eurochem-annual-report-2011

Phosphate segment
RUBbn or as indicated 2011 2010
Change
2010-2011 2009
Change
2009-2010
Revenue including
sales to other segments 63.92 48.50 32% 31.12 56%
Cost of sales (31.97) (24.22) 32% (20.33) 19%
Gross profit 31.95 24.28 32% 10.80 125%
Other expenses (10.17) (9.26) 10% (7.86) 18%
EBIT 21.78 15.02 45% 2.94 411%
EBITDA 23.99 16.79 43% 4.43 279%
Gross profit margin 50% 50% 0pp 35% 15pp
EBIT margin 34% 31% 3pp 9% 22pp
EBITDA margin 38% 35% 3pp 14% 21pp
Capex 6.40 4.94 30% 2.65 86%
Net working capital 19.62 12.81 53% 4.55 182%
Fixed assets 22.51 18.15 24% 14.93 22%
Total capital employed 42.13 30.96 36% 19.47 59%
ROCE* 52% 49% 3pp 15% 34pp
Staff 6,776 6,808 0% 7,492 (9%)
Production (MMT)
Apatite 2.58 2.70 (5%) 2.51 8%
Iron ore 5.25 5.70 (8%) 5.57 2%
MAP 0.96 0.94 2% 0.67 40%
DAP 0.96 0.91 5% 0.96 (5%)
NP, NPK 0.12 0.10 21% 0.07 43%
Sales, including sales to other segments (MMT)
Apatite 0.17 0.21 (21%) 0.22 (5%)
Iron ore 5.47 6.12 (11%) 5.58 10%
MAP 0.94 0.96 (2%) 0.72 33%
DAP 0.93 0.89 4% 0.95 (6%)
NP, NPK 0.12 0.11 5% 0.07 57%
Tonnes of output
per employee 1,456 1,520 (4%) 1,305 16%
* Calculated as EBITDA less income tax paid divided by total capital employed.
Revenue and EBITDA
RUBbn
70
60
50
40
30
20
10
0
2009 2010 2011
Revenue EBITDA EBITDA margin %
Capacity utilization
RUB 63.9bn
Phosphate segment
revenue
%
40
35
30
25
20
15
10
5
0
2011 2010 2009 2008
Phosphorit 79% 84% 72% 69%
EuroChem-BMU 87% 86% 53% 72%
Lifosa 92% 93% 97% 87%
Total 86% 88% 77% 77%
Annual Report and Accounts 2011 EuroChem 43
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