Groupe Eramet : Q1 2015 TURNOVER
(Thomson Reuters ONE) -
Paris, April 29, 2015
PRESS RELEASE
Q1 2015 TURNOVER
* Q1 2015 turnover up on the same period in 2014 at ?777 million, driven by a
stronger dollar, despite a sharp decline in manganese ore prices.
* Higher sales at ERAMET Alloys, primarily in the aerospace sector.
* Ongoing implementation of cost reduction, productivity improvement and
capital expenditure control plans.
----------------------------------------------
Turnover(1) Q1 2014 Q1 2015
(? million)
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ERAMET Manganese 326 329
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ERAMET Nickel 166 192
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ERAMET Alloys 224 256
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Holding & eliminations (2) -
----------------------------------------------
ERAMET Group 714 777
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(1)Adjusted data from Group reporting, which consolidates joint ventures using
the proportionate method.
The reconciliation with turnover reported in accordance with IFRS is
presented in the appendix.
Metals, including nickel and manganese, continue to suffer from a challenging
global economic climate, primarily as a result of the slowdown in Chinese
economic growth. Nickel prices remained weak while manganese ore prices fell
sharply. Conversely, the EUR/USD exchange rate and higher sales in the aerospace
market had a positive impact. The effect of the EUR/USD exchange rate accounts
for most of the increase in turnover.
* ERAMET Manganese: Q1 2015 turnover totalled ?329 million, unchanged on Q1
2014.
Global carbon steel output fell around 1.8% in Q1 2015 compared with Q1 2014.
Chinese steel output shrank by 1.7% in Q1 2015 compared with the same period in
2014.
In this context, ERAMET's external shipments of manganese ore were down 19% in
Q1 2015 compared with Q1 2014.
CIF China* manganese ore spot prices decreased by 24.6% to 3.83 USD/dmtu in Q1
2015 compared with Q1 2014.
However, the manganese alloys market remained stable with Q1 2015 prices and
volumes in line with Q1 2014.
* ERAMET Nickel: Q1 2015 turnover totalled ?192 million, compared with ?166
million in Q1 2014, primarily as a result of the stronger dollar.
In Q1 2015, global stainless steel output was similar to Q1 2014 levels.
LME nickel prices in USD/lb remained low, falling 2% compared to Q1 2014.
The effect of the Indonesian "Ban**" on nickel prices has not materialized, so
far, as LME nickel inventories remain high.
* ERAMET Alloys: Q1 2015 turnover up 14% on Q1 2014, at ?256 million,
mainly driven by the aerospace market.
In Q1 2015, the energy, defence and tooling markets remained flat at
insufficient levels, whereas the aerospace market remained buoyant over the same
period, reflecting both the strength of the sector and the positioning of ERAMET
Alloys on all major aircraft programmes.
* Source: CRU
** Ban on the export of nickel ore not processed locally in Indonesia since
January 2014
* ERAMET group financial position
At end-March 2015, ERAMET had a substantial liquidity and a sound financial
position.
* Outlook for the ERAMET group
External shipments of manganese ore are expected to come back to a robust pace
in full-year 2015, offsetting the low levels in Q1 2015.
ERAMET Alloys continues to benefit from strong demand from the aerospace market,
although certain programmes are expected to see a slowdown before the end of
2015.
Q2 is seeing nickel and manganese ore prices significantly below Q1 2015 levels,
which will inevitably weigh on the Group's performance in the first half of
2015.
As previously reported, the Group continues to pursue its goal of cost
reductions and productivity improvements as well as a strict policy of selective
capital expenditure.
- ooOoo --
CALENDAR
The ERAMET Shareholders' General Meeting will be held at 10:30 AM on May
29, 2015 at Cercle National des Armées - 8, Place Saint-Augustin - 75008 PARIS.
--------------------------------------------------------------------------------
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 has major research and development projects in new business lines with
high growth potential, such as mineral sands (titanium dioxide and zircon),
lithium and in recycling.
The Group employs approximately 14,000 people in 21 countries. ERAMET is part of
Euronext Paris Compartment A.
CONTACT
Vice President Strategy and Investor Relations
Philippe Gundermann
Tel: +33 (0)1 45 38 42 78
Investor Relations and Economic Analyst
David Fortin
Tel: +33 (0)1 45 38 42 86
For more information: www.eramet.com
--------------------------------------------------------------------------------
APPENDIX
Appendix 1: Turnover
-----------------------------------------------------------------------------
Turnover (M?) Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
-----------------------------------------------------------------------------
ERAMET Manganese 326 357 358 388 329
-----------------------------------------------------------------------------
ERAMET Nickel 166 215 217 183 192
-----------------------------------------------------------------------------
ERAMET Alloys 224 250 211 253 256
-----------------------------------------------------------------------------
Holding & eliminations (2) (2) 1 (1) -
-----------------------------------------------------------------------------
ERAMET group 714 820 787 823 777
including joint ventures
-----------------------------------------------------------------------------
Share of joint ventures (14) (16) (18) (21) (20)
-----------------------------------------------------------------------------
ERAMET group 700 804 769 802 757
IFRS published data(1)
-----------------------------------------------------------------------------
1Application of IFRS standard 11 - Joint Arrangements.
Appendix 2: Production and shipments
----------------------------------------------------------------------------
Metric tons Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015
----------------------------------------------------------------------------
Manganese ore and sinter production 795,500 848,600 961,100 875,700 880,500
----------------------------------------------------------------------------
Manganese alloy production 165,500 172,800 175,500 182,100 169,500
----------------------------------------------------------------------------
Manganese alloy sales 170,500 182,400 165,600 181,100 169,500
----------------------------------------------------------------------------
Nickel production* 13,812 13,267 14,155 13,778 13,086
----------------------------------------------------------------------------
Nickel sales** 13,235 14,392 13,378 12,611 13,452
----------------------------------------------------------------------------
* Ferronickel and matte
** Finished products
Eramet press release PDF:
http://hugin.info/143395/R/1916632/685423.pdf
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other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Groupe Eramet via GlobeNewswire
[HUG#1916632]
Unternehmensinformation / Kurzprofil:
Datum: 29.04.2015 - 17:46 Uhr
Sprache: Deutsch
News-ID 389555
Anzahl Zeichen: 9633
contact information:
Town:
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Kategorie:
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