 Deutsche Bank 5th Annual Global Industrials and
Basic Materials Conference
Chicago -
June 5, 2014
Exhibit 99.1 |
 1
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
Annual
Report
on
Form
20F,
and
described
from
time
to
time
in
subsequent
reports,
filed
with
the
U.S.
Securities
and
Exchange
Commission,
and
include
risks
relating
to
the
finalization
of
our
U.S.
Body-in-
White
joint
venture,
including
the
failure
to
receive
required
regulatory
approvals.
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. |
 2
Non-GAAP measures
This
presentation
includes
information
regarding
certain
non-GAAP
financial
measures,
including
,
Adjusted
EBITDA,
Adjusted
EBITDA
per
metric
ton,
Adjusted
Free
Cash
Flow
and
Net
Debt.
These
measures
are
presented
because
management
uses
this
information
to
monitor
and
evaluate
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.
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. |
 Business overview
3
1 |
 Packaging &
Automotive
Rolled
Products
Aerospace &
Transportation
Automotive
Structures &
Industry
21%
43%
38%
Constellium at a glance
4
Aerospace
Market
growth
forecast
(1)
:
8%
Automotive
Market
growth
forecast
(2)
:
18%
Packaging
Market
growth
forecast
(3)
:
3%
Aerospace plates: #1 world-wide
Aluminum crash management systems: #2 world-wide
Major European player in auto body sheet
Can body stock: #1 Europe
Closures: #1 world-wide
2013
Adjusted
EBITDA
by
operating
segment
(4)
(1)
Source:
Airline
Monitor
February
2014.
Represents
2012-2017
CAGR
for
airplane
deliveries.
(2)
Source:
CRU
Automotive.
Reflects
2012-2015
CAGR
for
North
America
passenger
cars
and
Western
Europe
auto
body.
2013-2018
CAGR
for
auto
body
market
in
North
America
and
Western
Europe
estimated
at
31%.
(3)
Source:
CRU.
Represents
2013-2018
CAGR
for
Western
and
Eastern
Europe
can
stock
market.
(4)
Excludes
(1%)
of
Adjusted
EBITDA
from
corporate
entities.
Does
not
sum
to
100%
due
to
rounding.
A specialty metal fabricator focused on global commercial trends
Total 2013 Adjusted EBITDA: €280 million |
 5
Global aluminum
66 Mt
42 Mt
Rolled & extruded
Global aluminum fabrication market by production technology and product segment
GE plate & sheet
Litho sheet
Can body &
end stock
Proprietary
Aerospace
alloys
Aero plates
& sheets
Auto body sheet &
automotive structures
Brazing sheet
Speciality extrusions
Bright, closures,
other specialty
Constellium active
Constellium not active
Our
focus
Product segment
Our
focus
®
Focused on the high value-add products in our target markets
Note: Pyramid not to scale. Market and segment data as of 2012.
Source: Company information, CRU
12.5 Mt
Constellium’s product focus |
 Key
credit highlights Advanced
R&D
and
technological
capabilities
Leading
positions
in
attractive
and
balanced
end-markets
Global
network
of
efficient
facilities
Long-standing
relationships
with
a
diversified
and
blue-
chip
customer
base
Stable
business
model
Leading
supplier
of
high
value-add
aluminum
rolled
and
extruded
products
in
key
end-markets
and
geographies
Global
network
of
facilities
with
unique
manufacturing
capabilities,
allowing
Constellium
to
focus
on
higher
value-add
products
Ability
to
produce
high
value-add
products
creates
longer
term
and
synergistic
relationships
with
key
blue-chip
customers
World-class
R&D
capabilities
enable
Constellium
to
continue
growing
high
value-add
products,
creating
a
competitive
edge
versus
other
suppliers
Diverse
customer
base
with
10
largest
customers
representing
approximately
45%
of
revenues
with
average
length
of
relationships
with
Constellium’s
top
20
customers
exceeding
25
years
All
of
Constellium’s
major
packaging,
aerospace
and
automotive
customers,
including
its
top
five
customers,
have
multi-
year
contracts
and
approximately
58%
of
Constellium’s
2013
volumes
were
generated
under
multi-year
contracts
Business
model
is
designed
to
produce
stable
and
consistent
cash
flows
and
profitability
through:
A
limited
exposure
to
commodity
metal
price
volatility
(pass-through
contractual
arrangements
and
use
of
financial
derivatives
to
limit
commodity
exposure)
A
significant
presence
in
stable,
recession-resilient
end-markets
such
as
packaging
A
constant
focus
on
cost
optimization
to
lower
volume
breakeven
level
Constellium
has
a
broad
and
diversified
supplier
base
with
its
ten
largest
suppliers
representing
approximately
50%
of
its
total
purchases
as
of
December
31,
2013
Attractive
pipeline
of
growth
initiatives
Recently
announced
both
an
investment
to
expand
BiW
capacity
in
Europe
and
plan
to
establish
a
joint
venture
with
UACJ
Corporation
to
produce
BiW
in
North
America
Investments
in
auto
body
sheet
at
Neuf-Brisach
and
Singen
and
crash
management
systems
in
Germany,
US
and
China
Plans
for
new
casthouses
at
Issoire
will
accelerate
production
and
recycling
of
AIRWARE®
New,
expanded
contract
with
Boeing
entered
into
in
2013
Experienced
management
team
Deep
industry
experience
led
by
Pierre
Vareille
and
a
senior
management
team
averaging
more
than
15
years
of
relevant
industry
experience
6
Source: Company information |
 7
End-markets outlook
Aerospace
High-growth aerospace end-market driven by
increasing commercial aircraft deliveries and
demand for aluminum-intensive, wide body
aircraft
Airplane deliveries expected to grow at a 8%
CAGR from 2012 to 2017
Aerospace
Investments
to
meet
aerospace
cycle
volumes
Next-generation
AIRWARE®,
wing
skin
capabilities
and
sheet
capabilities
Announced
two
new
casthouses
at
Issoire
for
a
future
cash
outflow
of
€70m
(1)
to
accelerate
production
and
recycling
of
AIRWARE®
New,
expanded
contract
with
Boeing
End-market trends
Constellium response
Automotive
Compliance with both European and US CO2
emissions standards driving vehicle
lightweighting
Aluminum substitution expected to push
demand for aluminum in automotive to grow
at a 18% CAGR from 2012 to 2015
Packaging
Use of aluminum can stock increasing as a
percentage of overall cans sold in Europe
over the last decade
Increased
aluminum
market
share
expected
to
result
in
CAGR
of
3%
from
2013
to
2018
(3)
Automotive
Investments
in
auto
body
sheet
at
Neuf-
Brisach
and
Singen
Investments
in
crash
management
systems
in
Germany,
US
and
China
Recent
announcements
of
€200m
investment
in
European
BiW
capacity
as
well
as
planned
$150m
(2)
JV
for
US
BiW
production
Packaging
Upgrade
in
recycling
capabilities
at
Neuf-
Brisach
to
further
secure
supply
of
competitive
metal
units
(1)
Phase
II
investment
previously
announced
plus
new
Phase
III
acceleration.
(2)
Represents
total
expected
investment
by
UACJ
and
Constellium
in
the
joint
venture;
Constellium’s
attributable
portion
is
expected
to
be
51%.
(3)
Represents
CAGR
for
Western
and
Eastern
Europe
can
stock
market.
Source:
Company
information,
CRU |
 8
What we do in aerospace
Stringers, tubes and small
extrusions
Plate, wing skin and sheet
Source: Company information
We
are
a
critical
supplier
for
a
comprehensive
range
of
aluminum
products
to
our
aerospace
customers
Fuselage frames
Lower wing skin panels
Upper wing skin panels
Fuselage panels
Wing spars
Seat tracks
Fuselage
stiffeners
Upper
stringers
Lower
stringers
Floor beams
Center wing box
Landing
gear
Wing ribs
Forging stock and precision
castings |
 Demand is driven by:
Replacement
of
aging
fleets
Increasing
global
passenger
air
traffic
(particularly
in
emerging
markets)
Focus
on
“lightweighting”
of
aircraft
(increased
use
of
aluminum
in
a
wide
spectrum
of
aeronautical
applications
to
increase
fuel
efficiency
and
extend
normal
maintenance
periods)
The
aerospace
industry
is
expected
to
benefit
from
a
record
of
approximately
8
year
order
book
backlog
from
Airbus
and
Boeing
Adequate
available
financing
for
new
planes
Deliveries
of
planes
utilizing
material
AIRWARE®
volumes
expected
to
commence
in
2014
Growth drivers
Key
market
trends
in
aerospace
Strong
growth
in
aerospace
market
expected
over
the
coming
years
9
(1)
Includes
Boeing,
Airbus
and
BRJ.
Source:
Boeing
and
Airbus
publicly
available
information,
Airline
Monitor
February
2014.
Airplane order backlog (thousands)
Planes
with
material
AIRWARE®
utilization
(A350
and
C-Series)
Planes
with
low
or
no
AIRWARE®
utilization
2012-2017
jet
airplanes
deliveries
(1) |
 Our
competitive position in aerospace 10
Source: Company information
Global leader with unique capabilities
Creating value-added products
Aerospace
plates:
#1
world-wide
Global
capability
One
of
only
two
players
with
dual
continent
footprint
World’s
most
powerful
stretcher
capable
of
producing
a
number
of
unique
parts
One
of
two
providers
of
wings
for
A380
Cutting-edge
lightweight
AIRWARE®
technology
5%
to
25%
weight
reduction
versus
other
aluminum
products
Reduced
maintenance
costs
Ability
to
achieve
high
build
rates
Currently
used
in
Bombardier
C
Series,
A350,
A380
and
Boeing
787
Due
to
our
competitive
differentiation,
we
are
less
impacted
by
the
overhang
reported
by
competitors
Constellium’s competitive differentiation
We
continue
to
take
market
share
from
our
competitors
Major
multi-year
contracts
signed
recently
with
Airbus
and
Boeing
Competitive
advantage
driven
by
dual
continent
footprint
and
R&D
capabilities
relative
to
competitors
Focus
on
high
margin
value-add
products;
demand
for
AIRWARE®
products
progressing
and
stronger
than
expected
Aerospace
business
is
secured
by
5-year
contracts,
with
limited
exposure
to
spot
prices |
 11
Crash
management
parts,
bumpers,
reinforcement
parts,
beams,
car
floors
Aluminum
extrusions,
castings
or
sheet
Auto structures
Auto body sheet
Doors,
hoods,
deck
lids,
fenders,
trunk
closure
(hang-on-parts)
Aluminum
sheet
Biggest
volume
potential
for
aluminum
Source: Company information
We
supply
high
specification
products
to
premium
automotive
OEMs
What we do in automotive |
 Western Europe auto body
Market penetration
Key market trends in premium automotive
12
(1)
Source:
European
Commission.
(2)
Source:
EEA
Aluminum
Penetration
in
Car.
(3)
Source:
Ducker
world-wide.
(4)
Source:
CRU.
Legislation
is
focused
on
reducing
CO2
emissions
Greatest
aluminum
opportunity
is
in
auto
body
sheet
and
bumpers
Creating significant expected growth in automotive aluminum demand
Substitution:
rolled
and
extruded
aluminum
products
are
replacing
heavier
steel
alternatives
% of each manufacturer’s newly registered cars required
to meet 130 gCO2/km target in Europe by 2015
(1)
Aluminum in European light vehicles (kg)
(3)
Aluminum demand for automotive (kt)
(4)
North America passenger cars |
 1,615
2,241
1,744
2,469
1,733
2,428
2013
2020
Our competitive position in premium automotive
13
A6/A7/A8/
Q3/TT
A/B/C/E/S/SL/CL(S)
Series 5/6
(1) Car models are not exhaustive and are for illustrative purposes
only. (2) Source: Company information. We
supply
auto
body
sheet
mainly
to
premium
German
OEMs
(1)
Growth in premium automotive
Significant investment to support our strategy
Making us a supplier of choice to our customers
Aluminum crash management systems:
#2 world-wide
(2)
Major player in European rolled products for
auto body sheet
Facility
Description
Neuf-Brisach
France
Completed substantial investments in a heat
treatment and conversion line for 3 premium OEMs
Singen
Germany
Installed 40 MegaNewton press dedicated to
bumpers
Started to add auto body sheet capability to our
plant by revamping existing equipment
United States
Increased presence in Michigan aimed at producing
automotive structures for US OEMs
China
Majority owned joint venture
Well located cost effective plant provides global
customers with bumpers
Automotive is a substantial opportunity for Constellium
CAGR
’13-’20
+ 5%
+ 5%
+ 5%
BMW
Mercedes-Benz
Audi
Vehicle production (units)
Source: Company information
Source: LMC Automotive |
 58%
78%
42%
22%
2001
2013
European aluminum volumes
European tinplate volumes
Key market trends and our competitive position in packaging
14
(1) Represents can body stock and can end and tabs. (2)
Represents market share by volume of can body stock for Constellium in 2012.
Source: CRU, Company information
Increased
use
of
aluminum
in
Europe,
and
with
room
to
go
We
are
a
major
player
in
European
can
body
stock
(2)
Resulting
in
increased
aluminum
can
stock
consumption
(1)
Making
us
the
supplier
of
choice
to
blue-chip
customers
CAGR
2013-2018E
+3.3%
+5.4%
+2.6%
Closure stock: #1 world-wide
Can body stock: #1 Europe
Strong relationships with leading customers
% breakdown of cans sold
The leader in the stable, growing European can body stock market
Can stock consumption (kt)
35%
65%
Constellium's market share
Others' market share
636
724
199
260
836
984
2013
2018
Western Europe
Eastern Europe |
 Advanced R&D and technological capabilities provide leverage with customers
15
World-leading R&D capabilities
Long-term partnerships with European universities
World class R&D facility in Voreppe, France
260 FTEs including 85 scientists and 90 technicians
Approximately 900 active patents
Seek to integrate R&D with key customers
Innovation
Partner(s)
Description
Major
Aerospace OEM
Low density alloy suited for aircraft
primary structure
Surfalex
Next generation automotive body
sheet
Fusion bottle
Draw Wall Ironed (DWI) technology
Close partnership with our customers
Unique R&D capabilities provide a competitive advantage in high value-added
products ®
Source: Company information |
 16
Aerospace
Automotive
Packaging
Source: Company information
Our customers’
businesses are driven by attractive secular trends
Diverse customer base with 10 largest customers representing approximately 45% of
2013 revenues with average length of relationships with Constellium’s
top 20 customers exceeding 25 years
All
of
Constellium’s
major
packaging,
aerospace
and
automotive
customers,
including
its
top
five
customers, have multi-year contracts and approximately 58% of
Constellium’s 2013 volumes were generated under multi-year
contracts Long-standing relationships with a global, blue-chip customer
base |
 Successful
cost
reductions
with
ongoing
productivity
improvement
opportunities
17
Our initial focus has been on containing costs
Continued focus on cash management
Our focus now is on productivity improvements
The right team to execute on improvement strategy
Track record of successful productivity
implementation and cost reductions
Efficiency opportunities
Contain fixed costs to offset inflation
Variabilize the cost structure
Continuous focus on cash management
Deployment of major LEAN transformation program
Reduce inventory through efficiency programs
Cycle-proof the business
During 2009 downturn with volumes down
18%, CSTM generated €181 million of cash
flow from continuing operations reflecting a
working capital improvement of €276 million
Cumulative cost savings (€m)
Active management of our costs and operations to drive earnings and margin
expansion Net trade working capital (€m)
Source: Company information |
 We run the business to be LME price independent
For approximately one-third of our volumes, customers pay the
same metal price we receive from our suppliers
For other sales, we use derivatives to manage our LME price risk
This provides stability and visibility on our margins and cash flows
Stable business model with limited commodity price and foreign exchange
exposure
18
Strong visibility into future volumes and managed exposure
Resilient
can
sheet
business
during
economic
downturn
providing
a
stable
base
of
cash
flows
Focus on protecting margins and cash flow
Our business model: long-term contracts and LME price independent
We have long-term contracts with customers in our three core
end-markets: Aerospace:
We
enter
into
5
year
contracts
with
our
largest
aerospace
customers
Automotive:
We
enter
into
life
of
model
contracts,
typically
5
to
7
years
Packaging:
The
majority
of
our
packaging
sales
in
2013
are
under
contracts
that
extend
until
2014
and
beyond
Minimize
exposure
to
LME
price
volatility
by
(i)
passing
through
the
aluminum
price
risk
to
customers
and
(ii)
using
derivatives
where
necessary
Exposed
to
foreign
currencies
as
we
operate
in
multiple
countries,
with
the
$/€
exchange
rate
as
the
main
financial
market
exposure
Hedge
all
committed
or
highly
probable
non
functional
currency
transactions
Source:
CRU
Source:
Company
information |
 Financial overview
19
2 |
 Our
business model 20
Profitability
We
are
a
value-added
leader
in
converting
aluminum
into
highly
profitable
products
Focus
on
selected
high-end
products
and
high-growth
markets
Secure
our
business
with
long-term
contracts
We
seek
to
maximize
Adjusted
EBITDA
over
the
long
run
A
portion
of
our
business
(P&ARP)
is
lower
margin,
but
stable
and
highly
predictable
while
resilient
during
periods
of
economic
downturn
Productivity
We
implement
productivity
and
cost
improvement
measures
to
grow
margins
We
actively
manage
working
capital
to
maximize
cash
flow
Risk
management
We
hedge
to
minimize
the
volatility
of
our
cash
flow
resulting
from
movements
of
LME
prices
and
foreign
exchange
rates
Our
business
model
enables
effective
hedging
against
metals
price
through
either
back
to
backs
or
financial
hedging
Financial
profile
Strong
pro
forma
liquidity
of
€751m
at
12/31/2013
Seeking
to
maintain
ample
minimum
liquidity
going
forward
Low
pro
forma
leverage
ratio
of
0.5x
(Net
Debt
/
2013
Adjusted
EBITDA)
(1)
Constellium
remains
committed
to
maintaining
a
conservative
capital
structure
Capital
investment
Disciplined
capital
investment
program
Announced
BiW
investments
in
Europe
and
US
for
€200m
and
$150m
(2)
,
respectively,
and
casthouse
investments
for
AIRWARE®
in
Europe
for
€70m
(3)
Our
business
model
is
to
add
value
by
converting
aluminum
into
unique,
highly
profitable
products
sought
after
by
customers
in
selected
markets
(1)
Net
Debt
reconciliation
can
be
found
in
the
appendix.
(2)
Represents
total
expected
investment
by
UACJ
and
Constellium
in
the
joint
venture;
Constellium’s
attributable
portion
is
expected
to
be
51%.
(3)
Phase
II
investment
previously
announced
plus
new
Phase
III
acceleration.
Source:
Company
information |
 Summary financials and capitalization
21
(1) Net Debt reconciliation can be found in the appendix.
Source: Company information
Volumes (kt)
Leverage
(Debt
/
Adjusted
EBITDA)
(1)
Liquidity (€m)
Adjusted EBITDA (€m)
Profitability has significantly improved and is now in-line or ahead of peers,
which has led to a dramatic reduction in leverage
Adj. EBITDA/metric ton (€/t):
€147/t
€216/t
€
273/t |
 Q1
Q2
Q3
FY
Q1
Q2
Q3
FY
+22%
+3%
+64%
+26%
+24%
+4%
+61%
+26%
Adjusted EBITDA (€m)
Adjusted EBITDA / metric ton (€/t)
Consistent year over year improvement
Strong performance and consistent improvement in every quarter
Source: Company earnings reports
22
Q4
Q4
+40%
+40% |
 Summary segment historical performance
23
Source: Company information
A&T
P&ARP
AS&I
206
191
Vol. (kt)
224
244
+13%
+28%
+14%
+4%
+38%
+15%
Volumes up 9% year over year
primarily due to increased
aerospace shipments
Expect continued EBITDA growth
due to long-term contracts and
improving product mix going
forward
Despite volume decrease of 7%
year over year (due to
divestments), significantly
improved EBITDA on improved
demand for automotive products
Expect continued outperformance
due to strong projected demand
for automotive products
Despite relatively flat volumes
year over year, significantly
improved EBITDA on packaging
and increased demand for
automotive products
Expect further improvements on
the basis of steady can stock
pricing and demand for
automotive products
606
595 |
 Growth projects
Capital spending plan (€m)
Investments and capital spending
(1)
Phase
II
investment
previously
announced
plus
new
Phase
III
acceleration.
(2)
Expected
equity
investment
in
planned
joint
venture.
(3)
Additional
investment
to
be
decided.
Source: Company earnings reports
24
Project
Location
Total capex
Timing
BiW
Europe
€200 million
2014-2018
AIRWARE®
Europe
€70 million
(1)
2014-2018
BiW
US JV
51% of $150 million
(2)
2014-2018
BiW
US
$50-100 million
(3)
2015-2018
Total growth projects
€380 million
2014-2018 |
 Key
credit highlights 25
Attractive pipeline
of growth
initiatives
Long-standing
relationships with
a diversified and
blue-chip
customer
base
Leading positions
in attractive and
balanced
end-markets
Advanced R&D
and technological
capabilities
Stable business
model
Global network of
efficient facilities
Experienced
management team |
 Q1
2014 Update 26
3 |
 27
Q1 2014 Highlights
(% changes Q1 2014 vs Q1 2013)
Adjusted EBITDA of €71 million
Strong automotive business drives 60% growth in Adjusted EBITDA in AS&I
and solid performance in P&ARP
AS&I achieves record Adjusted EBITDA of €20 million
A&T results impacted by 5-day outage in the hotline at Ravenswood
Strong shipments of 269k metric tons, up 3%
Revenues: €883 million, up 7% on a like-for-like basis
Continued improvement in net trade working capital and days sales
outstanding |
 Q1
Highlights 28
Ratings
upgraded
one
notch
by
(Moody’s)
to
‘Ba3’
and
two
notches
by
(Standard &Poor’s) to ‘BB-’
Successfully completed bond offerings of $400 million and €300 million
Selected Neuf Brisach, France facility for 100k metric ton
body-in-white expansion
Signed joint venture agreement with UACJ, for 100k metric ton
body-in-white expansion in the U.S., pending regulatory
approvals Announced
two
new
casthouses
for
our
AIRWARE®
aluminum
lithium
family
of
products |
 Q1 14
Segment Performance Segment Adjusted EBITDA (€m)
Adjusted EBITDA per ton
29
59
61
+ 3 %
151
156
+ 3 %
+ 1 %
53
53
Shipments (kt)
Shipments (kt)
Shipments (kt) |
 Significant improvement in Adjusted Free Cash Flow
€
millions
Three Months ended
March 31, 2014
Three Months ended
March 31, 2013
Cash flow from operating activities
(4)
(47)
Margin calls included in cash flow from
operating activities
(11)
-
Cash flow from operating activities
excluding margin calls
(15)
(47)
Capital expenditure
(33)
(23)
Adjusted Free Cash Flow
(48)
(70)
30 |
 Continued progress in reducing net trade working capital
Q1 2014
29 DSOs
Q1 2013
39 DSOs
+€111m
+€65m
+€89m
Q1 2012
43 DSOs
31 |
 €
millions
March 31, 2014
Total Debt
(*)
360
Cash and Cash Equivalents
179
Net Debt
181
Net Debt / LTM Adjusted EBITDA
0.7x
Liquidity
(**)
Liquidity -
Pro forma after new refinancing
360
720
32
(*)
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 Strong balance sheet with enhanced liquidity
|
 Appendix
33 |
 Global network of efficient facilities
34
Global network of 23 integrated facilities with unique manufacturing
capabilities Note: Headcount does not include temporary employees, except
when otherwise noted. (1) Temporary employees only. (2)
Novi only. Source: Company information as of December 2013.
US
China
Europe
Ravenswood,
USA
Headcount: 1,000
•
Worldwide unique assets for
aerospace plates
•
Recognized supplier to the
highly demanding defence
industry
•
Wide-coil capabilities and most
powerful stretcher worldwide
enabling unique product
creation
Changchun and
Kunshan, China
Headcount: 273
(1)
•
Joint venture with Engley,
majority owned by Constellium
•
The two cost effective plants
positioned locally provide its
global customers with bumpers
and other structural modules
Singen,
Germany
Headcount: 1,299
•
Integrated hot/cold-rolling line
•
One of the largest extrusion
presses in the world
•
Advanced and highly
productive integrated bumper
manufacturing lines
Decin,
Czech Republic
Headcount: 544
•
Europe’s largest hard alloys
extrusion plant
•
Low cost location
Voreppe,
France
Headcount: 260
•
World-class R&D center
Sierre, Valais,
Switzerland
Headcount: 765
•
Precision plate shop for general
engineering products
•
Leading large profile supplier for
high-speed train railway
manufacturers
•
Cast-houses in Steg
and
Chippis
•
Sierre
plate shop qualified at
Airbus by 2013 and Steg
cast
house by 2014
Issoire,
France
Headcount: 1,460
•
One of the world’s two leading
aerospace plate mills, with
wingskin
capabilities
•
New AIRWARE®
cast house
for low density alloys
Neuf-Brisach,
France
Headcount: 1,403
•
Second largest-volume, fully
integrated, rolling mill in Europe
•
Mostly can stock and
automotive sheet
•
World-class recycling center
Novi and van Buren,
Michigan, USA
Headcount: 141
(2)
•
Advanced and highly
productive integrated bumper
manufacturing lines |
 35
Constellium corporate structure
Source: Company information
Denotes guarantors under the new Unsecured
Revolving Credit Facility and the unsecured
notes offered hereby
Constellium
N.V.
(Netherlands)
Constellium
HoldCo
II B.V.
(Netherlands)
Constellium
Germany
Holdco GmbH & Co. KG
(Germany)
Constellium
France
Holdco SAS
(France)
Constellium US
Holdings I, LLC
(USA)
Constellium
Rolled
Products
–
Ravenswood, LLC
(USA)
Constellium
Deutschland
Constellium
Extrusions
Deutschland GmbH
(Germany)
GmbH
(Germany)
Constellium CRV
(France)
Constellium
France
(France)
New Unsecured Revolving Credit Facility
New unsecured notes offered hereby
U.S. Revolving
Credit Facility
German / Swiss Factoring
Agreement facility
Constellium
Extrusions
Decin
s.r.o
.
(Czech Republic)
Constellium
Finance
(France)
SAS
Constellium
Singen GmbH
(Germany)
Constellium
Switzerland AG
(Switzerland)
Constellium
Valais S.A.
(Switzerland)
French Factoring
Agreement facility
Constellium
Extrusions
France
(France)
Constellium
Aviatube
(France) |
 Non-GAAP Measures Reconciliations
36 |
 Net
income from continuing operations €149
€96
Income tax expense
46
39
Income before income tax
€195
€135
Finance costs -
net
60
50
Other expenses/share of results of joint-ventures
8
24
Income from operations
€263
€209
Ravenswood benefit plan amendment
(58)
(11)
Swiss pension plan settlement
8
-
Ravenswood CBA renegotiation
7
-
Restructuring costs
25
8
Net losses on disposals
-
5
Unrealized (gains) on derivatives
(61)
(12)
Unrealized (gains) loss from the remeasurement of monetary assets and
liabilities
1
(2)
Depreciation, amortization and impairment
14
32
Management Adjusted EBITDA
€199
€229
Metal price lag
16
29
Other
8
22
Adjusted EBITDA
€223
€280
€
in millions
Adjusted EBITDA reconciliation Q4 2013
37
Year ended
December 31, 2012
Year ended
December 31, 2013
Source: Company information |
 38
Adjusted EBITDA Reconciliation Q1 2014
€
millions
Q1 2014
Q1 2013
Net income / (loss)
30
(2)
Income tax expense
16
6
Income before income tax
46
4
Finance costs -
net
9
25
Other expenses / share of results of joint-ventures
1
-
Income from operations
56
29
Depreciation and impairment
9
4
Unrealized losses/(gains) from remeasurement of monetary assets and
liabilities 2
(2)
Unrealized losses on derivatives
1
34
Restructuring costs
3
2
Start-up and development costs
3
-
Gain on Ravenswood OPEB plan amendment
(8)
-
Metal lag
2
2
Other
3
4
Adjusted EBITDA
71
73 |
 Net
Debt reconciliation Q4 2013 39
Source: Company earnings reports
€
in millions
As of 12/31/2012
As of 12/31/2013
Borrowings
€158
€348
Fair value of cross currency interest rate
swap
14
26
Cash and cash equivalents
(142)
(233)
Cash pledged for issuance of
guarantees
(13)
(9)
Net Debt
€17
€132 |
 40
Net Debt Reconciliation Q1 2014
€
millions
March 31, 2014
December 31, 2013
Borrowings
348
348
Fair value of cross currency interest swap
21
26
Cash and cash equivalents
(179)
(233)
Cash pledged for issuance of guarantees
(9)
(9)
Net Debt
181
132 |
 41
Adjusted Free Cash Flow Reconciliation Q1 2014
€
millions
Three Months
ended March 31,
2014
Three Months
ended March 31,
2013
Cash flow from operating activities
(4)
(47)
Margin calls included in cash flow from
operating activities
(11)
-
Cash flow from operating activities
excluding margin calls
(15)
(47)
Capital expenditure
(33)
(23)
Adjusted Free Cash Flow
(48)
(70) |