Uralkali (Berezniki, Perm Territory) has today published its Annual Report and financial statements for 2009 prepared in accordance with IFRS and audited by ZAO PricewaterhouseCoopers Audit.
The highlights are as follows:
|
IFRS Financial Results |
2009 |
2008 |
2009 vs. 2008 Change |
|
Revenue |
33.8 billion rubles |
62.8 billion rubles |
-46% |
|
Net Revenue 1 |
29.3 billion rubles |
54.3 billion rubles |
-46% |
|
Adjusted EBITDA 2 |
16.4 billion rubles |
41.3 billion rubles |
-60% |
|
Adjusted EBITDA Margin 3 |
56% |
76% |
|
|
Net Profit |
9.1 billion rubles |
21.9 billion rubles |
-59% |
|
Potassium Chloride Output |
2.6 million tonnes |
4.8 million tonnes |
-45% |
|
CAPEX |
14.1 billion rubles |
14.3 billion rubles |
-2% |
Uralkali’s IFRS Consolidated Financial Statements and Annual Report for 2009 are now available on the company’s corporate website at www.uralkali.com.
Denis Morozov, Uralkali President, said:
«Overall, 2009 was one of the most challenging years in the history of the potash industry. The global economic downturn forced farmers to reduce fertilizer application, which adversely affected Uralkali’s financial results. However, demand for potash started to pick up in late 2009, prompted by the recovery of the agricultural sector as well as the restoration of price certainty in the potash market. We are confident that this upward trend will continue in 2010 and drive an increase in prices and sales volumes.»
_________________________
1 Net revenues are adjusted revenues (revenues less freight, railroad transportation, and transshipment costs)
2 Adjusted EBITDA is calculated as operating profit plus depreciation and amortization, excluding expenses associated with the mine flooding
3 Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net revenues
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