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Acron Releases IFRS Consolidated Statements for H1 2009

Today, Acron (RTS, MICEX and LSE: AKRN) announces its non-audited IFRS consolidated results for H1 2009.

IFRS Financial Highlights for H1 2009:

• Revenue totalled RUB 18.86 billion, down 16% year-on-year (H1 2008: RUB 22.33 billion).
• EBITDA* shrank 64% year-on-year to RUB 3.69 billion (H1 2008: RUB 10.14 billion).
• EBITDA margin was 20%, down from 45% in H1 2008.
• Net profit totalled RUB 1.09 billion including a FX loss (net) of RUB 881 against net profit of RUB 7.2 billion in H1 2008.

*EBITDA is calculated as operating profit plus depreciation and amortisation.

Acron Group’s Operating Results in H1 2009:

• Total output of ammonia and mineral fertilisers (less own consumption) was 2.1 million tonnes. Ammonia output in H1 2009 was up 4%, nitrogen fertilisers – up 17% and complex fertilisers – down 11% year-on-year.

Commenting on the results, Chairman of the Board of Directors Alexander Popov said: “H1 2009 can be defined as a highly volatile period. Decrease in output due to low demand early this year was substituted by high spring demand for nitrogen fertilisers. In summer we see seasonal market slackening and decrease in prices but this is only natural before the autumn growth.
“Acron’s financial results showed considerable fluctuations due to unstable currency rates. However, despite considerable decrease in profitability and FX losses, we managed to post net profit for H1. In Q2, Acron was able to reduce its debt and arrange further refinancing of the majority of its short-term debt left.
“It should be noted that most of the losses resulting from negative consequences of the financial crisis has been written off so far. We see that the world mineral fertiliser market is quite stable comparing to other sectors, and expect further stabilisation of the level and rate of growth in demand.”

 Download Financial Statements