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Norilsk Nickel Reports H1 of 2019 Consolidated Financial Results

Metal News - Published on Thu, 22 Aug 2019

Image Source: Norlisk
Largest refined nickel and palladium producer in the world PJSC MMC Norilsk Nickel reports IFRS financial results for six months ended June 30th 2019.

1H2019 HIGHLIGHTS

1. Consolidated revenue increased 8% YoY to USD 6.3 billion owing to output growth of all key metals and higher palladium price;

2. EBITDA expanded 21% YoY to USD 3.7 billion owing to higher metal revenue and the ramp-up of the Bystrinsky copper project, with EBITDA margin reaching 59%;

3. CAPEX was almost unchanged from last year amounting to USD 0.5 billion. The Company made final investment decisions on strategic growth projects such as the expansion of the Talnakh concentrator (TOF-3 project) and the South Cluster mining project, with the active construction phase scheduled to start in 2H19;

4. Net working capital temporarily increased to USD 1.3 billion as a result of scheduled amortization of advance payments for delivered metals from customers;

5. Free cash flow amounted to USD 2.2 billion;

6. Net debt/EBITDA ratio decreased to 0.8x as of June 30, 2019;

7. Cash interest paid decreased 23% to USD 202 million owing to the ongoing optimization of debt portfolio;

Source :

Posted By : Amom Remju on Thu, 22 Aug 2019
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