PhosAgro's IFRS EBITDA slumps 17% to 7.55 bln rubles
MOSCOW. May 28 (Interfax) - OJSC PhosAgro's earnings before taxes, depreciation and amortization (EBITDA) plummeted 17% year-on-year in Q1 2013 to 7.554 billion rubles ($248 million), the fertilizer producer said in a report.
Analysts surveyed by Interfax had expected a figure of 7.874 billion rubles.
PhosAgro's net profits were down 58.3% for the quarter at 3.291 billion rubles ($108 million).
Net profit attributable to shareholders in the parent company fell 56.5% to 2.83 billion rubles.
Revenue grew 12% to 28.9 billion rubles ($950 million) as output and sales of fertilizers grew 18% and 25%, respectively.
Operating profit fell 25% year-on-year to 5.7 billion rubles, and the EBITDA margin was 26%, down from 35% in Q1 2012.
Operating cash flow fell to 4.1 billion rubles from 9.9 billion rubles.
Net debt grew to 35.5 billion rubles from 26.8 billion rubles during Q1 2013 due to the significant cash outflow for the Apatit minority shareholder buy-out as result of mandatory tender offer. Net debt/EBITDA was 0.75 at the end of the reporting period.
Total debt grew to 54.492 billion rubles from 36.469 billion rubles during Q1.
Capex rose 6% year-on-year to 3.557 billion rubles.
