Acron Posts RAS Consolidated Financial Statements for Q1, 2008
Russia"s nitrogen fertiliser manufacturer Acron JSC has announced its consolidated revenues for the first quarter of 2008 totalled RUB 12.09bn (USD 510.15m), a 57% rise against the same period in 2007. The financial statements are done in compliance with the Russian accounting standards. In the reported period, the production costs of the company increased by 12% year-on-year to RUB 5.14bn (USD 216.77m.
The operational profit more than doubled from RUB 2.00bn (USD 84.36m) to RUB 5.46bn (USD 230.40m) against the first quarter of 2007; the operating margin was 45% up (vs. 26% in 2007).
The net profit in the fiscal period was influenced by the revaluation of financial investments to the market value, the effect of which equalled RUB 5.19bn. Without considering the revaluation of financial investments, the net profit grew 223% to RUB 3.97bn (USD 167.63m) compared to the first quarter of 2007. EBITDA improved by 186% to RUB 5.60bn (USD 236.43m) over the first quarter of 2007; the EBITDA margin was 46% (vs. 25% in Q1, 2007).
Acron"s subsidiary in the Smolensk Region Dorogbuzh JSC boosted its revenues by 45% to RUB 2.82bn (USD 119.12m) year-on-year. The plant manufactures over 20 products, including ammonia, ammonium nitrate, NPK, and inorganics.Dorogbuzh"s EBITDA rose by 2.6 times to RUB 1.16bn (USD 48.81m) over the first quarter of 2007; the EBITDA margin constituted 41% compared to 23% a year earlier.
"The quick growth in Acron Holding"s financials reveals its huge potential for the further expansion," says Aleksandr Popov, senior vice-president of Acron. "The improvement was due to the growth in the output, better cost management and a favourable situation in the world fertiliser market."
The 2007 modernisation of Acron"s assets at its Velikij Novgorod production site resulted in a significant increase in the output of key products in the first quarter of 2008. And despite a limited supply of apatite concentrate since the beginning of the year, Dorogobuzh JSC was able to keep its output high.
"Strong demand for Acron"s products has been supported by rising food prices throughout the world, and this is despite surging prices for fertilisers. In the first half of April, the global prices for urea, ammonium nitrate, urea-ammonium nitrate, and NPK grew by 37%, 11%, 18%, and 8%, respectively." Besides, Acron plans to raise USD 1bn by placing up to 20% stake of its stock on the London Stock Exchange in July 2008, a senior company executive told Reuters. The company will place existing shares and does not plan a new share issue.
The operational profit more than doubled from RUB 2.00bn (USD 84.36m) to RUB 5.46bn (USD 230.40m) against the first quarter of 2007; the operating margin was 45% up (vs. 26% in 2007).
The net profit in the fiscal period was influenced by the revaluation of financial investments to the market value, the effect of which equalled RUB 5.19bn. Without considering the revaluation of financial investments, the net profit grew 223% to RUB 3.97bn (USD 167.63m) compared to the first quarter of 2007. EBITDA improved by 186% to RUB 5.60bn (USD 236.43m) over the first quarter of 2007; the EBITDA margin was 46% (vs. 25% in Q1, 2007).
Acron"s subsidiary in the Smolensk Region Dorogbuzh JSC boosted its revenues by 45% to RUB 2.82bn (USD 119.12m) year-on-year. The plant manufactures over 20 products, including ammonia, ammonium nitrate, NPK, and inorganics.Dorogbuzh"s EBITDA rose by 2.6 times to RUB 1.16bn (USD 48.81m) over the first quarter of 2007; the EBITDA margin constituted 41% compared to 23% a year earlier.
"The quick growth in Acron Holding"s financials reveals its huge potential for the further expansion," says Aleksandr Popov, senior vice-president of Acron. "The improvement was due to the growth in the output, better cost management and a favourable situation in the world fertiliser market."
The 2007 modernisation of Acron"s assets at its Velikij Novgorod production site resulted in a significant increase in the output of key products in the first quarter of 2008. And despite a limited supply of apatite concentrate since the beginning of the year, Dorogobuzh JSC was able to keep its output high.
"Strong demand for Acron"s products has been supported by rising food prices throughout the world, and this is despite surging prices for fertilisers. In the first half of April, the global prices for urea, ammonium nitrate, urea-ammonium nitrate, and NPK grew by 37%, 11%, 18%, and 8%, respectively." Besides, Acron plans to raise USD 1bn by placing up to 20% stake of its stock on the London Stock Exchange in July 2008, a senior company executive told Reuters. The company will place existing shares and does not plan a new share issue.
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