Today Acron (Moscow Exchange and LSE: AKRN) released its RAS financial statements for 9M 2013.
• Revenue totalled RUB 25.98 billion, down 6% year-on-year (9M 2012: RUB 27.61 billion)
• Sales profit was RUB 7.88 billion, down 31% year-on-year (9M 2012: RUB 11.48 billion)
• EBITDA* was RUB 8.32 billion, down 30% from RUB 11.89 billion in 9M 2012
• EBITDA margin was 32% down from 43% in 9M 2012
• Net profit totalled RUB 3.15 billion, including a loss of RUB 5.91 billion due to a mark-to-market revaluation of Acron’s financial investments. Thus, net profit before revaluation of the financial investments decreased 60% to RUB 2.76 billion against RUB 6.90 billion year-on-year.
*EBITDA is calculated as operating profit (sales profit) plus depreciation and amortisation.
Chairman of Acron’s Board of Directors Alexander Popov commented on the Group’s financial results:
“The aggregate financial results were mostly affected by a mark-to-market revaluation of the block of Uralkali shares held by Acron. The slump in the potash producer’s share price followed the company’s declaration about changes in its market sales policy and its withdrawal from the united Russia-Belarus sales vehicle. To this end, pursuant to the Russian accounting standards Acron recorded a considerable “paper” loss which levelled the profit from operations. The price fall in the mineral fertiliser markets notwithstanding, Acron as a highly efficient producer keeps operating with a high operating margin. We are confident that the temporary slump and higher volatility in the global mineral fertiliser market will soon give way to the upward trend because the fundamental preconditions in the sector remain favourable for mineral fertiliser producers.”
Download Financial Statements (in Russian)