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MMC Norilsk Nickel reports 2016 audited consolidated IRFS financial results

2017-03-16 10:40:50  【Print】
BEIJING (Asian Metal) 16 Mar 17 - PJSC MMC Norilsk Nickel, a largest refined nickel and palladium producer in the world, reported IFRS financial results for the full year ended December 31, 2016.

Consolidated revenue decreased 3% y-o-y to USD 8.Asian Metal Copyright In July 2016, the Group sold 10.Asian Metal Copyright3 billion on the back of lower realized prices of the company’s metal basket (down 13% y-o-y).

EBITDA amounted to USD 3.Asian Metal Copyright3 billion on the back of lower realized prices of the company’s metal basket down 13% y-o-y.Asian Metal Copyright9 billion, down 9% y-o-y, posting a global mining industry leading EBITDA margin of 47%.

Net profit increased 47% y-o-y to USD 2.Asian Metal Copyright7 billion and was in line with the average capex level for the last 3 years.Asian Metal Copyright5 billion mainly due to appreciation of RUB as of the end of the reported period.

CAPEX was practically unchanged y-o-y (up 2%) at USD 1.Asian Metal Copyright In July 2016, the Group sold 10.Asian Metal Copyright7 billion and was in line with the average capex level for the last 3 years.Asian Metal Copyright9 billion, down 9% y-o-y, posting a global mining industry leading EBITDA margin of 47%.Asian Metal Copyright Major investments in 2016 included projects related to the shutdown of Nickel Plant, capacity expansion and modernization of Talnakh Concentrator and Nadezhda Plant as well as an active construction phase of the Bystrinsky (Chita) project.

Normalized net working capital decreased 28% y-o-y to USD 0.Asian Metal Copyright5 billion rubles.Asian Metal Copyright7 billion driven mainly by the saleable metal inventory release.

Free cash flow amounted to USD 1.6 billion with FCF/revenue ratio reaching the global mining industry-leading 19%.

In line with the strategy of de-risking the greenfield Bystinsky (Chita) project, the Company arranged an 8-year USD 800 million project financing facility from Sberbank CIB.

In July 2016, the Group sold 10.Asian Metal Copyright9 billion, down 9% y-o-y, posting a global mining industry leading EBITDA margin of 47%.Asian Metal Copyright67% stake in Bystrinsky (Chita) project to a Chinese investor Highland Fund.

In December 2016, the Company entered into a transaction to buy 1.Asian Metal Copyright5 billion mainly due to appreciation of RUB as of the end of the reported period.Asian Metal Copyright5 million tonnes of copper concentrate from Russia state-controlled corporation, Rostec, for approximately 67.Asian Metal Copyright In July 2016, the Group sold 10.Asian Metal Copyright5 billion rubles.

.Asian Metal Copyright In July 2016, the Group sold 10.Asian Metal Copyright

Nickel Sulfate

Ni 22%min; Co 0.4%max China

Unit:RMB/mt
China's active refined nickel producers' sales volume statistics by province by month
Unit: mt
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