During the annual general meeting of shareholders (AGM) of Norilsk Nickel a new board of directors was elected and the dividend for 2015 in the amount of RUB 230.14 per ordinary share was approved. Previously, the extraordinary general meetings of shareholders held on September 14, 2015 and December 19, 2015 approved of the payment of dividend for the first half of fiscal year 2015 in the amount of RUB 305.07 per ordinary share and RUB 321.95 for the nine months of fiscal year 2015 respectively.
The total dividend for 2015 amounts to RUB 857.16 per ordinary share, which fully meets the targets set out in Norilsk Nickel’s strategy.
The board of directors was elected as follows: Gareth Penny (chairman of the board, Norilsk Nickel; executive chairman of New World Resources plc); Andrei Bougrov (senior vice president; deputy chairman of the board of directors of Norilsk Nickel); Rushan Bogaudinov (area manager, Rusal Global Management B.V.); Sergey Barbashev (CEO, chairman of the board of Interros HC); Alexey Bashkirov (deputy CEO for investments of Interros); Sergey Bratukhin (president of CIS Investment Advisers); Marianna Zakharova (first vice president, general counsel, Norilsk Nickel); Stalbek Mishakov (adviser to CEO, RUSAL Global Management B.V.); Gerhard Prinsloo (director of Natural Resources Partnership); Maxim Sokov (CEO of En+ management, CEO of En+ Group Limited); Vladislav Soloviev (CEO of RUSAL Global Management B.V.); Robert Edwards (independent non-executive director of GB Minerals Ltd.).
The shareholders approved of the annual report, financial statements and the consolidated financial statements for 2015 in accordance with IFRS.
In addition, the shareholders’ meeting elected members of the internal audit commission and approved of the company’s auditors for 2016: KPMG for RAS accounts and KPMG and IFRS for consolidated financial statements.
The shareholders voted in favor of all the remaining issues of the agenda.
“The year 2015 was marked by a sharp drop in commodity prices, but thanks to the efforts made in the last three years Norilsk Nickle demonstrates a high profitability with low debt and an attractive dividend yield. As to the progress in our investment program, we’ve managed to deliver each project on schedule and on budget. Major investments last year centered on mining projects required to replenish the retired capacities and grow ore output at Talnakh area deposits as well as the Bystrinsky Project, which is to go operational next year in the fourth quarter. The company is consistently delivering on its commitments to reconfigure the metallurgical capacities. As such we’ve brought on stream the Talnakh Concetrator, finished the reconstruction of Nadezhda Metallurgical Plant and are revamping the refining at Kola. The environmentally-minded program of shutting down the Nickel Plant is kept tight on schedule. The Sulfur Project, which will drastically reduce overall emissions of sulfur dioxide in Norilsk industrial area, is in the active phase of preparation for construction. Now we are entering the next three-year stretch. As before we are adamant to retain the best dividend yield industry-wide without conceding our financial position against the background of nose-diving commodity markets. The new variable dividend targets, effective as of 2016, will depend on debt ratio and be proportionate to EBITDA. The management team is positive that the flexibility in the amount of dividend payouts will suffice to support a balanced financial model, deliver on the investment projects and bear the company’s social responsibility”, – said Vladimir Potanin, president and chairman of the management board of Norilsk Nickel. (Norilsk Nickel/Ukrainian metal)
