27 Aug 2009 07:06
August 27, 2009
Acron Releases IFRS Consolidated Statements for H1 2009
Today, Acron (RTS, MICEX and LSE: AKRN) announces its non-audited IFRS consolidated results for H1 2009.
IFRS Financial Highlights for H1 2009:
Revenue totalled RUB 18.86 billion, down 16% year-on-year (H1 2008: RUB 22.33 billion).
EBITDA* shrank 64% year-on-year to RUB 3.69 billion (H1 2008: RUB 10.14 billion).
EBITDA margin was 20%, down from 45% in H1 2008.
Net profit totalled RUB 1.09 billion including a FX loss (net) of RUB 881 against net profit of RUB 7.2 billion in H1 2008.
*EBITDA is calculated as operating profit plus depreciation and amortisation.
Acron Group's Operating Results in H1 2009:
Total output of ammonia and mineral fertilisers (less own consumption) was 2.1 million tonnes. Ammonia output in H1 2009 was up 4%, nitrogen fertilisers - up 17% and complex fertilisers - down 11% year-on-year.
Commenting on the results, Chairman of the Board of Directors Alexander Popov said: "H1 2009 can be defined as a highly volatile period. Decrease in output due to low demand early this year was substituted by high spring demand for nitrogen fertilisers. In summer we see seasonal market slackening and decrease in prices but this is only natural before the autumn growth.
"Acron's financial results showed considerable fluctuations due to unstable currency rates. However, despite considerable decrease in profitability and FX losses, we managed to post net profit for H1. In Q2, Acron was able to reduce its debt and arrange further refinancing of the majority of its short-term debt left.
"It should be noted that most of the losses resulting from negative consequences of the financial crisis has been written off so far. We see that the world mineral fertiliser market is quite stable comparing to other sectors, and expect further stabilisation of the level and rate of growth in demand."
See the full version of financial statements on www.acron.ru
For Further Information:
Acron
Elena Kochubey Tel: +7 (495) 777 08 65
Head of Public Relations
Ilya Popov Tel: + 7 (495) 411 55 94
Head of Investor Relations
Notes to editors
Acron is a leading Russian and global mineral fertiliser producer with a diversified product portfolio consisting of multi-nutrient fertilisers such as NPK and bulk blends, and straight nitrogen-based products such as urea, ammonium nitrate and UAN. In 2008, the Group's output of ammonia and mineral fertilisers (exclusive of own use) totaled 3.6 million tonnes. The Group's key markets are Russia, China and other Asian countries, Europe, Latin America, and FSU countries.
Acron employs over 13,000 people In 2008 the Group's consolidated revenues under IFRS were RUB 43,132 million (US$ 1,734 million), and net income was RUB 9,891 million (US$ 398 million). Acron's ordinary shares are listed and traded on the MICEX, RTS and LSE stock exchanges under the symbol "AKRN".
Acron has three production facilities - Acron (Veliky Novgorod, Russia), Dorogobuzh (Smolensk Region, Russia) and Hongri Acron (Shandong Province, China). Acron's logistics and transportation capabilities include its own fleet of railway cars and three sea port trans-shipment facilities on the Baltic Sea - at the Kaliningrad port of Russia, at the Estonian Sillamäe port and at the Estonian Tallinn port. The Group operates distribution networks in Russia and China.
Acron plans to enhance its vertical integration and secure supplies of phosphate and potash inputs through the development of its own mineral resource base. The Group owns licences to develop two apatite-nepheline ore deposits in the Murmansk region and a potassium-magnesium salts deposit in the Perm region (both located in Russia).
AKRN.L (AKRN)