Today Dorogobuzh (a part of Acron Group; RTS and MICEX: DGBZ and DGBZP) Reported its Consolidated IFRS Financial Results for 2007.
Financial Highlights:
• Revenues reached RUR 7,665 million or US$ 312 million (2006: RUR 5 572 million or US$ 212 million);
• EBITDA* increased to RUR 1,972 million or US$ 80 million. (2006: RUR 769 million or US$ 29 million);
• EBITDA margin was 26 % up from 1H 2007 of 14% ; and
• Net profit increased to RUR 1,363 million or US$ 56 million. (2006: RUR 383 million or US$ 15 million);
*EBITDA is calculated as operating profit plus depreciation and amortisation.
Note: Average exchange rate was US $ 1 to RUR 24.5462 in 2007 and US $ 1 to RUR 26.3311 in 2006
Commenting on the results, Alexander Popov, Senior Vice President, said:
“In 2007 Dorogobuzh demonstrated outstanding financial and operational performance. The major driver behind significant increase in production was switch to two-year intervals between overhauls and ongoing introduction of resource-saving technologies. Favourable conditions in the domestic markets boosted Dorogobuzh’s mineral fertilizer sales to Russian farmers.”