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MarketScreener Homepage  >  Equities  >  Euronext Paris  >  Eramet    ERA   FR0000131757

ERAMET

(ERA)
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ERAMET : Group: 2012 Results

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02/22/2013 | 01:05am EDT

 Paris, February 22nd, 2013

 

PRESS RELEASE

 

 

ERAMET Group 2012 Results

 

  • ERAMET's annual results were down in 2012 in a very challenging economic environment, weighed down by unfavorable market conditions and a non-recurring technical incident in Owendo (Gabon) during the first quarter.

 

  • Substantial investments to prepare for the future.

 

  • Sound financial position.

 

 

ERAMET's Board of Directors, meeting on February 21st 2013 under the chairmanship of Patrick BUFFET, approved the financial statements for 2012, which will be submitted to the General Shareholders' Meeting of May 15th 2013.

 

 

(? millions) H1 2012 H2 2012 2012 2011
Turnover 1,735 1,712 3,447 3,603
Current operating income 81 63 144 554
Net income, Group share 21 (13) 8 195
Net income, Group share (?/share) 0.79 (0.48) 0.31 7.42
Operating cash flow 51 166 217 591
Consolidated net cash 825 448 448 1,153

 

 

The Group's results were impacted by a very tough economic environment in 2012. Countries in the developed world faced the simultaneous challenges of rising debt levels, exacerbated by the slowdown in emerging countries, and in China in particular. The negative impact of this general weak environment was evident in the main steel-consuming sectors, especially, and to varying degrees by country, the automotive and construction sectors. The Group's results were hit by the sharp drop in nickel prices, the decline in manganese ore and manganese alloy prices, as well as by the non-recurring technical incident at the port of Owendo (Gabon) in the first half of 2012. This incident resulted in a manganese ore production deficit of roughly four weeks.


 

Group turnover in 2012 was down 4% to ?3,447 million.

 

Despite stepping up manganese ore production, current operating income in H2 2012 declined relative to the first half as expected, primarily due to the weakness in the markets and the fall in nickel prices. Current operating income for the full year was
?144 million.

 

Net income, Group share stood at ?8 million after payment of taxes totaling ?28 million, taking into account withholding taxes related to the payment of COMILOG and SLN dividends.

 

ERAMET's capital expenditure in 2012 amounted to ?641 million, primarily to progress projects already decided on. Moreover, other operating income and expenditure include research expenses for a number of development projects of ?46 million, mainly for Maboumine in Gabon.

 

Consolidated net cash was ?448 million at end-2012, after, notably, payment of
?228 million to minority shareholders of SLN and COMILOG. Moreover, the ERAMET Group has a ?980 million medium-term line of credit.

 

 

  • Dividend of ?1.30/share proposed

The Board of Directors will propose to Shareholders at the General Meeting a dividend of ?1.30 per share.

 

  • ERAMET Manganese: current operating income at ?236 million in 2012

The current operating income posted by ERAMET Manganese reflects the impact of the technical incidents in the first half of 2012 as a result of difficulties encountered when changing the wagon unloading facilities at Owendo port, which extended the planned production stoppage by four weeks, in addition to the scheduled two weeks, and a production stoppage lasting one month at the Norwegian Tyssedal plant (TIZIR-titanium dioxide slag and high-purity pig iron) for the anticipated overhaul of the rotary kiln in 2012. ERAMET Manganese's current operating income amounted to ?236 million in 2012.

 

The manganese market benefited from an increase in global steel production, which was up 1.2% for 2012 as a whole, a markedly slower pace of growth than the 6% in 2011. Chinese output grew 3% in 2012.

 

Surplus manganese ore inventories at Chinese ports declined gradually and continuously from their peak level in May 2011. These deep inventories dragged down prices in 2012, before adjusting at a relatively low level at the end of the year. CIF China spot prices (source: CRU) for the ore were down 9% on average in 2012 vs. 2011 to close the year at US$ 4.93/dmtu.

 

COMILOG's production of manganese ore and sinter in Gabon was a little over 3 million tons for the year, impacted by the significant non-recurring incident in H1 2012 at Owendo.

 

Global manganese alloy supplies remained in surplus in 2012, especially in China due to substantial excess capacity, while demand in Europe was weakened by the 4% fall in steel production year-on-year. Spot prices for manganese alloys (source: CRU) declined by some 7% on average in 2012 compared with 2011. There were steeper falls in refined alloy prices, as well as in the Chinese market.

 


 

Against this backdrop, ERAMET Manganese continued to make adjustments to its industrial facilities in China. The former manganese alloy plant at Guilin was closed in May 2011 and capacity at Guangxi scaled back to 50% in 2012, prior to its scheduled closure at the end of 2012. The New Guilin plant was commissioned in July 2012. The facility is based on more efficient technology and targets a large proportion of refined alloys in its production. With the reduced output of alloys in China, overall production by ERAMET Manganese declined 7% to 730,000 tons (despite a slight increase outside China) in 2012 compared with 2011. The share of refined products increased to 48%.

 

In addition, ERAMET Manganese is simultaneously pursuing a number of major projects: the Moanda metallurgical complex, COMILOG's increase in production capacity to four million tons and, through TIZIR, the 50/50 joint venture with the Australian Mineral Deposits Limited, the Grande-Côte mineral sands deposit project in Senegal, to constitute a major global player in titanium dioxide feedstock and zircon in the long term.

 

In Gabon, ERAMET continued testing to develop an innovative process as part of the Maboumine project (niobium, rare earths, tantalum, uranium, etc.); tests were conducted at two pilot labs during the second half of 2012 (upstream and downstream phases of the process).

 

 

  • ERAMET Nickel: particularly low nickel prices in 2012 weighed on current operating income

Current operating income posted by ERAMET Nickel was down in 2012 to
-?40 million for the year as a whole. This result primarily reflects the fall of 23% in LME nickel prices, as well as the rise in fuel costs in 2012 vs. 2011, when it had the benefit of favorable hedges.

 

In 2012, global stainless steel production was up 2% year-on-year. The decline in nickel prices on the LME reflects not only falling demand, but also a rise in global production in excess of demand. This increasing production comes from major new projects gearing up and the surge in Chinese nickel pig iron output in particular.

 

Given the weakness in nickel prices in H2 2012 (averaging US$ 7.56/lb), a very significant percentage of world nickel production was loss-making in the period.

 

Nickel deliveries by ERAMET Nickel rose 6% in 2012 compared with 2011 to almost 57,000 tons, as the ramp-up of metallurgical production at the Doniambo, New Caledonia continued.

 

Operational improvements achieved under the plan to improve competitiveness partially offset the cost increases associated with external factors (exchange rates, energy costs, inflation, content, overburden ratios, etc.), in the amount of about US$ 1 per pound in 2012, compared with 2008, under equivalent economic conditions.

 

ERAMET Nickel will continue to roll out its continuous improvement programs to sharpen its competitive positioning, while production will continue to increase gradually to a target of 62,000 tons in 2015.

 

Two important decisions to prepare the groundwork for the company's future in New Caledonia were taken in the past few months:

 

  • The Board of Directors of Société Le Nickel (SLN), meeting on December 4, 2012, approved the choice of fuel for the future Doniambo power plant. The pulverized coal technology selected for the power plant will deliver far superior economic and environmental performance. The final investment decision will be made in 2014,

    once an operator has been selected, the engineering studies completed and the necessary government permits obtained in New Caledonia.
     
  • A declaration of intent was signed on November 6, 2012 with the VALE Group and the Government of New Caledonia's South Province with a view to collaboration in exploring the Prony and Creek Pernod deposits. These nickel deposits are potentially world class and are unexploited to date.

 

In Indonesia, the Weda Bay project has entered the reliability testing and risk-reduction phase. ERAMET appointed external technical experts tasked with undertaking a comprehensive review of the project in the course of the past few months. A number of actions and additional tests were decided on as a result. The project scope was expanded to incorporate a downstream processing stage to produce nickel metal instead of an intermediate product. For reasonable additional capex, this expansion will increase the added value generated by the project and enhance its access to the market. Moreover, the decision is consistent with the Indonesian government's objective of maximizing added value from the project locally. Discussions with the Indonesian government were held in recent months and will continue in order to clarify a number of points in Indonesian legislation and fiscal regulations applicable to the project. Given these factors, the final investment decision on Weda Bay may be expected in 2014.

 

 

  • ERAMET Alloys: strongly contrasting developments pressured results in 2012; the measures undertaken in response to these developments should ensure 2015 profitability targets are met

ERAMET Alloys grew its turnover by 9% in 2012 versus 2011. However, this growth masks very contrasting developments: sales in the aerospace sector grew 24%, while sales in tooling and high-speed steel declined by an average of 13%, with the contraction concentrated in the second half of the year in the main.

 

Current operating income stood at - ?8 million.

 

ERAMET Alloys improved its logistics chain in fiscal 2012 and reduced inventories at Aubert & Duval by more than ?50 million in H2 2012. Furthermore, the action plans aimed at achieving the profitability targets set for 2015 will be stepped up in 2013: order selectivity, reductions in overhead costs and continued WCR gains, amongst others. These measures, combined with the ramp-up of strategic investments by ERAMET Alloys completed in 2011 and 2012 in France and Sweden, should ensure it meets its 2015 targets, namely a pre-tax return on capital employed of 15% and a current operating margin of 10%.

 

 

  • Outlook

The global economic environment remains unstable, despite some short-term positive signals in both the United States and China. The outlook varies across the Group's markets.

 

ERAMET Manganese is expected to increase its production of manganese ore and sinter by roughly 20% in 2013. The relatively low stockpile levels observed in Chinese ports and a degree of improvement in physical demand from clients are reflected in the gradual increase in CIF China spot prices for the ore (source: CRU) in the early part of 2013, which has lifted them above US$ 5/dmtu currently.

 

Nickel prices recently bounced back slightly from the very low level in the second half of 2012; however the price is expected to remain burdened by market surplus. New projects

will continue to come on stream. The production volume of nickel pig-iron in China remains uncertain and will depend partly on developments in processing costs and partly on future export flows of ore to China.

 

Similarly, the outlook for growth in ERAMET Alloys's market is contrasted: demand in the aerospace sector remains sound, while the prospects for tooling and high-speed steels deteriorated at the year-end.

 

 

Patrick BUFFET, Chairman and CEO of the ERAMET Group, stated:

 

"Medium- and long-term demand for the Group's metals and alloys holds substantial development potential, especially in emerging markets.

 

With world-class deposits and innovative technologies, the Group has the capability to deliver efficient and value-generating solutions across the entire chain, from processing through to the finished product.

 

Simultaneously, ERAMET will pursue its operating improvement programs in all three business lines, continuing its capital expenditure on organic growth projects, as well as feasibility studies prior to decision-making on transformative projects.

 

It expects to complete the construction of two substantial programs at end-2013/early-2014: the Moanda Metallurgical Complex in Gabon and the new Grande Côte mineral sands operation in Senegal.

 

Without calling its strategic policy into question, the ERAMET Group has decided to be increasingly selective with regards to investments."

 

- ooOoo -

WEBCAST OF RESULTS PRESENTATION

 

Presentation of the 2012 results will be available by Webcast at 10:00 today (CET), in French with simultaneous translation into English. To subscribe, click on the link on the Group's Web site: www.eramet.com:
http://www.eramet.com/

 


ABOUT ERAMET

ERAMET is a leading global producer of:   

  • alloying metals, particularly manganese and nickel, used to improve the properties of steel,  
  • high-performance special steels and alloys used in industries such as aerospace, power generation and tooling.  

 

ERAMET is also studying or developing major projects in new activities such as mineral sands (titanium dioxide and zircon), lithium, niobium and rare earths, as well as in recycling.  

The Group employs approximately 14,000 people in 20 countries. ERAMET is part of Euronext Paris Compartment A.   

CONTACT

Head of Financial Communications and Economic Studies

Philippe Joly

Tel: +33 (0)1 45 38 42 02

 

Investor Relations and Economic Analyst

David Fortin

Tel: +33 (0)1 45 38 42 86

 

For more information: www.eramet.com:
http://www.eramet.com/


 

APPENDIX

Turnover

Turnover (M?) Q4 2012 Q3 2012 Q2 2012 Q1 2012 2012 2011 Change
ERAMET Manganese 427 380 379 374 1,560 1,713
-9%
 
ERAMET Nickel 242 196 224 236 898 989 -9%
ERAMET Alloys 251 220 255 271 997 910 10%
Holding co. & eliminations (1) (3) 0 (4) (8) (9) -
ERAMET Group 919 793 858 877 3,447 3,603 -4%

Production and shipments

In tons Q4 2012 Q3 2012 Q2 2012 Q1 2012 2012 2011 Change
Manganese ore and sinter production 886,400 838,600 840,600 471,200 3,036,800 3,432,600 -12%
Manganese alloy production 186,100 189,800 178,200 176,000 730,100 784,300 -7%
Manganese alloy sales 201,200 177,200 170,800 195,500 744,700 795,700 -6%
Nickel production* 14,184 14,578 13,465 14,220 56,447 54,360 4%
Nickel sales** 15,807 12,551 14,721 13,602 56,681 53,279 6%

*     Ferronickel and matte

**   Finished products

 

 

Statement of comprehensive income   
    
    
(millions of euros)Full year  Full year  Full year  
 2012  2011  2010  
    
    
Sales3 447 3 603 3 576 
    
Other income34 81 31 
Cost of products sold(2 823)(2 674)(2 437)
Administrative & selling costs(200)(174)(155)
Research & development expenditure(51)(47)(44)
    
    
EBITDA407 789 971 
    
    
Depreciation, amortisation & impairment of non-current assets(245)(230)(225)
Impairment losses and provisions(18)(5)(7)
    
    
Current operating income144 554 739 
    
    
Other operating income and expenses(74)(63)(19)
    
    
Operating income70 491 720 
    
    
Net cost of debt22 
Other finance income and expenses(8)(15)
Share in earnings of affiliates-  
Income tax(28)(219)(255)
    
    
Net income42 303 454 
    
    
- Minority interests34 108 126 
- Equity holders of the parent195 328 
    
    
Basic earnings per share (EUR)0,31 7,42 12,43 
Diluted earnings per share (EUR)0,31 7,39 12,40 
    
    
    
Net income42 303 454 
    
    
Exchange differences on translation of foreign operations63 
Net (loss) / gain on cash flow hedges37 (51)(20)
Net (loss) / gain on available for sale financial assets(10)
Income tax(12)21 
    
    
Other comprehensive income (loss)33 (33)52 
    
    
- Minority interests(4)
- Equity holders of the parent37 (37)44 
    
    
    
Total comprehensive income75 270 506 
    
    
- Minority interests30 112 134 
- Equity holders of the parent45 158 372 
    

 

Statement of financial position   
    
Assets   
    
    
(millions of euros)12/31/2012  12/31/2011  12/31/2010  
    
    
Goodwill173 210 172 
Intangible assets717 612 521 
Property, plant & equipment2 454 2 119 1 903 
Companies accounted for using the equity method33 23 22 
Other financial non-current assets100 87 86 
Deferred tax29 25 30 
Other non-current assets
    
    
Non-current assets3 513 3 081 2 739 
    
    
Inventories1 038 1 093 996 
Trade receivables and other current assets690 664 642 
Tax receivables38 33 12 
Financial derivatives51 46 128 
Other financial current assets368 473 359 
Cash and cash equivalents621 911 1 227 
    
    
Current assets2 806 3 220 3 364 
    
    
    
Total assets6 319 6 301 6 103 
    
    
Shareholders' equity and liabilities   
    
    
(millions of euros)12/31/2012  12/31/2011  12/31/2010  
    
    
Share capital81 81 81 
Share premiums373 372 371 
Available for sale reserve-  
Cash flow hedge reserve(24)10 
Foreign currency translation reserve32 28 24 
Other reserves2 538 2 579 2 465 
    
    
Shareholders' equity of the parent3 033 3 036 2 958 
    
Minority interests818 1 043 1 016 
    
    
Shareholders' equity3 851 4 079 3 974 
    
    
Employee benefits131 129 123 
Provisions428 379 360 
Deferred tax380 406 342 
Borrowings - due in more than one year311 151 203 
Other non-current liabilities28 37 33 
    
    
Non-current liabilities1 278 1 102 1 061 
    
    
Provisions - due in less than one year30 29 29 
Borrowings - due in less than one year230 80 88 
Trade payables and other current liabilities805 833 731 
Tax payables72 77 149 
Financial derivatives53 101 71 
    
    
Current liabilities1 190 1 120 1 068 
    
    
    
Total shareholders' equity and liabilities6 319 6 301 6 103 
    

 

Statement of changes in net cash / borrowing position    
      
      
(millions of euros)  Full year  Full year  Full year  
   2012  2011  2010  
      
      
Opertating activities     
      
EBITDA  407 789 971 
Elimination of non-cash or     
non-business items:  (149)(155)(201)
      
      
Operating cash flow before changes in working capital 258 634 770 
      
Changes in operating working capital requirement  (41)(43)(43)
      
      
Net cash flows from operating activities  217 591 727 
      
      
Investing activities     
      
Capital expenditure  (641)(492)(326)
Non-current financial assets  (19)(65)76 
Disposals of non-current assets  
Net change in non-current asset receivables / liabilities 12 
Changes in scope of consolidation and loans  13 17 (11)
Dividends from equity accounted affiliates  -  -  -  
      
      
Net cash flows from investing activities  (636)(525)(252)
      
      
Financing activities     
      
Dividends paid  (287)(186)(152)
Share capital increases  31 
Changes in working capital requirement related to financing activities-  (2)-  
      
      
Net cash flows from financing activities  (285)(187)(121)
      
      
Impact of translation adjustments  (1)(21)(5)
      
      
Decrease (increase) in net cash (borrowing) position (705)(142)349 
      
      
Opening net cash (borrowing) position  1 153 1 295 946 
Closing net cash (borrowing) position  448 1 153 1 295 
      

 

Segment reporting     
      
By division     
      
      
(millions of euros)Nickel  Manganèse  Alloys  Holding &  eliminations  Total  
      
      
      
      
Full year 2012       
      
      
Non-Group sales893 1 557 994 3 447 
Intra-Group sales(11)-  
      
      
Sales898 1 560 997 (8)3 447 
      
Cash flows from operating activities45 246 11 (44)258 
      
EBITDA53 357 40 (43)407 
      
Current operating income(40)236 (8)(44)144 
      
Other operating income and expenses-  -  -  -  (74)
      
Operating income-  -  -  -  70 
      
Cost of borrowed capital-  -  -  -  
Other finance income and expenses-  -  -  -  (8)
Share of income from equity accounted companies-  -  -  -  -  
Income tax-  -  -  -  (28)
Minority interests-  -  -  -  (34)
      
Group net income (loss)-  -  -  -  
      
Non-cash expenses(79)(105)(38)(216)
- depreciation & amortisation(88)(111)(47)(1)(247)
- provisions(14)(7)11 (9)
- impairment losses(1)(8)-  -  (9)
      
Capital expenditure (intangibles and property, plant & equipment)146 399 84 12 641 
      
Total balance sheet assets (current and non-current)2 385 2 904 1 182 (152)6 319 
      
Total balance sheet liabilities (current and non-current excluding sareholders)991 1 282 794 (599)2 468 
      
Capitaux employés     
      
      
      
Full year 2011       
      
      
Non-Group sales983 1 709 909 3 603 
Intra-Group sales(11)-  
      
      
Sales989 1 713 910 (9)3 603 
      
Cash flows from operating activities249 364 43 (22)634 
      
EBITDA269 499 57 (36)789 
      
Current operating income189 388 16 (39)554 
      
Other operating income and expenses-  -  -  -  (63)
      
Operating income-  -  -  -  491 
      
Cost of borrowed capital-  -  -  -  22 
Other finance income and expenses-  -  -  -  
Share of income from equity accounted companies-  -  -  -  
Income tax-  -  -  -  (219)
Minority interests-  -  -  -  (108)
      
Group net income (loss)-  -  -  -  195 
      
Non-cash expenses(128)(154)(29)(20)(331)
- depreciation & amortisation(81)(105)(39)(3)(228)
- provisions(12)(1)(1)
- impairment losses-  (19)-  (16)
      
Capital expenditure (intangibles and property, plant & equipment)141 245 100 492 
      
Total balance sheet assets (current and non-current)2 830 2 604 1 217 (350)6 301 
      
Total balance sheet liabilities (current and non-current excluding sareholders)982 997 826 (583)2 222 
      
Capitaux employés277 348 575 15 1 214 
      
      
      
Full year 2010       
      
      
Non-Group sales958 1 853 763 3 576 
Intra-Group sales(13)-  
      
      
Sales965 1 858 764 (11)3 576 
      
Cash flows from operating activities229 518 56 (33)770 
      
EBITDA269 656 76 (30)971 
      
Current operating income194 548 29 (32)739 
      
Other operating income and expenses-  -  -  -  (19)
      
Operating income-  -  -  -  720 
      
Cost of borrowed capital-  -  -  -  
Other finance income and expenses-  -  -  -  (15)
Share of income from equity accounted companies-  -  -  -  
Income tax-  -  -  -  (255)
Minority interests-  -  -  -  (126)
      
Group net income (loss)-  -  -  -  328 
      
Non-cash expenses(82)(211)(40)17 (316)
- depreciation & amortisation(78)(100)(41)(2)(221)
- provisions(10)(5)(14)12 (17)
- impairment losses-  (2)13 -  11 
      
Capital expenditure (intangibles and property, plant & equipment)124 130 69 326 
      
Total balance sheet assets (current and non-current)2 630 3 030 1 007 (564)6 103 
      
Total balance sheet liabilities (current and non-current excluding sareholders)842 1 043 630 (386)2 129 
      

 

Segment reporting        
         
By geographic region        
         
         
(millions of euros)France  Europe  North  America  Asia  Oceania  Africa  South  America  Total  
         
         
         
         
Sales (destination of sales)        
         
         
Full year 2012  455 1 143 686 992 29 84 58 3 447 
         
Full year 2011  337 1 261 676 1 193 30 66 40 3 603 
         
Full year 2010  324 1 274 642 1 201 32 77 26 3 576 
         
         
         
Capital expenditure (intangibles and property, plant & equipment)        
         
         
Full year 2012  104 36 48 118 69 265 641 
         
Full year 2011  106 38 27 122 61 138 -  492 
         
Full year 2010  76 32 28 75 50 64 326 
         
         
         
Total balance sheet assets (current and non-current)        
         
         
Full year 2012  2 512 778 363 869 904 892 6 319 
         
Full year 2011  2 799 823 368 783 903 624 6 301 
         
Full year 2010  2 952 840 400 700 846 365 -  6 103 
         

 


2012 RESULTS PRESS RELEASE PDF:
http://hugin.info/143395/R/1680206/548977.pdf



This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Groupe Eramet via Thomson Reuters ONE

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