Slide 1: Fourth Quarter and Full Year 2014 Earnings Call
Fourth Quarter and Full Year 2014 - Earnings Call March 12, 2015 Exhibit 99.2
Slide 2: Forward-looking statements
Certain statements contained in this presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation may contain “forward looking statements” with respect to our business, results of operations and financial conditi
Slide 3: Non-GAAP measures
Non-GAAP measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA per metric ton, Adjusted Free Cash Flow and Net Debt. These measures are presented because management uses this information to monitor and evaluate finan
Slide 4: Pierre Vareille, Chief Executive Officer
Pierre Vareille Chief Executive Officer
Slide 5: Highlights
Adjusted EBITDA of €275 million, down 2% from 2013, reflecting strong performance in P&ARP and AS&I offset by higher metal premiums and continuing operational headwinds in our A&T segment Shipments of 1.1 million metric tons, up 4% Revenue of €3.7 billion, up 5% Continued improvement in net trade wo
Slide 6: Packaging and Automotive Rolled Products Segment
Packaging and Automotive Rolled Products Segment Excellent operational performance at Neuf-Brisach Body-in-White projects in Singen, Neuf-Brisach and Bowling Green on schedule Strong Body-in-White interest to drive near-term decision to add additional finishing capacity in the U.S. 2014 negative imp
Slide 7: Aerospace and Transportation Segment
Aerospace and Transportation Segment Solid demand in Aerospace market with majority of business under long term contracts 2014 shipments of 238 kt down 3% from 244 kt in 2013, Aerospace rolled product shipments down 4% Laurent Musy appointed President of A&T 4Q results as anticipated, hot mill outag
Slide 8: Automotive Structures and Industry Segment
Segment Mix/Outlook Automotive Structures and Industry Segment Automotive Structures market demand remains strong, Industry market remains competitive 2014 shipments of 208 kt up 9% from 191 kt in 2013; Automotive extrusions volume up 28% Plant expansion in Michigan complete, China expansion/reorgan
Slide 9: Didier Fontaine, Chief Financial Officer
Didier Fontaine Chief Financial Officer
Slide 10: Adjusted EBITDA bridge 2014 vs 2013
Negative impact of higher premiums and A&T performance largely offset by FX and strong automotive growth in P&ARP and AS&I Adjusted EBITDA
Slide 11: Q4 2014 Adjusted EBITDA
Continuing operational issues in A&T lower Q4 EBITDA Q4 2014 Adjusted EBITDA
Slide 12: 2014 Segment Adjusted EBITDA
Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton Shipments: 244kt 238kt (3)% Shipments: 595kt 620kt +4% Shipments: 191kt 208kt +9% 2014 Segment Performance – includes €(23)M Premium impact
Slide 13: Q4 2014 Segment Adjusted EBITDA
Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton Shipments: 61kt 55kt (9)% Shipments: 131kt 142kt +9% Shipments: 45kt 51kt +15% Q4 2014 Segment Performance – includes €(10)M Premium impact
Slide 14: Positive Adjusted Free Cash Flow
Year ended Dec 31, 2014 Year ended Dec 31, 2013 Increasing cash flow from operating activities allowed funding of planned capital projects Positive Adjusted Free Cash Flow € millions Cash flow from operating activities Margin calls included in cash flow from operating activities (11) (4) Cash flow f
Slide 15: Trade Working Capital Continues to Improve
5 days of sales outstanding improvement and €17 million trade working capital reduction despite higher LME and premiums Trade Working Capital Continues to Improve
Slide 16: Net Debt and Liquidity with Wise Metals
December 31, 2014 With Wise Metals, Net Debt will increase and pro-forma liquidity will remain in excess of €900 million € millions Total Debt (*) 1,213 Cash and Cash Equivalents Net Debt Liquidity (**) 1,300 (*) Including fair value of cross currency interest swap and cash pledged for issuance of g
Slide 17: Wise Metals Acquisition Update
30% Wise Metals Acquisition Update Transaction closed on January 5, 2015 Globalizes Constellium’s portfolio - North American sales increase from 14% to 30%+ Acquisition financed with debt Wise Metals 2014 results will be consolidated into Constellium beginning in Q1 2015 in Euros and under IFRS Inte
Slide 18: Key Takeaways
Key Takeaways 2014 Shipments, Revenues and Adjusted EBITDA, +4%, +5% and (2%), respectively, compared to 2013 Continued strong performance in P&ARP and AS&I Total automotive shipments up 32% in 2014 to 165k metric tons, representing 16% of total shipments up from 12% in 2013 Total automotive shipmen
Slide 19: @ constettium
@ constettium
Slide 20: @ constettium
@ constettium
Slide 21: Shipments by Product Line
Total Automotive products increase 32% to 165kt or 16% of 2014 shipments, up from 12% in 2013 BiW growth initiatives poised to triple automotive shipments once completed and could represent more than one-third of company shipments by 2022 2013 2014 Change Aerospace rolled products (4%) Transportatio
Slide 22: IFRS Income Statement, Q4
Three months ended Dec 31, 2014 Three months ended Dec 31, 2013 IFRS – Income Statement € millions Revenue (Loss) / income from operations (10) Other expenses (3) Finance costs – net (12) (6) Share of loss of joint-ventures (1) - (Loss) / income before income taxes (22) Net income from discontinued
Slide 23: IFRS Income Statement, Full Year
Year ended Dec 31, 2014 Year ended Dec 31, 2013 IFRS – Income Statement € millions Revenue 3,666 3,495 Income from operations Other expenses - (27) Finance costs – net (58) (50) Share of (loss) / profit of joint-ventures (1) Income before income taxes Net income from discontinued operations - Income
Slide 24: IFRS Statement of Financial Position
December 31, 2014 December 31, 2013 IFRS – Statement of Financial Position € millions Non-current assets Current assets 2,046 1,069 Assets held for sale Total Assets 3,012 1,764 Equity (37) Non-current liabilities 1,991 Current liabilities 1,050 Liabilities held for sale Total Equity and Liabilities
Slide 25: Net Debt Reconciliation
December 31, 2014 December 31, 2013 Net Debt Reconciliation € millions Borrowings 1,252 Fair value of cross currency interest rate swap (29) Cash and cash equivalents (989) (233) Cash pledged for issuance of guarantees (10) (9) Net Debt
Slide 26: Adjusted Free Cash Flow Reconciliation, Q4
Three months ended Dec 31, 2014 Three months ended Dec 31, 2013 Adjusted Free Cash Flow Reconciliation € millions Cash flow from operating activities Margin calls included in cash flow from operating activities - - Cash flow from operating activities excluding margin calls Capital expenditure (72) (
Slide 27: Adjusted Free Cash Flow Reconciliation, Full Year
Year ended December 31, 2014 Year ended December 31, 2013 Adjusted Free Cash Flow Reconciliation € millions Cash flow from operating activities Margin calls included in cash flow from operating activities (11) (4) Cash flow from operating activities excluding margin calls Capital expenditure (199) (
Slide 28: Reconciliation of Net Income to Adjusted EBITDA
Three months ended December 31, 2014 Three months ended December 31, 2013 Year ended December 31, 2014 Year ended December 31, 2013 Reconciliation net income € millions Net income / (loss) (16) Income tax (benefit) / expense (6) (4) Net (Income) from discontinued operations - - - (4) (Loss) / income