Slide 1: Fourth Quarter and Full Year 2015 - Earnings Call
Fourth Quarter and Full Year 2015 - Earnings Call March 15, 2016 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: 2015 Highlights (FY 2015 vs FY 2014)
Shipments of 1.5 million metric tons, up 39% Revenue of €5.2 billion, up 41% 2015 Adjusted EBITDA of €343 million, up 25% from €275 million in 2014, driven by the acquisition of Wise, the recovery of the Aerospace and Transportation segment (A&T) and a record performance in the Automotive Structures
Slide 6: Packaging and Automotive Rolled Products Segment
Packaging and Automotive Rolled Products Segment Muscle Shoals results in line with prior guidance, run-rate of €13 million in synergies achieved by end of 2015. Wise now fully-integrated into P&ARP segment, no separate guidance going forward Continued excellent operational performance at Neuf-Brisa
Slide 7: Aerospace and Transportation Segment
Aerospace and Transportation Segment Total shipments of 231 kt down 3%, Aerospace shipments of 116 kt up 8%, Transportation shipments of 115 kt down 11% Solid demand in Aerospace market with majority of business under long-term contracts Recovery in Aerospace Adjusted EBITDA and Adjusted EBITDA per
Slide 8: Automotive Structures and Industry Segment
Automotive Structures and Industry Segment Total segment shipments up 2% to 212 kt, mainly driven by solid demand in automotive extruded products up to 97 kt, representing 46% of segment Demand for automotive applications remains strong and is growing Record year for Adjusted EBITDA and Adjusted EBI
Slide 9: Didier Fontaine, Chief Financial Officer
Didier Fontaine Chief Financial Officer
Slide 10: 2015 Adjusted EBITDA vs 2014
2015 Adjusted EBITDA vs 2014 € millions Solid performance in A&T and AS&I in Adjusted EBITDA while performance of P&ARP includes integration of Muscle Shoals offset by higher H&C
Slide 11: Q4 2015 Adjusted EBITDA vs Q4 2014
Q4 2015 Adjusted EBITDA vs Q4 2014 € millions Solid performance in A&T and AS&I in Adjusted EBITDA while performance of P&ARP includes integration of Muscle Shoals
Slide 12: 2015 Segment Performance vs 2014
Shipments: 620kt 1,035kt +67% 2015 Segment Performance vs 2014 12 Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton (€) +11% AS&I Shipments: 208kt 212kt +2% +14% A&T Shipments: 238kt 231kt(3)% +17% +8% P&ARP +55% (7)%
Slide 13: Q4 2015 Segment Performance vs Q4 2014
Shipments: 142kt 239kt +67% Q4 2015 Segment Performance vs Q4 2014 13 Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton (€) +14% AS&I Shipments: 51kt 48kt (7)% +55% A&T Shipments: 55kt 50kt(8)% +68% +23% P&ARP +58% (6)%
Slide 14: Positive Adjusted Free Cash Flow
Positive Adjusted Free Cash Flow € millions Year ended Dec 31, 2015 Year ended Dec 31, 2014 Cash flow from operating activities (*) 511 212 Margin calls included in cash flow from operating activities (1) (11) Cash flow from operating activities excluding margin calls 510 201 Capital expenditure (35
Slide 15: Net Debt and Liquidity
€ millions December 31, 2015 September 30, 2015 Total Debt (*) 2,175 2,119 Cash and Cash Equivalents 472 331 Net Debt 1,703 1,788 Liquidity (**) 733 577 Liquidity (*) Including fair value of cross currency interest swap and cash pledged for issuance of guarantees (**) Liquidity measured as the sum o
Slide 16: Pierre Vareille, Chief Executive Officer
Pierre Vareille Chief Executive Officer
Slide 17: Addressing Investor Concerns
Addressing Investor Concerns Investor Concerns What we are doing Reducing leverage Year-end 2015 leverage below 5x Increasing liquidity Increased liquidity to €733 million at the end of 2015 Expect to launch a secured corporate bond offering of approximately $400 million De-risking North American Bi
Slide 18: Constellium's Strategic Review
Constellium’s Strategic Review Confirm Muscle Shoals as a future supplier of Body-in-White substrate Muscle Shoals remains a strategically important asset and will supply 51% of the substrate required for the expanded JV Company recorded a €400 million impairment charge on Wise assets driven by the
Slide 19: Update on Constellium Capex Plan
Update on Constellium Capex Plan Significant reduction in anticipated growth capex through 2021 from original $750 million for BiW in North America announced in October 2014 following the acquisition of Wise In October 2015, Constellium revised its capex estimate to $620 million Planned agreement to
Slide 20: Expansion of Existing Joint Venture
Key Recent Development Expansion of Existing Joint Venture Overview of Expanded Joint Venture Capex Bridge to $340mm of BiW Investments Constellium and UACJ plan to expand their Joint Venture to establish a leadership position in the growing North America Body-in-White market* By joining forces, the
Slide 21: Key Takeaways
Key Takeaways 2015 Shipments, Revenues and Adjusted EBITDA, up +39%, +41% and +25%, respectively, compared to 2014 Recovery in A&T with Adjusted EBITDA per ton improved to €445 in 2015 and record performance in AS&I Body-in-White expansion projects in Europe and in the U.S. on target for pre-qualifi
Slide 22: Q&A
Q&A ¢ Constellium Fourth Quarter 2015 Earnings Call 22
Slide 23: Appendix
Appendix ¢ Constellium Fourth Quarter 2015 - Earnings Call 23.
Slide 24: Shipments by Product Line
Shipments by Product Line (000’s metric tons) 2015 2014 Change Aerospace rolled products 116 108 8% Transportation, industry and other rolled products 115 130 (11%) Packaging rolled products 880 494 78% Automotive rolled products 88 76 16% Specialty and other thin-rolled products 67 50 34% Automotiv
Slide 25: IFRS – Income Statement (Q4)
IFRS – Income Statement € millions Three months ended Dec 31, 2015 Three months ended Dec 31, 2014 Revenue 1,122 936 Loss from operations (418) (10) Other expenses - 1 Finance costs – net (36) (12) Share of loss of joint-ventures (1) (1) Loss before income taxes (455) (22) Net income from discontinu
Slide 26: IFRS – Income Statement (Full Year)
IFRS – Income Statement € millions Year ended Dec 31, 2015 Year ended Dec 31, 2014 Revenue 5,153 3,666 (Loss) / income from operations (426) 150 Other expenses - - Finance costs – net (155) (58) Share of loss of joint-ventures (3) (1) (Loss) / Income before income taxes (584) 91 Net income from disc
Slide 27: IFRS – Statement of Financial Position
IFRS – Statement of Financial Position € millions December 31, 2015 December 31, 2014 Non-current assets 2,166 955 Current assets 1,449 2,057 Assets held for sale 13 0 Total Assets 3,628 3,012 Equity (540) (37) Non-current liabilities 2,962 1,994 Current liabilities 1,193 1,055 Liabilities held for
Slide 28: Net Debt Reconciliation
Net Debt Reconciliation € millions December 31, 2015 December 31, 2014 Borrowings 2,233 1,252 Fair value of cross currency interest rate swap (47) (29) Cash and cash equivalents (472) (991) Cash pledged for issuance of guarantees (11) (10) Net Debt 1,703 222
Slide 29: Adjusted Free Cash Flow Reconciliation
Adjusted Free Cash Flow Reconciliation € millions Three months ended Dec 31, 2015 Three months ended Dec 31, 2014 Cash flow from operating activities 267 90 Margin calls included in cash flow from operating activities - - Cash flow from operating activities excluding margin calls 267 90 Capital expe
Slide 30: Reconciliation net income
Reconciliation net income € millions Three months ended December 31, 2015 Three months ended December 31, 2014 Year ended December 31, 2015 Year ended December 31, 2014 Net income / (loss) (429) (16) (552) 54 Income tax (benefit) / expense (26) (6) (32) 37 (Loss) / income before income tax (455) (22