Constellium Reports Second Quarter 2013 Financial Results

Amsterdam (ots/PRNewswire) - Constellium N.V. today reported the
following results for the three months ended June 30, 2013.

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Second Quarter Highlights:

-- Adjusted EBITDA of EUR85 million - a new quarterly high
-- Strong cash flow from higher EBITDA and continued focus on working
capital management, particularly on inventory levels
-- Stronger performance across all business segments despite market
pressures
-- Successful divestment of selected non-strategic soft alloy plants in
line with Constellium's strategy to concentrate on its key markets
-- Exercise of over-allotment option completed the IPO process

Constellium reported another quarter of growth in Adjusted EBITDA,
which at EUR85 million represented the highest quarterly
profitability to date since becoming a standalone company. Adjusted
EBITDA of EUR85 million represented an increase of EUR12 million from
Q1 2013 and was EUR2 million greater than Adjusted EBITDA for Q2
2012. Comparisons of Q2 2013 financial results with those of Q2 2012
are unfavorably impacted by the ramp-up in volumes that occurred in
Q2 2012 ahead of an employee strike at our Ravenswood facility in Q3
2012, and also by planned maintenance work at our Ravenswood facility
in Q2 2013. Despite headwinds in certain market sectors, overall
shipments remained strong. Adjusted Free Cash Flow for Q2 2013 was
EUR12 million, which represented a decrease of EUR7 million from Q2
2012 and included the cash payment of EUR20 million of fees relating
to our initial public offering completed in May 2013. Capital
expenditure was also higher year-over-year.

Commenting on the quarter ending June 30, 2013, Pierre Vareille,
Constellium's Chief Executive Officer said: "This was another good
quarterly performance for the company, and underlying demand from our
key end markets continues to be solid. We are very pleased with the
execution of our productivity and cost improvement initiatives and
our working capital management program, which are continuing to
contribute to our improved profitability and cash profile."

Vareille added, "We have good visibility into our third quarter
performance and we expect our performance will be stronger than Q3
2012 which was adversely impacted by an employee strike at our
Ravenswood facility."

Three months
ended
June 30
-------
2013 2012 Variance
2013 vs.
---- ---- 2012

Shipments ('000 metric
tons) 274 277 - 0.9 %
Revenues (EURm) 916 976 - 6.2 %
Adjusted EBITDA (EURm) 85 83 + 1.9 %
Adjusted EBITDA per
metric ton (EUR) 309 300 + 2.8 %

Six months
ended
June 30
-------
2013 2012 Variance
2013 vs.
---- ---- 2012

Shipments ('000 metric
tons) 534 542 - 1.4 %
Revenues (EURm) 1,827 1,911 - 4.4 %
Adjusted EBITDA (EURm) 157 144 + 9.3 %
Adjusted EBITDA per
metric ton (EUR) 295 266 + 10.9 %

Three months
ended
June 30
-------
2013 2012 Variance
2013 vs.
---- ---- 2012

Shipments ('000 metric
tons) 274 277 - 0.9 %
Revenues (EURm) 916 976 - 6.2 %
Adjusted EBITDA (EURm) 85 83 + 1.9 %
Adjusted EBITDA per
metric ton (EUR) 309 300 + 2.8 %

Six months
ended
June 30
-------
2013 2012 Variance
2013 vs.
---- ---- 2012

Shipments ('000 metric
tons) 534 542 - 1.4 %
Revenues (EURm) 1,827 1,911 - 4.4 %
Adjusted EBITDA (EURm) 157 144 + 9.3 %
Adjusted EBITDA per
metric ton (EUR) 295 266 + 10.9 %

Second Quarter 2013 Results

Shipments during the quarter ended June 30, 2013, excluding
shipments to the soft alloy plants in France which were sold during
the quarter, were 274k metric tons and represented a slight decrease
from the same period during 2012. Adjusting shipments during the same
period in 2012 for the shipments from the plants that were sold in Q2
2013, however, shows quarter-over-quarter growth of 4k metric tons,
or 1.4%. Headline revenues showed a EUR60 million, or 6.2%, reduction
quarter-over-quarter. However, after adjusting for constant LME
prices, EUR32 million, exchange rates, EUR7 million, and adjusting
for the plant divestitures, EUR24 million, revenues calculated on a
like-for-like basis were in line with the same period for the prior
year.

Adjusted EBITDA for the quarter ended June 30, 2013 totaled EUR85
million, which represented an increase of 2% from Adjusted EBITDA for
Q2 2012 and a record quarterly performance since becoming a
standalone company. This increase in Adjusted EBITDA was due to
higher profits in both our Packaging & Automotive Rolled Products and
Automotive Structures and Industry business units and the
continuation of strong results in the Aerospace & Transportation
business unit. Market pressures within the aerospace sector (mainly
high inventory levels at certain of our major customers) are being
alleviated by gains in market share. Meanwhile, within Packaging &
Automotive Rolled Products there was a lower demand for canstock and
closures reflecting, in part, the adverse weather conditions in
Europe for the April to June period. There was, however, strong
demand for Automotive Body Sheet in the automotive sector. Adjusted
EBITDA from Aerospace &Transportation was EUR37 million which
represented an increase of EUR3 million from Q1 2013 but was EUR5
million lower than Q2 2012, which was boosted by a ramp-up in volumes
ahead of the anticipated employee strike at our Ravenswood facility.
Also, Q2 2013 was impacted by planned maintenance work at Ravenswood.
We expect both of these factors to positively impact the
quarter-over-quarter comparison in Q3, with 2012 impacted by the
strike itself and 2013 benefitting from the pick-up in volumes as a
result of the maintenance down-time in the current (Q2 2013) quarter.

For the six months ending June 30, 2013, Adjusted EBITDA was
EUR157 million which represented an increase of 9% over the
equivalent period in 2012 and Adjusted EBITDA per metric ton was
EUR295 per metric ton, which represented an increase of 11% over the
equivalent period in 2012. These better results were driven by an
improved product mix, particularly favoring the aerospace sector,
where record sales and production levels were achieved, and by the
Company's focus on cost control and productivity improvements.

Results by Segment

Aerospace and Transportation
----------------------------

Q2 2013 Q2 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 63 62 +1.4%
---------------------- --- --- ----
Revenues (EURm) 312 338 -7.5%
------------- --- --- ----
Adjusted EBITDA (EURm) 37 42 -12.1%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 593 684 -13.4%
------------------- --- --- -----

H1 2013 H1 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 122 119 +2.1%
---------------------- --- --- ----
Revenues (EURm) 618 637 -2.9%
------------- --- --- ----
Adjusted EBITDA (EURm) 72 65 +10.0%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 589 546 +7.7%
------------------- --- --- ----

Results by Segment

Aerospace and Transportation
----------------------------

Q2 2013 Q2 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 63 62 +1.4%
---------------------- --- --- ----
Revenues (EURm) 312 338 -7.5%
------------- --- --- ----
Adjusted EBITDA (EURm) 37 42 -12.1%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 593 684 -13.4%
------------------- --- --- -----

H1 2013 H1 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 122 119 +2.1%
---------------------- --- --- ----
Revenues (EURm) 618 637 -2.9%
------------- --- --- ----
Adjusted EBITDA (EURm) 72 65 +10.0%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 589 546 +7.7%
------------------- --- --- ----

Shipments from Aerospace & Transportation were 63k metric tons for
the quarter ended June 30, 2013, which represented a 1.4% increase
over the same period of the prior year. The second quarter of 2013
saw a slightly weaker mix of sales within the aerospace sector, with
sales of more rectangular plates and less higher value machined
plates and sheet for wing skins. Although there has been a continued
benefit from an increase in market share, there is also evidence of
higher inventory levels at our major customers, which we believe is
having a measured impact on sales. Reported sales revenue decreased
7.5% compared with Q2 2012, but adjusting for constant LME prices and
foreign exchange rates, underlying revenue decreased by 4%. Adjusted
EBITDA of EUR37 million represented an increase of EUR3 million over
Adjusted EBITDA in this segment for Q1 2013 but represented a
decrease of EUR5 million from Q2 2012. Comparisons of Adjusted EBITDA
quarter-over-quarter are, however, distorted by two factors at
Ravenswood as discussed above. First, the plant's output was affected
by a planned maintenance initiative which had the effect of moving
some production into Q3 2013. Second, Q2 2012 benefitted from the
ramp-up of volumes in anticipation of the employee strike at our
Ravenswood facility. We expect both of these factors to favorably
impact comparisons of Q3 2013 with the corresponding prior period.

For the six months ended June 30, 2013, Adjusted EBITDA was EUR72
million which represented an increase of 10% over the same period in
2012 following record sales and production levels within the
aerospace sector and including the new multi-year contract entered
into with Airbus.

Packaging and Automotive Rolled Products

Q2 2013 Q2 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 161 160 +0.5%
---------------------- --- --- ----
Revenues (EURm) 403 413 -2.2%
------------- --- --- ----
Adjusted EBITDA (EURm) 29 28 +2.3%
-------------------- --- --- ----
Adjusted EBITDA per
metric ton (EUR) 181 178 +1.7%
------------------- --- --- ----

H1 2013 H1 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 312 313 -0.4%
---------------------- --- --- ----
Revenues (EURm) 793 813 -2.4%
------------- --- --- ----
Adjusted EBITDA (EURm) 55 47 +18.8%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 177 149 +19.3%
------------------- --- --- -----

Packaging and Automotive Rolled Products

Q2 2013 Q2 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 161 160 +0.5%
---------------------- --- --- ----
Revenues (EURm) 403 413 -2.2%
------------- --- --- ----
Adjusted EBITDA (EURm) 29 28 +2.3%
-------------------- --- --- ----
Adjusted EBITDA per
metric ton (EUR) 181 178 +1.7%
------------------- --- --- ----

H1 2013 H1 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 312 313 -0.4%
---------------------- --- --- ----
Revenues (EURm) 793 813 -2.4%
------------- --- --- ----
Adjusted EBITDA (EURm) 55 47 +18.8%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 177 149 +19.3%
------------------- --- --- -----

Shipment volumes were at the second highest quarterly level for
Packaging & Automotive Rolled Products which was due to strong growth
from the automotive sector, particularly for auto body sheet, (with
volumes increasing 32% from Q2 2012) and due to the requirements for
new models from German car manufacturers. Packaging volumes in Q2
2013 also increased as compared with Q2 2012 with higher foilstock
sales offsetting a slightly lower (quarter-over-quarter) demand for
canstock and closures reflecting in part the impact of adverse
weather conditions in Europe. Adjusted EBITDA and Adjusted EBITDA per
metric ton both showed an improvement in Q2 2013 and increased 2%
from Q2 2012.

Adjusted EBITDA for the six months ended June 30, 2013 was EUR55
million, which represented an increase of EUR8 million or nearly 19%
over the equivalent period in 2012. Packaging volumes increased
(foilstock) and there has been strong growth in automotive body
sheet. These factors, combined with a strong sales portfolio in
canstock and lower fixed production and administration costs, have
contributed to the improved results.

Automotive Structures and Industry

Q2 2013 Q2 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 48 55 -12.1%
---------------------- --- --- -----
Revenues (EURm) 218 238 -8.7%
------------- --- --- ----
Adjusted EBITDA (EURm) 18 13 +35.2%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 372 242 +53.8%
------------------- --- --- -----

H1 2013 H1 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 101 110 -7.9%
---------------------- --- --- ----
Revenues (EURm) 451 481 -6.3%
------------- --- --- ----
Adjusted EBITDA (EURm) 30 28 +8.7%
-------------------- --- --- ----
Adjusted EBITDA per
metric ton (EUR) 298 252 +18.0%
------------------- --- --- -----

Automotive Structures and Industry

Q2 2013 Q2 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 48 55 -12.1%
---------------------- --- --- -----
Revenues (EURm) 218 238 -8.7%
------------- --- --- ----
Adjusted EBITDA (EURm) 18 13 +35.2%
-------------------- --- --- -----
Adjusted EBITDA per
metric ton (EUR) 372 242 +53.8%
------------------- --- --- -----

H1 2013 H1 2012 Variance
2013 -
------- ------- 2012

Shipments ('000 metric
tons) 101 110 -7.9%
---------------------- --- --- ----
Revenues (EURm) 451 481 -6.3%
------------- --- --- ----
Adjusted EBITDA (EURm) 30 28 +8.7%
-------------------- --- --- ----
Adjusted EBITDA per
metric ton (EUR) 298 252 +18.0%
------------------- --- --- -----

Shipment volumes were 48k metric tons which represented a decrease
of 7k metric tons from Q2 2012; however, adjusting for the disposal
of the two soft alloy plants in France, shipment volumes were in line
with the same period in the prior year. This reflected a solid
performance in automotive structures, with an increase in volumes of
16% from the equivalent period in the prior year, offset by lower
soft alloy volumes. Revenues for Q2 2013, on a comparable basis,
increased EUR4 million over the same period in the prior year, again
reflecting higher automotive revenues offsetting lower soft alloy
sales. Adjusted EBITDA was EUR18 million for the quarter, compared
with EUR13 million in Q2 2012 and reflected lower costs and the
continuing productivity improvements at Automotive Structures and
Industry's manufacturing facilities.

For the six months ended June 30, 2013, Adjusted EBITDA was EUR30
million which represented an approximate 9% increase over the same
period of the prior year as a result of higher automotive structure
sales, lower costs and productivity gains.

Company net income

Company net income for the second quarter of 2013 was EUR24
million compared with a net loss of EUR19 million in Q2 2012. The
main reasons for the change in net income are as follows:

-- Changes in the fair value of derivatives and the re-measurement of
foreign currency denominated assets and liabilities which resulted in an
unrealized gain of EUR1 million in the second quarter of 2013 compared
with an unrealized loss of (EUR50 million) in the second quarter 2012.
-- The charging to the profit and loss account of EUR24 million in Q2 2013
of fees incurred during Q2 2013 in connection with Constellium's initial
public offering completed in May.
-- Lower finance costs of EUR9 million compared with a Q2 2012 charge of
EUR28 million resulting from the expensing of fees associated with the
replacement of the previous variable term loan.
-- A tax charge of EUR16 million in Q2 2013 compared with EUR1 million in
Q2 2012, resulting from higher pre-tax profits and non-deductibility of
part of the initial public offering fees.

For the six months ended June 30, 2013, net income was EUR22
million representing a decrease of EUR14 million from the same period
in 2012. The main factors contributing to this change are as follows:

-- Unrealized losses on derivatives and from the re-measurement of foreign
currency denominated monetary assets and liabilities totaling EUR31
million in the first half of 2013 compared with EUR9 million in the
first half of 2012.
-- Initial public offering fees of EUR27 million incurred in the first half
of 2013.
-- An EUR11 million gain following a U.S. pension plan amendment compared
with a EUR8 million settlement on Swiss pensions in the first half of
2012.
-- Restructuring costs were EUR8 million lower during the first half of
2013 compared with the first half of 2012.

Earnings per share

Basic earnings per share in Q2 2013 and for the six months ending
June 30, 2013 were EUR0.25 per share and EUR0.23 per share
respectively. These figures are based on net income for the period as
described above, divided by the weighted average number of ordinary
shares issued and outstanding of 95,073,824 and 92,273,677
respectively. As of June 30, 2013 the total number of ordinary shares
issued and outstanding was 105,027,055.

Cash flow and liquidity

Adjusted Free Cash Flow in Q2 2013 was EUR12 million, which
represented a decrease of EUR7 million from Q2 2012, but reflected
EUR20 million of cash paid in relation to our recently completed
initial public offering. It also reflected higher capital expenditure
during the second quarter of EUR32 million, which represented an
increase of EUR17 million from Q2 2012. This largely reflected the
timing of capital expenditure payments in the current year between Q1
and Q2. We had positive cash flow from operations of EUR44 million,
which excludes margin calls, and represented an increase of EUR10
million from the same quarter last year. This stronger cash flow was
driven by higher profits and a reduction in trade working capital,
specifically in inventory levels which were EUR83 million lower at
June 30, 2013 than as of June 30, 2012.

Adjusted Free Cash Flow for the six months ended June 30, 2013 was
an outflow of (EUR58 million) which represented an improvement of
EUR9 million from the six months ended June 30, 2012. Cash flow from
operations, excluding margin calls, was an outflow of (EUR3 million),
which represented an improvement of EUR17 million compared with the
six months ended June 30, 2012; however this was partly offset by
higher capital expenditure of EUR55 million in the first half of 2013
compared with EUR47 million in the first half of 2012.

Net Debt as of June 30, 2013 was EUR208 million and included the
proceeds from our recently completed initial public offering and
reflected the distributions made to shareholders prior to the
completion of our initial public offering. This represented an
increase of EUR191 million from Net Debt as of December 31, 2012. Net
Debt as of June 30, 2013 was 0.8 times the last twelve months'
Adjusted EBITDA.

Liquidity, which we calculate as the unutilized balances on our
long term financing facilities plus cash and cash equivalents, as of
June 30, 2013 was EUR404 million, which was comprised of EUR199
million available under the Company's factoring facilities, EUR42
million under our Asset Backed Loan (ABL) facility and EUR163 million
of cash and cash equivalents.

Recent Developments

Continuing the Company's strategy of re-focusing its resources on
its core activities, and following the disposal of two soft alloy
plants in France, Constellium announced in June and July that it is
seeking potential purchasers for two additional plants in France
(Ussel and Sabart).

Summary data and reconciliation of profit from operations to adjusted
EBITDA
(a non-IFRS measure)

Q2 2013 Q2 2012 %
------- ------- ---
Shipments 274 277 -0.9%
--------- --- --- ----

Revenue 916 976 -6.2%
------- --- --- ----

Profit from operations 73 12
---------------------- --- ---
Pension plan amendments (11) -
----------------------- --- ---
Restructuring costs - 9
------------------- --- ---
Unrealized (gains)/losses on
derivatives (2) 52
---------------------------- --- ---
Unrealized (gains)/losses from re-
measurement 1 (2)
---------------------------------- --- ---
Losses/(gains) on disposals 4 -
--------------------------- --- ---
Depreciation 5 1
------------ --- ---
Management Adjusted EBITDA 70 72 -2.8%
-------------------------- --- --- ----
Metal lag 10 8
--------- --- ---
Other 5 3
----- --- ---
Adjusted EBITDA 85 83 +1.9%
--------------- --- --- ----

H1 2013 H1 2012 %
------- ------- ---
Shipments 534 542 -1.4%
--------- --- --- ----

Revenue 1,827 1,911 -4.4%
------- ----- ----- ----

Profit from operations 102 100 +2.0%
---------------------- --- --- ----
Pension plan amendments (11) 8
----------------------- --- ---
Restructuring costs 2 10
------------------- --- ---
Unrealized losses on derivatives 32 8
-------------------------------- --- ---
Unrealized (gains)/losses from re-
measurement (1) 1
---------------------------------- --- ---
Losses/(gains) on disposals 4 -
--------------------------- --- ---
Depreciation 9 2
------------ --- ---
Management Adjusted EBITDA 137 129 +5.4%
-------------------------- --- --- ----
Metal lag 12 9
--------- --- ---
Other 8 6
----- --- ---
Adjusted EBITDA 157 144 +9.3%
--------------- --- --- ----

Reconciliation of cash flow from operating activities to
Adjusted Free Cash Flow
--------------------------------------------------------
(a non-IFRS measure)
--------------------

H1 H1
Q2 2013 Q2 2012 2013 2012
------- ------- ----- -----
Cash flow from/(used in) operating
activities 46 4 (1) (34)
---------------------------------- --- --- --- ---
Margin calls included in cash flow
from operating activities (2) 30 (2) 14
---------------------------------- --- --- --- ---
Cash flow from operating activities
excluding margin calls 44 34 (3) (20)
----------------------------------- --- --- --- ---
Capital expenditure (32) (15) (55) (47)
------------------- --- --- --- ---

Adjusted Free Cash Flow 12 19 (58) (67)
----------------------- --- --- --- ---

Summary data and reconciliation of profit from operations to adjusted
EBITDA
(a non-IFRS measure)

Q2 2013 Q2 2012 %
------- ------- ---
Shipments 274 277 -0.9%
--------- --- --- ----

Revenue 916 976 -6.2%
------- --- --- ----

Profit from operations 73 12
---------------------- --- ---
Pension plan amendments (11) -
----------------------- --- ---
Restructuring costs - 9
------------------- --- ---
Unrealized (gains)/losses on
derivatives (2) 52
---------------------------- --- ---
Unrealized (gains)/losses from re-
measurement 1 (2)
---------------------------------- --- ---
Losses/(gains) on disposals 4 -
--------------------------- --- ---
Depreciation 5 1
------------ --- ---
Management Adjusted EBITDA 70 72 -2.8%
-------------------------- --- --- ----
Metal lag 10 8
--------- --- ---
Other 5 3
----- --- ---
Adjusted EBITDA 85 83 +1.9%
--------------- --- --- ----

H1 2013 H1 2012 %
------- ------- ---
Shipments 534 542 -1.4%
--------- --- --- ----

Revenue 1,827 1,911 -4.4%
------- ----- ----- ----

Profit from operations 102 100 +2.0%
---------------------- --- --- ----
Pension plan amendments (11) 8
----------------------- --- ---
Restructuring costs 2 10
------------------- --- ---
Unrealized losses on derivatives 32 8
-------------------------------- --- ---
Unrealized (gains)/losses from re-
measurement (1) 1
---------------------------------- --- ---
Losses/(gains) on disposals 4 -
--------------------------- --- ---
Depreciation 9 2
------------ --- ---
Management Adjusted EBITDA 137 129 +5.4%
-------------------------- --- --- ----
Metal lag 12 9
--------- --- ---
Other 8 6
----- --- ---
Adjusted EBITDA 157 144 +9.3%
--------------- --- --- ----

Reconciliation of cash flow from operating activities to
Adjusted Free Cash Flow
--------------------------------------------------------
(a non-IFRS measure)
--------------------

H1 H1
Q2 2013 Q2 2012 2013 2012
------- ------- ----- -----
Cash flow from/(used in) operating
activities 46 4 (1) (34)
---------------------------------- --- --- --- ---
Margin calls included in cash flow
from operating activities (2) 30 (2) 14
---------------------------------- --- --- --- ---
Cash flow from operating activities
excluding margin calls 44 34 (3) (20)
----------------------------------- --- --- --- ---
Capital expenditure (32) (15) (55) (47)
------------------- --- --- --- ---

Adjusted Free Cash Flow 12 19 (58) (67)
----------------------- --- --- --- ---

Reconciliation of Net Debt (a non-IFRS measure)

As of As of
June Dec
30, 2013 31, 2012
-------- --------
Borrowings 366 158
---------- --- ---
Fair value of cross
currency interest swap 15 14
----------------------- --- ---
Cash and cash equivalents (163) (142)
------------------------- ---- ----
Cash pledged for issuance
of guarantees (10) (13)
------------------------- --- ---

Net Debt 208 17
-------- --- ---

Reconciliation of Net Debt (a non-IFRS measure)

As of As of
June Dec
30, 2013 31, 2012
-------- --------
Borrowings 366 158
---------- --- ---
Fair value of cross
currency interest swap 15 14
----------------------- --- ---
Cash and cash equivalents (163) (142)
------------------------- ---- ----
Cash pledged for issuance
of guarantees (10) (13)
------------------------- --- ---

Net Debt 208 17
-------- --- ---

Non GAAP measures

In addition to the results reported in accordance with
International Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board (all standards applied by
the Group have been endorsed by the European Union), this press
release includes information regarding certain non-GAAP financial
measures. The non-GAAP financial measures used in this press release
are: Management Adjusted EBITDA, Adjusted EBITDA, Adjusted EBITDA per
ton, Adjusted Free Cash Flow and Net Debt. Reconciliations to the
most directly comparable IFRS financial measures are presented in the
schedules to this press release. We believe these non-GAAP measures
are important supplemental measures of our operating performance. By
providing these measures, together with the reconciliations, we
believe we are enhancing investors' understanding of our business and
our results of operations, as well as assisting investors in
evaluating how well we are executing our strategic initiatives.
However, these non-GAAP financial measures supplement our IFRS
disclosures and should not be considered an alternative to the IFRS
measures.

In considering the financial performance of the business,
management and our chief operational decision maker in accordance
with IFRS analyze the primary financial performance measure of
Management Adjusted EBITDA in all of our business segments. The most
directly comparable IFRS measure to Management Adjusted EBITDA is our
profit or loss for the period. We believe Management Adjusted EBITDA,
as defined below, is useful to investors and is used by our
management for measuring profitability because it excludes the impact
of certain non-cash charges, such as depreciation, amortization,
impairment and unrealized gains and losses on derivatives as well as
items that do not impact the day-to-day operations and that
management in many cases does not directly control or influence.
Therefore, such adjustments eliminate items which have less bearing
on our core operating performance. Adjusted EBITDA measures are
frequently used by securities analysts, investors and other
interested parties in their evaluation of Constellium and in
comparison to other companies, many of which present an Adjusted
EBITDA-related performance measure when reporting their results.
Management believes that Adjusted Free Cash Flow is the most
appropriate measure of the net cash flow generated or used by the
business as it takes into account both the cash generated or consumed
by operating activities, including working capital, and the capital
expenditure requirements of the business. Management further believes
that Net Debt is the most appropriate measure of indebtedness because
it takes into account the cash and cash equivalent balances held by
the company as well as the total external debt of the Company.

Management Adjusted EBITDA is defined as profit from operations
before depreciation, amortization and impairment, as adjusted to
exclude losses on disposal of property, plant and equipment,
acquisition and separation costs, restructuring costs, pension
amendments and unrealized gains or losses on derivatives and on
foreign exchange differences.

Adjusted EBITDA is an additional performance measure used by
management as an important supplemental measure in evaluating our
operating performance, in preparing internal forecasts and budgets
necessary for managing our business and, specifically in relation to
the exclusion of the effect of favorable or unfavorable metal price
lag (the financial impact of the timing difference between when
aluminum prices included within our revenues are established and when
aluminum purchase prices included in our cost of sales are
established), this measure allows management and the investor to
assess operating results and trends without the impact of our
accounting for inventories. We use the weighted average cost method
in accordance with IFRS which leads to the purchase price paid for
metal impacting our cost of goods sold and therefore profitability in
the period subsequent to when the related sales price impacts our
revenues. Management also believes this measure provides additional
information used by our lending facilities providers with respect to
the ongoing performance of our underlying business activities. We use
Adjusted EBITDA in calculating our compliance with the financial
covenants under our Term Loan Agreement. Adjusted EBITDA is defined
as Management Adjusted EBITDA further adjusted for favorable
(unfavorable) metal price lag, exceptional consulting costs, effects
of purchase accounting adjustment, standalone costs and management
fees payable by the company to an affiliate of Apollo Global
Management, LLC, and exceptional employee bonuses in relation to cost
saving implementation and targets.

Management Adjusted EBITDA and Adjusted EBITDA are not
presentations made in accordance with IFRS, are not measures of
financial condition, liquidity or profitability and should not be
considered as an alternative to profit or loss for the period,
revenues or operating cash flows determined in accordance with IFRS.
These measures may not be comparable to similarly titled measures of
other companies.

Adjusted Free Cash Flow is Net Cash Flow from Operating
Activities, after capital expenditure and excluding margin calls.

Net Debt is defined as borrowings and the fair value of cross
currency interest swaps less cash and cash equivalents and cash
pledged for the issuance of guarantees.

Forward-looking statements

Certain statements contained in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. This press release may
contain "forward-looking statements" with respect to our business,
results of operations and financial condition, and our expectations
or beliefs concerning future events and conditions. You can identify
certain forward-looking statements because they contain words such
as, but not limited to, "believes," "expects," "may," "should,"
"approximately," "anticipates," "estimates," "intends," "plans,"
"targets," "likely," "will," "would," "could" and similar expressions
(or the negative of these terminologies or expressions). All
forward-looking statements involve risks and uncertainties. Many
risks and uncertainties are inherent in our industry and markets.
Others are more specific to our business and operations. 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. Actual results may differ
materially from the forward-looking statements contained in this
press release.

All forward-looking statements in this press release and
subsequent written and oral forward-looking statements attributable
to us, or persons acting on our behalf, are expressly qualified in
their entirety by the cautionary statements. Some of the factors that
we believe could materially affect our results include: (a) our
ability to implement our business strategy, including our
productivity and cost reduction initiatives; (b) our susceptibility
to cyclical fluctuations in the metals industry, our end-markets and
our customers' industries, and changes in general economic
conditions; (c) the highly competitive nature of the metals industry
and the risk that aluminum will become less competitive compared to
alternative materials; (d) the possibility of unplanned business
interruptions and equipment failure; e)adverse conditions and
disruptions in European economies; (f) the risk associated with being
dependent on a limited number of suppliers for a substantial portion
of our primary and scrap aluminum; (g) the risk that we may be
required to bear increases in operating costs under our multi-year
contracts with customers, or certain fixed costs in the event of
early termination of contracts; (h) competition and consolidation in
the industries in which we operate; (i) our ability to maintain and
continuously improve our information technology and operational
systems and financial reporting and internal controls; (j) our
ability to manage our labor costs and labor relations and attract and
retain qualified employees; (k) the risk that regulation and
litigation pose to our business, including our ability to maintain
required licenses and regulatory approvals and comply with applicable
laws and regulations, and the effects of potential changes in
governmental regulations; (l) risk associated with our global
operations, including natural disasters and currency fluctuations;
(m) changes in our effective income tax rate or accounting standards;
(n) costs or liabilities associated with environmental, health and
safety matters; and (o) the other factors presented under the heading
"Risk Factors" in our Form F-1 filed with the U.S. Securities and
Exchange Commission. We caution you that the foregoing list of
important factors may not contain all of the material factors that
are important to you. In addition, in light of these risks and
uncertainties, the matters referred to in the forward-looking
statements contained in this press release may not in fact occur. 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.

Next Release

Constellium is targeting to announce its results for the third
quarter 2013 on November 14, 2013.

About Constellium

Constellium is a global sector leader that develops innovative,
value added aluminum products for a broad scope of markets and
applications, including aerospace, automotive and packaging. With
around 8,900 employees Constellium generated EUR3.61 billion of
revenue in 2012. Constellium's financial report for the half year
ended June 30, 2013 is available on the company's web-site
(www.constellium.com [http://www.constellium.com/])

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR (LOSS)

Three
(in millions of Euros) Three months months Six months Six months
ended ended ended ended
June 30, June 30, June 30,
2013 2012 2013 June 30, 2012
Restated* Restated*
Revenue 916 976 1,827 1,911
Cost of sales (788) (823) (1,572) (1,637)
Gross profit 128 153 255 274
Selling and administrative expenses (47) (50) (102) (101)
Research and development expenses (9) (12) (18) (20)
Restructuring costs - (9) (2) (10)
Other (losses) / gains - net 1 (70) (31) (43)
Profit from operations 73 12 102 100
Other expenses (24) (1) (24) (2)
Finance income 6 2 11 4
Finance costs (15) (30) (45) (41)
Finance costs - net (9) (28) (34) (37)
Share of profit of joint-ventures - - - -
Profit before income tax 40 (17) 44 61
Income tax expense (16) (1) (22) (24)
Net Profit /(Loss) from continuing
operations 24 (18) 22 37
Discontinued operations
Net loss from discontinued operations - (1) - (1)
Net Profit / (Loss) for the period 24 (19) 22 36
Net Profit / (Loss) attributable to:
Owners of the Company 24 (19) 21 36
Non-controlling interests - - 1 -
Net Profit / (Loss) for the period 24 (19) 22 36

Earnings per share attributable to
the equity holders of the Company Three
(in Euros per share) Three months months Six months Six months
ended ended ended ended
June 30, June 30, June 30,
2013 2012 2013 June 30, 2012
Restated* Restated*

From continuing and discontinued
operations
Basic 0.25 (0.21) 0.23 0.41
Diluted 0.25 (0.21) 0.23 0.41
From continuing operations
Basic 0.25 (0.20) 0.23 0.42
Diluted 0.25 (0.20) 0.23 0.42
From discontinued operations
Basic - (0.01) - (0.01)
Diluted - (0.01) - (0.01)

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR (LOSS)

Three
(in millions of Euros) Three months months Six months Six months
ended ended ended ended
June 30, June 30, June 30,
2013 2012 2013 June 30, 2012
Restated* Restated*
Revenue 916 976 1,827 1,911
Cost of sales (788) (823) (1,572) (1,637)
Gross profit 128 153 255 274
Selling and administrative expenses (47) (50) (102) (101)
Research and development expenses (9) (12) (18) (20)
Restructuring costs - (9) (2) (10)
Other (losses) / gains - net 1 (70) (31) (43)
Profit from operations 73 12 102 100
Other expenses (24) (1) (24) (2)
Finance income 6 2 11 4
Finance costs (15) (30) (45) (41)
Finance costs - net (9) (28) (34) (37)
Share of profit of joint-ventures - - - -
Profit before income tax 40 (17) 44 61
Income tax expense (16) (1) (22) (24)
Net Profit /(Loss) from continuing
operations 24 (18) 22 37
Discontinued operations
Net loss from discontinued operations - (1) - (1)
Net Profit / (Loss) for the period 24 (19) 22 36
Net Profit / (Loss) attributable to:
Owners of the Company 24 (19) 21 36
Non-controlling interests - - 1 -
Net Profit / (Loss) for the period 24 (19) 22 36

Earnings per share attributable to
the equity holders of the Company Three
(in Euros per share) Three months months Six months Six months
ended ended ended ended
June 30, June 30, June 30,
2013 2012 2013 June 30, 2012
Restated* Restated*

From continuing and discontinued
operations
Basic 0.25 (0.21) 0.23 0.41
Diluted 0.25 (0.21) 0.23 0.41
From continuing operations
Basic 0.25 (0.20) 0.23 0.42
Diluted 0.25 (0.20) 0.23 0.42
From discontinued operations
Basic - (0.01) - (0.01)
Diluted - (0.01) - (0.01)

* Prior year figures were restated to reflect the mandatory
adoption of IAS 19 (Revised 2011) - Employee Benefits ("IAS 19
Revised"). For the six months ended June 30, 2012, the application of
IAS 19 Revised had no impact on Total Comprehensive Income. Net
profit decreased by EUR2 million (impact on Cost of Sale) and the
other comprehensive loss decreased by EUR2 million.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR
(LOSS) AND OTHER COMPREHENSIVE INCOME /(LOSS)

Three Three
(in millions of Euros) months months Six months Six months
ended ended ended ended
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
Restated* Restated*
Net Profit / (Loss) for the period 24 (19) 22 36
Other Comprehensive Income / (Loss)
Items that will not be reclassified
subsequently to Profit or Loss
-----------------------------------
Remeasurement on post-employment benefit
obligations 29 (46) 50 (66)
Deferred tax on remeasurement on post-
employment benefit obligations (4) 6 (4) 13
Items that may be reclassified subsequently
to Profit or Loss
-------------------------------------------
Currency translation differences 3 (18) (4) (8)
Other Comprehensive Income / (Loss) 28 (58) 42 (61)
Total Comprehensive Income / (Loss) 52 (77) 64 (25)
Attributable to:
Owners 52 (77) 63 (25)
Non-controlling interests - - 1 -
Total Comprehensive Income / (Loss) 52 (77) 64 (25)

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF PROFIT OR
(LOSS) AND OTHER COMPREHENSIVE INCOME /(LOSS)

Three Three
(in millions of Euros) months months Six months Six months
ended ended ended ended
June 30, June 30, June 30, June 30,
2013 2012 2013 2012
Restated* Restated*
Net Profit / (Loss) for the period 24 (19) 22 36
Other Comprehensive Income / (Loss)
Items that will not be reclassified
subsequently to Profit or Loss
-----------------------------------
Remeasurement on post-employment benefit
obligations 29 (46) 50 (66)
Deferred tax on remeasurement on post-
employment benefit obligations (4) 6 (4) 13
Items that may be reclassified subsequently
to Profit or Loss
-------------------------------------------
Currency translation differences 3 (18) (4) (8)
Other Comprehensive Income / (Loss) 28 (58) 42 (61)
Total Comprehensive Income / (Loss) 52 (77) 64 (25)
Attributable to:
Owners 52 (77) 63 (25)
Non-controlling interests - - 1 -
Total Comprehensive Income / (Loss) 52 (77) 64 (25)

* Prior year figures were restated to reflect the mandatory
adoption of IAS 19 (Revised 2011) - Employee Benefits ("IAS 19
Revised"). For the six months ended June 30, 2012, the application of
IAS 19 Revised had no impact on Total Comprehensive Income. Net
profit decreased by EUR2 million (impact on Cost of Sale) and the
other comprehensive loss decreased by EUR2 million.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENT OF FINANCIAL
POSITION

At June
(in millions of Euros) 30, At December
2013 31, 2012
Restated*
Assets
Non-current assets
Intangible assets (including
goodwill) 13 11
Property, plant and equipment 351 302
Investments in joint ventures 2 2
Deferred income tax assets 208 205
Trade receivables and other 51 64
Other financial assets 6 10
631 594
Current assets
Inventories 391 385
Trade receivables and other 641 476
Other financial assets 23