OREANDA-NEWS. On 31 July 2009 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%