Today Acron (RTS, MICEX and LSE: AKRN) announced its consolidated RAS results for Q1 2009.
- Revenue totalled RUB 9.89 billion, down 18% year-on-year (Q1 2008: RUB 12.09 billion).
- Operating profit was RUB 2.02 billion, down 63% from RUB 5.46 billion in Q1 2008.
- EBITDA* shrank 60% year-on-year to RUB 2.25 billion (Q1 2008: RUB 5.64 billion).
- EBITDA margin was 23%, down from 47% in Q1 2008.
- Net profit totalled RUB 2.67 billion, including a gain of RUB 3.72 billion due to a mark-to-market revaluation of Acron’s financial investment. Net loss before revaluation was RUB 1.05 billion, against net profit of RUB 3.97 billion in Q1 2008.
*EBITDA is calculated as operating profit plus depreciation and amortization
|Straight nitrogen fertilisers, incl.||569.1||424.3||34.1%|
|Urea ammonium nitrate (UAN)||80.3||31.7||153.2%|
|Complex fertilisers, incl.||550.5||613.6||-10.3%|
|Organic compounds, incl.||40.9||97.6||-58.1%|
|Urea formaldehyde resins (UFR)||37.4||57.8||-35.4%|
|Non-organic compounds, incl.||151.6||227.6||-33.4%|
|Low-density and technical grade ammonium nitrate||53.7||62.5||-14.2%|
|Liquid carbon dioxide||7.4||10.8||-31.0%|
Alexander Popov, chair of Acron’s Board of Directors, commented on the Group’s performance:
“Acron’s financials deteriorated year-on-year. This trend was fuelled by a significant decline in global prices for mineral fertilisers and a spike in production costs. Furthermore, in Q1 we experienced slipping demand for organic and non-organic compounds, which affected the Group’s performance in these segments.
“On the other hand, demand for mineral fertilisers, especially nitrogen fertilisers, recovered to a certain degree, and the Group was able to significantly increase its fertiliser sales, thus compensating for lower prices.”