News
- Closing of the sale of A&D at end-April confirming the Group's strategic repositioning
- Adjusted turnover[i] (including the proportional contribution of Weda Bay) of €949m (-24%), strongly penalised by the expected decrease in our selling prices (-24%) compared to the very high levels of Q1 2022
- Contrasting operational performance across activities, given the incidents, now resolved, that impacted Q1:
- -18% in volumes of manganese ore sold externally in Gabon, following the landslide at end-2022 that halted activity over January
- +89% in volumes of nickel ore sold externally in Indonesia
- Significant decline in selling prices compared to Q1 2022 particularly for manganese alloys, of which prices were exceptionally at that time, but also for Class II nickel (NPI and ferronickel)
- Input costs remain high, albeit with a trend reversal in freight and reducing agent prices
- Strength of Eramet's financial profile: first financial ratings obtained from Fitch (BB+) and Moody’s (Ba2)
- Liquidity remains at a high level contributing to secure the Group's financing plan
- The outlook for 2023 is, as expected, set against the background of a less buoyant macroeconomic context.
- Adjusted EBITDA is revised slightly downwards to around €1.1bn in 2023, factoring in:
- A more significant trend reversal in Class II nickel prices at the beginning of the year
- A target for manganese ore transported volumes revised downwards to more than 7 Mt, given the non-recurring logistical incidents at the beginning of the year
- The Group continues to focus on cost control, productivity actions and cash generation, while preparing its growth projects in the energy transition.
1 Definitions of adjusted turnover and adjusted EBITDA, new Alternative Group Performance Indicators, are presented in the financial glossary, in Appendix 4
