NOTE 32—PARENT COMPANY

Statement of Financial Position of Constellium N.V. (parent company only).


*(in millions of Euros)*	At December 31, 2018			At December 31, 2017
Assets

Current assets
Cash and cash equivalents		—			—
Trade receivables and other		109			53
Other financial assets		38			28

		147			81

Non-current assets
Property, plant and equipment		—			—
Financial assets		2,106			2,143
Investments in subsidiaries		144			131
Deferred income tax assets		2			—

		2,252			2,274

Total Assets		2,399			2,355

Liabilities

Current liabilities
Trade payables and other		5			6
Income tax payable		21			—
Other financial liabilities		33			22

		59			28

Non-current liabilities
Borrowings		2,022			1,957

		2,022			1,957

Total Liabilities		2,081			1,985

Equity
Share capital		3			3
Share premium		429			429
Accumulated retained earnings		(239	)		(17	)
Other reserves		38			25
Net income/ (loss)		87			(70	)

Total Equity		318			370

Total Equity and Liabilities		2,399			2,355

Statement of Comprehensive income / (loss) of Constellium N.V. (parent company only).


*(in millions of Euros)*	Year ended December 31, 2018			Year ended December 31, 2017			Year ended December 31, 2016
Revenue		3			1			1

Gross profit		3			1			1

Selling and administrative expenses		(15	)		(5	)		(8	)

Employee benefit expenses		(3	)		(1	)		—

Loss from recurring operations		(15	)		(5	)		(7	)

Other income		—			—			—
Other expense		(3	)		—			—

Loss from operations		(18	)		(5	)		(7	)

Financial result—net		80			(65	)		1

Income / (loss) before income tax		62			(70	)		(6	)
Income tax		25			—			—

Net income / (loss)		87			(70	)		(6	)

Other comprehensive (loss) / income		—			—			—

Total comprehensive income / (loss)		87			(70	)		(6	)

Statement of Cash Flows of Constellium N.V. (parent company only).


*(in millions of Euros)*	Year ended December 31, 2018			Year ended December 31, 2017			Year ended December 31, 2016
Net income/ (loss)		87			(70	)		(6	)
Adjustments
Finance cost—net		(80	)		65			(1	)
Dividend received		—			—			—
Income tax		(25	)		—			—
Interest paid		(102	)		(148	)		(95	)
Interest received		134			149			103
Changes in working capital		—			—			—
Trade receivables and other		—			(1	)		—
Other financial liabilities		—			—			—
Trade payables and other		—			2			(1	)

Net cash flows from / (used in) operating activities		14			(3	)		—

Investments in subsidiaries		(1	)		(11	)		—
Current account with subsidiaries and related parties		(13	)		180			(186	)
Loans granted to subsidiary and related parties		—			(1,640	)		(375	)
Repayment of loans granted to subsidiary and related parties		—			823			181
Exit fees received from subsidiaries		—			9			—

Net cash flows used in investing activities		(14	)		(639	)		(380	)

Net proceeds received from issuance of shares		—			259			—
Proceeds from issuance of Senior Notes		—			1,440			375
Payment of deferred financing costs		—			(29	)		(12	)
Repayment of Senior Notes		—			(949	)		—
Payment of exit fees		—			(61	)		—
Realized foreign exchange gains / (losses)		—			(17	)		17
Other		—			(1	)		—

Net cash flows from financing activities		—			642			380

Net increase in cash and cash equivalents		—			—			—
Cash and cash equivalents—beginning of year		—			—			—
Effect of exchange rate changes on cash and cash equivalents		—			—			—

Cash and cash equivalents—end of year		—			—			—

Basis of preparation

The parent company only financial information of Constellium N.V., presented above, is prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board and as endorsed by the European Union. Accounting policies adopted in the preparation of this condensed parent company only financial information are the same as those adopted in the consolidated financial statements and described in NOTE 2—Summary of significant accounting policies, except that the cost method has been used to account for investments in subsidiaries.

As at December 31, 2018, there were no material contingencies at Constellium N.V.

A description of Constellium N.V.’s parent company only borrowings and related maturity dates is provided in NOTE 21—Borrowings. Other financial liabilities represent interest payable on borrowings.

Non-current financial assets represent loans to Constellium International and Constellium France Holdco and current other financial assets represent related interest receivables. The first application of IFRS 9 expected credit loss model resulted in the recognition of a €151 million loss in opening retained earnings net of tax (previous loss allowance was nil) and a €53 million gain in Other comprehensive income during the year ended December 31, 2018.