eurochem-annual-report-2011

Financial information
Key financial and non-financial data
(RUBm) Q4 2011 Q3 2011 Q2 2011 Q1 2011
Revenues 33,028 36,185 30,866 31,219
Nitrogen (including sales to other segments) 16,972 16,602 14,343 15,191
Phosphates (including sales to other segments) 14,871 18,039 15,678 15,336
Other (including sales to other segments) 8,765 8,170 7,520 7,881
Reconciliation (7,580) (6,626) (6,675) (7,189)
Including: revenues from exports to non-CIS markets 22,325 25,326 19,002 17,617
Including: revenues from exports to CIS markets 3,065 4,091 3,649 5,131
Cost of sales (16,096) (16,854) (15,335) (15,356)
Including gas and energy (5,211) (4,643) (5,000) (5,459)
Including other materials and components (7,873) (7,475) (6,224) (5,409)
Including labour costs (2,283) (1,807) (2,023) (1,950)
Including changes in work in progress and finished goods 2,171 (86) 534 230
Gross profit 16,932 19,331 15,531 15,863
Gross profit margin, % 51% 53% 50% 51%
Distribution costs (5,161) (5,924) (4,240) (3,627)
G&A expenses (1,202) (1,245) (1,034) (1,172)
Other operating income/expense, net 264 276 (135) (596)
Operating profit 10,833 12,437 10,122 10,468
Operating profit margin, % 33% 34% 33% 34%
Financial foreign exchange gains/(losses) (421) (5,970) 407 2,180
Financial income and expense, net (505) (1,589) 1,044 1,094
Pre-tax profit 9,907 4,878 11,573 13,742
Taxation (2,148) (1,488) (2,038) (2,394)
Net profit after tax 7,758 3,390 9,535 11,348
Net profit margin, % 23% 9% 31% 36%
Operating profit before depreciation and amortisation 12,051 13,553 11,217 11,522
EBITDA 12,590 13,640 11,871 11,555
EBITDA margin, % 38% 38% 38% 37%
Dividends declared in the period – – – –
Total equity 90,371 80,686 101,176 103,251
Non-current assets 140,535 123,462 123,955 120,227
Capital expenditure on PP&E and intangible assets 7,336 6,616 6,000 3,854
Net debt (borrowings less cash) 67,273 54,899 33,950 25,773
Net working capital 17,044 12,882 14,596 11,436
Finished goods, days 37 27 29 27
Trade accounts receivable, days 10 10 15 12
Accounts payable, days 19 20 16 17
Gross cash flow 9,836 12,115 9,455 10,362
Other cash from operations (1,688) 238 (3,613) (674)
Cash flows from operating activities 8,148 12,353 5,842 9,688
Cash flows from investing activities (38,516) (9,619) (2,656) (2,912)
Free cash flow (30,368) 2,734 3,185 6,777
Cash flows from financing activities 26,949 (174) (6,885) (3,049)
Effect of exchange rates 199 628 (13) (371)
Net decrease/increase in cash and cash equivalents (3,221) 3,188 (3,713) 3,356
Sales volumes, including sales to other segments (thousand tonnes)
Nitrogen
Ammonia 44 67 70 61
Urea 462 423 517 518
AN 473 421 380 458
UAN 163 177 196 183
Complex fertilizers 76 110 119 96
CAN 29 33 50 78
Organic synthesis products 128 112 87 115
Phosphates
MAP, DAP 368 518 442 539
Complex fertilizers 0 0 0 0
NP 38 26 28 24
Feed phosphates 42 58 84 56
Apatite 41 43 31 51
Mineral raw materials
Iron ore 1,270 1,449 1,434 1,315
Baddeleyite 3 4 4 2
Permanent employees 20,801 20,653 20,487 20,349
Production 9,670 9,626 9,624 9,606
Service 7,926 7,736 7,613 7,536
Logistics 1,300 1,272 1,256 1,239
Sales, admin and other 1,905 2,019 1,994 1,968
Average RUB/USD exchange rate for the period 31.23 29.05 27.99 29.27
End of period RUB/USD exchange rate 32.20 31.88 28.08 28.43
118 EuroChem Annual Report and Accounts 2011