我想把電話轉給 Jean-Marc。

Thank you, Jason. Good morning, good afternoon, everyone, and thank you for your interest in Constellium. Let's begin on Slide 5. I want to start by thanking each of our 12,500 employees for their relentless focus on safety. Safety is our #1 priority and a key pillar of our sustainability strategy. I am pleased to report that we delivered again, best-in-class safety performance in 2022, reducing our recordable case rate for the year to 1.8 per million hours worked. I would like to specifically recognize several of our sites for their excellent safety performance. Our Changchun joint venture in China completed 3 million hours without a recordable case in 2022. Muscle Shoals, Nastisic, Ravenswood, Zing and the Vale operations, all completed 1 million hours without a recordable case. Finally, 12 of our sites completed 2022 with 0 recordable cases. Our safety journey is never complete, though, and we all need to remain focused on this critical priority every day. We remain fully committed to achieving our safety targets to reduce our recordable case rate to 1.5 per million hours by 2025.

謝謝你，傑森。大家早上好，下午好，感謝您對肯聯的關注。讓我們從幻燈片 5 開始。首先，我要感謝我們 12,500 名員工中的每一位，感謝他們對安全的不懈關注。安全是我們的第一要務，也是我們可持續發展戰略的關鍵支柱。我很高興地報告，我們在 2022 年再次交付了一流的安全性能，將我們當年的可記錄事故率降至每百萬工作小時 1.8 起。我想特別表彰我們的幾個站點，因為它們具有出色的安全性能。我們在中國的長春合資企業在 2022 年完成了 300 萬小時的無可記錄案例。Muscle Shoals、Nastisic、Ravenswood、Zing 和 Vale 業務均完成了 100 萬小時的無可記錄案例。最後，我們的 12 個站點在 2022 年完成了 0 個可記錄案例。然而，我們的安全之旅永遠不會結束，我們都需要每天都專注於這一關鍵優先事項。我們仍然完全致力於實現我們的安全目標，到 2025 年將我們的可記錄事故率降低到每百萬小時 1.5 起。

Now let's turn to Slide 6 and discuss the highlights from our fourth quarter performance. Shipments were 368,000 tons, down 5% compared to the fourth quarter of 2021. Revenue increased 8% to EUR 1.8 billion as a result of improved price and mix, partially offset by lower metal prices and lower shipments. Remember, while our revenues are affected by changes in metal prices, we operate a pass-through business model, which minimizes our exposure to metal price risk. Our value-added revenue, which reflects our sales, excluding the cost of metal was EUR 696 million, up 18% compared to the same period last year. Our net income of EUR 30 million in the quarter compares to net income of EUR 7 million in the fourth quarter of 2021. As you can see in the bridge on the right, adjusted EBITDA was EUR 148 million, slightly above the fourth quarter of 2021 and in line with our prior guidance.

現在讓我們轉到幻燈片 6，討論我們第四季度業績的亮點。出貨量為 368,000 噸，與 2021 年第四季度相比下降 5%。由於價格和產品組合的改善，收入增長 8% 至 18 億歐元，部分被金屬價格下降和出貨量下降所抵消。請記住，雖然我們的收入會受到金屬價格變化的影響，但我們採用的是直通式業務模式，可最大限度地降低我們面臨的金屬價格風險。我們的增值收入（反映我們的銷售額，不包括金屬成本）為 6.96 億歐元，比去年同期增長 18%。我們本季度的淨收入為 3000 萬歐元，而 2021 年第四季度的淨收入為 700 萬歐元。正如您在右側的橋樑中看到的那樣，調整後的 EBITDA 為 1.48 億歐元，略高於 2021 年第四季度並符合我們之前的指導。

Also, we extended our track record of consistent free cash flow generation with EUR 22 million in the quarter. Looking across our end markets, aerospace demand was very strong with shipments up around 50% compared to last year for the third quarter in a row. Automotive shipments were up double digits in the quarter versus last year, with new platform launches driving our growth. Packaging shipments were down in the quarter due to inventory adjustments across the channel at most can makers and operating challenges at our plants in Muscle Shoals, which, as we discussed last quarter, were in large part due to a shortage of experienced engineers and operators. While we are seeing signs of weakness across certain industrial markets, our industrial business overall performed well. The combination of improved mix, pricing power and solid execution by our team in overcoming significant inflationary pressures drove our strong results, which Peter will discuss later in more detail.

此外，我們在本季度增加了 2200 萬歐元的穩定自由現金流生成記錄。縱觀我們的終端市場，航空航天需求非常強勁，出貨量連續第三個季度比去年增長約 50%。本季度汽車出貨量與去年同期相比增長了兩位數，新平台的推出推動了我們的增長。本季度包裝出貨量下降，原因是整個渠道最多可以製造商進行庫存調整，以及我們在 Muscle Shoals 的工廠面臨運營挑戰，正如我們上個季度所討論的，這在很大程度上是由於缺乏經驗豐富的工程師和操作員。雖然我們看到某些工業市場出現疲軟跡象，但我們的工業業務整體表現良好。我們團隊在克服重大通脹壓力方面改進的產品組合、定價能力和穩健的執行力共同推動了我們的強勁業績，彼得將在稍後詳細討論。

Now let's turn to Slide 7 for the full year highlights. For the full year, shipments were 1.6 million tons or up slightly compared to 2021. Revenue increased 32% to EUR 8.1 billion. This was primarily due to higher metal prices and improved price and mix. Our net income of EUR 308 million compared to net income of EUR 262 million in 2021. Adjusted EBITDA was EUR 673 million or up 16% compared to last year. This performance is a record for the company and a record for our A&T and AS&I segment. We delivered our fourth consecutive year of positive free cash flow with a total of EUR 182 million in 2022, which was also a record for the company. As many of you recall, in April last year at our Analyst Day, we began reporting our return on invested capital, or ROIC, and said we would update our ROIC at the end of each calendar year.

現在讓我們轉到幻燈片 7，了解全年亮點。全年出貨量為 160 萬噸，與 2021 年相比略有增長。收入增長 32% 至 81 億歐元。這主要是由於金屬價格上漲以及價格和產品組合的改善。我們的淨收入為 3.08 億歐元，而 2021 年的淨收入為 2.62 億歐元。調整後的 EBITDA 為 6.73 億歐元，比去年增長 16%。這一業績是公司的記錄，也是我們 A&T 和 AS&I 部門的記錄。 2022 年，我們連續第四年實現正自由現金流，總計 1.82 億歐元，這也創下了公司的記錄。你們中的許多人還記得，去年 4 月在我們的分析師日，我們開始報告我們的投資資本回報率或 ROIC，並表示我們將在每個日曆年末更新我們的 ROIC。

For 2022, we achieved an ROIC of 11%, up 120 basis points from 9.8% in 2021. As you can see on the bottom right of the slide, we demonstrated our continuing commitment to deleveraging, ending the year at 2.8x or down 0.6x from the end of 2021. Overall, I'm very proud of our fourth quarter and full year 2022 performance. We demonstrated our pricing power by delivering record adjusted EBITDA and record free cash flow in 2022 despite significant inflationary pressures. With that, I will now hand the call over to Peter for further details on our financial performance. Peter?

2022 年，我們實現了 11% 的投入資本回報率，較 2021 年的 9.8% 上升了 120 個基點。正如您在幻燈片右下角看到的那樣，我們展示了我們對去槓桿化的持續承諾，年底為 2.8 倍或下降 0.6 x 從 2021 年底開始。總的來說，我為我們第四季度和 2022 年全年的表現感到非常自豪。儘管存在巨大的通脹壓力，但我們通過在 2022 年實現創紀錄的調整後 EBITDA 和創紀錄的自由現金流來證明我們的定價能力。有了這個，我現在將把電話交給彼得，了解我們財務業績的更多細節。彼得？

Thank you, Jean-Marc, and thank you, everyone, for joining the call today. Please turn now to Slide 9. Value-added revenue or VAR was EUR 696 million in the fourth quarter, up 18% compared to the same quarter last year. Looking at the fourth quarter, EUR 134 million of this increase was due to improved price/mix in each of our segments. EUR 35 million of this increase was due to favorable FX translation tied to a stronger U.S. dollar. Volume was a headwind of EUR 27 million due to lower shipments in PARP. Finally, metal impacts were a headwind of EUR 37 million as inflation on input costs such as hardeners and alloying elements more than offset our scrap performance in the quarter. For the full year of 2022, VAR drivers were similar, except for volume, which was a positive contributor. There are 2 important takeaways from this slide. First, we grew our value-add revenue by 21% compared to last year. And second, we continue to have pricing power. Price and mix and price specifically is the biggest increment of our year-over-year variance and helped us to offset inflationary pressures.

謝謝 Jean-Marc，也謝謝大家今天加入電話會議。現在請轉到幻燈片 9。第四季度的增值收入或 VAR 為 6.96 億歐元，與去年同期相比增長 18%。從第四季度來看，這一增長中有 1.34 億歐元是由於我們每個細分市場的價格/組合改善所致。其中 3500 萬歐元的增長是由於與美元走強相關的有利外匯換算。由於 PARP 的出貨量下降，銷量下降了 2700 萬歐元。最後，金屬的影響是 3700 萬歐元的逆風，因為硬化劑和合金元素等投入成本的膨脹抵消了我們本季度的廢料表現。對於 2022 年全年，VAR 驅動因素相似，但數量除外，這是一個積極的貢獻者。這張幻燈片有兩個重要的要點。首先，與去年相比，我們的增值收入增長了 21%。其次，我們繼續擁有定價權。價格和組合，特別是價格是我們同比差異的最大增量，幫助我們抵消了通脹壓力。

Now turn to Slide 10, and let's focus on our PARP segment performance. Adjusted EBITDA of EUR 71 million decreased 20% compared to the fourth quarter of 2021. Volume was a headwind of EUR 13 million, with higher shipments in automotive more than offset by lower shipments in packaging and specialty rolled products. Automotive shipments increased 20% in the quarter versus last year as new platforms began to ramp up and demand generally appeared stronger. Packaging shipments decreased 12% in the quarter versus last year due to short-term inventory adjustments from our can sheet customers in both North America and Europe and production challenges at Muscle Shoals. Price and mix was a tailwind of EUR 33 million, primarily on improved contract pricing, including inflation-related pass-throughs. Costs were a headwind of EUR 42 million as a result of higher operating costs due to inflation across PARP and higher maintenance costs at Muscle Shoals related to the shortage of experienced engineers and operators that Jean-Marc mentioned previously.

現在轉到幻燈片 10，讓我們關注我們的 PARP 細分市場表現。調整後的 EBITDA 為 0.71 億歐元，與 2021 年第四季度相比下降了 20%。銷量為 0.13 億歐元，汽車出貨量的增加被包裝和特種軋製產品出貨量的減少所抵消。汽車出貨量在本季度與去年同期相比增長了 20%，因為新平台開始大量湧現，而且需求總體上似乎更加強勁。由於北美和歐洲罐頭板客戶的短期庫存調整以及 Muscle Shoals 的生產挑戰，本季度包裝出貨量與去年同期相比下降了 12%。價格和組合帶來了 3300 萬歐元的順風，主要是由於改進了合同定價，包括與通貨膨脹相關的轉嫁。由於 PARP 通貨膨脹導致運營成本增加，以及讓-馬克之前提到的經驗豐富的工程師和操作員短缺導致的肌肉淺灘維護成本增加，導致成本增加了 4200 萬歐元。

Our Muscle Shoals team is highly dedicated, and we are working hard to recruit and train new hires, but this will take some time. FX translation, which is noncash, was a tailwind of EUR 5 million in the quarter due to a stronger U.S. dollar. For the full year 2022, PARP generated adjusted EBITDA of EUR 326 million, a decrease of 5% compared to 2021. The drivers of the full year performance were similar to those in the fourth quarter. Now turn to Slide 11, and let's focus on the A&T segment. Adjusted EBITDA of EUR 56 million increased 87% compared to the fourth quarter of 2021. Volume was a tailwind of EUR 1 million with higher aerospace shipments offsetting lower TID shipments. Aerospace shipments were up 50% versus last year as the recovery in aerospace markets continues. Shipments in TID were down 18% versus last year, reflecting a slowdown in certain industrial markets, partially offset by strong demand in defense and semiconductors. Price and mix was a tailwind of EUR 64 million on improved contract pricing, including inflation-related pass-throughs and a stronger mix with more aerospace.

我們的 Muscle Shoals 團隊非常敬業，我們正在努力招募和培訓新員工，但這需要一些時間。由於美元走強，非現金外匯換算在本季度帶來了 500 萬歐元的順風。 2022 年全年，PARP 的調整後 EBITDA 為 3.26 億歐元，比 2021 年下降 5%。全年業績的驅動因素與第四季度相似。現在轉到幻燈片 11，讓我們關注 A&T 部分。調整後的 EBITDA 為 5600 萬歐元，與 2021 年第四季度相比增長了 87%。銷量為 100 萬歐元，航空航天出貨量的增加抵消了 TID 出貨量的減少。隨著航空航天市場的持續復甦，航空航天出貨量比去年增長了 50%。 TID 的出貨量與去年相比下降了 18%，反映出某些工業市場的放緩，部分被國防和半導體的強勁需求所抵消。價格和組合帶來了 6400 萬歐元的順風，得益於合同定價的改善，包括與通貨膨脹相關的轉嫁和與更多航空航天的更強大組合。

The price and mix bucket in the fourth quarter of '22 included a customer payment of EUR 8 million related to a contractual volume commitment. Costs were a headwind of EUR 38 million on higher operating costs due to inflation. For the full year 2022, A&T generated record adjusted EBITDA of EUR 217 million, an increase of 96% compared to 2021. The drivers of the full year performance were similar to those in the fourth quarter. As a reminder, the price and mix bucket for the full year included customer payments of EUR 18 million related to contractual volume commitments. One last point on A&T, in the past, we have said EBITDA per ton for the segment should be in the EUR 700 to EUR 800 range. Based on our contractual positions and the performance of the business, we now expect EBITDA per ton to be EUR 800 to EUR 900.

22 年第四季度的價格和組合包括與合同數量承諾相關的 800 萬歐元客戶付款。由於通貨膨脹導致運營成本增加，成本增加了 3800 萬歐元。 2022 年全年，A&T 的調整後 EBITDA 達到創紀錄的 2.17 億歐元，比 2021 年增長 96%。全年業績的驅動因素與第四季度相似。提醒一下，全年的價格和組合包括與合同數量承諾相關的 1800 萬歐元客戶付款。關於 A&T 的最後一點，過去我們曾表示該部門每噸 EBITDA 應在 700 歐元至 800 歐元之間。根據我們的合同頭寸和業務表現，我們現在預計每噸 EBITDA 為 800 至 900 歐元。

Now turn to Slide 12, and let's focus on the AS&I segment. Adjusted EBITDA of EUR 31 million was flat compared to the fourth quarter of 2021. Volume was a EUR 2 million tailwind with higher shipments in automotive, partially offset by lower industry shipments. Automotive shipments increased 8% in the quarter versus last year as we experienced some improvement in activity levels. Industry shipments were down 3% in the quarter versus last year. Price and mix was a EUR 15 million tailwind, primarily due to improved contract pricing, including inflation-related pass-throughs. Costs were a headwind of EUR 18 million on higher operating costs, mainly due to inflation. For the full year 2022, AS&I generated record adjusted EBITDA of EUR 149 million, an increase of 5% compared to 2021. The drivers of the full year performance were similar to those in the fourth quarter. It is not on the slide, but I want to provide a quick comment on Holdings and Corporate. In the quarter, Holdings and Corporate was a headwind of EUR 8 million. The result was mainly due to timing and a number of one-off adjustments in the quarter. For the full year 2022, our holdings and corporate expense was EUR 19 million, and we continue to expect holdings and corporate expense to run at approximately EUR 20 million per annum.

現在轉到幻燈片 12，讓我們關注 AS&I 部分。調整後的 EBITDA 為 0.31 億歐元，與 2021 年第四季度持平。銷量為 200 萬歐元，汽車出貨量增加，部分被行業出貨量下降所抵消。由於活動水平有所改善，本季度汽車出貨量與去年同期相比增長了 8%。本季度行業出貨量與去年同期相比下降了 3%。價格和組合帶來了 1500 萬歐元的順風，主要是由於合同定價的改善，包括與通貨膨脹相關的轉嫁。由於通貨膨脹導致運營成本增加，成本增加了 1800 萬歐元。 2022 年全年，AS&I 的調整後 EBITDA 達到創紀錄的 1.49 億歐元，比 2021 年增長 5%。全年業績的驅動因素與第四季度相似。它不在幻燈片上，但我想對 Holdings 和 Corporate 做一個簡短的評論。在本季度，控股和企業業務虧損 800 萬歐元。這一結果主要是由於時間安排和本季度的一些一次性調整。 2022 年全年，我們的持股和公司費用為 1900 萬歐元，我們繼續預計持股和公司費用每年約為 2000 萬歐元。

Now turn to Slide 13, where I want to give an update on the current inflationary environment we are facing and our focus on pricing and cost control to offset these pressures. Throughout 2022, we were faced with broad-based and significant inflationary pressures, and we currently expect this to continue throughout 2023. As you know, we operate a pass-through business model, but we are not materially exposed to changes in the price of aluminum, our largest cost input. That said, metal and alloy supply remains tight today given smelter shutdowns and supply disruptions. We were able to resource our needs in 2022, and we currently expect to do so again in 2023, but at incremental costs. Labor and other nonmetal costs will also be higher again this year, particularly European Energy. I will go into more detail on energy in just a moment. Given these cost pressures, we are working across a number of fronts to mitigate their impact on our results.

現在轉到幻燈片 13，我想在這裡更新我們面臨的當前通脹環境以及我們對定價和成本控制的關注以抵消這些壓力。整個 2022 年，我們都面臨著基礎廣泛且顯著的通脹壓力，我們目前預計這種情況將持續到 2023 年。如您所知，我們採用直通式業務模式，但我們不會受到價格變化的重大影響鋁，我們最大的成本投入。也就是說，由於冶煉廠關閉和供應中斷，今天金屬和合金供應仍然緊張。我們能夠在 2022 年滿足我們的需求，目前我們預計在 2023 年再次這樣做，但成本會增加。勞動力和其他非金屬成本今年也將再次上漲，尤其是歐洲能源。稍後我將詳細介紹能量。鑑於這些成本壓力，我們正在多個方面開展工作，以減輕它們對我們業績的影響。

Our businesses delivered strong cost performance in 2022, and we continue our relentless focus on cost in 2023. Our recently announced Vision 25 initiative is helping. Across the company, we are working to increase our efficiency, reduce our consumption of expensive inputs and lower our fixed costs. On the commercial side, many of our contracts have inflationary protections, such as PPI inflators or surcharge mechanisms and where they do not, we are working with our customers to include them. As we have mentioned in the past, these surcharge mechanisms typically have a lag impact, but they do provide an effective mechanism through which we can recoup our costs, where we are signing new contracts, they are coming at better pricing and a range of inflation and with a range of inflationary protections.

我們的業務在 2022 年實現了強勁的成本效益，我們在 2023 年繼續不懈地關注成本。我們最近宣布的 Vision 25 計劃正在提供幫助。在整個公司，我們正在努力提高效率、減少昂貴投入的消耗並降低固定成本。在商業方面，我們的許多合同都有通貨膨脹保護，例如 PPI 充氣機或附加費機制，如果沒有，我們正在與客戶合作以將其包括在內。正如我們過去所提到的，這些附加費機制通常會產生滯後影響，但它們確實提供了一種有效的機制，我們可以通過該機制收回成本，在我們簽訂新合同的情況下，它們的價格更優惠，通貨膨脹範圍也更廣以及一系列的通脹保護措施。

As you can see in the bridge on the right, in 2022, we were very successful with price and mix, the largest increment being priced in offsetting inflationary pressures. 2022 challenging was a very challenging year from the standpoint of inflationary cost pressures that ran close to EUR 300 million. Looking forward to this year, we expect the inflationary pressures in 2023 to be comparable to 2022. We continue to believe that we will be able to offset most of this cost pressure in 2023 and the rest in future periods with a combination of the tools we noted and our relentless focus on cost control. The net impact of inflation and other cost increases and actions we are taking to offset them are included in our guidance for 2023.

正如您在右邊的橋樑中看到的那樣，2022 年，我們在價格和組合方面非常成功，最大的增量是在抵消通脹壓力的情況下定價的。從接近 3 億歐元的通脹成本壓力的角度來看，2022 年是充滿挑戰的一年。展望今年，我們預計 2023 年的通脹壓力將與 2022 年相當。我們仍然相信，我們將能夠在 2023 年抵消大部分成本壓力，並在未來期間利用我們所採用的工具組合抵消其餘成本壓力注意到我們對成本控制的不懈關注。通貨膨脹和其他成本增加的淨影響以及我們為抵消這些影響而採取的行動已包含在我們的 2023 年指南中。

Now turn to Slide 14, where I want to give an update on energy. Our total energy costs over the 2019 to 2021 period averaged around EUR 150 million per annum. In 2022, our total energy costs were around EUR 275 million, and we expect total energy costs to be materially higher in 2023. As previously noted, we purchased energy on a multiyear rolling forward basis, which has helped us to mitigate some of the energy cost pressures and helped us to smooth out some of the steep increases in costs. As of today, our 2023 energy costs are largely secured, but at higher average prices. As you can see in the charts on the right side of the slide, both electricity and gas forward prices in Europe have come down from their 2022 peaks but still remain at 3 or more times historical averages. As we previously noted, we are in active dialogue with our customers on passing through these costs and have made very good progress across all of our end markets.

現在轉到幻燈片 14，我想在其中提供有關能源的最新信息。我們在 2019 年至 2021 年期間的總能源成本平均每年約為 1.5 億歐元。 2022 年，我們的總能源成本約為 2.75 億歐元，我們預計 2023 年的總能源成本將大幅增加。如前所述，我們以多年滾動方式購買能源，這有助於我們減少部分能源成本成本壓力，並幫助我們消除了一些急劇增加的成本。截至今天，我們 2023 年的能源成本基本得到保障，但平均價格更高。正如您在幻燈片右側的圖表中看到的那樣，歐洲的電力和天然氣遠期價格均已從 2022 年的峰值回落，但仍保持在歷史平均水平的 3 倍或更多倍。正如我們之前指出的那樣，我們正在與客戶就轉嫁這些成本進行積極對話，並在我們所有的終端市場取得了很好的進展。

During 2022, we initiated an energy call to action across our entire organization. And I'm happy to say that as a result, we have uncovered numerous opportunities to reduce our own consumption. More recently, several governments in Europe have discussed potential initiatives that could bring some relief to help offset higher energy prices. These initiatives are still under development, and at this stage, eligibility is uncertain and any potential benefit is difficult to quantify. Longer term, we, like others, see that structural solutions for European energy markets should be in place by 2025, including the restoration of existing energy sources, alternative source countries for natural gas, LNG imports and increased use of renewable energy sources. We will continue to update you on developments impacting our total energy costs and our ability to recover or offset these higher costs.

2022 年，我們在整個組織內發起了能源行動呼籲。我很高興地說，因此，我們發現了許多減少自身消費的機會。最近，歐洲的幾個政府討論了可能帶來一些緩解以幫助抵消能源價格上漲的潛在舉措。這些舉措仍在製定中，在現階段，資格尚不確定，任何潛在好處都難以量化。從長遠來看，我們和其他人一樣認為歐洲能源市場的結構性解決方案應該到 2025 年到位，包括恢復現有能源、天然氣的替代來源國、液化天然氣進口和增加可再生能源的使用。我們將繼續向您通報影響我們的總能源成本以及我們恢復或抵消這些更高成本的能力的最新進展。

Let's now turn to Slide 15 and discuss our free cash flow. We generated record free cash flow of EUR 182 million in 2022, including EUR 22 million in the fourth quarter. As you can see on the bottom left of the slide, we have continued to deliver on our commitment to generate consistent, strong free cash flow. Since the beginning of 2019, we have generated EUR 650 million of free cash flow. Looking at 2023, we expect to generate free cash flow in excess of EUR 125 million for the full year, though this will be weighted more towards the second half. We expect CapEx to be between EUR 340 million and EUR 350 million this year, which includes higher spending on cost savings and growth projects that Jean-Marc will talk more about in a few moments. We expect cash interest of approximately EUR 120 million, which includes the impact of higher interest rates. We expect cash taxes of approximately EUR 30 million. And lastly, we expect working capital to be a use of cash in the first half and a source of cash in the second half and based on our current forecast, roughly neutral for the full year.

現在讓我們轉到幻燈片 15 並討論我們的自由現金流。我們在 2022 年產生了創紀錄的 1.82 億歐元自由現金流，其中第四季度為 2200 萬歐元。正如您在幻燈片左下角看到的那樣，我們繼續履行我們的承諾，即產生穩定、強勁的自由現金流。自 2019 年初以來，我們產生了 6.5 億歐元的自由現金流。展望 2023 年，我們預計全年將產生超過 1.25 億歐元的自由現金流，儘管這將在下半年產生更多的權重。我們預計今年的資本支出將在 3.4 億至 3.5 億歐元之間，其中包括 Jean-Marc 將在稍後詳細討論的成本節約和增長項目方面的更多支出。我們預計現金利息約為 1.2 億歐元，其中包括較高利率的影響。我們預計現金稅約為 3000 萬歐元。最後，我們預計營運資金將在上半年使用現金，在下半年成為現金來源，根據我們目前的預測，全年大致保持中性。

Now let's turn to Slide 16 and discuss our balance sheet and liquidity position. At the end of the fourth quarter, our net debt of EUR 1.9 billion declined slightly compared to the end of 2021 as free cash flow generation was partially offset by unfavorable noncash FX translation of EUR 64 million with the strengthening of the U.S. dollar. Our leverage reached a multiyear low of 2.8x at the end of 2022 or down 0.6x versus the end of 2021. We remain committed to achieving our leverage target of 2.5x and maintaining our long-term target leverage range of 1.5 to 2.5x. As you can see in our debt summary, we have no bond maturities until 2026, and our liquidity remains strong at EUR 709 million as of the end of 2022. We are very proud of the progress we have made on our capital structure and of the financial flexibility we are building. I will now hand the call back to Jean-Marc.

現在讓我們轉到幻燈片 16 並討論我們的資產負債表和流動性狀況。第四季度末，我們的淨債務為 19 億歐元，與 2021 年底相比略有下降，因為自由現金流的產生被美元走強帶來的 6400 萬歐元的不利非現金外匯換算部分抵消。我們的槓桿率在 2022 年底達到 2.8 倍的多年低點，比 2021 年底下降了 0.6 倍。我們仍然致力於實現 2.5 倍的槓桿率目標，並保持 1.5 至 2.5 倍的長期目標槓桿率範圍。正如您在我們的債務摘要中看到的那樣，我們在 2026 年之前沒有到期的債券，截至 2022 年底，我們的流動性仍然強勁，為 7.09 億歐元。我們為我們在資本結構和我們正在建設的財務靈活性。我現在將電話轉回給 Jean-Marc。

Thank you, Peter. Let's turn to Slide 18 and discuss our current end market outlook, starting with packaging. In packaging, we have experienced some short-term inventory adjustments at can makers in both North America and Europe, but we believe this would be largely complete during the first half of the year. The focus on sustainability is driving increased demand for infinitely recyclable aluminum cans, and we are confident in the long-term outlook for this end market, given can maker capacity additions in both regions as well as recent announcements of Greenfield Investments here in North America. We will participate in this growth in both North America and Europe as we announced at our Analyst Day last year. As Peter noted, the company is highly focused on stabilizing the operating challenges we have been experiencing at Muscle Shoals, so that we can take advantage of these end market dynamics. Our issues at the plant stem primarily from the labor shortages you have read about. We are very confident in our ability to restore the plant's profitability over the course of 2023.

謝謝你，彼得。讓我們轉到幻燈片 18 並討論我們當前的終端市場前景，從包裝開始。在包裝方面，我們在北美和歐洲的罐頭製造商都經歷了一些短期庫存調整，但我們相信這將在今年上半年基本完成。對可持續發展的關注正在推動對可無限回收鋁罐的需求增加，我們對這個終端市場的長期前景充滿信心，因為這兩個地區的罐頭製造商產能增加，以及最近在北美宣布了 Greenfield Investments。正如我們在去年的分析師日宣布的那樣，我們將參與北美和歐洲的這一增長。正如 Peter 指出的那樣，公司高度專注於穩定我們在 Muscle Shoals 遇到的運營挑戰，以便我們可以利用這些終端市場動態。我們工廠的問題主要源於您所讀到的勞動力短缺問題。我們對在 2023 年恢復工廠盈利能力的能力充滿信心。

Turning now to automotive. OEM sales and production numbers globally are still at a low base compared to pre-covid levels with uncertainty continuing as a result of the semiconductor shortage and other supply chain challenges. However, we remain very positive on this market and increased demand in both PARP and AS&I gives us reason for optimism. Automotive inventories are low. Consumer demand remains high, vehicle electrification and sustainability trends will continue to increase the demand for lightweighting and low CO2 recycled content. Let's turn now to aerospace. The recovery in aerospace continued in the quarter with shipments up 50% versus last year for the third quarter in a row, though still well below pre-Covid levels. Major OEMs have announced build rate increases in the short term and the desire for further increases in the medium term, we remain confident that the long-term fundamentals driving aerospace demand remain intact, including growing passenger traffic and greater demand for new, more fuel-efficient aircraft.

現在轉向汽車。與疫情前的水平相比，全球 OEM 銷售和生產數量仍處於較低的基數，由於半導體短缺和其他供應鏈挑戰，不確定性持續存在。然而，我們對這個市場仍然非常樂觀，PARP 和 AS&I 的需求增加讓我們有理由保持樂觀。汽車庫存很低。消費者需求仍然很高，汽車電氣化和可持續發展趨勢將繼續增加對輕量化和低二氧化碳回收含量的需求。現在讓我們轉向航空航天。航空航天業在本季度繼續復甦，出貨量連續第三個季度比去年增長 50%，但仍遠低於 Covid 之前的水平。主要原始設備製造商已宣佈在短期內增加建造率並希望在中期進一步增加，我們仍然相信推動航空航天需求的長期基本面保持不變，包括不斷增長的客運量和對新的、更多燃料的更大需求-高效的飛機。

In addition, demand is strong in the business regional jet segment, defense and space markets as well. As the chart on the left side of the page highlights, these 3 core end markets represent 76% of our LTM revenue. We like the fundamentals in each of these markets. And as I have said previously, we like our hand. Turning lastly to other specialties. Well, we do see some weakness in segments like general engineering plate and building and construction, early 2023 demand remains solid in many of our specialties end markets. Demand has been more resilient in North America than in Europe. In general, these other markets are dependent upon the health of the industrial economies in each region. In TID rolled products, demand remains strong in markets like semiconductors and defense and in transportation in North America. In industry extrusions, demand is still strong in sectors like solar and rail. It is also of note that many of the sustainability trends supporting growth in our core markets are very much at play here as well in other specialties. In summary, we continue to like the prospects for the end markets we serve and strongly believe that the diversification of our end markets is an asset for the company.

此外，公務支線噴氣機領域、國防和太空市場的需求也很強勁。正如頁面左側的圖表突出顯示的那樣，這 3 個核心終端市場占我們 LTM 收入的 76%。我們喜歡這些市場中每一個的基本面。正如我之前所說，我們喜歡我們的牌。最後轉向其他專業。好吧，我們確實看到通用工程板塊和建築施工等細分市場存在一些疲軟，2023 年初我們許多專業終端市場的需求依然強勁。北美的需求比歐洲更具彈性。一般來說，這些其他市場取決於每個地區工業經濟的健康狀況。在 TID 軋製產品中，北美半導體、國防和運輸等市場的需求依然強勁。在工業型材方面，太陽能和鐵路等行業的需求依然強勁。還值得注意的是，許多支持我們核心市場增長的可持續發展趨勢在這里以及其他專業領域都發揮著重要作用。總之，我們繼續看好我們所服務的終端市場的前景，並堅信終端市場的多元化是公司的一項資產。

Let's turn to Slide 19, where I want to provide more details on our plans to invest organically in our future. As we outlined previously, we are increasing our growth CapEx for the next few years to invest in a highly strategic, high-return cost savings and growth projects. As Peter mentioned before, our total CapEx this year should be around EUR 350 million and includes roughly EUR 150 million for these attractive growth investments. Our performance over the last several years across varying business conditions, coupled with our strong financial position today, give us confidence to continue investing. We expect to continue to generate strong free cash flow through this investment cycle. The strategic investments we are making today are important contributors to our adjusted EBITDA target of over EUR 800 million by 2025. Lastly, I want to mention that in a sharply deteriorating environment, the pace of investment could be slowed. While we are not planning for this outcome today, we will continue to monitor the situation and make any necessary adjustments to the timing of these investments.

讓我們轉到幻燈片 19，我想在其中提供更多有關我們未來有機投資計劃的詳細信息。正如我們之前概述的那樣，我們將在未來幾年增加我們的增長資本支出，以投資於高度戰略性、高回報的成本節約和增長項目。正如彼得之前提到的，我們今年的資本支出總額應該在 3.5 億歐元左右，其中包括大約 1.5 億歐元用於這些有吸引力的增長投資。我們過去幾年在不同業務條件下的表現，加上我們今天強大的財務狀況，使我們有信心繼續投資。我們希望通過這個投資週期繼續產生強勁的自由現金流。我們今天正在進行的戰略投資是我們到 2025 年調整後 EBITDA 目標超過 8 億歐元的重要貢獻者。最後，我想提一下，在急劇惡化的環境中，投資步伐可能會放緩。雖然我們今天沒有為這一結果做計劃，但我們將繼續監測情況並對這些投資的時間進行任何必要的調整。

Let's turn now to Slide 20. But before I wrap up, I would like to thank Peter, who will be leaving Constellium at the end of March for an exciting opportunity at Commercial Mel. I will miss you, Peter. We've been a very good partner, and I also want to congratulate Jack Guo on his promotion to Senior Vice President and Chief Financial Officer. Peter has been a great partner and he's made significant contributions to our company, including building a strong team from which we were able to promote Jack. Jack has been with the company for over 6 years and most recently, has done a tremendous job running our strategy function. Prior to this, we had already 2 decades of finance experience that included investment banking and operational finance. It brings to the role exceptional intelligence, strong knowledge of the company and the industry and a well-rounded set of finance experiences. I have worked very closely with Jack on numerous projects, and I'm very excited to welcome in into this new role, and I look forward to working even more closely with you, Jack.

現在讓我們轉到幻燈片 20。但在我結束之前，我要感謝 Peter，他將於 3 月底離開 Constellium，在 Commercial Mel 獲得令人興奮的機會。我會想念你的，彼得。我們一直是非常好的合作夥伴，我也想祝賀傑克郭晉升為高級副總裁兼首席財務官。 Peter 一直是一位出色的合作夥伴，他為我們公司做出了重大貢獻，包括建立了一支強大的團隊，我們從中提拔了 Jack。 Jack 已經在公司工作了 6 年多，最近，他在管理我們的戰略職能方面做得非常出色。在此之前，我們已經擁有 2 年的金融經驗，包括投資銀行和運營金融。它為這個角色帶來了非凡的智慧、對公司和行業的深入了解以及全面的財務經驗。我在許多項目中與傑克密切合作，我很高興歡迎擔任這個新角色，我期待與你更密切地合作，傑克。

Turning back to Constellium. Our team achieved very strong performance in 2022. We delivered record adjusted EBITDA of EUR 673 million and record free cash flow of EUR 182 million. Importantly, we also further deleveraged our balance sheet to a multiyear low of 2.8x I'm very proud of our entire team has delivered solid operational performance and strong cost control despite a number of challenges, including significant inflationary pressures. Looking forward, 2023 will be another challenging year given the extraordinary inflationary pressures we are facing, but we are used to it. As Peter noted, we are currently expecting comparable inflationary pressures in 2023 to those we experienced in 2022, but we remain confident in our ability to pass through most of these costs in 2023 and the rest in future periods. Based on our current outlook for 2023, we are targeting adjusted EBITDA of EUR 640 million to EUR 670 million and free cash flow in excess of EUR 125 million. We do not give quarterly guidance, but given the destocking in packaging, the operating challenges in Muscle Shoals and the timing of inflationary impacts on our business, we do expect adjusted EBITDA in the first quarter of 2023 to be weaker than the same period last year and free cash flow to be negative in the quarter. These expectations are obviously included in our full year guidance that I just provided.

回到肯聯。我們的團隊在 2022 年取得了非常強勁的業績。我們實現了創紀錄的調整後 EBITDA 6.73 億歐元和創紀錄的自由現金流 1.82 億歐元。重要的是，我們還將資產負債表進一步去槓桿化至 2.8 倍的多年低點。儘管面臨包括顯著通脹壓力在內的諸多挑戰，我們的整個團隊仍提供了穩健的運營績效和強大的成本控制，我對此感到非常自豪。展望未來，考慮到我們面臨的異常通脹壓力，2023 年將是又一個充滿挑戰的一年，但我們已經習慣了。正如彼得指出的那樣，我們目前預計 2023 年的通脹壓力與我們在 2022 年經歷的通脹壓力相當，但我們仍然相信我們有能力在 2023 年和未來期間轉嫁大部分成本。根據我們目前對 2023 年的展望，我們的目標是調整後的 EBITDA 為 6.4 億至 6.7 億歐元，自由現金流超過 1.25 億歐元。我們不給出季度指引，但考慮到包裝的去庫存、Muscle Shoals 的運營挑戰以及通脹對我們業務影響的時機，我們確實預計 2023 年第一季度調整後的 EBITDA 將弱於去年同期本季度自由現金流為負。這些期望顯然包含在我剛剛提供的全年指導中。

As inflationary pressures subside, we believe we will emerge an even stronger company. Our business model provides a strong foundation for long-term success, and we believe we have substantial opportunities to grow our business and enhance profitability and returns. We have a diversified portfolio and our end market positioning will enable us to take advantage of sustainability-driven secular growth trends, such as consumer preference for infinitely recyclable aluminum cans, lightweighting in transportation and the electrification of the automotive fleet. The Constellium team has demonstrated its resilience and ability to execute across a range of different market conditions, and I am confident we'll continue to do so. I also want to reiterate our long-term guidance of adjusted EBITDA in excess of EUR 800 million by 2025 and our target leverage range of 1.5 to 2.5x. And let me add, this guidance is based on the current energy positions that we have, including higher forward energy prices as of today. We remain focused on executing our strategy, driving operational performance, generating free cash flow, achieving our ESG objectives and shareholder value creation. In conclusion, I remain very optimistic about our future. And with that, Bailey, we will open the Q&A session.

隨著通貨膨脹壓力的消退，我們相信我們將成為一家更強大的公司。我們的商業模式為長期成功奠定了堅實的基礎，我們相信我們有大量機會來發展我們的業務並提高盈利能力和回報。我們擁有多元化的產品組合，我們的終端市場定位將使我們能夠利用可持續發展驅動的長期增長趨勢，例如消費者對可無限回收鋁罐的偏好、交通輕量化和汽車車隊的電氣化。 Constellium 團隊展示了其在各種不同市場條件下的應變能力和執行能力，我相信我們會繼續這樣做。我還想重申我們的長期指導方針，即到 2025 年調整後的 EBITDA 將超過 8 億歐元，我們的目標槓桿率範圍為 1.5 至 2.5 倍。讓我補充一點，這一指導意見是基於我們目前的能源狀況，包括截至目前更高的遠期能源價格。我們仍然專注於執行我們的戰略、推動運營績效、產生自由現金流、實現我們的 ESG 目標和股東價值創造。總之，我對我們的未來仍然非常樂觀。那麼，Bailey，我們將開始問答環節。

(Operator Instructions) The first question today comes from the line of Emily Chieng from Goldman Sachs.

（操作員說明）今天的第一個問題來自高盛的Emily Chieng。

Jean-Marc and Peter, congratulations on the new opportunity there. My first question is just around the EBITDA guidance that you've provided for 2023, the EUR 640 million to EUR 70 million. I think it's down only slightly below 2022 levels, which I think was a little bit more of an improvement versus the guidance that was talked to at the last quarter call. But maybe, Jean-Marc, if you could help bridge what has changed versus your prior quarter's expectations there? Has there been anything from the energy cost side coming down that you might see flowing through into the back end of this year that's been helping out?

Jean-Marc 和 Peter，祝賀他們獲得了新的機會。我的第一個問題是關於您為 2023 年提供的 EBITDA 指導，即 6.4 億歐元至 7000 萬歐元。我認為它僅略低於 2022 年的水平，我認為這與上一季度電話會議上討論的指導相比有所改善。但也許，Jean-Marc，如果你能幫助彌合已經發生的變化與你上一季度的預期？能源成本方面是否有任何下降，你可能會看到今年年底一直在提供幫助？

Yes, thanks for your question. Yes, we feel more comfortable now. And there's a number of reasons for that, and it is true that we believe our prospects are brighter than what we believe they would be back in October. The reason for that is, number one, we have more clarity in our order book for the year. Number two, we have also much more clarity in terms of pricing. There's obviously a contract season in the fall. In October, we are kind of halfway through it. Now we're complete. So we've got much better visibility on our pricing for the year. And number three, as you pointed out, we got a little bit lucky with energy prices. They came down with a big winter in Europe, so that's helping as well. So these 3 are helping us converge towards that range of guidance we're giving today. And we feel, again, more comfortable today than we did back in October.

是的，謝謝你的問題。是的，我們現在感覺更舒服了。這有很多原因，我們確實相信我們的前景比我們認為的 10 月份的前景更加光明。原因是，第一，我們今年的訂單簿更加清晰。第二，我們在定價方面也更加清晰。秋天顯然有一個合同季節。十月，我們已經過了一半。現在我們完成了。因此，我們對今年的定價有了更好的了解。第三，正如你所指出的，我們在能源價格方面有點幸運。他們在歐洲度過了一個大冬天，所以這也有幫助。因此，這 3 個正在幫助我們朝著我們今天提供的指導範圍靠攏。我們今天再次感到比 10 月份更舒服。

Great. That's very helpful, Jean-Marc. And a follow-up, if I may. I know you've talked about a little bit of additional capital that will be spent to help support some of the operations there and with some of the growth CapEx there. But you also mentioned that, that pace could be slowed in a more adverse operating environment. Perhaps could you define what that adverse environment could look like and what the flex would be on capital spending?

偉大的。讓-馬克，這很有幫助。如果可以的話，還有後續行動。我知道你已經談到了一些額外的資本，這些資本將用於幫助支持那裡的一些業務以及那裡的一些增長資本支出。但你也提到，在更不利的運營環境中，這一步伐可能會放緩。也許您可以定義不利環境會是什麼樣子以及資本支出的彈性如何？

Sure. So and clearly, it's a remote possibility, but I want to highlight that there is we've got quite a bit of flex in our ability to flex CapEx and we've demonstrated it in the COVID times when we brought down capital expenditures by EUR 100 million, while Covid hit really in March of 2020, right? So already a lot of projects are already launched. And despite this, we're able to reduce our capital expenditures by EUR 100 million in the year. So I think that gives you a little bit of an idea of how much flex there is 12 months out, you can reduce by EUR 100 million and then possibly even more if it's for longer. But I think what we've demonstrated in the past is our ability to thrive in very different environments, right, when there is a sharp reduction in demand like in cavities, when there's a strong pickup when the business is more stable. This is a business that generates substantial and consistent free cash flow. And we think we're the fundamentals of our business are strong, and that's why we want to continue to invest to the extent we can, and our balance sheet allows it in the future of the business. So it would take a very significant downturn in the economy for us to change our plans regarding CapEx deployment.

當然。所以很明顯，這是一種遙遠的可能性，但我想強調的是，我們在調整資本支出方面有相當大的靈活性，而且我們在 COVID 時代將資本支出降低了 0 歐元，就證明了這一點1 億，而 Covid 真的在 2020 年 3 月爆發，對吧？所以已經有很多項目已經啟動。儘管如此，我們還是能夠在這一年減少 1 億歐元的資本支出。所以我認為這讓您對 12 個月後有多少彈性有了一點了解，您可以減少 1 億歐元，如果時間更長，可能會減少更多。但我認為我們過去展示的是我們在非常不同的環境中茁壯成長的能力，當需求急劇減少時，比如空腔，當業務更穩定時強勁回升。這是一項產生大量且穩定的自由現金流的業務。而且我們認為我們的業務基礎很強大，這就是為什麼我們希望繼續盡我們所能進行投資，而且我們的資產負債表允許在業務的未來進行投資。因此，我們需要在經濟出現非常嚴重的衰退時才能改變我們關於資本支出部署的計劃。

Again, we're in it for the long run. And 2025 is nearly across around the corner, and we want to make sure that we are able to see the opportunities, the many opportunities we have ahead of us. And finally, I'll add that a lot of the investments we're talking about, some that are going to contribute to our negative free cash flow in the first quarter are the investments we're making in recycling, especially in Nepean France and these are defensive investments at the same time as they expand our margins, that make us more independent from primary suppliers, it's better for the planet. We want to do those things from hell or high water, I would say.

同樣，我們從長遠來看。 2025 年即將到來，我們希望確保我們能夠看到機遇，我們面前的許多機遇。最後，我要補充一點，我們正在談論的很多投資，其中一些將導致我們第一季度的負自由現金流是我們在回收方面的投資，尤其是在 Nepean France 和這些是防禦性投資，同時它們擴大了我們的利潤，使我們更加獨立於主要供應商，這對地球更好。我會說，我們想從地獄或高水位做那些事情。

The next question today comes from the line of Curtis Woodworth from Credit Suisse.

今天的下一個問題來自瑞士信貸的 Curtis Woodworth。

From Mark Peter, congratulations on the new role. So I was wondering if you could unpack the guidance a little bit. I think you did say you're still expecting over $100 million of energy inflation. And I think in the past, you noted at least $100 million, I think, of labor and other consumable-related inflation. So what are you assuming in terms of price cost delta for the year? And then do you also have a view of how much productivity or cost down you could achieve as well.

來自 Mark Peter，祝賀您擔任新角色。所以我想知道你是否可以稍微解開指南。我想你確實說過你仍然期望超過 1 億美元的能源通脹。我想在過去，你注意到至少有 1 億美元的勞動力和其他與消費品相關的通貨膨脹。那麼你假設今年的價格成本增量是多少？然後您是否也了解您可以實現多少生產率或降低多少成本？

So as we look at inflation for the full year 2023, Kurt, what we said in the prepared remarks was that we expected it to be similar to what we saw this year and sorry, last year in 2022, and that was in the order of $300 million. So we're expecting that order of magnitude. And that includes, as you noted, higher energy costs, that includes higher metal costs and that's really kind of alloying costs. It does include higher labor cost, labor is up more than it was in 2022, and then supplies in general across the portfolio. And all of that will add up to roughly a $300 million-ish increase. We believe that we're going to be able to pass through most of that, as Jean-Marc said and I said in the prepared remarks, we have pricing power. And one of the things that's been gratifying to Emily's question on why we are more conservative in October, we are right in the front end of this discussion around energy with customers. And we've had very good success through the contract season. And I think what becomes clear is that our customers, they want us to be their suppliers because we're reliable, and they need the material. And so therefore, they're willing to work with us on this. And so we've had good success. And as we did in 2022, we expect to pass through most of that to our customers in 2023 or beyond, right? There are some instances where we said there's a lag, and that remains the case.

因此，當我們審視 2023 年全年的通貨膨脹時，庫爾特，我們在準備好的發言中所說的是，我們預計它會與我們今年看到的情況相似，對不起，去年在 2022 年，這是按順序排列的3億美元。所以我們期待這個數量級。正如您所指出的，這包括更高的能源成本，包括更高的金屬成本，這實際上是一種合金化成本。它確實包括更高的勞動力成本，勞動力漲幅超過 2022 年，然後是整個投資組合的總體供應。所有這些加起來將增加大約 3 億美元。我們相信，我們將能夠通過其中的大部分，正如讓-馬克所說，我在準備好的發言中也說過，我們有定價權。對於艾米麗關於為什麼我們在 10 月份更加保守的問題，其中一件令人滿意的事情是，我們正處於與客戶圍繞能源進行討論的前端。我們在整個合同賽季都取得了非常好的成功。而且我認為很明顯，我們的客戶希望我們成為他們的供應商，因為我們可靠，而且他們需要材料。因此，他們願意就此與我們合作。所以我們取得了很好的成功。就像我們在 2022 年所做的那樣，我們希望在 2023 年或以後將其中的大部分傳遞給我們的客戶，對嗎？在某些情況下，我們說存在滯後，現在仍然如此。

In terms of our cost I think we continue to grind our costs down, and we'll continue to do that. In Muscle Shoals, clearly with some of the challenges there. Our costs are elevated relative to where they would be. But I think that's temporary. And we feel like the programs we have in place, the productivity improvement targets that we have in place are going to lead us to a very competitive cost position. So we'll continue to work on costs. And maybe just to conclude, on the Analyst Day, we talked about a $50 million cost opportunity, and we continue to see that as very viable.

就我們的成本而言，我認為我們會繼續降低成本，我們將繼續這樣做。在 Muscle Shoals，顯然存在一些挑戰。我們的成本相對於它們的成本有所提高。但我認為那是暫時的。我們覺得我們已經制定的計劃，我們已經制定的生產力改進目標將帶領我們進入一個非常有競爭力的成本地位。因此，我們將繼續努力降低成本。也許只是總結一下，在分析師日，我們談到了 5000 萬美元的成本機會，我們繼續認為這是非常可行的。

Okay. Makes sense. And then a follow-up, I guess, with respect to profitability and margins. And it definitely came in weaker than we had anticipated in the back half of the year, roughly, I think, 290 metric ton. And in the past, we've discussed auto profitability, I believe, in kind of the 500 to 600 level. And then I thought that packaging with the contract resets is kind of moving more up to definitely above 300. So can you kind of talk to what you think margin per ton in PARP could look like this year on a more normalized basis? Obviously, it's great to see you take the A&T margin target up by 100%. But just curious what's going on in part if you could unpack that a little bit?

好的。說得通。然後是關於盈利能力和利潤率的後續行動。它肯定比我們今年下半年的預期要弱，我認為大約是 290 公噸。過去，我們討論過汽車盈利能力，我相信，在 500 到 600 的水平上。然後我認為合同重置的包裝肯定會上升到 300 以上。那麼你能談談你認為今年 PARP 的每噸保證金在更正常化的基礎上會是什麼樣子嗎？顯然，很高興看到您將 A&T 的利潤率目標提高了 100%。但只是好奇如果你能把它拆開一點，那部分會發生什麼？

Sure. I'll start, and Peter will continue. So on the auto side, in pulp, we are very comfortable with the level of margin we discussed in the past, and that's what's happening right now. So we're good there. The shortfall, which I pointed to is mainly on the packaging side, comes from the packaging side. But remember that in packaging, we've had difficulties at Muscle Shoals, as we've discussed. But also, we have been squeezed last year. There is a lag in terms of our ability to pass through inflationary pressures. A lot of that has to do with the way the PPI works, where you look at the prior year and you increase your price the following year. And also, as we discussed a couple of years ago, the alloy surcharges started being implemented only this year, but only partially sorry, last year, but only partially. So there has been a margin squeeze also in packaging because of those 2 factors, allowing cost and the PPI fundamentals. Looking forward, the PPI and the inflation are pass-through in '23. The alloys are passed through in '23 and the lag should be largely resolved. That said, we still have to restore operating performance at Muscle Shoals. And that is what we're working on this year. As I mentioned, it's mostly because of lack of experience resources and that takes time to build and we believe that over the course of '23, we will restore profitability at Nassos and therefore, in packaging. And those 3 causes, right, the PPI, the alloys and the inexperienced labor should be resolved by the end of '23.

當然。我先開始，彼得繼續。因此，在汽車方面，在紙漿方面，我們對過去討論的利潤率水平感到非常滿意，這就是現在正在發生的事情。所以我們在那裡很好。我指出的不足主要是在包裝方面，來自包裝方面。但請記住，正如我們所討論的那樣，在包裝方面，我們在 Muscle Shoals 遇到了困難。但是，我們去年也受到了擠壓。我們應對通脹壓力的能力存在滯後。這在很大程度上與 PPI 的運作方式有關，即查看前一年並在下一年提高價格。而且，正如我們幾年前討論的那樣，合金附加費僅在今年開始實施，但只是部分實施，去年，但只是部分實施。因此，由於這兩個因素，考慮到成本和 PPI 基本面，包裝行業的利潤率也受到擠壓。展望未來，PPI 和通貨膨脹將在 23 年傳遞。合金在 23 年通過，滯後應該在很大程度上得到解決。也就是說，我們仍然需要恢復馬斯爾肖爾斯的經營業績。這就是我們今年的工作。正如我提到的，這主要是因為缺乏經驗資源，這需要時間來構建，我們相信在 23 年的過程中，我們將恢復 Nassos 的盈利能力，因此，在包裝方面。這 3 個原因，正確的，PPI，合金和缺乏經驗的勞動力應該在 23 年底前解決。

The only thing I'd add to that is that, remember, we talked about this inventory correction across packaging that's going on among our customers. And you can imagine with the reduction in the tonnage across the business unit, it reduces our ability to leverage our fixed costs.

我唯一要補充的是，請記住，我們談到了我們客戶中正在進行的跨包裝庫存調整。你可以想像，隨著整個業務部門噸位的減少，它會降低我們利用固定成本的能力。

And what do you think a more normalized margin level is? I think in the past, you've talked about, I think, closer to 400, but could you update us on what you think a more fully economic level would look like for that division? Or is it too difficult to say right now?

您認為更正常化的保證金水平是多少？我想在過去，你曾談到過接近 400，但你能否向我們介紹一下你認為該部門更全面的經濟水平會是什麼樣子？還是現在太難說了？

So certainly, north of 300 million, we should be able to be north of 300. I think maybe something in the order of 3.25 to 3.50 is a good place to start. And then if you have automotive pulling at full strength, maybe there's some opportunity beyond that. But we'd leave it there for now.

所以當然，在 3 億以上，我們應該能夠在 300 以北。我認為也許 3.25 到 3.50 的數量級是一個很好的起點。然後，如果你有汽車全力牽引，也許還有一些機會。但我們暫時將其留在那裡。

The next question today comes from the line of Corinne Blanchard from Deutsche Bank.

今天的下一個問題來自德意志銀行的 Corinne Blanchard。

First question from me would be would be on EBITDA guidance. Do you expect a higher seasonality to happen this year, especially 1Q and maybe going into 2Q because of packaging versus previous year?

我的第一個問題是關於 EBITDA 指導。您是否預計今年會出現更高的季節性，尤其是第一季度，並且可能會因為包裝與去年相比進入第二季度？

Yes. Well, so what you should expect to see is that Q1 is going to be weaker than it usually is. And so that would be contrary to the seasonality that we usually see. Usually, our first 2 quarters are the strongest. And we should see a weaker Q1 recover in Q2. And then obviously, Q3 and Q4, hopefully, we're back on track.

是的。好吧，所以你應該期待看到的是 Q1 將比平時更弱。因此，這與我們通常看到的季節性相反。通常，我們的前兩個季度是最強的。我們應該會看到第二季度的第一季度復甦較弱。然後很明顯，第三季度和第四季度，希望我們回到正軌。

And remember, typically, PPI adjustments take place very often on the 1st of April. So we are still pricing in some segments at prices yet do not reflect yet the spike in the inflation of last year, but they will start to Union.

請記住，PPI 通常會在 4 月 1 日進行調整。因此，我們仍在為某些細分市場定價，但尚未反映去年通脹飆升的價格，但它們將開始合併。

And then maybe 2 quick follow-ups. The first one on Aerospace margins. So similar to the previous question, if you can on park or if you can give a little bit more color on, I think you mentioned like 800 million to 900 in. Is that truly coming just from aerospace is it also like transportation or TID impact for that?

然後可能會進行 2 次快速跟進。第一個關於航空航天利潤率。與之前的問題類似，如果你可以停放或者你可以給它多一點顏色，我想你提到了 8 億到 900 英寸。這真的只是來自航空航天嗎，它是否也像交通或 TID 影響為了那個原因？

Yes. I think it's based essentially on better performance in our plants and better pricing as well. And we look at it across the cycle, right? So if you're in a time when aerospace is very strong and the rest of TID is lower than the drifting up. And if it's the other way around, PID is strong, but aerospace is at the bottom and it's drifting a little bit lower. Okay.

是的。我認為這主要是基於我們工廠更好的性能以及更好的定價。我們會在整個週期中查看它，對嗎？因此，如果您處於航空航天非常強大且其餘 TID 低於向上漂移的時代。如果反過來，PID 很強，但航空航天處於底部，並且正在向低處漂移。好的。

And then the last one from me. Can you remind us on the energy contract. Most of it is lock and you would renegotiate in September, October. How much of the energy cost is kind of export exposed? Is that 25%, 20%?

然後是我的最後一個。你能提醒我們能源合同嗎？其中大部分是鎖定的，您將在 9 月、10 月重新談判。多少能源成本暴露在外？那是25%、20%嗎？

How much is it...?

多少錢...？

Yes. So I'm not sure we fully understood the question we try to answer. So going into '23, today, about 90% of our energy needs are locked in, hedged, okay? -- essentially physically or through supply contracts, some derivatives as well. And then since we do it on a rolling 3-year basis, we have to renew 25% roughly, 25%, 30% of our needs over the course of the year and split to the hedges for 24 and 25.

是的。所以我不確定我們是否完全理解我們試圖回答的問題。所以進入 23 年，今天，我們大約 90% 的能源需求被鎖定，對沖，好嗎？ - 基本上是物理上或通過供應合同，以及一些衍生品。然後，由於我們在滾動 3 年的基礎上進行，我們必須在一年中大致更新 25%、25%、30% 的需求，並拆分為 24 和 25 的對沖。

The next question today comes from the line of Timna Tanners from Wolfe Research.

今天的下一個問題來自 Wolfe Research 的 Timna Tanners。

Congrats on the opportunity. Peter will talk to you on the other side. I wanted to ask a couple of questions. One, maybe this is a dumb question, but inventory adjustments, is that -- it just seems like a euphemism for something? Like what exactly does that mean? Do you not have protection from context? Is that something more onerous in terms of underlying demand? I'd just love to get some more color on that on the packaging side.

祝賀這個機會。彼得會在另一邊和你說話。我想問幾個問題。第一，也許這是一個愚蠢的問題，但庫存調整，是不是——這似乎只是對某事的委婉說法？這到底是什麼意思？您沒有上下文保護嗎？就潛在需求而言，這是更繁重的事情嗎？我只是想在包裝方面獲得更多顏色。

Yes, I'll take this one. So there is excess inventory of cans and coils in the system compared to demand. There's a number of reasons for that, like in the summer, the lack of promotion activities that the beverage companies, which typically there is and people start to stock up and then it doesn't happen, so then the supply chain slows down. There's been also a period of high growth after 20 years of markets being essentially flat. You have 3 years at plus 5%. People expect that the following year is going to be also a plus 5% that you've got a war, you've got inflation, people spending less money, buy less product. You expect to have promotions, you don't have promotions. So all of a sudden, the supply chain gets full with metals, and it takes time to resolve that. Our contracts typically provide for a fixed amount of terms, but there is some variation around it.

是的，我要這個。因此，與需求相比，系統中的罐頭和卷材庫存過剩。造成這種情況的原因有很多，比如在夏天，飲料公司缺乏促銷活動，通常會有，人們開始囤貨，然後就沒有了，所以供應鏈就會放慢速度。在經歷了 20 年的市場基本持平之後，也出現了一段高速增長期。您有 3 年的加息 5%。人們預計明年還會有 5% 的戰爭，通貨膨脹，人們花更少的錢，購買更少的產品。你期望有促銷，你沒有促銷。所以突然間，供應鏈中充滿了金屬，解決這個問題需要時間。我們的合同通常提供固定數量的條款，但也有一些變化。

And I will not go into the specific details, but let's say, plus 5%, plus 10% or minus 5%, 10%. So when everybody is pulling below, then you can have -- and that happens that variances, say, over the course of 1 year, but it materializes over the course of 6 months. And obviously, that creates a big swing in what demand is. And people are still within their contracts. So I think that's what we're seeing. And that's why also, fundamentally, this is a reasonably stable market. There is not that much floor space on the shelves or in the warehouses to have full cans or epti cans. So it will resolve reasonably quickly, and that's why we believe in and through our discussions with our customers, we're confirming that. But by the end of the first half of this year, things will be back to normal.

具體細節我就不說了，就說吧，加5%，加10%，或者減5%，10%。因此，當每個人都在拉低時，您可以擁有 - 並且發生變化，例如，在 1 年的過程中，但它會在 6 個月的過程中實現。顯然，這在需求方面造成了巨大的波動。人們仍在他們的合同範圍內。所以我認為這就是我們所看到的。這也是為什麼從根本上說這是一個相當穩定的市場。貨架上或倉庫中沒有太多的地面空間來放置滿罐或 epti 罐。所以它會很快得到解決，這就是為什麼我們相信並通過與客戶的討論，我們正在確認這一點。但到今年上半年結束，一切都會恢復正常。

That's helpful. I guess I'm wondering if this is a sign of just slowing demand after very strong COVID activity. I mean, do you see anything structurally weaker in the packaging outlook? Just obviously, there's more cans and adoption of greater cans, but maybe the market get ahead of itself and needs to adopt maybe a slower growth outlook.

這很有幫助。我想我想知道這是否只是在非常強勁的 COVID 活動之後需求放緩的跡象。我的意思是，您是否看到包裝前景在結構上較弱？很明顯，有更多的罐頭和更大罐頭的採用，但也許市場超前了，需要採用更慢的增長前景。

Well, I wouldn't revise the growth outlook, but I think the COVID spike in consumption to everybody by surprise and people got maybe a little bit too excited about it. But fundamentally, you see more and more categories moving to cans. I mean I don't know if you've noticed in your going to the grocery store or your travel, you start to see flat water in accounts and bottles and that's a very good sign for us because there's a tremendous amount of plastic displays. So when things grow, it's never linear, but I do believe that the growth trend for in favor of metal against plastic are going to stay on for many, many, many years.

好吧，我不會修改增長前景，但我認為 COVID 的消費激增讓每個人都感到意外，人們可能對此有點過於興奮。但從根本上說，你會看到越來越多的類別轉向罐頭。我的意思是，我不知道你在去雜貨店或旅行時是否注意到，你開始看到賬戶和瓶子裡沒有水，這對我們來說是一個很好的跡象，因為有大量的塑料展示架。因此，當事情發展時，它永遠不會是線性的，但我確實相信，有利於金屬而不是塑料的增長趨勢將持續很多很多年。

And Timna just one maybe to add to what Jean-Marc is saying. So as we look at our forecast for packaging demand in '23, we expect it's going to grow. It's going to grow at kind of low single digits, probably 0% to 2% type of range. And then longer term, I think we're in line with what the can makers are saying, which is somewhere in the range of kind of 2% to 5% is probably the right way to bracket it. And that feels right to us.

Timna 只是想補充一下 Jean-Marc 所說的話。因此，當我們查看我們對 23 年包裝需求的預測時，我們預計它會增長。它將以低個位數增長，可能在 0% 到 2% 的範圍內。然後從長遠來看，我認為我們與罐頭製造商所說的一致，在 2% 到 5% 的範圍內可能是正確的方法。這對我們來說是對的。

Okay. That's great. And if I could squeeze one more in. Just how good is your visibility on Europe? I'm asking kind of if things were to start to recover there, when would you start to see it? How well locked in are you? And kind of more color on what you're seeing in Europe would be great.

好的。那太棒了。如果我能再擠一個進去。你對歐洲的知名度有多高？我想問的是，如果那裡的情況開始恢復，你什麼時候開始看到它？你的鎖定程度如何？如果你在歐洲看到的東西多一點顏色就更好了。

Yes. So I mean, depending on the products, our lead times are 6 weeks to 6 months, right, in aerospace, there's some that take a long time to products that take a long time to make. I think we've got pretty good visibility for 2023 for over 75% of our business there. I mean aerospace is pretty locked in. Automotive, I mean, the signs are quite encouraging. And packaging, even though it's flattish, as Peter mentioned, I think we've got a pretty decent visibility because those inventory corrections really are not going to last longer than the first half of the year. So I think we've got decent visibility in Europe for 75% of our business role. I don't know if I any your question. Feel free to follow up if not.

是的。所以我的意思是，根據產品的不同，我們的交貨時間為 6 周到 6 個月，對，在航空航天領域，有些產品需要很長時間才能製造出來。我認為我們在那裡超過 75% 的業務在 2023 年有相當好的知名度。我的意思是航空航天已經鎖定。汽車，我的意思是，跡象非常令人鼓舞。和包裝，即使它是平淡的，正如彼得提到的，我認為我們有一個相當不錯的可見性，因為這些庫存調整確實不會持續超過今年上半年。所以我認為我們 75% 的業務角色在歐洲都有不錯的知名度。我不知道我是否有任何問題。如果沒有，請隨時跟進。

What you say decent visibility, you mean for the full 2023 time frame?

你說的體面能見度是指整個 2023 年的時間框架？

Correct.

正確的。

The next question today comes from the line of Karl Blunden from Goldman Sachs.

今天的下一個問題來自高盛的 Karl Blunden。

And congratulations to Peter and Jack on the new roles. I wanted to talk just about the 2025 guidance and then certainly good to hear the reiteration there of over 800. Is it fair to say that can demand and energy costs have come in more challenging and perhaps the outlook is a bit more challenging than when that guidance was initially adopted. And I'd be interested to hear what the offsets are giving you confidence on that longer-term guide, presumably a few things going better than expected and love to hear what those are.

並祝賀 Peter 和 Jack 擔任新角色。我只想談談 2025 年的指導方針，然後當然很高興聽到 800 多人的重申。可以公平地說，需求和能源成本變得更具挑戰性，也許前景比那時更具挑戰性指南最初被採納。我很想知道抵消是什麼讓你對那個長期指南充滿信心，大概有一些事情比預期的要好，我很想听聽這些是什麼。

Sure. So Karl, if I go back to what we thought in April of last year when we gave that more than EUR 800 million guidance. I think can is a bit challenged now, but I don't think it is that much by 2025. And if anything, the volumes may be a bit lower, but the pricing is better. So overall, in can, I'd say it's even. Energy prices are definitely higher. We offset that by increased pricing and better efficiencies in our plants as well. And I'm quite encouraged by the early progress we're making. There's nothing like lighting a fire under us to get us moving for sure. And then in aerospace, we are really at the beginning of the recovery last year. It's come stronger. Maybe there is some upside in aerospace on our 2025 guidance. And automotive is steady compared to our projections of last year. Finally, on the cost side, I mean our costs are much higher because of inflation, obviously, than what we thought they would be. But at the same time, we think our productivity and our progress in Vision 2025 gives us good confidence. So since the inflation is passed through and our productivity could be better. I think we got some upside. So all in all, can in the same place, automotive in the same place, Aero may be some upside and on the productivity cost side, maybe some upside.

當然。所以卡爾，如果我回到去年 4 月我們給出超過 8 億歐元指導時的想法。我認為 can 現在有點挑戰，但我認為到 2025 年不會那麼多。如果有的話，銷量可能會低一些，但定價會更好。所以總的來說，我會說它是均勻的。能源價格肯定更高。我們也通過提高價格和提高工廠效率來抵消這一影響。我對我們取得的早期進展感到非常鼓舞。沒有什麼比在我們身下生火更能讓我們動起來的了。然後在航空航天領域，去年我們確實處於復甦的開端。它變得更強大了。也許我們的 2025 年指南在航空航天領域有一些好處。與我們去年的預測相比，汽車行業保持穩定。最後，在成本方面，我的意思是，由於通貨膨脹，我們的成本顯然比我們想像的要高得多。但與此同時，我們認為我們的生產力和我們在 2025 年願景中取得的進展給了我們很大的信心。因此，由於通貨膨脹已經過去，我們的生產力可能會更好。我認為我們有一些優勢。所以總而言之，可以在同一個地方，汽車在同一個地方，Aero 可能有一些好處，在生產力成本方面，也許有一些好處。

That's really helpful. Just a quick one on the balance sheet. You've done a lot of good work there in deleveraging and approaching the high end of that target range. Should we think of Constellium is interested in notional debt reduction? Or should we think about your leverage target being achieved primarily through EBITDA growth from here?

這真的很有幫助。只是資產負債表上的一個快速的。你在去槓桿化和接近目標範圍的高端方面做了很多出色的工作。我們是否應該認為 Constellium 對名義上的債務減少感興趣？或者我們應該考慮主要通過 EBITDA 增長來實現您的槓桿目標嗎？

We want to pay down debt also.

我們也想償還債務。

It will be both. It will be both. We want to reduce gross debt and our EBITDA is going to grow, too.

兩者都會。兩者都會。我們希望減少總債務，我們的 EBITDA 也會增長。

(Operator Instructions)Our next question today comes from the line of Richard Phelan from Deutsche Bank.

（操作員說明）我們今天的下一個問題來自德意志銀行的 Richard Phelan。

Peter, good luck in the new role. You've touched on this multiple times here. So but let me just do a little clarification on the lower packaging volumes. I think you said 12% in Q4, that's going to contribute to the lower EBITDA performance in Q1. You still think that where you stand today, that continues into Q2 as well? And are they similarly double-digit sorts of declines in terms of volumes in that end segment?

彼得，祝你在新角色上好運。你在這裡多次提到這個。所以，但讓我對較低的包裝量做一些澄清。我認為你在第四季度說的是 12%，這將導致第一季度的 EBITDA 表現較低。您仍然認為您今天所處的位置也會持續到第二季度嗎？就該終端部分的銷量而言，它們是否同樣出現了兩位數的下降？

Yes. So yes, on Q1, it will be lower in Q1. And then as we get into Q2, we think we should be starting to recover. So we're kind of calling the trough somewhere around where we are today.

是的。所以是的，在第一季度，第一季度會更低。然後當我們進入第二季度時，我們認為我們應該開始復蘇。所以我們有點稱我們今天所在的地方為低谷。

We think the full year should be about the same or maybe a bit better than last year.

我們認為全年應該與去年大致相同或略好一些。

Great. And then again, you've already partially addressed this, but the higher cost, roughly 300 million in total. There was some mention of -- in one of the questions about energy comprising over 100 million, but you didn't attach a specific figure to the breakdown between energy, labor, the higher material allowing or supply costs. It's fair to say, though, that energy will still be the largest component of that 300 million basket year-on-year, above the sort of 275 million expense that the group spent in 2022?

偉大的。再一次，你已經部分解決了這個問題，但成本更高，總共大約 3 億。有人提到 - 在一個關於能源超過 1 億的問題中，但你沒有附上具體數字來說明能源、勞動力、更高的材料許可或供應成本之間的細分。不過，可以公平地說，與去年同期相比，能源仍將是這 3 億美元支出的最大組成部分，高於該集團 2022 年支出的 2.75 億美元？

That is fair. That is fair. And remember, we have a piece of our energy that's still open. So hopefully, that will continue to be an opportunity for us.

這是公平的。這是公平的。請記住，我們有一部分能量仍然開放。所以希望這將繼續成為我們的機會。

Okay. And related to that on just in terms of supply, access to metal, no problems at all in terms of that at this point?

好的。與此相關的只是在供應方面，獲得金屬方面，在這一點上沒有任何問題嗎？

No. We're no problem with access to metal.

不，我們在獲取金屬方面沒有問題。

I mean (inaudible) Of work. But it's so far so good, and we don't see a problem.

我的意思是（聽不清）工作。但到目前為止一切都很好，我們沒有發現任何問題。

There are no additional questions waiting at this time. So I'd like to pass the conference back over to Jean-Marc Germain, CEO of Constellium. Please go ahead, you are ready.

目前沒有其他問題等待您回答。因此，我想將會議轉回給 Constellium 首席執行官 Jean-Marc Germain。請繼續，你準備好了。

Thank you, Bailey. As you can tell, we're very happy with our performance in 2022, and we look forward with a lot of confidence to our performance of 2023. I want to wish good luck to Peter. That's not his last day with us, far from it. We still have the benefit of his presence for quite a few weeks, and I look forward to updating you on our progress when we released our Q1 results at the end of April. Thank you, and have a good day all.

謝謝你，貝利。如您所知，我們對 2022 年的表現非常滿意，我們對 2023 年的表現充滿信心。我想祝彼得好運。那不是他和我們在一起的最後一天，遠非如此。我們仍然受益於他的存在好幾個星期了，我期待著在 4 月底發布第一季度業績時向您通報我們的進展情況。謝謝你，祝你有美好的一天。

This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開線路。