Slide 1: Second Quarter 2014 Earnings Conference Call
Second Quarter 2014 Earnings Conference Call August 28, 2014 Exhibit 99.2
Slide 2: Forward-looking statements
Forward-looking statements Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward-looking statements” with respect to our business, results of ope
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 fina
Slide 4: Pierre Vareille, Chief Executive Officer
Pierre Vareille Chief Executive Officer
Slide 5: Adjusted EBITDA of €81 million
Adjusted EBITDA of €81 million Shipments of 279k metric tons, up 2% Revenues: €920 million, up 3% on a like-for-like basis Record shipments and EBITDA performance in P&ARP Continued strong performance in AS&I Partial recovery in A&T segment leading to significant EBITDA and EBITDA per ton improvemen
Slide 6: Aerospace Market: positive long term outlook
Aerospace Market: positive long term outlook Slightly improving supply chain conditions Most aerospace business under long term contracts; low spot market exposure Considerable recovery in Aerospace EBITDA and EBITDA per ton from Q1 Continued impact of higher metal premiums Held first Analyst Day in
Slide 7: Packaging Market: maintained good performance
Packaging Market: maintained good performance Strong shipments, improved demand Excellent operational performance Record shipments in Neuf-Brisach Market context Constellium recent developments Improvement due to healthy European market demand in Q2 Continued positive long term outlook
Slide 8: Automotive Rolled Market: Body-in-White exhibiting strong growth
Automotive Rolled Market: Body-in-White exhibiting strong growth Body-in-White volume increased +47% from Q2 2013 Body-in-White capacity expansion in Europe proceeding according to plan Body-in-White finishing plant breaks ground in Bowling Green, KY Heat exchangers business performing well as new p
Slide 9: Automotive Extrusions: strong position in a growing market
Market context Automotive Extrusions: strong position in a growing market Strong long term global demand for more aluminum in automotive structures, crash management systems and chassis due to lightweighting and regulatory requirements Automotive Structures volume increased +27% compared to Q2 2013
Slide 10: Didier Fontaine, Chief Financial Officer
Didier Fontaine Chief Financial Officer
Slide 11: Q2 Segment Performance Compared with Q2 13
37 31 29 36 18 20 372 373 181 219 Q2 14 Segment Performance Compared with Q2 13 Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton (€/T) Shipments (kt) (1)% Shipments (kt) Shipments (kt) +2% +10%
Slide 12: Q2 Segment Performance Compared with Q1 14
27 36 20 20 395 497 171 219 366 373 Q2 14 Segment Performance Compared with Q1 14 Segment Adjusted EBITDA (€m) Adjusted EBITDA per ton (€/T) Shipments (kt) 61 62 +1% Shipments (kt) 156 165 +6 % Shipments (kt) 53 53 (0)%
Slide 13: Significant Improvement in Adjusted Free Cash Flow
Six months ended June 30, 2014 Six months ended June 30, 2013 Significant Improvement in Adjusted Free Cash Flow € millions Cash flow from operating activities (1) Margin calls included in cash flow from operating activities (11) (2) Cash flow from operating activities excluding margin calls (3) Cap
Slide 14: Improving Trade Working Capital Trend
37 days 29 days 32 days 25 days Improving Trade Working Capital Trend Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 +€73m €(78)m +€84m FY11 FY12 FY13 FY14
Slide 15: Strong balance sheet with enhanced liquidity
June 30, 2014 € millions Total Debt (*) Cash and Cash Equivalents Net Debt Net Debt / LTM Adjusted EBITDA 0.7 Liquidity (**) (*) Including fair value of cross currency interest swap and cash pledged for issuance of guarantees (**) Liquidity measured as the sum of Cash and Cash Equivalents and availa
Slide 16: Key Takeaways
Key Takeaways Record performance in P&ARP Strong performance in AS&I Partial recovery in A&T leading to considerable improvement from Q1 New Body-in-White projects progressing well in Europe and in the U.S. Expanding global automotive structures capacity Completed bond offerings enhancing total liqu
Slide 17: Constellium
@ constettium
Slide 18: IFRS Statements
IFRS Statements
Slide 19: IFRS – Income Statement
Three months ended June 30, 2014 Three months ended June 30, 2013 IFRS – Income Statement € millions Revenue Income from operations Other expenses - (24) Finance costs – net (27) (9) Income before income taxes Income tax expense (15) (16) Net Income / (loss)
Slide 20: IFRS – Statement of financial position
June 30, 2014 June 30, 2013 IFRS – Statement of financial position € millions Non-current assets Current assets 1,384 1,069 Assets held for sale Total Assets 2,125 1,764 Equity Non-current liabilities 1,224 Current liabilities Liabilities held for sale Total Equity and Liabilities 2,125 1,764
Slide 21: Non-GAAP Measures Reconciliations
Non-GAAP Measures Reconciliations
Slide 22: Net Debt Reconciliation
June 30, 2014 December 31, 2013 Net Debt Reconciliation € millions Borrowings Fair value of cross currency interest swap - Cash and cash equivalents (403) (233) Cash pledged for issuance of guarantees (9) (9) Net Debt
Slide 23: Adjusted Free Cash Flow Reconciliation (three months)
Three months ended June 30, 2014 Three months ended June 30, 2013 Adjusted Free Cash Flow Reconciliation € millions Cash flow from operating activities Margin calls included in cash flow from operating activities - (2) Cash flow from operating activities excluding margin calls Capital expenditure (3
Slide 24: Adjusted Free Cash Flow Reconciliation (six months)
Six months ended June 30, 2014 Six months ended June 30, 2013 Adjusted Free Cash Flow Reconciliation € millions Cash flow from operating activities (1) Margin calls included in cash flow from operating activities (11) (2) Cash flow from operating activities excluding margin calls (3) Capital expendi
Slide 25: Adjusted EBITDA Reconciliation
Q2 2014 Q2 2013 Adjusted EBITDA Reconciliation € millions Net income / (loss) Income tax expense Income before income tax Finance costs - net Other expenses / share of results of joint-ventures - Income from operations Depreciation and impairment Unrealized (gains)/losses from remeasurement of monet