Today, Acron (Moscow Exchange and LSE: AKRN) released its unaudited RAS financial statements for 9M 2014.
Financial Highlights
• Revenue totalled RUB 26,666 million, up 3% year-on-year (9M 2013: RUB 25,978 million)
• Sales profit was RUB 8,816 million, up 12% year-on-year (9M 2013: RUB 7,876 million)
• EBITDA* was RUB 9,515 million, up 14% (9M 2013: RUB 8,324 million)
• EBITDA margin was 36%, against 32% for 9M 2013
Senior Vice President Alexander Popov comments on the performance results:
“Acron Group’s operations are positively affected by a weaker rouble to dollar exchange rate. According to Acron (Veliky Novgorod) RAS financial statements, its Q3 2014 EBITDA margin was 41%, up from 33% in Q2 2014 and 32% in Q1 2014. However, a weaker rouble adversely affected the Company’s net profit due to revaluation of foreign currency loans. It is important to remember that this revaluation was non-monetary and that Acron’s RAS net profit does not reflect the actual situation. The RAS financial statements are not consolidated and do not include the results of other companies in the Group. The RAS statements also do not reflect the actual profit from sale of part of our Uralkali stake.
“Acron Group remains confident in H2 2014, with solid financial performance achieved through cuts to expenses, vertical integration, freezing of natural monopolies’ prices and rouble depreciation.”
* EBITDA is calculated as sales profit adjusted for depreciation and amortisation.