Exhibit 99.1

 

Constellium Reports Second Quarter 2021 Results

Paris, July 28, 2021 – Constellium SE (NYSE: CSTM) today reported results for the second quarter ended June 30, 2021.

Second quarter 2021 highlights:

 

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Shipments of 406 thousand metric tons, up 31% compared to Q2 2020

 

•

Revenue of €1.5 billion, up 47% compared to Q2 2020

 

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Net income of €108 million compared to a net loss of €32 million in Q2 2020

 

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Adjusted EBITDA of €170 million, up 110% compared to Q2 2020

 

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Cash from Operations of €73 million and Free Cash Flow of €35 million

First half 2021 highlights:

 

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Shipments of 791 thousand metric tons, up 12% compared to H1 2020

 

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Revenue of €2.9 billion, up 16% compared to H1 2020

 

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Net income of €156 million compared to a net loss of €63 million in H1 2020

 

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Adjusted EBITDA of €291 million, up 27% compared to H1 2020

 

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Cash from Operations of €148 million and Free Cash Flow of €81 million

 

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Net debt / LTM Adjusted EBITDA of 3.7x at June 30, 2021

Jean-Marc Germain, Constellium’s Chief Executive Officer said, “Constellium delivered record

Adjusted EBITDA and solid Free Cash Flow generation in the second quarter. Each of our segments contributed to this success with record Adjusted EBITDA in P&ARP and AS&I. P&ARP delivered strong all-around performance amid very strong can sheet demand. A&T benefited from a robust TID market and maintained its focus on cost control. In AS&I, strong industry demand and solid cost control more than offset the impact from the semiconductor shortage on automotive demand. I am exceptionally proud of our second quarter performance, with Adjusted EBITDA exceeding 2019 levels and leverage falling nearly a full turn from the recent peak to 3.7x.”

 

 

Mr. Germain concluded, “I look to the second half of the year with confidence. Demand from our major end markets, with the exception of aerospace, is at or above pre-pandemic levels. We expect these favorable conditions to continue at least through the remainder of 2021. Based on our current outlook, we are raising our guidance and now expect Adjusted EBITDA of €545 million to €560 million and Free Cash Flow in excess of €125 million in 2021.”

 

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Group Summary

 

		Q2 2021				Q2 2020				Var.				YTD 2021				YTD 2020				Var.
Shipments (k metric tons)			406				310				31	%			791				703				12	%
Revenue (€ millions)			1,518				1,031				47	%			2,859				2,468				16	%
Net income / (loss) (€ millions)			108				(32	)			n.m.				156				(63	)			n.m.
Adjusted EBITDA (€ millions)			170				81				110	%			291				228				27	%
Adjusted EBITDA per metric ton (€)			418				261				60	%			368				325				13	%

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 second quarter of 2021, shipments of 406 thousand metric tons increased 31% compared to the second quarter of last year due to higher shipments in each of our segments. Revenue of €1.5 billion increased 47% compared to the second quarter of the prior year primarily due to higher shipments and higher metal prices. Net income of €108 million increased compared to a net loss of €32 million in the second quarter of 2020. Adjusted EBITDA of €170 million increased 110% compared to the second quarter of last year due to stronger results in each of our segments.

For the first half of 2021, shipments of 791 thousand metric tons increased 12% compared to the first half of 2020 on higher shipments in our Packaging & Automotive Rolled Products and Automotive Structures & Industry segments. Revenue of €2.9 billion increased 16% compared to the first half of 2020 primarily due to higher metal prices and higher shipments, partially offset by weaker price and mix. Net income of €156 million in 2021 compares to a net loss of €63 million in the first half of 2020. Adjusted EBITDA of €291 million increased 27% compared to the first half of 2020 on stronger results in our Packaging & Automotive Rolled Products and Automotive Structures & Industry segments, partially offset by weaker results in our Aerospace & Transportation segment.

 

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Results by Segment

 

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Packaging & Automotive Rolled Products (P&ARP)

 

		Q2 2021				Q2 2020				Var.				YTD 2021				YTD 2020				Var.
Shipments (k metric tons)			284				221				29	%			551				490				12	%
Revenue (€ millions)			907				565				61	%			1,673				1,317				27	%
Adjusted EBITDA (€ millions)			94				58				63	%			162				124				31	%
Adjusted EBITDA per metric ton (€)			332				262				27	%			294				252				17	%

For the second quarter of 2021, Adjusted EBITDA increased 63% compared to the second quarter of 2020 primarily due to higher shipments, improved price and mix, and favorable metal costs, partially offset by higher costs and unfavorable foreign exchange translation. Shipments of 284 thousand metric tons increased 29% compared to the second quarter of last year on higher shipments of packaging, automotive, and specialty rolled products. Revenue of €907 million increased 61% compared to the second quarter of 2020 primarily due to higher metal prices and higher shipments.

For the first half of 2021, Adjusted EBITDA of €162 million increased 31% compared to the first half of 2020 primarily due to higher shipments, improved price and mix, and strong cost control, partially offset by unfavorable foreign exchange translation. Shipments of 551 thousand metric tons increased 12% compared to the first half of 2020 on higher shipments of packaging, automotive, and specialty rolled products. Revenue of €1.7 billion increased 27% compared to the first half of 2020 primarily due to higher metal prices and higher shipments.

 

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Aerospace & Transportation (A&T)

 

		Q2 2021				Q2 2020				Var.				YTD 2021				YTD 2020				Var.
Shipments (k metric tons)			53				45				16	%			101				104				(3	)%
Revenue (€ millions)			287				250				15	%			532				609				(13	)%
Adjusted EBITDA (€ millions)			42				31				34	%			61				83				(26	)%
Adjusted EBITDA per metric ton (€)			794				691				15	%			610				802				(24	)%

 

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For the second quarter of 2021, Adjusted EBITDA increased 34% compared to the second quarter of 2020 primarily due to higher shipments on strong TID demand and strong cost control, partially offset by weaker price and mix from lower aerospace shipments. Shipments of 53 thousand metric tons increased 16% compared to the second quarter of 2020 as higher transportation, industry and defense rolled product shipments were partially offset by lower aerospace rolled product shipments. Revenue of €287 million increased 15% compared to the second quarter of 2020 on higher metal prices and higher shipments, partially offset by weaker price and mix.

For the first half of 2021, Adjusted EBITDA of €61 million decreased 26% compared to the first half of 2020 primarily due to lower shipments and weaker price and mix from lower aerospace shipments, partially offset by strong cost control. Shipments of 101 thousand metric tons decreased 3% compared to the first half of 2020 due to lower shipments of aerospace rolled products, partially offset by higher shipments of transportation, industry, and defense rolled products. Revenue of €532 million decreased 13% compared to the first half of 2020 primarily due to weaker price and mix, partially offset by higher metal prices.

 

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Automotive Structures & Industry (AS&I)

 

		Q2 2021				Q2 2020				Var.				YTD 2021				YTD 2020				Var.
Shipments (k metric tons)			69				44				56	%			139				109				27	%
Revenue (€ millions)			345				222				55	%			695				564				23	%
Adjusted EBITDA (€ millions)			41				(1	)			n.m.				79				33				138	%
Adjusted EBITDA per metric ton (€)			587				(31	)			n.m.				563				301				87	%

For the second quarter of 2021, Adjusted EBITDA increased by €42 million compared to the second quarter of 2020 primarily due to higher shipments, improved price and mix, and solid cost control. Shipments of 69 thousand metric tons increased 56% compared to the second quarter of 2020 on higher shipments of automotive and other extruded products driven by strong market demand. Revenue of €345 million increased 55% compared to the second quarter of 2020 primarily due to higher shipments and higher metal prices.

For the first half of 2021, Adjusted EBITDA of €79 million increased 138% compared to the first half of 2020 primarily due to higher shipments, improved price and mix, and solid cost control. Shipments of 139 thousand metric tons increased 27% compared to the first half of 2020 on higher shipments of automotive and other extruded products driven by strong market demand. Revenue of €695 million increased 23% compared to the first half of 2020 primarily due to higher shipments and higher metal prices, partially offset by weaker price and mix.

 

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Net Income

For the second quarter of 2021, net income of €108 million compares to a net loss of €32 million in the second quarter of the prior year. The change in net income is primarily related to higher gross profit and a favorable change in gains and losses on derivatives related to our commodity hedging positions, partially offset by a change in income tax expense.

For the first half of 2021, net income of €156 million compares to a net loss of €63 million in the first half of the prior year. The change in net income is primarily related to higher gross profit and a favorable change in gains and losses on derivatives related to our commodity hedging positions, partially offset by a change in income tax expense.

 

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Cash Flow

Free Cash Flow was €81 million for the first half of 2021 compared to €54 million in the first half of the prior year. The change was primarily due to stronger Adjusted EBITDA and lower capital expenditures, partially offset by an unfavorable change in working capital.

Cash flows from operating activities were €148 million for the first half of 2021 compared to cash flows from operating activities of €152 million in the first half of the prior year. Constellium decreased derecognized factored receivables by €14 million for the first half of 2021 compared to a decrease of €73 million in the first half of the prior year.

Cash flows used in investing activities were €67 million for the first half of 2021 compared to cash flows used in investing activities of €97 million in the first half of the prior year.

Cash flows used in financing activities were €232 million for the first half of 2021 compared to cash flows from financing activities of €140 million in the first half of the prior year. In the first half of 2021, Constellium issued $500 million of 3.75% Sustainability-Linked Senior Notes due 2029 and €300 million of 3.125% Sustainability-Linked Senior Notes due 2029 and used the proceeds and cash on the balance sheet to redeem the $650 million of 6.625% Senior Notes due 2025 and the $400 million of 5.75% Senior Notes due 2024. In the first half of 2020, Constellium raised $325 million of 5.625% Senior Notes due 2028 and used a portion of the proceeds to redeem the remaining balance of the 4.625% Senior Notes due 2021. In the same period, Constellium entered into a €180 million loan partially guaranteed by the French State and a CHF 20 million facility partially guaranteed by the Swiss Government.

 

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Liquidity and Net Debt

Liquidity at June 30, 2021 was €887 million, comprised of €290 million of cash and cash equivalents and €597 million available under our committed lending facilities and factoring arrangements.

Net debt was €1,976 million at June 30, 2021 compared to €1,994 million at December 31, 2020.

 

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Outlook

Based on our current outlook, we expect Adjusted EBITDA in a range of €545 million to €560 million in 2021.

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 lag, impairment or restructuring charges, or taxes without unreasonable efforts, and these items could significantly impact, either individually or in the aggregate, net income in the future.

 

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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, including the length and magnitude of disruption resulting from the global COVID-19 pandemic; the inability to meet customer demand and quality requirements; the loss of key customers, suppliers or other business relationships; 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.

 

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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 aerospace, automotive and packaging. Constellium generated €4.9 billion of revenue in 2020.

Constellium’s earnings materials for the second quarter ended June 30, 2021, are also available on the company’s website (www.constellium.com).

 

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CONSOLIDATED INCOME STATEMENT (UNAUDITED)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2021				2020				2021				2020
Revenue			1,518				1,031				2,859				2,468
Cost of sales			(1,319	)			(957	)			(2,518	)			(2,241	)
Gross profit			199				74				341				227
Selling and administrative expenses			(67	)			(57	)			(127	)			(123	)
Research and development expenses			(9	)			(7	)			(20	)			(20	)
Other gains and losses - net			44				(11	)			87				(79	)
Income / (loss) from operations			167				(1	)			281				5
Finance costs - net			(37	)			(42	)			(92	)			(87	)
Income / (loss) before tax			130				(43	)			189				(82	)
Income tax (expense) / benefit			(22	)			11				(33	)			19
Net income / (loss)			108				(32	)			156				(63	)
Net income attributable to:
Equity holders of Constellium			107				(33	)			153				(64	)
Non-controlling interests			1				1				3				1
Net income / (loss)			108				(32	)			156				(63	)
Earnings per share attributable to the equity holders of Constellium, (in Euros)
Basic			0.76				(0.24	)			1.09				(0.46	)
Diluted			0.73				(0.24	)			1.04				(0.46	)
Weighted average shares, in thousands
Basic			140,637				137,901				140,302				137,903
Diluted			146,730				137,901				146,730				137,903

 

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

 

		Three months ended June 30,										Six months ended June 30,
(in millions of Euros)		2021					2020					2021					2020
Net income / (loss)				108					(32	)				156					(63	)
Other comprehensive income / (loss)
Items that will not be reclassified subsequently to the interim income statement
Remeasurement on post-employment benefit obligations				24					(35	)				89					(41	)
Income tax on remeasurement on post-employment benefit obligations				2					10					(11	)				9
Items that may be reclassified subsequently to the interim income statement
Cash flow hedges				3					5					(8	)				—
Income tax on hedges				(1	)				(2	)				2					—
Currency translation differences				(1	)				(2	)				12					(2	)
Other comprehensive income / (loss)				27					(24	)				84					(34	)
Total comprehensive income / (loss)				135					(56	)				240					(97	)
Attributable to:
Equity holders of Constellium				134					(57	)				236					(98	)
Non-controlling interests				1					1					4					1
Total comprehensive income / (loss)				135					(56	)				240					(97	)

 

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

 

(in millions of Euros)		At June 30, 2021				At December 31, 2020
Assets
Current assets
Cash and cash equivalents			290				439
Trade receivables and other			669				406
Inventories			802				582
Other financial assets			63				39
			1,824				1,466
Non-current assets
Property, plant and equipment			1,895				1,906
Goodwill			430				417
Intangible assets			59				61
Deferred tax assets			162				193
Trade receivables and other			69				68
Other financial assets			16				18
			2,631				2,663
Total Assets			4,455				4,129
Liabilities
Current liabilities
Trade payables and other			1,255				905
Borrowings			262				92
Other financial liabilities			26				46
Income tax payable			23				20
Provisions			20				23
			1,586				1,086
Non-current liabilities
Trade payables and other			32				32
Borrowings			1,995				2,299
Other financial liabilities			10				41
Pension and other post-employment benefit obligations			581				664
Provisions			95				98
Deferred tax liabilities			12				10
			2,725				3,144
Total Liabilities			4,311				4,230
Equity
Share capital			3				3
Share premium			420				420
Retained deficit and other reserves			(295	)			(538	)
Equity attributable to equity holders of Constellium			128				(115	)
Non-controlling interests			16				14
Total Equity			144				(101	)
Total Equity and Liabilities			4,455				4,129

 

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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 losses				Total				Non- controlling interests				Total equity
At January 1, 2021			3				420				(192	)			9				(13	)			68				(410	)			(115	)			14				(101	)
Net income			—				—				—				—				—				—				153				153				3				156
Other comprehensive income / (loss)			—				—				78				(6	)			11				—				—				83				1				84
Total comprehensive income / (loss)			—				—				78				(6	)			11				—				153				236				4				240
Share-based compensation			—				—				—				—				—				7				—				7				—				7
Transactions with non-controlling interests			—				—				—				—				—				—				—				—				(2	)			(2	)
At June 30, 2021			3				420				(114	)			3				(2	)			75				(257	)			128				16				144

 

(in millions of Euros)		Share capital				Share premium				Re- measurement				Cash flow hedges				Foreign currency translation reserve				Other reserves				Retained losses				Total				Non- controlling interests				Total equity
At January 1, 2020			3				420				(177	)			(10	)			4				53				(389	)			(96	)			11				(85	)
Net (loss) / income			—				—				—				—				—				—				(64	)			(64	)			1				(63	)
Other comprehensive loss			—				—				(32	)			—				(2	)			—				—				(34	)			—				(34	)
Total comprehensive (loss) / income			—				—				(32	)			—				(2	)			—				(64	)			(98	)			1				(97	)
Share-based compensation			—				—				—				—				—				8				—				8				—				8
Transactions with non-controlling interests			—				—				—				—				—				—				—				—				—				—
At June 30, 2020			3				420				(209	)			(10	)			2				61				(453	)			(186	)			12				(174	)

 

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CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2021				2020				2021				2020
Net income / (loss)			108				(32	)			156				(63	)
Adjustments
Depreciation and amortization			65				66				128				132
Impairment of assets			—				5				—				5
Pension and other post-employment benefits service costs			10				10				17				17
Finance costs - net			37				42				92				87
Income tax expense / (benefit)			22				(11	)			33				(19	)
Unrealized (gains) / losses on derivatives - net and from remeasurement of monetary assets and liabilities - net			(15	)			(44	)			(45	)			11
Other - net			3				10				5				13
Change in working capital
Inventories			(103	)			52				(212	)			35
Trade receivables			(126	)			57				(234	)			7
Trade payables			117				(176	)			300				(18	)
Other			(7	)			32				—				15
Change in provisions			—				7				(4	)			5
Pension and other post-employment benefits paid			(10	)			(8	)			(21	)			(20	)
Interest paid			(28	)			(23	)			(72	)			(73	)
Income tax refunded			—				21				5				18
Net cash flows from operating activities			73				8				148				152
Purchases of property, plant and equipment			(42	)			(43	)			(74	)			(100	)
Property, plant and equipment grants received			4				2				7				2
Proceeds from disposals, net of cash			—				1				—				1
Net cash flows used in investing activities			(38	)			(40	)			(67	)			(97	)
Proceeds from issuance of Senior Notes			300				290				712				290
Repayments of Senior Notes			(328	)			(200	)			(863	)			(200	)
Repayments from U.S. revolving credit facilities			—				(132	)			—				(129	)
Proceeds from other borrowings			—				204				2				207
Repayments from other borrowings			(7	)			(1	)			(9	)			(4	)
Lease repayments			(8	)			(9	)			(17	)			(17	)
Payment of financing costs and redemption fees			(10	)			(9	)			(26	)			(9	)
Transactions with non-controlling interests			(2	)			—				(2	)			—
Other financing activities			(32	)			(2	)			(29	)			2
Net cash flows (used in) / from financing activities			(87	)			141				(232	)			140
Net (decrease) / increase in cash and cash equivalent			(52	)			109				(151	)			195
Cash and cash equivalents - beginning of year			342				270				439				184
Effect of exchange rate changes on cash and cash equivalents			—				(1	)			2				(1	)
Cash and cash equivalents - end of period			290				378				290				378

 

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SEGMENT ADJUSTED EBITDA

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2021				2020				2021				2020
P&ARP			94				58				162				124
A&T			42				31				61				83
AS&I			41				(1	)			79				33
Holdings and Corporate			(7	)			(7	)			(11	)			(12	)
Total			170				81				291				228

SHIPMENTS AND REVENUE BY PRODUCT LINE

 

		Three months ended June 30,								Six months ended June 30,
(in k metric tons)		2021				2020				2021				2020
Packaging rolled products			213				189				407				392
Automotive rolled products			59				28				122				85
Specialty and other thin-rolled products			12				4				22				13
Aerospace rolled products			13				19				26				49
Transportation, industry, defense and other rolled products			40				26				75				55
Automotive extruded products			29				15				63				46
Other extruded products			40				29				76				63
Total shipments			406				310				791				703
(in millions of Euros)
Packaging rolled products			648				456				1,167				980
Automotive rolled products			213				88				421				281
Specialty and other thin-rolled products			46				21				85				56
Aerospace rolled products			100				142				187				365
Transportation, industry, defense and other rolled products			187				108				345				244
Automotive extruded products			176				96				377				295
Other extruded products			169				126				318				269
Other and inter-segment eliminations			(21	)			(6	)			(41	)			(22	)
Total revenue			1,518				1,031				2,859				2,468

 

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NON-GAAP MEASURES

Reconciliation of net income to Adjusted EBITDA (a non-GAAP measure)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2021				2020				2021				2020
Net income / (loss)			108				(32	)			156				(63	)
Income tax expense / (benefit)			22				(11	)			33				(19	)
Income / (loss) before tax			130				(43	)			189				(82	)
Finance costs - net			37				42				92				87
Income / (loss) from operations			167				(1	)			281				5
Depreciation and amortization			65				66				128				132
Impairment of assets			—				5				—				5
Restructuring costs			2				11				3				11
Unrealized (gains) / losses on derivatives			(16	)			(43	)			(44	)			10
Unrealized exchange losses / (gains) from the remeasurement of monetary assets and liabilities – net			1				(1	)			(1	)			1
Losses on pension plan amendments			2				2				2				2
Share based compensation costs			3				5				7				8
Metal price lag (A)			(54	)			25				(85	)			40
Start-up and development costs (B)			—				2				—				4
Other (C)			—				10				—				10
Adjusted EBITDA			170				81				291				228

 

(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 Group accounts for inventory using a weighted average price basis and this adjustment aims to remove the effect of volatility in LME prices. The calculation of the Group metal price lag adjustment is based on an internal standardized methodology calculated at each of Constellium’s manufacturing sites and is primarily calculated as the average value of product recorded in inventory, which approximates the spot price in the market, less the average value transferred out of inventory, which is the weighted average of the metal element of cost of sales, based on the quantity sold in the year.

(B)	Start-up and development costs, for the six months ended June 30, 2020 were related to new projects in our AS&I operating segment.

(C)

Other, in the six months ended June 30, 2020, included €5 million of procurement penalties and termination fees incurred because of the Group’s inability to fulfill certain commitments due to the COVID-19 pandemic and a €5 million loss resulting from the discontinuation of hedge accounting for certain forecasted sales that were determined to be no longer expected to occur in light of the COVID-19 pandemic effects.

 

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Reconciliation of net cash flows from operating activities to Free Cash Flow (a non-GAAP measure)

 

		Three months ended June 30,								Six months ended June 30,
(in millions of Euros)		2021				2020				2021				2020
Net cash flows from operating activities			73				8				148				152
Purchases of property, plant and equipment			(42	)			(43	)			(74	)			(100	)
Property, plant and equipment grants received			4				2				7				2
Free Cash Flow			35				(33	)			81				54

Reconciliation of borrowings to Net debt (a non-GAAP measure)

 

(in millions of Euros)		At June 30, 2021				At December 31, 2020
Borrowings			2,257				2,391
Fair value of net debt derivatives, net of margin calls			9				42
Cash and cash equivalents			(290	)			(439	)
Net debt			1,976				1,994

 

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