In 2019, we made major breakthroughs in implementing our strategic roadmap.
2019 results reflect our good operating performance contrasted by a deteriorated manganese price environment and a negative impact due to supply chain difficulties at Aubert & Duval.
In 2019, we achieved production records in all our mines, above targets set.
We made important breakthroughs regarding our commitments towards society and environment with an achievement rate of 112%, ahead of the targeted roadmap.
We also made major improvements in safety with a 35% decrease of our total recordable injury rate in 2019. Safety of each and every one with a zero-tolerance policy for severe accidents remains the first priority for the Group.
Turnover since 2013 (in € millions)
Eramet's sales are down 4% at €3,671m in 2019. This result is related to a contrasted price environment with a sharp decline in manganese ore prices by -21% on average and a rise in nickel prices at the LME of +6%.
Turnover distribution by division
Despite significant increases in ore production levels (+10%), the Manganse BU's sales fell by 5% to €1,765m compared with 2018 because of the strong decline of ore and alloys market prices.
The Nickel BU’s sales increased 5% compared with 2018, ending at €778m in 2019 in a favourable price environment.
The High Performance Alloys division’s sales were down 17% to €847m. This underperformance results from delivery delays at Aubert & Duval, in turn caused by bringing its quality process into conformity, and particularly deteriorated market conditions for Erasteel’s activity.
Current operating income (in € millions)
The Group’s current operating income ended at €341m, down 41%.
Industrial capex (in € millions)
Capex ended at €455m in 2019. It has been focused on modernising industrial tools and preparing strategic projects.
Net income (group share) (in € millions)
Net income, Group share reported a loss of -€184m, after writing down a -€227m tax charge, among which -€147m in Gabon.
Consolidated net cash position (in € millions)
Net debt stood at €1,207m, excluding the IFRS 16 impact, corresponding to a gearing of 74%.
Read Eramet’s 2019 full-year results press release of 02/19/2020
Read Eramet’s 2019 full-year results presentation of 02/20/2020
Watch Eramet’s 2019 full-year results webcast of 02/20/2020
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.
