In 2018, Eramet posted strong results for the second consecutive year, particularly owing to a favourable price environment. The Group has achieved new production records in its mining operations, taken full control of TiZir, reduced the number of workplace accidents and launched a number of initiatives to improve its operating performance and its commitment as a responsible corporate citizen.
Turnover since 2012 (in € millions)
Eramet's sales are up 5% over 2018 to €3,825m in a context of rising metal prices and favourable markets for mineral sands.
Turnover distribution by division
Manganese BU sales grew 2% to €1,857m in 2018 versus 2017, driven by global production for carbon steel, the main end-product for manganese, which achieved a new historic record in 2018. Nickel BU sales amounted to €738m, up 15% versus 2017, driven mainly by the rise in nickel prices and growth in exported ore volumes. Sales for the High-Performance Alloys division were down 6% at €1,020m, reflecting contrasting business trends.
Current operating income (in € millions)
The Group’s high current operating income is at €581m, with contrasting performances by activity notably production difficulties in Nickel activity, and an unfavourable market environment in the main sectors of the High Performance Alloys division.
Industrial capex (in € millions)
Capex remained moderate at €281m in 2018.
Net income (group share) (in € millions)
Net income - Group share is at €53m, including a non-current provision of €65m to factor in the overall cost of the quality process review within the High Performance Alloys division.
Consolidated net cash position (in € millions)
Net debt stood at €717m at 31 December 2018, corresponding to a gearing of 38%, versus €376m at end-2017.
NB: Consolidated data for the Group and by Division is adjusted data resulting from the Group’s reporting, with joint ventures accounted for on a proportional consolidation basis.