-
Revenue increased to US $1,804 million, compared to US $1,556 million
in the first nine months of 2011.
-
Operating profit increased to US $553 million, compared to US $487
million in the first nine months of 2011.
-
Adjusted EBITDA grew to US $632 million, compared to US $560 million
in the first nine months of 2011.
-
Net profit amounted to US $600 million, compared to US $318 million
in the first nine months of 2011.
Moscow,
Russia - November 16, 2012 -- URALCHEM
HOLDING P.L.C. (hereinafter URALCHEM HOLDING or the
Company), a Cypriot holding company of the URALCHEM Group
(hereinafter called the Group), one of the largest producers of
nitrogen and phosphate fertilisers in Russia, announced its unaudited
IFRS financial results for the first nine months of 2012 ending 30
September 2012.
Key
financial figures in
the first nine months of
2012-2011
($ million)
|
|
1st
9 Months of 2012
|
1st
9 Months of 2011
|
Year-on-Year
change
|
|
Revenue
|
1,804
|
1,556
|
16%
|
|
Gross profit
|
1,041
|
899
|
16%
|
|
Gross profit margin
|
58%
|
58%
|
-
|
|
Operating profit
|
553
|
487
|
14%
|
|
Operating profit
margin
|
31%
|
31%
|
-
|
|
Net profit
|
600
|
318
|
89%
|
|
Net profit margin
|
33%
|
20%
|
65%
|
|
Adjusted EBITDA
|
632
|
560
|
13%
|
|
Adjusted EBITDA
margin
|
35%
|
36%
|
-3%
|
|
Cash generated from
operating activities
|
472
|
330
|
43%
|
Dmitry
Konyaev, CEO of URALCHEM, OJSC (part of the Group), commented on the
results for the first nine months of 2012: "During nine months
of this year the Company showed steady improvement of its financial
performance compared to the results for the same period of 2011. To
this contributed the acquisition earlier this year of another
production unit, Minudobrenia, located in Perm and rising world
prices for our main products, ammonia and urea. Looking back at the
first nine months, we are optimistic about the full-year results for
2012."
Financial
Results
Revenue
in the first nine months of 2012 grew to US $1,804 million, compared
to US $1,556 million in the first nine months of 2011. Operating
profit amounted to US $553 million compared with operating profit of
US $487 million in the first nine months of 2011. Operating profit
margin amounted to 31% both in the first nine months of 2012 and in
the same period of the previous year.
In
the first nine months of 2012, net profit amounted to US $600
million, compared with US $318 million in the same period in 2011.
In
the first nine months of 2012 adjusted EBITDA reached US $632 million
compared to US $560 million for the same period last year, an
increase of 13%. Adjusted EBITDA margin in the first nine months of
2012 comprised 35%, compared with 36% in the first nine months of
2011.
Markets
During
the third quarter of 2012, price dynamics for fertilizers and
intermediate products were different.
Prices
for ammonia in the third quarter showed a significant increase due to
growing demand and limited supply. During these three months, the
price level rose by $50 / t, and reached $650 / t FOB Port of Yuzhny
by the end of September.
In
the absence of a strongly marked trend, the urea market was
characterized by high volatility. Prices have not shown any
significant increase or noticeable reduction, remaining within the
limits of $360 to $400 / t FOB the ports of the CIS.
Ammonium
nitrate prices mainly matched the dynamics of urea prices during the
third quarter.
The
global market for phosphate fertilizers in the third quarter of 2012
showed low levels of activity. In September, there has been a
downward trend in prices amid a lack of demand in South Asia (India,
Pakistan).
Sales
As
the demand for the Group's products both in Russia and abroad was
high and stable, the volume of sales in the first nine months of 2012
increased by 16% compared to the same period in 2011 and totalled
4,357 thousand tonnes for all products. Sales of urea, increased by
144%, largely contributed to the rise. Due to high demand in the
ammonia market, sales of ammonia increased by 54%, while sales of
ammonium nitrate decreased by 6%. Sales of "other chemicals"
increased by 19%, mainly due to increased sales of ammonium nitrate
for industrial use in the domestic market.
Sales
of commercial products of the Group
in the first nine months of 2012-2011
(thousands of tons)
|
Name of
Product
|
1st
9 Months of 2012
|
1st
9 Months of 2011
|
Year-on
Year Change
|
|
Ammonium nitrate and its derivatives
|
1,576
|
1,681
|
-6%
|
|
Urea
|
904
|
371
|
144%
|
|
Ammonia
|
503
|
327
|
54%
|
Phosphate fertilizers
|
344
|
399
|
-14%
|
NPK fertilizers
|
464
|
486
|
-5%
|
Other chemicals, including ammonium
nitrate for industrial use
|
566
|
477
|
19%
|
|
Total
|
4,357
|
3,741
|
16%
|
Financial
Situation
Increased
revenues contributed to the increase of cash generated from
operations to US $472 million in the first nine months of 2012 rise,
compared to US $330 million in the same period last year.
As
at September 30, 2012 the Company's net debt amounted to US $945
million. The weighted average interest rate in the loan portfolio
during the first nine months of 2012 comprised 5.8% per annum
compared to 7.9% in the same period last year.
For
more information, please visit the company web site
http://www.uralchem.com
or use the following contact information:
PR
department
URALCHEM,
OJSC
Tel:
+7 (495) 721 89 89
URALCHEM
HOLDING P.L.C. is a holding company of the URALCHEM Group, which
includes four fertilizer manufacturing facilities in Russia. URALCHEM
Group is one of the largest producers of nitrogen and phosphate
fertilisers in Russia and the CIS with production capacities of over
2.5 million tons of ammonium nitrate, 2.8 million tons of ammonia,
0.8 million tons of MAP and DAP, 0.8 million tons of complex
fertilisers and 1.2 million tons of urea per year. URALCHEM Group is
the second largest ammonium nitrate producer in the world and number
one in Russia, the second largest producer of nitrogen fertilisers in
Russia. URALCHEM Group’s key production assets include Azot Branch
of URALCHEM, OJSC in Berezniki, Perm Region; OJSC Minudobrenia, Perm;
MFP Kirovo-Chepetsk Chemical Works, OJSC, Kirovo-Chepetsk, Kirov
region; Voskresensk Mineral Fertilisers, OJSC in Voskresensk, Moscow
region.
Some
of the information in this press release may contain projections or
other forward-looking statements regarding future events or the
future financial performance of URALCHEM. We wish to caution you that
these statements are only predictions. We do not intend to update
these statements and our actual results may differ materially from
those contained in our projections or forward-looking statements,
including, among others, the achievement of anticipated levels of
profitability, growth, cost and synergy of our recent acquisitions,
the impact of competitive pricing, the ability to obtain necessary
regulatory approvals and licenses, the impact of developments in the
Russian economic, political and legal environment, financial risk
management and the impact of general business and global economic
conditions.
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