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Distribution<br />
RUBbn, or as indicated <strong>2011</strong> 2010<br />
Our centres<br />
Head Office<br />
Representative office<br />
Distribution centres<br />
Change<br />
2010-<strong>2011</strong> 2009<br />
Belarus<br />
Ukraine<br />
Change<br />
2009-2010<br />
Revenue including<br />
sales to other segments 13.97 8.54 64% 5.39 58%<br />
Cost of sales (12.70) (7.64) 66% (4.97) 54%<br />
Gross profit 1.30 0.90 42% 0.43 109%<br />
Other expenses (0.45) (0.44) 3% (0.43) 2%<br />
EBIT 0.82 0.46 78% (0.01) n/a<br />
EBITDA 0.85 0.49 74% 0.02 n/a<br />
Gross profit margin 9% 11% (2pp) 8% 3pp<br />
EBIT margin 6% 5% 1pp 0% 5pp<br />
EBITDA margin 6% 6% – 0% 6pp<br />
Capex 0.06 0.18 (64%) 0.02 800%<br />
Net working capital 0.83 0.44 88% 0.29 52%<br />
Fixed assets 0.44 0.41 6% 0.20 105%<br />
Total capital employed 1.26 0.85 49% 0.49 73%<br />
ROCE* 65% 54% 11pp (1%) 55pp<br />
Staff 182 165 10% 187 (12%)<br />
Sales (MMT) (top 5)<br />
Urea 0.107 0.042 154% 0.018 133%<br />
Ammonium nitrate 0.499 0.442 13% 0.306 44%<br />
UAN 0.078 0.044 78% 0.017 159%<br />
MAP 0.122 0.084 46% 0.092 (9%)<br />
NP and NPK 0.285 0.246 16% 0.140 76%<br />
* Calculated as EBITDA less income tax paid divided by total capital employed.<br />
Revenue and EBITDA<br />
RUBbn<br />
16<br />
14<br />
12<br />
10<br />
8<br />
6<br />
4<br />
2<br />
0<br />
Russia<br />
2009 2010 <strong>2011</strong><br />
Revenue EBITDA EBITDA margin %<br />
%<br />
7<br />
6<br />
5<br />
4<br />
3<br />
2<br />
1<br />
0<br />
Annual Report and Accounts <strong>2011</strong> EuroChem 49<br />
Business review
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