Today Dorogobuzh (an Acron Group company) announced its consolidated RAS results for Q1 2009.
- Revenue totalled RUB 2.60 billion, down 8% year-on-year (Q1 2008: RUB 2.82 billion).
- Operating profit was RUB 617 million, a 47% decrease from RUB 1.16 billion in Q1 2008.
- EBITDA* shrank 44% year-on-year to RUB 672 million (Q1 2008: RUB 1.19 billion).
- EBITDA margin was 26% - down from 42% in Q1 2008.
- Net profit totalled RUB 1.05 billion, including a gain of RUB 750 million a due to mark-to-market revaluation of Dorogobuzh’s financial investment. Net profit before revaluation declined 63% year-on-year to RUB 302 million, against RUB 826 million in Q1 2008.
*EBITDA is calculated as operating profit plus depreciation and amortization.
|Straight nitrogen fertilisers, incl.||250.6||188.6||32.9%|
|Complex fertilisers, incl.||138.5||125.1||10.7%|
|Non-organic compounds, incl.||14.9||35.0||-57.5%|
|Low-density and technical grade ammonium nitrate||0.0||14.2||-100.0%|
|Liquid carbon dioxide||4.3||6.3||-31.4%|
Alexander Popov, Dorogobuzh’s senior vice president, commented on the Company’s performance:
“Despite weaker financials as compared with Q1 2008, Dorogobuzh achieved solid operating performance in Q1 2009. Last year the Company upgraded its ammonium plant, boosting production of nitrogen fertilisers, which are in high demand among local farmers. Therefore, Dorogobuzh is in a position to capitalize on the favourable Russian and global fertiliser markets, which are currently demonstrating stable demand.”