Today Dorogobuzh (a company of the Acron Group) released its unaudited IFRS consolidated condensed interim financial information for Q1 2010.
Financial Highlights
• Revenue totalled RUB 3.28 billion, up 27% year-on-year (Q1 2009: RUB 2.57 billion)
• EBITDA* was RUB 0.84 billion, up 13% year-on-year (Q1 2009: RUB 0.75 billion)
• EBITDA margin was 26%, down from 29% in Q1 2009
• Net profit totalled 0.69 billion, up 65% year-on-year (Q1 2009: RUB 0.42 billion)
* EBITDA is calculated as operating profit plus depreciation and amortisation, profit (loss) from currency exchange and other non-cash and non-standard items.
Operating Results
• Sales totalled 398,000 tonnes, down 2% year-on-year
• Sales of complex fertilisers were up 21% from Q1 2009 to 167,000 tonnes
• Sales of ammonia and nitrogen fertilisers shrank by 11% year-on-year to 225,000 tonnes
Comments on Key Items
Dorogobuzh posted strong results for Q1 2010, reflecting recovered demand in most mineral fertiliser markers. In the reporting period the company boosted sales of complex fertilisers by 21% due to demand in Southeast Asian countries and the CIS.
EBITDA increased by 13% due to high capacity utilisation and improved demand for complex and nitrogen fertilisers in the reporting period. EBITDA margin shrank due to a stronger rouble and higher prices for raw materials.
However, Dorogobuzh was able to post a 65% year-on-year increase in net profit due to its considerable operating profit and financial income.