{"id":37529,"date":"2023-07-26T18:30:19","date_gmt":"2023-07-26T16:30:19","guid":{"rendered":"https:\/\/www.eramet.com\/?p=37529"},"modified":"2024-07-23T18:09:17","modified_gmt":"2024-07-23T16:09:17","slug":"refocused-and-more-robust-eramet-stays-the-course-in-a-challenging-market-environment","status":"publish","type":"post","link":"https:\/\/www.eramet.com\/en\/news\/refocused-and-more-robust-eramet-stays-the-course-in-a-challenging-market-environment\/","title":{"rendered":"Refocused and more robust, Eramet stays the course in a challenging market environment"},"content":{"rendered":"

    \n
  • Adjusted EBITDA<\/strong>[i],[ii]<\/sup> at \u20ac339m<\/strong>, down significantly compared to a record H1 in 2022:\n
      \n
    • Strong decline in selling prices <\/strong>for all of the Group’s markets, notably manganese alloys (refined alloys down nearly 50%) and class II nickel (ferronickel down more than 30%)<\/li>\n
    • Major logistical incidents<\/strong> in Gabon, now resolved<\/strong>, resulting in a significant decline in volumes of manganese ore produced (-27% at 2.6 Mt)<\/li>\n
    • Strong growth <\/strong>in nickel ore volumes in Indonesia <\/strong>(+79% at 16.4 Mwmt)<\/li>\n
    • Input costs at high levels<\/strong>, particularly reductants<\/li>\n
    • Implementation of a cash saving and cost reduction action plan<\/strong>, in addition to productivity actions and the optimisation of production <\/strong>(volume, grade)<\/li>\n
    • Net income, Group share<\/strong> positive at \u20ac98m<\/strong><\/li>\n<\/ul>\n<\/li>\n
    • Negative Free Cash-Flow in a context of growth capex, resulting in net debt<\/strong> of \u20ac712m<\/strong> and adjusted leverage<\/strong>[iii]<\/sup> of 0.7x<\/strong>; extension<\/strong> of the maturity<\/strong> with the successful inaugural rated issue of sustainability-linked bonds<\/li>\n
    • Start of lithium production<\/strong> in Argentina in Q2 2024 confirmed, with a completion rate for the construction of the plant at 60% at end-June 2023<\/li>\n
    • Final Investment Decision expected in H2 2023 for the first stage of Phase II of the Centenario project<\/strong> (representing additional 30 kt-LCE)<\/li>\n
    • Signature in July of a joint marketing agreement <\/strong>for lithium carbonate from 2025, enabling to secure an advance payment of $400m from 2023[iv]<\/sup><\/li>\n
    • Further progress in CSR<\/strong>, with a commitment made by Eramet to have all of its mining sites assessed by 2027, including Weda Bay (Indonesia), complying with the Initiative for Responsible Mining Assurance (IRMA) standard<\/li>\n
    • The outlook for 2023<\/strong> is set against the background of a persisting difficult macroeconomic context. Adjusted EBITDA<\/strong> is revised downwards to close to \u20ac900m<\/strong> in 2023, factoring in:\n
        \n
      • the downward revision <\/strong>of the consensus for manganese ore prices <\/strong>($5.15\/dmtu vs. $5.4\/dmtu previously)<\/li>\n
      • a more significant trend reversal<\/strong> in class II nickel <\/strong>and nickel ore prices<\/strong><\/li>\n
      • only partly offset by the upward revision of marketable nickel ore volumes at Weda Bay<\/strong> (+5 Mwmt[v]<\/sup> low-grade, to approximately 35\u00a0Mwmt)<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n

        [i] In accordance with the IFRS 5 standard \u2013 \u201cNon-current assets held for sale and discontinued operations\u201d. See reconciliation tables in Appendix 1<\/p>\n

        [ii] The definition of adjusted EBITDA, a new Alternative Performance Indicator, is presented in the financial glossary, in Appendix\u00a08<\/p>\n

        [iii] The definition of adjusted leverage, a new Alternative Performance Indicator, is presented in the financial glossary, in Appendix 8<\/p>\n

        [iv] Subject to satisfaction of the usual preconditions for this type of transaction<\/p>\n

        [v] Assuming administrative approvals by the Indonesian government<\/p>\n<\/div><\/div><\/div><\/div><\/div>

        \"Christel<\/span><\/div>

        Christel BORIES
        \n<\/strong>Group Chair and CEO<\/p>\n<\/div><\/div><\/div>

        \n

        Our first half-year results were penalised by unfavourable prices and logistical incidents that are now resolved. However, on the back of the transformations achieved in recent years, we are staying the course and continue our development in metals for the energy transition, supported by a more robust financial structure and an ambitious CSR roadmap.<\/p>\n

        Looking ahead to the second half of the year, we remain focused on our operational performance and the strict control of our costs. We continue to make progress in the Group’s strategic projects and confirm the start of our lithium production in Argentina in the second quarter of 2024.<\/p>\n<\/blockquote>\n<\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[84,44],"tags":[212],"class_list":["post-37529","post","type-post","status-publish","format-standard","hentry","category-finance-en","category-group","tag-financial-results","nature-news","nature-press-release"],"acf":{"pdf":37525,"titre_du_pdf":"","pdf_rendering":true},"yoast_head":"\nRefocused and more robust, Eramet stays the course in a challenging market environment - 26 July 2023 - News - Eramet<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.eramet.com\/en\/news\/refocused-and-more-robust-eramet-stays-the-course-in-a-challenging-market-environment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Refocused and more robust, Eramet stays the course in a challenging market environment - 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