PJSC ACRON
JSC Acron: Acron Releases 9M 2010 IFRS Consolidated Statements
JSC Acron / Key word(s): Quarter Results 23.11.2010 09:30 --------------------------------------------------------------------------- November 23, 2010 Acron Releases 9M 2010 IFRS Consolidated Statements Today Acron (RTS, MICEX and LSE: AKRN) released its abridged unaudited IFRS consolidated statements for 9M 2010. Financial Highlights - Revenue totalled RUB 32.43 billion, up 14% year-on-year (9M 2009: RUB 28.36 billion) - EBITDA* was RUB 6.40 billion, up 17% year-on-year (9M 2009: RUB 5.49 billion) - EBITDA margin was 20%, up from 19% for 9M 2009 - Net profit totalled RUB 4.03 billion, down 30% year-on-year from RUB 5.79 billion *EBITDA is calculated as operating profit adjusted for depreciation and amortisation, exchange rate gain/loss and other non-cash and extraordinary items. Operating Results - Sales totalled 4,018,000 tonnes, with no change year-on-year - Sales of complex fertilisers totalled 1,716,000 tonnes, up 6% year-on-year - Sales of ammonia and nitrogen fertilisers were down 4% year-on-year to 1,626,000 tonnes - Sales of organic and non-organic compounds were down 1% year-on-year to 676,000 tonnes Comments on Key Items The higher revenue in the reporting period was due to higher nitrogen fertilisers prices. The higher EBITDA was procured by higher profits of most business units of the Group, including Hongri Acron. Notably, the net profit in 2009 was materially impacted by the sale of a stake in JSC Sibneftegaz, whilst no transaction of this kind has taken place YTD. Provided that the Group kept capitalising interest on the loans involved in potash licence purchase which increased the net profit by RUB 1.42 billion. Acron's net debt in the reporting period was RUB 27.06 billion, up 9% from that early in 2010. The higher net debt was due to higher CAPEX in the reporting period which totalled RUB 3.59 billion, a year-on-year increase from RUB 2.39 billion. The major expenses were incurred from financing NWPC which has been intensively constructing its mine in the Murmansk region. Chairman of the Board of Directors Alexander Popov comments on the results: 'Financial highlights for 9 months of 2010 were affected by the scheduled overhaul of Dorogobuzh facilities, as well as by the forecasted low demand and prices for fertilisers in the first half of summer. Nevertheless, from mid July 2010, there has been a strong trend of higher demand and prices for mineral fertilisers. In November, prices for nitrogen and complex mineral fertilisers reached its two-year maximum. In this period the urea price rose from $210 to $360 per tonne, and NPK price - from $300 to $400 per tonne (FOB Baltic). Financial results for 9 months of 2010 do not reflect this trend in full. In the fourth quarter of 2010 we expect financial and operating results to considerably increase due to favourable conditions in the international market.' Acron's complete statements is available at www.acron.ru For Further Information: Acron Ms. Elena Kochubey - Tel: +7 (495) 777 08 65 Head of Public Relations Mr. Ilya Popov - Tel: + 7 (495) 411 55 94 Head of Investor Relations Notes to editors Acron is a leading Russian and global mineral fertiliser producer with a diversified product portfolio consisting of multi-nutrient fertilisers such as NPK and bulk blends, and straight nitrogen-based products such as urea, ammonium nitrate and UAN. In 2009, the Group's output of ammonia and mineral fertilisers (exclusive of own use) totaled 4.4 million tonnes. The Group's key markets are Russia, China and other Asian countries, Europe, Latin America, and FSU countries. Acron employs over 13,000 people In 2009 the Group's consolidated revenues under IFRS were RUB 37,542 million (US$ 1,182 million), and net income was RUB 7,256 million (US$ 228 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 Muuga 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). 23.11.2010 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. EquityStory.RS, LLC's Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
Aktuelle News
Aktuelle Berichte
Keine Berichte gefunden
Anstehende Events
Keine Events gefunden
Webcasts
Keine Webcasts gefunden