Turnover since 2015
(in € millions)

The Group’s adjusted turnover2 amounted to €3.8bn in 2023, down 29% (-26% at constant scope and exchange rates1, with -2% of scope effect linked to the sale of Eramet Titanium & Iron (“ETI”)). This decline almost entirely reflects a negative price effect.

Turnover (M€)

2015 3,109
2016 2,984
2017 3,652
2018 3,825
2019 3,671
2020* 2,792
2021* 3,668
2022** 5,385
2023** 3,824

 

* IFRS 51  – ** IFRS 51 2

Turnover distribution (IFRS 5)

Turnover: 3 824 M€

Manganese ore 29%
Manganese alloy 23%
Nickel BU 41%
Mineral sand BU 7%

EBITDA
(in € millions)

Group EBITDA totalled €347m.

Adjusted EBITDA2 amounted to €772m, down 59% from 2022, mainly reflecting:

  • The negative impact of external factors of close to €1.3bn, including an unfavourable price effect of -€1,373m (of which -€933m for manganese and -€392m for nickel). The latter was partly offset by a decrease in freight costs (+€81m vs. 2022) as well as input costs (+€68m), factoring in the decline in the price of reductants and energy recorded in H2 2023;
  • A positive intrinsic performance of more than €150m over the year, with €230m in H2, reflecting the success of productivity actions and the optimisation of production.

EBITDA (M€)

2015 92
2016 375
2017 871
2018 843
2019 630
2020* 516
2021** 1,204
2022** 1,897
2023** 772

* IFRS 51  – ** Ajusté IFRS 51 2

Net income (Group share)
(in € millions)

Net income, Group share for the year was €109 m, after accounting for the share of income in Weda Bay’s (€295m) as well as the asset impairment related to SLN (-€218m), with conditions for the New Caledonian subsidiary to continue operations no longer met at end-2023.

Net income (Group share) (M€)

2015 -714
2016 -179
2017 203
2018 53
2019 -184
20203 -675
20213 298
20223 740
20233 109

Net financial debt
(in € millions)

Net debt stood at €614m on 31 December 2023, with no material impact from the sale of Aubert & Duval and Erasteel, and includes dividends paid to Eramet shareholders (-€100m) and Comilog minority shareholders (-€87m) in respect of the 2022 financial year.

Net financial debt (M€)

2015 -878
2016 -836
2017 -376
2018 -717
2019 -1,304
2020* -1,378
2021** -936
2022** -344
2023** -614

 

* IAS8 – ** IFRS 51

1 Excluding Aubert & Duval, Sandouville and Erasteel, which in accordance with the IFRS 5 standard, are presented as operations that are sold or in the process of being sold (discontinued) in 2023 and 2022.

2 Adjusted revenue and adjusted EBITDA are presented to provide a better understanding of the underlying operational performance of the group’s activities. These two indicators include Eramet’s share of PT Weda Bay Nickel (38.7% indirect interest).  Definitions are provided in Appendix 10 of the 2023 Annual Results Press Release.

3 Including the net income from activities held for sale for 2020, 2021, 2022, and 2023, amounting to -€516 million, -€426 million, -€156 million, and €6 million respectively.