Today Acron (RTS, MICEX and LSE: AKRN) announced its audited RAS non-consolidated statements for 2009.
Financial Highlights:
• Revenue totalled RUB 18.988 billion, down 34% year-on-year (2008: RUB 28.747 billion).
• Operating profit was RUB 4.965 billion, down 67% from RUB 14.951 billion in 2008.
• EBITDA* shrank 65% year-on-year to RUB 5.385 billion (2008: RUB 15.295 billion).
• EBITDA margin was 28%, down from 53% in 2008.
• Net profit totalled RUB 16.501 billion, including a gain of RUB 12.602 billion due to a mark-to-market revaluation of Acron’s financial investments. Net profit before revaluation was RUB 3.899 billion, down 58% against RUB 9.175 billion in 2008.
* EBITDA is calculated as operating profit plus depreciation and amortization.
Chairman of the Board of Directors Alexander Popov comments:
“Last year was the toughest in Acron’s history. The company’s financial performance was significantly affected by slumping prices on the commodity markets and the credit crunch. However, Acron was able to survive by implementing cost-cutting solutions and an effective set of measures to sustain high output and financial stability.
“We are highly aware that investments are vital to the company’s future, so in 2009 Acron continued to invest in production capacity and mineral resource independence. To raise additional funds for its investment programme, Acron sold its stake in JSC Sibneftegaz and placed bonds.
“The mineral fertiliser sector’s fundamentals are still strong, so we are optimistic that as markets recover Acron will improve its financial and operational performance in the near future.”
Financial Statements