PJSC MMC Norilsk Nickel has reported that its consolidated revenue decreased 15% in 2023 year on year to $14.4 billion following the decline of prices for nickel, copper, palladium and rhodium.
Meanwhile, Nornickel sold all metal volumes produced in 2023 as well as a part of stock accumulated in 2022.
EBITDA decreased 21% year on year to $6.9 billion owing to lower revenue while EBITDA margin remained at healthy 48%. Cash operating costs decreased 19% compared to 2022 to $5.3 billion.
Net debt decreased 18% year on year to $8.1 billion with net debt/EBITDA ratio as of December 31, 2023 remained at 1.2.
The company continued the optimization of its debt portfolio to adapt to changing debt market reality while servicing all its outstanding debt portfolio and maintaining comfortable liquidity level on its balance sheet and reserve credit lines.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
