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Nornickel board recommends not to pay final dividends for 2023

In 2023, sanctions and geopolitical challenges significantly impacted Nornickel’s financials, the company said

MOSCOW, May 23. /TASS/. The board of directors of Nornickel has recommended not to pay final dividends for 2023. The company’s adjusted free cash flow amounted to $1.3 bln in 2023. The company has already allocated $1.5 bln for payment of interim dividends, while the payment of dividends by increasing its debt level is not considered expedient, Nornickel said.

"No dividend payment by increasing debt levels is considered expedient. According to Nornickel’s current dividend policy, the cyclic nature of the metals market, as well as the need to keep a high level of the company’s creditworthiness, shall be taken into account when determining the dividend amount. Based on this, the management has proposed not to distribute the company’s 2023 earnings and not to pay dividends," Nornickel said.

The board of directors supported the proposal and recommended the Annual General Meeting of Shareholders to adopt the resolution not to pay dividends on the company’s shares for FY 2023.

In 2023, sanctions and geopolitical challenges significantly impacted Nornickel’s financials, the company said. Revenue declined by 15% compared with the previous year, while EBITDA decreased by 21%. Free cash flow amounted to $2.7 bln, and free cash flow adjusted for interest, lease liabilities, and dividends to holders of non-controlling interests, came in at $1.3 bln. "The company has already paid $1.5 billion in interim dividends for 9M 2023," Nornickel said.

Norilsk Nickel is a diversified metals and mining company. Its production units are located in the Norilsk Industrial District, on the Kola Peninsula and the Trans-Baikal Territory in Russia, as well as in Finland.

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