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OPERATING SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2020
Disclosure of operating segments [abstract] |
Schedule of Segment Revenue |
|  | Three months ended June 30, 2020 |  | Three months ended June 30, 2019 |  | Six months ended June 30, 2020 |  | Six months ended June 30, 2019
(in millions of Euros) |  | Segment revenue |  | Inter-segment elimination |  |  | External revenue |  | Segment revenue |  | Inter-segment elimination |  |  | External revenue |  | Segment revenue |  | Inter-segment elimination |  |  | External revenue |  | Segment revenue |  | Inter-segment elimination |  | External revenue
P&ARP |  | 565 |  |  | (1 | ) |  | 564 |  |  | 821 |  |  | (2 | ) |  | 819 |  |  | 1,317 |  |  | (4 | ) |  | 1,313 |  |  | 1,649 |  |  | (4 | ) |  | 1,645 |
A&T |  | 250 |  |  | (3 | ) |  | 247 |  |  | 383 |  |  | (11 | ) |  | 372 |  |  | 609 |  |  | (13 | ) |  | 596 |  |  | 761 |  |  | (22 | ) |  | 739 |
AS&I |  | 222 |  |  | (2 | ) |  | 220 |  |  | 347 |  |  | — |  |  | 347 |  |  | 564 |  |  | (5 | ) |  | 559 |  |  | 691 |  |  | (1 | ) |  | 690 |
Holdings & Corporate |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | 1,037 |  |  | (6 | ) |  | 1,031 |  |  | 1,551 |  |  | (13 | ) |  | 1,538 |  |  | 2,490 |  |  | (22 | ) |  | 2,468 |  |  | 3,101 |  |  | (27 | ) |  | 3,074 |
Schedule of Segment Adjusted EBITDA and reconciliation of Adjusted EBITDA to Net Income |
(in millions of Euros) |  | Notes |  | Three months ended June 30, 2020 |  | Three months ended June 30, 2019 |  | Six months ended June 30, 2020 |  | Six months ended June 30, 2019
P&ARP |  |  |  | 58 |  |  | 79 |  |  | 124 |  |  | 138 |
A&T |  |  |  | 31 |  |  | 64 |  |  | 83 |  |  | 116 |
AS&I |  |  |  | (1 | ) |  | 30 |  |  | 33 |  |  | 59 |
Holdings & Corporate |  |  |  | (7 | ) |  | (6 | ) |  | (12 | ) |  | (11 | )
Adjusted EBITDA |  |  |  | 81 |  |  | 167 |  |  | 228 |  |  | 302 |
Metal price lag (A) |  |  |  | (25 | ) |  | (13 | ) |  | (40 | ) |  | (31 | )
Start-up and development costs (B) |  |  |  | (2 | ) |  | (3 | ) |  | (4 | ) |  | (5 | )
Bowling Green one-time costs related to the acquisition (C) |  |  |  | — |  |  | — |  |  | — |  |  | (6 | )
Share-based compensation costs |  |  |  | (5 | ) |  | (4 | ) |  | (8 | ) |  | (7 | )
Losses on pension plan amendments |  | 19 |  | (2 | ) |  | — |  |  | (2 | ) |  | — |
Depreciation, amortization and impairment |  | 13,14 |  | (71 | ) |  | (60 | ) |  | (137 | ) |  | (117 | )
Restructuring costs |  | 20 |  | (11 | ) |  | (1 | ) |  | (11 | ) |  | (1 | )
Unrealized gains / (losses) on derivatives |  | 5 |  | 43 |  |  | (14 | ) |  | (10 | ) |  | 17 |
Unrealized exchange gains / (losses) from the remeasurement of monetary assets and liabilities – net |  | 5 |  | 1 |  |  | (1 | ) |  | (1 | ) |  | — |
Losses on disposals |  | 5 |  | — |  |  | (1 | ) |  | — |  |  | (2 | )
Other (D) |  |  |  | (10 | ) |  | (1 | ) |  | (10 | ) |  | (1 | )
(Loss) / income from operations |  |  |  | (1 | ) |  | 69 |  |  | 5 |  |  | 149 |
Finance costs - net |  | 7 |  | (42 | ) |  | (43 | ) |  | (87 | ) |  | (89 | )
Share of income of joint-ventures |  |  |  | — |  |  | — |  |  | — |  |  | 5 |
(Loss) / income before income tax |  |  |  | (43 | ) |  | 26 |  |  | (82 | ) |  | 65 |
Income tax benefit / (expense) |  | 8 |  | 11 |  |  | (9 | ) |  | 19 |  |  | (24 | )
Net (loss) / income |  |  |  | (32 | ) |  | 17 |  |  | (63 | ) |  | 41 |
(A) | Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium Revenues are established and when aluminium purchase prices included in Cost of sales are established. The Group accounts for inventory using a weighted average price basis and this adjustment aims to remove the effect of volatility in LME prices. The calculation of the Group metal price lag adjustment is based on an internal standardized methodology calculated at each of Constellium’s manufacturing sites and is primarily calculated as the average value of product recorded in inventory, which approximates the spot price in the market, less the average value transferred out of inventory, which is the weighted average of the metal element of cost of sales, based on the quantity sold in the period.
(B) | For the six months ended June 30, 2020 and 2019 start-up and development costs included €4 million, and €5 million, respectively, related to new projects in our AS&I operating segment.
(C) | For the six months ended June 30, 2019, Bowling Green one-time costs related to the acquisition included the non-cash reversal of the inventory step-up.
(D) | For the six months ended June 30, 2020 , Other includes €5 million of procurement penalties and termination fees incurred because of the Group's inability to fulfill certain commitments due to the Covid-19 downturn and a €5 million loss resulting from the discontinuation of hedge accounting for certain forecasted sales that were determined to be no longer expected to occur in light of the Covid-19 downturn effects.
Schedule of Segment Capital Expenditures |
(in millions of Euros) |  | Six months ended June 30, 2020 |  | Six months ended June 30, 2019
P&ARP |  | (38 | ) |  | (44 | )
A&T |  | (24 | ) |  | (29 | )
AS&I |  | (34 | ) |  | (56 | )
Holdings & Corporate |  | (2 | ) |  | (1 | )
Capital expenditures |  | (98 | ) |  | (130 | )
Schedule of Segment Assets | Segment assets are comprised of total assets of Constellium by segment, less deferred income tax assets, cash and cash equivalents and other financial assets.
(in millions of Euros) |  | At June 30, 2020 |  | At December 31, 2019
P&ARP |  | 1,969 |  |  | 1,951 |
A&T |  | 818 |  |  | 856 |
AS&I |  | 716 |  |  | 703 |
Holdings & Corporate |  | 213 |  |  | 276 |
Segment assets |  | 3,716 |  |  | 3,786 |
Deferred income tax assets |  | 222 |  |  | 185 |
Cash and cash equivalents |  | 378 |  |  | 184 |
Other financial assets |  | 31 |  |  | 29 |
Total assets |  | 4,347 |  |  | 4,184 |

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