Today Acron (RTS, MICEX and LSE: AKRN) announced its non-audited RAS results for H1 2009.
Financial Highlights
- Revenue totalled RUB 9.96 billion, down 27% year-on-year (H1 2008: RUB 13.56 billion).
- Operating profit was RUB 3.03 billion, down 58% from RUB 7.14 billion in H1 2008.
- EBITDA* shrank 56% year-on-year to RUB 3.24 billion (H1 2008: RUB 7.31 billion).
- EBITDA margin was 33%, down from 54% in H1 2008.
- Net profit totalled RUB 5.38 billion, including a gain of RUB 4.06 billion due to a mark-to-market revaluation of Acron’s financial investments. Net profit before revaluation was RUB 1.32 billion, down 78% from RUB 6.07 billion in H1 2008.
*EBITDA is calculated as operating profit plus depreciation and amortization
Acron Output
| H1 2009 (’000 tonnes) | H1 2008 (’000 tonnes) | YOY, % | |
|---|---|---|---|
| Ammonia | 517.7 | 523.1 | - 1% |
| incl. consumption for own needs | 431.1 | 413.8 | |
| Nitrogen fertilisers, incl.: | 655.3 | 582 | 13% |
| incl. consumption for own needs | 93.0 | 90.4 | |
| Ammonium nitrate | 295.2 | 228.4 | 29% |
| incl. consumption for own needs | 12.8 | 31.8 | |
| Urea | 231.4 | 229.8 | 1% |
| incl. consumption for own needs | 80.1 | 58.6 | |
| Urea-ammonium nitrate (UAN) | 128.7 | 123.8 | 4% |
| Complex fertilisers,incl.: | 478.9 | 561.3 | -15% |
| incl. consumption for own needs | 5.5 | 15.9 | |
| NPK | 466.0 | 514.1 | -9% |
| incl. consumption for own needs | 5.5 | 15.9 | |
| Dry blends | 12.9 | 47.2 | -73% |
| Organic compounds,incl.: | 164.1 | 277.2 | -41% |
| incl. consumption for own needs | 86.8 | 147.3 | |
| Methanol | 31.8 | 53.7 | -41% |
| incl. consumption for own needs | 30.6 | 53.6 | |
| Formalin | 59.9 | 106.4 | -44% |
| incl. consumption for own needs | 56.2 | 93.7 | |
| Urea-formaldehyde resins (UFR) | 72.4 | 117.1 | -38% |
| incl. consumption for own needs | 0.5 | 0.4 | |
| Inorganic compounds, incl.: | 266.4 | 273.8 | -3% |
| Low-density and technical grade ammonium nitrate | 98.1 | 86.2 | 14% |
| Calcium carbonate | 158.0 | 174.6 | -10% |
| Liquid carbon dioxide | 7.2 | 10.0 | -28% |
| Argon | 3.1 | 3.0 | 2% |