Today Dorogobuzh (a company in the Acron Group) announced its non-audited RAS consolidated results for H1 2009.
Financial Highlights
- Revenue totalled RUB 5.18 billion, down 10% year-on-year (H1 2008: RUB 5.72 billion).
- Operating profit was RUB 1.4 billion, down 45% from RUB 2.54 billion in H1 2008.
- EBITDA* shrank 42% year-on-year to RUB 1.51 billion (H1 2008: RUB 2.6 billion).
- EBITDA margin was 29%, down from 45% in H1 2008.
- Net profit in the reporting period totalled RUB 2.39 billion, affected by a mark-to-market revaluation of Dorogobuzh’s financial investments which totalled RUB 1.46 billion. Net profit before the revaluation was RUB 931 million, down 57% from RUB 2.14 billion in H1 2008.
*EBITDA is calculated as operating profit plus depreciation and amortisation.
Dorogobuzh Output
| H1 2009 (‘000 tonnes) | H1 2008 (‘000 tonnes) | YOY | |
|---|---|---|---|
| Ammonia | 274.2 | 224.5 | 22% |
| incl. consumption for own needs | 272.8 | 223.7 | |
| Nitrogen fertilisers – ammonium nitrate | 488.4 | 392.8 | 24% |
| incl. consumption for own needs | 15.6 | 44.8 | |
| Complex fertilisers, incl.: | 285.4 | 233.4 | 22% |
| incl. consumption for own needs | 9.0 | 4.5 | |
| NPK | 260.6 | 225.9 | 15% |
| incl. consumption for own needs | 9.0 | 4.5 | |
| Dry blends | 24.8 | 7.5 | 231% |
| Inorganic compounds, incl.: | 96.3 | 127.7 | -25% |
| Low-density and technical grade ammonium nitrate | 0.0 | 37.7 | |
| Calcium carbonate | 85.4 | 74.4 | 15% |
| Liquid carbon dioxide | 10.9 | 15.6 | -30% |
Commenting on the operating results, Senior Vice President Alexander Popov said:
“In H1 2009, Dorogobuzh considerably increased output of nitrogen and complex fertilisers. Demand for Dorogobuzh’s products remains stable both in Russia and globally. That is why Dorogobuzh is aiming to compensate for the drop in global fertiliser prices by making more intensive use of its production facilities. Due to efficient operation of basic equipment, we have managed to keep profitability at a high level.”