Financial figures

Excellent year with EBITDA above €1bn and an acceleration of repositioning into activities which are driving grow

New milestone for the Group which is refocusing on Mining and Metals activities, following the announcement of the signature of a Memorandum of Understanding for the divestment of Aubert & Duval1.

1 The transaction is subject to consultation with employee representative bodies and all necessary regulatory approvals

Turnover since 2015 (in € millions)

In the new Eramet scope, excluding operations sold or in the process of being sold2, the Group’s turnover amounted to €3,668m in 2021, up significantly by 31% (+35% at constant scope and exchange rates). This growth was mainly driven by Manganese alloys activity (very favourable price environment combined with an improved product mix), as well as excellent operational performances in the manganese ore business (+21% in volumes produced, +9% in volumes sold) and trading activity for nickel ferroalloys produced in Weda Bay.

Turnover since 2015

2 Excluding Aubert & Duval, Sandouville and Erasteel which, in accordance with the IFRS 5 standard – “Non-current assets held for sale and discontinued operations”, are presented as operations in the process of being sold in 2021 and 2020.

Turnover distribution (IFRS 5)

The Manganese BU posted turnover up to €2,267m (+ 33 %).

Nickel BU turnover increased by 30% to reach €1,046m in 2021, of which €817m for SLN and €229m linked to the trading activity of nickel ferroalloys produced at Weda Bay (off-take contract).

The Mineral Sands BU reported turnover up to €349m (+ 26%).

Turnover distribution

EBITDA (in € millions)

In the new Eramet scope, excluding operations sold or in the process of being sold2, the Group EBITDA totalled €1,051m, up very significantly (x2) versus 2020, notably reflecting:

  • impact of external factors of +€437m, including positive price effects of +€394m for manganese alloys and +€227m for nickel, partially offset by -€278m in cost increases, notably linked to freight,
  • Intrinsic performance of +€164m for activities of the new scope, including +€111m linked to the growth in external manganese ore sales,
  • A negative impact of –€66m linked to SLN, whose performance was impacted by exceptional external disruptions in New Caledonia.

EBITDA since 2015

2 Excluding Aubert & Duval, Sandouville and Erasteel which, in accordance with the IFRS 5 standard – “Non-current assets held for sale and discontinued operations”, are presented as operations in the process of being sold in 2021 and 2020.

Net income (group share) (in € millions)

Net income, Group share for the year was €298m; it includes net loss for discontinued operations amounting to -€426m and mainly reflects the negative impact of the announced divestment of Aubert & Duval (-€340m), with no impact on Group net debt at 31 December 2021. It also includes the share of income in Weda Bay (+€121m) as well as the impairment reversal on the lithium project (+€117m).

Net Income

3 Including the net income of discontinued operations in 2020 and 2021 for respectively -€516m and -€426m.

Net financial debt (in € millions)

In the new Eramet scope, excluding operations sold or in the process of being sold2, net debt stood at €936m at 31 December 2021, a reduction of more than €440m4 due to the Group’s strong cash generation.

4Reduction in net debt of €388m, before application of the IFRS 5 standard

Net Financial Debt

* In accordance with IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors”, the consolidated financial statements were restated on 1 January 2020 for the impact of financial fraud at the Group’s head office.
 
2 Excluding Aubert & Duval, Sandouville and Erasteel which, in accordance with the IFRS 5 standard – “Non-current assets held for sale and discontinued operations”, are presented as operations in the process of being sold in 2021 and 2020.

Read Eramet’s 2021 full-year results press release of 02/23/2022

Read Eramet’s 2021 full-year results presentation of 02/24/2022

Watch Eramet’s 2021 full-year results webcast of 02/24/2022

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.