Paris, 20 February 2018, 6:15pm
PRESS RELEASE
ERAMET Group: 2017 results up sharply in the
context of a favourable metals market
-
Sales up by 22% in 2017 at
€3,652m.
-
Current operating income at
€608m, up €524m versus 2016, in the context of very favourable
manganese prices.
-
Net income Group share at
€203m.
-
Positive Free Cash-Flow at
€476m.
-
Net debt reduced to €376m,
resulting in a net debt-to-equity ratio of 19% versus 47% at
end-2016.
-
Operating performance targets
fully achieved:
-
2014-2017 Group
productivity plan: cumulative productivity gains of €405m during
the period (versus a target raised to €400m)
-
SLN 2018 plan: decrease of
cash-cost to USD 4.44/lb[1] in H2 2017
(versus a target of USD 4.50/lb1
at end-2017)
-
Production record at COMILOG:
4.1 Mt of manganese ore produced and transported in 2017 (versus a
target of 4.0 Mt)
-
22% decrease in accident
frequency rate at work
-
Resumption of a dividend
payment: €2.3 per share, accounting for 30% of net income Group
share, will be submitted for approval at the Annual General Meeting
of Shareholders on 24 May 2018.
- ooOoo -
Christel BORIES,
Chairman and CEO of ERAMET Group, commented:
"2017 was a key
milestone for ERAMET, with current operating income up sharply to
more than €600m in a particularly favourable manganese
market.
In 2017 we
started a new strategic impetus and a significant managerial
transformation for the Group, aiming to make it more agile and
competitive in a rapidly changing market, thereby repositioning
towards value-accretive, long-term growth.
Our strategic
transformation is based on three key levers: sustainable
improvement in the profitability of our least performing assets by
fixing and/or strategically repositioning them; growth in
businesses where we have a real competitive advantage; developing
our position in new high value-accretive markets, particularly
through strengthening our position in metals for energy
transition.
Our managerial
transformation is focused on leaner and more responsive
organisations, open to a changing environment. It is supported by
dynamic management of our talents, making our managers accountable,
and a stronger focus on performance, results and
innovation.
Our actions are
based on the digital revolution, which impacts all our businesses,
driving us to revisit our business model for greater performance.
These initiatives are also entirely in line with the Group's
societal and environmental commitments to provide our clients and
partners with the sustainable solutions that best meet their
needs.
We approach 2018
with confidence and determination whilst remaining highly vigilant
regarding short-term trends in our markets and particularly
regarding demand for metals in China.
Together with the
Board of directors, I would like to thank all ERAMET teams who
contributed to these good results. All Group employees are fully
committed to strengthening operational excellence at all levels of
our organisation and to implementing ERAMET's new
strategy."
ERAMET's Board of Directors met on
20 February 2018 under the chairmanship of Christel BORIES, and
approved the financial statements for FY 2017[2] which
will be submitted for approval at the General Meeting on 24 May
2018.
in
€m* |
2017 |
2016 |
Change |
Sales |
3,652 |
2,984 |
+22% |
EBITDA |
871 |
375 |
+132% |
Current operating income (COI) |
608 |
84 |
+624% |
Impairment of assets and tax receivables |
(42) |
(167) |
-75% |
Net income - Group share |
203 |
(179) |
n.a. |
Free
Cash-Flow |
476 |
(66) |
n.a. |
Net debt |
(376) |
(836) |
-55% |
|
|
|
|
Net debt-to-equity ratio |
19% |
47% |
|
*Adjusted data
from Group Reporting, in which joint ventures are accounted for
using proportionate consolidation. The reconciliation with the
published financial statements is presented in the appendices.
ERAMET Group recorded strong
results for FY 2017, driven in particular by sales growth of 22%
versus 2016 at €3,652m (+30% at constant scope and exchange
rates).
Scope and currency effects had a negative impact of -€240m. On the
one hand, they notably reflect the sale of the Manganese division's
chemicals and recycling business (-€205m) and the sale of
Eurotungstene (-€24m), and on the other, the negative currency
impact (-€28m, largely owing to the Euro versus US dollar exchange
rate).
Group current operating income was
up sharply at €608m, mainly driven by very favourable price
development in manganese, but also by productivity gains of €99m
(i.e. a total of €405m over the 2014-2017 period, in line with the
raised target).
Net income Group share was
positive at €203m whereas a loss of €179m was reported for
2016.
Industrial capex ended at €230m, up by c. 6% versus the low level
recorded in 2016.
Net debt stood at €376m at 31 December 2017,
versus €836m at end-2016. Free Cash-Flow, which has been positive
over the past three semesters, amounted to €476m in 2017.
It includes a non-recurring effect of €25m linked
to disposal of the Group's headquarters situated in the Tour
Montparnasse. Relocation of the Group's headquarters in Paris is
scheduled for June 2018.
The net debt-to-equity ratio stood
at 19% at end-2017.
Average debt maturity, of which
81% is based on fixed rates (excluding RCF), was extended through
several operations. In September 2017, ERAMET thus successfully
closed its bond issue of €500m maturing in February 2024. This bond
issue was largely subscribed by a diversified base of institutional
investors, mainly international.
In July 2017, TiZir, which is 50%
owned by ERAMET, issued a new partly amortised bond of USD 300m
with end-maturity on July 2022. This bond has mainly been dedicated
to the refinancing of the previous bond, which matured in September
2017.
ERAMET Group repaid the entire
draw down of its revolving credit facility ("RCF"), of which €730m
in 2017 and €250m in January 2018. The RCF had been drawn down
early 2016. Moreover, in February 2018, this RCF was extended for
€981m and a five-year maturity with a new term in 2023. Thus,
ERAMET Group's financial liquidity has significantly increased at
€2.8bn.
Given the change in the Group's
market capitalisation and free float, ERAMET stock was relisted on
the SBF 120 index at end-2017.
At the vote of the General Meeting
of Shareholders on 24 May 2018, the Board of Directors will submit
for approval a dividend payment of €2.3 per share for FY 2017, i.e.
a 30 % pay-out ratio.
With ever stronger ambitions,
ERAMET has set out its 2018-2020 CSR priorities in line with the
Group's significant transformation and based on four pillars,
focused on performance: Employees, Environment and Energy,
Products, Ethics and Governance.
Safety remains one of ERAMET's
operational priorities, and the accident frequency rate at work
(TF2[3]) was
reduced by 22% in 2017.
in
€m* |
2017 |
2016 |
Change |
Manganese division |
Sales |
1,919 |
1,439 |
+33% |
Current Operating Income |
738 |
219 |
+237% |
Nickel division |
Sales |
644 |
595 |
+8% |
Current Operating Income |
(125) |
(119) |
+5% |
Alloys division |
Sales |
1,087 |
949 |
+15% |
Current Operating Income |
32 |
27 |
+19% |
*Adjusted data
from Group Reporting, in which joint ventures are accounted for
using proportionate consolidation. The reconciliation with the
published financial statements is presented in the appendices.
The Manganese division's sales,
which accounted for 53% of consolidated sales, were up sharply
(+33%) in 2017 at €1,919m. Current operating income ended at €738m
(and more than three times 2016) in a particularly favourable
market environment.
Manganese
business
Gross global production for carbon
steel, the main end-product for manganese, was up by 5.3% versus
2016 and reached 1,691 Mt, an historic record. China continued to
account for c. 49% of global production.
After the price fluctuations of
the first quarter, manganese ore prices remained at a historically
high level in 2017. The average for CIF China 44% manganese ore
prices (source CRU) was USD 5.97/dmtu in 2017 (USD 5.69/dmtu in
first-half 2017 and USD 6.25/dmtu in second-half 2017) versus USD
4.30/dmtu in 2016. This sharp increase (+39%) was driven by strong
demand in China in a context of continuing low ore stocks in
Chinese ports.
Despite a decline at year-end,
manganese alloys prices were at high levels in FY 2017, following
strong growth recorded at end-2016.
Efforts to make the railway line
more reliable in Gabon (SETRAG, a 100% owned subsidiary of
COMILOG), combined with better mining performances, enabled COMILOG
to achieve a record level of 4.1 Mt of manganese ore produced and
transported in 2017, versus a target of 4.0 Mt. The company
confirmed its excellence position in the global high-grade
manganese ore market.
Mineral sands
business
In 2017, TiZir recorded sales of
€199m (USD 225m) and a current operating income of €27m (USD 30m),
up €40m versus 2016. These results highlight TiZir's good
performance in a favourable environment.
2017 was marked by a favourable
change in demand both in pigments (the main end-product on the
market for titanium dioxide slag) and ceramic tiles (the main
end-product for zircon). Global inventories for pigments and
mineral sands, especially zircon, reached low levels.
In Senegal, TiZir continued
optimising its operational efficiency with production of nearly 725
kt of concentrated mineral sands produced in 2017, up 18% versus
2016 production. In 2018, timing of ilmenite exports could be
impacted due to railway track reconstruction works planned on the
outskirts of Dakar, which will disrupt train traffic and the
transportation of product to the port. TiZir currently works with
the relevant stakeholders as well as on optimising logistics to
minimise the impact during the construction period.
In Norway, titanium dioxide slag
production amounted to 181 kt in 2017, increasing by 73% versus
2016, the latter being impacted by a furnace standstill.
The Nickel division's FY 2017
sales totalled €644m, up 8% versus 2016. Current operating income
was negative at -€125m in 2017, penalised by the ramp-up of
Sandouville, with a loss of c. €40m, which offset the €32m
improvement from SLN during the period.
Following an upturn in growth
observed in 2016, global stainless steel production continued to
increase, up 5.7 % in 2017 versus 2016.
Global nickel supply also remained
strong with a recovery in exports and the roll-out of new
capacities in Indonesia, as well as continued ore exports from the
Philippines.
Metal stocks at the LME and SHFE
remained at high levels, at 411 kt at end-2017, nonetheless down by
55 kt on the year.
As a result, LME nickel prices remained low in
2017 at USD 4.73/lb on average, however slightly higher than the
2016 level (USD 4.36/lb on average).
Nickel metallurgical production at
SLN increased by 2.9% in 2017 versus 2016 and reached 56.8 kt.
In this context, the
implementation of the SLN productivity plan was a success. Average
2017 SLN cash-cost was USD 4.76/lb5,
corresponding to a 21% decrease compared to 2015. Benefiting from
favourable weather conditions, SLN achieved a cash-cost of
USD 4.44[5]/lb in the
second-half of 2017, entirely in line with the objective of USD
4.5/lb5 set out in
the Plan SLN 2018. SLN teams are now focusing on the continuation
of this trajectory with the target of USD 4.0/lb5 in
2020.
Since June 2017, the Sandouville
nickel refinery is supplied by a new source of European nickel
matte as part of a long-term agreement. The new process started
operations in 2017. The ramp-up of the plant is complex and
difficult and is continuing to affect throughput rate. In the
long-term, the plant in Sandouville will produce 15 kt of
high-purity nickel intended for high-tech industries, especially
for the electronics and batteries markets.
In Indonesia, ERAMET is discussing
with local authorities to implement its partnership agreement
concluded with the Chinese stainless steel producer, Tsingshan,
announced in June 2017.
The Alloys division recorded sales
up 15% to €1,087m in 2017. Current operating income stood at €32m,
up 19% versus 2016, with highly contrasting trends for each
business.
Aubert & Duval, of which
aerospace accounts for more than two-thirds of its sales, posted
current operating income of €38m in 2017, down 21% versus 2016.
This was linked to operational difficulties and a level of
production that was down sharply on the improvement targets
set.
Aubert & Duval announced an
industrial reorganisation project for its steel melting shops, in
particular its plant in Firminy (France). The Firminy steel melting
shop was closed in the last quarter of 2017 and is in the process
of being moved to the plant at Les Ancizes.
The aerospace sector remains
strong and should progressively stabilise, after the ramp-up of new
programmes.
Erasteel posted 2017 current
operating income of -€6m, equivalent to a €15m improvement on 2016.
This is due to the success of the project for industrial
reorganisation, for productivity and for marketing products
portfolio dynamics (+9% in volume), and to the favourable impact of
raw materials' prices. Conversely, the challenges in the ramp-up of
the recycling of spent catalysts and batteries business[6] impacted
results.
A change of management is underway
for the Alloys division and its strategic and operational outlook
will be revised in 2018.
2017 marks the start of ERAMET's
strategic transformation. It reflects the Group's growth ambitions
in three key areas:
-
sustainable improvement of our least performing
assets, through significant intrinsic progress, and through
portfolio repositioning if appropriate,
-
organic and/or external growth, in businesses in
which we have a real competitive advantage, particularly in
manganese ore production. The Group has ambitions to develop its
Moanda deposit in Gabon, one of the two most competitive manganese
mines in the world, with long-lasting reserves. The objective is to
increase long-term production at COMILOG by more than 30%, with a
transition to a new mining plateau from 2020 onwards. In 2018, we
will focus our efforts on a detailed feasibility study (DFS). This
growth will be driven by the renovation of the Trans-Gabonese
railway line started by SETRAG, in collaboration with the Gabonese
government.
-
expansion of the portfolio, particularly into
metals for the energy transition, through development in both
primary production and recycling.
This new strategic impetus can only succeed in conjunction with a
significant managerial transformation, initiated in 2017 and based
on three key pillars: new ways of organising, new ways of managing,
and new ways of working.
In a still highly volatile market,
in which we remain cautious regarding demand for metals,
particularly in China, while overall Group's markets remain
favourable in early 2018.
- ooOoo
-
2017 annual results
presentation
A live Internet
webcast of the 2017 annual results presentation will take place
on Wednesday 21 February 2018 at 10:30am
(Paris time), on our website: www.eramet.com. Presentation
documentation will be available before the presentation.
Calendar
19.04.2018: Release of sales figures for
first-quarter 2018
24.05.2018: General Meeting of Shareholders
24.07.2018: Release of Results for first-half
2018
ABOUT
ERAMET
ERAMET is one of the leading
global producers of:
-
manganese and nickel, used to improve
the properties of steel, and mineral sands (titanium dioxide and
zircon)
-
as well as parts and semi-products in
high-performing special steels and alloys used in industries such
as aerospace, power generation and tooling.
ERAMET is also developing
activities with high-growth potential, such as lithium extraction
and recycling.
The Group employs nearly 13,000
people in around 20 countries.
CONTACT
Vice President Strategy and Investor Relations
Philippe Gundermann - Tel:
+33 (0)1 45 38 42 78
Strategy and Investor Relations Managers
Arthur Perroton - Tel: +33
(0) 1 45 38 37 32
Sandrine Nourry-Dabi - Tel:
+33 (0) 1 45 38 37 02
LEI code:
549300LUH78PG2MP6N64
For more information:
www.eramet.com
Follow us with the ERAMET Finance mobile
app:
IOS:
https://itunes.apple.com/fr/app/eramet-finance/id1115212055?mt=8
Android:
https://play.google.com/store/apps/details?id=com.eramet.finance
ANNEXES
Appendix 1:
Sales
Sales (€m) |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Q1 2017 |
2017 |
2016 |
Change |
Manganese division |
507 |
492 |
502 |
418 |
1,919 |
1,439 |
+33 % |
Nickel division |
189 |
143 |
156 |
156 |
644 |
595 |
+8 % |
Alloys division |
282 |
241 |
284 |
280 |
1,087 |
949 |
+14 % |
Holding company &
eliminations |
- |
1 |
1 |
- |
2 |
1 |
- |
ERAMET group |
978 |
877 |
943 |
854 |
3,652 |
2,984 |
+22 % |
Inc.
joint-ventures |
Share in joint-ventures |
(36) |
(32) |
(36) |
(20) |
(124) |
(87) |
+42 % |
ERAMET group
|
942 |
845 |
907 |
834 |
3,528 |
2,897 |
+21 % |
Published IFRS financial statements 1 |
1 Application of IFRS standard 11 "Joint
Arrangement".
Appendix 2:
Production and shipments
Metric tons |
Q4 2017 |
Q3 2017 |
Q2 2017 |
Q1 2017 |
2017 |
2016 |
Change |
|
|
|
|
|
|
|
Nickel production1 |
15,159 |
14,710 |
14,317 |
14,997 |
59,183 |
55,227 |
+7 % |
Nickel
sales2 |
16,138 |
13,720 |
15,522 |
13,108 |
58,488 |
56,121 |
+4 % |
Manganese ore and sinter production |
1,084,000 |
1,146,000 |
1,116,000 |
817,000 |
4,163,000 |
3,413,000 |
+22 % |
Manganese
alloys production |
177,000 |
177,000 |
183,000 |
179,000 |
716,000 |
702,000 |
+2 % |
Manganese alloys sales |
189,000 |
172,000 |
175,000 |
163,000 |
699,000 |
725,000 |
-4 % |
Heavy
mineral concentrate production3 |
185 |
196 |
204 |
140 |
725 |
614 |
+18 % |
1 Ferronickel and matte until end of 2016 and Ferronickel and
high purity nickel from 2017
2 Finished products
3 In Senegal
Appendix 3:
performance indicators
Division operational
performance
|
|
|
|
|
|
(€ million) |
Manganese |
Nickel |
Alloys |
Holding & |
Total |
|
|
|
|
eliminations |
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
1 919 |
644 |
1 087 |
2 |
3 652 |
|
|
|
|
|
|
EBITDA |
861 |
(44) |
84 |
(30) |
871 |
|
|
|
|
|
|
Current operating income |
738 |
(125) |
32 |
(37) |
608 |
|
|
|
|
|
|
Industrial investments (intangible assets, property, plant &
equipment) |
89 |
80 |
59 |
2 |
230 |
|
|
|
|
|
|
Net
cash generated by operating activities |
722 |
(69) |
90 |
(56) |
687 |
|
|
|
|
|
|
|
|
|
|
|
|
FY 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
1 439 |
595 |
949 |
1 |
2 984 |
|
|
|
|
|
|
EBITDA |
358 |
(24) |
74 |
(33) |
375 |
|
|
|
|
|
|
Current operating profit (loss) |
219 |
(119) |
27 |
(43) |
84 |
|
|
|
|
|
|
Industrial investments (intangible assets, property, plant &
equipment) |
104 |
56 |
55 |
2 |
217 |
|
|
|
|
|
|
Net
cash generated by operating activities |
243 |
(137) |
22 |
(7) |
121 |
|
|
|
|
|
|
Sales and industrial investment by
geographic region
|
|
|
|
|
|
|
|
|
(€ million) |
France |
Europe |
North |
Asia |
Oceania |
Africa |
South |
Total |
|
|
|
America |
|
|
|
America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
(destination of sales) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2017 |
371 |
1 320 |
669 |
1 097 |
23 |
93 |
79 |
3 652 |
|
|
|
|
|
|
|
|
|
FY
2016 |
342 |
940 |
619 |
938 |
28 |
75 |
42 |
2 984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial investments (intangible assets, property, plant
& equipment) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY 2017 |
87 |
21 |
5 |
- |
52 |
64 |
1 |
230 |
|
|
|
|
|
|
|
|
|
FY
2016 |
74 |
30 |
9 |
- |
42 |
61 |
1 |
217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets (excluding deferred
tax) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017 |
692 |
326 |
12 |
133 |
565 |
1 027 |
2 |
2 757 |
|
|
|
|
|
|
|
|
|
December 31, 2016 |
698 |
345 |
9 |
164 |
590 |
1 065 |
2 |
2 873 |
|
|
|
|
|
|
|
|
|
Performance indicators by period -
income statement
|
|
|
(€ million) |
FY |
FY |
|
2017 |
2016 |
|
|
|
|
|
|
|
|
|
Sales |
3 652 |
2 984 |
|
|
|
|
|
|
EBITDA |
871 |
375 |
|
|
|
|
|
|
Amortisation and depreciation of non-current assets |
(250) |
(268) |
Provisions for liabilities and charges |
(13) |
(23) |
|
|
|
|
|
|
Current operating income |
608 |
84 |
|
|
|
|
|
|
Impairment of assets |
9 |
(110) |
Other
operating income and expenses |
(50) |
(69) |
|
|
|
|
|
|
Operating income |
567 |
(95) |
|
|
|
|
|
|
Financial income |
(117) |
(79) |
Share
of income from associates |
(1) |
(2) |
Income
tax |
(221) |
(61) |
|
|
|
|
|
|
Net
income for the period |
228 |
(237) |
|
|
|
|
|
|
- attributable to the
minority interests |
25 |
(58) |
-
attributable to the Group |
203 |
(179) |
|
|
|
|
|
|
Basic earnings per
share (€) |
7,67 |
(6,79) |
|
|
|
Performance indicators by period -
net financial debt variation
|
|
|
(€ million) |
FY |
FY |
|
2017 |
2016 |
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
|
EBITDA |
871 |
375 |
Cash impact of items
below EBITDA |
(387) |
(228) |
|
|
|
|
|
|
Cash
generated from operations |
484 |
147 |
|
|
|
Working Capital
variation |
203 |
(26) |
|
|
|
|
|
|
Net
cash generated by operating activities (1) |
687 |
121 |
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
Industrial
investments |
(230) |
(217) |
Other investing
flows |
19 |
30 |
|
|
|
|
|
|
Net
cash used in investing activities (2) |
(211) |
(187) |
|
|
|
|
|
|
Net
cash used in financing activities |
(12) |
100 |
|
|
|
|
|
|
Effect of exchange
rate changes |
(4) |
8 |
|
|
|
|
|
|
(Increase) / decrease in net financial debt |
460 |
42 |
|
|
|
|
|
|
Opening (net financial debt) |
(836) |
(878) |
Closing (net financial debt) |
(376) |
(836) |
|
|
|
|
|
|
Free Cash Flow (1) + (2) |
476 |
(66) |
Performance indicators by period -
balance sheet
|
|
|
(€
million) |
31/12/2017 |
31/12/2016 |
|
|
|
|
|
|
|
|
|
Non-current assets |
2 710 |
2 818 |
|
|
|
|
|
|
Inventories |
887 |
933 |
Trade receivables |
368 |
333 |
Trade
payables |
(391) |
(390) |
Simplified Working Capital |
864 |
876 |
Other Working Capital items |
(305) |
(156) |
|
|
|
|
|
|
Total Working Capital |
559 |
720 |
|
|
|
|
|
|
TOTAL |
3 269 |
3 538 |
|
|
|
|
|
|
|
|
|
|
|
|
(€
million) |
31/12/2017 |
31/12/2016 |
|
|
|
|
|
|
|
|
|
Shareholders' equity -
Group share |
1
694 |
1 515 |
Shareholders' equity - Minority interests |
286 |
261 |
|
|
|
|
|
|
Shareholders' equity |
1 980 |
1 776 |
|
|
|
|
|
|
Cash and cash
equivalents and current financial assets |
(2 075) |
(1 698) |
Borrowings |
2 451 |
2 534 |
|
|
|
|
|
|
Net financial debt |
376 |
836 |
|
|
|
Ratio of net financial debt to
shareholders' equity (gearing) |
19% |
47% |
|
|
|
Provisions and employee-related
liabilities |
730 |
740 |
|
|
|
|
|
|
Net deferred tax |
173 |
142 |
|
|
|
|
|
|
Derivatives |
10 |
44 |
|
|
|
|
|
|
TOTAL |
3 269 |
3 538 |
|
|
|
Appendix 4:
Reconciliation Group reporting and published accounts
|
|
|
|
|
|
|
|
|
(€ million) |
|
FY |
Joint-venture |
FY |
|
FY |
Joint-venture |
FY |
|
|
2017 |
contribution |
2017 |
|
2016 |
contribution |
2016 |
|
|
Published (1) |
|
Reporting (2) |
|
Published (1) |
|
Reporting (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
|
3
528 |
124 |
3 652 |
|
2
897 |
87 |
2 984 |
|
|
|
|
|
|
|
|
|
EBITDA |
|
845 |
26 |
871 |
|
366 |
9 |
375 |
|
|
|
|
|
|
|
|
|
Current operating
income |
|
598 |
10 |
608 |
|
91 |
(7) |
84 |
|
|
|
|
|
|
|
|
|
Operating income |
|
513 |
54 |
567 |
|
(47) |
(48) |
(95) |
|
|
|
|
|
|
|
|
|
Net income for the
period - Group share |
|
203 |
- |
203 |
|
(179) |
- |
(179) |
|
|
|
|
|
|
|
|
|
Net cash generated by
operating activities |
|
687 |
- |
687 |
|
98 |
23 |
121 |
|
|
|
|
|
|
|
|
|
Industrial
investments |
|
224 |
6 |
230 |
|
206 |
11 |
217 |
|
|
|
|
|
|
|
|
|
(Net financial
debt) |
|
(237) |
(139) |
(376) |
|
(675) |
(161) |
(836) |
|
|
|
|
|
|
|
|
|
Shareholders'
equity |
|
1
989 |
(9) |
1 980 |
|
1
791 |
(15) |
1 776 |
|
|
|
|
|
|
|
|
|
Shareholders' equity -
Group share |
|
1
694 |
- |
1 694 |
|
1
515 |
- |
1 515 |
|
|
|
|
|
|
|
|
|
(1) Financial statements prepared
under applicable IFRS, with joint ventures are accounted for using
equity method. See 2017 consolidated financial statements
(www.eramet.com).
(2) Group reporting, in which joint ventures are accounted for
using proportionate consolidation.
Appendix 5:
Consolidated financial aggregates TiZir (at
100%)
|
|
|
(in €m for 100%) |
FY |
FY |
|
2017 |
2016 |
|
|
|
|
|
|
|
|
|
Sales |
199 |
145 |
|
|
|
EBITDA |
55 |
16 |
|
|
|
Current operating income |
27 |
(13) |
|
|
|
Net
financial debt |
(462) |
(495) |
|
|
|
|
|
|
(en millions de
dollars US - à 100%) |
Exercice |
Exercice |
|
2017 |
2016 |
|
|
|
|
|
|
|
|
|
Sales |
225 |
161 |
|
|
|
EBITDA |
62 |
18 |
|
|
|
Current operating income |
30 |
(14) |
|
|
|
Net
financial debt |
(554) |
(522) |
|
|
|
Note: consolidated financial aggregate TiZir
presented in accordance with Group ERAMET's accounting standards
and principles
[1] Figures at
constant economic conditions (early 2016).
[2] Audit
procedures for the 2017 consolidated financial statements are
complete and the certification report is in the process of being
issued
[3] TF2 =
number of lost time and recordable injury accidents for 1 million
hours worked
[4]
Joint-venture 50/50 owned by ERAMET Group and Mineral Deposits
Ltd.
[5] Figures at
constant economic conditions (early 2016).
[6] Business
integrated in early 2017 at the Commentry site in France.
ERAMET_2017 Annual
Results
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Groupe Eramet via Globenewswire
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