Today Dorogobuzh (a company of Acron Group) announced its consolidated audited IFRS results for 2008.
IFRS Financials for 2008:
- Revenues was up 27% year-on-year to reach RUB 9.73 billion, against RUB 7.67 billion in 2007.
- EBITDA* totalled RUB 3.8 billion, up 92% year-on-year (2007: RUB 1.97 billion).
- EBITDA margin was recorded at 39%, against 26% in 2007.
- Net profit was RUB 2.96 billion, up 117% year-on-year (2007: RUB 1.36 billion).
- Earnings per ordinary share grew 118% to RUB 3.38, against RUB 1.55 in 2007.
* EBITDA is calculated as operating profit plus depreciation and amortization.
Operating Results:
In 2008, ammonia and mineral fertiliser output (less the Group’s own consumption) totalled 1 million tonnes. Ammonia output was down 16% year-on-year; complex fertiliser production slipped 40%; straight nitrogen fertilisers were down 12%.
Output of non-organic compounds declined 25% year-on-year.
Alexander Popov, Dorogobuzh’s Senior Vice President, commented on the Company’s performance:
“The past year 2008 was not simple for Dorogobuzh. Interrupted apatite concentrate supplies early in 2008, overall repair of the ammonium unit that took us a month and a half, and further reduced demand for mineral fertiliser in Q4, had an adverse effect on the company’s financial and operating results. However, this year has shown the tendency for demand revival, which allowed Dorogobuzh to increase nitrogen and complex fertiliser production, as well as take advantage of favourable conditions of Russian and international markets.”
Financial Highlights:
| 2008 | 2007 | YOY, % | |
|---|---|---|---|
| Profit and Loss Statement | |||
| Revenue (RUB mn) | 9,730.5 | 7,664.6 | 27 |
| Cost of sales (RUB mn) | (4,667.2) | (4,658.8) | 0.2 |
| EBITDA (RUB mn) | 3,788.7 | 1,974.4 | 92 |
| Operating profit (RUB mn) | 3,529.1 | 1,726.0 | 104 |
| Net profit (RUB mn) | 2,962.3 | 1,362.8 | 117 |
| Net profit per share (RUB) | 3.38 | 1.55 | 118 |
| Assets (RUB mn) | 9,049.8 | 11,323.0 | -20 |
| Loans and borrowings payable (RUB mn) | 1,322.1 | 1,008.9 | 31 |
| Cash and cash equivalents (RUB mn) | 706.8 | 350.8 | 101 |
| Net debt(RUB mn) | 615.3 | 658.1 | -7 |
| Cash flow from operations (RUB mn) | 2,790.8 | 1,297.8 | 115 |
Note: The exchange rate used for currency translations was RUB 29.3804 to USD 1 as of December 31, 2008; and RUB 24.5462 to USD 1 as of December 31, 2007. Average exchange rate was RUB 24.8740 to USD 1 in 2008, and RUB 25.5516 to 1 USD in 2007.