Eramet Sa Unsp/Adr (ERMAY) Q4 2023 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:00.031 -- 00:00:05.358 Good morning, good afternoon everyone and welcome to 00:00:05.358 -- 00:00:10.723 this presentation of our 2023 annual results. 00:00:11.707 -- 00:00:14.208 Clearly, 2023 00:00:14.431 -- 00:00:15.873 has 00:00:15.873 -- 00:00:21.040 been a very challenging year for our industry and consequently for Eramet. 00:00:21.040 -- 00:00:26.147 We have been facing a very deteriorated 00:00:26.147 -- 00:00:31.115 price environment with a huge impact on our financial results. 00:00:31.115 -- 00:00:36.983 But thanks to the recent repositioning of our portfolio on high-quality assets 00:00:36.983 -- 00:00:42.531 with strong fundamentals, and thanks to our continuous improvement 00:00:42.531 -- 00:00:48.300 of operating performance, we have been able to withstand the downturn 00:00:48.300 -- 00:00:53.309 and pursue our development projects. We have achieved 00:00:53.309 -- 00:00:58.878 a new record of production of nickel ore in Indonesia at Wedah Bay. 00:00:58.878 -- 00:01:04.226 And thanks to the rebound of our production of manganese ore in Gabon 00:01:04.226 -- 00:01:09.314 in H2, we managed to compensate for the logistic issues that we had 00:01:09.314 -- 00:01:12.899 at the beginning of the year. Overall, 00:01:12.899 -- 00:01:18.324 our intrinsic performance in H2 has been very strong, showing 00:01:18.324 -- 00:01:22.448 our ability to react quickly to issues. 00:01:22.448 -- 00:01:28.294 Considering the very challenging environment and the rise of gross investments, 00:01:28.294 -- 00:01:33.459 we have delivered very solid cash flow and been able 00:01:33.459 -- 00:01:37.383 to maintain a robust financial structure. 00:01:37.383 -- 00:01:42.769 In 2024, we will reach another 00:01:42.769 -- 00:01:48.515 important milestone with the start...