Financial figures

EBITDA at €630m in 2019, reflecting good operating performance, in a deteriorated manganese price environment.

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%.

Eramet turnover from 2013 to 2019

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.

Eramet turnover distribution by division in 2019

Current operating income (in € millions)

The Group’s current operating income ended at €341m, down 41%.

Eramet current operating income in 2019

Industrial capex (in € millions)

Capex ended at €455m in 2019. It has been focused on modernising industrial tools and preparing strategic projects.

Eramet Industrial capex in 2019

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.

Eramet net income in 2019

Consolidated net cash position (in € millions)

Net debt stood at €1,207m, excluding the IFRS 16 impact, corresponding to a gearing of 74%.

Eramet Consolidated Cash Position in 2019

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.