2024-07-26 09:58:13 ET
ERAMET S.A. (ERMAF)
Q2 2024 Earnings Conference Call
July 27, 2024, 3:30 am ET
Company Participants
Christel Bories - Chair & CEO
Nicolas Carre - CFO
Sandrine Nourry-Dabi - Director, IR
Laurent Cicolella - Communications Director
Conference Call Participants
Julien Onillon - Stifel
Alan Spence - BNP Paribas
Maxime Kogge - ODDO
Nicolas Monfort - BNP Paribas
Presentation
Operator
Welcome to the Eramet's First Half 2024 Results Presentation.
I now hand over to Christel Bories, Chair and CEO of Eramet.
Christel Bories
Good morning, everyone, and thanks for being with us this morning for our half year results presentation.
I will start with the introduction and then we will review the financial performance and operational performance; and Nicolas Carre, our CFO, will take care of this presentation and I'll come back with an update on the strategic roadmap and the conclusion.
So starting with some word with introduction, we delivered a good operational performance in the first half of the year with normal operating conditions in Gabon, a strong increase in production in Indonesia, and mining and grade optimization everywhere.
In term of financials, our intrinsic progress driven by organic growth and productivity has enabled us to weather a challenging pricing environment and to continue to invest for the Group's future growth with a limited impact on net debt.
We have also taken a decisive step in our development in energy transition metals strategy with the commissioning of our first lithium plant in Argentina. Production will start in November and this growth driver will fully contribute to the Group's performance from 2025.
And last but not least, we have started to deploy our new CSR roadmap, Act for Positive Mining with the first new steps, particularly in term of the employee social protection.
If we move to the financials, some words on them, the environment in term of pricing has been continuously depressed over the semester. We delivered an adjusted EBITDA of €247 million, including a strongly negative contribution of SLN of €109 million and we managed to deliver that thanks to a good intrinsic performance. This intrinsic performance of €260 million comes from significant growth of production in our key mining assets, plus 33% manganese ore in Gabon with a return to normal operating conditions, and plus 40% of nickel ore production in Weda Bay....
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ERAMET S.A. (ERMAF) Q2 2024 Earnings Call Transcript