Timely savings, too profitable
A continuous trend of decline in the economy in recent times could not have a negative impact on many well-known companies of metallurgical sector. Especially sharply felt such developments compartment of nonferrous metallurgy. There has been not only a sharp decline in prices for many types of the main production, but the decline in demand forced suppliers to increase inventory ready for sale material. However, against the background of growing first year of economic crisis smart management of the company and the scheme reasonable savings allowed the known Nickel leader on behalf of Norilsk Nickel to benefit and even get some share of the profits at the end of last year. Evidence of this was the publication of the annual financial statements of the company prepared in full accordance with the canons of international standards. Full revenue Nickel giant in the context of summing up the annual results was just over eleven billion us dollars. Despite the persistent decline in prices for such raw materials as copper, Nickel or platinum, to maintain the stability of the giant of nonferrous metallurgy has allowed the increased cost of palladium. Such a principle of compensation and enabled the Norilsk group to enter the clean plus with minimal losses. To assess their assets and development opportunities in a difficult economic situation, the leadership of Norilsk Nickel conducted a number of audits. On the basis of such checks of more than eight hundred forty million dollars of assets and not cash was written off from the balance of fixed assets of mining and metallurgical complex. By the way, the assessment of the General condition of the assets of the concern were conducted with all spheres of influence. Including the evaluation covered the equity of primary production to several companies in the energy compartment. Despite the decline in profits in its pure form, reduction in working capital and a systematic reduction of various costs helped to increase cash flows from operating activities successfully to four billion dollars more than last year by twenty percent. By the way such financial performance has affected the company’s debt, its maturity date is significantly reduced and the interest rate on loans is gradually decreasing.