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OFFON

MINING AND METALLURGICAL COMPANY NORILSK NICKEL

(MNOD)
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NORNICKEL REPORTS 1H2021 INTERIM CONSOLIDATED -7-

08/05/2021 | 07:31am EDT

USD million As of 30 June 2021 As of 31 December 2020 Change,%

USD million

Non-current loans and borrowings 8,860 9,622 (762) (8%)

Current loans and borrowings 581 12 569 48x

Lease liabilities 265 262 3 1%

Total debt 9,706 9,896 (190) (2%)

Cash and cash equivalents 1,972 5,191 (3,219) (62%)

Net debt 7,734 4,705 3,029 64%

Net debt /12M EBITDA 0.7x 0.6x 0.1x

As of June 30, 2021, the Company's total debt decreased as compared to December 31, 2020 and amounted to USD 9,706 million primarily due to the early repayment of the RUB 15 billion exchange-traded ruble bonds in February 2021. Current loans and borrowings as of June 30, 2021 increased by USD 569 million as compared to December 31, 2020, primarily due to USD 500 million Eurobonds becoming a short-term liability as of June 30, 2021.

The Company's Net debt as of June 30, 2021 increased 64% as compared to December 31, 2020 due to the decrease in cash and cash equivalents by 62% (or USD 3,219 million) during the reporting period. This was primarily driven by a number of significant payments made during the 1H2021: -- USD 1,968 million repayment of the damage to water resources and soil in March 2021 in accordance with the court

decision on the lawsuit filed by Rosprirodnadzor; -- USD 2,068 million buyback of the Company's shares in June 2021; -- USD 2,198 million final dividend payment for 2020 in June 2021.

Net debt / 12M EBITDA at the end of 1H2021 increased by 0.1x as compared to December 31, 2020 and amounted to 0.7x.

As of June 30, 2021, the Company was assigned investment grade credit ratings from all three international rating agencies Fitch, Moody's and S&P Global, and Russian rating agency "Expert RA".

Attachment A

INTERIM CONDENSED CONSOLIDATED INCOME STATEMENT (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2021

US Dollars million

For the six For the six

months ended months ended

30 June 2021 30 June 2020

Revenue

Metal sales 8,597 6,445

Other sales 346 266

Total revenue 8,943 6,711

Cost of metal sales (2,461) (2,184)

Cost of other sales (345) (297)

Gross profit 6,137 4,230

General and administrative expenses (447) (434)

Selling and distribution expenses (87) (72)

Reversal of impairment of non-financial assets, net 100 10

Other operating expenses, net (364) (2,359)

Operating profit 5,339 1,375

Foreign exchange gain/(loss), net 110 (822)

Finance costs, net (175) (481)

Disposal of foreign joint operations (20) -

Income from investments 29 33

Profit before tax 5,283 105

Income tax expense (979) (60)

Profit for the period 4,304 45

Attributable to:

Shareholders of the parent company 4,067 (31)

Non-controlling interests 237 76

4,304 45

EARNINGS/(LOSS) PER SHARE

Basic and diluted earnings/(loss) per share attributable to

shareholders of the parent company (US Dollars per share) 25.7 (0.2)

Attachment B

INTERIM CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AT 30 JUNE 2021

US Dollars million

At 30 June 2021 At 31 December 2020

ASSETS

Non-current assets

Property, plant and equipment 11,792 10,762

Intangible assets 236 222

Other financial assets 94 81

Deferred tax assets 239 755

Other non-current assets 340 327

12,701 12,147

Current assets

Inventories 2,634 2,192

Trade and other receivables 450 537

Advances paid and prepaid expenses 108 79

Other financial assets 176 58

Income tax receivable 122 7

Other taxes receivable 337 444

Cash and cash equivalents 1,972 5,191

Other current assets 6 51

5,805 8,559

TOTAL ASSETS 18,506 20,706

EQUITY AND LIABILITIES

Capital and reserves

Share capital 6 6

Share premium 1,254 1,254

Treasury shares (2,075) -

Translation reserve (5,341) (5,521)

Retained earnings 10,164 8,290

Equity attributable to shareholders of the parent company 4,008 4,029

Non-controlling interests 903 646

4,911 4,675

Non-current liabilities

Loans and borrowings 8,860 9,622

Lease liabilities 209 203

Provisions 674 560

Social liabilities 186 84

Trade and other long-term payables 41 32

Derivative financial instruments 56 52

Deferred tax liabilities 45 43

Other long-term liabilities 33 23

10,104 10,619

Current liabilities

Loans and borrowings 581 12

Lease liabilities 56 59

Trade and other payables 1,196 1,427

Dividends payable 11 47

Employee benefit obligations 389 401

Provisions 224 2,162

Social liabilities 127 96

Derivative financial instruments 77 93

Income tax payable 58 358

Other taxes payable 249 329

Other current liabilities 523 428

3,491 5,412

TOTAL LIABILITIES 13,595 16,031

TOTAL EQUITY AND LIABILITIES 18,506 20,706

Attachment C

INTERIM CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED 30 JUNE 2021

US Dollars million

(MORE TO FOLLOW) Dow Jones Newswires

August 05, 2021 07:30 ET (11:30 GMT)

Stocks mentioned in the article
ChangeLast1st jan.
MINING AND METALLURGICAL COMPANY NORILSK NICKEL -1.73% 31.26 Delayed Quote.1.96%
PLATINUM -1.86% 925.723 Delayed Quote.-12.22%
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Financials (USD)
Sales 2021 17 805 M - -
Net income 2021 7 660 M - -
Net Debt 2021 7 298 M - -
P/E ratio 2021 6,12x
Yield 2021 11,3%
Capitalization 48 626 M 48 626 M -
EV / Sales 2021 3,14x
EV / Sales 2022 3,07x
Nbr of Employees -
Free-Float 39,3%
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Number of Analysts 15
Last Close Price 31,81 $
Average target price 37,84 $
Spread / Average Target 19,0%
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Managers and Directors
Vladimir Olegovich Potanin President & Chairman-Management Board
Sergey Gennadyevich Malyshev Chief Financial Officer & Senior Vice President
Gareth Peter Herbert Penny Independent Non-Executive Chairman
Sergey Stanislavovich Stepanov Operational Director & Senior Vice President
Sergey Borisovich Bratukhin Independent Director
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