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Acron Releases RAS Statements and Operating Results for H1 2010

Today Acron (RTS, MICEX and LSE: AKRN) released its non-audited RAS financial statements and operating results for H1 2010.

Financial Highlights

  • Revenue totalled RUB 10.67 billion, up 7% year-on-year (H1 2009: RUB 9.96 billion).
  • Sales profit was RUB 2.7 billion, down 11% from RUB 3.03 billion in H1 2009.
  • EBITDA* shrank 10% year-on-year to RUB 2.93 billion (H1 2009: RUB 3.24 billion).
  • EBITDA margin was 27%, down from 33% in H1 2009.
  • Net loss totalled RUB 2.07 billion, which was affected by a negative RUB 3.45 billion mark-to-market revaluation of Acron’s financial investments. Net profit before revaluation of the financial investments was RUB 1.38 billion (H1 2009: RUB 1.32 billion).

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

Acron Output

  H1 2010
(‘000 t)
H1 2009
(‘000 t)
YOY
Ammonia 559 518 8%
incl. consumption for own needs 437 43  
Nitrogen fertilisers 678 655 4%
incl. consumption for own needs 124 93  
Ammonium nitrate 231 295 -22%
incl. consumption for own needs 10 13  
Urea 224 231 -3%
incl. consumption for own needs 114 80  
Urea-ammonium nitrate (UAN) 223 129 73%
Complex fertilisers 568 479 19%
incl. consumption for own needs 0 6  
NPK 568 466 22%
incl. consumption for own needs 0 6  
Bulk blends 0 13  
Organic compounds 177 16 7%
incl. consumption for own needs 88 87  
Methanol 42 3 31%
incl. consumption for own needs 32 31  
Formalin 61 60 2%
incl. consumption for own needs 55 56  
Urea-formaldehyde resins (UFR) 74 72 2%
Non-organic compounds 295 266 11%
Low-density and technical-grade ammonium nitrate 93 98 -4%
Calcium carbonate 191 158 21%
Liquid carbon dioxide 8 7 9%
Argon 3 3  

Financial Statements in Russian