Today, Dorogobuzh (Acron Group’s company) released its non-audited condensed consolidated IFRS financial statements for H1 2011.
• Revenue totalled RUB 8.15 billion, up 40% year-on-year (H1 2010: RUB 5.81 billion).
• EBITDA* doubled year-on-year to RUB 2.84 billion (H1 2010: RUB 1.4 billion).
• EBITDA margin was 35%, up from 24% in H1 2010.
• Net profit increased by a factor of 5.7 to RUB 5.86 billion, against RUB 1.04 billion the previous year.
Comments on Key Items
Dorogobuzh’s revenue and operating profit increased considerably due to favourable conditions in the global mineral fertiliser market and improved sales.
The 5.7 times increase in net profit was due to higher income from operations and proceeds from sales of most of the Company’s investments in Acron shares. In H1 2011, Dorogobuzh decreased its interest in Acron from 7.42% to 1.29%.
As of the end of H1 2011, Dorogobuzh’s cash exceeded its total debt. Thus, net debt was a negative RUB 781 million, against RUB 3.66 billion for the same period of 2010.
*EBITDA is calculated as operating profit adjusted by depreciation and amortisation, foreign exchange gains or losses, and other non-monetary and non-core items.