Paris, 23 May 2017, 17:40
PRESS RELEASE
Combined General Shareholders' Meeting and Board of Directors' Meeting of 23 May 2017
ERAMET's Combined General Shareholders' meeting was held on 23 May 2017 in Paris under the chairmanship of Mr. Patrick BUFFET, Chairman and CEO of ERAMET.
The result of the General Meeting's votes for each resolution is available on ERAMET's website (www.eramet.com).
Dividend
The General Shareholders' Meeting approved the proposal by ERAMET's Board of Directors not to pay any dividend in respect of 2016.
Changes on the Board of Directors
Following the General Shareholders' Meeting, ERAMET's Board of Directors is as follows:
Mr. Michel ANTSELEVE
Mrs. Christel BORIES
Mrs. Christine COIGNARD (independent director)
SORAME, represented by Mr. Cyrille DUVAL
Mr. Edouard DUVAL
Mr. Georges DUVAL
FSI Equation
Mrs. Marie-Axelle GAUTIER (director representing employees)
Mr. Jean-Yves GILET
Mr. Philippe GOMES
CEIR, represented by Mrs. Nathalie de LA FOURNIERE
Mrs. Manoelle LEPOUTRE (independent director)
Mrs. Miriam MAES (independent director)
Mrs. Pia OLDERS (director representing employees)
Mr. Ferdinand POAOUTETA
Mrs. Catherine RONGE (independent director)
Mrs. Sonia SIKORAV (independent director)
Mr. Claude TENDIL (independent director)
Mr. Antoine TREUILLE (independent director)
In addition, Mr. Jean-Philippe LETELLIER takes part in Board Meetings as an employees' representative of the Central works council of ERAMET SA on a non-voting basis.
Changes in governance:
During the Board of Directors' meeting which followed the General Shareholders' Meeting, Mrs. Christel BORIES was appointed ERAMET Group Chairman and CEO, achieving the deployment of a new governance cycle. Mrs. Christel BORIES will be responsible for continuing the efforts undertaken in order to consolidate over time the recovery and ensure the growth of the ERAMET Group in the coming years. The Board of Directors would like to thank Mr. Patrick BUFFET for his engagement in the past 10 years at the head of the ERAMET Group in an extremely difficult environment.
Following the General Shareholders' Meeting, Patrick BUFFET stated:
"ERAMET Group posted much stronger results in 2016, with EBITDA up very significantly at €375 million and positive free cash-flow of €226 million in the second half of 2016. These performances are attributable to the contribution of the very large and ambitious cost reduction and productivity improvement plan across the Group, the achievement of most of our asset disposals program and an improvement in market conditions at the end of 2016.
The ERAMET balance sheet structure has improved considerably. Our net debt to EBITDA ratio has gone from 9.5 at end-2015 to 2.2 at end-2016.
ERAMET's recovery in 2016 has only been possible with the commitment of all the teams in the Group. I would like to take this opportunity to congratulate them personally. This engagement fully justifies my confidence in the Group's future success, under the new leadership of Mrs. Christel BORIES. I would like to wish her every success in her exciting mission as she takes charge of ERAMET."
At the conclusion of the Board of Directors' Meeting which followed the General Shareholders' meeting, Mrs. Christel BORIES, appointed ERAMET Group Chairman and CEO, stated:
"I am delighted to join ERAMET Group and continue my engagement in industry, a sector with challenges that have always inspired me. ERAMET has very solid assets which will allow the Group to successfully develop: technological and R&D expertise, highly skilled and committed teams, and a stable shareholder structure. These assets will be key to improving Group performance and developing growth momentum in the years ahead."
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ABOUT ERAMET
ERAMET is one of the leading global producers of:
- alloying metals, particularly manganese and nickel, used to improve the properties of steel,
- as well as high-performance special steels and alloys used in industries such as aerospace, power generation and tooling.
ERAMET is also developing activities with high growth potential, such as mineral sands (titanium dioxide and zirconium), lithium and recycling. The Group employs nearly 13,000 people in around 20 countries.
CONTACT
Vice President Strategy and Financial Communication
Philippe Gundermann - Tel: +33 (0)1 45 38 42 78
Strategy and Financial Communications Analysts
Ludovic Donati - Tel: +33 (0)1 45 38 42 88
Arthur Perroton - Tel: +33 (0)1 45 38 37 32
For more information: www.eramet.com
Follow us with the ERAMET Finance mobile app:
IOS: https://itunes.apple.com/fr/app/eramet-finance/id1115212055?mt=8
Android: https://play.google.com/store/apps/details?id=com.eramet.finance
To see ERAMET's annual report 2016:
http://www.eramet.com/en/publications/eramet-2016-annual-report
