It is the first drop of this magnitude published by mining giant. Friday, the leader of the nickel, the Russian group Norilsk, made a 33 fall in profit after tax in the first half, down and 2.68 billion. On the other hand, sales of metals have decreased by 6 to 7.21 billion, to which were added sales of other products for a total turnover over the period of $ 8.31 billion. As a result, the profitability of the group led by Tycoon Vladimir Potanin is considerably eroded with a net profit margin that passes from one year to another, from 51 to 32. While being less than those of the majors, this percentage remains very credible and consistent with that of the whole of the 2007 fiscal year.
Diverse group
It would therefore be wrong to portray a society adrift. As more results are in line with analysts forecasts. Nevertheless, the alarm should sound in Moscow even though the group is subject to a long and tough battle of shareholders for its control. The sole cause of the decline in sales of metal lies on the main product of Norilsk nickel, which the average prize won by the mining company between January and June was unscrewed from 38 to 27.615 dollars per tonne.
Norilsk has saved the furniture with the other metals, including Platinum, including the average selling price was singed in the first half of 2008 by 60, to $ 1.947 an ounce. But this support is short-lived because, since then, the leader of the platinum-group was caught by a powerful wave vendor which has been plummeting course spot below the $ 1,000 an ounce. It is the same for the palladium and copper, two other important metals from the Russian group.
The other low point of the half-yearly accounts is marketed metals costs, strong increase of 46 over the period. The average cash total cost has added 35, indicating a clear deterioration of the profitability of the operations of Norilsk, often considered aging by analysts. Indeed, some 780 millions of dollars in increased costs, 354 are increases that exclude exchange parities factors and expenses of integration of acquired assets. Two items of expenditure were particularly weighed on the balance sheet: payroll, which progresses by 43 over one year, to $ 919 million, and the purchase of consumables, 32 increase over the same period, to $ 600 million.
The last half-year accounts will bring water to the mill of the shareholder between Rusal, the world's leading producer of aluminum holder of a solid 25 in the capital of Norilsk. RUSAL leads a battle determined to impose on the current direction of the mining company acquired to Vladimir Potanin use cash (nearly 5 billion dollars at June 30) of Norilsk for investment and not for share buyback plans. Victim also of a general climate of suspicion to Russian firms, Norilsk Nickel saw its market capitalization to evaporate almost by two thirds this year since the peak of May 21. It is now of the order of $ 21 billion. Friday, the action plunged 15 percent. The leadership of the group is expressed against the distribution of dividends to the title of the first half. What did not help things.
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