Today Acron (RTS, MICEX and LSE: AKRN) announced its audited non-consolidated RAS statements for 2010.
Financial Highlights
• Revenue totalled RUB 22,752 million, up 20% year-on-year (2009: RUB 18,988 million)
• Operating profit was RUB 6,445 million, up 30% from RUB 4,965 million in 2009.
• EBITDA* went up 28% year-on-year to RUB 6,887 million (2009: RUB 5,385 million).
• EBITDA margin was 30%, up from 28% in 2009.
• Net profit totalled RUB 5,123 million, including a gain of RUB 2,582 million due to a mark-to-market revaluation of Acron’s financial investments. Net profit before revaluation was RUB 2,541 million, down 35% against RUB 3,899 million in 2009.
* EBITDA is calculated as operating profit plus depreciation and amortisation.
Notes on Key Financials
In the reporting year, Acron took advantage of the favourable business environment on the global mineral fertiliser market, resulting in improved financial performance.
A 5% increase in shipments year-on-year and an upswing in mineral fertiliser prices in the second half of the reporting year in 2010 brought along growth in revenue, operating profit and EBITDA. The 30% increase in EBITDA margin is indicative of strong demand for the Company’s products.
Lower net profit before revaluation can be explained by the fact that in 2009 this indicator was significantly driven by the sale of Company’s interest in Sibneftegaz. In 2010, no such transactions took place.
In early 2011, prices and demand for key mineral fertilisers continued to go up, providing the Company with a solid footing for further expansion of its investment programme and an increase in production capacity.