UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of March 2014
Commission File Number: 001-35931
Constellium N.V.
(Translation of registrants name into English)
Tupolevlaan 41-61,
1119 NW Schiphol-Rijk
The Netherlands
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 99.1 is a copy of the press release of Constellium N.V. (the Company), dated March 20, 2014, announcing its financial results for the quarter and year ended December 31, 2013. Attached hereto as Exhibit 99.2 is a copy of a presentation of the Company, dated March 20, 2014, relating to its financial results for the quarter and year ended December 31, 2013.
EXHIBIT INDEX
Exhibit No. | Description | |
99.1 | Press Release issued by Constellium N.V. on March 20, 2014. | |
99.2 | Presentation summarizing the fourth quarter and year ended December 31, 2013 posted by Constellium N.V. on March 20, 2014. |
SIGNATURE
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, thereunto duly authorized.
CONSTELLIUM N.V. | ||||||||
(Registrant) | ||||||||
March 20, 2014 | By: | /s/ Didier Fontaine |
||||||
Name: | Didier Fontaine | |||||||
Title: | Chief Financial Officer |
Exhibit 99.1
Constellium Reports Strong 2013 Financial Results
Amsterdam, March 20, 2014 Constellium N.V. (NYSE and NYSE Euronext: CSTM) today reported results for the quarter and year ended December 31, 2013.
Highlights of results include:
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2013 Sales of 3.5 billion, up 4% on a like-for-like basis |
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2013 Adjusted EBITDA of 280 million, up 57 million or 26% from 2012 |
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Q4 Adjusted EBITDA of 59 million, up 17 million or 40% from Q4 2012 |
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2013 Adjusted EBITDA per metric ton of 273, up 57 or 26% from 2012 |
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Financial results from all reporting segments ahead of prior year |
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Year-end net debt of 132 million, reduced from Q3 net debt of 181 million |
Constelliums Adjusted EBITDA for 2013 was 280 million, which represented an increase of 26% from 2012 Adjusted EBITDA of 223 million. Fourth quarter 2013 Adjusted EBITDA was 59 million, which represented an increase of 40% from 42 million in Q4 2012. Our 2013 performance was supported by improved productivity and favorable demand for our products primarily in the automotive and aerospace sectors.
Adjusted EBITDA per metric ton for 2013 was 273, which represented an increase of 57 per metric ton, or 26% higher than the Adjusted EBITDA per metric ton of 216 in 2012.
Total shipments in 2013 were 1,025k metric tons, approximately flat with 2012 shipments. Higher shipment volumes in aerospace and automotive were offset by lower volumes in soft alloys and packaging. On a like-for-like basis, adjusting for divestitures, total shipments represented an increase of 11k metric tons. Revenues for 2013 were 3,495 million, which represented a decrease of 115 million, or 3% from 2012 revenues of 3,610 million; however after adjusting for constant London Metal Exchange (or LME) prices, exchange rates and the divestiture of two soft alloy plants in France, revenues for 2013 calculated on a like-for-like basis were 4% ahead of 2012.
In Q4 2013, total shipments were 234k metric tons, approximately flat with Q4 2012 shipments. Revenues for Q4 2013 were 806 million, which represented a decrease of 9 million from Q4 2012, however after adjusting for constant LME prices, exchange rates and the divestiture of two soft alloy plants in France, revenues for Q4 calculated on a like-for-like basis were 9% ahead of Q4 2012 and total shipments represented an increase of 5k metric tons. Adjusted EBITDA per ton increased 40% in Q4 2013 to 253 per metric ton compared with Q4 2012.
In 2013, we implemented a new contract with Airbus and we signed a new contract with Boeing. Our results were favorably impacted by the combined enhancement of our product mix, higher sales to the aerospace and automotive markets and the continued benefit from the cost and productivity improvements achieved, partially offset by the limited impact of work stoppages at two of our French plants.
Commenting on 2013, Pierre Vareille, Constelliums Chief Executive Officer said: 2013 was a transformational year for Constellium. We posted strong year over year financial performance improvement across all reporting segments on the back of continued improvement in our operational performance and positive market conditions. Importantly we became a public company and recently increased our public float to more than 84% of shares outstanding. In automotive, accelerating trends in both Europe and in North America are fueling our expansion on both continents. Going forward, we believe the long term outlook for our targeted business segments remains favorable and we expect to continue in our drive to enhance shareholder value.
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Group Summary |
FY 2013 |
FY 2012 |
Var. | Q4 2013 |
Q4 2012 |
Var. | |||||||||||||||||||
Shipments (k metric tons) |
1,025 | 1,033 | (1 | %) | 234 | 235 | (1 | %) | ||||||||||||||||
Revenues ( millions) |
3,495 | 3,610 | (3 | %) | 806 | 815 | (1 | %) | ||||||||||||||||
Adjusted EBITDA ( millions) |
280 | 223 | 26 | % | 59 | 42 | 40 | % | ||||||||||||||||
Adjusted EBITDA per metric ton () |
273 | 216 | 26 | % | 253 | 180 | 40 | % |
(Note: Adjusted EBITDA per metric ton is calculated on unrounded underlying figures.)
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Results by Segment |
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Aerospace & Transportation |
FY 2013 |
FY 2012 |
Var. | Q4 2013 |
Q4 2012 |
Var. | |||||||||||||||||||
Shipments (k metric tons) |
244 | 224 | 9 | % | 61 | 53 | 15 | % | ||||||||||||||||
Revenues ( millions) |
1,204 | 1,188 | 1 | % | 293 | 268 | 10 | % | ||||||||||||||||
Adjusted EBITDA ( millions) |
120 | 106 | 13 | % | 29 | 27 | 7 | % | ||||||||||||||||
Adjusted EBITDA per metric ton () |
491 | 472 | 4 | % | 471 | 513 | (8 | %) |
Shipments for the A&T reporting segment were 244k metric tons in 2013, which represented an increase of 20k metric tons, or 9% from 2012. In Q4 2013, shipments were 61k metric tons, which represented an increase of 8k metric tons, or 15% from Q4 2012. Adjusted EBITDA was 120 million in 2013 and 29 million in Q4 2013, which represented an increase of 14 million,
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or 13% from 2012 and 2 million, or 7% from Q4 2012, respectively. Adjusted EBITDA per ton improved to 491 for the full year 2013 and was 471 in Q4 2013, which represented an increase of 4% from 2012 and a decrease of 8% from Q4 2012. These results reflect the benefits of the new contract with Airbus which resulted in increased shipments and a better product mix for this reporting segment along with our limited exposure to spot market conditions and prices.
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Packaging & Automotive Rolled Products |
FY 2013 |
FY 2012 |
Var. | Q4 2013 |
Q4 2012 |
Var. | |||||||||||||||||||
Shipments (k metric tons) |
595 | 606 | (2 | %) | 131 | 137 | (4 | %) | ||||||||||||||||
Revenues ( millions) |
1,480 | 1,561 | (5 | %) | 315 | 350 | (10 | %) | ||||||||||||||||
Adjusted EBITDA ( millions) |
105 | 92 | 14 | % | 20 | 19 | 5 | % | ||||||||||||||||
Adjusted EBITDA per metric ton () |
176 | 153 | 15 | % | 155 | 135 | 15 | % |
Shipments for our P&ARP reporting segment were 595k metric tons in 2013, which represented a decrease of 2% from 2012. In Q4 2013 shipments were 131k metric tons which represented a decrease of 4% from Q4 2012. Shipments were impacted by slightly lower fourth quarter demand and production in can stock, mitigated by strong growth in auto body sheet and in foil stock.
Adjusted EBITDA improved to 105 million in 2013, which represented an increase of 14% from 92 million in 2012. Adjusted EBITDA per metric ton improved to 176 in 2013, which represented an increase of 15% from 153 in Adjusted EBITDA per metric ton in 2012. Results for this segment were driven by improved demand for automotive products and a good resiliency in can stock pricing. In addition improved productivity and cost saving initiatives contributed to the improved financial performance of the reporting segment.
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Automotive Structures & Industry |
FY 2013 |
FY 2012 |
Var. | Q4 2013 |
Q4 2012 |
Var. | |||||||||||||||||||
Shipments (k metric tons) |
191 | 206 | (7 | %) | 45 | 46 | (2 | %) | ||||||||||||||||
Revenues ( millions) |
859 | 910 | (6 | %) | 204 | 208 | (2 | %) | ||||||||||||||||
Adjusted EBITDA ( millions) |
59 | 46 | 28 | % | 13 | 7 | 86 | % | ||||||||||||||||
Adjusted EBITDA per metric ton () |
311 | 225 | 38 | % | 301 | 158 | 91 | % |
Shipment volumes for the AS&I reporting segment were 191k metric tons in 2013, which represented a decrease of 15k metric tons or 7% from 2012 reflecting the sale of Ham and Saint Florentin soft alloy plants in France. Adjusting for the sale of these two plants, volumes on a like-for-like basis increased 2% for this segment. Adjusted EBITDA improved to 59 million in 2013, which represented an increase of 28% from the 46 million in 2012. Adjusted EBITDA per ton improved to 311, which represented an increase of 38% from the 225 in 2012.
In Q4 2013, shipments decreased 1k metric tons and Adjusted EBITDA grew 86% to 13 million on stronger automotive structures business as compared with Q4 2012. Adjusted EBITDA per ton improved to 301 per ton in Q4, or 91% from 158 per ton in Q4 2012. The sale of the two plants positively impacted Adjusted EBITDA per metric ton by about 55 per metric ton. Results for this segment reached record levels for Adjusted EBITDA and Adjusted EBITDA per metric ton driven by stronger demand for automotive products.
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Net income |
Net income from continuing operations in Q4 2013 was 33 million, which was 29 million lower than in Q4 2012 which included a 48 million gain from amendments made to the OPEB plans applicable to employees at our Ravenswood, West Virginia facility. Partly offsetting this variance were lower restructuring, finance and tax charges in Q4 2013 as compared with Q4 2012.
For 2013, net income from continuing operations of 96 million was 53 million lower than in 2012. The decrease was mainly attributable to lower one-time credits to the Ravenswood pension and OPEB plan amendments (47 million), lower unrealized gains on derivatives in 2013 compared with 2012, and the costs of Constelliums initial public offering of 24 million
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charged to the income statement in Q2 2013. These factors were partly offset by the higher Adjusted EBITDA performance in 2013 and other items including lower restructuring costs, down 17 million year over year.
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Earnings per share |
Fully diluted earnings per share from continuing operations, was 0.30 in Q4 2013 and 0.95 per share for 2013. These figures are calculated by dividing the net income from continuing operations for the relevant period by the weighted average number of ordinary shares issued and outstanding for that period.
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Cash flow and liquidity |
In Q4 2013, Adjusted Free Cash Flow was 53 million which was 12 million higher than in Q3 2013 but 68 million below Q4 2012 when there was a significant quarterly reduction in working capital. Trade working capital decreased by 99 million in Q4 2013 compared with a decrease of 174 million in Q4 2012.
Adjusted Free Cash Flow for 2013 was a positive 36 million. This represented a decrease of 77 million from 2012 due mainly to the fees paid in respect of the companys initial public offering (27 million) and higher capital expenditure invested in the business (up 18 million). There was a further reduction (of 68 million) in working capital during the year.
Net Debt as of December 31, 2013, was 132 million, an increase of 115 million from December 31, 2012. This increase mainly reflects the distributions of approximately 250 million made to shareholders prior to the completion of our initial public offering in May 2013. This cash outflow was partly offset by the proceeds from our initial public offering and the cash flow of the business over the twelve months ended December 31, 2013. Net Debt as of December 31, 2013 was 0.5 times the Adjusted EBITDA for the 2013 financial year.
As of December 31, 2013, liquidity, which is calculated as the unutilized balance on our long-term financing facilities plus cash and cash equivalents, was 392 million, comprised of 130 million available under our factoring facilities, 29 million under our Asset Based Loan (ABL) facility and 233 million of cash and cash equivalents.
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Recent Developments |
On January 15, 2014, Constellium announced that the company plans to invest up to 200 million over the next three years to further grow its European Body-in-White (BiW) business. Constelliums investment is expected to run through the end of 2016. In Phase 1, Constellium plans to increase production capacity at its Neuf-Brisach (France) plant and to start BiW production at its Singen (Germany) plant by revamping its continuous annealing line. By 2016, Constellium expects to add up to 40,000 metric tons to its current capacity with the first BiW coils produced at Singen as early as mid-2014. In Phase 2, Constellium plans to add a new continuous annealing and conversion line in Europe with a targeted capacity of 100,000 metric tons, with the aim to start commissioning in the second half of 2016.
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On January 23, 2014, Constellium and UACJ Corporation announced that they will join forces to supply and market aluminum BiW sheet to the North American automotive industry. To achieve this goal, Constellium and UACJ, through Tri-Arrows Aluminum Inc. (UACJs subsidiary with Sumitomo Corporation and Itochu Group), intend to create a joint venture company in the United States, as an equal partnership, to serve the North American market. Constellium will own 51% of the equity of the partnership. The JV is expected to include a continuous heat treatment and conversion line with an initial target capacity of 100,000 metric tons supplied by cold rolled coils from both partners rolling mills. The planned facility is designed to allow for expansion beyond 100,000 tons. The total joint investment by both parties is expected to amount to approximately $150 million. The parties expect to finalize a definitive agreement for the joint venture in the first half of 2014.
On February 5, 2014 Constellium filed a prospectus relating to the sale by Apollo Omega (Lux) S.a.r.l. of 25 million ordinary shares. The Company did not receive any proceeds from the sale of our ordinary shares sold by the selling shareholder. On March 5, 2014 Apollo Omega sold an additional 12,561,475 ordinary shares, representing its remaining shareholdings in Constellium. We did not receive any proceeds from the sale of ordinary shares by the selling shareholder. Constelliums public stock float has increased from approximately 19% at the time of the IPO in May 2013 to approximately 84% today. Bpifrance, the French Government Sovereign Fund, holds approximately 12% of our ordinary shares, and just over 3% are held by Constellium management.
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Non-GAAP measures reconciliations |
Reconciliation of net income from continuing operations to Adjusted EBITDA (a non-IFRS measure)
Q4 2013 |
Q4 2012 |
|||||||
Net income from continuing operations |
33 | 62 | ||||||
Income tax (benefit)/expense |
(4 | ) | 4 | |||||
Income before income tax |
29 | 66 | ||||||
Finance costs net |
6 | 11 | ||||||
Other expenses/share of results of joint-ventures |
3 | 5 | ||||||
Income from operations |
38 | 82 | ||||||
Ravenswood OPEB plan amendment |
| (48 | ) | |||||
Restructuring costs |
2 | 10 | ||||||
Losses on disposals |
1 | | ||||||
Unrealized (gains) on derivatives |
(10 | ) | (11 | ) | ||||
Unrealized gains from re-measurement of monetary assets and liabilities |
(2 | ) | | |||||
Ravenswood CBA renegotiation |
| (1 | ) | |||||
Depreciation and impairment |
13 | 7 | ||||||
Management Adjusted EBITDA |
42 | 39 | ||||||
Metal lag |
8 | | ||||||
Other |
9 | 3 | ||||||
Adjusted EBITDA |
59 | 42 |
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FY 2013 |
FY 2012 |
|||||||
Net income from continuing operations |
96 | 149 | ||||||
Income tax expense |
39 | 46 | ||||||
Income before income tax |
135 | 195 | ||||||
Finance costs net |
50 | 60 | ||||||
Other expenses/share of results of joint-ventures |
24 | 8 | ||||||
Income from operations |
209 | 263 | ||||||
Ravenswood OPEB plan amendment |
(11 | ) | (58 | ) | ||||
Restructuring costs |
8 | 25 | ||||||
Unrealized (gains) on derivatives |
(12 | ) | (61 | ) | ||||
Unrealized (gains)/losses from re-measurement of monetary assets and liabilities |
(2 | ) | 1 | |||||
Losses on disposal |
5 | | ||||||
Swiss pension plan settlement |
| 8 | ||||||
Ravenswood CBA renegotiation |
| 7 | ||||||
Depreciation and impairment |
32 | 14 | ||||||
Management Adjusted EBITDA |
229 | 199 | ||||||
Metal lag |
29 | 16 | ||||||
Other |
22 | 8 | ||||||
Adjusted EBITDA |
280 | 223 |
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Reconciliation of cash flow from operating activities to Adjusted Free Cash Flow (a non-IFRS measure)
Q4 2013 |
Q4 2012 |
FY 2013 |
FY 2012 |
|||||||||||||
Cash flow from operating activities |
105 | 187 | 184 | 246 | ||||||||||||
Margin calls included in cash flow from operating activities |
| (10 | ) | (4 | ) | (7 | ) | |||||||||
Cash flow from operating activities excluding margin calls |
105 | 177 | 180 | 239 | ||||||||||||
Capital expenditure |
(52 | ) | (56 | ) | (144 | ) | (126 | ) | ||||||||
Adjusted Free Cash Flow |
53 | 121 | 36 | 113 |
Reconciliation of Net Debt (a non-IFRS measure)
As of Dec. 31, | As of Dec. 31, | |||||||
2013 | 2012 | |||||||
Borrowings |
348 | 158 | ||||||
Fair value of cross currency interest swap |
26 | 14 | ||||||
Cash and cash equivalents |
(233 | ) | (142 | ) | ||||
Cash pledged for issuance of guarantees |
(9 | ) | (13 | ) | ||||
Net Debt |
132 | 17 |
Non-GAAP measures
In addition to the results reported in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (all standards applied by the Group have been endorsed by the European Union), this press release includes information regarding certain non-GAAP financial measures. The non-GAAP financial measures used in this press release are: Management Adjusted EBITDA, Adjusted EBITDA, Adjusted EBITDA per metric ton, Adjusted Free Cash Flow and Net Debt. Reconciliations to the most directly comparable IFRS financial measures are presented in the schedules to this press
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release. We believe these non-GAAP measures are important supplemental measures of our operating performance. By providing these measures, together with the reconciliations, we believe we are enhancing investors understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. However, these non-GAAP financial measures supplement our IFRS disclosures and should not be considered an alternative to the IFRS measures.
In considering the financial performance of the business, management and our chief operational decision maker, as defined by IFRS, analyze the primary financial performance measure of Management Adjusted EBITDA in all of our business segments. The most directly comparable IFRS measure to Management Adjusted EBITDA is our profit or loss for the period. We believe Management Adjusted EBITDA, as defined below, is useful to investors and is used by our management for measuring profitability because it excludes the impact of certain non-cash charges, such as depreciation, amortization, impairment and unrealized gains and losses on derivatives as well as items that do not impact the day-to-day operations and that management in many cases does not directly control or influence. Therefore, such adjustments eliminate items which have less bearing on our core operating performance.
Adjusted EBITDA measures are frequently used by securities analysts, investors and other interested parties in their evaluation of Constellium and in comparison to other companies, many of which present an Adjusted EBITDA-related performance measure when reporting their results.
Management believes that Adjusted Free Cash Flow is a useful measure of the net cash flow generated or used by the business as it takes into account both the cash generated or consumed by operating activities, including working capital, and the capital expenditure requirements of the business.
Management further believes that Net Debt is a useful measure of indebtedness because it takes into account the cash and cash equivalent balances held by the Company as well as the total external debt of the Company.
Management Adjusted EBITDA is defined as profit from operations before depreciation, amortization and impairment, as adjusted to exclude losses on disposal of property, plant and equipment, acquisition and separation costs, restructuring costs, pension amendments and unrealized gains or losses on derivatives and foreign exchange differences on the remeasurement of monetary assets and liabilities.
Adjusted EBITDA is an additional performance measure used by management as an important supplemental measure in evaluating our operating performance, in preparing internal forecasts and budgets necessary for managing our business and, specifically in relation to the exclusion of the effect of favorable or unfavorable metal price lag (the financial impact of the timing difference between when aluminum prices included within our revenues are established and when aluminum purchase prices included in our cost of sales are established), this measure allows management and the investor to assess operating results and trends without the impact
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of our accounting for inventories. We use the weighted average cost method in accordance with IFRS which leads to the purchase price paid for metal impacting our cost of goods sold and therefore profitability in the period subsequent to when the related sales price impacts our revenues. Management also believes this measure provides additional information used by our lending facilities providers with respect to the ongoing performance of our underlying business activities. We use Adjusted EBITDA in calculating our compliance with the financial covenants under our floating rate term loan facility. Adjusted EBITDA is defined as Management Adjusted EBITDA further adjusted for favorable (unfavorable) metal price lag, exceptional consulting costs, effects of purchase accounting adjustment, standalone costs and management fees payable by the company to an affiliate of Apollo Global Management, LLC, and exceptional employee bonuses in relation to cost saving implementation and targets.
Management Adjusted EBITDA and Adjusted EBITDA are not presentations made in accordance with IFRS, are not measures of financial condition, liquidity or profitability and should not be considered as an alternative to profit or loss for the period, revenues or operating cash flows determined in accordance with IFRS. These measures may not be comparable to similarly titled measures of other companies.
Adjusted Free Cash Flow is Net Cash Flow from Operating Activities, after capital expenditure and excluding margin calls. Net Debt is defined as borrowings and the fair value of cross currency interest swaps less cash and cash equivalents and cash pledged for the issuance of guarantees.
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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 operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify certain forward-looking statements because they contain words such as, but not limited to, believes, expects, may, should, approximately, anticipates, estimates, intends, plans, targets, likely, will, would, could and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets. Others are more specific to our business and operations. These risks and uncertainties include, but are not limited to, those set forth under the heading Risk Factors in our most recent Form F-1 Registration Statement, and described from time to time in subsequent reports, filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.
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About Constellium |
Constellium (NYSE and NYSE Euronext: CSTM) is a global sector leader that develops innovative, value added aluminum products for a broad scope of markets and applications, including aerospace, automotive and packaging. Constellium generated 3.5 billion of revenue in 2013. Constelliums earnings materials for the year ended December 31, 2013 are available on the companys web-site (www.constellium.com) under the regulatory filings section.
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CONSOLIDATED INCOME STATEMENT
(in millions of Euros) |
Year ended December 31, 2013 |
Year ended December 31, 2012 Restated* |
Year ended December 31, 2011 Restated* |
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Revenue |
3,495 | 3,610 | 3,556 | |||||||||
Cost of sales |
(3,024 | ) | (3,136 | ) | (3,239 | ) | ||||||
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Gross profit |
471 | 474 | 317 | |||||||||
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Selling and administrative expenses |
(210 | ) | (212 | ) | (216 | ) | ||||||
Research and development expenses |
(36 | ) | (36 | ) | (33 | ) | ||||||
Restructuring costs |
(8 | ) | (25 | ) | (20 | ) | ||||||
Other (losses) / gains- net |
(8 | ) | 62 | (111 | ) | |||||||
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Income / (Loss) from operations |
209 | 263 | (63 | ) | ||||||||
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Other expenses |
(27 | ) | (3 | ) | (102 | ) | ||||||
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Finance income |
17 | 4 | 2 | |||||||||
Finance costs |
(67 | ) | (64 | ) | (41 | ) | ||||||
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Finance costs net |
(50 | ) | (60 | ) | (39 | ) | ||||||
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Share of profit / (loss) of joint-ventures |
3 | (5 | ) | | ||||||||
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Income / (Loss) before income tax |
135 | 195 | (204 | ) | ||||||||
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Income tax (expense) / benefit |
(39 | ) | (46 | ) | 34 | |||||||
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Net Income / (Loss) from continuing operations |
96 | 149 | (170 | ) | ||||||||
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Discontinued operations |
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Net Income / (Loss) from discontinued operations |
4 | (8 | ) | (8 | ) | |||||||
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Net Income / (Loss) |
100 | 141 | (178 | ) | ||||||||
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Net Income / (Loss) attributable to: |
||||||||||||
Owners of the Company |
98 | 139 | (179 | ) | ||||||||
Non-controlling interests |
2 | 2 | 1 | |||||||||
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Net Income / (Loss) |
100 | 141 | (178 | ) | ||||||||
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Earnings per share attributable to the equity holders of the Company
(in Euros per share) | Year ended December 31, 2013 |
Year ended December 31, 2012 Restated* |
Year ended December 31, 2011 Restated* |
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From continuing and discontinued operations |
||||||||||||
Basic |
1.00 | 1.55 | (2.00 | ) | ||||||||
Diluted |
0.99 | 1.55 | (2.00 | ) | ||||||||
From continuing operations |
||||||||||||
Basic |
0.96 | 1.64 | (1.91 | ) | ||||||||
Diluted |
0.95 | 1.64 | (1.91 | ) | ||||||||
From discontinued operations |
||||||||||||
Basic |
0.04 | (0.09 | ) | (0.09 | ) | |||||||
Diluted |
0.04 | (0.09 | ) | (0.09 | ) |
* | Comparative financial statements have been restated following the application of IAS 19 revised. |
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME/ (LOSS)
(in millions of Euros) |
At December 31, 2013 |
At December 31, 2012 Restated* |
At December 31, 2011 Restated* |
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Net Income / (Loss) |
100 | 141 | (178 | ) | ||||||||
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Other Comprehensive Income / (Loss) |
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Items that will not be reclassified subsequently to Profit or Loss |
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Remeasurement on post-employment benefit obligations |
72 | (80 | ) | (23 | ) | |||||||
Deferred tax on remeasurement on post-employment benefit obligations |
(9 | ) | 16 | 1 | ||||||||
Items that may be reclassified subsequently to Profit or Loss |
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Currency translation differences |
| | (14 | ) | ||||||||
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Other Comprehensive Income / (Loss) |
63 | (64 | ) | (36 | ) | |||||||
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|
|
|
|||||||
Total Comprehensive Income / (Loss) |
163 | 77 | (214 | ) | ||||||||
|
|
|
|
|
|
|||||||
Attributable to: |
||||||||||||
Owners of the Company |
161 | 75 | (215 | ) | ||||||||
Non-controlling interests |
2 | 2 | 1 | |||||||||
|
|
|
|
|
|
|||||||
Total Comprehensive Income / (Loss) |
163 | 77 | (214 | ) | ||||||||
|
|
|
|
|
|
* | Comparative financial statements have been restated following the application of IAS 19 revised. |
15
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(in millions of Euros) |
At December 31, 2013 | At December 31, 2012 Restated* |
||||||
Assets |
||||||||
Non-current assets |
||||||||
Intangible assets (including goodwill) |
21 | 11 | ||||||
Property, plant and equipment |
408 | 302 | ||||||
Investments in joint ventures |
1 | 2 | ||||||
Deferred income tax assets |
177 | 205 | ||||||
Trade receivables and other |
60 | 64 | ||||||
Other financial assets |
7 | 10 | ||||||
|
|
|
|
|||||
674 | 594 | |||||||
|
|
|
|
|||||
Current assets |
||||||||
Inventories |
328 | 385 | ||||||
Trade receivables and other |
483 | 476 | ||||||
Other financial assets |
25 | 34 | ||||||
Cash and cash equivalents |
233 | 142 | ||||||
|
|
|
|
|||||
1,069 | 1,037 | |||||||
|
|
|
|
|||||
Assets of disposal group classified as held for sale |
21 | | ||||||
|
|
|
|
|||||
Total Assets |
1,764 | 1,631 | ||||||
|
|
|
|
|||||
Equity |
||||||||
Share capital |
2 | | ||||||
Share premium account |
162 | 98 | ||||||
Retained deficit and other reserves |
(132 | ) | (139 | ) | ||||
|
|
|
|
|||||
Equity attributable to owners of the Company |
32 | (41 | ) | |||||
Non-controlling interests |
4 | 4 | ||||||
|
|
|
|
|||||
36 | (37 | ) | ||||||
|
|
|
|
|||||
Liabilities |
||||||||
Non-current liabilities |
||||||||
Borrowings |
326 | 140 | ||||||
Trade payables and other |
35 | 26 | ||||||
Deferred income tax liabilities |
1 | 11 | ||||||
Pension and other post-employment benefit obligations |
507 | 611 | ||||||
Other financial liabilities |
36 | 46 | ||||||
Provisions |
65 | 89 | ||||||
|
|
|
|
|||||
970 | 923 | |||||||
|
|
|
|
|||||
Current liabilities |
||||||||
Borrowings |
22 | 18 | ||||||
Trade payables and other |
646 | 656 | ||||||
Income taxes payable |
19 | 14 | ||||||
Other financial liabilities |
24 | 24 | ||||||
Provisions |
38 | 33 | ||||||
|
|
|
|
|||||
749 | 745 | |||||||
|
|
|
|
|||||
Liabilities of disposal group classified as held for sale |
9 | | ||||||
|
|
|
|
|||||
Total liabilities |
1,728 | 1,668 | ||||||
|
|
|
|
|||||
Total equity and liabilities |
1,764 | 1,631 | ||||||
|
|
|
|
* | Comparative financial statements have been restated following the application of IAS 19 revised. |
16
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
(in millions of Euros) |
Share capital |
Share premium |
Remeasure -ment |
Foreign currency translation reserve |
Other reserves |
Retained losses |
Total Group share |
Non- controlling interests |
Total equity |
|||||||||||||||||||||||||||
As at January 1, 2011 |
| | | | | | | | | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net loss |
| | | | | (179 | ) | (179 | ) | 1 | (178 | ) | ||||||||||||||||||||||||
Other comprehensive loss |
| | (22 | ) | (14 | ) | | | (36 | ) | | (36 | ) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Comprehensive Loss |
| | (22 | ) | (14 | ) | | (179 | ) | (215 | ) | 1 | (214 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Transactions with the owners |
||||||||||||||||||||||||||||||||||||
Issuance (amendment) of share capital |
| 98 | | | | | 98 | | 98 | |||||||||||||||||||||||||||
Other |
| | | | 2 | | 2 | | 2 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Transactions with non-controlling interests |
||||||||||||||||||||||||||||||||||||
Non-controlling interest assumed in acquisition |
| | | | | | | 1 | 1 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As at December 31, 2011 Restated* |
| 98 | (22 | ) | (14 | ) | 2 | (179 | ) | (115 | ) | 2 | (113 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
(in millions of Euros) |
Share capital |
Share premium |
Remeasure -ment |
Foreign currency translation reserve |
Other reserves |
Retained losses |
Total Group share |
Non- controlling interests |
Total equity |
|||||||||||||||||||||||||||
As at January 1, 2012 Restated* |
| 98 | (22 | ) | (14 | ) | 2 | (179 | ) | (115 | ) | 2 | (113 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income |
| | | | | 139 | 139 | 2 | 141 | |||||||||||||||||||||||||||
Other comprehensive loss |
| | (64 | ) | | | | (64 | ) | | (64 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Comprehensive Income |
| | (64 | ) | | | 139 | 75 | 2 | 77 | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Transactions with the owners |
||||||||||||||||||||||||||||||||||||
Share equity plan |
| | | | 1 | | 1 | | 1 | |||||||||||||||||||||||||||
Other |
| | | | (2 | ) | | (2 | ) | | (2 | ) | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As at December 31, 2012 Restated* |
| 98 | (86 | ) | (14 | ) | 1 | (40 | ) | (41 | ) | 4 | (37 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
(in millions of Euros) |
Share capital |
Share premium |
Remeasure -ment |
Foreign currency translation reserve |
Other reserves |
Retained losses |
Total Group share |
Non- controlling interests |
Total equity |
|||||||||||||||||||||||||||
As at January 1, 2013 Restated* |
| 98 | (86 | ) | (14 | ) | 1 | (40 | ) | (41 | ) | 4 | (37 | ) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Net income |
| | | | | 98 | 98 | 2 | 100 | |||||||||||||||||||||||||||
Other comprehensive income |
| | 63 | | | | 63 | | 63 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Comprehensive Income |
| | 63 | | | 98 | 161 | 2 | 163 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Transactions with the owners |
||||||||||||||||||||||||||||||||||||
Share premium distribution |
| (98 | ) | | | | (5 | ) | (103 | ) | | (103 | ) | |||||||||||||||||||||||
MEP shares changes |
| | | | (1 | ) | | (1 | ) | | (1 | ) | ||||||||||||||||||||||||
Share equity plan |
| | | | 1 | | 1 | | 1 | |||||||||||||||||||||||||||
Prorata share issuance |
2 | | | | | (2 | ) | | | | ||||||||||||||||||||||||||
Interim dividend distribution |
| | | | | (147 | ) | (147 | ) | | (147 | ) | ||||||||||||||||||||||||
IPO Primary offering |
| 154 | | | | | 154 | | 154 | |||||||||||||||||||||||||||
IPO Over-allotment |
| 25 | | | | | 25 | | 25 | |||||||||||||||||||||||||||
IPO Fees |
| (17 | ) | | | | | (17 | ) | | (17 | ) | ||||||||||||||||||||||||
Transactions with non-controlling interests |
| | | | | | | (2 | ) | (2 | ) | |||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
As at December 31, 2013 |
2 | 162 | (23 | ) | (14 | ) | 1 | (96 | ) | 32 | 4 | 36 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* | Comparative financial statements have been restated following the application of IAS 19 revised. |
17
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions of Euros) | Year ended December 31, 2013 |
Year ended December, 2012 Restated* |
Year ended December, 2011 Restated* |
|||||||||
Cash flows (used in ) / from operating activities |
||||||||||||
Net income / (loss) |
100 | 141 | (178 | ) | ||||||||
Less: Net income / (loss) from discontinued operations |
(4 | ) | 8 | 8 | ||||||||
Less: Net income attributable to non-controlling interests |
(2 | ) | (2 | ) | (1 | ) | ||||||
Net income / (loss) from continuing operations before non-controlling interests |
94 | 147 | (171 | ) | ||||||||
|
|
|
|
|
|
|||||||
Adjustments: |
||||||||||||
Income tax expense |
39 | 46 | (34 | ) | ||||||||
Finance costs net |
50 | 60 | 39 | |||||||||
Depreciation and impairment |
32 | 14 | 2 | |||||||||
Restructuring costs and other provisions |
(8 | ) | 16 | 14 | ||||||||
Defined benefit pension costs |
29 | (2 | ) | 42 | ||||||||
Unrealized (gains) / losses on derivatives - net and from remeasurement of monetary assets and liabilities - net |
(14 | ) | (60 | ) | 140 | |||||||
Loss on disposal |
6 | | | |||||||||
Share of profit / (loss) of joint-ventures |
(3 | ) | 5 | | ||||||||
Other |
2 | 2 | | |||||||||
Changes in working capital: |
||||||||||||
Inventories |
41 | 35 | 23 | |||||||||
Trade receivables and other |
34 | 93 | (31 | ) | ||||||||
Trade payables and other |
(29 | ) | (11 | ) | 40 | |||||||
Changes in other operating assets and liabilities: |
||||||||||||
Provisions |
(17 | ) | (31 | ) | (14 | ) | ||||||
Income tax paid |
(29 | ) | (28 | ) | (38 | ) | ||||||
Pension liabilities and other post-employment benefit obligations |
(43 | ) | (40 | ) | (41 | ) | ||||||
Net cash flows from / (used in) operating activities |
184 | 246 | (29 | ) | ||||||||
|
|
|
|
|
|
|||||||
Cash flows (used in) / from investing activities |
||||||||||||
Purchase of net assets on acquisition net of cash and cash equivalents acquired |
| | 13 | |||||||||
Purchases of property, plant and equipment |
(144 | ) | (126 | ) | (97 | ) | ||||||
Proceeds from disposal |
3 | | 9 | |||||||||
Proceeds from disposal of joint-ventures |
4 | | | |||||||||
Proceeds from finance lease |
6 | 8 | 7 | |||||||||
Other investing activities |
(1 | ) | (13 | ) | (1 | ) | ||||||
|
|
|
|
|
|
|||||||
Net cash flows used in investing activities |
(132 | ) | (131 | ) | (69 | ) | ||||||
|
|
|
|
|
|
|||||||
Cash flows from / (used in) financing activities |
||||||||||||
Net proceeds received from issuance of shares |
162 | | 98 | |||||||||
Interim dividend paid |
(147 | ) | | | ||||||||
Withholding tax paid |
(20 | ) | | | ||||||||
Distribution of share premium to owners of the Company |
(103 | ) | | | ||||||||
Interests paid |
(36 | ) | (28 | ) | (31 | ) | ||||||
Net cash flows (used in) / from factoring |
| (49 | ) | 56 | ||||||||
Proceeds received from Term Loan |
351 | 154 | 137 | |||||||||
Repayment of Term Loan |
(156 | ) | (148 | ) | | |||||||
Proceeds / Repayment of other loans |
2 | 6 | (20 | ) | ||||||||
Payment of deferred financing costs and debt fees |
(8 | ) | (14 | ) | (23 | ) | ||||||
Transactions with non-controlling interests |
(2 | ) | | | ||||||||
Other financing activities |
| (7 | ) | (16 | ) | |||||||
|
|
|
|
|
|
|||||||
Net cash flows from / (used in) financing activities |
43 | (86 | ) | 201 | ||||||||
|
|
|
|
|
|
|||||||
Net increase in cash and cash equivalents |
95 | 29 | 103 | |||||||||
Cash and cash equivalents - beginning of period |
142 | 113 | | |||||||||
Effect of exchange rate changes on cash and cash equivalents |
(1 | ) | | 10 | ||||||||
|
|
|
|
|
|
|||||||
Cash and cash equivalents end of period |
236 | 142 | 113 | |||||||||
|
|
|
|
|
|
|||||||
Less: Cash and cash equivalents classified as held for sale |
(3 | ) | | | ||||||||
|
|
|
|
|
|
|||||||
Cash and cash equivalents as reported in the Statement of Financial Position |
233 | 142 | 113 | |||||||||
|
|
|
|
|
|
* | Comparative financial statements have been restated following the application of IAS 19 revised. |
18
![]() Fourth Quarter and Full Year
2013
Earnings Call
March 20, 2014
Exhibit 99.2 |
![]() 2
Forward-looking statements
Fourth Quarter 2013 Earnings Call
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 operations and financial condition, and our expectations or beliefs
concerning future events and conditions. You can identify certain forward-looking statements because they
contain words such as, but not limited to, believes, expects, may,
should, approximately, anticipates, estimates,
intends, plans, targets, likely, will, would, could and similar expressions (or the negative of
these terminologies or expressions). All forward-looking statements involve risks and
uncertainties. Many risks and uncertainties are inherent in our industry and markets. Others
are more specific to our business and operations. These risks and uncertainties include, but
are not limited to, those set forth under the heading Risk Factors in our most
recent Form F-1 Registration Statement, and described from time to time in subsequent
reports, filed with the U. S. Securities and Exchange Commission. The occurrence of the events
described and the achievement of the expected results depend on many events, some or all of
which are not predictable or within our control. Consequently, actual results may differ
materially from the forward-looking statements contained in this press release. We
undertake no obligation to publicly update or revise any forward-looking statement as a
result of new information, future events or otherwise, except as required by law. |
![]() 3
Non-GAAP measures
Fourth Quarter 2013 Earnings Call
This presentation includes information regarding certain non-GAAP financial
measures, including Management Adjusted EBITDA, 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 financial results and trends and believes this
information to also be useful for investors. Adjusted EBITDA measures are frequently used by
securities analysts, investors and other interested parties in their evaluation of Constellium
and in comparison to other companies, many of which present an adjusted EBITDA-related performance
measure when reporting their results. Management Adjusted EBITDA, Adjusted EBITDA, Adjusted
EBITDA per Metric Ton, Adjusted Free Cash Flow and Net Debt are not presentations made in
accordance with IFRS and may not be comparable to similarly titled measures of other companies.
These non-GAAP financial measures supplement our IFRS disclosures and should not be
considered an alternative to the IFRS measures. This presentation provides a reconciliation of
non-GAAP financial measures to the most directly comparable GAAP financial measures. |
![]() 4
2013 highlights: strong performance in all business segments
2013 was a transformational year for Constellium
Adjusted EBITDA: 280m, up 57 million (+26% YoY), driven by new
business in Aerospace and Automotive markets
Adjusted EBITDA per metric ton: 273, up 57 (+26% YoY) reflecting a
richer product mix and continuing productivity and cost improvement
Volume: stable at 1,025k metric tons; Revenues: 3,495m, up 4% on a
comparable basis, reflecting our continuing global mix enrichment
Public float recently increased to 84% of shares outstanding
Fourth Quarter 2013 Earnings Call
|
![]() Shares of Constellium (in millions)
5
Continuing our Evolution by Expanding Our Free Float
Free float
Rio Tinto
Bpifrance
Management KG
Apollo
Rio Tinto /
Management
Secondary
Rio Tinto
Secondary
Apollo
Secondary
Apollo
Secondary
= 105.0
(1)
(1)
(1)
(1) From time to time, including upon departure from Constellium, participants
in Management KG may withdraw their shares from Management KG and hold them for their own account.
Fourth Quarter 2013 Earnings Call
= 105.0
= 105.0
= 105.0
= 105.0 |
![]() 2013
Segment Performance Adjusted EBITDA (m)
Adjusted EBITDA per metric ton
6
Volume (kt)
224
244
Volume (kt)
606
595
Volume (kt)
206 191
Fourth Quarter 2013 Earnings Call
|
![]() 7
Aerospace Market: Strong Long Term Outlook
Market context
Implemented new 5 year contract with Airbus consolidating #1 global
aerospace plate position Constellium is increasing market share
High Inventory levels in the downstream supply chain
However, 90% of our aerospace business under long term contracts; low spot market
exposure Constellium recent developments
2013 was a record year for plate and sheet production
Signed new contract with Boeing, starts January 2014
Adoption
and
capacity
of
AIRWARE
®
Demand stronger than expected
Volume ramp-up to accelerate in 2015-2016
Fourth Quarter 2013 Earnings Call
|
![]() 8
Automotive Rolled Market: investing in new BiW Capacity
in Europe and in the U.S.
Market context
European BiW demand increasing as aluminum goes into new models and more parts per
vehicle US BiW demand a true game changer; production
capacity below projected long term demand 2013 Auto Body Sheet volume
increased +24% Announced BiW capacity expansion in European of
140k metric tons; total capital of 200 million
Phase one: 40k metric tons expansion by 2016 ahead of plan; current capacity of
60k metric tons Neuf-Brisach expansion already producing at higher
level, Singen expansion over 2014-2016 Phase
two:
100k
metric
tons
expansion
to
begin
ramp
up
by
end
of
2016
Announced plans for a JV in the U.S. with UACJ to have a total of
100k metric tons of BiW capacity in 2016. JV investment of $150 million,
Constellium ownership 51%
Constellium recent developments
Fourth Quarter 2013 Earnings Call
|
![]() Fourth Quarter 2013
Earnings Call
9
Automotive Extrusions Market: Constellium is a leader in new
Crash Management Systems (CMS)
Automotive Structures volume has increased +17%
Strong
visibility
into
orders
with
over
6
years
of
production
at
current
rates
Constellium recent developments
In February 2014 we launched a newly developed alloy for CMS
New systems are 15% lighter/ 10% stronger than current CMS systems
Industry analysts project 20% U.S., 30%
European, potential penetration of these new
systems by 2018
Market context |
![]() Fourth Quarter 2013
Earnings Call
10
Packaging Market: Maintained good performance
at slightly lower volumes
Can body stock; #1 in Europe
Closure stock; #1 worldwide
European market is 78% aluminum, compared with 100% in U.S.
Lower growth in 2013 due to adverse weather
Some customers adjusted production and inventory levels in Q4
Constellium recent developments
Renewed multiyear contract with several key customers
Strong
demand
in
Foilstock
where
we
are
the
largest
European
non-integrated
supplier
Scrap margins will have a limited impact on 2014 profitability
Solid cash flow generation
Market context |
![]() Adjusted EBITDA / Ton (
/ t)
11
Consistent Year Over Year Improvement
Q1
Q2
Q3
FY
Q4
Q1
Q2
Q3
FY
Q4
Adjusted EBITDA (mm)
Strong performance and consistent improvement in every quarter
Fourth Quarter 2013 Earnings Call
|
![]() Q4
2013 Segment Performance Adjusted EBITDA (m)
Adjusted EBITDA per metric ton
12
Volume (kt)
53
61
Volume (kt)
137
131
Volume (kt)
46 45
Fourth Quarter 2013 Earnings Call
|
![]() Adjusted
Free
Cash
Flow
Continuing
Improvement
in Trade Working Capital
13
Fourth Quarter 2013
Earnings Call
millions
December
31, 2013
December
31, 2012
Change
Insight
Cash flow from
operating activities
184
246
(62)
IPO fees (27)
Decrease in
TWC
Improvement
(25)
Margin calls included
in cash flow from
operating activities
(4)
(7)
3
Capital expenditure
(144)
(126)
(18)
Investing for
the future
(18)
Adjusted Free
Cash Flow
36
113
(77)
Operating
Trade
Working
Capital
(
millions)
TWC Improves 68 million in 2013, 160 million since 2011
TWC Improves to 25 days of sales in 2013, down from 32 in 2012 and 43 in 2011
Reduction is driven by improved inventory levels |
![]() 14
Strong balance sheet with no near term maturities
millions
December 31, 2013
Total Debt
(*)
365
Cash and Cash Equivalents
233
Net Debt
132
Net Debt/
LTM Adjusted EBITDA
0.5x
Liquidity
(**)
392
(*)
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 availability under
long-term facilities Average Debt Life -
5 Years
Fourth Quarter 2013 Earnings Call
|
![]() 15
Key Takeaways
Strong Year Over Year performance across all reporting segments
Strong cash flow from Packaging activities
Solid performance in Aerospace and Automotive markets
New investments in the European and U.S. BiW
Public float now over 84%
Fourth Quarter 2013 Earnings Call
|
![]() Q & A 16
Fourth Quarter 2013 Earnings Call
|
![]() IFRS Statements
17
Fourth Quarter 2013 Earnings Call
|
![]() IFRS
Balance Sheet
18
millions
December 31, 2013
December 31, 2012
Non-current assets
674
594
Current assets
1 069
1 037
Assets held for sale
21
Total Assets
1 764
1 631
Equity
36
(37)
Non-current liabilities
970
923
Current liabilities
749
745
Liabilities held for sale
9
Total Liabilities
1 764
1 631
Fourth Quarter 2013 Earnings Call
|
![]() IFRS
Income Statement
millions
Year ended
December 31, 2013
Year ended
December 31, 2012
Revenue
3 495
3 610
Income from operations
209
263
Other expenses
(27)
(3)
Finance costs
net
(50)
(60)
Share of profit (loss) of joint-ventures
3
(5)
Income before income taxes
135
195
Income tax expense
(39)
(46)
Net Income from continuing operations
96
149
Net Income (loss) from discontinued operations
4
(8)
Net income
100
141
19
Fourth Quarter 2013 Earnings Call
|
![]() Non-GAAP Measures Reconciliations
20
Fourth Quarter 2013 Earnings Call
|
![]() Net
Debt
millions
As Dec 31, 2013
As Dec 31, 2012
Borrowings
348
158
Fair value of cross currency interest swap
26
14
Cash and cash equivalents
(233)
(142)
Cash pledged for issuance of guarantees
(9)
(13)
Net Debt
132
17
21
Fourth Quarter 2013 Earnings Call
|
![]() Adjusted Free Cash Flow
millions
Year ended
December 31, 2013
Year ended
December 31, 2012
Cash flow from operating activities
184
246
Margin calls included in cash flow from
operating activities
(4)
(7)
Cash flow from operating activities
excluding margin calls
180
239
Capital expenditure
(144)
(126)
Adjusted Free Cash Flow
36
113
22
Fourth Quarter 2013 Earnings Call
|
![]() Adjusted EBITDA
millions
Year ended
December 31, 2013
Year ended
December 31, 2012
Shipments
1 025
1033
Revenue
3 495
3 610
Net income from continuing operations
96
149
Income tax expense
39
46
Income before income tax
135
195
Finance costs -
net
50
60
Other expenses/share of results of joint-ventures
24
8
Income from operations
209
263
Ravenswood OPEB plans amendment
(11)
(58)
Swiss pension plan settlement
8
Ravenswood CBA renegotiation
-
7
Restructuring costs
8
25
Losses on disposals
5
Unrealized (gains) on derivatives
(12)
(61)
Unrealized (gains) loss from the re-measurement of monetary assets and
liabilities (2)
1
Depreciation and impairment
32
14
Management Adjusted EBITDA
229
199
Metal lag
29
16
Other
22
8
Adjusted EBITDA
280
223
23
Fourth Quarter 2013 Earnings Call
|
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