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OPERATING SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Disclosure of operating segments [abstract] |
Schedule of Segment Revenue |
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2024 |  | 2023 |  | 2024 |  | 2023
(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 |  | 1,001 |  | (2) |  | 999 |  | 1,049 |  | (4) |  | 1,045 |  | 1,939 |  | (6) |  | 1,933 |  | 2,079 |  | (9) |  | 2,070
A&T |  | 452 |  | (13) |  | 439 |  | 464 |  | (2) |  | 462 |  | 893 |  | (23) |  | 870 |  | 916 |  | (7) |  | 909
AS&I |  | 357 |  | (1) |  | 356 |  | 443 |  | — |  | 443 |  | 721 |  | (1) |  | 720 |  | 926 |  | — |  | 926
H&C |  | 2 |  | — |  | 2 |  | — |  | — |  | — |  | 3 |  | — |  | 3 |  | 1 |  | — |  | 1
Segment revenue |  | 1,812 |  | (17) |  | 1,795 |  | 1,956 |  | (6) |  | 1,950 |  | 3,556 |  | (30) |  | 3,526 |  | 3,922 |  | (16) |  | 3,906
Schedule of Segment Adjusted EBITDA and reconciliation of Adjusted EBITDA to Net Income |
|  |  |  | Three months ended June 30, |  | Six months ended June 30,
(in millions of Euros) |  | Notes |  | 2024 |  | 2023 |  | 2024 |  | 2023
P&ARP |  |  |  | 64 |  | 79 |  | 107 |  | 134
A&T |  |  |  | 83 |  | 96 |  | 163 |  | 169
AS&I |  |  |  | 32 |  | 39 |  | 65 |  | 82
H&C |  |  |  | (7) |  | (5) |  | (13) |  | (11)
Segment Adjusted EBITDA |  |  |  | 172 |  | 209 |  | 322 |  | 374
Metal price lag (A) |  |  |  | 42 |  | (30) |  | 29 |  | (45)
Share based compensation costs |  | 22 |  | (6) |  | (7) |  | (12) |  | (10)
Depreciation and amortization |  | 12, 13 |  | (74) |  | (72) |  | (145) |  | (144)
Restructuring costs (B) |  | 5 |  | (3) |  | — |  | (3) |  | —
Unrealized gains / (losses) on derivatives |  |  |  | 3 |  | (20) |  | — |  | (28)
Unrealized exchange (losses) / gains from the remeasurement of monetary assets and liabilities – net |  | 5 |  | — |  | (1) |  | 2 |  | —
Losses on disposal (C) |  | 5 |  | — |  | — |  | (1) |  | (6)
Other (D) |  |  |  | (7) |  | — |  | (7) |  | —
Income from operations |  |  |  | 127 |  | 79 |  | 185 |  | 141
Finance costs - net |  | 7 |  | (32) |  | (35) |  | (65) |  | (70)
Income before tax |  |  |  | 95 |  | 44 |  | 120 |  | 71
Income tax expense |  | 8 |  | (24) |  | (12) |  | (32) |  | (17)
Net income |  |  |  | 71 |  | 32 |  | 88 |  | 54
(A)Metal price lag represents the financial impact of the timing difference between when aluminium prices included within Constellium's Revenue are established and when aluminium purchase prices included in Cost of sales are established. The metal price lag will generally increase our earnings in times of rising primary aluminium prices and decrease our earnings in times of declining primary aluminium prices. The calculation of metal price lag adjustment is based on a standardized methodology applied at each of Constellium’s manufacturing sites. Metal price lag is calculated as the average value of product purchased in the period, approximated at the market price, less the value of product in inventory at the weighted average of metal purchased over time, multiplied by the quantity sold in the period. (B)For the six months ended June 30, 2024, restructuring costs amounted to €3 million and were related to cost improvement programs in Europe and in the U.S. (C)For the six months ended June 30, 2023, gains and losses on disposal costs net of transaction costs included a €5 million loss related to the sale of Constellium Ussel S.A.S. completed on February 2, 2023. (D)For the six months ended June 30, 2024, other was related to €5 million of inventory impairment as a result of flooding in Sierre and Chippis facilities at the end of June 2024 (refer to NOTE 23 - SUBSEQUENT EVENTS) as well as €2 million of costs associated with non-recurring corporate transformation projects.
Schedule of Segment Capital Expenditures |
|  | Six months ended June 30,
(in millions of Euros) |  | 2024 |  | 2023
P&ARP |  | (74) |  | (71)
A&T |  | (38) |  | (37)
AS&I |  | (32) |  | (25)
H&C |  | (2) |  | (1)
Capital expenditures |  | (146) |  | (134)
Schedule of Segment Assets |
(in millions of Euros) |  | At June 30, 2024 |  | At December 31, 2023
P&ARP |  | 2,181 |  | 2,102
A&T |  | 1,220 |  | 1,087
AS&I |  | 690 |  | 673
H&C |  | 377 |  | 313
Segment assets |  | 4,468 |  | 4,175
Deferred income tax assets |  | 234 |  | 252
Cash and cash equivalents |  | 213 |  | 202
Other financial assets |  | 24 |  | 32
Total Assets |  | 4,939 |  | 4,661

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