Exhibit 99.1

 

Constellium Reports Fourth Quarter and Full Year 2023 Results; Announces $300 Million Share Repurchase Program

Paris, February 21, 2024 – Constellium SE (NYSE: CSTM) (“Constellium” or the “Company”) today reported results for the fourth quarter and full year ended December 31, 2023.

Fourth quarter 2023 highlights:

 

•

Shipments of 336 thousand metric tons, down 9% compared to Q4 2022

 

•

Revenue of €1.6 billion, down 13% compared to Q4 2022

 

•

Value-Added Revenue (VAR) of €681 million, down 2% compared to Q4 2022

 

•

Net income of €11 million compared to net income of €30 million in Q4 2022

 

•

Adjusted EBITDA of €171 million, up 15% compared to Q4 2022

 

•

Cash from Operations of €185 million and Free Cash Flow of €58 million

Full year 2023 highlights:

 

•

Shipments of 1.5 million metric tons, down 6% compared to 2022

 

•

Revenue of €7.2 billion, down 11% compared to 2022

 

•

VAR of €2.9 billion, up 7% compared to 2022

 

•

Net income of €129 million compared to net income of €308 million in 2022

 

•

Adjusted EBITDA of €713 million, up 6% compared to 2022

 

•

Cash from Operations of €506 million and Free Cash Flow of €170 million

 

•

Adjusted Return on Invested Capital (Adjusted ROIC) of 11.3%, up 30 bps compared to 2022

 

•

Net debt / LTM Adjusted EBITDA of 2.3x at December 31, 2023

Other highlights:

 

•

The Company today announces a three-year share repurchase program of up to $300 million expiring in December 2026

 

Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered strong results in 2023, and I want to thank each of our 12,000 employees for their commitment and relentless focus on safety and serving our customers. 2023 was another year full of challenges including significant inflationary pressures and demand headwinds in several end markets. Despite these challenges, we achieved record Adjusted EBITDA of €713 million, including record results in our A&T segment. We also generated strong Free Cash Flow of €170 million and reduced our leverage to 2.3x.”

Mr. Germain continued, “Looking ahead to 2024, we expect aerospace demand to remain strong as the post-pandemic recovery continues. In packaging, canstock demand has stabilized in recent quarters and we are expecting modest growth versus last year. In automotive, despite some demand deceleration in the second half of 2023, we expect demand to remain healthy this year. We continue to experience weakness in most industrial markets to start the year. We are expecting inflationary pressures to continue in 2024, though at a lower rate than the last two years. We are confident in our ability to continue to offset a substantial portion of the impact with an improved top line and our relentless focus on cost control.”

Mr. Germain concluded, “While uncertainties persist on the macroeconomic and geopolitical fronts, we like our end market positioning and we are optimistic about our prospects for this year and beyond. Some of our end markets have continued to experience softness to start the year and the extreme cold weather and snow in January also impacted operations at Muscle Shoals, which we expect will lead to a weaker first quarter in 2024. Despite these challenges, based on our current outlook, we expect to achieve Adjusted EBITDA, which excludes the non-cash impact of metal price lag, of €740 million to €770 million and Free Cash Flow in excess of €130 million in 2024. We remain confident in our ability to deliver on our long-term target of Adjusted EBITDA, which excludes the non-cash impact of metal price lag, of over €800 million in 2025. As we are now within our target leverage range, I am also pleased to announce that our Board has authorized a three-year share repurchase program of up to $300 million expiring in December 2026. Our focus remains on executing our strategy and increasing shareholder value.”

 

 

2

 

Group Summary

 

		Q4 2023				Q4 2022				Var.				FY 2023				FY 2022				Var.
Shipments (k metric tons)			336				368				(9	)%			1,492				1,580				(6	)%
Revenue (€ millions)			1,613				1,844				(13	)%			7,239				8,120				(11	)%
VAR (€ millions)			681				696				(2	)%			2,924				2,725				7	%
Net income (€ millions)			11				30				n.m.				129				308				n.m.
Adjusted EBITDA (€ millions)			171				148				15	%			713				673				6	%
Adjusted EBITDA per metric ton (€)			509				403				26	%			478				426				12	%

The difference between the sum of reported segment revenue and total group revenue includes revenue from certain non-core activities and inter-segment eliminations. The difference between the sum of reported segment Adjusted EBITDA and the Group Adjusted EBITDA is related to Holdings and Corporate.

For the fourth quarter of 2023, shipments of 336 thousand metric tons decreased 9% compared to the fourth quarter of 2022 due to lower shipments in each of our segments. Revenue of €1.6 billion decreased 13% compared to the fourth quarter of the prior year primarily due to lower shipments and lower metal prices, partially offset by improved price and mix. VAR of €681 million decreased 2% compared to the fourth quarter of the prior year primarily due to lower shipments, unfavorable metal impacts, the sale of Constellium Extrusions Deutschland GmbH (“CED”) in September 2023 and unfavorable foreign exchange translation, partially offset by improved price and mix. Net income of €11 million decreased by €19 million compared to net income of €30 million in the fourth quarter of 2022. Adjusted EBITDA of €171 million increased 15% compared to the fourth quarter of last year due to stronger results in our A&T and P&ARP segments, partially offset by weaker results in our AS&I segment.

For the full year of 2023, shipments of 1.5 million metric tons decreased 6% compared to the full year of 2022 primarily due to lower shipments in the P&ARP and AS&I segments. Revenue of €7.2 billion decreased 11% compared to the full year of 2022 primarily due to lower shipments and lower metal prices, partially offset by improved price and mix. VAR of €2.9 billion increased 7% compared to the full year of 2022 primarily due to improved price and mix, partially offset by lower shipments, unfavorable metal impacts and unfavorable foreign exchange translation. Net income of €129 million decreased €179 million compared to net income of €308 million in the full year of 2022. Adjusted EBITDA of €713 million increased 6% compared to the full year of 2022 due to stronger results in our A&T segment, partially offset by weaker results in our P&ARP and AS&I segments.

 

3

 

Results by Segment

Packaging & Automotive Rolled Products (P&ARP)

 

		Q4 2023				Q4 2022				Var.				FY 2023				FY 2022				Var.
Shipments (k metric tons)			238				254				(6	)%			1,030				1,089				(5	)%
Revenue (€ millions)			865				1,008				(14	)%			3,898				4,664				(16	)%
Adjusted EBITDA (€ millions)			82				71				16	%			283				326				(13	)%
Adjusted EBITDA per metric ton (€)			345				278				24	%			274				299				(8	)%

For the fourth quarter of 2023, Adjusted EBITDA of €82 million increased 16% compared to the fourth quarter of 2022 primarily due to improved price and mix and improved overall costs, partially offset by lower shipments. Higher operating costs were more than offset by favorable metal costs, favorable inflation and energy-related government grants. Shipments of 238 thousand metric tons decreased 6% compared to the fourth quarter of the prior year due to lower shipments of packaging and specialty rolled products, partially offset by higher shipments of automotive rolled products. Revenue of €865 million decreased 14% compared to the fourth quarter of 2022 primarily due to lower shipments and lower metal prices.

For the full year of 2023, Adjusted EBITDA of €283 million decreased 13% compared to the full year of 2022 as a result of lower shipments and higher operating costs mainly due to inflation, operating challenges at our Muscle Shoals facility and unfavorable metal costs, partially offset by improved price and mix. Shipments of 1.0 million metric tons decreased 5% compared to the full year of 2022 due to lower shipments of packaging and specialty rolled products, partially offset by higher shipments of automotive rolled products. Revenue of €3.9 billion decreased 16% compared to the full year of 2022 primarily due to lower shipments and lower metal prices, partially offset by improved price and mix.

Aerospace & Transportation (A&T)

 

		Q4 2023				Q4 2022				Var.				FY 2023				FY 2022				Var.
Shipments (k metric tons)			48				53				(9	)%			219				223				(2	)%
Revenue (€ millions)			408				422				(3	)%			1,728				1,700				2	%
Adjusted EBITDA (€ millions)			76				56				36	%			324				217				50	%
Adjusted EBITDA per metric ton (€)			1,583				1,079				47	%			1,475				976				51	%

 

4

 

For the fourth quarter of 2023, Adjusted EBITDA of €76 million increased 36% compared to the fourth quarter of 2022 primarily due to improved price and mix, partially offset by lower shipments and higher operating costs. Shipments of 48 thousand metric tons decreased 9% compared to the fourth quarter of 2022 on higher shipments of aerospace rolled products, more than offset by lower shipments of transportation, industry and defense (TID) rolled products. Revenue of €408 million decreased 3% compared to the fourth quarter of 2022 primarily due to lower shipments and lower metal prices, partially offset by improved price and mix.

For the full year of 2023, Adjusted EBITDA of €324 million increased 50% compared to the full year of 2022 primarily due to improved price and mix, partially offset by higher operating costs mainly due to inflation and increased activity levels. Shipments of 219 thousand metric tons decreased 2% compared to the full year of 2022 on higher shipments of aerospace rolled products, more than offset by lower shipments of TID rolled products. Revenue of €1.7 billion increased 2% compared to the full year of 2022 primarily due to improved price and mix, partially offset by lower metal prices.

Automotive Structures & Industry (AS&I)

 

		Q4 2023				Q4 2022				Var.				FY 2023				FY 2022				Var.
Shipments (k metric tons)			50				61				(17	)%			243				268				(9	)%
Revenue (€ millions)			334				428				(22	)%			1,630				1,861				(12	)%
Adjusted EBITDA (€ millions)			25				31				(22	)%			133				149				(11	)%
Adjusted EBITDA per metric ton (€)			500				514				(3	)%			545				557				(2	)%

For the fourth quarter of 2023, Adjusted EBITDA of €25 million decreased 22% compared to the fourth quarter of 2022 primarily due to lower shipments and higher costs, partially offset by improved price and mix. Shipments of 50 thousand metric tons decreased 17% compared to the fourth quarter of 2022 on stable shipments of automotive extruded products and lower shipments of other extruded products including the impact from the sale of CED in September 2023. Revenue of €334 million decreased 22% compared to the fourth quarter of 2022 primarily due to lower shipments and lower metal prices, partially offset by improved price and mix.

For the full year of 2023, Adjusted EBITDA of €133 million decreased 11% compared to the full year of 2022 primarily due to lower shipments and higher operating costs mainly due to inflation, partially offset by improved price and mix. Shipments of 243 thousand metric tons decreased 9% compared to the full year of 2022 due to lower shipments of other extruded products including the impact from the sale of CED in September 2023, partially offset by higher shipments of automotive extruded products. Revenue of €1.6 billion decreased 12% compared to the full year of 2022 primarily due to lower shipments and lower metal prices, partially offset by improved price and mix.

 

5

 

Net Income

For the fourth quarter of 2023, net income of €11 million compares to net income of €30 million in the fourth quarter of the prior year. The decrease in net income is primarily related to gains on OPEB and pension plan amendments recorded in 2022 and higher tax expense, partially offset by higher gross profit.

For the full year of 2023, net income of €129 million compares to net income of €308 million in the prior year. The decrease in net income is primarily related to the recognition in the prior year of previously unrecognized deferred tax assets of €154 million, gains on OPEB and pension plan amendments recorded in 2022, higher selling and administrative expenses and higher tax expense, partially offset by higher gross profit and a gain related to the sale of CED in September 2023.

Cash Flow

Free Cash Flow was €170 million in the full year of 2023 compared to €182 million in the prior year, reflecting a €55 million increase in cash flows from operating activities which was more than offset by increased capital expenditures as we continue to invest in maintaining and growing our manufacturing asset base including our recycling and casting investment in Neuf Brisach, France.

Cash flows from operating activities were €506 million for the full year of 2023 compared to cash flows from operating activities of €451 million in the prior year.

Cash flows used in investing activities were €288 million for the full year of 2023 compared to cash flows used in investing activities of €270 million in the prior year. In 2023, cash flows used in investing activities included €47 million of net proceeds from the sale of CED in September 2023.

Cash flows used in financing activities were €182 million for the full year of 2023 compared to cash flows used in financing activities of €163 million in the prior year. In 2023, Constellium used cash on the balance sheet to reduce short-term borrowings and to redeem $50 million of the $300 million outstanding aggregate principal amount of its 5.875% Senior Notes due 2026. In 2022, Constellium drew on the Pan-U.S. ABL due 2026 and used the proceeds and cash on the balance sheet to repay the €180 million PGE French Facility due 2022 and the CHF 15 million Swiss Facility due 2025.

 

6

 

Liquidity and Net Debt

Liquidity at December 31, 2023 was €737 million, comprised of €202 million of cash and cash equivalents and €535 million available under our committed lending facilities and factoring arrangements.

Net debt was €1,664 million at December 31, 2023 compared to €1,891 million at December 31, 2022.

Outlook

Based on our current outlook, we expect Adjusted EBITDA, which excludes the non-cash impact of metal price lag, to be in the range of €740 million to €770 million and Free Cash Flow in excess of €130 million in 2024.

We are not able to provide a reconciliation of this Adjusted EBITDA guidance to net income, the comparable GAAP measure, because certain items that are excluded from Adjusted EBITDA cannot be reasonably predicted or are not in our control. In particular, we are unable to forecast the timing or magnitude of realized and unrealized gains and losses on derivative instruments, metal price lag, impairment or restructuring charges, or taxes, without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, future net income.

Recent Developments

Share Repurchase Program

Constellium today announces that the Board of Directors has authorized a three-year share repurchase program of up to $300 million of the Company’s outstanding shares of common stock, expiring on December 31, 2026.

Under this program, the Company may purchase shares from time to time for cash in open market transactions or in privately-negotiated transactions, in accordance with applicable state and federal securities laws and in compliance with applicable provisions of French corporate law, and it may make all or part of the purchases pursuant to Rule 10b5-1 plans. The timing and the amount of repurchases, if any, will be determined based on the Company’s evaluation of market conditions, capital allocation alternatives and other factors. The share repurchase program does not require the Company to acquire any dollar amount or number of shares of CSTM common stock and may be modified, suspended, extended or terminated by the Company’s Board of Directors at any time without prior notice.

The Company intends to use a portion of the repurchased shares under this new program to satisfy employee equity obligations in lieu of issuing new shares, which would limit future dilution for its shareholders.

 

7

 

Changes to the Presentation of Certain Non-GAAP Financial Measures

Constellium today announces future changes to the presentation of certain Non-GAAP financial measures. Such announcement is being made to provide investors and other stakeholders with an opportunity to become familiar with the expected impact of these changes to the Company’s presentation of financial results in advance of the Company’s earnings release for the first quarter 2024, where the changes will be implemented. These changes are based on discussions with the staff of the Securities and Exchange Commission (SEC) during a comment letter review process which began in late 2023.

Following the SEC review process, the Company has determined that it will no longer report VAR, a Non-GAAP financial measure.

Based on discussions with the SEC, the Company has also decided to revise its definition of Adjusted EBITDA, a Non-GAAP financial measure, to no longer exclude the non-cash impact of metal price lag from its Adjusted EBITDA. Constellium will continue to exclude the non-cash impact of metal price lag from its Segment Adjusted EBITDA, which it uses for evaluating the performance of its operating segments. As a reminder, consolidated Adjusted EBITDA following the revision of its definition, less the non-cash impact of metal price lag, is equal to consolidated Adjusted EBITDA prior to the revision of its definition. Constellium will continue to provide its investors and other stakeholders with the necessary information to explain the non-cash impact of metal price lag on its reported results. The Company will continue to provide Adjusted EBITDA guidance excluding the non-cash impact of metal price lag, and leverage will continue to be calculated as Net debt divided by Adjusted EBITDA, excluding metal price lag. For comparability, please refer to the table below to see a reconciliation of prior periods’ Adjusted EBITDA under the old definition to the new definition, including the metal price lag adjustment in each period.

 

8

 

		For the years ended December 31,
(in millions of Euros)		2023				2022				2021				2020				2019
Net income			129				308				262				(17	)			64
Income tax expense / (benefit)			67				(105	)			55				(17	)			18
Income before tax			196				203				317				(34	)			82
Finance costs - net			141				131				167				159				175
Share of income of joint-ventures			—				—				—				—				(2	)
Income from operations			337				334				484				125				255
Depreciation and amortization			294				287				267				259				256
Impairment of assets			—				—				—				43				—
Restructuring costs			—				1				3				13				4
Unrealized (gains) / losses on derivatives			3				46				(35	)			(16	)			(33	)
Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities – net			2				1				(1	)			(1	)			—
Losses / (gains) on pension plan amendments			—				(47	)			32				2				(1	)
Share based compensation costs			20				18				15				15				16
Start-up and development costs			—				—				—				5				11
(Gains) / losses on disposal			(29	)			4				3				4				3
Bowling Green one-time cost related to the acquisition			—				—				—				—				5
Other			—				—				—				8				—
Metal price lag			86				29				(187	)			8				46
Adjusted EBITDA (current)			713				673				581				465				562
less: Metal price lag			(86	)			(29	)			187				(8	)			(46	)
Adjusted EBITDA (future)			627				644				768				457				516

 

9

 

		For the three months ended
(in millions of Euros)		December 31, 2023				September 30, 2023				June 30, 2023				March 31, 2023
Net income			11				64				32				22
Income tax expense / (benefit)			32				18				12				5
Income before tax			43				82				44				27
Finance costs - net			35				36				35				35
Income from operations			78				118				79				62
Depreciation and amortization			73				77				72				72
Unrealized (gains) / losses on derivatives			(2	)			(23	)			20				8
Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities – net			2				—				1				(1	)
Share based compensation costs			5				5				7				3
Losses / (gains) on disposal			1				(36	)			—				6
Metal price lag			14				27				30				16
Adjusted EBITDA (current)			171				168				209				166
less: Metal price lag			(14	)			(27	)			(30	)			(16	)
Adjusted EBITDA (future)			157				141				179				150

Forward-looking statements

Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. This press release may contain “forward-looking statements” with respect to our business, results of operations and financial condition, and our expectations or beliefs concerning future events and conditions. You can identify forward-looking statements because they contain words such as, but not limited to, “believes,” “expects,” “may,” “should,” “approximately,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” likely,” “will,” “would,” “could” and similar expressions (or the negative of these terminologies or expressions). All forward-looking statements involve risks and uncertainties. Many risks and uncertainties are inherent in our industry and markets, while others are more specific to our business and operations. These risks and uncertainties include, but are not limited to: market competition; economic downturn; disruption to business operations; the Russian war on Ukraine and other geopolitical tensions; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; supply disruptions; excessive inflation; the capacity and effectiveness of our hedging policy activities; the loss of key employees; levels of indebtedness which could limit our operating flexibility and opportunities; and other risk factors set forth under the heading “Risk Factors” in our Annual Report on Form 20-F, and as described from time to time in subsequent reports filed with the U.S. Securities and Exchange Commission. The occurrence of the events described and the achievement of the expected results depend on many events, some or all of which are not predictable or within our control. Consequently, actual results may differ materially from the forward-looking statements contained in this press release. We undertake no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

 

10

 

About Constellium

Constellium (NYSE: CSTM) is a global sector leader that develops innovative, value-added aluminium products for a broad scope of markets and applications, including packaging, automotive and aerospace. Constellium generated €7.2 billion of revenue in 2023.

Constellium’s earnings materials for the fourth quarter and full year ended December 31, 2023 are also available on the company’s website (www.constellium.com).

 

11

 

CONSOLIDATED INCOME STATEMENT (UNAUDITED)

 

		Three months ended December 31,								Year ended December 31,
(in millions of Euros)		2023				2022				2023				2022
Revenue			1,613				1,844				7,239				8,120
Cost of sales			(1,435	)			(1,737	)			(6,529	)			(7,448	)
Gross profit			178				107				710				672
Selling and administrative expenses			(81	)			(76	)			(302	)			(282	)
Research and development expenses			(15	)			(16	)			(52	)			(48	)
Other gains and losses - net			(4	)			45				(19	)			(8	)
Income from operations			78				60				337				334
Finance costs - net			(35	)			(33	)			(141	)			(131	)
Income before tax			43				27				196				203
Income tax (expense) / benefit			(32	)			3				(67	)			105
Net income			11				30				129				308
Net income attributable to:
Equity holders of Constellium			10				28				125				301
Non-controlling interests			1				2				4				7
Net income			11				30				129				308
Earnings per share attributable to the equity holders of Constellium, (in Euros)
Basic			0.07				0.20				0.85				2.10
Diluted			0.07				0.20				0.84				2.06
Weighted average number of shares, (in thousands)
Basic			146,820				144,302				146,130				143,626
Diluted			149,236				146,606				149,236				146,606

 

12

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED)

 

		Three months ended December 31,								Year ended December 31,
(in millions of Euros)		2023				2022				2023				2022
Net income			11				30				129				308
Other comprehensive (loss) / income
Items that will not be reclassified subsequently to the consolidated income statement
Remeasurement on post-employment benefit obligations			(46	)			(24	)			(16	)			157
Income tax on remeasurement on post-employment benefit obligations			10				4				2				(35	)
Items that may be reclassified subsequently to the consolidated income statement
Cash flow hedges			9				19				7				(8	)
Income tax on cash flow hedges			(2	)			(5	)			(1	)			2
Currency translation differences			(33	)			(68	)			(26	)			21
Other comprehensive (loss) / income			(62	)			(74	)			(34	)			137
Total comprehensive (loss) / income			(51	)			(44	)			95				445
Attributable to:
Equity holders of Constellium			(51	)			(44	)			92				439
Non-controlling interests			—				—				3				6
Total comprehensive (loss) / income			(51	)			(44	)			95				445

 

13

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

 

(in millions of Euros)		At December 31, 2023				At December 31, 2022
Assets
Current assets
Cash and cash equivalents			202				166
Trade receivables and other			490				539
Inventories			1,098				1,320
Other financial assets			30				31
			1,820				2,056
Non-current assets
Property, plant and equipment			2,047				2,017
Goodwill			462				478
Intangible assets			47				54
Deferred tax assets			252				271
Trade receivables and other			31				43
Other financial assets			2				8
			2,841				2,871
Assets of disposal group classified as held for sale			—				14
Total Assets			4,661				4,941
Liabilities
Current liabilities
Trade payables and other			1,263				1,467
Borrowings			54				148
Other financial liabilities			34				41
Income tax payable			19				16
Provisions			18				21
			1,388				1,693
Non-current liabilities
Trade payables and other			59				43
Borrowings			1,814				1,908
Other financial liabilities			8				14
Pension and other post-employment benefit obligations			411				403
Provisions			89				90
Deferred tax liabilities			28				28
			2,409				2,486
Liabilities of disposal group classified as held for sale			—				10
Total Liabilities			3,797				4,189
Equity
Share capital			3				3
Share premium			420				420
Retained earnings and other reserves			420				308
Equity attributable to equity holders of Constellium			843				731
Non-controlling interests			21				21
Total Equity			864				752
Total Equity and Liabilities			4,661				4,941

 

14

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

 

(in millions of Euros)		Share capital				Share premium				Re- measurement				Cash flow hedges				Foreign currency translation reserve				Other reserves				Retained earnings				Total				Non- controlling interests				Total equity
At January 1, 2023			3				420				28				(10	)			41				101				148				731				21				752
Net income			—				—				—				—				—				—				125				125				4				129
Other comprehensive (loss) / income			—				—				(14	)			6				(25	)			—				—				(33	)			(1	)			(34	)
Total comprehensive (loss) / income			—				—				(14	)			6				(25	)			—				125				92				3				95
Share-based compensation			—				—				—				—				—				20				—				20				—				20
Other			—				—				(1	)			—				—				—				1				—				—				—
Transactions with non-controlling interests			—				—				—				—				—				—				—				—				(3	)			(3	)
At December 31, 2023			3				420				13				(4	)			16				121				274				843				21				864
(in millions of Euros)		Share capital				Share premium				Re- measurement				Cash flow hedges				Foreign currency translation reserve				Other reserves				Retained (deficit) / earnings				Total				Non- controlling interests				Total equity
At January 1, 2022			3				420				(94	)			(4	)			19				83				(153	)			274				17				291
Net income			—				—				—				—				—				—				301				301				7				308
Other comprehensive income / (loss)			—				—				122				(6	)			22				—				—				138				(1	)			137
Total comprehensive income / (loss)			—				—				122				(6	)			22				—				301				439				6				445
Share-based compensation			—				—				—				—				—				18				—				18				—				18
Transactions with non-controlling interests			—				—				—				—				—				—				—				—				(2	)			(2	)
At December 31, 2022			3				420				28				(10	)			41				101				148				731				21				752

 

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CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

 

		Three months ended December 31,								Year ended December 31,
(in millions of Euros)		2023				2022				2023				2022
Net income			11				30				129				308
Adjustments
Depreciation and amortization			73				78				294				287
Pension and other post-employment benefits service costs			7				(40	)			23				(22	)
Finance costs - net			35				33				141				131
Income tax expense / (benefit)			32				(3	)			67				(105	)
Unrealized losses / (gains) on derivatives - net and from remeasurement of monetary assets and liabilities - net			—				(20	)			5				47
Losses / (gains) on disposal			1				2				(29	)			4
Other - net			5				5				20				17
Change in working capital
Inventories			19				(3	)			194				(241	)
Trade receivables			146				247				55				155
Trade payables			(67	)			(165	)			(190	)			41
Other			(25	)			10				(5	)			13
Change in provisions			(2	)			(3	)			(5	)			(10	)
Pension and other post-employment benefits paid			(9	)			(11	)			(39	)			(44	)
Interest paid			(27	)			(28	)			(123	)			(113	)
Income tax paid			(14	)			(4	)			(31	)			(17	)
Net cash flows from operating activities			185				128				506				451
Purchases of property, plant and equipment			(127	)			(109	)			(337	)			(273	)
Property, plant and equipment grants received			—				3				1				4
Proceeds from disposals, net of cash			—				—				48				—
Other investing activities			—				(1	)			—				(1	)
Net cash flows used in investing activities			(127	)			(107	)			(288	)			(270	)
Repayments of long-term borrowings			(2	)			(4	)			(53	)			(192	)
Net change in revolving credit facilities and short-term borrowings			—				5				(83	)			72
Lease repayments			(8	)			(10	)			(37	)			(37	)
Payment of financing costs and redemption fees			—				—				—				(1	)
Transactions with non-controlling interests			—				—				(3	)			(2	)
Other financing activities			(5	)			(13	)			(6	)			(3	)
Net cash flows used in financing activities			(15	)			(22	)			(182	)			(163	)
Net increase / (decrease) in cash and cash equivalent			43				(1	)			36				18
Cash and cash equivalents - beginning of period			159				171				166				147
Transfer of cash and cash equivalents from / (to) assets classified as held for sale			—				(1	)			1				(1	)
Effect of exchange rate changes on cash and cash equivalents			—				(3	)			(1	)			2
Cash and cash equivalents - end of year			202				166				202				166

 

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SEGMENT ADJUSTED EBITDA

 

		Three months ended December 31,								Year ended December 31,
(in millions of Euros)		2023				2022				2023				2022
P&ARP			82				71				283				326
A&T			76				56				324				217
AS&I			25				31				133				149
Holdings and Corporate			(12	)			(10	)			(27	)			(19	)
Total			171				148				713				673

SHIPMENTS AND REVENUE BY PRODUCT LINE

 

		Three months ended December 31,								Year ended December 31,
(in k metric tons)		2023				2022				2023				2022
Packaging rolled products			172				186				736				809
Automotive rolled products			62				61				271				245
Specialty and other thin-rolled products			4				7				23				35
Aerospace rolled products			22				21				96				76
Transportation, industry, defense and other rolled products			26				32				123				147
Automotive extruded products			28				28				121				117
Other extruded products			22				33				122				151
Total shipments			336				368				1,492				1,580
(in millions of Euros)
Packaging rolled products			582				697				2,596				3,326
Automotive rolled products			254				275				1,156				1,154
Specialty and other thin-rolled products			29				35				146				183
Aerospace rolled products			264				218				1,022				728
Transportation, industry, defense and other rolled products			144				204				706				972
Automotive extruded products			211				228				934				949
Other extruded products			123				200				696				912
Other and inter-segment eliminations			6				(13	)			(17	)			(104	)
Total revenue			1,613				1,844				7,239				8,120

 

17