Today, Acron (RTS, MICEX and LSE: AKRN) releases its unaudited IFRS consolidated condensed interim financial statements for 9M 2011.
Financial Highlights
• Revenue increased to RUB 46.22 billion (USD 1.608 billion), up 43% year-on-year (9M 2010: RUB 32.431 billion)
• EBITDA* was RUB 14.232 billion (USD 495 million), up by a factor of 2.2 year-on-year (9M 2010: RUB 6.401 billion)
• EBITDA margin was 31% against 20% in 9M 2010
• Net profit more increased 2.6 times to RUB 10.412 billion (USD 362 million), against RUB 4.029 billion in 9M 2010.
• Net debt for the reporting period totalled RUB 31.656 billion (USD 993 million) against RUB 28.315 billion (USD 954 million) as of the beginning of 2011
• Net debt/LTM EBITDA** was 1.7 against 2.7 as of the beginning of 2011
* EBITDA is calculated as operating profit plus depreciation and amortisation, profit (loss) from currency exchange and other non-cash and non-standard items.
** LTM EBITDA –EBITDA calculated for the past 12 months.
Chairman of the Board of Directors Alexander Popov comments on the results:
Revenue was up 43% due to positive dynamics for global mineral fertiliser prices and high capacity utilisation at the Groups production facilities. In the reporting period, demand for nitrogen and complex fertilisers was up in Asia and Latin America.
Despite significant volatility on the financial and and commodity markets, demand and prices for mineral fertilisers remain sustainably high indicating strong industry fundamentals.
The exchange loss caused by revaluation of the Group’s exchange commitments was one of the adverse factors affecting the Group in 3Q 2011. This loss was recorded due to a significant decrease in the Russian rouble to the U.S. dollar exchange rate.
The Group’s relative debt burden shrank due to higher profits. While net debt was up 12% against the beginning of 2011 due to increasing investments in Oleniy Ruchey mine construction, as of September 30, 2011, net debt/EBITDA totalled 1.7, providing the Group with comprehensive opportunities for additional fundraising if expansion of investments would be required.