Today Acron (RTS, MICEX and LSE: AKRN) announced its unaudited RAS results for the 9 Months of 2009.
Financial Highlights
- Revenue totalled RUB 14.165 billion, down 38% year-on-year (9 months 2008: RUB 22.943 billion).
- Operating profit was RUB 3.924 billion, down 69% from RUB 12.460 billion in 9 months 2008.
- EBITDA* shrank 67% year-on-year to RUB 4.24 billion (9 months 2008: RUB 12.720 billion).
- EBITDA margin was 30%, down from 55% in 9 months 2008.
- Net profit totalled RUB 13.999 billion, including a gain of RUB 8.583 billion due to a mark-to-market revaluation of Acron’s financial investments. Net loss before the revaluation was 44% or RUB 5.416 billion, against a net profit of RUB 9.696 billion in 9 months 2008. Net profit was also affected by income generated from the RUB 3.104 billion sale of Sibneftegaz stock.
*EBITDA is calculated as operating profit plus depreciation and amortization.
Acron Output
| 9 months 2009 (’000 tonnes) | 9 months 2008 (’000 tonnes) | YOY | |
|---|---|---|---|
| Ammonia | 774.5 | 793.6 | -2% |
| incl. consumption for own needs | 634.0 | 633.9 | |
| Nitrogen fertilisers, incl.: | 960.9 | 887.3 | 8% |
| incl. consumption for own needs | 149.3 | 203.1 | |
| Ammonium nitrate | 424.9 | 326.5 | 30% |
| incl. consumption for own needs | 22.5 | 40.8 | |
| Urea | 328.3 | 333.5 | -2% |
| incl. consumption for own needs | 126.8 | 162.3 | |
| Urea-ammonium nitrate (UAN) | 207.7 | 227.3 | -9% |
| Complex fertilisers, incl.: | 729.2 | 876.1 | -17% |
| incl. consumption for own needs | 10.4 | 17.6 | |
| NPK | 704.3 | 816.7 | -14% |
| incl. consumption for own needs | 10.4 | 17.6 | |
| NP | 0.0 | 4.9 | |
| Dry blends | 24.9 | 54.5 | -54% |
| Organic compounds, incl.: | 253.6 | 397.1 | -36% |
| incl. consumption for own needs | 132.0 | 210.8 | |
| Methanol | 52.4 | 77.7 | -32% |
| incl. consumption for own needs | 47.3 | 76.6 | |
| Formalin | 91.3 | 150.8 | -39% |
| incl. consumption for own needs | 84.7 | 134.3 | |
| Urea-formaldehyde resins (UFR) | 109.9 | 168.7 | -35% |
| incl. consumption for own needs | 0.7 | 0.5 | |
| Inorganic compounds, incl.: | 393.1 | 451.1 | -13% |
| Low-density and technical grade ammonium nitrate | 143.2 | 153.4 | -7% |
| Calcium carbonate | 234.4 | 277.2 | -15% |
| Liquid carbon dioxide | 11.0 | 15.7 | -30% |
| Argon | 4.5 | 4.8 | -6% |