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)Notes202320222021
Derivatives that do not qualify for hedge accounting
Included in Other gains and losses - net
Realized gains on foreign currency derivatives - net916—1
Unrealized (losses) / gains on foreign currency derivatives - net (A)9(12)615
Derivatives that qualify for hedge accounting
Included in Other comprehensive income
Unrealized gains / (losses) on foreign currency derivatives - net1(16)(21)
Gains reclassified from cash flow hedge reserve to the Consolidated Income Statement684
Included in Revenue (B)
Realized losses on foreign currency derivatives - net
9(6)(8)(2)
Unrealized losses on foreign currency derivatives - net9——(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,
20232022
Number of financial counterparties (A)Exposure (in millions of Euros)Number of financial counterparties (A)Exposure (in millions of Euros)
Rated Aa or better254251
Rated A101596112
Rated Baa1—13
Total 132139166
(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,
20232022
(in millions of Euros)Less than 1 yearBetween 1- 5 yearsOver 5 yearsLess than 1 yearBetween 1 - 5 yearsOver 5 years
Financial assets
Net cash flows from derivative assets related to currencies and commodities282—319—
Trade receivables 386——465——
Total4142—4969—
At December 31,
20232022
(in millions of Euros)NotesLess than 1 yearBetween 1 - 5 yearsAfter 5 yearsLess than 1 yearBetween 1 - 5 YearsAfter 5 years
Financial liabilities
Borrowings893676156981,087
Leases309662359886
Interest (A)73209187826054
Net cash flows from derivative liabilities related to currencies and commodities34104219—
Trade payables and fixed asset payables19966——1,191——
Total1,1111,2518411,3511,0751,227
(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 currenciesMaturity YearLess than 1 yearOver 1 year
USD2024-2027432110
CHF2024-20266313
CZK20243—
Other currencies20248—
Purchased currenciesMaturity YearLess than 1 yearOver 1 year
USD2024-202612014
CHF2024-202611817
CZK2024-20258039
Other currencies20241—
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement
Year ended December 31,
(in millions of Euros)202320222021
Derivatives
Included in Finance costs - net
Realized gains / (losses) on foreign currency derivatives - net42(36)
Unrealized gains / (losses) on foreign currency derivatives - net2(1)46
Total6110
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)MaturityLess than 1 yearOver 1 year
Aluminium 2024-202733144
Premium 2024-2027196
Copper 202411—
Silver 202426—
Natural gas2024-20261711
Zinc20246—
Schedule of Effect of Foreign Currency Derivatives Impacts in Consolidated Income Statement
Year ended December 31,
(in millions of Euros)202320222021
Derivatives
Included in Other gains and losses - net
Realized (losses) / gains on commodity derivatives - net
(62)(6)112
Unrealized gains / (losses) on commodity derivatives - net9(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 taxEffect on pretax equity
Trade receivables1—
Trade payables(1)—
Derivatives on commercial transactions (A)(23)(20)
Net commercial transaction exposure(23)(20)
Cash in Bank and intercompany loans99—
Borrowings(108)—
Derivatives on financing transactions9—
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 incomeEffect on equity
10% strengthening U.S. Dollar/Euro284