To view the webcast about Eramet’s 2019 full-year results, click on the following link: https://edge.media-server.com/mmc/p/kzwxuawk/lan/en
- Raw material sales prices adversely affected: -22% for manganese ore, -10% for ferronickel.
- Brutal and deep impact of aerospace crisis on results for the High-Performance Alloys division, with cash consumption of €156m during the period at Aubert & Duval.
- Acceleration of portfolio review of least performing assets, all options being considered, including possible Aubert & Duval divestment.
- Resilient mining activities, in the context of a crisis of unprecedented scale, with an excellent operating performance, thereby confirming the success of the Group’s organic growth strategy:
- Increase in manganese ore volumes: 2.8 Mt produced, +31% vs. H1 2019 .
- Increase in nickel ore volumes at SLN: 2.2 Mwmt produced (+12%) and 1.1 Mwmt exported (+120%).
- Successful start-up of four production lines at Weda Bay.
- Sharp decline in EBITDA to €120m owing to the decline in raw material prices and the aerospace crisis at Aubert & Duval, despite intrinsic progress of more than €120m.
- Negative net income, Group share of -€623m impacted by a non-recurring expense of €459m, mainly due to crisis, of which €197m for Aubert & Duval asset impairment and €142m related to the mothballing of lithium project.
- High cash level at €1.9bn, with strengthened cash control plan measures, and before proceeds from the sale of the TTI plant, subject to ongoing regulatory approvals
- Net debt of €1.5bn, corresponding to a gearing of 113%, before impairment; suspension of calculation of Covenants granted for June and December 2020