Constellium to Voluntarily Transition to Reporting in U.S. Dollars Under U.S. GAAP; Will Begin Filing Annual Reports on Form 10-K

Core Viewpoint - Constellium SE intends to voluntarily file its SEC reports on U.S. domestic issuer forms starting in 2025, which is expected to enhance comparability with other U.S. domestic filers and improve strategic flexibility [1][2]. Financial Reporting Changes - The company will begin reporting its financial statements in U.S. Dollars and in accordance with U.S. GAAP, starting with the fourth quarter and full year 2024 results, transitioning from previous reporting in Euros under IFRS [2][4]. - Historical figures for the full year 2022 and 2023, as well as the first three quarters of 2024, will be restated in U.S. Dollars under U.S. GAAP [2]. Impact of Transition to U.S. GAAP - Changes in operating leases will affect the income statement and balance sheet, with lease expenses classified differently under U.S. GAAP compared to IFRS [5]. - The statement of cash flows will also reflect different classifications for lease payments under U.S. GAAP [6]. - Factoring fees will be classified as selling and administrative expenses under U.S. GAAP, differing from their treatment as finance costs under IFRS [7]. - Goodwill impairment will be treated differently, with potential reversals of PP&E impairment under U.S. GAAP [9]. - Pension costs will be amortized over the remaining service period under U.S. GAAP, contrasting with full recognition under IFRS [10][11]. Financial Performance Metrics - For the fiscal year ended December 31, 2023, Constellium reported revenue of €7,239 million, translating to approximately $7,826 million under U.S. GAAP [16]. - The net income for the same period was €129 million, which translates to approximately $151 million under U.S. GAAP [16]. - Adjusted EBITDA for the year was reported at €713 million, approximately $722 million under U.S. GAAP [16]. Cash Flow Analysis - Net cash flows from operating activities for the fiscal year 2023 were €506 million, translating to approximately $432 million under U.S. GAAP [16]. - Free Cash Flow was reported at €170 million, approximately $67 million under U.S. GAAP, with adjustments for deferred purchase price receivables [16]. Company Overview - Constellium is a global leader in developing innovative, value-added aluminum products for various markets, including aerospace, automotive, and packaging, generating $7.8 billion in revenue in 2023 [14].