OREANDA-NEWS. 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.


• 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.