At March 31, 2023 3 420 -- 28 (8) 29 104 168 744 21 765 ================= ======= ======= === ===== =========== === === === ========= ======== ======== ==== ==== =========== === ===
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
Three months ended March 31,
----------------------------------
(in millions of Euros) 2024 2023
-----------
Net income 17 22
Adjustments
Depreciation and amortization 71 72
Pension and other post-employment
benefits service costs 6 6
Finance costs - net 33 35
Income tax expense 8 5
Unrealized losses on derivatives -
net and from remeasurement of
monetary assets and liabilities -
net 2 8
Losses on disposal 1 6
Other - net 6 3
Change in working capital
Inventories 17 78
Trade receivables (144) (217)
Trade payables 92 84
Other (9) (17)
Change in provisions (2) (1)
Pension and other post-employment
benefits paid (9) (10)
Interest paid (30) (34)
Income tax paid (5) (6)
-------------------------------------- ------------ -----------
Net cash flows from operating
activities 54 34
-------------------------------------- ------------ --- -----------
Purchases of property, plant and
equipment (68) (69)
Property, plant and equipment grants
received 6 1
Net cash flows used in investing
activities (62) (68)
-------------------------------------- ------------ -----------
Repurchase of ordinary shares (6) --
Repayments of long-term borrowings (2) (3)
Net change in revolving credit
facilities and short-term borrowings 1 73
Lease repayments (6) (7)
Transactions with non-controlling
interests (2) --
Other financing activities 1 (2)
-------------------------------------- ------------ --- -----------
Net cash flows (used in) / from
financing activities (14) 61
-------------------------------------- ------------ -----------
Net (decrease) / increase in cash and
cash equivalent (22) 27
Cash and cash equivalents - beginning
of period 202 166
Transfer of cash and cash equivalents
from assets classified as held for
sale -- 1
Effect of exchange rate changes on
cash and cash equivalents -- (1)
-------------------------------------- ------------ --- -----------
Cash and cash equivalents - end of
period 180 193
====================================== ============ === ===========
SEGMENT ADJUSTED EBITDA
Three months ended March 31,
----------------------------------
(in millions of Euros) 2024 2023
-----------
P&ARP 43 55
A&T 80 73
AS&I 33 43
Holdings and Corporate (6) (5)
SHIPMENTS AND REVENUE BY PRODUCT LINE
Three months ended March 31,
----------------------------------
(in k metric tons) 2024 2023
-----------
Packaging rolled products 187 183
Automotive rolled products 71 70
Specialty and other thin-rolled
products 6 6
Aerospace rolled products 27 25
Transportation, industry, defense and
other rolled products 30 33
Automotive extruded products 36 40
Other extruded products 23 32
Total shipments 380 389
====================================== ============ === ===========
(in millions of Euros)
------------------------------------- ----------------- ---------------
Packaging rolled products 618 685
Automotive rolled products 287 304
Specialty and other thin-rolled
products 33 41
Aerospace rolled products 263 253
Transportation, industry, defense and
other rolled products 178 199
Automotive extruded products 242 293
Other extruded products 123 190
Other and inter-segment eliminations (12) (9)
-------------------------------------- ------------ -----------
Total revenue 1,731 1,956
====================================== ============ === ===========
Amounts may not sum due to rounding.
Certain reclassifications have been made to prior year amounts to conform to the current year presentation.
NON-GAAP MEASURES
Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)
Three months ended March 31,
----------------------------------
(in millions of Euros) 2024 2023
-----------
Net income 17 22
Income tax expense 8 5
-------------------------------------- ------------ --- -----------
Income before tax 25 27
Finance costs - net 33 35
Income from operations 58 62
Depreciation and amortization 71 72
Unrealized losses on derivatives 3 8
Unrealized exchange gains from the
remeasurement of monetary assets and
liabilities -- net (2) (1)
Share based compensation costs 6 3
Losses on disposal 1 6
Adjusted EBITDA $(A)$ 137 150
====================================== ============ === ===========
of which Metal price lag $(B)$ (13) (16)
(A) Adjusted EBITDA includes the non-cash impact of
metal price lag as presented on the line below.
(B) 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.
Reconciliation of net cash flows from operating activities to Free Cash Flow (a non-GAAP measure)
Three months ended March 31,
----------------------------------
(in millions of Euros) 2024 2023
-----------
Net cash flows from operating
activities 54 34
Purchases of property, plant and
equipment, net of grants received (62) (68)
Free Cash Flow (8) (34)
====================================== ============ ===========
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