Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Financial Assets and Liabilities by Categories

22.1 Financial assets and liabilities by categories


			At December 31, 2018								At December 31, 2017
*(in millions of Euros)*	Notes		At amortized cost		At Fair Value through Profit and loss		At Fair Value through OCI		Total		Loan and receivables		At Fair Value through Profit and loss		At Fair Value through OCI		Total
Cash and cash equivalents		13		164		—		—		164		269		—		—		269
Trade receivables		14		—		—		481		481		306		—		—		306
Finance lease receivables		14		—		—		—		—		12		—		—		12
Other financial assets				74		30				104		83		77		19		179

Total financial assets				238		30		481		749		670		77		19		766


			At December 31, 2018								At December 31, 2017
*(in millions of Euros)*	Notes		At amortized cost		At Fair Value through Profit and loss		At Fair Value through OCI		Total		At amortized cost		At Fair Value through Profit and loss		At Fair Value through OCI		Total
Trade payables and fixed assets payables		20		715		—		—		715		744		—		—		744
Borrowings		21		2,151		—		—		2,151		2,127		—		—		2,127
Other financial liabilities				—		79		10		89		—		66		—		66

Total financial liabilities				2,866		79		10		2,955		2,871		66		—		2,937

Summary of Other Financial Assets and Other Financial Liabilities Positions

The table below details other financial assets and other financial liabilities positions:


	At December 31, 2018						At December 31, 2017
*(in millions of Euros)*	Non-current		Current		Total		Non-current		Current		Total
Derivatives		7		23		30		29		67		96
Aluminium and premium future contracts		2		7		9		6		39		45
Energy future contracts		—		—		—		—		—		—
Other future contracts		—		—		—		—		1		1
Currency commercial contracts		3		12		15		21		20		41
Currency net debt derivatives		2		4		6		2		7		9
Loans ^(A)		67		2		69		81		2		83
Margin call		—		5		5		—		—		—

Other financial assets		74		30		104		110		69		179

Derivatives		29		60		89		43		23		66
Aluminium and premium future contracts		6		38		44		—		6		6
Energy future contracts		—		—		—		—		—		—
Other future contracts		5		3		8		—		1		1
Currency commercial contracts		7		12		19		6		12		18
Net investment hedge		—		4		4		—		—		—
Currency net debt derivatives		11		3		14		37		4		41

Other financial liabilities		29		60		89		43		23		66

(A)	Corresponds to a loan facility to Constellium-UACJ ABS LLC (See NOTE 18 – Investments accounted for under the equity method).

Summary of Derivatives Measured at Fair Value

The following table provides an analysis of derivatives measured at fair value, grouped into levels based on the degree to which the fair value is observable:

•

Level 1 valuation is based on quoted price (unadjusted) in active markets for identical financial instruments, it includes aluminium, copper and zinc futures that are traded on the LME.

•

Level 2 valuation is based on inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. prices) or indirectly (i.e. derived from prices), it includes foreign exchange derivatives.

•

Level 3 valuation is based on inputs for the asset or liability that are not based on observable market data (unobservable inputs). Trade receivables are classified as a Level 3 measurement under the fair value hierarchy.


	At December 31, 2018								At December 31, 2017
*(in millions of Euros)*	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Other financial assets—derivatives		9		21		—		30		46		50		—		96
Other financial liabilities—derivatives		50		39		—		89		6		60		—		66