Constellium 2013 business performance report

2013 BUSINESSPERFORMANCE

Ideas. Materialized.

D14051-Rapport_Annuel_2013-Business-FLIP.indd 1 09/06/2014 14:55

BUSINESS PERFORMANCE 2013

Contents

1. OVERVIE W

1. 2013 Key fi gures | 2. 2013 Highlights |

4. Editorial by Pierre Vareille, CEO

6. AMBITIONS

7. Strategy | 10. Operational excellence |

12. Innovation

14. AC TIVITIES

15. Business units’ key fi gures | 16. A Global network |

18. Aerospace and Transportation | 20. Automotive Structures

and Industry | 22. Packaging and Automotive Rolled Products

24. ES SENTIAL S

25. Financial results | 29. Governance

This report was released in May 2014.

Coordination: Corporate Communications Department.

Concept: All Contents — Design and production: All Contents

Editorial: Trevor Huggins (English Service) and Sam Davies

Printing: PDI — This document was printed with plant-based inks, on paper produced from trees

grown in sustainably-managed forests.

Photo credits: A. Doyen, G. Uféras, P. Verzone / Vu, iStock, Every Can Counts.


CONSTELLIUM

8,219FULL-TIME EMPLOYEES (FTE)

OVERVIEW

2013 Key fi gures

0

3,495**

2013

600

3,600

3,000

2,400

1,800

1,200

2012

3,610

2011

3,556

* Refl ect LME price evolution** Revenues for 2013 calculated on a like-for-like basis were

4% ahead of 2012.

SALES (€M)*

ADJUSTED EBITDA (€M)

0

50

300

250

200

150

100156

2011

280

2013

223

2012

42%Packaging and Automotive Rolled Products

34%Aerospace and Transportation 24%Automotive Structures and Industry

REVENUES BY BUSINESS UNIT

47.2%: France

21.8%: Germany

13.9%: USA and Asia

9.5%: Switzerland

7.6%: Eastern Europe

FTE BY GEOGRAPHIC REGION

A LEADER IN ALUMINIUM-BASEDPERFORMANCE PRODUCTS

#1 worldwide for aerospace plates (a)

#1 in the USA for large coils (a)

#1 worldwide in closure stock (a)

#1 in Europe for can body stock (b)

#1 in Europe for large profi les (a)

#1 in Europe for hard alloy extrusions (a)

#2 worldwide in crash management

systems (a)

#2 worldwide in general engineering

plates (b)

(a) Based on Constellium internal market analysis

(b) CRU International Limited

47.2%

9.5%

7.6%

21.8%

13.9%

42%24%

34%


OVERVIEW

2013 Highlights

MAY LISTING ON THE NEW YORK STOCK EXCHANGE AND NYSE EURONEXT PARIS

MARCH

NEW CASTHOUSE FOR AIRWARE®

Constellium’s Issoire plant inaugurated the fi rst casthouse for volume production of its highly innovative AIRWARE® technology for the aerospace sector. Constellium plans to make two additional casthouses to meet accelerating demand for AIRWARE®. Airbus, Bombardier and SpaceX have already selected the technology, which features a unique combination of strength, lightness and improved corrosion resistance.

CSTM


2


3

OBJECTIVES OCTOBER

RESEARCH WITH BRUNEL AND JAGUAR LAND ROVER

Brunel University, Jaguar Land Rover and Constellium are creating an Advanced Light Metals Processing Research Center for the automotive sector. The Center aims to provide high-performance light alloys, resource-effi cient casting technologies, extrusion processing technologies and component innovations to meet the mid- and long-term needs of the automotive industry.

JULY INTERNATIONAL SCIENTIFIC COUNCIL

An International Scientific Council

has been formed by Constellium to

further enhance the company’s tech-

nical leadership and performance in

innov ation. Featuring six of the

world’s leading materials scientists,

the council provides advice and rec-

ommendations on R&D competen-

cies, the company's innovation

approach and critical R&D collabor-

ations worldwide.

SEPTEMBERUN GLOBAL COMPACT

Constellium joined the UN Global

Compact, described by UN Secretary

General Ban Ki-moon as “a critical

platform for the UN to engage effec-

tively with enlightened global busi-

ness.” Companies agree to align their

strategies with 10 universally accept-

ed principles in the areas of human

rights, labor, the environment and

anti-corruption.

CONSTELLIUM

NOVEMBERMULTI-YEAR AGREEMENT WITH BOEING

The company reached a multi-year agreement with

The Boeing Company to supply a range of products

for all of its leading commercial airplane programs.

The agreement will ensure continued supplies

of current and advanced-generation aluminium

alloys. The products are supplied by Constellium

from major aerospace manufacturing sites in Issoire,

France, and in Ravenswood, West Virginia, US.



4

In the years ahead, we will continue to sustainably deliver on our commitments to all our stakeholders.


CONSTELLIUM

5

EDITORIAL

Enteringa new era

F or Constellium, 2013 was a pivotal year.

Our successful initial public offering on

the New York Stock Exchange in May and

two subsequent secondary offerings by

former shareholders, RioTinto and Apollo, ushered

in an exciting new era for Constellium as an inde-

pendent public company fully in control of its

development. Our strong fi nancial performance

validated our market strategy and paved the way

for investment in the company’s future. With adjust-

ed EBITDA growth of 26%, a low EBITDA/debt ratio,

and a successful debt refi nancing, Constellium is

fi nancially solid and well-positioned for the future.

Our strategy remains focused on three growing and

technologically advanced markets – automotive,

aerospace and packaging – and on our two core com-

petencies of aluminum rolling and extrusion. We are

also committed to geographic expansion, operation-

al excellence and innovation to serve our customers

around the globe with quality, value-added products.

It is an approach that has delivered results and won

the trust of investors.

That confi dence in Constellium was earned in part by

securing the top line with a series of multi-year con-

tracts. Our LEAN transformation program has been

successfully deployed across the company and is

already achieving results on working conditions, bet-

ter service to our customers and improved operation-

al performance. Innovation remains a vital component

of Constellium’s DNA. The creation of our Internation-

al Scientifi c Council will help ensure that Constellium

remains at the forefront of global technology trends.

Looking beyond our own research and innovation

capabilities, we have established a research partner-

ship with Brunel University and Jaguar Land Rover

to design the aluminium materials of the future.

PAVING THE WAY TO A SUSTAINABLE FUTURE

Sustainability plays a key role in the company’s

present and future. While much has been achieved,

we continuously strive for improvements in safety,

Constellium’s utmost priority, and operational

excellence. Accelerating cultural change in the

organization and empowering our employees are

the key drivers for delivering those improvements.

We encourage and expect every individual at every

one of our sites to make an active contribution to

the success of our company.

As we continue to execute on our strategy, we are

accelerating unprecedented investment in new

capacity to take advantage of growth opportunities

and meet the current and anticipated needs of our

customers. We will invest more than €300 million in

the near future. Part of this investment will be dedi-

cated to Body-in-White production in Europe and

the US, as carmakers increasingly turn to aluminium,

while we are building two new AIRWARE® cast houses

to support our growth in aerospace. 2013 was clear-

ly a transformative year for Constellium, and we will

continue to sustainably deliver on our commitments

to all our stakeholders in the years ahead.

Pierre Vareille, Chief Executive Offi cer



6

A M BI TI O N S

I N N O V A T I N G

IN E VERY THING

W E D O


CONSTELLIUM

7

Constellium’s strategy was defined in 2012 with a clear aim of becoming the most profitable company in the aluminium industry.

STRATEGY

A statement of ambition

C onstellium is a supplier of high value-

added technology and solutions, provid-

ing rolled and ex truded aluminium

products predominantly for the aero-

space, automotive and packaging markets. Thanks

to its world-class technology center and its exten-

sive production expertise, Constellium has been

able to develop breakthrough technologies, such

as AIRWARE® for the aerospace sector. Demand

for this advanced technology has led to signifi cant

investments to further increase production cap-

acity at our plant in Issoire, France.

In 2013, Constellium’s management took steps to

improve the operational performance of the com-

pany, streamline the product portfolio and either

invest or plan future investments to generate

growth in its three core markets.

In 2014, Constellium management will continue to

improve operations at plant level, with a specifi c

focus on quality, and will also implement an

ambitious development program.

© G

. Ufé

ras



8

STRATEGY

Deliveringon our commitments

Constellium concentrates on the three core markets of aerospace, automotive and packaging.

Strictly following its strategic

roadmap, Constellium’s

management priority over

the past two years was

to lead efficient transformation

programs and accelerate ambitious

investment projects with the aim

to boost operational excellence,

streamline the product portfolio and

create growth through innovation and

a global footprint.

In terms of operational effi ciency, 2013

witnessed significant results. Fixed

production costs were contained –

more than offsetting infl ation – while

net trade working capital was reduced

by €67 million at the end of 2013, pri-

marily due to closer and more active

inventory monitoring. Remarkable

progress was also achieved by the fi rst

wave of Constellium’s LEAN transfor-

mation program. Launched in 2012,

To ensure a successful rollout of its focused and proven strategy, Constellium management drives change across the company.


CONSTELLIUM

9

the target improvement was set at

50% over two years – i.e. an average

of 2% per month – for six key perfor-

mance indicators. The company is on

track on this journey.

INCREASED FOCUS ON KEY MARKETS

Refl ecting on our product and invest-

ment focus, Constellium is focusing on

its three core markets: aerospace,

automotive and packaging. In line with

this strategy, Constellium sold in 2013

its French plants in Ham and Saint-

Florentin, which mainly supplied prod-

ucts for the construction industry.

Similarly, the company’s decision to

concentrate on rolling and extrusion

processes prompted the start of the

divestment process for two casting

plants in France, in Ussel and Sabart.

Meanwhile, significant investments

have been decided. With the first

industrial-scale casthouse for

AIRWARE® now running at full cap acity

after starting up in 2013, plans for two

further AIRWARE® casthouses at

Issoire were announced in early 2014.

These new units are expected to be

operational in 2015 and 2016, respec-

tively. As of today, total investment in

AIRWARE® capacity-building programs

is expected to be close to €100 million.

In the US, the capacity of our automo-

tive structures plant in Van Buren,

Michigan will be increased to adapt to

the expected growth in the US market,

while a joint venture with United Alu-

minium Company of Japan (UACJ) will

see the creation of new Body-in-White

(BiW) sheet production capacity. The

two companies will jointly invest

nearly $150 million to build a continu-

ous heat treatment and conversion

line in Bowling Green, Kentucky.

In parallel, further BiW sheet cap acity

in Europe was also announced in

early 2014 at Constellium plants in

Neuf-Brisach, France and Singen,

Germany.

And packaging activities also bene-

fited from investments in pusher

furnaces and a casting complex at

Neuf-Brisach.

Finally, signifi cant advances have also

been achieved through innovation. In

a spirit of co-creation partnerships

with customers and universities

around the globe, the company is

continuously developing innovative

solutions for its customers, such as

the recycling of AIRWARE® chips for

the aerospace industry and a variety

of specific and advanced alloys for

the automotive industry (SurfalexTM,

FormalexTM, SecuralexTM, and the latest

generation of Crash Management

Systems).

LEAN TRANSFORMATION

LEAN relates to three key

aspects of Constellium’s

activities – employee

engagement, customer

satisfaction and operational

excellence. Each is divided

into its two most important

areas: Environment, Health

and Safety and employee

contributions for our people;

quality and on-time delivery

for customers; and equipment

effi ciency and production

control for operations.



10

shop fl oor and a new culture of recognizing quali-

ty as being key to Constellium’s future. A combi-

nation of training and communication campaigns

at all sites and offi ces – including “2014: The Year

of Quality” – are delivering quantifi able benefi ts.

Having selected the key metric of monthly custom-

er complaints, the company’s aim in late 2012 was

to cut that number in half by the end of 2014. This

target was in fact achieved in 2013, a result every-

one in the company should be proud of. A revised

target of a further halving of the fi gure has been

set for the current year. If we succeed, it will result

in a division by four of the number of customer

complaints, in only two years.

The key to these advances has largely been the use

of four LEAN tools: the Red Bin, 8D investigation

(problem-solving technique), Quick Response Quality

Control (QRQC) workshops and Quality walls. These

essentially provide a way of identifying a faulty part

or industrial process, determining the root cause

A s a manufacturing company, opera-

tional effi ciency is an integral part of

Constellium’s business model. The fi rst

priority of efficiency is safety for our

employees (see pp. 19-21 of the Sustainability Per-

formance Report), and the second is to create a

better work environment and foster continuous

improvement everywhere in the company. But the

program aims also at producing a good product

that is delivered on time to our customers. For sev-

eral reasons, quality has been a major focus of the

LEAN transformation plan launched in late 2012.

And we have also decided to accelerate our pro-

gress by making 2014 the Year of Quality. This is of

utmost importance since, clearly, product quality

drives customer satisfaction, which in turn gene-

rates contracts for new business and market share

gain. However, unlike other aspects of the trans-

formation – such as innovation, supply chain and

cost reduction – quality does not necessarily in-

volve major capital expenditure, and tangible im-

provements can be achieved in months rather than

years: most quality problems can be resolved

through better controls, and better management

and employee attention.

QUALITY INITIATIVES

A wide range of action plans have therefore been

deployed at plant level – involving new working

practices, new management organization on the

As the main focus of Constellium’s LEAN transformation program, a great deal was achieved in 2013 in terms of operational efficiency. However, the company is taking steps to make further improvements over the course of 2014.

AMBITIONS

A focus onoperational excellence

Tangible quality improvements can be achieved in months rather than years.


CONSTELLIUM

11

of the problem and then providing defi nitive reme-

dial action. And the Quality wall adds a further

level of inspection in order to protect the customer.

TRAINING AND DEVELOPMENT

To sustain the momentum achieved on quality, and

to further increase both operational effi ciency and

customer satisfaction, Constellium is stepping up

this improvement process in 2014. Over a two-

month period, all production operators – about

5,000 employees – will be trained on the pro-

blem-resolution technique used during the Red Bin

review. For its part, the 8D investigation process

proved invaluable in 2013, with the effectiveness

of these exercises rising almost three-fold over the

course of the year. With this technique now fully

embedded, the objective in 2014 is to increase its

frequency – by conducting an 8D on every single

customer complaint.

For more complex questions involving the root

causes of issues in processes, Constellium intro-

duced three-day Quick Response Quality Control

workshops at its plants, workshops for which

engineers, quality specialists and operators all

come together to work as a team on a given pro-

blem. The success of these QRQC workshops has

prompted the rollout in 2014 of a new workshop,

entitled Control Plan, which focuses on how to

prevent a technical problem that has been fi xed

in one area from arising elsewhere. Finally, the

Quality wall process will also be strengthened

during the year.

Together, these measures will clearly enable

Constellium to deliver further business improve-

ments, better satisfy its customers and gain more

business: a happy customer is a faithful customer.

That is why 2014 is the “Year of Quality.” Our goal

is to be the benchmark of the industry in quality.

We have almost reached it, but we must still

redouble efforts to get there!

The LEAN Excellence Flag is awarded temporarily to the plants that satisfy all 6 KPIs.

THE SIX LEAN KEY PERFORMANCE INDICATORS

• Recordable Cases

• Missed Contributions

• Quality Complaints

• Missed Deliveries

• Inventory DOH (Days on Hand)

• Downtime and Slowdown



12

Constellium drives innovation with its world-class research and technology capabilities, paired with external strategic partnerships to deliver industry-leading products and technologies at the shortest time to market.

INNOVATION

Innovationin action

In an industry that is rapidly evolving, both in terms

of customers’ needs and competitive pressure, a

key metric at Constellium for successful innovation

is time to market. This means fi nding the right bal-

ance between internal research at its world-lead-

ing Constellium Technology Center and external

partnerships to complement and accelerate the

innovation process.

Internally, Constellium uses a fi ve-level innovation

gate approach that involves two separate phases.

R&D focuses on innovation levels 1 to 3, which

cover exploratory research, feasibility and devel-

opment steps into breakthrough products, as well

as processes for the future and incremental

improvements to existing ones. The Technology

team, in combination with business resources, is

then responsible for levels 4 to 5 – the transition

to industrialization at Constellium plants and

product launch.

In order to ensure that innovation remains closely

tied to customers’ needs, Constellium’s business

units take an active role in the gate reviews as a

product or process prepares to move from one stage

to the next. The benefi ts of Constellium’s approach,

introduced over the last two years, are already clear:

in 2013, Constellium Technology Center filed its

highest number of patent applications in a decade.

Externally, Constellium has major partnerships

with universities and research institutes across

Europe and the US. These include CNRS/University

laboratories, Technological Research Institute (IRT)

Jules Verne and IRT Materials, Metallurgy and

Processes (M2P) in France; École Polytechnique

Fédérale de Lausanne (EPFL) in Switzerland;

Britain’s Brunel University (see inset) and Univer-

sity of Manchester; RWTH Aachen in Germany;

Delft University in the Netherlands; the University

of Southern Carolina; and Worcester Polytechnic

Institute in the US. Together with its internal

resources, they place Constellium in prime position

to achieve its mission of product leadership in its

chosen sectors.

HIGHLIGHTS

• Automotive researchConstellium is supporting a project with Brunel

University and Jaguar Land Rover to build an

Advanced Light Metals Processing Research

Center for the automotive sector in West London.

It will aim to bridge the gap between fundamental

research and industrial applications. Constellium

will co-direct the research, which will focus on high-

performance light alloys, casting and extrusion.

• Innovation RecordsConstellium uses a process known as Innovation

Records (IR) to assess new technology and product

ideas suggested by employees. An Innovation

Record is an idea that is supported by technical

results and offers both a new market solution and

real business potential. Since 2012, 80 have been


CONSTELLIUM

13

validated by a special IR committee – with a third

of them leading to the fi ling of patent applications.

• New generation CMS / BiWA new-generation of Crash Management Systems

(CMS) technology was launched in 2014 which will

provide automakers with a solution that is 10%

stronger or 15% lighter than current aluminium CMS

offerings. A new generation of high performance

6xxx extrusion alloys has been developed in record

time utilising the rapid prototyping capabilities at

Brunel University in combination with the expert

technical resources of Constellium’s Technology

Center, enabling the design engineers to develop

leadership positions in advanced Crash Manage-

ment Systems.

In collaboration with OEMs, to develop more sus-

tainable vehicles by the use of aluminium for new

applications to lightweight and enhance end of life

recycling, Constellium’s Technology Center is also

rapidly extending the Body-in-White (BiW) product

portfolio with high quality and highly formable

skin products (Surfalex™, Formalex™) and high

strength products (Strongalex™) for interior parts.

• Expanding AIRWARE® technology and products AIRWARE® technology is already a commercial

success which justifi es the investment of two new

casthouses at Issoire to add production and recyc-

ling capacity. AIRWARE® technology is now being

further developed at Constellium’s Technology

Center. The aim is to improve the capabilities and

performance of the technology to cover the full

range of aerospace products/shapes, for example

heavy gauge plates (>200mm) and high quality

billets. In addition to the AIRWARE® solutions

currently in production, a complete portfolio of new

ones is in development at different Technology

Readiness Levels (TRLs) for the full range of aero-

structures (wing, fuselage, internal structures)

covering all specifi c customer / new program demands.

OUR INTERNATIONAL SCIENTIFIC COUNCIL

Constellium’s innovation process draws

on the expertise of an International

Scientifi c Council that features six

of the world’s top materials scientists.

Created in 2013 to further strengthen

the company’s technical leadership and

innovation performance, the Council

provides advice and recommendations

on Constellium’s R&D competencies,

its innovation approach, critical R&D

collaborations worldwide and the enriching

of its scientifi c network. “We can contribute

to the strategic evolution in aluminium

technology and advise where Constellium

could develop competences and capacities

in the next decades,” says its Chairman,

Prof. Heinz Voggenreiter, Head of the DLR

German Aerospace Center’s Institutes of

Structures and Design (Stuttgart) and of

Materials Research (Köln).



14

A C T IV IT I E S

P A R T N E R I N G

W I T H O U R

C U S T O M E R S


CONSTELLIUM

15

BUSINESS UNITS’ KEY FIGURES

Introducing our business performance

REVENUES* (IN € MILLIONS)

2011

1,5

1,2

0,9

0,6

0,3

02012 2013

1,0241,188 1,204

2011

120

100

80

60

40

202012 2013

38

106

120

ADJUSTED EBITDA*** (IN € MILLIONS)



2011

2,0

1,5

1,0

0,5

02012 2013

1,633 1,561 1,480

2011

1000

800

600

400

200

02012 2013

960 910859**

2011

120

100

802012 2013

95

92

105

2011

60

40

50

302012 2013

36

46

59



Aerospace and Transportation

Packaging and Automotive Rolled Products

Automotive Structures and Industry

* Refl ect LME price evolution

** Refl ecting the divestment of two plants

*** Adjusted EBITDA is not a measure prepared in accordance with IFRS (a “non-GAAP fi nancial measure”) and should not be considered

as an alternative for other measures prepared in accordance with IFRS (“GAAP fi nancial measures”). Adjusted EBITDA may not be

comparable to similarly titled measures of other companies. See Constellium Annual Report on Form 20-F fi led with the SEC on April 22, 2014

for a reconciliation of Adjusted EBITDA to the most directly comparable GAAP fi nancial measure.



16

North America

RAVENSWOOD, WEST VIRGINIA, US• Unique assets for aerospace plates• Recognized supplier to the highly

demanding defense industry• Wide-coil capabilities and world’s most

powerful stretcher enabling unique product creation

NOVI AND VAN BUREN, MICHIGAN, US• Advanced and highly productive

integrated bumper manufacturing lines

North America

RAVENSWOOD, WEST VIRGINIA, US• Unique assets for aerospace plates• Recognized supplier to the highly

demanding defense industry• Wide-coil capabilities and world’s most

powerful stretcher enabling uniqueproduct creation

NOVI AND VAN BUREN, MICHIGAN, US• Advanced and highly productive

integrated bumper manufacturing lines

ACTIVITIES

A globalnetwork

Europe

SINGEN AND GOTTMADINGEN, GERMANY• Integrated hot/cold-rolling line• One of the largest extrusion presses

in the world• Advanced and highly productive

integrated bumper manufacturing lines• Crash Management Systems

DECIN, CZECH REPUBLIC• Europe’s largest hard alloys extrusion

plant

Our plants and offi ces are located all over the world. They are supported by a world-class research center in Voreppe, France. Constellium is headquartered in Amsterdam, The Netherlands, with operational headquarters in New York, US, Paris, France, and Zurich, Switzerland.

OUR MAIN FACILITIES


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17

VALAIS, SWITZERLAND• Precision plate shop for general

engineering products• Leading large profi le supplier for

high-speed train railway manufacturers• Casthouses in Steg and Chippis• Sierre plate shop qualifi ed at Airbus

by 2013 and Steg casthouse by 2014

NEUF-BRISACH, FRANCE• Second-largest fully integrated

rolling mill in Europe, by volume• Mostly can stock and automotive

sheets• World-class recycling center

ISSOIRE, FRANCE• One of the world’s two leading

aerospace plate mills, with wingskin capabilities

• New AIRWARE® casthouse for low-density alloys

VOREPPE, FRANCE• World-class Technology Center

Asia

CHANGCHUN AND KUNSHAN, CHINA• Joint venture with Engley,

majority-owned by Constellium• The two plants provide global

customers with bumpers and other structural modules from a local base

• Crash Management Systems



18

A specialist in aerospace plate and sheet, the Aerospace and Transportation business unit had a successful year in 2013 – securing major contracts from existing customers and commissioning significant increases in production capacity.

AEROSPACE AND TRANSPORTATION

A metalmade for fl ight

C onstellium supplies the world’s leading

aircraft manufacturers with its unique

range of aluminium alloys, which includes

AIRWARE® technology. As the global

leader in value-added aerospace plate, the com pany

provides rolled products such as rectangular and

machined plate for ribs, wing-skins and frames, along

with sheet for fuselages and extrusions for frames,

stiffeners and wing-stringers. In the transportation

sector, Constellium is the market leader for truck

floors, tank trailers and dump bodies in Europe,

and for railcar and roof coil in North America. The

Aerospace and Transportation business unit also

supplies two other markets: defense, notably with

specialized plate for armored vehicles, and industry.

INCREASING CAPACITY

In terms of contracts, 2013 was a very positive year

with the business unit’s major customers. Along with

a high-profile contract with Boeing, Constellium

renewed a key contract for lightweight extrusions

with Airbus. It was also an important year in terms

of manufacturing. The new AIRWARE® casthouse

was inaugurated in March at the Issoire, France,

plant, followed by a production ramp-up that now

provides Constellium with a clear competitive

advantage for advanced alloys. Meanwhile, new

aerospace capabilities were added to Constellium’s

Montreuil-Juigné facility in France, enabling it to

expand the AIRWARE® portfolio of products by

manufacturing the fi rst light extrusion profi les of

the alloy for Bombardier’s new C-Series aircraft.

This investment included new processes for heat

treatment, which will deliver increased quality and

productivity. Further technical improvements were

achieved in 2013 by installing state-of-the-art

ultrasonic test equipment notably at Ravenswood,

in the US.


CONSTELLIUM

19

REDUCING EMISSIONS

At the same time, the company moved to address

the environmental impact of its production activ-

ities. A program to recalibrate the burners at cast-

houses in France over the course of the year led to

a fi vefold reduction in emissions that are subject

to regulation. Similar programs are planned at oth-

er plants in Europe and the US.

In a highly competitive market, product innovation

is clearly a priority. In 2013, Aerospace and Trans-

portation made a series of launches including the

new GRIPSTER™ tread plate for truck and trailer

fl oors and KEIKOR™ advanced alloys for armored

vehicles – offering high blast protection at low

metal densities. Constellium also took part in the

launch of a new research and technology platform

– the Technological Research Institute for Mate-

rials, Metallurgy and Processes (M2P IRT) – that

will focus on the transfer of technology from

universities to industry. The platform will special-

ize in R&T projects in transportation, energy and

industry.

“New capacity and higher productivity” Jean-Christophe Figueroa

President, Aerospace and Transportation

What were the highlights of 2013 for Aerospace and Transportation?The main one was our new sig-

nifi cant, multi-year contract

with Boeing for a range of al-

loys. With this agreement,

Constellium will increase both

the scope and range of pro-

ducts it supplies to Boeing’s

leading commercial airplane

programs. We also added sig-

nifi cant new production cap-

acity at Issoire and launched

new products in the defense

and transportation sectors.

What are the strengths of your business unit?Firstly, it’s having a solid base

of prestigious customers in

Boeing, Airbus, Dassault and

Bombardier among others in a

growing market. We are leaders

in several sectors and, with

AIRWARE®, able to supply high-

performance alloys on an

industrial scale. This manufac-

turing strength is supported

by the world’s most powerful

plate stretcher at Ravenswood

and the construction of two

additional AIRWARE® casthous-

es at Issoire.

What are the challenges facing the business?We are looking to make further

improvements in cost, quality

and delivery to customers,

and at the same time to in-

crease production volumes

through a combination of new

capacity and higher produc-

tivity. We also plan to add new

alloys with enhanced mechan-

ical proper ties and lower

dens ities to meet our custom-

ers’ weight-reduction chal-

lenges.



20

The Automotive Structures and Industry business unit enjoyed a record-breaking year in 2013, and the prospects look promising for further progress in the years ahead, thanks to growing demand for aluminium automotive parts and continuous cost control.

AUTOMOTIVE STRUCTURES AND INDUSTRY

On theright road

Constellium’s Automotive Structures

and Industry business focuses on two

principal areas: automotive Crash

Management Systems (CMS) and

automotive structural parts on the

one hand, and hard and soft alloy

extrusions for automotive, transport,

and industry on the other (machined

ABS parts, along with components

for trucks, rail, buses and coaches).

Aluminium and steel co-extruded

power rails for urban train networks,

where Constellium has a unique

product offering, are a leading in-

dustry application of its innovative

extrusion expertise. Automotive

customers include major European

and American car manufacturers,

and the business unit benefi ts from

a global production footprint in North

America, Europe and China.

The major business driver in the car

market is the growing substitution

of steel with aluminium by original

equipment manufacturers (OEMs),

enabling automakers to produce cars

that are lighter, more fuel effi cient and

cleaner for the environment. The key

trend is that this switch is no longer

being made solely by the premium car

sector, but also by volume manufac-

turers of trucks and cars. Driven by

new Corporate Average Fuel Economy

(CAFE) regulations, automakers are

increasingly turning to aluminium for

their crash management systems – a

market where Constellium is already

a leading global player. Analysts ex-

pect aluminium to account for 30% of

the CMS market in Europe and nearly

20% in the US by 2018.

A RECORD YEAR

Constellium’s earlier decision to

make automotive a strategic busi-

ness was rewarded in 2013 with a

17% increase in worldwide sales

revenues and production volumes,

based on new model launches by

premium German OEMs. At the same

time, 2013 was a record year for new

business nominations by OEMs –


CONSTELLIUM

21

driven by major forward contracts for

the US market. It was also a record

year for capital expenditure invest-

ment by Constellium in the business

unit. In the US, Automotive Struc-

tures and Industry plans to nearly

treble its production capacity to meet

expected volumes over the next few

years. The fi rst tranche of its invest-

ment was made in a new plant at

Van Buren, Michigan. In Europe, well-

executed projects at Gottmadingen,

Singen and Decin are already provid-

ing new production capacity for

customers in our strategic sectors.

The year also saw an aligning of the

asset base with Automotive Struc-

tures and Industry’s core markets,

with the divestment of two plants

in Ham and Saint-Florentin in France

that supplied products for the

construction industry.

FUTURE PROSPECTS

Looking ahead, the US will clearly

be a particular focus of business

development, with our new highly-

automated manufacturing facilities

responding to an exceptionally strong

demand from OEMs. In Europe, the

hard alloy business expects to reap

the benefi ts of extra capacity in cast-

ing and a new tube press at Decin,

with increased hard alloy exports

worldwide. China should also contin-

ue to deliver excellent performance,

both in terms of revenue growth and

profitability. And more generally,

Automotive Structures and Industry

will maintain its proven strategy of

developing innovative solutions, such

as the new high-strength CMS tech-

nology, always in close cooperation

with its customers.

What were the highlights of 2013 for Automotive Structures and Industry?It was a very successful year,

with market share and pro-

duction volumes both increas-

ing, while further nominations

from our customers have re-

sulted in record forward order

books. The business unit also

achieved record levels of ad-

justed EBITDA per metric ton

at €311. We invested in new

plant and equipment, with the

highlight being the commis-

sioning of a new €11 million

state-of-the-ar t press at

Singen.

What are the strengths of your business unit?It’s having a lean, knowledge-

able team with the right people

in the right places, so that they

can execute our ambitious

strategy. The proof is that our

business unit expanded last

year, while the European sector

as a whole contracted by 4.6%.

We also have strengths in R&T,

both through Constellium’s

Technology Center and by build-

ing external partnerships, such

as the new lightweight ma-

terials center being created

with London’s Brunel Universi-

ty and Jaguar Land Rover. This

facility will include a full-scale

casting unit and a full-size ex-

trusion press to facilitate rapid

prototyping for our customers.

What are the challenges facing the business?Though Constellium is perform-

ing well, the extrusion industry

is suffering from price pressure.

Labor, energy, regulatory and

raw material costs are also ris-

ing. To mitigate the impact for

our customers, we work hard to

increase, year on year, our pro-

ductivity through operational

excellence and LEAN. In addi-

tion, we continue to develop our

automotive products, which are

more protected, thanks primar-

ily to our advanced technology.

“The right people in the right places” Paul Warton

President, Automotive Structures and Industry



22

Constellium is a leading player in rolled products for the packaging and automotive sectors. Both markets, notably in beverage cans and Body-in-White, are set for growth in the years ahead – albeit at different rates.

PACKAGING AND AUTOMOTIVE ROLLED PRODUCTS

Putting balance into growth

C onstellium’s Packaging

and Automotive Rolled Pro-

ducts business unit serves

two strategic markets:

aluminum beverage cans and Body-

in-White (BiW) – such as hoods, door

panels and roofs – for the automotive

sector. Packaging and Automotive

Rolled Products is well-positioned in

each of these markets, and both have

prospects for future growth. The com-

pany is the no. 1 producer in Europe

of can body stock and the no. 1 world-

wide producer of sheets used for

aluminium closures for bottles. In the

automotive sector, the company’s

customers include renowned car

manufacturers. In addition to these

two main markets, Constellium is also

the largest non-integrated producer

of foilstock in Europe and is the world

leader in aluminium solutions for

bright, functional surfaces. These

range from cosmetics, solar panels and

lighting to decorative automotive parts.

EXPANDING CAPACITY

2013 was a strong year for Packaging

and Automotive Rolled Products,

delivering record EBITDA and cash

flow. Plans were laid for expansion

in the US and Europe, with announce-

ments following in 2014. The latter

reflects a revolution in automotive

materials – with aluminium set to take

signifi cant market share from steel for

BiW parts for an increasing numbers

of cars, including high-volume

models. Driven by the tightening of

Corporate Average Fuel Economy

(CAFE) auto emission standards in

the US, the decision by Ford to use

aluminium in its F-150 pickup truck is

likely to be followed by other major

automakers. Lower emissions are also

a key target of regulators in Europe

and Asia, triggering a mandatory move

to lighter cars.

With OEMs in the US already starting

to convert key models from steel to

aluminum, we believe there will be a


CONSTELLIUM

23

signifi cant increase in demand. We

estimate that the US market for BiW

aluminum rolled products could grow

from less than 100,000 metric tons

in 2012 to approximately 1 million

tons in 2020. In Europe, the BiW mar-

ket is expected to grow by about 12%

per year to more than 600,000 metric

tons in 2020.

LOOKING TO THE FUTURE

To prepare for this anticipated in-

crease in demand, Constellium is

jointly investing $150 million with

Japan’s UACJ Corporation in a new

BiW sheet facility in the US. While

market growth is expected to be

strongest in North America, the com-

pany is also investing up to €200 million

on BiW production at its European

plants over the next three years.

In addition to this expanded plant

capacity, Constellium continues its

relentless focus on innovation. New

alloys that offer enhanced formabil-

ity, strength, surface quality and

crash behavior – all tailored to meet

our customers’ specifi c needs – will

also have an important role to play.

Clearly, automotive offers signifi cant

growth opportunities in the future.

However, aluminium packaging will

continue to provide the bedrock of

the division’s sales volumes moving

forward. The market is growing at a

steady pace in Europe, driven by new

products (e.g. energy drinks) and

formats, as well as market share

gains for aluminium in cans.

“Switching to high-growth mode”Laurent Musy

President, Packaging and Automotive Rolled Products

What were the highlights of 2013 for Packaging and Automotive Rolled Products?In terms of financial perfor-

mance and safet y it was

our best year ever. Our Body-

in-White sales volumes rose

by 24%, showing a trend

that we believe will only accel-

erate – paving the way for

our major investments in

the US and in Europe. In our

plants, we have worked hard

on our LEAN transformation.

We are continuing to make

progress on sustainability,

with record recycling volumes

and we are selling more inno-

vative products.

What are the strengths of your business unit?We have strong relationships

with a diversified customer

base, involving blue-chip com-

panies in packaging, automotive

and other sectors. Our markets

have development potential,

with a good balance between

the stable, steady growth of

packaging and the more dynam-

ic prospects of automotive.

So we are quite happy with

our product portfolio. We also

have a strong industrial base

and world-class R&D. Finally

I consider that the excellent

quality of our relationship with

our Japanese partner UACJ is a

big asset to grow our business

with our joint venture in the US.

What are the challenges facing the business?Our switch to a high-growth

mode in automotive raises

some challenges in terms of

resources and engineering.

However, within a competitive

environment, I firmly believe

that through investment, relent-

less focus on operational excel-

lence, including EHS and LEAN,

and ever-closer relationships

with customers, we can con-

tinue to grow our sales and

profi ts in the years to come.



24

E S S EN TI A L S

O P E R A T I N G

W I T H

TRANSPARENCY


CONSTELLIUM

25

2013 was a transformational year for Constellium. We posted strong year-over-year financial performance improvement across all reporting segments on the back of continued improvement in our operational performance and positive market conditions.

FINANCIAL RESULTS

Key fi nancial results

(in millions of euros)Year ended

December 31,

2013

Year ended

December 31,

2012

Restated*

Year ended

December 31,

2011

Restated*

Revenues 3,495 3,610 3,556

Cost of sales (3,024) (3,136) (3,239)

Gross profi t 471 474 317

Selling and administrative expenses (210) (212) (216)

Research and development expenses (36) (36) (33)

Restructuring costs (8) (25) (20)

Other (losses) /gains- net (8) 62 (111)

Income / (loss) from operations 209 263 (63)

Other expenses (27) (3) (102)

Finance income 17 4 2

Finance costs (67) (64) (41)

Finance costs – net (50) (60) (39)

Share of profi t / (loss) of joint- ventures 3 (5) –

Income / (loss) before income tax 135 195 (204)

Income tax (expense) / benefi t (39) (46) 34

Net Income / (loss) from continuing operations 96 149 (170)

Discontinued operations

Net income / (loss) from discontinued operations 4 (8) (8)

Net Income / (loss) 100 141 (178)

Net Income / (loss) attributable to:

Owners of the Company 98 139 (179)

Non- controlling interests 2 2 1

Net Income / (loss) 100 141 (178)

CONSOLIDATED INCOME STATEMENT

* Comparative fi nancial statements have been restated following the application of IAS 19 revised.



26

(in millions of euros) At December 31, 2013

At December 31, 2012 Restated*

Assets

Non-current assets

Intangible assets (including goodwill) 21 11

Property, plant and equipment 408 302

Investments in joint ventures 1 2

Deferred income tax assets 177 205

Trade receivables and other 60 64

Other fi nancial assets 7 10

674 594

Current assets

Inventories 328 385

Trade receivables and other 483 476

Other fi nancial assets 25 34

Cash and cash equivalents 233 142

1,069 1,037

Assets of disposal Group classifi ed as held for sale 21 –

Total assets 1,764 1,631

Equity

Share capital 2 –

Share premium account 162 98

Retained defi cit and other reserves (132) (139)

Equity attributable to owners of the Company 32 (41)

Non controlling interests 4 4

36 (37)

Liabilities

Non-current liabilities

Borrowings 326 140

Trade payables and other 35 26

Deferred income tax liabilities 1 11

Pension and other post-employment benefi ts 507 611

Other fi nancial liabilities 36 46

Provisions 65 89

970 923

Current liabilities

Borrowings 22 18

Trade payables and other 646 656

Income taxes payable 19 14

Other fi nancial liabilities 24 24

Provisions 38 33

749 745

Liabilities of disposal Group classifi ed as held for sale 9 –

Total liabilities 1,728 1,668

Total equity and liabilities 1,764 1,631

CONSOLIDATED STATEMENT OF FINANCIAL POSITION



CONSTELLIUM

27

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions of euros)Year ended

December 31,2013

Year endedDecember 31,

2012Restated*

Year endedDecember 31,

2011Restated*

Cash fl ows (used in) / from operating activitiesNet income / (loss) 100 141 (178)

Less: Net income / (loss) from discontinued operations (4) 8 8

Less: Net income attributable to non-controlling interests (2) (2) (1)

Net income / (loss) for the year from continuing operations before non-controlling interests

94 147 (171)

Adjustments:

Income tax expense 39 46 (34)

Finance costs – net 50 60 39

Depreciation and impairment 32 14 2

Restructuring costs and other provisions (8) 16 14

Defi ned benefi t pension costs 29 (2) 42

Unrealized (gains) / losses on derivatives – net and from remeasurement of monetary assets and liabilities – net

(14) (60) 140

Loss on disposal 6 – –

Share of profi t / (loss) of joint-ventures (3) 5 –

Other 2 2 –

Changes in working capital:

Inventories 41 35 23

Trade receivables and other 34 93 (31)

Trade payables and other (29) (11) 40

Changes in other operating assets and liabilities:

Provisions (17) (31) (14)

Income tax paid (29) (28) (38)

Pension liabilities and other post-employment benefi t obligations

(43) (40) (41)

Net cash fl ows from / (used in) operating activities 184 246 (29)Cash fl ows (used in) / from investing activities

Purchase of net assets on acquisition – net of cash and cash equivalents acquired

– – 13

Purchases of property, plant and equipment (144) (126) (97)

Proceeds from disposal 3 – 9

Proceeds from disposal of joint-ventures 4 – –

Proceeds from fi nance lease 6 8 7

Other investing activities (1) (13) (1)

Net cash fl ows used in investing activities (132) (131) (69)Cash fl ows from / (used in) fi nancing activities

Net proceeds received from issuance of shares 162 – 98

Interim dividend paid (147) – –

Withholding tax paid (20) – –

Distribution of share premium to owners of the Company (103) – –

Interests paid (36) (28) (31)

Net cash fl ows (used in) / from factoring – (49) 56

Proceeds received from Term Loan 351 154 137

Repayment of Term Loan (156) (148) –

Proceeds / Repayment of other loans 2 6 (20)

Payment of deferred fi nancing costs and debt fees (8) (14) (23)

Transactions with non-controlling interests (2) – –

Other fi nancing activities – (7) (16)

Net cash fl ows from / (used in) fi nancing activities 43 (86) 201Net increase in cash and cash equivalents 95 29 103

Cash and cash equivalents – beginning of period 142 113 –

Effect of exchange rate changes on cash and cash equivalents

(1) – 10

Cash and cash equivalents – end of period 236 142 113Less: Cash and cash equivalents classifi ed as held for sale (3) – –Cash and cash equivalents as reported in the Statement of Financial Position 233 142 113




28

35

30

25

20

15

10

23/05/2

013

23/06/2

013

23/07/2

013

23/08/2

013

23/09/2

013

23/10/2

013

23/11/2

013

23/12/2

013

23/01/2

014

23/02/2

014

23/03/2

014

23/04/2

014

SHAREHOLDING STRUCTURE (as of March 2014) SHARES OF CONSTELLIUM

84.4%Public shareholders

12.2%Bpifrance 3.4%Management

Free fl oat

Rio Tinto

Apollo

Bpifrance

Management

Constellium began trading on the NYSE on May 23, 2013 and on the professional segment of NYSE Euronext in Paris on May 27, 2013 through a public offering in the US.

FINANCIAL RESULTS

Share information

SHARE PRICE EVOLUTION (from IPO to May 16, 2014)

84.4%

3.4%

12.2%

Pre IPO After IPO Nov. 2013 Dec. 2013 Feb. 2014 March 2014

39.0%

19.3%

38.5%

35.8% 35.8%

48.0%

72.4%84.4%

27.5%

35.8%51.0%

9.1%

12.0%

10.0%3.4%4.4% 4.0% 3.4%5.2%

12.2% 12.2% 12.2% 12.2% 12.2%

Since the IPO in May 2013, Constellium has traded a daily average number

of approximately 630,000 shares


CONSTELLIUM

29

Constellium is a public company operating with the highest ethical standards and best practices, and is answerable to our shareholders, the Board of Directors and committees, and our worldwide code of conduct.

GOVERNANCE

Boardstructure

BOARD OF DIRECTORS

The Board of Directors is responsible for

our policy and day-to-day management.

The non-executive directors supervise and

provide guidance to the executive director.

MEMBERS AND DATE OF APPOINTMENT:

Richard B. Evans, Chairman, 01/05/2011

Pierre Vareille, Director, 03/01/2012

Gareth N. Turner, Director, 05/14/2010

Philippe Guillemot*, Director, 05/21/2013

Matthew H. Nord, Director, 05/14/2010

Guy Maugis*, Director, 01/05/2011

Pieter Oosthoek*, Director, 05/21/2013

Werner P. Paschke*, Director, 05/21/2013

* Independent directors

We maintain a one-tier board of directors

consisting of both executive directors and

non-executive directors (each a “director”).

Under Dutch law, the board of directors is

responsible for our policy and day-to-day

management. The non-executive directors

supervise and provide guidance to the

executive director.

DIRECTOR INDEPENDENCEAs a foreign private issuer under the Securities

and Exchange Commission (SEC) rules, we are

not required to have independent directors on

our board of directors, except to the extent that

our Audit Committee is required to consist of

independent directors. However, our board of

directors has determined that, under current

NYSE listing standards regarding independence

(which we are not currently subject to), and

taking into account any applicable committee

standards, Messrs. Maugis, Guillemot, Oosthoek

and Paschke are independent directors.



30

AUDIT COMMITTEEOur Audit Committee currently consists

of three independent directors under the

NYSE requirements.

Our Board of Directors has determined that

at least one member is an Audit Committee

“fi nancial expert” as defi ned by the SEC and also

meets the additional criteria for independence

of Audit Committee members under the

Securities Exchange Act of 1934, as amended.

The principal duties and responsibilities of our

Audit Committee are to oversee and monitor

the following:

our fi nancial reporting process and internal

control system;

the integrity of our consolidated fi nancial

statements;

the independence, qualifi cations and

performance of our independent registered

public accounting fi rm;

the performance of our internal audit function;

our compliance with legal, ethical and

regulatory matters.

Members: Werner P. Paschke, Philippe Guillemot,

Pieter Oosthoek

REMUNERATION COMMITTEEOur Remuneration Committee currently consists

of three directors. The principal duties and

responsibilities of the Remuneration Committee

are as follows:

to review, evaluate and make recommendations

to the full board of directors regarding our

compensation policies and establish

performance-based incentives that support

our long-term goals, objectives and interests;

to review and approve the compensation of

our Chief Executive Offi cer, all employees who

report directly to our Chief Executive Offi cer

and other members of our senior management;

to review and make recommendations to the

Board of Directors with respect to our incentive

and equity-based compensation plans;

to set and review the compensation of and

reimbursement policies for members of the

Board of Directors;

to provide oversight concerning selection of

offi cers, management succession planning,

expense accounts, indemnifi cation and

insurance matters, and separation packages;

to provide regular reports to the Board of

Directors and take such other actions as are

necessary and consistent with our Amended

and Restated Articles of Association.

Members: Richard B. Evans, Matthew H. Nord,

Gareth N. Turner

NOMINATING / GOVERNANCE COMMITTEEOur Nominating/Corporate Governance

Committee currently consists of three directors.

The principal duties and responsibilities of the

Nominating/Corporate Governance Committee

are as follows:

to establish criteria for board and committee

membership and recommend to our board of

directors proposed nominees for election to

the Board of Directors and for membership

on committees of our Board of Directors;

to make recommendations to our board of

directors regarding board governance matters

and practices.

Members: Richard B. Evans, Guy Maugis,

Matthew H. Nord

GOVERNANCE

Committees


CONSTELLIUM

31

EXECUTIVE COMMITTEECHAIRMAN:


MEMBERS: see p. 32

SCOPE OF RESPONSIBILITIES

Reviews all strategic issues and evaluates

all signifi cant proposed acquisitions or

divestments, fi nancial restructuring,

alliances and strategic partnerships;

Develops and monitors implementation

of key strategic, fi nancial, investment

and organizational decisions;

Controls the execution of the 5-year plan

and of the budget;

Reviews reports and proposals made by

the Operations Committee to evaluate their

economic and fi nancial consequences;

As and when required, submits reports,

proposals and recommendations on all

matters within its scope of responsibility

to the Board of Directors.

OPERATIONS COMMITTEECHAIRMAN:


MEMBERS:

• Business unit Presidents • Chief Financial Offi cer • VP Strategy and Business Development • VP Human Resources

SCOPE OF RESPONSIBILITIES

Develops and implements the operational

business decisions, as defi ned by management

and the Board of Directors;

Monitors the implementation and progress

of signifi cant operational projects;

Monitors the execution of the budget, and

in particular the free cash fl ow generation

of the business;

Submits reports, proposals and

recommendations on all matters relating to

the operations to the Executive Committee.

CODE OF CONDUCTConstellium has defi ned a Worldwide Code

of Employee and Business Conduct. This Code

informs the way Constellium acts in business,

and how we expect our partners and suppliers

to behave. It applies to all Constellium employees,

subject to applicable local law.

Compliance with the Code is essential to

preserving and enhancing the company’s

reputation as a responsible corporate citizen,

and ultimately, to maximizing shareholder value.

WHISTLEBLOWER POLICYThis policy is currently being submitted to

the necessary regulatory bodies and going

through the required employee information

and consultation processes. The policy will

not be implemented prior to the completion

of these various steps.

Business Governance

Constellium is managed through two committees: the Operations Committee and the Executive Committee.


32


1 Pierre Vareille, Chief Executive Offi cer

2 Paul Warton, President, Automotive Structures

and Industry business unit

3 Vittorio Rossetti, Chief Information Offi cer

4 Béatrice Charon, Vice-President Business Planning

5 Laurent Musy, President,

Packaging and Automotive

Rolled Products business unit

6 Jean-Christophe Figueroa, President, Aerospace and

Transportation business unit

Absent from picture :

Jim Tao, Vice-President Strategy and Business Development

7 Didier Fontaine, Chief Financial Offi cer

8 Marc Boone, Vice-President Human

Resources

9 Jeremy Leach, Vice-President

and Group General Counsel

10 Nicolas Brun, Vice-President Communications

11 Simon Laddychuk, Vice-President

and Chief Technical Offi cer

12 Yves Merel, Vice-President EHS

and LEAN Transformation

GOVERNANCE

Executive Committee

1 5 6 24

37

8 910

1112


CONSTELLIUM

33

Operational Headquarters

Forward-looking statements

www.constellium.com

Tupolevlaan 41-61

1119 NW, Schiphol-Rijk

The Netherlands

Phone: +31 20 654 9780

830 Third Avenue,

9th fl oor

New York, NY 10022

United States

Phone: +1 212 675 5026

Washington Plaza

40-44, rue Washington

75008 Paris

France

Phone: +33 1 73 01 46 00

Max Hoegger-Strasse 6

8048 Zurich

Switzerland

Phone: +41 44 438 66 00

This report contains statements that relate to future events

and expectations and as such constitute forward-looking

statements within the meaning of the Private Securities

Litigation Reform Act of 1995. Forward-looking statements

include those statements containing such words as “expects,”

“intends,” “plans,” “scheduled,” “should,” “could,” “will,” or

other words of similar meaning. All statements that refl ect

Constellium’s expectations, assumptions or projections

about the future other than statements of historical fact are

forward-looking statements. The forward-looking statements

contained in this report are subject to a number of known

and unknown risks, uncertainties, and other factors and

are not guarantees of future performance. These risks and

uncertainties include, but are not limited to, those set forth

under the heading “Risk Factors” in our Annual Report on

Form 20-F, and described from time to time in subsequent

reports, fi led with the US Securities and Exchange Commission.

Constellium disclaims any obligation to update publicly any

forward-looking statements, whether in response to new

information, future events or otherwise, except as required

by applicable law.

Head Offi ce


By focusing on three growth markets – automotive,

aerospace and packaging – Constellium is well-

positioned for the years ahead. Along with their

significant revenue potential, each of these markets

also has a high technological barrier to entry. The

financial performance in 2013 of our three business

units reflects that future potential, thanks to the

world-class quality of our industrial platform and

the expertise of our employees.

Looking ahead, improving our operational efficiency

and fur ther developing our innovation pipeline

are key parts of the company’s strategy. R&D and

innovation are core Constellium strengths, and

the ability to create differentiating new products

is vital in a competitive market. Solid corporate

governance and an unwavering commitment to

safety will also be guiding principles for Constellium

in a business environment where continuous

improvement and sustainability come together.

Together, these elements are delivering a level of

business performance that allows Constellium to

look to the future with confidence.

A B U S I N E S S B U I LT F O R

G R O W T H


Constellium 2013 business performance report

Business

Transcript of Constellium 2013 business performance report