Dorogobuzh (a company of Acron Group) today announced its consolidated unaudited IFRS results for Q1 2009.
IFRS Financial Results for Q1 2009
- Dorogobuzh revenues slipped 9% year-on-year to RUB 2.57 billion, against RUB 2.83 billion in Q1 2008.
- EBITDA* totalled RUB 737 million, down 38% year-on-year (Q1 2008: RUB 1.19 billion).
- EBITDA margin was recorded at 29%, against 42% in Q1 2008.
- Net profit came to RUB 417 million, down 50% from RUB 829 million in Q1 2008.
*EBITDA is calculated as operating profit plus depreciation and amortisation.
Operating Results
Ammonia and mineral fertiliser sales totalled 392,000 tonnes (by volume). Complex fertiliser sales in Q1 2009 were up 11% year-on-year and straight nitrogen fertilisers demonstrated 33% growth.
Alexander Popov, the Chair of Acron’s Board of Directors commented on the Group’s performance:
“Dorogobuzh was able to sustain its financial results at the level of Q1 2008. Stable demand for its key products (mineral fertilisers) enabled the company to generate sufficient cash flow and partially offset lower prices. Last year we completed in-depth revamping of the ammonia unit, which boosted its capacity and efficiency and had a positive impact on Dorogobuzh’s operating performance.”
Key Financials
| Q1 2009 | Q1 2008 | YOY, % | |
|---|---|---|---|
| Revenues (RUB mn) | 2,572.1 | 2,824.7 | -9 |
| Cost of sales (RUB mn) | (1,329.6) | (1,331.8) | 0 |
| EBITDA (RUB mn) | 736.9 | 1,194.9 | -38 |
| Operating profit (RUB mn) | 661.4 | 1,125.0 | -41 |
| Net profit (RUB mn) | 416.9 | 828.9 | -50 |
| Operating cash flow | 585.9 | 758.8 | -23 |
| Three months ended March 31, 2009 |
Year ended December 31, 200 8 |
YOY, % | |
|---|---|---|---|
| Assets | 10,615.4 | 9,049.8 | 17 |
| Loans and borrowings payable | 1,530.6 | 1,322.1 | 16 |
| Cash and cash equivalents | 737.2 | 706.8 | 4 |
| Net debt | 793.4 | 615.3 | 29 |