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 distribution (IFRS 5)

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.

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 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.

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.