21 February Results

Transcription

1 21 February Results Christel BORIES Chairman and CEO

2 CONTENTS 1 Safety Financial results 3 Operating performance 4 Strategic orientation 5 Conclusion and outlook

3 DISCLAIMER Certain information contained in this presentation including any information on ERAMET s plans or future financial or operating performance and any other statements that express management s expectations or estimates of future performance, constitute forward-looking statements. Such statements are based on a number of estimates and assumptions that, while considered reasonable by management at the time, are subject to significant business, economic and competitive uncertainties. ERAMET cautions that such statements involve known and unknown risks, uncertainties and other factors that may cause the actual financial results, performance or achievements of ERAMET to be materially different from the company s estimated future results, performance or achievements expressed or implied by those forward-looking statements. Past performance information given in this presentation is solely provided for illustrative purposes and is not necessarily a guide to future performance. No representation or warranty is made by any person as to the likelihood of achievement or reasonableness of any forward-looking statements, forecast financial information or other forecast. Nothing contained in this presentation is, or shall be relied upon as, a promise, representation, warranty or guarantee as to the past, present or future performance of ERAMET. Nothing in this presentation should be construed as either an offer to sell or a solicitation to buy or sell securities nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such jurisdiction. ERAMET Annual results

4 2017 results up sharply, in a favourable manganese market Sales up 22% to 3,652m. Current operating income (COI) up sharply to 608m. Net income share at 203m. Positive Free Cash-Flow at 476m. Net debt reduced to 376m, resulting in a net debt-to-equity ratio of 19% versus 47% at end Repayment in January 2016 of the entire drawdown of revolving credit facility (RCF). Resumption of dividend payment: 2.3 per share, which corresponds to a 30% payout ratio, will be proposed at the General Meeting of Shareholders on 24 May ERAMET Annual results

5 Full achievement of our operating performance targets SLN 2018 plan: cash-cost of USD 4.44/lb 1 in H (versus a target of USD 4.50/lb 1 at end-2017). COMILOG production record: 4.1 Mt of manganese ore produced and transported in 2017 (versus a target of 4.0 Mt) productivity plan: 405m in cumulative productivity gains during the period (versus a target raised to 400m). 1 At constant economic conditions (early 2016) ERAMET Annual results

6 1 Safety ERAMET Annual results

7 22% reduction in accident frequency rate in 2017 Frequency (TF2) ERAMET 1 : Our roadmap: Safety standards set for the 100% compliant with established rules More management commitment to on-site interaction, to improve behaviour 1 TF2 = number of lost time and recordable injury accidents for 1 million hours worked ERAMET Annual results

8 2 Financial results ERAMET Annual results

9 Net income up sharply m Sales 3,652 2,984 EBITDA % Sales 24% 13% Current operating income % Sales 17% 3% Net income - share before impairment 217 (43) Impairment of assets and tax receivables (42) (167) o/w share (14) (136) Net income share 203 (179) (Net debt) (376) (836) Net debt-to-equity ratio 19% 47% The data presented and commented on is adjusted data from Reporting, in which joint ventures are accounted for using proportionate consolidation. The reconciliation with the published financial statements is presented in the appendices, on page 60. ERAMET Annual results

10 Recovery in COI, driven by the manganese business m m Manganese Nickel (125) (119) Alloys Holding (37) (43) Manganese Nickel Alloys ERAMET Annual results

11 largely owing to a strong price effect from manganese ore and alloys Change in current operating income (COI) ( m) m COI Volume/Mix Productivity Businesses in ramp-up Price Input costs Currency Amort. Prov. and others 2017 COI A 0.1 USD/EUR change in the exchange rate translates to a change of c. 66m in current operating income. ERAMET Annual results Scope

12 Industrial capex mainly focused on safety and production maintenance In m* Growth Maintenance / EHS / Productivity % * Real scope ERAMET Annual results

13 Free Cash Flow* of 476m in 2017 Free Cash Flow positive across the previous three half-year periods Strong contribution from manganese business. Effects of cost-reduction initiatives and WCR improvements +35% Free cash-flow ( m) FCF: 476m Proceeds from assets disposal FCF excluding disposals -292 H H H H * Sum of cashflow generated by business and by investments and disposals of assets. ERAMET Annual results

14 Sharp reduction in net debt Net debt down sharply at end-2017 Strong contribution from operating cashflow. Sharp improvement in operating WCR in days of sales (from 107 to 86 days). Strict management and selectivity of industrial capex. In m FCF: 476m Net debt end real Operating cashflow* Change in operating WCR Industrial capex Other investment Other Net debt end real * Net income excluding amortisation and depreciation ERAMET Annual results

15 High liquidity for ambitions Revolving Credit Facility ("RCF"): repayment of entire drawdown of early 2016 ( 730m in 2017 and 250m in January 2018). 3,000 2,500 financial liquidity ( m) 2,806 In September, successful bond issue of 500m maturing in February 2024 and 65m buyback of the 2020 bond. 2,000 1,500 1,281 1,698 1,825 Issue by TiZir in July 2017 of a new USD 1,000 1, m bond with end maturity on July 1, /06/ /12/ /12/2017 pro forma* Available cash Undrawn line: Revolving Credit Facility ("RCF") ERAMET Annual results 2017 * Pro forma figures adjusted from the repayment of 250m RCF drawdown on 18 Jan and from post-extension to 2023 of RCF signed 13 Feb

16 Debt maturity rephased On February 2018, RCF was extended for 981m and a five-year maturity (new term in 2023). Average maturity for the debt went from 3 to 4 years from end-2016 to end-2017 excluding RCF. 81% of debt (excluding RCF) is based on fixed rates. Maturity in 31 December 2017 ( m) Bonds (ERAMET / TiZir at 50%) French Government SLN loan Commercial papers, bank debt and operating debt pro forma* >2026 ERAMET Annual results 2017 * Excluding drawdown of RCF repaid in January 2018 ( 250m) 16

17 3 Operating performance ERAMET Annual results

18 Manganese 2 nd global producer of high-grade manganese ore. 2 nd global producer of manganese alloys. 1 st global producer of refined manganese alloys. Mn ERAMET Annual results

19 Increase in manganese ore production in a context of historic record carbon steel production in 2017 Mn Carbon steel production was up 5.3% versus 2016, driven by China (+5.7%) and bolstered by Europe (+4.1%) and North America (+4.8%). Sharp increase in declared manganese ore production following start-up of local production units, particularly in South Africa and Australia. Manganese ore inventories remained low in Chinese ports GLOBAL CARBON STEEL PRODUCTION GLOBAL MANGANESE ORE PRODUCTION (MANGANESE CONTENT) Mt 1,620 50% 1,606 49% +5.3% 1,691 49% China Mt +9.3% % 51% 51% Rest of world e Source: Worldsteel Association Source: ERAMET ERAMET Annual results

20 USD/dmtu High level of manganese ore prices in 2017 Mn Prices remained at an historically high level in 2017, at USD 5.97/dmtu on average (Mn CRU CIF China 44%). MONTHLY CHANGE IN CRU CIF CHINA 44% MANGANESE PRICES Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 annual average A change of USD 1/dmtu in this price translates to a change of c. 94m in annual current operating income (for an exchange rate of USD 1.175/, at nominal production capacity). Graphic: source CRU ERAMET Annual results

21 /t Manganese alloys prices at an historically very high level with a slight end-of-year fall Mn Tight supply / demand balance in 2017, low inventory levels CHANGE IN CRU PRICES FOR MANGANESE ALLOYS IN EUROPE Jan Jul.12 Jan.13 Jul.13 Jan.14 Jul.14 Jan.15 Jul.15 Jan.16 Jul.16 Jan.17 Jul.17 Jan.18 High-carbon ferromanganese Silicomanganese Medium-carbon ferromanganese A change of USD 100/t in manganese alloys prices translates to a change of c. 73m in current operating income (for an exchange rate of USD 1.175/ ). Source: CRU Prices spot Western Europe ERAMET Annual results

22 Historic record in COMILOG manganese ore production Mn COMILOG achieved a record level of 4.1 Mt of manganese ore produced and transported in 2017, in line with the announced target. MANGANESE ORE PRODUCTION AND AGGLOMERATES* MANGANESE ALLOYS PRODUCTION kt % kt High carbon ferromanganese Standard sillicomanganese Refined alloys (including Mn Metal) +2.0% ,928 3,346 4, % * Produced and transported; excluding CMM consumption ERAMET Annual results

23 Good performance of TiZir* in 2017, in a favourable context for mineral sands markets Other metals Mine in Senegal +18% in heavy mineral concentrate production in 2017 (725 kt) versus Metallurgy in Norway +73% of titanium dioxide slag produced in 2017 (181 kt): successful ramp up of pyrometallurgical process. COI (for 100%) of 27m in 2017 (vs. loss of 13m in 2016) Favourable change in prices for titaniferous raw materials and zircon in * 50% JV with Mineral Deposits Limited (Australia) ERAMET Annual results

24 Nickel 1 st global producer of high-grade ferronickel One of the global producers of high-purity nickel salts Ni ERAMET Annual results

25 Continued growth in global stainless steel production in 2017 Ni Stainless steel production was up 5.7% versus 2016: +4.4% in H1 and +6.9% in H2. Primary nickel production also increased (+3.1%), largely owing to the ramp up of metallurgical operations in Indonesia. GLOBAL STAINLESS STEEL PRODUCTION kt +5.7% 50,000 45,000 40,000 35,000 30,000 25,000 47,656 45,084 41,210 54% 54% 52% China 2,200 2,000 1,800 1,600 1,400 1,200 1,000 GLOBAL PRIMARY NICKEL PRODUCTION kt +3.1% 1, , , ,000 15,000 10,000 5, % % % 2017e Rest of world Source: ISSF and ERAMET ERAMET Annual results NPI Indonesia 1, NPI China 1, , e Traditional production

26 LME nickel prices at low levels in 2017 Ni LME nickel prices remained low in 2017 at USD 4.73/lb on average, nonetheless up slightly versus 2016 prices (USD 4.36/lb on average). Inventories down 12% in 2017, which remained at a high level. A change in LME nickel prices of USD 1/lb translates to a change of c. 111m on current operating income (for an exchange rate of USD 1.175/ ). ERAMET Annual results 2017 Source: ISSF and ERAMET 26

27 Global production for nickel division up 7% Ni SLN production up 2.9% at 56.8 kt in 2017, its highest point across the decade NICKEL PRODUCTION In tonnes , High purity nickel Ferronickel 55, % Ferronickel and matte 59,212 2,412 56, ERAMET Annual results

28 SLN: achieved cash-cost target of USD 4.5/lb at end-2017 Ni SLN s cash-cost was USD 4.44/lb* in H and USD 4.76/lb* in 2017, given a seasonality effect which impacts the first-half of every year. The company is targeting an annual average of USD 4.5/lb* in SLN cash-cost (USD/lb) at 2016 economic conditions -26% % Target at end-2017: USD 4.50/lb 2015* 2016* 2017* H target* * Annual average, at constant economic conditions, early 2016 ERAMET Annual results

29 SLN: cash-cost target at USD 4.0/lb* by 2020 Ni Productivity USD -0.3/lb Increased working time in the mine. Significant transformation of organisations and of managerial model. Fewer hierarchical levels / c. 300-person reduction in workforce target USD 4.5/lb* annual average Energy costs USD -0.2/lb Energy efficiency. Electricity prices renegotiation. Target at end-2020 USD 4.0/lb* * At constant economic conditions, early 2016 ERAMET Annual results

30 Difficulties in ramp-up of Sandouville impacting performance Since June 2017, Sandouville refinery is supplied by a new source of European matte as part of a long-term agreement. Ni This matte is made from a complex multi-metal composition which differs substantially from the Neo-Caledonian product. The ramp-up of the plant is difficult and impacted 2017 results (c. - 40m in COI) and is expected to last a few months. The plant s production capacity will increase to 15 kt of high-purity nickel (metal and nickel chloride) intended for high-tech industries, especially for the electronics and batteries markets production: 2.4 kt. ERAMET Annual results

31 All Alloys 2 nd global producer of high-power closed-die forged parts. One of the global leaders in gas atomised powder metallurgy. A leading producer of high-performance special steels. ERAMET Annual results

32 Sales up in a market with contrasting trends All Aerospace 2017 Alloys sales by sector 13% 22% 7% High-speed steels, Tools & Specialties 1,087m 58% Energy Others 15% growth in sales versus Aerospace The aerospace sector remains strong, stabilised versus Increase in sales of 3%. High-speed steels Market up slightly (+1% in 2017). Main endproduct: cutting tools production. Growth of c.9% in high-speed steel sales volumes following a plan to win back market share. Energy Energy sales up, driven by a one-off high level of sales in 2017 on gas turbines in a cyclical market. Powder metallurgy Increase in demand in a market in which the Alloys division is well positioned. ERAMET Annual results

33 COI up 19% with contrasting trends for each business All Improved performance from Erasteel Successful recovery plan for cutting tools and favourable impact of raw materials prices. Difficulties in ramp-up of the recycling of spent catalysts and batteries business. Underperformance from Aubert & Duval Operational difficulties and productivity contribution down. COI (in m) +19% -71% Alloys division Aubert & Duval Erasteel % ERAMET Annual results

34 Industrial reorganisation and positioning in future markets All Industrial reorganisation for steel melting shops The Firminy steel melting shop activity was closed in the last quarter of 2017 and is in the process of being moved to the Aubert & Duval plant at Les Ancizes (France). Start-up of new businesses to prepare for the future Circular economy: opening of EcoTitanium at end-september 2017, the first European producer of aerospace grade titanium using recycled material. Powder metallurgy: start-up in May 2017 of a new atomising tower at Les Ancizes which will produce superalloys powders intended for the aerospace sector and the additive manufacturing segment. Rampup: qualification phase in 2018 for aerospace clients. ERAMET Annual results

35 4 Strategic orientation ERAMET Annual results

36 2017: implementing the s managerial and strategic transformation Our ambition Develop a selective portfolio of value-accretive mining and metallurgical activities, Be among the best in each of our businesses, in terms of performance, profitability and innovation, Be admired for our strategic model, our management system and our societal commitment. Significant transformation Strategic Managerial: TITRE ERAMET DE LA Annual PRÉSENTATION results

37 A new strategic roadmap for our 1 FIX / REPOSITION OUR LEAST PERFORMING ASSETS 3 EXPAND OUR PORTFOLIO INTO HIGH VALUE-ACCRETIVE MARKETS 2 GROW ORGANICALLY AND/OR EXTERNALLY IN OUR ATTRACTIVE BUSINESSES Managerial transformation / Operational excellence / Digital transformation ERAMET Annual results

38 1 FIX / REPOSITION OUR LEAST PERFORMING ASSETS SLN: target of USD 4.0/lb* by 2020 A&D / Erasteel: Redefine strategic orientation for each business Industrial and commercial optimisation Strengthening operational excellence ERAMET Annual results 2017 * At constant economic conditions (early 2016) 38

39 2 GROW ORGANICALLY AND/OR EXTERNALLY IN OUR ATTRACTIVE BUSINESSES (1/5) Grow in manganese ore Maximise value of our existing assets COMILOG: production increase by more than 30%, with mineral resources for several decades SETRAG: renovation plan for railway ERAMET Annual results

40 2 GROW ORGANICALLY AND/OR EXTERNALLY IN OUR ATTRACTIVE BUSINESSES (2/5) Strategy to increase manganese ore production by more than 30% (COMILOG): Moanda deposit in Gabon: one of the two most competitive manganese mines in the world, with long-lasting reserves. Transition to a new mining plateau (from Bangombé to Okouma) from 2020 onwards to guarantee several decades of manganese ore operations. Pre-feasibility Study (PFS) in 2018 for an investment decision in first-half Gradual change in plateau without impacting cash-cost and production. ERAMET Annual results

41 2 GROW ORGANICALLY AND/OR EXTERNALLY IN OUR ATTRACTIVE BUSINESSES (3/5) Strategy supported by renovation of the Transgabonese railway (SETRAG): Works started in 2017: renovation of the Transgabonese railway line, operated by SETRAG, a subsidiary of COMILOG. This investment will allow for increased transport capacity and railway line reliability. Investment, spread over 8 years: 316m, including 93m made by the Gabonese government, and 223m financed by SETRAG. ERAMET Annual results

42 2 GROW ORGANICALLY AND/OR EXTERNALLY IN OUR ATTRACTIVE BUSINESSES (4/5) Grow in manganese ore Developing and operating new deposits Study of potential targets with view to control assets; target either already operational, or in development ERAMET Annual results

43 2 GROW ORGANICALLY AND/OR EXTERNALLY IN OUR ATTRACTIVE BUSINESSES (5/5) Extract value from Weda Bay Nickel deposit Resources of more than 9 Mt of nickel content Competitive NPI production in Indonesia, with a production target of 30 kt per year of nickel content (13 kt of nickel per year for ERAMET) First production expected in Other metals Opportunistic development in other metals, offering synergies with our existing businesses. ERAMET Annual results

44 3 EXPAND OUR PORTFOLIO INTO HIGH VALUE- ACCRETIVE MARKETS (1/3) Project to expand portfolio into metals for energy transition Strategic development options for ERAMET in the electric vehicle batteries segment ERAMET business segment Raw materials Manufactured materials Batteries Vehicles Second life ERAMET business segment Recycling Ni, Li, Co and Mn mines Ni salts Circular, sustainable economy Battery recycling Metals production ERAMET Annual results

45 3 EXPAND OUR PORTFOLIO INTO HIGH VALUE- ACCRETIVE MARKETS (2/3) Project to expand portfolio into metals for energy transition Annual sales of Electric Vehicles in 2025* (Millions) Annual metal consumption for the Electric Vehicles* batteries market and mass energy storage* (kt except Mn in Mt) Lithium <0,01 0,1 Manganese > 25m 215 kt 15 Mt ~3m 100m 310 ~50 Nickel salts 120 kt ~20 90 Cobalt 110 kt Current size 2025 size Current global market (across all applications) ERAMET Annual results 2017 * ERAMET estimations, electric bikes and buses included 45

46 3 EXPAND OUR PORTFOLIO INTO HIGH VALUE- ACCRETIVE MARKETS (3/3) 3 Li Lithium Development of our lithium deposit in Argentina Investment decision in H subject to a technico-economical assessment Start of production in 2021 Production capacity: 20 kt of lithium carbonate per year Co, Ni Li Lithium Investigation of opportunities in order to increase our exposure to nickel salts, cobalt and primary lithium: study of potential targets and/or development options Li Lithium Co, Ni Development in recycling: evaluation of opportunities to develop battery recycling business (lithium, nickel, cobalt) ERAMET Annual results

47 Strategic investment criteria MARKETS Growing, In which ERAMET has potential to be leader generating synergies with our current markets ASSETS Competitively positioned Significant size and life CSR compliant Value over volume Capital discipline OPERATIONS Management of operations and favouring control of assets Technical, commercial, HR synergies Diversified portfolio Expansion of opportunities Improved profitability Long-term value creation over the cycles ERAMET Annual results

48 A new strategic roadmap for our 1 FIX / REPOSITION OUR LEAST PERFORMING ASSETS SLN Aubert & Duval Erasteel 3 EXPAND OUR PORTFOLIO INTO HIGH VALUE-ACCRETIVE MARKETS Energy transition (nickel, lithium, cobalt) 2 GROW ORGANICALLY AND/OR EXTERNALLY IN OUR ATTRACTIVE BUSINESSES COMILOG / SETRAG Weda Bay Nickel Managerial transformation / Operational excellence / Digital transformation ERAMET Annual results

49 neways: managerial transformation (1/3) The right people in the right places Streamlined yet strong corporate structure New ways of organising Flat and lean organisations Simplified governance New ways of working New ways of managing TITRE ERAMET DE LA Annual PRÉSENTATION results

50 neways: managerial transformation (2/3) New ways of organising Delegation / accountability New ways of working Managerial courage New ways of managing Performance management TITRE ERAMET DE LA Annual PRÉSENTATION results

51 neways: managerial transformation (3/3) New ways of organising Ambitious objectives Results orientation New ways of working Focus / Discipline in work execution Benchmarking New ways of managing Agility Speed Continuous improvement TITRE ERAMET DE LA Annual PRÉSENTATION results

52 Digital transformation to improve performance Project started in February 2017, a priority for the 4 priority areas centered on Industry 4.0: Predictive maintenance Energy efficiency Process automation (plants and mines) Big Data analysis ERAMET Annual results

53 CSR : a driver of performance to strengthen the stewardship CSR POLICY Employees Employees health & safety Professional development Social dialogue Diversity Human rights at work Products Risk management Users / business benefits Circular economy Innovation Collaborative research 4 pillars Environment & Energy Control of environmental impacts Industrial risk management Energy efficiency Carbon footprint Ethics & Governance Compliance Stakeholder relations Local development Responsible value chain ERAMET Annual results

54 5 Conclusion and outlook ERAMET Annual results

55 2017: a key milestone for ERAMET 2017 results up sharply, giving us more financial levers. Dividend payment to our shareholders to resume subject to shareholders approval. New strategic impetus for the, which is the foundation for valueaccretive growth in the long-term, and which can only be successful in conjunction with a significant managerial transformation. In a market that is still highly volatile, in which we remain cautious regarding demand for metals, particularly in China, overall the s markets remain favourable in early ERAMET Annual results

56 Appendices ERAMET Annual results

57 Manganese Division Key figures Mn m Sales 1,919 1,439 EBITDA Current operating income Capex ERAMET Annual results

58 Nickel Division Key figures Ni m Sales EBITDA (44) (24) Current operating income (125) (119) Capex ERAMET Annual results

59 Alloys Division Key figures All m Sales 1, EBITDA Current operating income Capex ERAMET Annual results

60 Reconciliation Reporting and Published Accounts ( m) Full-year Joint venture Eull-year Full-year Joint venture Full-year 2017 contribution contribution 2016 Published (1) Adjusted (2) Published (1) Adfjusted Sales 3, ,652 2, ,984 EBITDA Current operating income (7) 84 Operating income (47) (48) (95) Net income for the period - share (179) - (179) Net cash generated by operating activity Industrial investments (Net financial debt) (237) (139) (376) (675) (161) (836) Shareholders equity 1,989 (9) 1,980 1,791 (15) 1,776 Shareholders equity- share 1,694-1,694 1,515-1,515 (2) (1) Financial statements prepared under applicable IFRS, with joint ventures accounted for using equity method. See 2017 consolidated financial statements available on the ERAMET website ( (2) Reporting, in which joint ventures are accounted for using proportionate consolidation. ERAMET Annual results

61 2017 income statement m Sales 3,652 2,984 3,109 EBITDA % Sales 24% 13% 3% Current operating income (207) % Sales 17% 3% (7%) Other operating income and expenses (41) (179) (606) Operating income 567 (95) (813) Financial income (117) (79) (90) Pre-tax income 450 (174) (903) Share of income of equity affiliates (1) (2) (1) Income tax (221) (61) (8) Net income 228 (237) (912) Minority interests 25 (58) (198) Net income share 203 (179) (714) ERAMET Annual results

62 Statement of Cash-flows m Operating activities EBITDA Cash impact of items under EBITDA (387) (228) (252) Cash from operating activities (160) Change in WCR 203 (26) 153 Net cash generated by operating activities (1) (7) Investing activities Industrial investments (230) (217) (267) Other investment flows (16) Net cash used in investing activities (2) (211) (187) (283) Free Cash Flow (1) + (2) 476 (66) (290) Nest cash used in financing activities (12) Impact of translation adjustments (4) 8 (41) (Increase) / Decrease in net financial debt (331) (Net financial debt) at beginning of period (836) (878) (547) (Net financial debt) at closing of period (376) (836) (878) ERAMET Annual results

63 Balance Sheet at 31 December 2017 Assets - m Liabilities - m 31/12/ /12/ /12/ /12/2017 3,538 3,538 3,269 3,269 1,515 1,694 2,818 2, Fixed assets Working capital requirement Equity- share Minority interests Provisions and net deferred tax Net debt Financial instruments ERAMET Annual results

64 Shareholding at 31 December 2017 Others 32.14% Duval Family : SORAME + CEIR 36.93% BRGM % STCPI % APE 25.57% Number of shares issued: 26,633,660 Notes 1 STCPI (Société Territoriale Calédonienne de Participation Industrielle): entity owned by the New Caledonian provinces 2 BRGM (Bureau de Recherches Géologiques et Minières): the French Geological Survey Office ERAMET Annual results

65 CONTACT Vice President Strategy and Investor Relations Philippe Gundermann - philippe.gundermann@erametgroup.com Strategy and Investor Relations Managers Arthur Perroton arthur.perroton@erametgroup.com Sandrine Nourry-Dabi sandrine.nourrydabi@erametgroup.com VISIT US ONLINE DOWNLOAD OUR FINANCE APP CONNECT WITH US ON LINKEDIN