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Acron Group releases consolidated IFRS financial statements for 1Q19

Published by , Editorial Assistant
World Fertilizer,

Acron Group’s 1Q19 International Financial Reporting Standards (IFRS) net profit has gone up 82% to US$133 million.

Key financials

  • Revenue was up 23% y/y to RUB29 504 million (1Q18: RUB 24 050 million). In US$ equivalent, revenue was up 6% to US$446 million from US$423 million.
  • EBITDA was up 31% y/y to RUB10 456 million (1Q18: RUB 7958 million). In US$ equivalent, EBITDA was up 13% to US$158 million from US$140 million.
  • EBITDA margin was up to 35%, against 33% y/y.
  • Net profit increased by a factor of 2.1 y/y to RUB8774 million (1Q18: RUB4146 million). In US$ equivalent, net profit was up 82% to US$133 million from US$73 million.
  • Net debt was down 9% to RUB 67 614 million (31 December 2018: RUB74 025 million). In US$ equivalent, net debt was down 2% to US$1044 million from US$1066 million.
  • Net debt/LTM EBITDA was down to 1.7 against 2.0 as of 31 December 2018. In US$ equivalent, the ratio was 1.7, against 1.8 as of 31 December 2018.

Operating results

  • Output of key products was 1.936 million t, up 2% y/y.
  • Sales of key products totalled 1.802 million t, a slight change y/y.

Alexander Popov, chairman of Acron’s board of directors, commented on the results: “In 1Q19, Acron Group’s key financials showed positive dynamics due to favourable market conditions.

“We continue implementing projects at Acron and Dorogobuzh as a part of the development strategy, as well as the development of Talitsky potash mine. In March, a new 135 ktpa nitric acid production unit was put into operation at the Veliky Novgorod site. A second similar unit will be put into operation in the near future. More than half of the shaft sinking at the Talitsky mine has been completed.

“The group's capex in Q1 increased 43% y/y to US$66 million, but the debt burden decreased. Net debt/EBITDA in US dollar equivalent as at the end of the reporting period was 1.7, against 1.8 as at its beginning.

“In addition, in May, we extended the 5-year syndicated structured pre-export finance facility of up to US$750 million for another two years to almost completely cover the need for loan portfolio refinancing in the near future.

“Taking into account the solid market conditions and the group’s stable financial position, Acron’s board of directors has recommended paying dividends twice since the beginning of the year. The first recommendation on dividends of RUB 130/share was approved by an extraordinary general meeting in March. The second recommendation on dividends of RUB 135/share is subject to approval by the annual general meeting of shareholders to be held on 30 May”.

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