Acron_ 3rd quarter results
• Net debt as at the end of the reporting period was up 16% to RUB 59,196 million (31 December 2015: RUB 51,185 million). Funny quotes and sayings about life In dollar equivalent, net debt was up to USD 937 million
“Market conditions notwithstanding, Acron group robustly resisted the global markets storm. Usd gbp exchange rate history After selling our Chinese facility, we focused on improving performance at our Russian production facilities. Usd in aud We will benefit from temporary weakness in the markets by increasing our market share.
Investing usd try All of the pieces are in place for this to happen: we have an excellent position in terms of cost of production, an effective team, favourable logistics, high-level vertical integration and considerable potential to boost output. Euro to usd calculator We believe that with these advantages that we put in place over recent years, we will enter a new cycle as a more powerful and sustainable entity.
“We estimate that our Russian facilities’ sales will increase more than 14% and reach 6.5 million tonnes, which will completely offset the output of the facility we sold in China. Rm to usd chart In 2017, we expect our Russian facilities to ramp up production and boost sales to over 7 million tonnes. Flower tattoos Our growth points in the years to come are development of the Oleniy Ruchey mine and operation of the new Ammonia-4 unit with increased conversion of its output into high value-added products”.
In August 2016, the Group sold its subsidiary that holds 50.5% of shares in Chinese Hongri Acron and stopped consolidating its financial results. Put option and call option In the profit and loss statement, the Chinese facility’s operating results for 9M 2016 and 9M 2015 are recorded as a standalone item Loss from discontinued operations. Words in binary Hongri Acron operating results were excluded from EBITDA for both the reporting period and the same period of the previous year. Us dollar to pound exchange rate history Key financials for the Chinese facility were also excluded from balance sheet items upon its sale.
The Group’s revenue for 9M 2016 was RUB 66,785 million, down 3% year-on-year. Market futures bloomberg In the reporting period, average global fertiliser prices decreased between 16% and 33% year-on-year in dollar equivalent, which was largely offset by an 11% jump in sales (exclusive of Hongri Acron) and a 15% decline in the rouble exchange rate.
Average global indicative prices for the Group’s main products in 9M 2016 were: USD 304 per tonne FOB for NPK 16-16-16, USD 162 per tonne FOB for AN, USD 191 per tonne FOB for urea, and USD 140 per tonne FOB for UAN.
Despite an 11% increase in sales, the cost of goods sold in the reporting period went up 10% year-on-year to RUB 31,783 million. Futures market definition Higher costs were somewhat restrained by lower potassium chloride prices.
Selling, general and administrative expenses were up 19%, mainly due to indexation of wages. Aud usd historical data Transportation expenses were up 21% due to the 11% increase in sales and indexation of railway tariffs in Russia.
Over 9M 2016, EBITDA was RUB 22,347 million, down 26% year-on-year. Us dollar to uk pound conversion EBITDA margin was 33%, against 44% year-on-year. Binary puzzles The Veliky Novgorod-based Acron and Dorogobuzh facilities operated at 30% and 29% margin, respectively. Binary quotes NWPC maintained a high level of 62% for EBITDA margin due to expanded operations and streamlined costs.
Based on 9M 2016 results, the Group posted a net exchange gain of RUB 3,074 million from revaluation of assets, loans and liabilities, against a loss of RUB 5,274 million year-on-year due to volatile RUB/USD exchange rate.
In the reporting period, the Group reduced its share in Polish Grupa Azoty S.A. Rmb to usd history from 20% to 19.8%. Stock market index futures The subsequent reclassification of this investment resulted in the equity method not being applicable. Uk usd exchange rate Due to this, a loss of RUB 3,616 million was recorded in Result from suspension of use of equity investee method related to a decrease in the market price of Grupa Azoty S.A. Usd to sar shares. Binary code In addition, the share of Grupa Azoty S.A. Gbp usd news profit accrued based on the equity method before the reclassification totalled RUB 1,544 million, against RUB 1,720 million year-on-year. Gold price per ounce This share of profit was excluded from EBITDA for both the reporting period and the same period of the previous year.
Also in the reporting period, the loss from discontinued operations (operating results of Hongri Acron up until its sale) was RUB 1,623 million, against a loss of RUB 727 million year-on-year.
Over 9M 2016, net operating cash flow was down 54% to RUB 10,555 million (9M 2015: RUB 23,113 million) due to increased working capital and reduced profit from operations.
Net cash spent on investments in the reporting period was RUB 5,093 million, against RUB 9,346 million in 9M 2015. Pound exchange rate to dollar Capital investments were down 3% in the reporting period to RUB 9,900 million, from RUB 10,171 million in 9M 2015. Usd to thb Capital expenditures were partially offset by proceeds from the sale of available-for-sale investments.
Net cash spent on financing activities in 9M 2016 was RUB 11,214 million, against generated net cash of RUB 4,947 million in 9M 2015. Australian to us dollar exchange rate Cash outflow was RUB 13.345 million in dividends paid in the reporting period and RUB 8,952 million spent to repurchase shares from minority shareholders (mainly the repurchase of a partner’s stake in the Talitsky potash project). Funny quotes with pictures about life Against these expenditures, there was a net increase of RUB 11,543 million in borrowings.
In the reporting period, net debt in rouble equivalent was up 16% year-on-year to RUB 59,196 million. Aud usd investing The relative debt burden also increased, and net debt/LTM EBITDA was 1.8, against 1.2 at the beginning of the year. Usd to nis This increased debt burden was largely due to lower EBITDA and the repurchase of a stake in the Talitsky potash project, and this was partially offset by proceeds from the sale of investments.
In 3Q 2016, prices for nitrogen fertilisers hit a record low for the past several years, falling to USD 165 per tonne FOB Baltics for urea. Usa today news Subsequently, the prices dramatically recovered, and in November urea prices reached their highest levels for 2016. Exchange rate usd to chf This upward pressure on prices was affected by Chinese producers’ cost of production. Euro exchange rate to canadian dollar Prices for coal – a key input for nitrogen fertilisers in China – increased considerably due to coal mine operating restrictions introduced by Chinese authorities in 2016. Commodity meaning in hindi This resulted in a sharp rise in prices for thermal coal, which rose from CNY 450 in August to CNY 730 in November per tonne FOB China. Cad to usd conversion rate We estimate that this factor alone increased the cost of urea production to USD 230 per tonne FOB at the most efficient Chinese producers, forcing them to raise prices and reduce exports. Us to euro exchange rate In November, prices rose to USD 230-240 per tonne FOB China. Cnbc pre market futures Regions other than China also saw higher prices. Gbp usd exchange rate forecast In November, urea prices in the Baltic States reached USD 220-230 per tonne FOB. Gender roles in india Against this background, prices for other nitrogen products such as AN and UAN also increased.
With the aim of reining in volatile prices and preventing the coal market from overheating, Chinese authorities eased regulations on the sector and allowed mines to operate more days each year. Love quotes for husband The government is also encouraging long-term contracts with a base price of CNY 535 per tonne of thermal coal (5,500 kcal/kg). Exchange rate hkd usd These measures are slowly decreasing coal prices. Stock market terms and meanings As of 1 January 2017, the Chinese government will also slash to zero export duties for urea, which in 2015 and 2016 were CNY 80 (USD 11.5) per tonne. Gold prices today per ounce Meanwhile, the yuan exchange rate is gradually weakening. Euro pound chart All of these factors will lead to a lower cost of urea production in China, which we estimate will be USD 215 FOB China in January for producers that rely on coal.
In contrast, urea capacity utilisation in China decreased to 50% in late 2016. Hidden messages in songs Urea exports from China in late 2016 hit a record low for the past several years. Usd to can According to analysts, this low capacity utilisation is insufficient to meet even China’s domestic needs. Market futures oil Higher prices are required in order for less efficient producers to recover.
Ammonia prices fell considerably since mid-year due to new capacity introduced in the U.S. Equity meaning in hindi and Russia. Call and put options examples It should be noted that the commercial ammonia market is fairly narrow, with sales totalling about 18 million tonnes annually. Eur usd chart live Consequently, even a relatively small increase in supply can dramatically affect prices. Gender theory By October 2016, ammonia prices hit a record low since 2005 of USD 165 per tonne FOB Yuzhny, making it cheaper than urea. Call option vs put option This inevitably resulted in production cutbacks in many regions and ammonia prices sharply rebounded. 500 kroner to usd In late 2016, prices reached USD 260 per tonne FOB Yuzhny. How to convert inr to usd We believe that further growth is limited by the cost of production in Europe.
Note: The exchange rate for currency conversion was RUB 63.1581 to USD 1 as of 30 September 2016 and RUB 72.8827 to USD 1 as of 31 December 2015. Funny jokes and riddles The average exchange rate for the first nine months of 2016 was RUB 68.3667 to USD 1. Convert fraction to mixed number calculator The average exchange rate for the first nine months of 2015 was RUB 59.2777 to USD 1.
* EBITDA is calculated as operating profit adjusted for depreciation of fixed and intangible assets, Forex gains or losses, and other non-monetary and non-core items .
Acron Group is a leading global vertically integrated mineral fertiliser producer in Russia with chemical facilities in Veliky Novgorod (Acron) and Smolensk region (Dorogobuzh). Aud usd chart The Group operates its own phosphate mine in Murmansk region (NWPC) and plans to implement a potash development project in Perm Krai (VPC). Fundamentals of futures and options markets pdf free download It owns transport and logistics infrastructure and distribution networks in Russia and China.
In 2015, the Group posted consolidated IFRS revenue of RUB 106,055 million (USD 1,740 million) and net profit of RUB 16,706 million (USD 274 million). Usa today crossword Acron’s shares are on the first level quotation list of the Moscow Exchange and its global depositary receipts are traded on the London Stock Exchange (ticker AKRN). Oil meaning Acron employs over 11,000 people.
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