Constellium Se · NYSE:CSTM
Constellium — Investor Day (December 2018)
79 slides from Constellium's investor day presentation, Dec 14, 2018
Slide 1: Analyst Day NYC, December 13, 2018
Exhibit 99.1
Slide 2: Important Information: Forward-Looking Statements
IMPORTANT INFORMATION 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 busi
Slide 3: Important Information: Non-GAAP Measures
IMPORTANT INFORMATION Non-GAAP Measures This presentation includes information regarding certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA per metric ton, Free Cash Flow and Net debt. These measures are presented because management uses this information to monitor and e
Slide 4: Today's Program
TODAY’S PROGRAM Note: A brief Q&A session will follow each Business Unit presentation Topic Presenter Introduction Jean-Marc Germain CEO P&ARP Peter Basten President, Packaging & Automotive Rolled Products A&T Ingrid Joerg President, Aerospace & Transportation Break AS&I Paul Warton President, Autom
Slide 5: Jean-Marc Germain: Introduction
JEAN-MARC GERMAIN INTRODUCTION
Slide 6: Today's Highlights
TODAY’S HIGHLIGHTS Three Well-Positioned Businesses Delivering on Our Commitments Executing Our Strategy Growth Profile Remains Attractive Focusing on Free Cash Flow New Financial Guidance
Slide 7: Constellium at a Glance
CONSTELLIUM AT A GLANCE ~12K Employees 3 Strong Business Units 3 Core Markets €5.5B Revenue* €498M Adj. EBITDA* 1.5M Tons Shipped* * LTM September 30, 2018
Slide 8: A Global Leader with Three Strong Business Units
A GLOBAL LEADER WITH THREE STRONG BUSINESS UNITS Packaging & Automotive Rolled Products Automotive Structures & Industry Aerospace & Transportation €3.0B LTM REVENUE €1.4B LTM REVENUE €1.2B LTM REVENUE
Slide 9: Delivering on Our Commitments
DELIVERING ON OUR COMMITMENTS REMEMBER THE OBJECTIVES FROM OUR MARCH 2017 ANALYST DAY High Single Digit Adj. EBITDA Growth 2017: Delivered 14% 2018: On track for 11% to 13% ü ü ü ü On track On track for 2019 Below 4.0x Adj. EBITDA > €500M in 2020 Leverage 4.0 - 4.5x Positive FCF in 2019
Slide 10: Clear Business Strategy
CLEAR BUSINESS STRATEGY Focus on High Value Products Grow Customer Connectivity Optimize Asset Utilization through Portfolio Management Harvest Returns from Investments Strict Cost Control and Continuous Improvement Increase Financial Flexibility DISCIPLINED EXECUTION TO DRIVE INCREASED VALUE
Slide 11: Targeting High Value-Added, Attractive End Markets
Automotive Aerospace Packaging Other Specialties TARGETING HIGH VALUE-ADDED, ATTRACTIVE END MARKETS SECULAR GROWTH LTM REVENUE 23% SECULAR GROWTH DIVERSIFIED CYCLES Drivers: Diversified end markets with separate cycles Lightweighting in Transportation Drivers: Growth in air traffic Lightweighting Dr
Slide 12: Automotive: A Secular Growth Market for Aluminium and Constellium
AUTOMOTIVE: A SECULAR GROWTH MARKET FOR ALUMINIUM AND CONSTELLIUM Forecasted demand growth driven by increased aluminium intensity, not SAAR growth EVs to drive further intensity gains; potentially transformational demand Significant capacity ramp-up continues in Auto Body Sheet and Automotive Struc
Slide 13: Bowling Green Transaction Offers a Strong Value Proposition
BOWLING GREEN TRANSACTION OFFERS A STRONG VALUE PROPOSITION SIGNIFICANT STRATEGIC BENEFITS FROM BOWLING GREEN ACQUISITION Rationale for Acquisition Targets the attractive North American Auto Body Sheet market Supports our global customers Capacity fully committed with customer contracts Provides sig
Slide 14: Significant Adj. EBITDA Growth with More to Come
SIGNIFICANT ADJ. EBITDA GROWTH WITH MORE TO COME More to Come Harvesting the gains of our past investments Complete ramp-up of CALP lines at Neuf-Brisach and Bowling Green Increase Auto Body Sheet cold coil shipments at Muscle Shoals Deliver on AS&I investments across the platform Continue asset opt
Slide 15: Business Model Provides Stability and Underwrites Our Growth
BUSINESS MODEL PROVIDES STABILITY AND UNDERWRITES OUR GROWTH Pass through business model (LME + Regional Premium) Not a commodity aluminium company Long-term contracts with blue chip customers Visibility and stability Diversified end markets and geographies Balanced portfolio Attractive competitive
Slide 16: Free Cash Flow Is a Priority
FREE CASH FLOW IS A PRIORITY DRIVING FCF ACCOUNTABILITY THROUGHOUT CONSTELLIUM Creating a Cash Culture Business Units and Corporate Function must own FCF generation Focus in every Business Review Management incentives aligned Doing what we need to do Growing Adjusted EBITDA Pushing for further Proje
Slide 17: What to Expect in 2018 and 2019
WHAT TO EXPECT IN 2018 AND 2019 Updating Adjusted EBITDA guidance to €495M to €500M* Adjusted EBITDA growth of 8% to 10% Free Cash Flow in excess of €50M Note: Guidance includes changes to Pension and IFRS 16 * Comparable to 11.4% to 12.5% growth prior to Pension Accounting change 2018 2019
Slide 18: Establishing 2022 Targets
>8% CAGR ESTABLISHING 2022 TARGETS DISCIPLINED EXECUTION TO DRIVE INCREASED VALUE €M Leverage = Net Debt / LTM Adjusted EBITDA
Slide 19: Today's Presenters
TODAY’S PRESENTERS INGRID JOERG PRESIDENT, AEROSPACE & TRANSPORTATION PETER BASTEN PRESIDENT, PACKAGING & AUTOMOTIVE ROLLED PRODUCTS PAUL WARTON PRESIDENT, AUTOMOTIVE STRUCTURES & INDUSTRY PETER MATT CHIEF FINANCIAL OFFICER
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Slide 21: Peter Basten: Packaging & Automotive Rolled Products
PETER BASTEN PACKAGING & AUTOMOTIVE ROLLED PRODUCTS
Slide 22: P&ARP: A Global Leader in Packaging; Growing Presence in Automotive
LTM REVENUE 74% AUTOMOTIVE P&ARP: A GLOBAL LEADER IN PACKAGING; A GROWING PRESENCE IN AUTOMOTIVE * Not Shown: Specialties (6% LTM Revenue) BEVERAGE CANS P&ARP Plant Bowling Green Research & Technology Center FRANCE GERMANY AEROSOLS COSMETICS 4 PLANTS WORLDWIDE €3.0B LTM REVENUE 1.0MT LTM SHIPMENTS E
Slide 23: Improved Performance Has Been Encouraging with More to Do
IMPROVED PERFORMANCE HAS BEEN ENCOURAGING WITH MORE TO DO Key Initiatives: Automotive recovery improvement Procurement savings Overhead reductions Acquisition of Muscle Shoals in January 2015 Cost Savings Project 2019 Strategy Maintain leadership position in can stock Deliver profitable growth in Au
Slide 24: Auto Body Sheet Is an Attractive Growth Market
AUTO BODY SHEET IS AN ATTRACTIVE GROWTH MARKET * ABS: Auto Body Sheet Market Dynamics Automotive remains an attractive growth market for aluminium in both Europe and North America Secular growth driven by lightweighting Greater adoption of aluminium Auto Body Sheet in luxury cars, light trucks and S
Slide 25: Executing Strategy of Increasing Shipments to Automotive
SUCCESSFULLY EXECUTING ON OUR STRATEGY OF INCREASING SHIPMENTS TO THE AUTOMOTIVE MARKET Neuf-Brisach, France Ramp-up of 100kt CALP line on track Singen, Germany Expect to increase automotive shipment capacity by 20% to 30 kt in 2019 Muscle Shoals, Alabama Ramp-up of Auto Body Sheet cold coils supply
Slide 26: Bowling Green Is a Strategic Asset on the Right Path
BOWLING GREEN IS A STRATEGIC ASSET ON THE RIGHT PATH * YoY improvement is the average of 10M 2018 compared to average of 2017 +64% Progress on Key KPIs Throughput +64% YoY improvement Gross throughput has increased as downtime has fallen Recovery +7% YoY improvement Recovery continues to improve Upt
Slide 27: Can Stock Grows in Europe and Stable in North America
CAN STOCK CONTINUES TO GROW IN EUROPE AND REMAINS STABLE IN NORTH AMERICA * ABS: Auto Body Sheet Market Dynamics European can stock demand expected to increase: Conversion of can lines from steel to aluminium General increase of per capita can consumption Sustainability (vs. plastics/PET) North Amer
Slide 28: Can Stock: Stable Demand Across Economic Cycles
CAN STOCK: STABLE DEMAND ACROSS ECONOMIC CYCLES Can stock is a highly contracted business with 3-5 year contracts with blue chip customers providing significant visibility CONSUMPTION OF METAL BEVERAGE CANS REMAINED STABLE DURING THE LAST RECESSION Source: Global Data P&ARP Shipments Can stock remai
Slide 29: Recycling Is a Core Competency in P&ARP
RECYCLING IS A CORE COMPETENCY IN P&ARP * UBC: Used Beverage Can Aluminium cans provide a sustainable alternative to plastics in beverage packaging Infinitely recyclable Keeps same properties after recycling Value pays for recycling Recycling UBCs* saves 95% energy compared to using primary metals I
Slide 30: Significant Opportunities Remain at Muscle Shoals
SIGNIFICANT OPPORTUNITIES REMAIN AT MUSCLE SHOALS Medium-term opportunities Focus on recovery improvement and automotive readiness Increase reliability and quality Substantial opportunity in improving recovery Significant future potential by increasing volumes in both rolling and casting Expect >15%
Slide 31: The Road Ahead for P&ARP
THE ROAD AHEAD FOR P&ARP Maintain leadership position in can stock Complete ramp-up of automotive facilities in Europe and North America and successfully integrate Bowling Green Deliver on improvements at Muscle Shoals Continue to focus on and deliver operational excellence, productivity and cost re
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Slide 33: Ingrid Joerg: Aerospace & Transportation
INGRID JOERG AEROSPACE & TRANSPORTATION
Slide 34: A&T: A Global Leader in Aerospace
LTM REVENUE 55% TID* END MARKETS LTM REVENUE 45% AEROSPACE A&T: A GLOBAL LEADER IN AEROSPACE; GROWING IN TRANSPORTATION, INDUSTRY AND DEFENSE * TID: Transportation, Industry and Defense FRANCE SWITZERLAND 5 PLANTS WORLDWIDE €1.4B LTM REVENUE 243KT LTM SHIPMENTS BUSINESS & REGIONAL JET COMMERCIAL AIR
Slide 35: Successful Execution of Strategy Shows in Results
SUCCESSFUL EXECUTION OF STRATEGY SHOWS IN RESULTS Key Initiatives: Scrap metal usage and sourcing optimization Recovery improvement Overhead reductions Strategy Maintain leadership position in aerospace with a strong presence at all major OEMs Increase value-added content of aerospace shipments Expa
Slide 36: Aerospace Remains an Attractive Market
AEROSPACE REMAINS AN ATTRACTIVE MARKET Market Dynamics Passenger traffic forecasted to grow at 3.5% p.a. through 2025 Record global aircraft deliveries in 2017 7th consecutive year of higher deliveries Boeing and Airbus delivered 1,481 planes in 2017 (+3% YoY) OEM backlogs remain near record highs a
Slide 37: Integrated Service Offer Drives Value for Aerospace Customers
INTEGRATED SERVICE OFFER DRIVES VALUE FOR AEROSPACE CUSTOMERS Crucial development partner for customers due to outstanding R&D capabilities More than 300 aerospace patents State-of-the-art R&D center Creating value by vertically integrating aerospace supply chain, from closed loop recycling to parts
Slide 38: Aerospace Business Secured by Long-Term Contracts
Contract extension – BRJ Customer AEROSPACE BUSINESS SECURED BY LONG-TERM CONTRACTS Typical contracts are market share based with a length of 5 to 7 years * Developed and contracted as Bombardier CSeries Multi-year contract – Airbus Contract – Dassault Airbus A350 OEM contract renewals Airware® flyi
Slide 39: A Global Leader in Aluminium Lithium Technology
Space Began in 2002 with the NASA Space Shuttle Adopted by leading space launch platforms AIRWARE ® offers a combination of unique strength and weight properties for structural sections A GLOBAL LEADER IN ALUMINIUM LITHIUM TECHNOLOGY SPACE SHUTTLE EXTERNAL TANK AIRBUS A350 WING COMPONENTS AND EXTRUS
Slide 40: Expecting Continued Share Gain in TID
EXPECTING CONTINUED SHARE GAIN WITH TID SHIPMENT GROWTH AT 3-4X THE MARKET FURTHER SHARE GAIN OPPORTUNITIES IN TID MARKETS Market Dynamics TID markets overall expected to grow in line with GDP Vehicle light-weighting driving higher aluminium content demand U.S. transportation market demand currently
Slide 41: Industry and Defense: Targeting High-Value Niches
INDUSTRY AND DEFENSE: TARGETING HIGH-VALUE NICHES Unidal® Alumold® Dokima® Keikor® armor suite Sealium® for navy AlplanTM Beyond Precision Differentiated Industrial Plate Capabilities Thick plates Low-residual stress products Tight dimensional tolerances Healthy Portfolio of Recognized Products Defe
Slide 42: Transportation: Maintain Presence and Enter New Markets
TRANSPORTATION: MAINTAIN STRONG PRESENCE IN CURRENT NICHES AND ENTER NEW MARKETS Industry Transportation Defense North America TID Market Other Pleasure Boat Wide Roof Coil Truck Trailer Dump Body Vehicle Components Heavy Truck STRONG CSTM PRESENCE GripsterTM Xtral® Wide Coil Herkal® CSTM ENTERING N
Slide 43: The Road Ahead for A&T
THE ROAD AHEAD FOR A&T Increase share of value-add products in Aerospace Grow in Transportation, Industry and Defense through niche specialty applications and penetrating new market segments Leverage technology advantage to keep A&T ahead of the competitors Continue to focus on and deliver operation
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Slide 46: Paul Warton: Automotive Structures & Industry
PAUL WARTON AUTOMOTIVE STRUCTURES & INDUSTRY
Slide 47: AS&I: A Global Leader in Aluminium Extruded Solutions
AS&I: A GLOBAL LEADER IN ALUMINIUM EXTRUDED SOLUTIONS FRANCE GERMANY SWITZERLAND CZECH REPUBLIC SLOVAKIA UNITED KINGDOM 16 PLANTS WORLDWIDE €1.2B LTM REVENUE 248KT LTM SHIPMENTS Automotive Structures Plant Industry Plant Research & Technology Center LTM REVENUE 55% OTHER END MARKETS LTM REVENUE 45%
Slide 48: A Proven Track Record of Execution
A PROVEN TRACK RECORD OF EXECUTION Strategy Maintain leadership positions in Automotive Structures and European Extrusions Target attractive markets experiencing secular growth Invest to support the customers leading the aluminium transformation in the automotive market on a global basis Develop sol
Slide 49: Investing in AS&I's Global Footprint
Expanding AS&I’s Footprint INVESTING IN AS&I’S GLOBAL FOOTPRINT ASTREX, CANADA Opened in 2017 Producing Constellium proprietary alloys Automotive Structures Plant Industry Plant DECIN, CZECH REPUBLIC 2018 expansion on a new site New cast house and new extrusion line VAN BUREN, MICHIGAN Significant e
Slide 50: Customer Orientation & Focus on Technology
SPEEDS UP DEVELOPMENT TIME FOR NEW ALLOYS BY 50% OR MORE CUSTOMER ORIENTATION & FOCUS ON TECHNOLOGY R&D team to apply research to customer programs Customer orientation Develop engineered solutions adapted to customer needs Provide optimal product performance and weight reduction solutions Grow geog
Slide 51: Strong Growth Profile in Automotive
STRONG GROWTH PROFILE IN AUTOMOTIVE Source: Constellium analysis, HIS, Ducker, Bloomberg KT CAGR ~10% Crash management systems Core market with global presence and full service supplier offering ~40% market share Body structures Long-term market with strong substitution potential from steel Material
Slide 52: Executing on Our Automotive Growth
EXECUTING ON OUR AUTOMOTIVE GROWTH AS&I Automotive Growth Levers Material substitution, largely from steel Competitive position, share gains New applications, notably electric vehicles 2016€1.2BN 2017 €1.1BN YTD 2018€1.3BN Automotive Nominations A Nomination represents the expected lifetime revenue
Slide 53: Examples of Recent Nominations
European OEM – Luxury Sedan CMS Front Lifetime revenue: ~€195M SOP: Q4 2020 Growth EXAMPLES OF RECENT NOMINATIONS European OEM – EV CMS Front & Rear + Sill Member Lifetime revenue: ~€175M SOP: Q2 2021 Growth U.S. OEM – SUV Longitudinals Lifetime revenue: ~€240M SOP: Q2 2019 Growth European OEM – Mid
Slide 54: Significant Opportunity in Electric Vehicles
SIGNIFICANT OPPORTUNITY IN ELECTRIC VEHICLES The battery enclosure market could become the largest market for extrusion applications in cars by 2025 Battery enclosures have significant volume and margin potential Could represent 50% to 100% of the combined CMS, Body Structures and Chassis market in
Slide 55: Focusing on Difficult to Make Products with Higher Margins
FOCUSING ON DIFFICULT TO MAKE PRODUCTS AND UNIQUE VALUE STREAMS WITH HIGHER MARGINS INDUSTRY: A KEY CONTRIBUTOR AND DRIVER OF GROWTH The Importance of Industry Material development partner Speed to market: prototyping and serial production Optimizes supply chain Diversified end markets in Europe Hig
Slide 56: Examples of Industry Applications
EXAMPLES OF INDUSTRY APPLICATIONS Anti-lock Braking System Coextruded conductor rail for metro and subway system Bus Heat sink UNIQUE MANUFACTURING CAPABILITIES TO PROVIDE HIGH-VALUE ADDED PRODUCTS FOR SPECIALITY APPLICATIONS Rail Global leader with significant market share Expertise ranging from su
Slide 57: The Road Ahead for AS&I
THE ROAD AHEAD FOR AS&I Maintain leadership positions in Automotive Structures and European Extrusions and deliver on profitable growth Target highly attractive markets that are expected to experience secular growth Ramp up our recent investments Continue to expand footprint to support our customers
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Slide 59: Finance: Peter Matt
FINANCE PETER MATT 5 Constellium
Slide 60: Key Accounting Considerations
KEY ACCOUNTING CONSIDERATIONS Rationale Change to increase comparability to US GAAP peers Impacts Interest costs reclassified from Adjusted EBITDA to Finance costs Prior periods will be recast to conform to this presentation. €17M in 2017; ~€15M in 2018 No impact to Net Income Rationale Required by
Slide 61: Finance Priorities
FINANCE PRIORITIES Push Finance Priorities Throughout the Organization Deliver on Project 2019 Rigorous Capital Discipline Improve the Balance Sheet Drive Free Cash Flow Generation
Slide 62: Push Finance Priorities Throughout the Organization
PUSH FINANCE PRIORITIES THROUGHOUT THE ORGANIZATION Partner with Our Business Units Every Employee Can Make a Difference Measuring Performance to Drive Improvement Holding Ourselves Accountable Finance Priorities Reduce Costs Capital Discipline Financial Flexibility
Slide 63: Project 2019: Reduce Costs
PROJECT 2019: REDUCE COSTS Driving a cost reduction culture Over 250 initiatives in progress €38M of run rate cost savings achieved Savings from a wide range of sources Significant additional opportunity in 2019 and beyond PROJECT 2019 TARGET: €75M As of September 30, 2018 Target €M
Slide 64: Project 2019: Improve Working Capital
PROJECT 2019: IMPROVE WORKING CAPITAL Working capital investment expected to grow in line with the growth of our business and increased product complexity Working capital is a significant medium-term opportunity Inventory built to address trade uncertainty and reliability Discipline around receivabl
Slide 65: Project 2019: Disciplined Capital Spending
PROJECT 2019: DISCIPLINED CAPITAL SPENDING Using Project 2019 lens to drive capital discipline Plan to bring capital spending down to €265M in 2019 Maintenance capital spending remains at €150-175M Hurdle rate of 15% IRR for growth projects We are investing well above our hurdle rate Significant fle
Slide 66: Good Steward of Capital
GOOD STEWARD OF CAPITAL Our growth capital is discretionary capital – and is deployed at attractive risk-adjusted returns A Typical Automotive Structures Investment Profile* Capital Spending €10-25M Trade Working Capital ~50% Capex Adj. EBITDA Margin ~13-14% IRR 20-25% Project Duration ~9 years Payb
Slide 67: Materially Reduced Financial Risk
MATERIALLY REDUCED FINANCIAL RISK Leverage under 4.0x** from peak of 5.2x Reduced interest expense from over €200M per annum Pension and OPEB obligations and cash requirements reduced * Adjusted for $100M purchase price and the asumption of $80M of third party debt at Bowling Green ** As of Septembe
Slide 68: Debt Profile and Liquidity Improved
DEBT PROFILE AND LIQUIDITY IMPROVED Eliminated term secured debt No near-term maturities Average maturity of >5.75 years* 2021 bond 0.6x LTM* Adj. EBITDA Liquidity strong at >€700M* COMFORTABLE WITH CURRENT MATURITY PROFILE AND LIQUIDITY Debt Maturity Profile * As of September 30, 2018
Slide 69: Drive Free Cash Flow Generation
DRIVE FREE CASH FLOW GENERATION Increase Adjusted EBITDA Reduce Interest Expense Improve Working Capital Maintain Capital Discipline UTILIZE PROJECT 2019 TO DRIVE ACCOUNTABILITY THROUGHOUT CONSTELLIUM
Slide 70: Confident in Adj. EBITDA Guidance of Over €700M in 2022
CONFIDENT IN OUR ADJ. EBITDA GUIDANCE OF OVER €700M IN 2022 HARVEST PRIOR INVESTMENTS OPERATIONAL IMPROVEMENTS AND COST OTHER ~2% Growth FT3 CALP Line Bowling Green CALP Line Muscle Shoals Cold Coil Supply Various AS&I Projects END MARKET GROWTH Operational improvements at Muscle Shoals, Ravenswood,
Slide 71: Significant Cash Flow Available for Capital Allocation
SIGNIFICANT CASH FLOW AVAILABLE FOR CAPITAL ALLOCATION CASH INTEREST ~€140-150M CASH TAXES ~€15-20M TWC ~€25-45M AVAILABLE FOR CAPITAL ALLOCATION ~€125-185M MAINTENANCE CAPEX ~€150-175M Required to maintain the business in 2019 2019 MIDPOINT OF GUIDANCE ~€540M OTHER ~€25M
Slide 72: Capital Allocation Framework
Near-Term Priorities CAPITAL ALLOCATION FRAMEWORK CASH FLOW AVAILABLE FOR CAPITAL ALLOCATION GROWTH CAPEX DELEVERAGE SHAREHOLDER RETURNS Pursue accretive growth at attractive returns Improve our capital structure Reach target leverage and credit rating Dividend Share buy-backs Medium-Term Priority
Slide 73: Our Financial Guidance
OUR FINANCIAL GUIDANCE Note: Guidance includes accounting changes for Pension and IFRS 16 * Comparable to 11.4% to 12.5% growth prior to Pension Accounting change Updating Adjusted EBITDA guidance to €495M to €500M* Adjusted EBITDA growth of 8% to 10% Free Cash Flow > €50M Cash interest: ~€140-150M
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Slide 75: Investor Contact
Investor Contact Ryan Wentling +1 (443) 988 0600 investor-relations@constellium.com
Slide 76: Appendix: Reconciliation of Net Income to Adjusted EBITDA
APPENDIX: RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA € millions Twelve months ended September 30, 2018 Twelve months ended December 31, 2017 Twelve months ended December 31, 2016 Twelve months ended December 31, 2015 Twelve months ended December 31, 2014 Net income / (loss) 168 (31) (4) (552) 5
Slide 77: Appendix: Reconciliation of Net Income to Adjusted EBITDA
APPENDIX: RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA € millions Three months ended September 30, 2018 Three months ended June 30, 2018 Three months ended March 31, 2018 Three months ended December 31, 2017 Three months ended September 30, 2017 Three months ended June 30, 2017 Three months ended
Slide 78: Appendix: Net Debt and Leverage Reconciliation
APPENDIX: RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA * Adjusts for the $100M purchase price and $80M assumption of third party debt at Bowling Green at an assumed EUR/USD exchange rate of 1.15 September 30, 2018* September 30, 2018 June 30, 2018 March 31, 2018 December 31, 2017 December 31, 201
Slide 79: Q&A