OREANDA-NEWS. May 20, 2010. OJSC MMC Norilsk Nickel (hereafter – “Norilsk Nickel”, “the Company” or “the Group”), the world’s largest nickel and palladium producer, announces consolidated financial results for full year 2009 prepared in accordance with international financial reporting standards (IFRS), reported the press-centre of Norilsk Nickel.

Key results:
Group’s revenue from metal sales and other sales decreased by 27% to USD 10,155 million

Revenue from metal sales declined by 28% to USD 8,441 million as a result of a fall in metal prices in 2009

Revenue from other sales amounted to USD 1,714 million and was mostly attributable to OGK-3’s results, a subsidiary of the Group

Adjusted EBITDA1 totaled USD 4,416 million

EBITDA margin increased to 43.5%2 due to implementation of comprehensive cost-cutting program

The Company's cash operating costs attributable to metal sales (before netting by-products) reduced by 30%

Selling, general and administrative expenses in 2009 decreased by 49%, whilst excluding the effect of decreased export duties the decline amounted to 34%

Net profit of the Group totaled USD 2,651 million compared to net loss of USD 555 million in 2008. The basic and diluted earnings per share amounted to USD 14.9

Total assets of the Group increased by 10% to USD 22,760 million, at the same time capital and reserves grew by 25% to USD 14,755 million

Total debt of the Group declined to USD 5,317 million, whilst cash and cash equivalents increased to USD 3,632 million

Net cash generated from operating activities totaled USD 3,401 million

USD 1,061 million was spent on financing the capital expenditure program of the Group

Full report see here: http://www.nornik.ru/_upload/editor_files/file1324.pdf