JSC Acron (“Acron” or “the Company”; RTS and MICEX: AKRN), a leading Russian and global mineral fertiliser producer today announces its results for the Company and its consolidated subsidiaries (the “Group”) as at and for the three month ended 31 March 2008.


Q1 Financial Highlights: 

• Revenues increase to RUR 11,661 million or US$ 496 million (Q1 2007: RUR 7,706 million or US$ 296 million);
• EBITDA* increase to RUR 5,477 million or US$ 233 million. (Q1 2007: RUR 2,145 million or US$ 82 million);
• EBITDA margin was 47 % up from Q1 2007 of 28% ; and
• Net profit increase to RUR 3,963 million (US$ 169 million) (Q1 2007: RUR 1,300 million (US$ 50 million));

*EBITDA is calculated as operating profit plus depreciation and
amortisation.

Note: Average exchange rate was US $ 1 to RUR 23.5156 in Q1 2008 and US $ 1 to RUR 26.0113 in Q1 2007

Key events:

• Acron’s subsidiary participated in the tender and won a licence to develop mining operations at the Talitsky area of the Verkhnekamsk potassium-magnesium salts deposit
• Shares in Acron started trading on MICEX and RTS stock exchanges


Commenting on the results, Alexander Popov, Chairman of the Board of Directors of Acron, said:
“During Q1 2008, we continued to show strong financial results. The milestone in the reviewed period is the acquisition of the licence to develop the Talitsky area of the Verkhnekamsk potassium-magnesium salts deposit, a vital investment in the Company’s development.”