Today, Acron Group (Moscow Exchange: AKRN) is releasing its consolidated IFRS financial statements for Q1 2024.
Key Financials
- Revenue was RUB 51,355 million, down 3% year-on-year (Q1 2023: RUB 52,964 million). In US dollar terms, revenue decreased 22% to USD 566 million from USD 728 million.
- EBITDA* was RUB 13,701 million, down 47% year-on-year (Q1 2023: RUB 26,066 million), while in US dollar terms, it plunged 58% to USD 151 million from USD 358 million.
- EBITDA margin decreased to 27% from 49% in Q1 2023.
- Net Profit fell 59% to RUB 6,476 million from RUB 15,882 million in Q1 2023. In US dollar terms, it dropped 67% to USD 71 million from USD 218 million.
- In the reporting period, Acron Group bought back 30% of VPC shares from the partner banks, having raised its stake in the Talitsky project to 80%. Due to that, its Net Debt for Q1 2024 increased to RUB 65,590 million (USD 710 million) from RUB 25,098 million (USD 280 million) as of the 31 December 2023.
- In Q1 2024, Net Debt/EBITDA was 1.16, up from 0.37 year-on-year. In US dollar equivalent, the ratio was 1.19, up from 0.35.
Operating Results
- Output of main products was 2.107 million tonnes, down 4% year-on-year.
- Sales of main products totalled 2.261 million tonnes, up 1% compared to Q1 2023.