Today Dorogobuzh (a company of the Acron Group) released its consolidated audited IFRS results for 2009.
2009 IFRS Financial Highlights
• Revenue totalled RUB 9.98 billion, up 3% year-on-year (2008: RUB 9.73 billion)
• EBITDA1 was down 36% year-on-year to RUB 2.43 billion (2008: RUB 3.77 billion)
• EBITDA margin was 24%, down from 39% in 2008
• Net profit totalled RUB 1,60 billion, down 46% year-on-year (2008: RUB 2,96 billion)
Note: The RUB/USD exchange rate was RUB 30.2442 as of December 31, 2009 and RUB 29.3804 as of December 31, 2008; the average 2009 exchange rate was RUB 31.7669, and the average 2008 rate was RUB 24.8740.
Operating Results
• Sales totalled 1,655,000 tonnes, up 38% year-on-year
• Sales of ammonia and mineral fertilisers were up 53% from 2008 (at 1,547,000 tonnes)
• Sales of non-organic compounds were 108,000 tonnes, down 41% year-on-year
1 In the reporting year the Group changed the EBITDA calculation principle (IFRS statements) to bring EBITDA closer to the value conditioned by a number of loan agreements. EBITDA is calculated as operating profit plus depreciation and amortisation, profit (loss) from currency exchange and other non-cash and non-standard items.