6-K

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 2015

Commission File Number: 001-35931

Constellium N.V.

(Translation of registrant’s 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 12, 2015, announcing its financial results for the fourth quarter and fiscal year ended December 31, 2014.

Attached hereto as Exhibit 99.2 is a copy of a presentation of the Company, dated March 12, 2015, summarizing its financial results for the fourth quarter and fiscal year ended December 31, 2014.

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EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release issued by Constellium N.V. on March 12, 2015.
99.2	Presentation posted by Constellium N.V. on March 12, 2015.

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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 12, 2015	By:	/s/ Didier Fontaine
	Name:	Didier Fontaine
	Title:	Chief Financial Officer

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EX-99.1

Exhibit 99.1

Constellium Reports Full-Year and Fourth Quarter 2014 Financial Results

Amsterdam, March 12, 2015 – Constellium N.V. (NYSE and NYSE Euronext: CSTM) today reported results for the full year and fourth quarter ended December 31, 2014. These results do not include the acquisition of Wise Metals, which closed on January 5, 2015.

• 2014 Shipments of 1.1 million metric tons, up 4% versus prior year

• 2014 Revenue of €3.7 billion, up 5%

• 2014 Adjusted EBITDA of €275 million, including a €23 million unfavorable impact of higher metal premiums, down 2% from €280 million in 2013

• Adjusted free cash flow remains positive despite higher capital expenditures related to previously announced projects

• 2014 Diluted EPS of €0.48; EPS excluding unrealized losses on derivatives of €0.84

• Automotive rolled product shipments up 37% in 2014 versus 2013

• Automotive extruded product shipments up 28% in 2014 versus 2013

• Wise Metals acquisition closed on January 5, 2015 and Body-in-White projects progressing as scheduled

• On track for near term decision to add a second Body-in-White finishing line in the U.S.

Constellium’s Adjusted EBITDA for 2014 was €275 million, a slight decrease from the 2013 Adjusted EBITDA of €280 million, and which includes an unfavorable impact of higher metal premiums of €23 million, partially compensated by a positive foreign exchange effect of €12 million. Adjusted EBITDA per metric ton for 2014 was €259, a decrease of €14 per metric ton from €273 in 2013. An overall strong performance in both the Automotive Structures and Industry (AS&I) and Packaging and Automotive Rolled Products (P&ARP) segments was offset by Aerospace and Transportation’s (A&T) weaker performance as a result of continuing operational challenges and capacity constraints.

Revenues for 2014 were €3.7 billion, which represented an increase of 5%, or €171 million, from 2013. On a like-for-like basis, revenues increased by 2%, excluding the impact of movements in London Metal Exchange (LME) metal prices, premiums, and currency exchange rates, when compared to the full year 2013. Shipments in 2014 were 1,062k metric tons, up 4% from 2013, driven mainly by an increase of 31% in automotive rolled and extruded product shipments, reaching 16% of our total shipments for 2014.

In the fourth quarter of 2014, Adjusted EBITDA was €51 million, a decrease of 14% from €59 million in Q4 2013, driven primarily by operational challenges from A&T, including a €5 million impact from the previously disclosed outage in our Ravenswood facility, as well as continued premium increases. Adjusted EBITDA per metric ton for the fourth quarter 2014 was €207, down from €253 in the fourth quarter of 2013.

Revenues were €936 million in the fourth quarter of 2014, an increase of 16% from €806 million in the same period of 2013 stemming from a combination of increased volumes, higher LME metal prices, and movements in foreign currency exchange rates. On a like-for-like basis, revenues increased by 3% in the fourth quarter of 2014, excluding the impact of movements in LME metal prices, premiums, and currency exchange rates, when compared to the same period in 2013. In the fourth quarter of 2014, shipments were 247k metric tons, a 6% growth from the fourth quarter 2013 shipments.

Commenting on 2014 results, Pierre Vareille, Constellium’s Chief Executive Officer said: “Strong 2014 performance in our AS&I and P&ARP segments offset continued headwinds from higher metal premiums and operational challenges in A&T. The integration of Wise Metals is proceeding well and we are moving quickly to integrate them into our global portfolio. Going forward, we believe the long-term potential for our targeted markets is increasingly favorable and we expect to continue our drive to enhance shareholder value. ”

• Quarter Highlights and Recent Developments

In October 2014, Constellium signed an agreement to acquire Wise Metals, a private aluminium sheet producer located in Muscle Shoals, Alabama. Under the terms of the agreement, Constellium acquired Wise Metals for $1.4 billion, consisting of $455 million in cash and $945 million in the assumption of Wise’s existing debt. The acquisition of Wise Metals, which has the widest strip mill in North America, is providing Constellium with access to 450k metric tons of hot mill capacity and Constellium intends to invest up to $750 million by 2022 in order to significantly accelerate its position in the North American Body-in-White market. The financing for this transaction was finalized in December 2014 and the acquisition closed on January 5, 2015.

In October 2014, Constellium’s Body-in-White joint venture with UACJ received regulatory approval from the European Union and China and the joint venture was established at the end of 2014. The new facility will have an initial target capacity of 100k metric tons and production is expected to start in the first half of 2016. Constellium owns 51% of this joint venture.

In December 2014, Constellium issued $400 million of 8% U.S. dollar denominated senior notes due 2023 and €240 million of 7% euro denominated senior notes due 2023 in a private offering. The Notes are guaranteed on a senior unsecured basis by certain subsidiaries of Constellium.

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In January 2015, Constellium announced that it is one of the largest suppliers for high-strength aluminium structural parts to Ford Motor Co. for the new Ford F-150 pickup truck, the largest automobile platform in the U.S.

In February 2015, Constellium announced that it is investing €23 million in its manufacturing site located in Decin, Czech Republic. This investment includes a new casthouse, a new indirect extrusion press line for production of hard alloy bars and profiles, a new drawing line, and a complete refurbishment of an existing extrusion line.

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• Group Summary

	Q4 2014		Q4 2013		Var.			FY 2014		FY 2013		Var.
Shipments (k metric tons)		247		234		6	%		1,062		1,025		4	%
Revenues (€ millions)		936		806		16	%		3,666		3,495		5	%
Adjusted EBITDA (€ millions)		51		59		(14	%)		275		280		(2	%)
Adjusted EBITDA per metric ton (€)		207		253		(18	%)		259		273		(5	%)

Adjusted EBITDA per metric ton and percentage changes are calculated on unrounded underlying figures and the difference between the sum of reported segment Adjusted EBITDA and the Group Adjusted EBITDA is related to Holdings and Corporate.

• Results by Segment

• Packaging & Automotive Rolled Products (P&ARP)

	Q4 2014		Q4 2013		Var.			FY 2014		FY 2013		Var.
Shipments (k metric tons)		142		131		9	%		620		595		4	%
Revenues (€ millions)		402		315		28	%		1,576		1,480		6	%
Adjusted EBITDA (€ millions)		22		20		12	%		118		105		12	%
Adjusted EBITDA per metric ton (€)		159		155		3	%		190		176		8	%

Adjusted EBITDA per metric ton and percentage changes are calculated on unrounded underlying figures.

For the year ended December 31, 2014, Adjusted EBITDA for the P&ARP segment was €118 million reflecting a 12% growth over 2013, primarily attributable to an increase in volumes and improved product mix, despite a negative impact of €6 million from higher metal premiums. The increase in Adjusted EBITDA per metric ton is primarily due to the increase in shipments of automotive rolled products of 37% in 2014 versus 2013.

The P&ARP segment had another positive quarter with a 9% growth in shipments to 142k metric tons, and a 12% increase in Adjusted EBITDA to €22 million. Adjusted EBITDA per metric ton of €159 for P&ARP grew slightly by 3% over last year. The increase in shipments reflects continued growth in packaging rolled products and solid growth in automotive rolled products. Revenues increased by 28%, primarily as a result of increased metal prices and increased volumes. Demand for packaging rolled products remains strong while automotive rolled products volumes increased by 42% in the fourth quarter of 2014 compared to same period in the prior year. Higher metal premiums impacted the fourth quarter 2014 by €2 million when compared to the prior year.

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The P&ARP investments in Body-in-White finishing projects are proceeding according to schedule in both Europe and in the U.S. In our Neuf-Brisach facility, the 100 kt expansion is expected to begin production in the second half of 2016 and in Bowling Green, Kentucky, the 100 kt expansion for our joint venture with UACJ is expected to begin production in the first half of 2016. We also remain on track for a near term decision to add a second finishing line to provide additional Body-in-White capacity in the U.S.

• Aerospace & Transportation (A&T)

	Q4 2014		Q4 2013		Var.			FY 2014		FY 2013		Var.
Shipments (k metric tons)		55		61		(9	%)		238		244		(3	%)
Revenues (€ millions)		305		294		4	%		1,197		1,204		(1	%)
Adjusted EBITDA (€ millions)		18		29		(42	%)		91		120		(25	%)
Adjusted EBITDA per metric ton (€)		303		471		(36	%)		380		491		(23	%)

Adjusted EBITDA per metric ton and percentage changes are calculated on unrounded underlying figures.

For the year ended December 31, 2014, Adjusted EBITDA in the A&T segment was €91 million, an overall decrease of 25% over the fiscal year 2013, which reflects continued capacity constraints, increased sales of lower margin products, and the impact from operational outages. These results include a €8 million increase in premiums from the prior year, offset by €8 million in positive foreign exchange impact. Adjusted EBITDA per ton was €380 for 2014.

Fourth quarter 2014 results in the A&T segment decreased to €18 million in Adjusted EBITDA, a 42% decrease when compared to the fourth quarter of 2013. Shipments were 55k metric tons and represent a decrease of 9% from the same period last year. Fourth quarter 2014 A&T results continued to be impacted by higher metal premiums of €3 million, as well as continuing operational challenges highlighted in our third quarter 2014 earnings release. In particular, the segment was affected by a €5 million Adjusted EBITDA impact from a hot mill outage at our Ravenswood, West Virginia manufacturing facility during the fourth quarter.

Laurent Musy was recently appointed as the President of the A&T segment and brings more than 16 years of operational experience in the aluminium industry to this segment. Under his leadership, the recovery plans are underway as we are moving to restore and enhance our aerospace capacity in our primary aerospace plants in Issoire, France and Ravenswood. The new pusher furnace announced last quarter for Ravenswood is on schedule and the debottlenecking activities at both plants are making progress in reducing backlogs and improving product quality.

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• Automotive Structures & Industry (AS&I)

	Q4 2014		Q4 2013		Var.			FY 2014		FY 2013		Var.
Shipments (k metric tons)		51		45		15	%		208		191		9	%
Revenues (€ millions)		235		204		15	%		921		859		7	%
Adjusted EBITDA (€ millions)		16		12		23	%		73		58		23	%
Adjusted EBITDA per metric ton (€)		323		301		7	%		351		311		13	%

Adjusted EBITDA per metric ton and percentage changes are calculated on unrounded underlying figures.

For the year ended December 31, 2014, Adjusted EBITDA in the AS&I segment reached €73 million, a 23% increase from the fiscal year 2013, reflecting primarily a 28% increase in automotive extruded product shipments in 2014 versus 2013 despite a negative impact of €9 million from metal premiums. On a like-for-like basis, revenues for AS&I increased by 7% in 2014, adjusting for the sale of two of our soft alloy plants in 2013 and excluding LME metal prices, premiums, and foreign exchange impacts.

The AS&I segment achieved Adjusted EBITDA of €16 million in the fourth quarter of 2014, representing an improvement of 23% from the fourth quarter 2013 Adjusted EBITDA of €12 million. Shipments of 51k metric tons saw a 15% increase from the same period in the prior year, while revenues increased by 15% to €235 million. Overall, the performance in Adjusted EBITDA and Adjusted EBITDA per metric ton in the fourth quarter of 2014 reflected a strong increase in demand for automotive extruded products.

The previously announced plant expansions in the AS&I group are making solid progress. In particular, our manufacturing facility in Van Buren, Michigan recently doubled its capacity and is ramping its output in order to meet the strong demand for automotive extruded products in North America.

• Net income

Net income in the fiscal year ended 2014 was €54 million compared with €100 million in the fiscal year of 2013. The decrease was primarily attributable to unrealized losses on derivatives of €53 million in fiscal year 2014 compared to unrealized gains on derivatives of €12 million in fiscal year 2013. In addition, fiscal year 2014 was impacted by €34 million of one-time transaction costs related to the acquisition of Wise Metals while the fiscal year 2013 had been impacted by €27 million of expenses related to our IPO and subsequent offerings.

• Earnings per share

For the fiscal year ended December 31, 2014, the fully diluted earnings per share were €0.48 versus €0.99 per share for the same period in 2013. Fully diluted earnings per share were based on a weighted average number of ordinary shares of 105 million and 99 million for the

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years ended December 31, 2014 and 2013, respectively. Excluding the impact of unrealized gains and losses on derivative instruments, our earnings per share would have been €0.84 and €0.91 for the full year ending December 31, 2014 and 2013, respectively.

• Cash flow and liquidity

Adjusted free cash flow was a positive €2 million for the full year 2014 and a positive €36 million for the full year 2013. This reflects increased cash flows from operating activities excluding margin calls from €180 million in 2013 to €201 million in 2014 and an increase of capital expenditures of €55 million to €199 million for the full year 2014 as a result of the acceleration of our investment programs. The total trade working capital was reduced by an additional 5 days or €17 million for the full year 2014.

Net debt at December 31, 2014 was €224 million, an increase of €92 million from December 31, 2013 and our cash position at the end of fiscal year 2014 was €989 million.

Our liquidity position remains strong. As of December 31, 2014, liquidity was €1,300 million, comprised of €120 million available under our revolving credit facility, €149 million available under our factoring facilities, €42 million available under our Asset Based Lending facility, and €989 million of cash and cash equivalents. Our liquidity position was reinforced by the $400 million and €240 million bond offerings completed in December 2014. Approximately $455 million of our cash was subsequently used to pay for the acquisition of Wise Metals in early 2015, which leaves us with liquidity in excess of €900 million.

• 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 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, the ability of Constellium and Wise to achieve expected synergies and the timing thereof; the risk that the businesses will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; Constellium’s increased levels of indebtedness as a result of the transaction, which could limit Constellium’s operating flexibility and opportunities; the potential failure to retain key employees as a result of the transaction or during the integration of the business, the loss of customers, suppliers and other business relationships as a result of the transaction; disruptions to business operations resulting from the transaction; slower or lower than expected growth in the North American market for Body-in-White aluminium rolled products and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as 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

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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

• About Constellium

Constellium (NYSE and NYSE Euronext: CSTM) is a global sector leader that develops innovative, value added aluminium products for a broad scope of markets and applications, including aerospace, automotive and packaging. Constellium generated €3.7 billion of revenue in 2014. Constellium’s earnings materials for the full year and quarter ended December 31, 2014 are also available on the company’s website (www.constellium.com).

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CONSOLIDATED INCOME STATEMENT

(in millions of Euros)	Three months ended December 31, 2014 (Unaudited)			Three months ended December 31, 2013 (Unaudited)			Year ended December 31, 2014			Year ended December 31, 2013
Revenue		936			806			3,666			3,495
Cost of sales		(828	)		(704	)		(3,183	)		(3,024	)
Gross profit		108			102			483			471
Selling and administrative expenses		(50	)		(55	)		(200	)		(210	)
Research and development expenses		(11	)		(9	)		(38	)		(36	)
Restructuring costs		(5	)		(2	)		(12	)		(8	)
Other (losses) / gains - net		(52	)		2			(83	)		(8	)
(Loss) / income from operations		(10	)		38			150			209
Other expenses		1			(3	)		—			(27	)
Finance income		9			(1	)		30			17
Finance costs		(21	)		(5	)		(88	)		(67	)
Finance costs - net		(12	)		(6	)		(58	)		(50	)
Share of (loss) / profit of joint-ventures		(1	)		—			(1	)		3
(Loss) / income before income tax		(22	)		29			91			135
Income tax benefit / (expense)		6			4			(37	)		(39	)
Net (loss) / income from continuing operations		(16	)		33			54			96
Discontinued operations
Net income from discontinued operations		—			—			—			4
Net (loss) / income for the period		(16	)		33			54			100
Net (loss) / income attributable to:
Owners of the Company		(17	)		32			51			98
Non-controlling interests		1			1			3			2
Net (loss) / income		(16	)		33			54			100

EARNINGS PER SHARE ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE COMPANY

(in Euros per share)	Three months ended December 31, 2014 (Unaudited)			Three months ended December 31, 2013 (Unaudited)		Year ended December 31, 2014		Year ended December 31, 2013
From continuing and discontinued operations
Basic		(0.17	)		0.31		0.48		1.00
Diluted		(0.17	)		0.30		0.48		0.99
From continuing operations
Basic		(0.17	)		0.31		0.48		0.96
Diluted		(0.17	)		0.30		0.48		0.95
From discontinued operations
Basic		—			—		—		0.04
Diluted		—			—		—		0.04

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS)

(in millions of Euros)	Three months ended December 31, 2014 (Unaudited)			Three months ended December 31, 2013 (Unaudited)			Year ended December 31, 2014			Year ended December 31, 2013
Net (loss) / income		(16	)		33			54			100
Other comprehensive (loss) / income
Items that will not be reclassified subsequently to income or loss
Remeasurement on post-employment benefit obligations		(69	)		13			(137	)		72
Deferred tax on remeasurement on post-employment benefit obligations		1			(4	)		14			(9	)
Cash flow hedges		9			—			9			—
Deferred tax on cash flow hedges		(3	)		—			(3	)		—
Items that may be reclassified subsequently to income or loss
Currency translation differences		(2	)		(1	)		(13	)		—
Other comprehensive (loss) / income		(64	)		8			(130	)		63
Total comprehensive (loss) / income		(80	)		41			(76	)		163
Attributable to:
Owners of the Company		(82	)		40			(80	)		161
Non-controlling interests		2			1			4			2
Total comprehensive (loss) / income		(80	)		41			(76	)		163

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

(in millions of Euros)	At December 31, 2014			At December 31, 2013
Assets
Non-current assets
Intangible assets (including goodwill)		28			21
Property, plant and equipment		632			408
Investment in joint ventures		21			1
Deferred income tax assets		190			177
Trade receivables and other		48			60
Other financial assets		33			7
		952			674
Current assets
Inventories		432			328
Trade receivables and other		568			483
Other financial assets		57			25
Cash and cash equivalents		989			233
		2,046			1,069
Assets classified as held for sale		14			21
Total assets		3,012			1,764
Equity
Share capital		2			2
Share premium		162			162
Retained deficit and other reserves		(207	)		(132	)
Equity attributable to owners of the Company		(43	)		32
Non-controlling interests		6			4
		(37	)		36
Liabilities
Non-current liabilities
Borrowings		1,205			326
Trade payables and other		31			35
Deferred income tax liabilities		—			1
Pension and other post-employment benefit obligations		654			507
Other financial liabilities		40			36
Provisions		61			65
		1,991			970
Current liabilities
Borrowings		47			22
Trade payables and other		872			646
Income taxes payable		11			19
Other financial liabilities		71			24
Provisions		49			38
		1,050			749
Liabilities classified as held for sale		8			9
Total liabilities		3,049			1,728
Total equity and liabilities		3,012			1,764

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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 Owners of the Company			Non- controlling interests			Total equity
As at January 1, 2012		—		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		—		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 Owners of the Company			Non- controlling interests			Total equity
As at January 1, 2013		—		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

(in millions of Euros)	Share Capital		Share Premium		Remeasure- ment			Cash flow hedges		Foreign Currency Translation reserve			Other reserves		Retained losses			Total Owners of the Company			Non- controlling interests			Total equity
As at January 1, 2014		2		162		(23	)		—		(14	)		1		(96	)		32			4			36
Net income		—		—		—			—		—			—		51			51			3			54
Other comprehensive loss		—		—		(123	)		6		(14	)		—		—			(131	)		1			(130	)
Total comprehensive loss		—		—		(123	)		6		(14	)		—		51			(80	)		4			(76	)
Transactions with the owners
Share equity plan		—		—		—								4		—			4			—			4
MEP shares changes		—		—		—			—		—			1		—			1			—			1
Transactions with non-controlling interests		—		—		—			—		—			—		—			—			(2	)		(2	)
As at December 31, 2014		2		162		(146	)		6		(28	)		6		(45	)		(43	)		6			(37	)

12

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions of Euros)	Three months ended December 31, 2014 (Unaudited)			Three months ended December 31, 2013 (Unaudited)			Year ended December 31, 2014			Year ended December 31, 2013
Cash flows from operating activities
Net (loss) / income from continuing operations		(16	)		33			54			96
Adjustments for:
Income tax expense		(6	)		(4	)		37			39
Finance costs - net		12			6			58			50
Depreciation and Impairment		17			13			49			32
Restructuring costs and other provisions		9			(6	)		6			(8	)
Defined benefit pension costs		10			9			29			29
Unrealized losses / (gains) on derivatives net and from remeasurement of monetary assets and liabilities		24			(12	)		52			(14	)
Other		1			4			10			5
Changes in working capital:
Inventories		(17	)		39			(95	)		41
Trade receivables		48			76			(48	)		9
Margin calls		—			—			11			4
Trade payables		69			(21	)		170			(1	)
Other working capital		(30	)		5			(33	)		(9	)
Changes in other operating assets and liabilities:
Provisions		(2	)		(5	)		(12	)		(17	)
Income tax paid		(17	)		(21	)		(27	)		(29	)
Pension liabilities and other post-employment benefit obligations		(12	)		(11	)		(49	)		(43	)
Net cash flows from operating activities		90			105			212			184
Cash flows used in investing activities
Investment in joint venture		(19	)		—			(19	)		—
Purchases of property, plant and equipment		(72	)		(52	)		(199	)		(144	)
Proceeds from finance lease		2			1			6			6
Other investing activities		4			—			(4	)		6
Net cash flows used in investing activities		(85	)		(51	)		(216	)		(132	)
Cash flows from / (used in) financing activities
Net proceeds received from issuance of shares		—			—			—			162
Interim dividend paid		—			—			—			(147	)
Withholding tax received / (paid)		20			—			20			(20	)
Distribution of share premium to owners of the Company		—			—			—			(103	)
Interests paid		(21	)		(7	)		(39	)		(36	)
Proceeds received from Term Loans and Senior Notes		566			—			1,153			351
Repayment of Term Loan		—			—			(331	)		(156	)
Proceeds of other loans		3			(11	)		13			2
Payment of deferred financing costs		(12	)		—			(27	)		(8	)
Transactions with non-controlling interests		—			—			(2	)		(2	)
Other financing activities		(4	)		(3	)		(34	)		—
Net cash flows from / (used in) financing activities		552			(21	)		753			43
Net increase in cash and cash equivalents		557			33			749			95
Cash and cash equivalents - beginning of period		429			203			236			142
Effect of exchange rate changes on cash and cash equivalents		5			—			6			(1	)
Cash and cash equivalents - end of period		991			236			991			236
Less: Cash and cash equivalents classified as held for sale		(2	)		(3	)		(2	)		(3	)
Cash and cash equivalents as reported in the Statement of financial position		989			233			989			233

13

SEGMENT ADJUSTED EBITDA

(in millions of Euros)	Three months ended December 31, 2014 (Unaudited)			Three months ended December 31, 2013 (Unaudited)			Year ended December 31, 2014			Year ended December 31, 2013
A&T		18			29			91			120
P&ARP		22			20			118			105
AS&I		16			12			73			58
Holdings and Corporate		(5	)		(2	)		(7	)		(3	)
Total		51			59			275			280

REVENUE AND SHIPMENTS BY PRODUCT LINE

(in k metric tons)	Year ended December 31, 2014			Year ended December 31, 2013
Aerospace rolled products		108			112
Transportation, industry, and other rolled products		130			132
Packaging rolled products		494			493
Automotive rolled products		76			56
Specialty and other thin-rolled products		50			46
Automotive extruded products		89			70
Other extruded products		119			121
Other		(4	)		(5	)
Total shipments		1,062			1,025
(in millions of Euros)
Aerospace rolled products		667			655
Transportation, industry, and other rolled products		525			542
Packaging rolled products		1,160			1,138
Automotive rolled products		225			162
Specialty and other thin-rolled products		183			172
Automotive extruded products		413			334
Other extruded products		462			471
Other		31			21
Total revenue		3,666			3,495

14

NON-GAAP MEASURES RECONCILIATIONS

Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)

(in millions of Euros)	Three months ended December 31, 2014			Three months ended December 31, 2013			Year ended December 31, 2014			Year ended December 31, 2013
Net income / (loss)		(16	)		33			54			100
Income tax (benefit) / expense		(6	)		(4	)		37			39
Net (Income) from discontinued operations		—			—						(4	)
(Loss) / income before income tax		(22	)		29			91			135
Finance costs – net		12			6			58			50
Other expenses		(1	)		3			—			27
Share of loss / (profit) of joint-ventures		1			—			1			(3	)
(Loss) / income from operations		(10	)		38			150			209
Depreciation and impairment		17			13			49			32
Unrealized gains from remeasurement of monetary assets and liabilities		—			(2	)		(1	)		(2	)
Unrealized losses/(gains) on derivatives		24			(10	)		53			(12	)
Losses on disposal		1			1			5			5
Restructuring costs		5			2			12			8
Apollo management fees		—			—			—			2
Start-up and development costs		5			5			11			7
Wise acquisition costs		32			—			34			—
Ravenswood OPEB plan amendments		—			—			(9	)		(11	)
Swiss pension settlements		(6	)		—			(6	)		—
Income tax contractual reimbursements		(8	)		—			(8	)		—
Metal price lag		(11	)		8			(27	)		29
Share-based plans		—			—			4			2
Other		2			4			8			11
Adjusted EBITDA		51			59			275			280

Reconciliation of Diluted EPS from continued and discontinued operations, excluding unrealized losses / (gains) on derivatives

(in millions of Euros)	Year ended December 31, 2014			Year ended December 31, 2013
Net Income attributable to owners of the company		51			98
Unrealized losses / (gains) on derivatives		53			(12	)
Tax impact		(16	)		4
Net income excluding unrealized losses / (gains) on derivatives		88			90
Weighted average number of shares, fully diluted		105,326,872			98,890,945
EPS fully diluted and discontinued (in Euros)		0.48			0.99
EPS fully diluted continued and discontinued, excluding unrealized losses / (gains) on derivatives (in Euros)		0.84			0.91

15

Reconciliation of cash flow from operating activities to Adjusted free cash flow (a non-GAAP measure)

	Three months ended Dec 31, 2014			Three months ended Dec 31, 2013			Year ended Dec 31, 2014			Year ended Dec 31, 2013
Cash flow from operating activities		90			105			212			184
Margin calls included in cash flow from operating activities		—			—			(11	)		(4	)
Cash flow from operating activities excluding margin calls		90			105			201			180
Capital expenditure		(72	)		(52	)		(199	)		(144	)
Adjusted free cash flow		18			53			2			36

Reconciliation of borrowings to Net debt (a non-GAAP measure)

(in millions of Euros)	December 31, 2014			December 31, 2013
Borrowings		1,252			348
Fair value of cross currency interest swap		(29	)		26
Cash and cash equivalents		(989	)		(233	)
Cash pledged for issuance of guarantees		(10	)		(9	)
Net debt		224			132

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 financial measures which are not prepared in accordance with IFRS (“non-GAAP measures”). The non-GAAP financial measures used in this press release are: Adjusted EBITDA, Adjusted EBITDA per metric ton, Diluted Earnings Per Share (EPS) from continued and discontinued operations, excluding unrealized losses and gains on derivative instruments, Adjusted free cash flow and Net debt. Reconciliations to the most directly comparable IFRS financial measures are presented in the schedules to this press 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 and may not be comparable to similarly titled measures of other companies.

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 Adjusted EBITDA in all of our business segments. The most directly comparable IFRS measure to Adjusted EBITDA is our net income or loss for the period. We believe Adjusted EBITDA, as

16

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.

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, exceptional consulting costs, effects of purchase accounting adjustment, standalone costs and management fees paid by the company to an affiliate of Apollo Global Management, LLC, exceptional employee bonuses in relation to cost saving implementation and targets, start-up and development costs, acquisition costs incurred in connection with business combinations, share-based compensation expense and the effect of favorable or unfavorable metal price lag (the financial impact of the timing difference between when aluminium prices included within our revenues are established and when aluminium purchase prices included in our cost of sales are established).

Adjusted EBITDA is the measure of performance used by management 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, this measure allows management and the investor to assess operating results and trends without the impact 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 believes this measure also provides additional information used by our lending facilities providers with respect to the ongoing performance of our underlying business activities. Historically, we have used Adjusted EBITDA in calculating our compliance with the financial covenants under certain of our loan facilities.

Adjusted EBITDA is not a presentation made in accordance with IFRS, is not a measure 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.

Diluted earnings per share (EPS) from continued and discontinued operations excluding unrealized losses and gains on derivative instruments, excludes unrealized losses and gains on derivatives and the relevant tax impact from net income and is divided by the weighted average number of shares outstanding.

17

Adjusted free cash flow is net cash flow from operating activities, after capital expenditure and excluding margin calls. Net debt is defined as borrowings plus or minus the fair value of cross currency interest swaps less cash and cash equivalents and cash pledged for the issuance of guarantees.

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 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 believes that EPS from continued and discontinued operations excluding unrealized losses and gains on derivatives is useful to investors because it provides additional information that facilitates understanding the impact of unrealized gains and losses on derivatives on our results.

Diluted EPS, Net debt and Adjusted free cash flow are not presentations made in accordance with IFRS, and should not be considered as an alternative to EPS, borrowings or operating cash flows determined in accordance with IFRS.

18

EX-99.2

Fourth Quarter and Full Year

2014 -

Earnings Call

March 12, 2015

Exhibit 99.2

Certain

statements

contained

in

this

presentation

may

constitute

forward-looking

statements

within

the

meaning

of

the

Private

Securities

Litigation

Reform

Act

of

1995.

This

presentation

may

contain

“forward

looking

statements”

with

respect

to

our

business,

results

of

operations

and

financial

condition,

and

our

expectations

or

beliefs

concerning

future

events

and

conditions.

You

can

identify

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,

the

ability

of

Constellium

and

Wise

to

achieve

expected

synergies

and

the

timing

thereof;

the

risk

that

the

businesses

will

not

be

integrated

successfully

or

such

integration

may

be

more

difficult,

time-

consuming

or

costly

than

expected;

Constellium’s

increased

levels

of

indebtedness

as

a

result

of

the

transaction,

which

could

limit

Constellium’s

operating

flexibility

and

opportunities;

the

potential

failure

to

retain

key

employees

as

a

result

of

the

transaction

or

during

the

integration

of

the

business,

the

loss

of

customers,

suppliers

and

other

business

relationships

as

a

result

of

the

transaction;

disruptions

to

business

operations

resulting

from

the

transaction;

slower

or

lower

than

expected

growth

in

the

North

American

market

for

Body-in-White

aluminum

rolled

products

and

other

risk

factors

set

forth

under

the

heading

“Risk

Factors”

in

our

Annual

Report

on

Form

20-F,

and

as

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

presentation.

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.

Forward-looking statements

2

Fourth Quarter 2014 – Earnings Call

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.

3

Fourth Quarter 2014 – Earnings Call

Pierre Vareille

Chief Executive Officer

Adjusted EBITDA of €275 million, down 2% from 2013, reflecting strong

performance in P&ARP and AS&I offset by higher metal premiums and

continuing operational headwinds in our A&T segment 

Shipments of 1.1 million metric tons, up 4%

Revenue of €3.7 billion, up 5%

Continued improvement in net trade working capital and days sales

outstanding

(5

days

reduction

Q4

2013

to

Q4

2014

–

from

25

to

20

DSOs)

2014

Highlights

(%

change

2014

vs

2013)

5

Fourth Quarter 2014 – Earnings Call

Packaging and Automotive Rolled Products Segment 

Excellent operational performance at Neuf-Brisach

Body-in-White projects in Singen, Neuf-Brisach and Bowling Green

on schedule

Strong Body-in-White interest to drive near-term decision to add additional finishing capacity in

the U.S.  

2014 negative impact metal premiums of €6 million compared to 2013

Segment Outlook/Mix

Constellium Recent Developments

Solid shipments of 620 kt in 2014 up 4% from 595 kt in 2013

Packaging volume steady

Specialty and other thin-rolled volume up 10%  

Automotive Rolled products shipments of 76 kt up 37% from 2013

6

Fourth Quarter 2014 – Earnings Call

Aerospace and Transportation Segment

Solid demand in Aerospace market with majority of business under

long term contracts

2014 shipments of 238 kt down 3% from 244 kt in 2013, Aerospace rolled product shipments

down 4%

Laurent Musy appointed President of A&T

4Q results as anticipated, hot mill outage in Ravenswood during

October impacted Adjusted EBITDA by €5 million

Recovery plan proceeding as anticipated, new pusher furnace capacity in Ravenswood on

schedule for 2016, debottlenecking activities making progress  

2014 negative impact metal premiums of €8 million compared to 2013

Segment Outlook/Mix

Constellium Recent Developments

7

Fourth Quarter 2014 – Earnings Call

Segment Mix/Outlook

Automotive Structures and Industry Segment  

Automotive Structures market demand remains strong, Industry market remains competitive  

2014 shipments of 208 kt up 9% from 191 kt in 2013; Automotive extrusions volume up 28%

Plant expansion in Michigan complete, China

expansion/reorganization in progress

One of the largest suppliers of high-strength

structural parts for the Ford F-150

New €23 million investment in Decin, Czech

Republic, increases capacity by approximately 20%

from 60 kt in 2014 to 73 kt in 2018

2014 negative impact metal premiums of €9 million

compared to 2013

Constellium Recent Developments

8

Fourth Quarter 2014 – Earnings Call

Didier Fontaine

Chief Financial Officer

2014 Adjusted EBITDA 

Negative impact of higher premiums and A&T performance largely offset by

FX and strong automotive growth in P&ARP and AS&I 

10

Fourth Quarter 2014 – Earnings Call

Q4 2014 Adjusted EBITDA

11

Fourth Quarter 2014 – Earnings Call

Continuing operational issues in A&T lower Q4 EBITDA

Segment Adjusted EBITDA (€m)

Adjusted EBITDA per ton

12

Fourth Quarter 2014 – Earnings Call

Shipments:  244kt

238kt

(3)%

Shipments:  595kt

620kt

+4%

Shipments:  191kt

208kt

+9%

2014 Segment Performance – includes €(23)M Premium impact

Segment Adjusted EBITDA (€m)

Adjusted EBITDA per ton

13

Shipments: 

61kt

55kt

(9)%

Shipments:  131kt

142kt

+9%

Shipments: 

45kt

51kt

+15%

Fourth Quarter 2014 – Earnings Call

Q4 2014 Segment Performance – includes €(10)M Premium impact

Positive Adjusted Free Cash Flow

€

millions

Year ended

Dec 31, 2014

Year ended

Dec 31, 2013

Cash flow from operating activities

212

184

Margin calls included in cash flow from operating activities

(11)

(4)

Cash flow from operating activities excluding margin calls

201

180

Capital expenditure

(199)

(144)

Adjusted Free Cash Flow

2

36

14

Increasing cash flow from operating activities allowed funding of planned capital projects

Fourth Quarter 2014 – Earnings Call

Trade Working Capital Continues to Improve

15

5 days of sales outstanding improvement and €17 million trade working capital reduction

despite higher LME and premiums

Fourth Quarter 2014 – Earnings Call

€

millions

December 31, 2014

Total Debt

(*)

1,213

Cash and Cash Equivalents

989

Net Debt

224

Liquidity

(**)

1,300

(*)  

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 committed facilities

Strong Liquidity Provides Maximum Optionality to Service

Greater Debt

16

With Wise Metals, Net Debt will increase and pro-forma liquidity will remain in

excess of €900 million

Fourth Quarter 2014 – Earnings Call

Wise Metals Acquisition Update

Transaction closed on January 5, 2015

Globalizes

Constellium’s

portfolio

-

North

American

sales

increase

from 14% to 30%+

Acquisition financed with debt

Wise Metals 2014 results will be consolidated into Constellium

beginning in Q1 2015 in Euros and under IFRS

Integration proceeding according to plan

Expected strong Q1 2015 volume

30%

17

Fourth Quarter 2014 – Earnings Call

Key Takeaways

18

Fourth Quarter 2014 – Earnings Call

2014 Shipments, Revenues and Adjusted EBITDA, +4%, +5% and (2%),

respectively, compared to 2013

Continued strong performance in P&ARP and AS&I

Total automotive shipments up 32% in 2014 to 165k metric tons, representing

16% of total shipments up from 12% in 2013

Total automotive shipments poised to triple once growth initiatives are complete

and could represent more than one-third of total company shipments by 2022

Body-in-White expansion projects progressing on track; strong interest to drive

near-term decision to add additional finishing capacity in the U.S.

As expected, A&T results disappointing due to continuing operational challenges

and capacity constraints

Continued improvement in net trade working capital and days sales outstanding,

5 day reduction from Q4 2013

Q & A

19

Fourth Quarter 2014 – Earnings Call

Appendix

20

Fourth Quarter 2014 – Earnings Call

Total Automotive products increase 32% to 165kt or 16% of 2014

shipments, up from 12% in 2013

BiW growth initiatives poised to triple automotive shipments once

completed and could represent more than one-third of company

shipments by 2022

21

2013

2014

Change

Aerospace rolled products

112

108

(4%)

Transportation, industry and other rolled products

132

130

(1%)

Packaging rolled products

493

494

0%

Automotive rolled products

56

76

37%

Specialty and other thin-rolled products

46

50

10%

Automotive extruded products

70

89

28%

Other extruded products

121

119

(2%)

Eliminations and other

(5)

(4)

0%

Total

1,025

1,062

4%

k metric tons

Fourth Quarter 2014 – Earnings Call

Shipments by Product Line (000’s metric tons)

IFRS –

Income Statement 

€

millions

Three months ended

Dec 31, 2014

Three months ended

Dec 31, 2013

Revenue

936

806

(Loss) / income from operations

(10)

38

Other expenses

1

(3)

Finance costs –

net

(12)

(6)

Share of loss of joint-ventures

(1)

-

(Loss) / income before income taxes

(22)

29

Net income from discontinued operations

-

-

Income tax benefit

6

4

Net (loss) / income

(16)

33

22

Fourth Quarter 2014 – Earnings Call

IFRS –

Income Statement 

€

millions

Year ended

Dec 31, 2014

Year ended

Dec 31, 2013

Revenue

3,666

3,495

Income from operations

150

209

Other expenses

-

(27)

Finance costs –

net

(58)

(50)

Share of (loss) / profit of joint-ventures

(1)

3

Income before income taxes

91

135

Net income from discontinued operations

-

4

Income tax expense

(37)

(39)

Net  income

54

100

23

Fourth Quarter 2014 – Earnings Call

IFRS –

Statement of Financial Position 

€

millions

December 31, 2014

December 31, 2013

Non-current assets

952

674

Current assets

2,046

1,069

Assets held for sale

14

21

Total Assets

3,012

1,764

Equity

(37)

36

Non-current liabilities

1,991

970

Current liabilities

1,050

749

Liabilities held for sale

8

9

Total Equity and Liabilities

3,012

1,764

24

Fourth Quarter 2014 – Earnings Call

Net Debt Reconciliation

€

millions

December 31, 2014

December 31, 2013

Borrowings

1,252

348

Fair value of cross currency interest rate swap

(29)

26

Cash and cash equivalents

(989)

(233)

Cash pledged for issuance of guarantees

(10)

(9)

Net Debt

224

132

25

Fourth Quarter 2014 – Earnings Call

Adjusted Free Cash Flow Reconciliation

€

millions

Three months

ended Dec 31, 2014

Three months

ended Dec 31, 2013

Cash flow from operating activities

90

105

Margin calls included in cash flow from

operating activities

-

-

Cash flow from operating activities

excluding margin calls

90

105

Capital expenditure

(72)

(52)

Adjusted Free Cash Flow

18

53

26

Fourth Quarter 2014 – Earnings Call

Adjusted Free Cash Flow Reconciliation

€

millions

Year ended

December 31, 2014

Year ended

December 31, 2013

Cash flow from operating activities

212

184

Margin calls included in cash flow from

operating activities

(11)

(4)

Cash flow from operating activities

excluding margin calls

201

180

Capital expenditure

(199)

(144)

Adjusted Free Cash Flow

2

36

27

Fourth Quarter 2014 – Earnings Call

Reconciliation net income

€

millions

Three months

ended

December 31, 2014

Three months

ended

December 31, 2013

Year ended

December 31, 2014

Year ended

December 31, 2013

Net income / (loss)

(16)

33

54

100

Income tax (benefit) / expense

(6)

(4)

37

39

Net (Income) from discontinued operations

-

-

-

(4)

(Loss) / income before income tax

(22)

29

91

135

Finance costs -

net

12

6

58

50

Other expenses

(1)

3

-

27

Share of loss / (profit) of joint-ventures

1

-

1

(3)

(Loss) / income from operations

(10)

38

150

209

Depreciation and impairment

17

13

49

32

Unrealized gains from remeasurement of monetary assets and

liabilities

-

(2)

(1)

(2)

Unrealized losses/(gains) on derivatives

24

(10)

53

(12)

Losses on disposal

1

1

5

5

Restructuring costs

5

2

12

8

Apollo management fees

-

-

-

2

Start-up and development costs

5

5

11

7

Wise acquisition costs

32

-

34

-

Ravenswood OPEB plan amendments

-

-

(9)

(11)

Swiss pension settlements

(6)

-

(6)

-

Income tax contractual reimbursements

(8)

-

(8)

-

Metal price lag

(11)

8

(27)

29

Share-based plans

-

-

4

2

Other

2

4

8

11

Adjusted EBITDA

51

59

275

280

28

Fourth Quarter 2014 – Earnings Call