Justin Werner
Managing Director & CEO
Replay available
Nickel Industries Limited (NIC) Q4 2024 Earnings Call
Nickel Industries Limited (ASX: NIC) Q4 2024 earnings conference call, held 2025-02-24. Replay captured from the company's public earnings webcast.
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Investor webinar replay
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Replay transcript excerpt
WEBVTT 00:00:00.082 -- 00:00:04.869 Thank you and thank you everyone for your attendance at the Nickel Industries full year 00:00:04.869 -- 00:00:07.613 2024 results call. 00:00:07.613 -- 00:00:12.821 Could I please ask the slide moderator to move the slide deck to slide three 00:00:12.821 -- 00:00:14.821 please? 00:00:15.605 -- 00:00:20.833 Despite what has been a very challenging 12-month period with multi-year lows across 00:00:20.833 -- 00:00:25.901 global nickel markets, we still managed to deliver US$296.8 00:00:25.901 -- 00:00:30.914 million EBITDA adjusted for H&I and R&I impairment 00:00:30.914 -- 00:00:35.940 and FX losses of US$17 million and a 00:00:35.940 -- 00:00:37.542 US$186.7 00:00:37.542 -- 00:00:40.166 million gross profit. 00:00:40.166 -- 00:00:45.232 Unfortunately, accounting standards led to the US$205 million impairment of 00:00:45.232 -- 00:00:50.399 our oldest RKEF assets, H&I and R&I. These assets 00:00:50.399 -- 00:00:54.965 do not benefit from integrated power and they are older assets. 00:00:54.965 -- 00:01:00.224 However, both of those RKEFs HNI and RNI did generate positive 00:01:00.224 -- 00:01:02.608 EBITDA for 2024 00:01:02.608 -- 00:01:07.615 and were mainly impacted in the second half of 2024 by abnormally 00:01:07.615 -- 00:01:12.923 high ore costs, where ore shortages drove premiums of up to US$22 00:01:12.923 -- 00:01:17.090 a wet metric tonne above the nickel ore market price. 00:01:17.090 -- 00:01:22.638 These premiums are now subsiding and both HNI and RNI delivered positive 00:01:22.638 -- 00:01:27.768 EBITDA for January. These factors contributed to 00:01:27.768 -- 00:01:32.091 the reported net loss after tax of US$189.8 00:01:32.234 -- 00:01:37.722 million. A final dividend of 1.5 cents per share of Australian has been dec...