ERAMET group: 2015 Results

The ERAMET group announced its 2015 annual results on February 17th, 2016.

News

  • 2015 results have been very significantly impacted by struggling world crisis of metal and mining sector with prices at their lowest in 15 years - nickel and manganese have been specifically and simultaneously affected. ERAMET group sales remained nevertheless steady at €3,109 million. Current operating income stood at -€207 million and net income – Group share was -€714 million, after taking account of €668 million total impairment of assets and tax receivables.
  • 2014-2017 plan to cut costs and strengthen productivity has been rigorously implemented. Target is reached at midpoint with savings of around €180 million at the end of 2015, on the total savings of €360 million at the end of the plan.1 A specific project to strengthen the plan to cut costs and boost productivity is launched at SLN, with a view to making major inroads into lowering cash cost.
  • The strong cash preservation measures were pursued with among others: the suspension of the Group's major projects and the limitation of capital expenditure to safety and strict maintenance. Capital expenditure was reduced to €267 million in 2015, down by 23% against 2014, and by 55% against 2013. Net financial debt stood at €878 million at 31 December 2015 and Group financial liquidity totalled €1.6 billion at 31 December 2015.