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Acron Announces RAS Consolidated Statements for 1H 2008

JSC Acron (“Acron” or “the Company”; RTS and MICEX: AKRN), a leading Russian and global mineral fertiliser producer today Announces its results for the Company and its Consolidated Subsidiaries (the “Group”) for the 1H 2008.

JSC Acron Financial Highlights:

• Revenues reached RUR 23,149 million or US$ 968 million (1H 2007: RUR 14,560 million or US$ 558 million); 
•  EBITDA* increased to RUR 10,769 million or US$ 450 million. (1H 2007: RUR 4,058 million or US$ 156 million); 
•  EBITDA margin was 47 % up from 1H 2007 of 28% ; and
• Net profit increased to RUR 6,893 million or US$ 288 million. (1H 2007: RUR 2,143 million or US$ 82 million);

*EBITDA is calculated as operating profit plus depreciation and amortisation.

Note: Average exchange rate was US $ 1 to RUR 23.9184 in 1H 2008 and US $ 1 to RUR 26.0714 in 1H 2007

Commenting on the results, Alexander Popov, Chairman of the Board of Directors of Acron, said:
"Over the first six months of the year the Company demonstrated solid financial performance. The major driver behind it was favourable conditions in the global fertiliser market. Higher demand for fertilisers puts upward pressure on global prices. In the reporting period the prices for nitrogen fertilisers were growing at much faster pace, and urea price currently exceeds USD 800 per tonne.”

Download Financial Statements in Russian