RBC: Norilsk Nickel management proposed to reduce dividends to $1.5 billion
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The meeting of the Board of Directors of the company dedicated to the budget for 2023 was held on December 15 last year. The press service of the company then stated that in the new year, Norilsk Nickel is passing the peak of the investment cycle, in connection with which the total volume of capital investments is expected to grow by 10% compared to 2022, which is projected at about $4.7 billion.
Interlocutors RBC said that management justified the need to reduce dividends with a large investment program, and the largest shareholders, including UC Rusal met this proposal “peacefully”. At the end of 2021, $6.3 billion in dividends were paid, the publication clarifies. The final decision has not yet been made and is expected in March-April, RBC sources said.
MMC’s revenueNorilsk Nickel» Vladimir Potanin under IFRS for the first half of 2022 amounted to $ 9 billion, practically unchanged from last year’s figure, the company said in a report. Norilsk Nickel’s EBITDA fell by 16% to $4.8 billion in six months on the back of rising production costs caused by additional staff costs and an increase in mineral extraction tax (MET). At the same time, net profit increased by 18% year-on-year to $5.1 billion due to the strengthening of the ruble and the revaluation of debt obligations in foreign currency, the company said. Norilsk Nickel’s net debt doubled to $10bn due to lower FCF (free cash flow) and dividend payments for 2021.
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