Slide 1: First Quarter 2015 Earnings Conference Call
First Quarter 2015 Earnings Conference Call May 14, 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: Q1 Highlights, including Wise Metals
Shipments of 381 thousand metric tons, up 41% Revenue of €1.4 billion, up 58% Adjusted EBITDA of €95 million, up 34% P&ARP revenue more than doubles due to Muscle Shoals consolidation Automotive rolled product shipments up 19%; automotive extruded product shipments up 12% Automotive expansion projec
Slide 6: Packaging and Automotive Rolled Products Segment
Packaging and Automotive Rolled Products Segment Significant growth in all key metrics as a result of Muscle Shoals acquisition Strong volume in U.S., slightly lower volume in Europe due to soft market conditions in closures and foilstock Body-in-White projects in Neuf-Brisach and Bowling Green on s
Slide 7: Aerospace and Transportation Segment
Aerospace and Transportation Segment Solid demand in aerospace market with majority of business under long term contracts Softer transportation and industry markets Q1 2015 shipments of 59 kt, down 3% from 61 kt in Q1 2014 Improved operational performance (particularly on-time deliveries) Recovery p
Slide 8: Automotive Structures and Industry Segment Mix/Outlook
Segment Mix/Outlook Automotive Structures and Industry Segment Automotive Structures market demand remains strong, Industry market remains competitive Q1 2015 shipments of 56 kt, up 5% from 53 kt in Q1 2014; Automotive extrusions volume up 12% Plant expansion in Van Buren, Michigan complete, expansi
Slide 9: Didier Fontaine, Chief Financial Officer
Didier Fontaine Chief Financial Officer
Slide 10: Q1 2015 Adjusted EBITDA vs Q1 2014
71 26 95 Adjusted EBITDA 2014 P&ARP A&T AS&I (2) H&C (3) Adjusted EBITDA 2015 Q1 2015 Adjusted EBITDA vs Q1 2014 € millions
Slide 11: Q1 Adjusted EBITDA vs Q1 – Foreign Exchange and Premium Effect
Slightly higher Q1 premiums negatively impacted Adjusted EBITDA by (€5) million, foreign exchange impacted Q1 Adjusted EBITDA by €15 million 71 23 (7) 95 15 (7) Q1 Adjusted EBITDA vs Q1 – Foreign Exchange and Premium Effect € millions Adjusted EBITDA 2014 P&ARP A&T AS&I H&C (3) Adjusted EBITDA 2015
Slide 12: Q1 2015 Segment Performance vs Q1 2014
Q1 2015 Segment Performance vs Q1 2014 Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton (€) Shipments: 53kt 56kt +5% Shipments: 61kt 59kt (3)% Shipments: 156kt 266kt +71%
Slide 13: Adjusted Free Cash Flow
Three months ended March 31, 2015 Three months ended March 31, 2014 Improved cash flow from operating activities more than offset by the planned increase in capital expenditures from our growth initiatives Adjusted Free Cash Flow € millions Cash flow from operating activities (4) Margin calls includ
Slide 14: Wise Metals Acquisition Resets Trade Working Capital
Consolidation of Wise Metals provides room for future improvement 29 days 37 days Wise Metals Acquisition Resets Trade Working Capital Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15
Slide 15: Net debt and leverage; strong liquidity provides flexibility
March 31, 2015 Net debt and leverage increased due to consolidation of Wise Metals debt, including a non-cash foreign exchange translation impact of €100 million Fourth Quarter 2014 – € millions Total Debt (*) 2,168 Cash and Cash Equivalents Net Debt 1,816 Liquidity (**) (*) Including fair value of
Slide 16: First Quarter 2015 – Key Takeaways
First Quarter 2015 – Key Takeaways Q1 2015 Shipments, Revenues and Adjusted EBITDA, +41%, +58% and +34% respectively, compared to Q1 2014 P&ARP shipments, revenues, and Adjusted EBITDA +71%, +115% and +98% respectively, due to Muscle Shoals consolidation Automotive expansion projects progressing on
Slide 17: @ constettium
@ constettium
Slide 18: @ constettium
@ constettium
Slide 19: IFRS – Income Statement
Three months ended March 31, 2015 Three months ended March 31, 2014 IFRS – Income Statement € millions Revenue 1,393 (Loss) / income from operations (4) Other expenses - (1) Finance costs – net (43) (9) Share of loss of joint-ventures (1) - (Loss) / income before income taxes (48) Income tax benefit
Slide 20: IFRS – Statement of Financial Position
March 31, 2015 December 31, 2014 IFRS – Statement of Financial Position € millions Non-current assets 2,372 Current assets 1,940 2,046 Assets held for sale Total Assets 4,328 3,012 Equity (88) (37) Non-current liabilities 3,025 1,991 Current liabilities 1,382 1,050 Liabilities held for sale Total Eq
Slide 21: Net Debt Reconciliation
March 31, 2015 December 31, 2014 Net Debt Reconciliation € millions Borrowings 2,277 1,252 Fair value of cross currency interest rate swap (97) (29) Cash and cash equivalents (352) (989) Cash pledged for issuance of guarantees (12) (10) Net Debt 1,816
Slide 22: Reconciliation of net income to Adjusted EBITDA
Three months ended March 31, 2015 Three months ended March 31, 2014 Fourth Quarter 2014 – Reconciliation of net income to Adjusted EBITDA € millions Net (loss) / income (31) Income tax (benefit) / expense (17) (Loss) / income before income tax (48) Finance costs - net Other expenses - Share of loss