Today, Acron Group (Moscow Exchange: AKRN) has released its consolidated IFRS financial statements for 9M 2024.
Key financials
- Revenue increased 10% year-on-year to RUB 142,997 million (9M 2023: RUB 130,533 million). In US dollar terms, revenue was almost flat: USD 1,586 million compared to USD 1,579 million.
- EBITDA* was RUB 44,870 million, down 13% year-on-year (9M 2023: RUB 51,784 million). In US dollar terms, it dropped 21% to USD 498 million from USD 626 million.
- EBITDA Margin for 9M 2024 decreased to 31% from 40%.
- Net Profit was down 21% year-on-year to RUB 20,167 million from RUB 25,637 million. In US dollar terms, it decreased 28% to USD 224 million from USD 310 million.
- In 2024, Acron Group raised its stake in the Talitsky project to 90% + 1 share. As a result, Net Debt as of 30 September 2024 was RUB 103,305 million (USD 1,114 million) against RUB 25,098 million (USD 280 million) as 2023 year-end.
- In the reporting period, Net Debt/LTM EBITDA** was 1.67, up from 0.37 year-on-year. In US dollar equivalent, the ratio was 1.64, up from 0.35.
Operating results
- Output of main products was 6.261 million tonnes, in line with the 9M 2023 results.
- Sales of main products totalled 6.381 million tonnes, up 1% compared to 9M 2023.
The full version of Acron Group’s financial statements is available at www.acron.ru/en.
Note: The exchange rate used for currency translation was RUB 92.7126 to USD 1 as of 30 September 2024 and RUB 89.6883 to USD 1 as of 31 December 2023. The average exchange rate for 9M 2024 was RUB 90.1876 to USD 1. The average exchange rate for 9M 2023 was RUB 82.6934 to USD 1.
* EBITDA is calculated as operating profit adjusted for depreciation and amortisation, foreign exchange gain or loss on operating transactions, and other non-cash and extraordinary items.
** LTM EBITDA is EBITDA calculated for the last 12 months.