8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 14, 2013

NOVELIS INC.

(Exact name of Registrant as specified in its charter)

Canada 001-32312 98-0442987

(State or other jurisdiction (Commission File Number) (I.R.S. Employer of incorporation) Identification No.)

3560 Lenox Road, Suite 2000, Atlanta, GA 30326 (Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (404) 760-4000

__________________________________________________Not Applicable_________________________________________

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

• Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

• Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

• Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

• Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

The following information is furnished pursuant to Item 2.02, “Results of Operations and Financial Condition.” Consequently, it is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Securities Exchange Act of 1934 or Securities Act of 1933 if such subsequent filing specifically references this Form 8-K.

On May 14, 2013, Novelis Inc. issued a press release reporting the company’s financial results for its year ended March 31, 2013. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein in its entirety. A copy of investor presentation materials relating to such financial results is attached hereto as Exhibit 99.2 and is incorporated by reference herein in its entirety. The presentation materials use the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, Free Cash Flow, Free Cash Flow Before CapEx, Net Income (Loss) Excluding Certain Items and Liquidity.

EBITDA and Adjusted EBITDA. EBITDA consists of earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA further adjusts EBITDA for unrealized (gains) losses on change in fair value of certain derivative instruments, impairment of goodwill, impairment charges on long-lived assets, gains (losses) on extinguishment of debt, adjustment to include proportional consolidation, restructuring charges, and gains or losses on disposals of property, plant and equipment and businesses and certain other costs. EBITDA and Adjusted EBITDA are measures commonly used in the company’s industry, and the company presents EBITDA and Adjusted EBITDA to enhance investors’ understanding of the company’s operating performance. Novelis believes that EBITDA and Adjusted EBITDA are operating performance measures, and not liquidity measures, that provide investors and analysts with a measure of operating results unaffected by differences in capital structures, capital investment cycles and ages of related assets among otherwise comparable companies.

However, EBITDA and Adjusted EBITDA are not measurements of financial performance under GAAP, and the company’s EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies. EBITDA and Adjusted EBITDA have important limitations as an analytical tool, and investors should not consider them in isolation, or as a substitute for analysis of the company’s results as reported under GAAP. For example, EBITDA and Adjusted EBITDA:

• do not reflect the company’s cash expenditures or requirements for capital expenditures or capital commitments;

• do not reflect changes in, or cash requirements for, the company’s working capital needs; and

• do not reflect any costs related to the current or future replacement of assets being depreciated and amortized.

Management believes that investors’ understanding of the company’s performance is enhanced by including these non-GAAP financial measures as a reasonable basis for comparing the company’s ongoing results of operations. Many investors are interested in understanding the performance of the company’s business by comparing its results from ongoing operations from one period to the next and would ordinarily add back items that are not part of normal day-to-day operations of the company’s business. By providing these non-GAAP financial measures, together with reconciliations, the company believes it is enhancing investors’ understanding of its business and its results of operations, as well as assisting investors in evaluating how well it is executing strategic initiatives.

Additionally, a form of adjusted EBITDA, defined in the company’s senior secured credit facilities, 8.375% senior notes and 8.75% senior notes, is used for debt covenant compliance purposes, which has additional adjustments to Adjusted EBITDA which may decrease or increase adjusted EBITDA for purposes of these financial covenants.

The company also uses EBITDA and Adjusted EBITDA:

• as measures of operating performance to assist the company in comparing its operating performance on a consistent basis because it removes the impact of items not directly resulting from the company’s core operations;

• for planning purposes, including the preparation of the company’s internal annual operating budgets and financial projections;

• to evaluate the performance and effectiveness of the company operational strategies; and

• to calculate incentive compensation payments for the company’s key employees.

Free Cash Flow and Free Cash Flow Before CapEx. Free Cash Flow consists of: (a) net cash provided by (used in) operating activities; (b) plus net cash provided by (used in) investing activities and (c) less proceeds from sales of assets. Free Cash Flow before Cap Ex consists of: (a) Free Cash Flow, plus (b) capital expenditures. Management believes that Free Cash Flow and Free Cash Flow Before CapEx are relevant to investors as they provide a measure of the cash generated internally that is available for debt service and other value creation opportunities. However, Free Cash Flow and Free Cash Flow Before CapEx are not measurements of financial performance or liquidity under GAAP and does not necessarily represent cash available for discretionary activities, as certain debt service obligations must be funded out of Free Cash Flow. In addition, the company's method of calculating Free Cash Flow and Free Cash Flow Before CapEx may not be consistent with that of other companies.

Net Income (Loss) Excluding Certain Items. Net Income (Loss) Excluding Certain Items adjusts net income (loss) for restructuring charges, gains (losses) on sale of assets held for sale, and the tax effect of such items. We adjust for items which may recur in varying magnitude which affect the comparability of the operational results of our underlying business. Novelis believes that Net Income (Loss) Excluding Certain Items enhances the overall understanding of the company's current financial performance. Specifically, management believes this non-GAAP financial measure provides useful information to investors by excluding or adjusting certain items, which impact the comparability of the company's core operating results. With respect to gains (losses) on sale of assets held for sale, and the tax effect of such certain items, management believes these excluded items are not reflective of fixed costs that the company believes it will incur over the long term. Management also adjusts for restructuring charges to enhance the comparability of the company’s operating results between periods. However, the company has recorded similar charges in prior periods. The company will incur additional restructuring charges in connection with ongoing restructuring initiatives announced previously and may also incur additional restructuring charges in connection with future streamlining measures. Net Income (Loss) Excluding Certain Items should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP.

Liquidity. Liquidity consists of: (a) cash and cash equivalents; (b) plus gross availability under the ABL facility and (c) less borrowing availability limitation under the ABL facility due to fixed charge coverage ratio. In addition to presenting available cash and cash equivalents, management believes that presenting Liquidity enhances investors’ understanding of the liquidity that is actually available to the company. This financial measure should be considered in addition to, and not as a substitute for or superior to, results prepared in accordance with GAAP.

All information in the news release and the presentation materials speak as of the date thereof, and Novelis does not assume any obligation to update said information in the future.

Item 9.01. Financial Statements and Exhibits.

(d)	Exhibits.
99.1		Press release, dated May 14, 2013 (furnished to the Commission as a part of this Form 8-K).
99.2		Presentation materials, dated May 14, 2013 (furnished to the Commission as a part of this Form 8-K).

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	NOVELIS INC.
Date: May 14, 2013	By:	/s/ Leslie J. Parrette, Jr.
		Leslie J. Parrette, Jr.
		General Counsel, Corporate Secretary and Compliance Officer

EXHIBIT INDEX

Exhibit
Number	Description
99.1	Press release, dated May 14, 2013 (furnished to the Commission as a part of this Form 8-K).
99.2	Presentation materials, dated May 14, 2013 (furnished to the Commission as a part of this Form 8-K).

EX-99.1

Exhibit 99.1

News Release

For Immediate Release

Novelis Reports Fiscal Year 2013 Results

Demonstrates Strong Execution on Strategic Initiatives

• Net Income, Excluding Certain Items, of $241 million

• Adjusted EBITDA of $961 million

• Liquidity of $760 million; Took Actions to Further Strengthen Future Liquidity Levels

• Increased Recycled Content by 4 percentage points to 43% for Fiscal 2013

• Global Expansions Progressing Well; Successfully Commissioned two Strategic Expansions

ATLANTA, May 14, 2013– Novelis, the world leader in aluminum rolling and recycling, today reported net income attributable to its common shareholder of $202 million for fiscal 2013. Excluding tax-effected certain items, net income for fiscal 2013 was $241 million, compared to a net income of $218 million for fiscal 2012. Net income for the fourth quarter of fiscal 2013, excluding tax-effected certain items, was $80 million, representing a $55 million increase when compared to the same period in the prior year.

Adjusted EBITDA for fiscal 2013 was $961 million, compared to $1,053 million reported for the same period in 2012. The year-over-year decrease was mostly due to disruptions related to the ERP implementation in two North American plants in the third quarter, pricing pressures in several operating regions, lower average aluminum prices, an impact from a fire at a North American plant in the fourth quarter and higher pension expense. Adjusted EBITDA for the fourth quarter of fiscal 2013 was $240 million, representing a 3 percent increase when compared to the $233 million reported for the same period a year ago, due primarily to stronger demand and good cost control.

“As expected, we saw a sequential recovery from our seasonally low third quarter, with EBITDA increasing 30 percent,” commented Phil Martens, Novelis President and Chief Executive Officer, “driven by strong demand, good cost control and higher operating efficiencies. And despite multiple unexpected headwinds in the second half of the fiscal year, as a result of prudent actions and fiscal discipline, the Company was able to achieve EBITDA of nearly $1 billion for the year. This was accomplished while commissioning two large-scale expansions, closing or divesting underperforming and non-core assets and making good progress on several ongoing global rolling, finishing and recycling expansions. I am proud of our accomplishments this year as we produced solid results in a transformational year marked by heavy investment.”

The Company noted a number of significant accomplishments in fiscal 2013:

• Record capital investment in the business of $775 million, primarily geared at major global rolling, finishing and recycling expansions for its key products segments of can, automotive and specialties.

• Solid liquidity of $760 million for fiscal 2013 despite its aggressive capital expenditure program. The Company will continue its significant investment program, with planned capital expenditures between $700 to $750 million for fiscal year 2014. As a result of these investments and to provide additional flexibility, the Company took actions to amend its ABL facility which will allow it to further strengthen its liquidity. Had this transaction closed in the fourth quarter of fiscal 2013, liquidity

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would have been approximately $950 million.

• Increased the recycled content in its products by 4 percentage points to 43 percent for fiscal 2013 making good progress toward the Company's goal of having 80 percent recycled content in its products by 2020.

• Continued optimization of the Company's footprint and product portfolio, including the sale of three foil plants in Europe, the closure of a plant in Canada and shutdown of a smelter pot line in Brazil.

• Made significant headway on all strategic expansions; began the commissioning process for the Brazil rolling expansion and Korea recycling center and is on track with all other rolling, finishing and recycling expansions.

"This is a heavy investment period for us that is necessary to maintain and grow our leadership position in the industry," said Martens. "Fiscal 13 was a transitional year much like fiscal 14 will be. We are very pleased with the execution on all of our expansion projects and are looking forward to capitalizing on the significant growth we see ahead in our key end-markets of can, automotive and specialties."

Shipments of aluminum rolled products totaled 2,786 kilotonnes for fiscal 2013, down slightly compared to shipments of 2,838 kilotonnes for the same period last year due mostly to the sale of the Company's three foil plants in Europe and production disruptions in North America. Shipments of aluminum rolled products totaled 698 kilotonnes for the fourth quarter of fiscal 2013, essentially flat compared to shipments of 703 kilotonnes for the same period last year.

Net sales for fiscal 2013 were $9.8 billion, an 11% decrease compared to the $11.1 billion reported in the same period a year ago. This decline was due to lower average aluminum prices and lower shipments when compared to last year. For the fourth quarter, sales were $2.5 billion compared to $2.6 billion reported for the fourth quarter of fiscal 2012.

(in $M)	FY 13		FY 12
	3/31/2013		3/31/2012
Cash and cash equivalents	$	301	$	317
Availability under the ABL facility	459		704
Total Liquidity	$	760	$	1,021

(in $M)	FY 13			FY 12
	3/31/2013			3/31/2012
Free Cash Flow	$	(565	)	$	98
CapEx	775			516
Free Cash Flow before CapEx	$	210		$	614

For fiscal 2013, Novelis reported liquidity of $760 million. “Despite our substantial capital expenditure program, we reported solid liquidity in the quarter,” said Steve Fisher, SVP and Chief Financial Officer of Novelis. Free cash flow was a negative $565 million for fiscal 2013, primarily due to capital expenditures of $775 million and negative changes in working capital. “This was a peak investment year for Novelis. We are effectively deploying a significant amount of capital to drive strong future returns.”

Fourth Quarter & Fiscal 2013 Earnings Conference Call

Novelis will discuss its fourth quarter and fiscal 2013 results via a live webcast and conference call for investors at 10:00 a.m. ET on Tuesday, May 14, 2013. Participants may access the webcast at

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https://cc.callinfo.com/r/1h1wdvpsgtq8u. To join by telephone, dial toll-free in North America at 800908 9179, India toll-free at 0008001007108 or the international toll line at +1212 231 2939. Access information may also be found at www.novelis.com/investors.

About Novelis

Novelis Inc. is the global leader in aluminum rolled products and the world's largest recycler of aluminum. For fiscal year 2013, the company operated in 9 countries, had approximately 11,000 employees and reported revenue of $9.8 billion. Novelis supplies premium aluminum sheet and foil products to automotive, transportation, packaging, construction, industrial, electronics and printing markets throughout North America, Europe, Asia and South America.Novelis is a subsidiary of Hindalco Industries Limited (BSE: HINDALCO), one of Asia's largest integrated producers of aluminum and a leading copper producer. Hindalco is a flagship company of the Aditya Birla Group, a multinational conglomerate based in Mumbai, India. For more information, visit www.novelis.comand follow us on Twitter at twitter.com/Novelis.

Non-GAAP Financial Measures

This press release and the presentation slides for the earnings call contain non-GAAP financial measures as defined by SEC rules. We think that these measures are helpful to investors in measuring our financial performance and liquidity and comparing our performance to our peers. However, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP financial measures. To the extent we discuss any non-GAAP financial measures on the earnings call, a reconciliation of each measure to the most directly comparable GAAP measure will be available in the presentation slides filed as Exhibit 99.2 to our Current Report on Form 8-K furnished to the SEC concurrent with the issuance of this press release. In addition, the Form 8-K includes a more detailed description of each of these non-GAAP financial measures, together with a discussion of the usefulness and purpose of such measures.

Attached to this news release are tables showing the Consolidated Statements of Operations, Consolidated Balance Sheets, Consolidated Statements of Cash Flows, Reconciliation to Net Income excluding Certain Items, Reconciliation to Adjusted EBITDA and Free Cash Flow.

Forward-Looking Statements

Statements made in this news release which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking statements within the meaning of securities laws.  Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions.  An example of forward looking statements in this new release is our expectation for capital expenditures by the Company in fiscal year 2014. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and that Novelis' actual results could differ materially from those expressed or implied in such statements.  We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.  Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; the capacity and effectiveness of our metal hedging activities, including our internal used beverage cans (UBCs) and smelter hedges; relationships with, and financial and operating conditions of, our customers, suppliers and other stakeholders; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing for future capital requirements; changes in the relative values of various currencies and the effectiveness of our currency hedging activities; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, labor relations and negotiations, breakdown of equipment and other events; the impact of restructuring efforts in the future; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic

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and composite materials; changes in general economic conditions including deterioration in the global economy, particularly sectors in which our customers operate; changes in the fair value of derivative instruments; cyclical demand and pricing within the principal markets for our products as well as seasonality in certain of our customers’ industries; changes in government regulations, particularly those affecting taxes, derivative instruments, environmental, health or safety compliance; changes in interest rates that have the effect of increasing the amounts we pay under our principal credit agreement and other financing agreements; the effect of taxes and changes in tax rates; our indebtedness and our ability to generate cash. The above list of factors is not exhaustive.  Other important risk factors included under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2012, and Forms 10-Q for the quarters ended June 30, 2012, September 30, 2012 and December 31, 2012 are specifically incorporated by reference into this news release.

Media Contact:	Investor Contact:
Charles Belbin	Isabel Janci
+1 404 760 4120	+1 404 760 4164
charles.belbin@novelis.com	isabel.janci@novelis.com

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Novelis Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions)

	(unaudited)
	Three Months Ended						Year Ended
	March 31,						March 31,
	2013			2012			2013			2012
Net sales	$	2,500		$	2,608		$	9,812		$	11,063
Cost of goods sold (exclusive of depreciation and amortization)	2,162			2,262			8,477			9,743
Selling, general and administrative expenses	93			102			398			383
Depreciation and amortization	74			80			292			329
Research and development expenses	10			10			46			44
Interest expense and amortization of debt issuance costs	75			77			298			305
(Gain) loss on assets held for sale	—			111			(3		)	111
Loss on extinguishment of debt	7			—			7			—
Restructuring charges, net	19			29			45			60
Equity in net loss of non-consolidated affiliates	1			4			16			13
Other (income) expense, net	(14		)	42			(50		)	(54		)
	2,427			2,717			9,526			10,934
Income (loss) before income taxes	73			(109		)	286			129
Income tax provision (benefit)	14			(3		)	83			39
Net income (loss)	59			(106		)	203			90
Net income attributable to noncontrolling interests	—			1			1			27
Net income (loss) attributable to our common shareholder	$	59		$	(107	)	$	202		$	63

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Novelis Inc.

CONSOLIDATED BALANCE SHEETS (In millions, except number of shares)

	March 31,
	2013			2012
ASSETS
Current assets
Cash and cash equivalents	$	301		$	317
Accounts receivable, net
— third parties (net of allowances of $3 and $5 as of March 31, 2013 and March 31, 2012)	1,447			1,331
— related parties	38			36
Inventories	1,168			1,024
Prepaid expenses and other current assets	93			61
Fair value of derivative instruments	109			99
Deferred income tax assets	112			151
Assets held for sale	9			81
Total current assets	3,277			3,100
Property, plant and equipment, net	3,104			2,689
Goodwill	611			611
Intangible assets, net	649			678
Investment in and advances to non–consolidated affiliates	627			683
Fair value of derivative instruments, net of current portion	1			2
Deferred income tax assets	75			74
Other long–term assets
— third parties	165			168
— related parties	13			16
Total assets	$	8,522		$	8,021
LIABILITIES AND EQUITY
Current liabilities
Current portion of long–term debt	$	30		$	23
Short–term borrowings	468			18
Accounts payable
— third parties	1,207			1,245
— related parties	47			51
Fair value of derivative instruments	74			95
Accrued expenses and other current liabilities	497			476
Deferred income tax liabilities	28			34
Liabilities held for sale	1			57
Total current liabilities	2,352			1,999
Long–term debt, net of current portion	4,434			4,321
Deferred income tax liabilities	504			581
Accrued postretirement benefits	731			687
Other long–term liabilities	262			310
Total liabilities	8,283			7,898
Commitments and contingencies
Shareholder’s equity
Common stock, no par value; unlimited number of shares authorized; 1,000 shares issued and outstanding as of March 31, 2013 and March 31, 2012	—			—
Additional paid–in capital	1,654			1,659
Accumulated deficit	(1,177		)	(1,379		)
Accumulated other comprehensive loss	(268		)	(191		)
Total equity of our common shareholder	209			89
Noncontrolling interests	30			34
Total equity	239			123
Total liabilities and equity	$	8,522		$	8,021

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Novelis Inc.

CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions)

	Year Ended March 31,
	2013			2012
OPERATING ACTIVITIES
Net income	$	203		$	90
Adjustments to determine net cash provided by operating activities:
Depreciation and amortization	292			329
Gain on unrealized derivatives and other realized derivatives in investing activities, net	(28		)	(7		)
(Gain) loss on assets held for sale	(3		)	111
Loss on extinguishment of debt	7			—
Deferred income taxes	(31		)	(33		)
Write–off and amortization of fair value adjustments, net	22			24
Equity in net loss of non–consolidated affiliates	16			13
Loss on foreign exchange remeasurement of debt	8			13
Loss on sale of assets	6			3
Non-cash impairment charges	4			46
Amortization of debt issuance costs	17			17
Other, net	1			3
Changes in assets and liabilities including assets and liabilities held for sale (net of effects from acquisitions and divestitures):
Accounts receivable	(121		)	47
Inventories	(160		)	214
Accounts payable	6			(188		)
Other current assets	(36		)	(10		)
Other current liabilities	28			(67		)
Other noncurrent assets	(10		)	9
Other noncurrent liabilities	(18		)	(58		)
Net cash provided by operating activities	203			556
INVESTING ACTIVITIES
Capital expenditures	(775		)	(516		)
Proceeds from sales of assets, third party, net	19			12
Proceeds from sale of assets, related party	2			4
Proceeds from investment in and advances to non–consolidated affiliates, net	—			2
Proceeds (outflows) from related party loans receivable, net	3			(3		)
Proceeds from settlement of other undesignated derivative instruments, net	4			59
Net cash used in investing activities	(747		)	(442		)
FINANCING ACTIVITIES
Proceeds from issuance of debt	319			271
Principal payments	(97		)	(22		)
Short–term borrowings, net	332			2
Dividends, noncontrolling interest	(2		)	(1		)
Acquisition of noncontrolling interest in Novelis Korea Ltd.	(9		)	(344		)
Debt issuance costs	(8		)	(2		)
Net cash provided by financing activities	535			(96		)
Net increase in cash and cash equivalents	(9		)	18
Effect of exchange rate changes on cash	(7		)	(12		)
Cash and cash equivalents — beginning of period	317			311
Cash and cash equivalents — end of period	$	301		$	317

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Reconciliation from Net Income Attributable to our Common Shareholder to Adjusted EBITDA

Novelis is providing disclosure of the reconciliation of reported non-GAAP financial measures to their comparable financial measures on a GAAP basis.

	(unaudited) Three Months Ended						Year Ended
(in millions)	March 31,						March 31,
	2013			2012			2013			2012
Net income (loss) attributable to our common shareholder	$	59		$	(107	)	$	202		$	63
Noncontrolling interests	—			(1		)	(1		)	(27		)
Income tax (provision) benefit	(14		)	3			(83		)	(39		)
Interest, net	(73		)	(73		)	(293		)	(290		)
Depreciation and amortization	(74		)	(80		)	(292		)	(329		)
EBITDA	220			44			871			748
Unrealized gain (loss) on derivatives	21			(23		)	14			(62		)
Realized gain (loss) on derivative instruments not included in segment income	3			2			5			1
Proportional consolidation	(10		)	(15		)	(41		)	(49		)
Gain (loss) on assets held for sale	—			(111		)	3			(111		)
Loss on extinguishment of debt	(7		)	—			(7		)	—
Restructuring charges, net	(19		)	(29		)	(45		)	(60		)
Other income, net	(8		)	(13		)	(19		)	(24		)
Adjusted EBITDA	$	240		$	233		$	961		$	1,053

The following table shows the “Free cash flow” for the year ended March 31, 2013 and 2012 and the ending balances of cash and cash equivalents (in millions).

	Year Ended March 31,
	2013			2012
Net cash provided by operating activities	$	203		$	556
Net cash used in investing activities	(747		)	(442		)
Less: Proceeds from sales of assets	(21		)	(16		)
Free cash flow	$	(565	)	$	98
Ending cash and cash equivalents	$	301		$	317

The following table shows Net Income attributable to our common shareholder excluding Certain Items for the year ended March 31, 2013 and 2012 (in millions). We adjust for items which may recur in varying magnitude which affect the comparability of the operational results of our underlying business.

	Year ended March 31,
	2013			2012
Net Income	$	202		$	63
Certain Items:
(Gain) loss on assets held for sale	(3		)	111
Loss on Extinguishment of debt	7			—
Restructuring charges	45			60
Tax effect on Certain Items	(10		)	(16		)
Net Income, excluding Certain Items	$	241		$	218

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EX-99.2

©2013Novelis Inc. 1 May 14, 2013 Philip Martens President and Chief Executive Officer Steve Fisher Senior Vice President and Chief Financial Officer Novelis Q4 & Fiscal Year 2013 Earnings Conference Call EXHIBIT 99.2

©2013Novelis Inc. 2 Safe Harbor Statement Forward-Looking Statements Statements made in this presentation which describe Novelis' intentions, expectations, beliefs or predictions may be forward-looking statements within the meaning of securities laws. Forward-looking statements include statements preceded by, followed by, or including the words "believes," "expects," "anticipates," "plans," "estimates," "projects," "forecasts," or similar expressions. Examples of forward-looking statements in this presentation are statements about expected FRP market growth globally and in our key product segments of beverage can, automotive and specialties. Novelis cautions that, by their nature, forward-looking statements involve risk and uncertainty and that Novelis' actual results could differ materially from those expressed or implied in such statements. We do not intend, and we disclaim any obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise. Factors that could cause actual results or outcomes to differ from the results expressed or implied by forward-looking statements include, among other things: changes in the prices and availability of aluminum (or premiums associated with such prices) or other materials and raw materials we use; the capacity and effectiveness of our metal hedging activities; relationships with, and financial and operating conditions of, our customers, suppliers and other stakeholders; fluctuations in the supply of, and prices for, energy in the areas in which we maintain production facilities; our ability to access financing for future capital requirements; changes in the relative values of various currencies and the effectiveness of our currency hedging activities; factors affecting our operations, such as litigation, environmental remediation and clean-up costs, labor relations and negotiations, breakdown of equipment and other events; the impact of restructuring efforts in the future; economic, regulatory and political factors within the countries in which we operate or sell our products, including changes in duties or tariffs; competition from other aluminum rolled products producers as well as from substitute materials such as steel, glass, plastic and composite materials; changes in general economic conditions including deterioration in the global economy, particularly sectors in which our customers operate; changes in the fair value of derivative instruments; cyclical demand and pricing within the principal markets for our products as well as seasonality in certain of our customers’ industries; changes in government regulations, particularly those affecting taxes, environmental, health or safety compliance; changes in interest rates that have the effect of increasing the amounts we pay under our principal credit agreement and other financing agreements; the effect of taxes and changes in tax rates; and our indebtedness and our ability to generate cash. The above list of factors is not exhaustive. Other important risk factors included under the caption "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2012, and Forms 10-Qfor the quarters ended June 30, 2012, September 30, 2012 and December 31, 2012 are specifically incorporated by reference into this presentation. Non-GAAP Financial Measures This presentation contains non-GAAP financial measures as defined by SEC rules. We think that these measures are helpful to investors in measuring our financial performance and liquidity and comparing our performance to our peers. However, our non-GAAP financial measures may not be comparable to similarly titled non-GAAP financial measures used by other companies. These non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for GAAP financial measures. We have included reconciliations of each of these measures to the most directly comparable GAAP measure. In addition, a more detailed description of these non-GAAP financial measures used in this presentation, together with a discussion of the usefulness and purpose of such measures, is included as Exhibit 99.2 to our Current Report on Form 8-K furnished to the SEC with our earnings press release.

©2013Novelis Inc. 3 Agenda  Business Review  Novelis Strategy  Detailed Financial Performance  Summary & Outlook

©2013Novelis Inc. 4 Business Review

©2013Novelis Inc. 5 Fiscal Year 2013 Highlights  Strong Recovery in Q4FY13 Driven by Solid Demand, Good Cost Control and Scrap Benefits  Solid FY13 Results Despite Unexpected Headwinds  Made Significant Progress on All Strategic Initiatives

©2013Novelis Inc. 6 FY13 Regional Business Performance Europe  Record Can and Auto Shipments  Improved Volumes and Operating Performance Partially Offset by Pricing Pressure in Specialties  Negative Currency Impact Asia North America South America  Stronger Demand Across All Product Segments  Unfavorable Pricing Dynamics & Infrastructure for Growth Costs  Recycling Strategy Driving Significant Benefits  One-time Q3 ERP Implementation Disruption  Favorable Price & Mix  Cost Impacted by Reduced Benefit from Scrap, Metal Mix and Infrastructure for Growth  Record Shipments, Driven by Record Can Shipments  Strong Operating Performance, while Commissioning Large Scale Rolling Expansion  Recycling Strategy Driving Scrap Benefits

©2013Novelis Inc. 7 Novelis’ Strategy

©2013Novelis Inc. 8 Novelis’ Strategy – FY13 Actions  Divested 3 Foil Plants in Europe  Closed Saguenay Plant in Canada  Shutdown Ouro Preto Pot Line in Brazil  Implemented ERP System in 2 North American Plants Continue to Strengthen the Business  Major Rolling Expansions Progressing Well  Commissioned New Cold Mill at Pinda Plant in Brazil  Broke Ground on Automotive Heat-Treatment Line in China Capture Growth in our FRP Markets 80% Recycled Content in our Products by 2020  Partnering with our Customers - evercan  Major Recycling Expansions Progressing Well  Commissioned Yeongju, the Largest Fully-Integrated Beverage Can Recycling System in Asia  Broke Ground on Fully-Integrated Recycling Center in Europe  Exited Evermore, Established North America UBC Procurement Organization

©2013Novelis Inc. 9 20,000 3,600 600 300 300 700 900 26,400 10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000 28,000 2012 China Asia ex China ME&A South America Europe North America 2017 (Kilotonnes) Strong FRP Growth Worldwide (2012-2017) Source: Novelis Estimates, February 2013 CRU 32% FRP Growth Over 5 Years

©2013Novelis Inc. 10 Long-Term Trends in Aluminum Demand Beverage Can Automotive Specialties ~4-5% ~25% ~6% Long-term CAGR (CY12-17) Source: Novelis Estimates, February 2013 CRU Strong Long-Term Growth in Premium Products

©2013Novelis Inc. 11 Global Strategic Investments Solidifying Leadership Position United States ~200kt Mid CY13 Korea ~350kt Mid CY13 China ~120kt End CY14 Brazil ~220kt Dec. 2012 Commissioned Rolling Capacity Expansion Automotive Finishing Line(s) ~190kt End CY13 ~400kt Mid CY14 ~265kt Oct. 2012 Germany Recycling Expansions

©2013Novelis Inc. 12 Detailed Financial Performance

©2013Novelis Inc. 13 Fourth Quarter Highlights  Shipments Down 1% to 698 Kilotonnes  Adjusted EBITDA Up 3% to $240 Million  Net Income of $59 Million; Excluding Certain Items, Net Income $80 Million Up $55 Million  Free Cash Flow Before CapEx of $175 Million  Liquidity of $760 Million (Q4FY13 vs. Q4FY12)

©2013Novelis Inc. 14 2.6 2.5 200 350 500 650 800 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 Q4FY12 Q4FY13 Shipments Sales 0 50 100 150 200 250 300 South America Asia Europe North America Q4FY13 Q4FY12 11% (6%) (6%) 11% Sales (Billions) • Shipments (Kt) Shipments & Sales Total Company Shipments by Region

©2013Novelis Inc. 15 Q4FY13 Adjusted EBITDA (Millions) Q4FY12 $233 Oswego Fire Impact (9) Infrastructure for Growth (5) Incentives and Benefits 11 Volume 14 Price/Mix (26) Cost 11 Metal Price Lag/Other 11 Q4FY13 $240 One-time impact, includes lost volumes and cost Lower incentives Strong demand in most regions Ongoing cost related to expansions & ERP Pricing pressures in North America and Asia Significant scrap benefits offset higher freight and other operating costs

©2013Novelis Inc. 16 EBITDA & Shipment Trend $213 $233 $259 $277 $185 $240 0 100 200 300 400 500 600 700 800 $150 $200 $250 $300 $350 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13 Shipme n ts EBIT D A Shipments EBITDA

©2013Novelis Inc. 17 (Millions) Capital Expenditures & Free Cash Flow Before Capex FY13 FY12 Significant Reinvestment for Future Growth 614 210 $0 $100 $200 $300 $400 $500 $600 $700 FY 516 775 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 FY Free Cash Flow Before CapEx Capital Expenditures

©2013Novelis Inc. 18 Summary & Outlook

©2013Novelis Inc. 19 Summary  Strong Recovery in Q4FY13 Driven by Solid Demand, Good Cost Control and Scrap Benefits.  FY13 Results Solid Despite Unexpected Headwinds  Made Significant Progress on Strategy

©2013Novelis Inc. 20 Outlook Opportunities:  Solid Global Demand in Key Product Segments  Good Execution on All Expansion Projects  Increased Recycled Benefits from Higher Recycled Content in Products Challenges:  Incremental Operating Costs related to Start-up and Commissioning of Expansion Projects  Pricing Pressures  General Inflationary Pressures

©2013Novelis Inc. 21 Questions & Answers

©2013Novelis Inc. 22 Appendix

©2013Novelis Inc. 23 (in $ m) Q1 FY12 Q2 FY12 Q3 FY12 Q4 FY12 FY12 Q1 FY13 Q2 FY13 Q3 FY13 Q4 FY13 FY13 Net Income (loss) Attributable to Our Common Shareholder 62 120 (12) (107) 63 91 49 3 59 202 - Interest, net (73) (73) (71) (73) (290) (73) (72) (74) (73) (293) - Income tax (provision) benefit (59) 7 10 3 (39) (21) (37) (11) (14) (83) - Depreciation and amortization (89) (81) (79) (80) (329) (73) (69) (76) (74) (292) - Noncontrolling interests (15) (10) (1) (1) (27) - (1) - - (1) EBITDA 298 277 129 44 748 258 228 164 220 871 - Unrealized gain (loss) on derivatives 25 (1) (63) (23) (62) 13 (24) 4 21 14 - Realized gain (loss) on derivative instruments not included in segment income 2 - (3) 2 1 2 - - 3 5 - Proportional consolidation (13) (12) (9) (15) (49) (11) (9) (11) (10) (41) - Restructuring charges, net (19) (11) (1) (29) (60) (5) (16) (5) (19) (45) - Gain (loss) on assets held for sale - - - (111) (111) 5 (2) - - 3 - Gain (loss) on Extinguishment of Debt - - - - - - - - (7) (7) - Others costs, net (3) - (8) (13) (24) (5) 2 (9) (8) (19) Adjusted EBITDA 306 301 213 233 1,053 259 277 185 240 961 Other Income (expense) Included in Adjusted EBITDA - Metal price lag 5 15 9 (20) 9 6 26 (9) (0) 23 - Foreign currency remeasurement (8) - (2) (4) (14) 4 2 1 0 6 - Purchase accounting (3) (3) (4) (3) (13) (3) (3) (3) 3 (13) Income Statement Reconciliation To Adjusted EBITDA

©2013Novelis Inc. 24 (in $m) FY12 FY13 Q1 Q2 Q3 Q4 Full Year Q1 Q2 Q3 Q4 Full Year Cash Provided by (used in) Operating Activities (115) 171 149 351 556 (5) 122 (95) 181 203 Cash Provided by (used in) Investing Activities (79) (40) (76) (247) (442) (152) (152) (201) (242) (747) Less: Proceeds from Sales of Fixed Assets 0 (1) (10) (5) (16) (12) 5 (13) (1) (21) Free Cash Flow (194) 130 63 99 98 (169) (25) (309) (62) (565) Free Cash Flow

©2013Novelis Inc. 25 1) Metal Price Lag Net of Related Hedges: On certain sales contracts we experience timing differences on the pass through of changing aluminum prices from our suppliers to our customers. Additional timing differences occur in the flow of metal costs through moving average inventory cost values and cost of goods sold. This timing difference is referred to as Metal Price Lag. We have a risk management program in place to minimize the impact of this “lag”. 2) Foreign Currency Remeasurement Net of Related Hedges: All Balance Sheet accounts not denominated in functional currency are remeasured every period to the period end exchange rates. This impacts our profitability. Like Metal Price Lag, we have a risk management program in place to minimize the impact of such remeasurement. 3) Purchase Accounting: Following our acquisition, the consideration and transaction costs paid by Hindalco in connection with the transaction were “pushed down” to us and were allocated to the assets acquired and the liabilities assumed. These allocations are amortized over periods, impacting our profitability. Explanation of Other Income (Expense) in Adjusted EBITDA