XML 334 R60.htm IDEA: XBRL DOCUMENT
v3.24.1

FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement and Statement of Comprehensive Income | The table below details the effect of foreign currency derivatives in the Consolidated Income Statement and the Consolidated Statement of Comprehensive Income:
|  |  |  | Year ended December 31,
(in millions of Euros) |  | Notes |  | 2023 |  | 2022 |  | 2021
Derivatives that do not qualify for hedge accounting |  |  |  |  |  |  |  |
Included in Other gains and losses - net |  |  |  |  |  |  |  |
Realized gains on foreign currency derivatives - net |  | 9 |  | 16 |  | — |  | 1
Unrealized (losses) / gains on foreign currency derivatives - net (A) |  | 9 |  | (12) |  | 6 |  | 15
Derivatives that qualify for hedge accounting |  |  |  |  |  |  |  |
Included in Other comprehensive income |  |  |  |  |  |  |  |
Unrealized gains / (losses) on foreign currency derivatives - net |  |  |  | 1 |  | (16) |  | (21)
Gains reclassified from cash flow hedge reserve to the Consolidated Income Statement |  |  |  | 6 |  | 8 |  | 4
Included in Revenue (B) |  |  |  |  |  |  |  |
Realized losses on foreign currency derivatives - net |  | 9 |  | (6) |  | (8) |  | (2)
Unrealized losses on foreign currency derivatives - net |  | 9 |  | — |  | — |  | (2)
(A)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized. (B)Changes in fair value of derivatives that qualify for hedge accounting are included in Revenue when the related customer invoices are issued.
Schedule of Exposure to Financial Counterparties by Rating Type | The number of financial counterparties tabulated below shows our exposure to the counterparty by rating type (Parent company ratings from Moody’s Investor Services):
|  | At December 31,
|  | 2023 |  | 2022
|  | Number of financial counterparties (A) |  | Exposure (in millions of Euros) |  | Number of financial counterparties (A) |  | Exposure (in millions of Euros)
Rated Aa or better |  | 2 |  | 54 |  | 2 |  | 51
Rated A |  | 10 |  | 159 |  | 6 |  | 112
Rated Baa |  | 1 |  | — |  | 1 |  | 3
Total |  | 13 |  | 213 |  | 9 |  | 166
(A)Financial counterparties for which the Group’s exposure is below €0.25 million have been excluded from the analysis.
Schedule of Undiscounted Contractual Financial Assets and Financial Liabilities Values by Relevant Maturity Groupings | The tables below show undiscounted contractual financial assets and financial liabilities values by relevant maturity groupings based on the remaining periods from December 31, 2023 and 2022, respectively, to the contractual maturity date.
|  | At December 31,
|  | 2023 |  | 2022
(in millions of Euros) |  | Less than 1 year |  | Between 1- 5 years |  | Over 5 years |  | Less than 1 year |  | Between 1 - 5 years |  | Over 5 years
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Net cash flows from derivative assets related to currencies and commodities |  | 28 |  | 2 |  | — |  | 31 |  | 9 |  | —
Trade receivables |  | 386 |  | — |  | — |  | 465 |  | — |  | —
Total |  | 414 |  | 2 |  | — |  | 496 |  | 9 |  | —
|  |  |  | At December 31,
|  |  |  | 2023 |  | 2022
(in millions of Euros) |  | Notes |  | Less than 1 year |  | Between 1 - 5 years |  | After 5 years |  | Less than 1 year |  | Between 1 - 5 Years |  | After 5 years
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  |  |  | 8 |  | 936 |  | 761 |  | 5 |  | 698 |  | 1,087
Leases |  |  |  | 30 |  | 96 |  | 62 |  | 35 |  | 98 |  | 86
Interest (A) |  |  |  | 73 |  | 209 |  | 18 |  | 78 |  | 260 |  | 54
Net cash flows from derivative liabilities related to currencies and commodities |  |  |  | 34 |  | 10 |  |  |  | 42 |  | 19 |  | —
Trade payables and fixed asset payables |  | 19 |  | 966 |  | — |  | — |  | 1,191 |  | — |  | —
Total |  |  |  | 1,111 |  | 1,251 |  | 841 |  | 1,351 |  | 1,075 |  | 1,227
(A)Interest disclosed is an undiscounted forecasted interest amount that excludes interest on leases.
Currency risk |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Nominal Value of Derivatives | The following tables outline the nominal value (converted to millions of Euros at the closing rate) of forward derivatives for Constellium’s most significant foreign exchange exposures at December 31, 2023.
Sold currencies |  | Maturity Year |  | Less than 1 year |  | Over 1 year
USD |  | 2024-2027 |  | 432 |  | 110
CHF |  | 2024-2026 |  | 63 |  | 13
CZK |  | 2024 |  | 3 |  | —
Other currencies |  | 2024 |  | 8 |  | —
Purchased currencies |  | Maturity Year |  | Less than 1 year |  | Over 1 year
USD |  | 2024-2026 |  | 120 |  | 14
CHF |  | 2024-2026 |  | 118 |  | 17
CZK |  | 2024-2025 |  | 80 |  | 39
Other currencies |  | 2024 |  | 1 |  | —
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement |
|  | Year ended December 31,
(in millions of Euros) |  | 2023 |  | 2022 |  | 2021
Derivatives |  |  |  |  |  |
Included in Finance costs - net |  |  |  |  |  |
Realized gains / (losses) on foreign currency derivatives - net |  | 4 |  | 2 |  | (36)
Unrealized gains / (losses) on foreign currency derivatives - net |  | 2 |  | (1) |  | 46
Total |  | 6 |  | 1 |  | 10
Commodity price risk |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Nominal Value of Derivatives | At December 31, 2023, the nominal amount of commodity derivatives is as follows:
(in millions of Euros) |  | Maturity |  | Less than 1 year |  | Over 1 year
Aluminium |  | 2024-2027 |  | 331 |  | 44
Premium |  | 2024-2027 |  | 19 |  | 6
Copper |  | 2024 |  | 11 |  | —
Silver |  | 2024 |  | 26 |  | —
Natural gas |  | 2024-2026 |  | 17 |  | 11
Zinc |  | 2024 |  | 6 |  | —
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement |
|  | Year ended December 31,
(in millions of Euros) |  | 2023 |  | 2022 |  | 2021
Derivatives |  |  |  |  |  |
Included in Other gains and losses - net |  |  |  |  |  |
Realized (losses) / gains on commodity derivatives - net |  | (62) |  | (6) |  | 112
Unrealized gains / (losses) on commodity derivatives - net |  | 9 |  | (53) |  | 24
Other currencies |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Impact on Profit and Equity (before tax effect) of a 10% strengthening of the US Dollar versus the Euro | The table below summarizes the impact on income and equity (before tax effect) of a 10% strengthening of the U.S. Dollar versus the Euro for non U.S. Dollar functional currency entities.
(in millions of Euros) |  | Effect on income before tax |  | Effect on pretax equity
Trade receivables |  | 1 |  | —
Trade payables |  | (1) |  | —
Derivatives on commercial transactions (A) |  | (23) |  | (20)
Net commercial transaction exposure |  | (23) |  | (20)
Cash in Bank and intercompany loans |  | 99 |  | —
Borrowings |  | (108) |  | —
Derivatives on financing transactions |  | 9 |  | —
Net financing transaction exposure |  | — |  | —
Total |  | (23) |  | (20)
(A)Gains or losses on the hedging instruments are expected to offset losses or gains on the underlying hedged forecasted sales that will be reflected in future years when these sales are recognized. The impact on pretax equity of €20 million relates to derivatives hedging the future sales spread from 2024 to 2027 which are designated as cash flow hedges.
U.S. Dollars |
Disclosure of detailed information about hedging instruments [line items] |
Schedule of Impact on Profit and Equity (before tax effect) of a 10% strengthening of the US Dollar versus the Euro | The table below summarizes the impact on income and equity of a 10% strengthening of the U.S. Dollar versus the Euro (on average rate for net income and closing rate for equity) for U.S. Dollar functional currency entities.
(in millions of Euros) |  | Effect on net income |  | Effect on equity
10% strengthening U.S. Dollar/Euro |  | 2 |  | 84

X
- Definition Disclosure of foreign exchange sensitivity + References No definition available. + Details
Name: | cstm_DisclosureOfForeignExchangeSensitivityTableTextBlock
Namespace Prefix: | cstm_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of undiscounted contractual values of by relevant maturity groupings. + References No definition available. + Details
Name: | cstm_DisclosureOfUndiscountedContractualValuesOfByRelevantMaturityGroupingsTableTextBlock
Namespace Prefix: | cstm_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of derivative financial instruments. [Refer: Derivatives [member]] + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 10 -Subparagraph e -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_10_e&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfDerivativeFinancialInstrumentsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent concepts included in a table. These concepts are used to disclose reportable information associated with members defined in one or many axes of the table. + References No definition available. + Details
Name: | ifrs-full_DisclosureOfDetailedInformationAboutHedgingInstrumentsLineItems
Namespace Prefix: | ifrs-full_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of external credit grades. [Refer: External credit grades [member]] + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Note Expired 2023-01-01 -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph IG24 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_IG24&doctype=Implementation%20Guidance&book=b -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Note Expired 2023-01-01 -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 36 -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2017-en-b&anchor=para_36_c&doctype=Standard&book=b -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfExternalCreditExposuresExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of information about the terms and conditions of hedging instruments and how they affect future cash flows. [Refer: Hedging instruments [member]] + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 23A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_23A&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfInformationAboutTermsAndConditionsOfHedgingInstrumentsAndHowTheyAffectFutureCashFlowsExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition The disclosure of risk management strategy related to hedge accounting. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Note Expired 2023-01-01 -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 22 -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_22&doctype=Standard -URIDate 2023-03-23 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 22A -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_22A&doctype=Standard -URIDate 2023-03-23 + Details
Name: | ifrs-full_DisclosureOfRiskManagementStrategyRelatedToHedgeAccountingExplanatory
Namespace Prefix: | ifrs-full_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | ifrs-full_TypesOfRisksAxis=ifrs-full_CurrencyRiskMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | ifrs-full_TypesOfRisksAxis=ifrs-full_CommodityPriceRiskMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_CurrencyAxis=cstm_OtherCurrenciesMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |

X
- Details
Name: | srt_CurrencyAxis=currency_USD
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |