OREANDA-NEWS. July 04, 2012. Acron (MICEX-RTS and LSE: AKRN) released its unaudited IFRS consolidated condensed interim financial statements for Q1 2012.

Financial Highlights

• Revenue increased to RUB 18.422 billion (USD 609 million), up 33% year-on-year (Q1 2011: RUB 13.866 billion)

• EBITDA* was RUB 4.911 billion (USD 162 million), up 7% (Q1 2011: RUB 4.599 billion)

• EBITDA margin was 27%, against 33% in Q1 2011

• Net profit increased 34% to RUB 5.123 billion (USD 169 million), against RUB 3.814 billion year-on-year

• LTM EBITDA** /net debt was 1.5, against 1.6 as of the end of 2011

* EBITDA is calculated as operating profit plus depreciation and amortisation, profit (loss) from currency exchange and other non-cash and non-standard items.

** LTM EBITDA is EBITDA calculated for the past 12 months.

Operating Results

• Commercial output totalled 1,577 kt, up 6.3% year-on-year

• Commercial ammonia and mineral fertilisers output totalled 1,342 kt, up 5.9% year-on-year

• Organic and non-organic compounds output increased to 235 kt, up 8.6% year-on-year

Chairman of the Board of Directors Alexander Popov comments on the results:

“Q1 results exceeded our expectations. A new growing cycle quickly superseded the price adjustment we saw on fertiliser markets in late 2011 and early 2012. The world’s increasing demand for food supplies requires increased output from fertiliser producers.

“The Group’s debt burden remains at a comfort level, providing us with opportunities to increase capex. In that vein, on March 31, 2012 we launched a new 335-ktpa urea unit at Acron’s site. This year we are starting an even more ambitious project – construction of a new ammonia plant with a capacity of 700 ktpa.

“Our primary target in the raw material segment is construction of the Oleniy Ruchey mine. The open pit mine was commissioned in May 2012, and soon we plan to launch the processing unit and commence production of the final product – apatite concentrate.”