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Investments Accounted for Under Equity Method | 6 Months Ended
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Jun. 30, 2018
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Investments Accounted for Under Equity Method | NOTE 15 - INVESTMENTS ACCOUNTED FOR UNDER THE EQUITY METHOD The Group investments accounted for under the Equity method are Constellium-UACJ ABS LLC and Rhenaroll S.A.
(in millions of Euros) |  | Period ended June 30, 2018 |  |  | Year ended December 31, 2017 |
At January 1, |  |  | 1 |  |  |  | 16 |
Group share in loss |  |  | (12 | ) |  |  | (29 | )
Additions |  |  | — |  |  |  | — |
Reclassified to non-current other financial assets |  |  | 12 |  |  |  | 14 |
Effects of changes in foreign exchange rates |  |  | — |  |  |  | — |
At the end of the period |  |  | 1 |  |  |  | 1 |
As of June 30, 2018, the loan to Constellium-UACJ ABS LLC is, in substance, part of Constellium’s investment in the joint-venture as it represents a long-term strategic investment that is not expected to be settled in the foreseeable future. Constellium’s accumulated share of the losses of joint-ventures, in excess of the initial investment, is thus recognized against other financial assets for a cumulative amount of €28 million at June 30, 2018, of which €12 million were recognized during the six-month period ended June 30, 2018. Constellium-UACJ ABS LLC financial statements The information presented hereafter reflects the amounts included in the financial statements of the relevant entity in accordance with Group accounting principles and not the Company’s share of those amounts.
(in millions of Euros) |  | At June 30, 2018 |  |  | At December 31, 2017 |
Current assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 3 |  |  |  | 5 |
Trade receivables and other |  |  | 47 |  |  |  | 35 |
Inventories |  |  | 61 |  |  |  | 57 |
Non-current assets |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 164 |  |  |  | 161 |
Intangible assets |  |  | 1 |  |  |  | 1 |
Total Assets |  |  | 276 |  |  |  | 259 |
Current liabilities |  |  |  |  |  |  |  |
Trade payables and other |  |  | 55 |  |  |  | 34 |
Borrowings(A) |  |  | 24 |  |  |  | 206 |
Non-current liabilities |  |  |  |  |  |  |  |
Borrowings |  |  | 251 |  |  |  | 47 |
Equity |  |  | (54 | ) |  |  | (28 | )
Total Equity and Liabilities |  |  | 276 |  |  |  | 259 |
(A) | In February 2018, the shareholders agreed to modify the terms of their loan to Constellium-UACJ ABS LLC by reducing the interest rate and extending the maturity to March 31, 2023.
(in millions of Euros) |  | Three months ended June 30, 2018 |  |  | Three months ended June 30, 2017 |  |  | Six months ended June 30, 2018 |  |  | Six months ended June 30, 2017 |
Revenue |  |  | 72 |  |  |  | 33 |  |  |  | 118 |  |  |  | 56 |
Cost of sales |  |  | (82 | ) |  |  | (40 | ) |  |  | (141 | ) |  |  | (69 | )
Selling and administrative expenses |  |  | (2 | ) |  |  | (2 | ) |  |  | (5 | ) |  |  | (5 | )
Loss from operations |  |  | (12 | ) |  |  | (9 | ) |  |  | (28 | ) |  |  | (18 | )
Finance costs(A) |  |  | (5 | ) |  |  | (4 | ) |  |  | 4 |  |  |  | (7 | )
Net loss |  |  | (17 | ) |  |  | (13 | ) |  |  | (24 | ) |  |  | (25 | )
(A) | Finance costs include a €12 million gain related to the shareholders’ loan modification for the six months ended June 30, 2018.
Constellium subsidiaries’ intercompany balances with Constellium-UACJ ABS LLC The transactions during the periods and the year-end balances between Group companies that are fully consolidated and Constellium-UACJ ABS LLC are included in the Group’s Unaudited Interim Consolidated Income Statement and Unaudited Interim Consolidated Statement of Financial Position and are detailed below:
(in millions of Euros) |  | At June 30, 2018 |  |  | At December 31, 2017 |
Trades receivables and other—current |  |  | 25 |  |  |  | 15 |
Other financial assets(A) |  |  | 76 |  |  |  | 83 |
Total Assets |  |  | 101 |  |  |  | 98 |
(A) | Other financial assets correspond to the loan to Constellium-UACJ ABS LLC as of June 30, 2018 and December 31, 2017. As of June 30, 2018, the carrying value of the loan is €104 million. The carrying value is presented net of €28 million of Constellium’s share of losses of joint venture.
(in millions of Euros) |  | Three months ended June 30, 2018 |  |  | Three months ended June 30, 2017 |  |  | Six months ended June 30, 2018 |  |  | Six months ended June 30, 2017 |
Revenue |  |  | 48 |  |  |  | 10 |  |  |  | 78 |  |  |  | 21 |
Fees and recharges(A) |  |  | 1 |  |  |  | 2 |  |  |  | 2 |  |  |  | 2 |
Finance income |  |  | 2 |  |  |  | 2 |  |  |  | (3 | ) |  |  | 3 |
Total income |  |  | 51 |  |  |  | 14 |  |  |  | 77 |  |  |  | 26 |
(A) | Fees and recharges are presented in Cost of sales or Selling and administrative expenses depending on their nature.

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- Definition The disclosure of investments accounted for using the equity method. [Refer: Investments accounted for using equity method] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2017-01-01 -Paragraph 10 -Subparagraph e -URI http://eifrs.ifrs.org/eifrs/XBRL?type=IAS&num=1&date=2017-03-01&anchor=para_10_e&doctype=Standard -URIDate 2017-03-09 + Details
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