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2005 Reference Document 2005 REFERENCE DOCUMENT A Société Anonyme (public limited company) with a share capital of 78,659,115.70 euros Registered office: Tour Maine Montparnasse, 33 Avenue du Maine, 75015 Paris, France Paris trade register number 632 045 381 2005 REFERENCE DOCUMENT Drawn up in accordance with Articles 211-1 to 211-42 of the general regulations of the AMF [Autorité des Marchés Financiers - French securities regulator] This document, drawn up on the basis of the 2005 financial statements, includes material information subsequent to the approval of those financial statements as on the date of its filing. Registration by the AMF Pursuant to Article 212-13 of its general regulations, the AMF registered this reference document on May 11, 2006 under number R.06-056. It may not be used in support of a financial transaction unless it is accompanied by a prospectus approved by the AMF. This Reference Document was drawn up by the Issuer and binds its signatories. It was registered, in accor- dance with the provisions of Article L621-8-1-I of the French Monetary and Financial Code, after the AMF had verified “that the document is complete and understandable and that the information therein is consistent.” Registration does not imply verification by the AMF of the accounting and financial information presented. TABLE OF CONTENTS 1. Person responsible for the reference document 7 1.1. Name and position of person responsible 7 1.2. Declaration by the person responsible for the reference document 7 2. Statutory auditing – Name of auditors 7 2.1. Statutory auditors 7 2.2. Alternate auditors 7 3. Selected financial data – Key business figures 8 3.1. Selected historical data 8 3.2. Key business figures 8 3.3. Information on the company’s stock 9 3.3.1. Listing market 9 3.3.2. Share price trends 9 3.3.3. Security services 11 4. Risk factors 12 4.1. Market risks 12 4.1.1. Foreign currency risk 12 4.1.2. Interest rate risk 14 4.1.3. Liquidity risk 15 4.1.4. Covenants 15 4.1.5. Counterparty risk 15 4.1.6. Main off-balance sheet commitments 15 4.1.7. Stock risks 16 4.2. Legal risks/lawsuits 16 4.2.1. The Group’s dependence on the legislative and regulatory environment 16 4.2.2. Risks resulting from contractual commitments with third parties 16 4.2.3. Significant lawsuits 17 4.2.3.1. Nickel Division 17 4.2.3.2. Manganese Division 17 4.3. Industrial risks 18 4.3.1. Industrial activity and Sustainable Development 18 4.3.2. A stronger Group environmental policy 18 4.3.2.1. Improvement of air quality 18 4.3.2.2. Management of historical site pollution and site restoration 19 4.3.2.3. Implementation of new management and communication resources 19 4.3.2.4. Towards ISO 14000 certification of industrial operations 19 4.3.3. Management of the closure of the Boulogne-sur-Mer site (Comilog France) 19 4.3.4. Special focus on hazardous substance monitoring 19 4.3.5. Contribution to greenhouse gas reduction policy 20 4.3.6. Putting in place an industrial risk prevention policy 21 4.4. Insurance/ coverage of risks likely to be incurred by the issuer 21 4.4.1. The Group’s general coverage policy / risk coverage strategy 21 4.4.2. Different types of insurance taken out 21 4.5. Other specific risks 22 ERAMET Reference document 1 4.5.1. Specific transportation-related risks 22 4.5.2. Energy-related risks 22 4.5.3. Political risks 22 4.5.4. Asbestos risk 23 4.6. Specific third party relationships 23 5. Information on the issuer 24 5.1. Information on the company 24 5.1.1. Company name (Article 2 of the Articles of Association) 24 5.1.2. Company registration number 24 5.1.2.1. Trade register /SIRET number 24 5.1.2.2. NAF code and business sector 24 5.1.3. Date of incorporation and term of the Company (Article 5 of the Articles of Association) 24 5.1.4. Registered office (Article 4 of the Articles of Association) 24 5.1.5. History and development of the Company 24 5.2. Capital expenditure 25 5.2.1. Goals 25 5.2.2. Main capital expenditure programmes 25 5.2.2.1. Total amount of capital expenditure 25 5.2.2.2. Breakdown of capital expenditure by Division and description of major projects 26 6. Presentation of business activities 28 6.1. Nickel Division 28 6.1.1. Nickel market 28 6.1.1.1. Nickel demand 28 6.1.1.2. Nickel supply 29 6.1.1.3. Nickel producers 31 6.1.1.4. Nickel prices 31 6.1.1.5. Recent nickel market situation, outlook 31 6.1.2. Presentation of Eramet's Nickel Division 32 6.1.2.1. Nickel Division key points 32 6.1.2.2. Nickel Division structure 32 6.1.2.3. The Nickel Division in 2005 36 6.2. The Manganese Division 37 6.2.1. The manganese market 37 6.2.1.1. Manganese demand 37 6.2.1.2. Manganese supply 39 6.2.1.3. Manganese prices 39 6.2.1.4. Recent market situation and outlook 40 6.2.2. Presentation of Eramet's Manganese Division 40 6.2.2.1. Manganese Division key points 40 6.2.2.2. Manganese Division history 40 6.2.2.3. Manganese Division structure 42 6.2.2.4. The Manganese Division in 2005 44 6.3. Allyos division 45 6.3.1. Alloys Division businesses 45 6.3.2. Alloys Division markets 45 6.3.2.1. High-speed steels 45 6.3.2.2. Tool steels 45 ERAMET 2 Reference document 6.3.2.3. Nickel based alloys 46 6.3.3. Alloy production processes 46 6.3.3.1. Alloy making 46 6.3.3.2. Alloy shaping 47 6.3.4. Alloy producers 47 6.3.5. Alloys Division structure 48 6.3.5.1. Alloys Division key points 48 6.3.5.2. Alloys Division history 48 6.3.5.3. Alloys Division organisational structure 49 6.3.5.4. Alloys Division production 49 6.3.5.5. Marketing policy and products 51 6.3.5.6. Alloys Division research and development 52 6.3.5.7. The Alloys Division in 2005 52 7. Organisational chart 53 7.1. Control chart 53 7.2. Group organisational chart as on December 31, 2005 53 8. The Group's property, plant & equipment 54 9. Review of financial position and net income 55 9.1. Key business figures 55 9.1.1. Business items (consolidated data in millions of euros) 55 9.1.2. Consolidated financial statements 55 9.1.2.1. Income statement 55 9.1.2.2. Consolidated balance sheet 56 10. Cash and capital – Market risk 56 10.1. Information on the Group’s shareholders’ equity 56 10.1.1. Operating working capital 56 10.1.2. Consolidated net cash position 56 10.1.3. Provisions 57 10.1.4. Other non-current liabilities 57 10.1.5. Shareholders' equity 57 10.2. Financing and liquidity resources 57 10.2.1. Renewable credit facilities 57 10.2.2. Commercial paper 57 11. Research and development 58 11.1. Dedicated organisation serving the divisions 58 11.2. Exploitation of deposits/Mineral reserves and resources 59 11.2.1. General remarks 59 11.2.1.1. Location 59 11.2.1.2. Legal claims 59 11.2.1.3. Estimates 59 11.2.1.4. Definitions 60 11.2.2. Comilog S.A. reserves and resources 60 11.2.2.1. Mineral resources 60 11.2.2.2. Recoverable mineral resources and ore reserves 61 11.2.3. Le Nickel-SLN's reserves and resources 62 11.2.3.1. Saprolite mineral resources for pyrometallurgy 62 ERAMET Reference document 3 11.2.3.2. Recoverable mineral resources and ore reserves for pyrometallurgy 63 11.2.3.3. Other resources 63 12. Information on trends 63 12.1. Recent trends, outlook 63 12.1.1. Information up to the meeting of the Board of Directors 63 12.1.2. Sales – first quarter 2006 63 12.1.3. 2006 trends 64 12.1.4. Recent development: take-over bid for Weda Bay Minerals 64 13. Profit forecasts or estimates 65 14. Corporate governance 65 14.1. Company and group management and supervisory bodies 65 14.1.1. General management 65 14.1.1.1. Company management method (Article 15 of the Articles of Association) 65 14.1.1.2. Composition 65 14.1.1.3. Organisational chart 66 14.1.2. Board of Directors 67 14.1.2.1. Appointment rules 67 14.1.2.2. Composition 67 14.2. Personal situation of executives 68 15. Total compensation and benefits of corporate officers and executive committee 73 16. Operation of management and supervisory bodies 75 16.1. Mode of operation 75 16.2. Bylaws of the Board of Directors 75 17. Employees 77 17.1. Human resources 77 17.2. Leaders project: improving performance 77 17.3. Headcount 78 17.4. Work organisation and compensation 82 17.5. Industrial relations 83 17.6. Training 83 17.7. Health & safety 83 17.7.1. Safety 83 17.7.2. Safety audits 85 17.7.3. Health 85 17.8. Interests held by corporate officers 85 17.8.1. Indirect interests 85 17.8.2. Direct interests as on December 31, 2005 86 17.8.3.
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