DJ NORNICKEL REPORTS FIRST HALF 2017 INTERIM CONSOLIDATED IFRS FINANCIAL RESULTS
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MMC Norilsk Nickel / Miscellaneous - High Priority
NORNICKEL REPORTS FIRST HALF 2017 INTERIM CONSOLIDATED IFRS FINANCIAL
RESULTS
15-Aug-2017 / 12:15 CET/CEST
Dissemination of a Regulatory Announcement, transmitted by EquityStory.RS,
LLC - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
PRESS RELEASE
15 August 2017
Public Joint Stock Company «Mining and Metallurgical Company «NORILSK
NICKEL»
(PJSC «MMC «NORILSK NICKEL», «Nornickel», the «Company», the «Group»)
NORNICKEL REPORTS FIRST HALF 2017 INTERIM CONSOLIDATED IFRS FINANCIAL
RESULTS
Moscow - PJSC MMC Norilsk Nickel, the largest refined nickel and palladium
producer in the world, today reports IFRS financial results for six months
ended June 30, 2017.
1H2017 HIGHLIGHTS
· Consolidated revenue increased 11% y-o-y to USD 4.2 billion primarily
owing to higher realized metal prices;
· EBITDA was down 3% y-o-y to USD 1.7 billion primarily owing to RUB
appreciation against USD and one-off increase in social-related expenses.
EBITDA margin maintained at an industry-leading level of 41%;
· CAPEX was almost flat y-o-y at USD 0.7 billion. Full year CAPEX guidance
of USD 2 billion is reiterated;
· Net working capital increased to USD 0.8 billion driven mostly by the
payment to Rostec for the purchase of copper concentrate;
· Free cash flow decreased 17% y-o-y to USD 0.5 billion primarily due to
the increase of working capital resulting in FCF/revenue ratio of 12%;
· Net debt/EBITDA ratio increased to 1.5x as of June 30, 2017 driven
mostly by the payment of interim dividend for 9 months of 2016 in January
2017 in the amount of USD 1.2 billion and the increase of working capital;
· In 2Q2017, taking the advantage of favourable market conditions the
Company placed two Eurobond issues: USD 1 billion with an annual coupon
rate of 4.1% and USD 0.5 billion with an annual coupon rate of 3.85%.The
coupon was fixed at the record low level for the Company's issuances on
international debt capital markets.
· On 24 January 2017, the Company's Board of Directors approved the sale
of up to 39.32% stake in the Bystrinskiy (Chita) Project to CIS Natural
Resources Fund. The closing of the transaction is expected by the year-end
2017.
RECENT DEVELOPMENTS
· In July 2017, the Company paid final dividend for 2016 in the amount of
USD1.2 billion (or USD7.5 per share);
· In July 2017, the Group's subsidiary Bystrinskoye LLC signed an
amendment to the credit facility agreement with Sberbank, whereby PJSC MMC
Norilsk Nickel provided guarantee for the full amount of the loan limit of
USD 800 million thus enabling a material reduction of the interest rate
and improvement of non-financial terms of the agreement.
KEY CORPORATE HIGHLIGHTS
USD million (unless stated otherwise) 1H2017 1H2016 Change,%
Revenue 4,248 3,843 11%
EBITDA1 1,744 1,795 (3%)
EBITDA margin 41% 47% (6 p.p.)
Net profit 915 1,304 (30%)
Capital expenditures 699 706 (1%)
Free cash flow2 512 619 (17%)
Net working capital2 805 4433 82%
Net debt2 5,598 4,5513 23%
Net debt /12MEBITDA 1.5? 1.2x3 0.3x
Dividends paid per share (USD)4 7.4 4.2 76%
1) A non-IFRS measure, for the calculation see the notes below.
2) A non-IFRS measure, for the calculation see an analytical review document
("Data book") available in conjunction with Consolidated IFRS Financial
Results on the Company's web site.
3) Reported as of December 31, 2016
4) Paid during the current period
MANAGEMENT DISCUSSION AND ANALYSIS
The President of Nornickel, Vladimir Potanin, commented on the results:
«In the first half of 2017, the Company delivered solid financial results
despite volatile commodity markets and unfavourable movement in exchange
rates. EBITDA margin remained at the industry-leading level of over 40%
while net debt/EBITDA ratio amounted to 1.5x.
We stayed on track with the implementation of our capital investments
program. In May, Talnakh Concentrator was fully ramped up having reached its
target throughput capacity and designed parameters marking an important
milestone in the execution of a key investment project of downstream
reconfiguration and production assets modernization. With the improved
quality of concentrate, expanded metallurgical capacities of Nadezhda Plant
and Kola refinery, the Company has managed to fully compensate for the
retired metallurgical assets of Nickel Plant decommissioned last year. As a
result, we have been able to significantly reduce the low-margin processing
of the third-party feed.
The construction of another major project, Bystrinsky copper project, has
entered completion phase, with the launch scheduled by the year end.
Overall, we confirm our initial CAPEX guidance of 2 billion dollars for the
year 2017.
In the first half of 2017, the management continued with capital structure
optimization program aiming at the reduction of the cost of capital. We took
advantage of favourable international debt market conditions to place two
Eurobond issues yielding record-low interest rates. Consequently, terms of a
number of bilateral loans have been renegotiated extending their maturities
and decreasing interest costs.
Providing shareholder returns remains an important priority for us. We are
planning to make an interim dividend recommendation to the Board of
Directors by the end of August and subject to its subsequent approval by the
shareholders to pay it by the year end».
HEALTH AND SAFETY
The lost time injury frequency rate (LTIFR) decreased from 0.39 to 0.34 in
1H2017, while number of lost time injuries dropped 13% y-o-y following the
roll out of base corporate standards of safety, the launch of video
information systems and a risk control project aiming at the reduction of
safety-related risks.
Regretfully, in 1H2017 the Company suffered one fatal injury (in 1H2016 - 6
fatal accidents). The management considers the health and safety of
employees as the key strategic priority and reiterates its strive for a zero
fatality rate, as part of which a wide range of initiatives to prevent the
occupational injuries is being rolled out. In 1H2017, these initiatives
included the following:
· 18 internal audits of HSE management system;
· 44 employees were fired for violation of health and safety regulations.
The Company regretted to report losses of four lives of its employees owing
to the explosion at the Zapolyarny mine on July 7, 2017. The Company
provided full support and assistance to their families and is currently
cooperating with the state authorities to investigate the accident. Life
protection remains our top priority.
METAL MARKETS
Nickel in 1H2017 - high price volatility on the back of healthy global
demand and rising ore supply from the Pacific laterite regions; historical
underinvestment in conventional sulphide mines and ongoing asset
reconfiguration at the world's two largest nickel producers have started to
translate into output cuts and downward revision of production targets
across the industry; exchange inventories are down YTD, but are still
running well above historical averages
Nickel price in 1H2017 continued to experience high volatility. Initial
expectations for suspensions of almost half of nickel mines in the
Philippines resulting from the 2016 environmental audit pushed the nickel
price above USD 11,000 per tonne in February. However, since March the news
flow from the Pacific region turned negative. Since the surprising
relaxation of the ban on the export of unprocessed minerals in Indonesia in
January, the local government issued three export permits for nickel ore for
a total amount of 6 mln tonnes (approximately 60 thousand tonnes of nickel
units) in 1H2017. In the Philippines, the Senate refused to re-appoint Ms
Regina Lopez (the main propagator of the tight environmental control over
the mining industry and the initiator of the environmental audit of mines)
as the Head of Department of Environment and Natural Resources (DENR) thus
ruining the market expectations for major mined nickel production cuts in
the country. These developments combined with subdued nickel demand in China
owing to lukewarm stainless steel output in 2Q17 drove nickel price lower to
USD 8,800 per tonne in the beginning of June.
The average LME nickel price in 1H2017 was USD 9,761 per tonne, up 10%
y-o-y.
Global nickel consumption in 1H2017 increased by 2% y-o-y. While demand in
China was lower (-1% following extremely strong 1H16), both Europe and the
US surprised on the upside with nickel consumption rising 4% and 8%,
respectively, driven by strong recovery in stainless, specialty steels and
alloys industries. In 1H2017, nickel consumption in batteries increased very
strongly, mostly driven by a 38% growth of electric and hybrid vehicles
production coupled with the shift towards more nickel-intensive composition
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of the cathode materials.
Developments on the supply side overall in 1H2017 were quite mixed. In
Indonesia, nickel pig iron (NPI) producers continued to ramp up production
to add over 90 thousand tonnes of nickel units per annum, while the export
of unprocessed ore from the country has been resumed and is gathering
momentum. Filipino ore supply also continued to flood the market after a
prominent environmentalist Regina Lopez had been removed from the position
of the Head of DENR by a House-Senate committee and the initially suspended
nickel mines had resumed their output. At the same time, production of
high-grade nickel reduced as result of ongoing downstream asset
reconfiguration in Russia and Canada and decreased external nickel feed for
the largest Chinese nickel cathode producer Jinchuan. Overall, 1H2017 global
production of high-grade nickel was down 13% y-o-y.
The combined LME and SHFE exchange inventories still remain well above the
historical average level despite a reduction by 19 thousand tonnes to 447
thousand tonnes by the end of 1H2017.
Nickel outlook - neutral; 2017 market deficit forecast reduced from 100 to
45 thousand tonnes as Indonesia resumed export of unprocessed ore while
anticipated production cuts in the Philippines have not materialized; global
demand is robust with China's consumption expected to accelerate in 2H17 and
consumption running strong in other regions.
Following our upward revision of ore export forecast from Indonesia as two
new export licenses for a total amount of 2.1 mln tonnes of nickel ore were
granted on August 1 (thus bringing the total export quota to 8.1 mln tonnes
of nickel ore) and higher ore export assumptions from the Philippines, we
reduce our deficit forecast from 100 to 45 thousand tonnes for the full year
2017.
Supply uncertainty from the Pacific region has not been completely removed,
as, for instance, President of the Philippines, Rodrigo Duterte, lashed out
in public at the mining industry promising 'to tax them to death' if damage
to the environment persists. This verbal intervention together with lower
2017 production guidance announced by most high-quality nickel producers
with combined supply cuts of approximately 60 thousand tonnes y-o-y and
recent news on mothballing of Ravensthorpe, provides a certain support for
the nickel price's recent recovery above USD 10,000 per tonne.
On the demand side, in 2H17 we expect the acceleration of consumption from
Chinese stainless industry following the launch of a new 1-million tonnes
mill by Delong and expansions by several other stainless steel producers.
Nickel consumption in stainless steel outside of China is also expected at
healthy levels, with robust recovery in stainless steel output in Europe and
the US, forecasted at 3% and 5% y-o-y, respectively, and especially strong
growth in the rest of Asia underpinned by the ramp-up of a new Tsingshan
stainless steel mill in Indonesia. We also expect stable increase of nickel
demand in plating (3% y-o-y) and, most importantly, battery sector demand
(up 30% y-o-y), with the latter representing most intriguing long-term
growth story.
Copper in 1H2017 - price increase accelerating in June driven by revived
market optimism regarding the demand outlook and potential supply shortage
In 1H2017, copper price was quite volatile. In February, unprecedented
supply disruptions from Escondida and Grasberg pushed copper above USD 6,100
per tonne, but as the global mined output normalized in the spring and the
copper exchange inventories rose, the metal price weakened to less than USD
5,500 per tonne in May. Starting from June, however, the price started to
strengthen to USD 5,900 per tonne as both miners and investors became
bullish on the global infrastructure spending, China growth outlook and the
potential growth of electrical vehicles.
The average LME copper price in 1H2017 increased 22% y-o-y to USD 5,749 per
tonne.
Copper outlook - neutral; the market to remain well-balanced in the mid-term
We believe that recent copper price rally surpassing USD 6,300 per tonne was
mostly driven by improved market sentiment, which may last and thus support
copper price at high levels in the short-term. However, we do not anticipate
major surprises from the metal's fundamentals. We expect that a number of
new large projects, which were delayed or put on hold in 2015-2016, will
ramp-up in 2018-2019 to their full capacity as almost all of them are
economically viable at spot copper price. We expect the annual global copper
demand growth slowing down to 2% as Chinese consumption is maturing and the
potential major US infrastructure spending is yet to be approved and likely
to be well spread over a good number of years. We maintain a view that
copper market in both 2017 and 2018 will be fairly balanced, assuming that
supply disruption allowances run at historical average of approximately 5%
of the global production.
Palladium in 1H2017 - 45% y-o-y rally driven by both fundamental factors and
spot market tightness
In 1H2017, palladium was the best performing commodity in our core
commodities basket rallying 45% y-o-y, with price averaging USD 792 per troy
ounce. Strong demand from automotive industry (4% y-o-y) driven by increase
in SUV sales globally, ongoing powertrain shift away from diesel into
gasoline engines in Europe and tightening emission legislation was
underpinned by stagnant primary metal supply and limited increase in scrap
recycling volumes (3% y-o-y). Most importantly, strong industry fundamentals
were exacerbated by an extreme tightness emerged on the physical spot
market, as a 5-year-long apparent market deficit started to impact the
availability of price-elastic above-the-ground stocks. Owing to the limited
availability of physical palladium, the leasing rates dramatically increased
taking the palladium market into backwardation of approximately 5-10% per
annum.
Palladium outlook - remains positive; market deficit to widen on the back of
continuing demand growth from automotive sector and lack of new primary
supply
In 2017, palladium consumption is expected to reach a new all-time high of
10.8 million troy ounces with market deficit exceeding 1 mln troy ounces. We
expect the automotive industry to be the main driver of palladium
consumption growth as we see a number of trends sustainable in the medium
term, such as the global growth of car fleet driven by rising personal
incomes in emerging markets, falling market share of diesel cars (primarily
in Europe and India), rising hybridization across the globe, with gasoline
hybrids having higher PGM loadings per vehicle vs. conventional gasoline
vehicles with the same engine size. Another major driver of palladium
consumption remains ongoing tightening of environmental standards in major
car producing regions as the governments keep rolling out new regulations to
ensure clean air for their citizens. Some of the most material recent
developments in this area include:
· Europe: Introduction of Real Driving Emission tests and Euro 6d-TEMP and
Euro 6d standards;
· The USA: Continuing Tier 3 phase-in;
· China: China 5 standard which was launched in eleven Eastern provinces
and in Guangdong in 2016, was expanded nationwide in January;
· China: China 6 standard that combines best environmental practices from
Europe and the US to be launched in 2020.
On the supply side, we do not anticipate any major upside surprises as the
capital investments of major PGMs producers is running at its lowest level
for the past six years, while the new South African Mining Charter (which
imposes higher participation rate of black empowerment and introduces
additional taxes for local communities) if implemented does not provide an
incentive for major capital investments into existing mines and development
of new projects in the country. Global ETF holdings have recently seen some
inflows as investors started to build long positions even at high spot
prices.
Platinum in 1H2017 - pressure from lower industrial demand, inelastic supply
response and investors speculative bets
Platinum price started the year on an upbeat note recovering to USD 1,020
per troy ounce in February following gold rally. However, this rally was put
to an end by reducing diesel cars market share in Europe and India, and the
weak jewelry demand in China, bringing the metal price below USD 900 per
troy ounce in May. At the same time, primary mine supply remained stable
despite a number of platinum mines running a cash loss. Financial investors,
in their turn, used the overall negative momentum to short platinum adding
even more downward pressure on the price.
The average platinum price in 1H2017 remained flat y-o-y at USD 960 per troy
ounce.
Platinum outlook - neutral; falling market share of diesel cars and negative
overall sentiment towards diesel among European policymakers continue to
keep the price under a downward pressure; supply is stable
The platinum market is expected to be in a marginal surplus in 2017 after 5
consecutive years of deficits. Diesel substitution with gasoline and hybrids
in light vehicles is likely to continue undermining platinum demand. This
trend could be partly offset by a sustainable growth of heavy-duty vehicles
production. On the supply side, at the same time we believe that a
multiple-year history of underinvestment in South Africa does not only limit
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any incremental supply opportunities, but furthermore puts sustainability of
platinum mined production at current levels at risk.
KEY SEGMENTAL HIGHLIGHTS1
USD million (unless stated otherwise) 1H2017 1H2016 Change,%
Revenue 4,248 3,843 11%
Group GMK 3,294 2,831 16%
Group KGMK 388 284 37%
NN Harjavalta 366 283 29%
Other metallurgical 5 3 67%
Other non- metallurgical 831 813 2%
Eliminations (636) (371) 71%
EBITDA 1,744 1,795 (3%)
Group GMK 1,965 1,765 11%
Group KGMK 52 55 (5%)
NN Harjavalta 44 9 5x
Other metallurgical (13) (8) 63%
Other non-metallurgical 26 57 (54%)
Eliminations 35 81 (57%)
Unallocated (365) (164) 2x
EBITDA margin 41% 47% (6 p.p.)
Group GMK 60% 62% (2 p.p.)
Group KGMK 13% 19% (6 p.p.)
NN Harjavalta 12% 3% 9 p.p.
Other metallurgical (260%) (267%) 7 p.p.
Other non- metallurgical 3% 7% (4 p.p.)
1) Segments are defined in the consolidated financial statements
In 1H2017, revenue of Group GMK segment increased by 16% y-o-y to USD 3,294
million. This was primarily driven by higher realized metal prices. This
positive effect was partly offset by lower sales volume in 1H2017 owing to
the base effect as 1H2016 sales included the sale of temporary metal stock.
The revenue of Group KGMK segment increased by 37% y-o-y to USD 388 million
mainly owing to the increase in revenue from processing of the feed coming
from Polar division.
Revenue of NN Harjavalta increased by 29% y-o-y to USD 366 million. This was
primarily driven by higher realized metal prices and increased metal
production from the Company's own Russian feed.
Revenue of Other non-metallurgical segment increased by 2% y-o-y to USD 831
million. This was driven primarily by appreciation of the Russian rouble and
changes of intersegment revenue streams driven by transition to Group's own
Russian feed.
In 1H2017, EBITDA of Group GMK segment increased by 11% y-o-y to USD 1,965
million owing primarily to higher realized metal prices partly offset by
lower sales volume in 1H2017 owing to the base effect as 1H2016 sales
included the sale of temporary metal stock and increased cash costs on the
back of the Russian rouble appreciation against US dollar.
EBITDA of Group KGMK segment was down by 5% y-o-y to USD 52 million
primarily owing to higher cash costs driven by the appreciation of RUB
against USD, which was mostly offset by the increased sales volume.
EBITDA of NN Harjavalta increased five times to USD 44 million primarily due
to higher metal prices and processing the Company's own Russian feed instead
of low-margin third parties feed.
EBITDA of Other non-metallurgical segment decreased by USD 31 million to USD
26 million primarily due to inflationary growth of expenses and the Russian
rouble appreciation. This effect was exacerbated by lower sales margin of
the Group's trading subsidiaries due to volatility of metal prices in 1H2017
as compared to rising metal prices in 1H2016.
EBITDA of Unallocated segment decreased two times to negative USD 365
million primarily due to increased social expenses of the Group.
SALES VOLUME AND REVENUE 1H2017 1H2016 Change,%
Metal sales
Group
Nickel, thousand tons2 106 145 (27%)
from own Russian feed 99 120 (18%)
from 3d parties feed 7 25 (72%)
Copper, thousand tons2 176 182 (3%)
from own Russian feed 173 180 (4%)
from 3d parties feed 3 2 50%
Palladium, koz 2 1,305 1,434 (9%)
from own Russian feed 1,264 1,423 (11%)
from 3d parties feed 41 11 4x
Platinum, koz 2 311 370 (16%)
from own Russian feed 299 365 (18%)
from 3d parties feed 12 5 140%
Gold, koz 2 64 70 (9%)
Rhodium, koz 2 33 45 (27%)
Cobalt, thousand tons2 1 2 (50%)
Silver, koz 2 1,083 1,092 (1%)
Semi-products, nickel, thousand tons 1 9 6 50%
Semi-products, copper, thousand tons1 10 6 67%
Semi-products, palladium, koz 1 65 47 38%
Semi-products, platinum, koz 1 23 19 21%
Semi-products, gold, koz 1 4 4 -
Semi-products, silver, koz 1 205 42 5x
Average realized prices of metals
produced by Norilsk Nickel
Metal
Nickel (USD per tonne) 10,067 8,837 14%
Copper (USD per tonne) 5,789 4,742 22%
Palladium (USD per oz) 792 545 45%
Platinum (USD per oz) 962 938 3%
Cobalt (USD per tonne) 46,515 23,169 101%
Gold (USD per oz) 1,238 1,213 2%
Rhodium (USD per oz) 919 656 40%
Revenue, USD million
Nickel 1,063 1,278 (17%)
Copper 1,020 862 18%
Palladium 1,167 810 44%
Platinum 299 347 (14%)
Semi-products 166 88 89%
Other metals 181 180 1%
Revenue from metal sales 3,896 3,565 9%
Revenue from other sales 352 278 27%
Total revenue 4,248 3,843 11%
1) Metal volumes represent metals contained in semi-products.
2) All information is reported on the 100% basis, excluding sales of metals
purchased from third parties.
Nickel
Nickel sales accounted for 27% of the Group's total metal revenue in 1H2017
down from 36% in 1H2016. The decrease by 9 p.p. was driven by the reduction
of sales volumes following a decrease of metal production from third party
feed and stronger performance of palladium and copper relative to nickel
price.
In 1H2017, nickel revenue decreased by 17% y-o-y (or USD 215 million) to USD
1,063 million primarily due to lower sales volumes (USD 394 million) owing
to the higher base effect as temporary metal stock was sold in 1H2016, which
was partly offset positively by higher nickel price (USD 179 million).
The average realized nickel price increased 14% y-o-y to USD 10,067 per
tonne in 1H2017 from USD 8,837 per tonne in 1H2016.
Sales volume of nickel produced by the Company from its own Russian feed
decreased by 18% y-o-y (or 21 thousand tons) to 99 thousand tons. The
decrease was primarily driven by the shutdown of the obsolete Nickel plant
in August 2016 and increase in work-in-progress as the more high-grade matte
produced at Polar Division was shipped to Kola MMC and Norilsk Nickel
Harjavalta for further processing.
Sales volume of nickel produced from third parties feed decreased by 72%
y-o-y in 1H2017 to 7 thousand tons as Harjavalta started the processing of
the Company's own Russian feed.
Copper
In 1H2017, copper sales accounted for 26% of the Group's total metal sales,
increasing 18% y-o-y (or USD 158 million) to USD 1,020 million primarily
owing to higher realized copper price ( USD 190 million) that was partly
offset negatively by the decrease in sales volume (USD 32 million).
The average realized copper price increased 22% y-o-y from USD 4,742 in
1H2016 to USD 5,789 per tonne in 1H2017.
Physical volume of copper sales from the Company's own Russian feed
decreased by 4% y-o-y (or 7 thousand tons) to 173 thousand tons. The
decrease was driven by the accumulation of saleable metal owing to an
extension of navigation break at the port of Dudinka as well as the higher
base effect as copper from temporary metal stock was sold in 1H2016.
The volume of copper sales from purchased semi-products increased by 1
thousand tons to 3 thousand tons in 1H2017.
Palladium
In 1H2017, palladium became the largest contributor to the Group's revenue,
accounting for 30% of the Group's total metal revenue, up by 7 p.p. y-o-y.
The palladium revenue increased 44% y-o-y (or USD 357 million) to USD 1,167
million. The positive impact of higher realized price (USD 354 million) was
partly negatively offset by the reduction of sales volume (USD 102 million)
mainly owing to the higher base effect as temporary metal stock was sold in
1H2016.
Additional USD 134 million to palladium revenue in 1H2017 was contributed by
the re-sale of purchased metal to fulfil the Company's contractual
obligations (vs USD 29 million in 1H2016).
Platinum
In 1H2017, platinum sales accounted for 8% of the Group's total metal
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revenue and decreased by 14% y-o-y (or USD 48 million) to USD 299 million
primarily due to lower volumes of platinum sales (USD 56 million) which was
partly offset positively by higher realized platinum price (USD 8 million).
The revenue decline owing to the higher base effect as metal stock was sold
in 1H2016 was partly positively offset by the higher realized platinum price
up 3% y-o-y from USD 938 per oz in 1H2016 to USD 962 per oz in 1H2017.
Other metals
In 1H2017, revenue from other metals remained unchanged y-o-y at USD 181
million owing to the increase in cobalt (up 14%), silver (up 10%) and
rhodium (up 2%) sales which was partly negatively offset by lower gold
revenue (down 7%). Increase of revenue from other metals (USD 49 million)
was driven by the higher realized prices partly negatively offset by lower
physical sale volumes (USD 48 million).
Semi-products
In 1H2017, semi-products revenue (copper cake, nickel concentrate, copper
and nickel high-grade matte) increased USD 78 million (or 89% y-o-y) to USD
166 million, and accounted for 4% of the Group's total metal revenue. This
increase was mainly driven by higher physical sales to third parties instead
of processing these semis at the Company's own refineries.
Other sales
In 1H2017, other sales were up by 27% y-o-y and USD 352 million primarily
owing to the Russian rouble appreciation (USD 55 million) and revenue
increase in real terms
(USD 19 million) driven by the increase of prices for services provided to
third parties (USD 14 million), higher revenue from transport subsidiaries
of the Group (USD 24 million), which was partly offset negatively by the
divestiture of non-core assets (USD 22 million).
COST OF METAL SALES
Cost of metals sales
In 1H2017, the cost of metal sales increased by 17% y-o-y (or USD 275
million) to USD 1,906 million owing to:
· Increase in cash operating costs by 26% y-o-y (USD 355 million);
· Increase in depreciation charges by 29% y-o-y (USD 62 million);
· Change in metal inventories y-o-y (cost of metal sales decrease by USD
142 million).
Cash operating costs
In 1H2017, total cash operating costs increased by 26% y-o-y (or USD 355
million) to USD 1,697 million.
The negative effect of the Russian rouble appreciation amounted to USD 206
million.
The inflationary growth of cash operating costs by USD 84 million was
exacerbated by an increase of the mineral extraction tax (USD 49 million)
that compensated for the cancelled PGM export duties.
USD million 1H2017 1H2016 Change,%
Cash operating costs
Labour 687 539 27%
Purchases of metals for resale, raw 325 294 11%
materials and semi-products
Materials and supplies 281 203 38%
Mineral extraction tax and other levies 106 67 58%
Third-party services 84 72 17%
Electricity and heat energy 64 47 36%
Fuel 48 25 92%
Transportation expenses 29 31 (6%)
Sundry costs 73 64 14%
Total cash operating costs 1,697 1,342 26%
Depreciation and amortisation 276 214 29%
(Increase)/decrease of metal inventories (67) 75 n.a.
Total cost of metal sales 1,906 1,631 17%
Labour
In 1H2017, labour costs increased by 27% y-o-y (or USD 148 million) to USD
687 million amounting to 41% of the Group's total cash operating costs
driven by the following:
· USD 112 million - cost increase owing to the Russian rouble appreciation
against
US Dollar;
· USD 36 million - cost increase in real terms primarily driven by the
indexation of RUB-denominated salaries and wages (USD 57 million) partly
offset by a decrease of Group's production staff headcount (USD 26
million) owing to the ongoing downstream reconfiguration program.
Purchases of metals for resale, raw materials and semi-products
In 1H2017, expenses on the purchase of metals for resale, raw materials and
semi-products increased by 11% y-o-y (or by USD 31 million) to USD 325
million driven by the following:
· USD 35 million - cost increase owing to higher semi-products prices;
· USD 56 million - cost increase owing to the processing of copper
concentrate purchased from Rostec;
· USD 181 million - cost reduction resulting from the decrease of purchase
of semi-products from third parties for processing at NN Harjavalta as
part of ongoing downstream reconfiguration program;
· USD 65 million - cost increase owing to purchase of semi-products from
Nkomati for further resale to third parties in line with ongoing
downstream reconfiguration programme;
· USD 58 million - higher purchases of metals for re-sale (mainly
palladium) to fulfill contractual obligations.
Materials and supplies
In 1H2017, materials and supplies expenses increased 38% y-o-y (or USD 78
million) to USD 281 million driven by the following:
· USD 40 million - negative effect of the Russian rouble appreciation;
· USD 38 million - cost increase in line with the ongoing downstream
reconfiguration program.
Third-party services
In 1H2017, cost of third party services increased 17% y-o-y (or USD 12
million) to USD 84 million.
The negative effect of the Russian rouble appreciation amounted to USD 11
million.
The cost increase owing to inflation and higher volumes of repairs
(USD 17 million) was mostly offset by cost decrease due to the termination
of contract to process Nkomati concentrate (USD 16 million).
Mineral extraction tax and other levies
In 1H2017, mineral extraction tax and other levies increased by 58% y-o-y
(or USD 39 million) to USD 106 million.
The negative effect of the Russian rouble appreciation amounted to USD 14
million.
Cash cost increase in real terms by USD 25 million was primarily driven by
the higher mineral extraction tax resulting from the change in legislation
(USD 49 million), which was mainly offset by a decrease in pollution levies.
Electricity and heat energy
In 1H2017, electricity and heat energy expenses increased by 36% y-o-y (or
USD 17 million) to USD 64 million driven by the following:
· USD 7 million - negative effect of the Russian rouble appreciation;
· USD 10 million - increase in expenses owing to an increase in
consumption of energy due to the ongoing downstream reconfiguration
program and energy tariffs inflationary growth.
Fuel
In 1H2017, fuel expenses increased by 92% y-o-y (or USD 23 million) to USD
48 million driven by the following:
· USD 5 million - negative effect of the Russian rouble appreciation;
· USD 18 million - higher fuel oil and other oil products prices.
Transportation expenses
In 1H2017, transportation expenses decreased by 6% y-o-y (or USD 2 million)
to
USD 29 million driven by the following:
· USD 4 million - negative effect of the Russian rouble appreciation;
· USD 6 million - costs decrease driven by the reduction of transportation
services sourced from the third parties.
Sundry costs
In 1H2017, sundry costs increased by 14% y-o-y (or USD 9 million) to USD 73
million, driven by the following:
· USD 13 million - negative effect of the Russian rouble appreciation;
· USD 4 million - decrease in insurance expenses owing to the
renegotiation of property insurance agreements on the same insurance cover
terms.
Depreciation and amortisation
In 1H2017, depreciation and amortisation increased by 29% y-o-y (or USD 62
million) to USD 276 million.
Russian rouble appreciation amounted to depreciation and amortisation
increase by
USD 42 million.
Depreciation charges increased in real terms by USD 20 million mainly due to
additions to production assets at the Company's operating subsidiaries in
Russia in 2H2016 and in 1H2017.
(Increase)/decrease of metal inventories
In 1H2017, comparative effect of change in metal inventory amounted to USD
142 million resulting in a decrease in cost of metal sales. This resulted
mainly from the sale of metal from temporary stock in 1H2016, which was
accumulated in 2015, as well as a built-up of metal stock (mainly copper)
and work-in-progress inventory in 1H2017 due to a extention of navigation
break and the ongoing downstream reconfiguration program.
COST OF OTHER SALES
In 1H2017, cost of other sales increased by 22% y-o-y (or USD 56 million) to
USD 309 million.
Russian rouble appreciation amounted to cost of other sales increase by USD
53 million.
Cost of other sales increased in real terms by a net of USD 3 million
comprised of USD 38 million increase in expenses resulting from increased
transportation services, indexation of RUB-denominated salaries and wages
and growth of other services, which were partly offset positively by the
sale of non-core assets resulting in a cost reduction of USD 35 million.
SELLING AND DISTRIBUTION EXPENSES
USD million 1H2017 1H2016 Change,%
Transportation expenses 15 12 25%
Staff costs 5 5 -
Marketing expenses 5 2 150%
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DJ NORNICKEL REPORTS FIRST HALF 2017 INTERIM -5-
Export duties - 50 (100%)
Other 3 3 -
Total 28 72 (61%)
Selling and distribution expenses decreased 61% y-o-y (or USD 44 million) to
USD 28 million, primarily due to the cancellation of PGM export duties in
September 2016 as part of Russian Federation's WTO membership terms (USD 50
million cost reduction).
GENERAL AND ADMINISTRATIVE EXPENSES
USD million 1H2017 1H2016 Change,%
Staff costs 235 176 34%
Taxes other than mineral extraction tax 39 26 50%
and income tax
Third party services 22 20 10%
Depreciation and amortisation 15 10 50%
Rent expenses 13 10 30%
Transportation expenses 3 3 -
Other 26 20 30%
Total 353 265 33%
In 1H2017, general and administrative expenses increased by 33% y-o-y (or
USD 88 million) to USD 353 million. Rouble appreciation contributed to USD
49 million cost increase. General and administrative expenses increased in
real terms due to the following:
· USD 14 million - increase in staff costs mainly due to salaries
indexation;
· USD 11 million - increase in staff costs resulting from the
automatization of production processes and roll out of new IT systems;
· USD 14 million - mainly due to higher property tax and amortization
charges.
OTHER NET OPERATING EXPENSES
USD million 1H2017 1H2016 Change,%
Social expenses 196 57 244%
Change in allowances 19 15 27%
Other - 11 (100%)
Total 215 83 159%
In 1H2017, other net operating expenses increased by 159% (or USD 132
million) to USD 215 million owing to one-off social expenses including
expenses attributed to the development of skiing resort in Sochi and an
estimated provisional cost of long-term social agreement with the government
of Zabaikalsky Krai.
FINANCE COSTS
USD million 1H2017 1H2016 Change,%
Interest expense on borrowings net of 195 203 (4%)
amounts capitalized
Unwinding of discount on provisions and 70 23 204%
payables
Total 265 226 17%
Increase in finance costs by 17% y-o-y to USD 265 million was driven mainly
by an increase in unwinding of discount on provisions and payables.
Consistent delivery on financial policy targets enabled the Company to
minimize the negative impact of market developments on its interest
expenses, with 2H2016 amendments to the terms of several USD denominated
credit lines resulting in a reduction of applicable interest rates helping
to partially offset the multiple-fold increase of the base rates (LIBOR) in
1H2017. In order to decrease the funding costs in 1H2017, the Group prepaid
in advance its Rouble-denominated credit facilities in the amount of RUB 60
billion.
The management continues to optimize the Group's debt portfolio in order to
reduce further its interest expense. On July 12, 2017, GRK Bystrinskoye LLC
and PJSC Sberbank signed an amendment agreement whereby PJSC MMC Norilsk
Nickel has issued a guarantee on the performance and obligations of GRK
Bystrinskoye LLC in favor of PJSC Sberbank, which enabled to reduce finance
costs and improve certain non-financial terms of the existing agreement. The
Group has also successfully negotiated certain amendments to the current
bilateral credit facilities with Western financial institutions for the
total amount of USD 1.2 billion, resulting in a reduction of interest rates.
Reduction of interest expenses is expected to materialize in 2H2017.
INCOME TAX EXPENSE
In 1H2017, income tax expense decreased by 18% y-o-y to USD 303 million
driven mostly by the decrease of taxable profit owing to foreign exchange
effect.
The effective income tax rate in 1H2017 of 24.9% was above the Russian
statutory tax rate of 20%, which was primarily driven by non-deductible
social expenses.
USD million 1H2017 1H2016 Change,%
Current income tax expense 262 348 (25%)
Deferred tax expense 41 22 86%
Total 303 370 (18%)
The breakdown of the current income tax expense by tax jurisdictions:
USD million 1H2017 1H2016 Change,%
Russian Federation 257 346 (26%)
Finland 4 - 100%
Rest of the world 1 2 (50%)
Total 262 348 (25%)
EBITDA
USD million 1H2017 1H2016 Change,%
Operating profit 1,412 1,536 (8%)
Depreciation and amortisation 307 256 20%
Impairment of non-financial assets 25 3 8x
EBITDA 1,744 1,795 (3%)
EBITDA margin 41% 47% (6 p.p.)
In 1H2017, EBITD? decreased by 3% y-o-y (or USD 51 million) to USD 1,744
million with the EBITDA margin amounting to 41% (down from 47% in 1H2016).
EBITDA decline was driven by the high base effect as temporary metal stock
was sold in 1H2016, RUB appreciation against US Dollar, cost inflation and
increased social expenses, all of which were almost fully offset by higher
realized metal prices.
NET PROFIT BEFORE IMPAIRMENT CHARGES AND FOREIGN EXCHANGE differences
USD million 1H2017 1H2016 Change,%
Net profit 915 1,304 (30%)
Impairment of non-financial assets 25 3 8x
Foreign exchange gain (21) (310) (93%)
Gain from disposal of subsidiaries and (16) (6) 167%
assets classified as held for sale
Net profit before impairment charges and 903 991 (9%)
foreign exchange differences
STATEMENT OF CASH FLOWS
USD million 1H2017 1H2016 Change,%
Cash generated from operations before 1,800 1,828 (2%)
changes in working capital and income
tax
Movements in working capital (309) 16 n/a
Income tax paid (320) (320) -
Net cash generated from operating 1,171 1,524 (23%)
activities
Capital expenditure (699) (706) (1%)
Other investing activities 40 (199) n/a
Net cash used in investing activities (659) (905) (27%)
Net cash used in financing activities (1,156) (1,237) (7%)
Effects of foreign exchange differences (31) (23) 35%
on balances of cash and cash
equivalents
Other 4 1 4x
Net (decrease)/increase in cash and (671) (640) 5%
cash equivalents
In 1H 2017, net cash generated from operating activities decreased by 23%
y-o-y to USD 1.2 billion owing to the following:
· USD 51 million - decrease of cash generated from operating activities
due to decrease in EBITDA;
· USD 325 million - decrease of cash generated from operating activities
due to increase of working capital in 1H2017 mainly due to partial payment
of payables due to Rostec in 1H2017 and reduction of working capital in
1H2016 primarily due to realization of temporary metal stock.
Reconciliation of the net working capital changes between the balance sheet
and cash flow statement is presented below.
USD million 1H2017 1H2016
Change of the net working capital in the balance (362) 79
sheet
Foreign exchange differences 24 21
Change in income tax payable 57 (26)
Other changes, including reserves (28) (58)
Change of working capital per cash flow (309) 16
Capital investments breakdown by project is presented below:
USD million 1H2017 1H2016 Change,%
Polar Division, including: 319 402 (21%)
Skalisty mine 36 30 20%
Taymirsky mine 29 28 4%
Komsomolsky mine 4 27 (85%)
Oktyabrsky mine 35 24 46%
Talnakh Concentrator 53 114 (54%)
Reconstruction/modernisation of 6 11 (45%)
production facilities related to closing
of Nickel plant
Kola MMC 69 44 57%
Chita (Bystrinsky) project 146 132 11%
Other production projects 148 113 31%
Other non-production assets 3 2 50%
Intangible assets 14 13 8%
Total 699 706 (1%)
In 1H2017, CAPEX decreased by 1% y-o-y to USD 0.7 billion. The reduced
investments into the upgrade of Talnakh concentrator resulting from the
gradual completion of the project in 1H2017 were partly offset by the
acceleration of investments into the development of Chita (Bystrinsky)
project, entering its completion phase in 2H2017 and expected to launch by
the end of this year.
In 1H2017, other investing activities generated positive cash of USD 40
million driven mostly by the proceeds from the sale of other non-core assets
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DJ NORNICKEL REPORTS FIRST HALF 2017 INTERIM -6-
(USD 108 million), including the sale of the Group's subsidiary, which owned
the former Company's head-office buildings in Moscow.
DEBT AND LIQUIDITY MANAGEMENT
USD million As of June As of Change, USD Change,%
30 2017 December 31 million
2016
Long-term 6,903 7,274 (371) (5%)
Short-term 1,325 578 747 129%
Total debt 8,228 7,852 376 5%
Cash and cash 2,630 3,301 (671) (20%)
equivalents
Net debt 5,598 4,551 1,047 23%
Net debt /12M 1.5x 1.2x 0.3x
EBITDA
As of June 30, 2017, the Company's total debt amounted to USD 8,228 million,
up 5% (or USD 376 million) from the year-end 2016.
As of June 30, 2017, Net debt increased by 23% from the year-end 2016 to USD
5,598 million and Net debt/EBITDA ratio increased to 1.5x.
In 1H2017, the management continued to extend the Group's debt maturity
profile. In line with this strategy, the Group successfully placed two
Eurobond issues totaling USD 1.5 billion taking advantage of the favorable
market conditions. In April 2017, the Company issued USD 1 billion Eurobonds
maturing in 2023 with an annual coupon rate of 4.10% which was inside the
Company's outstanding Eurobonds' curve. In June 2017, the Group closed a USD
500 million Eurobond offering maturing in 2022 with an annual coupon rate of
3.849%. The coupon was fixed at the record low level for the Company's
issuances on international debt capital markets.
In response to the Rouble appreciation in 1H2017, the Company settled in
advance credit facilities in the amount of RUB 60 billion in order to
decrease the Company's funding costs. As a result, the share of Rouble
denominated debt in credit portfolio decreased to 15% as of June 30, 2017
from 29% as of December 31, 2016.
With the view to preserve sufficient liquidity cushion and achieve the right
balance between cash reserves and more flexible and cost efficient financial
instruments the Group maintains long-term committed undrawn credit lines in
the total amount of more than USD 2 billion.
As of the date of publication of this release, the Company's credit ratings
assigned by S&P Global and Fitch were at investment grade level of BBB- with
"Negative" and "Stable" outlooks, respectively. The Company's credit rating
by Moody's remained at the level of Ba1 capped by Russia sovereign country
celling.
Attachment A
INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2017
US Dollars million
For the six For the six
months ended months ended
30 June 2017 30 June 2016
Revenue
Metal sales 3,896 3,565
Other sales 352 278
Total revenue 4,248 3,843
Cost of metal sales (1,906) (1,631)
Cost of other sales (309) (253)
Gross profit 2,033 1,959
General and administrative expenses (353) (265)
Selling and distribution expenses (28) (72)
Impairment of non-financial assets (25) (3)
Other net operating expenses (215) (83)
Operating profit 1,412 1,536
Foreign exchange gain, net 21 310
Finance costs (265) (226)
Gain from disposal of subsidiaries and
assets
classified as held for sale 16 6
Income from investments, net 34 51
Share of losses of associates - (3)
Profit before tax 1,218 1,674
Income tax expense (303) (370)
Profit for the period 915 1,304
Attributable to:
Shareholders of the parent company 918 1,309
Non-controlling interests (3) (5)
915 1,304
EARNINGS PER SHARE
Basic and diluted earnings per share
attributable to shareholders of
the parent company (US Dollars per 5.8 8.3
share)
Attachment B
INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)
AT 30 JUNE 2017
US Dollars million
Notes At 30 June At 31 December
2017 2016
ASSETS
Non-current assets
Property, plant and equipment 12 9,781 9,006
Intangible assets 103 94
Investment property - 93
Other financial assets 13 179 187
Other taxes receivable 1 2
Deferred tax assets 60 56
Other non-current assets 14 994 1,013
11,118 10,451
Current assets
Inventories 14 2,174 1,895
Trade and other receivables 201 170
Advances paid and prepaid 88 68
expenses
Other financial assets 13 50 8
Income tax receivable 137 82
Other taxes receivable 266 276
Cash and cash equivalents 15 2,630 3,301
5,546 5,800
Assets classified as held for 16 217 206
sale
5,763 6,006
TOTAL ASSETS 16,881 16,457
EQUITY AND LIABILITIES
Capital and reserves
Share capital 17 6 6
Share premium 1,254 1,254
Translation reserve (4,616) (4,778)
Retained earnings 6,923 7,340
Equity attributable to 3,567 3,822
shareholders of the parent
company
Non-controlling interests 18 88 74
3,655 3,896
Non-current liabilities
Loans and borrowings 19 6,903 7,274
Provisions 510 435
Trade and other long-term 576 523
payables
Deferred tax liabilities 348 303
Other long-term liabilities 117 50
8,454 8,585
Current liabilities
Loans and borrowings 19 1,325 578
Trade and other payables 1,538 1,610
Dividends payable 17 1,202 1,164
Employee benefit obligations 371 299
Provisions 180 183
Income tax payable 1 2
Other taxes payable 154 138
4,771 3,974
Liabilities associated with 16 1 2
assets classified as held for
sale
4,772 3,976
TOTAL LIABILITIES 13,226 12,561
TOTAL EQUITY AND LIABILITIES 16,881 16,457
Attachment C
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2017
US Dollars million
For the six For the six
months ended months ended
30 June 2017 30 June 2016
OPERATING ACTIVITIES
Profit before tax 1,218 1,674
Adjustments for:
Depreciation and amortisation 307 256
Impairment of non-financial assets 25 3
Share of losses of associates - 3
Gain from disposal of subsidiaries and (16) (6)
assets classified as held for sale
Change in provisions and allowances 48 19
Finance costs and income from 231 181
investments, net
Foreign exchange gain, net (21) (310)
Other 8 8
1,800 1,828
Movements in working capital:
Inventories (107) (36)
Trade and other receivables (34) (20)
Advances paid and prepaid expenses (17) (43)
Other taxes receivable 18 60
Employee benefit obligations 24 39
Trade and other payables (184) (8)
Provisions (30) (10)
Other taxes payable 21 34
Cash generated from operations 1,491 1,844
Income tax paid (320) (320)
Net cash generated from operating 1,171 1,524
activities
INVESTING ACTIVITIES
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Purchase of property, plant and (685) (693)
equipment
Purchase of other financial assets - (150)
Purchase of intangible assets (14) (13)
Purchase of other non-current assets (82) (22)
Loans issued (9) (12)
Proceeds from repayment of loans 38 -
issued
Net change in deposits placed (50) (50)
Proceeds from sale of other financial 5 -
assets
Proceeds from disposal of property, 20 1
plant and equipment
Proceeds from disposal of subsidiaries 88 7
and assets classified as held for sale
Interest received 30 27
Net cash used in investing activities (659) (905)
INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED 30 JUNE 2017 (CONTINUED)
US Dollars million
For the six For the six
months ended months ended
30 June 2017 30 June 2016
FINANCING ACTIVITIES
Proceeds from loans and borrowings 1,655 651
Repayments of loans and borrowings (1,344) (1,013)
Financial lease payments (6) (4)
Dividends paid (1,172) (665)
Interest paid (310) (285)
Proceeds from sale of a 21 -
non-controlling interest in a
subsidiary
Advances received for sale of treasury - 79
shares
Net cash used in financing activities (1,156) (1,237)
Net decrease in cash and cash (644) (618)
equivalents
Cash and cash equivalents at the 3,301 4,054
beginning of the period
Cash and cash equivalents related to
assets classified as held for sale
at the beginning of the period 20 43
Less: cash and cash equivalents
related to assets classified as held
for sale
at the end of the period (16) (42)
Effects of foreign exchange (31) (23)
differences on balances of cash and
cash equivalents
Cash and cash equivalents at the end 2,630 3,414
of the period
Attachment D
NET WORKING CAPITAL
US Dollars million 30.06.2017 31.12.2016 Change incl.
effects of
foreign
exchange
differences
Finished goods 351 310 41 5
Work-in-process 1,041 894 147 21
Other inventories 782 691 91 18
Trade and other 201 170 31 1
receivables
Advances paid and 88 68 20 2
prepaid expenses
Taxes receivable 403 358 45 7
Employee benefit (371) (299) (72) (7)
obligations
Trade and other (1,535) (1,609) 74 (18)
payables*
Taxes payable (155) (140) (15) (5)
Total working capital 805 443 362 24
* Net working capital doesn't include balances with derivative financial
instruments.
This announcement contains inside information in accordance with Article 7
of EU Regulation 596/2014 of 16 April 2014.
Full name and position of person making the announcement - Vladimir Zhukov,
Vice - president, Investor Relations
ABOUT THE COMPANY
PJSC «MMC «NORILSK NICKEL» is a diversified mining and metallurgical
company, a world's largest producer of refined nickel and palladium and a
leading producer of platinum, cobalt, copper and rhodium. The company also
produces gold, silver, iridium, selenium, ruthenium and tellurium.
The production units of «NORILSK NICKEL» Group include Polar Division,
located at the Norilsk Industrial District on Taimyr Peninsula, and Kola
Mining and Metallurgical Company located on the Kola Peninsula in Russia as
well as Harjavalta nickel refinery in Finland.
PJSC «MMC «NORILSK NICKEL» shares are listed on the Moscow and on the
Saint-Petersburg Stock Exchanges. PJSC «MMC «NORILSK NICKEL» ADRs trade over
the counter in the US and on the London and Berlin Stock Exchanges.
Media Relations: Investor Relations:
Phone: +7 (495) 785 58 00 Phone: +7 (495) 786 83 20
Email: pr@nornik.ru Email: ir@nornik.ru
The EquityStory.RS, LLC Distribution Services include Regulatory
Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de/ukreg
Language: English
Company: MMC Norilsk Nickel
1 st Krasnogvardeysky av., 15
123100 Moscow
Russia
Internet: www.nornik.ru
ISIN: US55315J1025
WKN: A140M9
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart; Open Market in Frankfurt; London, Nasdaq
Category Code: MSCH
TIDM: MNOD
Sequence No.: 4528
End of Announcement EquityStory.RS, LLC News Service
601501 15-Aug-2017
(END) Dow Jones Newswires
August 15, 2017 06:15 ET (10:15 GMT)
