Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Financial Assets and Liabilities by Categories

19.1 Financial assets and liabilities by categories


			At June 30, 2019								At December 31, 2018
(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
Cash and cash equivalents		12		213		—		—		213		164		—		—		164
Trade receivables		13		—		—		521		521		—		—		481		481
Other financial assets				—		26		—		26		74		30		—		104

Total financial assets				213		26		521		760		238		30		481		749


			At June 30, 2019								At December 31, 2018
(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		17		867		—		—		867		715		—		—		715
Borrowings		18		2,378		—		—		2,378		2,151		—		—		2,151
Other financial liabilities				—		58		11		69		—		79		10		89

Total financial liabilities				3,245		58		11		3,314		2,866		79		10		2,955

Summary of Other Financial Assets and Other Financial Liabilities Positions

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


	At June 30, 2019						At December 31, 2018
(in millions of Euros)	Non-current		Current		Total		Non-current		Current		Total
Derivatives		7		19		26		7		23		30
Aluminium and premium future contracts		2		4		6		2		7		9
Energy future contracts		—		—		—		—		—		—
Other future contracts		—		—		—		—		—		—
Currency commercial contracts		5		12		17		3		12		15
Currency net debt derivatives		—		3		3		2		4		6
Loans^(A)		—		—		—		67		2		69
Margin call		—		—		—		—		5		5

Other financial assets		7		19		26		74		30		104

Derivatives		25		44		69		29		60		89
Aluminium and premium future contracts		5		22		27		6		38		44
Energy future contracts		—		—		—		—		—		—
Other future contracts		3		3		6		5		3		8
Currency commercial contracts		10		14		24		7		12		19
Net investment hedge		—		—		—		—		4		4
Currency net debt derivatives		7		5		12		11		3		14

Other financial liabilities		25		44		69		29		60		89

(A) Corresponds to a loan facility to Constellium-UACJ ABS LLC at December 31, 2018

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 prices (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 June 30, 2019								At December 31, 2018
(in millions of Euros)	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Other financial assets - derivatives		5		21		—		26		9		21		—		30
Other financial liabilities - derivatives		32		37		—		69		50		39		—		89