Moscow, February 26, 2020 — PJSC MMC Norilsk Nickel the world’s largest of palladium and high-grade nickel and a major producer of platinum and copper, reports audited consolidated IFRS financial results for the full year ended December 31, 2019.

2019 HIGHLIGHTS

Consolidated revenue increased 16% y-o-y to USD 13.6 billion owing to higher production volumes of all key metals and growth of palladium and nickel prices;
EBITDA expanded 27% y-o-y to USD 7.9 billion owing to higher metal revenue and tight control of operating expenses, with EBITDA margin reaching 58%. Reported EBITDA includes negative impact of the USD 190 million provisions accrued in respect of the upcoming shutdown of certain production facilities at Kola Division;
EBITDA generated by the Bystrinsky project that was fully commissioned in September 2019 amounted to USD 349 million;
CAPEX decreased 15% y-o-y to USD 1.3 billion owing to the completion of large investment projects in 2018;
The Company made final investment decisions on strategic growth projects such as the expansion of the Talnakh concentrator (TOF-3 project) and the development of South Cluster mining project and also updated its environmental programme, which is scheduled to go into active construction phase in 1H2020;
Net working capital increased to USD 1.0 billion in line with the medium-term target level;
Free cash flow amounted to USD 4.9 billion, almost unchanged y-o-y;
Net debt/EBITDA ratio decreased to 0.9x as of December 31, 2019;
Cash interest paid decreased 17% y-o-y to USD 460 million owing to the ongoing optimization of debt portfolio;
At the annual Capital Markets Day in November, the Company provided its strategic vision until 2030 with the focus on development prospects of Taimyr mining operations, debottlenecking of downstream assets and dramatic reduction of sulfur dioxide emissions at both key operating units in Russia: Polar division and Kola MMC.

Nornickel reports full year 2019 audited consolidated IFRS financial results