ERAMET group: 2016 1st Half Results
(Thomson Reuters ONE) -
Paris, 27 July 2016
PRESS RELEASE
ERAMET group: 2016 H1 Results
* Markets:
* The raw materials sector is going through a crisis of exceptional length
and magnitude, strongly impacting all the mining and metallurgical
groups.
* The ERAMET Group metal prices have reached their lowest level for nearly
15 years in the first quarter of 2016, which has strongly impacted the
Group's results.
* Key figures for first-half 2016:
* ERAMET sales stood at ?1,373 million in first-half 2016, down nearly
16% compared with first-half 2015 and down 7.4% compared with second-
half 2015.
* Despite more difficult market conditions over first-half 2016 compared
with second-half 2015, current operating income came out at -?91 million
in first-half 2016 compared with -?137 million in second-half 2015. This
result is notably due to major strengthening in 2015 of cost reduction
and productivity improvement measures taken across the whole Group.
* Net income, Group share was -?141 million.
* Industrial investments, limited to safety and maintenance, are down.
They totalled ?85 million in first-half 2016 versus ?132 million in
first-half 2015.
* Specific measures at Société Le Nickel (SLN):
* Implementation of an ambitious cash cost reduction plan at SLN, with the
objective of achieving a 25% reduction compared with the 2015 average
cash cost, on an annual basis, by end-2017, based on the economic
conditions of early 2016. The average cash cost for first-half 2016 has
already been reduced by 10% compared with 2015.
* ERAMET loan to SLN brought up to ?325 million along with a ?200 million
loan from the French government directly to SLN.
* Strengthening of Group's equity:
* A strengthening of ERAMET equity is scheduled for autumn 2016 with the
support from its two main shareholders, SORAME-CEIR and the French
State: the issue, in accordance with market conditions, of a perpetual
convertible bond of ?100 million, with priority delay given to all of
the Group's shareholders. The ownership interests planned by SORAME-CEIR
and the French State amounting to at least their share in the company.
- ooOoo -
ERAMET Board of Directors, which met on 27 July 2016 under the chairmanship of
Patrick BUFFET, examined the accounts for first-half 2016.
* Key figures for ERAMET Group
The metals crisis, exceptional in length and magnitude, and which has affected
the sector's actors, strongly impacted the ERAMET Group results. The Group sales
stood at ?1,373 million (-16% compared with first-half 2015).
The Group current operating income (-?91 million) is down compared with first-
half 2015. Nevertheless, it has improved compared with second-half 2015 (-?137
million), even though market conditions have globally been more difficult
throughout first-half 2016. In particular, ERAMET Nickel current operating
income has clearly improved compared with second-half 2015 (-?89 million in
first-half 2016 vs. -?163 million in second-half 2015).
Net income, Group share totalled -?141 million, down compared with first-half
2015 (-?83 million). It stood at -?714 million for 2015 due to important
impairments.
Industrial investments, limited to safety and maintenance, came out at ?85
million, decreased by 36% compared with first-half 2015 and by 51% compared with
first-half 2014. The objective is to limit investments to ?250 million over
2016. This is made possible following the period of significant modernisation
investments in production systems made in the early 2010s.
The level of net debt stood at ?1,163 million on 30 June 2016. The two main
reasons for the increase in net debt on first-half 2016 are linked, on the one
hand, to SLN's losses and, on the other, to the put option exercised by
Mitsubishi and Pamco in the Weda Bay project. The net debt to equity ratio came
out at 70% at the end of first-half 2016.
-----------------------------------------------------------------------------
Key figures - ERAMET Group (in ? million)(*) H1 2016 H2 2015 H1 2015
Sales 1,373 1,483 1,626
EBITDA 56 14 78
Current operating income (91) (137) (70)
Impairment of assets and tax receivables (64) (668) -
Net income, Group share (141) (631) (83)
Net debt (1,163) (878) (805)
Net debt-to-equity ratio 70% 49% 30%
-----------------------------------------------------------------------------
(* )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 Appendix.
* Financial situation
In early January 2016, the ERAMET Group drew down a revolving credit facility of
?980 million.
In June 2016, the ERAMET Group's financial liquidity remains significant, at
1.28 billion euros.
* ERAMET Nickel: sales down 36% in first-half 2016 compared with first-half
2015, at ?255 million. Current operating income stood at -?89 million,
slightly better than first-half 2015 while nickel prices have fallen sharply
in first-half 2016.
Since the start of the decade and up to 2014, growth in the stainless steel
market, the main outlet for nickel, was between 6 and 9% a year. 2015 marked a
turning point for the market, with a break in growth (-0.4% in 2015 compared
with 2014). Over first-half 2016, stainless steel production is up again
slightly (1.3%) compared with first-half 2015.
At the same time, nickel producers' sustained levels of high production have led
to an increase in nickel stocks, held at a level greater than 500,000 tonnes of
metal on the LME (London Metal Exchange) and on the SHFE (Shanghai Futures
Exchange) in first quarter 2016. These stocks fell below the 500,000 tonnes mark
at end-May 2016 and still amount to approximately 480,000 tonnes as of today.
Nickel prices on the LME have thus continued to fall, to reach their lowest
level on average over first-half 2016 (USD 3.93/lb) since first-half 2003 (USD
3.79/lb). At these price levels, according to sector experts, between 70% and
80% of nickel producers are expected to produce at a loss.
Against this backdrop, Société Le Nickel - SLN in New-Caledonia, in which ERAMET
has a 56% stake, moved into a negative cash position at end-2015. Throughout
first-half 2016, SLN has benefitted from ERAMET's financial support totalling
?190 million until end-June 2016. This financial support was approved by the
Board of Directors.
ERAMET financial support to SLN was conditioned:
* On the basis of a specific cost reduction and productivity improvement plan
being implemented at SLN, with a target of significantly reducing its cash
cost by 25% at end-2017, on an annual basis, compared with the 2015 average,
based on the economic conditions of early 2016. This plan is especially
based on optimising the mine planning, energy efficiency, specialising SLN
production in ferronickel and continuing fixed costs reductions.
* On the basis of financial participation from SLN other shareholders.
Eventually, a loan of ?200 million has been directly granted to SLN by the
French Government, which will allow, with additional financial support of
?135 million provided by ERAMET, to ensure SLN continued financing up to
2018. These loans will be issued in successive instalments according to
needs, and notably in connection with changes in the nickel price.
As a result of its specialisation in ferronickel, SLN will no longer produce
matte from second-half 2016 onwards, an intermediary product of nickel which
supplied the refinery in Le Havre-Sandouville France. After the consumption of
the remaining matte, the Sandouville plant will be supplied by third party matte
for which ERAMET has secured a long-term agreement.
Finally, the French Government will provide a financial guarantee for the new
power plant project in New Caledonia which will allow the electrical supply to
the Doniambo power plant among others, provided French Parliament authorises
such financing in autumn 2016.
Regarding the Weda Bay project, following a decision to review its mining assets
portfolio, Mitsubishi Corporation wished to exercise on 21 April 2016 a put
option to ERAMET in the stake it held with Pacific Metals Co. Ltd (Pamco) in
Strand Minerals Pte Ltd, which owns 90% of the Indonesian company for the PT
Weda Bay Nickel exploration project. This transaction has no impact on the
Group's income statement. ERAMET is now the 100% shareholder of Strand Minerals
Pte Ltd which owns 90% of PT Weda Bay Nickel. In turn, as a result of this
transaction, the ERAMET Group's net cash has fallen by ?97 million.
The Weda Bay deposit is one of the largest nickel deposits in the world. Its
measured, indicated and inferred resources are valued at more than 9.3 million
tonnes of nickel, an increase of more than 5 million tonnes compared with
estimates made when ERAMET acquired Weda Bay in May 2006.
* ERAMET Alloys: ?497 million sales stable compared with first-half 2015.
Current operating income (?13 million) is also close to first-half 2015.
Aubert & Duval confirmed its growth with current operating income of ?24
million over the period while Erasteel (-?11 million) continued to be
affected by market conditions that remain gloomy.
ERAMET Alloys sales stood at ?497 million in first-half 2016. The buoyant
aerospace sector now accounts for nearly two thirds of ERAMET Alloys sales.
ERAMET Alloys current operating income stood at ?13 million in first-half 2016,
down ?2 million compared with first-half 2015. The cost reduction and
productivity improvement plans for ERAMET Alloys have confirmed progress for
Aubert & Duval which recorded current operating income of ?24 million in first-
half 2016, up 20% compared with the same period last year. Erasteel pursues its
restructuring plan as well as its plan to integrate recycling activities of
batteries and catalysts. The latter is a key factor in the company's turnaround
plans, with its full effect expected end-2017 on an annual basis. Strong actions
are taken in the high-speed steel sector. In first-half 2016, Erasteel's current
operating income remained negative at -?11 million.
ERAMET Alloys strengthened its positions in the powder metallurgy sector in
first-half 2016 thanks to the launch of an investment in a new atomising tower
for superalloy powders directed at the aerospace engine parts market.
Regarding its aerospace titanium supply chain, the MKAD plant, a joint-venture
between Aubert & Duval and Mecachrome to supply machined parts made of titanium,
started production in May 2016. This investment will position Aubert & Duval
across the entire aerospace titanium value chain.
* ERAMET Manganese: sales down 14% at ?620 million, due to historically low
prices in first-quarter 2016 and a decision to stop production for 4 weeks.
Current operating income is at breakeven.
Gross global production for carbon steel, the main outlet for manganese, is down
2.2% compared with first-half 2015.
Against this backdrop, CIF China 44% manganese ore prices (source CRU) took a
sharp downturn in early 2016, reaching a low point in February at USD
1.83/dmtu. The average for ore prices stood at USD 2.91/dmtu in first-half 2016
versus USD3.47/dmtu in first-half 2015.
From March 2016 onwards, ore prices rebounded, following several cuts in
production observed across the globe. Since, some South African producers, which
had stopped their production seemed to have recovered, a factor that is expected
to weigh on prices in the months ahead.
Regarding production, the downturn in the carbon steel market in first-quarter
2016 has led to a sharp increase in available ore stocks. Against this backdrop,
for nearly 4 weeks, COMILOG suspended manganese ore production in Moanda in
Gabon during first-half 2016. ERAMET Manganese sales were down 14% in first-half
2016 at ?620 million compared with ?718 million in first-half 2015.
First-half 2016 has allowed for the completion of financing agreements to
renovate the Transgabonais railway (SETRAG). It aims at increasing the railway's
transport capacity as well as its reliability. The corresponding amount, which
will be spread over 8 years, is totalling ?316 million of which ?93 million will
be financed by the Gabonese Government. The balance is backed by SETRAG which
benefits from international financing obtained from the SFI (World Bank) and
Proparco (a subsidiary of the Agence Française de Développement - French
Development Agency).
GCMC, a company 100% owned by COMILOG, which specialises in the recycling of
petroleum catalysts in the United States, and its wholly-owned subsidiary, BMC,
have filed a voluntary petition in front of the competent court of jurisdiction
in Pennsylvania to benefit from safeguard measures for relief under chapter 11
of the United States Bankruptcy Code. These measures allow companies to continue
their business throughout the duration of the procedure and may facilitate
finding a potential buyer.
* TiZir (a joint venture operated 50/50 with Mineral Deposits Limited)
GCO (Grande Côte Operations) in Senegal continued optimizing its operational
efficiency, Heavy Mineral Concentrate (containing ilmenite, zircon, rutile and
leucoxene) production reaching 280 000 tonnes in the first half of 2016.
In Norway, the ramp up of the TTI (TiZir Titanium and Iron) plant following the
recent upgrade and expansion project to produce a higher value chloride slag
continues to proceed well. First commercial shipments of chloride slag have been
made in first quarter 2016. The plant produced 79 000 tonnes of titanium dioxide
slag in the first half of 2016.
Following the Board Meeting, Patrick BUFFET declared:
"All mining and metallurgical companies, including ERAMET, are going through a
global crisis, both in terms of magnitude and length. This exceptional crisis
has called for exceptional measures.
ERAMET was among the first to make the decisions needed in the face of the
crisis. As soon as end-2013, ERAMET implemented a cost reduction and
productivity improvement plan targeting ?360 million in savings, on an annual
basis, in the current operating income by end-2017, compared with 2013. The
sharp downturn in metal prices has led to the Group significantly stepping up
this plan in 2016 with the objective of reducing cash consumption as quickly as
possible.
The implementation of new actions in addition to the stepping up and
amplification of previous measures have generated markedly improved results in
first-half 2016 compared with second-half 2015, and this in spite of a more
difficult market. The following has indeed been decided:
* In October 2015, the limitation of industrial investments to safety and
maintenance and the suspension of the Group major projects.
* In early 2016, the implementation of new plans to step up cost reductions
across the Group, and in particular in SLN, this subsidiary targeting to
lower cash costs by 25% compared with 2015, to USD 4.5/lb by end-2017, on an
annual basis, based on the economic conditions of early 2016.
In this respect, I am very pleased that a solution has been found with the
French Government to continue financing SLN and its turnaround through a ?200
million loan and with financial guarantees provided by the French Government to
finance a new electric power plant in New Caledonia, provided French Parliament
authorises such financing in autumn 2016 and in compliance with European
regulations. These decisions will go along with the issue, in accordance with
market conditions, of a perpetual convertible bond of ?100 million, in autumn
2016, with the support of its two main shareholders. ERAMET Board has just
agreed upon such principle.
However, the current economic climate, particularly in China, calls for the
utmost vigilance and we remain focused on ambitious and necessary operational
objectives which are expected to allow the Group to return to a positive free
cash flow as soon as possible. All of the Group's teams as well as myself are
fully committed to achieving this objective."
--------------------------------------------------------------------------------
ABOUT ERAMET
ERAMET is one of the leading global producers 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 developing high growth potential activities, such as mineral
sands (titanium dioxide and zirconium), lithium and recycling.
The Group employs approximately 14,000 people in 21 countries.
CONTACT
Vice President Strategy and Financial Communication
Philippe Gundermann
Tel: +33 (0)1 45 38 42 78
Investor Relations and Strategic Analyst
Hughes-Marie Aulanier
Tel: +33 (0)1 45 38 38 04
Strategic and Financial Communication Analyst
Ludovic Donati
Tel: +33 (0)1 45 38 42 88
For more information: www.eramet.com
--------------------------------------------------------------------------------
APPENDICES
Appendix 1: Sales
-------------------------------------------------------------------------------
Sales Q2 2016 Q1 2016 Q4 2015 Q3 2015 Q2 2015 Q1 2015
ERAMET Nickel 137 118 144 146 204 192
ERAMET Alloys 247 250 263 218 254 256
ERAMET Manganese 323 297 337 375 389 329
Holding company & eliminations - 1 - - 2 -
ERAMET group 707 666
744 739 849 777
Inc. joint-ventures
Share in joint-ventures (28) (16) (19) (29) (26) (20)
ERAMET group
Published IFRS financial 137 118 144 146 204 192
statements (1)
-------------------------------------------------------------------------------
(1) Application of IFRS standard 11 "Joint Arrangements".
Appendix 2: Production and shipments
---------------------------------------------------------------------------
Metric tons H1 2016 H2 2015 H1 2015
Nickel production(1) 25 737 27 090 26 279
Nickel sales(2) 26 463 26 340 28 250
Manganese ore and sinter production 1 517 000 1 990 800 1 877 200
Manganese alloys production 349 000 357 200 352 700
---------------------------------------------------------------------------
Manganese alloys sales 370 000 367 600 345 400
---------------------------------------------------------------------------
(1) Ferronickel and matte
(2) Finished products
Appendix 3: performance indicators
Division operational performance
-------------------------------------------------------------------------------
(? million) Nickel Alloys Manganese Holding & Total
eliminations
-------------------------------------------------------------------------------
1st half year 2016
-------------------------------------------------------------------------------
Sales 255 497 620 1 1 373
EBITDA (36) 40 65 (13) 56
Current operating profit (89) 13 - (15) (91)
(loss)
Net cash generated by (136) 21 29 (12) (98)
operating activities
Industrial capital expenditure
(intangible assets, property, 21 19 44 1 85
plant & equipment)
-------------------------------------------------------------------------------
1st half year 2015
-------------------------------------------------------------------------------
Sales 396 510 718 2 1 626
EBITDA (47) 40 101 (16) 78
Current operating profit (98) 15 32 (19) (70)
(loss)
Net cash generated by (24) 3 (62) (35) (118)
operating activities
Industrial capital expenditure
(intangible assets, property, 37 16 77 2 132
plant & equipment)
-------------------------------------------------------------------------------
Full year 2015
-------------------------------------------------------------------------------
Sales 686 991 1 430 2 3 109
EBITDA (156) 78 196 (26) 92
Current operating profit (261) 27 58 (31) (207)
(loss)
Net cash generated by (60) 27 106 (80) (7)
operating activities
Industrial capital expenditure
(intangible assets, property, 56 44 164 3 267
plant & equipment)
-------------------------------------------------------------------------------
Sales and industrial investment by geographic region
-------------------------------------------------------------------------------
(? million) France Europe North Asia Oceania Africa South Total
America America
-------------------------------------------------------------------------------
Sales
(destination
of sales)
-------------------------------------------------------------------------------
1st half year 181 465 304 365 11 35 12 1 373
2016
1st half year 194 493 380 478 21 43 17 1 626
2015
Full year 2015 419 977 663 889 36 85 40 3 109
-------------------------------------------------------------------------------
Industrial
capital
expenditure
(intangible
assets,
property,
plant &
equipment)
-------------------------------------------------------------------------------
1st half year 21 10 5 - 19 30 - 85
2016
1st half year 18 19 6 12 25 51 1 132
2015
Full year 2015 49 47 21 1 53 95 1 267
-------------------------------------------------------------------------------
Performance indicators by period - income statement
-----------------------------------------+-------------+-----------------------
| |
| |
(? million) |1st half year|1st half year Full year
| |
| 2016| 2015 2015
| |
| |
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Sales | 1 373 | 1 626 3 109
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
EBITDA | 56 | 78 92
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Current operating profit (loss) | (91)| (70) (207)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Operating profit (loss) | (146)| (115) (813)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Financial result | (53)| (34) (90)
| |
Share in profit of associates | - | - (1)
| |
Income tax | - | 23 (8)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Profit (loss) for the period | (199)| (126) (912)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
- minority interests | (58)| (43) (198)
| |
- Group share | (141)| (83) (714)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Basic / diluted earnings per share (in | (5,35)| (3,13) (27,11)
euros) | |
| |
| |
-----------------------------------------+-------------+-----------------------
Performance indicators by period - net financial debt variation
-----------------------------------------+-------------+-----------------------
| |
| |
(? million) |1st half year|1st half year Full year
| |
| 2016| 2015 2015
| |
| |
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Operating activities | |
| |
| |
| |
EBITDA | 56 | 78 92
| |
Cash impact of items below EBITDA | (95)| (89) (252)
| |
| |
+-------------+-----------------------
| |
| |
Cash generated from operations | (39)| (11) (160)
| |
| |
| |
Working Capital variation | (59)| (107) 153
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Net cash generated by operating | (98)| (118) (7)
activities | |
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Investing activities | |
| |
| |
| |
Industrial capital expenditure | (85)| (132) (267)
| |
Other investing activities flows | (109)| 10 (16)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Net cash used in investing activities | (194)| (122) (283)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Net cash used in financing activities | - | - -
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Exchange-rate impact | 7 | (18) (41)
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
(Increase) / decrease in net financial | (285)| (258) (331)
debt position | |
| |
| |
-----------------------------------------+-------------+-----------------------
| |
| |
Opening (net financial debt) position | (878)| (547) (547)
| |
Closing (net financial debt) position | (1 163)| (805) (878)
| |
| |
-----------------------------------------+-------------+-----------------------
Performance indicators by period - balance sheet
---------------------------------------------------------+----------+----------
| |
| |
(? million) |30/06/2016|31/12/2015
| |
| |
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Non-current assets | 2 921 | 3 003
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Inventories | 952 | 974
| |
Trade receivables | 321 | 293
| |
Trade payables | (369)| (430)
---------------------------------------------------------+----------+----------
Simplified Working Capital | 904 | 837
| |
Other Working Capital items | (104)| (136)
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Total Working Capital | 800 | 701
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
TOTAL | 3 721 | 3 704
| |
| |
---------------------------------------------------------+----------+----------
---------------------------------------------------------+----------+----------
| |
| |
(? million) |30/06/2016|31/12/2015
| |
| |
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Shareholders' equity - Group share | 1 408 | 1 466
| |
Shareholders' equity - Minority interests | 261 | 313
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Shareholders' equity | 1 669 | 1 779
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Cash and cash equivalents and other current financial | | (630)
assets | (1 281)|
| |
Borrowings | 2 444 | 1 508
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Net financial debt | 1 163 | 878
| |
| |
---------------------------------------------------------+----------+----------
Net financial debt / shareholders' equity (gearing) | 70%| 49%
| |
| |
| |
Provisions and employee-related liabilities | 709 | 812
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Net deferred tax | 124 | 123
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
Derivatives | 56 | 112
| |
| |
---------------------------------------------------------+----------+----------
| |
| |
TOTAL | 3 721 | 3 704
| |
| |
---------------------------------------------------------+----------+----------
Appendix 4: Reconciliation Group reporting and published accounts
--------------- -----------------------+---------+ -----------------------+---------+ -----------------------+---------+
| | | | | |
| | | | | |
(? million) 1st half Joint-| 1st half| 1st half Joint-| 1st half| Full year Joint-|Full year|
year venture| year| year venture| year| venture| |
| | | | | |
2016 contribution| 2016| 2015 contribution| 2015| 2015 contribution| 2015|
| | | | | |
Published |Reporting| Published |Reporting| Published |Reporting|
((1)) | ((2))| ((1)) | ((2))| ((1)) | ((2))|
| | | | | |
| | | | | |
--------------- -----------------------+---------+ -----------------------+---------+ -----------------------+---------+
| | | | | |
| | | | | |
Sales 1 329 44 | 1 373 | 1 580 46 | 1 626 | 3 015 94 | 3 109 |
| | | | | |
| | | | | |
| | | | | |
EBITDA 54 2 | 56 | 79 (1)| 78 | 92 - | 92 |
| | | | | |
| | | | | |
| | | | | |
Current | | | | | |
operating (85) (6)| (91)| (61) (9)| (70)| (191) (16)| (207)|
profit (loss) | | | | | |
| | | | | |
| | | | | |
| | | | | |
Operating (139) (7)| (146)| (106) (9)| (115)| (744) (69)| (813)|
profit (loss) | | | | | |
| | | | | |
| | | | | |
| | | | | |
Profit (loss) | | | | | |
for the (141) - | (141)| (83) - | (83)| (714) - | (714)|
period - | | | | | |
Group share | | | | | |
| | | | | |
| | | | | |
| | | | | |
Net cash | | | | | |
generated by (96) (2)| (98)| (112) (6)| (118)| (13) 6 | (7)|
operating | | | | | |
activities | | | | | |
| | | | | |
| | | | | |
| | | | | |
Industrial | | | | | |
capital 79 6 | 85 | 124 8 | 132 | 242 25 | 267 |
expenditure | | | | | |
| | | | | |
| | | | | |
| | | | | |
Net financial (988) (175)| (1 163)| (647) (158)| (805)| (716) (162)| (878)|
debt position | | | | | |
| | | | | |
| | | | | |
| | | | | |
Shareholders' 1 679 (10)| 1 669 | 2 670 (4)| 2 666 | 1 788 (9)| 1 779 |
equity | | | | | |
| | | | | |
| | | | | |
| | | | | |
Shareholders' | | | | | |
equity - 1 408 - | 1 408 | 2 278 - | 2 278 | 1 466 - | 1 466 |
Group share | | | | | |
| | | | | |
| | | | | |
--------------- -----------------------+---------+ -----------------------+---------+ -----------------------+---------+
(1) Financial statements prepared under applicable IFRS, with joint ventures are
accounted for using equity method. See 2016 condensed interim consolidated
financial statements (www.eramet.com).
(2) Group reporting, in which joint ventures are accounted for using
proportionate consolidation.
2016 1st HALF RESULTS:
http://hugin.info/143395/R/2031142/755663.pdf
This announcement is distributed by GlobeNewswire on behalf of
GlobeNewswire 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 GlobeNewswire
[HUG#2031142]
Unternehmensinformation / Kurzprofil:
Datum: 27.07.2016 - 17:48 Uhr
Sprache: Deutsch
News-ID 485767
Anzahl Zeichen: 56323
contact information:
Town:
Paris
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 270 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"ERAMET group: 2016 1st Half Results"
steht unter der journalistisch-redaktionellen Verantwortung von
Groupe Eramet (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
