OREANDA-NEWS. Acron (Moscow Exchange and LSE: AKRN) released its unaudited consolidated condensed IFRS financial statements for Q1 2014.

Key Financials

Revenue was up 5% year-on-year to RUB 17,351 million (USD 496 million)

(Q1 2013: RUB 16,561 million)

EBITDA* was down 4% year-on-year to RUB 4,263 million (USD 122 million)

(Q1 2013: RUB 4,461)

EBITDA margin was 25%, down from 27% year-on-year

Net profit was down 39% year-on-year to RUB 1,437 million (USD 41 million)

(Q1 2013: RUB 2,358 million)

Net debt was down 11% to RUB 32,525 million (USD 911 million)

(RUB 36,633 million as of December 31, 2013)

Net debt/LTM EBITDA was 2.1, against 2.4 as of December 31, 2013.

Operating Results

Sales of key products totalled 1.583 million tonnes, up 13% year-on-year.

Chair of Acron Board of Directors Alexander Popov comments:

Timely decisions to optimise Acron's investment programme, decrease production costs, strengthen vertical integration and monetise financial assets have helped the Group remain confident and maintain its leading position in the market. The Group's EBITDA margin recovered to 25%, while relative debt burden scaled down. We are optimistic about the mid- and long-term prospects of the mineral fertiliser market, and well-prepared for possible temporary negative scenarios for short-term development. Over the years we have proved our global competitiveness while continuing development, building new capacity and embarking on the manufacture of new products.