EX-99.2 3 d696577dex992.htm EX-99.2 EX-99.2
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