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PARENT COMPANY INFORMATION | 12 Months Ended
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Dec. 31, 2021
Disclosure of condensed financial information of parent company [abstract] |
PARENT COMPANY INFORMATION | NOTE 31 - PARENT COMPANY INFORMATION The parent company only financial information of Constellium SE, presented below, 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. Statement of Financial Position of Constellium SE (parent company only).
|  | At December 31,
(in millions of Euros) |  | 2021 |  | 2020
Assets |  |  |  |
Current assets |  |  |  |
Cash and cash equivalents |  | — |  | —
Trade receivables and other |  | 200 |  | 172
Other financial assets |  | 26 |  | 34
|  | 226 |  | 206
Non-current assets |  |  |  |
Property, plant and equipment |  | — |  | —
Financial assets |  | 1,780 |  | 2,011
Investments in subsidiaries |  | 187 |  | 173
Trade receivables and other |  | 29 |  | 38
Deferred income tax assets |  | 18 |  | 15
|  | 2,014 |  | 2,237
Total Assets |  | 2,240 |  | 2,443
Liabilities |  |  |  |
Current liabilities |  |  |  |
Trade payables and other |  | 6 |  | 6
Income tax payable |  | 13 |  | 13
Other financial liabilities |  | 22 |  | 30
|  | 41 |  | 49
Non-current liabilities |  |  |  |
Borrowings |  | 1,670 |  | 1,901
Income tax payable |  | 83 |  | 77
|  | 1,753 |  | 1,978
Total Liabilities |  | 1,794 |  | 2,027
Equity |  |  |  |
Share capital |  | 3 |  | 3
Share premium |  | 429 |  | 429
Accumulated retained earnings |  | (84) |  | (116)
Other reserves |  | 82 |  | 68
Net income |  | 16 |  | 32
Total Equity |  | 446 |  | 416
Total Equity and Liabilities |  | 2,240 |  | 2,443
Statement of Comprehensive income of Constellium SE (parent company only).
|  | Year ended December 31,
(in millions of Euros) |  | 2021 |  | 2020 |  | 2019
Revenue |  | 23 |  | 3 |  | 3
Gross profit |  | 23 |  | 3 |  | 3
Selling and administrative expenses |  | (36) |  | (14) |  | (19)
Employee benefit expenses |  | (4) |  | (3) |  | (3)
Loss from recurring operations |  | (17) |  | (14) |  | (19)
Other income |  | — |  | — |  | —
Other expense |  | — |  | — |  | (3)
Loss from operations |  | (17) |  | (14) |  | (22)
Financial result - net |  | 7 |  | 31 |  | 41
(Loss) / income before tax |  | (10) |  | 17 |  | 19
Income tax benefit |  | 26 |  | 15 |  | 18
Net income |  | 16 |  | 32 |  | 37
Other comprehensive income / (loss) |  | — |  | — |  | —
Total comprehensive income |  | 16 |  | 32 |  | 37
Statement of Cash Flows of Constellium SE (parent company only)
|  | Year ended December 31,
(in millions of Euros) |  | 2021 |  | 2020 |  | 2019
Net income |  | 16 |  | 32 |  | 37
Adjustments |  |  |  |  |  |
Finance cost - net |  | (7) |  | (31) |  | (41)
Dividends received |  | — |  | — |  | —
Income tax benefit |  | (26) |  | (15) |  | (18)
Change in working capital |  |  |  |  |  |
Trade receivables and other |  | — |  | (2) |  | 27
Trade payables and other |  | 1 |  | — |  | 2
Interest paid |  | (100) |  | (114) |  | (115)
Interest received |  | 114 |  | 139 |  | 143
Income tax received |  | 7 |  | 18 |  | 50
Net cash flows from operating activities |  | 5 |  | 27 |  | 85
Investments in subsidiaries |  | — |  | — |  | —
Current account with subsidiaries and related parties |  | 3 |  | 29 |  | (135)
Loans granted to subsidiaries and related parties |  | (892) |  | (290) |  | —
Repayment of loans granted to subsidiaries and related parties |  | 1,241 |  | 150 |  | 150
Net cash flows from / (used in) investing activities |  | 352 |  | (111) |  | 15
Proceeds from issuance of Senior Notes |  | 712 |  | 290 |  | —
Repayment of Senior Notes |  | (1,041) |  | (200) |  | (100)
Payment of exit fees |  | (15) |  | — |  | —
Payment of deferred financing costs |  | (13) |  | (6) |  | —
Realized foreign exchange gains / (losses) |  | — |  | — |  | —
Net cash flows (used in) / from financing activities |  | (357) |  | 84 |  | (100)
Net increase in cash and cash equivalents |  | — |  | — |  | —
Cash and cash equivalents - beginning of year |  | — |  | — |  | —
Cash and cash equivalents - end of year |  | — |  | — |  | —
As at December 31, 2021, there were no material contingencies at Constellium SE. A description of Constellium SE's parent company only borrowings and related maturity dates is provided in NOTE 19 - 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.

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