Nornickel BOD affirmed the production and financial targets for 2014-2018 based upon the new strategy, the company informed.
The achievements are assumed to be provided due to the investments in the assets of Zapolyarny division and introduction of new management system in 2014. Besides, the new dividend policies were approved. They are fixed at 50% of EBITDA and no less $2bn/y in 2014. The details of the strategy and main targets will be submitted at the presentation of Unveiling New Strategy in London Oct. 4 and Oct. 7 in NY.
Nornickel (TIN 8401005730) is the largest diversified mining-metallurgic company and nickel/palladium maker. Besides, it is a producer of associated metals. The basic divisions are located in Taimyr and Murmansk regions. The foreign assets involve the entities in Finland, Australia, South Africa. In
2009 282.89ths ton of nickel were produced to compare with 300.6ths ton prior year. The output declined to 402.21ths ton from 419ths ton last year:
2805ths ounce of palladium; 661ths ounce of platinum being extracted.
The share capital is split to 190627747 common stocks of 1 rub. par each.
The 2012-net profit (IAS) lost 40.9% to gain $2.143bn from $3.626bn; revenues being down 16.82% to $11.061bn from $13.297bn; operating profit - 38.03% to $3.864bn from $6.235bn; EBITDA - 31.92% to $4.928bn from $7.239bn; EBITDA yield coming to 41% vs. 51%.
The IH 2013 net profit (RAS) declined 2.4 fold to 20.729bn rub. from 49.788bn rub. prior year; revenues dropped 7.72% to 130.981bn rub. from 141.942bn rub.; profit from sales - 16.37% to 61.156bn rub. from 73.128bn rub.; pretax profit being halved to 31.293bn rub. from 66.124bn rub