Constellium Se · NYSE:CSTM
Constellium — Investor Day (March 2017)
73 slides from Constellium's investor day presentation, Mar 23, 2017
Slide 1: Welcome Analyst Day
Lyol ANE ae aon WELCOME ANA DAY
Slide 2: Forward-Looking Statements
FORWARD-LOOKING Certain statements” contain the indebtedness business Report results 2revise negative any depend on statements words and operations; Form forward-looking with of operations. which such on these 20-F, respect many contained as, could slower terminologies and but events, STATEMENTS The
Slide 3: Non-GAAP Measures
NON-GAAP This because analysts, results. companies. 3measures presentation Adjusted management investors toThese the MEASURES most EBITDA, includes non-GAAP anddirectly uses other this information Adjusted interested comparable financial information EBITDA parties regarding measures GAAP to monitor
Slide 4: Opening remarks
Opening 4JE A N—MA remarks RCGERMAIN
Slide 5: 2016 a pivotal year for the company
2016debt STABILIZED Adjusted Significant ADVANCED Major 52PusherWAS investments IMPROVED All First new EBITDA A operational CALP PIVOTAL furnaceOUR BUSINESS greenfield maturity now at in in increased STRATEGIC lines rolling improvements YEAR (fully-owned Ravenswood, auto COMPANY not FOLLOWING 2compl
Slide 6: Strong positions in attractive end-markets provide a platform for success
STRONG Constellium Can AUTOMOTIVE AEROSPACE PACKAGING #2 Aerospace Crash 6Market Europe Body Management positions POSITIONS Stock: & Plates: is#3a North global based #1Systems: Worldwide America aluminium on IN 2016 ATTRACTIVE shared Closure: company Aerospace rolling #1 Worldwide #1 internal and EN
Slide 7: Three attractive end-market highlights
THREE NORTH AUTOMOTIVE kt 1.500 2016 41.000 100 200 +2% kt CAGR 02CAGR 500 000 NA016 CAGR +3% 7Source: ATTRACTIVE +19% 500 ktAMERICA +12% 0% CRU AEROSPACE airEUROPE 0 Aluminium Lightweighting Secular end-market 2021 growth in trend END stabilizing traffic MARKETS HIGHLIGHTS is expectedPACKAGING Euro
Slide 8: Specific drivers on automotive focus
SPECIFIC Global Air DRIVERS Strengthening decreasing Cities/States Growing 8Source: quality trend ICCT: subsidies customer CO2 FOCUS becoming regulating favoring nation-wide International emissions demand appetite favoring ONaaluminium national/local polluting AUTOMOTIVE (EU, regulations for electri
Slide 9: Specific drivers and aluminium solutions in automotive
Air best Strengthening Cities/States Growing SPECIFIC Engine SOLUTIONS DRIVERS Aerodynamic while Crash-absorption Lightweighting Electric and rolled Aluminium lightweighting products the Source: 5A answers Global quality extruded protecting trend optimization ICCT: vehicles, are subsidies customer F
Slide 10: Share of high value-added products steadily increasing
SHARE PERCENTAGE Specialties Wide Auto Battery Crash Automotive Heat Aerospace Wingskins Fuselage Coffee Closures 11 exchangers Body coils Management capsules boxes OF sheets Airware (machined (transportation) Bright Sheet HIGH Packaging OF /sheet Body VALUE-ADDED Systems CONSTELLIUM plates) structu
Slide 11: Value-added capabilities and manufacturing footprint
VALUE-ADDED 22 Plymouth, Automotive R&T automotive Sales support Bowling BiW/ABS Corporation, Muscle Constellium The America efficient San White, Expected Van integrated manufacturing Ravenswood, Leading demanding Among Valais, Worldwide Plate engineering Large Singen, Integrated A Our Voreppe, 75So
Slide 12: Compelling financial strategy in place
CONSTELLIUM HIGH CUSTOMER OPTIMIZE PRODUCT HARVEST STRICT INCREASED 13 VALUE-ADDED COST RECENT PORTFOLIO MARGINS CONNECTIVITY FINANCIAL CONTROL HASINVESTMENTS AAND PRODUCT COMPELLING MANAGEMENT /FLEXIBILITY CONTINUOUS ASSETFOCUS UTILIZATION STRATEGY IMPROVEMENT THROUGH IN PLACE
Slide 13: A highly experienced team of business unit leaders
A HIGHLY Arnaud 11 Worked Graduate Ingrid 22 Holds Paul 25 Chartered 14 years WARTON an JOERG JOURON 12 of MBA of Engineer years experience EXPERIENCED France’s –from –President, in President, – various and President, the Ecole inan University the managing MBA Aerospace Polytechnique consulting Auto
Slide 14: Deploying our strategy across our business
DEPLOYING PACKAGING AEROSPACE PRODUCTS AUTOMOTIVE & Grow FINANCE and Maintain on Execute Invest Project 15 communications AUTOMOTIVE TRANSPORTATION INDUSTRY reducing capital ABS to2019: on maintain aerospace discipline businesses growth costs positive OUR STRUCTURES leadership projects ROLLED shipme
Slide 15: Adding up objectives for the future
ADDING Positive OBJECTIVES Adjusted High Execute Neuf by White, plants Van Singen Cost our Capital ~€150m—€175m 16 2019 platform Buren reduction Brisach single running Georgia upgrade spending and Free EBITDA IT and digit harvest UP Cash and by and Decin and completed –Adj. atBowling 2019 for FUTURE
Slide 16: Packaging & Automotive Rolled Products
Packaging Automotive A 17R N A U&DRolled J O UProducts RON
Slide 17: A global leader in key end markets
A GLOBAL 2016 Shipments: 4% KEY 80% 13% Automotive 7% Other 85% Packaging 11% Can PACKAGING (#2 #3 Auto AUTOMOTIVE (Joint Market Paintstock Cosmetics Decorative SPECIALTIES Heat-Exchangers 18 in Automotive inBody FIGURES Body PRODUCTS North #2 Europe, positions inStock Sheet 1,013kt Europe) America)
Slide 18: Record shipments and adjusted EBITDA in 2016
RECORD 14 Record significant and 2016 increased Revamping cold in Neuf-Brisach: achieved; Singen: automotive SHIPMENTS ADJUSTED 2013 620 2014 606 595 Specialties/Other 1,035 Muscle Packaging Automotive 2015 1,013 92 201 05183 2012 250 200 150 100 ADJ. €m 176 €/t 190 153 19 0order 105 productivity 17
Slide 19: North American and European operations function as one system
NORTH 15 SUPPORTED Bowling Ramping Corporation Voreppe, World-class Singen, 230kt Integrated unique lead Joint- P&ARP LLeeggeenndd Muscle Can Widest Capacity Plymouth, Automotive R&T automotive Sales support Neuf-Brisach, 450kt packaging ABS up 20 tosheet times CALP capacity 165kt center office Vent
Slide 20: Canstock: stable market outlook
CANSTOCK 16 A 012Source: 2011 +3% 500 EUROPEAN TO NORTH 21 0% CAGR 011 500 000 STABLE ALUMINIUM 2016 CRU. AMERICA 2021 OUTLOOK DEMAND MARKET: Note:AND North (KT)IN ECONOMIC DRIVEN EUROPE America NORTHBYincludes (KT) AMERICA; GROWTH FURTHER Mexico CONTINUED IN SUBSTITUTION EASTERNGROWTH EUROPE FROMFO
Slide 21: Canstock: resilience in recession
RECESSION CANSTOCK: 17 RESILIENCE IN OUR Can across Competitive but competitive Metal Efficient Logistics European 2007 110% 100% 90% 80% 70% Total North Source: 22 NORTH EUROPE domestic sheet 2008 European North PERSPECTIVES American inputs economic CRU. operations Canstock demand 2009 American AME
Slide 22: Auto body sheet: aluminium growth
AUTO 18 01GROWTH 400 1200 2016 +19% 2012 600 800 Source: NORTH ABS BY 23 +12% CAGR BODY 000 FORECAST 200 2021 000 0500 INCREASED GROWTH 2016 SHEET: Constellium AMERICA 2021 INEUROPE INALUMINIUM NORTH (KT) NORTH internal AMERICA AMERICA analysis, INTENSITY (KT) CRU AND EUROPE AND EUROPE DRIVEN
Slide 23: Operations in Europe: ABS ramp-up
OPERATIONS 19 INCREASE RAMP-UP NEUF-BRISACH, of Ramp-up Comprehensive and CALP SINGEN, ABS New in Expected Main CONTINUOUS 24 order schedule 6xxx 100kt Continuous project total customers: LINE toalloys total completion on GERMANY capacity supply OF CALP IN launched track INplant NEW EUROPE: ABS prod
Slide 24: Operations in North America: Muscle Shoals and Bowling Green
OPERATIONS 20 REVAMP MUSCLE 450kt expected Widest Transformation underway Rigorous in COLD BOWLING New on-time Ramp-up by Comprehensive (inners Timing facility LINE 25 place late 100kt 1rolling 2018 ROLLING and hot has of IN in and to cost on to second OF SHOALS, 2016 mill BOWLING ample integrated o
Slide 25: Latest product developments
LATEST PRODUCT 6xxx Securalex® Constellium’s Helps P&ARP Potential 26 series save ismarket DEVELOPMENTS supplying up designed INNOVATIONS: INNOVATION HSnew tobeing size: 30%aluminium Aeral™ to15-20kt used ofprovide weight on END to FOR the sheet energy compared a MARKET can new AUTOMOTIVE solution m
Slide 26: Our specific actions: investments and cost saving
OURexample: New Hot P&ARP For Equipment Procurement Raw SPECIFIC 27 and material automotive MAJOR Cold HAS ACTIONS efficiency yield rolling PASSED LAUNCHED INVESTMENTS finishing revamp LAUNCHED THE line VARIOUS PEAK ininMuscle ARE Neuf-Brisach, Bowling INVESTMENT TOEITHER Shoals, COST REDUCE Green,
Slide 27: Adding it up: future of P&ARP
ADDING GROW OPTIMIZE CONTINUE 28 ABS ITCAPACITY RIGOROUS UP BUSINESS – FUTURE UTILIZATION IN COST, THE P&ARP WORKING U.S. AND EUROPE CAPITAL AND CAPEX DISCIPLINE
Slide 28: Q&A
29 Q&A
Slide 29: Aerospace & Transportation
Aerospace IN 30 GR ID J&OTransportation ERG
Slide 30: A global leader in aerospace, transportation, industry and defense
A GLOBAL 25 Global Solid and #1 39% 61% Sales: Industry Transportation, 51% Aerospace 49% Shipments: Defense Market 2016 KEY 31 inindustry FIGURES PRODUCTS aero wide positions €1,302m leader positions &sheets plates coils 243kt LEADER ininin BY the worldwide in based selected North AND Europe aerosp
Slide 31: A&T shipments and adjusted EBITDA
A&T425 26 WITH Higher financial Shipment +2% Weaker EBITDA Volume operational particularly aerospace Cost expected earnings 224 Industry Transportation, 106 Aerospace 472 445 380 2012 SHIPMENTS ADJ. 32 244 120 491 reduction in 2013 EBITDA/T EBITDA HAS INCREASED shipments aerospace product growth, 23
Slide 32: A&T manufacturing sites
A&T MANUFACTURING 27 Ravenswood, Issoire, pre-machined Valais, extrusions Montreuil-Juigné, Ussel, Products: 33 France Switzerland France plates, plates extrusions cast WV plates parts coils coils, France &and sheets, wingskins, sheets SITES WELL LOCATED TO SERVE ITS GLOBAL CUSTOMER BASE
Slide 33: Aerospace market dynamics remain very attractive
333/current AEROSPACE 28 A320 AIRBUS Main MARKET at per Growth OEM A330 BOEING rate DYNAMICS backlog A350 REMAINS Next-generation annum aircraft for plate atprojected A380 mix end B737 OUTLOOK A2016 VERY B767 aircraft atATTRACTIVE 2% B777 not B787 B747END MARKET 333///44composites 3 expected before
Slide 34: A&T's share of aerospace sales covered by long-term contracts
A&T’S 29 SHARE Several aircraft C A350 service 2014 flying Airware® contracts OEM Multi-year with DIVERSIFIED 2015 90% COVERED 35 Series Airbus OF 2016 entry with OEM regional CONTRACTS IN entry CONSTELLIUM’S 2017 contract into EXPECTED BY Airware® contracts into CUSTOMER LONG-TERM andwith business
Slide 35: Undisputed aerospace leadership with Airware
33/Series *principal BROAD 30 UNDISPUTED C Bombardier KC-390 Embraer Falcon SpaceX Airbus -4% Toughness +6% Strength +8% Fatigue +25% Resistance Corrosion +46% Airware® Stiffness +7% ConventionalOne Density A350pilot 7050 AEROSPACE 2050 casting alloy* T7451 LEADERSHIP facility inPORTFOLIO IN ALat C-
Slide 36: Airware growing share of high value-add products
33333/4 THROUGH A&T 31 4 Airware® IS GROWING Fuselage UNIQUE SHARE sheets MANUFACTURING OF HIGH VALUE-ADD CAPABILITIES AEROSPACE AND ALLOY PRODUCTS PORTFOLIO Alloy 4 4 Presence coverage presence players Tier Focus Players and Global of 1Wingskins /keyPre-machined Closed-loop Manufacturing Depth at P
Slide 37: A&T portfolio for transportation, industry and defense
A&T 32 FOR (for GripsterTM Xtral® Precision Unidal® armor KeikorTM DokimaTM Alumold® for Sealium® Herkal® patented Strong, DEFENSE INDUSTRY TRANSPORTATION Thick capabilities: Wide Low-residual Growth products penetration, new and PORTFOLIO BROAD applications … PRODUCTS… VALUE-ADD SOLID 38 POSITIONS
Slide 38: Growth opportunities in transportation markets
33Tank *FUTURE Developing of Increasing Lightweighting TRUCKS to platform Strong in opportunities Market DEFENSE America set Awarded Army $35 Very Productivity Aerospace PUSHER 39 support address North high for million tight TARDEC* growth Automotive value recovering contract FURNACE GROWTH & temper
Slide 39: Ravenswood pusher furnace investment
RECENT 34 OF Airware® and Achieve recycling Reduced two Business labor The of expected production across product 40 these A&T’S technology years combination productivity the mix projects metal equipment to process and through OPERATIONAL A&T cast costs MANUFACTURING reduce furnace cost houses indust
Slide 40: Recent operational improvements and cost savings
ADDING 35 Increase further Grow new Leverage Deliver increase 41 market indevelop operational productivity transportation, share existing ITsegments UP ofdownstream –value-add technology FUTURE excellence and and industry reduce specialty products activities A&T totoinnovate and cost satisfy applica
Slide 41: Adding it up: future of A&T
42 Q&A
Slide 42: Q&A
P AIndustry Automotive & 43 U L W AStructures RTON
Slide 43: Automotive Structures & Industry
18% FIGURES 27% SHIPMENTS: 55% GLOBAL STRONGLY 2016 37 KEY Extrusions 11% Structures 43% REVENUE: Other 46% AUTOMOTIVE 54% market: Automotive Market 44 PRODUCTS positions LEADER for €1,002m POSITIONED Automotive 217kt BY STRUCTURES based AND END-MARKETS INon ALUMINIUM END 2016 INMARKETS ELECTRIC com
Slide 44: AS&I key figures and positioning
38 01KEY3300 Automotive ADJUSTED SHIPMENTS ADJ. 2012 300 2003 /444 Transitioning 2013 IMPROVEMENT EBITDA2014 TurnaroundStructures EBITDA IN IN2015 Divestitures, KT €m of from products (2012-2016) 2016 and HAS Industry DRIVERS ADJ. lossDOUBLED EBITDA/T making business tocost IN designed LAST (2012-20
Slide 45: Adjusted EBITDA improvement in AS&I
GLOBAL AND Dahenfeld Changchun, France Switzerland Germany Gottmadingen, Van JV Michigan Ontario, White, Czech San Mexico Automotive University Brunel, Technology Industry center Engineering incl. Decin CED Building Levice Nuits-Saint-Georges segment) (Automotive Sierre Singen transport) & 15 46 39
Slide 46: Global presence in plants and engineering centers
33/4Battery Source: (in 2015 Market ~420 ~290 ~190 ~250 ~180 ~140 13% 4% Systems body & Chassis Crash Our AUTOMOTIVE SIGNIFICANT Structures Body CRASH 8% 7% 10% 2015-2025 CAGR market share estimate: ~35% 3//444kt) 3 BODY (e.g. CHASSIS SEGMENTS 47 40 2020 structures, Management growth AS Growth Growt
Slide 47: Significant growth expected in automotive segments
333////44Europe OEMs targeting high volume steel substitution onCUSTOMERS global 3 4key AUTOMOTIVE DIVERSIFIED Expected per CRASH 41 customer MANAGEMENT growth CUSTOMER STRUCTURES: ofgrowth Automotive SYSTEMS PORTFOLIO Structures sales WITH 5 MAJOR OEM 3 BODY mid-size Significant STRUCTURES Key auto
Slide 48: Diversified customer portfolio
AUTOMOTIVE WHY FULLY 42 ABILITY EACH PRODUCTION New (advanced Industrial (versus Skilled engineering Proprietary adapted Own applications Global worldwide global Propose and customer Understanding Ability solutions North Partnership Brunel, 49 University processes cost products extrusion America IS
Slide 49: Why Constellium is the preferred supplier
AUTOMOTIVE ENGINEERING DELIVERING (ingots Al elements Alloying casting Melt R&T DESIGN 43 folding-CB furnace folding Billet CASTING block Cutting FINAL EXTRUSION Stretching 50 MANUFACTURING Billet or shearing PRODUCT to recycling) length folding-shearing-CB heater COMPLETE STRUCTURES: Extruding Homo
Slide 50: Delivering complete structures by mastering the value chain
AUTOMOTIVE TYPICAL Contacts 44 START CUSTOMER TENDERING RFI INCLUDING RFQ Tests ANSWERS Design Quotation customer Industrial Prototypes & capacity Ensure (building, Produce scale 12-24 5-7 SOP: NOMINATION 2016 Typical Sales EOP Peak SOP Nomination 51 supplier years (Request (Request line 2017 of ADJ
Slide 51: Typical automotive project lifecycle
87%OEM AUTOMOTIVE RECENT 45 NA German Growth Lifetime SOP: 52 Renewal LINKED Q2/OEM Q1 Q3 Q4 revenue: Outsourcing Substitution 2019 2018 –NOMINATIONS SUV –TO Sports Electric Compact STRUCTURES: (Longitudinals, ~€300m ~€200m ~€100m GROWTH from Vehicle Vehicle Car steel INPROJECTS, (CMS) VALUE (Body (
Slide 52: Recent automotive nominations
AUTOMOTIVE INVESTMENT 46 from Expected EUROPE E GERMAN GOTTMADINGEN, FLEXIBLE New Flexibility White Depending production Production CMS Customers world Grand To base Level to by & €20m NORTH –F VAN CUSTOMER 53OLLOW XPANDING CMS increase NA expand in production 2016 BUREN, Global of additional market
Slide 53: Automotive structures investments
CURRENT INDUSTRY: Upgrade 47 Maintain EUROPE & FULLY-OWNED Produce Protect alloys NORTH –U ASTREX CONTROL A Optimized Speed IMPORTANCE production INDUSTRY 54 STRUCTURES PGRADE PSTREAM true EXPAND to material IPConstellium the AMERICA existing market: leadership JV, of supply IP INVESTMENT FOR propri
Slide 54: Upgrade and expand extrusion plants in Europe and North America
EXAMPLE INDUSTRY: PORTFOLIO Expansion 48 A Downstream Forging Products: Battery Machined Timeline: Well LEVICE Development –U EUROPE & With on DECIN 55PGRADE new EXPAND Eastern established specific casthouse extrusion boxes (CZECH stock expected parts on Europe OF equipment focus of OF aapplications
Slide 55: Expansion of Decin and Levice sites
ADDING CLEAR Retain CUSTOMER A FOCUS Strong Developed Integrated SEIZING Expected Downstream EXPERIENCED Extensive Year AS&I 49partner, provider steadily onHAS OPERATES leadership innovation year ON STRATEGIC further OPPORTUNITIES global IT developing growing supply of advanced BECOME INNOVATION dou
Slide 56: Adding it up: future of AS&I
63 Q&A
Slide 57: Q&A
$ constetium Finance PETER MATT
Slide 58: Finance
-FOCUS Lower Reduce RIGOROUS Optimize DISCIPLINE IRR/payback STRENGTHEN SHEET Sustainable Cash Sufficient IMPROVE Deleveraging WITH Deliver Shorten Improve FINANCE 51 65 PROJECT flow trade FINANCIAL on costs capital AND financial ON visibility existing liquidity improvement commitments PRIORITIES CO
Slide 59: Finance focus and priorities
FULL 52 P&ARP A&T AS&I Concluded Redeemed 2015 343 377 Revenues /Adj. 2016 flat up YEAR Shipments (€m) EBITDA Adjusted (kt) 5,153 up TonEBITDA 66 (€) FINANCIAL +10% EBITDA 27% atPIK of peak 23210% €103m 1.5MT 2016 to 4,743 1,478Toggle 257capital to €102m up per €201m RESULTS 1,470 SUMMARY 10%; ton N
Slide 60: Full year 2016 financial results summary
Over P&ARP Continued ~90% A&T under Q1 contracts; ~70% AS&I Demand Realizing CONFIDENCE 53 SIGNIFICANT 67 2017 90% firm of remains Aerospace shipments weaker benefits Q2 of system contracts Packaging 2017 VISIBILITY IN product robust wide ofexpected 2017 secured and recent cost and ~45% shipments mi
Slide 61: Significant visibility into 2017 adjusted EBITDA growth
33/4 Demonstrated COST FOCUS 54 REDUCTION ONbase FREEof CASHcost reduction FLOW capability – PROJECT 2019 across segments 33//444 TWC Cost at over €2 billion 61 (excluding (excl.metal) provides significant 2year end 2016 of2016 days factoring) 3 WORKING opportunity MANAGEMENT CAPITAL 33/44 20171 day
Slide 62: Focus on free cash flow: project 2019 cost reduction
DEMONSTRATED 55 No Corporate, everything Maintenance) Asset Technology Costs) Already €27m Significant already ~€24m Procurement Maintenance Manufacturing Other COST SUBSTANTIAL MUSCLE 69 stone Configuration interest BASE Run identified making unturned SHOALS SG&A additional Rate (Metal, OF expense
Slide 63: Demonstrated cost base opportunity: Muscle Shoals case study
RIGOROUS 56 Project spending Optimizing Increased Target down Maintenance and Growth AS&I capital ABS A&T Airware® Transform 350 €m 2014 275 199 CAPITAL Muscle 70 cost 355 Europe 2015 upgrades €80m biggest capital 2019 Shoals projects reduction: lens visibility SPENDING 2016 existing from focused CA
Slide 64: Rigorous capital spending discipline
OPTIMIZING 57 Upgrade Enable specialties, Least incremental “One-system” rolling Capital IRR: Payback: OEM Description: and Key platform Reuse new Maintain Return Minimal Attractive P&ARP—SINGEN 71 rear financial capex above capital renewal existing assets metrics: production employed: CMS of capita
Slide 65: Optimizing existing assets to drive returns
CALP 100kt KENTUCKY Not AT AUTOMOTIVE CMS Start-up ASTREX IN 13kt Currently business HARVESTING 58 OVER 72 WHITE, NEUF-BRISACH, SAN LAKESHORE, MUSCLE included extrusions and CALP LINE €325m expected LUIS Longitudinals radiator in AUTOMOTIVE GEORGIA ramp ramp-up IN line line; inSHOALS, OF POTOSI, to
Slide 66: Harvesting growth investments to come
STRENGTHENING 59 $650m Reduces Nearest Redeemed Facility US Wise -German Target 2016PF* Unsecured Other Cash Net Secured Total FOCUS *AND ** CAPITALIZATION 73 increased Pro-forma Other Factoring—increased debt ABL—extended and debt liquidity CASH ** Net Senior debt modifications: /IS debt interest /
Slide 67: Strengthening balance sheet and liquidity
REITERATING 60 High leading Capital Targeting Net 74 Debt single Spending to/positive over Adjusted digit€500m FINANCIAL Adjusted of Free EBITDA €275m in Cash Adjusted EBITDA inFlow target 2017 GUIDANCE in EBITDA range growth 2019ofannually in 4.0x—4.5x 2020 over the next three years,
Slide 68: Reiterating financial guidance
75 Q&A
Slide 69: Q&A
KEY 61 STRONG A FOCUSED WELL COMMITTED TARGETING 76COMPELLING TAKEAWAYS POSITIONED MARKET ONFREE TO COST STRATEGY BUILDING CASH POSITIONS TO REDUCTION DELIVER FLOW FINANCIAL IN IN PLACE POSITIVE ON AND ATTRACTIVE HIGH WITH CAPITAL FLEXIBILITY IN SINGLE STRONG 2019 END-MARKETS DISCIPLINE DIGIT LEADER
Slide 70: Key takeaways
Appendix & Canctallium
Slide 71: Appendix
Borrowings Fair Cash Net Debt value and 2,035 pledged Reconciliation cash of2,468 cross for equivalents 1,703 issuance 2,233 currency December of (347) interest guarantees (472) 31, rate2016 (9) swaps (11) December (77) (47)31, 2015
Slide 72: Reconciliation of net debt
Reconciliation December Net Finance Income Depreciation Impairment Restructuring Unrealized Losses Loss Share Metal Start-up Manufacturing Wise Other Adjusted loss on acquisition one-time purchase of based 1 price //tax 6Ravenswood costs and (Gains) (4) loss (loss) EBITDA 31, (gains) exchange expens
Slide 73: Reconciliation of net income to adjusted EBITDA
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