OREANDA-NEWS. On 01 September 2009 Dorogobuzh (Acron Group’s company) announced its non-audited IFRS consolidated results for 1H 2009.

IFRS Financial Highlights for 1H 2009:

• Revenue totalled RUB 5.13 billion, down 9% year-on-year (1H 2008: RUB 5.62 billion).

• EBITDA* shrank 44% year-on-year to RUB 1.4 billion (1H 2008: RUB 2.5 billion).

• EBITDA margin was 27%, down from 44% in 1H 2008.

• Net profit totalled RUB 947 million, down 55% year-on-year (1H 2008: 2.1 billion).

*EBITDA is calculated as operating profit plus depreciation and amortisation.

Operating Results in 1H 2009:

• Total output of ammonia and mineral fertilisers (less own consumption) was 750,000 tonnes. Ammonia and complex fertiliser output in 1H 2009 was up 22% and nitrogen fertilisers – up 24% year-on-year.

Commenting on the results, Senior Vice President Alexander Popov said: “Dorogobuzh shows good operating and financial results. Against the backdrop of stable demand in the Russian market, we managed to increase output in 1H 2009. Revenue shrank only by 9% despite a more significant drop in product prices. Profitability is at the acceptable level.

Dorogobuzh has a low level of debt. That is why currency rate fluctuations had little effect on the amount of financial expenses. In general, it should be noted that at the moment Dorogobuzh is the most financially effective production facility of Acron Group.”