Constellium(CSTM) - 2023 Q4 - Annual Report

Executive Summary & Key Highlights This section provides an overview of Constellium's financial performance for Q4 and full year 2023, including key metrics, CEO commentary, 2024 outlook, and a new share repurchase program Fourth Quarter 2023 Performance Highlights Constellium reported a decrease in shipments and revenue for Q4 2023 compared to Q4 2022, primarily due to lower shipments and metal prices, while Adjusted EBITDA saw a significant increase, driven by stronger results in the A&T and P&ARP segments | Metric | Q4 2023 | Q4 2022 | Change (%) | | :----------------------- | :------ | :------ | :--------- | | Shipments (thousand metric tons) | 336 | 368 | -9% | | Revenue (billion Euros) | 1.6 | 1.8 | -13% | | Value-Added Revenue (VAR) (million Euros) | 681 | 696 | -2% | | Net income (million Euros) | 11 | 30 | -63% | | Adjusted EBITDA (million Euros) | 171 | 148 | +15% | | Cash from Operations (million Euros) | 185 | N/A | N/A | | Free Cash Flow (million Euros) | 58 | N/A | N/A | Full Year 2023 Performance Highlights For the full year 2023, Constellium achieved record Adjusted EBITDA and strong Free Cash Flow, despite a decrease in shipments and revenue, while also improving its Adjusted Return on Invested Capital and reducing net debt leverage | Metric | FY 2023 | FY 2022 | Change (%) | | :-------------------------------- | :------ | :------ | :--------- | | Shipments (million metric tons) | 1.5 | 1.6 | -6% | | Revenue (billion Euros) | 7.2 | 8.1 | -11% | | Value-Added Revenue (VAR) (billion Euros) | 2.9 | 2.7 | +7% | | Net income (million Euros) | 129 | 308 | -58% | | Adjusted EBITDA (million Euros) | 713 | 673 | +6% | | Cash from Operations (million Euros) | 506 | N/A | N/A | | Free Cash Flow (million Euros) | 170 | N/A | N/A | | Adjusted ROIC | 11.3% | 11.0% | +30 bps | | Net debt / LTM Adjusted EBITDA | 2.3x | N/A | N/A | CEO Commentary and 2024 Outlook CEO Jean-Marc Germain highlighted Constellium's strong 2023 results, including record Adjusted EBITDA and strong Free Cash Flow, despite inflationary pressures and demand headwinds, projecting higher Adjusted EBITDA and Free Cash Flow for 2024 - Constellium achieved record Adjusted EBITDA of €713 million and strong Free Cash Flow of €170 million in 2023, reducing leverage to 2.3x[6] - For 2024, the company expects strong aerospace demand, stabilized canstock demand with modest growth, healthy automotive demand, and continued weakness in most industrial markets[6] 2024 Outlook | Metric | 2024 Outlook | | :-------------------- | :----------- | | Adjusted EBITDA | €740 million - €770 million | | Free Cash Flow | > €130 million | - Constellium remains confident in achieving its long-term target of over €800 million in Adjusted EBITDA by 2025[6] Share Repurchase Program Announcement Constellium announced a new three-year share repurchase program of up to $300 million, expiring in December 2026, aimed at increasing shareholder value and limiting future dilution by satisfying employee equity obligations - The Board of Directors authorized a three-year share repurchase program of up to $300 million, expiring on December 31, 2026[4][6][28] - The company intends to use a portion of repurchased shares to satisfy employee equity obligations, thereby limiting future dilution for shareholders[30] Group Financial Results This section details Constellium's consolidated financial performance, including shipments, revenue, net income, cash flow, liquidity, and net debt for the reported periods Group Summary Financials Constellium's group performance in Q4 2023 saw a decline in shipments and revenue, primarily due to lower volumes and metal prices, while Adjusted EBITDA increased, and for the full year 2023, shipments and revenue also decreased, but VAR and Adjusted EBITDA improved, driven by better price and mix and stronger A&T segment results | Metric | Q4 2023 | Q4 2022 | Q4 Var. (%) | FY 2023 | FY 2022 | FY Var. (%) | | :-------------------------- | :------ | :------ | :---------- | :------ | :------ | :---------- | | Shipments (thousand metric tons) | 336 | 368 | (9)% | 1,492 | 1,580 | (6)% | | Revenue (million Euros) | 1,613 | 1,844 | (13)% | 7,239 | 8,120 | (11)% | | VAR (million Euros) | 681 | 696 | (2)% | 2,924 | 2,725 | 7% | | Net income (million Euros) | 11 | 30 | not meaningful | 129 | 308 | not meaningful | | Adjusted EBITDA (million Euros) | 171 | 148 | 15% | 713 | 673 | 6% | | Adjusted EBITDA per metric ton (Euros) | 509 | 403 | 26% | 478 | 426 | 12% | - Q4 2023 revenue decreased 13% primarily due to lower shipments and metal prices, partially offset by improved price and mix, while VAR decreased 2% due to lower shipments, unfavorable metal impacts, the sale of CED, and unfavorable foreign exchange, partially offset by improved price and mix[8] - Full year 2023 revenue decreased 11% due to lower shipments and metal prices, while VAR increased 7% primarily due to improved price and mix, partially offset by lower shipments, unfavorable metal impacts, and unfavorable foreign exchange[9] Net Income Deep Dive Net income significantly decreased in both Q4 and full year 2023 compared to the prior year, primarily due to the absence of one-time gains recorded in 2022 (OPEB/pension plan amendments, deferred tax assets) and higher tax expenses, despite higher gross profit - Q4 2023 net income decreased by €19 million (from €30 million to €11 million) primarily due to gains on OPEB and pension plan amendments recorded in 2022 and higher tax expense, partially offset by higher gross profit[19] - Full year 2023 net income decreased by €179 million (from €308 million to €129 million) primarily due to the recognition of €154 million in previously unrecognized deferred tax assets in 2022, 2022 OPEB/pension plan amendment gains, higher selling and administrative expenses, and higher tax expense, partially offset by higher gross profit and a gain from the sale of CED[20] Cash Flow Performance Free Cash Flow for full year 2023 slightly decreased to €170 million, as increased cash from operating activities was offset by higher capital expenditures, while operating cash flows improved, investing activities saw a net outflow including proceeds from the CED sale, and financing activities resulted in a higher net outflow due to debt reduction | Metric | FY 2023 (million Euros) | FY 2022 (million Euros) | Change (million Euros) | | :-------------------------------- | :------------------ | :------------------ | :----------------- | | Free Cash Flow | 170 | 182 | (12) | | Cash flows from operating activities | 506 | 451 | 55 | | Cash flows used in investing activities | (288) | (270) | (18) | | Cash flows used in financing activities | (182) | (163) | (19) | - The increase in cash flows from operating activities was more than offset by increased capital expenditures, as the company invested in maintaining and growing its manufacturing asset base, including recycling and casting investment in Neuf Brisach, France[21] - Cash flows used in investing activities in 2023 included €47 million of net proceeds from the sale of Constellium Extrusions Deutschland GmbH (CED)[22] - In 2023, Constellium used cash to reduce short-term borrowings and redeem $50 million of its 5.875% Senior Notes due 2026[23] Liquidity and Net Debt Position Constellium maintained a strong liquidity position at the end of 2023 and successfully reduced its net debt compared to the prior year, reflecting improved financial health | Metric | December 31, 2023 (million Euros) | December 31, 2022 (million Euros) | | :------------- | :---------------------------- | :---------------------------- | | Liquidity | 737 | N/A | | Cash & Equivalents | 202 | N/A | | Available Facilities | 535 | N/A | | Net Debt | 1,664 | 1,891 | Segment-Specific Performance This section analyzes the financial performance of Constellium's key operating segments: Packaging & Automotive Rolled Products, Aerospace & Transportation, and Automotive Structures & Industry Packaging & Automotive Rolled Products (P&ARP) The P&ARP segment experienced a decline in shipments and revenue for both Q4 and FY 2023, however, Q4 Adjusted EBITDA increased due to improved price and mix and better cost management, while full-year Adjusted EBITDA decreased due to lower shipments, higher operating costs, and challenges at the Muscle Shoals facility | Metric | Q4 2023 | Q4 2022 | Q4 Var. (%) | FY 2023 | FY 2022 | FY Var. (%) | | :-------------------------- | :------ | :------ | :---------- | :------ | :------ | :---------- | | Shipments (thousand metric tons) | 238 | 254 | (6)% | 1,030 | 1,089 | (5)% | | Revenue (million Euros) | 865 | 1,008 | (14)% | 3,898 | 4,664 | (16)% | | Adjusted EBITDA (million Euros) | 82 | 71 | 16% | 283 | 326 | (13)% | | Adjusted EBITDA per metric ton (Euros) | 345 | 278 | 24% | 274 | 299 | (8)% | - Q4 2023 Adjusted EBITDA increased 16% due to improved price and mix and overall cost improvements, despite lower shipments, with higher operating costs offset by favorable metal costs and government grants[11] - Full year 2023 Adjusted EBITDA decreased 13% due to lower shipments, higher operating costs (inflation, Muscle Shoals challenges), and unfavorable metal costs, partially offset by improved price and mix[12] Aerospace & Transportation (A&T) The A&T segment demonstrated strong Adjusted EBITDA growth in both Q4 and FY 2023, driven by improved price and mix, despite a slight decrease in overall shipments, with aerospace rolled products shipments increasing while transportation, industry, and defense (TID) rolled products declined | Metric | Q4 2023 | Q4 2022 | Q4 Var. (%) | FY 2023 | FY 2022 | FY Var. (%) | | :-------------------------- | :------ | :------ | :---------- | :------ | :------ | :---------- | | Shipments (thousand metric tons) | 48 | 53 | (9)% | 219 | 223 | (2)% | | Revenue (million Euros) | 408 | 422 | (3)% | 1,728 | 1,700 | 2% | | Adjusted EBITDA (million Euros) | 76 | 56 | 36% | 324 | 217 | 50% | | Adjusted EBITDA per metric ton (Euros) | 1,583 | 1,079 | 47% | 1,475 | 976 | 51% | - Q4 2023 Adjusted EBITDA increased 36% due to improved price and mix, partially offset by lower shipments and higher operating costs, with aerospace rolled products shipments increasing but more than offset by lower TID rolled products shipments[14] - Full year 2023 Adjusted EBITDA increased 50% due to improved price and mix, partially offset by higher operating costs (inflation, increased activity levels)[15] Automotive Structures & Industry (AS&I) The AS&I segment experienced declines in shipments, revenue, and Adjusted EBITDA for both Q4 and FY 2023, primarily driven by lower shipments of extruded products, including the impact from the sale of CED, and higher operating costs | Metric | Q4 2023 | Q4 2022 | Q4 Var. (%) | FY 2023 | FY 2022 | FY Var. (%) | | :-------------------------- | :------ | :------ | :---------- | :------ | :------ | :---------- | | Shipments (thousand metric tons) | 50 | 61 | (17)% | 243 | 268 | (9)% | | Revenue (million Euros) | 334 | 428 | (22)% | 1,630 | 1,861 | (12)% | | Adjusted EBITDA (million Euros) | 25 | 31 | (22)% | 133 | 149 | (11)% | | Adjusted EBITDA per metric ton (Euros) | 500 | 514 | (3)% | 545 | 557 | (2)% | - Q4 2023 Adjusted EBITDA decreased 22% due to lower shipments and higher costs, partially offset by improved price and mix, with shipments decreasing 17% due to lower other extruded products, including the impact from the sale of CED[16] - Full year 2023 Adjusted EBITDA decreased 11% due to lower shipments and higher operating costs (inflation), partially offset by improved price and mix, with shipments decreasing 9% due to lower other extruded products, including the impact from the sale of CED[17] Non-GAAP Financial Measures & Reconciliations This section outlines Constellium's non-GAAP financial measures, including definitions, future presentation changes, and reconciliations to comparable IFRS measures Changes to Non-GAAP Financial Measures Presentation Constellium announced future changes to its non-GAAP financial measures presentation, effective Q1 2024, following discussions with the SEC, including discontinuing Value-Added Revenue (VAR) reporting and revising the definition of consolidated Adjusted EBITDA to no longer exclude the non-cash impact of metal price lag - Constellium will no longer report Value-Added Revenue (VAR), a non-GAAP financial measure, starting in Q1 2024[32] - The definition of consolidated Adjusted EBITDA will be revised to no longer exclude the non-cash impact of metal price lag, however, metal price lag will continue to be excluded from Segment Adjusted EBITDA and Adjusted EBITDA guidance[33] Adjusted EBITDA Reconciliation (Current vs. Future Definition) | (in millions of Euros) | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | | :--------------------- | :------ | :------ | :------ | :------ | :------ | | 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 | | (in millions of Euros) | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | | :--------------------- | :------ | :------ | :------ | :------ | | Adjusted EBITDA (current) | 171 | 168 | 209 | 166 | | less: Metal price lag | (14) | (27) | (30) | (16) | | Adjusted EBITDA (future) | 157 | 141 | 179 | 150 | Non-GAAP Measures Definitions This section provides the definitions for Constellium's key non-GAAP financial measures, including Value-Added Revenue (VAR), Adjusted EBITDA, Free Cash Flow, Adjusted Return on Invested Capital (Adjusted ROIC), and Net Debt, explaining their relevance to management and investors - Value-Added Revenue (VAR) is defined as revenue, excluding revenue from incidental activities, minus the cost of metal (adjusted for metal price lag, other alloying metals, freight out, and realized hedging gains/losses), reflecting the value-added elements of activity by eliminating metal cost impact[54] - Adjusted EBITDA is defined as income/(loss) from continuing operations before income taxes, joint ventures, net finance costs, other expenses, and D&A, adjusted for restructuring, impairment, unrealized gains/losses on derivatives and foreign exchange, metal price lag, share-based compensation, and other non-recurring items, serving as a key measure for profitability and operational performance[57][58] - Free Cash Flow is defined as net cash flow from operating activities less capital expenditure, net of grants received, measuring net cash generated or used by the business, considering operating activities and capital expenditure requirements[60] - Adjusted Return on Invested Capital (Adjusted ROIC) is defined as Adjusted Net Operating Profit after Tax (Adjusted NOPAT) divided by Invested Capital, used to assess capital allocation effectiveness[61] - Net debt is defined as borrowings plus or minus the fair value of cross currency basis swaps net of margin calls less cash and cash equivalents and cash pledged for guarantees, providing a useful measure of indebtedness by considering cash balances against total external debt[63] Non-GAAP Reconciliations This section provides detailed reconciliations of Constellium's non-GAAP financial measures, including VAR, Adjusted EBITDA, Free Cash Flow, Net Debt, and Adjusted NOPAT/ROIC, to their most directly comparable IFRS financial measures for various periods Reconciliation of Revenue to VAR | (in millions of Euros) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--------------------- | :------ | :------ | :------ | :------ | | Revenue | 1,613 | 1,844 | 7,239 | 8,120 | | Hedged cost of alloyed metal | (939) | (1,212) | (4,374) | (5,403) | | Revenue from incidental activities | (7) | (5) | (27) | (21) | | Metal price lag | 14 | 69 | 86 | 29 | | VAR | 681 | 696 | 2,924 | 2,725 | Reconciliation of Net income to Adjusted EBITDA | (in millions of Euros) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--------------------- | :------ | :------ | :------ | :------ | | Net income | 11 | 30 | 129 | 308 | | Income tax expense / (benefit) | 32 | (3) | 67 | (105) | | Finance costs - net | 35 | 33 | 141 | 131 | | Income from operations | 78 | 60 | 337 | 334 | | Depreciation and amortization | 73 | 78 | 294 | 287 | | Metal price lag | 14 | 69 | 86 | 29 | | Adjusted EBITDA | 171 | 148 | 713 | 673 | Reconciliation of Net cash flows from operating activities to Free Cash Flow | (in millions of Euros) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--------------------- | :------ | :------ | :------ | :------ | | Net cash flows from operating activities | 185 | 128 | 506 | 451 | | Purchases of property, plant and equipment, net of grants received | (127) | (106) | (336) | (269) | | Free Cash Flow | 58 | 22 | 170 | 182 | Reconciliation of borrowings to Net debt | (in millions of Euros) | At Dec 31, 2023 | At Dec 31, 2022 | | :--------------------- | :-------------- | :-------------- | | Borrowings | 1,868 | 2,056 | | Fair value of net debt derivatives, net of margin calls | (2) | 1 | | Cash and cash equivalents | (202) | (166) | | Net debt | 1,664 | 1,891 | Reconciliation of Net income to Adjusted NOPAT and Adjusted ROIC | (in millions of Euros) | FY 2023 | FY 2022 | | :--------------------- | :------ | :------ | | Net income | 129 | 308 | | Income from operations | 337 | 334 | | Metal price lag | 86 | 29 | | Tax impact | (103) | (92) | | Adjusted NOPAT (A) | 316 | 293 | | Total Invested Capital (B) (prior year) | 2,794 | 2,653 | | Adjusted ROIC (A)/(B) | 11.3% | 11.0% | Consolidated Financial Statements This section presents Constellium's unaudited consolidated income statement, statement of comprehensive income, statement of financial position, and statement of cash flows Consolidated Income Statement The unaudited consolidated income statement shows Constellium's financial performance for Q4 and full year 2023, detailing revenue, cost of sales, gross profit, operating income, net income, and earnings per share CONSOLIDATED INCOME STATEMENT (UNAUDITED) | (in millions of Euros) | Q4 2023 | Q4 2022 | FY 2023 | FY 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 | | Basic EPS (Euros) | 0.07 | 0.20 | 0.85 | 2.10 | | Diluted EPS (Euros) | 0.07 | 0.20 | 0.84 | 2.06 | Consolidated Statement of Comprehensive Income / (Loss) The unaudited consolidated statement of comprehensive income/loss presents the total comprehensive income or loss for Q4 and full year 2023, including net income and other comprehensive income/loss items such as remeasurements on post-employment benefits, cash flow hedges, and currency translation differences CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME / (LOSS) (UNAUDITED) | (in millions of Euros) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--------------------- | :------ | :------ | :------ | :------ | | Net income | 11 | 30 | 129 | 308 | | Other comprehensive (loss) / income | | | | | | Remeasurement on post-employment benefit obligations | (46) | (24) | (16) | 157 | | Income tax on remeasurement on post-employment benefit obligations | 10 | 4 | 2 | (35) | | 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 | Consolidated Statement of Financial Position The unaudited consolidated statement of financial position provides a snapshot of Constellium's assets, liabilities, and equity as of December 31, 2023, compared to December 31, 2022, showing changes in current and non-current items CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED) | (in millions of Euros) | At Dec 31, 2023 | At Dec 31, 2022 | | :--------------------- | :-------------- | :-------------- | | Assets | | | | Current assets | 1,820 | 2,056 | | Cash and cash equivalents | 202 | 166 | | Inventories | 1,098 | 1,320 | | Non-current assets | 2,841 | 2,871 | | Property, plant and equipment | 2,047 | 2,017 | | Goodwill | 462 | 478 | | Deferred tax assets | 252 | 271 | | Total Assets | 4,661 | 4,941 | | Liabilities | | | | Current liabilities | 1,388 | 1,693 | | Trade payables and other | 1,263 | 1,467 | | Borrowings (current) | 54 | 148 | | Non-current liabilities | 2,409 | 2,486 | | Borrowings (non-current) | 1,814 | 1,908 | | Pension and other post-employment benefit obligations | 411 | 403 | | Total Liabilities | 3,797 | 4,189 | | Equity | | | | Equity attributable to equity holders of Constellium | 843 | 731 | | Total Equity | 864 | 752 | | Total Equity and Liabilities | 4,661 | 4,941 | Consolidated Statement of Cash Flows The unaudited consolidated statement of cash flows details the cash inflows and outflows from operating, investing, and financing activities for Q4 and full year 2023, showing the net increase in cash and cash equivalents CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) | (in millions of Euros) | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :--------------------- | :------ | :------ | :------ | :------ | | Net income | 11 | 30 | 129 | 308 | | Net cash flows from operating activities | 185 | 128 | 506 | 451 | | Net cash flows used in investing activities | (127) | (107) | (288) | (270) | | 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 - end of year | 202 | 166 | 202 | 166 | Supplementary Operational Data This section provides additional operational insights, including a breakdown of Adjusted EBITDA by segment and detailed shipments and revenue by product line Segment Adjusted EBITDA Breakdown This section provides a breakdown of Adjusted EBITDA contributions from each of Constellium's operating segments (P&ARP, A&T, AS&I) and Holdings and Corporate for Q4 and full year 2023 SEGMENT ADJUSTED EBITDA | (in millions of Euros) | Q4 2023 | Q4 2022 | FY 2023 | FY 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 This section details Constellium's shipments and revenue across various product lines, including packaging, automotive, aerospace, and industrial products, for Q4 and full year 2023, highlighting the performance of each category SHIPMENTS BY PRODUCT LINE (thousand metric tons) | Product Line | Q4 2023 | Q4 2022 | FY 2023 | FY 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 | REVENUE BY PRODUCT LINE (in millions of Euros) | Product Line | Q4 2023 | Q4 2022 | FY 2023 | FY 2022 | | :------------------------------------------ | :------ | :------ | :------ | :------ | | 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 | Company Information & Legal Disclosures This section provides an overview of Constellium SE and includes important disclaimers regarding forward-looking statements About Constellium Constellium SE is a global leader in developing innovative, value-added aluminum products for diverse markets including packaging, automotive, and aerospace, generating €7.2 billion in revenue in 2023 - Constellium (NYSE: CSTM) is a global sector leader in innovative, value-added aluminum products for packaging, automotive, and aerospace markets[39] - The company generated €7.2 billion of revenue in 2023[39] Forward-looking Statements This section serves as a disclaimer for forward-looking statements within the press release, highlighting that such statements involve inherent risks and uncertainties that could cause actual results to differ materially from those projected, and the company undertakes no obligation to update them - The press release contains forward-looking statements subject to risks and uncertainties inherent in the industry and markets, as well as specific to Constellium's business and operations[37] - Key risks include market competition, economic downturn, business disruptions, geopolitical tensions, inability to meet customer demand, supply disruptions, inflation, hedging policy effectiveness, loss of key employees, and indebtedness[37] - Actual results may differ materially from forward-looking statements, and the company undertakes no obligation to update or revise them, except as required by law[37]