The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sven Edelfelt - ODDO BHF - Analyst
: Yes, thank you. Good morning, gentlemen. I would have a few questions. Firstly, on guidance. If I understood correctly, you expect higher volume,
strong cost control. So in fact, it seems for me that you're guiding for an increase in EBITDA like-for-like, which seems unusual for you at this time
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FEBRUARY 21, 2025 / 8:00AM, IMTP.PA - Full Year 2024 Imerys SA Earnings Call
of the year. But can you maybe quantify a little bit more. It seems to me that it's reasonable to expect between 5% and 10% increase like-for-like,
given what you achieved in Q3 and Q4?
Second question would be on Quartz. I understood, you have no visibility on expect no recovery in '25. So it would mean that the Chinese have
1.5 years of stocks, which seems quite unrealistic. Correct me if I'm wrong, but on the carbon black, the Chinese had one year of stock so it should
mean that we should expect on the Quartz an uptick in H2.
But the second one -- on the third one would be on asbestos. Beyond some insurer objection, I believe there is no real objection to Chapter 11
plan. Can you elaborate on that, please?
Question: Jason Fairclough - BofA Global Research - Analyst
: So good morning guys. Thanks, Alessandro for the presentation. Two questions for me. One, just on the lithium assets. And second, just on sort of
capital returns versus growth. So on lithium, you're working through the DFS. Some people seem to think these things start producing in '28.
To me, that feels quite optimistic given where the projects are. And I guess the more fundamental question is, do you think that the assets are kind
of quality to work without subsidies. What I do see is a lot of very low-cost brine production coming online down in Latin America. And I just struggle
a bit to see how hard rock mining is going to compete with that? That's the first question.
The second question is on dividends. And again, it's something I struggle with sometimes with Imerys. You pay a nice dividend, a nice shareholder
return. But at the same time, you're trying to be a growth company, and that feels like a bit of attention. So I'm just wondering what your latest
thinking is there?
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FEBRUARY 21, 2025 / 8:00AM, IMTP.PA - Full Year 2024 Imerys SA Earnings Call
Question: Jason Fairclough - BofA Global Research - Analyst
: Just a quick follow-up, if I could. So maybe another angle. If I think about the business, you've made these investments and the market has been
weak. Have you got a feel for how much the business is under producing today relative to its potential, relative to the invested capital.
Question: Jason Fairclough - BofA Global Research - Analyst
: Thanks very much for the color guys. Yeah, I appreciate it.(spoken in foreign language)
Question: Aron Ceccarelli - Berenberg - Analyst
: Hello, good morning, Alessandro. Good morning, Sebastian. I have a few questions, please. The first one is on TQC. I would like to maybe ask if you
can unpack a little bit the performance of Q4, clearly, very strong sequentially, EUR16 million. So I would like to understand maybe what was the
split between solar versus semi and if the EUR16 million includes any kind of volumes which have been pulled forward from Q1, I understand that
you are not expecting any recovery in the market. So just trying to figure out what kind of run rate we should think about going into Q1.
My second question is on synthetic graphite and carbon black really very strong performance. Nice to see. If I understood correctly, you just
mentioned that the capacity utilization of this business at the moment is around 50%. And I think the profitability is higher than what we see at
your competitors. So I would like to understand what kind of margin you have in mind when we reach a level of around 70% -- at least 70%?
My third question is on your cash flow. When I look at your -- on page 15 of your press release, a EUR62 million change in provision negative with
EUR30 million were in the second half. Maybe can you help me understand how much of this help your EBITDA generation for the full year? And
the fourth one would be on lithium. Clearly, you talk a lot about that already, but I would like to understand what drives the urgency at $10,000
per ton to go ahead with the pilot plant in a moment where we continue to see more capacity coming on stream this year from Argentina, from
other countries at this stage? Thank you.
Question: Aron Ceccarelli - Berenberg - Analyst
: Follow-up, sorry, very quickly on the lithium side. May you remind me what's the total cost per ton at the moment for export cost per tonne at
Imerys, please?
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