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Net profit 1H Nornickel fall to $1.07 bln

The EBITDA margin was 47%, down from 53% the previous year

MOSCOW, August 2. /TASS/. The net profit of Nornickel under IFRS in the first half of 2023 decreased to $1.07 bln from $5.1 bln a year earlier, while EBITDA fell by 30% to $3.4 bln, according to the company's report.

The EBITDA margin was 47%, down from 53% the previous year.ornickel revenue reached $7.2 bln in the reporting year, a 20% decrease year-on-year due to lower exchange prices for all main metals.

The company's capital investments in the first half of the year reduced by 19% to $1.5 bln, while net debt fell 8% to $9.1 bln. The net debt/EBITDA ratio was 1.2x, up from 1.1x the previous year.

At the same time, Nornickel increased its free cash flow to $1.3 bln in January-June 2023, the company’s Senior Vice President and Financial Director Sergey Malyshev told reporters.

He noted that Nornickel plans to pay windfall tax in the Q2 of 2023. The company expects a significant impact of this payment, among other things, on cash outflows for 2023. According to the company, Nornickel may pay windfall tax of around $94 mln. "The tax base is expected to be determined as an increase in average profit before tax for 2021-2022 compared to average profit before tax for 2018-2019. According to preliminary estimates, the windfall tax could be up to $94 mln (8.145 bln rubles) if a security tax payment is made in 2023," the company said.

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