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November 16, 2012

 

PhosAgro reports net income of US$615 million in Jan-Sep 2012

 

Press release

 

 


PhosAgro announced the publication of its reviewed consolidated interim condensed IFRS financial results for the nine months ended September 30, 2012 with net income of RUB19.1 billion (US$615 million), compared to RUB16.0 billion (US$556 million) in January-September 2011. 

 

Basic and diluted earnings per share came to RUB128 (US$4.12) for the first nine months of 2012 compared to RUB113 (US$3.93) of January-September 2011.

 

PhosAgro's revenue and sales volumes benefited from the Company's strategy of enhancing production flexibility, with substantial growth in NPK production in the first half of the year followed by increasing DAP volumes in third quarter 2012.

 

The company's revenue for the period January-September 2012 was up 8% on-year at RUB79.2 billion (US$2,548 million) compared to RUB73.7 billion (US$2,561 million) in the same period of 2011. Its EBITDA was RUB27.2 billion (US$874 million), up 3% from RUB26.4 billion (US$916 million) a year earlier. EBITDA margin remained relatively stable at 34%, compared to 36% from January-September 2011.  Operating profit was RUB22.4 billion (US$721 million), a 3% increase from the same period of 2011.

 

The company`s capital expenditure (capex) in cash terms during the nine months ended September 30, 2012 was RUB9.7 billion (US$313 million), compared to RUB9.4 billion (US$326 million) in the first nine months of 2011.

 

PhosAgro CEO Maxim Volkov said, "We have delivered on a number of key strategic priorities to date in 2012, ranging from progress on the consolidation of several production subsidiaries, to capacity increases and greater operational efficiency. We have worked hard to create sustainable value for our shareholders in the first nine months of 2012, and will continue to do so going forward."

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