TURNOVER SINCE 2015 (IN € MILLIONS)
In the new Eramet scope, excluding operations sold or in the process of being sold1, the Group’s turnover amounted to €5,014m in 2022, up significantly by 37% (+25% at constant exchange rates). This growth was driven by a very favourable price and currency environment, mainly in H1, as well as excellent operational performance in the manganese ore business (+13% in volumes sold).
Evolution of Eramet's turnover from 2015 to 2022
2015: 3,109 M€
2016: 2,984 M€
2017: 3,652 M€
2018: 3,825 M€
2019: 3,671 M€
2020: 3,553 M€
2020 IFRS 5(1): 2,792 M€
2021 IFRS 5(1): 3,668 M€
2022 IFRS 5(1): 5,014 M€
TURNOVER DISTRIBUTION (IFRS 5)
Breakdown of Eramet's turnover (IFRS 5)
BU Manganese: 63%
BU Nickel: 29%
BU Mineralized sands: 9%
EBITDA (IN € MILLIONS)
Group EBITDA1 totalled €1,553m.
Adjusted EBITDA1,2 (including the proportional contribution of Weda Bay) amounted to €1,897m, a very strong increase (+58% vs. 2021), notably reflecting:
- The positive impact of external factors of around €530m, including a very favourable price effect (€960m, of which nearly half linked to manganese alloys) as well as a favourable currency effect (around €230m) partly offset, among other factors, by the strong increase in input costs (around €450m, mainly reductants and energy);
- A positive intrinsic performance of €180m for activities in the new scope, mainly reflecting the growth in nickel ore volumes sold in Weda Bay (around €160m) and manganese ore sales (around €90m) despite an increase in fixed costs to support the growth in volumes (around €50m) and the difficulties at SLN (around €30m).
Eramet's EBITDA growth from 2015 to 2022
2015: 92 M€
2016: 375 M€
2017: 871 M€
2018: 843 M€
2019: 630 M€
2020: 398 M€
2020 IFRS 5(1): 516 M€
2021 IFRS 5(1): 1,051 M€
Adjusted 2021 IFRS 5(1,2): 1,204 M€
2022 IFRS 5(1): 1,553 M€
Adjusted 2022 IFRS 5(1,2): 1,897 M€
NET INCOME (GROUP SHARE) (IN € MILLIONS)
Net income, Group share for the year was €740m; it includes net loss for discontinued operations amounting to -€156m, mainly reflecting the asset impairment booked for Erasteel (-€126m). It also includes the share of income in Weda Bay (€258m) as well as the asset impairment related to SLN (-€124m, Group share).
Growth in Eramet's share of net income from 2015 to 2022
2015: - 714 M€
2016: - 179 M€
2017: 203 M€
2018: 53 M€
2019: -184 M€
2020(3): -675 M€
2021(3): 298 M€
2022(3): 740 M€
NET FINANCIAL DEBT (IN € MILLIONS)
In the new Eramet scope, excluding operations sold or in the process of being sold1, net debt stood at €344m at 31 December 2022, a reduction of nearly €600m4 due to the Group’s strong cash generation.
Evolution of Eramet's net debt from 2015 to 2022
2015: -878 M€
2016: -836 M€
2017: -376 M€
2018: -717 M€
2019: -1,304 M€
2020 IAS 8*: -1,378 M€
2021 IFRS 5(1): -936 M€
2022 IFRS 5(1): -344 M€
1 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 2022 and 2021.
2 Adjusted EBITDA is presented to provide a better understanding of the underlying operating performance of the Group's activities. Adjusted EBITDA corresponds to EBITDA including Eramet's share of the EBITDA of significant joint ventures accounted for using the equity method in the Group's financial statements.
3 Including the net income of discontinued operations in 2020, 2021 and 2022 for respectively -€516m, -€426m and -€156m.
4 Reduction in net debt of €616m, before application of the IFRS 5 standard
